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ANNUAL REPORT OF THE

Comptroller of the Currency




DECEMBER 13, 1928

UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON: 1929




TREASURY DEPARTMENT

Document No. 3004
Comptroller of the Currency

CONTENTS
Submission of the report
_,—
Pending legislation:
Taxation of national banks
Legislation recommended:
Amendments to national bank act
Amendments to the laws of the District of Columbia
Operation under the act of February 25, 1927, commonly known as the
McFadden Act amending the national banking laws:
Statement relative to
Branch banking:
Statement relative to
Domestic branches of national banks—
Table showing, by States, number and manner of acquisition of
branches during year ended October 31, 1928
Table showing, by States, number and class of branches closed
during year ended October 31, 1928
National banks in the trust field:
Statement relative to
Assets and liabilities of trust departments of, October 3, 1928
Fiduciary activities of national banks, by Federal reserve districts,
in 1928
Organization and liquidation of national banks, year ended October 31,
1928, and since establishment of the system
National-bank failures:
Statement relative to
Financial operations of division of insolvent national banks from
September 30, 1927, to September 30, 1928
Capital, date of appointment of receiver, and per cent dividends paid
by insolvent national banks, the affairs of which were closed during
year ended October 31, 1928
Bank failures other than national, year ended June 30, 1928
National-bank circulation:
Statement relative to
Bond transactions relative to, year ended October 31, 1928
Statement of capital stock of national banks, national-bank notes,
and Federal reserve bank notes outstanding, bonds on deposit,
etc., November 1, 1928
Redemption of national and Federal reserve bank circulation, year ended
June 30, 1928
National banks of issue
Condition of national banks at date of each report called for during year
ended October 31, 1928
Condition of national banks:
Comparison of principal items of resources and liabilities of, October,
1927 and 1928
Principal items of resources and liabilities, October 3, 1928, by
States
National-bank liabilities on account of bills payable and rediscounts
by Federal reserve district, at date of each call during year ended
October 31, 1928
I
Loans and discounts of national banks:
Classification of, for the last three fiscal years
Classification of, by reserve cities and States, June 30, 1928
Comparative statement of, for the last three fiscal years, in central
reserve and other reserve cities, all reserve cities, and elsewhere. _




in

Page
1
1-3
3-5
5, 6
6
6, 7
7,8
9
9, 10
10
10, 11
12, 13
13-16
16
17
18
18
18, 19
19,20
21
21
21,22
23
24,25
26
27
28-31
32

IV

CONTENTS
Page

Comparative changes in demand and time deposits, loans and discounts,
United States Government and other bonds and securities, and the
amount of lawful reserve of national banks since June 30, 1924
32
United States Government securities held by national banks June 30,
1928:
Classification of, by reserve cities and States
33-35
Investments of national banks:
Comparison of, June 30, 1927 and 1928
35
United States Government, domestic, and foreign bonds, securities, etc.,
owned by national banks June 30, 1928:
Classification of, by reserve cities and States
36-39
Savings depositors and deposits in national banks June 30, 1928:
Statement, by reserve cities and States, showing number of banks
reporting savings deposits, number of banks maintaining separate
savings departments, number of savings depositors, amount of
savings deposits, and average rate of interest paid
40-42
Per capita individual and savings deposits in all reporting banks June 30,
1928:
Statement, by States, showing approximate population, individual
deposits, per capita individual deposits, savings deposits, and per
capita savings deposits
42, 43
Earnings, expenses, and dividends of national banks: ,
Comparison of, years ended June 30, 1927 and 1928
43, 44
Abstract of—•
By reserve cities and States, year ended June 30, 1928
45-54
By Federal reserve districts, year ended June 30, 1928
55, 56
National-bank investments in United States Government and other bonds
and securities, etc., loans and discounts, and losses charged off on
account of bonds and securities and loans and discounts, years ended
June 30, 1918 to 1928
57
dumber of national banks, capital, surplus, net addition to profits, dividends and percentage ratios, years ended June 30, 1914 to 1928
57
National banks classified according to capital stock, December 31, 1927:
Number, loans and discounts, bonds and securities owned, aggregate
resources, capital, etc., of
57, 58
National-bank examiners, list of, October 31, 1928
58-64
Federal reserve banks:
Assets and liabilities of the 12 Federal reserve banks combined, as of
the last weekly statement date in October, 1919 to 1928
65
Principal assets and liabilities of the 12 Federal reserve banks combined, on the last weekly statement date in each month, from
January, 1924, to October, 1928
66
Percentage of bills discounted secured by United States Government
obligations to total bills discounted and purchased by Federal reserve banks at the end of each month, year ended October 31, 1928_
67
Federal reserve bank discount rates in effect November 1, 1928, date
established, and previous rate with respect to all classes and maturities of eligible paper
67
Discount rates prevailing in Federal reserve bank and branch cities on
bulk of loans of each class made by about 200 representative banks
during week ending the 15th of the month, October, 1927, to October, 1928
67-69
Rates for money in New York:
Range of, monthly in the year ended October 31, 1928
70
Comparison of range of, annually from January, 1919, to October,
1928
71
New York clearing house:
Statement relative to transactions of, year ended September 30, 1928_
72
Clearing-house associations in the 12 Federal reserve bank cities and elsewhere :
Statement relative to transactions of, year ended September 30, 1928_
72




CONTENTS

V

Banks other than national, June 30, 1928:
Page
List of officials of State banking departments and number of each class
of banks under their supervision from which reports of condition
were received
73, 74
State (commercial) banks—
Summary of resources and liabilities of, and comparison with
June 30, 1927
75,76
Loan and trust companies—
Summary of resources and liabilities of, and comparison with
June 30, 1927
76-78
Principal items of resources and liabilities of, in June of each
year, 1914 to 1928
78
Stock savings banks—
Summary of resources and liabilities of, and comparison with
June 30, 1927
79,80
Mutual savings banks—
Summary of resources and liabilities of, and comparison with
June 30, 1927
80-82
Depositors and deposits in mutual and stock savings banks, by
States, June 30, 1927 and 1928
1
82-84
Number of savings banks (mutual and stock), number of depositors,
amount of individual deposits, and average amount due each depositor in years ended June 30, 1914 to 1928
85
Private banks—Summary of resources and liabilities of, and comparison with
June 30, 1927
85,86
All reporting banks other than national—
Summary of resources and liabilities of, and comparison with
June 30, 1927
87,88
Resources and liabilities of each class of
89
Principal items of resources and liabilities of, on or about June 30,
1924 to 1928
89
National banks, June 30, 1928:
Summary of resources and liabilities of, and comparison with June
30, 1927
90, 91
Banks, all reporting, June 30, 1928:
Summary of resources and liabilities of, and comparison with June
30, 1927
92, 93
Abstract of resources and liabilities of, by States
94-101
Individual deposits in, classification of
102
Resources and liabilities of, years ended June 30, 1924 to 1928
103
Principal items of resources and liabilities of, in the continental United
States, as compared with similar data from reporting member banks
of the Federal reserve system
103
Cash, classification of, held by
104
Money in the United States:
Stock of, years ended June 30, 1914 to 1928
104
Circulation statement of United States money, June 30, 1928
105
Stock of money, money in the Treasury, in the Federal reserve banks,
and money in circulation, 1900 to 1928 (revised)
106
Imports and exports of merchandise, gold and silver, calendar years 1914
to 1927, and from January 1 to September 30, 1928
*
107
Banks in District of Columbia:
Number, capital, individual deposits, and aggregate resources of,
June 30, 1928
1
108
Earnings, expenses, and dividends of, other than national, six months
ended December 31, 1927, and June 30, 1928, and comparison of, in
years ended June 30, 1928 and 1927
108, 109
Building and loan associations in the District of Columbia:
Number of, loans, installments on shares, and aggregate resources,
years ended June 30, 1909 to 1928
109
Building and loan associations in the United States:
Statistics relating to, by States, in the fiscal year ended 1927
110
Mortgage loan investments held by, in 1926 and 1927, by States
111
Failures of, each year 1920 to 1927
I
111




VI

CONTENTS

Monetary stocks in the principal countries of the world:
T&ge
Statistics relating to, at the end of the calendar year 1927
111-115
Federal land banks, condition of, September 30, 1928
116, 117
Joint-stock land banks, condition of, September 30, 1928
117-119
Federal intermediate credit banks, condition of, September 30, 1928
119, 120
National agricultural credit corporations
120
United States Postal Savings System:
Statistics relating to activities of, vears ended June 30, 1927 and
1928
-... — ..
121 125
School savings banking:
Statistics relative to, in each State, in the school years 1926-27 and
1927-28
1
126
Savings banks in principal countries of the world:
Statistics relative to, as of various dates
127-129
Resources of leading foreign banks of issue:
Statement relative to, on or about June 30, 1928
130
Expenses of the Currency Bureau:
Summary of, in the fiscal year ended June 30, 1928
131
APPENDIX
Digest of decisions relating to national banks

135

TABLES

No. 1. Comptrollers and Deputy Comptrollers of the Currency
No. 2. Names and compensation of officers and clerks in the office of the
Comptroller of the Currency, October 31, 1928
No. 3. Number of national banks organized since February 25, 1863,
number passed out of the system, and number in existence
October 31, 1928
No. 4. Authorized capital stock of national banks on the 1st day of each
month from January 1, 1924, to November 1, 1928, bonds on
deposit to secure circulation, circulation secured by bonds,
lawful money on deposit to redeem circulation, and nationalbank notes outstanding
No. 5. National banks reported in liquidation from November 1, 1927,
to October 31, 1928, the names (where known) of succeeding
banks in cases of succession, with date of liquidation and
capital
No. 6. Capital stock, surplus, undivided profits, and aggregate resources
of banks consolidated under act of November 7, 1918, as
amended February 25, 1927, for the year ended October 31,
1928, as shown by their last reports prior to consolidation
No. 7. National banks consolidated under act of November 7, 1918,
their capital, surplus, undivided profits, and aggregate assets,
year ended October 31, 1928
No. 8. State banks and national banks consolidated under act of February 25, 1927, their consolidated capital, surplus, undivided
profits, and aggregate assets, year ended October 31, 1928
No. 9. Number and capital of State banks converted into national banking associations in each State and Territory from 1863 to
October 31, 1928
No. 10. Conversions of State banks and primary organizations as national
banks from March 14-, 1900, to October 31, 1928
No. 11. Number of national banks increasing their capital, together with
the amount of increase monthly for years ended October 31,
since 1923
No. 12. Number and authorized capital of national banks chartered and
the number and capital stock of banks closed in each year ended
October 31, since 1913, with yearly increase or decrease
No. 13. Total number of national banks organized, consolidated under
act of November 7, 1918, insolvent, in voluntary liquidation,
and in existence on October 31, 1928
,_
No. 14. Changes of corporate title of national banks, year ended October
31, 1928



219
220
222

222

223

228
232
233
235
235
236
236
237
238

CONTENTS

VII
Page

No. 15. Changes of corporate title incident to consolidations of national
banks, and of State banks with national banks, year ended
October 31, 1928
1
No. 16. National banks chartered during year ended October 31, 1928
No, 17. National banks chartered which are conversions of State banks
during year ended October 31, 1928
No. 18. National banks, by States and geographical divisions, organized,
failed, and reported in voluntary liquidation during year ended
October 31, 1928
No. 19. Number and classification of national banks chartered monthly
during year ended October 31, 1928
No. 20. Principal items of resources and liabilities of national banks
classified according to capital stock, December 31, 1927
No. 21. United States bonds on deposit to secure circulating notes of
national banks in years ended October 31, 1900 to 1928
No. 22. United States bonds (circulation)—Monthly range of prices in
New York, November, 1927, to October, 1928
No. 23. Number, capital stock, and circulation outstanding of national
banks issuing circulating notes, together with number and
capital stock of national banks'not issuing circulating notes,
June 30, 1928, by reserve cities and States
No. 24. National-bank notes issued, redeemed, and outstanding, by
denominations and amounts, on October 31, each year 1916 to
1928
No. 25. National-bank currency issued to banks monthly from November
1, 1927, to October 31, 1928, and since 1863
No. 26. National-bank notes received monthly for redemption during
year ended October 31, 1928
.
No. 27. National-bank notes received at currency bureau and destroyed
yearly since establishment of system
_.,
No. 28. National-bank notes issued and destroyed, etc., account of active,
insolvent, and liquidated banks, years ended October 31, 1914
to 1928
No. 29. Amount, denomination, and cost of national-bank currency
received from Bureau of Engraving and Printing, year ended
October 31, 1928
No. 30. Vault account of currency received and issued by currency
bureau during year and amount on hand October 31, 1928
No. 31. Vault account of currency received and destroyed during year
ended October 31, 1928
No. 32. Amount of currency received for redemption, by months, from
July 1, 1927, to June 30, 1928, and counted into the cash of the
National Bank Redemption Agency
No. 33. Amount of currency received by National Bank Redemption
Agency for redemption in year ended June 30, 1928, from
principal cities
.
No. 34. Cost of redemption of national-bank notes during year ended
June 30, 1928
No. 35. Classification of Federal reserve currency redemptions, amount
redeemed, number of notes, cost of redemption per 1,000 notes,
and amount assessed upon Federal reserve banks, year ended
June 30, 1928
No. 36. Taxes assessed on national-bank circulation, years ended June
30, 1864 to 1928; cost of redemption, 1$74 to 1928; and assessments for cost of plates, etc., 1883 to 1928
No. 37. Federal reserve notes outstanding according to weekly statements (amount issued by Federal reserve agents to Federal
reserve banks, less "unfit" notes redeemed), and collateral
security therefor, from November 2, 1927, to October 31, 1928_
No. 38. Federal reserve notes printed, shipped, and canceled, issued to
banks, retired, and destroyed since organization of the banks,
with balance in vaults and amount outstanding October 31,
1928
No. 39. Aggregate amount of Federal reserve bank notes printed, issued,
canceled, and redeemed, by denominations, since inauguration
of the Federal reserve system, and amount on hand and outstanding October 31, 1928




240
241
244
245
246
246256
257

258
260
261
261
262
262
263
263
263
263
264
264

265
266

267

268

269

VIII

CONTENTS
Page

No. 40. Taxes assessed on Federal reserve bank currency, cost of redemption, and cost of plates, years ended June 30, 1915 to 1928
No. 41. National banks in charge of receivers during year ended October
31, 1928, capital at date of organization and at date of failure,
causes of failure, dividends paid while solvent, and circulation
outstanding, etc
No. 42. National banks in charge of receivers, dates of organization,
appointment of receiver, and closing, with amounts of nominal
and additional assets, amounts collected from all sources,
loans paid, and losses on assets, etc., to October 31, 1928
No. 43. National banks restored to solvency after having been placed
in charge of receivers
No. 44. Dividends paid to creditors of insolvent national banks during
year ended October 31, 1928
No. 45. Dates of reports of condition of national banks from 1914 to 1928_
No. 46. Condition of foreign branches of National City Bank and Chase
National Bank, of New York, N. Y., and First National Bank
of Boston, Mass., on June 30, 1928
No. 47. Number, capital stock paid in, circulation outstanding, and
aggregate assets of national banks at date of each report from
February 28, 1920, to October 3, 1928, money in the United
States, etc
No. 48. Abstract of resources and liabilities of national banks in the
central reserve cities of New York and Chicago, in other
reserve cities, and elsewhere, at close of business October 3,
1928
No. 49. Classification of deposits in national banks, by reserve cities and
States, at date of each call during year ended October 31, 1928_
No. 50. Cash in vaults of national banks by reserve cities and States, at
date of each call during year ended October 31, 1928
No. 51. Circulation of national banks, by reserve cities and States, at
date of each call during year ended October 31, 1928
No. 52. Gold and silver coin, certificates, legal tenders, and other currency
held by national banks at date of each report from February 21,
1921, to October 3, 1928
No. 53. Gold, etc., held by national banks in the central reserve city of
New York at date of each report from February 21, 1921, to
October 3, 1928
No. 54. Reserve computation of national banks in reserve cities and
States on the dates of the first three calls in the year 1928
No. 55. Aggregate resources and liabilities of national banks at date of each
report from February, 1920, to October, 1928
No. 56. Abstract of reports of condition of national banks in reserve cities
and States at date of each call since October 31, 1927
No. 57. Abstract of reports of condition of national banks in each Federal
reserve district at date of each call during year ended October
31, 1928
No. 58. Classification of loans, investments, and deposits of national banks
in June of each year from 1914 to 1928
No. 59. Principal items of resources and liabilities of national banks
according to counties in each State, February 28, 1928
No. 59-a. Principal items of resources and liabilities of national banks
according to counties in each State, by Federal reserve
districts, February 28, 1928
No. 60. Abstract of reports of earnings, expenses, and dividends of national
banks, by reserve cities and States, for the six months ended
December 31, 1927
No. 61. Abstract of reports of earnings, expenses, and dividends of national banks, by Federal reserve districts, for the six months
ended December 31, 1927
No. 62. Abstract of reports of earnings, expenses, and dividends of national banks, by reserve cities and States, for the six months
ended June 30, 1928
No. 63. Abstract of reports of earnings, expenses, and dividends of national
banks, by Federal reserve districts, for the six months ended
June 30, 1928



269

270

284
316
317
323
324

330

331
332
348
354
356
357
358
370
379
497
506
509
569
634
646
648
660

CONTENTS

IX
Page

No. 64. Abstract of reports of savings and State banks in the District of
Columbia at date of each report during year ended October 31,
1928
No. 65. Abstract of reports of loan and trust companies in the District of
Columbia at date of each report during year ended October 31,
1928
No. 66. Principal items of resources and liabilities of each savings and
State bank in the District of Columbia, October 3, 1928
No. 67. Principal items of resources and liabilities of each loan and trust
company in the District of Columbia, October 3,1928
No. 68. Principal items of resources and liabilities of savings and State
banks in the District of Columbia on or about October 1, 1914
to 1928
No. 69. Principal items of resources and liabilities of loan and trust companies in the District of Columbia on or about October 1, 1914
to 1928
No. 70. Individual statements of resources and liabilities of the 22 building
and loan associations in the District of Columbia, June 30,
1928
m
No. 71. Summary of resources and liabilities, receipts and disbursements
of building and loan associations in the District of Columbia, for
six months' period ended on or about December 31, 1927
No. 72. Summary of resources and liabilities, receipts and disbursements of
building and loan associations in the District of Columbia for the
six months' period ended on or about June 30, 1928
No. 73. Abstract, by States, of resources and liabilities of State (commercial) banks June 30, 1928
No. 74. Abstract, by States, of resources and liabilities of loan and trust
companies June 30, 1928
No. 75. Abstract, by States, of resources and liabilities of stock savings
banks June 30, 1928
No. 76. Abstract, by States, of resources and liabilities of mutual savings
banks June 30, 1928
No. 77. Abstract, by States, of resources and liabilities of private banks
June 30, 1928
No. 78. Abstract, by States, of resources and liabilities of all reporting
banks other than national June 30, 1928
No. 79. Abstract, by States, of resources and liabilities of national banks
June 30, 1928
No. 80. Aggregate resources and liabilities of State (commercial) banks
June, 1924 to 1928
No. 81. Aggregate resources and liabilities of loan and trust companies,
June, 1924 to 1928
No. 82. Aggregate resources and liabilities of stock saving banks, June,
1924 to 1928
No. 83. Aggregate resources and liabilities of mutual savings banks, June,
1924 to 1928
No. 84. Aggregate resources and liabilities of private banks, June, 1924 to
1928
No. 85. Gold, silver, etc., held by banks other than national, June, 1914
to 1928
I
No. 86. Chartered banks of Canada, condition of, September 29, 1928
No. 87. Chartered banks of Canada, summary of principal items of resources and liabilities, monthly, year ended September 30, 1928_
No. 88. Comparative statement 'of the transactions of the New York
Clearing House in each year ended September 30, 1854 to 1928No. 89. Comparative statement of the clearings, etc., of the New York
Clearing House, years ended September 30, 1928 and 1927
No. 90. Exchanges, balances, percentages of balances to exchanges, and
percentages of funds used in settlement of balances by the New
York Clearing House, years ended September 30, 1893 to 1928No. 91. Comparative statement of exchanges of clearing houses of the
United States, years ended September 30, 1928 and 1927
No. 92. Comparative statement of transactions of clearing-house associations in the 12 Federal reserve bank cities, and in other cities with
transactions of $1,000,000,000 and over, in years ended September 30, 1928 and 1927_._




662
663
664
666
667
667
668
670
671
672
680
688
692
696
700
708
716
716
717
717
718
718
719
719
720
721
721
722

726

X

CONTENTS
Page

No. 93. Convictions of national-banK officers and others for violations of
the national banking laws during year ended October 31, 1928,
list of
No. 94. Number and liabilities of State, private, and national banks which
failed in each State during the six months ended December 31,
1927
No. 94-a. Number and liabilities of State, private, and national banks
which failed in each State during the six months ended June
30, 1928
No. 95. Number and liabilities of State, private, and national banks which
failed in each State during the year ended June 30, 1928
No. 96. Number and liabilities of State, private, and national banks
which failed in years ended June 30, 1914 to 1928.
No. 97. Statements of resources and liabilities of the individual national
banks (States, Territories, and towns arranged alphabetically)
at close of business December 31, 1928. {Omitted from this
report and published as a separate table.)




727
733
734
736
738

REPORT
OF THE

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

Washington, December 13, 1928.
SIR: I have the honor to submit the following annual report, in
accordance with the provisions of section 333 of the United States
Revised Statutes, covering activities of the Currency Bureau, in
the year ended October 31, 1928. This is the sixty-sixth report made
to the Congress since the organization of the bureau.
PENDING LEGISLATION
TAXATION OF NATIONAL BANKS

There are pending before the Banking Committees of Congress
several bills to amend the present provisions of law relating to the
taxation, by States, of national banking associations. These bills
have for their purpose the removal of the safeguard, which has
existed for 64 years, and which prohibits the States from taxing
shares of national banks at rates higher than those imposed upon
competing moneyed capital.
The principle involved is so important, and the result, should one of
these bills become law, would be so far reaching in its effect, to State
banks as well as national banks, that I feel it my duty to call the
matter to the attention of the Congress and recommend that none of
these bills be enacted into law.
National banks are instrumentalities of the Federal Government.
As such they can not be taxed by the States except with the consent
of the Government and then only to such extent as the Government
permits. Recognizing that the power to tax is the power to destroy,
Congress has rightly safeguarded Federal instrumentalities by limitations upon taxation. In the case of national banks the limitations
are provided in section 5219 of the Revised Statutes, as amended.
Section 5219 now permits:
1. Taxation of the shares, but not at a greater rate than is assessed upon
competitive moneyed capital in the hands of individual citizens (the original
provision).
2. Taxation of the dividends as the personal income of the shareholder but not
at a greater rate than is assessed upon net income from other moneyed capital
(adopted in 1923).
3. Taxation of the bank upon its net income but at no higher rate than is
assessed upon other financial corporations, nor higher than the highest rates
assessed upon mercantile, manufacturing, and business corporations doing
business within the State (adopted in 1923).




2

REPORT OF THE COMPTROLLER OF THE CURRENCY

4. Taxation of the bank according to or measured by its net income, including
the entire net income from all sources, with the same limitation upon the rate as
in method No. 3 (adopted in 1926).
The adoption of any one of the above methods excludes the other three, with an
exception which permits a combination of method No. 2 with method No. 3 or
No. 4, so as to permit the additional taxation of dividends received from national
banks located within or without the State whenever like combined -taxation of
domestic or foreign corporations and dividends received therefrom is imposed by
any State.

These safeguards as imposed by Congress have been violated by
some States through tax laws which have been declared invalid by
the Supreme Court of the United States. Tax authorities of some
States have now asked Congress, through the medium of the several
bills, to do away with the safeguards provided and to place in the
hands of the States the right of taxation with its corresponding
right to destroy by such taxation. Thus two of the bills—S. 1573
and H. R. 8727—would limit the taxation of national bank shares only
by the taxation of capital employed in the business of banking. It is
contended by the State tax authorities interested in the passage of
such bills that since the States would not impose an undue burden of
taxation on their own State banks that national banks would be amply
protected. While the State tax authorities are undoubtedly sincere
in their contention, the fact remains that under such bills the States
would have the right to place an undue burden upon national banks
and upon their own banks to such an extent as would make banking
unprofitable or at least burdensome, which in the last analysis is the
right to destroy a Federal instrumentality.
National banks are still instrumentalities of the Government.
While they are no longer the chief source of paper currency, they are
the only compulsory and the most numerous members of the Federal
reserve system and as such are essential, not only to the currency
function but to an adequate supply of credit in other forms. To
place the power in individual States to wreck a Federal instrumentality
which is the foundation of the Federal reserve system is not only unwise
but dangerous and fundamentally unsound.
It must be remembered that under the provisions of these bills,
State and national banks would be placed in a segregated class for
taxation purposes. It must also be remembered that it is often difficult to reach the property of individuals for taxation purposes and that
when the burden of taxation on moneyed capital employed upon individuals becomes too great, it can and usually does leave the State
which imposes the heavy burden. On the other hand, the bank's
property may be easily ascertained and reached. It can not leave
the State and it must either pay the tax or cease to do business.
Moreover the individual will look with favor upon a heavy burden
of taxation on banks when the result is to lighten his taxes, thus
giving to the legislature which enacts the tax law a strong temptation
to impose the heavy burden on the banks. The safety of the Federal
banking structure should not be left to the power of the legislatures to
resist such a temptation.
The bills S. 4486 and H. R. 14001 are similar in principle to S. 1573
and H. R. 8727 with the comparison of taxation of national bank
shares with the taxation of business real estate and the limitation of
the former by the latter. The same opposition applies to these bills,
with the addition that such method would be almost impossible of



REPORT OP THE COMPTROLLER OF THE CURRENCY

3

application. The value of real estate is difficult to determine. It is
always a matter of opinion, and opinions differ widely. The basis of
assessment varies from county to pounty and almost from one city
block to another. The proposal is impractical and even though practical it would give preferences to other moneyed capital and subject
bank capital to adverse discrimination.
It is not to the interest of agriculture or business that any of the
pending bills should pass. If money invested in bank shares is taxed
more heavily than other forms of property, less money will be so
invested, and profits upon such shares will largely be withdrawn in
dividends instead of being left subject to excessive taxation. Without any doubt discriminatory taxation, diminishing as it does the
security behind deposits, has been a contributing cause of many of
the bank failures of recent years.
Not only would the proposed amendments be harmful, but they are
unnecessary for the purposes for which they are sought. The States
which tax all property, including bank shares, at uniform ad valorem
rates, obviously need no change in section 5219 to carry on their
present system. They are using method No. 1. The States whose
constitutions give them power to tax various classes of property at
different rates have the right to use the excise alternative of section
5219—that is, to impose taxes upon banks according to or measured
by their net income—and this without amendment of State constitutions as they stand to-day. States that hereafter amend their constitutions to give their legislatures classification power will be in the
same class.
In providing for tax classification very few States have tied the
hands of their legislatures respecting bank taxation. It is for them
to take the steps necessary to keep their systems in harmony with
existing statute, rather than that the law should be amended, as it
would be by the passage of any of the bills nowT pending, to permit
the classification of banks as tax targets without any practical limitation upon the burdens then to be imposed.
In this connection the California Legislature has already passed an
amendment to the constitution of the State providing for a different
method of taxation and it has been adopted by the people of California. Massachusetts, New York, and Wisconsin have taken
advantage of the amendments of 1923 and 1926, the first two by
levying upon banks an excise tax measured by all their net income
and Wisconsin by employing the same income tax that it levies on
other corporations. What they have done, other States may do.
Certainly the problem should be dealt with by the States themselves
in enacting new tax laws rather than asking Congress to give up the
protection that has existed for 64 years to the national-banking system,
to the Federal reserve system, and to the State banking systems.
LEGISLATION RECOMMENDED
AMENDMENTS TO NATIONAL BANK ACT

Under the provisions of the national bank act, as amended, any
number of natural persons, not less than five, may, for the purpose of
forming a national banking association, enter into articles of association. It is further provided that upon making and filing articles of
association and an organization certificate, the association becomes a




4

REPORT OF THE COMPTROLLER OF THE CURRENCY

body corporate, but shall transact no business except such as is incidental and necessarily preliminary to its organization, until it has
been authorized by the Comptroller of the Currency to commence
the business of banking. Since charters would not be granted in
many cases the comptroller has followed the practice for many years
of requiring, before any further steps were taken, the filing of an application by the proposed organizers. This application serves as a
basis upon which the various examinations, etc., are made to determine the merits of the proposed organization. If this application be
approved, then the articles of association and organization certificate,
etc., are executed and filed. If the application be disapproved, the
matter is dropped and no complicated situation arises as the result
of paid-in capital, contracts for buildings, etc.
Recently, however, several cases have arisen where the organizers
have proceeded to have subscribers to the capital of the proposed
bank pay in the amount of their subscription prior to securing the
approval of the comptroller on the application and subsequently conditions warranted the disapproval of the application and no charter
was issued. The result has been that the subscribers have in some
instances had their paid-in subscriptions tied up by lawsuits, claims
for attorney fees, etc. This is an injustice to the public and can
easily result in fraud to such innocent subscribers. To correct this
condition I recommend that Congress amend the present law by providing for the filing of an application under such regulations as may
be prescribed by the Comptroller of the Currency and the approval
by the comptroller in his discretion of such application before the
filing of articles of association or organization certificate and that no
money or subscriptions of capital may be paid in or collected by the
organization until such approval is granted. In this connection, to
make such a provision effective, I recommend a penal provision.
I also desire to call your attention to the situation which exists in
connection with the voluntary liquidation of national banks. Under
the present law a bank may go into voluntary liquidation upon resolution of its board of directors and two-thirds vote of its shareholders.
Adequate supervision of such liquidating banks is not, however, conferred by law upon the comptroller. It is frequently; the case that
national banks dispose of their assets but do not go into voluntary
liquidation, and there is no provision in law which would compel them
to do so. I suggest, therefore, that section 5220 of the Revised Statutes be amended to provide that if any national bank shall have disposed of all its assets or closed its doors and shall refuse or neglect to
formally place the association in voluntary liquidation within 30 days
thereafter the comptroller shall have authority to send an examiner to
the bank with instructions to call a special meeting of shareholders,
upon due notice, for the purpose of adopting a resolution placing the
association in voluntary liquidation, and that if the shareholders shall
refuse to adopt such resolution the comptroller may appoint a receiver
for the purpose of winding up its affairs, and that when any national
banking association is placed in voluntary liquidation it shall continue
to hold annual meetings of shareholders in the manner and on the date
specified in the articles of association and to elect directors and appoint
officers in the same manner as if it were in active operation until all
assets are disposed of, all proceeds distributed to shareholders and
final report submitted to the Comptroller of the Currency. The law



REPORT OF THE COMPTROLLER OF THE CURRENCY

5

should also provide that the directors shall have charge of the liquidation of the bank and that the president or cashier shall act as executive
officer in liquidating the affairs of the bank under the direction of the
board of directors and that every association placed in voluntary
liquidation shall continue to be under the supervision of the Comptroller of the Currency until its affairs are finally closed, and shall be
required to render such liquidating reports as the comptroller may
require on forms furnished or prescribed by him. The liquidating
association should be required to file with the Comptroller of the
Currency a report covering the receipts and disbursements during the
preceding year, and a copy of such report should be submitted to
the stockholders at their annual meeting in January of each year.
Upon the Comptroller of the Currency should be conferred authority
to make an examination of any national bank in voluntary liquidation, the expense thereof to be paid by the liquidating bank. In the
event of sale of the assets of a liquidating association to another bank,
State or National, and the assumption of liabilities of the liquidating
association, a contract should be entered into between the directors
of the associations interested, and a copy of such contract, duly signed
by the officers of the associations and acknowledged before a notary
public or other officer authorized to administer oaths, filed with the
Comptroller of the Currency.
When the affairs of any liquidating national banking association
are finally closed, the law should require the uncollected assets to be
advertised for a period of 15 days in a local paper and sold to the
highest bidder. All unclaimed dividends belonging to shareholders
and unclaimed deposits should be transmitted to the Comptroller of
the Currency for deposit, in such national bank or banks as he may
designate, in trust, and the claimants entitled to such dividends or
deposits should subsequently receive the same upon furnishing to the
Comptroller of the Currency satisfactory proof of the validity of their
claims.
I make the further recommendation that there be enacted a law
making it a criminal offense to maliciously or with intent to deceive,
make, publish, or circulate any false report concerning any national
bank or any other member of the Federal reserve system which imputes
insolvency or unsound financial condition, or which may tend to
cause a general withdrawal of deposits from such bank or may otherwise injure the business or good will of such bank.
AMENDMENTS TO THE LAWS OF THE DISTRICT OF COLUMBIA

The laws of the District of Columbia relating to banks need revision. I am not prepared at this time to recommend a new banking
code for the District of Columbia, but there are several amendments
to the law which are necessary which I recommend be adopted by
the Congress.
At the present time there are in the District of Columbia savings
banks or trust companies doing a banking business. Congress has
placed the general supervision and the examination of these banks,
which are not national banks, under the Comptroller of the Currency
and such banks generally advertise that they are under Federal
supervision. Congress, however, has not placed in the comptroller's
hands the necessary authority to enforce corrective measures in connection with banking where such measures are needed. I recommend




6

REPORT OF THE COMPTROLLER OF THE CURRENCY

therefore, that a law be passed placing in the comptroller the right
and power to make regulations governing these banks which are not
national banks with a penal provision for the enforcement of such
regulations, the regulations to be limited in that they shall not in
any case place restrictions on such banks which are not placed upon
national banks.
No firm, copartnership, company, or corporation doing business in
the District of Columbia, and not doing a banking or fiduciary business, under the supervision of the Comptroller of the Currency,
should be allowed to use in their title the word "bank" or the words
"trust company." The use of such words without being under
Federal supervision is misleading to the public. I recommend,
therefore, that there be enacted a law prohibiting the use of such
words unless such firm, copartnership, company, or corporation is
doing a banking or fiduciary business under supervision of the Comptroller of the Currency, and even in that case the title should have the
approval of the Comptroller of the Currency.
Under the present provisions of the District Code, corporations
doing a fiduciary business in the District of Columbia, having their
principal place of business in the District of Columbia, must comply
with certain provisions of the code, which is for the protection of
those who do business with such corporations. Corporations, however, with their principal place of business outside of the District of
Columbia may establish offices within the District of Columbia and
do a fiduciary business without any specified restrictions or supervision under the code. I t would be very unwise and dangerous to
let this condition continue and I recommend that the District Code
be amended in this particular.
I also recommend a revision of the present code with respect to
building associations in the District of Columbia.
OPERATION UNDER THE ACT OF FEBRUARY 25, 1927, COMMONLY
KNOWN AS THE McFADDEN ACT AMENDING THE NATIONAL
BANKING LAWS
In the comptroller's annual report for the year ended October 31,
1927, the statement was made that the McFadden Act had fully
justified itself as shown by the growth in increased resources. While
this statement is still true when measured by a comparison of total
resources of national banks in the amount of $25,136,426,000 at the
time of the passage of the act and total resources $28,925,480,000 as of
October 3,1928, the date of the last call^an increase of $3,789,054,000,
it is obvious to this office that the banks in many cases still feel that the
national system does not offer all the advantages that they can obtain
under State charters. While I have no specific recommendations
for legislation to make at this time to meet this situation, and thus
strengthen the system, such legislation may be needed and in such
event recommendations will be submitted.
BRANCH BANKING

In the comptroller's report for the year ended October 31, 1927,
the statement was made that under the provisions of the act of February 25; 1927, the Comptroller of the Currency had approved the




BEPOKT OF THE COMPTROLLER OF THE CURRENCY

7

establishment of new city branches to the number of 127. During
the past year ending October 31, 1928, the Comptroller of the Currency authorized the establishment of 103 new city branches. Of
this total of 230 branches authorized by the comptroller 42 have
been discontinued, leaving the total of city branches now in operation
authorized by the comptroller under the provisions of the McFadden
Act as 188.
During the past year 8 branches were added to the system through
conversion of 2 State banks and 62 branches were added through
the consolidation of State banks with national banks. These additions together with those branches in the system under date of
October 31, 1927, less 38 branches dropped through action of directors
and shareholders or liquidation of national banks, makes the total
number of branches in operation in the national system as of October
31, 1928, 992.
DOMESTIC BRANCHES OF NATIONAL BANKS

Table showing number and manner of acquisition of branches of national banks
during the year ended October 31, 1928
Branches authorized during
the year ended Oct. 31,
1928
Charter
No.

Title and location
•• U n d e r

i act F e b .
i 25, 1927

i By conversion
or by
| consoli- Total
dation number
under
act Feb.
25, 1927

CALIFORNIA
2491
353S
10167
13044

Citizens National Trust & Savings Bank of Los Angeles
Los Angeles-First National Trust & Savings Bank, Los Angeles..
Merchants National Trust & Savings Bank of Los Angeles
Security National Bank of Pasadena
Bank of Italy National Trust & Savings Association, San
Francisco

24

INDIANA

Lincoln National Bank & Trust Co. of Fort Wayne..
KENTUCKY

Louisville National Bank and Trust Co., Louisville.
MARYLAND
2499
1337
1418

| Drovers & Mechanics National Bank of Baltimore..
Farmers & Merchants National Bank of Baltimore..
First National Bank of Baltimore
MASSACHUSETTS

11903

Boston National Bank, Boston...

_
_

MICHIGAN
10527

First National Bank in Detroit

„

NEW JERSEY
374
1182
9912
1317
329
1327

First National Bank of Jersey City
Hudson County National Bank, Jersey City
New Jersey National Bank & Trust Co. of Newark.
Orange National Bank, Orange
_
First National Bank of Paterson
First-Mechanics National Bank of Trenton
National Bank of North Hudson, at Union City

208(39°—H. Doc. 361, 70-2



27

8

REPORT OF THE COMPTROLLER OF THE CURRENCY

Table showing number and manner of acquisition of branches of national banks
during the year ended October 31, 1928—Continued
Branches authorized during
the year ended Oct. 31,
1928
Charter
No.

Title and location

By conversion
or by
Under consoliTotal
act Feb. dation
number
25, 1927
under
act Feb.
25, 1927

NEW YORK
923
13193
1105
12874
2370
10778
13194
13122
9955
12900
1461
11034
12123
12406
6427

First National Bank of Brooklyn, N. Y
Bank of America National Association, New York
Bowery & East River National Bank of New York
Central National Bank of the City of New York
Chase National Bank of the City of New York
Chatham Phenix National Bank & Trust Co., New York
Commercial Exchange National Bank in New York
Guardian National Bank of New York
Harriman National Bank & Trust Co. of the City of New York..
Melrose National Bank of New York
National City Bank of New York
Public National Bank & Trust Co. of New York
Seaboard National Bank of The City of New York
United Capitol National Bank & Trust Co. of New York
National City Bank of New Rochelle.

1
20

3
1
1
1

1
1
9
5

1
2
1

OHIO

City National Bank & Trust Co. of Dayton
PENNSYLVANIA
3604
11908
4050
570

Manayunk-Quaker City National Bank of Philadelphia
National Bank of North Philadelphia, Philadelphia
Quaker City National Bank of Philadelphia
Tradesmens National Bank & Trust Co., Philadelphia
RHODE ISLAND

Aquidneck National Exchange Bank & Savings Co. of Newport.
SOUTH CAROLINA

Atlantic National Bank of Charleston
TENNESSEE
1606
4648

First National Bank of Chattanooga
Holston-Union National Bank of Knoxville
VIRGINIA

Seaboard Citizens National Bank of Norfolk
Total




7

103

1
27
1
3
1
1
4
2
1
1
9
5
1

REPORT OF THE COMPTROLLER OF THE CURRENCY

9

Table showing number and class of branches of national banks closed during the
year ended October SI, 1928
Branches closed
Branches u n d e r
act of F e b . 25,1927

Charter
No.

Manner of closing

Title and location

State
bank
branches
in operation
Additional Branches Feb. 25,
Total
1927,
offices
authorwhich
which
ized
were conbecame
since
branches Feb. 25, verted
or conI Feb. 25,
1927
solidated
' 1927

CALIFORNIA
2491
10167

Los Angeles-First National Trust & ; Resolution of shareSavings Bank.
! holders.
Security National Bank of Pasa- j Board of directors
dena.
;
MASSACHUSETTS

308

Third National Bank & Trust Co. Board of directors
of Springfield.
MICHIGAN

First National Bank in Detroit

Board of directors

18 I

NEW JERSEY
1327

First-Mechanics National Bank of
Trenton.

9691

Flushing National Bank, Flushing.
Bowery & East River National
Bank of New York.
Bronx National Bank of the City
of New York.
Hamilton National Bank of New
York.
United Capitol National Bank &
Trust Co. of New York.
Commercial Exchange National
Bank in New York.
National Bank of Niagara & Trust
Co. of Niagara Falls.
National Bank of Rochester

Lapsed-

NEW YORK

1105
8926
12300
1240(5
13194
12284
12538

PENNSYLVANIA

Voluntary liquidation.

1

Lapsed

2

Voluntary liquidation.
do
do
Lapsed
Board of directors

4
8
3
1
2

Voluntary liquidation!

National Bank of North Philadel- j Voluntary liquidationphia, Philadelphia.
j
Quaker City National Bank of j
Philadelphia.
• Lapsed
11539 Broad Street National Bank of j
Philadelphia.
Voluntary liquidation5459 Franklin Fourth Street National j
Bank of Philadelphia.
I Lapsed
539 Philadelphia National Bank, Phil- ;.
adelphia.
|
do

1

11908

1

4050

Total

1

11

I.

2
1
1
34 |

NATIONAL BANKS IN THE TRUST FIELD

The national banks in 1928 continued to show progress in the
development of trust operations. The amendment to the Federal
reserve act in 1918 extending the number of fiduciary capacities in
which national banks could act encouraged the development of
this function, and the McFadden Act of February 25, 1927, giving
these banks indeterminate charters and assurance that their corporate




10

REPORT OF THE COMPTROLLER OF THE CURRENCY

existence would not expire before the trust functions undertaken were
fulfilled further stimulated the growth of this movement to furnish
trust facilities to practically every community in the Nation. Fiduciary obligations may now be assumed no matter how long the period
of service promises to be, and this change in the law has cleared the
way for full trust service by thousands of national banks in all parts
of the United States.
Two thousand three hundred and seventy-three national banks had
been authorized to exercise trust powers on October 3, 1928, representing 31 per cent of the total number of all national banks and
73 per cent of the total capitalization of the banks in the national
banking system. This represents an increase of 41 per cent over the
number authorized in 1921 to exercise trust powers, and an increase
of 253 in the number holding fiduciary permits at the time of the
passage of the McFadden Act in February, 1927. The number of
national banks obtaining the right to exercise trust powers is now
increasing at the rate of more than 200 banks a year.
The need for intelligent fiduciary service exists in practically every
community in the Nation. That the public recognize in national
banks the advantages of naming as trustee, executor, administrator,
and other fiduciary capacities the one unified banking system in the
United States highly standardized in its practice and regularly supervised by the Federal Government, is evidenced by the increase in
recent years in the number of trusts being administered by these
institutions. In 1926 national banks were administering 26,053
trusts; in 1927 the number had grown to 45,583, and on October
3, 1928, the number of trusts for which these banks had been named
to act reached the impressive total of 63,776.
The assets of the individual trusts being administered have likewise shown remarkable growth. In 1921 individual trust assets
aggregated only $826,000,000. This amount had increased to
$2,080,000,000 in 1927, and on October 3, 1928, the total aggregated
$3,297,310,119.
A consolidated balance sheet of the individual trust assets of all
the national bank trust departments as of October 3, 1928, is given
below:
ASSETS

Investments
Deposits in savings banks
Deposits in other banks
Deposits in own banks
Other assets

$2, 247, 145, 193
8, 690, 006
6, 456, 197
167, 953, 629
867, 065, 094

Total

3, 297, 310, 119
LIABILITIES

Private trust accounts
Private trust accounts, income
Court trusts (executor, etc.)
Court trusts (executor, etc.), income
Other liabilities
Total

_.

1, 506, 335, 807
32, 938, 589
644, 371, 124
15, 735, 708
1, 097, 928, 891
3, 297, 310, 119

The volume of bond and note issues for which national banks have
been named to act as trustees has likewise shown a growth in recent
years. In 1921 national banks were acting as trustees for collateral
trust and other note and bond issues aggregating $960,000,000; this



BEPORT OF THE

COMPTKOLLER OF THE

CURRENCY

11

total had reached $2,463,000,000 in 1926, and 1927 showed an aggregate of $6,355,000,000, while on October 3, 1928, the volume of this
activity was shown to be $7,978,388,854.
As the operations of trust departments have grown, so have the
earnings that national banks have reported from this source. Not
only has the establishment of trust departments furnished a service
to their communities highly desirable, but many national banks have
found that their trust departments have been the means of bringing
new business to other departments of the bank and enabled, the bank
to retain balances upon the death of their customers which would
otherwise be diverted to a competing fiduciary institution. For the
fiscal 3^ear ended June 30, 1928, the earnings of national bank trust
departments aggregated $16,165,000, as compared with $10,811,000
in 1927, $8,255,000 in 1926, $5,951,000 in 1925, and $5,059,000 in 1924.
A recent analysis of the classes of trusts being administered showed
that of the total number of banks handling trusts, 82 per cent were
acting as trustees, 58 per cent were also acting as guardians of estates,
34 per cent as executors, 53 per cent as administrators, 12 per cent
as registrars of stocks and bonds, 5 per cent as receivers, 3 per cent
as assignees, 8 per cent as committees of estates of lunatics, and 26 per
cent were also acting in other fiduciary capacities not mentioned above.
The. system inaugurated sometime ago of compiling statistics relating to the growth of trust operations in national banks and the results
made public periodically has created favorable comment. I t has
focused the attention of the public and the banks alike on the possibilities of trust service in communities where national banks are in
operation.
That national banks with authority to exercise trust powers have
awakened to the value of including the words "trust company" in
their names is evidenced by the large number which have so amended
their titles recently. Prior to 1927 only 101 national banks had included the word "trust" in their titles. Since that time the number
has grown to 236 and the movement in this direction is becoming
general in many sections of the Nation.
The following table shows in some detail by Federal reserve districts the trust activities of national banks during 1928 :
Fiduciary activities of national banks, by Federal reserve districts
NumNumber
Number of
authorindiized to ber exFederal reserve exercise ercising vidual
powers, trusts
district
trust
powers, Oct. 3, being
1928 adminOct. 3,
istered
1928

Boston . .
New York
Philadelphia. __
Cleveland
Richmond
Atlanta
_
Chicago
St. Louis
Minneapolis
Kansas City
Dallas .
San Francisco. _
Total

!

218
349
281
159
192
144
370
149
108
190
93
120

153
263
217
129
130
84
238
89
40
104
47
91

4,111
7,826
9,038
5,576
1,645
2,126
6,334
1,678
843
3,957
593
10,126

Assets of
individual
trusts

$276,683,916
657,158, 935
150, 064, 379
180, 558, 440
140, 528, 308
111, 267, 003
890,924, 808
41, 224,976
25, 711, 783
178,116,997
47, 695,985
597,374, 589

2,373 i 1,585 53,853 3,297,310,119




Number of
Collateral
corpo- trust bonds
rate
outstanding
trusts where banks
being
act as
admintrustee
istered

Trust deOther bonds partment
earnings
and notes
outstanding reported
where banks for fiscal
year
act as
June 30,
trustee
1928

552
$34,946, 800 $388, 448, 461 $1,571,000
1,965 1, 089, 492, 533 4, 389, 098, 601 6, 030,000
572
3, 516,138
77, 583, 830
627, 000
12,134, 500
147, 491, 301
835
886, 000
33. 856, 857
30, 792, 300
402
563, 000
39, 840, 740
56, 307, 675
610
412, 000
39, 221, 218
876, 337, 903 1, 797, 000
2,059
23, 949, 873
35, 552, 971
320, 000
434
9, 473, 656
4, 700, 666
110, 000
191
26, 075, 772
78, 053, 452
548, 000
762
31,961,921
18,176, 300
184, 000
181
55, 932, 898
475, 442, 488 3,117, 000
1,360
9,923 1, 395, 629, 916 6, 582, 758, 938 16,165, 000

12

REPORT OF THE COMPTROLLER OF THE CURRENCY

ORGANIZATION AND LIQUIDATION OF NATIONAL BANKS

There were 7,707 national banking associations in existence at the
close of the current year, October 31, 1928. This number was less
by 125, or 1.6 per cent, than the number in existence at the close of
the preceding year on October 31, 1927. In this connection it is of
importance to note that while the number of associations has decreased, their aggregate resources have increased as of the date of the
last call, October 3,1928, compared with aggregate resources on October
10, 1927, the nearest call to the date of my predecessor's last report,
$1,711,656,000, or about 6.3 per cent.
This office has during the past year continued to exercise its policy
of extreme care in granting charters for national banks, based primarily on the needs of the community for additional banking facilities.
During the current year only 39.6 per cent of the number of
applications received for the establishment of new national banks
was approved, as compared with 44 per cent the previous like period
and 52 per cent the year prior thereto.
In other words, despite the fact that the number of applications
received remains about the same, the number approved by this office
is constantly becoming fewer and in the current year a less number
of applications was approved than has been approved any year during the past 11-year period.
Up to and including October 31, 1928, there have been authorized
to begin business 13,249 national banking associations, of which
4,378 were voluntarily closed to discontinue business or amalgamate
with other banks, State or National, including those consolidated
with other national banking associations under authority of the act
of November 7, 1918. Exclusive of banks which failed but were
subsequently restored to solvency, the loss to the system by banks
liquidated through receiverships was 1,164, the number of these
receiverships being a fraction less than 8.8 per cent of the total
number of banks organized.
In November, 1914, there were in existence 7,578 national banks
with capital of $1,072,492,175. Since that date the net increase in
the number of banks was 129 and an increase in capital of $547,096,940. The capital of the banks in existence on October 31, 1928,
was $1,619,589,115. In this 14-year period 2,597 banks were chartered with capital of $316,435,300. During this period, however,
2,468 associations were closed voluntarily or otherwise.
Applications to organize national banks and to convert State
banks into national banking associations were received in the current
year to the number of 260, with proposed capital stock of $57,410,000.
Of the applications pending 103 were approved with proposed capital
stock of $26,280,000, 108 rejected with proposed capital stock of
$16,645,675, and 32 abandoned with proposed capital stock of
$7,530,000. National banking associations to the number of 113,
with capital of $26,160,000, were authorized to begin business, of
which 6 were located in the New England States, 36 in the Eastern,
23 in the Southern, 24 in the Middle Western, 12 in the Western,
and 12 in the Pacific States. The greatest activity as indicated by
the number of banks organized was in the following States: New
York, 16 banks; New Jersey, 6; Pennsylvania, 13; Illinois, 8; Texas,
8; Nebraska, 9; California, 7; Massachusetts, 4; Ohio, 4; and Wash


EEP0BT OF THE COMPTROLLER OF THE CURRENCY

13

ington, 4. In other States the number ranged from 1 to 3 banks.
It further appears that of the total number of charters issued, 25,
with authorized capital of $11,260,000 and resources aggregating
approximately $244,386,345, were the result of conversions of State
banks—4, with capital of $360,000, reorganizations of State or
National banks, and 84, with capital of $14,540,000, primary organizations. Conversions of State banks into national associations
brought into the system 8 branches.
In the year in question 52 national banking associations were
consolidated into 25 under authority of the act of November 7, 1918,
the capital of the consolidated banks being $119,467,500. In some
instances there were reductions in capital and in others increases,
but the net result by reason of consolidations was an increase in
capital stock of $15,192,500. ^
There have been 25 consolidations under the act of February 25,
1927, t:authorizing the consolidation of State banks with national
balfts ^the agpegate capital of the consolidating State banks being
$21,390,000. These banks also brought 62 branches into the national
system and assets aggregating approximately $352,390,752.
The voluntary liquidation of 156 associations represented a capital
of $27,381,000, while the capital of the 61 insolvent banks was
$4,135,000. The net result of the changes hereinbefore mentioned
was a decrease for the year in the number of existing banks by 125
and an increase in authorized capital stock of $116,891,500. It
appears that during the year 268 banks increased their capital in
the aggregate sum of $131,552,500. Of this number 77 banks
effected the increase by stock dividends, the amount of the increase
in this manner being $16,809,000.
Of the 156 banks reported in voluntary liquidation, 57, with
capital of $5,546,000, were acquired by other national banks, and
99, with capital of $21,835,000, either entered the State banking
system or quit business,
NATIONAL BANK FAILURES

In the Comptroller's report of a year ago he stated that the drift
was toward a more normal condition in the number of failures of
national banks.
This prediction has been justified.
The failures during the past year decreased 60 per cent from the
previous year, there being only 54 failures of going banks as compared
with 135 the previous year and one of these institutions was immediately restored to solvencj^. It was necessary, however, to appoint
receivers for seven banks after their assets had been sold to other
banks in order to collect stock assessments to complete the terms of
the sale. These seven receiverships were not failures of going banks
since their assets had been sold on terms requiring the assumption of
their liabilities in full by the purchasers. Treating these seven banks
as failures would bring the number, when added to the 54 actual failures, to 61, with a capitalization of $4,135,000, as compared with
135 failures during last year with a capitalization of $8,257,000.
Conditions are not now perfect, but I do believe that we are arriving at a normal period in national bank failures.



14

REPORT OF THE COMPTROLLER OF THE CURRENCY

From the date of the first failure of a national bank in the year
1865 to October 31, 1928, 1,234 national banks were placed in charge
of receivers. Of this number 70 were restored to solvency and permitted to resume business, leaving 1,164 to be administered by receivers. Of these so administered, 452 (15 less than reported at the
close of 1927), are still in process of liquidation and 712 have been
entirely liquidated and the trusts closed.
The capital of the 1,234 insolvent national banks at the date of
failure was $137,095,420. The capital of the 70 banks that were restored to solvency was $12,095,000. The capital of the 452 banks
that are still in receiverships was $31,259,500, and the capital of the
712 banks that have been completely liquidated was $93,740,920.
The book value of the assets of the 1,164 administered receiverships,
including assets acquired after suspension, aggregated $781,028,163.
Total collections by receivers to September 30, 1928^ from these
assets, including offsets, amounted to $441,849,562. There were levied
against shareholders, stock assessments aggregating $86,395,740, and,
in addition to the amount collected from assets, there was collected on
these stock assessments the sum of $41,405,350, giving a total collection of $483,254,912 from all sources, or 55.7 per cent of total assets
and stock assessments. This sum was disbursed as follows:
Dividends paid to creditors on claims proved aggregating
$429,272,717
$250, 833, 108
Payments to secured and preferred creditors, including offsets
allowed and payments for the protection of assets
184, 472, 850
Payment of receivers' salaries, legal and other expenses
30, 626, 874
Cash returned to shareholders
4, 163, 398
Cash balances with the comptroller and receivers
13, 158. 682

In addition to this record of distribution there were returned to
shareholders, through their duly elected agents, assets of a book value
of $16,169,098.
The 452 national banks that were as of October 31, 1928, still in
charge of receivers and in process of liquidation had assets, including
assets acquired subsequent to their failure, aggregating $311,476,541.
Receivers had collected from these assets, as shown by their last
quarterly reports under date of September 30, 1928, including offsets,
the sum of $159,806,222. The capital of these banks was $31,259,500
and there had been levied by the Comptroller of the Currency to
September 30, 1928, stock assessments against the shareholders in
the amount of $28,229,500. From such assessments there had been
collected up to and including September 30, 1928, $13,322,465, making
collections from all sources in the liquidation of these active receiverships a total of $173,128,687, or 50.9 per cent of such assets and
stock assessments, which amount has been distributed as follows:
Dividends paid to creditors on claims proved, aggregating
$179,637,811
Payments to secured and preferred creditors, including offsets
allowed and payments for the protection of assets
Payment of receivers' salaries, legal and other expenses
Cash returned to shareholders
Cash balance with comptroller and receivers

$70, 207, 075
79, 021, 490
10, 391, 440
350, 000
13, 158, 682

From the date of the first failure of a national bank in 1865 to the
close of October 31, 1928, 782 receiverships were liquidated and the
trusts closed^ Included in this number are the 70 banks restored to
solvency (2 in 1928) and 74 that were liquidated during the year



BEPOBT OF THE COMPTROLLER OF THE CURRENCY

15

1928. These 712 banks had assets, including assets acquired subsequent to their failure, aggregating $469,551,622. Keceivers collected from these assets, including offsets, as shown by their final
reports, the sum of $282,043,340. The capital of these 712 banks
was $93,740,920 and there were levied against their stockholders
by the Comptroller of the Currency stock assessments aggregating
$58,166,240. From such stock assessments there was collected
$28,082,885, making total collections from assets and stock assessments of $310,126,225, or 58.8 per cent of such assets and stock
assessments, which amount was distributed as follows:
Dividends paid to creditors on claims proved aggregating
$249,634,906
$180, 626, 033
Payments to secured and preferred creditors, including offsets
allowed, and payments for the protection of assets
105, 451, 360
Payment of receivers7 salaries, legal, and other expenses
20, 235, 434
Cash returned to shareholders
3, 813, 398

The average percentage of dividends paid on claims proved against
the 782 receiverships that have been finally closed, not including
the 70 restored to solvency, which paid creditors 100 per cent, was
72.36 per cent. If offsets, loans paid, and other disbursements were
included in this calculation the disbursements to creditors would
show an average of 80.57 per cent.
Expenses incident to the administration of the 712 closed trusts
such as receivers' salaries, legal, and other expenses, amounted to
$20,235,434, or 3.83 per cent of the book value of the assets and stock
assessments administered, or 6.52 per cent of collections from assets
and stock assessments. The assessments against shareholders averaged 62.4 per cent of their holdings and the total collections from
such assessments as were levied were 48.28 per cent of the amount
assessed. The outstanding circulation of these closed receiverships
was $35,206,185, secured by United States bonds on deposit with the
Treasury of the United States of the par value of $37,772,610.
During the year ending October 31, 1928, 76 receiverships were
closed, including 2 banks restored to solvency. The total assets of
74 of these receiverships, including assets acquired subsequent to suspension, aggregated $30,420,624. The capital of these banks was
$3,625,000 and the total assessment against shareholders levied by
the Comptroller aggregated $3,205,000. From the assets the
receivers collected, including offsets, $16,680,318, and from the stock
assessments the receivers collected $1,433,529, making of all collections a total of $18,113,847, or 53.87 per cent of such assets and
stock assessments, which sum was distributed as follows:
Dividends paid to creditors on claims proved, aggregating
$18,385,062
$7, 792, 770
Payments to secured and preferred creditors, including offsets
allowed, and payments for the protection of assets
8, 884, 635
Payment of receivers' salaries, legal, and other expenses
__.. 1, 433, 149
Cash returned to shareholders
3, 293

The average percentage of dividends paid on claims proved against
he 76 receiverships that were finally closed in the year ending October
31, 1928, not including the 2 banks restored to solvency which paid
creditors 100 per cent, was 42.38 per cent. If offsets, loans paid,
and other disbursements were included in this calculation the payment to creditors would show an average of 61.16 per cent. Expenses
incident to the administration of these 76 trusts, such as receivers7




16

BEPOBT OF THE COMPTROLLER OF THE CURRENCY

salaries, legal, and other expenses, amounted to $1,433,149, or 4.26
per cent of the book value of the assets and stock assessments administered, or 7.91 per cent of collections from assets and stock assessments. The assessments against shareholders averaged 86.62 per
cent of their holdings and the total collections from such assessments
as were levied were 44.73 per cent of the amount assessed.
The financial operations of the division of insolvent national
banks from September 30, 1927, to September 30, 1928, were as
follows:
Receipts:
Cash on hand Sept. 30, 1927
Collections during the year, including offsets

_ $13, 391, 954
37, 080, 599

Total

50, 472, 553

Disbursements:
Dividends paid
Secured and preferred claims paid
Expenses paid
Returned to shareholders in cash
Cash on h,and Sept. 30, 1928
Total...

22, 032, 540
12, 446, 231
2, 831, 807
3, 293
13, 158, 682

Items

Total assets taken charge of by receivers
'
Disposition of assets:
Collected from assets and offsets allowed
Loss on assets compounded or sold under order of court. _
Book value of assets returned to shareholders
Book value qf remaining assets
Total..
Collected from assets and offsets as above..
Collected from stock assessment
Total..
Disposition of collections:
Dividends paid
Secured and preferred liabilities paid, including offsets...
Receivers' salary, legal, and other expenses
Amount returned to shareholders in cash
B alance with comptroller or receivers
Total..
Capital stock at date of failure
United States bonds held at failure to secure circulating notes.
United States bonds held to secure circulation sold and circulation redeemed
_
Circulation outstanding at failure
_._
Amount of assessment upon shareholders
Claims proven
_

1

50, 472, 553

Closed
receiverships, 712

Active
receiverships, 452

$469, 551, 622

$311,476,541

282, 043, 340
171,339,184

159, 806, 222
41, 572, 045

19, 551, G22

311,476, 541

781,028,163

282, 043, 340
28,082, 885

159, 806, 222
13, 322,465

441, 849, 562
41,405,350

310,126, 225

173,128, 687

483, 254,912

180, 626, 033
105, 451,360
20, 235, 434
3, 813, 398

70, 207, 075
79, 021,490
10,391, 440
350, 000
13,158, 682

250, 833,108
184,472, 850
30, 626, 874
4,163, 398
13,158, 682

310,126, 225

173,128, 687 I

483, 254,912

3 105, 835,920
37, 772, 610

31, 259, 500
16, 939, 700

137, 095,420
54, 712, 310

110, 098, 274

37,
35,
58,
249,

772, 610
206,185
166. 240
63< 906

10, 677,
16, 338,
28, 229,
179, 637,

500
900
500
811

Total, 1,164*
$781, 028,163
441, 849,
212,911,
16,169,
110,098,

48,
51,
86,
429,

562
229
098
274

450,110
545, 085
395, 740
272, 717

1
2

Does not include 70 banks restored to solvency.
Accounted for in final settlement with creditors or charged off as loss by order of court.
3 Includes capital stock of 70 banks restored to solvency.

Statistics relative to the capital, date of appointment of receiver,
and per cent of dividends paid to creditors of 76 insolvent national
banks, the affairs of which were closed during the year ended October
31, 1928, appear in the following table:



REPORT OF THE COMPTROLLER OF THE CURREISrOY

Title

Location

First National Bank
Do
State National Bank
First National Bank
Do
Do
Do
Do
Do
Do
Do
Do
State National Bank
First National Bank
Do
Farmers National Bank
First National Bank
Do
Citizens National Bank
First National Bank
National Bank of Cleburne
Farmers and Merchants National Bank..
First National Bank
Do.
Do
Do
Do
Fairfield National Bank
First National Bank
Geneva National Bank
First National Bank
Do
Havre National Bank
First National Bank
Do
Peoples National Bank
Farmers and Merchants National Bank.
City National Bank
Marion County National Bank
First National Bank
Lebanon National Bank
First National Bank
Northwestern National Bank
First National Bank
Do
o
Do
Do
Do
Citizens National Bank _
First National Bank
Do
Do
Do
Pieher National Bank
First National Bank
Stockmans National Bank
First National Bank
Do
Do
Roundup National Bank
First National Bank
Do
Do
Do
Do
Do
Do
Do
.
Farmers National Bank
Tucson National Bank
First National Bank
Do
Do
Do
Do
_

Abbeville, Ala
Ackerman, Miss
Austin, Tex
Baker, Mont
Bamberg, S. C
Bandon, Greg
Beaver, Pa
Bisbee, N. Dak
Bottineau, N. Dak
Brinsmade, N. Dak
Buffalo, Okla
Buhl, Idaho
Carlsbad, N. Mex
Carroll, Nebr.
Cavalier, N. Dak
Chandler, Okla
Charlo, Mont
Chester, Mont
Cheyenne, Wyo
Clayton, N. Mex
Cleburne, Tex
d
Corydon, Iowa
Crystal, N. Dak
Cut Bank, Mont
Desdemona, Tex
Devol, Okla
Fairfield, Iowa..
Fort Branch, Ind
Geneva, N. Y
Granada, Minn
Harrison, Nebr_.
Havre, Mont
Highland, Wis
Highwood, Mont
Hot Springs, S. Dak
Jefferson, Iowa
Jerome, Idaho..
Knoxville, Iowa
Lambert, Mont..
Lebanon, Tenn
Lidgerwood, N. Dak
Livingston, Mont
Mansfield, Tex
Marcus, Iowa..
Marysville, Kans.
Mohall, N. Dak__
Morgan, Tex_.
My ton, Utah
Ness City, Kans.
Newcastle, Wyo.
Oroville, Wash...
Oswego, Mont.
Pagosa Springs, Colo
Pieher, Okla.
Poplar, Mont
do-Ririe, Idaho
Riverbank, Calif
Rocky Ford, Colo
Roundup, Mont
Saco, Mont
Sentinel Butte, N. Dak.
Shelby, Mont
Simla, Colo.
Spencer, Nebr.
Sipe Springs, Tex.
Springfield, S. Dak__.
Stevensville, Mont...
Tishomingo, Okla
Tucson, Ariz
Walters, Okla
Warren, Mass..
Warsaw, N. C
Willsall, Mont
Woodworth, N, Dak_

Date receiver
appointed

Capital

17
Per cent
dividends
paid to
creditors

N o v . 14, 1924 $100, 000
i 101. 0
N o v . 12, 1926
25, 000
50
N o v . 20, 1926
100,000
M a y 20, 1924
25,000
A p r . 10, 1925
45, 000
19.5
Apr. 13, 1925
25, 000
75
M a r . 26, 1921
50, 000
72.6
J a n . 28, 1924
25, 000
23.3
Apr. 12, 1923
50, 000
33
F e b . 13, 1925
25,000
31
Dec. 27, 1924
25,000
15
M a r . 26, 1925
100, 000
24, 25
Aug. 25, 1924
75, 000
10
Aug. 13, 1923
50, 000
10.15
F e b . 21, 1925
25, 000
57.3
Apr. 10, 1925
25, 000
56
F e b . 20, 1924
25, 000
94.18
J u l y 30, 1923
25, 000
1.35
J u l y 21, 1924
100,000
72.9
M a r . 1, 1924
75, 000
17.02
Oct. 27, 1921
150, 000
5.15
M a y 11, 1927
100, 000
61. 365
Aug. 18, 1927
75, 000
98.68
F e b . 7, 1925
25, 000
27.9
J a n . 29, 1921
50, 000
6.85
A p r . 7, 1921
25, 000
11.75
Sept. 17, 1925
25, 000
59
Aug. 30, 1923
60, 000
52. 315
Oct. 6, 1928
25, 000
2 100
M a r . 31, 1927
300,000'
100
M a y 29, 1926
25, 000
100
F e b . 12, 1924
50, 000
6.25
Sept. 16, 1921
50, 000
18.35
J u n e 14, 1923
25,000
66
D e c . 29, 1922
25,000
11. 625
J a n . 15, 1925
25, 000
63.25
Apr. 27, 1923
40, 000
52
M a y 24, 1923
30,000
55
F e b . 1.1927
60, 000
75
J u l y 16,1924
25, 000
40.5
F e b . 13,1925
80, 000
43.76
J u n e 17,1924
50, 000
6
Aug. 30,1924
100, 000
U03
Dec, 11,1927
25, 000
1103. 64
M a y 18,1921
50, 000
41. 655
Sept. 15,1924
75, G O
O
69.125
J a n . 22,1925
25, 000
16.5
N o v . 13,1924
25, 000
59.5
F e b . 24,1922
25, 000
13
J u l y 3,1924
45,000
(3)
J u n e 12,1924
25, 000
47.75
F e b . 8,1926
50, 000,
71.5
Oct.
5,1923
25, 000
88
M a r . 6,1926
25, 000
44
F e b . 21,1921
100,000
38.5
Dec. 17,1923
25,000
10
J a n . 28,1922
25, 000
2.6
Aug. 11,1924
25, 000
6.11
Dec. 28,1925
25, 000
73
Apr. 5,1924
60,000 >
70.5
Sept. 6,1923
25, 000
6
J u n e 4,1926
30, 000
78.35
J a n . 24,1924
25, 000
14.8
Aug. 27,1923
25,000
51.5
J u n e 25,1925
25,000
85
J u l y 14,1922
100, 000
7.4
Apr. 18,1921
25,000
18.1
N o v . 28,1923
25, 000
9.08
M a r . 2,1925
25,000
85.75
Dec. 6,1923
25,000
2.6
N o v . 14,1923
100, 000
58.1
Aug. 6,1925
50, 000
4.9
F e b . 23,1923
50, 000
67
4
M a r . 17,1927
50,000
100
Apr. 22,1924
25, 000
1.25
Dec. 11,1923
25, 000
10

1
Principal and interest paid in full.
2 Temporary suspension to adjust settlement on adverse judgment.
3
Receiver appointed to levy and collect stock assessment covering deficiency in value of assets sold,
4
Restored to solvency.




18

REPORT OF THE COMPTROLLER OF THE CURRENCY

BANK FAILURES OTHER THAN NATIONAL

Information furnished by the banking departments of the several
States discloses that during the fiscal year ended June 30, 1928, there
were 413 failures of State and private banks, with liabilities aggregating $125,784,000, as compared with 689 failures in the previous
year with total liabilities of $206,655,000.
Tables showing the number of failures and liabilities of banks other
than national and national banks in each State, for the 6-month
peziods ended December 31, 1927, and June 30, 1928, together with
similar figures for the year ended June 30, 1928, are published in the
appendix of this report. The appendix also includes a table showing
the number and liabilities of State and national bank failures as of
June 30, each year, 1914 to 1928, inclusive.
NATIONAL-BANK CIRCULATION
Although there was a reduction of nearly $1,000,000,000 made
during the fiscal year ended June 30, 1928, in the interest-bearing
debt of the United States, bonds eligible as security for nationalbank circulation on June 30, 1928, aggregated $674,625,630, the same
as on June 30 of the year previous, and consisted of $599,724,050
consols of 1930; $48,954,180 Panama Canal 2's of 1916-1936, and
$25,947,400 Panama Canal 2's of 1918-1938. The Treasurer on
June 30 of the current year held as security for national-bank circulation $591,220,550 of consols and $74,438,100 Panama Canal 2's,
the total, or $665,658,650, representing 98.67 per cent of the aggregate
of circulation bonds outstanding.
National-bank circulation outstanding at the close of the fiscal
year amounted to $699,620,652, of which $658,732,988 was secured
by bonds, and the remainder, $40,887,664, was secured by lawful
money held by the Treasurer of the United States to provide for the
redemption of the notes of banks retiring their circulation and on
account of associations in liquidation.
In the year ended October 31, 1928, the withdrawal of bonds held
by the Treasurer of the United States in trust as security for nationalbank circulation amounted to $43,183,590. The withdrawals by
reason of liquidation of banks amounted to $24,327,750, and on
account of banks placed in charge of receivers $1,907,750. Bonds
held by the Treasurer of the United States in trust as security for
circulation were augmented to the extent of $43,478,740 on account
of deposits made by newly organized banks and by those increasing
their circulation. The transactions of the year by months in each
account named are shown in the following statement:




REPORT OP THE COMPTROLLER OF THE CURRENCY

19

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
October 81, 1928

Date

November.
December. _

Bonds
deposited
by banks
chartered
and those
increasing
circulation
during the
year

Bonds
withdrawn
by banks
reducing
circulation

Bonds
withdrawn
b y banks
in
liquidation

Bonds
withdrawn
by banks
in
insolvency

1927
$1,169, 010
1, 904, 000

$1,059,090
1, 075, 000

$43, 000
450,000

$110,000
81, 500

2, 725,000

1, 397,000
1,910,000
815, 250
1, 727, 000
2, 519, 000
3,116,250
235, 000
1,159, 500
1, 217. 500
ni. 500

2,025,000
845,000
361, 250
4, 361, 250
5, 882, 500
595, 000
4, 875,000
891, 250
215. 000
3, 783, 500

200,000
262, 500
25, 000
865,800

16,948,090 1

24,327,750

1, 907, 750

1928
January
February __.
March
April
May
June
July
August
September.
October
Total
1

3, 798,000
1. 057, 000
G, 283, 800
9, 696, 940
I, 878, 000
6, 218, 300
2,140. 250
2,150^ 740
4, 457, 700
! 143,478,740 |

123, 750
132, 900
106, 300

Includes $5,334,700 deposited by 16 of the 113 banks chartered during the year.

Statement of capital stock of national banks, national-bank notes, and Federal reserve
bank notes outstanding, bonds on deposit, etc.
Nov. 1, 1928
Authorized capital stock of national banks
Paid-in capital stock of national banks

Oct. 1, 1928

I $1, 619, 589,115
1,618,393,763

$1, 620, 279,115
1,618,715,364

Nov. 1, 1927
$1, 502, 697, 615
1, 502, 265, 671

I Increase or j Increase or
; decrease since j decrease since
I above date i above date
Increase of authorized capital stock
Decrease of authorized capital stock
Increase of paid-in capital stock
Decrease of paid-in capital stock

._

j
I
i
J

Total national-bank notes outstanding

116,128, 092
321,601

Nov. 1,1928
National-bank notes outstanding secured by United j
States bonds
I
National-bank notes outstanding secured by lawful |
money
\

$116, 891, 500
$690,000

Oct. 1,

Nov. I, 1927

j
$662,705,675 I
I
37,446,779 j

$660,463,912
37,688,747

39, 825, 664

700,152,454 j

698,152,659

702, 992, 694

$663,167, 030

Increase or
I Increase or
! decrease since decrease since
above date
! above date
Increase secured by United States bonds._
Decrease secured by United States bonds.
Increase secured by lawful money
Decrease secured by lawful money
Net increase .
Net decrease .



$2, 241,7
$461,355
241,968

2,378, 885

1, 999, 795
2, 840, 240

20

REPORT OF THE COMPTROLLER OF THE CURRENCY

Statement of capital stock of national banks, national-bank notes, and Federal reserve
bank notes outstanding, bonds on deposit, etc.—-Continued
Nov. 1,1928
Federal reserve bank notes outstanding secured by
United States bonds
Federal reserve bank notes outstanding secured by
lawful money

O c t . 1,1928

N o v . 1,1927

$4,049, 608

$4, 049, 608

$4, 539,138

4, 049, 608

Total Federal reserve bank notes outstanding

4, 049, 608

4, 539,138

Increase or
decrease since
above date
Increase secured by Unite d States bond s
Decrease secured by Unite d States boneIs
Increase secured by lawful money
Decrease secured by lawfu 1 money.

Increase or
decrease since
above date

_.

$489, 530

Net increase
Net decrease

Kinds of bonds on
deposit

489, 530

On deposit
to secure
Federal reserve bank
notes

United States consols of
1930 (2 per cent).

On deposit
to secure
nationalbank notes

$592, 696, 700

Federal reserve bank
National-bank notes of each denom- notes of each
ination outstanding
denomination outstanding
One dollar

$341,447

$2, 244, 425

48, 715, 720

United States Panama of
1938 (2 per cent).

25, 756, 020

Total

667,168, 440

162,894

720,158

F ive dollars

150, 526, 040

609,140

T en dollars

281, 280, 590

192, 055

T wenty dollars

223, 733, 260

265, 430

F ifty dollars.

25, 251, 750

18,400

One hundred dollars _.

United States Panama of
1936 (2 per cent).

T wo dollars

23, 563, 600

F ive hundred dollars,

87, 500

One thousand dollars __

21, 000

F ractional parts

61,163

Total.-.
L ess 1

Notes redeemed but not assorted by denominations.




4,049,608

4, 876, 790

Total
1

„_ 705,029, 244

700,152,454

4,049,608

EEPOET OF THE COMPTROLLER OF THE CURRENCY

21

REDEMPTION OF NATIONAL AND FEDERAL RESERVE BANK
CIRCULATION

In the year ended June 30, 1928, national-bank notes, Federal
reserve notes, and Federal reserve bank notes aggregating $1,947,059,237.50 were redeemed in the United States Treasury, at a total
expense of $517,863.18.
These redemptions include Federal reserve notes amounting to
$1,407,716,965; Federal reserve bank notes received from all sources
$699,620, and national-bank notes of $538,642,652.50, the latter
figure including $26,987,700 redeemed on retirement account.
National-bank notes were redeemed at an average cost of 86 cents
per $1,000; Federal reserve notes received from sources other than
the Federal reserve banks, 70 cents per 1,000 notes; canceled and
other Federal reserve notes received direct from Federal reserve
banks and branches, 35 cents per 1,000 notes redeemed, and redemption on account of Federal reserve bank notes at the rate of
$1.08 per 1,000 notes.
Statements showing the amount of national-bank notes, Federal
reserve notes, and Federal reserve bank notes received monthly for
redemption in the year ended June 30, 1928, the source from which
received, and the classification of redemptions, together with the
rate per $1,000 of national-bank notes redeemed, and the rate per
1,000 notes of Federal reserve and Federal reserve bank notes redeemed, are published in the appendix of this report.
NATIONAL BANKS OF ISSUE
Of the 7,691 reporting national banks on June 30, 1928, there
were 6,239 banks with capital of $1,297,741,000 issuing circulating
notes, and on the date indicated the amount of notes outstanding
aggregated $649,095,000. The 1,452 banks which did not exercise
the circulation privilege had capital stock paid in amounting to
$296,115,000.
A table disclosing, according to reserve cities and States, the number of national banks issuing circulation, their capital, amount of
circulation outstanding, together with the number of associations
not issuing circulation and their capital on June 30, 1928, is published
in the appendix of this report.
CONDITION OF NATIONAL BANKS AT DATE OF EACH REPORT
CALLED FOR DURING THE YEAR

Under authority of section 5211, Revised Statutes, national banks
were called upon to submit four reports of condition during the
year ended October 31, 1928, as of various dates specified by the
comptroller.




22

REPORT OF THE COMPTROLLER OF THE CURRENCY

Summaries of resources and liabilities of reporting banks on the
date of each report during the year, together with summary for
October 10, 1927, are shown in the following statement:
Abstract of reports of condition of national banks on dates indicated
[In thousands of dollars]
Oct. 10,
Dec. 31,
F e b . 28,
J u n e 30,
Oct. 3,
1927—7,804 1927—7,765 1928—7,734 1928—7,691 1928—7,676
banks
banks
banks
banks
banks
RESOURCES

Loans and discounts (including rediscounts) !
Overdrafts
United States Government securities
owned
Other bonds, stocks, securities, etc., owned.
Customers' liability account of acceptances.
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
Amount due from national banks
Amount due from other banks, bankers,
and trust companies
Exchanges for clearing house
Checks on other banks in the same place-.
Outside checks and other cash items
Redemption fund and due from United
States Treasurer
United States Government securities borrowed
Bonds and securities, other than United
States, borrowed
Other assets
Total

14, 366, 926
14, 503

14, 831, 259
10, 313

14, 399, 447
12,156

15,144, 995
10,138

15,116. 869
15', 606

2, 675, 542
3, 941, 438
283, 589
698. 516
122,161
1, 413, 792

2, 747, 854
4,151, 944
369,855
700. 337
122, 880
1, 509, 253

2,9
4,180, 004
375,185
712, 278
123, 653
1,457,431

2, 891,167
4, 256, 281
414, 573
721, 229
125, 680
1, 453, 383

3, 012, 584
4,104, 022
429, 034
732, 455
122, 773
1, 467, 535

502, 036
375, 251
1,125, 872

520, 399
361, 376
1,177, 334

454,166
370, 228
1, 058, 531

448,182
315,113
1, 020, 320

567, 942
364, 281
1, 556, 235

459, 842
790, 496
86. 479
86^ 832

473,
675,
106,
106,

881
661
281
363

427,
645,
70,
76,

247
738
286
918

417, 465
756,176
106, 789
100, 367

989, 920

33, 261

33,079

33, 306

32,849 I

33,050

14, 780

20, 743

13,979 |

99, 213

17, 877
18, 545

219, 742
27, 213, 824

3, 550
241, 625

3, 358
3. 810 I
272,096
258,885 I
28,164,219 I 27,573,687 j 28,508,239 |

295, 205
28,925,480

LIABILITIES

Capita! stock paid in.._
Surplus fund
Undivided profits net
Reserves for dividends, contingencies, e t c
Reserves for interest, taxes, and other expenses accrued and unpaid
National-bank notes outstanding
Due to Federal reserve banks
Amount due to national banks
Amount due to other banks, bankers, and
trust companies
Certified checks outstanding
Cashiers' checks outstanding
Dividend checks outstanding
Letters of credit and travelers checks outstanding
Demand deposits
Time deposits (including postal savings).__
United States deposits
Total deposits 2
United States Government securities borrowed
Bonds and securities, other than United
States, borrowed
Agreements to repurchases United States
Government or other securities sold
Bills payable (including all obligations representing borrowed money other than rediscounts)
Notes and bills rediscounted
Acceptances of other banks and foreign bills
of exchange or drafts sold with indorsement
Letters of credit and travelers' checks outstanding
Acceptances executed for customers
Acceptances executed by other banks
Liabilities other than those stated above. _
_
Total..
1

1, 499, 384
1, 273, 029
571, 482

1,528,509
1,314,438
530, 753

1,537,214
1,330,096
558, 647

1, 593, 856
1, 419, 695
557,437

1, 615, 744
1,450, 499
549, 624
58, 055

78, 521
649, 886
36,107
1, 076, 860

76, 451
650, 373
39,-381
1,045,133

73, 625
646, 656
33, 732
1, 008,175

83, 753
649,095
35, 618
885,197

81,464
648, 548
49, 745

1, 894, 696
281, 479
227, 217

2,110, 933
68, 569
358,410
29, 620

1,900, 773
209, 079
244,182
1,192

1,817, 202
78, 943
307, 624
28, 404

10,924,311
7, 590, 944
255, 624

11, 230, 047
7, 808,437
169,473

10, 826, 357
7,992, 213
63, 379

11, 003, 795
8, 296, 638
185, 916

22, 287,238

22, 860, 003

22,279,082

14, 787

20,967

13,979

2,948

3,550

3,810

3,045

12, 843

12, 524

235, 759
80, 571

410,149
71, 233

157, 422
10, 684
278, 967
18,444
51, 657
27, 213, 824

2, 843,472
602,326
12,389
11, 073,155
8, 310, 891
113, 333

28,006,811

17,877
18,545
3,358
7,217

35,591

302,199
92,499

622,108
179,077

707,581

194,530

208,867

227, 745

222,508

9,220
374, 852
14, 506
91,842

12,156
375,075
17,121
110,137

17,934
411,763
19,173
58,814
28,164, 219 I 27, 573, 687 | 28, 508, 239

420,754
26,133
85,123
28, 925,480

Includes customers' liability under letters of credit, also acceptances of other banks and bills of exchange
or2drafts sold with indorsement.
Letters of credit and travelers' checks sold for cash and outstanding have not been included with total
deposits for calls prior to Oct. 3, 1928.



REPORT OF THE COMPTROLLER OF THE CURRENCY

23

CONDITION OF NATIONAL BANKS OCTOBER 3, 1928

The resources of 7,676 reporting national banks October 3, 1928,
aggregated $28,925,480,000 and were greater than at any time in
the history of the national banking system. These figures exceeded
by $1,711,656,000 the resources reported by 7,804 national banks on
October 10, 1927, the date of the corresponding call a year ago.
Comparison of the principal items of resources and liabilities
follows:
RESOURCES

Loans and discounts, including rediscounts, amounted to $15,116,869,000, and exceeded the amount in October, 1927, by $749,943,000.
Investments in United States and other bonds and securities
•owned, aggregating $7,116,606,000, showed an increase in the year
of $499,626,000.
Banking house, furniture, and fixtures, and other real estate owned,
carried on the books at $855,228,000, exceeded the October, 1927,
figures in the sum of $34,551,000.
Balances due from correspondent banks and bankers, including
lawful reserve, items with Federal reserve banks in process of coUection, exchanges for clearing house and other cash items, totaled
$4,680,845,000, and were $215,496,000 more than in October a year
ago. Cash in vault amounted to $364,281,000, compared with
$375,251,000 on October 10, 1927.
LIABILITIES

Capital stock paid in of $1,615,744,000, and surplus and undivided
profits aggregating $2,000,123,000, increased in the year $116,360,000
and$155,612,000, respectively.
Liabilities for circulating notes outstanding were $648,548,000, and
showed a reduction of $1,338,000 in the liability for notes reported
outstanding since October 10, 1927.
Total deposit liabilities amounted to $23,005,311,000, and showed
an increase in the year of $707,389,000. In the classification of
deposits are balances due7correspondent banks and bankers, including certified and cashiers checks, etc., of $3,507,932,000; demand
deposits, including United States deposits, of $11,186,488,000, and
time deposits, including postal savings, amounting to $8,310,891,000.
Individual deposits (time and demand) were $19,384,046,000, exceeding by $868,791,000 this liability reported as of October 10, 1927.
Money borrowed represented by bills payable and rediscounts
aggregated $707,581,000, compared to $316,330,000 a year ago.
Statement showing the principal items of resources and liabilities
of these banks in each State, Alaska, and Hawaii, at the close of
business October 3, follows:
20669°—H. Doc. 361, 70-2




3

Principal items of resources and liabilities of national banks, October 8t 1928
[In thousands of dollars]

Total New
States

_

55
55
46
154
11
64

79,909
43, 219
40, 545
871,000
33, 653
194,459

68,430
29,334
28,610
329,467
21,828
79,989

2,623
2,857
1,357
39,031
902
14, 274

1,262, 785

557,658

61,044

30,010

561

3, 339,683 1, 604,442 100,895
321,494 37,017
569,825
1,598,006 1,052,907 108,184
10, 784
977
12,953
81,734
161, 585
34,936 11,717
92,644

46,384
16,677
43,995
420
3,397
3,533

_.

2,129
2,049
1,161
16,499
1,487
6,685

15,077
11,112
7,395
196, 344
5,576
39,858

Capital

Surplus
and
undivided
profits

7,570
5,400
5,210
83,838
4,620
22,452

12,935
9,068
5,848
108,122
7,812
32,456

275, 362

129,090

1,358, 535
87, 893
418,474
2,478
43, 264
30,739

346, 745
54,059
158,150
1,684
15, 234
10, 527

Nationalbank
notes
outstanding
5,211
4,632
4,227

Due to
banks 2

Demand
deposits,
including
United
States
deposits

Time
deposits

96,546
21,723
40, 227
417,368
16,005
102,799

Bills
payable
and
rediscounts

assets

168, 753
1,926
89,049
1,759
79, 785
1,075
16, 766 1, 560,911
63, 899
1,563
7,638
336,468

3,821
9,602

2,951
5,553
1,939
152, 717
1,929
14,351

40,647
40, 711
20, 725
643,476
27, 643
145,048

176, 241

45, 582

179,440

918,250

557,036
77, 239
341,726
3,611
23,398
10, 732

67,060 1,328,184 2,619,803 1, 227,891 195,837 6,897,369
23,341
22, 273
355,477
466, 773 30,669 1,038, 209
81,337
301,902 1,088,601 1,162,608 79,025 3, 262,304
639
10, 513
201
27,679
1,058
9,915
99,328
300, 603
112,668
6,436
7,844
33,832
81,360
791
174, 753
16,746
3,913
46, 573

England

New York
New Jersey
_
Pennsylvania
Delaware
Maryland
District of Columbia

18

Total Eastern States__.
Virginia
West Virginia
North Carolina
South Carolina
Georgia
Florida
Alabama
Mississippi
Louisiana
Texas
Arkansas
Kentucky
Tennessee
_

Due from
banks,
Cash in including
lawful
vault
reserve
and other
cash items

Loans,
including
overdrafts i

385

States, etc.

Maine
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut
_

Real
Investments, in- estate,
furnicluding
ture
premiums
and
on bonds fixtures

Number
of
banks

.---.

1,842
166
119
77
58
82
62
107
36
33
636
79
140
102

Total Southern States.
Ohio..
Indiana..




5, 774, t
276,490
125,461
132,498
76,030
169,431
109, 886
149,304
58, 649
84, 352
641,691
59,880
186,158
174, 870
2, 244, 700

329
225

492, 540
243, 397

3,106, 297 267,688
64,059
38, 514
27,903
27,359
43, 204
77,742
48,257
18,805
16,901
212,845
22,841
72,180
38, 780

114, 406 1, 941,383

586,399 1,013,742

183,485

22, 572
253, 889
18,072
39,903
48, 454

30, 237
17,070
14,336
7,009
19,135
14, 216
18,524
5,150
6,974
63, 649
5,560
20, 203
15,075

19,004
10, 264
8,392
5,953
7,632
4,751
12,671
2,944
4,337
43, 301
3,653
16, 233
13,109

67, e

•47,514

267,461

237,138

152, 244

16,823
11, 668

120, 805
63, 255

58, 345
32, 737

68,403
27, 266

35, 650
21, 775

709, 390 159, 700
245, 869
121,025

38,130
20,249

52,112
22,300
27, 537
18,769
57, 868
33,974
38,065

31, 534
13,404
15,388
9,800
18,755
15,740
17,970
5,560
9,750
83, 635
7,115
20,496
18,314

6,126
3,998
4,177
2,540
4,462
4,754
5,059
1,746
1,967
21,979
2,248
4,004
4,608

15,669
10, 605
10, 737
7,623
10, 568
10, 673
10,022
3,019
9,102
48,370
3,692
8,384
11, 236

30, 727

1, 704, 644 4, 255,082 3,026,428
28,724
8,536
14,107
9,598
34,050
21,868
13,425
5,395
16,090
163, 547
11, 618
27,332
30,825

129,858
67,340
68,396
38,921
1H., 203
81,017
98,785
35,604
60, 720
605,621
43,108
112, 575
91, 794

156,847
79, 695
65,440
55,882
86,827
93,050
69,769
32,919
22,471
31,738
94, 231
95,034

312,959 11, 700,917
17,060
418,096
4,831
202, 740
204,172
16,095
133, 673
4,655
286,478
8,377
210,019
4,090
253,449
17,429
96,676
8,261
137,532
13,045
25,944 1,189, 295
107,302
4,116
313,021
16, 712
280,105
13, 259

385,115 1, 543, 942 1,072, 783 153, 874 3, 862, 558
54,877
39, 307

368,801
179,874

301, 705
151, 235

22, 667
7,848

925,873
463,172

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
Alaska (nonmember banks)..
The Territory of Hawaii (nonmember banks)
Total (nonmember
banks)

486
133
157
279
270
133

1, 220, 688
347, 901
268,006
328, 534
187, 564
384, 709

421, 536
164,943
128, 792
207,081
95,863
139,075

60, 289
26,163
18,192
15, 783
17, 308
15,104

21, 514
9,175
7,095
8,647
7,320
6,664

346, 642
87, 960
71, 693
122, 602
60, 528
147,477

113,183
30,995
27,175
36,918
23,055
44,655

120, 200
38,185
24, 975
31, 308
14, 539
31,639

36, 032
17,461
15, 964
14, 215
14,130
,16,163

308,423
41, 547
42, 259
106, 354
43, 825
158,195

918, 538
235,801
177, 542
240, 809
139, 230
294, 232

515, 913
252,008
190,128
242, 619
129, 500
125, 556

46,059
20,403
13,497
11,969
4,232
20,975

2,101,158
641,282
495, 724
692,881
370,324
696,539

2,012

3,473, 339

1, 524,184

211,218

88,906

1,020,962

367, 063

356, 515

171, 390

794, 787

2, 554, 827

1,908, 664

147,650

6,386,953

134
96
159
249
70
26
123
29
330

46,299
37,451
132,124
135, 617
50,997
21, 737
132,400
17, 741
207, 753

27,037
26,350
55,122
69,886
29,188
11,808
80, 544
9,736
122,167

5,109
3,762
9,500
11, 621
3,722
1,368
6,757
1,593
16,538

1,773
1,550
3,112
4,714
2,310
952
5,653
944
6,754

19,011
14, 550
59, 610
54,474
24, 213
9,379
60,283
5,822
98, 637

5,440
4,595
14, 215
17,983
5,330
2,310
12,450
2,085
27,255

3,276
3,169
9,787
11,987
4,444
2,198
12,896
1,327
12, 735

3,255
2,106
7,483
9,639
2,360
1,459
4,189
1,250
6,688

5,026
6,100
57,391
30, 553
7,645
3,643
25, 686
1,689
54,427

39,969
38, 253
110, 859
144, 705
51,241
22, 068
132, 912
21,146
242,923

41, 831
29,071
55,106
59,608
39,305
13,414
93, 578
8,012
103, 331

809
320
3,449
1,847
58
96
4,463
295
4,266

99, 736
83,920
260, 082
277, 206
110, 663
45, 318
286,807
35, 919
453, 501

1,216

782,119

431,838

59, 970

27, 762

345, 979

91, 663

61,819

38, 429

192,160

804, 076

443, 256

15, 703

1, 653,152

111
93
223
46
20
10
15

163, 367
91, 237
1, 248, 248
27,417
31,082
11,426
15,768

102,889
88,983
545,131
14,952
14,313
5,108
10,022

11,977
7,546
68, 743
2,665
1,779
1,037
1,730

5,836
3,598
22,126
1,046
582
448
878

64,971
40,499
305, 677
11,488
15,093
4,628
5,050

21,683
12, 545
128,985
3,205
3,650
1,500
1,625

11,493
9,728
126,497
1,775
2,140
854
962

10,892
4,613
35,460
1,814
2,178
1,187
772

34,794
20,751
172, 759
4,308
14,105
2,181
1,305

160, 500
97,986
762, 310
27,751
25,198
8,997
18, 651

107, 214
86, 032
918, 683
18,109
14, 726
7,948
9,705

723
35
44, 572
268
587
483

352, 834
232, 933
2, 244, 035
57, 668
63, 059
22, 707
33, 834

518

1, 588, 545

781,398

95,477

34,514

447,406

173,193

153,449

56,916

250,203

1,101, 393

1,162,417

46, 668

3,007, 070

4

2,253

1,819

70

393

1,042

275

236

61

75

3,193

1,749

5,599

2

4,038

4,022

61

622

1,197

600

983

441

1,508

5,725

926

10, 366

6

6, 291

5,841

131

1,015

2,239

875

1,219

502

1,583

8,918

2,675

15,965

7,676

15,132,475

7,116, 606

855, 228

364, 281

4, 680,845

1, 615, 744

2,000,123

648, 548

3, 507,932 11,186, 488

8, 310,891

707, 581 28,925, 480

Total United States,
Alaska, a n d H a w a i i . _

1 Includes customers' liability under letters of credit, also acceptances of other banks and bills of exchange or drafts sold with indorsement.
2
Includes certified and cashiers' checks, also letters of credit and travelers' checks sold for cash and outstanding.




26

REPORT OF THE COMPTROLLER OF THE CURRENCY

NATIONAL-BANK LIABILITIES ON ACCOUNT OF BILLS PAYABLE
AND REDISCOUNTS
Liabilities of national banking associations in each Federal reserve
district for money borrowed on account of bills payable and rediscounts at the date of each call during year ended October 31, 1928,
are shown in the following statement:
Total borrowings of national banks on account of bills payable and rediscounts in
each Federal reserve district at date of each call during year ended October 81, 1928
[In thousands of dollars]
District
No. 1

District
No. 2

District
No. 3

District
No. 4

District

District
No. 6

Dee. 31,1927:
Bills payable
Rediscounts-

]3,052
7,053

255, 313
6,591

41, 625
6,494

35, 051
4,255

20, 273
6?071

6,821
8,424

17, 733
17, 712

Total

20,105

261, 904

48,119

39, 306

26, 344

15, 245

35,445

Feb. 28, 1928:
Bills payable
Rediscounts.

30, 424
23, 232

88, 351
9,826

38, 934
5,730

24, 290
6,400

19, 007
7, 850

7,990
9,362

28, 269
15,009

53, 656

98,177

44, 664

30, 690

26, 857

17, 352

43, 278

40, 764
32, 369

283, 065
24, 517

66, 970
10, 393

58, 027
11,055

33, 745
18, 392

12, 790
24, 245

76, 898
21, 664

73,133

307, 582

77, 363

69, 082

52,137

37, 035

98, 562

29,857

218, 697

73,132

40, 266

49, 510

57,876

87, 556

29, 857

218, 697

73,132

40, 266

49, 510

57, 876

87, 556

District
No. 8

District
No. 9

District
No. 10

District
No. 11

District
N o . 12

Dec. 31,1927:
Bills payable
Rediscounts

11,118
4,348

940
1, 470

3.615
6,217

1,200
154

3,408
2,444

410,149
71, 233

Total

__

June 30, 1928:
Bills payable .
Rediscounts.
Total
Oct. 3,1928:
Bills pavable
Rediscounts.
Total

]

No. 5

District
No. 7

Total

Total

15 466

2,410

9,832

1,354

5,852

481, 382

Feb. 28, 1928:
Bills payable
Rediscounts

16,103
6,123

2,365
1,254

1,951
4,960

2,489
1,255

42, 026
1,498

302,199
92,499

Total

22, 226

3,619

6,911

3,744

43, 524

394, 698

25, 615
12, 572

5,083
2,716

7,596
11, 672

5,821
4,024

5,734
5,458

622,108
179,077

38,187

7,799

19, 268

9,845

11,192

801,185

} 44,564

13, 446

17, 532

28,477

46, 668

707,581

44,564

13, 446

17, 532

28,477

46,668

707,581

June 30,1928:
Bills payable.._
Rediscounts
Total
Oct. 3, 1928:
Bills payable
Rediscounts
Total




REPORT OF THE COMPTROLLER OF THE CURRENCY

27

LOANS AND DISCOUNTS OF NATIONAL BANKS
The statement following shows a classification of loans and discounts reported by national banks as of June 30, 1926, 1927, and
1928:
Classification of loans and discounts for the last three fiscal years
[In thousands of dollars]
June 30, 1926
Class

June 30, 1927

June 30, 1928

Amount
On demand, paper with one or more individual of firm names (not secured by
collateral).
On demand, secured by stocks and bonds..
On demand, secured by other personal
securities, including merchandise, warebouse 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 improved real estate under
authority of sec. 24, Federal reserve act,
as amended:
1. On farm land
2. On other real estate
Secured by real-estate mortgages or other
liens on realty not in accordance with sec.
24, Federal reserve act, as amended:
1. For debts previously contracted
(sec. 5137, R. S. TLS.)—
(a) Farmlands
(6) Other real estate
2. All other real-estate loans—
(a) Farm lands
(b) Other real estate
Acceptances of other banks discounted
Acceptances of reporting banks purchased
or discounted
,
Total
1

_„_.

2M ot called for separately.




Per
cent

Amount

Per
cent

Amount

775,107
2,053, 871

5.78
15. 31

821,
2, 223,

5.89
15.93

872, 744
2, 616, 579

5.76
17.28

47. 28
14.78

342,914

2.46

384, 345

2.54

6,125, 942
6,125, 942
2, 215,105

324,405 | 2.42
6,344,135
1,982,754

795
557

Per
cent

43.90
15.87

6, 225, 711
2, 497,128

41.11
16. 49

7.49

1, 092, 097

7.21

187, 508
755,136

1.24
4.98

j
1,133,621 ! 8.45 j 1,045,178

1.19
4.09

123,641 I
337,393 j

.92
2.51

165,903
571,468

116,887
92, 605

.87
.69

118, 032
105. 524

114, 727
113,863

.75

11,555
43,371
78, 329

.09
.32
.58

21. 274
80,324
93, 638

".67

22,890
91, 791
155, 603

.15
.60
1.03

25,042

.18

0)
I 13,417,674 I 100.00

13, 955, 696

J5

14,873

.10

15,144, 995

100.00

Loans and discounts of national banks June 80, 1928

to

[In thousands of dollars]

00

Secured by j
improved real Secured by real estate
mortgages or other liens
estate under
on realty not in acauthority of
cordance with sec. 24,
sec. 24,
Federal reserve act, as
Federal
amended
reserve act,
as amended

On time

On demand

1. For debts
previously
contracted
(sec. 5137,
R. S., U. S.)

38
Cities, States, and Territories

i§

m

2i

II

PI

i

Isg

?s5

real estate
loans

s§;

il

S3-8

Si

2. Allother

111

O

P4

CENTKAL RESERVE CITIES

New York
Chicago
Total central reserve cities.
OTHER RESERVE CITIES

Boston
Albany
Brooklyn and Bronx
Buffalo
Philadelphia
Pittsburgh
Baltimore
Washington
Richmond
Charlotte
Atlanta
.
Savannah
„__-__.
Jacksonville
.
Birmingham
New Orleans
Dallas.

_

.
_____
_____




67, 794 l,, 016, 615
76, 323 257,463

551,933
171, 560

130,1611,015,460 144,117 1, 274, 078

723,493

94,100
36,061

38,402
847
722
1,658
22,018
13, 376
4,432
3,619
1,550
598
1,572
769
765
871
4,725
2,069

821,852
193, 608

120, 799
20, 568
20, 525
7,775
128, 239
92,018
28,959
33, 364
5,287
478
9,255
7,284
5,827
1,128
2,547
8,428

107,699
3,157
2,682
490

65,132
49, 594
7,104
7,015
16, 698
4,412
19,195
9,750
15, 774
11,"'
3,155
17,937

119, 915
53,878
173, 793
18,301
290
798
291
9,857
1,169
5,291
4,678
3,483
2,540
3,850
2, 065|
4, 301
2, 546
17,083|

181

181 10, 666
30,786
134
755
734
2,199
590
2,099
225
713
20
27 1,016
338 1,702
2871 1,497
1,267
18
140

7851

3,015

4,805
5,861

2,269

70

1,536 97, 528 3,661 2, 782, 766
799,022
2,957 1,072
1, 536 100,48i 4,733 3, 581, 788

3,015
1,916

902 7,342 24,359

730

229

83
6
2,239
514
210
123
276
389
413
509
51
346
448

653
2,363
1,052
673
201
13:

"~94
2,074

"628

79

113

27

100
7
1,370 1,051

461, 723 26,461
144, 781 11, 312
606, 504 37, 728

609,463 93, 084 2,087
51,458 15, 783
212
64,214 16,128
485
17, 222
731
14
482, 869 113, 916 3,293
234,163 58, 034 2,140
90,805 18,133
695
96,240 14,977
392
123
53,430
8,756
135
16, 619
3,478
225
66,041 14, 244
203
50, 379 10, 260
324
40,904
8,828
89
50, 774 12, 321
53
28,458
6,340
591
95, 664 21,372

El Paso
Fort Worth
Galveston
Houston
San Antonio
Waco
Little Rock
Louisville
Memphis
Nashville
Cincinnati
Cleveland
Columbus
Toledo
Indianapolis
Chicago
_
Peoria
Detroit
Grand Rapids
Milwaukee
Minneapolis
_
St. Paul
Cedar Rapids
Des Moines
Dubuque
Sioux City
Kansas City, Mo
St. Joseph
St. Louis
Lincoln
Omaha
TTansHS C i t y K"qns
Topeka
Wichita
Helena
Denver
Pueblo
Muskogee
Oklahoma Citv
Tulsa
Seattle
Spokane
Portland
Los Angeles
Oakland
San Francisco
_
_
Ogden
Salt Lake City
Total other reserve cities
Total all reserve cities.




_ _.

_ .-

_
_

100
594
2,370
4,851
1,186
622
2
2,586
192
1,233
6,329
3,853
4,045
1,744
2,024
3,422
2,237
1,502
143
10, 242
12, 552
10,173
417
1,377
288
318
2,902
370
21, 562
258
1,290
61
443
109
212
701

511
1,617
3,055
13,336
3,244
758

22
717
2,294
6,477
582
868
320
1,316
1,057
588
670
1,016
1,081
139
600
1,599
1,023
735
376
2,294
5,002
843
16
1,686
74
1,144
3,348
110
10, 501
36
649
142
49
268
75
204

282
184
2
49
176
266
88
19
19
108

228
45
18
813
2,003
187
2
126
18
409

6
141
32

16,103
46, 736
18,045
86,040
35,045
10, 726
3,725
69,096
10, 805
49,096
50,920
65,126
50, 540
8,254
54,678
43,447
21,208
161, 572
22, 355
106, 325
109, 233
71,033>
13,506
20, 711
5,452
16,917
81, 592
17,650
221,975
15,404
55, 691
7,211
7,494
17,060
4,217
67,423
5,526
4,984
45,97460,992
63, 232
26, 315
46,244
430,461
21, 338
597,427
4,607
20, 680

4,035
15,136
5,368
19,645
12, 696
2,350
3,725
14, 654
1,590
12,281
7,559
9,579
9,100
2,500
15, 317
9,106
11,105
14,073
3,009
19, 322
24,983
19, 654
3,775
2,468
460
7,376
29, 691
9,833
67,817
4,784
17,179
1,168
4,119
5,650
1,330
16,059
2,009
1,434
7,311
7,544
18,986
5,480
24, 667
32, 759
3,292
77,382
1,606
4,870

33
351
28
2,344
99
293
37
1,399
40
259
1, 516
109
1,126
191
1,508
514
31
1,994
71
446
583
1, 210
191
104
20
53
400
152
1,679
109
300
166
136
96
1
722
12
47
143
258
439
134
326
766
25
2,803
7

9,055
25, 592
5,731
27,837
15,709
4,592
2,722
29,366
3,410
23,600
10,324
21,716
20,972
2,143
32,780
12,728
7,047
58,742
9,521
51,748
44,306
29,230
3,571
4,763
1,071
6,013
21,606
12,791
73,783
9,119
20,175
1,874
4,150
7,525
1,535
18,075
3,061
2,438
17,759
27, 771
27,413
14, 506
25,950
142, 739
3,565
166,032
2,368
8,996

3,765
10, 291
3,758
22, 389
5,400
1,335
155
14,133
1,684
9,088
6,063
12, 305
12, 343
746
8,589
11,409
3,380
65,139
8,678
21, 733
16, 377
11,910
5,187
7,279
1,115
2,371
16,893
907
44,073
3,451
12, 277
735
1,397
3,070
455
24, 910
609
1,592
8,972
12, 722
16, 748
4,013
11,106
77, 773
1,687
81, 057
1,161
4,767

848,278 131, 559 1,941,317

938,689

362,025 63, 402 328,767 15, 717 27,767 14, 661 60, 011 37, 477 7,959 5,038, 894 1,012,221 34,477

391,426 1,863, 738 275, 676 3, 215,395 1, 662,182

535,818 63,583 339,433 15, 787 30, 782 14,661 61,547 137,962 12,692 8,620,682 1,618,725 72, 205

114
1,420
1,728
3,072
881
237
13, 668
8,498
30, 338
1,006
261,265

13, 221
1,510
6,973
24, 959
11, 658
8,476
2,872
2,760
6,255
5,005
2,758
534
11,434
19,161
16, 378
2,166
811
960
1,904
7,167
2,850
45,044
1,457
5,408
255
263
4
1,187
4,825
1,375
60
1,236
6,251
6,669
320
1,902
44, 376
4,819
54, 211
405
3,397

44
293
197
2,466
198
871
7,867
990
7,085
402

2,017
40
77
6,955
343
257
643
142
8,522
1,503
5,970
249
334
979
124
158
436
8,111
218
2,773
135
7
6,227
565
270
1,071
1 412
3,415
416 6,921
2,717
264
191
382
6,918
10
336
3,807
3,115
1,923
342
168
11 27, 512
3,709
1,191
1,706
8,127
534
9,146
734
746
1,710
364
308
670
786
693
3,923
30
51
961
500
147
3,263
116
92
28,367
231
715
466
104
43
18, 341
8 6,202
850
198
20
15,401
279
7
2,834
427
733
761
94
167
5,196
34
176
1
660
78
14,404 1,156 2,247
481
388
76
67
15, 272
140
785
9,996
932
40
6,260
350
4,790
898
114
5,279
30
560
28, 732 13, 724 65,889
564
98
915
24,001 40, 745 145,494
303
32
217
1,763
2
325

123
25
3
31
79
322
331
606
111
7
276
15
72
138
453
14
299
148
44
250
61
196
157
4,501
5,666
22
2

139
519
37
209
406
4
905
96
112
90
469
629
166

30
42
24

10

355

8

25
3,325

92
57

9

305

418

706
76

220

559
110
3
686

67
129
117

5
35
2

128
125
12
6
125

225
150
813

35
39

426
12

2,057
8
100

64

20

19

100

57
53
1,106
151
142
179
78
131
19
2,833 4,963 22, 594
12
4
7,188 8,033 19,831
6
13
80
20

208

40

2

1
1
124
678
186
3,465 4,281

145

Loans and discounts of national banks June 30, 1928—'Continued
[In thousands of dollars]
Secured b y
improved real Secured by real estate
mortgages or o t h e r
estate u n d e r
liens on realty not in
authority of
accordance with sec.
sec. 24,
24, Federal reserve act,
Federal
as amended
reserve act,
as amended

On time

On demand

2

g
o
O

s

f

Cities, States, and Territories

lit

1. For debts
previously
! contracted
(sec. 5137,
R. S.,U.S.)

3%

d

2. A l l o t h e r
real estate
loans

J3
8

COUNTRY BANKS
Maine
New Hampshire..
Vermont
Massachusetts
Rhode Island
Connecticut

9,256
5,675
6,634
13, 253
1, ""
8,103

Total New England States.
New York
New Jersey..
Pennsylvania—
Delaware
Maryland

_

__

Total Eastern States
Virginia
West Virginia...
North Carolina
South Carolina.

___




14, 754
11,183
4,571
30, 370
4,598
37, 919

1,084
1,045
1,526
5,776
814
1,873

32,155
17,408
17, 703
124, 550
15, 308
74, 625

7,929
3,094
2,697
69,174
6,825
51, 675

1,904
972
1,559
8,735
1,673
2,719

6,287
1,513
2,491
579 27, 716
115 3,538
171 12,648
3, 528 54,193

390
26
207
419
3
201

770
284
497
3,770
33
2,140
7,494

442
51
94
3,026
23f
74 1,964
184 5,8

44, 009

103, 395 12,118

281, 749 141,394

17,562

51, 320
46, 221
105, 377
2,365
8,516

120, 329 9,239
114, 400 7,560
147, 583 10,639
2,440
264
6,805
512
391, 557 28, 214

284, 358 63, 796
42,919
261, "
366,941 111, 829
5,510
516
29,966
7,
948, 268 226, 682

2,755 11, 943
448 3,407
792 4,448
75 3,371
1,648 7, '
713 8,157
108
112
371
251
496
37, 777 17, 075J208, 549 5,674 24, 388 1,688 15,186

126, 345
69, 548
73, 270
36,613

11,198
4,288
9,096
12,682

213, 799
7,583
4,620
3,455
2,540

9,312
7,762
2,022
5,578

4,526
463
790
4,189

39, 674
29, 599
19,875
10,109

15,452
7,572
13,179
13
1,561

4,978
1,554
8, 2061
514]
1,823

1,246

58,434
58,358
87,395
706
3,656

2,260
294
1,540
2,296

2,879
3,299
1,614
1,243

115
70
85
229

567
771
235
598

75,968
41,642
39,364
287,435
34, 302
194,418

65
75
304

14,875
7,034
7, 912
52, 212
8,387
27,445

837
460
215
1,236
269
1, 466

446

673,129

117,865

4,483

1,019
873
495

627,489
549,644
869, 596
12, 557
62,022

144,363
114,224
131,887
2,565
11,087

2,698
1,767
4,727
45

64 2,121, 308

404,126

9,523

2,387
32

200

11

10
100

215, 980
127,134
115, 718
78, 543

64, 347 1,087
17, 762
975
33, 239 1,032
24,167
453

Georgia
_
Florida
Alabama -_Mississippi
Louisiana
Texas
Arkansas
Kentucky _ _
Tennessee
Total Southern States
Ohio
Indiana
Illinois
Michigan
Wisconsin.
Minnesota
Iowa
Missouri
Total Middle WTestern 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..
Alaska (nonmember banks)
The Territory of Hawaii (nonmember
banks)
._
Total (nonmember banks)
_
Total country banks.
_
Total United States..




2,965
2,322
5,370
806
1,056
18, 015
1,144
7, 531
3,980
61,387

2,072
15, 554
4, 723
710
2,357
19, 595
3,898
6,213
2,063
81, 859

1,828
1,294
2, 753
1, 305
779
7,165
1,036
1,115
734

29,642
33, 598
40, 796
26,420
26,849
110, 727
25, 205
63,690
71, 268

27, 977

733,971

220
162J
15
84
63,106
1,056
1,326
3,001 2,318
14
82, 757
10
155
1 238 6 312
644 2,441
67
10
94, 645
195
2,352 2,314
936
35
1,881
34
874
45
56, 346
2, 490 3, 336 1,024
52,008
900 3, 635
535
740
72
911
504
708 9, 703
300, 750
2, 865 3,284 9,618 3,448
83
54, 026
110
612
1,428
1,806 2,165
813
319
111, 103
371
3,466 3,299 2,783 2,265
111, 339
29
22
1,300
81
1,377
1,454
1,848
211, 248 24,460 40, 386 33, 028 24, 513 1,844 3, 991 10,419 1,340 1,463,455
10, 737
9 379
23,122
11,620
7, 275
91,714
9,779
4,675
5,683

135,127
108, 555
181,980
70,846
82, 777
51,754
67,900
24,945
723,884

190, 641

12,463
13,982
29,158
44,669
13,892
5,025
16,941
"5,477
32,115

2,823
1,966
1,862
6,220
3,970
3,209
4,585
1,048
5, 994

173,722

31, 677

33,813
17,065
73,054
13,108
2,540
2,599
5,414

6,599
1,321
22, 875
2,110
1 155
481
2,928

11,866
6,647
15,920
6,601
1, 578
853
2,483

13, 816

147,593

37,469

45, 948 11, 416 18,612

63

78

974

46

147

175

2,750

27

2,813

105

155
1,129

51

36
183

352
527

752,841 108, 669 3, 010,316

834, 946

44,402
9,917
25,453
3,904
5,180
7,647
6,065
5.768

39, 786
8,429
21,047
11, 206
8,683
12, 289
5,057
3, 619

4,219
1,459
3,586
934
860
3,306
2,287
1,938

108,336

110,116

18,589

2,486
576
2,072
5,404
3,845
71
1,431
621
3,528

857
2,790
1,957
4,873
9,807
1,626
5,339
1,736
7,275

20, 034

36, 260

1,834
369
594
1,474
639
690
665
138
1,447
7,850

3,935
8,840
16,943
632
24
1,987
70

3,435
2,517
4,320
1,098
2
2, 353
91

32,431

5,793
2,353
13,129
925
119
1,213
3,309
26,841

608
714
1,322
481, 318

7,080
9 796
10,091
7,682
7,810
22,493
5,947
15, 376
21. 500
207, 032
32, 599
27,195
34, 539
37,405
29, 990
16,301
7,831
4,781

6,544 8,706 20,074
6,648 7,652 1.1, G31
17,450 8,758 8,515
4,789 5,062 23, 596
9,635 5,398 8,574
21, 629 10, 670 6,737
16, 757 5,436 2,813
7,333 1,551
1,976

600 1,800
4,556 6,137
404
689
3,644 2,526
317
6,953 2,730
566
110
543
423
896
1,316
386
272
1,877
756
305
4,793 1,067
142
8,921
1.689
379
564
52
132
1, 780
90, 785 53,233 83,916 32,947 16,925 3,253 4,200
16, 996 3,812
11,829 1,453
17,136 1,196
29,929 3,070
9,574
807
283
8,628
16, 829 1,266
223
5,573
36,282 2,103
152, 776 14, 213

1,524
3,155
814 2,340
653 2,353
1,572
2,667
664
932
300
538
957 1,795
667
609
2,369 1,974
9,520 16, 363

1,493
1,465
1,026
1,039
7, 257 14, 704
832
348
365
218
270
569
173
269

1, 860
1,977
3,032
893
335
519
1,066
9,682

323
331
398
835
424
362
634
176
858
4,341

185
101
90
66
30
84
36
48
129
769

43
2
17
38
9
39
76
64
70
358 .

456
529
3,586
216
148
149
336
5,420

91
77
183
137

111
61
385
14

3

19
30

491

620
80

5
233
1,413
38
597
66
352
2,704

161
1
17
3
5

20
117
12
576
111
905

43
7
40
248
338

414
830
415
363
106
1,299
410
684
499

455, 739

8,567

304, 716
188, 983
313,324
159, 755
155, 545
137, 325
125, 629
54,452

51,802 4,431
52,936 2,730
89, 386 1,533
592
26, 397
48, 563
605
47, 027
518
52,468
367
15, 890
347
384,469 11,123

46, 570
36, 553
57,506
100,977
44,600
20,855
50, 566
16,996
94, 503
469,126

17, 795
15, 779
24, 587
44, 637
12, 819
9,743
16, 990
7,063
45, 428
194, 841
22,920
12, 365
33, 772
] 2, 814
2,886
2, 327
3,173

13
200 1,439,729

69

23, 789
19,958
35, 537
15, 228
11, 649
131,146
21, 774
21, 032
36,111

1, 519

311
191

160

172
106
780

77

70,917
43, 763
175, 739
26,914
6,484
11,184
16, 35f

237

351, 356

90, 257

160
160
394
113
5
14
25
871

2,171

653

4

4,039
80

77
64
57
444
79
63
186
51
498

6,210

3
653

7

556, 279 123,925 415, 703 98, 940 83, 081 8, 229 30, 244 17, 641 2,181 6, 524, 313 1, 647, 950 36,093

872, 744 2,616, 579 384, 345 6, 225, 711 2,497,128 1, 092, 097 187, 508 755,136 114, 727 113,863 22,890 91, 791 155, 603 14, 873 15,144, 995 3, 266, 675 108, 298

32

REPORT OF THE COMPTROLLER OF THE CURRENCY

COMPARATIVE STATEMENT OF LOANS AND DISCOUNTS, INCLUDING REDISCOUNTS, MADE BY NATIONAL BANKS DURING
LAST THREE FISCAL YEARS

The percentage of loans and discounts of national banks in the
central reserve cities of New York and Chicago, to the total loans and
discounts of all national banks on June 30, 1928, together with similar
information in relation to banks in other reserve cities, etc., is shown
in the following statement, compared with like information for the
fiscal years ended June 30, 1926, and 1927:
[In thousands of dollars]
Loans
June 30 , 1926

Banks in—

Amount

Amount

June 30 , 1928

Per cent

Amount

Per cent

2, 274, 618

New York
Do
Chicago
Other reserve cities___

Per cent

June 30, 1927

__ .

All reserve cities.
States (exclusive of reserve cities)
Total United States

16.95

2, 348, 645

16.83

2, 782, 766

18.37

} 2,914, 668
4,183,155

21.72
31.18

3, 030, 532
4, 645,101

21.72
33.28

3, 581, 788
5,038, 894

23.65
33.27

7, 097, 823
6, 319,851

52.90
47.10

7, 675, 633
6, 280, 063

55.00
45.00

8, 620, 682
6, 524, 313

56.92
43.08

100. 00 13,955, 696

100. 00

15,144, 995

100.00

13,417, 674

COMPARATIVE CHANGES IN DEMAND AND TIME DEPOSITS,
LOANS AND DISCOUNTS, UNITED STATES GOVERNMENT AND
OTHER BONDS AND SECURITIES, AND THE AMOUNT OF LAWFUL RESERVE OF NATIONAL BANKS SINCE JUNE 30, 1924

The amount and percentage of increase or reduction of demand
and time deposits, loans and discounts, United States and other bonds
and securities owned, and lawful reserve with Federal reserve banks
on June 30 of each of the last five years, are shown in the following
statement:
[In thousands of dollars]
Per
cent

Per
cent

Per
cent

Per
cent

crease

crease

crease

crease

in-

June 30,
1924

in-

in-

in-

June 30, or de- June 30, or de- June 30, or de- June 30, or de1925
crease
1926
crease
1927
crease
1928
crease
since
June

since
June

since
June

since
June

1924

1925

1926

1927

30,

Demand deposits
Time deposits
Loans and discounts 1..
United States and
other bonds, stocks,
etc
Lawful reserve with
Federal
reserve
banks

30,

30,

30,

9, 593, 250 10, 430, 254 +8.72 10, 778, 603 +3.34 10, 923, 729 +1.35 11, 003, 795 +0. 73
5, 259, 933 5, 924, 658 +12. 64 6, 313, 809 +6.57 7, 315,624 +15. 87 8, 296, 638 +13. 41
11, 978, 728 12, 674, 067 +5.80 13,417, 674 +5.87 13, 955, 696 +4.01 15,144, 995 +8. 52
5,142,328 5, 730, 444 +11. 44 5, 842, 253 +1.95 6, 393, 218 +9.43 7,147,448 +11.80
1,198, 670 1, 326, 864 +10. 69 1, 381,171 +4.09 1, 406, 052 +1.80 1, 453, 383 +3.37

i Includes rediscounts and customers' liability under letters of credit.




33

REPOKT OF THE COMPTROLLER OF THE CURRENCY

UNITED STATES GOVERNMENT SECURITIES HELD BY NATIONAL
BANKS IN RESERVE CITIES AND STATES

The following statement shows a classification of United States
Government securities owned by national banks according to reserve
cities and States, June 30, 1928:
United States Government securities owned by national banks June 30, 1928
[In thousands of dollars]

Cities, States, and Territories

Liberty
loan
bonds,
all issues

Treasury
bonds

All other
issues of
United
States
Treas- Treasbonds
ury
(includ- Short- ury cer- savterm
tificates
ing
treasury of inings
bonds
notes
debted- certifideposness
cates
ited to
secure
circulation)

Total

CENTRAL RESERVE CITIES

New York..
Chicago
Total central reserve cities_

161, 670
26, 236

270,489
16, 225

187,906

286, 714

9,367
463
1,820
687
13, 055
82, 598
5,246
4,116
3,901
491
3, 204
248
2,154
339

40, 664
3,735
1,284
32
10, 274
16, 676
1,373
9,464
410

7,152
1,409
3. 634
1.344
•3, 799
3,625
2,316

1,561
52
1,649
627
4,456
1,358

5,187
220
20
2,260
4,257
2,134
1,406
2,612
3, 745
1,112
11, 038
92
1,027
3, 253
7, 342
139
511
506
1,130
6,224
614
3,805
610
1,687
1,114
1, 259

2,434
167

33, 953
6,787
40, 740

125, 280
24,312

3,400
4,072
1,206
1,380
27,033
14, 338
4,093
4,339
1,009
1,450
2,569
55
1,306
4,209
1,576
6,473
800
2,573
1,414
5,308
3,020
1,650
15
4,516
50
3,490
1,846
3,634
2, 573
500
4,021
3,012
2,302
4,182
1,716
4,468
3,197
5,345
1,005
1,710
410
1,075
1,292
378
9,625
320
1,289
842
976

7,141
870
506
55
553
806
601
1,310
102
200
1,225
375
3,125

51, 250
8,438

642, 642
81,998

149, 592 | 59, 688

724, 640

OTHER RESERVE CITIES

Boston
Albany
Brooklyn and Bronx,
Buffalo
Philadelphia
Pittsburgh
Baltimore
Washington
Richmond..
_.
Charlotte
Atlanta—
Savannah
Jacksonville
Birmingham
New Orleans
Dallas.
El Paso
Fort Worth.._
__.
Gal veston
Houston
San, Antonio
Waco
Little Rock
Louisville
Memphis.
Nashville
Cincinnati
Cleveland
Columbus
Toledo.—
Indianapolis
Chicago
.-.
Peoria
Detroit
Grand Rapids
Milwaukee
Minneapolis
St. Paul
Cedar Rapids
Des Moines
Dubuque
Sioux City
Kansas City, Mo
St. Joseph
St. Louis
Lincoln.
Omaha
_.
Kansas City, Kans...
Topeka



6,182
50
5,718
1,331

3,366
6,864
1,618
1,615
1,362
977
945
10, 057
722
22, 844
8,685
129
629
685
615
2,755
696
3,024
269
5, 767
578
1,354

1,138
4,956
226
1,049
1,388
1,610
525
200
500
6,219
1,311
850
766
2,110
580
5,794
6,837
4,375
120
166
284
4,254
1,085
4,485
224
127
548

69, 827
9,275
5,350
2,281
55,159
116, 755
13,154
20, 292
5,797
3,220

9,255
135
534
127
4,244
2,337
1, 841
1,063
375
1,079
991
705
2,223
100
2,967
6,474
1,703
862
522
5,339
348

14,171
1,433

75
150
53
1,179
300
675
1,856
495
288
10
27
4,845
4,867
390
125
829
200 j
258
190
2,436
530
2,467
209
316

14

10

14, 526
5,979
5,681
26, 616
4,190
9,767
5,295
20, 512
8,876
4,166
590
18,356
1,898
3, 563
10, 454
15,905
7,669
3,521
10, 617
10,353
5,227
31,081
1,835
17, 899
38, 538
21, 882
1,564
4,145
1,601
3,304
14,783
2,963
23, 385
1,729
11,434
2,870
4,453

34

REPORT OF THE COMPTROLLER OF THE CURRENCY

United States Government securities owned by national banks June 30, 1928-

Continued
[In thousands of dollars]

Cities, States, and Territories

Liberty
loan
bonds,
all issues

Treasury
bonds

All other
issues of
United
States
Treas- Treasbonds
ury
(includ- Short- ury cer- savtificates
term
ing
of inings
bonds treasury debted- certifinotes
deposness
cates
ited to
secure
circulation)

Total

OTHER RESERVE CITIES—COntd.

Wichita
Helena
Denver
Pueblo
Muskogee
Oklahoma City
Tulsa
Seattle
Spokane
Portland
Los Angeles
Oakland
San Francisco
Ogden
Salt Lake City
Total other reserve cities. _.
Total all reserve cities

1,404
969
19, 595
1,428
3,425
13, 563
9,328
27,098
3,609
33, 267
70, 515
3,525
198, 932
1,064
3,397

268
629
7,439
903
904
7,624
936
3,104
233
16,495
22,042
2,018
44, 521
202
949

98,016
25
935

200
S35
400
780
609
394
3,379
2,912
864
5,571
1,507
20,028
680
1,120

322, 539

322,448

510,445

609,162

1,369
2,348
574
6,856
114
6,733

3,121
3,163
400
16,145
2,146
5,591

5,352
4, 799
4,455
20, 874
4,072
9,839

2,661

1,555
108
737

17, 994

30, 566

49, 391

4,284

2,977

22, 618
19, 427
40, 808
551
1,556

14, 253
13,511
30,169
378
1,416

32, 707
23, 204
62, 622
1,080
3,752

4,980
8,179
9, 027
46
476

3,166
3,010
4,299
70
175

8
174
8

77, 732
67, 505
146, 933
2,125
7,375

59, 727

123, 365

22, 708

10, 720

190

301, 670

1,436
732
1,067
1,985
415
1,008
1,173
3
304
5,139
969
457
189

18, 664
10, 596
7,166
6,101
5,310
4,357
8,532
3,080
2,727
23, 039
3,674
11, 866
10, 077

862
1,048
490
635
607
3,590
139
84
216
8,643
1,407
440
405

1,604
106
2,492
2,143
957
3,414
2,304
521
1,140
7, 783
1,150
489
1,706

262
21
1
56

26, 649
16, 696
13, 909
15, 627
8,977
18,998
13, 625
4,889
4,741
58,169
11,350
16,700
13, 455

105
5,716
125
922
1,788
1,147
11, 896
9,501
7,219

1,065
35
4,306

819
3,161
6,351
3,251
464
6,392
13, 949

71
"1,299"

381
500
5,468
15
21, 734

20,139
157
393

16, 228

196, 341

132,016

111, 690

1, 085, 058

237,081

281, 608

171,378

1, 809, 698

COUNTRY BANKS

Maine
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut
Total New England States.
New York
New Jersey
Pennsylvania.
Delaware
Maryland
Total Eastern States

4, 960

43
150
39
1,391

10,110
10, 897
5,468
46, 825
6,440
25,561

140
437

105, 301

Virginia
West Virginia
North Carolina
South Carolina
Georgia
Florida
Alabama
Mississippi
Louisiana
Texas.. _
_
_
Arkansas
Kentucky
Tennessee
Total Southern States

4,076
4,213
2,679
4,763
1,679
6,623
1,467
1,113
354
13, 303
4, 129
3,447
1,022

14, 877

115,189

18, 566

25, 809

223, 785

Ohio
Indiana
Illinois
Michigan
_
Wisconsin..
Minnesota
Iowa
Missouri.
Total Middle Western

13,162
8,358
20, 202
5,859
6,355
7,122
8,865
3,365

7,784
4,837
8,236
2,191
4,581
3,986
3,188
3,587

27, 447
18, 270
25,232
11, 762
11, 899
10,706
11, 763
5,223

1,327
1,997
8,097
2,351
1,844
3,427
1,859
852

1,199
2,156
3,356
1,176
1,590
1,281
1,184
482

50, 929
35,642
65,151
23,394
26, 284
26, 531
26, 863
13, 510

73, 288

38, 390

122, 302

21, 754

12, 424

States




146

268, 304

35

REPORT OF THE COMPTROLLER OF THE CURRENCY

United States Government securities owned by national banks June 80, 1928-

Continued
[In thousands of dollars]

Liberty
loan
bonds,
all issues

Cities, States, and Territories

Treasury
bonds

All other
issues of
United
States
bonds
(including
bonds
deposited to
secure
circulation)

Treas- TreasShort- ury cerury
tificates savterm
of intreasury
ings
debted- certifinotes
ness
cates

Total

COUNTRY BANKS—continued

North Dakota
South Dakota
Nebraska
Kansas
Montana
Wvoming
Colorado
New Mexico
Oklahoma
-_
_ __
Total Western States
Washington
Oregon
California
Idaho
Utah
..
Nevada _ _
Arizona.
Total Pacific States

__ _
..

Alaska (nonmember banks)
The Territory of Hawaii (nonnieniber banks)
Total (nonmember banks).

2,915
3 203
4, 035
5, 872
4, 351
1,927
4, 604
1, 332
13,422

1,323
2 206
838
2,011
1,891
545
1,677
1,552
5,138

3,455
2 328
6,131
8.345
2^485
1, 530
3,298
1,405
5,634

1,149
1,574
668
1,657
1>838
1,137
765
832
3,010

558
G34
316
1,884
686
589
307
80
871

4
4
21

9,403
9,945
11, 989
19, 779
11, 253
5,728
10, 655
5,205
28, 096

41, G61

17,181

34, 611

12, 630

5,925

45

112, 053

5. 654
4, 897
8,325
2 647
657
890
2,189

3.265
L410
5^328
1,193
166
105
2,302

3, 919
2,828
10, 496
1, 882
445
1, 204
1,424

1,289
1,161
1,226
894
8

619
811
591
65-

5
217

58

191

25, 259

13, 769

22,198

4,636

1,777

663

15

327

632

373

450

388

777

1,295

3
1
10
2

222

14, 746
10, 612
26,183
6, 681
1.276
2; 199
6,164
67, 861

5

30

1, 040

5

30

2,495

1, 455

Total country banks

293, 325

174, 898

467, 833

84, 583

59, 662

1,168

1,081, 469

Total United States

803, 770

784,

704, 914

366,191

231, 040

1,192

2, 891,167

060

INVESTMENTS OF NATIONAL BANKS
The tables following disclose a summary of the investments of
national banks in United States Government and other bonds and
securities held June 30, 1927 and 1928, and a detailed classification by
reserve cities and States of bonds and securities other than United
States owned on June 30, 1928:
[In thousands of dollars]

Domestic securities:
State, county, or other municipal bonds
Railroad bonds
Other public-service corporation bonds
All other bonds
_.
Claims, warrants, judgments, etc
Collateral trust and other corporation notes
Foreign government bonds
Other foreign bonds and securities
Stock, Federal reserve banks
Stocks, all other
...
Total
U. S. Government securities _
Total bonds of all classes.
__.



June 30,
1927

743, 539
656, 690
648, 767
910, 694
80,140
155, 976
237, 854
188,927
81,910
92, 543
3, 797, 040
2, 596,178
6,393, 218

June 30,
1928

840,461
681, 007
742, 784
1, 028, 203
82, 580
135, 700
296,490
252, 719
91,126
105, 211
4, 256, 281
2, 891,167
7,147,448

United States Government, domestic, and foreign bonds, securities, etc., owned by national banks June 80, 1928

00

[In thousands of dollars]

c
Foreign government bonds

Domestic securities

Cities, States, and Territories

U. S. State,
Govern- county,
or mument
securi- nicipal
bonds
ties

Railroad
bonds

Other
public
service
corporation
bonds

All

other
bonds

Stock
of Federal
reserve
bank

Bonds
Col- of Ruslateral sian,
GerStock of Claims,
trust
man,
other
and
war- Judgand
corpo- rants, ments other
Ausrations etc.
corpo- trian
ration Govnotes
ernments

Bonds of
other
foreign
governments

Other
foreign
bonds
and securities,
including
those of
municipalities

Total
bonds,
stocks,
securities, etc.,
other
than
United
States

Total,
all bonds
and securities

CENTRAL RESERVE CITIES

New York
Chicago...
Total, central reserve cities. .

642, 642
81,998

76, 686
40,163

85,707
15, 369

36,119
9,307

85, 851
19, 577

17,866
3,598

18, 977
2,034

22
3,769

43, 657
329

1,982
146

38,045
2,574

24,358
6,503

429,270
103, 369

1,071,912
185,367

724, 640

116,849

101,076

45,426

105,428

21,464

21,011

3,791

43, 986

2,128

40, 619

30,861

532, 639

1, 257,279

69, 827
9,275
5,350
2,281
55,159
116, 755
13,154
20, 292
5,797
3,220
14,171
1,433
14,526
5 979
5 681
26, 616
4,190
9, 767
5, 295
20, 512

4,633
7,276
2,395
617
16,881
6,837
4,605
827
1,355
204
2,109
301
7,318
2 298
135
5, 232
844
2,923
436
1,671

10, 583
1,280
3,845
849
19,420
38,104
3,586
2,339
1,430

11, 912
1,227
3,413
1,583
19,235
19,461
2,784
2,986
397

1,847

14

139
490
40
2
11
1
14

116
103

5,227
368
614
305
5,525
4,289
1,506
346
195

6,470
1,515
885
1,193
3,817
4,441
1,972
522
174

97

2

467
139
71
78

164
12
50
237

438
220
118
108
1,434

589
68
206
294
1,076

1,290
2,385
711
193
642
1,151
479
374
8
380
127
185
208
221
6
1,009

4,322
1,093
70
8
5,416
12,804
336
521
506

1,260
23
609
616

3,128
210
371
86
3,415
1,995
702
553
342
114
325
210
187
270
150
525
69
215
88
4.03

15, 771
2,096
350

506
99
665
526

15,462
2,182
3,502
2,081
18,922
44,002
7,824
5, 576
978
205
2,516
848
3,396
1,184
449
2,764
472
1,205
1,077
4,076

165
4
877
154
585

506

79, 369
17, 247
15, 751
6,752
94,390
135, 577
24,238
13,867
6,049
1,677
8,495
2,111
12,418
5,732
894
10, 987
2,367
5,974
2,643
11,682

OTHER RESERVE CITIES

Boston
Albany
Brooklyn and Bronx
Buffalo
Philadelphia
Pittsburgh..__
"Rflltimnrfi
Washington
Richmond
Charlotte
Atlanta
Savannah
Jacksonville
B irminsrham
New Orleans
Dallas
El Paso
Fort Worth
Galveston
Houston

-_
___

..._-.




2

33
8
482
187
57
186

631

39

304
30
214
666
172
2
19
2
24
105
15
143

536
253
376

22
16
19

154
847

149,196
26, 522
21,401
9,033
149, 549
252, 332
37, 392
34,159
11,846
4,897
22, 666
3,544
26,944
11 711
6,575
37,603
6,557
15,741
7 r 938
32,194

8,876
4,166
590
18, 356
1,898
3,563
10, 454
15, 905
7,669
3,521
10, 617
10,353
5,227
31, 081
1,835
17, 899
38, 536
21, 882
1,564
4,145
1,601
3,304
14, 783
2,963
23, 385
1,729
11, 434
2,870
4,453
1,404
969
19, 595
1, 428
3,425
13, 563
9,328
27, 098
3, 609
33, 267
70, 515
3,525
198, 932
1,064
3,397

374
276

209
131

234
192

446
2,587
504
5,361
4,619
1,751
181
1,701
8,121
1,203
5,542
125
2,019
9,120
967
1, 527
1,440
1,574
346
8,931
123
10, 983
425
5,388
442
4,023
7,921
1
10, 305
1,322
1,222
13, 306
2,621
3,068
774
11, 091
28,191
3,923
49, 762
107
1,543

2,712

62
4,149
713
50
51
782
5,073
693
4,413
1,534
24
4, 448
215
785

2,569
6
919
1,853
935
1,174
407
1, 581
7,370
1,560
1,576
154
2,377
3,110
1,102
2,517
834
611
308
769
101
6,204
223
2,326
343
40
2
64
2,815
1,170

Total other reserve cities

1, 085, 058

284,153

Total all reserve cities

1,809,698

401,002

San Antonio
Waco
Little Rock
Louisville Memphis
Nashville
Cincinnati _
Cleveland
Columbus
Toledo
Indianapolis
Chicago
Peoria
„
Detroit
Grand Rapids
Milwaukee.--. .
Minneapolis
St. Paul
Cedar Rapids
Des Moines
Dubuque
Sioux City
_
Kansas City, Mo
St. Joseph
St. Louis
Lincoln
Omaha
Kansas City, Kans
Topeka
Wichita
Helena
.
Denver
Pueblo
__
Muskogee
Oklahoma City
Tulsa
Seattle
Spokane
Portland
LosAngeles__
Oakland
San Francisco
Ogden
Salt Lake City

. .

.

_.

_ _
.

_




. .--

-_

69
435
1,842
780
3,486
3,102
96
11,907
61
463

771
1,113
75
4,336
363
923
3,272
4,726
4,760
611
1,556
7,361
1,658
3,987
778
4,113
5,970
1,803
2,019
876
1,127
1,450
2,366
721
9,710
967
1,427
391
184
196
444
5,396
1,254
261
2,131
6,302
2,880
1,007
2,315
19, 656
204
8,086
480
793

205
63
15
338
54
253
402
260
305
60
324
244
173
765
87
442
581
287
56
117
30
83
314
62
1,184
60
239
39
57
110
23
294
52
35
185
246
313
116
290
1,544
116
3,944
29
94

154, 639

135, 426

239, 540

27, 848

52, 416

16, 389

850

255, 715

180, 852

344,968

49,312

73, 427

20,180

850

536
1,154
1,128
1,410
694
421
4,006
713
1,180
90
799
8,912
4,795
750
348
335
460
2,750
231
8,533
333
3,287
29
151

14
1
10
152
123
28
129
48

492
5
7
2,144
2
70

11

804
334
81
157
55
1,114
267
1
32
649

619
338
54
122
68
44
76
48
13
733

30
3

152
4,319
25
6,395
42
10
5
47

364
14
9
157
270
121
2
180

109
136
5

13
556
145
235
1,081
1,822
824
140
258
523
1
1,223

1,617
9
28

94
2,396
80
48
5
254
753
503
3,026
985
106
8,338

247
34
669
110
35
2,630
4,301
354
1,226

1
6

36, 346

5,139

56,168

54, 851 1, 063,765

2,148,823

80, 332

7,267

96, 787

85,712 1, 596,404

3,406,102

9
176
5
20

236

178
6

61
3
48

15

14

1,194
10

65
85
160
35
14

90
10
65
1,712
120

10
25
5

_

1
10
99
16
1
13
20
104
64
3
6

11,400
6,091
697
32, 630
5,333
7,759
28,228
30,694
19,307
5,990
19,407
41,724
11,679
46,418
3,763
29,366
71,434
32,968
8,714
9,465
5,373
7,195
. 35,608
4,783
74,041
4,474
25,828
4,132
9,518
9,653
1,991
47,861
6,405
5,425
31,163
22,336
44,498
8,488
60,652
131,068
8,132
298,292
2,459
8,881

112
403
116
149
509
462
1,844
736
2,382
1,478
136
5,655
137
475

19

142
339
33

13

2,524
1, 925
107
14, 274
3,435
4,196
17, 774
14, 789
11,638
2,469
8,790
31,371
6,452
15,337
1,928
11,467
32, 898
11,086
7,150
5,320
3,772
3,891
20,825
1,820
50, 656
2,745
14,394
1,262
5,065
8,249
1,022
28, 266
4,977
2,000
17,600
13,008
17,400
4,879
27,385
60,553
4,607
99,360
1,395
5,484

720
9
470
1,542
868
896
115
546
1,643
553
203
106
164
1,777
1,255
185
122

6
1,796
1,478
262
310
100
616

23

4
5
14
292
23
71

43

450
409
378
2,074
590
961
91
1,099
1,159
472
1,650
126
342
3,085
531
48
139
95
521
671
430
3,750
324
756
10
183

403

10

214
101

477
1
15

49
12189
329

188
611
33
2,208
50
826
110

61

CO

00
00

United States Government, domestic, and foreign bonds, securities, etc., owned by national banks June 30, 1928—Continued
[In thousands of dollars]
Foreign government bonds

Domestic securities

U.S.
State,
Govern- county,
or mument
securi- nicipal
bonds
ties

Cities, States, and Territories

Railroad
bonds

Other
public
service
corporation
bonds

All
other
bonds

Stock
of Fed- Stock of Claims,
other
wareral
corporeserve rations rants,
etc.
bank

Judgments

Bonds
Col- of Ruslateral sian,
Gertrust
man,
and
and
other
Auscorpo- trian
ration Govnotes
ernments

Bonds of
other
foreign
governments

Other
Total
foreign bonds,
bonds stocks,
and se- securiTotal,
curities, ties, etc., all bonds
includ- other
and seing
curities
than
those of United
munici- States
palities

COUNTRY BANKS

Maine
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut

10,110
10,897
5,468
46,825
6,440
25,561

_

Total New England States
New York
New Jersey...
Pennsylvania
Delaware
Maryland
Total Eastern States
Virginia
West Virginia
North Carolina
South Carolina
Georgia
Florida
Alabama
Mississippi...
Louisiana
Texas.
Arkansas

-_.




3,903
670
222
5,183
572
2,510

6,975
2,448
2,853
19,810
2,419
13,937

49, 525
7,875
15, 635

13,085
5,439
5,970
40,067
3,373
12,234

431
310
249
1,908
304
1,264

229
130
140
2,265
97
554

20,448
5,913
7,231

105,301

__.

3,265
473
977
4,195
981
761

70
39
191
198

13,060

48,442 106, 627

80,168

4,466

3,415

587

77, 732
67, 505
146,933
2,125
7,375

38, 350
39, 579
32, 388
741
2,907

103,831
55, 616
123, 624
1,945
9,983

95,388
51,686
149,952
1,961
12, 790

3,470
3,112
7,167
125
400

2,203
5,196
3,842
158
182

1,191
664
1,338

311, 777 14, 274

11, 581

285,197 294, 999

301, 670
26, 649
16, 696
13,909
15, 627
8,977
18,998
13, 625
4,889
4, 741
58,169
11, 350

62,109
122,846
1,513
6,061

4,111
1,174
5,205
4,792
453
14, 001
7,102
8,962
1,799
7,836
3,728

1,446
2,044
316
428
391
3,046
2,751
354
115
1,936
383

2,343
4,085
399
1,091
899
1,994
1,901
449
101
1,533

9, 791
8,624
2,782
6,340
1,483
4,229
5,316
3,294
501
7,983
3,506

1,265
752
658
445
456
611
632
286
311
2,223
302

971
833
1,155
1,497
342
1,781
205
128
526
597
151

277
73
155
303
17
264

5,452
1,063
3,232
9,144
832
5,938

10, 652

4,544
1,141
2,106
10, 550
920
4, 462

58, 679
17, 699
23, 326
143,148
17, 390
57, 648

G8, 789
28, 596
28, 794
189,973
23,830
-83, 209

25,661

23, 723

317, 890

423,191

6,937
2,954
14,455
455

114

91
33
1,547
2
188

1,817
835
2,135
37
273

35,648
19,024
35,176
692
2,531

39,055
14, 524
30, 993
342
3,426

420, 649
255, 332
525, 463
7,971
39, 693

498, 381
322,837
672,396
10,096
47,068

3, 307

1,881

25,639

5,097

93, 071

88, 340 1, 249,108 1, 550, 778

52
232
54
80
24
12
19

1,458
283
10
26
46
145
248
391

133
85
4
152
59
157
115
113

1,957
1,595
112
492
376
1,440
1,395
845
120
1,064
411

251 I
258 |
3

231
618
325
547
225
245
2,678
941

26
100
15

483

1,153
1,551
511
105
456
1,646
963
364
136
624

24,931
21,516
11,209
15,679
5,603
29, 387
21,194
15,411
3,880
27,088

51, 580
38, 212
25,118
31, 306
14, 580
48,385
34,819
20,300
8,621
85, 257
21,306

o Ohio
§ Indiana

CD Illinois
° Michigan _
Wisconsin
_ J Minnesota
|C
Iowa
0 Missouri
•^
Total Middle Western States..
cc
2 North Dakota
South Dakota
!_^ Nebraska
1 Kansas
^P Montana __
Wyoming
! Colorado
^ New Mexico.
Oklahoma..
_
Total Western States..

__

Washington
Oregon
California. _
Idaho
.
Utah
Nevada
Arizona
Total Pacific States
Alaska (nonmember banks)
The Territory of Hawaii (nonmember banks)

2, 083
2, 684

3, 296
705

5,053
758

223, 785

63,930

17,211

50,929
35, 642
65,151
23,394
26, 284
26, 531
26, 863
13, 510

Kentucky. _
___..-_
Tennessee
._.
Total Southern States

33,290
7,105
29, 605
24, 971
13,133
19,467
4,462
5,183

12,853
9,743
9,226
7,036
6,347
7,894
3,278
871

268, 304

137, 216

9,403
9.945
1L 989
19, 779
11, 253
5, 728
10,655
5,205
28,096

2,820
5,261
1,772
13,153
2, 725
1,610
4,970
1,081
19,922

112, 053

16,700
13,455

7,615
3, 511

737
581

154
361

1, 753
1, 303

23
97

456
285

425
147

1, 659
766

20, 875

64, 975

9, 259

8,701

9,378

734

3,839

1, 435

9,896
16, 926
20, 761
18,144
20, 320
10, 850
7,888
2,420

32, 094
17, 240
32,417
25,907
21, 920
20,173
10,482
3,859

2,080
1,188
1,878
1,020
847
886
765
358

984
374
1,092
280
532
145
724
270

263
575
7,395
581
367
7,522
2,232
390

148
201
1,118
4
205
99
502
41

1, 310
2,069
3,462
1,679
2,852
937
417

588
209
314
332
415
217
113
62

57, 248

107, 205

164, 092

9,022

4,401

19, 325

2,318

12, 726

1,225
700
946
540
1,619
472
1,383
357
469

2,812
1, 600
1,363
1,069
2,255
412
2,447
228
916

5,633
4,179
3,143
3,792
.3, 796
1,749
5,661
2,557
3,344

256
211
377
607
219
116
320
95
588

157
66
81
505
192
54
507
143
198

1,410
1,697
808
2,342
1,207
826
1,597
56
6,647

65
114
73
136
76
35
23
7
272

50
162
79
153
81
21
285
322
124

53, 314

7,711

13,102

33,854

2,789

1,903

16, 590

801

1,277

14, 746
10, 612
26,183
6,681
1,276
2,199
6,164

11,197
6,617
33, 588
2,012
274
1,450
1,109

4,988
721
2,406
697
61
251
271

5, 236
1,656
10, 746
683
117
253
260

8,443
2,095
12,919
1,827
291
479
1,305

412
283
1, 005
133
36
62
73

224
62
960
162
14
241
35

1,607
2,029
593
1,373
74
11
433

34
41
16
53
4

451
246
481
16

67,861

50, 247

9, 395

18,951

27, 359

2,004

1, 698

6,120

174

1,040

74

88

173

301

1, 455

1.653

1,315
473

24, 569
11, 671

41, 269
25,126

12, 232

9, 525

222,094

445,879

8,375
3,963
6,231
5, 785
4,734
4,898
2,260
709

11, 965
3,546
6, 008
5,064
3,446
3,155
1,827
785

113,846
63,139
119, 507
90, 803
75,118
76, 243
34, 950
14, 948

164,775
98, 781
184, 658
114,197
101, 402
102, 774
61, 813
28, 458

2,250

36, 955

35, 796

588, 554

856, 858

76
25
70
33
25

29

1,687
652
1,129
1,113
1,115
192
659
98
981

1,492
563
1,021386
752
200
613
43
598

17, 683
15, 230
10, 862
23,829
14, 062
5,687
18,488
4,987
34, 088

27, 086
25,175
22, 851
43, 608
25, 315
11,415
29,143
10,192
62,184

281

7,626

5, 668

144,916

256,969

227
22
174
18

2,888
1,063
1,382
595
10
214
37

1,896
554
1, 054
187
53
168
34

37,603
15,389
65, 324
7,756
934
3,170
3,583

52,349
26,001
91, 507
14,437
2,210
5,369
9,747

441

6,189

3,946

133, 759

201, 620

109

9

772

1,812

2,784

4,239

23

41
26
1, 235

18

709

85

337
109

2,495

1,727

88

173

1,010

85

355

3,556

6,051

Total country banks

1,081,469

439,459

425,292

561,932

683, 235

41,814

31, 784

55, 662

5,888

55,368

10, 593

181, 843

167, 007 2,659, 877

3,741,346

Total United States

2, 891,167

840,461

681,007

742, 784 1, 028, 203

91,126

105, 211

75, 842

6,738

135, 700

17, 860

278, 630

252, 719 4, 256, 281

7,147,448

Total (nonmember banks)




9

00
CO

40

REPORT OF THE COMPTROLLER OF THE CURRENCY

SAVINGS DEPOSITORS AND DEPOSITS IN NATIONAL BANKS
The number of banks in reserve cities and States reporting savings,
the number maintaining separate savings departments, the number
of depositors and amount of savings deposits, together with the
rate of interest paid, are shown in the following table:
Savings depositors and deposits in national banks, June 80, 1928

Number
of banks
reporting
savings
deposits

Number
of banks
A m o u n t of
mainsavings
taining Number of deposits i
savings
separate depositors
(000
savings
omitted)
departments

CENTRAL RESERVE CITIES

Average
rate of
interest,
paid

20
11

New York..
Chicago
Total central reserve cities_.

17
6

666,082
175, 370

$251, 653
108,421

Per cent
3.24
3.00

31

23

841, 452

360,074

3.12

11
2
17
5
32
13
9
12
4
5
3
1
3
3
1
7
3
5
4
10
6
4
1
4
1
5
5
3
5
1
4
23
4
3
2
7
6
5
2
2
2
5
10
4
12
4
7
2
3
4
2

8
2
15
2
27
9
8
12
4
5
3
1
3
3
1
6
2
5
4
10
5
3
1
4
1
5
5
3
5
1
3
20
3
3
2
7
6
5
2
1
2
5
8
2
11
3
6
2
3
4
1
5
1
2
6

251, 280
7,615
59, 069
37, 902
180,106
140, 701
54, 578
90,182
58,117
20, 809
122, 348
61,199
69, 461
42, 578
168
47, 374
14, 823
33, 231
20,169
71,970
10, 885
9,096
922
61, 931
13, 552
32, 596
28,940
65, 574
24,169
4,943
25, 642
264, 219
30, 657
109, 875
36,807
112, 834
150,167
59, 258
19, 410
9,394
11, 739
28,387
40, 070
12, 443
205, 468
19, 919
78, 273
8,517
3,445
14, 563
3,099
110, 335
5,977
4,160
35, 235

149, 557
9,725
15, 994
15, 599
87, 852
113, 644
30, 433
42, 968
20, 546
7,207
31, 392
24, 923
27, 711
19, 696
1,723
22, 072
6,865
13, 578
12, 641
34, 907
10, 234
6,766
1,528
27, 390
8,074
21, 330
19,181
30, 879
8,205
4,788
12, 523
52,916
12, 374
64,135
13,198
34,131
51, 552
31, 480
9,204
2,721
6,753
7,410
8,438
7,034
65, 686
3,600
13,425
2,767
693
5,704
2,271
47, 468
5,169
2,684
15, 801

4.00
3.38
3.89
3.88
3.67
3.98
3.90
3.11
3.00
4.00
3.50
3.75
3.50
4.00
3.50
4.00
3.00
4.00
4.00
4.00
4.00
4.00
4.00
3.50
3.50
3.70
4.00
4.00
3.00
4.00
3.50
3.00
3.00
3.00
3.25
2.78
3.42
3.30
3.50
3.50
3.50
3.68
3.06
3.00
3.19
3.00
3.00
3.00
3.00
4.00
4.00
3.46
4.00
4.00
4.00

OTHER RESERVE CITIES

Boston
Albany
Brooklyn and Bronx.
Buffalo
Philadelphia
Pittsburgh
Baltimore
Washington
Richmond
Charlotte....
Atlanta
Savannah..
Jacksonville
Birmingham
New Orleans
Dallas
El Paso
Fort Worth
Galveston
Houston
San Antonio
Waco
Little Rock
Louisville
Memphis
Nashville
Cincinnati
Cleveland
_.
Columbus
Toledo
Indianapolis.._
Chicago
Peoria.
Detroit..
Grand Rapids
Milwaukee
Minneapolis
St. Paul
Cedar Rapids
Des Moines.
Dubuque
Sioux City
Kansas City, Mo
St. Joseph
St. Louis
,
Lincoln...
_
Omaha
Kansas City, Kans..
Topeka
Wichita.....
Helena
_
_
Denver
Pueblo
Muskogee
Oklahoma City
1 Includes "Time certificates of deposit."




7

2
3
6

REPORT OF THE COMPTROLLER OF THE CURRENCY

41

Savings depositors and deposits in national banks, June 80, 1928—Continued

Number
of banks
reporting
savings
deposits

Number
of banks
Amount of Average
mainsavings
taining Number of deposits
rate of
savings
separate depositors
interest
(000
savings
paid
omitted)
departments

OTHER RESERVE CITIES—continued

2

Tulsa
Seattle
Spokane
Portland
Los Angeles _ _
Oakland
San Francisco .
Ogden
Salt Lake City

$17,497
32,150
16, 321
53,157
267, 217
3,482
415, 237
1,535
7,892

Per cent
3.46
3.00
4.00
3.85
3.73
4.00
3.79
3.67
3,88

307

4, 672, 230

2,121,033

3.58

394

__

Total other reserve cities

._

Total all reserve cities

330

5, 513, 682

2, 481,107

3.35

54
30
39
118
6

45
16
29
108
5

180 036
50, 764
78, 529
464, 683
15 981
190,446

93, 946
19,510
39,381
208,398
16,116
97, 955

3.98
4.00
4.00
4.08
4.21
4.08

5
7
4
3
6
1
2
1

363

_ __
. ..

29, 359
81, 209
32, 384
105, 900
422,125
6,558
937,152
2 571
18, 791

6
7
4
5
11
2
6
2

COUNTRY BANKS

Maine
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut

_
_ __
_

46

.

____

. . .

_

_

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




3.97
4.00
3.51
4.00
3.73

1,317

4,038,856

2,059, 639

3.84

162
115
70
57
72
60
86
31
28
324
67
112
91

123
81
48
46
40
47
60
19
17
106
39
72
49

315,517
188, 507
143,237
94, 462
77,133
106, 238
123,156
50,820
37, 919
96, 658
47,404
101, 582
125,943

131, 572
77, 511
56,862
53,692
30, 326
53,742
48,364
27, 746
18,895
53,311
28,135
62,024
55,930

3.75
3.80
4.00
4.18
4.22
4.00
4.04
3.94
3.91
4.00
4.00
3.68
3.84

747

1,508, 576

698,110

3.95

190
152
239
93
94
131
124
46

561,033
337,135
604, 389
434,496
419,223
425, 988
203, 682
87, 907

198, 950
129, 566
220, 930
164,849
147,875
132,000
91,167
26,883

4.00
3.66
3.47
3.25
3.13
3.78
3.78
3.53

1,798

______

_ ._ _

268
559
11
62

291
203
425
126
149
263
243
98

__ _.

_

_ _

4.06

638,606
446,266
894, 561
8,821
71,385

1,275

Total Eastern States
Virginia

Georgia
Florida.
Alabama _ _
Mississippi
Louisiana
Texas Arkansas..
Kentucky._
Tennessee

475,306

1 165 379
930, 954
1,814,245
12,130
116,148

1,702

_

W e s t Vriginia
N o r t h Carolina ___
S o u t h Carolina

980,439

417

1,069

3, 073,853

1,112,220

3.58

128
95

68
52

130
214
67

69
109
45

26
114

14
78

35,824
22,178
28,873
42,497
32,212
12, 344
33,907
5, 578
30,892

4.14
4.01
3.84
3.62
4.19
3.85
3.96
4.10
3.95

244, 305

3.96

298
815
14
74

_ __ __ _.
_

241

501

New York
New Jersey
Pennsylvania
Delaware
Maryland

38

293

Total New England States.-

28
297

15
111

76,851
56,053
82, 750
138,868
51, 062
23,288
73,687
14,126
70, 903

1,099

561

587, 588

42

REPORT OF THE COMPTROLLER OF THE CURRENCY

Savings depositors and deposits in national banks, June 30, 1928—Continued
Number
of banks
reporting
savings
deposits

Number
of banks
Amount of Average
mainsavings
taining Number of deposits
rate of
savings
separate depositors
interest
(000
savings
paid
omitted)
departments

COUNTRY BANKS—continued
127,834
69,289
207,341
34, 706
14, 737
8,977
15, 551

$52, 525
27,829
102, 299
16, 504
4,591
7,656
7,391

Per cent
3.80
3.62
3.98
3.85
4.00
4.00
3.88

221

Washington
Oregon
California
Idaho
Utah
Nevada
Arizona

478,435

218, 795

3.88

2
1

2,524
4,588

1, 459
743

3.63
4.00

97
84
189
46
14
9
14

Total Pacific States
Alaska (nonmember banks)
The Territory of Hawaii (nonmember banks)
Total (nonmember banks)
Total country banks
7,020

Total United States

PER CAPITA INDIVIDUAL AND SAVINGS DEPOSITS IN ALL
REPORTING BANKS

Statement showing the population, amount of individual deposits,
per capita individual deposits, amount of savings deposits, and per
capita savings deposits reported by- all banks in each State, the District of Columbia, Alaska, and the insular possessions, follows:
Per capita individual and savings deposits in all reporting banks June 30, 1928
States and Territories

Maine
New Hampshire-.
Vermont
Massachusetts
Rhode Island
Connecticut

Population
(approximate)

787,000
457,000
356, 000
4, 230, 000
685, 000
1, 625,000

Individual

deposits 1

$391, 267,000
269, 413, 000
235, 878, 000
4, 341,082, 000
503, 301, 000
1,181, 799, 000

Per capita individual
deposits

Savings

deposits 2

Per capita savings deposits

$497.16
589. 53
662. 58
1, 026. 26
734. 75
727. 26

$312,997,000
229, 415,000
206,450, 000
2, 657, 334, 000
366, 527,000
866, 052,000

$397. 71
502.00
579. 92
628.21
535. 08
532. 96

8,140, 000

6, 922, 740, 000

850. 46

4, 638, 775, 000

569. 87

11, 650,000
3, 850,000
9, 650, 000
245,000
1, 625, 000
530, 000

13, 866, 636, 000
2, 241, 368, 000
4, 879, 719, 000
123, 700> 000
758, 279,000
244, 099, 000

1,190. 27
582.17
505. 67
504. 90
466. 63
460. 56

7,112,120,000
1, 338, 480,000
2, 768, 694,000
59, 897, 000
500, 831, 000
97,169, 000

610.48
347.66
286. 91
244. 48
308. 20
183. 34

27, 550, 000 22,113,801,000
Total Eastern States2, 520, 000
454,120, 000
Virginia
1, 650, 000
327, 920,000
West Virginia...
North Carolina..
2, 930, 000
359,085,000
1, 840, 000
185, 768, 000
South Carolina-.
3,130, 000
320, 966,000
Georgia
1, 310, 000
360, 889, 000
Florida
2, 530, 000
267, 356, 000
Alabama
Mississippi
1, 793,000
213, 550, 000
Louisiana
1, 930, 000
365, 055,000
987,961,000
5, 310, 000
Texas
Arkansas
_.
1, 895, 000
198, 328, 000
1
Includes postal savings and other savings reported in column 4.
Includes time certificates of deposit, but not postal savings.



802. 68

11, 877,191, 000

431.11

180. 21
198. 74
122. 55
100. 96
102. 55
275. 49
105.67
119.10
189.15
186. 06
104. 66

256, 781,000
171, 614, 000
167, 378,000
96, 638, 000
155, 936, 000
148, 832,000
114,518,000
101,460, 000
131, 860,000
210, 561,000
74, 305, 000

101.90
104.01
57.13
52.52
49.82
113. 61
45.26
56.59
68.32
39.65
39.21

Total New England States
New York
New Jersey
Pennsylvania—
_
Delaware
_
_
Maryland
District of Columbia_

REPORT OP THE COMPTROLLER OP THE CURRENCY
Per capita individual

and savings deposits in all reporting
iep<
iontinued
C(

States and Territories

j Population
(approximate)

2, 530,000
2, 470, 000

Kentucky.
Tennessee.
Total Southern States.

31, 838, 000

Ghio
Indiana
Illinois
Michigan...
Wisconsin..
Minnesota..
Iowa
Missouri

6, 583, 000
3,155,000
7. 260, 000
i 425, 000
2, 940, 000
2, 675, 000
2, 530, 000
3, 478, 000

668, 000
696, 000
1, 388,000
1, 842, 000
700, 000
233,000
1, 065, 000
395, 000
2, 372, 000

1, 555,
875,
4, 465,
520,
518,
79,
439,

£

3 $91, 977,000
183, 528,000

4,901,725,000 | 153. £

1, 905, 388,000

2, 637, 373, 000
833, 441, 000
3, 631, 358, 000
1, 895, 428, 000
916,101, 000
900, 353, 000
821,119, 000
1,157, 776, 000

1, 515, 893,000
415, 363,000
1, 606, 855, 000
1, 046,157,000
529, 259,000
525, 934, 000
490, 111, 000
410, 681,000

401. 85
264.17
500.19
428. 35
311. 60
336. 58
324. 55
332. 89

134, 084, 000
148, 061, 000
412, 466, 000
418, 252, 000
159, 266, 000
59, 210, 000
281, 018, 000
39, 558, 000
417, 843,000

200. 72 I
74, 536, 000
212. 73
65, 305,000
297.17
190, 575, 000
227. 06
127, 262, 000
227. 52
67, 915, 000
254.12
23, 606, 000
263. 87
113, 880, 000
100.15
8,889,000
176.16
3 82, 520, 000

1928-

Per capita savings deposits
$36. 35
74.30
59.84
230.
131.
221.
236.
180.
196.
193.
118.

98
65
33
42
02
61
72
08

198. 03
111. 58
93.83
137. 30
69.09
97.02
101. 31
106. 93
22. 50
34.79
80.62

;
j
!
j

000
000
000
000
000
000
000

440, 064, 000
270, 409, 000
3,174, 705, 000
85, 720, 000
127, 822, 000
39, 340, 000
83, 790, 000

283. 00
309. 04
711. 02
164. 85
246. 76
497. 97
190. 87

000
000
000
000
000
000
000

133. 64
137. 68
415.11
60.71
138. 89
270. 29
70.18

8, 451, 000

Total Pacific States,.

Total United States a n d possessions

$455, 697, 000 $180.12
405,030, 000
163. 98

Savings
deposits

9, 359, 000 2, 069, 758, 000 j 221.15 j 754, 488, 000

Total Western States..
Yv'ashington.
Oregon
California. __
Idaho.
Utah
Nevada..
Arizona

Total possessions _

Per capita individual
deposits

80,

33,026, 000 12,792,949,000 \ 387.36 | 6,540,253,000

Total Middle Western States..
North Dakota..
South Dakota..
Nebraska
Kansas
Montana
Wyoming
Colorado
New Mexico....
Oklahoma

Alaska
The Territory of Hawaii
Porto Rico
.
Philippines

Individual
deposits

banks June

43

4, 221, 850, 000

499.57 I 2,337,415,000

276. 58

91,000
310,000
1,385,000
11,170,000

11, 723, 000
85, 845,000
38, 705, 000
85, 602, 000

128. 82
276. 92
27.95
7.66

4, 924,000
36. 911, 000
13, 601,000
23, 629, 000

54.11
119. 07
9.82
2.12

12, 956,000

221, 875, 000

17.13

79, 065, 000

CIO

405. 46

28,132, 575, 000

214. 23

131, 320, 000

53, 244, 698, 000

207,
120,
1, 853,
31,
71,
21,
30,

807,
466,
469,
567,
944,
353,
809,

For national b a n k s only.

EARNINGS, EXPENSES, AND DIVIDENDS OF NATIONAL BANKS
A comparative statement of the earnings, expenses, and dividends
of national banks for fiscal years ended June 30,1927 and 1928, and
statements showing the capital, surplus, and the earnings, expenses,
etc., of these associations in reserve cities and States and Federal
reserve districts June 30, 1928, follow. (Similar tables for the
6-month periods ended December 31, 1927, and June 30, 1928, are
published in the appendix of this report.)




44

REPORT OF THE COMPTROLLER OF THE CURRENCY

Earnings, expenses, and dividends of national banks for the fiscal years ended June
SO, 1927 and 1928
[In thousands of dollars]
June 30, 1927 June 30, 1928
(7,796 banks) (7,691 banks)
Capital stock.
Total surplus fund
Dividends declared

_

Gross earnings:
Interest and discount on loans..
_
Interest (including dividends) on investments
_
Interest on balances with other banks-.
Interest not classified
_
Domestic exchange and collection charges
Foreign exchange department
_
_
Commissions and earnings from insurance premiums and the negotiation
of real-estate loans
_
._
Trust department
Profits on securities sold
Other earnings
._
_..
Total
Expenses paid:
Salaries and wages
Interest and discount on borrowed money.
_
Interest on bank deposits
_
_
_
Interest on demand deposits
Interest on time deposits
Interest not classified
Taxes
_.
_._
Other expenses
_
_
Total
Net earnings during the year
Recoveries on charged-off assets:
Loans and discounts
Bonds, securities, etc
Allother
Total.
:
_-_
._
_.Losses and depreciation charged off:
On loans and discounts
On bonds, securities, etc
_
On trust department operations
_
On banking house, furniture, and
fixtures
_
On foreign exchange
_.
Other losses
Total
_
Net addition to profits during the year




1,474,173
1, 256, 945
180, 753

1,593,856
1,419,695
205, 358

767, 292
272,886
26,878
9,659
16, 256
13,762

817, 231
311, 338
26,601

1,017
10,811
52, 660
71,822

999
16,165
59, 328
81,982

1, 243, 043

1, 344,406

243, 246
18, 342
53, 944
122, 719
221, 379
10, 300
70, 337
142,107

262, 609
18, 612
57, 282
129, 005
265, 998

882, 374

957, 661

360, 669

386, 745

18, 883
8,884
5, 572

19,519
7,329
9,621

394, 008

423, 214

86, 512
27, 579
522
14,410
517
12,149

92,106
29,191

17,325
13,437

68, 750
155, 405

18,150
181
13, 428

141,689

153, 056

252,319

270,158

Abstract of reports of earnings, expenses, and dividends of national banks for the year ended June SO, 1928
[In thousands of dollars]
Gross earnings

Number of

Location

banks

Maine
New Hampshire
Vermont
_
Massachusetts
Boston
Rhode Island
Connecticut..
New England States
New York 1
Brooklyn and Bronx
Buffalo
New York City
New Jersey
Pennsylvania
Philadelphia
Pittsburgh
Delaware
__
Maryland
Baltimore _ _
_
Washington, D. C
_
Eastern States

Capital

Surplus

Capital
and surplus

Interest
and discounts
on loans

Interest
(including dividends)
on
investments

Interest on Domestic exbalchange
ances and colwith
lection
other
charges
banks

55
55
46
141
11
13
65

7,570
5,400
5,210
27,118
55,900
4,870
22,052

6,814
4,952
3,297
25,391
47,880
5,250
20,802

14,384
10,352
8,507
52, 509
103, 780
10,120
42,854

4,081
2,340
2,252
15,487
25,819
1,693
10, 259

3,776
1,347
1,388
9,690
7,375
1,147
3,913

95
64
42
234
1,160
30
179

386

128,120

114,386

242, 506

61,931

28, 636

520
17
5
20
299
826
32
13
18
75
9
13

62, 520
7,750
1,950
262,000
51,620
91,667
33,959
28,950
1,684
5,534
12,700
10, 527

61,252
4,755
1,405
332,500
52, 283
147,822
79,794
37,550
2,490
7,908
10, 700
7,915

123, 772
12, 505
3,355
594, 500
103,903
239,489
113,753
66,500
4,174
13,442
23,400
18,442

35,231
3,129
936
114,354
29,143
49,094
23,032
11, 567
714
3,711
5,152
5, 284

27, 603
1,086
402
45,112
16, 217
33,452
6,630
11,051
536
2,323
2,035
1,358

1,847

570,861

746,374

1,317,235

281,347

162
Virginia
4
Richmond
119
West Virginia
i Includes 2 banks in reserve city of Albany.

24,234
6,300
13,454

17,845
5,050
11,310

42,079
11,350
24,764

13,055
3,043
7,856




_.

Foreign
exchange
department

Commissions and
earnings
from insurance Trust
premiums and departthe nego- ment
tiation of
real
estate
loans

Profits
on
securities
sold

Other
earnings

Total
gross
earnings

12

38
12
11
192
802
12
602

814
319
343
2,304
2, 236
191
913

166
244
156
1,898
4,648
65
740

9,009
4,361
4,216
30,020
42,804
3,156
16, 715

39
33
24
186
121
13
88

17
643
5
21

1,804

504

688

12

1,669

7,120

7,917

110,281

726
65
9
2,403
465
1,327
440
384
13
75
103
145

405
13
4
2,689
182
351
165
51
6
23
65
41

17
26
1
7,126
37
80
808
141

28

386
14

18
14

3

5,229
384
531
122
185
12
6
6
140

6,439
300
154
10, 969
3,371
7,094
1,943
2,273
60
421
550
226

1,985
198
57
17,042
1,881
2,687
1,042
1,432
16
103
579
595

72,820
4,831
1,563
204,924
51,682
94,625
34,182
27,084
1,357
6,664
8,508
7,806

147,805

6,155

3,995

8,268

44

7,015

33, 800

27,617

516,046

1,769
529
1,572

298
49
224

164
61
63

5
2
7

6

154
70
62

170
79
282

515
205
595

16,136
4,038
10,661

2

2
9

2

Or

Abstract of reports of earnings, expenses, and dividends of national banks for the year ended June 80', 1928—Continued
[In thousands of dollars]
Gross earnings

Number of
banks

Location

North Carolina
Charlotte
South Carolina
Georgia 2__.
Atlanta
Florida
.
Jacksonville
Alabama
Birmingham
Mississippi
Louisiana3
Texas
Dallas
El Paso
Fort Worth
Galveston
Houston
San Antonio
Waco
Arkansas*
_
Kentucky
Louisville
5
Tennessee
Nashville
Southern States
Ohio6
Cincinnati
Cleveland
Columbus

273
31
410
232
321
411
83
225
88
136
141
1,430
161
53
133
52

351
7
289
494
193
224
214
232
10
224
135
987
236
40
87
75

27
110
5
1
6

212

145

22

13,713
1,800
9,400
12,630
6,200
11,865
4,000
12, 570
4,450
5, 560
9,739
46,520
13,650
1,600
4,450
2 150
8,850
4,850
1 650
7,115
14,231
6 250
13,164
5,200

8,151
2,000
5,041
8,699
4,650
8,439
2,250
8,632
4,550
3,901
5,343
24,903
3,850
700
2,600
850
4,480
1,910
440
3,558
10,317
5,000
7,750
4,230

21,864
3,800
14,441
21,329
10,850
20,304
6,250
21, 202
9,000
9,461
15,082
71,423
17, 500
2,300
7,050
3,000
13,330
6,760
2,090
10,673
24,548
11,250
20,914
9,430

7,195
1,017
5,018
7,403
3,389
5,539
2,546
6,532
2,930
3,906
5,198
22,954
5,675
958
2,919
1,091
4,969
2,241
667
4,129
6,883
3,761
8,036
2,907

741
131
912
621
1,036
2,182
1,388
1,286
382
927
420
2,472
1,205
224
552
301
1,092
288
192

79
136
4
98
5

1,700

--

265, 595

166,449

432,044

318
5
3
5

40, 270
8,100
4,800
5,000

30, 941
5, 300
3,850
5,350

71, 211
13,400
8,650
10,350

10

8
4

_

_ _
_




Interest on
balances
with
other
banks

Surplus

72
5
58
78
3
60
3
104
3
36
33
597
7
3
5
4

...

Interest
(includInterest ing diviand dis- dends)
counts
on
on loans investments

Capital
and surplus

-

Capital

Commissions and
earnings
from inDomestic ex- Foreign surance Trust Profits Other Total
on
change exchange premi- depart- securi- earn- gross
and col- depart- ums and ment
ings earnings
ties
the negoment
lection
sold
tiation of
charges
real
estate
loans

114
34

3

4

1
134
5
73

1

42
30
61
59
53
61
68
61
50
12
14
16
79
13
10
8
27
18

43
49

52
7
222
60
36
216
318
231
125
164
61
213
95
3
19
25

714
59
483
471
426
609
351
424
270
231
861
1,361
452
55
488
81

90
294
1
112
11

234
459
338
583
133

9,371
1,284
7,395
9,347
5,454
9,243
4,968
9,125
3,855
5,605
6,903
29, 461
8,013
1,351
4,209
1,639
7,413
3,213
1,067
5,614
9,562
5, 805
10,158
3,671

191

755

11
2

498
123

1

2
2

14
62
96
29
19

4,930

403

37

1,188

3,090

11, 774

194, 561

212
39
10
22

22
37
52
5

7

192
91
178
96

1,101

1,414

359
335
454

408
311
581

30, 439
5,115
5,605
5,292

850
258

221
291
68
323
171

162
43
10
222
170

141,817

25,137

6,185

19, 236
2,434
3,439
2,971

7,492
1,629
1,238
1,057

763
118
42
106

751

1,525
1,531

3
2

4

13
1

Indiana
.
...._.
Indianapolis_
Illinois
Chicago, Cent. Res_
Chicago, other Res-_
Peoria
Michigan 7
Detroit
Wisconsin
Milwaukee
Minnesota.
.._
Minneapolis
St. Paul
Iowa s
Des Moines
Sioux City
Missouri
Kansas City
St. Joseph.
St. Louis

169
39
382
1,152
44
62
203
50
172
76
468
619
170
220
22
31
39
74
20
210

12
22
9
1,991
13

6, 262

4, 505

2,407

2
Includes
3 Includes
Includes
Includes
Includes

1 bank
1 bank
1 bank
1 bank
1 bank




365, 730

239, 597

605, 327

185, 488

63,124

5,520
4,695
7,855
1,500
4,950
14,183
1,450
2,400
5,330
2,310
7,300
5,150
2, 085
14, 705
900
5, 350
5,950

2,626
2, 056
3,980
490
2, 510
6,782
465
1,280
2,527
1, 554
4,429
4,662
993
4,276
270
830
2,250

8,146
6,751
11, 835
1,990
7,460
20,965
1,915
3,680
7,857
3,804
11, 729
9,812
3, 078
18, 981
1,170
6,180
8,200

3,708
2,536
4,449
890
3,240
7,599
481
987
3,120
1,523
4,134
3, 933
1, 308
8,162
398
2,777
3,593

946
995
702
226
797
1, 696
387
395
1,068
456
1,655
2,183
362
2,822
213
995
896

130
124
185
39
168
465
54
68
218
108
329
176
74
623
22
199
199

251
126
74
12
190
134
12
38
112
30
72
69
40
425
23
82
38

91, 633

41, 980

133, 613

16, 794

3,181

1,728

97

4
8
6

11, 845
2,893
19, 565
34, 612
2,384
1,084
11,513
7,366
9,156
5,404
9,352
6,083
3,408
9,664
1,225
938
3, 766
4,884
876
11,390

1,222

Western States.
Washington,.
Seattle...
Spokane.

39. 566
10i 800
62, 206
119, 570
8,099
5,750
31, 824
25, 500
28, 294
14, 750
29, 241
19,360
9,575
27,129
3,900
2,650
11, 578
10, 426
2, 050

136
97
147
4
7
241
5
4
70
26
116
7
29
318
3
6
6

North Dakota
South Dakota
Nebraska
Lincoln
_..
Omaha
Kansas 9
Topeka
Wichita
Montana 10
Wyoming11
Colorado
Denver
New Mexico
Oklahoma
Muskogee
Oklahoma City.
Tulsa....

14, 541
3,150
24,498
53, 320
2,449
3, 275
12, 854
13, 500
10, 219
5,650
9,574
7,860
3,825
8,824
1, 200
600
3,893
3,376
950
10, 598

2,015

Middle Western States

2,5,025
7,650
37, 708
66, 250
5,650
2, 475
18, 970
12, 000
18,075
9,100
19, 667
11,500
5,750
18, 305
2,700
2,050
7,685
7,050
1,100
28, 850

9,465
7,200
3,200

4,070
3, 240
675

13, 535
10, 440
3,875

in reserve city
in reserve city
in reserve city
in reserve city
in reserve city

of Savannah.
of New Orleans.
of Little Rock.
of Memphis.
of Toledo.

52, £

3,962
686
6, 943
8,070
1,786
499
4,785
1,832
4,308
1,140
3,837
2, 711
1,525
2,682
279
263
825
1,206
155
4, 214

24
6
2
4
200
5
131

787
51
1, 063
214
314
95
748
257
625
498
437
179
101
280
37
22
89
59
10
214

986
315
1,526
2, 283
539
100
1,187
1,500
851
342
854
318
397
942

"Is"

426
112
685
586
67
33
357
159
350
103
533
274
210
426
16
53
165
239
60
379

228
4
444
13
23
4
130
3
150
7
267
7
5
262
3
5
108
10
4
12

18, 324
4,136
30, 415
50,044
5,188
1,896
19, 084
11, 207
15, 519
7,586
15,802
10, 284
5,842
14,340
1,651
1,397

204
228
81
661

5,110
6,892
1,207

17, 244

522

2,800

8,329

16,182

289,619

101
72
33

18
13
2
2
1
15
11
17
1
2
33
203
1
5
13
34
3

71
102
39
14
130
102
3
14
70
86
113
238
22
102
44
39
105

351
217
357
72
769
635
66
208
331
116
446
390
157
778
54
392
524

5,576
4,188
5,841
1, 255
5,297

12, 928
767
4,519
5, 358

374

1,294

5, 863

82, 383

403
219

8,481
7,270
2,403

24

13
""23

113
18
159
1,136
41
23
267
2
28
10

"253"
101

27

287 I

196
153
4,681
2, 266
20
331
~22~
296
377
.3, 781
229
170
1,933
30
73
1,630
64
51
337
7
Includes 2 banks in reserve city of Grand Rapids.
8
Includes 2 banks in each reserve city of Cedar Rapids and Dubuque.
8
Includes 2 banks in reserve city of Kansas City.
10 Includes 2 banks in reserve city of Helena.
11 Includes 2 banks in reserve city of Pueblo.

10, 673
1,014
1,727
4,959
2,326
6,787
7,200
1,968

Abstract of reports of earnings, expenses, and dividends of national banks for the year ended June SO, 1928—Continued
[In thousands of dollars]
Gross earnings

Number of
banks

Location

Oregon
Portland
California 12
Los Angeles _
.
San Francisco
Idaho
Utah is
Salt Lake City.
Nevada
Arizona. _
_
Pacific States.
Alaska—nonmember
.
Hawaii—nonmember
Total nonmember banks
Total United States

Capital

Surplus

Interest
(includInterest ing diviCapital
and sur- and dis- dends)
counts
plus
on
on loans investments

Commissions and
earnings
Inter- Domesest on tic ex- Foreign from insurance Trust Profits Other Total
balon
change
premiances and col- exchange ums and depart- securi- earn- gross
departties
ings earnings
with lection
ment the nego- ment sold
other charges
tiation of
banks
real
estate
loans

88
5
205
11
6
46
16
4
10
15

6,120
6,400
25,427
29,750
73,500
3,205
1,550
2,100
1,500
1,625

3,047
3,264
11,964
21,526
58,250
1,196
521
1,045
585
541

9,167
9,664
37,391
51,276
131, 750
4,401
2,071
3,145
2,085
2,166

3,308
2,853
13,126
22,602
35, 533
2,086
809
1,201
739
1,079

1,154
2,270
4,368
4,562
11,173
579
156
352
176
290

162
134
646
805
433
123
37
49
47
63

90
166
228
208
211
54
12
19
10
80

515

171,042

109,924

280,966

93,428

29, 616

2,975

1,600

4
2

275
600

155
830

430
1,430

139
243

74
152

14
25

31
32

2

2

6

875

985

1,860

382

226

39

63

2

7,691

1,593,856

1,419,695

3,013,551

817, 231

311, 338

26,601

17,325

13, 437

s Includes 2 banks in reserve city of Oakland.




359
287
1,415
1,637
6,746
284
44
106
107
158

5,174
5,945
20, 775
32,219
59,607
3,183
1,067
1,739
1,105
1,700

5
18

9

8

2

82
67
.691
651
3,316
48
9
12
12
2

1,645

95

3,112

5,628

12, 574

150, 673

7

3
64

24
31

292
551

2

7

67

55

843

999

16,165

59,328

2
83
11
246
1,194

49
5

17
85
241
1,508
1,001
4

1 Includes 2 banks in reserve city of Ogden.
3

81,982 1,344,406

o

Net earnings and recoveries

Expenses

Location

Maine
New Hampshire.
Vermont
Massachusetts
Boston
Rhode Island
Connecticut.. __

Salaries
and
wages

Interest
on demand
deposits

Interest
on time
deposits

3,532
683
1,450
7,853
6,963
698
3,415

373
272
327
1,128
954
138
1,112

Taxes

Total net
earnings
Recoveries on All other and rerecover- coveries
bonds,
on
ies
securichargedties, etc.
ofif assets

Total
Other
expenses
expenses
paid

Net
earnings
during
the year

Recoveries on
loans
and discounts

765
590
389
3,241
4,073
370
1,653

6,465
2,940
3,030
21,178
29, 859
2,295
11, 665

2,544
1,421
1,186
8,842
12, 945
861
5,050

27
35
13
200
335
10
120

92
92
19
226
1,079
53
119

26
51
3
153
878
2
76

2,689
1,599
1,221
9,421
15, 237
926
5,365

1,147
921
693
4,920
7,153
444
3,193

__ _

___




_____

509
311
86
3,290
7,306
580
1,956

1,795

3,149

14, 038

24, 594

4,304

11, 081

77, 432

32, 849

740

1,680

1,189

36,458

722
142
26
3,522
756
980
534
466
25
81
210
38

671
187
7
18, 501
220
516
1,795
2,680
19
34
463
220

5,555
733
36
31,260
4,466
3,563
6,292
5,084
128
233
1,038
806

23, 268
465
586
12,061
15,170
29,883
3,639
3,771
324
2,592
1,267
1,227

2,801
94
68
7,050
2,252
4,684
1,882
1,298
70
353
609
727

6,828
992
173
20,913
5,537
8,228
3,605
2,550
104
509
811
771

52, 021
3,733
1,171
129, 060
37, 628
63, 662
23,456
19, 944
927
4,860
5,930
5,582

20, 799
1,098
392
75, 864
14, 054
30, 963
10, 726
7,140
430
1,804
2,578
2,224

508
90
6
2,341
342
403
373
256
2
34
118
108

600
10
949
396
866
337
78
15
30
90
9

375
45
1
1,014
288
850
593
82
11
3
47

22,282
1,243
399
80,168
15, 080
33,082
12, 029
7,556
447
1,879
2,789
2,388

88, 803

Eastern States

63
59
31
404
2,395
37
160

12,176
1,120
275
35, 753
9,227
15,808
5,709
4,095
257
1,058
1,532
1,793

New England States

76
104
54
342
1,015
28
176

18, 471

_

New York
Brooklyn and Bronx
Buffalo
New York City
New Jersey
Pennsylvania
Philadelphia
Pittsburgh
Delaware
Maryland
Baltimore
Washington, D. C _
_

Virginia. _
Richmond.
West Virginia
North Carolina
Charlotte
South C&rolina
Georgia
Atlanta
Florida
_
Jacksonville __
Alabama
B irmingham
Mississippi

Interest
and dis- Interest
count on on bank
borrowed deposits
money

7,502

25, 313

59,194

94, 253

21, 888

51, 021

347, 974

168, 072

4,581

3,380

3,309

179,342

3,068
776
2,075
1,947
261
l,,404
2,083
1,095
2,249
956
2,052
689
1,245

344
140
151
275
49
151
207
140
273
5
221
64
192

287
311
174
286
15
360
355
277
202
371
121
113
100

605
430
570
396
142
303
392
578
559
365
459
297
247

4,723
609
2,826
2,341
198
2,122
1,956
977
2,097
1,240
1,720
715
1,263

925
295
776
501
93
459
613
350
520
205
570
313
482

1,672
434
1,075
1,218
186
947
1,377
773
,1,307
666
1,169
337
728

11, 624
2,995
7,647
6,964
944
5,746
6,983
4,190
7,207
3,808
6,312
2,528
4,257

4,512
1,043
3,014
2,407
340
1,649
2,364
1,264
2,036
1,160
2,813
1,327
1,348

112
19
89
137
2
197
131
53
407
47
139
109
199

19

140
5
19
57
1
161
166
15
78
27
14
1
92

4,783
1,067
3,138
2,606
343
2,041
2,663
1,332
2,541
1,234
2,984
1,437
1,705

16
5
34
2
20
18
66

Abstract of reports of earnings, expenses, and dividends of national banks fur the year ended June SO, 1038— Continued

O

[In thousands of dollars]
Expenses

Locatio

Salaries
and
wages

Louisiana
Texas.—-.
Dallas
El Paso
Fort Worth...
Galveston
Houston
San Antonio..
Waco
Arkansas..
Kentucky
Louisville
Tennessee
Nashville
Southern States
Ohio
Cincinnati..Cleveland
Columbus
Indiana
...
Indianapolis
Illinois
Chicago, Cent. Res..
Chicago, other Res..
Peoria
Michigan.
Detroit
Wisconsin
Milwaukee
Minnesota
Minneapolis
St. Paul




Interest
and dis- Interest
count on
borrowed deposits
money

deposits

Interest
on time
deposits

Net earnings and recoveries

Taxes

Net
earnings
during
the year

Recoveries on
loans
and discounts

Total net
earnings
Recoveries on All other and rebonds, recover- coveries
ies
on
securichargedties, etc.
off assets

172
1,809
63
52
43
11
97
117
10
85
124
39
86
23

Other
expenses

Total
expenses
paid

4,993
20, 079
5, 345

970
2.885
1, 282
5,414
2,216
799
4.291
6,708
4,084
7,563
2,707

1,910
9,382
2,668
381
1,324
357
1,999
997
268
1,323
2,854
1,721
2,595
964

1,584
7,979
1,618
368
797
220
1,582
713
201
1,274
1,975
1,128
2,125
707

I

185
302
144
11
79
31
55
51
16
76
103
209
121
30

285
667
618
57
351
213
458
135
40
240
114
608
410
323

669
2,331
767
119
422
229
647
102
68
352
334
393
422
170

830
2,430
685
159
492
378
1,223
543
248
1,299
2,451
881
2,719
734

607
2,308
613

81
167
104
404
261
78
247
756
245
648
293

833
4,062
900
175
577
107
1, 045
411
148
803
975
620
1,118
450

42,171

3, 625

7. 491

12, 368

37, 859

12,914

24,113

140, 541

54, 020

4, 372

295

318
347
139
367
431
360
591
3.927
15
130
238
413
266
490
354
1, 056
422

2,335
613
862
754
1,007
397
1,045
10, 710
285
89
1.160
1, 692
635
786
469
963
612

742
1, 500
346
4,657
470
7,420
3,026
1,238
297
5,787
1,462
4,422
964
5,364
1,725
1,020

2,020
508
287
214
1,461
406
1,905
4,050
197
115
1, 275
803
728
425
1,023
559
241

3,268
319
773
823
1,994
412
3,613
6,160
913
248
2,372
1,777
1,826
1,090
1,844
1,233
664

22, 229
3,417
4,739
3,659
13, 563
2,947
21,897
36,657
4,035
1,224
14, 486
8,398
11,147
5,458
12,445
7,934
4,153

8, 210
1,698
866
1, 633
4,761
1,189
8,518
13,387
1,153
672
4,598
2,809
4,372
2,128
3,357
2,350
1,689

230
24
96
83
106
57
230
1,131
7
19
210
223
261
53
354
312
214

165
18

!

49
279
91
10

15
111
2
104
9
4

69
84
84
25
57
3
18

2,167
11,490
2,824
443
1,459
374
2,106
1,130
281
1,428
3,030
1,790
2,756
1,002

1,467

O
W
H
O

60,154

138
15
7
3
31
119
28
6
22

23
1
589
19
126
37
38

8,743
1,755
969
1,734
5,009
1,248
8,971
14, 546
1,175
717
4,900
3,117
5,306
2,225
3,894
2,702
1,959

Q

O

O

a

cj

o

l

3,137
411
378
1,284
1,620
313
3,295

171
22
34
• 67
119

Middle Western States

58,080

_

North Dakota
South Dakota
Nebraska
Lincoln..
Omaha
Kansas
Topeka.
Wichita
Montana
Wyoming
.
Colorado
Denver
New Mexico
Oklahoma
Muskogee
Oklahoma City.
Tulsa

._

_ .

Western States.
Washington
Seattle
Spokane
Oregon
Portland
California
. _
Los Angeles..
San Francisco
Idaho
Utah
.__
Salt Lake City
Nevada
Arizona

. . .
.

_

_
_

Pacific States

_.

Alaska—nonmember
Hawaii—nonmember
Total nonmember bank
Total United States




4,464
127
265
1,055
329
179
1,991

615
110
44
425
332
51
1,468

1,626
254
218
696
847
209
1,822

11,180
1 394
1,157
3,983
5,106
1 017
12,771

3,160
257
240
1,127
1,788
190
4,473

L'66
18
18
94
135
54
585

3,269

13,263

29,283

56, 838

19, 262

35,001

214,996

74, 623

4,780

47
34
124
12
75
97
2
6
15
7
76
54
10
103
1
52
29

88
93
144
154
607
338
95
187
104
68
155
329
26
211
33
364
310

152
159
126
95
535
536
137
102
189
163
317
728
108
1,049
72
510
802

1,845
1,149
1,593
135
428
2,125
62
240
1,346
517
1,511
1,531
276
1,673
110
671
672

261
124
358
62
310
922
129
213
119
568
385
114
792
46
140
268

799
584
707
162
1,007
1,428
137
267
541
276
830
829
274
2,014
103
577
780

4,469
3,197
4,456
916
4,167
8,158
756
1,289
3,466
1,692
5,103
5,394
1,272
9,429
525
3,175
4,116

1,107
991
1,385
339
1,130
2,515
258
438
1, 493
634
1,684
1,806
696
3,499
242
1,344
1,242

106
100
290
26
153
471
34
29
463
87
311
145
98
111

744

3,306

5, 780

15,884

4,893

11, 315

61, 580

2,068
1,931
569
1 395
1,386
5,603
7,688
12, 423
769
244
385
223
539

60
23
16
30
25
186
55
1,196
28
12
17
7
22

53
621
100
28
272
398
1,118
1, 794
70
51
173
42
20

429
499
118
217
238
1,150
1,712
3,478
149
57
143
12
78

1,858
904
534
1,062
1,550
4,258
8,651
15,839
697
248
271
276
317

309
224
83
280
78
975
974
1,996
188
87
93
73
102

1,101
975
414
635
696
2,909
5, 281
9,632
383
128
187
139
281

5,878
5,177
1,834
3,647
4,245
15,479
25, 479
46, 358
2,284
827
1,269
772
1, 359

35, 223

_

361

687
232
67
269
897
61
2,656

1,277
1,054
1,404
' 296
1,205
2, 712
241
358
1,058
542
1, 646
1,538
464
3,587
160
861
1,255

.

480
238
151
187
962
203
1,178

19,658

Iowa
Des Moines
Sioux City.
Missouri
Kansas City..
St. Joseph
St. Louis

1,677

4,740

S, 280

36, 465

5, 462

22, 761

114, 608

3
17
20

7
55
62

52
53
105

8
19

57,282

129,005

265,998

68
135
203

__

262,609

18,612

65

55
4
6
28
50
7
8

3,489
279
265
1 256
1,974
251
5,131

852

1,360

81,615

5
10
35
4
1
37
2
18
3
83
24
8
13

16
20
83
1
109
105
58
2
113
10
113
19
18
132

44
118

1

30
3

1^234
1,121
1,793
370
1,393
3,128
350
471
2,087
734
2,191
1,994
820
4,421
247
1,418
1,364

20,803

3,257

244

832

25,136

2,603
2,093
574
1,527
1,700
5, 296
6,740
13,249
899
240
470
333
341

129
205
37
203
108
317
412
153
78

47
7
13
42
67
134
24
501
18
18
6
1

35
550
30
19
31
211
104
380
8
21
1
10
64

2,814
2,855
654
1,791
1,906
5,958
7,280
14,283
1,003
287
482
353
521

36,065

1,780

878

1,464

40,187

9

5
9
116

183
347
530

109
204

27

45
68
113

313

155, 405

957, 661

386,745

19, 519

1
7
3

118
204

9

68, 750

8

322
7,329

9,621

423, 214

Abstract of reports of earnings, expenses, and dividends of national hanks for the year ended June 80,
[In thousands of dollars]

1928—Continued

Losses and depreciation charged off

Ratios

On

Location

On
On
On loans bonds, banking
and dis- securities, house,
foreign
furnicounts
exchange
ture and
etc.

Total

Other

fixtures

Maine
New Hampshire
Vermont
Massachusetts
Boston
Rhode Island
Connecticut
New England States

359
252
273
1,777
4,953
169
819
8,602

178
102
62
719
2,718
66
247
4,092

223
142
41
428
214
26
258
1,332

49
31
12
142
499
13
39

New York
Brooklyn and Bronx..
Buffalo
New York City
New Jersey
Pennsylvania
Philadelphia
Pittsburgh
_
_
Delaware
Maryland
Baltimore
Washington, D. C
Eastern States

2,339
244
29
12,436
1,571
3,694

2,354
141
40
8,348
852
1,960
676
395
26
129
510
48
15,479

1,069
69
67
1,736
654
1,546
93
564
12
43
145
115

533
25
8
864
206
440

Virginia
Richmond
West Virginia
North Carolina...
Charlotte
South Carolina
Georgia
Atlanta
Florida
Jacksonville
Alabama

_
_.

,




841
16
219
744
265
25,031
1,155
113
953
660
70
733
1,207
204
1,368
433
662

204
51
125
38
5
84
113
18
79
46

785

98
40
3

11
11
30

6,113
103
113
163
64
9
33
67
161
131

114
7
118
125
2
102
286
12
226
19
81

Net
addition
to profits

Dividends

charged
off

812
527
388
3,068
8,384
274
1,363
14,816

1,877
1,072
833
6,353
6,853
652
4,002
21, 642

924
635
536
3,245
6,925
496
2,249
15,010

6,305
480
144
23, 398
3,301
7,655
3,520
1,840
57
402
1,410
458
48,970

15,977
763
255
56,770
11,779
25,427
8,509
5,716
390
1,477
1,379
1,930
130,372

8,401
374
135
38,840
6,444
13,328
6,038
3,153
217
794
1,690
1,185
:0, 599

1,577
284
1,359
887
86
952
1,674
395
1,804
594
870

3,206
783
1,779
1,719
257
1,089
989
937
737
640
2,114

634
1,578
1,303
256
683
1,102
617
993
420
1,524

Net adDiviNet ad- dition to
Dividends to dition
dends to capital profits to profits to
capita]
capital » and sur- capitalto and sur»
plus "
plus u
Per cent
12.21
11.76
10.29
11.97
12.39
10.18
10.20

Per cent
24.80
19. 85
15.99
23.43
12.26
13. 39
18.15
16.89

Per cent
13.05
10.36
9.79
12.10
6.60
6.44
9.34

11.72

Per cent
6.42
6.13
6.30
6.18
6.67
4.90
5.25
6.19

13.44
4.83
6.92
14.82
12.48
14.54
17.78
10.89
12.89
14.35
13.31
11.26

6.79
2.99
4.02
6.53
6.20
5.57
5.31
4.74
5.20
5.90
7.22
6.43

25.56
9.85
13.08
21.67
22.82
27.74
25.06
19.74
23.16

14.12

6.12

22.84

12.91
6.10
7.60
9.55
11.34
10.62
7.48
8.60
9.34
10.99
5.89
10.47
9.90

11.10
10.06
11.73
9.50
14.22
7.27
8.73
9,95
8.37
10.50
12.12

5.59
6.37
5.96
6.74
4.73
5.17
5.69
4.89
6.72
7.19

13.23
12.43
13.22
12.54
14.28
11.59
7.83
15.11
6.21
16.00
16.82

7.62
6.90
7.18
7.86
6.76
7.54
4.63
8.64
3.63
10.24
9.97

10.86
18.34

8.92

"Rirrmngha/m

Mississippi
Louisiana
Texas
_
_
Dallas
El Paso
Fort Worth _
Galveston
Houston
San Antonio
Waco__. _
Arkansas
Kentucky
Louisville
Tennessee
Nashville
Southern States

_

__
_.

_
_

_
. .

307
659
896
5,330
513
238
413
31
408
244
158
490
700
549
980
279

1
62
62
98
67
32
22
15
45
26
3
6
92
64
54
10

19,753

1,482

74
114
368
35
123
45
140
169
3
80
89
8
117
43

1

2

4

7
81
103
639
323
34
146
6
162
101
31
103
102
37
87
23

315
876
1,175
6,436
938
304
704
97
757
540
195
679
983
658
1,242
355

1,122
829
992
5,054
1,886
139
755
277
1,349
590
86
749
2,047
1,132
1,514
647

905
499
1,018
4,534
1,595
66
682
154
794
340
166
664
1,754
1,178
1,481
514

20.34
8.97
10.45
9.75
11.68
4.13
15.33
7.16
8.97
7.01
10.06
9.33
12.33
18.85
11.25
9.88

10 06
5.27
6 75
6.35
9.11
2.87
9.67
5.13
5.96
5.03
7.94
6.22
7.15
10.47
7.08
5.45

25.21
14.91
10.24
10.86
13.82
8.69
16.97
12.88
15.24
12.16
5.21
10.53
14.38
18.11
11.50
12.44

12.47
8.76
6.58
7.08
10.78
6.04
10.71
9.23
10.12
8.73
4.11
7.02
8.34
10.06
7.24
6.86
7.73

2,415

9

3,077

26,736

33,418

28,145

10.60

6.51

12.58

403
1,970
1,056
Ohio
..
2
129
38
Cincinnati
158
225
6
Cleveland ._
58
378
76
Columbus
340
1,025
210
Indiana
._
2
425
50
Indianapolis
496
2,291
499
Illinois
_
180
2,846
201
Chicago, Cent Res
79
145
Chicago, other Res
148
82
21
35
Peoria
827
193
288
Michigan
327
577
98
Detroit
1,027
319
466
Wisconsin
_ _
614
94
207
Milwaukee
182
1,565
338
Minnesota
55
71
701
Minneapolis
...
94
55
36
St. Paul
141
106
2,291
Iowa
- .5
3
308
Des Moines
5
221
66
Sioux City
51
68
580
Missouri
27
756
71
Kansas City
6
71
St Joseph
540
137
90
St. Louis
19,597
4,091
3,563
Middle Western States
800
59
40
North Dakota
541
111
19
South Dakota -. . _.
852
51
18
Nebraska
- - - -3
142
22
Lincoln
122
271
86
Omaha
.__-__...._.
* Capita, and surplus as of June 30,1928.

5

171
2
58
9
198
3
590
51
105
2
167
2
314
8
277
12
7
460
51
441
62
51
5
45

3,605
171
447
521
1,773
480
3,877
3,278
477
140
1,475
1,004
2,128
927
2,363
840
192
2,999
367
733
761
905
82
812

5,138
1,584
522
1,213
3,236
768
5,094
11, 268
698
577
3,425
2,113
3,178
1,298
1,531
1,862
1,767
490
"88
15 468
495
1,069
169
4,319

4,178
1,136
421
563
2,538
590
4,202
13, 549
494
388
2,634
1,444
2,166
950
1,587
1,391
632
1,012
40
112
525
699
121
3,753

10.37
14.02
8,77
11.26
10.14
7.71
11.14
20.45
8.74
15.68
13.89
12.03
11.98
10.44
8.07
12.10
10.99
5.53
1.48
5.46
6.83
9.91
11.00
13.01

5.87
8.48
4.87
5.44
6.41
5.46
6.75
11.33
6.10
6.75
8.28
5.66
7.66
6.44
5.43
7.18
6.60
3.73
1.03
4.23
4.53
6.70
5.90
9.51

12.76
19.56
10.88
24.26
12.93
10.04
13.51
17.01
12.35
23.31
18.05
17.61
17.58
14.26
7.78
16.19
30.73
2.68
is 3. 26
is 22. 83

15

3,091

30,357

51,258

45,125

12.34

7.45

14.02

8.47

1

108
110
229
31
88

1,008
781
1,150
198
567

226
340
643
172
826

257
304
666
466
464

4.66
6.47
8.48
31.07
9.37

3.15
4.50
5.63
23.42
6.22

4.09
7.24
8.19
11.47
16.69

2.77
5.04
5.43
8.64
11.07




I

2
4
1
1
1

is Deficit.

6.44

15.16
15.36
14.97

7.22
11.82
6.03
11.72
8.18
7.11
8.19
9.42
8.62
10.03
10.76
8.29
11.23
8.80
5.24
9.62
18.45
1.81
15 2. 26
is 17. 66
4.28
10.25
8.24
10.95

SS

Abstract of reports of earnings, expenses, and dividends of national banks for the year ended June 30, 1928—Continued
[In thousands of dollars]
Ratios

Losses and depreciation charged off

On
On
On loans bonds, banking
On
house, foreign
and dis- securities, furnicounts
ture and exchange
etc.
fixtures

Location

Kansas
Topeka
Wichita
Montana
Wyoming
Colorado
_.
Denver _
New Mexico
Oklahoma
Muskogee
Oklahoma City.
Tulsa
Western States
Washington
Seattle. .
. .
Spokane
Oregon
Portland
California
Los Angeles
San Francisco
Idaho
Utah
Salt Lake City
Nevada
Arizona
Pacific States __

. .

_

.

1,556
77
]75
996
274
1,004
333
405
1, 885
48
192
176

_

_

.

.
_.
_

.

_

.

_
. .

Alaska—nonmember
Hawaii—nonmember
Total nonmember banks
Total United States




_

161
15
128
74
49
85
117
62
350

9,727

. . .

90
2
6
54
29
428
225
29
176
10
35
14
1,427

1,429

717
324
344
829
275
1,464
2,348
2, 033
468
121
94
176
184

157
36
33
120
346
465
328
894
63
H
84
35
6

227
109
10
89
129
547
467
1,539
28
20
24
53
31

9,377

2,581

3,273

17
2

6
33

11
14

19

39

25

92,106

29,191

Dividends

DiviDivi- dends to
dends to capital
capital and surplus

Net addition to
profits to
capital

Net addition to
profits to
capital
and surplus

Per cent Per cent
8.55
5.79
9.79
7.42
9.25
6.03
9.06
6.15
13.16
7.87
10.05
6.26
14.27
7.49
11.13
7.54
11.53
8.94
10,67
8.21
10. 79
9.34
7.78
5.65

Per cent
7.22
16.62
6.54
15.46
14.76
6.78
25.13
12.66
11.03
20.78
19.03
18.57

Per cent
4.88
12.58
4.27
10.49
8.83
4.22
13.19
8.58
8.55
15.98
16.47
13.48

11

3

60

63

181

2,104
109
314
1,263
393
1,696
700
556
2,799
60
400
259

1,024
241
157
824
341
495
1,294
264
1,622
187
1,018
1,105

1,213
142
222
483
304
734
735
232
1,696
96
577
463

1,763

14, 357

10, 779

9,054

9.88

6.78

11.76

8.07

95
74
41
111
31
371
519
806
91
21
21
12
247

1,196
543
428
1,152
781
2,847
3,662
5,332
650
176
223
276
468

1, 618
2,312
226
639
1,125
3,111
3,618
8,951
353
111
259
77
53

1,039
2,759
194
521
828
2,593
3,412
15,178
173
89
216
128
150

10.98
38.32
6.06
8.51
12.94
10.20
11.47
20.65
5.40
5.74
10.29
8.53
9.23

7.68
26.43
5.01
5.68
8.57
6.93
6. 65
11. 52
3.93
4.30
6.87
6.14
6.93

17.09
32.11
7.06
10.44
17.58
12.24
12.16
12.18
11.01
7.16
12. 33
5.13
3.26

11.95
22.15
5.83
6.97
11.64
8.32
7.06
6.79
8 02
5.36
8.24
3.69
2.45

2,440

17, 734

22,453

27, 280

15.95

9.71

13.13

7.99

37
49

81
155

66
79

24.00
13.17

15.35
5.52

29.45
25.83

18.84
10.84

3

1
3

291
15
5
139
41
179
25
59
385
2
34
22

3

6

139
47

18,150

Net
Total
addition
losses to profits
charged
off

Other
losses

86

236

145

16.57

7.80

26.97

12.69

205, 358

12.88

6.81

16.95

8.96

13, 428

153, 056

270,158

Earnings, expenses, and dividends of national banks, by Federal reserve districts, year ended June 30, 1928
[In thousands of dollars]
District District District District District District District District District District District District NonGrand
No. 1
No. 8
No. 9
No. 11 No. 12 member
total
No. 2
No. 4
No. 7
No. 10
No. 3
No. 5
No. 6
banks (6 (7,691
(695
(511
(373
(771
(718
(964
(668
(923
(507
(483
(693
(379
banks) banks) banks) banks) banks) banks) banks) banks) banks) banks) banks) banks) banks) banks) 1
_-. 124,387 376,087
109,994 438,389
234,381 814,476

Capital
Surplus.
Capital and surplus

Gross earnings:
Interest and discount on loans
Interest (including dividends) on investments
Interest on balances with other banks
Domestic exchange and collection charges.
Foreign exchange department
Commissions and earnings from insurance premiums and the negotiation of
real-estate loans
-.___
_
_.
Trust department
Profits on securities sold
Other earnings
_

77,529
54,694
132, 223

201,813
139, 795
341, 608

74,220
37, 944
112,164

59,847
32, 795
92, 642

84,418
39,503
123, 921

89,755
42, 339
132, 094

170,492
109, 674
280,166

1,593,856
1,419, 695
3,013, 551

59,943

176,427

63,928

62,042

50,525

43,919

105,696

35,162 I 32,022

49, 087

45,030

93,068

382

817,231

88,412
3,574
3,263
7,206

32, 769
1,192
441
846

34, 756
2,358
499
306

11,053
1,569
1,057

8,872
1,945
1,854
212

30, 983
2,840
2,416
2,118

12, 278
1,341
744
46

13,192
1,670
1,843
132

15,176
3,009
1,296
16

6,786
2,347
1.823
193

29,478
2,946
1.541
l', 627

226
39
63
2

311,338
26,601
17, 325
13,437

12
1,571
6,699
7,745

6,030
20,864
20,835

7
627
7,680
3,199

6,926
5,559

14
563
1,970
3,811

13
412
1,297
3,914

227
1,797
4,129
10,038

37
320
1,115
2,141

474
110
1,231
2,702

78
548
1,156
5,270

1
184
566
4,181

95
3,110
5,628
12, 532

326,641

110, 689

113, 341

70, 610

62,438

160, 244

53,184 j 53,376

75,636

61, 111

150,025

843

1, 344,406

18,463
1,578
2,170
9,747

13, 733
1,426
2,103

25,639
5,953
10,365

20,080
1,322
4,141
11, 238
27, 681
6,377
11,363

4,448
17, 502
4, 635
7,519

13,485
1,286
2,263
3,829
13,156
4,149
8,056

31,636
1,826
7,220
18,046
28, 617
10,784
20,299

2,784
4,336
10,485
3,717
5,876

11,570
287
2,200
2,791
14, 628
2,800
6,485

18,126
745
4,217
6,189
12,137
4,730
10,409

14,701
779
2,722
5,044
6,875
4,336
8,078

35,009
1,674
4,736
8,243
36, 292
5,431

203
0
20
62
105
27
113

18, 619
57,282
129,005
265,998
68,750
155,405

17,788
1,748
3,109

10,921
975

16,165
59,328
81,982

_

_

13,726
23, 517
4,079
10,653

4,966
19, 597
41,306
49, 364
11, 732
33, 526

74,620

Total
Net earnings during period
Recoveries on eharged-off assets:
Loans and discounts
Bonds, securities, etc
Another
Total

96,042
74,510
170, 552

27,357
1,771
485
685

Total
Expenses paid:
Salaries and wages
Interest and discount on borrowed money.
Interest on bank deposits
_.
Interest on demand deposits.
Interest on time deposits
Taxes
Other expenses

1

113,191
203,885
317,076

217,385

73,915

82, 202

51, 366

46, 224

118,428

39, 094

40, 761

56, 553

42, 535

114,048

530

957, 661

31,648

109, 256

36, 774

31,139

19, 244

16,214

41,816

14,090

12, 615

19,083

18, 576

35,977

313

386, 745

2,348
409
633

1,043
211
188

1, 736
120
577

2,729
216
738

2,372
63
535

1,744
878
1,441

45, 206

15, 532

15,048

22,760

21,546

40,040 |

718
1,678
1,180

3,181
1,811
1,622

757
1,203
1,380

914
449
429

203
442

1,164
88
456

35, 224

115,870

40,114

32,931

20, 693

17,922

Includes nonmember banks of Alaska and Hawaii.




19, 519
7,329
9,621
423, 214

Earnings, expenses, and dividends of national banks, by Federal reserve districts, year ended June 30, 1928—Continued
[In thousands of dollars]
District District District District District District District District District District District District NonNo. 2
No. 3
No. 1
No. 5
No. 8
No. 4
No. 6
No. 7
No. 9 No. 10 No. 11 No. 12 meruber
(771
(693
(923
(483
(511 banks (6
(373
(718
(507
(668
(695
(379
(964
banks) banks) banks) banks) banks)
banks) banks) banks) banks) banks) banks) banks) banks)
Losses and depreciation charged off:
On loans and discounts
On bonds, securities, etc
__ _
On banking house, furniture, and fixtures.
On foreign exchange
Other losses
Total
Net addition to profits from operations during period. _
Total dividends declared since June 30,1927—
Ratios:
Dividends to capital 2
per cent
Dividends to capital and surplus 2.do
Net addition to profits to capital 2_do
Net addition to profits to capital and
surplus 2
do

Grand
total
(7,691
banks)
O

8,387
3,935
1,306
5
782

16,198
11,646
3,477
35
1,571

5,723
2,335
1,181
30
492

5,194
2,362
1,843
18
436

4,857
1,161
776
1
514

6,054
449
816
1
874

11,281
1,864
2,001
6
2,168

3,518
456
566
5
449

5,441
750
620
4
744

8,112
1,286
1,347
10
1,458

8,050
327
923
3
1,713

9,272
2,581
3,2G9
63
2,224

19
39
25
0
3

92,106
29,191
18,150
181
13,428

14,415

32,927

9,761

9,853

7,309

8,194

17,320

4,994

7,559

12, 213

11,016

17,409

86

153,056

20,809
14,654

82,943
52,496

30,353
17,168

23,078
15,121

13,384
10, 623

9,728
8,392

27,886
27, 679

10,538
8,722

7,489
5,461

10, 553
8,867

10, 530
8,806

22,631
27,224

236
145

270,158
205,358

11.78
6.25
16.73

13.96
6.45
22.05

15.17
5.41
26.82

12.08
5.81
18.43

11.06
6.23
13.94

10.82
6.35
12.55

13.72
8.10
13.82

11.75
7.78
14.20

9.12
5.89
12.51

10.50
7.16
12.50

9.81
6.67
11.73

15.97
9.72
13. 27

16.57
7.80
26.97

12.88
6.81
16.95

8.88

10.18

9.57

8.86

7.85

7.86

8.16

9.40

8.08

8.52

7.97

8.08

12.69

8.96

8

o
8

Capital and surplus as of June 30,1928.




1-3

H
O

EEPOET OF T H E COMPTROLLER OF THE CURRENCY

57

National-bank investments in United States Government securities and other bonds
and securities, etc., loans and discounts (including rediscounts), and losses charged
off on account of bonds and securities, etc., and loans and discounts, years ended
June SO, 1918 to 1928, inclusive
[In thousands of dollars]
Percentage of losses
charged off—
Year
ended
Juno 30—•

1918
1919
1920
1921
1922
1923
1924
1925.
1926
1927
1928-

Loans and
Total
U.S.
discounts
Other
Govern- bonds and bonds and (including
ment
redissecurities securities,
etc.
securities
counts)

Losses
charged
off on
bonds
and securities,
etc.

Losses
charged
off on
loans
and discounts

10,135,842
11,010, 206
13, 611, 416
12,004, 515
11, 248, 214
11, 817, 671
11,978, 728
12, 674,067
13, 417, 674
13,955,696
15,144, 995

44,350
27,819
61,790
76,179
33,444
21,890
24,642
25, 301
23,783
27,579
29,191

33,964
35,440
31, 284
76, 210
135, 208
120, 438
102, 814
95, 552
93, 605
86,512
92,106

2,129,283
3,176,314
2, 269, 575
2,019, 497
2, 285, 459
2,693,846
2,481,778
2, 536, 767
2, 469, 268
2, 596,178
2,891,167

1,840,487
1,875,609
1,916,890
2,005, 584
2, 277,866
2, 375,857
2, 660, 550
3,193, 677
3, 372, 985
3, 797,040
4, 256, 281

3,969, 770
5,051,923
4,186, 465
4,025,081
4, 563,325
5,069, 703
5,142,328
5, 730, 444
5, 842, 253
6, 393, 218
7,147, 448

On bonds
and securities to
total bonds
and securities
owned
1.12
.55
1.48
1.89
.73
.43
.48
.44
.41
.43
.41

On account
loans and
discounts
to total
loans and
discounts

0.34
.32
.23
.63
1.20
1.02
.86
.75
.70
.62
.61

Number of national banks, capital, surplus, net addition to profits, dividends, and
ratios, years ended June SO, 191J+ to 1928
[In thousands of dollars]
Ratios

Year ended
June 30—

1914
. .
1915
1916
1917
1918
1919
1920
1921
1922
J923
1924 . _
1925
1926
1927
1928 .

Number of
banks

7,453
7,560
7,571
7,589
7,691
7,762
8,019
8,147
8,246
8,238
8,085
8,070
7,978
7,796
7,691

Capital

Surplus

N e t addition to
profits

Dividends

L, 063,978
t, 068, 577
:L, 066, 209
L, 081, 670
!t, 098, 264
]L, 115, 507
]1,221,453
:L, 273, 237
L, 307,199
1,328, 791
L, 334, Oil
]L, 369,385
]L, 412, 872
]L, 474,173
]L, 593,856

714,117
726,620
731, 820
765, 918
816,801
869,457
984,977
1,026, 270
1,049, 228
1,070, 600
1,080, 578
1,118,953
1,198,899
1, 256, 945
1,419, 695

149,270
127,095
157, 544
194,321
212, 332
240, 366
282,083
216,106
183, 670
203,488
195, 706
223, 935
249,167
252, 319
270,158

120,947
113, 707
114, 725
125, 538
129, 778
135, 588
147, 793
158,158
165,884
179,176
163, 683
165,033
173, 753
180, 753
205,358

Dividends
to capital

Net addition to
profits
Dividends
to capital and
To capsurplus To cap- ital and
ital
surplus

Per cent Per cent Per cent Per cent
14.03
6.80
11.37
8.39
11.89
6.33
10.63
7.08
14.78
6.38
10.76
8.76
17.96
6.79
11.61
10.52
19.33
6.78
11.82
11.09
21.55
6.83
12.15
12.11
23.09
6.70
12.10
12.78
16.97
6.88
12.42
9.40
14.05
7.04
12.69
7.79
15.31
7.47
13.48
8.48
14.67
6.78
12.27
8.11
16.35
6.63
12.05
9.00
17.63
6.65
12.30
9.54
17.12
6.62
12.26
9.24
16.95
6.81
12.88
8.96

NATIONAL BANKS CLASSIFIED ACCOEDING TO CAPITAL STOCK
The recapitulation following concerns tables published in the
appendix of this report in relation to the number of banks in reserve
cities and States on December 31, 1927, classified according to
capital stock, with the amount of loans and discounts, bonds and



58

REPOKT OF THE COMPTROLLER OF THE

CURRENCY

securities owned, aggregate resources, paid-in capital stock, surplus
and undivided profits, and total deposits:
National banks classified according to capital stock December 31, 1927
[In thousands of dollars]
Number of
banks
Capital of less than $50,000
Capital of $50,000 but less than
$200,000....
Capital of $200,000 but less
than $500,000__
Capital of $500,000 but less
than $1,000,000.
Capital of $1,000,000 but less
than $5,000,000
Capital of $5,000,000 but less
than $25,000,000
Capital of $25,000,000 but less
than $50,000,000
Capital of $50,000,000 or more..
Total United States

Loans
and
discounts

Bonds
and
securities
owned

Aggregate
resources

Surplus
and
Total
Capital undivided
deposits
profits

2,227

443,147

268,087

912,054

59,411

51, 901

753,947

4,126

2,635,530

1,758,412

5,422, 283

328,068

382,800

4,420,330

924

2,032,961

1,151,461

3,949,893

229,680

268,518

3, 261,720

256

1,289,072

593,785

2,391,789

143,925

160, 049 1,962,414

199

3,138,338

1,202,854

5, 743,225

309, 675

337, 783 4,792,062

28

2,782,410

1,161, 223

5, 256,314

235,250

399,453

4,147, 582

1,167, 547
1,342, 254

453, 792
310,184

2,144,055
2, 344,606

97, 500
125, 000

109, 408
135, 279

1, 720, 781
1,801,167

7,765 14,831, 259

6,899,798 28,164, 219 1, 528,509 1, 845,191 22,860, 003

NATIONAL BANK EXAMINERS
The following is a list of the examiners in the service on October
31, 1928:
CHIEF NATIONAL BANK EXAMINER

Pole, J. W., Office Comptroller of the Currency, Washington, D. C.
ASSISTANT CHIEF NATIONAL BANK EXAMINERS

Office Comptroller of the Currency, Washington, D. C.
Proctor, J. L.
Hodgson, R. M.
McBryde, W. W.
Smith, C. F.
DISTRICT C H I E F NATIONAL BANK

EXAMINERS

[By Federal reserve districts]
F. 11.
Dist.
No.

Name

1

Williams, F. D

2
3
4
5
6

7
8
9
10
11
12

Address

Federal Reserve Bank Building, Boston,

lviass.
Reeves, Owen T., jr__ __ 525 Federal Reserve Bank Building, New
York, N. Y.
1500 Walnut Street, room 1501, Philadelphia,
Newnham, Stephen L
Pa.
Ley burn, Alfred P
__ 715 Federal Reserve Bank Building, Cleveland, Ohio.
National Metropolitan Bank Building, WashFolger, William P
ington, D. C.
Robb, Ellis D
___ 606 Fourth National Bank Building, Atlanta, Ga.
Patterson, B. K
_ 164 West Jackson Boulevard, room 1203,
Chicago, 111.
Wood, John S
1310 Federal Commerce Trust Building, St.
Louis, Mo.
Wright, I. D
1334 First National Soo Line Building,
Minneapolis, Minn.
800 Federal Reserve Bank Building, Kansas
Roberts, L. K
City, Mo.
1706 Republic Bank Building, Dallas, Tex.
Collier, Richard H
Harris, Thomas E__
1103 Alexander Building, San Francisco,
Calif.




REPOBT OF THE COMPTROLLER OF THE CURRENCY

59

NATIONAL BANK EXAMINERS
F. R.
Dist.
No.

Name

3

Allanson, E. A

10

Address

Allen, E. F

7
5
6
9

Allsup, A. S. (REC)
Amrhein, Joseph A
Anderson, E. F. (REC)..
Anderson, O. A .

2

Ashwood, Cecil

4

Austin^, James W. (JG)__.

5
3
12
6
2

Bailey, J. L
Baker, W. B
Baldridge, William H . - Basham, A. A
Beaton, Otis W

10
9
4
4
3
7

Becker, E. J. (JG)
Bina, J. C
Bleakley, B. J —
Boardman, Paul
Boysen, Alfred
Breen, Daniel J. (JG) —.

7

„

Bryan, Charles A

4
10

Byers, IV W
Campbell, George H

1

Carolan, William B
Carter, Aubrey B. (U) _ _

10

Chapman, Edward L

12

Chorpening, I. I

4 Clarke, Addison A
2 Clarke, F. S
1 Coffin, George M. (REC)
12 Coffin, G. S
12

Cooke, A. J. (JG)

6
12
6
5
3
5
2

Cottingham, T. J
Crawley, W. C. (REC)..Cunningham, F. F. (JG)
Dalton, John W
Davenport, H. B
Davis, Thomas H
Denton, Frank R




1500 Walnut Street, room 1501, Philadelphia,
Pa.
800 Federal Reserve Bank Building, Kansas
City, Mo.
Care of First National Bank, Stewardson, 111.
910 Virginia Railway & Power Building,
Richmond, Va.
Care of Georgia National Bank, Athens, Ga.
No. 9, Midland National Bank Building,
Billings, Mont.
525 Federal Reserve Bank Building, New
York, N. Y.
715 Federal Reserve Bank Building, Cleveland, Ohio.
Post-office box 1185, Huntington, W. Va.
1500 Walnut Street, room 1501, Philadelphia,
Pa.
403 Empire State Building, Spokane, Wash.
Post-office box 940, Knoxville, Tenn.
525 Federal Reserve Bank Building, New
York, N. Y.
Post-office box 186, Clinton, Okla.
4532 Grand Avenue, Minneapolis, Minn.
Post-office box 421, Wheeling, W. Va.
Post-office box 122, Lima, Ohio.
Post Office Building, Wilkes-Barre, Pa.
164 West Jackson Boulevard, room 1203,
Chicago, 111.
405 Federal Reserve Bank Building, Detroit,
Mich.
Post-office box 1058, Pittsburgh, Pa.
800 Federal Reserve Bank Building, Kansas
City, Mo.
Federal Reserve Bank Building, Boston,
Mass.
Room 185, Treasury Department, Washington, D. C.
800 Federal Reserve Bank Building, Kansas
City, Mo.
638 H. W. Hellman Building, Los Angeles,
Calif.
715 Federal Reserve Bank Building, Cleveland, Ohio.
General Delivery, Kingston, N. Y.
Care of First National Bank, Putnam, Conn.
1103 Alexander Building, San Francisco,
Calif.
638 H. W. Hellman Building, Los Angeles,
Calif.
Post-office box 1175, Lakeland, Fla.
Care of Astoria National Bank, Astoria,
Oreg.
Post-office box 822, Nashville, Tenn.
Post-office box 958, Charlotte, N. C.
Post-office box 61, Lancaster, Pa.
Post-office box 1162, Columbia, S. C.
525 Federal Reserve Bank Building, New
York, N. Y.

60

REPORT OF THE COMPTROLLER OF THE CURRENCY

National Bunk Examiners—Continued
F. R.
Dist.
No.

12
10
1
9

Name

638 H. W. Hellman Building, Los Angeles,
Calif.
Post-office box 1546, Muskogee, Okla.
Donahue, W. H
273 Grand View Terrace, Hartford, Conn.
Dooley, Thomas E
Dougherty, J. M. (JG) — 1334 First National Soo Line Building,
Minneapolis, Minn.
525 Federal Reserve Bank Building, New
Dwyer, Thomas R__
York, N. Y.
215 Central National Bank Building, Peoria,
Dye, Sam W
Donahue, C. A. (JG).

8 Elkins, Lewis R
11 Embry, Jacob
6 Evans, Clyde J
4 Faris, A. B
9 Fiman, C. F. (REC).
11 Foster, Charles W___
2 Francis, C. C__
10 Fraser, J. A
1 Freeman, O. M__
7 French, H. S
7 Fuller, Harry R_
4 Fulton, Ira J
Funsten, W. P
Garrett, Robert D_
11
12

Gilbert, H. B
Glazier, Charles A
Goodhart, R. W. (REC)

4

Graham, H. A. (REC)—.

12

Gray, W. M. (JG)

1

Green, A. W

5
1

Green, Charles W__.
Greene, Thomas M.

4
2

Grimes, William C. (JG)
Hallenberg, Herbert

3

Hartman, Charles H

7

Harwood, E. G

4

Hauschild, L. P. (JG).......

11 Hedrick, Gilbar C_
10 Hewitt, Roland B_
Hooker, Robert K. (JG)~
12
9

Address

Hooper, Marshall.
Hoover, Paul E__




214 Federal Building, Evans ville, Ind.
1706 Republic Bank Building, Dallas, Tex.
Post-offiee box 1828, Atlanta, Ga.
Post-office box 506, Richmond, Ky.
National Bank of Commerce, Pierre, S. Dak.
519 Bedell Building, San Antonio, Tex.
525 Federal Reserve Bank Building, New
York, N. Y.
Post-office box 574, Hutchinson, Kans.
89 Angell Street, Providence, R. I.
213 Federal Building, Des Moines, Iowa.
Post-office box 371, Grand Rapids, Mich.
715 Federal Reserve Bank Building, Cleveland, Ohio.
1500 Walnut Street, Room 1501, Philadelphia, Pa.
Care of Division of Insolvent National
Banks, office of Comptroller of the Currency, Washington, D. C.
Post-office box 318, Wichita Falls, Tex
Post-office box 226, Provo, Utah.
Care of Division of Insolvent National
Banks, office of Comptroller of the Currency, Washington, D. C.
Care of New Cumberland National Bank,
Cumberland, W. Va.
1103 Alexander Building, San Francisco,
Calif.
Federal Reserve Bank Building, Boston,
Mass.
Post-office box 334, Cumberland, Md.
Federal Reserve Bank Building, Boston,
Mass.
Post-office box 473, New Castle, Pa.
525 Federal Reserve Bank Building, New
York, N. Y.
1500 W a l n u t Street, Room 1501, Philadelphia, Pa.
405 Federal Reserve Bank Building, Detroit, Mich. •
715 Federal Reserve Bank Building, Cleveland, Ohio.
1706 Republic Bank Building, Dallas, Tex.
800 Federal Reserve Bank Building, Kansas
City, Mo.
1310 Federal Commerce Trust Building, St.
Louis, Mo.
522 Central Building, Seattle, Wash.
1334 First National Soo Line Building,
Minneapolis, Minn.

REPORT OF THE COMPTROLLER OF THE CURRENCY

61

National Bank Examiners—Continued
F. R.
Dist.
No.

Address

Hopkins, R. L
11
2
9

Horton, B. E. (JG)
Hotchkin, Paul L
Huck, William F

10

Hughes, J. G. (REC)

1
11
7
7
5

Hurley, Michael J
Hutt, William E
Johnson, C. E. H
Johnson, Robin M. (REC)
Joseph, Edw. M
Kane, T. F
Kane, W. W
Kelly, Burdette (REC) —

3
2

10
7
11
12
6
2
4
6

12
11
2
6
2

10

Ketner, John H
Klein, Benton
Lahman, H. S. (REC). _ _
Laird, H. A
.
Lamb, Ernest
Lamm, R. Foster
Lammond, W. M
Lanning, L. C
Lanum, Harry L
Lifsey, W. P
Lilly, John F__
Linden, C. C (JG)
Loftis, C. A
Lorang, P. J
Luiken, John B
Luscombe, A. P
Lyon, C. W. (JG)
Lyon, Gibbs
Lytle, Frank S

2
3

McCans, A. B
McConaughy, R. C

3

McGinnis, F. J. (JG)

9

McLaren, D. D

12

McLean, C. H

2
2
12
11

McMullan, J. R___
Machleid, Charles J
Madland, L. L
Mann, Stuart H
Marcom, Roy




__

164 West Jackson Boulevard, Room 1203,
Chicago, 111.
Post-office box 1584, Waco, Tex.
326 Ten Eyck Street, Watertown, N. Y.
306 Dakota Bank Building, Aberdeen,
S. Dak.
Care of American National Bank, Salisaw,
Okla.
Federal Reserve Bank Building, Boston,
Mass.
Sherman, Tex.
331 Federal Building, Milwaukee, Wis.
Care of First National Bank, Lorena, Tex.
Post-office box 589, Danville, 111
National Metropolitan Bank Building,
Washington, D. C.
207 Federal Building, Louisville, Ky.
Care of First National Bank, Torrington,
Wyo.
Post-office box 32, Altoona, Pa.
525 Federal Reserve Bank Building, New
York, N. Y.
Care of First National Bank, Milford, Iowa.
Post-office box 271, Spencer, Iowa.
Post-office box 667, Greenville, Tex.
1124 North Olive Street, Santa Ana, Calif,
Post-office box 1364, New Orleans, La.
525 Federal Reserve Bank Building, New
York, N. Y.
Post-office box 463, Columbus, Ohio.
Post-office box 442, Albany, Ga.
1310 Federal Commerce Trust Building,
St. Louis, Mo.
514 Post Office Building, Portland, Oreg.
332 Post Office Building, Amarillo, Tex.
525 Federal Reserve Bank Building, New
York, N. Y.
720 Bell Building, Montgomery, Ala.
525 Federal Reserve Bank Building, New
York, N. Y.
Post-office box 296, Salina, Kans.
Care of Division Insolvent National Banks,
Office Comptroller of Currency, Washington, D. C.
1334 First National Soo Line Building,
Minneapolis, Minn.
Post-office box 567, Albany, N. Y.
1500 Walnut Street, room 1501, Philadelphia, Pa.
Do.
201 Security National Bank Building,
Sioux Falls, S. Dak.
638 H. W. Hellman Building, Los Angeles,
Calif.
Post-office box 231, Utica, N. Y.
57 Prospect Park SW, Brooklyn, N. Y.
522 Central Building, Seattle, Wash.
1310 Federal Commerce Trust Building, St.
Louis, Mo.
Post-office box 1223, Shreveport, La.

62

REPORT OF THE COMPTROLLER OF THE CURRENCY
National Bank Examiners—Continued

¥. R.
Dist.
No.

3

Name

Medill, George L

10

Miller, Louis A

7
12
5
1
10
9

Moon, Earl W
Morgan, C. E. (JG).
Motter, Charles W—
Murphy, Daniel F
Nelson, F. S
Nelson, Nels (JG).

10

Nomland, Harald (REC)_

J.VJL UJL }J11J

,

0-/0i

Norman, L. A
Ockershausen, F. C. (JG)_
12 Palmer, R. E. A. (JG)
1 Parker, Edw. F
Pearson, Herbert (REC)
10 Penn, D. V. (JG)
Penningroth, W. J
7
Peterson, F. R_
11
Pierce, W. W
11
7 Potter, Fulton F. (REC) _
Powell, Charles E
12 | Price, A. E
7 ! Ramsdell, P. F
5 I Quinn, HenryC_ (JG)
3

Ransom, F. T__
Rasmussen, Frank E_
Reinholdt, C. A
Rial, Ben P. (JG)_._.

10
11
10
12

Riley, Jay M. (REC)__
Roots, J.O
Ross, M. A
Rummel, John T. (JG).

1
7
7

Ryan, Frank J
Sanders, J. L
Schmidt, H. W. (JG)___
Schofield, John W. (U)_
Sedlacek, L. H

9
12

Sevison, Henry.
Shapirer, Leo__
Shea, L. A.




Address

1500 Walnut Street, room 1501, Philadelphia, Pa.
800 Federal Reserve Bank Building, Kansas
City, Mo.
164 West Jackson Boulevard, room 1203,
Chicago, 111.
326 Yates Building, Boise, Idaho.
Post-office box 332, Raleigh, N. C.
286 Harrison Street, Manchester, N. H.
202 Federal Building, Grand Island, Nebr.
1334 First National Soo Line Building,
Minneapolis, Minn.
Care of National State Bank, Stockton,
Kans.
Post-office box 14, Mansfield, Ohio.
National Metropolitan Bank Building,
Washington, D. C.
522 Central Building, Seattle, Wash.
Federal Reserve Bank Building, Boston,
Mass.
First National Bank, Dublin, Ga.
Post-office box 545, Guthrie, Okla.
164 W. Jackson Boulevard, room 1203, Chicago, 111.
Care of Federal Reserve Bank, Houston,
Tex.
Post-office box 556, Corsicana, Tex.
Care of First National Bank, Cumberland,
Iowa.
164 West Jackson Boulevard, room 1203,
Chicago, 111.
1107 Mattei Building, Fresno, Calif.
164 West Jackson Boulevard, room 1203,
Chicago, 111.
National Metropolitan Bank Building, Washington, D. C.
1500 Walnut Street, room 1501, Philadelphia,
Pa.
525 Federal Reserve Bank Building, New
York, N. Y.
4954 Lindell. Avenue, St. Louis, Mo.
Room 301, Division of Insolvent National
Banks, Office Comptroller of the Currency,
Washington, D. C.
City National Bank, Bismarck, N. Dak,
Post-office box 1062, Austin, Tex.
Post-office box 508, Norfolk, Nebr.
1103 Alexander Building, San Francisco,
Calif.
Federal Reserve Bank Building, Boston, Mass.
Post-office box 592, Indianapolis, Ind.
Post-office box 527, Rock Island, 111.
1539 Hayworth Avenue, Hollywood, Calif;
1334 First National Soo Line Building,
Minneapolis, Minn.
309 Torrey Building, Duluth, Minn.
1103 Alexander Building, San Francisco,
Calif.
525 Federal Reserve Bank Building, New
York, N. Y.

REPORT OF THE COMPTROLLER OF THE CURRENCY

63

National Bank Examiners—Continued
F. R.
Dist.
No.

Name

2

Sheehan, W. F

11
3
3
'4:
9
2
10
2
5
3
9

5
2
9
10
2
7
4
9
12
7
12
4
7
6
8
7
7
4
2
12
4
10
11
2
12

Address

._ 525 Federal Reserve Bank Building, New
York, N. Y. .
Sibley, W. L (JG)
Post-office box 1471, Abilene, Tex.
Siebert, J. H
Post-office box 491, Williamsport, Pa.
Sims, M. H
1500 Walnut Street, room 1501, Philadelphia, Pa.
Smith, George F
Post-office box 981, Harrisburg, Pa.
Smith, George H
Post office box 336, West Newton, Pa.
Smith, John H. (REC)___ Weiser, Idaho.
Smith, Robert F
„__ 525 Federal Reserve Bank Building, New
York, N. Y.
Smith, Roy E. (REC).— Care of First National Bank, Akron, Colo.
Smouse, M. C
. . Post office box 607, Albany, N. Y.
Snapp, J. W
National Metropolitan Bank Building, Washington, D. C.
Snyder, Vernon G
Post office box 231, Sunbury, Pa.
Stevens, L. T..........
„_ 4929 Pleasant Avenue South, Minneapolis,
Minn.
Stewart, Adelia M
Office Comptroller of the Currency, Washington, D. C.
Stewart, Charles A
Post office box 63, East Falls Church, Va.
Stewart, H. E _ _
525 Federal Reserve Bank Building, New
York, N. Y.
Stobie, C. A
Post office box 313, Honolulu, Hawaii.
Storing, Charles C. (REC) Lock box 450, Mandan, N. Dak.
Stout, C. L
Post office box 197, Cheyenne, Wyo.
Strong, J. M__
525 Federal Reserve Bank Building, New
York, N. Y.
Stuart, Robert K
„___ 164 West Jackson Boulevard, room 1203,
Chicago, 111.
Swensen, Loren T
715 Federal Reserve Bank Building, Cleveland, Ohio.
Swords, Geo. W. (REC).. Care of American National Bank Building,
Billings, Mont.
Taylor, 0. C. (JG)-_„-__ 638 H. W. Hellman Building, Los Angeles,
213 Federal Building, Des Moines, Iowa.
Taylor, William
Tolton, A. F_
1103 Alexander Building, San Francisco,
715 Federal Reserve Bank Building, CleveTull, H. R
„
land, Ohio.
Sheridan Apartments, C-2, Fort Wayne,
Utt, J. F
Ind
Van Brunt, L. J
_ 18 Magill Block, Fargo, N. Dak.
Vann, John R. (JG) Care of First National Bank, Allendale,
(REC).
S. C.
324 Leaf land Avenue, Centralia, 111.
Von Arb, E. A
Walker, Harry W
Hotel Witter, Wisconsin Rapids, Wis.
Wanberg, Joseph F
213 Federal Building, Des Moines, Iowa.
Post office box 1058, Pittsburgh, Pa.
Ward, Maxwell M___.
Watts, John L
525 Federal Reserve Bank Building, New
York, N. Y.
1103 Alexander Building, San Francisco,
Weigand, Charles P
Calif.
Whipple, A. P
_. 715 Federal Reserve Bank Building, Cleveland, Ohio.
White, 0. W
506 California Building, Denver, Colo.
Whitehurst, W. M. (JG) — 1706 Republic Bank Building, Dallas, Tex.
Whitney, H. S
280 Central Avenue, Orange, N. J.
Wilde, MaxC
514 Post Office Building, Portland, Oreg.




64

REPORT OF THE COMPTROLLER OF THE CURRENCY
National Bank Examiners—Continued

F. R.
Dist.
No.

2
7

11
5
8
12

Name

Address

Williams, C. L. (REC)— Commercial National Bank, Statesville,
N. C.
Wilson, C. F
".
. Office Comptroller of the Currency, Washington, D. C.
Wilson, E. B
_ 525 Federal Reserve Bank Building, New
York, N. Y.
Wilson, V. J-Post-office box 536, Federal Building, Waterloo, Iowa.
Witt, Grady T
1706 Republic Bank Building> Dallas, Tex.
Pulaski National Bank Building, Pulaski,
Wood, D. R
Va.
Woodside, Hal-.
1248 Washington Avenue, Springfield, Mo.
Wright, E. M
514 Post Office Building, Portland, Oreg.
Young, William R
407 Central State National Bank Building,
Memphis, Tenn.

(REC) =Acting as receiver of a national bank.
(JG)=National bank examiner, junior grade.
(U)=Unassigned.




FEDERAL RESERVE BANKS
Assets and liabilities of the 12 Federal reserve banks combined, as of the last weekly statement date in October, from 1919 to 1928
[In thousands of dollars]
Oct. 31,1919 Oct. 29,1920 Oct. 26,1921 Oct. 25,1922 Oct. 31,1923 Oct. 29,1924 Oct. 28,1925 Oct. 27,1926 Oct. 26,1927 Oct. 31,1928
ASSETS

Gold reserves
Other cash reserves
Nonreservecash.
Bills discounted—_
___
Bills bought in open market
United States Government obligations.
Other bills and securities
Uncollected items..
All other assets

2,782,549
110, 511
52,932
589,994
328, 717
324, 757
6,619
684,027
80,317

2,823,327
130, 750
52,841
631,923
307, 541
300,174
2,500
693,558
74,449

2,956,552
135,793
61,137
402,398
301, 111
510,630
620
688,277
73,497

2,641,096
131,900
56,874
932,271
440,376
227,099
3,730
694,479
70,213

1,308,749
62,316
190,946
10
540,067
55, 679

469,399
257,691
408,636
27
653,483
63,931

6,341,607

5,094,915

5,065,095

5,091,267

4,8

4,960,423

5,017,063

5,130,015

5,198,038

2,752,876
254,933

3,351,303
214,961

2,408,779
88,024

2,298,536
37,995

2,224,865
523

1, 766, 622

1,694,771

1,730,511

1,702,999

1,709,816

1,833,481
100,465
97,843

1,805,661
18, 754
21,307
571,807
97,753
164, 745
95,316

46, 624
22,873
466,044
103,007
213,824
76,681

1,799,931
23, 659
18,180
539, 773
106,277
215,398
25,346

1,895,265
40,334
23,061
555,914
109, 726
218,369
23,210

2,162,347
28, 266
27,351
566, 510
111, 953
220,915
13,305

2,227,212
38, 670
31,382
617,350
116, 602
217,837
16, 599

2,216,896
38,546
25,689
638,465
124,392
220,310
22,254

2,351,870
19,294
32,287
646,615
131,293
228, 775
16,882

2,370,988
20,498
27,536

6,341,607

5? 094,915

5,065,095

5,091,267

4,897,269

4,960,423

5,017,063

5,130,015

5,198,038

2,003,320
164,718

0)

2,128,547
394,355
301,254

2,801,297
298,375
296,371

875,037
34,559

742,976
34,550

5,939,344

Total.

3,043,826
87,768
42,300
222, 565
215,404
584, 200
2,007
611, 709
87,490

3, 111, 078
80,067
39,152
883,800
204,698
91,837
317
611, 271
69,047

2,138,000
67,592

2,786,239
150,909

3,085,093
126,835

0)

0)

LIABILITIES
Federal reserve notes in circulation
Federal reserve bank-notes in circulation—net liability.
Deposits:
Member bank—reserve account,
Government
Other
Deferred availability items
_
Capital paid i n . .
Surplus
All other liabilities

Total.
1

Not shown separately prior to 1923.




86,013
81,087
5,939,344

145,878
233,319
34,495

8.
Q

O

3
o

66

REPORT OF THE COMPTROLLER OF THE CURRENCY

Principal assets and liabilities of the 12 Federal reserve banks combined, on the
last weekly statement date in each month, from January, 1924, to October, 1928
[In millions of dollars]
Assets
Liabilities
Bills and securities
Date

Jan. 30
Feb. 27.
Mar. 26
Apr. 30.
May 28
June 25
July 30
Aug. 27
Sept. 24
Oct. 29
Nov. 26
Dec. 31
Jan. 28
Feb. 25
Mar. 25
Apr. 29
May 27
June 24
July 29
Aug. 26
Sept. 30
Oct. 28
Nov. 25
Dec. 30
Jan. 27
Feb. 24
Mar. 31
Apr. 28
May 26
June 30
July 28
Aug. 25
Sept. 29
Oct. 27
Nov. 24
Dec. 29
Jan. 26
Feb. 23
Mar. 30
Apr. 27
May 25
June 29.
July 27
Aug. 31
Sept. 28
Oct. 26
Nov. 30
Dec. 28
Jan. 25
Feb. 29
Alar. 28
Apr. 25.
May 29
June 27
July 25
Aug. 29
Sept. 26
Oct. 31

Reserves

United
Bills States
Bills bought Governdis- in open ment Total
counted market securities

1924

Gold

Deposits
Federal
reserve
notes in MemTotal
circula- bers'
tion reserve Total

522
532
482
447
430
350
294
263
260
223
221
314

121
156
257
302
333
430
505
542
575
584
582
540

915
951
942
873
850
826
825
855
928
1,024
1,087
1,249

3,143
3,123
3,123
3,120
3,118
3,156
3,155
3,115
3,069
3,044
3,046
2,937

3,263
3,230
3,223
3,223
3,214
3,271
3,260
3,202
3,156
3,132
3,134
3,047

2,023
2,022
1,983
1,926
1,891
1,844
1,762
1,741
1,730
1,767
1,845
1,862

1,928
1,927
1,912
1,945
1,936
2,035
2,087
2, 082
2,120
2,162
2,148
2,220

1,991
1,986
2,007
2,005
1,997
2,108
2,165
2,150
2,196
2,218
2,203
2,311

274
434
378
400
414
455
468
580
633
590
625
750

317
307
267
278
242
210
202
268
329
359
363

394
365
344
349
349
325
330
332
343
325
332
377

1,130
1,041
1,028
1,054
1,034
1,021
1,126
1,257
1, 250
1,326
1,501

2,939
2,894
2,867
2,851
2,838
2,811
2,791
2,762
2,760
2,783
2,746
2,704

3,083
3,030
3,008
2,993
2,982
2,959
2,937

1,684
1,729
1,709
1,684
1,671
1,634
1,598
1,616
1,685
1,695
1,732
1,835

2,172
2,208
2,119
2,135
2,138
2,140
2,153
2,183
2,210
2,227
2,220
2,309

2,265
2,270
2,184
2,187
2,202
2,210
2,201
2,237
2,268
2,297
2,291
2,357

449
540
632
514
474
515
521
571
717
632
628
711

295
304
250
199
239
249
211
255
276
308
341
379

365
331
330
389
395
385
369
321
302
300
300
317

1,119
1,185
1,226
1,114
1,119
1,158
1,106
1,150
1,298
1,242
1,271
1,410

2,801
2,767
2,767
2,797
2,816
2,835
2,851
2,841
2,807
2,823
2,830
2,815

2,953
2,917
2,920
2.954
2,975
2,999
2,978
2,937
2,954
2,958
2,944

1,667
1,679
1,656
1,662
1,673
1,697
1,671
1,693
1,716
1,731
1,774
1,857

2,217
2,203
2,215
2,203
2,195
2,229
2,205
2,204
2,249
2,217
2,202
2,264

2,272
2,262
2,323
2,242
2,243
2,260
2,261
2,258
2,330
2,281
2,262
2,346

365
398
456
444
429
477
398
401
430
402
477

1925

272
263
202
124
87
45
24
49
92
215
281
387

302
280
237
242
236
216
169
185
242
301
355

303
305
353
318
322
376
385
473
494
511
548
603

972
985
1,049
1,006
989
1,071
954
1,059
1,168
1,215
1,381
1,599

2,967
2,983
3,022
3,041
3,012
3,021
3,023
2,998

3,133
3,141
3,183
3,207
3,178
3,184
3,181
3,146
3,126
3,093
2,940
2,862

1,688
1,708
1,711
1,718
1,706
1,703
1,662
1,676
1,706
1,703
1,717
1,813

2,192
2,166
2,274
2,270
2,268
2,342
2,282
2,299
2,337
2,352
2,379
2,432

2,245
2,215
2,328
2,314
2,326
2,399
2, 330
2, 341
2,390
2,404
2,413
2,473

385
493
524
709
944
1,032
1,025
1,039
1,011
932

347
344
346
366
304
223
169
184
263
440

441
408
386
305
219
212
208
209
229
227

1,174
1,245
1,257
1,381
1,468
1,468
1,402
1,433
1,508
1,603

2,974
2,931
2,886
2,757
2,738
2,761
2,765
2,771
2,773

1,585
1,588
1,567
1,573
1, 593
1,605
1,607
1,651
1,682
1,710

2,355
2,375
2,357
2,417
2,357
2,345
2,300
2,269
2,316
2,371

Capital
and
surplus

2,402
2,426
2,404
2,475
2,408
2,382
2,346
2,325
2,366
2,419

1926

1927

1928

2,957
2,805
2,739

2,866
2,893
2, 861
2,822

2,819
2,760
2,723
2,607
2,583
2,604
2,619
2,633
2,641

* Includes (in addition to bills discounted and bought and United States securities) municipal warrants,

Federal intermediate credit bank debentures, and foreign loans on gold.



REPOBT OP THE COMPTROLLER OP THE CURRENCY

67

Percentage of bills discounted secured by United States Government obligations to
total bills discounted and purchased by Federal reserve banks at the end of each
month, year ended October 31, 1928
[In thousands of dollars]
Percentage
of discounted
Discounted Total hold- bills secured
bills secured ings of dis- by Government
by United
States Gov- counted and obligations
ernment purchased
to total
bills
obligations
holdings of
discounted
and purchased bills

Date

1927

Nov. 30
Dec. 31

345,070
417, 729

_._.
_.

_
—

_
__

41.5
42.9

297,983

1928

Jan. 31
Feb. 29
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30_
Oct. 31

831, 765
973, 542
801,979
836, 327
948, 861
1,191,174
1, 312,968
1, 312, 288
1,193,001
1, 299,179
1, 354, 409
1, 373, 647

37.2
36.6
38.3
49.5
54.0
57.1
52.2
51.1
49.2
40.9

363, 777
589, 047
708, 644
749,864
622, 334
664,452
666, 458
562, 096

_
-_

FEDERAL RESERVE BANK DISCOUNT RATES
The discount rates of each of the 12 Federal reserve banks in effect
November 1, 1928, the date established, and the previous rate with
respect to all classes and maturities of eligible paper are shown in the
following statement:
Rates on all classes and maturities of eligible paper
Federal reserve bank

Boston
New Y o r k . . .
Philadelphia..
Cleveland
Richmond
Atlanta
„
Chicago
St. Louis
MinneapolisKansas City..
Dallas
San Francisco.

Rate in
effect on
Nov. 1

Date established

Previous
rate

July 19, 1928.
July 13, 1928.
July 26, 1928.
Aug. 1, 1928.
July 13,1928.
July 14,1928.
July 11,1928.
July 19,1928.
Apr. 25,1928.
June 7,1928.
May 7,1928.
June 2,1928-

DISCOUNT RATES PREVAILING IN FEDERAL RESERVE BANK AND
BRANCH CITIES
In the table following, prepared by the Federal Reserve Board
and published in the Federal Reserve Bulletin for November, 1928,
the rates shown are those at which the bulk of the loans of each class
were made by representative banks during the week ending with the
15th of the month. Rates reported by about 200 banks with loans
exceeding
 $7,500,000,000:


Federal reserve bank cities
Month

Boston

New
York

Philadelphia

Cleveland

Richmond

Atlanta

Chicago St. Louis

Minneapolis

Kansas
City

Dallas

San Francisco

PRIME COMMERCIAL LOANS

1927—October...
November.
December.
1928—January.. _
February..
March
April
May
June
July
August
September.
October...

4 4 4 4 -434

-5

4^-6

4^-5
5 -6

5 -6
5^-8
534-6

5^-6
5^-6

43^-5
4 -5
434-5
4%-5>
6 -5>
5 -by

5^-6

4
4
4
4

-5
-5
-5
-5

434-5
4^-5

5 -I
5 -i

5 -6
5 -6

534-5^

5
5
5
5
5
5 I
5
5
5
5 -5H
534
534-6

2
4 -6

O
O

5 -6
5 -6

LOANS SECURED BY PRIME STOCK-EXCHANGE COLLATERAL

1928—April
May
June
July
August
September
October...

4^-5

51/
5M-6

5 -6
4H-6
5H-6
5 -6
534-6

5
5 -5M
5 -5 r '
5 -6'
53^-6

5^-6

5 -5H
5 -6
5^-6
53^-6

5
5
5
5

-6
-6
-6
-6

534-6

534-6
5^-6

534-7

5

5 -6

6^-6

51/2-6
51/2-6

53^-6
6

-63

5
5
-6
-6
-6
-6
-6

5
5
6
5
5
6
6

5 -6
5 -6
5 -6
5 -6
5 -6
534-6
53^-6

5
5
5
5
5

-6
-6
-6
-6
-6

w
o

-7
-7
-7
-7
-8
-7
-7

5
5
5
5
5

LOANS SECURED BY WAREHOUSE RECEIPTS

1928—April
May
June
July
August
September
October...




5 -53^
5 -53^
5^-6
53^-6
2

6
6

4^-5
5 -6
5 -6
5 -6
5i^_g

53^-6

6

5 -6
5 -6
5 -6

53-^-6
6
6

4^-6
4^-6
4^-6

6
6
6
6

6
6
6
6
6
6
6

5 -6
5 -6
5 -6
5 -6
5H-6
534-6

5 4 -5>|
534-6
534-6
5^-6

434-6
5 -53^
5 -6
0 -6
534-6
534-6
534-6

434-5
434-5
4 3 ,^-51^

5 -6

53^2

5 -6
5 -6
5 -6
6
6
6

INTERBANK: LOANS

1928—April
May
June
July
August- _.
September.
October...

434-5
5
5 -6

5 -5

5 -5H

J4

434-6

5 -6
5 -6
5 -6
5K-6

5^-5^

5
5
5
5
5

5
5
-PA

-6
—53^
—53^
-6

5 -53^
5 -5M
5 -5M
5 -53^

5H-6
534-6

5 -6
5 -6
5i^_g
534-6

c
6
6

5M-6

5^-6
5^-6
5U-6

5
5 -6
5
5
5 -6
5
5 -5H

5
5
5
5
5
5
5

-6
-6
-6
-6
-6
-6
-6

Federal reserve branch cities
Loans secured by prime
stock-exchange collateral

Prime commercial loans

City
August,
1928
Buffalo..
Cincinnati
Pittsburgh
Baltimore
Charlotte
Birmingham-..
Jacksonville
Nashville
New Orleans. __
Detroit
Little R o c k . . . .
Louisville
Helena
....
Denver...
Oklahoma City
Omaha
.
El Paso
Houston
.
San Antonio
Los Angeles
Portland
Salt Lake City.
Seattle
_."..
Spokane
* Revised.




5 -6
53^-6

5^6

5 -6
5 -6
6
524-6
534-6
5K

Septem- October,
ber,
1928
1928

1928

5)4-6

534-6
6
5 -6
53^-6

5j|6

5
5

534-6
5 -6
5 -7

5^6

-6
-7
6

^6
53^-7

5 -6
5 -6

534-6
53^-6

8
5

-8

6 -7
6 -7

534-6
5 -8
6
6
6
6 -6H

Septem- October,
ber,
1928
1928

5 -8
6

34

5 -6
5 -6
6
6 -8
6 -8
6
1

6 -6 /

53^-6
53^-7
6
8
5 -6
6
6
6 -8
5 -6
6 -8
6 -7

5 -8
6 -7

6
6

6
6

-7
-7

6 -7
6
8
5 -ey2
6

6
-7

-7
-7

August,
1928

September,
1928

6
6 -7
6

534-6
6 -63-

534-6

V2
5 -6

53^-6

8
5 -6
5 -8
6 -7
6
4H-6
6
6

August,

Loans secured by warehouse
receipts

6
6

-8
-8
6
6 -6J,
534-6

6 -7
6
8
6 -7
6
6 -8
5^-7
6 -8
6 -7
6
7
6 -7
6 -7

6

6

6
6 -7
53^-7

-7

534-6

5^6

6

6

-7
6
6
6
-1

5 -6
6 -7
6
6 -8
6 -8
6 -7

53^-6
6 -6H
534-6
6 -7
6
6 -8
6 -8
6 -7

7
6
6
6
6

7
6
6
66

6

6
6 -8
6 -8
6 -7
6 -7
7 -8
5^4-7
7 -8
6 -7
6 -7

-7
6

October,
1928

3

-8
-7
-8
-7
-7

634-7

-8
-7
-8
7
-7
7
6^-7
7

Interbank loans

August,
1928

Septem- October,
ber,
1928
1928

5}
63>
534-6
5 -6
6
534-6

5
6 -8
6 -W2

5 -6
5 -6
6 -7
6
6
6

-6
6
5*4-6
5*4-6
5 -6
5 -6
5*
6 -8
6 -6>
6
6
6
5 -5K
5 —Q
6
6

53^-6
5^-6
5 -6
6
53^-6
534-6
5M6
6
534
-8

5 -53
5

-6

a
CO

70

REPOBT OF THE COMPTKOLLER OF THE CURRENCY

RATES FOR MONEY IN NEW YORK
The range of rates for various classes of paper in the New York
money market in the year ended October 31, 1928, together with
information in relation to the range of rates in New York since 1919,
is shown in the following statements furnished by the Financial and
Commercial Chronicle:
Rates for money in New York
1927

November
Call loans, stock exchange
Range
Timeloans:
60 days
,
90 days
4 months
5 months
6 months
Commercial paper:
Choice, 4 to 6 months.
Good, 4 to 6 months..

1928

December

334-4^

4 -534

4 -4H
4 -434
4H-AH
4V64;;

January

4 -434
4 -434
4^-4%
4^-4%

SU-4

334-534

4HAH

434

4

March

April

-434

434-434
434-434
4J4-434
4^-434

434

February

41/2-43

4
434-434

-4K
KJ4

1928—Continued

434-4%
4?4-5

July

5 -10

5J4-6
5H-6
5^-6
5^-6
5H-4

Call loans, stock exchange
Range
Time loans:
60 days
90 days
4 months
5 months
6 months
Commercial paper:
Choice, 4 to 6 months.
Good, 4 to 6 months...

June

534-8

May

5f4-6
5%- 6
5?4-6

4^-5
4%- 5K
4%-5H 5J4- 5H

August

Septem- October

4^-8
6 -6^
6
6
6
6

-6H
-6H
-6H
-634

5 -5%
5K-534

6 -9
6H-7H634-7H
6H-7U
6H-7H
534-534
534-6

6 -10

m- 734
GU- 7
6%- 7
6M- 7
534- 5%
534- 6

Rates for sterling bills
[Range for month]
Sight

November
December
January
February
March
April
May..
June
July
August
September
October




Cable transfers

4.86^ -4.879$
4.87^ -4.88H

4.861^6-^.88^2
487J6 -4.881-^2

4.8634 -4.87*^6
4.86^6 -4.87iM
4.875/ie -4.88
4.8734 -4.8834
4.87J16 -4.88He
4.87
-4.88H2
4.85%2 - 4 . 8 6 %
4.84% -1.8534
4.8434 -4.85
4.841^2-4.841^6

4.87H6 -4.88^2
4 8 6 2 ?3 2 8 %2
6 ? 48 %
4.871^6-4.8SM 6
4.872^2-4.88Me
4.871346-4.88%
4.87^ -4.88^16
4.851^2-4.87%
4.85J62 -4.8521^2
4.84J6 -4.851^2
4.842^2-4.853-4

1927

1928

Comparison of the range of rates for call loans, 60-day time loans, and choice commercial paper loans in New
York annually for 1919 to 1928 is shown in the statement following:
Range of rates for money in New York annually, 1919 to 1928
1919

1920

1923

1922

1921

Range
Range Range
Range Range
Range
Range Range
Range Range
High Low for Defor
High Low for DeHigh Low for DeH i g h Low for Defor
High Low for Defor
for
for
cember January
cember
cember January
January
cember January
cember January
Call loans
_
Time loans (60 days)
Commercial paper
(choice)

3M-6
5

-bY2

5

-5M

30
7
6

2 5M-25
5 G -7
5

6-20
7-8
6

1924

6 -8
6 -7K

6
1925

9

4^-6
5 / 2 5 -h\£

8

5 6 -7
7 7 -7K

25
8%

5

6

4^-5

2

33^-4

2

4^-6

6
5M

1927

1926

43^5

4H

4^-5

Q
O

1928

Range
Range Range
Range Range
Range
Range Range
Range Range
High Low for OcHigh Low for Defor
H i g h Low for DeHigh Low for Defor
High Low for Defor
for
for
tober
cember January
cember January
January
cember January
cember January
Call loans
Time loans (60 days)
Commercial paper
(choice)




5,

23^-5
2 2 -3M

5

3

6

2

2 -53^

6
5

2

4H-6
4^-5

4

-6

4 -4H

6

3

43/2-6

4

-5

4M-4H

4 -4H

5

3K2 4

—53^2

3M 3M-4

10

6 -10
534- 5 %

W
o

72

REPORT OJ1 THE COMPTROLLER OF THE CURRENCY

NEW YORK CLEARING HOUSE
The figures compiled and furnished by Mr. Clarence E, Bacon,
manager, New York Clearing House Association, for the year ended
September 30, 1928, disclose there were 30 banks comprising the New
York Clearing House Association with capital of $469,400,000.
Clearings amounted to $368,917,656,547, an increase in. the year of
$61,759,025,504, and balances reported aggregating $39,002,687,075
showed an increase in the year of $4,333,107,802. The average
daily clearings amounted to $1,217,550,022, and the average daily
balances $128,721,740. The percentage of balances to clearings
was 10.57.
CLEARING-HOUSE ASSOCIATIONS IN THE 12 FEDERAL RESERVE
BANK CITIES AND ELSEWHERE
Clearing-house transactions in the 12 Federal reserve bank
cities during the year ended September 30, 1928, amounted to
$504,927,163,000, and exceeded by $65,210,322,000 the amount
reported in the year previous. The ratio of clearings by banks in
the 12 Federal reserve bank cities was 82.37 per cent of the total
clearings of all banks in 235 reporting cities in the United States in
comparison with a ratio of 80.84 per cent last year.
Clearings of banks in 24 other principal cities, each of which had
clearings in excess of $1,000,000,000, amounted to $72,711,344,000,
and showed an increase of $2,183,519,000 in clearings in the same
number of other principal cities since the year ended September 30,
1927. The total clearings of the 235 cities reporting to the New
York Clearing House Association in the year amounted to
$612,997,457,000, as compared with $544,824,355,000 reported by
these cities in the preceding year.
Tables showing the following information are published in the
appendix of this report: Comparative statement of transactions of
the New York Clearing House, annually since 1854; comparative
statement of transactions of the New York Clearing House in years
ended September 30, 1928 and 1927; exchanges, balances, and percentages of balances to exchanges, etc., by the New York Clearing
House, annually since 1893; comparative statement of the exchanges
of clearing houses of the United States by cities, for years ended
September 30, 1928 and 1927, and comparative statement of transactions of clearing-house associations in the 12 Federal reserve bank
cities and elsewhere, in years ended September 30, 1928 and 1927.
BANKS OTHER THAN NATIONAL
Through the cooperation and courtesy of officials of banking
departments of the various States, Alaska, and insular possessions,
the comptroller is enabled to present in this report, as required by
section 333, Revised Statutes, statistics in relation to each class of
reporting banks other than national.




Officials of Stale banking departments and number of each class of banks under their supervision in June, 1928', from which reports of condition were received
Banks
States, etc.

Maine
New Hampshire .
Vermont
Massachusetts
Rhode Island
Connecticut

John G. Smith
Arthur E Dole
Robert C Clark
Roy A. Hovey
George H. Newhall.
Lester E. Shippee

Loan
State
(com- and trust
compamercial)
nies

Titles

Names of officials

Bank commissioner
__do
Commissioner of banking a*id insurance
Commissioner of banks
.
State bank commissioner
„
do

Private

Total

_. _

Superintendent, banking department
Commissioner, department of banking and insurance._
Secretary, department of banking
State bank commissioner
do..

..

.

Myron E. Bristow
H. A. Abbott
John Mitchell
Albert S. Fant
A B. Mobley
Ernest Amos
C. E. Thomas
J. S. Love
J. S. Brock
James Shaw
Walter E. Taylor
C. E. Marvin
_ H. L. Grigsby

Chief examiner of banks
Commissioner of banking
Chief State bank examiner
State bank examiner __
Superintendent of banks
Comptroller, State of Florida- ._
Superintendent of banks.,

__ .

do

State bank commissioner
Commissioner, department of Banking. _
Commissioner, St.at.fi banking department
Commissioner^ department of banking and securities
Superintendent of banks
_

Total Southern States
Ohio
Indiana
Illinois
Michigan.._
1
Not pnder State supervision-




50
15
40
98
10
95

35
53
19
196
11
75

17

85
68
59
294
24
187

308

389

17

717

243
37
288
9
113

138
203
425
32
27
7

149
27
10
2
14

54
5
34

22

584
273
757
43
154
29

690

_

Frank H. Warder.
Edward Maxson
Peter G. Cameron
Harold W. Horsey
George W. Page

Total Eastern States
Virginia _.
West Virginia
North Carolina
South Carolina
Georgia
Florida .
Alabama
Mississippi
Louisiana .
Texas..
Arkansas
Kentucky
Tennessee

Mutual
savings

3

Total New England States
New York...
New Jersey
Pennsylvania.
Delaware
Maryland
District of Columbia

Stock
savings

832

23

202

93

1,840

3

328
211
441
204
373
178
250
300
196
734
357
443
404
4,419

E. H. Blair
Luther F Symons
Oscar Nelson
R. E. Rei chert—

Superintendent of banks
__
Bank commissioner
Auditor of public accounts
Commissioner, State banking department.--.____„„.,_

654
511
1,332
589

58

1

3
8
U4
1

58

22

15

11
3
5

167
4

328
211
441
204
373
239
250
308
196
748
358
443
404
4,503

63
118

720
801
1,332
651

136

Officials of State banking departments and number of each class of banks under their supervision in June, 1928, from which reports of condi"
lion were received—Continued
Banks
Loan
State and trust Stock
(commercial) compa- savings
nies

States, etc.
Names of officials

Titles

Wisconsin
Minnesota
Iowa
Missouri
_.
Total Middle Western States

C. F. Schwenker
A. J. Veigel
L. A. Andrew
S. L. Cantley

Commissioner of banks
Superintendent, department of banking
Commissioner of
finance

North Dakota
South Dakota
Nebraska
Kansas
.
Montana
Wyoming
Colorado
New Mexico
Oklahoma
Total Western States

Gilbert Semingson
F. R. Smith
Clarence G. Bliss
Roy L. Bone
Arthur J. Lochrie
A. L. Putnam
Grant McFerson
Lawrence A. Tamme..
C. G. Shull

State bank examiner.
__
Superintendent of banks
Secretary, bureau of banking _ .
Bank commissioner
Superintendent of banks
State bank examiner
State bank commissioner
State bank examiner
Bank commissioner

Washington
Oregon
California
Idaho
- _
Utah
__.
Nevada
Arizona..
_
_
Total Pacific States

H. C. Johnson
A A Schramm
Will C. Wood
E. W. Porter
Seth Pixton
True Veneill
A. T. Hammons

Supervisor of banking
__
_
Superintendent of banks
do
Commissioner, department of finance
State bank commissioner
State bank examiner
Superintendent of banks

Not under State supervision.




790
833
338
1,123

__
_

_
_

14
17
14
107

6,170

341

350
301
733
841
131
60
148
29
335

708

19

7

810
855
1,102
1,231

264

7,502

18

5
2

13

1

41

233
145
215
94
78
22
30

5
3
28

2
30

4
2

3
1

42

36

15

13
10
16
12

13

51

1

2,997

901

6

13
21
16
12

11
1,633

353
315
746
864
133
60
162
29
335

243
150
274
94
85
25
30

5

11

15,078

Total

146
1

7
13

817

Secretary territorial banking board
Governor of Hawaii
Insular treasurer.
Treasurer

_

6
5

Private

3

704

2,928

Alaska
W. G. Smith
The Territory of Hawaii
Philippines
Porto Rico
Total possessions
Total United States and possessions.
1

Commissinnp.r of banking

Mutual
savings

62
791

616

404

18, 522

KEPORT OF THE COMPTROLLER OF THE CURRENCY

75

STATE (COMMERCIAL) BANKS
The statements following show a summary of the resources and
liabilities of State (commercial) banks on June 30, 1928, and a comparison of these items with the amounts reported as of June 30, 1927:
Summary of reports of condition of 15,078 State (commercial) banks in the United
States at the close of business June 80, 1928
[In thousands of dollars]
RESOURCES

Loans and discounts:
On demand (secured by collateral other than real
estate)
160,834
On demand (not secured by collateral)
116, 766
On time (secured by collateral other than real estate)
405, 092
On time (not secured by collateral)
595, 862
Secured by farm land
49, 504
Secured by other real estate
1,192, 719
Not classified
6, 929, 560
Total
.
9,450,337
Overdrafts
34,535
Investments (including premiums on bonds):
United States Government securities
551, 074
State, county, and municipal bonds....
.
325, 092
Railroad bonds
57,048
Bonds of other public-service corporations (including
street and interurban railway bonds) _ _.
108, 603
Other bonds, stocks, warrants, etc
2, 500, 360
Total
j
.
„
3, 542, 177
Banking house (including furniture and
fixtures)
458, 961
Other real estate owned
145, 434
Due from banks
908, 578
Lawful reserve with Federal reserve bank or other reserve agents
802, 255
Checks and other cash items
.
111, 812
Exchanges for clearing house
103, 625
Cash on hand:
Gold coin
9, 043
Silver coin
14, 294
Paper currency
119, 669
Nickels and cents
738
Not classified
_.
223, 526
Total
Other resources

„

367,270
366, 019

Total resources

16,291, 003
LIABILITIES

Capital stock paid in
Surplus
Undivided profits (less expenses and taxes paid)
Due to all banks
Certified checks and cashiers' checks outstanding
Dividend checks outstanding
„
Individual deposits (including postal savings):
Demand deposits—
Individual deposits subject to check
Demand certificates of deposit
State, county, or other municipal deposits
Other demand deposits



1, 051, 182
737,475
285, 926
5i3, 947
98, 048
11, 892
5, 404, 272
170, 894
482, 876
72, 715

76

REPORT OF THE COMPTROLLER OF THE CURRENCY

Individual deposits (including postal savings)—Continued.
Time deposits—
Time certificates of deposit
1, 570, 305
State, county, or other municipal deposits
22, 005
Other time deposits
4, 620,342
Postal savings deposits
16, 061
Not classified
365, 665
Total
______ 12, 725, 135
United States deposits (exclusive of postal savings)
7, 855
Notes and bills rediscounted
72, 328
Bills payable (including all obligations representing money borrowed
other than rediscounts)
327, 037
Other liabilities
460, 178
Total liabilities

16, 291, 003

Resources and liabilities of State (commercial) banks in the United States June SO,
1928, compared with June 30, 1927
[In thousands of dollars]
June 30,
June 30,
1928—
1927—
Increase Decrease,
612 banks
15,078 banks 15,690 banks
RESOURCES

Loans and discounts, including rediscounts
Overdrafts
_
Investments, including premiums on bonds
Banking house, furniture, and fixtures
Other real estate owned
Due from banks
_._
Lawful reserve with Federal reserve banks or other reserve
agents
Cheeks and other cash items
Exchanges for clearing house
Cash on hand
Other resources
_
Total resources
_
-

9,450,337
34,535
3,542,177
458,961
145,434
908, 578

9,534,915
29,292
3,391,212
462, 665
r 152,416
1,101,279

802,255
111,812
103, 625
367,270
366,019

282,338
121, 967
413, 739
377,102

170,526
18,342
46, 469
11,083

16,291,003

16, 564,988

273, 985

1,051,182
737,475
285, 926
513,947
98,048
11,892
12,725,135
7,855
13,356,877
72,328

1,078,087
735, 949
270,096
614,807
195,514

84,578
5,243
150,965
3,704
6, 982
192,701
104,192

LIABILITIES

Capital stock paid in
Surplus
Undivided profits, less expenses and taxes paid
Due to banks.
»
_
_
Certified checks and cashiers' checks outstanding
Dividend checks outstanding
Individual deposits, including postal savings
United States deposits
Total deposits

_..

Notes and bills rediscounted
_
_
Bills payable, including all obligations representing
money borrowed other than rediscounts
Other liabilities

100,860
97, 466
11,892

" 12^936," 590'
5,085 ""2,*770"
13,751,996
53,360
18,968

327,037
460,178

214, 535
460,965

16,291,003

Total liabilities

26,905
1,526
15,830

16,564, 988

"2ll,~455
~395,~Il9

112,502
787
273,985

LOAN AND TRUST COMPANIES
The statements following show a summary of the resources and
liabilities of loan and trust companies on June 30, 1928, and a comparison of these items with the amounts reported as of June 30, 1927:




BEPORT OF THE COMPTROLLER OF THE CURRENCY

77

Summary of reports of condition of 1,633 loan and trust companies in the United
States at the close of business June 80, 1928
[In thousands of dollars]
RESOURCES

Loans and discounts:
On demand (secured by collateral other than real
estate)
981, 492
On demand (not secured by collateral)
„ 229, 540
On time (secured by collateral other than real
estate)
_„
506,579
On time (not secured by collateral)
„
998, 012
Secured by farm land___
__„_„
43, 279
Secured by other real estate
1, 055, 566
Not classified
4, 483, 873
Total
8, 298, 341
Overdrafts
5, 138
Investments (including premiums on bonds):
United States Government securities
379, 424
State, countyr and municipal bonds
235, 474
Railroad bonds
263, 247
Bonds of other public service corporations (including street and interurban railway bonds)
284, 436
Other bonds, stocks, warrants, etc
2, 712, 071
Total
3, 874, 652
Banking house (including furniture and
fixtures)
333, 652
Other real estate owned
88, 056
Due from banks
510, 014
Lawful reserve with Federal reserve bank or other reserve agents
819, 697
Checks and other cash items
.
.
516, 413
Exchanges for clearing house
35, 174
Cash on hand:
Gold coin
.
4, 446
Silver coin
4, 210
Paper currency
„
97, 179
Nickels and cents
701
Not classified

45, 035

Total
Other resources

151,571
598, 188

Total resources

15, 230, 896
LIABILITIES

Capital stock paid in
Surplus
.
Undivided profits (less expenses and taxes paid)
Due to all banks
Certified checks and cashiers' checks outstanding
Dividend checks outstanding
_.
Individual deposits (including postal savings):
Demand-deposits—
Individual deposits subject to cheek__„_
Demand certificates of deposit
State, county,, or other municipal deposits
Other demand deposits
Time deposits—
Time certificates of deposit
State, county, or other municipal deposits
Other time deposits
Postal savings deposits
.
Not classified
TotaL.




803, 328
1, 085, 968
215, 538
816,443
322, 422
16, 464
5, 555, 369
121, 030
157, 575
1, 069, 883
265,678
19, 624
3,660, 419
12, 148
12,777
10, 874, 503

78

EEPORT OF THE COMPTROLLER OF THE CURRENCY

United States deposits (exclusive of postal savings)
Notes and bills rediscounted
Bills payable (including all obligations representing money borrowed
other than rediscounts)
Other liabilities
Total liabilities

28, 702
66, 649
283,277
717, 602
15, 230, 896

Resources and liabilities of loan and trust companies in the United States June 80,
1928, compared with June SO, 1927
[In thousands of dollars]
June 30,
June 30,
Decrease
1928 (1,633 1927 (1,647 Increase (14 banks)
banks)
banks)
RESOURCES

Loans and discounts, including rediscounts
Overdrafts
_.
Investments, including premiums on bonds
Banking house, furniture, and fixtures
Other real estate owned
Due from banks
_
Lawful reserve with Federal reserve banks or other reserve
agents
_
_
_._
Checks and other cash items
Exchanges for clearinghouse.-.
,
_
Cash on hand
Other resources..^
Total resources

8,298,341
5,138
3,874, 652
333, 652
88,056
510,014

7,479, 570
3,690
3,498, 845
294, 212
85, 985
520, 555

819, 697
516, 413
35,174
151, 571
598,188

818, 225
572, 869
46, 845
171, 852
502,108

818, 771
1,448
375, 807
39, 440
2,071
10, 541
1,472
56, 456
11, 671
20, 281
96, 080

15, 230, 896 13, 994, 756 1, 236,140
LIABILITIES

Capital stock paid in
Surplus.._
Undivided profits, less expenses and taxes paid
Due to banks
.
Certified checks and cashiers' checks outstanding
Dividend checks outstanding
Individual deposits, including postal savings
United States deposits...
_
Total deposits
Notes and bills rediscounted
Bills payable, including all obligations representing money
borrowed other than rediscounts
Other liabilities
Total liabilities

_

803, 328
745, 647
1,085, 968
932, 337
215, 538
195, 617
816,443
805, 334
322, 422
384, 632
16, 464
10,874, 503 10,094, 485
48, 534
28, 702
12,058, 534 11, 332, 985
66, 649
52, 951
283, 277
717, 602

123, 892
611, 327

57, 681
153, 631
19, 921
11,109
62, 210
16, 464
780, 018
725, 549
13, 698

19, 832

159, 385
106, 275

15, 230,896 13,994,756 1,236,140

PRINCIPAL ITEMS OF RESOURCES AND LIABILITIES OF LOAN
AND TRUST COMPANIES IN JUNE OF EACH YEAR, 1914 TO 1928
The principal items of resources and liabilities of loan and trust
companies for years ended June 30, 1914 to 1928, inclusive, are shown
in the statement following:
[In millions of dollars]
Year

Number

1914.
1915.
1916.
1917.
1918.
1919.
1920
1921.
1922.
1923.
1924.
1925.
192G.
1927.
1928.
1

Including overdrafts.

1,564
1,664
1,606
1,608
1,669
1,377
1,408
1,474
1,550
1,643
1,664
1,680
1,656
1,647
1,633




Loans

1

2,905. 7
3,048. 6
3,704. 3
4,311.7
4,403. 8
4,091.0
4, 601. 5
4, 277.1
4,345. 4
5,064.1
5,299.0
6,126. 6
6,757. 5
7,483. 3
8, 303. 5

Investments
1,261. 3
1,349. 6
1,605.4
1,789. 7
2,115. 6
2,069. 9
1,902.1
1,942. 6
2,311.1
2,423. 8
2,748. 4
2, 801. 3
2, 806. 8
3,498. 8
3, 874. 7

Capital
462.2
476.8
475.8
505.5
525.2
450.4
475.7
515.5
532.3
591.4
621.0
643.4
673.0
745.6
803.3

Surplus
and profits
564.4
577.4
605.5
641.8
646. 9
588.6
612.1
649.5
680.2
739.9
813.2
882.2
994.2
1,128. 0
1, 301. 5

Total
deposits
4, 289.1
4,604.0
5,732.4
6,413.1
6,493. 3
6,157. 2
6, 518.0
6,175.0
6, 861. 2
6, 831.0
7,785. 3
9,465.6
9,839.4
11, 333. 0
12, 058. 5

Aggregate
resources
5,489.5
5, 873.1
7,028.2
7, 899. 8
8,317.4
7,959. 9
8,320.0
8,181.0
8, 533. 8
9,499. 2
10, 323. 8
11, 505. 6
12, 205. 2
13,994. 8
15,230.9

BEPORT OF THE COMPTROLLER OF THE CURRENCY

79

STOCK SAVINGS BANKS
The statements following show a summary of the resources and
liabilities of stock savings banks on June 30, 1928, and a comparison
of these items with the amounts reported as of June 30, 1927:
Summary of reports of condition of 791 stock savings banks in the United States
at the close of business June 30, 1928
[In thousands of dollars]
RESOURCES

Loans and discounts:
On demand (secured by collateral other than real estate)
.
-._On demand (not secured by collateral)
On time (secured by collateral other than real estate) _
On time (not secured by collateral)
Secured by farm land
Secured by other real estate._„
Not classified
_„
.
„
Total
Overdrafts
___.
Investments (including premiums on bonds):
United States Government securities
State, county, and municipal bonds
Railroad bonds
Bonds of other public service corporations (including
street and interurban railway bonds)
Other bonds, stocks, warrants, etc

18,993
474
5, 465
12, 250
1, 639
671, 774
339, 374
1, 049, 969
207
122,862
8, 007
10, 086
5, 709
281, 323

Total
Banking house (including furniture and fixtures)
Other real estate owned___
Due from banks
____„
Lawful reserve with Federal reserve bank or other reserve agents
Checks and other cash items.
Exchanges for clearing house-,...
Cash on hand:
Gold coin
1, 427
Silver coin
„__„»__,____„_
10
Paper currency
„
1, 273
Nickels and cents
.
73
Not classified
„
..
17, 129
Total
Other resources

'
„_

Total resources

427,987
45, 791
23, 335
87, 864
27, 917
16, 809
3, 340

19;912
4, 066

„_

._ 1, 707, 197

Capital stock paid in
Surplus
Undivided profits (less expenses and taxes paid)
Due to all banks
Certified checks and cashiers' checks outstanding
Dividend checks outstanding
.
Individual deposits (including postal savings):
Demand deposits—
Individual deposits subject to check
Demand certificates of deposit
State, county, or other municipal deposits
Other demand deposits
_

68, 878
42, 472
17, 099
10, 995
398
63

LIABILITIES




.
126, 427
4, 639
84, 067
73

80

EEPORT OF THE COMPTROLLER OF THE CURRENCY

Individual deposits (including postal savings)—Continued.
Time deposits—
Time certificates of deposit
107, 596
State, county, or other municipal deposits
237
Other time deposits
1, 230, 415
Postal savings deposits
7, 748
Not classified
16
Total
1, 561, 218
United States deposits (exclusive of postal savings)
343
Notes and bills rediscounted
850
Bills payable (including all obligations representing money borrowed
other than rediscounts)
2, 291
Other liabilities
2, 590
Total liabilities

1, 707, 197

Resources and liabilities of stock savings banks in the United States June SO, 1928,
compared with June SO, 1927
[In thousands of dollars]
June 30,

J u n e 30,
1927—843
banks

Increase

1,144,709
263
419, 803
45, 857
24,326
130, 824

8,184

27,917
16,809
3,340
19,912
4,066

7,408
13,067
3,167

20,509
3,742
173

2,422

1,644

1,707,197

1, 815, 538

108,341

68, 878
42,472
17,099
10,995
398
63
1, 561,218
343
1, 573,017
850

69,144
46, 554
18,030
11,334
451

266
4,0S2
931
339
53

1,661, 803
562
1, 674,150
1,401

100, 585
219
101,133
551

1928—791
banks

Decrease,
52 b a n k s

RESOURCES

Loans and discounts, including rediscounts
Overdrafts
Investments, including premiums on bonds
Banking house, furniture andfixtures__
_
Other real estate owned
Due from banks
Lawful reserve with Federal reserve banks or other reserve
agents.
Checks and other cash items
Exchanges for clearing house
Cash on handOther resources. _
Total resources. _.

1,049,969
207
427,987
45,791
87,864

94,740
56
991
42,960

3,780

LIABILITIES

Capital stock paid in
Surplus.
Undivided profits, less expenses and taxes paid
Due to banks
Certified checks and cashiers' checks outstanding
Dividend checks outstanding
Individual deposits, including postal savings
United States deposits
Total deposits
Notes and bills rediscounted
Bills payable, including all obligations representing money
borrowed other than rediscounts
_
Other liabilities
Total liabilities.

2,291
2,590

2,270

1,707,197

1, 815, 538

21
1,3
108,341

MUTUAL SAVINGS BANKS
The statements following show a summary of the resources and
liabilities of mutual savings banks on June 30, 1928, and a comparison
of these items with the amounts reported as of June 30, 1927:




BEPOBT OF THE COMPTROLLER OF THE CURRENCY

81

Summary of reports of condition of 616 mutual savings banks in the United States
at the close of business June SO, 1928
[In thousands of dollars]
RESOURCES

Loans and discounts:
On demand (secured by collateral other than real
estate)
28, 900
On time (secured by collateral other than real estate) _
13, 714
On time (not secured by collateral)
8, 169
Secured by farm land
____„.__„_
32, 624
Secured by other real estate
2, 038, 065
Not classified
„
3, 390, 446
Total
5, 511, 918
Investments (including premiums on bonds):
United States Government securities
203, 344
State, county, and municipal bonds
478, 977
Railroad bonds
691, 228
Bonds of other public-service corporations (including
street and interurban railway bonds)
476, 700
Other bonds, stocks, warrants, etc
1, 900, 342
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
Silver coin
Paper currency
Nickels and cents
Not classified
Total
Other resources

fixtures)
„

._

3, 750, 591
100, 716
14, 600
210, 698
-_
1, 517
209
1, 147
106
4, 232
22
25, 655
31, 162
66, 748

Total resources

9, 688, 159
LIABILITIES

Surplus..
851,590
Undivided profits (less expenses and taxes paid)
148, 586
Due to all banks
„
204
Certified checks and cashiers' checks outstanding
25
Dividend checks outstanding
-_
149
Individual deposits (including postal savings):
Demand deposits—
Individual deposits subject to check
6, 930
Demand certificates of deposit
32
Time deposits—
Time certificates of deposit
2, 585
State, county, or other municipal deposits
211
Other time deposits
8,663, 007
Not classified
58
Total
8, 672, 823
Bills payable (including all obligations representing money borrowed
other than rediscounts)
540
Other liabilities
14, 242
Total liabilities




_.„

9, 688, 159

82

REPORT OF THE COMPTROLLER OF THE CURRENCY

Resources and liabilities of mutual savings banks in the United States June SO, 1928
compared with June SO, 1927
[In thousands of dollars]
June 30,
1928 (616
banks)

June 30,
1927 (618
banks)

5, 511,918
3, 750,591
100, 716
14,600
210, 698
1,517
20931,162
66, 748

5,064, 595
3, 523,350
93, 330
12, 668
224, 741
1,094
209
31, 212
59, 986

447, 323
227, 241
7,386
1,932

9, 688,159

9,011,185

676,974

851, 590
148, 586
204
25
149
8,672, 823
8,673,201

782, 927
137, 332
108
44

68, 663
11,254
96

8,077,099
8, 077, 251

540
14, 242

568
13,107

! 9, 688,159

9,011,185

Increase Decrease
(2 banks)

RESOURCES

Loans and discounts, including rediscounts..
Investments, including premiums on bonds.
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..

423
6, 762

14,043
50

LIABILITIES

Surplus
Undivided profits, less expenses and taxes paid.
Due to banks
_
Certified checks and cashiers' checks outstanding
Dividend checks outstanding
_
Individual deposits, including postal savings

_.
_.

Total deposits
Bills payable, including all obligatiens representing money
borrowed other than rediscounts
Other liabilities
Total liabilities-

_

149
595, 724
595, 950

19

DEPOSITORS AND DEPOSITS IN MUTUAL AND STOCK SAVINGS
BANKS
Statements showing information relative to the number of mutual
and stock savings banks in each State, the number of depositors, the
amount of deposits, the average amount due each depositor, and the
average rates of interest paid by banks in each State, June 30, 1927
and 1928, with similar information for each year 1914 to 1928, follows:




Number of mutual savings banks, number of depositors, individual deposits and average deposit account, by States, June SO, 1027 and 1928
1928

1927

States

Number
of banks Depositors

Maine
New Hampshire
Vermont,Massachusetts
Rhode Island
Connecticut
Total New England States
New York
New Jersey
Pennsylvania
_
Delaware
Maryland
Total Eastern States




Average
Average
due each rate of in- Number Depositors
depositor terest paid of banks

75

229,536
i 341,036
1
133,481
2, 910,872
222 693
872, 285

$110,541,000
194, 564,000
92,314,000
1,808, 760, 000
154, 569,000
568, 993, 000

$481. 58
570. 51
691. 59
621. 38
694. 09
652. 30

389

4,709,903

2,929, 741,000

149

27
9
2
15

4, 777, 761
1
454,239
574,177
46,921
315,850

4,036,074,000
242,460,000
364,824,000
23,404, 000
170, 633,000

844.
533.
635.
498.
540.

202

6,168,948

4, 837, 395, 000

Per cent
4.00
3.79
4.50
4.64
4.22
4. 56

76
77
39
80
23

Average
due each
depositor

4.00
4.50
3.50
4.25

$113,662,000
2 208,044,000
97,336,000
1, 955,956, 000
166, 866,000
608, 986,000

$495.55
570. 51
691. 59
667.14
711. 76
686.05

4, 788, 717

3,150, 850,000

27
3 10
2
14

4,938, 635
473, 796
653,021
47,480
351,406

4, 301,347,000
255,028,000
429, 629,000
24,399,000
187, 575,000

870. 96
538. 27
657.91
513.88
533. 78

6,464, 338

5,197,978,000

i 123, 054
1 39,486
19, 553
140,023

97, 290, 000
24,181, 000
7, 692. 000
69,594,000

790. 63
612. 39
393. 39
497.02

322,116

198, 757, 000

84,923
72,049

50,416, 000
74,822,000

593. 67
1,038.49

53
19
196
11

i 112,190
1
35 807
i 18,623
141,709

88, 700,000
21,928,000
6,920,000
66, 673,000

790.62
612. 39
371. 58
470.49

21

308,329

184,221, 000

597. 48

5
1

78,173
72,045

48, 210, 000
77,532,000

616. 71
1,076.16

6

150,218

125,742,000

837.06

6

156,972

125,238,000

797.84

618
2

i3

617. 04

5
1

35

3
5
7
3
6

_.

Per cent
4?00
3.79
4.50
4.71
4.36
4.60

804.10

3
5
6
5

Average
rate of interest paid

657.97

149

19

4.17
3.93
3.56
4.00
4.00

75

229,367
i 364, 663
1 140,742
2, 931, 837
234,441
887, 667

202

784.15

53
19
196
11

2

Deposits

389

622. 04

35

Ohio
Indiana
Wisconsin
Minnesota
Total Middle Western States-Washington
California
Total Pacific States
Total United States
i Estimated.

Deposits

11,337,398

8,077,099, 000

712. 43

616

11, 732,143

8, 672, 823, 000

Q
O

4.17
3.16
2.38
4.00
4.00

O

4.00
4.50
3.30
4.00

o

5.00
4.00

O

739.24

5.00
4.00

Includes savings of 11 trust companies and 11 guaranty savings banks.

3

Includes returns of 1 stock savings bank.

d
o

Number of stock savings banks, number of depositors, individual deposits, and average deposit account, by States, June SO, 1927 and 1928
1927
States

N u m b e r Depositors
of banks

Deposits

1928
Average
due each
depositor

Average
rate of in- N u m b e r Depositors
terest paid of banks

$649.51

Per cent
3.00

120,142

38,037,000

316.60

3.50

23

161,107

64,644,000

401.25

3
8

6,477
i 21,549

1,676,000
5,576,000

258. 76
258.76

11

28,028

7,252,000

258.76

4

23,102

18, 710,000

809.89

3.50

704

i 1,292,953

365,673,000

282.82

1,316,055

384,383,000

292.07

14, 533

4,193,000

288.52

4.00

2 28,708,000
115, 347
1, 570, 724 3 1,044,337,000
62, 728
23,270,000
4,431,000
3, 895

248.88
664.88
370.97
1,137.61

3 20
4.00
4.00
4.00

25

205,083

100,400,000

489. 56

3

* 6,726

1,816,000

270.00

6,726

1,816,000

270,00

21, 111
4,093
732 11,282,349

17,085,000
1,894,000
362,674,000

809.29
462. 74
282. 82

737

1,307,553

381,653,000

291.88

Nebraska

15

16,112

4,586,000

284.63

4.00

13

Oregon
California
Utah - .
Nevada

3,132,000
i 10,189
5
54 i 1,867,499 31,144,281,000
3
21,602,000
59,966
4,333,000
1
i 3,745

307.39
612. 73
360.24
1,157.01

3.45
4.00
4.00
4.00

2
30

Florida
Mississippi
Total Southern States

„._

Michigan
Minnesota..
Iowa

3

4
1

_

Total Middle Western States

,,.

;

Total Pacific States

-

Total United States
i Estimated.




_

__

1

1

4.00

3.50
4.25
4.00

3
1

63

1, 941,399

1,173,348,000

604.38

36

1, 752, 694

1,100, 746,000

628.03

843~

3,476,873

1, 661, 803,000

477.96

791

3, 272,415

1,561, 218,000

477.08

a Includes savings of 104 commercial banks.

8

I

4.00

708

$606.61
1,066.86
284.69

Total Eastern States

Average
rate of interest paid

$26,607,000

$25,253,000
39,029,000
36,118,000

- „_ . » * . . .
„
. ._

Average
due each
depositor

40,965

i 41,630
36,583
126,870

_

Deposits

22

Per cent
4.00
4.00
3.44

1
1
23

New Jersey _. Pennsylvania,
District of Columbia

00

Includes savings of departmental banks.

1-3

W

4.00

O

o
B

w
o

EBPOET OF THE COMPTROLLER OP THE CURRENCY

85

Number of savings banks {mutual and stock) in the United States, number of depositors, amount of individual deposits, and, average amount due each depositor
in years ended June SO, 1911}. to 1928, inclusive
[For prior years, see annual report for 1920, vol. 1, pp. 236-242]
Banks

Year
1914—Mutual savings banks
Stock savings banks
_.
1915—Mutual savings banks
Stock savings banks
1916—Mutual savings banks
Stock savings banks.._
1917—Mutual savings banks
__
Stock savings banks
„„._
1918—Mutual savings banks
_
Stock savings banks.
1919—Mutual savings banks
_
_
Stock savings banks
1920—Mutual savings banks
Stock savings b a n k s . . . .
1921—Mutual savings banks.
Stock savings banks
1922—Mutual savings banks
„_„_.
...
Stock savings banks.
_
1923—Mutual savings banks
_
_.
Stock savings banks.
1924—Mutual savings banks
Stock savings banks
_
_
1925—Mutual savings banks
Stock savings banks.
_
1926—Mutual savings banks
Stock savings banks
_
1927—Mutual savings banks,._
Stock savings banks
1928—Mutual savings banks
Stock savings banks
_
1

634
1,466
630
1,529
622
1, 242
622
1,185
625
1,194
622
1,097
620
1,087
623
978
619
1,066
618
1,029
613
990
611
972
620
904
618
843
616
791

Dividends unpaid included

Depositors
8, 277,359
2,832,140
8,307,787
2, 977,968
8,592, 271
2, 556,121
8, 935, 055
2,431, 958
9, Oil, 464
2,368,089
8, 948,808
2,486,073
9,445,327
1, 982,229
9, 619, 260
1,118, 583
9, 655,861
2,883,136
10,057,436
3,282,897
10,409, 776
3, 562, 017
10, 616, 215
2
4,040,312
11,053,886
4,107,913
11,337,398
3,476,873
11,732,143
3,272,415

Deposits »
$3, 915, 555, 286
1,018,330,071
3, 950, 585,631
1,046,096,917
4,187,916,941'
901, 936,188
4,422, 489, 344
996,165, 031
4,422, 092, 991
1,049,694,890
4, 751, 300, 000
1,152,127,000
5,186, 952,000
1,351,242,000
5, 575,147,000
442,851,000
5, 779, 506,000
1,401, 742.000
6, 288, 551,000
1, 609, 358,000
6, 693, 246,000
1, 746, 609, 000
7,146, 951,000
1,918,230,000
7, 577, 504,000
2,021, 614,000
8,077,099, 000
1,661,803,000
8, 672,823,000
1, 561,218, 000

Average
due each
depositor
$473. 04
359. 5G
475. 53
351. 28
487. 40
352. 85
494. 96
409. 61
490. 72
443. 27
530. 94
463.43
549.10
681. 68
579. 58
395. 90
598.55
486.19
625.26
490. 22
642. 98
490. 34
673. 21
2 474. 77
685. 51
492.13
712. 43
477. dfi
739. 24
477. 08

a Revised.

PRIVATE BANKS
The statements following show a summary of the resources and
liabilities of private banks on June 30, 1928, and a comparison of
these items with the amounts reported as of June 30, 1927:
Summary of reports of condition of 404 private banks in the United States at the close
of business June SO, 1928
[In thousands of dollars]
RESOURCES

Loans and discounts:
On demand (secured by collateral other than real estate) „_ 6, 041
On demand (not secured by collateral)
1, 032
On time (secured by collateral other than real estate)
6, 074
On time (not secured by collateral) „
6, 452
Secured by farm land
.
2, 990
Secured by other real estate
7, 356
Not classified.
. 56, 562
Total
86,507
Overdrafts
_
389
Investments (including premiums on bonds):
United States Government securities
4, 991
State, county, and municipal bonds
.
2, 319
Railroad bonds
196
Bonds of other public-service corporations (including street
and interurban railway bonds)
824
Other bonds, stocks, warrants, etc
. 20, 629
Total
.
28,959
Banking house (including furniture and fixtures) „
3, 347
Other real estate owned^
6, 862
Due from banks
13, 287
Lawful reserve with Federal reserve bank or other reserve agents
2, 588
Checks and other cash items
824



86

EEPORT OF THE COMPTROLLER OF THE CURRENCY

Exchanges for clearing house
Cash on hand:
Gold coin
Silver coin
Paper currency
Nickels and cents
Not classified
Total
Other resources
Total resources

43

41
72
685
13
2, 006
2, 817
3, 211
148, 834
LIABILITIES

~~

Capital stock paid in
8, 278
Surplus
8,329
Undivided profits (less expenses and taxes paid)
1, 775
Due to all banks_
^
1, 422
Certified checks and cashiers' checks outstanding
120
Dividend checks outstanding
33
Individual deposits (including postal savings):
Demand deposits—
Individual deposits subject to check
40, 186
Demand certificates of deposit
2, 818
State, county, or other municipal deposits
2, 393
Other demand deposits
677
Time deposits—
Time certificates of deposit
26, 139
Other time deposits
16, 937
Postal savings deposits
14
Not classified
21, 422
Total
110, 586
Nptes and bills rediscounted
413
Bills payable (including all obligations representing money borrowed
other than rediscounts)
11, 576
Other liabilities
_
6, 302
Total liabilities
.
148, 834
Resources and liabilities of private banks in the United States June SO, 1928,
compared with June 80, 1927
[In thousands of dollars]
June 30, June 30,
Decrease
1928 (404 1927 (467 Increase (63 banks)
banks)
banks)
RESOURCES

Loans and discounts, including rediscounts
Overdrafts
_
Investments, including premiums on bonds
Banking house, furniture, and fixtures
Other real estate owned
_
_
Due from banks
Lawful reserve with Federal reserve banks or other reserve
agents
_
_
Checks and other cash items
Exchanges for clearing house
Cash on hand
_
Other resources
Total resources

86,507
389
28, 959
3,347
6,862
13,287

90,893
417
28, 665
3,823
8,261
22,099

2,588
824
43
2,817
3,211
148, 834

3,206
568
43
3,197
2,976
164,148

8,278
8,329
1,775
1,422
120
33
110, 586
112,161
413

9,447
9,815
1,710
817
312

28

294

476
1,399
8,812
618

256
235

380
15,314

LIABILITIES

Capital stock paid in
Surplus
_
_
_
Undivided profits, less expenses and taxes paid
Due to banks
_
_
Certified checks and cashiers' checks outstanding
Dividend checks outstanding
_
Individual deposits, including postal savings

Total deposits
Notes and bills rediscounted
Bills payable, including all obligations representing money
borrowed other than rediscounts
_
Other liabilities
Total liabilities




1,169
1,486
65
605
33

192
12, 638
12,192

22

522
15,314

REPORT OF THE COMPTROLLER OF THE CURRENCY .

87

ALL REPORTING BANKS OTHER THAN NATIONAL
The statements following show a summary of the resources and
liabilities of all reporting banks, other than national, on June 30,
1928, and a comparison of these items with the amounts reported
as of June 30? 1927:
Summary of reports of condition o/ 18,522 State (commercial), savings, private
hanks, and loan and trust companies in the United States and possessions at the
close of business June 80, 1928
[In thousands of dollars]
RESOURCES

Loans and discounts:
On demand (secured by collateral other than real
estate)
1, 196, 260
On demand (not secured by collateral)
347, 812
On time (secured by collateral other than real
estate)
936,924
On time (not secured by collateral)
1, 620, 745
Secured by farm land
_„__
130, 036
Secured by other real estate
4, 965, 480
Not classified
„
15, 199, 815
Total
Overdrafts
Investments (including premiums on bonds):
United States Government securities
State, county, and municipal bonds..
Railroad bonds
Bonds of other public-service corporations (including street and interurban railway bonds)
Other bonds, stocks, warrants, etc

24, 397, 072
40,269
1, 261, 695
1, 049, 869
1,021, 805
876, 272
7, 414, 725

Total
11, 624, 366
Banking house (including furniture and
fixtures)
942, 467
Other real estate owned
278, 287
Due from banks
,
1, 730, 441
Lawful reserve with Federal reserve bank or other reserve agents..._ 1, 652, 457
Checks and. other cash items
_
647, 375
Exchanges for clearing house
142, 391
Cash on hand:
Gold coin
„
16, 104
Silver coin
18, 692
Paper currency
223, 038
Nickels and cents
1, 547
Not classified
313, 351
Total
Other resources

„

.

.

Total resources.

572,732
1, 038, 232
43, 066, 089

LIABILITIES

Capital stock paid i n . . . .
Surplus
.
_.
Undivided profits (less expenses and taxes paid)
Due to all banks
Certified checks and cashiers' checks outstanding
Dividend checks outstanding
„,..,
20669°—H. Doc. 361, 70-2
7




1, 931, 666
2, 725, 834
668, 924
1, 343, 011
421, 013
28, 601

88

EEPORT OF THE COMPTROLLER OF THE CURREISrCY

Individual deposits (including postal savings):
Demand deposits—
Individual deposits subject to check
Demand certificates of deposit
State, county, or other municipal deposits
Other demand deposits
.
Time deposits—
Time certificates of deposit
State, county, or other municipal deposits
Other time deposits
Postal-savings deposits
Not classified

11, 133, 184
299, 413
726, 911
1, 143, 348
1, 972, 303
42, 077
18, 191, 120
35, 971
399, 938

Total
. 33, 944, 265
United States deposits (exclusive of postal savings)
36, 900
Notes and bills rediscounted
140, 240
Bills payable (including all obligations representing money borrowed
other then rediscounts)
624, 721
Other liabilities.
„
1, 200, 914
Total .liabilities

43,066,089

Resources and liabilities of State (commercial), savings, private banks and loan and
trust companies in the United States and possessions June SO, 1928, compared
with June SO, 1927
[In thousands of dollars]
June 30,
June 30,
1928—18,522 1927—19,285
banks
banks

Increase

Decrease
743 banks

EESOURCES

Loans and discounts, including rediscounts
__.
Overdrafts
Investments, including premiums on bonds
Banking house, furniture and fixtures _
Other real estate owned
Due from banks
Lawful reserve with Federal reserve banks or other
reserve agents
Checks and other cash items
_
_
Exchanges for clearing house..
Gash on hand.
-.
Other resources
Total resources..

24,397,072
40,269
11,624, 366
942,467
278, 287
1,730,441

23,314,682

1,652,457
647,375
142,391
572, 732
1,038, 232

1,526,902
869,936
172,231
643,692
944, 594

125,555

43,066,089

41,550,615

1,515,474

1,902,325
2,507,582
622,785
1,432,400
580, 953

29,341
218,252
46,139

10,861,875
899,887
283,656
1,999,498

1,082,390
6,607
762,491
42,580
5,369
269,057
222,561
29,840
70,960
93,638

LIABILITIES

Capital stock paid in—
Surplus
Undivided profits, less expenses and taxes paid
Due to banks.._
_
Certified checks and cashiers' checks outstanding
Dividend checks outstanding
Individual deposits, including postal savings
United States deposits
Total deposits

Notes and bills rediscounted
Bills payable, including all obligations representing
money borrowed other than rediscounts
Other liabilities
Total liabilities.




1,931,666
2,725,834
668,924
1,343,011
421,013
28,601
33,944,265
36,900
35,773, 790
140, 240

32,893,201
54,181
34,960,735
108,103

624, 721
1,200,914

353,363
1,095,722

271,358
105,192

43,066,089

41,550,615

1,515,474

89,389
159,940
28,601
1,051,064
17,281
813,055
32,137

KEPOBT OP THE COMPTROLLER OF THE CURRENCY

The resources and liabilities of each class of reporting banks, other
than national, June 30, 1928, are shown in the following table:
Resources and liabilities of 18,522 State {commercial) banks, loan and trust companies^
savings banks, and private banks, June 30, 1928
[In thousands of dollars]
1,633
15,078
loan and
State
trust
(commercial) banks companies

616

mutual
savings
banks

791 stock
404
savings private
banks
banks

18,522

total
banks

RESOURCES

Loans and discounts (including
rediscounts)
__
_
_
_.
Overdrafts
Investments (including premiums
on bonds)
Banking house, furniture, and fixtures
Other real estate owned
Due from banks.
Lawful reserve with Federal reserve
bank or other reserve agent—
Checks and other cash items. __
Exchanges for clearing house
Cash on hand
Other resources
__.
Total resources

9,450,337
34,535

8,298,341
5,138

5,511,918

1,049,969
207

3, 542,177

3,874,652

3,750,591

427,987

458, 961
145,434
908, 578

333,652
88,056
510,014

100, 716
14,600
210,698

45, 791
23,335
87,864

3,347
6,862
13, 287

942,467
278, 287
1, 730,441

802, 255
111, 812
103, 625
367,270
366,019

819, 697
516,413
35,174
151, 571
598,188

27,917
1, 517
209
31,162
66, 748

3,340
19,912
4,066

2,588
824
43
2,817
3,211

1,652,457
647, 375
142, 391
572, 732
1,038, 232

16,291,003

15,230, 896

9, 688,159

1,707,197

148,834

43,066,089

1,051,182
Capital stock paid in
737,475
Surplus. __
_
Undivided profits (less expenses and
taxes paid)__
285,926
Due to banks
513,947
Certified checks and cashiers'
checks outstanding
11,892
Dividend checks outstanding
Individual deposits (including postal savings)
12, 725,135
United States deposits (exclusive
of postal savings)
7,855
Total deposits
13,356,877
Notes and bills rediscounted
72, 328
Bills payable (including all obligations representing money borrowed
other than rediscounts)
327,037
Other liabilities. __
460,178
16, 291, 003
Total liabilities
_
_

803, 328
851, 590

68,878
42,472

8,278
8,329

1,931, 666
2, 725, 834

215, 538
816,443

148,586
204

17,099
10,995

1,775
1,422

668,924
1,343,011

322,422
16,464

25
149

120
63

421,013
28,601

10,874, 503

8, 672,823

1, 561, 218

86,507

24,397,072
40, 269
11,624, 366

LIABILITIES

28, 702
12,058,534
66, 649

110, 586

343

8,673,201 1,573,017

36,900

112,161 35,773,790

850

413

140, 240

283, 277
717, 602

540
14, 242

2,291
2,590

11, 576
6,302

624, 721
1,200, 914

15, 230,896

9, 688,159

1, 707,197

148,834

43,066, 089

PRINCIPAL ITEMS OF RESOURCES AND LIABILITIES OF ALL
REPORTING BANKS OTHER THAN NATIONAL ON OR ABOUT
JUNE 30, 1924-1928
The principal items of resources and liabilities of reporting banks,
other than national, for years ended on or about June 30; 1924 to
1928, are shown in the statement following:
Principal items of resources and liabilities of State (commercial), savings, private
banksr and loan and trust companies
[In thousands of dollars]
Items
Loans *
Investments.. _:
Cash
_
Capital
Surplus and undivided profits*
Deposits (individual)
Resources.
,
1

Including
 overdrafts.


1924
19,359,419
9,086,417
566,281
1, 780,192
2, 356, 855
28,100, 938
34, 578, 771

1925

1926

1927

21,073,990
9, 669, 669
591,681
1, 800, 276
2, 580,134
30,411,030
37, 706,174

22, 623,107
9,972,888
636,569
1, 860, 431
2, 858, 653
31, 789, 884
39, 577, 738

23, 348, 344
10,861,875
643,692
1, 902, 325
3,130, 367
32,893, 201
41, 550, 615

1928
24, 437,341
11, 624, 366
572, 732
1, 931, 666
3, 394, 758
33, 944, 265
43,066,089

90

REPORT OF THE COMPTROLLER OF THE

NATIONAL BANKS
The statements following show a summary of the resources and
liabilities of reporting national banks on June 30, 1928, and a comparison of these items with the amounts reported as of June 30, 1927:
Summary of reports of condition of 7,691 national banks in the United States at the
close of business June 30, 1928
[In thousands of dollars]
RESOUBCES

Loans and discounts:
On demand (secured by collateral other than real
estate)
3, 000, 924
On demand (not secured by collateral)
872, 744
On time (secured by collateral other than real estate)
.
3, 589, 225
On time (not secured by collateral)
6, 225, 711
Secured by farm land
325, 125
Secured by other real estate
960, 790
Not classified
170, 476
Total
15, 144, 995
Overdrafts
10, 138
Investments (including premiums on bonds)':
United States Government securities
2, 891, 167
State, county, and municipal bonds
840, 461
Railroad bonds___
681, 007
Bonds of other public service corporations (including street and interurban railway bonds)
742, 784
Other bonds, stocks, warrants, etc
1, 992, 029
Total
Banking house (including furniture and
Other real estate owned
Due from banks
Lawful reserve with Federal reserve bank
Checks and other cash items
Exchanges for clearing house
Cash on hand:
Gold coin
Silver and minor coin1
Paper currency

7, 147, 448
721, 229
125, 680
1, 885, 967
1, 453, 383
207, 156
756, 176

fixtures)

16, 637
34, 143
264, 333

Total

315, 113

Other resources 2

740, 954

Total resources

28, 508, 239
LIABILITIES

Capital stock paid in
Surplus
Undivided profits (less expenses and taxes paid)
Reserved for taxes, interest, etc., accrued.
National-bank circulation
Due to all banks
Certified checks and cashiers' checks outstanding
Dividend checks outstanding
1
2

Includes clearing-house certificates.
Includes $414,573,000 customers' liability account of acceptances.




.

1, 593, 856
1, 419, 695
557, 437
83, 753
649, 095
2, 738, 017
386, 567
28, 404

KEPORT OF THE COMPTBOIiLEE OP THE CURRENCY

91

Individual deposits (including postal savings):
Demand deposits—
Individual deposits subject to check
9, 926, 692
Demand certificates of deposit.
181, 166
State, county, or other municipal deposits
698, 202
Other demand deposits
197, 735
Time deposits—
Savings deposits (including time certificates of
deposit) 3
7, 969, 152
State, county, or other municipal deposits
244, 475
Postal-savings deposits
83, Oil
Total
19, 300, 433
United States deposits (exclusive of postal savings)
185, 916
Notes and bills rediscounted
179, 077
Bills payable (including all obligations representing money borrowed
other than rediscounts)
622, 108
Other liabilities
.
763, 881
Total liabilities

.

28, 508, 239

Resources and liabilities of national banks in the United States June SO, 1928,
compared ivith June SO, 1927
[In thousands of dollars]
June 30,
1928 (7,691
banks)

June 30,
1927 (7,796
banks)

15,144,995
10,138
7,147,448
721, 229
125, 680
1, 885, 967
1,453, 383
207,156
756,176
315,113
740, 954

13, 955, 696
9,788
6, 393, 218
115,817
1,967, 950
1,406,052
191,054
947,946
364, 204
550,000

190, 954

28,508, 239

26, 581, 943

1,926, 296

1, 593,856
1,419, 695
557,437
83, 753
649,095
2, 738,017
386, 567
28, 404
19, 300,433
185, 916
22, 639,337
179,077

1,474,173
1, 256,945
508,421
70, 326
650,946
2,856,937
538, 990

119,683
162, 750
49,016
13,427

18, 239, 353
139, 843
21,775,123
120,024

28,404
1,061,080
46,073
864, 214
59,053

622,108
763,881

248,018
477,967

374,090
285, 914

28, 508, 239

26, 581,943

1,926,296

Increase

Decrease,
105 banks

RESOURCES

Loans and discounts, including rediscountsOverdrafts. __
_
__
Investments, including premiums on bonds.
Banking house, furniture and fixtures
Other real estate owned
Due from banks
Lawful reserve with Federal reserve banks__.
Checks and other cash items
Exchanges for clearing house. _
Cash on hand.
Other resources-_
Total resources..

1,189,299
350
754, 230
41,011
81,983
47, 331
16,102
191, 770
49,091

LIABILITIES

Capital stock paid in
Surplus
__
Undivided profits, less expenses and taxes paid
Reserved for taxes, interest, etc., accrued
National bank circulation..
Due to banks
Certified checks and cashiers' checks outstanding
Dividend checks outstanding
Individual deposits, including postal savings
United States deposits.._
Total deposits
Notes and bills rediscounted
Bills payable, including all obligations representing
money borrowed other than rediscounts
Other liabilities
Total liabilities..
3 Includes amounts reported as " Other time deposits.'




1,851
118,920
152,423

92

REPORT OF THE COMPTROLLER OF THE CURRENCY

ALL REPORTING BANKS IN THE UNITED STATES AND POSSESSIONS

The statements following show a summary of the resources and
liabilities of all reporting banks in the United States and possessions
on June 30, 1928, and a comparison of these items with the amounts
reported as of June 30, 1927:
Summary of reports of condition of 26,213 reporting banks in the United States
and possessions, at the close of business June 30, 1928
[In thousands of dollars]
RESOURCES

Loans and discounts:
On demand (secured by collateral other than real
estate)
4, 197, 184
On demand (not secured by collateral)
1, 220, 556
On time (secured by collateral other than real
estate)
4, 526, 149
On time (not secured by collateral)
7, 846, 456
Secured by farm land
455, 161
Secured by other real estate
5, 926, 270
1
Not classified ..
15, 370, 291
Total
Overdrafts
Investments (including premiums on bonds):
United States Government securities
State, county, and municipal bonds
Railroad bonds
Bonds of other public service corporations (including street and interurban railway bonds)
Other bonds, stocks, warrants, etc
^__

39, 542, 067
50, 407
4, 152, 862
1, 890, 330
1, 702, 812
1, 619, 056
9, 406, 754

Total
18,771,814
Banking house (including furniture and
fixtures)
1, 663, 696
Other real estate owned
_
•
403, 967
Due from banks.
3,616,408
Lawful reserve with Federal reserve bank or other reserve agents. _ 3, 105, 840
Checks and other cash items
854, 531
Exchanges for clearing house
„
_
898, 567
Cash on hand:
Gold coin
.
32, 741
Silver and minor coin
54, 382
Paper currency
487, 371
2
Not classified
313, 351
Total

887,845

Other resources 8

1, 779, 186

Total resources

71, 574, 328
LIABILITIES

Capital stock paid in
Surplus
Undivided profits (less expenses and taxes4 paid)
Reserved for taxes, interest, etc, accrued
National-bank circulation
Due to all banks
Certified checks and cashiers' checks outstanding
Dividend checks outstanding

-_ 3, 525, 522
4, 145, 529
1, 226, 361
83, 753
649, 095
4, 081, 028
'
807, 580
57, 005

1 Includes $15,199,815,000 reported for banks other than national, a part of which should probably be
classified elsewhere in the schedule.
2 Reported for banks other than national.
8 Includes $414,573,000 customers' liability account of acceptances reported separately by national banks
only.
* Reported separately by national banks only.



EEPOBT OF THE COMPTROLLER OP THE CURRENCY

93

Individual deposits (including postal savings):
Demand deposits—
Individual deposits subject to check
21, 059, 876
Demand certificates of deposit
480, 579
State, county, or other municipal deposits
1, 425, 113
Other demand deposits
1, 341, 083
Time deposits—
Savings deposits (including time certificates of
deposit)
28, 132, 575
State, county, or other municipal deposits
286, 552
Postal-savings deposits
118, 982
Not classified
399, 938
Total
53, 244, 698
United States deposits (exclusive of postal savings)
222, 816
Notes and bills rediscounted
319, 317
Bills payable (including all obligations representing money borrowed
other than rediscounts)
1, 246, 829
Other liabilities
1, 964, 795
Total liabilities

71, 574,328

Resources and liabilities of all reporting banks in the United States and possessions
June 30, 1928, compared with June 30, 1927
[In thousands of dollars]
June 30,1928 June 30,1927
(26,213banks) (27,061banks)

Increase

Decrease,
848 banks

RESOURCES

Loans and discounts, including rediscounts
Overdrafts
Investments, including premiums on bonds___
Banking house, furniture and fixtures..
Other real estate owned
Due from banks
_
Lawful reserve with Federal reserve banks or other reserve agents
-.
_-Checks and other cash items
Exchanges for clearing house
Cash on hand
,
Other resources—
Total resources
_

39, 542, 067
50,407
18, 771,814
1, 663, 696
403, 967
3, 616,408

37,270, 378
43,450
17, 255,093
1, 580,105
399,473
3, 967,448

2,271,689
6,957
1, 516,721
83,591
4,494

3,105, 840
854, 531
898, 567
887, 845
1, 779,186

2, 932, 954
1,060, 990
1,120,177
1,007,896
1,494, 594

172,886

284, 592

71, 574, 328

68,132, 558

3, 441, 770

3, 525, 522
4,145, 529
1, 226, 361
83,753
649, 095
4, 081, 028
807, 580
57, 005
53, 244, 698
222, 816
58, 413,127
319,317

3, 376, 498
3, 764, 527
1,131, 206
70,326
650,946
4, 289,337
1,119,943

149,024
381,002
95,155
13,427

51,132, 554
194,024
56, 735, 858
228,127

57, 005
2,112,144
28, 792
1, 677, 269
91,190

1, 246, 829
1,964, 795

601, 381
1, 573, 689

645, 448
391,106

71, 574, 328

68,132, 558

3, 441, 770

351,040
206, 459
221, 610
120, 051

LIABILITIES

Capital stock paid in
Surplus
_
Undivided profits, less expenses and taxes paid
Reserved for taxes, interest, etc., accrued
National-bank circulation
_
Due to banks
Certified checks and cashiers' checks outstanding
Dividend* checks outstanding
Individual deposits, including postal savings
_.
United States deposits
Total deposits
_
_
Notes and bills rediscounted
Bills payable, including all obligations representing
money borrowed other than rediscounts
Other liabilities
Total liabilities....

1,851
208, 309
312,363

The table following shows the population of each State, number of
reporting banks, resources and liabilities, a classification of loans and
discounts, investments, cash, and individual deposits, June 30, 1928,
with a recapitulation by classes of banks:



CO

Assets and liabilities of reporting banks in the United States, Alaska, and irisulat possessions June, 1928
[Includes National, State (commercial) banks, loan and trust companies, savings and private banks]
Resources (in thousands of dollars)

States and Territories,etc.

Maine
New Hampshire
Vermont
Massachusetts
Rhode 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
Ohio
Indiana

Population
(approximate)

Number of
banks

787,000
457,000
356,000
4, 230,000
685,000
1, 625,000

140
123
105
446
37
252

Loans and
discounts,
including
rediscounts

Overdrafts

Investments (including
premiums
on bonds)

209,759
147, 674
156,045
2,936,141
285,102
849, 237

87
49
63
313
28
308

218,315
153, 230
95,023
1, 778,039
252, 271
450,021

Banking
house (including
furniture
and
fixtures)

Other
real
estate
owned

4,964
5,443
3,012
73,873
6,840
29,485

1,467
89
4,843
35, 679
453
9,528

Due
from
banks

14, 508
9,024
9,451
140, 631
8,268
34,094

Lawful reserve with
Federal
reserve
banks or
other reserveagents
5,470
3,591
2,700
134, 523
16, 351
31, 553

Checks

and
other
cash
items

664
1,010
614
19, 783
326
3,262

Exchanges

for clearing house

385
131
14
17,810
2, 325
5,034

Aggregate
resources

Cash on
hand

Other resources i

5,310
2,158
2,166
26,594
7,509
12, 241

22,104
526
4,689
97, 656
5,473
3,979
134,427

8,359,308

886, 727
37,442
97, 308
2,218
9,610
2,054
255, 221 1, 035, 359

20,043, 236
2,813, 501
6,835, 244
164, 238
967, 568
326,438

483,033
322,925
278, 62C
5, 261,042
584, 946
1, 428, 742

8,140,000

1,103

4, 583,958

848

2,946,899

123, 617

52,059

215, 976

194,188

25, 659

25, 699

55, 978

11,650,000
3,850,000
9,650,000
245,000
1,625,000
530,000

1,146'
572
1, 628
61
238
42

4,102
250
658
29
251
53

6,350
12, 306
47,957
1,195
4,762
3,085

503, 628
104, 073
265, 447
3,676
43, 207
23, 948

1,049,444
75,873
303,146
6,397
42,106
9,404

5, 343

630,850

75, 655

1, 486, 370

513, 627
10,124
59,065
643
12, 823
3,813
600,095

2,520,000
1, 650,000
2, 930,000
1, 840,000
3,130,000
1, 310,000
2, 530,000
1, 793,000
1,930,000
5, 310,000
1,895,000
2, 530,000
2,470,000

494
330
518
262
454
302
357
344
229
1,386
437
583
507

467,873
294, 741
358, 660
147, 247
312, 363
235, 461
243, 502
168,119
329,891
795,126
167, 356
391, 212
342,984

218
170
209
334
426
66
198
1,974
1,053
1,838
278
196
780

95,157
68,883
57,312
48, 378
58, 795
122,472
57,958
53, 651
71,4.01
239, 293
37,126
127,163
63,866

20,818
19,404
21, 760
7,682
15,423
17,882
11,677
6,006
28,833
47,347
7,140
7,119
21,379

5,745
5,418
3,903
5,837
9,113
4,915
4,659
2,210
5,809
15, 325
4,221
1,127
6,223

943, 979
45, 658
32, 719
19, 956
23, 259
33,108
73,569
28, 823
34, 366
49, 283
147, 291
15, 376
23, 772
65, 454

614,084
7,135
22, 253
148
3,054
2,926
649, 600

125,109
30, 229
84,415
1,445
8,928
5, 095

3,687

4, 732,107
844,507
2,433,000
51,430
336,079
64,106
8,461,229

292,925
84,411
205,931
4,477
21,488
21, 618

27, 550,000

11,315,133
1, 607,151
3, 316,064
92, 580
485, 260
190, 336
17,006, 524

15, 033
7,706
40, 287
4,653
30, 533
11, 304
12, 393
4,086
19,040
103,925
29, 637
13, 406
12,157

4, 400
820
1, 584
961
3,087
2,905
1,917
823
2,138
7,899
871
1,200
7,641

2,960
2,079
5,157
923
3,542
1,702
1,623
976
7,551
9,741
222
1,513
1,988

7,832
7,649
8,118
3,433
7,296
12, 254
8,150
3,999
8,799
25, 571
5,085
51,434
7,877

31,838,000

6,203

4, 254, 535

7,740

1,101,455

232,470

74, 505

592, 634

304,160

36, 246

39,977

157,497

116, 541

6,917,760

6, 563,000
3,155,000

1,051
1,028

2,016,113
662,026

977
513

764, 229
227,655

110,468
41,438

19,031
10,045

113, 362
104, 200

216, 631
20,514

2,946
7,877

6,833
3,592

67,447
24, 202

59, 001
119, 201

3, 377,038
1, 221, 263




24,196
2,686
2,745
2,332
4, 573
4,611
2,030
7,410
11,341
18, 532
1, 753
15, 312
19,008

31,150, 225
689,890
442, 275
519, 691
245,039
478, 259
487,141
372,936
283, 626
535,139
1,411,888
269,065
633,454
549, 357

[Uinois
Michigan

Wisconsin
Minnesota
Iowa
Missouri
Total Middle Western States
__.
North Dakota
South Dakota
Nebraska
Kansas
Montana
Wyoming

_
_

Colorado
New Mexico
Oklahoma

Total Western StatesWashington
Oregon

_

California
Idaho
__
Utah
Nevada
Arizona
Total Pacific States.
Alaska
The Territory of HawaiL.
Porto Rico
Philippines
Total possessions
Total United States
a n d possessions

399, 390
48, 360
42, 961
109, 504
109, 364
208,292

210, 059
175, 227
84,165
33, 922
21,470
37,814

18, 214
14, 247
4,925
6,233
2,495
2,810

87, 341
35, 870
9,433
8,267
4,386
11,178

59, 590
30, 742
17,135
22,499
18,424
21, 594

101, 651
43, 270
2,799
7,286
2,341
17,358

4, 897,094
2, 407,855
1,138, 517
1,149, 707
1, 019,438
1,618,488

126,231 1,135,433

799,802

59,747

166,900

261, 633

352,907

16, 829,400

12,047
3,597
14, 212
14,045
4,619
2,003
25,819
1,875
25,262

599
327
3,361
1,208
437
213
2,809
347
3,683

373
745
2,824
3,221
493
271
3,159
4
2,679

3,770
3,496
11, 210
9,523
5,007
1,891
7,699
1,285
7,375

338
877
2,113
6,785
371
177
1,123
200
1,352

162,314
179, 234
542, 784
543, 602
191, 027
73,002
347,474
48, 214
532,038

343, 777

103,479

12, 984

13, 769

51, 256

13, 336

2, 619, 689

36,010
24, 336
238,459
13, 704
17,014
5,751
8,070

38,211
22,321
142,061
3,107
5,708
881
5,552

2,216
1,459
62,351
318
762
213
228

5,748
5,303
37,625
409
1,383
85
753

8,559
7,052
59,661
2,243
1,679
1,453
3,158

6,248
1,529
64,943
2,300
1,828
1,001
703

553, 348
336, 547
4,023,179
105, 716
186,822
49, 069
98,090

31, 576

343,344

217,841

67,547

51, 306

83,805

78,552

5, 352, 771

71
575
403
833

1,845
11, 753
4,818
22, 849

77
403
1,868
400

23
798

1,078
4,751
3,306
13, 320

29
9,709
3,276
35,050

14,133
115, 262
67,293
148,487

1,882

41, 265

2,748

821

22,455

48, 064

345,175

3,105,840

854, 531

898, 567

887,845 1, 779,186

71, 574,328

207,156
111, 812
1, 517
16, 809
516,413
824
854,531

756,176
103,625
209
3,340
35,174
43
898, 567

740, 954
315,113
367, 270
366,019
66, 748
31,162
19,912
4,066
151, 571
598,188
3,211
2,817
887,845 1, 779,186

28, 508,239
16, 291,003
9, 688,159
1, 707,197
15, 230,896
148,834
71,674, 328

7,260,000
4,425,000
2, 940,000
2, 675,000
2, 530,000
3,478,000

1,816
784
967
1,134
1,372
1,365

2,834, 389
997, 927
642, 039
538,460
597,408
883,391

1,606
641
526
565
525
870

1,053, 655
976, 376
295, 749
387, 661
203,169
385, 726

109, 708
76,444
28, 625
20,615
30,463
36,790

33,026,000

9,517

9,171,753

6,223

4, 294,220

454, 551

668,000
696,000
1, 388, 000
1,842,000
700,000
233,000
1,065,000
395,000
2, 372,000

489
412
904
1,114
203
86
285
58
668

90,863
94, 081
307, 759
297,881
94,160
38,932
165, 525
23, 771
254,737

251
197
547
501
376
79
298
18
471

34,165
37, 374
90, 338
108, 723
53, 079
16,322
100, 246
13, 655
140,108

5,442
5,155
13,651
17, 553
4,685
1,904
7,315
1,615
17,252

6,815
5,876
12,746
6,878
2,758
716
2,651
558
3,061

7,651
27, 509
84,023
77, 284
25,042
10,494
30,830
4,886
76,058

9, 359, 000

4,219

1,367, 709

2,738

594,010

74, 572

42,059

1, 555,000
875,000
4,465,000
520,000
518,000
79,000
439,000

352
243
496
140
105
35
45

275, 348
147, 340
2,330,920
47,905
119,123
28, 631
51, 049

268
232
2,222
95
304
109
42

163,450
114, 626
958,479
31,015
32,682
8,523
24, 094

15, 327
10, 381
106, 331
3,093
3,494
1,544
2,173

1,963
1,968
20,127
1, 527
2,845
878
2,268

8,451,000

1,416

3, 000, 316

3, 272

1, 332,869

142, 343

91,000
310,000
1, 385,000
11,170,000

17
23
16
12

5,897
59,081
47,138
45,156

21
1,610
244
22,368

4,821
25, 291
3,988
7,032

271
2,089
1,454
1,479

12, 956,000

68

157, 272

24, 243

41,132

5,293

131,320,000

26, 213

39,542,067

50,407

18, 771,814 1,663,696

21,491
8,751
10,160
14,695
29,393
12,665

403,967 3,616,408

RECAPITULATION

National banks
State (commercial) banks _
Mutual savings banks
Stock savings banks
Trust companies __
_
Private banks
Grand total.
1

7,691
15,078
616
791
1,633
404

15,144,995
9,450,337
5,511,918
1,049,969
8,298, 341
86, 507

10,138
34, 535

26,213

39,542,067

50,407

207
5,138
389

721,229
458,961
100,716
45,791
333,652
3,347

125,680 1,885,967
145,434
908, 578
14, 600
210,698
23,335
87, 864
88,056
510, 014
6,862
13,287

1,453, 383
802,255

18,771,814 1,663,696

403,967 3,616,408

3,105,840

7,147,448
3, 542,177
3, 750, 591
427,987
3,874, 652
28,959

Includes $414,573,000 customers' liability account of acceptances reported separately by national banks only.




27,917
819, 697
2^588

Or

CO

Assets and liabilities of reporting banks in the United Statesy Alaska, and insular possessions June, 1928—Continued
Liabilities (in thousands of dollars)

States and Territories, etc.
Capital
stock
paid in

Maine. _.
. _
New Hampshire._.
Vermont
Massachusetts.. . . _
Rhode 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
GeorgiaFlorida. . . .
Alabama. _.
_
Mississippi...
Louisiana
Texas.
Arkansas
Kentucky
Tennessee..
__.
Total Southern States.

Ohio
Indiana

_

_

_.




,.

Surplus

Undivided
profits
(less
expenses
and taxes
paid)

Reserved National
for taxes, bank
interest, circulaetc.,
tion
accrued2

Due to
banks

Certified
checks
and
cashiers'
checks
outstanding

Individual
Divideposits
dend
checks (including
outpostal
standing savings)

United
States
deposits

Bills payable (including all
Notes obligations
Other
and bills representing money liabilities
rediscounted borrowed
other thanrediscounts
936
773
1,097
35,109
1,481
2,356

8,571
3,377
2,850
35,237
2,799
28, 259

20,731
403
710
131,068
4,649
6,528

6,922, 740

244
735
278
23,090
513
1,484
26,344

41,752

81,093

164,089

13,866,636
2, 241, 368
4,879,719
123,700
758,279
244,099

36,868
8,241
25,133
97
1,454
3,272

26,795
9,343
24,063
271
2,040

430,397
66, 879
181,455
4,075
13, 591
4,540

919,677
54, 209
104, 505
2,168
8,818
1,513

22,113,801

75,065

62, 512

700, 937

1,090,800

454,120
327,920
359,085
185, 768
320, 966
380,889
267, 356
213, 550
365,055
987, 961
198,328
455, 697
405,030

2,635
439
1,157
1,294
2,680
1,936
2,749
438
2,476
17,146
481
551
1,773

8,235
3,374
10,545
2,415
13,870
1,198
6,215
5,220
15,670
4,451
1,074
4,876
3,067

23,925
12,056
24,305
3,687
11,301
3,515
12,184
11,872
20,698
9,027
7,541
8,702
5,255

13,301
6,530
8,076
134, 758
14, 365
44,405

19,164
20,275
14, 625
214,348
27,904
84,364

17,994
12,502
8,679
150,442
19, 525
51,207

486
122
110
9,005
436
1,497

5,217
4,648
4,253
18,254
3,984
9,604

3,928
3,385
1,311
152,916
5,080
11,915

740
663
546
14,470
865
4,671

454
99
207
1,263
44
653

391,267
269,413
235,878
4,341,082
503, 301
1,181,799

221,435

380, 680

260, 349

11, 656

45,960

178, 535

21, 955

2,720

711,269
138, 779
359,890
10,672
43,279
24.517

1, 576, 514
164,155
656, 813
13,918
70, 584
18,503

143,827
53,361
156,665
5,911
19,764
8,552

20, 930
2,038
8,341
82
766
419

67,536
22,051
81,756
1,054
7,790
3,964

1, 708, 589
38,065
319,156
1,651
37,913
15,935

1, 288.406

2,500,487

388,080

32,576

184,151

2,121,309

521,619
11, 294
29,854
438
2,171
936
566,312

12,579
3,718
7,894
201
1,119
188
25,699

60,121
34,811
38,494
19, 533
41,846
33, 577
28,886
16, 943
32,086
118,034
22,124
45,139
42,152

39,370
26,119
26,256
10,037
24,170
20, 574
20, 680
10,504
19,467
51,349
9,430
38,041
25,379

13,315
12,286
8,858
4,090
14,442
8,290
10,351
3,852
9,289
29,097
4,823
5,038
3,135

1,484
532
901
550
845
573
1,124
229
521
2,579
152
1,015
622

19,167
10,272
8,484
5,946
7,742
4,749
12,195
2,940
4,316
43,490
3,704
16,289
13,055

31,088
9,391
28,971
8,853
32, 596
36,549
8,735
11,128
45,672
120,487
17,202
22, 921
26, 333

3,190
2,276
6,232
938
1,836
6,004
760
1,762
3,079
13,629
3,094
5,071
1,295

1,638
1,070
766
382
616
534
252
217
414
1,545
486
412
265

533,746

321,376

126,866

11,127

152,349

399,926

49,166

8,597

4, 901,725

35,755

80, 210

154, 068

31,602
1,729
5,637
1,546
5,349
8,753
1,449
4,971
16,396
13,093
626
29,702
21,996
142,849

182,775
78,807

149,118
43,900

59, 556
22,469

1,909
654

36,436
21,901

126, 547
45, 537

5,254
7,029

1,013
1,328

2,637,373
833,441

5,274
1,966

13,887
38,601

57,566
9,812

100,330
115,818

Illinois
Michigan
_
Wisconsin.
^
Minnesota
Iowa
_
Missouri
Total Middle Western States.

284,479
122, 774
64, 756
61, 776
68, 940
118, 531
982,838

202,538
106,309
36, 562
34,159
30,803
64,347

127,898
40,328
22,889
18,482
13,886
33,438

667, 736

North Dakota
South DakotaNebraska
. . . .
Kansas
Montana Wyoming
Colorado
New Mexico____
Oklahoma
Total Western States

11, 928
12,167
33, 737
41, 981
11,445
4,285
17,975
3,240
33,802
170, 560

4,952
4,419
13,106
20,822
4,525
2,670
11,808
1,336
9,318

32, 257
21, 553
217, 588
6,343
11, 534
3,437
5,216
297, 928

Washington..
Oregon
California

.

__ _

Utah.
NevadaArizona
Total Pacific States
Alaska.
The Territory of Hawaii— _.
Porto Rico »*i
Philippines.
Total possessions
Total United States and possessions.. _ _

36,087
16,567
15, 967
14,182
14,187
16, 325
171,652

376,846
51, 660
47,393
83,149
52, 540
132, 734

42, 695
14, 310
6,331
10,405
2,839
10, 828

338,946

7,551
1,655
1,881
3,643
599
476
18, 368

916,406

99, 691

14
113
800
504
268
26
843
7
606
3,181

3,363
2,235
7,534
9,643
2,378
1,461
4,191
1,252
6, 599

3,686
7,128
60,906
29, 058
8,420
3,025
18,784
1,297
43,252

1,306
1,377
3,401
3,696
950
588
4,135
461
6,704

72,956

914
1,546
5,659
6,491
2,800
979
5,377
323
5,048
29,137

38,656

175, 556

14, 728
9,469
151, 287
2,195
6,246
1,096
2,851

5,872
4,924
59,295
1,808
1,940
683
1,159
75,681

10,216
3,405
36,345
1,817
2,185
1,194
672
55,834

31, 267
18,462
194,374
3,339
14,906
1,939
1,995

187,872

933
759
4,808
103
137
51
43
6,834

363
2,774
996
3,169
7,302

4
7

60
433

30,609

403
5,767
2,517
5,735
14,422

11

3, 525, 522

4,145, 529

1,226, 361

83, 753

915
8,340
8,319
13, 035

5,868
2,786
1,094
681
199
530
13,499

3,631,358
1,895,428
916,101
900, 353
821,119
1,157, 776
12,792, 949

2,852
7,739
2,423
4,258
1,213
3,046

18,425
6,776
6,999
2,044
2,701
11,148

70,899
66,953
13,281
12,687
3,201
45,152

89, 598
74,570
2,840
3,888
7*211
24,157

28, 771

100, 581

279, 551

418,412

134,084
148, 061
412,466
418,252
159, 266
59, 210
281, 018
39, 558
417,843

156
566
512
1,776
339
124
466
118
1,052

700
677
1,320
4,612
496
584
983
177
5,038
14,587

1,062
618
2,881
1,499
73
21
1,137
196
1,593

128
285
305
4,829
40
10
565
193
873

22,618

21
42
157
439
27
19
192
56
310
1,263

9,080

7,228

4,570
2,685
34, 590
1,029
1,290
701
1,160

574
189
4,017
46
118
24
58

1,821
2,590
10,131
450
1,574
319
415

266, 282

46, 025

5,026

4,224
459
76,948
2,108
18,476
191
377
102, 781

90
582
728
413

10
138
52
1

493

79
1,957
6,900
14,078
23,014

1,813

649,095

4,081,028

2,069, 758

5,109

440,064
270,409
3,174, 705
85, 720
127,822
39, 340
83, 790
4,221,850

4,065
265
44, 923
325
15
94
106
49, 793

2,757
1, 378
14,168
435
579

383
1,543
53

89
2
19

201

11, 723
85,845
38, 705
85, 602
221, 875

1,979

110

4,800

14
7,360
4,875
26,297
38, 546

807, 580

57,005

53, 244,698

222,816

319,317

1,246,829

1,964, 795

2,738,017
513, 947
204
10,995
816, 443
1,422

386, 567
98,048
25
398
322,422
120

28,404
11,892
149
63
16,464
33

19, 3003 433
12, 725,135
8, 672,823
1, 561, 218
10,874, 503
110, 586

185, 916
7,855

179, 077
72, 328

343
28, 702

850
66, 649
413

622,108
327,037
540
2,291
283,277
11,576

763,881
460,178
14, 242
2,590
717, 602
6,302

4,081,028

807, 580

57,005

53, 244, 698

222,816

319, 317

1, 246,829

1,964, 795

248
19, 565

17, 300
514
4,129
157

RECAPITULATION
National banks
State (commercial) banks

Mutual savings banks
Stock savings banks
Trust companies
Private banks
Grand total
2

557,437
285,926
148, 586
17, 099
215, 538
1,775

83, 753

68,878
803, 328
8,278

1,419,695
737,475
851, 590
42,472
1,085,968
8,329

3, 525, 522

4,145, 529

1, 226,361

83, 753

1, 593,856
1,051,182

Reported separately by national banks only.




649,095

649,095

CD

Assets and liabilities of reporting banks in the United States, Alaska, and insular possessions June,

1928—Continued

SO
00

[In thousands of dollars]
Loans and discounts

States and Territories, etc.

Maine
_
New Hampshire
Vermont
_
Massachusetts
_
Rhode 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




Investments

On
On
On time, On time,
demand
Secured Secured
secured by demand, secured by
not
Not
collateral secured by by farm by other classified3
not
collateral secured by other than
other than collateral real estate collateral land real estate
real estate
15,838
12,228
6,097
297,648
24,649
61,973

9,256
5,675
6,634
92,012
6,905
18, 742

11,692
4,066
4,256
299,943
49,612
145,457
515,026

34,025
17,408
17, 703
530,644
71,931
146, 525
818,236

418,433

139,224

1,069,825
334,359
935, 729
31, 797
114,349
73,094

148,647
87,467
272,680
6,295
35,690
4,918

2,559,153

555,697

21,704
8,225
3,397
9, 767
25, 354
23,407
8,792
2,015
6,833
84, 662
5,691
21,865
12,925

9,133
4,620
4,053
2,540
5,306
3,087
6,241
806
5,781
36, 531
1,146
10,117
5,405

71,053
33,887
101,957
22,791
55,610
37,014
49,412
19,302
20, 786

149,663
69,548
203,728
36,613
80,364
47,046
71,776
26,420
40,731

16, 317
42,295
46, 955

281,073
27,927
93,056
98,278

234,637

94,766

816,247 j 1,226,223

758,804 1,367,185
109,869
611,134
441,647 1,050,899
10,628
18, 220
61,969
143, 771
20, 526
61, 572
1,403,443 3,252, 781

7,499
91,654
89,681
1,451,202
131,812
457,979
2,229,827

70,167
16,226
30,082
262,773
75
18,115

8,278
4,346
440,824
20,866
591,001
22, 703
2,937
11,609
9,346
29,918
171
45,944 1,184,152

7,874,297
19,152
3,242

61,282
417
1,592
1,919
118
446
65, 774

5,914
1, 206
3,238
3,904
5,388
2,179
4,352
3,548
4,375
26,234
3,791
6,639
3,274
74,042

11,711
9, 648
40,378
2,817
7,405
10,914
4,801
4,255
1,853
38,040
24,095
6,227
4,381
166, 525

397,438

108,526
137
8, 005, 354
198, 695
167, 607
1,909
68,815
132,936
111, 814
98,128.
I l l , 773
249,532
29, 718
211, 013
171, 766
1, 642,095

State,
U. S.
Govern- county,
and
ment
securities municipal
bonds
34,505
27,396
13,414
150,810
65, 586
68,009
359, 720
737, 280
144, 516
550,325
5,904
63,681
24,668
1, 526, 374

Railroad
bonds

Bonds of
other public
service corporations
(including
street a n d
interurban
railway
bonds)

Other
bonds,
stocks,
warrants,
etc.

12,178
7,992
4,507
390,809
9,263
28,967

24,919
26,958
3,994
281,426
36,780
131,535

453,716

505,612

99,039
47,674
42,179
48, 705
27,617
45,491
294,731
660,263
87,136
53, 506
82,131
139,379
605, 868 1, 021,983

125,324
138,339
204,337
6,833
26,695
1,676

184, 349
208,611
507, 575
11,235
79,370
7,821
998,961

146,173 3, 538,981
240, 791
112, 250
812, 595
358,168
15,941
11, 517
96,500
69,833
20,698
9,243
707,184 4, 725,50Q

503, 204

32,446
22,435
28, 948
18, 072
24,581
48,920
20, 696
7,570
18,812
150,088
17,989
35, 056
18,916

5,466
1,174
12,000
4,792
2,863
40,118
9,400
8,962
2,602
32,128
3,728
2,529
5,775

2,876
2,044
316
428
996
3,711
3,277
354
115

444, 529

131, 537

2,740
4,085
399
1,091
2,182
2,603
2,517

383
6, 008
1,241

449
101
5,482
269
7,622
1,683

51, 629
39,145
15, 649
23, 995
28,173
27,120
22, 068
36, 316
49, 771
45, 513
14, 757
75, 948
36,251

27,831

31,223

466, 335

Ohio.__
Indiana
Illinois
- Michigan
Wisconsin
Minnesota
Iowa
Missouri
Total Middle Western States
North Dakota
South DakotaNebraska
Kansas
Montana
WynrniTig

Colorado.
._ _
New Mexico
Oklahoma
Total Western States.—
Washington
Oregon
California
Idaho
Utah
Nevada
Arizona
Total Pacific States
Alaska
_.
-__
The Territory of Hawaii
Porto Rico
_
Philippines
Total possessions
Total United States and possessions.

94,876
13,248
308,446
29,891
40,997
56,979
16,455
74, 577
635,469

60,373
11,941
67,173
5,675
36,993
30, 372
9,021
30, 602
252,150

77,994
49,350
297,946
142,671
138,983
77,073
51,137
121,161

190,282
141, 335
459,218
140, 706
295,080
125,290
85,332
133,125

14,401
11, 735
16,861
6,620
7,692
17, 628
18, 573
4,157

645, 903
15, 391
291,943
124,134
121, 271
9,927
7,517
12, 022

932, 284
419,026
1,392,802
548,230
1,023
221,191
409, 373
507,747

220, 610
70, 377
358, 345
56, 340
68,992
117, 791
62,991
54, 641

956,315

1, 570, 368

97, 667

1, 228,108

4,431,676

1,010,087

2,691
3,159
18, 008
7,328
24, 293
2,437
36, 293
2,165
16,803
113,177

2,486
576
17,492
6,017
7,289
227
14, 925
790
6,790

12,463
29, 576
130, 297
58, 218
22, 641
8,793
38,077
7,948
80,083

7,152
9,792
23,003
7,122
1,861
2,573
4,572
1,312
4,904

17, 642
139, 759
7,168
168
220
623
48, 643

12,172
16, 310
33,000
35,877
22,429
7,237
37,616
7,420
54,412

388, 096

62, 291

1,890
1,147
7,981
29,295
1,098
901
9,620
1,587
6,296
59,815

44,362

56,592

19,819
49,831
93,336
50,142
29,810
23,833
61,818
9,346
91, 218
429,153

258, 585

18,881
27, 232
136,797
2,023
11, 595
9,355
13,312

7,888
30,778
69,447
632
2,160
2,007
370

50, 276
24,353
252,609
8,711
29, 788
5,347
13, 317

75, 732
43,015
385, 390
13,108
31,221
4,199
11,764

3,957
3, 267
88, 206
1,862
5,530
789
3, 565

3,688
18, 382
962,626
578
37,609
6,699
7,013

114,926
313
435,845
20,991
1,220
235
1,708

219,195

113,282

384,401

564,429

107,176

1, 036, 595

141
8,857
5,952
2,170

608
2,056
5,311
870

974
3,093
20,478
1,778

1,206
13,687
3,200
3,155

17,120

8, 845

193
11,000
8,271
2,100
21, 564

4,197,184

1, 220, 556

4, 526,149

7, 846,456

3, 000,924
160, 834
28,900
18, 993
981,492
6,041
4,197,184

872, 744
116, 766

3, 589, 225
405, 092
13,714
5,465
506,579
6,074
4, 526,149

6, 225, 711
595, 862
8,169
12, 250
998,012
6,452

26, 323

17, 239
10,164
29,314
8,317
15,837
21, 601
5,178
12,385
120,035

14,265
18,507
38,998
20,001
64,433
15,062
12,448
9,494
193,208

356,620
119,801
420,275
861,034
110,514
203,653
113,141
283,986
2,469,032

1,225
968
7,098
720
1,681
472
6,245
426
1,352

2,812
2,189
13,936
1,454
9,319
412
6,432
277
1,420

15,136
10,410
25,649
31,934
20,951
6,591
33,356
4,098
45,853

226,473

2,820
7,497
10,655
38, 738
5,699
1,610
16, 597
1,434
37,071
122,121

20,187

31, 251

193,978

45,453
49,612
452,697
6,681
9,890
2,667
11,489

15, 039
26,452
115,464
2,012
5,105
2,032
4,286

10, 754
5,134
8,412
697
2,353
298
709

7,858
8,389
25,851
683
2,036
555
1,500

84,346
25,039
356,055
20,942
13, 298
2,971
6,110

575, 238

578,489

170, 390

28, 357

46, 872

508, 761

2,775
20, 388
1,746
34,996

1,609
4,145
1,113
323

532
5,811
911
250

602
2,848

21, 248

59, 905

7,190

7,504

399
807
58
565
1,829

3,450

1,679
11, 680
l,90 6
5,894
21,159

5, 926, 270

15,370, 291

4,152,862

1,890, 330

1, 702, 812

1, 619, 056

9,406, 754

170,476
6, 929, 560
3,390,446
339,374
4,483,873
56, 562
15, 370, 291

2,891,167
551,074
203, 344
122,862
379,424
4,991

840, 461
325,092
478,977
8,007
235,474
2,319
1,890, 330

742, 784
108, 603
476,700
5,709
284,436
824
1, 619, 056

1,992, 029
2, 500,360
1,900,342
281,323
2,712,071
20,629

4,152,862

681, 007
57,048
691, 228
10, 086
263, 247
196
1, 702,812

2,180
87
2,267
455,161

155,487
8,808
206, 723
30, 684
35,973
29, 554
9,411
25, 220
501, 858

RECAPITULATION

National banks
State (commercial) banks,
Mutual savings banks
Stock savings banks
Trust companies
Private banks
Grand total__
3

474
229, 540
1,032
1, 220, 556

7,846,456

325,125
49, 504
32, 624
1,639
43, 279
2,990
455,161

960, 790
1,192, 719
2,038,065
671, 774
1,055,566
7,356
5,926, 270

Includes $15,199,815,000 reported for banks other than national, a part of which should probably be classified elsewhere in the schedule.




9,406, 754
CO
CO

O
O

Assets and liabilities of reporting banks in the United States, Alaska, and insular possessions June, 1928—Continued
[In thousands of dollars]
Demand deposits

Cash
States and Territories, etc.

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
Ohio
Indiana
Illinois




""I.

Gold
coin

92
112
409
554

Silver
and
minor
coin 4
130
158
77
1,119

Paper Cash not
currency classified"

Individual
deposits
subject
to check

State,
county,
or other.
municipal
deposits

Other
demand
deposits

28,283
1,037,208
120, 389
274,489

3,004
1,868
1,032
12,495
6,196
16, 590

272

15
739
42

6,540
10,298

360
1,269
15,268
26
267

148
4,631
13,702

1,430
1,528
754

75,175

Demand
certificates of
deposit

Time deposits
Deposits
Savings
State,
not
deposits,
county,
Postal
classiincluding
or other savings
time cer- municipal deposits fied 7
tificates of deposits
deposit 6

78
8,853

312,997
229,415
206,450
2,657,334
366, 527
866,052

5,116
301

76
207
60
3,255
364
742

1,070

24

2,116

2,666

30, 348

20,848

1, 572,432

41,185

18,753

640,369

4,638,775

5,428

4,704

1,094

1,179
1,694
5,535
80
422

3,294
2,573
7,037
145
723
317

92,398
25,892
71,843
1,220
7,783
4,680

28,238
70

6,102,383
774,934
2,017,042
52,096
246,648
138,915

21,942
20,340
28
340
1,059

140,157
79,772
46, 737
10,282
8,109
1,247

434,134
7,006
14,127
4
252
4,871

7,112,120
1, 338,480
2, 768,694
59,897
500,831
97,169

9,447
15, 554
4,680

14,051
2,077

2,023
500

15,936
1,603
8,099
78
76
338

9,008

14,089

203,816

28,308

9, 332,018

82,117

26,130

17,443

353
187
156
148
137
167
297
262
355
1,343
321
245
200

497
281
371
465
472
410
485
643
1,187
3,521
712
396
434

3,631
2,646
2,057
2,820
2,615
3,577
3,348
3,094
7,257
19,980
4,052
2,860
2,753

3,351
4,535
5,534

9,824
2,360
7,155
934
2,509
626
2,433
469
1,788
11,742

47,933
4,490

178,606
150, 637
150, 526
74,820
158, 611
144,764
144,434
78,512
208,974
650,025
86, 750
109, 659
215,746

4,171

9,874

60, 690

82, 762

2, 352,064

649
869
2,852

1,217
838
5,818

11,120
7,789
50,920

54,461
14,706

856, 529
368, 237
1,871, 547

4,072
8,100
4,020
727

460,394

11,877,191

32,204

256, 781
171, 614
167, 378
96, 638
155,936
148,832
114, 518
101,460
131,860
210, 561
74,305
91,977

962

5,759
2,171
47,281
4,418
31,476
5,563
86, 278
26,947
2,282
2,588

181
215
2,519
63
39
377
698
330
15,299
6,975
2,623
480
79

1,663
28
1,121
6,646
625
10, 509
615
1,236
1,434
16,665
277
21
1,905

48,320

254, 557

29,878

1,905, 388

42, 745

11,019

28, 072
3,996
64, 740

191, 030
20,372
67,967

21,137
23, 063
2,920

1, 515,893
415, 363
1. 606,855

23, 512
973
13, 829

1,200
837
3,500

6,941
2,770

1,315

124
296
303
908
1,075
3,802
240
67
137
3,097
2,618
557
191 "250,438
222
257, 754

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
Alaska..
"
The Territory of Hawaii
_
Porto Rico
Philippines
Total possessions
_
_
Total United States and possessions

422
1,061
376
485
321

831
1,971
1,005
862
701

6,945
13, 503
6.575
5,626
4,243

22,544
14,543
11,451
16,329
134,034

87, 718
21, 387
7,769
12, 607
8,951

38, 503
59, 363
34,615
861
9,224

108, 243
399
19, 377
706
946

1,046,157
529, 259
525, 934
490, 111
410, 681

1,096
3,869

2,440

1,632
1,155
6,803
7,868
2,407

7,391

3, 920
5,580
2,181

25426

5,332,902

235, 240

421, 935

177,391

6,540,253

52,435

25,402

4,140
3,311
14,574
15, 578
2,923
1,329
5,091
2,214
4,823

3,179
15,175
25,158
49,452
15,765
4,492
11,793
5,558
42,969

772
733
125
3,099
207
27
1,436
44
725

74,536
65, 305
190, 575
127, 262
67,915
23,606
113, 880
8,889
82, 520

1,709
1,935
976
579

2,084

48,274
58,331
180,397
219,432
66,201
28,382
143,785
21,181
187,177

14
1,830
540
16,152

1,474
3,271
661
2,850
6,255
1,360
3,203
1,132
4,803

78,674

12, 700

953,160

173,541

23, 735

25,009

78,674

166, 749
119, 627
1,026,166
37,406
47, 749
15, 605
39,996

53,827
22,952
147,492
12,992
5,296
1,811
8, 535

7,168
1,649
576
13,078
72
36
2
98

754,488

3,517
3,731
20,385

53,983
3,319
3,742
7,587
1,188
785
268
158
17,047

207,807
120,466
1,853,469
31, 567
71,944
21, 353
30,809

1,417
364
116,459
157
760
24
3,092

5,296
2,682
10,454
2,338
441
277
1,034

252, 905

15,511

122, 273

22, 522

68
879

63
2,233
339
52

959
9,471
6,688

3,450
4,282

556
20
133
3,487

35, 557

2,687
480,579

17,118
1,425,113

7
5,761
120
4,484
10, 372
1,341,083

2,337,415
4,924
36,911
13, 601
23,629

• 4,196
118,982

36, 703
399,938

7,635

13, 243

106,721

74
63
875
836
121
153
1,424
72
236

307
270
1,470
1,975
263
216
967
202
836

1,144
1,218
5,306
6,712
1,765
1,513
5,308
1,011
4,219

2,245
1,945
3,559

3,854

6,506
846
518
3,082
387
307
160
449

28,196
3,892
2,442
32,546
1,546
1,058
1,153
2,539

5,247
151
88
273
198

5,749

45,176

90
401
404
1,360

710
32,741

2,255
54,382

837
4,106
2,604
4,877
12,424
487, 371

304
361
3,648
310
314
140
170

608,159
295,089
303,674
306,540
723,127

2,858
9

27,633

1,453,298

5,214
26,853
156
13,542
25
18,393
6,885
64,002
7,066
313, 351 I 21,059,876

79,065
28,132,575

7,732
286,552

811

1,146

a

RECAPITULATION

National banks
State (commercial) banks
Mutual savings banks
Stock savings banks
Trust companies
Private banks
Grand total
4
6 Includes clearing-house certificates.
6 Reported for banks other than national.
7 Includes also all amounts reported as other

16,637
9,043
1,147
1,427
4,446
41

34,143
15,032
128
83
4,911
85

264,333
119,669
4,232
1,273
97,179
685

223,526
25, 655
17,129
45,035
2,006

9,926, 692
5,404, 272
6,930
126,427
5,555, 369
40,186

181,166
170,894
32
4,639
121,030
2,818

698,202
482,876

197, 735
72, 715

244,475
22,005
211
237
19,624

83,011
16,061

73
1,883
677

7,969,152
6,190,647
8, 665, 592
1,338,011
3,926,097
43,076

7,748
12,148
14

365,665
58
16
12,777
21,422

84,067
157, 575
2,393

32, 741

54,382

487, 371

313,351

21,059,876

480,579

1,425,113

1,341,083

28,132,575

286, 552

118,982

399, 938

time deposits.
Reported for banks other than national and probably includes amounts which should be classified under demand and time deposits.
s Includes $586,432,000 in trust departments of trust companies.




102

REPORT OF THE COMPTROLLER OF THE CURRENCY

INDIVIDUAL DEPOSITS IN AIL REPORTING BANKS
A classification of the individual deposits in each class of reporting
banks follows:
Individual deposits in each class of banks June SO, 1928
[In thousands of dollars]
Demand deposits «
Number of
banks

Individual
deposits
subject to
check

Demand
certificates of
deposit

State,
county, or
other
municipal
deposits
482,876
157, 575
84,067

72, 715

Other
demand
deposits

State (commercial) banks.
Loan and trust companies.
Stock savings banks
Mutual savings banks
Private banks

15,078
1,633
791
616
404

5,404, 272
5,555,369
6,930
40,186

170,894
121,030
4,639
32
2,818

2,393

677

Total
National banks
Grand total

18,522
7,691

11,133,184
9, 926,692

299,413
181,166

726, 911
698, 202

1,143,348
197, 735

26, 213

21,059, 876

480,579

1,425,113

1,341,083

126,427

73

Time deposits

Savings
deposits i

State (commercial) banks..
Loan and trust companies.
Stock savings banks
Mutual savings banks
Private b a n k s . - .
Total
National banks..
Grand total.--

State,
county,
or other
municipal deposits

Deposits
not
Postal classified
savings
deposits

6,190,647
3, 926,097
1, 338, 011
8,665, 592
43, 076

22,005
19, 624
237
211

16,061
12,148
7,748

365,665
12, 777
16
58
21, 422

12,725,135
10,874,503
1,561,218
8,672,823
110,586

20,163,423
7, 969,152

42,077
244, 475

35,971
83,011

399, 938

33,944,265
19,300,433

28,132,575

286,552

118,982

399,938

53,244,698

* Includes time certificates of deposit and items reported as " Other time deposits."




Total

REPORT OF THE COMPTROLLER OF THE CURRENCY

103

RESOURCES AND LIABILITIES OF ALL REPORTING BANKS, JUNE
30, 1924-1928
The principal items of resources and liabilities of all reporting
banks for the five years 1924 to 1928 are shown in the following
statement:
[In thousands of dollars]
1924 (29,348 1925 (28,841 1926 (28,146 1927 (27,061 1928 (26,213
banks)
banks)
banks)
banks)
banks)

Classification
KESOURCES

Loans and discounts (including rediscounts
Overdrafts.
Investments..
Real estate, furniture, etc. 1
Due from other banks and bankers 2
Checks and other cash items 3
_
Cash on hand
Other resources *

31,427,717 33, 883, 733 36, 233,490 37,270,378
56,334
50,259
49,470
43,450
14,228, 745 15,400,113 15, 815,141 17, 255,093
1,590, 259 1, 736, 585 1,851,967
1,979, 578
6,121,093 6, 774,392 6,769,061 6,900,402
1,992,370 2,181,137 2,037, 561 2,181,167
1,007,896
911, 500
951,286
996, 520
1,494,594
816,672
1,079,532 1,140,152

39,542,067
50,407
18, 771,814
2,067,663
6,722, 248
1,753,098
887,845
1, 779,186

57,144,690

68,132,558

71,574,328

3,114, 203 3,169, 711 3, 273,303 3,376,498
Capital stock paid in
_.
2,967, 359
3,173, 334
3, 764,527
3,471,968
Surplus fund..
971, 730
1,007,439
1,063,171
1,131, 206
Undivided profits
64,618
60,078
70,326
Reserved for taxes, interest, etc., accrued «
729,686
648,494
651,155
650, 946
Circulation (national banks)
3,928,292
4,370, 909
4,330, 605 4,289,337
Due to other banks and bankers
664, 857
698,861
655,649
1,119,943
Certified checks and cashiers' checks
42,954,121 46, 765,942 48,882,296 51,132,554
Individual deposits
152,302
147, 220
187,827
194,024
United States deposits
1,662,140
2,015,049
2,312, 770 2,403,197
Other liabilities *

3,525,522
4,145,529
1,226,361
83,753
649,095
4,081,028
e 864, 585
53,244,698
222,816
3,530,941

Total..

62,057,037

64, 893,362

LIABILITIES

Total

57,144,690

62,057,037

64, 893, 362

68,132, 558

71,574,328

* Includes banking house and other real estate owned.
2 Includes lawful reserve with Federal reserve banks.
3 Includes exchanges for clearing house.
4
Includes acceptances reported by national banks.
6 Reported separately by national banks only.
6
Includes dividend checks outstanding.
' Includes bills payable and rediscounts.

Principal items of resources and liabilities of all reporting banks in continental
United States, as compared with similar data from reporting member banks of
the Federal reserve system, on or about June SO, 1928
Member banks

Items

Loans 3
Investments
Cash
Capital
_
Surplus and undivided profits
Deposits (individual)
Aggregate resources
1
2
3

All
reporting
banks: *
26,145
banks (000
omitted)

Mutual
Per cent
Private
to all
savings
banks: 2
reporting banks: 2 404 banks
Per cent banks, 1 616 banks
8,929
(000 '
to all
banks (000 reporting except
(000
omitted) omitted)
omitted)
mutual
banksl
savings
and
private

$39,410,959 $24, 739, 273
18,730,682 10,758,386
865,390
449,198
3,494, 913
2,415,376
5, 350,166
3, 209,548
_ 53,022, 823 31,045,149
71, 229,153 45,091,849

Exclusive of banks in Alaska and insular possessions.
Included in all reporting banks in column 1-.
Including overdrafts.

20669°—H. Doc. 361, 70-2




-8

62.77
57.44
51. 91
69.11
59.99
58.55
63.31

73.17
71.96
54.03
69.28
73.95
70.18
73.45

$5, 511, 918
3, 750,591
31,162
1,000,176
8,672,823
9,688,159

$86,8S6

28,959
2,817
8,278
10,104
110,586
148,834

104

REPORT OF THE COMPTROLLER OF THE CURRENCY

CASH IN A l l REPORTING BANKS
In the statement following is shown a classification of cash in all
reporting banks, including the Federal reserve banks:
Cash in banks June SO, 1928
[In thousands of dollars]
7,691
national
banks

Classification
Gold coin
Gold certificates
Silver coin
Silver certificates
Legal-tender notes
_
National-bank notes 5
Federal reserve notes
Nickels and cents
_
Cash not classified
Total
Cash in Federal reserve banks:
Gold coin and certificates (reserve)
Reserves other than gold
Nonreserve cash
Grand total

--

_

16, 637
2 39,820
3 34,089
25,013
21,730
68,181
119,643

18, 522

State, etc.,
banks

Total
26, 225
banks*•
32,741
39,820
52,781
25,013
21,730
281,219
119,643
I, 547
313,351

16,104
18,692
4

223,038
1,547
313, 351

315,113

572, 732

_

887,845
2,583,310
154,974
62, 335

-

3,688,464

* Number of banks includes 12 Federal reserve banks.
2
Includes clearing-house certificates.
a Includes nickels and cents.
* All paper money.
s Includes Federal reserve bank notes.

MONEY IN THE UNITED STATES
Statements showing the stock of money in the United States in the
years ended June 30, 1914 to 1928; the classification of money in circulation June 30, 1928; a revised classification of money in circulation
June 30, 1900 to 1928; and imports and exports of merchandise, gold,
and silver in the calendar years 1914 to 1927 and the nine months
ended September 30, 1928, follow:
Stock of money in the United States, in the Treasury, in reporting banks, in Federal
reserve banks, and in general circulation, years ended June SO, 1914 to 1928

Year ended
June 30—

1914.
1915.
1916.
1917.
1918.
1919.
1920.
1921.
1922.
1923.
1924.
1925.
1926.
1927.
1928.

Coin and Coin and other
other money in Treasmoney ury as assets *
in the
United
States Amount Per
cent
Millions Millions
3,797.8
4,050.8
4,541.7
5,678.8
6,906.2
7,688.4
8,158. 5
8,174. 5
8,276.1
8,702.8
8, 846. 5
8, 303. 6
8, 429.0
8, 667. 3
8,118.1

338.4
348.2
299.1
269.7
363.5
585.1
490.7
463.6
406.1
386.5
359.4
363.8
353.2
350.9
351.3

8.91
8.60
6.59
4.75
5.27
7.61
6.01
5.67
4.91
4.44
4.06
4.38
4.19
4.05
4.33

general circulation, exCoin and other Held by or for Inclusive of amounts held
money in report- Federal reserve
by reporting banks and
ing banks 2
banks and agents Federal reserve banks
Amount

Per
cent

Millions
1,630.0
1,447.9
1,472. 2
1,487. 3
882.7
981.3
1,047. 3
926.3
814.0
777.1
900.8
938.3
975.2
985.1
866.5

42.92
35.74
32.41
26.19
12.78
12.76
12.84
11.33
9.84
8.93
10.18
11.30
11.57
11.36
10.67

Amount

Per
cent

Per
cent

Per
capita

Millions

Millions
383.0
593.3
1, 342. 7
2, 061. 0
2,226. 7
2, 200. 2
2, 799. 9
3,406.8
3,493.0
3,637. 8
3,124. 6
3,190. 5
3,465.1
2,970. 2

Amount

9.45
13.06
23.64
29.84
28.96
26.97
34.25
41.16
40.14
41.12
37.63
37.85
39.98
36.59

1,829.4
1,871. 7
2,177.1
2, 579.1
3,599. 0
3,895. 3
4,420. 3
3,984. 7
3,649. 2
4,046. 2
3,948.5
3,876. 9
3, 910.1
3, 866. 2
3, 930.1

48.17
46.21
47.94
45.42
52.11
50.67
54.18
48.75
44.09
46.49
44.64
46.69
46.39
44.61
48.41

18.47
18.58
21.25
24.76
33.99
36,70
41.25
36.87
33.25
35.04
33.98
33.82
33.03
33.18

1
Public money in national-bank depositories to the credit of the Treasurer of the United States not
included.
2
Money in banks of island possessions not included.
NOTE.—Population estimated at 107,155,000 in 1920, 108,087,000 in 1921, 109,743,000 in 1922, 111,268,000 in
1923, 112,686,000 in 1924, 114,104,000 in 1925, 115,614,000 in 1926, 117,034,000 in 1927, and 118,455,000 in 1928.




Circulation statemen I of United States money—June 30, 1928
Money held in the Treasury

Total amount*

Kind of money

Total

Reserve
Amount
against
held in trust
United
against gold
States
and silver
certificates notes (and
(and Treas- Treasury
notes of
ury notes
1890)
of 1890)

Held for
Federal
reserve
banks and
agents

Money outside of the Treasury

All other
money

Total

Held by
Federal
reserve
banks and
agents 2

In circulation

Amount

Per
capita

Population
of continental
United
States
(estimated)

3 $4,109,162,895 $3,215,615,889 $1, 513, 730,839 $156,039,088 $1, 387, 650,413 $158,195, 549 $893, 547,006 $516, 519,318 $377, 027,688 $3.19
Gold coin and bullion
« (l,513;730,839)
Gold certificates
1, 513, 730,839 494,582,280 1,019,148, 559 8.61
539,961, 701
Standard silver dollars..
59, 703,469
46, 221,545
.39
480,258,232 473,030, 301
13,481,924
7,227,931
4 (471,726,701)
Silver certificates
471, 726, 701
384, 576, 612 3.25
87,150,089
* (1,303, 600)
1,303,600
1,303, 600
.01
Treasury notes of 1890
299,010,231
278,175,094 2.35
Subsidiary silver
2,691, 643
18,143,494
2, 691, 643 296, 318,588
116, 688,811
Minor coin
.94
2,845,028
2, 782, 752 111, 061,031
2,845, 028 113,843,783
346, 681,016
343,659,912
3,021,104
45, 221, 560 298,438,352 2.52
3,021,104
United States notes
___
2,002,810,830
1,590, 525
1, 590, 525 2,001,220,305 374,787,433 1, 626,432,872 13.74
Federal reserve notes
4,154,618
4,053,408
4,028,984
.03
101,210
24,424
101,210
Federal bank bank
699, 620, 652
19, 526,096
29,882,636 650, 211,920 5.49
19, 526,096 680,094, 556
Nationalreservenotes notes
8,118,090, 754 5 3, 725,649,727 1,986, 761,140 156,039, 088 1, 387, 650,4136 195,199,086 6, 379,202,167 1, 582, 575,910 4, 796,626, 257 40.52 118,364,000
Total June 30,1928
Comparative totals:
October 31, 1920 7
March 31, 1917 7.
June 30, 1914 7.
January 1, 1879

_

8,476,904, 551 « 2,407,741,319 696,854,226
5,395, 314,227 « 2,944,575,690 2,684,800,085
3, 796,456, 764 « 1,845, 575,888 1,507,178, 879
1,007,084,483 « 212,420,402
21, 602, 640

152,979,026 1,206,341,990 351, 566, 077 6,766,017,458 1,005,063,805 5, 760,953, 653
152,979,026
106, 796, 579 5,135,538, 622 953, 321,522 4,182,217,100
150,000,000
188, 397,009 3,458,059, 755
3,458,059,755
100, 000,000
90, 817, 762 816, 266, 721
816, 266, 721

K

53.60 107,491,000
40.32 103,716,000
34.92 99,027,000
16.92 48,231,000

1 Includes United States paper currency in circulation in foreign countries and the amount held by the Cuban agency of the Federal Reserve Bank of Atlanta.
2 Includes money held by the Cuban agency of the Federal Reserve Bank of Atlanta.
s Does not include gold bullion or foreign coin other than that held by the Treasury, Federal reserve banks, and Federal reserve agents. Gold held by Federal reserve banks
under earmark for foreign account is excluded, and gold held abroad for Federal reserve banks is included.
4
These amounts are not included in the total since the money held in trust against gold and silver certificates and Treasury notes of 1890 is included under gold coin and bullion
and standard silver dollars, respectively.
* The amount of money held in trust against gold and silver certificates and Treasury notes of 1890 should be deducted from this total before combining it with total money
outside of the Treasury to arrive at the stock of money in the United States.
6 This total includes $20,404,511 of notes in process of redemption, $149,700,062 of gold deposited for redemption of Federal reserve notes, $5,362,953 deposited for redemption of
national-bank notes, $2,430 deposited for retirement of additional circulation (act of May 30,1908), and $6,444,671 deposited as a reserve against postal-savings deposits.
7
Figures revised to conform to changes effective Dec. 31,1927.
NOTE.—Gold certificates are secured dollar for dollar by gold held in the Treasury for their redemption; silver certificates are secured dollar for dollar by standard silver dollars
held in the Treasury for their redemption; United States notes are secured by a gold reserve of $156,039,088 held in the Treasury. This reserve fund may also be used for the redemption of Treasury notes of 1890, which are also secured dollar for dollar by standard silver dollars held in the Treasury. Federal reserve notes are obligations of the United States and
a first lien on all the assets of the issuing Federal reserve bank. Federal reserve notes are secured by the deposit with Federal reserve agents of a like amount of gold or of gold and
such discounted or purchased paper as is eligible under the terms of the Federal reserve act. Federal reserve banks must maintain a gold reserve of at least 40 per cent, including
the gold redemption fund which must be deposited with the United States Treasurer, against Federal reserve notes in actual circulation. Lawful money has been deposited with
the Treasurer of the United States for retirement of all outstanding Federal reserve bank notes. National-bank notes are secured by United States bonds except where lawful money
has been deposited with the Treasurer of the United States for their retirement. A 5 per cent fund is also maintained in lawful money with the Treasurer of the United States for
the redemption of national bank notes secured by Government bonds.




o
o

o

a

I
a

o

Or

Stock of money, money in the Treasury, in the Federal reserve banks, and money in circulation at the end of each year from 1900 to 1928 *
Money held in Treasury
June 30 2

19001901
1902
1903
1904._
1905
1906
1907
1908
1909.-.
1910
1911
1912
1913
1914
1915
1916
1917.1918
1919
1920
1921._ _
1922
1923.-1924
1925
1926
1927
1928

Stock of
money

$2,366, 220,306
2, 511,472,149
2, 593,909,680
2, 717,645,797
2,838,022,660
2,919,493,653
3,109, 379, 635
3,158,110, 743
3, 423,067, 787
3,451, 521,162
3, 466,855, 679
_. 3, 606,988,823
3, 701,964, 792
3, 777,020, 720
3, 797, 825,099
4,050, 782,821
4, 541, 729, 710
5,678, 773, 560
6,906, 237,092
7, 688,413,449
8,158,495,864
8,174, 527, 767
8,276, 070,257
8, 702, 788,390
8,846, 541,519
8,303, 631,583
8,428,971,329
8, 667, 281,866
8,118, 090, 754

A m o u n t held
Reserved
in trust
against
against gold
United
Total»
and silver
States notes
certificates
(and
(and Treasury Treasury
notes of 1890) notes of 1890)
$969,492,279
$684,502,535 $150,000,000
1.032.478.809
724,204,453 150,000,000
L, 097,554,958
782,759,447 150,000,000
1,168,981,838
851,068, 220 150,000,000
L, 224,812,920
939,695,854 150,000,000
L, 245,500,840
949,347,475 150,000,000
L, 330,108, 772
995,419, 223 150,000,000
1,420,506,549 1,076,259,059 150,000,000
L, 597,131,693 1, 253,218,854 150,000,000
L, 599,621,318 1, 296,926,188 150,000,000
L, 603,186,039 1,285,013,962 150,000,000
:L, 731,084,446 1, 387,148,881 150,000,000
. 782. 320. 070 1,415, 575,588 150,000,000
1,834, 111, 705 1,475, 782,971 150,000,000
1,845, 569,804 1, 507,178,879 150,000,000
1,967,664, 597 1, 619,428,701 152,977,037
2,356, 535, 766 2,057,409,391 152,979,026
2,859,395,765 2,063,390,829 152,979,026
2,976,250,806 1,407,694, 251 152,979,026
906,672,947 152,979,026
2,907,811,676
704,637,755 152,979,026
2, 379,663, 573
919,643,386 152,979,026
2, 921,089,410
1, 000,577,605 152,979,026
3, 515, 582, 704
3, 821,845, 775 1,150,167,965 152,979,026
4,248,437,682 1,628,138,695 152,979,026
4,176, 381,450 2,059, 798,696 153,620,986
4, 210, 358,026 2,139, 770,428 154,188,886
4,159, 055,896 2,096, 205,453 155,420, 721
3, 725, 649, 727 1, 986, 761,140 156, 039,088

Held for
Federal
reserve
banks and
agents

$526, 295,000
1, 205,082,010
1,410,086,099
1,184, 275, 552
1, 537,856,895
2,108, 886, 911
2, 285,169,646
2,260, 891,035
1, 752, 744,435
1, 717, 348, 235
1, 712, 002,936
1,387,650,413

Money outside of Treasury
All
other
money

Total

$134,989,744 $2,081,230,562
158,274,356 2,203,197, 793
164, 795, 511 2,279,114,169
167,913,618 .2,399, 732,179
135,117,066 2,552,905, 594
146,153,365 2,623,340,288
184, 689,549 2, 774,690,086
194,247,490 2,813,863,253
193,912,839 3,079,154,948
152,695,130 3,148,826,032
168,172,077 3,148,683, 602
193,935,565 3,263,053, 258
216,744,482 3,335,220,310
208,328,734 3,418,691,986
188,390,925 3,459,434,174
195,258,859 3, 702, 546,925
146,147, 349 4, 242, 603,335
116,730,910 4,882, 768,624
210,495, 519 5,337, 680, 537
432,073,604 5,687,274,720
337, 771, 240 6,483,470,046
310,610,103 6,173,081, 743
253,139,162 5, 761,065,158
233, 529,138 6,031,110, 580
206,428,926 6, 226, 242,532
210, 217,333 6,187,048,829
199,050,477 6,358,383,731
195,426, 786 6,604,431,423
195,199,086 6, 379,202,167

Held by
Federal
reserve
banks and
agents

$382,965, 271
593, 345,113
816, 364,907
855, 983, 621
810,636,476
1,015,881,430
1, 262,089, 253
1, 297, 893,047
1, 207,835,808
1, 376,935,099
1, 371,841,321
1,473,117,667
1, 753,110, 292
1, 582, 575,910

In circulation
Amount

Per
capita

$2,081,230,562
2, 203,197, 793
2,279,114,169
2,399, 732,179
2,552,905,594
2,623, 340,288
2, 774,690,086
2,813,863,253
3,079,154,948
3,148,826,032
3,148,683,602
3, 263,053,258
3, 335, 220,310
3,418, 691,986
3,459,434,174
3, 319, 581,654
3,649, 258, 222
4,066, 403, 717
4, 481, 696,916
4,876,638,244
5,467, 588,616
4,910,992,490
4,463,172, 111
4,823, 274, 772
4,849,307,433
4,815, 207,508
4,885,266,064
4,851,321,131
4, 796, 626,257

27.28
28.34
28.81
29.82
31.18
31.51
32.77
32.69
35.19
35.41
34.84
34.72
34.87
35.12
34.93
32.96
35.63
39.05
42.33
45.95
51.38
45.44
40.67
43.35
43.03
42.20
42.29
41.48
40.52

Population
of
continental
United
States
(estimated)
76,303,387
77,754,000
79,117,000
80,487,000
81,867,000
83, 260,000
84,662,000
86,074,000
87,496,000
88,926,000
90,363,000
93,983,000
95,656,000
97,337,000
99,027,000
100, 725,000
102,431,000
104,145,000
105,869,000
106,136,000
106,414,000
108,087,000
109, 743,000
111, 268,000
112,686,000
114,104,000
115,523,000
116,943,000
118,364,000

I
H

W

O
O

tel

o

w
o

1 The form of circulation statement was revised beginning June 30,1922, so as to include in the holdings of the Federal reserve banks and agents, and hence, in the stock of money,
gold bullion and foreign gold coin held by the Federal reserve banks and agents, and to include in the holdings of the Federal reserve banks and agents, and hence, exclude from
money in circulation, all forms of money held by the Federal reserve banks and agents whether as reserve against Federal reserve notes or otherwise. The form of the circulation
statement was revised beginning Dec. 31,1927, so as to exclude earmarked gold coin from the stock of money, and hence, from money in circulation, and to include in the holdings
of the Federal reserve banks and agents, and hence, in the stock of money, gold coin and bullion held abroad for the account of^the Federal reserve banks. These changes do not o
affect thefiguresprior to the establishment of the Federal reserve system. For the sake of comparability thefiguresfrom 1915 on, as shown on this statement, have been compiled
on the basis of the revisions mentioned. Beginning on Dec. 31,1927, the circulation statement was also revised to include throughout minor coin (the bronze 1-cent piece and the
nickel 5-cent piece). For the sake of comparability thefiguresfrom 1900 on, as shown on this statement, have been revised to include minor coin. Satisfactory data on minor
coin2for earlier years were not available.
Beginning on Dec. 31, 1927, the circulation statement is dated for the end of the month instead of the beginning of the succeeding month as was the practice theretofore.
3 The amount of money held in trust against gold and silver certificates and Treasury notes of 1890 should be deducted from these totals before combining them with total money
outside of the Treasury to arrive at the stock of money in the United States.




REPORT OF THE

COMPTROLLER OF THE

CURRENCY

107

Imports and exports of merchandise, calendar years 1914 to 1927, inclusive, and from
January 1 to September 30, 1928
I m p o r t s of
merchandise

1914
1915
1916
1917
1918
1919
_
1920
1921
1922
1923
_
1924
1925
1926
1927
_
_.
1928 (9 months)

_

Excess of
exports over
imports

$1, 789, 276,001 $3,113, 624,050
3, 554, 670,847
1, 778, 596, 695
2, 391, 635, 335
5,482, 641,101
2,952, 465, 955 6, 226, 255, 654
3,031, 304, 721
6,149, 241,951
3,904,364,932
7,920,425,990
5, 278,481,490
8,228,016,307
2, 509,147, 570
4,485, 031,356
3,112,746,833
3,831, 777,469
3, 792, 065,963
4,167,493,080
3, 609, 962, 579 * 4,590,983,845
4, 226, 589, 263
4,909, 847, 511
4,430, 888, 000 4,808,660,000
4,184, 742, 000 4,865, 375,000
i 3,071,076, 000 1 3, 562, 725,000

_

__
_

_._-_
.. .
_. __

Total, 14 years and 9 months
1

Exports of
merchandise

$1,324,348,049
1,776,074,152
3,091,005, 766
3,273,789,699
3,117,937, 230
4,016,061, 058
2,949, 534,817
1,975,883,786
719,030,638
375,427,117
981,021, 266
683, 258, 248
377, 772, 000
680,633, 000
1491,649,000

75, 896, 769,161

25,833,425,824

50, 063, 343,337

Preliminary, subject to correction.

Gold and silver imports and exports in period indicated
GOLD

Imports

1914
1915. . _
1916
1917
1918_
1919.
1920___
___
1921
1922
1923.
1924
1925
1926
1927
1928 (9 m o n t h s )

$57,387, 741
451,954, 590
685,990, 234
552,454,374
62,042, 748
76, 534, 046
417, 068, 273
691, 248, 297
275 169 785
322, 715,812
319, 720,918
128, 273,172
213, 504,000
207, 535, 000
100, 026, 000

Total, 14 years and 9 months

4, 561, 624,990

Exports

$222, 616,156
31,425,918
155,792,927
371,883, 884
41,069, 818
368,185, 248
322,091, 208
23,891, 377
36 874 894
28,643,417
61,648,313
262, 639, 790
115, 708,000
201,455, 000
535, 216, 000
2, 779,141,950

Excess of
exports over
imports

Excess of
imports over
exports

$165, 228,415
$420, 528, 672
530,197,307
180,570,490
20,972,930
291, 651, 202
94,977,065
667,356,920
238 294 891
294,072, 395
258,072, 605
134, 366, 618
97,796,000
6,080,000
435,190, 000
1,026,436, 235

2, 808,919,275

SILVER
1914
1915
1916_
1917
1918
1919
1920__
1921
1922

._

,

..._
_

__

__
_.._
,

1923

1924
1925
1926
1927
__
1928 (9 months)

I

_
_

Total, 14 years and 9 months.




$25, 959,187
34,483, 954
32, 263, 289
53,340,477
71,375, 699
89,410, 018
88,060,041
63, 242, 671
70,806, 653
74,453, 530
73,944, 902
64,595,418
69,596, 000
55,074, 000
49,408, 000
916,013, 839

$51, 603, 060
53, 598,884
70, 595, 037
84,130, 876
252,846,464
239,021, 051
113,616, 224
51, 575, 399
62,807, 286
72,468,789
109,891, 033
99,127, 585
92, 258,000
75,625,000
63,966,000
1,493,130,688

$25, 643,873
19,114,930
38, 331, 748
30,790, 399
181,470,765
149, 611,033
25,556,183
$11, 667, 272
7,999,367
1,984, 741
35,946,131
34, 532,167
22, 662, 000
20, 551, 000
14, 558, 000
598, 768,229

21,651,380

108

EEPORT OF THE COMPTROLLER OF THE CURRENCY

BANKS IN THE DISTRICT OF COLUMBIA

A classification of banking associations in the District of Columbia,
together with capital, individual deposits, and aggregate assets,
June 30, 1928, follows:
Number

Total

Aggregate
assets

$10,527,000
11,400,000
2,590,000

National
Loan and trust companies
Savings banks
Building and loan associations

Individual

$120,531,000
85,531,000
38,037,000
2
53,738,000

$169,299,000
112,876,000
44,263,000
59, 855,000

24,517,000

297, 837,000

386,293,000

Capital

64

2

* Amounts due to banks not included.

Share payments mainly.

EARNINGS, EXPENSES, AND DIVIDENDS OF BANKS OTHER THAN
NATIONAL IN THE DISTRICT OF COLUMBIA

The following statement shows comparative figures concerning the
earnings, expenses, and dividends of banks other than national in
the District of Columbia for the years ended June 30, 1928 and 1927:
Earnings, expenses, and dividends of trust companies and savings banks in the
District of Columbia
[In thousands of dollars]
Six months ended Dee.
31,1927
29
total
banks

22
7 trust
com- savings
panies banks

Year
Year
ended ended
June
June
29 30,1928, 30,1927,
29
30
total
banks banks banks

2,586
1,720
111

13,986
10,170
678

11,400
8,850
648

2,590
1,738
154

13,990
10,588
802

13,990
10,588
1,480

13,924
9,958
1,443

1,736

960

2,696

1,723

991

2,714

5,410

5,517

571

171

742

540

172

712

1,454

1,463

77

41

118

80

31

111

229

182

3
12

15
2

18
14

4
10

12
2

16
12

34
26

45
27

22
327
144
463

27
33
97

49
327
177
560

28
321
80
293

29
0
59
82

57
321
139
375

106
648
316
935

102
443
195
867

3,355

1,346

4,701

3,079

1,378

4,457

9,158

8,841

708

385

1,093

751

362

1,113

2,206

2,182

3
23
326
424
326
296

4
12
51
319
88
194

7
35
377
743
414
490

4
25
331
423
290
288

3
21
64
287
72
215

7
46
395
710
362
503

14
81
772
1,453
776
993

47
86
799
1,357
841
928

2,106

1,053

3,159

2,112

1,024

3,136

6,295

6,220

7 trust
22
com- savings
panies banks
Capital stock
Total surplus fund
Dividends declared

- » 11,400
-- 8,450
567

...

Gross earnings:
Interest and discount on l o a n s —
Interest (including dividends) on
investments
„__„
Interest on balances with other
banks
.
«
Domestic exchange and collection
charges
Foreign exchange department
Commissions and earnings from
insurance premiums and the
negotiation of real estate loans..
Trust department
Profits on securities sold
.
Other earnings
Total
Expenses paid:
Salaries and wages
Interest and discount on borrowed money
Interest on bank deposits
.__ _
Interest on demand deposits
Interest on time deposits. . _
Taxes
Other expenses
Total




Six months ended June
30,1928

.

.

109

REPORT OF THE COMPTROLLER OP THE CtTRRElTOY

Earnings, expenses, and dividends of trust companies and savings banks in the
District of Columbia—Continued
[In thousands of dollars]
Six months ended Dec. Six months ended June
31, 1927
30, 1928

Year
Year
ended ended
June
30, 1928, 30, 1927,
22
29
7 trust
22
29
7 trust
29
30
com- savings total banks banks
com- savings total
panies banks banks panies banks banks
1,249

Total-.

1,542

967

354

1,321

2,863

2,621

6
7

20
31
17

9
68
6

7
1
1

31
61
• 48

306

1,610

1,050

363

16
69
7
1,413

36
100
24

1,304

Total
Losses and depreciation charged off:
On loans and discounts
. __
On bonds, securities, etc
On banking house, furniture and
fixtures
On foreign exchange..
Other losses

293

14
31
10

Net earnings. _ _
Recoveries on charged-ofl assets:
Loans and discounts _ _
Bonds, securities, etc..
Allother..

3,023

2,761

64
26

56
37

120
63

51
19

48
5

99
24

210
127

56

16
13
36

72
13
94

24

11

35

58

22

9

31

219
87
107
13
125

121
16
78

204

158

362

116

73

189

551

552

Net addition to profits

1,100

148

1,248

934

290

1,224

2,472

2,209

BUILDING

ASSOCIATIONS
COLUMBIA

AND LOAN

IN

THE DISTRICT OF

The statement following discloses the number of building and loan
associations in the District of Columbia, their aggregate loans,
installments paid on shares, and total resources on June 30 of each
year 1909-1928. Summaries of the resources and liabilities of the
individual associations for the six months ended June 30, 1928,
together with consolidated statements of assets and liabilities and
receipts and disbursements for the six months ended December 31,
1927, and June 30, 1928, are published in the appendix of this report.
Number
of associations

Years

June 30—
1909
1910 .
1911
1912
1913
1914
1915
1916
1917
1918
1919
1920
1921
1922
1923
1924
1925
J926
1927
1928
1

_
_
-

22
19
19
20
20
20
20
19
19
20
20
21
24
22
23
23
24
22
22
122

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
23, 654, 000
27, 398,000
29, 520, 000
33, 233, 000
36,157, 000
38, 968,000
42, 482, 000
46, 781, 000
50, 940, 000
57, 505, 000

$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
22,463, 000
25,373, 000
27, 593, 000
30, 506, 000
32, 858, 000
35, 452, 000
38, 653, 000
42, 794, 000
47, 887, 000
53, 738, 000

15 associations operated on permanent plan, 6 on serial plan, and 1 on terminating plan.




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
25,699, 000
29, 322, 000
31, 683, 000
34,879, 000
37, 589, 000
40,467, 000
43, 977, 000
48, 573, 000
53, 829, 000
59, 855, 000

110

KEPORT OF THE COMPTROLLER OF THE CURRENCY

BUILDING AND LOAN ASSOCIATIONS IN THE UNITED STATES

Statistics relative to building and loan associations in the United
States have been obtained through the courtesty of Mr. H. F, Cellarius, secretary United States League of Local Building and Loan
Associations, with headquarters at Cincinnati, Ohio, and are published in the following statements:
Number of building and loan associations, total membership, and total assets, etc.,
for the fiscal year ended in 1927, by States
State

Pennsylvania
Ohio
New Jersey
Massachusetts
Illinois
New York
Indiana
California
Wisconsin
Maryland 3
Louisiana
Missouri
Nebraska
Michigan
Kansas
Oklahoma.
Washington
Texas
_
North Carolina
Kentucky
_
District of Columbia
Virginia
..
Alabama
Iowa
Colorado
Florida
Utah
West Virginia
Arkansas..
Minnesota
South Carolina3
Rhode Island
_.
Oregon
Connecticut
Maine
Montana. __
Mississippi
Wyoming
New Hampshire
Delaware
_
Tennessee
North Dakota
South Dakota
New Mexico
Vermont-1
Idaho 3
Georgia
Arizona
Nevada
Total.

Number
of associations
4,427
827
1,536
221
910
313
404
191
182
1,210
105
251
83
78
152
89
72
143
235
151 !
22
87
48
74
62
115
24
60
73
84
150
7

40
38
38
30
36
14
28
42
32
19
24
18
10
12
30
6
1
12,804

Total
membership

Total assets

1, 776,104 $1, 245, 987, 953 $115, 987, 953
2, 282, 693 1, 035, 429,317 107,047, 584
1,166, 980
886,167, 505 126, 099, 754
52, 493, 828
497, 220
478,005,147
32, 588, 530
388, 097, 831
861, 000
51, 826, 472
349, 533, 632
555, 242
26,336,368
404, 521
274, 240,104
51, 689, 759
261, 232
241, 796, 747
35,181, 620
217, 563, 993
261,685
10, 000, 000
210, 000, 000
330, 000
20, 631, 592
190, 650
174, 818, 227
229, 305
159, 773, 547
20, 311,648
235, 581
155, 213, 561
2, 085, 086
13, 911, ?.97
206, 774
126, 799,120
10, 664, 210
194, 200
117, 979, 508
12, 975, 629
184, 810
116, 318, 814
12, 251,114
101, 252, 277
268, 404
92, 632, 277
21, 827, 705
145, 380
5, 284, 991
102, 000
91, 000,000
10,805, 785
141,900
85, 509,918
6, 462, 392
63, 768
57,191, 666
5, 592, 474
56,300
50,149, 670
28, 600, 944
43, 600, 944
54, 700
2, 725, 441
43, 497, 008
53, 049
7, 290, 588
42,476, 640
119, 631
1, 482, 555
40, 840, 280
28, 500
6, 387, 737
37, 251, 861
92,921
7,423, 880
36,128, 266
60, 200
3,800, 400
35, 830, 037
58, 729
3, 779,414
32,422, 622
80, 956
218, 000
23,000, 000
28, 000
3,097, 274
22, 635, 780
34,437
3, 633, 432
21, 913, 657
44, 700
2, 323, 518
20, 614, 415
44, 504
2,090, 532
19, 549, 005
29,180
2, 598, 718
16, 337, 508
41, 500
2, 402, 062
15, 417,900
21, 800
5,137, 453
13,137, 453
26,123
1,173, 457
10, 397, 431
16, 444
1, 368,061
10, 212, 369
17, 750
2, 410, 892
9,127,109
14, 775
1, 070, 931
8, 859, 341
16, 800
496, 588
5, 497, 015
7,705
583, 490
3, 833, 490
7,150
580, 262
2,817, 009
4,458
403, 487
2, 738, 752
4,700
1, 000, 000
2, 500, 000
6,500
260, 493
1, 942, 019
4,400
63, 344
523, 714
900
11, 336, 261

7,178, 562, 451

1 Decrease over reported estimate of last year, actual increase 5,576 members.
2 Decrease.
a Estimated.




Increase in

844,458, 644

Increase in
membership
1 23, 896
135,418
82, 599
30, 728
21,000
51, 234
22, 398
37, 792
32, 520
25, 318
14, 305
16, 774
14, 704
4,807
17,400
19, 066
20, 429
5, 410
8,500
4,469
4, 800
34,700
2 18, 751
34,487
1, 500
2 3, 363
5,700
5,665
11,338
1,200
2,618
6,500
8,608
3,009
4,000
3,200
12,123
1,329
1,500
3,500
1,500
690
650
653
450
1,500
475
670, 556

BEPOBT OF THE COMPTROLLER OF THE CURRENCY

HI

Mortgage loan investments of building and loan associations by States
Total mortgage loans
outstanding

Increase of
Per cent
mortgage
mortgage
loans outloans to
standing over assets,
previous year
1927

1926
$1,040,000,000
844,078,148
721,847,723
401,967,888
336,064, 905
277,847,924
224, 036, 000
176,852,910
177, 032,179
143, 786,829
128, 916, 610
137, 580,984
100, 241, 951
94,160,980
91,860, 734
73, 675,854
77, 696, 300
73,214,108

Pennsylvania
__.
Ohio
_
New Jersey
Massachusetts
Illinois
._..
New York
Indiana
California
Wisconsin
Louisiana
Missouri..
Nebraska
Michigan
Oklahoma
Kansas
Washington
.._.
North Carolina
Kentucky
Texas
District of Columbia.
Iowa
_
Florida
Utah
West Virginia. ._•
Minnesota..
_
Rhode Island
Connecticut
_.
Maine
Oregon
Montana
Mississippi
New Hampshire
Delaware.
_
Tennessee
North Dakota
South Dakota
New Mexico.-.
Vermont
Idaho
_
Arizona
Nevada
Other States (estimated).

1927
$1,120,549,419
940, 272,346
840,841,101
447, 671, 719
364,515,060
325,015,032
249,167, 309
220, 214, 633
210, 969, 010
163,241,210
144,107, 992
138, 391, 773
117, 650, 952
106,915, 909
100, 701,154
80,476, 271
82, 500, 000
83, 507, 936
84,992,075
54,192, 283
40, 731, 589
35,122,823
32, 667,956
32, 589,171
26,945, 365
20,831,425
19,167, 623
18, 729,126
18,101,888
14, 357,427
14,053,417
10,021,083
8,859, 210
8,373,088
7, 520, 715
4, 535, 000
3, 202,014
2, 684, 216
2,470, 705
1, 684,136
500,173
385, 777,085

$80, 549,419
96,194,198
118,993, 378
45, 703,831
28,450.155
47,167,108
25,131, 309
43, 361, 723
33, 936,831
19,454, 381
15,191, 382
810, 789
17. 409, 001
12, 754,929
8,840, 420
6,800, 417
4,803, 700
10, 293,828

82,258,843

90.0
90.8
94.9
93.7
94.0
93.0
90.8
91.0
97.0
93.4
90.2
89.8
92.8
91.9
85.4
79.5
90.6
97.7
91.7
94.7
93.6
86.0
87.7
90.0
83.1
92.0
93.0
95.8
82.6
87,9
91.1
96.3
86.8
91.7
85.0
82.5
83.5
95.3
90.2
87.0
95.5
91.7

6, 584,818,419

732,128,828

91.7

48,133,012
38, 387, 940
34, 706, 731
27,073,364
1
C)

25, 334,429
18,455,498
17,076,062
16, 747,072
15, 252, 627
12, 003,439
1
C)
8,813, 558
7, 726,107
6, 261, 979
6,869,572
4,125,176
1
C)

2,145, 792
1

C)
0)

1, 389,409
441,325,797
5,852, 689, 591

1

1
C)

6, 059, 271
2, 343, 649
416, 092
5, 594, 592
(x)
1, 610, 936
2, 375,927
2, 091, 561
1,982,054
2,849,261
2, 353,988

0)

1, 207, 525
1,133,103
2, 111, 109
651,143
409,824
1
C)

538,424

0)

294, 727

C1)

Included in other States.

Failures of building and loan associations, 1920—1927
Total
number of
Number
associa- Total resources
failed
tions
1920
1921
1922
1923
1924
1925
1926
1927-

_

_ ..

._

__ _

8,633
9,255
10, 009
10, 744
11,844
12, 403
12, 626
12, 804

$2, 519, 914, 971
2,890, 764, 621
3,342, 530, 953
3,942, 939,880
4, 765, 937,197
5, 509,176,154
6, 334,103,807
7,178, 562, 451

2
6
4
9
18
26
12
21 1

Loss

$506
91, 547
158, 674
132, 612
398,245
500,000
380, 725
013 000

Per cent
of loss
to total
resources
0.00002
.00320
.00470
.00340
. 00840
. 00900
. 00600
. 01410

MONETARY STOCKS IN THE PRINCIPAL COUNTRIES OF THE
WORLD
The following statement, furnished by the Mint Bureau, shows the
monetary stock of the principal countries of the world at the end of
the calendar year 1927:



Th following compilation has been made from such data as available—avowedly incomplete. The amount of gold and silver in circulation in many countries is not obtainable.
End in some countries that held by private banks can not be given.
For the United States the figures given cover all domestic gold and silver coin, but only such bullion and foreign coins as owned by the Government and Federal reserve bank

Monetary stock of principal countries of the world, end of calendar year 1927
[Stated in United States money (000 omitted), except paper stock, which is stated in monetary unit of issuing country (000 omitted)]
Gold stock

Monetary unit

Country

Monetary
standard

North America:
United States.Gold..Canada ._
do
Mexico 3
do
British Honduras
do
Costa4Rica _ _ _
do
Cuba
do
Dominican Republic ___do
Guatemala
do
Haiti
do
Honduras
do
Newfoundland
do
Nicarasna,
do
Panama 7
—do
do
Salvador
Virgin Islands
do
British West Indies—
Barbados
do
Jamaica
do
Trinidad
___do____
Dutch West Indies __
do
French West IndiesGuadeloupe4
...do
Martinique
...do
South America:
Argentina
...do




Name

Dollar
do
Peso
Dollar
Colon. _
Peso
Dollar
Quetzal
Gourde
Lempira
Dollar
Cordoba
Balboa
Colon
Franc
Pound
do
.....do..
Guilder or
florin.
Franc.
do
Peso

United
States
equivalent

$1 00
1.00
.4985
1 00

In banks
Metallic and public
treasuries,
stock
unclass- including
In cirthat held
sified
abroad in culation
trust—set
aside or
"earmarked"

Total

$4,379,268
2178 129
16,683

$4,379,268
178,129
16,683

$845,245
27,105
7,783

90

195
363

$1,161

90

.25

1.00
1 00
1 00

129
2,993

$37,105
1,400

125
40

.20
50

Paper
circulation, in
monetary
unit of
issuing
country

Silver
stock

37,105
129
4,393
125
40

1,000

71,000

1 00
1 00
1 00

12,085
807
1,295
30
500

7 2,300
365
584

Population

15,377,085
331,189
3,220

118,628
9,389
15,500

614

48
521

21,000
228,572
81,310
10,557
16,201
«630
«185
5,254

10

332
5,059

2

88

67

8

8
891

5,253
230

5,626
3,312

299

299

54

475,447

475,447

33,245
34,000
1,349,445

230
240
10,087

791

89l"

I~660~

Silver

$0.07

$36. 91
18.97
1.07
1.87

$7.21
2.71

17,717
«500

10.41
.13
1.74
.05
.05

3.80

64

4.06
3.39
.81
.51
.oi
.64

8.74

Paper

45.32
35.27
.21

12.79
40.31
64.17
1.31
4.19
7.04
.81
.70

.56

.66
3.09
.352

8 08

2.68

10.84
20.00

.02
5.36

500
1,634
25

13.43
1.38

14.38
19.95

1.30

.24

144.54
141.67
133.78

858

1.17

164

266

.50
.69

391
166

1

4.8665
4 8665
4.8665
.402

Gold

773
263
650

86

.193

Unclassified

3,562
1,000
2,520
2,300

322
5,059

.50

.193
.193
.9648

Per capita

.02
.92

6.92

47.13

.31

Bolivia _
Brazil?
Chile—.
Colombia
Ecuador
GuianaBritish
Dutch
French
Paraguay
Peru
Uruguay 7
Venezuela
Europe:
Austria w
Belgium10
Bulgaria
Czechoslovakia
Danzig
_
Denmark i°_
Estonia
Finland
France 12 .
Germany
Gibraltar 7
Great Britain and
Irish Free State.
Greece i°
Hungary
Iceland
Italy"
Latvia
_
Lithuania
Malta
Netherlands

...do
,__do.._
...do
do
...do

Boliviano.—
Milreis
Peso
do . .
Sucre

do
...do
...do
do
do

Dollar
Guilder
Franc
Peso
Pound
Peso.
Bolivar

Norway
Poland
__
Portugal 10
Rumania
_.
Russia"
Spain
Sweden
Switzerland io__
Yugoslavia 10
Asia:
British North
Borneo.
Ceylon
China 17
Cyprus Island

...do
...do
...do
do
...do
do
do
...do
...do

IIIdoIIIII

__

Schilling
Belga
Lev
Krone
._
Gold— Gulden
Krone
...do
Crown
...do
Mark..
.
do
Franc
...do
Reichsmark.
...do
Pound.
do
do
do
do
-__do__.
...do

,._do
...do
do
...do
do
—dodo
...do

Drachma
Pengo
Krone
Lira
Lat
Litas
Pound
Florin
or
guilder.
Krone
Zloty
Escudo
Leu -.
Chervonetz.
Peseta
Krona
Franc
Dinar

G o l d - Dollar
Rupee.. .
Dollar

do
Silver
G o l d - Pound




1,529
2,920
411,400
192,712
6,036
71,787
62, 500

304
108
26
1,000
5,500
1,678
3,027

1, 005,315
2,153,910
3, 726,972
8,417, 263
1,950
36,008
354,178
2,948
39,142
7 22 1, 514,407
66,190 56,300,610
171,931
5,488,946
13 160
334,400
494,140

6,700
7,875
5,483
14,165
400
3,435
1,117
3,511
39, 210
62, 569
18
48,163

5, 690,845
486, 754
7,325
18, 775,000
77, 753
750
857,374

6,800
8,454
96
40,549
1,845
2,029
184
7,526

132, 225
fl
950
12,131
3,391

330, 900
1,170,034
1,831,770
21,028, 263
104,404
4, 202,441
526,236
917,393
5,743,389

2,770
29,319
6,185
17,154
144,815
22,128
6,074
3,936
12,017

2,472

258

13, 734
107, 677
718

62,471
390,097
474

5,010
442,000
317

86
94

7 203
334
7 194

21,490
69, 510
15,000

.1407
.139
.193
.2026 ~"32,~804~
195
.268
.268
.0252
.193
.2382 "~15,"674"
4.8665
151,961
4.8665

.268
.1122
1.0805 -.193
5.1455
193
.268
.193
.193

2,599
36, COO
3,947
6,923
2,000

2,322
7 9, 517
9 166

21,490
69, 510
15,000

5,171
9,000

11,883
99,878
9,261

11,883
99,878 "
9,261

8,568
56, 323
9,811
19, 962
2,046

1.0138
.402
.193
. 9648
4.8665
1.0342
.193

.193
.1749
.268
.193
.193
.10
4.8665
.402

39, 556
2, 539,304
252,978
46,370
41,316

8,568
56,323
9,933
19,962
2,046

86
7 94

.3893
.5462
.1217
.9733
.4867

2
48, 776
201
7,979
799, 627
424, 760

122

11

761,819

2
48,776
201
7,990
799,627
424,760
761, 819

4

7 17

Viii"
3,476

1,467
7,009

1 14, 707
34,432
603
239,180
4,570
105

14,707
34,432
603
239,180
4,570
105

918, 205
4,632
1, 350

160,836

160,836

47,856

44, 641
39, 587
9,267
29,006
97, 039
502,302
61,882
83,470
17,133

44, 641
39, 587
9,267
29,006
97,039
502,302
61,882
83, 470
17,133

1,930
10,647
685
2,025

15

15

170

--

.5678
.365
(18)

4.8665

292

292

(Footnotes at end of table)

3.29
1 56
2.51
2.88
1.02

.58
1.37
.08

.80
3.61

.66
3.09
7.46

3.72
41.42
4.95

3.08
2.97

1.77
12.68
1.69

.02
.63

2.31
4.87
.86

.25

14.19
.18
2 27
20.39
6.78

3.15

15.81

6.94

2.16
4.07
6.28
5.89
2.47
.05

.22
.82
.44
2.51
.66

21.37

6.36

16.11
1.34
1.49
1.67
.67
22.70
10.18
21.21
1.42

.69
.36
.11
.11

1.68
2.74

.92

15.22
"0.54
64.09
6.69
20.65
5.03
27.04
438.46
192. 71
1.09
42.77
20.64
150.04
273. 51
679. 73
594. 23
90.02
103.18
35.04
431. 33
1,435.87
87.41
8.89
10.25
836.88
57.57
76.30
463.02
42.14
47.61
•4.03
113.92

5.98
.15
3.08
.28

119. 45
39.91
296.16
1, 225. 73
.72
189. 91
86.63
233.07
477.93

2.74
.24
2.26

12.46
.88
1.49

9.58

.92

Monetary stock of principal countries of the world, end of calendar year 1927—Continued
Gold stock

Monetary unit

Country

Monetary
standard

Asia—C ontinued
Federated Malay Gold....
States.
India, British
do_—
Indo-China, French. Silver...
Japan, including Gold-_
Chosen, Taiwan,
Kwantung.ifi
Netherland East In- ...do
dies.
Palestine
do
Persia7
_._ Silver...
Philippine Islands
Gold
Sarawak
do
Siam
do
Straits Settlements ...do
Syria..
_ ...do
Africa:
Abyssinia
Silver...
Algeria
Gold_.._
Belgian Congo
do
7
Dahomei

do

do
Egypt
do
Eritrea
French Equatorial
do
Africa.
Gambia
...do
Gold Coast
do
Guinea, French
do
do
Ivory Coast
Kenya Colony and ...do
Uganda.4
Madagascar
...do




Metallic
stock
United unclassStates
equiva- sified
lent

Name

Dollar

(18)

Guilder

do

Pound
do
Franc

.365

.4985

$108,635

$108,635

529, 774

529,774

71,640

71,640

$17,334

8,868

212,231

1,826, 424
129, 902
1,682,390

318,942
19, 999
83, 454

159,818

351,181

_

3,044

3,044

Shilling
Franc.

.193

Silver

Paper

$0.18

6.69

$0.34

5.43

6.34

53,230

2

2.54

5.72
6.49
20.15

$0.86

1.34

3.00

6.59

1.75

3.42
3.27
1.59
.15
2.44
13.71

2.34
5.20
10.04
.26
13.45
150.40
2.84

1,638

1,638

2.68

.09
223.46
8.31
59.11
1.94

2,000
52,000
118,015
7 156
130, 853
140,627
7,675

852
10,000
11,752
600
9,724
935
2,700

750
1,355,310
124,619
59,106
27,522

8,000
6,065
15,000
1,000
14,169
450
3,124

881
6
4,038

166
1,690
27,123
119,441
40,191

210
2,299
2,020
1,656
2,529

1.59

.80
.74
13.42
72.12
15.89

30

296,853

3,382

.01

89.25

2,920
• 32,726
18,786
88
23, 711
12, 824

29,626

(18)

.193
193
.193
4.9431
193
193

Gold

1,325

1,732,770

Unclassified

28,000

(18)

4. 8665
4 8665
.193
.193
.2433

do

Silver
stock
Total

4 8665
50
5678
4428
5678
3.860

Paper
circulation, in
monetary Population
unit of
issuing
country

$240

.402

Pound
Lira
Franc

In circulation

$0.5678

Rupee
'Piaster
Yen

Pound
Kran
Peso
Dollar
Tical
Dollar
Pound
Thalari
Franc.
do

In banks
and public
treasuries,
including
that held
abroad in
trust—set
aside or
" earmarked "

Per capita

21,458
15,521
18,459

1
1

18, 459

1
1

27,850
1,692

10.96
2.55
1.30

1.96
3.76

8.96

.43

^Morocco
do
do
Pound
do
Nigeria
Nvasaland
do
do
Portuguese
East „ . d o - Escudo
Africa.7
do
Portuguese West
Africa.
Reunion Island 2°
do
Rhodesia- 7
Northern
_ . . d o _ - - Pound
do
Southern
. do - .
Franc
Senegal _
_..do
Pound
Sierra Leone
Somaliland—
Rupee
British .
.
do
Franc
French
do-_
Rupee
Italian
Sudan, Anglo-Egyp- . . . d o - - - .
tian.
Tanganyika
Tunis. __
..do
Union of South — d o _ _ Africa.
Zanzibar
do
Oceania:
Australia
do
New Zealand
do
Fiji Islands
do-_Society Islands
_
Total
1

Pound

.193
4.8665
4. 8665
1.0805

2,658

447, 237
224

160
341

104,897

4,000

39,900

58
146

5,557
18,588
1,176
3,120

81,232

102
195

174

27
900
439,472
155

931
808
1,225
1,541

1,863

300
4,410
2,000

344
65
1,000

2.94

8,415

293

6,469

.02

8,254
239,654
9,503

7,200
2,262
7,542

51,833
6,570

6,044
1,407
164
28

21.46
27.21

1,827, 932

.23

3,437
1,598
2

1.0805
.193

560
51
1,460

4.8665
4.8665
.193
4.8665

Shilling . .
Franc
Pound . .

191

4. 8665

130

.2433
.193
4.8665

Rupee

4. 8665
4.8665
4.8665
.193

191
130

329

4,874
42,021

16,339

58,360

.365

Pound.
do
do
Franc

196
730
107

.365
.193
.365
..

51
1,460

13,154

7

407
129,702
38, 282

106,400

431
437,053

106,400

431

973

9,706,078

55,493

Includes gold and silver certificates (representing coin and bullion held in trust in
the treasury) redeemable on demand.
2
Including some silver.
3 Figures for 1925.
4
On June 30, 1927.
* United Stases Government and bank notes.
6 In United States dollars.
? Last year's figures or figures of previous years.
8
Newfoundland government notes only.
9
Including minor coin.
10 Stock in national bank.

13
.11

19,960

.17
1.36

80.48
.01
33.62
20.31
229.31

3.22
.05
1.81

.21
.90
.07
.96
1.86

.03
1.11
358. 75
.10
.87
67.84
2.00

7.74

1.32

1.14
106.03
1.26

1.74

o
o

2.06
17.60
2.62

5.93

5.31

8.57
4.66

2.28

712.85

o.

11

Monetary standard not established.
13 On Dec. 24,1927.
2
14 Exclusive of Spanish bank notes.
* Includes that held abroad.
» On Jan. 10, 1928.
is On Jan. 1,1928.
17 Incomplete.
8
19 Fluctuates with the price of silver.
1 Figures are for Bank of Japan only,
20 June 30, 1928.

NOTE.—Figures given represent each country's stock at the end of the year, except when otherwise indicated. Population figures are from the Commerce Yearbook, 1926. Blanks
indicate no figures available, rather than no stock. Gold reported held abroad but not reported as set aside or "earmarked," not included in the above figures (presumably reported
by the country having actual possession).




o

.04

.67

197

4,167,821

9,650, 585

.47

Q
Kj

116

BEPORT OF THE COMPTROLLER OF THE CURRENCY

FEDERAL LAND BANES

The statement following shows the condition of the 12 Federal land
banks September 30, 1928, compiled from their reports to the Federal
Farm Loan Board:
Consolidated statement of condition of the 12 Federal land hanks at close of business
September 30, 1928
ASSETS

Gross mortgage loans
$1, 277, 359, 019. 30
Less payments on principal
87, 210, 772. 37
Net mortgage loans
1, 190, 148, 246. 93
Less principal of delinquent installments
803, 510. 13
United States Government securities
Bonds of other Federal land banks
Other securities
Cash deposits for matured or called bonds
Cash on hand and in banks
Accounts receivable:
Tax advances
Other

1, 402, 635. 80
749, 290. 06

Notes receivable, etc.:
Notes
Purchase money, first mortgages. Purchase money, second mortgages.
Real estate sales contracts
.
Total
•
Less reserves for purchase money
mortgages and/or contracts

2, 151, 925. 86

217,015.75
3, 559, 044. 13
697, 0051. 30
2, 421,117. 57
6, 894, 182. 75

Delinquent amortization installments:
Less than 30 days
•30 to 60 days
60 to 90 days
90 days and over

SI, 189, 344, 736. 80
23, 609, 133. 38
600. 00
969, 957. 42
146, 525. 00
5, 178, 695. 99

655, 374. 21
396, 642. 59
424, 869. 32
2, 118, 149. 06

Total
Less partial payments
-Less reserves for delinquent installments

465, 812. 36

6, 428,570. 39

3, 595, 035. 18
293, 028. 88
2, 098, 212. 58

Interest accrued:
Mortgageloans
Other

21,677,749.37
296,990.43

Real estate
Less reserves for real estate

16, 029, 033. 77
13, 096, 873. 13

1, 203, 793. 72
21, 974, 739. 80

—
Sheriff's certificates, judgments, etc. (subject to redemption).
Spokane participation certificates
2, 799, 850. 18
Less reserves for Spokane participation
certificates
2, 799, 850. 18

2, 932, 160. 64
6, 741, 415. 19

Banking house
Furniture, fixtures, and equipment
Automobiles
Prepaid or deferred expenses.
Other assets
>

2, 594, 524. 86
225, 949. 20
16, 843. 75
481, 418. 38
437, 526. 77

Total assets




1, 264, 438, 317. 15

EEPORT OF THE COMPTROLLER OF THE CURRENCY

117

LIABILITIES

Farm loan bonds (unmatured)
Less held by banks of issue

$1, 163,125, 700. 00
1, 877, 580. 00

Farm loan bonds matured or called
Notes payable, etc
Mortgages assumed on real estate owned
Dividends declared but unpaid
Matured coupons on farm loan bonds
Due borrowers
Accounts payable
Interest accrued:
Farm loan bonds
Other
Advance payments
Other liabilities
Deferred income
Capital stock:
United States Government
Individual subscribers
National farm loan associations
Borrowers through agents

$1, 161, 248, 120. 00
146, 525. 00
3, 500. 00
1, 174, 117. 14
789, 910. 01
743, 151. 12
462, 558. 71

17, 247, 503. 32
17, 247, 503. 32
1, 146, 309. 19
412, 039. 57
452, 620. 79
439, 225. 00
115. 00
62, 991, 692. 50
758, 305. 00

64, 189, 337. 50
11, 546, 789. 62
167, 115. 00
4, 708, 720. 18

Legal reserves
Other reserves
Undivided profits
Total liabilities

1, 264, 438, 317. 15

JOINT-STOCK LAND BANKS

The statement following shows the condition of the 50 joint-stock
land banks September 30, 1928, compiled from their reports to the
Federal Farm Loan Board:
Consolidated statement of condition of the 50 joint-stock land banks at close oj
business September SO, 1928
ASSETS

Gross mortgage loans
Less payments on principal
Net mortgage loans
Less principal of delinquent installments
Mortgage loans—foreclosures pending
Less reserves for mortgage loans—foreclosures pending
United States Government securities
Farm loan bonds of other banks
Other securities
Cash deposits for matured or called bonds
Cash on handand in banks
Accounts receivable:
Tax advances
!__
Other
1

Not included in net mortgage loans.




$643, 003, 999. 11
34, 154, 467. 86
608, 849, 531. 25
398, 050. 30
1

766, 103. 80

$608, 451, 480. 95

766,103. 80
8, 912, 287. 81
53, 576. 25
84, 950. 30
22, 701. 00
7, 877, 023. 18
483, 540. 90
171,642.48

655, 183. 38

118

REPORT OF THE COMPTROLLER OF THE CURRENCY

Notes receivable, etc.:
Notes
Purchase money, first mortgages
Purchase money, second mortgages
Real estate sales contracts

$236, 148. 20
2, 205, 860. 18
1, 137, 462. 62
1, 884, 744. 85

Total
Less reserves for purchase money mortgages and/or contracts
Delinquent amortization installments:
Less than 30 days
30 to 60 days
60 to 90 days
90 days and over

5, 464, 215. 85
227, 580. 22

$5, 236, 635. 63

437, 254. 28
212, 245. 34
288, 813. 63
1, 396, 936. 87

Total
Less partial payments
Less reserves for delinquent installments
Interest accrued:
Mortgage loans
Other

2, 335, 250. 12
204, 008. 65
235, 457. 31
11, 050, 686. 97
117, 678. 26

Real estate owned:
Owned outright
Less mortgages not assumed

1, 895, 784. 16
11, 168, 365. 23

9, 836, 710. 68
74, 977. 25

Total
Real estate subject to optional sales
contracts
Total
Less reserves for real estate

9, 761, 733. 43
280, 396. 18
10, 042, 129. 61
1, 381, 332. 26

Sheriffs' certificates, judgments, etc. (subject to redemption):
(a) Foreclosures under first mortgages.
(6) Foreclosure under installments or
second mortgages
(c) Banks' mortgages on property covered by (b)
Total
Less reserves for sheriffs' certificates

8, 660, 797. 35

2, 919, 018. 35
267, 135. 17
1, 927, 032. 72
5, 113, 186. 24
320, 628. 03

Banking house
Furniture, fixtures, and equipment
Automobiles.
Prepaid or deferred expenses
Other assets
Deficit
.
Total assets

4, 792, 558. 21
151, 383. 34
114, 934. 87
22, 977. 46
442, 845. 18
182, 156. 21
1, 115, 488. 69
659, 841, 129. 26

LIABILITIES

Farm loan bonds (unmatured)
Less held by banks of issue

* - _ 595, 394, 000. 00
_
3, 890, 300. 00

Farm loan bonds matured or called
Notes payable, etc
Mortgages assumed on real estate owned
Dividends declared but unpaid
Matured coupons on farm loan bonds
Due borrowers
Accounts payable



591, 503, 700. 00
24, 100. 00
3, 313, 460. 00
37, 562. 00
96, 744. 19
1, 105, 357. 73
392, 535. 24
52, 304. 62

EEPOBT OP THE COMPTROLLER OP THE CURRENCY
Interest accrued:
Farm loan bonds
Other
__-_
Advance payments
Other liabilities
Deferred income
Capital stock paid in
Surplus paid in
Surplus earned
Legal reserves
Other reserves
Undivided profits

$9, 626, 771. 30
11, 617. 57
„

Total liabilities

119

$9, 638, 388. 87
560, 185. 35
139, 057. 03
589, 359. 42
41, 607, 110. 24
1, 727, 820. 92
2, 248, 379. 82
4,313, 327. 13
119, 254. 56
2, 372, 482. 14
659, 841, 129. 26

FEDERAL INTERMEDIATE CREDIT BANKS

The statement following shows the condition of the 12 Federal
intermediate credit banks September 30? 1928, compiled from their
reports to the Federal Farm Loan Board:
Consolidated statement of condition of the 12 Federal intermediate credit hanks at
close of business September 80, 1928
ASSETS

Loans
$17, 741, 389. 18
Rediscounts
.
50, 878, 301. 91
U. S. Government securities
50, 000. 00
Debentures of other Federal intermediate credit banks
1, 824, 808. 14
Other securities
33, 761. 27
Cash deposits for matured debentures
10, 000. 00
Cash on hand and in banks
$4, 330, 777. 55
Less cash held as collateral
91, 911. 95
4, 238, 865. 60
Accounts receivable
9, 329. 38
Notes receivable
24, 886. 74
Interest accrued:
Loans and rediscounts
301, 663. 44
U. S. Government securities
72. 91
Debentures of other Federal intermediate
credit banks
30, 072. 97
Other
55, 862. 00
•
387, 671. 32
Furniture, fixtures, and equipment
12, 867. 52
Automobiles
__„
1, 281. 00
Prepaid and deferred expenses
38, 675. 14
Other assets
_„
313, 095. 11
Capital callable from U. S. Treasury
33, 000, 000. 00
Deficit (Columbia). —
913,054. 74
Total assets.....

109, 477, 987. 05
LIABILITIES

Federal intermediate credit bank debentures:
Authorized
„
Less held by banks of issue
Net

__

Sold outright
Sold on repurchase agreement
Matured
20669°—H. Doc. 361, 7 0 - 2 - ^ 9



39, 150, 000. 00
35, 000. 00
39, 115, 000. 00
39, 105, 000. 00
10, 000. 00

39,115,000,00

120

BEPORT OF THE COMPTROLLER OF THE CURRENCY

Notes payable, etc
$350, 000. 00
Loans discounted with banks other than Federal intermediate
credit banks
2, 504, 450. 00
Rediscounts discounted with banks other than Federal intermediate credit banks
3, 431, 613. 80
Due borrowers
185, 851. 71
Accounts payable
36, 135. 03
Interest collected not earned
446, 741. 64
Matured interest on Federal intermediate credit bank debentures
187. 50
Interest accrued:
Federal intermediate credit bank debentures
$327, 248. 63
Notes payable, etc
Notes rediscounted, etc
Other
327, 248. 63
Other liabilities
121, 673. 41
Capital:
Paid in
27,000,000. 00
Callable from U. S. Treasury
33, 000, 000. 00
60, 000, 000. 00
Surplus (earned)
1, 816, 086. 27
Reserves for estimated losses and contingencies
410, 324. 98
Other reserves
32, 614. 65
Undivided profits
700, 059. 43
Total liabilities

109,477,987.05

NATIONAL AGRICULTURAL CREDIT CORPORATIONS
Under the provisions of the act of March 4, 1923, United States Revised Statutes, National Agricultural Credit Corporations may be
formed for the purpose of providing credit facilities for the agricultural
and livestock industries of the United States. The Pacific National
Agricultural Credit Corporation of Fresno, Calif., is the only such corporation now in existence. I t is authorized to transact business within
the States of California, Arizona, Nevada, Oregon, Utah, Idaho, and
New Mexico.
A statement of the resources and liabilities of the Pacific National
Agricultural Credit Corporation of Fresno, Calif., as of the close of
business on October 3, 1928, appears below:
RESOURCES

Cash on hand and in banks
United States securities
Loans
Furniture and
Accounts receivable
Customers' funds held in transit...

$70, 964. 22
261, 747. 79
2, 800, 448. 28
2,058. 39
2, 278. 52
37, 374. 74

fixtures

3, 174, 871. 94
LIABILITIES

Capital stock
^
Surplus
Undivided profits
Discounts
Undistributed trusteed funds
Reserve for taxes, etc



—
_

500, 000.
75, 000.
10, 459.
2, 544, 638.
37, 374.
7, 398.

00
00
84
47
74
89

3, 174, 871. 94

REPORT OF THE COMPTROLLER OF THE CURRENCY

121

UNITED STATES POSTAL SAVINGS SYSTEM

The tables following, compiled by the Third Assistant Postmaster
General under whose supervision the system operates, disclose comparative statements of the resources and liabilities of the postal savings
system for the years ended June 30, 1927 and 1928, together with a
summary of the postal savings business for the fiscal year ended June
30, 1928, by States. (The total number of depositors on June 30,
1928, was 412,250, an increase of 856 in the year, and the average
amount of deposits per depositor was $369.06, compared to $358.19
a year ago.)




Comparative balance sheet for June 80, 1928, and June 30, 192?
Items

June 30,1928

Working cash:
Depository banks.
Postmasters
__

$118,492,184.57
567,716.85
•$119,059,901.42

Special funds:
Treasurer of the United States—
Reserve fund
Miscellaneous (working) funds.

6,444,665.56
1,314,002.28

to

June 30,1927

$114,343,673.43
268,654.64
• $114,612,328.07
6,426,695.18
909,182. 52

Increase

Investments, carried at cost price:
United States bonds—
Postal savings 2^'s
Fourth Liberty 4M's

7,335,877.70

407,282.24

3, 739. 00
12,110. 57
12,433.38
28,282.95

33,546,000.36

"I99,"l26."6o"

161,099, 254.81

155,901,488.37

5,197,766.44

7,758,667.84
365,264.67
~~42,~6l7.~57
435,565.19

Par value
$10,624,260
26,676,750

10,624,260.00
23,220,860. 36

37,301.010

o

17,970.38
404,819.76
422,790.14

369,003.67
12,110. 57
54,450.95

_

1

$4,148,511.14
299,062.21
4,447,573.35

33, 845,120.36

Accounts receivable:
Accrued interest on bond investments
Due from discontinued depository banks..
Due from late postmasters

Decrease

fcO

10, 325,140.00
23,220,860.36

o
o

299,120.00

LIABILITIES AND SURPLUS FUNDS

Due depositors:
Outstanding principal, represented by certificates of deposit..
Accrued interest on certificates of deposit
Outstanding savings stamps

152,143, 349. 00
4,128, 936. 20
57, 672.00

147,359,254.00
3,972, 111. 69
58,400.90
156,329,957.20

Accounts payable:
Due Postal Service—interest and profits..
Due discontinued depository banks

4, 542, 592. 99

$728.90
151,389,766.59

4,305,909.83
256. 79




W

4,940,190.61

fel

236,683.16
256.79

4, 542, 592.99
Total liabilities.Surplus funds: Interest and profits (undistributed earnings) subject to future
allocation of maturing interest charges
.^

S

4,784,095.00
156,824. 51

4, 306,166.62

236,426. 37

160,872,550.19

155,695,933. 21

5,176,616.98

226, 704. 62

205, 555.16

21,149.46

161,099,254.81

155,901,488.37

5,197, 766.44

Comparative statement of interest-earning resources and interest-bearing liabilities for June 30, 1928, and June 30, 1927
June 30, 1928

Items

June 30, 1927

Increase

$118,492,184. 57
33, 845,120. 36
• $152,337,304.93

$114,343, 673.43
33, 546,000. 36
• $147,889,673. 79

$4,148, 511.14
299,120.00
4,447, 631.14

152,143,349. 00

147,359, 254. 00

4, 784,095.00

193,955. 93

530,419.79

Decrease

EESOURCES—INTEREST EARNING

Working cash:
Depository banks, per balance sheet
Investments, carried at cost price, per balance sheet

__

-.

LIABILITIES—INTEREST BEARING

Due depositors: Outstanding principal, represented by certificates of deposit,
per balance sheet
Excess of interest-earning resources..

=
$336,463. 86

Credits:
Interest on bank deposits
Interest on bond investments.
Miscellaneous receipts
Debits:
Interest credited to depositors
Allowances to postmastersLosses by fire, burglary, etc
Erroneous payments, uncollectible items, etc..
Final adjustment, previous year
Excess of income.




Fiscal year, 1928

$2,915,849. 05
1,395,969.47
18.21

$4,311,836. 73

2, 720,896.47
1,013. 56
853. 92
21,149.46

Fiscal year, 1927

$2, 680,180. 28
1,388,392.50
11.42

$4,068,584. 20

4, 254. 70
2, 741,886. 29
1, 569, 950.44

$235, 668. 77
7, 576. 97
6.79
243, 252. 53

2, 534, 680. 06

853.92
18, 099.14
207, 206. 23

1, 533,904.14

S

o
Decrease

= I
O

193,521.43

2,527,375.04

3,"050."32

Increase

s
O

Comparative statement of interest and profits for the fiscal years ended June 30, 1928, and June 30, 1927
Items

tef

$5,268.26
—-

y
H

-- — IIIIZ

Q

36, 046. 30

9

CO

Summary of postal-savings business for the fiscal year ended June 80, 1928, by States

State

Balance to
the credit of
depositors

Deposits i

June 30, 1927
United Stateg,,,

$147,359,254

Alabama
Alaska..
Arizona
Arkansas
„._„...
California...—
Colorado....
„__.
Connecticut
Delaware
District of Columbia.
Florida...
Georgia
Hawaii
Idaho
Illinois
Indiana
Iowa
Kansas

363,195
678,739
1,210,653

Kentuckyni'I'IIIII

Louisiana
,
Maine
Maryland
Massachusetts
,.
Michigan
Minnesota.,. „_„,
Mississippi..,......,
Missouri
_
Montana.
Nebraska
Nevada
New Hampshire—-New Jersey,
New Mexico
New York
North Carolina
North DakotaOhio
Oklahoma..
.
Oregon
Pennsylvania , -




2,927,786
3,678,951
1,422,918
112,891
4,304,816
999,407
23,595
2,538, 111
7,023,067
885,473
7,010,271
2,444,510
261,009
394,211
135, 412
178,044
6,894.905
2.168,637
5,944,158
97,550
4,605,486
5, 540,944
422,413
343,235
371,180
2,775,937
1,340,875
39,077,850
216,200
1.067,638
2,963,507
3,851,186
2,607, 882
10,207,493

Balance to
Withdrawals the credit of
depositors
June 30,1928
1

Savings stamps

Increase in
balances to
the credit of
depositors 2

Sold 2

$95,114,058
318,291
420,842
1,154,665
502,378
2,719,850
2,350,283
641,887
62,406
282,747
8,248,785
1,266,642
45,855
2,403, 355
3,183,698
711, 398
5,467,114
2,177,911
172,057
215,579
81,411
101,290
2,821,155
1,136,412
4,722,169
61,763
3, 338,263
4*132,588
534,215
267,461
141,015
1,674,269
1,140,584
18,441,264
385, 721
1,237,496
1,433, 594
4,228,481
2, 524,172
4, 588,137

$152,143,349

$4,784,095

$34,145.10

326,351
395,216
1,083,348
290,978
2,482,382
2,148,798
807,844
69,143

355,135
704,365
1,281,970
597,295
3,165,254
3,880,436
1,256,961
106,154
361,247
6,038,135
1,288,862
21,505
2, 757,062
6,861,211
1,134,888
8,324,547

-8,060
25,626
71,317
211,400
237,468
201,485
-165,957
-6,737
-7,322
1,733,319
289,455
-2,090
218,951
—161,856
249,415
1,314,276
843,748
6,188
-9,934
-2,757
-26,033
-487,550
-54,348
1,431,390
19,863
577, 713
753,452
296,911

21.60
7.30
57.00
31.10
336.90
269.00
655.00
4.80
147.10
160.80
72.00
3.00
60.30
4,697. 50
29.80
70.50
71.00
31,90
14.20
43.50
37.00
1,765.80
150.00
326.70
20.60

6,515,466
977,187
47,945
2,184,404
3,345,554
461,983
4,152,838
1,334,163
225,513
84,168
127,323
3,308,705
1,190,760
3,290,779
41,900
2,760,550
3,379,136
237,304
171,938
2,064,177
25,295,621
212,091
669,387
1,354,892
3,065,595
1, 775, 663
5,395,259

267,197
384,277
132,655
152,011
6,407,355
2,114,289
7,375,548
117,413
5,183,199
6,294,396
719,324
361,868
340,257
2,386,029
1, 543,375
32,223,493
389,830
1,635,747
3,042, 209
5,014,072
3,356, 391
9,400,371

-30,923
202,500
-6,854,357
173,630
78,702
1,162,886
748,509
-807,122

41.90
90.20
11.90
260.40
1,700.40
6.30
6,298.30
7.80
28.10
293.60
213.80
159.50
1,446.50

Redeemed

Amount at
interest in
banks

June 30,1928

Interest
received
from banks

Interest
paid
depositors

Amount
of deposits surrendered
for bonds

$34,874 $118,714, 518. 70 $2,915,849.05 $2,564,071.96 $1,582,720
24
6
21
42
354
.293
667
5
154
145
74
3
45
4,806
31
65
59
27
13
45
42
1,914
133
302
16
84
45
47
4
269
1,691
14
6,786
5
22
252
195
139
1,492

316,439.89~
558,509.81
1,034,115.19
594,017.85
2,405,354. 63
3,204,070.04
746, 592. 01
79,107.35
338,510. 71
5,835,219. 66
1,249,878. 08
20,255. 26
2, 286, 617.85
5,240,367. 66
961,432. 50
8,124,911.22
3,161,809.82
218,621,37
327, 541.39
109,480.20
85,017.96
4,680,795,67
1, 642,044.61
7,304,421, 58
112, 276. 36
4,946, 598. 52
6, 269,904.17
679,195, 52
281, 526. 24
224,966. 44
1, 603,679.48
1,132,095.99
15,936, 395.84
347,889.47
1, 597,440.58
2, 350,357.04
4,968, 451.91
2, 684, 838. 77
7,210,643.54

7,977.07
13,886. 56
26,709. 74
11,634.82
57,847.70
81,977. 63
20, 528.10
2,513.12
8,401.93
115,616. 81
27,831. 82
546, 62
59,985. 30
131,408. 82
20,451.42
192,610. 23
67,377.85
5,339.97
8, 273. 97
2,958.82
2,454.93
121,492.35
40,952. 27
170,309. 90
2, 544. 60
113,490.04
148,456.49
12,466. 48
7,397. 69
7,161.40
44,703. 21
25,408. 66
464, 254.13
6,373.18
32,622.18
55, 474. 08
112,010. 54
64, 073. 39
202,250. 52

6,510.81
11,352.89
16,807.14
6,268.36
i3,217.12
29,133. 09
2,335.37
6,230.61
51,898. 38
14,148. 08
255. 22
37,441. 40
131,730. 95
15, 637. 26
95,397. 53
36,911.18
4, 568. 23
5,893. 77
3, 241. 61
3, 236. 48
127,007. 57
37,903. 21
83,704.83
1,815.08
74,195.94
85,949. 33
7,024.82
5,191.90
6,644.66
55,163.93
19,026, 85
794, 950.14
2, 675. 57
14, 976.16
52,055. 95
54,997,86
44, 661. 84
199, 842.10

500
26,500
19,500
10,520
24, 500
85,940
500
12,340
25,200
12,160
1,900
35,920
31,740
242,040
85,780
700
2,000
8,220
16,920
196,640
1,600
113,420
78,320
5,720
8,000
13,500
14,840
4,520
128,200
101,980
45,340
36,140

Porto Rico
Rhode I s l a n d South Carolina
South D a k o t a Tennessee
Texas
Utah
Vermont
Virginia
Virgin I s l a n d s .
Washington
West Virginia..
Wisconsin
Wyoming

159,668
567,250
1,028,135
3, 321,471
424,897
2, 796,445
616, 223
62, 581
242, 854
11, 792
6, 773, 291
467, 940
1,183, 933
1, 858,175

232, 570
990,877
3,053,347
362,120
3,028,565
369,108
24,310
189,874
11,805
3, 565,305
271,100
755,055
1,470,292

243,218
309,819
739, 635
2, 286, 745
299, 560
2,089,554
358,727

153,072
490,001
1, 279,377
4, 088,073
487,457
3, 735,456

213, 265
14, 111
3,464, 532
243, 458
539,331
1, 371,993

63,992
219,463
9,486
6,874,064
495,582
1,399,657
1,956,474

i These totals include the a m o u n t of $3,511,654 transferred between depository offices.
A minus sign denotes decrease.

a




-6,596
- 7 7 , 249
251, 242
766, 602
62, 560
939,011
10,381
1,411
- 2 3 , 391
-2,306
100, 773
27, 642
215, 724
98, 299

13,647.00
267.10
23.40
60.20
12.10
64.00
18.10
6.30
80.70
1.50
35.50
28.50
55.10
150. 40

13,783
244
22
62
9
46
3
1
104
1
48
20
50
150

129,672. 30
365, 719. 76
1,176,092.14
3,488, 882. 07
471, 734. 81
3,127,428. 55
437, 210. 33
60,113.13
167, 968.14

3,463. 71
10,083. 04
25, 802. 98
73, 446. 76
11, 350. 66
67,354. 31
10, 513.17
1,481. 66
5, 264.84

5, 518, 243. 53
384, 686. 21
1,159,024. 96
1, 356,350. 59

138,605. 78
9, 501.06
26, 259.16
34,947. 58

2,377.66
9, 563. 22
11,993.13
45, 480. 27
6, 209. 01
37,362. 63
10,492. 46
1,170. 77
4,152. 53
169.49
120,939. 53
7, 517. 71
20, 551.07
27,685.96

31, 000
27, 700
27, 300
48,160

3,700
20, 500
200
10, 580
32,480

W

to

126

REPORT OF THE COMPTROLLER OF THE CURRENCY

SCHOOL SAVINGS BANKING
Statistics relative to school savings banks in the various States and
the District of Columbia, for the fiscal years ended 1927 and 1928,
with comparative yearly totals beginning 1920, are shown in the
following table:
School savings by States, 1926-27 and 1927-28
[Compiled by the Savings Bank Division of the American Bankers Association]
Number of
schools

Number participating

Deposits

Net savings

States
1926-27 1927-28 1926-27
Alabama
Arkansas—
California
Colorado
Connecticut
Delaware
District of Columbia..
Florida.
Georgia
Illinois
Indiana
Iowa
Kansas.—
Kentucky
_.__
MaineMaryland..
M assachusettsMichigan
Minnesota
Mississippi
Missouri
Montana
Nebraska
Nevada
New Hampshire. _
New Jersey
New York..
North Carolina
North Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
Hhcde Island
South Dakota
Tennessee
Toxas
Utah
Vermont
Virginia..
Washington
West Virginia
Wisconsin
TotaL

1927-28

1926-27

1927-28

1926-27

1927-28

31
7
2,223
26
493
43

74
7
2,379
25
651

7,845 34,325 $27,460. 36 $133,840. 39 $9,229.09 $101, 804.38
2,300
2,130
2, 836.18
6,841.17
8,110. 22
1, 519. 38
283.476 334, 078 1,288,512. 37 1,341, 038. 37 795,901. 68 800,108. 78
4,764
150
6,401.30
6, 371. 30
99,136 104,806
785,721. 28 817,395.42 497, 231. 71 433, 517.04
20,759
17,""
206,394. 59 213,889.35
39,174. 21 39, 653. 51

51
29
101
510
272
223
70
205
232
91
987
453
503
7
139
7
73

58
31
103
533
291
223
72
114
288
105
956
440
53:
8
140
8
70
2
57
631
1,358
37

6,172
15, 589
30, 990
145, 591
88,185
64, 510,
20, 650
47, 241
26, 542
39, 331
215, 790
136,853
158, 244
1,907
57,517
2,414
35, 257
400
2,866
284.477
660, 372
17, 237

61
553
1,187
41

6,436
16,134
149,184
89, 341
60, 286
10, 328
25, 739
24, 867
42,885
198,409
135,002
162, 892
1,985
53,164
3, 077
27, 595
289
3, 559
205,122
861, 453
16,984

601
754 227,973 236,380
17, 926
18,048
56
6;
118
112 54,462 59, 674
2,187 499, 722 569,122
1,7
326 84,462 102, 265
315
14,079
9,919
55
51
37,002
94 35,375
86
26,129
17,474
101
43
6,203
2,810
18
16
623
1,134
18
20
83 32, 706 34,007
72
266 119, 927 122,959
266
162
169 40, 592 42,992
75, 797
347
328

58, 644.19 38, 333. 53 58, 644.19
38, 333. 53
93, 600. 79 85,844.""
18, 763. 05 19, 632. 64
202, 277. 67 181,149.19
39,400. 77 29,187. 93
1,205,711.00 1, 208,831. 34 297, 312. 92 170, 553.11
650,873. 58 670,026.16 157, 770.19 130, 330. 74
403,495. 50 430, 394. 04 85,178. 01 84,176. 67
111, 130. 62 179, 200. 82 44, 701. 85 57, 701. 90
234, 391. 38 257; 294. 58 38, 353. 65 164, 806. 24
105, 525. 53 118,486. 70 85,434. 77 83,340.05
128, 667. 95 146, 248. 65 90,151.39 111, 318. 87
1, 390, 518. 391,462,451.83 806, 897. 85 711,959.18
833,481, 38 215,042.14 187, 535. 33
775,908.93
640, 026. 79 676,864. 80 207, 052.81 201, 648. 73
22, 080. 00
12, 807.01
4, 826. 23 19, 715. 30
349,363.60 93, 791.89 100,686. 23
303,965.43
17, 788. 75
8, 383. 42
13, 714. 64
6, 225. 33
214, 005. 39 242, 094.42 34,922. 99 27,676. 27
551.191
233. 81
492. 23
138. 59
15,169.92
7, 561. 92
13, 043. 43
9, 605.84
1, 593, 616. 501, 733,865. 51 638, 374.15 589, 718. 23
n
3, 654,388. 64 4,480, 045.91 i 2, 277; 277. 2,868, 216. 94
42 >68,
60,649. 54
15, 330. 30 13, 947. 69
55,844. 22
~ 082.69
4, 703. 76
1, 623, 743. 701, 821,075.78 520,094. 39 478, 813. 53
136, 726. 51 106, 682. 61 103,935. 57 69, 798.40
275,914. 08 320,465. 49 125, 819. 25 110, 754. 83
4,163, 098. 22 4, 386, 564. 32 1,
168,943. 59 897, 632. 78
940, 233. 00 987,982.42 190, 575. 07 129, 261.11
95,406.48 43, 781. 92 44, 324. 68
64, 096. 84
207, 742. 67 203, 235. 59 42, 740. 28 25,157. 51
62, 910. 02 245, 554.47 41,970. 95 199, 886. 00
25,461.14 11,889.14 12,951. 37
16, 368. 58
8, 505.47
9,010. 04
7, 622.46
7, 250.12
205,838. 90 200, 090. 24 26, 617.42 33, 284. 92
919,432.44 1,004, 532. 69 323,469.47 269, 625. 34
227,130. 01 67, 076.49 81, 066. 31
202,268.02
591, 020.90 627, 650.17 120, 713. 98 93, 005.94

12, 678 13,835 3, 742,551 3,980,237 23, 703,436.80 26,005,438.04 9, 464,178.93 9,476,391.32
TOTAL, U N I T E D STATES
Number
of schools

1927-28
1926-27
1925-26
1924-25
1923-24
1922-23
1921 22
1920-21
1919-20

.

_




.

13,835
12,678
11,371
10,163
9,080
6,868
4,785
3,316
2,736

Number
participating

Deposits

3,980,237 $26,005,138. 04
3, 742, 551
23, 703,436. 80
3,403,746
20,469, 960. 88
2,869, 497 16, 961, 560. 72
2,236, 326 14, 991, 535. 40
1,907,851 10,631, 838.69
1, 295,607
5, 775,122. 32
802, 906
4,158,050.15
462,651
2,800,301.18

Net savings

$9,476, 391. 32
9,464,178. 93
8, 770, 731. 05
7, 779, 992. 55
8,556, 991. 27

REPORT OF THE COMPTROLLER OF THE CURRENCY

127

SAVINGS BANKS IN PRINCIPAL COUNTRIES OF THE WORLD

Statistics compiled by the finance and investment division of the
Bureau of Foreign and Domestic Commerce, Department of Commerce, relative to savings banks, including postal-savings banks, in
the principal countries of the world, on specified dates, supplemented
by information obtained from reports received in the currency bureau
from other sources, are shown in the statement following:




Savings banks, including postal-savings banks, number of depositors and amount of deposits, by specified countries
Country

Argentina •
_
Australia
Austria
Belgium
Bolivia
Brazil..
Bulgaria
Canada
Chile
China
Costa Rica
Cuba
_
C zechoslo vakia
Danzig
Denmark
Ecuador.
Egypt...
Estonia
Federated Malay States.
Finland
_
France
Germany
Greece...
Guatemala
Honduras
Hungary
India
Italy
Japan
Latvia...
Lithuania
Mexico
_
Netherlands
New Zealand
Nicaragua
North Ireland
Norway
Palestine
Panama..
Poland
.
Portugal




Population 1

10,087,118
5,495, 734
6,526,661
7,874,601
2,155,000
38,870,972
5,483,125
8,999,009
3,937,678
400,800,000
507,193
3,418,033
13,613,172
386,000
3,419,056
1,500,000
14,168,756
1,110,538
1,404,000
3,526,000
40,617,360
62,348,782
6,200,000
2,119,165
773,408
8,368,273
318,885,980
40,548,666
80,704,800
1,844,805
2,011,173
14,308, 753
7,416,419
1,407,165
638,119
1,256,322
2, 649, 775
852,268
442, 522
29,160,163
5,628,610

Number
of banks Date of report
reporting
27 Dec. 31,1927
June 30,1927
'""28 M a y 31,1928
. . . Dec. 31,1927
...
Jan. 1,1926
Dec. 31,1924
Dec. 31,1927
do.
June 30,1928
345 Dec. 31,1926
1 Jan. 1,1926
Dec. 31,1927
do.
374
.....do
529 Mar. 31,1928
5 Jan. 1,1926
Mar. 31,1928
do.
42
Dec. 31,1926
Mar. 31,1928
Dec. 31,1927
do.
/Dec. 31,1927
\Dec. 31,1926
Jan. 1,1926
June 30,1927
do
Mar. 31,1927
141 Dec. 31,1927
Mar. 31,1927
Dec. 31,1927
504 Jan. 1,1926

"BIB"

Form of savings bank

Governmental, commercial and private._
Savings, commercial, Federal, and State.
Governmental, commercial and postal
General savings
__
Commercial and mortgage
Federal*
_
Governmental, postal and private...
Chartered, governmental and postal
Commercial and national savings banks..
Postal savings
_
Governmental.-.
_
Semipublic...
Savings and private
Private and trustee
Postal and commercial.
Governmental
_
Government savings
Postal, private, and joint stockGovernmental and ordinary
State and municipal
Postal.
Savings.
Communal, commercial, and private .
Commercial
Postal and commercial
Postal
/Association
..
\Postal
_
_
do
_
Postal, governmental, municipal, private, and commercial...
Governmental, private, and mutual

/Dec. 31,1927 Postal
\
do
. Others
Mar. 31,1926 Postal and private
Federal, private, and commercial _
162
10
3
33

Dec. 31,1927
Jan. 1,1926
do.
Dec. 31,1927
Jan. 1,1926

Savings
_
Commercial
_
Federal and commercial
Governmental, foreign, stock banks, postal, and savingsPostal, governmental, private, and commercial u

Number of
depositors

4,425,000
8,465
785,796

«51,695
827
115,057
30,022
"~"7,~494"
29,803

'2,071

32,495,132

893,229

5,651

Deposits a

$621,308,596
£204,159,682
$174,538,350
486,500,000
1,441,839
48,212,260
2,445,749
1,475,000,000
26,940,240
c 8,096,118
25,316
42,557,323
456,452,986
6,737,398
534,124,000
309,930
£E3,500,000
$15,118,952
« 3,616,790
$241,300,080
826,189,500
1,111,298,280
3,281,500
5,665,000
8 1,772,447
546,629
53,964,429
»294,900,000
$736,400,000
529,050,800
10111,182,800,004
$24,318,000
4,126,057
129,042,000
90,048,000
£54,275,705
518,392,400
12,350,000
3,047,559
79,998,600
36,291,185

i
H

H
tei

o
o

o
H
W

3

a

Salvador..
_
Siam
South Africa
Sweden
_
Uruguay
United Kingdom___
Foreign countries, total
United States and possessions. _.
Philippines
Grand total

1,610,000
9,831,000
6,928, 580
6,053, 562
1,698,000
44,173, 704
1,231, 760,020
120,150,000
11,170,000
1, 363,080,020

(15)

4,294
17 1

18

7,044
1,407
1
8,452

Mar.
Sept.
Dec.
Dec.
Nov.

31,1927
30,1927
31,1927
31,1926
30,1927

•easury savings bank
Tn

Postal and savings certificates
Postal and savings
Governmental
Postal and trustee savings banks..

June 30,1928 [Postal-savings system.
\ Mutual and stock
do
Postal
_._

3,439,370

1 2, 266, 643
6
$59, 215, 572
779,496, 224
36,018,809
1, 754,859,900

42,303, 626
412, 250
15,004, 558
245,814

152,143,000
10,234, 041,000
3,463,810

13,^49

57,966,248

1 Taken from World Almanac for 1928.
2 Conversions have been made at average rates for year preceding or covered by report; par has been used in case of Austria, Belgium, Canada, Danzig, Denmark, Estonia, Finland, France, Germany, Hungary, Italy, Latvia, Netherlands, Norway, Poland, South Africa, Sweden, and United Kingdom.
3 Figures cover only banks in Buenos Aires or branches of Buenos Aires banks in interior. However, these banks accounted for more than 88 per cent of total Argentine savings
deposits at the end of 1925. Figures at end of 1927 do not include postal savings and time deposits totaling 80,400,000 paper pesos and 637,275,000 paper pesos, respectively.
4
Commercial banks may accept savings deposits only on special authorization.
6
Big dollar accounts.
6 Figures given in Straits Settlements dollars.
7
In addition, 5,660 time depositors.
8 In addition, $1,983,680 in time deposits.
8
Rupees.
10 Deposits in postal-savings bank only.
11 Yen.
12 There are no savings banks in Mexico. Postal savings inaugurated in Feb., 1928; figures not available.
3
14 Deposits included with the United Kingdom.
1fi Includes only 22 private banks and 9 commercial banks.
i No savings banks in Salvador.
16 Ticals.
17 Figures cover only the Bank of the Republic and its dependency the National Savings Bank.
18
Refers to mutual and stock savings only.




H
O

o

I
o
o

to
O

130

REPORT OF THE COMPTROLLER OF THE CURRENCY

RESOURCES OF LEADING FOREIGN BANKS OF ISSUE
The total resources of 34 foreign banks of issue converted at the
existing rate of exchange on or about June 30, 1928, were $15,534420,000, in comparison with resources of $14,588,485,000 reported by
33 foreign banks on June 30, 1927.
#
The statement following, prepared by the Federal Reserve Board,
shows total assets of the 34 banks of issue on the dates indicated,
designation of their local currency, total amount of assets, rates of
exchange, and total assets converted at rate of exchange on given
dates:
Total assets of principal central banks about June 30, 1928
[In thousands of local currency and of dollars]

Date

Austria
Belgium
Bulgaria
Czechoslovakia
Danzig...
Denmark
.
Egypt
England
Estonia
Finland
France
Germany—
Greece.
Hungary
Italy
Latvia
Lithuania
Netherlands
Norway
Poland..
Portugal
Rumania
Russia—_-___,
Spain..
Sweden
Switzerland
Yugoslavia
Chile
Colombia
Peru..,
Uruguay
Japan
Java
South Africa

_
_
_
_

_
_

Local currency

June 30
June 21
June 30
do.
July 3
June 30
May 31
June 27
June 30
.-do....
June 29
June 30
do
—do
...do
June 27
June 30
June 25
June 30
.do.
June 27
June 30
._ July 1
_. June 30
...do

Schilling.
Lev.
Crown..
Gulden
Krone
Egyptian pound..
Pound
Kroon
_
Markka
Franc
Reichsmark
Drachma.
Pengo
Lira
Lat
Litas—
Florin
Krone
Zioty.
Escudo
Leu
Chervonetz.
Peseta
Krona
Franc.
DinarPeso...
_do.
.do.
.do.
Libra..
Peso__.
do.
Yen.__.
FlorinJune 29 Pound.

Total1 Par of exchange, as no quotation available on given date.




Total assets
Rate of ex- converted
Total assets change on at rate of
given date exchange
on given
date
Cents
1,383, 580
2,355,540
8, 610, 735
8,877, 664
70, 707
460, 929
65, 056
283, 684
68, 780
2, 678, 828
82,472, 986
5, 821, 459
8, 724,139
888, 252
23,426, 213
251,845
184, 819
870,808
503,472
2,170,081
4,170, 235
36,062, 373
405, 555
5, 788, 395
823, 077
1, 018,453
* 8, 783, 434
605,776
73, 635
7,442
193, 656
2, 536,127
395, 659
18, 828

14.0745
13.9653
.7215
2.9622
1 19.47
26. 7965
500. 7972
487. 5809
26. 8142
2. 5173
3. 9272
23.8964
1. 3019
17.4389
5. 2584
19.3307
9. 9513
40. 2997
26. 7709
1. 2022
4.4785
.614
515.
16. 5013
26. 8309
19. 2786
1. 7607
12.1986
98.04
400.
102. 234
46. 4944
40.16
486.4792

194, 732
328, 958
62,126
262, 974
13, 767
123, 513
325, 799
1, 383,189
18,443
67,434
3,238,879
1,391,119
113, 580
154,901
1, 231, 844
48,683
18, 392
350,933
134, 784
243,097
186, 764
221,423
2, 088, 608
955,160
220, 839
196, 343
154, 650
72,192
29, 768
197, 982
1,179,157
158, 897
91, 594
15,534,420

131

REPORT OF THE COMPTROLLER OF THE CURRENCY

EXPENSES OF THE CURRENCY BUREAU
By reference to the table following, showing in detail expenses relating to the maintenance of the Currency Bureau for the fiscal year
ended June 30, 1928, it will be noted that the aggregate expenses were
$5,225,628.08, of which $1,123,635.34 was paid from appropriations
and $4,101,992.74 reimbursements by the banks. The salary rolls
aggregated $494,204.95, of which $234,422.56 was paid from appropriations and the remainder from funds reimbursed by the banks.
Taxes paid by national banks on circulating note issues amounted
to $3,234,240.29. Deducting from this amount the expenses of the
bureau paid from congressional appropriations, $1,123,635.34, leaves
the net income to the Government on account of the tax on circulation at $2,110,604.95.
Expenses incident to maintenance of Currency Bureau and net income derived by
Government from taxes on national-bank notes, fiscal year ended June 30, 1928
i Expenses
j paid from appropriation

Expenses
reimbursed
by b a n k s

Total
expenses

Salaries:
$234,.422. 5G
Regular roll, including retirement deductions
National currency reimbursable roll, including retirement
$48, 549. 58
deductions
Federal reserve issue and redemption division, including
51,165.49
retirement deductions
_.
Insolvent national-bank division, including retirement
160, 067. 32
deductions
Total salaries
$494, 204.95
General expenses:
7, 865. 71
27, 952. 32
Printing and binding
5,429. 24
2, 271. 97
Stationery
•_..
Amount expended for light, heat, telephone, telegraph,
furniture, labor-saving machines, etc., partially estimated
7, 775. 55
1, 620. 82
Special examination of national banks, repairs to macer954. 50
ator, etc
„
Total general expenses
53, 870.11
Currency issues:
National-bank notes—
Paper
_
,____. 107, 994. 47
745, 261.43
Printing, etc
43, 847. 89
Plates (reimbursed).
_
_
Federal reserve notes246,483. 60
Paper
_
985. 934, 40
Plates, printing, etc
Total currency issues
.._
2,129, 521. 79
Expenses on account of national-bank examining service paid
2, 308, 250. 08 2, 308, 250. 08
by banks
87, 797. 40
87, 797. 40
Postage on shipments of national-bank notes
75, 020. 45
75, 020. 45
Postage on shipments of Federal-reserve notes
22, 453.18
22, 453.18
Insurance on shipments of national- bank notes
54, 510.12
54, 510.12
Insurance on shipments of Federal-reserve notes
Total expenses paid from appropriations..
1,123,635.34
4,101, 992. 74
Total expenses reimbursed by banks
5, 225, 628. 08
Total expenses
Tax paid by national banks on circulating notes
Total expenses of Currency Bureau paid from congressional appropriations
Net income to Government from taxes on circulation

__

$3,234, 240. 29
_ 1,123, 635. 34
2,110,604.95

Respectfully submitted.
J. W. POLE,

Comptroller of the Currency.
To

the

SPEAKER OF THE HOUSE OF REPRESENTATIVES.







APPENDIX
133

DIGEST OF DECISIONS EELATING TO NATIONAL BANKS
The following Federal cases were reported in volumes 275 and 276,
United States Keports, and volumes 21 to 28, Federal Reporter,
second series.
In addition to the cases above referred to there have been added
references to a number of decisions of State courts, of particular
interest to banks, for the year ended November 1, 1928, which were
furnished this office by Mr. Thomas B. Paton, the general counsel
for the American Bankers Association. These decisions are given in
Paton's Digest, reference to which is made in each case.
CHECKS
CROSS REFERENCES

Page
Exchange—Foreign and domestic letters of credit
144
Bank had authority to purchase shipper's drafts drawn on consignee.
(U. S. C. C. A. 1927.) Bank had authority to purchase drafts sued on,
which shipper drew on consignee, one of defendants, for turkeys shipped.
(Armour & Co. v. Belton National Bank, 22 Fed. Rep., 2d series, 727.)
Corporations—Corporation authorized by charter to buy turkeys could make valid
agreement to honor drafts in payment therefor.

(U. S. C. C. A. 1927.) Corporation, having authority under its charter to
buy turkeys, could make valid agreement to honor drafts as method of
making payment therefor. (Ib.)
COLLATERAL SECURITIES
Pledges—Holder of collateral security may dispose thereof as means of collecting his
debt.
(IT. S. C. C. A. 1928.) A debtor may give collateral and additional security
to secure his obligations, and holder of such security may dispose of it
in accordance with the terms thereof as a means of collecting his debt.
(Union Nat. Bank of Johnstown, Pa., v. People's Savings & Trust Co.,
Pittsburgh, Pa., 28 Fed. Rep., 2d series, 326.)
Pledges—"Collateral security" implies transfer to creditor of interest in property
or obligation, furnishing security in addition to debtor's responsibility\
(U. S. C. C. A. 1928.) Term "collateral security" implies transfer to
creditor of interest in or lien on property, or an obligation which furnishes
security in addition to debtor's responsibility, and debtor's mere execution and delivery of additional unsecured evidence of his indebtedness
does not constitute collateral security for payment of original debt. (Ib.)
Corporations—Corporate borrower's notes, given as further evidence of original debt.
could not be used to increase claim as basis for distribution; "collateral security,"
''additional security."
(U. S. C. C. A. 1928.) Where bank loaned $17,500 on corporate borrower's
judgment notes, and, when borrower was unable to pay at maturity, took
borrower's gold notes for $19,000 as further evidence of original loan,
in consideration of extension of time for payment, such gold notes did
not constitute "collateral security," or "additional security," since they
depended for their value on borrower's credit alone, and on borrower's
insolvency could not be used to increase total amount of lender's claim,
as basis for determining bank's share in pro rata distribution of borrower's assets. (Ib.)
20869°—H. Doc. 381, 70-2
-10
135




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EEPOET OF THE COMPTROLLER OF THE CURRENCY

Pledges—Creditor holding collateral security may, in ca,se of nonpayment,
all remedies, together or singly.

pursue

(U. S. C. C. A. 1928.) A creditor holding collateral security may, in case
of nonpayment, pursue all his remedies together, or pursue them singly,
since he has a legal property interest in the security, as well as in the
debt, and has the legal right to exercise his choice of remedies in enforcing
his right. (Ib.)
Corporations—On corporate debtor's insolvency, creditor must share pro rata on
basis of his real debt, regardless of number of notes held.

(U. S. C. C. A. 1928.) When corporate debtor becomes insolvent, creditor
must share pro rata with all other creditors on the basis of his real debt,
regardless of whether or not he holds one or more of borrower's notes for
it. (Ib.)
Bankruptcy—Preference of note indorsers, to whom maker's vendor conveyed land
within four months before maker's bankruptcy, was lawful as to securities assigned
nearly three years before bankruptcy.

(U. S. C. C. A. 1928.) Even if purchaser was insolvent when vendor conveyed farm to another after default to indorsers of purchaser's notes to
bank within four months before purchaser's bankruptcy, and such indorsers
were chargeable with notice of such fact and obtained preference over
unsecured creditors under assignment of purchase contract, chattel mortgage on farm stock, etc., and mortgage on purchaser's manufacturing
plant, nearly three years before bankruptcy, such preference was lawful
under bankruptcy act (11 U. S. C. A.) to extent to actual securities
assigned. (18 Fed. Rep., 2d series, 987, reversed.) (Dater et al. v. Anderson, 28 Fed. Rep., 2d series. 944.)
Bankruptcy—Assignment to indorser of notes nearly three years before maker's
bankruptcy, to secure all indebtedness to payee at any time, secured notes indorsed
by another.

(U. S. C. C. A. 1928.) Purchaser's assignment of farm purchase contract,
chattel mortgage on farm stock, etc., and mortgage on purchaser's manufacturing plant, nearly three years before purchasers bankruptcy, to
indorser of purchaser's notes to bank, to secure any and all indebtedness
purchaser might owe indorser or bank at any time, held to secure loans
by bank on notes secured by another's indorsement, so that court erred
in awarding trustee value of farm above unpaid purchase price and amount
merely of assignee's indorsements. (Ib.)
Payee bank's president acted officially in procuring assignment of securities for
notes indorsed by him.

(U. S. C. C. A. 1928.) Bank president indorsing land-purchaser's notes for
loans by bank stood in at least a quasi fiduciary relation to bank, and
hence acted in his official capacity in procuring assignment of contract
and mortgages by purchaser to secure indorsements and all his indebtedness
to bank. (Ib.) "
Bankruptcy—Payee bank could enforce valid assignment to president of securities
for bankrupt's notes, in trustee's suit to set aside preferential transfers.

(U. S. C. C. A. 1928.) Under rule that one for whose benefit promise is
made may enforce it in equity, even if not at law, bank making loans
to purchaser of land on' notes indorsed by its president, who procured
assignment of contract and mortgages by purchaser as security for all
his indebtedness to bank nearly three years before his bankruptcy, could
resort to security agreement in suit by trustee to set aside alleged preferential transfers. (Ib.)
Bankruptcy—Bankrupt
land-purchaser's surrender of equity did not preclude
payee bank from enforcing assignment to president of securities for purchaser's
notes.

(U. S. C. C. A. 1928.) Land-purchaser's surrender of his contract equity
to vendor within four months before bankruptcy held not to amount,
legally or equitably, to payment of his notes to bank, indorsed by director
thereof, not to preclude bank from enforcing land contract and mortgages,
assigned to its president as security for all of purchaser's indebtedness
to it, if such director has not paid notes he indorsed. (Ib.)




REPORT OF THE COMPTROLLER OF THE CURRENCY

137

Subrogation—Director paying notes he indorsed held subrogated to securities assigned
to payee bank's president as against maker's bankruptcy trustee.
(U. S. C. C. A. 1928.) Bank director paying back entire amount of notes
indorsed by him held entitled to be subrogated to land-purchase contract
and mortgages, assigned by maker to bank president as security for all
his indebtedness to bank; any question of priority being solely between
such director and purchaser's trustee in bankruptcy, whose rights are
no greater than those of purchaser. (Ib.)
Bankruptcy—Land-purchaser's surrender of interest and vendor's deed to indorsers
of his notes to bank gave his bankruptcy trustee no equity against indorsers.
(U. S. C. C. A. 1928.) That contract equity, surrendered by purchaser of
land to indorsers of his notes to bank, belonged to his creditors because
right of redemption was not formally cut off, gave his trustee in bankruptcy no equity as against such indorsers and vendor who conveyed
land to indorsers within four months before purchaser's bankruptcy;
utmost effect of such surrender and deed being to make indorsers owners
in fee subject to contract, which would give trustee only a right to redeem
within some reasonable time. (Ib.)
Bankruptcy—Lack of formal foreclosure held no basis for charging indorsers of
bankrupt purchaser's notes with defrauding creditors by selling land merely for
amount owed them.
(U. S. C. C. A. 1928.) Where land purchaser's trustee in bankruptcy, with
knowledge that bankrupt's legal title had been declared forfeited and
that indorsers of his notes to bankrupt claimed full legal title, indicated
no dissatisfaction with indorsees offer of anything he could save for estate
above their debts by sale of property, best offer for which he thought would
leave nothing for bankrupt's equity, lack of formal foreclosure, making
trustee a party, furnished no basis for charging indorsers with transfer
in fraud of creditors in selling land merely for amount owed them. (Ib.)
Bankruptcy—Purchaser's bankruptcy trustee could recover nothing where interest
on price and notes paid by indorser exceeded value of land,.
(U. S. C. C. A. 1928.) Where interest on purchase price of land and defaulting purchaser's notes to bank, until indorsers sold land for exact
amount of their secured debts after its conveyance to them by vendor
within four months before purchaser's bankruptcy, was more than value
of land as fixed by court, and they paid out greater part of such value to
protect their equity, nothing remained for purchaser's trustee in bankruptcy after allowing priority in assigned security to indorser paying
amount of notes indorsed by him. (Ib.)
Sales—Agreement of bank, holding title to goods as security from seller, to hold boots
specified in contract, held agreement to hold boots of quality called for by sales
contract.
(U. S. C. C. A. 1928.) Agreement of bank holding title to boots as security
for debt due from seller, in letter to buyer, to hold "the boots specified
in the contract," subject to an opportunity to verify sizes, held to be an
agreement by bank to hold boots of quality, as well as size, called for by
buyer's contract with seller. (Gotham National Bank v. Sharood Co.,
23 Fed. Rep., 2d series, 567.)
Frauds, statute of—Agreement in form of promise to pay debt of another, made
for promisor's own benefit, is not within statute of frauds.
(U. S. C. C. A. 1928.) Where promisor has an immediate pecuniary interest
of his own to be subserved, and makes promise in form of promise to pay
debt of another for his own benefit, it is not within statute of frauds.
(Ib.)
Frauds, statute of—Promise of bank pledgee to hold goods of specified quality for
pledgor's purchaser was not promise to answer for default of another.
(U. S. C. C. A. 1928.) Promise of bank, holding title to goods as security
for debt from seller, to hold goods of specified quality and size for purchaser from seller, bank's own debtor, was not promise to answer for default of another, within statute of frauds. (Ib.)



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REPORT OF THE COMPTROLLER OF THE CURRENCY

Sales—Conduct of bank holding title to goods as security waived condition of punctual performance of sales contract,
(U. S. C. C. A. 1928.) Conduct of bank, which held title as security to
goods which were subject matter of sales contract, which bank promised
to hold goods of specified quality and size for buyer, in consenting to
release goods and to accept payment from buyer, with full knowledge
that parties were not performing in accordance with strict letter of contract, must be regarded as waiver of condition of punctual performance
of sales contract. (Ib.)
Sales—Defendant's contractual obligation and breach being established by uncontradicted evidence, court properly left to jury only question of damages.
(U. S. C. C. A. 1928.) Contractual obligation of defendant bank, holding
title to boots as security for debt from seller, to hold boots of specified
quality and size for buyer, and breach of contract, being established by
evidence without contradiction, court properly left to jury only question
of damages. (Ib.)
Appeal and error—In action for breach of sales contract, charge that bank, holding
title to goods as security, promising to hold goods of specified quality, was liable
as joint seller, held harmless error.
(U. S. C. C. A. 1928.) In action for breach of sales contract, charge that
defendant bank, holding title to goods sold as security from seller, and
promising to hold goods of specified quality and size for buyer, was joint
seller, held harmless error, where bank's contractual obligation and breach
of it was established by evidence without contradiction, and court properly
submitted to jury only question of damages. (Ib.)
National bank, as pledgee, may agree to release pledged goods to purchaser from
pledgor.
(U. S. C. C. A. 1928.) National bank, as pledgee, may agree to release
pledged goods to purchaser from pledgor. (Ib.)
National bank, as pledgee, may warrant quality of goods it promises to release to
purchaser from pledgor.
(U. S. C. C. A. 1928.) As incidental to pledgee's power to agree to release
pledged goods to purchaser from pledgor to realize on its collateral, national
bank, which is pledgee, has power to warrant quality of goods it promises
to release. (Ib.)
Promise of national bank, holding title to goods as security, to hold goods of specified
quality for purchaser from debtor, was not ultra vires.
(U. S. C. C. A. 1928.) Promise of national bank, holding title to goods as
security for debt due from seller, to hold goods of specified quality and
size for buyer, was not ultra vires, since bank was cooperating with its
debtor in arranging sale of collateral, in hope of liquidating its own claim.
(Ib.)
Principal and agent—Where principal, knowing facts, retains benefit of unauthorized
contract, he assumes its burdens.
(U. S. C. C. A. 1928.) Where principal, without knowledge of facts, retains
benefit of an unauthorized contract, he must be deemed also to have
assumed its burdens. (Ib.)
National bank, retaining benefit of vice president's contract warranting quality of
goods held as pledgee to buyer, after commencement of action, ratified contract.
(U. S. C. C. A. 1928.) National bank, which held title to goods as security,
by retaining benefits of contract after action thereon was commenced,
ratified contract by vice president to hold specified quality and size of
goods for buyer from its debtor, if vice president was unauthorized to
make such contract. (Ib.)
Sales—Rejection of defective goods did not constitute rescission of sales contract,
and limit buyer to recovery of prepaid purchase price. (Personal Property Law
N. Y. sec. 150, par. 1 (<©.)
(U. S. C. C. A. 1928.) Buyer's rejection of defective goods did not necessarily
constitute rescission of contract of sale, and limit buyer to recovery of
prepaid purchase price, as provided by Personal Property Law N. Y.
(Consol. Laws, c. 41, sec. 150, par 1 (d).) (Ib.)



REPORT OF THE COMPTROLLER OF THE CURRENCY

139

Sales—Buyer•, rejecting goods without rescinding contract, could recover purchase
price, storage and other charges thereon, and difference between contract price and
market price. {Personal Property Law N. Y., sec. 148, sec. 150, par. 1 (c) and
par. 6.)

(U. S. C. C. A. 1928.) Buyer, rejecting defective goods without rescinding
contract, was entitled to recover, as part of his damages, purchase price of
defective rejected goods, storage and other charges thereon paid by buyer,
and difference between contract price and market price of rejected goods
as loss directly and naturally resulting from breach of contract under
Personal Property Law N. Y., sec. 148, and sec. 150, par. 1 (c) and par
6. (Ib.)
Corporations—Proof of assignment of cause of action sued on from corporation
contracting with defendants to plaintiff corporation of same name held sufficient.

(U. S. C. C. A. 1928.) Proof of assignment of cause of action for breach of
sales contract from Minnesota corporation buyer, making contract, to
Delaware corporation of same name, suing defendants, held sufficient,
where record showed that, with object of accomplishing corporal reorganization, buyer voted to sell "ail the property" of its corporation to plaintiff
corporation, which voted to accept "all the property" and assume all the
liabilities, although, in schedule of accounts receivable, claim was listed
at figure which did not include all damages recovered, but schedule also
recited that defendant bringing error guaranteed sales contract, and that
compensation for additional damages was being demanded of them. (Ib.)

Pledges—Negotiable notes, pledged by agent holding them in trust for principal,
passed to pledgee free from secret or latent equities between parties. (C. S* N. C.
sec. 3005-3007, 3008, 3037.)

(U. S. C. C. A. 1928.) Negotiable notes, secured by chattel mortgages or
crop lien pledged by agent holding title in trust for principal, pursuant
to contract whereby principal furnished fertilizer for sale by agent, passed
to pledgee, not only free from secret or latent equities existing between
the parties to the instruments, but also free from such equities in favor of
third parties of which it had no notice or knowledge, in accordance with
negotiable instruments act of North Carolina (C. S. sees. 3005-3007,
3008, 3037), notwithstanding collateral was pledged as security for money
then loaned and antecedent indebtedness. (New Bern Oil & Fertilizer
Co. v. National Bank of Kinston et ai., 28 Fed. Rep., 2d series, 554.)
Pledges—Bank'fs failure to pursue remedy against accommodation indorser did
not entitle principal to collateral pledged by agent for his own indebtedness.

(U. S. C. C. A. 1928.) Where negotiable notes secured by mortgages and
crop liens held by agent in trust for principal were pledged by agent as
collateral security for his own indebtedness to bank, failure of bank to pursue its remedy against accommodation maker or indorser on one of principal notes did not entitle principal to collateral to amount of such note,
in that it would be inequitable to compel bank to proceed against indorser
who was liable only on default of maker, rather than on collateral in its
hands. (Ib.)
Marshaling assets and securities—Doctrine of marshaling assets applies only when
it can be done with fairness to parties and without prejudice to third persons.

(U. S. C. C. A. 1928.) Doctrine of marshaling assets applies only when it
can be done with fairness to creditor and debtor and without prejudice to
third persons; enforcement being governed by equitable principles in
the sound discretion of the court. (Ib.)

Bankruptcy—Charge against proceeds of collateral collected by receiver, based on
expenses, held not chargeable against proceeds of collateral collected by secured
creditor.

(U. S. C. C. A. 1928.) Where collateral in hands of secured creditors was
increased in value by receiver's action in furnishing supplies, in consideration of notes theretofore given, secured by collateral, a charge authorized
by referee in bankruptcy of 51 per cent against proceeds of collateral collected by receiver, based on ratio of total expenses to total receipts, was
not chargeable against proceeds of collateral collected by secured creditor
without assistance of receiver or trustee. (Ib.)



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REPORT OF THE COMPTROLLER OF THE CURRENCY

Bank held not bound by receipts signed by officer falsely showing bank received stock
to be held as collateral for personal loan to officer.
(C. A. of Dist. Col. 1927.) One lending monej?- to vice president of bank, taking
promissory note under agreement that shares of bank stock were held as
collateral, held not entitled to such stock as against bank, after borrower
absconded with funds of bank, under theory that it was held in trust,
where borrower did not, in fact, deliver any shares to lender as collateral,
since lender in such case did not ever come into actual or constructive
possession of such shares, notwithstanding borrower signed receipts showing stock was held as collateral. (Preston v. Equity Savings Bank et al.,
23 Fed Rep., 2d series, 757.)
Liens—Absconding bank officer held, under evidence, without stock subject to equitable
lien for debt.
(C. A. of Dist. Col. 1927.) Vice president of bank, who absconded, held,
under evidence, to have no stock chargeable with equitable lien for protection of one who had loaned him money, where his stock at time of loan
was held by another bank as collateral, and on defalcation he assigned all
his assets to bank of which he was officer, to be applied on his indebtedness
to it, after which bank's liquidators paid his debt to bank holding stock as
collateral, and recovered stock, which thej^ applied on defalcation. (Ib.)
COLLECTIONS
CROSS REFERENCES

Insolvency and receivers:
Deposit of checks or drafts for collection
162
Exchange—Foreign and domestic—Letters of credit
144
It is negligence to send check for collection to bank on which drawn.
(U. S. C. C. A. 1928.) It is negligence to send check for collection to bank
on which it is drawn, such bank not being suitable agent for its collection.
(Stout Lumber Co. v. Hayes, 25 Fed. Rep., 2d series, 841.)
Collecting bank held negligent in sending check to bank on which drawn for collection
and failing to do anything toward collection for 10 days.
(U. S. C. C. A. 1928.) Where collecting bank, which had previously failed
to make collection on defendant's check given to plaintiff for price of
lumber, because bank on which it was drawn and to which it was sent
for collection reported it had not received check, thereafter again sent
to same bank another check received from defendant to replace first
check and did nothing further toward collection for 10 days, though
reasonable time for payment did not exceed 5 days, held, that collecting
bank was negligent, and plaintiff was not entitled to recover its loss from
defendant on subsequent closing of bank, on which check was drawn,
because of insolvency. (Ib.)
Payment—Bank's payment of check in ordinary course would be good, if drawer had
no knowledge of bank's insolvency.
(U. S. C. C. A. 1928.) Where drawer of check had no knowledge of bank's
condition, payment of check in ordinary course of business of bank would
have been good, even if bank had been insolvent. (Ib.)
State statute authorizing collecting bank to send check directly to bank on which
drawn held not to impair drawer's right to defend against negligence of payee
or forwarding bank. (Act La. No, 85 of 1916.)
(U. S. C. C. A. 1928.) Act Louisiana No. 85 of 1916, providing that bank
receiving check for collection may send it directly to bank on which drawn,
and that failure of bank, because of insolvency or otherwise, to which
check is sent, to account for proceeds, shall not render forwarding bank
liable, only affects contract relations between depositor of check and
initial bank of deposit, on one hand, and forwarding bank, on the other,
and does not impair rights of drawer, whose funds have been transferred
by drawee bank, to defend against negligence of payee or forwarding bank.
(Ib.)



REPORT OF THE COMPTROLLER OF THE CURRENCY

141

DEPOSITS
Page
GENERAL DEPOSITS THE RELATION OF DEBTOR AND CREDITOR
APPLICATION OF DEPOSIT ON NOTE
.
DEPOSIT OF COUNTY FUNDS
CERTIFICATE OF DEPOSIT
ESCHEAT OF DEPOSITS
ACTION BY DEPOSITORS

141
141
142
143
143
143

CROSS REFERENCES

Insolvency and receivers:
Special deposit of bonds
Deposit of public funds

162
168

GENERAL DEPOSITS THE RELATION OF DEBTOR AND CREDITOR

Deposit of drafts pursuant to agreement to wire deposits to depositor created rela-~
tionship of debtor and creditor as respected liability of bank.
(U. S. C. C. A. 1928.) Deposit of drafts to credit of brokerage partnership
in accordance with agreement evidenced by letter of brokerage partnership to bank, requiring telegraph of each deposit over private wire, with
confirmation by mail, and positively forbidding wire that money had been
deposited until bank had ascertained checks would be paid, held, as
respected liability of bank to depositor, to create relationship of debtor
and creditor. (H. & B. Beer et al., v. Chickasha National Bank, 26 Fed.
Rep., 2d series, 36.)
APPLICATION OF DEPOSIT ON NOTE

Bank held not entitled to set off principal1 s money deposited against agent's unmatured note, where it extended no new credit because of deposit.
(U. S. C. C. A. 1927.) Where decedent's agent, who collected mortgage
debt under instructions to pay proceeds to vice president of bank for
another investment, deposited check collected and payable to himself as
agent to credit of his company's account, and, on said agent's suicide,
bank credited balance of the account on an unmatured note as authorized
by note, without notice that check deposited did not belong to agent or
to his company, held that, bank not having changed its position by extending credit after deposit was made, decedent's executrix was entitled to
recover balance of deposit on hand when account was closed, which was
less than amount of check. (Citizens' & Southern Bank v. Fay ram, 21
Fed. Rep., 2d series, 998.)
Bankruptcy—Bank held not entitled to apply on bankrupt's debt amount collected
by it as trustee on mortgage belonging to others than bankrupt.
(U. S. C. C. A. 1928.) Where bank, acting as trustee for several banks
participating in mortgage loan, had notice before mortgage notes were
paid, that bankrupt trust company, participating in transaction, had no
beneficial interest in mortgage notes held by bankrupt, and that certain
other banks were beneficial owners thereof, bank was not entitled to
apply on bankrupt's debt to it amount received by it a,s trustee in payment of part of mortgage loan in bankrupt's name, in absence of any
extension of credit or other change of position due to its dealings with
bankrupt with reference to loan. (Commercial Bank & Trust Co. v.
Dooley et al., 25 Fed. Rep., 2d series, 934.)
Principal must prove ownership of money deposited by agent and applied to agent's
indebtedness to bank's knowledge, or that bank did not change position.
(U. S. D. C. 1927.) Where bank applied agent's deposit to past-due notes
as authorized by notes, principal, in order to stand in better position than
its agent, must show that deposit or part thereof consisted of money collected by depositor for it as its agent, and that bank had notice of principal's ownership of fund creating deposit, or, in absence of such notice,
that bank had not changed its position by reason of the deposit, by extending credit to depositor in reliance on its ownership of the money deposited.
(Swift & Co. v. Hammond Farmers Association (Ltd.), et. al., 22 Fed.
Rep., 2d series, 166.)




142

REPORT OF THE COMPTROLLER OF THE CURRENCY

Principal held entitled to recover from bank trust moneys deposited by agent and
applied on agent's past-due notes.

(U. S. D. C. 1927.) Where cooperative farmers' association, which as plaintiff's agent sold fertilizer to farmers under contract requiring it to deposit
collections in separate bank account, deposited collections in its general
account, and thereafter bank applied balance of deposit on association's
past-due notes, as authorized by notes, held that, as bank did not change its
position in reliance on association's ownership of money deposited, plaintiff
was entitled to recover from bank money so collected and deposited, so far
as it could trace collections into deposit. (Ib.)
DEPOSIT OF COUNTY FUNDS

The liability of a surety on a bond given by a bank to secure deposits of county
funds in Nebraska, extends to deposits made in violation of the statute, unless
otherwise provided on the bond itself.

(U. S. Sup. 1928.) The liability of the surety on a bond given by a bank
to secure deposits of county funds in Nebraska is not limited by section
6193, Compiled Statutes, Nebraska, 1922, forbidding any county treasurer
to have such funds on deposit in any bank in excess of 50 per cent of its
paid up capital stock, but extends to deposits made in violation of the
statute, unless otherwise provided in the bond itself. (Certiorari to the
Circuit Court of Appeals for the Eighth Circuit). (People of Sioux
County, Nebr., v. National Surety Co., 276 U. S. 238.)
Construction of the State statute by the highest court in the State accepted by the
Supreme Court of the United States.

(U. S. Sup. 1928.) Construction of a State statute by the highest court of
the State accepted by this court, though made subsequently to the decision here under review. (Ib.)
Attorney's fees in Nebraska in action on guarantee and other specified insurance
contracts are not taxable as costs under Revised Statutes 823, 824, in action in
Federal courts, but are to be allowed by those courts by inclusion in their judgments.

(U. S. Sup. 1928.) The attorney's fees which are directed by section 7811,
Nebraska Compiled Statutes, 1922, to be allowed and "taxed as part of
the costs," in actions on guaranty and other specified insurance contracts, are not costs in the ordinary sense and are not taxable as costs
under Revised Statutes, sections 823, 824, in actions in Federal courts,
but are to be allowed in those courts by inclusion in their judgments.
(Ib.)
In fixing attorney's fees regard should be had to the amount involved in the action.

(U. S. Sup. 1928.) For the purpose of fixing a reasonable attorney's fee
under the statute, regard should be had to the amount substantially
involved in the action. 16 Fed. Rep., 2d series, 688, reversed. (Ib.)

One depositing money in bank as trustee may withdraw it in same capacity.

(U. S. C. C. A. 1928.) One who deposits money in a bank as a trustee has
the right to withdraw it in the same capacity. (Farmers' Bank of Alamo,
Ga., v. United States Fidelity & Guaranty Co., 28 Fed. Rep. 2d series, 676.)
Bank, having notice or knowledge of depositor's breach of trust in withdrawing and
using fund, is liable for misappropriation.

(U. S. C. C. A. 1928.) Bank, in which trustee deposits money, has right to
presume that depositor will not violate his trust, in absence of notice or
knowledge to contrary; but, if it has notice or knowledge of breach of trust
by improper withdrawal and use of trust fund, it becomes liable for misappropriation. (Ib.)
Bank, paying checks against sheriff's personal account from tax account, with knowledge of his withdrawal of public money in payment of personal debts, is liable for
amount of such checks.

(U. S. C. C. A. 1928.) Bank, charging to sheriff's tax account checks drawn
against his personal account, with full knowledge that he was withdrawing
public money in payment of his personal debts, not merely small commissions included in tax account, was bound to know that he was misappropriating trust fund, and hence liable for amount of such checks. (Ib.)



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143

CERTIFICATE OF DEPOSIT

Bills and notes—Finance company, purchasing certificate of deposit after inquiry
of issuing bank's cashier, held ^holder in due course." (Code W. Va., c. 98a,
see. 52.)
(U. S. D. C. 1928.) Finance company, engaged in business of discounting
trade acceptances, purchasing certificate of deposit from broker after
making inquiry and receiving confirmation of validity of certificate from
cashier of issuing bank, held "holder in due course" for value, before
maturity, and without notice of any invalidity, within Code West Virginia, chapter 98a, section 52. (International Finance Corporation v.
People's Bank of Keyser, 27 Fed. Rep., 2d series, 523.)
Courts—Federal courts, in determining questions of general commercial law, are
not controlled by State court decisions.
(U. S. D. C, 1928.) Courts of the United States, in determining questions
of general commercial law, are not controlled by the decisions of the
State court. (Ib.)
Forgery—Bank cashier, by fraudulently issuing certificate of deposit for which bank
received no consideration, did not commit "forgery."
(U. S. D. C. 1928.) Cashier of bank, by fraudulently issuing certificate of
deposit, for which the bank received no consideration, and which was
misused by payee, did not commit a "forgery," which is the fraudulent
making or alteration of a writing to the prejudice of another man's right;
cashier being the proper official of the bank to issue such a negotiable
instrument. (Ib.)
Bills and^ notes—Bank held estopped to assert that certificate of deposit was forgery,
where its cashier, in answer to inquiry, had confirmed its validity.
(U. S. D. C. 1928.) Where finance company, before purchasing certificate
of deposit from broker, was informed by cashier of issuing bank, in answer
to telegraphic inquiry, that certificate was valid and would be paid at
maturity, bank was estopped to assert defense of forgery against it, even
if such defense would otherwise have been available. (Ib.)
ESCHEAT OF DEPOSITS

Territories—Statute of Alaska providing for escheats held valid. {Laws Alaska 1921,
c. UO; 48 U. S. C. A. § 77.)
(U. S. C. C. A. 1927.) The legislative powers conferred on Alaska by act
August 24, 1912, section 9 (48 U. S. C. A. § 77; Comp. St. § 3536), held
broad enough to validate Laws Alaska 1921, c. 40, providing for escheats;
such act not having been disapproved by Congress, and the matter of
escheats being customarily the subject of local legislation. (Territory of
Alaska v. First National Bank of Fairbanks, Alaska, 22 Fed. Rep. 2d
series, 377.)
Escheat—Alaska statute requiring banks to report escheated deposits held not invalid,
as interfering with business of national banks. (Laws Alaska 1921, c. 40. § 9.)
(U. S. C. C. A. 1927.) Laws Alaska 1921, chapter 40, section 9, requiring
banks, having in their possession property or funds escheated to the
Territory under the terms of the act, to report the same to the Attorney
General, that he may take steps to have the escheat judicially determined,
held not invalid as an unwarranted interference with the business of a
national bank. (Ib.)
ACTIONS BY DEPOSITORS
To bring action against bank for moneys in joint deposit, plaintiff must make
depositors parties.
(Jud. Code, sec. 50 (28 U. S. C. A., sec. 111).)

joint

(U. S. C. C. A. 1928.) In order to maintain action against bank for moneys
on deposit in joint account, plaintiff must make its joint depositors
parties, notwithstanding that such joint depositors did not reside or do
business within territorial jurisdiction of court, and notwithstanding
Judicial Code, section 50 (28 U. S. C. A., sec. I l l ) , since as to those not
sued judgment is not conclusive. (National City Bank of New York v.
Harbin Electric Joint-Stock Co. (Ltd.), 28 Fed. Rep., 2d series, 468.)



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REPORT OF THE COMPTROLLER OF THE CURRENCY

General rule is bank must have signatures of all joint depositors to check on deposit
to joint credit of several persons.
(U. S. C. C. A. 1928.) General rule is that, where several persons make
deposit to their joint credit in bank, bank must have signatures of all of
them appended to check against fund. (Ib.)
Funds in joint account held not payable, unless both parties signed checks, in view
of explicit contents of letters addressed to bank by depositor.
(U. S. C. C. A. 1928.) Where plaintiff deposited funds to joint credit of
itself and engineering corporation, there could be no appropriation therefrom, unless both parties signed checks, in view of explicit contents of
Trustee; letters addressed to banking corporation. (Ib.)
DIVIDENDS
CKOSS REFERENCES

Insolvency and receivers:
Receivers' suit to recover dividends

160

EXCHANGE
EXCHANGE, FOREIGN AND DOMESTIC—LETTERS OF CREDIT

The effect of words u favor" of claimants and l'for account of" is not to make the bank
agent for collection but to indicate the account to be credited.
(U. S. Sup. 1927.) Claimants, who were bankers of Budapest, desiring to
procure credit with a New York banking firm (the bankrupts herein) with
which they had a checking account, procured to be deposited with it
(1) a cashier's check of a New York bank payable to the bankrupt's order,
"favor" of claimants, and (2) a check of another New York banker
drawn on its account with the bankrupt and payable to the bankrupt's
order accompanied by a letter stating that it was "for account of" the
claimants. The bankrupts immediately credited both checks to the
claimants, but they were not collected until after the bankruptcy petition
had been filed on the following day.
Held, following Equitable Trust Co. v. Rochling, 275 U. S. 248, that the
effect of the words "favor" and "for account of" was not to make the
bankrupts agents for collection, but was to indicate the account to be
credited; that ownership of the checks passed to the bankrupts, and that
claimants were only general creditors. 10 Fed. Rep., 2d series, 935, reversed in part and affirmed in part. (Latzko et al. v. Equitable Trust Co.,
Trustee; Equitable Trust Co., Trustee, v. Latzko et al., 275 U. S. 254.)
When contract provided for shipment of sugar from Java to Philadelphia, the contract
was complied with when steamer with sugar bound for New York was diverted on
the sea and delivered the sugar at Philadelphia.
(U. S. Sup. 1928.) On behalf of a client who had agreed to buy and pay for
Java sugar upon delivery f. o. b. cars at Philadelphia, a bank issued a
letter of credit to meet the sellers' drafts, which provided, among other
conditions, that shipment be made by steamer or steamers from Java to
Philadelphia. Held, that the condition was complied with where the consignment came from Java to Philadelphia by a steamer originally destined
from Java " t o Port Said, option New York," but which was diverted while
on the high seas, so that she pursued the same route to Philadelphia as if
she had been destined to that port from the beginning of the voyage.
15 Fed. Rep., 2d series, 473, reversed. (Lamborn et al. v. The National
Bank of Commerce of Norfolk, 276, U. S. 469.)
Depositor entitled to claim the proceeds of deposited checks only if the bank received
the checks as an agent for collection.
(U. S. Sup. 1927.) Where a bank, before the filing of a petition in bankruptcy
against it, received deposits of checks, the proceeds of which were later
collected by its trustee in bankruptcy, the depositor is entitled to claim the
proceeds of the deposit only if the bank received the checks as an agent for
collection, but must stand as an ordinary creditor if ownership of the paper
passed to the bank. (Equitable Trust Co., Trustee, v. Rochling et al., 275
U. S. 248.)



REPORT OF THE COMPTROLLER OF THE CURRENCY

145

The words "for account of" are not necessarily to he taken as constituting the payee
an agent for collection, but are to be construed in the light of the intention of the
parties.
(U. S. Sup. 1927.) Respondents, who were bankers of Frankfort-on-Main,
desired in the course of their international business, to arrange a credit at
New York. Pursuant to instructions issued at their request by London
connections, New York banks delivered to a New York banking firm
(afterwards bankrupt) their cashier's checks drawn payable to the order
of that firm "for account of " respondents. On the same day the firm, in
following a course of dealing previously established with respondents,
credited the checks to respondents' account, made book entries indicating
that respondents were entitled to interest on the amount from that date,
and deposited them to its own credit in other banks. Before collection of
the checks the petition in bankruptcy was filed. Held, that the words
"for account of" were not necessarily to be taken as constituting the
payee an agent for collection, but were to be construed in the light of the
intention of the parties as revealed by all the circumstances, and in this
instance their purpose was to advise the bankrupt of the account to which
the checks were to be credited, and not make it an agent for collection, or
restrict its rights as purchaser. 10 Fed, Rep., 2d series 935, reversed. (Ib.)
A Colorado bank drew and sold a draft on an Italian bank requesting a New York
banking firm to protect the draft on presentation and sent to the banking firm
a check for the amount of the draft, The New York firm became bankrupt, the
draft was dishonored, the drawer took it up and claimed special reimbursement
from the trustee in bankruptcy for the amount it paid the firm. Held: (1) That
the amount paid by the claimant to the bankrupt was not paid upon trust to be
applied to the draft; (2) the claimant was not equitable assignee, pro tanto, of
the bankrupt's deposit with the drawee; (8) the words (i Pay from balance against
this check" did not import assignment.
(U. S. Sup. 1928.) 1. A New York banking firm, in order to enable small
banks in this country to draw upon foreign banks with which it had
credit, offered, upon receipt of advice of such a draft accompanied by
funds adequate to cover it and the firm's compensation, to forward advice
of the draft to the drawee bank and to provide the drawee with funds
sufficient for its payment, by transfer of the firm's credit with the drawee,
or otherwise, the drawing bank to act as principal, and draw in its own
name and the firm being employed merely as agents of the drawer for
the purpose of giving such advice and of providing such funds. In
pursuance of this plan, a Colorado bank, claimant herein, drew and sold
its draft on an Italian bank, notified the firm, requesting that it protect
the draft on presentation, and sent it a check which the firm deposited
to its general account in New York. The firm then sent to the Italian
bank a list of drafts, including drafts issued by itself and by other banks
as well as that of the claimant, with a request to the Italian bank to
protect and honor them and charge them to the firm's account. The
Italian bank so charged them, and credited them in an account " Drafts
payable." To compensate that bank, the firm's account ceased to draw
interest on the amount so charged. International banking practice
permitted the firm to cancel such advices if it saw fit, and regain its
credit. It did not appear that the claimant or the holder of its draft
knew of the mode of bookkeeping described. Thereafter the firm became
bankrupt, the draft for that reason was dishonored, the drawer took
it up and claimed special reimbursement from the trustee in bankruptcy
for the amount it paid the firm. Held: (1) That the sum paid by the
claimant to the bankrupt was not paid upon trust to be applied to the
draft; (2) the claimant was not an equitable assignee, pro tanto, of the
bankrupt's deposit with the drawee.
2. The words "Pay from balance against this check," do not import
an assignment. 13 Fed. Rep., 2d series, 732, reversed. (The Equitable
Trust Co. of New York, Trustee in Bankruptcy of Knauth, Nachod
& Kuhne v. The First National Bank of Trinidad, Colo., 275 U. S. 359.)




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REPORT OF THE COMPTROLLER OF THE CURRENCY

War—Recovery of sum which defendant failed to remit to Germany held not
barred on ground of "prior seizure by Alien Property Custodian. {50 U. S. C. A.
Appendix, sec. 12.)

(U. S. C. C, A. 1928.) Contention that plaintiff had no cause of action
on defendant's failure either to transmit money by wireless to plaintiff's
home office in Germany or to pay over such money to plaintiff as thereafter demanded because of prior seizure by Alien Property Custodian,
held without merit, in view of amendment to the trading with the enemy
act of March 28, 1918 (50 U. S. C. A. Appendix, sec. 12), and letter of
Alien Property Custodian expressly disclaiming any interest in sum of
money sought to be recovered. (Aachen & Munich Fire Ins. Co. v. Guaranty Trust Co. of New York, 27 Fed. Rep., 2d series, 674.)
Limitation of actions—Recovery of money which defendant failed to remit to Germany held not barred by limitations on theory of breach of contract to establish
foreign credit.

(U. S. C. C. A. 1928.) Where there was no unconditional promise by trust
company to establish a foreign credit by remitting money to plaintiff's
home office in Germany, and condition upon which trust company agreed
to establish credit never happened by reason of stoppage of its cables,
held, that no breach of contract to establish a foreign credit had occurred,
and hence action for recovery of money, which defendant failed to remit
to Germany by wireless, was not barred by statute of limitations. (Ib.)
Complaint held to state cause of action for balance of account which defendant failed
to remit to Germany.

(U. S. C. C. A. 1928.) Complaint, alleging breach by defendant of agreement to transmit money by wireless from plaintiff's account in defendant
bank to plaintiff's home office in Germany, and that defendant failed to
carry out terms of agreement, and alleging service on defendant of
written notice of rescission and demand and failure to pay, held, to state
a sufficient cause of action to recover balance of account, since it showed
that plaintiff sought to recover balance which defendant had refused
to pay, and bringing of action constituted a sufficient demand. (Ib.)
Documents accompanying drafts calling for granulated and fine sugar No. 24 held
fatally defective, where letter of credit called for refined granulated and refined fine
granulated sugar.

(U. S. C. C. A. 1928.) Documents accompanying drafts calling for " white
Java granulated sugar No. 24" and "white Java fine sugar No. 24," held
fatally defective where letter of credit called for 150 tons of "white Java
refined granulated sugar" and 350 tons of "white Java refined fine granulated sugar." (Crocker First Nat. Bank of San Francisco (substituted for
Crocker Nat. Bank of San Francisco) v. De Sousa et al., 27 Fed. Rep.,
2d series, 462.)
Bank issuing letter of credit need not look beyond documents accompanying draft to
ascertain whether sugar complies with sales contract.

(U. S. C. C. A. 1928.) Bank issuing letter of credit, and agreeing to accept
drafts against shipment of sugar accompanied by certain documents, is
not required to look beyond accompanying documents to ascertain
whether sugar complied with contract of sale. (Ib.)
Contracts—Party need not make good every defense urged against contract, or every
reason assigned for nonperformance.

(U. S. C. C. A. 1928.) Party is not bound to make good every defense urged
by him against contract, or every reason assigned for nonperformance,
but if party maintains any one of grounds relied on, and that ground is
legally sufficient, he is entitled to prevail. (Ib.)
Jury's verdict for plaintiff, suing bank to recover for breach of oral contract to honor
drafts, held equivalent to finding contract was entered into.

(U. S. C. C. A. 1928.) In action for breach of oral contract by bank to
honor drafts only after checking invoices against orders, in consideration
of agreement to have letter of credit negotiated only through bank,
verdict of jury for plaintiff was equivalent to finding that such contract
was actually entered into. (Royal Card & Paper Co. v. Dresdner Bank,
27 Fed. Rep., 2d series, 791.)



REPORT OF THE COMPTROLLER OF THE CURRENCY

147

Sales—Commission broker, if exceeding authority by sending goods at price greater
than specified thereby, offered goods to buyer which, if accepted, were accepted at
invoice price.
(U. S. C. G. A. 1928.) Where order for goods given commission broker
merely placed limitation beyond which broker had no authority to go in
placing orders for buyer, act of commission broker, if exceeding authority
by sending goods at price greater than specified, constituted offer of goods
'to buyer at price invoiced, and buyer, if accepting goods, accepted them
at invoice price. (Ib.)
Sales—Unauthorized shipments, sent buyer by broker, gave buyer privilege of rejecting, but on acceptance buyer was required to pay invoice price.
(U. S. C. C. A. 1928.) Where order given commission broker merely placed
limitation beyond which broker had no authority to go in placing orders
for buyer, unauthorized shipments sent buyer, gave buyer privilege of
rejection; but if buyer accepted goods it was obliged to pay invoice
prices. (Ib.)
Purchaser could hold bank for damages resulting from bank's paying drafts without
checking invoices against orders, only if rejecting unauthorized shipment.
(U. S. C. C. A. 1928.) On arrival of goods purchased in foreign country
through broker, purchaser had option of rejecting or accepting such goods
as did not conform to his orders, and if it rejected goods, purchaser could
hold bank paying drafts for damages resulting from bank's paying drafts
contrary to contract, requiring bank to check invoices against orders, and
permitting payment for goods not corresponding to orders. (Ib.)
Purchaser, accepting goods conforming to orders, was required to pay invoice price,
and suffered no damage by bank's paying drafts without checking invoices against
orders.
(U. S. C. C. A. 1928.) Purchaser, if accepting goods not conforming to
orders, thereby purchased at invoice prices, and payment by bank of
drafts for goods, though constituting breach of contract to check invoices
against signed orders, caused purchaser no damage. (Ib.)
Purchaser held to have accepted goods not conforming to order, losing privilege of
rejection, and could not recover damages against bank not checking invoices
against orders.
(U. S. C. C. A. 1928.) In action by purchaser of goods against bank, through
which letter of credit was negotiated, for breach of oral contract to honor
draft only after checking invoices against signed orders, where evidence
failed to show purchaser ever notified broker or seller that it would reject
any of goods shipped not conforming to orders, "but merely notified bank
of refusal to accept all shipments, but showed that purchaser treated goods
as its own, pledging goods for debt it might incur to bank issuing letter of
credit, purchaser lost privilege of returning goods to seller, testimony that
they were subsequently returned being immaterial, and could recover no
damages against bank for permitting payment for goods not corresponding
with orders. (Ib.)
Sales—Purchaser could accept or refuse goods sent without order, but was bound to
indicate to seller intention to refuse goods.
(U. S. C. C. A. 1928.) Goods sent by seller to purchaser, without any orders
therefor, having been placed by purchaser's agent, could be accepted or
refused by purchaser, and, until accepted, goods remained property of
seller; but purchaser was bound to indicate to seller, or at least to broker,
intention to refuse goods in order to effectuate such intention. (Ib.)
Sales—Purchaser, having privilege of rejecting goods, but reselling goods, though for
seller's account, is regarded as accepting goods.
(U. S. C. C. A. 1928.) When purchaser has privilege of rejecting goods, and
instead of exercising such privilege it resells goods, it is ordinarily regarded
as act of acceptance, though buyer directs sale be made for seller's account.
(Ib.)




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REPOKT OF THE COMPTROLLER OF THE CURRENCY

Purchaser held to have accepted goods not ordered, becoming bound for invoice prices,
and could not recover damages against bank for paying for goods.
(U. S. C. C. A. 1928.) Where goods not ordered were shipped to purchaser,
and purchaser did not indicate to seller or broker intention not to accept
goods, and after discovering goods were not ordered sold goods for account
of bank paying drafts, in violation of contract to check invoices against
orders, purchaser, as against seller, is deemed to have accepted goods, and
became bound to pay for them at invoice prices, and hence could not
recover damages against bank for paying for goods not ordered. (Ib.)
Trial—Dismissal on merits on reserved motion against plaintiff recovering verdict,
but not showing damage, held error, though nonsuit was proper.
(U. S. C. C. A. 1928.) Where plaintiff sued for breach of oral contract, and
court reserved decision on motion for nonsuit until after verdict, and plaintiff recovered verdict, but failed to show damage, it was not error to grant
the motion, but it was error to dismiss complaint on merits. (Ib.)
Declaration alleging delivery of money, and defendant1 s failure to deposit it in Hungarian bank or deliver passbook, held good on general demurrer.
(U. S. C. C. A. 1928.) Declaration alleging that plaintiff, a citizen of Indiana, was induced by defendants, citizens of Illinois, to deliver them
named amount of money, which they agreed to deposit to plaintiff's credit
in Hungarian bank and deliver passbook to her therefor, or return money
within reasonable time, that defendants failed to make deposit or deliver
passbook, and on demand refused to return money, held to state cause of
action. (Boer v. Revesz et al., 24 Fed. Rep., 2d series, 103.)
Limitation of actions—Statute of limitations can not, under Illinois practice, be
raised by general demurrer.
(XL S. C. C. A. 1928.) The statute of limitations can not, under the Illinois
practice, be raised by a general demurrer to a declaration. (Ib.)
That other documenis^ were presented, instead of drafts, did not relieve defendant
agreeing to indemnify bank issuing letters of credit.
(U. S. C. C. A. 1928.) That documents complying with terms of letters of
credit were presented to bank issuing letters of credit instead of drafts,
under which documents payments were made, did not relieve defendant
company, which agreed to indemnify bank from liability, since letters of
credit did not require drawing of drafts, but merely assumed they would
be drawn, and receipts furnished served as vouchers as well as drafts
would have done. (Richard et al. v. Royal Bank of Canada, 23 Fed.
Rep., 2d series, 430.)
That no weight certificates were presented did not relieve defendant, agreeing to
indemnify bank issuing letters of credit, weight being given on invoices.
(U. S. C. C. A. 1928.) Where letters of credit provided that weight certificates approved by certain parties should be presented with drafts, fact
that weight certificates were not presented to bank issuing letters of credit
did not relieve defendant company, which agreed to indemnify bank,
where weight was given on invoices presented with documents, and weight
was approved by persons designated to prove weight certificates. (Ib.)
That bills of lading presented were not indorsed "freight collect" did not relieve
defendant, agreeing to indemnify bank issuing letters of credit.
(U. S. C. C. A. 1928.) Where letters of credit provided that complete set
of on-board bills of lading drawn to order, blank indorsed, showing " freight
collect," should be presented with drafts, fact that bills of lading presented to bank issuing letters of credit were not indorsed "freight collect,"
but "subject to demurrage as per statement attached to original bills of
lading only," did not relieve defendant company, which agreed to indemnify bank, of liability, where bills all showed that freight was to be paid
by consignee. (Ib.)
That bills of lading presented did not show cost of material, transportation, and
handling charges did not relieve defendant, agreeing to indemnify bank issuing
letters of credit.
(U. S. C. C. A. 1928.) Where letter of credit provided that drafts should
be accompanied by complete set of on-board bills of lading drawn to order,
blank indorsed, showing cost of material, transportation, handling charges,




REPORT OF THE COMPTROLLER OF THE CURRENCY

149

and commission, and application provided that it should be "payable
against on-board bills of lading, * * * receipted invoice signed by
* * * showing cost of material, transportation, handling charges, and
commission," fact that bills of lading presented did not show cost of material, cost of transportation, and charges for handling and commission did
not relieve defendant company, which agreed to indemnify bank, since
words "a, complete set of" referred to complete set of documents, a'nd
not to duplicate or triplicate bills of lading. (Ib.)
Answer of defendants, agreeing to indemnify bank issuing tetters of credit, justified
construction of contract rendering statement of freight unnecessary.
(IT. S. C. C. A. 1928.) In action by bank to recover under contract to
reimburse it for advances made in accordance with letters of credit,
answer of defendants to allegation regarding due presentation of required
documents, only specifying objection that plaintiff did not present to
defendants weight certificate, showed defendants' own interpretation of
agreement, justifying practical construction of contract rendering statement of amount of freight in documents presented unnecessary. (Ib.)
That bills of lading presented did not contain details regarding demurrage did not
relieve defendant, agreeing to indemnify bank issuing letters of credit.
(TJ. S. C. C. A. 1928.) That bills of lading presented to bank issuing letters
of credit had marginal notation, "Subject to demurrage as per statement
attached to original bills of lading," did not relieve defendant company,
which agreed to indemnify bank issuing letters of credit, on ground that
bills of lading were not effective, because not containing details regarding
demurrage. (Ib,)
Bank's written statement, on refusing to pay draft drawn against letter of credit,
that documents were not in accordance therewith, held sufficient.
(U. S. C. C. A. 1927.) Statement in writing, at time of bank's refusal to
pay draft drawn against its letter of credit, that documents presented
with draft were not in accordance with requirements of letter of credit,
held sufficient. (Welte Fargo Nevada Natl. Bank of San Francisco v. Corn
Exchange National Bank, 23 Fed. Rep., 2d series, 1.)
Transaction under lette'r of credit is purchase of documents to be delivered, ihereby.
(U. S. C. C. A. 1927.) The transaction under a letter of credit is a purchase of documents required to be delivered by such letter of credit. (Ib.)
Bank held justified in refusing payment of draft drawn against letter of credit requiring delivery of invoice, where invoice presented showed another's interest in
merchandise.
(U. S. C. C. A. 1927.) Where letter of credit required delivery of invoice,
together with other documents, presenting invoice, showing that part of
merchandise belonged to one and a part to another, justified bank's
refusal to pay draft drawn against such letter of credit. (Ib.)
War—American bank held indebted to Austrian bank for balance of deposit retained
bjj it under bonds to Alien Property Custodian until after close of war.
(U. S. D. C. 1928.) Plaintiff is a bank in Vienna and defendant a bank
in Pittsburgh. At the opening of the war they were correspondents, each
having a credit deposit with the other. During the war defendant made
a voluntary statement to the Alien Property Custodian of its indebtedness to plaintiff and delivered to him bonds covering the same but under
agreement that title should not pass until it ascertained the amount of
its credit with plaintiff, which might be set-off, and then only to the excess above that amount; the remaining bonds to be returned, which agreement was carried out, and the amount so ascertained paid back. After
termination of the war, by agreement and in accordance with the law of
Austria, defendant's account with plaintiff was closed out and the amount
due defendant placed in special deposit subject to its order. Held, that
this transaction operated as payment of plaintiff's indebtedness to defendant, that defendant was discharged from its debt to plaintiff only to
the extent of the amount finally retained by the custodian, and that a
right of action existed against it for the part of the deposit which was
returned. (Anglo Oesterreichische Bank v. First National Bank of Pittsburgh, 24 Fed. Rep., 2d series, 119.)



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KEPORT OF THE COMPTROLLER OF THE CURRENCY

Limitation of actions—Limitations can not be raised by demurrer or affidavit of
defense averring question of law.
(U. S. D. C. 1928.) Defense of limitation can not be raised by demurrer
nor by affidavit of defense raising questions of law under Pennsylvania
practice act 1915 (Pa. St. 1920, §§ 17181-17204, as amended). <Ib.)
Transfer of money by telegraph from Florida to New York constitutes "interstate
commerce."
(U. S. D. C. 1928.) Transfer of money by telegraph money order from
Florida, the point of origin, to New York, constitutes " interstate commerce." (Basila v. Western Union Telegraph Co., 24 Fed. Rep.; 2d
series, 569.)
Commerce—Transmission of money by express company from New York to Syria is
"foreign commerce."
(U. S. D. C. 1928.) Transmission of money by express company from New
York to Syria constitutes a matter of foreign commerce. (Ib.)
Commerce—Power of State to legislate with reference to interstate commerce of
telegraph companies was suspended by Federal legislation thereon. (Act June 18,
1910 (36 Stat. 539), amending interstate commerce act.)
(U. S. D. C. 1928.) Congress having, by act June 18, 1910 (36 Stat. 539),
amending the interstate commerce act, taken possession of the field of
interstate commerce by telegraph, power of State to legislate with reference
thereto is suspended. (Ib.)
Commerce—State statutes relating to attorney's fees have no application in action
against telegraph company for failure to deliver money in interstate and foreign
commerce. (Act June 18, 1910 (36 Stat. 539), amending interstate commerce
act.)
(U. S. D. C. 1928.) In action against telegraph company for damages for
failure to deliver money in interstate and foreign commerce. State statutes
relative to matter of attorney's fees have no application, in view of fact
that Congress, by act June 18, 1910 (36 Stat. 539), amending the interstate
commerce act, placed telegraph companies under jurisdiction of Interstate Commerce Commission with respect to interstate and foreign business. (Ib.)
Telegraphs and telephones—Law holding initial carrier for loss of property held
inapplicable to telegraph companies. (Carmack amendment (49 U. S. C. A.,
§ 20, pars. 11, 12).)
(U. S. D. C. 1928.) The Carmack amendment to the interstate commerce
act (49 U. S. C. A., § 20, pars. 11, 12; Comp. St. §§ 8604a, 8604aa), holding
initial carrier for loss of property, whether caused by initial carrier or any
subsequent common carrier railroad or transportation company, does
not apply to telegraph companies. (Ib.)
Carriers—Law holding initial carrier for loss of property held inapplicable to foreign
commerce. (Carmack amendment (4-9 U. S. C. A., sec. 20, pars. 11, 12).)
(U. S. D. C. 1928.) The Carmack amendment to the interstate commerce
act (49 U . S . C. A., sec. 20, pars. 11, 12; Comp. St. sec. 8604a, 8604aa),
holding initial carrier for loss of property being transported, whether
caused by initial carrier or any subsequent common carrier railroad or
transportation company, does not apply to foreign commerce, but relates
only to property received for transportation from a point in one State
to a point in another State. (Ib.)
Commerce—Liability of initial carrier, in absence of statute or contract, is only for
default occurring on own lines.
(U. S. D. C. 1928.) In absence of a statute or contract, liability of initial
carrier is only for such default as occurs on its own lines. (Ib.)
Contract whereby telegraph company, transmitting money, limited liability as initial
carrier, held valid.
(U. S. D. C. 1928.) Contract whereby telegraph company, transmitting
money in interstate and foreign commerce, limited its liability as initial
carrier for defaults occurring on its own lines, held valid. (Ib.)



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151

Telegraph company, limiting liability as initial carrier, held not liable for loss after
delivering money to another medium.
(U. S. D. C. 1928.) Where telegraph company, under contract for transmission of money to foreign country, limited its liability as initial carrier
to defaults occurring on its own lines, and thereafter carried out its contract by transmitting money to New York and delivering it to another
medium, with orders for its further transmission in foreign commerce,
sender had no cause of action against telegraph company for subsequent
loss. (Ib.)
Direction to bank to remit money to Germany "to-day" held to require remittance
within reasonable time only.
(U. S. D, C. 1926.) Plaintiff's direction to a bank to remit money to Germany "to-day" held to require such remittance only within a reasonable
time. (Aachen & Munich Fire Ins. Co. v. Guaranty Trust Co. of New
York, 24 Fed. Rep., 2d series, 463.)
Judgment—When reasonable time for performance of contract expired, starting
running of statute, held substantial issue, precluding summary judgment. {Civil
practice, act N. Y., §§ 27, 28.)
(U. S. D. C. 1926.) Under civil practice act, New York, sections 27, 28, providing that time of disability of party to sue because of his being an alien
citizen or subject of a country at war with the United States shall be
excluded in computing time under statute of limitations, but that the
disability must exist when the right of action accrued, where a contract
requiring defendant to remit money to Germany within a reasonable time
was made March 26, 1917, whether a reasonable time had elapsed before
April 6, when declaration of war made the remittance impossible and
right of action had in consequence accrued for breach of contract, held
a substantial issue under the facts and circumstances which may be shown
precluding summary judgment. (Ib.)
FORGED OR ALTERED PAPER
CROSS REFERENCES

Deposits:
Forgery—Bank cashier by fraudulently issuing certificate of deposit for
which bank received no consideration did not commit forgery
143
Appeal and error—Any error in sustaining objection to question testing ability of
witness to identify his signatures on stock certificates held cured by permitting him
to answer.
(U. S. C. C. A. 1927.) In action to establish validity of corporate stock
certificates pledged to secure private loan to corporation's deceased secretary, any error in sustaining objection to pross-examination of corporation's
president, who was asked to identify his signatures on a number of certificates, which were exhibited to him in such a manner as to conceal
everything except the signatures, held cured by permitting him to answer.
(Citizens Natl. Bank of Los Angeles v. Santa Rita Hotel Co., 22 Fed. Rep.,
2d series, 524.)
Evidence—Decedent's declarations that stock certificates on which he borrowed
money were spurious held admissible as admissions against interest.
(U. S. C. C. A. 1927.) In action to establish validity of corporate stock
certificates pledged to secure private loan to corporation's deceased
secretary, declarations of decedent, made shortly before his death to
officers of corporation, that the certificates involved and others on which
he had borrowed money were spurious, and that the stock represented
thereby was no good, held admissible as admissions against interest. (Ib.)
Appeal and error—Erroneous exclusion of decedent's admissions against interest
held not prejudicial, in view of subsequent admission thereof.
(U. S. C. C. A. 1927.) In action to establish validity of corporate stock
certificates pledged to secure private loan to corporation's deceased
secretary, error in excluding decedent's admissions against interest, held
not prejudicial, where testimony was subsequently admitted notwithstanding the ruling. (Ib.)
20669°—H. Doc. 361, 70-2
11




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REPORT OF THE COMPTROLLER OF THE CURRENCY

Evidence—Deceased secretary's admission that he forged president's name to stock
certificates pledged for personal loan held to warrant finding certificates were
spurious.
(U. S. C. C. A. 1927.) In action to establish validity of corporate stock
certificates pledged to secure private loan to corporation's deceased
secretary, decedent's admission that president's signatures to the certificates were forged by him and that certificates were spurious, made shortly
before his death to officers of corporation, held to warrant finding that
certificates were spurious. (Ib.)
Criminal law—Charge requiring defendant to explain possession of forged check to
jury's satisfaction held erroneous, as creating impression burden of proof had
shifted.
(U. S. C. C. A. 1927.) In prosecution for defrauding and conspiring to defraud United States, and forging and passing a forged check drawn by
Treasury Department, charge requiring defendant to explain to satisfaction of jury how he obtained possession of check held erroneous, in that it
left jury with impression that burden had shifted to accused to satisfy jury
of his innocence. (Duncan v. United States; Tilton v. Same, 23 Fed.
Rep., 2d series, 3.)
Criminal law—Burden of proof in criminal case never shifts.
(U. S. C. C. A. 1927.) In a criminal case the burden of proof never shifts,
and Government is required to establish its case beyond a reasonable doubt.
(Ib.)
Criminal law—Defendant, convicted as joint participant with other defendant
granted reversal for error in charge, held entitled to reversal also.
(U. S. C C. A. 1927.) In case of reversal of conviction for defrauding and
conspiring to defraud the United States, and forging a check drawn by
Treasury Department, and passing check drawn by Treasury Department,
because of error in charge, defendant, convicted as joint participant in
crime, is also entitled to reversal. (Ib.)
Election of remedies—Insurance company, by its action against its agent, who
obtained its funds by fraudulently inducing it to issue drafts, and then forging
payees' names, held to have made election, preventing action for money had and
received against presenting bank.
(U. S. C. C. A. 1928.) Plaintiff insurance company, after learning of the
fraud of its agent, who fabricated and approved claims of loss on its outstanding policies, and by forging the names of the payees collected the
drafts drawn by plaintiff on itself in payment, having sued the agent and
his wife to recover property and funds representing proceeds of the drafts,
and made some adjustment of the action by which it received property
and funds from the agent and his wife, though it did not dismiss the action,
thereby made an election to pursue the property and funds in the hands of
its agent, and could not thereafter maintain action for money had and
received against the bank through whom the draft was presented to
plaintiff, and to whom plaintiff gave a check in payment. (Insurance
Company of North America v. Fourth Nat. Bank of Atlanta, 28 Fed.
Rep., 2d series, 933.)
Verdict for bank collecting drafts with forged indorsement of payee held warranted
by evidence of it being agent of suing drawer or of bank sending them through
clearing house, and so not warrantor of indorsements.
(U. S. C. C. A. 1928.) Plaintiff insurance company drew drafts on itself
with the notation thereon, "Present through F. N. (defendant) bank,"
and they, with the indorsement of the payee forged, were deposited in the
F. bank, which sent them through the clearing house indorsed "F. bank.
Paid through clearing house," and defendant, receiving them from the
clearing house, presented them to plaintiff, which gave its check in payment. Held, in action on the theory of implied warranty of genuineness
of indorsements that verdict and consequent judgment for defendant, on
the ground that it was not the owner of the drafts when they were presented to and paid by plaintiff, and consequently was not responsible for
genuineness of the indorsements, were warranted, in view of evidence of
it being agent of plaintiff under agreement between them or agent of the
F. bank under the rules of the clearing house. (Ib.)



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153

Trial—Sufficient charge being given, refusal of specially requested charges was not
error.
(U. S. C. C. A. 1928.) All the material points in the case being properly
covered by the charge as given, there was no error in refusing to give
specially requested charges. (Ib.)
Bills and notes—Evidence that cashier gave note in his own name to procure money
for bank and avoid bank's exceeding debt limit sustained finding that debt was that
of bank.
(U. S. C. C. A. 1928.) Evidence that cashier gave note in his own name to
procure money placed in bank/for the reason that the bank in borrowing
the money in its own name would have exceeded the legal debt limit, sustained finding that debt represented by the note was in reality that of the
bank. (Clapper et al. v. Gamble, 28 Fed. Rep., 2d series, 755.)
Bills and notes—Evidence sustained finding that notes altered by changing name of
payee were complete and regular on their face, rendering indorsee holder in due
course.
(U. S. C. C. A. 1928.) In action by bank's receiver against makers and indorser of notes given by directors of another bank, and altered by cashier
by inserting his name as payee, instead of that of the bank, held, that
there was substantial evidence to support finding that notes were h complete and regular on their face, and that insolvent bank was holder in due
course, under Revised Statutes Mo., 1919, sections 838, 842. (Ib.)
Alteration of instruments—Bills and notes—Changing name of payee without
maker's consent is " material alteration," avoiding note in hands of holder in due
course.
(U. S. C. C. A. 1928.) Changing the name of the payee in a note after
execution, where without the consent of the maker, is a "material alteration," which avoids the note, even in the hands of a holder in due course,
under negotiable instruments law, Mo., section 125 (Revised Statutes
Mo., 1919, section 911.) (Ib.)
Alteration of instruments—Evidence supported finding that bank cashier had authority
to insert his name as payee in notes payable to bank, bearing no dates, which
directors left with him to use in borrowing money or as collateral.
(U. S. C C. A. 1928.) In action against bank directors as makers of notes,
in which defense was that bank cashier had altered note by making himself
payee in place of bank, evidence held to support finding that cashier, with
whom notes were left for use as collateral or to borrow money, with date
of making and maturity blank, had authority to change name of payee, so
that notes were not avoided in hands of holder in due course, under negotiable instruments law Mo., section 125 (Rev. St. Mo. 1919, sec. 911). (Ib.)
Appeal and error—Reviewing court will not disturb finding of court after request by
both parties for a directed verdict, where finding is supported by some substantial
evidence.
(U. S. C. C. A. 1928.) Where there is some substantial evidence to support
trial court's finding, after request by both parties for a directed verdict,
finding will not be disturbed by reviewing court, under Revised Statutes,
section 1011 (28 U. S. C. A. sec. 879). (Ib.)
Trial—Notes were properly admitted in evidence, in view of testimony relative to
execution and negotiation admitted after their first offer.
(U. S. C. C. A. 1928.) Notes sued on held properly admissible, irrespective
of whether sufficient foundation was laid when they were first offered, in
view of later testimony relative to their execution and negotiation.
(Ib.)
Bills and notes—Government, having issued checks to person designated as soldier's
wife, could not recover from indorsee guaranteeing prior indorsements, on ground
payee was not soldier's wife.
(U. S. D. C. 1928.) Where soldier applied for allowance to H. P. D. as
his wife, and the Government paid monthly checks to person so designated,
which bore indorsement of bank guaranteeing all prior indorsements,
Government, on discovering that the designated payee was not in fact the
soldier's wife, but the wife of another, was not entitled to recover from
bank on its guaranty of prior indorsements, since Government made no
mistake as to identity of payee, but merely as to her legal status, which




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REPORT OF THE COMPTROLLER OF THE CURRENCY

was not guaranteed by bank. (United States v. Liberty Insurance Bank,
26 Fed. Rep., 2d series, 493.)
Bills and notes—Indorsement by payee was taken as admitted} where not denied
in petition to recover on guaranty of prior indorsements.
(U. S. D. C. 1928.) Where petition by Government to recover against
bank guaranteeing prior indorsements on checks to person incorrectly designated by soldier as his wife did not deny that the person named as
payee in the checks was the person who indorsed them as payee, indorsement by her was taken as admitted on demurrer, t removing any question
of forgery. (Ib.)
GUARANTY
Courts—Sufficiency of evidence and findings held not reviewable, in absence of
request for different findings and conclusions and of motion for judgment. {28
U. S. C. A., §§ 773, 875.)
(U. S. C. C. A. 1928.) Question whether findings of fact are supported
by any substantial evidence and whether findings support the conclusions
of law are not open to review under 28 U. S. C. A., sections 773, 875,
where no request was made for different findings and conclusions and no
motion made for judgment. (Akre et al. v. Liberty State Bank of Minne* apolis, 24 Fed. Rep., 2d series, 816.)
Courts—Sufficiency of pleadings is reviewable, though findings were not requested
and no motion made for judgment. {28 U. S. C. A., §§ 773, 875.)
(U. S. C. C. A. 1928.) Question whether pleadings are sufficient to support
judgment is open for review under 28 U. S. C. A., sections 773, 875,
though no request is made for findings and conclusions and no motion
made for judgment. (Ib.)
Courts—Guaranties attached to complaint and incorporated by reference, held construable on writ of error as part of pleadings. {28 U. S. C. A., §§ 773, 875.)
(U. S. C. C. A. 1928.) Guaranties attached to complaint and by reference
made a part thereof were open to construction on writ of error as part of
pleadings under 28 U. S. C. A., sections 773, 875, notwithstanding failure
to request findings and conclusions and failure to move for judgment,
in suit on guaranties. (Ib.)
Guaranty of indebtedness due and of certificates of deposit which debtor bank
might transfer to creditor bank held to cover debtor bank's certificate of deposit
which depositor delivered to creditor bank.
(U. S. C. C. A. 1928.) Guaranty to creditor bank of payment at maturity
of notes and checks and other written obligations for which debtor bank
should become obligated, and of notes, certificates of deposit, and checks
which debtor bank might transfer to creditor bank receiving payment or
credit, held broad enough to apply to promissory note given creditor bank
and certificate of deposit of debtor bank, which depositor indorsed and
delivered to creditor bank. (Ib.)
Guaranty of notes sold or rediscounted by debtor bank held not to cover certificate
of deposit issued by it, which depositor delivered to creditor bank.
(U. S. C. C. A. 1928.) Guaranty reciting that, "for value received, we hereby severally and individually guarantee payment at maturity or any
time thereafter, with interest until paid, waiving demand, notice of nonpayment, and protest on any notes sold or rediscounted after this date,"
by debtor bank to creditor bank, held not to cover certificate of deposit
issued by debtor bank, which depositor indorsed and delivered to creditor
bank. (Ib.)
Statute authorizing trust companies to make contracts held to authorize only contracts for proper corporate purposes. {Civ. Code Ga. 1910, sec. 2817, as amended
by acts 1917, p. 56.)
(U. S. D. C. 1928.) Civil Code Georgia 1910, section 2817, as amended by
acts 1917, page 56, authorizing trust company organized thereunder,
among other things, to make contracts, held not to authorize all sorts of
contracts, being no more than general power to contract for proper corporate purposes, in view of many special sorts of contracts subsequently
specified, some with limitations and conditions. (In re Bankers' Trust
Co., 27 Fed. Rep., 2d series, 912.)




REPORT OF THE COMPTROLLER OF THE CURRENCY"

155

Trust company's accommodation indorsement and guaranty of paper of banks
for which it acted as financial agent held ultra vires and void. (Civ. Code Ga.
1910, sec. 2817, as amended by acts 1917, p. 56.)
(U. S. D. C. 1928.) Where trust company, in order to rediscount paper of
banks for which it acted as financial agent and to procure credit for them
guaranteed their paper by indorsement for no consideration moving to
it other than the contracted salaries paid by banks, held that such transactions were void and ultra vires, under Civil Code Georgia 1910, section
2817, as amended by acts 1917, page 56, prescribing powers of such
corporations, in absence of special circumstances. (Ib.)
Trust company's ultra vires accommodation contracts of guaranty and indorsement
held not enforceable on theory of estoppel.
(U. S. D. C. 1928.) Where trust company's indorsement and guaranty of
paper of other banks for which it acted as financial agent was ultra vires,
principle of estoppel could not be invoked to hold it liable to one acting
in reliance thereon, especially where party seeking to enforce such claim
had knowledge of its Jack of power. (Ib.)
Indorsement of drafts, "Pay to any bank or banker," suggests that the indorsement
is for collection only, but may be shown to be for negotiation.
(U. S. D. C. 1928.) An indorsement of drafts, "Pay to any bank or banker,"
is so commonly used in forwarding paper for collection as to put one on
inquiry as to whether the indorsee is the owner, or only an agent for
collection; but such indorsement does not mean in law that it is an indorsement for collection, and may be shown to be for negotiation. (Philadelphia Natl. Bank v. Fulton National Bank, 25 Fed. Rep., 2d series, 995.)
Guaranty by indorser of drafts of genuineness of all prior indorsements is addressed
to all who may be called on to deal with the paper.
(U. S. D. C. 1928.) A guaranty by the indorser of a draft of the genuineness
of all prior indorsements, while addressed to the drawee, is also intended
to give confidence in that respect to all who may be called on to deal with
the paper, and to be addressed to them all. (Ib.)
Bank, ponying drafts, held entitled to recover on guaranty of indorser of genuineness
of all prior indorsements which were forgeries.
(U. S. D. C. 1928.) Defendant bank paid drafts drawn on an insurance
company, indorsed them, "Pay to any bank or banker," with a guaranty
of genuineness of all prior indorsements, and forwarded them to plaintiff
bank, of which the insurance company was a depositor. Plaintiff paid
the drafts and charged the amount to the depositor's account. The
prior indorsements were forgeries, and on demand of the insurance company plaintiff took up the drafts and brought suit against defendant on
its guaranty. Held, that plaintiff was entitled to recover, either on the
ground that the guaranty was addressed to it, as well as the drawee, or
as succeeding to the rights of the insurance company, to which it became
obligated on the faith of such guaranty. (Ib.)
INSOLVENCY AND RECEIVERS
POWER TO APPOINT RECEIVER
.
PRESUMPTION AS TO REGULARITY OF APPOINTMENT OF RECEIVER
PROOF OF CLAIM
ACTION BY RECEIVERS:
JURISDICTION IN SUITS BY OR AGAINST R E C E I V E R S .
RECEIVER'S SUIT ON NOTE
RECEIVER'S SUIT TO RECOVER DIVIDENDS
ACTIONS AGAINST RECEIVERS:
WHEN REMOVABLE TO FEDERAL COURT
PREFERENCES IN INSOLVENCY:
SPECIAL DEPOSIT OF BONDS
DEPOSIT OF CHECKS OR DRAFTS FOR COLLECTION
TRUST FUND MISAPPLIED BY INSOLVENT BANK TO REDUCE LIEN ON
ITS OWN PROPERTY
CLAIM TO PREFERENCE IN CONNECTION WITH CONTRACT FOR SALE
AND DISCOUNT OF NOTES
DEPOSITS OF PUBLIC FUNDS




Page
156
156
156
159
160
160
161
162
162
167
167
168

156

REPORT OF THE COMPTROLLER OF THE CURRENCY
Page

BANK ORGANIZED TO TAKE OVER ASSETS AND ASSUME LIABILITIES OF
INSOLVENT BANK
INSOLVENT STATE BANKS:
GEORGIAIDAHO
,.
N E W HAMPSHIRE
OKLAHOMA

170
171
171
172
173

CROSS REFERENCES

Offsets:
Offsets between insolvent banks and their creditors

192

POWER TO APPOINT RECEIVER

Examination by national-bank examiner in conjunction with appraisal committee
of clearing house association held udue examination" of national bank's affairs
in appointing receiver.
(U. S. D. C. 1928.) Under 12 U. S. C. A., section 191, providing that, when
comptroller is satisfied of insolvency of national banking association, he
may after due examination of its affairs appoint receiver, examination made
by national-bank examiner in conjunction with appraisal committee of clearing house association, held to constitute "due examination" of its affairs.
(Wegman et al. v. Hulse et al., 27 Fed. Rep., 2d series, 187.)
Comptroller had authority to appoint receiver for national banking association,
after causing examination of its affairs and being satisfied of its insolvency.
(U. S. D. C. 1928.) Appointment of receiver for national banking association by Comptroller of Currency, held within his authority, where he
caused examination of affairs of bank to be made and had become satisfied
of its insolvency. (Ib.)
Comptroller held to have acted in good faith in entering settlement agreement with
directors of insolvent national bank. (12 U. S. C. A., sec. 192.)
(U. S. D. C. 1928.) Comptroller of Currency held justified in entering
settlement agreement with directors of insolvent national bank, under
12 U. S. C. A., section 192, as against contention that he acted in bad
faith and in collusion with directors of another bank. (Ib.)
PRESUMPTION AS TO REGULARITY OF APPOINTMENT OF RECEIVER

Acts of Comptroller of the Currency in declaring national bank insolvent, appointing
receiver, and making assessment on bank stock, and acts of receiver, must be presumed valid.
(U. S. C. C. A. 1927.) As Comptroller of the Currency and receiver for
national bank appointed by him are officers acting by authority of law,
it must, in the absence of contrary showing, be presumed that acts of
comptroller in declaring the bank to be insolvent, appointing receiver
therefor, and making assessment on the shares of bank's stock and demanding payment thereof, and acts of the receiver, were regular, valid, and
binding on shareholder. (Prey v. Millett, 22 Fed. Rep., 2d series, 294.)
Petition by receiver of national bank to recover assessment against bank stock held
sufficient as against demurrer.
(U. S. C. C. A. 1927.) Petition alleging that defendant was the owner of
30 shares of stock of a national bank, that Comptroller of the Currency
declared bank to be insolvent and placed plaintiff in control thereof as
receiver, as by law provided, and that comptroller made a lawful assessment on the shares of bank stock, including stock of defendants, as shown
by the books of the bank, which defendant, after due notice, refused to
pay, held to state a cause of action against defendant as against demurrer.
(Ib.)
PROOF OF CLAIM

Claim against insolvent bank for money collected on check deposited by agent for
collection and credit held allowable as general claim.
(U. S. C. C. A. 1928.) Claim of principal against insolvent bank for money
received from collection check deposited by agent for collection and credit,
held allowable as a general claim for money had and received (Peoples
National Bank et al. v. Payne, 26 Fed. Rep., 2d series, 208.)




REPORT OF THE COMPTROLLER OF THE CURRENCY

157

Insolvent bank, after proof of its possession of money collected on check deposited
for collection and credit, had burden of showing disposal.
(U. S. C. C. A. 1928.) Where principal had proved that money received
on check deposited by agent for collection and credit had come into possession of insolvent bank, burden rested on bank to show how it had disposed of it. (Ib.)
Proof of agent's indebtedness to insolvent bank held no defense to principal's claim
for proceeds of check deposited by agent.
(U. S. C. C. A. 1928.) Proof that agent was indebted to an insolvent bank
in an amount greater than amount of check belonging to principal and
deposited for collection and credit is not of itself a sufficient defense to
principal's claim against bank for money had and received. (Ib.)
Interest on claim against insolvent bank held erroneously allowed from date of deposit
to date of decree.
(U. S. C. C. A. 1928.) Interest on claim allowed as general claim against
insolvent bank, held improperly allowed from date of deposit to the date
of decree instead of to date of closing of bank. (Ib.)
Under Federal practice, district judge may in proper case refer cause to auditor.
(U. S. C. C. A. 1927.) Under Federal practice district court judge has power
in proper case to refer a cause to an auditor for the purpose of simplifying
issues and thereby enabling the court and jury to more readily determine
matters in dispute. (Veneri v. Draper; Mariotti v. Draper, 22 Fed.
Rep., 2d series, 33.)
State statutes authorizing reference to master for determination of issues will not be
followed by Federal court. (Conformity act (28 U. S. C. A., § 724)) Const.
amend. 7.)
(U. S. C. C. A. 1927.) Practice prescribed by State statutes, authorizing
reference to master for determination of issues in case, will not be followed
by the Federal courts under the conformity act (28 U. S. C. A., § 724
(Comp. St., § 1537)), because of requirement of the seventh amendment
to the Constitution that trial by jury be preserved. (Ib.)
Jury—Appointing auditor and receiving report in evidence held not unconstitutional
(Const amend. 7.)
(U. S. C. C. A. 1927.) Appointing an auditor and allowing his report to be
received in evidence held not to constitute a violation of constitutional
amendment 7. (Ib.)
Reference—Trial court properly referred case involving examination of bank accounts,
(U. S. C. C. A. 1927.) In case involving examination of banking accounts,
extending over period of years and embracing large number of deposits
and checks, the trial court properly exercised its power to refer case to
auditor. (Ib.)
Reference—Order of reference in case involving examination of bank accounts properly directed auditor to report findings as to indebtedness.
(U. S. C. C. A. 1927.) Order of reference, in case involving examination of
bank accounts extending over a number of years and embracing numerous
deposits and checks, properly directed auditor to report his findings as to
the indebtedness of the parties; he being required to take, state, and report
an account which would show, not only amount due by party found to be
indebted, but also the facts on which such finding could be predicated.
(Ib.)
Reference—Auditor's report was properly admitted in evidence, with charge that ii
was prima facie correct.
(U. S. C. O. A. 1927.) Where case involving examination of bank account,
extending over period of years and embracing numerous deposits and
checks, was referred to auditor, report of auditor was properly admitted
in evidence, with charge that it was prima facie correct. (Ib.)



158

REPORT OF THE COMPTROLLER OF THE CURRENCY

Courts—Procedure prescribed by State law on reference, being similar under Federal
practice, may properly be followed by Federal court. (Barnes9 Code W. Va.7
c. 129, § 10; conformity act (28 U. S. C. A., § 724).)

(U. S. C. C. A. 1927.) Procedure prescribed by Barnes' Code (W. Va.,
c. 129, § 10) in case of reference being practically the same as that followed
under Federal practice, may. properly be followed by Federal courts of
West Virginia under the conformity act. (28 U. S. C. A., § 724 (Comp.
St., § 1537).) (Ib.)
Appeal and error—Appellate court will consider point relating to admission of testimony, which is not based on exception, only in exceptional cases.

(U. S. C. C. A. 1927.) Point relating to admission of evidence, which is not
based on an exception in record, will not be considered by appellate court
except in very exceptional cases. (Ib.)
Appeal and error—Assignment of error will not take place of exception.

(U. S. C. C. A. 1927.) An assignment of error will not take the place of an
exception to admission of evidence. (Ib.)
Evidence—In receiver's action to recover moneys paid on checks and not charged to
account, checks, and ledger sheets covering accounts held admissible.

(U. S. C. C. A. 1927.) In action by receiver of bank against depositors to
recover for moneys paid out on checks of defendants and not charged to
respective accounts, checks, and ledger sheets covering accounts were
admissible in evidence as showing that checks in controversy had not been
charged against account. (Ib.)
Instruction, in receiver's action against depositors, that bank statements showing
balance was binding, held properly refused.

(U. S. C. C. A. 1927.) In action by receiver of bank against depositors to
recover for moneys, paid out on checks and not charged to their account,
requested instruction to effect that, if bank rendered statements showing
balance in favor of defendants up to time of its closing, those statements
would be binding on parties, held properly refused, in that it would mean
sending of statements concluded rights of parties, notwithstanding testimony that bank had paid out large sums for defendants on checks not
charged to their accounts. (Ib.)
Account stated—Generally statement of account sent by bank to customer becomes
account stated.

(U. S. C. C. A. 1927.) Generally, where statement of account is sent by
bank to one of its customers, together with his canceled checks or vouchers,
and customer retains them, and does not object to it within a reasonable
time, it becomes account stated between bank and depositor. (Ib.)
Account stated—Bank statements sent customer are not conclusive, even after they
have been retained and acquiesced in.

(U. S. C. C. A. 1927.) Bank statements sent customer are not conclusive,
even after they have been retained and acquiesced in by customer, thereby
becoming an account stated, since an account stated may be impeached
for fraud, mistake, or error. [Ib.]
Account stated—Account stated, as defense in action at law, may be impeached
without resorting to bill in equity.

(U. S. C. C. A. 1927.) Where account stated is asserted as a defense in an
action at law, it may be impeached there, without resorting to a bill in
equity. (Ib.)
Evidence as to statements furnished bank depositor being erroneous held sufficient to
make question of effect one for jury.

(U. S. C. C. A. 1927.) In action by receiver of bank against depositors to
recover moneys paid out on defendants' checks and not charged to their
accounts, evidence relative to statements rendered by bank being erroneous
held sufficient to make question as to their effect one for jury. (Ib.)




KEPOKT OF THE COMPTROLLER OF THE CURRENCY

159

ACTIONS BY RECEIVERS
JURISDICTION IN SUITS BY OR AGAINST RECEIVERS

Courts—Suit^ by receiver of insolvent national bank on notes as bank's assets held
within jurisdiction of Federal court.
(U. S. C. C. A. 1928.) Suit by receiver of national bank to recover on
promissory notes claimed to be part of the assets of the bank on insolvency,
in which makers and indorser were joined as defendants, held within jurisdiction of Federal court under Judicial Code, section 24 (16) (28 U. S. C. A.
sec. 41 (16)) covering cases commenced by United States or officers
thereof against national banking associations and cases for winding up
affairs of national banks, irrespective of whether jurisdiction was acquired
through diversity of citizenship under Judicial Code, section 24 (1) (28
U. S. C. A., sec. 41 (1)).
(Clapper et al. v. Gamble, 28 Fed. Rep., 2d
series, 755.)
Trial—Court may pass on issues of fact where both parties move for directed verdict.
(U. S. C. C. A. 1928.) Where both parties move for directed verdict without
reservation at close of all the evidence, court is authorized to pass on the
issues of fact. (Ib.)
Trial—Court1 s direction of verdict determines all issues of fact necessary to support
verdict.
(U. S. C. C. A. 1928.) Direction of verdict by the trial court is a decision by
it of all issues of fact involved which were necessary to support verdict.
(Ib.)
Appeal and error—Sole questions reviewable after directed verdict were whether there
was any substantial evidence to support findings or any error in court's application
of law.
(U. S. C. C. A. 1928.) Where both parties moved for directed verdict, only
questions open in the reviewing court were whether there was any substantial evidence to support the findings and whether there was any error
in the application of the law. (Ib.)
Removal of causes—Action against insolvent national bank for reconveyance of
realty is not removable to Federal court, where receiver is not joined as defendant;
"winding up affairs of a national bank." (Jud. Code, sec. 24 (16); 28 U. S. C. A.
sec. 41 (16).)
(U. S. D. C. 1928.) Action in State court against insolvent national bank
to obtain reconveyance by bank of real estate to plaintiff is not removable
to Federal court as one "for winding up the affairs of a national bank"
within Judicial Code, section 24 (16) (28 U. S. C. A., section 41 (16)),
where bank's receiver is not joined as defendant, and no relief is sought
against him. (Barons v. First Nat. Bank of Plainville, Kans., 28 Fed.
Rep., 2d series, 615.)
Courts—Court will not enter decree affecting title to property in possession of receiver
of another court of coordinate jurisdiction.
(U. S. D. C. 1928.) A court of coordinate jurisdiction does not enter decree
affecting the title to property in the possession of a receiver subject to
jurisdiction of another court. (Ib.)
National bank's receiver must collect bank's assets and pay proceeds to Treasurer of
United States, and pay dividends to creditors establishing claims. {12 U. S. C. A.,
sec. 192.)
(U. S. D. C. 1928.) The duties of a receiver of a national bank, under 12
U. S. C. A., section 192, are to collect all assets of bank and convert them
into money with approval of court having jurisdiction over him, and pay
proceeds to Treasurer of United States, and pay such money out in dividends to such creditors as may have established their claims against bank?
either before receiver or in court with jurisdiction over bank. (Ib.)
Possession may only be obtained in proceeding to reclaim propertyu from receiver of
insolvent national bank in court having jurisdiction over receiver, ratable dividend
in money." (12 U. S. C. A.} sees. 192, 194.)
(U. S. D. C. 1928.) Under 12 U. S. C. A., section 192, suit to take property
out of possession of receiver for insolvent national bank can only be successfully accomplished in ordinary proceedings to reclaim property in the



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REPORT OF THE COMPTROLLER OF THE CURRENCY
court having jurisdiction over receiver; claim not being one which receiver
can discharge by "ratable dividend in money,'* within 12 U. S. C. A.,
section 194. (Ib.)
RECEIVER'S SUIT ON NOTE

Pleading—Receiver of national bank, suing on note? held not entitled to judgment on
pleadings, where defendant alleged bank took note with knowledge of fraud.
(U. S. G. C. A, 1928.) In action by receiver of national bank to recover on
promissory note held by bank, in which defendant admitted execution of
note, but alleged that bank took it from officer with knowledge that its
execution was induced by false and fraudulent representations as to
solvency of bank, and set up counterclaim for amount paid on note,
plain tiff held not entitled to judgment on pleadings, (Williams v. Green,
23 Fed. Rep., 2d series, 796.)
Bills and notes—In action on note by receiver of national bank, case held for jury on
theory that bank took note with notice of fraud.
(U. S. C. C. A. 1928.) In action by receiver of national bank to recover on
note held by bank, evidence held sufficient to take case to jury on theory
that bank took note from officer with notice that its execution had been
induced by false and fraudulent representations as to value of bank's
stock and solvency of bank. (Ib.)
Bills and notes—Where execution of note is proved to have been obtained by fraud,
holder must prove it took note before maturityf for value, and without notice.
(Negotiable instruments law of North Carolina.)
(U. S. C. C. A. 1928.) Under negotiable instruments law as enacted in
North Carolina (C. S. N. C. §§ 2976-3171, as amended by Pub. Laws
N. C. 1923, c. 72), holder of negotiable note is presumed to be holder in
due course; but, when execution is proved, to have been obtained by
fraud, burden shifts to holder to prove that it took note before maturity,
for value, and without notice. (Ib.)
National-bank receiver takes assets subject to claims and defenses available as against
insolvent corporation before liens attached.
(U. S. C. C. A. 1928.) Receiver of national bank takes assets of bank as
mere trustee for creditors, and not for value and without notice, and, in
absence of statutes to contrary, subject to all claims and defenses that
might have been interposed as against insolvent corporation before liens
of United States and of general creditors attached. (Ib.)
Bills and notes—False statement, made without knowledge of truth or falsity, and
inducing execution of note, constitutes fraud.
(U. S. C. C. A. 1928.) In order for false representation, inducing execution
of note, to constitute fraud, it is not necessary that actual knowledge of
falsity should be known to party making it; it being sufficient if assertion
was made without knowledge of whether it were true or false. (Ib.)
Bills and notes—Curtailment and renewal of note, induced by fraud and transferred
with notice, does not bar defense of fraud, nor right to recover payments.
(U. S. C. C. A. 1928.) Where note is induced by fraud, and transferred to
national bank with notice of fraud, curtailment of original note by payment thereon, and renewal by execution of another note for balance, does
not deprive maker of right to defeat recovery by receiver of bank, on
ground of such fraud, nor bar right to recover from receiver amount paid
on note, with interest. (Ib.)
RECEIVER'S SUIT TO RECOVER DIVIDENDS

Pleading—Bill in ancillary receiver's suit to recover dividends paid stockholders,
alleging insolvency, though indefinite, held not subject to dismissal (rules 20, 29).
(U. S. C. C. A. 1928.) Bill by ancillary receiver, seeking recovery from
stockholders of certain dividends alleged to have been paid from assets of
corporation at time corporation was in debt, and in fact insolvent, held
at worst only indefinite and ambiguous, and not subject to dismissal under
rule 29; proper remedy being to move under rule 20 for a better statement.
(Wood' v. National City Bank et al., 24 Fed. Rep., 2d series, 661.)



REPORT OF THE COMPTROLLER OF THE CURRENCY

161

Corporations—Bill by ancillary receiver to recover dividends paid stockholders held
insufficient to state cause of suit for impairment of capital.
(U. S. C. C. A. 1928.) Bill in suit by ancillary receiver to recover dividends
paid stockholders held insufficient to set forth a cause of suit based on impairment of capital, where not alleging that stockholders were privy to
directors' tort, since, when liability is based merely on depletion of capital,
a stockholder must be charged with notice of that fact. (Ib.)
Corporations—Stockholders receiving dividends in fraud of creditors are liable therefor.
(U. S. C. C. A. 1928.) Where dividends are paid on corporate stock in'fraud
of creditors, stockholders are liable on theory that capital assets had
become a trust fund, and payments are charged with whatever trust they
were subject to in hands of corporation. (Ib.)
Corporations—Ancillary receiver's bill to recover dividends paid stockholders as in
fraud of creditors held insufficient.
(U. S. C. C. A. 1928.) Bill by ancillary receiver to recover dividends paid
stockholders from assets of corporation, held insufficient to state cause of
action based on payment in fraud of creditors, because of failure to allege
that any of creditors in existence when receiver was appointed were
creditors when dividends were declared, since only in such case did question arise whether insolvency per se would void the gift. (Ib.)
Fraudulent conveyances—Gift depending on donor's insolvency is voidable only at
demand of creditors existing at time of gift.
(U. S. C. C. A. 1928.) When invalidity of gift depends only on fact of
donor's insolvency regardless of its intent, it is voidable only at demand
of creditors existing when it was made. (Ib.)
ACTIONS AGAINST RECEIVERS
WHEN REMOVABLE TO FEDERAL COURT

'Removal of causes—Case arising under Federal laws, nonremovable on complaint
when commenced, can not be made removable by evidence or court order on issue
tried on merits. (Jud. Code, sec. 28 (28 U. S. C. A.y sec. 71).)
(U. S. D. C. 1928.) The general rule is that a case arising under the laws
of the United States, nonremovable on the complaint when commenced,
can not be converted into a removable one under Judicial Code, section
28 (28 U. S. C. A., sec. 71), by evidence of defendant, or by an order of
the court on aifissue tried on the merits; but such conversion can only be
accomplished by plaintiff's voluntary amendment of his pleadings, or
where case is not reviewable because of joinder of defendants, by voluntary dismissal, or nonsuit by him of a party defendant. (Moulton v.
National Farmers' Bank of Owatonna, Minn, et al., 27 Fed. Rep., 2d
series, 403.)
Removal of causes—Application for removal should be denied if case is not removable
or is not one of which Federal court may assume jurisdiction.
(U. S. D. G. 1928.) If case is not removable from State to Federal court,
or is not one of which Federal court may properly assume jurisdiction,
defendants7 application for removal should be denied. (Ib.)
Removal of causes—Action for money had and received against insolvent national
bank and its receiver is removable to Federal court; ufor winding up affairs of
bank." (Jud. Code, sees. 2/h 28 (28 U. S. C. A., sec. 41 (16), 71).)
(U. S. D. C. 1928.) An action for money had and received against an insolvent national bank and its receiver is a case "for winding up the affairs
of a b a n k / ' within Judicial Code, section 24 (28 U. S. C. A., sec. 41 (16)),
which may be removed from State court to Federal court on defendants7
petition, under Judicial Code, section 28 (28 U. S. C. A., sec, 71). (Ib.)
Removal of causes—Action by creditor of insolvent national bank without joining
receiver is not removable to Federal court; "for winding up affairs of a bank."
(Jud. Code, sec. 28 (28 U, S. C. A., sec. 71)1)
(U. S. D. C. 1928.) Under Judicial Code, section 28 (28 U. S. C. A., sec.
71), creditor of insolvent national bank has right to sue bank in State court
without joining receiver, and such action is not removable, since suit,
though one to establish existence and validity of claim against bank,




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REPORT OF THE COMPTROLLER OF THE CURRENCY
is not case "for winding up the affairs of a bank," which it or the receiver
may remove. (Ib.)
PREFERENCES IN INSOLVENCY
SPECIAL DEPOSIT OP BONDS

Trusts—Bank's pledge of bond deposited under agreement for return to depositor on
demand was wrongful act, and created trust for depositor.
(U. S. D. C. 1928.) Conduct of bank in pledging as security a bond deposited
with it under agreement for its return to depositor on his order was wrongful, and created trust in depositor's favor, though agreement made interest
thereon payable in lieu of interest provided by the bonds. (Gwynn v. •
Spurway, 28 Fed. Rep., 2d series, 37.)
Depositor's bond, wrongfully pledged by insolvent bank, held traceable to balance
returned to receiver after pledgee's sale entitling depositor to participate as preferred
creditor.
(U. S. D. C. 1928.) Where insolvent bank, without authority, pledged
depositor's bond, together with other collateral, to secure indebtedness to
another bank, and sale of collateral by the latter bank left balance in
excess of indebtedness, which, with other collateral, was applied on other
indebtedness, leaving still largef balance, which was returned to insolvent
bank's receiver, depositor's bond was traceable as trust fund into amount
received by receiver and depositor had right to participate pro rata in
such fund as preferred creditor. (Ib.)
Depositor held not estopped to claim preference by accepting dividends as general
creditor after disallowance of preferred claim.
(U. S. D. C. 1928.) Depositor, who on bank's insolvency filed claim as
general unsecured creditor of bank for bond deposited, and subsequently
amended claim to seek preference, and who thereafter, on receiver's
disallowance of application for preference and allowance of claim as
general unsecured claim, received and accepted payments of dividends,
was not estopped to ask for preferred allowance, where it did not appear
that the receiver had been injured. (Ib.)
Order granting priority as to bond deposited held subject to dividends received by
depositor, and did not affect general claim for interest and balance remaining.
(U. S. D. C. 1928.) Where bond deposited in bank was wrongfully pledged
by bank, allowance to depositor of right of priority in fujids held by
bank's receiver was subject to payments received by depositor as dividends
as general creditor, and did not affect his right to establish claim against
estate as general creditor for interest on bond or balance due after exhausting trust fund. (Ib.)
Deposit of bonds, with understanding that bank might treat them as its own, created
debtor and creditor, not trust, relationship.
(U. S. D. C. 1928.) Where plaintiff deposited bonds with bank and received
receipt reciting that bank might treat the bonds as its own property,
returning equivalent bonds, relation of debtor and creditor, and not that
of trustee and beneficiary, arose between the bank and the depositor.
(Kohler v. Spurway, 28 Fed. Rep., 2d series, 36.)
Depositor, authorizing bank to treat bonds deposited as its own, had no preferred
claim on bank's insolvency, by virtue of bank's pledge thereof.
(U. S. D. C. 1928.) One who deposited bonds with bank, under agreement
that bank might treat the bonds as its own property, remaining liable to
return equivalent bonds, was not entitled to preferred claim on bank's
insolvency, by virtue of bank's pledge of bonds, which were disposed of
by pledgee, since mere debtor and creditor relation existed. (Ib.)
DEPOSIT OF CHECKS OR DRAFTS FOR COLLECTION

Drawer of draft, with bill of lading for peanuts attached, held entitled to lien on
funds in hands of receiver of bank to which draft and bill of lading were forwarded.
(U. S. C. C. A. 1928.) Plaintiff, who shipped peanuts to dealer and forwarded
to bank draft therefor with bill of lading attached, is entitled to decree
for amount of its claim, without interest, against bank's receiver, with
recognition of its equitable lien on the funds in the hands of the receiver,



KEPOKT OF THE COMPTROLLER OF THE CURRENCY

163

but without prejudice to the rights of any other claimants similarity situated; the bank having detached and delivered to the dealer the bill of
lading without exacting payment of the draft, and dealer having so obtained the nuts and mixed them with those of others, and then delivered
to the bank bills of lading for similar quantities of shelled nuts, and the
bank having then charged to its account the draft of the plaintiff and
received payment for the nuts shipped through the sale of such shelled
nuts, though the proceeds thereof, when received by it, were mingled with
other moneys. (Monticello Hardware Co. v. Weston, 28 Fed. Rep., 2d
series, 672.)
Appeal and error—Error proceedings in suit in equity, which parties treated as
one at law, may be treated as an appeal {28 U. S.C. A. § 861; Comp. St. § 1649b.)
(U. S. C. C. A. 1928.) Where parties treated suit against bank receiver
for declaration and enforcement of a trust as if it were one in law, and took
writ of error from judgment, under act February 13, 1925. (43 Stat. 941
[28 U. S. C. A. § 861; Comp. St. § 1649b]), the error proceedings may be
treated as an appeal. (Peoples Nat. Bank of Hot Springs et al. v. Moore,
25 Fed. Rep., 2d series, 599.)
Trust arising by agency on check being left with bank for collection continues until
collection is made.
(U. S. C. C. A. 1928.) When checks are left with a bank for collection, in
absence of any special contract, the trust arising by reason of the agency
continues until after collection is made. (Ib.)
Payment—Acceptance of bill of exchange or note is not payment of debt, in absence
of express agreement.
(U. S. C. C. A. 1928.) Acceptance from debtor of bill of exchange, promissory note, or other promise to pay is not payment of debt, unless there is
express agreement that it is received as payment, or unless there is clear
and satisfactory proof of the intention that it is so received. (Ib.)
Bank's authority to act as agent in collection of checks terminated on its insolvency.
(U. S. C. C. A. 1928.) On bank with whom checks were left for collection
becoming insolvent and ceasing to do business, its authority to act as agent
of one delivering checks terminated. (Ib.)
Trusts—Trustee, making payment out of mingled funds of trust estate and his own
funds, is presumed to have made payment out of his own portion of fund.
(U. S. C. C. A*. 1928.) If trustee mingles money belonging to trust estate
with his own funds, and then pays out some of the fund, it will be presumed
that he did that which was lawful, and therefore made his payments out
of his own portion of the fund. (Ib.)
Where bankj receiving^ checks for collection, used them to offset obligations to another
bank receiving drafts for balance due, held that, on its insolvency, draft became
impressed with trust for amount of checks.
(U. S. C. C. A. 1928.) Where bank to whom checks were sent for collection
used them with other obligations to offset obligations of its own held by
another bank, and received draft from other bank representing balance
due, held, that it must be presumed, in absence of evidence to contrary, that
collecting bank applied to its debts due other bank its own obligations, and
received draft as representing in part amount of checks, and hence, on
collecting bank becoming insolvent, owner of checks was entitled to impress a trust on such draft and its proceeds. (Ib.)
Interest held not allowable, after failure of bank, on claims impressed as trust on
funds of receiver.
(U. S. C. C. A. 1928.) One claiming preferenial payment out of proceeds
of insolvent bank in hands of receiver as trust fund, by reason of mingling
of claimant's checks with other obligations of bank, held not entitled to
recovery of interest on claim after bank failed. (Ib.)
Trust fund claimant against insolvent bank held not entitled to allowance of full claim,
both as secured and general creditor.
(TL S. C. C. A. 1928.) One entitled to have claim against insolvent bank
impressed as trust on funds in hand of receiver, held not entitled to allowance of claim for full amount, both as a secured and as a general creditor.
(Ib.)



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REPORT OF THE COMPTROLLER OF THE CURRENCY

Courts—Whether proceeds of checks collected by insolvent bank constitute trust
fund, entitling depositor to preference, must be determined by general commercial
law, as defined by Federal courts.

(U. S. C. C. A. 1928.) Whether insolvent bank's collection of checks created
fiduciary relation of principal and agent between it and one depositing
them in forwarding bank, so as to constitute proceeds a trust fund, entitling
depositor to preference, must be determined by principles of general commercial law, as defined by Federal courts, independent of State law.
(Dickson v. First National Bank of Buffalo, Okla., 26 Fed. Rep., 2d series,
411.)
Deposit of check with bank and entry of credit therefor creates relationship of debtor
and creditor, not principal and agent.

(U. S. C. C. A. 1928.) Where the owner of a check deposits it with a bank
and receives credit therefor, the relationship of debtor and creditor, not
of principal and agent, is created, though check may be charged against
depositor's account, when dishonored by bank on which drawn. (Ib.)
Depositor of checks in forwarding bank could not treat collecting bunk as his agent,
so as to entitle him to preference on its insolvency.

(U. S. C. C. A. 1928.) One depositing checks in bank, which forwarded them
to another bank for collection, could not treat latter bank as his agent in
handling them, so as to be entitled to preference of claim to proceeds on
its insolvency; such bank being agent of forwarding bank. (Ib.)
Depositor of checks, entire proceeds of which were applied on collecting bank's
indebtedness to drawee bank and Federal reserve bank, held not entitled to preference on collecting bank's insolvency.

(U. S. C C. A. 1928.) Where accounts of collecting and drawee banks
were adjusted, and draft for balance given former when checks were
presented for collection, such draft was forwarded to, and deposited to
collecting bank's credit by, Federal reserve bank, which applied collecting
bank's entire balance on its indebtedness to reserve bank, owner depositing
checks in bank whick forwarded them to collecting bank was not entitled
to preference of claim to proceeds on latter's insolvency, as transaction
did not increase its assets available for distribution to creditors, but
merely decreased its indebtedness to reserve bank. (Ib.)
To establish preference, trust funds must be traced into insolvent bank's assets.

(U. S. C. C. A. 1928.) To establish a preference, trust funds must be traced
into the assets of the insolvent bank. (Ib.)
Drawer held not entitled to preference, on theory of trust relationship, where drafts
were paid by checks on collecting bank, which became insolvent.

(U. S. C. C. A. 1928.) Drawer of drafts, which were paid by drawees by
checks drawn on bank to which drafts had been sent for collection, held,
not entitled to preference on failure of bank, on theory of trust relationship; there having been no increase in the bank's funds. (Rorebeck v.
Benedict Flour & Feed Co.; Benedict Flour & Feed Co. i>. Rorebeck, 26
Fed. Rep., 2d series, 440.)
Drawer held not entitled to preference, where draft ivas paid by check, which insolvent
collecting bank used in exchange of checks with another bank.

(U. S. C. C. A. 1928.) Where draft sent to collecting bank was paid by
drawee by check on another bank, which check was used in exchange of
checks between collecting bank and such other bank, held that drawer was
not entitled to preference on insolvency of collecting bank, since its funds
were not augmented by payment of the draft. (Ib.)
Owner of draft sent bank for collection, bank's check not being paid, was entitled to
proceeds of collection, if traceable into receiver's hands.

(U. S. C. C. A. 1927.) Owner of draft sent bank for collection and prompt
remittance, there being nothing in contract between parties authorizing
collecting bank to appropriate proceeds of collection and make itself mere
debtor, or to send its check in settlement, when its check was not paid,
was entitled to proceeds of collection, if they could be traced into funds
which came into hands of reoeiver. (Ellerbe et al. v. Studebaker Corporation of America, 21 Fed. Rep., 2d series, 993.)



REPORT OF THE COMPTROLLER OF THE CURRENCY

165

Proceeds of draft collected by insolvent hank were held in trust for owner.
(U. S. C. C. A. 1927.) Where bank to which drawer forwarded draft for
collection was insolvent at time it made collection, proceeds of collection
were held in trust for drawer, and could be collected from receiver after
they had come into his possession, since insolvency of collecting bank
terminates its authority to proceed further. (Ib.)
Owner of draft collected by insolvent bank can not have trust declared on assets in
receiver's hands, unless he traces proceeds into receiver's hands, or shows assets
were augmented.
(U. S. C. C. A. 1927.) Owner of draft collected by insolvent bank is not
entitled to have trusts declared on assets in hands of its receiver, or to
preferential payment therefrom, unless he is able to trace proceeds of
collection into hands of receiver, or to show that assets which have come
into his hands have been directly augmented as a result thereof. (Ib.)
Equity—Equity regards substance, and not form.
(XL S. C. C. A. 1927.) Equity regards substance, and not form. (Ib.)
Where drawee paid draft by check on collecting bank, and deposited checks on outside
banks to cover same, assets passing into receiver's hands were augmented, entitling
drawer to preference.
(U. S. C. C. A. 1927.) Where drawee of draft for $2,899.77 paid same by
check on collecting bank, and at same time made deposits, including checks
on out of town banks, which brought $2,471 into receiver's hands, to meet
draft, assets coming into receiver's hands were directly augmented by
proceeds of draft, entitling drawer to preference, and right of drawer to
funds realized from checks on other banks could not be defeated, merely
because drawee deposited checks to its credit, and gave check against
credit, instead of indorsing them over in payment of draft. (Ib.)
Assets coming into receiver's hands held augmented by drawee's check for draft,
entitling drawer thereof to preference.
(U. S. C. C. A. 1927.) Where, if check on collecting bank given by drawee
in payment of draft had not been given, drawee, as depositor, would have
set-off against receiver on note due bank for amount of its deposit, which
would have been increased by amount of check given for draft, assets
coming into receiver's hands were augmented by amount of check given
for draft, entitling drawer of draft to preference. (Ib.)
Trusts—Where fraudulent depositary mingles goods obtained by fraud with his own,
whole is held in trust.
(U. S. G. C. A. 1927.) Where fraudulent depositary so mingles goods obtained by fraud with mass of like goods of his own, whole may be considered
as held in trust until equitable separation of property of defrauded party
is made, and where money thus obtained has gone to swell aggregate in
possession of fraudulent party, it may under proper proceedings be segregated in amount from such aggregate sum and made subject of trust.
(Ib.)
Proceeds of collection of draft held traced into funds in receiver's hands derived from
collection of note due from drawee to bank, and drawer was entitled to preference.
(U. S. C. C.( A. 1927.) Where it was shown that bank receiver relied on
check given by drawee on bank in payment of claimant's draft to reduce
deposit account, which was valid set-off to note due from drawee to bank,
and was thereby enabled to collect on note $2,899.77, amount of draft,
more than he would have been able to collect otherwise, proceeds of
collection of draft held traced into funds derived by receiver from collection
of note, so that claimant was entitled to preferential payment. (Ib.)
Note pledged by bank, when redeemed by receiver, became subject to set-off to extent
of deposit standing to credit of maker.
(XL S. C. C. A. 1927.) Where note given bank was pledged as collateral
security by bank, when note was redeemed by receiver, it became subject
in his hands to set-off to extent of deposit standing to credit of maker on
books of bank, just as though it had never been pledged. (Ib.)



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REPORT OF THE COMPTROLLER OF THE CURRENCY

Rule that rights of parties become fixed when bank closes means that debtor can not
set off claim after insolvency against debt contracted before.

(U. S. C. C. A. 1927.) Rule that rights of parties become fixed when bank
closes its doors means that debtor of bank can not set off claim acquired
after insolvency against debt contracted before, and does not mean that
he can not set off deposit against note owned by bank and collected by
its receiver, merely because at time of bank's failure note was held by
another bank, to which it had been pledged as collateral. (Ib.)
Bank, forwarding checks for collection, had no preferred claim on collecting bank's
insolvency, where proceeds were used in clearances to pay debts of collecting bank.

(U. S. D. C. 1928.) Bank, forwarding to another batik for collection and
return checks drawn on third bank, held not entitled to preferred claim on
insolvency of collecting bank, where proceeds of checks were used in payment of debts of collecting bank, adjusting difference in clearance, and no
funds came into receiver's hands as result of transaction. (Burnes Nat.
Bank of St. Joseph, Mo., v. Spurway, 28 Fed. Rep., 2d series, 40.)

Bank, forwarding checks to drawee bank, which debited drawers^ accounts, held not
entitled to preference on drawee bank's insolvency.

(IT. S. D. C. 1928.) Bank, forwarding checks to drawee bank for payment,
was not entitled to preference therefor, on drawee bank's insolvency, by
fact that bank was credited on its books, and drawers charged, with amount
of checks, since no funds passed into estate of insolvent bank as a result
of the transaction. (Ib.)
Sum deposited is not trust fund, merely because traceable into balance of assets over
liabilities.

(U. S. D. C. 1928.) Sum claimed by depositor on bank's insolvency may not
be recovered as a trust fund merely because it can be traced into general
balance of assets over liabilities of insolvent bank. (Ib.)
That drawer of check sent to drawee bank for collection paid to receiver overdraft
resulting from subsequent transactions did not create trust fund in connection with
check.

(U. S. D. C. 1928.) Bank, forwarding check to drawee bank for collection,
was not entitled to preference on drawee bank's insolvency, because of
receiver's collection of overdraft from drawer, where drawer's account
was sufficient to meet checks at time they were charged, and overdraft
wxas in connection with subsequent transactions, since check did not increase funds in receiver's hands. (Ib.)
Where bank holding draft for collecting accepted drawee's check, charging drawee's
account, drawee of draft was mere general creditor as to proceeds of check.

(U. S. D. C. 1928.) Where bank received sight draft for collection, with bill
of lading, and took drawee's check in payment of the draft, charging the
drawee's account, drawer of draft occupied position of mere general
creditor as to proceeds of check, and had no right to priority on bank's
insolvency. . (Steele Briggs Seed Co. (Ltd.) v. Spurway, 28 Fed. Rep.,
2d series, 42.)
Failure of bank holding draft for collection to debit drawee's account on taking his
check did not increase cash assets in receiver's hands, giving drawer priority.

(U. S. D. C. 1928.) Fact that bank holding draft for collection failed to
debit drawee's account on taking drawee's check did not have effect of
augmenting assets of bank coming into receiver's hands, so as to entitle
drawer of draft to priority, since failure to debit account was merely
matter of bookkeeping. (Ib.)

Assignments—Draft is not an assignment of funds until accepted by drawee.

(U. S. D. C. 1928.) Draft, until accepted by drawee, does not constitute an
assignment of funds. (Ib.)




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TRUST FUND MISAPPLIED BY INSOLVENT BANK TO REDUCE LIEN ON ITS OWN
PROPERTY

Trust fund misapplied by insolvent national bank to reduce lien on its own property
gave rise to preferred claim.

(U. S. C. C. A. 1927.) Complainant went to pay two notes which he owed
to a national bank, taking a check in his favor for a larger amount, which
he delivered to the bank. The bank had rediscounted his notes and did
not then have them in its possession, but gave him a receipt for their payment and a cashier's check for the balance due him. It sent the check to a
correspondent, to which it owed a large overdraft, for collection and credit,
and it was so applied. The bank was closed the next day and its receiver
paid the balance of the overdraft, receiving back collateral to a much
larger amount. Held, that the bank took complainant's money as his
agent in trust for payment of his notes, which trust it violated by diverting
the money to its own use; that the trust fund went into the collateral
notes redeemed by the receiver by reducing the overdraft which he was
required to pay, and that complainant was entitled to its allowance as
a preferred claim against the receivership assets. (Bartholf v. Millett, 22
Fed. Rep., 2d series, 538.)
CLAIM TO PREFERENCE IN CONNECTION WITH SALE AND DISCOUNT OF NOTES

Frauds, statute of—Alleged oral contract for sale and discount of notes of aggregate
value of $10,000 held void. (Comp. St. Okl. 1921, § 503Jh par. 4.)

(U. S. D. C. 1928.) Under Compiled Statutes, Oklahoma, 1921, section
5034, paragraph 4, alleged oral contract for sale and discount of notes of
aggregate value of $10,000 held void, where no part of notes were delivered
and no part of consideration for sale and discount of notes was paid.
(Barnsdall State Bank v. Dykes, 26 Fed. Rep., 2d series, 696.)
Equity—Frauds, statute of—Where bill shows on face that contract sued on is within
Statute of Frauds, defect may be taken advantage of by demurrer or motion to
dismiss. (Comp. St. Okl. 1921, § 5034, par. 4.)

(U. S. D. C. 1928.) Where it clearly appears on face of bill that contract
sued on is within Statute of Frauds (Comp. St. Okl. 1921, § 5034, par. 4),
and nothing is alleged removing contract from operation of statute, defect
may be taken advantage of by demurrer or motion to dismiss. (Ib.)
Frauds, statute of—Payment of checks drawn on bank constituted no payment on
part of consideration taking oral contract to sell and discount notes out of statute.
(Statutes of Frauds, Comp. St. Okl. 1921, §§ 5034, par. 4, 7859.)

(U. S. D. C, 1928.) Payment by complainant of checks drawn on bank constituted no payment of any part of alleged consideration to bank making
alleged oral contract for sale and discount of notes valued at $10,000,
and such payment did not take transaction out of operation of Statute of
Frauds (Comp. St. Okl. 1921, § 5034, par. 4), since bank received nothing
and its assets were not increased by transaction; check not of itself operating as assignment under section 7859. (Ib.)
Pledges—Pledge is invalid unless property is delivered to pledgee.

(U. S. D. C. 1928.)
pledgee. (Ib.)

Pledge is invalid unless the property is delivered to the

Claim for breach of bank's agreement to sell and discount notes held not preferred.

(U. S. D. C. 1928.) Complainant bank, claiming that N. bank had made
oral contract for sale and discount of notes, held not entitled to enforce
preferred claim against assets in custody of receiver of N. bank, which
was insolvent, where N. bank had retained possession of notes. (Ib.)
Equity—Where debtor bank retained possession of notes, equity will not require
transfer of title to notes by bank receiver in accordance with parties' intention to
injury of third parties.

(U. S. D. C. 1928.) Where debtor bank remained in possession of notes,
equity will not exercise its power to require that to be done which parties
intended should be done under contract to sell and discount notes, by
transferring title to notes by receiver of bank, after it became insolvent,
to injury of third parties. (Ib.)
20669°—H. Doc. 361, 70-2 ?12



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REPORT OF THE COMPTROLLER OF THE CURRENCY
DEPOSIT OF PUBLIC FUNDS

On insolvency of national bank, secured creditor may receive dividends on claim,
without credvting security or collections made therefrom.
(U. S. C. C. A. 1928.) In distribution of assets of insolvent national bank,
secured creditor may prove and receive dividends on face of claim, at
time of declaration of insolvency, without crediting either security or
collections made therefrom after such declaration, subject always to
proviso that dividends must cease when claim has been paid in full.
(American Surety Co. of New York v. De Carle County Treasurer, et aL,
25 Fed. Rep., 2d series, 18.)
In distributing assets of insolvent national bank, dividends must be paid to all creditors ratably, apportioned according to claims.
(XL S. C. C. A. 1928.) In distributing assets of insolvent national bank,
dividends must be paid to all creditors ratably, payments must be made
according to some uniform rule, and claims against bank must necessarily
be made basis of apportionment. (Ib.)
Principal and surety—Execution of contract of suretyship raises implied contract
that principal will indemnify surety for payments to creditor.
(XL S. C. C. A. 1928.) When contract of suretyship is entered into, there
arises, in absence of express agreement, implied contract that principal
will indemnify surety for payments made to creditor in compliance with
contract of suretyship, and such implied contract arises immediately on
execution of contract of suretyship. (Ib.)
Surety indemnifying county for part of loss on national bank's insolvency held not
entitled to any payment from bank till county's claim was satisfied.
(U. S. C. C. A. 1928.) Surety for national bank to indemnify county for
loss by deposit of public moneys, which was required in compliance with
such contract to pay to county amount of bond, which did not cover all
of county's losses on bank's insolvency, held not entitled to any payment
from bank until county's claim was satisfied in full. (Ib.)
Withdrawal of city funds by bank cashier as city treasurer immediately preceding
bank's suspension of business held void. {12 U. S. C A. § 91.)
(U. S. C. C. A. 1928.) Under Revised Statutes, section 5242 (12 X S. C. A.
L
§ 91), action of cashier of bank, who was also city treasurer in removing
city funds immediately preceding suspension of business, held void, precluding subsequent recovery by surety against receiver securing return
of such funds. (American Surety Co. of New York v. Jackson, 24 Fed.
Rep., 2d series, 768.)
City can not claim any preference as to funds deposited in bank creating relation
of debtor and creditor.
(XL S. C. C. A. 1928.) Where relation of debtor and creditor exist between
city and bank relative to deposit of city funds, neither city nor those
claiming under it can claim any preference over general creditors. (Ib.)
City may recover deposits made in violation of law from bank's receiver, if not theretofore paid out or dissipated.
(XL S. C. C. A. 1928.) Where deposits of city funds are made by citytreasurer in violation of State law, bank becomes a trustee, and city or
those claiming under it may recover amount of trust fund from bank's
receiver unless theretofore paid out or dissipated. (Ib.)
Surety becoming subrogated to rights of city may recover fwids unlawfully deposited
by city treasurer. {Idaho Laws 1921, c. 256, superseding Idaho Laws, 1893,
P.

in.)

(U. S. C. C. A. 1928.) Where cashier of bank in capacity of city treasurer
deposited city funds in bank, not furnishing bond required by Idaho
Laws of 1921, chapter 256, superseding Idaho Laws of 1893, page 111,
the funds were deposited in violation of laws of State, authorizing recovery by surety becoming subrogated to rights of city and treasurer as
against bank and receiver. (Ib.)




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169

On proof that trust funds came into hands of receiver, bank has burden of proving
wrongful misappropriation or criminal use of funds.
(U. S. C. C. A. 1928.) Where surety subrogated to rights of city and city
treasurer to recover deposit of city funds as a trust fund proved that sum
came into hands of receiver when bank suspended, burden was on bank
to prove that such trust funds or part of them were in fact wrongfully
misappropriated or criminally used, there being a presumption that trust
funds have not been so wrongfully misapplied or criminally used by
officers. (Ib.)
City treasurer will be presumed to have deposited only cash as bearing on question of
augmentation of funds.
(U. S. C. C. A. 1928.) In suit by surety, subrogated to rights of city and
city treasurer to recover trust funds from insolvent bank, it will be presumed, in absence of proof to the contrary, that city treasurer obeyed
law and deposited nothing but cash or equivalent of cash, as bearing on
question as to whether there was augmentation of funds in bank. (Ib.)
Surety discharging liability on bond securing county deposits held entitled to participate with general creditors in future dividends to full amount of payment.
(U. S. D. C. 1927.) Where surety discharged its liability under bond securing county deposits in insolvent bank, it was entitled to have its claim
allowed by bank's receiver for full amount of its payment on bond and
to participate with general creditors in all unpaid and future dividends.
(United States Fidelity & Guaranty Co. v. McClintock et al., 26 Fed.
Rep., 2d series, 944.)
Subrogation—As respects subrogation, sureties on county treasurer's bond held not
"volunteers" in paying deficiency on insolvency of depositary on commissioner's
representations that treasurer violated duties. (Comp. St. Wyo. 1920, § 2968.)
(U. S. D. C. 1927.) Where sureties on county treasurer's official bond paid
deficiency due to county on insolvency of bank in which county funds
were deposited on county commissioner's demand therefor and representations that treasurer violated his duties in failing to have collateral put
up by bank in lieu of depositary bonds approved by county commissioners
as required by Compiled Statutes, Wyoming, 1920, section 2968, sureties
were not "volunteers" as respects their right to subrogation to rights
of county. (Ib.)
Subrogation—Debt must be fully paid before right of subrogation exists.
(U. S. D. C. 1927.) A debt must be fully paid before the right of subrogation exists. (Ib.)
Subrogation—Sureties on bond of insolvent county depositary held entitled to subrogation to county's rights, where sureties' payments plus bank's dividend paid
county's claim in full.
(U. S. D. C. 1927.) Under law of Wyoming making county treasurer, in
depositing county funds in designated depositaries approved by governing
board, mere agent of county which is creditor of the depositary, held that
on insolvency of depositary bank its sureties making payment to county
were entitled to subrogation to rights of county to future dividends on
county's claim and to collateral security in proportion as their payments
went to discharge bank's debt to county, where their payments on bonds
plus dividend paid by bank made county whole. (Ib.)
Subrogation—Surety on bond securing county deposits held entitled to allowance
of claim on indemnity agreement and to subrogation to county's rights against
insolvent bank.
(U. S. D. C. 1927.) Surety on bond securing county deposit in insolvent
bank was entitled to allowance of its claim on bank's agreement to indemnify it and participate in dividends as general creditor and also to right
of subrogation to county's claim against bank for amount paid on bond.
(Ib.)
Insolvent depository's surety, having paid bond which, with dividends, satisfied
State's claim, held entitled, under indemnity agreement, to participate with other
creditors.
(U. S. D. C. 1928.) Surety on bond of bank as depository of State funds
having paid amount of bond on bank's insolvency, which payment, with
dividends paid to State treasurer by bank's receiver, entirely satisfied



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REPOBT OF THE COMPTROLLER OF THE CURRENCY
State treasurer's claim, held entitled to prove its claim on bank's indemnity
agreement and to share pro rata with other creditors for amount paid to
State treasurer, in absence of any intervening equities, against any claim
that this resulted in double payment of bank's debt. (Maryland Casualty
Co. v. Foutz, 27 Fed. Rep., 2d series, 423.)

Judgment—Judgment denying surety's participation in dividends of insolvent depository held not res judicata against surety after creditor was fully paid.

(U. S. D. C. 1928.) Judgment that surety on bond of insolvent bank as
depository of State funds was not entitled to subrogation to rights of
State treasurer against bank, or to otherwise participate in the distribution
of assets in receiver's hands, until State treasurer had been paid in full,
held not res judicata in surety's subsequent action against receiver, on
bank's agreement to indemnify it after entire claim of State treasurer
had been satisfied. (Ib.)
BANK ORGANIZED TO TAKE OVER ASSETS AND ASSUME LIABILITIES OF INSOLVENT
BANK

Bank, organized to take over assets of insolvent bank and assuming liabilities, with
certain exceptions, held liable on certificate within such exception.

(U. S. C. C. A. 1928.) Bank, incorporated as means of reorganization of
insolvent bank and taking over all of assets and assuming all liabilities,
with exception of certain certificates, in accordance with approval of State
court, after informal hearing on offer and without representation of holder
of certificate not assumed as liability, held liable for payment of such certificate, whether or not there was an implied promise on part of new bank
to pay obligation, since otherwise transaction constituted a fraud. (Security State Bank of Miami, Okla., v. First Natl. Bank of Kansas City, Mo.,
26 Fed. Rep., 2d series, 237.)
Judgment—Judgment in former suit on same cause of action between same parties
is conclusive regarding every question determined or determinable.

(U. S. D. C. 1927.) Where second suit is on same cause of action and between same parties as first, judgment in first suit is conclusive in second
suit as to every question which was or might have been presented and
determined in first. (U. S. ex rel. Ray, U. S. Atty., v. Porter Commissioner
of Finance of Idaho, 24 Fed. Rep., 2d series, 137.)
Judgment—Test of identity of causes of action, as regards res judicata, is identity
of facts essential to maintain them.

(U. S. D. C. 1927.) Test of identity of causes, of action, as regards whether
judgment in one is bar to the other, is identity of facts essential to
maintain them. (Ib.)
Action—Party seeking to enforce claim must present to court all possible grounds of
recovery.

(U. S. D. C. 1927.) Party seeking to enforce claim, legal or equitable, must
present to court, either by pleading or proof, or both, all grounds on which
he expects judgment in his favor, and is not at liberty to split up his
demands, and prosecute by piecemeal, or present only portion of grounds
on which relief is sought, and leave rest to be presented in second suit, if
first fails. (Ib.)
Judgment—Judgment on demurrer is as effective as one rendered on proof, as regards
bar of another action.

(U. S. D. C. 1927.) An estoppel by judgment grows out of matter of substance, and not of form, and a judgment on demurrer is as conclusive as
one rendered on proof, and the question as to such judgment, when pleaded
in bar of another action, will be necessarily its legal identity with such
action. (Ib.)
Judgment—Judgment on motion to dismiss for lack of equity and insufficiency of
facts pleaded is bar to second suit covering same transaction between parties.

(U. S. D. C. 1927.) Judgment on motion to dismiss, based on ground of lack
of equity and insufficiency of facts pleaded, is bar to second suit covering
same transaction between parties. (Ib.)




REPORT OF THE COMPTROLLER OF THE CURRENCY

171

Judgment—Where only additional allegation in second suit to sustain preference
right to funds of insolvent bank was legal conclusion that bank committed act of
bankruptcy} decree in first suit barred second suit. (31 U. S. C. A. § 191.)

(U. S. D. C. 1927.) Where bill in second suit by United States against
State commissioner of finance to sustain preference right to funds of insolvent bank alleged same facts as were set forth in bill in first suit, with mere
additional allegation of legal conclusion that valuation of bank's assets was
insufficient to pay its debts, and that, because of insolvency and of commissioner's taking it over, bank committed an act of bankruptcy, within
meaning of Revised Statutes section 3466 (31 U. S. C. A. § 191), decree
in first suit, dismissing bill on ground of lack of equity and insufficiency of
facts pleaded, was bar to second suit, since it was a fact indispensable to
maintenance of both actions that bank was insolvent, or had committed
an act of bankruptcy. (Ib.)
INSOLVENT STATE BANKS
GEORGIA

Assessment and execution against owner of bank stock under State law were not
void because made by agent for superintendent of banks.

(U. S. C. C. A. 1928.) Assessment and execution against owner of shares of
capital stock of bank pursuant to acts Georgia, 1919, page 157, article 7,
section 9, were not void because made by agent for superintendent of
banks after determination by superintendent that an assessment was
necessary, since after fixing amount as to each stockholder by superintendent of banks, giving of notice and issuance of execution are matters
of detail that may be left to agent for actual performance. (Carmichael
et al. v. National Park Bank of New York et al., 28 Fed. Rep., 2d series,
691.)
IDAHO

Bankruptcy of bank, entitling Government to priority in deposits held shown, where
bank was administered by State officer, directors and stockholders acquiescing.
(31 U. 8. C. A. § 191.)

(U. S. D. C. 1928.) In suit by the United States to recover deposit by postmaster of postal funds in an insolvent bank, bankruptcy of bank was
shown where State officer was in possession administering its affairs by
virtue of affirmative action on part of governing body of institution, or
with acquiescence of board of directors and stockholders, within meaning
of Revised Statutes, section 3466. (31 U. S. C. A. § 191), entitling
United States to priority as to deposit therein; formal assignment of estate
of bank to State officer authorized to liquidate insolvent banking institutions being unnecessary. (United States, ex rel. Ray, U. S. Atty., v. Ray,
Commissioner of Finance of Idaho, 24 Fed. Rep., 2d series, 709.)
Postal funds deposited by postmaster in State bank held udebts due United States,"
within priority statute. (31 U. S. C. A., §§ 191, 192; 39 U. S. C. A., §§ 46-48.)

(U. S. D. C. 1927.) Moneys derived from post-office business, deposited
by postmaster in State bank, though deposited at his own risk under
Revised Statutes, sections 3847, 3848 (39 U. S. C. A., §§ 47, 48), and
unpaid draft purchased by postmaster with such funds, held in view of
section 3846 (39 U. S. C. A., § 46), "debts due the United States," within
sections 3466, 3467 (31 U. S. C. A., §§ 191, 192), giving priority to debts
due United States in case of insolvency. (United States, ex rel. Ray,
U. S. Atty., v. Porter Commissioner of Finance of Idaho, 24 Fed. Rep.,
2d series, 139.)

Closing of bank and taking over control by State officer held voluntary assignment
for benefit of creditors, and uact of bankruptcy" within priority statute. (31
U. S. C. A.,%191.)

(U. S. D. C. 1927.) Where president and cashier of State bank, in which
moneys of United States were deposited, closed bank and allowed State
officer to take immediate charge, held that it constituted a voluntary
assignment for benefit of creditors, and hence there was committed an
act of bankruptcy, within meaning of Revised Statutes, section 3466
(31 U. S. C. A., § 191), thus making State officer trustee for United States,
and giving United States priority. (Ib.)




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REPORT OF THE COMPTROLLER OF THE CURRENCY

United States—Statute giving debts due United States priority must be liberally
construed. (31 U. S. C. A., § 191.)
(U. S. D. C. 1927.) Revised Statutes, section 3466 (31 U. S. C. A., § 191),
giving debts due United States priority in cases of insolvency, must be
liberally construed. (Ib.)
Right of United States to priority of its debts in case of insolvency can not be governed
by State laws. (31 U. S. C. A., § 191.)
(U. S. D. C. 1927.) That assets of State bank, in which postal funds were
deposited, are being administered by commissioner under State law, does
not affect right of United States to priority, under Revised Statutes,
section 3466 (31 U. S. C. A., § 191), nor would United States, in asserting
its rights, be governed by State law or State courts. (Ib.)
Closing of bank by majority of directors and liquidation by State officer held an
u
act of bankruptcy,}) within priority statute. (31 U. S. C. A., sec. 191.)
(U. S. D. C. 1927.) Where State bank, containing deposits of United States
money, was closed by majority of board of directors and taken over by
State officer for liquidation, held that it made a voluntary assignment
for benefit of creditors, and thereby committed an act of bankruptcy,
within meaning of Revised Statutes, section 3466 (31 U. S. C. A., sec. 191),
giving priority to debts due United States in cases of insolvency. (Ib.)
United States, having priority in State bank's funds, is entitled to injunction preventing State officer, liquidating bank from making any payments until United
States is paid. (31 U. S. C. A., sec. 191.)
(U. S. D. C. 1927.) Where State officer, in charge of insolvent bank having
deposits of United States money, to which United States has priority
under Revised Statutes, section 3466 (31 U. S. C. A., sec. 191), paid other
creditors in preference to United States, latter is entitled to injunction
against further payments, and a personal judgment against State officer,
if funds are insufficient to satisfy claim of United States. (Ib.)
NEW HAMPSHIRE

State bank commissioner, winding up affairs of insolvent bank, acts as officer of
court. (Pub. Laws, N. H., 1926, c. 268.)
(U. S. C. C A. 1928.) State bank commissioner, in winding up affairs
of insolvent bank, under Public Laws, New Hampshire, 1926, chapter
268, does not act merely in an executive or administrative capacity, but
as an officer of the court in the nature of a receiver. (People's Trust
Co. et al. v. United States, 23 Fed. Rep., 2d series, 381.)
Courts—Pendency of proceeding in rem in State court bars suit in Federal district
court involving same subject matter, though United States is party.
(U. S. C. C. A. 1928.) Federal district court has no jurisdiction to entertain bill to which United States is party, where prior suit involving
same subject matter is pending in State court, provided State court proceeding is in rem, or involves exercise of discretion or control over fund in
custody of commissioner, since exercise by another court of jurisdiction
over same res may defeat jurisdiction of court in which original action was
brought. (Ib.)
Courts—Stale court proceedings for liquidation of insolvent bank, and intervention
of United States therein to establish claim, held in rem, precluding subsequent
exercise of jurisdiction by Federal court in suit to establish priority. (Pub. Laws,
N. H., 1926, c. 268, sees. 13-15; 31 U. S. C. A., sec. 191.)
(U. S. C. C. A. 1928.) Equity proceeding, instituted against insolvent
bank by commissioners relating to its liquidation, under Public Laws,
New Hampshire, 1926, chapter 268, and intervention therein by United
States, looking to proof of claim under section 13, held proceeding in rem,
which deprived Federal court of jurisdiction in subsequent action in equity
bought by United States, under Revised Statutes, section 3466 (31 U. S.
C. A., sec. 191), to adjudicate priority of claim, after priority had been
denied in State court, notwithstanding sections 13-15 of chapter 268,
authorizing suit in nature of appeal after rejection of claim. (Ib.)



REPORT OF THE COMPTROLLER OF THE CURRENCY

173

State statute authorizing suit by creditor of insolvent hank after rejection of claim
merely permits suit in State court in nature of appeal. (Pub. Laws, N. H.y
1926, c. 268, sec. 15.)
(U. S. C. C. A. 1928.) Public Laws, New Hampshire, 1926, chapter 268,
section 15, relating to liquidation of insolvent banks in equity'proceedings by commissioners, and authorizing suit on rejected claims within
six months, held to authorize proceedings in State court only in nature of
appeal, and not to permit commencement of suit in Federal district court,
in view of sections 13, 14. (Ib.)
Determination of priority of claims against insolvent bank is for superior court.
(Pub. Laws, N. H., 1926, c. 268, sec. 19.)
(U. S, C. C. A. 1928.) The bank commissioner has authority to allow
or reject a claim and report the same to superior court in proceedings for
liquidation of insolvent bank, under Public Laws, New Hampshire, 1926,
chapter 268, sections 13, 14, but no authority to pass on its priority;
questions of priority or order of payment are for determination of superior
court, on distribution under section 19. (Ib.)
State statute relative to distribution of assets of insolvent banks does not determine
order of claim given priority under Federal law. (Pub. Laws, N. II., 1926, c. 268,
sec. 29.)
(TJ. S. C. C. A. 1928,) Public Laws, New Hampshire, 1926, chapter 268,
section 29, relative to order of distribution of claims against insolvent
bank, does not determine order of distribution of claims, where claim is
given priority under Federal law, since Federal law is supreme. (Ib.)
Distribution of assets of insolvent bank is determined in connection with statute
governing distribution of property of insolvent persons. (Pub. Laws, N. II., 1926,
c. 268, sec. 29; c. 401, sec. 31.)
(U. S. G. C. A. 1928.) Public Laws, New Hampshire, 1926, chapter 268,
section 29, relative to order of distribution of proceeds of insolvent
bank must be construed with reference to provisions of chapter 401, section 31, providing for distribution of proceeds of property of insolvent
persons. (Ib.)
Courts—// United States asserts claim against insolvent bank under State and
Federal statutes, granting priority, it may have question reviewed by United Stales
Supreme Court (31 U. S. C.A., sec. 191; Pub. Laws,N. H., 1926, c. 401, sec. 31.)
(U. S. C. C. A. 1928.) If United States asserts its right to priority of
claim against insolvent bank under Revised Statutes, section 3466 (31
U. S. C. A., sec. 191), and Public Laws, New Hampshire, 1926, chapter 401,
section 31, giving debts of United States priority, question may be reviewed
by the State supreme court, and ultimately by Supreme Court of United
States, on ground of Federal question, in case of denial of priority by State
courts. (Ib.)
OKLAHOMA

Where guaranty fund is not involved, State is not preferred creditor of insolvent bank,
but all creditors participate ratably. (Comp. St. Okl. 1921, §§ 4165-4167, 4175.)
(U. S. C. C. A. 1927.) Under Compiled Statutes, Oklahoma, 1921, sections
4165-4167, 4175, providing for winding up insolvent banks by State bank
commissioner and for a lien on bank's assets for benefit of bank depositors'
guaranty fund for payments therefrom, where guaranty fund is depleted
and no payments have been made, or will be made, therefrom to pay
unsecured depositors, State has no lien for benefit of such fund against
the assets of bank involved and is not a preferred creditor, but all creditors
are entitled to participate ratably in the distribution of the bank's assets.
(Mothersead, State Bank Com'r of Oklahoma, v. U. S. Fidelity & Guaranty Co., 22 Fed. Rep., 2d series, 644; Same v. New Amsterdam Casualty
Co., 22 Fed. Rep., 2d series, 654; Same v. Fidelity & Deposit Co. of Maryland, 22 Fed. Rep., 2d series, 654; Same v. American Surety Co. of New
York, 22 Fed. Rep., 2d series, 655.)
Courts—Decision of highest State court after rights and liabilities have accrued is
not binding on Federal courts as rule of decision.
(U. S. C. C. A. 1927.) Decision rendered by the highest State court after
rights and liabilities of parties under contracts involved in Federal court
suit have fully accrued is not binding on Federal courts as a rule of
decision. (Ib.)



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REPORT OF THE COMPTROLLER OF THE CURRENCY

Surety on depository bonds is entitled to participate ratably with unsecured depositors
on claims to which it became subrogated, where guaranty fund not involved. (Comp.
St. Okl. 1921, §§ 4165-4167, 4175.)

(U. S. C. C. A. 1927.) A surety on bonds securing deposits in an insolvent
bank which has paid secured deposits, is entitled under Compiled Statutes, Oklahoma, 1921, sections 4165^-4167, 4175, to participate ratably
with unsecured depositors on the claims of the State, county, and cities
to which it became subrogated, where State depositors' guaranty fund
was not involved. (Ib.)
Insolvent banks, surrendering assets to bank commissioner, made assignment and
committed bankruptcy, within statute giving priority to claims of United States.
(Comp. St. Okl. 1921, §§ 4128, 4133; 31 U. S. C. A. §§ 191, 193; bankr. act,
§ 3a [4], as amended February 5, 1903, § 2 [11 C7. 8. C. A. § 211)

(U. S. C. C. A. 1927.) Banks which were insolvent, in that their assets
were less than their liabilities, and which voluntarily at informal directors'
meeting surrendered their assets to State bank commissioner for liquidation, under Compiled Statutes, Oklahoma, 1921, sections 4128, 4133,
thereby made a voluntary assignment of their property within Revised
Statutes, United States, section 3466 (31 U. S. C. A. § 191), and committed
an act of bankruptcy, within bankruptcy act, section 3a (4), as amended
by act February 5, 1903, section 2 (11 X S. C. A. § 21), and claims of
L
United States on its deposits had priority under Revised Statutes, sections
3466, 3468 (31 U. S. C. A. §§ 191, 193), to which surety on depository
bonds was subrogated on payment of claims. (Ib.)
Bank organized under Oklahoma laws has all powers of ordinary corporation, except
as expressly limited. (Comp. St. Okl. 1921, § 4114-)

(U. S. C. C. A. 1927.) Under Compiled Statutes, Oklahoma, 1921, section
4114, a bank organized under the laws of Oklahoma has all of the powers
of an ordinary corporation, except in so far as its powers are expressly
limited by other sections of the State banking laws. (Ib.)
Bank commissioner held not entitled to avoid as ultra vires insolvent banks9 pledge of
securities to indemnify surety on depository bonds under fully executed contracts.
(Comp. St. Okl. 1921, %%4114, 5161, 5727, S606.)

(U. S. C. C. A. 1927.) Where insolvent banks received benefit of depository
bonds of surety company, with which they had pledged securities to indemnify it against loss on such bonds, held that, under Compiled Statutes,
Oklahoma, 1921, sections 4114, 5161, 5727, 8606, State bank commissioner
in charge of liquidation could not avoid contracts of pledge on ground
they were ultra vires, since securities pledged were held by surety in trust
for obligees, and in view of fact that securities could have been pledged
directly to the State or municipality for public deposit, and that surety
in such case would have been subrogated thereto. (Ib.)
Surety on depository bonds held entitled to 6 per cent interest on deferred payments
on claims respecting which it was entitled to ratable participation with unsecured
creditors.

(U. S. C. C. A. 1927.) In suit by surety on bonds given to secure deposits
in insolvent banks against State bank commissioner for ratable distribution of secured deposits with unsecured deposits, decree for surety, on
claims which it was adjudged to be entitled to participate in ratably with
unsecured creditors, properly allowed 6 per cent interest on deferred
dividend payments from dates like dividends were paid to unsecured
depositors. (Ib.)
Surety on bonds securing United States deposits in insolvent banks held entitled to
interest at rate banks contracted to pay United States. (31 U. S. C. A. §§ 191,
193.)

(U. S. C. C. A. 1927.) Surety on bonds securing deposits in insolvent banks
adjudged to be entitled to priority under Revised Statutes, sections 3466,
3468 (31 U. S. C. A. §§ 191, 193), by subrogation to claims of United
States on its deposits, held properly allowed interest at rate which banks
contracted to pay United States. (Ib.)



REPORT OF THE COMPTROLLER OF THE CWRRENCY

175

INSURANCE
Insurance—Evidence held to show that incorporated society was not suable on insurance binder as treasurer of unincorporated underwriting syndicates.
(U. S. D. C. 1927.) Evidence held to show that incorporated society,
known as Lloyd's, was not suable on insurance binder as treasurer of
unincorporated underwriting syndicates, under General Associations
Law, New York, (Bobe v. Lloyd's et al., 27 Fed. Rep., 2d series, 340.)
INTEREST AND USURY
Usury—Under New York law, corporation borrovjing money may lawfully agree to
pay 1% per cent per month as commission, in addition to 6 per cent annual
interest.
(U. S. C. C. A. 1927.) There is nothing to prevent corporation borrowing
money from making agreement to pay 6 per cent annual interest on loan
and additional sum of 1J^ per cent per month as so-called commission,
since New York statute provides that no corporation shall interpose
defense of usury. (In re International Raw Material Corporation.
Appeal of Wormser & Co., 22 Fed. Rep., 2d series, 920.)
Usury—Under New York law neither corporation, those succeeding to its rights
nor sureties may object to agreement for borrowing money because of usury.
(U. S. C. C. A. 1927.) Neither corporation, nor those who may succeed to
its rights, nor its sureties may be heard to object to bargain for borrowing
of money because of usury, since New York statute provides that no
corporation shall interpose such defense, and such statute in effect repeals
usury clause, so far as corporation's contracts are concerned. (Ib.)
Bankruptcy—Corporate contracts to pay excessive interest should not be disturbed,
in absence of fraud or duress, by bankruptcy court having custody of collateral
security.
(U. S. C. C. A. 1927.) Corporate contracts to pay more than statutory
rate of interest should be left to agreement of parties, and not disturbed,
in absence of fraud or duress, by court of bankruptcy having custody of
fund which is collateral security for performance of agreement. (Ib.)
Borrower's agreement to pay legal expenses incurred by bank in enforcing lien against
collateral security held legal.
(U. S. C. C. A. 1927.) Agreement by borrower to pay legal expenses
incurred by bank in enforcing lien against collateral security or in obtaining advice as to its enforcement held not illegal. (Ib.)
Evidence—Where agreement for loan provided for u additional commissions,17
parol evidence held admissible to prove rate of such commissions.
(U. S. C. C. A. 1927.) Where contract for loan of money made provision
for interest, and for additional compensation as " additional commissions,'' parol evidence held admissible to prove rate of such commissions, notwithstanding provision that parties had embodied all their
understandings in writing. (Ib.)
Bankruptcy—Where creditor was without knowledge of insolvency, agreement that
collateral should be security for amount advanced, with interest, held not forbidden.
(U. S. C. C. A. 1927.) Agreement, in contract for loan, that collateral
should be security for amount advanced, with interest, as well as for
payment of commissions and necessary expenses of attorneys, held not
forbidden by bankruptcy act, section 67d (11 U. S. C. A., sec. 107),
where claimants had no knowledge of borrower's insolvency when they
made advances. (Ib.)




176

EEPORT OF THE COMPTROLLER OF THE CURRENCY
JURISDICTION
CROSS REFERENCES

Insolvency and receivers:
Jurisdiction in suits by or against receivers
159
When action removable to Federal court
161
Courts—Conformity to practice of State courts is subject to jurisdictional limitations
imposed by Federal Constitution and laws and to statutes regulating procedure.
(28 U. S. C. A., sec. 724-)
(U. S. D. C. 1928.) Conformity of Federal district courts to practice in
State courts, prescribed by Revised Statutes section 914 (28 U. S. C. A.,
sec. 724), is subject to jurisdictional limitations imposed by Constitution
and laws of the United States and to statutes regulating procedure in
district courts. (Lowry&Co. (Inc.) v. National City Bank of New York,
28 Fed. Rep., 2d series, 895.)
Parties—Statute permitting third parties to be brought into litigation should be
liberally interpreted. {Civil practice act N. Y., sec. 193, subds. 2, 4-)
(U. S. D. C. 1928.) Civil practice act N. Y., section 193, subdivisions 2, 4,
permitting third parties to be brought in by supplemental summons in
order to fully determine rights of parties before the court, is remedial in its
purpose and should be liberally applied and interpreted. (Ib.)
Courts.—New York hank, sued on letter of credit by Delavmre corporation, held
entitled to join Louisiana and Delaware corporation as guarantors, since joinder
did not defeat jurisdiction of Federal court. (Civil practice act N. Y., sec. 193,
subds. 2, 4>)
(U. S. D. C. 1928.) In action by Delaware corporation against bank located
in New York for bank's failure to pay certain drafts drawn under letter of
credit, in which bank sought to join two other corporations, one of which.
was a Delaware corporation and the other a Louisiana corporation, as
guarantors, under civil practice act N. Y., section 193, subdivisions 2, 4,
joinder of additional defendants held permissible, as not depriving court
of jurisdiction by withdrawing diversity of citizenship, since the guarantors
were not necessary parties to the original litigation, and diversity of citizenship existed as to the separate controversy. (Ib.)
Courts.—Jurisdiction of Federal court arising from diversity of citizenship is not
defeated by joining formal or unnecessary parties.
(U. S. D. C 1928.) District courts of United States have original jurisdiction, if all parties on one side are of citizenship adverse to those on the
other, and jurisdiction can not be defeated by joining formal or unnecessary parties. (Ib.)
LIQUIDATION
Removal ofi( causes—National71 bank, in course of voluntary liquidation, retained
status as citizens of State, with power to sue, as regards removal for diversity of
citizenship. (Jud. Code, § 24 (16); 28 U. S. C. A., § 41 (16).)
(U. S. C. C. A. 1928.) National bank assigning notes, which at time of
suit thereon was in course of voluntary liquidation, retained'status as
resident and citizen of State with power to sue and be sued, within meaning
of Judicial Code, section 24 (16) (28 U. S. C. A., § 41 (16)),' permitting
removal of causes for diversity of citizenship. (Steward v. Atlantic
National Bank of Boston, 27 Fed. Rep., 2d series, 224.)
NEGOTIABLE PAPER
CROSS REFERENCES

Checks
___
135
Collections
'__
140
Exchange—Foreign and domestic—Letter of credit
144
Bills and notes—Place where notes are dated is only prima facie evidence that notes
were executed there, and such evidence may be overcome by parol proof.
(U. S. C. C. A. 1928.) Place at which notes are dated, while affording prima
facie evidence that notes were executed there, is not conclusive, and such
evidence may be overcome by parol proof that notes were actually executed
elsewhere. (Steward v. Atlantic National Bank of Boston, 27 Fed. Rep.,
2d series, 224.)




REPORT OF THE COMPTROLLER OF THE CURRENCY

177

Limitation of actions—Notes executed and delivered to Arizona agent of Massachusetts bank, accepting bale receipts for cotton given as collateral, and giving
immediate cash or credit through drafts paid in Massachusetts, were executed in
Arizona as regards limitation. (Laws Ariz. 1917, c. 76, § 2, amending Civ.
Code 1913, par. 714; Civ. Code 1913, par. 713 (3).)
(U. S. C. C. A. 1928.) Where Massachusetts bank, through its agent in
Arizona, offered to loan money on cotton, and maker of note indorsed and
delivered bale receipts and executed notes in Arizona, drawing drafts on
Massachusetts bank, which notes and drafts were approved by the agent,
maker receiving immediate cash or credit, notes were executed in Arizona,
and not in Massachusetts, though drafts were paid in Boston and the notes
were dated there, and therefore Laws of Arizona, 1917, chapter 76, section
2, amending Civil Code, 1913, paragraph 714, providing six-year limitation
period for contracts in writing executed within Arizona, was applicable,
and not paragraph 713 (3), Civil Code, 1913, limiting suits on foreign
contracts to four years. (Ib.)
Bills and notes—Place of payment named in note, or place where money is advanced,
does not necessarily determine place of note's execution.
(U. S. C. C. A. 1928.) Naming of place of payment of note does not determine place of execution, and advance of money to the maker is not an
essential part of the execution of the obligation, in determining where
execution took place. (Ib.)
Limitation of actions—Where notes covering freight on cotton pledged were signed
and delivered to Massachusetts bank's Arizona agent, under agreement that payee
should fill in amount of freight, notes were executed in Arizona, as regards limitation.
(Laws Ariz. 1917, c. 76, '§ 2, amending Civ. Code 1913, par. 714; Civ. Code
1913, par. 713 (3).)
(U. S. C. C. A. 1928.) Where notes given Massachusetts bank for payment
of freight of cotton pledged as collateral security were executed in blank,
under agreement that the payee should fill in the amount of freight which
was to be advanced by the bank in Massachusetts, notes must be treated
as executed at time they were signed and delivered to agents in Arizona,
and were executed there as regards determination of applicable statute of
limitations, under Laws of Arizona, 1917, chapter 76, section 2, amending
Civil Code 1913, paragraph 714, Civil Code 1913, paragraph 713 (3). (Ib.)
National bank may lend money on collateral security in another State. (12 U. S.
C. A., §§ 372, 373.)
(U. S. C. C. A. 1928.) National bank located in one State may lend money
on collateral security in another State without violation of Federal banking
laws. (12 U. S. C. A., §§ 372, 373.) (Ib.)
National bank held authorized to purchase commercial paper and sue thereon as
assignee. (12 U. S. C. A., sec. 24.)
(U. S. C. C. A. 1928.) National bank may purchase commercial paper, and
sue on paper so purchased, under Revised Statutes, section 5136 (12 U. S.
C. A., §24), giving national banks authority to loan money and exercise
incidental power necessary to carry on business of banking, by discounting
and negotiating bills and notes. (Ib.)
National bank organized in another State held not ilforeign corporation," within
requirements that foreign corporation secure permit to do business; "foreign
country." (Const. Ariz., art. 14, §§ 5, 17; Civ. Code 1913, Ariz., pars.
2226-2228, 2230.)
(U. S. C. C. A. 1928.) National bank organized in State of Massachusetts
held not "foreign corporation," required to secure permit to do business in
State of Arizona as condition precedent to maintaining suit there under
Constitution of Arizona (art. 14, sees. 5, 17, Civ. Code 1913, Ariz., pars.
2226-2228, 2230), relating to companies incorporated under the laws of
any other State, Territory, or any foreign country, bank not being foreign
corporation and "foreign country" meaning country exclusively within
sovereignty of foreign nation, and without the sovereignty of the United
States. (Ib.)



178

REPORT OF THE COMPTROLLER OF THE CURRENCY

Constitutional law—In absence of unmistakably clear language of statute, State's
assumption of regulatory power over national agencies will not be found,

(U. S. C. C. A. 1928.) In absence of unmistakably clear language in statute,
it will not be found that State has attempted to exercise regulatory power
over national agencies established in aid of governmental purposes. (Ib.)
Purchaser of note was chargeable with notice of fraud about which maker knew
nothing.

(U. S. C. C. A. 1928.) An experienced banker, purchasing a note with full
knowledge of the transaction by which it was obtained and of the fact
that the person who obtained it was untrustworthy, was chargeable with
notice of fraud about which the maker knew nothing. (Mutual Inv. Co. v.
Shull, 28 Fed. Rep., 2d series, 830.)
Purchaser having actual notice or willfully disregarding facts available impeaching
note's validity, and acting in bad faith, can not recover.

(U. S. C. C. A. 1928.) While purchaser of note for value before maturity
owes maker no duty of making active inquiry into its origin or consideration, if he had actual notice of facts, or willfully disregarded facts available,
that impeached its validity, and acted in bad faith, he can not recover.
(Ib.)
Appeal and, error—Bad faith of purchaser of note on evidence raising issue is question for jury, with whose decision appellate court can not interfere.

(U. S. C. C. A. 1928.) There being evidence making an issue on the question
of bad faith of purchaser of note, the question is one of fact for the jury,
and the court on appeal can not interfere with jury's decision. (Ib.)
Bills and notes—Finding of bad faith in purchase of notes held justified by evidence,

(U. S. C. C. A. 1928.) Finding that in purchase of notes purchaser acted
in bad faith held justified by the evidence. (Ib.)
Bills and notes—Purchaser of notes with knowledge of condition of payment in contract under which they were given can not recover thereon, condition not being
satisfied.

(U. S. C. C. A. 1928.) Purchaser of notes which he got payee to have executed by maker in substitution for originals, which by terms of contract
of sale of land under which they were given, and of which he had knowledge,
were not unconditional promises to pay, but were dependent on consummation of the contract by seller and payee reselling the land at a profit for
the maker, could not recover on them; such condition not having been
satisfied. (Ib.-)
Appeal and error—Sufficiency of agreed facts to support judgment is reviewable,
though neither finding nor declaration of law is requested.

(U. S. C. C. A. 1928.) When case is tried upon agreed stipulation of facts,
sufficiency of facts to support the judgment is open to review on writ of
error, though no finding or declaration of law was requested. (Kirkman
v. Farmers' Sav. Bank of Boyden, Iowa, 28 Fed. Rep., 2d series, 857.)
Frauds, statute of—Oral agreement, whereby bills receivable were transferred and
credit given transferor bank with understanding that transferee bank should return
bills for credit at maturity, held valid.

(U. S. C. C. A. 1928.) Oral agreement, whereby one bank turned over to
another certain bills receivable, for which it was to receive credit for the
face amount of the bills, and under which the transferee bank was to
receive 6 per cent interest while it carried the bills, returning them for
credit of face amount plus interest in case of any objection to the paper
and on maturity, held valid, since transferor bank received direct and
substantial benefits. (Ib.)
Transferee bank's return of notes transferred under agreement, entitling transferee to
credit on returning them on maturity, created debt in transferee's favor.

(U. S. C. C. A. 1928.) Under agreement, whereby bills receivable were
transferred from one bank to another and credit given transferor with
understanding that the bills should be returned on maturity and that
original transferee bank " would then be entitled to credit for the amount
of the same plus 6 per cent interest," transferee's bank return of notes
transferred to it pursuant to the agreement created debtor and creditor relation in its favor to the face amount of the paper plus 6 per cent

interest. (Ib.)


REPORT OF THE COMPTROLLER OF THE CURRENCY

179

Novation—Original creditor must release original debtor to constitute "novation."

(U. S. C. C. A. 1928.) One of the indispensable requisites of a "novation"
is that the original creditor shall release the original debtor. (Ib.)
Novation—Acceptance by transferor bank of renewal note payable to transferee of
original note did not alone discharge transferor from liability to transferee on
original note.

(U. S. C. C. A. 1928.) Where payee bank transferred note and on its
retransfer on maturity became liable for face value thereof to transferee
bank, its liability was not discharged by its acceptance of new note payable
to transferee bank, where it was not shown that the transferee bank
intended to discharge its transferor. (Ib.)
Novation—Transferor bank accepting renewal note had burden to prove novation,
releasing it from liability to transferee of original note.

(U. S. C C. A. 1928.) Transferor bank, which on retransfer to it of note
at maturity became liable for amount thereof to its transferee, had burden
to prove that its acceptance of renewal note constituted novation, relieving it from liability to its transferee on the original note. (Ib.)
Novation—Liability of transferor bank on note returned from transferee bank under
agreement for carrying notes held not discharged by taking renewal note transferred
under same agreement.

(U. S. G. C. A. 1928.) Where bank, under agreement for transfer of its bills
receivable and for their return at maturity, procured renewal note which
it sent to transferee bank after return of original note at maturity, under
which transferor bank became liable to transferee for face of the old note,
the obligation of the transferor bank on the old note was not discharged,
since the renewal note was transferred under the same agreement and
transferee's acceptance thereof did not indicate intent to release the
transferor. (Ib.)
Court properly found under evidence that renewal note procured by transferor bank
was governed by oral agreement for transfer of notes under which transferee received
credit on returning them at maturity.

(U. S. C C. A. 1928.) W n e r e bank transferred note under agreement for
its return at maturity, giving transferee credit, and after the return of the
original note took a renewal note payable to the transferee bank which
was also transferred, and where transferee bank returned the renewal note,
demanding credit for face amount with 6 per cent interest under the
agreement, and not for 7 per cent, which the note bore, and transferor
bank kept renewal note without denying liability, court properly found
that the renewal note was governed by the provisions of the oral agreement between the banks under which the transferor bank was to pay the
amount of notes and interest on their return at maturity. (Ib.)

Transferee bank, entitled to credit on returning notes to transferor, could set off debt
against collection items.

(U. S. C. C. A. 1928.) Where bank to which notes were transferred became
entitled on their return to credit from transferor bank, transferee was
entitled to make set-off of the amount against collection items due transferor. (Ib.)
Appeal and error—Defenses argued for first time on appeal will not be considered.

(U. S. C. C. A. 1928.) Defenses, not presented to the trial court, but argued
for the first'time on appeal, are too late, and will not be considered by
the circuit court of appeals. (Toll v. Monitor Binding & Printing Co.,
26 Fed. Rep., 2d series, 51.)
Appeal and error—Objections to instructions urged first on appeal will not be considered.

(U. S. C. C. A. 1928.) Objections to instructions of trial court urged for
the first time on appeal will not be considered. (Ib.)
Evidence—Evidence of experts based on comparison of handwriting, though not very
reliable, is admissible for what it is 'worth.

(U. S. C. C. A. 1928.) In action on note against accommodation indorser,
one of defenses being that defendant's name was forged, evidence of
experts based on comparison of handwriting, though unsatisfactory and not
very
 reliable, was properly admitted for what it was worth. (Ib.)


180

KEPORT OF THE COMPTROLLER OF THE CURRENCY

Bills and notes—Whether accommodation indorsees name was forged held question
for jury under the evidence.

(U. S. C. C. A. 1928.) In action on note against accommodation indorser,
one of defenses being that defendant's name was forged, evidence held
sufficient to go to jury on question of forgery. (Ib.)
Bills and notes—Notary public, who was also assistant teller of holder bank, held
authorized to demand payment of note. (Gen. St. Kan. 1915, sec. 673-3.)

(U. S. C. C. A. 1928.) Notary public, who was also assistant teller of bank
which was holder of note, held authorized, under General Statutes, Kansas,
1915, section 6733, to demand payment of note. (Ib.)
Bills and notes—Facts held to show sufficient exhibition of note to maker on demand-

ing payment (Kansas Negotiable Instruments Law (Gen. St. 1915,. sec.
6601).)
(U. S. C. C. A. 1928.) Where notary public and assistant teller of bank
holding note called at office of maker to demand payment, and took
matter up with party in charge of office, and stated to such party that
he "had note here," there was a sufficient exhibition of note in compliance
with Kansas Negotiable Instruments Law (Gen. St. 19155 sec. 6601). (Ib.)

Bills and notes—NotaryTs official seal attached to certificate of protest of note is
sufficient prima facie proof of its authenticity.

(XL S. C. C. A. 1928.) In the absence of impeachment thereof, the official
seal of a notary public attached to the certificate of protest of promissory
note for nonpayment is sufficient prima facie proof of its authenticity.
db.)
Bills and notes—Under general law, indorsement is necessary to maintain negotiability and to transfer free from equities.

(U. S. C. C. A. 1928.) Under the general law of negotiable instruments,
indorsement is necessary to maintain negotiability and to transfer free
from equities-, although under Kansas Negotiable Instruments Law (Gen.
St, 1915, sec. 6553), a holder might possibly be one for value where there
had been nothing more than the delivery of the note. (Ib.)
Bills and notes—Indorsement is presumed to have been made before maturity, when
note is in hands of third party.

(U. S. C. C. A. 1928.) When a negotiable promissory note is in the hands
of a third party, the presumption will apply that indorsement was made
before maturity. (Ib.)
Bills and notes—Evidence held to show that bank from whom plaintiff indorsee took
note back on suing accommodation indorser was bona fide holder for value.

(U. S. C. C. A. 1928.) In action on note by indorsee, which had taken it
back from bank against accommodation indorser, evidence held to show
that bank acquired note in due course before maturity for value, and was
a bona fide holder, unaffected by any infirmity in it entitling bank, even
after note was overdue and dishonored, to transfer as good a title as it
held. (Ib.)
Bills and notes—One taking negotiable note from bona fide holder occupies same
position as transferor, notwithstanding actual notice of defenses.

(U. S. C. C. A, 1928.) Though generally indorsement of negotiable paper
after maturity transfers legal title subject to all defenses of which overdue
character of paper gives notice, an exception thereto exists where holder
takes from the bona fide holder, in which case he occupies same position
as his transferor, notwithstanding subsequent holder has actual notice of
defenses, was a purchaser after maturity, or is not a purchaser for value.
(Ib.)
Bills and notes—One taking note from bona fide holder for value before maturity
may recover of accommodation indorser, though knowing of accommodation indorsement.

(XL S. C. C A. 1928.) Where bank was bona fide holder of note before
maturity for value, party taking note from bank after maturity could
recover against accommodation indorser, even though it had known of
accommodation indorsement. (Ib.)



REPORT OF THE COMPTROLLER OF THE CURRENCY

181

Bills and notes—Payee of note participating in infirmity can not escape result by
purchase back from bona fide holder.
(U. S. C. C. A. 1928.) A payee of a note, who participates in any infirmity
thereof, can not escape result of such infirmity by indorsing note to a
bona fide holder from whom he may subsequently purchase it back. (Ib,)
Bills and notes—Taking back of note by indorsee after maturity did not make note
subject to same defense that accommodation maker could assert against original
payee.
(U. S. C. C. A. 1928.) That indorsee suing accommodation indorser took
note back from bona fide holder for value, after maturity, whether merely
to take up an obligation or taking an assignment of holder's right to sue,
did not make note subject to same defense of want of consideration that
accommodation indorser coulci assert if suit had been brought by original
payee. (Ib.)
Courts—Statutes of State where contract is made must be considered in construing
contract.
(U. S. C. C. A. 1928.) Though decisions of United States courts are not
controlled by decisions of State courts on a question of general commercial
paper, the statutes of the State where the contract in question was made
must be recognized and considered in construing the same. (Ib.)
Bills and notes—Indorsee taking note back from bona fide holder for value could
recover of accommodation indorser, though knowing of accommodation indorsement at time of taking note. {Gen. St. Kan. 1915, §§ 6553, 6556, 6585.)
(U. S. C. C. A. 1928.) Where indorsee took back note from bank which
had acquired note in due course before maturity for value, and was a
bona fide holder, value having been given on each transfer of note both
before and after maturity, held that, under General Statutes, Kansas,
1915, sections 6553, 6556, 6585, indorsee had all rights of bank in respect
to all parties who had become such prior to such time, and, in suit by
indorsee against accommodation maker, it was immaterial that indorsee
at time of taking instrument knew of such accommodation indorsement.

db.)
Bills and notes—Defense of want of consideration held not available to accommodation indorser sued by indorsee taking note back from holder after maturity.
(U. S. C. C. A. 1928.) Even though action of indorsee of note in taking it
back from holder after maturity opened door to equitable defenses in
note, want of consideration between accommodation indorser and the
original payee was not such a defense, since there was no consideration or it
would not have been an accommodation indorsement. (Ib.)
Bills and notes—Evidence held not to sustain claim that indorsee knew when it
took back note after maturity thai accommodation indorser claimed it to be forgery.
(U. S. C. C. A. 1928.) In action on note by indorsee taking it back from
holder after maturity against accommodation indorser, evidence held
not to sustain claim that indorsee knew when it took back note that accommodation indorser claimed it to be a forgery. (Ib.)
Bills and notes—Evidence that accommodation indorser sued on note had agreed
with his employees not to sign note as indorser was not competent or material.
(U. S. C. C. A. 1928.) In action on note against accommodation indorser,
evidence that defendant had agreed with his employees not to sign notes
was properly excluded as incompetent and immaterial. (Ib.)
Commerce—Interstate contract of sale can not be rendered invalid by state statute.
{Rev. Si. Tex. 1925, arts. 7426, 7437.)
(U. S. C. C. A. 1928.) A transaction by which a manufacturer in Illinois
sold and shipped to a purchaser in Texas articles to be given away as
premiums on sale of other merchandise is interstate, and is not affected
by Revised Statutes, Texas, 1925, articles 7426, 7437, making such transactions invalid. (Hughes Bros. Mfg. Co. v. Cicero Trust & Savings
Bank, 24 Fed. Rep., 2d series, 199.)
Bills and notes—Note in hands of innocent holder for value is not invalid, because
given in settlement of an illegal transaction.
(U. S. C. C. A. 1928.) In the absence of a statute making it so, a note in
the hands of an innocent holder for value is not invalid, because given in
settlement of a transaction illegal under the laws of a State. (Ib.)



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REPORT OF THE COMPTROLLER OF THE CURRENCY

Bills and notes—Capital furnished partner by copartner held sufficient consideration
for note for less than half of past and future losses.
(U. S. D. C. 1928.) Capital furnished partner by copartner to continue
business held sufficient consideration to support note, executed by former
partner and his father, for half of past and future losses, which exceeded
amount of note. (In re Lazarus, 24 Fed. Rep., 2d series, 824.)
Insurance—Insurer, paying note under mortgage clause of policy, held not subrogated to right of action against accommodation indorser.
(U. S. C. C. A. 1928.) Defendant indorsed a note before delivery without
consideration, on an agreement with the maker and payee that it should
be secured by a mortgage on certain property, which should also be insured
with loss payable to mortgagee as interest might appear. Held, that such
insurance was for the benefit of defendant as well as the payee, and that
the insurance company, on a loss and on payment of the note under a
mortgage clause, could not be subrogated to any right of action against
defendant thereon. (Wright v. North River Ins. Co. et al., 23 Fed. Rep.,
2d series, 548.)
Bills and notes—Accommodation indorser is discharged when payee receives payment. {Hemingway's Code Miss. 1917, §§ 2607, 261+2, 2770.)
(U. S. C. C. A. 1928.) Under Hemingway's Code, Mississippi, 1917, sections 2607, 2642, 2770, liability of an accommodation indorser is secondary, and is discharged whenever payee receives payment, from whatever source. (Ib.)
Insurance—Statute held not to give insurer, paying note under mortgage clause of
policy, right of action against accommodation indorser. {Hemingway's Code
Miss. 1917, § 5060.)
(U. S. C. C. A. 1928.) Hemingway's Code, Mississippi, 1917, section 5060,
prescribes the terms of the mortgage clause of insurance policies which are
read into every policy, whatever its actual terms, and provides that the
policy shall be binding between insurer and mortgagee, though it may be
avoided as to mortgagor, and that when so avoided, and insurer pays the
mortgage debt, it shall be entitled to a transfer of the mortgage and any
other security held by mortgagee. Held that, under such statute, the
mortgagee can not transfer any right he does not himself have, and that
where the mortgage and insurance were taken for protection of an accommodation indorser, as well as the payee of a note, insurer can not be subrogated to any right of action against the indorser. (Ib.)
Bills and notes—Drawer is not released from liability on draft by delay in its presentation, not prejudicing him.
(U. S. C. C. A. 1927.) Drawer of draft is not released from liability thereon
by delay in its presentation, where he was not prejudiced thereby. (Dow
v. Cowan, 23 Fed. Rep., 2d series, 646.)
Payment—Delivery of check or bill of exchange is only conditional payment.
(U. S. C. C. A. 1928.) Delivery of check or bill of exchange as means of
paying a debt is not absolute, but conditional, payment only. (Ib.)
Payment—Where check and draft delivered as payment of note were not paid, recovery may be had on original debt.
(U. S. C. C. A. 1928.) Receiver of a bank, on allegation that defendant
delivered to him a draft and cashier's check on another bank as payment
of a note, which were not paid because of failure of bank on which drawn 3
held entitled to recover on original debt, though the note had been surrendered. (Ib.)
Bills and notes—Issue of liability of bank president as principal on notes signed
by him as agent for sheep company held for jury.
(U. S. C. C. A. 1927.) In action on notes signed, " Aztec Sheep Company,
by T. M. Q.," in which person so signing as agent was made defendant,
evidence that the defendant himself was conducting sheep business under
trade-name held to make issue for jury of defendant's liability as principal,
notwithstanding claim that bank, of which defendant was president,
conducted sheep business. (Quebedeaux et al. v. Hammons superintendent of Banks of Arizona, 22 Fed. Rep., 2d series, 530.)



REPORT OF THE COMPTROLLER OF THE CURRENCY

183

Trial—Peremptory instruction for defendant must be refused, if there is any substantial evidence sustaining allegations of complaint.
(U. S. C. C. A. 1927.) If there is any substantial evidence to sustain allegations of complaint, peremptory instruction to find for defendant must be
refused. (Ib.)
Bills and notes—Where defendant, signing as agent notes secured by mortgage on
sheep, denied owning sheep at any time, evidence showing subsequent oivnership
held admissible.
(XL S. C. C. A. 1927.) In action against defendant, signing notes as agent
for sheep company, testimony of witnesses as to conversation showing
defendant's ownership of sheep subsequent to time of notes and mortgage
thereon was admissible, where defendant specifically denied that sheep
were at any time his property. (Ib.)
Evidence—Admission of defendant, signing notes sued on as agent for sheep company, that he had taken over mortgaged sheep to relieve bank, held admissible to
show time of ownership.
(U. S. C. C. A. 1927.) In action against president of defunct bank, signing
notes as agent for sheep company, admission that sheep mortgaged to
secure notes had been property of bank, but that defendant had to take
them over to relieve bank, held admissible to show time of defendant's
ownership of sheep, where bank ceased to do business during year when
notes were executed. (Ib.)
Bills and notes—Affidavit of defense to action on note, failing to specifically state
grounds of defense, held insufficient (municipal court rule 16).
(C. A. Dist. of Col. 1928.) Affidavit of defense in action on note, failing to
state in precise and distinct terms grounds of defense relative to issue of
plaintiff's right to recover as a purchaser for value before maturity, and
only stating expectation to prove that certain alleged grounds of defense
exist, held insufficient under municipal court rule 16, since statement that
a party expects to prove a certain fact is not equivalent to declaration that
such fact exists. (Farnsworth et al. v. Central Savings Bank, 24 Fed.
Rep., 2d series, 896.)
Bills and notes—Transaction in which bank u sells, transfers, assigns, and conveys"
notes to plaintiff for disposal and application of proceeds to stipulated obligations,
and on further guaranty by plaintiff of creditors and depositors, held sale for value.
(Code, H1329, 1333.)
(C. A. Dist. of Col. 1928.) Contract between banks, whereby one " sells,
transfers, assigns, and conveys" notes to the other, which agreed to collect
them and apply proceeds to payment of stipulated obligations, and to guaranty payment of creditors and depositors, held to show actual sale for value,
within Code, section 1329, and not transaction in which grantee received
notes solely in capacity of liquidating agent for grantor, notwithstanding
that maker was accommodation party, within section 1333. (Commercial
Natl. Bank of Washington v. McCandlish, 23 Fed. Rep., 2d series, 986.)
Bills and ?wtes—Notes payable to bearer are negotiable by delivery. (Code, §§ 1313
1334.)
(C. A. Dist. of Col. 1928.) Notes payable to bearer, within Code section 1313,
may be negotiated by delivery under section 1334. (Ib.)
Contracts—Assumption of liability al promisor's request is valuable consideration.
(C. A. Dist. of Col. 1928.) Assumption of liability at request of promisor is
valuable consideration, as, for example, guranty of promisor's debt. (Ib.)
Bills and notes—Notary, who is stockholder and president of bank, may protest its
paper. (Code, §§ 658, 1058.)
(C. A. Dist. of Col. 1928.) Protest of notes by bank held not invalid,
because notary at time was stockholder of bank and its president, under
Code, sections 558, 1058. (Roberts v. International Bank, 25 Fed. Rep. r
2d series, 214.)
Bills and notes—Liability of indorser on note held not reduced or modified by provisions of trust deed securing it.
(C. A. Dist. of Col. 1928.) Liability of indorser on note held not reduced
or modified by provisions of deed of trust securing it. (Ib.)
20669°—H. Doc. 361, 70-2
M3



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REPORT OF THE COMPTROLLER OF THE CURRENCY

Bills and notes—Holder of note, as respects indorser, need not look to mortgaged
property.
(C. A. Dist. of Col. 1928.) Holder of note, as respects indorser was not
bound to look to mortgaged property, and had no duty to save property
from sacrifice sale under any prior deed of trust. (Ib.)
Bills and notes—Indorsee's failure to notify indorser of nonpayment of installments
on note discharges indorser from liability only as to such payments. (Code,
§ 1393.)
(C.A. Dist. of Col. 1928.) Failure of indorsee of note to give notice to
indorser of nonpayment of installments results in discharging indorser from
liability for such payments, but has no other effect, under Code, section
1393. (Ib.)
Bills and notes—Promissory note at suit of original payee is subject to defenses
available against enforcement of written contracts. (Code, § 1332.)
(C. A. Dist. of Col., 1928.) No particular sanctity attaches to a promissory note, and it is subject at suit of original payee to any of defenses available against enforcement of written contracts in accordance with provisions
of Code, section 1332. (McReynolds v. National Woodworking Co.,
26 Fed. Rep., 2d series, 975.)
NOTARY PUBLIC
CROSS REFERENCES

Negotiable paper:
A notary public who is also assistant teller of holder bank may demand payment and protest note

Page
183

OFFICERS
Page
BONDS OF OFFICERS
POWERS OF AND REPRESENTATION OF BANK BY OFFICERS
CROSS REFERENCES

Collateral securities:
Bank held not bound by receipts signed by an officer falsely showing
bank received stock to be held as collateral for personal loan to
officer

184
185

144

BONDS OF OFFICERS

Insurance—Where bank official agreed bank would take back paper he personally
sold before his renewal bond was made in one case, and before original bond in
another case, bondsman was liable on bonds in force, when loss occurred where
bank took up paper,
(U. S. C. C. A. 1928.) Where bank official personally sold paper to other
banks, but agreed that bank would take back paper sold when requested,
and after loss occurred bank took back paper, bondsman was liable on
official's bond, though his original agreement to take back paper sold Was
made before renewal bond, in force when loss occurred, was made in
one case, and in another case before original bond. (Globe Indemnity
Co. v. Union & Planters' Bank & Trust Co., 27 Fed. Rep., 2d series, 496.)
Frauds, statute of—Agreement by bank official on behalf of bank to take up paper
sold was not void under statute of frauds, as against innocent purchaser banks.
(U. S. C. C. A. 1928.) Agreement by bank official, on whose bond defendant was surety, on behalf of plaintiff bank to take up paper wrongfully sold to other banks was not void under statute of frauds as against
innocent purchaser banks. (Ib.)
Insurance—Bank official's indemnity bond held to include loss by bank's taking up
notes without previous adjudication of liability on notes personally sold by official.
(U. S. C. C. A. 1928.) Bank official's indemnity bond held to cover amount
of notes taken up by bank in accordance with agreement by bank official,
without previous adjudication of bank's liability on notes personally sold
by bank official under agreement to take back notes when requested. (Ib.)




REPORT OF THE COMPTROLLER OF THE CURRENCY

185

Knowledge by certain employees of vice president's fraudulent acts was not knowledge
of bank suing on vice president's bond.
(U. S. C. C. A. 1928.) Knowledge by certain of bank's employees of fraudulent acts of vice president, and that vice president was in habit of having
tickets in tellers' cages, and that this practice had been going on for
several years, did not make acts open, and did not amount to notice to,
or knowledge of, plaintiff bank, suing on vice president's bond. (Ib.)
Insurance—Bondsman had burden of proving bank suing on bond, knew of dishonest practices of official.
(U. S. C. C. A. 1928.) In action on bond of vice president of bank, bondsman had burden of proving that bank had knowledge or reason to believe
that vice president was engaged in dishonest practices. (Ib.)
Insurance—Evidence held not to show bank, suing on official's bond, knew official
was engaged in hazardous speculations, in contravention of statement in application
for bonds.
(U. S. C. C. A. 1928.) In action on bond of vice president of bank, evidence
held not to show that bank officials and directors had knowledge or reason
to believe that official was engaged in hazardous speculations, in contravention of statement in application for defendant's bonds that nothing
was known concerning habits of plaintiff's employees which would affect
their title to confidence. (Ib.)
Pleading—Refusing amendment to plea tendered on opening of trial was within
court's reasonable discretion.
(U. S. C. C. A. 1928.) Refusing an amendment to plea tendered on morning of opening of trial was within reasonable discretion of court. (Ib.)
Pleading—In bank's action on official's bond, striking out plea alleging culpable
negligence of bank's officers held not error under evidence.
(U. S. C. C. A. 1928.) In action on bond of bank official, court's striking out
plea alleging culpable negligence amounting to bad faith on part of bank's
officers and directors held not error, where there was no evidence showing
such negligence. (Ib.)
Insurance—Evidence held not to show bank, suing on bond, was* chargeable with
knowledge of fraudulent actions of bank official.
(U. S. C. C. A. 1928.) In action on bond of vice president of bank, evidence
held not to show that bank was chargeable with knowledge of fraudulent
and dishonest actions of vice president. (Ib.)
Insurance—Bank, suing on official7s bond held not entitled to statutory penalty for
refusal to pay loss within 60 days. (Shannon's Code Tenn. Sec. 3369a CfZ).)
(U. S. C. C. A. 1928.) Bank, suing on bond of vice president, held not
entitled to penalty under Laws, Tennessee, 1901, chapter 141 (Shannon's
Code Tenn., sec. 3369a, 141), for failure to pay loss within 60 days after
demand, where evidence showed refusal to pay was in good faith. (Ib.)
POWERS OF AND REPRESENTATION OF BANK BY OFFICERS

National bank held liable for note signed by president as individual, where he dominated bank.
(U. S. C. C. A. 1928.) National bank held bound to pay loans obtained for
it by president on his personal note, where president owned practically all
of stock and dominated bank, notwithstanding that president was defaulter, and falsified books of bank and his account therein, in view^ of
custom of having officers sign notes for bank's loans. (Keyes v. First
Natl. Bank of Aberdeen, S. Dak., 25 Fed. Rep., 2d series, 684.)
Money received—Assumpsit for money had and received is equitable, and lies for
money which defendant ought to refund; "implied."
(U. S. C. C. A. 1928.) Action of assumpsit for money had and received is
equitable in its essential nature and purpose, and lies for money which defendant ought to refund; but underlying promise is only "implied,"
imposed by law from facts, and imposition will not be made, if unjust to
defendant. (Ib.)



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REPORT OF THE COMPTROLLER OF THE CURRENCY

Customs and usages—In assumpsit for money had and received against bank loaning money to national bank on note executed by president, evidence of custom and
usage held admissible to show defendant's good faith.
(U. S. C. C. A. 1928.) In action by national bank's receiver for money had
and received against another bank, which had loaned money to plaintiff's
bank on note executed by its president as individual, testimony showing
custom of making loans to banks under such circumstances, held admissible, as showing good faith of defendant in following settled general
practice. (Ib.)
Banks and banking—Creditor bank held not estopped to assert debtor bank's indebtedness at time of conversion to national organization, notwithstanding creditor's
statement in questionnaire denying indebtedness.
(U. S. C. C. A. 1928.) Creditor of state bank, which stated in questionnaire
sent from office of comptroller at time debtor bank was being converted to
national organization, that such bank was not indebted to it, held not
estopped from claiming that debtor bank was indebted to it at such time.
(Ib.)
Account stated—Monthly accounts stated between correspondent national banks
held not subject to impeachment, except for fraud, accident, or mistake.
(U. S. C. C. A. 1928.) Where correspondent national banks arrived at
account stated covering each month's transactions, and then continued
therefrom through next month to another account stated, such settlements were not thereafter subject to impeachment, except for fraud,
accident, or mistake of fact. (Ib.)
Cashier of national bank has apparent authority to guarantee payment of note
owned and sold by it.
(U. S. D. C. 1928.) The cashier of a national bank has apparent authority
by virtue of his office, to guarantee pay me nt of a note owned and sold by it
(First. Nat. Bank of Chisholm v. First Nat. Bank of Delano etal.,28Fed.
Rep., 2d series, 290.)
Bank, sued on its guaranty of payment of note payable to and indorsed by it, which
it sold, held not in position to deny ownership.
(TJ. S. D. C. 1928.) Defendant bank which sent note payable to and indorsed
by it to plaintiff bank for sale, and received from plaintiff the money
therefrom, there being nothing which would have indicated to plaintiff
that defendant was not the owner, held not in a position, when used on its
guaranty of payment, to deny that it was the owner. (Ib.)
Case of conspiracy to defeat purpose of national banking law held not made out by
mere purchase from national bank of its note, known to have been taken for
excess loan, indorsed without recourse, but guaranteed in letter.
(U. S. D. C. 1928.) Though, when plaintiff bank bought of defendant national bank a note payable to it, with guaranty of payment, it knew that
it was purchasing a note for part of a loan which was in excess of the
amount which defendant was entitled to carry for its customer, the maker,
and though it may have suspected that defendant's cashier, by indorsing
the note without recourse and guaranteeing it in his letter, intended to
conceal the fact that payment was guaranteed, yet there being no evidence
that it did not know such a thing, or of anything more, a case of conspiracy
to defeat the purpose of the national banking law, or purpose of plaintiff
to assist defendant in covering up its financial condition, preventing
recovery on the guaranty is not made out. (Ib.)
OFFICERS, CIVIL LIABILITY OF
Page
DEGREE OF CARE REQUIRED OF DIRECTORS
ACTIONS TO ENFORCE LIABILITY

.

186
189

DEGREE OF CARE REQUIRED OF DIRECTORS

Money deposited in general deposit becomes property of bank, which becomes
depositor's debtor for amount thereof.
(U. S. C. C. A. 1928.) When money is deposited with a bank on general
deposit, it ceases to be funds of depositor, and becomes property of bank,
and the bank thereupon becomes a mere debtor of depositor for amount of
deposit. (Cory Mann George Corporation et al v. Old et al., 23 Fed. Rep.
 series, 803.)
2d


REPORT OF THE COMPTROLLER OF THE CURRENCY

187

Depositors' right to recover for directors' negligence depended on their ability to show
loss was due to bank's losses occurring through directors3 negligence,
(U. S. C. C. A. 1928.) Rights of depositors were not affected by wrongful
charging to their accounts of the personal checks of depositors' local
manager, and wrongful crediting to manager's personal account of checks
which should have been credited to depositors" account, consummated by
collusion between depositors' local manager and bank's cashier and
bookkeeper, but such transactions merely concealed the wrongful diversion
of the funds of the bank, and depositors' right to recover on account of
the negligence of bank's directors in supervising bank depended on depositors ' ability to show that their loss as depositors was due to the losses of
the bank, and that these occurred through directors' negligence. (Ib.)
As respects deposits, bank directors are bank's agents, bound to use care which
ordinarily prudent persons would exercise under similar circumstances.
(U. S. C. C. A. 1928.) As respects deposits, bank directors are not insurers
or technical trustees, but they are agents of the banking corporation,
charged with the supervision of its business, and as such bound to use
that degree of care which ordinarily prudent and diligent men would
exercise under similar circumstances. (Ib.)
Bank directors held not liable for failing to discover fraudulent collusion between
depositors' local manager and bank cashier.
(U. S. C. C. A. 1928.) Where complainant depositors' local manager,
through collusion with cashier and bookkeeper of bank, defrauded complainants by wrongfully charging manager's personal checks to complainants
deposit, and by crediting his personal account with checks payable to
complainants, directors of bank, held not personally liable for the losses,
on ground of negligence in supervision, because they did not call in customers' passbooks and have them checked with bank's books. (Ib.)
Bank directors are not liable for failure to adopt unusual precautions to discover
employee's fraud.
(U. S. C. C. A. 1928.) Bank directors should not be held negligent and
chargeable with damages for failure to adopt exceptional methods to
discover bank employee's fraud, or because they relied on cashier's
supervision over books and accounts, and reposed confidence in his
reports. (Ib.)
Transfer of bank's assets, under contract requiring transferee banks to pay in full
claims of depositors shown by bank's books, held in effect an assignment for
benefit of creditors.
(U. S. C. C. A. 1928.) Where assets of bank sought to be liquidated were
transferred to other banks under a contract requiring transferee banks to
pay in full the claims of depositors are shown by books of bank transaction was in effect an assignment for benefit of creditors. (Ib.)
Assignments for benefit of creditors—Validity of preferences under assignment for
creditors is governed by law of State where parties reside and subject matter is
located.
(U. S. C. C. A. 1928.) Where the parties to an assignment for benefit of
creditors reside, and the property"which is the subject mutter thereof is
located within the State where the assignment is made, the validity of
preferences thereunder is governed by the law of that State. (Ib.)
Corporations—In Virginia, prior to 1924, it was permissible for insolvent corporation
to prefer a creditor. (Code Va. 1924,, %%88109 5278b~5278d.)
(U. S. C. C. A. 1928.) Under the law of Virginia prior to the enactment
of Code, Virginia, 1924, sections 5278b-5278d, it was permissible to prefer
creditors, even where the preference was given by an insolvent corporation, and this rule was not affected by section 3810, preventing extinguishment of corporation debts by dissolution. (Ib.)
Directors of liquidating bank held not liable for unintended preference to depositors
paid in full over depositors claiming loss through fraudulent collusion of bank
employees and depositors' employee.
(U. S. C. C. A. 1928.) Where assets of apparently solvent bank were
transferred to other banks for purposes of liquidation, under contract
requiring latter to pay in full the claims of depositors as shown by books




188

REPORT OF THE COMPTROLLER OF THE CURRENCY

of liquidating bank, without any knowledge on part of liquidating bank's
officers and directors of fraud which had been perpetrated on complaining
depositors by collusion of bank's cashier and bookkeeper without complainants' local manager, which made bank insolvent, and without intending any preference, held that directors were not liable in damages for the
unintended preference resulting; complainants' remedy being to file a
bill to surcharge and falsify their accounts as they appeared on books of
bank, and to subject assets in hands of transferee banks to payment of
their accounts as so corrected ratably with other depositors. (Ib.)
Depositors not asserting claims for loss from fraud of their local manager and bank
employees until 2}/2 months after completion of bank's liquidation held estopped
to question validity of liquidation.
(U..S. C. C. A. 1928.) Where assets of bank were transferred to other banks
for liquidation under contract requiring latter to pay in full claims of
depositors as disclosed by books of liquidating bank, depositors, sustaining
loss through fraud of their local manager, acting in collusion with bank's
cashier and bookkeeper, who stood silently by for 5 months with knowledge of the facts, and allowed contract to be carried out and assets to be
distributed, held estopped from questioning the validity of the contract
or the propriety of the distribution thereunder 2J^ months after such
distribution, in application of rule that one silent when bound to speak
will not be permitted to speak when it is his duty to be silent. (Ib.)
Bank president's liability to depositors depends on whether he would be liable for
loss of bank or its creditors.
(U. S. C. C. A. 1928.) Bank president's liability to depositors for knowingly
permitting personal checks of corporate depositors' local manager to be
charged to corporate depositors' account depends on whether president
was guilty of such negligence as would subject him to liability for the loss
sustained by the bank or its creditors. (Ib.)
Bank should not charge agent's personal checks to principal's account without principal's authorization.
(U. S. C. C. A. 1928.) A bank has no right to charge one man's check to
the account of another without the permission of the other, and should
not charge personal checks of an agent to the account of his principal
without authorization of the principal. (Ib.)
That bank employees handled checks of corporate depositors' local manager held to
put bank on notice that he was not corporate depositor, as he represented.
(U. S. C. C. A. 1928.) That bank employees handled checks of foreign
corporation's local manager, which were sent to foreign corporation's
office in another State, was sufficient to charge bank, as a corporation,
with notice that local manager was not the corporate depositor, as he
informed bank's president that he was. (Ib.)
Notice to banking corporation's employees was notice to corporation, but not to its
officers and directors.
(U. S. C. C. A. 1928.) Notice to the employees of a banking corporation
was notice to the corporation, but not to its officers and directors. (Ib.)
Depositor can deposit funds in a trade name and authorize individual checks to be
charged against such deposit.
(U. S. C. C. A. 1928.) A depositor can deposit funds in a trade name as
well as in his individual name, and can authorize his individual checks to
be charged against the funds deposited in the trade name, for it is a matter
of contract between the bank and depositor as to how checks shall be
signed and against what account they shall be charged. (Ib.)
Bank president held not liable for permitting personal checks of depositor's local
manager, clothed with apparent ownership of business, to be charged to depositor's
account.
(U. S. C. C. A. 1928.) Where corporate depositor's local manager, clothed
with apparent ownership of the business, informed president of bank, on
inquiry by president, that he was the company, and directed that his personal checks should be charged to corporation's deposit account, bank
president held not chargeable with negligence, so as to make him liable
for loss resulting from carrying out the direction, in absence of any knowl-




REPORT OF THE COMPTROLLER OF THE CURRENCY

189

edge putting him on inquiry, notwithstanding bank cashier and bookkeeper had knowledge of facts and acted in collusion with local manager
in perpetrating the fraud. (Ib.)
Corporate depositor held estopped to assert bank president's negligence as ground for
president's liability for loss through its local manager's fraud.
(U. S. C. C. A. 1928.) Where bank sent statements to local office of depositor, a foreign corporation, showing that personal checks of depositor's
local manager were charged to corporate depositors' account, and this
practice continued for many years, held that depositor was estopped by
its own negligence from seeking to recover for loss sustained from bank's
president, on ground of his negligence in permitting checks to be so
charged, since by failing to check its manager's accounts properly it
enabled him to mingle its account with his own and. to consummate fraud,
in application of maxim that, where one of two innocent persons must
suffer, he who has enabled the third person to occasion the loss must
sustain it. (Ib.)
Appeal and error—Finding of special master, approved by district eourt, will not
be disturbed on appeal, u?iless clearly wrong.
(U. S. C. C. A. 1928.) Findings of fact of special master, approved by district
court, will not be disturbed on appeal, unless such finding is clearly
wrong. (Ib.)
ACTIONS TO ENFORCE LIABILITY

Suit by receiver against directors of national bank for making illegal loans may be
maintained in equity, where there are a number of defendants.
(U. S. C. C. A. 1927.) Suit in equity may be maintained by receiver of
national bank against directors, under Revised Statutes, section 5239
(12 U. S. C. A., sec. 93), to enforce their personal liability for knowingly
making excessive loans, where there are a number of defendants. (Adams
et al. v. Clarke, 22 Fed. Rep., 2d series, 957.)
Trial—Objection to trial in equity is waived by failure to move for transfer until case
is called for hearing.
(U. S. C. C. A. 1927.) Objection to trial of cause in equity is waived by
failure to move for transfer until case is called for hearing. (Ib.)
Limitation of actions—Limitation does not begin to run against suit to charge
directors of national bank with liability for making excessive loans while they are
in control.
(U. S. C. C. A. 1927.) Limitation does not begin to run against suit to
charge directors of national bank with personal liability for making
excessive loans, so long as defendants remain in control. (Ib.)
Directors of national bank, making excessive loans, can not require receiver to apply
collections made to excess.
(U. S. C. C. A. 1927.) Where a national bank makes an excessive loan, the
participating and assenting directors at once become personally liable to
the bank for the entire amount, and can not require a receiver to apply
collections made thereon in reduction of the excess, and their exoneration
if the amount is reduced within the legal limit. (Ib.)
Courts—State statutes of limitation apply in suits to recover against directors of
national banks, in absence of limitation by Congress.
(U. S. D. C. 1927.) In suits to recover against directors of national banks,
where no limitation is prescribed by Congress, State statutes of limitations
apply. (Anderson v. Anderson et al., 23 Fed. Rep., 2d series, 331.)
Petition against directors of failed national banking association, not charging willful
violation of duty, held within State's 4-year statute of limitation. {12 U. S. C. A.9
§ 93; Park's Ann. Civ. Code Ga., § 4360.)
(U. S. D. C. 1927.) Petition in suit against directors of national banking
association, not charging directly and specifically any willful and knowing
violation of duty under any particular provision of the national banking
act, held not based on 12 U. S. C. A., section 93, and hencewithin general
statute of State applying to suits for negligence with limitation of 4
years, and not within Park's Arm. Civil Code Georgia, section 4360,
providing limitation of 20 years in case of special liability created by
special charter or statute. (Ib.)



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REPORT OF THE COMPTROLLER OF THE CURRENCY
OFFICERS, CRIMINAL LIABILITY OF

Criminal law—No common-law crimes are cognizable in Federal courts, and conspiracy to violate Federal laws is purely statutory offense. (Criminal Code,
§ 37 [18 V. S. C. A. § 88].)
(U. S. C. C. A. 1928.) There are no common-law crimes cognizable in
Federal courts, and conspiracy to violate laws of the United States denounced by Criminal Code, section 37 (18 U. S. C. A., § 88), is a purely
statutory offense. (Steigleder v. United States, 25 Fed. Rep., 2d series,
959.)
Conspiracy—Overt act in conspiracy against laws of United States need not be
successful, completed, substantive act or offense. (Criminal Code, § 37 [18 U. S.
C. A. § 881)
(XL. S. C. C. A. 1928.) The gravamen of conspiracy to violate laws of the
United States, denounced by Criminal Code, section 37 (18 U. S. C. A. § 88),
is the formation of a conspiracy or agreement to commit an offense against
the United States, coupled with the doing of any act to effect object
thereof, which need not be a successful completed substantive act or
offense. (Ib.)
Criminal law—Conviction for conspiracy to violate banking laws, based on same
overt acts charged as substantive offenses, held not to present case of u double punishment." (Criminal Code, § 37 [18 U. S. C. A. § 88]; 12 U. S. C. A. § 592.)
(U. S. C. C. A. 1928.) That same acts charged in indictment as constituting
overt acts in conspiracy, under Criminal Code, section 37 (18 U. S. C. A.
§ 88), to violate Revised Statutes section 5209 (12 U. S. C. A. § 592), were
also charged as separate substantive offenses, held not to make conviction
thereunder objectionable as double punishment, since offenses, though
based on same facts, were distinct in law and involved different kinds of
proof. (Ib.)
Criminal law—Where penitentiary sentence is imposed, vital error must be noticed
by appellate court, though not properly presented.
(U. S. C. C. A., 1928.) Where a defendant was given a penitentiary sentence of five years, it is the duty of the appellate court to notice a vital
error, though not properly presented. (Clark v. United States, 24 Fed.
Rep., 2d series, 696.)
Criminal law—Court can not presume in criminal case that national bank is member
of Federal reserve system. (Federal reserve act, § 2 [12 U. S. C. A., §§ 222-225,
281-286, 502].)
(U. S. C. C. A., 1928.) While Federal reserve act, section 2 (12 U. S. C. A.,
§§ 222-225, 281-286, 502), requires every national bank to become a
member of the Federal reserve system, under penalty of forfeiture of its
charter at suit of the United States, a court can not presume in a criminal
case, in aid of pleading or proof, that a national bank is such member.
(Ib.)
In prosecution for making false entries in books of national bank, it must be alleged
and proved that bank was member of Federal reserve system. (12 U. S. C. A.,
§ 592.)
(U. S. C. C. A., 1928.) In a prosecution, under Revised Statutes, section
5209, as amended (12 U. S. C. A., § 592), for making false entries in books
of a national bank, it must be both alleged and proved that the bank was a
member of the Federal reserve system. (Ib.)
Evidence held insufficient to take to jury prosecution for misapplication of funds of
member bank of Federal reserve bank. (12 U. S. C. A., § 592.)
(U. S. C. C. A., 1928.) Evidence held insufficient to take to jury prosecution
for misapplying funds and moneys of member bank of Federal reserve
bank, under Revised Statutes, section 5209 (12 U. S. C. A., § 592), where
defendant loaned personal credit to bank to assist it in obtaining loan,
for which bonds belonging to bank were pledged as security, and proceeds
went to credit of bank and were used for its benefit. (Long v. United
States, 24 Fed. Rep., 2d series, 946.)



REPORT OF THE COMPTROLLER OF THE CURRENCY

191

Misapplication of funds with intent to defraud must be shown, in prosecution for
misapplication of funds of member bank of Federal reserve bank; " willful misapplication/7
{12 U. S. C. A., § 592.)
(U. S. C. C. A., 1928.) In prosecution for misapplication of funds of member bank of Federal reserve bank, brought under Revised Statutes,
section 5209 (12 U. S. C. A., § 592), misapplication of funds and moneys
of bank to use of defendant, and willful and felonious intent to defraud
bank, must be shown; "willful misapplication," within such statute,
being one for use or benefit of party charged with intent to injure and
defraud. (Ib.)
Original eastern and western districts of Oklahoma were continued for trial and
punishment of crimes committed prior to enactment of statute creating three new
districts. (Jud. Code, § 59 [28 U. S. C. A., § 121]; 28 U. S. C. A., § 182.)
(XL S. C. C. A., 1927.) Under Judicial Code, section 59 (28 U. S. C. A.,
§ 121 [Comp. St. § 1041]), and act February 16, 1925, section 1 (28 U. S.
C. A., § 182 [Comp. St. § 1088]), creating three new districts in Oklahoma,
original eastern and western districts were continued for trial and punishment of offenses committed prior thereto, there being no application for
transfer. (Lewis et al. v. United States, 22 Fed. Rep., 2d series, 760.)
Defendants held not entitled to have jurors selected from counties transferred to another
district created after crime ivas committed.
(U. S. C. C. A., 1927.) Jurors must be selected from citizens and residents
of district in which case is to be tried, and defendants were not entitled
to have jurors selected from counties transferred to another district
created after crime was committed. (Ib.)
Minute book is "book," and minutes of board meetings are "entry," within statute
prohibiting false and fraudulent entry in books of banking association. {12
U. S. C. A., § 592.)
(U. S. C. C. A., 1927.) Minute book of bank held to be "book," within
Revised Statutes, section 5209 (12 U. S. C. A., § 592), relative to offense
of making false entries in books of banking association with intent to
defraud, since such statute covers all books, entries in which are calculated
to deceive Comptroller of Currency and officers of bank, and minutes of
meetings, showing that committee had passed on loans, was "entry,"
within such section. (Ib.)
President and vice president of bank having control and management are responsible
for false reports to Comptroller of Currency, regardless of whether sent by their
explicit direction. {12 U. S. C. -4., § 592.)
(U. S. C. C. A., 1927.) President and vice president of bank are responsible for reports to Comptroller of Currency, sent and caused to be sent
by them, with their knowledge, in prosecution under Revised Statutes,
section 5209 (12 U. S. C. A., § 592), for making such a report with intent
to defraud, regardless of whether reports were sent by their explicit
direction in each case, where they had control and management of bank.
(ib.)
In prosecution of bank officers for false entries, evidence showing execution of notes
for their accommodation, under agreement that maker should not be liable, held
admissible. {12 U. S. C. A., § 592.)
(U. S. C. C. A., 1927.) In prosecution, under Revised Statutes, section 5209
(12 U. S. C. A., § 592), brought against president and vice president of
bank for making false entries and reports, evidence that notes were
executed for accommodation of defendants under agreement that makers
would not be liable thereon held admissible, as bearing on intent of defendants, especially where some of notes, were specifically mentioned in
indictment. (Ib.)
Indictment and information—Indictment for false entries in bank's minute book
held to state tenor of entries with sufficient particularity as aaainst demurrer. {12
ILS.C.A.,§592.)
(U. S. C. C. A. 1927.) In prosecution, under Revised Statues, section 5209
(12 U. S. C. A. § 592), against bank officers for making false entries in
minute book, indictment describing false entries by specifying by number
the notes, which were the basis of the alleged fraudulent misappropriations,



192

REPORT OF THE COMPTROLLER OF THE CURRENCY

as having been approved by discount committee and board of directors,
held, as against demurrer, to set out tenor of entries with sufficient particularity, especially in absence of request for bill of particulars. (Ib.)
Criminal law—Where sentences ran concurrently after conviction on several counts,
insufficiency of some of counts was immaterial.
(U. S. C. C. A. 1927.) Where indictment, in prosecution under Revised
Statutes, section 5209 (12 U. S. C. A. § 592), for making false and fraudulent entries in minute book of bank, charged such offense in 37 counts, and
sentences ran concurrently for conviction on 33 of such counts, failure of
one or more of such counts to state charge with requisite particularity held
immaterial, where description was sufficient in one. (Ib.)
Criminal law—Refusal of instructions covered by instructions given held not error.
(U. S. C. C. A. 1927.) Refusal to give certain requested instructions is not
error, where such instructions were fully covered by court in its charge.

db.)
Evidence held to warrant conviction of director and president of national bank for
making false entries and misapplying bank's funds.
(U. S. C. C. A. 1928.) Evidence held to warrant conviction of director and
president of national bank for violation of national banking laws (12
U. S. C. A. sec. 592), by making false entries in bank's records and misapplication of bank's funds. (Behimer v. United States. 28 Fed. Rep.,
2d series, 552.)
Payment of forged note, constituting asset of bank, by crediting bank1 s funds thereon,
held "misapplication of bank's funds."
(U. S. C. C. A. 1928.) Where forged note was held as asset of national
bank, credit of bank's funds thereon for purpose of paying it constituted a
"misapplication of bank's funds" within national banking laws (12
U. S. C. A. sec. 592), since some one was liable to bank on note, and such
payment reduced bank's credits to that extent, as against contention that,
since no funds were withdrawn from bank by credit made on note, there
was no misapplication. (Ib.)
Courts—District court of district created after offense charged in indictment had no
jurisdiction thereof. (Jud. Code, § 59 [28 U. S. C. A. § 121].)
(U. S. D. C. 1928.) Under Judicial Code, section 59 (28 U. S. C. A. § 121),
district court of district created subsequent to offense charged under
indictment had no jurisdiction thereof, and defendent was entitled to discharge in habeas corpus. (Mizell v. Beard, U. S. Marshal, 25 Fed. Rep.,
2d series, 324.)
Criminal law—Commissioner, on application to remove prisoner, must determine
identity of party, whether indictment charged offense, and whether indictment was
triable in district.
(U. S. D. C. 1928.) On application to remove prisoner from one district to
another for trial, commissioner must determine identity of party charged
in indictment, whether indictment charged an offense against the United
States, and, if so, whether offense charged was triable in district to which
removal was sought. (Ib.)
OFFSETS
OFFSETS BETWEEN INSOLVENT BANKS AND THEIR CREDITORS

Debts of banks to each other must have existed at time of insolvency in order to set
off one against the other.
(U. S, C. C. A. 1928.) In order for defendant bank to set-off debt due it
from insolvent bank against debt due insolvent bank, debt of the two
banks, each to the other, must have existed and been owned by banks,
respectively, at time of insolvency. (Storing v. First Nat. Bank of
Minneapolis, Minn., 28 Fed. Rep., 2d series, 587.)
Set-off and counterclaim—Under State statutes, right of set-off is recognized. (G. .
S. Minn. 1923, sees. 9166, 9253, 9254.)
(U. S. C. C. A. 1928.) Under General Statutes Minnesota, 1923, sections
9166, 9253, 9254, right of set-off is recognized. (Ib.)




REPORT OF THE COMPTROLLER OF THE CURRENCY

198

Debt due defendant bank could be set-off against defendant1 s debt to insolvent bank,
even if debt was not payable at time.
(U. S. C. C. A. 1928.) Where M bank had deposit with defendant bank,
and defendant bank had sent collection items to M bank, and M bank
had collected same and sent draft to defendant bank on day M. bank
became insolvent, defendant bank could set-off amount due it on collection
items against amount of deposit, even if debt was not payable at time
defendant bank made use of it as offset. (Ib.)
As regards set-off, forwarding of draft by collecting bank, which became insolvent
thereafter, did not retard maturity of debt to bank forwarding collection items.
(U. S. C. C. A. 1928.) As regards set-off, making and forwarding of draft
by collecting bank, which became insolvent thereafter, could not retard
maturity of debt to bank forwarding collection items, since bank receiving
collection items became agent of the other bank, and as soon as collection
was made it became the other bank's debtor, and debt was payable at
once. (Ib.)
POWERS
National bank may make or buy loan secured by pledge of stock of another bank, and
purchase such stock when sold to satisfy loan.
(IT. S. C. C. A. 1928.) A national bank may make or buy a loan secured by
stock of another bank, pledged as collateral thereto, and acquire by purchase such stock, when sold to satisfy the loan. (First National Bank in
Oklahoma City v. Harris, 27 Fed. Rep., 2d series, 117.)
National bank held owner of stock of another bank, acquired as part of assets of third
bank taken over by it, and liable for stock assessment.
(U. S. C. C. A. 1928.) National bank held to be the owner of stock of
another bank, acquired by it as part of assets of bank which it took over,
and hence liable for stock assessment. (Ib.)
Bank may acquire from debtor stock of other corporation, where done in good faith to
prevent loss.
(U. S. C. C. A. 1927.) Though a banking corporation is without power to
engage in the business of buying and selling for profit stock of other corporations, it may in a transaction entered into in good faith with a person
indebted to it, for the purpose of preventing or lessening anticipated loss
on such indebtedness, acquire ownership of such stock with a view to its
subsequent sale. (Haynes et al. v. Kershaw, 22 Fed. Rep., 2d series, 735.)
Texas bank may acquire ownership of stock in national bank to save loss on debt, and
as stockholder may become subject to assessment.
(U. S. C. C. A. 1927.) Texas banking corporation may acquire stock in a
national bank when taken in good faith to save itself from anticipated loss,
and as stockholder may become subject to assessment on insolvency of
national bank. (Ib.)
PRINCIPAL AND AGENT
Acceptance and retention by principal of deeds to land obtained by agent held waiver
of right to hold agent liable for defective title.
(U. S. C. C. A. 1927.) Plaintiff deposited money with defendant bank, to
be paid on delivery to it of conveyances of certain lands. On receiving
the deeds he learned that full title to one of the tracts was not conveyed,
but retained the deeds and undertook to purchase the outstanding interest.
Held, that by so doing he waived any right to hold defendant liable for
disobeying alleged instructions to require a legal opinion as to the title
before paying out the money. (First National Bank of Gainesville, Ga.,
v. Biddle, 22 Fed. Rep., 2d series, 1.)
Principal can not in part ratify and in part repudiate act of his agent.
(U. S. C. C. A. 1927.) A principal can not in part ratify and in part repudiate the act of his agent. (Ib.)
Principal, not rejecting act of his agent within reasonable time, ratifies it.
(IT. S. C. C. A. 1927.) A principal, who does not reject the act of his agent
within a reasonable time, is deemed to have ratified it. (Ib.)



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REPORT OF THE COMPTROLLER OF THE CURRENCY
PRINCIPAL AND SURETY

Appeal and error—Where claims of certain claimants were settled, appeal from
decree as to them was dismissed.
(U. S. C. C. A. 1928.) Where contractor's surety appealed from decree
in so far as it was in favor of certain claimants, but their claims had been
settled, appeal as to them was dismissed. (Maryland Casualty Co. v.
Dulaney Lumber Co. et al., 23 Fed. Rep., 2d series, 378.)
Highways—Contractor's bond to insure completion of highway and payment of
claims for labor and material became part of contract, (Hemingway's Code
Miss. 1917, sees. 3734, 3736; Laws Miss. 1918, c. 217.)
(U. S. C. C. A. 1928.) Bond given to secure performance of contract for
construction of public highway and payment of all valid claims for labor
and material, as required by Hemingway's Code, Mississippi, 1917,
sections 3734, 3736, and Laws, Mississippi, 1918, c. 217, became essential
part of contract. (Ib.)
Subrogation—Notice was imputed to bank dealing with highway contractor, that
there was surety, and of surety's rights under contract. (Hemingway's Code
Miss. 1917, sees. 3734, 3736; Laws Miss. 1918, c. 217.)
(U. S. C. C. A. 1928.) Since Hemingway's Code, Mississippi 1917, sections
3734, 3736, and Laws, Mississippi, 1918, c. 217, required contractor to give
bond with surety to insure completion of highway and payment of valid
claims for labor and material, notice was imputed to bank, loaning money
to contractor and taking assignment of fund due and to become due to contractor, of fact that there was surety, and of surety's rights and obligations
under contract, which rights related back to date of bond. (Ib.)
Subrogation—Surety's right to retained percentage is superior to right of bank,
advancing money under assignment from contractor taken subsequently, or without
notice to surety.
(U. S. C. C. A. 1928.) Where performance of contract results in loss,
right of surety under its bond to the retained percentage is superior to
right of bank, which advances money to contractor under an assignment
from contractor taken subsequently, or without notice to surety. (Ib.)
Assig?iments—Bank, advancing money to highway contractor under assignment of
funds due contractor, could not recover of surety, without knowledge of assignment,
amount of current estimate paid to contractor and applied by him and surety to
bills for labor and material.
(U. S. C. C. A. 1928.) Bank, advancing money to highway contractor,
held not entitled to recover of surety amount of current estimate paid to
contractor, and appliedfc>yhim and surety in discharge of bills for labor
and material, where at time payment was made surety had no knowledge
of contractor's assignment to bank of funds due or to become due contractor
to secure loan. (Ib.)
Assignments—Bank, loaning money to highway contractor, was entitled under
assignment only to funds payable to contractor.
(U. S. C. C. A. 1928.) Bank, loaning money to highway contractor, did not
become entitled, under assignment of funds due from highway department,
to any funds, except such as were payable to contractor. (Ib.)
Assignments—Labor and material claims were superior to claims held by bank,
advancing money to highway contractor under assignments.
(U. S. C. C. A. 1928.) Labor and material claims were superior to any claim
held by bank advancing money to highway contractor under assignments
of funds due or to become due contractor. (Ib.)
Assignments—Bank, taking assignments from highway contractor, could acquire
nothing of value, unless contract resulted in profit.
(U. S. C. C. A. 1928.) Bank, advancing money to highway contractor and
taking assignment of funds due from highway department, could acquire
no higher rights than contractor had, and could not acquire anything of
value under assignments, unless contract resulted in profit. (Ib.)



REPORT OF THE COMPTROLLER OF THE CURRENCY

195

Highways—Where contractor" paid labor and material claims, and took assignments
of claims to bank, bank could not recover from surety by reason of assignments.
(U. S. C. C. A. 1928.) Where highway contractor, after highway was completed and accepted, paid persons holding claims for labor and material
by personal checks on bank out of deposit remaining to his credit, and took
assignments of claims in favor of bank, bank was not entitled to any relief
against contractor's surety by reason of assignments, since law gave no
lien on account of claims, and they were in reality paid by contractor with
his own funds and thus discharged, and, if bank advanced money, it was
to contractor, and not to claimants, and bank had no right to reimbursement. (Ib.)
Highways—Highway contractor's surety held entitled to have amount contractor
received for empty cement sacks deducted from material man's claim for cement
consumed.
(XL S. C. C. A. 1928.) Highway contractor's surety held entitled to allowance of amount received by contractor from sale of empty cement sacks as
deduction from material man's claim for value of cement consumed on
highway, since surety was liable only on such claims as were based on labor
and material actually furnished and consumed on highway. (Ib.)
Principal and surety—Finding that bank executing indemnity bond had no interest
or claim to funds attached, and for which surety bond was given, held not sustained.
(C. A. of D. C. 1928) In suit for discovery and for other relief growing out
of transaction wherein plaintiff was required to pay surety bond, finding
that bank executing indemnity bond to surety had no interest in, or claim
to or against, the funds attached, and for which surety bond was given,
held not sustained by evidence. (National Surety Co. v. Anacostia
Finance Corporation, 26 Fed. Rep., 2d series, 985.)
Principal and surety—Finding that indemnity bond was not executed by bank securing
release of attached funds held not sustained.
(C. A. of D. C. 1928) In suit for discovery and for other relief growing out of
transaction wherein plaintiff was required to pay surety bond, finding that
Indemnity agreement was not executed by bank to secure release of funds
attached held not sustained by evidence. (Ib.)
President of trust bank had authority to execute indemnity agreement.
(C. A. of D. C 1928) President of trust bank, held out as such in conduct
of its banking transactions and authorized to execute papers and agreements necessary for protection of bank in its business, held to have had
authority to execute indemnity agreement for purpose of securing release
of attached funds, (Ib.)
Directors of trust bank, having knowledge of payment of premium on surety bond and
acquiescing therein, ratified execution thereof by president.
(C. A. of D. C. 1928) Action of president of trust bank in executing indemnity agreement for purpose of securing release of attached funds held to
have been fully and completely ratified by directors acquiescing therein
after knowledge that bill for premium on surety bond had been paid
and acquiescing therein for a period of one year. (Ib.)
Trustees of trust bank, on notice that president had executed indemnity bond, had
duty of either rescinding action or permitting it to stand.
(C. A. of D. C. 1928) In case president of trust bank exceeded authority
In executing indemnity bond for purpose of securing release of attached
funds, it was duty of trustees, on notice of such action, express or constructive, to exercise election either to rescind action or to permit it to
stand, and thereby ratify it. (Ib.)
Equity—Bill of discovery and other relief growing out of transaction wherein plaintiff
was required to pay surety bond stated sufficient grounds to authorize relief in
equity.
(C. A. of D. C. 1928) Bill for discovery and for other relief growing out of
transaction wherein plaintiff was required to pay surety bond, showing
that bank executing indemnity agreement had turned assets to another
corporation, and that plaintiff was not advised of the amount of assets
sold or property transferred, nor of agreement on part of corporation to
assume and pay debts of bank, held to set forth sufficient grounds to
authorize relief in equity. (Ib.)



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REPORT OF THE COMPTROLLER OF THE CURRENCY
SHAREHOLDERS

WHO DEEMED TO BE SHAREHOLDERS FOR ASSESSMENT
ACTIONS TO ENFORCE LIABILITY
SHAREHOLDERS OF STATE BANK LIABILITY UNDER STATE LAWS IN KANSAS.

Pag©
196
196
197

WHO DEEMED TO BE SHAREHOLDERS FOR ASSESSMENT

Presumption of bank stockholder's liability arises from presence of name on bank
stock register.
(U. S. C. C. A. 1928.) Presumption of legal liability of bank stockholder
as such arises from the presence of his name on the stock register of the
bank. (Williams v. Stone, 25 Fed. Rep., 2d series, 831.)
That bank stockholder never received stock certificate is no defense to statutory action
in behalf of creditors.
(U. S. C. C. A. 1928.) Fact that bank stockholder never received possession
of stock certificate is no defense to statutory action for stockholder's
liability in favor of creditors. (Ib.)
Alleged fraudulent representations of bank's officers and failure to deliver stock
certificate held no defense to stockholder, knowing stock was transferred to his name,
in suit to enforce stockholder's liability.
(U. S. C. C. A. 1928.) Bank stockholder, who knew that stock for which he
paid was transferred to him on books of bank and that original owner
received payment, and who failed to make a^iy protest or objection, held,
not entitled to avoid statutory liability as stockholder in suit by receiver
of bank, on ground that he was induced to purchase the stock through
fraudulent representations of bank's officers, and that stock certificate
had not been delivered. (Ib.)
ACTIONS TO ENFORCE LIABILITY

Appeal and error—Admission of immaterial evidence in trial to court without jury
held not reversible error.
(U. S. C. C. A. 1928.) In trial to court without jury, admission of immaterial evidence can not be said to be prejudicial, as it may be disregarded
in assembling and considering competent evidence. (English et al. v.
Gamble 26, Fed. Rep., 2d series, 28.)
Appeal and error—Judgment on question of fact in case tried without jury will not
be disturbed if sustained by any substantial evidence.
(U. S. C. C. A. 1928.) When case is tried to court, a jury being waived, if
there is any substantial evidence to sustain judgment upon question of
fact, such judgment will not be disturbed on appeal. (Ib.)
Directors who deposited money in escrow to purchase stock of nonresponding stockholders held liable for subsequent assessment.
(U. S. C. C. A. 1928.) Where money was deposited by directors of bank in
escrow to satisfy deficiency resulting from stock held by stockholders failing to respond to assessments, and nonresponding stock was purchased
with such funds by cashier as trustee with knowledge and consent of
directors, held, that directors thereby became joint owners, jointly and
severallv liable for subsequent statutory assessment upon such stock.
db.) v
Appeal and error—Failure of bill of exceptions to show both parties moved for
directed verdict prevented consideration of effect of motions.
(U. S. C. C. A. 1928.) Claim that case was taken from jury by motions
of counsel on both sides for directed verdict could not be considered,
where motion on part of counsel for one party was not found in bill of
exceptions. (Vance v. Chapman, 23 Fed. Rep., 2d series, 914.)
Appeal and error—Bill of exceptions, settled and signed, is indispensable to review
court's rulings.
(U. S. C. C. A. 1928.) In actions at law in Federal courts, bill of exceptions,
stating the ruling and the exception, settled and signed by the trial judge,
is indispensable to the review of rulings on motions to strike pleadings as
well
 as motions based on evidence or requests for instructions. (Ib.)


REPORT OF THE COMPTROLLER OF THE CURRENCY

197

Appeal and error—Court's ruling on motion for directed verdict held not reviewable
on mere entry from clerk's journal appearing in transcript, where no objection
or exception was shown by bill of exceptions.
(U. S. C. C. A. 1928.) Propriety of directed verdict for defendant, in suit
by receiver of bank on note and to recover stockholder's liability, held
not reviewable, where no objection or exception was presented to ruling
hj bill of exceptions, notwithstanding entry from clerk's journal appearing in transcript, which showed granting of motion and plaintiff's objection and exception. (Ib.)
Appeal and error—Review held limited to matters raised by bill of exceptions, irrespective of statute preventing reversal for technical errors. (Jud. Code, § 269, as
amended by act Feb. 26, 1919 [28 U. S. C. A., § 391}.)
(U. S. C. C. A. 1928.) Judicial Code, section 269, as amended by act
February 26, 1919 (28 U. S. C. A,. § 391), providing court shall give
judgment on appeal after examination of entire record, without regard
to technical errors, held not to permit consideration of rulings, to which
objection or exception was not shown by bill of exception, especially
where it did not appear there was any miscarriage of justice. (Ib.)
Appeal and error—In absence of objection to granting of directed verdict only,
sufficiency of evidence could be considered on appeal.
(U. S. C. C. A. 1928.) In absence of objection and exception to action of
court in granting directed verdict, appellate court could only consider
whether evidence supported verdict. (Ib.)
Evidence held to sustain verdict in bank receiver's suit on note, and to enforce stockholder's liability, that note sued on was given bank for accommodation, and that
defendant was not liable as stockholder.
(U. S. C. C. A. 1928.) In suit by receiver of bank on note and to recover
as for stockholder's liability under claim that note was given for stock,
evidence held to sustain verdict for defendant, based on defense that note
was given bank for accommodation, and that defendant was not a stockholder of the bank. (Ib.)
SHAREHOLDERS OF STATE BANKS—LIABILITY UNDER STATE LAWS IN KANSAS

Bank stockholder's debt for statutory double liability has attached to it priority right
of payment out of stockholder's property over his other creditors. (Rev. St., Kan.,
1923, 9-110, 9-156.)
(U. S. C. C. A. 1928.) Bank stockholder's debt for double liability, under
Revised Statutes, Kansas, 1923, 9-110, has attached to it priority right
of payment out of stockholder's property over his other creditors, under
Revised Statutes, Kansas, 1923, 9-156, providing that transfers by stockholder after closing of bank and before payment of double liability are
void. (Wheeler v. Johnson, 26 Fed. Rep., 2d series, 455.)
Statute relating to void "transfers" by bank stockholder before paying double liability
is not limited to defeating voluntary acts by stockholder. (Rev. St., Kan., 1923,
9-110, 9-156; Bankr. Act, § 1 (25); 11 U. S. C. A., § 1 (25).)
(U. S. C. C. A. 1928.) Revised Statutes, Kansas, 1923, 9-156, providing
that transfer of property by bank stockholder after closing of bank and
before payment of double liability, under Revised Statutes, Kansas, 1923,
9-110, is void, is not limited to defeating voluntary acts by stockholder, since word "transfers," especially in insolvency and bankruptcy proceedings, may have a very broad meaning, broad enough to
include passing of property by involuntary as well as by voluntary
means, in view of bankruptcy act, section 1 (25) (11 U. S. C. A., § 1
(25)), denning "transfer." (Ib.)
Bankruptcy—Bank receiver's claim against bankrupt for double liability as stockholder was entitled to priority. (Rev. St., Kan., 1923, 9-110, 9-156; Bankr. Act,
%64b (7); 11 U.S.C. A., % 104 (&).)
(U. S. C. C. A. 1928.) Claim of receiver of insolvent bank against bankrupt
for double liability on bank's stock owned by him, under Revised Statutes, Kansas, 1923, 9-110, 9-156, was entitled to priority under bankruptcy act, section 64b (7) (11 U. S. C. A., § 104 b).) (Ib.)



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REPORT OF THE COMPTROLLER OF THE CURRENCY
TAXATION
Page

FEDERAL TAXATION
STATE TAXATION

198
199
FEDERAL TAXATION

Internal revenue—Summons to bank to produce records of income-tax payer's
deposits held not to warrant injunction, being mere request for information, not
compelling bank to furnish immaterial evidence. (Revenue act, 1926, sec. 1104
(26 U. S. C.A., sec. 1247).)
(U. S. D. C. 1928.) Summons issued to bank by internal-revenue agent
under revenue act, 1926, section 1104 (26 U. S. C. A., sec. 1247), to produce
records of income-tax payer's deposits and withdrawals for stated period,
was mere request to furnish information, which bank may refuse to do
until appropriate court order is made, and hence does not authorize
injunction, especially in absence of anything therein compelling bank to
furnish wholly immaterial evidence, as court can not assume that bank
will not exercise reasonable discretion, or act without due regard for taxpayer's rights. (Cooley v. Bergin et al., 27 Fed. Rep., 2d series, 930.)
Searches and seizures—Proceeding to compel bank to produce records of income-tax
payer's deposits invades no constitutional rights of depositor, though some entries
relate to deposits of others' money. (Revenue act, 1926, sec. 1104 (26 U. S. C. A.,
sec. 1247); Const. Amend. 4-)
(U. S. D. C. 1928.) Proceeding by internal-revenue agent, under revenue
act, 1926, section 1104 (26 U. S. C. A., sec. 1247), to compel bank to
produce records of income-tax payer's deposits and withdrawals for
stated period, invades no rights of depositor under constitutional amendment 4, against unreasonable search and seizure, though some entries
relate to deposits of others' money; such fact not warranting bank in
refusing to give any information whatever, nor permitting it to be sole
judge of what entries are material. (Ib.)
National bank is public institution, obliged to aid Federal authorities in administering laws, as by producing records of income-tax payer's deposits, so far as
compatible with duty to customers. (Revenue act, 1926, sec. 1104 (26 U. S. C. A.,
sec. 1247).)
(U. S. D. C. 1928.) A national bank is a public institution receiving a
valuable franchise from the Government, and should recognize obligation
to aid Federal authorities in administration of laws, as by producing
records of income-tax payer's deposits and withdrawals under revenue
act, 1926, section 1104 (26 U. S. C. A., sec. 1247), so far as compatible
with its duties to its customers. (Ib.)
Relation of banker and depositor is that of debtor and creditor.
(U. S. D. C. 1928.) The relation of banker and depositor in their pecuniary
dealings is that of debtor and creditor. (Ib.)
Depositor has no proprietary interest in bank's records, and can claim at most that
information therein shall not be disclosed for purpose of substantially injuring
him. (Revenue act, 1926, sec. 1104 (26 U. S. C. A., sec. 1247).)
(U. S. D. C. 1928.) Depositor has no proprietary interest in bank's books
and records, called for by summons issued by revenue agent under revenue
act, 1926, section 1104 (26 U. S. C. A., sec. 1247), and can claim at most
in suit to enjoin production thereof, that information they contain shall
not be disclosed for deliberate purpose of inflicting substantial injury on
him. (Ib.)
Injunction—Court will not interfere with executive or administrative department's
action by injunction, unless necessary to conserve personal or property rights.
(U. S. D. C. 1928.) A court will not interfere with the action of an executive
or administrative department of the Government by injunction, except
under extraordinary circumstances, necessitating such a course tp conserve
the rights of person or property. (Ib.)



REPORT OF THE COMPTROLLER OF THE CURRENCY

199

Internal revenue—Bank held entitled to deduction from gross income of tax paid
under New Jersey bank stock tax act; "imposed."
Revenue act, 1916, § 12 [a],
[Comp. St. § 68361]; bank stock tax act, N. J. § 8.)
(U. S. C. C. A. 1928.) Bank stock tax act (Laws N. J. 1914, c. 90) provides
for assessment and taxation of bank shares to the holders thereof, but that
the tax shall be paid by the bank, which shall have a lien therefor on the
shares. By section 8 it is provided that at its request, before assessment,
and agreement to pay the same, the assessment shall be made against the
bank. Held, that a tax assessed and levied against a bank under such
provision is one "imposed" on the bank by State authority, within the
meaning of revenue act, 1916, section 12 (a) (Comp. St. § 6336Z), and that
when paid the bank is entitled to deduct it from gross income. (Ferguson,
Collector of Internal Revenue, v. Fidelity Union Trust Co., 24 Fed. Rep.,
2d series 520.)
STATE TAXATION

It is a discrimination against national banks to tax their shares on the valuation
including bonds and securities of the United States and to tax State banks on their
assets excluding such securities.
(U. S. Sup. 1928.) A substantial discrimination against national banks in
favor of incorporated State banks resulting from taxation of nationalbank shares upon a yaluation equal to that of the assets of the bank,
including bonds and like securities of the United States, while the shares
of the State banks are not taxed and the State banks themselves are
taxed only on the value of their assets after excluding United States bonds
and securities, violates Revised Statutes, section 5219. (The Montana
National Bank of Billings v. Yellowstone County of Montana et al., 276
U. S. 499.)
Taxation of shares of State corporate banks must be like that of shares of national
hanks.
(U. S. Sup. 1928.) Taxation of shares of State corporate banks must be
like that of shares of national banks, so far as necessary to prevent discrimination; in neither case does the exemption of Federal securities held
by the bank apply in taxation of the shares. Des Moines Bank v. Fairweather (263 U. S. 103), distinguished. (Ib.)
The right of a national bank suing for its shareholders to challenge the validity of the
statutes and recover the taxes paid ivas not affected by a decision of a State supreme
court repudiating the earlier construction and declaring the State bank's shares
taxable. The fact that under the later decision the taxing officials were empowered,
to tax the shares of State banks, and thus bring about equality, was not an obstacle
to the suit, no intention to exercise the power having been manifested. Failure to
'.ipply to the county board of equalization for administrative relief was no bar
to maintenance of the action, since the board had no power to grant it under the
statute as construed when the taxes were imposed and collected.
(U. S. Sup. 1928.) Where the shares of a national bank were taxed and the
tax paid, under statutes then construed by the State supreme court as
not permitting shares of State corporate banks to be taxed, but only the
State banks themselves, thus creating a discrimination due to the inclusion
of United States securities owned by the national bank In the valuation of
its shares and to the necessary exclusion of like securities owned by the
State banks in assessing their assets, held (1) that the right of the national
bank, suing for its shareholders, to challenge the validity of the statutes
as so construed and applied, and to recover the taxes paid, was not affected
by a decision of the State supreme court in the suit repudiating the earlier
construction and declaring the State bank shares taxable; (2) that the
fact that under the later decision the taxing officials were empowered to
tax the shares of State banks, and thus bring about equality, was not an
obstacle to the suit, no intention to exercise the power having been manifested; and (3) that failure to apply to the county board of equalization
for administrative relief was no bar to maintenance of the action, since the
board had no power to grant it under the statute as construed when the
taxes were imposed and collected (78 Mont. 62, reversed). (Ib.)
20669°—H. Doc. 861, 70-2
14



200

REPORT OF THE COMPTROLLER OF THE CURRENCY

Taxation—County and officers sued by national bank for taxes paid on stock thereof
can not invoke statute requiring action by real party in interest, (12 U. S. C. A.
§ 548.)
(U. S. C. C. A. 1928.) County and its treasurer and commissioners can
not invoke protection of statute requiring action by real party in interest,
in action against them by national bank, to recover taxes imposed on
shares of bank stock, in violation of Revised Statutes, section 5219,
as amended (12 U. S. C. A. § 548), as recovery thereof from defendants
'will protect them from any future suits or claims to fund by any other
party. (McFarland, Co. Treas., et al. v. Central National Bank of
Topeka, 26 Fed. Rep., 2d series, 890.)
Taxation—National bank, suing for taxes paid on stock thereof, held real party
in interest (Rev. St. Kan. 1923, 79-1101; 12 U. S. C. A. §5^5.)
(U. S. C. C. A. 1928.) Under Revised Statutes, Kansas, 1923, 79-1101,
national bank paying under protest taxes imposed on shares of stock
therein in violation of Revised Statutes, section 5219, as amended (12
U. S. C. A. § 548), was real party in interest in action to recover amount
from county and its treasurer and commissioners. (Ib.)
Taxation—National bank's pleadings held sufficient on demurrer to show that its
payment of taxes on bank stock was not voluntary. (12 U. S. C. A. § 54-8.)
(U. S. C. C. A. 1928.) In national bank's action to recover taxes imposed
on shares of bank stock in violation of Revised Statutes, section 5219,
as amended (12 U. S. C. A. § 548), plaintiff's pleadings, stating facts
relating to its endeavors to have county commissioners, State public
service commission, and other taxing officers relieve bank and shareholders of such taxes, and alleging that payments made by it were "under
duress and protest," to avoid seizure of its property, held sufficient on
demurrer to show that payment was not voluntarily made. (Ib.)
Courts—Denial of motion for new trial, not being part of bill of exceptions, is not
reviewable in circuit court of appeals.
(U. S. C. C. A. 1928.) Neither denial of motion for new trial nor any
proceedings thereto are reviewable in circuit court of appeals, not being
part of bill of exceptions containing record of trial. (Ib.)
Appeal and error—General judgment is conclusive finding of all necessary facts,
where bill of exceptions shows no requests for findings or declarations of law,
nor exceptions to court's declarations. (28 tf.S.C.A.
§ 879.)
(U. S. C. C. A. 1928.) Where bill of exceptions contains no record of
any request by defendants during trial for findings of fact or declarations
of law, nor any exception to any declaration of law by court, general
judgment for plaintiff is conclusive finding of all facts requisite to sustain
it, under 28 U. S. C. A., section 879, which statute applies to the circuit
court of appeals. (Ib.)
Appeal and error—Question whether any substantial evidence sustains judgment
is not reviewable, in absence of request, motion, or other action fairly presenting
question and securing ruling during trial.
(U. S. C. C. A. 1928.) Question whether or not there was any substantial
evidence to sustain judgment is not reviewable in Federal courts in
absence of request, motion, or like action fairly presenting question to
trial court, and securing its ruling thereon during trial. (Ib.)
Appeal and error—Exception calling trial court's attention to specific error is
indispensable to review of ruling.
(U. S. C. C. A. 1928.) Exception to ruling, sharply calling trial court's
attention to specific error alleged, is indispensable to review of such
ruling. (Ib.)
Taxation—Neither property nor shares of stock of national bank can be taxed by State
without consent of Congress.
(U. S. D. C. 1928.) National banks are agencies of the General Government,
and neither their property nor their shares of stock can be taxed by the
State without the consent of Congress, and then only in conformity with
such restrictions as it may impose. (Brotherhood Co-op. National Bank
et al. v. Hurlburt, Sheriff and Tax Collector, 26 Fed. Rep., 2d series, 957.)



REPORT OF THE COMPTROLLER OF THE CURRENCY

201

Taxation—Moneyed capital of individuals and corporations loaning money and
selling notes and bonds held in competition with national banks, within law requiring equality of taxation. (Laws Or. 1925, p. 1+85; Laws Or. 1921, p. 688; Or. L.
§ 4258; 12 U. S. C. A. § 548.)
(U. S. D. C. 1928.) Moneyed capital in hands of individual citizens and
corporations engaged in business of loaning money and selling notes and
bonds and other securities for profit, which was not assessed or taxed
as especially exempt under Laws Or. 1925, page 485, or Laws Or. 1921,
page 688, or intentionally and purposely omitted from assessment roll, held
to have been employed in a manner which brought it into competition
with business conducted by national banks, so that tax on valuation of
shares of stock after deducting value of real estate from capital, surplus,
and undivided profits, pursuant to Or. L., section 4253, was unlawful as
in violation of Revised Statutes, United States, section 5219 (12 U. S. C. A.
§ 548.) (Ib.)
Taxation—That investment concerns competing with national banks borrowed money
from local banks did not constitute defense to suit to enjoin collection of taxes.
(12 U. S. C. A. § 548.)
(U. S. D. C. 1928.) The fact that many of investment concerns engaged in
competition with business of national bank borrowed large amounts of
money for use in their business from local banks does not in any way
constitute a defense to suit to enjoin collection of taxes levied against
shares of stock of national banks, on ground that it was in violation of
Revised Statutes, United States, section 5219 (12 U. S. C. A. § 548),
requiring equality in taxation as between moneyed capital in hands of
individuals engaged in competition with national banks and shares of
stock of such banks. (Ib.)
Taxation—National banks1 request for assessment of stock direct to bank did not
estop them from suing to enjoin collection of unlawful tax. (12 U. S. C. A. § 548.)
(U. S. D. C. 1928.) National banks held not estopped to bring suit to enjoin
tax collector from collecting taxes levied against shares of stock, on ground
taxes were in violation of Revised Statutes, section 5219 (12 U. S. C. A.
§ 548), because of having requested assessment of stock direct to bank,
and not to shareholders, since such request was pursuant to mutual
understanding, intended as matter of convenience both to banks and
assessor, and can not be construed as promise to pay any tax which might
be levied, legal or not. (Ib.)
Taxation—National banks, furnishing assessor information to make assessments,
did not thereby acquiesce and become estopped from questioning validity of taxes.
(U. S. D. C. 1928.) Where national banks furnish assessor information required by lav/, from wThich he made assessments, they did not thereby
acquiesce in assessment, so as to become estopped from questioning
validity of taxes, since they had a right to assume that, in making assessments, assessor would comply with law authorizing taxation of their
shares. (Ib.)
TRUSTS
CROSS REFERENCES

Deposits:
paga
One depositing money in a bank as trustee may withdraw it in the
same capacity
142
Insolvency and receivers:
Preference in insolvency
162
Trust fund misapplied by an insolvent bank to reduce lien on its
own property
167
Courts—In suit to enforce lien, complaint must show territorial jurisdiction of
Federal court over subject matter, and diversity of citizenship between plaintiff
and all defendants who are necessary parties. (Jud. Code, § 57 [28 U. S. C. A.
§ U81)
(U. S. C. C. A. 1928.) In suit under Judicial Code, section 57 (28 U. S. C. A.
§ 118), to enforce legal or equitable lien in United States district court,
complaint must show that subject matter, the res, is within the territorial
jurisdiction of the court, and there must be diverse citizenship and residence between plaintiff and all the defendants who are necessary parties.
(Omaha National Bank v. Federal Reserve Bank of Kansas City et al.,
26
Fed. Rep., 2d series, 884.)


202

REPORT OF THE COMPTROLLER OF THE CURRENCY

Trusts—One taking property by fraud is trustee in equity.
(U. S. C. C. A. 1928.) Equity regards one who is defrauded of his property
as not divested of his equitable right and title, and the wrongdoer is treated
as holding the property in trust for the rightful owner. (Ib.)
Trusts—Alleged transaction by which insolvent bank issued drafts and instructed
payee to transfer credit to another bank with intent to defraud, known to other
hank, made banks trustees.
(U. S. C. C. A. 1928.) Alleged transaction by which insolvent bank issued
drafts for deposit to credit of drawer in payee bank, and subsequently
directed payee bank to transfer part of credit created by the unpaid drafts
to Federal reserve bank to the credit of third bank, with intent to defraud
the payee bank %nd to prefer the third bank, made the insolvent bank
and the third bank, knowing of the facts, trustees of the money so transferred in favor of the defrauded bank. (Ib.)
Trusts—Transferee taking with knowledge may not hold property fraudulently
obtained.
(IT. S. C. C. A. 1928.) Third party, not participating in fraudulent procurement of funds, may not hold the property as transferee, if he takes with
knowledge of the facts. (Ib.)
Courts—Court had jurisdiction of bank's suit to enforce lien on deposit in local
branch bank under complaint alleging transfer of credit therein to third bank
induced by fraud. {Jud. Code, § 57 [28 U. S. C. A. § 118]; 12 U. S. C. A. § 91.)
(U. S. C. C. A. 1928.) Where bank's complaint alleged that nonresident
insolvent bank had issued drafts to plaintiff and instructed plaintiff to
transfer part of credit created by the unpaid drafts to credit of a third
bank in the Federal reserve bank, with fruadulent purpose known to the
third bank, also a nonresident, in violation of Revised Statutes, section
5242 (12 U. S. C. A. § 91), the credit transferred by the plaintiff under
the insolvent bank's instruction was personal property having its situs at
the branch of the Federal reserve bank to which the transfer was made,
and Federal court of local district had jurisdiction in suit to enforce lien
on the deposit in the Federal reserve bank, under Judicial Code, section 57
(28 U. S. C. A. § 118). (Ib.)
Courts—Court had jurisdiction of suit by local bank against Kansas City Federal
Reserve Bank and nonresident banks and receiver to enforce lien on local deposit.
(Jud. Code, § 24 (16), and § 57 [28 U. S. C. A. § 41 (16), and §118}.)
(II. S. C. C. A. 1928.) Complaint by Nebraska bank against Federal
Reserve Bank of Kansas City and Wyoming banks and Montana receiver,
under Judicial Code, section 57 (28 U. S. C. A. § 118), to enforce lien on
deposit in Omaha Branch of the Federal Reserve Bank, in favor of Wyoming bank, held to show diversity of citizenship and residence between
plaintiff and all defendants who were necessary parties, bringing case
within jurisdiction of Federal district court, under section 24, paragraph 16
(28 U. S. C. A. § 41, par. 16). (Ib.)
Courts—Suit to quiet title to mining claims held within equitable cognizance of
Federal courts, irrespective of plaintiff's possession. (Rev. Codes Mont. 1921,
§9479.)
(U. S. C. C. A. 1928.) Suit to quiet title to mining claims brought under
Revised Codes, Montana, 1921, section 9479, which permits such an action
by plaintiff whether in or out of possession, is within equitable cognizance
of Federal courts. (Maury et al. v. Jones, 25 Fed. Rep., 2d series, 412.)
Quieting title—Defendants, in suit to quiet title, had burden to disprove plaintiffs
title, where record fair upon its face exhibited title in plaintiff. (Rev. Codes
Mont. 1921, §9479.)
(U. S. C. C. A. 1928.) In suit under Revised Codes, Montana, 1921, section
9479, to quiet title to certain mineral claims, burden was upon defendants
to disprove plaintiff's title, where record fair upon its face showed chain
of title running to plaintiff. (Ib.)



REPORT OF THE COMPTROLLER OF THE CURRENCY

203

Quieting title—Evidence held insufficient to sustain burden of defendants claiming
under sale of estate's property to disprove record title of plaintiff in suit to quiet
title to mining claims. (Rev. Codes Mont. 1921, § 9479.)
(U. S. C. C. A. 1928.) In suit to quiet title to mining claims, under Revised
Codes, Montana, 1921, section 9479, in which defendants claimed as
purchasers under sale of property of estate, evidence of attempted transfer
by plaintiff of mining property to father's estate was insufficient to sustain
defendants' burden to disprove plaintiff's record title. (Ib.)
Trusts—Where trustee agreeing to convey trust properly to estate of which she was
executrix, on condition of coexecutor's joining, erroneously executed deed as executrix, and coexecutor failed to join, deed vjas ineffective.
(U. S. C. C. A. 1928.) Where trustee of certain mining property, who was
also executrix of father's estate, agreed to transfer the trust property to
the estate, provided her brother, who was the other personal representative, would join in the conveyance, deed, where executed by grantor as
executrix of the estate, and not as trustee, and where it remained unexecuted by the other representative, was ineffective to convey title, since
executrix should have had status of grantee rather that than of grantor.
(Ib.)
Trusts—Trustee's attempted conveyance without consideration of trust property
to estate of which she was executrix held void where estate had no interest therein.
(U. S. C. C. A. 1928.) Deed of mining property, by person holding it
under express trust, to father's estate of which trustee was executrix, if
executed in her capacity as trustee, was nevertheless void for want of
authority, where it was given without consideration, since trustee could
not enlarge one trust by impoverishing the other, and had no more authority to donate the property to the estate than she would have to give it
to a stranger; conveyance being executed at instance of creditors of estate
of father, who had made gift of the property for benefit of members of
his family. (Ib.)
Trusts—Trustee under two distinct trusts can not enlarge one by impoverishing the
other.
(XL S. C. C. A. 1928.) Person in exercise of two distinct trusts can not
enlarge one by impoverishing the other. (Ib.)
Trusts-—Trustee held not barred by estoppel or laches from asserting title to property
allegedly conveyed by her where deed itself showed want of consideration and
improper execution. (Rev. Codes Mont. 1921, § 9479.)
(XL S. C. C. A. 1928.) Trustee executing deed of mining property to estate
of which she was executrix, which on its face appeared to be void because
given without consideration to her as trustee, and because improperly
executed by her in her capacity as executrix, held not estopped or barred
by laches from seeking to quiet title under Revised Codes, Montana,
1921, section 9479, as against purchasers of property from estate. (Ib.)
Vendor and purchaser-—Purchasers are bound to take notice of form and, recitals
of deed under which vendor claims.
(XL S. C. C. A. 1928.) Purchasers are bound to take notice of form and
recitals of instrument attempting to convey title to their vendor. (Ib.)
Executors and administrators—Judgment of probate court decreeing sale of estate's
proverty held not res judicata of issue of title as against adverse claimants. (Rev.
Codes Mont. 1921, § 9479.)
(XL S. C. C. A. 1928.) State court sitting in probate held without jurisdiction
to determine questions of title between estate and persons claiming
adversely, and order and judgment for sale of estate's property in probate
court was therefore not res judicata of question of title in subsequent
suit to quiet title under Revised Codes, Montana, 1921, section 9479. (Ib.)
Executors and ad?ninistrators—Probate court may not determine questions of title
between estate and adverse claimants.
(XL S. C. C. A. 1928.) Probate court has no jurisdiction to determine
questions of title to real property between estate and persons claiming
adversely. (Ib.)



204

REPORT OF THE COMPTROLLER OF THE CURRENCY

Trusts—Evidence held to sustain verdict that money loaned belonged to ward's estate,
not to bank to which mortgage was executed.
(U. S. C. C. A. 1928.) Evidence held to sustain verdict of jury finding that
money borrowed by plaintiff guardian from bank on note and mortgage
belonged to her ward's estate, and was lent to her as part of such estate,
though mortgage was payable to bank as such, and not as guardian, and
plaintiff was therefore entitled to have trust imposed on note in favor of
her ward, as against motion of bank's receiver to set aside the verdict.
(Williams v. Stone, 25 Fed. Rep., 2d series, 588.)
Action—Action to impress trust on note in possession of bank's receiver in favor of
estate of plaintiff's ward is purely equitable.
(U. S. C. C. A. 1928.) Action having for its object to impress on note held
by bank's receiver a trust in favor of the estate of plaintiff's ward is
purely equitable, and should have been tried as a suit in equity, instead
of as an action at law. (Ib.)
Appeal and error—Judgment in equitable action tried as action at law, and so
treated by parties, will not be disturbed by reviewing cornet, where jury reached
correct conclusion.
(U. S. C. C. A. 1928.) Where purely equitable action was tried as action
at law, and was so treated on appeal by both parties, judgment therein
will not be disturbed by reviewing court, where jury reached correct conclusion on the facts. (Ib.)
Trial—Weight of testimony and credibility of witnesses is for jury.
(U. S. C. C. A. 1928.) Weight of the testimony and credibility of witnesses
is for the jury. (Ib.)
Wills—Charitable institutions, in existence at time will giving them trust estate after
death of widow, took effect, received vested interest therein. (Code Ala. 1923,
$$5671,6911.)
(U. S. C. C. A. 1928.) Under Code, Alabama, 1923, sections 5671, 6911,
charitable institutions which were in existence at time will devising residue
of trust estate took effect, and being then capable of taking bequest on
death of testator's widow, to whom income of trust estate was devised,
received vested estate or interest therein. (First National Bank of Birmingham, Ala., v. Snead, Collector, 24 Fed. Rep., 2d series, 186.)
Trusts—Trustees must act in good faith informing opinion as to matter with reference
to which they act in trust capacity.
(U. S. C. C. A. 1928.) Trustees are obligated to act in good faith when
forming an opinion as to a matter with reference to which they act in a
trust capacity. (Ib.)
'Trusts—Discretion vested in trustees to invade corpus of trust estate for support of
testator's widow is subject to judicial control.
(U. S. C. C. A. 1928.) Where will provided that trustees, on determining
net income from trust estate, was insufficient for proper support and comfort of testator's widow, might pay out of such trust estate any additional
sum necessary, they could not arbitrarily invade the corpus thereof, and
the exercise of discretion vested in them was subject to judicial revision
and control. (Ib.)
Internal revenue—Trustees' power to invade corpus of trust estate did not preclude
deduction for estate tax purposes of bequest of residue to charitable institutions.
(Revenue act of 1921, § 403 [a] 3 [Comp. St. § 6336%d].)
(U. S. C. C. A. 1928.) Where income from trust estate, bequeathed to
widow, together with income from her separate estate, was more than
sufficient for her maintenance, the fact that trustees were authorized to
invade corpus of trust estate, if necessary, to provide for maintenance,
does not preclude deduction under revenue act of 1921, section 403 [a]
3 (Comp. St. § 6336^d), for estate tax purposes of bequest of residue to
charitable institutions, since approximate value of bequest was ascertainable under such circumstances, and allowable as deduction. (Ib.)
Courts—Federal court has jurisdiction in equity of suit to recover trust fund.
(U. S. C. C. A. 1928.) In suit in which plaintiff seeks to recover trust
fund, Federal district court has jurisdiction in equity. (St. Petersburg
Advt. Co. et al. v. American Motorsign Co., 25 Fed. Rep., 2d series, 397.)



REPORT OF THE COMPTROLLER OF THE CURRENCY
Courts—District court's decision on conflicting evidence that defendant breached
contract sued on held conclusive on Circuit Court of Appeals.
(U. S. C. C. A. 1928.) In suit for breach of contract to buy advertising
device manufactured by plaintiff, circuit court of appeals must accept
decision of district court, based on conflicting evidence, that contract
was breached by defendant. (Ib.)
Damages—Buyer's deposit of $3,500 to be paid seller on buyer's breach of contract
to buy five advertising devices per month for 10 months at $235 each held liquidated
damages, and not penalty.
(U. S. C. C. A. 1928.) Where defendant, in connection with contract to
buy five advertising devices per month for 10 months at price of $235
each, deposited in bank under another contract $3,500 out of which bank
was to remit payment on purchase of such devices, and which should
be paid to plaintiff on defendant's breach of contract, such deposit held
to be in nature of liquidated damages, and not penalty. (Ib.)
Bank holding fund to be paid seller on buyer's breach of contract and seller's notice
of ability to perform has no obligation to pay until evidence of seller's ability to
perform is presented.
(U. S. C. C. A. 1928.) Where buyer made deposit with bank which was to
be paid to seller on buyer's breach and seller giving notice of being ready,
able, and willing to comply with contract, bank had no obligation to pay
until evidence was actually presented that seller was ready, able, and
willing to perform, and was not liable for interest prior to such time. (Ib.)
Judgment—Federal court's decree will not be amended to add interest on judgment
which may be collected on execution. (28 U. S. C. A. § 811.)
(U. S. C. C. A. 1928.) In action for breach of sale contract brought in
Federal district court in Florida, plaintiff, having recovered judgment, is
entitled to interest thereon at same rate that would apply to judgment in
State courts under 28 U. S. C. A., section 811 (Comp. St. § 1605), but
decree will not be amended to allow such interest, since it may be collected
on execution. (Ib.)
Contracts—Court will respect intention of parties stipulating that rights and duties
shall be determined according to laivs of particular jurisdiction.
(IT. S. D. C. 1928.) When parties to an instrument have stipulated that
their rights and duties shall be determined according to the laws of a
particular jurisdiction, their intention will be respected by the court.
(Liberty National Bank & Trust Co, in New York v. New England
Investors Shares (Inc.) et al., 25 Fed. Rep., 2d series, 493.)
Trusts—Validity of trust consisting of personalty is determinable by law of settlor's
domicile.
(U. S. D. C. 1928.) Validity of trust consisting of personalty is to be
determined according to law of domicile of settlor. (Ib.)
Perpetuities—Trust in personalty limited to period less than 21 years held not
void under Massachusetts law as creating perpetuity or imposing restraint on
alienation.
(U. S. D. C. 1928.) A trust consisting of personal property, limited by its
terms to a period of years less than 21, held not void under Massachusetts
law as creating a perpetuity or imposing a restraint on alienation. (Ib.)
Perpetuities—Trust authorizing settlor to sell underlying securities and holders of
collateral trustee shares to exchange them for underlying securities did not violate
rule against perpetuities. (Personal Property Law N. Y. § 11.)
(U. S. D. C. 1928.) Where a trust consisting of capital stock and underlying securities retained power in settlor to sell underlying securities for
purpose of reinvestment, and authorized holders of collateral trustee's
shares to surrender certificates and receive a unit of underlying securities
in exchange therefor, the trust was not invalid, as violating rule against
perpetuities, either under the law of Massachusetts or under personal
property law, New York. (Consol. Laws, c. 41), section 11, since rule
against perpetuities is directed against suspension of absolute ownership
or power of alienation. (Ib.)



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REPORT OF THE COMPTROLLER OF" THE CURRENCY

Trusts—Law prohibiting alienation of beneficiaries' interests held inapplicable t o
trust created for settlor's benefit and granting interest to holders of beneficial
interest. (Personal Property Law N. Y. § 15.)
(U. S. D. C. 1928.) Personal property law, New York. (Consol. Laws,
c. 41), section 15, relative to alienation of interest of beneficiary in trust,
held inapplicable as to trust created for benefit of settlor and granting
holders of beneficial interest an interest in trust fund as well as right to
income; such section covering only cases where life tenant is entitled only
to income, and has no further interest in trust fund. (Ib.)
WAREHOUSEMEN
Warehousemen—Bank held bona fide purchaser for value of warehouse receipts ivithout notice of infirmity.
(Uniform warehouse receipts act, §§ 41, 58.)
(U. S. D. C. 1928.) Bank loaning money to vendee on warehouse receipts
and taking receipts as security,without knowledge that vendee had fraudulently procured delivery of goods by carrier without production of bill of
lading, held, in view of uniform warehouse receipts act, sections 41, 58, as
against carrier, a bona fide purchaser for value of warehouse receipts, without notice of infirmity. (Southern Pacific Co. v. Bank of America, 23
Fed. Rep., 2d series, 939.)
Property—Owner of merchandise can not be deprived of title except by consent or
existence of facts estopping him from asserting title.
(U. S. D. C. 1928.) No owner of merchandise may be deprived of title
thereto except by consent, or by existence of such facts as will create an
estoppel against him to assert his title. (Ib.)
Sales—Neither thief nor trespasser can convey good title to merchandise.
(U. S. D. C. 1928.) A thief can convey no title to bona fide purchaser, nor
can a trespasser or other tortious taker convey a good title. (Ib.)
Sales—One securing title to property by fraudulent representations may convey good
title to bona fide purchaser.
(U. S. D. C. 1928.) One securing title to property by fraudulent representations may convey good title to a bona fide purchaser as the vendor is
estopped to assert its rights. (Ib.)
Warehousemen—Bona fide purchaser for value of warehouse receipts held entitled
to proprly as against carrier knowing that vendee had fraudulently procured
delivery without bill of lading.
(U. S. D. C. 1928.) Bank, which was a bond fide purchaser for value from
vendee of warehouse receipts without notice of infirmity, held entitled to
property covered by receipts as against carrier, from whom vendee fraud ulentty obtained delivery of goods without production of bill of lading,
where carrier took assignment of bill of lading and draft after knowledge
of such fraud. (Ib.)




DECISIONS OF STATE COURTS
Of particular interest to banks are the following decisions of State
courts for the year ended November 1, 1928. They include decisions
in the following reporters:
138 Atl. 865 to 143 Atl. 216.
224 N. Y. S. 229 to 230 N. Y. S. 792.
158 N. E. 289 to 163 N. E. 88.
215 N. W. 593 to 221 N. W. 96.
259 Pac. 1025 to 270 Pac, 576.
114 So. 81 to 118 So. 176.
138 S. E. 689 to 144 S. E. 688.
298 S. W. 321 to 9 S. W. (2d) 304.
Additional decisions are taken from the New York Law Journal.
These decisions are arranged in accordance with the treatment of
the subject with which they are connected in Paton's Digest.
Several references are made to legal periodicals containing comment
on the cases selected.
The abbreviation " P . D.'7 refers to Paton's Digest.
The decisions were furnished by Mr. Thomas B. Paton, general
counsel of the American Bankers Association.
DECISIONS OF STATE COURTS OF PARTICULAR INTEREST TO
BANKS FOR THE YEAR ENDED NOVEMBER 1, 1928
ACCEPTANCES—TRADE.

P. D. 143-222

A provision in a trade
acceptance that the title to the goods shall remain in the seller
until the instrument is paid, renders it nonnegotiable. This
is the minority rule. Pierce, Butler & Pierce Mfg. Corp. v.
Daniel Russell Boiler Works (Inc.), 159 N. E. (Mass.) 625.
P. D. 180.

NEGOTIABILITY OF TRADE ACCEPTANCE.

ALTEEED AND RAISED PAPER.

P. D. 298-402

DETACHMENT OF NOTE FROM INSTRUMENT OF WHICH IT IS A PART.

Note, on the same piece of paper with an order separated by a perforated line along which was the notation that the note should
not be detached by the payee, is void in the hands of a bona fide
purchaser, if detached, where under the circumstances no action
could be maintained by the original payee against the makers.
According to the court there is a split of authority upon the
question presented, Stevens v. Wheeler, 3 S. W. (2d) (Tex.
Civ. App.) 122. P. D. 398.3.




207

208

REPORT OF THE COMPTROLLER OF THE CURRENCY
BANKS AND BANKING.

P. D. 465-605

DISCOUNT OF PAPER BY NONBANKING CORPORATION AS UNAUTHORIZED BANKING UNDER THE BANKING LAW OF N E W YORK. Paper

thus discounted is void so .that the corporation discounting it can
not recover upon it. The discounting of paper renders the offending corporation subject to a penalty under section 140 of the New
York banking law. Meserole Securities Co. (Inc.) v. Cosman.
Justice Mullan, New York Law Journal, January 12, 1928.
P. D. 493.2.
OKGANIZATION OF BANK. Necessity of approval of State banking
department. Constitutionality of State statute requiring such
approval. Nature of hearing. Weer v. Page, 141 Atl. CMd.)
518. P. D. 493.3.
INVESTMENT BY STATE BANKS. "Gold note" constituting a bond.
Security State Bank v. Bone, 260 Pac. (Kan.) 639. P. D. 547.
GUARANTY.
PARTY.

POWER OF BANK TO GUARANTEE OBLIGATION OF THIRD

Guaranty to owner of bill of lading draft held in substance " a direct contract to purchase a negotiable security with
collateral attached," and thus within the power of the bank.
(Would such decision extend to unsecured drafts, notes, etc.?)
Monark Metal & Supply Co. v. General Metal & Refining Co.,
218 N. W. (Wis.) 179. P. D. 556.

CERTIFICATION OF BOND AS ONE OF SERIES DESCRIBED IN TRUST
AGREEMENT. LIABILITY OF CERTIFYING BANK.

Suggestion by court that "in the interest of protecting the public
it might be desirable if financial institutions would not lend their
names to the certification of bonds except for concerns, the financial standing of which is thoroughly determined, and the
honesty of whose officials is plainly demonstrated/' The New
York Law Journal, page 1602, July 5, 1928, Doyle v. Chatham
& Phenix National Bank of City of New York. P. D. 558.1.
BANK'S LIABILITY FOR LIBEL AND SLANDER. Statement by former
employer to subsequent employer that former employee was
guilty of embezzlement. Privileged nature of communication
to subsequent employer. Draper v. Hellman Commercial Trust
& Savings Bank, 263 Pac. (Cal. Sup.) 240. P. D. 574.
BANKS—NATIONAL.

P. D. 606-757

BANKS AND BANKING. CONSOLIDATION AND MERGER. LIABILITY
OF BANK RECEIVING ASSETS FOR CLAIMS AGAINST THE MERGED
BANK. The purchasing bank " should be held, even if there is

no contract to that effect, to have assumed the liability of paying
depositors." Huggins v. Commercial & Savings Bank, 140 S. E.
(S. C.) 177. P. D. 621.
CONSOLIDATION OF TRUST COMPANY WITH NATIONAL BANK.

Effect on trusts. (See American Bankers Association Journal for
August, 1928, p. 97.) Petition of Worcester County National
Bank of Worcester. In r£ Parsons' Estate, 161 N. E. (Mass.)
797. P. D. 621.




REPORT OF THE COMPTROLLER OF THE CURRENCY
BANK STOCK AMD STOCKHOLDERS.

209

P. D. 831-916

Where a stockholder of a
State bank is indebted to the bank and dies, the bank having a
lien on the stock under the State law, if the State bank is converted into a national bank after the death of the debtor, the
national bank will be entitled to the lien on the stock to secure
the indebtedness to it which it took over from the State bank.
(Apple v. American National Bank of Ardmore, 267 Pac.
(Okla.) 836.)

LIEN ON BANK STOCK BY STATE BANK.

BANKRUPTCY AMD INSOLVENCY. P. D, 917-953
An indorser on a note is not discharged
from liability by reason of payment of the note where such
payment is required to be returned as a preferential transfer
by virtue of the bankruptcy act. Horner v. First National
Bank of St. Mary's of Lenardtown, Md., 141 S. E. (Va.) 767.
(Case comment in Pa. L. R. 6/28, p. 994.) P. D. 929.4.

PREFERENTIAL PAYMENT.

NECESSITY FOR TRACING TRUST FUNDS ON INSOLVENCY OF NATIONAL
BANK. Adopting the Federal rule it was held that on the insol-

vency of a national bank, "it is not sufficient to trace the trust
property to the general assets of the estate and to show that it
increased the value of such general assets." The writer of the
majority opinion withheld commitment as to trust funds not
imperatively ruled by Federal law. Central National Bank
v. First National Bank, 219 N. W. (Neb.) 894.
Reversal of former holding in 216 N. W. 302, which in turn reversed
former holding in 213 N. W. 745; separate concurring opinion
on first hearing. 214 N. W. 75. P. D. 948.3.
BTJILDIETG AND LOAM ASSOCIATIONS. P. D. 1023.5
A building and loan association receiving deposits as a savings bank.
Rossi v. Hammons, Superintendent of Banks, 268 Pac. (Ariz.)
181. P. D. 1023.5.
CERTIFICATE OF DEPOSIT. P. D. 1024-1096
Money represented by certificate of deposit does not constitute a
deposit. (Questionable decision.) Blessing v. First National
Bank of Silver Creek, 230 N. Y. S. 446. P. D. 1024.7.
Issuance of nonnegotiable certificate of deposit as a crime. State
Bank v. Central Mercantile Bank of New York, 228 N. Y. S.
(App. Div.) 49. P. D. 1043.6.
CHECKS. P. D. 1097-1394
FUNDS. Constitutionality of criminal statute
relating to checks without funds which omits the element of
fraud but includes knowledge that the maker or drawer had
not sufficient funds or credit. State v. Yarboro, 140 S. E.
(N. C.) 216. P. D. 1274.

CHECKS WITHOUT




210

REPORT OF THE COMPTROLLER OF THE CURRENCY

Duty to examine and return statements and to give notice to
bank. Failure as acquiescence in correctness of account. When
mistake may be shown. Huggins v. Commercial & Savings
Bank, 140 S. E. (S. C.) 177. P. D. 1287.
FIDUCIARY CHECKS. An instrument executed by a corporate
officer payable to himself as an individual is not "regular upon
its face" as that term is used in subdivision 1 of section 52 of the
negotiable instruments act, and consequently a purchaser can
not be a "holder in due course." (Compare § 6 of the uniform
fiduciaries act.) Gilman v. F. O. Bailey Carriage Co. (Inc.),
141 Atl. (Me.) 321. P. D. 1307, § 6.
CORPORATE CHECK. Certificate under seal reciting a resolution
authorizing the bank to honor instruments drawn by corporate
officers to their own order as protection to bank against liability.
Protection to bank chargeable with notice that bank officers are
converting the proceeds of checks. Susqueh.anna Line (Inc.) v.
Auditore, 229 N. Y. S. 181. P. D. 1338.
WRONGFUL DISHONOR. Distinction between trader and nontrader
repudiated with respect to rules as to damages. Woody v.
National Bank of Rocky Mount, 140 S. E. (N. C.) 150. P. D.
1384.
COLLECTION.

P. D. 1417-1626

PAR COLLECTION OF CHECKS BY MEANS OF FEDERAL RESERVE SYS-

TEM. The court thoroughly discusses the applicable principles
and finds that there was no coercion by the Federal Reserve
Bank of Minneapolis compelling the plaintiff nonmember bank
to agree to remit without exchange charge. First State Bank
of Hugo v. Federal Reserve Bank of Minneapolis, 219 N. W.
(Minn.) 908. P. D. 1429.5.
PAR COLLECTION. State statute permitting a drawee bank to deduct
exchange charge. Where national bank received checks upon a
State bank in same town in North Carolina and presented them
over the counter. Holding that drawee bank not entitled to
exchange charge. Injunction against making this charge and
returning the check after dishonor. (Questionable decision in
that under § 189 of the negotiable instruments act, the drawee
of a check owes no duty to the holder with respect to payment.)
First National Bank of Roxboro (Inc.) v. People's Bank, 140 S. E.
(N. C.) 705. (Case comment in N. C. Law Rev., 4/28, p. 325.)
P. D. 1436.
COLLECTION AGREEMENT. A depository bank sent through the clearings a check belonging to its depositor. It received a clearance
draft for the balance due it which was dishonored. The original
check was marked paid and surrendered to the drawer. The
court held that there was no authority to charge the depositor's
account with the proportionate share of the draft. (This decision raises the question whether a collection agreement applies
where a clearance draft is taken in the absence of a specific
agreement in relation thereto. In the absence of such a specific
agreement does the bank taking the clearance draft do so at its
own risk?) Virtue v. Danbury State Bank, 218 N. W. (Iowa) 58.
(Case comment in Iowa Law Rev., 6/28, p. 472.) P. D. 1446.



REPORT OF THE COMPTROLLER OF THE CURRENCY

211

Where shall agreement be printed? Collection agreement on deposit slip as conclusive evidence of binding
agreement. Judicial statement as to justice of collection agreement placing the burden of loss upon the depositor. Ryan v.
Columbia National Bank, 140 S. E. (S. C.) 593. P. D. 1446.
COLLECTION AGREEMENT. Collection agreement between banks
authorizing second bank to "accept either cash or draft in payment." Practice of second bank to give credit to third bank as
drawee which was to remit each Wednesday and Saturday;
failure of third bank on Monday after receipt of check. Liability of second bank to first bank under collection agreement.
Stone v. Wachovia Bank & Trust Co., 143 S. E. (S. C.) 27.
P. D. 1446.
COLLECTION AGREEMENET. "A collecting bank, since it is under no
obligation to undertake a collection may impose any contractual
condition that it sees fit with respect to the manner and means
by which a collection which it does undertake shall be made."
State v. Bismarck Bank, 220 N. W. (N. D.) 636. P. D. 1446.
COLLECTION AGREEMENT. DUTY OF COLLECTING BANK. The syllabus by the court is in part as follows: " Parties delivering items to
banks for immediate credit, cash, or collection may contract with
the bank as to the terms and conditions under which the bank
may handle such matters, and all parties to such agreement are
bound by the terms thereof; subject, however, to the well-recognized principle of law, as applied in this case, that the bank could
not contract against its own negligence. If a collecting bank is in
possession of facts indicating the depressed financial condition
of a debtor bank, it is delinquent in its duty, if it neglects to
inform an interested customer of such vital condition, and fails
.to take vigorous measures, under the circumstances, to secure
payment of a check on such debtor placed with it for collection
by such customer.77 Bennett v. American National Bank, 264
Pac. (Okl.) 912. P. D. 1446.
COLLECTION AGREEMENT. A collection agreement was prominently
posted in the lobby of the bank, nevertheless the court held that
a depositor was not bound thereby in the absence of an express
agreement unless the collection agreement came to his knowledge
under such circumstanc.es that his assent might be implied.
Virtue v. Danbury State Bank, 218 N. W. (Iowa) 58. (Case
comment in Iowa Law Rev., 6/28, p. 472.) P. D. 1446.
COLLECTION AGREEMENT. An agreement that the collecting bank
may forward direct is valid. State v. Bismarck Bank, 220 N. W.
(N. De) 636. P. D. 1446.
COLLECTION AGREEMENT.

DANGER IN USE OF AGREEMENT PROVIDING THAT DEPOSITORY BANK
SHALL BE COLLECTION AGENT. Draft deposited under collec-

tion agreement providing for relation of agency. Permitting
depositor to withdraw as constituting depository bank holder in
due course. Bank of California, National Ass'n v. Young, 260
Pac. (Ore.) 227. O'Hara v. Texas National Bank of Fort Worth,
299 S. W. (Tex. Civ. App.) 649. P. D. 1461.



212

REPORT OF THE COMPTROLLER OF THE CURRENCY

ACCEPTANCE BY COLLECTING B A N K

OF D R A F T INSTEAD OF CASH.

Sanction by custom. Chicago, M. & St. P. Ry. Co. v. Federal
Reserve Bank of San Francisco, 260 Pac. (Utah) 263. "To
refuse to take judicial notice of that custom would be as absurd
as the reputed habit of the ostrich to thrust its head into the
sand." Ryer Grain Co. v. American Security Bank, 264 Pac.
(Wash.) 1000, 1002. P. D. 1554.
PRIORITY OF CLAIM WHERE DRAWEE BANK CHARGES A CHECK TO
THE ACCOUNT OF THE DEPOSITOR AND SENDS A REMITTANCE
DRAFT.
(The Kansas City Flour Mills case, 256 Pac. (Okla.) 43,

upon which the decision is based does not support it, for in that
case there was an express direction that the funds were not to be
intermingled.) Thomas v. Mothershead, 261 Pac (Okl.) 363.
P. D. 1592.
INSOLVENT NATIONAL BANK. JURISDICTION OF STATE AND FEDERAL
COURTS; EFFECT OF NONJOINDER OF RECEIVER AS PARTY.
APPLICATION OF STATE OR FEDERAL RULE.
DISTINCTION
BETWEEN " P R E F E R E N C E " AND " T R U S T FUND." Cases of the

utmost importance discussing questions suggested by the above
catch lines are:
Poweshiek County v. Merchants7 National Bank of Grinnell, 220
N. W. (Iowa) 63. (Admirable discussion of difference between
"preference" and "trust fund," clarifies a point hitherto
obscure. Most valuable contribution to law on this subject.)
Central National Bank of Lincoln v. First National Bank of
Gering, 219 N. W. (Neb.) 894. (Reversing former opinion
in 216 N. W. 302, which reversed former opinion in 213 N. W.
745.)
Vermont Loan & Trust Co. v. First National Bank of Cheyenne,
260 Pac. (Wyo.) 534.
Federal decision. Moulton v. National Farmers Bank of Owatonna, Minn., 27 Fed. (2d) 403. (Full report of this decision
on page 161 ante.)
Federal decision. Dickson v. First National Bank of Buffalo,
Okla., 26 Fed. (2d) 411. P. D. 1606.5. (Full report of this
decision on page 164 ante.
DRAFT DEPOSITED FOE COLLECTION WITHOUT STATEMENT THEREON
TO THAT EFFECT,
Transfer of superior title to correspondent

bank. Bank of California, National Ass'n v. Young, 260 Pac.
(Or.) 227. (Case comment in Bankers Magazine 3/28, p. 369.)
P. D. 1614.
DEPOSITS. P. D. 1772-1992
Power of depositary State bank to pledge
assets to secure. Recovery of collateral by reciver of insolvent
bank. Applicability of defense of ultra vires where transaction
fully executed. Farmers & Merchants State Bank of Ogilvie
v. Consolidated School Dist. No. 3, Kanabec County, 219 N. W.
(Minn.) 163. Case comment in Dak. Law Rev., 6/28, p. 259.
French v. School District No. 20 of Scott County, 7 S. W. (2d)
(Mo. Sup.) 415. P. D. 1804.

DEPOSIT OF PUBLIC FUNDS.




REPORT OF THE COMPTROLLER OF THE CURRENCY

213

Express agreement
making depositors joint tenants. Mardis v. Steen, 141 Atl.
(Pa.) 629. P. D. 1832.
"A bank account in the name of husband and wife, in the absence of
evidence to the contrary, creates a survivorship in the wife,
whether or not there has been a delivery of the bank book.
The intention of the husband, when so depositing his money,
is presumed to be to benefit the wife to the extent of conferring
the right of survivorship upon her and to leave him with the
control and the right of disposition thereof during his life/7
The above principle applies where an account is not in substantially
the form designated by the statute which makes an account in
two names the property of the depositors as joint tenants.
Brumer v. Brumer, 228 N. Y. S. (App. Div.) 63. P. D. 1866.
DEPOSITS. ACCOUNT STATED. The rule as to account stated does not
apply to statement of account rendered by a bank to its depositor.
The reason given is that a bank is not merely a debtor of its
depositor but also is a paying agent; the depositor having the
right to demand repayment at any time. Huggins v. Commercial
& Savings Bank, 140 S. E. (S. C.) 177. P. D. 1950.
PAYMENT OF JOINT ACCOUNT TO SURVIVOR.

FORGED PAPER.

P. D. 2012-2363

The general rule that a drawee bank can not recover money paid on
a forged check is subject to an exception where the bank from
which recovery is sought has merely given an unwithdrawn
credit on a bank account. Such bank is not a holder in due
course; it has not parted with value. American Surety Co. of
New York v. Industrial Sav. Bank, 219 N. W. (Mich.) 689.
P. D. 2044.7.
A depositor sued a drawee bank claiming that the indorsements on
its checks were forged. The bank was permitted to bring in
the indorsers as parties under section 193 of the New York
Civil Practice Act, on the ground that the indorsers would be
liable over to it and in order that the liability of the bank to the
drawer of the checks might be made res adjudicata for the bank
against the indorsers. National Surety Co. v. Nassau National
Bank decided by Justice Tierney and published in the New
York Law Journal of March 1, 1928. P. D. 2168,6.
HOLDER IN DUE COURSE.

P. D. 2436-2486

Instrument purchased on date of maturity as overdue paper.
v. Major, 260 Pac. (Okla.) 763. P. D. 2442.3.
INDORSER AND INDORSEMENT.

Spring

P. D. 2525-2834

Oral agreement that indorsement of one note shall be considered
indorsement of another upheld. (Holding is inconsistent with
usual understanding that an indorsement must be in writing.
See Negotiable Instruments Act § 31 providing that "the indorsement must be written on the instrument itself or upon a paper
attached thereto." This section was not cited.) Hubb Diggs
Co. v. Fort Worth State Bank, 298 S. W. (Tex. Sup.) 419.
P.D
 . 2552.


214

REPORT OF THE COMPTROLLER OF THE CURRENCY

INDUSTRIAL LOAN DEPARTMENTS.

P. D. 2834.7

Right to
charge same interest rate as small loan corporations in excess of
ordinary rate. Universal Loan Corporation v. Board of Review
of City of Des Moines, 219 N. W. (Iowa) 536. Welfare Loan
Society of Des Moines v. City of Des Moines, 219 N. W. (Iowa)
534. P. D. 2871.6.

INDUSTRIAL LOAN DEPARTMENTS OF NATIONAL BANKS.

INSURANCE.

P. D. 2835-2871

The phrase " statutory larceny" in a banker's insurance policy has
been held to include the withdrawal of funds credited by reason
of a forged check. Withdrawal had been permitted on the
assumption that the forged check had been paid. Trade Bank
of New York v. United States Fidelity & Guaranty Co., 229
N. Y. S. 93. (Reversed by court of appeals, October 23, 1928,
"on the ground that within the meaning of the policy the plaintiff's loss was indirectly effected by means of forgery." 5 New
York Appellate Courts Digest 21.) P. D. 2856.1.
INTEREST AND USURY. P. D. 2872-3001
An usurious note is void in the hands of a holder in due course.
(Conflict as to this.) Yonock v. Emery, 4 S. W. (2d) (Tex.
Civ. App.) 293. P. D. 2992.
LOST AND STOLEN PAPER.

P. D. 3037-3193

Blank American Express travelers' checks were stolen from the
selling agent and sold to a bank after the blanks were filled.
The court held that the drawee express company was not liable
to the purchasing bank since the blanks when stolen constituted
"merely waste paper.77 There could be no holder in due course
of such paper. There could not be even "the holder of a negotiable instrument at all.77 There was no negligence on the part
of the express company or of its selling agent in connection with
the theft of the blanks. (The dissenting opinion proceeded
primarily on the public policy of extending protection to negotiable instruments. The purchasing bank was an innocent
purchaser for value. Under the majority opinion it is difficult
to see how a bank in purchasing a travelers check can protect
itself against stolen blanks.) American Express Co., v. City
Nat. Bank of Galveston, 7 S. W. (2d) (Tex. Civ. App.) 886.
P. D. 3148.
MORTGAGES—REAL ESTATE.

P. D. 3194-3280

Holder in due course of mortgage note takes free from defenses in
suit on note, but is subject to defenses when enforcing the mortgage. (Conflict of authority on this.) First National Bank of
Goodwin, S. D., v. Marshall State Bank, 216 N. W. (Minn.)
231. P. D. 3212.



REPORT OF THE COMPTROLLER OF THE CURRENCY

215

Sale of mortgaged land with assumption of mortgage debt. Release
of maker of negotiable note by extension of time to purchaser of
mortgaged land. Peter v. Finzer, 217 N. W. (Neb.) 612. Case
comment in Minn. Law Rev. 5/28, p. 668. Neb. Law Bull.
5/28, p. 417; Mich. Law Rev. 6/28, p. 929. ? . D. 3220.
NEGOTIABLE INSTRUMENTS GENERALLY.

P. D. 3373.4

Extension of statutory principles of Negotiable Instruments Act to
non-negotiable instruments. (Concurring opinion of Justice
Evans; one of the most illuminating judicial statements of the
year. First Nat. Bank of Ft. Dodge v. McCartan, 220 N. W.
(Iowa) 364. P. D. 3373.4, V2.
NOTES.

P. D. 3433-3718

Tendency of courts to hold instruments negotiable where they can be
reasonably so held. Williamson v. Craig, 215 N. W. (Iowa) 664.
P. D. 3434.3.
MOTES AND ACCEPTANCES PAYABLE AT BANK.

P. D. 3719-3746

The failure of a bank at which a note is made payable excuses the
holder of the note from making presentment there and he is not
required to make presentment elsewhere. Calkins v. Vaughan,
114 So. (Ala. Sup.) 570. P. D. 3744.3.
Contra: Wood v. Roe, 218 N. W. (Iowa) 51, where the court
said: "The fact that the bank specified as the place of payment
is insolvent and in the hands of a receiver is no excuse for nonpresentment." The court further stated that a waiver of presentment at the bank at which the note was made payable did not
waive presentment to the maker of the note.
PLEDGE AND COLLATERAL.

P. D. 3810-3937

The pledgee may enforce a pledge made by a third person after the
statute of limitations has run against the debt for which the
pledge has been made. Weems v. Carter, U. S. District Court,
Va., U. S. Daily, p. 234, March 28, 1928. P. D. 3815.2.
Where a collateral note is void as between the original parties, a
holder can collect only such amount as is uncollectible on the
original indebtedness. Kincaid v. Lee County State Bank,
4 S. W. (2d) (Tex. Civ. App.) 310. P. D. 3873.9.
Pledge to secure general indebtedness of debtor—Strict construction
against pledgee bank—Liabilities existing at time of pledge. St.
Lucie County Bank & Trust Co. v. Aylin, 114 So. (Fla.) 438.
(Case comment in Ala. Law Jl. 5/28-p. 285.) P. D. 3891.
PRESENTMENT, PROTEST AND NOTICE.

P. D. 3938-4173

NECESSITY OF PROTEST OR NOTICE IN ORDER TO HOLD INDORSERS OR
DRAWER. TEXAS STATUTE. In 1848 a Texas statute was enacted

providing that in lieu of protest or notice, the liability of an
indorser or drawer could be fixed by bringing suit on a bill of
20669°-^H. Doc. 361, 70-2
15



216

REPORT OF THE COMPTROLLER OF THE CURRENCY

exchange or promissory note within a fixed time. This statute
was held in First National Bank v. Lee County Cotton Oil Co.,
274 S. W. 127, to have been repealed by the negotiable instruments act enacted in 1919. This statute was incorporated as a
part of the 1925 Kevised Civil Statutes as article 566. Does this
reenactment provide a substitute for protest and notice in order
to hold an indorser or drawer liable? The court expressly refused
to decide this question in Hall v. First State Bank, 4 S. W. (2d)
(Texas Civ. App.) 253. P. D. 3940.
Presentment of a check for certification is insufficient presentment;
refusal to certify is not such dishonor as authorizes suit against
the drawer. Wachtel v. Rosen, 228 N. Y. S. 476. P. D. 3982.9.
SAFE DEPOSIT AND SAFEKEEPING.

P. D. 4187-4314

AN AGREEMENT GIVING A SURVIVING JOINT LESSEE OF A SAFE-DEPOSIT
BOX ACCESS IS NOT CONTRARY TO PUBLIC POLICY. T h e SUIvivor

removed assets belonging to the decedent. It was held that the
bank was not liable to the administrator of the decedent where no
duty rested upon it under the terms of the contract to protect the
contents of the box from the survivor. Kirwan's Administrator
v. Citizens' Union Nat. Bank, 299 S. W. (Ky. App.) 1104. P. D.
4312.
SET-OFF.

P. D. 4315-4461

North Dakota statute requiring depositor's consent. In North
Dakota where statute prohibits set-off by depository bank without depositor's consent, it can not in suit against depositor make
itself garnishee. First International Bank of Minot v. Brehmer
(First International Bank of Minot, Garnishee). 215 N. W.
(N. D.) 918. (Case comment in Mich. Law Rev. 2/28-p. 575.)
P. D. 4319.
A provision authorizing a bank to set-off against a time note a deposit
at any time the bank feels itself insecure, renders the note nonnegotiable. The court noted that the bank might appropriate
the deposit of the maker of the note and subsequently transfer
the note as an existing obligation for the full amount. "Then
through no fault of the maker a note which had been paid would
be left where it might, under certain circumstances, creep into
circulation. In case the note were transferred, if the instrument
is negotiable, the holder in due course could force payment a
second time." First State Bank of Cheyenne v. Barton, 263
Pac. (Okl.) 142. (Case comment in Pa. Law Rev. 5/28, p. 866.)
P. D. 4332.2.
Set-off by bank without actual notice of trust character of deposit
but with knowledge of circumstances putting it on inquiry.
Livestock check. First National Bank in Oklahoma City v.
Duncan, 260 Pac. (Okla.) 491. P. D. 4359.
Knowledge that the payee of a note is insolvent does not preclude the
indorsee being a holder in due course. Where the payee is a
bank, the depositor can not set off his deposit against the note
as against a transferee with knowledge of the bank's insolvency.
Such insolvency involving the right of set-off is not an ''infirmity."




REPORT OF THE COMPTROLLER OF THE CURRENCY

217

Orr v. Barnett, 216 N. W. (S. D.) 347. (Case comment in
Mich. Law Rev. 5/28, p. 806.) P. D. 4454,7.
STOPPING PAYMENT.

P. D. 4462-4558

Validity of agreement releasing bank from liability for nonobedience
to stop payment order. Levine v. Bank of United States, 229
N. Y. S. 108. P. D. 4463.
TAXATION—STATE.

P. D, 4617-4714

Omission of alternative method
of paying tax of 10 mills on the par value. Time when such
amendatory act becomes effective. Commonwealth v. Central
National Bank, 143 Atl. (Pa.) 105. P. D. 4617.

PENNSYLVANIA TAX ON BANK STOCK.

INVALIDITY OF TAX ON STATE BANK STOCK WHERE SUCH TAX INVALID
AS TO NATIONAL-BANK STOCK BECAUSE OF DISCRIMINATION IN
FAVOR OF "MONEYED CAPITAL." Since "the shares of national

banks can not be taxed at a greater rate than is assessed on other
moneyed capital in the hands of individual citizens, coming into
direct competition with such banks, it follows that the shares of
State banks in South Dakota can not be taxed at a greater rate
than is assessed upon other moneyed capital coming into competition with the business of such banks."
In support of the above are cited: State Bank of Omaha v.
Endres, 109 Neb. 753, 192 N. W. 322; Munn v. Des Moines
National Bank (C. C. A.) 18 Fed. (2d) 269. Paraphrasing the
principle, discrimination in taxation against a national bank
renders the tax illegal as to it. State banks are in the same tax
class as national banks; consequently, if the tax is invalid as to
a national bank, it is invalid as to a State bank. Commercial
State Bank of Wagner v. Wilson, County Treasurer, 220 N. W.
(S. D.) 152. P. D. 4623.
In determining whether a tax upon the capital stock of a Nebraska
State bank was invalid the court referred to the earlier decision
of State Bank v. Endres, 109 Neb. 753, 192 N. W. 322, where
"we held that, if national banks were to be excluded from the
operation of section 5887, State banks would also have to be
excluded, because otherwise the taxes levied thereunder would
lack the uniformity as to class required by section 1, article 8,
of the constitution of Nebraska. That case was cited with
approval in Central Nat. Bank v. Sutherland, 113 Neb. 126, 202
N. W. 428." State v. Ord. State Bank, 220 N. W. (Neb.) 265.
P. D. 4623.
Taxable value of bank shares. Deduction of accrued bank taxes and
accrued interest on deposits though not yet payable on day of
assessment of such shares. State v. Gehner, 5 S. W. (2d) (Mo.
Sup.) 40. P. D. 4641.
Deduction of value of real estate in assessing bank stock. Assessment
of real estate situated outside of the city where bank located.
Merchants 1 & Farmers7 Bank v. City of Kosciusko, 116 So.
(Miss.) 88. P. D. 4654*



218

REPORT OF THE COMPTROLLER OF THE CURRENCY

National bank stock may be taxed at a higher rate than the property
of a small loan corporation. Welfare Loan Soc. of Des Moines v.
City of Des Moines, 219 N. W. (Iowa) 534. Universal Loan
Corporation v. Board of Review of City of Des Moines, 219 N. W.
(Iowa) 536. P. D. 4664.
The taxation of the stock of a South Dakota State bank is invalid if
the "shares of its capital stock are taxed at a greater rate than
other moneyed capital, substantial in amount, coming into direct
competition with its business in its locality/7 In 1926 the stock
was taxed at the general personal property rate of 50.27 mills
while moneys and credits were taxed at 4 mills. Commercial
State Bank of Wagner v. Wilson, County Treasurer, 220 N. W.
(S. D.) 152. P. D. 4664.
Under the 1925 amendment of the Nebraska law stock in banks and
loan and trust or investment companies is assessed as intangible
property at 70 per cent of the rate of taxing tangible property.
Other intangibles are taxed at 2x/i mills on the dollar except that
corporate stock other than as above stated is taxed at 5 mills.
In the case before the court the 70 per cent rate resulted in a tax
on bank stock of 29.2 mills; consequently the 1925 statute was
held unconstitutional. The bank involved was a State and
not a national bank. State v. Ord State Bank, 220 N. W.
(Neb.) 265. P. D. 4664.
State taxation of national banks. Discrimination against nationalbank stock. Provision of State constitution requiring that all
property be taxed according to its value. Assessment of nationalbank stock at 90 per cent of cash value and other property at
75 per cent. Statement that this violates amendment 14 of the
Federal Constitution. Boonville National Bank v. Schlotzhauer, 298 S. W. (Mo. Sup.) 732. P. D. 4664.
Adoption by Florida Supreme Court of rule established by United
States Supreme Court that a tax against stock of a national bank
is invalid where " the assessors habitually and intentionally, or
by some rule prescribed by themselves, or by some one whom they
are bound to obey, assessed the shares of the national banks
higher in proportion to their actual value than other moneyed
capital generally.77 According to the pleadings in the Florida
case competing moneyed capital was omitted from taxation.
Roberts v. American National Bank of Pensacola, 115 So. (Fla.)
261. P. D. 4664.
Method of taxation of bank stock. Changing assessment from bank
to stockholder. Ludeman v. Cerro Gordo County, 216 N. W.
(Iowa) 712. P. D. 4674.
Assessment of bank stock to bank and payment by bank. Refund.
Bank or stockholder entitled to refund. Richmond Trust Co.
v. Christian, 142 S. E. (Va.) 528. P. D. 4675.5.
Tax on shares of bank which fails. Collection from assets of bank.
Assessment of shares to bank or to stockholders. People v.
Toluca State Bank, 159 N. E. (111.) 240. P. D. 4678.
Tax on shares of bank which fails. Lien on real estate of bank.
Priority as between taxes and claims generally against State
bank. Andrew v. Muni), 218 N. W. (Iowa) 526. P. D. 4678.



REPORT OF THE COMPTROLLER OF THE CURRENCY

219

Taxes on shares of bank which fails. Payment of taxes from State
guaranty fund. Whether tax is in substance against bank or
against stockholder. Farmers' State Bank of Belden v. Nelson,
218 N. W. (Neb.) 393. P. D. 4678.
Public securities issued by a State, its subdivisions or boards, and
owned by a nonresident may be subjected to inheritance tax
levied by that State. In re Taylor's Estate, 221 N. W. (Minn.)
64. P. D. 4702.
Public securities, such as Government bonds, are intangible choses
in action not having an exclusive tax situs where physically present but are subject to tax by State where owner domiciled.
Blodgett v. Silberman, 48 U. S. Sup. Ct. 410. (Commented on
in Bulletin National Tax Association, May, 1928; Columbia
Law Review, June, 1928, page 827; and Harvard Law Review,
June, 1928, page 1066.) P. D. 4702.
DEFINITIONS OF LEGAL AND BANKING TERMS.
PENDIX TO VOLUME 1, PAGES 1-44

P. D. AP-

Deposit and loan distinguished. Farmers' & Merchants' State
Bank of Ogilvie v. Consolidated School Dist. No. 3, Kanabec
County, 219 N. W. (Minn.) 163. Case comment in Dak. Law
Rev. 6/28, page 259. P. D. Appendix to volume 1, page 14.
TABLE N O . 1.—Comptrollers and Deputy Comptrollers of the Currency, dates of
appointment and resignation, and States whence appointed
No.

Date of
appointment

Name

Date of
resignation

State

COMPTROLLERS OF THE CURRENCY

McCulloch, Hugh
Clarke, Freeman
__ __ _
Hulburd, Hiland R
Knox, John Jay
Cannon, Henry W
Trenholm, William L
Lacey, Edward S
Hepburn, A. Barton
Eckles, James H
Dawes, Charles G
Ridgely, William Barret
Murray, Lawrence O
Williams, John Skelton
Crissinger, D. R
Dawes, Henry M
Mclntosh, Joseph W___
Pole, J. W

May
Mar.
Feb.
Apr.
May
Apr.
May
Aug.
Apr.
Jan.
Oct.
Apr.
Feb.
Mar.
May
Dec.
Nov.

9,1863 Mar.
21,1865 July
1,1867 Apr.
25,1872 Apr.
12,1884 Mar.
20,1886 Apr.
1,1889 June
2,1892 Apr.
26,1893 Dec.
1,1898 Sept.
1,1901 Mar.
28,1908 Apr.
2,1914 Mar.
17,1921 Apr.
1,1923 Dec.
20,1924 Nov.
21,1928

8,1865 Indiana.
24,1866 New York.
3,1872 Ohio.
30,1884 Minnesota.
1,1886
Do.
30,1889 South Carolina.
30.1892 ! i Michigan.
25.1893 New York.
31,1897 Illinois.
30,1901
Do.
28,1908
Do.
27,19131 New York.
2,1921 Virginia.
30.1923 Ohio.
17.1924 Illinois.
20,1928
Do.
Ohio.

DEPUTY COMPTROLLERS OF THE CURRENCY

Howard, Samuel T
Hulburd, Hiland R
Knox, John Jay
Langworthy, John S
Snyder, V. P
Abrahams, J. D
Nixon, R. M
Tucker, Oliver P
Coffin, George M
Murray, Lawrence O
Kane, Thomas P
Fowler, Willis J
Mclntosh, Joseph W7
Collins, Charles W
Stearns, E. W
Await, F. G
Gough, E. H
Proctor, John L
i Term expired.




May
Aug.
Mar.
Aug.
Jan.
Jan.
Aug.
Apr.
Mar.
Sept.
June
July
.__. May
July
Jan.
July
July
Dec.

9,1863 Aug. 1,1865
1,1865 Jan. 31,1867
Apr. 24,1872
Jan. 3.1886
Jan. 3.1887
May 25,1890
Mar. 16,1893
Mar. 11,1896
Aug. 31.1898
June 27.1899
Mar. 2,1923
Feb. 14,1927
Dec. 19,1924
June 30.1927
Nov. 30.1928

12,1867
8,1872
5,1886
27,1887
11,1890
7,1893
12,1896
1,1898
29,1899
1,1908
21,1923
1,1923
6,1925
1,1927

6.1927
1.1928

New York.
Ohio.
Minnesota.
New York.
Do.
Virginia.
Indiana.
Kentucky.
South Carolina.
New York.
District of Columbi?
Indiana.
Illinois.
Do.
Virginia.
Maryland.
Indiana.
Washington.

2 Died Mar. 2, 1923.

220

REPORT OF THE COMPTROLLER OF THE CURRENCY

TABLE N O . 2.—Names and compensation of officers and clerks in the office of the
Comptroller of the Currency, October 31, 1928
Designation

Name
Quinn, Edmund F
Herndon, John G
Yeatman, John P
Avery, Antoinette M _ _
Kane, William A
Gross, Clyde E
Burton, Russell O
Schreiner, Edmund E Davenport, William S .
Thompson, George
Fuller, Jane L
Frye. Ruby M
Reese, William H
Marble, George R
Wilson, Gordon K
Offutt, William F
Bock, Carl
Johnston, Edna E
Sithens, Charles H
Pennock, Caroline L___
Ellis, HarrieB
Tucker, Samuel M
Hanlon, Margaret T _ __
Poultney, William W .„
Herndon, John W
Lewis, John O
O'Mara, VeraL
Verrill, Harry M
Whelan, Marjorie B
Wilcox, Ephriam S
Murphy, Maud V
Lovelly, Laura F
Tylor, Gertrude I
Basinger, Walters
Allred, Nell H
Bentley, Thomas B
Reed, S. E .
Moyer, A l t a T
Pumphrey, C arrie B
Trumbull, Annette M
Wright, Nellie K
Jones, Margaret E
Friedrichs, Minna K
Hunt, Hermon
Jump, Mollie C
O'Brien, May F
Trussell, Olga M
Andrews, Ettie F
Hilleary, Rua
Harris, John E
Clagett, Dorothy L
Baldwin, Wallace N
Burlingame, Delia J
Hewson, Ella
Lowell, Harriet P
Jorgenson, John A
Haley, John R
Murphy, Clara M
Kelly, George
Smith, Helen M
Deal, Jessie F
Heizer, Helen V
Heizer, Nannie B
Nolan, LidaA
Schiller, Ernestine H
Young, Grace E
Munnerlyn, Joseph A
Crocker, Henry A. D
Nichols, Sada C
Mortimer, Mary H
Ogden, Nellie M
Beall, Clara M
Buckley, Regina C
Erickson, Bertha V
Walker, Johanna S
Jamieson, William G
Wigginton, Norval P
Barry, Gertrude I
Brumbaugh, Delia L
Chisholm, Elizabeth
Colburn, Nellie A . . .
Vernon, Josephine G
Hopkins, Edna
 I



Administratiye officer
Senior administrative assistant-,
.do
.do.,
.doAdministrative assistant
Junior administrative assistant-,
do
.do..
.do-.
_do_.
.do.do-.
.dodo
Principal clerk _
....do
do
.--do-,
Senior clerk.
doPrincipal clerk.
Senior clerk
_do_.
Senior clerk-stenographer..
Senior clerk
do..
Senior clerk-stenographerdo
Clerk.
Senior clerk
Head operator, office devices.
Senior clerk-stenographer
do
Clerk
.do..
_do_.
C lerk-stenographer.
__._do
____do
Clerk
Assistant clerk
do_doSenior operator, office devices.
Clerk.
_do_.
_do.
_do.
Senior clerk-stenographer
Junior clerk.
.__
lo
do_
-do_.
_do_.
-do..
_do.doAssistant clerk..
do
.do
_do_.
_do_do_.
_do_.
_do_.
_do_.
-do_

Assistant clerk-stenographer..
.doHead typist.
Senior operator, office devices.
do
do
.
do
Senior stenographer .
Assistant clerk
.dodo_do.
_do.
_do_.

Salary
$4, 800
3,500
3,500
3,200
3,200
3,100
3,100
3,100
2,800
2,700
2, 700
2,600
2,600
2,600
2,600
2,500
2,500
2,500
2,400
2,400
2,400
2,300
2,200
2,200
2,200
2,200
2,200
2,200
2,200
2,100
2,100
2,100
2,100
2,000
1,920
1,920
1,920
1,920
1,920
1,920
1, 920
1,920
1,920
1,920
1,920
1,920
1,860
1,800
1,800
1,800
1,800
1,740
1,740
1,740
1,740
1,740
1,740
1,740
1,740
1, 740
1,740
1,740
1,740
1,740
1,740
1,740
1,740
1,740
1,740
1,740
1,740
1,740
1,740
1,740
1,740
1,740
1,740
1,680
1,680
1,680
1,680
1,680
1,680

221

EEPORT OP THE COMPTROLLER OF THE CURRENCY

TABLE N O . 2.—Names and compensation of officers and clerks in the office of the
Comptroller of the Currency, October 31, 1928—Continued
Name
McCrone, Clara O'B
McKinney, Elva L
Quackenbush, Dorothy S
Magruder, Edith P
Bales, Anna S
Dailey, William
Weeks, Katherine
Minogue, B. Pearl
Dodge, Victor H
Horsey, Olga S
Israel, Frank T
Davidson, Julia
Tsehiffely, Lacey B. R
Haymon, N . Mabel
Haygood, Ethel
Sazama, Alice R
Stafford, Catherine M .
Dyson, Aline
Easterday, William A
Elmore, Annie L
Glenn, Frances W. M
Mueller, Pauline
Taylor, Mathilda S . . .
Wood, Kathleen
Chiles, Charles R
O'Donnell, Josephine A
Keim, Charles C
Kellam, Margaret M
Harleston, Catherine
Smith, Clara E
Smith, Charles A
Watts, Metta F
Frock, Anna C
Mallet, Katherine H
Wilson, Mildred C
Chamberlain, Robert J
Kemether, Eva C
Parsons, Edith N
Marks, Grace
Cook, George M
Dillard, John
Canavan, Josephine
Dillon, Minnie L
Brown, Edith L
White, Grace M
Hueter, Marion R
Wolfe, Alice M
Braxton, Henry
Curtin, Anna E
Croson, Maud B
Ridgeway, Rose C__
Whiteman, Edgar
Hatter, Madeline B
Dowden, Eleanor C
DuRant, Anna K
Dutrow, Mary H
Duvall, Grace N
Mennel, Theresa
Pennock, Emily E--_
Reese, Ali:
Roberts, Victoria
She ward, Adelaide H .
Miller, Bellum..
Settle, May C. W
Simms, Harry E._
Cover, Thomas A_
Jones, George S
Taylor, John H
Carroll, John I__
Mims, Alvin E
Holland, Thomas
Blount, Joseph T
Mann, Harry C
Haley, Mary C
Mundie, James F
Hill, Edgar W
Thompson, Frank
Poles, James
Barrett, Lester J__
Berkley, Guy H__
Moss, Benjamin F
Cooper, Mary B
Taylor, Mary F_




Designation

.

_
_
_

.__

Assistant clerk,
.do
_•__.
_do-.
.do-.
.do_do.doSenior stenogrpaher
Assistant clerk-stenographer
do
Assistant clerk
do
do
do
Assistant clerk-stenographer
do
do
Senior stenographer
Junior mechanic
Junior clerk
do
do
do
do
Underclerk
Junior clerk
do
do
do
do
do
do
do
Junior operator, office devices
do
do
do
Senior typist
Underclerk
do
do
Junior clerk_
.do
_do_
_do.
Junior operator, office devices,
.doMessenger.
Underclerk-.
Junior clerk _ _
Senior typist_
MessengerUnder clerk_.
do
.do
.do.
_do.
_do.
_do.
_do_
_do.
_do_
_do.
!
do
.do
Messenger
do
do
do
do
do
do
Underclerk
do
Messenger
do
Junior laborer
do
Messenger
do
Minor mechanic- _
Minor domestic attendant _
do._

Salary
(580

__.

680
680
680
680
680
680
680
620
620
620
620
620
620
620
620
620
560
560
560
560
560
560
560
560
560
560
560
560
560
560
560
560
560
560
560
500
500
1,500
1,500
1,500
1,500
1,500
1,500
1. 500
1,500
1,440
1,440
1.440
1,440
1,380
1,380
1,380
1,380
1,380
1,380
1,380
1,380
1,380
1,380
1,380
1,380
1,380
1,380
1,380
1,380
1,380
1,380
1,380
1,380
1,320
1,260
1, 260
1,260
1,260
1,260
1,200
1,200
1,200
540
540

222

REPORT OF THE COMPTROLLER OF THE CURRENCY

TABLE N O . 3.—Number of national banks organized since February 25, 1863,
number passed out of the system, and number in existence October 31, 1928
Under act of Feb. 25, 1863
Underact of June 3, 1864
Under gold currency act of July 12, 1870
Under act of Mar. 14, 1900

456
8,142
10
4,641

Total number of national banks organized
Number reported in voluntary liquidation
Number passed into liquidation upon expiration of corporate existence
Number consolidated under act of Nov. 7, 1918
Number placed in charge of receivers J

_

Total number passed out of the system

3, 952
208
218
1,164

13, 249

5, 542

Number now in operation

__ 7, 707

TABLE N O . 4.—Authorized capital stock of national banks on the first day of each
month from January 1, 1924, to November 1, 1928, United States bonds on
deposit to secure circulation, circulation secured by bonds on deposit, the amount
of laivful money on deposit to redeem circulation, and national-bank notes outstanding, including notes of national gold banks

Date

1924
January...
February _ _
March
April
May
June
July
August
September.
October __..
November.
December..
January
February.
March
April
May
June
July
August
September.
October
November.
December..
January...
February..
March
April
May
June
July
August
September.
October
November.
December..

1925

1926

i Num- Authorized
| ber of I capital stock
j banks

8,234 i$l, 338, 513, 715 5746, 577, 780i$740, 521,
8,219 1, 336,133, 715 747, 256, 230 742, 670,
8,188 1,339,378,715 748, 875,180 743, 454,
8,164 1, 341, 776, 215 749, 974,180 745,171,
8,153 1, 342, 071, 215 750, 676, 680 745, 795,
8,137 1, 340, 916, 215 750,113,430 745, 029,
8,125 1, 340,141, 215 750, 858, 930 744, 953,
8,117 1, 342, 096, 215 746, 611, 640 740, 549,
8,109 1, 341, 636, 215 742, 462, 390 737,141,
8,108 1, 342, 606, 215 741, 239, 890 736, 557,
8,098 1, 335, 766, 215 739, 842, 890 735, 602,
8,092 1, 334, 891, 215 737, 635, 790 733,995,
I 8,090
8,078
8,068
8,066
8,084
8,103
8,112
8,117
8,115
8,120
8,118
8,114

1, 339,093,
1, 342, 563,
1, 356, 043,
1, 359, 768,
1, 369, 553,
1, 372, 738,
1, 376, 973,
1, 377, 358,
1, 379, 623,
1, 381,983,
1, 381, 978,
1, 380, 743,

731, 613, 630
725,171, 780
666, 943, 330
665, 608, 330
666,010, 330
665, 502, 880
665, 061, 330
665, 227,130
665, 810,130
665, 542, 630
666,185,130
666, 087, 630

8,092 1,385, 648,215 666, 273,130
8,077 1, 392,178,205 665, 363, 590
8,070 1,397,304, 455 665,235, 640
8,059 1,400,003, 655 665, 568,140
8,054 1, 418, 643, 655 665, 686,140
8,043 1,420,271,155 665, 465,140
8,038 1, 420, 087, 405 665, 616, 390
8,031 1,422, 654,905 665,941,890
8,025 1,422, 749,905 665, 889, 940
8,018 1.421,369,905 665, 830, 440
8,008 1,422,132, 405 665,492,880
7, 985 1, 413, 850, 405 666,278,180

1927
7,972 1,417,160, 405
January...
7,950 1, 421, 452, 905
February..
7,927 1,445,067,905
March
7,894 1,474,432, 905
April
7,863 1,470,085,905
May
7,845 1,474,055,905
June
7, 844 1,481, 279, 615
July
7,842 1,485,989,615
August
7,831 1,486,712,615
September.
7,833 1,500,437,615
October
7,832 1,502,697,615
November.
7,833 1,521,797,615
December..
i Exclusive
 of those restored to solvency.



United | Circulation
secured
State bonds
on deposit by United
to secure
States
circulation
bonds

666, 211, 440
664,503,940
666,138,640
665,641, 990
665,724, 930
667,095, 680
666,991,130
667, 156, 290
667,143, 790
666,985, 790
666, 873, 290
606, 830, 210

Lawful
money on
deposit to
redeem
circulation

Total
nationalbank notes
outstanding

$31,045, 227 $771,566,979
30,126, 232 772, 796, 769
30, 964,444 774,419, 202
31,162, 366 776, 334, 042
31,611,330 777, 406, 992
32, 460, 609 777, 490,127
33, 058,069 778, Oil, 779
36, 537, 849 777, 087, 589
40, 052,136 777,193,194
39,269,184 775, 826, 844
38. 679,189 774, 281, 624
40^ 152, 976 774,148, 557

727,175, 641 44,871,176
722, 092, 263 47, 748,139
663, 324, 911 100. 532, 366
661, 613, 281 93, 597, 406
661, 397, 558 86, 028, 261
661, 293, 895 78, 275, 574
660, 501, 393 72, 864, 681
660,341,413 66, 214, 271
662,186, 083 61, 476, 914
661, 380, 320 56, 543, 569
662, 538, 483 51, 264, 261
662, 622, 888 48,127, 556

772,046, 817
769, 840, 402
763, 857, 277
755, 210, 087
747,425, 819
739, 569, 469
733, 366, 074
726, 555, 684
723, 662, 997
717, 923, 889
713, 802, 744
710, 750, 444

658,362, 223
661,298, 333
661,244,347
661,016,470
661,664,478
660,677,175
660, 986, 560
661,434,195
659, 760,467
660, 555, 797
661, 742,830
662, 764,613

46,194, 204 704, 556,427
45,050,979 706,349, 312
45,059, 372 706,303, 719
44,211,319 705, 227, 789
42, 519, 201 704.183. 679
42, 697,987 703,375,162
41, 682, 684 702,669, 244
40, 714, 779 702,148, 974
39, 768, 777 699, 529,244
39,178,467 699, 734, 264
38,971, 702 700, 714, 532
37,927, 974 700,692, 587

661, 046,465
657,364, 790
660,366,240
661, 673, 603
662, 238, 833
663,156, 720
661, 288, 545
661, 550, 768
663, 747,178
662, 742,593
663,167,030
663,340,675

36, 721,464
37, 856, 759
36, 825,184
38, 251, 364
39,074,404
42, 777, 217
42, 857, 722
42,967, 269
41,052, 614
40, 537,019
39, 825,664
39,060,424

697, 767,929
695,221, 549
697,191,424
699, 924, 967
701,313,237
705,933, 937
704,146, 267
704, 518,037
704, 799,792
703,279, 612
702,992, 694
702,401,099

REPORT OF THE COMPTROLLER OF THE CURRENCY

223

TABLE N O . 4.—Authorized capital stock of national banks on the first day of each
month from January 1, 1924, to November 1, 1928, United States bonds on
deposit to secure circulation, circulation secured by bonds on deposit, the amount
of lawful money on deposit to redeem circulation, and national-bank notes outstanding, including notes of national gold banks—Continued
Number of
banks

Date

January
February.
March__ +
April
May
June
July
August
Septeitfber
October
November

1928

Authorized
capital stock

United
Circulation
State bonds
secured
on deposit
by United
to secure
States
circulation
bonds

Lawful
money on
deposit to
redeem
circulation

Total
nationalbank notes
outstanding

; 7,821 l$l, 537, 432, 615 £667,127, 710 $662, 380, 082 $38, 623, 507 $701,003, 589
',810 ' 1,541,562,615 666, 230, 710 659, 332, 017 38,407, 517 697, 739, 534
7, 793 1, 542, 207, 615 667,011,210 661,481,322 38, 250, 372 699, 731, 694
783 1, 564, 712, 615 666, 866, 710 662, 412, 992 36. 802, 227 699, 215, 219
761 1,585,632,615 666,196, 460 661,127, 660 38, 814, 509 699, 942,169
748 1,585, 547, 615 667,491,900 661, 522,450 39, 757,992 701, 280,442
745 1,598,007,615 665, 658, 650 658, 732, 988 40, 887, 664 699, 620, 652
723 1, 610, 676, 615 666, 643, 200 658, 463,423 38, 926, 224 697, 389, 647
717 1, 614, 656, 615 666, 732, 700 660, 518,182 38, 299, 802 698, 817, 984
716 1,620,279,115 667, 318,040 660,463, 912 37,688, 747 698,152, 659
7,707 1, 619, 589,115 667,168, 440 662, 705, 675 37, 446, 779 700,152,454

NOTE.—Notes redeemed but not assorted not included in circulation outstanding.

TABLE N O . 5.—National banks reported in liquidation from November 1, 1927, to
October 31, 1928, the names, where known, of succeeding banks in cases of succession, with date of liquidation and capital
Name and location of bank

The Iowa National Bank of Davenport, Iowa (4022), absorbed by American Commercial & Savings Bank of Davenport
The Totowa National Bank of Paterson, N . J. (12167), absorbed by Hamilton
Trust Co, of Paterson
The First National Bank of Bricelyn, Minn, (6478), absorbed by State Bank of
Bricelyn
The First National Bank in Hayward, Calif. (12306), absorbed by Bank of Italy
National Trust & Savings Association, San Francisco, Calif
The First National Bank of Eock Springs, Wyo. (3920), succeeded by First Security Bank of Rock Springs
The Citizens National Bank of Bellevue, Pa. (8761), succeeded by Citizens Trust
Co. of Bellevue
The Union National Bank of Philadelphia, Pa. (563), absorbed by Union Bank &
Trust Co. of Philadelphia
1
The Como National Bank, Como, Tex. (12681)
The First National Bank of Raymond, Mont. (11078)
The Farmers National Bank of Buda, Tex. (12241), absorbed by Austin National
Bank, Austin, Tex
The Farmers National Bank of Thornton, Tex. (12713)
The First National Bank of Comanehe, Tex. (3561), absorbed by First State Bank,
C omanche
National Bank of Commerce of Tampa, Fla. (12842), absorbed by Citizens Bank
& Trust Co. of Tampa
The City National Bank of Rockwood, Tenn. (12264), absorbed by the Rockwood
National Bank, Rockwood

Date of
liquidation

Capital

1927
Oct. 31

$150,000

Nov. 1

200,000

Oct. 25

25, 000

Nov. 1

50, 000

Nov. 7

100.000

Dec.

1

100, 000

Dec. 3
Oct. 25
Dec. 1

1,000, 000
25, 000
25, 000

Nov. 15
Dec. 7

30, 000
25,000
100,000

1

200, 000

Nov. 29

50,000

The Rice National Bank, Rice, Minn. (11710), absorbed by the First National
Bank of Rice

1926
Jan. 19

25,000

The First National Bank of Hollister, Calif. (9378), absorbed by Security Bank &
Trust Co., Bakersfield, Calif
The Kiowa National Bank in Snyder, Okla, (12218), absorbed by the First National
Bank of Snyder
First National Bank of Kirklin, Ind. (9115), succeeded by First State Bank, Kirklin.
The Farmers National Bank of Blossom, Tex. (12843), absorbed by the Blossom
National Bank
_.

1927
Dec. 8

100,000

Dec. 10
Dec. 16

25, 000
50,000

Dec. 21

30,000

The Farmers National Bank of Union, Endicott, N. Y. (9276), succeeded by Union
Trust Co. of Endicott

1928
Jan. 2

50,000

The Old Town National Bank of Baltimore, Md. (5984), absorbed by the Drovers
& Mechanics National Bank of Baltimore
The Peoples National Bank of Sidney, N. Y. (8513), absorbed by the Sidney
National Bank, Sidney

1927
Oct. 31

«)0, 000

Dec. 31

50,000




Dec.

224

REPORT OF THE COMPTROLLER OF THE CURRENCY

TABLE NO. 5.—National banks reported in liquidation from November 1, 1927, to
October 31, 1928, the names, where known, of succeeding banks in cases of succession, with date of liquidation and capital—Continued
Name and location of bank

Date of
liquidation

The First National Bank of Arcadia, Okla. (10612), succeeded by Bank of Com1927
merce of Arcadia
Dec. 27
The City National Bank of Holyoke, Mass. (2430), absorbed by Hadley Falls Trust
Co., Holyoke
Dec. 31
The National Bank of Commerce in Chicago, 111. (8842), absorbed by Chicago
Trust Co...
...do.....
The Farmers National Bank of Grapevine, Tex. (8318), absorbed by the Tarrant
County National Bank of Grapevine
Dec. 28
The Farmers National Bank of Beggs, Okla. (10482)
'
Dec. 30
The First National Bank of Aurora, Minn. (11345) absorbed by First National
Bank in Two Harbors, Minn
The Witt National Bank, Witt, 111. (10264), succeeded by the National Bank of
Witt.
The First National Bank of Witt, 111. (7538), succeeded by the National Bank of
Witt
_..

Capital

$25,000
500,000
800,000
100,000
50,000

1928
Jan. 9

25,000

Jan. 11

^0,000

Jan. 10

50,000

The First National Bank of Findlay, 111. (6861), succeeded by First State Bank of
1927
Findlay
Dec. 31
The National Bank of Commerce in Philadelphia, Pa. (11482), absorbed by Bankers
Trust Co. of Philadelphia
Dec. 1
The Merchants National Bank of Scobey, Mont. (11098), absorbed by the First
National Bank of Scobey
Dec. 31

500,000

The First National Bank of Fort Lauderdale, Fla. (12020), absorbed by Fort
Lauderdale Bank & Trust Co., Fort Lauderdale

1928
Jan. 10

100,000

The First National Bank "of Parco, Wyo. (12558), absorbed by Parco State Bank,
Parco
.

1927
Dec. 31

25,000

The Hamilton National Bank of New York, 1 N. Y. (12300), absorbed by Interstate
Trust Co., New York
The Bayonne National Bank, Bayonne, N. J. (12367), absorbed by Bayonne Trust
Co., Bayonne
The First National Bank of Olanta, S. C. (10748), absorbed by Farmers Bank,
Olanta.
The First National Bank of Fowler, Calif. (7390), absorbed by Security Bank &
Trust Co., Bakersfield, Calif___

1928
Jan. 16

1,500,000

25,000

25,000

1

200,000

Jan. 31

50,000

Jan. 10

50,000

The Citizens National Bank of Alameda, Calif. (10150), absorbed by Bank of Italy
National Trust & Savings Association, San Francisco, Calif

1927
Dec. 29

100,000

The Charter National Bank of Media, Pa. (3666), absorbed by Media Title &
Trust Co. of Media

1928
Jan. 31

50,000

The First National Bank of Suisun, Calif. (10149), absorbed by Security Bank &
Trust Co., Bakersfield, Calif

1927
Dec. 9

100,000

The National Bank of Idaho at Pocatello, Idaho (11721), succeeded by First Security Bank of Pocatello
.
The Corrigan National Bank, Corrigan, Tex. (12247), absorbed by the Citizens
State Bank of Corrigan
The First National Bank of Bertram, Tex. (11519), absorbed by Farmers State
Bank, Bertram
The Hibbing National Bank, Hibbing, Minn. (12568), absorbed by the First National Bank of Hibbing
__
The Newport National Bank, Newport, Del. (997), succeeded by Newport Trust
Co., Newport
__.

1928
Feb. 11

200,000

Jan. 25

25,000

Feb.

Feb. 15

25,000

Feb.

14

100,000

Feb.

7

75,000

The Commercial National Bank of Upland, Calif. (9570), absorbed by Security
Bank & Trust Co of Bakersfield, Calif
__

1927
Dec. 12

60,000

The Central National Bank of Pasadena, Calif. (11926), absorbed by Bank of Italy
National Trust & Savings Association, San Francisco, Calif
The First National Bank of Ripon, Calif. (11918), absorbed by Security Bank &
Trust Co., Bakersfield, Calif
The First National Bank of Santa Maria, Calif. (7480), absorbed by Bank of Italy
National Trust & Savings Association, San Francisco, Calif
The First National Bank of Selma, Calif. (5395), absorbed by Bank of Italy National Trust & Savings Association, San Francisco, Calif
The Haskell National Bank, Haskell, Okla. (10160), absorbed by the First National
Bank of Haskell
The Harrisburg National Bank, Harrisburg, Oreg. (11885), absorbed by Junction
City State Bank, Junction City, Oreg

1928
Feb. 9

100,000

The First National Bank of Carthage, Ohio, P. O. Cincinnati, Ohio (8488), absorbed by Cosmopolitan Bank & Trust Co. of Cincinnati
i With 4 branches in New York City.




Feb.

23

25,000

Feb.

21

100,000

Feb.

28

100,000

Jan. 31

25,000

Mar. 6

50,000

1927
Oct. 15

25,000

225

REPORT OF THE COMPTROLLER OF THE CURRENCY

TABLE NO. 5.—National banks reported in liquidation from November 1, 1927, to
October 81, 1928, the names, where known, of succeeding banks in cases of succession, with date of liquidation and capital—Continued
Name and location of bank

Date of
liquidation

The American National Bank of Frankfort, Ind. (6217), absorbed by the First National Bank of Frankfort
The Farmers National Bank of Oskaloosa, Iowa (8076), absorbed by the Oskaloosa
National Bank, Oskaloosa
The Bronx National Bank of the City of New York,2 N. Y. (8926), succeeded by
Bronx Borough Bank
First National Bank of Moultrie, Ga. (7565), absorbed by Moultrie National Bank,
Moultrie___
.-.
The First National Bank of Gibsland, La. (10049), absorbed by the First National
Bank in Gibsland
First National Bank in Shelton, Nebr. (13176)
The First National Bank of Paragould, Ark. (6846), succeeded by the New First
National Bank of Paragould
The First National Bank of Bangor, Me. (112), absorbed by Merrill Trust Co.,
Bangor_.
The Liberty National Bank of Covington, Ky. (1847), absorbed by Peoples Savings
Bank & Trust Co., Covington, which changed its title to the Peoples-Liberty
Bank & Trust Co___
„_.

1928
Mar. 15

The Burt National Bank, Burt, Iowa (5703), absorbed by the First National Bank
of Burt
The Midland National Bank of Washington C. H., Ohio (4763), absorbed by Commercial Bank of Morris Sharp & Co., Washington C. H., which changed its title
to the Ohio State Bank
The First National Bank of Smithfield, Ohio (501), succeeded by First National
Bank at Smithfield
The Saco National Bank, Saco, Me. (1535), absorbed by the York National Bank
ofSaco_.
The Third National Bank of Walla Walla, Wash. (9068), succeeded by Union Bank
& Trust Co., Walla Walla
The First National Bank of Chagrin Falls, Ohio (11252), absorbed by Chagrin Falls
Banking Co., Chagrin Falls
The First National Bank of San Joaquin, Calif. (11484), absorbed by the First
National Bank of Tranquillity, Calif
The First National Bank of Lawler, Iowa (10599), absorbed by State Savings Bank,
Lawler_.
The Stockmens National Bank of Casper, Wyo. (7083), absorbed by the Casper
National Bank, Casper
The First National Bank of Mount Washington, Cincinnati, Ohio (9761), absorbed
by Cosmopolitan Bank & Trust Co., Cincinnati
The First National Bank of Yuba City, Calif. (10299), absorbed by Bank of Italy
National Trust & Savings Association, San Francisco, Calif
The First National Bank of Claremore, Okla. (4987), succeeded by Bank of Commerce, Claremore
The First National Bank of Cuba City, Wis. (5632), absorbed by Cuba City State
Bank_
The First National Bank of Grant County at Canyon City, Oreg. (6491), absorbed
by Grant County Bank, of John Day, Oreg
The First National Bank of St. Helena, Calif. (3757), absorbed by Security Bank
& Trust Co. of Bakersfleld, Calif
The First National Bank of Red Bluff, Calif., (10114) absorbed by Security Bank
& Trust Co. of Bakersfield, Calif
The Lodi National Bank, Lodi, Calif. (11126), absorbed by Security Bank &
Trust Co. of Bakersfield, Calif
The Stapleton National Bank, Stapleton, New York, N. Y. (6562), absorbed by
Corn Exchange Bank, New York, N. Y
The First National Bank of La Habra, Calif. (11827), absorbed by Security Bank
& Trust Co. of Bakersfield, Calif
The First National Bank of Weatherford, Okla. (5352), absorbed by First State
Bank of W^eatherford
The Citizens National Bank of Valliant, Okla. (11459), absorbed by Farmers
State Guaranty Bank of Valliant
._
__
The Citizens National Bank of Dublin, Tex. (5836), absorbed by the Farmers
National Bank of Dublin
The First National Bank of Arcata, Calif. (10372), absorbed by Security Bank &
Trust Co. of Bakersfield, Calif
City National Bank in Lincoln, Nebr. (13017), absorbed by the First National
Bank of Lincoln
The Union National Bank of Knoxville, Tenn. (10401), absorbed by HolstonUnion National Bank of Knoxville
The First National Bank of Yreka, Calif. (10731), absorbed by Bank of Italy
National Trust & Savings Association, San Francisco, Calif
Tne Waynesboro National Bank, Waynesboro, Va. (9261), absorbed by the Citizens
Bank of Waynesboro, which changed its title to the Citizens-Waynesboro Bank
& Trust Co
First National Bank in Columbus, Ohio (4443), absorbed by the Citizens Trust
& Savings Bank, Columbus__
2 With 2 branches in New York City.




Capital

$100,000

Feb. 21

100,00G

Mar. 20

300,000

Mar. 1

100,000

Mar. 3
Mar. 7

50,000
25,000

Mar. 20

50,000

Feb. 28

400,000

Mar. 31

350, 000

1927
Sept. 5

40,000

1928
Mar. 31

100,000

Mar. 13

100, 000

Mar. 29

100, 000

Mar. 17

100, 000

Feb. 11

50,000

Mar. 27

25,000

Apr.

7

50,000

Feb. 11

50,000

Mar. 28

25,000

Apr.

3

50,000

Mar. 30

50,030

Apr. 17

25, 000

Apr.

4

40,000

Feb.

9

50, 000

Mar. 22

150,000

Mar. 29

400,000

Apr. 30

200,000

Mar. 8

50, 000

Apr. 12

25, 000

Apr.

7

25,000

May

1

50,000

Apr.

3

50,000

May

3

300,000

Mar. 31

500, 000

Apr. 24

50,000

May 14

50, 000

May 15

500,000

226

REPORT OF THE COMPTROLLER OF THE CURRENCY

TABLE N O . 5.—National banks reported in liquidation from November 1, 1927, to
October 31, 1928, the names, where known, of succeeding banks in cases of succession, with date of liquidation and capital—Continued
Name and location of bank

Date of
liquidation

The Farmers National Bank of Ellendale, N. Dak. (9521), absorbed by the First
1928
National Bank of Ellendale
The Noble County National Bank of Caldwell, Ohio (2102), succeeded by the M a y 15
Noble County National Bank in Caldwell
The First National Bank in Santa Monica, Calif. (6945), absorbed by Bank of Apr. 10
Italy National Trust & Savings Association, San Francisco, Calif
The First National Bank of Tulare, Calif. (8626), absorbed by Bank of Italy Apr. 3
National Trust & Savings Association, San Francisco, Calif
American Exchange National Bank of Commerce in Pittsburg, Kans. (8418), May 16
absorbed by the National Bank of Pittsburg
The Metacomet National Bank of Fall River, Mass. (924), absorbed by B. M. C. Feb. 20
Durfee Trust Co., Fall River
The Massasoit-Pocasset National Bank of Fall River, Mass. (6821), absorbed May 28
by B. M. C. Durfee Trust Co., Fall River
do.
The National Bank of Kinsley, Kans. (5810), absorbed by Kinsley Bank, Kinsley. May 17
The Citizens National Bank of Anderson, S. C. (9104), absorbed by South Carolina Savings Bank of Charleston, S. C
I Apr. 19
United Capitol National Bank & Trust Co. of New York,3 N . Y. (12406), absorbed i
by Manufacturers Trust Co., New York
I June 5
The Sheridan National Bank, Sheridan, Wyo. (8275), succeeded by Sheridan j
Trust & Savings Bank
| Mar. 10
The Tug River National Bank of Iaeger, W. Va. (12372), absorbed by the First !
National Bank of Iaeger
| Jan. 23
The Farmers and Merchants National Bank of Celina, Tex. (12783), absorbed by
May 8
First State Bank, Celina
The First National Bank of Fayette, Iowa (9592), absorbed by State Bank of
June 8
Fayette
The First National Bank of Temple, Tex. (3227), succeeded by the First National
Bank in Temple
| June 25
The First National Bank of Blairsville, Pa. (867), absorbed by Blairsville Savings j
& Trust Co., Blairsville
j June 30
The Steelton National Bank, Steelton, Pa. (3599), absorbed by Steelton Trust Co.,
Steelton
|....do
The Farmers National Bank of La Follette, Tenn. (12484), absorbed by the First j
National Bank of La Follette
!. —do_
The First National Bank of Connellsville, Pa. (2329), absorbed by the Citizens !
National Bank of Connellsville
I June 22
The Wolfe City National Bank, Wolfe City, Tex. (3984), succeeded by the Wolfe i
.-do
City National Bank in Wolfe City..
The First National Bank of Glen Rose, Tex. (5795), succeeded by the First Na- i
June 26
tional Bank in Glen Rose
I
The First National Bank of Lakefield, Minn. (6537), succeeded by First National |
Bank in Lakefield
>, __do
The Union National Bank of Richmond, Ind. (3413), absorbed by the Second j
National Bank of Richmond
1 July 2
The Farmers National Bank of Edon, Ohio (11851), absorbed by Edon State !
Banking Co., Edon
j Apr. 26
The First National Bank of Parkville, Mo. (12815), absorbed by Farmers Ex- I
change Bank of Parkville
j June 16
The National Bank of Monticello, Ind. (12952), absorbed by White County Loan,
July 1
Trust & Savings Co. of Monticello
The First National Bank of New Vienna, Ohio (10947), absorbed by the New Vienna !
Bank, New Vienna
S May 15
First National Bank in Valley City, N . Dak. (12817), absorbed by the Security (
National Bank of Valley City, which changed its title to The First and Security j
July 15
National Bank of Valley City
The First National Bank of West Union, Ohio (9487), succeeded by the National
June 19
Bank of Adams County of West Union
The National Exchange Bank of Greenville, R. I. (1498), succeeded by Greenville
July 20
Trust Co., Greenville
The First National Bank of Pocatello, Idaho (4023), absorbed by First Security
July 7
Bank of Pocatello
The Second National Bank of Griffin, Ga. (11597), absorbed by Griffin Banking
July 17
Co., Griffin
The First National Bank of Palo Alto, Calif. (7069), absorbed by Bank of Italy
National Trust & Savings Association, San Francisco, Calif
June 12
The First National Bank of Long Prairie, Minn. (6208), absorbed by The Peoples
National Bank of Long Prairie
July 24
The First National Bank of Monette, Ark. (1111fi),succeeded by Citizens State
1927
Bank of Monette_.
Jan. 12
The Citizens National Bank of Latrobe, Pa. (3910), absorbed by the Latrobe
1928
Trust Co.
July 31
The Union National Bank of Johnstown, Pa. (7465), absorbed by the First National
Bank of Johnstown
do.
3 With 8 branches in New York City.




Capital

$25,000
60,000
100,000
100,000
200,000
500,000
650, 000
25, 000
225,000
5,000,000
75,000
50,000
25, 000
25,000
100,000
150,000
150, 000
50, 000
200,000
100,000
25,000
36,000
150,000
25,000
25,000
40,000
25,000
100,000
50, 000
150,000
50,000
100,000
100,000
25,000
50,000
50, 000
200,000

REPORT OF THE COMPTROLLER OF THE CURRENCY

227

TABLE NO. 5.—National banks reported in liquidation from November 1, 1927, to
October 81, 1928, the names, vjhere known, of succeeding banks in cases of succession, with date of liquidation and capital—Continued
Date of
liquidation

Name and location of bank

The Arizona National Bank of Tucson, Ariz. (4440), absorbed by the Consolidated
1928
National Bank of Tucson
Aug. 4
The First National Bank of Shoshone, Idaho (6577), succeeded by the First Security
Bank of Shoshone
„
June 28
The First National Bank of Gooding, Idaho (9371), succeeded by First Security
Bank of Gooding__
June 26 |
I
The American National Bank of Wagoner, Okla. (12368), succeeded by the Ameri1927 |
can Bank of Wagoner
Dec. 15 I
The American National Bank of Spearfish, S. Dak. (8248), absorbed by Bank of
Spearfish
Dec. 27 |
The First National Bank of Snyder, Tex. (5580), absorbed by First State Bank and
Trust Co., of Snyder
The First National Bank of Adel, Iowa (8981), absorbed by Adel State Bank, Adel.
The Farmers National Bank of Mankato, Kans. (11536), absorbed by First National
Bank in Mankato—
The First National Bank of Richey, Mont. (10881), absorbed by First State Bank
of Richey
The First National Bank of Finley, N . Dak. (7324), succeeded by Steele County
National Bank of Finley
.
The Bayside National Bank, Bayside, New York, N . Y. (7939), succeeded by the
Bayside Bank, Bayside, N . Y
The First National Bank of Whitestone, New York, N . Y. (8957), succeeded by the
First Bank of Whitestone
.
The Flushing National Bank, Flushing, 4 New York, N . Y. (9691) succeeded by the
Flushing Bank, Flushing, N . Y
___
The First National Bank in Redlands, Calif. (12316), absorbed by the Security
Bank & Trust Co. of Bakersfield, Calif
The First National Bank of Rodeo, Calif. (11201), absorbed by Bank of Pinole,
Calif.
6
T h e National Bank of Rochester, N . Y. (12538), absorbed by Union Trust Co. of
Rochester
T h e Franklin National Bank of Newark, Ohio (7787), succeeded by Union Trust
Co. of Newark
The First National Bank of Auburn, Pa. (9240), succeeded by Bank of Auburn
The American National Bank of Bradenton, Fla. (12880)
The First National Bank of Jackson, Minn. (5852), succeeded b y First National
Bank in Jackson
The Broad Street National Bank of Philadelphia/ Pa. (11539), succeeded by Bank
of Philadelphia & Trust Co
The National Bank of North Philadelphia,* Pa. (11908), succeeded by Bank of
Philadelphia & Trust Co., Philadelphia
T h e Queen Lane National Bank in Germantown a t Philadelphia, Pa. (12860),
absorbed by Oak Lane Trust Co., Philadelphia
The Peoples National Bank of Jackson, Mo. (7494), absorbed by Cape County
Savings Bank of Jackson
First National Bank in Dustin, Okla. (12171), succeeded by First State Bank of
Dustin.
The Exchange National Bank of Bartlesville, Okla. (11688), absorbed by the Central National Bank of Bartlesville
1
The National City Bank of Los Angeles, Calif. (12410), absorbed by California
Bank of Los Angeles

1928
Aug. 15
Aug. 7




$100,000
40,000
40s 000

50, 000
25,000
60, 000
50, 000

Aug. 20

25, 000

June

25, 000

1

Aug. 14

50, 000

Aug. 15

100, 000

...do

200, 000

100, 000

A pr.

6

Mar.

1

Sept. 29
Oct.
...do

1

Sept, 29
Sept, 20
Oct.

6

Oct.

5

Oct.

6

Oct.

1

Sept. 25
Sept, 1
Aug. 17

100, 000
50,000
1, 200,000
250,000
25, 000
100,000
100,000
500, 000
700,000
200,000
40,000
25,000
100,000
1, 000, 000
27, 381, 000

Total (156 banks) 4
With 1 branch in New York City.
t With 2 branches in Rochester.,

Capital

6

With 2 branches in Philadelphia.
< With 1 branch in Philadelphia.

TABLE N O . 6.—Capital stocky surplus, undivided profits, and aggregate resources of banks consolidated under act of November 7, 1918, as
amended February 25, 1927, for the year ended October SI, 1928, as shown by their last reports prior to consolidation
Closing banks
Charter
No.

12762
13132

9229

12499

12482

Title and location

State

Capital

Continuing beinks

Surplus

Undivided
profits

Aggregate

resources

$5,000,000 $10,000,000 $2,420,417 $113,045,391
Continental & Com- 111
mercial Trust &
Savings Bank of
Farmers Exchange 111
75,000
30,000
2,000
807, 792
State Bank of
Woodstock.
5,000
572,260
8,862
The Parker Co. Na- Texas. 100,000
tional Bank of
Weatherford.
The Mutual National N. Y__ 500,000
(0
Bank of the City of
New York.
692,971 21,096,335
1,000,000
500,000
Standard Trust & 111
Savings Bank,
Chicago.
100,000
36,450
908,200
The Merchants & Ga.__. 100,000
Planters Bank of
Griffin.
100,000
25,000
751, 741
11,315
The Pavonia Bank of • N . J _ _
Jersey City.
300,000
150,000
97, 637
6, 566,627
The Merchants National Bank of Jersey Safe
UnionCity. Deposit & Me.... 250,000
250,000
255, 517
2, 723,746
Trust Co. of Portland.
The National Peoples M i s s . .
100,000
100,000
109,404
2, 799,430
Savings of VieksTrust Co.Bank &
burg.
The Hammond Trust I n d . . .
100,000
75,000
76,193
1, 529,847
& Savings Bank,
Hammond.
200,000
325, 730 13, 579,010
The American Na- Wis___ 1,000,000
tional Bank of
Milwaukee.




Charter
No.

2894

6811
2723
2370
4605
2075

Title and location

3430

8199
64

Surplus

Undivided
profits

Aggregate
resources

Date of
reports
1927
10

Continental & Com- $25,000,000 $20,000,000 $6,157,458 $512,489,905 Oct.
mercial National
Bank of Chicago.
The American Na989,671 . . . d o
50,000
29,420
50,000
tional Bank of
Woodstock.
do
561,261
20,000
100,000
The Citizens National Bank of
Weatherford.
The Chase National 40,000,000 25, 000,000 19, 326, 538 995, 838, 849 . . . d o
Bank of the City of
New York.
The National Bank 4,000,000 1,000,000 2, 5S9, 371 111,770,380 Dec.
of the Republic
of Chicago.
35,000
70,000
5, 510
966,187 . . . d o
The City National
Bank of Griffin.

» 1182 Union Trust

4128

Capital

& Hudson Co. National
Bank Jersey City.
The Portland National Bank.

The Merchants National Bank of
Vicksburg.
Citizens
National
Bank of Hammond.
First Wisconsin National Bank of
Milwaukee.

Date of
consolidation
1927
Nov. 30

Do.
Dec.

6

Dec. 28
31

Dec. 31
Do.

1,000,000

750,000

210,007

28, 706,136 . . . d o

Do.

300,000

700,000

276, 455

12, 723,471 . . . d o

Jan. 7

250,000

250,000

61, 591

2,821,817 . . . d o

Jan. 9

100,000

100,000

67,150

2,434, 797 . . . d o

Jan. 17

4,000,000 1, 548,257 118,039,094 . . . d o

Jan. 21

1928

6,000,000

to
to
oo

Central Sayings Bank Mich. 2,000,000 2,000,000
of Detroit.
600,000
600,000
New
Netherland N. Y._
Bank of New York.
The City National
Bank & Trust Oo.
of Miami.
Mount Holly Safe
Deposit & Trust
Co. Mount Holly.
The Eastside National Bank of
Paterson.
The First Banking
Trust Co. Rocky
Mount.
The McKeen National Bank of Terre
Haute.
The National Bank
of Cheney.

286,971 44, 307, 619 10527 First National Bank
in Detroit.
33,012 17, 385,208 12123 The Seaboard National Bank of the
City of New York.
10, 988, 537 13159 City National Bank
in Miami.

2,000,000

500,000

N. J _
..

100,000

150,000

31,743

1,153,258

N. J .
..

200,000

50,000

2,316

702,075

N. C.

50,000

12,500

304

216,237

Ind_._

500,000

300,000

285,653

5,182,629

Wash.

25,000

5,000

164

332,258

Fla__

State Bank of Jbake
Forest.

Il
l

The Capitol National
Bank & Trust Co.
Co. of New York.
The Longacre National Bank of New
York.
Dysart Savings Bank,
Dysart.
Bank of Ashdown

50,000

75,000

N. Y_
._

2,000,000

400,000

N.Y._

1,000,000

200,000

Iowa..

40,000

25,000

Ark.._

25,000

2,500

7362 The First National
Bank of Rocky
Mount.
47 The First National
tional Bank of
Terre Haute.
9144 The Security National Bank of
Cheney.
8937 The First National
Bank of Lake Forest.

500,000

(i)

1,918

5927 The Citizens National Bank, of Los
Angeles.
539 The Philadelphia-GirardNational Bank,
Philadelphia.

9

2,629,423 —do..... Feb. 11

600,000

600,000

228,385

11,381,339 ~.do..... Feb. 14

125,000

125,000

16,047

2,006,756 _..do

700,000

350,000

84,350

5,595,799 ...do..... Feb. 20

25,000

20,000

6,940

400,000

5934 The First National
Bank of Dysart.
170, 755 10486 The First National
Bank of Ashdown.
433, 693 4839 The First National
Bank of Arcanum.

Feb.

56,244

I

752, 747

do.

Do.

200,000

291,299 29,501,053 )
ll2406 (United inN a t i o n a l } 2, 000, 000
{ Bank New York.
85,340 9,715,703
5,785

. Jan. 31
_

100,000

75,000

1,355,119

do

8, 000,000 4, 313, 691 220, 715,263-_.do._._>

50,000

38,279

The Farmers Na- Ohio..
2,417
50,000
10,000
tional Bank of Arcanum.
Citizens Trust & Sav- Calif. _ 2, 000,000 2,000,000 416, 260 59,131, 510
ings Bank, Los Angeles.
The Franklin Fourth Pa.... 6, 000, 000 16, 000,000 3,196,145 144,715,104
Street N a t i o n a l
Bank of Philadeladelphia.
1

2343 The Union National
Bank at Mount
Holly.
329 The First National
Bank of Paterson.

7, 500,000 5, 500, C00 2,144, 668 129, 423,499
8,000,000

41,983

632,089 ._do
1928
1,778,366 Feb. 28

Feb. 15

Feb. 27
Mar. 7

....
442, 771 16, 958,014.__do...__ Mar. 10

15,000

10,164

430, 010___do

Do

25,000

25,000

3,111

322,909 ...do

Mar. 21

50,000

50,000

4,344

513, 439...do

Mar. 24

1,200,000 1, 353, 083 60, 285, 469...do

Mar. 31

8,000,000 17,000,000 4, 663, 878 227,178, 975...do

Apr. 7

50,000

4,000,000

New national bank did not report prior to consolidation.




to

fcO

CO

TABLE N O . 6.— Capital stock, surplus, undivided profits, and aggregate resources of banks consolidated under act of November 7, 1918, as
amended February 25, 1927/for the year ended October 31, 1928, as shown by their last reports prior to consolidation—Continued
Closing banks
Charter
No.

Title and location

4050 The Quaker City Na-

State

Capital

Pa..-..

$500, 000

tional Bank of Philadelphia.
The Lincoln Trust I n d . . .
Co. of Fort Wayne.

3138 The Galesburg National Bank, Galesburg.
1105 Bowery & East River
National Bank of
New York.
13194 Commercial Exchange
National Bank in
New York.
The Winona Savings
Bank, Winona.
10633 The Citizens National Bank of Golden City.
Farmers State Bank,
Lebanon.
13201J The L u m b e r m e n s
National Bank &
TrustCo.,Hoquiam.
The Citizens Bank of
Norfolk.
1384 The

Citizens National Bank of Baltimore.
281 The First National
Bank of Trenton.

Ill

Continuing banks

Surplus

Undivided

Aggregate

profits

resources

$800, 000

$116,323

$8,105,126

500,000

250, 000

203, 286

6, 526,150

125,000

375, 000

75, 609

5, 740, 604

4, 000,000 3, 425, 399

Charter
No.

98,541,102

N. Y__ 4,000, 000

3604 The Manayunk Na-

tional Bank of Philadelphia.
The Lincoln National Bank of Fort
Wayne.
The First National
Bank of Galesburg.

13193

N. Y__ 1,500,000

0)

Minn.

100,000

150,000

300, O'J'J

2, 450, 573

Mo__.

25,000

5,000

3,541

3(32, 721

15, 849

864, 088

Ind...

100,000

50,000

Wash.

100,000

<*)

Va..._ 1,000,000

500,000

336, 263

The Bank of America National Association, New York.

I0S65 The

Winona National Bank, Winona.
7684 The First National
Bank of Golden
City.
2057 The First National
Bank of Lebanon.
442: The First National
Bank of Hoquiam.

9,178,973 10194 The

Md.._ 3,000,000

4,000,000 1, 676, 31

41,565,294

N . J__ 1, 000,000

1,000,000 1, 341, G03

15,988,227




Title and location

Seaboard National Bank of Norfolk.
1413 The Merchants National Bank of Baltimore.
1327 The Mechanics National Bank of
Trenton.

Capital

Surplus

Undivided
profits

Aggregate
resources

Date of
reports
!

$500,000 $1, 250, 000

D a t e of
consolidation

1928

$252, 681 $9,372,929, F e b . 28

Apr. 14

300,000

400, 000

165,270

9, 582,034L._do

Apr. 21

150,000

325, 000

16, 530

3,026,159'...do

Apr. 23

6, 500, 000

Apr. 2S

0)

100, 000

75, 000

24, 996

25, 000

10, 000

S13

2, 984, 241 F e b . 28
403, 774 . . . d o

May

8

May 29
June 25

100, 000

45,000

3,061

300,000

100,000

38,419

1,093,083'.—do
|
3,297,007—do-_.

June 26

1,000,000

500,000

209,373

12, 075,190 June 30

June 30

4, 000, 000

2, 000, 000

639,851

51, 798,157

1,000,000

1,000, 000 1,455, 642 24, 484,470

Do.
July

3

i
o

150,000

250,000

43,730

Tex...

100,000

25,000

1,002

Fla___.

50,000

30,000

6,998

Wis—

400,000

400,000

79, 623

60, 000

45, 000

22, 568

1, 500, 000

2, 200, 000

763, 254

N.J — 5, 000, 000

2, 500, 000

981, 369

250,000
The City Trust & Ohio..
Savings Bank of
Dayton.
75, 000
9206 The Farmers & Mer- I n d . . .
c h a n t s National
s
Bank of Boonville.
First Trust & Sav- Okia.. 1, 000, 000
ings Bank of Tulsa.
100,000
1481 The Merchants Na- Conn.
tional Bank of Norwich.
500, 000
3923 The Commercial Se- Mass...
c u r i t y National
Bank of Boston.

122, 500

66,657

5, 000

2,407

673, 594

The Bank of Commerce & Trust Co.
of Tarpon Springs.
Merchants & Manufacturers Bank of
Milwaukee.
The Grange National
Bank of Patton.
Guarantee Trust &
Safe Deposit Co.,
Philadelphia.
Guardian Trust Co.
of New
Jersey,
Newark.

dS
0

a
££>
—i.
•*!

tO
1.
-

355 The Delaware County National Bank
of Chester.
1,026, 652 12728 The Citizens National
Bank of
Denison.
523,424 12274 The First National
Bank of T a r p o n
Springs.
4,001,437 13184 Second Wisconsin
National Bank of
Milwaukee.
1, 259, 595 4857 The First National
Bank of Patton,
25, 225,837
570 The Tradesmens National Bank, Philadelphia.
29, 020, 249 9912 The Broad & Market
National Bank and
Trust Co. of Newark.
7, 087,206
2874 The City National
Bank of Dayton.

Pa.-.

6654 The
Pennsylvania
National Bank of
Chester.
4447 The National Bank of
Denison.

Total:
25 State banks
27 national banks.
1

Pa

—

Pa—

3, 826, 669 |

1, 000,000

247,293

S,312,4S2L__do_.

100,000

25,000

2,429 ;

988,641 F e b . 28

July 31

100,000

25,000

31,468!

707,225 J u n e 30

Aug. 13

200,000

50,000

100, 000

100,000

1, 000, 000

July 24

1, 641, 274 . . . d o

Aug. 18

37, 207

1, 937,431 — d o

Sept, 11

3, 000, 000

681,195

29, 315, 849 . . . d o

Sept. 17

o

1, 325, 000

700, 000

82, 964

14, 501, 878 . . . d o

Sept. 27

3

500, 000

300,000

149, 259

12, 893, 226 . . . d o

Sept. 29

10613 The City National
Bank of Boonville.

75, 000

40,000

7,014

2, 000, 000

500, 000

112, 235

28, 190, 8 5 9 . . . do

100, 000

25,000

56,116

913, 991!...do

50, 000

11, 216

2,177, 310

50,000

36,486

774,750

5171 The First National
Bank of Tulsa.
1187 The Uncas National
Bank of Norwich.

250, 000

173,104

7, 331, 391

643 The Atlantic National Bank of Boston.

21, 390, 000 22, 097, 500 7. 073. 650 ;:r.2.300,752
25, 010, 000 28,725,00011,323,059 410, 287, 004 J

650,000

~

o

6, 000, 000 4, 000, 000

919, 376 — d o —

(49 national banks). _. 134, 720, 000 100, 935, 000^58, 406, 095 2,818,552,580

Do.
Do.

I

550, 858 132, 920, 391 Oct.

o
o

Oct.
3

1

Oct. 31

o

d

New national bank did not report prior to consolidation.




i
to
CO

232

REPORT OF THE COMPTROLLER OF THE CURRENCY

TABLE N O . 7.—National banks consolidated under act of November 7, 1918, their
capital, surplus, undivided profits, and'aggregate assets, year ended October 31,
1928
Consolidation
No.

Charter Title and location of bank
No.

State

Date of
consolidation

Capital

Surplus

Undivided
profits

Aggregate
assets

1927

207
208
211
213
215
218
220
222
223
225
228
230
231
233
234
236
238
240
241
242
243
246

2723 The Citizens National Tex... Dec. 6
Bank of Weatherford.
2370 The Chase National Bank N.Y.. Dec. 28
of the City of New York.
1182 Hudson County National N.J... Dec. 31
Bank, Jersey City.1
j
3430 The Merchants National
Bank and Trust Co. of
Vicksburg.
64 First Wisconsin National
Bank of Milwaukee.
13159 City National Bank in
Miami.
329 The First National Bank
of Paterson.
First-McKeen National
Bank and Trust Co. of
Terre Haute.
9144 The Security National
Bank of Cheney.
12406 United Capitol National
Bank and Trust Co. of
New York.
4839 The First-Farmers National Bank of Arcanum.
The Philadelphia National Bank, Philadelphia.
3604 The Manayunk-Quaker
City National Bank of
Philadelphia.
241 First Galesburg National
Bank and Trust Co.,
Galesburg.
13193 The Bank of America
National Association,
New York.
7684 The First National Bank
of Golden City.
4427 The First National Bank
of Hoquiam.
1413 The First National Bank
i of Baltimore.
1327 The First-Mechanics Nai tional Bank of Trenton.
3551 The Delaware County
N a t i o n a l B a n k of
Chester.
12728! The Citizens National
I Bank of Denison.
4857 The First National Bank

250 10613 First National Bank of
252
253

Also includes a State bank




$1,013,159

0,000, 000 $18,263,764 1, 093, 872, 866

1, 250, 000

750,000

176,056

35, 358,818

300, 000

300, 000

76, 745

5, 067,904

4,000, O O 1,763,422
OJ
j
1, 000, 000!
52,145

Jan.

6, 000, 000

9

1,000,000

Feb. 14

680,000

770, OOOi

181,898

Feb. 20

N.J—

21

Feb.

500,000

500,000

199,861

125, 793, 758
10,134,456
12,108,794
9, 302,170

Wash.

Feb. 27

50, 000

15,000

5,088

949, 224

N.Y.

Mar. 10

5,000,000

1, 000, 000

788, 753

56, 798,595

20,000

1,000

811,368

14, 000, 000 36, 000, 000 3,436,101

356,953,963

Ohio..; Mar. 24

100, OOOj
i

Pa_._.

Apr.

7

...do..

Apr. 14

1, 000, 000

Ill

Apr. 23

325, 0001

N. Y._! Apr. 28
Mo...

M a y 29

I

50,000

81,061

8, 313, 759
311, 347,816
739,324

10,

4, 000, OOOj

4,000,000| 2,000,000

88, 044, 773

2, 000, 000

2, 000, 000 2,811,586

41, 347, 737

M d . _ . June 30

July 24

325, QOo!

17,149, 784

4, 722, 401

N.J— July
Pa

702,941

220, 269

300, 0001

3

2, 050, 000|

|
25, 000, OOo! 35,000,000J 3,708,100

W a s h . June 26

100, O O
OJ

800, 000| 1, 250,000
!
i

395, 260

11, 672, 003

Tex... July 31

150,000

50, 000!

7, 239

2,121, 756

Sept. 11

200,000

200,000;

47, 769

3, 265, 724

Ind...

Sept. 29

I Boonville.
1187 The Uncas-Merchants C o n n - Oct. 1
National Bank of Norwich.
643 The Atlantic National Mass..! Oct. 31
Bank of Boston.
Total (25 banks) _ . .

1

1928
Miss. _ i Jan. 9

$20,0001

$100,000
50, 000, 000

112, 500i

30, OOO!

8,110

1, 437, 716

200,000!

100, 000J

12,066

1, 727, 490

6,350,0001

4,000,000

1,134,865

144,512, 273

119, 467,500 133, 490,000 36,074,099' 2, 343, 567, 629

TABLE N O . 8.—State banks and national banks consolidated under act of February 25, 1927, their consolidated capital, surplus, undivided
profits, and aggregate assets, year ended October 31, 1928
Title and location of State bank

Continental & Commercial Trust &
Savings Bank of Chicago.
Farmers Exchange State Bank of
Woodstock,
Standard Trust & Savings Bank,
Chicago.
The Merchants & Planters Bank of
Griffin.
The Pavonia Bank of Jersey City i
Union Safe Deposit & Trust Co, of
Portland.
The Hammond Trust & Savings
Bank, Hammond.
Central Savings Bank of Detroit 2
New Netherland Bank of New York..

Charter
No. of
national
bank

2894
6811
4605
2075
1182
4128
8199
10527
12123

Mount Holly Safe Deposit & Trust
Co., Mount Holly.
The First Banking Trust Co., Rocky
Mount.
State Bank of Lake Forest
Dysart Savings Bank, Dysart
Bank of Ashdown
Citizens Trust & Savings Bank, Los
Angeles.3
The Lincoln Trust Co. of Fort
Wayne. 4
The Winona Savings Bank, Winona_.

2
3
4

5934
10486
5927

Farmers State Bank, Lebanon __
The Citizens Bank of Norfolk
1

2343

2057
10194

7362
8937

7725

Title and location of national bank

Continental National B a n k & T r u s t
Co. of Chicago.
T h e American National Bank of
Woodstock.
T h e National Bank of the Republic
of Chicago.
T h e First National Bank of Griffin..Hudson County National Bank, Jersey City.
T h e Portland National Bank, Portland.
H a m m o n d National Bank & Trust
Co., Hammond.
First National Bank in Detroit
T h e Seaboard National Bank of T h e
City of N e w York.
T h e Union National B a n k & T r u s t
Co. at M o u n t Holly.
T h e First National Bank of Rocky
Mount.
T h e First National B a n k of Lake
Forest.
Dysart National Bank, Dysart
T h e First National Bank of AshdownCitizens National T r u s t & Savings
Bank of Los Angeles.
Lincoln National B a n k & T r u s t Co.
of F o r t Wayne.
T h e Winona National & Savings
Bank, Winona.
T h e First National Bank of L e b a n o n ,
T h e Seaboard Citizens National Bank
of Norfolk.

State

D a t e of
consolidation

111

1927
Nov. 30 $35,000,000 $30,000,000
.do..

Surplus

Undivided
profits

Aggregate
assets

Increase in
authorized
capital

O
$.1,486,211

$632, 907,260 $10,000,000

100,000

50,000

50,000

1, 705, 491

50,000

Dec. 31

6,000,000

1,500,000

2, 886, 899

130, 836, 451

2, 000,000

.-do.....

200,000

50,000

50,000

1, 795,086

130,000

Jan.

750,000

176, 05fi

35, 358,818

425,000

700,000

406,236

14,217, 595

300,000

17

400,000

100,000

11,766

3, 547, 795

7, 500, 000
9,000,000

9, 500, 000
11,000,000

2, 520,438

170,530,418
269,291,153

3, 464, 283
Feb. 11

200, 000

375, 000

N. C__ Feb. 15

150,000

125,000

50,000

111

Mar. 7

100, 000

150,000

Iowa__ Mar. 10
Ark___ Mar. 21
Calif.. Mar. 31

65,000
50, 000

13,000
10, 000

4, 000, 000

G, 000, 000

1, 000, 000

700, 000

3,180, 851

25,000

3,169,076

50,000

3,250
807

1, 025,115
482, 801
117,331, 980

15,000
25, 000

1, 020, 721

13, 710, 430

97,063

8

June 25
June 30

266,447
200, 000
100, 000
2,000,000

150, 000
50, 000
1, 000,000

t1
-

100,000

45,012

Apr. 21

1, 000,000

2,074, 798

15, 238

Ind...

a

si
o

125,000

Mich . Jan. 31
N. Y__ ._.do

Minn - May

O

o

1928
M e . . . . Jan.

N.J...

T

1,250, 000

N.J...

This consolidation includes The Merchants National Bank of Jersey City with capital of $300,000.
With 27 branches in Detroit.
With 22 branches in Los Angeles and one at Vernon, Calif., and one at Maywood, Calif.
With one branch in Fort Wayne.




Capital

42, 013

I
4,548,886 j

a

700,000
100, 000

1,615,492 |_
20,710,305 i 1, 000,000

6
483,206

CO

TABLE NO. 8.—State banks and national banks consolidated under act of February 25, 19 their consolidated capital, surplus, undivided
37,
profits, and aggregate assets, year ended October 31, 1928—Continued
Consolidation
No.

Title and location of State bank

Charter
No. of
national
bank

Title and location of national bank

The Bank of Commerce & Trust Co.

12274

The First National Bank of Corn-

245

Merchants & Manufacturers Bank of
Milwaukee.
Guarantee Trust & Safe Deposit Co.,
Philadelphia. 6
Guardian Trust Co. of New Jersey,
Newark.
The City 7Trust & Savings Bank of
Dayton.
First Trust & Savings Bank of Tulsa..

13184

Second Wisconsin National Bank of
Milwaukee.
Tradesmens National Bank & Trust
Co., Philadelphia.
New Jersev National Bank & Trust
Co. of Newark.
The City National Bank & Trust Co.

247

249
251

Date of
consolidation

Capital

Surplus

Undivided
profits

Aggregate

assets

Increase in
authorized
capital

HJ
£j

570
9912
2874
5171

of Dayton.
The First National Bank & Trust Co.
of Tulsa.

1928
Fla..._ Aug. 13

$75,000

$40,000

Wis__. Aug. 18

200,000

50,000

Sept, 17

3, 300,000

4, 700,000

655,559

60, 220, 656

2, 300,000

Sept, 27

2, 650,000

1,000,000

350,000

27, 349, 707

1, 325,000

H

Ohio.. Sept, 29

750, 000

1, 250, 000

118,116

19, 389, 569

250,000

o
O

2, 500,000

750,000

20, 765

31, 331,043

500,000

^

119,995, 000
I'd, 245, 092 1 573, 151, 314 1 «75,000

§
p

(19, 920,000

244

218

State

t\D

H

Pa

N. J
Okla

Total (25 banks)

...do.....

77 215 000 7" 038,000

Decrease in capital.




6

With 4 branches in Philadelphia.

J

$75, 000

$1,169,171

^ $25,000

l 3

"

o

5, 651, 367

J3

With 6 branches in Dayton.

O

2
a

235

REPORT OF THE COMPTROLLER OF THE CURRENCY

TABLE NO. 9.—Number and capital of State banks converted into national banking
associations in each State and Territory from 1868 to October 31, 1928
State or Territory

Number of
banks

Capital

State or Territory

Maine
New Hampshire.
Vermont
Massachusetts
Bhode Island
•Connecticut

$4, 605,
2, 595,
2, 029,
190 ! 72, 691,
52 i 16, 717,
65 I 18, 932,

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

391 I 117,571,510

000
000
990
200
550
770

125,131, 291
9, 520, 450
33, 534, 095
585, 010
10. 249, 372
1, 080, 000

457

Eastern States..
Virginia
West Virginia
North Carolina
South Carolina
Georgia
Florida
Air bama

239
49
121
6

180,100,218

67
33
38
48
29
21

Ohio
Indiana
Illinois
Michigan. _.
Wisconsin..
Minnesota..
Iowa..
Missouri..

Capital

24
26
40
25
35
113
42
47

42, 350, 800
2, 735, 000
1, 675, 000
3, 850, 000
4,127, 000
1, 485, 000
320,000
2, 755, 000
400, 000
7, 870, 000
25, 217, 000

64
28
111
26
1
5

Western States.

352

572

N o r t h Dakota
South Dakota
N e b r a s k a . _.
Kansas
Montana
W yo ruing
Colorado.
N e w Mexico
Oklahoma

$2, 890, 000
1, 808, 000
4. 630,000
2, 870, 000
3, 595, 000
7, 471, 000
1, 935, 000
17,151,800

83
49
80
81
37
9
35
7
191

Middle Western States..

Washington.
Oregon
California
Idaho
Nevada
Arizona

Texas
Arkansas
Kentucky
Tennessee

Num-

ber of
banks

5, 950, 000
1, 651, 000
44, 622, 800
1, 080, 000
50,000
300, 000

Pacific States..

Southern States..

56,192,900 1
1

235

53, 653, 800

United States.

2,575

475, 086, 228

TABLE NO. 10.—Conversions of State banks and primary organizations as national

banks from March 14, 1900, to October 31, 1928
Conversions of
State banks

Classification
Number
Capital less than $50,000
Capita] $50,000 or over
Total




Capital

Reorganizations
from State and
private banks and
national banks
Number

Capital

Primary organizations

Number

Capital

Total

Number

Capital

880 $23, 418, 300 1,149 $30, 442, 000 2,612 $67,335, 500 4,641 $121,195, 800
776 172, 447, 800
728 115, 270, 000 1,840 257,135,000 3,344 544, 852, 800
1, 656 195, 866,100 1,877 145, 712, 000 4,452 324, 470, 500 7,985 666, 048, 600

236

REPORT OF THE COMPTROLLER OF THE CURRENCY

TABLE N O . 11.—Number of national banks increasing their capital, together with
the amount of increase monthly for years ended October 31, since 1923

Months

Number

1926

1925

1924
Number

Capital

Nov
Dec
Jan -. -_
Feb
Mar
Apr... _
_
May
June.-- _July
Aug
Sept
Oct

9
12
34
25
•24
22
6
11
26
5
9
13

$1, 740, 000
1, 475, 000
4,100, 000
5,935, 000
3, 487, 500
2,115, 000
675, 000
485, 000
2,165, 000
410, 000
1, 040, 000
1, 325, 000

8
13
21
19
18
22
12
22
26
13
14
15

Total...

U96

124, 952, 500

2 203

Number

Capital

$590, 000
3, 287, 500
2,000,000
14, 687, 500
2, 950, 000
7, 220, 000
1, 465, 000
3, 570, 000
2,185,000
2,160, 000
2, 240, 000
1,055, 000
2

43, 410, 000

9
24
31
28
17
25
11
15
28
8
7
7

1928

1927
Number

Capital

$1, 255, 000
4, 850, 000
6, 030, 000
6, 081, 250
4,120,000
18, 060, 000
1, 485, 000
1, 918, 750
3,057, 500
1,360, 000
435,000
787, 500

3 210 3 49,440,000

6
20
35
22
22
23
15
21
35
17
11
11

Capital

Number

$170,000
3, 640, 000
4, 032, 500
29, 900, 000
11,505,000
2, 820, 000
4, 575, 000
6,913,710
5, 775, 000
2,163,000
12,950,000
1, 740, 000

Capital

9
23
41
26
28
31
12
26
25
12
16
19

$18, 655,000
16,780,000
6, 760, 000
4, 715,000
15,170, 000
23, 297, 500
1, 250, 000
19, 335, 000
14, 345, 000
1, 910, 000
5, 635, 000
3, 700, 000

*238 * 86,184, 210 5 268 «131,552,500

1 Of these cases, 78 were effected wholly or in part by stock dividends aggregating $7,093,583.
2 Of these cases, 85 were effected wholly or in part by stock dividends aggregating $7,680,300.
3 Of these cases, 67 were effected wholly or in part by stock dividends aggregating $8,846,400.
* Of these cases, 73 were effected wholly or in part by stock dividends aggregating $6,776,350.
6
Of these cases, 77 were effected wholly or in part by stock dividends aggregating $16,809,000.
TABLE N O . 12.—Number and authorized capital of national banks chartered and
the number and capital stock of banks closed in each year ended October 31, since
1913, with the yearly increase or decrease.
Net yearly
increase
(exclusive of

Closed

Chartered
Year

No.

1914.
1915

_
.

1917
1918
1919
1920
1921
1922
1923.. .
1924
1925..__
1926___.
1927....
1928—.

Capital

195 $18, 675,000
144 9, 689, 500
122 6, 630, 000
176 11,590.000
164 13,400,000
245 21, 780,000
361 31, 077, 500
189 20, 005, 000
232 24, 890, 800
190 30, 522, 500
135 21, 375,000
251 26, 040,000
160 29, 705, 000
135 43, 570, 000
113 26,160, 000

Consolidated
under act
Nov. 7, 1918

No.

Loss to
capital

26 1 $3, 220,000
15 i 1, 650,000
?4
i 850,000
1
3, 275, 000
19 i 2, 575,000
16 1 1,255,000
15 U,660,000
30 i 4, 455,010
i
25 1 3, 407, 000
27 6, 857, 500

I n voluntary
liquidation

No.

Capital

113 $26, 487, 000
82 13, 795, 000
135 14, 828,000
107 14, 367, 500
68 16,165,000
83 16, 380,000
84 14, 730,000
93 37, 075, 000
103 18, 910,000
121 39, 290, 000
155 40, 745, 000
14, 467, 500
153 28, 668, 300
165 37, 495, 000
156 27, 381, 000

Insolvent

No.

*

Capital

$1, 810, 000
14 1, 830, 000
805, 000
13
7 1, 230, 000
250, 000
2
25, 000
1
5
205,000
34 1, 870, 000
31 2, 015, 000
53 3, 405,000
138 9, 635,000
98 6, 420,000
91 5, 412, 500
135 8, 257,000
2 61 4,135, 000

existing b a n k s
increasing
their capital)

No.

Capital

Net yearlydecrease
(exclusive of
existing banks
decreasing
their capital)
No.

61
48

Capital

$9, 622,
5, 935,
26 9, 003,
4, 007,
3,015,

62
94
135 $2,155,666
257 14, 492, 500
18
77 690, 800

000
500
000
500
000

19 790 000

3 14,

747, 500
174 30 260 000

15 3, 492, 500
8

114 8, 820, 810
176 4, 439 000
125 11, 743, 500

1 Amount of capital stock reductions incident to consolidations.
2
Includes 1 bank with capital of $25,000 restored to solvency. There was also 1 bank restored with
capital of $50,000 for which a receiver had been appointed prior to Nov. 1, 1927. Also included 4 banks
with an aggregate capital of $395,000 which had been placed in voluntary liquidation by their shareholders
prior to Nov. 1, 1927.
3 There was a decrease of 125 banks, considering the 2 banks restored to solvency and the 4 banks which
were in voluntary liquidation.




237

REPORT OF THE COMPTROLLER OF THE CURRENCY

TABLE N O . 13.—Total number of national hanks organized, consolidated under
act November 7, 1918, insolvent, in voluntary liquidation, and in existence on
October 31, 1928

Maine
New Hampshire..
Vermont
Massachusetts ._
Rhode Island
Connecticut
Total New England States

I n existence

Total Southern States

386

1
3

2
4

279
56
207
11
42
10

566
299
865
18
83
13

68

122 ,

605

1,844

234
164
128
113
170
112
162
68
85
1,047
123
232
194

10
3
2
5
4
1
1
2
11
1
6
5

7
8
15
16
20
18
13
3
8
67
14
6
11

51
33
34
32
04
31
42
28
42
328
28
79
76

166
120
77
60
82
62
107
36
33
641
80
141
102

51

206

868

1,707

17

270

4
2
4
3
3
7

37
24
35
17
13
65
90
17

250
144
184
113
66
102
138
113

330
225
488
134
157
280
271
133

47

298

1,110

2,018

1
1
1
4
2

3

60
62
47
48
62
12
28
24
56

47
42
147
132
54
19
50
25
323

135
97
100
250
71
26
124
29
333

2,478

.

360

52
10
54

243
202
355
434
189
57
205
78
715

.

35

29
12
23

3, 473

_ _
_

17

634
400

_

15

399

839

1, 225

205
136
487
106
38
16
29

6

31
14
24
26
4
2
3

57
29
227
33
12
4
10

111
93
224
47
20
10
16

104

206

. . .

.

.

__ !
_ __

Total Middle Western States
_
__ .

Total Western States
. . __

-

Total Pacific States
Alaska
Hawaii
Porto Rico
Total Alaska and insular possessions
Total United States, Alaska, and insular
possessions
..




55
56
46
153
11
65

2,832

Total Eastern States

..

57
13
22
174
50
44

2,639

.

_

4
7
16
2
6

798

.

Ohio
Indiana.
...
_
Illinois
Michigan _. __
_ __
Wisconsin
. __ ...
Minnesota
Iowa.. .
_
Missouri

1
1
1
8
2
4

926
377
1,149
29
128
30

Virginia. _
. . . .
West Virginia
North Carolina
South Carolina.._
...
Georgia
Florida
._ .
Alabama
Mississippi
Louisiana
Texas
Arkansas
Kentucky. ._ . __
Tennessee

Washington _
Oregon
California
Idaho
Utah
Nevada
Arizona

In liquidation

Insolvent

113
74
76
351
65
119

New York
New Jersey. _
Pennsylvania. _
Delaware
Maryland .
.
District of Columbia

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

Consolidated
under
act Nov.
7, 1918

Organized

States, Territories, etc.

240

450
502

3

12
2

372

521

5
6
1

1
4
1

4
2

12

6

6

4,160

7,707

1,017

13, 249

20

218

1,164

238

REPORT OF THE COMPTROLLER OF THE CURRENCY

TABLE NO. 14.—Changes of corporate title of national banks, year ended October 31,
1928
Charter
No.
13055
11805
10029
11881
10423
11368
2377
2570
6309
874 fj
444G
12122
7193
8552
11924
10143
13161
324
£956
8907
6084
2773
12840
6516
12352
2333
10913
12288
12342
10069
639
11689
11862
2827
10163
11737
1132
3952
6380
5936
10951

Title and location
The Prospect National Bank of Brooklyn in New York, N. Y., to " T h e Prospect National Bank and Trust Company of Brooklyn in New York"
The Army National Bank of Camp Lewis, Wash., to " The Army National Bank of Fort
Lewis," to conform to change in name of place in which bank is located
The First National Bank of Bay Shore, N . Y., to " T h e First National Bank and Trust
Company of Bay Shore"
Valley Stream National Bank, Valley Stream, N . Y., to " Valley Stream National Bank
and Trust Company"
The Central National Bank of Albany, Ala., to " T h e Central National Bank of Decatur,'' to agree with change in name of place in which the bank is located
The Bergenfield National Bank, Bergenfield, N . J., to " The Bergenfield National Bank
and Trust Company"'
The First National Bank of Fargo, N . Dak., to " T h e First National Bank and Trust
Company of Fargo"
The First National Bank of Owensboro, Ky., to " First National Bank and Trust Company of Owensboro"
The Farmers and Merchants National Bank of Wabash, Ind., to " T h e Farmers &
Wabash National Bank of Wabash"
The Peoples National Bank of Strasburg, Va., to " The First National Bank of Strasburg".
First National Bank in Port Huron, Mich., to "First National Bank and Trust Company of Port Huron"
The Liberty National Bank of Syracuse, N . Y., to " T h e Liberty National Bank and
Trust Company of Syracuse"
The Swarthmore National Bank, Swarthmore, Pa., to "Swarthmore National Bank
and Trust Company"
The Central National Bank of Tulsa, Okla., to " The Central National Bank and Trust
Company of Tulsa"
The First National Bank of Manhasset, N . Y., to " First National Bank and Trust Company of Manhasset"
The American National Bank of Benton Harbor, Mich., to " T h e American National
Bank and Trust Company of Benton Harbor"
The Moultrie National Bank, Moultrie, Ga., to "Moultrie National B a n k "
The First National Bank of Newtown, Pa., to " T h e First National Bank and Trust
Company of Newtown"
The Peoples National Bank of Monessen, Pa., to " T h e Peoples National Bank and
Trust Company of Monessen"
The Citizens National Bank of Riverside, Calif., to " T h e Citizens National Trust and
Savings Bank of Riverside"
The Farmers and Merchants National Bank of Winchester, Va., to " Farmers and Merchants National Bank and Trust Company of Winchester"
The First National Bank of Ludington, Mich., to " The First National Bank and Trust
Company of Ludington "
The Harrisburg National Bank, Harrisburg, Tex., to " T h e Harrisburg National Bank
of Houston," necessitated by reason of the annexation of Harrisburg, Tex., to Houston,
Tex
The Blair County National Bank of Tyrone, Pa., to " The Blair County National Bank &
Trust Company of Tyrone"
Liberty National Bank in New York, N. Y., to " Liberty National Bank and Trust Company in New York"
The Union National Bank of Souderton, Pa., to " Union National Bank and Trust Company of Souderton "
The National Bank of Okeene, Okla., to "First National Bank in Okeene"
First National Bank in Pontiac, Mich., to "First National Bank and Trust Company
in Pontiac"
The Lincoln State National Bank, Lincoln, Nebr., to " Lincoln National Bank and Trust
Company"
First National Bank in Orlando, Fla., to " First National Bank and Trust Company in
Orlando"
The Niagara County National Bank, Lockport, N . Y., to "Niagara County National
Bank and Trust Company"
The Farmers National Bank of Strandburg, S. Dak., to "Farmers National Bank of
Estelline," S. Dak
Brotherhood of Locomotive Engineers Co-Operative National Bank of Cleveland, Ohio,
to "Engineers National Bank of Cleveland"
The Second National Bank of Cortland, N . Y., to "Second National Bank and Trust
Company of Cortland"
The First National Bank of Bonita, Tex., to " The Security National Bank of Nocona,"
Tex
_
'
The Albany Park National Bank of Chicago, 111., to "Albany Park National Bank and
Trust Company of Chicago"
The City National Bank of Danbury, Conn., to " C i t y National Bank & Trust Company of Danbury"
The Manufacturers National Bank, of Rockford, 111., to " T h e Manufacturers National
Bank and Trust Company of Rockford, Illinois"
The Morgan County National Bank of Albany, Ala., to " The Morgan County National
Bank of Decatur," to agree with change in name of place in which the bank is located..
The First National Bank of Northport, N . Y., to " The First National Bank and Trust
Company of Northport"
The First National Bank of Woodlawn, Pa., to "Aliquippa National Bank," Aliquippa,
Pa., to conform to change in name of place in which the bank is located




Date

1927
Nov. 1
Nov.

12

Do.
Nov. 23
Dec.

8

Dec.

10

Dec.

31

De.
Dec.
Jan.

31
10

Jan.

12

Do.
Jan.

13

Jan.

14

Do.
Jan.

16

Do.
Jan.

17

Jan.

20

Jan.

21

Jan.

23

Jan.

24

Jan.

27

Jan.

30

Do.
Feb. 1
Do.

Do.
Feb.

7

Feb.

9

Feb.

13

Do.
Feb.

15

Feb.

23

Mar.

1

Mar.

9

Mar. 24

Do.
Mar. 26
Mar. 29

Do.

REPORT OF THE COMPTROLLER OF THE CURRENCY

239

TABLE N O . 14.—Changes of corporate title of national banks, year ended October 31,
1928—Continued
Char-j
Title and location

Date

The First National Bank of Hudson, N . Y., to " T h e First National Bank and Trust
Company of H u d s o n "
The Holston National Bank of Knoxville, Term., to "Holston-Union National Bank of
Knoxville"
The Baxter National Bank of Rutland, Vt., t o " The Central National Bank of Rutland "_
The First National Bank of Cambridge City, Ind., t o " T h e First National Bank and
Trust Company of Cambridge C i t y "
The Lynchburg National Bank, Lynchburg, Va., t o " T h e Lynchburg National Bank
and Trust C o m p a n y "
The City National Bank of Battle Creek, Mich., t o " The City National Bank and Trust
Company of Battle Creek"
The Peoples National Bank of Pemberton, N . J . , t o " T h e Peoples National Bank and
Trust Company of Pemberton"
The Lynbrook National Bank, Lynbrook, N . Y., to " T h e Lynbrook National Bank &
Trust Company"
The Manufacturers National Bank of Racine, Wis., to "Manufacturers National Bank
and Trust Company of Racine"
The Peoples National Bank of White Plains, N . Y., t o " The Peoples National Bank and
Trust Company of White Plains"
The Milford National Bank, Milford, Mass., to " T h e Milford National Bank and Trust
Company"
The National Bank of Mount Airy in Philadelphia, Pa., to " M t . Airy National Bank
and Trust Company in Philadelphia"
The Allenhurst National Bank, Allenhurst, N . J., t o "Allenhurst National Bank and
Trust C o m p a n y "
The Staunton National Bank, Staunton, Va., to " T h e Staunton National Bank and
Trust C o m p a n y "
The Citizens National Bank of Hornell, N . Y., t o "Citizens National Bank and Trust
Company of Hornell"
The Peoples National Bank of Washington, Ind., to " T h e Peoples National Bank and
Trust Company of Washington "
The National Bank of Skaneateles, N . Y., t o "National Bank and Trust Company of
Skaneateles"
The Penn's Grove National Bank, Penn's Grove, N . J., to " T h e Perm's Grove National
Bank and Trust C o m p a n y "
The First National Bank of Chico, Calif., t o " First National Trust and Savings Bank of
Chico"
Corn Exchange National Bank of Philadelphia, Pa., t o ' " C o r n Exchange National Bank
and Trust Company, Philadelphia"
The Farmers National Bank of Reading, Pa., to "Farmers National Bank and Trust
Company of R e a d i n g "
The Peoples National Bank of Los Angeles, Calif., to " The National Bank of Commerce
of Los Angeles"
The Vineland National Bank, Vineland, N . J., to " T h e Vmeland National Bank and
Trust Company"
The National Bank of Spring City, Pa., to " The National Bank and Trust Company of
Spring C i t y "
The National Bank of Charlottesville, Va., to "National Bank and Trust Company at
Charlottesville"
The First National Bank of New Haven, Conn., to " The First National Bank and Trust
Company of New Haven''
The National Ulster County Bank of Kingston, N . Y., to "National Ulster County
Bank and Trust Company of Kingston"
The Harriman National Bank of the City of New York, N . Y., to " The Harriman National Bank and Trust Company of the City of New Y o r k "
The Little Neck National Bank, Little Neck, N . Y., to " T h e Little Neck National
Bank of New York"
The Security National Bank of Valley City, N . Dak., to " T h e First and Security
National Bank of Valley C i t y "
The Republic National Bank of Dallas, Tex., to "Republic National Bank and Trust
Company of Dallas"
The Middletown National Bank, Middletown, Conn., t o " T h e Middletown National
Bank & Trust C o m p a n y "
The First National Bank of Paris, 111., to " First National Bank and Trust Company of
Paris''
The Central National Bank of Peoria, 111., to " T h e Central National Bank and Trust
Company of Peoria "
The First National Bank of East Chicago, Ind., to " T h e First National Bank and
Trust Company of East Chicago"
The Third National Bank of Plainview, Tex., to " The Flainview National B a n k "
The First National Bank of Saugerties, N . Y., to " T h e First National Bank & Trust
Company of Saugerties"
The Citizens National Bank of Pottstown, Pa., to " T h e Citizens National Bank and
Trust Company of Pottstown "
Labor Co-operative National Bank of Paterson, N . J., to "Labor National Bank of
Paterson"
The First National Bank of Yankton, S. Dak., to " The First National Bank and Trust
Company of Yankton "
The Pennsylvania National Bank of Pottsville, Pa., to " T h e Pennsylvania National
Bank and Trust Company of Pottsville"
_

1927
Mar. 30

No. •

4648
1700

11852 !
8129
8928
1802
12574

gee
33113

i
12891 |
6903
2522
3842
5360
538?
S7&S

2918
2G18

3050 |
9955 |
12512 |
11417 '
12180
1216
3376
3214

7601 j
£802 !
1040 !
4714
12560
2068
1663




Apr.
Apr.

W
18

Apr.

21

Do.
Apr.

30

May

1

Do.
M a y 10
M a y 11
M a y 16
May

21

M a y 22
M a y 29

June

1

Do.
June

5

Do.
June

11

June

18

Do.
June
June

27
30

Do.
Do.
July

2

Do.

July

12

July

14

July

16

July

18

July

23

July

26

Aug.

1

Do
Do
Aug.

13

Aug.

15

Aug.

20

Aug.

24

Aner.

27

240

REPOKT OF THE COMPTROLLER OF THE CURRENCY

TABLE NO. 14.—Changes of corporate title of national banks, year ended October 81,
1928—Continued
Charter
No.

Title and location

12851

The Greenwood National Bank, Greenwood, Wash., to " T h e First Greenwood National

10253
10362
12628
921
12485

Bk"
Bank"
Marshall National Bank, Marshall, Va., to "Marshall National Bank and Trust Company'
The Jamestown National Bank, Jamestown, Calif., to "Motherlode National Bank of
Sonora"
The Grand and Sixth National Bank of Milwaukee, Wis., to " Sixth Wisconsin National
Bank of Milwaukee "
The City National Bank of Bridgeport, Conn., to " The City National Bank and Trust
Company of Bridgeport''
Albuquerque National Bank, Albuquerque, N. Mex., to "Albuquerque National Trust
& Savings Bank"_
The Reading National Bank, Reading, Pa., to "The Reading National Bank and Trust
Company'
The First National Bank of Ellenville, N. Y., to "The First National Bank and Trust
Company of Ellenville"

Date

I

1927

Sept. 4
Sept. 7
Sept. 10
Sept. 24
Oct.

1

Oct.

8

Oct.

9

Oct. 19

TABLE N O . 15.—Changes of corporate title incident to consolidations of national

banks, and of State banks with national banks, year ended October 31, 1928
Continental and Commercial Trust and Savings Bank of Chicago, 111., and Continental and Commercial National Bank of Chicago (2894), consolidated under the charter of the latter, with title: Continental
National Bank and Trust Company of Chicago.
The Merchants and Planters Bank of Griffin, Ga., and The City National Bank of Griffin (2075), consolidated under the charter of the latter, with title: The First National Bank of Griffin.
The Pavonia Bank of Jersey City, N. J., and The Merchants National Bank of Jersey City (9229), and
Union Trust and Hudson County National Bank, Jersey City (1182), consolidated under the charter of
the latter, with title: Hudson County National Bank.
The National Peoples Savings Bank and Trust Co. of Vicksburg, Miss. (12499), and The Merchants
National Bank of Vicksburg (3430), consolidated under the charter of the latter, with title: The Merchants
National Bank and Trust Company of Vicksburg.
The Hammond Trust and Savings Bank, Hammond, Ind., and Citizens National Bank of Hammond
(8199), consolidated under the charter of the latter, with title: Hammond National Bank and Trust
Company.
Mount Holly Safe Deposit and Trust Co., Mount Holly, N. J., and The Union National Bank at
Mount Holly (2343), consolidated under the charter of the latter, with title: The Union National Bank
and Trust Company at Mount Holly.
The McKeen National Bank of Terre Haute, Ind. (7922), and The First National Bank of Terre Haute
(47), consolidated under the charter of the latter, with title: First-McKeen National Bank and Trust
Company of Terre Haute.
The Capitol National Bank and Trust Co. of New York, N. Y. (12213), and The Longacre National
Bank of New York (13163), and United National Bank In New York (12406), consolidated under the charter
01 the latter, with title: United Capitol National Bank and Trust Company of New York.
Dysart Savings Bank, Dysart, Iowa, and The First National Bank of Dysart (5934), consolidated under
the charter of the latter, with title: Dysart National Bank.
The Farmers National Bank of Arcanum, Ohio (9255), and The First National Bank of Arcanum (4839),
consolidated under the charter of the latter, with title: The First-Farmers National Bank of Arcanum.
Citizens Trust and Savings Bank, Los Angeles, Calif., and The Citizens National Bank of Los Angeles
(5927), consolidated under the charter of the latter, with title: Citizens National Trust & Savings Bank
of Xos Angeles.
The Franklin Fourth Street National Bank of Philadelphia, Pa. (5459), and The Philadelphia-Girard
National Bank, Philadelphia (539), consolidated under the charter of the latter, with title: The Philadelphia National Bank.
The Quaker City National Bank of Philadelphia, Pa. (4050), and The Manayunk National Bank of
Philadelphia (3604), consolidated under the charter of the latter, with title: The Manayunk-Quaker Citv
National Bank of Philadelphia.
The Lincoln Trust Co. of Fort Wayne, Ind., and The Lincoln National Bank of Fort Wayne (7725),
consolidated under the charter of the latter, with title: Lincoln National Bank and Trust Company of
Fort Wayne.
The Galesburg National Bank, Galesburg, 111. (3138), and The First National Bank of Galesburg (241)
consolidated under the charter of the latter, with title: First Galesburg National Bank and Trust
Company.
The Winona Savings Bank, Winona, Minn., and The Winona National Bank, Winona (10865), consolidated under the charter of the latter, with title: The Winona National and Savings Bank.
The Citizens Bank of Norfolk, Va., and The Seaboard National Bank of Norfolk (10194), consolidated
under the charter of the latter, with title: The Seaboard Citizens National Bank of Norfolk.
The Citizens National Bank of Baltimore, Md. (1384), and The Merchants National Bank of Baltimore
(1413) consolidated under the charter of the latter, with title: The First National Bank of Baltimore
The First National Bank of Trenton, N. J. (281), and The Mechanics National Bank of Trenton (1327).
consolidated under the charter of the latter, with title: The First-Mechanics National Bank of Trenton
The Bank of Commerce and Trust Co. of Tarpon Springs, Fla., and The First National Bank of Tarpon Springs (12274), consolidated under the charter of the latter, with title: The First National Bank of
Commerce of Tarpon Springs.
Guarantee Trust and Safe Deposit Co., Philadelphia, Pa., and The Tradesmens National Bank, Phila
delphia (570), consolidated under the charter of the latter, with title: Tradesmens National Bank and
Trust Company.
Guardian Trust Co. of New Jersey, Newark, N. J., and The Broad and Market National Bank and
Trust Co. of Newark (9912), consolidated under the charter of the latter, with title: New Jersey National
Digitized forBank and Trust Company of Newark.
FRASER


REPORT OF THE COMPTROLLER OF THE CURRENCY

241

The City Trust and Savings Bank of Dayton, Ohio, and The City National Bank of Dayton (2874),
consolidated under the charter of the latter, with title: The City National Bank and Trust Company of
Dayton.
The Farmers & Merchants National Bank of Boonville, Ind. (9266), and The City National Bank of
Boonville (10613), consolidated under the charter of the latter, with title: First National Bank of
Boonville.
First Trust and Savings Bank of Tulsa, Okla., and The First National Bank of Tulsa (5171), consolidated
under the charter of the latter, with title: The First National Bank and Trust Company of Tulsa.
The Merchants National Bank of Norwich, Conn. (1481), and The Uncas National Bank of Norwich
(1187), consolidated under the charter of the latter, with title: The Uncas-Merchants National Bank of
Norwich.

TABLE NO. 16.—National banks chartered during the year ended October 81, 1928
Charter
No.

Title

13195

Mobile National Bank, Mobile,

13155
132.10

New First National Bank of ParagouldL
First National Bank of Gurdon

Capital

$200, 000

Total (2 banks) _

50, 000
25, 000
75, 000

CALIFORNIA

13178 First National Bank of Vista—
13179 National Bank of Pico
13187 National Bank for Savings in Los Angeles
13200 Commercial National Bank of Los Angeles
13208 La Jolla National Bank of San Diego
13212 Palo Alta National Bank, Palo Alto
13217 First National Bank in San Leandro

Total (7 banks)

1,025,000
CONNECTICUT

13245

Sharon National Bank, Sharon.

13157
13159
13214

Sanford Atlantic National Bank, Sanford_.
City National Bank in Miami
Palatka Atlantic National Bank, Palatka.
Total (3 banks)

13161
13223
13227

100, 000
500, 000
100, 000
700, 000

Moultrie National Bank, Moultrie i_
City National Bank of Albany
First National Bank of Douglasville_

100, 000
100, 000
25, 000

Total (3 banks)
13144
13146
13213
13216
13218
13226
13235
13236

25,000
50, 000
300,000
200, 000
200, 000
150, 000
100, 000

225, 000
ILLINOIS

National Bank of Witt
National Builders Bank of Chicago
First National Bank in Mount Sterling
Straus National Bank & Trust Co. of Chicago.. _
National Bank of Niles Center
Stewardson National Bank, Stewardson
Hyde Park National Bank of Chicago
Belleville National Bank, Belleville
Total (8 banks) _

50, 000
500, 000
50, 000
1,000,000
100,000
25, 000
500,000
100, 000
2, 325,000

INDIANA

13224

Citizens National Bank & Trust Co. of Terre Haute.

200, 000

13188
13232

Buchanan County National Bank of Independence.
Tipton National Bank, Tipton

125,000
50,000
175,000

Total (2 banks)
13248

First National Bank in Hazard _

KENTUCKY
100,000
LOUISIANA

13169
13209

First National Bank in Gibsland
Commercial National Bank of Lafayette
Total (2 banks).

Title changed to "Moultrie National Bank."


1

25, 000
100, 000
125, 000

242

REPORT OF THE COMPTROLLER OF THE CURRENCY

TABLE N O . 16.—National

banks chartered during the year ended October 31,
1928—Continued

MARYLAND

13147

Catonsville National Bank, Catonsville
MASSACHUSETTS

13152
13172
13222
13241

First National Bank of Revere
Northfield National Bank, Northfield
Buzzards Bay National Bank, Buzzards Bay
Needham National Bank for Savings & Trusts, Needham_
Total (4 banks) _

13240

First National Bank of Centerline__

13140
13167
13204

Fifth Northwestern National Bank of Minneapolis.
St. Paul National Bank, St. Paul
.
First National Bank in LakefieldTotal (3 banks) _

13156

National Bank of Gulfport_

13142
13162

Exchange National Bank of Jefferson City_
Conquerer First National Bank of Joplin___
Total (2 banks) _

13138
13139
13148
13158
13176
13182
13189
13243
13244

First National Bank of Springview
Commercial National Bank of Ainsworth
Farmers National Bank of Central City
First National Bank of Arcadia 2
First National Bank in Shelton
Security National Bank of Laurel
Wallace National Bank of Exeter
Exeter National Bank, Exeter
First National Bank of Primrose
,
Total (9 banks).

$100,000
100,000
25, 000
50, 000
150, 000
325, 000
50, 000

MISSISSIPPI

100,
100,
25,
225,

000
000
000
000

125,000
100, 000
250, 000
350, 000

NEBRASKA

Wilton National Bank, Wilton.

NEW HAMPSHIRE
NEW JERSEY

13164
13166
13173
13174
13203
13215

First National Bank in Lodi
First National Bank of Columbus
First National Bank of Whippany
Plainfield National Bank, Plaiimeld
Third National Bank & Trust Co. of Camden
Point Pleasant Beach National Bank, Point Pleasant Beach 3
Total (6 banks).

13143
13145
13149
.13163
13193
13194
13207
13219
13220
13228
13229
13234
13237
13239
13242
13246

First National Bank of Glen Cove
Webster National Bank, Webster
Springfield Gardens National Bank of New York
Longacre National Bank of New York 4
Bank of America National Association 6
Commercial Exchange National Bank in New York 6
Industrial National Bank of New York
Lincoln National Bank of Buffalo
East Side National Bank of Buffalo
Eastport National Bank, Eastport
National Bank of Wyoming
First National Bank of Bellerose
Dunbar National Bank of New York.
Bryn Mawr-Nepperhan National Bank of Yonkers_
Forest Hills National Bank of New York
First National Bank of Bolivar..
Total (16 banks) _

25,000
50,000
25, 000
25, 000
25, 000
25, 000
50,000
25, 000
25, 000
275, 000
50, 000
100, 000
50, 000
50, 000
100,000
200, 000
100, 000
600, 000

NEW YORK

2

100, 000
50, 000
200, 000
1, 000, 000
6, 500, 000
1, 500, 000
1, 500, 000
200, 000
300, 000
50,000
50, 000
100, 000
500, 000
100, 000
200, 000
100, 000
12, 450, 000

Placed in voluntary liquidation on Mar. 7, 1928.
Post office, Point Pleasant, N. J.
Consolidated on Mar. 10, 1928, with United Capitol National Bank <e Trust Co. of New York under
f
act Nov. 7, 1918.
« With 7 branches located in the City of New York.
6 With 1 branch in the City of New York. Consolidated on Apr. 28, 1928, with the Bank of America

National 'Association, Xew York, under act Nov. 7, 1918.
s

4



KEPOET OF THE COMPTROLLEB OF THE CURRENCY

243

TABLE N O . 16.-—National banks chartered during the year ended October 31,
1928—Continued

NORTH CAROLINA

Cumberland National Bank of Fayetteville

13168

$150, 000

NORTH DAKOTA

13190

25, 000

Steele County National Bank of Finley
OHIO

First National Bank of Jewett_,_
Noble County National Bank in Caldwell
First National Bank at Smithfield
National Bank of Adams County of West Union_.

13150
13154
13171
13198

Total (4 banks) _

35, 000
60, 000
50, 000
40,000
185, 000

13192 ! Tillamook National Bank, Tillamook.

50, 000

PENNSYLVANIA

13141 Roslyn National Bank, Roslyn
13151 National Bank of Lansdowne
13153 Forbes National Bank of Pittsburgh
13160 Glen Lyon National Bank, Glen Lyon
13175 Northeast National Bank of Holmes burg in Philadelphia _
13177 First National Bank of Exeter
13180 City National Bank & Trust Co. of Philadelphia
13185 Pelham National Bank & Trust Co. of Philadelphia
13186 Leola National Bank, Leola
13196 State Road National Bank of Highland Park ?
13197 Union National Bank of Jersey Shore
13205 Beech Creek National Bank, Beech Creek
13225 Hyde Park National Bank of Scranton
Total (13 banks) _

50, 000
100, 000
300, 000
75, 000
200, 000
50,000
1,000, 000
200, 000
50, 000
100, 000
125, 000
35, 000
125, 000
2, 410, 000

SOUTH DAKOTA

13181 j Brookings National Bank, Brookings
13221 i Lake Norden National Bank, Lake Norden_
Total (2 banks) _
First National Bank in Glen Rose
First National Bank in McAllen___
Lorena National Bank, Lorena
Wolfe City National Bank in Wolfe City.
First National Bank in Temple
First National Bank of dishing
Odessa National Bank, Odessa
First National Bank in Wellington

1S170
13183
13191
13199
13206
13211
13238
13249
I

Total (8 banks) _

50, 000
25, 000
75,000
25, 000
60, 000
25, 000
25, 000
100, 000
25, 000
30, 000
25, 000
315, 000

WASHINGTON

13137 i Washington National Bank of Vancouver
13201 I Lumbermens National Bank & Trust Co., Hoquiam 8._
13230 j Pacific National Bank of Seattle
13233 First National Bank of Elma
Total (4 banks) _

100, 000
100, 000
2, 500, 000
25, 000
2, 725, 000

I
WEST VIRGINIA
13231 j Citizens National Bank of Point Pleasant

100, 000

WISCONSIN
13165
13184
13202

National Bank of Commerce of Superior
Second Wisconsin National Bank of MilwaukeeFirst National Bank of Bangor
Total (3 banks)
Total United States (113 banks) _

7

Post office, Upper Darby, Pa.

150,000
200, 000
50,000
400,000
i, 160,000

8
Consolidated on June 26, 1928, with the First National Bank of Hoquiam under act Nov. 7, 1918.



244

REPORT OF THE COMPTROLLER OF THE CURRENCY

TABLE N O . 17.—National banks chartered which are conversions of State banks
during the year ended October 31, 1928
Charter
No.

13137
13138
13139
13142
13148
13156
13158
13160
13163
13165
13167
13168
13189
13193
13194
13195
13201
13202
13205
13224
13225
13233
13235
13243
13244

Title and location

The Washington National Bank of Vancouver.
The First National Bank of Springview__
The Commercial National Bank of Ainsworth.
The Exchange National Bank of Jefferson City.
The Farmers National Bank of Central
City.
National Bank of Gulfport
The First National Bank of Arcadia
The Glen Lyon National Bank, Glen
Lyon.
The Longacre National Bank of New
York.
The National Bank of Commerce of
Superior.
Saint Paul National Bank, Saint Paul
The Cumberland National Bank of Fayetteville.
The Wallace National Bank of Exeter,
Exeter"
The Bank of America National Association, New York. 1
Commercial Exchange National Bank in
New York.2
The Mobile National Bank, Mobile
The Lumbermens National Bank &
Trust Co., Hoquiam.3
The First National Bank of Bangor,
Bangor.
The Beech Creek National Bank, Beech
Creek.
The Citizens National Bank and Trust
Company of Terre Haute.
The Hyde Park National Bank of Scranton, Scranton.
The First National Bank of Elma, Elma..
The Hyde Park National Bank of Chicago, Chicago.
Exeter National Bank, Exeter
The First National Bank of Primrose,
Primrose.
Total, (25 banks)

State

Date of
charter

Approximate surAuthorized plus and
capital
undivided
profits

Approximate assets

1927

Wash. Nov. 1
Nebr__
Nebr_
Mo

$1, 265, 740

$100,000

$75, 273

25, 000
50, 000

_do_
do.

5,909
17, 028

158, 527
414,653
2,198, 747

100, 000

58, 439

Nebr_. Dec. 1

25, 000

58, 429

885, 371

i Miss. Dec. 22
I Nebr__ Dec. 29

125, 000
25, 000

91, 825
1,639

1, 926, 845
203, 692

Nov. 16

1928
Jan. 3

75, 000

167, 324

1, 372, 654

9

1, 000, 000

695, 334

9, 952, 111

Wis— Jan. 13

150, 000

139,664

2, 566, 017

Minn. Jan. 14
N. C_. Jan. 21

100, 000
150, 000

54, 007

1, 431, 345

82, 725

2, 272,392

Pa

N. Y_. Jan.

Nebr_. Mar. 21

50, 000

N. Y_. M a r . 26

6, 500,000

N. Y_.

12, 347

582, 238

5, 388, 775

177,864, 594

1, 211, 454
69, 239
95, 000

26, 067, 354

200, 000
100, 000
50, 000

40, 330

1, 410, 000
994, 741

1, 500, 000

Ala__ Mar. 31
Wash. Apr. 30
Wis— M a y

1

990,173

May

8

35, 000

19,165

Ind_.

Aug.

1

200, 000

141,979

346, 488

Pa._-

...do

125, 000

59, 782

2, 701,099

Wash

Aug. 2
Aug. 28

25, 000
500, 000

7,540
387,485

Nebr_
Nebr.

Sept. 29
Oct. 1

25, 000
25,000

10, 696
28, 868

11, 260, 000

8, 920, 261

1, 016,
279,
6, 872,
281,
331,

235
641
220
933
535

244, 386, 345

* With 7 branches in New York City.
2
With one branch in New York City. Consolidated on Apr. 28,1928, with the Bank of America National
Association, New York, under act Nov. 7, 1918.
3
Consolidated on June 26, 1928, with the Frist National Bank of Hoquiam under act Nov. 7, 1918.




REPORT OF THE COMPTROLLER OF THE CURRENCY

245

TABLE NO. 18.—National hanks, by States and geographical divisions, organized,
failed, and reported in voluntary liquidation during the year ended October 31.
1928
Organized
States

Num- Authorized Number
capital
ber

Maine
New Hampshire
Massachusetts
Rhode Island
Connecticut

Assets

Capital

$50,000
325, 000

1

Number

6

400, 000

16
6
13

12, 450, 000
600, 000
2,410,000

Capital

Gross
assets

<f")00 000

$8 880 IBS

i 650 000
150, 000

17 439 151
494, 572

25, 000

1

$100,000

$1,407, 654

1

100,000

1, 407, 654

3 i
1

6

2, 300, 000

26, 813,891

8, 700, 000
400, 000
3, 825, 000
75,000
800, 000

119, 702, 891
3,049, 855
70, 689, 218
505, 511
5, 593,450

1

Virginia
West Virginia . _
North Carolina. _ _ _
South Carolina
Georgia
Florida . . . - .
Alabama
Mississippi
Louisiana
_
_
Texas
Arkansas _ _
Kentucky
Tennessee _

100,000

10
2
13
1
1

36

.. __

Total Eastern States..

15, 560, 000

27

13, 800, 000

199, 540,925

1
1

50 000
50, 000

532 293
328, 297

2
2
3

275, 000
200, 000
400, 000

3,170, 891
957, 549
5, 768, 810

1
14
2
1
3

50, 000
720, 000
100, 000
350, 000
600, 000

277, 291
4, 239,122
724 641
5, 675, 743
7,119,062

1
1

100, 000
150, 000

3
3
1
1
8
2
1

225, 000
700, 000
200 000
125, 000
125,000
315,000
75, 000
100,000

23

2,115,000

4
1
3
3
2
2

185, 000
200, 000
2, 325,000
50, 000
400, 000
225, 000
175, 000
350, 000

24
1
2
9

3

230, 000

2, 356, 668

14

1,180,000

9, 888,433

30

2, 795, 000

28, 793, 699

i

85, 000
50, 000
275,000

960,911
1 431, 690
2, 717, 337

11
4
4

1, 210, 000
340, 000
925, 000

22,981, 880
2,892, 682
8, 528,377

3
10
1

75, 000
700, 000
125, 000

2
456, 373
5, 891,199
773, 737

1
7
6
2

25, 000
336, 000
415,000
65, 000

191, 550
2, 300, 879
6, 242, 350
373,300

3, 910, 000

22

1, 310, 000

11,231,247

35

3, 316, 000

43,511,018

25, 000
75, 000
275,000

5
2
3
5

275, 000
100, 000
105, 000
300, 000

2, 475, 276
764, 570
3 647,409
1, 790, 626

185, 000

1,650,884

3
1
2
3
3
4
10

175, 000
25,000
i 325,000
250, 000
75, 000
250, 000
400, 000

1, 697,122
675,631
4,161,562
1, 557, 505
491,119
5,124, 547
2, 393,110

375, 000

20

965, 000

7, 328, 765

26

1, 500, 000

16,100, 596

2, 725. 000
50,000
1. 025, 000

1
2
24
4

100, 000
90, 000
3, 050, 000
330,000

1,129, 763
349,086
38, 282, 715
5,292,124

1

Total Western States.

927, 828
1, 071, 673
1, 012,127
3, 365,073
1,155, 064

4
1
7

North Dakota
South Dakota _
Nebraska
Kansas
Montana
Wyoming
0 klahoma

75, 000
100 000
175, 000
400, 000
200, 000

5

Total Middle Western
States.

2
1
4
2
2

12

Total Southern States.
Ohio
Indiana
Illinois
Michigan
Wisconsin __
Minnesota
Iowa
Missouri

Washington
Oregon
California .
Idaho
Utah
Arizona

V o l u n t a r y liquidations

2
1
4

Total New England
States
New York
New Jersey
Pennsylvania
Delaware.
Maryland

Failed

100, 000

2, 625,920

1
1
1
1

..

200,000
300, 000
50,000
30, 000

Total Pacific States...

12

3,800, 000

4

580, 000

Total United States._.

113

26,160,000

61

4,135,000

1
2

5

2, 695, 604
1,104,477
194, 503
4 39, 399
4, 033,983

32

3, 670, 000

47, 679, 608

33, 890, 082

156

27, 381, 000

362,439, 737

Includes 1 bank with capital of $25,000 and assets of $194,790 restored to solvency.
Includes 1 bank with capital of $25,000 previously reported in voluntary liquidation.
3 Includes 1 bank with capital of $40,000 and assets aggregating $105,716 previously reported in voluntary liquidation.
4
Includes 1 bank that never opened for business.
6
Was in voluntary liquidation.




246

REPORT OF THE COMPTROLLER OF THE CURRENCY

TABLE N O . 19.—Number and classification of national banks chartered monthly
during the year ended October 31, 1928
Conversions
Months

November
December
January
February
March _
April
May
June
July
.
August
September
October
Total

Number

Primary organizations

Reorganizations
Number

Capital

Number

Capital

4
3
5

$275,000
175, 000
1,475, 000

1
1

$35,000
250,000

4
1
2

8,250, 000
100,000
85, 000

1

25,000

4
1
1

850,000
25,000
25, 000

1

50,000

25

11,260,000

4

360,000

_
_
_ _
_

Capital

Total
Number

Capital

7
8
9
7
10
5
8
8
3
9
5
5

$950; 000
1,410,000
525, 000
1,400, 000
1,060, 000
490, 000
2,300,000
1,950,000
175,000
3,450, 000
530, 000
300, 000

11
12
15
7
14
6
11
8
3
14
6
6

$1,225,000
1,620, 000
2,250, 000
1,400,000
9, 310, 000
590,000
2,410,000
1,950,000
175,000
4, 350, 000
555,000
325,000

84

14,540, 000

113

26,160,000

TABLE N O . 20.—Principal items of resources and liabilities of national banks?
classified according to capital stock, December 31, 1927
[In thousands of dollars]
CAPITAL STOCK OF LESS THAN $50,000

Cities, States, and Territories

Number of
banks

I Bonds |
i
Loans and and secu-1 Aggregate j
discounts
rities
resources |
! owned
I

rf)nitnl
a ltdi

^

Surplus
and undivided
profits

Total
deposits

COUNTRY BANKS

Maine
New Hampshire..
Vermont
M assachusetts
Connecticut
Total New England States,
New York
New Jersey
PennsylvaniaDelaware
Maryland
Total Eastern States..
Virginia
West Virginia.__
North Carolina..
South Carolina._
Georgia
Florida
Alabama
Louisiana
Texas
Arkansas
Kentucky
Tennessee

96
983
530
823

Total Middle Western ]
States
I



318
2,218
1,617
1.259
1,620

25
135

62
141
110
140
77

221
1,783
1,352
917
1, 386

100
75
410

530

5, 659

3,070
920
5, 363
75
585

6,094
1, 725
10, 782
86
1,306

68,481
19, 892
91, 236
939
12, 622

3,221

2,648

119
36
207
3
22

32, 612
13, 091
46, 022
504
6,640

38, 348
7, 491
51, 326
518
6, 707

387

98,869

234,099

10,013

19, 993

193,170

39
39
5

10, 874
10, 496
1,020
1,486
2,589
918
4,177
999
27,132
4,634
8,511
5,022

3,162
3,000
129
321
569
279
1,533
198
5,414
1,131
2,296
1, 583

17,185
17,188
1,729
2,532
4,535
1,617
8,632
1,630
51,426
9, 006
14, 263
8,732

1,074
1,090
155
190
410
140
630
125
5,412
775
710
635

1,012
1,024
77
102
271
60
675
59
3,330
402
973
518

14, 034
13, 802
1,440
2,028
3,580
1,281
6,703
40, 583
1,382
7,393
11,971
7,018
111,215

14
5
23
5
196
30
28
24

Total Southern States
Ohio
Indiana
Illinois
Michigan...
Wisconsin..
MinnesotaIowa
Missouri. _.

137
826
613
448
624

104,390

7,032 !
80, 937
23, 724
113,144
1, 102
15, 132

77, 858

19,615

138,475

11, 346

8,503

78
74
131
23
36
155
89
36

16, 540
14,122
24,164
4,872
6,958
32, 687
19, 308
6,682

9, 571
6,370
14, 592
3,253
5,316
23, 445
7,012
2,858

31,464
25, 529
47, 504
9,742
14,564
71, 420
33, 286
12,352

2,092
1,985
3,615
635
950
4,118
2,540

2,319
1,530
2,763
386
582
2,568
1,514
573

24, 964
20, 111
38,055
8, 266
12, 506
61, 262
26, 774
10,076

622

125, 333

72, 417

245, 861

16, 920

12, 235

202,014

247

EEPORT OF THE COMPTROLLER OF THE CURRENCY

TABLE N O . 20.—Principal items of resources and liabilities of national banks,
classified according to capital stock, December 31, 1927—Continued
[In thousands of dollars]
CAPITAL STOCK OF LESS THAN $50,000
Bonds
N u m - Loans and and secu- Aggregate
ber of
rities
resources
banks discounts
owned

Cities, States, and Territories

Capital

Surplus
and undivided
profits

Total
deposits

COUNTRY BANKS—continued

North Dakota
„ _
_
South Dakota
Nebraska
_
Kansas
Montana
Wyoming
.
Colorado
New Mexico..
__
Oklahoma
Total Western States

102
57
54
113
37
9
57
11
209

18, 888
11,384
12, 634
20, 969
4,175
1,466
9,664
1,674
32, 240

8,089
3,745
3,325
6,743
2,746
1,333
4,283
657
19,611

649

113, 094

50, 532

35, 615
20,112
20,471
36, 777
10,060
4,418
19, 788
3,577
78, 899
229, 717

4,798
3,710
6,069
2,482
213
927
286

12, 878
10, 393
20, 238
8,322
1,677
2, 548
814

138

5,758
4,140
9,284
3,305
1,109
906
270
24, 772

18, 485

Total country banks___

2,227

443,147

Total United States

2,227

443,147

Washington
Oregon
California
Idaho.
Utah
Nevada
Arizona
Total Pacific States___

30
29
49
20
4
3
3

2,620
1,520
1,490
2,982
980
255
1, 535
285
5,390
17,057

1,651
893
1,087
1,749
269
185
774
160
1,753
8,521

29,463
16, 746
15,930
29,811
8, 455
3,874
16, 669
3,025
68, 668
192, 641

372
377
902
267
112
80
9

56, 870

795
790
1,255
560
100
90
75
3, 665

2,119

11,411
8,926
17, 292
7,237
1,363
2,322
697
49, 248

268,087

912, 054

59,411

51,901

753,947

268, 087

912,054

59, 411

51, 901

753,947

;:

C A P I T A L S T O C K O F $50,000 B U T L E S S T H A N $200,000
RESERVE CITIES

Philadelphia
Dallas
Waco
Little Rock
Chicago
Minneapolis
Topeka
Denver
Pueblo
Muskogee
Total reserve cities

136
2,541
359
3,683
790
374
567
387
1,061
393
10,291

494
6,098
934
6,523
2,452
1,752
2,313
'852
2,597
1,441
25, 456

100
150
100
300
100
100
200
100
100
100
1,350

25
392
39
234
65
20
59
16
154
20
1,024

239
5,406
692
5,986
2,132
1,527
1,855
731
2,238
1,308
22,114

24, 260
29,498
27,187
72,095
3,202
14, 213

,

252
1,298
184
645
1,247
187
1,139
229
1,017
561
6,759

67,088
64,711
58,362
163,881
5,991
35,145
395,178

2,995
4,065
3,435
8,553
770
2,395
22,213

5,361
5,913
3, 868
14,221
697
3,798
33,858

56,116
50,280
47,471
131,932
3,907
26, 800
316, 506

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
Alabama
Mississippi
_
Louisiana
Texas
_.
Arkansas
Kentucky
Tennessee
Total Southern States

244

170,455

34, 905
22,423
23, 653
69, 952
1,907
15,326
168,166

305
175

241,357
157,188
390, 696
6,940
41,602
837,783

564,988
255,440
326,119
125,028
838, 475
329, 299
15, 883
6,728
87,972
36,021
752,516 1, 833, 437

25,421
15,145
"41,885
1,021
3,962
87,434

42,693
23,569
91,001
1,770
7,079
166,112

472,457
274,569
662,538
11,900
72, 521
1,493, 985

70, 064
53, 059
37, 562
22,955
28,615
25, 674
33, 689
24, 579
8,459
155,023
19,247
60, 369
34, 790
574, 085

106,256
16, 779
83, 792
15, 717
60,456
6,632
39, 233
5,917
51, 509
10, 726
16,054
58, 853
11,771
59, 768
13, 827
49, 728
16, 430
2,903
288,744
43, 599
35, 379
6,063
107, 776
24, 918
57, 895
9,690
184, 596 1,015, 819

7,685
4, 960
4,208
3,160
4,640
3,300
4,965
2,550
1,350
26,133
2,740
7,546
4,479
77, 716

6,086
3,604
2,058
4,109
3,330
4,891
2,403
1,044
19, 758
1,945
7,535
3,021

82, 713
66, 754
49, 360
31,717
38,402
48, 607
44,196
42,044
12,977
229,105
28,898
85,680
45, 783

67, 653

806,236

,
1,030
95
64
45
38
51
39
59
26
17
354
37
93
60
978


20669°—H. Doc. 361, 70-2


17

248
TABLE

BEPOKT OF THE COMPTROLLER OF THE CURRENCY
N O . 20.—Principal

items of resources and liabilities

of national

banks,

classified according to capital stock, December 31, 1927—Continued
[In thousands of dollars]
CAPITAL STOCK $50,000 BUT LESS THAN $200,000

Cities, States, and Territories

Bonds
Num- Loans and and secu- Aggregate
ber of discounts
resources
rities
banks
owned

Capital

Surplus
and undivided
profits

Total
deposits

COUNTRY BANKS—continued
184
117
274
83
81
99
167
67

111, 543
72,483
171,936
59, 934
54,255
50,626
80, 592
32,192

66,577
34,927
103, 886
51,218
42,449
44,124
37,501
15,382

219,497
135,575
337,480
135, 959
118,007
120, 437
150,685
61, 523

15,267
10,020
20, 788
7,380
6,405
6,910
11,050
4,960

17,007
8,735
24,488
6,587
5,921
4,928
6,971
3,719

171,724
106,708
270,860
114,997
99,686
103,437
123,163
48, 651

1,072

633, 561

396,064

1, 279,163

82, 780

78, 356

1,039, 226

36
38
88
122
23
17
51
16
108

21, 360
20,071
43,156
59,240
12,616
12,284
25, 259
9,053
49,093

14,486
16,132
15,824
26,108
7,749
7,916
18, 051
6,128
38,151

46,231
47,237
74,386
114,448
27, 823
27, 502
58, 985
21,995
119,359

2,475
2,650
5,590
8,350
1,875
1,405
3,595
1,150
7,500

1,701
1,758
4,068
5,330
1,286
1,661
2,358
636
2,881

40,305
40,820
57, 738
94,366
24,180
23,116
50,546
19,690
104,975

499

252,132

150,545

537, 966

34, 590

21, 679

455,736

-.

56
54
125
28
10
5
9

27,408
27,111
68,573
16,158
5,167
4,699
5,321

25,312
16,898
41, 544
7,608
1,799
1,012
2,780

66,928
58,742
138,990
33,146
9,570
8,368
12, 415

4,220
4,120
9,585
1,900
700
410
750

2,530
2,469
6,494
1,073
332
482
364

58,389
49,903
116,995
29,118
8,135
7,188
10,443

Total Pacific States

287

154,437

96, 953

328,159

21, 685

13,744

280,171

4

2,060

1,682

4,936

200

191

4,479

1

726

1,131

2,169

100

183

1,877

5

2,786

2,813

7,105

300

374

6,356

Ohio
Indiana
Illinois
Michigan
Wisconsin
Minnesota
Iowa
Missouri
Total Middle
States
North Dakota
South Dakota
Nebraska
Kansas
Montana
Wyoming
Colorado
New Mexico
Oklahoma

Western
. . .
.-

_.
_.

.

Total Western States.
Washington
Oregon
California
Idaho
Utah
Nevada
Arizona.

_.

Alaska (nonmember banks)
The Territory of Hawaii (nonmember banks)
Total (nonmember banks).
Total country banks

4,115

2, 625,239 1, 751, 653

5, 396, 827

326, 718

381, 776

4,398,216

Total United States

4,126

2, 635, 530 1, 758,412

5,422, 283

328,068

382,800

4, 420,330

CAPITAL STOCK OF $200,000 BUT LESS THAN $500,000
CENTRAL RESERVE CITIES
Chicago
Total
central
cities

4,094

3,454

9,588

1,100

568

7,582

4,094

___•-

3,454

9,588

1,100

568

7,582

2,451
20, 950
2,470
51, 046
4,326
8,780
14,711
1,219
446
8,016
3,020
8,951
5,463
5,539
4,546
5,684

2,259
14, 528
1,644
24,192
3,395
2,053
5,612
230
320
3,826
385
2,037
946
2,312
1,819
684

5,775
44,111
4,951
90, 369
9,785
13, 563
26,407
2,158
889
17, 378
4,561
14,396
9,347
10, 962
9,112
8,247

400
3,250
450
3,525
500
800
1,327
300
200
600
200
400
750
650
550
600

106
2,425
222
10, 228
573
1,105
2,275
66
55
572
133
594
282
619
381
445

4,528
37,493
4,045
71,859
8,147
10, 668
21,272
1,791
387
16,098
4,130
13,042
7,796
8,696
7,630

reservi

OTHER RESERVE CITIES
Boston
Brooklyn and Bronx___
Buffalo
Philadelphia
Pittsburgh
Baltimore
Washington
Richmond
Birmingham
El Paso
Fort Worth
Galveston.
Houston
San Antonio
Waco
Nashville
for FRASER

Digitized


...

REPORT OF THE COMPTROLLER OF THE CURRENCY
TABLE N O . 20.—Principal items of resources, and liabilities of national
classified according to capital stock, December 81, 1927—Continued

249
banks,

[In thousands of dollars]
CAPITAL STOCK OF $200,000 BUT LESS THAN $500,000

Cities, States, and Territories

Bonds
Num- Loans and and secu- Aggregate
ber of discounts
resources
rities
banks
owned

Capital

Surplus
and undivided
profits

Total
deposits

OTHER RESERVE CITIES—COntd.

Cincinnati
Indianapolis
Chicago
Peoria
Milwaukee
Minneapolis
St. Paul
Dubuque
Sioux City
Kansas City, Mo...
St. Joseph
St. Louis
Lincoln
Omaha.-.
Kansas City, Kans
Topeka
Wichita
Helena
Denver
Muskogee
Oklahoma City
Tulsa
Seattle
Spokane
Portland.
Los Angeles
Ogden
_
Total other reserve cities...
Total all reserve cities
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
N o r t h Carolina
South Carolina
Georgia
Florida...
Alabama
Mississippi
Louisiana
Texas
Arkansas
Kentucky
Tennessee

130

82

103
3
4
252

__..

Total Southern States
Ohio
Indiana
Illinois
Michigan.-.
Wisconsin
Minnesota
Iowa
Missouri
Total Middle
States...

5,507
3,249
32, 794
4,056
1,390
1,142
7,937
1,900
9,872
7,177
12, 000
4,708
8,719
5,827
1,427
1,536
1,642
5,193
1,587
1,933
3,446
4,970
3,419
520
992
1,013
1,779

177

6,275
948
32, 306
2,033
1,204
2,348
5,567
2,833
4,696
3,345
3,206
7,932
3,132
3,551
785
1,488
1,180
1,941
295
1,607
3,815
2,431
3,681
2,204
3,761
267
206

283,353 I 169,279
287, 447 172, 733

14, 258
6,001
80, 791
7,335
3,231
4,470
19, 616
5,565
20,180
14,400
22,130
15,848
16,366
12, 505
3,085
4,781
3,775
10,033
2,466
4,962
10,379
9,957
9,497
3,285
5,810
1,513
3,168

587, 418
597,006

37, 245
9,485
6,020
94,962
6,454
46,760
200,926
205, 329
151, 830
245, 740
5,025
12,449
620, 373
48, 323
31,068
22, 726
21,979
17, 855
10, 570
33,518
26, 831
7,751
82, 736
18,993
23, 708
12,185
358, 243
99,951
45,970
69, 338
39,095
48, 733
18,772
24, 642
13, 502

34, 046
80, 703
4,811
17,487
2,269
9,850
174, 591
55,909
14,108
5,785
88, 710
28,750
131, 570
385,449
152, 736
411,030
85, 368
277, 225
170, 689
494, 025
3,044
9,874
3,571
18,594
415,408 1, 210, 748
11,836
71,617
7,841
48, 357
4,771
37, 463
6,417
38,121
4,119
28, 266
6,497
22, 749
61, 631
14,177
45,879
7,125
13,904
1, 362
149, 727
22, 014
35,371
7,389
36, 751
5,928
21, 470
3,530
103, 006
611, 306
54,116
193, 225
24,159
89,183
51, 528
152,055
26, 829
80, 025
30, 047
96, 274
14, 271
42,343
10, 722
46, 343
7,791
28,157

360,003

219,463

600
400
4,400
300
400
400
650
200
1,050
700
600
950
1,000
850
200
200
400
450
250
300
500
450
500
200
400
200
250
31, 302
32, 402

1,355
163
3,376
824
95
99
579
319
631
456
752
374
517
429
77
133
93
468
101
162
119
193
214
76
118
60
53
31,917
32, 485

11, 761
5,299
70,028
5,967
2,566
3, 736
18,126
4,826
17, 621
13,026
20,387
13, 976
14, 231
11,134
2,612
4,337
3,252
8,915
1,900
4,218
9,747
9,284
8,526
2,790
5,079
1,249
2,686
501,844
509,426

3,600
1,200
1,100
8,940
750
5,482
21, 072
18, 690
15,437
25, 325
663
902
61,017

5,859
2,516
1,192
12,861
1,577
6,746
30, 751
28, 013
19, 751
54,837
1,601
1,571
105, 773
5,477
4,504
2,228
2,135
2,332
1,651
4,176
2,290
720
7,989
1,653
2,425

13,075
5,900
9,150
3,950
6,225
2,600
3,100
1,650

38, 569
15, 086
4,477
10,197
4,578
4,815
1,669
2,114
914

67,177
12,345
6,495
145,643
10,943
70,933
313, 536
348, 535
228,332
388, 426
7,085
15, 566
987,944
56,075
37,419
30, 786
31,083
19,433
18,388
49, 054
38, 549
11, 206
125, 539
30, 660
28, 530
17,013
493, 735
152,132
73, 479
124, 352
67, 567
80, 284
36,494
38, 581
24, 426

45, 650

43,850

597, 315

4,800
2,904
2,775
2,875
2,800
2,050
4,650
2,560
1,200
10, 500
2,250
2,725
1,950

44, 039

Western




178

727, 605

250

REPORT OF THE COMPTROLLER OF THE CURRENCY

TABLE N O . 20.—Principal

items of resources and liabilities

classified according to capital stock, December 31,

of national

banks,

1987—Continued

[In thousands of dollars]
CAPITAL STOCK OF $200,000 B U T LESS T H A N

Cities, States, and Territories

$500,000—Continued

Bonds
Num- Loans and and secu- Aggregate
ber of discounts
rities
resources
banks
owned

Capital

Surplus
and undivided
profits

Total
deposits

COUNTRY BANKS—continued

3
2
3
11
9
3
7
2
9

7,033
3,679
3,731
21,843
25,236
7,299
13,390
6,135
11, 736

4,601
3,565
1,154
7,748
14,082
2,535
7,081
2,638
7,399

15, 833
10, 265
6,641
40,103
52,264
13,107
26, 541
11,835
26, 347

2,400
2,000
750
1,600
650
2,050

1,853
1,994
423
1,009
286
856

14,380
9,387
4,925
34, 515
46,632
11,734
22,990
10,215
23,136

49

100,082

50, 803

202,936

11,300

7,511

177,914

10
7
30
4
1
3

14, 613
12,879
56, 277
9,406
1,214
8,319

12,190
6,017
24,957
5,769
1,837
5,048

34,948
24, 359
102, 428
21,685
3,987
18,879

2,550
1,450
7,625
1,175
200
700

1,445
1,179
5,257
582
69
289

29,221
21,044
84,887
19,040
3,473
17,425

Total Pacific States.

55

102, 708

55,818

206, 286

13,700

8,821

175,090

The Territory of Hawaii (nonmember banks)

1

3,179

2,660

8,557

500

758

6,760

1

3,179

2,660

8,557

500

758

6,760

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

_ _

Total Western States
Washington
Oregon
California
Idaho
Nevada
Arizona

_.

Total (nonmember banks) _

700
450
700

448
428
214

Total country banks

794

1,745, 514

978, 728

3, 352,887

197, 278

236,033

2, 752, 294

Total United States

924

2, 032,961 1,151, 461

3,949, 893

229, 680

268, 518

3, 261,720

C A P I T A L S T O C K O F $500,000 B U T LESS T H A N $1,000,000
CENTRAL RESERVE CITIES

New York..
Chicago

3,668
1,759

Total central reserve cities.

1,375
222

6,613
3,038

1,000
500

362
250

4,705
2,277

5,427

1,597

9,651

1,500

612

6,982

6,877
4,355
12, 750
48,109
33, 555
9,029
19, 289
16, 383
5,934
9,051
9,027
3,513
20, 833
6,231
14, 972
2,657
4,676
24, 988
8,500
6,685
9,119
11, 233
6,844
6,765
14, 782
2,911
3,907
25, 241
4,141
6,362

1,907
3,350
6,144
15,812
18, 654
5,810
3,702
4,611
2,480
4,352
3,487
2,109
6,310
1,552
11,493
72
4,456
10, 855
4,199
4,981
6,267
1,402
1,816
2,857
8,145
2,879
2,259
6,667
1,242

10, 610
9,103
21,831
77, 269

1,000
2,000
1,000
4,000
2,950
1,400
2,050
1,800
750
1,250
1,250
750
1,800
1,100
1,250
600
500
2,200
500
800
1,050
800
500
500
1,100
500
500
2,350
500
1,200

471
852
1,128
6,868
6,182
1,316
2,255
3,536
394
332
574
332
1,772
523
1,950
126
1,219
3,340
1,918
377
2,261
1,290
927.
355
928
207
101
1,689
486
536

8,598
6,074
17, 697
62, 287

OTHER RESERVE CITIES

Boston
Brooklyn and Bronx
Buffalo
Philadephia
Pittsburgh
Baltimore
Washington
Charlotte
Atlanta
Dallas
Fort Worth
Galveston
Houston
San Antonio
Louisville
Nashville
Cincinnati
Columbus
Toledo
Chicago
Peoria
Grand Rapids
Milwaukee
Minneapolis
Cedar Rapids
Des Moines
Dubuque
Kansas City, Mo
St. Joseph..
St. Louis


___



19, 223
31, 727
26, 094
11,627
19, 256
19,110
7,376

37, 662
12,011
32, 588
3,656
11,881
48, 674
15, 285
13, 762
18, 699
15, 780
11,679
12,274
32, 383
7,720
8,045
41,802
8,115
16, 291

51,116
15,387

26, 317
18, 574
10,037
16, 328
16, 790
6,245
32,113
9, 347
27,442
2,921
9,426
40, 377
10, 304
11,950
14,314
12,829
9,169
11,159
29,088
6,214
7,243
35,800
7,037
13,590

REPORT OF THE COMPTROLLER OP THE CURRENCY
TABLE N O . 20.—Principal items of resources and liabilities of national

251
banks,

classified according to capital stock, December 31, 1927—Continued
[In thousands of dollars]
CAPITAL STOCK OF $500,000 BUT LESS THAN $1,000,000—Continued

Cities, States, and Territories

Bonds
Num- Loans and and secu- Aggregate
ber of
Capital
rities
banks discounts owned resources

Surplus
and undivided
profits

Total
deposits

OTHER RESERVE CITIES—COntd.

Lincoln... _ .
_
Omaha
Kansas City, Kans
Topeka
_
Denver
Pueblo
Muskogee
Oklahoma City
Tulsa
Seattle
Spokane
Portland. _
_
Los Angeles
Oakland
San Francisco
Ogden
Salt Lake City

1
1
1
2
2
1
1
3
1
3
1
1
1
1
1
1
4

5,311
6,842
5,523
4,919
15,086
4,500
3,192
15,160
4,514
15,717
3,388
4,032
1,903
2,751
415
3,541
22,938

1,986
454
2,596
5,273
12, 562
4,552
3,186
9,188
738
9,445
692
1,499
1,340
1,542
1,291
2,198
7,802

10,090
8,941
11,754
15, 769
34, 948
17,105
8,141
36, 620
6,983
33, 642
5,957
7,541
4,165
5,127
2,401
7,936
44,057

Total other reserve cities___

93

478,451

223,042

928, 776

Total all reserve cities

96

483,878

224, 639

938,427

2
1
13
3
6

10,805
3,680
76, 910
14, 872
33, 653

3,387
1,317
31,246
7,548
12, 259

17,015
5,652
127,474
26,662
56, 747

25

139, 920

55, 757

9
15
21

45, 877
109, 798
110, 044

18, 687
54, 506
71, 365

45

265, 719

6
5
6
3
2
3
2
1
1
5
2
4
3

18,407
23,348
22, 519
8,747
10,331
10, 405
15, 782
2,699
3,005
17, 271
10, 934
15, 974
23,028

43

182, 450

602
476
305
548
2,015
1,087
154
517
211
1,760
111
260
4
59
100
191
1,523

8,956
7,614
10,098
13,920
30,831
15,113
6,974
33,831
6,190
30,079
5,093
' 6,770
3,493
3, 817
1,600
6,740
39, 293

51,975

54,168

776,185

53, 475

54,780

783,167

1,200
500
6,950
1,850
3,350

1,217
367
9,669
2,606
4,578

13,701
4,147
105,192
20,412
48,047

233, 550

13,850

18,437

191,499

75, 318
198,989
213, 989

4,900
9,950
11, 850

5,. 587
16,575
22, 625

61,109
164, 235
169,088

144, 558

488, 296

26, 700

44, 787

394,432

3,907
7,017
9,622
5,643
687
5,760
2,945
429
443
9,020
4,521
4,195
3, 252

29, 471
37, 236
45,750
20,122
15, 532
21,666
25,368
3,921
5,941
34,314
19,910
25,484
33,947

3,200
2,500
3,450
1,500
1,000
1,900
1,000
500
600
2,800
1,000
2,600
1,700

1,933
3,743
2,123
462
944
1,407
1,136
146
330
2,108
1,149
1,962
1,520

20,707
26, 394
36, 831
17,097
13,308
16, 734
22,008
2,918
4,470
27,415
16, 746
18,154
26, 849

57,441

318, 662

23, 750

18, 963

249,631
43, 620
67, 262
48,623
59,641
57,730
9,379
8,909

525
750
750
1,000
1,050
500
600
1,850
500
1,500
500
500
500
500
500
500
2,100

COUNTRY BANKS

Maine
Vermont-.
Massachusetts
...
Rhode Island
_ ._
Connecticut
Total New England States.
New York
New Jersey
.
Pennsylvania
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
Total Middle
States

6
10
7
7
8
2
1

29, 776
36,984
33, 541
36, 756
38,311
7,004
4,636

14,210
27,113
11,163
21,474
17,929
2,535
2,343

54,732
82,058
57,125
70, 828
69,328
11,857
10,029

3,100
5,900
4,000
3,700
4,300
1,100
500

4,162
4,928
2,598
3,763
4,310
715
367

41

187,008

96,767

355,957

22,600

20,843

295,164

2
3
1

8,580
18,107
3,410

4,007
9,531
1,085

15, 683
34, 707
6,507

1,000
1,850
700

334
1,723
182

14, 215
29,345
4,961

Western

Washington
California _ _
Nevada
Total Pacific States
Total country banks
Total United States



6

30, 097

14, 623

56, 897

3,550

2,239

48, 521

160
256

805,194
1,289,072

369,146
593, 785

1, 453, 362
2,391, 789

90,450
143, 925

105, 269
160, 049

1,179,247
1,962,414

252

REPORT OF THE COMPTROLLER OF THE CURRENCY

TABLE N O . 20.—Principal

items of resources and liabilities of national

classified according to capital stock, December 31, 1927—Continued

banksf

[In thousands of dollars]
CAPITAL STOCK OF $1,000,000 BUT LESS THAN $5,000,000

Cities, States, and Territories

Bonds
Num- Loans and and secu- Aggregate
ber of discounts
rities
resources
banks
owned

Capital

Surplus
and undivided
profits

Total
deposits

CENTRAL RESERVE CITIES

New York
Chicago
Total central reserve cities"

11
4
15

187,018
85, 269
272, 287

317,722
161,148
478,870

18,500
7,350
25, 850

18,297
5,364
23,661

201,918
31,838
83,671
24,607
50, 525
5,574
296,426
46, 550
130, 266
30,562
176,266
47,129
106, 768
22,733
12,144
90,129
21,730
107,068
71,302
6,388
93,856
28,932
78,961
10,657
49, 884
5,625
90,160
15,692
3,323
14,913
65,716
9,637
15,128
3,081
22,092
115, 370
42,690
5,575
2,745
12,814
97, 278
26,084
3,531
24,670
62,144
5,458
13, 368
4,191
29,742
118, 518
13,725
59,489
98,477
16,122
3,442
13,696
80,765
10,960
20, 672
2,063
39,966
7,637
27, 567
113,870
125, 038
31,898
5,614
33, 218
11, 008
1,143
22,409
109, 288
14,939
111,770
88, 584
15, 608
8,400
34,820
121,448
33, 637
47,920
9,639
89,700
17,088
102,804
30, 702
4,664
37, 817
51,014
120, 860
300, 457
45, 838
30,863
6,437
1,690
8, 842
807, 856 4,011,181

8,500
2,750
2,500
10,150
6,000
10, 500
7,150
6,000
5,200
3,000
4,000
4,250
2,800
6,500
1,000
3,000
1,000
6,000
3,000
1,000
5,000
1,000
3,500
1,000
4,800
3,300
7,250
1,125
4,500
1,000
3,000
5,000
5,000
2,200
1,000
4,000
6,700
3,350
2,000
3,750
3,000
5,000
4,200
2,500
5,500
15,000
1,200
1,000
200,175

15,433
7,076
3,729
31, 229
13,191
13,139
6,503
6,064
6,567
3,181
3,705
6,492
2,831
4,171

162, 680
69,869
38,865
233, 738
104,301
142, 774
86,500
71,899
92,447
64,756
84,290
65,131
38,640
71,959
221
12,660
2,705
57,990
205
12,779
4,711
99,464
1,540
36,633
334
10,494
4,794
77,582
1,010
22,546
3,637
51, 761
880
10, 255
5,212
93,972
4,322
48, 246
5,793
79,813
1,275
10, 723
5,788
65,441
620
17,841
2,193
30, 250
3,466
103,635
7,022
109,973
1,139
29, 626
2
8,698
5,457
98, 841
4,409
95,061
3,140
79, 228
1,347
31,068
5,149
112,189
375
44, 530
81, 320
2,858
4,523
89,920
834
32,108
5,084
109, 227
13, 201
262, 945
2,207
26, 334
244
5,590
229, 008 3, 386, 592
252, 669 3, 781, 938

51,960
30,330
82,290

256, 553
138,793
395,346

OTHER RESERVE CITIES

Boston
Albany
.
Brooklyn and Bronx
Philadelphia
Pittsburgh-

125,002
43,841
35, 540
175,451
3
68, 215
5
77,099
5
56,106
3
58,650
2
55,987
1
44, 205
3
40,289
2
48, 630
1
28, 702
3
48,783
1
6,201
2
36,148
1
8,054
4
59,198
3
23,483
1
7,364
2
50,872
1
13 816
2
38, 569
1
6,225
3
65,789
2
30,184
3
54,360
1
6,506
2
53,761
1
11,730
3
23, 367
2
61,147
2
61, 574
2
17,806
1
6,757
3
51,211
4
69,930
3
42, 923
2
15, 646
3
53, 632
1
25, 694
3
46,831
3
42,136
2
23,879
2
44, 749
7
189,161
1
17,135
1
4, 398
119 2,176, 736
5
2

2
7

Tlfvltitrmrfi

Washington
Richmond.
Atlanta
Savannah
Jacksonville
Birmingham
New Orleans
Dallas
El Paso
Fort Worth.__
Galveston
._
Houston
San Antonio
Waco
Louisville
Memphis
Nashville
Cincinnati
Cleveland ._
Columbus
- - _
Indianapolis.
Peoria
Detroit
Grand Rapids
_.
Milwaukee
Minneapolis
St. Paul
Des Moines _ _
Sioux City
Kansas City, Mo
St Louis
Omaha
Wichita
Denver
Oklahoma City
Tulsa
Seattle
Spokane.
Portland
Los Angeles
Oakland...
San Francisco
Total other reserve cities. _

134

2, 449,023

890,146

4, 490, 051

226, 025

3
1
7

41,009
9,008
84,310
134, 327

33, 228
8,281
25,585
67,094

86,843
19,572
140, 826
247, 241

4,375
1,500
10, 400
16, 275

6,250
2, 858
15,707
24, 815

69,352
13,569
108,668
191,589

15

Total all reserve cities

45,278
92,593
41,304
179,175

31, 445
45, 487
42,068
119, 000

90,487
165,339
95,076
350, 902

5,600
8,525
5,250
19, 375

4,371
8,734
9,940
23, 045

76,470
140,331
77,432
294,233

6
1
3
2

69,148
11,692
26,613
24,913

12,610
2,563
4,388
10,816

101,973
17,838
44, 227
47,481

7,500
2,000
3,000
2,100

7,065
1,188
2,785
1,610

76,927
12,001
34,450
38,537

COUNTRY BANKS

M assachusetts
Rhode Island
Connecticut
1
Total New England States.
New York .
New Jersey
PennsylvaniaTotal Eastern States
Virginia
West Virginia __
North Carolina
South Carolina

__



11
5

6
4

_ __

REPORT OF THE COMPTROLLER OP THE CURRENCY
TABLE N O . 20.—Principal items of resources and liabilities of national

253
banks,

classified according to capital stock, December 81, 1927—Continued
[In thousands of dollars]
CAPITAL STOCK OF $1,000,000 BUT LESS THAN $5,000,000—Continued
Bonds
Num- Loans and and secu- Aggregate
ber of
rities
banks discounts owned resources

Cities, States, and Territories

Capital

Surplus
and unTotal
divided deposits
profits

COUNTRY BANKS—continued

Florida
Alabama
_
Louisiana
Texas
Kentucky
_
_
Tennessee
Total Southern States

.

Ohio
Indiana
_ -_
Michigan
Minnesota
_
_
_
Total Middle Western
States
-.
Washington
California
Total Pacific States

_.

4
1
3
2
1
3
26

32,835
4,317
32,597
13, 781
5,860
36,127
257,883

19,708
4,236
5,058
4,237
1,430
, 6,653
71, 699

66,851
12,335
48, 636
24,230
8,226
56, 965
428, 762

5,400
1,000
3,000
2,000
1,000
3,750
30,750

3,647
706
1,618
1,143
569
2,754
23,085

53,124
10,596
41,415
19,620
5,888
46, 863
339,421

5
1
1
3

37, 296
9,756
7,469
26, 645

13,312
5,366
5,522
15,515

68,030
18, 924
17, 318
52,566

6,500
1,000
1,250
5,000

4,951
762
1,838
4,201

52,200
15,824
13,885
41, 525

10

81,166

156,838

13, 750

11,752

123,434

1
2

8,624
28,140
38, 764

4,649
10, 551
15, 200

16,832
52, 599
69,431

1,000
2,500
3,500

625
1,792
2,417

14,451
46,996
61,447

689, 315

312, 708

1, 253,174

83, 650

85,114

1,010,124

3,138, 338 1, 202, 854

5, 743, 225

309, 675

337, 783

4, 792,062

3

Total country banks

65

Total United States __ _

199

39, 715

CAPITAL STOCK OF $5,000,000 BUT LESS THAN $25,000,000
CENTRAL RESERVE CITIES

New York
Chicago
Total central reserve cities.

933, 889 519,038 1,847, 581
440, 294
17, 480
313, 685
1, 247, 574 536, 518 2, 287, 875

56,500
20, 000
76, 500

189, 835 1,385,866
368,586
29, 527
219, 362 1, 754,452

798, 587
431, 218 128,194
403, 890
59, 855
209, 530
362, 489
92, 368 192, 243
61,160
5,189
38, 816
62, 209
16,127
29,141
129, 424
19, 793
67, 327
118, 039
19, 744
69, 614
109, 983
30, 427
54, 482
266, 294
41, 770
166, 522
320,385
56, 275
191, 233
335, 979
55, 088
184, 585
19 1, 534, 836 624, 705 2, 968, 439

41,000
14,000
19, 500
5,000
6,000
7,500
6,000
5,500
20, 000
12, 250
22, 000
158, 750

40, 542
615,154
40, 560
318, 888
26, 058
289, 096
4,196
49, 575
5,212
49, 577
7,645
105,467
5,548
101, 545
5,604
95, 591
11, 252
217,113
15,975
285, 625
17, 499
265, 499
180, 091 2, 393,130

9

OTHER RESERVE CITIES

Boston
Philadelphia
Pittsburgh
Dallas
Cincinnati
Detroit
Milwaukee
Minneapolis
St. Louis
Los Angeles
San Francisco
Total other reserve cities__
Total all reserve cities

28 2,782,410 1,161,223 5, 256, 314 235, 250

399, 453

4,147, 582

CAPITAL STOCK OF $25,000,000 BUT LESS THAN $50,000,000
CENTRAL RESERVE CITIES

New York
Chicago
Total central reserve cities.

1
1

414, 819
345, 979
760, 798

81,400
132, 842
214, 242

1

406, 749

3

1,167, 547

2

753, 336
626, 417
1, 379, 753

25,000
35, 000
60, 000

239, 550

764, 302

37, 500

24, 764

645, 322

453, 792

2,144, 055

97, 500

109,408

1, 720, 781

49, 830
34, 814
84, 644

535, 615
539,844
1, 075, 459

OTHER RESERVE CITIES

San Francisco
Total all reserve cities

C A P I T A L S T O C K O F $50,000,000 OR M O R E
CENTRAL RESERVE CITY

New York




1, 342, 254 310,184

2, 344, 606

125, 000

135, 279 1,801,167

254

REPORT OF THE COMPTROLLER OF THE CURRENCY

TABLE N O . 20.—Principal

items of resources and liabilities of national banks,

classified according to capital stock, December 31, 1927—Continued
[In thousands of dollars]
GRAND TOTAL

Cities, States, and Territories

Aggregate
Aggregate
Num- loans and Bonds Aggregate Aggregate surplus
Aggregate
ber of discounts, and se- resources
capital and un- deposits
banks including curities
divided
redisowned
profits
counts

CENTEAL RESERVE CITIES

New York
_
__.
Chicago—
__
Total central reserve cities.
OTHER RESERVE CITIES

Boston
Albany
Brooklyn and Bronx
Buffalo
Philadelphia
_
Pittsburgh
Baltimore
Washington
Richmond
Charlotte
Atlanta
Savannah
_
Jacksonville
Birmingham
New Orleans
Dallas.
El Paso
Fort Worth,
Galveston___
_
_
Houston___
_.San Antonio—
-Waco__
Little Rock
Louisville
Memphis
Nashville.
-_Cincinnati
Cleveland
Columbus
Toledo
Indianapolis
__
Chicago
Peoria
Detroit
Grand Rapids
_
Milwaukee
Minneapolis
St. Paul
Cedar Rapids
Des Moines
Dubuque
Sioux City
Kansas City, Mo
St. Joseph
__.
St. Louis
Lincoln
Omaha
Kansas City, Kans
Topeka
Wichita
_.
Helena
_.
Denver
Pueblo
_
Muskogee
__.
Oklahoma City
Tulsa
Seattle
Spokane
Portland
Los Angeles
Oakland
San Francisco
Ogden
Salt Lake City
Total other reserve citie:
Total al 1 reserve cities




2,881,648
750, 786

963,957 5, 269,858
184,328 1, 240,485

226,000
63,950

393, 603
70, 523

3,983,906
1, 057,082

3, 510,343

289,950

464,126

5, 040,988

164,198 1,016,890
24,607
83,671
23,452
103, 739
26,782
7,788
146,661
868,448
244,854
568,606
54,992
209,052
164,902
32,047
12,374
92,287
4,611
26,094
24,210
118,695
6,388
71,302
28,932
93,856
10,977
79,850
5,625
49,884
26,531
176,674
7,149
32, 291
13,509
89,387
7,227
36,900
29,348
162,379
9,439
65,663
4,748
22,860
645
6,523
37,577
129,866
3,531
24,670
6,214
74,047
31,049
101,716
29,742
118,518
24,580
108,163
4,199
15, 285
17,070
104,478
38,534
97,005
11, 742
39, 730
30, 753
210,189
3,465
36,452
30,401
172,915
63, 386
242, 349
37,465
144,654
8,145
32, 383
8,493
40,938
5,092
13, 610
5,839
31,188
32, 421
165, 490
4,448
30, 245
71,469
410, 203
5,118
26, 456
19,613
110,030
3,381
14,839
7,900
22,863
9,580
38, 595
1,941
10,033
46, 723
159, 714
5,569
19, 702
5,354
14,544
22,642
94,919
20, 257
106,640
43, 828
145,943
7,560
47,059
56, 274
134, 211
103, 720
626, 520
7,979
35, 990
297, 619 1, 111, 524
2,404
11,104
7,802
44, 057

50,900
2,750
7,750
1,450
31, 775
28,950
12, 700
10,527
6,300
1,800
5,950
3,000
4,000
4,450
2,800
12,900
1,600
4,450
2,150
8,550
4,750
1,650
300
6,250
1,000
4,700
8,100
4,800
5,500
500
7,650
5,300
2,475

3,632,434 1,148, 285

11
2
18
3
31
13
9
13
4
6
3
1
3
3
1
7
3
5
4
10
8
4
1
4
1
5
5
3
6
1
4
22
4
3
2
7
7
4
2
3
2
5
10
4
12
5
7
2
5
4
2
7
2
3

565,548
43,841
60,845
15,220
484, 272
198,464
94,908
90,106
59,869
16,383
61,921
44,205
40,289
49,076
28,702
99,191
14,217
48,195
20,518
85,494
35,253
12,269
3,683
65,844
13,816
46,910
45,549
65, 789
55,172
8,500
57, 609
40, 269
19,681
121,088
22,963
101, 215
123,910
69,511
14, 782
20, 717
5,807
16, 629
83,629
16,141
247, 522
14,030
55, 592
6,950
7,022
17, 288
5,193
70,692
5,561
5,518
44,300
56,315
61, 272
27, 787
49, 773
383, 310
19,886
596,147
5,320
22. 938

12,000
1,800
9,900
11, 500
5,650
1,100
2,700
700
2,050
7,050
1,100
28, 850
1,525
4,950
950
1,400
2,400
450
5,150
600
900
5,350
5,950
6,200
3,200
6,400
27,950
1,700
61,000
750
2,100
368 4,890,416 2,071,191 9, 285, 572 481, 052
8,522,850 |3, 219,476 15, 795, 915 771,002

56, 552
7,076
7,006
1,350
88,910
46,004
15, 560
11,033
6,130
3,536
6,961
3,181
3,705
6,547
2,831
9,091
793
3,412
1,131
6,765
2,682
754
234
6,744
1,010
4,208
5,212
7,662
1,918
5,956
3,818
4,360
13,433
1,910
8,763
9,544
7,601
928
1,346
420
633
7,602
1,238
16, 571
1,119
4,045
382
740
1,440
468
7,281
1,241
336
1,011
3,262
6,497
1,021
5,462
29, 240
2,266
42, 607
244
1,523
520, 972

790,960
69,869
82,432
21, 742
687,011
452,660
168,829
134,089
73,690
18,574
102,484
64,756
84, 290
65,518
38,640
143, 268
28,758
78,910
32,066
139,373
54,676
18,816
5,986
105,024
22,546
61,665
81, 019
93,972
88,623
10, 304
85,112
84,110
31,004
170,908
30,670
143, 530
215, 648
128,099
29,088
35,840
12, 069
26, 319
147,667
27,424
339, 740
23,187
97,976
12, 710
20,112
34, 320
8, 915
145,651
17, 351
12, 500
88,108
96, 794
128, 525
39,991
121,076
553, 312
30,151
918, 011
9,426
39, 293
7, 725,187
12, 766,175

REPORT OF THE COMPTROLLER OP THE CURRENCY

255

TABLE N O . 20.—Principal items of resources and liabilities of national banks,
classified according to capital stock, December 31, 1927—Continued
[In thousands of dollars]
GRAND TOTAL—Continued

Cities, States, and Territories

Aggregate
loans and Bonds
Num- discounts, and se- Aggregate Aggregate surplus
ber of including curities resources capital and un- Aggregate
banks redisdivided deposits
owned
profits
counts

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
_^
Alabama
Mississippi
Louisiana
Texas
Arkansas..
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
W ashington
Oregon.:
California
Idaho
Utah
Nevada
Arizona
Total Pacific States
Alaska (nonmember banks)
The Territory of Hawaii (nonmember banks)
Total (nonmember banks).
Total country banks
Total United States




57
55
46
142
13
65

72, 406
39, 966
37, 676
285, 506
33, 536
179, 759

72, 475
28,060
27, 852
190, 783
23, 521
82, 544

165,124
84,416
75, 481
554,048
66, 333
323, 048

378

648,849

425, 235

1, 268, 450

517
295
823
19
75

570, 453
524, 500
833, 806
12, 469
60, 691

496, 656 1, 222, 760
991, 396
317, 880
664, 747 1, 754, 709
10, 290
26, 919
46, 299
121, 698

1,729
163
120
71
62
79
59
103
37
31
602
77
137
1,639
323
226
448
128
149
270
269
110

12, 499
8,570
5,537
43,141
7,738
30, 906

137, 215
64,408
59,465
453,036
48, 831
255,834

73, 820

108, 391 1, 018, 789

57, 681
49, 977
89, 673
1,759
5,449

86, 758 1, 027,052
70,354
827,359
189,185 1, 388, 720
3,457
19, 924
9,956
100, 709

2, 001, 919 1, 535, 872 4,117,482

204, 539

359, 710 3, 363, 764

48, 294
326, 502
216, 816
36,138
204,411
129, 663
25, 542
189, 625
110, 440
29,114
147,489
80,080
16,101
99,842
59, 390
48,298
171,736
80,402
34, 662
167, 734
91,483
21,381
99, 528
54,109
9,964
86, 541
52,811
84,284
548, 441
295,943
19,104
53,808
99, 666
38, 767
114, 422
192, 500
24,708
111, 152
179,009
1, 450, 519 436, 357 2, 513, 024
566, 948
295,106 157, 786
97,935
351, 269
179, 315
181,169
594,164
313, 872
148,126 108, 296
95, 741
298,173
148, 257
99, 890
298, 623
135, 734
57, 578
240, 343
129,178
26, 031
102, 032
52, 376

24,259
13, 454
13, 588
9,825
8,850
12, 790
12, 245
5,610
6,275
46,845
6,765
14, 581
12, 514
187, 601
40, 034
24, 805
37, 553
16, 915
17, 880
19, 728
17,190
7,595

23,356
250,456
16, 545
156, 370
10,817
152,867
6,367
120, 462
7,656
74, 723
10, 095
138,134
11, 584
132, 557
4,839
83,511
3,771
71,450
34,328
442, 262
5,149
83, 697
13, 464
150, 223
8,802
143, 526
156, 773 2, 000, 238
43, 525
444, 640
20, 432
283,384
40, 046
481,890
17,152
264,356
15, 628
250, 206
14, 081
252,097
10,966
197, 427
5,206
83,153

181,700 !
5,795
4,620
7,780
13, 732
4,855
2,410
6,730
2,085
14, 940
62,947
9,565
6,360
22,815
3,635
800
1,400
1, 525
46,100
200

167,036 2, 257,153
3,800
84,148
3,079
66,953
5,369
78, 593
8,932
158, 692
3,549
79, 267
2,269
38, 724
4,141
90,205
1,082
32, 930
5,490
196, 779
37, 711
826, 291
5,306
127, 687
4,025
79,873
16,168
295, 515
1,922
55, 395
444
9,498
813
17,944
662
28, 565
29, 340
614, 477
191
4,479

1,923 1, 387, 071 824, 426 2, 765, 424
141
97, 679
47, 281
27,176
97
77, 614
23, 442
35,134
145
20, 303
101, 498
59, 521
246
40, 599
191, 328
102, 052
69
90,147
24, 577
42, 027
45, 027
29
11, 784
21, 049
29, 415
115
105, 314
48, 313
29
37, 407
9,423
16, 862
326
224, 605
65,161
1,197
465,5
251, 880
970, 619
99
147, 269
64, 983
50, 956
90
93, 494
44,130
26, 625
209
348, 962
180, 381
92, 652
52
63,153
15, 859
28,869
14
11, 247
2,012
6,276
10
21, 410
10, 229
4, 861
15
32,108
8,114
13, 910
717, 643
489
348, 778 201,079
2,060
1,682
4, 936

7,361

7,820
5,400
5,110
28, 918
4,870
21, 702

3,905
3,791
10, 726
5,965
5,473
15, 662
6,308,409 3,680,322 12,368, 304

600
800
757,507

941
1,132

8,637
13,116

860,093 10,093,828

7,765 14,831,259 6,899, 798 28,164, 219 1, 528, 509 1,845,191 22,860,003

256

REPORT OF THE COMPTROLLER OF THE CURRENCY

TABLE N O . 21.—United States bonds on deposit to secure circulating notes of
national banks in years ended October 31, 1900 to 1928
NumYear ber of
banks

United States bonds held as security for circulation
2 Per

nf ^Q<Si°nSOlS
of 1930

4 per cent bonds

3 per cent bonds

5 per cent bonds

of 1898, 3 Loan of 1904, 5
$1,019,950 f Consols of 1907,
$13,544,100 Loan cent,
per
per cent,
1900__. 3,871 i Consols of 1930,
1895,
$7, 756,580
$1,293,000
[
270,006,600 Loan of 7,503,350
of 1907,
12,500 . Consols 6, 032,000
3,983, 780
268,900
4,221 Consols of 1930,
I
1895,
316, 625, 650 [ Loan of2,911,100
[Consols of 1907,
6,056,720
1,100,900
320, 738, 000 I Loan of8, 248,450
1902... 4,601
I
1895,
[
2, 208, 600
Consols of 1907,
1,797,580
718,650
376,003,3C0 I Loan of 2,979, 200
1903... 5,147
|
1895,
[
1,410,100
Consols of 1907,
1,922,940
416,972,750 I Loan of5,857,500
1904_>. 5,495
I
1895,
[
1,791, 600
Consols of 1907,
2,215,540
483,181,900 I Loan of4,050,350
1905... 5,858
I
1895,
I
4,465,000
[Consols of 1907,
[2 per cent PanaI
25,124,
ma Canal,
3,273,700
492,170,650 1 Loan of 1895, 650
6,225
1906[
14,482,080
I
4, 602,100
/Loan of 1895,
6,490,080
17,245,380
532, 543, 550 \
6,620
190710, 732,900
38, 558, 680
13,936, 500
10,468, 520 Certificates of
554,700,700
6,873
14,960, 450
1908...
indebtedness 3
per cent.
per cent 1936
[4 per cent loan 3 per cent 1908- 2 and 1938, Pan1918,
7,025
573, 328,450 \ of 1925,
ama Canal,
1909—
{
15,463,050
14,575, 560
76,178,680
15,337,540
78,420,480
21,022, 650
7,218
580,145,400
18,199,380
80,110, 040
22,854,300
1911. 7,331
20,419, 220
81, 258,460
601,762, 600
26, 817,000
1912. 7,428
22, 245,100
81, 701, 240
604, 264,950
35,302, 700
1913. 7,514
21,447,180
81,971,820
606,622,300
34,699,300
7,578
20,377, 720
81,614,420
600,678,600
32,304, 800
19151_. 7,632
15,984, 680
78,068,660
567,690, 250
26, 214,400
7,608
17, 715, 220
71,466,140
555, 514,950
34, 743,900
1917^ 7,671
32, 240
72,324, 800
561,848,600
50, 240, 800
1918-. 7,765
72,672,060
565,094,950
58,055,050
1919- 7,900
73,116,000
570, 372, 500
68,578,000
1920- 8,157
73, 732,140
576, 522,950
77,257, 400
8,179
73,656, 840
581,493,950
82, 509,900
19221' 8,262
73,937,380
586,801,800
85,823,150
1923- 8,264
74,069,640
589,086, 200
76, 687,050
1924.
74,392,980
1925. 8,118
591, 792,150
74,352,980
1926- 8,008
591,139,900
74,290, 840
1927- 7,832
592, 582,450
74,471,740
1928. 7,707
'6,700




Total

$301,123,580

329,833,930

338,352,670

382,726,830

426,544,790

493,912,790

539, 653,180
567,011,910
632, 624, 850

679, 545,740
694,926,070
714,170,320
730, 257, 280
743, 513,990
744,740,600
734,975,540
687,957,990
679,440,210
684,446,440
695, 822,060
712, 066, 500
727, 512,490
737,660, 690
746, 562,330
739,842, 890
666,185,130
665,492,880
666,873, 290
667,168,440

257

REPORT OF THE COMPTROLLER OP THE CURRENCY

TABLE NO. 22.—United States bonds (circulation)—Monthly range of prices in
New York, November, 1927, to October, 1928, inclusive
Registered bonds

Date

Coupon
bonds,
2's of 1930

2's of 1930

Panama 2's
of 1916-1936

1927
November:
Opening
_
Highest
Lowest
. Closing
December:
Opening___
Highest
Lowest
Closing
_

Not quoted.
do
do
do
101^(c
1013.

_

100
100
100
100

..do..
..do..
.do..
_do_.

100
100
100
100

..do..
..do..
..do..
.do..

100
100
100
100

.do..
..do..
_do_.
.do..

100
100
100
100

.do..
_do_.
.do.,
.do..

100
100
100
100

.do..
_do_.
-do.,
.do.

100
100
100
100

.do.,
.do..
_do_.
.do..

100
100
100
100

..do
do
_.do
._do-

100
100
100
100

..do..

100
100
100
100

1928
January:
Opening..
Highest...
Lowest...
C losing. - .
February:
Opening..
Highest...
Lowest.—
Closing...
March:
Opening..
Highest...
Lowest...
Closing...
April:
Opening..
Highest...
Lowest...
Closing...
May:
Opening..
Highest...
Lowest. _.
Closing. _.
June:
Opening..
Highest...
Lowest...
Closing.-.
July:
Opening..
HighestLowest...
Closing...
August:
Opening..
Highest...
Lowest...
Closing...
September:
Opening..
Highest...
Lowest...
Closing. _.
October:
Opening..
HighestLowest-..
Closing. _.




!IdoI!
.do..

..do..
..do..
..do..
..do..
..do..
•"do-

,.do..
-do..do_do_.
..do..

100
100
99

101
101
101
101
101
101

258

REPORT OF THE COMPTROLLER OF THE CURRENCY

TABLE N O . 23.—Number, capital stock, and circulation outstanding of national
banks issuing circulating notes, together with the number and capital stock of
national banks not issuing circulating notes, June 30, 1928, by reserve cities and
States.
[In thousands of dollars]
June 30, 1928
Banks issuing circulation
Number
of banks
CENTRAL RESERVE CITIES

New York..
Chicago
Total central reserve cities



CirculaCapital tion out- Number
standing of banks

Capital

32,435
6,624
39, 059

33,000
24,050
57, 050

3,395
1,232
1,154
1,196
6,611
14,049
3,994
3,964
976
],442
2,472

46,000

4,000
4,450
2,800
13, 650
1,300
2,700
1,400
6,100
3,850
1,650

951
4,001
1,560
6,309
789
2,505
1,352
5,237
2,875
1,593

6, 250
1,000
4,600
8,100
4,800
4,500
500
7,650
4,350
2,475
7,500
1,800
8,900
11, 500
2,400
1,100
1,700
700
2, 050
2,550
900
26, 850
500
2,850
950
950

_

229,000
42,200
271, 200
9,900
2,750
4,050
1,250
27, 700
25, 350
12,300
7,327
1,300
1,800
6,200

22

OTHER RESERVE CITIES

Boston
Albany
Brooklyn and Bronx
Buffalo
Philadelphia
Pittsburgh
Baltimore
Washington
Eichmond
Charlotte
Atlanta
Savannah
J acksonville
Birmingham
New Orleans
Dallas
El Paso
Fort Worth
Galveston
Houston
San Antonio
Waco
Little Rock
Louisville
Memphis
Nashville
Cincinnati
Cleveland
Columbus
Toledo
Indianapolis
Chicago
Peoria...
Detroit...
Grand Rapids
Milwaukee
Minneapolis
St. Paul
'
Cedar Rapids
Des Moines
Dubuque
Sioux City
Kansas City, Mo
St. Joseph
St. Louis
Lincoln
Omaha
Kansas City, Kans__
Topeka
Wichita
Helena
Denver
Pueblo
Muskogee
Oklahoma City
Tulsa
Seattle
Spokane
Portland
Los Angeles
Oakland...
San Francisco
Ogden...
Salt Lake City
_
Total other reserve cities..
Total
all reserve cities

Banks not issuing
circulation

4,488
50
3,163
2,239
3,565
2,264
487
3,781
2,576
1,831
3,390
1,700
4,290
2,996
598
996
556
398
1,071
941
337
9,759
320
1,139
790
594

450
1,050
600
800
750
5,700
6,400
3,200
5,700
24, 250
2,200
73, 500
750
1,100
385, 702
656, 902

200
644
393
745
75
368
3,355
2,830
760
5,499
1,500
19,062
670
1,050
159,127
198,186

3,700
700
6,259
3,600
400
3,200
5,000
4,000

_
__
_

270

1
1

-.

300
1,750
750
2,750
1000
1,000
300

1

600

1

500

6

1,300

2

4,500

1

200

3

3,350

1

1,000
4,500
200
2,000
1,000
2,100
500
2,400
4,100
100
4,600
250
800
700
5, 500

101
112

1,000
120, 909
177,9

259

EEPOKT OF THE COMPTROLLER OF THE CURRENCY

TABLE N O . 23.—Number, capital stock, and circulation outstanding of national
banks issuing circulating notes, together with the number and capital stock of
national banks not issuing circulating notes, June 80, 1928, by reserve cities and

States—Continued

[In thousands of dollars]
June 30, 1928

Banks issuing circulation
Number
of banks

COUNTRY BANKS

Maine
New Hampshire.
_
Vermont
Massachusetts
Rhode Island
Connecticut
Total New England States

Capital

Banks not issuing
circulation

Circulation out- Number
standing of banks

Capital

52
52
44
116
13
55
332

3
3
2
25

300
275
125
6,400

10

61, 050

42, 565

43

4,070
11,170

48, 360
39,135
86, 335
1,659
5,082

31,519
22, 051
61, 096
1,054
3,796

1,485

New York
New Jersey
Pennsylvania
Delaware
Maryland
Total Eastern States

5,217
4,648
4,253
14,859
3,984
9,604

426
203
767
17
72

_-

7,270
5,125
5,085
20, 718
4,870
17, 982

29,704

180, 571

119, 516

92
96
59
1
3
251

Virginia
West Virginia
_ .
_
North Carolina
_
..
South Carolina
Georgia.
._ _
_
Florida
_ _.
..
Alabama
Mississippi
Louisiana
_ _.
_
Texas
Arkansas
Kentucky..
__
_
Tennessee
Total Southern States

146
113
59
43
68
39
95
30
25
398
58
126
92

22, 379
13, 044
11,520
7,550
6,990
6,690
10, 385
4,235
6,650
34, 832
5,310
13, 556
11, 954

18,191
10, 272
7,042
5,946
5,270
3,798
8,194
2,940
2,756
22, 830
3,704
11,801
9,842

16
6
13
15
9
21
9
6
7
199
20
10
5

1,855
410
2,193
1,850
1,640
5,175
2 185
1,325
289
11 688
1,505
675
210

1,292

155, 095

112, 586

336

31, 000

Ohio. _
Indiana
Illinois
Michigan
Wisconsin
Minnesota _.
Iowa
Missouri
Total Middle Western States

301
206
398
111
131
230
227
91
1,695

39, 065
21, 735
33, 233
16, 000
15, 600
17, 812
14,165
6,660
164, 270

27, 881
18,120
25, 056
11,477
11, 677
10,588
11,166
5,288
121, 253

16
17
46
17
19
37
31
17
200

705
3,290
4,475
1,170
2,475
1,855
2,340
1, 025
17, 335

108
67
135
186
38
22
72
18
190

4 440
3,325
7 480
10, 773
3,490
1,915
4 310
1,425
8,680

3 363
2,235
6 075
8,259
2,178
1,461
3 154
1,252
5,411

28
30
12
53
30
4
42
11
128

1,080
1,370
375
2,460
1,390
395
2,390
660
6,025

836

45, 838

33, 388

338

16,145

57
60
130
29
10
9
9
304

7,020
4,505
16, 370
2,485
550
1,460
975

4,031
2,645
10, 284
1,817
465
1,194
672

2,445
1,615
6,857
720
250
40
650

33, 365

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

.

...

_

__.

Alaska (nonmember banks)
The Territory of Hawaii (nonmember banks)
Total (nonmember banks)
_
_
Total country banks
Total United States



11 410
12, 485
5,332
25
452

21,108

40
28
73
17
4
1
6
169

2
1
3

150
500

60
433

2
1

650

493

3

5, 947

640, 839

450,909

1,340

118,156

6, 239 1, 297, 741

649,095

1,452

296,115

12, 577
125
100
225

TABLE NO. 24.—National-bank notes issued, redeemed, and outstanding, by-denominations and amounts, on October 31, each year 1916 to 1928
[For prior years see annual report 1920]

Year

1916...

1918.
1919.
1920.

1922.
1923.
1924_
1925_
1926.
1927.
1928.

Ones

Issued
Redeemed
Outstanding.
Issued
Redeemed . . .
Outstanding.
Issued..
Redeemed
Outstanding..
Issued
Redeemed
Outstanding..
Issued.—
Redeemed
Outstanding..
Issued
Redeemed
Outstanding..
Issued
Redeemed. _.
Outstanding .
Issued
Redeemed. _.
Outstanding..
Issued
Redeemed. _Outstanding _
Issued
Redeemed.._
OutstandingIssued
Redeemed. ._
Outstanding.
Issued
Redeemed...
Outstanding.
Issued
Redeemed
Outstanding.

Twos

$23,169, 677
22,827, 540
342,137
23,169, 677
22, 827, 605
342, 072
23,169, 677
22, 827, 605
342,072
23,169, 677
22,827, 605
342, 072
23,169, 677
22,827, 771
341,906
23,169, 677
22,827, 833
341, 844
23,169, 677
22.827, 833
341, 844
23,169, 677
22, 827, 833
341, 844
23,169, 677
22, 828, 230
341, 447
23,169, 677
22, 828, 230
341, 447
23,169, 677
22.828, 230
341, 447
23,169, 677
22, 828, 230
341, 447
23,169, 677
22,828, 230
341, 447

$15, 495, 038
15, 331, 570
163, 468
15, 495, 038
15, 331, 646
163, 392
15, 495, 038
15, 331, 646
163, 392
15, 495, 038
15, 331, 646
163, 392
15, 495, 038
15, 331, 750
163, 288
15, 495, 038
15, 331, 848
163,190
15,495,038
15, 331, 848
163,190
15, 495, 038
15, 331, 848
163,190
15, 495, 038
15, 332,144
162, 894
15, 495, 038
15, 332,144
162, 894
15, 495, 038
15, 332,144
162, 894
15,495, 038
15, 332,144
162, 894
15, 495, 038
15, 332,144
162,894

Fives

Twenties

Fifties

One
hundreds

Five
hundreds

$2, 031,826, 880 $3, 235, 914, 290 $1,895, 074, 220 $287, 566, 300 $418, 407,000 $12, 289, 500
12, 201, 500
1, 919, 643,440 2,926, 062, 500 1,657, 346, 840 257, 870,000
237, 727, 380 29, 696, 300 37,038,100
112,183,440
309,851, 790
88,000
2,108,123, 060 3, 385,973, 520 1,980, 572, 240 295, 589, 900 424,100,400 12, 289, 500
1,998, 613, 640 3,086, 402,180 1,738, 203, 080 265, 712, 200 389, 040, 200 12,201,500
88,000
109, 509, 420
299, 571, 340 242, 369,160 29,877, 700 35, 060, 200
2,180, 457, 660 3, 499, 038,440 2,046, 661, 760 300, 579, 200 427, 777, 200 12, 289, 500
2, 062, 530, 045 3, 208,165, 630 1, 798,100, 720 270, 694, 800 393, 559, 500 12, 201, 500
117,927, 615
248, 561, 040 29, 884, 400 34, 217, 700
88,000
290, 872,810
2, 277,156, 200 3, 652,918, 890 2,134, 771, 820 311,156, 350 435, 249,100 12, 289, 500
2,134,883, 895 3, 370,458, 290 1,900, 338, 700 280, 299, 900 402, 042, 300 12, 201, 500
142, 272, 305
234,433,120 30, 856, 450 33, 206,800
88,000
282,460, 600
2, 383, 521, 060 3, 863, 905,000 2, 256, 235, 520 321, 370, 450 442, 267,100 12, 289, 500
2, 257, 861, 600 3, 558, 475, 410 2,012, 790,440 291, 508, 450 411,724,400 12, 202, 000
125, 659, 460
243, 445, 080 29, 862, 000 30, 542, 700
87, 500
305, 429, 590
2, 530, 964, 740 4,141, 546,970 2,415, 643, 670 332, 564, 950 449, 880, 500 12, 289, 500
2, 399,196, 590 3,826, 073, 620 2,173, 273,160 304,103, 200 421, 019, 300 12, 202, 000
131, 768,150
242, 370, 510 28, 461, 750 28, 861, 200
87,500
315,473,350
2, 685,116, 700 4, 395, 016,970 2, 561, 245, 350 342, 216, 050 456,449, 900 12, 289, 500
2, 544,935, 255 4,072,078, 350 2,312, 253, 700 315, 487, 700 429, 753, 200 12, 202, 000
87,500
140,181, 445
322, 938, 620 248,991, 650 26, 728, 350 26, 696, 700
2, 839,923, 800 4, 647, 494, 460 2,705, 631, 630 353,112, 650 463, 738, 500 12, 289, 500
2, 692,170,185 4, 323, 779, 650 2,456,824, 520 325,072,850 436, 442, 500 12, 202, 000
87,500
147, 753, 615
323, 714, 810 248,807,110 28, 039, 800 27, 296, 000
2,986,182, 620 4, 894, 019,390 2, 847, 074, 790 362, 802, 750 470, 320,400 12, 289, 500
2, 836, 525, 360 4, 568, 745,090 2, 599,117, 260 335, 219, 000 443, 579, 000 12, 202, 000
87,500
247, 957, 530 27, 583, 750 26, 741, 400
149, 657, 260
325, 274, 300
3,116,207,920 5,114, 836, 580 2, 975, 540, 250 370, 484, 550 475, 441, 600 12, 289, 500
2, 982,116, 315 4,815, 862, 380 2, 743,128,860 345, 017, 800 450, 454,100 12, 202,000
232, 411, 390 25, 466, 750 24,987, 500
87,500
134, 091, 605
298, 974, 200
3, 257, 207, 400 5, 340, 485,100 3,105, 239, 610 378, 354, 750 480, 688, 400 12, 289, 500
3,116, 801, 545 5, 049, 077, 890 2,880, 562,880 354, 890, 850 457, 586, 000 12, 202, 000
224, 676, 730 23, 463, 900 23,102, 400
87, 500
140, 405,855
291, 407, 210
3, 400, 781, 360 5, 561, 933,120 3, 229,043,170 388,738,350 487, 610, 800 12, 289, 500
3, 255, 076, 040 5, 275, 212, 710 3,003, 520, 200 363,835, 500 464,120, 600 12, 202, 000
225, 522,970 24, 902, 850 23,490, 200
87,500
286, 720, 410
145, 705, 320
3, 555, 675, 560 5, 797,444, 520 3, 363, 413, 040 399, 609, 450 494, 877, 700 12, 289, 500
3,405,149, 520 5,516,163,930 3,139, 679, 780 374, 357, 700 471, 314,100 12, 202, 000
223, 733, 260 25, 251, 750 23, 563, 600
87,500
150, 526, 040
281, 280, 590

NOTE 1.—First issue Dec. 21,1863; first redemption Apr. 5, 1865.




Tens

NOTE 2.—Gold notes included since 1915.

One thousands
$7,454,000
7.432, 000
22,000
7,454, 000
7.433, 000
21,000
7,454, 000
7,433, 000
21,000
7, 454,000
7,433, 000
21,000
7,454,000
7,433, 000
21,000
7, 454, 000
7,433, 000
21,000
7,454,000
7,433, 000
21,000
7, 454, 000
7, 433, 000
21,000
7, 454, 000
7, 433, 000
21,000
7,454, 000
7,433,000
21,000
7,454, 000
7,433, 000
21,000
7,454, 000
7,433, 000
21, 000
7,454, 000
7,433, 000
21,000

Total

Issued during current
year

$7,927,196,905 $356,300,750
7, 200,084, 290
727,112, 615
8, 252, 767,335 325~570~436
7, 535, 765,051
717,002, 284
8, 512,922,475 260,155,140
7, 790, 844, 446
722, 078, 029
8,869, 660, 575 356," 738," 100
8,145, 816, 836
723, 843, 739
9, 325, 707, 345 456,046,770
8, 590,154, 821
735, 552, 524
9, 929, 009, 045 '663,~36I,~76u
9,181, 460, 551
747, 548, 494
10, 498, 453,185 569,444,140
9, 732, 302, 886
766,150, 299
11, 068, 309, 255 '569,~856,"670
10, 292, 084, 386
776, 224, 869
11, 618, 808,165
10, 840, 981, 084
777,827, 081
12,110,919,115 492,110,950
11, 394, 374, 829
716, 544, 286
12, 620, 383, 475 509,~464,"360
11, 916, 714, 539
703, 668, 936
13,126, 515, 015 506,131,540
12, 419, 560,424
706, 954, 591
13, 669,428,485 542~9l3~470
12, 964, 460, 404
704,968,081

NOTE 3.—Fractions and nonassorted notes not included

EEPORT OF THE COMPTROLLER OF THE CURRENCY

261

TABLE N O . 25.:—National-bank currency issued to banks monthly from November 1,
1927, to October 31, 1928, and since 1863
Issued on
account of
redemptions

T

A

Issued on
bonds

Total issued

Grand total
issued since
1863

1927
$38,812,810
42,162, 620

$39,965, 200
43, 446,910

$13,166, 480, 215
13, 209, 927,125

1, 778, 990
2, 393, 990
1, 686, 010
2, 944, 220
5, 050, 230
2, 536, 790
1, 528, 300
1, 940, 230
2,162, 390
2, 073, 200

47, 692, 990
50, 844, 240
47,911,720
43, 672, 730
43, 930, 380
42, 921,910
40, 472, 780
51, 784,120
41,831, 080
48, 439, 410

13, 257, 620,115
13, 308,464, 355
13, 356,376,075
13,400,048,805
13, 443, 979,185
13, 486, 901, 095
13, 527, 373, 875
13, 579,157,995
13, 620, 989, 075
13, 669,428, 485

516, 382, 440

__.

$1,152,390
1, 284, 290

45, 914, 000
48, 450, 250
46, 225, 710
40, 728, 510
38, 880,150
40,385,120
38, 944,480
49,843,890
39, 668, 690
46, 366, 210

November
December

26, 531, 030

542,913, 470

1928
January
February..
March
April
May
June
July
August
September
October
Total

_

TABLE NO. 26.—National-bank notes received monthly for redemption during year
ended October 31, 1928 i
Received by the Comptroller of the Currency

From national
banks in connection with
reduction of
circulation
and replacement with
new notes

Months

From the redemption agency
Total
For replacement with
new notes

Retirement
account

1927
$3,300
1,050

November
December

$38, 618,160
42, 857, 660

$1,935, 335
1, 985, 710

$40, 556, 795
44, 844, 420

4,450
3,050
8, 750
20,100
7,618
2,960
4, 400
3,700
2,200
3,900

48, 763, 505
46, 407,460
45,970,195
40, 551, 670
40, 309, 730
42,116, 540
40, 208, 400
47, 845, 567
40, 413, 400
43, 962, 440

2,189, 090
2,441, 570
2, 449, 250
2, 374, 010
2, 274, 760
2, 462, 200
2,490, 985
2, 506, 515
2,080, 805
2, 473, 275

50, 957, 045
48,852, 080
48,428,195
42, 945, 780
42, 592,108
44, 581, 700
42, 703, 785
50,355, 782
42,496, 405
46, 439, 615

1928
January..
February.
March
April
May
June
July
August
September
October.. _

_.
.__

Total
Received from J u n e 20, 1874, to Oct.
31,1927___
_._
Grand total
1

65, 478

518, 024, 727

27,663, 505

545, 753, 710

58, 735, 415

10, 487, 294, 495

1, 714, 283,412

12, 260, 313, 323

58, 800, 893

11, 005, 319, 222

1, 741, 94 6, 917

12,806,067,033

Notes of gold banks not included in this table.




262

REPORT OF THE COMPTROLLER OF THE CURRENCY

TABLE NO. 27.—National-bank

notes received at currency bureau and destroyed

yearly since establishment of the system

Date

Amount

Prior to Nov. 1,1865.__
During the year ended Oct. 31—
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

_

_ .

__
. . .

_

$175, 490
1,050,382
3,401,423
4,602, 825
8,603, 729
14, 305, fi89
24, 344,047
30, 211, 720
36,433,171
49,939 741
137,697, 69G
98,672, 716
76, 918, 963
57, 381, 249
41,101, 830
35, 539,660
54,941,130
74,917,611
82,913, 766
93,178,418
91,048 723
59,989, 810
47, 726, 083
59, 568, 525
52,207,627
44,447,467
45,981.963
43,885,319
44, 895, 466
62, 835, 395
46,997, 527
53,613,811
83,159, 973
66,683, 467
59,988, 303
71,065, 968

Amount

Date
During the year ended Oct. 31—Con.
1901
1902
1903
1904
1905
1906
1907
1908
1909
1910
1911
1912
1913
1914
1915
1916
"•917
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928

_ .

. .

__
. _

_

.

.

_ _

_

_ .

Total
Additional amount of insolvent and
liquidating national-bank notes
destroyed
Gold notes
Grand total

$90,848,100
107,222,495
140, 306,990
167,118,135
195,194, 785
191,102,985
197,932,847
231,128,140
326,622,845
359,496,000
409,835,965
428, 399,608
426,282, 840
435,904,280
362, 551,125
351, 374, 597
298,468,107
236, 296, 660
330,106, 555
424, 542, 837
570,887,902
537,153, 570
542,194, 707
522,241,817
470,950, 865
487,254,340
475,920, 522
517,236,465
11, 695, 002, 767
1,265, 959, 798
3, 390, 560
12, 964, 353,125

I n addition, $46,115 destroyed in transit.

TABLE N O . 28.—National-bank notes issued during each year 1914 to 1928, na-

tional-bank notes of active, insolvent, and liquidated banks destroyed, total destructions for each year, and percentage of destructions to issues
[For prior years, see Annual Report 1920]
Destroyed

Year ended
Oct. 31—

1914__
1915
1916
1917
1918
1919.
1920
1921__
1922
1923__
1924
1925
1926
1927
1928

Issued

$818, 227, 830
364, 049, 710
356, 300, 750
325, 570, 430
260,155,140
356, 738,100
456, 046, 770
603, 301, 700
569, 444,140
569, 856, 070
550, 498,910
492,110,950
509, 464, 360
506,131, 540
542, 913,470




Insolvent
Active b a n k s
a n d liquidated b a n k s
$435,904, 280
362, 551,125
351, 374, 597
298,468,107
236, 296,660
330,106, 555
424, 542,837
570, 887,902
537,153, 570
542,194, 707
522, 241, 817
470, 950, 865
487, 254, 340
475,920, 523
517, 236, 465

$20, 246,418
342,807,352
59,026, 804
38,901, 595
20, 238, 717
24, 864, 635
19,794,540
20,417,025
13, 688, 630
17, 586, 750
26,654, 568
82,442, 855
35, 085, 342
26, 925, 355
27, 663, 505

Total

$456,150. 698
705, 358; 657
410, 401,401
337, 369, 702
256, 535, 377
354,971,190
444, 337, 377
591, 304.927
550, 842, 200
559, 781,457
548, 896, 385
553, 393, 720
522, 339, 682
502, 845, 878
544, 899, 970

Total outstanding

$1,121,468,911
781, 268, 793
726,069, 290
716, 276, 375
721,471,137
722,394, 325
732, 549, 629
743, 288, 847
760, 679,187
772, 606, 269
774, 281,624
713, 802, 744
700, 714, 532
702,992, 694
700,152, 454

Per cent
destructions
active
banks to
issues

Per cent
destructions to
issues

53.27
99.59
98.62
91.68
90.83
92.53
93.09
94.62
94.33
95.14
94.86
95.70
95.64
94.03
95.27

55.75
193. 75
115.18
103. 62
98.61
99.50
97.43
98.01
96.73
98.23
99.73
112.45
102. 52
99. 35
100 36

263

REPORT OF THE COMPTROLLER OF THE CURRENCY

TABLE N O . 29.—Amount, denomination, and cost of national-bank currency
received from Bureau of Engraving and Printing, year ended October 81, 1928
Denominations

Cost of
Cost of paper printing, etc.

Amount

Total cost

5,6,5,5
10, 10, 10, 10..
10, 10, 10, 20_.
50, 50, 50, 100.

$153,167, 500
33,890,800
331,054,100
18, 552,000

$55,829. 55
6,176. 60
48,267.69
540.98

$359,918.17
39,818.87
311,168.84
3,487.53

$415, 747. 72
45, 995. 47
359,436. 53
4,028. 51

Total,.

536, 664, 400

110,814.82

714,393.41

825, 208. 23

TABLE N O . 30.—Vault account of currency received and issued by currency bureau
during the year and the amount on hand October 81, 1928
National-bank currency in vaults at the close of business, Oct. 31, 1927
$202,453, 740
National-bank currency received from Bureau of Engraving and Printing during the year
ended Oct. 31, 1928
__..
_
536,664,400
Total to be accounted for
Amount issued to banks during year
Amount withdrawn from vaults and canceled
Total withdrawn

_

__.—__

_

_ $542,913,470
4,720,110
_

739-118,140

547, 633,580

Amount in vaults at close of business, Oct. 31,1928

191,484,560

TABLE NO. 31.—Vault account of currency received and destroyed during year ended
October 31, 1928
Amount in vault of redemption division of currency bureau awaiting destruction at close
of business Oct. 31, 1927
$4,023,050.00
Amount received during year ended Oct. 31,1928
545, 753,710.00
Total
Withdrawn and destroyed during the year
Balance in vault Oct. 31, 1928

_

.._ 549,776,760.00
544,899,970.00
4,876,790.00

TABLE N O . 32.—Amount of currency received for redemption, by months, from
July 1, 1927, to June 80, 1928, and counted into the cash of the National Bank
Redemption Agency
Federal
National-bank reserve bank Federal reserve United States
notes
notes
currency
notes

July....
August
September
October
November
December
January..
February
March.
April
May.
June.

1927

1928
_..

Total

$43,330, 755. 00
44,957, 863.00
41,023,887.00
42, 960, 304. 50
42, 242, 247. 00
46, 764, 762. 00

$78, 584. 00
60, 594.00
54,018, 00
80, 948,00
30,335.00
39, 573.00

$1, 526,030.00
1, 759,815.00
1, 511, 755.00
1,913, 215.00
1,624,630. 00
1,492, 520.00

$15,235.19
18,905. 24
10,452.82
20,017.85
11,225.50
16,146.36

$44, 950, 604.19
46, 797,177. 24
42,600,112.82
44, 974,485.35
43,908,437. 50
48,313,001.36

52,496, 410. 00
44, 991, 668. 00
46, 618, 701.00
42,114, 010. 00
45, 644, 380. 00
46,059, 799. 00

44,053.00
73,949.00
33, 280.00
45,102. 00
31,244. 00
36, 244. 00

1,895, 000. 00
1,414, 930. 00
1, 591, 585.00
2,034, 440. 00
1, 799, 290. 00
1, 628, 285. 00

21,860.17
18,244.63
8,551. 21
13,924.23
10,064. 39

54,457,323.17
46,498, 791. 63
48,252,117. 21
44,207,476. 23
47,484, 253.36
47, 734,392.39

539, 204, 786. 50

607, 924. 00

20,191, 495. 00

173,966. 95

560,178,172.45

20669°—H. Doc. 361, 70-2




Total

264

REPORT OF THE COMPTROLLER OF THE CURRENCY

TABLE N O . 33.—Amount of currency received by National Bank Redemption
Agency for redemption in year ended June SO, 1928, from principal cities
Boston...
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis

_

_

$37,441,457.00
103,853,900.00
46,941,281.50
27,303,900.00
25,618, 200.00
13,405,750.00
57,590,060.50
16,640,748. 50
10,601, 500.00

Kansas City
Dallas....
San Francisco
Cincinnati..
Baltimore...
New Orleans...
Other sources—

_

_

_. $9, 347,000.00
__ 13,414,690.00
20,780,350.00
_ 13,558,600.00
8,495,300.00
7,024,000.00
148,182,673.22

Total...

560,199,410.72

NOTE.—The difference of $21,238.27 between the totals shown by this table and Table No. 32 represents
the net adjustments for overs, shorts, and spurious issues found in remittances received.
The total amount of currency of all issues received by the National Bank Redemption Agency and
counted into cash from June 30, 1874, to June 30, 1928, exclusive of deductions for shortages and spurious
issues, is $17,569,166,753.09.
TABLE N O . 34.—Cost of redemption of national bank notes during the year ended
June 80, 1928
Amount of expenses
Office Treasurer U. S.
(N. B. R. A.)
Redeemed out of 5 per cent fund, unfit for use:
Salaries
Printing, binding, and stationery
Contingent expenses
Express charges
Insurance
Postage

__ _
.

$46,070.05
3,431.63
775.30
21,380.63
86,024.15

$285,760.56
15,736.53
3,753.17
229.42
42,604.16
99,075.65

289,477. 73

Aggregate

157,681. 76

447,159.49

12,642.69
649.03
157.07
12.10
1,119. 45
688.41

2,430.01
181.01
40.90

15,072.70
830.04
197.97
12.10
1,119.45
688.41

15,268. 75

2,651.92

17,920.67

304, 746.48

160, 333. 68

465,080.16

Amount
redeemed
Redeemed out of 5 per cent fund, unfit for use...
Redeemed on retirement account
Total




Total

$239,690.51
12,304.90
2,977.87
229.42
21,223.53
13,051.50

Total
Redeemed on retirement account:
Salaries
Printing, binding, and stationery
Contingent expenses
Express charges
Insurance
Postage...
Total

Office
Comptroller
of Currency

_ $511,654,952. 50
26,987,700.00

538, 642, 652.50

Rate per
$1,000
$0.87394735
. 66403092

Amount of
expenses
$447,159.49
17,920.67
465,080.16

KEPOKT OF THE COMPTROLLER OF THE CURRENCY

265

TABLE NO. 35.—Classification of Federal reserve currency redemptions, the amount
redeemed, number of notes, cost of redemption per 1,000 notes, and amount assessed
upon Federal reserve banks, year ended June 80, 1928
Office
Treasurer
U. S. (N.
B. R. A.)
Federal reserve notes:
Eeceived from sources other than Federal reserve banksSalaries
_
_
Printing, binding, and stationery
Contingent expenses

Office
Comptroller of
Currency

Total

1,139.92

50, 321. 53
317. 75
600.34

50, 321. 53
317. 75
600. 34

51, 239. 62

Total..
Federal reserve bank notes:
Received from all sourcesSalaries
_.
Printing, binding, and stationery..
Contingent expenses
Express charges
_.
Insurance
Postage

$1,105.26
20.93
13.73

1,139.92

Total..
Received direct from Federal reserve banks and branches, canceled and cut—
Salaries
Printing, binding, and stationery
Contingent expenses

$1,105. 26
20.93
13.73

51, 239.62

251. 99
4.77
3.13
.25
20.64
72.30

Total

49. 52
.05

301. 51
4.82
3.96
.25
20.64
72.30

353.08

50.40

403.48

Total amounts assessed against Federal reserve issues

52, 732. 62

50.40

52, 783.02

Amount in
dollars

Number of
notes

Federal reserve notes:
Received for redemption from sources other
$19, 775,415.00
than Federal reserve banks and branches.
Received direct from Federal reserve banks
1,387,941, 550.00
and branches, canceled and cut
Federal reserve bank notes: Received from all
699, 620. 00
sources
Total

___




_— 1,408, 416, 585. 00

Rate per
1,000 notes Assessment

1,638, 522 $0. 69569966
147,148,869

. 34821620

373, 562 1. 08008844
149,160,953

.35386620

$1,139.92
51, 239.62
403.48
52, 783.02

266

EEPORT OF THE COMPTROLLEB OF THE CURRENCY

TABLE N O . 36.—Taxes assessed on national-bank circulation, years ended June 80,
1864 to 1928; cost of redemption, 1874 to 1928; and assessments for cost of plates,
etc., 1888 to 1928

Year

1864-1882.
1874-1882.
1883
1884
1885
1886
1887
1890 _
1891 _
1892 _
1893 _
1894.
1895 _
1896_
1897_
1898.
1899 _
1900 _
1901 _
1902 _
1903 _
1904 _
1905 _
1906.
190719081909 _
1910_
1911.
1912_
1913_
1914 _
1915.
1916_
1917_
1918_
1919_
1920_
1921_
1922.
1923.
1924 _
1925 _
1926 _
1927 _
1928_

Semiannual
duty on
circulation

Cost of
redemption
of notes by
the United
States
Treasurer

ment for
cost of
new
banks

ment
for
cost of
plates,
extended
banks

ment
for
cost of
plates,
additional
or duplicate

ment
for
adding
signatures
to
plates,
etc.

$52,253,518. 24
3,132,006. 73
3,024, 668. 24
2, 794, 584.01
2,592,021. 33
2,044,922. 75
1,616,127.53
1,410,331.84
1,254, 839. 65
1, 216,104. 72
1,331, 287. 26
1,443,489. 69
1, 721,095.18
1, 704,007. 69
1,851, 676. 03
2,020, 703. 65
1,901,817. 71
1,991, 743. 31
1,881,922. 73
1,599, 221. 08
1,633, 309.15
1, 708, 819.92
1,928,827.49
2,163,882.05
2,509,997. 80
2,806, 070. 54
3,090,811. 72
3,190, 543. 04
3,463,466. 68
3,567,037. 21
3,690, 313.53
3,804, 762. 29
3,889, 733.17
i 3,901,541.18
2,977,066. 73
3, 744,967. 77
3,533, 631. 28
3,656,895.34
3, 627,060.80
3, 706,901.15
3,806, 590.02
3,941, 461.17
4, 030,336.30
4,063, 708. 32
3,661, 819.45
3, 277, 512.90
3,253,461.97
3,234,240.29

Total... 180,650,858.63

$1,971,587.10
147.592. 27
160,896. 65
181,857.16
168, 243.35
138,967.00
141,141. 48
131,190. 67
107,843. 39
99, 366. 52
100.593. 70
103,032.96
107,445.14
100,352. 79
114,085. 63
125,061. 73
125,924. 35
121, 291. 40
122,984. 76
146, 236.18
153, 796. 33
174,477. 62
219,093.13
247,973. 26
250,924. 24
233, 650. 52
270,840. 21
396, 743. 15
434,093.10
443,380.12
505, 735. 21
517, 842.93
529,013. 36
498, 328. 60
450,150. 22
420,160.42
412, 785.92
528,424. 24
974,058.11
1,115,146. 00
2 594,168. 70
514,598. 55
527.979.90
459, 790.43
494.470.91
467,411. 42
465, 080.16
16,715,810.99

$25,980
18,845
13,150
14,810
18,850
14,100
12,200
24,175
18, 575
15,700
14, 225
4,050
4,950
5,450
3,050
5,275
8,200
29,200
85,975
43,200
54, 475
45,500
47,825
54,150
76, 275
48, 450
31, 475
55,125
27,875
22, 740
28,560
11, 560
16, 660
10, 085
9,200
16, 770
15,600
31, 850
31, 070
18, 244
23, 464
18, 756
12,682
22,948
22, 618
20,890
1,154, 807

Total

$34,120
1,950
97,800
24,825
1,750
3,900
575
725
7,200
8,100
5,200
4,375
6,875
3,750
1,700
1,775
2,850
15,050
13,500
14, 425
40,325
12,600
64,800
31,450
12,975
10,025 i
10,800
17,500
22,375
$4,130
28,190
6,975
19,805
6,300
8,500
13, 855
11,175
9,700
3,420
6,000
6,460
11,120
9,100
15,340
7,590
28,990
20, 770
82,160
12,670
52, 780
17, 226
5,850
25, 262
31,388
3,556
4,456
4,404
30, 564
37,924
21, 728

$493.00
841.00
773. 00
591.00
1,610. 00
1,110.00
1,229. 89

$52, 253,518. 24
1,971,587.10
3,339,699.00
3,206,359.89
3,087,391.17
2,799,899. 68
2, 204,489. 75
1, 775, 269. 01
1,554, 297. 51
1,387,583.04
1,341, 246. 24
1,455,680.96
1,565,947.65
1,836,965. 32
1,816,185.48
1,974,961. 66
2,150,515. 38
2,034,792.06
2,124,084. 71
2,049,157. 49
1,844,932. 26
1,844, 730. 48
1,978,097. 54
2, 206,020. 62
2,524,480. 31
2,846,522.04
3,128,971. 06
3,420,126.93
3, 629, 561.19
3,970,184. 78
4,060, 667. 33
4, 251,108. 74
4,377,945. 22
4, 445,106. 53
7,418, 626.51
4, 218, 322.99
3,975, 451. 70
4,106, 671. 26
4,194, 015.04
4, 762, 569. 26
5,047, 636. 02
4, 624, 372. 87
4, 600, 351. 85
4, 646,161. 22
4,143, 742. 88
3,827,105.81
3, 782,525.39
3, 743,168.34

763,597 257,

6,647.89

199, 548, 807. 51

1 Tax collected on additional circulation under act May 30, 1908.
2 Average cost per $1,000 for national-bank notes redeemed in 1923, $0.95; in 1924, $0.96; in 1925, $0.83;
in 1926, $0.94; in 1927, $0.93; and in 1928, $0.86.




REPORT OF THE COMPTROLLER OF THE CURRENCY

267

TABLE N O . 37.—Federal reserve notes outstanding according to weekly statements
(amount issued by Federal reserve agents to Federal reserve banks, less "unfit"
notes redeemed), and collateral security therefor, from November 2, 1927, to October 31, 1928
[In thousands of dollars]
Collateral security

Date

Nov. 2..

Nov.
Nov.
Nov.
Nov.
Dec.
Dec.
Dec.
Dec.

1927

9__
16.
23.
30_.
7...
14..
21..
28..

Jan. 4 . . .
Jan.11._
Jan.18..
Jan. 25..
Feb. 1___
Feb. 8...
Feb. 15_.
Feb. 21..
Feb. 29..
Mar. 7__
Mar. 14.
Mar. 21.
Mar. 28.
Apr. 4___
Apr. 11 _.
Apr. 18..
Apr. 25..
May 2...
•May 9...
May 16_.
May 23..
May 29..
June6__.
June 13..
June 20 _.
June 27_.
July 3 - .
July 11 _..
July 18_ _
July 25_ _.
Aug. 1__.
Aug. 8__.
Aug. 15. _
Aug. 22. _
Aug. 29. _
Sept. 5 . . .
Sept. 12..
Sept. 19..
Sept. 26..
Oct. 3___
Oct. 10...
Oct. 17_
Oct. 24__.
Oct 3 1 . . .

Federal reserve notes
outstanding

Gold

Excess
collateral

2,121, 295
2,104, 615
2,105,190
2,114,123
2,126, 704
2,175, 286
2, 222, 860
2, 261,152
2, 263, 580

1, 609, 809
1,503, 631
1,566,186
1,569,165
1,476,253
1, 530, 667
1, 585,009
1, 505,098
1,469, 255

686,383
769,536
679,014
716,423
801, 551
790,318
826, 502
907, 392
938, 890

174,897
168,552
140,010
171,465
151,100
145, 699
188, 651
151, 338
144,565

2,218,490
2,173, 902
2,125, 448
2, 044, 606
2, 024,052
2,020, 898
2,009, 053
1, 999, 805
1,992,173
1, 989,120
1, 970, 798
1, 965, 390
1,954, 260
1, 959, 052
1, 969, 952
1,957,058
1.949, 447
1.950, 865
1,960,048
1, 959, 078
1, 952, 664
1, 951, 267
1,967, 482
1, 994,349
1, 998, 745
1, 999, 955
2, 020, 425
2, 041, 515
2,034, 272
2,022,432
2, 018, 812
2,014, 380
2, 016, 658
2, 027, 400
2,021, 628
2, 044, 833
2,073, 466
2, 082, 554
2, 084, 847
2,090, 323
2,100, 251
2.113, 552
2.114, 482
2,097, 388

1,477, 638
1, 524,657
1,530, 476
1, 465, 875
1,419, 336
1,422, 938
1, 366, 926
1,384,121
1,388, 957
1, 345, 440
1,369,178
1,393, 893
1, 331, 263
1, 247, 059
1, 287, 089
1, 279,070
1, 207, 703
1,190, 083
1,163, 937
1,153, 806
1,130, 353
1,122,150
1,109,015
1,118,486
1,135, 840
1.128, 276
1.129, 584
1,161,160
1.130, 963
1,119, 717
1,117, 466
1,107, 601
1,117, 450
1,107,113
1,093, 837
1,082,429
1,143,470
1,167, 332
1, 214, 889
1,178, 312
1,198, 568
1, 207,448
1,180, 352
1,182, 044

873, 849

132,997
159, 695
160,170
125, 919
160, 494
207,099
167,478
171, 456
198,059
148, 724
176, 732
209,082
216, 385
198, 952
245, 684
239,424
282, 712
316,122
307,140
319, 334
322,128
365, 228
338, 667
359, 014
296, 437
324,152
427, 954
341, 994
254,163
258,074
312, 249
285,163
256, 645
269, 483
255, 330
263, 762
306, 452
362,140
345, 013
379, 664
368, 955
338,177
323, 610
403,023

1928




Eligible
paper

755,142
704, 650
765, 210
805, 059
809, 605
787,140
801, 275
792, 404
778, 352
780, 579
839, 382
910, 945
928, 547
917,412
1, 024, 456
1, 076, 904
1,103, 251
1,124, 606
1,144, 439
1.194, 345
1,197,134
1, 234, 877
1.159, 342
1.195, 831
1, 318, 795
1, 222, 349
1,157,472
1.160, 789
1, 213, 595
1,191, 942
1,155, 853
1,189, 770
1,183,121
1, 226,166
1, 236, 448
1, 277, 362
1, 214, 971
1, 291, 675
1, 270, 638
1, 244, 281
1, 257, 740
1, 318, 367

TABLE N O . 38.—Federal reserve notes printed, shipped, and canceled, issued to banks, retired, and destroyed since organization of the banks,
with the balance in vaults and amount outstanding October 31, 1928
VAULT BALANCE OCTOBER 31, 1928
Fives

Total printed
Total shipped and canceled
Total on hand
.._

Tens

Twenties

Fifties

One
hundreds

Five
hundreds

One
thousands

Five
thousands

Ten
thousands

Total

$5,345,100,000 $5,904,920,000 $6,092,240,000 $1,277,800,000 $884,400,000 $173,000,000 $333,600,000 $108,000,000 $184,000,000 $20,303,060,000
5,094,360,000 5,801,640,000 5,866,880,000 1,206,600,000 826,000,000 120,600,000 265,600,000
76,000,000 184,000,000 19,441,680,000
250, 740,000

103,280,000

225,360,000

71, 200,000

58,400,000

52,400,000

68,000,000

32,000,000

$47,455,000
41,635,000

$87,380, 000 $21,582,323,930
76,930,000 19,484,935,800

1

861,380,000

ISSUED, R E T I R E D , AND OUTSTANDING OCTOBER 31, 1928
Total issued _
Total retired

_

Total outstanding

$5,548,149,000 $6,448,629,540 $6,625,159,540 $1,345,099,550 $976,479,800 $138,896,500 $365,075,000
5,160,078,480 5,817,830,180 6,001,615,540 1,170,811,000 802,179,100 113,896,500 299,960,000
388,070,570

630, 799,310

623,544,000

174, 288,550

174,300, 700

25,000,000

65,115,000

5,820,000

10,450,000

2,097,388,130

M U T I L A T E D F E D E R A L R E S E R V E NOTES, BY DENOMINATIONS, R E C E I V E D AND D E S T R O Y E D SINCE ORGANIZATION OF BANKS AND ON HAND
I N VAULT OCTOBER 31, 1928
Boston..
New York
Philadelphia _.
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis. __
Kansas C i t y . .
Dallas
San Francisco.
Canceled.

$387,799,895
1, 254, 671,495
431,049,060
290,412,145
205,988,455
222,182,895
687,667,315
186,019,080
123, 593,350
190,694,835
120,969,995
392,493,960

Total received...
Total destroyed.

4,493,542,480 4,980,108,690 5,018,050,100
4,484,170,280 4,968,645,840 5,007,379,300

Balance on hand.

9,372,200

$607,940,750
1,480,070,320
487,619,110
362,331,680
236,036,740
242,855,060
691,568,300
186,166,380
112,557, 280
131,483,240
107,643,150
333,836,680

11,462,850

$445,694,860
972,794,760
528,343,180
658,538,360
291,534,840
255,302,680
772,355,540
184,463,080
94,052,120
147,417,060
111, 309,100
556,244,520

10,670,800

$52,187,900
227,115,700
46,124,900
45,018,500
31,308,000
25,976,400
54,028,000
11,792,700
6,452,500
11,305, 700
8,269,900
73,862,600

$4,033,000 $13,680,000
41,544,000 94,293,000
8,108,000
1,755,500
5, 572, 000
4,587,500
5,132,000
343,000
6,170,500 15,421,000
9,189,000
7,395,000
1,235,000
2, 535,000
965,000
525,000
1,521,000
1,295,500
1,055,000
577,000
4,309,500 10,114,000

$760,000 $1,554,420,905
2, 560,000 4, 269,916,025
1,650, 799,850
130,000
270,000 1,612, 252,185
10,000
100,000
838, 230,335
796,482,285
130,000
2,375,929,805
75,000
450,000
594,324,540
342,922,900
492,202,385
358,267,045
4,935,000 10,410,000
1,433,732,460
40,000,000 128,000,000
168,000,000

972,166,150 593,442,800
968,795,100 591,725,300

73,770,500 167,585,000
73,619,000 167,119,000

46,265,000 142,550,000
46,260,000 142,530,000

16,487,480,720
16,450,243,820

20,000

37,236,900

$41,929,500
196,276,750
147,800,100
245, 392, 000
67,777,300
28,573, 750
153, 596,650
21,588, 300
4, 777, 650
8,485,050
8,442,900
47,526, 200

3,371,050

1,717,500

151,500

466,000

$395,000
590,000

5,000

NOTE.—During the year burned, badly mutilated; and fractional parts of Federal reserve notes amounting to $16,347 have been identified, valued, and the bank of issue
determined.




o
o

g
o

E
3

TABLE NO. 39.—Aggregate amount of Federal reserve bank notes printed, issued, canceled, and redeemed, by denominations, since the inauguration
of the Federal reserve system, and amount on hand and outstanding October SI, 1928
VAULT BALANCE OCTOBER 31, 1928
Ones
Total printed
Total issued and canceled

$478,892,000
478,892,000

Tens

Fives

Twos
$136,232,000
136,232,000

$132, 500,000
132,500, 000

Twenties

$24,040, 000
24, 040,000

Fifties

$14,080,000
14, 080,000

$2,600,000
2,600,000

$788,344,000
788,344,000

Total

ISSUED, REDEEMED, AND OUTSTANDING OCTOBER 31, 1928

_

Total outstanding

$478,892,000
476,647,575

$135,192, 000
134,471,842

$121,460, 000
120,850,860

$16,440, 000
16, 247, 945

$9, 760,000
9,494, 570

$200,000
181, 600

$761,944,000
757,894,392

2,244,425

Total issued .
Total redeemed

720,158

609,140

192,055

265,430

18,400

4,049,608

1
=
a

o

TABLE NO. 40.—Taxes assessed on Federal reserve bank currency, cost of redemption, and cost of plates, years ended June SO, 1915 to 1928
Semiannual
taxes on circulation

1915
1916
1917
1918
1919
1920
1921
1922
1923
1924
1925
1926.. . .
1927
1928

$2,325.18
3,590.86
38,750. 70
463,195. 96
1,023,344. 76
947,405.00
445,944.01
113,837. 32
2,890.88

.

._

Total




.
3,041,284.67

Cost of redemption of
notes by the
United States
Treasurer

Assessment for
cost of original
plates

$1,800.00
2,200.00
$947.93
2,353.41
34, 419. 62
263,616. 78
243,517. 97
145,890. 53
53,011. 08
11,310. 86
4,561.17
3,090. 09
2,620.84
403.48
765, 743. 76

Assessment for
cost of additional or duplicate plates

23,810. 00
390. 00

$540.00
720.00
180.00
138, 530. 00
88,270.00
136,570.00
2,140.00

28,200.00

366, 950.00

Total

$1,800.00
5,065.18
5,258. 79
41,284.11
659, 955. 58
1,375,621. 54
1,327,492. 97
593,974. 54
166,848.40
14,201. 74
4,561.17
3,090.09
2,620.84
403.48
4, 202,178.43

to
CO

TABLE NO. 41.—National banks in charge of receivers during year ended October SI, 1928, capital at date of organization and at date of failure,
causes of failure, dividends paid while solvent, circulation outstanding at date of failure, lawful money deposited with Treasurer of the
United States to redeem circulation, and total deposits at date of suspension
Organization
Name and location of bank

Farmers & Drovers National Bank, Waynesburg, Pa
First National Bank, Billings, Mont
First National Bank, Sutton, W. Va
First National Bank, Uniontown, Pa
First National Bank, Eureka, S. Dak
First National Bank, Hearne, Tex
__,
First National Bank, Gridley, Calif
First National Bank, Cut Bank, Mont
Picher National Bank of Picher, Okla
First National Bank of Ranger, Tex
First National Bank, Beaver, Pa
_..
Corn Belt National B ank of Scotland, S. Dak
First National Bank of Ambia, Ind
First National Bank of Desdemona, Tex
First National Bank of Sipe Springs, Tex
First National Bank, Marcus, Iowa
First National Bank of Bridgeport, Nebr
Bannock National Bank of Pocatello, Idaho.
The Havre National Bank of Havre, Mont_.
National Bank of Cleburne, Tex
First National Bank, Vale, Oreg
Stockmen's National Bank, Poplar, Mont
Stillwater Valley National Bank, Absarokee,
Mont
National City Bank, Salt Lake City, Utah...
First National Bank, Myton, Utah
State National Bank, Ardmore, Okla
Corydon National Bank, Corydon, Ind
First National Bank, Oak Grove, La
First National Bank, Spencer, Nebr
First National Bank, Ingomar, Mont
American National Bank, Billings, Mont—.
Merchants National Bank, Wimbledon,
. N. Dak
First National Bank, Mountainair, N. Mex_.




Charter
No.

Date

Capital

3,097
6,213
270
11527
4976
11164
9574
11624
8072
3850
11031
9510
11452
11525
9819
9711
6347
9782
4035
8528
11027

Jan.
Dec.
Apr.
Jan.
Nov.
July
Mar.
Oct.
Feb.
Jan.
Feb.
May
July
Sept.
Nov.
June
Feb.
July
May
May
Jan.
Feb.

30,1865
3,1883
7,1902
2,1864
18.1919
5,1894
14.1918
5,1909
3,1920
26.1906
10,1888
28,1917
30.1909
2,1919
6.1919
22.1910
23,1910
15,1902
18,1910
6,1889
14.1907
17,1917

11066
10308
11702
10394
7760
11650
7325
11465
11696

Aug.
Nov.
Apr.
May
May
Mar.
June
Aug.
Apr.

11,1917
19,1912
10.1920
6,1913
23,1905
2.1920
18,1904
16.1919
5,1920

25,000
250,000
25,000
100,000
125,000
50,000
25,000
25,000
150,000

8917
11329

Sept. 17,1907
Apr. 3,1919

30,000
30,000

Total dividends paid
during existance as a
nationa 1
banking
association

$150,000 $597, 750.00
75,000
321,350.00
35,000
31,500.00
60,000 1,308,000.00
50,000
7,500.00
50,000
178,000.00
40,000
25,000
24, 250.00
100,000
25,000
50,250.00
50,000
192, 750.00
25,000
1,750.00
25,000
11,250.00
25,000
25,000
100,000
56,500.00
25,000
21,500.00
50,000
49,000.00
50,000
30,500.00
429,375.00
75,000
20,000.00
25,000
25y 000
14,000.00
122,500.00
70,000.00
216,250.00
280,750.00
2,500.00
15,000.00
4,500.00

Failures

Capital

Receiver
appointed

$200,000
150,000
50,000
100,000
50,000
50,000
40,000
50,000
100,000
200,000
50,000
25,000
25,000
25,000
25,000
50,000
25,000
100,000
50,000
150,000
50,000
25,000

Dec. 12,1906
July 2,1910
Aug. 29,1914
Jan. 19,1915
Aug. 20,1920
Jan. 21,1921
Jan. 29,1921
do
Feb. 21,1921
Mar. 2,1921
Mar. 26,1921
Mar. 28,1921
Apr. 5,1921
Apr. 7,1921
Apr. 18,1921
May 18,1921
do
June 11,1921
Sept. 16,1921
Oct. 27,1921
Nov. 15,1921
Jan. 28,1922

25,000
250,000
25,000
200,000
125,000
50,000
100,000
25,000
150,000

Jan. 30,1922
Feb. 3,1922
Feb. 24,1922
Mar. 4,1922
Mar. 8,1922
May 13,1922
July 14,1922
Aug. 14,1922
Sept. 23,1922

25,000 Oct. 27,1922
30,000 Nov. 2,1922

Apparent
cause
of
failure

Lawful
money
deposited

A
A
B
A
B
C
C
A
C
C
B
A
B
A
A
C

$100,000.00
37,500.00
50,000.00
100,000.00

AC
C
C
AB
C
C
C
C
A
A
C
C
AC
A
AC
C

o

10,900.00
36,000.00
5,800.00
22,400.00
47,900.00
24,600.00
21,800.00
20,600.00
11, 700.00
49,600.00
74,997.00
11,600.00

Total
Circulation
outstanding deposits at
at date of date of suspension
failure

$100,000.00
37, 500.00
50,000.00
100,000.00

$1,047,580
1,908,841
364,021
1,452, 581
823,254
10,900. 00
128,566
36,000. 00
210,855
5,800.00
245,675
208,053
22,400. 00
1,283, 599
47,900.00
671,077
264,775
24,600.00
24,796
112,917
95,627
144,284
21,800.00
20,600.00
112,121
11, 700. 00
842,093
49,600. 00
366,887
74,997.00
2,787,817
11,600,00
122,449
39,430

243,300.00
2,500.00
99,995.00
125,000.00

243, 300.00
2, 500. 00
99,995.00
125,000.00

99,995.00

99,995.00

10,000.00

10,000.00

170,037
1,383,447
35,888
975,659
984,671
32,062
550,133
174,230
499,259
60,490
205,020

J^
^

Commercial National Bank, Great Falls,
Mont
Sterling National Bank, Sterling, Colo
Payette National Bank, Payette, Idaho
First National Bank, Highwood, Mont
Citizens National Bank, Laurel, Mont
First National Bank, Broadview, Mont
Commercial National Bank, Wilmington,
N. C
First National Bank, Winner, S. Dak
First National Bank, Wessington Springs,
S. Dak
First National Bank, Warren, Mass
First National Bank, Harlowton, Mont
First National Bank, Roundup, Mont
First National Bank, Gregory, S. Dak
First National Bank, Bottineau, N . Dak
Llano National Bank, Llano, Tex
Farmers & Merchants National Bank, Jefferson, Iowa
City National Bank, Jerome, Idaho
First National Bank, Rock River, Wyo
First National Bank, Highland, Wis
First National Bank, Joseph, Oreg
Peoples National Bank, Salisbury, N . C
First National Bank, Sapulpa, Okla
First National Bank, Chester, Mont
First National Bank, Carroll, Nebr
First National Bank, Shelby, Mont
.
Fairfield National Bank, Fairfield, Iowa
Howard National Bank, Howard, S. Dak__.
Roundup National Bank, Roundup, MontFirst National Bank, Oswego, Mont
First National Bank, Wells, Minn
First National Bank, Mitchell, S. Dak
Cavalier County National Bank, Langdon,
N. Dak
___•_.
American National Bank, Three Forks,
Mont
Lehigh National Bank, Lehigh, Okla
City National Bank, Coalgate, Okla
First National Bank, Grey Eagle, Minn
First National Bank, Fair view, Mont
Union National Bank, Beloit, Kans
Texas County National Bank, Guymon,
Okla
_...
Tucson National Bank, Tucson, Ariz
National Bank of Barnesville, Ohio
Citizens National Bank, Roswell, N . Mex._
First National Bank, Lancaster, Minn
First National Bank, Turtle Lake, N. Dak_
First National Bank, Springfield, S. Dak.._.




10530
11972
8075
11131
8716
10809

Apr.
May
Jan.
Dec.
May
Nov.

20,1914
2,1921
9,1906
29,1917
3,1907
26,1915

200, 000
150, 000
50,000
25, 000
35,000
25,000

12176
11119

Apr.
Dec.

17,1922
15,1917

200,000
30,000

9, 000. 00

6446
11567
9270
9165
8600
6085
5853

Sept.
Nov.
Oct.
May
Feb.
Dec.
June

25,1902
14,1919
27,1908
22,1908
22.1907
17,1901
5,1901

25,000
50, 000
50, 000
25,000
25,000
25,000
25,000

75, 250.00
2,000. 00
18, 500. 00
34,750. 00
89,490. 00
66,000. 00
105,000. 00

10123
11578
11342
10880
8048
9076
5951
11105
5957
10953
8986
10780
10675
11134
4669
2645

Dec.
Dec.
Apr.
June
Dec.
Mar.
Aug.
Nov.
Aug.
Dec.
Dec.
Aug.
Oct.
Jan.
Dec.
Feb.

28,1911
22,1919
24,1919
14.1916
11,1905
10.1908
19,1901
15.1917
21,1901
14,1916
24,1907
13,1915
26,1914
8,1918
12,1891
8,1882

40,000
30,000
25,000
25,000
25,000
100, 000
25,000
25, 000
25,000
25,000
60,000
25,000
25,000
25,000
50,000
50,000

29,600.00

9075 Jan. 28,1908

106, 000. 00
76,750.00
7, 500. 00
7, 700.00
11,500.00

32, 000. 00
136,000. 00
177, 550. 00
73, 750.00
2, 500. 00
4, 500. 00
213, 750. 00
167, 500.00

200,000 Dec.
150, 000 Dec.
75,000 Dec.
25, 000 Dec.
35,000 Jan.
25,000 Jan.

9,1922
11,1922
13,1922
29,1922
4,1923
30,1923

200,000 Jan. 31,1923
do
30, 000
50,000 Feb.
5,1923
50, 000 Feb. 23,1923
50, 000 Mar. 7,1923
50,000 Apr. 5,1923
50,000 Apr. 12,1923
50, 000
do
50, 000
do
40, 000 Apr. 27,1923
30,000 May 24,1923
50, 000 June 14,1923
25,000
do
25,000
do
100, 000 July 3,1923
100, 000 July 30,1923
25,000
do
50,000 Aug. 13,1923
25, 000 Aug. 27,1923
60,000 Aug. 30,1923
25, 000 Sept. 1,1923
25,000 Sept. 6,1923
25,000 Oct. 5,1923
100, 000 Oct. 22,1923
100,000 Oct. 23,1923
Oct. 29,1923

C
C
A
A
C
C

177, 600.00

177, 600. 00

71, 700. 00
25, 000. 00
33,900.00

71, 700. 00
25, 000. 00
33,900.00

1,067,638
475,881
201, 514
139,808
215,807
74,657

AC
A
AC
B
C
C
C
AC
A

91, 500. 00
18,400.00

91, 500. 00
18, 400.00

1,991,806
186,104

39, 300. 00

39, 300. 00

12,100. 00
24,400. 00
25,000. 00
35,800. 00
4,800.00

12,100. 00
24,400. 00
25, 000. 00
35, 800. 00
4,800.00

336, 320
292,995
334,115
487, 252
176, 708
333,101
271, 311

C

40,000.00

40, 000. 00

c

13, 700. 00

13, 700. 00

24, 300. 00
92,800. 00
44,900. 00
24, 500. 00
21, 400. 00

24, 300. 00
92, 800. 00
44,900.00
24, 500. 00
21, 400. 00

96, 400. 00
99,000.00

96,400. 00
99,000.00

688, 227
104, 352
383, 573
227, 849
332,323
143, 305
211, 204
46, 982
745, 030
562, 553

22,900. 00

22,900.00

353,645

A
C
AC
C
C
AC
C
C
A
AC
AC
C
A
AC

99, 553
67, 061
158, 539
77,396
141, 638

25,000

52, 000.00

25, 000

10996
5755
11676
8729
12015
6701

Apr.
Feb.
Mar.
May
Aug.
Mar.

30,1917
14,1901
10,1920
28,1907
26,1921
24,1903

40, 000
25,000
50,000
25,000
40,000
25,000

4, 000.00
99,250.00

A
C
C
C
A
C

11,050.00

11,050.00

~I49,~875.~66"

25, 000
do
35,000 Nov. 8,1923
50,000
do
25,000
do___
40, 000
do
50,000 Nov. 13,1923

24,000. 00
6, 200. 00
49, 300.00

24,000.00
6, 200. 00
49,300.00

63, 477
159, 610
158, 720
90,443
146, 213
545, 591

12179
11159
6621
6777
11356
8821
8942

Mar.
Feb.
Jan.
Apr.
May
June
Oct.

21,1922
21,1918
29,1903
20,1903
14,1919
8,1907
2,1907

25, 000
100, 000
100,000
50,000
25,000
25,000
25, 000

133, 000. 00
373, 500. 00
5,000. 00
30,125. 00
22,105.00

25, 000
do___
100, 000 Nov. 14,1923
100, 000
do
200, 000 Nov. 16,1923
25, 000 Nov. 19,1923
25, 000 Nov. 21,1923
25,000 Nov. 28,1923

B
C
B
C
AC
C
C

67,300.00
98,800. 00
188, 200. 00
24, 700. 00
9, 700. 00
17, 750.00

67,300.00
98,800. 00
188,200.00
24, 700.00
9, 700.00
17, 750.00

173, 519
588, 287
877, 090
497,195
179, 618
134,961
150,326

38, 650. 00

5,000. 00

8
w
o

w
o

g
to

TABLE N O . 41.—National banks in charge of receivers during year ended October SI, 1928, capital at date of organization and at date of failure, to
causes of failure, dividends paid while solvent, circulation outstanding at date of failure, lawful money deposited with Treasurer of the
United States to redeem circulation, and total deposits at date of suspension—Continued
Organization
Name and location of bank

Farmers National Bank, Tishomingo, Okla..
First National Bank, Woodworth, N. Dak..
First National Bank, Poplar. Mont
First National Bank, Forsyth, Mont__
Condon National Bank, Condon, Oreg
First National Bank, Moore, Mont
Merchants National Bank,Mandan, N. Dak.
First National Bank, Webster, S. Dak
Sioux Falls National Bank, Sioux Falls, S.
Dak
First National Bank, Sentinel Butte, N.
Dak_.
First National Bank, Beach, N. Dak
First National Bank, Bisbee, N. Dak
National Bank of Carlsbad, N. Mex
Dakota National Bank, Dickinson, N. Dak.
First National Bank, St. John, Wash
First National Bank, Warroad, Minn
First National Bank, Brookings, S. Dak
First National Bank, Ronan, Mont
First National Bank, Harrison, Nebr
First National Bank, Clarkston, Wash
First National Bank, Carthage, S. Dak
First National Bank, Onida, S. Dak
Commercial National Bank, Miles City,
Mont
Njowata National Bank, Nowata, Okla
F^st National Bank, Castlewood, S. Dak__
First National Bank, Charlo, Mont
F rst National Bank, Sidney, Mont
Stockmens National Bank, Fort Benton,
Mont
First National Bank, Fort Sumner, N. Mex
Wells National Bank, Wells, Minn
First National Bank, Gering, Nebr
Western National Bank, Mitchell, S. Dak_..




Charter
No.

Date

Failures

Capital

Dec. 6,1923
do
Dec. 17,1923
Dec. 18,1923
do
Dec. 20,1923
Dec. 26,1923
Jan. 2,1924

C
C
C
A
C
C
A
C

$24,400. 00

$24,400. 00

33,700. 00
11,800. 00
24,100. 00
25,000. 00
24, 700. 00

33, 700. 00
11,800.00
24,100. 00
25,000.00
24, 700.00

$132,277
47,881
106,628
352,127
121,155
144,127
315,054
224,512

AC

74, 250. 00

74,250.00

1,514,456

c
c
c
c

24, 300. 00
22,800. 00
11,800. 00
47,100. 00

24,300.00
22,800.00
11, 800. 00
47,100.00

c
c

98, 500. 00
5,950. 00
15,000. 00
50, 000. 00
25, 000. 00
24, 700. 00

98, 500. 00
5,950. 00
15,000. 00
50,000. 00
25,000. 00
24, 700.00

98, 500.00
16,797. 50
24, 600. 00

98,500.00
16, 797. 50
24,600. 00

$14,750.00
3, 750. 00
136, 500. 00
12, 500. 00
22, 750. 00
5,000.00
32, 500.00

$25,000
25,000
25,000
75,000
50,000
25,000
50,000
25,000

2823 Nov. 14,1882

50,000

240,500.00

150,000 Jan. 24,1924

10,1915
26,1909
1,1903
8,1903
4,1905
11,1918
4,1920
15,1883
31,1910
28,1907
16,1903
20,1916
17,1920

25,000
25,000
25,000
30,000
50,000
40,000
25,000
50,000
25,000
50,000
25,000
25,000
25,000

10,000.00
52, 500. 00
57, 750.00
142, 900. 00
68, 000. 00
16,000.00

25,000
50,000
25,000
100,000
50,000
40,000
25,000
100,000
25,000
50,000
50,000
25,000
25,000

5015 Aug. 15,1895
6367 July 23,1902
6000 Oct. 2,1901
11165 Feb. 26,1918
9904 Dec. 23,1907

80,000
25,000
25,000
25,000
25,000

277,000. 00
112,000. 00
42, 500. 00
1, 500. 00
103, 250. 00

250,000 Feb. 15,1924
25,000 Feb. 19,1924
25,000
do
25,000 Feb. 20,1924
50,000 Feb. 26,1924

A
A
O
C
A
C
C

Dec.
Feb.
Apr.
Dec.
Sept.

100,000
25,000
30,000
50,000
50,000

802,000.00
45, 500. 00
75,000. 00
59, 750. 00
126, 221.00

200,000
do
25,000
do
75,000
do
25,000
do
100,000 Feb. 27,1924

C
C
C
A
O

10706
9484
6733
6884
7663
11172
11815
3087
9864
8888
6742
10833
11585

4194
8617
6788
8062
7455

Feb.
May
Apr.
July
Mar.
Mar.
Aug.
Nov.
Aug.
June
Mar.
Mar.
Jan.

24,1889
28,1907
6,1903
28,1905
12,1904

270, 500. 00
22, 250. 00
109, 000. 00
38, 500. 00
23, 500. 00

Circulation
Total
outstanding deposits at
at date of date of suspension
failure

Receiver
appointed

$30,000
25,000
25,000
50,000
50,000
50,000
50,000
25,000

7320
8261
8539
10604
6502

Lawful
money
deposited

Apparent
cause
of
failure

23,1913
26,1919
28,1916
10,1904
26,1906
7,1907
24,1914
19,1902

10431
11353

July
Apr.
July
June
Mar.
Jan.
Aug.
Nov.

Capital

Total dividends paid
during existance as a
national
banking
association

do
do—
Jan. 28,1924
Feb. 6,1924
Feb. 7,1924
do
Feb. 9,1924
do
do
Feb. 12,1924
do
do
..—do-

C

A
A
A
C

102,160
389,152
216,114
446, 659
176,986
98,542
159,329
623,164
102,643
353,806
188,453
228,933
112,045

39,000.00

39,000. 00

1, 588,243
459,448
164,542
46, 276
395,764

190,795.00
5,850.00
74,300.00
11,500.00
93,400.00

190, 795.00
5,850.00
74,300.00
11, 500. 00
93,400.00

467,119
79,155
745,030
265, 790
289, 727

First National Bank, Coalgate, Okla
First National Bank, Mclntosh, S. Dak
First National Bank, Clayton, N. Mex
First National Bank, St. Anthony, Idaho
First National Bank, Huron, S. Dak.
Farmers & Merchants National Bank, Fairbury, Nebr
First National Bank, Golva, N. Dak
First National Bank, Lingle, Wyo
Torrington National Bank, Torrington, Wyo.
First National Bank, Poison, Mont
Merchants National Bank, Crookston,
Minn
First National Bank, Lake Preston, S. Dak_.
First National Bank, Plentywood, Mont
First National Bank, Sterling, Colo
First National Bank, Rocky Ford, Colo
First National Bank of Fergus County, Lewistown, Mont
First National Bank, Marysville, Kans
First National Bank, Alexander, N. Dak
First National Bank, Pilger, Nebr
First National Bank, Wilsall, Mont
National Bank of Commerce, Shawnee,
Okla
Citizens National Bank, Hankinson, N. Dak.
First National Bank, Carlsbad, N. Mex
First National Bank, Baker, Mont
Farmers National Bank, Burlington, Kans.
Drovers National Bank, East St. Louis, 111
First National Bank, Schuyler, Nebr
First National Bank, Morristown, S. Dak..
City National Bank of Huron, Huron,
S.Dak
First National Bank, Newcastle, Wyo.
Citizens National Bank, Julesburg, Colo
First National Bank, Basin, Wyo
First National Bank, Lidgerwood, N. Dak_.
Citizens National Bank, Worthington,
Minn
National Bank of Commerce of Rochester,
N.Y
Weiser National Bank, Weiser, Idaho
Citizens National Bank, Ness City, Kans...
First National Bank, Cheyenne, Wyo
First National Bank, Lambert, Mont
First National Bank, Bridgewater, S. Dak_.
Citizens National Bank, Cheyenne, Wyo....
First National Bank, Harrington, Wash
First National Bank, Rexburg, Idaho
First National Bank, Ririe, Idaho
First National Bank, Putnam, Conn
State National Bank, Carlsbad, N. Mex




Dec. 8,1900
Oct. 16,1908
Dec. 29,1900
Dec. 31,1900

M a y 19,1882

25,000
25,000
25,000
25,000
50,000

175, 850. 00
32,076. 84
150, 500. 00
207, 625. 00
166,350.00

100, 000
do
25, 000 Mar. 1,1924
75,000
do
50,000 Mar. 4,1924
65,000 Mar. 14,1924

10340 Feb. 8,1913
11346 Apr. 14,1919
11231 Aug. 19,1918
11309 Feb. 3,1919
9449 Mar. 26,1909

60,000
25,000
25,000
35, 000
25,000

23,400.00

3262 Oct. 25,1884
10758 July 24,1915
10438 M a y 12,1913
5624 Oct. 29,1900
7082 Oct. 23,1903

75,000
25,000
25,000
25,000
50,000

155, 250. 00
22, 500. 00
22, 500. 00
342,986. 05
78,800. 00

Mar. 15,1924
Mar. 18,1924
Mar. 19,1924
do
Mar. 22,1924
75,000 Mar. 24,1924
25, 000 Mar. 28,1924
50, 000 Mar. 31,1924
100, 000 Apr. 5,1924
do
60,000

9,1904
25,1882
22,1919
2,1901
11,1919

100,000
50, 000
25,000
25,000
25,000

485, 000. 00
221, 625. 00
1,000.00
77, 750. 00

300,000 Apr. 12,1924
75, 000 Apr. 15,1924
do
25,000
50,000 Apr. 22,1924
do
25,000

12441
8084
5487
10443
6955
10399
2778
9817

Aug. 18,1923
Jan. 18,1906

100,000
30, 000
25,000
25,000
25, 000
200,000
50,000
25,000

31, 900. 00
430,000. 00
7, 500. 00
81, 750. 00
57,000. 00
214, 750. 00
12, 500. 00

100,000
30,000
100, 000
25,000
55,000
200,000
50,000
25,000

8781
7198
9603
10858
5772

June 3,1907
Mar. 23,1904
Sept. 29,1909

50,000
25,000
25,000
25,000
50,000

44, 750. 00
78, 750. 00
55,125. 00
17, 500. 00
190, 000. 00

25, 000 June 12,1924
25,000
do
35, 000 June 14,1924
50,000 June 17,1924

25,000

50, 500. 00

25, 000 June 19,1924

5647
9283
5713
5764
2819

7274
2791
11297
5937
11335

May

Aug.
Jan.
Aug.
Apr.

M a y 19,1900
Aug. 19,1913
Sept. 10,1903
Apr. 30,1913
Sept. 4,1882
M a y 11,1910

M a y 15,1916
Mar. 29,1901

5910 June

7,1901

Feb.
Feb.
Feb.
Dec.
Apr.
Aug.
Jan.
July
Jan.
Oct.
Mar.
Feb.

1,1906
19,1906
3,1906
29,1870
20,1918
3,1903
15,1906
10,1908
19,1904
9,1916
23,1864
8,1917

8111
8139
8081
1800
11176
6925
8089
9210
7133
10920
448
10962

8, 750. 00
26,250. 00

60, 000
25, 000
25, 000
35, 000
25,000

Apr. 28,1924
Apr. 30,1924
May 14,1924
May 20,1924
May 21,1924
May 22,1924
May 24,1924
do

500,000 1, 222, 500. 00 1, 500, 000 June 21,1924
50, 000
118, 584. 67
75, 000 June 23,1924
30,000
70, 950. 00
45, 000 July 3,1924
100, 000
949, 000. 00
200, 000 July 9,1924
25,000
25, 000 July 16,1924
25,000
86, 750. 00
25, 000 July 18,1924
100,000
79, 000. 00
100, 000 July 21,1924
50, 000
46, 500. 00
50, 000 Aug. 6,1924
50, 000
120, 500. 00
50, 000 Aug. 11,1924
25,000
6, 750. 00
25,000
do
100, 000
814, 000. 00
150, 000 Aug. 13,1924
75,000
22, 500. 00
75, 000 Aug. 25,1924

A
C
D
C
c
c
c
c
c
c
A
D

27, 300. 00
23, 300. 00
50,000. 00
47, 600. 00
29,000. 00

27, 300. 00
23,300. 00
50, 000. 00
47,600.00
29,000. 00

59,400. 00

59, 400. 00

24, 700. 00

24, 700. 00

223, 363
50, 234
54, 763
67, 468
114, 786

74, 200. 00
24, 200. 00
6, 250. 00
98, 300. 00
14,100. 00

74, 200. 00
24, 200. 00
6, 250. 00
98, 300. 00
14,100. 00

1,170, 960
275, 947
243, 877
712, 005
239, 527

124, 500. 00
73, 500. 00
24,400. 00
48, 600. 00

124, 500. 00
73, 500. 00
24, 400. 00
48, 600. 00

2, 866, 963
591, 816
202, 272
202, 998
23, 019

100, 000. 00
30,000. 00
24, 597. 50
21, 900. 00
49, 300. 00

100,000. 00
30,000. 00
24, 597. 50
21, 900. 00
49, 300. 00

47, 200. 00
25,000. 00

47, 200. 00
25,000. 00

936, 087
206, 864
361, 326
150, 340
316, 452
433, 685
524, 922
98, 667

39, 000. 00
24, 300. 00
24,000. 00
33, 800. 00
49, 300. 00

39, 000. 00
24, 300. 00
24,000. 00
33, 800. 00
49,300. 00

442, 668
164, 286
174, 795
611,146

18,000.00

C
c
c
c
c
A
A
C
c
c
A
A
C
C
A
AC
A
C
c
c
B
c
A
C
c
c
c
A
D
C
C
C
C

18,000.00

421, 059

d

459,897. 50
64,100. 00

459,897. 50
64,100. 00

198, 498
574, 356

g
3

190, 600. 00 I

190, 600. 00

6, 200. 00
97,395. 00
19, 200. 00
50, 000. 00
16, 250. 00
50, 000, 00

6, 200. 00
97,395. 00
19, 200. 00
50, 000. 00
16,250. 00
50, 000. 00

103, 496
197, 525
236, 777
1,099,420

4,498,121
63, 973
228, 891
1, 214, 862
198, 499
215, 772
72, 350
1, 478, 076

1
o
o
F

to
CO

TABLE NO. 41.—National banks in charge of receivers during year ended October 31, 1928, capital at date of organization and at date of failure,
causes of failure, dividends paid while solvent, circulation outstanding at date of failure, lawful money deposited with Treasurer of the
United States to redeem circulation, and total deposits at date of suspension—Continued
Organization
Name and location of bank

841
843
846
847
850
851
852
853
855
856
857
858
859
860
861
862
863
864
866
867
868
869
870
871
872
873
874
875
876
877
878
879

Northwestern National Bank of Livingston,
Mont
First National Bank, Beaver Creek, Minn_.
First National Bank, Ozark, Ala
First National Bank, Ulen, Minn
First National Bank, Alma, Wis
Merchants National Bank, Grinnell, Iowa.._
First National Bank, Morgan, Tex.
First National Bank, Abbeville, Ala
First National Bank, Algona, Iowa
First National Bank, Boise City, Okla
First National Bank, Allendale, S. C
First National Bank, Barnwell, S. C
First National Bank, Center, Tex
Farmers National Bank, Dodge Center,
Minn . ._
First National Bank, Torrington, Wyo.
Parkesburg National Bank, Parkesburg, PaFirst National Bank, Buffalo, Okla
First National Bank, Oldham, S. Dak
First National Bank, Spring Hope, N. C
Stockmans National Bank, Columbus, Mont
First National Bank, Alexandria, Minn
First National Bank, Townsend, Mont
First National Bank, Rigby, Idaho
Peoples National Bank, Hot Springs, S. DakFirst National Bank, Sylvester, Ga___
First National Bank, Salem, S. Dak
Jefferson County National Bank, Rigby,
Idaho
Neoga National Bank, Neoga, 111
First National Bank, Mohall, N. Dak
First National Bank, Excelsior Springs, Mo_
Logan County National Bank, Sterling, Colo.
First National Bank, Buena Vista, Ga




Charter
No.

Date

Capital

Total dividends paid
during existance as a
national
banking
association

to

Failures

Capital

Receiver
appointed

Apparent
cause
of
failure

11000
9321
7629
7081
8338
2953
6247
5987
3197
11084
11111
11287
5971

Mar.
Jan.
Feb.
Dec.
May
Apr.
May
Aug.
May
Aug.
Nov.
Jan.
Sept.

27,1917
4,1909
13,1905
12,1903
16,1906
28,1883
3.1902
17,1901
22,1884
30,1917
30,1917
9,1919
10,1901

$100,000
25,000
25,000
25,000
25,000
50,000
25,000
27, 500
50,000
25,000
50, 000
50,000
30,000

$8,000. 00
36,500.00
85, 737. 22
42, 500. 00
52, 500. 00
422, 500. 00
40, 750. 00
153, 600. 00
142, 750. 00
6. 000. 00
20, 000. 00
7, 000. 00
31,000. 00

$100,000
30,000
35,000
25,000
25,000
100,000
25, 000
100, 000
50, 000
25,000
50, 000
50,000
50,000

Aug. 30,1924
Sept. 20,1924
Oct. 23,1924
Oct. 28,1924
Nov. 7,1924
Nov. 12,1924
Nov. 13,1924
Nov. 14,1924
Nov. 24,1924
Nov. 25,1924
Dec. 3,1924
do.
do.

C
C
A
A
A
C
C
C
A
A
AC
AC
B

6623
9289
2464
8896
10256
11431
11220
2995
9982
11385
9166
6180
5898

Feb.
Oct.
Feb.
Sept.
Aug.
May
July
June
Jan.
June
May
Mar.
July

4,1903
6,1908
27,1880
2,1907
30,1912
6,1919
12,1918
9,1883
31,1911
13,1919
23,1908
11,1902
5,1901

30, 000
25,000
50,000
25,000
25,000
50,000
50,000
60,000
50, 000
30,000
25, 000
25,000
25,000

43, 500. 00
90, 000. 00
171,865. 00
40, 250. 00
31, 750. 00
9, 000. 00
264, 600. 00
26, 000. 00
4,800. 00
27, 916. 00
49,000. 00
114,000. 00

30,000
50,000
50, 000
25,000
25, 000
50,000
50,000
60,000
50,000
80,000
25, 000
50,000
25, 000

Dec. 9,1924
Dec. 16,1924
Dec. 26.1924
Dec. 27,1924
Jan. 3,1925
Jan. 7,1925
do
Jan. 8,1925
do
Jan. 12,1925
Jan. 15,1925
do
Jan. 16,1925

A
C
AB
A
C
A
C
A
C
C

11458
7841
7008
7741
7973
7963

June
July
Sept.
May
Oct.
Oct.

9,1919
11,1905
17,1903
5,1905
11,1905
12,1905

50,000
25,000
25, 000
25,000
50,000
25, 000

12, 500.00
86, 250. 00
17, 000. 00
14.7,000. 00
70,100. 00

50,000
25,000
25, 000
25,000
150,000
r
)0, 000

Jan. 17,1925
Jan. 21,1925
Jan. 22,1925
Jan. 24.1925
Jan. 26,1925
do

Lawful
money
deposited

Circulation
Total
outstanding deposits at
at date of date of suspension
failure

$159,538
114,075
158, 618
197,067
203, 589
998,975
51, 912
145,412
656,090
136, 521
185,016
96,628
245,341

$25,000.00
32, 400. 00
24, 700. 00
24,995. 00
100,000. 00
25, 000. 00
98, 500. 00
49, 600. 00
10,000. 00
9, 600. 00
48, 800. 00
48,900. 00

$25,000.00
32,400. 00
24, 700. 00
24,995.00
100,000. 00
25, 000. 00
98, 500. 00
49, 600. 00
10,000. 00
9,600. 00
48,800.00
48,900.00

29, 500. 00
6,100. 00
42,600.00
9, 700.00
25, 000. 00

29,500.00
6,100. 00
42,600. 00
9,700.00
25,000.00

59,400. 00
12, 500.00

59, 400.00
12, 500. 00

A

5,950. 00
29, 300. 00
24, 500. 00

5,950. 00
29, 300. 00
24, 500.00

611,756
254,693
329,404
144,088
250, 588
264,867
137,464
843,235
80, 721
466, 517
156,143
53, 269
158,184

D
A
C
B
C
C

24, 700.00
24, 700. 00
25, 000. 00
100,000. 00
48, 400. 00

24,700.00
24,700. 00
25, 000. 00
100,000. 00
48, 400. 00

123,243
90,934
212,086
508,452
81, 597

c
c

1
o
o
F

3
o

10089 July 13,1911
First National Bank, Hampton, Ga
10130 Jan. 2,1912
Perry National Bank, Perry, Iowa
Farmers National Bank, Hempstead, Tex__. 4905 Apr. 15,1893
7918 Sept. 12. 1905
First National Bank, Crystal, N . D a k
3421 Oct. 16,1885
National Bank of Abbeville, S. C
Commercial National Bank, Charleston, S. C. 10543 M a y 5.1914
7253 M a y 4,1904
First National Bank, Quincy, Fla
National Bank of Commerce, Pierre, S. Dak. 4279 Feb. 13,1890
Black Hawk National Bank, Waterloo, Iowa. 6854 Apr. 17.1903
8714 Apr. 13.1907
Lebanon National Bank, Lebanon, T e n n
First National Bank, Brinsmade, N . Dak__. 8502 Dec. 11,1906
10570 June 15,1914
First National Bank, Atwater, M i n n
6583 Dec. 19,1902
First National Bank, Renville, M i n n
8486 Dec. 10,1906
First National Bank, Idabel, Okla
5564 Aug. 2.1900
First National Bank, Pleasantville, Iowa
10116 Nov. 24,1911
First National Bank, Cavalier, N . D a k
First National Bank, Stevensville, Mont.__. 10709 Feb. 4.1915
5950 Aug. 8.1901
First National Bank, Wapanucka, Okla
11264 Nov. 7,1918
First National Bank, Matoaka, W. Va
10643 Oct. 8,1914
City National Bank, Clarksville, Tex
7381 Aug. 9,1904
First National Bank, Montpelier, Idaho
11065 Aug. 10,1917
First National B a n k , Buhl, Idaho
9269 Oct. 16.1908
First National Bank, Lemmon, S. D a k
7510 Nov. 24.1904
Commercial National Bank, Greenville, Tex
12060 Nov. 25,1921
Farmers National Bank, Chandler, Okla
11704 Apr. 19,1920
First National B a n k , Bamberg, S. C
9718 Feb. 25,1910
First National B a n k , Bandon, Oreg
6525 Oct. 14,1902
Georgia National B a n k , Athens, Ga
6033 Oct. 8.1901
Osceola National Bank, Osceola, Iowa
6712 Feb. 7,1903
First National B a n k , Wimbledon, N . Dak_.
5540 Aug. 11,1900
First National B a n k , Hedrick, Iowa
6523 Oct. 7.1902
First National Bank, Jasper, M i n n
First National Bank of Las Vegas, East Las
Vegas, N . Mex
2436 Aug. 25,1879
11255 Sept. 3,1918
First National Bank, Conyers, Ga
7747 Apr. 11,1905
Hugo National Bank, Hugo, Okla
4762 M a y 16,1892
First National Bank, Carnegie, P a
Burgettstown National Bank, Burgetts2408 Jan. 25,1879
town, P a
10739 May 7,1915
First National Bank, Selma, N . C
3149 Mar. 29,1884
First National Bank, Madison, S. Dak
Farmers National Bank, Louisburg, N . C__. 10260 Aug. 1,1912
9747 Mar. 23,1910
First National Bank, Florence, S. C
6357 June 28,1902
First National Bank, Clear Lake, S. Dak
9387 Mar. 16,1909
First National B a n k , Crandon, Wis
12136 Feb. 10,1922
City National Bank, Hugo, Okla
11565 Oct. 18,1919
First National Bank, Springer, N . Mex
Merchants National B a n k , Detroit Lakes,
8122 Feb. 9,1906
Minn
2790 Sept. 25,1882
First National Bank, St. Cloud, M i n n
First National B a n k , Simla, Colo
11354 M a y 10,1919
First National Bank, Abercrombie, N . Dak. 8419 Aug. 25,1906
First National Bank, Wausa, N e b r .
9994 M a r . 27,1911




30,000
50,000
50,000
25,000
50,000
200,000
50,000
75,000
100, 000
30,000
25,000
25, 000
25, 000
25,000
25, 000
25, 000
25,000
25,000
25, 000
25,000
25, 000
50,000
25,000
100,000
25, 000
30,000
25, 000
100, 000
25,000
25,000
25, 000
25,000

27, 200. 00
54,250. 00
133, 000.00
36, 300.00
209, 500.00
140,000. 00
127,000.00
139,048.00
145, 600. 00
110,300. 00
38,000.00
31,000. 00
88,000. 00
99,000.00
23, 750. 00
29, 250. 00
10, 750.00
82, 250.00
16, 250. 00
95,000.00
75, 250.00
25, 000. 00
35,750.00
158,000.00

50, 000
75, 000
50, 000
50,000

506, 500.00

7,500.00
12, 750.00
716,000. 00
15, 000. 00
39, 500. 00
51, 750.00
94, 600.00

145,100. 00
466, 750. 00

50, 000
30, 000
50, 000
50,000
100, 000
25, 000
25, 000
100, 000
50,000

444, 500. 00
11,400.00
216, 355. 00
11,000. 00
167, 000. 00
65,000. 00
49,125. 00

50, 000
50,000
25,000
25, 000
50,000

110,500.00
401,000. 00

9, 500.00

11, 750. 00
87, 500.00

50, 000
75, 000
50, 000
25,000
75,000
200, 000
100, 000
100,000
200,000
80,000
25,000
25, 000
25.000
80,000
25, 000
25,000
25,000
25,000
50,000
200,000
50,000
100, 000
50,000
150,000
25,000
45,000
25, 000
400,000
25,000
25, 000
25,000
30,000

Jan. 27,1925
Feb. 5,1925
Feb. 7,1925
do
do
do
Feb. 11,1925
do —
.
Feb. 13,1925
do _
do
Feb. 14,1925
do
Feb. 18,1925
Feb. 21,1925
do
Mar. 2,1925
do
Mar. 3,1925
Mar. 9,1925
Mar. 13,1925
Mar. 26,1925

200,000
75,000
200,000
100,000

May 4,1925
May 12,1925
_ do
do

100, 000
30,000
50,000
25,000
150, 000
25, 000
50,000
100,000
50,000

M a y 14,1925
M a y 16,1925
M a y 21,1925
May 22,1925
do __
M a y 25,1925
M a y 29,1925
June 5,1925
June 15,1925

Apr. 2,1925
Apr. 6,1925
Apr. 10,1925
_
Apr.do13,1925
Apr. 17,1925
Apr. 22,1925
Apr. 23,1925
Apr. 24,1925
May 1,1925

60,000 June
250,000 June
25,000 June
25, 000 June
75, 000 J u l y

22,1925
24,1925
25,1925
30,1925
9.1925

c
A
A
C
C
C
A
A
D
D
C
BC
C
A
A
C

c
c

B
C
O
C
C
C
AC
AC
A
C
A
C
D
C
AC
C
C
A
A
C
AC
A
A
C
A
C
C
C
A
A
C
C

20,000. 00
72,300. 00
49,197. 50
24, 600. 00
16,850. 00

20,000. 00
72, 300. 00
49,197. 50
24, 600. 00
16, 850. 00

55, 000. 00
189,800. 00
78, 600. 00
24, 600. 00
10, 000. 00
24, 600. 00

79, 500.00
189,800. 00
78, 600. 00
24, 600. 00
10, 000. 00
24, 600.00

24, 700. 00
25, 000. 00
10,000. 00
5, 550. 00
50, 000. 00

24, 700. 00
25,000.00
10,000.00
5, 550.00
50, 000.00

11,800. 00
49, 400. 00
25,000.00
149,995. 00

11,800. 00
49,400. 00
25,000.00
149,995. 00

15,000. 00
200, 000. 00
25,000.00
25,000. 00
19, 800. 00
29,500.00

15,000.00
200, 000. 00
25,000. 00
25, 000. 00
19, 800. 00
29, 500.00

118,712
488,436
400, 700
264,653
213,392
368, 224
76, 421
161,142
571,934
108, 596
335,821
237,493
418,423
638,350
319,134
54,107
181, 264
1, 200, 239
129, 258
161, 727
147,483
374,936

200,000. 00
27, 700.00
24, 200. 00
95,000. 00

200,
27,
24,
95,

000. 00
700.00
200. 00
000. 00

828, 256
133,181
968, 533
1,448, 397

98, 400. 00
8,800. 00
30,895. 00
23, 200. 00
124,000. 00
25,000. 00
45, 200. 00

98, 400.00
8, 800. 00
30, 895. 00
23, 200. 00
124, 000. 00
25, 000. 00
45, 200.00

1,698, 546
181, 216
399,861
76, 255
1,137,989
384, 311
350,144
235,854
150,655

56, 700.00

56, 700.00

24,100.00
50, 000.00

24,100.00
50, 000. 00

491,438
1,682, 525
67, 344
224,370
511,612

33,214
645,627
177,720
256,939
413,542
1.003,982
348,671
683,098

8

O

s

d

to

TABLE N O . 41.—National banks in charge of receivers during year ended October 81,1928, capital at date of organization and at date of failure,
causes of failure, dividends paid while solvent, circulation outstanding at date of failure, lawful money deposited with Treasurer of the
United States to redeem circulation, and total deposits at date of suspension—Continued
Organization
Name and location of bank

932
933
934
935
937
939
941
942
943
944
945
946
947
948
950
951
952
954
955
957
958
959
960
961
962
963
964
965
966
967
968
969

First National Bank, Redwood Falls, Minn.
First National Bank, Lumberton, N. C
First National Bank, Walters, Okla
First National Bank, Lake Park, Minn
First National Bank, Devol, Okla...
Globe National Bank, Denver, Colo
._
First National Bank, Warren, Minn
First National Bank, Winifred, Mont
First National Bank, Hallock, Minn
First National Bank, Buffalo, Minn...
_
Manilla National Bank, Manilla, Iowa
Loveland National Bank, Loveland, Colo-__
Winner National Bank, Winner, S. Dak
Muskogee Security National Bank, Muskogee, Okla
Fust National Bank, Forest City, Iowa
Davenport National Bank, Davenport,
Wash
First National Bank, Pasco, Wash
First National Bank, Howard, S. Dak
Gregory National Bank, Gregory, S. Dak...
First National Bank, Sac City, Iowa.
First National Bank, Brooklyn, Iowa
Warren National Bank, Warren, Minn
First National Bank, Covington, Ga
First National Bank, Delano, Minn
First National Bank, Creston, Iowa
Farmers & Merchants National Bank, Cannon Falls, Minn.
Farmers National Bank, Lake Preston,
S. Dak.
First National Bank, Jefferson, Iowa.._
Drovers National Bank, Denver, Colo.
First National Bank, Rifle, Colo__
Home National Bank, Cleburne, Tex
First National Bank, Riverbank, Calif




Charter
No.

Date

Capital

Total dividends paid
during existance as a
national
banking
association

5826
7398
6612
7143
11535
11623
5866
11006
6934
11023
6041
8116
12024

Mar.
July
Jan.
Feb.
Nov.
Feb.
May
May
Aug.
June
Nov.
Feb.
Sept.

11,1901
21,1904
10,1903
10,1904
4,1919
5,1920
18,1901
17,1917
5,1903
7,1917
12,1901
14,1906
20,1921

$25,000
25,000
25,000
25,000
25,000
200,000
25,000
25,000
25,000
25,000
25,000
100,000
60,000

$94, 550.00
72,250.00
62,250.00
33, 500.00

12277
4889

Nov. 8,1922
Feb. 20,1892

100,000
50,000

7527
9265
6585
9377
4450
3284
11286
8945
9903
2586

Dec.
Aug.
Nov.
Mar.
Oct.
Dec.
Dec.
Oct.
Nov.
Oct.

22,1904
22,1908
29,1902
23,1909
6,1890
22,1884
28,1918
28,1907
23,1910
22,1881

6704
10773
8262
11564
6178
10411
10427

Failures

Capital

Receiver
appointed

$70,000
50,000
50,000
25,000
25,000
200,000
50,000
25,000
60,000
50,000
25,000
100,000
60,000

July
Aug.
Aug.
Aug.
Sept.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.

12,000.00
84, 250. 00

200,000
75,000

Nov. 7,1925
Nov. 14,1925

C
A

100,000
25,000
25,000
50,000
50,000
50,000
30,000
40,000
25,000
50,000

175,000.00
60,000. 00
85, 250. 00
77,477. 35
208, 500. 00
211, 750. 00
6,400.00
46,000.00
15, 500. 00
370,000. 00

100,000
50,000
50,000
50,000
50,000
50,000
50,000
50,000
25,000
50,000

Nov. 17,1925
N o v . 21,1925
Nov. 24,1925
N o v . 25,1925
Dec. 2,1925
Dec. 4,1925
Dec. 5,1925
Dec. 8,1925
Dec. 12,1925
do

Feb. 14,1903
July 20,1915

25,000
25,000

25,000. 00
5,250.00

25,000
25,000

Mar. 26,1906
Dec. 18,1919
Dec. 5,1901
June 7,1913
J u n e 26,1913

50,000
200,000
25, 000
150,000
25,000

66,000. 00
16,000. 00
92, 750. 00
54,000. 00
2,000.00

50,000
200,000
50,000
100,000
25,000

66,000. 00
81, 250.00
8,000.00
84,450.00
14,000.00
41,875.00
133,000.00

29,1925
4,1925
6,1925
24,1925
17,1925
1,1925
10,1925
15,1925
16,1925
17,1925
20,1925
22,1925
24,1925

Apparent
cause
of
failure

Lawful
money
deposited

Total
Circulation
outstanding deposits at
at date of date of suspension
failure

$377,128
392,492
159,040
309, 344
29,765
4,020,485
382, 775
62,483
350,056
668, 508
127, 950
490, 791
71,852

$24,400.00
46,600.00

$24,400.00
46,600.00

25,000.00

25,000.00

24,600.00

24,600.00

24,600.00
34,600.00
18,450. 00
100,000. 00

24,600.00
34, 600. 00
18,450. 00
100,000.00

73,997.50

73,997. 50

2,122, 111
507,347

C
C
C
C
C
C
C
C
C
D

23,100.00
42,800. 00
12, 500. 00
48, 500. 00
47,700. 00
14,700. 00
25,000. 00
40,000. 00
6,250.00

23,100.00
42,800. 00
12, 500. 00
48, 500. 00
47,700. 00
14,700. 00
25,000. 00
40,000. 00
6, 250.00

451, 757
375, 645
360, 599
290, 520
520, 572
633,005
341, 515
168, 630
262,155

Dec. 17,1925
do

A
C

9,600.00

9,600.00

333,877
134,245

Dec. 23,1925
Dec. 24,1925
do
Dec. 28,1925
do

A
A
C
A
B

12,100.00
24,500. 00

12,100.00
200,000.00
24, 500. 00

12,100. 00

12,166. 00

306,880
1, 208,552
318,602
115, 739
80,908

A
A
C
A
C
AB
C
C
C
A
AB
C
C

to

Security National Bank, Mason City, Iowa..,
Glasgow National Bank, Glasgow, Mont
National Bank of Luverne, Minn
First National Bank, Greensboro, Ga
Broadway National Bank, Denver, Colo
First National Bank, Tama, Iowa
First National Bank, Waukon, Iowa
First National Bank of Gilmore, Gilmore
City, Iowa.
First National Bank, Pocahontas, Iowa
Cando National Bank, Cando, N. Dak
First National Bank, Oroville, Wash
First National Bank, Ada, Minn
National Bank of Wessington Springs, S.
Dak.
Farmers National Bank, La Moure, N. Dak_
First National Bank, Estherville, Iowa
Stockmans National Bank, Brush, Colo
Liberty National Bank of South Carolina at
Columbia, S. C.
First National Bank, Pagosa Springs, Colo._
First National Bank, Kiefer, Okla._.
First National Bank, Marion, N. Dak_
Spirit Lake National Bank, Spirit Lake, Iowa_
First National Bank, Deep River, Iowa
First National Bank, Blue Mound, 111
First National Bank, Intake, Mont
First National Bank, Frankfort, S. Dak
Moline National Bank, Moline, Kans
First National Bank, Fulton, Mo
First National Bank, Shenandoah, Iowa
First National Bank, Cambridge, Iowa
First National Bank, Oktaha, Okla__
First National Bank, Granada, Minn
Citizens National Bank, Wayne, Nebr
First National Bank, Noblesville, Ind____
First National Bank, Jonesboro, Ark
First National Bank, Saco, Mont
First National Bank, Hayden, Colo
First National Bank, Barnsdall, Okla
Palm Beach National Bank, Palm Beach, Fla_
First National Bank, Benson, Minn
De Smet National Bank, De Smet, S. Dak._
First National Bank, Milford, Iowa
First National Bank, Dinuba, Calif
___
First National Bank, Glenwood, Minn
Whitbeck National Bank, Chamberlain, S.
Dak.
First National Bank, Cumberland, Iowa
Guthrie County National Bank, Panora,
Iowa.
First National Bank, Royalton, Minn
First National Bank, Pepin, Wis




Dec. 29,1925
do
Dec. 31,1925
Jan. 9,1926
Jan. 16,1926
Jan. 18,1926
do
do

C

10428
8655
8977
6967
12250
1880
4921
6611

July
Feb.
Dec.
Aug.
Aug.
Aug.
Apr.
Dec.

16,1913
19,1907
4,1907
1,1903
10,1922
5,1871
22,1893
2,1902

100,000
25, 000
25,000
25,000
200, 000
50,000
50,000
25,000

614, 500.00
104, 250.00
15,000. 00
49,000.00
28,000. 00
213,450. 00
226,500. 00
27, 500.00

100,000
75,000
25,000
50, 000
200,000
75,000
100,000
25,000

12544
7377
8279
5453
12620

May
July
June
Apr.
Nov.

12,1924
16,1904
2,1906
13,1900
17,1924

75,000
25,000
50,000
25,000
25,000

74,000. 00
42, 500. 00
93,750. 00

75,000
25,000
50, 000
50,000
25,000

Jan.
Feb.
Feb.
Feb.
Feb.

30,1926
6,1926
8,1926
10,1926
23,1926

9714
4700
8520
9687

Mar. 1,1910
Jan. 23,1892
Dec. 22,1906
Feb. 10,1910

50,000
50,000
35,000
100,000

51,000. 00
291,750.00
66, 500. 00
166, 312. 50

50,000
100,000
35,000
500,000

Feb.
Feb.
Mar.
Mar.

25,1926
27,1926
1,1926
4,1926

9789
10730
11460
12600
6154
5355
5539
9158
7742
9301

Oct. 4,1920
July 15,1922
Apr. 30.1908
Dec. 12.1905
Mar. 14,1903
Aug. 19.1909
Nov. 29,1916
Dec. 26,1914
Aug. 31.1906
Aug. 7,1906
May 5,1877
Oct. 25.1907
May 13,1911
Feb. 5,1920
Aug. 28.1908
Mar. 1,1893
Dec. 20,1905
May 26.1910
Apr. 16,1913
Sept. 17,1919
Nov. 6,1924
Feb. 24,1902
May 1,1900
Aug. 3,1900
May 12,1908
Apr. 11,1905
Nov. 14,1908

25,000
25,000
25, 000
50,000
25,000
25,000
25,000
25,000
50,000
50,000
50,000
25,000
25,000
25,000
60,000
50,000
100,000
30,000
25,000
25,000
50,000
25,000
25,000
35,000
25,000
50,000
50,000

25,000
25,000
25,000
50,000
25,000
25,000
25,000
25,000
50,000
100,000
50,000
80,000
25,000
25,000
60,000
62,500
100,000
30,000
25,000
25,000
50,000
25,000
50, 000
35,000
200, 000
35,000
50,000

M a r . 6,1926
M a r . 13,1926
M a r . 19,1926
M a r . 23,1926
M a r . 25,1926
M a r . 27,1926
Apr. 7,1926
Apr. 12,1926
do
Apr. 24,1926
M a y 13,1926
May 22,1926
May 26,1926
May 27,1926
June 2,1926
June 3,1926
June 4,1926
do
June 16,1926
June 22,1926
July 2,1926
July 6,1926
do
July 8,1926
July 9,1926
July 14,1926
do
_.

A
A
A
A
A
B
C
C
C
C
C
A
C
A
C
A
C
A
A
A
C
A
C
D
C
A
A

7326
3226

June 17,1904
July 9,1884

25,000
50,000

66, 750. 00
273,900.00

25,000 July 22,1926
do
50,000

C
C

9,1903
7,1915

25,000
25,000

37,500. 00
15,500.00

25,000
do.
25,000 July 23,1926

C
A

97,900. 00
50,000. 00
6, 050. 00

97,900. 00
50,000.00
6,050.00

49, 297. 50
6, 200.00

49,297. 50
93, 200. 00
6, 200.00

24, 300. 00
6, 500. 00
24,400. 00
24, 500. 00

24,300.00
6, 500. 00
24,400.00
24, 500. 00

377,430
301,119
80,756
452,241
79,917

48, 700.00

48,700.00
97, 000. 00
9, 800. 00

192,334
382, 589
261,882
453,008

D

11871
12239
9161
8032
6705
9530
10928
10683
8369
8358
2363
9014
10015
11606
9244

6731
10725

Apr.
Apr.

62,000. 00
101,000. 00
28,750. 00
21, 750. 00
2,000.00
16, 250. 00
80,000. 00
116,000.00
417,000. 00
61,800. 00
23,000. 00
91,860. 00
132,687. 50
206,000. 00
18,300. 00
15,000. 00
2,000.00
1,000. 00
48, 250.00
154,875. 00
120,400.00
52,000. 00
28,350.00
111, 500. 00

c
c
c
c
c
c
c
c
c
c
c
A

c
c
c

9,800.00

12, 000. 00
45,200. 00
24, 600. 00
24, 200. 00

6, 250. 00

50, 000. 00
97, 700.00
20. 000. 00
78, 700.00
6, 250. 00

60, 000. 00
49,000.00
15, 000. 00
8,000.00

60,000. 00
49,000. 00
40,000. 00
8,000.00

9,800. 00

23, 800. 66
24,000. 00
9, 800.00
10,000.00

97,700.00

5, 950. 00

944, 632
187,074
523,153
171,465
2,318, 247
894,382
739, 072
201,056

57, 208
167, 604
110, 573
570,110
84, 039
89,022
15, 381
235, 288
258,931
277,896
690,033
391,138
25,182
67,530
502, 030
272,920
419, 317
75,935
126, 025
294,947
433, 771
292,337
351,858
411,089

o
o
K
o
F

3

230, 596
162, 551

5,950.00
49,100. 00

149,410
387, 988

11,600.00

334,020
251, 640

bo

TABLE N O . 41.—National banks in charge of receivers during year ended October 31,1928, capital at date of organization and at date of failure,
causes of failure, dividends paid while solvent, circulation outstanding at date of failure, lawful money deposited with Treasurer of the
United States to redeem circulation, and total deposits at date of suspension—Continued
Organization
frame and location of bank

1019
1020
1021
1022
1023
1024
1025
1026
1027
1028
1029
1030
1031
1032
1033
1034
1035
1036
1037
1038
1039
1040
1041
1042
1043
1044
1045
1046
1047
1048
1049
1050

First National Bank, Woonsocket, S. Dak...
Peoples National Bank, Bennettsville, S. C..
First National Bank, Eldarodo, 111
First National Bank, Adrian, Minn __
_
First National Bank, Colman, S. Dak
First National Bank, Waubay, S. Dak
First National Bank, Akron, Colo _
Oakes National Bank, Oakes, N. Dak
National Farmers Bank, Owatonna, Minn
Anamoose National Bank, Anamoose, N.
Dak.
First National Bank, Veblen, S. Dak
Farmers National Bank in Lidgerwood, N.
Dak
Farmers & Merchants National Bank, Merced, Calif
National Security Bank, Fairfax, S. C
First National Bank, Lake Norden, S. Dak.
First National Bank, Fulda, Minn
First National Bank, Boswell, Okla_. ...
National Bank of Franklin, Franklin, Tenn
Farmers & Merchants National Bank, Lake
City, S. C
.
City National Bank, Bismarck, N. Dak
American National Bank, Atoka, Okla
England National Bank, Little Rock, Ark...
First National Bank, Broken Bow, Okla.
First National Bank, Haworth, Okla
First National Bank, Clearbrook, Minn
First National Bank, Toledo, Iowa
First National Bank, Gonvick, Minn
First National Bank, Kingsburg, Calif
First National Bank,iBrandon, Minn
First National Bank, Ackerman, Miss
..
First National Bank, Milbank, S. Dak
First National Bank, Armstrong, Iowa




Charter
No.

5946
10743
7539
7960
6688
6124
8548
6988
4928
9390

Date

Aug.
May
Dec.
Oct.
Feb.
Jan.
Feb.
Mar.
May
Mar.

Failures

Total dividends paid

Capital

during existance as a
national
banking
association

Capital

6,1901
21,1915
17,1904
7,1905
20,1903
31,1902
4,1907
21,1903
29,1893
24,1909

$25,000
50,000
25,000
35,000
25,000
25,000
25,000
25,000
80,000
25,000

$98,050.00
27, 400. 00
75, 250. 00
49,000. 00
62,400. 00
42, 500. 00
129, 250. 00
26,000. 00
199, 200. 00
41, 750. 00

$50,000
50,000
50,000
35,000
25,000
25,000
40,000
25,000
75,000
25,000

46,975.00

40,000

9858

Aug. 16,1910

25,000

12743

M a y 11,1925

25,000

10352
12668
10714
6054
7651
1834

Jan.
Mar.
Mar.
Dec.
Feb.
May

4,1913
23,1925
3,1915
14,1901
16,1905
25,1871

100,000
25,000
25,000
25,000
35,000
60,000

10681
9622
8994
9037
10424
10500
11392
6432
10830
8409
10862
9251
6473
5442

Dec.
Nov.
Dec.
Feb.
July
Mar.
June
Aug.
Feb.
Sept.
May
Aug.
Oct.
May

26,1914
12,1909
26,1907
6,1908
3,1913
13,1914
30,1919
19,1902
23,1916
14,1906
31,1916
17,1908
16,1902
1,1900

100,000
50,000
25,000
100,000
25,000
25, 000
25,000
50, 000
25,000
25,000
25, 000
25,000
25,000
50,000

Receiver
appointed

July
July
Aug.
Aug.
Aug.
Aug.
Aug.
Sept.
Sept.
Sept.

23,1926
27,1926
6,1926
16,1926
19,1926
20,1926
26,1926
4,1926
10,1926
18,1926

do

Apparent
cause
of
failure
C
C
B
C
C
C
C
C
AC
AC

Lawful
money
deposited

$15,000.00

$6, 250. 00

Sept. 21,1926

A

18, 250.00
84, 562. 50
75,447.00
592,150. 00

100,000
25,000
35,000
25,000
50,000
100,000

Sept. 23,1926
Oct. 1,1926
Oct. 5,1926
Oct. 7,1926
Oct. 8,1926
Oct. 18,1926

B
C
A
C
C
B

82,000.00
23, 500. 00
27,125.00
283,000. 00
42, 000. 00
11, 250. 00
5, 250. 00
225,375. 00
20,850. 00
68,500.X)0
21, 500. 00
15,750.00
118, 797. 39
89, 500. 00

100,000
50,000
25,000
300,000
25, 000
25,000
25,000
85, 000
25,000
50,000
25, 000
25,000
50,000
50,000

do.
do
N o v . 1,1926
do
N o v . 2,1926
do
do
N o v . 3,1926
N o v . 5,1926
N o v . 9,1926
N o v . 11,1926
N o v . 12,1926
N o v . 15,1926
N o v . 17,1926

C
A
C
D
A
C

49,100. 00
34,997. 50
24,500.00
6, 250. 00
19,800. 00
24,500. 00
74, 550. 00
24, 400.00
9,700.00

C

25,000

Circulation
Total
outstanding deposits at
at date of date of susfailure
pension

26,000.00

c

C
C
A
AC
C
AC
C

$195,852
209,970
285, 868
256,949
262,019
171, 508
282,358
216,250
1,446,671
84,022
141,176
280,454

96, 600.00
49,400.00

83, 800. 00
25,000. 00
33, 500. 00

'97,600.00
49,400.00
23,600.00

719,644
849,178
88,780

5,950.00

18, 500.00

1,128,135
30, 680
236, 796
325,328
264,025
468,950

97, 796
88,516
110,669
419,005
165,807
440,180
135, 748
50,502
332,973
267,387

35,000.00
24,500.00

24, 300.00
83,800. 00
24, 400. 00
24,750. 00
25,000.00
38, 500. 00
49, 500. 00

to
oo

Citizens National Bank, Spencer, Iowa
State National Bank, Austin, Tex
First National Bank, Wilder, Idaho
First National Bank, Detroit Lakes, Minn__
First N ational Bank, Terril, Iowa
Citizens National Bank, Petty, Tex
Farmers National Bank, Manor, Tex
Clarinda National Bank, Clarinda, Iowa
First National Bank, Marked Tree, Ark
First National Bank, St. James, Minn
First National Bank, Leeds, N. Dak
Farmers National Bank, Brookings, S. DakFirst National Bank, Alta, Iowa
First National Bank, Elkton, S. Dak
Planters National Bank, Honey Grove, Tex.
First National Bank, New Hampton, IowaFirst National Bank, Hannaford, N. Dak___
First National Bank, Malvern, Iowa
First National Bank, Stanley, N. Dak__
First National Bank, Haleyville, Ala
National Bank of Oakesdale, Oakesdale,
Wash
Farmers National Bank, Newport, Ark
_
First National Bank, Plattsmouth, Nebr
First National Bank, Adair, Iowa
First National Bank, University Place, Nebr_
Story City National Bank, Story City, IowaCitizens National Bank, Ortonville, Minn...
First National Bank, Collinsville, Okla
Citizens National Bank, Koyal, Iowa
First National Bank, Carlyle, Mont
Monticello National Bank, Monticello, Ind_.
First National Bank, Cardwell, Mo
First National Bank, Nevada, Iowa
First National Bank, Kenwick, Iowa
First National Bank, Moulton, Iowa
First National Bank, Delano, Calif
National Bank of Jersey ville, Jersey ville, HI.
First National Bank, Argyle, Minn
First National Bank, Boyceville, Wis
Citizens National Bank, Commerce, Tex
Citizens National Bank, Lone Oak, Tex
First National Bank, Beardsley, Minn
Farmers National Bank, Bed Lake Falls,
Minn
First National Bank, Biggsville, 111
First National Bank, Edgeley, N. Dak
Farmers National Bank of Lidgerwood,
N. Dak
j
First National Bank, Britt, Iowa_.
Marion County National Bank, Knoxville,
Iowa...




_
_

6941
2617
10909
3426
10238
10647
7146
3112
11122
4859
6312
6462
7126
6368
4112
2588
7727
2247
9472
11613

Aug.
Jan.
Sept.
Dec.
July
Oct.
Feb.
Dec.
Dec.
Jan.
June
Aug.
Jan.
July
Aug.
May
Apr.
Feb.
June
Feb.

11.1903
3,1882
23.1916
21,1885
17,1912
15,1914
6,1904
26,1883
17.1917
30.1893
9,1902
29,1902
21.1904
19.1902
14,1889
3.1880
21.1905
9,1875
15,1909
9,1920

50,000
100, 000
25,000
50,000
25,000
50,000
25,000
50,000
25,000
50,000
25,000
50,000
50,000
25,000
75,000
50,000
25,000
50,000
25, 000
25,000

175, 750. 00
610, 000. 00
1, 250. 00
218,000. 00
29, 250.00
33,100. 00
87, 000. 00
206, 817. 64
14, 600. 35
162,000.00
35, 000. 00
83,050.00
111, 500. 00
47, 250.00
272, 250. 00
167, 250. 00
64,000.00
272, 000. 00
27, 000. 00
6,000. 00

100, 000
100, 000
25, 000
50, 000
25,000
37, 000
40, 000
50,000
50, 000
50, 000
25, 000
50,000
50,000
25, 000
100, 000
50, 000
25,000
50, 000
25,000
25,000

N o v . 19,1926
N o v . 20,1926
N o v . 22,1926
N o v . 23,1926
do
N o v . 24,1926
N o v . 26,1926
N o v . 29,1926
N o v . 30,1926
do
Dec. 1,1926
Dec. 3,1926
do
do
Dec. 6,1926
Dec. 9,1926
Dec. 10,1926
do
Dec. 15,1926
Dec. 17,1926

9150
10867
1914
8699
7737
10222
6747
9965
10395
10934
6172
11919
2555
7988
5319
9195
4952
5907
11128
12778
12760
7438

Apr.
June
Dec.
Apr.
Apr.
June
Apr.
Mar.
Apr.
Nov.
Mar.
Jan.
Aug.
Nov.
Apr.
July
Mar.
June
Dec.
June
May
July

25,1908
6.1916
12,1871
29,1907
17,1905
24.1912
18.1903
20,1911
10.1913
23,1916
10,1902
15,1921
3.1881
24,1905
5,1900
1,1908
31.1894
18,1901
8.1917
10,1925
18,1925
7,1904

25,000
50,000
50,000
25,000
25,000
40,000
25,000
25,000
25,000
25,000
25,000
50,000
50,000
25,000
25,000
25, 000
50,000
25,000
25,000
50,000
25,000
25,000

33, 250. 00
21, 000. 00
276,000.00
51,427. 38
56, 600. 00
22, 000. 00
54, 500. 00
25, 500.00
19, 750. 00

25, 000
50,000
50,000
35,000
40,000
40,000
25,000
25,000
35,000
25, 000
50, 000
50,000
75,000
25,000
35, 000
100,000
50,000
50, 000
25,000
50,000
25,000
25,000

Dec. 21,1926
do
do
Dec. 27,1926
Dec. 29,1926
Jan. 3,1927
Jan. 4,1927
Jan. 5,1927
do
Jan. 7,1927
do
Jan. 8,1927
Jan. 10,1927
Jan. 13,1927
Jan. 14,1927
do
Jan. 15,1927
Jan. 18,1927
do
Jan. 20,1927
do
Jan. 21,1927

9837 July 19,1910
3003 Apr. 10,1883
7914 Aug. 29,1905

25,000
50,000
25,000

16, 500. 00
230,000.00
170,050.00

25,000 Jan. 24,1927
50,000 Jan. 31,1927
85,000
do

8230 Apr. 30,1906
5020 Aug. 13,1895

35,000
50, 000

67, 250. 00
172, 250. 00

50,000
50,000

Apr. 12,1872

50,000

399,100. 00

60, 000

88,000. 00
4,000.00
287, 250.00
15, 250. 00
111, 100. 00
69, 500. 00
97, 500. 00
112, 500. 00
4,750.00
37, 000. 00

Feb. 1,1927

. do
_
do

AC
C
C
A
C
C
C
A
C
C
A
C

c
c
c
D
C
A
C
A
A
C
AB
AC
A
C
AB
C
C
C
D
C
C
C
C
AC
B
C
AB
AC
C
C
A
D
AC
D
C
C

98, 600. 00

49, 295. 00
98, 600. 00
24, 600. 00

15,000.00

43, 200. 00

24, 750.00
49, 500.00
48, 300.00
50,000.00
24, 700. 00
49, 200.00
48, 695.00
25 000 00
18, 400. 00
43, 200. 00
24,600.00
12, 500. 00
6, 250.00
25,000.00
48, 600.00
8, 750. 00
29, 600.00
15,400. 00
6, 500. 00
23, 700.00

48, 600.00

466, 656
952, 660
114,062
708, 512
279, 722
60,141
91,871
599,132
107, 658
469, 278
128, 672
986, 711
453,681
244, 641
213, 872
143,183
231, 793
196, 761
135, 382
92, 829
265, 200
287, 703
198, 284
151, 441
216, 383
265, 030
302, 024
177, 897
24,886

48, 600.00

24,997. 50

37, 397
273, 261
86, 793
162, 500
554, 394
373,698
131,176
172, 278
79,333
79, 914
252,056

24, 700. 00
15,300. 00
48, 600. 00

123, 428
50,835
273,196

73, 300. 00
6, 250. 00
33,800.00
96, 400. 00
24,400. 00
24, 700. 00

5,000. 00
15,300. 00

44,300. 00
57, 095. 00

708, 295

57, 095. 00

523,373

TABLE N O . 41.—National banks in charge of receivers during year ended October 31, 1928, capital at date of organization and at date of failure,
causes of failure, dividends paid while solvent, circulation outstanding at date of failure, lawful money deposited with Treasurer of the
United States to redeem circulation, and total deposits at date of suspension—Continued
Organization
Name and location of bank

1102
1103
1104
1105
1106
1107
1108
1109
1110
1111
1112
1113
1114
1115
1116
1118
1119
1120
1121
1122
1123
1124
1125
1126
1127
1128
1129
1130
1131
1132
1133
1134

First National Bank, Montevideo, Minn
Peoples First National Bank, Olivia, Minn..
First National Bank, Lincoln, Ark
First National Bank, Clinton, Minn
Citizens National Bank, Albert Lea, Minn..
First National Bank, Marengo, Iowa
First National Bank, Allegan, Mich
First National Bank, Rolette, N. Dak
Farmers & Merchants National Bank,
Mount Morris, Pa
First National Bank, Rush City, Minn . . .
Central National Bank, Marietta, Ohio . . .
American National Bank, Stigler, Okla
First National Bank, Belle Plaine, Iowa
First National Bank, Dunbar, Pa
Exchange National Bank, Leon, Iowa.
_
First National Bank, Warsaw, N. C
First National Bank, Hartley, Iowa
First National Bank, Norway, Iowa
United States National Bank, Dinuba, CalifFirst National Bank, Lepanto, Ark
Provident National Bank, Waco, Tex_.
First National Bank of Benson, Hollsopple,
Pa
First National Bank, Sheldon, Iowa
_
American National Bank, Green City, Mo._
Geneva National Bank, Geneva, N. Y.
First National Bank, Columbia City, Ind _
First National Bank, Fairfax, S. C.
First National Bank, Lake Worth, Fla
First National Bank, Lake Mills, Iowa
First National Bank, Lineville, Iowa
First National Bank, Bend, Oreg
New First National Bank in Lamberton,
Minn
_
_




Charter
No.

Date

Failures

Total dividends paid

Capital

during existance as a
national
banking
association

Capital

Receiver
appointed

Apparent
cause
of
failure

6860
9063
11825
7161
6128
2484
1829
7866

May
Feb.
July
Feb.
Jan.
May
May
July

25,1903
25,1908
27,1920
13,1904
22,1902
25,1880
11,1871
24,1905

$30,000
25,000
25,000
25,000
50,000
50,000
50,000
25,000

$77,000. 00
40,000. 00
8,500. 00
70, 250. 00
110,000. 00
277, 500. 00
272,050. 00
18,000. 00

$50,000
25,000
25,000
25,000
50,000
65,000
50,000
25,000

Feb. 5,1927
do
Feb. 9,1927
Feb. 10,1927
Feb. 18,1927
do
do
Feb. 19,1927

Sept.
Aug.
May
Sept.
May
Jan.
June
June
Feb.
May
May
Mar.
Mar.

22,1903
1,1903
29,1899
14,1904
31,1872
20,1905
20,1900
21,1920
22,1893
23,1904
2,1908
19,1919
31,1890

25,000
25,000
100,000
25,000
50,000
50,000
35,000
50,000
50,000
25,000
25,000
35,000
300,000

29,000.00
64,500. 00
245,000.00
12,500. 00
369,800. 00
61,000. 00
16, 500. 00
198,450. 00
26, 500. 00
52,000. 00
3, 500. 00
1,320,000. 00

25,000
50,000
300,000
25,000
60,000
50,000
35,000
50,000
75,000
25,000
50, 000
35,000
300,000

Feb. 21,1927
do
Feb. 24,1927
Mar. 1,1927
Mar. 3,1927
Mar. 7,1927
Mar. 9,1927
Mar. 17,1927
Mar. 22,1927
Mar. 23,1927
Mar. 25,1927
do
Mar. 26,1927

A
AC
C
C
AC
A
C
C
AC
C
AC
C
D

7935
3848
8570
949
7132
10979
11716
5123
7261
9363

June
Feb.
Feb.
Feb.
Feb.
Apr.
Apr.
Feb.
Apr.
Jan.

23,1905
8,1888
13,1907
27,1865
2,1904
3,1917
19,1920
21,1898
23,1904
23,1909

25,000
50,000
25,000
200,000
50,000
25,000
30,000
50,000
25,000
25,000

20, 625. 00
293, 500. 00
60, 834.41
980, 625. 00
171,000. 00
8, 500. 00
36, 500. 00
33,000. 00
42, 250. 00
75, 260. 00

75,000
150,000
45,000
300,000
100,000
50,000
100,000
50,000
25,000
100,000

Mar. 28,1927
Mar. 29,1927
Mar. 31,1927
do
do
Apr. 1,1927
Apr. 2,1927
Apr. 8,1927
Apr. 9,1927
Apr. 29,1927

A
C
C
D
AC
D
C
AC
C
AC

12844

Oct. 13,1925

25, 000

25,000

Apr. 30,1927

C

Circulation
outstanding
at date of
failure

Total
deposits at
date of suspension

$29, 495.00
6, 250. 00
11, 600. 00
20, 000. 00
49, 397. 50
49, 600. 00
46, 900. 00
12, 500. 00

AC
AC
A
C
AC
C
BA
C

6983
6954
5212
7432
2012
7576
5489
11767
4881
7287
9156
11322
4309

Lawful
money
deposited

$296, 700. 00
10,000. 00

50,000. 00

$626,407
296,939
76, 455
162,825
887, 404
755,896
581,948
153,926

24, 500. 00
48, 400. 00
296, 700. 00
24,500. 00
59,100. 00
48,100. 00
34, 500. 00
45, 800. 00
49, 600. 00
25,000. 00
24, 500. 00

310,148
359,940
1, 957,190
276, 557
805,991
366, 597
327, 595
187, 738
275,645
170, 735
443, 221
108, 211

50, 000. 00
24, 400. 00
99, 000. 00
43, 597. 50

196, 240
777, 551
239,124

94, 200. 00

1,010,867

32, 300. 00
49,497. 50
24, 300. 00
12, 500. 00

1, 358,878
358, 762
205, 239
1, 264, 073
203, 614

oo
o

First National Bank, Dubois, Idaho
First National Bank, Biwabik, Minn
Farmers & Merchants National Bank, Cleburne, Tex
City National Bank in Kearney, Nebr
Laurel National Bank, Laurel, Nebr
Farmers & Merchants National Bank,
Alcester, S. Dak
First National Bank, Grafton, N. Dak
First National Bank, Mansfield, Tex
First National Bank, Chowchilla, Calif
Merchants National Bank, Greene, Iowa
First National Bank, Kennebec, S. Dak
First National Bank, Medaryville, Ind
First National Bank, Spencer, Iowa
First National Bank, Farmersville, 111
First National Bank, Lamberton, Minn
Peoples National Bank, Waukon, Iowa
First National Bank, East Grand Forks,
Minn
Fayette City National Bank, Fayette City,
Pa
First National Bank, Webster, Pa
National Bank of Fayetteville, Fayetteville,
N. C
First National Bank, Bishop, Calif
Citizens National Bank, Waynesburg, Pa__
First National Bank, Corydon, Iowa.
First National Bank, Sheridan, Ind
First National Bank, Spirit Lake, Iowa
First National Bank, Inwood, Iowa
First National Bank, Tabor, Iowa
Farmers National Bank, Odell, 111
Central National Bank, Kearney, Nebr
City National Bank of Kearney, Kearney,
Nebr
„
First National Bank, Mallard, Iowa
First National Bank, Bancroft, Iowa
First National Bank in Sallisaw, Okla
First National Bank, Muldrow, Okla
National Bank of La Grange, La Grange, Ind
First National Bank, Swea City, Iowa
First National Bank, Milburn, Okla
First National Bank, Havelock Iowa
National State Bank, Stockton, Kans
National Bank of West Palm Beach, West
Palm Beach, Fla
First National Bank, New Cumberland,
W. Va
First National Bank, Roff, Okla
First National Bank, Checotah, Okla
First National Bank, Hope, N. Dak




25, 000. 00
24, 700. 00

121, 571
317,100

98, 250. 00

98, 250. 00
90,800. 00
40,000.00

491, 081
1,868,475
524, 225

49, 600. 00
12, 200. 00

49, 600. 00
12, 200. 00

Oct. 27,1919
Apr. 2,1907

25,000
25,000

1, 250. 00
33, 097. 87

25,000 May 5,1927
25,000 May 10,1927

C
AB

May 26,1890
3,1926
Dec.
Mar. 21,1911

100, 000
150, 000
40,000

346, 000. 00

100,000 May 11,1927
150, 000 May 14,1927
65,000
do

C
A
C

20,1911
23,1907
M a y 26,1888
Feb. 4,1911
Apr. 2,1904
M a y 1,1912

25, 000
50, 000
25,000
25, 000
50, 000
25, 000
25,000
60,000
25,000
25,000
50,000

43, 750. 00
296, 500. 00
55, 625. 00
2, 750. 00
82, 000. 00
27, 000. 00
27, 000. 00
295, 700. 00
11,875. 00
96, 250.00

50,000
50, 000
25, 000
25,000
50, 000
50, 000
25,000
150,000
25,000
50,000
125,000

May 17,1927
May 25,1927
do
May 28,1927
June 4,1927
June 20,1927
June 24,1927
June 25,1927
June 29,1927
July 6,1927
July 19,1927

C
AB
B
AC
A
C
A
AC
C
D
E

Sept. 7,1891

50,000

138, 000.00

50,000

July 28,1927

A

37,497. 50

481,789

6800 M a y 16,1903
6937 June 20,1903

75,000
25,000

161, 250.00
43,125.00

75, 000
do
25,000 Aug. 8,1927
100, 000 Aug. 12,1927
50,000 Aug. 15,1927
500,000 Aug. 17,1927
75,000 Aug. 18,1927
do.
75, 000
50,000 Aug. 25,1927
50,000 Sept. 6,1927
25,000 Sept. 14,1927
25,000 Sept. 21,1927
50,000 Sept. 30,1927

AB
A

69, 400.00
24,100.00

1,781,014
283,727

A
C
A
D
D
D
AC
D
D
D

49,000.00
275,000.00
72,900.00
22,400. 00
40, 000.00
25,000.00

1, 909, 559
763,199
4, 080,072

.....do
Oct. 3,1927
Oct. 20,1927
Oct. 24,1927
do
do
29,1927
31,1927
5,1927
14,1927

D
C
A
AC
A
C
C
AC
A
AC

100,000 Nov. 18,1927

A'C

11508

13013
9979
10818
2840
7201
10978
6880
10098
8537
3898
10057
7221
10207
4638

5677

Dec.
Nov.
Mar.
Mar.
June
Sept.
Jan.

Dec.
Nov.
Jan.
Feb.
Apr.
June

4267
10146
5296
4758
7304 M a y
4609 July
9624 Nov.
6600 Jan.

30,1915
14,1882
8,1904
29,1917

23,1903

12,1900
21,1916
15,1890
16,1912
2,1900
7,1892
23,1904
1,1891
29,1909
26,1903

Dec. 26,1888

29, 200. 00

50,000
175, 500. 00
25, 000
126,000. 00
50,000 1, 565,000.00
75,000
117, 750. 00
45,000
190,171. 50
50,000
185, 333. 44
25,000
121, 000. 00
50, 000
94, 750. 00
25,000
19,250.00
50, 000
117, 500.00

M a y 19,1914
10,1900
3,1905
25,1911
12,1894
24,1900
3,1911
30,1904
M a y 22,1906

100,000
25,000
50,000
50,000
25,000
50,000
25,000
25,000
25,000
50,000

12930 Apr. 27,1926

100,000

3958
10562
5643
7571
9975
4972
5637
9920
7294
8274

6582
5417
5128

Nov.
Jan.
Mar.
July
Oct.
Jan.
Apr.

Dec.

9,1902
M a y 28,1900
M a y 23,1898
June 17,1901

40, 000
25, 000
50, 000
25,000

20, 500.00
95,000.00
95,000.00
56,250. 00
201,750.00
51, 750.00
43,750. 00
47,250. 00
102, 750.00

73, 350. 00
100, 050.00
234, 600.00
171, 269. 84

100,000
25,000
50, 000
50,000
25,000
100,000
25,000
25, 000
25, 000
50,000

Oct.
Oct.
Nov.
Nov.

50,000 Nov. 21,1927
30,000
do
50,000 Dec. 1,1927
50,000 Dec. 12,1927

B
AC
A
C

24, 700. 00
6,100.00
24, 300.00
24,990.00
123,200.00

72,900. 00
22,400.00
40, 000.00

396,354
866, 808
70, 761
215,524
232,155
76,692
63,445
855,375
94,295
1,781,000
529,744

182,242
220,000

50,000.00
48,800.00
24,400.00
49,300.00
24,600.00
16,250.00
25,000.00
48,900.00

180,561
180,859
394,568
161,965
530,086
364,021
71,645
71,865
260,504

H
_
2
3
2
g
H
%
O

324,846
50,000.00
30,000.00
49,300.00
50,000.00

550,834
103,478
233,446
256,286

fcO
00

TABLE N O . 41.—National banks in charge of receivers during year ended October SI, 1928, capital at date of organization and at date of failure,
causes of failure, dividends paid while solvent, circulation outstanding at date of failure, lawful money deposited with Treasurer of the
United States to redeem circulation, and total deposits at date of suspension—Continued
Organization
Name and location of bank

1181
1182
1183
1184
1185
1186
1187
1188
1189
1190
1191
1192
1193
1194
1195
1196
1197
1198
1199
1200
1201
1202
1203
1204
1205
1206
1207
1208
1209
1210
1211
1212
1213

Charter
No.

First National Bank, Manning, S. C
11155
National Bank of Bowman, Bowman, S. C_. 11562
First National Bank, Abingdon, 111
3377
First National Bank, Wynot, Nebr__
8335
American National Bank, Sallisaw, Okla
12555
New Georgia National Bank, Albany, Ga._. 12863
First National Bank, Minnewaukan, N. Dak_ 5500
First National Bank, Greenville, Tex _.
2998
First National Bank, Mullens, W. Va
12270
First National Bank, Hanna, Okla
11551
First National Bank, Lisbon, N. Dak
3669
First National Bank, Delta, Utah
11529
First National Bank, Lorena, Tex
8621
First National Bank, Plainville, Kans
7313
First National Bank, Laurel, Nebr
9793
Chase County National Bank, Cottonwood
Falls, Kans
2764
First National Bank, Derby, Iowa
10848
10652
Laurens National Bank, Laurens, S. C
First National Bank, La Porte City, Iowa- 4114
7396
Citizens National Bank, Shelbyville, 111
•Astoria National Bank, Astoria, Oreg
._ 4403
6840
First National Bank, Balaton, Minn
Farmers National Bank, Phillipsburg, Kans. 10776
10501
First National Bank, Galva, Iowa
10269
First National Bank, Ashton, Idaho
New First National Bank in Springfield, Mo. 12770
First National Bank, Greenfield, Iowa... _ 5334
>
First National Bank, Carrington, N. Dak.__ 5551
3319
First National Bank, Osborne, Kans
6381
First National Bank, Toronto, S. Dak
12233
First National Bank, St. George, S. C
4954
First National Bank, Rolfe, Iowa
Commercial National Bank, Statesville,N. C 9335




Date

Capital

Total dividends paid
during existance as a
national
banking
association

Failures

Capital

Receiver
appointed

Apparent
cause
of
failure

40, 500.00
117,250.00
41,200.00

$50,000 Dec. 14,1927
25,000 Dec. 16,1927
75,000 Dec. 17,1927
25,000 Dec. 27,1927
30,000 Dec. 30,1927
200,000 Jan. 4,1928
25,000 Jan. 6,1928
150,000 Jan. 11,1928
25,000 Jan. 16,1928
25,000
do
50,000 Jan. 21,1928
30,000 Jan. 23,1928
30,000
do
50,000
do
40,000 Feb. 2,1928

C
C
D
AC
C
AC
C
D
A
C
C
D
C
C
AC

307, 250. 00
890. 53
48,000.00
183, 250. 00
13, 250. 00
297, 354.16
36, 750. 00
32, 725. 00
32, 250. 00
24, 900. 00
3, 750. 00
129, 250. 00
128,861.40
367, 500. 00
71, 290. 00
16, 000.00
120, 000. 00
145, 500. 00

100,000
50,000
50,000
75,000
50,000
200,000
25,000
50,000
50,000
50,000
125,000
50,000
50,000
50,000
25,000
50,000
50,000
100,000

A
C
A
AC
C
AC
D
BC
D
C
AB
C
C
A
C
AC
C
B

Feb.
Dec.
Aug.
May
June
Dec.
July
June
Nov.
Dec.
Mar.
Nov.
Mar.
June
May

23,1918
3,1919
5,1885
11,1906
12,1924
22,1925
9,1900
30,1883
3,1922
8,1919
30,1887
17,1919
15,1907
17,1904
19,1910

$25,000
25,000
50,000
25,000
30,000
300,000
25,000
50,000
25,000
25,000
50,000
30,000
30,000
50,000
40,000

$20, 500.00
8,000.00
382,613. 66
24,000.00

June
Mar.
Oct.
Aug.
Aug.
Aug.
Apr.
Aug.
Mar.
Sept.
June
Apr.
July
Jan.
July
June
Apr.
Dec.

21,1882
23,1916
22,1914
12,1889
1,1904
9,1890
30,1903
18,1915
23,1914
3,1912
6,1925
23,1900
6,1900
28,1885
8,1902
5,1922
24,1894
26,1908

50,000
25,000
50,000
50,000
50,000
50,000
25,000
25,000
25,000
35,000
125,000
25,000
25,000
50,000
25,000
50,000
50,000
100,000

90,000.00
84,250.00
512,750.00
3,250.00
188,500.00

Feb. 6,1928
Feb. 10,1928
Feb. 15,1928
do
Feb. 21,1928
Feb. 24,1928
Feb. 29,1928
Mar. 2,1928
Mar. 6,1928
Mar. 10,1928
Mar. 17,1928
Mar. 21,1928
Mar. 26,1928
Mar. 30,1928
Apr. 3,1928
do._
do
Apr. 19,1928

Lawful
money
deposited

Total
Circulation
outstanding deposits at
at date of date of susfailure
pension

$25,000.00
$8,200.00

138,545.00

8,200.00
10,000.00
197,997. 50
24,745.00
138,545.00
49, 500.00

7,500.00

7, 500.00
25,000.00

19, 750. 66
75,000. 00
50,000. 00

25,000.00

41, 050.00
28,950. 00
24, 995. 00
24, 700.00
49, 450. 00
24,300.00
12,150. 00
98,200.00

$190,793
36,915
90,077
355, 504
721,845
172,443
185,768
30,241
453,777
18,886
61,947
110,055
6,101
224, 990
193,892
158, 755
166,044
54, 934
2, 242,061
25,015
156, 494
120, 732
494, 778
317,471
325,911
284, 378
205, 349
271,852
165,909
"910,884

to
00

to

First National Bank, Bristow, Okla.
,
First National Bank, Stewardson, 111
First National Bank, Avoca, Minn
First National Bank, Rice, Minn
American National Bank, Sarasota, Fla
First Citizens National Bank, Mount Sterling, Ohio
First National Bank, Moweaqua, 111
First National Bank, Marshalltown, Iowa._.
First National Bank, Arcadia, Ind
Peoples National Bank, Independence, Iowa
First National Bank, Independence, Iowa__.
First National Bank, Calexico, Calif
First National Bank, Denton, Tex
_.
First National Bank, Plainview, Nebr
Lake County National Bank, Madison,
S. Dak
Security National Bank, Fargo, N. Dak
Citizens National Bank, Woonsocket, R. I_.
First National Bank, Dublin, Ga
First National Bank, Aledo, 111
First National Bank, Fort Branch, Ind
First National Bank, Wesley, Iowa

1220
1221
1222
1223
1224
1225
1226
1227
1228
1229
1230
1231
1232
1233
1234

6260
9438
11224
11709
12751

29,1902
14,1909
31,1918
1,1920
7,1925

25,000
25,000
25,000
25,000
100,000

202, 500. 00
43, 750. 00
15,250.00

50, 000
25,000
25, 000
25, 000
100,000

Apr. 25,1928

May 16,1900
Apr. 8,1905
Apr. 25,1864
July 8,1909
July 30,1874

210,185. 00
79, 500. 00
839, 000. 00
15,000.00
356, 000. 00
607,000. 00
112, 250. 00
259, 056. 00
50, 000. 00

85, 000
75, 000
200,000
25,000
75, 000
100,000
300, 000
50, 000
40,000

M a y 19,1928
M a y 23,1928

June 11,1928
July 3,1928
July 5,1928
_ do
July 24,1928
Aug. 15,1928
Aug. 22,1928

114, 000. 00
380, 500.
461,000.
76, 300.
16, 275.
37, 250.

00
00
00
00
00

75,000
100, 000
100, 000
200, 000
50, 000
25,000
25, 000

Aug.
Aug.
Sept.
Sept.
Sept.
Oct.
Oct.

24, 302, 500 56, 574, 667. 20

1214
1215
1216
1217
1218
1219

Apr.
May
July
Apr.
Apr.

34,959, 500

5382
7739
411
9488
2187
3263
9686
2812
9504

Oct.
Jan.
Oct.
July

27,1884
27,1910
30,1882
27,1909

50,000
25,000
50,000
25, 000
50, 000
100,000
25, 000
50,000
40,000

10636
11555
970
6374
7145
9073
5457

Oct.
Nov.
Jan.
May
Jan.
Jan.
June

2,1914
25,1919
19,1865
3,1902
24,1904
29,1908
26,1900

75,000
100, 000
100, 000
50, 000
25, 000
25,000
25,000

May

1,1928

M a y 5,1928
M a y 12,1928
M a y 15,1928

29,1928
30,1928
18,1928
24,1928
27,1928
5,1928
12,1928

25,000. 00
25, 000. 00
6,500.00

C
AB
C
C
C

95,850. 00

AC
C
AC
A

D
D
C
B
C

C
C
AB
AC
A
E
F

548,130
396, 622
209,916
177, 691

65, 050. 00

68,847.50
49,050. 00
49, 750. 00
25,000. 00
65, 050. 00
37, 500. 00
39, 700.00
65, 000. 00
100, 000. 00
100, 000. 00
100,000. 00
40,000. 00
25, 000. 00
24, 600. 00

11,699, 237. 00 18,127, 582.00

735, 997
341,086
1, 619, 990
173,740
76,545
102,059
1, 237, 226
280,677
267,232

1, 077,615

205,669,809

A—Incompetent management.
B—Dishonesty.
C—Local financial depression from unforeseen agricultural or industrial disaster.
D—Receiver appointed to levy and collect stock assessment covering deficiency in value of assets sold.
E—Temporary suspension to adjust settlement on adverse judgment.
F—Information not available.




d

oo

284

REPORT OF THE COMPTROLLER OF THE CURRENCY

TABLE N O . 42.—National

banks in charge of receivers, dates of

organization,

assets, amounts collected from all sources, loans paid and other disbursements,
remaining assets returned to shareholders to October 31, 1928

Title and location of banks

Farmers & Drovers National Bank, Waynesburg, Pa._
First National Bank, Billings, Mont
First National Bank, Sutton, W. Va
First National Bank, Uniontown, Pa
First National Bank* Eureka, S. Dak
First National Bank, Hearne, Tex
First National Bank, Gridley, Calif
First National Bank, Cut Bank, Mont
Picher National Bank, Picher, Okla
First National Bank, Ranger, Tex
First National Bank, Beaver, Pa
Corn Belt National Bank, Scotland, S. Dak
First National Bank, Ambia, Ind
First National Bank, Desdemona, Tex
First National Bank, Sipe Springs, Tex
First National Bank, Marcus, Iowa
First National Bank, Bridgeport, Nebr
Bannock National Bank, Pocatello, Idaho
_
_
Havre National Bank, Havre, Mont
National Bank of Cleburne, Cleburne, Tex
,_
First National Bank, Vale, Oreg
Stockmans National Bank, Poplar, Mont
Stillwater Valley National Bank, Absarokee, Mont...
National City Bank, Salt Lake City, Utah
First National Bank, Myton, Utah
State National Bank, Ardmore, Okla
Corydon National Bank, Corydon, Ind
First National Bank, Oak Grove, La
First National Bank, Spencer, Nebr
First National Bank, Ingomar, Mont
American National Bank, Billings, Mont
Merchants National Bank, Wimbledon, N. Dak
First National Bank, Mountainair, N. Mex
Commercial National Bank, Great Falls, Mont
Sterling National Bank, Sterling, Colo
Payette National Bank, Payette, Idaho
First National Bank, Highwood, Mont
Citizens National Bank, Laurel, Mont
First National Bank, Broadview, Mont
Commercial National Bank, Wilmington, N. C
First National Bank, Winner, S. Dak
First National Bank, Wessington Springs, S. Dak
First National Bank, Warren, Mass
First National Bank, Harlowton, Mont
First National Bank of Roundup, Mont
First National Bank, Gregory, S. Dak
First National Bank, Bottineau, N. Dak._
Llano National Bank, Llano, Tex..
Farmers & Merchants National Bank, Jefferson, IowaCity National Bank, Jerome, Idaho
First National Bank of Rock River, Wyo
First National Bank, Highland, Wis
First National Bank, Joseph, Oreg..
691 Peoples National Bank, Salisbury, N. C
696 First National Bank, Sapulpa, Okla
697 First National Bank, Chester, Mont
699 First National Bank, Carroll, Nebr
701 First National Bank, Shelby, Mont
702 Fairfield National Bank, Fairfield, Iowa
703 Howard National Bank, Howard, S. Dak
704 Roundup National Bank, Roundup, Mont
706 First National Bank, Oswego, Mont
708 First National Bank, Wells, Minn
709 First National Bank, Mitchell, S. Dak
710 Cavalier County National Bank, Langdon, N. Dak...
711 American National Bank, Three Forks, Mont.__
_
713 Lehigh National Bank, Lehigh, Okla.
714 City National Bank, Coalgate, Okla
_
715 First National Bank, Grey Eagle, Minn
_-.
716 First National Bank, Fairview, Mont..-.


513
549
554
593
598
600
601
605
606
610
611
612
613
615
616
619
620
625
628
633
642
643
645
648
649
650
652
654
655
656
658
660
663
664
665
666
667
669
670
671
672
674
675
679
680
681
683
684
685
687

Date of
organization

Capital
stock at
suspension

Jan. 30,1865
Dec. 3,1883
Apr. 7,1902
Jan. 2,1864
Nov. 18.1919
July 5,1894
Mar. 14.1918
Oct. 5,1900
Feb. 3,1920
Jan. 26.1906
Feb. 10,1888
May 28,1917
July 30.1909
Sept. 2,1919
Nov. 6.1919
June 22.1910
Feb. 23,1910
July 15,1902
May 18.1910
May 6,1889
Jan. 14.1907
Feb. 17,1917
Aug. 11,1917
Nov. 19,1912
Apr. 10.1920
May 6,1913
May 23,1905
Mar. 2.1920
Jan. 18.1904
Aug. 16.1919
Apr. 5.1920
Sept. 17.1907
Apr. 3,1919
Apr. 20.1914
May 2.1921
Jan. 9.1906
Dec. 29,1917
May 3.1907
Nov. 26.1915
Apr. 17,1922
Dec. 15,1917
Sept. 25,1902
Nov. 14,1919
Oct. 27.1908
May 22,1908
Feb. 22.1907
Dec. 17,1901
Jan. 5,1901
Dec. 28.1911
Dec. 22,1919
Apr. 24.1919
June 14.1916
Dec. 11.1905
Mar. 10.1908
Aug. 19,1901
Nov. 15.1917
Aug. 21,1901
Dec. 14.1916
Dec. 24.1907
Aug. 13,1915
Oct. 26,1914
Jan. 8,1918
Dec. 12,1891
Feb. 8,1882
Jan. 28.1908
Apr. 30.1917
Feb. 14,1901
Mar. 10.1920
May 28,1907
Aug. 26.1921

$200,000
150,000
50,000
100,000
50,000
50,000
40,000
50, 000
100,000
200,000
50,000
25,000
25,000
25,000
25, 000
50, 000
25, 000
100, 000
50, 000
150, 000
50, 000
25, 000
25,000
250, 000
25,000
200, 000
125, 000
50, 000
100, 000
25, 000
150, 000
25, 000
30, 000
200, 000
150, 000
75, 000
25, 000
35, 000
25,000
200, 000
30, 000
50,000
50, 000
50,000
50, 000
50,000
50, 000
50,000
40, 000
30, 000
50, 000
25,000
25, GOO
100, 000
100, 000
25, 000
50, 000
25, 000
60, 000
25, 000
25,000
25, 000
100, 000
100,000
25, 000
25, 000
35,000
50, 000
25, 000
40,000

Receiver
appointed

Dec. 12,1906
July 2,1910
Aug. 29,1914
Jan. 19,1915
Aug. 20,1920
Jan. 21,1921
Jan. 29,1921
do

Feb. 21,1921
Mar. 2,1921
Mar. 26,1921
Mar. 28,1921
Apr. 5,1921
Apr. 7,1921
Apr. 18,1921
May 18,1921
May 28,1921
June 11,1921
Sept. 16,1921
Oct. 27,1921
Nov. 15,1921
Jan. 28,1922
Jan. 30,1922
Feb. 3,1922
Feb. 24,1922
Mar. 4,1922
Mar. 8,1922
May 13,1922
July 14,1922
Aug. 14,1922
Sept. 23,1922
Oct. 27,1922
Nov. 2,1922
Dec. 9,1922
Dec. 11,1922
Dec. 13,1922
Dec. 29,1922
Jan. 4,1923
Jan. 30,1923
Jan. 31,1923
do
Feb. 5,1923
Feb. 23,1923
Mar. 7,1923
Apr. 5,1923
Apr. 12,1923
do

Apr. 18,1923
Apr. 27,1923
May 24,1923
June 14,1923
do
do
July 3,1923
July 30,1923
do
Aug. 13,1923
Aug. 27,1923
Aug. 30,1923
Sept. 1,1923
Sept. 6,1923
Oct. 5,1923
Oct. 22,1923
Oct. 23,1923
Oct. 29,1923
do
.
Nov. 8,1923
do
do
do

285

REPORT OF THE COMPTROLLER OF THE CURRENCY

appointment of receiver, and dosing, with amounts of nominal and additional
losses on assets, expenses of receiverships, claims proved, dividends paid, and

Book value of assets at date of
suspension

Estimated
good

Estimated
doubtful

Estimated
worthless

$814, 783
1,087,304
310, 050
1,080, 785
750, 777
84,309
133, 615
91, 852
177,077
741, 218
426,383
217, 255
91,391
49, 505
33,994
147, 933
91, 326
678,103
298,018
1,337,969
29,968
15, 898
101, 355
2,146, 734
40, 431
640, 092
930, 940
39, 333
559, 918
48, 652
165, 067
57,132
308, 039
447, 804
241,183
63, 743
27, 638
63, 740
40, 657
926, 972
141, 052
106, 852
129, 794
81, 571
213, 681
45, 299
182, 688
112,936
63, 691
58,182
94, 366
88, 029
108, 961
478, 878
219, 280
35, 274
153, 317
79,131
13, 338
75, 257
56,176
58, 678
166, 679
458, 659
404, 632
38, 395
79, 658
107, 244
13,849
47,361

$2,013,406
505, 016
80, 899
2,388, 710
192,169
273, 349
27, 037
280, 553
133, 918
1,864, 464
220, 623
198, 069
38, 298
55,484
99, 097
139, 231
72, 899
735, 340
238, 211
483, 862
286, 691
102, 418
139, 877
1, 367, 227
36,120
913, 996
394, 591
75,957
413, 718
137, 880
270, 200
118, 292
22, 802
1,189, 442
463, 971
123, 049
187, 644
102, 694
74, 842
1, 226, 912
149, 236
223, 691
17, 771
90,142
112, 832
257 777
230, 932
172, 844
117, 029
37, 312
122, 998
17, 833
114, 303
255, 458
566, 071
105, 392
257, 311
218, 301
48, 353
150, 855
31,316
48, 843
652, 820
846, 395
171, 990
50,025
149, 623
103, 050
57, 799
74, 354

$130,499
552, 201
27, 210
47, 999
32, 303
144,913
372, 056
59, 651
67, 741
264, 810
75,048
50, 999
18,935
56, 700
30, 441
227, 297
34, 264
307, 421
189, 443
764, 506
76, 745
41,613
14, 313
80,930
19, 985
26, 058
351, 628
19, 564
247, 210
119, 042
309, 219
21, 981
802
424, 765
270, 603
168,413
37,428
205, 526
39, 793
548, 872
53, 935
382,175
2,118
405, 582
451, 201
63, 798
36, 049
141,127
33, 066
42, 676
66, 034
28, 640
138, 678
575, 563
235, 987
115, 343
194,165
57, 715
231, 384
65, 710
318, 478
15, 588
297, 201
57, 902
54, 696
33, 574
86, 078
76,102
60, 287
171, 967




Additional
assets
received
since
date of

Total
assessment of
sharen f\\ / ^

suspension

$2,067,011
661, 550
36, 206
1,030, 675
179, 726
98, 254
80, 270
44, 237
26,123
86,118
114,655
74, 622
68, 372
11,965
9,727
122,429
70, 407
273, 093
58, 877
140, 304
63,181
9,999
25, 532
910,112
18, 977
110, 229
142, 365
26, 602
58, 578
14, 773
93, 614
31, 608
17, 820
236, 544
59, 465
47, 861
26, 659
20, 333
10, 635
196, 839
38, 717
66, 372
53, 243
64, 625
175, 817
14, 295
33, 626
154, 688
55, 479
12,640
57, 894
31,198
41, 457
63, 898
141, 934
29, 662
21, 593
21, 947
60, 090
21,485
17, 572
23, 690
103, 062
64,668
66, 625
40,112
6,661
83, 717
4,545
21, 536

Afo

IlO.lu.t3rb

$200, 000
150, 000
50,000
50, 000
50,000
40, 000
50,000
100, 000
200, 000
50,000
25,000
25,000
25, 000
25, 000
50,000
25,000
100,000
50,000
150, 000
50, 000
25,000
25, 000
250, 000
25, 000
200, 000
125, 000
50, 000
100, 000
25,000
150, 000
25,000
30,000
200, 000
150,000
75, 000
25,000
35, 000
25, 000
200,000
30, 000
50, 000
50, 000
50,000
50, 000
50, 000
50,000
50,000
40,000
30,000
50,000
25,000
25,000
100, 000
100,000
25, 000
50,000
25,000
60,000
25,000
25, 000
25,000
100,000
100,000
25, 000
25,000
35, 000
50, 000
25, 000
40,000

Total
assets
and
stock
assessment

$5, 225, 699
2,956,071
504, 365
4, 548,169
1, 204, 975
650, 825
652, 978
526, 293
504, 859
3,156, 610
886, 709
565, 945
241,996
198, 654
198, 259
686, 890
293,896
2,093, 957
834, 549
2, 876, 641
506, 585
194,928
306, 077
4, 755, 003
140, 513
1, 890,375
1,944, 524
211, 456
1, 379, 424
345, 347
988,100
254, 013
379, 463
2, 498, 555
1,185, 222
478, 066
304, 369
427, 293
190, 927
3, 099, 595
412, 940
829, 090
252, 926
691, 920
1,003, 531
431,169
533, 295
631, 595
309, 265
180, 810
391, 292
190,700
428, 399
1, 473, 797
1, 263, 272
'310, 671
676, 386
402, 094
413,165
338,307
448, 542
171, 799
1, 319, 762
1, 527, 624
722, 943
187,106
357, 020
420,113
161, 480
355, 218

Progress of liquidation
to date of this report

Cash
collected
from
assets

$1,602, 845
1,911,057
395, 560
3, 512, 776
832, 271
369,123
284, 958
176, 938
158, 643
1, 537, 981
504, 918
285,912
111, 443
45, 377
56, 285
381,918
117,680
1,040,177
377, 610
1, 266,152
203, 274
87, 896
168, 275
3,175, 834
35, 710
868, 816
1, 296, 601
54, 061
444, 472
118, 781
233,876
101, 082
137, 701
972, 458
454, 278
178,194
126, 743
139, 906
57, 737
580, 730
196,654
345, 354
177, 718
167, 915
311, 603
117,158
209, 070
132,126
109, 484
93, 285
119, 650
92, 331
215, 650
680, 049
353, 387
88,105
230, 728
212, 617
96,919
140, 536
131, 445
95, 781
523,820
764, 951
290, 889
56,142
135, 283
121, 296
42, 337
109,453

Cash
collected
from
stock
assessment .
$149, 271
7,500
25,180
28, 750
36, 046
19, 998
8,522
28, 399
17,835
46, 613
15, 794
19, 266
3,796
13, 768
20, 274
3,000
40, 510
13, 789
46, 795
16, 714
814
3,625
191,109
12, 684
77,967
36,945
13, 595
7,648
4,909
51, 275
12, 215
10, 762
179, 355
74, 902
41, 898
6,731
3,900
12, 500
103, 783
14, 000
4, 667
41, 205
31, 969
18, 505
5,327
11, 514
21, 709
6,196
20, 599
8,679
11,192
68, 322
42, 548
2,000
4,006
3,351
58,475
13, 796
8,821
10, 386
28,960
37, 350
5,508
9,024
5,625
5,735
7,800
23,900

469
513
549
554
593
598
600
601
605
606
610
611
612
613
615
616
619
620
625
628
633
642
643
645
648
649
650
652
654
655
656
658
660
663
664
665
666
667
669
670
671
672
674
675
679
680
681
683
684
685
687
688
689
691
696
697
699
701
702
703
704
706
708
709
710
711
713
814
715
716

286

REPORT OF THE COMPTROLLER OF THE CURRENCY

TABLE N O . 42.—National banks in charge of receivers, dates of organization,
assets, amounts collected from all sources, loans paid and other disbursements,
remaining assets returned to shareholders to October 81, 1928—Continued
Progress of liquidation to date of this report

Offsets
allowed
and
settled

469
513
£40
654
600
601
605
606
610
611
612
613
615
616
619
620
625
628
633
642
643
645
648
649
650
652
654
655
656
658
660
663
664
665
666
667
669
670
671
672
674
675
679
680
681
683
684
685
687
691

701
702
703
704
706
708
709
710
711
713
714
715
716

$546,326
221,864
12,883
330, 370
96, 311
20,192
31, 856
41, 257
11, 372
277, 235
74, 379
54, 217
38,132
5,191
11,121
10, 633
12, 812
94, 441
30, 801
371, 280
16, 654
768
7,809
150, 906
7,077
117, 925
81, 094
37, 995
77, 062
12, 860
13, 493
14,180
18, 923
206, 284
61, 825
26, 247
8,044
10, 594
9,078
775, 202
22, 552
11, 380
12, 733
25,042
50, 274
20, 221
32, 078
159,195
7,904
15,042
57, 925
12, 722
5,318
111, 213
238,671
263
29, 793
28, 540
5,005
24, 812
9,243
64, 039
52, 590
6,194
10, 960
1,818
14, 348
1,778
9,453

Total
collected
from all
sources,
including
offsets

Loss on
Remaining Assets
assets com'
Remaining uncollect- returned
pounded
uncollected
ed stock to shareor sold
assessassets
holders'
under
ment
order of
agents
court

$2, 298, 442 $2, 756,181
131, 667
2,140, 421
16,668
433, 623
199,167
3, 843,146
182, 446
957, 332
190,497
425, 361
139, 242
336,812
258,098
226, 717
234,844
198,414
452,136
1, 833, 051
625, 910
257.412
355,923
82, 741
168,841
67, 421
54, 364
123,086
81,174
105, 853
412, 825
244, 339
133, 492
34, 425
1,175,128
661, 606
422, 200
376,138
1, 684, 227 1,089, 209
236, 642
229, 439
81, 264
89, 478
179, 709
20, 974
3, 517, 849
212, 204
55, 471
72, 726
1, 064, 708
694, 549
1, 414, 640
434,029
105, 651
32,351
529,182
757,890
136, 550
121, 538
298, 644
20
127,477
95, 736
167, 386
86,137
1, 358,097
331,820
591, 065
363,876
246, 339
87, 397
141, 518
144, 582
154, 400
7,316
79, 315
31, 020
1,459, 715
383,453
233, 206
27,447
361,401
76, 722
231, 656
12, 475
224, 926
252,448
380, 382
199, 864
137, 379
10,025
246, 475
242,147
302, 835
151, 765
139,097
151, 877
114, 523
42,483
198,174
137,814
113, 732
60, 647
232,160
86, 337
859, 584
497,138
634, 606
560, 601
90, 368
197, 303
264, 527
365,865
244, 508
135,937
155, 394
256, 246
159, 337
116,538
165,078
267, 285
115,410
41, 775
616, 819
142, 506
854, 891
214.413
302, 591
88, 727
95,004
76,126
142, 726
77, 774
141,379
71, 800
51, 915
92, 365
142, 806
196, 312




$120,347
541,483
29,254
505,856
43, 947
21,013
156, 922
689, 258

103,979
197, 733
7,218
"84," 019'
9,085
7,800
37, 049
67,168
590, 711
18,015
106, 702
787,993
155, 243
111, 228
234, 477
68, 092
1,160,210
136, 287
345, 634
196, 515
391, 790
233, 765
138, 509
25,903
96, 094
85, 397
10, 613

51, 228
489, 397
395, 670
312,133
107,145
162, 669

$50, 729
142, 500
24,820
21, 250
13,954
20,002
41,478
71, 601
182,165
3,387
9,206
5,734
21, 204
11, 232
29, 726
22,000
59, 490
36, 211
103, 205
33, 286
24,186
21, 375
58,891
12, 316
122,033
88, 055
36, 405
92,352
20,091
98, 725
12, 785
19, 238
20, 645
75, 038
33,102
18, 269
31,100
12, 500
96, 217
16, 000
45, 333
8,795
18,031
31, 495
50,000
44,673
38, 486
18, 291
23, 804
29,401
16, 321
13,808
31, 678
57, 452
23,000
45, 994
21, 649
1,525
11,204
16,179
14,614
71, 040
62, 650
19, 492
15, 976
29, 375
44, 265
17,200
16,100

Disposition of proceeds
of liquidation

Dividends
paid

Secured
and preferred
liabilities,
including
offsets
paid

$754,094
258, 322
315, 273
34, 203
, 665, 621 1,030, 259
249, 535
463,157
310, 592
63, 643
240, 221
46,454
165,090
21,963
65, 322
225, 746 1,457, 090
461,082
129, 280
54,034
173, 303
47, 400
88,643
14, 467
25, 491
20, 945
37, 390
60,883
304,889
33, 695
65,114
164,881
917, 594
82, 342
287, 831
160,183 1, 461, 260
15, 320
182, 726
2,072
82,030
142, 727
. 045, 802 2,295, 535
,
8,735
30,305
357, 682
552 575
666,932
591, 338
8,452
74,149
62, 442
414, 446
120, 372
58,096
108, 689
107, 800
25, 305
93,173
365, 380
871, 805
89,969
416, 742
74, 635
97,564
25,449
106, 983
119, 539
53, 723
255, 709
913, 994
33, 525
146, 686
271, 264
187,120
14, 343
30, 537
131, 370
82,087
260, 719
109, 430
125, 537
90,863
40, 578
213,471
53, 334
73,409
31,916
60, 631
30,405
127, 397
59, 826
33,195
29,874
180, 680
410, 510
334, 240
117,144
408, 472
3,208
78,190
38, 086
191, 492
107,109
87, 239
55, 078
88, 642
116, 828
18, 271
124, 072
45,604
56, 779
168, 749
326, 239
82,903
519,071
218,435
7,354
53, 703
119,858
8,726
110, 871
9,964
18, 726
23, 653
98, 792

$1, 286, 325

287

REPORT OF THE COMPTROLLER OF THE CURRENCY

appointment of receiver, and closing, with amounts of nominal and additional
losses on assets, expenses of receiverships, claims proved, dividends paid, and

Disposition of proct eds of liquidation

Cash
advanced
in protection
of assets

$80,582
248,191
2,812
434, 962
127,948
14, 381
563
5,563
9,206
1,596
3,548
40, 399
966
1,257
99
4,480
1,130
1,331
3,459
10, 527
700
150
1,287
8,239
94
16, 519
61, 402
653
1, 866
55
16,123
1,481
7 320
29, 778
6,516
8,405
1
4,682
1,777
1,706
21,196
7,759
1,854
3,362
5, 272
7,993
19
130
2,984
1,161
241
1,005
3,229
137
3,228
14, 203
2,020
61
176
23,939
124,474
6,723
1,720
735
934
24

Receiver's
salary,
legal, and
other
expenses

$128,901
201, 624
72, 381
208, 689
112,910
33, 328
34, 676
34,101
35,005
98, 245
32,000
66,984
27, 782
13,149
22, 740
42, 573
21,401
78, 757
48, 568
52, 257
27, 634
5,226
24,026
109, 052
16,337
101, 805
51,890
15, 273
50, 428
14,181
65, 771
11, 730
30, 001
60,147
38, 688
41, 339
9,085
20,514
14, 751
111, 098
26,082
42, 980
30,193
27,439
27,186
17,225
22,082
19,499
12, 224
18,992
25,377
20, 711
20, 625
48,575
67,031
8,833
31, 721
35,957
9,654
21, 557
22, 735
12,851
47,969
82,914
42, 753
12,074
16,409
15, 664
14, 874
15, 874

Cash in
hands of
comptroller
and
receiver




$48, 540
33,496
8,954
153, 615
3,782
3, 417
14, 898
50, 374
21, 203
4,050

12,152
12, 565
10, 262
11, 669
59, 221
36,127
43, 078
7,124
1,942
49,965
6,466
11, 587
30,987
39,150
24, 396
9,665
9,064
177, 208
5,717
39, 398
33, 726
7,028
5,452
29, 268
13, 834
740
65,254
38, 730

20,891
49,923
45, 529
34, 680
2,995
4,739
5, 383
7,417
4,463

Amount
returned
to shareholders
in cash

$350,000

Amount
of claims
proved

$1,570,643
' 1,850,300
350,303
1,395, 758
801,165
115, 777
436, 733
320, 621
209,012
1, 230, 346
635,100
347,840
94,800
123,129
115, 719
146,167
112, 323
1,002,909
374,925
2,420, 615
306, 584
42,844
119, 393
1, 583, 220
66, 293
793,436
952, 760
41, 687
843, 891
165,089
507, 795
170, 564
253,050
1, 463, 091
449,779
189,610
200, 715
274, 383
111, 002
1, 645, 987
186,259
635,623
279, 290
414,938
460,130
247, 943
380,419
162,364
92, 712
58,029
169,314
90, 651
141,048
774, 767
548, 831
237,601
375,227
207,978
104,474
260,180
304,509
46, 344
730, 950
726,377
505,080
73,662
250,452
174, 557
99, 646
187, 325

Dividends
(per
cent)

75
75
90
100
55
42
10
6.85
38.5
17
72.6
15
50
11.75
18.1
41. 655
30
12.5
18.35
5.15
5
2.6
67
13
45
70
20
7.4

Interest
dividends
(per
cent)

Finally
closed

16.12

Sept. 30,1928
Mar. 19,1928
Sept. 30,1928
Dec. f 5,1927
Oct. 3,1928
Dec. 15,1927
Oct. 20,1928
Oct. 25,1928
Sept. 24,1928
Oct. 25,1928

Sept. 30,1928

10
10
25
20
35
11. 625

Apr. 26,1928

15
18
67
6.5
15
33
25
52
55
15
66
10
50
20
1.35
10.15
51.5
52. 315
6
88
20
10
10
5
10
12.1

June 30,1928

Feb.

4,1928

Feb. 25,1928
Mar. 31,1928
Aug. 15,1928

Mar.
Oct.
Aug.
June

31,1928
15,1928
21,1928
30,1928

Oct. 25,1928
Apr. 28,1928

•469
513
549
554
593
598
600
601
605
606
610
611
612
613
615
616
619
620
625
628
633
642
643
645
. 648
649
650
652
654
655
656
658
660
663
664
665
666
667
669
670
671
672
674
675
679
680
681
683
684
685
687
688
689
691
696
697
699
701
702
703
704
706
708
709
710
711
713
714
715
716

288

REPORT OF THE COMPTROLLER OF THE CURRENCY

TABLE NO. 42.—National banks in charge of receivers, dates of organization,
assets, amounts collected from all sources, loans paid and other disbursements,
remaining assets returned to shareholders to October 31, 1928—Continued

Title and location of banks

Date of
organization

Capital
stock at
suspension

Receiver
appointed

Mar. 24,1903
$50, 000 Nov. 13,1923
Union National Bank, Beloit, K a n s . . .
Mar. 21,1922
25,000
Texas County National Bank, Guymon, Okla
do
Feb. 21,1918
Tucson National Bank, Tucson, Ariz
-*
100,000 Nov. 14,1923
Jan. 29,1903
100,000
National Bank of Barnesville, Barnesville, Ohio
do
Apr. 20,1903
Citizens National Bank, Roswell, N. Mex__.
200,000 Nov. 16,1923
May 14,1919
First National Bank, Lancaster, Minn
25,000 Nov. 19,1923
June 8,1907
25,000 Nov. 21,1923
First National Bank, Turtle Lake, N. Dak
Oct. 2,1907
25,000 Nov. 28,1923
First National Bank, Springfield, S. Dak
July 23,1913
25,000 Dec. 6,1923
Farmers National Bank, Tishomingo, Okla
Apr. 26,1919
25,000 Dec. 11,1923
First National Bank, Woodworth, N. Dak
July 28,1916
25,000 Dec. 17,1923
First National Bank, Poplar, Mont
June 10,1904
75,000 Dec. 18,1923
First National Bank, Forsyth, Mont_
Mar. 26,1906
50,000
Condon National Bank, Condon, Oreg
do.
Jan. 7,1907
25,000 Dec. 20,1923
First National Bank, Moore, Mont
Aug. 24,1914
50,000 Dec. 26,1923
Merchants National Bank, Mandan, N . Dak
Nov. 19,1902
25,000 Jan. 2,1924
First National Bank, Webster, S. Dak
Nov. 14,1882
Sioux Falls National Bank, Sioux Falls, S. Dak
150,000 Jan. 24,1924
Feb. 10,1915
First National Bank, Sentinel Butte, N. Dak
25,000
do
May 26,1909
First National Bank, Beach, N. Dak
50,000
do
Apr. 1,1903
First National Bank, Bisbee, N. Dak
25,000 Jan. 28,1924
July 8,1903
National Bank of Carlsbad, Carlsbad, N. Mex
100,000 Feb. 6,1924
Mar. 4,1905
Dakota National Bank, Dickinson, N. Dak
50,000 Feb. 7,1924
Mar. 11,1918
First National Bank, St. John, Wash
40,000
do.
Aug. 4,1920
First National Bank, Warroad, Minn
25,000 Feb. 9,1924
Nov. 15,1883
First National Bank, Brookings, S. Dak
100,000 ____do.
Aug. 31,1910
First National Bank, Ronan, Mont
25,000 . . . . d o
June 28,1907
50,000 Feb. 12,1924
First National Bank, Harrison, Nebr
Mar. 16,1903
50,000
First National Bank, Clarkston, Wash
Mar. 20,1916
25,000 ____do
First National Bank, Carthage, S. Dak
Jan. 17,1920
25,000 — .do
First National Bank, Onida, S. Dak
Aug. 15,1895
250,000 Feb. 15,1924
Commercial National Bank, Miles City, Mont
Aug. 23,1902
25,000 Feb. 19,1924
Nowata National Bank, Nowata, Okla
Oct. 2,1901
25,000
First National Bank, Castlewood, S. Dak
do
Feb. 26,1918
25,000 Feb. 20,1924
First National Bank, Charlo, Mont
Dec. 23,1907
50,000 Feb. 26,1924
First National Bank, Sidney, Mont
Dec. 24,1889
200,000
Stockmans National Bank, Fort Benton, Mont
do.
Feb. 28,1907
25,000
First National Bank, Fort Sumner, N. Mex
_do_
Apr. 6,1903
75,000
Wells National Bank, Wells, Minn
_do_
Dec. 28,1905
25, 000
First National Bank, Gering, Nebr
_do.
Sept. 12,1904
100, 000 Feb. 27,1924
Western National Bank, Mitchell, S. Dak
Dec. 8,1900
100, 000 ..—do
First National Bank, Coalgate, Okla
Oct. 16,1908
25,000 Mar. 1 1 2
First National Bank, Mclntosh, S. Dak_
,94
Dec. 29,1900
75, 000
First National Bank, Clayton, N. Mex
.do.
Dec. 31,1900
50, 000 Mar. 4,1924
First National Bank, St. Anthony, Idaho
May 19,1882
65, 000 Mar. 14,1924
First National Bank,, Huron,, S. Dak
Feb. 8,1913
60, 000 Mar. 15,1924
F
&M h t
N t i
Farmers & Merchants Nationall Bank, Fairbury, Nebr. Apr. 14,1919
25, 000 Mar. 18,1924
First National Bank, Golva, N. Dak
Aug. 19,1918
25, 000 Mar. 19,1924
First National Bank, Lingle, Wyo
Feb. 3,1919
35, 000
do
Torrington National Bank, Torrington, Wyo
Mar. 26,1909
25, 000 Mar. 22,1924
First National Bank, Poison, Mont
Oct. 25,1884
75,000 Mar. 24,1924
Merchants National Bank, Crookston, Minn
July 24,1915
25, 000 Mar. 28,1924
First National Bank, Lake Preston, S. Dak
May 12,1913
50, 000 Mar. 31,1924
First National Bank, Plentywood, Mont
Oct. 29,1900
100, 000 Apr. 5,1924
First National Bank, Sterling, Colo
Oct. 23,1903
60, 000
do
First National Bank, Rocky Ford, Colo
May 9,1904
300, 000 Apr. 12,1924
First National Bank of Fergus County, Lewistown,
Mont.
802 First National Bank, Marysville, Kans
Aug. 25,1882
75, 000 Apr. 15,1924
803 First National Bank, Alexander, N. Dak
Jan. 22,1919
25, 000
do
804 First National Bank, Pilger, Nebr
Aug. 2,1901
50, 000 Apr. 22,1924
805 First National Bank, Wilsall, Mont
25, 000
.do
__. Apr. 11,1919
806 National Bank of Commerce, Shawnee, Okla
Aug. 18,1923
100, 000 Apr. 28,1924
807 Citizens National Bank, Hankinson, N. Dak
Jan. 18,1906
30, 000 Apr. 30,1924
810 First National Bank, Carlsbad, N. Mex
May 19,1900
100, 000 May 14,1924
811 First National Bank, Baker, Mont
Aug. 19,1913
25, 000 M a y 20,1924
812 Farmers National Bank, Burlington, Kans
55, 000 May 21,1924
Sept. 10,1903
813 Drovers National Bank, East St. Louis, 111
Apr. 30,1913
200, 000 May 22,1924
814 First National Bank, Schuyler, Nebr
50,000 May 24,1924
Sept. 4,1882
815 First National Bank, Morristown, S. Dak
25, 000
May 11,1910
do
816 City National Bank, Huron, S. Dak.i
do
June 3,1907
1
Receiver
 appointed to levy and collect stock assessments covering deficiency in value of assets sold.
719
720
721
722
723
724
727
729
731
734
736
738
739
740
743
744
746
747
748
749
751
752
754
755
756
757
758
760
761
762
763
764
765
768
770
771
772
773
774
775
776
777
778
780
781
782
783
784
785
787
789
794
796
797
798
799



289

REPORT OF THE COMPTROLLER OF THE CURRENCY

appointment of receiver, and closing, with amounts of nominal and additional
losses on assets, expenses of receiverships, claims proved, dividends paid, and

B o o k value of assets at date of
suspension

Estimated
good

Estimated
doubtful

Progress of liquidation
to date of this report

Additional
assets
received
since
Estimated
date of
suspenworthless
sion

$321, 654
$169, 837
180, 421
48, 653
174,932
413,189
457, 554
53,910
123, 511
847, 636
89,131
156, 379
41, 582
95, 358
80, 056 '
95, 280
57, 574
119, 943
99, 313
31, 237
111, 276
37, 830
242, 350 ;
299,147
103,031
103, 632
138,147
46, 657
175, 697
45, 048
113, 962
125, 681
746, 250
1, 748, 843
98, 731
48,156
160, 685
297, 840
86,439
143,983
220, 201
731, 798
153,683
17,446
67, 235
100, 653
102, 560
117, 758
337, 212
428, 037
155, 788
30, 884
247, 817
205, 675
98, 887
170, 037
58, 572
165, 098
79, 432
69, 633
946, 948
806, 234
288, 368
240, 028
168, 897
53, 246
52, 561
27, 339
470, 454
32, 690
252,126
798, 011
61, 865
85, 609
901, 924
393, 700
50, 628
253, 229
196, 375
509, 732
345, 544
463, 871
59, 230
103, 589
217,934
75, 621
206, 458
193, 783
938,783
851,487
162, 379
91, 506
22,914
76,454
47, 111
52, 914
48,570
46,686
56, 400
109, 949
752,444
557, 258
79, 237
109, 207
133, 898
191, 366
269, 033
566, 659
162, 213
152, 393
1, 473,857 2, 307, 203

$233, 227
54, 570
320, 416
520, 999
672, 204
77,025
84, 886
59, 725
86, 292
27, 321
74, 294
140,196
75, 577
53, 270
211, 368
74,918
458, 547
43,647
96, 317
41,049
215, 322
91, 909
47,400
30,983
381, 524
34, 080
107, 309
15,439
129,011
54, 917
677,140
115,811
64, 991
2,521
290,148
453,156
20,170
15, 871
113, 727
261,195
161, 521
48, 945
93,915
218, 988
265, 511
148, 925
35,842
67, 224
50, 498
51, 548
344,707
201, 387
58, 241
282, 733
76,017
833, 221

$225, 563
62, 772
39, 819
131, 908
74,170
43, 539
40, 060
9,304
9,541
10, 572
24, 985
45,054
32, 355
36,048
55, 806
31,852
222,180
26, 269
59,009
42, 563
102, 505
33, 291
26, 236
38, 850
160,190
20, 939
29,491
28, 688
25, 520
24, 236
162, 238
182, 253
28, 732
6,160
104, 432
85, 597
11,041
92,197
42,749
107, 716
74,117
30, 572
41,653
135,146
217,935
39, 725
6,173
8,361
33,150
52, 995
113, 215
23, 615
43, 271
55, 998
111,729
331, 517

414, 224
112, 856
138, 972
33,162
449, 972
107, 787
691,804
110, 292
218, 309
351, 033
331, 264
100, 832

297,133
87, 299
74,016
47, 363
264, 224
97,130
71,372
58, 529
77, 534
164, 452
164,900
109, 728

249,411
23, 762
46,003
3,132
128,984
18, 451
259,039
29, 783
54, 408
28, 804
24,931
15, 793

128, 028
98, 263
116, 055
4,544
498, 560
61, 532
229,143
89, 083
187, 375
365, 514
183,098
10, 602




l otai
assessm e n t of
sharenoiuers

Total
assets
and
stock
assessment

Cash
collected
from

assets

Cash
collected
from
stock
assessment

$50,000 $1, 000, 281
25, 000
371,416
1,048, 356
100, 000
100,000
1, 264, 371
200,000
1, 917, 521
25,000
391, 074
286, 886
25,000
25, 000
269, 365
298, 350
25, 000
25, 000
193,443
25, 000
273, 385
75,000
801, 747
364, 595
50, 000
299,122
25,000
537, 919
50, 000
371,413
25,000
3, 325, 820
150, 000
25,000
241, 803
50,000
663, 851
25,000
339, 034
1, 369, 826
100, 000
50, 000
346, 329
281, 524
40, 000
315,151
25,000
1,406, 963
100, 000
266, 691
25, 000
640, 292
50, 000
363, 051
50, 000
403, 201
25, 000
253, 218
25, 000
2, 842, 560
250, 000
851, 460
25, 000
340, 866
25,000
25, 000
113, 581
50,000
947, 724
1, 788, 890
200; 000
203, 685
25,000
1,478, 692
75, 000
485, 333
25, 000
1,175, 018
100, 000
1,145, 053
100,000
267, 336
25, 000
75, 000
504,123
804, 375
50. 000
65,000
2, 338, 716
502, 535
60. 000
166, 383
25', 000
200,610
25, 000
213, 904
35, 000
295, 892
25, 000
1, 842, 624
75, 000
438, 446
25, 000
476, 776
50, 000
1, 274, 423
100, 000
562, 352
60, 000
5, 245, 798
300, 000

$383, 549
242, 831
675, 701
494, 407
900, 633
165, 536
144, 723
94, 889
97, 329
80,165
117, 044
334,740
197, 472
146, 375
229, 298
145, 431
1, 565,107
85, 509
299, 406
129, 324
578, 810
121, 265
172, 655
128, 009
446, 794
118,270
224,412
178,984
153,019
126, 050
1, 307, 314
370,419
157,102
54, 400
513, 010
788, 677
100,999
786, 266
147, 052
666, 944
462, 536
99, 884
179,108
398, 256
959, 786
263,105
56,147
73, 625
80, 015
114,860
1, 083, 299
167, 687
118, 790
599, 829
249, 304
2, 373,138

$29, 579
23,471
40, 614
98,400
46, 790
6,300
4,500

1,163, 796
347,180
425,046
113, 201
1,441, 740
314, 900
1, 351, 358
312, 687
592, 626
1,109, 803
754,193
261,955

550, 614
122, 316
127,193
41,177
696, 269
145, 418
546,121
194, 631
284, 362
532, 012
327, 364
117, 234

19,884
9,095
7,161
2,049

75,000
25, 000
50,000
25, 000
100,000
30, 000
100, 000
25, 000
55,000
' 200,000
50, 000
25, 000

500
1,000
12,688
12, 355
26, 759
38, 776
11,105
7, 825
8,392
52,188
8,892
15, 223
12, 500
38,155
21, 530
18,971
16,196
85, 863
2,342
26, 225
32, 228
11,387
11, 842
123, 111
22, 630
10, 305
9,114
23,100
114, 990
14, 833
22, 085
8, 540
46, 031
10, 679
5,500
30,1C8
24, 686
18,100
32, 931
2,050
4,253
16, 455
10, 258
16, 981
2,564
18,004
29, 545
17,148
168,083

450
6,637
79,051
15, 285
30,970
99, 841
19, 400
15, 274

719
720
721
722
723
724
727
729
731
734
736
738
739
740
743
744
746
747
748
749
751
752
754
755
756
757
758
760
761
762
763
764
765
768
770

771
772
773
774
775
776
777
778
780
781
782
783
784
785
787
789
794
796
797
798
799
802
803
804
805
806
807
810
811
812
813
814
815
816

290

REPORT OF THE COMPTROLLER OF THE CURRENCY

TABLE N O . 42.—National banks in charge of receivers, dates of

organization,

assets, amounts collected from all sources, loans paid and other disbursements,
remaining assets returned to shareholders to October 81, 1928—Continued
Progress of liquidation to date of this report

Offsets
allowed
and
settled

719
720
721
722
723
724
727
729
731
734
736
738
739
740
743
744
746
747
748
749
751
752
754
755
756
757
758
760
761
762
763
764
765
768
770
771
772
773
774
775
776
777
778
780
781
782
783
784
785
787
789
794
796
797
798
799
802
803
804
805
806
807
810
811
812
813
814
815
816

$69, 339
45, 268
14, 683
119,414
89, 219
23, 514
9,169
10, 512
10, 251
609
2,275
42,033
11,103
9,201
15,076
16, 817
372,903
4,967
22,277
19,455
131,967
10, 519
10,932
29, 578
44,100
10,087
50, 554
10, 839
13,431
3,371
131,009
62, 978
4,011
5,185
22, 741
28,068
10,324
87,097
53,358
37,121
32,689
13,449
11,929
6,203
84,030
41,932
4,586
5,027
22,032
160,006
6,335
1,478
89,507
48, 520
509, 247
62,804
13,398
5,479
525
97,599
2,783
31,312
15,424
24,777
30, 212
43,315
6,814

Total
collected
from all
sources,
including
offsets
$482,467
311, 570
730, 998
712, 221
1, 036, 642
195,350
158, 392
105, 901
108, 580
93, 462
131, 674
403, 532
247, 351
166, 681
252,199
170, 640
1,990,198
99, 368
336,906
161,279
748,932
153,314
202, 558
173, 783
576, 757
130, 699
301,191
222, 051
177.837
141, 263
1, 561,434
456, 027
171, 418
68,699
558,851
931, 735
126,156
895,448
208,950
750, 096
505, 904
118,833
221,145
429,145
1, 061, 916
337,968
62, 783
82, 905
113,339
147,150
1,260, 286
176, 586
138, 272
718,881
314, 972
3,050,468
633, 302
144, 809
139,833
43, 751
794, 318
154.838
656,484
225, 340
340,109
662, 065
390, 079
138, 322




Loss on
Remaining Assets
assets compounded Remaining uncollect- returned
or sold
uncollected ed stock to shareassessunder
holders'
assets
ment
order of
agents
court
$153,084
13,641
257, 972
13, 474
316, 296
13, 697
23,069
138, 964
165, 770
87, 669
129, 066
127, 977
47,609
12,133
23,355
59, 235
314, 516
126, 327
292,168
165, 255
387, 697
36,895
57,937
20, 344
141, 519
56,155
315, 326
120, 251
40,371
27, 601
150, 437
152, 066
46, 244

2,977
171, 380
71,196
1,003,800
240,997
108, 509

28,806
153, 034
10,806
171,465
63,196
110,098
220,451
27, 561

333,167
619, 111
56, 556
358,864
196, 727
260,855
329, 377
101,442

191,551
232, 362
123, 925
55,651
33,025
9,496
56,141
132, 921
56,371
306, 508
183,827
204, 528
522,377
475,378
153,802
237,632
46,499
547,872
46, 938
203,870
77, 632
112,451
56,008
104,115
26, 450

158, 365
997, 538
13, 573
24, 999
63,933
72,524
77, 859
391,398
183, 053

$344, 309
44, 676
537,076
411,373
163, 327
84,925

221,997
58,411
106, 413
220,190
124,930
923, 294

171,352
127, 650
112,220
674, 550
57,179

301 260
1,541 036
32 664
4 742
89, 761
470,055
116,036
291, 571
229, 399
87,457

$20,421
1,529
59, 386
1,600
153, 210
18, 700
20,500
24,500
24,000
12, 312
12, 645
48, 241
11, 224
13, 895
42,175
97,812
16,108
34, 777
12, 500
61,845
28,470
21,029
8,804
14,137
22, 658
23, 775
17, 772
13, 613
13,158
126,889
2,370
14, 695
15,886
26,900
85, 010
10,167
52,915
16,460
53, 969
89,321
19, 500
44,892
25,314
46, 900
27,069
22,950
20, 747
18, 545
14, 742
58, 019
22, 436
31, 996
70,455
42,852
131, 917
55,116
15, 905
42, 839
22, 951
99, 550
23, 363
20,949
9,715
24,030
100,159
30,600
9,726

Disposition of proceeds
of liquidation

Dividends
paid

$160,198
98, 990
250,402
409,988
146, 500
26,816
50,089
14, 990
5,273
11, 242
17, 591
109, 372
90,294
54, 853
117, 576
59, 050
761, 279
22, 807
77, 347
49,099
86,859
79,028
96, 451
43, 630
34,155
170, 962
108, 280
20, 682
37, 700
751, 674
141,423
24, 795
39, 265
103,311
344, 337
40, 935
430,182
34, 584
153,102
34,195
13, 260
49,836
81,496
250, 516
119,249
8,661
36,098
11,401
987,109
55, 079
1,498
289, 099
160,096
1,180,036
370, 679
20, 343
33,924
273
287,003
82, 315
257,138
123, 998
112,716
327, 897
223, 800
7,529

Secured
and preferred
liabilities,
including
offsets
paid
$171, 774
166,084
394, 270
198,428
808, 741
132, 756
69, 786
68, 568
91, 363
76,140
98, 954
237, 044
123,125
80, 386
69, 927
67, 571
930, 074
61, 495
166, 274
90, 415
553, 621
39, 941
79, 913
88, 232
370, 592
68, 064
117, 969
48, 980
112,803
85, 532
674, 998
217, 363
99,180
18, 606
413, 397
505,477
68, 329
362, 415
134, 002
507, 367
420, 670
82, 918
134,390
299, 530
708, 554
137,200
50, 763
48,314
50, 248
102,824
172, 697
75,097
79, 016
307, 479
123, 301
1, 509, 476
226,190
75,127
73, 220
36,148
396,026
33,929
322,642
82,431
156, 297
228,479
112, 009
103, 203

291

REPOKT OF THE COMPTROLLER OF THE CURRENCY

appointment of receiver, and closing, with amounts of nominal and additional
losses on assets, expenses of receiverships, claims proved, dividends paid, and

Disposition of proceeds of liquidation

Cash
advanced
in protection
of assets

$17, 754
32) 775
554
99
1,632
8,952
293
101
41
226
1,831
1,327
1,149
14,141
2,337
50, 406
211
4,317
283698
53
8,477
15,047
892
101
194
171
2,012
33,132
6,107
1,269
196
756
3,373
1,537
29, 270
1 798
7,564
4, 390
102
6,824
4,382
21, 274
4,865
600
2,011
2,623
896
14, 598
2,305
103
12, 533
40
19,388
657
135
3,734
11
595
1,442
589
817
784
11,999
5,716
1,002

Eeceiver's
salary,
legal, and
other
expenses

Cash in
hands of
comptroller
and
receiver

$58, 756
26, 259
53, 551
20, 822
47, 542
17, 983
24, 942
22, 050
11, 843
6,039
14, 903
23, 768
24, 267
16, 696
47, 930
22,162
164, 270
14, 855
29, 368
21, 765
36,809
27, 890
14, 838
23, 949
49,836
16, 994
12,159
27,053
23, 228
12, 749
87,116
43, 902
24, 556
10, 632
29, 816
51 028
123 047
63, 306
28 676
52, 650
38, 276
14, 522
30,095
27, 552
68, 791
39,082
9,018
17,425
19,016
17, 382
71,092
24,895
17, 600
47, 432
31, 535
113, 644
35, 776
16,954
17,863
7,319
51, 721
24,409
39, 745
18,094
31,338
47,834
24,569
16,226




$73,985
18,943
82, 429
33, 760
16,163
4,623

31, 517
8,338
13, 597
2,625
19, 520
84,169
59, 600
71,360
5,757
11, 303
9,495
42, 455
10, 594
37, 544
20,953
3,270
14, 514
47, 232
21, 618
11, 571
27, 520
3,308
10, 275
9 890
29,413
8,373
8,031
16,185
12, 781
37,572
2,402
6,494
5,354
14, 647
14,790
19, 210
40, 055
62, 338
227, 924
32, 250
11,092
58, 973
12, 743
36,370
38,974
45,856
23,985
10,362

Amount
returned
to shareholders
in cash

Amount
of claims
proved

$606,117
188, 555
424,748
905,106
974, 670
167, 780
133, 215
165,113
202, 834
112, 419
104, 683
398, 532
121,511
140, 250
328, 636
222, 055
1, 899, 589
134,072
374, 674
210, 734
868,628
174, 953
98, 788
144,132
962, 520
151, 389
367, 478
163, 765
262 214
112,992
1, 500,034
398,867
169, 996
41,432
314,960
437, 245
74,324
891,637
293 881
368,451
686, 591
165, 754
274,413
543,208
1,553, 767
238, 240
100, 261
86, 614
51, 569
114, 908
1,352,197
275,451
320, 504
677,109
227, 086
2,830,037
536, 244
187, 841
204,082
21,806
707, 585
205, 781
467, 594
139,335
285,392
468,443
497,579
199, 740

Dividends
(per
cent)

25
52.5
58.1
45
15
10
35
9.08
2.6
10
10
25
65
35
35
25
40
14.8
17
23.3
10
45
85
27
10
22.5
6.25
60
8
30
50
35
15
94.18
26
80
55
45
10
35
5
8
17.02
15
16
50
10
70
10
73
20
12.5
40
70.5
40
69.125
10
16.67
1.25
40
40
55
89
30
70
45
5

Interest
dividends
(per
cent)

Finally
closed

Aug. 15,1928

Dec.
Aug.
Mar.
Sept.

15,1927
7,1928
17,1928
24,1928

Oct. 31,1928
July 16,1928

Oct. 15,1928

Oct. 31,1928

July 15,1928

Sept. 30,1928
June 30,1928
May

9,1928

Oct. 31,1928

791
720
721
722
723
724
727
729
731
734
.736
738
739
740
743
744
746
747
,748
749
751
752
754
755
756
757
758
760
761
762
763
764
765
768
770
-771
772
773
774
775
776
777
778
780
781
782
783
784
785
787
789
794
796
797
798
799
802
803
804
805
806
807
810
811
812
813
814
815
816

292

REPORT OF THE COMPTROLLER OF THE CURRENCY

TABLE N O . 42.—National

banks in charge of receivers, dates of organization,

assets, amounts collected from all sources, loans paid and other disbursements,
remaining assets returned to shareholders October 81, 1928—Continued

Title and location of banks

817
818
819
820
822
824
827
829
830
831
832
833
835
837
838
839
840
841
843
846
847
850
851
852
853
855
856
857
858
859
860
861
862
863
864
866
867
868
869
870
871
872
873
874
875
876
877
878
879
880
881

First National Bank, Newcastle, Wyo_._
Citizens National Bank, Julesburg, Colo
First National Bank, Basin, Wyo
First National Bank, Lidgerwood, N. Dak
Citizens National Bank, Worthington, Minn...
National Bank of Commerce, Rochester, N. Y..
Weiser National Bank, Weiser, Idaho
Citizens National Bank, Ness City, Kans.*
First National Bank, Cheyenne, Wyo
First National Bank, Lambert, Mont
First National Bank, Bridgewater, S. Dak
Citizens National Bank, Cheyenne, Wyo
First National Bank, Harrington, Wash
First National Bank, Rexburg, Idaho
First National Bank, Ride, Idaho
First National Bank, Putnam, Conn
State ±> anuiia.1 jjaiiii., Carlsbad, N. J.VACA.*__
ouauD National Bank, v a n o u a u , J N . Mex.L.
U
Northwestern National Bank, Livingston, Mont
First National Bank, Beaver Creek, Minn
First National Bank, Ozark, Ala
First National Bank, Ulen, Minn
First National Bank, Alma, Wis
Merchants National Bank, Grinnell, Iowa
First National Bank, Morgan, Tex
First National Bank, Abbeville, Ala
,
,
First National Bank, Algona, Iowa
First National Bank, Boise City, Okla
First National Bank, Allendale, S. C
First National Bank, Barnwell, S. C
First National Bank, Center, Tex
Farmers National Bank, Dodge Center, Minn..
First National Bank, Torrington, WTyo
_.
Parkesburg National Bank, Parkesburg, Pa
First National Bank, Buffalo, Okla
First National Bank, Oldham, S. Dak
First National Bank, Spring Hope, N. C
Stockmans National Bank, Columbus, Mont...
First National Bank, Alexandria, Minn
First National Bank, Townsend, Mont
First National Bank, Rigby, Idaho
Peoples National Bank, Hot Springs, S. Dak___
First National Bank, Sylvester, Ga
First National Bank, Salem, S. Dak..
Jefferson County National Bank, Rigby, Idaho1
Neoga National Bank, Neoga, 111
First National Bank, Mohall, N. Dak
First National Bank, Excelsior Springs, Mo...
Logan County National Bank, Sterling, Coio_.
First National Bank, Buena Vista, Ga
First National Bank, Hampton, Ga
Perry National Bank, Perry, Iowa
Farmers National Bank, Hempstead, Tex
First National Bank, Crystal, N. Dak.

The National Bank of Abbeville, Abbeville, S. C
Commercial National Bank, Charleston, S. C
First National Bank, Quincy, Fla
National Bank of Commerce, Pierre, S. Dak 1
Black Hawk National Bank, Waterloo, Iowa
Lebanon National Bank, Lebanon, Tenn
First National Bank, Brinsmade, N. Dak__
First National Bank, Atwater, Minn
First National Bank, Renville, Minn
First National Bank, Idabel, Okla
First National Bank, Pleasantville, Iowa_._
First National Bank, Cavalier, N . Dak
First National Bank, Stevensville, Mont__
_.
First National Bank, Wapanucka, Okla
First National Bank, Matoaka, W. Va
City National Bank, Clarksville, Tex
First National Bank, Montpelier, Idaho
MTU

885
886
887
891
892
893
894
895
896
897
901
902

«

TVT~ -i-X

1

T-l

1_

„ *

AT_1_

'11

_

k

1_ -L

Capital
Date of
stock at
organization suspension

Mar. 23,1904
Sept. 29,1909
May 15,1916
May 29,1901
June 7,1901
Feb. 1,1906
Feb. 19,1906
Feb. 3,1906
Dec. 29,1870
Apr. 20,1918
Aug. 3,1903
Jan. 15,1906
July 10,1908
Jan. 19,1904
Oct. 9,1916
Mar. 23,1864
Feb. 8,1917
Mar. 27,1917
Jan. 4,1909
Feb. 13,1905
Dec. 12,1903
May 16,1906
Apr. 28,1883
May 3,1902
Aug. 17,1901
May 22,1884
Aug. 30,1917
Nov. 30,1917
Jan. 9,1919
Sept. 10,1901
Feb. 4,1903
Oct. 6,1908
Feb. 27,1880
Sept. 2,1907
Aug. 30,1912
May 6,1919
July 12,1918
June 9,1883
Jan. 31,1911
June 13,1919
May 23,1908
Mar. 11,1902
July 5,1901
June 9,1919
July 11,1905
Sept. 17,1903
May 5,1905
Oct. 11,1905
Oct. 12,1905
July 13,1911
Jan. 2,1912
Apr. 5,1893
Sept. 12,1905
Oct. 16,1885
May 5,1914
May 4,1904
Feb. 13,1890
Apr. 17,1903
Apr. 13,1907
Dec. 11,1906
June 15,1914
Dec. 19,1902
Dec. 10,1906
Aug. 2,1900
Nov. 24,1911
Feb. 4,1915
Aug.
Nov.
Oct.
Aug.

8,1901
7,1918
8,1914
9,1904

$25,000
25,000
35,000
50,000
25,000
,500,000
75, 000
45,000
200,000
25,000
25,000
100,000
50,000
50, 000
25,000
150, 000
75,000
100,000
30,000
35, 000
25,000
25,000
100,000
25, 000
100,000
50, 000
25,000
50, 000
50,000
50,000
30,000
50,000
50, 000
25, 000
25, 000
50, 000
50,000
60, 000
50, 000
80,000
25,000
50,000
25,000
50,000
25,000
25,000
25,000
150,000
50,000
50,000
75,000
50,000
25,000
75,000
200,000
100,000
100,000
200,000
80,000
25,000
25,000
25,000
80,000
25,000
25,000
25,000
25,000
50,000
200,000
50,000

Receiver
appointed

June 12,1924

do

June 14,1924
June 17,1924
June 19,1924
June 21,1924
June 23,1924
July 3,1924
July 9,1924
July 16,1924
July 18,1924
July 21,1924
Aug. 6,1924
Aug. 11,1924
do
Aug. 13,1924
Aug. 25,1924
Aug. 30,1924
Sept. 20,1924
Oct. 23,1924
Oct. 28,1924
Nov. 7,1924
Nov. 12,1924
Nov. 13,1924
Nov. 14,1924
Nov. 24,1924
Nov. 25,1924
Dec. 3,1924

do.

do
Dec. 9,1924
Dec. 16,1924
Dec. 26,1924
Dec. 27,1924
Jan. 3,1925
Jan. 7,1925
do
Jan.
8,1925
do
Jan. 12,1925
Jan. 15,1925
do.
Jan. 16,1925
Jan. 17,1925
Jan. 21,1925
Jan. 22,1925
Jan. 24,1925
Jan. 26,1925
do.
Jan. 27,1925
Feb. 5,1925
Feb. 7,1925
do
do
do
Feb. 11,1925
do.
Feb. 13,1925
do
.do.
Feb. 14,1925
....do

Feb. 18,1925
Feb. 21,1925
do.
Mar. 2,1925
do
Mar. 3,1925
Mar. 9,1925
Mar. 13,1925

1
Receiver appointed to levy and collect stock assessment covering deficiency in value of assets sold.



293

KEPORT OF THE COMPTROLLER OP THE CURRENCY

appointment of receiver, and closing, with amounts of nominal and additional
losses on assets, expenses of receiverships, claims proved, dividends paid, and

B o o k value of assets at date of
suspension

Estimated
good

Additional
assets
received
since
Estimated Estimated
date of
doubtful worthless
suspension

T'n+al
1 oiai

assessm e n t of
snareholders

$852,389
331, 560
403, 936
949,962
627,033
4,045, 470
1,653, 754

Progress of liquidation
to date of this report
Cash
collected
from
assets

Cash
collected
from
stock
assessment

$413,645
159, 628
205, 995
510, 509
264, 209
1, 257, 249
611, 677

$6,438
11, 523
14, 200
28, 864
8,750

200, 000
25, 000
25, 000
100,000
50, 000
50, 000
25, 000
150, 000

7,122, 727 3, 514, 618
167, 991
78, 300
364, 812
202,136
2,123, 407 1,162, 268
470, 016
245, 739
929, 081
308, 305
283, 964
104, 748
2, 739, 392 1,804, 636

70, 349
6,978
18, 428
61, 724
45,443
14,443
10, 731
147, 284

$320,876
97, 738
116, 219
504, 763
214, 643
1,337, 085
433, 357

$143,383
86, 930
44, 739
200, 587
102, 413
2, 271, 292
551,491

$131,490
31,141
26,678
42, 269
59, 741
369, 593
462,141

$25,000
25,000
35, 000
50,000
25,000

2, 797, 972 2,820, 497
34,053
27, 599
153, 794
133, 845
1,020, 533
843, 931
242, 774
120, 621
132, 278
184, 316
23,120
34, 286
1, 883, 750
186, 081

585, 842
76, 034
35, 202
75, 833
29, 402
503, 666
188,481
182, 201

718, 416
5,305
16, 971
83,110
27, 219
58, 821
13, 077
337, 360

$231,640
90,751
181,300
152,343
225, 236
67, 500
131, 765

Total
assets
and
stock
assessment

75,000

18,315

122, 629
66, 588
209, 287
76, 607
100, 759
728, 525
62, 562
81, 215
510, 551
89,453
85, 653
95, 679
157,173
69, 229
258,131
234, 591
78, 464
86, 664
171, 583
39, 730
226,188
26,919
340,171
73, 979
117, 882
73, 357

' 145, 815
89, 377
93, 641
146, 581
75, 474
286, 488
13, 671
114,117
212, 738
120, 273
200, 411
97,131
66, 323
417, 626
25, 546
66,923
146, 527
114, 512
102, 568
75, 311
330, 013
52, 930
342, 625
101, 441
105, 566
106, 969

72, 866
35,167
69, 001
99, 673
113, 448
450, 521
20,157
86, 533
80, 493
23,857
129,161
68, 283
46, 307
370,429
99, 817
75, 618
86, 087
105, 880
82, 604
81, 382
493, 467
105, 961
275,193
96,811
65, 803
67, 459

13, 872
9,399
45,136
23, 350
27, 394
164,431
4,905
5,756
67, 330
32,090
29,468
30, 709
25, 502
38, 663
71, 336
88,136
88, 604
47, 076
34, 974
40, 371
53,176
25, 600
139,078
31,973
31, 395
12,989

100, 000
30, 000
35, 000
25,000
25,000
100,000
25,000
100,000
50,000
25,000
50, 000
50,000
50,000
30, 000
50, 000
50,000
25,000
25, 000
50, 000
50, 000
60, 000
50,000
80,000
25, 000
50, 000
25, 000

455,182
230, 531
452, 065
371, 211
342,075
1, 729, 965
126, 295
387, 621
921,112
290,673
494, 693
341, 802
345, 305
925,947
504, 830
515, 268
424, 682
379,132
441, 729
286, 794
1,162, 844
261, 410
1,177, 067
329, 204
370, 646
285, 774

192, 237
90,122
149,039
140, 223
138, 511
592, 767
44, 338
116,084
391, 766
153,658
160, 625
134, 624
183,952
272, 394
244, 366
338,918
200, 488
172, 573
241,960
91, 743
558, 843
70,117
600, 617
121, 753
153,371
131,183

57, 292
8,901
577
6,455
18, 342
77, 519
2,905
52, 589
30, 500
8,245
21,401
22, 067
18, 664
12, 712
7,539
39, 545
4,243
17, 288
42,965
29, 353
45, 725
20, 787
46, 709
19, 600
23, 076
3,358

98, 536
11, 592
132, 279
282,949
108,643
46,072
462, 489
121, 388
158,311
276, 265
231, 376
187,303
597, 405

66, 307
60, 558
99, 534
351, 688
44, 232
61, 249
214, 831
126, 969
105, 849
153, 733
643, 034
259,814
223, 923

49,126
85, 300
19,411
284, 520
55, 780
44,929
172, 325
21,142
76,571
113, 575
486,938
134,405
351,952

19, 861
27, 301
105, 342
202, 858
109, 006
98,188
183, 494
34,155
59 946
566, 624
114,952
77,160

131, 385
128, 634
173, 594
118, 611
156, 439
114, 209
147, 202
102, 570
147 713
5*820
210, 730
117, 326

90, 342
12,127
255, 420
148,063
125, 051
130, 451
72, 374
4,616

8,491
54, 745
50, 384
63, 671
16, 648
22,009
71,929
49, 516
25,663
15, 398
35, 339
76,121
71, 279
144,042
71,144
16, 627
23, 451
29,129
9,311
75,071
19,480
16, 308
20,992
327' 553
17, 413
66,048

25, 000
25, 000
25S 000
150, 000
50, 000
50, 000
75, 000
50, 000
25,000
75, 000
200,000
100,000
100, 000
200, 000
80, 000
25, 000
25, 000
25,000
80,000
25,000
25,000
25,000
25,000
50,000
200, 000
50,000

247, 460
237,195
326, 608
1,132, 828
275, 303
224, 259
996, 574
369, 015
391,394
633, 971
1, 596, 687
757, 643
1, 344, 559
344, 042
392, 732
209, 689
582, 807
523, 661
479,807
442, 919
447, 550
182, 649
384, 237
950, 024
661, 347
692, 623

121, 615
69, 581
192, 629
499, 763
109, 034
50, 290
450, 373
174, 715
144,626
336,195
347, 691
351,822
703, 618
144, 042
138, 520
81, 951
182, 021
281,347
120, 653
183,368
214, 259
99, 513
99, 651
512,978
222, 839
368,610

23, 579
5,278
4,903
110, 408
22, 835
31,143
29, 407
35, 496
11,301
49, 536
125, 429
67, 253
41, 000
144, 200
69, 426
2,180
7,700
1,000
30, 359
24,150
19, 600
12, 710




J-OV/j tJ(J\J

27
118, 252
382,089

43, 553
46, 435
42,387

817
818
819
820
822
824
827
829
830
831
832
833
835
837
838
839
840
841
843
846
847
850
851
852
853
855
856
857
858
859
860
861
862
863
864
866
867
868
869
870
871
872
873
874
875
876
877
478
879
880
881
882
883
884
885
886
887
888
889
891
892
893
894
895
896
897
898
899
901
902

294

REPORT OF THE COMPTROLLER OF THE CURRENCY

TABLE N O . 42.—National banks in charge of receivers, dates of organization,
assets, amounts collected from all sources, loans paid and other disbursements,
remaining assets returned to shareholders to October 31, 1928—Continued

Progress of liquidation to date of this report

Offsets
allowed
and
settled

817
818
819
820
822
824
827
829
830
831
832
833
835
837
838
839
840
841
843
846
847
850
851
852
853
855
856
857
858
859
860
861
862
863
864
866
867
868
869
870
871
872
873
874
875
876
877
878
879
880
881
882
883
884
885
886
887
888
889
891
892
893
894
895
896
897
898
899
901
902

Total
collected
from all
sources,
including
offsets

Loss on
Remaining Assets
assets compounded Remaining uncollect- returned
uncollected ed stock to shareor sold
under
assets
holders'
assessorder of
ment
agents
court

19,418

$454,442
189, 508
274,044
558, 708
330, 709
1,257,249
649, 410

$379, 385
74, 847
109, 092
370,118
256, 733
1,238, 646
317, 363

3,630
22, 266
179,071
12, 700
37,004
1,406
182, 521

4,193, 949
88,908
242, 830
1,403,063
303, 882
359, 752
116, 885
2,134,441

2, 781. 253
61,061
36.171
682, 068
47.172
416, 684
152, 810
119, 796

30,171
7,222
15, 648
23,656
21,948
73,822
17,144
5,853
29,007
42,008
10, 371
7,084
31,068
27,823
53,060
50,480
24,538
17, 440
33, 559
3,966
46,978
3,272
22, 284
25, 753
2,702
11,975

279, 700
106, 245
165, 264
170, 334
178,801
744,108
64, 387
174, 526
451, 273
203,911
192, 397
163, 775
233, 684
312, 929
304,965
428,943
229, 269
207, 301
318,484
125, 062
651, 546
94,176
669, 610
167,106
179,149
146, 516

132, 774
103,187
127,046
18,103
23, 213
229, 554
39, 813
165, 684
117, 288
12, 238
174, 383
150,094
80,159
151, 072
39, 217
51, 239
174, 656
41, 836
116, 210

$34,359
18, 357
53, 849
19, 335
57, 750

245,075
19, 337
258, 050
156, 698
163, 870
42, 581

$53,728
23, 341
1,549, 575
630, 296
17, 874
"79," 239
114,405
117,088
482,439

125, 332
164, 229
133, 403
733, 822
333, 051
57, 769
99, 314
126
444, 658
118,187
24, 631
122, 283
141, 085
251, 948
118, 684
216,116
703
75, 035
46, 791

162, 544
36, 704
79, 983
137, 490
224, 208
24, 666
57, 637
701,184
98,114
293,938
135, 524
30, 994
81, 620
23, 756
95, 825
85, 820
273, 436
161, 323
516, 222
94, 592
236, 694
23, 225
159, 219
218, 476
427, 726
12, 847
167,934
539, 087
983,029
456, 067
191, 762
77, 067
803, 439
43, 227
438, 893
288, 242
207, 946
174, 212
86, 791
100, 078
2,660
272, 650
206,087
86, 770
16, 366
159, 826
306, 295
33,540
23,948
183, 720
195, 201
51, 245
44,189
181,178
213, 339
47, 552
5,821
247, 330
194,820
13,471
123, 424
46, 935
11, 201
105, 620
79, 032
174, 585
5,969
748, 730
145, 501
49, 346
192,199
292, 797
102, 210
112, 775
23, 523
422, 488
76,341
186, 181
11,491

"Including dividends paid b y purchasing bank.
17, 350
5,124
26, 676
91,013
3,655
4,387
36, 442
26, 483
3,292
41,995
65,967
36, 992
58, 821



$18, 562
13,477
20,800
21,136
16, 250

Disposition of proceeds
of liquidation

Dividends
paid

$236,315
74,006
140, 289
* 334,484
110,951

Secured
and preferred
liabilities,
including
offsets
paid

56,685

98,166

$176, 371
91,510
87, 701
194, 344
155, 910
1,172, 963
373, 253

129, 651
18,022
6,572
38, 276

2,059, 817
25,135
126, 641
996, 367
110, 772
47,400
12, 866
1, 431, 881

1,894, 295
47,403
66, 535
324,460
166, 669
276, 426
94, 428
536, 092

149,124
11,460

4,557
35, 557
14, 269
2,716

21, 099
34,423
18, 545
6,658
22,481
22,095
47,411
19,500
16, 755
28, 599
27, 933
31, 336
17, 288
42,461
10, 455
20, 757
7,712
7,035
20, 647
14, 275
29, 213
33, 291
5,400
26, 924
21, 642

45, 920
126, 099
27, 599
147,114
227, 778
18, 252
45,186
51,443
118,913
38, 617
159, 730
240,472
34,919
119, 863
184,448
41, 673
416, 504
50, 505
128, 495
101, 493
17,600
38, 612

104, 529
62, 263
134,204
133, 234
80, 940
444, 693
25, 735
11,416
164. 915
150, 283
119,497
93, 273
57, 053
203, 448
88, 937
117, 375
174, 024
48,060
66, 790
60, 691
146, 312
25,238
499, 867
40, 949
134, 760
68, 629

1,421
19, 722
20, 097
39, 592
27,165
18, 858
45, 593
14, 504
13, 699
25,464
74, 571
32, 747
59,000
55, 800
10, 574
22, 820
17, 300
24,000
49,641
850
5,400
12, 290
25, 000
6,447
153, 565
7,613

57, 807
18, 429
145, 298
341, 622
37, 793
25, 803
246,159
132, 083
73,134
314, 580
211, 360
210, 746
292, 382
137,033
67, 805
35, 687
157, 253
183, 333
62,131
64, 748
205,499
66, 021
9,320
407, 932
96, 079
190,933

68, 721
46, 602
28, 454
279,194
70, 697
42, 915
169, 756
54, 794
58, 221
54, 632
201, 309
189, 437
84, 427
137, 033
134,100
42, 588
17, 502
61, 335
97,103
112,351
13, 651
45, 635
76, 372
292, 320
166,663
184,084

295

KEPOBT OF THE COMPTBOLLER OF THE CXJBRENCY

appointment of receiver, and closing, with amounts of nominal and additional
losses on assets, expenses of receiverships, claims proved, dividends paid, and

Disposition of proceeds of liquidation

Cash
Receiver's
advanced
salary,
in prolegal, and
tection
other
of assets
expenses

$17
165
728
5,395
1,689
48
31,163

$41, 739
21,915
22,925
24,485
23,097
71,057
75,318

4,269

134, 662
16,370
26,841
76,669
18, 723
25,062
9,591
73,135

2,134
5,567
1,410
220
86

358
200
2,335
20,585
1,071
11,212
13, 389
296
615
1,899
439
6,332
115
48
127
165
22, 812
2,113
6,091
1,321

6,352
98
47
6,249
147
133
4,151
4,506
8,793
9,744
16,062
12, 684
36, 950
162
628
3,836
2,390
4,279
7
684
822
4
468

26, 047
17,365
12,081
20,162
29, 691
47,424
11, 053
14, 925
44,110
15, 424
14, 560
11, 277
26,652
32, 755
25,459
18, 903
20, 326
15, 825
32, 926
20, 799
37, 508
13, 481
32, 808
23, 343
13, 203
18, 338
17, 644
14,854
21,387
49, 641
23,484
13,256
44,077
24, 740
19,071
23, 449
52,890
31, 292
76, 249
52
5, 879
8,516
22,829
20, 938
29,135
22, 638
23, 901
11, 761
13,973
32,639
23,936
81,194

Cash in
hands of
comptroller
and
receiver

Amount
returned
to shareholders
in cash

$468, 264
164, 456
216, 635
607, 834
394, 869

$1,912
22,401
39,062
13,181
71,510

982,312
4,357, 287
62,062
210, 963
1,366, 511
171, 296
630, 860
210, 568
1,855,545

100,906
20,679
6,308
10,644
93, 247

144, 784
114, 828
271,129
190, 475
217, 624
1,180,970
46, 258
145,661
650, 771
87, 906
287, 227
116, 028
237, 573
722, 930
228,195
343,511
233, 701
239, 842
248, 019
138,903
978, 088
73, 705
755,818
155, 543
71, 844
154, 462

15,157
18, 621
16, 738
19,915
105,307
3,258
6,563
12, 858
7,167
29,167
37,670
24,507
52, 078
23, 505
34,193
1,734
28,410
2,839
2,349
13, 586
20, 937

115, 649
111, 701
242, 089
455, 787
73, 576
86, 593
615, 415
176,040
251,019
393, 230
900,724
295, 728
992, 937
200,000
154, 918
115,122
491,417
366, 533
221,898
210, 775
358, 640
76,498
224, 819
501, 562
90,353
304,940

12, 020
29, 022
24,478
3,403
3,713
52,079
20, 571
25, 321
57, 466
11, 908
313, 431
14,124
7 875
36,853 l
4,442
13, 602
5,271
15,017
6,115
15,809


20669°—H. Doc. 361, 70-2


Amount
of claims
proved

-20

Dividends
(per
cent)

Interest
dividends
(per
cent)

47.75
45
65
*6
27

Finally
closed

Sept.

8,1928

Aug. 30,1928

10
J u l y 10,1928

49
40.5
60
72.9
65
70.5
6.11
75
100
10
20
10
59.5
100
35
10
15
30
50
5
70
70
15
50
70
30
50
70
17
63.25
10
25

Sept. 24,1928
J u l y 27,1928
M a y 31,1928
3.00

Oct. 29,1928
F e b . 21,1928

1.00

Oct. 29,1928
Sept. 29,1928

Oct. 31,1928

Aug. 27,1928

50
16.5
60
75
40
30
40
75
27.9
80
20
65
40
43.76
31
32
50
28
30
57.3
85.75
5
80
100
55

Sept. 24,1928

M a y 31,1928

Apr. 30,1928
M a r . 20,1928

M a y 28,1928
Oct. 25,1928
6.34

817
818
819
820
822
824
827
829
830
831
832
833
835
837
838
839
840
841
843
846
847
850
851
852
853
855
856
857
858
859
860
861
862
863
864
866
867
868
869
870
871
872
873
874
875
876
877
878
879
880
881
882
883
884
885
886
887
888
889
891
892
893
894
895
896
897
898
899
901
902

296

REPORT OF THE COMPTROLLER OF THE CURRENCY

TABLE N O . 42.—National

banks in

charge of receivers, dates of

organization,

assets, amounts collected from all sources, loans paid and other disbursements,
remaining assets returned to shareholders to October 31, 1928—Continued

Title and location of banks

Date of
organization

Capital
stock at
suspension

Receiver
appointed

_. Aug. 10,1917
903 First National Bank, Buhl, Idaho
$100,000 M a r . 26,1925
_
_. Oct. 16,1908
904 First National Bank, Lemmon, S. Dak
50,000 Apr. 2,1925
Nov. 24,1904
905 Commercial National Bank, Greenville, Tex
150,000 Apr. 6,1925
Nov. 25,1921
906 Farmers National Bank, Chandler, Okla
25,000 Apr. 10,1925
Apr. 19,1920
907 First National Bank, Bamberg, S. C . . .
45,000
do.
Feb. 25,1910
908 First National Bank, Bandon, Ore
25,000 Apr. 13,1925
Oct. 14,1902
909 Georgia National Bank, Athens, Ga
400,000 Apr. 17,1925
Oct. 8,1901
910 Osceola National Bank, Osceola, Iowa
25,000 Apr. 22,1925
911 First National Bank, Wimbledon, N1 Dak
25,000 Apr. 23,1925
.
_... Feb. 7,1903
Aug. 11,1900
912 First National Bank, Hedrick, Iowa
25,000 Apr. 24,1925
Oct. 7,1902
913 First National Bank, Jasper, Minn
30,000 May 1,1925
914 First National Bank of Las Vegas, East Las Vegas, Aug. 25,1879
200,000 May 4,1925
N. Mex.
Sept. 3.1918
915 First National Bank, Conyers, Ga
75,000 May 12,1925
Apr. 11.1905
916 Hugo National Bank, Hugo, Okla
200,000
do
917 First National Bank, Carnegie, Pa
May 16.1892
100,000
do
918 Burgettstown National Bank, Burgettstown, Pa
Jan. 25,1879
100,000 May 14,1925
919 First National Bank, Selma, N . C
May 7,1915
30,000 May 16,1925
920 First National Bank, Madison, S. Dak
Mar. 29,1884
50,000 May 21,1925
921 Farmers National Bank, Louisburg, N . C
Aug. 1,1912
25,000 May 22,1925
922 First National Bank, Florence, S. C
Mar. 23.1910
150,000
do
923 First National Bank, Clear Lake, S. Dak
June 28.1902
25,000 May 25,1925
924 First National Bank, Crandon, Wis
Mar. 16,1909
50,000 May 29,1925
925 City National Bank, Hugo, Okla
_. Feb. 10,1922
100,000 June 5,1925
926 First National Bank, Springer, N . Mex.
Oct. 18,1919
_
50,000 June 15,1925
927 Merchants National Bank, Detroit Lakes, Minn
Feb. 9.1906
60,000 June 22,1925
928 First National Bank, St. Cloud, Minn
Sept. 25,1882
250,000 June 24,1925
929 First National Bank, Simla, Colo
May 10,1919
25,000 June 25,1925
930 First National Bank, Abercrombie, N . D a k .
Aug. 25.1906
25,000 June 30,1925
931 First National Bank, Wausa, Nebr
Mar. 27.1911
75,000 July 9,1925
932 First National Bank, Redwood Falls, Minn
Mar. 11,1901
70,000 July 29,1925
933 First National Bank, Lumberton, N . C
July 21,1904
50,000 Aug. 4,1925
934 First National Bank, Walters, Okla
Jan. 10.1903
50,000 Aug. 6,1925
935 First National Bank, Lake Park, Minn
Feb. 10.1904
25,000 Aug. 24,1925
937 First National Bank, Devol, Okla___
Nov. 4.1919
25,000 Sept. 17,1925
939 Globe National Bank, Denver, Colo
Feb. 5.1920
200,000 Oct. 1,1925
941 First National Bank, Warren, Minn
___ May 18,1901
50,000 Oct. 10,1925
942 First National Bank, Winifred, Mont
May 17.1917
25,000 Oct. 15,1925
943 First National Bank, Hallock, Minn
Aug. 5,1903
60,000 Oct. 16,1925
944 First National Bank, Buffalo, Minn
June 7,1917
50,000 Oct. 17,1925
945 Manilla National Bank, Manilla, Iowa
___ Nov. 12.1901
25,000 Oct. 20,1925
946 Loveland National Bank, Loveland, Colo
Feb. 14.1906
100,000 Oct. 22,1925
947 Winner National Bank, Winner, S. Dak_
Sept. 20.1921
60,000 Oct. 24,1925
948 Muskogee Security National Bank, Muskogee, Okla... Nov. 8,1922
200,000 Nov. 7,1925
950 First National Bank, Forest City, Iowa_.
Feb. 20.1893
75,000 Nov. 14,1925
951 Davenport National Bank, Davenport, Wash.
Dec. 22,1904
100, 000 Nov. 17,1925
952 First National Bank, Pasco, Wash
Aug. 22.1908
50,000 Nov. 21,1925
954 First National Bank, Howard, S. Dak
Nov. 29.1902
50,000 Nov. 24,1925
955 Gregory National Bank, Gregory, S. Dak.
Mar. 23.1909
50,000 Nov. 25,1925
957 First National Bank, Sac City, IowaOct. 6,1890
50,000 Dec. 2,1925
958 First National Bank, Brooklyn, Iowa
Dec. 22,1884
50, 000 Dec. 4,1925
959 Warren National Bank, Warren, Minn
Dec. 28.1918
50,000 Dec. 5,1925
960 First National Bank, Covington, Ga
Oct. 28.1907
50, 000 Dec. 8,1925
961 First National Bank, Delano, Minn
Nov. 23.1910
25,000 Dec. 12,1925
962 First National Bank, Creston, Iowa1
50, 000
Oct. 22,1881
do
963 Farmers & Merchants National Bank, Cannon Falls, Feb. 14.1903
25, 000 Dec. 17,1925
Minn.
July 20,1915
25,000
do
964 Farmers National Bank, Lake Preston, S. Dak
Mar. 26.1906
50, 000 Dec. 23,1925
965 First National Bank, Jefferson, Iowa
Dec. 18.1919
200,000 Dec. 24,1925
966 Drovers National Bank, Denver, Colo
Dec. 5,1901
50, 000
.do.
967 First National Bank, Rifle, Colo
June 17,1915
968 Home National Bank, Cleburne, Tex
100,000 Dec. 28,1925
June 26,1913
969 First National Bank, Riverbank, Calif
25,000
do
July 16,1913
971 Security National Bank, Mason City, Iowa
100, 000 Dec. 29,1925
Feb. 19.1907
972 Glasgow National Bank, Glasgow, Mont
75,000
do.
Dec. 4.1907
973 National Bank of Luverne, Luverne, Minn
25,000 Dec. 31,1925
Aug. 1,1903
974 First National Bank, Greensboro, Ga
50, 000 Jan. 9,1926
Aug. 22.1922
975 Broadway National Bank, Denver, Colo
200,000 Jan. 16,1926
Aug. 5,1871
976 First National Bank, Tama, Iowa
75,000 Jan. 18,1926
Apr. 22,1893
977 First National Bank, Waukon, Iowa
do
100,000
1
Receiver
 appointed to levy and collect stock assessment covering deficiency in value of assets sold.



297

REPORT OF THE COMPTROLLER OF THE CURRENCY

appointment of receiver, and closing, with amounts of nominal and additional
losses on assets, expenses of receiverships, claims proved, dividends paid, and

Progress of liquidation
to date of this report

B a n k value of assets at date of
suspension

Estimated
good

Estimated
doubtful

Estimated
worthless

Additional
assets
received
since
date of
suspension

i otai
assessm e n t of
shareholders

Total
assets
and
stock
assessment

Cash
collected
from
assets

Cash
collected
from
stock
assessment

76,129
70,236

$100,000
50, 000
150,000
25,000
45, 000
25, 000
400, 000
25,000
25,000
25,000
30,000
200, 000

$833,078
723,475
1,204, 545
416,101
243, 673
330, 770
3, 930, 064
261, 685
235, 299
96, 806
622.297
1, 377, 296

$402,877
357, 722
529, 678
233, 271
75, 403
192, 474
2,025, 937
117, 973
94. 622
12. 783
239,957
531,836

$41,016
3,025
83,660
7,000
19, 057
23,733
309, 919
8,438
18, 265
13,150
10, 258
108,434

903
904
905
906
907
908
909
910
911
912
913
914

75,000
200, 000
100, 000
100, 000
30, 000
50, 000
25 000
150, 000
25. 000
50, 000
100, 000
50, 000
60, 000
250,000
25, 000
25,000
75, 000
70,000
50, 000
50, 000
25,000
25, 000
200,000
50, 000
25,000
60,000
50, 000
25,000
100, 000
30,000
200, 000
75, 000
100, 000
50, 000
50,000
50, 000
50,000
50, 000
50, 000
50,000
25, 000
50, 000
25, 000

372, 319
1, 715, 446
2,172,128
2,164, 842
344, 727
834, 010
161, 682
1, 838, 773
532, 896
610, 067
501, 613
324, 515
726, 754
3, 034, 435
144,081
292, 556
1,083,011
612, 368
697,197
361, 029
401,931
177,940
5,384,215
651,176
133, 760
583, 345
869,316
221, 297
906, 388
186,324
3,035,199
856, 098
877, 390
564, 500
532,127
592, 433
754,969
900, 674
560, 978
329, 723
333, 898
441, 862
402, 361

98,849
700, 796
1, 397, 999
1, 207, 290
131, 524
328, 431
56,160
1,107, 531
203,913
276,042
172,192
155, 530
322, 894
1,124,964
68,056
136, 277
346, 575
283, 695
415,155
145, 824
168,123
62, 363
2,664,984
140, 072
31, 622
158, 809
490, 648
94, 644
341,178
55, 613
1, 896, 871
290, 247
434, 360
313, 769
213, 864
215, 756
358,047
412, 299
165, 712
119, 499
179, 912
232, 417
151, 334

42, 319
53, 729
12,171
83,389
11,262
21, 900
11,350
84,175
7,340
27, 401
27,588
20,147
45, 424
159,804
16, 035
8,788
47,209
28,847
24,300
1,000
13, 265
23, 538
86,055
21, 854
1,100
39, 632
11,950
11,200
92,187
12,153
132, 401
22, 686
94, 500
12,600
23,171
14,363
29,867
35,100
10,458
41,849
16,143
21,900

915
916
917
918
919
920
921
922
923
924
925
926
927
928
929
930
931
932
933

205,437

208, 973
158, 705
43, 489
167, 571
50, 267
204, 814
398, 048
36,148
58, 524
305, 255
127, 066
124, 828
63, 640
71,312
3,699
962,987
198, 315
28, 634
93,098
168, 962
55, 521
115, 259
36,131
568, 726
237, 764
171, 526
115, 706
51, 464
17, 215
233, 473
267, 819
74, 285
68, 220
54, 652
141,956
76,179

16, 510
161,136
105, 015
67, 389
14, 665
60, 378
7,326
31,939
37, 436
41, 653
21, 470
10, 432
36, 849
247, 673
2,746
12,963
228, 369
23, 640
18, 371
14,180
42,017
41, 401
283, 800
25, 870
4,140
32, 377
54, 003
7,380
121, 227
7,010
226, 480
46, 268
94, 993
71,182
22, 555
82, 861
32,193
49, 013
38, 436
7,107
22, 629
50, 433
12,162

70, 064
133, 356
406,927
71, 808
107,050
42, 459
397, 029
138, 697
408, 302
82,192
293,071
196, 322
545, 797

90, 524
109, 620
687, 548
76, 826
83, 757
100, 247
180, 520
86, 849
159,114
35, 661
441,108
199, 607
153, 382

10, 412
49,384
43, 817
153,180
41, 598
17,936
96, 734
63, 219
92,591
19, 605
64,630
62, 205
45,296

25, 000
50, 000
200, 000
50, 000
100, 000
25, 000
100, COO
75,000
25, 000
50,000
200, 000
75,000
100,000

245, 295
594,934
1, 769, 645
569,171
404, 851
196, 334
1, 506, 805
426, 872
740, 485
372, 847
2, 827, 700
1,164, 514
1,110,881

70, 514
320,600
532, 020
209, 439
120, 507
69, 595
894, 474
155, 734
275, 722
139,152
1, 526, 621
426,329
337,308

8,610
8,000
34,572
22,304
27,145
10,400
77,784
9,222
8,421
28, 737
37,886
64,184
74,802

$121, 723
308, 378
438, 483
113,950
45,073
108, 324
1, 916, 328
85, 818
39, 580
1,464
84, 230
432,119

$92,454
154, 731
263, 743
153,301
117, 240
106, 699
743, 757
56, 263
104.974
34,182
225,016
321, 751

$441,139
147,372
227,107
101,382
25, 056
53, 555
585, 896
70,156
44,317
35, 385
206,922
353,190

$77, 762
62,994
125, 212
22,468
11,304
37,192
284, 083
24,448
21,428

69, 206
462, 972
1,138, 223
975, 738
165,454
237, 384
79,087
1, 360, 861
146, 042
242, 760
105, 551
183, 276
151, 253
686,888
44, 506
106, 552
221,012
88, 616
398, 701
94, 835
74,204
19, 910
2, 539, 757
70, 957
24, 780
108, 822
201, 553
50,137
211, 496
39, 059
1,619, 895
86,914
276, 703
195,123
217,976
249, 092
178, 986
206, 238
75, 744
130, 580
62, 348
199,473
83,583

155, 373
397, 029
511, 485
497, 425
104, 954
207, 006
50, 269
87, 000
165, 713
232,165
107, 021
30, 540
273, 838
1,451,826
35, 681
89, 517
253, 375
303, 046
105, 297
138, 374
189, 398
87, 930
1,397, 671
306, 034
51, 206
289, 048
394, 798
83, 259
358,406
74,124
420, 098
410,152
234,168
132, 489
190,132
193, 265
260, 317
327, 604
322, 513
73, 816
169, 269

56, 230
494, 309
317, 405
524, 290
29,654
279, 242

49, 295
252, 574
431, 353
217,357
72,446
10,692
732,522
63,107
55, 478
185, 389
1,828, 891
631,380
266,406

0




775

625

934

935
937
939
941
942
943
944
945
946
947
948
950
951
952
954
955
957
958
959
960
961
962
963
964
965
966
967
968
969

971
972
973
974
975
96
7
977

298

EEPORT OF THE COMPTROLLER OF THE CURRENCY

TABLE

N O . 42.—National

banks in charge of receivers, dates of

organization,

assets, amounts collected from all sources, loans paid and other disbursements,
remaining assets returned to shareholders to October 31, 1928—Continued
Progress of liquidation to date of this report

Offsets
allowed
and
settled

903
904
905
906
907
908
909
910
911
912
913
914
915
916
917
918
919
920
921
922
923
924
925
926
927
928
929
930
931
932
933
934
935
937
939
941
942
943
944
945
946
947
948
950
951
952
954
955
957
958
959
960
961
962
963
964
965
966
967

971
972
973
974
975
976
977

$5, 350
32, 476
75, 562
15,927
1,007
22, 767
346,151
4,109
8,052
20,604
126,630
3,754
131, 273
90, 769
63,169
20, 226
10, 694
18,149
96,642

9,110
39, 904
15, 277
15,102
27,123
115, 704
8,576
11, 204
38,105
19,996
26, 774
2,789
12,163
102
601,965
12, 249
7,239
12,657
53,423
5,749
39, 326
310, 212
10, 978
27, 484
29, 535
21, 913
46, 729
20, 656
26,844
11,442
10,499
18, 342
18,793
15,895
27,448
193,198
87, 592
9,223
10,286
114, 399
7,781
17, 845
13,124
307, 915
20,572

Total
collected
from all
sources,
including
offsets
$449, 243
393, 223
688,900
256,198
95,467
238, 974
2, 682,007
130, 520
120, 939
25,933
270, 819
766,900
144,922
885, 798
1,500,939
1,353, 848
163.012
361,025
85, 659
1,288,348
220,363
343, 347
215,057
190, 779
395,441
1,400,472
92, 667
156,269
431, 889
332, 538
466, 229
149, 61=3
193, 551
86,003
3,353,004
174,175
39,961
211,098
556,021
111, 593
472, 691
76, 658
2,339,484
323,911
556, 344
355, 904
258, 948
276, 848
408, 570
474, 243
187,612
171, 847
214,397
254, 317
170, 752
95,019
356, 048
759, 790
319, 335
156,875
90,281
1,086, 657
172, 737
301, 988
181.013
1,872,422
529,351
432,682

Loss on
assets comRemaining Assets
pounded Remaining uncollect- returned
or sold
uncollected ed stock to shareunder
holders'
assets
assessorder of
ment
agents
court
$324, 851
149, 632
40, 269
141, 903
122, 263
90,529
1,157, 976
58, 883
7,850
1,800
124,319
244, 237
72,190
180,618
147,659
102, 745
10,963
70, 263
6,315
84,094
31,051
34, 522
66, 744
14,030
79,958
81,615
42,449
11,021
373, 768
36,081
205, 268
162,416
51, 528
90,475
183,241
85,496
9,132
3,634
20, 504
18, 743
425,884
3,596
94,050
178,131
86,224
30,077
25,619
22, 697
60,507
141,424
24, 279
25,646
9,679
20,889
8,246
62,955
345, 501
57, 712
64, 643
91,453
65, 728
33, 652
59,679
38, 712
273,815
98,129
82, 760

$133, 645
409,036

55,720
99,775
57,223
207,417
274, 593
122, 526
502, 759
435, 701
691, 638
152, 014
374, 622
56,058
400,506
263, 822
209, 599
147,400
89,853
236, 779
1,462,152
109, 054
249, 563
202, 596
145,117
1, 734, 025
363, 359
60,767
348, 245
254, 741
77,161
534,066
301, 742
229, 322
141,119
220,731

257, 251
265, 759
270,107
309, 545
124, 079
100, 965
159, 445
186, 345
125, 640
133,931
498,926
164,428
110,478
332, 204
154, 705
362, 239
131, 859
519, 349
526, 218
570, 241

* Including dividends paid by purchasing bank.




$58, 984
46,975
66,340
18,000
25,943
1,267
90,081
16,562
6,735
11,850
19, 742
91,566
32, 681
146, 271
87,829
16,611
18, 738
28,100
13,650
65,825
17,660
22, 599
72,412
29,853
14, 576
90,196
8,965
16, 212
27, 791
41,153
25,700
49,000
11, 735
1,462
113,945
28,146
23,900
20,368
38,050
13,800
7,813
17,847
67, 599
52,314
5,500
37,400
26, 829
35, 637
20,133
14, 900
39,542
8,151
8,857
28,100
24,375
16, 390
42,000
165,428
27, 696
72,855
14,600
22, 216
65,778
16,579
21,263
162,114
10,816
25,198

Disposition of proceeds
of liquidation

Dividends
paid

$100, 405
295, 838
450, 946
148, 990
19, 442
116, 449
"1,106,050
47, 578
87,131
110,690
422,032
330, 586
1,044, 618
1,151,839
27,094
45,972
12,043
144, 574
98, 675
123, 209
85,969
59,094
238,728
393,617
55,221
114,448
139, 619
224, 629
200,640
10,090
133, 584
22, 251
1,648, 585
5,777
79, 217
366, 505
52,444
345, 540
32, 561
1,115, 075
112, 876
283, 761
213,932
134,875
34,864
199, 992
262, 625
30,630
85, 654
136, 957
15,000
94, 655
13, 754
155,659
304, 540
191, 781
61,168
54,148
541,977
87, 636
134,036
52,367
1,371,910
301,608
215,921

Secured
and preferred
liabilities,
including
offsets
paid
$329,749
33, 987
154,583
86, 680
63,913
104,546
1,376,048
60,964
8,954
19,735
129,005
211,695
68,815
485,207
210, 792
135,733
90,414
230,039
42,915
1,066,537
70,778
132,462
97,136
101,564
81,418
733, 281
26,132
11, 264
231,877
68, 512
193, 257
127,543
18, 584
54,199
1,183,690
104,951
23,622
76,382
107,101
26,167
105, 707
25, 794
1, 080, 591
146, 998
236,002
81,961
82,656
171, 703
118, 358
158, 502
111, 372
53, 707
43, 712
145,171
38,880
62,370
158,963
398,291
88,775
61,951
23,230
429,185
53,514
64, 736
, 97,702
345,595
129,687
126, 655

KEPOKT OF THE COMPTROLLER OF THE CURRENCY

299

appointment of receiver, and closing, with amounts of nominal and additional
losses on assets, expenses of receiverships, claims proved, dividends paid, and

Disposition of proceeds of liquidation

Cash
advanced
in protection
of assets

$2, 751
23, 744
34
377
826
93,049
303
619
50
2,365
323
6,600
1,413
3,257
457
12,148
8,072
949
3,420
1,131
2,392
12,522
190,939
286
3,901
5,224
721
53
1,629
30
24,044
9,563
28
9,509
14, 723
125
10, 380
16,139
2,268
4,167
4,856
20,471
2,585
3,095
5,534
145
2,412
74,847
694
129
2,136
322
5,689
475
17, 711
8,619
7,925
1,470
1,087
5,628
44, 709 1

Receiver's
salary,
legal, and
other
expenses

Cash in
hands of
comptroller
and
receiver

$19,089
28,920
57,548
20,494
11, 735
17,153
69, 761
12,688
13,639
4,888
19,366
52,923
17,433
37,493
46,361
48,370
23,967
25,979
13,979
36,886
16,321
43,319
18,581
15,130
27,843
51,682
11,028
11,356
21,279
25,662
16,204
11,927
13, 980
9,523
134,478
25,137
5,109
22,402
25,807
12,506
13,875
14,437
51, 530
29,913
19,896
29, 571
23, 390
25, 541
32,882
35,101
27,154
17,431
15, 572
15,431
18, 717
11, 336
33, 763
42,831
21, 519
18,812
12,428
39,948
12, 521
21,266
16,861
69, 742
31,152
32, 984




$31, 727
2,079

37,099
8,987
10,596
1,310
11,708
77,885
10,282
25,912
197, 755
14,649
21,080
46, 887
16, 722
32,279
33,640
40,937
12,240
12, 599
34, 930
30,953
15,300
33,890
13,014
56,128
25, 774
362, 207
34, 524
5,425
23, 588
41,885
20,351
7,569
3,866
81, 908
17,985
14,417
26,273
13,171
24,269
54, 753
14, 920
12, 922
14, 910
15, 744
3,868
17, 806
7,559
7,534
11, 992
16,938
9,255
57,836
10,447
74,025
12, 613
84,088
61,276
12,413

Amount
returned
to shareholders
in cash

Amount
of claims
proved

$314,059
537,871
670,881
247, 927
95,504
141,155
1, 085, 419
133, 489
158,433
27, 235
360,597
710,031
132,139
758,803
1,493,368
1,645,080
180,977
532, 625
62,657
413,157
372, 580
350,047
199,898
118,187
477,513
1,846,384
64,969
228,895
552,443
375, 293
366, 272
206,200
296, 888
37,716
3, 664, 521
444, 644
58,423
396, 214
610,841
131, 314
482,625
65,116
1,370,407
597,426
348, 684
305, 769
337,207
246,263
499,978
583,642
376,025
155,664
228,261
50,000
315, 533
116,069
276,467
870,115
273, 534
108, 797
74,176
766,617
175,270
536,205
134,097
1, 957,893
861, 609
719, 771

Dividends
(per
cent)

$24. 25
55
65
56
19.5
75
10
30
55
30
60
30
40
70
70
15
8
20
35
25
35
43
50
50
20
85
50
25
60
55

4.9

45
59
45

10
20
60
40
75
50
80
19
70
70
40
10
40
45
8
55
60
30
30
10
55
35
70
45
73
70
50
25
30
70
35
30

Interest
dividends
(per
cent)

Finally
closed

Mar. 29,1928
Feb. 29,1928
Oct. 31,1928
Dec 31,1927

Sept. 17,1928

Jan. 31,1928
Aug. 18,1928

Sept. 30,1928

903
904
905
906
907
908
909
910
911
912
913
914
915
916
917
918
919
920
921
922
923
924
925
926
927
928
929
930
931
932
933
934
935
937
939
941
942
943
944
945
946
947
948
960
951
952
954
955
957
958
959
960
961
962
963
964
965
966
967
968
969
971
972
973
974
975
976
977

300

REPORT OF THE COMPTROLLER OF THE CURRENCY

TABLE N O . 42.—National

banks in charge of receivers, dates of organization,

assets) amounts collected from all sources, loans paid and other disbursements,
remaining assets returned to shareholders to October 31, 1928—Continued

Title and location of banks

978
979
981
982
984
987

Date of
organization

Capital
stock at
suspension

First National Bank, Gilmore City, Iowa
First National Bank, Pocahontas, Iowa
Cando National Bank, Cando, N . Dak.__
First National Bank, Oroville, Wash
First National Bank, Ada, Minn
National Bank of Wessington Springs, Wessington
Spri