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TREASURY DEPARTMENT
WASHINGTON

COMPTROLLER OF THE CURRENQY

CONDENSED SYNOPSIS
OF THE

REPORT TO THE CONGRESS
OF THE

COMPTROLLER OF THE CURRENCY
FOR 1918.

January 21, 1919.
The following is an epitome or summary of some of the main features of the annual report of the
Comptroller of the Currency (Vol. I, pp. 222) for the fiscal year ending October 31, 1918, which, in
accordance with section 333 of the Revised Statutes of the United States, was to-day submitted to the
Congress.
This report covers the fifth year of the present Comptroller's term of office. Under the law the term
of the Comptroller of the Currency is five years. Comptroller Williams's term began February 3,1914.
National Banks in War Time:
The Comptroller reviews the activities of the national banks during the period of the war. He says the demands
upon the capital and banking resources of the country have been unparalleled, and that "the financial strain upon
us would have wrecked and crumbled any financial system not founded on sound economic laws and governed by
conservative and established'principles of finance, and no system, however meritorious, could have survived such
strain had not its component parts been operated and directed by men of character and experience willing and able
to rise to the supreme demands of the hour.
"Through these trials and tests," says he, "the national banks of the country and our Federal Reserve system
have passed triumphantly. Their resources have risen steadily daring this period of stress and strain to the highest
figures ever attained, the national bank resources on November 1, 1918, being $19,821,404,000." (Page 1.)
World War and Civil War Financing Compared:
During the past 18 months this country has raised through bond issues an amount more t'aan six times as great
as was raised during the four years of the Civil War, and largely at rates of interest less than one-half as high as those
paid during that period. (Page 2.)
Majority of All Liberty Loans Placed Through National Banks:
The Comptroller shows that of the $17,000,000,000 of Liberty bonds placed more than eight and a half billion dollars,
or 50.6 per cent, were marketed through the instrumentality of the national banks. (Page 3.)
Summarizing the Year's Results, the Comptroller Shows That—
ITRST. The resources of the national banks have now attained figures never before approximated.
SECOND. Although the volume of business transacted throughout the country has been unprecedented, and
demands for capital greater than ever before, yet throughout the year money rates have been maintained in every section
of the country on a normal basis, and every legitimate industry has been enabled to obtain funds needed for its operation
at favorable rates.
THISD. The usurious and exorbitant rates formerly charged in remote districts have been steadily subsiding.
Complaints of usury are fewer than ever before.
EOTTBTH. The banks have been observing more closely the provisions of the national banking act and the rules
and regulations of the Comptroller's Office.
FIFTH. Coincidentally with the closer adherence to the law the earnings of the national banks, both gross and net,
have exceeded those of any previous year.
108670°—19




SIXTH. Despite the strain and unusual demand upon the baitfss in the calendar year 1918, there was no failure
of any national bank throughout the entire country east of the Rocky Mountains, and in the whole United States only
one national-bank' failure, a small bank in California. In the fiscal year ending November 1,1918, amon* State banks,
private banks, and trust companies there were 32 failures in 17 States. The Comptroller is required by law to furnish
in his annual report, in addition to statements of national banks, statistics regarding State Banks and Trust Companies,
as far as these may be available.
SEVENTH. THE GROWTH IN THE RESOURCES OF THE NATIONAL BANKS IN THE PAST F1V& YEARS
HAS BEEN GREATER THAN THE INCREASE WHICH TOOK PLACE DURING THE PRECEDING TWENTYFIVE YEARS. Their assets now exceed by more, than one billion dollars the combined resources of all State banks,
savings banks, reporting private banks, and trast companies of the country as late as Jims, 1916.
EIGHTH. Although tlie national banks of the country placed subscriptions between May 1, 1917, and November
1,1918, for themselves and their customers for more than $S,603,9DD,000 of Liberty bonds, yet the records show that the
deposits of the national banks actually increased, in this same period, by $1,975,876,000. (Page 3.)

Comparison of Bank Failures During the First Year of the War With Failures in Previous Crises:
The Comptroller's report shows that in the panic year of 1893 there were 158 national-bank suspensions witi liabilities of more than 80 million dollars. In the first year of war from April 1, 1917, to April 1, 1918, there were only four
national-bank suspensioas wita liabilities of about $333,033. Percentage of the liabilities of failed banks in 1893 to
total liabilities of all national banks was' 2.39 per cent. In the year of war from April, 1917, to April, 1918, the percentage
of the liabilities of failed national banks to the total liabilities of all national banks was only .004 per cent, or four onethousandths of one per cent. In other words, the percentage of the liabilities of the failed banks to total liabilities of
ail national banks in 1893 was 500 TIMES MORE THAN IN THE PAST YEAR OF WAR AND CRISIS. (Page 4.)

Losses to Depositors from Failed Banks Reduced to One-Ninth of Former Figures:
In the 33 years prior to the outbreak of the war in July, 1914, the average percentage of losses to depositors of failed
banks to total deposits of all national banks was TWENTY-EIGHT one-thousandths of 1 per cent. During the past
four and one-half ye^i-s the average percentage has been reduced to THREE one-thousandths of 1 psr cent. This msans
that an insurance premium of $30 per million dollars of deposits would be sufficient to guarantee the deposits of all
national banks against loss provided the percentage of loss shown in the past four and one-half years is maintained.
(Page 5.)

Comptroller Compliments the National Bankers Upon their Patriotism and Public Service:
"It is deeply gratifying," says he, "to be able to inform the Congress of the admirable efficiency with which the
national banks are being conducted and of the commendable patriotism and zeal with which they have responded to
the unprecedented calls which have been made upon them in the past year of peril and extreme trial." (Page 2.)

National Bank Employees in Army and Navy:
On November 1,1918, our national banks were employing 59,306 men and 27,539 women clerks, and they had sent
into the Army and Navy 17,520 men, hundreds of whom have yielded up their lives. The 12 States whose couniry
national banks furnished the largest percentage of their employees to the Army and Navy (esclusive of States whose
national banks furnished less than 100) were, in the order named: New Mexico, 43.83 per cent; Wisconsin, 38.47
per cent; North Dakota, 37.35 per cent; Idaho, 36.38 per cent; Minnesota, 34.87 per cent; Alabama, 34.73 per cent;
Virginia, 34.68 per cent; California, 34.39 per cent; North Carolina, 34.15 per cent; Louisiana, 38.89 per cent;Montana,
33.61 per cent; Nebraska, 33.-58 per cent.
The 12 Reserve cities whose national banks supplied to the Army and Navy the highest percentage of their employees (among those supplying not less than 50) were, in the order named: Wichita, 79.41 per cent; Minneapolis, 78.73
per cent; Des Moines, 64.20 percent; Sioux City, 63.53 per cent; Oklahoma City, 81.49 per cent; Spokane, 57.89
per cent; Nashville, 57.60 per cent; Omaha, 55.43 per cent; Tulsa, 53.89 per cent; Dallas, 50 per cent; San Antonio, 49.70
per cent; Jacksonville, 48.39 per cent. Texas led all the States in the number of men furnished to the Amy and Navy
from the country national banks, Pennsylvania coming second and New York third.

Good Results Due Largely to Enforcement of Closer Supervision by Directors:
The Comptroller states that the present prosperity of the national banks, their immunity from failure, and the
increased and increasing confidence they enjoy are largely attributable to the keen and personal interest and painstaking
attention of directors, supplemented and stimulated by strict supervision and the more rigid examinations made possible
under the provisions of the Federal Reserve act. (Page 6.)

Gross and Net Earnings of National Banks:
The gross earnings of the national banks for the fiscal year ending July, 1918, amounted to $813,997,000, an increase
of $298,373,000 over the twelve months ending July, 1914, just before the outbreak of tae war, while the net earnings
for the year ending July, 1918, were $212,332,000, the greatest on record, aad exceeded by mora than $63,009,099 the
earnings for the fiscal year ending July, 1914. The comptroller points out tiiat this inoraass in net earnings took place
despite the losses and shrinkages in securities incident to the war period and despite tie reduced interest rates whick
have been brought about in the past few years. The increase in net earnings was over 42 per cent. (Page 7.)




Earnings on Capital Stock:
The average earnings on capital stock for all national banks for the past fiscal year were 19.33 per cent—the greatest
on record—the earnings on CAPITAL AND SURPLUS of all national banks were 11.09 per cent. In the 49-year period
from 1869 to 1918 the average earnings of all national banks amounted to 12.81 per cent on stock. (Page 7.)

Federal Control of Railroads and the Financial Situation:
The Comptroller states that the taking over of the railroads of the country in 1918 averted a financial catastrophe
and made possible the success of the Third and Fourth Liberty Loans and the winning of the war. He declares that
the future prosperity of the country will depend largely upon the correct solution of the railroad problem. He shows
that for the year 1918 the railroads of the country expended from their receipts, for wages, materials used in operation,
construction, etc., about five billion dollars ($5,000,000,000). (Page 8.)

Banking Power of the United States Surpasses All Previous Records:
The banking power of the United States represented by the capital, surplus, profits, circulation, and deposits of all
national banks and reporting State banks, trust companies, etc., as well as capital, Government and resjm deposits
of the Federal Ressrve banks, and Federal Reserve notes in circulation, amounted in June, 1918, to $39,032,009,000,
an increase for the year of $4,609,000,000, or 13 per cent. Since June, 1914, the estimated banking power of the United
States has grown from $24,340,000,000 to $39,082,000,000, or approximately 60 per cent in the four-year period against an
increase in the preceding four-year period of about 16 per cent.
The banking power of THIS COUNTRY today is nearly TWO AND ONE-HALF TIMES AS GREAT AS THE
BANKING POWER OF THE WHOLE WORLD as late as 1890, according to MulhaU's estimate at that time, and the
banking power of the United States to-day is estimated to be SEVEN TIMES greater than our banking power in 1890.
(Page 9.)

Favorable Balance of Trade in War Period and How Settled:
The Comptroller says that the excess value of our exports of merchandise for the pastfiveyears amounts to approximately 11,530 million dollars, which, he says, was settled by the importation of something over one billion dollars
of gold from other countries and by our aooeptance of approximately ten billion dollars of short-term obligations of
debtor nations, of which about two billions were taken by individuals, banks, and other corporations, and about eight
billions by the United States Government. (Page 10-)

Comparative Growth of National and State Banks:
Tables presented show that in the five-year period from June, 1913, to June, 1918, the resources of the national
banks increased from 11,088 million dollars to 17,889 million dollars, or 61.6 per cent, while the resources of State banks,
savings banks, loan and trust companies, etc., increased in the same period from 14,675 million dollars to 22,371 million
dollars, or 52 per cent. THE INCREASE IN THE NATIONAL BANK RESOURCES FROM JUNE, 1913, TO
NOVEMBER 1, 1918, WAS 8,785 MILLION DOLLARS, OR 79.6 PER CENT.
In the five years, 1914 to 1913, the records report the failure of 314 State banks, savings banks, and loan and trust
companies. In the same period there were 56 national bank failures. In the calendar year 1918 there was only one
national bank failure. (Page 11)

Currency Issued by the Comptroller's Office During Fiscal Year:
During the fiscal year ending October 31, 1918, the Comptroller of the Currency ISSUED $260,155,140 of national
bank notes, $1,781,683,720 of Federal Reserve notes, and $32,234,660 of Federal Reserve Bank notes; and the Currency
Bureau REDEEMED in the same period $255,078,213 of national-bank notes, $334,403,925 of Federal Reserve notes,
and $3,345,025 of Federal Reserve Bank notes. The larger portion of the Federal Reserve notes was issued principally
upon the security of gold or gold certificates and paper secured by Government bonds. (Page 12.)

Trust Powers for National Banks:
Attention is called to the legislation conferring upon national banks all the TRUST POWERS which may be
exercised by State banks. The hope is expressed that the national banks will exercise these powers and extend such
increased facilities to their customers. (Page 13.)

New National Banks Organized:
Charters were granted during the year to 164 new national banks, Montana leading with 15 new national banks;
Oklahoma, 13; California, 12; Arkansas and Texas, 10 each; Minnesota, Pennsylvania, and North Dakota, 8 national
banks each. Applications were received during the fiscal year ending October 31, 1918, for 237 charters for new
national banks, 193 applications being approved and charters issued for 184 banks as stated above. Applications for
22 were refused. (Page 63.)

State Banks Converted Into National Banks:
The records show that since 1900 a total of 2,773 STATE BANKS, TRUST COMPANIES, AND PRIVATE BANKS
HAVE CONVERTED INTO OR REORGANIZED AS NATIONAL BAXO, the total capital of the State institutions thus converting or reorganizing amounting to more than two hundred (200) million dollars. (Page 64.)

Changes of Title:
All of the national banks in the country which had retained in their title the word "German" or words of like
import changed their titles, 29 such changes being made in the fiscal year. (Page 67.)




Legislation Recommended:
The Comptroller repeats his recommendations for legislation regarded as necessary for the protection of the stockholders and depositors of the national banks and for the public benefit, including the recommendation for the insurance
or guarantee of all national-bank deposits of $5,000 or less, and he presents arguments in support of the thirty recommendations which he submits. (Page 73.)

Marvelous Growth of Banking in the United States Since 1900:
Perhaps nothing could illustrate more vividly the amazing growth which this country has made since 1900 than the
banking statistics set forth in this report, which show that the aggregate resources of all the banks of the United States,
including national banks, State banks, savings banks, reporting private banks, and loan and trust companies, which in
l@00 amounted to only 10,785 million dollars, amounted in June, last, to the huge aggregate of 40,726 million dollars.
In the same period the banks increased in number from 10,382 to 28,880. (Page 118.)

Money in the United States:
The general stock of money in the United States in June, 1918, was reported at 6,741 million dollars, of which
$360,300,000 were in the Treasury as assets of the Government and $1,001,300,000 were held by the Federal Eeserve
banks and Federal Eeserve agents against issues of Federal Reserve notes, a total of $1,361,600,000—20.20 per cent of
the general stock—being thus held. Of the remaining 79.80 per cent of the money of the country, the coin and other
money in the national and other reporting banks aggregated $882,700,000; with the Federal Reserve banks there were
$2,006,200,000; these two items aggregating 42.88 per cent of the total stock of money.
The remaining 36.94 per cent, or $2,430,500,000, outside of the Treasury and the banks was presumably in the
pockets of the people or hoarded. (Page 121.)

Domestic and Foreign Securities Held by National Banks:
From June, 1917, to June, 1918, national banks reduced their holdings of foreign government and other foreign
bonds and securities from $352,609,000 to $283,811,000, while their holdings of Liberty bonds increased from
$171,129,000 in June, 1917, to $730,531,000 in June, 1918. In the same period the national banks' holdings of railroad
bonds were reduced from $467,000,000 to $406,000,000. (Page 27.)

Profits Derived by the Government from the Operations of the Comptroller's Office:
The Report shows that the net revenues derived by the Government from the operations of the Comptroller's Office
for the fiscal year, arising primarily.from taxation on the bond-secured circulation, exclusive of the expenses of the
bureau for which appropriations were made, amounted to $3,161,456.01. The total revenue which the Government
has received from the tax on national bank circulation since the inauguration of the Currency Bureau in 1863 to June
30, 1918, has amounted to approximately $144,000,000, while the expenses of the Currency Bureau for ike same period
aggregated less than $19,000,000, leaving a credit balance of profit to the Government for the period of approximately
$125,000,000. (Page 127.)

Proportion of Loans to Deposits and Deposits to Capital:
The Comptroller calls attention to the fact that despite a certain amount of necessary inflation incident to the war
and the unusual conditions which have prevailed, the proportion of loans and discounts to deposits in the national
banks in the five year period between August 9, 1913, and November 1, 1918, SHOWS AN ACTUAL REDUCTION
FROM 77.61 PER CENT IN 1913 TO 67.08 PER CENT on November 1, 1918.
He also directs attention to the large increase which has taken place in the proportion of deposits to capital stock.
On August 9, 1913, the proportion of deposits to the capital of the national banks was 752 per cent. On November l,
1918, deposits were 1360. per cent of the capital stock. These comparisons do not include surplus, but the increase
in the proportion of deposits to both capital and surplus has been very great. (Page 33.)

Growing Use of Bank Acceptances:
The report shows the growing use of bank "acceptances" in both our foreign and domestic trade. The amount of
drafts and bills of exchange accepted by fh.e national banks on November 20, 1917, was $153,645,000. On Novembex 1,
1918, this had increased to $332,719,000, an increase of 116 per cent. (Page 31.)

Savings Bank Deposits During the War:
The Comptroller's report shows that between June, 1916, and June, 1918, the deposits in the mutual savings banks
increased from $4,187,000,000 to $4,422,090,000. The deposits in the stock savings banks in the same period increased
from $901,000,000 to $1,049,000,090. The total deposits in both mutual and stock savings banks of the country in these
two years of disturbance and war not only showed no reduction but actually increased from $5,088,000,000, in June,
1916, to $5,471,000,000, in June, 1918.
The total number of depositors reported in both mutual and stock savings banks in June, 1916, was 11,148,000
against 11,379,000 in June, 1918, an increase of 231,000 in the number of depositors.
These figures are particularly instructive when we consider the vast amount of savings which went into Liberty
bonds in this period. (Page 97.)




WASHINGTON : GOVERNMENT PRINTING OFFICE : 1919

ANNUAL REPORT OF THE

Comptroller of the Currency
TO THE THIRD SESSION OF THE SIXTY-FIFTH
CONGRESS OF THE UNITED STATES




DECEMBER 2, 1918

(IN TWO VOLUMES)

VOL. 1

WASHINGTON
GOVERNMENT PRINTING OFFICE
1919




TBEASURT DEPARTMENT;

Document No. 2827.
Comptroller ojtht Currency,

CONTENTS.
Tage.

Our national banks in war time
^
High efficiency and patriotism of the national banks
A majority of all Liberty bonds sold placed through the national banks
Five years' growth of the national-bank system
Comparison of national bank suspensions during war period with those occurring in previous crises.
Immunity from failure increasing
Good results from closer adherence to the law and principles of sound banking..
National bank earnings greatest on record
Effect of Federal control of railroads on financial conditions in 1918
Banking power of the United States
Balance of trade in our favor for war period is gigantic
Comparative growth of National and State banks for five-year period
National currency issued and redeemed in last fiscal year
Trust powers for national banks
Federal Reserve System
National bank resources reach unprecedented
figures
Increased thoroughness of national-bank examinations
Bank officers convicted of criminal violations of law during the year ending
Oct. 31, 1918
".
*
Condition of national banks at date of each call during the report year
Resources:
Loans and discounts
Amount and classification of loans by national banks in the central reserve
cities, etc
Three-year comparative statement of loans by national banks in reserve
cities and in country banks
Classification of loans by national banks in the city of New York, June,
1914 to 1918
".
Overdrafts
United States bonds
Other bonds, securities, etc
Stock*
¥
Investment securities of national banks classified
Domestic and foreign securities held by national banks
Bank premises and other real estate owned
Due from banks
National Bank deposits with Federal Reserve Banks
Specie and gold and silver certificates
Exchange for clearing house
Liabilities:
Capital, surplus, and undivided profits
Circulation outstanding
Due to banks
Individual deposits
Bonds and money borrowed
Bank acceptances
Changes at time of each call, by geographical divisions, of principal items in
reports of condition
Relation of capital to deposits, etc,, of national banks
Percentage of principal items of assets and liabilities of national banks
Reserve
Geographical classification of loans and deposits of national banks in reserve"
and other cities having population of over 50,000
Growth of national banks as shown on successive calls since 1913
Productivity of loans and bond investments of national banks
Foreign branches of national banks
Net earnings and dividends of national banks
Organizations and liquidation of national banks




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TV

CONTENTS.

Increases and reductions in national-bank capital
New charters granted and refused
Capital increases and reductions, and liquidations
*
National banks organized since 1900
State banks converted into national banks
Changes of titles of national banks
Voluntary liquidation of national banks
Failures and suspensions of national banks
Causes of failure
Legislation recommended
To prohibit officers of banks from borrowing from their own banks
To limit direct and indirect loans to one individual, firm, or corporation..
To provide suitable penalty for making of excessive loans
To authorize the comptroller to bring proceedings against directors for
losses sustained by bank through violation of the national-bank act
Authority for removal of directors guilty of persistent violations of the
national-bank act
Prevent delays in taking directors' oath
Establishment of appropriate penalties for violations of laws and regulations.
Amendment to provide that suits against usurers be brought by Department
of Justice.
To authorize special interest charges for small loans
To prevent or limit overdrafts
To limit interest paid on deposits
limitation of deposits to eight or ten times capital and surplus.
Amendment to District laws to prevent " wildcat" banking
To require officers and employees to give surety bonds
To require certificates of deposit to be signed by two officers
To prevent erasures on the books of a bank
Standardization of by-laws
Rechartered banks should be allowed to use bank-note plates of original
bank
Engraved signatures for national-bank notes
To authorize national banks to establish branches in the United S t a t e s . . .
To permit branch banks in Alaska and insular possessions
To provide a penalty for making false financial statements for the purpose
of obtaining credit from national banks
To provide punishment for breaking and entering a national bank for the
purpose of theft or robbery
To limit investment in bank building
To authorize United States Treasurer to sell bonds securing circulation
30 days after a bank goes into liquidation
To require two signatures to all " charge tickets "
^..
To provide for vacations and rotation of bookkeepers
To require long dormant balances to be deposited in United States Treasury.
To allow banks to deduct United States bonds from taxable assets
To insure or guarantee all deposits for $5,000 or less
Legislation enacted relating to national banks
National-bank subscriptions to the Red Cross
National-bank employees in Army and Navy
Total number male and female employees of national banks and number entering Army and Navy
Banks other than national
State, savings, private banks, and loan and trust companies
State banks
Mutual savings banks
Stock savings banks
All reporting savings banks
Loan and trust companies
Private banks
Condition of all banks operating under State laws in each State of the
Union
Reports of condition of all reporting banks in the United States
Comparison of principal items for years 1918 and 1917 of national and other
banks
National, Federal reserve, and State banks
Summary of the combined returns from national and other banks in June, 1918.
Digitized for Banking resources and liabilities in each State
FRASER
%


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Ill

CONTENTS.

V

Page.
Comparative statement of resources and liabilities of all banks, 1913-1918
116
Growth of banks in the United States since 1863
117
Individual deposits in all reporting banks
120
Cash in all reporting banks
120
Money in the United States
121
I National-bank circulation
123
Vault account of national-bank currency
123
Denominations of national-bank circulation
.-.. • 124
Monthly statement relating to United States bonds deposited to secure
circulation
124
Price and interest realized by investors in United States bonds
124
Bonds available as security for circulation
125
Redemption of national-bank circulation
126
Profit to national banks on circulation
127
Taxes on national-bank circulation, redemption charges, examiners' salaries, etc., and expenses of the Currency Bureau
127
Bonds, etc., securing Federal reserve bank notes
.•
128
Federal reserve notes
128
Federal reserve bank notes
133
Issue of $1 and $2 Federal reserve bank notes authorized
134
Interest-bearing debt of the United States
136
Bank investments in United States bonds
137
Rates for money in New York
137
Discount rates of the Federal reserve banks
138
Sterling exchange
138
. Transactions of Clearing-House Associations
139"
.' New York Clearing House
140
United States Postal Sayings System
141
I Savings banks in the principal countries of the world
143
1
Federal farm loan system
146
Joint stock land banks
151
Building and loan associations in the United States
151
1
Receipts and disbursements for 1917
152
District of Columbia
.
153
Banks and banking in the District of Columbia
153
Building and loan associations in the District of Columbia
154
j Conclusion
154
I Exhibit A. Federal guaranty of deposits in national banks
156
1
Exhibit B. Number of deposit accounts which exceed $5,000 and the number
and aggregate amount of deposits of $5,000 or less
161
' Exhibit C. Legislation affecting or relating to national banks
161
Federal reserve and national bank act amendments
•
162
Trust powers of national banks
* 162
Change in reserve requirements
162
Receipt of fee, commission, gift, etc.; purchase or sale of assets by or
from a member bank
163
Consolidation of national banks
168
American Red Cross contributions
168
Fourth Liberty bond acts
^...
169
Fourth Liberty bond act approved July 9, 1918
169
Fourth Liberty bond act approved September 24, 1918
169
War Finance Corporation act
171
Conservation of gold supply act
177
Civil rights of members of the Military and Naval Establishments
179
Exhibit D. Liberty loan bonds owned, held as collateral to loans, etc., December 31, 1917
179
Exhibit E. Liberty loan bonds owned, held as collateral to loans, etc., March
4, 1918
183
Exhibit F . Subscriptions for bonds of the third Liberty loan, as shown by
reports of condition of national banks, May 10,1918
188
Exhibit G. Liberty loan bonds owned, amount which banks have contracted
to sell on partial-payment plan or otherwise, etc., June 29, 1918
193
Exhibit H. Liberty loan bonds owned, amount which banks have contracted
to sell on partial-payment plan or otherwise, etc., August 31, 1918
198
Exhibit I. Number and aggregate amount of loans made between March 4,1918,
and May 10,1918, at rates in excess of highest rate permissible by law under
written contract
203
204
Digitized forExhibit J. Usury and the banks
FRASER


REPORT
OF THE .

COMPTROLLER OF THE CURRENCY.
TREASURY DEPARTMENT,
OFFICE OF THE COMPTROLLER OF THE CURRENCY,

Washington, December 2, 1918.

SIR: The report of the Comptroller of the Currency for the 12
months ending October 31, 1918, being the fifty-sixth yearly report
of the operations of this bureau, is respectfully submitted herewith,
as required by section 333 of the Revised Statutes of the United States.
OUR NATIONAL BANKS IN WAR TIME.

The year which just passed was the most momentous in our lifo
as a nation. Our country has been subjected to supreme tests in
many directions and has proved equal to them all.
No nation in history has ever converted so speedily its raw recruits
into an effective Army and Navy of nearly four million men, admirably equipped and .so trained as to meet and overcome an enemy
which vaunted itself to be invincible and which, until our entrance
into the war, had been successful on every front. And our country,
while performing this gigantic task, was also raising the food, producing the munitions, and transporting across the ocean the vast
supplies essential for the support of our allies.
To carry on these colossal undertakings required expenditures of
capital on a scale which no nation had ever attempted. The actual
disbursements by the Government for the last few months of the wTar
were at the rate of about $60,000,000 per day; and the estimates of
expenditures for the ensuing year reached figures yet more enormous.
Every industry contributary directly or indirectly to war purposes,
whether for ourselves or for the allies, including those engaged in
agriculture, manufacturing, and internal and external commerce,
was run at full speed. The demands upon the capital and banking
resources of the country have been unparalleled.
The financial strain upon us would have wrecked and crumbled
any financial system not founded on sound economic laws and governed by conservative and established principles of finance; and no
system, however meritorious, could have survived such strain had
not its component parts been operated and directed by men of
character and experience, willing and able to rise to the supreme
demands of the hour.
Through these trials and tests the national banks of the country
and our Federal Reserve System have passed triumphantly. Their
resources have risen steadily during this period of stress and strain




2

REPORT OF THE COMPTROLLER OF THE CURRENCY.

to the highest figures ever attained, the national bank resources on
November 1 being $19,821,404,000.
In the past 18 months our country has raised, through bond issues,
an amount more than six times as great as was raised during the
four years of the Civil War, largely at rates of interest not one-half
as high as those paid during that period; and of this huge sum, subscriptions for more than 50 per cent of all the bonds marketed
were placed through the instrumentality of the national banks.
The volume of business transacted has been unprecedented; and
vet, through this year of supreme trial, the banks of the entire country
nave passed with unprecedented safety, but one national bank in
nearly 8,000 having failed in the current calendar year.
The earnings of the national banks, as the figures presented in this
report will show, have been greater than in any previous year.
Throughout the year the money rates have been maintained in
every section of the country on a normal basis. Every legitimate
industry has been able to obtain the funds needed for its operation
at favorable rates.
In the remote districts of the country where excessive and usurious
rates formerly prevailed, the exorbitant charges have been steadily
disappearing, and complaints of usury are fewer than ever before.
The European war began at the end of July, 1914. In the four
and one-half years since then our banks have been subjected to
dangers, burdens, and trials which, in previous crises and under old
conditions, would have spread dismay and which usually brought
failure and ruin; but we nave passed through this mighty crisis unscathed and with smaller losses from bank failures than we generally
experience in normal years. The records show that in the 33 years
immediately preceding July 1, 1914, the percentage of losses to depositors from failures of national banks throughout the country
averaged twenty-eight one-thousandths of 1 per cent per annum of
total deposits.
During the four and one-half years since the outbreak of the war,
while our banks have been called upon to feed and finance a world
aflame, the percentage of total estimated losses to the deposits of all
national banks which have failed in this period have averaged less
than three one-thousandths of 1 per cent. In other words, the percentage of,losses to the depositors of national banks in those four and
one-half years amounted to one-ninth of the average percentage of
losses for the 33-year peace period from 1881 to June 30, 1914.1
If the national banks in the future maintain the same average percentage of losses to depositors that has prevailed since July 1, 1914,
an assessment of 3 cents per thousand dollars, or $30 per million,
would be sufficient to insure against loss all the deposits in all the
national banks of the country.
HIGH EFFICIENCY AND PATRIOTISM OF THE NATIONAL BANKS.

It is deeply gratifying to be able to inform the Congress of the
admirable efficiency with which the national banks are being conducted and of the commendable patriotism and zeal with which they
responded to the unprecedented calls which have been made upon
1

Thefiguresprior to 1881 are not given because the detailedfiguresfor the earlier years are not available*




REPORT OF THE COMPTROLLER OF THE CURRENCY-

3

them in this past year of peril and extreme trial. Realizing that the
fate not only of our own Nation but of our civilization was at stake,
these banks, generally, have, I am happy to say, with very few
exceptions, done their utmost in providing, both directly and indirectly, the revenues and the financial ammunition without which
the glorious victory which has been achieved would have been
impossible. More than this: From the desks and counters of these
banks there have gone forth thousands of noble youths who^have
freely shed their blood in the cause of human freedom. OrT land
and sea these, men have proved their devotion to their country and
to high ideals, and many of them have died the death of heroes
for the land they loved.
On November 1, 1918, our national banks wore employing
altogether 59,306 men and 27,539 women clerks, a total of 86,845
employees, and from these banks there had gone into the Army
14,292 and into the Navy 3,228 men. Tlie official reports show that
up to November 1, hundreds of these men had yielded up their lives,
and there were many more casualties among them to then unreported.
With no hope of immediate pecuniary profit from the handling of
the vast Government bond issues, but at a material cost to themselves, our national banks have labored indefatigably, as each loan
was announced, to insure its success. In numerous cases where local
investors have hesitated to subscribe the amount allotted to their
communities, the banks freely and ungrudgingly have assumed the
burdens themselves and have taken up and paid for the full allotments
of each issue.
A MAJORITY OF ALL LIBERTY BONDS SOLD PLACED THROUGH THE
NATIONAL BANKS.

The office* records show that of the $17,000,000,000 of Liberty
bonds placed in the 18-months period from May 1,1917, to November
1, 1918, our national banks provided subscriptions for their clients
and for themselves aggregating $9,687,978,019. The amount allotted
to the banks for their clients and for themselves on the subscriptions
thus sent in was $8,603,711,205, or 50.6 per cent, a clear majority of
the entire amount sold by the Government.
Besides aiding enormously in placing each Liberty loan the national
banks have also been steady subscribers, as each offering was made,
to the Government's short-term certificates of indebtedness. The
amounts thus temporarily supplied to the Government by the banks
for these certificates reach into billions of dollars.
The total deposits of all the national banks on May 1, 1917, the
last call prior to the placing of the first Liberty loan, amounted to
$13,075,597,000. The apprehension which some then felt that the
financing of the Liberty loans would deplete deposits and cause
congestion and financial stringency has been shown by the encouraging experience of the past 18 months to have been unfounded.
Coincidentally with the placing and absorption by the people of this
country of nearly $17,000,000,000 of Liberty bonds of the first,
second, third, and fourth issues, the deposits of our national banks
actually have increased from $13,075,597,000 on May 1, 1917, to
$15,051,473,000 on November 1, 1918, an increase of approximately



4

REPORT OF THE COMPTROLLER OF THE CURRENCY.

$2,000,000,000, or 15.11 per cent, and the actual cash, on hand and
due from Federal reserve banks, during the same period, despite the
reduced reserve requirements, shows an increase of several hundred
million dollars.
FIVE YEARS' GROWTH OF THE NATIONAL-BANK SYSTEM.

The growth and progress shown by the national banks of the
United States in the past five years have no parallel in the history of
banking and finance in this or any other country.
On January 13, 1914, at the time of the first call after the approval
by President Wilson of the Federal reserve act, the resources of the
national banks of the United States amounted to $11,296,355,000.
The number of reporting national banks at that time was 7,493 and
the average deposits of each bank were $1,120,161.
On November 1, 1918 (4Vyears 10 months and IS days later) the
total resources of our national banks amounted to $19,821,404,000.
The number of reporting banks at that time was 7,754, and the
average amount of their deposits was $1,941^,123 per bank.
These figures mean an increase in total resources of $8,525,049,000,
or 75.47 per cent, while the average deposits of each national bank
increased $820,962, or 73.29 per cent.
The growth in the assets of the national banks in the last 5 years
has been greater than ilie increase which took place in iiie "preceding
25 years.

The resources of the national banks now exceed by more than a
billion dollars the combined resources of all the State baaaks, savings
banks, private banks, and trust companies of the country as late as
June, 1916, and are within one billion dollars of the combined resources' of all other banks and trust companies, as shown by their
reports of June, 1917.
The resources of the national banks of the United States at this
time exceed the aggregate resources of the national banks of issue of
England, the Dominion of Canada, France,-Italy r The Netherlands,
Norway, Sweden, Denmark, Japan, and Germany, all combined, as
shown by their latest available reports.
COMPARISON OF NATIONAL-BANK SUSPENSIONS DURINO WAE PERIOD
WITH THOSE OCCURRING IN PREVIOUS CRISES.

The following figures furnish a very striking illustration of the
manner in which the national banks of the country have passed
through the crisis of the greatest war in history, as compared with
their record in previous financial crises.
In the fiscal year ending October 31, 1893, covering the financial
disturbances oi that year, 158 national banks suspended, with
capital of $30,350,000; 65 national banks with capital of-$10,935,000
were insolvent and required the appointment of receivers; 86 national
banks with capital of $18,205,000 subsequently resumed business;
and 7 national banks with capital of $1,210,000 were placed in
charge of examiners with the hope of resumption.
Tiie total liabilities of the failed and suspended banks during this
period (in the case of failed banks "claims proved1' being taken as
total liabilities) amounted to
$83,042,347



REPORT OF THE COMPTROLLER OF THE CURRENCY.

5

In the 12 months' period ending October 31, 1908, covering the
1907 panic, there were 34 national-bank failures and suspensions
with total capital of $8,090,000, and total liabilities (in the case of
failed banks "claims proved" being considered as total liabilities)
amounted to
$42,678,694
Of these, 10 banks, with capital of $1,590,000 and liabilities of
$27,621,559, subsequently resumed business.
In the year of unprecedented strain, when our national banks were
put to the supreme test—from April 1, 1917, to April 1, 1918, covering the first year from our entrance into the war—the total nationalbank failures and suspensions amounted to only four, with capital
stock of $175,000 and total liabilities ("claims proved" being taken
as total liabilities) of
__-__
$843,050
And one of these four banks, with capital of $50,000 and liabilities
of $165,889, was subsequently restored to solvency and resumed
business.
The proportion of all liabilities of suspended national banks in
1893 to the total liabilities of all active national banks in operation
during that year was
2.39 per cent.
The proportion of all liabilities of suspended national banks in
1907 to the total liabilities of all active national banks- in operation
was one-half of 1 per cent or
50 per cent.
The proportion of all liabilities of suspended national banks for
the war year, from April 1, 1917, to April 1, 1918, to the total liabilities of all national banks in operation during that year was four
one-thousandths of 1 per cent or
_
__
004 per cent.
These figures show that the ratio or proportion of the liabilities of
suspended national banks to total liabilities of all national banks in
the panic year 1893 was more than 500 times greater than for the year
of terrific trial following our entrance into the war, and they bear eloquent testimony to the soundness and efficiency of our national banks
and the success of our new banking and currency system.
IMMUNITY FROM FAILURE INCREASING.

In the fiscal year ending October 31, 1914, there were 21 -1 national
bank failures and 5 suspensions; in 1915, 14 failures and 1 suspension; in 1916, 13 failures and 2 suspensions; in 1917, 7 failures. For
the 12 months ending October 31, 1918, there were only 2 national
bank failures, both small banks.
For the first 11 months of the calendar year of 1918 to December
1, there has been no failure of any national bank east of the Rocky
Mountains, and in the entire country during this period there has
been only one national bank failure —a small bank in California. There
has been no such immunity since 1870. Then there were only 1,615
national banks in operation, with resources of $1,546,261,000, as
compared with 7,754 national banks on November 1, 1918, with
combined resources of $19,821,404,000.
The reports received in this office for the same 12-month period,
ending October 31, 1918, through the courtesy of the State officials,
show that there were 32 failures of State banks, trust companies, and
i Of the national banks which failed and suspended during the years 1914 to 1918, inclusive, 8 suspended
banks and 11 failed banks were subsequently reopened.




6

REPORT OF THE COMPTROLLER OF THE CURRENCY.

private banks throughout the United States, being distributed among
the following 17 States:
Georgia
Missouril
North Dakota.
Minnesota
Illinois
Indiana..
Kansas
Oklahoma
Alabama

4

Tennessee .
Ohio
Iowa
Colorado..
Utah
California.
Maryland..
Virginia..

On October 31, 1913, there were 45 national banks in the hands
of receivers, their affairs being in process of liquidation and settlement. At the close of the past fiscal year, October 31, 1918, there
are only 34 national banks being liquidated by receivers.
The total amount of dividends in liquidation, paid between October
31, 1913, and October 31, 1918, to the depositors and other creditors
of national banks in receivers' hands was $18,367,894.30. If we add
to this the liabilities of 12 banks restored to solvency during the same
period, $33,859,526, the sum total of these amounts would aggregate
$52,227,420.
The receiverships of 14 national banks, which had failed in previous
years, were finally wound up during the year ending October 31, 1918.
in five cases dividends in liquidation of 100 per cent were paid, Of
the remaining banks one paid 90.50 per cent, one 81.25 per cent, one
66.50 per cent, two- paid 64.50 per cent, one 60.50 per cent; one 57
per cent, one 45.50 per cent, and one only 14.50 per cent.
GOOD KESULTS FROM CLOSER ADHERENCE TO THE LAW AND PRINCIPLES OF SOUND BANKING.

During the past five years this office hag endeavored earnestly to
impress upon the officers and directors of national banks the importance, not only to customers and depositors of the banks, but also to
themselves and their stockholders of observing strictly the provisions
of the national-bank act, and of conforming closely to the rules and
regulations prescribed by the Office of the Comptroller of the Currency. This office also has tried hard to keep the directors of all
national banks alive to a sense of their moral and legal responsibility
for the correct management of the banks. This has been done by
direct communications to the banks from this office, and also by
arranging to have meetings of directors held at the times of the semiannual examinations by national-bank examiners, at which meetings
the affairs of the bank are discussed by the examiner with officers and
directors, and the attention of those responsible called to features
of the management which may be subject to criticism; and suggestions are then made and instructions given with • a view to relorming whatever irregularities or unsound practices may be found
to exist.
These efforts to maintain an earnest and immediate interest in
the management of their, banks by officers and directors and to stimulate a desire to correct, avoid or remove all causes of criticism have
i Owing to refusal of the State Bank Superintendent of Missouri to furnish data as to bank failures in that
State in advance of publication of his printed report thefiguresas to Missouri were obtained through the
courtesy of Bradstreet.



REPORT OF THE COMPTROLLER OF THE CURRENCY.

7

been distinctly successful, and it is the opinion of this office that a
large part of the present prosperity of the national banks, their
immunity from serious losses and failure and the increased and.
increasing confidence they enjoy, are attributable to the keen and
increased personal interest and painstaking attention of directors,
supplemented, and perhaps stimulated, by the strict supervision
from this office and by the more rigid examinations made possible
and facilitated under the provisions of the Federal reserve act.
The usurious interest rates which for years had been exacted from
customers by many banks in some States, and by some banks in
many States, have been largely abated, although not yet entirely
extinguished. The elimination of this persistent and extended
abuse has had a marked effect in reducing poverty, in stimulating
business and enterprise, and in affording relief especially among the
agricultural classes in various regions of our country.
The records show that since the banks have been observing more
rigidly the laws against usury and the other provisions of the nationalbank act intended for the protection and advancement of the interests
of the shareholders, depositors, and customers, and of the communities in which banks are located, they have not only suffered no
reduction of business but have been doing a larger and more prosperous business than they ever did.
By their reports to this office the gross earnings of the national
banks for the 12 months ended July 1, 1918, amounted to $813,997,000, being an increase of $298,373,000, as compared with the 12
months ended July 1, 1914. The net earnings for the 12 months
ended July 1, 1918, exceeded by $63,062,000 the net earnings for
the 12 months ended July 1, 1914, which amounted to $149,270,000.
The increase in net earnings in these four years, despite the abatement of excessive interest rates, the expenses attendant upon the
sale of Liberty bonds and other costs and losses of the war period,
has been 42.2 per cent.
NATIONAL BANK EARNINGS GREATEST ON RECORD.

In, thefiscalyear ending July 1, 1918, the net earnings of the national
banks surpassed by more than $18,000,000 the greatest earnings
ever previously reported for any year in the history of the national
banking system, and amounted to $212,332,000.
These earnings were not only greatest in amount, but they were
also the greatest shown, in the records in the percentage earned on
the capital of all national banks; and also in percentage earned on
the combined capital and surplus for any year since 1869.
The average earnings upon the capital of all national banks for
the year was 19.33 per cent. The amount earned upon the combined
capital and surplus of all national banks wTas 11.09 per cent.
The records also show that the dividends paid to the shareholders
of the national banks during this past year w^ere also greater than
those paid in any previous year, amounting to 11.82 per cent on the
total capital stock of all banks.
In the 49-year period from 1869 to 1918 the average earnings of all
national banks amounted to 12.81 per cent on their stock. The percentage earned on capital stock, therefore, for the past fiscal year,
has averaged 50 per cent more than the average percentage earned
for the 49-year period referred to.




8

EEPOBT OF THE COMPTROLLER OF THE CURRENCY*.
EFFECT OF FEDERAL CONTROL OF RAILROADS ON FINANCIAL
CONDITIONS IN 1918.

In the report of the Comptroller of the Currency submitted to
the Congress under date of December 3, 1917, after reviewing the
abnormal commercial, industrial, and economic conditions produced
by the war, the great inflation in the prices of commodities of all
kinds, and the rapid rise which had taken place in wages, he said:
The fact that we have come through these profound, swift, and racking changes
and have endured the shock of entrance into a great war without symptom or apprehension, of a financial panic or the slightest general business disturbance is decisive
and triumphant proof of the splendid efficiency of our new banking and currency
system and of the clean and strong condition of our banking institutions generally.
Yet other and extraordinary provision was necessary to meet the unprecedented
strain on the economic situation, caused by the disorderly inflations of prices of
things of common use, the rushes upward and downward of security values, the
feverish business activity stimulated by war and hurried preparation for it,* and the
successive advances in scales of wages. It became imperative to enact emergency
laws intrusting the President with powers, unexampled in this country, to fix and
limit prices for food, fuel, and other necessities of life. Unquestionably the existence of thi&power and the assurance of its prompt and energetic use whenever required
have averted calamities very seriously threatening us, and which no financial system,
however strong or powerful, would have been able to prevent or overcome.

Toward the close of the year 1917 the condition of the steam railroads of the country became exceedingly critical. As a result of
the enormous volume of business incident to war activities, and the
abnormal and well-nigh unprecedented weather conditions which
interfered so greatly with their operation; and with the feverish
labor situation which then existed, our great transportation systems
seemed on the verge of a physical breakdown; and it became necessary for the President, in the emergency, to make an unprecedented exercise of the extraordinary powers which had been conferred upon him to save the railroads of the country from disaster.
The enormous increase in operating costs, without a proportionate
increase in rates, had reduced many of the great railroad systems of
the country to a position where they were unable to raise money
to provide improvements and facilities needed in connection with
increased war activities, or even to meet their maturing obligations.
These transportation systems were therefore on the brink of financial
collapse and widespread bankruptcy. Tlie situation was one where
a mere increase in transportation rates would have been too late to
restore confidence and prevent the demoralization which seemed
imminent.
At this juncture, exercising the powers which had been conferred
upon him under war conditions, with a courage and wisdom which
can not be too highly commended, the President issued a proclamation taking under Government control all of the principal steam
railroads of the country, on a basis which gave them generally a
rental equal to the average railway operating income of the preceding
three years, thus assuring to the holders of railroad securities throughout the country the solvency and maintenance of their investments
and averting the calamity which so gravely threatened.
The beneficial effect of this action was instantaneous. There was
a quick revival of confidence and an immediate restoration to more
normal conditions in the money markets. Had it not been for this
timely action by the President but few of the railroad systems of



KEPOBT OF THE COMPTKOLLER OF THE CURRENCY,

9

the country could have maintained their solvency; and with such
a collapse of credit as would have ensued the raising of the money
necessary for the prosecution of the war would have been made
infinitely more difficult, if not impossible. But with the revival
of railroad credit, under Government control of the transportation
systems, shrinkage in values was checked, the money markets were
stabilized, and the enormous success of the third and .fourth Liberty
loans was made possible.
The President's proclamation taking over the railroads of the
United States was followed by the passage of the railroad act of
March 21, 1918, appropriating $500,000,000 to aid in financing these
roads. To December 1, 1918, the Director General of Railroads
reported that he had advanced to the railroads under his direction
and the owner corporations, for the purpose of enabling them to
meet operating deficits, to pay for new equipment required, and to
enable them to continue the payments of interest, dividends, and
other obligations, the sum of $316,206,000.
All realize that the maintenance of the efficiency and credit of the
steam railroads of the country is of supreme importance. They
represent our greatest single industry. Unless.they are kept in a
condition to perform their functions adequately and regularly every
interest in the country will suffer. The railroads are, by far, the
largest consumers of the products of our great basic coal, steel, and
iron industries, as well as of the products of the forest; and they
employ, directly in their service, an army of more than 2,000,000
men, regardless of many millions more whom they indirectly support.
For t&e current year of 1918 the railroads of the country will expend
from their receipts, for wTages and materials used in operation and
construction, more than $5,000,000,000 by the latest estimates.
How these roads shall now be enabled, on a basis of efficient management, to obtain rates for the movement of freight and passengers
sufficient to enable them to pay their actual operating costs and
produce enough net earnings to yield a fair return upon the capital
invested in them, is the problem which this country is now called
upon to solve, and upon the right solution of which our future prosperity will largely depend.
BANKING POWER OF THE UNITED STATES.

The banking power of the United States in June, 1918, as represented by capital, surplus, and other profits, circulation and deposits,
in all national banks and reporting State banks and trust companies,
together with the estimated amount of funds of this character in
nonreporting banks, as well as the paid-in capital, Government
and reserve deposits, and Federal reserve notes in circulation as
shown by the statement of the Federal reserve banks as of June 28,
1918, was $39,082,800,000.
In June, 1917, the estimated banking power of the United States
was $34,473,100,000. The increase for the current year in the banking power of the country as thus defined is $4,609,700,000, or 13.37
per cent. The estimated increase in 1917 over 1916 was about 17
per cent.



10

REPORT OF THE COMPTROLLER OF THE CURRENCY.
Banking power of the United States, June 29, 1918.
[Money columns in millions.]
National
bank
circuNum- Capital Surplus
1 lation
ber of
and
Deposits.
and
banks. paid in. profits.
Federal
reserve
notes.

National banks
7,705 $1,098.6 $1,209.7 $11,219.5
Reporting State banks
21,175 1,253. 0 1,609.3 17,774. 6
N ohrep orting p r i v a t e
405.0
45.0
27.1
banks (estimated)
2,600
Total
Federal reserve banks 3
Grand total

Total,
June,
1918.

Total,
June,
1917.

S6S1.6 $14,209.4 $12,624.3
20,536.9 19,459.1
477.1

530.0

Increase
over
1917.

$1,585.1
1,077.8
2

52.9

31,480 2,396.6
12
75.8

2,746.1
1.1

20,399.1
2,049. 9

681.6
1,732.6

35.223.4 32,613.4
3^ 859. 4 1,859.7

2,610.0
1,999.7

2,472.4

2,747.2

31,449.0

2,414. 2

39,082.8

34,473.1

4,609.7

31,492

1 Includes dividends unpaid, postal savings and United States deposits but not amounts due to banks
except in case of reserve deposits of member banks with Federal reserve banks.
2 Decrease.
3 June 28.

Since June, 1914, the estimated banking power of the United
States has increased from $24,340,000,000 to $39,082,800,000, a gain
of $14,742,800,000, or more than 60 per cent in the four-year period.
For the preceding four-year period, or from June, 1910, to June,
1914, the gain was only 15.63 per cent, or from $21,049,000,000 to
$24,340,000,000.
The banking power of the United States alone to-day is nearly 2%
times as great as the banking power of the world as it stood in"1890
when Mulhall's estimate placed the world's banking power at $15,985,000,000, and the banking power of the United States is now
more than seven times greater than Mulhall's estimate of our banking
power in 1890, when it was estimated by him at $5,150,000,000.
BALANCE OF TRADE IN OUR FAVOR FOR WAR PERIOD I S GIGANTIC.

The value of the merchandise exported from this country for the
past five years covering the war period (December, 1918, being
estimated) reaches the huge total of $23,462,191,652; the value of
our imports of merchandise for the same period (December, 1918,
again estimated) was $11,881,973,986, making the balance of trade
in our favor for the period, $11,580,217,966.
In payment of this we have imported into this country more than
a billion dollars in gold from debtor nations, and to represent the
balance due us, we have taken the short-term obligations of
these debtor nations for approximately $10,000,000,000, of which
$2,000,000,000 is represented by the bonds and obligations of foreign
nations placed with individuals, banks, and other corporations in
this country, and $8,000,000,000 is represented by the notes or
bonds of foreign Governments to the United States Government.
The following table shows our exports and imports of merchandise
for the past five calendar years, and the excess of exports over
imports:




REPORT OF THE COMPTROLLER OF THE CURRENCY.

11

Imports and exports of merchandise, calendar years 1914, 1915, 1916, 1917, and 1918.
Imports of
merchandise.
$1,789,276,001
1,778,596,695
2,391,635,335
2,952,465,955
2,970,000,000

$2,113,624,05*0
3,554,670,847
5,482,641,101
6,226,255,654
6,085,000,000

$324,348,049
1,776,074,152
3,091,005,766
3,273,789,699
3,115,000,000

11,881,973,986

1914
1915
1916
1917
1918

Exports of
merchandise.

23,462,191,652

11,580,217,666

Excess of exports
over imports.

COMPARATIVE GROWTH OF NATIONAL AND STATE BANKS FOR FIVEYEAR PERIOD.

The Comptroller of the Currency is required by law to furnish in
his annual report to the Congress in addition to data relative to
national banks and recommendations as to "any amendment to the
laws relative to banking by which the system may be improved, and
the security of the holders of its notes and other creditors may be
increased/7, a further statement as to the condition of banks and
banking institutions organized under the laws of the several States
and Territories, such information to be obtained from the reports
made by such banks and banking institutions to the legislatures or
officers of the different States and Territories, and where such reports
can not be obtained, the deficiency to be supplied from such other
authentic sources as may be available.
It has been the custom of this office, from year to year, to obtain
through the courtesy of the banking departments of the several
States statements of condition of all State banks, savings banks,
private banks and loan and trust companies under State supervision
as of June 30 in each year, or the reports made nearest to that date,
the time for making reports differing in some States.
On pages 87 to 99 of this report will be found a statement of the
condition of State banks, savings banks, private banks, and loan and
trust companies as of the date of the report of condition made nearest
to June 30, 1918.
The following statement shows the growth in resources of all State
banks, savings banks, private banks, and loan and trust companies
as of June, 1913, as compared with June, 1918, together with a further
comparison of national banks at the time of the June, 1913, call and
the call of June 29, 1918:
June, 1913.
State banks, savings banks, trust companies , etc
National banks

June, 1918.

$14,675,243,842
11,036,000,000

$22,371,496,514
17,839,502,000

Increase.

$7,696,252,672
6,803,502,000

Per cent.

52.4
61.6

On June 4, 1913, the resources of the national banks were $11,036,
000,000; on November 1, 1918, their resources were $19,821,000,000,
an increase in less than five and one-half years of $8,785,000,000, or
79.6 per 'cent.
The increase in the resources of the State banks, savings banks,
trust companies, etc., for the five-year period between June, 1913,
85478°—CUR 1018—VOL 1 -




12

BEPORT OF THE COMPTROLLER OF THE CURRENCY.

and 1918, as shown above, was 52.4 per cent, the increase in the
resources of national banks from June, 1913, to June, 1918, amounted
to 61.6 per cent.
These figures show that the growth of the banks under national
supervision, during the past five years, has been distinctly greater
than the increase shown »by the State banking institutions.
In the five years 1914 to 1918, both inclusive, the records show 314
failures of State banks, savings banks, private banks, and loan and
trust companies. There were 56 national bank failures during the
same period. For the 12 months' period ending October 31, 1918,
failures among the State banking institutions were 32 in 17 States.
During the same period there were only two national bank failures,
in two States.
NATIONAL CURRElrCY ISSUED AND REDEEMED IN LAST
FISCAL YEAR.

During the fiscal vear ended October 31, 1918, there were issued,
through the office of the Comptroller of the Currency, national bank
notes, Federal reserve notes, and Federal reserve bank notes to the
mount of $2,104,053,520.
Of this sum the national-bank notes issued amounted to
$260,155,140, Federel reserve notes to $1,781,663,720, and Federal
reserve bank notes to $62,234,660.
During the same fiscal year there were redeemed through the
bureau of the Comptroller of the Currency notes of the above issues
aggregating $592,827,163, of which sum national banknotes represented $255,078,213, Federal reserve notes $334,403,925, and
Federal reserve bank notes $3,345,025.
The amount of each class of the above notes outstanding and
unredeemed as of October 31, 1918, was as follows:
National bank notes
Federal reserve notes
Federal reserve bank notes

$721, 471,137. 50
2, 705, 737, 855. 00
717 647,260. 00

There were on hand in the vaults of the Treasury of the United
States on the same day unissued the following notes:
bank notes
Federal reserve notes
Federal reserve bank notes

$332,777,980.00
419,360,000. 00
37, 685, 960. 00

The amount of United States bonds deposited with the Treasurer
of the United States as security for national bank notes on October
31,1918, was^$684,446,440, in addition to the 5 per cent redemption
fund and lawful money deposited for their retirement.
As security for the Federal reserve bank notes, United States
bonds and other obligations of the Government amounting to
$87,938,550 had been deposited with the Treasurer of the United
States, while against the Federal reserve notes there had been
deposited with the Federal reserve agents of the 12 respective
Federal reserve banks an amount of United State bonds, eligible
paper, and gold equal to at least the face value of all Federal reserve
notes outstanding.
The amount of gold held by the Federal reserve agents on October
31, 1918, as part security for Federal reserve notes issued was
$1,187,050,265—about 43.8 per cent of all Federal reserve notes




BEPORT OF THE COMPTROLLER OF THE CURRENCY.

13

outstanding, and in addition to this the 12 Federal reserve banks
lield further sums of gold in the general fund amounting to
$864,726,577, a total of $2,051,776,842 gold with the Federal
Federal banks and Federal reserve agents.
TRUST POWERS FOR NATIONAL BANKS.

The Supreme Court of the United States having fully sustained
the right of Congress to grant trust powers to national banks and
to vest in such banks the powers enjoyed by competing State
corporations, Congress by the act of September 26, 1918, has
broadened and more clearly defined the fiduciary powers of national
banks.
Under section ll(k) of the Federal reserve act as amended,
national banks, having first obtained the permission of the Federal
Reserve Board, are authorized to open trust departments and to
operate them on a basis of substantial equality with competing
trust companies organized under State law. Such banks may; be
permitted by the Federal Reserve Board to exercise any fiduciary
power that is enjoyed by a competing State corporation. Appropriate safeguards have been adopted for the protection of the
beneficiaries of trust estates.
This legislation is therefore of very great importance to national
banks. Under its terms States are in effect prohibited from denying
to them the right to exercise trust powers where such powers are
exercised by State corporations. They are therefore enabled to
extend increased facilities to their customers, and it is to be hoped
that full advantage will be taken of this opportunity to broaden
their field of usefulness.

FEDERAL RESERVE SYSTEM.
The Federal Reserve System was inaugurated on November 16,
1914, with the opening of the 12 Federal reserve banks in Boston,
New York, Philadelphia, Cleveland, Richmond, Atlanta, Chicago,
St. Louis, Minneapolis, Kansas City, Dallas, and San Francisco.
Up to the present time the following branches have been established and have begun business in the following cities of the several
districts:
Federal Reserve District No. 4.—Pittsburgh, Pa., and Cincinnati,
Ohio.
Federal Reserve District No. 5—Baltimore, Md.
Federal Reserve District No. 6—New Orleans, La., Birmingham,
Ala., Jacksonville, Fla., and Savannah, Ga. (agency).
Federal Reserve District No. 7—Detroit, Mich.
Federal Reserve District No. 8—Louisville, Ky., Memphis, Tenn.,
and Little Rock, Ark.
Federal Reserve District No. 10—Omaha, Nebr., and Denver, Colo.
Federal Reserve District No. 11—El Paso, Tex.
Federal Reserve District No. 12—Portland, Oreg., Seattle and
Spokane, Wash., and Salt Lake City; Utah.




14

•REPORT OF THE COMPTROLLER OF THE CURRENCY.

The consolidated statement of these banks, including all branches,
for the dates named in November, 1914, 1915, 1916, 1917, and 1918,
shows the following results (in thousands of dollars) :
Nov. 27,
1914.

Nov. 26,
1915.

227,840
34,630
7,383

321,068
37,212
48,973
12,919

Nov. 24
1916.

Nov. 16,
1917.

Nov. 22,
1918.

ASSETS.

Gold
Other lawful money
Bills discounted and bought—
United States bonds
One-year Treasury notes
Municipal warrants
Federal reserve notes—net
Due from Federal reserve bants
Uncollected items
All other assets

27,308
19,176
14,053
165

459,935
17,974
122,593
39,427
11,167
22,166
15,414
43,263

2,060,265
55,992
2,078,219
i 177,314

1,273

27

2,121

4.6

1,584,328
52,525
681,719
1241,906

428,544
22,111

819,010
28,700

3,012,406

5,219,527

218,887

80,025
1,134
113,174

270,018

Total.

485,342

735,060

18,050

54,846

55,711

249,268

15,000
397,952

26,319
637,072

***2,"700'

13,385

14,296
1,028

4,159

634

1,501,423
2 972,585
8,000
240,437
4,383

270,018

485,342

735,060

3,012,406

LIABILITIES.

Capital paid in
Surplus
Government deposits
Member bank deposits—net
Due to member and nonmember banks...
Federal reserve notes—net
Federal reserve bank notes in circulation.
Collection items
All other liabilities
Total.

i United States Government long and short term securities.

2

8

1,718,000
2,555,215
80,504
620,608
50.867
5,219,527

In actual circulation.

Our new banking system came into existence immediately after
the outbreak of the European war. It has been subjected to
the severest tests and trials, and has proved itself of inestimable
value. In fact, it is impossible to see how this country could have
financed its own needs and those of our Allies, as it has done, had our
new financial system not been in operation. Had this country not
been able to raise the vast sums needed the war would have' been
lost inevitably.
The 12 Federal reserve banks have also aided enormously by acting
as fiscal agents of the Government, in placing during the last 18
months the four issues of Libert}^ bonds, and in marketing and distributing the many hundreds of millions of dollars of United States
certificates of indebtedness, which were concurrently placed.
The Federal reserve banks havfe not only proven themselves to be
admirably efficient in meeting the needs of the member banks of the
country during this trving period, but they have become a very profitable investment for tne member banks which own the stock oi these
reserve banks.
It is estimated that the earnings of the 12 Federal reserve banks
for the calendar year 1918 will exceed $57,000,000 (exclusive of
special depreciation allowances and other charge-offs which have
been or may be authorized by the Federal Reserve Board), or about
$52,000,000 over and above the amount required to pay 6 per cent
on the paid-up stock. From this it appears that the earnings of the
banks for this current year will probably exceed on an average 80
per cent upon the paid-up capital of all 12 of the reserve banks".
In the following consolidated statement of the Federal reserve
banks are shown, in millions of dollars, the principal items of assets



REPORT OF THE COMPTROLLER OF THE CURRENCY.

15

and liabilities at the date of the last report in each month from
June 29, 1917, to November 29, 1918:
Statement showing the condition of the 12 Federal reserve banlcs at the close of each month
from June 29, 1917, to Nov. 29, 1918.
[In millions of dollars.]
Assets.
Year.
Gold.

1917.
June 29
July 27
Aug. 31
Sept 28
Oct 26
. .
Nov. 30
Dec 28

1,295
1,362
1,353
1,399
1.503
1,622
1,671

1918.
Jan 25
Feb. 21
Mar. 29
Apr. 26
May 31
June 28
July 26
Aug 30
Sept. 27
Oct 25
Nov. 29

1,727
1,772
1,816
1,827
1,918
1,949
1,974
2,014
2,021
2,045
2,065

Other
currency.

40

"52
53
49
50
54

50
56
60
58
64
58
57
55
53
51
53
55

Liabilities.

Bills
discounted
and
bought.

United
States
securities.

400
334
302
410
575
962
956

71
77
78
95
110
89
107

2,053
2,021
2,058
2,195
2,528
3,105
3,101

57
58
59
59
63
69
70

3.484
L,425
L 393
L,425
]L 606
1,967
L,771

902
806
887
1,205
1,154
1,086
1,507
1,661
2,002
1,945
2,191

123
222
311
79
147
259
57
56
79
350
122

3,169
3,176
3,446
3,567
3,686
3,872
4,165
4,366
4,817
5,271
5,195

72
73
74
75
76
76
76
78
79
79
80

1,849
1,773
1,901
]L,945
L995
2'050
2,181
2,142
2,317
2 581
2,405

Aggregate
assets.

Capital.

Gross
Surplus. deposits. Circulation.

1
1
1
1
1

510
536
585
707
,065

]1,254

,?43

;;m

j461
j5S4
1 jfiOQ

,7^
88?

2!ll3
2,385
2,567
2,655

NATIONAL BANK RESOURCES REACH UNPRECEDENTED
FIGURES.
The resources of the national banks on November 1, 1918, reached
their highest point since the establishment of the national banking
system, $19,821,404,000, an increase of $1,268,207,000 over the
amount shown on November 20, 1917, which was the highest that
had been shown to that date.
A comparative statement of the various items of resources and
liabilities for the dates indicated follows:




16

REPORT OF THE COMPTROLLER OF THE CURRENCY.
[In thousands of dollars.]
Comparison.
Nov.1,1918— Nov.20.1917—
7,754 banks. 7,656 banks.
Increase.

Decrease,

RESOURCES.
10,096,940
16,814
12,563
319,593

9,535,527
15,044
26,944
147,932

561,413
1,770

1,781,993
1,374,319
1,660,465
48,177
57,427
282,012
34,653
46,765
1,099,208

1,651,262
702,921
1,906,782
42,837
55,698
273,941
32,917
. 46,112
1,077,701

130,731
671,398

260,425
443, 828
1,177,169

165,118
516,120
1,369,591

95,307

356,137
533,435
68,718
64,037

400,593
393,974
43,615
42,689

39,271
12,987

40,407
31,981

10,180
24,288

27,431

9,821,404

18,553,197

1,861,348
1,268,207

Capital stock paid in
Surplus fund
Undivided profits, less expenses and taxes paid.
Interest and discount collected or credited but
not earned
Amount reserved for taxes accrued
Amount reserved for all interest accrued
Circulation outstanding
Amount due to Federal reserve banks
Net amounts due to national banks
Net amounts due to banks, bankers, and trust
companies
Demand deposits
Time deposits
*.
United States deposits
United States bonds borrowed
Other bonds borrowed
Securities borrowed
Bills payable, other than with Federal reserve
banks
Bills payable with Federal reserve banks
State bank circulation outstanding
Letters of credit and travelers' checks outstanding..
"Acceptances"
Time drafts outstanding
Liabilities other than those above stated.

1,107,760
829,663
377,875

1,092,207
774,575
369,801

15,553
55,088
8,074

27,865
31,524
14,348
675,698
10,076
1,125,124

39,529
14,434
13,530
669,662
4,223
1,257,587

17,090
818
6,036
5,853

1,766,059
8,640,818
2,372,512
1,136,884
228,401
15,138
634

1,845,707
8,056,948
2,281,865
1,352,006
110,190
65,674
276

78,705
859,132
19

57,200
295,532
17

23,640
332,719
2,885
163,925

39,688
153,645
58,901

179,074
2,885
105,024

Total
Liabilities for rediscounts, including those with
Federal reserve banks
\

19,821,404

18,553,197

1,268,207

623,154

247,213

381,941

1,101,-629
1,032,256

1,080,075
985,004

21,554
47,252

69,373

95,071

Loans and discounts
Overdrafts
Customer's liability under letters of credit
Customer's liability account of "acceptances"..
United States bonds and certificates of indebtedness
Liberty loan bonds
Other bonds, securities, etc. (other than stocks).
Stocks other than Federal reserve bank stock...
Stock of Federal reserve bank
Banking house
Furniture and fixtures
Other real estate owned
Lawful reserve with Federal reserve banks
Items with Federal reserve banks in process of
collection
Cash in vault
Net amounts due from national banks
Net amounts due from banks, bankers, and
trust companies
Exchanges for clearing house
Checks on other banks in the same pJLace
Outside checks and other cash items
Redemption fund and due from United States
Treasurer
Interest earned but not collected
War savings certificates and thrift stamps actually owned
Other assets
Total.
Net...

14,381

171,601

246,317
5,340
1,729
8,071
1,736
653
21,-507
72,29'.
192,422
44,458
133, 461
25,103
21,348

1,138
18,931
10,180

3,143
593,141

LIABILITIES.

Total amount reserve held
Total amount reserve required.
Excess reserve.

11,664

132, 463
583, 870
90,647
118,211
358

79, 64g
215,122
"*50,'533

21,505
563,600
2
16,043

25,633

The following table shows the growth of the principal items of
resources and liabilities of national banks at the time of the autuma
calls at five-year intervals from 1898 to 1918:




17

BEPORT OF THE COMPTEOLLEK OF THE CURRENCY.
[In thousands of dollars.]
Number
of banks.

Date.
Sept. 20, 1898
Sept. 9, 1903.
Sept. 23, 1908
Aug. 9, 1913..
Nov. 1, 1918.

3,585
5,042
6,853
7,488
7,754

Number
of banks.

Bate.
Sept. 20, 1898
Sept. 9, 1903.
Sept. 23, 1908
Aug. 9, 1913.
Nov. 1, 1918.

3,585
5,042
6,853
7,488
7,754

Total
deposits.
2,805,964
4,533,426
6,617,254
7,948,581
15,051,473

Capital.

,
753,723
921,463
1,056,346
1,107,780

Loans and
discounts.
2,172,520
3,481,447
4,750,613
6,168,556
10,098,940

Surplus and
undivided
profit.
340,570
556,371
767,688
984,383
1,207,538

Reserve
held.
750,520
1,027,819
1,611,112
1,703,980
11,101,629

Circulation.
194,484
375,038
613,726
724,460
675,698

Excess
reserves.
236,884
242,887
444,605
289,378
i 63,373

Total
resources.
4,003,511
6,310,439
9,027,260
10,876,852
19,821,404

1
New reserve requirements (except as to nonmember national banks in Alaska and Hawaii) went into
effect June 21, 1917, providing that only balances with Federal reserve banks should count as lawful reserve. Besides the $1,099,208,000 carried with reserve banks on Nov. 1, 1918, the member national banks
held on that date cash in vaults amounting to $443,051,000 and had $1,531,125,000 due from other banks.
Figures for reserve held include reserves of national banks located in Alaska and Hawaii which are
not members of the Federal Reserve System, consisting of cash on hand and balances due from approved
national bank reserve agents, amounting to $2,421,000.

Ratio oj loans and discounts to total deposits.
Per cent.

Sept. 20. 1898
Sept. 9, 1903
Sept. 23, 1908
Aug. 9, 1913
Nov. 1, 1918

.'

77. 45
76. 80
71. 79
77. 61
67. 08

Ratio oj total deposits to capital.
Per cent.

Sept. 20, 1898
Sept. 9, 1903
Sept. 23, 1908
Ausj. 9, 1913
Nov. 1, 1918

,

451
601
718
752
1, 360

INCREASED THOROUGHNESS OF NATIONAL BANK EXAMINATIONS.

Since the passage of the Federal reserve act examinations of
national banks have become irr i more effective and thorough
than formerly.
Prior to the enactment of this law the compensation of bank examiners consisted of fees assessed by the Comptroller upon the banks
examined and based upon their capital stock, regardless of the volume
of assets. In many instances this fee was wholly insufficient to compensate the examiner for his time and services, as he wras required
to pay all of his traveling expenses, subsistence, and clerk hire out of
the small fee allowed under the old law. This led to superficiality in
examinations, and the time devoted to an examination of a bank in
many cases was governed by the amount of the fee received.
The Federal reserve act changed the method of compensation from
a fee to a salary and expense basis, and authorized the Federal Reserve
Board to fix the salaries of the examiners, upon the recommendation
of the Comptroller of the Currency„ and provided that the expense of
examinations should be assessed upon the banks examined in proportion to their assets as shown at the time of examination.



18

REPORT OF THE COMPTROLLER OF THE CURRENCY.

Twelve examination districts have been established with a sufficient
corps of examiners assigned to each, under the supervision of a chief
examiner in each district, with headquarters in the same city in
which the Federal reserve bank for that Federal reserve district is
located. Examiners are also supplied with competent assistants.
Under this arrangement the examiner is required and enabled to
devote as much time to the examination of a bank as may be necessary
to satisfy him as to its true condition, and he is given time to remedy
and correct unsatisfactory conditions before he leaves the bank.
The law provides that every national banking association shall be
examined at least twice during each calendar year. To make these
examinations a force is employed at present of 136 examiners and
184 assistants, including clerks, stenographers, etc., under the
supervision of 12 chief examiners.
The following is a list of the examiners in the service on October
31, 1918:
CHIEF EXAMINERS.

Federal Reserve District—
No. 1—Daniel C. Mulloney, Boston, Mass.
No. 2—William P. Malburn, New York, N. Y.
No. 3—Edward I. Johnson, Philadelphia, Pa.
No. 4—Silas H. L. Cooper, Cleveland, Ohio.
No. 5—James K. Dougnton, Richmond, Va.
No. 6—Elmore F. Higgins, Atlanta, Ga.
No. 7—Sherrill Smith, Chicago, 111.
No. 8—Joseph M. Logan, St. Louis, Mo.
No. 9—Fred Brown, Minneapolis, Minn.
No. 10—Horace R. Gaither, Kansas City, Mo.
No. 11—Richard H. Collier, Dallas, Tex.
No. 12—Walter E. Wilcox, San Francisco, Cal.
SUPERVISING NATIONAL BANK EXAMINER.

Stephen L. Newnham, Washington, D. C.
FIELD EXAMINERS.

First District.
Otis M. Freeman, Providence, R. I.
Edward F. Parker, Portland, Me.
Herbert W. Scott, Boston, Mass.

N. S. Bean, Manchester, N. H.
George M. Coffin, New York, N. Y.
Thomas A. Cooper, Montpelier, Vt.

Second District.

R. W. Byers, Watertown, N. Y.
Bertram Chesterman, New York, N. Y.
Edward J. Donahue, Ithaca, N. Y.
William J. Duane, New York, N. Y.
Harry L. George, Albany, N. Y.
Harry E. Henneman, New York, N. Y.

C. F. Horn, New York, N. Y.
Benjamin Marcuse, New York, N. Y.
David Murphy, Buffalo, N. Y.
Ebenezer Southall, New York, N. Y.
E. Willey Stearns, Albany, N. Y.
Hubert F. Thomas, New York, N. Y.

Third District.
William B. Baker, Lancaster, Pa.
John A. Best, Wilkes-Barre, Pa.
Charles H. Chapman, Philadelphia, Pa.
James M. Dunbar, Johnstown, Pa.
James L. Griffin, Philadelphia. Pa.

Luther K. Roberts, Philadelphia, Pa.
Carl M. Sisk, Reading, Pa.
George E. Stauffer, Philadelphia, Pa.
George S. Summers, Harrisburg, Pa.
John K. Woods, Philadelphia, Pa.

Fourth District.
George E. Armstrong, Cleveland, Ohio. ,
Albert B. Camp, Toledo, Ohio.
John B. Chenault, Maysville, Ky.
Robert C. MeConaughy, Cincinnati, Ohio.
J. Francis Miller, Wilkinsburg, Pa.




J. William Pole, Cleveland, Ohio.
Clarence F. Smith, Pittsburgh, Pa.
George J. Stevens, Wheeling, W. Va.
Thomas C. Thomas, Columbus, Ohio.

REPORT OF THE COMPTROLLER OF THE CURRENCY.

19

Fifth District.
Richard N. Aycock, Raleigh, N. C.
Thorne Clark, Richmond, Va.
William B. Cloe, Huntingdon, W. Va.
Sidney B. Congdon, Washington, D. C.
R. J. C. Dorsey, Washington, D. C.
T. J. Goodwyn, Columbia, S. C.

Richard L. Hargreaves, Washington, D. C.
Lawrence W. Hoffman, Richmond, Va.
J. B. Stringfellow, Forest Depot, Va.
J. E. Thompson, Washington, D. C.
James Trimble, Washington, D. C.
D. R. Wood, Martinsburg, W. Va.

Sixth District.
Reginald M. Hodgson, Atlanta, Ga.
Charles R. Kuchins, Bessemer, Ala.
Edgar D. Walter, Rome, Ga.

Daniel C. Borden, Atlanta, Ga.
Charles E. Boyd, Mobile, Ala.
Thomas E. Fletcher, Cordele, Ga.

Seventh District.
Claude H. Beaty, Chicago, 111.
Hiram C. Blackman, Hillsdale, Mich.
James B. Greenfield, Milwaukee, Wis.
Daniel V. Harkin, Chicago, 111.
Nels E. Haugen, Des Moines, Iowa.
Ben Hayes, jr., Davenport, Iowa.
Raby L. Hopkins, Milwaukee, Wis.
Robert C. Houston, South Bend, Ind.
Edwin S. Hubbell, Elgin, 111.

J. L. Kennedy, Sheldon, Iowa.
John C. McGrath, Indianapolis, Ind.
Charles R. Mertens, Shelbyville, 111.
William G. Minor, Cannelton, Ind.
Robert Montgomery, Des Moines, Iowa.
Paul Partridge, Peoria, 111.
Charles F. Riddell, Indianapolis, Ind.
Ellis D. Robb, Waterloo, Iowa.
William J. Schechter, Chicago, 111.

Eighth District.
E. H. Gough, Boonville, Ind.
Thomas E. Harris, Memphis, Tenn.
Charles H. Martin, St. Louis, Mo.
William M. Morgan, Louisville, Ky.

William R. Parker, Maplewood, Mo.
John S. Wood, Belleville, 111.
Hal Woodside, Kirkwood, Mo.
William R. Young, Hot Springs, Ark.

Ninth District.
Harry E. Albert, Minneapolis, Minn.
Christopher H< Anheier, Fargo, N. Dak.
Verne C. Bonesteel, Huron, S. Dak.
Ward M. Buckles, Helena, Mont.
Oscar A. Carlson, Minneapolis, Minn.
L. Oscar Challman, Fargo, N. Dak.

Victor E. Hanson, Sioux Falls, S. Dak.
Edward S. Jernegan, Huron, S. Dak.
Bert K. Patterson, Minneapolis, Minn.
John L. Proctor, Minneapolis, Minn.
Arthur B. Smith, Williston, N. Dak.
John H. Smith, Minneapolis, Minn.

Tenth District.
Sherwood Crocker, Denver, Colo.
William E. Fair, Cheyenne, Wyo.
Thurston P. Farmer, Muskogee, Okla.
Charles H. Filson, Guthrie, Okla.
R. Gordon Finney ; Oklahoma City, Okla.
George W. Goodell, Denver, Colo.
Granville M. McClerkin, Lincoln, Nebr.

John D. Mossman, Topeks, Kans.
Rex W. Peel, Oklahoma City, Okla.
William H. Reed, Kansas City, Mo.
Max C. Wilde, Norfolk, Nebr.
Thomas M. Williams, Kansas City, Mo.
Lewis Wilson, Hutchinson, Kans.

Eleventh District.
Edgar F. Gossett, Houston, Tex.
William Z. Hayes, Tyler, Tex.
William E. Hutt, Sherman, Tex.

J. W. McReynolds, Dallas, Tex.
Jesse L. Penix, Austin, Tex.
Allison D. Thompson, Waco, Tex.
Twelfth District.

7

W illiam M. Gray, San Francisco, Cal.
A. L. James, Sacramento, Cal.
Edward A. James, Salt Lake City, Utah.
Harry L. Machen, Los Angeles, Cal.
Martin McLean, Seattle, Wash.



Leo II. Martin, Boise, Idaho.
Charles C. Otto, Spokane, Wash.
Lewis M. Sawyer, jr., San Francisco, Cal.
Oscar Thompson, Los Angeles, Cal.
Claude S. Woten, Fresno, Cal.

20

REPORT OF THE COMPTROLLER OF THE CURRENCY.

BANK OFFICERS CONVICTED OF CRIMINAL VIOLATIONS OF
LAW DURING THE YEAR ENDING OCTOBER 31, 1918.

The Department of Justice has furnished the following statement relating to the officers and employees of national banks who were convicted of criminal violations of the national banking laws and sentenced
during the year ending October 31, 1918. The offenders convicted include 4 bank presidents, 17 cashiers and assistant cashiers, and 16 others.
Their terms of imprisonment ranged from three years to nine
years, with varying fines.
Keller, C. A., assistant cashier, Citizens National Bank, Pineville, W. Va. Embezzlement. Sentence;
5 years. September, 1917.
Matters, Thomas H., First National Bank, Sutton, Nebr.i Aiding and abetting in misapplication of funds.2
Hawley, Amos M., teller, Third National Bank, Syracuse, N. Y. Embezzlement, false entries. Sentence, 5 years. November, 1917.
Calef, Russell A., cashier, First National Bank, Elk River, Minn. Embezzlement. Sentence, 5 years.
December, 1917.
Horn, William P., cashier, First National Bank, Easton, Pa. Embezzlement. Sentence, 5 years. December, 1917.
Morrison, John A., teller, El Centro National Bank, El Centro, Cal. Embezzlement. Sentence, 5 years.
December, 1917.
White, H. H., cashier, First National Bank, Albright, W. Va. Embezzlement. Sentence, 5 years. December, 1917.
Lewis, George, president, National Bank of Commerce, Coweta, Okla. Misapplication, false entries. 8
Lewis, W. H., cashier, Merchants National Bank, Clarksburg, W. Va. Embezzlement. Sentence, 5
years. January, 1918.
Moore, Frank J., teller, Fletcher-American National Bank, Indianapolis, Ind.* Embezzlement. Sentence, 5 years. January, 1918.
Hosinski, Albin, assistant cashier, Citizens National Bank, South Bend, Ind. Embezzlement. Sentence,
5 years. January, 1918.
Dougherty, W. H., jr., president, First National Bank, Stillwell, Okla. Abstraction. Sentence, 5 years.
February, 1918.
Douglas, Robert, cashier, Peoples National Bank, Middletown, Del. Embezzlement. Sentence, 5 years.
February, 1918.
Nolte, Arthur, receiving teller, National Bank of Mattoon, Mattoon, 111. Abstraction. Sentence, 5 years.
March, 1918.
Moore, William C , receiving teller, Union Savings Bank, Washington, D. C. Embezzlement. Sentence,
3 years.*
Turner, James A., cashier, First National Bank, West Salem, III. Embezzlement. Sentence, 5 years.
March, 1918.
Clark, Ollie R.,teller, Fletcher-Anierican National Bank, Indianapolis, Ind.* Embezzlement. Sentence,
6 years. March, 1918.
Wood,Clay M.,jr.,teller, Munsey Trust Co.,Washington,D.C.« Forgery. Sentence.6years. April, 1918.
Hill, Peter H., receiving teller, Munsey Trust Co., Washington, D. C.« Embezzlement. Sentence, 5
years. April, 1918.
Smiitz, Edgar J., teller, Citizens National Bank, Conneilsville, Pa. Embezzlement. Sentence, 5 years.
April, 1918.
Myers, Eraos B., cashier, Lemasters National Bank, Lemasters, Pa.* Misapplication.*
Coon, Clyde Egbert, Lemasters National Bank, Lemasters, Pa. 8 Aiding and abetting in misapplication
of funds. Sentence, 9 years. May, 1918.
Phelps, W. W., president, National Bank of Riverside, Riverside, Cal. EAbezzlement, misapplication.
Sentence, 7 years 6 months. May, 1918.
Johnson, Julius L., cashier, First National Bank, Kennewiek, Wash. Embezzlement. Sentence, 5 years.
May, 1918.
McKim, Gedrge F., assistant cashier, Clinton National Bank, Clinton, Mo. Misapplication, false entries.
Sentence, 5 years. June, 1918.
Smith, Roy H., teller, First National Bank, Gary, Ind. Embezzlement, false entries. Sentence, 5 years.
June, 1918.
Perry, W. S., cashier, First National Bank, Jenkins, Ky. Misapplication. Sentence, 5 years. June, 1918.
Webster, Maxwell D., clerk, National State Bank, Memphis, Tenn. Misapplication. Sentence, 5 years.
June, 1918.
Post, Edward J., Lemasters National Bank, Lemasters, Pa.s Aiding and abetting in misapplication of
funds. Sentence, 6 years. June, 1918.
Harbell, C O . , bookkeeper, First National Bank, Compton, Cal. Abstraction and false entries. Sentence,
6 years 6 months. June, 1918.
Mullins, J. S., assistant cashier, First National Bank, Tonopah, Nev. Embezzlement. Sentence, 5 years.
July, 1918.
Sawyer, Marvin, receiving teller, American National Bank, Oklahoma City, Okla. Embezzlement. Sentence, 5 years. July, 1918.
Garanno, William H., president, State National Bank, Little Rock,.Ark. 9 Misapplication. Sentence, &
;
years. July, 1918.
Duncan, R. T., cashiar, State National Bank, Little Rock, Ark. 9 Misappropriation. Sentence, & years.
July, 1918.
Morton, J. E. ; cashier, First National Bank, Graham, Va. Embezzlement and misapplication. Sentence,
5 years. August, 1918.
Bliss, W. H., cashier, First National Bank, Dallas City, 111. Embezzlement and false entries. Sentence,
7 years. September, 1918.
Haines, Henry L., cashier, Farmers National Bank, Mullica Hill, N. J. Embezzlement. Sentence, 5
- years. October, 1918.
1
2

Affiliation with bank not given.
Sentence not imposed pending determination
motion for new trial.
3
January, 1918, defendant died pending sentence.
4
Sentence suspended, March, 1918.
* Two tellers
 of this bank convicted.



6
7

Teller and receiving teller of this bank convicted,
Sentence deferred, pending trial other defendants, May, 1918.
8
Cashier and two others, not employees of bank,
convicted.
• President and cashier convicted.

REPORT OF THE COMPTEOLLER OF THE CUKRESTCY.

21

CONDITION OF NATIONAL BANKS AT DATE OF EACH CALL
DURING THE REPORT YEAR.
The national banks were called on for six reports of condition
during the report year ended October 31, 1918, and details of the
resources and liabilities, as reported at the time of each call, are
shown in the following table:
Abstract of reports of condition of national banks in the United 8 tales from Nov. 20 % 1917,
to Aug. SI, 1918, inclusive.
[In thousands of dollars.]
Nov.. 20,
Dec., 31,
ti\7j
w c u u~.
M.Q,r. 4 ,
May 10, rfUUC 29, Aug. 31,
i"-»J' XV,
AUK, t
June £ 9 ,
1917—7,e 1917—7,662 1918—7,670 1918—7,688 1918—7,705 1918—7,
118—7,6£
-7,656
n 8—7,70 118—7,728
banks.
banks.
banks.
banks.
banks.
banks.
RESOURCES.
Loans and discounts
Overdrafts
Customers' liability under letters of
credit
Customers' liability account of acceptances
United States bonds, other than
Liberty loan b o n d s l
Liberty loan bonds
Other bonds, securities, etc
Stocks, other t h a n Federal reserve
bank stock
Stock of Federal reserve banks
Banking house
Furniture a n d fixtures
Other real estate owned
Lawful reserve with Federal reserve
banks
Items with Federal reserve banks in
process of collection *
Cash in vault:
Gold coin
Silver a n d minor coins
Clearing-house, certificates
Paper currency
Total cash in vault

,

9,535,527 9,390,836 9,139,225 9,260,041 9,620,402 9,493,666
15,044
13,586
15,073
11,662
12,497
14,306
25,944

25,052

25,022

25,324

16,284

15,275

147,992

211,458

222,176

239,102

221,397

231,673

1,651,262 1,014,903 1,645,118 1,796,194 1,386,251 1,787,378
702,921
609,626
475,531
861,329
730,534
668,048
1,906,782 1,870,967 1,815,340 1,757,588 1,740, 845 1,695,070
42,837
39,213
42,412
41,730
42,660
42,753
55,698
56,219
56,756
55,933
57,259
56,982
273,941
276,502
277,315 •277,941
273,695
280,615
32,917
32,689
33,340
34,027
32,293
33,495
46,112
45, 871
46,642
45,639
46,063
46,306
1,077,701

1,111,432

172,451

183,892

196,315

52,394
41,653
12,359
343,313

44,202
43,759
12,098
363,435

34,261
39,751
11,639
297,050

30,417
37,978
11,884
283,857

9,719

463,494

382,701

364,135

1,429,010 1,441,989 1,162,750 1,147,877

1,196,409

158,658

171,876

70,002
42,007
15,431

61,560
45,122
13,661
411,783
532,126

516,120

Net amounts due from national banks 1,369,591
Net amounts due from other banks,
bankers, and trust companies
400,593
Exchanges for clearing house
399,974
Checks on other banks in the same
place
43,615
Outside checks and other cash items.
42,689
Redemption fund and due from U. S.
Treasurer
40,407
Interest earned but not collected
31,981
War Savings Certificates and Thrift
Stamps actualty owned
Other assets
27,431
Total

1,110,204 1.071,155 1,103, 895 1,129,557

165,118

377,576
655,037

388,693
509,539

336,980
435,926

314,536
310,227

331,387
293,572

72,589
59,664

52,318
52,080

42,973
44,206

46,545
57,698

46,262
51,697

42,649
17,121

41,984
12,683

40,011
13,553

39,064
14,261

39,637
14,335

31,045

5,956
30,427

5,440
21,524

12,498
15,052

10,842
20, 869

18,553,197 18,073,308 18,014,911 18,249,905 17,839,502 |l8,043,605
LIABILITIES.

Capital stock paid in
1,092,207 1,092,606 1,094,338 1,096,932
Surplus fund
' 801,165
803,143
774,575
784; 065
Undivided profits, less expenses and
taxes paid
369,801
332,326
323,126
355,937
Interest and discount collected but
not earned
39.529
28,926
26,565
27,279
Amount reserved for taxes accrued...
14,434
15,721
17,481
21,118
Amount reserved for all interest accrued
13.530
10,761
14,169
National-bank notes outstanding
669,662
674,254
672,161
680,445
Due to Federal reserve banks
3,180
4,223
3,263
4,691
Net amounts due to national banks.. 1,257,587 1,288,714 1,348,184 1,139,776
Net amounts due to other banks,
bankers, and trust companies
1, 845,707 1,901,803 1,949,785 1,743,134
* Inc ludcs United States certificates of indebtedness.




1,098,556
809,138

1,101,839
813, 769

312,099

386,637

29,396
18,363

27,857.
22,484

10,700
681,631
5,522
1,100,919

12,354
674,201
6,042
1,104,074

1,695,642

1,775,820

22

REPORT OF THE COMPTROLLER OF. THE CURRENCY.

Abstract of reports of condition of national banks in the United States from Nov. 20,1917\
to Aug. SI, 1918, inclusive—Continued.
[In thousands of dollars.]
Dec. 31,
Mar. 4,
I Nov. 20,
May 10,
June 29, Aug. 31,
u,
Mar. 4
IU,
.1917—7,656 1917—7,66" 1918—7,670 1918—7,688 1918—7,705' 1918—7,728
118—7,681
,662 118—7,6
banks.
banks.
banks.
banks.
banks.
banks.
LIABILITIES—continued.

j

Demand deposits:
Individual deposits subject to
check
Certificates of deposit due in less
than 30 days
Certified checks
Cashier's checks outstanding
State, county, or other municipal
deposits
Deposits requiring notice, but
less than 30 days . ^
Dividends unpaid
Other demand deposits

7,208,406

7,497,821

7,281,753

7,309,765

7,161,268

7,465,681

399,568
99,291
205,364

400,830
174,029
165,533

380,711
127,373
133,005

353,051
130,006
136,735

344,386
49,633
102,678

352,675
35,906
92,120

60,840

75,031

75,661

72,159

75,982

69,600

40,694
1,145
41,640

40,879
26,445
55,827

38,854
1,512
45,277

37,440
2,021
53,509

37,058
23,011
44,134

36,124
1,445
42,198

8,056,948

8,436,395

8,084,146

8,094,686

7,838,150

8,095,749

842,736

846,957

873,453

848,825

838,051

842,447

6,716
99,674
1,332,739

6,067
99,410
1,345,848

9,503
102,111
1,385,612

2,281,865

2,298,282

2,370~679~ 2,342,747

United States deposits
1,352,006
United States bonds borrowed
110,190
Other bonds borrowed
65,674
276
Securities borrowed
Bills payable other than with Federal reserve banks
57,200
Bills payable with Federal reserve
banks
\
295,532
State bank circulation outstanding...
17
Letters of credit and travelers'checks
outstanding
39,688
153,645
Acceptances
:
Time drafts outstanding
Liabilities other than those above
stated
58,901

517,315
98,695
33,591
347

Total demand deposits.
Time deposits:
Certificates of deposit
State, county, or other municipal
deposits.
Postal savings deposits.
Other time deposits...
.eposits.
Total time deposits.

Total

682,712
66,795
26,534
814

7,020
9,848
10,160
97,799
100,360
105,703
1,386,275 1,398,158 1,349,181

1,060,086
77,865
29,781
2,014

2,343,589

2,397,491

1,037,787
102,620
27,578
2,078

506,583
104,711
19,984
922

67,183

44,130

59,839

84,467

90,813

199,249
17

191,229
17

315,124
19

283,367
19

600,051
19

37,639
217,190

37,138
230,164
1,516

32,441
250,323
2,439

26,240
231,805
2,931

24,785
243,772
3,997

45,130

23,008

95,917

66,905

49,651

18,553,197 18,073,308 18,014,911 18,249,905 17,839,502 18,043,505

Liabilities for rediscounts, including
those with Federal reserve banks...

247,213

475,416

421,537

469,208

515,440

603,141

RESOURCES.
LOANS AND DISCOUNTS.

Loans and discounts, including rediscounts, reached their maximum of $10,135,842,000 on June 29, 1918, there being a slight decrease between that date and August 31, 1^18, at which time they
amounted to $10,096,807,000.
The proportion of loans and discounts to total deposits at the time
of the last report of the year under consideration, August 31, was
72.8 per cent as compared with 69.7 per cent on September 11, 1917.
The amount of loans and discounts on August 31, 1918, was
$872,125,000 greater than on September 11, 1917.




23

EXPORT OF THE COMPTROLLER OF THE CURRENCY.

The changes in the amounts and percentages of the various classes
of paper held by the banks at the dates or the June calls in 1916,
1917, and 1918 are shown in the following table:
fin thousands of dollars.]
June 30, 1916.
Class.

June 20, 1917.

June 29, 1918.

Per
Per
Amount. cent. Amount. cent. Amount. Per
cent.

On demand, paper with one or more individual or
firm names (not secured by collateral)
On demand, secured by stocks and bonds
On demand, secured by other personal securities,
including merchandise, warehouse receipts, etc...
On time, paper with one or more individual or firm
names (not secured by collateral)
On time, secured by stocks and bonds
On time, secured by other personal securities, including merchandise, warehouse receipts, etc
Secured by real estate mortgages or other liens on
realty not in accordance with section 24, Federal
reserve act, as amended
Secured by improved real estate under authority of
section 24, Federal reserve act, as amended.
Acceptances of other banks discounted
Acceptances of this bank purchased or discounted
Total

660,213
1,159,007

8.6
15.1

223,639

700,198 7.9
1,261,631 14.1

620,765
1,150,073

6.1
11.3

2.9

300,879

3.3

300,212

3.0

3,760,225 49.0
1,029,612 13.4

4,561,790
1,064,254

50.9
11.9

5,297,256
1,428,094

52.3
14.1

661,338

8.6

772,963

8.5

959,904

9.5

160,633

2.1

107,361

1.2

99,486

1.0

.3

78,063
78,610
31,929

.9
.9
.4

85,631
145,182
49,239

.8
1.4
.5

8,957,678 100.0 10,135,842

100.0

24,500

7,679,167 100.0

The above table indicates a continued tendency on the part of the
national banks to increase their holdings of commercial paper and of
paper eligible for rediscount with the Federal reserve banks, and their
loans upon the security of stocks and bonds also shows a large increase, which is due mainly to the flotation of the Liberty loans.
The increase from June, 1916, to June, 1918, in paper not secured
by collateral was $1,497,583,000, while the increase for the same
period in loans secured by stocks and bonds was $389,548,000.
Loans eligible for rediscount with. Federal reserve banks, as shown by reports of condition
made by national banks, at the close of business on Nov. 20, 1917, showing amount of
increase during the year.
Nov. 20,1917.

....

Total
Southern States:
Reserve cities
Country banks
Total
Middle Western States:
Central reserve cities
Other reserve cities
Country banks
Total




".

49,839,901

604,330,399
209,434,738
264,737,065

366,063,382
165,274,509
231,012,251

238,267,017
44,160,229
33,724,814

762,350,142

316,152,060

144,648,238
211,377,140

26,262,432
65,235,041

447,522,851

....

180,764,452

170,910,670
276,612,181

Total
Eastern States:
Central reserve city
Other reserve cities
Country banks

$34,924,021
14,915,880

1,078,502,202

Country banks

$86,295,479
94,468,972

230,604,353

New England States:

Dec. 27,1916.

$121,219,500
109,384,853

Geographical location.

356,025,378

91,497,473

223,263,439
241,701,931
302,483,683

201,155,319
185,620,663
251,068,225

22,108,120
56,081,268
51,415,458

767,449,053

637,844,207

129,604,846

Increase.

24

REPORT OF THE COMPTROLLER OF THE CURRENCY.

Loans eligible /or (rediscount with Federal reserve barilcs, as slvovm- by reports of condition
made by national banks, at the close of business on Nov. 20, 1917, showing arhount of
increase during the year—Continued.
Nov. 20,1917.

Country banks
Total
Pacific States:
Country banks
Total

225,137,528

58,669,166

76,140,184
54,413,220

11,566,863
19,795,931

Increase.

161,916,198

130,553,404

31,362,794

2,969,801,351

Total United States

AMOUNT

14,234,060
44,435,106

87,707,047
74,209,151

;

75,031,028
150,106,500

283,806,694

Western States:

Dec. 27,1916.

89,265,088
194,541,606

Geographical location.

2,292,675,111

677,126,240

AND C L A S S I F I C A T I O N O F L O A N S BY N A T I O N A L
CENTRAL RESERVE CITIES, ETC.

BANKS IN

THE

In connection with the foregoing general statement, and for pur-*
oses of comparison, there is submitted herewith similar information
ased upon the June 29, 1918, returns from the national banks in
each of the central reserve cities, other reserve cities, and elsewhere
in the country.

E

Total loans on June 29, 1918.
[In thousands of dollars.}
New
York.
On demand, paper with one or
more individual or firm names
(not secured by collateral)
25,224
On demand, secured by stocks and
bonds
*
445,936
On demand, secured by other personal securities, including merchandise, warehouse receipts, etc.
58,516
Oil time, paper with one or more
individual or firm names (not
secured by collateral)
,074,907
On time, secured by stocks and
bonds
398,154
On time, secured by other personal
securities, including merchandise, warehouse receipts, etc
92,463
Secured by real estate mortgages or
other liens on realty not in accordance with section 24, Federal Reserve Act, as amended
1,016
Secured by improved real estate
under authority of section 24,
Federal Reserve Act, as amended.
Acceptances or other banks discounted
102,404
Acceptances of this bank purchased
or discounted
20,876
Total




2,219,496

St.
Chicago. Louis.

Total
Central
reserve
cities.

Other
reserve
cities.

Country
banks.

Total
United
States.

25,508

9,633

60,365

353,436

620,765

46,440

18,242

510,618

383,441

256,014

1,150,073

32,558

8,070

99,144

115,281

85,787

300,212

71,867 1,433,335 1,564,326 2,299,595

5,297,255

78,967

14,485

491,605

470,630

465,858

1,428,094

46,473

13,492

152,428

305,926

501,550

959,904

1,077

462

2,555

20,112

77,141

99,485

8,007

77,303

85,631

104,067

36,693

4,422

145,182

22,819

16,915

9,505

49,239

286,561

114

521,076 1136,365 12,876,937 3,128,295 4,130,611 10,135,842

25

KEPOBT OP THE COMPTROLLER OF THE CURRENCY.

THREE-YEAR COMPARATIVE STATEMENT OF LOANS BY NATIONAL BANKS
IN RESERVE CITIES AND IN COUNTRY BANKS.

The amount, distribution, and proportion of loans ami discounts,
including rediscounts, in the banks in the city of New York, in all
central reserve cities, other reserve cities, and in country banks in
June, 1916, 1917, and 1918, are shown in the accompanying table:
[In thousands of dollars.]
Loans
June 30, ] 916.

Banks i n -

Amount.
New York
New York
Chicago
St. Louis
Other reserve cities
All reserve cities
Country

Per
cent.

June 20, L917.
Amount.

June 29, 1918.

Per
cent.

Amount.

Per
cent.

1,587,656

.

Total United States

20.7

1,901,464

21.2

2,219,496

| 2,119,645

27.6

2,498,544

27.8

2,876,937

28.4

2,111,979
4,231,624
3,447,543

27.5
55.1
44.9

2,566,033
5,062', 580
3,895,098

28.7
5t>.5
43.5

3,128,294
6,005,231
4,130,611

30 8
59.2
40.8

7,679,167

100.0

8,957,678

100.0

10,135,842

100.0

21.9

CLASSIFICATION OF LOANS BY NATIONAL BANKS IN THE CITY OF NEW
YORK, JUNE, 1914 TO 1918.

As about 22 per cent of the loans of all national banks on June
29, 1918, were made by banks located in the city of New York, the
following statement is of interest as showing the amount and character of loans Toy banks in that city at date of the June calls, 1914
to 1918, inclusive:
[In thousands of dollars.]
Classification.

June 30, June 23, June 30, June 20, June 29,
1917—
1915—
1916—
1914—
1918—
33 banks. 33 banks. 33 banks. 33 banks. 49 banks.

O B demand, paper with one or more individual
12,953
30,867
or firm names (not secured by collateral)
On demand, secured by stocks and bonds
On demand, secured by other personal securities, I 372,092 / 357,146
\ 29,635
including merchandise, warehouse receipts, etc.
On time, paper with one or more individual or
421,383
firm names (not secured by collateral)
473,652
On time, secured by stocks and bonds
On time, secured by other personal securities,
f 248,947
including merehaaJdise, warehouse receipts, etc.. t 254,668 1 83,600
Secured by real estate mortgages or other liens on
{
8,719
realt-v .
. . . .
Acceptances of other banks discounted
Acceptances of this bank purchased or discounted

1

Total

1,061,096

1,232,566

32,767
581,659
66,660

25,224
445,933
58,516

574,530

805,189

1,074,907

328,095
61,294
874

271,780
66,602
767

398,154
92;463
1,016

29,233
531,580
46,267

15,783
1,587,656

63,360.
12,680
1,901,464

102,404
20,876
2,219,495

A large increase between June, 1917, and June, 1918, in the number of banks is shown in the" above table, because under the requirements of section 19 of the Federal Reserve Act, as amended
June 21, 1917, all national banks located within the corporate limits
of the city of New York are required unless specially authorized by
the Federal Reserve Board to carry a reduced reserve to hold and
maintain the amount of reserve provided by that act for banks in




26

KEPORT OF THE COMPTROLLER OF THE CURRENCY.

central reserve cities. All of the banks located in Brooklyn and
several other banks in greater New York, heretofore classed as country
banks, were classed as central reserve city banks from December 20,
1917, to October 30, 1918.
OVERDRAFTS.

Overdrafts on August 31, 1918, amounted to $14,306,000, as compared with $9,607,000 on September 11, 1917.
UNITED STATES BONDS.

The aggregate holdings by national banks on August 31, 1918, of
Government bonds other than Liberty loan bonds, but including
United States certificates of indebtedness, was $1,787,378,000, or an
increase of $846,296,000 since September 11, 1917, this increase being due largely, if not entirely, to the increase in the banks' holdings
of United States certificates of indebtedness. Liberty loan bonds
owned on the same date amounted to $668,048,000, or an increase
of $450,148,000, making an actual increase during the year in bonds
and certificates of indebtedness of the United States held by the
national banks of $1,296,444,000, or more than 110 per cent. On
August 31, 1918, the United States bonds deposited to secure circulation amounted to $682,411,730.
OTHER BONDS, SECURITIES, ETC.

On November 20,1917, the investments in these securities amounted
to $1,906,782,000, which was not only greater than shown for any
date during the preceding year when, with one exception, an increase
was shown between the dates on which reports were made, but was
the greatest amount ever shown. Since November 20, 1917, each
succeeding report has shown a decrease until on August 31, 1918,
$1,695,070,000 of these securities were held, or $211,712,000 less than
on November 20, 1917.
STOCKS.

The amount of stocks owned by national banks, other than stock
of Federal reserve banks, increased $619,000 from September 11,
1917, to August 31, 1918, and during the same period the investments
in stock of the Federal reserve banks increased $1,779,000.
INVESTMENT SECURITIES OF NATIONAL BANKS CLASSIFIED.

The investments of national banks in United States bonds and
in other bonds and securities and stocks on June 29, 1918, amounted
to $3,957,272,000, an increase of $944,204,000 since June 20, 1917.
The following table shows the character of the investments held
by the national banks in June, 1917 and 1918:




27

BEPOBT OF THE COMPTROLLER OF THE CURRENCY.

[In thousands of dollars.]
June 20,1917. June 29,1918.
Domestic securities:
State, county, or other municipal bonds
Railroad bonds
Other public-service corporation bonds
All other bonds (domestic)
Claims, warrants, judgments, etc
Collateral trust and other corporation notes issued for not more than
one year nor less than three years time
Foreign Government bonds
Other foreign bonds and securities
Stocks, Federal reserve bank
Stocks, all other
Total
United States bonds (other than Liberty Bonds).
Liberty loan bonds

320,3S4
406,135
267,337
271,998
50,634

284,123
68,486
54,827
38,938

140,546
227,578
56,233
56,982
42,660

1,936,812
905,127
171,129

1,840,487
1,386,251
730,534

3,013,068

Total bonds of all classes.

315,511
467,291
295,835
361,954
49,847

3,957,272

This table shows an increase in the amount of United States bonds,
including Liberty loan bonds and certificates of indebtedness, of
over 95 per cent while, except in State, county, and other municipal
bonds, there has apparently been a reduction in the amount of every
other class of bonds held.
DOMESTIC AND FOREIGN SECURITIES HELD BY NATIONAL BANKS.

The following table shows domestic and foreign securities held in
June of each year since 1913:
[In thousands of dollars.]
Classification.

June 4,
1913.

June 30,
1914.

June 23,
1915.

June 30,
1916.

June 20,
1917.

278,180
467,629
274,928
301,503

315,511
467,291
295,835
361,954

320,384
406,135
267,337
271,998

1,090,598 1,322,240 1,440,591

1,265,854

June 29.
1918.

175,345
State, county, and municipal bonds
345,204
Bail road bonds
Other public service corporation bonds. 197,460
220,121
All other bonds (domestic)

176,017
341,691
218,215
227,605

938,130

963,528

17,961
3,510

10,019
5,609

33,787
13,402

116,768
40,303

284,123
68,486

21,471

15,628

~47,189

157,071

352^609" "283,811

Total.
Foreign Government bonds.
Other foreign bonds and securities
Total

S54780—CUR 191S—VOL




244,473
379,191
220,304
246,630

227,578
56,233

28

BEPOBT OF THE COMPTROLLER OF THE CURRENCY.

Classification of foreign Government bonds owned by national banks on Dec. 81, 1917.
Bonds of
German or
Austrian
Government.

Bonds of
other foreign
Governments.

$3,136

13,834,514
16,765,688

S70ft,618
5,760,357

3,136

20,600,202

6,460,975

101,476
5,203
432,930

90,583,029
27,408,867
64,323,442

16,940,712
6,043,72t>
19,419,581

Total
Southern States:
Reserve cities
Country banks
Total
Middle Western States:
Central reserve cities
Other reserve cities
Country banks

539,609

182,315,338

42,404,019

3,764,163
11,529,965

1,959,874
2,146,764

15,294,128

4,106,638

34,216
79,826
17,329

8,830,841
. 13,353,523
19,741,576

507,717
2,870,443
9,547,767

Total
Western States:
Reserve cities
Country banks
Total
Pacific States:
Reserve cities
Country banks
Total
Grand total

131,371

41,925,940

12,925,927

3,193,833
4,907,459

1,085,542
1,236,833

8,101.292

2,322,375

7,813,325
3,893,470

822,231
948,688

New England States:
Reserve city.
Country banks
Total
Eastern States:
Central reserve city
Other reserve cities
Country banks

35,497

Other foreign
bonds and
securities.

35,497

11,706,795

1,770,919

709,613

279,943,695

69,990,853

135,692
120,526
453,395

99,413,870
59,368,225
121,161,600

17,448 429
13,482,434
39,059,990

709,613

279,943,695

69,990,853

RECAPITULATION.

Central reserve cities
Other reserve cities
Country banks...
Total

.*.

BANK PREMISES AND OTHER REAL ESTATE OWNED.

The amount invested in banking house and furniture and fixtures,
as shown by the reports made on August 31, 1918, was $314,642,000,
an increase during the year of $9,841,000. While this investment
shows an increase in amount, the percentage to capital, surplus and
profits is 13.4, as compared with 13.6 on September 11, 1917. Other
real estate owned was reported as $46,642,000, an increase of $369,000.
DUE FROM BANKS.

On August 31, 1918, the amount due from Federal reserve banks
had increased $134,937,000 since September 11, 1917, and during the
same period the amount due from national banks decreased $95,783,000, and due from all other banks decreased $10,025,000, making
a net increase of $29,129,000 in the amount due from all banks.



REPORT OF THE COMPTROLLER OJ? THE CURRENCY.

29

NATIONAL BANK DEPOSITS WITH FEDERAL RESERVE BANKS.

The following table shows increases and decreases of deposits of
national banks with the Federal reserve banks since the beginning of
the system:
[In thousands of dollars.]

Date.

Dec. 31, 1914...
Mar. 4, 1915....
May 1, 1915
June 23, 1915..
Sept. 2, 1915...
Nov. 10, 1915..
Dec. 31, 1915...
Mar. 7, 1916....
May 1, 1916....
June 30, 1916..
Sept. 12, 1916..
Nov. 17, 1916..
Dec. 27, 1916...
Mar. 5, 1917....
May 1,1917....
June 20, 1917..
Sept. 11, 19171.
Nov. 20, 1917..
Dec. 31, 1917...
Mar. 4, 1918....
May 10,1918...
June 29, 1918..
Aug. 31, 1918..

Due from
Federal
reserve
banks.
261,460
290,678
290,413
342,658
315,409
366,185
403,985
431,195
428,191
476,103
531,028
649,171
707,497
750,202
761,995
820,584
,172,810
242,819
,268,862
243,031
,276,346
313,449
307,747

Increase.

Decrease.

29,218
22,245
2,751
50,776
37,800
27,210
3,001
47,912
54,925
118,143
58,326
42,705
11,793
58,589
352,226
70,009
26,043
25,831
33,315
37,103
**5," 702

1
T h e report for Sept. 11, 1917, was t h e first report m a d e after t h e a m e n d m e n t t o t h e F e d e r a l Reserve
Act, a p p r o v e d J u n e 21, 1917, r e q u i r i n g n a t i o n a l b a n k s t o c a r r y all of their reserve w i t h t h e Federal reserve
banks.

SPECIE AND GOLD AND SILVER CERTIFICATES.

The following table shows the changes in holdings of various classes
of coin and certificates between the calls of June 20, 1917, and June
29, 1918, the net result being a decrease in the aggregate amount
held of $374,808,000, which is largely due to the fact that on June 20,
1917, the banks were required to keep a portion of their reserve in
their own vaults, but by the amendment to the Federal Reserve
Act, approved June 21, 1917, cash in vault is no longer considered
as reserve. Of this decrease, $281,022,000 was in holdings of gold
coin and certificates, which presumably were deposited with the
Federal reserve banks.
It is of interest in this connection to note that during this same
period balances maintained with the Federal reserve banks were
increased by $492,865,000, more than offsetting the decrease in
holdings of coin and certificates.




30

REPORT OF THE COMPTROLLER OF THE CURRENCY.

Comparison of coin and certificates held by all national banks on June 20, 1917, with June
29, 1918.
[In thousands of dollars.]
June 20,
1917.
Gold coin
.
Gold certificates
Gold Treasury certificates . . . . . .
Silver dollars
Silver certificates
Fractional silver coin

116,983
224,515 }
16,695
55,985
13,434
105,336
23,738

. . .

Total
Net decrease

556,686

June 29,
1918.

Increase.

34,261
42,910
11,639
11,170
53,317
28,581

4,843

181,878

4,843

Decrease.
82,722
198,300
44,346
2,264
"52,019
379,651
374,808

The total cash in vault, which includes Federal reserve bank notes,
Federal reserve notes, notes of other national banks (not included in
the above table), as well as legal-tender notes and other lawful
monev of the United States reported on September 11, 1917, was
$493,609,000, while on August 31, 1918, it was $364,136,000, a reduction of $129,473,000.
EXCHANGES FOR CLEARING HOUSE.

There has been a decided fluctuation in the amount of exchanges,
which on December 31, 1917, reached $655,037,000, the highest
amount ever reported, but has shown a steady decline since that
date until, on August 31, 1918, the amount reported was only
$293,572,000, or a decrease in the first eight months of this year of
$361,465,000 and a decrease since September 11,1917, of $108,170,000.
LIABILITIES.
CAPITAL, SURPLUS, AND UNDIVIDED PROFITS.

The capital stock of the national banks on August 31, 1918,
stood at $1,101,839,000, an increase as compared with September 11,
1917, of $11,521,000. Surplus during the same period increased
from $769,050,000 to $813,769,000, while undivided profits advanced
from $354,023,000 to $366,637,000.
The total capital, surplus, and undivided profits on August 31,
1918, stood at $2,282,245,000, an increase during the vear of
$68,854,000.
CIRCULATION

OUTSTANDING.

Outstanding national bank circulation on August 31, 1918,
amounted to $674,201,000, an increase as compared with September
11, 1917, of $8,559,000.
The volume of circulation outstanding at the date of each call
during the year ended August 31, 1918, issued by national banks in
New York, the three central reserve cities, other reserve cities, and
in the country outside of reserve cities is shown in the following table
in millions of dollars;



REPORT OF THE COMPTROLLER OF THE CURRENCY.

Dates.

Nov. 20,1917.
Dec. 31,1917..
Mar. 4,1918..
May 10,1918..
June 29,1918.
Aug. 31,1918.

New
York
banks.

34.2
36.3
37.1
38. 8
39.0
38.0

New
York,
Chicago,
and St.
Louis
banks.

Other
reserve
city
banks.

All
reserve
city
banks.

Country
banks.

46.5
49.4
49.1
51.1
51.1

160.0
161.7
175.6
177.7
177.3
172.8

206.5
211.1
224.7
228.8
228.4
222.4

463.1
463.1
447.4
451.6
453.2
451.8

31
Total,
United
States.

669.6
674.2
672,1
680.4
681.6
674.2

DUE TO BANKS.

The amounts due to Federal reserve banks, national banks, and
other banks, bankers, and trust companies aggregated $2,885,936,000
on August 31, 1918, or $162,614,000 less than on September 11, 1917.
INDIVIDUAL DEPOSITS.

The total deposits other than bank deposits and dividends unpaid
aggregated $10,998,378,000 on August 31, 1918, being $815,213,000,
or 8 per cent more than on September 11, 1917.
This increase consists of $713,704,000 in demand deposits and
$101,509,000 in time deposits.
United States deposits are included in this aggregate for comparison purposes, but they are exempted by law from reserve
requirements.
Postal savings deposits are specifically required by section 19 of
the Federal'reserve act, as amended, to be included with "time
deposits ;; in computing reserve,
BONDS AND MONEY BORROWED.

On August 31, 1918, the aggregate amount of United States bonds
and other bonds and securities borrowed, and bills payable with the
Federal reserve banks and others, aggregated $816,481,000, which was
an increase of $614,099,000, as compared with September 11,1917.
The bills payable with Federal reserve banks increased during the
year from $63,790,000 to $600,051,000.
In addition to the above borrowings the liabilities of national
banks on account of rediscounts, including those with Federal reserve
banks, on August 31, 1918, amounted to $603,141,000 as compared
with $169,434,000 on September 11, 1917.
The large increase in these liabilities is due principally to the flotation of Libert}7" bonds and United States certificates of indebtedness.
BANK ACCEPTANCES.

That the use of bank acceptances is growing greatly in favor is
shown by the fact that these acceptances on August 31, 1918,
amounted to $243,772,000, which was an increase since September
11, 1917, of $105,541,000, or 76 per cent.




32

EEPORT OF THE COMPTROLLER OF THE CURRENCY.

CHANGES AT TIME OF EACH CALL, BY GEOGRAPHICAL DIVISIONS, IN
PRINCIPAL ITEMS IN REPORTS OF CONDITION.

In connection with the general summary of the condition of
national banks, as shown by their returns at Sate of each call during
the year, there is submitted herewith a statement, by geographical
divisions, based upon the returns for each call during the year, of
the volume of loans, investments in bonds, cash and cash items, and
deposits.
Changes in volume of principal assets and in deposits, by geographical divisions, 1911-18.
[In thousands of dollars.'
Bonds, etr».,|
including
U.S.
Leans
Cash
(including certificates
of inoverdrafts debtedness and cash
items.
and reand
discounts). Liberty
loan
bonds.
New England States:
Nov. 20,1917
Dec. 31,1917
Mar. 4, 1918
May 10,1918
June 29,1918
Aug. 31,1918
Eastern States:
Nov. 20, 1917
Dee. 31, 1917
Mar. 4, 1918
May 10, 1918
June 29, 1918
Aug. 31, 1918
Southern States:
Nov. 20, 1917
Dec. 31, 1917
Mar. 4, 1918
May 10, 1918
June 29, 1918
Aug. 31, 1918
,
Middle Western States:
Nov. 20, 1917
Dec. 31, 1917
Mar. 4, 1918
,
May 10,1918
,
June 29, 1918
,
Aug. 31, 1918
Western States:
Nov. 20, 1917
Dec. 31, 1917
Mar. 4, 1918
May 10, 1918
June 29, 1918
Aug. 31, 1918
Pacific States:
Nov. 20, 1917
Dec. 31, 1917
Mar. 4,1918
May 10,1918
June 29,1918
Aug. 31,1918
Nonmember banks (Alaska and Hawaii):
Nov. 20, 1917
Dec. 31,1917
Mar. 4, 1918
May 10,1918....
June 29, 1918
Ang. 31,1918
Total United States:
Nov. 20,1917
Dec. 31,1917
Mar. 4,1918
May 10, 1918
June 29, 1918
Aug 31, 1918




Demand
deposits.

Time
deposits.

764,011
770,105
735,087
776,970
787,551
750,376

334,710
262,678
275,807
292,836
286,420
301,456

59,302
71,573
51,860
58,449
54,872
42,957

600,977
617,406
613,553
624,067
630,728
645,000

131,591
129,104
133,447
131,257
131,105
134.143

3,772,210
3,807,796
3,595,932
3,709,217
4,006,096
3,917,748

2,393,959
1,832,891
2,100,063
2,335,261
1,926,300
2,019,661

527,752
754,102
590,261
525,346
391,545
368,715

3,396,607
3,658,644
3,365,279
3,448,314
3,301,917
3,409,121

744,604
746,679
777,593
765,790
760,811
796,568

1,270,064
1,303,583
1,275,544
1,263,851
1,266,639
1,300,814

400,055
363,133
401,779
477,713
425,052
464,117

97,683
116,671
96,597
89,280
76,938
75,651

1,023,723
1,073,743
1,051,390
1,002,712
944,714
980,876

284,773
289,266
302,824
301,582
301,233
303,064

2,570,198
2,575,447
2,557,129
2,577,220
2,624,065
2^668,479

785,648
727,221
810,967
902,353
855,213
955,511

204,174
250,880
216,123
213,252
178,158
177,488

1,782,104
1,840,799
1,841,630
1,819,428
1,783,302
1,861,251

711,107
719,579
731,392
722,659
723,532
730,654

755,834
751,923
759,515
755,429
765,223
767,663

191,912
181,049
193,410
220,911
197,957
218,795

51,790
55,565
52,045
46,567
43,419
41,671

642,621
637,163
637,437
603,434
579,206
594,093

227,961
228,647
235,606
236,023
239,178
243,220

662,799
669,477

251,601
224,517
247,650
283,094
264,249

60,378
68,900
55,461
52,524
51,110
47,926

607,237
604,863
571,495
593,435
595,091
601,889

181,415
184,506
189,243
184,862
187,142
189,248

1,615
1,670
1,745
2,111

3,679
3,777
3,362
3,296
3,192
3,519

409
501
574
577
498
594

8,056,948
8,436,395
8,084,146
8,094,686
7,838,150
8,095,749

2,281,865
2,298,282
2,370,679
2,342,747
2,343,589
2,397,491

5i351
696,326
702,829
2,668
2,994
3,072
2,873
3,083
3,204

2,081
2,075

1,319
1,725
1,309
1,181
1,129
1,259

9,797,784
9,881,325
9,574,348
9,740,911
10,148,339
10,111,113

4,359,500
3,593,159
4,031,421
4,514,279
3,957,272
4,250,508

1,002,398
1,319,416
1,063,656
986,599
797,171
755,667

33

REPORT OF THE COMPTROLLER OF THE CURRENCY.

RELATION OF CAPITAL TO DEPOSITS, ETC., OF NATIONAL BANKS.

The proportion and variation from year to year of capital to
individual deposits in national banks, capital to loans, capital to,
aggregate resources, capital and surplus and other profits to individual deposits, and cash on hand and balances with Federal reserve
banks to individual deposits, «fre shown in the table following for
the years 1913 to 1918, inclusive:
Sept. 12,
1914.

Aug. 9,
1913.

Items.

Sept. 2,
1915.

Capital to individual deposits
, $1.00 to $5.45 $1.00 to 15.79 $1.00 to $6.32
Capital to loans
, l.OOto 5.84 l.OOto 6.04 l.OOto 6.32
Capital to aggregate resources
,
l.OOto 11.47
Capital and surplus and 1.00 to 10.30 1.00 to 10.83
other profit* to individual deposits
,
1.00 to 3.23
Cash on hand and bal- l.OOto 2.82 l.OOto 2.96
ances with Federal reserve bank to individual deposits J
l.OOto 6.18 l.OOto 6.36! l.OOto 5.53

Sept. 12,
1916.

Sept. 11,
1917.

Aug. 31,
1918.

$1.00 to $7.91 $1.00 to $9.15 $1.00 to $9.53
l.OOto 7.42 l.OOto 8.46 l.OOto 9.16
1.00 to 13.50 1.00 to 15.17 1.00 to 16.39
l.OOto 3.99 l.OOto 4.56

l.OOto 4.51

l.OOto 6.14 l.OOto 6.62 l.OOto 6.27

A At the time of the reports referred to prior to Sept. 2, 1915, the Federal reserve banks had not como
into existence.

The statement shows that the individual deposits have continued
to increase more rapidly than capital, surplus and profits. The
ratio of deposits to capital is $9.53 to $1. A year ago it was $9.15 to
$1. The ratio to capital, surplus, and profits is $4.51 to $1, as compared with $4.56 to $1 in September, 1917.
PERCENTAGE OF PRINCIPAL ITEMS OF ASSETS AND LIABILITIES OF
NATIONAL BANKS.

On an average, approximately 67 per cent of the banks7 assets are
represented by loans and United States bonds; and about 69 per cent
of the liabilities by. capital, surplus and profits, and individual
deposits. The following table is of interest as indicating the percentage of each of the items in question, based upon reports from
banks at the date of the fall call of each year from 1908 to 1918,
inclusive:
Items.

1908 1909 1910 1911 1912 1913 1914

1915 1916

1917

1918

Loans and discounts, including P.ct. P.ct. P.ct P.ct. P.ct. PM, P.ct. A c t P.ct. P.ct. P.ct.
rediscounts
52.9 53.5 55.6 54.5 55.1 56.7 55.7 55.0 54.5 55.2 54.1
United States bonds
7.9 7.6 7.5 7.4
7.1 7.3 6.8 6.4
6.9
13.2
5.1
Total
Capital

60.8
.

Deposits (individual)
Total




61.1

63.1

61.9

62.2

64.0

62.5

61.4

59.6

62.1

67.3

10.2
8.5
50.4

9.8
8.4
52.3

10.2
8.9
52.4

9.9
8.7
52.9

9.4
8.7
53.8

9.7
9.1
53.0

9.2
8.8
53.5

8.7
8.3
55.1

7.4
7.3
58.6

6.5
6.9
60.9

5.9
6.7
56.3

69.1

70.5

71.5

71.5

71.9

71.8

71.5

72.1

73.3

74.3

68.9

34

REPORT OF THE COMPTROLLER OF THE CURRENCY.
RESERVE.

The following table shows the percentages of lawful reserve held
'by the national banks at each report date, and that there has been a
large surplus in the reserve in every section throughout the year:
[In thousands of dollars.]
Per
Amount
Amount
of reserve reserve of excess
held.
held. reserve.

Date of call.

RESERVE CITIES.

Central reserve cities:
Nov. 20,1917
Dec. 31,1917
Mar. 4,1918
May 10,1918
June 29,1918
Aug. 31,1918
Other reserve cities:
Nov. 20,1917
Dec. 31,1917
Mar. 4,1918
MavlO, 1918
June 29,1918
Aug. 31,1918
Total reserve cities:
Nov. 20, 1917
Dec. 31,1917
Mar. 4,1918
May 10,1918
June 29,1918
Aug. 31,1918

Per
Amount
Amount
of reserve reserve of excess
held.
held. reserve.

COUNTRY BANKS—COn.

434,293
443,370
417,487
444,381
507,381
456,488

14.73
14.55
14.21
14.62
16.60
14.82

51,037
47,233
35,598
49,265
110,009
56,179

296,206
316,504
313,890
326,114
297,277
323,681

10.66
11.04
10.54
11.14
10.54
10.84

18,266
29,892
16,011
33,433
15,177
25,073

730,499
759,874
731,377
770,495
804,658
780,169

12.75
12.85
12.36
12.91
13.69
12.86

69,303
77,125
51,609
82,698
125,186
81,252

29,730
28,744
29,740
30,205
29,303
30,259

7.39
7.23
7.36
7.54
7.15
7.19

1,577
916

1,454
2,160

95,581
97,609
89,201
90,718
89,461
93,394

7.46
7.62
7.40
7.63
7.55
7.58

5,912
7,943
4,843
7,556
6,492
7,133

68,952
71,369
68,547
64,295
62,813
59,925

7.90
7.69
7.65
7.79
8.09
7.68

7,820
6,437
5,841
6,515
8,453
5,302

COUNTRY BANKS.

New England States:
Nov. 20,1917
Dec. 31,1917
Mar.4,1918
May 10,1918
June 29,1918
Aug. 31 1918
Eastern States:
Nov. 20,1917
Dec. 31,1917
Mar. 4,1918
May 10,1918
June 29,1918
Aug. 31,1918
Southern States:
Nov. 20,1917
Dec. 31,1917
Mar. 4,1918
May 10,1918
June 29,1918
Aug. 31,1918

Date of call.

589
817

Middle Western
States:
Nov. 20, 1917
Dec. 31,1917
Mar. 4,1918
May 10, 1918
June 29,1918
Ausr. 31, 1918
Western States:
Nov. 20,1917
Dec. 31, 1917
Mar. 4,1918
May 10,1918
June 29,1918
Aug. 31,1918
Pacific States:
Nov. 20,1917
Dec. 31,1917
Mar. 4, 1918
May 10,1918
June 29,1918
Aug. 31,1918
Non-member banks
(Alaska and
Nov. 20, 1917
Dec. 31, 1917
Mar. 4,1918
May 10, 1918
June 29,1918
Aug. 31,1918
Total States (country
banks):
Nov. 20,1917
Dec. 31,1917
Mar. 4,1918
May 10, 1918
June 29,1918
Aug. 31,1918
Total United States:
Nov. 20,1917......
Dec. 31,1917
Mar. 4,1918
May 10,1918
June 29, 1918
Aug. 31,1918

82,515
84,102
84,975
81,652
81,276
83,936

7.38
7.43
7.32
7.49
7.58
7.45

4,275
4,838
3,709
5,345
6,223
5,027

43,893
43,482
43,665
43,010
39,462
40,179

7.29
7.68
7.66
8.01
7.77
7.64

1,734
3,886
3,782
5,407
3,905
3,365

26,531
24,664
23,650
23,520
22,584
23,570

7.78
7.48
7.72
7.86
7.67
7.84

2,674
1,573
2,195
2,582
1,971
2,515

2,374
13,877
i 3,056
12,967
i 2,117
12,235

59.50
94.12
80.53
99.14
62.66
54.86

3,259
2,487
2,405
1,587
1,624

349,576
354,207
342,834
336,367
327,016
333,498

7.56
7.63
7.54
7.74
7.70
7.59

25,768
28,852
24,311
31,970
29,220
25,783

1,080,075
1,114,081
1,074,211
1,106,862
1,131,674
1,113,667

10.44
10.55
10.27
10.74
11.17
10.65

95,071
105,977
75,920
114,668
154,406
107,035

1

i Cash iu vault and net amount due from approved reserve agents.




1,776

BEPORT OF THE COMPTROLLER OF THE CURRENCY.

35

Since September 11, 1917, which was the first report called for after
the change in the law requiring all reserve to be held in the Federal
reserve banks, the total amount of reserve held has increased
$65,242,000, while the amount held in excess of the amount required
by law has increased $23,138,000.
Reserve required and held by national banks, together with the excess or deficiency, 1917-18,
[In thousands of dollars.]
Amount on
which reserve
is computed.

Date.

New York:
Nov. 20,1917
Dec. 31,1917
Mar. 4,1918
May 10,1918
June 29,1918
Aug. 31,1918
Chicago:
Nov.20,1917
Dec. 31,1917
Mar.4,1918
May 10,1918
June 29,1918
Aug. 31,1918
St. Louis:
Nov.20,1917
Dec.31,1917
Mar.4,1918
May 10,1918
June29,1918
Aug.31,1918
Other reserve cities:
Nov.20,1917
Dec. 31,1917
Mar. 4,1918
May 10,1918
June 29,1918
Aug. 31,1918
Country banks:
Nov.20,1917
Dec.31,1917..
Mar.4,1918
May 10,1918.. .*.
June 29,1918
Aug. 31, 1918
All national banks:
Nov. 20,1917
Dec.31,1917
Mar.4,1918
May 10,1918
June 29,1918
Aug. 31,1918

Reserve required.

Reserve held.

344,852
410,839
308,387
416,155
451,449
435,281

356,924
358,796
333,043
359,069
424,422
368,002

496,881
507,819
513,055
519,090
496,083
523,489

64,595
66,016
66,697
•$7,482
64,491
68,053

63,453
69,046
70,083
71,537
67,195
71,759

106,387
128,553
116,169
104,105
109,178
120,530

J.

304,831
313,409
300,090
314,100
318,688
316,587

13,830
16,712
15,102
13,534
14,193
15,669

2, 779,401
2, 866,119
2, 978,792
926,815
821,003
986,078

Percent.

Excess.

15.22
14.88
14.43
14.86
17.31
15.11

52,093
45,387
32,953
44,969
105,734
51,415

12.76
13.60
13.66
13.78
13.55
13.71

U,142
3,030
3,386
4,055
2,704
3,706

13,916
15,528
14,361
13,775
15,764
16,727

13.08
12.08
12.36
13.23
14.44
13.88

86
U,184
»741
241
1,571
1,058

277,940
286,612
297,879
292,681
282,100

296,206
316,504
313,890
326,114
297,277
323,681

10.66
11.04
10.54
11.14
10.54
10.84

18,266
29,892
16,011
33,433
15,177
25,073

391,281

323,808
325,355
318,523
304,397
297,796
307,715

349,576
354,207
342,834
336,367
327,016
333,498

7.56
7.63
7.54
7.74
7.70
7.59

25,768
28,852
24,311
31,970
29,220
25,783

10, 348,806
10, 556,545
10, 462,409
10, 310,417
10, 127,916
10, 456,659

985,004
1,008,104
998,291
992,194
977,268
1,006,632

1,080,075
1,114,081
1,074,211
1,106,862
1,131,674
1,113,667

10.44
10.55
10.27
10.74
11.17
10.65

95,071
105,977
75,920
114,668
154,406
107,035

I;

2,
4, 621,285
4, 643,215
4, 546,006
4, 344,252
4, 250,203

.

i Deficit.

GEOGRAPHICAL CLASSIFICATION OF DEPOSITS AND LOANS.

The following tables give a geographical classification of the loans
and deposits of national banks in reserve and other cities having a
population of over 50,000, showing the amount which the national
banks in each of the cities indicated have loaned in each section of
the country, and also showing the amount of money which these
national banks have on deposit from banks in other sections of the
country.
The tables also show what proportion of the total loans the
national banks of the cities indicated are made to banks, and what
proportion to individuals who keep deposits with them, as well as
direct loans to individuals and others who keep no deposit accounts
with the banks making the loans.




All loam made by the 554 national

Cities.

banks in all reserve and other cities having a population of over 50,000, as of Dec. SI, 1917, arranged according to
location of borrowers in each geographical division.

Number
of
banks.

Boston, Mass
Bridgeport, Conn,..
Fall River, Mass
Hartford, Conn
Lawrence, Mass.
Lowell, Mass
Lynn. Mass
Manchester, N. H...
New Bedford, Mass.
Providence, R. I
SomerviJle, Mass....
Springfield, Mass
Waterbury, Conn...
Worcester, Mass
New Haven, Conn.,
Total New England States
Albany,N.Y
Baltimore, Md
Buffalo, N. Y . . . . . .
Camden, N. J
Elizabeth, N. J
Erie, Pa
Hoboken, N. J
Jersey City, N. J . . .
Newark, N . J . . . . . .
New York, N. Y...
Paterson, N. J......
Philadelphia, Pa...
Pittsburgh, Pa..,..
Reading, P a . . - . , . ,
Rochester, N. Y . . .
Sehenectady, N. Y..
Scranton, Pa
Syracuse, N, Y
Trenton, N. J
,
Troy,N. Y
,...
Utica,N. Y
Wilmington, Del
Washington, Di C...




New
England
States.

Eastern
States,

Southern
States.

S233,251,435
11,017,991
9,717,733
27,475,331
846,309
4,860,772
6,797,438
3,928,619
9,524,171
22,330,172
979,832
17,287,289
7,346,486
12,337,452
15,913,359
63

$23,609,374
40,300
125,412
1,398,125
5,750
60,706
272,365
230,000
168,950
1,788,489

57,845,154

384,214,389

Middle
Western
States.

Western
States,

Pacific
States.

Total United
States.

Alaska and
foreign
countries.

S3,654.
10,
5,
181,

$301,693 si 5
11,753,291
9.998,270
31.451,561
894,144
5,179,660
7,362,685
4,346,276
9,922,971
27.902,834
979,832
18,118,860
7,665,528
13,637,742
16,517,038

$677,531

200,000

$302,371,346
11,753,291
9,998,270
31,521,561
-894,144
5,179,660
7,394,003
4,396,276
9,922,971
27,902,834
979,832
18,218,860
7,981,273
13,637,742
16,717,038

a*

Grand total.

s, 530,35S

2,880
45,202
10,000
11,350
549,222

$29,803,326
85,000
105,125
1,725,750
42,000
120,125
195,000
125,000
197,500
2,379,496

449,628
193,6-12
606,664
583,379

/151,884
20,000
77,000
6,900

274,338
80,400
481,882
13,400

35,000
15,000
50,629

29,562,784

9,150,592

35,628,342

4,592,434

4,275,966

467,424,507-

1,444,594

468,869,101

538,639
28,571.810
67,320,633
251 500
44,744,796
99,000
8,564,768
45,000
2,548,559
6,563
8,861,157
304
6,321,042
175,000
7,753,864
42,400
47,438,388
598,322
107,521,855 1,283,586,800
6,035,140
55,000
5,706,051 270,639,124
2,593,502 172,592,202
9,986,704
187,519
28,3"98>-926
150,000
1,668,188
13,695,872
648,575
18.638,824
370,000
13,002,405
25,300
11,000,282
30,666
15,966,710
3,306.963
55,900
41,102,845
547,829

127,356
5,776,232
490,000
238,801

936,803
2,120,133
6,170,927
90,000
9,000
62,024
444,530
5,000
1,954,473
240,583,136
109,000
18,888,920
14,843,449
471,664
299,306
13,684
952,118
1,143,490
35,000
17,665
75,000
165,000
958,399

775

1,500
545
.137,600

30,176,108
75,469,818
51,642,323
8,938,569
2,564,122
8,998,440
7,211,474
7,804,695
50,221,829
1,832,383,884
6,199,140
307,005,439
195,618,049
10,860,125
28,848,232
1,685,370
17,241,030
20,512,314
13,063,680
11,102,725
,710
3,537,
43,762,517

135,616
50,000
657,444

311,724
519,818
299,767
938,569
564,822
998,440
211,474
804,695
50, 222,429
1,978,514,607
6, 200,120
317,729,101
198,093,422
10, 869,321
28, 948,232
1,685,370
17,332,030
20, 627,314
13, 083,680
11,200,208
16. 041,710
3' 537,803
803,622

2

40,000
491,000

49,043
175,000
750
141,759
148,247,248
10,590,337
3,794,308
139,238
3,000
1,175,000
200,000
125
20,767
1,072,894

5,007
180,000
57,511
25,000
47,532
646,404

10,812
70,402

47,
27,
5,
21,
209,

50,287
28,989,768

15,100
25,500
2,681
38,600
23,505,077

476,568
1,451,432
50,000

644,439
373,096
25,000

404,000
95,000
3,275

500
365,465
65,000
850
30,070

10,000
12,600

67,950

70,000

31,318
50,000

100,000
315,745

600
146,130,723
980
10,723,662
2,475,373
9,190
100,000

91,000
115,000
20,000
97,483
41,105

H
O
*&
H

w

o
o

K

H

W.

o

i

Wilkes-Barre, Pa
Yonkers,N. Y
Total Eastern States
Atlanta, Ga
Birmingham, Ala
Charleston, S. C
Chattanooga, Tenn
Dallas, Tex
Fort Worth, Tex
Galveston, Tex
Houston, Tex
Jacksonville, Fla
Louisville, Ky
Memphis, Tenn
Nashville, Tenn
New Orleans, La
Norfolk, Va
Richmond, Va
San Antonio, Tex
Savannah, Ga
Waco, Tex
Total Southern States
Akron, Ohio
Cincinnati, Ohio
Cedar Rapids, Iowa
Chicago, 111
Cleveland, Ohio
Columbus, Ohio
Dayton, Ohio
Des Moines, Iowa
Detroit, Mich
Dubuque, Iowa
Duluth, Minn
Evansville, Ind
Fort Wayne, Ind
Grand Rapids, Mich
Indianapolis, Ind
Kansas City, Mo
Milwaukee, WisMinneapolis, Minn
St. Joseph, Mo
St. Louis, Mo
St. Paul, Minn
Sioux City, Iowa
Toledo, Ohio
Youngstown, Ohio
Total Middle Western States




4 '
2
196
5

5,990,432
10,914
2,318,256
15,000
119,704,899 2,120,004,688
110,000
355,000

81

(3
(i
4
3

2,816
5,000
227,758
70,000
333,500
25,000
770,000
1,836,414
150,482
25,000
200
158,000

127

13,110,163

48,618,005

13
5
4
4

49,893
30,000
420,000

160,723,182 2,920,258,415

90,000

10,000

14,863,233

1,723,522

397,336

461,900,559

1,079,268

462,979,827

11,758
84,425
126,230
15,814,400
275,852
50,125

53,991
40,134
11,500
7,924,025
978
184

60,065
200,103

650,007
55,425
7,700
1,274,809

58," 030*

5*483*
15,000
242,500
46,836,262
288,500
10,571,795
2,606,415
5,218,240
11,248,933
4,906,632
86,500
25/000

3,'259*
52,000
113,551
1,413,470
535,626
334,510
106,787
578,087
2,660,645
85,000
114,075

12,961,373
67,266,577
11,417,038
480,297,910
111,930,890
25,647,450
10,333,578
18,159,210
64,161,297
2,410,765
29,748,736
12,504,624
11,408,354
16,558,324
37,771,957
129,158,4.54
69,897,776
91,468,753
16,215,187
131,939,178
60,474,344
15,781,780
26,757,100
17,514,214

13,021,438
67,466,680
11,417,038
484,522,936
112,867,502
25,845,700
10,362,646
18,159,210
(54,367,973
2,410,705
30,243,303
12,504,624
11,429,564
16,587,624
37,873,085
129,158,454
70,061,382
92,737,107
16,265,187
132,164,178
60,993,344
15,781,780
26,757,100
17,514,214

432,674,456

7,858* 814
123,478
283,232
54,269

6,220,021
2,500,756

10,000
315,000

15,000

27,248
529,059

25,371,973 2,759,535,233

75,000

31,637,419

9,325,976
198,954
1,575,614
265,650
24,512,456
4,082,659
326,100
77,639
44,000
665,727
500
498,824
302,950
49,268
51,671
857,208
720,175
954,672
310,106
525,150
10,496,097
294,376
25,000
334,567
1.448,042

2
8
2
12
7
8
7
3
3
3
5
3
3
3

6,145,021
2,500,756

73,000

2,205,000
1,125,000
60,000
'852,500
1,032,172
30,417
93,500
145,400
575,000
3,087^250
128,657
351,837
2,324,000
45,000
2,291,500
423,000

25,000

20,000
899,250
190,000
470,475
11,799
87,357
638,000
381,126
3,266,599
783,925

12,500

290,539,396

2,916,036

190,000
158,161
20,000
12,875
100, t)00
380,000
335,000
35,000
145,000
165,000
52,500
767,500
65,000

65,675 '
125,000

172,276,858
41,355,508
13,545,467
11,833,536
16,393,595
45,994,984
24,931,092
4,424,831
50,132,937
18,405,994
32,663,578
12,170,601
19,465,793
35,712,581
20,882,567
54,471,828
15,117,472
4,690.430
10,481,61)2

5
5
2
6
3
7
4
5
3
4
8
8
2
5

1,060,500
609,165
59,003
85,000
748,777

5,000
30,000

62,953
5,164,593
55,000
22,227.770
210,199
255,954
59,452
455,607
70,417
143,000
504,573
51,641
86,841
188,936
17,108,842
134,569
500
170,000
21.559,789
79,663
6,550
45,000

12,606,469
59,872,752
10,828,658
401,960,445
107,237,724
24,731,855
10,142,218
17,009,596
63,261,805
2,372,565
27,340,203
11,637,101
11,295,887
16,347,812
36,142,004
63,009,705
67,650,909
80,226,842
12,036,835
92.249,951
46,040,245
10,740,148
26,215,208
15,838,172

68,701,849 11,226,795,109

35,000
323,211
373,137
29,900
59,090
27,711
355,473
20,000
25,000
140,000

100,401,991

40,000
10,000
75,000
20,000
35,302
4,140
45,"i50'
10,000
29,544
200
38,000

80*666
It), 000

71,900

44,781,008
15,959,632
12,027,539
17,576,095
48,292,607
25,358,786
4,581,106
51,322,737
19,560,994
36,644,937
12,346,257
20,080,698
39,233,054
21,381,193
60,902,427
16,539,397
4,690,430
10,621,662

14,157,752 1,471,784,869

99,468

2io,666"
105,000
103,800

485*666"
76,000

4,225,026
936,612
198,250
29,068
208," 676*
494,567

2i'2i6"
29,300
101,128
163,606
1,268,354
50,000
225,000
519,000

8,727,965

44,880,476
15,959,632
12,027,539
17,576,095
48,292,607
25,358,783
4,581,106
51,532,737
19,580,994
36,749,937
12,346,257
20,080,698
39,336,854
21,381,193
61,387,427
16,615,397
4,690,430
10,621,662

1,480,512,834

o

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3
a
o

o

E
o
H

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H
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a
4

CO

All loans made by the 554 national banks in all reserve and other cities having a population of over 50,000, as of Dec. 31, 1917, arranged according to
location of borrowers in each geographical
division—Continued.

Cities.

Number
of
banks.

Denver, Colo
Kansas City, Kans
Lincoln, Nebr
Muskogee, Okla
Oklahoma City, Okla
Omaha, Nebr
Pueblo, Colo
Topeka, Kans
Tulsa, Okla
Wichita, Kans
Total Western States

New
England
States.

Eastern
States.

Southern
States.

Middle
Western
States.

Western
States.

37,500

$769,817
20,000
20,000
50,108
150
439,108
106,500
7,655
155,088
75,000

$76,467
740,413
127,075
77,627
1,877,133
906,564
201,153
75,590
150,727
1,253,949

$790,327
813,470
509,784
190,106
89,290
5,128,592
455,762
376,767
360,484
907,489

$46,975,185
4,820,263
10,145,198
10,415,956
15,331,322
54,326,119
3,700,026
3,170,602
29,045,016
11,266,337

678,241 I

1,643,426

5,486,698

9,622,070

189,196,024 |

$90,000
22,500
25,000
363,241
140,000

46 |

Total United
States.

Alaska and
foreign
countries.

$49,000,380
6,449,926
10,823,057
10,761,296
17,324,657
63,985,014
4,664,456
3,656,864
29,713,815
13,711,888

$215,175

3,464,894 | 210,091,353

523,581

Pacific
States.
$298,584
33,280
21,000
2,500
26,762
,2,821,390
61,015
26,250
2,500
171,613

Grand total.

$49,215,555
6,449,926
10,823,057
10,821,921
17,324,657
64,207,795
4.674,456
3,656,864
29,713,815
13,726.888

60,625
222,781
10,000
15,000

210,614,934
?

Los Angeles, Cal
Oakland, Cal
Ogden, Utah
Salt Lake City, Utah
Portland, Oreg
San Francisco, Cal
Seattle, Wash
Spokane, Wash
Tacoma, Wash

100,700
5,000

457,600

350,000
1,080,584
883,530
1,152,500
405,000
50,000

2,500
380,200
536,120
1,186,368
1,518,882
838,246
35,000

9,500

192,500
375,500
481,500
473,000
80,000

2,162,344
352,762
1,289,000
4,578,000
3,395,146
1,699,371
140,000

94,200 |
154,085
422,581
180,750
505,280
836,359
860,853

66,444,123
11,211,929
6,447,055
18,270,374
31,272,591
165,246,206
28,421,324
16,368,840
5,979,026

69,268,467
11,216,929
6,603,640
19,775,917
34,551,545
172,774,884
35,805,711
20,645,310
6,284,026

224,473
9,000
2,200
50,000
100,000
812,147
400,364
46,324

:

—r—.

69,492,940
11,225,929
6,605,840
19,825,917
34,651,545
173,587,031
36,206,075
20,691,634
6,284,026

Total Pacific States..
Total United States..




CO
00

5,921,806,048

O
H
O

a
o
g
o
I- 1

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RECAPITULATION.
New England States
Eastern States
Southern States
Middle Western States
Western States
Pacific States

v-

Total-United States
Total loans Dec. 27,1916
Increase




63
196'
81
127
46
41
554
522
32

$29,562,784
119,704,899 2,120,004,688
9,325,976
2,916,036
48,618,005
13,110,163
1,643,426
678,241
4,954,916
4,027,314

$9,150,592 $35,628,342
172,276,858 290,539,396
432,674,456
14,863; 233
68,701,849 1,226,795,109
5,486,698
9,622,070
1,612,000
13,616,623

$4,592,434
31,637,419
1,723,522
100,401,991
189,196,024
3,054,108

$4,275,966 $467,424,507
25,371,973 2,759,535,233
397,336
461,900,559
14,157,752 1,471,784,869
3,464,894
210,091,353
349,661,468 376,926,429

$1,444,594
160,723,182
1,079,268
8,727,965
523,581
1,644,508

$468,869,101
2,920,258,415
462,979,827
1,480,512,834
210,614,934
378,570,937

524,651,042 2,214,109,795
466,705,171 2,096,669,324

689,902,453 1,591,064,773
616,909,801 1,404,434,994

330,605,498
232,137,911

397,329,389 5,747,662,950
315,472,538 5,132,329,739

174,143,098
139,275;682

5,921,806,048
5,271,605,421

I

34,867,416

650,200,627

o

$384,214,389

57,945,871

117,440,471

72,992,652

186,629,779

98,467,587

81,856,851

615,333,211

hrj

H

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§
W
Q

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CO.
CO

Classification of loans {including paper bought) made by 554 national banks in all reserve and other cities having a population of over 50,000, as of
Dec. 31, 1917, showing separately loans made to banks and bankers, loans made to borrowers who keep deposit accounts with the lending banks, loans
made to those who keep no deposit accounts, and loans placed for account of correspondents.
Loans placed for account of correspondents.
Securities,
Direct and Direct loans Direct loans
etc., purPlaced for
Placed for
to
Placed for
Number indirect loans to individ- uals, individ- chased from Other loans, Total loans.
national
including
national
etc., who banks with
made to uals, etc., who
of banks.
foreign loans.
banks in re- banks outside correspondent
keep no
banks
banks.
agreement
keep deposit
serve or cen- of reserve and State trust
deposit.
and
to resell.
central retrial reserve
serve cities. companies.
cities.

Cities.

Boston, Mass
Bridgeport, Conn
.
Fall River, Mass
Hartford, Conn
.
Lawrence Mass
Lowell,Mass
.......
Lynn Mass
Manchester, N. H
New Bedford Mass
Providence R I
Somerville, Mass
Springfield Mass
Waterbury, Conn
.
Worcester, Mass
New Haven Conn

*

Total New England States
Albany, N. Y
Baltimore, Md
Buffalo N. Y
Camdsn, N. J
Elizabeth N j
Erie, Pa
Hoboken N J
Jersey City N J
Newark N ' j
New York, N. Y
Paterson N J
Philadelphia Pa
Pittsburgh, Pa
Reading1, Pa
Rochester N Y
Schenectady, N. Y

. ...

. .

*




19,8S6,358

354,327,472

94,075,471

279,500

292,958
2,147,722
130,110

26,148,790
66,361,889
49,888,752
7,516,973
2,415 760
7,382,504
4,995,791
6,495,305
45,492,345
1,052,994,220
5 754.670
214,480,205
147,299,889
8,178,788
27,070,721
1,422,015

3,869,976
7,002,461
2,280,905
929,000
143,362
1,585,936
2,215,683
1,299,390
3,953,901
640,691,868
445,450
83,711,508
45,942,425
2,525,533
1,591,802
263,355

$19,523,858

3
12
2
3
1
3
2
3
8
50
3
30
21
3
2

241,500
75,000
5,000

30,000
10,000
776,183
155,344,583
15,679,746
2,126,369
165,000
19,556

300,300

468,869,101

2,033,000

4,351,500

6,732,877

663,728

3,163,660

2,895,755
25,00Q

35,526,834

25,636,775

81,092,334

655,000

3,734,738
1,951,684

5,438,363
1,157,648

$300

100,000

7,746
493,596

4,069,439

125,414,497
3,857,642
2,724,739

. .

5

$6,732,877

$302,371,346
11,753,291
9,998,270
31,521,561
894,144
5,179,660
7,394,003
4,396,276
9,922,971
27,902,834
979,832
18,218,860
7,981,273
13,637,742
16,717,038

$2,033,000

200,000

$52,353,980
120,000
1,627,053
10,144,745
161,492
1,134,609
3,361,625
1,378,851
1,318,823
11,971,843
781,465
4,167,448
1,660,895
2,843,999
1,048,643

$279,500

41,000

$230,214,008
11,632,991
8,371,217
21,135,316
732,652
3,970,051
4,032,378
3,012,425
8,604,148
15,830,991
198,367
14,051,412
6,320,378
10,793,743
15,427,395

14
3
4
4
1
4
3
4
3
7
1
4
3
2
6
63

. . .

o

2fifi 093

30,311,724
75,519,818
§2,299,767
8,938,569
2,564,122
8,998,440
7,211,474
7,804,695
50,222,429
1,978,514,607
6,200,120
317,729,101
198,093,422
10,869,321
28,948,232
1,685,370

$4,351,500

©

3
O

s
o
H

a

Scranton, Pa
Syracuse, N. Y
Trenton, N. .1
Troy, N. Y
TJtica, N. Y
Wilmington, Del
Washington, D. C
Wilkes-Barre, Pa
Yonkers,N.Y

4
5
3
5
3
3
14
4
2

Total Eastern States
Atlanta, Ga
Birmingham, Ala
Charleston, S. C
Chattanooga, Tenn
Dallas, Tex
Fort Worth, Tex
Galveston. Tex
Houston, Tex
Jacksonville, Fla
Louisville, Ky
Memphis, Tenn
Nashville, Tenn
New Orleans, La
Norfolk, Va
Richmond, Va
San Antonio, Tex
Savannah, Ga
Waco, Tex

196

5,002,110
3,381,896
2,226,196
1,839,429
1,166,263
924,106
7,653,777
1,048,614
262,500

37,500

177,310,948 1,783,838,337

821,962,506

4,106,939

231,290
195,410

5
2
5
2
5
5
2
6
3
7
4
5
3
4
8
8
2
5

Total Southern States
t...
f




1,046,402
151,664
225,311
70,799
666,000
514,170
46^000
90^798
3497811
1,419,253
604,489
754,100
937,514
901,403
1,931,512
766,565
210,345
269,000

40,000,982
11,733,415
10,739,983
15,862,798
41,396,826
19,959,270
3,630,015
45,587,200
18,185,050
29,754,503
10,938,534
17,636,518
34,326,483
19,641,850
49,301,624
12,091,464
4,124,960
6,799,668

3,833,092
4,048,803
1,062,245
1,612,500
6,229,781
4,885,346
905,091
5.038,739
l| 026,633
5,429,181
803,234
1,690,080
4,072,857
837,941
10,154,291
3,737,668
355,125
3,552,994

81

.-

Akron, Ohio
Cincinnati, Ohio
Cedar Rapids, Iowa
Chicago, 1 1 1 . . . . . . . . . . . . . . . .
Cleveland, Ohio
Columbus, Ohio
Dayton, Ohio
Des Moines, Iowa
Detroit, Mich
Dubuque, Iowa
DullJth, Minn
E vansville, Ind
Fort Wayne, Ind
Grand Rapias, Mich
Indianapolis, Ind
Kansas City, Mo
Milwaukee. Wis
Minneapolis, Minn
St. Joseph, Mo

12,130,369
17,230,418
10,857,484
9,360,779
14,644,157
2,613,757
35,954,435
4,911,035
2,238,250

162,021

11,770,635

391,741,141

59,275,601

2
8
2
12
7
8
7
3
3
3
5
3
3
3
6
13
5
4
4

55,200
3,739,367
2,146,738
40,920,925
8,619,928
491,680
40,000
5,719,295
1,908,841
20,500
248,398
410,521
211,556
788,061
1,585,531
27,156,246
2,738,307
7,208,106
3,220,236

11,678,439
55,382,522
6,903,779
358,090,550
88,840,460
23,063.295
9,433;797
9,707,119
53,973,968
1,542,369
18,697,109
9,277,647
9,581,498
11,096,915
32,562,232
62,703,902
58,806,456 1
73,619,914
7,878,043

1,287,799
8.026,091
1,793,628
81,909,606
15,407,114
2,290,725
888,849
2,732,796
8,467,831
839,638
11,297,796
2,816,459
1,636,'51O
4, 693,648
3,6S2,564
32.6S6.254
8.241.238
11,791,071
5,166,908

17,332,030
20,627,314
13,08.3,689
11,200,208
16,041,710
3,537,863
• 43,803,622
260,372
6,220,021
2,500,756
15,000

133,039,685 2,920,258,415
44,880,476
15,959,632
12,027,539
17,576,095
48,292,607
25.358,786
4,581,106
51,532,737
19,560,994
36,749,937
12,346,257
20,080,698
39,336,854
21,381,193
61,387,427
16,615,397
4,690,430
10,621,662

25,750

147,000

19,700

462,979,827

192,450
293,700

25,666

1,668,077

572,893
1,933,778

17*333*
8,25S

9,000
119,000
77,000

42,758
6,612,052
156,381
41,016

13,021,438
67,466,680
11,417,038
484,522,936
112,867,502
25,845,700
10,362,646
18,159,210
64,367,973
2,410,765
30,243,303
12,504,624
11,429,564
16,587,624
37,873,0cS5
129,158,454
70,061,382
92,737,107
16,265,187

5,666

20,750

135,000

30,000

36,845,562

34,629,857

90,659,850

o
w

300,000

187,000

340,000

O

310,000

436,666

490, Q0Q

3,500
hrj

H
i
763,600
200,000

731,442

1,573,527

717,100

117,700

1,518,630

50,000

263,260

1,738,902

4,038,457

25,725

4,334,912
22,000
2,103.000
225,000
27,500

2,876,864
73,000
2,219,628
2,372,153
203,900

134,000

17,000
62,500
9,000

25,931

55,132

7,000
4S,600
2,713,211

51,500
125,000
3,860,110

82,500

555,660

o
o
g

116,300

2,340,700

w

1,489,900

117,400
436,152

o
tad

3
o

Classification of loans {including paper bought) made by 554 national banks in all reserve and other cities having a population of over 50,000, as of
Dec. 31, 1917, showing separately loans made to banks and bankers, loans made to borrowers who keep deposit accounts with the lending banks, loans
made to those who keep no deposit accounts, and loans placed for account of
correspondents—Continued.

Cities.

St. Louis, Mo
St Paul Minn
Sioux City, Iowa
Toledo, Ohio
Youngstbwn, Ohio
Total, Middle Western States...
Denver, Colo
Kansas City, Kans
Muskogee, Okla
Oklahoma City, Okla
Omaha, Nebr
T opeka, Kans
Tulsa, Okla
Wichita, Kans
Total Western States
Los Angeles, Cal
Oakland. Cal
Ogden, Utah
Portland, Oreg
Salt Lake City, Utah
San Francisco, Cal
Seattle, Wash
Spokane, Wash
Tacoma, Wash

Direct and Direct loans Direct loans
to
Number indirect loans to individ- uals,individetc., who
made to uals, etc., who keep no
of banks.
keep deposit. deposit.
banks.

7
6
6
4
3

$84,403,659
42,765,026
7,916,402
22,671,795
15,326,772

$38,043,705
13,454,115
2,427,603
3,672,205
2,127>442

$519,684

126,499,841 1,075,923,668

$9,097,130
4,574,200
5,125,975
413,100
60,000

265,381,595

2,703,794

5
2
4
4
6
9
2
3
7
4

4,632,282
2,143,037
2,167,219
85,973
1,503,684
19,551,850
15,000
296,909
1,525,404
3,898,765

34,792,401
2,929,256
7,381,732
7,861,079
10,654,891
34,709,154
3,024,197
2,498,899
27,137,652
6,701,926

6,321,758
1,377,633
1,274,106
2,874,869
5,166,082
9,777,296
1,635,259
861,056
1,050,759
3,126,197

25,000

46

35,820,123

137,691,187

33,465,015

194,495

8
2
4
3
6
9
5
3
1

1,222,064

4,797,331
1,247,396
904,394
5,697,448
4,685,629
18,851,526
9,774,277
6,260,741
985,745

43,300

221,595
929,589
654,397
3,319,120
234,359
583,022
15,000

63,430,245
9,948,533
5,254,461
28,024,508
14,472,933
151,366,385
26,147,439
13,847,871
5,283,281

7,179,146

317,775,656

53,204,487

318,690

378,467,051 4,061,297,461 1,327,364,675

7,795,868

$100,000
200,000
311,800

Total Pacific States

41
554

3,444,114
-

225,390
50,000

$132,164,178
60,993,344
15,781,780
26^ 757,100
17,514,214

10,003,936 1,480,512,834

169,495

127

Total United States




Loans placed for account of correspondents.
Securities,
etc., purPlaced for
Placed for
chased from Other loans, Total loans.
Placed for
including;
national
national
banks with foreign loans.
banks in re- banks outside correspondent
agreement
State banks
serve or cen- of reserve and and trust
to resell.
central retral reserve
serve cities. companies.
cities.

3,444,114
30,000
12,958
50,000

92,958

$382,250
56,259
439,888
125,500
10,727,551

12,000
160,000

B
o
w
H
O

14,604,491

30,500

$2,069,177

$1,286,752
36,707
481,630
318,615

to

49,215,555
6,449,926
10,823,057
10,821,921
17,324,657
64,207,795
4,674,456
3,656,864
29,713,815
13,726,888

220,000

25,000

135,100

210,614,934

220,000

55,500

307,100

360,000

136,350

a
o

343,800

69,492,940
11,225,929
6,605,840
34,651,545
. 19,825,917
173,587,031
36,206,075
. 20,691,634
6,284,026

E
w

256,000
109,000
93,151

171,000
495,078

658,996
933,455
51,100

378,570,937

562,151

1,058,428

1,987,351

146,880,993 5,921,806,048

44,070,590

52,561,738

118,330,126

O

a

RECAPITULATION.

09
c<
t§
oo
o
j
o
w

g

New England States
Eastern States
Southern States
Middle W estern States
Western States.
Pacific States
Total United States..
Total loans Dec. 27, 1916
Increase
Decrease

63
196
81
127
46
41

354,327,472
19,886,358
177,310,948 1,783,838,337
11,770,635
391,741,141
126,499,841 1,075,923,668
35,820,123
137,691,187
7,179,146
317,775,656

94,075,471
821,962,506
59,275,601
265,381,595
33,465,015
53,204,487

279,500
4,106,939
192,450
2,703,794
194,495
318,690

300,300 j 468,869,101
133,039,685 2,920,258,415
462,979,827
10,003,936 1,480,512,834
210,614,934
3,444,114
378,570,937
92,958

2,033,000
36,845,562
2.340,700
2,069,177
220,000
562,151

4,351,500
34,629,857
1,738,902
10,727,551
55,500
1,058,428

6,732,877
90,659,850
4,038,457
14,604,491
307,100
1,987,351

554
522

378,467,051 4,061,297,461 1,327,364,675
165,346,678 3,354,102,092 1,590,951,199

7,795,868
5,731,878

146,880,993 5,921,806,048
155,473,574 5,271,605,421

44,070,590
122,835,923

52,561,738
46,126,361

118,330,126
171,359,848

707,195,369

2,063,990

32

213,120,373

I 263,586,524

6,435,377

650,200,627

8,592,581

78,655,333

53,029,722

MGO '

I




OO

Deposits held Dec. SI, 1917, by the 554 national banks in all reserve and oilier cities having a population of over 50,000, for the credit of other banks,
State and national, and trust companies, arranged by geographical divisions.
Number New England
of
States.
banks.

Boston, Mass
Bridgeport, Conn. .
Fall River, Mass
Hartford, Conn
Lawrence, Mass
Lowell, Mass
Lynn, Mass..
Manchester, N. H
New Bedford, Mass
Providence, R.I
Somerville, Mass
Springfield, Mass
Waterbury. Conn....
Worcester", Mass
New Haven, Conn




Southern
States.

$56,428,500
1,044,119
531,461
1,376,300
168,558
602,919
190 775
1,501,307
430,070
1,725,436
98,891
1,237,471
505,330
1,657,491
798,730

$9,868,946
30,146
129,029
134,536

$4,676,543

63

68,297,358

10,491,437

4,676,543

11,739,064

1,385,617

3
12
2
3
1
3
2

5,734,122
155,520
102,196

16,839,580
33,733,704
7,044,569
563,386
56,292
531,847
1,184,277
1,822,011
7,415,985
392,910,865
1 635 670
135'708,002
74,945,917

49,988
11,031,563
72,745

2,276,911
3,411,224
1,943,121

309,881
22,117
2,468

570

14
3
4
4
1
4
3
4
3
7
1
4

<

3
2

Total New England States
Albany, N.Y
Baltimore, Md
Buffalo, N.Y
Camden, N. J . . .
Elizabeth, N. J
Erie, Pa
Hoboken, N. J
Jersey City, N. J .
Newark, N. J
Naw-York,N,Y
Paterson N JPa
Philadelphia,
Pittsburgh, Pa
Reading, Pa
Rochester, N. Y
Schenectady, N.Y
Scranton, PaSyracuse, N. Y
Trenton, N. J
TroV.N.Y
*
Utica, N. Y..
Wilmington, Del
Washington, D. C

Eastern
States.

6

Cities.

.

3
8
50
3
30

21
7
j
2
\
5
3
5
3
3
14

11,427
54,936,457
11,999,153
424,784
234 403

25,054
24,621

Middle
States.
$11,688,329

•

Western
States.
$1,385,617

Pacific
States.

99,047,542

3,902,104

102,949,646

302,898
410,016
246,775

25,513,380
48,764,144
9,411,874
563,386
56,292
535,851
1,184,277
1,822,011
7,677,938
835,706,612
1 635 670
177,026,699
108,768,917
234,403
2,447,105
16,947
1,177,225
497,879
192,555
1,290,910
849,040
671,289
7.449.032
J

52,522
427,846
401,361

25,565,902
49,191,990
9,813,235
563,386
56,292
535,851
1,184,277
1,822,011
7,683,701
1,001,668,108
1 635 670
182,509,325
109,139,465
234,403
2,447,744
16,947
1,177,225
497,879
192,555
1,290,910
879,837
671,289
9,468,163

17,287

11,358

633

29,818

4,004
6,743
130,883,135

156,660
168,583,741

35,394,126

86,553
52,998,288

11,069,012
10,641,707

15,395,570
20,390,212

489,426
1,189,438

2,365,536
1,176,859

657

16,710

4,844
1,855

2,294,282

222,052

9,715

$90,407,562
1,074,265
664,008
1,511,306
168,558
602,919
247,194
1,537,364
569,716
1,796,281
98,891
1,279,580
505,330
1,658,124
828,548

2,457,523

18 102

2,429,738
16,947
1,172,381
496,024
192,555
1,265,856
849,000
671,289
4,616,292

Grand
total.

$3,902,104

470

24,822

Alaska and
foreign
countries.

$86,505,458
1 074,265
664,008
1,511,306
168,558
602,919
247,194
1,537,364
569,716
1,796,281
98,891
1,279,580
505,330
1,658,124
828,548

$2,457,523

3,518

56 419
17,955
139,646
59,487

Total
United
States.

282,070

5,763
165,961,496
5,482,626
370,548
639

30,797
2,6i9,i3i

©
O
fed

o

E
W

3
a

Wilkes-Barre, Pa

,

4
2

Yonkers, N. Y
Total Eastern States
Atlanta, Ga
Birmingham, Ala
Charleston, S. C
Chattanooga, Tenn
Dallas, Tex
Fort Worth, Tex
Galveston.Tex
Houston, Tex
....*.
Jacksonville, Fla
Louisville, Ky
Memphis, Tenn
Nashville, Tenn
New Orleans, La
Norfolk, Va
Richmond, Va
San Antonio, Tex
Savannah, Ga
Waco, Tex
Total Southern States

,
,

Akron, Ohio
Cincinnati, Ohio
Cedar Rapids, Iowa
Chicago, 111
Cleveland, Ohio
Columbus, Ohio
Dayton, Ohio
Des Moines, Iowa
Detroit, Mich
Dubuque, Iowa
Duluth, Minn
Evansville, Ind
Fort Wayne, Ind
Grand Rapids, Mich
Indianapolis, Ind
Kansas City, Mo
Milwaukee, Wis
Minneapolis, Minn
St. Joseph, Mo
St. Louis, Mo
St Paul, Minn
Sioux City, Iowa.
Toledo, Ohio
Youngstown, Ohio
Tota Middle Western States




372,636
161,674

196
5~
2
5
2
5
5
2
6
3
7
4
5
3
4
8
8
2
5

73,647,737

686,636,497

166,054,676

212,402,060

37,417,741

57,869,035 1,234,027,746

174,752,729

7,366

249,528
35,451
672,270
4,765
549,137
13,205
2,725
46,787
37,666
66,001

18,814,105
4,879,690
3,802.678
5,088,911
29,663,083
18,576,326
1,784,730
28,528,737
6,351,269
18,984,899
5,038,563
11,752,927
17,878,447
4,262,698
28,471,312
5,478,218
1,846,566
3,118,354

38,786

156,899

19,266,684
4,915,141
4,479,891
5,102,562
31,236,593
20,015,648
1,795,677
29,288,853
6,388,935
21,274,129
5,435,482
11,786,491
19,361,173
4,488,190
32,931,745
5,492,425
1,849,902
3,118,354

6,558

81

269,709

5,781,651

31.572
7

6,702
431,852

2
8 1
2
12
7
8
7
3
3
3
5
3
3
3
6
13
5
4
4
7
6
6
4
3
127

3,770

51,730

206,843

3,665,035
106,508
1,826
4,058

8,004
156,329
225,492
3,708,679
2,276
3,336

i5,675,98i
4,526,334
113,522
6,873
429,382

214,321,513
14,762,577
.14,002,666
976,798
61,259
98,724
1,457,830

6,324
10,961

3,115
28,445
395; 906
44,370
30,705

288,368

3,950,569
6,206
101,083
87,563

4,114,652

25,838,608

372,636
161,674

1
161,674 ::::::::::::::

50,344
9,660,898
20,970
11,645
23,027
30,520,832
40,546

71,688,116

1,173
8,886
108,614
79,399
50,783
2,171,185
396,919
25,560
926,786

915,759
1,346,718
8,222
662,546
314
65,361

493,486
11,931

4,313,508
335,540
24,620,849
10,775,898
193,431,269
48,058,165
8,185,742
574,245
10,842,721
16,028,719
1,752,907
3,064,808
3,250,080
2,175,131
3,411,901
18,050,419
29,687,940
21,053,031
25,407,193
8,275,493
54,873,249
13,357,875
4,808,332
7,972,010
322,004
510,315,521

334,250
51,425

3,155,505

385,989
607,819

437,280
24,150,386
95,378
17,859
784
4,984
783,723

75,239,230
220,756
18,251,228
7,553,736
9,441,193
11,408,419
7,990,676
9,215

20,835,794
692,710
5,335
328,542
6,604

2,360,162
6,645
1,505,689
32,627
2,025,753
--,502,320

155,604,847 | 30,910,001

228,227,875
342,242
40,454,669
11,213,178
271,761,131
54,455,893
8,362,349
581,118
10,865,915
16,890,209
1,757,891
3,855,135
4,707,910
2,175,131
3,415,016
18,129,208
117,350,460
21,356,734
45,206,460
15,884,883
101,099,964
27,315,366
12,900,091
8,068,788
322,004
798,471,745

146,152
17,604
3,548
300,533
27,664

502,059
24,610
9,482,608
454,931

399.920
25,993
312,022

5,168
11,704
57,877
1,305,516
177,469
427,428
11,408

12.696,654

I

1,408,780,475
19,273,242
4,915,141
4,479,891
5,102,562
31,236,593
20,015.648
1,795', 677
29,435,005
6,406,539
21,274,129
5,435,482
11,790,039
19,661,706
4,488,190
32.931,745
5,520,089
1,849,902
3,118,354

o
Pi

H

o

O

o

228,729,934
342,242
40,479,279
11,213,178
281,243,739
54,910,824
8,362,349
581,118
10,865,915
17,290,129
1,783,884
4,167,157
4,707,910
2,175,131
3,415,016
18,134,376
117,362,164
21,414,611
46,511,976
15,884,883
101,277,433
27,742,794
12,911,499
8,068,788
322,004

o
SI

o
hrj

O

d
o

811,168,399
O\

Deposits held Dec. SI, 1917, by the 554 national banks in all reserve and other cities having a population of over 50,000, for the credit of other hanks,
State and national, and trust companies, arranged by geographical divisions—Continued.
Cities.

Number New England
of
States.
banks.

Denver, Colo
Kansas City, Kans
Lincoln, Nebr
Muskogee, Okla
Oklahoma City, Okla
Omaha, Nebr
Pueblo, Colo
Topeka, Kans
Tulsa, Okla
Wichita, Kans
Total Western States

Eastern
States.

Southern
States.

Middle
Western
States.

Western
States.

Pacific
States.

117,935,007

39,150
293,209

142,198

1,526,977

6,297,796

105,170,351

4,797,685

117,935,007

1,772

Los Angeles, Cal
Oakland, v ^ a
v a j v i o t i i u . Cal. i . . . . . . . . . .
Ogden, Utah
Salt Lake City, Utah..
Portland, Oreg
San Francisco, Cal
Seattle, Wash
Spokane, Wash
,
T.acoma, Wash

102,876

100,551

417,909

30,765
19,196

489,205
848,396
84,804
1,580,687
211,149
900,110
20,315

21,515,690
3,610,147
2,126,286
5,544,670
10,210,700
80,969,067
10,773,222
7,529,271
929,736

22,138,798
3,610,147
2,646,256
6,555,624
10,295,796
84,227,449
11,096,241
8,433,963
950,051

$82,768

143,208,789

11,019
627,409
13,823
14,921

143,362
292
371,127
28,500
1,071

328,255

$11,826
722,665
26,602
1,373
5,630
5,197,341

895,545
83,370
3,511

2444i98
75,763
19,881

Grand
total.
$21,141,602
5,568, 111
5,837,985
3,658,466
13,025,143
39,044,942
3,910,293
2,475,473
10,404,450
12,868,542

54,578
520,797

$237,758
46,672

1,747

46

Alaska and
foreign
countries.

$21,141,602
5,568, 111
5,837,985
3,658,466
13,025,143
39,044,942
3,910,293
2,475,473
10,404,450
12,868,542

$18,525,099
4,790,985
5,808,943
3,646,074
12,392,104
31,387,833
3,819,609
2,455,592
10,310,722
12,033,390

$140,451

$2,226,468
7,789
2,440

Total
United
States.

$28,119
7,948
69
26,843
7,593,647
1,047,536
11,781
10,772

22,166,917
3,618,095
2,646,325
6,555,624
10,322,639
91,821,096
12,143,777
8,445,744
960,823

D
O
W
H
O

o
o

3
o
t-1

Total Pacific States..

82,768

546,124

431,131

146,344,178

8,718,767

158,681,040

Total United States.

146,412,224

729,436,515

458,698,956

746,200, 887

307,286,636

239,629,022 2,624,054,093

200,572,313

2,828,244,501

W

4,676,543
166,054,676
214,321,513
71,688,116
1,526,977
431,131

11,739,064
212,402,060
4,313,508
510,315,521
6,297,796
1,132,938

1,385,617
37,417,741
3,155,505
155,604,847
105,170,351
4,552,575

99,047,542
2,457,523
57,869,035 1,234,027,746
228,227,875
385,989
798,471,745
30,910,001
• 4,797,685 117,935,007
146,344,178
143,208,789

3,902,104
174,752,729
502,059
12,696,654

d
w

8,718,767

102,949,646
1,408,780,475
228,729,934
811,168,399
117,935,007
158,681,040

746,200,887
785,186,124

307,286,636
324,731,105

239,639,022 2,624,054,093
270,515,335 2,654,892,413

200,572,313
272,105,510

2,828,244,501
2,926,997,923

38,985,237

17,444,4

71,533,197

98,753,422

1,132,938

4,552,575

RECAPITULATION.

New England States.
Eastern States
Southern States
Middle States
Western States
Pacific States

63
196
81
127
46
41

68,297,358
73,647,737
269,709
4,114,652
82,768

10,491,437
686,636,497
5,781,651
25,838,608
142,198
546,124

Total United States
Total United States Dec. 27,1916..
Increase..
Decrease .

554
522

146,412,224
139,815,626

729,436,515
704,907,019

458,698,956
429,737,204

32

6,596,598

24,529,496

28,961,752




30,886,313

30,838,320

B

47

KEPORT OF THE COMPTROLLER OF THE CURRENCY.

GROWTH OF NATIONAL BANKS AS SHOWN ON SUCCESSIVE CALLS SINCE
1913.

The following table shows the growth in the aggregate resources and
liabilities and in the various items making up the total since the
Federal Reserve System went into effect. The first figures given are
those shown by the fall report of the year preceding the establishment of the Federal reserve banks; next come the first figures rendered after the establishment of the reserve banks, the fall calls for
1915, 1916, and 1917, and four calls for 1918.
It will be noted that because of the reduction of reserve requirements $577,270,000 less cash is held than on October 21, 1913, while
between the date of the opening of the Federal reserve banks, November 16, 1914, and August 31, 1918, balances with Federal reserve
banks were built up from nothing to an aggregate amount of
$1,307,747,000.
During the period from October 21, 1913, to August 31, 1918, the
combined capital, surplus, and profits increased by $277,959,000;
total deposits increased from $8,346,011,000 to $13,885,759,000, and
loans and discounts from $6,288,338,000 to $10,111,113,000. Liabilities of national banks on account of acceptances, which were not
authorized prior to the passage of the Federal Reserve Act, amounted
to $243,772,000 on August 31, 1918.
Principal items of assets and liabilities of national banks, 1913-1918.
[In thousands of dollars.]
Central
reserve citybanks.

Other
reserve city
banks.

1,348,251
1,453,275
2,060,444
2,343,162
2,649,534
2,744,292
2,547,123
2,599,941
2,877,665
2,883,871

Date.

1,649,905
1,702,882
1,870,810
2,383,982
2,871,016
2,890,545
2,976,642
3,053,565
3,131,001
3,127,062

3,290,182
3,207,278
3,309,886
3,676,511
4,277,234
4,246,488
4,050,583
4,087,405
4,139,673
4,100,180

6,288,338
6,363,435
7,241,140
8,403,655
9,797,784
9,881,325
9,574,348
9,740,911
10,148,339
10,111,113

187,783
196,955
193,328
175,530
348,449
203,891
363,761
416,971
365,025
465,656

527,264
516,321
507,927
494,990
568,343
503,499
683,617
716,357
657,934
892,193

800,525
795,078
777,765
724,473
1,651,262
1,014,903
1,645,118
1,796,194
1,386,251
1,787,378

Countrybanks.

LOANS AND DISCOUNTS.

[Including overdrafts and rediscounts.]
Oct. 21,1913..
Dec. 31,1914..
Nov. 10,1915.
Nov. 17,1916.
Nov. 20, 1917.
Dec. 31, 1917..
Mar. 4,1918..
May 10,1918..
June 29, 1918.
Aug. 31, 1918.
UNITED STATES BONDS.

Oct. 21, 1913..
Dec 31,1914.
Nov. 10, 1915.
Nov. 17,1916.
Nov. 20,1917!
Dec. 31, 1917.
Mar. 4,1918..
May 10,1918.
June 29, 1918.
Aug. 31, 1918.




1

85,478
81,802
76,510
53,953
734,470
307,513
597,740
662,866
363,291
429,529
Includes Liberty loan bonds.

48

REPORT OF THE COMPTROLLER OF THE CURREKCY.

Principal items of assets and liabilities of national banks, 1913-1918—Continued.
[In thousands of dollars.]
Date.

Central
reserve city
banks.

Other
reserve city
banks.

Aggregate.

LIBERTY LOAN BONDS.

138,961
117,353
106,941
188,408
178,4.79
142,859

172,799
130,718
106,870
232,462
171,866
161,958

391,161
361,555
261,720
440,459
380,189
363,231

702,921
609,626
475,531
861,329
730,534
668,048

207,335
230,281
285,736
345,693
405,830
393,853
367,733
343,456
335,349
311,025

251,802
317,478
324,254
402,420
427,400
415,882
437,370
421,696
421,081
410,632

647,950
722,164
733,832
961,843
1,073,552
1,061,232
1,010,237
992,436
984,415
973,413

1,107,087
1.270,443
i;343,822
1,709,956
1,906,782
1,870,967
1,815,348
1,757,580
1,740,845
1,695,070

10,178
10,507
10,941
11,180
11,456
11,518
11,518
11,519

14,139
14,337
15,210
15,252
16,212
16,430
16,500
16,690

29,200
29,252
29,547
29,501
28,551
2S,808
28,964
29,050

53,517
54,126
55,698
55,933
56,219
56,756
56,982
57,259

133,560
211,776
234,067
488,006
471,915
499,481
561,154
515,948

59,992
73,459
194,654
389,899
405,907
414,916
428,353
412,262
441,465

67,908
80,951
220,450
364,914
367,149
356,200
348,512
340,033
350.334

261,460
366,186
649,171
1,242,819
1,268,862
1,243,031
1,276,346
1,313=, 449
1,307,747

242,575
185,319
210,470
285,619
247,365
244,470
252,550
225,976
207,229
213,861

Nov. 20,1917.
Dee. 31,. 1917..
Mar. 4,1918..
May 10,1918..
June 29,1918.
Aug. 31,1918.

586,402
444,400
708,259
788,380
685,801
696,651
703,337
615,798
611,941
601,253

710,834
529,271
684,494
944,767
837,018
865,465
874,795
657,956
643,243
712,682

1,539,871
1,158,996
1,603,223
2,018,766
1,770,184
1,806,586
1,830,682
1,499,730
1,462,413
1,527,796

380,796
264,340
445,632
358,231
118,588
126,467
103,608
111,05a
93,560

256,236
209,35?
204,8©
217,97a
148,695
152,697

304,374
267,010
269,905
282,064
248,837
252,962

941,408:
734,706
920,380
858,273
516,120
532,126
449,719
463,494
382,701
364,136

OTHER BONDS.

Oct. 21,1913..
Dee. 31,1914..
Nov. 10,1915..
Nov. 17,1916..
Nov. 20,1917..
Dec. 31,1917..
Mar. 4,1918...
May 10^ 1918..
June 29,1918.
Aug. 31, 1918.
STOCK IN FEDERAL RESERVE BANKS.

Nov. 10,1915..
Nov. 17,1916,.
Nov. 20,1917..
Dec. 31,1917..
Mar. 4,1918..
May 10,1918..
June 29,1918.
Aug. 31,1918.
DUE FROM FEDERAL RESERVE BANKS.l
Dec. 31,1914..
Nov. 10,1915.
Nov. 17,1916.
Nov. 20,1917.
Dec. 31,1917..
Mar. 4,1918..
May 10,1918..
June 29,1918.
Aug. 31,1918.
DUE FROM ALL OTHER BANKS.

Oct. 21,1913..
Dae 31,1914..
Nov. 10,19115.
Nev. 17,1910.,
Nov. 20,1917.
Dec 31,1917..
Mar. 4,1918,.
May 10,1918..
June 29,1918.
Aug. 31,1918.
TOTAL CASH IN BANKS.

Oct. 21,1913..
Dee. 31,1914..
Nov. 10, 1915.
Nov. 17,1916.
Nov. 20,1937.
Dec. 31,1917..
Mar. 4,1918..
May 10,1918..
June 29,1918.
Aug. 31,1918.

223,267
129,174
183,073
136.068
176,766
99,677
1 Includes items with Federal reserve bank in process of collection.




BEFOBT OF THE COMPTBOIXEB OF THE CTJBBENCY.

49

Principal items of assets and liabilities of national banks, 1913-1918—Continued.
lln thousands of dollars.]
Central
reserve city
banks.

Other
reserve city
banks.

2,485,195
2,599,688
3,684,992
4,176,732
5,247,833
5,161,217
5,064,281
5,194,522
5,018,456
4,995,053

3,102,543
3,154,413
3,644,370
4,469,025
5,419,224
5,345,190
5,557,125
5,708,527
5 643,709
5,728,724

5,713,820
5,602,985
5,906,969
6,923,002
8,133,353
8,042,317
7,815,042
7,816,024
7,693,426
7,922,969

11,301,558
11,357,086
13,236,331
15,568,759
18,800,410
18,548,724
18,436,448
18,719,113
18,354,942
18,646,746

182,650
175,900
177,290
182,650
188,200
191,850
190,850
189,850
189,850
189,850

263,018
280,963
283,311
281,736
293,686
293,338
311,472
313,102
313,356
315,763

613,735
609,088
608,048
606,730
610,321
607,418
592,016
593,980
595,350
596,226

1,059,403
1,065,951
1,068,649
1,071,116
1,092,207
1,092,606
1,094,338
1,096,932
1,098,556
1,101,839

225,640
225,359
234,091
252,157
293,167
290,126
299,903
307,321
308,352
323,358

254,142
262,985
268,115
279,097
315,246
306,217
335,108
343,712
341,924
354,422

527,796
520,517
537,908
559,520
603,456
565,375
553,287
570,013
559,420
565,321

1,007,578
1,008,861
1,040,114
1,090,774
1,211,869
1,161,718
1,188,298
1,221,646
l,,209,696
1,243,101

76,978
87,844
63,634
46,995
46,542
49,448
49,121
51,140
51,145
49,630

163,959
222,655
172,078
157,166
159,986
161,689
175,628
177,692
177,336
172,766

486,142
538,308
477,754
461,098
463,134
463,117
447,412
451,613
453,150
451,805

727,079
848,807
713,466
665,259
669,662
674,254
672,161
680,445
681,631
674,201

965,229
878,377
1,467,834
1,553,234
1,373,243
1,385,336
1,434,288
1,362,795
1,379,362
1,349,552

Date.

918,624
755,368
972,339
1,363,209
1,298,390
1,358,961
1,436,544
1,198,585
1,130,492
1,214,721

297,183
236,026
269,501
432,312
435,884
449,400
430,400
326,221
292,229
321,663

2,181,036
1,869,771
2,709,674
3,348,755
3,107,517
3,193,697
3,301,232
2,887,601
2,802,083
2,885,936

992,365
1,175,524
1,618,422
1,960,715
2,789,524
2,636,302
2,495,500
2,630,923
2,525,505
2,290,436

1,304,136
1,415,490
1,660,375
2,015,366
2,646,858
2,466,002
2,519,292
2,797,804
2,778,831
'2,646,452

2,683,682
2,604,461
2,793,046
3,347,997
3,972,572
3,851,406
3,752,066
3,726,045
3,571,601
3,665,444

4,980,183
5,195,475
6,071,843
7,324,078
9,358,954
8,953,710
8,766,858
9,154,772
8,875,937
8 602,332

Country
banks.

Aggregate.

AGGREGATE ASSETS (INCLUDING REDISCOUNTS)

Oct. 21,1913
Dec. 31,1914
Nov. 10, 1915
Nov. 17.1916
Nov. 20, 1917
Dec. 31, 1917
Mar. 4,1918
May 10, 1918
June 29,1918
Aug. 31, 1918
CAPITAL STOCK.

Oct. 21,1913
Dec. 31,1914
Nov. 10,1915
Nov. 17,1916
Nov. 20,1917
Dec. 31,1917
Mar. 4,1918
May 10,1918
June 29,1918
Aug. 31,1918
SURPLUS AND OTHER PROFITS.

Oct. 21,1913
Dec. 31,1914
Nov. 10,1915
Nov. 17,1916
Nov. 20, 1917
Dec. 31,1917
Mar. 4,1918
May 10,1918
June 29,1918
Aug. 31, 1918

,

,

CIRCULATION OUTSTANDING.

Oct. 21,1913
Dee. 31,1914
Nov. 10,1915
Nov. 17,1916
Nov. 20, 1917
Dec. 31,1917
Mar. 4,1918
May 10,1918
June 29,1918
Aug. 31, 1918
DUE TO ALL BANKS.

Oct. 21, 1913
Dec. 31,1914
Nov. 10, 1915
Nov. 17,1916
Nov. 20,1917
Dec. 31,1917
Mar. 4,1918
May 10,1918
J unc 29,1918
A tig. 31, 1918
DEMAND DEPOSITS.

[Including U. S. deposits.]
Oct. 21,1913..
Dec. 31,1914..
Nov. 10, 1915.,
Nov. 17, 1916.
Nov. 20,1917.
Dec. 31,1917..
Mar. 4,1918..,
May 10,1918..
June 29,1918.
Aug. 31,1918..




50

REPORT OF THE COMPTROLLER OF THE CURRENCY.

Principal items of assets and liabilities of national banks, 1913-1918—Continued.
(In thousands of dollars.]

Date.

Central
reserve city
banks.

Other
reserve city
banks.

Country
banks.

TIME DEPOSITS.

15,113
17,922
39,781
76,272
121,917
134,678
145,570
133,644
125,951
133,055

157,588
171,037
215,739
287,922
362,742
365,561
397,971
390,934
392,302
409,557

1,012,091
982,263
1,120,436
1,452,252
1,797,206
1,798,043
1,827,138
1,818,169
1,825,336
1,854,879

1,184,792
1,171,222
1,375,956
1,816,446
2,281,865
2,298,282
2,370,679
2,342,747
2,343 589
2,397,491

1,972,707
2,071,823
3,126,037
3,590,221
4,284,684
4,156,316
4,075,358
4,127,362
4,030,818
3,773,043

2,380,348
2,341,895
2,848,453
3 666,497
4,307,990
4,190,524
4,353,807
4 387,323
4,301,625
4,270,730

3,992,956
3,822,750
4,182,983
5,232,561
6,205,662
6,098,849
6,009,604
5,870,435
5,689,166
5,841,986

8,346,011
8,236,468
10,157,473
12,489,279
14,798,336
14,445,689
14,438,769
14,385,120
14,021,609
13,885,759

749
8,386
871
10,619
66,447
143,416
146,558
143,162
123,560
161,495

2,551
6,732
4,292
14,407
95,041
188,156
171,223
200,412
216,868
246,318

13,216
20,469
37,725
23,528
85,725
143,844
103,756
125,634
175,012
195,328

16,516
35,587
43,888
48,554
247,213
475,416
421,537
469,208
515,440
603,141

7,249
5,860
3,407
336
174,188
106,179
106,944
154,125
90,832
272,923

14,315
15,374
5,424
2,383
94,791
63,782
61,579
103,204
126,717
195,752

62,380
75,622
51,736
22,398
83,753
96,471
66,836
117,634
150,285
222,189

83,944
96,856
60,576
25,117
352,732
266,432
235,359
374,963
367,834
690,861

40,208
14,837
17,866
19,846
18,518
15,957
10,860
11,486

Oct. 21, 1913..
Dec. 31, 1914.,
Nov. 10, 1915.
Nov. 17,1916.
Nov. 20, 1917.,
Dec. 31,1917..
Mar. 4,1918..,
May 10,1918..
June 29, 1918.
Aug. 31, 1918.

34,611
15,283
20,583
16,853
17,990
15,769
14,672
12,647

592
1,252
1,239
940
630
715
708
652

75,741
31,372
39,688
37,639
37,138
32,441
26,240
24,785

16,634
57,171
76,373
113,457
115,911
129,971
119,160
125,347

10,004
35,393
66,241
87,121
98,901
104,464
101,825
109,947

170
5,667
11,031
16,612
15,352
15,888
12,820
8,478

26,808
98,231
153,645
217,190
230,164
250,323
231,805
243,772

TOTAL DEPOSITS.

Oct 21, 1913..
Dec. 31,1914..
Nov. 10,1915.,
Nov. 17, 1916.,
Nov. 20, 1917.,
Dec. 31,1917..
Mar. 4,1918...
May 10,1918..
June 29,1918.,
Aug. 31,1918.,
NOTES AND BILLS REDISCOUNTED.

Oct. 21, 1913..
Dec. 31, 1914..
Nov. 10,1915.,
Nov. 17,1916.,
Nov. 20,1917.
Dec. 31,1917..
Mar. 4,1918...
May 10,1918..
June 29, 1918.,
Aug. 31, 1918.,
BILLS PAYABLE.

Oct. 21,1913..
Dec. 31,1914..
Nov. 10,1915.
Nov. 17.1916.
Nov. 20,1917.
Dec. 31,1917..
Mar. 4,1918..,
May 10,1918..
June 29,1918.,
Aug. 31, 1918..
LETTERS OF CREDIT.

Oct. 21, 1913..
Dec. 31,1914..
Nov. 10,1915.
Nov. 17,1916.
Nov. 20,1917.
Dec. 31,1917..
Mar. 4.1918..
•May 10,1918. .
June 29,1918.
Aug. 31,1918.
ACCEPTANCES.

Oct. 21,1913..
Dec. 31,1914..
Nov. 10,1915.
Nov. 17,1916.
Nov. 20,1917.
Dec. 31,1917..
Mar. 4.1918..
May 10,1918..
June 29,1918.
Aug. 31,1918.




EEPORT OF THE COMPTROLLER OF THE CURRENCY.

51

PRODUCTIVITY OF LOANS AND BOND INVESTMENTS OF NATIONAL BANKS.

Gross assets of national banks, as shown by the returns of June 29,
1918, were $18,354,942,000. Their loans and discounts were
$10,148,339,000 and their investments in bonds, stocks, and other
securities $3,957,272,000; or a total of these assets of $14,105,611,000,
over 76 per cent of gross assets.
It will be noted by reference to the table following that the gross
earnings were equivalent to an average of 5.77 per cent of the amount
of loans and investments in bonds, stocks, and other securities.
The percentage ranged from a minimum of 5.34 per cent for banks in
Eastern States to a maximum of 7.38 per cent in the Western States.
[In thousands of dollars.]

New England States
Eastern States
Southern States
Middle Western States.
Western States
Pacific States
Alaska and Hawaii

Bonds, etc.

787,551
4,006,096
1,266,639
2,623,416
765,228
696,282
3,127

286 420
1,926 300
425 052
855 213
197 957
264, 142
2, 188

10,148,329

Division.

Loans
(including
overdrafts
and
rediscounts).

3,957, 272

Gross
Total
investments. earnings.

Per cent, of
gross
earnings
to total investments.

073,971
932,396
691,691
478,629
963,185
960,424
5,315

57, 610
316, 557
108, 534
202, 422
71, 103
57, 407
364

5.36
5.34
6.42
5.82
7.38
5.98
6.85

14 105,611

813, 997

5.77

1
5
1
3

FOREIGN BRANCHES OF NATIONAL BANKS.
Under authority of section 25 of the Federal Reserve Act, as
amended, the Federal Reserve Board has authorized the First
National Bank of Boston, Mass., to establish a foreign branch at
Buenos Aires, Argentine Republic, and the National City Bank of
New York has been authorized to establish the following foreign
branches and subbranches:
Branch at Buenos Aires, Argentine Republic. Subbranch at
Montevideo, Urugua}^.
Branch at Rio de Janeiro, Brazil. Subbranches at Santos, Sao
Paulo, Pernambuco, Para, and Bahia, Brazil.
Branch at Habana, Cuba. Subbranches at Santiago, Matanzas,
Cienfuegos, Guantanamo, Camaguey, Cardenas, Manzanillo, Cuba;
Kingston, Jamaica; and Santo Domingo, Santo Domingo.
Branch at Valparaiso, Chile. Subbranches at Antofagasta and
Santiago, Chile.
Branch at Genoa, Italy. Subbranches at Turin, Milan, Venice,
Florence, Rome, Naples, and Palermo, Italy.
Branch at Petrograd, Russia. Subbranches at Moscow, Odessa,
Warsaw, Riga, Baku, Astrakhan, Vladivostok, Sevastopol, Helsingfors, and Vilna, Russia.
Branch at Lima, Peru. Subbranches at Payta, Callao, and
Mollendo, Peru.
Branch at Caracas, Venezuela. Subbranches at La Guaira, Porto
Cabello, and Maracaibo.



52

BEPOET OF THE COMPTROLLER OF THE CTJRBENCY.

In March, 1918, the Commercial National Bank of Washington,
D. C, disposed of its foreign branches, which were located at Cristobal
and Panama, to the American Foreign Banking Corporation.
During the past year all of the South American branches of the
national banks were examined for the first time by a national bank
examiner sent to South America for that purpose.
The following table shows the principal items of assets and liabilities of forei^i branches of national banks, as shown by their reports
of condition for June 29, 1918, or the date nearest thereto for which a
report has been received:
Condition of foreign branches of national banks on June 2.9, 1918.
[In thousands of dollars.]

Foreign branches of the National City Bank, New York, N. Y.
Sao
Paulo,
Brazil

Riode
Santiago Buenos
Havana, de Cuba, Aires, Ar- Monte- Janeiro,
video,
Cuba.
Cuba.
gentina. Uruguay. Brazil.

Santos,
Brazil.

15,246

1,828

5,217

1,461
697
918
24

610
27
700
8

260
13
745
37

4,928

6,562

2,211

(June 28,
1918).

Bahia,
Brazil.

RESOURCES.

Loans and discounts
( i n c l u d i n g overdrafts)
Letters of credit and
acceptances
Bonds
Furniture and fixtures and real estate owned
Due from home office.

7,086

11,685

1,509

1,028

296

2

1340
284
23
749

128

112
419
603
10

228
33
160
2

468
7,580
7
1,410
10

8,278

834

21,456

2,617

22,388

.1,000

250

1,000

Due from other banks
Checks and cash items
Cash
Other assets
Aggregate

411

40
6

44
8

583
2,133
569
3,517

LIABILITIES.

Capital
Profits (including
amounts reserved
for taxes and interest accrued)
Due to home office...
Due to branches
Due to other banks..
Individual deposits..
Bills payable
Letters of credit and
acceptances..
Other liabilities
Aggregate

1,000

165
850
176
135
5,845

3

825

93

99

85

77
903

36
598

780
892
17,987
363

792
1,295

4,182
10,416

736

5,788

1,252
2,389
647

137
1,414
329
495
3,956
207

984
395

62
45

4
2

324
11

9
186

22

6

24

3

8,278

834

21,456

2,617

22,388

4,928

6,562

2,211




EEPOEX OF THE COMPTROLLER OF THE CURRENCY.

53

Condition of foreign branches of national banks on June 29, 1918—Continued.
[In thousands of dollars.]
Foreign branches of the National City Bank, New York, N. Y.

ValCaracas,
Venezuela. paraiso,
Chile.

San Juan,
Puerto
Rico.

PetroGenoa,
Italy.

Russia
(May 10,
1918).

First National Bank
Boston,
Moscow,
Mass.,
Russia
Buenos
(May 10,
Aires, Ar1918).
gentina.

RESOURCES.

Loans and discounts
( i n c l u d i n g overdrafts)
Letters of credit and
acceptances
Bonds
Furniture and fixtures and real estate
owned
Due from home office.
Due from branches
Due froni other banks.
Checks and cash items
Cash
. ...
Other assets
Aggregate

490

9

11 501

1

1 939
76
223

722

2 952

14 403
89

22
1

6 876

2
1,565
234
850
17
19

1
21,305

222
1,704

8
102

13
36

1,593

4,925

31,244

2,064

17,668

1,000

3 650

5

19

2
15

51
1S2

120
245

336
3,493

334
515
250
13,636
15,754

1,940

1 323
15,912

77

105

107

4,925

31,244

2,064

4
149

5
35
3
143
29

5
941
2
178
6

52
16
137
3

706

13,355

370

29
• 1,608
7

LIABILITIES.

Capital
P r o f i t s (including
amounts reserved
for taxes and interest accrued)
Due to home office
Due to branches
Due to other banks...
Individual deposits...
Bills payable
Letters of credit and
acceptances
Other liabilities
Aggregate
1
2

1,000

17
2,321
5
1
5,398

245
36
416
9
706

2

15
4,598

•

13,355

Real estate owned.
Time drafts of this bank outstanding.

370
a

200

17,668

Guarantee for branches in Russia.

NET EARNINGS AND DIVIDENDS OF NATIONAL BANKS.

Under the law national banking associations are required to-make
periodical reports of their earnings and dividends to the Comptroller
of the Currency, every bank being required to submit a report within
10 days after the declaration of any dividend. While there are a
few exceptions, a majority of the banks declare dividends semiannually.
The national banks also make reports of earnings and dividends
for the six months' periods ending June 30 and December 31 of each
year, and in volume 2 of this report abstracts of these statements
will be found, together with a statement showing the average capital
and surplus, the net earnings, and dividends declared annually irom
1869 to 1918, inclusive.
Based upon the returns for the year ended June 30, 1918, it appears
that the aggregate capital of the 7,691 banks reporting their earnings
and dividends was $1,098,264,000; surplus, $816,801,000; net earnings, $212,332,000; and dividends declared, $129,778,000.



54

REPORT OF THE COMPTROLLER OF THE CURRENCY.

Based upon the capital stock, dividends were paid at an average
rate of 11.82 per cent; based upon capital and surplus, 6.78 per cent.
The net earnings for the year are shown to have been 11.09 per cent
on the capital and surplus.
During the years 1915 and 1916 the average dividends to capital
were a fraction in excess of 10 per cent, while in 1917 and 1918 they
exceeded 11 per cent. The average rate of dividends to capital during the 49 years ended June 30 last is shown to have been 9.57 per
cent, and based upon capital and surplus, an average rate of 6.54 per
cent.
OEGANIZATION AND LIQUIDATION OF NATIONAL BANKS.

In the table following appears a statistical history from 1863 to
1918, inclusive, of the organization and liquidation of national banks,
together with the net yearly increase or decrease in number and
capital of banks:
Number and authorized capital of national banks organized and the number and capital
of banks closed, in each year ended October 31 since the establishment of the national banking system, with the yearly increase or decrease.
Closed.

Organized.
Year.

No.
1863
1864
1865
•1866
1867
1868
1869
1870
1871
1872
1873
1874
1875
1876
1877
1878
1879
1880
1881
1882
1883
1884
1885
1886
•18i7
1888
1889
1890
1891
1892
1893
1894
1895
1895
1897
1898
1899
1900
1901

Capital.

134 $16,378,700
453 79,366,950
1,014 242,542,982
62
8,515,150
10
4,260,300
12
1,210,000
9 • 1,500,000
22
2,736,000
170 19,519,000
175 18,988,000
68
7,602,700
71
6,745,500
107 12,104,000
36
3,189,800
29
2,589,000
28
2,775,000
38
3,595,000
57
6,374,170
86
9,651,050
227 30,038,303!
262 28,654,350|
191 16,042,2301
145 16,938,0001
174 21,358,000;
225 30,546,000
132 12,053,000
211 21,240,000'
307 36,250,000
193 20,700,000
163 15,285,000
119 11,230,000
50
5,285,000
43
4,890,000
28
3,245,000
44
4,420,000
56
9,665,000
78 16,470,000
19,960,000
21,554,500




In voluntary
liquidation, including those consolidated with
national and
other banks.

No.

Capital.

Net yearly
increase.

Net yearly
decrease.

Insolvent.

No.

$330,000
650,000
2,160,000
2,445,500
3,372,710
2,550,000
1,450,000.
2,180,500
3,524,700
2,795,000
3,820,200
2,565,000
2,539,500
4,237,500
3,750,000
570,000
1,920,000.
16,120,000
7,736,000
3,647,250
17,856,590
1,651,100
2,537,450
4,171,000
4,316,000
5,050,000
4,485,000
6,157,500
6,035,000
10,475,000
6,093,100
3,745,000
9,659,000
12,509,000
24,335,000
12,474,950
7,415,000

Capital.

No.

II
$50,0001
2|
500,000!
7| 1,370,000.
3!
210,000'.
1
50,000 ! .
1
250,000
6!
111
3
5
9
10
14
-

1,806,100
3,825,000!
250,000;
1,000,000;
965,000.
3,344,000;.
2,612,500.
1,230,000.
700,000

3j 1,561,3001
2!
250,000
1,285,000
600,000
650,000i
1,550,0001
1,900,000
250,000
750,000
25 3,622,000
17 2,450,0
6510; 910; 0
2,770, WVJ .
5,235,020.
3,805,000.
5,851,500.
1,2 0,0 0 0 0
1,200,000.
850,000
1,800,000
1,760,0001

Capital.

No.

Capital.

$16,378,700
79,366,950
242,162,982
7,365,150!
730,300
7
159|
158
36!
48
64

18,069, 0 0 0 .
15,001, 4 0 0 .
253: OOO1,.
3,700 500J.
7,283! 8 0 0 .

$1,445,500
1,922,710
64,000

340,200
3,294,500
4,075,000
1,385,000
146
220
150
56!
141!
192
90
168
248
127
93

5,104, 1 7 0 .
7,731, 050|.
12,357, 000..
20,668, 350*.
11,109,
19,056, 900:.
26,458, 5 5 0 .
5,982, 000L
16,674, OOOj.
30,450, 000 1 .
12,593, 000;.
6,677, 500|.

1,518,590

5,715,000
7,960,000
6,338,120
4,405,000
11,090,500
4,044,000
8,715,000
5,685,050
12,379,500

55

EEPORT OF .THE COMPTROLLER OF THE CURRENCY.

Number and authorized capital of national banks organized and the number and capital
of banks closed in each year ended October 31 since the establishment of the national banking system, with the yearly increase or decrease—Continued.
Closed.

Organized.
Year.

Capital.

No.

No.

Capital.

• 71 $22 190,000
79 30,720,000
65 20 285 000
121 24,409,500
81 13,223,000
84 11,745,000
80 12,415,000
149 14,225,850
113 29,123,500
98 11,010,000
83 21,605,250
80 14,571,010
113 26,487,000
82 13,795 000
135 14,828,000
107 14,367,500
68 16,165,000

470 $31 130 000
553 34,333,500
431 21 019 300
508 33,532,500
455 21,413,500
516 34,967,000
326 22,823,000
309 22,830,000
311 30,760,000
214 12,840.000
188 16,080) 000
172 10,175,000
195 18,675,000
144
9 689 500
122
6,630,000
176 11)590,000
164 13,400,000

1902
1903
1904
1905
1906
1907
1908
1909
1910
1911
1912
1913
1914
1915
1916
1917
1918
Aggregate
Deduct decrease

In voluntary
liquidation, including those consolidated with
national and
other banks.

Net yearly
increase.

Net yearly
decrease.

Insolvent.

No. Capital.
o
T>
90
22
8
7
24
9
ft
3
8
6
91
14
13
7
2

No.

$450 000
3,480,000
1 535 000
2,035,000
680,000
775,000
6,560,000
768,500
875,000
275,000
1,100,000
4,350,000
1,810,000
1 830 000
805,000
1,230,000
250,000

397
469
346
363
366
425
222
151
192
113
97
86
61
48

Capital.

No.

Capital.

$8 490 000
133,500
$800 700
7,088,666
7,510,500
22,447,000
3,848,000
7,835,650
761,500
1,555,000

26
62
94

6,625 250
8,746,010
9,622 000
5 935 500
9,003,000
4,007,500
3,015,000

11,258 1,147,355,982 2,942 518,495,160 *588 96,020,920 8,035 642,907,982 307 110,068,080
307 110,068,080
7,728 532,839,902

Net increase
Add for banks restored to solvency

37

777T

Total net increase . . . . . .

10,535,000

7,765 2543,374,902

* Includes 37 banks restored to solvency.
2 Changes due to increases and decreases in capital stock of existing banks do not appear in this table.
The total authorized capital stock on Oct. 31 was $1,108,124,065, the paid-in capital, $1,107,854,934, including the capital stock of liquidating and insolvent banks which have not deposited lawful money for the
retirement of their circulating notes

Number of national banks organized, in liquidation, insolent, and in operation, with
bonds on deposit, and circulation issued, redeemed, and outstanding on Oct. 31,1918.
Circulation.

Banks.
State or Territory.

United
States
In liq- In op- bonds on
Organ- Insol- uida- eradeposit.
ized. vent. tion. tion.
Ill
71 • " 4 '
75
7
323
15
65
1
111
5

Maine.
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut

Eastern States

63
55
48
157
17
67

$5,540,750
5,616,500
4,320,500
21,172,200
4,617,500
12,990,350

$110,184,830
85,269,015
89,292,990
738)072,675
137,602,875
256,701,030

Redeemed.

Outstanding.

$104,120,619
79,794,725
84,867,002
712,671,332
132,172,423
242,748,255

$6,064,211
5,474,290
4,425,988
25,401,343
5,430,452
13,952,775

32

317

407

54,257,800 1,417,123,415

1,356,374,356

60,749,059

742
50
243
10
1,028
44
28 . . . . . .
125
26
3

211
31
147
9
27
9

481
202
837
19
97
14

77.796.150 1,469,374,975
244,491,920
14,613,570
85,267,650 1,126,224,385
22,880,375
1,127,750
181,123,620
9,033,740
63,765,940
6,258,000

1,383,132,061
228,081,269
1,039,911,868
21,910,919
171,009,865
56,113,456

86,242,914
16,410,651
86,312,517
969,456
10,113,755
7,652,484

2,192

434 1,650 194,096,860 3,107,861,215

756

New England States.
New York
New Jersev
Pennsylvania
Delaware.. Maryland
District of Columbia..

48
12
20
151
47
39

Issued.




108

2,900,159,438 207,701,777

56

REPORT OF THE COMPTROLLER OF THE CURRENCY.

Number of national banks organized, in liquidation, insolvent, and in operation, with
bonds on deposit, and circulation issued, redeemed, and outstanding on Oct. SI, 1918—
Continued.
Bank.

State or Territory.

\

188
147
111
95
150
80
136
58
70
812
95
211
171

6
5
6
1
10
13
9
2
7
34
6
6
8

2,324

113

598
381
632
228
215
369
474
233

31
15
22
16
6
10
16
12

Middle States

3,130

128

North Dakota
South Dakota
Nebraska
'
Kansas
Montana
Wyoming.
Colorado
New Mexico
Oklahoma

208
167
334
383
164
47
178
63
538

14
12
22
37
11
2
13
5
8

2,082

124

Virginia...
W est, Virginia
North Carolina
South Carolina
Georgia
Florida. .
Alahama
Mississippi..
Louisiana
TexasArkansas
Kentucky
Tennessee.
Southern States
Ohio
Indiana Illinois
Michigan..
Wisconsin...
Minnesota
Iowa
Missouri....

Western States

24
157
7
113
8
339
83 • 3
1
33
2
15
1
24
3

Washington
Oregon
California
Idaho
Utah....
Nevada
Arizona.
Alaska..
Pacific States

767

6
1

Hawaii
Porto Rico..

7.

Island possessions...
United States

Circulation.

United
States
In liq- In op- bonds on
Organ- Insol- uida- era- deposit.
ized. vent. tion. tion.

11,258




32
26
22
13
42
12
35
23
30
235
12
73
56

150
116
83
81
98
55
92
33
33
543
77
132
107

Issued.

$15,847,610 $144,667,030
9,232,500
84,399,970
6' 551,610
67,769,970
6,572,250
57,145,505
10,715,900 112.316,900
5,908,750
44,718,390
9,448,350
81,020,590
2,740.250
25,555,990
4,758,250
56,941,450
40,477,520 290,045,070
3,503,020
22,969,710
15,729,950 169,815,575
11,265,490
100,696,900

611 1,600 142,751,450 1,258,063,050
196
108
140
107
62
61
104
89

371
258
470
105
147
298
354
132

45,595,190
26,590,120
27,102,560
10,581,200
12,442,160
13,328,360
18,829,080
22,086,600

Outstanding.

$126,749,540
74,060,951
60', 208,946
50,160,595
101,550.218
39,710,423
69,855,283
23,209,829
51,822,955
249,465', 887
19,719,595
152,635,538
88,948,438

$17,917,490
10,339.019
7,561', 024
6,98i, 910
10,760,682
5,007,967
11,165,307
2,346,161
5,118,495
40,579,183
3,250,115
17,180,037
11,748,462

1,108,098,198 149,964,852

496,485,940
239,743,685
377,392,845
117,850,960
105,517,970
119,497,360
153,163.840
244,874; 965

448,340,411 48,145,529
213,332,594 26,411,091
345,292,064 32,100,781
106,689,917 11,161,043
91,409,346 14,108,624
102,420,514 17,076,846
133,471,006 19,692,834
227,834,214 17,040,751

S67 2,135 176,555,270 1,854,527,565

1,668,790,066 185,737,499

27
29
121
109
23
6
40
15
183

167 4,191,030
126 3,788,800
191 9,623,520
237 10,607,810
130 3,762,200
39 1.865,000
125 7,735,250
43 1,923,COO
347 10,193,670

553 1,405

52
22
55
12
7
3
5

26,087,590
22,664,570
88,118,600
85,936,430
25,090,080
12,466/290
67,100,530
14,60S,940
73,955,230

4,124,313
21,963,277
18,913,521 3,751,049
77,219,674 10,898,926
74,841,775 11,094,655
21,432,157 3,657,923
10,706,334 1,759,956
58,456,421 8,644,109
12,805,873 1,863,067
62,039,838 11,915,392

53,690,280

416,088,260

358,378,870

81 6,879,250
84 6,385,260
276 40,659,550
68 3,112,250
25 3,282,000
10 ], 216,510
18 1,059,960
3
25,000

48,314,320
41,949,330
305,795,440
17,291,550
24,546,570
9,391,950
7,057,080
358,280

40,963,328 7,350,992
34,996,04^ 6,953,284
257,896,840 47,898,600
14,149,266 3', 142,281
21,385,796 3,160,774
7,817,471 1,574,479
5,950,557 1,106,523
344,500
13,780
383,503,804 71,200,716

156

565

62,619,780

454,704,520

3
1

3

475,000

4,258,850
295,600

4

46

Redeemed.

3

475,000

4,554,450

551 2,942 7,765 684,446,440 8,512,922,475

Includes 15,101,980 Federal reserve bank notes.

57,709,390

3,970,670
186,990

288,180
108,610

4,157,660

396,790

17,791,451,338 721,471,137

57

REPORT OF THE COMPTROLLER OF THE CUBRENCY.

Number of national banks organized, in voluntary liquidation, insolvent, and number and
capital of associations in active operation on Jan. 1 of earn year from 1864 to 1918.
In active operation.
In volunOrganized. tary liq- Insoluidation. vent.

Year.

1S64
1865 . .
1866
1867
1868
1869
1870
1871..
1872
1873
1874.....
1875
1876
1877
1878
1879
1880
1881
1882
1883
1884
1885. . . .
1886
1887
1889
1890
1891
1892
1893
1894
1895
1896
1897
1898
1899.. . .
1900
1901
1902
1903
1901 . .
1905
1906
1907
1908
1909
1910..
1911
1912
1913.
1914
1915
1916 . . .
1917
1918
..

.

.

.

.
...

.".

.




.

179
682
1,626
1,665
1,675
1,688
3,696
1,759
1,912
2,073
2,131
2 214
2,315
2,345
2,375
2 405
2 445
2,498
2,606
2 849
3,101
3 281
3,427
3 612
3,832
3,954
4,190
4,494
4,673
4,832
4,934
4,983
5,029
5,054
5,108
5 165
5,240
5,662
6,074
6,566
7,081
7,541
8,027
8,489
8,979
9,302
9,622
9,913
10,119
10,305
10,472
10,672
10 810
10,932
11,126

Number.
179

6
11
16
29
47
62
77
87
101
118
141
179
211
236
274
308
320
349
429
462
506
578
611
632
668
706
754
804
853
905
975
1,024
1,059
1,144
1 207
1,261
1,302
1,351
1 421
1,495
l-,56o
1,686
1,759
1,841
1,932
2,084
2,193
2,285
2,373
2,450
2 556
2 650
2,790
2,889

1
3
10
13
15
15
19
23
34
37
40
50
61
76
81
84
85
87
89
102
104
113
121
128
133
143
169
180
243
260
294
327
353
368
373
379
386
389
402
422
443
447
463
481
484
489
494
501
513
523
539
545
549

676
1,614
1
1,646
1,636
L,628
1,619
]L667
L806
1.949
1,979
2,036
2,096
2,084
2,078
2 055
2,056
2,094
2,172
2,333
2,550
2,673
2,745
2 888
3,079
3,158
3,351
3,597
3,700
3,799
3,786
3,748
3,711
3,668
3,614
3 590
3,606
3,981
4,337
4 756
5,184
5,554
5,898
6,283
6,675
6,889
7,054
7,231
7,340
7,431
7,509
7 593
7 621
7.597
7,688

Capital.

$14,040,522
135,618,874
403,357,346
420,229,739
420,260,790
426,882.611
433,803'311
442,427,981
468,210,336
487,781,551
499,003,401
503 347,901
511,155,865
501,392,171
485,557,771
471 609 396
461,557,515
467,039,084
470,018.135
492,076,635
518,031,135
529 910,165
534,378,265
555 865 165
584,726,915
598,239,065
623,791,365
665,267,865
685,762,265
695.148,665
693,353,165
670,906,365
664,076,915
655,334,915
639,440,295
622 482 195
608,588,045
635,309,395
670,164,195
723,416,695
767,567,095
785,411,335
818,482,075
862,016,775
912,369,775
933,020,275
966,406,925
1,014,591,135
1,033,302,135
1,052,880,175
1,070,139,175
1 074 382 175
1 077 501 375
1,075,733 375
1,097,555,065

58

REPORT OF THE COMPTROLLER OF THE CURRENCY.
National banks chartered during the year ending Oct. SI, 1918.

Charter
No.

Title.

Capital.

ALABAMA.

$25,000
25,000

11168 American National Bank of Bridgeport
11233
First National Bank of Reform

50,000

Total (2 banks)
11120
11130
11139
11159

ARIZONA.

First National Bank of Flagstaff
First National Bank of Mesa
First National Bank of Glendale
Tucson National Bank, Tucson
Total (4 banks)

50,000
100,000
50,000
100,000
300,000

ARKANSAS.

11113
11116
11122
11180
11195
11196
11214
•11221
11225
11234

First National Bank of Mineral Springs
First National Bank of Monette
First National Bank of Marked Tree
First National Bank of Heber Springs
First National Bank of Mansfield
National Bank of Mansfield
Army National Bank of Belmont (post office, Camp Pike)
First National Bunk of Des Arc
Farmers and Merchants National Bank of Benton
Interstate National Bank of Helena
Total (10 banks)

25,000
25,000
25,000
25,000
25,000
50,000
25,000
25,000
25,000
200,000
450,000

CALIFORNIA.

11123
11124
11126
11151
11161
11164
11201
11206
11240
11241
11250
11251

First National Bank of Mar j?s ville
First National Bank of Turlock
Lodi National Bank, Lodi
Chowchilla National Bank, Chowcbilla
Sebastopol National Bank, Sebastopol
First National Bank of Gridley
First National Bank of Rodeo
Vallejo Commercial National Bank, Vallejo
Farmers & Merchants National Bank of Calipatria
First National Bank of Cutler
First National Bank of Arcadia
First National Bank of Garden Grove
Total (12 banks)

50,000
50,000
100,000
50,000
50,000
40,000
25,000
100,000
50,000
25,000
25,000
25,000
590,000

COLORADO.

11099
11117
11197
11248
11253

First National Bank of Haxtun
Citizens National Bank of Boulder
First National Bank of Stratton
First National Bank of Walden
American National Bank of Longmont

50,000
100,000
25,000
25,000
50,000

Total (5 b a n k s ) . . . 7.

250,000
FLORIDA.

11156

First National Bank of Vero

25,000
GEORGIA.

11255

First National Bank of Conyers

)

75,000

IDAHO.

11100
11135
11179
11183
11198

First National Bank of Filer
Jerome National Bank. Jerome
First National Bank or Grace
First National Bank of Bancroft
First National Bank of Firth

25,000
25,000
25,000
25,000
25,000

Total (5 banks)

125,000
ILLINOIS.

11108
11118
11144
11170
11208

First National Bank of Hume
Minonk National Bank, Minonk
First National Bank of Cuba
First National Bank of Hinckley
First National Bank of Gridley
Total (5 banks)




30,000
25,000
25,000
25,000
30,000
135,000

KEPORT OF THE COMPTROLLER OF THE CURRENCY.
National hanks chartered during the year ending Oct.

59

31,1918—Continued.
Capital.

INDIANA.

11148 First—Merchants National Bank of Lafayette .
11162
11210
11249

Citizens National Bank of W e b b . . .
Seymour National Bank, Seymour.
First National Bank of Roland

$300,000
50,000
50,000
30,000

Total (3 banks).

130,000
KANSAS.

11107
11145
11154
11177
11186
11187
11222

Farmers National Bank of Fair view
Home National Bank of Caldwell
First National Bank of Towanda
Farmers National Bank of Beaver (post office, Quinter).
Farmers National Bank of St. Marys
First National Bank of Elkhart
First National Bank of Green
Total (7 banks).

11242
11254

25,000
25,000
25,000
25,000
25,000
25,000
25,000
175,000

Citizens National Bank of Monroe.
First National Bank of Longville...

250,000
25,000

Total (2 banks).

275,000
MARYLAND.

11193
11207

National Bank of Perry ville
National Central Bank of Baltimore..
Total (2 banks).

50,000
400,000
450,000

MASSACHUSETTS.
11103
11137
11152
11169
11238

Winchester National Bank, Winchester
Mattapan National Bank of Boston
Manufacturers National Bank of Cambridge.
State National Bank of Lynn
Webster National Bank, Webster
Total (5 banks)

100,000
200,000
200,000
200,000
100,000
800,000

MINNESOTA.
11125
11167
11173
11178
11212
11215
11218
11224

First National Bank of Proctor
Bankers National Bank of Minneapolis
First National Bank of Erskine
Lincoln National Bank of Minneapolis
Hastings National Bank, Hastings
First National Bank of Montgomery
First National Bank of Jordan
First National Bank of A voca
Total (8 banks).

25,000
800,000
25,000
250,000
5O,OOo
25,000
25,000
25,000
1,225,000

MISSOURI.
11235

First National Bank of Montgomery City

75,000

MONTANA.
11095
11096
11097
11098
11101
11105
11131
11134
11160
11165
11176
11199
11203
11209
11220

Stockmens National Bank of Raynesford
First National Bank of Fresno
Farmers & Merchants National Bank of Opheim.
Merchants National Bank of Scobey
First National Bank of Circle
First National Bank of Chester
First National Bank of Highwood
First National Bank of Oswego
First National Bank of Lodge Grass
First National Bank of Charlo
First National Bank of Lambert
First National Bank of Savoy
First National Bank of Rudyard
First National Bank of Westby
Stockmens National Bank of Columbus
Total (15 banks)

85478°—OUR 1918—VOL 1


25,000
25,000
25,000
25,000
25,000
25,000
25,000
25,000
25,000
25,000
25,000
25,000
25,000
25,000
50,000
400,000

60

REPORT OF THE COMPTROLLER OF THE CURRENCY.
National hanks chartered during the year ending Oct. 31,1918—Contirued.

N E W JERSEY.
11147

Clementon National Bank, Clementon

,

125,000

NEW MEXICO.
11102
11136

First National Bank of Taos
Clayton National Bank, Clayton.
Total (2banks).,

25.000
25; 000
50,000
NEW YORK.

11238
11243

First National Bank of Trenton (post office Barneveld)..
National Bank of Andes
Total (2 banks).,

25,000
25,000
50,000

NORTH CAROLINA.
11211
11229

First National Bank of Roxboro...
First National Bank of Reidsville.

50,000
100,000

Total (2 banks).,

150,000
NORTH DAKOTA.

11110
11112
11142
11166
11184
11185
11217
11226

First National Bank of Neche
Bathgate National Bank, Bathgate
Northwestern National Bank of Grand Forks.
Citizens National Bank of Streeter.
First National Bank of Makoti
First National Bank of Petersburg
First National Bank of Fullertoru
First National Bank of Parshall
Total (8 banks).,

25,000
25,000
200,000
25,000
25,000
25,000
25,000
25,000
375,000

OHIO.
11141
11216
11252

Union Commerce National Bank of Cleveland
,
Prairie Depot National Bank of Freeport (P. O. Prairie Depot).
First National Bank of Chagrin Falls
Total (3 banks).,

4,009,000
25,000
25,000
4,050,000

OKLAHOMA.
11129
11149
11157
11181
11182
11190
11192
11194
11219
11230
11232
11246
11256

First National Bank of Oilton
Allen National Bank, Allen
First National Bank of Quapaw
American National Bank of Valliant
Calera National Bank, Calera
Farmers & Merchants National Bank of Boswell.
Marshall County National Bank of Madill
First National Bank of Picher
National Bank of Billings
Liberty National Bank of Oklahoma City
First National Bank of Forgan
".
American National Bank of Idabel
American National Bank of Fort Tovvson
,
Total (13 banks).,

11106
11121
11200

25,000
25r000
25,000
25,000
25,000
25,000
60,000
100,000
25,000
300,000
25,000
30,000
30,000
720,000

First National Bank of Silverton
Commercial National Bank of Lakeview.,
First National Bank of St. Helens
Total (3 banks).,

35,000
50,000
25,000
110,000

PENNSYLVANIA.
11115
11127
HISS
1J204
11213
11227
11244
11257

First National Bank of Irvona
Farmers National Bank of Liberty
Broad Top National Bank of Coaldale (post office, Six Mile R u n ) .
First National Bank of Timblin
First National Bank of Spring Mills
First National Bank of Hastings
First National Bank of Mapleton (post office, Mapleton Depot)
First National Bank of Burnham
Total (8 banks).,




2-5,000
25,000
25,000
25,000
25,000
50,000
25,000
25,000
225,000

EEFOET OF THE COMPTROLLER OF THE CURRENCY.

61

National banks chartered during the year ending Oct. SI, 1918—Continued.
Charter
No.

Title.

Capital.

SOUTH CAROLINA.
11111
11153
11155
11189

First National Bank of Allendale....
First National Bank of Clio
First National Bank of Manning .
Farmers National Bank of Norway.,

$50,000
25,000
25,000
25,000

Total (4 banks)..

125,000
SOUTH DAKOTA.

11119
11237

First National Bank of Winner.,
First National Bank of Pollock..

30,000
25,000

Total (2 banks)..

55,000
TENNESSEE.

11202

First National Bank of Sweetwater.,

60,000
TEXAS.

11138
11140
11143
11158
11163
11171
11175
11223
11239
11258

First National Bank of Turkey
Liberty National Bank of Waco
Citizens National Bank of Godley
Farmers National Bank of Follett
First National Bank of Lamesa
First National Bank of Grand Prairie
,
First National Bank of McAllen
Sherman County National Bank of Stratford.
Liberty National Bank of Dawson
American National Bank of Eastland
Total (10 banks).,

25,000
300,000
25,000
25,000
25,000
25,000
50,000
25,000
50,000
30,000
580,000

tfTAH.

11228 | First National Bank of Magna..
11133
11174
11191
11205

25,000

First National Bank of Shenandoah.. ..
First National Bank of Penniman
Liberty National Bank of Iloanoke
Farmers National Bank of Appomattox.,
Total (4 banks)..

25,000
25,000
100,000
50,000
200,000

"WASHINGTON.
11146
11172
11247

Seaboard National Bank of Seattle.
First National Bank of St. Jofen....
First National Bank of Ephiata....
Total (3 banks),,

200,000
40,000
25,000
265,000

WEST VIRGINIA.
11109

Bluefield National Bank, Bluefield

100,000

11104
11114
11128
11150
11245

First National Bank of Horicon........
First National Bank of Blanchardville..
First National Bank of Boyceville..
Security National Bank of Sheboygan.,
First National Bank of Knapp

30,000
25,000
25'. 000
250,000
25,000

Total (5 banks)..
11132 i Citizens National Bank of Torrington.
A1231 i First National Bank of Lingle
Total (2 banks)
,
Total United States (164 banks).




355,000

25,000
25,000
50,000
13,400,000

62

REPORT OF THE COMPTROLLER OF THE CURRENCY.,

Number of Slate banks converted into national banking associations in each Slate and
Territory from 1863 to Oct. 81, 1918.
Number
of banks.

State or Territory.

Capital.

34
28
22
182
52
65

Maine
New Hampshire.,
Vermont
Massachusetts
Rhode Island
Connecticut

$4,605,000
2,595,000
2,029,990
65,641,200
16,717,550
18,932,770

383

110,521,510

New York
New Jersey
Pennsylvania
Delaware
Maryland
District of Columbia..

215
44
104
6
35
2

95,256,291
7,670,450
30,444,095
585,010
10,224,372
230,000

Eastern States..

406

144,410,218

New England States..

Virginia
WestVirginia..
North Carolina.
South Carolina.
Georgia
Florida
Alabama
Mississippi
Louisiana
Texas
Arkansas
Kentucky
Tennessee

3,286,300
2,183,900
2,596,000
3,757,000
1,887,000
1,715,000
2,085,000
540,000
3,525,000
1,792,500
2,175,000
5,506,900
3,780,000

Southern States..

356

State or Territory.
Ohio
Indiana
Illinois
Michigan
Wisconsin
Minnesota
Iowa
Missouri

Number
of banks.

$1,790,000
1,478,000
2,580,000
1,645,000
2,245,000
5.201,000
1,795,000
10,864,300

•

Middle States..

267

1,910,000
1,525,000
3,375,000
2,802,000
1,235,000
245,000
1,445,000
200,000
3,270,000

411

Western States

27,598,300

~62~
44
70
67
32
7
21
4
104

North Dakota
South Dakota
Nebraska
Kansas
Montana
Wyoming
Colorado
New Mexico
Oklahoma

16,007,000

Washington
Oregon
California
Idaho
Nevada

2,655,000
1,451,000
19,277,800
875,000
50,000
250,000

x\rizona

34,829,600

Capital.

164

United States..

24,558,800

1,987

Pacific States..

357,925,423

Number of national banks in each State extended under act of July 12, 1882, to Oct. 31,
1918.
State or Territory.

Number of
banks.

Maine
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut
New E n g l a n d
States

81
56
50
269
61
86
603

New York
New Jersey
Pennsylvania
Delaware
Maryland
District of Columbia

336
100
416
18
64
11

Eastern States

945

Virginia
WestVirginia
North Carolina
South Carolina
Georgia




34
34
25
16
27

State or Territory.

Florida
Alabama
Mississippi
Texas
Arkansas
Kentucky
Tennessee
Southern States...
Ohio
Indiana
Illinois
Michigan
Wisconsin
Minnesota
Iowa
Missouri
Middle States
North Dakota
South Dakota

Number of
banks.
12
20
9
17
172
8
75
42
491
223
104
211
77
70
63
166
64
978
23
23

State or Territory.

Nebraska
Kansas
Montana
Wyoming
Colorado
New Mexico
Oklahoma
Western States
Washington
'.
Oregon . . . . . . . .
California
Idaho
Utah
Nevada
Arizona
Alaska

Number of
banks.
90
97
20
11
35
6
16
321
23
23
33
8
9
1
5
1

Pacific States

103

United States

3,441

KEPOET OP THE COMPTEOLLEB OF THE CURRENCY.

63

Number of national banks in each State reextended under the act of July 12, 1882,. as
amended Apr. 12, 1902, to Oct. SI, 1918.

State or Territory.

Number of
banks.

State or Territory,

52 South Carolina
35 Georgia
33 Alabama

Maine
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut

159
24
63

New E n g l a n d
States
New York
New Jersey
Pennsylvania
Delaware
Maryland
District of Columbia
Eastern States
Virginia
West Virginia
North Carolina

Louisiana
Texas
Arkansas
Kentucky
Tennessee

Number of
banks.
8
9
4
1
5
1
22
15

366
186
56
176
14
29
3
464
16
9
6

Southern States...
Ohio
Indiana
Illinois
Michigan
Wisconsin
Minnesota
Iowa
Missouri
Middle States

96
87
46
86
21
23
18
46
10

State or Territory.

North Dakota
South Dakota
Nebraska
Kansas
Montana
Wyoming
Colorado
New Mexico
Western States
Washington
Oregon
California
Utah

Number of
banks.
1
2
&
0
1
1
9
1
29
1
1
6
1

Pacific States

9

United States

1,301

337

INCEEASES AND REDUCTIONS IN NATIONAL-BANK CAPITAL.
NEW CHARTERS GRANTED AND REFUSED.

During the year ended October 31,1918, this office received 237 applications for charters for new national banks, with capital of $15,040,000
as compared with 326 applications received during the preceding year
ended October 31, 1917, with capital of $20,565,000. In this period
applications were approved for 193 banks writh capital of $10,805,000.
Charters were issued during the same period to 164 banks, with
capital of $13,400,000, as compared with 176 charters, with capital of
$11,590,000, granted during the preceding year.
Applications for charters for 22 banks with proposed capital of
$1,260,000 were rejected, and 35 applications for charters, with proposed capital of $1,690,000, were abandoned. Rejections were based
upon unsatisfactory information received with respect to the financial
standing or general character of the applicants, or because the existing
banking facilities were considered sufficient for the particular community.
CAPITAL INCREASES AND REDUCTIONS, AND LIQUIDATIONS.

During the year ended October 31, 1918, 170 national banks
increased their capital stock by the sum of $18,524,000. During the
previous year 165 banks increased their capital by $23,854,990.
Seven national banks reduced their capital during this period by
$427,800. The preceding year 14 banks reduced their capital by
$898,000.
Forty-seven national banks during this period wrent into voluntary
liquidation (exclusive of 21 consolidating with other national banks),
their aggregate capital being $6,085,000, as compared with 80 banks



64

REPORT OF THE COMPTROLLER OF THE CURRENCY.

liquidating during the preceding year (exclusive of those consolidated
with other national banks) with aggregate capital of $8,697,500.
Two banks were placed in charge of receivers during the fiscal year
ended October 31, 1918, their combined capital being $250,000. "
These changes resulted in a net increase during the year of 94 banks,
with an increase in total capital of national banks of $15,082,200.
The authorized capital stock of 7,765 national banks in operation
October 31, 1918, was $1,108,124,065.
From 1863, the year in which the national banking system was
established, to October 31, 1918, 11,258 national-bank charters were
issued, the authorized capital of the banks at organization being
$1,147,355,982.
NATIONAL BANKS ORGANIZED SINCE 1900.

That there has been a demand for national banks with minimum
capital of $25,000, as authorized by the act of March 14, 1900, is
evidenced by the fact that from that date to 1918, of the 5,994 banks
that have been chartered, the capital being $390,922,800, there were
3,833 organized under that act, generally with individual capital of
$25,000, although there were a limited number of banks with capital
in excess of $25,000 but less than $50,000, making the average capital
of the banks organized under the act in question approximately
$26,000, the aggregate capital of the 3,833 banks being $99,910,000.
The 2,161 other banks organized since 1900 with individual capital
of $50,000 or over were capitalized at organization at $291,012,800,
the average capital of these banks being approximately $134,600,
STATE BANKS CONVERTED INTO NATIONAL BANKS.

Of the national banks organized since 1900, it further appears that
1,068 were conversions ot State banks with aggregate capital of
$78,705,300. There were also 1,705 reorganizations of State and
private banks, the capital represented being $128,587,000, and 3,221
banks of primary organization, their capital being $183,630,500.
A classification of banks organized smce March 14, 1900, based
upon capital stock, together with the number and capital of national
banks reporting on August 31, 1918, in each State and geographical
division is shown in the following table:




EEPOET OF THE COMPTROLLEB OF THE CURRENCY.

65

Summary, by States, geographical divisions, and classes, of national banks chartered from
.Mar. U, 1900, to Oct. 31, 1918, and the paid-in capital stock of all reporting national
banks on Aug. 31, 1918.
Capital,
$2o,000.

Capital, over Capital, $50,000
$25,000 and
and over.
less $50,000.

Total organizations. -

National banks
reporting Aug.
31, 1918.

States, etc.
No.

Capital. No.

Capital.

No.

Capital.

No.

Capital.

No.

Capital
paid in.

w Eng land States.
Maine
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut

$125,000
100,000
125,000
50.000

Total

525,000

$385,000
200,000
150,000
5,900,000
500,000
750,000

$30,000

125,000
30,000

47

$510,000
330,000
275,000
5,950,000
500,000
875,000

$6,965,000
5,235,000
4,935,000
54,180,000
5,570,000
20,149,000

7,885,000

8,440,000 406

97,034,000

Eastern States.
New York
New Jersey
Pennsylvania
Delaware
Maryland
District of Columbia.
Total.

317,500
240,000
807,000
95,000
172,000

20,920,000
3,810,000
24,990,000

489 12,225,000 50 1,631,500

415 53,825,000

3,400,000 10
1,650,000
6,225,000
150,000
800,000

24,637,500
5,700,000
32,022,000
245,000
2,902.000
2,175J 000

1,930,000
2,175,000

176,105,000
22,692,000
117,189,000
1,459,000
16,430,000
7,427,000

954 67,681,500 1,644 341,302,000

Southern States.
Virginia
West Virginia
North Carolina
South Carolina
Georgia
Florida
Alabama
Mississippi
Louisiana
;....
Texas
Arkansas
Kentucky
Tennessee

16
40
55
40

Total

1,600,000
1,050,000
650,000
650,000
675,000
325,000
1,050,000
225,000
400,000
6,600,000
11,000,000
11,375,000
[1,000,000

501,000
555,000
195,000
102,000
715,000
225,000
379,500
125,000
30,000
3,058,500
95,000
230,000
270,000

140,000
665,000
085,000
675,000
525,000
175,000
985,000
565,000
860,000
335,000
980,000
370,000
005,000

8,241,
5,270,
4,930,
5,427,
6,915,
6,725,
5,414,
2 915!
5,290;
31,993,
4,075,
6., 975,
92 6,275,

133
103
71
73
105
54
95
41
42
532

20,879,000
10,267,000
9,065,000
9,597,000
13,158,000
6,535,000
10,620,000
3,800,000
7,585,000
55,335,000
5,776,000
16,986,000
13,507,000

6,481,000 658 77,36530G0 1,520 100,446,000 1,592 183,110,000

Middle Western States.
Ohio...
Indiana....
Illinois
Michigan...
Wisconsin.
Minnesota.
Iowa
Missouri...
Total

658,000
548,000
793,500
190,000
190,000
606,000
840,000
510.000
830 |20,750,000 |131 4,335,500 |

17,075,000
11,400,000
15,600,000
11,365,000
4,075,000
6,750,000
4,570,000
18,285,000

20,583,000
14,348,000
21,068,500
12,055,000
5,515,000
12,356,000
8,535,000
19,745,000

65,219,000
28,488,000
78,255,000
18,055,000
19,415,000
33,006,000
24,560,000
37,700,000

89,120,000 |1,466 114,205,500 2,131 304,698,000

Western States.
North Dakota.
South Dakota..
Nebraska
,
Kansas
Montana
Wyoming
,
Colorado.
,
New Mexico..,
Oklahoma.....
Total.




215,000
220,000
750,000
460,000
335,000
70.000
426;000
155,000
1,100,000
,731,000

800,000
1,100,000
3,395,000
2,960,000
2,140,000
675,000
3,510,000
750,000
6,615,000

4,665,000
3,595,000
6,770,000
6,270,000
4,575.000
1,195,000
5,411,000
1,605,000
17,515,000

21,945,000 1,426 51,601,000 1,392

6,310,000
5,580.000
15,525; 000
14,037,000
7,700,000
2.190.000
10,690,000
2,830,000
17,146,000
82,008,000

66

BEPORT OF THE COMPTROLLER OF THE CURRENCY.

Summary, by States, geographical divisions, and classes, of national banks chartered from
Mar. 14, 1900, to Oct. 31, 1918, and the paid-in capital stock of all reporting national
banks on Aug. SI,
1918—Continued.
Capital, over Capital, $50,000
$25,000 and
and over.
less $50,000.

Capital,
$25,000.

National banks
reporting Aug.
31, 1918.

Total organizations.

States, etc.
Capital. No. Capital. No.

No.

Capital.

No.

$4,045,000
2,395,000
29,172,800
1,310,000
1,325,000
1,225,000
600,000
50,000

79
71
287
69
16
12
16
2

Capital.

No.

Capital
paid in.

Pacific States.
Washington . . . . . . . .
California
Idaho
"Utah
Nevada .

39 $975,000
38 950,000
137 3,425,000
44 1,100,000
8 200,000
3
75,000
5 125,000
1 25,000

...

Alaska

. .

275 6,875,000

Total

3 $110,000
4 126,000
7 230,000
6 200,000
1
30,000
1

30,000

22

726,000

37
29
143
19
7
9
10
1

255 40,122,800

$5,130, W)0 80 $12,260,000
3,471,000
84 10,226,000
32,827,800 273 60,006,000
2,610,000
68
4,030,000
1,555,000 24
3,405,000
1,300,000 10
1,435,000
755,000
18
1,550,000
75,000
3
125,000

552 47,723,800

560

93,037,000

Island possessions.
Hawaii
Porto Rico

3
3

Total
Grand total

3
1

75,000

3,319 82,975,000

514

650,000
100,000

6
1

725,000
100,000

3

650,000

4

75,000

750,000

7

825,000

3

650,003

16,935,000 2,161 291,012,800 5,994 390,922,800 7,728 1,101,839,000

The number and capital, by classes, of conversions, reorganizations, and primary organizations, are shown in the following table:
Summary,

by classes, of national

banks chartered from

Conversions.

Reorganizations.

Mar. 14, 1900, to Oct. 31, 1918.
Primary organizations.

Total.

Classification.
Number.
Capital less than $50,000.
Capital $50,000 or over...

Capital.

637 $16,902,500
431 61,802,800
1 068 78,705,300

Total

Number.

Number.

Capital.

Number.

Capital.

1,061 $28,112,000
644 100,475,000

2,135
1,086

$54,895,500
128,735,000

3,833
2,161

$99,910,000
291,012,800

1,705

3,221

183,630,500

5,994 390,922,800

Capital.

128,587,000

Number of national banks chartered in each month from

1900 1901 1902 1903 1904 1905 1906 1907 1908 1909 1910 1911 1912 1913 1914 1915 1916 1917 191a

Months,

36

January
February
March
April.
May
June
July
August
October
November . . . .
December
Total.

Mar. 14, 1900, to Oct. 31, 1918.

6
46
66
95
46
44
20
25

°1
29

40

34

36

45

45

40

32

16

10

36
39

20
22

29
37

13
39

14
19

16
16

9
10

19

q

35
42

39
50

12

16

50
56

42
50

28

28
41

41
41

28

31
35

19
9

51
47
58
43
36
31
57

46
42
43
22
38
32
43
%
45

42
49
48
37
44
35
36
23
38

43
45
42
32
33
31
41
27
41

46
52
55
40
89
46
38
10
23

34
33
21
37
20
14
18
21
18

26
24
44
28
32
24
22
23
27

26
21
40
19
12
27
22
12
18

28
20
21
13
15
15
8
11
11

15
22
14
16
15
20
15
6
14

25
23
14
12
11
13
6
6
9

25
24
21
21
13
23
24
6
14

13
11
9
6
15
12
11
10
4

9
8
7

»
so ro
54 50
40 4?,
41 38
27 42
23 38
27 33
%*> S6
36 54

*n
>

32

16
10
10
16
13
10
5
9

13

14
11
14
21

27
16
24
9
13
12
20

. . . 398 412 492 515 460 486 462 490 323 320 291 206 186 167 200 138 122 194




11

14
12

14
<*
14
U
19
20
5

132

REPORT OF THE COMPTROLLER OF THE CURRENCY.

67

Number and classification of national banks chartered during the year ended Oct. SI, 1918.
Conversions.

Reorganizations.

Primary organizations.

Total.

Months.
Number.
November.
December..
January
February..
March
April
May
June
July
August
September.
October

Capital.

Number.

$110,000
305,000
200,000
725,000
50,000
915,000
125,000
75,000
475,000
200,000
405,000

Total.

49

3,585,000

Capital.

$75,000

Number.

12

4,325,000
100,000
90,000
180,000
25,000
155,000
17

4,950,000

98

Capital.

Number.

$305,000
480,000
325,000
450,000
450,000
350,000
325,000
510,000
285,000
650,000
550,000
185,000
4,865,000

Capital.
$415,000
860,000
525,000
5,500,000
600,000
1,355,000
450,000
585,000
940,000
875,000
1,110,000
185,000

164

13,400,000

CHANGES OF TITLES OF NATIONAL BANKS.

During the past year 46 national banking associations, having complied with all the requirements of law, were authorized to change their
corporate titles. In 29 cases the changes were made for the purpose
of eliminating the word uGerman/' or words of like import.
The following is a list of the banks concerned in the changes, with
date of approval indicated:
Change of corporate title} 1918.
No.

Title and location.

9599

The First National Bank of Lordsburg, CaL, to "The First National Bank of La Verne"
(to conform to the name of the place which has been changed to La Verne)
The Citizens German National Bank of Hammond, Ind., to "Citizens National Bank of
Hammond"
The Scandinavian-American National Bank of Minneapolis, Minn., to " T h e Midland
National Bank of Minneapolis"
The German National Bank of Northern Kansas at Beloit, Kans., to " T h e Union
National Bank of B e l o i t " . . . . .

8199
9409
6701

Date.
1917

Nov.

7

Dec.

10

Dec.

31

1918

131 f The National Newark Banking Company, Newark, N. J., to "The National Newark
.
and Essex Banking Company of Newark "
Jan.
2524 The German National Bank of Cincinnati, Ohio, to " T h e Lincoln National Bank of
Cincinnati"
1
Jan.
2726 The German National Bank of Newport, Ky., to "The American National Bank of
Newport"
Jan.
8318 The German National Bank of Little Rock, Ark., to "The American National Bank of
Little Rock"
Jan.
252 The First-Second National Bank of Pittsburgh, Pa., to "First National Bank at
Pittsburgh"
Jan.
9042 The German American National Bank of St. Joseph, Mo., to "The American National
Bank of St. Joseph"
:
Jan.
8615 The Albany County National Bank of Laramie City, Wyo., to "The Albany National
Bank, Laramie"
.*
Jan.
6272 The Tootle-Lemon National Bank of St. Joseph, Mo., to " T h e Tootle-Lacy National
Bank of Saint Joseph"
Jan.
8864 The German National Bank of Vincennes, Ind., to "The American National Bank of
Vincennes"
Jan.
6176 First-National Bank of Commerce of Hattiesburg, Miss., to "First National Bank of
Hattiesburg"
Jan.
1847 The German National Bank of Covington, Ky., to "The Liberty National Bank of
Covington"
Jan.
8862 The Yakima National Bank of North Yakima, Wash., to "The YakimaNational
Bank " (name of place changed to Yakima)
Jan.
4744 The National German American Bank of Wausau, Wis., to "American National Bank
of Wausau"
Feb.




9

Dec.

2
11
12
12
18
18
18

IS
18

IS
18
25

68

BEPOET OF THE COMPTROLLER OF THE CURRENCY.
Change of corporate title\ 1918—Continued.

No. i

Title and location.

11097 The Farmers & Merchants National Bank of Opheim, Mont., to " First National Bank of
Ophoiin"
!
8125 I The German American National Bank of Redfield, S. Dak., to "The American National
B ank of Redfield"
4592 The Citizens National Bank of Independence, Kans., to " Citizens-First National Bank
of Independence "
5212 The German National Bank of Marietta, Ohio, to " T h e Central National Bank of
Marietta"
10969 The Farmers and Merchants National Bank of Kimberly, Idaho, to " First National
Bank of Kimberly"
4602 The German National Bank of Beaver Dam,. Wis., to "The American National Bank
of Beaver Dam"
8328 I The German National Bank of Columbus, Nebr., to "The Central National Bank o!
P,nliTmVm«"
Columbus"
4655 The German American National Bank of Little Falls, Minn., to "The American
National Bank of Little Falls "
6233 The First National Bank of Colorado City, Colo., to "' The City National Bank of Colorado
Springs" (the city of Colorado City having been annexed to Colorado Springs)
110749 The German National Bank of Victoria, Kans., to'' The First National Bank of Victoria "
3613 The German American National Bank of Lincoln, 111., to "The American National
Bank of Lincoln"
3296 The Commercial German National Bank of Peoria, 111., to "The Commercial National
Bank of Peoria"
10703 The Germania National Bank of Charleston, S. C, t o " The Atlantic National Bank of
Charleston"
7098 i The German American National Bank of Mason, Tex,, to " The Mason National Bank"..
7725 ; The German American National Bank of Fort Wayne, Ind., to "The Lincoln National
Bank of Fort Wayne*
. . . . . . . . . . . . .
. . . . . .
4054 The Teutonia National Bank of Dayton, Ohio, to a The American National Bank of
Dayton "
~
4305 The German National Bank of Ripon, Wis., to " The American National Bank of Ripon"
685a The Germania National Bank of Milwaukee, Wis., to "The National Bank of Commerce
of Milwaukee"
I
2261 1 The German National Bank of Allegheny, Pa., to "The National Bank of America at
Pittsburgh" (Allegheny having been annexed to Pittsburgh)
4469 I The German American National Bank of Aurora, 111., to "The American National
Bank of Aurora"
7238 1 The German National Bank of Weatherford, Okla., to "The Liberty National Bank of
! Weatherford"
3770 I The German American National Bank of I-'ekin, HI., to "The American National Bank
I of Pekin"
4250 The Anniston City National Bank, Anniston, Ala., to "The Anniston National Bank".
0664 The German-American National Bank oi' Arlington, Iowa, to "The American National
Bank of Arlington "
7
6403 The German-American National Bank of Siiawano, Wis., to "The Wisconsin National
Bank of Shawano "
4628 The First National Bank of Elizabeth City, N. C, to "The First & Citizens National
Bank of Elizabeth City"
2395 The Bonnington County National Bank of Bennington, Vt., to "The County National
Bank of Bennington"
555 The First National Bank of Fond du Lac, Wis., to " First-Foied du Lac National Bank".
8047 The Citizens National Bank of Pel la, Iowa, to "The Farmers National Bank of Fella"..

Date.
1917
Feb.

1

Feb.

ii

Feb.

14

Feb.

21

Mar.

1

Mar. 29
Apr.

12

May

10

May

10

May

24

May

24

May 25
May 31
May 31
June
June
June

1

June

1

June 10
June 10
June 19
July
1
July
July

9

July

24

Aug.
7
Aug. 31
Sept. 27

VOLUNTARY LIQUIDATION OF NATIONAL BANES.

Under the provisions of section 5220 of the Revised Statutes, 68
national banking associations with aggregate capital of $16,185,000,
and with assets at the last report prior to liquidation of $210,449,601,
were placed in voluntary liquidation. Of this number 11 with capital
of $3,405,000 and assets of $48,662,163 were consolidated with
other national banks; five with capital of $2,150,000 and assets of
$20,273,929 were absorbed by other national banks; five with capital
of $4,525,000 and assets of $73,855,604 reorganized as national banks
under new charters; three with capital of $350,000 and assets of
$4,215,403, charters of which expired by limitation, were reorganized
! as State banks; 16 with capital of $4,435,000 and assets of $52,792,638
were absorbed by or consolidated with State banks or trust comipanies; 23 with capital of $1,125,000 and assets of $10,239,926 liqui| dated and reorganized as State banks, and five with aggregate



69

KEPOBT OF THE COMPTROLLER OF THE CURRENCY.

capital of $175,000 and assets of $409,934 liquidated for the purpose
of discontinuing business. In the latter class there was one bank
with authorized capital of $25,000 which had been chartered
but never opened for business. It is also noted in this connection that of the 21 banks with aggregate capital of $10,080,000
which liquidated for the purpose of reorganizing as national banks
or for consolidation with other national banks, generally in the case
of consolidation there was an increase in the capital stock of the
absorbing bank, and the new increased stockwas issued to the shareholders of the liquidated associations.
In the following table are shown, by States and geographical
divisions, the number and capital of national banks organized, placed
in charge of receivers, and voluntarily liquidated during the year
ended October 31, 1918:
National hanks organized, failed, and reported in voluntary liquidation during the year •
ended Oct. 31, 1918.
Failed.

Organized.
States,

Massachusetts
Connecticut

Voluntarily liquidated.

Num- Author- Num- Capital. Gross assets. Num- Capital.
ized
ber.
ber.
ber.
capital.
5

$800 000

-.

1

Total New England States.....

Gross assets.

1500,000

$5,255,678.08

5

800,000

1

500,000

5,255,678.08

New York
New Jersey
P ennsy 1 vania

2

1
2
6
3

1 000 000
1' 150 000

8

50 000
25 000
225,000

Maryland

'160J000

17 508 927 27
22 470 085 38
24,089,986.62
1,617,433.04

2

450,000
750., 000

12

4,810.000

65,086,432, 31

1

150,000

769,708.57

1
2
4
1
1
2

200,000
100,000
150 000
125,000
75'000
25'. 000
50,000

2
10
10

275,000
580,000
450,000

I
1
1
1
7

125 000
50.000
25 000
50,000
50;000
305 000

414 474.01
162,783.42
207,309.53
238,257.18
514,493.01
2,221 887.77

1

60,000

1
5

30 000
740,000

219 567.79
8,983,814.42

38

2,090,000

Total E a s t e r n
States

1

13

Virginia
West Virginia
North Carolina
South Carolina
Georgia
Florida
Alabama
Louisiana
Texas
Arkansas .
Kentucky
Tennessee
Total Southern
States-.

4

North Dakota
South Dakota
Nebraska....
Kansas
Montana
Wyoming
Colorado

.

.
0

I i 350,666

$447,0-7.33

i

50,000

21

1,525,000

13,762,295.70

3
3
4
1
1

4,025,000
525 000
325,000
25;000
200 000

68,330,806.81
5 83S 1Q4 00
3,639,904.25
385^870.77
2,480 423 80

1,225,000
130,000
75,000

1

1,500,000

10,513,008.03

26

6,270,000

13

6,600,000

91,188,267.66

8
2

375,000
55.000
175,000
400,000
50,000
250,000

3
1
1

75,666

7
15
2
5

25,000
100,000

746,194.39
268,727.80
3,747,660.32

1

06,666

189,251.63

3
1
5




4,050,000
300,000
135,000

5
8
3
1

Ohio.....
Indiana
Illinois . .
Michigan
Wisconsin
Minnesota.
Iowa
Missouri..
Total M i d d l e
Western States.

•

*

355 656

i

i

447,987.33

70

REPORT OF THE COMPTROLLER OP THE CURRENCY.

National banks organized, failed, and reported in voluntary liquidation during the year
ended Oct. SI, 1918—Continued.
Organized.
States.

Failed.

Voluntarily liquidated.

Num- Author- Num- Capital. Gross assets. Num- Capital.
ized
ber.
ber.
capital. ber.

Gross assets.

New Mexico
Oklahoma...
...
Total Western
States

2
13

$50,000
720,000

8

$450,000

$6,785,158.33

54

2,075,000

14

700,000

11,736,992.52

Washington
Oregon
California
Idaho Utah
Arizona

3
3
12
5
1
4

265,000
110,000
590,000
125,000
25,000
300,000

1 $200,000 i $1,690,572.33

1
6

1,000,000
1,030,000

8,259,546.70
14,560,388.15

28

1,415,000

1 200,000

1,690,572.33

7 2,030,000

22,S19,934.85

164 13,400,000

2 250,000

2,138,559.66

68 16,165,000

210,449,601.32

Total P a c i f i c
States
Total U n i t e d
States

1

Figures are for call for Aug. 31, 1918.

FAILURES AND SUSPENSIONS OF NATIONAL BANKS.

Two national banks, with aggregate capital of $250,000, were
placed in charge of receivers during the year ended October 31, 1918.
In the year ended October 31, 1917, 6 banks, excluding 1 which was
subsequently restored to solvency, failed, with aggregate capital of
$1,180,000 and liabilities of $4,947,482.
The date that each bank was authorized to commence business,
date of the appointment of the receiver during the past year, the
capital stock, and the circulation outstanding at date of failure are
shown in the following table:

First National Bank, St. Cloud, Fla
Santa Rosa National Bank, Santa Rosa, Cal.
Total (2 banks)

Date of
authority
to commence
business.

Circulation outstanding
at date of
failure.

Date of
appointment
of receiver.

Capital
stock.

9707 Mar. 24,1910 i Jan. 2,1918
3558 Sept. 15,1886 Oct. 18,1918

$50,000
200,000

$17,500
149,000

250,000

166,500

Charter
No.

Title and location of bank.

i Suspended Dec. 31,1917.

The first failure of a national bank was in 1865; from that date
until the close of business on October 31, 1918, the number of such
banks placed in charge of receivers was 588. Of this number, however, 37 were subsequently restored to solvency and permitted to
resume business. Exclusive of liabilities to shareholders and owners
of circulating notes, the liabilities of the 588 national banks placed
in the charge of receivers are stated at approximately $290,000,000.
The total capital of these failed banks was $96,020,920, while the
book or nominal value of the assets administered by receivers
under the supervision of this bureau aggregated* $399,740,238, and
the total cash thus far realized from the liquidation of these assets
has amounted to $203,382,329. In addition to this amount, how-




EEPOET OF THE COMPTROLLER OF THE CURRENCY.

71

ever, there has been realized from assessments of $51,040,740 levied
against stockholders the sum of $24,325,242, making the total cash
collections from all sources $227,707,571, which have been disbursed
as follows:
In dividends to creditors on claims proved, amounting to $209,746,568,
the sum of
$160,476, 308
In payment of loans and other disbursements discharging liabilities of
the bank other than those of the general creditors
46,177,950
In payment of legal expenses incurred in the administration of such
receiverships
5, 880, 993
In payment of receivers' salaries and other expenses of receiverships... 10, 390,834
There has been returned to shareholders in rebates on assessments levied
3,734,374
Leaving a balance in the hands of the Comptroller and the receivers of..
1,047,112
Total

227, 707, 571

In addition to the funds thus distributed there had been returned,
up to the close of business on October 31, 1918, to agents for shareholders, to be liquidated for their benefit, assets having a nominal
value of $15,255,618.
The book or nominal value of the assets of the 34 national banks
that are still in charge of receivers amounted to $44,599,582. The
receivers had realized from these assets at the close of business on
October 31, 1918, the sum of $23,315,750, and had collected from the
shareholders on account of assessments levied against them to cover
deficiencies in assets the further sum of $1,957,665, making the total
collections from all sources in the liquidation of current or active
receiverships the sum of $25,273,415, which amount has been disbursed as follows:
Total assets taken charge of by receivers (as above)

$44, 599, 582

Dividends to creditors (to Sept, 30, 1918)
18, 748, 359
Loans paid and other disbursements discharging liabilities of the bank
other than those to the general creditors
3, 992, 720
Legal expenses
577, 387
Receivers' salaries
440, 886
All other expenses of administration
509, 984
Leaving a balance in the hands of the Comptroller and the receivers of..
1, 004,079
Total

25, 273, 415

The collections from the assets of the 554 national banks, the
affairs of which have been finally closed, amounted to $180,066,579,
and, together with the collections of $22,367,577 from assessments
levied against the shareholders, make a total of $202,434,156, from
which, on claims proved aggregating $184,108,859, dividends amounting to $141,727,949 were paid.
The average rate of dividends paid on claims proved was 76.98 per
cent, but, including offsets allowed, loans paid, and other disbursements with dividends, creditors received on an average 83.57 per
cent. The expenses incident to the administration of these 554
trusts—that is, receivers' salaries and legal and other expenses—
amounted to $14,743,570, or 4.15 per cent of the nominal value of
the assets and 7.28 per cent of the collections from assets and from
shareholders. The outstanding circulation of these banks at the date
of failure was $28,061,431, which was secured by United States bonds
on deposit in the Treasury of the face value of $30,303,550. The
assessments against shareholders averaged 51.01 per cent of their
holdings, while the collections from the assessments levied were 48.29




72

REPORT OF THE COMPTROLLER OE THE CURRENCY.

per cent of the amount assessed. The total amount disbursed during
the current year to the creditors of 30 of the insolvent banks, in the
45 dividends declared, was $2,486,876.
In the table following is summarized the condition of all insolvent
national banks, the closed and active receiverships being shown
separately:
Closed re- Active receiverships, ceiverships, Total, 588.
554.1
34.
Total assets taken charge of by receivers
Disposition of assets:
Collected from assets
Offsets allowed and settled
^
Loss on assets compounded or sold under order of court..
Nominal value of assets returned to stockholders
Nominal value of remaining assets
Total.
Collected from assets as above
Collected from assessment upon shareholders.
Total collections.
Disposition of collections:
Loans paid and other disbursements
Dividends paid
Legal expenses
Receivers' salaries and other expenses
Amount returned to shareholders in cash
Balance in hands of Comptroller or receivers.

$355,140,656 $44,599,582 $399,740,238
180,066,579 23,315,750 203,382,329
31,611,413 4,258,844 35,870,257
124,001,584 4,084,457 128,086,041
15,255,618
15,255,618
4,205,462 12,940,531 17,145,993
355,140,656

44,599,582

399,740,238

180,066,579 23,315,750 203,382,329
22,367,577 1,957,665 24,325,242
202,434,156

25,273,415

227,707,571

42,185,230 3,992,720 46,177,950
141,727,949 18,748,359 160,476,308
5,303,606
577,387
5,880,993
9,439,964
950,870 10,390,834
3,734,374
3,734,374
1.047,112
43,033 1,004,079

202,434,156 25,273,415 227,707,571
Total.
Capital stock at date of failure
2 90,805,920 5,215,000 96,020,920
United States bonds hold at failure to secure circulating notes
30,303,550 4,002,500 34,306,050
Amount realized from sale of United States bonds held to secure
32,155,724 3,154,858 35,310,582
circulating notes
28,061,431 3,955,568 32,016,999
Circulation outstanding at failure
46,316,790 4,723,950 51,040,740
Amount of assessment upon shareholders
184,108,859 25,637,709 209,746,568
Claims proved
1

Includes 37 banks restored to solvency.

2

Includes capital stock of 37 banks restored to solvency.

The affairs of 14 insolvent banks were closed during the year
ended October 31, 1918, and in the accompanying table appears
information relative to the capital, date of appointment of receiver,
and per cent of dividends paid to creditors.
Closed receiverships.
Title.
Union National T3ank
First National Bank
Do
Do
Yates Center National Bank
First National Bank
Americus National Bank
First National Bank
Do
Do
Do
Ben Hill National Bank
First National Bank
Lemasters National Bank
1
2

Location.
Oakland, Cal
Mineral Point, Wis
LaFayette, Ga
Sutton, Nebr
Yates Center, Kans
Elizabeth, Pa
Americus, Ga
Corning, Iowa
Johnston City, 111
Toccoa, Ga
! New Richmond, Ohio
Fitzgerald, Ga.<
Aspinwall, Pa
Lemasters, Pa

Per cent
Date receiver Capital. dividends
appointed.
paid to
creditors.
Apr.
Oct.
July
Nov.
Dec.
Dec.
Feb.
June
Aug.
Nov.
Nov.
Mar.
Sept.
Dec.

14,1909 $300,000
12,1909 100,000
19,1913
50,000
5,1913
25,000
5,1913
50,000
19,1913
50,000
3,1914 100,000
22,1914
50,000
17,1914
50,000
22,1915
75,000
30,1915
80,000
6,1916
50,000
7,1916
25,000
16,1916
25,000

Includes interest in full to all creditors who had not waived interest.
With 20.68 per cent of interest.
» With 48.13 per cent of interest.
< Second failure; formerly " Third National Bank/'
* With 58.73 per cent of interest.
•With interest in full.




1

100.00
57.00
90.50
14.50
64.50
60-50
45.50
66. 50
2
100.00
8100,00
64.50
6
100.00
81.25
• 100.00

BEPO&T OF T H E COMPTROLLER OF T H E CURRENCY.

73

CAUSES OF FAILURES.

Two hundred and twenty-two, or over one-third, of the 588 failures
of national banks were attributable to criminal acts. In 45 of the
222 instances defalcation of officers was the cause, in 128 fraudulent
management, and in 49 the banks were wrecked by cashiers or
subordinate officers. Unlawful loans—that is, loans in excess of the
statutory limit—were the principal causes of 114 of the failures. In
62 of the 114 instances excessive loans were made to officers and
directors and in 52 to others than officers and directors. Depreciation in the value of assets was the ascribed cause of 83 of the failures.
Injudicious or careless banking was the cause of 139, or nearly onefourth of the total number, and the remaining 30 failures were
ascribed to insolvency of large debtors, "runs," nonliquidity of
assets, etc.
In the following table are shown the number and percentages of
failures from principal causes.
Principal causes offailures of national hanks.
Causes.
Involving criminal actions
D efaication of officers
Fraudulent management
Wrecked by cashier
Wrecked by defalcation bookkeeper
Wrecked by assistant cashier
Involving unlawful acts
Excessive loans to officers
Excessivejoans to others
Depreciation o&assets.-.
Securities
Seal estate
General stringenc3r money market
Failure of large debtors
Injudicious banking
Closed by run or in anticipation
No record of cause
Total

Per cent.

45
128
4G
1
2
62
52

•. .f

19
14
50

,

...

37.8

19.4
14.1

100. 0

LEGISLATION RECOMMENDED.

In my annual report a year ago I earnestly asked for certain
remedial legislation. Some of the recommendations made have been
acted upon during the past year. I again respectfully repeat those
recommendations which have not been acted upon, being more convinced than ever of their importance, in the light of further experience.
These are as follows:
TO PROHIBIT OFFICERS OF BANKS FROM BORROWING FROM THEIR OWN BANKS.

First. That the officers of a national bank be prohibited from borrowing funds of
the banks by which they are employed.
TO LIMIT DIRECT AND INDIRECT LOANS TO ONE INDIVIDUAL, FIRM, OR CORPORATION.

Second. That a conservative and proper limitation be placed upon the aggregate
amount of money any one person, company, corporation, or firm may obtain from a
national bank through the discounting of commercial paper and bills of exchange.
The limitation of 10 per cent of the capital and surplus under section 5200, United



74

BEPORT OF THE COMPTBOLLEB OF THE CURRENCY.

States Revised Statutes, does not apply to "bills of exchange drawn in good faith
against actually existing values and the discount of commercial or business paper
actually owned by the person negotiating the same.'' It is suggested that the aggregate
liability of any person, company, corporation, or firm on loans on commercial paper
or bills of exchange should m no event exceed 25 per cent, of the capital and surplus
of the bank.
•
It is recommended also that a specific penalty be provided for violations of section
5200, enforceable against the officers and directors of the bank responsible for the
violation, in addition to the statutory penalty for forfeiture of charter for violation
of the national-bank act.
TO PROVIDE SUITABLE PENALTY FOR MAKING OF EXCESSIVE LOANS.

Third. That the penalty for an excessive loan be the disqualification of the officer
making or granting the loan, or the imposition of a suitable fine, or both, in addition
to the civil liability incurred by reason of making such loan.
A fruitful source of loss to banks has been the making of excessive loans, and yet
the only penalty provided under the present law for this offense is the forfeiture of
the bank's charter, which, if resorted to, would result in most cases in a hardship to
the bank and its shareholders quite out of proportion to the offense.
TO AUTHORIZE THE COMPTROLLER TO BRING PROCEEDINGS AGAINST DIRECTORS FOR
LOSSES SUSTAINED BY BANK THROUGH VIOLATION OF THE NATIONAL-BANK ACT.

Fourth. That the Comptroller of the Currency be authorized to bring proceedings
against directors of a national bank for losses sustained by the bank through violations
of the provisions of the national-bank act or the Federal reserve act. *
Section 5239, United States Revised Statutes, provides as follows:
"If the directors of any national banking association shall knowingly violate, or
knowingly permit any of the officers, agents, or servants of the association to violate,
any of the provisions of this title, all the rights, privileges, and franchises of the association shall be thereby forfeited. Such violations shall, however, be determined and
adjudged by a proper circuit, district, or Territorial court of the United States, in a
suit brought for that purpose by the Comptroller of the Currency, in his own name,
before the association shall be declared dissolved. And in cases of such violation
every director whp participated in or assented to the same shall be held liable in his
personal and individual capacity for all damages which the association, its shareholders, or any other person shall have sustained in consequence of such violation."
Banks often have sustained large losses as a result of the willful and persistent
disregard by# its directors of the clear provisions of the national-bank act. These
losses, resulting from violation of the law by directors, fall upon the stockholders.
The directors who have occasioned these losses by involving the bank in unlawful
transactions to facilitate or promote schemes or enterprises in which the directors
may be concerned, are found sometimes to be holders or owners of but a few shares of
the stock of the bank the affairs of which they are directing and the funds of which
they frequently have tied up in the promotion of their own private schemes.
Very often stockholders never are informed of the losses the bank has suffered
through these irregular transactions. It is the practice of some banks to keep their
transactions from shareholders, especially those transactions w^hich have resulted in
losses. Thousands of banks give stockholders, at the close of each fiscal year, little
or no information of the sources of the earnings and the details of the disbursements
and losses.
Even when shareholders have knowledge of the losses incurred through violations
of the law by the officers or directors of the bank, should they proceed to bring suit
against the unfaithful directors for the benefit of themselves and their fellow shareholders, such action might precipitate a run upon the bank and result in suspension
or unnecessary loss.
Experiencehas shown that losses occurring from faults or improprieties of directors
sometimes are charged to ''profit and loss" account by the guilty directors themselves,
and the stockholders never are apprised of the results of the mismanagement. The
evil effects of the wrongdoing fall upon the innocent stockholders and the wrongdoers
escape.




BEPOKT OF THE COMPTROLLER OF THE CURRENCY.

75

AUTHORITY FOR REMOVAL OF DIRECTORS GUILTY OF PERSISTENT VIOLATIONS OF THJB
NATIONAL-BANK ACT.

Fifth. That the Comptroller of the Currency be empowered, with the approval of
the Secretary of the Treasury, to require the removal of a director or directors or any
officer of a bank guilty of the violation of any of the more important provisions of the
act, and to direct that suit be brought in the name of the bank against such director or
directors, after they cease to be connected with the bank, for losses sustained by their
malfeasance or misfeasance in office.
PREVENT DELAYS IN TAKING DIRECTOR'S OATHS.

Sixth. That the law provide that if a director when elected does not qualify and
forward his oath to the Comptroller within 30 days after his election a vacancy shall
. be^declared immediately, to be filled by the remaining directors, as provided by
section 5148, United States Revised Statutes, and the derelict director be ineligible
for reelection as director for that year.
ESTABLISHMENT OF APPROPRIATE PENALTIES FOR VIOLATIONS OF LAWS AND
REGULATIONS.

Seventh. That the Comptroller's office be empowered to penalize, by the imposition of appropriate fines, all infractions and violations of the law and the regulations
of this office made in pursuance of the provisions of the national-bank act, and that
these fines be imposed upon the offending officers as well as upon the bank.
Experience has also made it very clear that violations of certain sections of the law
should be punishable with imprisonment, as well as fine, suits to enforce such penalties,
of course, to be instituted by the Department of Justice in the United States courts.
AMENDMENT TO PROVIDE THAT SUITS AGAINST USURERS BE BROUGHT BY DEPARTMENT
OF JUSTICE.

Eighth. That an amendment be adopted authorizing and directing the Department of Justice to bring suit against national banks guilty of usury upon information
furnished either through the Comptroller of the Currency or through other sources.
TO AUTHORIZE SPECIAL INTEREST CHARGES FOR SMALL LOANS.

Ninth. That section 5197, United States Revised Statutes, be so amended as to
authorize a national bank to make an interest charge of -25 cents on any loan, even
though that charge might exceed the legal rate authorized by law. The amendment
should be so framed, however, as to make it impracticable for a bank to evade the
intent of the law by requiring customers to make a multitude of small notes and then
charge 25 cents for each note.
Such an evasion of the law against usury might be prevented by providing that if
a minimum charge of 25 cents shall have been made to a customer on any particular
day, and this charge shall be in excess of the legal rate of interest, no similar minimum
charge shall be made the same day to the same customer on any other note, if in excess
of the legal rate. This would prevent a bank from requiring a customer who might
want to borrow $100 for 30 days from giving 20 notes for $5 each, to be charged 25
cents on each note, which would amount to $5, or 60 per cent per annum for the
accommodation.
TO PREVENT OR LIMIT OVERDRAFTS.

Tenth. That the laws of the respective States in regard# to ^ overdrafts be made
applicable to national banks in those States, and that the individual liability prescribed by section 5239, United States Revised Statutes, shall be made applicable to
any violations of this provision, and also that the officers of the national bank shall be
required to bring before the directors, in writing, at each directors' meeting, a list of
all overdrafts made since the previous meeting of the board.
In some States directors, officers, and employees of banks who knowingly overdraw
their accounts are guilty of felony and may be imprisoned.
TO LIMIT INTEREST PAID ON DEPOSITS.

Eleventh. That the rates of interest which any national bank may pay on its
deposits shall not exceed 4 per cent per annum unless the highest rate for time paper
fixed by the Federal reserve bank of the district shall be more than 4 per cent, in
85478°—CUR 1918—VOL 1
6




76

EEPOBT OF THE COMPTROLLER OF THE CUR&ENCY.

which event the rate* of interest that may be paid may equal but not exceed such
discount rate charged at that time by the Federal reserve bank of the district: Provided, however, That if the laws of a State fix the maximum rate of interest that may be
allowed on bank deposits, the rate so fixed for State banks be applicable also to
national banks in that State.
LIMITATION OF DEPOSITS TO BIGHT OR TEN TIMES CAPITAL AND SURPLUS.

Twelfth. That the total deposits which a national bank may receive shall be limited
to eight or ten times the unimpaired capital and surplus of the bank.
The experience and observation of this office during the past year strongly emphasize the importance of such legislation, the reasons for which have been presented in a
previous annual report.
AMENDMENT TO DISTRICT LAWS TO PREVENT

<{

WILDCAT" BANKING.

Thirteenth. That the laws of the District of Columbia be amended to prevent
the irregularities and loose methods which arise from the establishment in the District
of savings banks and building and loan associations organized in different States
and whose charters do not contain the restrictions and provisions which are necessary
for the sound and safe conduct of the banking business.
It is recommended that an act be passed providing specifically for the incorporation
of savings banks in the District, and prohibiting the establishment of any savings
bank or building and loan association not incorporated under the laws of the District
for the purpose of carrying on its business in the District of Columbia.
TO REQUIRE OFFICERS AND EMPLOYEES TO GIVE SURETY BONDS.

Fourteenth. That all officers of a national bank having the custody of its funds,
money, or securities, and all officers, tellers, or other employees of the bank engaged
in the handling of its money shall furnish surety bonds, preferably the bonds of an
established surety company.
TO REQUIRE CERTIFICATES OP DEPOSIT TO BK SIGNED BY TWO OFFICERS.

Fifteenth. That all certificates of deposit must be signed by two officers of the
bank, and a penalty provided for the issue of any such certificate not signed by two
officers.
The records of the office show how heavy and needless losses have been sustained
by banks for failure to observe this safeguard.
TO PREVENT ERASURES ON THE BOOKS OF A BANK.

Sixteenth. That no officer or employee of a national bank shall erase or cause to
be erased or removed, either by acid or abrasion, any entries on the books of any
national bank.
Where entries have been made inadvertently or erroneously and it is desired to
correct them, they should be canceled by having three lines drawn across them in
black or red ink in such a manner as to indicate its cancellation, but not to make it
impossible to decipher the original entry.
National banks have suffered serious losses from erasures and changed entries by
dishonest bookkeepers and officers to conceal or to falsify transactions.
STANDARDIZATION OF BY-LAWS.

Seventeenth. That authority be given to standardize the by-laws of national banks
and provide, inter alia, for the annual meetings of stockholders and for the submission
to shareholders of definite reports as to the bank's operations and earnings and general
condition.
Stockholders frequently have occasion to complain bitterly of the scant information
laid before them by their officers in charge.
IiECHARTERED BANKS SHOULD BE ALLOWED TO USE BANK-NOTE PLATES OF ORIGINAL
BANK.

Eighteenth. That rechartered national banks be authorized to continue the use of
the old bank-note plates. The repeal of the act of July 12, 1882, to that extent is
recommended, as its enforcement merely subjects both the banks and the Government to needless expense.




EEPOET OF THE COMPTBOLLEB OF THE CTJEBENCY.

77

The rechartered banks also should be permitted to utilize the notes of the original
bank which may have been prepared by the Bureau of Engraving and Printing, with
the proviso that these notes shall be given a mark of identification, to distinguish them
from the notes issued prior to the rechartering of the bank, the old plates also to be
given an appropriate mark of identification. Because of the present provisions of the
law $5,543,920 of unissued currency belonging to banks whose charters were renewed
was destroyed during the two fiscal years ending October 31, 1917.
ENGRAVED SIGNATURES FOR NATIONAL-BANK NOTES.

Nineteenth. That the engraving of the signatures of the bank's officers on nationalbank note plates be authorized.
TO AUTHORISE NATIONAL BANKS TO ESTABLISH BRANCHES IN THE UNITED STATES.

Twentieth. That national banks, with the approval of the Comptroller of the Currency, shall be allowed to establish and maintain branches within certain limits, for
example, within city or county lines, but not without the boundaries of the State in
which the parent bank may be located, and if such State be partly within one Federal
reserve district and partly in another Federal reserve district such branches shall be
established only in that portion of the State which is in the same Federal reserve
district as the parent bank.
No national bank should be permitted, however, in this country, to have more
than 12 branches. The capital of the parent bank should be increased, with the
establishment of each branch in the town in which the bank is located, in an amount
equal to not less than 50 per cent of the minimum capital which would be required
for the organization of a national bank in the city wherein the parent bank is located,
and the capital of the parent bank shall be increased with the establishment of each
branch outside the city where the parent bank is located in an amount equal to the
capital now required by the national-bank act for the organization of a national bank
in the place where the proposed branch is to be located.
TO PERMIT BRANCH BANKS IN ALASKA AND INSULAR POSSESSIONS.

Twenty-first. That national banks be permitted to establish branches in Alaska
and in the insular possessions of the United States.
TO PROVIDE A PENALTY FOR MAKING FALSE FINANCIAL STATEMENTS FOR THE PURPOSE
OF OBTAINING CREDIT FROM NATIONAL BANKS.

Twenty-second. That the Criminal Code be so amended as to provide that any person,
firm, or corporation obtaining a loan or credit from a national bank based on a false
statement, wilfully made, of the financial condition of the borrower, shall be guilty
of a felony and that appropriate penalties be provided.
TO PROVIDE PUNISHMENT FOR BREAKING AND ENTERING A NATIONAL BANK FOR THE
PURPOSE OF THEFT OR ROBBERY.

Twenty-third. It is recommended that the breaking or entering of a national
bank or any place or building occupied by such bank, for the purpose of theft or robbery, shall be made a Federal crime to be prosecuted in the proper district court of
the United States.
The penalties provided by the criminal statutes of the various States for housebreaking and burglary vary and it frequently happens that criminals guilty of such
oilenses, if apprehended, are not adequately punished.
TO LIMIT INVESTMENT IN BANK BUILDING.

Twenty-fourth. It is respectfully recommended that section 5136 be amended to
provide that no national bank shall be permitted to tie up by investment in an office
or bank building an amount in excess of the paid-in capital of the bank. This provision shall also apply to trust companies and banking institutions doing business in
the District of Columbia. A further limitation based on total resources would also
be wise.



78

REPORT OF THE COMPTROLLER OF THE CURRENCY.

Section 5136, United States Revised Statutes, at present permits a national bank
to invest its funds in a bank building for its own use, but there is no limitation upon
the amount of money which a national bank may tie up in this manner. The records
of this office show various instances where banks have been brought to grief and
where their creditors have sustained serious losses because of the tying up of an
excessive proportion of their resources in elaborate, ostentatious, and unnecessary
bank buildings.
TO AUTHORIZE UNITED STATES TREASURER TO SELL BONDS SECURING CIRCULATION
30 DAYS AFTER A BANK GOES INTO LIQUIDATION.

Twenty-fifth. Under section 5222, United States Revised Statutes, a national bank
going into voluntary or involuntary liquidation is given six months in which to settle
its circulation liability before the Treasurer is authorized to sell the bonds securing
the circulation.
As there is, however, no provision in the law by which a bank in liquidation can be
forced to maintain its 5 per cent redemption fund, and as the Treasurer is required
by law to redeem all bank notes as presented, it is respectfully recommended that the
Treasurer be authorized to sell the bonds securing circulation at any time after the
expiration of 30 days from the date on which the bank goes into liquidation.
TO REQUIRE TWO SIGNATURES TO ALL "CHARGE TICKETS."

Twenty-sixth. That provision be made whereby no national bank shall have the
right to make a charge against the account of a depositor except on a charge ticket
or order signed by at least two officers of the bank.
^
The ease and freedom with which certain bank officers are permitted to sign
"charge tickets" and "debit slips" against the credit balances of depositors has
been much abused, and has led to serious frauds and defalcations.
TO PROVIDE FOR VACATIONS AND ROTATION OF BOOKKEEPERS-, ETC.

Twenty-seventh. That the Comptroller's Office be given authority to require
national banks to shift their bookkeepers and other employees £rom time to time
from one desk or service to another, so as to make it more difficult, if not impossible, for employees of banks to hide their defalcations or to manipulate the books.
TO REQUIRE LONG DORMANT BALANCES TO BE DEPOSITED IN UNITED STATE TREASURY.

Twenty-eighth. That the Congress consider the desirability of passing a law requiring all national banks to pay into the Treasury of the United States all sums of
money held by them to the credit of depositors who have not checked against their
account or who have not added to their balance by new deposits (exclusive of items
which may have been credited to those accounts by the bank itself on account of
interest or other collections not made directly by the depositor) for a period of seven
years or more, such sums when transferred to the Treasury by the national banks to be
accompanied with all information which the bank may possess as to the whereabouts
or last known address and next of kin of the depositor. It may be well to require
banks, before thus turning over these dormant balances, to publish a list of them
twice in a daily newspaper, in or nearest to the city or town in which the bank is
located.
Reports made to this office show that the national banks held on March 5, 1917,
$27,000,000 of money on inactive accounts, belonging to 736,000 customers who have
made no deposits and who have drawn no checks on their accounts for a period of
five years or more.
TO ALLOW BANKS TO DEDUCT UNITED STATES BONDS FROM TAXABLE ASSETS.

Twenty-ninth. That section 5219, United States Revised Statutes, be so amended
as to provide that in determining the value of the shares of national banks for the
purposes of taxation by State authorities, the par value of any bonds or other interestbearing obligations of the United States Government owned by a national bank shall
be deducted from its assets. This is desirable in order that the ownership of United
States Government bonds by national banks may secure to these banks the benefit
of the same exemption that the ownership of certain State securities in the hands
of State banks gives.



REPORT OF THE COMPTROLLER OF THE CURRENCY.

79

The passage of such an amendment would furthermore greatly increase the desirability, from an investment point of view, with all national banks, of United States
Government bonds.
TO INSURE OR GUARANTEE ALL DEPOSITS FOR $5,000 OR LESS.
Thirtieth. That legislation be enacted to provide for the Federal insurance or
guarantee of bona fide deposits of national banks where the balance to the credit of
any one individual amounts to a sum not exceeding $5,000, and upon which interest
not exceeding 3 per cent per annum is paid. It is also recommended that it be
made discretionary with the national banks as to whether or not they shall take
advantage of the provisions of such a law.
The main arguments in favor of the adoption of such a plan as this are—
First. That it would bring from its hiding places many millions of dollars of hoarded
money in all parts of the country.
Second. That such a guaranty law would afford complete security to some 16,000,000
depositors in the national banks whose balances amount to $5,000 or less.
Third. That such a law would largely prevent in the future runs on national banks,
with the disturbances and panics which they sometimes precipitate.
Fourth. That the application of this law would contribute more to the unification
and solidarity of the entire banking system than anything else that could be done at
this time.
A circular letter addressed by the Comptroller of the Currency to all national banks
under date of June 5, 1918, is published as Exhibit A to this report.

LEGISLATION EXACTED DELATING TO NATIONAL BANKS.

A number of acts have been passed by Congress during the past
year which amend the national bank act or affect the operations of
national banks. Those provisions which relate specifically to the
operations of national banks are published in the appendix. These
may be briefly summarized as follows:
(1) Section 8 of the act approved April 4, 1918, known as the third
Liberty bond act, authorizes the Secretary of the Treasury to leave
on deposit with banks which subscribe for themselves or for their
customers to the third Liberty loan the proceeds of such subscriptions under appropriate safeguards and restrictions.
(2) Section 20 of the act approved April 5, 1918, known as the
war finance act, amends section 5202, Revised Statutes, so as to'
exempt from the liabilities which may be incurred by national banks
those incurred under the provisions of the war finance act.
(3) The act of September 24, 1918, entitled "A supplement to the
second Liberty bond act," amends section 5200, Revised Statutes.
This section limits the amount that may be loaned by any national
bank to any one person to 10 per cent of the capital and surplus of the
lending bank. Under this amendment loans secured by Liberty
bonds may be made in excess of the 10 per cent limit under regulations prescribed by the Comptroller with the approval of the Secretary
of the Treasury.
Pursuant to this act the following regulations were prescribed:
Section 5200 of the Revised Statutes of the United States, as amended by the supplement to the second Liberty bond act approved September 24, 1918, in effect
permits any national bank, in accordance with such amendment and regulations
prescribed pursuant thereto, to lend to a single borrower an amount in excess of 10
per cent of such bank's unimpaired capital and surplus, provided such excess is
secured by at least a like face amount of Liberty bonds or certificates of indebtedness
of the United States. The power of national banks to lend upon the security of
Liberty bonds and certificates of indebtedness has been thus greatly increased.




80

EEPORT OF THE COMPTROLLER OP THE CURRENCY.

Substantially the effect of this amendment and the amended regulations which
have been prescribed pursuant thereto is to permit, until November 1, 1919, any
national bank to lend to a single borrower, upon the conditions indicated below, aa
follows:
1. An amount not in excess of 10 per cent of the bank's unimpaired capital and
surplus, whether or not secured in whole or in part by Liberty bonds or certificates
of indebtedness, as permitted by section 5200, Revised Statutes, prior to this amendment, and
2. An additional amount, not in excess of 10 per cent of the bank's unimpaired
capital and surplus, secured by at least a like face amount of Liberty bonds or certificates of indebtedness, as permitted by this amendment to section 5200, Revised
Statutes, and
3. A further additional amount (not limited) in excess of the sum of the two foregoing amounts—that is, in excess of 20 per cent of the bank's unimpaired capital and
surplus—which must be directly secured by at least $105 face amount of Liberty
bonds or United States certificates of indebtedness for each $100 of such loans, pursuant to general or specific authority conferred upon the officers of the bank by its
board of directors, as permitted by the regulations prescribed pursuant to this amendment to section 5200, Revised Statutes.
Section 5200 of the Revised Statutes of the United States, as amended by section 6
of an act entitled "Supplement to the second Liberty bond act," approved September
24, 1918, reads as follows:
"SEC. 5200. The total liabilities to any association, of any person, or of any company, corporation, or firm for money borrowed, including in the liabilities of a company or firm the liabilities of the several members thereof, shall at no time exceed
10 per centum of the amount of the capital stock of such association actually paid in
and unimpaired and 10 per centum of its unimpaired surplus fund: Provided, however,
That (1) the discount of bills of exchange drawn in good faith against actually existing
values, (2) the discount of commercial or business paper actually owned by the person,
company, corporation, or firm negotiating the same, and (3) the purchase or discount
of any note or notes secured by not less than a like face amount of bonds of the United
States issued since April 24, 1917, or certificates of indebtedness of the United States,
shall not be considered as money borrowed within the meaning of this section: but
the total liabilities to any association, of any person or of any company, corporation,
or firm upon any note or notes purchased or discounted by such association and
secured by such bonds or certificates of indebtedness shall not exceed (except to the
extent permitted by rules and regulations prescribed by the Comptroller of the Currency, with the approval of the Secretary of the Treasury) 10 per centum of such
capital stock and surplus fund of such association."
Under authority of section 5200, Revised Statutes, as thus amended, the Comptroller of the Currency, with the approval of the Secretary of the Treasury, has prescribed the following amended regulations:
"Until November 1, 1919, or until such later date as the Comptroller of the Currency, with the approval of the Secretary of the Treasury, may prescribe, any national
bank may purchase or discount, pursuant to general or specific authority conferred
upon the officers of the bank by its board of directors, the note or notes of a person,
firm, company, or corporation maturing in not more than six months from the date
of such purchase or discount, in an amount in excess of 10 per cent of the aggregate
amount of the capital stock actually paid in and unimpaired and the unimpaired
surplus fund of such bank: Provided, Any such note or notes shall be directly secured
by at least 105 per cent of bonds or certificates of indebtedness of the United States
issued since April 24, 1917; that is to say, there must be pledged as security for each
$100 so loaned at least $105 face value of Liberty bonds or certificates of indebtedness.
The amount which a national bank may thus lend upon Liberty bonds and certificates
of indebtedness under section 5200, Revised Statutes, as amended September 24,
1918, and pursuant to this amended regulation, is in addition to other loans which
such national bank is permitted to make, whether or not such other loans be secured
in whole or in part by Liberty bonds or certificates of indebtedness."

(4) The act of September 26, 1918, amends sections 4, 11, 16, 19,
and 22 of the Federal reserve act, and sections 5208 and 5209, Revised
Statutes. These amendments directly affect the operations of
national banks in the following particulars:
(a) The amendment to section 11, subsection (k) of the Federal
reserve act, broadens the trust and fiduciary powers of national banks



BEPOBT OF THE COMPTEOLLEB O£ THE CURRENCY.

81

and makes it possible for such banks to exercise these pov\Ters on a
basis of substantial equality with competing State corporations.
(b) The amendment to section 19 authorizes the Federal Reserve
Board to change the reserve status of banks located in the outlying
districts of reserve or central reserve cities.
(c) The amendment to section 22 of the Federal reserve act, which
relates to transactions between member banks and their officers or
directors, clears up many of the ambiguities of that section.
(d) The amendment to sections 5208 and 5209, Revised Statutes,
which statutes prescribe penalties for false statements made with
intent to defraud by officers or directors of national banks, and
penalties for embezzlement, abstraction, or willful misapplication of
funds on the part of such officers and directors, makes subject to
these penalties officers and directors of Federal reserve banks and
receivers of national banks. This amendment also modifies to some
extent the penalties prescribed.
(5) The act of May 23, 1918, authorizes national banks to make
contributions to the American Red Cross.
(6) The act of November 7, 1918, provides for the consolidation of
national banks without requiring the liquidation of either.
NATIONAL-BANK SUBSCRIPTIONS TO THE RED CROSS.

As empowered by act of Congress approved May 23, 1918, a large
number of the national banks of the country took advantage of that
authority to subscribe to the Red Cross.
The reports of the banks to this office show that subscriptions to
the Red Cross by the national banks, from the passage of the act
to the present time, have amounted to $2,948,164 these contributions being made by 3,088 banks—about 40 per cent of the total
number.
Of this amount, $1,001,110 was subscribed by 48 national banks
in the central reserve cities of New York, Chicago, and St. Louis;
$873,703 by 210 national banks in other reserve cities; and $1,073,351
by 2,830 country banks.
One hundred sixty-three national banks in reserve and central
reserve cities, and 4,503 country banks reported no subscriptions.
NATIONAL BANK EMPLOYEES IN AEMY AND NAVY.
The national banks of the country reported on November 1, 1918,
that the total number of their officers and. employees on that date
was 86,845, including 59,306 men and 27,539 women. They also
reported that up to that date 17,520 of their employees had left the
banks to enter the service of the Army and Navy, 14,292 entering the
Army and 3,228 the Navy, including the Marine Corps.
These figures tell us that the proportion of employees entering
Army and Navy to the total number of male employees of all national
banks on November 1, 1918, was 29.54 per cent, or, if we should add
to the total number of men'employed by the national banks on
November 1, which was 59,306, the 17,520 who had left to enter our
military and naval forces the sum is 76,826.
It thus appears that of the 76,826 men employed by the national
banks during the period of the war, 17,520, or, say, 22.80 per cent, of
the total males employed enlisted in the service oi the Army or Navy.




82

EEPORT OF THE COMPTROLLER OF THE CURRENCY.

This is a patriotic and stimulating showing for the"banking profession, and compares very favorably with other occupations.
The number of men in tne United States 18 years of age or older is
estimated at 36,000,000; the total number who had gone into the
Army—up to the time of the signing of the armistice, November 11—
including officers, was 3,510,956; into the Navy, including officers,
regular enlisted men, the Naval Reserve, and Coast Guard—all in
active service—was 512.819, or a total for both Army and Navy of
4,023,775.
It therefore appears that although the number of men 18 years of
age and older in the United States who enlisted in the Army and
Navy constituted only about 11 per cent of the total number; the
proportion of the males who went from the national banks of the
country into the Army and Navy at their country's call was 22.80
per cent, or more than twice the general average.
The 25 Reserve cities whose national banks furnished to the Army
and Navy the JiigJiest percentage of their total employees (excluding
cities whose national banks sent less than 50 men) were:

City.

Wichita
Minneapolis
Des Momes
,
Sioux C i t y . . . . . .
Oklahoma City
Spokane
Nashville
Omaha
Tulsa
Dallas
San Antonio
Jacksonville
Seattle
,
St. Paul
Portland
Columbus
Kansas City (Mo.)
Houston
,
Atlanta
,
Boston
•
Detroit
,
Richmond
Washington
,
Chicago
St. Louis

Percentage of
employees
Number of
entering service employees
to total numentering
ber of male em- service up to
ployees,
Nov. 1, 1918.
Nov. 1, 1918.

79.41
78.76
64.20
63.53
61. 40.
57. 89
57.60
55.43
53.89
50.00
49.70
48.39
48.20
47.40
43.98
41.38
41.09
40.55
40.00
38. 37
38.20
36.96
35.18
34.94
34.64

54
304
52
54
70
66
72
143
97
163
84
75
107
137
98
60
203
88
114
358
102
95
127
667
247

The 12 Reserve cities whose national banks sent the largest number of men into the Army and Navy were, in the order named: New
York, 1,730; Chicago, 667; Boston, 358; Philadelphia, 325; Minneapolis, 304; San Francisco, 269; St. Louis, 247; Pittsburgh, 232;
Kansas City, 203; Dallas, 163; Los Angeles, 157; and Omaha, 143.



REPORT OF THE COMPTROLLER OF THE CURRENCY.

83

The 25 States whose country national banks sent the highest percentage of their employees to the naval and military forces of the
United States (excluding States sending fewer than 100 men) were:

State.

Percentage of
employees
Number of
entering service employees
to total numentering
ber of male em- service up to
ployees,
Nov. 1, 1918.
Nov. 1, 1918.

Per cent.

New Mexico...
Wisconsin
,
North Dakota.
Idaho
Minnesota
Alabama
Virginia
California
North Carolina
Louisiana
Montana
,
Nebraska
,
South Carolina
West Virginia.
Kansas
Iowa
Michigan
Texas
,
Oregon
Arkansas
Mississippi
Georgia
Colorado
Illinois
Massachusetts.

43.83
38.47
37.35
36.36
34.87
34.73
34.68
34.39
34.15
33.89
33.61
33. 58
33.10
33.02
31.72
31.38
31.36
30.22
30.07
29.04
28.86
28.25
27.70
26.21
25.86

103
272
245

100
408
166
274

476
153
102
201
227
141
176

276
414
191

741
132
106
110
139
146
50$
249

The 12 States whose country national banks furnished the greatest
number of men were, in the order named: Texas, 741; Pennsylvania,
724; New York; 559; Illinois, 508; California, 476; Oklahoma, 459;
Iowa, 414; Minnesota, 408; New Jersey, 315; Ohio, 314; Kansas,
276; and Virginia, 274.
TOTAL NUMBER MALE AND FEMALE EMPLOYEES OF NATIONAL BANKS
AND NUMBER ENTERING ARMY AND NAVY.

The tables given below show the total number of employees
reported by all national banks as of November 1, 1918, in all reserve
cities and States, showing as to each city and each State for the
date named, the following:
1. Total number of male officers and employees of all national
banks.
2. The number of employees leaving the service of the banks to
enter the Army, Navy, and Marine Corps.
3. The percentage of such employees to the total number of male
employees remaining with the national banks on November 1, 191&
4. The total number of female officers and employees of national
banks.



84

EEFOET OF *HE COMPTROLLER OF THE CURRENCY.
RESERVE CITIES.
Total number
Total number of officers who have left
and employees of na- to enter the
tional banks on Nov. 1, Army, Navy,
and Marine
1918.
Corps.

New England States
Albany

. ..

....

...

Buffalo
Philadelphia
Pittsburgh
Baltimore
Washington

...

Eastern States

30.88

358

38.37

634

358

38.37

__

—

159
196
1,443
713
407

67
99
823
534
237
*114

42
34
47
325
232
118

27.81
2L38
23.98
22.52
32.54
28 99
35.18

1,948

...

21 ft

57
285
31
70
155

37
164
11
61
59

142
326
142
18
217
169

75 '
229
70
04
125
2,432

Southern States
. .

127

925

26.97

95

36 96
24.56
40.00
29 03
62.86
48,39
21.13
50.00
31 69
44.44
40.55
49.70
37 33
31.00
38.57
50.63
57.60

14
114
9
44
75

58
71
76
1
37

30
163
45
8
88

147
59
18
118

71
27
36
72
1,003
—-

50
18

1,204

84
28

41.24

.. .

Western States




251
322
115
60
92
50
249
39
179
394
242

93
273
63

54
203
28

24.65
26.37
41.38
27.43
33.17
36.76
38.20
37.36
28.27
78.76
47.40
70.73
64.20
17.60
63.53
41.09
31.82

3,421

Middle States

357
406
145
113
* 199
68
267
91
283
386
289
41
81
28
85
494
88

.

Dubuaue
Sioux City
Kansas City, Zvlo
St. Joseph

Lincoln
Omaha
Kansas City, Kans
Topeka
Wichita
Denver
Pueblo
Muskogee
.
Oklahoma City
Tulsa

2,644

634

257

Richmond
Charleston
Atlanta
^,
Savannah
Birmingham
Jacksonville
New Orleans
Dallas
Fort Worth
Galveston
Houston
...
Ban Antonio
Waco
Louisville
.
Chattanooga
Memphis
Nashville
Cincinnati
Cleveland
Columbus
Toledo
Indianapolis . . .
Peoria
Detroit
Grand Ilapids
Milwaukee
Minneapolis
St. Paul
Cedar Rapids

4,821

361

Central reserve cities
Boston

29.12
34. 94
.34.64

3,430

*

1,730
667
247

933

.

Female.
2,879
1,649
293

933

*...

Male.
5,940
1,909
713
8,562

New YoTk City
St. Louis

Percentage
of those that
entered the
service to
total male
employees.

2,591

1,405

41.06

G2
258

61
317

47
143

26

16

116
13
16

60
12
37

70
97

75. 80
55.43
50.00
72.41
79.41
22.75
26.09
66.07
61.40
53.89

751

557

50.08

32

29
68
267
46
56

114
180
1,112

60

99
10

21
21

85
75

107
60
31
66
25
102
34
80
304
137
29

52
5

21
54

REPORT OF THE COMPTROLLER OF THE CUREENC^

85

RESERVE CITIES—Continued.
Total number
Total number of officers who have left
and employees of na- to enter the
tional banks on Nov. 1, Army, Navy,
and Marine
1918.
Corps.

Seattle

Spokane

Male.
«.•*

222
114
34

,-......—»-......

Oakland
San Francisco
Ogden
Salt Lake City

»
*..-

*....
•»«#-»

Female.
132
105
20

107

223
508
112
844
57
157

. . . ^ . . ....*.»

Portland

Percentage
of those that
entered the
service to
total male
employees.

194
259
29
429
17
35

98
157
29
269
19
39

4S. 20
57. 80
41.18
43. 98
30 91
25. 89
31.87
33.33
2-1.84
35.14

66
14

2,271

1,220

798

All other reserve cities

13,599

8,348

5,046

37. U

Total all reserve cities

22,161

13,169

7,690

34.70

Pacific States

STATES.
Total number
of male officers and employees of national banks
on Nov. 1,
1918.

Total number Percentage Total number
of female
who have left of those that officers and
to enter the entered the emploj7ees of
Army, Navy, service to
national
and Marine
total male
banks on
Corps.
employees. Nov. 1,1918.

COUNTBY BANKS.

Total New England States
New York
New Jersey
Pennsylvania

.
..

.

Maryland
Total Eastern States

23.02

1,522

559
315
724

1,068
584
1,336

10
66

21.96
19.07
19.18
11.36
17.60

1,674

19.85

3,119

274

171
191
154
130
91
154
122
123
558
136
163

171
170
92
676
64
349

28
103

Tennessee
Total Southern States

. .............. .

Missouri
Total Middle States




. .
.............

......

381
301
2,452
365
583

176
153
141
139
86
166
110
102
741
106
320

453

Virginia
West Virginia
North Carolina
South Carolina
Georgia
.
Florida
Alabama
Mississipoi
Louisiana
Texas.
Arkansas
....

Ohio
Indiana.
Illinois
Michigan
Wisconsin
Minnesota

574

790

Rhode Island
Connecticut

18.25
26.00
19.72
25.86
22.79
20.94

8,435

.

52
65
43
249
31
134

2,545
1,652
3,775

............

Vermont

285
250
218
963
136
640
2,492

88
375

Maine

115

34.68
33.02
34.15
33.10
28.25
29.76
34.73
28. 86
33.89
30.22
29.04
20.58
25.39

7,991

2,429

30.40

2,498

1,738
1,246
1,938
609
707
1,170
1,319

314
257
508
191

752
493
779
311

153

3,925

533
448
426
492
289
478

310

84

18.07
20.62
26.21
31.36
38.47
34.87
31.38
27.10

9,037

2,448

27.09

272

408
414

365

139

336

505
596

86

REPORT OF THE COMPTROLLER OF THE CURRENCY.
STATES—Continued.
Total number
of male officers and employees of national banks
on Nov. 1,
1918.

Total number
who have left
to enter the
Army, Navy,
and Marine
Corps.

Percentage Total number
of female
of those that officers and
entered the employees of
service to
national
total male
. banks on
employees. Nov. 1,1918.

COUNTRY BANKS—continued.

.

Total Western States
Washington
Oregon
California
Idaho
Utah
Nevada
Ari zona

.

245
108
227
276
201
85
146
103
459

37.35
21.43
33.58
31.72
33.61
48.02
27.70
43.83
20.26

236
25G
248
358
164
90
182
78
416

1,850

28.42

2,028*

331
439
1,384
275
61
57
134

.

656
504
676
870
598
177
527
235
2,266

6,509

North Dakota
South Dakota
Nebraska
Kansas
.
Montana
Wyoming
Colorado . . .
New Mexico
Oklahoma

82
132
476
100
5
18
42

24.77
30.07
34.39
36.36
8.20
31.58
31.34

191
225
* 650
131
18
16
47

2,681

855

31.89

1,278

Total country banks

37,145

9,830

26.46

14,370

Total United States

59,306

17,520

29.54

27,539

2,492

358
574

38.37
23.03

1,522

3,425

932

27.21

2,156

5,940
3,430
8,435

1,730
1,674

29.12
26.97
19.85

2,879
1,948
3,119

Total

17,805

4,329

24.31

Southern States:
Reserve cities
Country banks

2,432
7,991

1,003
2,429

41.24
30.40

1,204
2,498

10,423

3,432

32.93

3,702

2,622
3,421
9,037

914

1,405
2,448

34.86
41.07
27.09

1,942
2,591
3,925

15,080

4,767

31.61

8,458

1,112
6,509

1,850

50 09
28.42

2,028

7,621

2,407

31.58

2,779

2,271
2,681

798
855

35.14
31.89

1,220
1,278

4,952

1,653

33. 38

2,498

59,306

17,520

29.54

27,539

Total Pacific States

•.

RECAPITULATION.
New England States:
Reserve city
Country banks

933

Total
Eastern States:
Other reserve cities
Country banks

Total
Middle States:
Central reserve cities
Other reserve cities
Country banks
Total
Western States:
Reserve cities
Country banks
Total
Pacific States:
Reserve cities
Total
Total United States




. . .

925

557

634

.

7,946

751

• BEPOBT OF THE COMPTHOLLEE OF THE CURRENCY.

87

BANKS OTHER THAN NATIONAL.
STATE, SAVINGS, PRIVATE BANKS, AND LOAN AND TRUST
COMPANIES.

Information relating to the condition of banks under State supervision for the current year has been obtained largely from compilations made by the various State superintendents of banking, and the
courteous cooperation and assistance received from these State
officers has enabled the Comptroller to present a summary of returns
practically complete as to the number of State banks in operation
and for a large number of private banks not under State supervision.
Statistics showing the condition on June 29, 1918 (or dates near
thereto), of 21,175 State banking institutions, including savings
banks, private banks, and trust companies, or 856 more than reported
in 1917, are presented herewith.
The paid-in capital stock of these banking institutions aggregates
$1,253,031,559.45 and their resources $22,371,496,514.47. In 1917
reporting banks other than national numbered 20,319 with an aggregate capital of $1,191,421,153.48 and resources of $20,836,357,138.31.
The increase in capital therefore is shown to be $61,610,405.97, or
5.17 per cent, and in resources $1,535,139,376.16, or 7.37 per pent.
A summary of the reports of condition of banks other than national
is as follows:
Summary of reports of condition of 21,175 reporting banks other than national and
including State banks, savings banks, private banks, and loan and trust companies,
of the United States and island possessions at the close of business on June 29, 1918.
KESOURCES.

Loans and discounts:
Secured by real estate (including mortgages owned)
$2,952,422, 207.46
Secured by collateral other than real
estate
2,012,010,355.29
Loans not classified
7,414, 327, 502.06
Total
$12,378,760,064.81
Overdrafts
47,837,533.39
Investments:
United Stat-es bonds
* 455, 304,115.87
State, county, and municipal b o n d s . . . .
296, 774,472.18
Railroad bonds
444, 389,459.99
Bonds of other public-service corporations (including street and interurban
railway bonds)
118, 945,445.04
Bonds, stocks, etc., not classified
4,468,967,748.70
Total
Banking house (including furniture and
Other real estate owned
Due from banks
Checks and other cash items
Exchanges for clearing house
Cash on hand:
Gold coin
Gold certificates
Silver coin
Silver certificates
Legal tender notes

fixtures)

5,784,381,241.78
425,711,869.04
125, 729,226.48
2, 360, 741, 795.91
219,001,504.95
49, 606, 619.52

68, 378, 760.15
37, 829, 060.00
20,005,662.91
26,652,036.00 •
2
184,507,351.00

1
Includes certificates of indebtedness.
* Includes other paper currency to the estimated amount of $60,000,000.




88

JREFOBT OF THE COMFTEOLLEE OF THE CURRENCY.

Cash on hand—Continued.
National-bank notes
Federal Reserve notes
Nickels and cents
Cash not classified

$8,195, 585. 00
20,406, 347.00
3,530,584.23
144, 364,036. 74

Total..

$513,869,423.03

Other resources
Total resources

465,857, 235. f>(i
22,371,496, 514. A 7
m

LIABILITIES.

Capital stock paid in
.'
$1,253,031,559.45
Surplus
1,225,626,173.59
Undivided profits (less expenses and taxes paid)
283, 701, 780. 74
Ihie to banks
792,979,376.24
Dividends unpaid
10,001, 997. 79
Individual deposits:
Individual deposits subject to check
without notice
$4, 955,096,158. 60
Demand certificates of deposit.
227,445, 500.03
Certified checks and cashier's checks
55, 596,124.17
Savings deposits, or deposits in interest
or savings department
7, 727,007, 971.21
Time certificates of deposit
1,287,403,150.06
Deposits not classified
3,497, 555, 852.36
Total
Postal savings deposits
Notes and bills rediscounted.
Bills payable (including certificates of deposit
representing money borrowed)
Other liabilities

17,750,104,756.43
14,532,459.19
165,436, 642.24
*

340,144,049.85
535,937,718.95

Total liabilities
22,371,496,514.47
NOTE.—Statistics for Philippines, as of December 31, 1917, Kansas and Alaska,
May 8; Nebraska, May 10; New York, June 20 (except New York mutual savings
banks, July 1); Kentucky, June 25; and Missouri, June 28.
Statistics for banks of Massachusetts, North Dakota, Hawaii, and Porto Rico, and for
private banks of Texas, Illinois, Michigan, Iowa, and Alaska are from unofficial returns.

The following table shows the principal items of resources and liabilities for each class of banks, other than national, as of June 29,1918:
Resources and liabilities of 21,175 State, savings, and private banks, and loan and trust
companies, June %9, 1918.
16,59a State banks. 625 mutual savings 1,194 stock savings
banks.
banks.
RESOURCES.

Loans and discounts (including overdrafts).
Investments (bonds, securities, etc.)
Banking house, furniture and fixtures
Other real estate owned
Due from banks
Checks and other cash items (including exchanges for clearing house)
Casli on hand
All other resources

Total resources

$4,773,519,022.89
1,258,287,67a 70
177,445,603.73
46,461,133.34
1,032,949,071.58

$2,314,743,067.20
2,173,821,705.20
41,160,918.63
24,333,145.89
202,898,003.08

$787,948,091.43
209,757,732.74
30,990,907.34
7,584,8lil. Co
106,965,023.20

146,313,967.49
278,628,30-4. 81
102,134,028.19

1,253,422.47
24,132,875.91
36,217,224.31

3,487,00(5.09
32,475,269.59
3,980,174. 08

7,815,738,862.73

4,818,560,362.69

1,183,189,666.72

LIABILITIES.

Capital stock paid in
Surplus fund
Undivided profits
Dividends unpaid
Individual deposits
Postal savings deposits
Notes and bills rediscounted
Bills pavable
Other liabilities
Total liabilities




040,006,705.69
322,747,190. 05
3i5,631.i 490*78*
104,304,398.56
58,792,522.91
278,934,069. 73
341,519. 02
4,271,013.95
6,114,198,976.07 " "4*422," 096," 393 A5
6,054,778.49
757.00
65,105,819.16
2,259.42
159,670,571. 61
1,572,718.83
120,439,338. 82
20,122,701.58
7,815,73S, 862.73

4,818,560,362.69

68,984,602.22
34,639,336. 2#
12,958,063. 95
2,672,459.56
168,506.10
1,049,483,555.47
670,962.70
253,392.33
7,608,359. 66
5,750,428.44
1,183,189,666.72

89

BEPOKT OF THE COMPTROLLER OP THE CURRENCY.

Resources and liabilities of 21,175 States, savings, and private banks, and loans and trust
companiest June 29, 1918—Continued.
1,669 loan and trust 1,091 private banks. Total, 21,175 banks
companies.
BESOTJRCES.

Loans and discounts (including overdrafts).
Investments (bonds, securities, etc.)
Banking house, furniture and fixtures
Other real estate owned
Due from banks
Checks and other cash items (including exchanges for clearing house)

$146,578,818.48
26,891,564.99
8,910,759.66
6,344,709.93
37,805,789.24

$12,426,597,598.20
5,784,381,241.78
425,711,869.04
125,729,226.48
2,360,741,795.91

116,157,233.40
171,994,005.38
321,526,167.57

1,395,895.02
6,638,967.34
1,999,640.81

268,608,124.47
513,869,423.03
465,857,235.56

8,317,441,476.86

236,566,145.47

22,371,496,514.47

525,236,575.73
543,046,8,56.50
103,919,508.83
509,060,933.97
5,517,007.87
5,970,906,454.04
7,805,564.72
99,368,525.93
166,574,779.55
386,005,269.72

18,803,675.81
9,561,299.97
3,727,286.49
1,970,393.96
45,469.87
193,419,377.10
396.28
706,645.40
4,711,620.20
3,619,980.39

1,253,031,559.45
1,225,626,173.59
283,701,780.74
792,979,376.24
10,001.997.79
17,750,104,756.43
14,532,459.19
165,436,642.24
340,144,049.85
535,937,718.95

8,317,441,476.86

All other resources
Total resources

$4,403,808,598.20
2,115,622,568.15
167,203,619.68
41,005,375.67
980,123,908.81

236,566,145.47

22,371,496,514.47

LIABILITIES.

Capital stock paid in
Undivided profits

•...

Dividends unpaid
Individual deposits
Postal savings deposits
Notes and bills rediscounted
Bills payable
Other liabilities
Total liabilities

»...,
„

For the purpose of comparison, a statement giving the principal
items of resources and liabilities for banks, other than national, from
1914 to 1918, inclusive, is submitted herewith:
Consolidated returns from State, savings, private banks, and loan and trust companies.
Items.

1914

Loans1
Bonds
Cash
Capital
Surplus and
undivided
profits
Deposits (individual) 2
Eesources
1

1915

1916

1918

1917

$8,893,923,049. 95 $9,
1,093,527,548.72 $10,164,480,700. 42S11,674,130,264.83 $12,
!,426, 597,598. 20
3,670,036,288.42 3,813,562,406.67 4,443,609,040.68 4,990,751,982.90 5,784, 381,241.78
616,655,547.01
599,945,292.32
666,515,321.95
513, 869,423.03
749,791,076.06
1,073,881,738.20 1,094,322,264.93 1,129,052,115.96 1,191,421,153.48 1,253, 031,559.45
1,284,994,939.99 1,335,850,844.93

1,376,792,067.98

1,484,875,323.98

1,509,327,954.33

12,249,040,449.2912,614,,485,051.89 14,730,102,074.98 16,768,060,159.14 17,750, 104,756.43
15,489,207,260.""'-i,' 008,444,520.68 18,344,369,696.93 20,836,357,138.31 22,371, 496,514.47
3616, " ~

Including overdrafts.

» Postal savings deposits not included.
STATE BANKS.

State banks (commercial banks) to the number of 16,596 submitted
reports of condition as of June 29, 1918 (or nearest date thereto), as
shown by summaries of returns furnished by the State banking
departments.
The capital of this class of banks was $640,006,705.69 and the
aggregate resources $7,815,738,862.73. These statistics include socalled stock savings banks in States where the banking departments
do not segregate this class of banks in their summaries of reports, but
designate all such institutions as commercial banks.
Loans and discounts in the reporting State banks aggregated
$4,773,519,022. 89, of which amount $290,002,041.87 was secured by
real estate and $403,308,561.33 was secured by other collateral, h




90

REPORT OF THE COMPTROLLER OF THE CURRENCY.

unclassified loans aggregating $4,040,620,251.08 and overdrafts
$39,588,168.61.
The investments in stocks, bonds, and other securities held by
State banks aggregated $1,258,287,670.70, while a large proportion of
this amount, namely, $1,033,514,560.88, was not classified. The following classifications were reported, viz:
United States bonds
State, county, and municipal bonds
Railroad bonds
Bonds of other public-service corporations

$179, 504, 538. 61
41, 872, 537. 78
1, 626, 298. 26
1, 769, 835.17

The amounts invested in banking houses, furniture and fixtures
aggregated $177,445,663.73, while other real estate was owned to the
extent of $46,461,133.34.
The amount due from other banks was reported at $1,032,949,071.58,
while checks and cash items and exchanges for clearing houses
amounted to $146,313,967.49.
Cash in vaults totaled $278,628,304.81, of which amount approximately $57,000,000 was gold and $25,000,000 silver. Eesources not
classified amounted to $102,134,028.19.
The capital stock of the reporting State banks aggregated
$640,006,705.69 or an average capital of about $38,563 for each bank.
Surplus aggregated $322,747,190.05, and undivided profits- $104,304,398.56. Individual deposits, amounting to $6,114,198,976.67,
were classified as follows:
Subject to check without notice
Demand certificates of deposit
Certified checks and cashiers' checks
Savings deposits
Time certificates of deposits
Deposits not classified
Total

$2, 754, 752,819.45
144, 611,060. 27
29, 962,549.16
1,071, 636, 806.01
1,025,951,956.88
1, 087,283,784.90
6,114,198,976.67

In addition to the individual deposits as classified, dividends unpaid
amounted to $4,271,013.95, postal savings deposits $6,054,778.49, and
amounts due to banks and bankers $278,934,069.73, making total
deposits $6,403,458,838.84.
Notes and bills rediscounted were reported at $65,105,819.16, bills
payable $159,676,571.61, and unclassified liabilities $120,439,338.82
MUTUAL SAVINGS BANKS.

Summaries of reports of condition for the current year were
received from 625 mutual savings banks. The statements for these
banks furnished by the State banking departments include statistics
for Maine, New Hampshire, Vermont, Massachusetts, Khode Island,
Connecticut, New York, New Jersey, Pennsylvania, Delaware,
Maryland, West Virginia, Ohio, Indiana, Wisconsin, Minnesota,
California/ and Washington, a bank in the State of Washington having been organized during the past year.
The resources of the mutual savings banks as of June 29 aggregated
$4,818,560,362.69 and their deposits amounted to $4,422,096,393.15,
credited to 9,011,464 depositors, the average deposit-account being
$490.72.
In 1917 mutual savings banks reported resources of $4,811,038,471.87 and deposits of $4,422,489,384.42 credited to 8,935,055
depositors, and an average deposit-account of $494.96.




91

REPORT OF THE COMPTROLLER OP THE CURRENCY.

The statistics, therefore, show that during the year there has been
an increase of $7,521,890.82 in aggregate resources, and while there
has been a decrease of $392,991.77 in deposits, an increase of 76,409
is shown in the number of depositors.
These banks reported loans aggregating $2,314,742,904.14. More
than 89 per cent of these loans, or $2,065,553,657.87, w^as secured by
real estate, while $128,216,466.69 was on other collateral security,
unclassified loans amounting to $120,972,809.58.
Investments in stocks, bonds, and other securities amounted to
$2,173,821,705.20 which included $77,719,949.27 United States
bonds; $214,257,761.62, State, county, and municipal bonds;
$406,272,168.88, railroad bonds; $79,015,464.73, bonds of other
public service corporations; and $1,396,556,360.70 of the investments were not classified.
Mutual savings banks reported banking houses, furniture and
fixtures amounting to $41,160,918.63 and other real estate owned
$24,333,145.8*9. The amounts deposited in other banks aggregated
$202,898,003.08, checks and cash items, etc., $1,253,422.47, cash in
vaults $24,132,875.91 and miscellaneous resources $36,217,224.31.
The surplus funds of these banks aggregated $315,631,490.78 and
undivided profits $58,792,522.91. Besides deposits the miscellaneous
liabilities aggregated $22,039,955.85. In June, 1917, their reported
surplus was $321,793,622, and undivided profits f58,829,989.
The following statement shows the number of mutual savings
banks reporting, the number of depositors, the aggregate deposits,
and the average deposit-account for each year from 1908 to 1918.
Year.

1008
1C09
1910
1911
1912
1913
1914
1915
1916
1917
1918

Banks.

676
642
638
635
630
623
634
630
622
622
625

..
.
..
.

.
...

Depositors.

Deposits.

7,137.481 $3,065,686,012
7,204,579 3,144,584 874
7,481,649 3,360,563, 842
7.690,973 3,460,575, 072
7,851,377 3;608,657,828
8 101,238 3 769 555 330
8,277,359 3,915,626,190
8,307,787 3,950,666,362
8,592,271 4,186,976,600
8,935,055 4,422,489,384
9,011,464 4,422,096,393

Average
to each ,
depositor.
$429. 52
435 66
449.17
449.95
459. 62
465 31
473.05
475. 53
487.30
494.98
490.72

1

i Only 627 banks reported as to the number of depositors and the average deposit is taken on that basis.

The table following shows for each State the number of depositors
in mutual savings banks, the aggregate deposits, and the average
amount due each depositor on June 20, 1917, and June 29, 1918:
85478°—CUR 1918—VOL 1




7

Number of mutual savings banks, number of depositors, aggregate deposits, and average deposit account, by States, June £0, 1917, and June 29, 1918.
1917

1918

States.
Number
of banks.

Maine
M6
Vermont
Massachusetts
Rhode Island
Connecticut

2 196
]5
81

^
.

. .

Depositors.

Deposits.

Average to Number
each de- of banks.
positor.

Depositors.

Deposits.

Average to
each depositor.

$98,689,825.73
240,814
105,764,673.14
206 590
59,676,772.53
118,864
2 566,467 1,026,822,448.75
92,769,759.36
161 470
363,602,570. 50
< 680', 682

$409.81
511. 95
502.05
400.09
574.53
534.16

45
45
20
196
15
81

236,820
207,082
117,962
2,591,162
s 161,320
715,000

$94,141,542.57
104,911,261.60
58,368,453.17
1,024,903,937.56
94,042,240.55
363,186,747.45

$397.52
506.62
494.81
395.54
582.95
507.95

404

439.59

402

4,029,346

1,739,554,182.90

431.72

3,452,111
308,556
531,531
39,318
6 250,000

1,991,469,146. 62
128,265,535.36
256,939,368.37
14,646,256.45
101,917,376.07

576.88
415. 66
483.40
372. 50
407. 67

141
26
10
2
19

3,446,876 1,991,720,349.72
& 323,202
138, 111, 759,64
541,016
247,976,374. 60
39,598
15,143,944.83
& 255; 824
101,660,778.78

577. 83
427.32
458.35
382.44
397.39

197

.

1,747,326,050.01

119

.

3,974,887

141
24
11

Total New England States
New York '.
New Jersey
Pennsylvania
Delaware
Maryland

4,581,516

2,493,237,6S2. 87

544.19

198

4,606,516

2,494,613,207.57

541.53

1

6,542

1,743,335.31

266.48

1

7,002

1,817,801.53

259.61

1

6,542

1,743,335.31

266.48

1

7,002

1,817,8,01. 53

114,023
34,003
9,360
6126,308

68,397,224.00
14,337,222.17
2,573,369.30
29, 578,559. 32

599.85
421. 65
274. 76
234.18

3
5
7
7

110,794
33,942
10,214
109,856

63,658,930.52
13,998,213.16
2,737,375.16
30,209,571.34

574~57
412.40
268.00
274.99

19

283, 700

114,886,374.79

404. 96

22

264,806

110,604,090.18

417. 67

1
1

7,486,068.52
68,021,042.45

426,95
788.56

West Virginia
Total Southern States
Ohio
Indiana
Wisconsin
Minnesota
Total Middle Western States

8

17,534
86,260

1

88,410

65,295,941.44

738. 56

Total Pacific States

1

88.410

65,295,941.44

738.56

2

103,794

75,507,110. 97

727.46

Total United States

622

8,935,055

4,422,489,384.42

494.96

625

9,011,464

4,422,096,393.15

490.72

California

i June 30, 1917.

-

2

Unofficial.




3

E

259.61

3
5
4
77

Total Eastern States

Q
O

As estimated b y b a n k commissioner.

4

Oct. 1,1916.

6

Dec. 31, 1917.

• Estimated.

i July 25, 1917.

« Oct. 3,1918.

H

a
d
j
O

REPORT OF THE COMPTOOLLEE OF THE CURRENCY;

93

STOCK SAVINGS BANKS.

The banking departments in many of the States include the returns
of stock savings banks with commercial banks, as most of these
so-called savings banks transact principally a commercial business.
There is a lack of uniformity in the State laws in regard to the classification of such banks, and quite a number of the State bank superintendents publish no separate summary of the returns from savings
banks.
Statistics for the current year relating to banks under State supervision, with a few exceptions, were furnished by the State banking
departments in the form of summaries of official reports of condition.
Therefore it has not been possible to make a complete segregation of
stock savings banks as was done in 1915 and several years prior
thereto, when statements from the individual banks were made direct
to this office. There are about two or three hundred savings banks,
statistics for which are included with those from State (commercial)
banks.
In California a large number of banks are known as departmental
banks, which make separate reports to the banking department of
that State for each class of business transacted; that is, for their commercial department, trust department, and savings department.
Any bank chartered under the laws of that State may have one or all
departments of business, but each department must be kept separate,
the regulations applying specifically to each department. Figures for
California savings banks, therefore, include the resources and liabilities of savings banks and the "savings departments" of State banks
and trust companies.
In 1915, when individual statements were received from the banks
under State supervision, stock savings banks to the number of 1,529
furnished reports to this office. Since that year stock savings banks,
from summaries furnished by the banking departments were separately shown as follows: 1916, 1,242 banks; 1917, 1,185 banks, and
for the current year 1,194 banks. Of the 1,194 reporting stock savings banks, for the current year, 923 are located in the State of Iowa
and 117 in California.
Stock savings banks of Virginia, West Virginia, South Carolina,
Alabama, Kentucky, Tennessee, Montana, New Mexico, Washington,
Idaho, Colorado, and Nevada are included with commercial banks,
as they were not separately shown in the returns furnished this office
by the banking departments of these States.
Tlie banking departments of a number of other States include all
classes of banks in one official summary, but in such instances separate
statements have been compiled as a special courtesy to this bureau,
or permission has been given for a representative of the bureau to
compile the necessary data from the official reports. For the current
year reports from all stock savings banks are of date June 29 with
the exception of those from Kansas, as of May 8, and Nebraska, as
of May 10.
The 1,194 stock savings banks from which returns were compiled
had capital of $68,984,602.22 and aggregate resources of $1,183,189,666.72. Loans amounted to $786,783,851.15 and overdrafts
$1,164,240.28. Of the loans $26,485,117.01 were secured by real



94

REPOKT OF THE COMPTROLLER OF THE CURRENCY.

estate; $6,462,262.32 by other collateral, and $753,836,471.52 were
unclassified.
Investments in bonds, securities, etc., amounted to $209,757,732.74,
of which $30,856,802.85 were United States bonds; $1,175,832.03,
State, county, and municipal bonds; $2,663,188.31, railroad bonds;
$997,471.29, other public service corporation bonds; and $174,064,438.26 were bonds and securities not classified. Banking house,
furniture and fixtures amounted to $30,990,907.34, and other real
estate owned $7,584,861.65.
The amount due from banks and bankers aggregated $106,965,023.20; checks and*cash items $1,609,857.07; exchanges for clearing
house $1,877,749.02, while cash held in vaults was $32,475,269.59
and unclassified resources $3,980,174.68.
Stock savings banks with capital as stated of $68,984,602.22 had
surplus of $34,639,336.29 and undivided profits of $12,958,063.95.
The individual deposits amounted to $1,049,483,555.47, classified as
follows:
Subject to check without notice
Demand certificates of deposit
Certified checks and cashiers' checks
Savings deposits
Time certificates of deposit
Deposits not classified
Total

$40, 377, 928.42
562, 870. 69
628,134.37
1, 001, 573, 414.15
4, 833, 512.95
1, 507, 694. 89
1, 049, 483,555.47

In addition to the foregoing the amount due to banks was $2,672,459.56; dividends unpaid, $168,506.10; and postal savings deposits
$670,962.70.
Notes and bills rediscounted were reported at $253,392.33; bills
payable at $7,608,359.66 and liabilities not classified $5,750,428.44.
The number of depositors in the 1,194 reporting stock savings banks
is stated at 2,368,089, but these figures are partially estimated and
are only approximately correct, the statements from many of the
States not showing the number of depositors in this class of institutions.
The following table shows the number of depositors in reporting
stock savings banks, the aggregate deposits, and the average amount
due to each depositor, in the States indicated, on June 20,1917, and
June 29; 1918;




Number of stock savings banks, number of depositors, aggregate deposits, and average deposit account, bij States, ,Tune 20, 1917, and June 29, 1918.
1918

1917

States.

Number
of b a n k s .

New Hampshire
Total New England States
New Jersey

Depositors.

Deposits.

Average
to each
depositor.

Number
of b a n k s .

Depositors.

Deposits.

Average
to each
depositor.

Iowa
Total Middle Western States
North Dakota
Colorado
Total Western States
Oregon
Utah
Total United States
1 Estimated.
2 Exclusive of 3; 779 Christmas savings accounts.
3 Estimated by State banking department.

3389.21

11

28,211

$10,188,473.55

$361.15

9,809,945.29

389.21

11

28,211

10,188,473.55

361.15

39,100
148,000
2 111,653

16,045,585.89
14,977,241.12
15,693,000.00

410.37
312.03
140.55

1
29
24

3 39,573
e 36,135
138,620

15,623,812.32
16,730.185.73
21,122,183

394.80
462.99
152.37

51

. .

$9,809,945.29

25,205

1
28
22

-

25,205

10

198,753

46,715,827.01

235.05

54

214,328

53,476,181.60

44,660
i 50,000
i 9,197
i 15,450
198,350

8,331,164.03
12,354,805.81
2,263,283.00
3,503,806.22
24,797,491.52

186.55
247.09
246.09
226.78
252.14

3
11
14

i 48,000
i 6,525
i 15,000
1
100,000

11,874,016.08
1,398,609.70
4,493,451.97
33,863,885.07

247.38
214.31
299.56
338-64

59

217,657

51,250,550.58

235.46

51

169,525

51,629,962.82

304.55

4
2
892

7,205,094.76
9,317,439.54
301,241,041.29

283.83
333.16
401.65

4
2
923

e 28.600
19,687
* 755,000

6,634,694.58
8,873,293.19
326,264,551.96

231.98
450.69
432.14

898

s25,385
127,967
i 750',000
803,352

317,763,575.59

395.55

929

803,287

341,772,539.73

425.47

19
2
2
8

(4)
i 21,490
1-3,260
i 2,500
i 18,000

4,510,756.29
652, 752. 54
977,731.42
4,133,603.26

4
19
2
2

11,405
19.940
1,804
1,853

3,017,223.24
4,357,983.48
'714,949.11
912,358.78

264.55
218.55
396.31
492.37

31

45,250

10,274,843.51

227.07

27

35,002

9,002,514.61

257.20

2
121
10
3

1,141
1,072,400
i 61,000
i 7,200

404,055. 24
539,373.529.46
16,648,228.32
3,292,335.94

354.12
502.96
272.92
457.27

2
117

7 1,141
1,109,138

403,218.19
579,459,793.49

353.39
522.44

'?,

7,457

3,550,871.48

476.18

1,141,741

559,718,148.96

490.23

122

1,117,736

583,413,883.16

521.96

1,185

2,431,958

995,532,890.94

409.35

1,194

2,368,089

1,049,483,555.47

443.17

209.90
200. 23
391.09.
229.64

(4)

* Included with State banks.
5
6 Partially estimated; 23 banks report 29,676 depositors.
Partially estimated.




H
O

O

o
K

E
o
•cj

a

"> 1917.

N O T E . — R e t u r n s from so-called stock savings b a n k s of N o r t h Carolina, Colorado, a n d U t a h are i n c l u d e d w i t h figures for commercial b a n k s for 1918, n o separate

being submitted by the banking departments of those States.

o
w

249.51

13
19
4
12
11

136

District of Columbia
Total Eastern States
North Carolina
Georgia
Florida
Louisiana
Total Southern States
Michigan

10

statement
O!

96

REFOBT OF THE COMPTROLLER OF THE CUERENCY*
ALL REPORTING SAVINGS BANKS.

The growth of savings banks, mutual and stock, in the United
States from 1820 to 1918, as evidenced by the amount of deposits,
number of depositors, and average per capita in census years, from
1890 to 1918, is shown in the following table:
Number of savings banks in the United States, number of depositors, amount of saving*
deposits, average amount due each depositor in the years 1820, 1825, 1830, 1885, 1840,
1845, and yearly to 1918, and average per capita in the United States in the years given.
Average

Banks.

Year.

Depositors.

Deposits.

Average per capita
due each
in the
depositor. United

States.

1820
1825
1830
1835
1810
1 8 4 5 . . . ._
1846
*
1947
1848
1849
1850
1851
1852
1853
1854
1855
1856...
1857
1858
1859
I860
1861
1862
1863...
1864
1865
1866..
1867
1868
1869
1870
1871
1872
1873
1874
1875
1876 .
1877
1878
1879
1880
1881
1882
1883
1884
1885
1886
1887
1888 .
1889
1890
1891
1892
.
1893...
1894
1895
1896
1897...
1898
1899
1900
1901

*

•.

!

.




.
.\.

.
.

10
15
36
52
61
70
74
76
83
90
108
128
141
159
*190
215
222
231
245
259
278
285
289
293
305
317
336
371
406
476
517
577
647
669
693
771
781
675
663
639
629
629
629
630
636
646
638
684
801
849
921
1,011
1,059
1,030
1,024
1,017
988
980
979
987
1,002
1,007

8,635
16,931
38,035
60,058
78,701
145,206
158,709
187,739
199,764
217,318
251,354
277,148
308,863
365,538
396,173
431,602
487,986
490,428
538,840
622,556
693:870
694,487
787,943
887,096
976,025
980,844
1,067,061
1,188,202
1,310,144
1,466,684
1,630,846
1,902,047
1,992,925
2,185,832
2,293,401
2,359,864
2 368,630
2,395,314
2,400,785
2,268,707
2,335,582
2,528,749
2,710,354
2,876,438
3,015,151
3,071,495
3,158,950
3,418 013
3,838,291
4,021,523
4,258,893
4,533^217
4,781,605
4,830,599
4,777,687
4,875,519
5,065,494
5,201,132
5,385,746
5,687,818
6,107,083
6,358,723

$1,138,576
2,537,082
6,973,304
10,613,726
14,051,520
24,506 677
27,374,325
31,627,479
33,087,488
36,073,924
43,431,130
50,457,913
59,467,453
72,313,696
77,823,906
84,290,076
95,598,230
98,512,968
108,438,287
128,657,901
149,277,504
146,729,882
169,434,540
206,235,202
236,280,401
242,619,382
282,455,794
327,009,452
392,781,813
457,675,050
549,874,358
650,745,442
735,046,805
802,363,609
864,556,902
924,037,304
941,350,255
866,218,306
879,897,425
802,490,298
819,106,973"
891,961,142
966,797,081
1,024,856,787
1,073,294,955
1.095.172.147
L, 141,530,578
]L, 235,247 371
1 364,196,550
L,
L, 425,230,349
1 524,844,506
L,
1 623,079,749
L,
L, 712,769,026
1 785,150,957
L,
1 747,961,280
L,
1,810,597,023
L, 907,156,277
1
L939.376.035
2,065,631,298
2,230,366,954
2.449.547.885
2,597,094,580

$131.86
149.84
183.09
176.72
178.54
168.77
172.48
168 46
165.63
165.99
172.78
182.06
192.54
197. 82
196.44
195.29
195.90
200.87
201.24
206.66
215.13
211.27
215.03
232.48
242.08
247.35
264.70
283.63
299.80
312.04
337.17
342.13
368.82
367.07
376.98
391.56
397.42
361.63
366.50
353.72
350.71
352.73
356.70
356.29
355.96
356.56
361.36
361 39
355.41
354.40
358.03
358.04
358.20
369.55
365.86
371.36
376.50
372.88
383.54
392.13
401.10
408.30

$0.12
.54
.82

1.87

4.75

14.26

16.33
*

24.35
25.29
26.11
26.63
25.53
25.88
26.68
26.56
27.67
29.24
31.78
33.45

KEPOBT OF THE COMPTEOLLEB OF THE CURRENCY.

97

Number of savings banhs in the United States, number of depositors, amount of savings
deposits, average amount due each depositor in the years 1820, 1825, 1830, 1835, 1840,
1845, and yearly to 1918, and average per capita in the United States in the years
given—Continued.
Average

Banks.

Year.

Depositors.

Deposits.

Average per capita
due each
in the
depositor. United
States.

1902
. .
1903
1904
1905
.
1906
]907
1908
1909
.
1910
1911
1912
1913
1914
1915
, Q1 njMutual savings banks
1
°\Stock savings banks
m

'\Stock savings banks
-, Q 1 R /Mutual savings banks
\Stock savings banks

. . . .

1,036
1,078
1,157
1,237
1 319
1,415
1,453
1,703
1,759
1,884
1,922
1,978
2,100
2,159
622
1,242
622
1,185
625
1,194

6,666,672
7,035,228
7,305,443
7,696,229
8,027,192
8,588,811
8,705,848
8,831,863
9,142,908
9,794,647
10,010,304
10,766,936
11,109,499
11,285,755
8,592,271
2,556,121
8,935,055
2,431,958
9,011,464
2,368,089

$2,750,177,290
2,935,204,845
3,060,178,611
3,261,236,119
3,482,137,198
3,690,078,945
3,660,553,945
3,713,405,710
4,070,486,246
4,212,583,598
4,451,818,522
4,727,403,950
4,936,591,849
4,997,706,013
4,186,976. 600
901,610', 694
4,422,489,384
995,532,890
4,422,096,393
1,049,483,555

$412.53
417.21
418.89
423.74
433.79
429.64
420.47
420.45
445.20
430.09
444.72
439.07
444.35
442.83
487.30
352.72
494.96
409.35
490. 72
443.17

S34. S9
36.52
37.52
39.17
41.13
42.87
41.84
41.75
45.05
44.82
46.53
48.56
49.85
49.91

NOTE.—In the foregoing table the figures for 1896 to 190S, inclusive, but not subsequently, include the
number of depositors and the amount of deposits in the State banks of Illinois having savings departments, but not the number of such banks, by reason of the fact that general returns from these institutions are incorporated in State banks' returns.
In the assembling of data in relation to savings banks the classification of banks as made by the
State banking departments is closely followed, in consequence of which a number of so-called State
savings banks, formerly treated by this office as savings banks, are now regarded as commercial banks,
and the returns therefrom are combined with the latter and this accounts for the relatively small amount
of deposits reported for stock savings banks since 1915.

While deposits in the mutual and stock savings banks aggregating
$5,471,579,948 are indicated as savings, approximately $100,00,0,000
of this sum was reported as subject to check without notice.
Deposits classified as strictly savings in all banks for the current
year aggregated $7,727,007,971.21. The amount so classified in 1917
was $7,219,416,446.49, or an increase of $507,591,524.72 during the
year.
LOAN AND TRUST COMPANIES.

Summaries of reports of condition as of June 29, 1918, from 1,669
loan and trust companies show aggregate capital of $525,236,575.73
and aggregate resources of $8,317,441,476.86. In June, 1917, reports
were received from 1,608 loan and trust companies with capital of
$505,507,321.82 and resources of $7,899,818,189.55.
Returns from the banking departments of Virginia, North Carolina,
South Carolina, Alabama, Tennessee, New Mexico, Idaho, and Nevada
include this class of institutions with commercial banks. On June 29,
1918, the reporting loan and trust companies had loans and discounts aggregating $4,398,614,707.56 and overdrafts amounting to
$5,193,890.64.
Of the loans, the sum of $555,655,501.77 was reported as secured
by real estate and $1,464,531,655.19 was secured by collateral other
than real estate.



98

REPORT OF THE COMPTROLLER OF THE CURRENCY.

Investments in bonds, securities, etc., aggregating $2,115,622,568.15
were classified as follows:
United States bonds
State, county, and municipal bonds
Railroad bonds
Bonds of other public service corporations
Unclassified bonds, stocks, etc

$158,450, 623.11
38,133, 835. 79
33, 753, 532. 53
36, 851,430. 77
1,848,433,145. 95

,
-

Total

2,115,622,568.15

The loan and trust companies held in their vaults on June 20, 1918?
cash amounting to $171,994,005.38 against $363,009,936.83 reported
in 1917, or a decrease of $191,015,931.45, of which sum $168,000,000
represents a decrease in gold holdings. Amounts due from banks and
bankers totaled $980,123,908.81.
The loan and trust companies reported banking houses, furniture
and fixtures valued at $167,203,619.68 and other real estate owned
$41,005,375.67; checks and other cash items, $100,109,857.04;
exchanges for clearing house, $16,047,376.36; and other unclassified
resources, $321,526,167.57.
The reporting loan and trust companies had capital, as before
stated, of $525,236,529.73, surplus of $543,046,856.50, and undivided
profits of $103,919,508.83.
Individual deposits held by loan and trust companies are classified
as follows:
Subject to check without notice
Demand certificates of deposit
Certified checks and cashiers' checks
Savings deposits
Tinie certificates of deposit
Deposits not classified

$2, 031, 637, 384. 52
69,103, 064. 39
24, 696, 459.10
1, 286, 650, 369. 13
236, 304, 255. 44
2, 322, 514, 921. 46

Total

5, 970, 908., 454. 04

In addition to individual deposits classified as indicated, loan and
trust companies reported amounts due to banks at $509,060,933.97;
dividends unpaid, $5,517,007.87; and postal savings deposits,
$7,805,564.72, making all deposits aggregate $6,493,289,960.60.
Notes and bills rediscounted were reported at $99,368,525.93; bills
payable, $166,574,779.55; and unclassified liabilities, $386,005,269.72.
i*he growth of loan and trust companies during the past six years
is indicated by the following figures (expressed in millions), showing
the principal items of resources and liabilities:
Year.

1912
1913 "
1914
1915
1916
1917
1918

Number.
1,410
1,515
1,564
1,664
1,606
1,608
1,669




Loans.

Investments.

$2,711.2
2,767.3
2,905.7
3,048.6
3,704.3
4,311.7
4,403.8

$1,219.1
1,191.0
1,261.3
1,349.6
1,605.4
1,789.7
2,115.6

Capital.
$418.9
452.4
462.2
476.8
475.8
505.5
525.2

Surplus
and
profits.
$560.7
574.3
564.4
577.4
605.5
641.8
646.9

All

deposits.
$3,975.3
3,867.8
4,289.1
4,604.0
5,732.4
6,413.1
6,493.3

Aggregate
resources.
$5.107.4
5,123.9
5,489.5
5,873.1
7,028.2
7,899.8
8,317.4

EEPOET OF THE COMPTROLLER OF THE CURRENCY.

99

PRIVATE BANKS.

There are more than 3,000 private banks in operation in the
United States, but only a portion of these are under State supervision.
Returns from this class of banks are, therefore, very meager. More
than one-half of the private banking institutions which are not
under State supervision refuse to furnish reports of condition for
statistical purposes.
Reports for the current year were received from 1,091 private
banks, with capital of $18,803,675.81 and aggregate resources of
$236,566,145.47. Their loans and discounts aggregated $144,687,747.68 and overdrafts $1,891,070.80; investments in bonds, securities, etc., $26,891,564.99; banking house, furniture and fixtures,
$8,910,759.66; and other real estate owned, $6,344,709.93.
The amount due from banks was $37,805,789.24, checks and other
cash items amounted to $1,051,867.76, and exchanges for clearing
house $344,027.26. Cash in vaults amounted to $6,638,967.34 and
resources not classified $1,999,640.81.
The reporting private banks, with capital, asstated, of $18,803,605.81
had surplus of $9,561,299.97 and undivided profits of $3,727,286.49.
Individual deposits aggregated $193,419,377.10; postal savings
deposits, $396.28; dividends unpaid, $45,469.87; and amounts due to
banks, $1,970,393.96.
Private banks reported notes and bills rediscounted amounting to
$706,645.40; bills payable, $4,711,620.20; and liabilities not classified, $3,619,980.39. The returns from private banks were all official
with the exception of those from Texas, Illinois, Michigan, and Iowa.
CONDITION OF ALL BANKS OPEBATING UNDE& STATE LAWS
IN EACH STATE OF THE UNION.

The following table gives the principal items of resources and
liabilities of 21,175 State banks, savings banks, private banks, and
loan and trust companies in each one of our 48 States, and in Alaska,
Hawaii, Porto Eico and the Philippine Islands, on the date nearest
to June 30, 1918, according to the official returns furnished to this
office.




Abstract of reports of condition of 21,175 State, savings, private banks, andloan and trust companies, on June 29,1918, or date of report nearest thereto.

O

o
Resources.
States, etc.

Maine
New Hampshire.
Vermont
Massachusetts
Rhode Island
Connecticut
New England States.
New York l
New Jersey
Pennsylvania
Delaware
Maryland
District of Colum bia.
Eastern States.
Virginia
West Virginia
North Carolina
South Carolina 3
Georgia *
Florida
Alabama....
Mississippi
Louisiana
Texas
Arkansas
Kentucky
Tennessee s
Southern States.
Ohio
Indiana
Illinois 6....
Michigan...
Wisconsin.,




Number of
banks.

70
58
296
31
151

Loans and
discounts.
$65,598,815.53
65,152,693.02
90,515,050.32
1,105,404,109.80
112,090,196.72
229,971,837.69

702

1,668,732,703.08

531
178
635 i
23 ;
154 i
30 i

3,275,147,"539. 72
289,065,974.79
679,649,962.23 i
20,186,303.22 i
125,345,368.11 |
43,943,639.20

Overdrafts.

Investments.

$82,284.00

$117,241,013.81

269,822. 91
8,884.33
105,658.62

68,412,852.08
21,173,636.46
494,521,078.49
129,731,952.55
265,329,942.53

466,649.86 I 1,096,410,475.92

Banking house,
furniture, and
fixtures.
$3,349,993.59
1,116,977.30
604,674.21
19,229,094.62
• 2,964,247.80
5,451,986.63

Other
real estate
owned.
$473,363.25
242,666.56
3,228,128.53
305,589.38
809,004.48

Due from
banks.
$7,732,750.95
5,270,290.71
6,524,519.04
113,851,490.73
21,708,659.16
21,759,721. 77

Checks and
other
cash items.

$1,875,200.54
60,975.57
2,210,443.43

32,716,974.15

5,058,752.20

176,847,432.36

19,504,986.16
3,813,598.87
22,574,737.27
576,204.29
1,997,171.43
3,466,992.30

604,239,366.54
48,557,190.73
151,651,159.86
8,882,299.80
2 32,546,226.40
8,499,604.12

128,742,169.00
1,917,325.39
9,042,418.55
140,785. 78
651,941.28
541,453.37
141,036,093.37

1,551 I 4,439,338,787.27 j 2,191,863.95 I 2,951,608,499.84

167,311,887.08

51,933,690.32

854,375,847.45

20,962 ,304.41
19,734; 268.74
11,611 006.58
8^505; 287.57
16,875. 332.48
7,539! 515.15
7,060! 519.16
17,324! 275.92
35,210! 660.12
16,2551 600. 76
11,532. 545.91
24,902! 953.41
15,222! 001.87

3,444,767.04
5,159,900.33
3,578,862.71
2,438,693.72
6,071,123.47
3,014,451.64
2,411,983.34
1,615,945.64
6,204,342.69
6,582,311.27
3,020,490.23
4,144,346.52
5,096,742.15

"1,050, 823.61
1,161. 573.74
692! 570.55
6461 667.87
3,155, 211.82
1,009, 365.47
1,525, 788.91
810, 771.38
2,302, 027.14
3,096, 117.93
995,360.34
403, 115.90
1,148, 058.20

12,336,830.11
20,568,704.18
17,178,042.64
9,580,697.54
•25,597,194.67
10,822,733.29
16,589,594.67
23,549,160.82
30,555,114.29
30,893,030.59
19,090,602.13
30,962,728.49
24,965,381.86

97,957, 843.44
98,779. 799.69
110,731! 959.68
87,374' 636. 33
159,973. 493.38
38,636! 358.05
53.526! 073.54
68,736! 726.92
119,459; 895.30
159,246, 956.62
78,279, 704.27
99,046, 158. 79
104,676, 577.96

316. 320.20
339! 439.41
586! 365.05
1,2281 437.55
2,414, 187.30
102! 571.40
81! 461.57
3,53ol 886.39
893, 896. 30
1,023. 998.11
41i; 329.00
773, 810.41
416. 982.43

5,054 I 1,276,426,183.97

12,124,685.12

212,736,272.08

52,783,960.75

17,997,452.86

272,689,821.28

12,825,423.06

763,934.00
606,789.66
1,412,321.52
407,182.90
794,805.22

258,740,735.00
58,935,233.79
249,815,726.57
324,126,922.52
52,139,360.63

24,434,132.00
8,558,560.62
18,633,376.08
15,146,467.41
1,149,550.46

5,085,037.00
1,499,706.46
3,436,437.67
1,540,681.30
6,856,737.92

109,963,638.00
45,562,068.31
172,951,963.40
73,954,564.15
38,459,454.77

621,297.00
2,886,657.89
33,621,742.94
2,449,439.30
2,263,021.01

207
413
336
651
199
238
288
218
919
389
444
430

781
778
1,022
595
785

534,498,498.00
234,546,400.55
'777,380,224.58
257,031,051.91
233,617,550.90

w

4,146,619.54

1,482,303.00 I 1,770,700,142.32 90,633,424.66
40,447.24 | 257,737,113.16 12,441,417.19
487,708.18 | 735,968,120.12 51,104,331.03
40,804.95
27,470,778.03
i,256,384.57
108,757.21
139,659,025.51
6,318,261.62
33,843.37
20,073,320.70
5,558,068.01

8.

901 , 747.60
423 , 717.07
$40 ; 266.71
1,000 000.00
570! 762.55
340! 091.83
43! 189.99
2,643! 006.24
2,002! 769.42
1711 924.14
331, 296.88
3,756,650.63

w
H
O

I
o
4

1,148
1,503
1,407

Western States
Washington
Oregon 7
California
Idaho
Utah
Nevada
Arizona
Alaska*

.'...

Pacific States
Hawaii
Porto Rico 9
Philippines

7,922 004 98
14,910,414.32
12,483,945.41

1,990,447.39
4,007,203.08
3,067,565.00

30,216,451.98
76,009,021.76
94,847,248.09

82,578.62
264,705. 71
6,216,564.83

3,225,371,945.53

8,714,429.98

1,128,375,738.76

103,238,451.28

27,483,815.82

641,964,410.46

48,406,007.30

89,689,755.64
100,970,387.16
192,191,149.87
181,575,599.71
71,952,758.14
16,732,873.55
55,712,987.33
15,019,335.48
93,070,523.02

365,219.19
778,773.63
2,090,839.28
1 039,811.39
848,376.02
240, 740. 73
263,241.16
47,855.82
475,504.00

4,672,992.08
5,125,796.81
18,515,274.37
25,335,343.75
9,307,782.23
1,140,210.05
14,044,170.74
873,534.38
11,518,460.53

3,470,084. 27
3,262,316 11
4,741,920.91
4,919,207.78
3,310,395.60
350,482.39
2,081,370.05
700,154.93
2,344,789.24

2,055,619.31
706,251.35
607,301.61
1,291,264.30
1,158,035.56
63,867.49
600,195.29

4,440

. .

40 226 455 10
37,085,216.89
107,306,088.26

816,921,369.90

6,150,361.22

90,533,564.94

281
177
578
136
99
23
60
17

102,166,108.12
53,943,579.45
594,027,210.55
31,671,137.84
53,822,764.60
10,947,960.49
26,815,964.45
3,616,238.69

404,199. 62
321,740.62
659,615.40
73,793.78
154,992.40
170,705.71
17,234.30

31,997,115.55
14,723,264.08
223,606,850.76
3,907,220.63
7,480,478.05
2,271,165.04
7,203,313.54
1,102,483.18

1,371

877,010,964.19

1,802,281.83

16
13
9

.

1,083 859 38
2,619,143.93
1,026,393.37

693
517
929
1,037
277
98
236
74
579

Middle Western States
North Dakota
South D a k o t a . . . . . .
Nebraska
Kansas
Montana
Wyoming
Colorado
New Mexico
Oklahoma

268,188 171.49
489,696,388.90
430,413,659.20

8,019

Minnesota
Iowa
.......
Missouri

18,459,111. 17
18,085,336.22
38,413,663.48

1,035,810.91
83,505.10
15,267,945.42

533,126.98

10,371,975.48
25 894 861 94
51,882,729.58
55 618 588.92
16,420,720.86
3,923,137.89
16,142,177.62
3,067,466.83
19,765,417.20

1,058,272.66

o

25,180,^1.28

7,015,661.89

203,087,071.32

4,394,475.90

1-3

6,443,217.16
1,855,259.73
29,647,033 11
1,418,854.02
1,790,115.30
405,886 66
1,559,619.24
197,570.47

4,683,400.90
1,228,908.35
7,411,197.96
407,578.55
1,641,389.30
261 346.27

24,367,486.74
16,007,191.06
88,815,883 62
5,801,550.90
9,072,332.08
3 658 225 40
9,726,285.93
1,109,062.75

668,443.50
809,883.21
4 023,593.16
162,884.76

o

292,291,890.83

43,317,555.69

15,673,432.59

158,558,018.48

5,780,588.42

6,645,246.15
2,509,862.25
3,269,691.01

484,484.59
398,296 96
279,537.26

345,287. 41
28,003.21
193,130.18

5,209,779.53
4 834 910 27
43,174,505.76

623,755.95
541 537 16
1,247,004.25

39,613.26*

450,012.51
85,363.48
762,543.28
316,004.62
520,924.73
241,095.44
960,259.18

21,944.64
93,839.15

38

Islands
United States

74,958,110.87

16,387,261.43

12,424,799.41

1,162,318.81

566,420.80

53,219,195.56

12,378,760,064.81

47,837,533.39

5,784,381,241.78

426,711,869.04

125,729,226.48

2,360,741,795.91

219,001,504.95

O
F

2,412,297.36

21,175

K

M

fed
1

July 1, for savings banks.
Includes cash on hand for mutual savings banks,
Includes 14 branches.
* Includes 28 branches.
• Includes 17 branches.
2

8




8
July 1, for State banks and trust companies.
»Includes 1 foreign bank.
* Includes branches.
»Includes branch of 1 national bank with resources of $369,630.89.

O

d
Q

Abstract of reports of condition of 21,175 State, savings, private hanks, and loan and trust companies, on June 29, 1918, or date of report nearest thereto—
Continued.
.
Liabilities.

Kesourees.
States, etc.

Maine
New Hampshire..
Vermont
,
Massachusetts
Rhode Island
Connecticut

$6, 138,798.49
1,437,800. 29

Cash on hand.

$2,096,549.29
493,285.45
1,232,900.18
20,932,301.18
6,098,235.33
4,853,711.15

Other
resources.

Aggregate
resources.

$10,235,601.57
2,925,417.81
26,944,413. 70
2,771,216.50
1,896,451.47

$206,337,008.74
140,919,461.81
123,218,864.58
1,792,394,438. 99
277,177,757.63
532,388,757. 77

Capital stock
paid in.

34,523,400.00
805,000.00
2,051,000.00
35,075,000.00
9,042,350.00
9,374,045.00

Surplus fund.

Undivided
profits, less
expenses.

$9,145,714.98
11,987,562.51
9,530,544.05
86,720,649.22
15,621,157.86
20,918,347.03

Eastern States...

43,421,466.77
5,153,729.42
15,317,750.16

',576,598.78

35,706,982.58

44,773,101. 05

3,072,436,289.52

60,870,795.00

153,903,9^.70

69,488,992.99

224,570.25
245,987.47
360,025.82

110,293,965.12
9,520,311.73
34,767,491.59
1,511,129.71
3,141,688.16
1,500,652. 53

172,320,254. 73
4,854,442. 85
12,383,829. 55
17,400.45
2,439,939.19
26,640.74

6,173,064,151.25
627,947,821. 95
1,697,629,758.38
66,306,661.05
312,452,366.38
84,004,240.16

158,023, -806.00
27,239,980.00
128,903,019.21
4,016,700.00
16,012,949.74
11,966,498.50

409,126,447.18
31,872,752. 26
192,320,108.48
4,669,329. 48
21,636,746.26
5,419,660.94

10,598,810.86
38,212,119.09
1,645,544.92
7,380,140.88
2,246,486.34

830,583.54

160,735,238.84

192,042; 507. 51

8,961,404,999.17

346,162,953.45

.5,045,044.60

1,363,806. 03
4,686,772. 63
657,033. 33
2,802,333. 87
4,460,571.17
384,307.75
2,317,258.91
1,507,479.33
62,910.82
6,524,466.27
757,146. 23
7,063,527.20
8,589,098. 96

142,413,593.77
156,104,713. 98
150,413,503.33
115,022,422.56
229,409,408.69
64,542,506.67
87,673,640.46
119.662,774.41
206.999,697.55
235,549,361.98
118,318,016.05
173.838,475.56
169.816,251.42

12,032,627.44

58,971,227.37

41,176,712. 50

1,969,764,366.43

8,127,866.00

25,553,961.00
9,637,728 28
40,966,266. 83
22,669,687.13
8,269,387.24

5,126,313.00
31,149,480.46
13.522,789.52
' 941,470.16
276,844.16

972,915,411.00
393,382,608. 02
1,311,755,403.37
704,372,135.43
345,352,394.34

,

Ohio
Indiana
Illinois
Michigan..
Wisconsin.




o
o

60,083,102.09

3,754,031.63
4,071,736. 82
3,599,846.09
1,469,689.18
6,362, 294. 40
2,462,441.37
3,467,479.36
2,251,518. 08
6,594,602.34
9,914,628.31
3,369,007. 08
5,709,195. 35
5,944,757.36

353, 389.17
287, 819. 94
3,073, 242.31
9, 482. 70
906. 72
501* 342. 61

Southern States.

O

•n

$5,354,818.63
241,228.01

1,226, 861.30
700, 770. 84
1,354. 099.63
335; 712. 22
3,500, 000.00

New England States..
New York
New Jersey
Pennsylvania
Delaware
Maryland
District of Columbia

Virginia...:
West Virginia
North Carolina
South Carolina
Georgia
Florida
Alabama
Mississippi
Louisiana
Texas
Arkansas
Kentucky
Tennessee

Exchanges
for clearing
house.

14,554. 26
6,104,668. 65
1,525,682.03

14,828 675.00
14,344 270. 00
12,764 049. 09
12,18i; 621.51
28,711, 855.00
7,333: 000.00
10,64i;770. 73
9,939, 125.00
15,882, 800.00
35,906,723.12
13,638, 725.00
19,117, 650.00
16,956,441.16
212,246,705.61
58,265,071.00
35,642,945.00
99,123,832 59
43,520,865. 00
26,051,650.00

9,935,055.27
9,041,288. 01
5,360,655.83
5,312,830.77
21,469,344.92
2,397,824.70
4,170,132.87
4,150,025.94
8,325,876.75
9,607,086.15
4,633,947. 68
8,030,895.24
8,063,476.06
100,498,440.19
42,206,008.00
12,493,707.82
60,871,193.68
26,393,432. 80
8,574,327.26

3
t1

3,299,7^2794
2,750,001. 22
3,700,505. 94
3,260,253.31
791,980.05
2,232,146.83
1,896,240.15
13,225,086.18
5,257,953.06
2,625,775.31
4,029,606.57

d
Q

33,069,301.56
13,724,777 00
5,654,159.68
22,472,516.28
10,698,964.34
4,819,730.21

2,365,630.21
75,821.16

......

... .

2,943,533.81
11,810,464.76
13,482,899.01

149,604,735.18

72,328,630. 60

5,423,702,387.22

406,747,945.70

222,608,579.98

85,607,048.09

2,159,686.19
2,332,710.37
8,750,052.64
7,762,392. 22
4,249,682.90
681,817.09
3,442,896.21
802,218.16
3,099,688.55

935,262.51
243,064.92
3,424,995.68
493,785. 21
516,788.65
354,911.47
400,810.48

114,316,716.08
140,162,752.32
282,966,807.22
279,339,190. 59
108,285,464.69
23,729,136.10
93,648,102.06
20,510,565.60
132,471,264.34

1*1,445,158.72
9,399,900.00
21,609,100.00
23,109,600.00
11,400,000.00
2,435,000.00
7,827,500.00
2,646,323.60
10,802,550.00

3,787,022.83
2,953,319.80
5,907,318.34
12,040,789.10
3,157,743.79
744,670.76
2,700,476.42
948,947.47
2,091,602.58

461,540. 06
797,323. 61
5,921,174.61
3,953,184.17
1,568,284.38
711,369.03
985,098.07

605,482.16

.

.....

..

..

. . . .

33,281,144.33

6,369,618.92

1,195,429,999.00

100,675,132.32

34,331,891.09

15,859,088.93

1,597,629.95
670,280.15
5,051,427.90
355,060.42

2,340,874.42
5,812,801. 93
829,278. 74
4,655,399.46
42,401,120.56 2 89,135,085. 73
88,609.15
1,669,125.53
1,489,706.83
3.221.082.25
332,313.35
860^ 058. 08
2 968 400 84
172,16J. 91
797,616.68

180,481,277.89
95,044,782.85
1,084,779,018.75
45,555,815.58
78,517,868.41
18,938,275.66
48,444,289.71
7,145,820.39

15,633,700.00
8,708,500.00
70,019,565.00
4,271,230.00
7,490,965.00
1,752,300.00
3,053,717.00
695,500.00

4,984,139.22
2,992,744.38
31,388,358.52
1,115,759.33
2,857,102.00
371.349.20
1,517', 800.02
120,500.00

2,941,650.16
1,560,096.13
10,090,464.20
414,356.77
1,186,920.61
320,986.41
979,997.00
253,770. 75

24,383.33

1,461,115.00

7,698,781.75

62,385,605.33

94,388,030.13

1,558,907,149.24

111,625,477.00

45,347,752.67

3,383,970.87
4,748,462.84
5,052,055. 69

1,458,023.77
594,280. 91
12,726,330.17

37,645,470.35
32,581,990. 32
119,623,863.22

3,909,925.00
2,708,242.47
8,084,382.90

1,108,072.77
721,534.76
2,060,881.83

United States

„.
1

o
o

1,216,399. 70
549,583.90
80,021.45

757,795.40

Islands

H

17,748,242.03

757,795.40

Pacific States
Hawaii
Porto Rico




11,193,372.16
18,171,521.45
42,705,016.81

..
. .

Utah
Arizona
Alaska

28,880,911.07
52,335,071.04
62,927,600.00

987,192. 69

Western States
Washington
Oregon
California

359,745,307.81
642,521,699.16
693,657,430.09

2,496,010.30

. .

229,760.64
590,645.92
20,491,346.74

146,108.90
757,226. 55

Middle Western States
North Dakota
South Dakota
Nebraska
. ..... ... .
Kansas
Montana
I . .
. .
Wyoming
Colorado
New Mexico
Oklahoma

7,439,948. 02
17,263,137. 49
17,804,619.19

18,214,222.31

Minnesota
Iowa
Missouri

.13,184,489.40

14,778,634.85

189,851,323.89

14,702,550.37

3,890,489.36

1,846,005.05

49,606,619.52

513,869,423.03

465,857,235.56

22,371,496,514.47

1,253,031,559.45

1,225,626 173.59

283 701 780.74

Includes $241,432.71, unearned discount.

2 Includes $63,268,996.89, trust resources.

d

O

o
CO

Abstract of reports of condition of 21,175 State, savikgs, private banks, and loan and trust companies, on June 29, 1918, or date of report nearest thereto.
Liabilities.
States, etc.
Due to banks.
Maine
New Hampshire..
Vermont
Massachusetts
Bhode Island
Connecticut
New England States.
New York
New Jersey
Pennsylvania
Delaware
Maryland
District of Columbia

Eastern States.,
Virginia
West Virginia..
North Carolina.
South Carolina.
Georgia
Florida
Alabama
Mississippi
Louisiana
Texas
Arkansas
Kentucky
„
Tennessee

Southern States..
Ohio
Indiana
Illinois....
Michigan..
Wisconsin.




Dividends
unpaid.

Deposits.

Postal savings Notes and bills Bills payable.
rediscounted.
deposits.
$3,745,332.84

12,921,914.06
"*"298,"63L25'

857,983.95
5,188,569.00
680,000.00
2,926,740.03

$10,024,776.94
1,218,474.42
1,171,497.89
30,897,185.62
2,657,666.15
1,980,811.66

14,840,111.96

13,398,625.82

140,759.74

65,512,323.00
2,175,797.06
580,199.65
200,000.00
733,433.87
11,500.00

90,932,085.00
8,441,696.96
33,534,404.47
1,613,969.65
3,994,124.57
1,389,561.77

197,403,714.35
12,679,871.52
15,897,424.80
57,116.79
2,274,894.70
1,376,001.87

2,992,995.60

69,213,253.58

139,905,842.42

229,689,024.08

1,494,550.75
1,197,190.64
3,093,969.67
2,227,113.51

4,666,446.97
2,006,588.50
9,562,537.37
10,810,960.08
22,270,202.58
1,019,862.51
1,648,808.01
7,208,873.41
6,397,363.74
14,318,999.71
6,206,284.50
844, S19.21
7,069,460.56

49,847,584.50
1,949,876.14
1,221,053.05

35,503.50
501,115.16
22,507,05
200,494.28

$171,472,305.72
126,687,196.87
109,572,335.19
1,526,797,322.59
241,517,180.69
480,150,885.26

53,897,727.17

831,499.49

2,656,197,226.32

1,556,922.39

349,932,300.00
10,188,958.15
25,921,865.19
1,123,332.88
6,534,928.94
1,179,485.11

650,323.27
1,848,179.33
54,140.43
279,329.54
19,424.59

4,902,133,475.72
524,099,631.87
1,257,560,202.30
52,926,526.90
253,605,817.88
60,264,861.30

2,852,235.86

394,880,870.27

2,851,397.16

7,050,680,515.97

2,190, 713.22
3,367; 238.20
5,226, 629.67
1,797, 680.99
6,575, 235.57
1,820! 834.81
3,645^ 907.47
3,438, 946.14
18,496i 139.25
7,767, 599.49
4,827, 786.38
2,044; 995.25

373,021.98
227,934.99
150,358.00
170,239.62
261,019.61
105,400.59
92,651.73
38,146.14
383,037.42
900.00
110,132.37

101,023,280.19
120,563,769.29
109,276,553.82
77,203,560.69
147,182,809.78
50,369,089.93
64,219,366.31
89,922,334. 41
148,642,257.40
159,459,013.76
85,073,690.21
132,457*154.73
128,156,776.84

1,912,842.45 I 1,413,549,657.36
583,835.00
207,998.86
1,719,094.40
774,855.56
211,407.37

821,320,194.00
293,588,769.40
1,003.958,932.46
585', 273,494. 79
286,016,479.72

s

47,950,412.68

$71,879.50

10,616,769.00
7,541,553.22
82,222,806.52
15,826,216. 77
6,665,173.59

o

$1,119,566.65

$879,213. 48

61,199,706. 44

Other
liabilities.

$1,023,632.07
533,290.32

16,049.94

13,179,178.47

94,030,202.14

4,602,097.46
2,607,438.13
1,278,243.94
2,058,161.98
2,938,941.23
487,689.68
814,122.90
2,026,567.43
8,553,318.51
3,99,9,236.49
504,652.08
6,621,716.64
9,570,096.81
40,06% 282.27

3,319,314.00

3,708,246.00
4,392,498.57
21,096,143.06
6,874,506.14
3,802,089.36

9,031,663.00
2,286,433.17
631,106.00
8,913,987.67
5,619,224.66

10,139,534.00
31,574,540.30
19,659,778.38
3,110,181.06
3,373,060.90

396.28
15,653.66

2,985,631.30
219,261.27

210,824.40
208,733.61
1,042,615.79
2,093,818.30
231,463.92
681,368.86
691,638.92

W

8

o

a

Middle W e s t e r n Ctates

. . . .

. . . .

....

3,585,716.27

4,323,975,561.31

938,508.29
7,010,859.78
10,167,257.35
10,778,292.80
3,125,215.42
285,373.77
2,913,277.31

6,138.14
17,209.99
56,349.39
9,334.38

91.817,121.16
117,399,230.78
235,864,043.28
225,735,953.31
82,242,770.25
18,820,983.95
76,971,218.47
15,392,632.36
99,846,737.51

....

87," 712*53"

8,628 896.22

7,267,115.38

228,982." 34'

187,947.12
811,037.81
26,136,441.96

47,140,598. 51

65,155,896.69

94,992,521.53

806,553.81
1,267,128.22
234,841.52
2,757,061.35

6,524,196.57

2,331,252.03
12,037,619.25
24,304,610.91

4,808,966.58
968,187.20
1,382,548.42
742,926.25
6,667,171.09

245,708.49
349,592.94
1,824,174.31
212,049.23
124,279.76

731,738.59
552,867.92 ***i*666*33i."24*
1,426,341.27
7,665,255.65
1,922,638.87

374,637.76
96,320.90
52,468.51

43,847,678.94

...

176,744.43

964,090,691.07

228,982.34

14,015,447.06

18,925,110.92

92,820.05
14,436.90

141,864,481.55
69,466,217.46
855,068,400.16
35,272,812.34
56,032,484.46
15,723,784.67
40,183,834.58
5,754,819.09

1,068,136.61
757,466. 71
1,047,412.69
111,369.57

3,542,740.73
1,699,446. 07
1,180,173.25
1,085,108.61

1,993,641.54
1,013,943.60
3,002,500.00
1,829,469.51

1,194,766. 82
3,953,113.07
86,293,698.59
124,193.99
7,802,239.39
305,430.78
690,225.50

45,636,901.67

191,661.03

1,219,366,834.31

3,203,140.08

1,167,013.81
3,012,540.16
21,972,615.21

11,521.50
47,532.76
393,082.70

27,947,263.70
23,915,475.18
70,481,531.21

172.27
10,000.00

o

3

3,279,231.90

7,165 201.21
4,878,818.53
20,688,446.34
1,247,111.38
3,148,156.95
245,670.10
2,018,715.61
244,781.55

Western States
Washington
Oregon
California




301,770,770.01
547 355 984.85
484 690 936 08

5,081,878.15
39,409,925.32

North Dakota .
South Dakota
Nebraska
Kansas
Montana
Wyoming
Colorado
New Mexico
Oklahoma

Idaho
Utah
Nevada
Arizona
Alaska
Pacific States . .
Hawaii
Porto Rico
Philippines
.Islands
United States

88,525.08

167,364,322.57

Minnesota
Iowa
Missouri. .

84,404.08

218,754.50
40,584.00

26,152,169.18

452,136.96

122,344,270.09

10,001,997.79

17,750,104,756.43

14,532,459.19

7,875,419.65

100,363,668.14

115,341.70
669,806.59
67,803.92

2,169,759.90
947,274.50
16,483,544.00

10,172.27

792,979,376.24

35,865.00

7,548,052.66

852,952.21
165,436,642.24

o
o

i

19,600,578.40

340,144,049.85

O

535,937,718.95

o
Or

106

REPORT OF THE COMPTROLLER OF THE CURRENCY.

REPORTS OF CONDITION OF ALL REPORTING BANKS IN THE
UNITED STATES.

The consolidated statement of condition of 28,880 reporting banks
in the United States and island possessions for June 29, 1918, including national, State, savings, private banks, and loan and trust companies, shows aggregate capital of $2,351,587,1)59.45 and aggregate
resources of $40,726,438,514.47. This is an increase during the year
of 957 in the number of banks reporting, an increase of $77,387,405.97
in capital and $3,599,675,376.16 in resources. The increase since
June, 1913, has been $254,737,697 in capital and $15,014,274,914 in
resources.
The statement following shows the increases during the year in
the principal items of resources and liabilities of banks under State
supervision compared with the increases shown by the reports of
national banks for the same period.
Comparative statement of the 'principal items of resources and liabilities of State and
national banks, 1917-18,
State and private banks, etc.
1917
Number of banks
Increase
,
Percentage of increase..
Loans 1
,
Increase
Percentage of increase..
Aggregate resources
,
Increase
Percentage of increase..
All deposits 3
,
Increase
Percentage of increase .
Capital
Increase
Percentage of increase..
Surplus and profits
Increase
Percentage of increase..

20,319
$11,674,100,000
$20,836,300,000
$17,671,200,000
$1,191,400,000

"ii*484,"96o,"666'

1918

National banks.
1917

1918

7,604
21,175
7,705
856
101
4.21
1.33
$12,426. 600,000
18* 967," 300*666' $10,148,300,000
$1,181,000,000
$7.52! 500,000
6.45
" 13.17
$22,371, 500,000 2$16,290,400,000 $18,354,900,000
$1,535, 200,000
$2,064,500,000
7.37
,
12.67
$18,567, 600,000 $12,771,800,000 I $14,021,600,000
$896, 400,000
$1,249,800,000
5.07
9.79
$1,253,000,000 $1,082,800,000 $1,098,600,000
$61,600,000
$15,800,000
5.17
1.39
300,000 " $i* 134,' 900," 666' $1,209,700,000
$1,509,:
$74,800,000
$24,. 400,000
1.64
6.50

* Includes overdrafts.
Includes rediscounts.
Includes individual deposits, due to banks, dividends unpaid, postal savings, and United States
deposits.
2
8

From the foregoing table it is shown that during the fiscal year
ending June, 1918, there was an increase of 856 in the number of
reporting banks other than national and an increase of 101 in the
number of national banks. The loans of State banks increased by
$752,500,000, or 6.45 per cent, while the loans of national banks
increased by $1,181,000,000, or 13.17 per cent.
Aggregate resources of State banks increased $1,535,200,000, or 7.37
per cent, while resources of national banks increased $2,064,500,000,
or 12.67 per cent.
The statistics for State banks show an increase in total deposits
of $896,400,000, while in national banks the increase was $1,249,800,000, the percentage of increase being 5.07 for State banks and
9.79 for national banks, the percentage of increase of deposits in
national banks for the period being nearly twice as great as for State
banks.




BEPORT OF THE COMPTROLLER OF THE CURRENCY.

107

State banks increased their capital b}^ 5.17 per cent and national
banks by 1.39 per cent. State banks increased their surplus and
profits by 1.64 per cent, while national banks increased their surplus
and profits by 6.59 per cent.
The following statement shows the principal items of resources
and liabilities for 28,880 banks (national and State) in the United
States and island possessions on or about June 29, 1918:
Statement of the principal items of resources and liabilities of 28,880 banhs (national and
State) in the United Slates and island possessions June 29, 1918.
21,175 reporting
banks, June 29,
1918.

7,705 n a t i o n a l
banks, June 29,
1918.

Total, 28,880 banks.

$12,378,760,064.81
47,837,533.39
5,784,381,241.78
425,711,869.04
125,729,226.48
2,360,741,795.91
219,001,504.95
49,606,619.52
513,869,423.03
465,857,235.56

i$10,135,842,000
12,497;000
3,957,272,000
311,436,000
46,306,000
2,775,862,000
104,243,000
310,227,000
382,701,000
318,556,000

$22,514,602,064.81
60,334,533.39
9,741,653,241.78
737,147,869.04
172,035,226.48
5,136,603,795.91
323,244,504.95
359,833,619.52
896,570,423.03
784,413,235.56

22,371,496,514.47

18,354,942,000

40,726,438,514.47

1,253,031,559.45
1,225,626,173.59
283,701,780.74

14,532,459.19
165,436,642.24
340,144,049.85
535,937,718.95

1,098,556,000
809,138,000
400,558,000
681,631,000
2,802,083,000
• 23,011,000
10,058,368,000
1,037,787,000
100,360,000
515,440,000
367,834,000
460,176,000

2,351,587,559.45
2,034,764,173.59
684,259,780.74
681,631,000.00
3,595,062,376.24
33,012,997.79
27,808,472,756.43
1,037,787,000.00
114,892,459.19
680,876,642.24
707,978,049.85
996,113,718.95

22,371,496,514.47

18.354,942,000

40,726,438,514.47

RESOUECES.

Loans and discounts
Overdrafts
Investments
. .
Banking house, furniture and fixtures
Other real estate owned
Due from banks
Checks and other cash items
Exchanges for clearing house
Cash on hand
Other resources
Total resources
LIABILITIES.

Capital stock paid i n . . ,
Surplus
Undivided profits
National bank circulation
Due to banks
Dividends unpaid
Deposits

•.

792,979,376.24
10,001,997.79
17,750,104,756.43

Postal savings deposits
Notes and bills rediscounted
Bills payable
Other liabilities
Total liabilities
1

Includes rediscounts.

COMPARISON OF PRINCIPAL ITEMS FOR YEARS 1918 AND 1917 OF
NATIONAL AND OTHER BANKS.

The following is a comparison of the principal items of resources,
including loans and discounts, cash in vault and due from reserve
banks, total deposits, and also aggregate resources of all national,
State, savings and private banks, and loan and trust companies in
the United States as shown by their reports nearest to June 30 for the
years 1917 and 1918:
STATE, SAVINGS, AND PRIVATE BANKS, AND LOAN AND TRUST COMPANIES.

Year.

1918
1917

Increase
Per cent of increase

Number
of banks.

Loans and
discounts
(including
overdrafts).

21,175 $12,426,597,598
20,319 11,674,130,264
856
4.21

752,467,334
6.45

Cash in vault
and due from
Federalreserve
banks.

All deposits.

Aggregate
resources.

i 1$962,425,423 $18,567,618,590
791,377,076 17,671,243,936

$22,371,496,514
20,836,357,138

896,374,654
5.07

1,535,139,376
7.37

171,048,347
21.61

1 Includes balances due from Federal reserve banks to State banks and trust companies members of

Digitized forFederal reserve system.
FRASER
85478°—CUB 1918—VOL 1


8

108

EEPOET OF THE COMPTROLLER OF THE CURJ&ENCY,
NATIONAL BANKS.i

Year.

1918
1917

Number
of banks.

Loans and
discounts
(including
overdrafts).

7,705 $10,148,300,000
7,604
8,967,300,000

Increase
Per cent of increase

101
1.33

Cash in vault
and due from
Federal reserve
banks.

AH deposits.

$1,696,150,000 $14,021,600,000
1,573,295,000 12,771,800,000

1,181,000,000
13.17

122,855,000
7.81

1,249,800,000
9.79

Aggregate
resources.

$18,354,900,000
16,290,400,000
2,064,500,000
12.67

TOTAL NATIONAL, STATE, SAVINGS, AND PRIVATE BANKS, AND LOAN AND TRUST
COMPANIES.
1918
1917

28,880
27,923

Increase
Per cent of increase
1

$22,574,897,598
20,641,430,264

$2,658,575,423
2,364,672,076

$32,589,218,590
30,443,043,936

957
3.43

1,933,467,334
9.37

293,903,347
12.43

2,146,174,654
7.05

$40,726,396,514
37,126,757,138
3,599,638,376
9. TO

Includes rediscounts in loans and aggregate resources.

The figures in the foregoing table show that during the fiscal year
ending Junk 30, 1918, the total deposits of the national banks in the
country increased 9.79 per cent, wnile the total deposits of the State
banks, savings banks, and loan and trust companies increased 5.07
per cent. The percentage of the increase in deposits of national banks
was therefore nearly twice as great as the increase in deposits of the
State banking institutions for that period.
From the figures for 1918 it appears that the percentage of cash in
vault and due from Federal reserve banks to total deposits with
national banks was 12.10. The percentage of cash in vault and due
to the Federal reserve banks in State banking institutions was 5.18.
But in this connection the fact should be taken into consideration
that State banks and trust companies which are not members of the
Federal reserve system carry their so-called reserve not entirely as
cash in vault but partly as balances to their credit with other banks,
both State and National.
NATIONAL, FEDERAL RESERVE, AND STATE BANKS.

In the weekly statement published by the Federal Reserve Board
giving the condition of the Federal reserve banks as of June 28, 1918,
the capital of these banks is reported at $75,858,000 and their resources
at $3,872,133,000.
By including the reports of the 12 Federal reserve banks with those
of all other reporting banks, it will be noted that the combined
resources of the reporting banks of the country aggregate $44,598,571,514, with a total capital of $2,427,445,559. The increase in
resources of all banks of the country, State, national, and Federal
reserve, during the past year has amounted to $5,472,000,000. The
increase in 1917 over 1916 was $6,230,000,000,




REPORT OF THE COMPTROLLEE OE THE

The following statement shows the principal items of resources and
liabilities of 28,880 reporting banks from reports of condition at the
close of business June 29, 1918, together with a summary of reports
of condition of the 12 Federal reserve banks as of June 28, 1918:
Statement of the principal items of resources and liabilities of 28,89% reporting banks,
including the Federal reserve banks, in the United States and island possessions, June,
1918.
reporting
banks June 29,
1918.

1)OTU

12 Federal reserve
banks June 28, Total, 28,892 banks.
1918.

RESOURCES.

Loans and discounts
».......*.«.
Overdrafts
Investments
Banking house, furniture and fixtures..
Other real estate owned
Due from banks
Checks and other cash items
Exchanges for clearing house
,
Cash on hand
Other resources
Total resources

$22,514,602,064.81
60,334,533.39
9,741,653,241.78
737,147,869.04
172,035,226.48
5,136,603,795.91
323,244,504.95
359,833,619.52
896,570,423.03
784,413,235.56

$1,086,023,000.00
" " 259," 089," 666" 65"
1520,822,000.00
2,006,199,000.00

123,600,625, 064.81
60,334; 533.39
10,000,742, 241.78
737,147,869.04
172,035,226.48
5,657;425,795.91
323,244, 504.95
359,833,619.52
% 902,769,423.03
784,413. 235.56

40,726,438,514.47

3,872,133,000.00

44,598,571,514.47

2,351,587,559.45
2,034, 764,173.59
684, 259,780.74
681,631,000.00

75,858,000.00
1,134,000.00

2,427,445,559.45
2,035,898,173.59
684, 259,780.74
681, 631,000.00
1,732,606,000.00
5,438,951,376.24
33, 012,997.79
27,929,954,756. 43
1,122.322,000.00
114^ 892,459.19
680,876,642.24
707, 978,049.85
1,008,742,718.95

LIABILITIES.

Capital stock paid in
Surplus
Undivided: profits
National bank circulation.,
Federal reserve note circulation..
Due to banks
Dividends unpaid
Deposits
United States deposits.
Postal savings deposits
Notes and bills rediscounted
Bills payable
Other liabilities
Total liabilities.'

3,595,062,376.24
33, 012,997.79
27,808, 472,756.43
1,037, 787,000.00
114, 892,459.19
680, 876,642.24
707,978,049.85
996, 113,718.95
40,726,438,514.47

1,732,606,000.00
8 1,843,889,000.00
121,482,000.00
84,535,000.00

12,629,000.00

3,872,133,000.00 ! 44,598,571,514.47

1

Uncollected items, due from other Federal reserve banks, and 5 per cent redemption fund.
* Due to members, reserve account, and collection items.

SUMMARY OF THE COMBINED RETURNS FROM NATIONAL
AND OTHER BANKS IN JUNE, 1918.

The banks furnishing statements for use in this report number
28,880,with aggregate resources of $40,726,438,514.47 against 27,923
reporting banks in 1917 with aggregate resources of $37,126,763,138.31.
The summary following is based upon reports of condition of 7,705
national banks and summaries furnished by the State banking departments and individual statements of 16,596 State banks, 625
mutual savings banks, 1,194 stock savings banks, 1,091 private banks,
and 1,669 loan and trust companies.
The reports of these banks are for the close of business June 29,
1918, except that the statistics furnished for Hawaii and Porto Rico
are for June 30, 1918; New York (State banks and trust companies),
June 20; Kentucky, June 25; Missouri, June 28; Alaska, May 8;
Kansas, May 8; Nebraska, May 10; and Illinois, July 1. Statements
from the Philippines are official and are dated December 31, 1917.



110

REPORT OF THE COMPTROLLER OF THE CURRENCY.

Summary of reports of condition of 28,880 hanks in the United States and isla7id possessions,
including national, State, savings, and private banks and loan and trust companies,
for June 29, 1918.
RESOURCES.

Loans and discounts:
Secured by real estate (including mortgages owned)
$3,137, 539,207. 46
Secured by collateral other than real
estate
5,850,293,355.29
Loans not classified
13,526,769,502. 06
Total
122,514,602,064.81
Overdrafts.
60,334,533.39
Investments:
United States bonds
$2,572,089,115. 87
State, county, and municipal bonds . . .
617,158,472.18
Railroad bonds....,
850,524,459. 99
Bonds of other public-service corporations (including street and interurban
railway bonds)
386,282,445.04
Bonds, stocks, warrants, etc., not classi-'
fied
5,315,598,748.70
Total
Banking house (including furniture and
Other real estate owned
Due from banks
Checks and other cash items
Exchanges for clearing house
Cash on hand:
Gold coin
Gold certificates
Silver coin
Silver certificates
Legal-tender notes
National-bank notes
Federal reserve notes
Nickels and cents
Cash not classified

9, 741, 653,241. 78
737,147,869. 04
172,035,226.48
5,136,603,795. 91
323, 244,504. 95
359,833,619. 52

fixtures)

$102,639,760.15
92,378,060. 00
59,756,662.91
79,969,036. 00
223, 541, 351. 00
60, 779, 585. 00
129, 611, 347. 00
3,530,584.23
144, 364,036. 74

Total

89$, 570,423. 03

Other resources

784,413,235. 56

Total resources

,

40,726,438,514.47

LIABILITIES.

Capital stock paid in
2,351,587,559.45
Surplus
2,034, 764,173. 59
Undivided profits (less expenses and taxes paid)
684,259,780. 74
National bank circulation
681,631,000.00
Due to banks
3,595,062,376.24
Dividends unpaid
:
:
33,012,997. 79
Individual deposits:
Individual deposits subject to check
without notice
$12,116,364,158. 60
Demand certificates of deposit
571,831,500. 03
Certified checks and cashiers' checks...
207, 907,124.17
Savings deposits
7, 727,007,971. 21
Time certificates of deposit
2,125,454,150. 06
1
Deposits not classified
5,059,907, 852. 36
Total
27,808,472,756.43
} Includes $1,398,158,000 time deposits in national banks.




REPORT OF THE COMPTROLLER OP THE CURRENCY.

Ill

United States deposits (national banks)
$1,037, 787, 000. 00
Postal savings deposits
114, 892,459.19
Notes and bills rediscounted
680,876, 642. 24
Bills payable (including certificates of deposit representing
money borrowed)
707,978, 049. 85
Other liabilities
996,113,718.95
Total liabilities

40,726,438,514.47

BACKING BESOUKCES AETD LIABILITIES M EACH STATE.
The table following is a condensed statement of the reporting banks
(State and national) in the United States as of June, 1918, arranged
by States, together with the population and number of banks reporting for each State,




Condensed statement, by States, of resources and liabilities of all reporting banks of the United States in June, 1918.
[Includes 21,175 State banks and 7,705 national banks.]
Resources (in thousands of dollars).
Population.

States, etc.

Maine
New Hampshire.
Vermont
Massachusetts
Rhode Island
Connecticut

779,000
450,000
368,000
3,863,000
630,000
1,300,000

Total New England
States

Number Loans and
of banks. discounts.

159
107,109
125
89,986
106
114,229
452 1,658,831
. 48 145,051
218
340,530

Overdrafts.

108
50
44
606
26
181

Investments
(including
bonds,
securities,
etc.).
152,759
87,327
37,125
634,702
150,549
320,368

Banking
house
furniture
and
fixtures.
4,668
2,106
1,170
33,273
3,505
11,470

Other real
estate
owned.

103
523
288
3,800
• 312
1,284

Exchanges
Due from Checks and for clearing Cash on Other reother cash
hand.
banks.
house.
items.

15,627
11,638
11,100
232,030
27,919
58,142

434
470
254
5,961
151
3,796

Total.

3,445
1,929
1,931
37,486
7,539
10,910

10,724
295,330
386
194,415
3,225
16.9,366
76,329 2,706,753
3,870
341,082
3,238
751,667

27,996 I 63,240

97,772 4,458,613

353
23,735
2,160
1,748

7,390,000

1,108

2,455,736

1,015

13
,

56,192

6,310

356,456

11,066

10,570,000
3,050,000
8,850,000
220,000
1,410,000
394,000

1,010
380
1,468
43
249
44

5,887,545
494,329
1,689,251
33,705
250,773
88,476

2,265
103
866
48
156
110

2,809,199
408,787
1,383,654
35,750
192,733
47,786

128,750
21,920
97,838
1,778
10,870
9,862

23,740
5,456
29,578
653
2>346
3,830

1,242,717
100,943
464,363
11,101
69,593
23,725

155,772
5,079
22,301
181
2,079
1,583

157,122
421
29,975
403
5,612
1,785

192,048
20,136
7,026 1,064,200
84,267
43,573 3,845,666
2,123 j
102
85,844
8,665 | 5,615
548,442
4,595
521
182,273

Total Eastern States. 24,494,000

New York
New Jersey
Pennsylvania
Delaware
Maryland
District of Columbia

3,194

8,444,079

3,548

4,877,909

271,018

65,603

1,912,442

186,995

195,318

311,834

2,250,000
1,435,000
2,485,000
1,640,000
2,915,000
935,000
2,360,000
1,985,000
1,855,000
4,565,000
1,810,000
2,435,000
2,323,000

441
323
524
417
748
255
329
321
249
1,462
461
576
536

286,867
176,262
179,883
148,352
257,637
84,623
108,199
89,564
187,558
502,559
111, 570
207,957
199,382

624
481
782
1,334
2,728
133
200
3,576
1,038
1,818
499
1,015
549

73,656
50,677
30,329
29,592
41,586
31,318
34,772
29,200
54,664
118,596
22, 884
71,210
49,304

9,187
9,487
6,975
5,181
9,284
5,780
4,626
2,575
9,627
22,556
3,841
6,953
9,423

1,612
1,532
1,007
1,014
3,810
1,714
2,130
1,068
2,530
6,530
1,289
621
2,094

52,699
40,544
32,181
19,827
52,677
25,614
37,461
30,127
46,809
124,333
29,213
58,391
50,166

1,595
1,701
1,588
1,149
1,618
1,076
835
430
3,693
6,981
483
1,282
4,766

3,208
917
1,486
1,017
5,316
443
859
296
4,829
3,557
967
2,555
1,131

9,376
7,271
5,455
2,934
9,810
4,915
7,029
3,107
8,730
23,242
5,332
9,853
9,985

Total Southern States 28,993,000

6,642

2,540,413

14,777

637,788

105,495

26,951

600,042

27,147

Virginia
West Virginia
North Carolina.
South Carolina
Georgia
Florida
Alabama
Mississippi
Louisiana
Texas
Arkansas
Kentucky
Tennessee

,




107,039

346,765 16,615,511
8,235
5,489
2,457
5,410
7,515
959
2,940
1,992
1,512
12,317
1,105
8,536
10,827

447,059
294,361
262,093
215,810
391,981
156,575
199,051
161,935
320,990
822,489
177,183
368,373
337,627

69,294 4,155,527

5,272,000
Ohio..
2, 878.000
Indiana
6,300,000
Illinois
3,155, 000
Michigan
2,610,000
Wisconsin. . .
2,350,000
Minnesota
2,245,000
Iowa
3,500,000
Missouri
Total Middle Western States
28,310,000
North Dakota
805,000
754,000
South Dakota
1,353,000
Nebraska
1,966,000
Kansas
495,000
Montana
197,000
Wyoming
1,055,000
Colorado
460,000
New Mexico
2,430,000
Oklahoma
Total Western States 9,515,000
1,680,000
Washington
900,000
Oregon
3,235,000
California
495,000
Idaho
457,000
Utah . . .
124,000
Nevada.
276,000
Arizona......
93,000
Alaska
Total Pacific States.. 7,260,000
230,000
Hawaii
1,245,000
Porto Bico
9,000,000
Philippines
Total island posses10,475,000
sions
Total United States.. 116,437,000




1,150
1,036
1,491
700
932
1,442
1,855
1,538

1,024,735
411,338
1,530,880
411,230
409,180
583,815
717,321
756,433

1,351
945
2,251
541
1,016
1,564
3,509
1,394

467,893
149,505
451,315
400,482
121,617
110,780
95,461
186,536

41,908
16,537
36,739
21,290
7,172
16,296
21,623
22,283

6,467
2,508
5,292
2,577
7^454
3,450
5,611
4,066

264,648
90,156
409,582
118,642
78,594
105,350
124,314
214,564

3,770
6,605
37,236
3,958
3,833
3,579
2,189
7,645

16,204
2,492
24,027
9.928
3^430
8,160
1,633
8,861

48,157
19,448
74,812
29,533
14,415
15,200
24,003
27,264

16,297
34,091
35,841
2,870
2,200
5,998
2,522
24,765

1,889,430
733,625
2,607,975
1,001,051
648,911
854,192
998,186
1,253,811

10,144

5,844,932

12,571

1,983,589

183,848

37,425

1,405,850

68,815

74,735

250,832

124,584

9,987,181

858
642
1,120
1,270
403
136
359
117
919

146,922
159,413
351,627
301,144
129,151
42,118
159,458
39,638
250,096

536
998
2,774
1,515
1,058
289
382
94
1,086

15,155
17,018
50,985
55,181
23,485
7,907
61,480
5,425
51,855

5,916
'5,452
10,701
8,433
5,418
1,062
4,550
1,367
6,663

3,128
1,134
1,421
2,248
1,680
124
1,414
299
1,797

18,817
39,792
99,035
90,102
31,976
11,394
47,902
9,454
67,252

828
572
2,898
1,326
924
528
2,487
265
3,269

252
1,013
2,425
1,813
175
2,140
3
2,098

3,538
3,765
12,739
12,543
7,527
1,648
9,439
1,594
7,782

1,503
749
4,703
1,394
927
542
1,246
172
1,033

196,595
229,906
539,308
475,699
202,321
65,612
290,498
58,311
392,931

5,824

1,579,567

8,732

288,491

49,562

13,245

415,724

13,097

9,919

60,575

12,269

2,451,181

361
260
848
204
123
33
78
20

209,336
129,715
1,021,135
65,556
84,968
18,626
38,843
4,275

544
485
1,610
124
111
212
197
18

78,984
44,623
382,078
13,811
18,239
6,010
11,585
1,843

9,606
5,668
44,932
2,933
3,515
757
2,147
244

6,073
1,929
10,906
696
1,857
337
77
56

60,796
36,437
240,897
13,506
17,387
6,563
14,336
1,453

1,858
1,467
8,782
532
271
118
454
126

3,841
2,066
16,950
473
1,162
35

10,482
7,549
57,829
2,701
4,078
1 291
4,046
1,261

4,521
3,298
108,223
356
1,771
442
134
181

386,041
233,237
1,893,342
100,688
133,359
34,391
71,819
9,457

1,927

1,572,454

3,301

557,173

69,802

21,931

391,375

13,608

24,527

89,237

118,926

2,862,334

19
13
9

20,922
18,086
38,413

1,040
83
15,268

8,093
2,510
3,270

553
398
280

349
28
193

6,706
4,835
43,174

729
541
1,247

758

4,012
4,749
5,052

1,482
594
12,727

43,886
32 582
119,624

41

77,421

16,391

13,873

1,231

570

54,715

2,517

758

13, 813

14,803

196,092

28,880 !~22,514,602

60,335

9,741,653

737,148

172,035

5,136,604

323,245

359,834

896,570

784,413 40,726,439

Condensed statement, by States, of resources and liabilities of all reporting banks of the United States in June, 1918.
[Includes 21,175 State banks and 7,705 National banks.]
Liabilities (in thousands of dollars).
States, etc.

Capital
stock
paid in.

Maine
New Hampshire..
Vermont
Massachusetts
Khode Island.
Connecticut
Total New England
States
New York
New Jersey
Pennsylvania
Delaware
Maryland
District of Columbia.,
Total Eastern States.
Virginia
West Virginia..
North Carolina.
South Carolina.
Georgia
Florida
Alabama
Mississippi
Louisiana
Texas
Arkansas
Kentucky
..
Tennessee
Total Southern States




11,489
6,040
6,986
89,244
14,612
29,273

Undivided
profits National
(less
Surplus. . expenses bank cirand taxes culation.
paid).
13,019
15,646
11,684
135,469
19,801
33,489

7,985
2,016
2,001
68,120
8,330
22,670

5,403
4,943
4,279
21,240
4,552
12,468

Due to
banks.

Dividends Individual United
States
unpaid.
deposits. deposits.

2,919
3,436
1,708
149,784
4,224
9,728

262
129
171
1,631
116
643

233,266
155,262
136,580
1,993,264
279,922
607,233

1,915
1,796
826
93,603
2,419
14,891

Postal
savings
deposits.

324
555
80
5,987
1,229
3,855

Notes and Bills
bills redis- payable.
counted.

2,208
1,065
1,431
52,788
885
7,555

5,251
1,792
1,848
12,922
1,070
5,439

Other
liabilities.

Total.

11,2S9
1,735
1,772
82,701
3,922
4,423

295,330
194,415
169,366
2,706,753
341,082
751,667

105,842

4,458,613

157,644

229,108

111,122

52,885

171,799

2,&32 I 3,405,527

115,450

12,030

65,932

28,322

334,104
49,807
246,581
5,476
31,993
19,393

600,167
53,736
328,888
6,212
34,312
11,008

111,597
21,440
84,888
2,339
11,601
3,349

77,210
14,425
86,070
1,142
8,971
6,071

1,444,216
24,992
288,890
1,638
41,154
10,416

3,860
1,278
3,787
96
869
158

7,138,810
829,964
2,522,594
65,625
383,040
117,889

371,291
18,565
117,978
766
8,862
7,744

28,256
4,778
17,214
214
298
423

198,579
9,851
40,233
200
10,320
820

175,672
16,005
58,785
1,987
11,490
1,589

405,324 10,889,086
19,359 1,064,200
49,758 3,845,666
149
85,844
5,532
548,442
3,413
182,273

687,354 1,034,323

235,214

193,889

1,811,306

10,048

11,057,922

525,206

51,183

260,003

265,528

483,535 16,615,511

9,277
5,563
6,395
5,537
4,094
2,397
4,393
2,986
5,381
21,213
4,144
7,554
2,678

15,844
9,186
6,510
6,882
10,899
5,553
9,248
2,760
4,731
40,241
3,287
15,654
11,135

37,125
9,057
13,844
7,217
22,577
9,111
8,727
6,110
35,153
62,362
11,093
26,095
18,921

1,189
'515
377
494
• 566
231
268
201
722
1,156
. 202
378
161

261,771
215,066
169,173
129,853
235,410
109,589
134,663
117,132
211,306
480,940
120,374
238,300
227,019

10,199
3,065
4,653
2,433
5,222
3,718
3,509
871
5,771
19,484
1,366
8,719
5,909

771
506
321
37
120
496
229
101
207
774
206
360
242

17,507
3,994
11,280
9,491
6,791
1,365
1,896
1,364
6,593
17,286
1,711
5,793
3,677

20,811
3,163
14,216
18,132
27,992
2,868
3,267
8,139
8,901
37,599
7,634
2,981
11,271

81,612

141,930

267,392

6,460

2,650,596

74,919

4,370

88,748

166,974

35,623
24,611
21,704
21,628
41,820
13,918
21,262
13,739
23,468
91,140
19,350
35,904
30,431
394,59

24,213
15,959
9,905.
9,228
30,802
5,796
10,516
5,999
13,806
41,074
7,215
16,794
14,685
205,992

12,729
3,676
3,715
4,878
5,688
1,533
1,073
2,533
4,951
9,220
601
9,841
11,498
71,9

447,059
294,361
262,093
215,810
391,981
156,575
199,051
161,935
320,990
822,489
177,183
368,373
337,627
4,155,527

Ohio
Indiana
Illinois
Michigan

123 244
64,130
177,344
61,551
45^,181
61,762
76,845
100,603

81 630
26,077
112,320
36,383
17,364
30,744
30,228
59,152

35 566
11,708
50,128
16,492
10,557
12,265
17,966
24,238

46,618
26,260
27,588
10,368
12,454
13,221
18,729
21,727

118,690
37,421
370,150
37,549
29,483
70,827
56,700
211,800

1,275
502
3,969
1,198
586
763
529
691

1,339,559
497,198
1,673,992
782,301
478,158
587,505
753,160
689,759

54,982
11,691
83,121
9,208
13,618
23,655
4,670
33,934

9,729
1,806
5,780
6,163
2,565
2,100
465
1,166

27,412
9,737
32,194
9,745
18,653
23,870
16,679
33,933

19,089
7,162
26,918
23,922
11,284
20,388
21,049
42,869

31,636
39,933
44,471
6,171
9,008
7,092
1,166
33,939

1.889,430
'733,625
2,607^975
1,001,051
648,911
854,192
998,186
1,253,811

710,660

393,898

178,920

176,965

932,620

9,513

6,801,632

234,879

29,774

172,223

172,681

173,416

9,987,181

17,705
14,940
37,134
37,098
19,060
4,625
18,467
5,477
27,722

6,752
5,023
15,484
19,932
6,604
2,436
9,747
2,519
8,217

1,536
2,-095
10,100
7,237
3,214
1,216
4,545
268
4,164

4,137V
3,722
9,627
10,420
3,749
1,822
7,631
1,817
10,329

5,005
16,685
65,455
32,091
7,558
2,850
21-712
2,168
28,263

43
64
315
268
151
29
309
54
449

1481744
179,003
376,811
350,417
147,775
49,161
209,251'
39,232
275,944

485
1,206
8,598
3,674
724
750
8,209
1,149
7,177

35
52
465
602
1,178
217
1,913
111
288

4,602
4,446
3,444
10,170
3,376
2,123
2,683
2,778
20,601

7,255
2,289
8,182
3,256
8,562
257
4,993
2,416
8,916

296
381
3,693
531
370
126
1,038
322
861

196,595
229,906
539,308
475,699
202,321
. 65,612
290,498
58,311
392,931

182,228

76,714

34,375

53,254

181,787

1,682

1,776,338

31,972

4,861

54,223

46,126

7,621

2,451,181

27,794
18,409
129,755
8,286
10,896
3 187
4,604
820

9,609
7.685
62,546
2,782
4,607
751
2,313
195

4,749
3,342
27,731
1,086
1,932
530
1,435
288

6,694
6,319
40,648
3,122
3,214
1 224
970
53

24,125
15,354
144,632
3,614
10,476
2,001
3,030
410

394
236
991
145
59
10
58
3

284,381
164,984
1,293,753
71,824
86,940
25,538
57,318
7,120

8,211
2,734
40,141
674
1,094
132
341
195

4,611
2,221
4.180
393
459
487
257
55

7,529
4,377
17.694
5,413
4,073
205
416
41

5,042
1,565
15,674
3,188
1,638
351
36

2,902
6,011
115,597
161
7,971
326
726
241

386,041
233,237
1,893,342
100,688
133,359
34,391
71,819
9,457

203,751

90,488

41,093

62,244

203,642

1,896

1,991,858

53,522

12,663

39,748

27,494

133,935

2,862,334

4,560
2,708
8,085

1,459
722
2,060

1,294
550
80

464

1,531
3,012
21,973

21
48
393

30,203
23,915
70,482

1,839

1
10

116
670
67

2,398
947
16,484

43,886
32,582
119,624

15,353

4,241

1,924

464

26,516

462

124,600

1,839

11

19,829

196,092

2,351,588 2,034,764

684,260

681,631

3,595,062

33,013

27,808,473

1,037,787

114,892

...
....

Minnesota
Iowa
.........
Missouri

.

Total Middle Western States
North Dakota
South Dakota
Nebraska . . . . . . . . . . . . . . .
Kansas
Wyoming
New Mexico.
Oklahoma

. . . . .

Total Western States
Washington
California . . . . . .
Utah
Nevada
Arizona. . . . . . . . . . . .
Alaska
Total Pacific States..
Hawaii
Porto Rico
Philippines

:

Total Island possessions
Total United States..




853
680,877

707,978

996,114 40,726,439

COMPARATIVE STATEMENT OF BESOTJRCES AND LIABILITIES OF ALL BANKS, 1913-1918.
The following statement shows the principal items of resources and liabilities of national and other banks (Federal
reserve banks not included) for the }^ears 1913 to 1918:
Classification.

1913 (25,993 banks). 1914 (26,765 banks). 1915 (27,062 banks). 1916 (27,513 banks). 1917 (27,923 banks). 1918 (28,880banks),

S

RESOURCES.

Loans and discounts
Overdrafts
Bonds, stocks, and other securities.
Due from other banks and1 bankers.
Real estate, furniture., etc.
Checks and other cash items 2
,
Cash on hand
Other resources

| $14,568,240,544.24 $15,288,357,283.98 $15,722,440, 177.20
58,532,120.08
51,120,621.58
36,232, 421.03
5,407,219,379.56
5,584,924.886.48
5,881,931, 375.37
2,776,613,692.19
2,872,697'225. 26
3,233,942, 829.39
695,507,828.00
739,679,598.08
793,404, 941.00
520,995,362.02
426,913,037.63
376,875, 161.00
1,639,219,162.79
1,560,709,447.05
1,457,702, 138.31
218,427,550.73
274,403^890.77
301,600, 634.26

Total

$17,811,605,164.40 3$20,594,228,088.91 s$22,514,602,064.81
60,334,533.39
47,199,175.92
38,210,536.02
8,003,819,982.90
9,741,653,241.78
6,796,569,640.68
4,793,167,162.83
4,032,125,378.52
5,136,603,795.91
862,967,207.32
909,183,095.52
826,641,786.73
758,691,432.29
683,078,124.47
770,424,724.08
1,502,502,076.06
898,570,423.03
1,486,118,321.95
564,188,012.08
784,413,235.56
509,542,144.55

25,712,163,599. 48

26,971,398,030.96

27,804,129,677.56

32,271,237,696.93

37,126,763,138.31

2,132,074, 073.20
1,714,486. 142.85
562,031, 228.82
719.00
722-, 554,
30,133, 899.35
18,517,732, 879.01
40,245, 588.30
66,654, 582.55
2,705,075,367.14
480,409, 550.74

2,162,841,369.93
1,732,918,047.19
639,777,329.68
722, 703,856.50
4,241,968.34
19,135,380,200.45
59, 771,103.54
48, 964,257.51
2,783,312,258.52
514,219,285.90

2,195,101, 115.96
1,849,693, 074.48
564,337, 993.50
676,116, 000.00
28,690, 888.81
22,773,714, 074.98
71,087, 526.37
39,457, 000.00
3,463,608, 916.33
609,431, 106.50

2,274,200,153.48
1,945,543,680.73
674,190, 643.25
660,431,000.00
4,585,947.01
26,289,708, 159.14
101,873,406.56
132,965,000.00
3,913,944,423.51
1,129,320,724.63

2,351,587, 559.45
2,034,764, 173.59
684,259, 780.74
681,631, 000.00
33,012. 997.79
27,808,472: 756.43
114,892: 459.19
1,037,787: 000.00
3,595,062', 376.24
2,384,968, 411.04

25,712,163,599.48

26,971,398,030.96

27,804,129,677.56

32,271,237,696.93

37,126,763,138.31

O

40,726,438,514.47

2,096,849,861.75
1,076,625,895.34
573,213,465.32
722,125,024.00
3,590,839.76
17,475,764,134.81
25,242,015.76
49,725,039.13
2,584,231,078.90
504,796,244.71

Q

40,726,438,514.47

LIABILITIES.

Capital stock paid in
Surplus fund
p
~'
~
Other undivided" profits

Circulation (national banks)
Dividends unpaid
Individual deposits
Postal-savings deposits
United States deposits
Due to other banks and bankers
Other liabilities
Total..

I
•

1 Includes real estate owned other than banking house.




2 Includes exchanges for clearing house.

o

« lacluctes rediscounts of national banks.

a

REPORT OF THE COMPTROLLER OF THE CURRENCY.

117

GROWTH OF BANKS IN THE UNITED STATES SINCE 1883.

In volume 2 of this report will be found a statement of the resources
and liabilities of the first Bank of the United States for 1809 and 1811,
and also a statement showing the resources and liabilities of the
second Bank of the United States for each year from 1817 to 1840,
inclusive.
There will also be found in volume 2 a statement showing capital,
circulation, deposits, specie, and loans of colonial and State banks for
the years 1774 and 1784, and from 1790 to 1833, inclusive, together
with a table showing the resources and liabilities of the banks of the
country from 1834 to 1863. The records show that these statistics
were collected for and published in the annual reports of the Secretary of the Treasury on the condition of the banks, in accordance
with a resolution of the House of Kepresentatives passed July 10,
1832. Upon recommendation of Secretary Chase in 1863, these reports
were discontinued after that year.
Statistics showing a summary of reports of condition of State
banks, savings banks, private banks, and loan and trust companies,
by classes of banks ana by States, for June, 1918, are shown in volume 2 of this report.
The following condensed statement shows the principal items of
resources and liabilities of national, State, savings, and private banks
and loan and trust companies from 1863 to 1918, inclusive.




118

EEPORT OF THE COMPTEOLLEE OF THE CUEEENCY.
Principal items of resources and liabilities of National, State, saoiyigs;
[From 1863 to 1872, inclusive, data from various sources; from 1873
[In millions
Resources.

Year.

1863 .

Banks.

2
1,466
8

1,089
< 467
< 1,294
.
< 1,634
< 1,636
* 1,640
* 1,619
* 1,615
* 1,767
* 1,853
6 1.968
« 1,983
3,336
1875 . .
3,448
1876
3,384
1877 .
1878..
3,229
3,335
1879
3,355
1880 .
1881
3,427
1882
. . . 3,572
3,835
1883
1884
. . . . 4 113
4,350
1885
4 378
1886
1887
6,170
6,647
1888
1889
7,203
1890
7,999
1891
8,641
1892
9 338
9,492
1893
1894
9,508
1895 . . .
9,818
1896
9,469
1897
9,457
1898
9 485
9,732
1899
1900
10,382
1901
11 406
1902
12,424
1903 .
13 684
1904
14,850
1905
16,410
1906
17,905
1907 .
19 746
1908
21,346
1909
22,491
1910 . .
23 095
1911
24,392
1912
25,195
1913 . . .
25 993
1914
26,765
27,062
1915
1916 . . . .
27,513
1917
27,923
1918
28,880

1864
1865 .
1866
1867
1868 .
1869
1870 .
1871
1872
1873
1874

Real
Loans Overestate,
Due
and dis- drafts. Invest- furniture, from
ments.
counts.
and
banks.
fixtures.
648.6
70.7
362.5 -.
550.4
588.5
655.7
686.4
715.9
831.6
~ 871.5
0.2
1,439.6
1,565.6
.2
.4
1,747.6
.4
1,726.8
1,720.5
.5
1,560.9
.3
.4
1,506.9
.6
1,661.6
1.4
1,900.6
2,049.1
1.4
2,232.1
1.5
2,259.1
1.6
2,270.7
1.5
1.2
2 455.6
4.4
2,938.9
3,157.0
4.3
5.7
3,469.6
3,834.4
7.9
6.9
4,024.1
4,329.5
7.4
7.6
4,361.1
4,078.1
7.0
4,262.0
6.9
4,244.3
6.9
4,208.6
7.4
4 632.6 19.6
5,152.1 25.4
5,625.2 32.5
6,387.9 37.6
7,145.4 43.7
7,688.0 50.9
7,930.9 51.1
8,971.2 56.0
9,827.6 66.2
10,697.8 66.1
10,380.1 57.9
11,303.5 69.7
12,459.4 62.4
12,982.7
63.7
13,892.1 61.5
14,568.3 58.6
51.1
15,288.4
15,722.5 36.2
38.2
17,811.6
47.2
20,954.2
60.3
22,514.6

180.5

96 9

93.4
406.6
467.6
446.5
442.9
416.4
404.7
440.3
437.8
721.1
732.0
801.9
818.2
851.6
874.5
1,138.6
904.2
985.3
1,054.9
1,027.8
1,041.1
1,042.0
1,044.9
1,011.1
1,131.1
1,129.1

33.3
103.0
110.7
102.0
123.1
107.6
109.4
143.2
144.0
182.6
193.6
195.0
198.2
194.7
186.2
204.0
248.8
346.1
307.1
323.7
294.2
355.8
349.8
421.6
439.1
513.8
531.5
530.4
684.4
549.2
705.9
714.4
644.9
781.4
925.0
1,203.1
1,272.8
1,448.0
1,561.2
1,570.6
1,842.9
1,982.0
2,029.2
2,135.6
2,236.3
2,562.1
2,393.0
2,788.8
2,848.0
2,776.6
2,872.7
3,233.9
4,032.1
4,793.2
5,136.6

Checks
Other Aggreand
other Cash on
regate recash 1 hand. ources. sources.
items.

1.7
11.2
16.7
19.8
22.7
23.9
27.5
30.1
31.2
48.4
54.0
67.9
71.5
82.0
90.9
99.7
106.5
111.2
106.2
104.9
105.8
75.4
109.2
127.9
134/4
146.2
159.7
1,172.5
1,179.4
167.7
1,283.7
183.7
1,366.1
195.3
1,445.5
210.5
223.7
1,565.3
242.6
1,674.6
1,732.4
249.8
261.4
1,859.9
275.4
2,179.2
2,498.4
274.2
2,821.2
283.7
295.8
3,039.4
3,400.1
317.6
346.0
3,654.3
3,987.9
380.9
416.9
4,073.5
4,377.1
405.7
4,44-5.9 • 495.0
544.T)
4,614.4
4,723.4
574.2
616.7
5,051.9
5,358.9
657.3
5,407.2
695.5
739.7
5,584.9
793.4
5,881.9
6,796.6
826.7
862.9
8,003.8
909.2
9,741.6

5.1
41.3
96.1
128.3
124.2
161.6
91.6
115.2
102.0
123.9
84.8
115.2
96.2
77.8
106.4
102.2
143.5
174.4
197.8
137.1
109.2
188.6
144.2
145.2
91.1
115.9
102.1
96.4
107.2
124.5
78.4
96.5
119.8
132.1
125.6
300.1
234.7
463.5
320.0
286.0
231.5
373.4
445.2
411.1
350.9
437.9
620.5
422.7
430.1
426.9
521.0
376.9
770.4
758.7
683.1

205 5
50.7
47.6
199.5
231.9
205.8
200.7
162.5
155.7
164.0
177.6
199.3
241.9
230.2
217.3
220.7
207.3
207.5
274.3
278.0
268.7
286.1
303.3
389.8
304.3
432.3
459.0
514.0
488.1
497.9
586.4
516.0
689.0
631.1
531.9
628.2
687.8
723.3
749.9
807.5
848.1
857.3
990.6
994.2
1,016.5
1,113.8
1,368.3
1,452.0
1,423.8
1,554.1
1,572.9
1,560.7
1,639.2
1,457.7
1,486.1
1,502.5
896.6

60 2

1,191 7

.5
2.4
3.0

252.3
1,126.5
1,476.4
1,494.1
1,572.2
1,564.2
1,510.7
1,730.6
1,770.8
2,731.3
2,892.63,204.7
3,183.0
3,204.0
3,080.7
3,312.7
2,398.9
3,869.1
4,031.1
4,208.1
4,221.3
4,426.8
4,521.5
5,193.3
5,470.5
5,940.9
6,343.0
6,562.2
7,245.4
7,192.3
7,290.6
7,609.5
7,553.9
7,822.1
8,609.0
9,905.0
10,785.8
12,357". 5
13,363.9
14,303.1
15,198.8
16,918.2
18,147.6
19,645.0
19,583.4
21,095.0
22,450.3
23,631.1
24,986.6
25,712.2
26,971.4
27,804.1
32,271.2
37,126.7
40,726.4

3.2
2.9
5.8

5.9
6.2
6.7

16.2
20.5
46.5
54.4
56.2
54.2
53.4
59.4
72.1
45.9
94.9
107.0
103.0
112.3
111.9
54.5
46.6
46.8
59.4
63.1
72.5
76.2
109.6
88.9
82.2
97.1
46.4
98.1
108.1
108.3
132.6
151.5
172.6
272.5
437.8
249.0
111.4
193.6
150.5
165.8
218.4
274.4
301.6
509.5
564.2
784.4

1 Includes exchanges for clearing house.
2
Includes,figuresfor 1,400 State banks and 66 national banks.
»From Homan's Bankers' Almanac.
* National banks.
«Number of national banks only; but amounts include incomplete returns from State banks with national
supervision.




BEPOET OF THE COMPTEOLLEB OP THE CUBEENCY.

119

private banks, loan and trust companies from 1863 to 1918.
compiled from reports obtained by the Comptroller of the-Currency.]
of dollars.]
Liabilities.

Capital
stock
paid in.

405.0
311.5
75.2
325.8
414 3
418.6
420.1
422.7
430.4
458.3
470.5
532.9
551.2
592.5
602.4
614.4
587.7
580.5
565 2
572 3
590.6
625 5
656.5
678.0
686 8
799 2
853.8
893 3
968.7
1 029 6
1,071.1
1 091 8
1 069.8
1 080 3
1*052 0
1 012.3
992 1
973.6
1 024 7
1,076.1
1 201 6
1 321 9
' 1^392.5
1 463 2
1 565 3
l' 690.9
1 757 2
1,800.0
1 879 9
1^952,4
2 010 8
2^096.9
2,132.1
2,162.8
2,195.1
2,274.2
2,351.6

Surplus
fund.

Undivided
profits,
less expenses.

Due to
banks.

DiviPostal
United
dends Individual savings
States
unpaid. deposits. deposits. deposits.

100.5
1.1
31.3
50 2
63.2
75.8
82.2
94.1
101.2
105.2
129.4
141.8
163.4
198.5
181.4
178.0
189.2
194.3
214 8
232.0
245 7
269 8
276.5
303 4
358.6
367.8
406.0
442.7
464.7
491.4
516 7
523.5
541 0
534.9
557.6
565 4
581.8
648 4
687.0
781.0
903 7
993.8
1 053.6
] 1RO R

305.2
401 6
1,326.1

L 547 9
L, 512.1
L 585 0
]L, 676.6
:L714.5
L, 732.9
L,849.7

L, 945.5
2,034.8

3.1

29.3
30.7
33.5
43.8
38.6
42.0
50.2
86.2
97.3
90.8
63.1
79.2
59.8
57.0
66.0
77.3
78.0
102.1
109.8
85.4
90.5
101.2
126.0
126.0
141.4
154.6
158.8
172.6
159.2
158.4
159.6
155.1
167.3
179.3
233.8
268.6
315.9
369.8
367.1
385.9
378.0
339.9
359.9
508.5
404.6
553.5
581.2
573.2
562.0
639.8
564.3
674.2
684.3

393.7

27.4
157.8
122.4
112.5
140.7
129.0
130.0
371.9
172.7
187.4
207.5
205.3
196.6
179.5
172.1
201.0
258.0
333.6
297.3
299.8
254.2
322.9
336.7
383.5
400.7
477.8
469.3
454.5
613.5
419.9
599.1
600.5
521.7
673.4
809.8
1,046.4
1,172.5
1,333.0
1,393.2
1,476.0
1,752.2
1,904.4
1 899.0
2,075.5
2,198.0
2,484.1
2,225.4
2,621.0
2,632.6
2,584.2
2,705.1
2,783.3
3,463.6
3,913.9
3,595.0

119.4
398.4
533.3
539.6
575.8
574.3
501.4
600.9
618.8
1,421.2
1,521.6
1,787.0
1,778.6
1,813.6
1,717.4
1,694.3
1,951.6
2,296.7
2,460.2
2,568.4
2,566.4
2,734.3
2,811.9
3,307.9
3,423.3
3,779.3
4,064.1
4,196.8
4,664.9
4,627.2
4,651.2
4,921.2
4,945.1
5,094.7
5,688.1
6,768.7
7,239.0
8,460.7
9,104.7
9,553.7
10,000.6
11,350.7
12,215.8
13,099.6
12,784.5
14,035.5
15,283.4
15,906.3
17,024.1
17,475.8
18,517.7
19,135.4
22,773.7
26,289.7
27,808.5

2.5
4.5
1.5

1.4
1.6
6.2

6.8
2.1
5.8

1.8
1.8
6.5
7.2
1.9
1.9

6.9
2.3
3.9

8.7
4.7
3.9
5.5
4.8
4.6
3.3
3.7
3.9
2.6
3.4

8.9
2.7
3.4
3.8
2.3

1.8
2.4
2.7

2.4
4.0

3.3
20.9
5.7
3.6
3.6
30.1
4.2
28.7
4.6
33.0

25.3
40.2
59.8
71.1
101.9
114.9

58.0
39.1
33.3
28.2
12.8
11.4
25.9
12.5
15.2
10.6
10.2
11.1
10.9
25.6
252.1
10.7
12.3
12.7
13.9
14.2
14.0
17.2
23.3
58.4
46.7
30.6
25.9
14.2
13.7
14.1
13.2
15.4
16.4
52.9
76.3
98.9
99.1
124.0
147.1
110.3
75.3
89.9
180.7
130.3
70.4
54.6
48.5
58.9
49.7
66.7
49.0
39.5
133.0
1,037.8

Nationalbank
circulation.
238.7
163.3
25.8
131.5
267.8
291.8
294.9
292.8
291.8
315.5
327.0
338.8
*1QO g

318.1
294.4
290.0
299.6
307.3
318.1
312.2
308.9
312.0
295.2
269.2
238.3
166.6
155.3
128.9
126.3
123.9
141.0
155.1
171.7
178.8
199.2
196.6
189.9
199.4
265.3
319.0
309.3
359.3
399.6
445.4
510.9
547.9
613.7
636.4
675.6
681.7
708.7
722.1
722.6
722.7
676.1
660.4
681.6

Other
liabilities.

53. J
.3
.5
20 0
4.4
3.2
6.6

10.5
10.4
12.4
18.8
22.5
31.2
31.5
32.9
34.7
29.5
33.2
43.4
44.2
38.8
53.3
39.6
34.4
49.1
76.5
78.2
96.0
106.7
85.7
190.7
98.7
112.4
122.1
113.4
140.1
70.6
100.5
110.6
130.4
169.3
180.9
237.3
305.2
402.9
334.2
230.7
358.0
349.9
381.7
504.8
480.4
514.2
609.4
1,129.3
2,384.9

NOTE.—Since 1873 the Comptroller has collected and published statistics of State banks, but complete
data for compiling these statistics for a number of years thereafter were available only for those States in
which the banks were required to report to some State official. For recent years the statistics are practically complete.




120

EEPOBT OF THE COMPTROLLER OF THE CtTB&ESfCY.

INDIVIDUAL DEPOSITS IN ALL REPORTING BANES.

Individual deposits in all reporting banks in June, 1917, aggregated $26,289,708,159.14 and on June 29, 1918, amounted to
$27,808,472,756.43; making an increase during the current year of
$1,518,764,597.29, or 5.78 per cent. The percentage of increase in
deposits for the fiscal year ended June, 1915, was 3.34 per cent, for
1916, 19.01 per cent, and for 1917, 15.43 per cent.
Individual deposits in detail in each class of banks as of June 29,
1918, are as follows:
Individual deposits in each class of banks June 29, 1918,
individual deposits
Niamberof subject to check withbanks.
out notice.

Demand certificates of deposit.

Certified checks
and cashiers'
checks.

State banks
,
Sfeocksavings banks
Mutual savings banks
Loan and trust companies...
Private banks

16,596
1,194
625
1,669
1,091

$2,754,752,819.45
40,377,928.42
56,882,765.16
2,031,637,384.52
71,445,261.05

$144,611,060.27
562,870.69
3,029,627.86
69,105,064.39
10,138,876.82

$29,962,549.16
628,134.37
4,159.05
24,696, 459.10
304,822.49

Total
National bau-ks
Grand total

21,175
7,705

4,965,096,158.60
7,161,268,000.00

227,445,500.03
344,386,000.00

55,596,124.17
152,311,000,00

28,880

12,116,364,158.60

571,831,500.03

207,907,124.17

Savings deposits.

Time certificates
of deposit.

Deposits not
classified.

Total.

State banks.
$1,071,636,806.01 $1,025,951,956.88 $l,087,2&3,784.90 $6,114,198,076.67
1,001,573,414,15
4,833,512. §51,507,694.89 1,049,483,555.47
Stock savings banks
4,343,687,558.. 83
479,047.50
18,013,234.75
4,422,096,393.15
Mutual savings banks
1,286,650,369.13
2,322,514,921.46> 5,970,906,454.04
236,304,255.44
Loan and trust companies,..
23,459, 823.09
68r236<, 216.3$
193,41&, 377.10
19,834,377.29 ;
Private banks
Total......
National banks

7,727,007,971.21

1,287,4(13,150.06 3, 497,555.852. Se- 17,750,104,756.43
838,051,000.00 l l , 562,352,000.00 210,058,368,000.00

Grand total

7,727,007,971,21

2,125,454,150.06

5,059,907,852.36

27,808,472,756.43

* Includes 31,398,158,000 time deposits on open account.
* Does not include United States and postal savings deposits nor dividends unpaid.

From the foregoing table it is shown that individual deposits
subject to check without notice aggregate $12,116,364,158.60; demand
certificates of deposit $571,831,500.03; certified checks and cashiers'
checks $207,907,124.17; savings deposits $7,727,007,971.21; time
certificates of deposit $2,125,454,150.06; and deposits not classified
$5,059,907,852.36. Included in the unclassified deposits is the sum
of $1,398,158,000 representing time deposits on open account in
national banks.
Under the provisions of the Federal Reserve Act deposits in
national banks are classified for the purpose of computing reserve, as
"demand" and "time" and in carrying out the classification in the
reports, provision has not been made far the separation from other
time deposits of savings accounts.
CASH IN ALL REPORTING BANKS.
Cash in State, savings, and private banks, and loan and trust
companies of the country shown by reports of condition as of June 29,
1918, aggregated $513,869,423.03 or $235,921,653.03 less than was
reported in 1917.




REPORT OF THE COMPTROLLER OF THE CURRENCY.

121

During the same period cash in the vaults of national banks was
reduced from $752,711,000 to $382,701,000 or a decrease of $370,010,000. The decrease in cash holdings of all banks—State and
national—during the year amounted to $605,931,653. During the
same period, the Federal reserve banks increased their cash holdings
bv $758,501,000 or from $1,247,698,000 in June, 1917, to $2,006,199,000 in June, 1918.
The cash holdings of all banks, national, State, and Federal reserve
banks in 1917 were $2,750,200,076; the cash holdings for the current
year are $2,902,769,423 an increase of $152,569,347, or approximately
5.55 per cent.
Coin and other currency held by all national and State banks and
by Federal reserve banks are shown in the following table;
Cash in all banks June £9, 1918.
7,705 national
banks.

Classification.
Gold coin
,*
Gold certificates
Silver coin
Silver certificates
Legal tender notes
National bank notes
Federal reserve notes ».
Nickels and cents
Casli not classified

21,175 State, etc.,
banks.

Total, 28,892
banks. 1

134,261,000.00
54,549,000,00
2 39,751,000.00
53,317,000.00
39,034,000.00
52,584,000.00
109,205,000.00

.

Total
Cash in Federal reserve banks (June 28,1918):
Gold coin and certificates (reserve). ..
Legal tender notes, silver, etc. (reserve).

$68,378,760.15
37,829,060.00
20,005,662.91
26,652,036.00
184,507,351.00
8,195,585. 00
20,406,347.00
3,530,584. 23
144,364,036.74

$102,639,760.15
92,378,060.00
59,756,662.91
79,969,036.00
223,541,351.00
60,779,585.00
129,611,347.00
3,530,584.23
144,364,036.74

382,701,000.00

513,869,423.03

896,570,423.03
1,949,021,000.00
57,178,000.00
2 902 769 423 03

1

2
Including 12 Federal Reserve banks.
Includes nickels and cents.
3
Includes Federal reserve bank notes.

MOHEY

THE UNITED STATES.

The general stock of money in the United States increased from
$5,408,000,000 on June 80, 1917, to $6,741,000,000 on June 30, 1918,
an increase during the year of $1,333,000,000, or 24.65 per cent.
Of the total stock of money in the country the sum of $360,300,000
was in the Treasury as assets of the Government and $1,001,300,000
was held by Federal reserve hanks and Federal reserve agents
against issues of Federal reserve notes, a total of $1,361,600,000, or
20.20 per cent of the general stock being so held.
For the date nearest June 30 for which information is available,
coin and other money in national banks and other reporting banks
(exclusive of those in the island possessions) aggregated $882,700,000
and cash in Federal reserve banks amounted to $2,006,200,000.
The total amount of cash in all banks in the United States was therefore $2,888,900,000, or 42.86 per cent of the total stock of money.
The remaining $2,490,500,000, or 36.94 per cent, was outside of the
Treasury and banks, and presumably in the pockets of the people or
hoarded.
The total amount of money in circulation, exclusive of coin and
other money in the Treasury, etc., as assets, was $5,379,400,000, or



122

EEPORT OF THE COMPTROLLER OF THE CURRENCY.

$50.81 per capita, being an increase in the aggregate of $615,800,000,
and a per capita increase of $5.07 over the amounts reported in 1917.
In the following table is shown the distribution of money in the
United States (island possessions not included for money in banks)
giving the amount in the Treasury as assets and the amount in reporting banks from 1892 to 1918, inclusive:
Stock of money in the United States, in the Treasury, in banks, and in circulation, 1892
to 1918.
Coin and other
Coin and other Coin and
Coin and money in Treas- money in reportnot in
other
ury as assets.1
ing banks.2
banks.
Year
money
ended
in the
June 30— United
States.
Per
Amount. cent. Amount. Per Amount.
cent.

1892
1893
1894
1895
1896
1897
1898
1899
1900
1901
1902
1903
1904
1905
1906
1907
1908
1909
1910
1911
1912
1913
1914
1915

Millions. Millions.
$150.9
$1,752.2
142.1
1,738.8
144.2
1,805.5
1,819.3
217.4
1,799.9
293.5
1,906.7
265.7
2 073.5
235.7
286.0
2,190.0
284.6
2,339.7
307.8
2,483.1
2,563.2
313.9
317.0
2,684.7
2,803.5
284.3
295.2
2,883.1
333.3
3,069.9
3,115.6
342.6
3.378.8
340.8
300.1
3,406.3
3,419.5
317.2
3,555.9
341.9
3,648.8
364.3
3,720.0
356.3
336.3
3,738.3
«420.2
3,989.4

1916

4,482.9

»458.8

1917

5,408.0

8 644.4

1118

6,741.0 3 1,361.6

Millions.
$586.4
515.9
688.9
631.1
531.8
628.2
687.7
723.2
749.9
794.9
837.9
848.0
982.9
987.8
1,010.7
1
L,106.5
1
1,362.9
1
L444.3
1,414.6
L,545.5
L,563.8
L.552.3
1^630.0
1,447.9
* 312.1
10.23 1.472.2
^425.6
1,487.3
11.92 <1,247.7
882.7
20.20 4 2,006.2

8.60
8.17
7.99
11.95
16.31
13.93
11.37
13.06
12.16
12.39
12.24
11.80
10.14
10.24
10.86
11.00
10.08
8.81
9.27
9.61
9.98
9.58
8.97
10.53

other money
Treasury or

Per
cent..

In circulation,
exclusive of coin
and other money
in Treasury as
assets.

Per
Per
capita. Amount. capita.

Millions.
33.48 $1,014.9
29.68 1,080.8
38.17
972.4
34.96
970.8
29.55
974.6
32.94
1,012.8
33.17
1,150.1
33.02 1,180.8
32.05
1,305.2
32.02
1,380.4
32.69 1,411.4
31.59
1,519.7
35.06
1,536.3
34.27 1,600.1
32.92
1,725.9
35.51 1,666.5
40.34
1,675.1
42.40
1,661.9
41.37
1,687.7
43.46 1,668.5
42.86 1,720.7
.41.73 1,811.4
43.62
1,772.0
| 44.12 1,809.2

Millions.
57.92 $15.50 $1,601.3
62.15 16.14
1,596.7
53.84
14.21 1,661.3
53.36
13.89
1,601.9
54.14
13.65 1,506.4
53.13 13.87
1,641.0
55.46
15.43 1,837.8
53.92
15.51 1,904.0
55.79
17.11 2,055.1
55.59 17.75 2,175.3
55.07
17.90 2,249.3
56.61 18.88 2,367.7
54.80 18.77 2,519.2
55.49
19.22 2,587.9
56.22 20.39
2,736.6
53.49 19.36
2,773.0
49.58
19.15 3,038.0
48.78 18.68 3,106.2
49.36 18.68 3,102.3
46.93 17.75 3,214.0
47.16 17.98 3,284.5
48.69 18.61 3,363.7
47.41 17.89 3,402.0
45.35 17.96 3,569.2

$24.60
24.06
24.56
23.24
21.44
22.92
25.19
25.62
26.93
27.98
28.43
29.42
30.77
31.08
32.32
32.22
34.72
34.93
34.33
34.20
34.34
34.56
84.35
35.44

} 42.34

2,126.3

47.43

20.75

4,024.1

39.29

} 50.57

2,028.6

37.51

19.48

4,763.6

45.74

} 42.86

2,490.5

36.94

23.52

5,379.4

6 50.81

1 Public money in national-bank depositaries to the credit of the Treasurer of the United States not
included.
2
Money in banks of island possessions not included.
«Includes amount held by Federal reserve banks and Federal reserve agents against issues of Federal
reserve notes.
< Money in Federal reserve banks June 25,1915, June 30,1916, June 22,1917, and June 28, 1918.
5 Population estimated at 105,869,000.

By the end of October, 1918, the currency stock had increased to
$7,590,200,000, of which $399,300,000 was lield in the Treasury as
Government assets and $1,247,100,000 by Federal reserve banks and
reserve agents against issues of Federal reserve notes, hence there
was $5,943,800,000 held by national and other banks and in general
circulation.




REPORT OF THE COMPTROLLER OF THE CURRENCY.

1.23

JTATIOffAL BANK CIRCULATION.
The amount of the increase or decrease of national hank circulation
issued and retired since January, 1875, and the changes quarterly
during the last year are shown in the following table:
Yearly increase or decrease in national-bank circulation from Jan. 14, 1875, to Oct. 31,
1917, and quarterly increase or decrease for the year ended Oct. 31, 1918.
Issued.

Date.
From
1875
1876
1877
1878
1879
1880
1881
1882
1883
1884
1885
1886
1887
1888
1889
1890
1891
1892
1893
1894
1895
1895
1897
1898
1899
1909
1901
1902
1903
1904
1905
1903
1907
1908
1909
1910
1911
1912
1913
1914
1915
1016
1917

Jan. 14 to Jan. 31, 1875
.
.

. .
..-.'.-

.

T.
.

.

.
. .
,

. .

Total
Nov. 1, 1917, to Jan. 31,1918
Feb. 1,1918, to Apr. 30,1918
May 1,1918, to July 31,1918
Aug. 1,1918, to Oct. 31,1918
Total
Surrendered to this office and retired
from Jan. 14,1875, to Oct. 31,1918
Grand t o t a l . . .
From
From
From
From

Retired.

$587,580
12,953,695
7,777,710
19,842,985
12,663,160
27,123,235
8,347,190
34,370,050
21,427,900
12,669,620
8,888,944
17,628,924
8,979,959
16,084.424
15,924,157
5,768,180
9,534,400
18,934,355
12,867,044
41,584,000
10,890,492
20,752,231
31,714,656
7,008,014
34,682,825
19,110,552
101,645,393
123,100,200
42,620,682
68,177,467
69,532,176
90,753,284
84,085,2£0
56,303,658
141,273,164
82,504,444
57,101,345
49,896,951
38,747,149
37,210,597
337,763,860
27,485,675
10,593,700
22,749,150

$255,600
18,167,436
28,413,265
16,208,201
9,031,558
6,967,199
6,880,458
15,697,878
20,694,838
24,920,477
30,990,730
2 i, 203,200
32,871,849
42,933,463
52,430,030
40,340,254
28,382,190
21,235,457
11,624,877
8,095,313
13,008,267
12,526,159
9,843,648
14,613,787
17,087,925
15,198,118
16,537,088
15,951,527
21,868,006
28,474,958
31,930,783
22,732,060
25 055,739
27,980,139
80,025,078
48,433,296
33,011,015
35,284,247
27,586,734
26,441,867
20,246,418
342,807,533
59,026,803
37,211,370

1,929,592,437
6,648,440
8,890,430
5,644,740
5,044,130
1,955,820,177

1,425,229,818
4,873,467
4,245,743
3,632,700
6,029,642

1,104,071,331
1,774,973
4,644,687
2,012,040

1,444,011,370

1,112,503,031

985,512
600,694,224

58,850,980
1,502,862,350

1,112,503,031

58,850.980
659,545,204

1,955,820,177

Increase.

Decrease.

$281,980
$5,213,741
20,63o, 555
3,634,784
3,631,602
20,159,036
1,466,732
18,672,172
733,032
12,250,857
22,101,786
8,577,276
23,891,890
26,869,039
36,505,873
34,572,074
18,847,790
2,301,102
1,242,167
33,488,687
2,117,775
8,226,072
21,871,008
7,605,773
17,594,900
3,912,434
85,108,325
107,148,673
20,752,676
39,702,509
37,601,393
68,021,224
59,029,521
28,323,519
61,248,086
34,071,148
2-1,090,330
14,612,704
11,160,415
10,768,730
367,517,442
315,322,858
48,433,103
14,462,220
599,708,712

NOTE. -Additional Federal reserve bank notes retired, $3,219,140.
VAULT ACCOUNT OF NATIONAL-BANK CURRENCY.

At the close of business on October 31,1917, the amount of nationalbank currency in the vaults of this office was $341,088,330, and there
was received during the year from the Bureau of Engraving and
Printing $269,084,850, making a total amount to be accounted for of
$610,173,180.
In the fiscal year circulating notes were issued to banks to the
amount of $260,155,140, and there was withdrawn from the vaults
for cancellation, by reason of liquidations and extensions of charter,
$17,240,060, making total withdrawals of $277,395,200, and leaving
on hand at the close of business October 31, 1918, $332,777,980.

85478°—CUR 1918—VOL 1


9

124

REPORT OF THE COMPTROLLER OF THE CURRENCY.
DENOMINATIONS OF NATIONAL-BANK

CIRCULATION.

While the recent amendment to the law authorizes the issuance of
national-bank notes of the denominations of $1 and $2, no l's and 2's
have been issued under that amendment, mainly because of the
extraordinary demands on the Bureau of Engraving and Printing
for the engraving and printing of Government securities, etc., and
the demand for notes of small denominations having been met largely
by the issuance of l's and 2's by the Federal reserve banks. For the
past three years no national-bank notes of the denomination of $500
and $1,000 have been issued. It appears that over 90 per cent of the
total issues consist of notes of the denominations of $5, $10, and $20.
Notwithstanding authority conferred by the act of October 5, 1917,
removing the limitation on the amount of $5 notes issuable, the
increase since that date has been only $8,417,195, the amount of the
denomination of $5 outstanding being $117,927,615 as against
$109,509,420 in 1917.
MONTHLY STATEMENT RELATING TO UNITED STATES BONDS DEPOSITED
TO SECURE CIRCULATION.

In connection with the amount of United States bonds on deposit
to secure circulation,, a statement is submitted herewith showing the
amount held by the Treasurer of the United States on the first of
each month from December, 19*17, to November, 1918, together with
the amount of circulation outstanding secured by bonds and by
lawful money on the same dates:
United Slates bonds and national bank circulation, etc., on the first day of each month
from Dec. 1, 1917, to Nov. 1, 1918.
United
States bonds
on deposit
to secure
circulation.

1918.

January
February
March
April
May
June
July
August
September
October
November

—

1

PRICE

AND

Lawful
money on
deposit to
redeem
circulation.

Total
nationalbank notes 1
outstanding.

$678,948,778

$38,103,287

$717,052,065

683,581,260
684,508,260
685,349,410
688,060,510
68S,969,710
691,579,160
690,384,150
690,831,260
682,411,730
683,026,300
684,446,440

1917.

December

Circulation
secured
by United
States
bonds.

$681,565,810

Date.

681,814,981
681,521,545
680,992,730
684,667,147
686,098,360
687,998,070
687,326,508
687,577,645
680,210,470
678,465,863
679,637,575

37,397,649
36,311,670
37,047,275
36,252,360
36,189,817
35,989,575
36,878,977
36,150,417
44,108,182
43,467,307
41,833,562

719,212,630
717,833,215
718,040,005
720,919,507
722,288,177
723,987,645
724,205,485
723,728,062
724,318,652
721,933,170
721,471,137

Notes redeemed but not assorted are not included.

INTEREST

REALIZED BY INVESTORS
BONDS.

IN

UNITED

STATES

During the past year, the market value of 4 per cent bonds of
1925 has increased, rising from 105.5517 in January to 107.4327 in
October. The 2 per cent consols increased during the year from
96.5861 to 98.0819 in October, although the quotations in July,
98.0828, were slightly higher than in October. The 2 per cent Panama
Canal bonds quoted at 96.4158 in January rose to 98.4135. As a




EEPOET OF THE COMPTROLLER OF THE CURRENCY.

125

result of these changes the rate realized by investors at the beginning and close of the year is shown to have been as follows:
Four's of 1925
Two per cents of 1930
Two per cent Panama Canal bonds

3.212 and 2. 850
2. 330 and 2.198
2. 265 and 2.136

BONDS AVAILABLE AS SECUPtlTY FOR CIRCULATION.

As a result of the redemption in August, 1918, of the bonds of the
1908-1918 issue hereinbefore mentioned, the amount of interestbearing bonds available as security for national bank circulation
has been reduced during the year from $857,060,990 to $793,115,530.
The only bonds now available as security for circulation are the 2
per cent consols of 1930, 2 per cent Panama Canal bonds and the 4
per cent bonds of 1925.
From a statement of the Treasury dated October 31, 1918, it
appears that the Treasurer of the United States on that date held in
trust as security for national and federal reserve bank notes and deposits of public moneys some $8.22,525,190 bonds, all of which, with
the exception of $12,179,400, were obligations of the Government.
Bonds held as security for national bank circulation are stated at
$684,446,440 and for federal reserve bank notes $87,938,550. The
securities for the deposits of public moneys aggregated $50,140,200,
of which $12,179,400 were obligations other than those of the General Government.
In the year ended October 31, 1918, United States bonds to the
amount of $38,583,300 were deposited as security for circulation
by banks chartered during the year and by those that increased their
circulation, the amount deposited by banks chartered during the year
being only $3,280,250. Withdrawals of bonds as a result of the
reduction of circulation aggregated $17,799,550. Withdrawals on
account of voluntary and other liquidations amounted to $5,976,520.
The following statement shows the amount of deposits and withdrawals of bonds by months from November 1, 1917 to October 31, 1918:
United States bonds deposited as security for circulation by banks chartered and by those
increasing their circulation, together with the amount withdrawn by banks reducing
their circulation and by those closed, during each month, year ended Oct. 31, 1918.
Bonds
deposited b y
all banks
Bonds
chartered and withdrawn
those
b y banks
increasing
reducing
circulation
circulation.
during the
3^ear.

Date.

1917.

Bonds
Bonds
withdrawn
withdrawn
b y banks
by banks
in
liquidation. in iusolvency.

$2,853,600
2,712,450

$45,000
361,500

$683,000
335,000

1,822,000
5,178,750
3,407,100
2,142,300
12,682,000
1,178,750
1,176,210
1,660,890
1,997,850
1,771,400
38,583,300

50,000
1,883,600
351,000
263,100
963,800
1,895,000
729,100
10,002,920
1,132,030
122, 500
2 17,799,55 <

845,000
2,380,000
345,000
170,000
108,750
311,260

1918.
ro 1 r.i ivy
*,r i; c l
.
V.vil
W x
.. . . . . . . .
June
Jn!v
An JTU^ t
Sectoral >er
October
Total1
1
2

.
...........

45, O O
Q
251,250
228,760
5,703,020

$73,£00

167,500
32,500
273,500

Includes $3,280,250 deposited by banks chartered during the year.
Includes $10,260,680 withdrawn on account of the redemption of 3 per cent bonds which matured Aug.




126

BEPOBT OF THE COMPTKOLLEB OF THE CUBBENCY.

In the accompanying table is stated the amount of each denomination of national-bank circulation outstanding at the close of business
October 31, 1918. (The notes of the denominations of $1 and $2
appearing in the statement are those issued on and before 1879.)
Outstanding
Oct. 31, 1918.

Denominations.
Ones
Twos
Fi.es
Tens
Twenties

$342 072
163'392
117 927 615
290,872,810
248 561 040
29 884 400
34^217'700
88 000
21,000

One hundreds
Fi ve hundreds
One thousands
Total

722,078,029

REDEMPTION OF NATIONAL BANK CIRCULATION.

From November 1, 1917, to October 31, 1918, receipts of bank
notes for redemption at the National Bank Redemption Agency,
Treasury Department, aggregated $397,632,660, of which $314,914,362 were national bank notes; $74,400,680 federal reserve notes;
$3,957,006 federal reserve bank notes; and $4,360,612 mixed remittances. Of the total receipts, about 40 per cent was received from the
three central reserve cities, New York, Chicago, and St. Louis, and 31
per cent from 12 of the other principal cities of the country. Under,
the law, notes received for redemption which are fit for further use
are returned to the banks issuing them, and during the year in question notes fit for continued use to the amount of $68,156,250, of
which $45,938,200 were national bank notes, were received and
returned to the issuing banks.
Expenses incident to the redemption of circulating notes during
the last year amounted to $342,562.56, or $1.06 per $1,000 received
at the redemption agency.
Monthly receipts of each class of bank circulation, together with
the amount of receipts from the principal cities, are shown in the folowing tables:
Monthly receipts.
Federal reserve bank
notes.

National
bank notes.

November.
December..
January
February...
March
April
May
June
July
August r
September..
October
Total.




1917.

1918.

Federal reserve notes.

$24,538,711
22,007,905

$3,640,620
3,841,310

$165,440
210,730

37,009,426
25,215,157
26,426,410
27,954,376
31,270,782
28,461,069
26,494,540
23,372,358
20,279,782
21,883,846

5,508,650
5,682,130
6,115,660
5,236,820
5,234,040
5,997,110
8,288,890
7,378.540
7,828;330
9,648,580

324,670
335,480
315,340
392,330
356,940
312,390
298,380
349,430
374,775
521,101

314,914,362

74,400,680

3,957,006

REPORT OF THE COMPTROLLER OF THE CURRENCY.

127

Principal sources of notes received for redemption.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Cincinnati
Baltimore
New Orleans
Other sources

$19,978,812
98,505,783
24,407,721
9,177,901
4,163,562
7,153,160
32, 240, 895
25,363, 205
1,988,058
2, 544,063
6,923,169
10,370,665
21, 789.410
9,360^ 528
4,518,969
119,146,761

^
-

1

Total.,

397,632,660

PROFIT TO NATIONAL BANKS ON CIRCULATION.

Computations relating to the profit on national bank circulation
secured by 2 per cent consols, 2 per cent Panama bonds, and 4 per
cent bonds, as prepared by the Actuary of the Treasury, are presented in volume 2 of this report. The computations are based on
the deposit of $100,000 United States bonds, at the average net
price monthly during the year ended October 31, 1918.
The computations show that the receipts cover the interest on the
bonds, and 6 per cent on the circulation received less an amount
equal to 5 per cent on the circulation, required to be deposited as redemption fund with the Treasurer of the United States. From the
gross receipts are deducted the tax on circulation, expenses incident
to redemptions, together with the sinking fund. From the net receipts, interest on the cost of the bonds at 6 per cent is deducted,
showing the net profit in both amount and per cent. In the computation, money is taken to be worth 6 per cent.
The rate of profit on circulation secured by 2 per cent consols has
varied from the minimum of 1.399 per cent to 1.6 per cent; on 2 per
cent Panama bonds, from 1.347 per cent to 1.559 per cent; and on
4 per cent bonds, from 1.284 per cent to 1.805 per cent. These percentages represent the rate of profit on circulation in excess of 6
per cent on the investment in the bonds.
TAXES ON NATIONAL BANK CIRCULATION, REDEMPTION CHARGES,
EXAMINERS' SALARIES, ETC., AND EXPENSES OF THE CURRENCY
BUREAU.

In the year ended June 30, 1918, the Treasurer of the United States
collected from national banks in semiannual duty on outstanding
circulation $3,618,722.80 and in addition a tax on Federal reserve
bank note issues to the amount of $38,750.70, making total collections from these two classes of notes $3,657,473.50.
The law provides that the expenses of the Currency Bureau shall
be paid from the tax on circulation. The amount expended for the
conduct of the business of the bureau during the last fiscal year, that is,
* This total includes $4,300,622 received in mixed remittances and not identifiable as to cities.




128

REPORT OF THE COMPTKOLLER OF THE

CURRENCY,

salaries of officials and employees ($164,468.01), together with the cost
for dies, plates, distinctive paper, and the printing of national currency ($331,549.48), amounted to $496,017.49. Hence the receipts
of the Government from tax on circulation, exclusive of the expenses
of the bureau for which appropriations were made, amounted to
$3,161,456.01.
National banks paid, during the year, $342,562.56 for the cost of the
redemption of their circulating notes; $36,990 for plates for the
printing of the notes; and $994,626.18 for salaries and expenses
incident to the examinations of national banks.
During the existence of the national banking system, the Government has received from tax on national bank circulation approximately
$144,000,000, while the expenses of the Currency Bureau from its
organization in 1863 to June 30, 1918, as shown by records of the
amounts expended from the appropriations, aggregated less than
$19,000,000.
BONDS, ETC., SECURING FEDERAL RESERVE BANK NOTES.

Under the Federal Reserve Act and the recent amendment, Federal
reserve bank notes are issuable on the security of the same class of
bonds that are available as security for national bank circulation,
and also upon the special United States certificates of indebtedness
and one-year Treasury notes. Of the total amount of these securities
held by the Treasurer to secure Federal reserve bank notes the deposits during the year were as follows: Bonds, $6,688,150; certificates
of indebtedness, $61,217,000; one-year Treasury notes, $15,071,000.
The only withdrawals were of the one-year Treasury notes, the
amount being $5,770,000. It will be noted by reference to the
following table that the deposits and withdrawals in question
occurred between May and October of the current year:
United Slates bonds, 1-year Treasury notes, and United States certificates of indebtedness
deposited by Federal reserve banks as security for circulation, together with the amount
withdrawn by banks reducing their circulation, year ended Oct. SI, 1918.
United
United
Bonds
1-year
States
1-year
United
States
Treasury certificates withdrawn Treasury certificates
States
certificates of indebt- by banks certificates of indebtbonds
reducing withdrawn.
deposited. deposited.
edness
edness
deposited. circulation.
withdrawn.

Date.

May
June
July
August
September
October

1918.

$4,428,750
201,600

$2,874,000
12,197,000

"1*997*806'
% ...

Total..

6,688,150

15,071,000

$706,000

$6,000,000
20,000,000
35,217,000

5,064,000

61,217,000

5,770,000

FEDERAL RESERVE NOTES.
In the weekly statements issued by the Federal Reserve Board,
in addition to snowing in detail the assets and liabilities of the Federal reserve banks, the volume of Federal reserve notes issued, the
amount secured by gold and other lawful money deposited with the
Federal reserve agents, and the amount secured t>y commercial paper,
are reported.




REPORT OF THE COMPTROLLER OF THE CURRENCY.

129

Ordinarily by reason of its flexibility the volume of outstanding
Federal reserve notes is materially affected by seasonal requirements, increasing in the fall and decreasing in the spring, but during
the past year there has been an almost continuous increase each
week as shown by the banks' returns, the volume outstanding rising
from $1,126,345,000 on November 30, 1917, to $2,773,043,000 on
November 29, 1918. •
The unprecedented requirements for currency incident to the war,
together with the activities of the Federal reserve banks in concentrating the supply of gold, have caused this extraordinary increase
in the volume of Federal reserve issues during the past }^ear. As
Federal reserve notes, however, have been issued against gold, of
course a corresponding amount of gold is withdrawn from circulation.
In the table following are shown the amounts of notes outstanding,
amounts secured by gold and lawful money deposited, and by commercial paper, at the close of each week from November 20, 1914,
to November 29, 1918.
Federal reserve notes—Weekly statement of Federal reserve notes outstanding (amount
issued by Federal reserve agents to the banks, less "unfit" notes returned for redemption),
amount secured by gold and lawful money, and amount secured by commercial paper,
from Nov. 20, 1914, to Nov. 29, 1918.

Date.

1914.
Nov. 20
Dec.

27

4

11
18
24
31

1915.
Jan. 8
15
22
29

Feb.

Mar.
Apr.

Mav

5

12
19
26

5

12
19
20

2

9
16
23
30

7

14
21
28

June 4

11
18
25

July

2
9
16
23
30

Aug. ('

13
20
27

Federal reserve notes
outstanding.

Amounts se- Amounts secured by
cured by
gold and
commercial
lawful
paper.
money.

$1,215,000
2,700J 000
5,105 ,000
6,702,000
8,869,000
12,412,000
16,027,000

$1,135,000
3,210,000
5,013,000
8,565,000
12,252,000

$1,215,000
2,700,000
'3,970,000
3,492,000
3,856,000
3,847,000
3,775,000

16,530,000
16,804,000
17,106,000
17,679,000
18,702,000
20,106,000
24,632,000
26,172,000
29,805,000
33,965,000
36,846,000
39,858,000
43,376,000
44,828,000
48,461,000
50,074,000
53;353,000
55,042,000
59,829,000
61,950,000
65,612,000
69,704,000
73;529,000
ft,386,000
82,961,000
84,581,000
89;131,000
93,361.000
94,131J, 000
97,831,000
101,731,000
102,571,000
107,691,000
109,901,000

14,676,000
14,966,000
15,193,000
15,401,000
15,702,000
15,921,000
19,702,000
20,844,000
23,413,000
26,961,000
28,359,000
30,969,000
33,779,000
34,379,000
37,694,000
39,185,000
42,315,000
43,845,000
48,605,000
51,091,000
54, #91,000
58,291,000
61,431,000
65,871,000
68,996,000
70,616,000
74,246,000
77,656,000
78,126,000
81,191,000
84,676,000
85,806,000
89,726,000
90,986,000

1,854,000
1,838,000
1,913,000
2,278,000
3,000,000
4,185. 000
4,930,000
5,328.000
6,392;000
7,004,000
8,487,000
8, S89,000
9,597,000
10,449,000
10,767,000
10,889,000
11,038,000
11,197,000
11,224,000
10,859,000
10,921,000
11,413,000
12,098,000
13,515,000
13,965,000
13,965;000
14,885,000
15,705,000
16,005,000
16,640,000
17,055;000
16,765,000
17,965,000
18,915,000




Federal reserve notes
outstanding.

Date.

1915.
Sept. 3
10
17
24

Oct.

1

8
15
22
29

Nov. 5
12
19
26

Dec.

3

10
17
23
30

1916.
Jan. 7

14
21

28
4
11
18
25
Mar. 3
Feb.

10
17
24
31

Apr.

May

7

14
21
28

5

12
19
26

June 2
9

Amounts se- Amounts secured by
cured by
gold and
commercial
lawful
paper.
money.

$114,531,000
119,851,000
124,000,000
133,060,000
141,000,000
148,590,000
153,790,000
159,280,000
168,370,000
170,310,000
179,335,000
183,275,000
187,815,000
190,985,000
200,265,000
205,205,000
211,735,000
214,125;000

$94,766,000
99,356,000
104,541,000
115,180,000
123,301,000
130,620,000
136,210,000
142,440,000
151,830,000
154,005,000
163,155; 000
166,755,000
171,095,000
174,147,000
182,912,000
187,840,000
194,400,000
197,450,000

$19,765,000
20,495,001"
19,459,000
17,880,000
17,699,000
17,970,000
17,580,000
16,840,000
16,540,000
16,305,000
16,180,000
16,520,000
10,720,000
16,838,000
17,353,000
17,365,000
17,335,000
16,675,000

215,525,000
219,030,000
220,380,000
218,945,000
217,777,000
211,661,000
206,978,000
196,992,000
191,303,000
191,678,000
191,165,000
190,903,000
190,232,000
190,536,000
186,761,000
186,643,000
185,424,000
187,452,000
187,166,000
186,000,000
187,248,000
184,217,000
179,471,000

199,690,000
204,159.000
206,029; 000
205,380,000
205,112,000
199,989,000
195,705,000
185,775,000
179,734,000
179,474,000
179,272,000
178,706.000
179,281; 000
180,578,000
176,883,000
176,433,000
175,847,000
178,042,000
177,599,000
176,693,000
178,116,000
175,205,000
170,409; 000

15,835,000
14,871,000
14,351,000
13,565,000
12,665,000
11,672,000
11,273,000
11,217,000
11,569,000
12,204,000
11,893,000
12,197,000
10,951,000
9,958,000
9,878;000
10,210;000
9,577,000
9,410,000
9,567,000
9,307,000
9,132,000
9,012,0)0
93 002,000

130

REPORT OF THE COMPTROLLER OF THE CURRENCY.

Federal reserve notes—Weekly statement of Federal reserve notes outstanding {amount
issued by Federal reserve agents to the banks, less "unfit" notes returned for redemption),
amount secured by gold and lawful money, and amount secured by commercial paper,
from Nov. 20, 1914, to Nov. 29, 1918—Continued.

Date.

Federal reserve notes
outstanding.

Amounts se- Amounts secured bycured by
gold and
commercial
lawful
paper.
money.

1910.
June 16
23
30
July 7
14
21
28
Aug. 4
11
18
25
Sept. 1
8
15
22
29
Oct. 6
13
20
27
Nov. 3
10
17
24
Dec. 1
8
15
22
29

$179,802,000
176,955,000
176,168,000
179,783,000
179,358,000
175,219,000
174,023,000
175,551,000
175,602,000
176,620,000
179,838,000
194,645,000
199,218,000
202,530,000
209,778,000
213,967,000
220,490,000
225,882,000
230,803,000
234,876,000
240,534,000
247,873,000
255,702,000
258,081,000
268,270,000
279,462,000
289,778,000
296,766,000
300,511,000

$170,875,000
166,823,000
165,986,000
168,806,000
168,241,000
163,932,000
162,776,000
162,184,000
162,085,000
162,036,000
163,834,000
177,035,000
181,029,000
185,161,000
193,110,000
197,572,000
204,476,000
210,088,000
215,329,000
219,502,000
225,060,000
231,339,000
238,458,000
241,566,000
252,057,000
264,639,000
273,274,000
278,528,000
282,523,000

$8,927,000
10,132,000
10,182,000
10,977,000
11,117,000
11,287,000.
11,247,000
13,367,000
13,517,000
14,584,000
16,004,000
17,610,000
18,189,000
17,369,000
16,668,000
16,395,000
16,014,000
15,794,000
15,474,000
15,374,000
15,474,000
16,534,000
17,244,000
16,515,000
16,213,000
14,823,000
16,504.000
18,238', 000
17,988,000

300,280,000
293,440,000
292,014,000
291,693,000
290,577,000
308,348,000
321,453,000
331,469,000
343,847,000
355,263,000
363,278,000
372,244,000
382,566,000
400,703,000
431,794,000
440,539,000
446,544,000
458,874,000
470,401,000
478,906,000
488,088,000
499,844,000
512,527,000
527,971,000
539,976,000
550,504,000
570,725,000
579,957,000
583,937,000
5S4,464,000
590,389,000
601,227,000
613,646,000
627,307,000
644,911,000
680,073,000

281,292,000
274,512,000
273,141,000
273,320,000
274,074,000
288,720,000
297,270,000
306,186,000
317,581;000
328,433,000
338,608,003
349,519,000
360,668,000
378,450,000
410,796,000
418,538,000
422,905,000
433,089,000
438,323,000
448,311,000
456,611,000
466,9697000
475,201,000
459,942,000
390,765,000
402,639,000
413,715,000
428,338,000
423,889,000
434,193,000
467,845,000
485,467,000
502,588,000
488,536,000
493,185,000
494,779,000

18,988,000
18,928,000
18,873,000
18,373,000
16,503,000
19,628,000
24,183,000
25,283,000
26,266,000
26,830,000
24,670,000
22,725,000
21,898,000
22,253,000
20,998,000
22,001,000
23,639,000
25,785,000
32,078,000
30,595,000
31,477,000
32,875,000
37,326,000
68,029,000
149,211,000
147,865,000
157,010,000
151,619,000
160,048,000
150,271,000
122,544,000
115,760,000
111,058,000
138,771,000
151,726,000
185,294,000

1917.
Jan. 5
12
19
26
Feb. 2
9
16
23
Mar. 2
9
16
23
30
Apr. 6
13
20
27
May ^
18
25

June 1
8
15
22
29

Julv 6
" 13
20
27
A.ug. 3
10
17
24
31
Sept. 7




Date.

1917.
Sept. 14
21
28
Oct. 5
12
19
26
Nov. 2
9
16
23
30
Dec. 7
14
21
28
1918.
Jan. 4
11
18
25
Feb. 1
8
15
21
Mar. 1
8
15
22
29
Apr. 5
12
19
26
May 3
10
17
24
31
June 7
14
21
28
July 5
12
19
26
Aug. 2
9
16
23
30
Sept. 6
13
20
27
Oct. 4
11
18
25
Nov. 1
8
15
22
29

Federal reserve notes
outstanding.

Amounts se- Amounts secured bycured by
gold and
commercial
lawful
paper.
money.

$520,470,000
536,009,000
555,239,000
560,111,000
580,734,000
618,827,000
614.692,000
602,433,000
616,254,000
629,906,000
623,948,000
661,824,000
667,000 683,939,000
683,378,000
11,229: 007,000
!
746,307,000
1,295!069,000
781,851,000
1,341 ,752,000

$700. 430,000
725, 397,000
754, 088,000
797, 630,000
837. 425,000
875; 278,000
903 387,000
941! 284,000
995; 384,000
1,038, 620,000
1,102; 287,000
!l126!,345,000

1,366,335,000
1,369,545,000
1,373,105,000
1,373,622,000
,367,858,000
,374,225,000
,392,484,000
,429,732,000
,464,645,000
,505; 213,000
,520,296,000
,558,705,000
1,563,987,000
1,607,627,000
1,625,698,000
1,639,056,000
1,640,056,000
1,671,168,000
1,707,522,000
1,710.240,000
1,724', 685,000
1,736,547,000
1,769,876,000
1,793,393,000
1,805,518,000
1,848,823,000
1,917,152,000
1,963,729,000
1,982,603,000*
1,999,480,000
2,028,180,000
2,088,473,000
2,118,948,000
2,163,837,000
2,218,938,000
2,319,772,000
2.388,863,000
2,446,194,000
2,494,205,000
2,583,418,000
2,623,339,000
2,667,024,000
2,697,090,000
2,710,680,000
2,743,686,000
2,761,812,000
2,768,777,000
2,773,043.000

$179,960,000
189,388,000
198,S49,000
237,519,000
256,691,000
256,451,000
288,695,000
338,851,000
379,130,000
408,714,000
478,339,000
464,521,000
500,728,000
602,967,000
548,962,000
559.901,000

797,191,000 569,,144,000
781,774,000 587;,771,000
796,727,000
576,,378,000
793,829,000
579,,203,000
781,667,000 586,,191,000
838,259,000 535,,401,000
852,375,000
,109,000
540.
877,023,000
,709,000
552;
885,346,000
,299,000
579,
896,702,000
608 ,511,000
869,628,000
650 ,668,000
878,805,000
,900,000
679!
852,192,000
71i:,795,000
873,077,000
734!,550;000
857,492,000
768!,206,000
854,822,000
784 ,234,000
824,218,000
816;,438,000
862,296,000
808 ,872,000
885,027,000
822 ,495,000
915,536,000
794;,704,000
930,181,000
794:,504,000
955,919,000
780;,628,000
958,255,000
81i:,621,000
951,145,000 842;,248,000
957,238,000
848:,280,000
987,870,000
860 ,953,000
962,075,000 955 ,077,000
963,147,000 1,000 ,582,000
940,290,000 1,042 .313,000
910,420,000 1,089 ,060,000
902,793,000 1,125 ,387,000
940,962,000 1,147;,781,000
961,498,000 1,157;,450,000
,018,767,000 1,145 ,070,000
,061,597,000 1,157:,341,000
,087,760,000 1,232 ,012.000
,123,132,000 1,265 ,713,000
,145,950,000 1,300.,244,000
,161,737,000 1,332;,474,000
,181,485,000 1,401:,933,000
,157,000,000 1,466;,339,000
,173,521,000 1,493;,503,000
,184,998,000 1,512;,092,000
, 149,859,000 1,560,,821,000
,145,640,000 1,598,,046,000
,166,579,000 1,595,,233,000
,168,917,000 1,599, 860,000
,216,541,000 1,556,,502,000

BEPORT OF THE COMPTEOLLER OF THE CURRENCY.

131

A gradual increase during the year is noted in the proportionate
amount of notes secured by commercial paper, there being $464,521,000, or about 41 per cent of the total outstanding, thus secured
on November 30, 1917, whereas the amount so secured had increased
to $1,556,502,000, or more than 56 per cent of the total, on November
29, 1918.
Up to October 31, 1918, Federal reserve notes to the amount of
$4,156,360,000 were printed, $3,737,000,000 of which were shipped
or delivered to, or upon the order of, the Federal reserve agents, and
$419,360,000 held in the reserve vault available for shipment as required, the total shipment or delivery of notes for the year amounting
to $2,203,640,000.
During the year ended October 31, Federal reserve notes to the
amount of $334,403,925 7were returned to this office for destruction as
"unfit for circulation/ making, with prior returns, a total of
$553, 198, 645 mutilated notes returned for redemption and destruction to October 31, 1918.
Detailed information relative to issues and redemptions of Federal
reserve notes, by banks and denominations, is^given in the following
tables:
Statement of Federal reserve notes, by denominations, printed, shipped to Federal reserve
agents and United States subtreasuries, and on hand in reserve vault Oct. SI, 1918.
Bank.
Boston:
Printed
Shipped

Fives.

Tens.

Twenties.

Fifties.

Hundreds.

$56,660,000
54,340,000

$109,920,000
105,480,000

2,320,000

3,440,000

1,440,000

18,800,000

8,000,000

34,000,000

344,320,000
243,200,000

438,240,000
427,160,000

299,600,000
293,680,000

94,400,000
80,600,000

182,400,000
149,200,000

1,358,960,000
1,193,840,000

101,120,000
On hand
Philadelphia:
Printed
.... 53,100,000
51,160,000
Shipped
1,940,000
On hand
Cleveland:
37,000,000
Printed
33,280,000
Shipped
3,720,000
On hand
Richmond:
34,340,000
Printed
32,660,000
Shipped

11,080,000

5,920,000

13,800,000

33,200,000

165,120,000

99,320,000
97,120,000

129,120,000
124,720,000

29,600,000
22,400,000

28,400,000
20,000,000

339,540,000
315,400,00

2,200,000

4,400,000

7,200,000

8,400,000

24,140,000

66,240,000
65,640,000

133,360,000
132,880,000

58,800,000
53,400,000

600,000

480,000

5,400,000

1,200,000

11,400,000

50,560,000
46,040,000

64,640,000
58,080,000

24,000,000
18,400,000

20,800,000
13,600,000

194,340,000
168,780,000

1,680,000

4,520,000

6,560,000

5,600,000

7,200,000

25,560,000

43,540,000
41,780,000

60,280,000
59,800,000

74,880,000
68,800,000

13,400,000
9,800,000

15,600,000
11,600,000

207,700,000
191,780,000

On hand
New York:
Printed
Shipped

On hand
Atlanta:
Printed
Shioped

$66,800,000 $30,000,000 $23,600,000
65,360,000
11,200,000 15,600,000

Total.
$286,980,000
252,980,000

17,600,000
313,000,000
16^ 400,000 . 301,600,000

On hand
Chicago:
Printed
Shipped

1,760,000

480,000

6,080,000

3,600,000

4,000,000

15,920,000

97,500,000
82,520,000

167,960,000
163,360,000

210,240,000
204,320,000

50,000,000
35,600,000

39,600,000
27,600,000

565,300,000
513,400,000

On hand

14,980,000

4,600,000

5,920,000

14,400,000

12,000,000

51,900,000

38,180,000
36,900,000

52,160,000
51,880,000

57,360,000
54,240,000

10,600,000
7,000,000

7,600,000
6,000,000

165,900,000
156,020,000

1,280,000

280,000

3,120,000

3, £00,000

1,600,000

9,880,000

St Louis:
Printed
Shipped
On hand.....




132

REPORT OF THE COMPTROLLER OF THE CURRENCY.

Statement of Federal reserve notes, by denominations, printed, shipped to Federal reserve
agents and United States subtreasuries, and on hand in reserve vault Oct. 31, 1918—•

Continued.
Fives.

Bank.
Minneapolis:
Printed
Shipped

Twenties.

Tens.

Fifties.

Hundreds.

Total.

$41,180,000
38,240,000

$44,680,000
39,520,000

$38,240,000
37,680,000

$4,000,000
2,200,000

$4,800,000
4,000,000

$132,900,000
119,640.000

4,940,000

5,160,000

560,000

1,800,000

800,000

13,260,000

57,700,000
48,660,000

50,600,000
48,080,000

60,560,000
56,320,000

9,800,000
7,200,000

9,200,000
7,200,000

187,860,000
167,460,000

9,040,000

2,520,000

4,240,000

2,600,000

2,000,000

20,400,000

26,580,000
26,180,000

40,520,000
35,840,000

42,480,000
36,720,000

6,000,000
2,800,000

7,600,000
4,000,000

123,180,000
105,540,000

On hand

400,000

4,680,000

5,760,000

3,200,000

3,600,000

17,640,000

San Francisco:
Printed
Shipped

53,820,000
47,200,000

53,080,000
53,000,000

108,000,000
106,960,000

27,000,000
18,600,000

38,800,000
24,800^000

280,700,000
250,560,000

6,620,000 |
80,000
On hand
Vault balance.
Total printed...... 883,920,000 1,233,560,000
734,120,000 1,193,920,000
Total shipped

1,040,000

8,400,000

14,000,000

30,140,000

On hand
Kansas City:
Printed
Shipped
On hand
Dallas:
Printed
Shipped

Total on hand 149,800,000

1,285,280,000 357,600,000 396,000,000 4,156,360,000
1,239,760,000 269,200,000 300,000,000 3,737,000,000

39,640,000

45,520,000

88,400,000

96,000,000

419,360,000

Federal reserve notes, by denominations, issued through the Federal reserve agents to the
banks; also amounts retired and outstanding Oct. 31, 19IS.
Bank.
Boston:
Issued
Retired

Fives.

Tens.

$44,466,600 $92,205,600
18,748,070 19,024,260

Twenties.

$51,328,200
3,335/260

Fifties.

Hundreds.

$7,002,000 $12,202,300
872,700
1,514,500

Total.

$210,204,700
43,494,790

25,718,530

73,181,340

50,992,940

220,290,350
98,422,630

389,247,800
108,072,910

285,718,400
40,234,860

68,802,450 132,414,000
5,768,300 30,730,000

Outstanding... 121,867,720

281,174,890

245,483,540

63,034,150

45,132,700
16,203,850

87,114,800
21,333,420

124,190,200
15,431,080

16,890,000
762,100

12,750,000
604,300

286,077,700
54,334,750

28,928,850

65,781,380

108,759,120

16,127,900

12,145,700

231,742,950

31,840,003
6,101,015

62,920,000
9,335,000

129,200,000
9,032,340

45,600,000
2,004,200

11,600,000
341,000

281,160,000
26,813,555

25,738,985

53,585,000

120,167,660

43,595,800

11,259,000

254,346,445

33,659,300
13,332,550

51,322,700
17,475,110

64,399,400
14,279,440

18,837,200
2,484,150

12,392,000
2,800,300

180,610,600
50,371,550

20,326,750

33,847,590

50,119,960

16,353,050

9,591,700

130,239,050

44,663,050
22,496,075

65,682,300 ,
26,332,190

71,795,480
20,488,620

6,435,450
2,824,750

4,992,900
2,692,400

193,569,180
74,834,035

22,166,975

39,350,110

51,306,860

3,610,700

2,300,500

118,735,145

68,600,050 143,200,000
9,607,265 13,283,590

181,040,600
13,488,040

28,600,250
1,904,250

20.400,100
270,400

441,841,000
38,553,545

58,992,785

167,552,560

26,696,000

20,129,700

403,287,455

Outstanding...
New York:
Issued
Retired
Philadelphia:
Issued
Retired
Outstanding...
Cleveland:
Issued
Retired.
Outstanding...
Richmond:
-Issued
Retired
Outstanding...
Atlanta:
Issued
Retired
Outstanding...
Chicago:
Issued
Retired
Outstanding...

6,129,300

10,687,800

166,709,910

1,096,473,000
283,228,700
101,684,000
813,244,300
i




129,916,410

KEPOBT 01? T H E

COMPTROLLER

03? T H E

133

CUBRENCY.

Federal reserve notes, by denominations, issued through the Federal reserve agents to the
banks; also amounts retired and outstanding Oct. 31, 1918^—Continued.
Fives.

Tens.

$37,637,950
12,211,225

$52,702,940
14,474,000

25,426,725

Twenties.

St. Louis:
Issued
Retired
Outstanding

Fifties.

Hundreds.

$52,152,160
10,086,140

$5,450,050
1,191,650

$5,000,000
2,421,100

S153-, 943,103
40,384,115

38,228,940

42,086,020

5,258,400

2,578,900

113,558,985

31,722,0 0
11,298,235

Bank.

36,575,000
6,541,760

36,375,000
3,854,620

1,930,000
174,750

2,990,000
234,700

109 592 000
22,104,065

20,423,765

30,033,240

32,520,380

1,755,250

2,755,300

87,487,935

44,784,000
15,358,470

43,930,000
8,639,870

55,034,000
8,053,820

8,660 000
5,123,400

5 020 000
31,200

157 428-000
37,205,760

29,425,530

35,290,130

46,980,180

3,536,600

4,988,800

120,221,240

22,725,000
11,239,280

41,315,900
19,574,470

40,908,600
14,101,180

3,670,650
2,737,850

5,540,000
4,629,000

114,160,150
52,281,780

11,485,720

21,741,430

26,807,430

932,800

911,000

61,878,370

40,200,000
8,170,740

49,000,000
4,915,180

98,720,000
4,258,660

12,000,000
313,950

22,400,000
375,400

222,320,000
18,033,930

32,029,260

44,084,820

94,461,340

11,686,050

22,024,600

204,286,070

665,721,0001 ,115,217,040
243,189,405 269,001,760

1,193,862,040
156,644,060

224,878,050
26,162,050

247,701,300
46,644,300

3,447,379,430
741,641,575

422,531,595

1,037,217,9S0

198,716,000

201,057,000

2,705,737,855

Total.

Minneap3lis:
Retired
Outstanding...
Kansas City:
Issued
Retired
Outstanding...
Dallas:
Issued
Retired
Outstanding
San Francisco:
Issued
Retired
Outstanding...
Recapitulation.
Total issued
Total retired
Total outstanding

846,215,280

Mutilated Federal reserve notes, by denominations, received and destroyed since organization of banks and on hand in vault, Oct. 31, 1918.
RECEIVED FOR DESTRUCTION.
Bank.

Fives.

Tens.

Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco

$18,608.120
98,332,280
14,660,900
6,066,765
10,698,000
9,714,025
8,288,965
8,058,275
8,433,235
12,750,720
7,324,030
6,073,730

$18,620,760
107,985,110
19,016,620
8,903,750
10,321,410
8,732,390
12,189,590
9,051,080
5,797,760
6,249,620
7,376,070
3,643,100

Total received..
Total destroyed

209,009,045
201,557,145

217,887,240
207,459,430

7,451,900

10,427,810

Balance on hand Oct.
31,1918

Twenties.

Fifties.

Hundreds.

$3,243,360
39,396,460
13,419.880
9,10i; 840
8,104,040
4,609,640
10,176,440
4,253,980
2,611,620
3,062,320
3,772,080
3,965,500

$665,900
5,565,850
601,600
1,221,700
1,265,450
148,550
1,644,250
138,600
44,750
123,400
126,200
293,950

$911,200
5,916,000
229,300
344,000
412,300
176,500
258,300
21,100
55,700
31,200
34,000
357,400

$42,049,340
257,195,700
47,928,300
25.638,055
30,801,200'
23,381,105
32,557,545
21,521,015
16,943,005
22,217,260
18,632'. 380
14,333,080

105,717,160
100,064,720

11,838,200
11,316,450

8,747,000
8,522,400

553,198,645
528,920,145

5,652,440

521,750

224,600

Total.

24,278, 500

NOTE.—Daring the year burned^ badly mutilated, and fractional parts of Federal reserve notes amounting to $20,845 have been identified, valued, and the bank of issue determined.

FEDERAL RESERVE BANK HOTES.
In addition to Federal reserve notes, the Federal reserve banks
may issue "Federal reserve bank notes." This currency is of the
same tenor and effect and is issued under the same terms and conditions as national-bank notes, except that its volume is not limited
to the amount of capital stock of the issuing bank.



134

REPORT OF THE COMPTROLLER OF THE CURRENCY.

The notes issued to the banks are secured by deposits of United
States Government bonds bearing the circulation privilege, acquired
in the open market or taken over from national banks desiring to
reduce their circulation, or secured by United States certificates of
indebtedness or one-year gold notes, as authorized by the Pittman Act.
ISSUE OF $1 AND $2 FEDERAL RESERVE BANK NOTES AUTHORIZED.

Under the provisions of "An act to conserve the gold supply of
the United States," etc., commonly known as the "Pittman Act/ 7
the Secretary of the Treasury was authorized to withdraw silver
certificates from circulation and to melt or break up and sell as
bullion not more than 350,000,000 standard silver dollars held as
security therefor.
In order to prevent contraction of the currency, Federal reserve
banks were authorized to issue Federal reserve bank notes (including
denominations of $1 and $2) upon the deposit as security with the
Treasurer of the United States of United States certificates of
indebtedness or one-year gold notes.
Issues to Federal reserve banks, under the provisions of the
Pittman Act, of Federal reserve bank notes, by denominations and
amounts, up to and including October 31, 1918, are shown in the
following taole:
Twos.

Ones.

Bank.
Boston:

Fives.

Tens.

Total.

$1,492,000

340,000

3,724,000

312,000

2,280,000

5,460,000

264,000

1,456,000

13r>, 000

1,592,000

4; 216,000

936,000

2,000,000

960,000

8,112,000

1,612,000

Total

424,000

1,508,000

. .

$500,000
6,580,000

2,868,000

. .

$424,000
3,336,000

472,000

740,000

1,000,000

3,824,000

860,000

392,000

620,000

748,000

72,000

C84,000

216,000

900,000

1,360,000

368,000

1,728,000

30,324,000

Cleveland:
Issued.
Richmond:
Issued
Atlanta:
Issued
Chicago:
Issued
St. Louis:
Issued
Minneapolis:
Issued
Kansas City:
Issued
Dallas:
Issued
San Francisco:
Issued

...

10,560,000
2,960,000

New York:
Issued.
Philadelphia:

7,352,000

$2,416,000
$1,000,000

21,476,000

1,772,000

1,872,000
820,000

13,060,000

2,960,000

53,696,000

On October 31, 1918, the total amount of Federal reserve bank
notes outstanding was $71,860,060, of which $17,411,800 was secured
by Government bonds, $780,860 by lawful money deposited to
reduce circulation, $44,372,400 by United States certificates of
indebtedness, and $9,295,000 by United States one-year gold notes.
. The bonds, certificates, etc., on deposit to secure this currency
are as follows:
2 per
4 per
2 per
2 per
2 per
3 per

cent
cent
cent
cent
cent
cent

consols of 1930
loan of 1925
Panama of 1936
Panama of 1938
certificates of indebtedness
one-year gold notes

Total
 securities


-

$14,137, 750
2,-593,000
404, 500
285, 300
61, 217,000
9, 301, 000
87, 938, 550

EEPOET OF THE COMPTROLLER OF THE CURRENCY.

135

Total amount, since organization of banlcs, of Federal reserve bank currency received by
Comptroller of the Currency from Bureau of Engraving and Printing, issued and on
hand Oct. SI, 1918.
Bank.
Boston:
Printed
Issued
On hand
New York:
Printed
Issued
On hand
Philadelphia:
Printed
Issued
On hand
Cleveland:
Printed
Issued
On hand
Richmond:
Printed
Issued

Ones.

Twos.

Fives.

$2,460,000
1,492,000

$624,000
424,000

$1,000,000
500,000

$4,084,000
2,416,000

968,000

200,000

500,000

1,568,000

11,392,000
10,560,000

3,664,000
3,336,000

9,320,000
6,5£0,000

$1,440,000
1]000,000

25,816,000
21,476,000

832,000

328,000

2,740,000

440,000

4,340,000

3,432,000
2,960,000

424,000
424,000

2,380,000
340,000

440,000

$240,000

6,916,000
3,724,000

2,040,000

440,000

240,000

3,192,000

2,000,000

472,^00

On hand
Chicago:
Printed
Issued
On hand
St. Louis:
Printed
Issued
On hand
Minneapolis:
Printed
Issued
On hand
Kansas City:
Printed
Issued
On hand
Dallas:
Printed
Issued
On hand
San Francisco:
Printed
Issued
On hand

Twenties. Fifties.

Total.

3,224,000
2,868,000

440,000
312,000

3,280,000
2,280,000

2,000,, 000

356,000

128,000

1,000,000

2,000,000

2,000,000

5,484,000

1,548,000
1,508,000

264,000
264,000

940,000

400,000

400,000

3,552,000
1,772,000

940,000

400,000

400,000

1,780,000

40,000

On hand
Atlanta:
Printed
Issued

Tens.

.. .

10,944,000
5,460,000

1,624,000
1,456,000

208,000
136,000

2,080,000
262,960

480,000

480,000 $400,000

5,252,000
1,854,960

168,000

72,000

1,797,0:10

480,000

480,000

3,397,040

5,088,000
4,216,000

936,000
936,000

4,840,000
3,600,000

2,960,000
2,583,960

1,600,000
813,600

15,424,000
12,149,560

1,240,000

376,040

786,400

3,274,440

1,000,000
1,000,000

872,000

400,000

4,212,000
3,824,000

1,820,000
1,612,000

552,000
472,000

840,000
740,000

208,000

80,000

100,000

1,196,000
860,000

472,000
392,000

2,020,000
620,000

2,680,000

6,368,000
1,872,000

336,000

80,000

1,400,000

2,680,000

4,496,000

1,648,000
748,000

448,000
72,000

4,940,000
3,775,120

5,040,000
4,712,800

3,600,000
3,385,200

15,676,000
12,693,120

900,000

376,000

1,164,880

327,200

214,800

3,082,880

1,172,000
684,000

440,000
216,000

1,840,000
1,012,400

2,400,000
1,960,000

2,000,000
1,760,000

7,852,000
5,632,400

488,000

224,000

827,600

440,000

240,000

2,219,600

2,064,000
1 360 000

368,000
368,000

2,860,000
2,420,000

1,960,000

1,360,000

8,612,000
4,148,000

704,000

440,000

1,960,000

1,360,000

4,464,000

36,668,000
30,324,000

8,840.000 36,320,000
7,352,000 22,130,480

20,800,000
11,256,760

11,680,000
5,958,800

400,000

114,708,000
77,022,040

14,189,520

9,543,240

5,721,200

400,000

37,685,960

388,000

Recapitulation:
Total printed
Totalissued
Total on hand..

6,344,000




1,488,000

136

REPORT OF THE COMPTROLLER OF THE CURRENCY.
Notes issued, redeemed, and outstanding by

denominations.
Redeemed. Outstanding

Issued.
Twos
Fives
Tens
Twenties
Total

$30,324,000
7,352,000
22,130,4S0
11,256,760
5,958,400
77,022,040

%

$700

$30,323,300
7,352,000
20,189,330
9,036,3TO
4,959,0(-0
71,860,0C0

1,941,150
2 2?0 3£0
999,740
5,161,980

National and Federal Reserve Bank notes.
National
banknotes.
Notes printed and delivered by the Bureau of Engraving and
Printing
Notes issued
Notes redeemed
Excess of notes issued over amount redeemed
Notes in vault October, 1918
Reduction in notes in vault
Increase in notes in vault
Notes outstanding Oct. 31,1918
Increase in notes outstanding

Federal reFederal reserve serve bank
notes.
notes.

5269,084,850 $1,968,000,000 $72,668,000
260,155,140 1,781.663.720 62,234,6f>0
255,078,212
334,403,925
3,345,025
5,076,927 1,447,259,795 58,889,635
332,777,9^0
419.360,000 37,685,960
8,310,350
235,580,000
10,433,340
721,471,137 2,705,737,855 71,647,260
5,194,762 1,776,894,135 58,889,635

INTEREST-BEARING DEBT OF THE UNITED STATES.

On June 30, 1917, interest-bearing debt of the United States was
$2,712,549,476.61 and by June 30, 1918, had increased to $11,985,882,436.42. Excluding the war loans, one-year Treasury notes, and
ostal savings bonds, the interest-bearing bonded debt on that date was
ut $935,955,490. By the redemption on and after August 1 of the
$63,945,460, 3 per cent bonds due on August 1, 1918, and through the
conversions of bonds under the act of December 23,1913, the volume of
the old loans had been reduced by October 31, 1918, to $843,115,530.
On the date last mentioned, the total estimated interest-bearing
debt of the Government, including the various Liberty loans, had
risen to $17,552,500,000.
The title and rate of interest, together with the amount of registered and coupon bonds outstanding on June 30, 1918, are shown
in the following table:

E

Interest-bearing

debt.
Outstanding Tune 30,1918.

Title of loan.
Consols of 1930
Loan of 1908-1918
Loan of 1925
Panama Canal loan:
Series 1906
Series 1908
Total available as security for
circulation
Series 1911
Conversion bonds
One-year Treasury notes
Certificates of indebtedness
First Liberty loan of 1917
Second Liberty loan of 1917

Rate.

Coupon.

Total.

$1,995,700.00
15,127,480.00
15,205,95a 00

$599,724,050.00
63,945,400.00
118,489,900.00

2 per cent...
do

48,944,040.00
25,805,520.00

10,140.00
141,880.00

48,954,180.00
25,947,400.00

3 per c e n t . . .
. do
do
Various
3J, 4, and 4J
per cent.
4 and 4£ per
cent.
4J per cent..

42,962,800.00
6,250,000.00
2,874,000.00

7,037,200.00
22,644,500.00
16,276,000.00

857,060,990.00
50,000,000.00
28,894,500.00
19,150,000. 00
1,706,204,500.00
1,988,791,294.62

Third Liberty loan
Postal savings bonds (First to thirteenth series)
2| per cent..
Postal savings bonds (Fourteenth serdo
ies.)
War Savings and Thrift Stamps
4 per cent...
Aggregate of interest-bearing debt.




Registered.

2 per cent... $597,728,350.00
3 per cent... 4S, 817,980.00
4 per cent... 103,283,950.00

3,746,813,516.00
3,228,109,638.47
10,015,540.00
275,78a 00

743,020.00
26,360.00

10,758,560.00
302,140.00
349,797,997.33
11,9*5,882,436.42

137

REPORT OF THE COMPTROLLER OF THE CURRENCY.
BANK INVESTMENTS IN UNITED STATES BONDS.

At the close of June, 1918, the investments in interest-bearing obligations of the United States by National, Federal Keserve, State,
Farm Loan, and private banks amounted to $2,846,000,000, of which
approximately $2,116,785,000 are owned by National banks, $259,066,000 by Federal Reserve banks, and the remainder, $470,000,000,
by State and private banks.
BATES FOR MOHEY

3STEW YORK.

The market for call loans on the stock exchange ranged from 2\
per cent to 6 per cent to and including April of the present year,
from 2 per cent to 6 per cent in May, and the minimum rate increased
from 3 per cent in June to 5 per cent in September, with the highest
rate in each of these months of 6 per cent. It is also noted that
6 per cent was the rate prevailing in October.
Time loans, 60 and 90 day paper, ranged from 5 | per cent to 5 |
per cent in November and December, 1917, while in the following
months the high rate was uniformly 6 per cent. The range for commercial paper, both double and single name, approximated that for
time loans.
The range of rates monthly for each class of paper is shown in the
following table:
Range of rates for money in the New Yorlc market, year ended Oct. SI, 1918.
[Reported by the Commercial and Financial Chronicle.]
1917
Character of loans.

Call loans, stock exchange:
Range
Time loans:
60 days
90 days
4 months
5 months
6 months
Commercial paper:
Double names—
Choice, 60 to 90 days.
Single names—
Prime, 4 to 6 months.
Good, 4 to 6 months..

1918

November.

December.

January.

February.

March.

2-J to 6

3 to 6

2£ to 6

3 to 6

2£ to 6

5i to 5i
5\ to 54
5i to 5§
54. to 5-|
51 to 5 |

6i to 5 |
5* to 5 |
5} to 6
54 to 6
5|to6

5 to 6
5^ to 6
51 to 6
54 to 6
5 | to 6

5| to 6
5^ to 6
5Jto6
5| to 6
51 to 6

51 to of

5} to 51

5| to 51

5J to of
5£ to 6

51 to 5 |
5 | to 6

Aprii.

21 to 6
6
6
6
6

5-J to 6
6
6
6
6

54. to 6

51 to 6

51 to 6

5| to 5% 54. to 6
51 to 6
t 6
5.|to6

5} to 6
6

51 to 6
6 to 6*

1918.
Character of loans.
August.

September.

ty to 6

4 to 6

5 to 6

54 to 6
54. to 6
5 | to 6
5f to 6
of to 6

5| to 6
51 to 6
5| to 6
5§ to 6
5'i to 6

51 to 6

5§ to 6

51 to 6

5| to 6
6 to 6{-

5i to 0 5f to 6
6 I 6 to 6\

May.
Call loans, stock exchange:
Time loans:
60 days
90 days
4 months
,
5 months
,
6 months
Commercial paper:
Double n a m e s Choice, 60 to 90 days.
Single n a m e s Prime, 4 to 6 months
Good, 4 to 6 months.




June.

July.

2 to 6

3 to 6

6
6
6
6
6

5|to6
54 to 6
6
6
6

5f to 6
5? to 6
6 to 6J

6
6
6
6
6

October.

138

KEPORT OF THE COMPTROLLER OF THE CURRENCY.
DIS€OUNT KATES OF THE FEDERAL RESERVE BANKS.

In connection with the repcrted rates for money in the New York
market, the discount rates approved by the Federal Reserve Board
for each Federal Reserve Bank for the latter part of October, 1918,
are shown in the following table:
Discount rates of each Federal Reserve Bank approved by the Federal Reserve Board up
to Oct. 31, 1918.
Maturities.
Discounts.

Federal Reserve
Bank,

Within
15 days,
including 16 to 60
member
days.
banks'
collateral
notes.

Trade acceptances.
Secured by U. S.
certificates of indebtedness or
L i b e r t y loan
bonds.

Agricultural and
61 to 90
ltoCO
61 to 90 live-stock
days, in- days; indays.
Within
paper
clusive. clusive.
over 90 15 days,
days. including 16 to 90
member
days.
banks'
collateral
notes.

Boston
New York i...
Philadelphia..
Cleveland
Richmond
Atlanta
•:
Chicago
,
St. Louis
Minneapolis..,
Kansas City...
Dallas
San Francisco.

i
241

41
s
41
41
41

1
Rate of 3 to 44 per cent for 1-day discounts in connection with the loan operations of the Government.
Rates for discounted bankers' acceptances maturing within 15 days, 4 per cent, within 16 to 60 days, 41
per cent; and within 61 to 90 days, 4} per cent.
2 Rate of 4 per cent on paper secured by fourth Liberty loan bonds where paper rediscounted his been
taken by discounting member banks at rate not exceeding interest rate on bonds.
s Rate for trade acceptances maturing within 15 days, 41 per cent.
4
Rate for trade acceptances maturing within 15 days, 4 | per cent; 16-90 days, 4f per cent.

NOTE 1.—Acceptances purchased in open market, minimum rate, 4 per cent.
NOTE 2.—Rates for commodity paper have been merged with those for commercial paper of corresponding
maturities.
NOTE 3.—In case the 60-day trade acceptance rate is higher than the 15-day discount rate, trade
acceptances maturing within 15 days will be taken .at the lower rate.
NOTE 4.—Whenever application is made by member banks for renewal of 15-day paper, the Federal
Reserve Banks may charge a rate not exceeding that for 90-day paper of the same class.

STERLING EXCHANGE.

The Commercial and Financial Chronicle, from which was obtained
the foregoing statement relating to the range of rates for money in
New York, also furnished the following data relating to rates for
Sterling Exchange for sixty day and sight bills and cable transfers.
It will be noted that the rates for sixty day bills ranged from the
minimum of 471 to 471} in November and December, 1917; 473 to
473 J in September, and 473 to 473.J in October 1918. The rates for
sight bills were uniform at 475 and a fraction, and 476 and a fraction
was the uniform rate for cable transfers during the year. The rates



KEPOBT OF THE COMPTKOLLER OF THE CURRENCY.

139

and ranges by months during the year for these bills are shown in the
following table:
Actual rates—Bankers'
Date.

November
December
January
February
March
April
May
June
July
August
September
October

Sixty-day.

bill.
Sight.

Cable transfers.

1917.
471
mi
471 to 4711

475J to 475|

471 to 472
£t
J
472t0 472|
472f to 472
472| to 472
472f to 472
472| to 472
472f to 473
473 to 473^:
473 to 473f

475J to 475.325.... .
475i to 475A4751- to 475.40
475.35 to 475 5 5 . . . .
475^ £Q 475^.
475HO 475.45
475.30 to 475.35...
475.30 to 475|
475.40 to 475*
475& to 475.525... .

1918,

. 476^.
476&to476£.
476^
476jV
476&to476i.
476jr to 476.45.
476^ to 476.45.
476^-.
476^ to 477^.
476^ to 476^.
476i to 476A.

TRANSACTIONS OF CLEARING HOUSE ASSOCIATIONS.

Through the courtesy of Hon. W. J. Gilpin, manager of the New
York Clearing House, the Comptroller is able to present in this report
a comparative statement of the transactions of the 184 clearing
houses in the United States for the years ended September 30, 1917
and 1918, from which it appears that the gross transactions for 1918
reached $321,461,327,000, as against $304,982,993,000 in 1917, hence
a net increase for the year of $16,478,334,000.
By reference to the table in volume 2 of this report, wherein is
shown for each clearing house the volume of clearings for the past
two years, together with the increase or decrease, and also to the
table following, it will be noted that there are some 25 associations
with clearings for the current year of $1,000,000,000 or more, and
that the clearings of the New York association were more than 54
per cent of the total clearings, in 1918, of the 184 associations of the
country.
With the exception of New York, the transactions of the associations, with clearings in excess of $1,000,000,000, were materially
greater than in 1917, the greatest increase being in Kansas City, Mo.,
where the transactions were greater in 1918 than in the previous year
by over $3,000,000,000.
It will also be noted that the clearings of the banks located in the
Federal reserve cities for 1918 reached $267,349,000,000, or 86 per
cent of the clearings of all associations, as compared with $260,756,000,000, or 85 per cent, in 1917. The transactions of the associations in the 25 cities listed amounted to $295,235,000,000, or 91 per
cent of the aggregate in 1918, as against $282,415,000,000, or 92 per
cent in 1917.
85478°—CUB 1918—VOL 1 -




-10

140

BEPORT OF THE COMPTROLLER OF THE

'The table, referred to follows:
Transactions of clearirig-house associations in ike 12 Federal reserve bank cities and in
others wUh transactions exceeding $1,000,000,000 in 1918 as compared with 1917.
[In millions of dollars.]
Clearing house at—

14,781
174,524
18,928
4,128
2,150
1,349
25,641
7,789
1,759
9,874
1,(556
5,890

1

260,756

6,593

3,938
2,736
2,233
1,640
2,014
1,799
1,045
1,485
1,247
788
793
1,001

1,087
232
672
1,052
565
77-6
615
U
187
382
350
135
1S8

21,659

6,227

282,415
22,568

12,820

321,461

Total
Tetal another cities (160)
Osaad total all cities {184)

1,243
132
3,138
357
B65

295,235
26,226

Total of 13 other principal cities

1,S27
6,736
679
4,525

27,886-

Total 12 Federal reserve bank cities.
Other .cftfes
Pittsburgh, Pa
Detroit, Mich
Baltimore, Md...
Omaha, Nebr.
Ciadrmafci, Oliio
New Orleans, La
Seattle, Wash
Los Angeles, €ai
Milwaukee, Wis
Portland, Qreg
Denver. Colo
Louisville. Ky
Buffalo, N . Y

12,188
181,534
16,423
3,465
1,268
1,313
,24,452
6,546

267,349

-

1917

5,025
2,968
-2,90a
2,692
2,579
2,575
1,660
1,500
1,434
1,170
1,143
1,137
.1,098

Boston, Mass
New York, N. Y
Philadelphia, Pa
Cleveland, Ohio
Richmond, Va
Atlanta, <Ga
Chicago^ 111...-„
St. Louis, Mo
Minneapolis, Minn
Kansas City, Mo
Dallas, Tex
San Francisco, Cal

1918

304,983

16,478

m

Increase.
2,593
'7,010
2,595
8S2

Decrease.

NEW YORK CLEARING HOUSE.

From the historical statement, compiled by the New York Clearing
House, showing its membership, capital of the member banks, and
volume of clearings for each year from 1854 to 1918, which is reproduced in volume 2 of this report, it is noted that the membership has
fluctuated, but that generally there has been an increase in capitalization of the banks, notably since 1914. While there were but 59 member banks in 1918 as against 62 in 1917, the capital of the banks increased to $205,850,000 from $200,750,080 in 1917.
The transactions of this association reached the maximum in its
history in 1917, when they were $181,534,000,000. For the year
ended September 30, 1918, the clearings were $174,524,000,000, or
less by $7,000,000,000 than in 1917. The average daily clearings
for the year were $575,987,390 and the average daily balances
$56,947,402, or 9.88 per cent. Practically the entire balances (99.95
er cent) were settled through the Federal Reserve Bank. In 1917
ut 38.20 per cent was settled through the Federal Reserve bank,
the remainder being paid in gold (33 per cent) and in legal tenders
(28.80 per cent).
From the statement relating to the clearing house transactions
of the assistant treasurer of the United States at New York for the

E




141

REPORT OF THE COMPTROLLER OF THE CURRENCY.

September 30,1918, it appears that
rom the
amounted to $1,602,603,711, exchanges de?rear endedclearing househouse $1,031,520,035, the exchanges received
livered to the clearing
and balances paid by
the assistant treasurer of the United States to the clearing house
$661,954,238.
UNITED STATES POSTAL SAVINGS SYSTEM,

The development of the Postal Savings System has undoubtedly
been greatly affected during the last year by the investments in
thrift stamps, war savings stamps, and in Liberty bonds by many
who would otherwise have made their deposits in the postal savings
banks. Nevertheless there has been a substantial increase during
the year in the balance to the credit of depositors.
On June 30, 1917, the credit balance was $131,954,696; deposits
during the year were $116,893,259; withdrawals, $100,376,456;
giving a credit balance at the end of the year of $148,471,499, or a
net increase during the year of $16,516,803. This increase is notable
by reason of the fact that the number of depositors decreased from
674,728 in 1917 to 612,188 in 1918, a loss of 62,540.
The following summary shows by States the changes in credit
balances during the past year:
Summary of postal-savings business for the fiscal year ended June 30, 1918.

States.

Balance to
Balance to
credit of de- Deposits during Deposits with- credit of dedrawn during positors Juno
positors June
fiscal year.
fiscal year.
30,1917.
30,1918.

United States
Alabama

Alaska
Arizona
Arkansas
California
Colorado
Connecticut. Delaware
District of Columbia...
Florida
Georgia
Hawaii
Idaho
Illinois
Indiana.
Iowa
....... .
Kansas
Kentucky
Louisiana.
Maine
Maryland
Massachusetts
Michigan
Minnesota
Mississippi
Missouri.'
Moniana
Nebraska
Nevada
New Hampshire
New Jersev
New Mexico
Now York
N orth Carolina
North Dakota
Ohio
Oklahoma
Oregon
Penns yl vania
Porto Rico
Rhode Island
«-....




$131,954,696

$116,893,259

1100.376,456

329,581
332,947
952,227
281,859
4,727,383
2,214,481
3,606,098
317,353
417,414
616,461
174,671
59,547
501,-755
9.265,211
2,261,549
622,493
881,227
510,150
361,531
409,585
245,839
5,621,535
5,821,425
2,531,755
140,674
2,799,506
1,842,930
536,044
561,794
563,841
4,716,871
162,053
40,925,953
53,631
48,655
8,943,607
390,172
2,154,781
13,693,951
120,788
1,127,131

364,832
630,436
545,818
187,945
3,308,472
1,311,307
4,212,400
408,120
478,792
668,267
195,857
139,775
290,213
6,760,148
1,641', 053
520,968
450,850
381,705
259,416
304,867
45S,033
4,986,567
5,291,505
1,520,943
76,876
1,709,949
1,192,727
328,555
433,401
402,786
5,033,534
172,452
37,993,857
68,051
33,063
7,655.200
286,198
1,905,184
13,533,279
212,201
993,110

325,618
450,757
892,614
257,274
3,686,543
1,510,557
3,314,305
332,411
424,322
700,890
192,349
149,790
395,832
5,832,981
1,647,265
523,099
567,458
435,701
280,690
279,035
314,437
4,144,403
4,630,025
1,523,359
110,516
1,891,286
1,493,404
358,152
501,447
359,425
3,668,630
191,103
31,155,871
54,852
41,321
6,610.782
352,845
1,738,350
9,593,505
'227.549
825,360

Balance on deposit in banks
June 30, 1918.

$148,471,499 $140,658,608.42
368,795
512,626
605,431
212,530
4,349,312
2,015,239
4,504,193
393,062
471,884
583,838
178,179
49,532
396,150
10,191,568
2,255,337
620,362
764,618
456,154
340,257
435,417
389,435
6,463,699
6,482,905
2,529,339
107,004
2,618,158
1,542,266
506,439
493,748
607,202
6,081,775
143,402
47,763,939
66,830
40,384
9,988,025
323,525
2,321,615
17,633,725
105,440
1,294,881

361,438.68
390,231.50
584,488.62
209,294.19
4,176,019.16
1,919,566.99
4,368,155.43
380,658.46
427,659.44
574,002.90
175,616.65
50,466.86
392,446.10
9,582,749.32
2,191,223.72
608,171.47
743,095.72
437,743.79
318.560.59
428,596.01
371,225.72
6,207,105.26
6,258,781.58
2,419,446.75
109;339.12
2,438,096.06
1,472,741.66
484,040.90
489,913.22
598,966.81
5,925,932.16
140,271.02
44,007,728.53
68,185.13
40,992.86
9,542,355.77
320,744.95
2,226,401.72
17,037,595.39
9,435 52
1,244,279.52

142

REPORT OF THE COMPTROLLER OF THE CXJEEENCY.

Summary .of postal-savings business for the fiscal year ended June 30,

1918—Continued.

Balance to
Balance to
credit of de- Deposits during Deposits with- credit of dedrawn during positors June
positors June
nseal year.
fiscal year.
30,1917.
30,1918.

States.

South Carolina
South Dakota
Tennessee
Texas
Utah
Vermont
Virginia
Washington
West Virginia
Wisconsin
Wyoming

$42,173
79,937
310,298
1,022,025
548,835
103,873
614,885
4,100,664
419,903
2,589,888
275,756

$46,628
32,075
229,841
846,481
581,106
65,147
1,164,147
4,157,160
532,978
1,581,640
307,344

$45,366
55,188
280,668
985,417
494,123
62,717
856,385
3,543,239
361,911
1,457,680
247,619

Balance on deposit in banks
June 30,1918.
$43,313.82
56,115.11
250,766.69
865,261.79
626,051.51
106,546.95
900,068.90
4,570,448.36
576,398.35
2,599,473.98
330,417.63

$43,435
56,824
259,471
883,089
635,820
106,303
922,647
4,714,581
590,970
2,714,658
335,481

Details relating to the resources and liabilities for 1917 and 1918,
together with a comparative statement for the two years of the
interest-earning resources, and also the liabilities of the Postal Savings System, are shown in the following statements:
Balance sheet June 30, 1918, compared with June 30, 1917.
June 30,1918.

Items.

Increase (+);
decrease (—).

June 30,1917.

RESOURCES.

Working cash:
Depository banks
Postmasters

$140,462,027.77
391,390.93

Special funds:
Treasurer of the United StatesReserve fund
Bond investment
fund
Returnable deposits fund
Accounts receivable:
Accrued interest on
bond investmants..
Due from late postmasters
Due from discontinued d e p o s i t o r y
banks

$140,853,418.70

$126,771,969.57
551,474.32
$127,323,443.89

+$13,690,058.20
160,083.39
+ 13,529,974.81

7,267,549.60

5,639,308.25

+

1,628,241.35

+

61,636.00

-

63,758.11

61,636.00
20,135.69

83.893.80
7,349,321.29

5,723,202.05

+

1,626,119.24

49,543.00

28,771.00

+

20,772.00

2,084.18

1,615.50

+

468.68

1.40

Investments:
Postal savings 2£ per
cent bomds

1.40

30,386.50

61,628.58

+

21,242.08

3,963,440.00

2,301,680.00 + 1,661,760.00

152,217,808.57

135,378,712.44 + 16,839,096.13

LIABILITIES.

Due depositors:
Outstanding postal
savings certificates.. 148,471,499.00
Accrued interest due
on o u t s t a n d i n g
postal savings certificates
2,015,057.46
Outstanding savings
cards and stamps...
69,068.80

Accounts payable:
Due Postal Service..,
Earnings held to meet
maturing interest
charges and




+ 16,516,803.00

131,954,696.00

1,319,774.65
150,545,624.76

+

695,282.81

71,327.70

-

12,259.40

133,345,798.35

+ 17,199,826.41
261,901.32
1,410,282.49
152,217,808.57

47, 728.99+
1,985,185.10

214,172.33
574,902.61

135,378,712.44 + 16,839,096.13

REPORT OF THE COMPTROLLER OF THE CURRENCY.

143

Statement of interest-earning resources and liabilities, June SO, 1918, compared with June
SO, 1917.
Items.

June 30, 1918.

June 30,1917.

Increase.

EESOUECES.

Working cash:
Depository banks. . . . $140, 462,027.77
Investments:
Postal savings 2£ per
cent bonds
3, 963,440.00

$126,771,969.57

$13,690,058.20

2,301,680.00
S1 \A <iOKt iP,7 77

— _

1,661,760.00
tlOO 07*} fi/10 ^7

15,351,818.20

LIABILITIES.

Due depositors:
Outstanding p o s t a l
savings certificates..

148,471,499.00

131,954,696.00

16,516,803.00

Excess of liabilities.

4,046,031.23

2,881,046.43

1,164,984.80

SAVINGS BANKS IN THE PRINCIPAL COUNTRIES OF THE
WORLD.

Through the cooperation of the Bureau of Foreign and Domestic
Commerce, Department of Commerce, the Comptroller is able to
present in the following table the latest available information with
reference to savings banks in the principal countries of the world.
As will be noted under "Form of organization/' postal savings banks
or other government savings banks are in operation in nearly all of
the countries listed.




Savings banks, including postal savings banks: Number of depositors, amount of deposits, average deposits per deposit account and per inhabitant, by
specified countries.
[Compiled by the Bureau of Foreign and Domestic Commerce, Department of Commerce, from official reports of the respective countries.]

Country.

Population. 1

Date of
report.

Form of organization.

Number of
depositors.

Deposits.

Average
deposit
dCCOUUt.

Argentina.
Austria
Belgium
"Bulgaria

Chile
Denmark2..
Egypt
France
Algeria.
Tunis..,
Germany 3..

Hungary...
Italy.

Japan
Formosa
Chosen
Luxemburg
Netherlands
Dutch East Indies *
Dutch Guiana
Dutch West Indies
Norway
Roumania
Russia5
Finland
Spain 6 ..
Sweden..




8,574, 000
28,763; 000

Oct. 18,1917
Dec. 31,1913
Dec. 31,1917

[....do

r
31,1912
7,571, 000 iDec.do
4,338. 000 Dec. 31,1911
3,790, 000 Dec. 31,1915
2,921, 000 Mar. 31,1916
12,569, 000 Dec. 31,1917
39,602, 000 /Dec. 31,1914
(Dec. 31,1915
5,564, 000 Dec. 31,1909
1,953, 000 Dec. 31,1916
66,715, 000 Dec. 31,1913
p e c . 31,1909
21,410,000 {Dec. 31,1917
[Dec. 31,1913
/Dec. 31,1914
36,546}
\Apr. 30,1917
/Dec. 31,1914
55,084,
\Mar. 31,1916
do
3,654,
Mar. 31,1917
16,913,
Mar. 31,1914
268,
6,583,000 /Dec. 31,1915
\June 30,1917
/Dec. 31,1914
47,956,
\Dec. 31,1915
do
89,
Dec. 31,1916
57,
2,517,
do..
6,8G6,
July 1,1910
178,905,
Mar. 1,1917
/Dec. 31,1914
3,269,
\Dec. 31,1915
/Dec. 31,1916
20,500,
\Dec. 31,1917
/Dec. 31,1916
5,758,
it...do

Postal savings banks
Communal and private savings banks
Postal savings banks, savings department J». Postal savings banks, check d e p a r t m e n t . . , .
Government savings banks
Communal and private savings banks
Postal savings banks
Public savings banks
Communal and corporate savings banks
Postal savings banks
Private sayings banks
Postal savings banks
Municipal savings banks
Postal savings banks
Public and corporate savings banks
Communal and private savings banks
Postal savings banks, savings department...
Postal savings banks, check department
Communal and corporate savings banks
Postal savings banks
Private sayings banks
Postal savings banks
do
..do.
State savings bank
Private sayings banks..
Postal savings banks...
Private sayings banks.,
Postal savings banks...
do
..do.
Communal and private savings banks.
Government savings banks
State, including postal savings banks..
Private savings banks
Postal savings banks
Private savings banks
Postal savings banks
Communal and trustee savings banks..
Postal savings banks

212,881
4,385,064
2,495,584
150,240
3,013,296
49,794
312,462
631,483
1,274,365
198,220
% 659,551
6,601,382
19,427
1,369
23,871,657
1,149,251
1,069,878
25,630
2,473,216
6,472,442
9,688,958
12,700,105
272,913
1,069,312
76,808
512,060
1,744,804
5,740
130,909
10,750
4,580
1,334,485
218,690
12,488,000
361,662
73,237
755,657
228,444
1,893,901
596,294

$4,187,248
$19.67
1,291,041,227
294.42
57,235,850
22.93
418,823,510 2,787.70
204,147,391
67.75
11,854,503
238.07
8,797,965
28.16
22,673,604
35.91
223,523,385
175.40
2,774,802
14.00
774,204,976
89.40
319,634,510
48.42
1,309,769
67.42
i;157,638
845.61
4,685,982,000
196.30
428,023,064
372.44
58,261,000
54.46
23,286,942
908.58
491,464,209
198.71
431,922,457
66.73
82,489,620
8.51
113,040,989
8.90
1,582,323
5.80
5,073,831
4.74
12 597,471
164.01
48,650,442
95.01
84,538,307
48.41
889,304
154.93
4,306,061
32.89
332,579
30.94
97,253
21,23
255,228,079
191.26
11,616,820
53.12
2,133,233,000
170.82
60,844,497
168.24
1,843,339
25.17
83,094,011
109.96
7,182,5-71
31.44
323,544,968
170.84
14,482,742
24.23

Average
deposit
per inhabitant.
$0.49
44.89
1.99
14.56
26.96
1.57
2.03
5.98
76.52
.22

19.55
8.07
.24
.59

70.24
19.99
2.72
1.09
13.45
11.82
1.50
2.05
.43
.30

47.01
7.39
12.84
.02
.09

3.74
1.71
101.40
1.69
11.92
18.61
.56

4.05
.35

56.20
2.52

Switzerland.,
United Kingdom 7
British India s
Australia
New Zealand.
Canada"
—...
British South Africa »..
British West Indies
British colonies, n. e. s.,
Total, foreign countries
United States
Philippine Islands
Grand total

3,555,000
43,661,000
244,268,000
4,935,000
1,098,000
8,075,000
'7,345.000
1,782,000
26,065,000

Dec. 3i;i908 Communal and private savings banks.
/Nov. 20,1916 Trustee savings oanks
\Dec. 31,1916 Postal savings banks
Mar. 31,1916
.do.
Mar. 31,1918 Government and private savings banks
/Dec. 31,1917 Postal savings banks
\Mar. 31,1918 Private sayings banks
*
Mar. 31,1916 Postal savings banks
Dominion Government savings banks
....do
Government and post-office savings banks.
1914-15
.....do
1914-15
do
1914-15

929,519,000
Postal
105,118,000 /June 30,1918 Mutualsavings banks
and stock savings banks.,
\....do
9,010,000
Postal savings banks
,
do
1,043,647,000

307,386,431
261,739,826
957,022,331
49,707,248
548,285,108
142,084,232
13,240,330
40,008,418
13,520,009
28,823,428
6,438,165
14,480,853
131,784,674 15,087,710,636
148,471,499
612,188
11,379,553 5,471,579,949
2,234,010
73,600

156.56
129.84
64.90
29.94
201.57
360.88
155.42
297.80
441.57
110.79
66.06
53.74

86.47
5.99
21.92
.20
111.10
129.40
12.06
• 4.95
1.67
3.92
3.61
.56

114.49
242.53
480.83
30.35

16.23
1.41
52.05
.25

143,850,015 20,709,996,094

143.97

19.84

963,417
016,894
746,821
660,424
720,007
566,341
85,191
134,345
30,618
260,164
97,465
269,486

i The figures of population are for the nearest date to which the statistics of savings banks relate.
* Exclusive of 2.543 deposits of $340,803 in savings banks in Faroe Islands and 191,208 savings deposits of $38,967,517 in ordinary banks.
* Exclusive of Brunswick.
4
Exclusive of data for three large private savings banks in Batavia, Soerabaja, and Macassar, and the small banks of Amboina and Menado.
* The total is exclusive of $769,307,000 worth of securities held by the savings banks to the credit of depositors.
« The peseta has been converted at the rate of 20 cents for 1916 and 22.75 cents for 1917.
7
Exclusive of Government stock held for depositors, amounting to $507,302,905 in the postal savings banks and to $31,876,524 in the trustee savings banks
s Exclusive of the population of the feudatory States.
* Exclusive of savings deposits in chartered banks and special private savings banks.
H At the end of 1912 the private savings banks held deposits of $4,271,955.
>




fenj

O

K

o
H

o
w
&
M

146

REPORT OF THE COMPTROLLER OF THE CURRENCY.

FEDERAL FAEM LOAN^

A consolidated statement of the 12 Federal Land Banks, setting out
their condition on October 31, 1918, shows that their business has
increased, as measured by the volume of their aggregate assets, to
$160,688,797.42; that their mortgage loans amount to $140,883,000;
United States and farm loan bonds, $830,000; cash on hand and in
banks, $3,343,987.
The total paid-in capital of the farm land banks is $15,975,220,
of which $8,892,130 is owned by the General Government, $6,963,140
by national farm loan associations, $104,805 by individual subscribers, and $15,145 by borrowers through agents. Farm loan
bonds outstanding are shown to be $140,122,200 and Government
funds are on deposit with these banks to the amount of $830,000.
It appears in the statement, which follows, that the expenses and
interest charges exceed the earnings of the banks by $211,609.09.
Consolidated statement of condition of the 12 Federal land banks at the close of business
Oct. SI, 1918.
ASSETS.

Mortgage loans »
$140,883,441.37
United States Government bonds and certificates
14,850,008.05
Securities pledged as security for deposits of Government funds:
United States Government bonds
$430,000.00
Farm loan bonds
400,000.00
830,000.00
Cash on hand and in banks
3, 343, 987.33
Accounts receivable
40,527.81
Furniture and
fixtures
223, 387.09
Other assets
305, 836.68
Total assets
Excess of expenses and interest charges over earnings
Total

160,477,188.33
211, 609.09
* 160,688,797.42

LIABILITIES.

Capital stock:
United States Government
National farm loan associations
Borrowers through agents
Individual subscribers

$8, 892,130.00
6,963,140.00
15,145.00
104,805.00

Total capital stock
$15,975,220.00
Farm loan bonds outstanding
:
140,122,200.00
United States Government deposits
830,000.00
Bills payable (money and bonds borrowed)
680,000.00
Accounts payable (due to borrowers, deferred payments on loans in
process of closing)
919, 111. 57
Reserved for interest on farm loan bonds due Nov. 1, 1918
2,010,703.72
Other liabilities
:
151,562.13
Total liabilities

160,688,797.42

Up to October 31, 1918, 3,373 Farm Loan Associations had been
chartered, of which 72 were canceled, leaving the number in operation 3,301.
1

Represents mortgage loans plus accrued interest less amortization payments.




REPORT OF THE COMPTROLLER OF THE CURRENCY.

147

Data relating to the number of associations in each State and district are shown in the following table:
Number of Farm-Loan Associations chartered in the several States and Districts to Oct.
SI, 1918.

1. Springfield:
Connecticut
Maine
Massachusetts
New Hampshire
New Jersey
New York
Vermont
Rhode Island..

15
12
16
5
16
33
11
2

Total
2. Baltimore:
Delaware
Maryland
Pennsylvania
Virginia
West Virginia

110

Total
3. Columbia:
Florida
Georgia (1 canceled)
North Carolina
South Carolina

128

Total
4. Louisville:
Indiana..Kentucky
Ohio
Tennessee

315

Total
5. New Orleans:
Alabama (1 canceled)
Louisiana
Mississippi

265

Total
6. St. Louis:
Arkansas (1 canceled)
Illinois (2 canceled)
Missouri
Total.

1
11
23
73
20

64
48
113
90

76
65
19
105

104
60
135
299
132
75
109

St. Paul:
Michigan
Minnesota
North Dakota
Wisconsin
Total
8. Omaha:

87
109
150
58
404

Iowa
Nebraska (2 canceled)
South Dakota (1 canceled)...
Wyoming

73
104
72
15

Total
Wichita:
Colorado (23 canceled)
Kansas (1 canceled)
New Mexico (17 canceled)....
Oklahoma (5 canceled)

264
122
109
81
Ill

Total
10. Houston:
Texas (3 canceled)
11. Berkeley^
California (10 canceled)
Arizona (1 canceled)
Nevada
Utah

423

Total
12. Spokane:
Idaho
Montana
Oregon
Washington

160

Total.

273
108
7
3
42

65
121
86
144
416

Grand total
Minus (canceled)

3,373
72

Number in operation

3,301

316

Detailed information in relation to the amount of loans applied
for, approved, and closed from the organization of the Federal Farm
Loan system to October 31, 1918, are shown in the table following.




148

REPORT OF THE COMPTROLLER OF THE CURRENCY.

Loans applied for, approved, and closed in each Federal land bank district, segregated by
States, from organization to Oct. SI, 1918.
Applied for.
Number.
1. Springfield:

Amount.

Approved.
Number.

Closed.

Amount.

Number.

$731,900
240,200
838,100
1,458,855
102,600
1,019,575
3,365,065
852,300

m

384

$1,059,755
306,410
1,287,672
2,209,935
185,060
1,487,085
5,777,657
1,376,835

Total
Less canceled and rejected applications..

4,486
1,546

13,690,409
4,097,215

3,353
615

Total, District No. 1.
2. Baltimore:

2,940

», 593,194

90S
221
14

2,564,802
7,823,730
2,077,756
701,210
32,400

Total
....
Less canceled and rejected applications..

5,666
2,108

13,199,898
3,654,226

4,128

Total, District No. 2.
9. Columbia:
North Carolina
South Carolina

3,558

9,545,672

5,772
3,226
2,041
4,420

8,977,709
7,014,097
4,334,313
7,830,061

15,459
Total
Less canceled and rejected applications.. 3,149

28,156,180
5,901,734

7,040
822

12,849,684
1,296,030

Total, District No. 3.
4. Louisville:
Kentucky
Ind iana
Ohio

22,254,446

6,218

11,553,654

577
139
396
757
67
454

1.712
New Jersey

Virginia

3,231
1,292

Amount.

fiR6
164

S497,950
97,600
451,380
1,052,205
64,100
715,400
2,053,890
550,350

8,608,595
1,497,400

2, 045

5,482,875

2,738

7,111,195

2, 045

5,482,875

693

1,739,915
5,605,550
1,220,900
515,900
27,600

312
426
397
93
11

853,800
3,563,750
735,100
266,500
22,800

445
121
295
606
50

1,170
291

2,486
746
190
13

47
T52
436
29

District of Columbia...

Florida

12,310

9,109,865
1,518,000

2

3,333

7,591,865

2,239

5,441,950

2,893
1,722

4,496,411
3,982,983
1,898,530
2,471,760

i , 641

2,^45,055
2,180,740
812,195
1,294,830

795

834

1,591

5,441,950

362
788

6,982,820
3, 697

6,932,820

5,587,800
3,249,500
5,841,200
1,180,500

1

166
918
1, 340
223

2,585,400
1,718,100
3,923,400
671,000

7,604 15,859.000
995 1/896,900

3,647

8,897,600

6,609

13,962,100

3, 647

8,897,900

4,688
2,242
7,769

5,864,926
3,031,470
7,713,424

2, 204
1, 043
4, 731

3,134,155
1,621,565
5,287,895

Total
15,092 24,287,134 14,699 16,609,820
1,254,686 2,276 2,296,895
Less canceled and rejected applications.. 1,372
*
Total, District No. 5.
13,720 23,032,448 12,423 14,312,925
«. St. Louis:
Illinois
1,835 5,686,140
1,467
4,353,145
Missouri
3 340 8,023 980
5 760 500
6,760 10,648,535 4,682 6,481,560
Arkansas

7, 978

10,043,615

7, 978

10,043,615

806

1
2, 554

2,383,560
3,490,842
3,580,675

4,205
2,972
2,916
677

8,122,902
4,955,205
7,963,380
2,217,760

Total
10, 770 23,259,247
Less canceled and rejected applications.. ' 2,293 3,545,418
Total, District No. 4.
8,477 19,713,829
4 . New Orleans:
Alabama
4,782 9,213,404
Louisiana
2,589 5^,018,698
Mississippi
7,721 10,055,032

3,045
2,012
2,118
429

Total
11 935 24 358,655
Less canceled and rejected applications... 4,837 8,479,560

8 677 16 595 205
2,469 3,647,365

4

9,455,077

Total, District No. 6.
7. St. Paul:
North Dakota

7,098 15,879,095

6,208 12,947,840

4, 906

9,455,077

8,249 26,477,750
4,790 11,830,170
2,643 5,018,870
5,217 8,851,280

3,493
2 217
1, 083
1, 829

9,779,300
5,198,500
1,994,200
2,801,300

52 178 070
19,014,370

6,277 16,555,400
3,996 8,502,000
2,119 3,472,200
4,242 5,228,600
16 634 33,758 200
4,492 10,807,850

700

19 773 300

33,163,700

12,142

722

19,773,300

Wisconsin
Michigan

Total
20 899
Less canceled and rejected applications... 8,571
Total, District No. 7..




12,328

22,950,350

149

EEPOKT OF THE COMPTROLLER OF THE CTTRBENCT.

Loans applied for, approved, and closed in each Federal land hank district, segregated by
States, from organization to Oct. SI, 1918—Continued.
Applied for.
Number.

Approved.

Closed.

Number.

Amount.

Number.

1,4$3 S10.416.715
3,250 | 13.438.615
3,117
9,830,490
3,433,186
1,235

1,309
2,885
2,688
847

$8,788*150
9,865,100
7,184,450
1,372,960

836
1,503
1,181
241

$.5,639,950
5,536,240
4,017,750
448,800

9,085
3,828

37,119,006
11,921,136

7,729
2,694

27,210,740
6,443,000

3,761

15,642,740

5,257

25,197,870

5,035

20,767,740

3,761

15,642,740

3,890
3,933
4,279

13,115,177
8,825,357
9,947,842
6,557,333

3,048
2,698
2,545
2,220

9,812,700
5,568,775
4,552,150
3,196,000

2,202
2,022
1,670
1,454

6,829,500
3,344,500
2,876,400
1,967,200

Total
15,899 38,445,709
Less canceled and rejected applications.. 7^20.2 16,801,058

10,511
3,217

23,129,625
5,780,125

7,348

15,017,600

8. Omaha:
Iowa
Nebraska
South Dakota
WYoming .

.
.

.. -

.

~

Total
....
Less canceled and rejected applications...
Total, District No. 8

Amount.

Amount.

9. Wichita:
Oklahoma
Colorado
New Mexico

„
-

a, 767

Total, District-No. 9

7,294

17,349,500

7,348

15,617,600

42,739,994
16,021,975

12,364

26,366,135

4,872

12,528,379

9,459

26,718,019

12,384

26,366,135

4,872

12,528,379

7,098
1,866
148
606

23,784,187
5,142,275
517,038
1,619,387

3,190
1,115
50
223

9,890,860
2,893,000
208,300
572,400

2,001
637
36
140

6,210,800
1,768,800
164,400
358,000

9,748
5,859

31,062,887
17,661,581

4,578
1,079

13,564,560
3,006,560

2,814

8,502,000

3,889

13,401,306

3,499

10,558,000

2,814

8,502,000

3,652
7,849
4,282
6 054

9,353,181
22,194,724
12,177,626
17 059 510

2,234
4,946
3,081
4,826

1 9R1
5 825 290
11 671 805 1 9*R9R
2,031
8,015,805
9,634,275
3,002

3,107,8-75
7,058,09©
5,441,995
6,051,940

Total
22,737
Less canceled and rejected applications... 6,269

60,785,041
15,533,159

15,087
2,472

So, 147,175
5,922,055

9,145

21,659,900

45,251,882

12,615

29,225,120

9,145

21,659,900

8*, 667 21,644,651

10. Houston (Texas)
15,168
Less canceled and rejected applications.. 5,709
Total, District No. 10
11. Berkeley:
California
Utah
Nevada
Arizona,

. . .

Total
. . . .
Less canceled and' rejected applications...
Total, District No. 11
12. Spokane:
Idaho
Montana
Oregon
Washington

. .

Total, District No. 12

16,468

Statistics in the foregoing table are recapitulated in the following
statement:
Recapitulation of loans, by districts, to Oct. SI, 1918.
Applied for.
Number.
1.
2.
3".
4.
5.
6.
7.
8.
9-.
10.
11.
12.

Springfield..
Bait-more. _.
Columbia
Louisville...
New Orloasns
St. Louis
St. Paul
Omaha
Wichita
Houston
Berkeley
Spokane
Total




2,940
3,558
12,310
8,477
13.720
7,098

12,328
5; 257
8,667
9,459
3,889
16,468

Amount.
$9,593,194
9,545,672
22,254,446
19,713,829
23,032,448
15,879,005
33.163,700
25;197,870
21.644,651
26; 718,019
13,401,306
45,251,882

Approved.
Number.
2,738
3,333
6,218
6,609
12,423
6,208
12,142
5,035
7,294
12,364
3,499
12,615

104,171 I 265,396,112 I 90,478

Amount.
$7,111,195
7,591,865
11,553,654
13,962,100
14,312,925
12,947,840
22,950.350
20,767,740
17,349| 500
26,366,135
10,558,000
29,225,120
194,696,424

Closed.
Number.

Amount.

2,045
2,239
3,697
3,647
7,97S
4,906
8,722
3,761
7,348
4.872
2,814
9,145

$5,4&2,875
5,441,950
6,932,820
8,897,909
10,043.615
9,455', 077
19,773.300
15,642; 740
15,017,600
12,528,379
8,502,000
21,659,900

61,174

139,378,156

150

EEPOET OF THE COMPTROLLER OF THE CURRENCY.

The development of the business of the Federal loan banks, as it
relates to loans closed by the banks in each district from organization to October 31, 1917, and monthly thereafter to October 31, 1918,
is shown in the following table:
Loans closed by the several Federal land hanks from organization to Oct. 31, 1917, and in
each subsequent month to Oct. SI, 1918.
1917
From organization
to Oct. 31,
November. December.
1917.
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.

1918
January.

February.

$304,065
1,193,950
628,280
1,372,900
1,121,515
868,615
2,726,200
1,093,790
5,642,778
729,446
1,224,700
3,842,666

Total

$404,390
405,950
289,065
409,400
512,820
371,955
1,691,900
693,700
1,521,200
415,912
570,700
1,517,025

$417,850
253,700
252,175
521,500
612,150
418,945
2,605,200
452,700
236,300
972,544
728,200
1 ; 838,695

$488,360
260.600
298,535
624,100
778,770
636,965
2,737,100
970,000
1,118,800
1,006,522
1,143,000
1,724,765

20,748,905

Springfield....
Baltimore
Columbia
Louisville
New Orleans..
St. Louis .
St. Paul
Omaha
Wichita
Houston
Berkeley
Spokane

8,804,017

9,309,959

11,787; 517

March.

$316,440
$-426,140
313,050
367,300
446,390
540,725
851,100
871,900
814,690
1,071,015
791,715
1,024,705
2,178,800 - 615,400
3,067,850
3,248,050
986,722
917,000
1,405,015
1,675,509
897,400
673,200
1,811,774
1,916,980
13,880,946

13,347,924

April.
$518,800
526,900
737,605
756,700
1,180,355
1,016,035
2,870,300
1,912,300
768,900
1,550,844
569,700
1,577,880
13,986,319

1918
May.
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.

...
.

.

.

Total .

July.

August.

September.

$475,150
483,100
916,905
560,600
753,500
1,210,650
373,700
1,020,800
534,600
1,138,716
423,300
1,507,970

$500,400
335,950
636,833
735,900
801,725
832,587
406,400
804,950
566,400
913,233
468,200
1,262,800

$539,850
158,800
572,062
682.500
704,300
638,118
616,400
657,900
619,200
776,228
484,300
1,205,930

$448,250
417,900
607,215
575,400
699,465
432,840
982,700
595,300
683,100
670,030
426,400
1,153,210

$335,650
406,850
604,105
537,200
419,485
503,540
915,700
605,500
671,800
526,775
436,900
1,062,825

$307,530
317,900
402,925
898,700
573,825
708,407
1,053-500
519,900
750,800
747,605
456,000
1,237,380

9,398,991

Springfield
Baltimore .
Columbia
Louisville
New Orleans
St. Louis
St. Paul
Omaha
Wichita
Houston
Berkeley
Spokane

June.

8,265,378

7,655,588

7,691,810

7,026,330

7,474,472

October.

As heretofore stated, farm loan bonds to the amount of $140,122,200
have been issued by the various banks, and in the accompanying
table is shown the amount and the rate per cent issued by districts:
Farm loan bonds issued by the several Federal land banks to Oct. 31, 1918, running
years and bearing interest as stated.
Location.
Springfield
Baltimore
Columbia
Louis V ille
New Orleans
St. Louis
St. Paul'.
Omaha
Wichita
Houston
Berkeley
Spokane.

,

Total.
Less bonds on hand (unsold)
Amount outstanding..




Ak per cent.

5 per cent.

20

Total.

$1,750,000
2,750,000
3,000,000
4,750,000
5,750,000
4,500,000
14,500,000
11,000,000
10,750,000
7,250,000
5,250,000
13,750,000

$3, 250,000
2, 500,000
3,500,000
4,250,000
5> 000,006"
6, 500,000
750,000
250,000
500,000
3,750,000
5,750,000
2, 500,000

$5,000,000
5,250,000
6,500,000
9,000,000
10,750,000
11,000,000
20,250,000
14,250,000
14,250,000
13,000,000
8,000,000
23,250,000

85,000,000
168,975

55,500,000
208,825

140,500,000
377,800

84,831,025

55,291,175

140,122,200

i;

KEPOKT OF THE COMPTROLLER OF THE CURRENCY.

151

JOINT STOCK LAND BANKS.

Through, the courtesy of the Farm Loan Board there has been received the statement following, showing the condition at the close of
business on October 31, 1918, of all the joint stock land banks,
chartered under authority of the farm loan act.
Consolidated statement of the joint stock land hanks at close of business Oct. 81, 1918.
ASSETS.

Mortgage loans
Plus accrued interest on mortgage loans

$5,905,239.02
95,515. 55

Less amortization payments

6,090,754. 57
15,393.56

United States Government bonds and securities
Farm loan bonds on hand (unsold)....
Accrued interest on United States bonds
Cash on hand and in banks
Banking house
Furniture and
fixtures
Accounts receivable
Other assets.
Excess of expenses over earnings

6,075,361.01
2,246,230.00
134,400.00
9,850.75
2,109,367. 62
247,000.00
20,487. 22
23, 111. 01
6,787.06
41,438.49

Total

10,914,033.16
LIABILITIES.

Capital stock (paid in)
Surplus (paid in)
Farm loan bonds authorized
Bills payable (money and bonds borrowed)
Accounts payable
Beserved for interest
Reserved for taxes
Other liabilities
,
Total

.'

2,010,850. 00
63, 250.00
6, 875,000.00
1,808,500.00
760.00
140/502.61
6,554.54
8,616.01
10,914,033.16

BUILDING AND LOAN ASSOCIATIONS IN THE UNITED
STATES.
Mr. H. F. Cellarius, of Cincinnati, secretary of the United States
League of Local Building and Loan Associations, has furnished this
office information in regard to building and loan associations in the
United States, the latest statistics being for the year ended December
31, 1917.
It appears that the increase in assets of these institutions during
the year ended December 31, 1917, was a little over $170,600,000
and the associations loaned out on mortgage security $492,000,000.
There are in the United States 7,269 associations, with aggregate
resources of $1,769,142,175 a,nd a total membership of 3,838,612.
These statistics show an increase during the year of 197 in the
number of associations, 270,180 in the membership, and $170,614,039
in assets over the report of the previous year. The increase in
membership was 7.5 per cent, while the increase in assets was 10.6
per cent. The average amount due each member is $460.88, as
against $447.96, the amount shown for the year 1916.



152

BEPOET OF THE COMPTROLLER OF THE CURRENCY.

The following table shows, by States, the number of associations,
the total membership, and total assets for States in which accurate
statistics are compiled by State supervisors. The data lor other
States are consolidated under the heading " Other States/' and the
figures given are estimated:
Statistics for 1917-18.

States.
Pennsylvania

Number
Total
of associ- memberations.
ship.

Total assets.

Increase in

Increase
in membership.

Total
1 Decrease.

678
793
184
662
253
351
73
91
72
125
155
72
67
19
78
140
42
40
50
63
48
44
38
34
8
22
14
22
13
10
28
16
13
6
856

677,911
767,100
329,063
247,725
246,800
199,571
202,409
101,929
42,227
69,041
62,846
56,116
66,442
47,793
37,075
50,612
37,400
46,318
21,053
33,035
22,020
21,500
•10,200
14,959
18,142
11,499
14,900
5,857
8,554
5,166
5.785
7; 156
4,239
3,545
749
341,875

$324,265,393
321,741,529
168,215,913
126,695,037
113,528,525
86,072,829
78,112,917
54,545,630
35,928,447
35,659,360
27,085,282
26,770,144
26,000,167
25,911,928
22,399,995
19,887,368
17,608,000
14,444,177
10,583,447
9,638,852
8,979,642
8,119,131
6,688,983
6,671,239
6,554,175
5,938,436
4,869,748
3,603,836
3,836,072
3,207,754
% 837,118
2,314,927
1,849,935
1,469,276
287,791
157,319,172

$25,438,326
51,1S8,94O
13,088,951
13,389,130
8,050,122
6,442,948
5.818,661
6,627,783
3,134,429
4,279,888
1,572,372
3,226,311
2,446,058
1,362,683
255,115
3,013,526
1,703,230
2,366,450
409,439

52,908
102,238
29,150
10,965
16,133
1743
10,034
7,002
123
5,308
931
5,712
5,415
15,237
1993
4,721
15,000
3,318
11,807

626,537
369,564

1,390
1,000

233,961
2,354,175
577,906
610,423
89 286
322,812
1112,865
90,308
372,489
209,906
172,660
52,079
10,975,756

375
4,942
1,385
936
13,023
865
1182
185
1,281
1,502
1175
256
19,351

7,269

OMo
New Jersey.
Massachusetts
Illinois
New York
Indiana
Nebraska
-California
Michigan
Kentucky
Missouri
Kansas
Louisiana
District of Columbia
Wisconsin
North Carolina
Washington
Arkansas
Iowa 2
Minnesota
West Virginia
Colorado 2
Maine
Oklahoma
Rhode Island
Connecticut
South Dakota
New Hampshire
Tennessee
North Dakota
Texas
Montana
New Mexico - . , . . . . . .
Vermont
Other States

3,838,612

1,769,142,175

170,514,039

270,180

2 Reports issued biennially. Figures of 1916 used.

By reference to the foregoing table, it will be noted that Ohio
shows the largest increase in assets for the year, gaining $51,188,940,
followed by Pennsylvania, where the increase was $25,438,326.
Other large increases for the year were shown in Massachusetts,
$13,389,130; New Jersey, $13,088,951; Illinois, $8,050,122; Nebraska,
$6,627,783; New York, $6,442,948; Indiana, $5,818,661; and Michigan, $4,279,888.
RECEIPTS AND DISBURSEMENTS FOR 1917.

The aggregate receipts of the building and loan associations for
1917 from alfsources were $1,220,600,658, an increase of $158,687,635
over the receipts of the previous 3^ear. The receipts from weekly
dues were increased $37,647,516, from paid-up stock $6,783,893, and
from deposits $23,196,571. Mortgage loans were increased by
$78,805,481, stock withdrawals inxreased by $7,175,321, paid-up
stock by $15,519,998, and deposit withdrawals by $7,759,840. The



EEPOET OF THE COMPTROLLER OF THE CURRENCY.

153

total expense of management for the year 1917 was $9,810,744, or
about eight-tenths of 1 per cent of the total receipts.
The receipts and disbursements for 1917 in detail were as follows:
Receipts.
Cash on hand Jan. 1, 1917
Weekly dues
Paid-up stock
Deposits
Loans repaid
Interest..
Premium
Fines
Pass books and initiation
Borrowed money
Real estate sold
Miscellaneous receipts

$58,018,034
372,393,426
50, 312, 814
116,054, 938
360,137, 274
100,414,566
4, 781, 646
1,521,102
975, 252
89,322,894
9,010,164
57, 658,498

Total receipts

1,220,600,658
Disbursements.

Pass-book loans
Mortgage loans.
Stock withdrawals
Paid-up stock withdrawals
Deposit withdrawals
Expenses
Borrowed money repaid
Interest
Real estate purchased..,.
Miscellaneous disbursements
Cash on hand Jan. 1, 1918

$39,279,366
492,094, 692
304, 031,172
47,932,908
92, 328, 708
9,810,744
90,028,860
3,195, 042
12, 751,056
63,333,156
65, 814,954

Total disbursements

1,220,600,658

DISTRICT OF COLUMBIA.
BANKS AND BANKING IN THE DISTRICT OF COLUMBIA.

There are 64 banking institutions in the District of Columbia,
consisting of 14 national banks, 8 trust companies, 24 savings banks,
and 20 building and loan associations. The aggregate capital of all
these institutions on June 29, 1918, was S19?394;000. The total
individual deposits were $137;656;005, and the aggregate resources
$205,488,027.
The number, capital, individual deposits, and aggregate resources
of each cluss of institutions doing business in the District of Columbia
on June 29, 1918, are shown in the following table:
Capital.

Individual
deposits.

$7,427,000
10,000,000
1,967,000

$58,055,000
38,538,000
20,811,000
120,252,005

$98,269,000
58,527,000
25,477,000
23,215,027

19,394,000

137,650,005

205,488,027

Number.
National banlcs
Loan and trust companies
- Sayings banks
Building and loan asseeiatiens
Total




* Share payments mainly.

154

EEPOET OF THE COMPTROLLER OF THE CURRENCY.

BUILDING AND LOAN ASSOCIATIONS IN THE DISTRICT OF COLUMBIA.

On March 4, 1909, the building and loan associations in operation
in the District of Columbia were placed under the supervision of the
Comptroller of the Currency. On June 30, 1909, there were 22 associations, with aggregate resources of $14,393,927; on June 30, 1918,
the associations in operation numbered 20, with aggregate resources
of $23,215,027, an increase in the 8-year period of $8,821,100. These
associations increased their resources during the past year by $951,022.
There is shown in the following table loans, installment payments
on shares, and aggregate resources of the building and loan associations
in the District of Columbia for each year from June 30, 1909, to June
30, 1918:
Years.

June 30—
1909
1910
1911
1912
1913
1914
1915 . . . . . . .
1916....
1917
1918

Number
of associations.

22
19
19
20
20
20
20
19
19
20

Loans.

Installments
on shares.

$13,511,587
14,415,832
14,965,220
16,004,700
17,398,010
18,582,156
19,524,065
20,186,662
20,951,089
21,567,904

$11,996,357
13,213,644
13,324,217
14,529,977
16,453,044
17,113,899
17,866,337
18,668,808
19,413,266
20,252,005

Aggregate
resources.

$14,393,927
15,250,731
16,017,405
17,100,293
18,438,294
19,029,260
20,655,614
21,611,007
22,264,005
23,215,027

CONCLUSION.

I desire to express my deep appreciation of the able, earnest, and
faithful service which has been rendered by the employees, generally,
of this bureau during the past year, including the force of National
Bank Examiners and their assistants.
With the great demand which has existed in all sections, but
especially in Washington, for trained clerks, bookkeepers, and accountants, and the high salaries which have been obtainable in commercial
life, the temptation to avail of these higher pecuniary rewards has
been great. Under these conditions it is a distinct pleasure to be
able to pay special tribute to the constancy, loyalty, and fidelity with
which the men and women employees of this bureau have stayed on
their Jobs and have applied themselves to their arduous duties.
Owing to the difficulty in obtaining the necessary authority to
increase the force of the bureau to a point commensurate with the
increased burdens which have been thrown upon it, our office force
has been required during the past year to do much extra work and to
observe late and unusual hours. This they have done cheerfully and
effectively, and this extra service was rendered without a corresponding increase in their compensation.
With a conscientious determination to perform their full duty and
do their part in the winning of the war, tne employees of this bureau
far and near, have generally resisted the temptation to accept outside
offers and except for those who have entered the Army and Navy
they have generally remained steadily at their exacting and very
responsible tasks here. Their unselfish, intelligent, and painstaking
efforts entitle them to a large share of the credit for the successful operation of this bureau.



REPORT OF THE COMPTROLLER OF THE CURRENCY,

155

Twenty-four per cent of the male employees of this bureau left to
enter the Army or the Navy. They have been rendering heroic and
valiant service. Several of them have yielded up their lives for the
land they loved and fought for.
I respectfully invite your attention to a number of special exhibits
relating to national banks which are published as an appendix to
Volume 1 of this report, in addition to other exhibits to which reference
has already been made. The customary statements showing in detail
the condition of each national bank in the United States, together
with further special and general statistical data and the usual digest
of court decisions relating to national banks are presented in Volume
2 of this report.
Kespectfully submitted.
JOHN SKELTON WILLIAMS,

Comptroller of the Currency.
The SPEAKER OF THE HOUSE OF REPRESENTATIVES.
85473°—CUR 1918—VOL 1




11

EXHIBIT A.

FEDERAL GUARANTY OF DEPOSITS IN EATIOHAL BAHKS.
The following is a copy of a circular letter addressed under date of
June 5, 1918, to all national hanks in connection with the recommendation made by the Comptroller of the Currency in his report to the Congress
for the year 1917 in regard to the insurance or guarantee of hank deposits:
JUNE 5,1918.

To National Banks:
It is deeply gratifying to chronicle the steady increase in the strength and safety of
the national banks of our country. Five months and five dftys of the year 1918 have
now passed without the failure of a single national bank in any one of the 48 States
of the Union, while applications have been received in this period for 123 charters
for new national banks. We can not, however, in the ordinary course of things, expect
this extraordinary showing to be indefinitely continued. In the same period there
were failures in 10 States of 13 banking institutions under State supervision.
The records show that as to national banks there has been no such immunity from failure
before for 37^ years, or since the year 1881.

At that time there were in operation only 2,102 national banks with resources of
2,270 million dollars, as compared with 7,707 national banks at this time with resources
of over 18,000 million dollars.
There is still room for improvement in banking conditions. Section 333 of the
Revised Statutes of the United States provides that the Comptroller of the Currency
shall submit annually a report to Congress which shall contain, inter alia, recommendations for "any amendment to the laws relative to banking by'which the system
may be improved and the security of the holders of its notes and other creditors may
be increased."
As a result of much study and investigation, the Comptroller of the Currency in hia
last annual report to Congress made a number of recommendations looking toward
increasing the strength and safety of the banks and promoting the welfare of their
customers and the public. Probably the most important recommendation related to
a bill to provide for the guaranty of all deposit balances in national banks of $5,000
or less, upon which interest should not be paid in excess of a reasonable rate, to be
determined by Congress. The recommendation of the comptroller was that this
rate on such guaranteed deposits should not exceed 3 per cent per annum.
The Comptroller's recommendation for a law for the guaranty of national bank
deposits was submitted in pursuance of the duty imposed upon him by the Federal
statute quoted above.
A bill for the guaranty of deposits in national banks of $5,000 and less has been
favorably reported by the Banking and Currency Committee of the Senate and is now
before the Senate for consideration and action. It is understood that the plan for the
guaranty of national bank deposits for $5,000 or less, upon which interest not exceeding
3 per cent is to be paid, and making it discretionary with the national banks as to
whether or not they shall take advantage of its provisions, has already received the
approval of the Secretary of the Treasury, and, including its ex omcio members
(the Secretary of the Treasury and the Comptroller of the Currency) of a majority1 of
the members, individually, of the Federal Reserve Board, and also has the support of
the chairmen of the Banking and Currency Committees of the United States Senate
and House of Representatives and of other leading men in both Houses of Congress.
It has been recently developed that a propaganda has been started for the purpose,
if possible, of defeating the bill and of depriving the national banks of the country
and their 16,000,000 depositors and the public generally (who are interested in having
i The other members referred to besides the Secretary of the Treasury and the Comptroller of the Currency
were Governor Hardinsr and ex-Governor Hamlin, of the Reserve Board. Since the publication of this
circular Governor Harding has modified somewhat the views he had previously expressed in this connection.

156




REPORT OF THE COMPTROLLER OF THE CURRENCY.

157

money now in hiding brought again into circulation) of the manifest and obvious
advantages which this bill would secure. ^
In order to obtain, if possible, the independent views of national banks, the
Comptroller of the Currency will be pleased to have an expression of opinion from
the management of each national bank (preferably the view of a majority of the
directors of each bank or, if this is impracticable, an expression of opinion from the
president or other chief executive officer) as to whether they would like to see such
a bill as has been recommended by the Comptroller of the Currency enacted; and,
if the answer is negative, the Comptroller would he pleased to be furnished briefly
with the principal reason or reasons for such opposition.
It is, of course, reasonable to assume that the vast majority of the 16,000,000 depositors in national banks would receive the Government guaranty of their deposits with
deep satisfaction.
Some objectors say that they are opposed to the guaranty or insurance of deposits
"on principle." If this reason is alleged, the Comptroller would be pleased to be
informed upon what principle such objection is made. Surely there can be no sound
argument against the general principle of insurance.
A man who invests his savings in a house wisely and gladly pays a premium to
insure or guarantee his investment against loss by fire or by tornado and its contents
against loss by burglary.
If his savings are invested in a ship or its cargo, he takes the precaution to insure
or guarantee it against loss at sea.
Upon what principle can it be contended that it is wrong to give a man the opportunity of paying a small premium for the purpose of insuring his savings deposited
in a national bank against loss, whether the loss be the result of incompetency, misfortune, or corrupt management?
The principle of the guarantee of bank deposits has been tried in a number of
States, and in some of these States, despite imperfections in the laws, and various
handicaps which are avoided in the bill now proposed, the plan has worked to the
distinct advantage of State banks and of their depositors; and in some of these States
where the national banks, whose deposits have not been guaranteed, have competed
with the State banks, whose deposits are guaranteed, the national banks have been
placed at a considerable disadvantage.
It is believed that there are millions of people who have savings in the shape of
gold, silver, or paper money who keep no bank account, but who would gladly open
accounts with national banks if such a law as is now proposed should be enacted.
It is interesting to note that with the growing strength of the national-banking system
the number of depositors has increased by more than 8,000,000 since 1910.
If it should be agreeable to you to inform this office whether your bank approves
or disapproves of the legislation proposed, it is hoped that you will give briefly your
reasons for your conclusions.
In the event that you may have written or telegraphed to Senators or Congressmen
in opposition to the measure it is also hoped that it will be agreeable to you to state
whether such telegram or letter was sent after the subject had been formallv discussed
by your board of directors and as a result of their conclusions or whether I t was sent
by some officer of your bank in advance of formal action of your board. It is assumed
that if such communications as you may heretofore have addressed to your Senators
or Representatives were sent with the approval of your board of directors you will,
of course, have no objection to so stating in your reply.
I submit herewith a memorandum setting forth briefly the principal arguments
which have moved this o&ce to advocate the passage of a law for the guarantee of
bank deposits, which it is hoped you may have the opportunity of considering before
Bending in your reply.
The bill as proposed does not forbid the payment on deposits of a rate of interest
in excess of 3 per cent, but the deposits on which over 3 per cent per annum may be
paid are not to have the benefit of the Federal guaranty.
If in your rej>ly you desire to offer any suggestions in connection with the rate of
interest permissible on guaranteed deposits or other features of the proposed law, this
office will be glad to have you submit them,
Respectfully,




JNO.

SKELTON WILLIAMS,

Comptroller.

158

KEPOKT OF THE COMPTROLLER OF THE CUEKENCY,
SENATE BILL 4126.

PROVIDING FOR THE GUARANTY OF DEPOSITS OF $5,000 OR LESS IN NATIONAL BANKS.

The Comptroller of the Currency in his annual report for the past year, in recommending the passage of a bill for the guaranty of all deposits of $5,000 and under to
the credit of any one depositor in national banks, suggested that this guaranty should
apply only to those deposits upon which the rate of interest paid should not exceed 3
per cent per annum. (See Comptroller's Annual Report, 1917, vol. 1, p. 24.)
As the bill as originally prepared contained no limitation on the rate of interest to
be paid on deposits, the Senate committee inserted a provision limiting interest on
guaranteed deposits to 4 per cent before reporting the bill to the Senate.
The opponents of the measure have seized upon the 4 per cent interest feature as a
basis for a general attack, and are using it as an argument to defeat the whole proposition. There are several reasons why it may be undesirable to guarantee deposits
upon which as much as 4 per cent interest is paid, but these reasons do not apply to
the bill as originally recommended limiting the rate of interest on such deposits to 3
per cent.
A 4 per cent guaranteed interest rate might interfere to some extent with the investment of mone> in Liberty bonds, but this interference is not as serious as the opponents
of the measure would make it appear—for Government bonds which pay 4 per cens
and 4J per cent are exempt from taxation, while money in bank, whether the interest is
guaranteed or whether it is not, may be subject to taxation,' which in some Statet
amounts to from 1 per cent to 2 per cent. A 4 "per cent interest rate on deposits is riot
generally conducive to safe and conservative banking. When banks pay high rates
on deposits they are tempted to.exact higher rates from the borrowing public on good
loans—often rates which are contrary to the usury laws; and, moreover, they are
induced sometimes to take indifferent or unsafe loans because of the higher interest
yield, which they claim they are thus forced to ask when they pay high interest on
deposits.
The efforts of the Comptroller of the Currency and also of the Federal Reserve
Board have been, for some time past, directed against the payment of excessive
interest rates on deposits, whether this interest is paid on balances to the credit of
banks or of individuals.
The argument which certain national banks are urging, that it is unjust to require
strong and well-managed banks to pav a premium, say, of one-tenth of 1 per cent for
the benefit, as they claim, principally of the weaker or less well-managed institutions
when the strong banks do not want the guaranty, and object to being taxed for the
purpose of insuring their deposits, will be fully met if the bill should be amended so
as to provide that, if any national bank does not wish to have its deposits guaranteed, it
need not pay the tax which it is proposed to charge on deposits that are guaranteed.
If such an amendment should be adopted the opponents of the bill will have their
arguments cut completely from under them. They can have no justification for
opposing a measure which, while not taxing them, gives to other banks that willingly
pay the tax the benefit and advantage which such banks and their depositors greatly
desire.
For example, what right would the Tenth National Bank of New York, with
$10,000,000 of capital, and deposits in proportion, have to object to a law under which
the Columbia National Bank of Oswego (whose deposits or balances are all, we will
say, for $5,000 or less) would secure the Government's guaranty on those deposits by
paying an annual tax of one-tenth of 1 per cent? Is it not only a '' dog-in-the-manger 'spirit which could inspire the big bank in a case like this to oppose and attack a measure
which would give a much-desired benefit to a smaller bank with its thousands of
small depositors when the smaller bank is perfectly willing to pay the cost, and when
the law requires no payment from and imposes no hardship upon the larger bank?
If the big bank fears that such a guarantee law will draw away its depositors from the
large bank to the smaller bank, the big bank can readily obtain a similar guarantee by
paying precisely the same tax rate that the smaller bank gladly pays.
ARGUMENTS FAVORING PROPOSED GUARANTEE LAW.

The main advantages of the'bill for the guarantee of bank deposits may be briefly
summarized as follows:
First. Such an absolute guarantee by the Government would bring from its hiding places
many millions of dollars of hoarded money in all parts of the country, some of which is
being kept in stockings and cupboards and some in safe deposit vaults.



REPORT OF THE COMPTROLLER OF THE CURRENCY.

159

There are thousands of people throughout the country who hold on to their savings
and hide them in their homes because they are afraid to trust any bank. Of course,
upon such money they get no interest—that money is simply idle and wholly unproductive. If the Government should give its guarantee, this money will come out of its
hiding places and again become active in the currents of trade, where it is especially
needed in these times of war. These owners will realize that, when guaranteed by the
Government, it is safer than it could possibly be however carefully it may be stored
away in their homes. In the second place, it will yield them 3 per cent interest,
instead of nothing, and will be helpful to others to whom the bank will then be able
to lend it.
It is incontrovertible that—-

1. Such a law would bring large sums of hoarded money back into circulation.
Because—
1. Such funds sue far safer in bank guaranteed by the Government than in any
hiding place.
2. In bank the owner can get 3 per cent per annum interest; if hid away, he gets
nothing.
Second. The passage of such a law would give an absolute guarantee to 15,902,194
depositors in national banks, this being the number of deposit accounts on March 4, 1918,
o*$5,000 or less.

That means that this law, if availed of, would give a sense of complete protection
and comfort to nearly sixteen million depositors or owners of deposit accounts scattered
throughout our 48 States and the District of Columbia.
The records show that those whose bank balances amounted *to more
than $5,000 each, and whose accounts would not be guaranteed,
numbered only
353,139
The money to the credit of the 15,902,194 depositors was
$4, 521, 027,000
While the large balances to the credit of the 353,139 large depositors
aggregated about
8, 000, 000, 000
Third. The passage of such a law should practically prevent, in the future, runs on all
national banks which may enjoy the protection of such a guarantee, with the many dangers
and disturbances attendant upon such runs and the failures which so often follow them.

Had such a law been in operation in times past, some of the panics and commercial
crises which have disturbed and wrecked the country and which were precipitated
by runs on banks could have been averted.
Fourth. The guarantee of bank deposits vjould give peace of mind, comfort, and confidence to the poor man and the poor woman who may have accumulated their savings of a
lifetime in the savings departments of these banks.

The mental worry ancf anxiety which thousands of heads of families have endured,
especially in times of illness for fear of what might become of their families if they
should be taken away, and if at the same time the bank in which their lifetime savings
have been deposited should fail, would be completely relieved as far as the safety of
their savings is concerned. This anxiety and care and worry which depositors have
been unable to cast aside, even when banks are in good condition, is multiplied a
hundred!fold when the bank fails and closes its doors, as has happened with national
banks 451 times since 1890, and when the depositors realize that their savings of all
their earlier years are lost, or else that it may be months or years before they recover
their money' Depositors sometimes have to wait through long years of misery and
privation before they get back their deposits. There is one bank still in process of
liquidation which failed over 27 years ago, whose affairs were so hopelessly tangled that
it has not yet paid its final dividend to depositors, and there are doubtless many
depositors who have died while waiting to get their money—their deaths probably
hastened by the tying up of their lifetime savings. Such harassment and distress
not only; impair the efficiency of the depositors as workmen in such times, but have
often driven both men and women to desperation and suicide.
Fifth. It is probable that nothing which has thus far been suggested would contribute
more to the unification and solidarity of our entire banking system than the enactment of
such a law as this. It is believed that it would have a paramount and determining influence
with the State banks in inducing them to nationalize to get the benefit of the Government
guarantee of bank deposits.

The desirability of the unification, as far as possible, of the banking system of the
country is, I believe, generally admitted by the thinkers and leading men of both
political parties—especially in these times of war where the closest cooperation and
coordination on the part of all financial interests is recognized to be of such preeminent
importance.



160

REPORT OF THE COMPTROLLER OF THE CURRENCY'.

The records show that the national banks of the country, for several years past,
have outstripped the State institutions in the rate of growth; while at the same time
they have made a more creditable exhibit in the matter of losses. Such a guaranty
measure may be confidently expected to have an immediate and potent effect in
bringing State banks more rapidly into the national system and in strengthening and
solidifying our whole financial structure.
Sixth. There is no force in the suggestion which has been urged that the guarantee of
their deposits by the Government would have the effect of making national-bank officers
loose, lax, and^ careless in their methods and management.

The supervision by the Government would, if there is any change, be even more
thorough and effective. It would be idle and unreasonable to suggest that, because
the money of depositors is fully protected, the directors of a bank, who are always
necessarily stockholders, would be less vigilant, less careful to protect their own personal
interests—particularly their capital placed in the stock of the bank. The management of the banks would therefore still have this vast stock investment of over two
billion dollars to protect; and furthermore, they face the danger of the 100 per cent
assessment on the stock of any bank if the bank should be so indifferently or loosely
managed as to bring insolvency.
A guarantee of deposits carries no guarantee of stock; and the officers of national
banks would not be tempted more readily than now to make bad loans or to adopt
loose methods when they know that their losses must fall exclusively upon themselves and upon their fellow stockholders and on the Government, even though the
Government should protect the general depositors.
Seventh. Under such a plan as is proposed, all banks will earnestly strive to inspire
public confidence and maintain a good reputation, not only for'the sake of protecting
their stock investments but also for the sake of drawing to the bank the larger depositors—
those whose deposit accounts amount to more than $5,000.

The large depositors will naturally exercise special discrimination in placing their
funds, and will endeavor to select for such deposits, which may not have the Government guarantee, those banks which have the best reputation for honesty, fidelity,
and intelligence in management.
The suggestion that the benefits of the guaranty law will apply mainly or entirely
to the smaller banks and their depositors rather than the depositors of the larger
banks is not borne out by the facts of the case.
The records of this office for the past 36 years show that the total deposits of the
smaller banks—or, say banks with less than $200,000 capital—which failed in this
period amounted to 160,788,000, representing the amount of money which was tied
up from time to time during this period in these banks, a portion of which was lost.
In the same time, the amount of deposits tied up in banks with capital of $200,000 or
more amounted to $133,572,000; and of this sum over $68,00^,000 was tied up in the
largest banks—those with capital of $500,000 and over.
The aggregate amount of deposits of national banks which were tied up by bank
failures from 1912 to 1917 was about $30,000,000—exclusive of deposits aggregating
approximately $50,000,000 more in banks which suspended temporarily, but were
subsequently restored to solvency, in the same five-year period.
The tying up of $194,000,000 of deposits in failed banks over this period may not
seem large as compared to the total deposits of all banks; but it is of high importance
when we consider the untold misery which these failures brought to tens of thousands
of helpless men and-women who, under the provisions of such a bill as is now proposed,
could have been spared, and hereafter ought to be spared, such loss and suffering.
It is believed, and with much reason, that if this bill should become a law, leaving
it discretionary with national banks as to whether they accept its provisions or not,
the vast majority of these banks will come in promptly, and that they will be followed
rapidly by those State banks that are eligible for nationalization.




JOHN SKELTON WILLIAMS, Comptroller.

REPORT OF THE COMPTROLLER OF THE CURRENCY.

161

EXHIBIT B.
Number of deposit accounts which exceed $5,000 each, the number which amount to $5,000
or less each, and the aggregate amount of accounts which amount to $5,000 or less each
as shown by reports of condition made by national banks at the close of business on
Mar. 4, 1918.
Number of
Number of
deposit acdeposit accounts, includAggregate
counts, including certifiamount of
ing certificates of dedeposit accates of deposit, the bal- counts amountposit, the balto
ances of which ances of which ingless $5,000 or
amount to
each.
exceed $5,000 $5,000 or less
each.
each.

Geographical location.

New England States:
Reserve city
Country banks

7,479
11,923
19,402

.

.

.

Total
Pacific States:
Country banks

159,252,976
614,993,346

3,349,959

774,246,322

179,039
529,531
3,691,242

83,603,155
215 790 685
993,734,219

4,399,812

1,293,128,059

246,312
1,529,871

89,339,039
432,940,610

1,776,183

522,279,649

11,320
8,300

Total
Western States;
Reserve cities
Country banks

599,558
2,750,401

25,897

Total
Middle Western States:
Central reserve cities
Other reserve cities
Country banks

1,295,072,258

8,873
17,024

_

4,270,097

167,982

Total
Southern States:
Reserve cities
Country banks

152,548,586
157,992,015
984,531,652

18,384
21,308
128,290

.

285,911
332,884
3,651,302

11,281
24.709

. .

254,116,708

35,990

Other reserve cities
Country banks

876,568

34,313
19,594
30,341

*

$28,164,042
225,952,666

84,248

Total
Eastern States:

38,082
838,486

370,425
859,150

153,746,830
228,437,809

19,620

1,229,575

382,184,639

|

353,139

15,902,194

4,521,027,630

I

52,697
79,855
220,587

464,950
2,116,792
13,320,452

236,151,741
804,285,587
3,480,590,302

353,139"

15,902,194

4,521,027,630

Total
Total United States...-.
RECAPITULATION.

Central reserve cities
Country banks

. .

Total

EXHIBIT C.

LEGISLATION AFFECTING OE RELATING TO NATIONAL
BANKS.
During the past year important legislation has been enacted,
amending the Federal reserve act, the national bank act, and other
measures affecting or relating to banking.




162

REPORT OF THE COMPTROLLER OF THE CURRENCY.
FEDERAL RESERVE AND NATIONAL BANK ACT AMENDMENTS.

Certain provisions of the Federal reserve act and national bank
act were amended by the act approved September 26, 1918, namely,
those (a) relative to choosing directors of classes A and B of Federal
reserve banks; (&) enlarging trust powers of national banking associations; (c) providing for Federal reserve notes of large denominations; (d) conferring power upon the Federal Reserve Board to
change the reserve requirements of national banks located in the
suburbs of reserve and central reserve cities; (e) relating to the
acceptance of fees, commissions, etc., by officers, etc., of member
banks; (/) regarding the purchasing from and selling to directors the
assets, etc., of member banks; and (g) amending sections 5208 and
5209, Revised Statutes, to make them applicable to officers, etc., of
Federal reserve banks and of member banks.
TRUST POWERS OF NATIONAL BANKS.

In connection with the enlargement of trust company powers of
national banks, the Comptroller under date of September 27, 1918,
made the following announcement to national banks:
I am pleased to advise you under authority of an act of Congress, approved by
the President on. September 26, 1918, enlarged powers have been conferred upon
national banks which are now authorized (under the limitations prescribed in the
act) to open trust departments and to act as trustee, executor, administrator, registrar
of stocks and bonds, guardian of estates, assignee, receiver, committee of estates of
lunatics, and in* any other fiduciary capacity in which State banks, trust companies,
or other corporations which come into competition with national banks are permitted
to act under the laws of the State in which the national bank is located. As a condition precedent to the exercise of these new powers it is necessary to obtain a permit
from the Federal Reserve Board.. National banks obtaining such permits must have
capital and surplus required by the State law governing State banks, trust companies, and corporations exercising such powers.
CHANGE IN RESERVE REQUIREMENTS.

Acting upon the authority conferred by this amendment to change
the reserve requirements oi national banks located in outlying districts of a reserve or central reserve city, the Federal Keserve Board
has authorized the following changes:
Boston.—Four specified suburban banks will hereafter be required
to maintain only 7 instead of 10 per cent on demand deposits.
New York.—No change is made in the reserve requirements with
respect to banks in the Borough of Manhattan, but banks in the
Boroughs of Brooklyn and The Bronx will hereafter be required to
maintain 10 instead of 13 per cent reserve on demand deposits, and
banks in the Boroughs of Queens and Richmond will be required
to maintain only 7 instead of 10 per cent reserve on demand deposits._
Pittsburgh.—Five suburban banks in this city will hereafter be
required to maintain reserve of 7 instead of 10 per cent on demand
deposits.
:"
- *•*>•- - *
*
Chicago.—The reserve requirement for 14; suburban banks in
Chicago will hereafter be 10 instead of 13 per cent on demand
deposits.
Kansas City, Mo.—The reserve requirement of one suburban
bank has been reduced from 10 to 7 per cent on demand deposits.



REPORT OF THE COMPTROLLER OF THE CURRENCY.

163

Los Angeles.—Seven suburban banks in the city will hereafter be
required to maintain a reserve of only 7 instead of 10 per cent on
demand deposits.
Portland,—The reserve requirement of two suburban banks in
Portland has been reduced from 10 to 7 per cent on demand deposits.
RECEIPT OF FEE, COMMISSION, GIFT, ETC.; PURCHASE OR SALE OF
ASSETS BY OR FROM A MEMBER BANK,

The provision of section 22 of the Federal reserve act requiring
the affirmative vote or written assent of a majority of the board
in connection with notes executed or indorsed by directors or attorneys of banks has been omitted from this section as reenacted.
In lieu of the provision in this section which prohibited an officer,
director, employee, or attorney of a member bank from receiving
other than the usual salary or reasonable fee paid by the bank,
the section now provides, in substance, that, except as therein
provided, any officer, director, employee, or attorney of « member
a
bank who stipulates for or receives or consents or agrees to receive
any fee, commission, gift, or thing of value from any person, firm,
or corporation for procuring or endeavoring to procure for anyone
a loan or the purchase or discount of any paper, note, draft, or
bill of exchange by such member bank shall be deemed guilty of
a misdemeanor and shall be imprisoned not more than one year or
fined not more than $1,000, or both.
The section permits a member bank to contract for or purchase
from any of its directors, or firms of which they are members, any
securities or other property in the regular course of business upon
terms not less favorable to the bank than those offered to others, or
when the purchase is authorized by a majority of the board of directors not interested in the sale, such authority to be evidenced by the
affirmative vote or written assent of such directors.
Any member bank may sell securities or other property to any of
its directors, or firms of which they are members, in the regular course
of business on terms not more favorable to such directors or firms
than those offered to others, or when a sale is authorized by a majority of the board of directors, to be evidenced by their affirmative
vote or written assent.
No member bank shall pay a greater rate of interest on the deposits
of any director, officer, attorney, or employee than that paid to other
depositors on similar deposits With such member bank.
Directors or officers who knowingly violate or permit to be violated
the provisions of this section, or regulations of the board made "thereunder, are personally and individually liable for all damages sustained by the bank, the shareholders, or any other persons by reason
of such violation.
The act amending the forementioned sections of the Federal reserve
and national bank act3 follows:
Be it ena.ted by the Senate and House of Representatives of the United Stales of America
in Congress assembled, That section four of the act approved December twenty-third,
nineteen hundred and thirteen, known as the Federal reserve act, be amended and
reenacted by striking out that part of such section which reads as follows:
"Directors ef class A and class B shall be chosen in the following manner:
"The chairman of the board of directors of the Federal reserve bank of the district
in which the bank is situated or, pending the appointment of such chairman, the organization committee shall classify the member banks of the district into three general




164

REPORT OF THE COMPTROLLER OF THE CURRENCY.

groups or divisions. Each group shall contain, as nearly as may be, one-third of the
aggregate number of the member banks of the district, and shall consist, as nearly as
may be, of banks of similar capitalization. The groups shall be designated by number
by the chairman.
"At a regularly called meeting of the board of directors of each member bank in the
district it shall elect by ballot a district reserve elector and shall certify his name to
the chairman of the board of directors of the Federal reserve bank of the district.
The chairman shall make lists of the district reserve electors thus named by banks
in each of the aforesaid three groups and shall transmit one list to each elector in each
group.
'' Each member bank shall be permitted to nominate to the chairman one candidate
for director of class A. and one candidate for director of class B. The candidates so
nominated shall be listed by the chairman, indicating by whom nominated, and a
copy of said list shall, within fifteen days after its completion, be furnished by the
chairman to each elector.
"Every elector shall, within fifteen days after the receipt of the said list, certify
to the chairman his first, second, and other choices of a director of class A and class
B, respectively, upon a preferential ballot, on a form furnished by the chairman
of the board of directors of the Federal reserve bank of the district. Each elector
shall make a cross opposite the name of the first, second, and other choices for a director
of class A and for a director of class B, but shall not vote more than one choice for
any one candidate," and by substituting therefor the following:
"Directors of class A and class B shall be chosen in the following manner:
"The Federal Reserve Board shall classify the member banks of the district into
three general groups or divisions, designating each grou]3 by number. Each group
shall consist as nearly as may be of banks of similar capitalization. Each member
bank shall be permitted to nominate to the chairman of the board of directors of the
Federal reserve bank of the district one candidate for director of class A and one candidate for director of class B. The candidates so nominated shall be listed by the
chairman, indicating by whom nominated, and a copy of said list shall, within fifteen
days after its completion, be furnished by the chairman to each member bank. Each
member bank by a resolution of the board or by an amendment to its by-laws shall
authorize its presidentT cashier, or some other officer to cast the vote of the member
bank in the elections of class A and class B directors.
"Within fifteen days after receipt of the list of candidates the duly authorized,
officer of a member bank shall certify to the chairman his first, second, and other
choices for director of class A and class B, respectively, upon a preferential ballot
upon a form furnished by the chairman of the board of directors of the Federal reserve
bank of the district. Each such officer shall make a cross opposite the name of the
first, second, and other choices for a director of class A and for a director of class B,
but shall not vote more than one choice for any one candidate. No officer or director
of a member bank shall be eligible to serve as a class A director unless nominated
and elected by banks which are members of the same group as the member bank of
which he is an officer or director.
"Any person who is an officer or director of more than one member bank shall not
be eligible for nomination as class A director except by banks in the same group as
the bank having the largest aggregate resources of any of those of which such person
is an officer or director.''
SEC. 2. That section eleven (k) of the Federal reserve act be amended and reenacted to read as follows:
^
"(k) To grant by special permit to national Hbanks applying therefor, when not in
contravention of State or local law, the right to act as trustee, executor, administrator,
registrar of stocks and bonds, guardian of estates, assignee, receiver, committee of
estates of lunatics, or in any other fiduciary capacity in which State banks, trust
companies, or other corporations which come into competition with national banks
are permitted to act under the laws of the State in which the national bank is located.
"Whenever the laws of such State authorize or permit the exercise of any or all of
the foregoing powers by State banks, trust companies, or other corporations which
compete with national banks, the granting to and the exercise of such powers by national banks shall not be deemed to be in contravention of State or local law within
the meaning of this act.
"National banks exercising any or all of the powers enumerated in this subsection
shall segregate all assets held in any fiduciary capacity from the general assets of the
bank and shall keep a separate set of books and records showing in proper detail
all transactions engaged in under authority of this subsection. Such books and
records shall be open to inspection by the State authorities to the same extent as the
books and records of corporations organized under State law which exercise fiduciary
powers, but nothing in this act shall be construed as authorizing the State authorities




REPORT OF THE COMPTROLLER OF THE CURBE1SFCY.

165

to examine tlie books, records, and assets of the national bank which are not held in
trust under authority of this subsection.
"No national bank shall receive in its trust department deposits of current funds
subject to check or the deposit of checks, drafts, bills of exchange, or other items
for collection or exchange purposes. Funds deposited or held in trust by the bank
awaiting investment shall be carried in a S3parate account and shall not be used
by the bank in the conduct of its business unless it shall first set aside in the trust
department United States bonds or other securities approved by the Federal Keserve
Board.
" In the event of the failure of such bank the owners of the funds held in trust for
investment shall have a lien on the bonds or other securities so set apart in addition
to their claim against the estate of the bank.
"Whenever the laws of a State require corporations acting in a fiduciary capacity,
to deposit securities with the State authorities for the protection of private or court
trusts, national banks so acting* shall be required to make similar deposits and securities so deposited shall be held for the protection of private or court trusts, as provided
by the State law.
"National banks in such cases shall not be required to execute the bond usually
required of individuals if State corporations under similar circumstances are exempt
from this requirement.
"National banks shall have power to execute such bond when so required by the
laws of the State.
"In any case in which the laws of a State require that a corporation acting as
trustee, executor, administrator, or in any capacity specified in this section, shall
take an oath or make an affidavit, the president, vice president, cashier, or trust
officer of such national bank may take the necessary oath or execute the necessary
affidavit.
" I t shall be unlawful for any national banking association to lend any officer,
director, or employee any funds held in trust under the powers conferred by this
section. Any officer, director, or employee making such loan, or to whom such loan
is made, may be fined not more than $5,000 or imprisoned not more than five years,
or may be both fined and imprisoned, in the discretion of the court.
"In passing upon applications for permission to exercise the powers enumerated
in this subsection, the Federal Keserve*Board may take into consideration the amount
of capital and surplus of the applying bank, whether or not such capital and surplus
is sufficient under the circumstances of the case, the needs of the community to be
served, and any other facts and circumstances that sseni to it proper, and may grant
or refuse the application accordingly: Provided, That no permit shall be issued to
any national banking association having a capital and surplus less than the capital
and surplus required by State law of State banks, trust companies, and corporations
exercising such powers."
SEC. 3. That the ninth paragraph of section sixteen of the Federal reserve act,
as amended by the acts approved September seventh, jiineteen hundred and sixteen,
and June twenty-first, nineteen hundred and seventeen, be further amended and
reenacted so as to read as follows:
"In order to furnish suitable notes for circulation as Federal reserve notes, the
Comptroller of the Currency shall, under the direction of the Secretary of the Treasury,
cause plates and dies to be engraved in the best manner to guard against counterfeits
. and fraudulent alterations, and shall have printed therefrom and numbered such
quantities of such notes of the denominations of $5, $10, $20, $50, $100, $500, $1,000,
$5,000, $10,000 as may be required to supply the Federal reserve banks. Such notes
shall be in form and tenor as directed by the Secretary of the Treasury under the
provisions of this act and shall bear the distinctive numbers of the several Federal
reserve banks through which they are issued."
SEC. 4. That paragraphs (b) and (c) of section nineteen of the Federal reserve act,
as amended by the acts approved August fifteenth, nineteen hundred and fourteen,
and June twenty-first, nineteen hundred and seventeen, be further amended and
reenacted to read as follows:
"(b) If in a reserve city, as now or hereafter defined, it shall hold and maintain
with the Federal reserve bank of its district an actual net balance equal to not less
than ten per centum of the aggregate amount of its demand deposits and three per
centum of its time deposits: Provided\ however, That if located in the outlying districts of a reserve city or in territory added to such a city by the extension of its corporate charter, it may, upon the affirmative vote of five members of the Federal
Keserve Board, hold and maintain the reserve balances specified in paragraph (a)
hereof.



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REPORT OF THE COMPTROLLER OF THE CURRENCY.

" (c) If in a central reserve city, as now or hereafter defined, it shall hold and
maintain with the Federal reserve bank of its district an actual net balance equal to
not less than thirteen per centum of the aggregate amount of its demand deposits and
three per centum of its time deposits: Provided, however, That if located in the outlying districts of a central reserve city or in territory added to such city by the extension of its corporate charter, it may, upon the affirmative vote of five members of the
Federal Reserve Board, hold and maintain the reserve balances specified in paragraphs
(a) or (b) thereof."
SEC. 5. That section twenty-two of the Federal reserve act, as amended by the act
of June twenty-first, nineteen hundred and seventeen, be further amended and
reenacted to read as follows:
"(a) No member bank and no officer, director, or employee thereof shall hereafter
make any loan or grant any gratuity to any bank examiner. Any bank officer, director,
or employee violating this provision shall be deemed guilty of a misdemeanor and shall
be imprisoned not.exceeding one year or fined not more than $5,000, or both; and may
be fined a further sum equal td the money so loaned or gratuity given.
"Any examiner accepting a loan or gratuity from any bank examined by him or
from an officer, director, or employee thereof shall be deemed guilty of a misdemeanor
and shall be imprisoned one year or fined not more than $5,000, or both, and may be
fined a further sum equal to the money so loaned or gratuity given, and shall forever
thereafter be disqualified from holding office as a national bank examiner.
"(b) No national bank examiner shall perform any other service for compensation
while holding such office for any bank or officer, director, or employee thereof.
"No examiner, public or private, shall disclose the names of borrowers or the collateral iox loans of a member bank to other than the proper officers of such bank without
first having obtained the express permission in writing from the Comptroller of the
Currency, or from the board of directors of such bank, except when ordered to do so
by a court of competent jurisdiction, or by direction of the Congress of the United
States, or of either House thereof, or any committee of Congress, or of either House
duly authorized. Any bank examiner violating the provisions of this subsection shall
be imprisoned not more than one year or fined not more than $5,000, or both.
"(<•) Except as herein provided, any officer, director, employee, or attorney of a
member bank who stipulates for or receives^or consents or agrees to receive any
fee, commission, gift, or thing of value from any person, firm, or corporation, for
procuring or endeavoring to procure for such person, firm, or corporation, or for any
other person, firm, or corporation, any loan from or the purchase or discount of any
paper, note, draft, check, or bill of exchange by such member bank shall be deemed
guilty of a misdemeanor and shall be imprisoned not more than one year or fined not
more than $5,000, or both.
"(d) Any member bank may contract for, or purchase from, any of its directors or
from any firm of which any of its directors is a member, any securities or other property
when (and not otherwise) such purchase is made in the regular course of business upon
terms not less favorable to the bank than those offered to others, or when such purchase
is authorized by a majority of the board of directors not interested in the sale of such
securities or property, such authority to be evidenced by the affirmative vote or written
assent of such directors: Provided, however, That when any director, or firm of which
any director is a member, acting for or on behalf of others, sells securities or other
property to a member bank, the Federal Reserve Board, by regulation may, in any or
all cases, require a full disclosure to be made, on forms to be prescribed by it, of all
commissions or other considerations received, and whenever such director or firm,
acting in his or its own behalf, sells securities or other property to the bank the Federal
Reserve Board, by regulation, may require a full disclosure of all profit realized from
such sale.
"Any member bank may sell securities or other property to any of its directors, or
to a firm of which any of its directors is a member, in the regular course of business on
terms not more favorable to such director or firm than those offered to others, or when
such sale is authorized by a majority of the board of directors of a member bank to be
evidenced by their affirmative vote or written assent: Provided, however, That nothing in
this subsection contained shall be construed as authorizing member banks to purchase
or sell securities or other property which such banks are not otherwise authorized by
law to purchase or sell.
"(e) No member bank shall pay to any director, officer, attorney, or employee a
greater rate of interest on the deposits of such director, officer, attorney, or employee
than that paid to other depositors on similar deposits with such member bank.
" (f) If the directors or officers of any member bank shall knowingly violate or permit any of the agents, officers, or directors of any member bank to violate any of the
provisions of this section or regulations of the board made under authority thereof,



REPORT OF THE COMPTROLLER OF THE CURRENCY.

167

every director and officer participating in or assenting to such, violation shall be held
liable in his personal and individual capacity for all damages which the member
bank, its shareholders, or any other persons shall have sustained in consequence of
such violation."
SEC. 7. That section fifty-two hundred and eight of the Revised Statutes as amended
by the act of July twelfth, eighteen hundred and eighty-two, and section fifty-two
hundred and nine of the Revised Statutes as amended by the acts of April sixth,
eighteen hundred and sixty-nine, and July eighth, eighteen hundred and seventy,
be, and the same are hereby, amended and reenacted to read as follows:
"SEC. 5208. It shall be unlawful for any officer, director, agent, or employee of
any Federal reserve bank, or of any member bank as defined in the act of December
twenty-third, nineteen hundred and thirteen, known as the Federal reserve act,
to certify any check drawn upon such Federal reserve bank or member bank unless
the person, firm, or corporation drawing the check has on deposit with such. Federal
reserve bank or member bank, at the time such check is certified, an amount of
money not less than the amount specified in such check. Any check so certified by
a duly authorized officer, director, agent, or employee shall be a good and valid obligation against such Federal reserve bank or member bank; but the act of any officer,
director, agent, or employee of any such Federal reserve bank or member bank in
violation of this section shall, in the discretion of the Federal Reserve Board, subject
Bueh Federal reserve bank to the penalties imposed by section eleven, subsection
(h), of the Federal reserve act, and shall subject such member bank if a national
bank to the liabilities and proceedings on the part of the Comptroller of the Currency
provided for in section fifty-two hundred and thirty-four, Revised Statutes, and shall,
in the discretion of the Federal Reserve Board, subject any other member bank to
the penalties imposed by section nine of said Federal reserve act for the violation of
any of the provisions of said act. Any officer, director, agent, or employee of any
Federal reserve bank or member bank who shall willfully violate the provisions of
this section, or who shall resort to any device, or receive any fictitious obligation,
directly or collaterally, in order to evade the provisions thereof, or who shall certify
a check before the amount thereof shall have been regularly entered to the credit of
the drawer upon the books of the bank, shall be deemed guilty of a misdemeanor
and shall, on conviction thereof in any district court of the United States, be fined
not more than $5,000, or shall be imprisoned for not more than five years, or both,
in the discretion of the court.
*
"SEC. 5209. Any officer, director, agent, or employee of any Federal reserve bank,
or of any member bank as defined in the act of December twenty-third, nineteen
hundred and thirteen, known as the Federal reserve act, who embezzles, abstracts,
or willfully misapplies any of the moneys, funds, or credits of such Federal reserve
bank or member bank, or who, without authority from the directors of such Federal
reserve bank or member bank, issues or puts in circulation any of the notes of such
Federal reserve bank or member bank, or who, without such authority, issues or puts
forth any certificate of deposit, draws any order or bill of exchange, makes any acceptance, assigns any note, bond, draft, bill of exchange, mortgage, judgment, or decree,
or who makes any false entry in any book, report, or statement of such Federal reserve
bank or member bank, with intent in any case to injure or defraud such Federal
reserve bank or member bank, or any other company, body politic or corporate, or
any individual person, or to deceive any officer of such Federal reserve bank or member bank, or the Comptroller of the Currency, or any agent or examiner appointed to
examine the affairs of such Federal reserve bank or member bank, or the Federal
Reserve Board; and every receiver of a national banking association who, with like
intent to defraud or injure, embezzles, abstracts, purloins, or willfully misapplies any
of the moneys, funds, or assets of his trust, and every person who, with like intent,
aids or abets any officer, director, agent, employee, or receiver in any violation of
this section shall be deemed guilty of a misdemeanor, and upon conviction thereof
in any district court of the United States shall be fined not more than $5,000 or shall
be imprisoned for not more than five years, or both, in the discretion of the court.
''Any Federal reserve agent, or any agent or employee of such Federal reserve
agent, or of the Federal Reserve Board, who embezzles, abstracts, or willfully misapplies any moneys, funds, or securities intrusted to his care, or without complying
with or in violation of the provisions of the Federal reserve act, issues or puts in circulation any Federal reserve notes shall be guilty of a misdemeanor and upon conviction in any district court of the United States shall be fined not more than $5,000 or
imprisoned for not more than five years, or both, in the discretion of the court."




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REPORT OF THE COMPTROLLER OF THE CURRENCY.
CONSOLIDATION OF NATIONAL BANKS.

While section 5223 of the Revised Statutes refers to the consolidation of national banks, the course of procedure in effecting consolidation, is not provided. This defect has been remedied by the
act approved November 7, 1918, which reads as follows:
Be it enacted by the Senate and House of Representatives of the United States of America

in Congress assembled, That any two or more national banking associations located
within the same county, city, town, or village may, with the approval of the Comptroller of the Currency, consolidate into one association under the charter of either
existing banks, on such terms and conditions as may be lawfully agreed upon by a
majority of the board of directors of each association proposing to consolidate, and be
ratified and confirmed by the affirmative Vote of the shareholders of each such association owning at least two-thirds of its capital stock outstanding, at a meeting to be
held on the call of the directors after publishing notice of the time, place, and object
of the meeting, for four consecutive weeks in some newspaper published in the place
where the said association is located, and if no newspaper is published in the place,
then in a paper published nearest thereto, and after sending such notice to each
shareholder of record by registered mail at least ten days prior to said meeting: Provided, That the capital stock of such consolidated association shall not be less than
that required under existing law for the organization of a national bank in the place
in which it is located: An'd provided further, That when such consolidation shall have
been effected and approved by the comptroller any shareholder of either of the associations so consolidated who has not voted for such consolidation may give notice to
the directors of the association in which he is interested, within twenty days from the
date of the certificate of approval of the comptroller that he dissents from the plan of
consolidation as adopted and approved, whereupon he shall be entitled to receive
the value of the shares so held by him, to be ascertained by an appraisal made by a
committee of three persons, one to be selected by the shareholder, one by the directors,
and the third by the two so chosen; and in case the value so fixed shall not be satisfactory to the shareholder, he may, within five days after being notified of the appraisal appeal to the Comptroller of the Currency, who shall cause a reappraisal to be
made, which shall be final and binding; and if said reappraisal shall exceed the value
fixed by said committee, the bank shall pay the expenses of the reappraisal;
otherwise the appellant shall pay said expenses, and the value so ascertained and
determined shall be deemed to be a debt due and be forthwith paid to said shareholder from said bank, and the shares so paid shall be surrendered and after due
notice sold at public auction, within thirty days after the final appraisement provided for in this act.
SEC. 2. That associations consolidating with another association under the provisions of this act shall not be required to deposit lawful money for their outstanding
circulation, but their assets and liabilities shall be reported by the association with
which they have consolidated. And all the rights, franchises, and interests of the
said national bank so consolidated in and to every species of property, personal and
mixed, and choses in action thereto belonging, shall be deemed to be transferred to
and vested in such national bank into which it is consolidated without any deed or
other transfer, and the said consolidated national bank shall hold and enjoy* the same
and all rights of property, franchises, and interests in the same manner and to the
same extent as was held and enjoyed by the national bank so consolidated therewith.
AMERICAN RED CROSS CONTRIBUTIONS.

Under date of May; 23, 1918, the following act was approved,
authorizing contributions by national banks to the American
National Red Cross:
Be it enacted by the Senate and House of Representatives of the United States of America

in Congress assembled, That during the continuance of the state of war now existing
it shall be lawful for any national banking association to contribute to the American
National Red Cross, out of any net profits otherwise available under the law for the
declaration of dividends, such sum or sums as the directors of said association shall
deem expedient. Each association shall report to the Comptroller of the Currency
within ten days after the making of any such contribution the amount of such contribution and the amount of net earnings in excess of such contribution. Such report
shall be attested by the president or cashier of the association in like manner as the
report of the declaration of any dividend.




REPORT OF THE COMPTROLLER OF THE. CURRENCY.

169

SEC. 2. That all sums so contributed shall be utilized by the American National
Red Cross in furnishing volunteer aid to the sick and wounded of the combatant
armies, the voluntary relief of the Army and Navy of the United States, and the relief
and mitigation of the suffering caused by the war to the people of the United States
and their allied nations.
FOURTH LIBERTY BOND ACTS.

Two acts were passed by Congress relating to the fourth Liberty
loan, the first under date of July 9, and the second September 24,
1918. The second act amends section 5200 of the Kevised Statutes
of the United States relating to the limitation of liabilities to any
national banking association of any person, etc. The regulations
promulgated by the Comptroller of the Currency, with the approval
of the Secretary of the Treasury, pursuant to the provisions of this
amendment, appear elsewhere in this report.
The acts in question follow:
FOURTH LIBERTY BOND ACT, JULY 9, 1918.
Be it enacted hj the Senate and House of Representatives of the United States of America

in Congress assembled\ That section one of the second Liberty bond act, as amended
by the third Liberty bond act, is hereby further amended by striking out the figures
"$12,000,000,000" and inserting in lieu thereof the figures "$20,000,000,000."
SEC. 2. That section two of the second Liberty bond act, as amended by the third
Liberty bond act, is hereby further amended by striking out the figures
"$5,500,000,000" and inserting in lieu thereof the figures "$7,000,000,000."
SEC. 3. That notwithstanding the provisions of the second Liberty bond act, as
amended by the third Liberty bond act, or of the War Finance Corporation Act,
bonds and certificates of indebtedness of the United States payable in any foreign
money or foreign moneys, and bonds of the War Finance Corporation payable in any
foreign money or foreign moneys exclusively or in the alternative, shall, if and to
the extent expressed in such bonds at the time of their issue, with the approval of
the Secretary of the Treasury, while beneficially owned by a nonresident alien individual, or by a foreign corporation, partnership, or association, not engaged in business
in the United States, be exempt both as to principal and interest from any and all
taxation now or hereafter imposed by the United States, any State, or any of the
possessions of the United States, or by any local taxing authority.
SEC. 4. That any incorporated bank or trust company designated as a depositary
by the Secretary of the Treasury under the authority conferred by section eight of
the second Liberty bond act, as amended by the third Liberty bond act, which gives
security for such deposits as, and to amounts, by him prescribed, may, upon and subject to such terms and conditions as the Secretary of the Treasury may prescribe,
act as a fiscal agent of the United States in connection with the operations of selling
and delivering any bonds, certificates of indebtedness, or war savings certificates
of the United States.
SEC. 5. That the short title of this act shall be "fourth Liberty bond act."
FOURTH LIBERTY BOND ACT APPROVED SEPTEMBER 24, 1918.
Be it enacted by the Senate and House of Representatives of the United States of America

in Congress assembled, That until the expiration of two years after the date of the
termination of the war between the United States and the Imperial German Government, as fixed by proclamation of the President—
(1) The interest on an amount of bonds of the fourth Liberty loan the principal
of which does not exceed $30,000, owned by any individual, partnership, association, or corporation, shall be exempt from graduated additional income taxes, commonly known as surtaxes, and excess-profits and war-profits taxes, now or hereafter
imposed by^ the United States, upon the income or profits of individuals, partnerships, associations, or corporations;
(2) The interest received after January 1, 1918, on an amount of bonds of the first
Liberty loan converted, dated either November 15, 1917, or May 9, 1918, the second
liberty loan converted and unconverted, and the third Liberty loan the principal
of which does not exceed $45,000 in the aggregate, owned by any individual, partner


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REPORT OF THE COMPTROLLER OF THE CURRENCY.

s'lip, association, or corporation, shall b3 exempt from such tax^s: Provided, however}
That no owner of such bonds shall be entitled to such exemption in respect to the
interest on an aggregate principal amount of such bonds exceeding one and one-half
times the principal amount of bonds of the fourth Liberty loan originally subscribed
for by such owner and still owned by him at the date of his tax return; and
(3) The interest on an amount of bonds the principal of which does not exceed
$30,000, owned by any individual, partnership, association, or corporation, issued
upon conversion of 34 per centum bonds of the first Liberty loan in the exercise of
any privilege arising as a consequence of the issue of bonds of the fourth Liberty loan,
shall be exempt from such taxes.
^
.
The exemptions provided in this section shall be in addition to the exemption
provided in section 7 of the second Liberty bond act in respect to the interest on
an amount of bonds and certificates, authorized by such act and amendments thereto,
the principal of which does not exceed in the aggregate $5,000, and in addition to
all other exemptions provided in the second Liberty bond act.
SEC. 2. That section 6 of the second Liberty bond act is hereby amended by striking out the figures "$2,000,000,000" and inserting in lieu thereof the figures
"$4,000,000,000." Such section is further amended by striking out the words u The
amount of war sayings certificates sold to any one person at any one time shall not
exceed $100, and it shall not be lawful for any one person at any one time to hold war
savings certificates to an aggregate amount exceeding $1,000," and inserting in lieu
thereof the words " I t shall not be lawful for any one person at any one time to hold
war savings certificates of any one series to an aggregate amount exceeding $1,000."
SEC. 3. That the provisions of section 8 of the second Liberty bond act, as amended
by the third Liberty bond act, shall apply to the proceeds arising from the payment
of war-profits taxes as well as income and excess-profits taxes.
SEC. 4. That the Secretary of the Treasury may, during the war and for two years
after its termination, make arrangements in or with foreign countries to stabilize the
foreign exchanges and to obtain foreign currencies and credits in such currencies,
and he may use any such credits and foreign currencies for the purpose of stabilizing
or rectifying the foreign exchanges, and he may designate depositaries in foreign
countries with which may be deposited as he may determine all or any part of the
avails of any foreign credits or foreign currencies.
SEC. 5. That subdivision (b) of section 5 of the trading with the enemy act be ; and
hereby is, amended to read as follows:
(6) That the President may investigate, regulate, or prohibit, under such rules
and regulations as he may prescribe, by means of licenses or otherwise, any transactions in foreign exchange and the export, hoarding, melting, or earmarkings of gold
or silver coin or bullion or currency, transfers of credit in any form (other than credits
relating solely to transactions to be executed wholly within the United States),
and transfers of evidences of indebtedness or of the ownership of property between
the United States and any foreign country, whether enemy, ally of enemy, or otherwise, or between residents of one or more foreign countries, by any person within
the United States; and, for the purpose of strengthening, sustaining, and.broadening
the market for bonds and certificates of indebtedness of the United States, of preventing frauds upon the holders thereof, and of protecting such holders, he may
investigate and regulate, by means of licenses or otherwise (until the expiration of
two years after the date of the termination of the present war with the Imperial German Government, as fixed by his proclamation), any transactions in such bonds or
certificates by or between any person or persons: Provided, That nothing contained
in this subdivision (b) shall be construed to confer any power to prohibit the purchase
or sale for cash, or for notes eligible for discount at any Federal reserve bank, of bonds
or certificates of indebtedness of the United States; and he may require any person
engaged in any transaction referred to in this subdivision to furnish, under oath,
complete information relative thereto, including the production of any books of
account, contracts, letters, or other papers, in connection therewith in the custody or
control of such person, either before or after such transaction is completed."
SEC. 6. That section 5200 of the Revised Statutes, as amended, be, and hereby is,
amended to read as follows:
"SEC. 5200. The total liabilities to any association, of any person, or of any company, corporation, or firm for money borrowed, including in the liabilities of a company or firm the liabilities of the several members thereof, shall at no time exceed
10 per centum of the amount of the capital st0ck of such association, actually paid
in and unimpaired, and 10 per centum of its unimpaired surplus fund: Provided,
however, That (1) the discount of bills of exchange drawn in good faith against actually
existing values, (2) the discount of commercial or business paper actually owned
by the person, company, corporation, or firm, negotiating the same, and (3) the purchase or discount of any note or notes secured by not less than a like face amount of




KEPORT OF THE COMPTROLLER OF THE CURRENCY.

171

bonds of the United States issued since April 24, 1917, or certificates of indebtedness
of the United States, shall not be considered as money borrowed within the meaning
of this section; but the total liabilities to any association, of any person or of any company, corporation, or firm, upon any note or notes purchased or discounted by such
association and secured by such bonds or certificates of indebtedness, shall not exceed
(except to the extent permitted by rules and regulations prescribed by the Comptroller of the Currency, with the approval of the Secretary of the Treasury) 10 per
centum of such capital stock and surplus fund of such association."
SEC. 7. That the short title of this act shall be " Supplement to second Liberty
bond act."
WAR FINANCE CORPORATION.

The following act passed April 5, 1918, provides for the creation
of the War Finance Corporation and a committee to be known as
the Capital Issues Committee. This act contains an amendment to
section 5202 of the Kevised Statutes of the United States, relating
to the limit of liabilities of national banking associations and excepting
from the limit specified, "liabilities incurred under the provisions of
the War Finance Corporation act.
Be it enacted by the Senate and House of Representatives of the United States of America

in Congress assembled, That the Secretary of the Treasury and. four additional persona
(who shall be the directors first appointed as hereinafter provided) are hereby created
a body corporate and politic in deed and in law by the name, style, and title of
the "War Finance Corporation" (herein called the Corporation), and shall have
succession for a period of ten years: Provided, That in no event shall the Corporation
exercise any of the powers conferred by this act, except such as are incidental to the
liquidation of its assets and the winding up of its affairs, after six months after the
termination of the war, the date of such termination to be fixed by proclamation
of the President of the United States.
SEC. 2. That the capital stock of the Corporation shall be $500,000,000, all of which
shall be subscribed by the United States of America, and such subscription shall be
subject to call upon the vote of three-fifths of the board of directors of the Corporation, with the approval of the Secretary of the Treasury, at such time or times as
may be deemed advisable; and there is hereby appropriated, out of any money in
the Treasury not otherwise appropriated, the sum of $500,000,000, or so much thereof
as may be necessary for the purpose of making payment upon such subscription when
and as called. Receipts for payments by the United States of America for or on
account of such stock shall be issued by the Corporation to the Secretary of the Treasury, and shall be evidence of stock ownership.
SEC. 3. That the management of the Corporation shall be vested in a board of
directors, consisting of the Secretary of the Treasury, who shall be chairman of the
board, and four other persons, to be appointed by the President of the United States,
by and with the advice and consent of the Senate. No director, officer, attorney,
agent, or employee of the Corporation shall in any manner, directly or indirectly,
participate in the determination of any question affecting his personal interests, or
the interests of any corporation, partnership, or association, in which he is directly
or indirectly interested; and each director shall devote his time, not otherwise required by the business of the United States, principally to the business of the Corporation. Before entering upon his duties, each of the four directors so appointed,
and each officer, shall take an oath faithfully to discharge the duties of his office.
Nothing contained in this or any other act shall be construed to prevent the appointment as a director of the Corporation of any officer or employee under the United
States or of a director of a Federal reserve bank.
Of the four directors so appointed, the President of the United States shall designate
two to serve for two years and two for four years; and thereafter each director so
appointed shall serve for four years. Whenever a vacancy shall occur among the
directors so appointed, the person appointed director to fill any such vacancy shall
hold office for the unexpired term of the member whose place he is selected to fill.
Any director shall be subject to removal by the President of the United States. Three
members of the board of directors shall constitute a quorum for the transaction of
business.
SEC. 4. That the four directors of the Corporation appointed as hereinbefore provided shall receive annual salaries, payable monthly, of $12,000. Any director receiving from the United States any salary or compensation for services shall not receive aa
salary from the Corporation any amount which, together with any salary or
m
85478°—CUR 1918—VOL 1



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BEPORT OF THE COMPTROLLER OF THE CURRENCY.

compensation received from the Ignited States, would make the total amount paid to
him by the United States and by the Corporation exceed $12,000.
SEC. 5. That the principal office of the Corporation shall be located in the District
of Columbia, but there may be established agencies or branch offices in any city or
cities of the United States under rules and regulations prescribed by the board of
directors.
SEC. 6. That the Corporation shall be empowered and authorized to adopt, alter,
and use a corporate seal; to make contracts; to purchase or lease and hold or dispose of
such real estate as may be necessary for the prosecution of its business; to sue and be
sued; to complain and defend in any court of competent jurisdiction, State or Federal;
to appoint, by its board of directors, and fix the compensation of such officers, employees, attorneys, and agents as are necessary for the transaction of the business of
the Corporation, to define their duties, require bonds of them and fix the penalties
thereof, and to dismiss at pleasure such officers, employees, attorneys, and agents;
and to prescribe, amend, and repeal, by its board of directors, subject to the approval
of the Secretary of the Treasury, by-laws regulating the manner in which its general
business may be conducted and the privileges granted to it by law may be exercised
and enjoyed, and prescribing the powers and duties of its officers and agents.
SEC. 7. That the Corporation shall be empowered and authorized to make advances,
upon such terms, not inconsistent herewith, as it may prescribe, for periods not exceeding live years from the respective dates of such advances:
(1) To any bank, banker, or trust company, in the United States, which shall have
made after April sixth, nineteen hundred and seventeen, and which shall have
outstanding any loan or loans to any person, firm, corporation, or association, conducting an established and going business in the United States, whos^operations
shall be necessary or contributory to the prosecution of flie war, and evidenced by a
note or notes, but no such advance shall exceed seventy-five per centum of the face
value of such loan or loans; and
(2) To any bank, banker, or trust company, in. the United States, which shall have
rendered financial assistance, directly or indirectly, to any such person, firm, corporation, or association by the purchase after April sixth, nineteen hundred and
seventeen, of its bonds or other obligations, but no such advance shall exceed seventyfive per centum of the value of such bonds or other obligations at the time of such
advance, as estimated and determined by the board of directors of the Corporation.
All advances shall be made upon the promissory note or notes of such bank, banker,
or trust company, secured by the notes, bonds, or other obligations, which are the
basis of any such advance by the Corporation, together with all the securities, if any,
which such bank, banker, or trust company may hold as collateral for such notes,
bonds, or other obligations.
The Corporation shall, however, have power to make advances (a) up to one hun, dred per centum of the face value of any such loan made by any such bank, banker,
or trust company to any such person, firm, corporation, or association, and (b) up to
one hundred per centum of the value at the time of any such advance (as estimated
and determined by the board of directors of the Corporation) of such bonds or other
obligations by the purchase of which financial assistance shall have been rendered
to such person, firm, corporation, or association: Providedy That every such advance
shall be secured in the manner described in the preceding part of this section, and
in addition thereto by collateral security, to be furnished by the bank, banker, or
trust company, of sucn character as shall be prescribed by the board of directors, of
a value, at the time of such advance (as estimated and determined by the board of
directors of the Corporation), equal to at least thirty-three per centum of the amount
advanced by the Corporation. The Corporation shall retain power to require additional security at any time.
SEC. 8. That the Corporation shall be empowered and authorized to make advances
from time to time, upon such terms, not inconsistent herewith, as it may prescribe,
for periods not exceeding one year, to any savings bank, banking institution, or trust
company, in the United States, which receives savings deposits, or to any building
and loan association in the United States, on the promissory note or notes of the
borrowing institution, whenever the Corporation shall deem such advances to be
necessary or contributory to the prosecution of the war or important in the public
interest: Provided, That such note or notes shall be secured by the pledge of securities
of such character as shall be prescribed by the board of directors of the Corporation,
the value of which, at the time of such advance (as estimated and determined by
the board of directors of the Corporation) shall be equal in amount to at least one
hundred and thirty-three per centum of the amount of Buch advance. The rate of
interest charged on any such advance shall not be Ies3 thai^one per centum per annum
in excess of the rate of discount for ninety-day commercial paper prevailing at the
time of such advance at the Federal reserve bank of the district in which the b o ^ w




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173

ing institution ia located, but such rate of nterest shall in no case be greater than
the average rate receivable by the borrowing institution on its loans and investments
made during the six months prior to the date of the advance, except that where the
average rate so receivable by the borrowing institution is less than such rate of discount for ninety-day commercial paper the rate of interest on such advance shall be
equal to such rate of discount. The Corporation shall retain power to require additional security at any time.
SEC. 9. That the Corporation shall be empowered and authorized, in exceptional
cases, to make advances directly to any person, firm, corporation, or association,
conducting an established and going business in the United States, whose operations
shall be necessary or contributory to the prosecution of the war (but only for the purpose of conducting such business in the United States and only when in the opinion
of the board of directors of the Corporation such person, firm, corporation, or association is unable to obtain funds upon reasonable terms through banking channels or
from the general public), for periods not exceeding five years from the respective
dates of such advances, upon such terms, and subject to such rules and regulations
as may be prescribed by the board of directors of the Corporation. In no case shall
the aggregate amount of the advances made under this section exceed at any one
time an amount equal to twelve and one-half per centum of the sum of (1) the
authorized capital stock of the Corporation plus (2) the aggregate amount of bonds
of the Corporation authorized to be outstanding at any one time when the capital
stock is fully paid in. Every such advance shall be secured by adequate security
of such character as shall be prescribed by the board of directors of a value at the timo
of such advance (as estimated and determined by the board of directors), equal to
(except in case of an advance made to a railroad in the possession and control of the
President, for the purpose of making additions, betterments or road extensions to
such railroad) at least one hundred and twenty-five per centum of the amount
advanced by the Corporation. The Corporation shall retain power to require additional security at any time. The rate of interest charged on any such advance shall
not be less than one per centum per annum in excess of the rate of discount for
ninety-day commercial j>aper prevailing at the time of such advance at the Federal
reserve bank of the district in which the borrower is located.
SEC. 10. That in no case shall the aggregate amount of the advances made under
this title to any one person, firm, corporation, or association exceed at any one time
an amount equal to ten per centum of the authorized capital stock of the Corporation,
but this section shall not apply in the case of an advance made to a railroad in the
possession and control of the President, for the purpose of making additions, betterments or road extensions to such railroad.
SEC. 11. That the Corporation shall be empowered and authorized to subscribe for,
acquire, and own, buy, sell, and deal in bonds and obligations of the United States
issued or converted after September twenty-fourth, nineteen hundred and seventeen,
to such extent as the board of directors, with the approval of the Secretary of the
Treasury, may from time to time determine.
SEC. 12. That the Corporation shall be empowered and authorized to issue and have
outstanding at any one time its bonds in an amount aggregating not more than six
times its paid-in capital, such bonds to mature not less than one year nor more than
five years from the respective dates of issue, and to bear such rate or rates of interest,
and may be redeemable before maturity at the option of the Corporation, as may be
determined by the board of directors, but such rate or rates of interest shall be subject
to the approval of the Secretary of the Treasury. Such bonds shall have a first and
paramount floating charge on all the assets of the Corporation, and the Corporation
shall not at any time mortgage or pledge any of its assets. Such bonds may be
issued at not less than par in payment of any advances authorized by this title, or
may be offered for sale publicly or to any individual, firm, corporation, or association,
at such price or prices as the board o,f directors, with the approval of the Secretary*
of the Treasury, may'determine.
Upon such terms not inconsistent herewith as may be determined from time to time
by the board of directors, with the approval of the Secretary of the Treasury, at or
before the issue thereof, any of such bonds may be issued payable in any foreign money
or foreign moneys, or issued payable at the option of the respective holders thereof
either in dollars or in any foreign money or foreign moneys at such fixed rate of exchange as may be stated in any such bonds. For the purpose of determining the
amount of bonds issued payable in any foreign money or foreign moneys the dollar
equivalent shall be determined by the par of exchange at the date of issue thereof, ag
estimated fry the Director of the Mint and proclaimed by the Secretary of the Treasury in pursuance of the provisions of section twenty-five*of the Act entitled "An act
to reduce taxation, to provide revenue for the Government, and for other purposes,>!
approved August twenty-seventh, eighteen hundred and ninety-four.



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REPORT OF THE COMPTROLLER OF THE CURRENCY.

SEC. 13. That the Federal reserve banks shall be authorized, subject to the maturity
limitations of the Federal reserve act and to regulations of the Federal Reserve Board,
to discount the direct obligations of member banks secured by such bonds of the Corporation and to rediscount eligible paper secured by such bonds and indorsed by a
member bank. No discount or rediscount under this section shall be granted at a
less interest charge than one per centum per annum above the prevailing rates for
eligible commercial paper of corresponding maturity.
Any Federal reserve bank may, with the approval of the Federal [Reserve Board,
use any obligation or paper so acquired for any purpose for which it is authorized to
use obligations or paper secured by bonds or notes of the United States not bearing
the circulation privilege: Provided, however, That whenever Federal reserve notes are
issued against the security of such obligations or paper the Federal Reserve Board
may make a special interest charge on such notes, which, in the discretion of the
Federal Reserve Board, need not be applicable to other Federal reserve notes which
may from time to time be issued and outstanding. All provisions of law, not inconsistent herewith, in respect to the acquisition by any Federal reserve bank of obligations or paper secured by such bonds or notes of the United States, and in respect
to Federal reserve notes issued against the security of such obligations or paper, shall
extend, in so far as applicable, to the acquisition of obligations or paper secured by
the bonds of the Corporation and to the Federal reserve notes issued against the
security of such obligations or paper.
SEC. 14. That the Corporation shall not exercise any of the powers granted by thia
title or perform any business except such as is incidental and necessarily preliminary
to its organization until it has been authorized by the President of the United States
to commence business under the provisions of this title.
SEC. 15. That all net earnings of the Corporation not required for its operations shall
be accumulated as a reserve fund until such time as the Corporation liquidates under
the terms of this title. Such reserve fund shall, upon the direction of the board of
directors, with the approval of the Secretary of the Treasury, be invested in bonds and
obligations of the United States, issued or converted after September twenty-fourth,
nineteen hundred and seventeen, or upon like direction and approval may be deposited in member banks of the Federal Reserve System, or in any of the Federal
reserve banks, or be used from time to time, as well as any other funds of the- Corporation, in the purchase or redemption of any bonds issued by the Corporation. The
Federal reserve banks are hereby authorized to act as depositaries for and as fiscal
agents of the Corporation in the general performance of the powers conferred by this
title. Beginning six months after the termination of the war, the date of such termination to be fixed by a proclamation of the President of the United States, the directors
of the Corporation shall proceed to liquidate its assets and to wind up its affairs, but the
directors of the Corporation, in their discretion, may, from time to time, prior to such
date, sell and dispose of any securities or other property acquired by the Corporation.
Any balance remaining after the payment of all its debts shall be paid into the Treasury of the United States as miscellaneous receipts, and thereupon the Corporation shall
be dissolved.
SEC. 16. That any and all bonds issued by the Corporation shall be exempt, both as
to principal and interest, from all taxation now or hereafter imposed by the United
States, any State, or any of the possessions of the United States, or by any local taxing
authority, except (a) estate or inheritance taxes', and (b) graduated additional income
taxes, commonly known as surtaxes, and excess-profits and war-profits taxes, now or
hereafter imposed by the United States, upon the income or profits of individuals,
partnerships, corporations, or associations. The interest on an amount of such bonds
the principal of which does not exceed in the aggregate $5,000, owned by any individual, partnership, corporation, or association, shall be exempt from the taxes referred
to in clause (b). The Corporation, including its franchise and the capital and reserve
or surplus thereof, and the income derived therefrom, shall be exempt from all taxation now or hereafter imposed by the United States, any State, or any of the possessions of the United States, or by any local taxing authority, except that any real property of the Corporation shall be subject to State, county, or municipal taxes to the
same extent, according to its value, as other real property is taxed.
SEC. 17. That the United States shall not be liable for the payment of any bond or
other obligation or the interest thereon issued or incurred by the Corporation, nor shall
it incur any liability in respect of any act or omission of the Corporation.
SEC. 18. That whoever (1) makes any statement, knowing it to be false, for the purpose of obtaining for himself or for any other person, firm, corporation, or association
any; advance under this title, shall be punished by a fine of not more than $10,000, or
by imprisonment for not more than five years, or both.



BEPORT OF THE COMPTROLLER OF THE CURRENCY.

175

Whoever willfully overvalues any security by which any such advance is secured,
ehall be punished by a fine of not more than $5,000, or by imprisonment for not more
than two years, or both.
Whoever (1) falsely makes, forges, or counterfeits any bond, coupon, or paper in
imitation of or purporting to be in imitation of a bond or coupon issued by the Corporation; or (2) passes, utters, or publishes, or attempts to pass, utter, or publish, any
false, forged, or counterfeited bond, coupon, or paper purporting to be issued by the
Corporation, knowing the same to be falsely made, forged, or counterfeited; or (3)
falsely alters any such bond, coupon, or paper; or (4) passes, utters, or publishes as
true any falsely altered or spurious bond, coupon, or paper issued or purporting to
have been issued by the Corporation, knowing the same to be falsely altered or spurious,
shall be punished by a fine of not more than $10,000, or by imprisonment for not more
than five years, or both.
Whoever, being connected in any capacity with the Corporation, (1) embezzles,
abstracts, or willfully misapplies any moneys, funds, or credits thereof, or (2) with
intent to defraud the Corporation or any other company, body politic or corporate, or
anyindividual, or to deceive any officer of the Corporation, (a) makes any false entry
in any book, report, or statement of the Corporation, or (b) without authority from the
directors draws any order or assigns any note, bond, draft, mortgage, judgment, or
decree thereof, shall be punished by a fine of not more than $10,000, or by imprisonment for not more than five years, or both.
The Secretary of the Treasury is hereby authorized to direct and use the Secret
Service Division of the Treasury Department to detect, arrest, and deliver into custody
of the United States marshal having jurisdiction any person committing any of the
offenses punishable under this section.
SEC. 19. That the Corporation shall file quarterly reports with the Secretary of the
Senate and with the Clerk of the House of Representatives, stating as of the first day
of each month of the quarter just ended (1) the total amount of capital paid in, (2) the
total amount of bonds issued, (3) the total amount of bonds outstanding, (4) the total
amount of advances made under each of sections seven, eight, and nine, (5) a list of
the classes and amount of securities taken under each of such sections, (6) the total
amount of advances outstanding under each of sections seven, eight, and nine, and (7)
such other information as may be hereafter required by either House of Congress.
The Corporation shall make a report to Congress on the first day of each regular
session, including a detailed statement of receipts and expenditures.
SEC. 20. Section fifty-two hundred and two of the Revised Statutes of the United
States is hereby amended so as to read as follows:
"SEC. 5202. No national banking association shall at any time be indebted, or in
aity way liable, to an amount exceeding the amount of its capital stock at such time
actually paid in and remaining undiminished by losses or otherwise, except on account
of demands of the nature following:
'' First. Notes of circulation.
"Second. Moneys deposited with or collected by the association.
"Third. Bills of exchange or drafts drawn against money actually on deposit to the
credit of the association, or due thereto.
"Fourth. Liabilities to the stockholders of the association or dividends and reserve
profits.
"Fifth. Liabilities incurred under the provisions of the Federal reserve act.
"Sixth. Liabilities incurred under the provisions of the War Finance Corporation
act."
TITLE II.—CAPITAL ISSUES COMMITTEE.

SEC. 200. That there is hereby created a committee to be known as the "Capital
Issues Committee," hereinafter called the Committee, and to be composed of seven
members to be appointed by the President of the United States, by and with the
advice and consent of the Senate. At least three of the members shall be members
of the Federal Reserve Board.
No member, officer, attorney, agent, or employee of the Committee shall in any
manner, directly or indirectly, participate in the determination of any question
affecting his personal interests, or the interest of any corporation, partnership, or
association in which he is directly or indirectly interested. Before entering upon
his duties, each member and officer-shall take an oath faithfully to discharge the
duties of his office. Nothing contained in this or any other act shall be construed to
prevent the appointment as a member of the Committee, of any officer or employee
under the United States or of a director of a Federal reserve bank.
The terms during which the several members of the Committee shall respectively
hold office shall be determined by the President of the United States, and the com


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REPORT OF THE COMPTROLLER OF THE CURRENCY.

pensation of the several members of the Committee who are not members of the
Federal Reserve Board shall be $7,500 per annum, payable monthly, but if any such
member receives any other compensation from any office or employment under the
United States the amount so received shall be deducted from such salary, and if
such other compensation is $7,500 or more, such member shall receive no salary as a
member of the Committee. Any member shall be subject to removal by the President of the United States. The President shall designate one of the members as
chairman, but any subsequent vacancy in the chairmanship shall be filled by the
Committee. Four members of the Committee shall constitute a quorum for the
transaction of business.
SEC. 201. That the Committee may employ and fix the compensation of such
officers, attorneys, agents, and other employees as may be deemed necessary to conduct its business, who shall be appointed without regard to the provisions of the act
entitled "An act to regulate and improve the civil service of the United States,"
approved January sixteenth, eighteen hundred and eighty-three (volume twenty-two,
United States Statutes at Large, page four hundred and three), and amendments
thereto or any rules or regulations made in pursuance thereof. No such officer, attorney, agent, or employee shall receive more compensation than persons performing
services of like or similar character under the Federal Reserve Board.
SEC. 202. That all the expenses of the Committee, including all necessary expenses
for transportation incurred by the members or by its officers, attorneys, agents, or
employees under its orders in making an investigation or upon official business in any
other places than at their respective headquarters, shall be allowed and paid on the
presentation of itemized vouchers therefor approved by the chairman.
The Committee may rent suitable offices for its use, and purchase such furniture,
equipment, and supplies as may be necessary, but shall not expend more than $10,000
annually for offices m the District of Columbia.
The principal office of the Committee shall be in the District of Columbia, but it
may meet and exercise all its powers at any other place. The Committee may, by
one or more of its members, or by such agents as it may designate, prosecute any
inquiry necessary to its duties in any part of the United States.
SEC. 203. That the Committee may, under rules and regulations to be prescribed
by it from time to time, investigate, pass upon, and determine whether it is compatible
with the national interest that there should be sold or offered for sale or for subscription
any issue, or any part of-any issue, of securities hereafter issued by any person, firm,
corporation, or association, the total or aggregate par or face value of which issue and
any other securities issued by the same person, firm, corporation, or association since
the passage of this Act is in excess of $100,000. Shares of stock of any corporation or
association without nominal or par value shall for the purpose of this section be deemed
to be of the par value of $100 each. Any securities which upon the date of the passage
of this Act are in the possession or control of the corporation, association, or obligor
issuing the same shall be deemed to have been issued after the passage of thiy act
within the meaning hereof.
Nothing in this title shall be construed to authorize such Committee to pass upon
(1) any borrowing by any person, firm, corporation, or association in the ordinary
course of business as distinguished from borrowing for capital purposes, (2) the renewing
or refunding of indebtedness existing at the time of the passage of this Act, (3) the
resale of any securities the sale or offering of which the Committee has determined to
be compatible with the national interest, (4) any securities issued by any railroad
corporation the property of which may be in the possession and control of the President
of the United States, or (5) any bonds issued by the War Finance Corporation.
Nothing done or omitted by the Committee hereunder shall be construed as carrying
the approval of the Committee or of the United States of the legality, validity, worth,
or security of any securities*.
SEC. 204. That there is hereby appropriated out of any money in the Treasury
not otherwise appropriated, for the remainder of the fiscal year ending June thirtieth,
nineteen hundred and eighteen, and the fiscal year ending June thirtieth, nineteen
hundred and nineteen, the sum of $200,000 for the purpose of defraying the expenses
of the establishment and maintenance of the Committee, including the payment of
the salaries and rents herein authorized.
SEC. 205. That the Committee shall make a report to Congress on the first day of
each regular session, including a detailed statement of receipts and expenditures,
and also including the names of all officers and employees and the salary paid to each.
SEC. 206. That this title shall continue in effect until, but not after, the expiration
of six months after the termination of the war, the date of such termination to be
determined by a proclamation of the President of the United States, but the President may at any time by proclamation declare that this title is no longer necessary,
and thereupon it shall cease to be in effect.



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TITLE III.—MISCELLANEOUS.

SEC. 300. That whoever willfully violates any of the provisions of this act, except
where a different penalty is provided in this act, shall, upon conviction in any court
of the United States of competent jurisdiction, bo fined not more than $10,000 or
imprisonment for not more than one year, or both; and whoever knowingly participates in any such violation, except where a different penalty is provided in. this
act, shall be punished by a like fine or imprisonemnt, or both.
SEC. 301. That no stamp tax shall be required or imposed upon a promissory note
secured by the pledge of bonds or obligations of the United States issued after April
twenty-fourth, nineteen hundred and seventeen, or secured by the pledge of a promissory note which itself is secured by the pledge of such bonds or obligations: Provided, That in either case the par value of sucli bonds or obligations shall equal the
amount of such note.
SEC. 302. That if any clause, sentence, paragraph, or part of this act shall, for any
reason, be adjudged by any court of competent jurisdiction to be invalid., or, in case
any court of competent jurisdiction shall adjudge to be invalid any provisions hereof
in respect of any class or classes of securities, such judgment shall not affect, impair,
or invalidate the remainder of this act, but shall be confined in its operation to the
clause, sentence, paragraph, "part, or subject matter of this act directly involved in
the controversy in which such judgment shall have been rendered.
SEC. 303. That the term "securities," as used in this act, includes stocks, shares
of stock, bonds, debentures, notes, certificates of indebtedness, and other obligations.
SEC. 304. That the right to amend, alter, or repeal this act is hereby expressly
reserved.
SEC/305. That the short title of this act shall be the "War Finance Corporation
act,"
SEC. 306. That all provisions of any act or acts inconsistent with the provisions o£
this act are hereby repealed.
CONSERVATION OF THE GOLD SUPPLY.

The following measure approved April 23,1918, is an act to conserve
the gold supply, to permit settlement in silver of adverse trade
balances, to provide silver for subsidiary coinage, to assist foreign
Governments and for these purposes to stabilize the price and encourage the production of silver.
Under this act the Secretary of the Treasury is authorized to melt
or break up, and sell as bullion, not in excess of 350,000,000 standard
dollars, and in order that there may be no contraction of the currency,
it authorizes Federal reserve banks to issue Federal reserve notes to
an amount not exceeding the amount of the standard silver dollars
sold as bullion, upon deposit, as security for said notes, United
States certificates of indebtedness, or one-year gold Treasury notes.
Provision is made for the tax on these notes and also that tne notes
shall be subject to all existing provisions of law relating to Federal
reserve bank notes secured by United States bonds. The act
follows:
Be it enacted by the Senate and House of Representatives of the United States of America

in Congress assembled, That the Secretary of the Treasury is hereby authorized, from
time to time to melt or break up and to sell as bullion not in excess of three hundred
and fifty million standard silver dollars now or hereafter held in the Treasury of the
United States. Any silver certificates which may be outstanding against such standard silver dollars so melted or broken up shall be retired at the rate of $1 face amount
of such certificates for each standard, silver dollar so melted or broken up. Sales of
such bullion shall be made at such prices not less than $1 per ounce of silver one thousand fine and upon such terms as shall be established from time to time by the Secretary
of the Treasury.
SEC. 2. That upon every such sale of bullion from time to time the Secretary of the
Treasury shall immediately direct the Director of the Mint to purchase in the United
States, of the product of mines situated in the United States and of reduction works
so located, an amount of silver equal to three hundred and seventy-one and twentyfive hundredths grains of pure silver in respect of every standard silver dollar so melted



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EEPORT OF THE COMPTROLLEE OF THE CURRENCY.

or broken up and sold as bullion. Such purchases shall be made in accordance with
the then existing regulations of the mint and at the fixed price of $1 j>er ounce of silver
one thousand fine, delivered at the option of the Director of the Mint at New York,
Philadelphia, Denver, or San Francisco. Such silver so purchased may be resold
for any of the purposes hereinafter specified in section three of this act, under rules
and regulations to be established by the Secretary of the Treasury, and any excess of
such silver so purchased over and above the requirements for such purposes, shall be
coined into standard, silver dollars or held for the purpose of such coinage, and silver
certificates shall be issued to the amount of such coinage. The net amount of silver
so purchased, after making allowance for all resales, shall not exceed at any one time
the amount needed to coin an aggregate number of standard silver dollars equal to the
aggregate number of standard silver dollars theretofore melted or broken up and sold
as bullion under the provisions of this act, but such purchases of silver shall continue
until the net amount of silver so purchased, after making allowance for all resales,
shall be sufficient to coin therefrom an aggregate number of standard silver dollars
equal to the aggregate number of standard silver dollars theretofore so melted or broken
up and sold as bullion.
SEC. 3. That sales of silver bullion under authority of this act may be made for the
purpose of conserving the existing stock of gold in the United States, of facilitating the
settlement in silver of trade balances adverse to the United States, of providing silver
for subsidiary coinage and for commercial use, and of assisting foreign governments
at war with the enemies of the United States. The allocation of any silver to the
Director of the Mint for subsidiary coinage shall, for the purposes of this act, be regarded
as a sale or resale.
SEC. 4. That the Secretary of the Treasury is authorized from any moneys in the
Treasury not otherwise appropriated-, to reimburse the Treasurer of the United States
for the difference between the nominal or face value of all standard silver dollars so
melted or broken up and the value of the silver bullion, at $1 per ounce of silver one
thousand fine, resulting from the melting or breaking up of such standard silver dollars.
SEC. 5. That in order to prevent contraction of the currency, the Federal reserve
banks may be either permitted or required by the Federal Reserve Board, at the
request of the Secretary of the Treasury, to issue Federal reserve bank notes, in any
denominations (including denominations of $1 and $2) authorized by the Federal
Reserve Board, in an aggregate amount not exceeding the amount of standard silver
dollars melted or broken up and sold as bullion under authority of this act, upon
deposit as provided by law with the Treasurer of the United States as security
therefor, of United States certificates of indebtedness, or of United States one-year
gold notes. The Secretary of the Treasury may, at his option,' extend the time of
payment of any maturing United States certificates of indebtedness deposited aa
security for such Federal reserve bank notes for any period not exceeding one year at
any one extension and may, at his option, pay such certificates of indebtedness prior
to maturity, whether or not so extended. The deposit of United States certificates of
indebtedness by Federal reserve banks as security for Federal reserve bank notes
under authority of this act shall be deemed to constitute an agreement on the part
of the Federal reserve bank making such deposit that the Secretary of the Treasury
may^ so extend the time of payment of such certificates of indebtedness beyond the
original maturity date or beyond any maturity date to whieh such certificates of
indebtedness may have been extended, and that the Secretary of the Treasury may
pay such certificates in advance of maturity, whether or not so extended.
SEC. 6. That as and when standard silver dollars shall be coined out of bullion
purchased under authority of this act, the Federal reserve banks shall be required
by the Federal Reserve Board to retire Federal reserve bank notes issued under
authority of section five of this act, if then outstanding, in an amount equal to the
amount of standard silver dollars so coined, and the Secretary of the Treasury shall
pay off and cancel any United States certificates of indebtedness deposited as security
for Federal reserve bank notes so retired.
Sec. 7. That the tax on any Federal reserve bank notes issued under authority of
this act, secured by the deposit of United States certificates of indebtedness or United
States one-year gold notes, shall be so adjusted that the net return on such certificates
of indebtedness, or such one-year gold notes, calculated on the face value thereof,
shall be equal to the net return on United States two per cent bonds, used to secure
Federal reserve bank notes, after deducting the amount of the tax upon such Federal
reserve bank notes so secured.
SEC. 8. That except as herein provided, Federal reserve bank notes issued under
authority of this act shall be subject to all existing provisions of law relating to Federal
reserve bank notes.
SEC. 9. That the provisions of Title VII of an a^t approved June fifteenth, nineteen
hundred and seventeen, entitled "An act to punish acts of interference with the for-




REPORT OF THE COMPTROT.LEB OF THE CURBEITCY.

179

eign relations, the neutrality, and the foreign commerce of the United States, tc
punish espionage, and better to enforce the criminal laws of the United States, and
for other purposes," and the powers conferred upon the President by subsection (b)
of section five of an act approved October sixth, nineteen hundred and seventeen,
known as the "Trading with the enemy act," shall, in so far as applicable to the
e?iportation from or shipment from or taking out of the United States of silver coin or
silver bullion, continue until the net amount of silver required by section two of this
act shall have been purchased as therein provided.
CIVIL RIGHTS OF MEMBERS OF THE MILITARY AND NAVAL
ESTABLISHMENTS.

Under date of March 8, 1918, an act cited as "The soldiers and
sailors civil relief act," was approved. * Under this act protection is
extended to persons in the Military and Naval Establishments in
order to prevent prejudice or injury to their civil rights during their
term of service, and relates to rents, installment contracts, mortgages,
insurance, taxes, and public lands.
The following paragraph relating to stays, postponement, or suspension of proceedings applicable to sureties, guarantors, indorsers,
etc., is of special interest to bankers:
Whenever pursuant to any provisions of this act the enforcement of any obligation
or liability, the prosecution of any suit or j>roceeding, the entry or enforcement of any
order, writ, judgment or decree, or the performance of any other act, may be stayed,
postponed, or suspended, such stay, postponement, or suspension may, in the discretion of the court, likewise be granted to sureties, guarantors, indorsers and others
subject to the obligation or liability, the performance or enforcement of which is
stayed, postponed, or suspended. When a judgment or decree is vacated or set aside
in whole or in part, as provided in this act, the same may, in the discretion of the
court, likewise be set aside and vacated as to any surety, guarantor, indorser, or other
person liable upon the contract or liability for the enforcement of which the judgment
or decree was entered.
EXHIBIT D.
Liberty loan bonds, 3\ and 4 per cent, owned; amount held as collateral for loans; and
amount of money loaned on the security of such bonds, as shown by the reports of con. dition made by national banks for the close of business on Dec. 31, 1917.
[In thousands of dollars.]

Cities and States.

Amount of
Net amount of Net amount of Amount of 3i money loaned
3J per cent
4 per cent
and 4 per cent by banks on
Liberty bonds Liberty bonds Liberty bonds thesecuritvof
owned by
owned by
held by banks 3J and 4 per
banks on this banks on this
as collateral
cent Liberty
date.
date.
for loans.
bonds.

CENTRAL RESERVE CITIES.

33,900
1,412
65

40,108
3,662
2,892

158,822
11,921
4,840

143,380
10,753
4,121

35,377

46,662

175,583

158,254

Boston '.

4,090

2,601

33,900

30,917

Albany

300
2,109
944
186
838

766
9,504
16,398
1,001
3,830

1,626
23,227
7,794
5,000
1,983

1,476
20,467
6,272
4,181
1,357

4,377

31,499

39,630

33,753

New York
Chicago . . . .
St Louis
Total
OTHER RESERVE CITJES.

(New England States.)

Pittsburgh
Baltimore . . . . . . . . . .
Washington
Eastern States




180

EEPORT OF THE COMPTROLLER OF THE CURRENCY.

Liberty loan bonds, 3\ and 4 per cent, owned; amount held as collateral for loans; and
amount of money loaned on the security of such bonds, as shown by the reports of condition made by national banks for the dose of business on Dec. 31, 1917—Continued.
[In thousands of dollars.]

Cities and States.

Amount of
Net amount of Net amount of Amount of 3$ money loaned
Z\ percent
4 per cent
and 4 per cent by bank*; on
Liberty bonds Liberty bonds liberty bonds thesecuritv of
owned byowned by
held by banks 3 | and 4 per
banks on this banks on this as collateral
cent Liberty
date.
date.
for loans.
bonds.

OTHER RESERVE CITIES—continued.

Richmond
Charleston
Atlanta
Savannah....
Birmingham.
New Orleans.
Dallas...
Fort Worth..,
Galveston
Houston
San Antonio..
Waco
Louisville....
Chattanooga..
Nashville

118
115
380

3,713
745
1,014
6
166
607
1,831
922
12
883
389
65
1,026
225
143

3,819
712
49S
5
145
587
1,464
916
11
722
372

536
438
222

2,946
1,344
1,613
136
836
1,607
2,327
1,851
90
1,337
1,717
348
2,429
1,526
1,547

Southern States..
Cincinnati
Cleveland
Columbus
Indianapolis
Detroit
Milwaukee
Minneapolis
St. Paul
Cedar Rapids
Des Monies
Dubuque
Sioux City
Kansas City, Mo.
St. Joseph

3,610

21,654

11,747

10,502

183
559
332
424
1,012
339
99
725
13
33
36
235
198
24

523
5,394
1,767
721
427
971
836
2,224
565
246
300
631
2,301
938

8,041
4,681
1,172
733
2,948
8,037
1,084
647
562
259
3
226
180
120

7,288
4,174
1,035
048
2,347
4,409
952
253
527
252
1
347
331
208

Middle Western States.,
Lincoln
Omaha
Kansas City, Kans.
Topeka
Wichita
Denver
Pueblo
Muskogee
Oklahoma City
Tulsa

4,212

17,844

28,693

22,772

102
1,141
142
4
35
390
4
72
72

510
1,758
357
111
405
769
73
535
745
442

150
401
25
24
6
745
50
1
3
528

144
390
160
16
5
694
36
1
3
463

Western States.
Seattle
Spokane
Tacoma
Portland
Los Angeles....
San Francisco..
Salt Lake City.
Ogden

2,190

5,705

1,933

Pacific States

138
216

175
336

3%
11
0

•

'

•

213
131

1,912

—
:.'...•

256
163
1
285
528
1,420
100
139

627
653
305
1,520
1,739
1,813
696
372

107
67
1
439
1,461
3,906
382
25

-—:

54
61
1
377
1,308
2,725
236
29

2,892

7,725

6,388

4,791

Total, other reserve cities..

21,371

87,028

122,291

1047647

Total, all reserve cities

56,748

133,690

297,874




BEPOET OF THE COMPTKOLLEE OF THE CUEBENCY.

181

Liberty loan bonds, 3\ and 4 per cent, owned; amount held as collateral for loans; and
amount of money loaned on the security of such bonds, as shown by the reports of condition made by national banks for the dose of business on Dec. SI,
1917—Continued.
[In thousands of dollars.]
A m o n t of
Net amount oi Net amount of A m o u n t of 3£ moneyuloano I
4 per cent
a n d 4 per cent
3£ per cent
b y banks on
Liberty bonDs Liberty bonds Liberty bonds t h e security oi
owned by
held b y banks
owned b y
3 | a n d 4 petbanks on this
as collateral
banks on this
cent Liberty
date.
for loans.
date.
bonds.

Cities and States.

COUNTRY BANKS.

Maine
New Hampshire
Vermont
Rhode Island
Connecticut

16,353

23,704

22,056

3,452
3,065
7,017
107
368

30,905
10,112
35,314
406
3,259

29,856
9,531
3,538
57
422

28,481
7,757
3,732
39
379

14,009

79,995

43,404

40,388

529
717
525
619
640
1,187
653
619
388
2,214
602
653
552

5,985
5,370
4 S83
3,302
1, 745
2,355
2 314
1,826
1,703
8 032
2^804
3 974
4,075

1,923
1,533
1 698
666
278
405
315
252
115
1 282
222
1 075
266

1,728
1,349
1 035
618
183
276
108
301
112
1 371
• 179
1 021
"268

9,898

48,368

9,830

8,552

2,705
1,104
2 412
1 046
942
803
1,576
331

13,804
12,765
18 682
5,146
6,205
3 726
7,793
2,617

3,481
831
1 491
3 810
1,152
917
2,221
138

3,424
763
1 6Q9
3,811
1,005
1,045
2,478
135

10,919

70,738

14,041

14,420

230
367
687
778
639
271
533
208
1,168

1 747
2,117
3 525
5 307
2,363
817
1 839
337
5,627

408
400
253
152
367
61
441
68
493

425
302
319

4,881

23,679

2,643

2,731

707
275
1,826
905
54
123
114

2,313
2 062
7,508
1,940
232
379
570

359
919
3,767
185
50
69
183

2,107
180
49
51
12

J

New York
New Jersey
Pennsylvania

.

. .

D e l a w a r e ..

. . .

. •

Total Eastern States
Virginia
West Virginia
Ncrth Carolina
South Carolina
Georgia
Florida
. .
Alabama
Mississippi
Louisiana
Texas
^rkansos
Kentucky
Tennessee

..

Total Southern States
Ohio
Indiana
Illinois
Michigan
Wisconsin
Minnesota
Iowa
Missouri
Total Middle Western States
North Dakota
South Dakota
Nebraska
Kansas
Montana
Wyoming
Colorado
New Mexico
Oklahoma
Total Western States
Washington
Oregon
California
Idaho
Utah
Nevada
Arizona

521
701

1,429
1,799
980
7,383
984
3,778

6,. 381

.

Total New England States

Maryland

641
730
695
12,890
2,096
6,652

189
862
176
3,608
677

..

12,439
1,852
5,960

266
4S
371
60

302

Total Pacific States

4,004

15,004

5,532

3,650

Total country banks

50,092

254,137

99,154

91,797

106,8-10

387,827

397,028

354,698

Total all banks




182

REPORT OF THE COMPTROLLER OF THE CURRENCY.

Liberty loan bonds, S\ and 4 per cent, owned; amount held as collateral for loans; and
amount of money loaned on the security of such bonds, as shown by the reports of condition made by national banks for the dose of business on Dec. 31% 1917—Continued.
RECAPITULATION.
[In thousands of dollars.]
Amount of
Net amount of Net amount of Amount of 3i money loaned
Zh per cent
4 per cent
and 4 per cent by banks on
Liberty bonds Liberty bonds Liberty bonds the security of
owned by
owned by
held by banks 3 | and 4 per
banks on this banks on this as collateral
cent Liberty
date.
date.
for loans.
bonds.

Cities and States.

New England States:
Reserve city . ...
Country banks Total

4,090
6,381

2,601
10,353

33,600
23,704

30,917
22,056

10,471

18,954

57,604

52,973

Eastern States:
Central reserve city
Other reserve cities
Country banks

33,900
4,377
14,009

40,108
31,499
79,995

158,822
39,630
43,404

143,380
33,753
40,388

52,286

151,602

241,856

-217,521

3,610
9,898

21,654
48,308

11,747
9,830

10,502
8,552

13,508

70,022

21,577

19,054

1,477
4,212
10,919

6,554
17,844
70,738

16,761
28,693
14,041

14,874
22,772
14,420

16,608

95,136

59,495

52,066

2,190
4,881
7,071

5,705
23,679

1,933
2,643

1,912
2,731

29,384

4,576

4,643

2,892
4,004

7,725
15,004

6,388
5,532

4,791
3,650

Total
Southern States:
Reserve cities
Country banks
Total
Middle Western States:
Central reserve cities
Other reserve cities
Country banks
Total
Western States:
Reserve cities
Country banks
Total
Pacific States:
Country banks
Total
. ..
Total, United States

.

.-

6,896

22,729

106,840

387,827

35,377
21,371
50,092
106,840

11,920

8,441

397,028

354,698

46,662
87,028
254,137

175,583
122,291
99,154

158,254
104,647
91,797

387,827

397,028

354,698

.

RECAPITULATION.

Central reserve cities
Other reserve cities
Country banks
Total, United States




EXHIBIT E.
Liberty loan bonds, 3\ per cent and 4 per cent, owned amount which banks have contracted to sell on partial payment plan or otherwise; amount held as
collateral for loans; and amount of money• loaned on the security of such bonds; also amount of United States certificates of indebtedness owned, as
shown by reports of condition made by national banks for the close of business on Mar. 4, 1918.

Cities and States.

Net amount of
Net amount of 31 per cent Lib3g per cent Liberty bonds
erty bonds
which banks
owned by
have contracted
banks on this to sell on partialdate.
payment plan
or otherwise.

Net amount of
4 per cent Liberty bonds
owned by
banks on this
date.

Net amount of
4 per cent Liberty bonds
which banks
have contracted
to sell on partialpayment plan
or otherwise.

Amount of 3£
and 4 per cent
Liberty bonds
held by banks
as collateral
for loans.

Amount of
Amount of
United States
money loaned
certificates of
on the" security
indebtedness
of 3| and 4
per cent Liberty owned by banks
on this date.
bonds.

CENTRAL RESERVE CITIES.

$29,707,964
1,105,173
23,400

New York..
Chicago
St. Louis..,

$153,550
202,650 |
23,400

$49,450,799
3,151,556
1,957,400

$3,200,044
1,376,899
963,850

8133,586,917
11,414,833
4,028,929

$114,339,787
10,244,391
3,500,395

$469,175,000
22,133,500
10,519,500

30,838,537

Total.

379,600

54,559,755

5,540,793

151,030,679

128,084,573

501,828,000

480,350
300,450
468,700
226,363
908,742
182,700
454,150
162,267
116,100
234,155
20,550
124,850
217,950
844,550
198,000

326,550
60,000
877,050
40,100
82,100
201,600
112,100
4,600
231,400
20,550
75,150
21,800

321,123
393,760
97,950
225,625
97,200
34,350
346,929

100
34,810
27,400
21,100
45,100
34,350
193,065

2,103,139
822,350
3,470,650
6,529,806
12,186,335
1,688,800
4,623,197
3,073,996
1,019,434
545,540
40,000
437,430
813,200
790,950
925,900
189,530
1,464,187
1,309,266
746,859
897,230
2,151,450
594,500
1,619,395

177,027
86,010
1,161,000
2,788,579
654,185
299,400
1,617,435
428,396
660,049
383,940
5,000
157,650
454,800
232,800
279,450
.50
68,500
144,716
369,645
1,010,900
1,622,950
262,834

27,574,303
1,514,250
6,449,450
19,711,401
5,069,850
4,387,800
1,439,591
4,541,970
682,250
374,950
1,950
144,850
96,600
1,481,600
435,150
8,150
999,700
204,105
54,410
64,850
340,500
224.900
133^490

25,284,141
1,063,871
5,517,374
18,035,386
4,275,072
3,883,161
870,838
4,253,816
592,405
331,658
979
125,556
79,586
1,141,956
412,467
7,383
769,428
396,100
43,271
552,717
307,958
240,785
114,978

12,015,500
1,725,000
1,620,000
26,213,500
14,522,045
2,467,000
4,161,500
2,025,000
450,000
1,710,000
180,000
1,191,500
2,778,000
3,608,000
2,001,000
30,000
2,002,000
1,175,000
90,000
3,051,000
567,500
163,043
1,180,000

o
o
o
o
o

OTHER RESERVE CITIES.

Boston
Albany
Buffalo
Philadelphia.
Pittsburgh...
Baltimore
Washington..
Richmond
Charleston
Atlanta
Savannah
Birmingham.
New Orleans.
Dallas
Fort Worth..
G alveston
Houston
San Antonio..
Waco
Louisville
Chattanooga..
Memphis
Nashville




53,500

H

O

3
o

00
CO

Liberty loan bonds, 5J per cent and 4 per cent, owned amount which banks have contracted to sell on partial payment plan or otherwise; amount held as
collateral for loans, and amount of money loaned on the security of such bonds; also amount of United States certificates of indebtedness owned, as
shown by reports of condition made by national banks for the close of business on Mar. 4, 1918—-Continued.

Cities and States.

Net amount of
Net amount of 3£ per cent Lib3§ per cent Liberty bonds
erty bonds
which banks
owned by
have contracted
banks on tnia
to sell on partialdate.
payment plan
or otherwise.

Net amount of
4 per cent Liberty bonds
owned by
banks on this
date,

Net amount of
4 per cent Liberty bonds
which oanks
have contracted
to sell on partialpayment plan
or otherwise.

Amount of 3£
and 4 per cent
Liberty bonds
held by banks
as collateral
for loans.

Amount of
Amount of
United States
money loaned
certificates of
on the security
indebtedness
of 3£ and 4
per cent Liberty owned by banks
on this date.
bonds.

op

6

1
o
tag

OTHER RESERVE CITIES—continued
Cincinnati
Cleveland
Columbus
Toledo
Indianapolis
Peoria
Detroit
Grand Rapids....
Milwaukee,
Minneapolis
St. Paul
Cedar Rapids
Des Moines
Dubuque
„
Sioux City
Kansas City, Mo
St. Joseph
„
Lincoln
Omaha
Kansas City, Kans
Topeka
,
Wichita
Denver
Pueblo
Muskogee
Oklahoma City
,.,,.,..
Tulsa
..
Seattle.....
,
Spokane
,
Tacoma
Portland
,„,,,.,....... Tf...
Los Angeles
Oakland.




$421,050
634,289
303,550
614,200
279,950
190,600
1,028,250
46,800
341,050
77,050
606,350
18,500
100,050
13,234
119,800
225,400
9,650
100,000
507,050
44,300
350,000
35,650
232,100
11,406
7,650
119,900
114,913
277,800
128,150
3,200
261,684
251,490
144,900

£4,000
55,000
393,850
78,400
36,150
5,850
311,250
41,300
67,450
18,500
55,050
3,234
94,050
88,450
62,350
1,650
13,700
28,600
7,000
93,350
18,463
45,050
21,
450
1,724
18,956
8,800

$596,500
3.467,850
11287,150
1,984,550
1,128,200
590,650
614,900
3,087,183
1,386,200
919,900
1,263,000
526,500
1,117,750
255,350
658,600
800,195
535,904
221,859
1,741,954
285,350
590,200
111,050
729,450
8,845
388,200
517,750
604,775
809,950
1,000,699
466,050
999,855
2,127,938
872,500

$84,750
492,610
1,310,050
523,914
344,600
60,850
1,513,950
1,142,350
602,450
573,300
308,753
918,429
16,800
583,550
389,755
222,800
66,959
970,725
77,600
19,350
56,400
605,150
1,350
385,200
289,450
94,149
388,250
303,500
386,000
26,057
572,580
87,750

$6,776,550
4,599,300
1,016,900
679,100
736,548
55,600
2,146,500
1,231,830
6,004,101
2,153,350
527,700
572,950
325,700
4,085
275,250
621,250
215,850
146,685
493,500
168,050
24,600
55,250
807,410
30,850
25,550
21,550
360,900
292,940
97,650
25,750
415,500
1,465,990
415,700

$6,136,017
4,987,663
1,183,778
626,340
645,979
46,651
1,211,718
993,063
5,460,632
1,967,165
324,397
544,098
289,200
1,140
253,940
508,977
208,747
941123
456,190
164,175
15,983
54,787
709,962
17,575
22,446
21,177
309,490
233,783
65,143
20,900
315,875
1,191, (,10
240,451

$6,671,000
3,818,500
1,625,136
2,090,000
2,179,100
640,000
4,601,000
559,000
4,059,000
4,780,000
3,685,000
250,000
1,965,000
215,000
745,000
4,876,000
1,555,000
375, 000
4,255,000
281,000
307,500
259,000
2,351,500
234,000
270,000
435,000
2,290,000
4,825,317
1,228,000
950.000
3,071,500
3,955,000
279,500

§

O

San Francis* o
Ogden
Salt Lake City
Total, other reserve cities
Total, all reserve cities
Maine
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut

1,324,350
75,300
83,250

37,350
300

1,712,080
294 495
693,129

153,850
3 000
224,400

3,055,600
59,050
288/200

2,542,702
50,790
181,601

IS, 560,180

4,103,702

82,026,655

26,949,881

112,129,359

100,397,124

163,932,441

49,396,717

4,483,302

136,586,410

32,490,674

263,160,038

228,481,697

665,760,441

261,216
427,873
77,147
3,418,400
491,445
761,426

38,699
314,723
11,176
1,416,281
168,300
165,426

1,586,990
1,958,834
1,130,472
7,850,781
952,410
4,363,715

516,647
1,169,700
310,111
4,050,249
67,700
1,361,104

595,839
886,142
353,600
11,513,374
1,917,160
5,639,280

590,352
807,789
976,813
10,638,310
1,564,650
5,020,893

1,512,508
1,492,200
1,312,110
6,560,500
1,870,000
4,995,000

COUNTRY BANKS.

Total New England States..
New York
New Jersey
.'
Pennsylvania,
Delaware
Maryland
Total Eastern States
Virginia
W est Virginia
North Carolina
South Carolina
Georgia
Florida
Alabama
Mississippi
Louisiana
,Texas
Arkansas
Kentucky
Tennessee
Total Southern States
Ohio. I
Indiana
Illinois
Michigan
Wisconsin
Minnesota
Iowa
Missouri.
Total Middle Western States




8,439,800
17o,000
710,000

5,437,507

2,114,605

17,843,202

7,475,511

20,905,385

19,598,807

1,086,175
1,453,299
1,393,180
4,829
35,861

22,307,671
11,234,634
31,649,772
543,541
3,083,710

11,122,395
4,649,724
10,400,085
67,522
525,729

20,314,563
5,571,082
4,130,318
111,650
342,379

17,665,876
7,323,006
3,483,340
69,833
308,464

13,499,575
10,827,503
27,981,803
322,000
1,638,760

11,603,987

3,973,344

68,819,328

26,765,455

30,469,992

28,860,519

54.269,641

531,773
409,690
173,750
145,733
454,990
770,260
552,053
600,350
300,850
1,656, 962
484,750
348,544
210,072

93,850
15,850
25,700
29,850
511,090
232,209
106,342
124,531
64,800
190,962
53,550
24,094
14,786

6,255,622
4,730,645
3,926,274
2,313,938
1,858,486
1,865,680
2,204,045
1,374,011
1,517,495
7,471,755
2,264,560
3,830,163
1,743,538

1,648,308
1,307,969
1,734,243
554,516
245,016
748,084
636,346
484,125
348,785
1,003,959
575,336
863,076
235,313

2,125,240
1,386,137
1,305,415
722,618
195,307
550,545
144,229
316,200
212,969
1,601,514
241,950
1,094,254
186,625

1,881,714
1,308,243
1,150,441
668,587
134,982
410,620
129,580
285,851
198,648
1,608,557
196,355
919,960
135,531

3,242,501
2,876,480
2,808,500
1,003,000
2,619,100
2,740,100
2,345,900
1,399.000
2,394,000
19,142,215
2,810,535
4,548,253
2,133,500

6,639,777

1,487,614

41,356,212

10,385,076

10,083,003

9,027,079

50,068,084

1,200,868
566,621
1,500,757
780,740
852,713
694,804
1,183,279
160,150

235,206
302,223
190,863
123,557
120,520
13,574
50,950
4,900

8,310,980
7,009,384
13,109,866
4,491,041
6,066,595
3,040,771
6,901,974
2,008,113

2.627,521
3,919,925
3,585,624
2,008,685
2,780,553
542,043
1,843,114
485,416

2,318,531
899,195
1,503,649
1,309,725
1,293,093
735,750
1,469,617
130,175

2,011,012
1,122,242
1,327,825
1,058,658
1,183,664
714,590
1,383,819
123,381

14,258,542
6,381,758
12,329,247
4,610,750
5,184,016
6,192,000
5,519,047
3,440,004

6,939,932

1,041,853

50,938,724

17,790,881

9,659,735

8,925,191

57,915,364

W
H

17,742,318

3,209,419
2,644.338
5,245.585
114,179
390,466

3

O
O

O

E
w
tel

o
o

OO

Liberty loan bonds, 3\ per cent and 4 per cent,'owned amount which- banks have contracted to sell on partial payment 'plan or otherwise; amount held as
collateral for loans, and amount of money loaned on the security of such bonds; also amount of United States certificates of indebtedness owned, as
shown by reports of condition made by national banks for the close of business on Mar. 4, 1918—Continued.

Net amount of
3 | per cent Liberty bonds

Cities and States.

owned b y
banks on this
date.

Net amount of
4 per cent Liberty bonds
which banks
have contracted
to sell on partialpayment plan
orotherwise.

Amount of 3£
and 4 per cent
Liberty bonds
held by banks
as collateral
for loans.

Amount of
Amount of
United States
money loaned
certificates of
on the security
indebtedness
of 3h and 4
per cent Liberty owned b y banks
on this date.
bonds.

o
H
O

a

North Dakota
South Dakota
Kansas
Montana
Wyoming
Colorado
New Mexico
Oklahoma

Net amount of
3J per cent Lib- Net amount of
4 per cent l i b " erty bonds
erty bonds
which banks
owned b y
have contracted
to sell on partial- - banks on tins
date.
payment plan
or otherwise.

oo

-•

Total Western States

Total Pacific States

$1,201,000
2,457,502
2,602,700
3.952,360
1,259,213
719,000
2,083,000
297,513
4,503,017

9. 7SO.O19

2,212,566

367,448

305,407
661,794
1,281,342
233.197
33', 165
41,013
33,005

2,594,500
1,264,500
6,456,969
1,000,000
83,000
227,500
460;000

-

3,581,921

3.699.799

2,588,923

12.086.469

w
o
o

19,075,305

316,794
784', 200
2,152,180
288,190
58,160
55,650
44,625

$6,850
75,127
49,648
336,950
23,313
38,900
8,915
4.350
115,446

$1,017,890
1,530,074
2,688,384
2,850,266
1,726,238
653,618
1,445.778
309,677
5,008,003

$248,918
352,218
567,743
661,572
387,774
280,264
194,917
62,926
1,491,304

£238,456
316,580
260,954
237,252
735,829
75,880
331,741
52,450
530,877

2,953,428

,

Washington
Oregon
California
Idaho
.
Utah
Nevada
. . . . .
Arizona.

$214,847
298,300
294,359
139,206
303,497
46,150
227,383
96,395
592,429

$112,650
272,759
362,598
368,385
398,250
144,780
431,069
136,600
726,337

659,499

17,229,928

4 247 636

579,552
264,100
1,705.361
780,379
34,600
118,895
123,106

30,852
2,650
454,929
3,842

139,889
235,156
2,663,531
173,155
2,742

42,156

2,027,994
1,756,895
7,477,105
1,819,978
214,092
370,255
721,753

3,605,993

534,429

14,388,072

Total country banks.

37,180,624

9,311,344

210,575,466

70,246,480

77,597,933

71,203,085

86,577,341

14,294,646

347,161,876

102,737,154

340,757,971

299,684,782

876,917,622

H

W
a

211.157.181

Total United States

O




o

RECAPITULATION.

oo
jg
oo

New England States:
Reserve city
C ountry banks

$1,480,350
5,437,507

M

M

Middle Western States:
Central reserve cities
Country banks
Total
Western States:
Country banks
Total
Pacific States:
Country banks

$12,015,500
17,742,318

2,441,155

19,946,341

7,652,538

48,479,688

44,882,948

29,757,S18

g

153,550
1,260,850
3,973,344

49,450,799
29,321,138
68,819,328

3,200,044
6,606,609
26,765,455

135,586,917
38,572,342
30,469,992

114.339,787
33,645,702
28,850,519

469,175,000
50,709,045
54,269,641

o

5,387,744

147,591,265

36,572,108

204,629,251

176,836,008

574,153,686

875 025
1,487,614

16 618 867
41,356,212

6,365,614
10,385,076

9,789,425
10,083,003

9,371,043
9,027,079

22,202,043
50,068,084

2,362,639

57,975,079

16,750,690

19,872,428

18,398,122

72,270,127

1,128,573
5,029,773
6,939,932

226,050
1,252,534
1,041,853

5,108,956
20,220,382
50,938,724

2,340,749
9,088,911
17,790,881

15,443,762
27,942,564
9,659,735

13,744,786
25,387,473
8,925,191

32,653,000
44,313,736
57,915,364

2,520,437

76,268,062

29,220,541

53,046,061

48,057,452

134,882,100

1,523,469
2,953,428

225,113
659,499

5,199,433
17,229,928

2,566,333
4,247,636

2,134,345
2,780,019

1,865 908
2,212,566

11 058 000
19,075,305

4,476,897

Total

. . .

125,284,141
19,598,807

13,098,278

1 Southern States:
"^
Reserve cities
l-i
Country banks

$27,574,303
20,905,385

10,075,136

S

$177,027
7,475,511

45,853,056

1 Eastern States*,
g
Central reserve city
£j
Other reserve cities
Country banks
M
Total

$2,103,139
17,843,202

29,707,964
4,541,105
11,603,987

Total

$326,550
2,114,605

6,917,857

.

884,612

22,429,361

6,813,969

4,914,364

4,078,474

30,133,305

2,145,387
3,581,921

6,116,380
3,699,799

4,842,855
2,588,923

23 634 117
12,086,469

3,435 359
6,639,777

2,550,124
3,605,993

163,630
534,429

8,563,696
14,388,072

6,156,117

Total
Total United States

698,059

22,951,768

5,727,308

9,816,179

7,431,778

14,294,646

347,161,876

102,737,154

340,757,971

299,684,782

379 600
4,103,702
9,811,344

54 559 755
82,026,655
210,575,466

5 540 793
26,949,881
70,246,480

151 030 679
112 129,359
77,597.933

128 084 573
100 397 124
71,203,085

Total United States

86,577,341

14,294,646

347,161,876

102,737,154

340,757,971

299,684,782




H

H
Q

501 828 000
163 932 441
211,157,181
876,917,622

RECAPITULATION.

Other reserve cities
Country banks

w
o

876,917,622

30 836 537
18,560,180
37,180,624

O
O

35,720,586

86,577,341

H
O

o

GO

EXHIBIT

F.

oo
00

Subscriptions for bonds of the third Liberty loan, as shown by reports of condition of national banks for May 10,1918,
[Dollars expressed in thousands.]
R e c e i v e d b y or
through banks, including own subscriptions.

R e c e i v e d by or
through banks, but R e c e i v e d b y o r ; For banks' own account, after deductriot sent directly to
through banks, but
ing withheld subFederal reserve
not forwarded.
scriptions.
banks.

Number of
subscribers.

Number of
subscribers.

Cities and States.
Amount.

Amount.

Number of
8UD-

. scribers.

Amount.

Number of
subscribers.

o
Per cent of
all subTotal
resources. scriptions
to total
resources.

6

Amount.

a
o

CENTRAL RESERVE CITIES.

New York
Chicago
St. Louis

.

258,728
248,398
27,001

Total

$332,538
57,733
17,306

9,105
2

$1,053
75

65,408
6,988
4,107

$17,660
3,299
6,276

534,127

. .

407,577

9,107

1,128

76,503

27,235

32,035
32,450
74,348
279,665
30,588
SO, 100
48,258
21,129
13,656
21,231
2,201
6,828
4,426
15,744
9,023
1,423
25,471
13,491
9,018
24,687
9,321

74,599
6,924
19,254
90,162
46,858
17,828
12,844
10,430
2,852
6,592
534
3,647
4,704
7,583
4,578
532
8,477
3,046
1,496
8,608
3,006

3

175

1,982
6

800
71

i

150
262
2,032

29,980
35,910
5,617
563
206

8,625
7,245
1,140
78
83

$43,831 $3,931,338
870,785
292
249,237
214

8.49
6.64
6.94

44,337

5,051,360

2,278
648

579,413
68,131
182,577
667,890
456,059
148,492
101,249
104,497
22,282
80,125
7,587
32,119
64,719
83,986
45,480
6,706
77,353
33,162
17,341
75,508
33,227

12.91
10.16
14.52
13.50
10.27
11.85
14.69
9.98
12.80
8.23
7.05
11.35
7.27
9.03
W.11
7.94
11.13
9.18
8.63
11.40
9.05

o

8.09

OTHER RESERVE CITIES.

B oston
Albany
B uffalo
Philadelphia
Pittsburgh
Baltimore
Washington
Charleston
Savannah
Birmingham...
New Orleans
Dallas
Fort Worth
Houston
San Antonio..'.
Waco
Louisville
Chattanooga




,
,

.-.-••
..

793
6,604

1
1

10,331
4,905
153
2,227
617

6,539

8
1

20

i

135

2,864

36

3,130
5,049
6,331

186
1,006
1,599
88

94
82
40

684
423
600

327
74
55
35

65
993
71
131

3*66

Q

Memphis
Nashville
Cincinnati
Columbus
Toledo
Indianapolis
Peoria
t
Detroit . . . . . . . . . .
.
Grand Rapids
Milwaukee.
Minneapolis
St. Paul
Cedar Rapids
Des Moines
Dubuque
. .
Sioux City
Kansas City, Mo
St. Joseph
Lincoln
Omaha.
.
Kansas City Kans
Topeka
Wichita
.
.
.
.
Denver
Pueblo
Muskoge©
Oklahoma City
Tulsa
Seattle
Spokane
Tacoma
Portland
. .
Los Angeles
Oakland
San Francisco
.....
Ogden
Salt Lake City

. . . . .
. . . .

....

'
.

..

.

>
-

2,627
S 844
37 624
41,253
15 686
16,351
28,840
6,830
6,312
7,372
33,788
35,590
71,677
3,082
3,787
3,063
5,478
26,579
4,652
4,520
24,589
4,122
7 214
6,135
17,509
8,224
4,238
7,753
14,745
32,765
19,395
7,825
45,297
61,979
23,004
94,519
3,969
12,515

1,582
5 652
22 497
25,811
5 719
7,554
8,833
3 798
13,469
2,862
14,807
22,648
16,598
1,289
3,576
1,105
3,035
9,891
1,862
1,435
7,762

3

46

166

186

796

2,324
4,370
9,345
2,692
1,429
9,126
17,926
3,610
45,731
1,009
3,254

269

1 267
670

2
109
322

55

25

24

345 j
624

1,163
58
20

700

1

290

2

160
1
599

2

112

702

15
2
1

9
9

131

4,709

529

55

47

312

70

20
4

480

2

119

5

20
4
75

5
7

924

1,527
1,096
6,689
1,477

4,571 |
1,051

i

10

2

150

1,020

1,311

18

1
46
35
75
800
52

300

2 739

ioo

39

3

2,153

soi
135

81L2
400
12,979
259
5

110
25

2,707

9
7

545

525
12

2,574
650
200

16
350

15,879
44,172
154,299
214,726
51,030
55,600
78,645
32,159
106,598
29,887
115,162
158,738
103,393
23,705
36,585
5,682
33,339
222,366
33,530
19,471
127,348
10,482
8,680
24,512
92,201
13,595
13,083
29,522
52;638
86,125
33,478
15,384
77,643
125,774
23,081
359.140
9,809
32,791

10.25
12.80
14.58
12.03
11.21
13.59
11.47
11.81
12.63
9.58
12.92
14.30
16.07
5.44
9.78
19.44
9.10
4.45
5.55
7.37
6.10
8.82
17.59
4.51
7.25
10.87
7.23
7.87
8.30
10.85
8.34
9.29
11.75
14.65
16.23
12.88
10.29
10.11

Total

1,494,845

629,164

11,351

4,542

126,848

30,067

4

31,941

5,508,155

2,028,972

1,036,741

20,458

5,670

203,351

57,302

4

76,278

10,559,515

9.87

36 271
52,447
20 980
219,984
31 050
192,582

8 539
10,879
5 259
58,947
7 902
41,662

670

1,725
2,198
16,409

188
129
69

459
275
126

4,294

248
397
107
848

1,837

2,404

830

1,989

671

1,172

86,671
53,264
44,388
284,077
61,662
204,876

10.13
21.17
12.09
21. 05
12.81
20.74

553,314
,
,

133,188

9,761

2,425

23,148

2,894

6,528

734,938

18. 45

o
o

11.51

Total all reserve cities

1

COUNTBY BANKS.

Maine
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut

. .

.

Total New England States




.
,

1,930
463

827

628

4,414
82

628

OO

Subscriptions for bonds of the third Liberty loan, as shown by reports of condition of national banks for May 10, 1918—Continued.

CO

[Dollars expressed in thousands.]

Cities and States.

o

e c e i v d b y or
R e c e i v e d by or R throughe banks, but R e c e i v e d b y or
through banks, innot sent directly to
through banks', but
cluding own subFederal reserve
not forwarded.
scription.
banks.
Number of
subscribers.

Amount.

Number of
subscribers.

Amount.

Number of
subscribers.

Amount.

For banks' own account, after deducting withheld subscriptions.
Number of
subscribers.

Per cent of
all subTotal
resources. scriptions
to total
resources.

Amount.

H
O

COUNTRY BANKS—continued.

New York
New Jersey
Pennsylvania.
Delaware
Maryland
Total Eastern States.
Virginia
West Virginia..
North Carolina.
South Carolina.
Georgia
Florida
Alabama
Mississippi
Louisiana
Texas
Arkansas
Kentucky
Tennessee
Total Southern States.
Ohio
Indiana
Illinois
Michigan.
Wisconsin
Minnesota
Iowa
Missouri
Total Middle Western States.




436,458
287,936
746,588
8,887
39,381
1,519,250

$89,277
72,625
138,480
4,257
8,049

2,376
821
22,097
5
80

$582
706
3,789
840
24

10,609
13,424
52,807
304
2,768

$2,484
2,231
8,272
11

$6,124
4,494
8,401
442
1,050

$611,085
436,421
1,012,550
19,761
79,565

14.61
16.80
14.05
25.79
10.15

312,688 |

25,379

5,941

79,912

13,686

20,511

2,159,382

14.76

1,133
2,883
183
598
941
742
899
2,977
2,900
3,910
2,513
1,309
3,508

607
502
127
457
271
180
24
377
24
743
733
396
782

1,150
205
243
1,059
772
437
693
83
56
1,645
83
193
325

191,754
136,124
106,483
75,673
77,903
99,206
85,579
44,563
58,490
355,689
63,325
115,769
78,780

9.20
10.51
10.23
10.94
11.56
11. 50
9.29
9.54
6.66
10.28
10.33
12.00
10.64

74,614
61,477
28,178
32,593
35,652
34,641
37,667
22,775
20,190
175,349
31,443
55,621
33,030

17,454
14,145
10,568
7,979
8,981
11,048
8,472
4,226
3,816
35,283
6,278
13,839
8,151

1,129
850
364
1,467
65
404
4
200
796
7,538
1,910
160
945

190
164
321
303
23
364
25
25
81
1,277
262
57
232

643,230

150,240

15,832 j

3,324

24,496

5,223

6,944

1,489,338

10.31

243,258
149,678
246,234
100,947
119,594
128,928
124,531
36,288

58,722
30,767
46,417
18,250
24,180
25,522
29,266
6,891

112
4,258
4,030
806
354
894
17,746
675

383
1,623
1,072

~2,184
4,742
11,068
215
119
54
2,227
2,934

970
1,697
108
11
11
344
546

1,257
1,162
982
233
453
199
868
243

412,597
258,458
400,915
148,580
176,778
220,348
259,639
69,970

14.33
12.52
11.85
12.34
13. 72
11.67
11.54
10.01

1,149,458

240,015

28,875

23,543

4,376

5,397

1,947,285

12.54

194
683
111

fed

o
o
K
H

H

H

fed

o
w
w
o
«

.

. .

.
.

.

. . . .

Arizona
Total Pacific States
Total country banks
Total United States

80
185
95
184
28

1,850
23
1,962

82,505

41,283
37,454
183,857
34,953
5,337
11,221
12,407

7,862
6,770
37,422
5,342
647
2,086
2,534

4,727
10,478
11,683
13I605

861
34
23
126
43
131

46
28
cM
259
265
136
312
142
423

80,848
89,071
125,079
157,035
92,067
40,427
93,468
34,990
158,471

5.95
11.76
9 42
8.78
7.22
10. 57
11.22
10.39
11.13

8,091

1,642

1,979

871,466

9.61

772
762
1,077
606

122
60
98
69

46
1,051

2
41

246
172
1,044
143
19
88
184

68,175
59,578
254,303
50,825
7,036
14,880
24,198

11.61
11.48
15.22
10.52
9.30
15.80
10.44

638

208
37
431

2,116
2,395
141
218
1,004
596
926

6,932

1,248

115
85
7,626
55
106
5
3

50
67
1,261
6
8
266
12

to

35,023
44,954
48.019
64,767
32,220
19,821
69,815
17,279
106,249

too

California
Idaho
Utah
Nevada

.

6,649
4,273
10,279
3,600
17,211

669
700
168
1,275
285

438,147

North Dakota
South Dakota
Nebraska
Xansas
Montana
Wyoming
Colorado
New Mexico
Oklahoma
Total Western States
Washington
Oregon

17

s
w

H

ft

326,512

'

62,663

7,995

1,670

4,314

392

17

1,898

478,995

13.43

O

4,629,911

981,299

94,774

18,823

163,, 504

28,213

646

43,255

7,681,404

13.02

o

6,658,883

2,018,040

115,232

24,493

366,855

85,515

650

119,533

18,240,919

11.19

H
W
O

H

RECAPITULATION.
[Dollars expressed in thousands.]
New England States:
Reserve cities
Country banks
Total
Eastern States:
Other reserve cities
Country banks
Total
Southern States:
Reserve cities
Country banks
Total




32,035
553,314

$74,599
133,188

3
9,761

$175
2,425

1,982
23,148

$800
2,894

1
628

$2,278
6,528

$579,413
734,938

12.91
18.45

585,349

207,787

9,764

2,600

25,130

3,694

629

8,806

1,314,351

16.00

258,728
525,409
1,519,250

332 538
193,370
312,688

9 105
6,397
25,379

1,053
2,244
5,941

65,408
72,076
79,912

17.660
17>159
13,686

1

43,831
18,264
20,511

3 931,338
1,574,393
2,159,383

8 49
12.43
14.76

2,303,387

838,596

40,881

9,238

217,396

48,505

1

82,606

7,665,119

11.06

189 120
643,230

73 319
150,240

13
15,832

201
3,324

28 584
24,496

7 038
5,223

1

3 348
6,944

744 143
1,489,340

9 88
10.31

832,350

223,559

15,845

3,525

* 53,080
-

12,261

1

10,292

2,233,483

10. 62

a
o
w
o
<

Subscriptions for bonds of the third Liberty loan, as shown by reports of condition of national banks for May 10, 1918—Continued.
to

[Dollars expressed in thousands.]
i

R e c e i v e d b y or
through banks, including own subscription.

R e c e i v e d b y or
through banks, but
not sent directly to
Federal reserve
banks.

R e c e i v e d b y or
through banks, but
not forwarded.

Number of
subscribers.

Number of
sul>
soribers.

Number of
subscribers.

Cities and States.

Middle Western States:
Central reserve cities
Other reserve cities
Country banks

Amount.

Amount.

Amount.

For banks' own account, after deducting withheld subssriptions.
Number of
subscribers.

Total
resources.

Per cent of
all subscriptions

tr» total
resources.

$275 399
347,96.4
1,149,458

$75
281
4,215

11,095
3,325
23,543

$9 575
864
4,376

2

&506
2,036
5,397

$1 120,022
1,455,444
1,947,284

6.71
11.38
12.54

480,408

28,904

4,571

37,963

14,815

2

7,939

4,522,750

10.72

28,400
82,505

6,387
8,091

995
1,642

1,202
1,979

391,532
871,468

7.29
9.61

110,905

3
6,932
6,935

160
1,248

537,196

1,408

14,478

2,637

3,181

1,263,000

8.89

301,268
326,512

Total
Pacific States:
Reserve cities
Country banks

27
28,875

99,049
438,147

Western States:
Reserve cities
Country banks

$75 039
165,354
240,015

1,772,821

Total

94.122
62,663

4,908
7,995

1,281
1,670

14,49,4
4,314

3,211
392

4,813
1,896

763,225
478,995

12.50
13.43

9

a

627,780

Total United States

156,785

12,903

2,951

18,808

3,603

17

6,709

1,242,220

2,018,040

115,232

24,493

366,855

85,515

650

. 119,533

18,240,919

11.19

Total United States




o

Q

a

RECAPITULATION.

Central reserve cities
Other reserve cities. . . . . . . . .
Country banks

O

12.87

6,658,883

Total

O

Amount.

.

534 127
1,494,845
4,629,911

407,577
629,164
981,299

9,107
11,351
94,774

1,128
4.542
18,823

76,5.03
126,848
163,504

27,235
30,067
28,213

4
646

44,337
31,941
43,255

5,051,360
5,508,155
7,681,404

8.09
11.59
13.02

6,658,883

2,018,040

115,232

24,493

366,855

85,515

650

119,533

18,240,919

11.19

EXHIBIT G.
Liberty loan bonds, 3%, 4, and 4i per cent, owned; amount which banks have contracted to sell on partial payment plan or otherwise; and amount of money
loaned on the security of such bonds; also amount of United States certificates of indebtedness owned, as shown by reports of condition made by national
banks at the close of business on June 29, 1918.
[In thousands of dollars.]
(B)

(A)

Net amount
Net amount
Net amount
41 per cent
4 per cent
3* per cent
Liberty bonds Liberty bonds Liberty bonds
owned by
owned by
owned by
banks,
banks.
banks.

Cities and States.

'

New York
Chicago
St. Louis

(D)

(C)

(E)

(F)

(G)

Net amount
4i per cent
Liberty bonds Net amount of
Amount of
Amount of
included in (C) United States money loaned money loaned
which banks certificates of
on security
on security
indebtedness
have conof 3h and 4
of 44
owned by
tracted to sell
per cent
per cent
banks.
on partial payLiberty bonds. Liberty bonds.
ment plan
or otherwise.

§
Q
O

K

CENTRAL RESERVE CITIES.

16,611
2,479
10

53,671
21,226
6,619

9,093
15,663
6,625

258,399
21,420
10,843

85,993
11,399
2,610

78,745
6,702
3,972

43,860

81,516

31,381

290,662

100,002

89,419
=

1,209
690
357
1,513
716
107
366
273

2,380
392
2,430
5,042
9,399
1,497
3,835
2,138

795
249
6,206
18,578
6,957
1,239
2,240
1,107

305
4
6,202
16,276
6.630
1,203
2,129
1,003

13,451
2,401
2,348
19,393
9,541
2,793
1,804
3,110

822
582
50
359
273
386

19,157
596
2,385
16,614
3,936
3,227
714
4,408

14.752
1 639
3,657
13,300
7,115
2 434
864
1,393

8
170

.

37,307
5,028
1,525

19,100

.

Total
OTHER RESERVE CITIES.

Boston . . .
Albany
Buffalo
Philadelphia
Pittsburgh .
Baltimore
Washington
Richmond
Charleston
Atlanta

o
fed
H

.

.
-

....

. . .

.

..

Birmingham . .
New Orleans
Dallas
Fort Worth
Galveston
Houston
.
San Antonio
Waco

. . .
.




. . . .

56
315
151
202
534
363
35

704
191
1,510
1,755
748

964

924

888

1,032

1,278

2,394

151

83

25

1,353

1,326

928

709

2,534
1,357
35
1,876
629
575

2,396
1,257
5
272
353
614

2,084
4,289
3,329
1,733
10
3,147
1,090
380

523
534
8
99
253
789

582
224
35
72
508
404
618

429
187
67

809
17
110

446
11

O

H

Q

CO

Liberty loan bonds, 3\, 4, and 4i per cent, owned; amount which banks have contracted to sell on partial payment plan or otherwise; and amount of money
loaned on the security of such bonds; also amount of United States certificates of indebtedness owned, as shown by reports of condition made by national
panics at the close of business on June 29, 1918—Continued.
[In thousands of dollars.]
(A)

Cities and States.

(O

(B)

(E)

Net amount
4^ per cent
Liberty bonds
Net amount
Net amount
Net amount included in (C)
3£ per cent
4 per cent
4i per cent
Liberty bonds Liberty bonds Liberty bonds which banks
have conowned byowned by
owned by
tracted to sell
banks.
banks.
banks.
on partial payment plan
or otherwise.

(F)

O
Net amount of
Amount of
Amount of'
United States money loaned money loaned
on security
certificates of
on security
of4i
indebtedness
of 3* and 4
per cent
owned by
per cent
banks.
Liberty bonds. Liberty bonds.

w
H
O

o
o

OTHER RESERVE CITIES—continued.

Louisville
Chattanooga
Memphis
Mashville
Cincinnati
Cleveland
Columbus
Toledo
Indianapolis
Peoria
Detroit..-.
Grand Rapids
Milwaukee
Minneapolis
St. Paul
Cedar Rapids
Des Moines
Dubuque
Sioux City
Kansas City, Mo
St. Joseph
Lincoln
Omaha.
Kansas City, Kans.. %
Topeka
Wichita
Denver
Pueblo
Muskogee




.'

440
29
8
63
53
238
308
218
69
167
1,074
88
63
48
510
9
110
2
55
137
8
8
563
2
7
198

763
1,058
474
1,343
657
3,569
1,370
1,145
917
321
558
517
952
553
1,476
214
243
212
259
822
367
109
666
266
116
121
629
18
116

1,069
374
1,942
2,904
817
415
1,063
1,498
491
230
1,954
781
2,283
1,142
299
1,537
126
474
3,576
767
234
2,419
222
135
149
10
84
157

933
769
374
1,999

2,814
757
888
795
1,725
491
88
1,954
775
2,268
1,141
207
1,054
384
346
3,319
767
170
2,312
222
185
591
314
77
135

2,266
755
54
1,041
4,060
4,397
1,763
2,515
1,911
1,313
2,988
1,198
3,734
5,433
5,738
300
2,205
125
475
3,442
1,516
815
3,335
50
195
70
3,859
525
465

908
304
249
151
5,349
5,096
881
661
• 939
55
881
778
3,660
2,636
1,347
" 384
184
11
215
557
136
150
558
153
23
91
949
5
20

308
252
41
124
1,428
1,831
35
706
143
43
278
466
891
649
124
241
58
22
28
318
31
125
40
7
15
13
351

5

3
o

Oklahoma City
Tulsa
Seattle
Spokane
Tacoma
Portland
Los Angeles
Oakland
San Francisco
Ogden.
Salt Lake City
Total
Total all reserve cities

580
1,467
4,917
2,009
350
1,302
4,110
650
10,351
65
1,356

305
445
102
178
1
1,743
1,302
789
2,092
283
53

51
140
265
90
41
83
963
126
2,025
77
78

49
118
278
42
2
128
592
133
1,096
75
113

358
566
522
797
245
662
1,694
485
1,961
277
619

216
390
736
147
1
2,223
1,239
100
4,296
191
232

14,183

62,510

86,595

78,116

157,910

85,653

59,843

448,572

185,655

149,262

1,290
939
515
8,630
1,248
4,805

569
799
439
9,917
1,181
5,311

156
254
304
3,567
481
3,568

A

447
55
71
10
669
726
3
375
52
246

33,283

106,370

168,111

109,497

163
207
58
2,187
626
586

1,356
1,922
938
6,465
932
3,921

941
1,429
603
9,159
389
2,482

563
1,288
502
7,241
280
1,602

3,827

15,534

15,003

11,476

17,427

18,216

8,330

2,114
1,934
4,165
105
280

16,508
8,771
26,411
489
2,556

18,801
21,074
28,449
434
2,015

16,691
19,619
25,027
259
1,345

15,480
11,761
18,951
498
834

10,559
4,346
3,801
83
359

9,748
5,233
4,245
83
496

8,598

54,735

70.773

62,941

47,524

19,148

19,805

526
364
219
124
308
561
462
326
304
1,446
405
270
202

5,524
3,750
2,834
2,288
1,722
1,474
1,832
1,104
1,300
6,578
1,717
2,879
1,516

2,948
2,322
3,510
3,524
1,777
3,005
2,152
1,524
1,641
4,389
1, 597
2,255
1,579

2,714
2,719
3,550
2,886
1,311
2,593
1,2,54
1,710
935
3,153
1,775
2,092
1,867

2,437
1,065
1,211
982
1,093
3,950
2,118
1,110
1,228
8,236
1,158
3,019
1,429

1,399
1,854
1,461
855
249
504
179
193
341
1,519
261
1,058
257

1,011
468
855
810
905
616
340
302
597
4,154
676
733
5G5

5,517

34,518

32,223

28,559

29,036

10,130

H
O

12,032

COUNTRY BANKS.

Maine
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut
Total New England States
New York
New Jersey
*
Pennsylvania
Delaware
Maryland
Total Eastern States
Virginia
West Virginia
North Carolina
South Carolina
Georgia
Florida
A1 abama
Mississippi
Louisiana
Texas
Arkansas
Kentucky
Tennesse'e
Ototal Southern States




(

fed

o
o

S

i
w
d

3
o
l
SO

Liberty loan bonds, S\, 4, and 4j per cent, owned; amount which banks ha/ve contracted to sell on partial payment plan, or otherwise; and umowit of money
loaned on the security of such bonds; also amount of United Stales certificates of indebtedness owned as shown by reports of condition made by national
rej
hown
truy
banks at the closei of I
of business on June 29, 1918—Continued.
[In thousands of dollars.]
(F)
(G)
(E)
(D)
Net amount
4-J per cent
Amount of
Amount of
Liberty
Net amount
Net amount included bonds Net amount of money loaned money loaned
Net amount
in (C) United States
3J per cent
41; per cent
4 per cent
on security
certificates of
on security
Liberty bonds Liberty bonds Liberty bonds which banks
of 4i
indebtedness
of 3* and 4
have conowned by
owned by
owned by
per cent
owned by
per cent
tracted to sell
banks.
banks.
banks.
banks.
Liberty bonds. Liberty bonds.
on partial payment plan
or otherwise.
(A)

Cties and States.

Ohio
Indiana
Illinois
Michigan
Wisconsin
Minnesota
Iowa
Missouri
Total Middle Western States
North Dakota
South Dakota
. . . .
Nebraska
Kansas
Montana
Wyoming
Colorado
New Mexico
Oklahoma . . . .
Total Western States
Washington
Oregon
California
Idaho
Utah
Nevada
-. - .
Arizona
Total Pacific States
Total country banks
Total United States




CD

720
564

.. . .
.

.

. . . .

1,251

559
509
567
898
163

5,231
143
209
328
436
492
60
372
133
670

. .

2,843
515
485

1,322
«
.....

(C)

(B)

416
50
127
76

2,991
29,007
62,290

5,204
4,608
9,124
3,405
4,379
2,657
4,851
1,437
35,665
1,058
1,170
1,940
1,959
1,189

6,010
7,489
8,132
3,308
3,265
1,251
3,206
1,123
33, 784

5,034
6,988
7,083
4,653
3,397
1,798
2,414
1,304
32, 671

605

776

1,125
1,561
3,096

1,049
1,470
2,750

500

923
712

1,177

1,270

911
706

1,156

7,997
6,268
9,841
3,744
5,631
6,122
8,002
1,876
49,481
1,012
2,112
3,633
2,846
916

1,132
1,340

517

293

192

79

4,115
13,401
1,688
1,870
5,820
1,426

2,707
12,191
1,053

3,218
12,115

4,376

5,493

204
316
469

717
85
137
447

587
61
3
738

738
109
537
706

11,793
165,646
272,016

7,755
171,729
339,840

8,028
155,790
265,287

10,614
170,194
618.760

940

814
332

2,604
16,112
1,838
1 391
5,295

1,916
1,064
1,367
1,338
1,096
801
1,405
161
9,148
432
385
177
174
195
35
176
68
681
2,323
261
721
1,084
331
25
43
50
2,515
61,480
247,13>

1,456
632
1,291
824
1,285
2,483
2,619
283
10,873
623
1,462
829
459
80
62
959
65
2,167
6,706
759
653
1,802
201
66
64
13
3,558
61,304
210,566

O

o
K

E
d

RECAPITULATION.
New England States:
Reserve city
Country banks

!
1,209
3,827

17,914

15,798

11,781

30,878

37,373

23,082

37,307
22,595
54,735

53,671
35,469
70,773

9,093
32,444
62,941

258,399
38,280
47,524

85,993
27,472
19,148

78,745
29,009
19,805

114,637

159,913

104,478

344,203

132,613

127,559

13,156
34,518

16,793
32,223

14,295
28,559

26,595
29,036

9,366
10,130

5,497
12,032

47,674

49,016

42,854

55,631

19,496

17,529

2,489
3,157
5,231

6,553
14,152
35,665

27,845
20,357
33,784

22,288
19,773
32,671

32,263
43,113
49,481

14,009
23,770
9,148

10,674
7,292
10,873

'• 10,877

56,370

81,986

74,733

124,857

46,927

28,839

962
2,843

2,965
13,401

4,016
12,191

4,756
12,115

11,361
16,112

2,140
2,323

1,086
6,706

3,805

16,366

16,207

16,871

27,473

4,463

7,792

2,459
2,991

7,262
11,793

9,165
7,755

6,543
8,028

25,110
10,614

3,748
2,515

2,207
3,558

5,450

19,055

16,920

14,571

35,724

6,263

5,765

62,290

,

14,752
8,330

8,164

,

19,157
18,216

2,647
5,517

Total
Middle Western States:
Central reserve cities
Other reserve cities.
Country banks
Total
Western States:
Reserve cities
,
Country banks
Total
^.
Pacific States:
Reserve cities
...^M
Country banks
Total
Total United States

13,451
17,427

28,958

Total
Southern States:
Reserve cities
Country banks

305
11,476

5,036

...•

795
15,003

16,611
3,749
8,598

Total
Eastern States:
Central reserve city
0 ther reserve cities
Country banks....'

2,380
15,534

272,016

339,840

265,287

618,766

247,135

210,566

19,100
14,183
29,007

43,860
62,510
165,646

81,516
86,595
171,729

31,381
78,116
155,790

290,662
157,910
170,194

100,002
85,653
61,480

89,419
59,843
61,304

62,290

272,016

339,840

265,287

618,706

247,135

210,566

2

n
3
a
o
K

o

I
H

W

fed

a

RECAPITULATION.

Central reserve cities
Other reserve cities
Country banks
Total




,

,

CO

EXHIBIT H.

CD
00

Liberty loan bonds, 8\, 4, andA\ per cent, owned; amount which banks have contracted to sell on partial payment plan or otherwise; and amount of money
loaned on the security of such bonds; also amount of United States certificates of indebtedness oivned, and amount of money loaned on such certificates,
as shown by reports of condition made by national banks at the close of business on Aug. 81, 1918.

Cities and States.

(B)

CD)
Net amount of
4^ per cent
Net amount of Net amount of Net amount of Liberty bonds
4 per cent
Z\ per cent
4£ per cent
which banks
Liberty bonds Liberty bonds Liberty bonds have contracted
owned, by to sell on partial
owned by
owned "by
banks.
banks.
banks.
payment plan
or otherwise.
(A)

(C)

(F)

(H)

Amount of
Net amount of
Amount of
United States money loaned money loaned
certificates of
by banks on
by banks on
security of
indebtedness security of 3h
and 4 per cent
4J per cent
owned by
Liberty bonds. Liberty bonds.
banks.

Amount of
money loaned
by banks on
security of
United States
certificates of
indebtedness.

(E)

OTHER RESERVE CITIES.
Boston
Albany
Buffalo
'.
Philadelphia
Pittsburgh
Baltimore
Washington
Richmond
Charleston
Atlanta
Savannah
Birmingham
New Orleans
Dallas
Fort Worth
Galveston
Houston
San Antonio
Waco
Louisville
Chattanooga
Memphis




w

H
O
H

tt

fed

o
o

CENTRAL RESERVE CITIES.

Now York
Chicago
St. Louis
Total

d
o

$8,018,940.44
2,441,850.00
6,700.00

$13,221,899.61 $77,079,616.20
4,013,136. 00
3,987,860.00
2,342,078.45
1,283,681.50

$4,926,756.00 $249,967,070.00
3,698,036.00 55,904,000.00
2,329,028.45
10,314,000.00

$52,382,923.60 $79,282,553. 33
9,941,675.15
4,995,409.70
3,808,266. 49
2,975,640. 36

$8,384,050100
8,309,996.19
1,180,000.00

10,467,490.44

18,492,441.11

83,434,830. 65

10,953,820.45

316,185,070.00

61,186,599.79

92,199,868.84

241,391.00
243,000.00
337,600.00
3,290,752.00
5,225,578 95

2,933,592.50
727,900.00
3,363,350.00
15,648,199.59
9,794,658 00
1,049,200.00
4,104,975.00
2,737,400.00
896,307.50
1,402,600.00
100,300.00
370,200.00
876,700.00
731,433. 50
937,350.00
78,600. 00
3,174,851.62
1,031,452.00
532,775.00
717,500.00
880,800.00
961,150.00

2543 935.00
73, 000. 00
1,456. 300. 00
8,373, 080.59
531, 388.50
902. 400.00
2,273, 491. 00
1,210^ 950.00
955 373.50
1,136,900,00
73^ 500.00
348. 450.00
436,000.00
859, 583.50
822, 100.00

19,145,250.00
3,233,500.00
6,442,500.00
32,893,700.00
20,280,000.00
6,911,000.00
3,286,000.00
6,663,500.00
1,641,000.00
3,903,500.00
230,000.00
3,474,000.00
4,519,500.00
5,094,500.00
2,154,500.00
175,000.00
2,435,000.00
1,441,000.00
738,500.00
3,558,000.00
1,750,000.00
571,500.00

11,120,884.43
510,167. 59
1,419,960.20
12,763.957.00
2,568,957.73
2,747,626.82
577,299.08
4,728,303.88
668,446.00
746,793.37
20,994.00
103,344.00
371,625.00
746,802.64
450,940.14
5,425.00
455,692.99
187,942.80
63,040.85
538,135.50
300,155. 65
196,712.65

13,042,833.99
1,141,273.51
2,641,996.04
19,384,205.29
6,044,677.12
3,120,265. 71
538,311.94
1,786,610.73
553,024. 00
441,675.80
54,473.36
24,995.00
605,902.00
903,418.00
779,804.93
6,190. 00
758,127. 24
142,566.46
92,415.00
575,408.06
292,805.00
59,159.54

o

17,874,046.19

1,136,850.00
691,650.00
8,909.00
495,926.00
638,796 00
6,300.00
336,600.00
88,815.30
17,400.00
113,650.00
40,000.00
40,700.00
289,700.00
88,750.00
116,250.00
1,550.00
128,550.00
191,460.00
19,700.00
206,150.00
10,950.00

K

1,975,500.00

7,550.00

1,460,300.00

2,754,961.00
1,306,200.00
507,350.00
252,450.00
2,250.00
305,000.00
542,293.54
390,700.00

584,050.00
169,230.00
787,179.42
868,472.50
542,586.47
452,100.00
1,746,950.00
44,650.00

465,750.00
118,416.00
457,325.01
400,600. 00
580,400.00
379,900.00

5,942,850.66
51,500.00
80,000.00

""Ils~o66."66
10,000.00
46,000.00

65" 666." 66

316,600.00
754,000.00
24,500.00

" 99,'395.76
43,400'66

43,666.66

§
u
H
g
o

9
2

3

2
2
^

Nashville
Jacksonville
Cincinnati
Cleveland
Columbus
Toledo
Indianapolis
Peoria
Detroit
Grand Rapids
Milwaukee
Minneapolis
St. Paul
Cedar Rapids
Des Momes
Dubuque
Sioux City
Kansas City, Mo
St. Joseph
Lincoln
Omaha
Kansas City, Kans
Topeka
•.,
Wichita
Denver
Pueblo
Muskogee
Oklahoma City
Tulsa
Seattle
Spokane
Tacoma
Portland
Los Angeles
Oakland
San Francisco
Ogden
Salt Lake City

3..-.

-

Total
Total all reserve cities.

171, 136.73
339, 162.72
4,267, 309.80
2,455, 624.84
228, 915.57
887. 779.88
248^ 530.00
41. 616.82
560: 100.02
658! 075.25
1,412: 357.95
1,617! 549.54
808: 354.40
296: 500.00
: 951.00
714.00
139: 511.05
557: 275.75
110: 100.00
260: 465.00
248!, 550.32
75: 559.46
14: 372.35
82: 932.00
545: 418.00
195: 863.25
4i: 609.00
36, 493.00
77: 453.38
151: 848. 50
147; 321.21
15: 970.00
494: 848.57
1,030: 291.58
512; 566.00
1,686, 451.70
60, 877.84
241,

410,900.00
852,996. 62
789,450.00
1,391,575.00
181,946.46
36,879.69

3,247,000.00
2,889,000.00
8,598,500.00
11,711,200.00
3,202,500.00
3,939,000.00
4,362,400.00
1,646,000.00
3,973,500.00
1,915,000.00
6,375,000.00
5,630,000.00
5,275,000.00
1,524,000.00
3,241,000.00
522,000.00
2,046,500.00
7,764,500.00
2,700,000.00
653,000.00
8,058,000.00
'215,000.00
473,500.00
552,000.00
2,174,000.00
194,000.00
490,000.00
860,000.00
2,051,000.00
9,127,000.00
2,369,500.00
1,400,000.00
4,950,000.00
6,311,050.00
543,000.00
14,800,000.00
503,000.00
2,535,000.00

135,321.79
251,400.00
2,033,238.61
3,529,735.35
605,215.84
558,895.00
709,999.00
65,456.00
785,017.35
692,841.90
2,470,239.99
2,466,898.87
1,971,805.00
334,198.00
324,053.00
9,800.00
213,343.50
467,876.00
97,250.00
10,625.00
500,538. 52
47,997.00
28,270.00
108,430.50
618,489.00
3,335.25
33,153.25
219,537.23
114,315.00
267,017.00
93,477.48
55,450.00
220,157.43
838,682.07
154,200.00
2,019,662.00
66,478.05
67,882.75

92,381,669.95

51,372,944. 63

269,362,600.00

64,483,490.05

74,001,324. C

61,174,130.06

175,816,500. 60

62,326,765.08

585,547,670.00

125,670,089.84

166,201,192.92

74,350.00
195,925.00
32,209.30
1,154,711.32
622,526.10
536,200.00

778,126.12
1,120,982.90
562,912.46
4,138,624.37
786,925.21
2,459,226.83

1,632,425.49
2,122,059.77
897,336.02
10,397,506.63
452,502.50
4,472,132.78

460,597.16
1,676,699.14
488,438.27
4,954,583.72
151,950.00
1,415,083.56

3,772,290.12
3,117,121.00
2,053,750.00
13,603,000.00
3,485,500.00
6,353,000.00

511,905.08
646,359.48
436,739.37
7,167,913.70
714,228.72
3,618,562.88

246,886.60
349,983.41
184,028.15
4,718,041.28
701,973.21
4,759,337.80

13S, 000. 00

2,615,921.72

9,846,797.89

19,973,963.19

9,147,351.85

32,384,661.12
13,095,709.23
=1=

10,960,250.45

276,748.00

54,850.00
50,050.00
1,700.00
100,000.00
372,700.00
1,500.00
300.00
8,200.00
60,850.00
9,650.00
6,600.00
6,450.00
101,500.00
202,200.00
45; 600.00
23,200.00
122,700.00
362,420.00
131,800.00
793,350.00
75,000.00
76,847.00

418,000.00
220,612.00
380,050.00
3,496,650.00
935,700.00
713,500.00
937,000.00
263,500.00
447,736.07
731,200.00
524,800.00
395,070.00
959,050.00
178,650.00
173,650.00
128,152.00
122,450.00
731,240.00
358,200.00
33,700.00
722,950.00
9,300.00
23,500.00
5,750.00
355,300.00
21,050.00
40,700.00
289,450.00
534,043.00
577,900.00
755,978.00
307,350.00
660,025.00
1,666,581.00
113,150.00
1,492,900.00
277,499.00
624,308.00

1,8S8,445.75
1,070,850.00
490,473.80
244,457.08
1,010,100.00
1,521,400.00
1,005,854.00
641,350.00
972,120.16
1,262,700.00
1,665,300.00
5,051,935.00
1,357,700.00
168,450.00
987,567.20
405,415.39
1,820,350.00
1,800,672.25
143,450.00
275,629.00
2,189,347.50
349,969.32
105,200.00
305,510.00
172,550.00
199,350.00
357,150.00
1,074,600.00
425,617.50
1,506,550.00
378,117. 63
5,850.00
1,724,450.00
858,642.97
436,700.00
4,660,675.00
183,096.00
612,779.69

1,376, 850.00
520.00
550.00
057.08
578, 100.00
1,124, 200.00
749, 264.80
641, 050.00
81, 500.00
1,255, 400.00
3,347, 100.00
5,030, 750.00
920. 800.00
88^ 450.00
1,345, 700.00
244, 967.00
1,475, 800.00
1,623; 222.25
148, 000.00
157, 079.00
1,055. 758. 50
174; 850.00
44. 300.00
149; 100.00
318, 450.00
158, 400.00
333, 100.00
1,041, 900.00
231, 567.50
432; 700.00
351, 867.63

10,092,654.15

42,681,688.95

20,560,144.59

101,250.00
132,108.00
81,400.00
44,300.00
137,500.00
236,450.00
100,727.00
166,950.00
,154,745.85
22,030.00
71,250.00
43,150.00
396,450.00
7,050.00
115,600.00

237,000.03
11,000.00
573,000.00
1,488,000.00
8.200.00
55,000.00
9,000.00
601,500.00
368,022.00
1,310', 895.00
2,149,988.00
666,400.00
332,000.00
451,500.00
110,500.00'
44,000.00
180,000.00

Total New England States.




1^
H

25,066.66

M
o

2,500.00
301,000.00

"ij
H

5,000.00

O
g

p
• ; ; ;

«

""m, 566.' bb
i27," 666." bb

w

2

127,500.00
925,850.00
65,000.00
980,000.00
20,849,100. 76
=
38,723,146. 95

COUNTRY BANKS.

Maine
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut

w

W
2
g
R
*•*
o
fc^

51,000.00
5,000.00
50.000.00
32,748.00

H
bj
hxj
O
Cj
W
W

fc=J

j
O

CO

to
Liberty loan bonds, 8\\ 4, and4\ per cent, owned: amount which barilcs have contracted to sell on partial payment plan or otherwise; and amount of money
o
loaned on the security of such bonds; also amount of United States certificates of indebtedness'owned, and amount of money loaned on such certificates.
o
as shown by reports of condition made by national banks at the close of business on Aug. 31, 1918—Continued.
(A)

Cities and States.

(B)

(E)

(C)

Net amount of
4| per cent
Net amount of Net amount of Net amount of Liberty bonds
3£ per cent
4 per cent
4i per cent
which banks
Liberty bonds Liberty bonds Liberty bonds have contracted
owned by tosellonpartial
owned by
owned by
banks.
banks.
banks.
payment plan
or otherwise.

(F)

(G)

Net amount of Amount of
Amount of
United States money loaned money loaned
by banks on
certificates of by banks on
security of
indebtedness security of 3£
4i per cent
owned by and 4 per cent
Liberty bonds. Liberty bonds.
banks.

(H)
Amount of
money loaned
by banks on
security of
United States
certificates of
indebtedness.

COUNTRY BANKS—continued.

New York
New Jersey
Pennsylvania
Delaware
Maryland
District of Columbia.
Total Eastern States.
Virginia
West Virginia...
North Carolina..
South Carolina..
Georgia
Florida
Alabama
Mississippi
Louisiana
Texas
Arkansas
Kentucky
Tennessee
Total Southern States.,
Ohio
Indiana
Illinois
Michigan....
Wisconsin...
Minnesota..,




$6,952,633.59
3,176,765.81
4,483,731.96
108,052.10
333,685.53

$10,050,598.71
3,688,709.48
5,513,544.97
63.492.80
337,536.48

$38,534.00
11,008.75
238,910.00

15,054,868.99

19,653,882.44

288,452.75

51,678,256.41
1,667,664.15
3,220,076.73
20,293.00
262,449.50

$12,216,238.27
7,217,703.31
18,952,207.53
437,954.00
2,232,993.11

$23,115,464.97
13,769,669.92
34,917,395.42
602,106.35
2,189,265.79

$14,248,092.37
8,595,330.34
21,546,087.34
367,361.60
1,121,272.16

$39,277,496.49
24,954,500.00
60,716,045.00
1,111,000.00
2,892,500.00

6,848,739.79

41,057,096.22

74,593,902.45

45,878,143.81

128,951,541.49

239.00
200.00
355.56
135.57
135.00
215.00
250.00
350.00
732.00
450.00
950.00
100.00

3,916,214.95
3,075,725.11
1,405,220.67
2,093,472.83
1,247,838.27
906,098.72
1,373,325.85
500,700.00
1,042,689.00
5,713,705.38
1,710,570.39
2,209,681.74
847,450.86

5,284,985.41
3,097,752.16
4,379,508.23
3,439,099.44
2,487,813.93
1,859,489.47
2,524,357.09
1,802,486.98
1,988,920.93
6,664,423.82
1,838,925.09
2,875,423.10
1,703,481.52

3,052,819.76
2,062,792.96
2,701,051.64
2,042,111.76
905,525.31
991,211.99
917,529.82
1,144,231.98
689,626.41
.2,354,831.49
1,339,216.64
1,416,665.50
721,019.39

6,458,444.00
2,617,007.67
4,044,500.00
2,828,010.00
2,068,500.00
2,370,000.00
3,737,500.00
2,369,000.00
2,375,000.00
14,387,227.96
3,383,400.00
6,537,500.00
3,177,100.00

1,604,074.02
1,556,731.42
1,745,825.11
568,473.99
972,902.64
922,321.30
991,399.72
769, 287.19
970,469.08
181,982.61
320,014.93
231,818.32 I
340,368.72
154, 247.29
314,991.15
135, 117.46
1,057,333.57
309' 344.99
4,491,442.66
1,578: 170.47
956,717.87
233; 136.84
847, 162.95
1,191,466.52
671,421.44
185, 273.76

21,200.00
5,000.00
25,012.00
25,112.50
5,000.00
1,500.00

4,245,793.82

26,042,693.77

39,946,667.17

20,338,634.65

56,353,189.63

8,897,762.31

14,403,739.71

249,944.50

489,186.42
293,377.00
960,351.93
353,700.00
328,582.00
444,465.32

3,826,247.51
3,071,902.12
6,418,654.50
2,612,313.50
3,055,859.50
2,441,321.00

6,689,533.69
7,145,440.30
9,252,119.08
2,958,764.41
4,684,579.24
1,673,676.90

4,131,086.25
4,260,617.41
5,291,262.92
2,212,954.89
2,842,328.18
921,900.28

26,080,342.95
17,183,553.70
30,167,609.85
9,639,200.00
12,748,500.00
13,408,560.00

1,558,517.75
746,944.73
895,376.40
1,084,110.98
799,421.71
673,071.26

1,428,538.35
1,075,957.93
1,447,404.29
862.835.13
1,234,427.18
2', 395,967.01

95,000.00
1,241,600.00
83,280.00
26,000.00
367.200.00
187^500.00

425,
377,

267,
71,
363,
214,
164,
183,
131,

n

i
Q
O

g
§

3,000.00
50,000.00
4,420.00
77,500.00
13,500.00
18,700.00

E
o
hrj

Iowa
Missouri
Total Middle Western States
North Dakota
South Dakota
Nebraska
Kansas
Montana
Wyoming
Colorado.
New Mexico
Oklahoma
Total Western States
Washington
Oregon
California
Idaho
Utah
Nevada
Arizona
Total Pacific States
Total country banks
Total United States

785,700.05
144,200.00

4.770,619.15
1,407,856.00

2,197,017.83
918,773.91

18,068,500.00
5,561,025.66

1,219,613.43
171,546.35

2,101,392.89
256,529.90

102,501.29
1,000.00

3,799,562.72

26,158,293.88

38,582,588.77

22,775,941.67

132,857,292.16

7,148,602.61

10,803,052.68

2.104,081.29

107,450.00
196,350.00
281,500.00
320,653.00
335,851.75
36,050.00
302 150.00
129,850.00
519,278.60

950,885.00
995,070.60
1,202,246.61
1,329,398.89
1,121,398.72
436,900.00
889 665.80
278,586.40
3,198,849.49

762,093.22
1,019,957.30
1,402,391.18
2,562,605.17
863,146.10
1,053,892.50
1 593 534.15
496,557.92
4,616,901.50

590,779.89
668,557.55
698,202.83
2,107,535.17
614,184.66
856,090.16
749 554.58
265,870.46
3,107,384.49

2,483,060.00
5 564,500.00
7,257,500.00
6 805,754.88
2,552,500.00
1,527,000.00
2 819 000.00
820,500.00
5,219,800.12

334,841.40
320,833.62
207,686.51
501,384.09
154,508.51
34.411.00
761'102.27
45,715.18
638,982.80

654,347.20
1,478,993.90
643,205.35
380,367.62
227,237.81
55,183.19
746,923.58
82,328.97
2,251,943.92

1,000.00
81,000.00
56,000.00
63.00
5,007.00
500.00

2,229,133.35

....

3 806,122.75
925,873.00

10,403,001.51

14,371,079.04

9,658,159.79

35,049,615.00

2,999,465.38

6,520,531.54

211,395.70

434,940.00
191,454.00
1 136,437.75
301,434.00
48,300.00
117 550.00
49,600.00

1,490,020.00
1,302,197.00
6,002,532.60
1,224,527.00
304,300.00
214 780.00
425,369.00

990,476.44
572.789.18
4,656^148.92
892,581.53
122,413.50
195,950.00
467,694.42

368,204.97
143,308.28
2,902,092.60
382,189.13
31,792.50
8,862.50
375,916.75

4,314,500.00
3,131,500.00
12,683,017.26
2,858,500.00
310,000.00
699 000.00
976,500.00

286,855.06
376,335.31
1,056,810.37
227,647.48
23,172.66
43 178.00
48,733.42

695,377.28
299,704.71
1,896,635.46
352,811.98
35,210.30
28 069.50
49,178.44

102,930.00
6.022.00
500.00
44,500.00

2,279,715.75

10,963,725.60

7,897,053.99

4,212,366.73

24,973,017.26

2,062,732.30

3,356,987.67

158,952.00

22,018,867.15

124,471,608.87

195,365,254.61

112,010,598.50

410,569,316.66

49,259,140.82

65,698,444.49

3,289,574.24

42,579,011.74

185,645,738.93

371,181,755.21

174,337,368.58

996,116,986.66

174,929,230.66

231,899,637.41

42,012,721.19

$19,145,250. 00 $11,120,884.43
32,384,661.12
13,095,709.23

$13,042,833.99
10,960,250.45

$1,975,500.00
276,748.00

400.00
67,425.70
>3

W

Q
O

5,000.00

RECAPITULATION.

New England States:
Reserve city
Country banks
Total
Eastern States:
Central reserve citiei
Other reserve cities.
Country banks
Total




$2,933,592.50
19,973,9(33.19

$254,935.00
9,147,351.85

10,088,188.89

22,907,555.

9,402,286.85

51,529,911.12

24,216,593. 66

24,003,084.44

2,252,248.00

8,018,940.44
2,176,181.00
6,848,739.79

13,221,899.61
13,312,191. 95
41,057,096.22

77,079,616.20
34,688,282.59
74,593,902.45

4,926,756.00
13,609,660.09
45,878,143.81

249,967,070.00
73,046,700.00
128,951,541.49

52,382.923.60
20,587,988.42
15,054,868.99

79,282,553.33
32,870,729. 61
19,653,882.44

17,043,861.23

67,591,187.78

186,361,801.24 I 64,414,559.90

451,965,311.49

88,026,761.01

131,807,165.38

fed

8,384,050.00
6,074,350.00
288,452.75
14,746,852.75

$1,136,850.00
2.615,921.72

$241,391. 00
9,846,797.89

3,752,771.72

o
d

to
o

Liberty loan bonds, S%, 4, and4\ per cent, owned; amount which banks have contracted to sell on partial pay went plan or otherwise; and amount of money
loaned on the securityofsuch bonds; also amount of United States certificates of indebtedness owned, and amount of money loaned on such certificates,
as shown by reports of condition made by national banks at the close of business on Aug. 31, 1918—Continued.
RECAPITULATION—Continued.
(A)

Cities and States.

Southern States:
Reserve cities
Country banks
Total
Middle Western States:
Central reserve cities
Other reserve cities
Country banks
Total
Western States:
Country banks
Total
Pacific States:
Reserve cities
Country banks
Total
Total United States




(B)

(C)

(D)

Net amount of
4|- per
Net amount of Net amount of Net amount of Liberty cent
bonds
3£ per cent
4 per cent
4£ per cent
which banks
Liberty bonds Liberty bonds Liberty bonds have contracted
owned by
owned by
owned by
tosellonpartial
banks.
banks.
banks.
payment plan
or otherwise.

(E)

(F)

(G)

(H)

Amount of
Net amount of
Amount of
Amount of
United States money loaned money loaned money loaned
by banks on
certificates of
by banks on
by banks on
security of
indebtedness security of 3£
security of
United States
owned by
4J per cent
and 4 per cent
certificates of
banks.
Liberty bonds. Liberty bonds. indebtedness.

$1,594,533.30
4,245,793.82

$9,140,073.93
26,042,693.77

$18,388,715.37
39,946,667.17

$10,502,618.01
20,338,634.65

$44,485,500.00
56,353,189.63

$9,971,076.26
8,897,762.31

$7,586,934.57
14,403,739.71

$1,767,895.76
249,944.50

5,840,327.12

35,182,767.70

58,335,382.54

30,841,252.66

100,838,689.63

18,868,838.57

21,990,674.28

5,270,541.50
11,476,598.07
26,158,293.88

6,355,214.45
20,549,294.88
38,582,588.77

6,027,064.45
18,892,911.13
22,775,941.67

66,218,000.00
74,426,100.00
132,857,292.16

8,803,676.19
17,335,863.41
7,148,602. 61

12,917,315.51
14,580,266.47
10,803,052.68

42,905,433.45

65,487,098.10

47,695,917.25

273,501,392.16

33,288,142.21

38,300,634. 66

19,942,082.48

667,750.00
2,229,133.35

2,035,743.00
10,403,001.51

5,454,923.32
14,371,079.04

3,664,505.00
9,658,159.79

15,720,500.00
35,049,615.00

1,684,690.75
2,999,465.38

1.578,715.76
6,520,531.54

333,500.00
211,395.70

2,896,883.35

12,438,744.51

19,826,002.36

13,322,664.79

50,770,115.00

4,684,156.13

8,099,247.30

544,895.70

1,833,117.00
2,279,715.75

6,475,691.00
10,963,725.60

10,366,861.29
7,897,053.99

4,448,315.40
4,212,366.73

42,538,550.00
24,973,017.26

3,783,006.78
2,062,732.30

4,341,843.68
3,356,987.67

2,349,850.00
158,952.00

4,112,832.75

17,439,416.60

18,263,915.28

8,660,682.13

67,511,567.26

5,845,739.08

7,698,831.35

2,508,802.00

42,579,011.74

185,645,738.93

371,181,755.21

174,337,363.58

996,116,986.66

174,929,230.66

231,899,637.41

42,012,721.19

o
o
K

9,489,996.19
8,348,005.00
2,104,081.29

8,932,335.57

Eg

2,017,840.26

2,448,550.00
2,684,222.85
3,799,562.72

o

o
d
IS

c

to
S

EXHIBIT I.
Number and aggregate mount of loans made between Mar. 4, 1918, and May 10, 1918,
at rates in excess of highest rate permissible by law under u)ritten contract, as shown by
sworn reports of condition made by national banks as of close 5fbusiness on $£ay 10,1918.
Reserve cities.
rate legal
by written

States.

Number of

loans made
contract.* at excessive
rates.

New Hampshire

Country banks.

Aggregate
amount of
such loans.

6

11,379

7
26
6
26
6
6

11,379

3,252
103
3,498
774

967,963
407,754
905,412
185 516

$13,564,675

274
1
1

834,057
500,000
25,000

533

14,923,732

7,627

2,466,645

75,573
7,104,381

1,878
1,153
5,919
604
4,008
213
4,480
130
373
22,180
191
8,740
36,087

688,880
479,478
3,598,690
277,353
651 270
31,607
504 573
3,709
38 598
2,523,675
29,219
2,016,158
11,611,611

12,984

7,179,954

85,956

22^454,821

1
24

1,500
5,300

7

1

10
8
8

.

257

ioo,666

111

5,666

324
1,236
6,651
2,003
306
48
928

35 782
49,329
391 606
159,611
254,886
15 924
57,556

137

112,466

11,496

944,694

14
1

2,180
1,000

589
811
36
1,744
220

250

21,734

138
10,361

248 119
250 665
108^382
830 570
72 805
35
2 500
1,299,961

265

24,914

13,900

2,813,037

105

67,454

14
9
132
20
6

2,199
2,672
VI 147
840
287

Total Eastern States
Virginia
West Virginia
North Carolina .
South Carolina
Georgia..
Florida .
Alabama
Mississippi
Louisiana
. . .
Texas
Arkansas
ICentucky
. . .
Tennessee
Total Southern States

.
. .

6
6
6
8
8
10
8
8
8
10
10
6
6

v

Ohio
Indiana
Illinois
Michigan
Minnesota
Iowa
. .
Missouri

8
8
7

Total Middle Western States.
North Dakota
South Dakota
Nebraska
Kansas
Montana
Wyoming
New Mexico
Oklahoma

10
12
10
10
12
12
12
10

Total Western States
Washington .
Oregon
Idaho
Utah
Arizona

Aggregate
amount of
such loans.

7

Total New England-States..
New York .
New Jersey
Pennsylvania
Maryland
District of Columbia

Number of
loans made
at excessive
rates.

. .

12
10
12
12
10

24
12,960

*

Total Pacific States

105

67,454

181

23,145

Total United States

14,024

22,308,520

119,167

28,713,721

From the foregoing statement it is seen that the national banks state under oath
that as of May 10,1918, they had since the date of the preceding call, March 4, 1918,
made 133,191 loans aggregating $51,022,241 at rates of interest in excess of the highest
rates permitted by law under written contract.
1 This special rate permitted by written contract is generally considerably higher than the "legal r a t e "
of the several States, although in some States lenders are not permitted to charge, even by written contract, more than the so-called "legal rate."
2
Higher rates permissible on collateral loans of $5,000 or more payable on demand, and in Pennsylvania
commission men may contract for 7 per cent.

85478°—CUB 1918—VOL 1


-14

203

EXHIBIT J.

The following article by the Comptroller of the Currency was published in The Forum for November, 1918; and on motion of Representative Lobeck, of Nebraska, was reproduced in the Congressional Record
of December 19,1918.
The purpose of the article is to show the evil of the ancient sin of usury7
and to aid in its suppression among the banks of the country. It is an
abuse which, in some sections of this country, hadflourishedpractically
unchecked until a determined effort was made by the office of the Comptroller of the Currency several years ago to secure its abatement and
eradication from the national banks. These efforts have been continued
with gratifying success.
The arhcle gives a historic review of usury and points out its evil
consequences in the past as well as in modern times.
USURY AND THE BANKS.
FLEECING THE SMALL BORROWER BEING STOPPED BY THE
GOVERNMENT.
By J O H N SKELTON WILLIAMS.

(Comptroller of the Currency, and Director of the Division of Finance, U. S. Railroad Administration/

Thoughtful and conservative bankers—the men who really lead
the banking sentiment of the country—in numbers steadily and
rapidly increasing, are now setting their faces and giving their influence against an evil that for years had not only impeded the
growth but was threatening the commercial life of important sections
of our country, because oppressive and continuing usury inevitably
means poverty and failure; and poverty and failure breed discontent
which strikes blindly to destroy and tear down. Despair hates the
conditions which have produced it and is ready to go to war against
society and governments, regardless of means and reckless of consequences.
The business man, the laborer, the farmer driven to ruin by what
he believes to be unjust exactions, sanctioned or permitted by law,
becomes an anarchist at heart, carries within himself a sullen resentment ready to be touched to volcanic outburst by the first approach
of opportunity. He has no hope but vengeance/ His fury when he
may give it vent is directed against the conditions under which lie
las been oppressed.
The vice, or evil, or peril of usury—it is all three—is no new thing
under the sun and was not peculiar to this country. It was spreading among us, however, with i^pidity no casual observer would suppose, and in different communities was silently and secretly sapping
the life and eating away the foundations of commercial and social
life to an unsuspected extent. I do not wish to talk politics or to
discuss socialism. I have had opportunity, however, to notice tha*
204




REPORT OF THE COMPTROLLER OF THE CURRENCY.

205

States and communities in which literature presenting the most
violent, dangerous and incendiary forms of perverted socialism was
most eagerly read and accepted were precisely those in which my
reports showed the interest charges to small borrowers were most
extortionate.
The sin is one the oldest known to humanity, and is believed to
have been indirectly aimed at in the Tenth Commandment. The
Hebrew word for usury signifies " cruel biting." Probably it began
to bite along with the saber tooth tiger. Its derivation may have
suggested to a great English judge of five centuries ago his attempt
to distinguish between what he called "biting usury/7 meaning exorbitant rates, and "toothless usury/' or reasonable interest charges.
By Divine ordinance the Israeli ties of old were forbidden to demand usury of the poor and needy, and in Deuteronomy, we are
told, "Thou shalt not lend upon usury to thy brother, usury of
money, usury of victuals, usury of anything that is lent upon usury."
But by another law they are permitted to lend to strangers—which
banks, these days, are not accustomed to do. Loans to the Canaanites and other heathen on usury were, in fact, rather encouraged,
the implication being that they might be conquered and overcome
more readily this way than by the sword.
In ancient days, when men lived to be three hundred to four hundred to nearly a thousand years old, he who began to lend money at
the age of 25 or 30 must have accumulated quite a comfortable
estate when gathered to his fathers, especially if the interest was
compounded. Think of what Methuselah would have done! In
this connection the thought occurs that if Noah had out any considerable amount of paper on terms similar to those which are being
charged in some of our States, he may not have regarded the flood
as an unmitigated disaster.
THE USURER UNPOPULAR IN KING SOLOMON7S DAYS.

The Israelites during the early years of their race maintained consistently their opposition to usury, although the Jews have figured
so conspicuously since the Christian Era as such prominent exponents.
Five hundred years after Moses, King David and King Solomon had
things to say against usury, and the usurer seems to have been a
most unpopular character in those days. King David describes the
holy and just man, he who was entitled to enter into the courts of the
Lord, as one "who hath not given his money upon usury.7' The
Jewish Talmud speaks of usury as a practice expressly forbidden.
The subject of usury was specifically dealt with in the ancient
codes of most nattens. Under the code of Manu, in India, interest
was regarded as of doubtful propriety, and money lending was prohibited altogether to the superior castes, the Brahmins and Ksnattriyas, and even for the other two grades, a sum lent to a person in
distress may not give rise to any interest, because then the interest
would be extortionate. The limits fixed by the code were 1J per
cent per month with security, and 1J per cent per month without.
Among the Mohammedans the charging of usury was expressly
prohibited. Money lending in Turkey until recent years was almost
exclusively in the hands of Greeks and other foreigners.



206

REPORT OF THE COMPTROLLER OF THE CURRENCY.

The law of the twelve tables among the ancient Romans authorized
interest at the equivalent of 10 per cent per annum, subsequently
increased, toward the close of the Republic to 12 per cent. It was
then called "usuria centissima" because in 100 months it doubled
the capital, but this law was subsequently abolished and interest
• laid under a total interdict.
Julius Caesar enacted severe laws against usurers, and Cato is. said
to have banished the usurers from Sicily.
Later on, Tacitus tells us that the evil of usury greatly increased
in Rome and the laws forbidding it were continually eluded. Some
historians tell us that from this period, when usury so flourished,
Rome dates the beginning of her decay. Trade languished and
became disreputable and fell under the control of the worst elements
in the community, preparing the way for the calamitous events
which preceded Rome's final downfall.
Later, in the time of Justinian, the Government undertook to
control interest rates, which were fixed at one-third of 1 per cent a
month, or 4 per cent per annum, though higher rates wens allowed to
be taken by merchants, where a greater risk was involved. During
most of the periods of Roman history and before its decline and fall,
usury was treated as an aggravated species of theft and punished
with great severity. Whereas the punishment for theft was only a
forfeiture of double the value of the thing stolen, in usury the criminal was punished by condemnation and forfeiture of four times the
value of the usury taken. This severe penalty, it is said, was grounded
on sound governmental reasons, for it was seen in those days that
usury was one of the most frequent causes of sedition and discord
among the people.
MCADOO EMULATED TIBERIUS CAESAR.

Secretary McAdoo, in depositing, as he did on several occasions,
many millions of dollars in the banks to alleviate the strain and bring
down heavy interest rates which were being demanded in certain
parts of the country, found a precedent for so doing in the acts of
Tiberius Caesar, who, the ancient historian tells us, deposited a
"marvelous sum of money in the banks of Rome/' the amount being
estimated at 500,000 pounds sterling, or about two and a half million
dollars, for the purpose of breaking rates charged by usurers in those
days, and this money was offered freely to those debtors who were
able to give bond and security to double the value of the money borrowed. Secretary McAdoo's terms were more liberal.
"The canker of usury," says Tacitus, "is an old venomous foe and
is the chief head of rebellion and variance in countries, and it was
therefore banished in the old times."
In England, as early as the reign of Alfred the Great, laws were
enacted against usury, usurers forfeited to the King their chattels,
while their land escheated to the lords of the fee, and it was
further provided that usurers should not be buried in the sanctuary.
In the reign of Edward the Confessor, 150 years later, the laws provided that the usurer should forfeit all his substance, be outlawed,
and his heir disinherited. Other punishments were added by William
the Conqueror, such as whipping, exposure on the pillory, and perp otual banishment.



EEPORT OF THE COMPTROLLER OF THE CURRENCY.

207

In the Magna Charta, in 1215, attempts were made to regulate or
restrain usury, the provision inserted showing clearly how general
the evil was andr how oppressive.
These laws w ere modified and changed from time to time, in the
twelfth century. According to Glanville, the usurer was not liable
to bo convicted during his lifetime, but forfeited his goods and chattels
after death.
In 1487 two acts were passed in England to restrain usury and to
meet the various devices w^hich had become common. This law
provided that offenders should be placed in the pillory, put to open
shame, be imprisoned half a year, and pay 20 pounds sterling.
In the reign of Queen Elizabeth the legal rate was fixed at 10 per cent.
This rate was reduced to 8 per cent under the reign of James I. All
contracts foru more than 8 per cent were void, but the act contained a
clause that no words in this law shall be construed or expounded
to allow the practice of usury in point of religion or conscience/7
inserted in the law to satisfy the bishops, who would not pass the bill
without it,
USURY CONTRIBUTED TO THE DECLINE OF ROME.

In the reign of Charles II the legal interest was further reduced to
6 per cent, which had then become customary, and it is interesting to
compare the conditions set forth in the preamble of this act, which
shows the beneficent influences of favorable money rates, with the
corruption and declining conditions in Rome, when usury flourished
most in the Eternal City. The preamble to this act says:
Forasmuch as the abatement of interest from 10 per cent in former times has been
found by notable experience beneficial to the advancement of trade and the improvement of lands by good husbandry, with many other considerable advantages to this
nation, especially the reducing of it to a nearer proportion with foreign states with
whom we transact, and whereas in the fresh memory the like fall from 8 to 6 per cent
by late constant practice hath then the like success to the general contentment of this
nation as is visible by several improvements, and whereas it is the endeavor of some
at present to reduce it back again in practice to the allowance of the statute still in
force, to 8 per cent, to the great discouragement of ingenuity and industry in the
husbandry, trade and commerce of this nation.

The rate of interest in England was reduced to 5 per cent in the
reign of Queen Anne, the preamble of the law stating that—
It has become absolutely necessary to reduce the high rate of interest of six per cent
to a nearer proportion with interest allowed in foreign States.

The various acts passed in the reign of Charles II, William III,
and George II, George III and George IV provided that all securities
given on a usurious consideration or upon a gaming transaction
were absolutely void.
In this country the Colonies first and the States later undertook
to fix and regulate the rates of interest and to define and prohibit
usury. Massachusetts fixed the legal rate at 8 per cent in 1641, and
reduced it to 6 per cent three years later. Some of the older States,
however, refused to adopt usury laws until within recent years. In
many of our States usury statutes have been and are ignored, and
where the transgressions against the usury law have been most
marked and where usury has flourished most, unmolested, we find
enterprise hampered and many unhealthy conditions engendered;
which reminds one of a saying credited to Diogenes, that ilwhere



208

REPORT OF THE COMPTROLLER OF THE CURRENCY.

neither laws have force nor water hath course, there no wise man seeks
to dwell."
To the substantial business man, accustomed to reasonable accommodations from banks, there is a kind of ghastly humor in some of
the revelations resulting from an investigation into the subject of
usury conducted some months ago by the Comptroller's office.
USURY AIMS AT AMERICAN BANKS.

It was ascertained at that time that 1,247 national banks, out of
a total of 7,600, were openly charging rates of interest forbidden by
the laws of their respective States and by the national-bank act,
and that, despite the easy money conditions, 2,743 banks were charging on some of their loans interest of 10 per cent or more per annum.
One bank admitted under oath that it was charging an average
of 25 per cent per annum on all of its loans; another, an average of
36 per cent; and a third, an average of 40 per cent per annum on
all loans.
The alarming part of all this is that wherever such a case of oppression occurred the agitators, the chronic trouble makers and the
demagogues of the neighborhood or the county made it the text for
incitement of rage against the capital and the commercial methods
of the entire country.
I will not tire you with figures, but will mention just a few actual
loans made by national banks and reported under oath to the Comptroller's office which may serve as illustration.
Here is a loan of $1,000 for a month and a half at 77 per cent; a
loan of $2,067 for a month at 65 per cent; $553 for two months at
85 per cent; $491 for 80 days at 50 per cent; $200 for three months
at 50 per cent.
A visitor to my office from a certain State not long ago, who held
a high public office in that State, told me of a loan for $90 made to
a farmer to help him to raise his crops, the loan being for less than a
year. He said that the bank had charged this farmer, in addition
to a large rate of interest, an extra sum of $50 for the trouble of going
out to look at the land and for a few preliminaries to the loan.
The practice of making a deduction for expense, in addition to
the rate of interest, seems also to have been an ancient one and to
have been resorted to hundreds of years ago. It has prevailed to
an inexcusable extent up to a very recent date in certain of our States.
I am sincerely gratified to be able to report, after all this looking
at the dark side of the picture, that in the past year or so, there has
been a vast improvement in the matter of interest rates throughout
the country. The evil has been greatly mitigated, but it is not yet
entirely eliminated. Hundreds of banks have made perpendicular
drops from the excessive rates which they formerly charged. Many
that had been charging on some of their loans as much as 50 per cent
reduced to 12 per cent and in thousands of cases they have come
within the legal rates of their respective States.




EEPORT OF THE COMPTROLLER OF THE CURRENCY.

209

NOW, THE BANKS ARE REDUCING RATES.

In other instances, where only 12 per cent to 15 per cent rates had
prevailed, borrowers are now accommodated at 8 per cent and 8 per cent.
Some banks have adopted a conservative course and apparently have
been afraid to reduce their rates too suddenly, but they are moving in
the right direction. One bank testifies under oath that it has succeeded
in reducing its maximum rate from 360 per cent to 109 per cent.
Another in the same State reports that it has already brought its
maximum rate down from 300 to 30 per cent; others report that
they have brought their average rates of 18 per cent and 22 per cent
down to the legal rate of 10 per cent.
I am very glad to be able to say that these sensational and inexcusable rates are steadily disappearing from the sections where they
have formerly prevailed, and people of every part of this country
are at this moment securing money for all purposes, whether it be
for commercial business, farming, or industrial purposes, on more
favorable terms than ever before in the history of our country.
In divers instances national banks which have been called on to
reduce their rates of interest to those permitted by law have not
only complied but have advised my office that they were conducting
their business on a plane which is proving not only more satisfactory
to their customers, but, all things considered, more satisfactory to
the banks themselves, as their business is showing a healthy expansion
in response to more liberal treatment.
For example, the cashier of a national bank in the interior of Texas,
which had m the past been charging excessive interest rates, in a
letter to the Comptroller of the Currency, said:
While it has been rather hard for us to get down to the legal rate, I realize that you
are absolutely correct, and I am sure that the cheaper rate of interest will bring, and is
already bringing, this bank a large increase of business. Your stand in this matter
is entirely commendable and we will do our best to uphold you in it.

Many farmers who had never known what it was to borrow money
below 12 per cent, even on cotton, through the operations of the
Federal reserve system are now enabled to borrow from their local
banks at 6 per cent, and the small local banks are able to borrow in
their turn from the Federal reserve banks at 3 to 4§ per cent, and the
business men throughout the country, I am sure, are prepared to
testify that in the past 12 months, despite the very active condition
of business, which usually brings tight money, that in all our important
cities merchants and manufacturers have been able to place their
commercial paper at lower rates than ever known before.
To overcome the whole trouble and rid the farmer and the small
merchants in the rural districts of the exactions which have often
crippled and sometimes destroyed them, a bill has been introduced in
Congress, requiring all national banks to keep a record showing the
rate of interest charged on each and every loan, and authorizing and
directing the Department of Justice to bring suit against usurers,
upon information secured by the department from the Comptroller
of the Currency, or from other sources. If this becomes a law, it
will be possible to eradicate entirely usury from national banks. It
would be difficult to overestimate the blessings which will come to
many thousands of borrowers in all parts of the country if the maximum rate of interest throughout the States should be reduced from



210

EEPORT OF THE COMPTROLLER OF THE CURRENCY.

100 per cent and more, which has been charged in the recent past
in many banks, to a maximum of 6 or 8 or even 10 per cent, according to the legal rate in the respective States.
The subject of usury has oeen discussed, as I have shown you,
through thousands of years and by countless learned men. After
the Hebrew prophets and law givers, Csesar and Cato and later
Justinian in Rome, and the Greek philosophers, debated on it; prelates, kings and great judges of great courts have studied and
expounded it; parliaments, congresses, legislatures have turned it
inside up and outside down; discourses on it in such bodies, in the
pulpit, from the bench, have been innumerable in numbers, infinite
in extent.
Yet in some parts of this country we found we were in worse condition in this respect than were the people of 50 centuries ago, and
men and women in the United States, in the twentieth century were
bitten more deeply than were the ancient Hebrews; were destroyed
and enslaved more grievously than were the Canaanites, declared
enemies of God's chosen people. There is no organized ecclesiastical
protest against it, and the executive officers of the law stood inert
and apparently powerless. In some of the newest and freshest parts
of our land, American citizens were practically in the position of the
poor of Rome under the oppressions of usurers of distinguished
families—
No fire when Tiber freezes,
No air in Summer's heat;
But stores of rods for freeborn backs,
^ And stocks for freeborn feet.

Let us earnestly hope that the conscience of the country and the
protest of the self-respecting and forward-looking bankers may be
truly aroused to renew the old, old fight against the old, old instinct
of tyranny and oppression, so cruelly contrary to all the teachings
of Christianity, the lessons and purposes of civilization, and all the
trend of modern thought—
The good old rule, the simple plan,
That he shall take who has the power
And he shall keep who can.

No country can live, much less prosper; no people can keep their
strength and maintain that unity of thought and purpose that makes
nations conquerors, where wealth accumulates and men decay.




INDEX.
ACCEPTANCES:
Amount of, Aug. 31,1918
By national banks in reserve cities and elsewhere
Increase in, during year
ACTS. (See Legislation enacted.)
AMENDMENTS TO FEDERAL RESERVE AND NATIONAL BANK ACTS.

Page.
50
50
31
(See Legislation enacted; Legisla-

tion recommended.)
APPENDIX. (See Exhibits.)
ARMY AND NAVY. (See also Employees of national banks in Army and Navy.)
Employees of currency bureau in
Officers and employees of national banks in

155
81

ASSESSMENTS UPON SHAREHOLDERS OF INSOLVENT NATIONAL BANKS

71

ASSETS. (See also Condition of national banks; Banks in the United States.)
Of banks other than national
National banks in reserve cities and elsewhere, 1913 to 1918
ASSETS AND LIABILITIES OF NATIONAL BANKS. (See also Condition of national banks.)
Percentage of principal items of, to total, annually, 1908 to 1918

87
47
33

ASSISTANT TREASURER AT N E W Y O R K :

Transactions of, with New York clearing house

140

BALANCE OF TRADE FOR WAR PERIOD

10

Excess of exports over imports annually, 1914 to 1918

11

BALANCES, DORMANT, DEPOSIT OF, IN UNITED STATES TREASURY:

Legislation recommended relating to

78

BANKING POWER OF UNITED STATES
BANKING POWER OF WORLD:

9

Amount of, as estimated by Mullhall in 1890

10

BANKING PREMISES AND OTHER REAL ESTATE OWNED:

Comparison of amounts invested in, by national banks, 1917 and 1918

28

BANKING:

Good results from closer adherence to the law, etc
BANKS, FEDERAL LAND. (See Federal farm-loan system.)

6

BANKS IN THE UNITED STATES:

Cash in
Consolidated statement of principal items of resources and liabilities of
Deposits, individual, classification of
Growth of, since 1863
Increase in capital and resources of, during year and since 1913
Increase in resources of, including Federal reserve banks, in 1917 and 1918
Number and assets of, annually since 1863
Number of, in June, 1918, by States
Resources and liabilities of, including Federal Reserve banks
Resources and liabilities of, in June, 1918, by States
Summary of combined reports of condition of, in June, 1918
BANKS, JOINT STOCK LAND. (See Joint stock land banks.)
BANKS, OTHER THAN NATIONAL. (See also Banks in the United States.)
Cash in, in June, 1918
Comparative statement of principal items of resources and liabilities of, 1914 to 1918
Comparison of present national-bank resources with those of, in 1910 and 1917
Decrease in cash in, during year
Failures of, during year, by States
Failures and suspensions of, 1914 to 1918, and comparison with those of national banks
Growth in resources of, June, 1913, to June, 1918, compared with that of national banks
Investment by, in United States bonds
Resources and liabilities of, by States
Summary of resources and liabilities of
%

121
107
120
117
106
107
118
112
109
112
110
121
89
4
121
6
5
11
137
100
87

BILLS PAYABLE:

National banks, liabilities for, since 1913
BONDED DEBT OF THE UNITED STATES. (See Interest-bearing bonded debt of the United States.)




211

50

212

INDEX.

BONDS:
"
Page.
And money borrowed
31
Farm-loan. (See Federal farm-loan system.)
Foreign government, owned by national banks in reserve cities and elsewhere, Dee. 31,1917
28
Investments by national banks in reserve cities and elsewhere, on specified dates since 1913
48
Liberty Loan. (See Liberty Loan bonds.)
Other. (See also Condition of national banks; Banks other than national.)
Securities held, other than United S t a t e s Amount of, held by national banks
26
Surety, for officers and employees of banks, legislation recommended relating to
.
76
BONDS, UNITED STATES. (See also Liberty bonds.)
Available as security for circulation
125
Bank investments in
26,137
Deposited to secure circulation
12,2G, 47,55,56,124
Deposits and withdrawals of, by national and Federal reserve banks, monthly during year
125
Exemption from State taxation of, owned by national banks, legislation recommended relating to
78
Insolvent national banks, Investments in, by
:
72
Percentage of, to total assets of national banks, annually, 1908 to 1918
33
Price and interest realized by investors in, during year
124
Sale of, held by liquidating banks, legislation recommended relating to
78
BOOKKEEPERS:

Legislation recommended relating to

78

BRANCH BANKS:

Legislation recommended relating to

77

BRANCHES, FOREIGN, OF NATIONAL BANKS:

Condition of, on June 29,1918
Examination of South American
List of, and subbranches

52
52
51

BUILDING AND LOAN ASSOCIATIONS I N UNITED STATES:

Growth of, during year
In District of Columbia
Number, membership and assets of, by States
Receipts and disbursements of, for 1917

151
153
132
153

BUILDINGS:

Legislation recommended limiting investment in bank buildings by national banks

77

BY-LAWS, STANDARDIZATION OF:

Legislation recommended relating to
CAPITAL OF BANKS. (See also Banks other than national.)
Amount of, of national banks organized since March 14,1900
Classification of national banks organized since 1900, according to, by States
Demand for banks with capital of $25,000
Increases and reductions in, 1917 and 1918
Insolvent national banks
,
Number and, of national batiks in operation on January 1 of each year, 1864 to 1918
Number and, of national banks on August 31,1918, by States
Number and, of national banks with individual capital of less and more than 150,000, organized
since 1900
National banks chartered during year, by States
National banks in reserve cities and elsewhere, on specifed dates since 1913
National banks in voluntary liquidation during year
Percentage of, to total liabilities, annually 1908 to 1918
Relation of, to individual deposits, loans and aggregate resources, annually 1913 to 1918

76
64
65
64
63
70
57
65
65
58
49
U3
S3
33

CAPITAL, SURPLUS, A N D PROFITS:

Increase in, during year and since 1913
Relation of, to individual deposits, annually 1913 to 1918

4:1
o,;

CASH:

Comparison of amount of, in 1917-1918
i n all reporting banks, classification of, in June, 1918
In national banks, in reserve cities and elsewhere, on specified dates since 1913
In the United States
On hand in national banks and balances with Federal reserve banks
Relation of, to individual deposits in national banks, annually 1913 to 1918

32,121
120
48
121
33
33

CERTIFICATES OF DEPOSIT:

Legislation recommended relating to signing of




=-

76

INDEX.

213

CERTIFICATES OF INDEBTEDNESS:

Page.

Aid by Federal reserve banks in placing
14
Increase, during year, in amount of, owned by national banks
25
Increase in liabilities of national banks due to notation of
31
Owned by national banks in reserve cities and elsewhere on March 4,1918, and on June 29,191S.. 1% =93
Owned and amount loaned on, by national banks in reserve cities and elsewhere on August 31,
1918
198
CERTIFICATION OF CHECKS. (See Legislation enacted.)
CHARGE TICKETS:

Legislation recommended relative to signing of
CHARTERS OF NATIONAL BANKS. (See also Organization of national banks.)
Applications for, received, approved, and denied in 1917 and 1918
Number of extensions and reextensions of, by States
Total number of, issued
CHECKS, CERTIFICATION OF. (See Legislation enacted.)

78
63
02
64

CIRCULATION OF NATIONAL BANKS:

Amount and kind of United States bonds available as security for
Amount outstanding by denominations
Amount secured by United States bonds monthly since December, 1917
Charge for plates, etc., for printing, during year
Denominations of notes issued
Deposits and withdrawals of United States bonds held as security for, monthly during year...
Engraved signatures for, legislation recommended relating to
Expenses of redemption of, during year
-k
.Increase or decrease in, issued and retired since 1875
Issued, redeemed, and outstanding, by States
Lawful money on deposit to redeem, monthly since December, 1917
Of rechartered banks, legislation recommended relating to
Outstanding, of banks in reserve cities and elsewhere, at each call during year
Outstanding, monthly, since December, 1917
Principal sources of receipts of, for redemption, during year
'
Printed, issued, redeemed, on hand and outstanding, compared with Federal reserve and Federal
reserve bank notes
Profit to national banks on
Receipts of, for redemption, monthly during year
Redemption charges on, during year
Revenue to Government from tax on
United States bonds on deposit to secure, monthly since December, 1917
Vault account of, received and withdrawn during year

125
126
124
128
124
125
77
126
123
56
124
76
30
124
127
136
12?
126
127
128
124
123

CIVIL WAR, BOND ISSUES OF:

Compared with Liberty loanissues

2

CLEARING HOUSE ASSOCIATIONS:

Transactions of, in Federal reserve and other cities in 1917 and 1918

140

CLEARING HOUSE, EXCHANGES FOR:

Fluctuation in amount of, since September 11,1917
CLEARING HOUSE, N E W YORK. (See New York clearing house.)

30

COIN AND CERTIFICATES HELD BY NATIONAL BANKS:

Classification of, in June, 1917 and 1918
COIN AND OTHER MONEY IN THE UNITEJ> STATES.
CONDITION OF NATIONAL BANKS:

29
(See Money in the United States.)

Abstract of reports of, at each call during year
„.
;1
Changes in volume of principal assets and in deposits, by geographical divisions, at each call
during year
32
Comparative statement of principal items of resources and liabilities of State and national
banks, 1917-18
106
Growth in resources and liabilities since 1913
17
Principal items of resources and liabilities of, in reserve cities and elsewhere, on specified dates
since1913
47
CONSERVATION OF GOLD SUPPLY, ACT FOR:

issue of Federal reserve bank notes under

134

CONSOLIDATIONS OF NATIONAL BANKS:

Number of, during year
Provision for, without liquidation of either

63
81,168

CONVERSIONS OF STATE BANKS:

Number and capital of, by States
Number and capital of, since 1900




t2
>
64

214

INDEX.

CRIMINAL VIOLATIONS OF NATIONAL BANKING LAWS:

Page.

Convictions for, during year

20

CURRENCY BUREAU:

Expenses of, during year and since 1863
128
CURRENCY, NATIONAL. (See also Circulation of national banks.)
Federal reserve, Federal reserve bank, and national bank notes, issued and redeemed during
year, by classes
12
Outstanding and in vault, by classes, October 31, 1918
12
DEBT OF THE UNITED STATES. (See Interest-bearing bonded debt of the United States.)
DEPOSITS:

Demand, in national banks in reserve cities and elsewhere on specified dates since 1913
Demand and time, changes in volume of, by geographical divisions at each call during year
Federal reserve banks, holdings of national bank
Geographical classification of
Guaranty of, recommended
Individual, in all banks in the United States
Individual, increase in demand and time deposits during year
Increase in, despite subscriptions to Liberty loans
Increase in, since 1913
In savings banks in principal countries of the world
In United States postal-savings system
Interest on, legislation recommended limiting
Limitation of, in proportion to capital and surplus, legislation recommended relating to
Number of, exceeding $5,000 each and number and amount of $5,000 or less each, by geographical
locations
Percentage of, to total liabilities, annually, 1908 to 1918
Proportion of loans and discounts to, September, 1917, and August, 1918
Eelation of capital, capital and surplus and other profits, and cash on hand and balances with
Federal reserve banks to, annually, 1913 to 1918
Time and other, in national banks in reserve cities and elsewhere on specified dates since 1913..
DEPOSITORS, LOSS TO. (See Failures and suspensions of national banks.)

49
32
29
35,44
79
120
31
3
47
144
141
75
76
161
33
22
33
52

DIRECTORS:

Delays in execution of oaths of, legislation recommended relating to
Interest on deposits of. (See Legislation enacted.)
Meetings of, at times of semiannual examinations
Moral and legal responsibility of.
Proceedings against, for losses sustained, legislation recommended relating to
Purchase or sale of assets by or from. (See Legislation enacted.)
Removal of, for violations of law, legislation recommended relating to

75
ft
6
74
75

DIRECTORS, " A " AND " B , " OF FEDERAL RESERVE BANKS, CHOOSING OF. (See Legislation enacted.)
DIRECTORS AND ATTORNEYS, NOTES EXECUTED BY. (See Legislation enacted.)
DIRECTORS AND OFFICERS, LIABILITY OF. (See Legislation enacted.)
DISCOUNT RATES, OF EACH FEDERAL RESERVE BANK. (See also Rates for money in New York)
DISTRICT OF COLUMBIA:

1C3

Banks and banking in, number, capital, individual deposits, and aggregate resources of each class
of banks in
153
Building and loan associations in, number, loans, installments on shares, and resources of, annually since 1909
151
Wild-cat banking in, legislat ion recommended preventing.. .„
76
DIVIDENDS. (See also Earnings and dividends of national banks.)
Paid by insolvent national banks
6,71
Paid by national banks, comparison of, with those of previous years
7
DOMESTIC AND FOREIGN SECURITIES HELD BY NATIONAL BANKS:

Classification of, in June, 1913 to 1918

27

D U E FROM ALL OTHER BANKS:

To national banks in reserve cities and elsewhere, on specified dates since 1913
DUE FROM BANKS: Increase in amount during year

48
28

D U E FROM FEDERAL RESERVE BANKS:

To national banks in reserve cities and elsewhere, on specified dates since 1914

48

D U E TO BANKS:

By national banks in reserve cities and elsewhere, on specified dates since 1913
Decrease in amount, during year, by national banks

;

49
31

EARNINGS OF NATIONAL BANKS:

Dividends, percentage of, during year compared with previous years
Gross, comparison of, with loans and bond investments, by geographical divisions, June, 1918 . .
Gross and net, compared with previous years
Dividends paid from
Increase in, during year




53
51
7
7
2

INDEX,

215
Page.

EMBEZZLEMENT, ETC., OF OFFICERS, ETC., F E D E R A L RESERVE AGENTS AND NATIONAL-BANK RECEIVERS.

(See Legislation enacted.y
EMPLOYEES OF BUREAU:

Expression of appreciation of service by
Percentage of, in Army and Navy

151
155

EMPLOYEES OF NATIONAL BANKS:

Number of, by sex, November 1, 1918
Grouped by reserve cities and States

3
84

EMPLOYEES OF NATIONAL BANKS IN ARMY AND NAVY:

Number and per cent of.
Number and per cent of, grouped by reserve cities and States
Reserve cities, furnishing largest number of.
States furnishing highest percentage of
States furnishing largest number of

83
82
82
83
£3

E X A M I N A T I O N O F NATIONAL B A N K S :

Meetings of directors at t i m e s of
R e s u l t s of, m o r e rigid
S o u t h American branches of national banks
Thoroughness of

6
7
51
17

E X A M I N E R S O F NATIONAL B A N K S :

Change i n m e t h o d of compensating
Expression of appreciation of sarvice of
List of
Loans or gratuities to
National-bank charges for salaries of, during year

17
154
18
166
127

EXCHANGES FOR CLEARING HOUSE:

Fluctuation in amount of, since September 11, 1917
EXCHANGE, STERLING. (See Sterling exchange.)

30

EXHIBITS:

A. Federal guaranty of deposits in national banks
B. Number and amount of deposit accounts of $5,000 or less and over $5,000
C. Legislation affecting or relating to national banks
American Red Cross contributions
Capital-issues committee
*
Civil rights of mambsrs of the military and naval establishments
Conservation of the gold supply
Consolidation of national banks
Fourth Liberty Loan bond acts
Purchase or sale of assets by or from national and member banks
Receipt of fee, commission, gift, etc
Reserve requirement changes
Trust powers of national banks
War Finance Corporation
D. Liberty Loan bonds, 3 | and 4 per cent, owned, and amount loaned on December 31, 1917...
E . Liberty Loan bonds (3£ and 4 per cent) and certificates of indebtedness owned, held as collateral, and amount contracted to be sold on installments March 4, 1918
F . Subscriptions to Third Liberty Loan bonds reported as on May 10,1918
G. Liberty Loan bonds (3V, 4, and 4£ per cent) and certificates of indebtedness owned, loans
owned as security and hsld under contract to sale on installment plan or otherwise June 29,
1918
H. Liberty Loan bonds (3|, 4 and 4J per cent) and certificates of indebtedness owned, loans on,
and amount that banks have contracted to sell on installments or otherwise August 31,
1918
I. Number and amount of usurious loans made by national banks in reserve cities and elsewhere
between March 4 and May 10,1918
Highest rate legal by written contract on loans in each State
J. Usury and the banks
Banks are reducing rates
Fleecing the small borrower being stopped by the Government
McAdoo emulated Tiberius Caesar
Usurer unpopular in King Solomon's days
Usury aims at American banks
Usury contributed to the decline of Rome
"

156
161
161
168
175
179
177
168
169
163
163
162
162
171
179
183
188

193

198
203
203
204
209
204
206
205
208
207

E X P E N S E S OF CURRENCY BUREAU:

Salaries, etc., during year and since 1863

127

EXPORTS:

Value of merchandise exported during past five years




10

216

INDEX.

FAILURES AND SUSPENSIONS OP BANKS OTHER THAN NATIONAL:

Page.

Number of failures during year, by States, and since 1914

5,12

FAILURES AND SUSPENSIONS OF NATIONAL BANKS:

Bonds withdrawn by insolvent banks, monthly, during year
125
Causes of failures
»
73
Comparison of, in 1917 and 1918
70
Comparison of numbers of, 1914, 1915, 1916, 1917, 1918
5
Condition of all receiverships, active and inactive, showing assessment upon shareholders,
assets, bonds held, capital, circulation, claims proved, collections, disbursements, and dividends
72
Cost of closed receiverships
72
Dividends, amount of, paid
6,72
During war period as compared with those in previous crises (1893,1908, 1918), etc
2,4
Loss to depositors by, during 33 years prior thereto
2
Number a n d capital of ^during year
70
Number a n d capital of insolvent national banks, annually, 1863 to 1918
70
Number, capital, and gross assets of failures during year, b y States
69
Number of active trusts, 1913 compared with 1918
6
Number of insolvent national banks, by States
.'
56
Number of insolvent national banks, on January 1 of each year, 1864 to 1918
57
Number restored to solvency
70
Title, capital, circulation of, during year
70
Trusts finally closed during year
72
FALSE FINANCIAL STATEMENTS:

Legislation recommended relating to penalty for
FARM-LOAN ASSOCIATIONS. (See Federal farm-loan system.)
FARM-LOAN BONDS. (See Federal farm-loan system.)
FARM-LOAN SYSTEM. (See Federal farm-loan system.)

77

F E D E R A L FARM-LOAN SYSTEM:

Consolidated statement of condition of farm-loan banks
Farm loan bonds issued by, with rate of interest thereon
Farm-loan associations
Farm-loan bonds outstanding
Joint-stock land banks
—v
Loans applied for, approved, and closed in each district and by States
Loans closed by, to October 31, 1917, and monthly to October 31, 1918
Ownership of capital of

146
150
147
146
151
148
150
146

FEDERAL GUARANTY OF DEPOSITS IN NATIONAL BANKS:

Arguments in favor of
Circular letter to banks relating to
Deposits, number exceeding $5,000 each, and number and amount of $5,000 or less each, by geographical locations
Estimate of necessary assessment rate
Legislation recommended relating to
Senate bill providing for
FEDERAL LAND BANKS. (See Federal farm-loan system.)

158
156
161
2
79
158

FEDERAL RESERVE ACT, AMENDMENTS TO. (See Legislation enacted.)
FEDERAL RESERVE AGENTS:

Embezzlement, etc., by. (See Legislation enacted.)
FEDERAL RESERVE BANKS:

Balances with
Bills payable with, and increase of, during year
Cash in, during year
Condition of, annually 1914 to 1918, and by months June, 1917, to November, 1918
Directors, "A " and " B , " of, choosing of. (See Legislation enacted.)
Discount rates of
Earnings of, during year
Embezzlement, etc., by officers of. (See Legislation enacted.)
Investments by, in United States bonds
Issues of $1 and $2 notes authorized
National banks, balance with, during year
National-bank deposits with, since December, 1914
Notes issued, redeemed, and outstanding
Notes secured by bonds, gold, etc
Penalties for embezzlement, etc., of officers of
Placing Liberty bonds and certificates of indebtedness by
Principal items of resources and liabilities of
Security for notes
 owned by national banks
Stock of,



29
31
121
14
138
14

v

137
134
29
29
130
. . 128
81
14
109
128,134
21

INDEX.

217

FEDERAL RESERVE BANK NOTES:

Page.

Conditions under which, may be issued
Deposits and withdrawals of securities for, during year
Issued, redeemed, and outstanding, by denominations
Printed, issued, and on hand, by denominations for each bank
Receipts of, for redemption, monthly during year
United States bonds, etc., held to secure amount outstanding and vault balance of

*

133
]34
136
135
126
12,131

FEDERAL RESERVE CITIES:

Transactions of clearing-house associations in, and other cities in 1917 and 1918

139

FEDERAL RESERVE NOTES:

Gold held as part security for
12, I/O
Issued, retired, and outstanding, by denominations and by banks
132
Mutilated notes received, destroyed, and on hand; by denominations and by banks
133
Outstanding and in vault, October 31,1918
12
Outstanding and security for, weekly, November 1914 to November 1918
129
Printed, issued, redeemed on hand and outstanding compared with national and Federal reserve bank notes
136
Receipts of, for redemption monthly during year
126
Securities held for.
12,129
FEDERAL RESERVE SYSTEM:

Growth of national banks since organization of
Strength of, in war time during financial strain
F E E S , ACCEPTANCE OF, BY OFFICERS, ETC.
FOREIGN BRANCHES OF NATIONAL BANKS

A, 47
1

(See Legislation enacted.)
51

Condition of, on June 29, 1918
Examinations of South American branches by a national-bank examiner
List of, and subbranches

52
51
51

FOREIGN GOVERNMENT BONDS OWNED BY NATIONAL BANKS:

Classification of, in reserve cities and elsewhere December 31, 1917
FOREIGN SAVINGS BANKS. (See Savings banks in principal countries of the world.)
GOLD. (See also Specie and gold and silver certificates.)
Coin and certificates held by national banks
Coin and certificates held by State, etc., banks
Federal reserve banks and Federal reserve agents, holdings of
Federal reserve banks' holdings
Lawful money including, securing Federal reserve notes

28
121
121
14
14
129

GOLD SUPPLY, ACT TO CONSERVE THE

134

GROWTH OF NATIONAL BANKS. (See also National-bank system.)
As shown by specified calls since 1913
In past five years
GUARANTY OF NATIONAL BANK DEPOSITS. (See Federal guaranty of deposits In national banks.)

47
4

HISTORIC REVIEW OF USURY AND THE BANKS.
IMPORTS:

(See Usury and the banks.)

G old imported during pastftve years.
Merchandise imported during past five years
INSOLVENT NATIONAL BANKS. (See Failures and Suspensions of National Banks.)
INTEREST-BEARING BONDED DEBT OF THE UNITED STATES.

10
11

(See also Liberty Loan bonds.)

Amount and rates of interest on
National banks' investments in, 1913-1918

136
47

INTEREST CHARGES FOR SMALL LOANS:

Legislation recommended relating to

70

INTEREST ON DEPOSITS:

Legislation recommended limiting
INTEREST ON DEPOSITS OF DIRECTOES, ETC.

70
(See Legislation enacted.)

INTEREST RATER. (See also LTsury.)
Decrease of usury
Historic review of usurious
Loans at usurious
Maintenance of normal, during year.
INVESTMENTS (see also Banks in the United States; Federal reserve banks; National banks):
Productivity of loans and bond investments of national banks

2
204
203
2
51

INVESTMENT SECURITIES OF NATIONAL BANKS:

Classification of foreign and domestic, in June, 1913 to 1918

27

ISSUES AND REDEMPTIONS OF NATIONAL CURRENCY DURING YEAR

12

fc

LAND BANKS. (See Federal farm-loan system.)
LAWFUL MONEY (see also Federal reserve banks; Money in the United States: National banks):
Cash in all banks
On deposit to redeem circulation, monthly since December, 1917
Stock of money in the United States




121
124
122

218

INDEX.

LEGISLATION ENACTED:

Page.

Acceptance of fees, etc., by officers
Act to conserve the gold supply
Capital-issues committee
Certification of checks
Change in reserve status of certain banks
Choosing directors of classes " A " and " B " of Federal reserve banks
Civil rights of members of military and naval establishments
Consolidation of national banks
Deposit with banks of subscriptions to Third Liberty Loan
Disclosure, by bank examiners, of names of borrowers, etc
Embezzlement, etc., by bank officers, Federal reserve agents, and national bank receivers
Exemption from liabilities incurred under war finance act
Federal re-serve bank notes, authorized to replace silver dollars sold as bullion
Federal reserve notes of large denominations
'.
Fourth Liberty bond acts of July 9 and September 24,1918
Gold supply, conservation of
Increased power to lend upon Liberty bonds
Interest on deposits of directors, etc
Liability of directors and officers
Loans or gratuities to bank examiners
National bank contributions to Red Cross
Notes executed by directors or attorneys of banks
.
*
Purchase or sale of assets by or from directors
Red Cross, contributions to, by national banks
.'
Reserve requirements of national banks ....'
Services for banks, etc., b y bank examiners
Silver. (See Gold supply, conservation of.)
Soldiers and sailors civil relief act
Trust powers for national banks
Transactions between banks and their officers and directors
War Finance Corporation act

163
177
175
167
81
163
179
81,168
79
166
81,167
79
178
162
169
177
79
163
166
166
81
163
163,166
81,168
162; 165
166
179
80,162
81
171

LEGISLATION RECOMMENDED:

Branch banks in United States and in territorial possessions
Circulation of rechartered banks
Delays in director's oaths
Deposit of dormant balances in United States Treasury
Deposits, limiting interest on
Deposits; relation to capital and surplus
Direct and indirect loans to one interest
Engraved signatures on plates for national bank notes
Exemption from State taxation of United States bonds owned by national banks
Guarantee of national-bank deposits
Interest charges for small loans
Limiting investments in bank building
Officers borrowing from own banks
Penalty for false financial statements
Penalty for making excessive loans
Penalties for violations of laws and regulations
Preventing erasures on banks' books
Preventing or limiting overdrafts
Preventing wild-cat banking in District of Columbia
Proceedings against directors for losses sustained
Punishment for breaking or entering a national bank with felonious intent
Renewal of, in 1917,relating to
Removal of directors for violations of law
Sale of bonds of banks in liquidation
Signing of certificates of deposit by. two officers
Signing of " charge tickets " b y two officers
Submission to shareholders of reports of condition
Suits against usurers b y Department of Justice
Surety bonds for officers and employees of banks
Standardization of by-laws
Vacations and rotation of bookkeepers
LETTERS OF CREDIT: (See also National banks.)
Liabilities national banks in reserve cities and elsewhere for, on specified dates since 1913
LIABILITY OF DIRECTORS AND OFFICERS.




(See Legislation enacted.)

77
76
75
78
75
76
73
77
78
79
75
77
73
77
74
75
76
75
76
74
77
73
75
7S
76
78
76
75
7Q
76
78
50

INDEX.

219

NATIONAL BANKS. (See also National banks.)
Page.
Resources and, at each call during year and since 19] 3
21,47
LIBERTY LOAN BONDS. (See also Bonds United States; Exhibits.)
Act authorizing the fourth issue..
169
Civil War issues compared with
2
Deposit with banks of subscriptions to Third
,
79
Federal reserve banks, aid in placing
14
Held by national banks in reserve cities and elsewhere, on specified dates, since 1917
26,48
Increase power to lend upon
79
Liabilities of national banks increased due to flotation of
31
Owned, held as collateral, and amount of money loaned on, by national banks in reserve cities and
elsewhere, December 31,1917, March 4,1918
179
Owned, to be sold on partial payments, etc
183
Subscriptions to Third by national banks in reserve cities and elsewhere, May 10,1918
188
LIQUIDATIONS, VOLUNTARY, OF NATIONAL BANKS:

Capital, etc., of, in 1917 and 1918 and annually, 1863 to 1918
54
Number, capital, and assets of national banks placed in, during year, by States
69
LOANS AND DISCOUNTS. (See also Exhibits; Federal reserve banks; National banks; State banks.)
Classification and comparison
24,87,110
Collateraled by Liberty bonds
179
Collateraled by United States certificates of indebtedness
log
Eligible for rediscount with Federal reserve banks
23
Excessive rates for, by number and amount, classified by States, etc
203
Geographical classification of
32
Increase in, since 1913
47
Legislation recommended relating to
73
Liberty loan bonds held as collateral for
179
Percentage of, to total assets, annually 1908 to 1918
33
Productivity of, and bond investments of national banks
51
Relation of capital to, annually 1913 to 1918
* 33
Usury and t h e banks
204
Loss TO DEPOSITORS. (See Failures and suspensions of national banks.)
LOSSES SUSTAINED BY NATIONAL BANKS, PROCEEDINGS AGAINST DIRECTORS FOR:

Legislation recommended relating to

74

LOAN AND TRUST COMPANIES:

Classifications of bonds and individual deposits of
Comparison of number, capital, and resources of, in 1917 and 1918
Principal items of resources and liabilities of
7
Principal items of resources and liabilities of, in June, 1918, and annually since 1912
LOAN ASSOCIATIONS IN UNITED STATES. (See Building and loan associations in United States,)
LOANS AT EXCESSIVE RATES. (See also Usury and the banks.)
Number and amount of, made between March 4 and May 10,1918, by national banks, by States.
MONEY BORROWED: (See also National banks.)
Increase in bonds and, during year

9g
97
89
98

203
31

MONEY IN THE UNITED STATES:

Banks' holdings of, annually since 1892
Distribution of, annually since 1892
In circulation, annually since 1892
Increase in, during year
Treasury holdings of, annually since 1892

:

122
122
122
121
122

MULHALL:

Estimate of banking power of United States and of world by, in 1890

10

MUTUAL SAVINGS BANKS:

Classifications of loans and bonds
Comparison of resources and deposits of, in 1917 and 1918
Depositors and deposits in stock and, 1820 to 1918
Depositors and deposits in, annually since 1908 and by States in 1917 and 1918
Number of, annually since 1908, and by States in 1917 and 1918
Principal items of resources and liabilities of
NATIONAL BANK NOTES: (See also National banks.)
Bonds deposited and withdrawn during the year securing
Bonds held to secure, and available as security
Cost of redemption of
Denominations of
Issues and redemptions of
Lawful money deposited to retire
Outstanding, annually, since 1863

85478°—CUB 1918—VOL 1




15

91
90
96
91,92
91,92
88
125
12,55,124,137
127
124
12,55,123
124
119

220

INDEX.

NATIONAL BANK NOTES—Continued.

Page.

Outstanding at date of failure of national banks
72
Outstanding on various dates
,..
12,16,21,30,49
Profit on
127
Redemption of
126
m
Tax on
127
Vault contents of
12,123
NATIONAL BANKS: (Set ulso Condition of national banks.)
Army and Navy, employees of, in
3^1
Comparison of present resources of, with combined resources of banks of foreign countries
4
Deposits of, increase in, despite subscriptions to Liberty loans
3
Earnings of
2
Efficiency and patriotism of
2
Employees trf
3,81
Failures and suspensions of
2,4,70
Growth in resources of, June, 1913, to June, 1918, compared with that of banks other than
national
11
Immunity from failure of, increasing
5
Investments by, in United-States bonds
137
Liberty bomds placed through
2,3,179,183,198
Resources of -and increase in amount of
2,4
Subscriptions to Liberty bonds and Government certificates of indebtedness by
3,188
NATIONAL CURRENCY:

Issued and redeemed during year
NAVY: (See also Employees, national banks in Army and Navy.)
Employees of national banks in
'.
N E W YORK. (See also Condition of national banks.)
Discount rates of Federal reserve banks
Rates for money in, for each class of loans, monthly since November, 1917
Statistical history of -elearing house in
NEW

12
3,81
138
137
140

YORK, ASSISTANT TREASURER AT:

Transactions of, with New York clearing house
Statistical history of-

140
140

ORGANIZATION AND LIQUIDATION o r NATIONAL BANKS:

Bonds withdrawn by liquidating banks, monthly, during year
Classification of national banks organized since 1900, according to capital, by States
Demand for banks with capital of 125,000,
Organizations, failures and voluntary liquidations of national banks, during year, by States....
Capttal, etc., of national banks organized since March 14,1900
Capital,«tc., b y classes, oT organizations during year
Capital, etc., of associations organized and closed, annually 1863 to 1918
Capital, «tc., t>tf national banks with individual capital of less and more than $50,000, organized
since 1900
Capital, «tc., of State banks txmverted, by States
Charters issued, monthly, from March, 1900, to October, 1918
•*•••*.,...
Organizations a n d liquidations by States, -with amounts of bonds and circulation
Banks organised, i n voluntary liquidation, insolvent, and number and capital of associations
in operation tm January 1 of each year, 1864 to 1918
Title, eapitaland charter number of national banks chartered during year, by S t a t e s . . ^
OVERDRAFTS. {See vise -Condition of national banks.)
Comparison of amounts of, on September 11,1917, and August 31,1918
Legislation recommended preventing or limiting
PITTMAN ACT. (See Act to conserve the gold supply.)
POSTAL SAVINGS BANKS, (See Savings banks in principal countries of the world.)
POPULATION, BY "STATES, IN JUNE, 1918
POSTAL SAVINGS -SYSTEM, UNITED STATES:

66
62
66
55
57
58
26
75

112

Comparison of resources and liabilities June 30,1917, and 1918
Deposits and tlepositors in, June 30,1917 and 1918
Deposits and withdrawals during year and balances June 30, 1918, "by States
PRIVATE BANKS. (See also Banks, other than national.)
Principaiitemstrf resources and liabilities of

142
141
141
89,99

PRODUCTIVITY OF IXJANS AND BOND INVESTMENTS OF NATIONAL BANKS

PROFITS <*ee Capital, surplus, and undivided profits of national banks)

125
65
64
69
64
67
54

51

,

30

PUBLIC MONEYS:

Amount of United States bonds held as security for

,

125

RAILROADS:

Effect of Federal control of, on financial conditions in 1918




%.

8

INDEX.

221

BATES FOR MONEY IN NEW YORK:

Page.

Discount rates of Federal reserve banks
Rates for each class of loans, monthly since November, 1917
BEAL ESTATE OWNED BY NATIONAL BANKS. (See Banking premises and other real estate owned)...
RECEIVERS, NATIONAL BANK. (See also Failures and suspensions of national banks.)
Penalties for embezzlement, etc., of

138
137
28
81

RECHARTERED BANKS, CIRCULATION or:

Legislation recommended relating to

76/77

R E D CROSS:

Authorization of national bank contributions to.
Subscriptions to, by national banks in reserve cities and elsewhere

„.

REDEMPTIONS AND ISSUES OF NATIONAL CURRENCY DURING YEAR
REDEMPTION OF CIRCULATION:

Charges for, during year
Expenses of, during year
Principal sources of receipts for, during year
Receipts of Federal reserve notes, Federal reserve bank notes, and national bank notes monthly
during year

81
81
12

127
126
127
126

REDISCOUNTS:

By national banks in reserve cities and elsewhere on specified dates since 1913
Increase in, during year

50
31

RESERVE REQUIREMENTS:

Changes in, of certain banks
81
Change in, by amendment of June 21,1917, to Federal reserve act
25
Increase in number of banks In New York City due to changes in
25
RESERVE: (See also Federal reserve banks; National banks.)
Amount and percentage held, with amount of excess at each call during year, by banks in reserve
cities and elsewhere
34
Amounts of, required and held, with amoun t of excess at each call during year, by banks in reserve
cities and elsewhere
35
Increase in, and in excess, during year
35
Status of certain banks, change in
25,81
RESOURCES, AGGREGATE. (See also National banks).
Relation of capital to, annually 1913 to 1918
33
RESOURCES OF NATIONAL BANKS:

Increase in, amount of, on November 1,1918
Present, compared with those of banks other than national in 1916 and 1917
Present, compared with combined resources of banks in foreign countries

2
4
4

RESOURCES AND LIABILITIES OF NATIONAL BANKS:

Comparative statement of items of, 1917 and 1918
Details of, at each call during year
Growth of principal items of, at five-year intervals, 1898 to 1918

15
21
17

RESOURCES AND LIABILITIES of ALL REPORTING BANKS:

By states, June 29, 1918
Comparison principal items of resources and liabilities

112
107

RESOURCES AND LIABILITIES OF BANKS OTHER THAN NATIONAL:

By States, June 29, 1918
SAVINGS BANKS: (See Mutual savings banks; Stock savings banks.)
Depositors and deposits in, 1820 to 1918

100
O,Q

SAVINGS BANKS IN PRINCIPAL COUNTRIES OF THE WORLD:

Depositors, deposits and average deposits in each class by countries
SECURITIES, DOMESTIC AND FOREIGN, HELD BY NATIONAL BANKS

Classification of, in June, 1913 to 1918

143
27

27

SIGNATURES, ENGRAVED, FOR NATIONAL, BANK NOTES:

Legislation recommended relating to
SILVER. (See also Specie and gold and silver certificates.)

77

SPECIE AND GOLD AND SILVER CERTIFICATES:

Classification of, held by national banks in June, 1917 and 1918

29

STATE BANKS:

Number and capital'of, converted into national banks
Number, capital, and principal items of resources and liabilities of
Principal items of resources and liabilities of

62
89
88

STATE AND PRIVATE BANKS, ETC.:

Comparative statement of principal items of resources and liabilities of, and national banks in
1917, 1918

106

STERLING EXCHANGE:

Actual rates, bankers' bill, monthly, since November, 1917




138

222

TKDEX.

STOCKS, OTHER THAN STOCK OF FEDERAL RESERVE BANKS:

Page.

Increase during year in, owned by national banks, compared with increase in Federal reserve
banks stock held
STOCK OF MONEY. (See Money in the United States.)

26

STOCK W FEDERAL RESERVE BANKS:

Held by national banks in reserve cities and elsewhere on specified dates since 1915
STOCK

48

SAVINGS BANKS

93

Classification of loans, bonds and individual deposits
Capital of
Depositors and deposits in, by States, in 1917 and 1918
Depositors and deposits in mutual and, 1820tol918
Number of, by States in 1917 and 1918
Principal items of resources and liabilities of

93
93
95
96
95
88,93

SURETY BONDS FOR OFFICERS AND EMPLOYEES OF BANKS:

Legislation recommended, relatingto
SURPLUS (see also Capital: Surplus and undivided profits of national banks)

76
30

SURPLUS AND PROFITS

33

Of national banks in reserve cities and elsewhere on specified dates since 1913
Percentage of, to total liabilities annually, 1908 to 1918

49
33

TITLES OF NATIONAL BANKS (see Changes of)
TRADE:

67

Gigantic balance of trade in our favor for war period

10

TRUST POWERS FOR NATIONAL BANKS (see also Legislation enacted)

UNITED STATES POSTAL SAVINGS SYSTEM.

80

(See Postal savings system, United States.)

UNITED STATES CERTIFICATES OF INDEBTEDNESS
USURERS, SUITS AGAINST BY DEPARTMENT OF JUSTICE:

183,193

Legislation recommended relating to

75

USURY:

Abatement of

2,7

USURY AND THE BANKS:

Historic review of

204,210

VIOLATIONS OF LAW:

Legislation recommended relative to
Removal of directors for
Penalties for
VOLUNTARY LIQUIDATIONS OF NATIONAL BANKS.
W A R FINANCE ACT:

»
,
(See Liquidations.)

Exemption from liabilities incurred under
WARTIME.

Failures and suspensions of national banks during, as compared with those in previous crises
(1893,1908,1918)
National banks in.




75
75
75
79
4

4
1


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102