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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. Expenses7 incident to the administration of these 76 trusts, such as receivers 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, GOO 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 Total Federal reserve bank notes outstanding O c t . 1,1928 $4,049, 608 $4, 049, 608 $4, 539,138 4, 049, 608 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. N o v . 1,1927 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 United States Panama of 1936 (2 per cent). 48, 715, 720 United States Panama of 1938 (2 per cent). 25, 756, 020 Total 667,168, 440 Federal reserve bank National-bank notes of each denom- notes of each ination outstanding denomination outstanding One dollar $341,447 162,894 720,158 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 _. 23, 563, 600 F ive hundred dollars, 21, 000 F ractional parts 61,163 Total.-. Notes redeemed but not assorted by denominations. „_ 705,029, 244 4,049,608 4, 876, 790 Total 87, 500 One thousand dollars __ L ess 1 1 $2, 244, 425 T wo dollars 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 | 17, 877 99, 213 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 for calls prior to Oct. 3, 1928. Digitized fordeposits FRASER 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] States, etc. Maine New Hampshire Vermont Massachusetts Rhode Island Connecticut _ Total New States _ Due from banks, Cash in including lawful vault reserve and other cash items Loans, including overdrafts i 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, 274 385 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 _ 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 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. June 30, 1927 June 30, 1928 Amount 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, 579 324,405 | 2.42 6,344,135 1,982,754 47. 28 14.78 795 557 Per cent 5.76 17.28 342,914 2.46 384, 345 2.54 6,125, 942 942 6,125, 2, 215,105 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 S3-8 Isg i s§; il ?s5 111 Si 2. Allother real estate loans 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 25 305 3,325 92 57 9 418 706 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 New York Do Chicago Other reserve cities___ __ . All reserve cities. States (exclusive of reserve cities) Total United States Per cent June 30, 1927 Amount June 30 , 1928 Per cent Amount Per cent 2, 274, 618 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- 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 in- 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 cer- ury (includ- Shortterm tificates saving ings of inbonds treasury 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 cer- ury (includ- Shorttificates savterm ing of inings bonds treasury debtedcertifinotes 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 RusCol- ofsian, lateral 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 23 804 334 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 19 109 136 5 13 556 145 235 1,081 1,822 824 140 258 523 1 1,223 247 34 669 110 35 2,630 4,301 354 1,226 16 14 178 6 1,617 9 28 94 2,396 80 48 5 254 753 503 3,026 985 106 8,338 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 20 61 3 48 15 1,194 10 65 85 160 35 14 90 10 65 1,712 120 10 25 5 _ 13 20 64 3 6 9 176 5 236 16 1 104 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 5,655 137 475 142 339 33 1 10 99 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 13 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 Claims, of Fed- Stock other wareral corporeserve rations rants, etc. bank Judgments Bonds RusCol- ofsian, lateral 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 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 3,265 473 977 4,195 981 761 70 39 191 198 277 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 Kentucky. _ ___..-_ Tennessee ._. Total Southern States o Ohio § Indiana CD Illinois ° Michigan _ Wisconsin _ |CJ Minnesota 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 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 mainof savings taining Number i savings separate depositors deposits (000 savings omitted) departments CENTRAL RESERVE CITIES New York.. Chicago Total central reserve cities_. Average rate of interest, paid 20 11 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 of taining Number rate of deposits savings separate depositors interest (000 savings paid omitted) departments OTHER RESERVE CITIES—continued Tulsa Seattle Spokane Portland Los Angeles _ _ Oakland San Francisco . Ogden Salt Lake City _ __ . .. __ Total other reserve cities ._ Total all reserve cities 2 29, 359 81, 209 32, 384 105, 900 422,125 6,558 937,152 2 571 18, 791 $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 3.58 394 330 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 6 7 4 5 11 2 6 2 5 7 4 3 6 1 2 1 363 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 . W e s t Vriginia N o r t h Carolina ___ S o u t h 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 38 241 980,439 475,306 4.06 501 417 268 559 11 62 1 165 379 930, 954 1,814,245 12,130 116,148 638,606 446,266 894, 561 8,821 71,385 3.97 4.00 3.51 4.00 3.73 1,702 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 1,275 747 1,508, 576 698,110 3.95 291 203 425 126 149 263 243 98 190 152 239 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 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 _ __ __ _. _ 46 293 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 mainof savings Average taining Number rate of savings separate depositors deposits interest (000 savings paid omitted) departments COUNTRY BANKS—continued Washington Oregon California Idaho Utah Nevada Arizona 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 3.88 221 478,435 218, 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< C(iontinued 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, Total Pacific States,. Total United States a n d possessions £ $455, 697, 000 $180.12 405,030, 000 163. 98 Savings deposits 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 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 ; j ! j 43 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 80.62 000 000 000 000 000 000 000 440, 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 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 Mississippi3 Louisiana Texas Dallas El Paso Fort Worth Galveston Houston San Antonio Waco Arkansas* _ Kentucky Louisville 5 Tennessee Nashville Southern States Ohio6 Cincinnati Cleveland Columbus ... - 351 7 289 494 193 224 214 232 10 224 135 987 236 40 87 75 27 110 5 1 6 212 145 22 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 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 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 8 4 __ _ 273 31 410 232 321 411 83 225 88 136 141 1,430 161 53 133 52 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 10 _ 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- securiearn- 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 Middle Western States North Dakota South Dakota Nebraska Lincoln _.. Omaha Kansas 9 Topeka Wichita Montana 10 Wyoming11 Colorado Denver New Mexico Oklahoma Muskogee Oklahoma City. Tulsa.... Western States. Washington,. Seattle... Spokane. 2 Includes 3 Includes Includes Includes Includes 4 8 6 1 bank 1 bank 1 bank 1 bank 1 bank 426 112 685 586 67 33 357 159 350 103 533 274 210 426 16 53 165 239 60 379 169 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 2,407 228 4 444 13 23 4 130 3 150 7 267 7 5 262 3 5 108 10 4 12 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 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 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 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 2,015 365, 730 239, 597 605, 327 185, 488 63,124 136 97 147 4 7 241 5 4 70 26 116 7 29 318 3 6 6 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 1,222 91, 633 41, 980 133, 613 16, 794 3,181 1,728 97 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, 214 986 315 1,526 2, 283 539 100 1,187 1,500 851 342 854 318 397 942 "Is" 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 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 dis- dends) and sur- and counts plus on on loans investments 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. Commissions and earnings Inter- Domesinest on tic ex- Foreign from surance Trust Profits Other Total balon change exchange premiances and col- depart- ums and depart- securi- earn- gross ties ings earnings with lection ment the nego- ment sold other charges tiation of banks real estate loans 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 13 Includes 2 banks in reserve city of Ogden. 81,982 1,344,406 o Net earnings and recoveries Expenses Location Maine New Hampshire. Vermont Massachusetts Boston Rhode Island Connecticut.. __ Salaries and wages _ New England States New York Brooklyn and Bronx Buffalo New York City New Jersey Pennsylvania Philadelphia Pittsburgh Delaware Maryland Baltimore Washington, D. C__ Eastern States 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 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 76 104 54 342 1,015 28 176 63 59 31 404 2,395 37 160 509 311 86 3,290 7,306 580 1,956 18, 471 1,795 3,149 14, 038 24, 594 4,304 11, 081 77, 432 32, 849 740 1,680 1,189 36,458 12,176 1,120 275 35, 753 9,227 15,808 5,709 4,095 257 1,058 1,532 1,793 722 142 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 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 I 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 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 Total net earnings Recoveries on All other and rebonds, recover- coveries ies on securichargedties, etc. off assets 1,584 7,979 1,618 368 797 220 1,582 713 201 1,274 1,975 1,128 2,125 707 185 302 144 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 ! 15 111 2 104 9 4 69 84 84 25 57 3 18 49 279 91 10 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 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 O W H O 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 Iowa Des Moines Sioux City. Missouri Kansas City.. St. Joseph St. Louis _ 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 361 480 238 151 187 962 203 1,178 687 232 67 269 897 61 2,656 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 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 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 19,658 744 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 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 9 68, 750 155, 405 957, 661 386,745 19, 519 8 1 7 3 118 204 322 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 banking On On loans bonds, 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 to profits to dends to capital profits capita] capital » and sur- capitalto » and surplus " 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 banking On On loans bonds, On house, and dis- securities, furniforeign counts 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 __ . . _ . . . . _ _ . . _. _ . _ . _ . . Alaska—nonmember Hawaii—nonmember Total nonmember banks Total United States _ 1,556 77 ]75 996 274 1,004 333 405 1, 885 48 192 176 90 2 6 54 29 428 225 29 176 10 35 14 161 15 128 74 49 85 117 62 350 9,727 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 6 1 3 139 47 18,150 11 3 60 63 181 Net Total addition losses to profits charged off Other losses 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 13.48 291 15 5 139 41 179 25 59 385 2 34 22 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 3 37 49 81 155 66 79 24.00 13.17 15.35 5.52 29.45 25.83 18.84 10.84 3 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 _ Total Net earnings during period Recoveries on eharged-off assets: Loans and discounts Bonds, securities, etc Another Total 1 _ _ 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 74,620 217,385 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. 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 113,191 203,885 317,076 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, Reeves, Owen T., jr__ __ 525lviass. 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 Henry F (JG) 57 I! Quinn, Ramsdell, P. C_ 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 Total. 3,043,826 87,768 42,300 222, 565 215,404 584, 200 2,007 611, 709 87,490 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 3, 111, 078 80,067 39,152 883,800 204,698 91,837 317 611, 271 69,047 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 2,138,000 67,592 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 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 United Bills States Bills bought dis- in open Government Total counted market securities 1924 1925 Reserves Gold Deposits Federal reserve notes in Total circula- Members' Total tion reserve 522 532 482 447 430 350 294 263 260 223 221 314 272 263 202 124 87 45 24 49 92 215 281 387 121 156 257 302 333 430 505 542 575 584 582 540 915 951 942 873 850 826 825 855 928 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 2,346 365 398 456 444 429 477 398 401 430 402 477 302 280 237 242 236 216 169 185 242 301 355 303 305 353 318 322 376 385 473 494 511 548 603 972 985 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 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 Capital and surplus * Includes (in addition to bills discounted and bought and United States securities) municipal warrants, intermediate credit bank debentures, and foreign loans on gold. Digitized forFederal FRASER 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 and obligations States Gov- counted ernment purchased to total bills obligations holdings of discounted and purchased bills Date 1927 Nov. 30 Dec. 31 1928 Jan. 31 Feb. 29 Mar. 31 Apr. 30 May 31 June 30 July 31 Aug. 31 Sept. 30_ Oct. 31 _._. _. _ — _ __ 345,070 417, 729 831, 765 973, 542 41.5 42.9 297,983 801,979 836, 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 Digitized forexceeding FRASER $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 5 -5M 5 -5 r ' 5 -6' 53^-6 5^-6 5 -6 4H-6 5H-6 5 -6 534-6 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 -7 -7 -7 -7 -8 -7 -7 5 -6 5 -6 5 -6 5 -6 5 -6 534-6 53^-6 5 5 5 5 5 -6 -6 -6 -6 -6 5 5 5 5 5 w o 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 c6 5i^_g 5^-6 5^-6 5U-6 534-6 6 5M-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 5j|6 5 5 534-6 5 -6 5 -7 -6 -7 6 ^6 53^-7 5 -6 5 -6 8 5 -6 5 -8 6 -7 6 4H-6 6 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 534-6 6 -63- 534-6 V2 5 -6 53^-6 1928 5)4-6 534-6 6 5 -6 53^-6 5^6 August, 5 -8 6 34 5 -6 5 -6 6 6 -8 6 -8 61 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 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 Loans secured by warehouse receipts August, 1928 September, 1928 6 6 -7 6 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;; 4 -434 4 -434 4^-4% 4^-4% SU-4 January 334-534 4HAH 434-434 434-434 4J4-434 4^-434 434 434 February 4 March April -434 41/2-43 4 434-434 -4K KJ4 1928—Continued May 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... 434-4% 4?4-5 June July 534-8 5 -10 5J4-6 5H-6 5^-6 5^-6 5H-4 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] November December January February March April May.. June July August September October Sight 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 66 2??34 28 8%%2 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 5 6 -7 7 7 -7K 25 8% 6 -8 6 -7K 6 1925 9 4^-6 5 / 2 5 -h\£ 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 trust (com- and compamercial) nies Titles Names of officials Bank commissioner __do Commissioner of banking a*id insurance Commissioner of banks . State bank commissioner „ do Total New England States New York... New Jersey Pennsylvania. Delaware Maryland District of Columbia _ _. _ Frank H. Warder. Edward Maxson Peter G. Cameron Harold W. Horsey George W. Page Superintendent, banking department Commissioner, department of banking and insurance._ Secretary, department of banking State bank commissioner do.. Total Eastern States Virginia _. West Virginia North Carolina South Carolina Georgia Florida . Alabama Mississippi Louisiana . Texas.. Arkansas Kentucky Tennessee .. . 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- Superintendent of banks __ Bank commissioner Auditor of public accounts Commissioner, State banking department.--.____„„.,_ Mutual savings Private Total 50 15 40 98 10 95 35 53 19 196 11 75 17 85 68 59 294 24 187 3 308 389 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 29 690 832 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— Stock savings 654 511 1,332 589 58 1 3 8 U4 1 58 11 3 5 167 22 4 328 211 441 204 373 239 250 308 196 748 358 443 404 15 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 (comsavings mercial) companies 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 Alaska W. G. Smith The Territory of Hawaii Philippines Porto Rico Total possessions Total United States and possessions. 1 Not under State supervision. Commissinnp.r of banking Secretary territorial banking board Governor of Hawaii Insular treasurer. Treasurer __ _ __ _ 790 833 338 1,123 14 17 14 107 6,170 341 350 301 733 841 131 60 148 29 335 3 704 708 6 5 19 7 Private 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 1 817 42 36 15 13 51 11 1,633 353 315 746 864 133 60 162 29 335 2,997 243 150 274 94 85 25 30 5 1 901 6 13 21 16 12 11 15,078 Total 146 1 7 13 2,928 13 10 16 12 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 Total liabilities 26,905 1,526 15,830 100,860 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 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 i Estimated. 75 $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, 741,000 622. 04 149 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, 000 784.15 53 19 196 11 _. 2 Average Average due each rate of in- Number Depositors depositor terest paid of banks 229,536 i 341,036 1 133,481 2, 910,872 222 693 872, 285 35 Ohio Indiana Wisconsin Minnesota Total Middle Western States-Washington California Total Pacific States Total United States Deposits 2 76 77 39 80 23 Per cent 4.00 3.79 4.50 4.64 4.22 4. 56 4.17 3.93 3.56 4.00 4.00 4.00 4.50 3.50 4.25 Deposits Average due each depositor 75 229,367 i 364, 663 1 140,742 2, 931, 837 234,441 887, 667 $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. 76 686.05 389 4, 788, 717 3,150, 850,000 657.97 149 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. 78 202 6,464, 338 5,197,978,000 804.10 3 5 6 5 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 19 322,116 198, 757, 000 617. 04 5 1 84,923 72,049 50,416, 000 74,822,000 593. 67 1,038.49 35 53 19 196 11 3 5 7 3 6 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 11,337,398 8,077,099, 000 712. 43 616 11, 732,143 8, 672, 823, 000 739.24 5.00 4.00 Includes savings of 11 trust companies and 11 guaranty savings banks. 3 Includes returns of 1 stock savings bank. Average rate of interest paid Per cent 4?00 3.79 4.50 4.71 4.36 4.60 i3 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 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 Per cent 4.00 4.00 3.44 Per cent 3.00 22 120,142 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 4.00 708 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 $606.61 1,066.86 284.69 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 Total Eastern States 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 Average rate of interest paid $649.51 $25,253,000 39,029,000 36,118,000 - „_ . » * . . . „ . ._ Average due each depositor $26,607,000 i 41,630 36,583 126,870 _ Deposits 40,965 1 1 23 New Jersey _. Pennsylvania, District of Columbia 00 Includes savings of departmental banks. I 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 currency2 487, 371 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, time, Secured Secured demand secured by Onnot secured by demand, Not 3 collateral farm by other classified not collateral secured by other than secured by byland real estate other than collateral real estate collateral 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 minor4 coin 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 fied 7 time cer- municipal deposits 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 2 Due from other banks and bankers 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. 34 Includes exchanges for clearing house. 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 savings2 banks: 2 banks: reporting 1 404 banks Per cent 8,929 616 banks banks, (000 ' to all banks (000 reporting (000 except 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 *2 Number of banks includes 12 Federal reserve banks. 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 reportFederal 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 reserve bank notes 699, 620, 652 19, 526,096 29,882,636 650, 211,920 5.49 19, 526,096 680,094, 556 National bank 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 1,150,167,965 152,979,026 152,979,026 1,628,138,695 4,248,437,682 4,176, 381,450 2,059, 798,696 153,620,986 154,188,886 2,139, 770,428 4, 210, 358,026 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) _ _ __ _ _._-_ .. . _. __ Total, 14 years and 9 months 1 Exports of merchandise 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 $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 National Loan and trust companies Savings banks Building and loan associations Total Individual Aggregate assets $10,527,000 11,400,000 2,590,000 $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 30,1927, 29 30,1928, 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 com- savings total banks panies banks banks panies banks banks Net earnings. _ _ Recoveries on charged-ofl assets: Loans and discounts _ _ Bonds, securities, etc.. Allother.. 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 Total-. 1,249 293 1,542 967 354 1,321 2,863 2,621 14 31 10 6 7 20 31 17 9 68 6 7 1 1 36 100 24 31 61 • 48 1,304 306 1,610 1,050 363 16 69 7 1,413 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 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). 1926 1927 $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 $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 C1) 25, 334,429 18,455,498 17,076,062 16, 747,072 15, 252, 627 12, 003,439 C1) 8,813, 558 7, 726,107 6, 261, 979 6,869,572 4,125,176 C1) 2,145, 792 1 C) 0) 1, 389,409 441,325,797 5,852, 689, 591 1 Increase of Per cent mortgage mortgage loans outloans to standing over assets, previous year 1927 C1) 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 C1) 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 public Metallic and 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 .50 .193 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 5,254 332 5,059 2 88 67 8 8 891 5,253 230 5,626 3,312 391 166 299 299 54 475,447 475,447 33,245 34,000 1,349,445 230 240 10,087 89l" Gold Silver $0.07 $36. 91 18.97 1.07 1.87 $7.21 2.71 10.41 .13 1.74 .05 .05 3.80 500 1,634 25 64 164 266 858 .50 4.06 .69 773 263 650 10 17,717 «500 Unclassified 3,562 1,000 2,520 2,300 86 791 I~660~ Paper circulation, in monetary unit of issuing country 322 5,059 1 4.8665 4 8665 4.8665 .402 .193 .193 .9648 Per capita 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 13.43 1.38 14.38 19.95 1.30 .24 144.54 141.67 133.78 1.17 .02 .92 6.92 47.13 .31 Bolivia _ Brazil? Chile—. Colombia Ecuador GuianaBritish Dutch French Paraguay Peru Uruguay 7 Venezuela Europe: Austria w10 Belgium 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. Ceylon17 China 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 .3893 .5462 .1217 .9733 .4867 1.0138 .402 .193 . 9648 4.8665 1.0342 .193 .1407 .139 .193 .2026 ~"32,~804~ 195 .268 .268 .0252 .193 .2382 "~15,"674" 4.8665 151,961 4.8665 .193 .1749 .268 .193 .193 .10 4.8665 .402 .268 .1122 1.0805 -.193 5.1455 193 .268 .193 .193 39, 556 2, 539,304 252,978 46,370 41,316 2,599 36, COO 3,947 6,923 2,000 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 8,568 56,323 9,933 19,962 2,046 2,322 7 9, 517 9 166 86 7 94 86 94 7 203 334 7 194 21,490 69, 510 15,000 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 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 .402 do Pound Lira Franc Pound do Franc .365 .4985 Silver stock $108,635 $108,635 529, 774 529,774 71,640 71,640 $17,334 (18) _ 50 5678 4428 5678 3.860 3,044 3,044 $240 8,868 1,325 1,732,770 212,231 1,826, 424 129, 902 1,682,390 318,942 19, 999 83, 454 159,818 351,181 53,230 1,638 1,638 Shilling Franc. .193 2 1 1 1 1 Silver Paper $0.18 6.69 $0.34 5.43 6.34 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 2.68 .09 223.46 8.31 59.11 1.94 750 1,355,310 124,619 59,106 27,522 28,000 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 21,458 18, 459 Gold 852 10,000 11,752 600 9,724 935 2,700 15,521 18,459 Unclassified 2,000 52,000 118,015 7 156 130, 853 140,627 7,675 2,920 • 32,726 18,786 88 23, 711 12, 824 29,626 (18) .193 193 .193 4.9431 193 193 Paper circulation, in monetary Population unit of issuing country Total 4 8665 4. 8665 4 8665 .193 .193 .2433 do 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 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 2,658 102 195 58 146 160 341 447, 237 224 104,897 5,557 18,588 1,176 3,120 81,232 4,000 39,900 174 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 .365 Pound. do do Franc 4. 8665 4.8665 4.8665 .193 196 730 107 .365 .193 .365 Rupee 51 1,460 191 130 329 4,874 42,021 16,339 58,360 13,154 7 407 129,702 38, 282 437,053 106,400 106,400 431 431 973 9,706,078 4,167,821 9,650, 585 55,493 Includes gold and silver certificates (representing coin and bullion held in trust in the treasury) redeemable on demand. 2 Including some silver. 34 Figures for 1925. On June 30, 1927. * United Stases Government and bank notes. 6 In United States dollars. ?8 Last year's figures or figures of previous years. Newfoundland government notes only. 9 Including minor coin. 10 Stock in national bank. .47 13 .11 80.48 .01 33.62 20.31 229.31 3.22 .05 1.81 .21 .90 .07 .96 1.86 7.74 197 19,960 .17 1.36 .03 1.11 358. 75 .10 .87 67.84 2.00 1.32 .04 .67 1.14 106.03 1.26 1.74 o o 2.06 17.60 2.62 5.93 5.31 2.28 8.57 4.66 712.85 o. 11 Monetary standard not established. 123 On Dec. 24,1927. 14 Exclusive of Spanish bank notes. * Includes that held abroad. » On Jan. 10, 1928. is On Jan. 1,1928. 178 Incomplete. 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 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 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 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 SI, 189, 344, 736. 80 23, 609, 133. 38 600. 00 969, 957. 42 146, 525. 00 5, 178, 695. 99 2, 151, 925. 86 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 Accounts receivable: Accrued interest on bond investments Due from discontinued depository banks.. Due from late postmasters Investments, carried at cost price: United States bonds— Postal savings 2^'s Fourth Liberty 4M's June 30,1927 $114,343,673.43 268,654.64 • $114,612,328.07 6,426,695.18 909,182. 52 407,282.24 3, 739. 00 12,110. 57 12,433.38 28,282.95 33, 845,120.36 33,546,000.36 "I99,"l26."6o" 161,099, 254.81 155,901,488.37 5,197,766.44 365,264.67 ~~42,~6l7.~57 10,624,260.00 23,220,860. 36 37,301.010 10, 325,140.00 23,220,860.36 Decrease 1 $4,148,511.14 299,062.21 4,447,573.35 7,335,877.70 7,758,667.84 435,565.19 Par value $10,624,260 26,676,750 Increase 17,970.38 404,819.76 422,790.14 369,003.67 12,110. 57 54,450.95 _ to fcO o 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 Total liabilities.Surplus funds: Interest and profits (undistributed earnings) subject to future allocation of maturing interest charges .^ 4, 542, 592. 99 S 4,784,095.00 156,824. 51 $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 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 Items June 30, 1928 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 36, 046. 30 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 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 10,207,493 318,291 420,842 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 Balance to credit of Withdrawals the depositors June 30,1928 1 Savings stamps Increase in balances to the credit of depositors 2 Sold 2 $95,114,058 $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, 605.84 718. 23 1, 593, 616. 501, 733,865. 51 638, 374.15 589, n >68, 216. 94 3, 654,388. 64 4,480, 045.91 i 2, 277; 277. 60,649. 54 15, 330.42302,868, 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, andu savingsPostal, governmental, private, and commercial 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 Tn•easury savings bank Postal and savings certificates Postal and savings Governmental Postal and trustee savings banks.. system. June 30,1928 [Postal-savings \ Mutual and stock do Postal _._ 3,439,370 16 2, 266, 643 $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. 67 Figures given in Straits Settlements dollars. In addition, 5,660 time depositors. 88 In addition, $1,983,680 in time deposits. Rupees. 10 Deposits in postal-savings bank only. 11 Yen. 123 There are no savings banks in Mexico. Postal savings inaugurated in Feb., 1928; figures not available. 14 Deposits included with the United Kingdom. 1 Includes only 22 private banks and 9 commercial banks. ifi No savings banks in Salvador. 167 Ticals. 118 Figures cover only the Bank of the Republic and its dependency the National Savings Bank. 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 rate of Total assets change on at 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 -10 135 136 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.) 138 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.) 140 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.) REPORT OF THE COMPTROLLER OF THE CURRENCY 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.) 144 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.) 146 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.) 148 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.) 150 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.) REPORT OF THE COMPTROLLER OF THE CURRENCY 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 11 152 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.) REPORT OF THE COMPTROLLER OF THE CURRENCY 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 154 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 160 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 receivedu against insolvent national bank and its receiver is removable to Federal court; for 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, 162 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.) 164 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.) 166 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.) REPORT OF THE COMPTROLLER OF THE CURRENCY 167 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 ?12 168 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 XL S. C. A. § 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.) REPORT OF THE COMPTROLLER OF THE CURRENCY 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 170 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.) 172 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.) 174 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 XL S. C. A. § 21), and claims of 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.) 182 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 184 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.) 186 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. 2d series, 803.) 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.) 190 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.) 194 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.) 196 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.) 198 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.) 206 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. 17 The National Bank of Kinsley, Kans. (5810), absorbed by Kinsley Bank, Kinsley. May 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 June 25 Bank in Temple | 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 | __do Bank in Lakefield >, 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 City. Union Safe 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 & Trust Co.Bank of Vieksburg. 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. Ill 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 ) National ll2406 (United { Bank in New York. } 2, 000, 000 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 .... Mar. 10 442, 771 16, 958,014.__do...__ 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 98,541,102 N. Y__ 4,000, 000 Charter No. 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 io 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 . . . cs h a n t s National 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 N.J— 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, OOOJ 1,763,422 j 1, 000, 000! 52,145 Jan. 21 6, 000, 000 Feb. 9 1,000,000 Feb. 14 680,000 770, OOOi 181,898 Feb. 20 500,000 500,000 199,861 125, 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, OOOJ 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.. 1 2 3 4 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 2343 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_. 5934 10486 5927 Farmers State Bank, Lebanon __ The Citizens Bank of Norfolk 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 N.J... Jan. 1,250, 000 750,000 176, 05fi 35, 358,818 425,000 700,000 406,236 14,217, 595 125,000 300,000 17 400,000 100,000 11,766 3, 547, 795 Mich . Jan. 31 N. Y__ ._.do 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. 15 150,000 125,000 111 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 N.J... 100,000 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 Apr. 21 8 June 25 June 30 266,447 200, 000 100, 000 2,000,000 150, 000 50, 000 1, 000,000 1, 000,000 3,180, 851 45,012 Ind... 50,000 2,074, 798 15, 238 Minn - May T O a si o o 1928 M e . . . . Jan. 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 t-1 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, 1937, their consolidated capital, surplus, undivided 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 244 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. 247 218 249 251 570 9912 2874 5171 of Dayton. The First National Bank & Trust Co. of Tulsa. State Date of consolidation Capital Surplus assets Increase in authorized capital HJ £j $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 oO 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 H Pa N. J Okla ...do..... 77 215 000 7" 038,000 6 Aggregate 1928 Fla..._ Aug. 13 Total (25 banks) Decrease in capital. Undivided profits t\D 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 Eastern States.. Virginia West Virginia North Carolina South Carolina Georgia Florida Air bama 000 000 990 200 550 770 239 49 121 6 125,131, 291 9, 520, 450 33, 534, 095 585, 010 10. 249, 372 1, 080, 000 457 180,100,218 67 33 38 48 29 21 Middle Western States.. 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 Western States. Washington. Oregon California Idaho Nevada Arizona Texas Arkansas Kentucky Tennessee Southern States.. Ohio Indiana Illinois Michigan. _. Wisconsin.. Minnesota.. Iowa.. Missouri.. 56,192,900 11 Num- ber of banks Capital 24 26 40 25 35 113 42 47 $2, 890, 000 1, 808, 000 4. 630,000 2, 870, 000 3, 595, 000 7, 471, 000 1, 935, 000 17,151,800 352 42, 350, 800 83 49 80 81 37 9 35 7 191 2, 735, 000 1, 675, 000 3, 850, 000 4,127, 000 1, 485, 000 320,000 2, 755, 000 400, 000 7, 870, 000 572 25, 217, 000 64 28 111 26 1 5 5, 950, 000 1, 651, 000 44, 622, 800 1, 080, 000 50,000 300, 000 Pacific States.. 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. *6 Of these cases, 73 were effected wholly or in part by stock dividends aggregating $6,776,350. 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 25 1i 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 12 Amount of capital stock reductions incident to consolidations. 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 New York New Jersey. _ Pennsylvania. _ Delaware Maryland . . District of Columbia . . Total Eastern States Virginia. _ . . . . West Virginia North Carolina South Carolina.._ ... Georgia Florida ._ . Alabama Mississippi Louisiana Texas Arkansas Kentucky. ._ . __ Tennessee _ _ __ Total Southern States Ohio Indiana. ... _ Illinois Michigan _. __ _ __ Wisconsin . __ ... Minnesota Iowa.. . _ Missouri . . . . __ ! _ __ _ _ .. __ . Total Western States Washington _ Oregon California Idaho Utah Nevada Arizona . . __ - Total Pacific States Alaska Hawaii Porto Rico Total Alaska and insular possessions Total United States, Alaska, and insular possessions .. In liquidation Insolvent I n existence 113 74 76 351 65 119 1 1 1 8 2 4 4 7 16 2 6 57 13 22 174 50 44 55 56 46 153 11 65 798 17 35 360 386 926 377 1,149 29 128 30 29 12 23 52 10 54 1 3 2 4 279 56 207 11 42 10 566 299 865 18 83 13 2,639 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 2,832 51 206 868 1,707 634 400 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 3, 473 47 298 1,110 2,018 243 202 355 434 189 57 205 78 715 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 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 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 FRASER and Trust Company of Newark. 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 <fe Trust Co. of New York under 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 _do_ do. $1, 265, 740 $100,000 $75, 273 25, 000 50, 000 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 *2 With 7 branches in New York City. 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 .. __ 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 0 klahoma Total Western States. Washington Oregon California . Idaho Utah Arizona V o l u n t a r y liquidations Assets Capital Number 2 Total New England States New York New Jersey Pennsylvania Delaware. Maryland Failed 1 4 $50,000 325, 000 1 25, 000 6 400, 000 16 6 13 12, 450, 000 600, 000 2,410,000 1 $100,000 $1,407, 654 1 100,000 1, 407, 654 Gross assets <f")00 000 $8 880 IBS i 650 000 150, 000 17 439 151 494, 572 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 1 100,000 10 2 13 1 1 36 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 2 1 4 2 2 75, 000 100 000 175, 000 400, 000 200, 000 927, 828 1, 071, 673 1, 012,127 3, 365,073 1,155, 064 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 5 185, 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 12 375, 000 20 965, 000 7, 328, 765 26 1, 500, 000 16,100, 596 4 1 7 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 1 100, 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 3 i 1 Capital 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 10,291 252 1,298 184 645 1,247 187 1,139 229 1,017 561 6,759 494 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 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 Total central reserve cities. 3,668 1,759 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.FRASER Louis Digitized for ___ 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 Capital ber of rities resources banks discounts owned 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. _ Total all 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 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 resources rities banks discounts owned 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 ber of discounts, and se- resources and un- Aggregate capital banks including curities divided deposits 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, surplus Aggregate and se- Aggregate Aggregate and ber of including curities un- deposits resources capital divided banks redisowned 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 nSOlS nf of^Q<Si° 1930 4 per cent bonds 3 per cent bonds 5 per cent bonds of 1907, of 1898, 3 Loan of 1904, 5 $1,019,950 f Consols $13,544,100 Loan per cent, per cent, 1900__. 3,871 i Consols of 1930, Loan of 1895, $7, 756,580 $1,293,000 [ 270,006,600 7,503,350 1907, 12,500 . Consols 6,of032,000 3,983, 780 268,900 4,221 Consols of 1930, 1895, 316, 625, 650 [I Loan of2,911,100 [Consols of 1907, 248,450 6,056,720 1,100,900 320, 738, 000 II Loan of8,1895, 1902... 4,601 [ 2, 208, 600 Consols of 1907, 200 1,797,580 718,650 376,003,3C0 I| Loan of 2,979, 1903... 5,147 1895, [ 1,410,100 Consols of 1907, 1,922,940 416,972,750 II Loan of5,857,500 1904_>. 5,495 1895, [ 1,791, 600 Consols of 1907, 2,215,540 483,181,900 II Loan of4,050,350 1905... 5,858 1895, I 4,465,000 [Consols of 1907, [2 per cent Pana650 ma Canal, 3,273,700 492,170,650 1I Loan of25,124, 6,225 19061895, [ 14,482,080 I 4, 602,100 1895, 6,490,080 17,245,380 532, 543, 550 \/Loan of10, 6,620 1907732,900 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 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 _ -. _ ___ 270 Banks not issuing circulation CirculaCapital tion out- Number standing of banks Capital 229,000 42,200 271, 200 32,435 6,624 39, 059 33,000 24,050 57, 050 9,900 2,750 4,050 1,250 27, 700 25, 350 12,300 7,327 1,300 1,800 6,200 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 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 1 300 1,750 750 2,750 1000 1,000 1 300 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 _- New York New Jersey Pennsylvania Delaware Maryland Total Eastern States Capital Banks not issuing circulation Circulation out- Number standing of banks Capital 52 52 44 116 13 55 332 7,270 5,125 5,085 20, 718 4,870 17, 982 5,217 4,648 4,253 14,859 3,984 9,604 3 3 2 25 300 275 125 6,400 10 61, 050 42, 565 43 4,070 11,170 426 203 767 17 72 48, 360 39,135 86, 335 1,659 5,082 31,519 22, 051 61, 096 1,054 3,796 1,485 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. 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. Ones 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 November December __. $38,812,810 42,162, 620 $1,152,390 1, 284, 290 $39,965, 200 43, 446,910 $13,166, 480, 215 13, 209, 927,125 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 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 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 November December $3,300 1,050 $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 reserve United States bank Federal 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 Total Redeemed on retirement account: Salaries Printing, binding, and stationery Contingent expenses Express charges Insurance Postage... Total __ _ Aggregate . Total Total $239,690.51 12,304.90 2,977.87 229.42 21,223.53 13,051.50 $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. 73 157,681. 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 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 Total.. Received direct from Federal reserve banks and branches, canceled and cut— Salaries Printing, binding, and stationery Contingent expenses Total.. Federal reserve bank notes: Received from all sourcesSalaries _. Printing, binding, and stationery.. Contingent expenses Express charges _. Insurance Postage Total Office Comptroller of Currency Total $1,105. 26 20.93 13.73 $1,105.26 20.93 13.73 1,139.92 1,139.92 50, 321. 53 317. 75 600.34 50, 321. 53 317. 75 600. 34 51, 239. 62 51, 239.62 251. 99 4.77 3.13 .25 20.64 72.30 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 32,000,000 861,380,000 $47,455,000 41,635,000 $87,380, 000 $21,582,323,930 76,930,000 19,484,935,800 1 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 $24,040, 000 24, 040,000 Twenties 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 issued . Total redeemed _ 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 2,244,425 720,158 609,140 192,055 265,430 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 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 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 18,000.00 421, 059 d 459,897. 50 64,100. 00 459,897. 50 64,100. 00 198, 498 574, 356 g3 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 D 11871 12239 9161 8032 6705 9530 10928 10683 8369 8358 2363 9014 10015 11606 9244 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 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 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 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 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 c C C A AC C AC C Circulation Total outstanding deposits at at date of date of susfailure pension $15,000.00 $6, 250. 00 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 26,000.00 Lawful money deposited $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 18, 500.00 49,400.00 83, 800. 00 25,000. 00 33, 500. 00 96, 600.00 1,128,135 30, 680 236, 796 325,328 264,025 468,950 '97,600.00 49,400.00 23,600.00 719,644 849,178 88,780 5,950.00 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 92, 829 265, 200 287, 703 198, 284 151, 441 216, 383 265, 030 302, 024 177, 897 24,886 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 24, 700. 00 57, 095. 00 143,183 231, 793 196, 761 135, 382 48, 600.00 73, 300. 00 6, 250. 00 33,800.00 96, 400. 00 24,400. 00 5,000. 00 15,300. 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 44,300. 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 AC AC A C AC C BA C 6983 6954 5212 7432 2012 7576 5489 11767 4881 7287 9156 11322 4309 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 Lawful money deposited $296, 700. 00 10,000. 00 50,000. 00 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 $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 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 29, 200. 00 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 1214 1215 1216 1217 1218 1219 1220 1221 1222 1223 1224 1225 1226 1227 1228 1229 1230 1231 1232 1233 1234 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 6260 9438 11224 11709 12751 Apr. May July Apr. Apr. 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 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. 1,1924 First National Bank, Mclntosh, S. Dak_ 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 60, 000 Mar. 15,1924 F & Merchants M h t N t i l Bank, Fairbury, Nebr. Feb. 8,1913 Farmers & National 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 National Carlsbad, N. ouauD ±> anuiia.1 Bank, jjaiiii., v anouau, J UN . Mex.L. J.VACA.*__ 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. 25,000 Dec. 12,1925 23.1910 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 0 775 625 934 935 937 939 941 942 943 944 945 946 947 948 950 951 952 954 955 957 958 959 960 961 962 963 964 965 966 967 968 969 971 972 973 974 975 976 977 298 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,