The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
ANNUAL REPORT OF THE COMPTROLLER OF THE CURRENCY TO THE FIRST SESSION OF THE FIFTIETH CONGRESS OF T H E U N I T E D STATES. DECEMBER 1, 1887, IN" TWO VOLUMES. VOLUME I. WASHINGTON: GOVERNMENT PRINTING OFFICE, 18.8 7. TREASURY DEPARTMENT, Document No. 1046, 2d •*• Comptroller of ihs Currency\ TABLE OF CONTENTS. (A full index will be found at page 365 of this volume.) REPORT. Report submitted to Congress Eequirements of section 333, Revised Statutes of the United States, in detail, as to Comptroller's report Summary of the state and condition of every national bank reporting during the year Statement of national banks closed during the year Suggestions as to amendments to the laws by which the system may be improved New national-bank code .' Legal decisions affecting organization, operations, and dissolution of national banks Reference to digest of national-bank cases in the Appendix Suggestion as to interstate commercial code State banks, savings banks, private banks, and loan and trust companies Resources, liabilities, and condition thereof Distribution, number, and average par value of shares of stock Names and compensation of officers and clerks in the office of the Comptroller of the Currency Organization and expenses of the office Number and value of items representing clerical work in the office Comparative statement of the number of banks organized, and number and compensation of officers and clerks Number of national banks organized in each State and Territory during the year, with capital, bonds, and circulation Statement of banks failed during the year, their capital, surplus, and liabilities Causes of failure Organization of national banks Conversion of State banks Number of national banks of primary organization, number in voluntary liquidation, and number insolvent Extension of corporate existence of national banks Table showing distribution of national-bank stock Circulating notes Minimum of bonds required by going banks Minimum of bonds and maximum of circulation Bonds deposited and minimum required, and percentage of excess deposited by banks organized since July 1, 1882 Interest-bearing funded debt of the United States, and amount held by national banks Course of redemption of 3 per cent, bonds Security for circulating notes United States bonds of aH classes held Comparison of amounts for five years Decrease in national-bank circulation Number and capital of national banks by geographical divisions, bonds deposited, minimum, excess, and percentages Increase and decrease in capital and circulation .' Banks without circulation : Dissolution Number of banks which have passed into voluntary liquidation and into the hands of receivers. Banks closed during the year Inactive receiverships Dividends paid to creditors of insolvent national banks during past year Amounts collected from assessments on shareholders III Page. 1 1 2 3 4 12 28 38 28 38 40-44 45 46 47,48 49 50 51 52 52-55 55 56,57 58 59-61 62-65 66 66 66 66 67,68 69-72 73 73 73 74 75 76 76 77 77 77 77, 78 79 79 IV TABLE OF CONTENTS. Issues and redemptions during the year Additional circulation on bonds Issues of national-bank notes Process of redemption of national-bank notes Five per cent, redemption fund Receipts and deliveries by national-bank redemption agency Amount and mode of payment of national-bank notes redeemed Redemption of circulation of insolvent national banks Lawful money deposited National-bank notes received monthly for redemption by Comptroller of the Currency Amount destroyed yearly since establishment of the system Supervision of national banks Powers of the Comptroller of the Currency, and recommendations Examinations of national bank s, and areas covered by individual examiners Reports of national banks, and treatment by office Compendium of capital, surplus, undivided profits, circulation, bonds, deposits, loans and discounts, specie, etc., 1866-1887 Classification of loans in reserve cities I n New York City for five years Twenty-five cities having largest amount of capital Provisions of law governing reserve Amount of reserve, and ratio of deposits, New York City, reserve cities, and States and Territories Clearing-house transactions Kinds of money, and amount used in settlement of balances New York Clearing-House transactions for thirty-four years Clearing-house transactions of the assistant treasurer of the United States in New York Comparative statements of clearing-houses in the United States ...«„., Movement of reserve, weekly, in !N"ew York City Increase and decrease in exchanges and balances of the clearing-houses of the United States. Duties, assessments, and redemption charges State taxation of national banks '.. Recent decision of the Supreme Court of the United States Conclusion Page. 80 81 82 82 83 84,85 86 87 88 89 89 90 90-92 92 9$ 95 94 95 96 96-100 100,101 102 104 10$ 103 104,105 106 107 107 108 109-118 118-128 APPENDIX. Contents of digest of national-bank cases Digest Digest of recent decisions in banking law Propositions to amend existing law for improvement in system received from various sources.. Estimated population of each State and Territory, aggregate capital, surplus, undivided profits, and individual deposits of national and other banks June 1,1887, and per-capita averages of resources Number of banks organized, in liquidation and in operation, capital, bonds, circulation issued, redeemed, and outstanding National-bank currency issued, redeemed, and outstanding Number and denominations of national-bank notes issued and redeemed Increase or decrease of national-bank circulation Additional circulation issued and lawful money deposited to retire circulation National-bank notes outstanding, and lawful money on deposit with the Treasurer of the United States National banks in States, Territories, and reserve cities, their capital, minimum amount of bonds required by law, bonds held, and circulation outstanding National banks in each State, Territory, and reserve city, with capital of $150,000 and under, and with capital exceeding $150,000 Number of national banks in each State, Territory, and reserve city, with a capital of $250,000 and under, and those with a capital exceeding $250,000 . National banks in voluntary liquidation under sections 5220 and 5221, Revised Statutes National banks in voluntary liquidation under sections 5220 and 5221, Revised Statutes, fortho purpose of organizing new associations National banks in liquidation under section 7 of the act of July 12, 1882 National banks in liquidation under section 7 of the act of July 12, 1882, succeeded by associations with the same or different title National banks in the hands of receivers «.., Liabilities of national banks, and reserve required 131 133 155 165 175 176 177 178 180 181 182 183 185 187-189 191-199 200 202 203 204-216 217-228 TABLE OF CONTENTS. V Page. Average weekly deposits, circulation, and reserve of national banks in New Yprk City 229 State of the lawful-money reserve 230 Dividends and earnings of national banks 234-243 Eatios of dividends and earnings to capital and to capital and surplus 244 Classification of loans and discounts of national banks 246 Clearings and balances of banks in New York City 247 Abstract of reports of condition of State banks, savings banks, private banks, loan and trust companies, official and unofficial 249 Report of condition of the National Savings Bank of the District of Columbia 295 Distribution by States, Territories, and geographical divisions, number and average par value of shares of stock of State, savings, private banks, and loan and trust companies 296 Aggregate resources and liabilities of national banks from 1863 to 1887 299 Summary of the state and condition of national banks on dates of reports during the past year. 319 Generalindex 365 Condition of each national bank at close of business October 5,1887 VoL I I REPORT OF THE COMPTROLLER OF THE CURRENCY, TREASURY DEPARTMENT, OFFICE OF COMPTROLLER OF THE CURRENCY, Wanhington, December 1, 1887. SIR : In obedience to law, I have the honor to submit a report for the year ending October 31, 1887, exhibiting— First. A summary of the state and condition of every association from which reports have been received the preceding year, at the several dates to which such reports refer, with an abstract of the whole amount of banking capital returned by them, of the whole amount of their debts and liabilities, the amount of circulating notes outstanding, and the total amount of means and resources, specifying the amount of lawful money held by them at the times of their several returns. Second. A statement of the associations whose business has been closed during the year, with*the amount of their circulation redeemed and the amount outstanding. Third. Suggestions as to amendments to the laws relative to banking by which it is thought the system may be improved. Fourth. A statement exhibiting under appropriate heads the resources and liabilities and condition of the banks, banking companies, and savings banks organized under the laws of the several States and Territories, such information being obtained by the Comptroller from the reports made by such banks, banking companies, and savings banks, to the legislatures or officers of the different States and Territories, and where such reports could not be obtained, the deficiency has been supplied from such other authentic sources as were available. Fifth. The names and compensation of the clerks employed in the office of the Comptroller of the Currency, and the whole amount of the expenses of the banking department during the year. This is the twenty-fifth annual report of the Comptroller of the Currency. 8770 CUR 87 1 1 REPORT OF THE COMPTROLLER OF THE CURRENCY. FIRST. SUMMARY OF THE STATE AXD CONDITION OF EVERY NATIONAL BANK REPORTING DURING THE YEAR ENDING OCTOBER 31, 1887. December 2s. M a r c h 4. M a y 13. August 1. October 5. 2,875 b a n k s . 2,909 b a n k s . 2,955 b a n k s . 3,014 b a n k s . 3,049 b a n k s . KESOURCES. L o a n s and discounts. $1,464,360,246. 61$1,509,261,355.97 $1,5:>3,768.029.05 $1,553,751,437.12 $1,580,045,647.14 5,997,434. 52 6.273,318. 70 6,523,781.08 6,620,303.93 7,503,486.62 Overdrafts TJ. S. bonds t o secure 211,537,150.00 228,184,350.00 200,452,300,00 189,032,050.00 circulation 189,083,100.00 TJ. S. bonds t o secure 22,976,900.00 210*0,900.00 24.890,500.00 deposits 26.402.000.00 27,757 000 00 10,576,200.00 9,721,450.00 8,157,250.00 7,808,000.00 TJ. S. bonds on h a n d . . 6,914,3:0. 00 Other stocks, bonds, 81,431,000.66 87,441,034.8ti 88,031,124.15 88,374,837.99 and mortgages 88,831,009.96 D u e from approved 142,117,979.28 140.270,155.75 163,161,181.37 148,067.874.43 reserve a g e n t s 140.873,587.98 Due from other national banks Due from State banks and bankers Real estate, furniture, and fixtures.. and taxes paid Premiums paid Checks and other cash items Exchanges for clearing-house Bills of other banks Fractional cunency. Trade dollars •Specie, viz: Gold coin Gold Treasury ceitifieatos Gold clearinghouse cert's... Silver coin, dollars Silver coin, fractional certificates Legal-tender notes.. TJ. S. certificates of deposit for legaltender notes Five per cent, redemption f u n d with Treasurer Due from Treasurer otherthan redemption fund Aggregate 88,271,697.96 86,460,829.09 105,576,841.99 99,487,767.80 93,302,413.94 21,465,427.08 21,725,605.99 22,746,190.43 20,952,187.86 22,103,677.18 54,763,530.37 55,128,600. 78 55,729,098.76 56,954,622.58 57,968,159.71 10,283,007. 79 15,160,621.67 8,064,292.40 15,537,721.22 7,781,151.97 16,800,4i>l. 83 5,158 910.86 17,353,130.17 8.253,890.72 17,288,771.35 13,218,973.44 13,308,520.04 13,065,663.71 13,914,070. 02 14,691,373. 38 70,525,126.92 20\i.T_\3:>0. 00 447,833. 09 1,827,3^4.20 89,239 194. 50 22,23--»,206. 00 577.878. 03 1,803,601.40 8(5.829,363. 73 25,188,137.00 556,186.75 184,2-/3. 08 128,211,628.48 22,962,737.00 " 564,266. 72 6;J,G71. 97 88,775,457.99 21,937,881.00 540,594. fiO 609. 25 72,8")5,405.4? 73,503,961.60 73,864,674.03 74,093,439.47 73,782,489. 62 55,259,200. CO 59,245,100.00 56,387,010.00 54,274,940. 00 53,961,690.00 23,981,000.00 24,928,000.00 24,590,000.0(1 21,489,000.00 24,044,000.00 7,403,152.00 7,517,343. 00 7,139,180.00 6,343,213.00 6,683,368.00 2,789,513.5:3 3,154,893. 55 3,314.612. 99 2,813,138.81 2,715,526.76 3,690,225. 00 67,739,828. 00 8,(167,608.00 CC.22rijl58.00 5,121,188.00 79,505,068.00 3.535,479.00 74,477,312.00 3.961,380.00 73,751,255.00 6,195,000.00 7,645,000.00 8,025,000.00 7,810,000.00 6,190,000.00 10,056,128. 39 9,280,755.33 8,810,585.35 8,341,988.77 8,310,442.35 975,376. 90 1,856,195.13 1,113,554.81 6G0.818. 42 985,410.14 2 507,753,912.95 2,581,143,115.05 2,629,314,022. 42 2,637,276,167.72 2,620,193,475.59 * Total specie.. 166,983,556.01 171,078,906.15 167,315,665. 62 165,104,210.28 165,085,454.38 LIABILITIES. Capital stock paid in. Surplus fund $550,698,675.00 159,573,479.21 $555,351,765.00 164,337,132.72 $'65,629 068.45 167,411,521.03 $571,648,811.00 172,348,398.99 $578,462,765.00 173,913,440.97 Other u n d i v i d e d profits National-bank circulation outstanding. State-banknotesoutstanding ... Dividends unpaid ... Individual deposits.. TJ. S. deposits Deposits of TJ. S. disbursing officers Due to other national banks Due to State banks and bankers Notes and bills rediscounted Bills pay able Aggregate 70,298,286.13 67,248,949.16 70.153,368.11 62,294,634.0:! 71,451,167. 02 202,078,287.00 180,231,498.00 176,771,539.00 106,625,658.00 167,283,343.00 98,099.0;) 98,716.00 98.697.00 115,352.00 108,100.00 1.977,314.40 2,239,929.46 2.495*, 127. 83 1.590.345.06 1,441,028.17 1,169,716,413.13 1,224,925,698.26 1,266,570.537.67 1,285.076.978. 58 1,249,477.126.95 19,186,712.77 20,392,284.03 13,705,700.73 17,556,485.93 15,233,909.94 4,276,257.85 4,277,187.61 3,779,735.14 4,074,903.62 4,831,666.14 223,842,279.46 249,337,482.40 244,575,545.12 235,966,622.46 227,491,984.15 91,254,533.23 103,012,552.48 102,089,438.63 103,603,598.14 102,094,625.68 9,159,345.79 2,444,958.30 7,556,837.10 2,082,374.21 10.132.799,64 2,567,953.30 11,125,236.08 2,985,987.60 17,312,806.39 4,888,439.43 2,507,753,912.95 2,581,143,115.05 2,629,314,022.42 2,637,276,167.72 2,620,193,475.59 REPORT OF THE COMPTROLLER OF THE CURRENCY. SECOND. STATEMENT OF NATIONAL BANKS CLOSED DURING THE YEAR. Name and location of bank. National Bank of King wood, W. Va Commercial National Bank, Marshalltown, Iowa First National Bank, Indianapolis, Ind First National Bank, Pine Bluff, Ark first National Bank, Concord, Mich •Jamestown National Bank, Jamestown, Dak First National Bank, Berea, Ohio. First National Bank, Allerton, Iowa Second National Bank, Hillsdale, Mich Tonton National Bank, Topton, Pa First Naiional Bank, Warsaw, 111. First National Bank, Hamburgh, Iowa Darlington National Bank, Darlington, S. 0 Union National Bank, Cincinnati, Ohio Roberts National Bank, Titusville, Pa National Bank of .Railway, N. J . . . Oluey National Hank, Ol'ney.Ill.. Metropolitan National Bank, Leavonworth, Kans. Ontario County National Bank, Canandaigua, N. Y Winsted National Bank, Winsted, Conn Council Bluffs National Bank, Council Bluffs, Iowa Palatka National Bank, Palatka, Fla Fidelity National Bank, Cincinnati, Ohio First Naiional Bank, Homer, 111.. First National Bank, Beloit, Wis. Mystic National Bank, Mystic, Conn Exchange National Bank, Louisiana, Mo Henrietta National Bank, Henrietta, Tex Exchange-National Bank, Downs, Kans National Bank of Suinter, S. C First National Bank, Dansville, NY First National Bank, Corry, Pa... Stafford National Bank, Stafford Springs, Conn Total. Date of authority Date of clos- Capital to commence ing. stock. business. Nor. 14,1865 Oct. 21,1886 $125, 000 Circulation. Issued. ReOutstanddeemed ing. $90,140 520, 230 $75, 910 June 9,1883 Oct. 25,1886 100,000 Sept. 1,1881 Nov. 11,1886 500, 000 Sept, 18,1882 Nov. 15,1886 50, 000 26, 280 7,305 18, 975 Sept, 15,1884 Nov. 27,1886 50, 000 11, 250 2,'700 8,550 Apr. 10,1885 Nov. 29,1886 June 27,1872 Dec. 1,1886 50, 000 50, 000 11, 250 45, 000 1, 500 9,909 9,750 35, 091 Sept. 20,1874 Dec. 4,200 18, 300 1G2, 325 30, 295 132, 030 22, 500 6,1886 50, 000 11,250 3,380 7,870 July 20,1865 Dec. 18,18S6 50, 000 13,892 3,228 10,664 June 20,1885 Dec. 28,1886 Aug. 10,186-1 Dec. 31,1886 50, 000 50, 000 18,000 38,250 2,960 3,470 15,040 34, 780 10, 075 June 28, L877 I Dec. 31,1886 50, 000 13, 500 3,425 Mar. 20,1881 j Feb. 10,1887 100, 000 22,500 5,940 16, 560 Aug. 500, 000 237, 230 49, 052 188,178 Dec. 12,1882 I Feb. 28,1887 100, 000 Mar. 10,1805 Mar. 9, 1887 100, 000 Feb. 14,1882 | Mar. 11,1887 60, 000 75, 610 12, 300 42, 500 6,184 4,630 27, 000 2,590 22, 500 1,100 11,250 2,120 11, 250 1,130 22, 500 1,595 19,210 90, 000 2, 235 11, 250 5,130 11, 250 1,350 63, 310 36,316 22,370 6,1881 j Feb. 14,1887 May 26,1881 Mar. 15,1887 100, 000 Aug. 11,18S2 Mar. 23,1887 50, 000 Mar. 15,1879 Apr. 12,1887 50, 000 I Dec, 30,1835 May 5,1887 : 100,000 ! Nov. 20,1834 May 30,1887 50, 000 I Feb. 27,1886 June 20,1887 1,000,030 June 2,1883 June 22,1887 |! 50, dOO Aug. 4,1874 June 30,1887 ! 50,000 i June 14,1865 July 7,1887 ", 52, 450 Jan. 7, 1884 July 12, 1887 ! 50, 000 Aug. 8,1883 July 25,18S7 ! 50, 030 Sept. 30,1886 Aug. 1,1887 50, 000 Nov. 20,1883 Aug. 22,1887 50, 000 Sept. 4,1863 Aug. 25,1887 Dec. 6,1884 Sept. 16,1887 Jan. 7,1865 Oct. 12,1887 19,910 10,150 9,130 21, 370 17, 615 87, 765 6,120 9,900 47, 205 3,166 44, 039 11,250 1,130 10,120 11, 250 11,250 11, 250 50, 000 100, 000 11, 250 44,450 200, 000 94, 048 11, 250 550 10, 700 11,250 11, 250 44, 450 94, 048 .J4, 087,450 1, 315,640 192,804 1,122, 836 Of the above banks, twenty-five went into voluntary liquidation and eight failed. REPORT OF THE COMPTROLLER OF THE CURRENCY. THIRD. SUGGESTIONS AS TO AMENDMENTS TO THE LAWS RELATING TO BANKING BY WHICH THE SY-STEM MAY BE IMPROVED AND THE SECURITY OF THE HOLDERS OF ITS NOTES AND OTHER CREDITORS MAY BE INCREASED. The views expressed in the Report of 1886 as to the sufficiency of the security now provided for the circulating notes of national banks are respectfully reaffirmed, and the suggestions then made for improving the general features of the national banking system are renewed. These suggestions, with others drawn from enlarged experience, have been embodied in a bill for a national-bank code, incorporated herewith, and respectfully commended to the early attention of Congress. Every material change proposed to be made by the adoption of this code, and the reasons for it, will appear in the statement appended to it. In order that due preparation may be made for the early consideration of this important measure, ther explanatory statement, the bill, and a codification of all existing law s, arranged in sections parallel with those of the bill, have been sent in advance to the Senators, Representatives, and Delegates in Congress, in order that each may satisfy himself of the fidelity and accuracy of the codification of the laws now in force, and by means of this medium of comparison may conveniently compare with those laws the provisions of the proposed code. Upon scrutiny it will be found that the proposed code conforms to the existing law, with some variation in phraseology and some unimportant modification of import, except in the following instances: Sections 4, 5, and G increase the salary of the Deputy Comptroller of the Currency, enlarge his duties, and state in a more comprehensive manner the prohibition against the Comptroller or Deputy Comptroller having any interests inconsistent with their official positions. Section 33 jmnides against such a constitution of the board of directors as makes the officers of the bank a majority of the board. Section 42 incorporates into the oath which directors are required to take an obligation to inform themselves at all times as to the business and condition of the association. This addition to the law is, in my judgment, necessary, because in a recent case submitted to the courts it has beeirtlecided that directors who do not keep themselves informed as to the business of their association can not be held responsible for the mismanagement of its affairs. Sections 44 and 45 are new matter. They provide a formal method by which directors may resign their positions and be discharged from further accountability. Section 51 forbids the organization of national banks with branches. When the system was first established there were some State banks with branches, and as it was desired that these should be induced to become national banks, provision was made for their retaining their branches after conversion. This reason no longer exists, and it would appear to be in the line of public policy to take precaution in advance against any future development of the national banking system in the direction of combination and agglomeration similar to the development among railroad and other corporations controlling interests upon which the business and convenience of wThole communities depend. In section 127 of the proposed code provision is made for national banks having more than one office under certain conditions. REPORT OF THE COMPTROLLER OF THE CURRENCY. 5 Section 50 supplements existing law as to the extension of the corporate existence of national banks, by providing adequate relief to shareholders who do not assent to the extension of the bank, and who do not concur with [he directors as to the appraisement of its stock. Section 62 states in more precise language, and with some modification, the existing restrictions upon national banks as to holding real estate. Sections 67 to 71, inclusive, provide a method by which the stockholders of national banks may substitute for their contingent liability a surplus fund to be held by the bank. In this connection I respectfully refer to the recommendations presented to Congress in the Comptroller's Keport for 1886, and to what is said on the subject in the appropriate place in the Eeport of this year. Sec; ion 75 makes an important change in the amount of bonds required to be deposited by the banks. The acts of 1863 and J864 required a deposit of bonds not less in amount than one-third of the capital; the act of 1874 made $50,000 the minimum for banks of which the capital exceeded $150,000 ; the act of 1882 fixed the amount at one-fourth the capital in cases where the capital does not exceed $150,000, and at $50,000 for all. banks of which the capital exceeds $150,000. The proposed code divides the banks into two classes, those with a capital of $250,000 and less, and those of which the capital exceeds $150,000, and reduces the amount to be deposited by the smaller banks from one-fourth to one-tenth of their capital, and that to be deposited bv the larger banks from $50,000 to $25,000. The reason for the change is, that the bond requirement is a serious impediment to the absorption into the national-bank system of the State banks, which are still numerous in those sections which were more or less excluded from early participation in the privileges of the acts of 1863 and 1864; and it is also an impediment to the formation of new banks of large capital. While the change may induce some banks to withdraw a portion of their bonds, it may reasonably be expected that the deposit of bonds made by new banks and by banks increasing their capital will offset such withdrawals to some extent. The danger of a spasmodic contraction of the national-bank circulation is obviated by the retention of the clause in section 9 of the act of July 12, 1882, which provides that not more than $3,000,000 of lawful money shall be deposited in any one calendar month for the purpose of withdrawing such circulation ; but there seems no reason to retain the other clause of that section, which prohibits banks that have reduced circulation from again increasing it until after an interval of six months. Among all the objections that have been made to the national-bank currency, none seems so well founded, and at the same time so serious, as the charge that it is inelastic in volume, and therefore devoid of one of the prime requisites of a bank currency. The clause referred to manifestly tends to aggravate this defect, and it should, therefore, be discarded from the law. Sections 89 to 94, inclusive, provide for the custody and periodical examination of the phttes aud dies used in the printing of nationalbank notes and for the destruction of material no longer in use. Under the existing law, the Comptroller of the Currency is responsible for the safe keeping and proper use of these plates and dies, but since the enactment of that provision the Bureau of Engraving and Printing has been removed from the Treasury building, and it is now a physical impossibility for the Comptroller of the Currency to have any knowledge 6 REPORT OF THE COMPTROLLER OF THE CURRENCY. of or supervision over the keeping or the handling of these plates and dies. Section 97 modifies the existing law as to national-bank notes, so as to permit them to-be counted as a part of the cash reserve of the banks. This feature is introduced rather to settle a doubt than to make a change, because there seems to be good reason to believe that these notes may be so counted under the existing law. Section 98 provides that the cashier's signature to the circulating notes of the bank may be affixed by an agent appointed with due formality. This provision, it is believed, will relieve many banks from an inconvenience which at times is quite serious. Section 114 repeals the requirement that banks extending their corporate existence shall after three years deposit lawiul money to the amount of their outstanding circulation. Section 115 extends to the entire national-bank circulation the provision in section 6, act of July 12, 1882, which reserves to the United States whatever profit arises from the failure to redeem the notes of banks extending their corporate existence; and in this connection it should be observed that the other provisions in section 6 of that act are omitted from this code. The omitted clauses provide that the circulating notes of extended banks shall be retired, and that notes of a different and readily distinguishable design shall be issued in x>lace of them. The purpose of the provision now omitted is not obvious, especially as the act declares that the bank alter extension " shall continue to be in all respects the identical association it was before the extension of its period of succession." The debate on the bill (see Congressional Record, pages 2534 to 5878, volume 13, parts 3 to 6, inclusive, Forty-seventh Congress, first session) shows that the change in the design of the notes was connected with the provision reserving to the United States any profit arising irom the non-presentation for redemption of the oid,issue of notes.* It seems to have been intended that the notes of new design, now known as the series of 1882, should be issued only to banks extending their period of succession, whereas it appears that all banks that have been organized since the passage of the act in question have received notes of the series of 1882, and therefore the distinction has now been lost, which was presumably intended to be preserved, between the circulation of extended banks and of those still operated under their original ceriificates of organization. It is impracticable.at this late day to re-establish this distinction, because of 2,263 banks issuing notes of the series of 1882 only 1,217 have been extended. While the act of 1882 contains the only express provision in the statutes reserving to the Treasury the profit arising from the non-presentation of national-bank notes, yet under the operation of the act of June 20,1874, all profits from that source must necessarily remain in the * The bill was reported from committee by Mr. Crapo. of Massachusetts, who, in the course of his remarks, May 13, 1882, while it was under discussion in the House, said: "There can be no doubt, while all the burdens attending the issue and circulation of bank notes fall upon the banks, that all the gain from loss of bank notes inures to the Government. To avoid any delay in receiving this gain the sixth section of the bill provides for a new issue of bank notes, and a redemption of the'present issue, as summarily and effectually as is possible by the liquidation of the banks. The bill under consideration disposes of all doubts, if any exist, as to who shall receive the profits resulting from lost bank notes." (Pago 3904, vol. 13, part 4, Cong. Record.) REPORT OF THE COMPTROLLER OF THE CURRENCY. 7 Treasury, because the Treasury is the depositary of the ultimate redeinptiou land of every bank, and it is certain that the moment will never come within the period of succession of any bank when it can be1 determined whether or not at some time thereafter its still outstanding notes may not be presented for redemption at the Treasury. For these reasons it is considered no departure from existing law, and no infringement upon the rights which any bank can establish or enjoy, to embody in a code framed for continuous application to a permanent system the distinct provision that all uncalled-for moneys in the various redemption funds shall ultimately belong to the United States, while it is a distinct gain to get rid of the obligation to keep up an unnecessary and confusing distinction between circulating notes issued by banks organized prior to July 12,1882, but not yet extended, and those issued by banks organized or extended after that date. If these views prevail with Congress, it will, no doubt, also seem expedient to adopt the series of 1882 as a uniform design for the entire national-bank currency, and in that case it will be no more than just to provide by an appropriation from the Treasury for the expense of preparing new plates for the 797 banks now entitled to the notes of the old design. Section 127 is that to which allusion is made in explaining section 51. There seems to be in some large cities, especially where*the blanks are concentrated in one part of the city, out of the reach of many of their customers, a growing need for some such provision as is made in this section. Sections 134 and 135 preserve all existing provisions as to reserve, except that which allows the 5 per cent, fund in the hands of the Treasurer of the United States for the redemption of circulating notes to be counted as a part of the lawful-money reserve against deposits. It seems barely possible that the intent of section 3, act of June 20, 1874, in this regard may have been misapprehended, but in any case it is anomalous in law and misleading in practice to count as a part of the reserve against deposits a fund wholly devoted to the redemption of circulation and not to any, even the least, extent available for paying depositors. Except in the cases of some few banks of which the circulation is large and the deposits small, no material inconvenience is likely to be caused by the omission of the redemption fund from the items of reserve, especially if the recommendation is adopted to count national-bank notes on haod as part of the lawful-money reserve against deposits. On October 5, 1887, the banks held in the aggregate in their cash $21,937,884 national-bank notes, while the total amount on deposit in the redemption fund was only $8,310,442.25. Section 136 relieves banks of the obligation of keeping a cash reserve against Government deposits. The existing statute requires a reserve on all deposits, and its language admits of no exception, but it is probable that this was not meant to include deposits of public money, because the Secretary of the Treasury is authorized by law to determine, in his own discretion, the security for, and the regulations applicable to, such deposits. It is believed that the proposed amendment will facilitate the operations of the Treasury. It will certainly relieve the depositary banks of a needless and an expensive requirement. Section 146 is intended to remedy an inconsistency in the present law, which gives the Comptroller of the Currency power to place a 8 REPORT OF THE COMPTROLLER OF THE CURRENCY. receiver in charge of a bank of which any impairment of capital is not made up within three months after notice from him, while under the same circumstances the directors can not enforce assessments against stockholders until four months after such notice. Sections i47 to 150, inclusive, contain what is believed to be a very salutary check upon the managers of national banks in respect to investments in real-estate securities. Since the liabilities of banks are payable on demand, the fundamental principle of good banking is that the assets should be readily convertible into money. Beal estate and real-estate securities are hardly ever readily convertible, while under conditions often arising they become inconvertible and remain so for long periods of time. Experience teaches that these conditions are sure to arise just when the exigencies of the community demand from banks the largest and readiest money accommodation, Dealing in real estate and in bonds and debentures secured by real estate is of course an entirely legitimate employment for private or corporate capiVal, and there seems no lack of capital seeking such employment; it is generally safe, and often profitable; but commercial banks should be restrained from investing their deposits in such forms, lest their depositors should be exposed to the danger of finding that the cash upon which they depend for their current transactions has become locked up in investments, which, however safe and profitable for the bank, can not be made to reproduce the cash at the moment at which it is most urgently needed. Statistics presented in the Report of this year show that real-estate investments are responsible wholly or in part for the failure of 16 out of the 100 national banks of which the causes of failure have been ascertained. While the general principle here stated is indisputable, and admits of but few exceptions in its application to settled communities where real estate investments constantly tend to increased permanence, yet it should not be overlooked that in some sections of the country a very large amount of active capital is always seeking employment in realestate securities, which tends to make such securities exceptionally convertible, and it is no doubt difficult for the banks situated in those localities to keep themselves entirely free from this business. To meet these cases, section 14.8 has been framed in such a way as to afford to such banks an opportunity to accommodate their customers and promote the general business around them without too much risk of becoming embarrassed with locked-up funds. Sections 151 and 152 are designed to give more elasticity to the present provision of law which limits to one-tenth of the capital of the bank, loans of money to any individual, firm, or corporation. This is a perplexiug subject, and it is difficult to regulate it by statute satisfactorily ; yet experience proves that existing restraints have been on the whole salutary in their character, for in many cases disaster has followed the disregard of them. The statistics of failures already referred to show that excessive loans (which are generally made to officers and directors of the banks, or to firms or companies in which they are interested) have caused wholly or in x>art 18 out of 100 failures. Section 153 provides a penalty for making loans contrary to law. Heretofore the only penalty attaching to a violation of such restraints was the forfeiture of the franchise of the bank and the dissolution of the corporation, a punishment quite out of proportion to the offense, except under circumstances of concealment and aggravation rarely occurring, REPORT OF THE COMPTROLLER OF THE CURRENCY. 9 and still more rarely discovered before the failure of the bank renders the penalty superfluous. Sections 155 to 160, inclusive, are intended to throw some additional safeguards around the administration of the banks, and to impress upon the directors a more definite sense of responsibility by indicating to them practical methods for discharging their trusts. Section 101 embodies, with slight modifications, the prohibition contained in section 5208 of the lie vised Statutes, against certifying checks not drawn against actual money. I respectfully submit that it would be well to strike this provision out of the law altogether, because experience shows that it has failed to prevent the practice of certifying checks representing stock operations, against which it is understood to have been aimed, while it has excluded national banks from very valuable business which State institutions, which are not subject to the same prohibition, carry on free from the wholesome supervision to which national banks are subjected. If, however, the provision is to be retained in the law, I earnestly recommend the adoption of the modification herein submitted, so as to relieve from its operation legitimate and well-redognized methods of accommodation that materially facilitate the commercial business of the country. Section 163 embodies the present usury law, except that it permits of special contracts as to rate of interest in the States and Territories where no usury law exists. In this connection I make bold to say that, in my judgment, it would be a decided step toward emancipating industry from the trammels of antiquated notions of governmental guidance to omit from this codeall reference to usury and to leave only a provision fixing the rate of interest in the absence of special stipulation between lender and bor rower. No one of experience can doubt that money would be cheaper and more accessible to all borrowers if there w^ere no usury laws in force any where in the United States. Sec! ion 172 reduces the penalty from $100 a day to $10 a day in cases where the banks fail to transmit reports within the period prescribed in the statutes. The present law has never been fully enforced, and probably can not be; the penalty is excessive. Sections 174 to 176, inclusive, enlarge the provisions of law applying to examiners of national banks and define their duties and responsibilities. The effect of these sections is mainly to incorporate into the statute what has heretofore been practiced by the best examiners. Section 177 establishes a new scale for reckoning the assessment of examination fees upon national banks. From many points of view it would be expedient for the examiners to be paid out of the tax upon the national banks, and not by fees. The present system establishes relations between the bank and the examiner which are inconsistent with the functions of that officer and with what ought to be his attitude toward the bank. Sections 179 and 180 relieve banks of the obligation to pay fees for preliminary examination, and provide for these fees and the expenses of special examinations being paid out of such appropriation as Congress may make for that purpose. In the Eeport for 1886 I recommended the employment of supervising examiners, to be paid by the Government, and the views then en tertained as to the value Of such an addition to the inspection machinery of the system have been confirmed in the highest degree by the additional experience and observation of the last twelve months. 10 REPORT OF THE COMPTROLLER OF THE CURRENCY. The advantages to be secured may be briefly stated as follows : 1. That banks may be specially examined at any point of time between the dates of ordinary examination without exciting alarm in the community and without reflecting upon the management of the bank. Such intermediate examinations are often very desirable in order to clear up doubtful inferences from reports of examiners and reports of condition, and to set at rest apprehensions excited by communications reaching the Comptroller's office. Banks are sometimes clandestinely assailed by local enemies, and sometimes a truthful warning comes from an obscure or a doubtful source. It is impossible lor the Comptroller to discriminate between the true and the false in such charges, while their simple existence places him under a resj)onsibility from which the present system of examination provides no method of relief. If he orders a special examination and the charges prove to be false, the mere examination, by discrediting the bank, inflicts upon it unmerited and often irreparable injury. If the apprehension of these consequences should deter the Comptroller from ordering an examination in a case where the charges afterward turn out to have beeu true, he will find it difficult to escape censure from the community which has apparently had its losses aggravated by what seems to be indifference or something worse. 2. The visits of a supervising examiner will afford to the banks, especially those in remote localities, a protection which they can not now receive against arbitrary or otherwise improper conduct on the part of the local examiner, and will also protect both the banks and the public against injury in case the local examiner proves to be inattentive, incompetent, or corrupt. 3. Supervising examiners will carry with them all over the Union a knowledge of correct and uniform methods of business, and, it properlyselected, will x>ossess the capacity of instructing both the local examiners and the officials of the banks in respect to these matters. Statistics show that out of 100 failures of national banks, 27 are due wholly to bad management, and iu 36 other cases bad management contributed to the failure. Sixty-three per cent, of failures thus appear attributable in whole or in part to ignorance and to loose methods of business. 4. Supervising examiners will have circuits beginning and ending with the office of the Comptroller, and they will supply a means by which this officer can obtain definite and comprehensive information about banking interests in remote sections and about the local examiners. Such information is very important to a proper administration of the office at Washington; but it is still more important to the banks that the Comptroller should understand their circumstances and their needs, varying, as these do, according to the peculiarities of different sections, and that he should have trustworthy information as to the character, methods, and personal bias of the local examiners. Sections 185 and 186 give to the Comptroller of the Currency a reasonable degree of supervision over national banks that have gone into voluntary liquidation. It appears to have been held in former years that after associations had, in accordance with law, made some progress in voluntary liquidation, the Comptroller might lawfully interpose and appoint a receiver to wind up their affairs. As the law now stands, it does not appear to me to justify action in accordance with these precedents, and. if this is the case, there is obviously.a gap in the completeness of the protection which the law aims to extend to the creditors and stockholders of national banks. REPORT OF THE COMPTROLLER OF THE CURRENCY. 11 Sections 188 and 189 prescribe the duties of the directors and officers of national banks that are in a position of insolvency. They embody existing provisions and the decisions of the courts in respect to matters not now provided for by statute. Sections 195 to 197, inclusive, provide for the discharge of receivers of national banks in cases not provided for in the existing law. Justice seems to require some such enactments as are here proposed, and without them it may reasonably be expected that the difficulty now experienced of obtaining the best men for receivers will constantly increase. Sections 198 and 199 supplement the present law for the selection of an agent of stockholders by supplying certain details now required by the Comptroller but which should have statutory force. Section 20G affords to agents of stockholders the means of obtaining their discharge, no such means now existing. Sections 207 to 209, inclusive, provide for the case of a bank which has been restored to solvency during the receivership, and which the stockholders desire to revive under its old name. Such a ca*se was lately presented when, within thirty days of the appointment of a re oeiver 1or the Abiugton National Bank, of Abington, Mass., the creditors were paid in full, with interest, and sufficient assets remained to justiiy resumption of business upon a capital above the minimum limited to the locality. The name and reputation of this bank were regarded by its stockholders as of material value, and, being desirous that that value should not be lost to them by a change of name, they made application to be allowed to resume business. Alter careful examination of the laws, I could find nothing either permitting or forbidding compliance with this application; it appeared to be a matter not provided for either way, and therefore i could reply only that if the stockholders unanimously agreed to resume, I would recognize the bank as again in operation. Section 213 re-enacts section 380 of the Revised Statutes, with a proviso which is intended to obviate the claim made by some district attorneys that the statute permits them to force upon receivers of national banks services which are neither required nor desired. I assume that it was not the intention of Congress to confer upon these officers a statutory right to act as counsel to receivers of national banks, irrespective of their qualifications or of their local interests and connections. Section 217 amends the provision as to a semi-annual tax upon circulation by relieving barjks from the tax on so much of their circulation as is predicated upon the minimum deposit of bonds required by law. While for more than one reason it may be well to tax circulation voluntarily taken out or maintained, neither reason nor justice appears to justify a tax on circulation represented by a compulsory deposit of bonds. Section 223 re-enacts section 5219 of the Revised Statutes, with a change of phraseology aimed at securing to national banks adequate protection against such State and municipal assessment and taxation as places them at a disadvantage in competition with corporations which are doing the same business but which call their operations by special names. It is only reasonable to believe that there was no intention on the part of Congress to make the discrimination, which has in some cases been in ferret! from the language of the present statute, between moneyed capital in the hands of individuals aud moneyed capital managed by corporations. 12 REPORT OF THE COMPTROLLER OF THE CURRENCY. Sections 227, 228, and 229 re-enact the provisions of section 5209 of the Revised Statutes, with some changes suggested by experience, others prompted by precaution, and some additions applying to persons appointed to be examiners of national banks. Section 232 extends the general provisions for the punishment of forgers and other like offenders to persous who, without authority of law, affix signatures to the blank circulating notes printed for national banks, or who issue or circulate such notes knowing that they have not been duly signed by the proper officers of the association for which they were printed. The present law contains no provision for this offense, which is a manifest omission. Section 235 re-enacts section 5243 of the Eevised Statutes, and provides for its enforcement. In the last Eeport of the Comptroller of the Currency the attention of Congress was called to several instances of violation of section 5243 which have been of long standing, and of which no judicial notice has been taken, either before that report was made or since. An act relating to national-banking associations. Be it enacted by the Senate and House of Representatives of the United States of America, in Congres assembled, as follows: CHAPTER I.—THE BUREAU OF THE CURRENCY. SECTION 1. There shall be in the Department of the Treasury a bureau charged with the execution of all laws passed by Congress relating to national banking associations; the chief officer of which bureau shall be called the Comptroller of the Currency, and shall perform his duties under the general direction of the Secretary of the Treasury. (Sec. 3*24, R. S.) SEC. 2. The Comptroller of the Currency shall be appointed by the President, on the recommendation of the Secietary of the Treasury, by and with the advice and consent of the Senate, and shall hold his office for the term of live years unless sooner removed by the President, upon reasonsr to be communicated by him to the Senate ; and he shall be entitled to a salary of iiv e thousand dollars a year. (Sec. 3*25, R. S.) SEC. 3. The Comptroller of the Currency shall, within lifteen days from the time of notice of his appointment, take and subscribe the oath of office, and he shall give to the United fctates n bond in the penalty of ore hundred thousand dollars, with not less than two responsible sureties, to be approved by the Secretary of the Treasury, conditioned for the faithful discharge of the duties of his office. (Sec. 326, R. S.) SEC. 4. There shall bo in the Bureau of the Comptroller of the Currency a Deputy Comptroller of the Currency, to be appointed by the Secretary, who shall be entitled to a salary of three thousand rive hundred dollars a year, and who shall possess the power and perform the duties attached by Jaw^ to the office of Comptroller during a vacancy in the office or during the absence or inability of the Comptroller. The Deputy Comptroller shall also take the oath of office prescribed by the Constitution and laws of the United States, and shall give a like bond in the penalty of fifty thousand dollars. (Sec. 327, R. S.) SEC. 5. The Comptroller of the Currency, when present and acting, may delegate to tho Deputy Comptroller of the Currency such part of the powers and duties pertaining to the office of the Comptroller of the Currency as he may consider proper and expedient for the speedy and systematic performance of public business. SP:C. 6. It shall not bo lawful for the Comptroller or for the Deputy Comptroller, of the Currency, either directly or indirectly, to be a stockholder or otherwise pecuniarily interested in any national banking association, or in any other institution, corporation, or firm engaged in any banking operations. (Sec. 329, R. S.) SEC. 7. The seal devised by the Comptroller of the Currency for his office, and approved by the Secretary of the Treasury, shall continue to be the seal of office of the Comptroller, and may be renewed when necessary. A description of the seal, with an impression thereof, and a certificate of approval of the Secretary shall be filed in the office of the Secretary of State. (Sec. 330, R. S., as amended by an Act February 18, 1875.) SEC. 8.'There shall be assigned from time to time to the Comptroller of the Currency by the Secretary of the Treasury suitable rooms in the Treasury building for conducting the business of the Currency Bureau, containing safe and secure fire- REPORT OF THE COMPTROLLER OF THE CURRENCY. 13 proof vaults, in which the Comptroller shall deposit and safely keep all valuable things belonging to his office; and the Comptroller shall from time to time furnish the necessary furniture, stationery, fuel, lights, and other proper conveniences for the transaction of the business of his office. (Sec. 331, R. S.) SEC. 9. The Comptroller of the Currency shall employ from time to time the necessary clerks, to be appointed and classified by the Secretary of the Treasury, to discharge such duties as the Comptroller shall direct. (Sec. 328, R. S.) SEC. 10. The Comptroller of the Currency shall make an annual report to Congress at the commencement of its session, exhibiting— (1) A summary of the state and condition of all the associations from which reports have been received the preceding year, at the several dates to "which such reports refer, with an abstract showing the whole amount of banking capital returned by them, the whole amount of their debts and liabilities, the amount of circulating notes outstanding, and the total amount of their means and resources, specifying the amount of lawiul money held by them at the times of their several returns, and such other information in relation to such associations as, in his judgment, may be useful. (2) A statement of the associations which have withdrawn from business during the year, with the amoui.il of their circulation redeemed and the amount outstanding (3) A statement of the associations which have failed during the year, or which for any other reason have been placed in the hands of a receiver, together with a special report in each ca^e as to the cause of failure, and the liabilities, assets, and so forth. (4) A statement exhibiting under appropriate heads the resources and liabilities and the condition of the banks, banking companies, and savings banks, organized under the laws of the several States and Territories, which information shall be obtained by the Comptroller from tho reports made by such banks, banking companies, and savings banks to the legislatures or officers of the different States aiid Territories, and, where such reports cannot be obtained, the deficiency shall be supplied from such other authentic sources as may be available. (5) The names and compensation of the clerks employed by him, and the whole amount of the expenses of the Bureau of the Currency during the year. (6) Such suggestions as he may deem proper for the amendment and improvement of the laws relating to national banking associations. (Sec. 333, R. S.) SEC. 11. The expenses necessarily incurred in executing the laws respecting the X)rocuring of circulating notes, and all other expenses of the Bureau of the Currency, except as otherwise provided, shall be paid out of the proceeds of the taxes or duties assessed and collected on the circulation of national banking associations under this act. (Sec. 5173, R. S.) CHAPTER II.—ORGANIZATION OF ASSOCIATIONS. SEC. 12. Associations for carrying on the business of banking under this act may be formed by any number of natural persons, not less in any case than five. (Sec. 5133, R. S.) SEC. 13. The persons forming the associations shall enter into articles of association, which shall specify in general terms the object for which the association is formed, &nd may contain any other provisions, not inconsistent with law, which the association may see lit to adopt for tho regulation of its business and the conduct of its affairs. These articles shall be signed by the persons uniting to form the association, and a copy of them shall be forwarded to the Comptroller of the Currency, to be filed and preserved in his office. (Sec. 5133, R. S. SEC. 14. The persons uniting to form such association shall, under their hands make an organization certificate, which shall specifically state— (1) The name assumed by such association, which name shall be subject to the approval of tho Comptroller of the Currency. (2) The place where its operations of discount and deposit are to be carried on, designating the State, Territory, or District, and the particular county, and the cityj town or village. (3) Tho amount of capital stock, and the number of shares into which the same is to be divided. (4) The names and places of residence of the shareholders, and the number of shares held by each of them. (5) The fact that the certificate is made to enable such persons to avail themselves of the advantages of this act. (Sec. 5134, R. S.) SEC. 15. The organization certificate shall be acknowledged before a judge of some court of record, or notary public, and, together with the acknowledgment thereof, authenticated by the seal of sucL court or notary, shall be transmitted to the Comp- 14 REPORT OF THE COMPTROLLER Ob1 THE CURRENCY. troller of the CIUTNJIICV, who shall record and carefully preserve the sa:ne in his office. (Sec. 5135, R. S.) SEC. 16. Upon duly milking and filing articles of association and an organization certificate, the association shall become, as from the date of the execution of its organization certificate, a body corporate. (Sec. 5136, R. S.) SEC. 17. The capital stock of associations organized under this act shall not be less than the amounts following: (1) Every association in a city having more than fifty thousand inhabitants, twohundred thousand dollars. (2) Every other association, one hundred thousand dollars, except that, with the approval of the Secretary of tne Treasury, associations with a capital stock of not less than fifty thousand dollars each may be organized in any place having not more than six thousand inhabitants. (Sec. 5138, R. S.) SEC. 18. The capital stock of each association shall be divided into shares of one hundred dollars each and be deemed personal property, and shall be transferable on the books of the association in such manner as may bo prescribed in the by-laws or articles of association. Every person becoming a shareholder by such transfer shall,, in respect to the shares thus acquired, succeed to all the rights and liabilities of the prior holder of such shares. (Sec. 5139, R. S.) SEC. 19. At least fifty per centum of the capital stock of every association shall be paid in money within thirty days from the execution of the organization certificate and before the association shall be authorized to commence business; and the remainder of 1he capital stock shall bo paid in installments of at least ten per centum each on the whole amount of the capital as irequently as one installment at the end of each succeeding month from the time 1he association shall be authorized by the Comptroller of the Currency to commence business. The payment of each installment shall be certified to the Comptroller, under oath, by the president or cashier of the association. (Sec. 5140, R. S.) SEC. 20. Whenever any shareholder, or his assignee, fails to pay any installment on the stock when the same is required by the preceding section to be paid, the directors of such association may sell the stock of such delinquent shareholder at public auction to any person who will pay the highest price therefor, to be not less than the amount then due thereon, with the expenses of advertisement and sale; and the excess, if any, shall be paid to the delinquent shareholder. Three weeks' previous notice of such sale shall be given in a newspaper of general circulation published in the city or county where the association is located. (Sec. 5143, R. S.) SEC. 21. If no bidder can be found who will pay for such stock the amount due thereon to the association, and the cost of advertisement and sale, the amount previously paid shall bo forfeited to the association, and such stock shall be sold as the directors may order, within six months from the time of such forfeiture, and if not sold it shall be canceled and deducted from the capital stock of the association. (Sec. 5141, R. S.) SEC. 22. If such cancellation and reduction shall reduce the capital of the association below the minimum of capital required by law, the capital stock shall, within thirty days from the date of such cancellation, be increased to the required amount; in default of which a receiver may be appointed by the Comptroller of the Currency to close up the business of the association. (Sec. 5141, R. S.) SEC. 23. Whenever a certificate is transmitted to the Comptroller of the Currency, as provided in this act, and the association transmitting the same notifies the Comptroller that at least fifty per centum of its capital stock has been duly paid in, and that such association has complied with'all the provisions of this act required to be complied with before an association shall be authorized to commence the business of banking, the Comptroller shall examine into the condition of such association, ascertain especially the amount of money paid in on account of its capital, the name and place of residence of each of its directors, the amount of the capital stock of which each is the owner in good faith, and generally whether such association has complied with all the provisions of this act required to entitle it to engage in the business of banking; and he shall cause to be made and attested by the oaths of a majority of the directors, and by the president or cashier of the association, a statement of all the facts necessary to euable him to determine whether the association is lawfully entitled to commence the business of banking. (Sec. 5168, R. S.) SEC. 24. If, upon a careful examination of the facts so reported, and of any other facts which may come to his knowledge, whether by means of a special commission appointed by him for the purpose of inquiring into the condition of such association or otherwise, it appears that such association is lawfully entitled to commence the business of banking, the Comptroller of the Currency shall give to such association a certificate, under his hand and official seal, that such association has complied with all the provisions required to be complied with before commencing the business of banking, and that such association is authorized to commence such business. But the Comptroller may withhold from any association his certificate author- REPORT OF THE COMPTROLLER OF THE CURRENCY. 15 izing the commencement of business, whenever lie has reason to suppose that the shareholders have formed the same for any other than the legitimate objects contemplated by this act. (S«.c. 5169, R. S.) SEC. '25. The association shall cause the certificate issued under the preceding section to be published for at least sixty days next after the receipt thereof in some newspaper published in the city or county where the association is located. (Sec. 5170, R.S.) SEC. 26. Any association, after filing notice in the office of the Comptroller of the Currency, may, by the vote of shareholders owning two-thirds of the shares, increase its capital stock, in accordance with the provisions of this act, to any sum, notwithstanding the limit fixed in its original articles of association and determined by the Comptroller. No increase of capital shall be valid until the whole amount of such increase is paid in, and notice thereof has been transmitted to the Comptroller of the Currency, and his certificate obtained specifying the amount of such increase of capital istock, and that it has been duly paid in as part of the capital of such association; but failure to notify the Comptroller and to obtain his certificate shall not exempt subscribers to such increase of capital from any obligation or responsibility undertaken by them or arising out of such subscription. No increase of the capital stock of any association, either within or beyond the limit fixed in its original articles of association, shall be made except in the manner herein provided. (Act May 1,1883, sec. 1, and sec. 5142, R. S.) SEC. 27. Any association, by the vote of shareholders owning two-thirds of the stock may reduce its capital stock to any sum not below the amount required by section seventeen of this act, and not below the amount required for its outstanding circulation. But no such reduction shall take effect and no payments shall be made on account thereof until the action of the shareholders has been duly certified to the Comptroller of the Currency, and his approval has been obtained. (Sec. 5143, R. S.) SEC *^8. Any association, with the approval of the Comptroller of the Currency, may change its title by vote of shareholders owning two-thirds of the stock. (Act May 1,188(5.) SEC. 29. Any association, by a vote of shareholders own ing two-thirds of the stock, and with the approval of the Comptroller of the Currency, may change its location to any place within the same State not more than thirty miles distant. But if the capital stock of the association is less than the amount prescribed for associations to be established in the place to which the association is to remove, it must be increased to the required amount before such removal; and if the increase of capital involves an increase in the amount of bonds to be deposited with the Treasurer of the United States, the additional bonds shall be deposited before the removal. (Act May 1,1886.) SEC. 30. A duly authenticated notice of the new title or location selected, and of the vote authorizing the change, shall be sent to the office of the Comptroller of the* Currency; and no change of title or location shall be made or claimed until the Comptroller shall have issued his certificate of approval of the same. (Act May 1, 1886.) SEC. 31. All rights, privileges, and powers, and all debts and liabilities of the association under its old title or at its old location shall devolve upon and inure to the association under its new title and at its new location. No change of title or location shall release any association from any liability incurred previous to such change, or affect any action or proceeding in law to which it is a party, or in which it is interested. (Act May 1,1886.) SEC. 32. No association shall make any change in its articles of association by which the rights, remedies, or security of existing creditors of the association shall be impaired. (Sec. 5139, R.S.) SEC. 33. The affairs of each association shall be managed by a board of directors, not less than live in number, exclusive of the vice-president, cashier, assistant cashier, or any other officer, except the president, who may be a member of the board. (Sec. 5145, U. S.) SEC. 34. The directors shall be elected by the shareholders at a meeting to be held at any tima before the association is authorized by the Comptroller of the Currency to commence the business of banking, and afterward at meetings to be held on such day in January of each year as is specified in the articles of association. They shall hold office for one year, and until their successors are elected and have qualified. (Sec. 5145, R. S.) SEC. 35. If the articles of association do not fix the day on which the election shall be held, the day for the election shall be designated by the board of directors in their by-laws, or otherwise ; or if the directors fail to fix the day, shareholders representing two-thirds of the shares may do so. (Sec. 5149, R. S.) SEC. 36. If, from any cause, an election of directors is not made at the time appointed, the association shall not be dissolved on that account, but an election may be. held an any subsequent day. Thirty days' notice of such election shall be- 16 REPORT OF THE COMPTROLLER OF THE CURRENCY. given in all cases in a newspaper published in the city, town, or county in which the association is located. (Sec. 5149, K. S.) SEC. 37. In all elections of directors, and in deciding all questions at meetings of shareholders, each shareholder shall be entitled to one vote on each share of stock held by him. Shareholders may vote by proxies duly authorized in writing; but no officer or employee of such association shall act as proxy. No vote shall be allowed on any share of which the certificate is held by or for the association as collateral security, or otherwise, or on which there is any installment or assessment due and unpaid, in whole or in part. (Sec. 5144, R. S.) SEC. 38. Any vacancy in the board shall be filled by appointment by the remaining directors, and any director so appointed shall hold his place until the next election. (Sec. 5148, R. S.) SEC. 39. The directors shall choose one of their number to be the president of the board, (Sec. 5150, R. S.) SEC. 40. Every director must, during his whole term of service, be a citizen of the United States, and at least throe-fourths of the directors must have resided in the State, Territory, or District in which the' association is located, for at least one year immediately preceding their election, and three-fourths of every board must at all times consist of permanent residents in such State, Territory, or District. Every director during his continuance in office must own in his own right, free from any lien, at least ten shares of the capital stock of the association of which he is a director. (Sec. 5146, R. S.) SEC. 41. Any director who ceases to be the owner of ten shares of the capital stock of the association, or who becomes in any other manner disqualified, shall thereby vacate his place. Notice of any vacancy so arising shall at once be #iven to the'Comptroller of the Currency by the presfdent or cashier. (Sec. 5146, R. S.) SEC 42. Each director, when appointed or elected, shall take an oath that he will at all times inform himself as to the business and condition of such association, and so far as the duty devolves on him will diligently and honestly administer its affairs; that he will not knowingly violate, or willingly permit to be violated, any of the laws relating to national banking associations; and that he is the owner, in good faith and in his own right, of the number of shares of stock required by this act, subscribed by him, or standing in his name on the books of the association, and that the same is not hypothecated, or in any way pledged as security for any loan or debt. Such oath, subscribed by the director making it and certified by the officer before whom it is taken, shall be immediately transmitted to the Comptroller of the Currency, and shall be filed and preserved in his office. (Sec. 5147, R. S.) SEC. 43. If any person elected or appointed a director shall fail to qualify, by taking the prescribed oath, within thirty days from the date of such election or appointment, his place in the board shall be deemed to be vacant and shall be filled as in other cases of vacancy. SEC. 44. Any director may resign from the board upon serving upon the president, vice-president, or cashier written notice of his intention so to do. But such resignation shall not take effect until an acknowledgment or proof of such service shall have been filed with the Comptroller of the Currency, and his certificate to that effect shall have been obtained, and shall have been published for at least thirty days in every issue of tho newspaper in which the association is accustomed to publish its statements of condition. A like certificate must bo obtained by the association and similarly published whenever a vacancy occurs in the board by the death, removal, or disqualification of a director. SEC. 45. Any director may request the Comptroller of the Currency at any time, upon a written statement of his reasons therefor, to cause an examination to be made into the affairs of the association ; and the Comptroller, if he is satisfied that the request is made in good faith and upon reasonable grounds, may order such examination to be made. But tho Comptroller may require the director making the request to enter into a stipulation to pay the cost of such examination, if it shall prove to have been unnecessary, and to deposit beforehand a sufficient sum of money for that purpose. SEC. 45. If the directors of any national banking association shall knowingly violate or knowingly permit any of the officers, agents, or servants of the association to violate any of the provisions of this act, all the rights, privileges, and franchises of the association shall be thereby forfeited. But before the association shall be declared dissolved such violation shall be determined and adjudged by a proper circuit, district, or Territorial court of the United States, in a suit brought for that purpose by the Comptroller of the Currency, in his own name. In case of such violation, every director who participated in or"assented to the same shall be held liable in his personal and individual capacity for all damages which the association, its shareholders, or any other person shall have sustained in consequence thereof. (Sec. 5-239, R. S.) REPORT OF THE COMPTROLLER OF THE CURRENCY. 17 SEC. 47. Any bank incorporated by special law, or any banking institution organized under a general law of any State, may become a national banking association under this act by the name prescribed in its organization certificate; and in such case the articles of association and the organization certificate may be executed by a majority of the directors of the bank or banking institution; and the certificate shall declare that the owners of two-thirds of the capital stock have authorized the directors to make such certificate and to change and convert the bank or banking institution into a national banking association. A majority of the directors, after executing the articles of association and organization certificate, shall have power to execute all other papers, and to do whatever may be required to make the organization perfect and complete as a national banking association. (Sec. 5154, R. S.) SEC. 48. The shares of any such association may continue to be for the same amount each as they were before the conversion; and any State bank which is a stockholder in any other bank by authority of State laws, may continue to hold its stock, although either bank, or both, may be organized under, and may have accepted the provisions of this act. (Sec. 5154, R. S.) SEC. 49. When the Comptroller of the Currency has given to such association a certificate, under his hand and official seal, that the provisions of this act have been complied with, and that it is authorized to commence the business of banking, the association shall have the same powers and privileges and shall be subject to the same duties, responsibilities, and rules, in all respects, as are prescribed for other associations originally organized as national banking associations, and shall be held and regarded as such an association. But no such association shall have a less capital than the amount prescribed for associations organized under this act. (Sec. 5154, R. S.) SEC. 50. The directors at the time of the conversion may continue to be the directors of the association until others are elected or appointed in accordance with the provisions of this chapter. (Sec. 5154, R. S.) SEC. 51. No bank having branches shall continue to operate such branches after being converted into a national banking association. SEC. 52. Associations may be organized under this act for the purpose of issuing notes payable in gold; and, except as specially provided, such associations shall be subject to all the provisions of law to which the other associations organized under this act are subject. (Sec. 5185, R.S.) SEC. 53. Any association organized for the purpose of issuing notes payable in gold may be converted into an association with the same powers and obligations in all respects as the other associations organized under this act. Such conversion shall be effected in the same manner in which banks organized under State laws are converted into national banking associations. But the organization certificate shall bear the date of the original organization of the association. (Act February 14,1880.) SEC. 54. Nothing in this act shall affect any appointments made, acts done, or proceedings had or commenced iu or toward the organization of any national banking association under any laws previously in force ; but all associations which were organized or in process of organization under any such law, shall enjoy all the rights and privileges granted, and be subject to all the duties, liabilities, and restrictions imposed by this act. (Sec. 5156, R. S.) CHAPTER IIL-EXTEXSION OF PEEIOD OF SUCCESSION. SEC. 55. Any association at any time within two years next previous to the date of the expiration of its original period of corporate existence, and with the approval of the Comptroller of the Currency, may, by amending its articles of association, extend its period of succession for a term of not more than twenty years from the expiration of the period of succession named in the articles of association, and shall have succession for such extended period. Butssuch amended articles of association shall not be valid until the Comptroller shall have given to the association a certificate as hereinafter provided. (Act July 12, 1882, sees. 1 and 2.) SEC 56. Such amendment; of the articles of association shall be authorized by the consent in writing of shareholders owning not less than two-thirds of the capital stock of the association ; and the board of directors shall cause such consent to be certified under the seal of the association, by its president or cashier, to the Comptroller of the Currency, accompanied by an application made by the president or cashier for the approval of the amended articles of association by the Comptroller. (Act July 12, 1«82, sec. 2.) SEC. 57. Upon the receipt of the certificate and application provided for in the preceding section, the Comptroller of the Currency shall cause a special examination to be made, at the expense of the association, to determine its condition, and if after such examination, or otherwise, the condition of the association shall appear to him to be satisfactory, he shall give to such association a certificate under his hand and seal that the association has complied with all the provisions required to be complied with, and is authorized to have succession for the extended period named in the 8770 CUR 87 2 18 REPORT OF THE COMPTROLLER OF THE CURRENCY. amended articles of association ; but if the condition of the association appears to be unsatisfactory, he shall withhold such certificate of approval. (Act July 12, 1882, sees. 2 and 3.) SEC. 58. Any association so extending the period of its succession shall continue to enjoy all the rights, privileges, and immunities granted to, and shall continue to be subject to all the duties, liabilities, and restrictions imposed upon national banking associations; and it shall continue to be in all respects the identical association it was before the extension of its period of succession. (Act July 12, 1882, sec. 4.) SEC. 59. If any shareholder not assenting to the amendment extending the period of succession shall, within thirty days from the date of the Comptroller's certificate of approval, give to the directors notice in writing of his desire to withdraw from the association, he shall be entitled to receive from the association the value of the shares so held by him. Such value shall be ascertained by an appraisal made by a committee of three persons, one to be selected by the dissenting shareholder, one by the directors, and the third by these two. If the directors refuse or unnecessarily delay to appoint an appraiser to act for them, the Comptroller of the Currency may make the appointment. In case the value fixed by the committee shall not be satisfactory to the shareholder or to the association, either may appeal to the Comptroller, who shall cause a reappraisal to be made, which shall be final and binding; and if the reappraisal shall change the value fixed by the committee, the expense of reappraisal shall be paid by the party against whom such change is made. The value so ascertained and determined shall be deemed to be a debt due to the shareholder from the association, and shall be forthwith paid by it; and the shares so surrendered and appraised shall be sold at public sale, after due notice, within thirty days after the final appraisal provided for in this section. (Act July 12, 1882, sec. 5.) SEC. 60. In the organization of any association intended to replace another association, and retaining the name thereof, the holders of stock in the expiring association, in proportion to their shares, respectively, shall be entitled to preference in the allotment of the shares of the new association. (Act July 12, 1882, sec. 5.) CHAPTER IV.-POWERS AND OBLIGATION SEC. 61. Every national banking association, in the name designated in its organization certificate, shall have power— (1) To adopt and use a corporate seal. (2) To have succession for the period of twenty years from its organization, unless it is sooner dissolved according to the provisions of its articles of association, or by the act of its shareholders owning two-thirds of its stock, or unless its franchise becomes forfeited by some violation of law. (3) To make contracts. (4) To sue and be sued, complain and defend, in any court of law or equity, as fully as natural persons. (5) To elect or appoint directors, and by its board of directors to appoint a president, vice-president, cashier, and other officers, define their duties, require bonds of them and fix the penalty thereof, dismiss such officers or any of them at pleasure, and appoint others to fill their places. (6) To prescribe, by its board of directors, by-laws not inconsistent with law, regulating the, manner in which its stock shall be transferred, its directors elected or appointed, its officers appointed, its property transferred, its general business conducted, and the privileges granted to it by law exercised and enjoyed. (7) To exercise, by its board of directors, or duly authorized officers or agents, subject to law, all such incidental powers as shall be necessary to carry on the business of banking; by discounting and negotiating promissory notes, drafts, bills of exchange, and other evidences of debt; by receiving deposits; by buying and selling exchange, coin,and bullion; by lending money on personal security ; and by obtaining and issuing circulating notes according to the provisions of this act. But no association shall transact any 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. (Sec. 5136, R. S.) SEC. 62. A national banking association may purchase, hold, and convey real estate for the following purposes, and for no others: (1) Such as shall be necessary for its adequate accommodation and protection in the transaction of its business. (2) Such as shall be mortgaged to it as security for debts previously contracted. (3) Such as shall be conveyed to it in satisfaction of debts i>reviously contracted in the course of its dealings. (4) Such as it shall purchase at sales under judgments, decrees, or mortgages held fry the association, or shall purchase in order to secure debts due to it. REPORT OF THE COMPTROLLER OF THE CURRENCY. 19 But no loan shall be made upon any understanding that the association is afterward to receive a mortgage or lien upon real estate as security therefor, or to take any conveyance of real estate in payment thereof, in whole or in part. And no association shall hold for a longer period than five years the possession of any real estate upon which there is any mortgage or lien, or the title and possession of any real estate or any interest therein, otherwise than for the purpose specified in subdivision one of this section. (Sec. 5137, R. S.) SEC. 63. All associations designated for that purpose by the Secretary of the Treasury shall be depositaries of public money, under such regulations as may be prescribed by the Secretary; and they may also be employed as financial agents of the Government; and they shall perform all such reasonable duties, as depositaries of public moneys and financial agents of the Government, as may be required of them. The Secretary shall require the associations thus designated to give satisfactory security, by the deposit of United States bonds and otherwise, for the safe keeping and prompt payment of the public money deposited with them, and for the faithful performance of their duties as financial agents of the Government. Every association so designated as receiver or depositary of the public money shall take and receive at par all of the national currency bills, by whatever association issued, which may form part of the public money deposited with it. (Sec. 5153, R. S.) SEC. 64. The president and cashier of every association shall cause to be kept at all times in the office where its business is transacted a full and correct list of the names and residences of all the shareholders in the association, and the number of shares held by each. Such list shall be subject to the inspection of all the shareholders and creditors of the association, and of the officers authorized to assess taxes under State authority, during business hours of each day in which business may be legally transacted. A copy of such list, as the same shall be on the first Monday of July of each year, verified by the oath of the president or cashier, shall be transmitted to the Comptroller of the Currency within five days from that date, under penalty of ten dollars for each day of delay thereafter. (Sec. 5210, R. S.) SEC. 65. The shareholders of every association shall be held individually responsible, equally and ratably, and not one for another, for all contracts, debts, and engagements of such association, to the extent of the amount of their stock therein, at the par value thereof, in addition to the amount invested in such shares. (Sec. 5151, R. S.) SEC. 66. The provisions of the preceding section shall not apply to shareholders of any banking association now existing under State laws, having not less than five millions of dollars of capital actually paid in, and a surplus of twenty per centum on hand, both to be determined by the Comptroller of the Currency; but such shareholders shall be liable only to the amount invested in their shares. Such surplus of twenty per centum shall be kept undiniiuishcd and be in addition to the surplus provided for in this act, and if at any time there is a deficiency in such surplus of twenty per centum, the association shall not pay any dividends to its shareholders until the deficiency is made good, and in case of such deficiency the Comptroller of the Currency may compel the association to close its business and wind up its affairs under the provisions of chapter VIII. of this act. (Sec. 5151, R. S.) SEC. 67. Whenever the surplus fund of any association shall exceed by twenty per centum the amount of its capital stock, the shareholders of such association may be relieved of the individual liability imposed by section sixty-six of this act; and the shareholders of every association may be relieved of such liability in the proportion which the surplus, after deducting an amount equal to twenty per centum of the capital, bears to the whole amount of the capital stock. But no exemption from individual liability shall be obtained through any process by which any portion of the capital stock of an association may be, or may have been, converted into surplus, and in no case shall the shareholders of any association be relieved of any proportion of their individual liability until all the conditions of the two succeeding sections are complied with. SEC. 63. Whenever the shareholders of an association shall become entitled to any exemption from individual liability, the directors of such association, if they deem advisable, and at such times as shall seem to them proper, may cause the president or cashier to certify to the Comptroller of the Currency the amount of the surplus fund accumulated by the association; and upon the receipt of such certificate the Comptroller shall cause to be made, at the expense of the association, a special examination of its affairs; and if, after such examination had, the Comptroller shall be satisfied that the association is solvent, and that its capital and surplus are represented by good and adequate assets, he shall give to the association a certificate, under his hand and seal, setting forth that the association has complied with all the provisions required to be complied with by this and the preceding section, and specifying the proportion of the exemption from liability on each share of the capital stock. SEC. 69. The association shall cause the certificate of the Comptroller of the Currency issued under the preceding section to be printed in each issue of a newspaper 20 REPORT OF THE COMPTROLLER OF THE CURRENCY. published in the city or county where the association is located for at least sixty days next after the issuing thereof. SEC. 70. If any association, of which the shareholders have become exempt from any portion of their individual liability, shall have its surplus reduced, by losses or otherwise, below the amount required for such exemption, such association, within three months after receiving notice thereof from the Comptroller of the Currency, shall make good the deficiency in the surplus by assessment upon the shareholders pro rata for the amount of capital stock held by each ; and, upon notice from the Comptroller, the Treasurer of the United States shall withhold the interest upon all bonds which the association has on deposit with him until otherwise notified by •the Comptroller. If any association shall not make good its surplus as herein required, and shall fail to go into liquidation within three months after receiving notice from the Comptroller, a receiver may be appointed by the Comptroller to close up the business of the association. SEC. 71. If any shareholder shall neglect or refuse to pay within two months any assessment made by the directors for the purpose of restoring reduced surplus, the directors shall cause a sufficient amount of the capital stock of such shareholder to be sold at public auction to make good the deficiency, and the balance, if any, shall be returned to such delinquent shareholder or shareholders. Ten days' notice of such sale shall be posted in the office of the association and shall be published in a newspaper of the city or town where the association is located. SEC. 72. Persons holding stock as executors, administrators, guardians, or trustees shall not be personally subject to any liabilities as stockholders; but the estates and funds in. their hands shall be liable in like manner and to the same extent as the testator, intestate, ward, or person interested in such trust-funds would be, if living and competent to act and hold the stock in his own name. (Sec. 515*2, R. S.) SEC. 73. All savings banks or other banks no w organized, or which shall hereafter be organized in the District of Columbia, under any acfc of Congress, shall be subject to ail the laws of the United States applicable to national banking associations, so far as those laws may be applicable to such savings banks or other banks. But no savings bank now established and which has a capital stock paid up in whole or in part shall be required to have a paid-in capital exceeding one hundred thousand dollars. (Act June 30, 1876, sec. 6^ CHAPTER V.—ISSUE AND REDEMPTION OF CIRCULATING- NOTES. SEC. 74. The term "United States bonds," as used throughout this chapter, shall be construed to mean registered bonds of the United States bearing interest; and any reference to the value of such bonds shall be construed to mean the par value, unless the market value is specified. (Sec. 5158, R. S.) SEC. 75. Every association, before it shall be authorized to commence banking business, shall transfer and deliver to the Treasurer of the United States United States registered bonds, bearing interest, in the amounts following: (1) Every association having a capital not exceeding two hundred and fifty thousand dollars, an amount equal to not less than one-tenth of the capital stock. (2) Every association having a capital in excess of two hundred and fifty thousand dollars, an amount not less than twenty-five thousand dollars. The deposit of bonds made by each association shall be increased as its capital may be increased, so that every association shall at all times have on deposit with the Treasurer United States bonds to the amount herein prescribed. (Sees. 5159 and 5160, K. S.; Act July 12, 1882, sec. 8, and Act June 20, 1874, sec. 4. Sec. 5160, R. S.) SEC. 76. The bonds transferred to the Treasurer of the United States under the requirements of the preceding section shall be received by him upon deposit, and shall bo by him safely kept in his office, until they shall be otherwise disposed of, in pursuance of the provisions of this act; and such bonds shall be held exclusively as security for the circulating notes of the association by which they were transferred, until such notes are redeemed, except as otherwise provided. (Sees. 5159 and 5167 R. S.) SEC. 77. To facilitate a compliance with section seventy-five of this act, the Secretary of the Treasury is authorized to receive from auy association, and canoel, any United States coupon bonds, and to issue in lieu thereof registered bonds of like amount, bearing a like rate of interest, and having the same time to run. (Sec. 5161 R. S.) SEC. 78. All transfers of United States bonds made by any association under the provisions of this act shall be made to the Treasurer of the United States in trust for the association, with a memorandum written or printed on each bond, and signed by the cashier, or some other officer of the association making the deposit. A receipt shall be given to tho association by the Comptroller of the Currency, or by a clerk appointed by him for that purpose, stating that the bond is held in trust for the association on behalf of which the transfer is made, and as security for the redemption and HKVOllT OK T.IIK <X>>1TTEOLU.:;K <H' THE (M KivKNCJV. 21 payment of any circulating notes that have been or may be delivered to such association. (Sec. 5162, R. S.) SEC. 79. No assignment or transfer by the Treasurer of the United States of any bond deposited with him under the provisions of this act shall be valid unless countersigned by the Comptroller of the Currency. Every such transfer or assignment, immediately after it is so countersigned, shall be entered in a book to be kept by the Comptroller in his office for that purpose. The Comptroller shall state in such entry the name of the association from the account; of which the transfer is made, the name of the party to whoin it is made, the par value, and the numerical designation and the denomination of each bond transferred. (Sees. 51(52 and 5163, R. S.) SEC. 80. The Comptroller of the Currency, immediately upon countersigning aud entering any transfer or assignment by the Treasurer of the United States of any bonds belonging to a national banking association, shall advise by mail the association from the account of which the transfer is made of the kind and numerical designation of the bonds and the amount thereof so transferred. (Sec. 5164, R. S.) SEC. 81. The Comptroller of the Currency shall have at all times, during office hoars, access to the books of the Treasurer of the United States for the purpose of ascertaining the correctness of any transfer or assignment of bonds presented for his countersignature; and the Treasurer shall have the like access to the book mentioned in section seventy-nine of this act, to ascertain the correctness of the entries in the same. The Comptroller shall also have like access to the bonds on deposit with the Treasurer, to ascertain their amount and condition. (Sec. 5165, R. S.) SEC. 82. Every association having bonds deposited in the office of the Treasurer oi the United States shall, once or oftener in each fiscal year, examine and compare the bonds pledged by the association with the books of the Comptroller of the Currency and with the accounts of the association, and, if they are found correct, shall execute to the Treasurer a certificate setting forth the different kinds and the amounts thereof, and that the same are in the possession and custody of the Treasurer at the date of the certificate. Such examination shall be made at such time or times, during the ordinary business hours, as the Treasurer and the Comptroller, respectively, may select. It may be made by an officer or agent of such association, duly appointed in writing for that purpose; and the certificate before mentioned, when made by such officer or agent, shall be of the same force and validity as if executed by the president or cashier. A duplicate of such certificate, signed by the Treasurer, shall be retained by the association. (Sec. 5166, R. S.) SEC. 83. If any association fail to appoint one of its officers or an agent to make tiie examination required by the preceding section, or if such officer or agent fail to attend at the time designated, or to make the examination, or to execute the certificate specified, the examination may be made and the certificate may be executed by some person designated for the purpose by the Secretary of the Treasury. And such person, upon a faithful performance of such duties, shall be entitled to recover from the association reasonable compensation therefor, to be fixed by the Comptroller of the Currency. SEC. fc4. The Comptroller of the Currency shall give to each association powers of attorney to receive and appropriate to its own use the interest on the bonds which it has so transferred to the Treasurer. But such powers of attorney shall not apply to any portion of such interest withheld in pursuance of any provision of this act; and they shall become wholly inoperative whenever such association fails to redeem its circulating notes, or is placed in the hands of a receiver or other agent of the Comptroller in accordance with law. (Sec. 5167, R. S ) SEC. 85. Whenever the market or cash value of any bonds deposited writh the Treasurer by any association is reduced below^ the rate of one hundred dollars for ninety dollars of the circulation issued for the same, the Comptroller of the Currency may demand of the association and receive from it the amount of such depreciation in other United States bonds at cash value, or in money, to be deposited with the Treasurer as long as such depreciation continues. (Sec. 5167, R. S.) SEC. 86. The Comptroller of the Currency, upon the terms prescribed by the Secretary of the Treasury, may permit an exchange to be made of any bondsMeposited with the Treasurer by any association for other bonds of the United States authorized to be received as security for circulating notes, if he is of the opinion that such an exchange can be made without prejudice to the United States. (Sec. 5167, R. S.) SEC. 87. Upon a deposit of bonds as prescribed by section seventy-five of this act, the association making the same shall be entitled to receive from the Comptroller of the Currency circulating notes of different denominations, in blank, registered and countersigned as hereinafter provided, equal in amount to ninety per centum of the current market value, not exceeding par, of the United States bonds so transferred and delivered; but at no time shall ihe total amount of circulating notes supplied to any association exceed ninety per centum of its capital stock at such time actually paid in. (Sec. 5171, R. S., and Act July 12, 1882, sec. 10.) 22 1IEP0RT -Of1 THE COMPTROLLER OF THE CURRENCY'. SEC. 88. In order to furnish suitable notes for circulation, the Comptroller of tlio Currency, under the direction of the Secretary of the Treasury, shall cause plates and dies to be engraved, in the best manner to guard against counterfeiting and fraudulent alterations, and shall have printed therefrom and numbered, such quantity of circulating notes, in blank, of the denominations of rive dollars, ten dollars, twenty dollars, fifty dollars, one huudred dollars, five hundred dollars, and one thousand dollars, as may be required to supply the associations entitled to receive the same. Such notes shall bear upon their face the statement that they are secured by United States bonds deposited with the Treasurer of the United States, which statement shall be attested by the written or engraved signatures of the Treasurer and Register and by the imprint of the seal of the Treasury. They shall likewise express upon their face the promise of the association to which they are supplied to pay the amount thereof on demand; and for the proper attestation of this promise blank spaces shall be left for the signatures of the president or vice-president and the cashier. There shall also be printed upon such notes, under such regulations as the Secretary shall prescribe, the charter number of the association to which they are supplied; and they shall bear such devices and statements other than those herein specified, and shall be in such form as the Secretary shall, by regulation, direct. (Sec. 5172, R. S., and Act June 20, 1874, sec. 5.) SEC. 89. The plates, dies, bed-pieces, and other appliances prepared for the printing of the national-bank notes, together with the original engraved plates, the cylinders and other material used in the preparation thereof, shall be kept in suitable vaults in the building of the Bureau of Engraving and Printing. They shall be at all times, when not in actual use, under the control and direction of the Comptroller of the Currency, but in the special charge of a custodian, wiio shall be responsible for the safe keeping of such appliances as come into his charge, and for the proper issue and due return, the same day, of every piece taken out for use. The custodian shall keep an accurate record of every such issue and return, and at the end of each calendar month he shall transmit to the Comptroller of the Currency a report in such form as that officer may prescribe. (Sees. 5173 and 5174, R. S.) SEC. 90. The custodian shall be appointed by the Secretary of the Treasury, and shall be entitled to a salary of three thousand dollars a year. He shall give to the United States a bond in the penalty of twenty-five thousand dollars, with not levss than two responsible sureties to be approved by the Secretary, conditioned for the faithful discharge of his duties. SEC. 91. Once in each year the Secretary of the Treasury shall cause to be examined all the plates, dies, bed-pieces, cylinders, and other appliances used in the preparation of the national-bank notes, and a correct list to be taken thereof, and such list to be compared with the list made the previous year, and all differences to be noted and accounted for, and a full report made to him of such examination and the results. SEC. 92. All material prepared for or used in the printing of the notes of associations which are in liquidation, or»have closed business, and all other material not required for present or future use, shall be destroyed, under such regulations as shall be prescribed by the Comptroller of the Currency and approved by the Secretary of the Treasury. SEC. 93. The examination and destruction provided for by the two preceding sections shall be conducted by a committee of three persons, one to be selected by the Comptroller of the Currency, one by the Treasurer of the United States, and one by the Register of the Treasury, all subject to the approval of the Secretary of the Treasury. Such committee shall perform its duties under regulations to be established by the Secretary, and each member thereof shall be entitled to such compensation as may be provided by such regulations. But no person appointed for this duty shall hold any position or office under either of the officers charged with the selection of the committee, nor shall the same person be twice appointed upon the committee. SEC. 94. The expenses of such examinations and destructions shall be paid out of any appropriation made by Congress for the special examination of national banking associations and bank-note plates. SEC. 95. Every association shall reimburse the Treasury the cost of engraving the plates required for printing its circulating notes. (Act June 20, 1874, sec 3, and Act June 12, 1882, sec. 6.) SEC. 96. Upon deposit with the Treasurer of the United States of any United States bonds, bearing interest, payable in gold, in the manner prescribed for other associations, it shall be lawful forthe Comptroller of the Currency to furnish to any association organized under section fifty-two of this act circulating notes of different denominations, but none of them of less than five dollars, and not exceeding in amount ninety per centum of the par- value of the bonds deposited, which notes shall express the promise of the association to pay them, upon presentation at the office at which they are issued, in gold coin of the United States, and they shall be so redeemable. (Sec. 5185. R. S.) BEPOET OF THE COMPTROLLER OF THE CURRENCY. 23 SEC. 97. After any association receiving circulating notes under this act lias caused its promise to pay such notes on demand to be signed by its president or vice-presidsnfc and cashier, in such manner as to make them obligatory promissory notes payable on demand, at its place of business, such association may issue and circulate the same as money. And the same shall be received at par in all parts of the United States in payment of taxes, excises, public lands, and all other dues to the United States, except duties on imports ; and also for all salaries and other debts and demands owing by the United States to individuals, corporations, and associations within the United States, except interest on the public debt, and in redemption of the national currency. They may also be counted as apart of the lawful-money reserve which any association is required to keep on hand against its deposits; but they shall not be available for deposit with the Treasurer of the United States in the redemption fund of five per centum upon circulation. (Sec. 5182, R. S.) SEC. 9S. The cashier, with the approval of the board of directors, which approval shall be entered upon the directors' minutes, and certified to the Comptroller of the Currency, may appoint a deputy to affix the cashier's signature to the circulating notes of the association. Bat such notes shall not be signed by any assistant or acting cashier. SEC. 99. No national banking association shall issue any notes or other obligations to circulate as monev, except the circulating notes authorized by this aefc. (Sec. 5183, R. S.) SEC. 100. The Comptroller of the Currency shall receive, when delivered to him in sums of one hundred dollars or any multiple thereof, worn or mutilated circulating notes issued by any association, and shall furnish to the association other blank circulating notes to an equal amount in place thereof; and, also, upon due proof of the destruction of any circulating notes, he shall deliver to the association by which such notes were issued other blank circulating notes to an equal amount. (Sec. 1584, R. S.) SEC. 101. The Comptroller of the Currency shall establish regulations for registering in proper books all worn or mutilated notes received by him and all notes which have been redeemed or surrendered to be canceled, and' he shall cause all such notes, after identification and registration, to be destroyed by maceration, under regulations to be prescribed by the Secretary of the Treasury, and in the presence of four persons, one to be appointed by the Secretary of the Treasury, one by the Comptroller of the Currency, one by the Treasurer of the United States, and one by the association interested in such destruction, A certificate of such destruction, signed by the parties witnessing the same, shall be made in the books of the Comptroller, and a duplicate thereof shall be by him forwarded to the association the notes of which are thus destroyed. If any association shall fail to appoint some person to witness the destruction of its notes, the Comptroller may designate some person to act as witness for it; and the person so appointed shall be entitled to reasonable compensation for such services. (Sec. 5184, R. S., and Act June 23, 1874.) SEC. 102. The Comptroller of the Currency may direct any bonds to be returned, in sums of not Jess than one thousand dollars, to the association which transferred the same, upon the surrender to him and the cancellation of a proportionate amount of its circulating notes. But no such return of bonds shall be made if thereby the remaining bonds which the association has on deposit would be reduced below the amount required by section seventy-five of this act, or below the amount required, either at par or in cash value, to secure the unsurrendered circulating notes of the association. (Sec. 5167, R. S.) SEC. 103. Any association may take up the bonds deposited by it with the Treasurer of the United States, in excess of the amount it is required to keep on deposit, if no circulating notes have been issued thereon, or when notes have been issued thereon, if a proportionate amount of such notes are surrendered to the Comptroller of the Currency for cancellation without replacement. Any association closing up its business and dissolving its organization may take up, in sums of not Jess than one thousand dollars, the bonds deposited by it, upon surrendering to the Comptroller a proportionate amount of its circulating notes; and in like manner any association which reduces its capital stock may take up the bonds it has on deposit in excess of the amount required by section seventy-five of this act. (Sec. 5160, R. S.) SEC. 104. Every association shall at all times keep and have on deposit in the Treasury of the United States, in lawful money of the United States, a sum equal to five per centum of its circulating notes, to be held and used for the redemption of such notes. And when the circulating notes of any associations, assorted or unassorted, shall bo presented for redemption to the Treasurer of the United States, in sums of one thousand dollars or any multiple thereof, the same shall be redeemed in United States notes, or, at the option of the Treasurer, in coin of equal current value with such United States notes. Upon the request of the person presenting any national-bank notes for redemption, the Treasurer may, if convenient, pay the same in' gold or silver coin certificates. (Act June 20, 1874, sec. 3.) 24 REPORT OF THE COMPTROLLER OP THE CURRENCY. SEC. 105. All notes redeemed by the Treasurer of the United States under the preceding section shall be charged by him to the respective associations issuing ttie same, and he shall notify them severally, on the first day of each month, or oftener, at his discretion, of the amount of such redemptions; and whenever such redemptions for any association shall amount to the sum of five hundred dollars, such association so notified shall forthwith deposit with the Treasurer in United States notes, or in such coin or coin certificates as the Treasurer may accept as equivalent thereto, a sum equal to the amount of its circulating notes so redeemed. (Act June 20,1874, sec. 3.) SEC. 106. When such redemptions have been reimbursed as required, the circulating notes redeemed shall be forwarded to the respective associations by which they were issued ; but if any of such notes are worn, mutilated, defaced, or otherwise unfit for use, they shall be forwarded to the Comptroller of the Currency to be destroyed and replaced. (Act June 20, 1874, sec. 3.) SEC. 107. Any association desiring to withdraw any of its circulating notes, may, upon the deposit of lawful money with the Treasurer of the United States, in sums of not less than four thousand five hundred dollars, take up the bonds which it has transferred to the Treasurer for the security of such circulating notes, in the order in which it makes such deposit of lawful money; and the outstanding notes of such association, to an amount equal to the lawful money deposited, shall be redeemed at the Treasury of the United States, and destroyed, as prescribed in this chapter. But the bonds on deposit to secure the circulating notes of such association shall not be reduced below the amount required by section seventy-five of this act. (Act June 20,1874, sec. 4, and Act July 12,1882, sec. 8.) SEC. 108. Not more than three millions of dollars of lawful money shall be deposited during any calendar month for the purpose of withdrawing circulating notes as provided in the preceding section. But this provision shall not apply where bonds on deposit with the Treasurer are called by the Secretary of the Treasury for redemption. (Act July 12, 18S2, sec. 9.) SEC. 109. Every association which shall go into voluntary liquidation shall, within six months from the date of the vote to liquidate its affairs, deposit with the Treasurer of the United States lawful money of the United States sufficient to redeem all its outstanding circulation. The Treasurer shall execute duplicate receipts for money thus deposited, stating the amount received by him and the purpose for which it has been received, and shall deliver one to the association and the other to the Comptroller of the Currency; and the money shall be paid into the Treasury of the United States and placed to the credit of such"association upon redemption account. (Sec. 5222, R. S.) SEC. 110. Whenever a sufficient deposit of lawful money to redeem the outstanding circulation of an association proposing to close its business has been made, the bonds deposited by the association to secure payment of its notes shall be reassigned to it. And thereafter the association and its shareholders shall stand discharged from all liabilities upon the circulating notes, and those notes shall be redeemed at the Treasury of the United States. If any such association shall fail to make the deposit and take up its bonds for thirty days after the expiration of the time specified, the Comptroller of the Currency shall have power to sell, at public auction in New York City, the bonds pledged to secure the circulating notes of such association, and, after providing for the redemption and cancellation of such notes, and the necessary expenses of the sale, to pay over any balance remaining to the association or its legal representative. (Sec. 5.24, R. S., as amended by Act February 18, 1875.) SEC. 111. Whenever the Treasurer of the United States has redeemed any of the notes of an association which has commenced to close its affairs, he shall cause the notes to be mutilated and charged to the redemption account of the association; and all notes so redeemed by the Treasurer shall, every three months, be certified to'and destroyed by maceration, in the manner prescribed in section one hundred and one of this act. (Sec. 5225, R. S.) SEC. 112. The provisions of the three preceding sections shall apply also to associations of which the corporate existence expires, and which do not extend their succession, the deposit of lawful money to be made within six months from the expiration of such corporate existence. (Act July 12,1882, sec. 7.) SEC. 113. An association which is in good faith winding up its business for the purpose of consolidating with another association shall not be required to deposit lawful money for its outstanding circulation ; but its bonds on deposit and its outstanding circulating notes shall be reported by the association with which it is in process or consolidation. (Sec. 5223, R. S.) SEC. 114. When any association shall extend the period of its succession, the circulating notes issued to it prior to such extension shall be redeemed at the Treasury of the United States, as provided in section one hundred and four of this act; and such notes when redeemed shall be forwarded to the Comptroller of the Currency and de- REPORT OF THE COMPTROLLER OF THE CURRENCY, 25 stroyed. From time to time as such notes are redeemed new circulating notes shall be supplied to the association. (Act July 12,1882, sec. 6.) SEC. 115. Any gain that may arise from the failure to present for redemption the circulating notes of any association shall inure to the benefit of the United States. (Act July 12,1882, sec. 6.) SEC. 116. All notes of national banking associations redeemed at the Treasury of the United States shall be canceled, except when returned to the association by which they were issued, as provided by section one hundred and six of this act. (Sec. 5223, R S.) SEC. 117. All notes of national banking associations, worn, defaced, mutilated, or otherwise unfit for circulation, when received by an assistant treasurer, or by any designated depositary of the United States, shall be forwarded to the Treasurer of the United States for redemption as provided in section one hundred and four of this act. (Act June 20, 1874, sec. 3.) SEC. 118. Whenever any association fails to redeem in the lawful money of the United States any of its circulating notes, upon demand of payment duly made duriug the usual hours of business, at the office of such association, the holder may cause the same to be protested, in one package, by a notary public, unless the president or cashier of the association offers to waive demand and notice of the protest, and, in pursuance of such offer,, makes, signs, and delivers to the party making such demand an admission in writing, stating the time of the demand, the amount demanded, and the fact of the non-payment thereof. The notary public, on making such protest, or upon receiving such admission, shall forthwith forward such admission or notice of protest to the Comptroller of the Currency, retaining a copy thereof. If, however, satisfactory proof is produced to the "notary public that the payment of the notes demanded is restrained by order of any court of competent jurisdiction, he shall not protest the same. (Sec. 5226, R. S.) SEC. 119. All fees for protesting the notes of any association shall be paid by the person procuring the protest to be made, and such association shall be liable therefor; but no part of the proceeds of any bonds deposited by such association shall be applied to the payment of such fees, nor shall such fees be preferred to other claims against an insolvent association. When the holder of any notes causes more than one note or package to be protested on the same day he shall not acquire a claim for more than one protest fee; and no fees shall in any case be allowed for protesting the notes of any association after it has closed its doors in consequence of insolvency. (Sees. 5526 and 5238, R. S.) SEC. 120. On receiving notice that any national banking association has failed to redeem any of its circulating notes the Comptroller of the Currency, with the concurrence of the Secretary of the Treasury, may appoint a special agent, of whose appointment immediate notice shalt be given to such association, who shall immediately proceed to ascertain whether it has refused to pay its circulating notes in the lawful money of the United States, when demanded, and shall report to the Comptroller the fact so ascertained. (Sec. 5227, R. S.) SEC. 121. If from the protest, and from the report made by the agent appointed under the preceding section the Comptroller of the Currency is satisfied that such association has refused to pay its circulating notes and is in default, he shall, within thirty days after he has received such report, declare the bonds deposited by such association forfeited to the United States, and they shall thereupon be so forfeited. (Sec. 5227, R. S.) SEC. 122. Immediately upon declaring the bonds of an association forfeited for nonpayment of its notes the Comptroller of the Currency shall give notice, in such manner as the Secretary of the Treasury, by general rules or otherwise, shall direct, to the holders of the circulating notes of such association to present them for payment at the Treasury of the United States, and the same when presented shall be paid in lawful money of the United States; whereupon the Comptroller shall cause the bonds pledged by such association, or so much of them as may be necessary to redeem its outstanding notes, to be sold at public auction in the city of New York, after giving thirty days7 notice of such sale to the association. (Sees. 5229 and 5230, R. S.) SEC. 123. When all the bonds of an association have been sold, as provided in the preceding section, and the proceeds thereof are insufficient for tlie payment of the outstanding notes of the association, the Uuited States shall have a paramount lien upon all the assets of the association for the amount of the deficiency; aud such deficiency shall be made good out of such assets in preference to any and all claims whatsoever, except the necessary costs and expenses of administering the same. (Sec. 5230, R. S.) SEC. 124. The Comptroller of the Currency, if he deems it for the interest of the United States, may sell at private sale any of the bonds of an association shown to have made default in paying its notes, and receive therefor either money or the circulating notes of the association. But no such bonds shall be sold by private sale for less than par, nor for less than the market value thereof.at the time of sale; and no sales of any such bonds, either public or private, shall be complete until the transfer 26 REPORT OF THE COMPTROLLER OF THE CURRENCY. of the bonds shall have been made with the formalities prescribed by section seventynine of this act. (Sec. 5231, R. S.) SEC. 125. Every association the circulating notes of which shall be redeemed by the Treasurer of the United States, as provided in section one hundred and four of this act, and every association making any deposit of lawful money with the Treasurer for reducing its circulation, shall be assessed the cost of transporting and assorting its notes, and such assessment shall be in proportion to the circulating notes redeemed, and shall be charged to the fund deposited with the Treasurer under the requirement of said section one hundred and four, and every association which shall maKe a deposit of lawful money for retiring its circulation in full shall, at the time of such deposit, be assessed, for the cost of transporting and redeeming its notes then outstanding, a sum equal to the average cost of the redemption of national-bank notes during the preceding year, and shall thereupon pay such assessment. (Act June 20, 1874, sec. 3, and Act July 12, 18-s3, sec. 8.) SEC. 126. The Secretary of the Treasury may from time to time make such regulations respecting the perpetuation of the evidence of the payment of circulating notes presented at the Treasury of the United States for redemption as may seem to him proper. (Sec 5232, R. S.) CHAPTER VI.—THE BANKING BUSINESS. SEC. 127. The usual business of each association shall be transacted at an office or banking house located in the place specified in its organization certificate. But, with the approval of the Comptroller of the Currency first obtained, any association may have in such place more than one office for receiving deposits, paying checks, and buying and selling exchange; and in every such case the association shall couform to the requirements of the Comptroller as to the clerical force to be employed and the accounts to be kept at and for each such office, and as to the extra compensation for examinations thereof. (Sec. 5190, R. S.) SEC. 128. For the purposes of this act the cities of Albany, Baltimore, Boston, Cincinnati, Cleveland, Detroit, Kansas City, Louisville, Milwaukee, New Orleans, Omaha, Philadelphia, Pittsburgh, Saint Joseph, San Francisco, and Washington shall be known as reserve cities; and the cities of Chicago, New York, and Saint Louis shall be known as central reserve cities. (Sec. 5191, R. S.) SEC. 129. Upon the application, in writing, of three-fonrths in number of the associations located in any city of the United States having fifty thousand inhabitants, the Comptroller of the Currency shall have authority to designate such city a reserve city. (Act March 3, 1887.) SEC. 130. Upon the application, in writing, of three-fourths in number of the associations located in any city of the United States having two hundred thousand inhabitants, the Comptroller of the Currency shall have authority, with the approval of the Secretary of the Treasury, to designate such city a central reserve city. But if any city named in section one hundred and twenty-eight of this act as a reserve city shall be designated a central reserve city, it shall thereafter be known only as a central reserve city. (Act March 3, 1887.) SEC. 131. Every association in a reserve city, or in a central reserve city, shall at all times have on hand lawful money of the United States equal to at least twenty-five per centum of its deposits and other liabilities payable on demand, and every other association shall at all times have on hand lawful money of the United States equal to at least fifteen per centum of its deposits and its liabilities so payable. But no association is required to keep on hand lawful money on account of Government deposits, except as provided in section one hundred and thirty-six of this act. (Sec. 5191, R. S., and Act March 3, 1887.) SKC. 132. Whenever the lawful money of any association shall be below the amount required by the preceding section, such association shall not impair its cash resources by making any new loans or discounts, otherwise than by discounting or purchasing bills of exchange payable at sight or on demand, nor make any dividend of its profits until the required proportion between its deposits and its lawful money of the United States has been restored. (Sec. 5191, R. S.) SEC. 133. Whenever the lawful-money reserve of any association is found to be below the amount required, the Comptroller of the Currency, may notify the association to make good its reserve; and if the association shall fail so to do for thirty days after such notice, the Comptroller, with the concurrence of the Secretary of the Treasury, may appoint a receiver to wind up its business. (Sec. 5191, R. S.) SEC." 134. Three-fifths of the reserve of fifteen per centum required by section one hundred and thirty-one of this act may consist of cash balances due from associations in reserve cities or in central reserve cities ; and one-half of the lawful money reserve of associations in reserve cities may consist of cash balances due from associations in central reserve cities. But every association with which any part of the lawfulmoney reserve of any other association is kept shall first be approved for that purpose REPORT OF THE COMPTROLLER OF THE CURRENCY. 27 by the Comptroller of the Currency. (Sees. 5192 and 5195, R. S.; Act June 20,1874, and Act March 3, 1887, sec. 2.) SEC. 135. Certificates representing specie or lawful money specially deposited by the members of any clearing-house1 association for the purpose of settling balances between them shall, when owned ami held by any association which is a member of such clearing-house, be deemed to be lawful money within the meaning of section one hundred and thirty-one of this act. (Sec. 5192, R. 8.) SEC. 136. Any association designated by the Secretary of the Treasury as a depositary of public money may be required by the Secretary to keep on hand on account of such deposits such reserve fund as he may deem expedient. But such deposits shall not be counted in estimating the reserve required under section one hundred and thirty-one of this act. SEC. 137. The Secretary of the Treasury may receive, at the Treasury or at any sub-treasury, from any national banking association United States notes on deposit, without interest, in sums of not less than ten thousand dollars, and issue certificates therefor in such form as he may prescribe, in denominations of not less than live thousand dollars, payable on demand in United States notes at the place where the deposits were made. The notes so deposited shall not be counted as part of the lawful-money reserve of the association ; but the certificates issued therefor may be counted as such, and may be deposited with the Treasurer of the United States as a part of the five per cent, fund for the redemption of the circulating notes of the association. (Sec. 5193, R. S.) SEC. 138. The power conferred on the Secretary of the Treasury by the preceding section shall not be exercised so as to create any expansion or contraction of the currency. And United States notes for which the certificates are issued under that section, or other United States notes of like amount, shall be held as special deposits in the Treasury and used only for the redemption of such certificates. (Sec. 5194, R. S.) SEC. 139. No association shall be a member of any clearing-house in which gold certificates issued under the authority of the act of July twelfth, eighteen hundred and eighty-two, and silver certificates shall not be receivable in the settlement of clearing-house balances. (Act July 12, 1882, sec. 12.) SEC. 140. Every association shall take and receive at par, for any debt or liability to it, any and all notes or bills issued by any lawfully organized national oanking association. This provision shall not apply to any association organized for the purpose of issuing notes payable in gold; but every such association shall receive at par in the payment of debts the gold notes of every other such association which at the time of such payment is redeeming its circulating notes in gold coin of the United States. (Sees. 5186 and 5196, R. S.) SEC. 141. No association shall at any time, or for any purpose, pay out or put in circulation the notes of any bank or banking association which are not at such time receivable, at par, on deposit, and in payment of debts by the association so paying out or circulating them ; nor shall any association knowingly pay out or put in circulation any notes issued by any bank or banking association which at the time of such paying out or putting in circulation is not redeeming its circulating notes in lawful money of the United States. (Sec. 5206, R. S.) SEC. 142. No association shall, either directly or indirectly, pledge or hypothecate any of its notes of circulation, for the purpose of procuring money to be paid in on its capital stock, or to be used in its banking operations, or otherwise ; nor shall any association use its circulating notes, or any part thereof, in auy manner or form, to create or increase its capital stock. (Sec. 5203, R. S.) SEC. 143. No association shall make any loan or discount on the security of the shares of its own capital stock, nor be the purchaser or holder of any such shares, unless such security or purchase shall be necessary to prevent loss upon a debt previously contracted in good faith ; and stock so purchased or acquired shall be sold at public or private sale within six months from the time of such purchase or acquisition or, in default thereof, a receiver maybe appointed by the Comptroller of the Currency to close up the business of the association. (Sec. 5201, R. S.) SEC. 144. No association shall, during the time it shall continue its banking operations, withdraw, or permit to be withdrawn, either in the form of dividends or otherwise, any portion of its capital stock. But nothing herein shall prevent the reduction of the capital stock of the association under section twenty-seven of this act. (Sec. 5204, R. S.) SEC. 145. Every association of which the capital stock is not paid up as required by law, and every association of which the capital stock may become impaired by losses or otherwise, shall, within three months after receiving notice thereof from the Comptroller of the Currency, pay the deficiency in the capital stock, by assessment upon the shareholders in proportion to the shares held by each; and the Treasurer of the United States, upon notice from the Comptroller, shall withhold the interest upon all bonds held by him in trust for any such association, until otherwise notified by the Comptroller. If any such association shall fail to pay up its capital stock and 28 KEPORT OF THE COMPTROLLER OF THE CURRENCY. shall refuse to go into liquidation, for three months after receiving notice from him, the Comptroller may appoint a receiver to close up its business. (Sec. 5205, R. S.) SEC. 146. If any shareholder shall neglect or refuse to pay within two months any assessment made by the directors for the purpose of restoring impaired capital, the directors shall cause a sufficient amount of the capital stock of such shareholder to be sold at public auction to make good the deficiency, and the balance, if any, shall be returned to such delinquent shareholder. Ten days' notice of such sale shall be posted in the office of the association, and shall be published in a newspaper of the city or town where the association is located. (Act June 30, 1876.) SEC. 147. No association shall take, either in its own name, or in the name of any person or corporation for its benefit, any mortgage or lien upon real estate as security for a contemporaneous loan or for future advances made or to be made by it; nor shall any association purchase or hold any bond, note, or eviden ce of debt so secured, or the shares or debentures of any company or corporation dealing in real-estate securities. SEC. 148. The provisions of the preceding section shall not apply in either of the following cases: (1) The discount for an indorser in the ordinary course of business of a bona fide bill of exchange or negotiable promissory note having not more than four months to run, which is deemed by the board of directors a good asset without reference to any mortgage or lien collateral thereto. (2) The taking of a bill or note so secured which has not more than four months to run, when the same is assigned to the association, in good faith, for the purpose of procuring the extension of a debt previously incurred. (3) The taking of a mortgage or lien on real estate, or any obligation secured thereby, for the purpose of securing a debt previously contracted in good faith. But in all the cases specified in this section a full record of the transaction, and of the reasons therefor, shall be entered upon the directors' minutes, and shall be attested by the sigLatures of a majority of the board. SEC. 149. Nothing in this act shall be held to invalidate the title of any association to any bonds, debentures, or stocks acquired by it, or to any bill, note, or evidence of debt discounted by it, nor to render any mortgage or lien upon real estate invalid, nor to (deprive any association or its assigns of the title to or possession of any real estate, or of any of the remedies to which mortgagees or persons holding liens upon real estate are entitled by the laws of the State, Territory, or District in which the property is situated. SEC. 150. Every associatiou offending against the provisions of section one hundred and forty-seven of this act shall be liable to a penalty for each infraction at the rate of one per centum per month upon the amount involved therein during the entire period that such obligations or securities are held by it, or by any person or corporation for its benefit. SEC. 151. The total liabilities to any association, of any person, firm, company, or corporation, for money borrowed, including in the liabilities of a firm or company the liabilities of the several members thereof, shall at no time exceed one-tenth part of the capital stock actually paid in. But the discount of bills of exchange drawn in good faith against actually existing values, shall not be considered as money borrowed by the drawers or indorsers thereof; nor shall the discount of commercial paper actually owned by the persons for whom such discount is made be regarded as money borrowed by the makers of such paper; but in all such* cases the limitation herein specified shall apply to the person, firm, company, or corporation, for whose use or benefit, directly or indirectly, any such loans or discounts are made. (Sec. 5200, R. S.) SEC. 152. The prohibition of the preceding section shall not apply to loans made upon convertible collateral security, of wThich the cash market value is not less than the amount borrowed thereon, if neither the value nor the convertibility of the security is dependent upon the solvency or the success of any party to the loan. But the total liabilities of any person, firm, or corporation to an association, including loans on collaterals, shall at no time exceed twenty per centum upon the aggregate of its paid-in capital stock and surplus fund. SEC. 153. Any association which shall make any loan contrary to the provisions of section one hundred and fifty-one of this act shall be subject to a penalty at the rate of one per centum per month on the entire amount of such loan for the period for which it shall have been made, and during which it shall continue. SEC. 154. No association shall at any time be indebted, or in any way liable, to an amount exceeding the amount of its capital stock at such time actually paid in and remaining undimiuished by losses or otherwise, except on account of demands of the nature following: (1) Notes of circulation. (2) Moneys deposited with or collected by the association. (3) Bills of exchange or drafts drawn against money actually on deposit to the credit of the association or due thereto. REPORT OF THE COMPTROLLER OF THE CURRENCY, 29 (4) Liabilities to the stockholders of the association for dividends and reserved profits. (Sec. 5202 R. S.) SEC. 155. All losses sustained by any association shall be promptly charged against its undivided profits, and like charge shall be made of all bad debts; and no association shall at any time make or publish any statement of its condition which does not reflect the deduction from its undivided profits of all losses incurred up to that time, and of all bad debts. SEC 156. Tho directors of any association, at stated periods, to be fixed by the bylaws and reported to the Comptroller of the Currency, may declare dividends out of its net earnings, or any portion thereof, except the portion required by section one hundred and fifty-eight of this act to be passed to surplus account; but no dividend shall be made by any association, while it continues its banking operations, to an amount greater than its net profits then on hand, after deducting all losses and bad debts. SEC. 157. In all cases before any dividend is declared or paid the directors shall ascertain by personal examination that all losses and bad debts have been charged off and that the association otherwise is in a good condition to make such distribution of net earnings; and every director shall be held to have assented to any dividend declared by the board, unless he shall at once notify the Comptroller of the Currency of his dissent. SEC. 158. Every association shall accumulate a surplus fund equal to at least twenty per cenium of its capital stock, by appropriating thereto ten per centum or more of its net profits as ascertained by deducting from the gross earnings and profits all bad debts as defined in section one hundred and sixty-six of this act, and ail losses, expenses, and taxes. SEC. 159. The ascertainment of net profits shall be made by the officers and accouniaiits of the association, under the supervision of the board of directors, at half-yearly intervals, and every time a dividend is to be declared. And whenever the surplus fund of any association is less than twenty per centum of its capital stock, the association shall not declare or pay any dividend until after the ascertainment herein required shall have been made, and until at least ten per centum of the net profits of the last half year or shorter period, if dividends are oftener paid, has been carried to the credit of surplus-fund account. SEC. 160. No part of the surplus fund shall be withdrawn, in the form of dividends or otherwise, except so much thereof as may be in excess of the amount specified in section one hundred and fifty-eight of this act. SEC. 161. It shall be unlawful for any officer, clerk, or agent of any national banking association to certify, accept, or otherwise render the bank liable for any check drawn upon the association, unless the person or company drawing the check has on deposit with the association, at the time such check is certified, an amount of money equal to the amount specified therein. Any check so certified by a duly authorized officer shall be a good and valid obligation against the association ; but for any act of any officer, clerk, or agent, in violation of this section, the Comptroller of the Currency may assess a penalty upon such association not exceeding one per centum of the amount so unlawfully certified. (Sec. 5208, R. 8.) SEC. 162. The prohibition of the preceding section shall not apply to the certification of checks drawn by regular customers of an association to meet drafts upon them to which bills of lading or transportation receipts for produce or marketable commodities or securities are attached, if these, or other securities equally valuable and convertible, are held by the certifying bank until the overdraft is made good. SEC. 163. Any association may take, receive, reserve, and charge, on any loan or discount made, or upon any note, bill of exchange, or other evidence of debt, interest at the rate allowed by the laws of the State, Territory, or District where the bank is located, and no more, except that where by the laws of any State a different rate is limited for banks of issue organized under State laws, the rate so limited shall be allowed for * associations organized or existing in any such State under this act. When no rate is fixed by the laws of the State,, Territory, or District, and no agreement is made in advance with the borrower, an association may take, receive, reserve, or charge a rate not exceeding seven per centum, and such interest may bo taken in advance, reckoning the days for which the note, bill, or other evidence of debt has to run. The purchase, discount, or sale of a bona fide bill of exchange, payable at another place than the place of such purchase, discount, or sale, at not more than the current rate of exchange for sight drafts in addition to the interest, shall not be considered as taking or receiving a greater rate of interest. (Sec. 5197, R. S.) SEC. 164. The taking, receiving, reserving, or charging a rate of interest greater than is allowed by the preceding section, when knowingly done, shall be deemed a forfeiture of the entire interest which the note, bill, or other evidence of the debt carries with it, or which has been agreed to be paid thereon. (Sec. 5198, R. S.) 30 REPORT OF THE COMPTROLLER OF THE CURREIXCT. SEC. 165. In case a rate of interest greater than is allowed by tins act has been paid, the person by whom it has been paid, or his legal representatives, may recover back from the association taking or receiving the same, in an action in the nature of an action of debt, twice the amount of the interest thus paid. But such action must be commenced within two years from the time the usurious transaction occurred. (Sec. 5198, R. 8.) SEC. 166. All debts due to any association, on which interest is past due and unpaid for a period of six months, shall be considered bad debts within the meaning of this act, unless the same are well secured or are in process of collection. SEC. 167. The penalties authorized to be imposed by sections one hundred and fifty, one hundred and fifty-three, and one hundred and sixty-one of this act shall be assessed against the offending association by the Comptroller of the Currency, subject to an appeal to the Secretary of the Treasury ; and in default of payment, the amount thereof shall be withheld by the Treasurer from the interest on the United States bonds deposited by such association to secure its circulating notes. In case any penalty in default shall amount to more than the interest due to such association at the next quarterly payment of interest on such bonds, the excess thereof, and the amount of other penalties in default, may be recovered from the association by suit instituted by the Comptroller, in his own name in the United States district court for the district in which the association is located. CHAPTER VII.—PJG POSTS AND EXAMINATIONS. SEC. 168. Every association shall make to the Comptroller of the Currency, accordingto the form which maybe prescribed by him, not less than five reports during each year, each verified by the oath or affirmation of the president, vice-president, or cashier of such association, and attested by the signatures of at least three other directors. Each such report shall exhibit, in detail and under appropriate heads, th resources and liabilities of the association making the same at the close of business on any past day specified by the Comptroller; and it shall be transmitted to the Comptroller within five days after the receipt of a request or requisition therefor from him. (Sec. 5211, R.S.) SEC. 169. Each report made to the Comptroller of the Currency under the requirements of the preceding section shall, in the same form in which it is made to the Comptroller, be published, at the expense of the association by which it was made, in a newspaper published in the place where such association is established ; and such proof of publication shall be furnished as may be required by the Comptroller. (Sec. 5211, R. S.) SEC. 170. The Comptroller of the Currency shall have power to call for special reports from any particular association whenever, in his judgment, the same are necessary in order to a full and complete knowledge of its condition. (Sec. 5211, R. S.) SEC. 171. In addition to the other reports required by this act each association shall report to the Comptroller of the Currency, within ten days after declaring any dividend, the amount of such dividend, the amount of net earnings in excess thereof, and such other facts touching the declaration of such dividend as the Comptroller shall prescribe. Such reports shall be attested by the oath of the president, vicepresident, or cashier of the association. (Sec. 5212, R. S.) SEC. 172. Any association failing to make and transmit any report required by this chapter shall be subject to a penalty often dollars for each day it delays so to do after the periods respectively mentioned, which penalty shall be assessed by the Comptroller of the Currency. Whenever any association delays or refuses to pay the penalty so assessed, the amount thereof shall be retained by the Treasurer of the United States, upon the order of the Comptroller, out of the interest, as it may become due to the association, on the bonds deposited to secure circulation. (Sec. 0213, R.S.) • SEC. 173. All savings banks or savings and trust companies organized under authority of any act of Congress shall make to the Comptroller of the Currency, and shall publish all the reports which national banking associations are required to make and publish under the provisions of this chapter, and shall be subject to the same penalties for failure to make or publish such reports as are herein provided; which penalties may be collected by suit before any court of the United States in the district in which HUCII savings banks or savings and trust companies may be located. (Act June 30, 1876, sec. 6.) SEC. 174. The Comptroller of the Currency, with the approval of the Secretary of the Treasury, shall, as often as shall be deemed necessary or proper, appoint a suitable person or persons to make an examination of the affairs of every national banking association and of every savings bank or savings and trust company organized under authority of any act of Congress. Such persons shall be known as examiners of national banks, and each such examiner shall have power to make a REPORT OF THE COMPTROLLER OF THE CURRENCY. 31 thorough examination into all the affairs of the association, and, in doing so, to examine any of the officers and agent** thereof, on oath, and shall make to the Comptroller a full and detailed report of the condition of the association. But no person shall be appointed to examine the affairs of any association in which, or adversely to which, he has any interest, personal or pecuniary. (Sec. 5240, R. S.) SEC. 175. The Comptroller of the Currency may from time to time assign examiners of national banks to certain cities or districts, and require them to reside at some convenient place therein, or at a point readily accessible thereto, and to exercise a general inspection over all national banking associations therein. But no examiner shall visit or examine any bank except by direction, either general or special, of the Comptroller. SEC. 176. Every person appointed an examiner of national banks shall take an oath that he will perform faithfully all the duties of his office, and preserve inviolate all confidences reposed in him by the Comptroller of the Currency, or by the officers or agents of any association ; and that he wTill not divulge any information obtained by examination of any bank, except in his official reports or when called to testify in some competent court, nor use, directly or indirectly, such information or his official position or opportunities in any manner not authorized by this act. SEC. 177. The compensation of persons appointed to examine associations not located in a reserve city or in a central reserve city, or in either of the States of Colorado, Oregon, California, and Nevada, or in any Territory, shall be an annual salary equal to two cents on every thousand dollars of aggregate liabilities of the associations examined during the year, and for each examination an additional sum as follows: (1) For examining an. association having a capital not exceeding one hundred and fifty thousand dollars, twenty dollars. (2) For examining an association having a capital exceeding one hundred and fifty thousand dollars and not exceeding throe hundred thousand dollars, twenty-five dollars. (3) For examining an association having a capital exceeding three hundred thousand dollars and not exceeding five hundred thousand dollars, thirty dollars. (4) For examining an association having a capital exceeding five hundred thousand dollars and not exceeding seven hundred and fifty thousand dollars, forty dollars. (5) For examining an association having a capital exceeding seven hundred and fifty thousand dollars and not exceeding one million dollars, fifty dollars. ((5) For examining an association having a capital of over one million dollars, sixty dollars, and one dollar additional for every one hundred thousand dollars of capital in excess of one million dollars. (Sec. 5210, R. S.-, as amended by Act February 19, 1875.) SEC. 178. The compensation of persons appointed to examine associations located in any reserve city, or in any central reserve city, or in either of the States of Colorado, Oregon, California, and Nevada, or in any Territory, shall be fixed by the Secretarv of the Treasury, upon the recommendation of the Comptroller of the Currency. (Sec. 5240, R. S., as amende'd by Act February 19, 1875.) SEC. 179. The fees for examining associations shall be assessed by the Comptroller of the Currency upon the respective associations so examined; and shall be paid by such associations. (Sees. 5283 and 5240, R. S.) SEC. 180. The Comptroller of the Currency is authorized, whenever he may deem it useful, to cause examination to be made into the condition of any bank in the District of Columbia organized under act of Congress. Tho Comptroller, at his discretion, may report to Congress the results of such examination. The expense necessarily incurred in any such examination, and all expenses of any preliminary or other special examination into the condition of any association, wherever situated, shall be paid out of any appropriation made by Congress for special bank examinations; but this provision does not include special examinations of associations in liquidation. (Sec, 332, E. S.) SEC. 181. No association shall be subject to any visitorial powers other than such as are authorized by this act, or are vested in the courts of justice. (Sec. 5241, R. S.) CHAPTER VIII.—LIQUIDATION A^D RECEIVERSHIP. SEC. 182. When the corporate existence of an association, asfixedin section sixty-one of this act. expires, and is not extended, such corporate existence shall continue for the sole purpose of liquidating the affairs of the association until such affairs are finally closed. (Act July 12, 18rt2, sec. 7.) SEC. 183. Any association may go into liquidation and be closed by the vote of shareholders owning two-thirds of its stock. (Sec. 5220, R. S.) SEC. 184. Whenever a vote to go into liquidation is taken the board of directors shall cause such fact to be certified, under the seal of the association, by its president <Q?' vCasJbiiftf*, to the Comptroller of the Currency, and shall cause notice to be pub- 32 REPORT OF THE COMPTROLLER OF THE CURRENCY. 4shed that the association is closing up its affairs, and that all its circulating notes and all other claims against it are to be presented for payment. Such publication shall be made for a period of two months in a newspaper published in the city of New York, and also in a newspaper published in the city or town in which the association is located. Like publication shall be made whenever an association is to be wound up by reason of the expiration of its corporate existence. (Sec. 5221, R. S., and Act July 12, 1882, sec. 7.) SEC. 185. Every association in liquidation shall, on the first of January and first of July of each year, report the progress of such liquidation to the Comptroller of the Currency, in such form as he may require; and the Comptroller, if he deems it expedient, may cause such reports to be verified by a special examination at the expense of the association. The reports required by this section shall be made upon the oath or affirmation of the president, vice-president, or cashier of the association, and shall be attested by the signatures of at least three directors. SEC. 186. Upon the request of any of the creditors or shareholders of an association in liquidation, the Comptroller of the Currency, after due hearing and inquiry, may appoint ii receiver to wind up the affairs of such association. Such receiver, in addition to his other powers, shall have power to inquire into the doings of the persons previously conducting the liquidation, and to proceed against them for damages in case they shall appear to have wasted or misappropriated the assets, or to have failed in any other way to administer the affairs of the association prudently and equitably. SEC. 187. When any association has gone into liquidation the individual liability of the shareholders may be enforced by any creditor of such association by bill in equity, in the nature of a creditor's bill, brought by such creditor on behalf of himself and of all other creditors of the association against the shareholders thereof in any court of the United States having original jurisdiction in equity for the district in which such association was located. (Act June 30, 1886, sec. 2.) SEC. 188. Whenever an association has failed to pay its circulating notes on demand or to pay the current demands of its depositors, or is otherwise in a position of insolvency, it shall not be lawful for such association or any of its directors, officers, clerks, or agents to pay out any of its notes or other moneys, to receive deposits, to discount or purchase any notes or bills, or in any other way, directly or indirectly, to prosecute the business of banking. But nothing herein shall forbid an association to receive and safely keep money and other property belonging to it, or to redeem its circulating notes. (Sec. 2228, R. S.) SEC 189. All transfers of the property or credits of any association, and all acts which x>revent or are intended to prevent the application of its assets in the manner prescribed in this chapter shall be utterly void, when made or done after an act of insolvency committed by such association, or in contemplation of insolvency, and with intent to defeat the pro-rata distribution of tke assets of the association, or with intent to give any creditor preference over others. No attachment, injunction, or execution shall be issued against an insolvent association or its property before final judgment in any suit, action, or proceeding in any State, qounty, or municipal court j and where such process shall have been issued, it shall be immediately quashed or dissolved upon proof that the association was insolvent at the time of the issue thereof. (Sec. 5242, R. S.) SEC. 190. In addition to the cases where the appointment of a receiver is especially provided for, a receiver of a national banking association may be appointed by the Comptroller of the Currency in either of the following cases: (1) Whenever the Comptroller shall become satisfied, as specified in sections one hundred and eighteen and one hundred and twenty of this act, that the association has failed to pay its circulating notes and is in default. (2) Whenever after due examination the Comptroller shall become satisfied that the association is insolvent. (3) Whenever the association is dissolved, and its rights, privileges, and franchises are declared forfeited, as provided in section forty-six of this act. (4) Whenever any creditor of the association who has obtained a judgment against it in any court of record makes application for the appointment of a receiver, and furnishes the certificate of the clerk of the court that such judgment has been rendered, and has remained unpaid for thirty days after the expiration of the time for taking an appeal or a writ of error. (Sec. 5234, R. S., and Act June 30, 1876, sec 1.) SEC. 191. The Comptroller of the Currency may require of the receiver appointed by him such bond and security as he may deem proper. (Sec. 5234, R. S.) SEC. 192. The receiver appointed by the Comptroller of the Currency shall, under the direction of the Comptroller, take possession of the books, records, and assets of every description of the association, collect all debts, dues, and claims belonging to it, and, upon the order of a court of record of competent jurisdiction, may sell or compound all bad or doubtful debts, and, on a like order, may sell all the "real and personal property of the association, on such terms as the court shall direct, and may, if necessary to pay the debts of the association, enforce the individual liability of the REPORT OF THE COMPTROLLER OF THE CURRENCY. 33 stockholders. The receiver shall pay over all money so obtained to the Treasurer of the United States, subject to the order of the Comptroller; and he shall make report to the Comptroller of all his acts and proceedings. (Sec. 5234, R. S ) SEC. 193. The Comptroller of the Currency, upon appointing a receiver, shall cause notice to be given, by advertisement in such newspapers as he may direct, for three consecutive months, calling on all persons who may have claims against the association to present the same, and to make legal proof thereof. (Sec. 5235, R. S.) SEC. 194. From time to time, after full provision has been first made for refunding to the United States any deficiency in the funds specially devoted to redeeming the notes of the association, the Comptroller of the Currency shall make a ratable dividend of the money so paid over to him by the receiver on all such claims as may have been proved to his satisfaction or adjudicated in a court of competent jurisdiction; and, as the proceeds of the assets of the association are paid over to him, he shall make further dividends on all claims previously proved or adjudicated. But all expenses of any receivership shall be paid out of the assets of the association before final distribution of the proceeds thereof. (Sees. 5236 and 5238, R. S.) SEC. 195. Whenever the assets of an insolvent association are exhausted and its affairs are wound up, the receiver, under instructions from the Comptroller of the Currency, may apply to the United States circuit court for the district in which the association was located, for a final discharge from further accountability; and if it shall appear that he has well and faithfully administered the trust, and that there are no further assets to be realized, the court shall have power to grant him a discharge and to require the cancellation and surrender of his bond or bonds; and thereupon both the receiver and the Comptroller of the Currency shall stand forever discharged from all further accountability for the debts and obligations of such association. SEC. 196. When any person appointed receiver of an association is removed from such receivership by the Comptroller of the Currency, he may apply to the circuit court of the United States for the district in which such association was located to grant him a discharge from further accountability, and to cause his bond, or bonds, to be canceled and surrendered; and thereupon such court shall have power to summon the Comptroller of the Currency to show cause why such petition should not be granted and, after due hearing and investigation, the court may make such order as shall be deemed proper. SEC. 197. If any person appoiuted receiver of an association shall die, or shall permanently absent himself from the country, or if he shall become in any other way unable to make a petition for discharge, or if he shall refuse or neglect to make such petition, such petition may be made in his behalf by his sureties, or by either of them. SEC. 198. Whenever, after any association has been placed in the hands of a receiver by the Comptroller of the Currency, all claims against such association which have been proved and allowed, and all expenses of the receivership have been paid in full, and lawful money of the United States has been deposited for the redemption of the circulating notes of the association, the Comptroller shall cull a meeting of the shareholders for the purpose of electing an agent to receive the remaining assets of the association. Such meeting shall be called by publishing notice for thirty days in a newspaper published in the place where the business of the association was carried on. (Act June 30,1876, sec. 3.) SEC. 199. No person shall be allowed to vote at such meeting upon any share of stock upon which the assessment has not been paid in full, or upon any share which has been surrendered to ^he receiver in compromise or settlement of debts to the association, but all such shares of stock shall be deducted from the whole number of shares, and a majority of such reduced number shall prevail in the election of an agent and in determining all other questions. (Act June 30,1876, see. 3.) SEC. 200. The agent shall be elected by ballot; and he must receive votes representing at least a majority of the stock upon which votes can be cast. (Act June 30,1876, sec. 3.) SEC. 201. In selecting an agent, administrators or executors of deceased shareholders may act and sign as the decedent might have done if living, and guardians may so act and sign for their wards. (Act June 30,1876, sec. 3.) SEC. 202. Before any of the assets of the association are delivered to the agent some of the shareholders of the association shall execute and file a bond to the satisfaction of the Comptroller of the Currency, conditioned for the payment and discharge in full of any and every claim against the association that may thereafter be proved, before, and allowed by any competent court, and also for the faithful performance of all the duties of the trust. (Act June 30, 1876, sec. 3.) SEC. 203. When the bond required by the preceding section has been filed, the Comptroller of the Currency and the receiver shall transfer to the agent all the undivided or uncollected or other assets and property of the association then remaining in their hands, or subject to their order or control; whereupon the Comptroller and the re- 8770 CUR 87 3 34 REPORT OF THE COMPTROLLER OF THE CURRENCY. ceiver shall be discharged and released from any and all liability to such associationr and to each and all of the creditors and shareholders thereof. (Act June 30, 1876, sec. 3.) SEC. 204. For the purpose of enabling them to make the transfer provided for by the preceding section, the Comptroller of the Currency and the receiver are-severally empowered to execute any deed, assignment, or other instrument that may be necessary and proper. (Act June 30,1876, sec. 3.) SEC. 205. The agent selected by the shareholders is authorized to sell, compromise, or compound the debts due to the association upon the order of the United States circuit court for the district where the business of the association was carried on, or other competent court. He shall hold, control, and dispose of the assets and property of the association which he may receive for the benefit of the shareholders of such association as they, or a majority of them in value or number of shares, may direct, distributing such assets and property among such shareholders in proportion to the shares held by each, discriminating eqyitably between those who have paid assessments in full, those who have paid in part, and those who have not paid at all; and he may in his own name, or in the name of such association, sue and be sued, and do all other lawful acts and things necessary to finally settle and distribute tiio assets, and property in his hands. (Act June 30,1876, sec. 3.) SEC. 206. Whenever the agent of the shareholders has collected and distributed all the assets of rthe association, he may apply to the United States circuit court for the district in w hich the association was located for a final discharge from further accountability ; and if it shall appear that he has well and faithfully administered his trust, and that there are no further assets to be collected and distributed, the court shall grant him a discharge from all further accountability for the debts and obligations of.such association. And thereafter all claims against the association shall be forever barred. SEC. 207. When the assets of any association which has been adjudged to be insolvent by the Comptroller of the Currency, and for which a receiver has been appointed, shall prove sufficient to pay all the creditors in full, with interest, such association shall not be deemed to be dissolved; but after the receiver shall have so paid such creditors, and shall have transferred and delivered to an agent of the shareholders the undivided or uncollected assets and property of the association, the association shall be entitled to resume the business of banking, if the shareholders owning two-thirds of the capital stock shall desire so to do. Before resuming business the association shall restore the entire amount of its capital stock. But, with the approval of the Comptroller, the capital stock may be reduced in the manner prescribed in section twenty-seven of this act before it is restored. SEC. 208. Where any association has determined to resume business as provided in the preceding section, the agent elected by the shareholders shall certify such fact to the Comptroller of the Currency, and the Comptroller, wThen he shall be satisfied that the association has complied with all the requirements of the preceding section, and that the shareholders have reorganized the administration thereof by the election of a board of directors, shall issue his certificate that such association is entitled to resume the business of banking. SEC. 209. The association shall cause the certificate of the Comptroller of the Currency, issued under the preceding section, to be printed in each issue of some paper published in the place where the association is located, for at least sixty days after the issuing thereof. CHAPTER IX.—JURISDICTION, SUITS, AND EVIDENCE. SEC. 210. All national banking associations established under the laws of the United States shall, for the purpose of all actions by or against them, real, personal, or mixed, and all suits in equity, be deemed citizens of the States in which they are respectively located ; and in such cases the circuit and district courts of the United States shall not have jurisdiction other than such as they would have in cases between the individual citizens of the same State. But the provisions of this section shall not be held to affect the jurisdiction of the courts of the United States in cases commenced by the United States, or by the direction of any officer thereof, or in cases for winding up the affairs of any such association. (Act March 3, 1887, sec. 4.) SEC. 211. The jurisdiction for suits brought by or against any national banking association in any State, county, or municipal court, except suits between an association and the United States, or the officers and agents of the United States, shall be the same as, and not other than, the jurisdiction for suits by or against banks not organized under any law of the United States, which do or might do banking business where such national banking association maybe doing business when such suits are commenced. (Act July 12, 1874, sec. 4.) SEC. 212. All proceedings by any national banking association to enjoin the Comptroller of the Currency, under the provisions of any law relating to national banking REPORT OF THE COMPTROLLER OF THE CURRENGY. 35 associations, shall be had in the district where such association is located. (Sec. 736, R. S.) SEC. 213. All suits and proceedings arising out of the provisions of law governing national banking associations, in which the United Stages or any of its officers or agents shall be parties, shall be conducted by the district attorneys of the several districts under the direction and supervision of the Solicitor of the Treasury. Nothing herein shall be construed to confer upon any district attorney the right to conduct any suits or proceedings on behalf of a receiver; but he may be employed by such receiver, with the approval of the Comptroller of the Currency, and, in such case, shall receive for his services the same compensation as would be paid to other counsel out of the funds of the trust. (Sec. 380, R. S.) SEC. 214. Whenever an association against which proceedings have been instituted, on account of any alleged refusal to redeem its circulating notes, denies having failed to do so, it may, at any time within ten days after it has been notified of the appointment of an agent, as provided in section one hundred and twenty of this act, apply to the nearest circuit, district, or territorial court of the United States to enjoin further proceedings in the premises; and such court, after citing the Comptroller of the Currency to show cause why farther proceedings should not be enjoined, and after the decisions of the court or finding of a jury that such association has not refused to redeem its circulating notes, when legally presented, in the lawful rnoney of the United States, shall make an order enjoining the Comptroller, and any receiver acting under his direction, from all further proceedings on account of such alleged refusal. (Sec. 5237, R. S.) SEC. 215. Every certificate, assignment, and conveyance executed by the Comptroller of the Currency, in pursuance of law, and sealed with his seal of office, shall be received in evidence in all places and courts; and all copies of papers in his office, certified by him and authenticated by his official seal, shall in all cases be evidence equally with the originals. An impression of such seal directly on the paper shall be as valid as if made on wax or wafer. (Sec. 884, R. S.) SEC. 216. Copies of the organization certificate of any national banking association, duly certified by the Comi>troller of the Currency, and authenticated by his seal of office, shall be evidence in all courts and places within the jurisdiction of the United States of the existence of the association, and of every matter which could be proved by the production of the original certificate. (Sec. 885, R. S.) CHAPTER X.—TAXATION. SEC. 217. Every association shall pay to the Treasurer of the United States, in the months of January and July, a duty of one-half of one per centum each half-year upon the average amount of its notes in circulation, after deducting the amount of such notes represented by the minimum amount of bonds which such association is required to keep on deposit with the Treasurer. (Sec. 5214, R. S.) SEC. 218. In order to enable the Treasurer to assess the duties imposed by the preceding section, each association shall, within ten days from the first days of January and July of each year, make a return, under the oath of its president or cashier, to the Treasurer, in such form as that officer may prescribe, of the average amount of its notes in circulation for the six months next preceding the most recent first day of January or July. (Sec. 5215, R. S.) SEC. 219. Every association which fails to make the return required by the preceding section shall be liable to a penalty of two hundred dollars, to be collected either out of the interest as it may become due such association on the bonds deposited with the Treasurer, or, at his option, in the manner in which penalties are to be collected of other corporations under the laws of the United States. (Sec. 5215, R. S.) SEC. 220. Whenever any association fails to make the required half-yearly return, the duties to be paid by such association shall be assessed upon the amount of notes delivered to such association by the Comptroller of the Currency, after makin^ the deduction specified in section two hundred and seventeen of this act. (Sec *5216 R. S.) SEC. 221. Whenever an association fails to pay the duties imposed herein, the sums due may be collected in the manner provided for the collection of United States taxes from other corporations ; or the Treasurer may reserve the amount out of the interest as it may become due on the bonds deposited with him by such defaulting association. (Sec. 5217, R. S.) SEC. 222. In all cases where an association pays in excess of what is found due from it, on account of the duty required to be paid to the Treasurer of the United States, the association may state an account therefor, which, on being certified by the Treasurer, and found correct by the First Comptroller of the Treasury, shall be refunded in the ordinary manner by warrant on the Treasury. (Sec. 5218, II. S.) 36 REPORT OF THE COMPTROLLER OF THE CURRENCY. SEC. 223. Nothing in this act shall prevent all the shares in any association from being included in the valuation of the personal property of the owner or holder of such shares, in assessing taxes imposed by authority of the State within which the association is located ; but the legislature of each State may determine and direct the manner and place of taxing all the shares of national banking associations located within the State, subject only to the two restrictions: first, that the taxation shall not be at a greater rate in proportion to their real value than is assessed upon the shares of other corporations engaged in receiving deposits, negotiating loans, or transacting any other business similar to that which national banks are authorized to transact, or at any rate which will amount on the aggregate of all the shares to more than is assessed upon a like amount of other capital similarly employed, whether in the hands of individuals or under the control of corporations; secondly, that the shares of any national banking association owned by non-residents of any State shall be taxed in the city or town where the association is located, and not elsewhere. Nothing herein shall be construed to exempt the real property of associations from either State, county, or municipal taxes, to the same extent, according to its value, as other real property is taxed. (Sec. 5219, R. S.) SEC. 224. Whenever any national banking association has ceased to do business by reason of insolvency or bankruptcy, no tax shall be assessed or collected, or paid into the Treasury of the United States, on account of such association, which will diminish the assets thereof necessary for the full payment of all its depositors. (Act March 1, 1879, sec. 22.) CHAPIER XI.—PENAL PROVISIONS. SEC. 225. No officer acting under the provisions of this act shall countersign or deliver to any association, or to any other company or person, any circulating notes contemplated by this act, except in accordance with the true intent and meaning of its provisions. Every officer who violates this section shall be deemed guilty of a high misdemeanor, and shall be fined not more than double the amount so countersigned and delivered, and imprisoned not less than one year and not more than fifteen years. (Sec. 5187, R. S.) SEC. 226. No association shall offer or receive United States notes or national-bank notes as security or as collateral security for any loan of money, or for a consideration agree to withhold the same from use, or offer or receive the custody or promise of custody of such notes as security or as collateral security or consideration for any loan of money. Any association offending against the provisions of this section shall be deemed guilty of a misdemeanor, and shall be fined not more than one thousand dollars and a further sum equal to one-third of the money so loaned. The officer or officers of any association who shall make any such loan shall be liable for a further sum equal ts one-quarter of the money loaned. Any fine or penalty incurred by a violation of this section shall be recoverable for the benefit of the party bringing the suit. (Sec. 5207, R. S.) SEC. 227. Every director, and every other person employed in or by any association who embezzles, abstracts, or willfully misapplies any of the moneys, funds, or credits of the association; or who, without" authority from the directors, issues or puts in circulation any of the notes of the association ; or who, without such authority, issues or puts forth any certificate of deposit, draws any order or bill of exchange, makes any acceptance, assigns any note, bond, draft, bill of exchange, mortgage, judgment, or decree; or who makes any false representation as to the business or resources of the association or makes any false entry in any book, report, or statement of the association, with intent, in either case, to injure or defraud the association or any other company, body politic or corporate, or any individual person, or to deceive, the public, any officer of the association, or the Comptroller of the Currency, or any person appointed to examine the affairs of any such association; and every person who with like intent aids or abets any other person in any violation of this section shall be deemed guilty of a misdemeanor and shall be imprisoned not less than five years nor more than ten. (Sec. 5209, R. S.) SEC. 228. If any person appointed or directed by the Comptroller of the Currency to examine into the affairs of any association shall make any false entry in any report or statement made by him to the Comptroller, or shall suppress or conceal any material fact, with intent to deceive that officer, such person shall be deemed guilty of a misdemeanor, and shall be imprisoned not less than live nor more than tep years. SEC. 229. Every examiner of national banks who shall knowingly violate any confidences reposed in him by the Comptroller of the Currency, or by the officers or agents of any association, or who shall use his official position, or the information acquired in the discharge of his official duties, for any purpose not authorized by this act, shall be deemed guilty of a misdemeanor, and shall be fined not less than one thousand, and not more than five thousand, dollars, and shall be imprisoned not less than one, and not more than five, years. SEC. 230. It shall not be lawful to design, engrave, print? or in any manner make or execute, or to utter, issue, distribute, circulate, or use, any business or professional REPORT OF THE COMPTROLLER OF THE CURRENCY. 37 card, notice, placard, circular, hand-bill, or advertisement, in the likeness or similitude of any circulating note or other obligation or security of any banking association organized or acting under the laws of the United States which has been or may be issued under this act, or any act of Congress, or to write, print, or otherwise impress upon any such note, obligation, or security any business or .professional card, notice, or advertisement, or any notice or advertisement of any matter or thing whatever. Every person who violates this section shall be liable to a penalty of one hundred dollars, recoverable one-half to the use of the informer. (Sec. 5188, R. S.) SEC. 231. Every person who falsely makes, forges, or counterfeits, or causes or procures to be made, forged, or counterfeited, or willingly aids or assists in falsely making, forging, or counterfeiting any note in imitation of, or purporting to be in imitation of, the circulating notes issued by any banking association now or hereafter authorized and acting under the laws of the United States; or who passes, utters, or publishes, or attempts to pass, utter, or publish, any false, forged, or counterfeited note, purporting to be issued by any such association doing a banking business, knowing the same to be falsely made, forged, or counterfeited, or who falsely alters, or causes or procures to be falsely altered, or willingly aids or assists in falsely altering, any such circulating notes, or passes, utters, or publishes, or attempts to pass, utter, or publish, as true any falsely altered or spurious circulating note issued, or purporting to have been issued, by any such banking association, knowing the same to be falsely altered or spurious, shall be imprisoned at hard labor not less than five years nor more than fifteen years, and fined not more than one thousand dollars. (Sec. 5415, R. S.) SEC. 232. Every person, who, without authority of law, affixes any signature to any blank circulating note printed for any national banking association, or, who issues or puts in circulation any such note, knowing that the same has not been duly signed by the proper officers of the association for which it was printed, shall be imprisoned at hard labor for not less than five, and not more than fifteen years, and shall be fined not more than one thousand dollars. SEC. 233. Every person who mutilates, cuts, defaces, disfigures, or perforates with holes, or unites or cements together, or does any other thing to any bank bill, draft, note, or other evidence of debt issued by any national banking association, or who causes or procures the same to be done, with intent to render such bank bill, draft, note, or other evidence of debt unfit to be reissued by such association, shall be liable to a penalty of fifty dollars, recoverable by th'e association. (Sec. 5189, R. S.) SEC. 234. Any officer, clerk, or agent of any national banking association who shall willfully violate the provisions of section one hundred and sixty-one of this act, or who shall resort to any device, or receive any fictitious obligation, direct or collateral, in order to evade the provisions thereof, or who shall certify or accept checks before the amount thereof shall have been regularly entered to the credit of the dealer upon the books of the banking association, shall be deemed guilty of a misdemeanor, and shall, on conviction thereof in any circuit or district court of the United States, be fined not more than five thousand dollars, or shall be imprisoned not more than five years, or both, in the discretion of the court. (Act July 12, 1882, sec. 13.) SEC. 235. All banks not organized and transacting business under the national banking laws, and all persons or corporations doing the business of bankers, brokers, or savings institutions, except savings banks authorized by Congress to use the word "national" as a part of their corporate name, are prohibited from using the word "national" as a portion of the name or title of such bank, corporation, firm, or partnership ; and any violation of this prohibition shall subject the party chargeable therewith to a penalty of fifty dollars for each day during which it is permitted or repeated. And it is hereby made the duty of the United States district attorney for the judicial district in which such bank is located, or such business carried on to proceed against all persons or corporations violating this section. (Sec. 5243, R. S.) CHAPTER XII.—GENERAL. PROVISIONS. SEC. 236. The provisions of this act, which are expressed without restrictive words as applying to "national banking associations," or to ''associations," apply to all associations organized to carry on* the business of banking under any act of Congress. And the word " association" means national banking association, unless otherwise specially indicated. (Sec. 5157, R. S.) SEC. 237. Any oath required by this act may be taken before any officer who is authorized, either by the laws of the United States or by the local municipal laws, to administer oaths in the State, Territory, or District where the oath may be administered; but when any such oath is taken before an officer not using an official seal, proper evidence of the authority of such officer to administer oaths shall be filed in the office of the Comptroller of the Currency. When taken in any foreign country, any such oath may be administered by any diplomatic or consular representative of the United States. SEC. 238. All sums of money collected for penalties under this act shall be paid into the Treasury of the United States, except as otherwise provided. 38 REPORT OF THE COMPTROLLER OF THE CURRENCY. SEC. 239. In the absence or disability of the cashier all certificates and verifications required by this act to be made by him may be made by the assistant cashier, if the association has such an officer, and if it has no such officer, then by some one appointed by the directors to perform the duties of cashier. SEC. 240. Where by this act publication is required to be made in a newspaper, it shall be made in a newspaper among those of most frequent issue and largest circulation in the place. If no newspaper is published in such place, the publication shall be made in some newspaper among those of the largest general circulation therein. SEC. 241. This act shall be known as the National-Bank Code. SEC. 242. All laws and parts of laws re-enacted herein are repealed ; but such repeal shall not extend to any matters other than those relating to national banking associations. SEC. 243. Congress may at any time amend, alter, or repeal this act. LEGAL DECISIONS. The "Digest of National-Bank Cases'7 presented in the Eeport of 1886 is reproduced in the Appendix, page 133, enlarged by the incorporation of decisions announced during the last twelve months. There will also be found in the Appendix, page 155, a digest of decisions determining questions arising in practical banking. An examination of this digest will bring out very clearly how wide apart, and even contradictory, are the decisions which have been rendered in different States in respect to substantially the same question. Considering how active and extended the interstate commercial relations now are, and how much of the business of the national banks consists of operations in exchange, arising out of transactions between the citizens of different States, it may not be out of place for the Comptroller to draw attention to the confusion and friction caused by these local differences of judicial construction. The time may not yet be ripe for the enactment by Congress of an interstate commercial code, but such legislation appears to be in logical sequence to the establishment and extension of the national banking system and to the regulation by Congress of interstate transportation, and it would certainly be a great convenience to banks and merchants. FOURTH. STATE, SAYINGS, AND PRIVATE BANKS, AND LOAN AND TRUST COMPANIES. In order to comply with the fourth requirement of section 333 of the Eevised Statutes of the United States, the Comptroller has obtained, through the courtesy of the authorities of 21 States, which exact returns of this nature, all the information received by them. This information, transmitted sometimes in detail and sometimes compiled by the State officers, embraces the affairs of 1,620 incorporated institutions and 182 private banking concerns, making 1,802 in all. In order to obtain the information about the institutions of like character in States and Territories where no, returns are made to local authorities, resort was had to an extended and laborious correspondence. The names and addresses of over 4,000 concerns were collected, and to each a circular was sent asking for the information desired, and inclosing blank forms to be filled and returned. Out of the total number thus approached less than 1,400 have returned answers available for the purpose in view, and in many of these cases further correspondence was necessary in order to elicit all the information desired. In addition to this correspondence, each bank reporting its condition through the medium of State officials was written to individually, and requested to report the distribution of its stock. REPORT OF THE COMPTROLLER OF THE CURRENCY. 33 The returns of 1,620 institutions obtained from the State authorities embrace a statement of the condition of 914 banks operated under State charters; aggregate capital, $114,830,660; surplus and undivided profits, $44,943,984; deposits, $390,821,688; of 42 loan and trust compauies, capital, $21,858,797; surplus and undivided profits, $18,308,324; deposits, $199,799,370; of 664 savings banks, of which 580 report no capital, and 84 report capital aggregating $6,991,166. The aggregate surplus and undivided profits of the 664 savings banks is $120,187,883, and their aggregate deposits amount to $1,157,867,483. One hundred and eightytwo private banks report capital to the amount of $5,896,144, surplus and undivided profits of $1,720,192, and deposits of $18,843,930. In response to circulars sent directly, reports of condition have been received from 1,354 concerns in States and Territories where no reports are required to be made to local authorities, viz, from 499 State banks having an aggregate capital of $26,169,717, surplus and undivided profits of $8,028,226, and deposits of $55,738,334; from 16 loan and trust companies, with capital of $14,496,972, surplus and undivided profits of $8,884,995, and deposits of $40,391,341; from 20 savings banks, with capital of $3,099,700, surplus and undivided profits oi $6,712,360, and deposits of $77,868,586; and from 819 private banks with capital of $34,183,294, surplus and undivided profits of $16,443,708, and deposits of $77,736,527. The 1,471 incorporated banks and loan and trust companies, reporting their condition officially and unofficially, have an aggregate capital of $177,356,146, and of these 1,120 furnished statements as to the distribution of their stock, aggregating $151,587,705 in par value. From examination of the details of those statements, it appears that the par value of the share ranges from $10 to $1,000, and the average par value of all the shares is $79.53.* It was desired to make a classified report of the holdings of gold, silver, legal tenders, and national-banknotes, but as only a comparatively small number of associations outside of the national-bank system separate the items composing "cash on hand," and as the majority of the State reports simply show "cash on hand" and "cash in bank," the result is not as satisfactory as was hoped for. From the reports in which "cash on hand" is classified, it appears that the amount held by 1,360 such associations in gold coin is $27,015,952; in gold certificates, $937,710; in silver coins, $1,824,657; in silver certificates, $598,313; in specie (not classified), $13,744,873; and in legal tenders and nationalbank notes, $35,462,589. For purposes of comparison, reference is made to the following table: STATEMENT SHOWING THE AMOUNT OF GOLD, SILVER, ETC., HELD BY NATIONAL BANKS, A:ND OTHER BANKING ASSOCIATIONS, AT DATE OF LATEST RETURNS. Vn+innnl *!»?-* banks. Classification. Gold coins Gold certificates Gold clearing-house certificates Silver dollars Silver,fractional Silver certificates Mational-bank notes. Legal tenders ... Specie (not classified) Total. * 1, 360 other ibaiikincrasso; ciati^us> I $73,782,489 ' $27,015,952 ; $100,798,441 | 53,961,690 ! 937,710 54,899,400 ' 23,981, 000 I 23,981, 000 i 6, 683, 368 j C n R 9 1 fFrT ' ? -,, 99 o w ! 2,715,526 \{ 1. *"*> *>•" £ 11,223,551 j 3, 961, 380 i 598, 313 , 4, 559, 69,- I;ill| 260,774,592 13,744,873 79,584,094 j * la one case shares are reported at the par value of 33£ cents. Total. 13,744,873 340,358,686 40 REPORT OF THE COMPTROLLER OF THE CURRENCY. In the Appendix tables will be found showing by States and Territories the condition of these banks as obtained from official sources and from banks direct (classified as unofficial returns); aggregate resources and liabilities of each class and from both sources; comparative statements of condition 1882 to 1887; distribution of shares of stock, by States and geographical divisions, and deposits in savings banks, number of depositors and average amount due each, by States, in 1885-'86, and 1886->87. The following tables present summaries of these matters: AGGREGATE RESOURCES, LIABILITIES, AND CONDITION OF STATE BANKS, LOAN AND TRUST COMPANIES, AND SAVINGS AND PRIVATE BANKS, ORGANIZED UNDER STATE AND TERRITORIAL LAWS. (FROM OFFICIAL SOURCES.) j Loan State banks, jand trust coin Savings banks. parries. 914 banks, i 42 banks. 664 b a n k s . $23,653,410 $11,067,315 $446,624,258 79,141, 269,897, 1, 348, 2,292, 632 676 583 913 294, 756 141, <>07,100 1, 31H 28, 403, 836 122, 631, 426 31,612, 743 77, 357 166, 219,198 1, 029, 683 351,472 56, 910 22,652, 256 54,184, 825 45,607 75, 931 13,301 30,648, 205 14, 516,239 16,365,170 1,141, 024 100,182, 861 13,959,459 Total. ! 182 b a n k s . | 1, 802 b a n k s . RESOURCES. Loans on real estate Loans on personal and collateral security Loans and discounts Overdrafts United States bonds State, county, municipal, etc., bonds Railroad bonds and stocks Bank stocks All other bonds, stocks, etc Due from other banks Real estate, furniture, and fixtures • Current expenses and taxes Cash and cash items All other resources Total V>, 089, 374 I $483,434,357 9, 771, 504 5, 777, 353 352, 393 89,600 211,839,318 448,894,872 1, 779, 651 197, 005, 547 209,038,864 58,992, 053 39, 778,238 47,150,157 53,139, 067 1,101,358 4,159, 814 210,114,154 59,419,456 39,848,449 101,551,976 125, 999,945 7,648, 811 132,778 11, 218,823 2, 383,681 27, 848, 385 1, 633,313 12, 842, 682 70, 425, 624 1, 450, 839 26,182 3, 767, 071 367, 535 53, 313, 205 2,933, 297 128, 011,437 87,136, 299 586,257^874 248, 057, 701 1,288, 013,365 28,953,023 2,151,281,963 114, 830,660 34,115,460 10, 828, 524 138, 973 473, 416 390, 821, 688 21, 858, 797 9, 594,192 8, 714,132 6, 991,166 114, 091,457 6, 096,426 LIABILITIES. Capital stock | Surplus Other undivided profits State-bank notes Dividends unpaid Deposits State, county, and municipal deposits Deposits of State, county, and municipal disbursing officers. Due to other banks Other liabilities Total 525,979 199, 799, 370 88,193 i 28, 949, 795 I 6,011,165 1,136, 023 6,429, 208 I 586,257,874! 248,057,701 ' 5,896,144 i 1,681,523 I 38,669 .* 1.22," 308 1,157, 867,483 18, 843, 930 88, 588 2,755, 937 ! 871, 897 i 1, 620, 860 | 149, 576,767 150,482,632 25,677,751 138,973 1,121,703 1, 767,332, 471 88,193 31, 046, 303 16, 817,170 1,288,013,365 j 28,953,023 ! 2,151,281,963 41 REPORT OP THE COMPTROLLER OF THE CURRENCY. AGGREGATE RESOURCES, LIABILITIES, AND CONDITION OF STATE BANKS, LOAN AND TRUST COMPANIES, AND SAVINGS AND PRIVATE BANKS, ORGANIZED UNDER STATE AND TERRITORIAL LAWS. (FROM UNOFFICIAL SOURCES). State "banks. ! Loan and Savings ; trust : companies. banks. ! 499 banks, j 16 banks. \ 20 banks. Private banks. Total. 819 banks. 1,354 banks. $15,499,166 j $37,133, 215 54, 003, 430 18, 587, 909 1, 506, 385 4, 265, 056 356, 234 2, 904, 872 592,991 5,641,692 18,066,251 8, 306, 977 725, 365 11,896,653 3,172, 335 154, 227, 601 43, 050,185 2, 577, 672 18, 915, 736 7, 827,446 26,105, 424 1,326,338 20, 014, 281 34, 906, 231 17,646,735 2,136, 881 33, 325, 464 5, 571, 393 HESOU11CK8. Loans on real estate $3, C13, 963 Loans on personal and collateral security * - 41, 053, 200 Loans and discounts 16, 494, 483 Overdrafts | 1, 047, 027 United States bonds ! 237, 243 State, county, municipal, etc., bonds..| 612, 720 Railroad bonds and stocks 459, 257 324, 555 Bank stocks 5,057,846 All other bonds, stocks, etc Due from other banks i. 10, 590, 056 Real estate, furniture, and fixtures 4,109, 932 Current expenses and taxes 982, 648 Cash and cash items 10, 662, 857 All other resources 1, 278,184 $3, 202, 678 £10, 817, 408 36, 249, 262 1, 675, 719 11,492 383,881 132, 541 7,324,417 119,350 5, 780, 673 4, 279, 264 3,438,461. 300, 731 5, 603, 401 566, 086 22, 921, 709 6, 292, 074 12, 768 14, 029, 556 6, 725, 951 15, 416, 878 289, 442 3, 534, 070 1, 970, 660 1, 791, 365 128,137 5,162, 553 554, 788 98, 523, 971 71,067,956 89, 647, 359 26,169, 717 Capital stock 4, 404, 260 Surplus 3, 623, 966 Other undivided profits 89, 983 State bank notes 276, 333 Dividends unpaid 55, 738, 334 Deposits State, county, and municipal deposits.. 1,132,109 Deposits of State, county, and munici408, 278 pal disbursing officers 3, 495, 619 Due to other banks 3,185, 372 Other liabilities 14,, 496, 972 6, 247, 601 2, 637, 394 3, 099, 700 5, 603, 853 1,108,507 Total 145, 525, 316 404, 764, 602 LIABILITIES. Total 98,523,971 55,276 i 71,078 40,391,341 | 77,868,586 38,084 I 34,183,-294 77, 949, 683 10, 556, 54'J 26,812,256 5, 887,1(56 13, 257, 033 2,155 | 92,138 170,055 1 572, 742 77,736,527 I 251, 734, 788 9±6,192 I 2,116, 385 2,200 1, 893,435 1,158, 905 4, 941, 254 9, 943, 226 1, 567,183 12,909.947 17, 752; 447 71,067,956 j 89,647,359 145, 525, 316 404, 764, 602 4,470,874 i 2,730,414 j AGGREGATE RESOURCES, LIABILITIES, AND CONDITION OF ALL STATE BANKS, LOAN AND TRUST COMPANIES, AND SAVINGS AND PRIVATE BANKS, ORGANIZED UNDER STATE AND TERRITORIAL LAWS. Official. Unofficial. Total. 1,802 banks. 1,354 b a n k s . 3,156 b a n k s . RESOUKCES. Loans on real estate ^ Loans on personal and Collateral security . Loans and discounts Overdrafts United States bonds State, county, municipal, etc., bonds Railroad bonds and stocks Bank stocks A11 other bonds, stocks, etc Due from other banks Real estate, furniture, and fixtures Current expenses and taxes Cash and cash items All other resources Total. $483, 434,357 211,839,318 448, 894, 872 1,779,651 197, 005, 547 210,114,154 59, 419, 456 39,848,449 101, 551, 976 125, 999, 945 53, 313, 205 2, 933, 297 128,011,437 87,136, 299 $37,133,215 , 154,227,601 43, 050,185 2, 577, 672 18, 915, 736 7, 827, 446 26,105,424 1,326,338 20,014,281 34,906, 231 17, 646, 735 2,136, 881 33, 325, 464 5, 571, 393 $520, 567, 572" 366,066,919 491,945,057" 4, 357,323 215, 921, 283 217,941,600 85, 524, 880 41,174, 787 121, 566, 257 160,906,176 70, 959, 940 5, 070,178 161, 336, 901 92, 707, 692 2,151, 281, 963 404, 764, 602 2, 556, 046, 565 149, 576, 767 159, 482, 632 25, 677, 751 138, 973 1,121, 703 1, 767, 332,471 88,193 31, 046, 303 16, 817,170 77, 949, 683 26, 812, 256 13, 257, 033 92,138 572, 742 251, 734, 788 2,116, 385 1, 567,183 12, 909, 947 17, 752, 447 227, 526, 450 186, 2y4,8»8 38, 934, 784 231, 111 1, 694,445 2, 019, 067, 259 2,116, 385 1, 655, 376 43,956, 250 34, 569, 617 2,151,281,963 404, 764, 602 2, 556, 046, 565 LIABILITIES. Capital stock Surplus Other undivided profits State bank notes Dividends unpaid Deposits State, county, and municipal deposits Deposits of State, county, and municipal dis. officers..! Due to other banks Other liabilities Total 42 REPORT OF THE COMPTROLLER OF THE CURRENCY. NUMBER, CAPITAL STOCK, SURPLUS AND UNDIVIDED PROFITS, AND DEPOSITS OF STATE BANKS, 1886->87. Official. States, etc. Num-jl ber. Capital. New Hampshire. Rhode Island Connecticut New York State. New York City .. New Jersey Pennsylvania Maryland North Carolina .. Kentucky Missouri Ohio Indiana Michigan Wisconsin Iowa Minnesota California 1 Total I Surplus and undivided profits. Deposits. 10 8 71 31 8 80 8 11 71 212 46 32 62 56 65 54 $50,000 1,766, 685 2, 390,000 8,428, 000 14, 712,700 1, 209, 350 7, 888, 473 1,979, 390 691, 410 11, 555, 686 11,626,403 3, 079, 695 1, 676, 60U 4,556,150 3,350, 340 3, 579, 843 5, 228, 000 31,061,935 $15, 216 160, 775 497, 598 5, 235, 075 8, 937,631 492,120 2, 662, 600 460, 072 228, 706 2, 891, 327 6, 596, 349 585, 859 379,510 1,389,101 1,121,834 694, 799 1,193,125 11, 402, 287 $35, 342 1,177,883 3, 407,182 37, 688, 748 112, 699,172 3, 284,201 29,117, 308 3, 799,136 1,424,785 16,852,350 49,173, 704 10, 314, 788 3,126, 849 26, 069, 050 19, 960, 417 5, 747.286 14,429,516 52, 513, 971 ! 914 114,830,660 44,943,084 390,821,688 Unofficial. States. Number, i Capital. Delaware Virginia . West Virginia South Carolina.. Georgia Florida Alabama Mississippi Louisiana Texas. Arkansas.. Tennessee . Illinois Kansas Nebraska.. Colorado. - Oregon I U ' 10 | 1(3 I 6! 7 9 5 9 6 27 48 149 140 Total ; 499; $356,000 ' 1, 900, 255 j 819,855 : 788,704 ' 2, 738, 850 290,100 735, 000 759, 650 2,017,300 i 761, 098 I 265,000 j 2,924,254 1,655,500 | 6, 618, 545 i 2, 864, 606 i 505,000 | 17.0,000 ' _L 26,169,717 Surplus and undivided profits. Deposits. $51,143 650, 713 304,369 305, 767 1,257,002 376, 590 228, 142 97, 534 548, 693 212, 761 51,433 633, 688 890, 495 1,370,121 795, 997 168, 555 s 25, 423 $497, 427 5, 956, 769 2, 897,123 4,121,254 4, 958, 365 830,198 934,266 1,102,906 5, 060, 873 976, 851 593, 204 5, 590, 552 5,178, 069 9,151, 626 4, 836, 266 2, 279,135 173, 390 8, 028, 220 55, 738, 334 NUMBER, CAPITAL STOCK, SURPLUS AND UNDIVIDED PROFITS, AND DEPOSITS OF LOAN AND TRUST COMPANIES, 1886->87. Official. States, etc. i NumI ber. Capital. Maine New Hampshire. Massachusetts... Connecticut New York State. New York City.. Minnesota Total. $190, 297 200, 000 4,150,000 986, 600 1, 431, 900 13, 900,000 1, 0U0, 0U0 42 i 21, 858, 797 | Surplus and j undivided profits. I Deposits. $33, 665 50, 6J9 1, 074, 277 251, 990 843, 096 15, 928, 817 125, 860 $539,161" 116, 983 43,972,419 2, 829,975 12, 558, 214 139, 348, 535 434, 083 18, 308, 324 199, 799, 370 43 REPORT OF THE COMPTROLLER OP THE CURRENCY, NUMBER, CAPITAL STOCK, SURPLUS AND UNDIVIDED PROFITS, AND DEPOSITS OF LOAN AND TRUST COMPANIES, 1886-'87.—Continued. Unofficial. Number. States, etc. Philadelphia. "Missouri Nebraska Surplus and j undivided Deposits. profits. | Capital. 10 2 4 $12, 241,972 1, 200, 000 1, 055, 000 $8,524,447 ! 50,850 ! 309,698 16 14, 496, 972 8,884,995 i ! $40, 244, 593 42, 536 104, 212 40, 391, 341 NUMBER, CAPITAL STOCK, SURPLUS AND UNDIVIDED PROFITS, AND DEPOSITS OF SAVINGS BANKS, 1886-W. Official. JNum-i1 ber. States, etc. Capital. ! Surplus and i • undivided j Deposits. • Maine New Hampshire Vermont Massachusetts Rhode Island Connecticut New York !N"ew Jersey Maryland District of Columbia. North Carolina Ohio Indiana Iowa Minnesota California $460,000 85 ! 115 ! 30,105 I "5,99l" I 7 • Total ! 664 ! ; 54 ; 66 i 24. : profits. : 2,128,693 ! 150,000 i 4,216,377 ! $2,199, 862 4, 604, 680 i 776, 112 ' 12, 028, 350 :' 2, 797, 248 4, 845, 6:U 85, 633, 329 ; 2,412, 877 14, 879 11, 464 374 388, 328 212,550 492,204 138,908 2,731,089 $37,215, 50, 822,762 15, 587,050 291,197, 900 53, 284,821 97,424, 820 482, 486,730 27, 482,135 204, 125 834, 524 11, 307 15, 065,659 2, 312,013 9, 969,019 3, 891,653 70, 077,893 *G, 991,166 ! 120,187, 883 ! 1,157, 867, 4S3 Unofficial. Number. States, etc. Philadelphia Delaware Maryland Chicago : ; | i Total Capital. ; Surplus and ; I undivided '•. Deposits. profits. 5: 2; 8i 5; $444,700 .. ! ! 2,655,000; •; 20 \ 3, 099, 700 ; $3,811,224 i $42, 219, 099 2(59,740 2,771,392 1,142, 697 18, 816, 837 1, 488, 699 i 14, 061, 258 6, 712, 360 7, 866, 586 * Only 84 savings banks report capital. NUMBER, CAPITAL STOCK, SURPLUS AND UNDIVIDED PROFITS, AND DEPOSITS OF PRIVATE BANKS, 18S6-'87. Official. States, etc. ! ber. i Missouri... Wisconsin . California.. Total 85 : 68 i 29 ; : | 182 Capital. Surplus and ; undivided profits. I Deposits. $1,331,241 986,435 i 3,578,468 $840, 579 i 479, 036 I 400, 577 | $6,495,824 6,229, 610 6,118, 496 5, 896,144 1,720,192 ! 18,843,930 44 REPORT OF THE COMPTROLLER OF THE CURRENCY, NUMBER, CAPITAL STOCK, SURPLUS AND UNDIVIDED PROFITS, AND DEPOSITS OF PRIVATE BANKS, 1886-'87—Continued. Unofficial. States. ;Numj ber. Surplus and I undivided j Deposits. profits. Capital. Massachusetts Connecticut New York New Jersey Pennsylvania Maryland District of Columbia. North Carolina South Carolina G eorgia Florida Alabama Mississippi Louisiana Texas. Kentucky Ohio....' Indiana Illinois Michigan Iowa Minnesota . . . Kansas Nebraska Colorado Nevada Oregon Dakota Idaho New Mexico. Utah "Washington.. Wyoming Arizona Total 4 41 3 46 3 1 2 3 12 2 5 2 2 IS ; 15 77 j 44 ! 99 \ 55 139 40 55 34 8 2 3 77 2 2 7 2 7 2 819 $200, 008 43,821 843,811 102,125 690, 009 1, 254 13,118 22, 990 31, 330 179, 050 5,381 2, 514, 632 50, 970 8, 925 220, 458 173, 063 1,213,579 419,443 4, 233, 692 259, 466 1,265,206 i 348,551 ' 676,101 267, 652 20, 095 22, 215 443, 409 364, 926 156, 751 26, 936 1,125, 391 300, 039 92, 916 108, 329 $231,000 78, 000 1, 218,272 169,325 1. 571, 351 10,000 33, 000 40, 000 87, 850 740, 770 53, 000 312, 000 120, 000 33, ooo 1, 709, 899 631,700 2, 949, 975 2, 371,142 4, 24G, 028 994, 077 5,130, 606 2,895,615 2, 852, 934 1,256,202 221,300 108,150 186, 282 2, 019,189 127, 660 130, 000 995, 907 . 225,000 338, 000 90, 000 16,443, 708 34,183, 294 $827, 880 387, 378 6, 013,485 754, 489 8, 990, 050 47, 859 79, 490 112, 535 51,161 372, 785 228,12& 1, 471, 209 129, 957 52, 285 1, 916, 563 1, 406, 540 11,059,045 6, 319, 457 15,128, 207 2, 914, 008 6,143, 252 2, 642, 758 2, 426, 726 1, 538,131 999, 961 93, 247 818,181 1,155, 693 54, 016 194,919 1, 818, 718 513, 310 730, 874 344, 229 77, 736, 527 NUMBER, CAPITAL STOCK, SURPLUS AND UNDIVIDED PROFITS, AND DEPOSITS OF STATE, ETC., BANKS, 1886'67 Official. Num-i ber. | State banks Loan and trust companies Savings banks Private banks Total Capital. '• Surplus and I undivided ! profits. Deposits. j 914 I 42 664 | 182 $114, 830, 660 ! $44, 943, 984 18, 308, 324 21,858,797 \ 6,991,166 i 120,187, 883 1, 720,192 5, 896,144 I $390, 821, 688 199,799,370 1,157, 867,483 18, 843, 930 !l, 802 149, 576, 767 | 185,160, 383 1, 767, 332,471 Unofficial. Number. State banks Loan and trust companies Sayings banks Private banks Total 499 16 20 819 1,354 Capital. Surplus and | undivided j profits. | $26,169, 717 14, 496, 972 3, 099, 700 34,183, 294 $8, 028, 226 8, 884, 985 6, 712,360 16,443,708 $55, 738,334 40, 391,341 77, 868, 586 77, 736, 527 40,069,289 251, 734,788 77,949,683 j Deposits. 45 REPORT OF THE COMPTROLLER OF THE CURRENCY. DISTRIBUTION, NUMBER, AXD AVERAGE PAR VALUE OF SHARES OF STOCK OF INCORPORATED'BANKS IX THE UNITED STATES OX JUNE 30, 1887. Number. Number. Number of shares of stock held b y Same, in detail, held b y Natural persons Religious, charitable, and educational institutions Municipal corporations Savings banks, loan and trust and insurance companies All other corporations Total issued Average par value of share. Number of shareholders— Natural persons Corporations Number of shareholders— Resident Non-resident L, 669, 070T690237, O62 T 0 State residents Non-State residents 39, 477 7,900 Total 1,839,886 ; , • ; 1,120 47, Number of shareholders owning specific amounts— Owning shares to the par value of $C000 and less Owning shares to the par value of over $1,000 and less than $5,000 Owning shares to tbe par value of $5,000 and less than $30,000 . Owning shares to the par value of $30,000 and over 9,472 1, (325 41, 389A 13, 761 11,906,133$ $79.53 46, 553 824 377 24, 609 14,812 7,397 559 47. 377 Total A table in the Appendix, page 175, shows, by States and Territories, the estimated population of each, and the aggregate capital, surplus, undivided profits, and individual deposits of national and State banks, loan and trust companies, and savings and private banks in the United States on June 1, 1887; the average of these per capita of population, and the per capita averages of such resources in each class of banks, from which it appears that the estimated population of the United States, June 1, 1887, is 59,893,000; total banking funds amount to $4,563,192,203, which is an average of $76.19. The per capita averages of such resources in each class of banks are: National banks, $34.91; State banks, $10.69; loan and trust companies, $5.07; savings banks, $22.92; and private banks, $2.58. The Comptroller is indebted for the estimates of population to Mr. E. B. Elliott, Government Actuary, whose national reputation for skill and accuracy in reaching conclusions by mathematical methods is the surest guaranty that the figures given are as nearly correct as possible. The following table, statiug, by geographical divisions, the number of private banks in the United States, with the aggregate amount of their capital, deposits, and investments in United States bonds, for the six months ending May 31, 1882, has appeared in previous Reports. It is repeated for the reason that it has been impossible to obtain similar information from any official source since the date above mentioned: Geographical divisions. j ^™" I Xew England States Middle States Southern States Western States and Territories United States __ _ ! 94 i 967 ; j 289 • j 2,062; Capital. _„_ Deposits. : Invested in i U.S. bonds. ^ $6, 215, 637 i $6,568, 310 62,418,206 1 112,690,656 6,334,090 j 20,675,301! 30, 308, 300 ! 149,023,311 $963,958 9,227,728 107,167 3,298,990 I 3,412; 105,276,233! 288, 957, 578 j 13,597,843 46 REPORT OF THE COMPTROLLER OF THE CURRENCY. FIFTH. NAMES AND COMPENSATION OF OFFICERS AND CLERKS IN THE OFFICE OF THE COMPTROLLER OF THE CURRENCY, OCTOBER 31, 1887. Grade. William L. Trenholni. Jesse D. Abrahams... George M. Coffin John J. Crawford Alonzo B. Dickerson . Robert P. Mayfi eld . . . David L. Perkins.. Finis E. Marshall. Theodore O. Ebaugh Charles J. Stoddard Charles E. Brayton .. Edward A. Demaray . Watson \V. Eldridge John A. Hebrew George T. May Edmund E. Sehreiner Walter Taylor Charles McC. Taylor Thomas P. Kane Harriet M. Black Fernando C. Cate Sarah F. Fitzgerald.... Willis J. Fowler. William H. Heald Washington K. McCoy Isaac C. Miller Joseph K. Miller w William D. Swan EphraimS. Wilcox.... G eorge H. Wood William E. Colladay... Julia R. Donoho . . . . . . . 11. LeKoy Livingston.. Edward S. May Mary L. McCorraick... Morris M. Ogden Margaret ta L. Simpson Arthur M. Wheeler Eveline C. Bates Willard E. Buell Eliza R. Hyde Carrie 1/. Pennock Eliza M. Peters C harles A. Stewart Therese E. Tilley Frederick Widdows Eliza M. Barker Alice M. Kennedy Lafayette J. Garner Thomas H. Austin Margaret L. Browne Louisa Campbell Sarah M. Cartwright Virginia H. Clarke Sarah G.Clemens Geraldine Clifford Richard W. Comly Mary L. Conrad Talma Drew Amanda W. Doty Henry S. Goodall Margaret E. Gooding Lucretia W. Knowlton Emma Lafayette Edward H. Latch Annie W.Lockhart MaggieB.Miller James D. Moler Mary E. Oliver Carrie B. Pumphrey Marie Richardson Francis M. Richardson Hannah Sanderson Eliza A. Saunders Fayette C. Snead i Salary. Comptroller Deputy Chief o Comptroller. do livision. do do Superintendent Teller Book-keeper Assistant book-keeper Fourth-class clerk do do do .....do do do do Stenographer Third-class clerk do do do do do do do do do do : „ ^Second-class clerk do do do do do do do First-class clerk do I do j do ! do I do | do do . Clerk do Engineer . Clerk do j do ... j do ... do do ... do ... do ... do do do ... do do do do do do ... do ... do ... do ... do ... do do do ... do | do . * Additional as bond clerk, $200. .-. $5, 000 2,800 2, 200 2,200 2,200 2,200 2,000 2,000 2,000 2,000 1,800 1,800 1,800 1,800 1,800 1, 800> 1. 800 i;80O 1,600 1, 600 1,600 1,600 1, 600 1,600 1,600 1,600 1,600 1,600 1,600 1,600 1,400 1,400 1,400 1,400 1,400 1,400 1,400 1,400 1,200 1,200 1,200 1,200 1, 200 1, 200 1,200 1,200 1.000 1,' 000 1,000 900 900 900 900 900 900 900 900 900 900 900 900 900 900 900 900 900 900 9C0 900 900 900 900 900 900 900 REPORT OF THE COMPTROLLER OF THE CURRENCY. 47 NAMES AND COMPENSATION OF OFFICERS AND CLERKS IN THE OFFICE OF THE COMPTROLLER OF THE CURRENCY, OCTOBER 31, 1887—Continued. Names. Mathilda C. Stoffregen. Elise K. Taylor Sarah A. W. Tiffey Cains E. Triplet.'. Julia C. Townsend Anna M. "VVhiteside Glendie B. Young Morris A. Moore PhiloL. Bush William Griffiths Silas Holmes Lanffston W. Allen W. Frank Kobey John A. McDonald Bessie P. Co well Harry C. Derby Lambert A. Whiteley... Grade. Clerk. .do . do . .do .do.do . .do . Messenger Assistant messenger.. do do Watchman . do. Fireman. Laborer do.. do.. Salary. 900 900 9U0 900 900 90a 840 720 720 720 720 720 720 660 660 660 EXPENSES OF THE OFFICE OF THE COMPTROLLER OF THE CURRENCY FOR THE YEAR ENDING JUNE 30, 1887. For special dies, plates, printing, etc For salaries For salaries, reimbursable by national banks $31, 454.10 97,653.00 15,047.97 The contingent expenses of the office are not paid, by the Comptroller, but from the general appropriation for contingent expenses of the Treasury Department; no separate account of them is kept. ORGANIZATION AND EXPENSES OF THE BUREAU OF THE CURRENCY. One subject of material importance to the banks and to the public is the more complete organization and better equipment of the office of the Comptroller of the Currency. Each year greater numbers of new banks are organized, involving increased correspondence, explanation, and book-keeping, and more packages of currency to be kept safely; each year the number of banks in operation grows larger, calling for a wider scope of supervision, more reports to be examined, corrected, and compiled, more letters from banks to be received, more letters to be written to banks, more examiners to be employed, and more correspondence maintained with them. The number of receiverships also increases annually, causing more work, more correspondence, and more book-keeping. The labor and anxiety of continuous and simultaneous attention to twenty-eight active receiverships can not be described. Almost every one of them is involved in serious litigation, while in many of the cases pending not only large amounts of money and great interests, but important principles, are at stase. On the other hand, no relief comes from the reduction of circulation, for the work in the divisions of issue and redemption varies with the number of banks and not with the amount of bonds deposited or of circulation issued, while every change in either bonds or circulation increases the work in these or other divisions. Changes of bonds and circulation become more frequent annually. Without entering into wearisome details, it must be obvious that the growth of the national-bank system must impose upon the Comptroller and the officers and clerks who assist him labors and responsibilities 48 KEPORT OF THE COMPTROLLER OF THE CURRENCY. which increase year by year, and if the annual reports made to Congress are compared with each other it will be found that they are constantly becoming not only more voluminous but more complex in their contents, and more exacting upon those charged with their preparation. .Not only is this the case, but the growing complexity and amplitude both of mass and of detail which mark the annual Eeports also reflect a corresponding augmentation of mass and differentiation of detail in the daily work of the Bureau. The volume and the minute particularity of the contents of these Keports imply antecedent operations of investigation, collocation, arrangement, analysis, compilation, and statistical interpretation, which were not possible when the national-bank system was less fully developed, and which can not be adequately described. In order that the present work of the Bureau may be properly performed the following changes are essential: 1. The Deputy Comptroller should have a salary of $3,500. J$o less sum can be depended upon to secure or to permanently retain any one entirely qualified for the position. 2. There should be provided for the Bureau a responsible legal adviser, with such clerks and books as may be necessary to the proper examination of the questions that are daily presented in almost every branch of commercial law. 3. There should be added to the four divisions now existing a division of archives and statistics. Provision should be made by appropriation for an annual conference in Washington of all examiners of national banks, for the employment of supervising examiners, as recommended elsewnere, for such traveling expenses as may be incurred by the Comptroller or Deputy Comptroller in visiting different sections of the country in connection with the banks and banking interests there, and for the accumulation of a library of standard books of reference on subjects related to banking and financial legislation and administration. In order that some measure of justice may be done to the officers and clerks of the Bureau for the assiduity and intelligence by which alone it has been possible to accomx)lish the constantly increasing tasks devolved upon them, the subjoined tables are respectfully submitted. The first table has been made up from a report lately prepared for a select committee of the Senate, and it shows the number of letters and papers handled, and the value of circulating notes and of incomplete currency passing in and out of the Bureau during each of the last three years. The second table shows the number and compensation of officers, clerks, messengers, and laborers employed in the Bureau, and the total salaries during each year from 1863 to 1887, inclusive. 49 REPORT OF TilK COMPTROLLER OF THE CURRENCY. NUMBER AND VALUE OF ITEMS HEPKESENTING CLERICAL WORK IN THE OFFICE OF THE COMPTROLLER OF THE CURRENCY DURING EACH OF THE YEARS 1884, 1885,' AND 1886. d u m b e r of— Papers and letters received and iilcd Papers and letters examined Papers and letters copied „ Papers prepared-and issued Papers prepared for Bureau use Letters written, copied, and indexed Certificates issued under seal Packages of mutilated currency received, contents counted, and certified for destruction ..'. Packages of incomplete currency on hand at the end of each year. Packages of incomplete currency received from Bureau of" Engraving and Printing, examined, and counted Packages of incomplete currency counted for issue, strapped, I and labeled \ Packages of incomplete currency withdrawn from vault, opened. | resealed, and replaced | Packages of incomplete currency made up for shipment, Hailed, j addressed, and delivered to mail or express ' Packages of bonds received, counted, and disposed of Packages of bonds made up, sealed, and delivered to mail or ex- I press -| Entries in ledgers, journals, and other books of record j Total. 1884. 1885. 164,021 i 46,088 6,5(54 I 195,113 j 151,347 | 74,764 i 4,963 163,818 50, 237 5,271 246, 313 192, 040 80,187 7,740 42,815 I 4,449 j Packages of mutilated currency received, contents counted, and eertiiied for destruction $110,529,684.50 j Packages of incomplete currency on hand at the end of eacli year \ 70,384,220.00 i Packages of incomplete currency received from Bureau of Engraving and Printing, examined and counted 83,406,110.00 ; Packages of incomplete currency withdrawn • from vault, opened, resealed, and replaced* 523,104,120. 00 ! Packages of incomplete currency made up for shipment, counted, strapped, sealed, addressed, and delivered to mail or express 80, U'J5, 920. 00 Packages of bonds received, counted, and disposed of 111, 711,250.00 ; Bonds on deposit with United States Treasurer to secure circulatign December 31, each y e a r . . . 318, 655, 050. 00 [ Bonds deposited to secure circulation during 43,450,050.00 j each year 72, 333, 200. (J<> j Bonds withdrawn from deposit each year Total . 63, 878 i 4,640 i 90, 259 4,814 3,552 | 3. 960 2, 250 42,127 ; 53, 005 : 43,332 i 53, 506 27. 419 1,345 36,408 ' 451 . 43, 009 1,189 1,095 ' 523, 879 ; 210 657,228 , 930 758, 319 ], 597, 840 ! 1, 813, 955 33,060 1884. 174,826 49, .154 5,143 288, 602 209, 292 74, 754 4,903 31,914 j 1, 312, 394 Yalno of— 1886. : 1885. 1886. $104,266,700.00 j $78,375,583.50 75,125,290.00 59,405,780.00 102,369,620.00! 40,759,460,00 701, 545, 080. 00 I 660, 264, 040. 00 83, 6G6, 300. 00 47,311,700.00 55, 518, 170. 00 145, 736, COO. 00 306, 008, 750. 00 229, 438, 350. 00 17, 333, 000. 00 29, 979, 300. 00 35, 582, 500.00 112,152, 900. 00 , 416, 989, 604. 50 j 1, 467, 605, 740. 00 1,417,232,783.50 *Estiraated by number of packages withdrawn and deposited, as compared with average value per package at time of vault-test by committee. 8770 CUR 87 4 50 REPORT OF THE COMPTROLLER OF THE CURRENCY. COMPARATIVE STATEMENT OF NUMBER OF BANKS ORGANIZED AND NUMBER UNDER SUPERVISION, UP TO THE END OF EACH FISCAL YEAR FROM 1863 TO 1887, TOGETHER WITH THE NUMBER AND COMPENSATION OF THE OFFICERS, CLERKS, ETC., IN THE BUREAU OF THE CURRENCY FOR EACH YEAR. i Xumberof I banks organized up j to October 31 in each, year. Years. 1863 1864 1865 1866 1867. 1868 1869 1870 1871..., 1872 1873 1874 1875 1876 1877 1878 1879 : ! .! ; ; i i ! j ! ! ." ; i i j i 1880 | 1881 j 1882 1883 i j 1884. .j 1885.... 1886 1887 I Kumber of Additional banks in opersalaries, Number of Amount ation and in 20 per cent., officers, of salaries the hands of and reimreceivers on clerks, mes- for fiscal bursed years. October 31 of sengers, etc. by national each year. banks. 117 561 1,601 1,665 1, 673 1,685 1,694 1,731 1,886 2,061 2,129 2, 200 2,307 2, 343 2, 372 2, 400 2, 438 2, 495 2,581 I 2,808 3,070 3, 261 3,406 3,581 3,805 117 561 1,600 1,652 1,649 1, 643 1, 635 1,657 1, 801 1,965 2,012 2,063 2,132 2,136 2,139 2, 127 2,131 2,181 2,155 2,394 2, 620 2, 771 2,831 2,981 3,180 8 42 85 73 68 74 68 78 87 84 94 98 130 130 99 101 99 91 96 93 93 92 90 89 92 $1, 991.17 26, 792. 89 58, 374.16 86, 826.01 109, 6U0. 00 89, 335. 20 97,404. 20 86, 940.12 101,400.00 101,140.00 112, {-00.00 118.500.00 120,680.00 122, 605. 95 109,391.93 lOt, 820.00 103, 280.00 101,400.00 101,383.64 101,398.88 102, 397. 08 102.151.L1 101,674.47 96,494.67 97, 653.00 $14, 749. 28 12, 410. 80 33, 675.76 25, 457.22 22, 297. 28 22,219.97 22, 205. 20 16, 745.80 16, 641. 50 16. 792. 56 16, 567.48 16,756.43 13, 742. 99 15,047.97 Total. $124, 349.28 133, ono. so 156,281.71 134, 849.15 127,117. 28 125,499. 97 123,(05.20 118, r. 9.44 118,040.38 119,189.64 118,718.49 118,430.90 110,237.66 112, 700.97 No words can add force to the testimony of these figures, and yet they represent only imperfectly the annually growing disparity between the work accomplished in the Bureau and the number and compensation of those upon whom the burdens and the responsibilities rest. If the considerations here presented should be deemed insufficient to justify more liberal appropriations, there is the further reason that without more enlarged facilities the valuable information continually accumulating will soon get beyond the present overtaxed capacity of the Bureau, and its value will become lost. INFORMATION. Section 333 of theBevised Statutes of the United States, in prescribing the scope of the annual Eeport to be made by the Comptroller of the Currency, imposes upon that officer the further duty of submitting to Congress such other information in relation to the banks as in his judgment may be useful. The following information is accordingly submitted: REPORT OF THE COMPTROLLER OF THE CURRENCY. 51 The following table gives the number of national banks organized in each State and Territory during the year ending October 31,1887, with their aggregate capital, bonds, and circulation: States and Territories. Number of banks. Maine Massachusetts. Connecticut ... Division No. 1. New York New Jersey ... Pennsylvania.. Division No. 2 . Delaware Maryland Districtof Columbia. West Virginia 27l Division No. 4 . Ohio Indiana Illinois Michigan .Wisconsin . 37 Bonds. Circulation. $100, 000 100, 0.00 200, 000 $25, 000 25,000 50, 000 400, 000 100, 000 90,000 4, 065, 000 825, 0i 0 2,135,000 191,500 206, 250 373,800 172, 350 185, 625 336, 400 7,025,000 I $22, 500 22,500 45,000 771, 550 694, 375 000 000 000 000 12,500 37, 500 50, 000 15, 000 11,250 33,750 45,000 13, 500 500, 000 115, 000 103, 500 50, 000 50, 000 400, 000 100, 000 1, 409, 000 300, 000 400, 000 150, 000 2,140, 000 1, 200, 000 12, 500 12, 500 100,000 25, 000 252, 500 75, 000 100, 000 37, 500 460, 000 187, 500 11, 250 11,250 90, 000 22, 500 227, 2.10 67, 500 90, 000 33, 750 414, 000 168,750 6,199, 000 1, 262, 500 1,136, 250 2,030, 000 100,000 1, 500, 000 8u0, 000 580, 000 382,500 25, 000 304, 500 102, 500 145, 000 344, 250 22, 500 274, 050 92, 250 130, 500 5, 010, 000 959, 500 863, 550 350, 000 1,450,000 3,100, 000 3, 392, 000 710, 000 87, 500 162, 500 212, 500 760, 500 177, 500 78, 750 146, 2oO 191,250 684, 450 159, 750 50, 1 50, 250, 50, Division No. 3. North Carolina . South Carolina.. Georgia Florida Alabama Mississippi Louisiana Arkansas. Texas Tennessee Division No. 5. Iowa Minnesota . Missouri... Kansas Nebraska.. Capital. Division No. 6. Colorado.. Arizona.... California.. Oregon 9,002,000 I 1,400, 500 1,260,450 350, 000 100,000 750, 000 310, 000 87, 500 25, 000 187, 500 77, 500 78,750 22, 500 168, 750 69, 750 Division No. 7 Dakota Montana Washington . Wyoming 1, 510,000 377, 500 339, 750 500, 000 50, 000 250, 000 100, 000 125,000 12, 500 62,500 25, 000 112, 500 11,250 56, 250 22, 500 Division No. I Grand total.. 225 900, 000 225, 000 30, 546, 000 5, 211, 550 202,500 4, 690, 375 52 REPORT OF TILE COMPTROLLER OF THE CURRENCY. Eight national banks, with an aggregate capital of $1,550,000, failed and were placed in the hands of receivers during the year, as is shown in the following tabulated statement, to which is appended an account of the chief cause of failure in each case : STATEMENT OF BANKS FAILED DURING THE YEAR, THEIR CAPITAL, SURPLUS, AND LIABILITIES ACCORDING TO LAST REPORT OF CONDITION. Name and location of bank. First National Bank, Pine Bluff, Ark Palatka National Bank, Palatka, Fla Fidelity National Bank, Cincinnati, Ohio Henrietta National Bank, Henrietta, Tex National I5ank of Sumter, S.C First National Bank, Dansville,N.Yt • First National Bank, Cony, Pat Stafford National Bank, Stafford Springs, Connt Total. Date of authority to Date of Receiver apcommence failure. pointed. business. 1886. 1886. Sept. 3 8,1882 Nov. 15 Nov. 20 1887. 1887. Nov. 20, 1884 May 30 June 3 As shown at date of last report of condition in each case. Capital. $50, 000 50, 000 Feb. 27, 1886 J u n e 20 June 27 1, COO, 000 Date of Surplus last and un- Other lia- report divided bilities.* condi-of profits. tion. 1886. Oct. 7 1887. 14, 051 May 13 $22, 864 $184,697 1,882 129, 283 5, 867, 064 May 13 J u l y 25 Aug. 17 50, 000 12, 328 99, 598 May 13 Nov. 26, 1883 Aug. 22 Aug. 24 50, 000 10, 774 112, 763 Aug. 1 Aug. Aug. 25 Sept. 8 50, 000 23, 863 87, 852 Aug. 1 Dec. 6, 1864 Sept. 16 Oct. 11 100, 000 10, 314 172, 857 Aug. 1 7, 1865 Oct. 12 Oct. 17 200, 000 25, 048 293, 476 Aag. 1 Sept. 4, Jan. -l,550,0CO 236, 356 6, 832, 358 * Total, as per report, except capital, surplus, circulation, undivided profits, and unpaid dividends, t Extended. The First National Bank of Pine Bluff, Ark., failed because of the failure of its president, who was engaged in buying and shipping cotton on a scale too extensive for his means. To handle this business he made use of the bank, and at the date of failure he was maker or indorser of more than two-thirds of its bills receivable, the only security for which consisted of mortgages on land, crops, and plantation chattels. He had also undertaken a railroad enterprise which he was unable to carry through, and the bank had a great deal of money locked up in the stock and bonds of the railroad company. A large amount of bills receivable having been rediscounted, and the president being unable, through lack of railroad transportation, to make prompt shipments of cotton to meet their maturities, the bank suspended. No run was made by the depositors. A dividend of 25 per cent, was paid to the creditors of the bank, about five months after date of failure, on claims aggregating $64,956.08. The Palatka National Bank, of Palatka, Fla., suffered an impairment of capital through losses attributable mainly to the gradual withdrawal of deposits by customers who were moving out of the locality, general stagnation of business, and a marked decline in the enterprises of the town. The directors made an abortive effort to place the bank in voluntary liquidation, but the requisite stockholders' vote could not be obtained. In less than sixty days after appointment of the receiver the creditors were paid principal and interest in full on claims aggregating $0,379.69, and the remaining assets of the bank have been turned over to an agent of the stockholders, under the provisions of the act approved June.30, 1876, ftEPOKT <W THE COMPTfiOLLER OF THE CURRENCY. 53 The Fidelity National Bank of Cincinnati, Ohio, was reduced to insolvency through the reckless management of its board of directors, who suffered certain of their number to divert its funds and to prostitute its credit in support of a speculation in wheat in Chicago during the months of March, April, May, and June of this year. In the progress of this nefarious enterprise many provisions of the national banking laws were violated, and the public was deceived by false statements as to the capital, surplus, and business of the association. While entertaining grave apprehensions as to the management of this bank, the Comptroller had no evidence, either from its reports of condition or from an examination made in March, to justify any measure on his part likely to discredit it, or to embarrass its directors in the conduct of its affairs. On June 20 the Comptroller received notice of the protest in New York of $200,000 of its drafts, and immediately notified the examiner, who had been waiting in Cincinnati and the vicinity for several weeks to act upon any information which should justify a re-examination. He entered the bank immediately, and finding it insolvent took possession under instructions. The doors were not opened on the morning of the 21st, and on June 27 a receiver was appointed and took charge of its affairs. Upon obtaining evidence sufficient for the purpose, the Comptroller caused proceedings to be taken under section 5239, Eevised Statutes, to dissolve the corporation and to have its franchises declared forfeited. A decree to this effect was made July 12 in the United States circuit court for the southern district of Ohio. No appeal was taken. Upon the basis thus prepared suit has been brought by the receiver against every director implicated in the violations of law, and such damages as the courts will grant, and the personal means of the directors can be made to supply, will be collected and applied to the relief of those who have suffered loss or damage. A dividend was declared on October 31 of 25 per cent, on all claims proved and allowed, amounting to $2,386,569.20. A very large number of accounts with corresponding banks are still unadjusted, and claims are in dispute aggregating about $1,000,000 of which it is feared the larger part can be settled only by litigation. Both the examiner and the receiver were early instructed to supply to the United States district attorney for the southern district of Ohio all evidence they could find indicating criminal misconduct on the part of any of the directors or officers of the bank, and arrests were promptly made upon the evidence furnished by them. The Attorney-General joined with the Comptroller in the employment of special means for detecting the persons implicated in the misappropriation of the bank's funds, and the Solicitor of the Treasury, the district attorney, the Chief of the Secret Service Division of the Treasury, and the officers detailed for the work entered heartily and efficiently into all measures for discovering and establishing their guilt. Indictments have been found against several persons, and their trials will shortly take place. It is to be hoped that this conspicuous instance of fraudulent conduct and lax administration may furnish occasion for establishing a just degree of responsibility on the part of directors. The Henrietta National Bank of Henrietta, Tex., became involved in the cattle business of its president and four other directors, who constitute a majority of the board, and own more than half the capital stock of the bank. In the names of their several firms these five directors had each borrowed from the bank amounts largely in excess of the limit prescribed by law, and their aggregate indebtedness exceeded the entire 54 REPORT OF THE COMPTROLLER OF THE CURRENCY. capital stock. The drought in Texas last summer caused heavy losses in the cattle trade, and as soon as the firms referred to became embarrassed their property was attached, and this precipitated the failure of the bank. While the management is to be condemned, it must be said that the principal debtors of the bank had been men of large means, and that its other assets were fairly sound. Within sixty days of its suspension a dividend of 50 per cent, was paid to the creditors on claims aggregating $64,784.31. The National Bank of Sumter, S. C, closed its doors on August 20. Two days before the cashier hadabsconded, carrying with him aconsiderable amount of money belonging to the bank. This person performed the duties of cashier, teller, and book-keeper, and was thus in a position to conceal his embezzlements until they exceeded in amount the capital stock of the bank. The president seems to have been often absent and habitually negligent, and although a committee was appointed quarterly by the board of directors to examine the affairs of the bank, the members of it must have been incompetent or neglectful of the trust thus confided to them. No evidence has been as yet obtained sufficient to justify proceedings under section 5239, United States Kevised Statutes, and in presence of the decision in the case of Movius, receiver, v. Directors of the First National Bank of Buffalo, the Comptroller has not felt justified in subjecting this impoverished trust to the expenses of a suit against the directors at common law. The assets are estimated to be good, and a dividend of 75 per cent, will probably be paid before the end of this year. The First National Bank of Dansville, N. Y., was wrecked by its president, who telegraphed to the Comptroller August 26 that the bank had closed its doors, and immediately absconded to Canada. When the national-bank examiner took possession of the bank the most important books and papers were missing, and those which remained contained little that was true. Nothing but a judicial investigation will unravel the tangle of falsehood and chicanery by which the public has been deceived and robbed, and a once honored family disgraced. The stock of the bank belonged almost wholly to a single family, and all its losses are chargeable to the operations of the president and one of his brothers. Evidence sufficient to justify a criminal investigation has been laid before the district attorney of the United States for the western district of New York, by whom proceedings have been commenced against the only parties within the jurisdiction of the court. The First National Bank of Corry, Pa., was crippled by mismanagement several years ago. Its stockholders have had no dividends since 1881. In 1883 a change was made in the officers and directors, but the new men proved unequal to the exigency. It appears that the president lived several miles away from Corry, and that the cashier was negligent, and a poor business man, while the directors were weak or inattentive. In consequence of general neglect the bank went from bad to worse, and the cashier is particularly censured for not fully informing the directors of the true condition of a large amount of paper which was thus allowed to become entirely worthless. Added to the effects of weak management there was a constant shrinkage in the value of the old assets, and recently adverse decisious were rendered in important litigation, and the losses on current business proved to be large. The bank suspended on September 16, and upon examination it appeared that about 80 per cent, of the capital was lost. Ample time was allowed the stockholders to make this good, in accordance with section REPORT OF THE COMPTROLLER OF THE CURRENCY. « 55 5205 United States Eevised States, but their efforts proving unsuccessful, a receiver was appointed, who qualified and took possession on October 11. The assets as at present estimated should pay the creditors in full, but no dividend has yet been declared owing to slow collections. The Stafford ^rational Bank of Stafford Springs, Conn., lost upward of $100,000 by its cashier, who is now under arrest, charged with embezzlement and misappropriation of the funds of the bank. It appears that he was intrusted with the entire management of the bank's affairs, and was successful in deceiving the president and directors by means of fictitious notes and cash items, and the manipulation of the accounts of correspondent banks. His operations extended over a considerable period of time, and involve very large amounts of money lent to a lumber company, of which he was treasurer. The true condition of this bank was ascertained by a special examination ordered in September, out of the regular term, and the arrest of the cashier was the first notice the public had of the bank's being in trouble. The loss to the bank is nearly equal to the amount of its capital, but it is expected that enough will be realized from the assets to nearly or quite pay the creditors in full. Tables will be found in the Appendix, pp, 200-212, showing the amount of capita], nominal assets, amounts collected, claims proved, and dividends paid, according to the facts in each of these cases, and other statistical information in relation to all insolvent national banks. A table, Appendix, p. 212, has been prepared with great care and minute accuracy, showing every item of public interest connected with each bank that has been placed in the hands of a receiver since January 1,1877. It was desired to embrace in this table similar information as*to all failed national banks, but it appears that prior to 1877 the various items in the reports of receivers were not always classified, as they have been since that date, and their uniform classification involved so much labor that it could not be completed in time for this Report. In some of the earliest cases the information on file seems to be very meager. THE ORGANIZATION OF NATIONAL BANKS. As the laws now stand a national banking association may be formed by any number (not less than five) of natural persons, and any banking corporation having a State or Territorial charter may be converted into a national banking association. Every person applying for information as to the formation of a national bank, or the conversion of a State bank, is supplied with a copy of the national bank laws and a book of instructions as to the practical steps to be taken in effecting either of these purposes. He is also requested to cause a formal notice to be filed, setting forth the name of the place at which the bank is to be located, the title selected, and the names of at least five among those who intend to subscribe for the capital stock. After notice has been filed the person or persons acting in the matter are furnished with blank forms to be used in effecting an organization, and the title which they have selected, if it is approved, is reserved for them for a reasonable period. The forms sent include articles of association, organization certificate, certificate upon which officers and directors are to set forth the facts which it is necessary for the Comptroller to know before authorizing the bank to begin business, oaths of directors, and a blank order for circulating notes. As soon as these papers are returned, duly executed, and all the 56 REPORT OF THE COMPTROLLER OF TJIE CURRENCY. requirements of the law have been complied with by the corporators, the Comptroller's certificate to that effect is issued. The requirements of law for the formation of new banks are simple and reasonable, the only one appearing onerous being that which requires the bank to deposit in the Treasury certain amounts of United States registered bonds bearing interest. Under the act of February 25,1863, national banking associations were required to deposit with the Treasurer United States bonds to the amount of one-third their paid-in capital. In 18G4 this provision was amended by fixing $30,000 as the minimum amount of bonds for any bank. The act of June 20, 1874, permitted associations to withdraw any bonds they might have on deposit in excess of $50,000. Obviously this affected only banks of which the capital exceeded $150,000. The act of July 12, 1882, specified that banks of which the capital does not exceed $150,000 should be required to keep on deposit bonds to the amount of one-fourth of their capital. By a special provision of law banks and banking corporations having State charters may be converted into national banks upon satisfying the Comptroller of the Currency that they are in sound financial condition, and upon complying with such of the general requirements of the law as are applicable to them. CONVERTED AND* ORIGINAL BANKS. It will be seen from the foregoing statement that banks that enter the national system are of two classes, viz, institutions already organized under State laws, converted to national banks under section. 5154, Revised Statutes of the United States, and national banking associations primarily organized as such under various acts of Congress: The following tables show the history of these two classes: WHOLE NUMBER OF STATE BANKS CONVERTED TO NATIONAL BANKING ASSOCIATIONS, THEIR CAPITAL AT DATE OF CONVERSION, PRESENT CAPITAL AND SURPLUS ; SPECIFYING SUCH AS HAVE SINCE GONE INTO 'VOLUNTARY LIQUIDATION, AND SUCH AS HAVE BECOME INSOLVENT. Existing. Tears. Whole number converted. 12 150 284 6 1 3 186T 1864 1865 1866 1867 1868 1869 1870 1871 1872 1873 1874 1875 1876 1877 1878 1879 1880 1881 1882 1883 1884 1885 1886* 18871 1 5 5 4 11 7 9 5 7 10 6 11 13 16 1 5 10 Number in existence. 12" $6,110,000 145 66, 589, 500 223 59,176, 000 3 860, 300 586 Present capital. Surplus. $9, 710, 000 72, 580, 200 58, 904, 000 3,100, 000 $2, 564, 300 26. 940, 700 27, 501, SOO 92, 000 250, 000 10, 000 1, 500, 000 1, 225, 000 830, 000 005. 000 2, 560, 000 860.000 141,000 980, 000 709, 000 1,435,000 1,340,000 2,213,100 1,790,300 1,000,000 50, (100 850, 000 2,400,000 1, 350, 000 259, 000 150, 000 195, 000 155,000 479,100 197, 500 26, 500 320, 000 198, 000 447, 500 311,500 468, 300 311,600 136, 100 25, 000 152, 700 179,000 144,100 498 152,423, 800 ilt>6. 442. 600 61, 273, £00 1 250,000 1 2 3 4 9 5 2 3 7 10 6 11 13 12 1 1, 000, 000 1, 378, 000 1,110, 000 855, 000 2, 244, 000 850,000 ' 161,000 680, 000 710, 000 1,285,000 1,147,000 1, 445,700 1,190,300 980, 000 50,000 850, 000 2,152, 000 1, 350, 000 f, 9 11 Total Capital at date of conversion. Insolvent. Voluntary liquidation. Number. 2 47 2 1 2 Capital at Capital at Surplus at Capital at Capital at date of date of date of Num- date of date of conversion. liquidation. liquidation. ber. conversion. failure. $200, 11, 715, 275, 50, 200, 000 200 000 000 000 $250, 000 10,101, 200 250, 000 100, 000 200, 000 $38, GOO 1, 772, 000 52, 200 11,100 29, 700 3 2 278, (00 150, 000 300 000 150,000 35, 000 13, 500 2 2 250, 000 200,000 250, 000 130,000 15, 500 12, 000 1 50, COO 50, 000 4,500 3 14 1 $117,000 4,401,100 3. 410, 300 $367, 000 4,371,100 2, 500, 000 130, 000 130, 000 1 1 o1 t- re 4 2«JO, 000 1 50, OCO 69 13,668,210 2:0, ouo 50,000 i 12, 081, 200 11,200 500 1, 996,100 tJTrora November 1, 1886, to November 1, 1887. *To November 1. Percentage of capital of national banks, organized as such, that went into voluntary liquidation.. Percentage of capital of national banks, organized as sucb, that went into insolvency Percentage of capital of national banks, organized as such, that are in existence 14. 3 3.3 82. 4 Percentage of capital of converted banks that went into voluntary liquidation Percentage of capital of converted banks that went into insolvency Percentage of capital of converted banks that are still in existence 6. 5 3. 9 89. 6 Percentage of increase of capital of national banks, organized as such Percentage of increase of capital of converted banks 18. 8 9 19 8, 358, 400 7, 368,100 w re a en WHOLE NUMBER OF NATIONAL BANKS OF PRIMARY ORGANIZATION UNDER THE NATIONAL-BANK LAWS, CAPITAL AT DATE OF ORGANIZATION, AND PRESENT CAPITAL AND SURPLUS, SPECIFYING SUCH AS HAVE SINCE GONE INTO VOLUNTARY LIQUIDATION AND SUCH AS HAVE BECOME INSOLVENT. Years. Whole number organized. 474 101 603 33 9 10 8 62 148 156 53 72 94 27 26 23 30 47 97 230 236 179 142 142 214 296 69 440 7 23 8 4 40 109 97 38 46 79 23 21 18 25 43 87 212 214 171 139 140 214 3, 219 2,563 1863. 1864.. 1865. I860.. 1867.. 1868.. 1869.. 1870.. 1871.. 1872.. 1873.. 1874.. 1875.. 1876.. 1877.. 1878.. 1879.. 1880.. 1881.. 1882.. 1883.. 1884.. 1885.. 1886*. 1887 K Total . Voluntary liquidation. Existing. Capital at Present date of Number. capital. organization. Suiplus. $58, 854, 800 $40, 588, 900 15, 370,100 11,848,100 111,U14,7OO 107, 777,400 4,385,000 2,730,000 1,800, 000 850, OliO 1,150, 000 710, 000 650, 000 85D, 000 5,160, 500 4, 298, 000 14,478,900 11,668,000 9, 074, 700 12,471,100 4, 463,000 4,655, 000 3, 726, 500 4, 345, 000 10,012, 000 11,044,000 2,020, 800 2, 377, 800 1, 864, 000 2, 564, 000 1,870,000 1, 625, 000 2, 550, 000 3,105, 000 6,147, 100 5, 222,100 10,181,000 8, 335, 000 H5, 039,000 28,318,000 28,403,000 22, 982, 000 17, 269, 000 20,0c6, 100 13, 593, tOO 14, 203, 000 15, 453, 000 16,215,000 29,196, 000 29, 096,000 347,216, SCO Number. Capital a t date of organization. 147 31 144 8 2 2 2 20 34 48 13 22 14 4 3 5 4 3 9 14 16 7 3 1 $14,984,200 4, 310, 000 19, 592,300 800, f;00 150, 000 200, 000 260, 000 2,401,000 3,040,000 4, 255, 000 925,000 1, 350, 000 1, 000. 000 250, 000 150,000 250,000 200,000 250, 000 1, 720. 000 1, 380, 000 2,135,000 450,000 .200,000 100,000 $25, 923,400 6, 682,800 35, 540,900 2,384,900 746, COO 311, 500 200,000 1, 558, 900 4, 9hl, 800 3, 868,800 1,178,100 1,338,800 2,697,800 679,300 1,141, 700 600, 000 631,800 1,385,100 2, 522,200 8, 529,100 3, 770, 300 3, 101, COO 1, 589, 800 093,700 I 521,400 ! 412,474,15 0 j 112,639,700 | 556 | 00,352,500 | Capital at date of liquidation. $25,424,600 6,166, 000 18, 490, 000 775, 300 150,000 200,000 310,000 2, 880,000 3, 000,000 3, 843, 100 1,125, tOO 1, 320, 000 1,010,000 250, 000 150,000 250, 000 200, COO 250, 000 1,770,000 3,380,000 2, 135, 000 450, 000 200,OC'O 10J, 000 71,829,000 | Surplus .'tt date of liquidation. $7, 839, 300 1, 558, 900 4,913,500 176, 200 14,300 7, 50) 48, 500 375, 300 656,000 585,100 116, 700 86, 900 75, 800 11,400 21,000 21,400 13,200 32,400 80, COO 76, 200 53, 700 3, 000 5, &00 Number. Capital a t date of organization 31 4 19 2 $3, 460, 000 450, 000 2, 475, 000 100, COO $5,119,500 500, 000 3, 560, 000 150,000 350,000 300, 000 1,000,000 1, 450, 000 370, 000 350, 000 50,000 350,000 350, COO 1,300,000 1, 485, 000 350, 000 350,000 50,000 16,772, SCO | 100 j Number. Total 58G 3,219 69 556 3,805 625 P e r cent. | Number. 12 | 19 17 j 100 200,000 I . 1,011,300 co,oo;> | GO, f 00 50,000 50,€00 225, 000 350, 000 50,000 J, 000, COO 1,000,000 12,640,000 ; 1O,3GO, ?00 16 | 119 Percent. 3 88 656 498 2, 563 '85 80 3 744 3,061 80 c C 50, COO I 50, 000 225, 000 550,000 50, 000 coo Capital a t date of failure. f From November 1,1886, to November 1,1887. * To November 1. SUMMARY OF NATIONAL BANKS ORGANIZED ANTD DISSOLVED SINCE FEBRUARY 25, 1863, AND THE NUMBER EXISTING- NOVEMBER 1, 1887. Now existing. Dissolved. 1 Numon, volunInliquidati ! Remarks. Banks organized. Total Failed. ber. t a r y or by e xpiiation. NnmPer num bcr ber. J cent. ... dissolved. Converted from State system. Other banks '. oc Insolvent. Of 625 b a n k s which have gone into voluntary liquidation, 471 took t h a t step for t h e purpose of winding up their affairs, 79 for the purpose of reorganization, and 75 went into liquidation by reason of expiration of charter, 38 of them having since been reorganized. ft o c 6 ^ J W Sjj 59 KKPORT OF THE COMPTROLLER OF THE CURREXCV, EXTENSION OF THE CORPORATE EXISTENCE OF NATIONAL BAJNKS. The act of July 12,1882, contains the only provision made for the extension of the corporate existence of national banks, and 1,234 associations have availed themselves of this privilege. Annexed is a table brought down to October 31,1887, showing the capital of these extended banks and their geographical distribution. TABLE SHOWING, BY STATES, THE NUMBER AND CAPITAL OF NATIONAL BANKS, THE CORPORATE EXISTENCE OF WHICH WAS EXTENDED PRIOR TO NOVEMBER 1, 1887. States and Territories. Alabama Arkansas Colorado Connecticut Delaware District of Columbia Georgia Illinois Indiana Iowa Idaho Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Missouri No. of banks. Capital. States and Territories. No. of banks. Montana Nebraska New Hampshire New Jersey New York North Carolina South Carolina Ohio Oregon Pennsylvania Rhode Island Tennessee Texas Vermont Virginia West Virginia. Wisconsin $350, 000 250, 000 4 GO, 000 22, 450, 820 1, 503,185 500, 000 1,450,0 0 C, 240, 000 4,157,000 2, G95, 000 1 100, 000 300, 000 3 3,150,000 11 2 1, 300, 000 53 8, G30, 000 29 12, 069, 000 199 85,712,500 1, 575,000 19 C 2,100,000 3,150,000 8 Capital. 1 3 35 48 222 29 10 11 19 $500,000 750, 000 4, 605, 000 9, 783, 350 72, 672,4G0 650,COO 750, 000 14, 854, 0U0 2H0, 000 44,479, 390 19,959,800 1, 750,000 625, 000 5. 256, 000 2, 01G, 000 1, 341, 0U0 1, 685, 000 1,234 340, 069, 505 82 1 1G5 59 G 4 Total. The following table accounts for all banks organized, and shows how many of these have been extended, and how many are still in operation under the original organization certificates : TOTAL NUMBER OF BANKS ORGANIZED UNDER THE NATIONAL CURRENCY ACT OF FEBRUARY 25, 18G3, AND THE NATIONAL-BANK ACT OF JUNE 3, 1864, THE NUMBER EXTENDED UNDER THE ACT OF JULY 12, 1882, AND STILL IN OPERATION UNDER THEIR ORIGINAL CERTIFICATES OF ORGANIZATION, AND THE TOTAL NUMBER IN OPERATION OCTOBER 31, 1887. A c t J u n e 3,1864. Act F e b r u a r y 25.1803. Total. Before 1882. Originally organized Out of existence July 12,1882 488 146 2,278 347 Tn operation July 12 1882 Organized since July 12 1882 Since passed into voluntary liquidation to wind up affairs Sinco in voluntary liquidation by expiration of comoratft existence Placed in hands of receivers 342 1,931 Still in operation under original organization certificate -- -• Restored to solvency and resumed business. Total number in operation October 31,1887 2, 273 1, OS9 7 97 °0 1 55 20 Kxtondcd under act July 12 1882 To reach the term of corporate existence. -. Passed into voluntary liquidation since extension a*... . . . . . . . . . . . . . . Placed in hands of receivers since extension Since 1S82. 37 141 9 30 28 172 314 920 849 1,234 308 1,759 1 2,067 308 1,760 46 :{ 3 C 993 3, 001 60 REPORT OF THE COMPTROLLER OF THE CURRENCY. The figures in the table as to the number of banks organized under these two acts, respectively, conform to the records of the office, but are not in conformity with the Comptroller's reports of previous years. 1 The discrepancy is attributable to the fact that certain banks originally organized under the act of 1863 afterward went into voluntary liquidation and were reorganized under the act of 1864. In the records of the office they stand among the banks organized under the latter act, while in thereports they have been included with banks organized under the act of 1863. It is perhaps a matter of but little consequence, but upon principle it seems best that the report should reflect accurately the records as they are. From the foregoing table it will be found that all of the banks organized under the national currency act of 1863 have either ceased to exist or have had their corporate existence extended, while of those organized prior to July 12, 1882, under the national-bank act of 1864, 1,760 are still in operation under their original certificates of organization. The following table shows how many of these 849 banks will reach the expiration of their corporate existence during each year from 1888 to 1901, inclusive, with their capital and circulation: Years. No. of banks. 10 3 61 97 100 38 63 76 1888 1889 1890 1891 1892 1893 1894 1895 Capital. Circulation. 1 Tears. $321* 750 1896 184, 500 1897 364, 000 1898 4, 0-10,685 1899 4, 562,760 1900 1,982,925 1901 2,812, 720 4,431 610 Total $1, 250,000 600, 000 9, 560, 500 12,358,900 13.815,100 4, 701,000 7, 628, 000 11,259,000 No. of banks. Capital. Circulation. 23 24 25 39 50 108 $2,173,800 3,419,000 2, 679,000 4, 995,000 7, 807,100 14,669,150 $986, 650 1,171,295 1,198,350 2,270,700 2,153,330 3, 702, 350 717 96,915, 550 30,183, 625 The number, capital, and circulation of the national banks of which the periods of succession terminated between October 31, 1886, and October 31, 1887, are shown by the following table, which also indicates the number of which the corporate existence has been extended: Date. 188C. 1887. May Total No. of banksthat have expired. Capital. Circulation. No. of banks that have extended. Capital. Circulation. 1 $150,000 $135, 000 1 $150, 000 $135, 000 3 1 700,000 100,000 162, 000 • 90,000 3 , 1 700 000 100,000 162,000 90, COO 5 950, 000 387,000 5 950, 000 387,000 The corporate existence of one national bank, with a capital of $250,000, will expire in November of this year, and the corporate existence of ten national banks, with an aggregate capital of $1,250,000^ will expire during the year 1888. REPORT OF THE COMPTROLLER OP THE CURRENCY. 61 NATIONAL BANKS OF WHICH THE CORPORATE EXISTENCE WILL EXPIRE DURING THE YEAR 1888, WITH THE DATE OF THE EXPIRATION, THE AMOUNT OF CAPITAL STOCK OF EACH BANK, THE UNITED STATES BONDS ON DEPOSIT WITH THE TREASURER, AND THE AMOUNT OF CIRCULATION ISSUED THEREON. Charter number. 1676 1677 1G78 1680 1683 1682 1685 1688 1690 1686 Title of bank. The First National Bank of Honey brook The Greene County National Bank of Springfield The Union Stock-Yard National Bank of Chicago (Lake) The Carolina National Bank of Columbia The First National Bank of Mankato The State National Bank of Raleigh The First National Bank of Sharon The First National Bank of Hillsborough The First National Bank of Austin The First National Bank of Faribault Expiration of United CirculaState. corporate Capital stock. States bonds. tion. existence. Pa... 1888. Jan. 1 $100, 000 $68, 000 $61, 200 Mo .. 111... S.C... Minn . N.C Pa... N. H.. Minn. Minn Jan. 8 100, 000 25, 000 22, 500 Feb. 29 Mar. 14 May 20 June 2 Aug. 31 Sept. 2 Oct. 27 Nov. 21 45, 000 22, 500 18, 000 22, 500 28, 800 45, 000 11, 250 45,000 500, 000 100, 000 75, 000 100, 000 125, 000 50, 000 50, 000 50, 000 50, 000 25, 000 20. 000 25, 000 32, 000 50,000 12, 500 50, 000 SHAREHOLDERS IN BANKS. In the report of last year tables were given by which a comparison could be made between the distribution of the shares of national banks in 1886 and the distribution as shown by tables reproduced from the Comptroller's Eeport of 1876. The tables subjoined hereto afford a comparison between the distribution of national-bank stock and that of the stock of State banks and loan and trust companies, so far as the latter can be ascertained, 62 REPORT OF THE COMPTROLLER OF THE CURRENCY. DISTRIBUTION, BY STATES, ETC., NUMBER, AND PAR VALUE AT $100 EACH, OF SHARES Number of shares held by— State, etc. No. of banks. Maine New Hampshire . Vermont Massachusetts ... Boston Bhode Island Connecticut 72 49 49 198 54 Gl Division No. 1. Now York New York City . Albany New Jersey Pennsylvania Philadelphia .... Pittsburgh Division No. 2 Delaware Maryland Baltimore Washington District of Columbia Virginia West Virginia Division No. 3 Division No. £ Towa Minnesota Missouri Saint Louis .. Kansas City.. Saint Joseph . Kansas Nebraska Omaha Division No. C. 98. 984 57,101 5,116 4,949 7,734 411, 750 35,155 475, 571 33, 929 191, 204 12,136 224, 368 22, 325 82, 702 2,237 51, 843 258 72,181 51 373, 782 4,833 264,326 19 600 172, 519 4,458 183, 325 7/026 19,161 5 9,934 102 2, 826 661 67, 618 231 225, 275 1,052 25, 366 363 55, 466 11 68 5 513 1, 526,464 121, 344 1, 200, 678 38,463 2,414 405, 646 607 67, 4L>6 333, 320 326,061 162, 43!) 16, 585 915 119, 535 10, 748 319, 874 19, 529 218, 670 7,910 99, 060 2,740 346,126 457, 853 17,008 129, 116 337, 461 223, 760 100,192 780~ 190 27, 087 363 593 1,158 2, 272 1,385 704 1, 433,105 218, 258 1, 611, 611 5,303 295 33, 638 ! ! j ! ; ! 117 North Carolina. . South Carolina.. Georgia Florida Alabama Mississippi Louisiana New Orleans Texas Arkansas Kentucky Louisville . . . Tennessee Division No. 4.. Ohio Cincinnati .. Cleveland .. Indiana Illinois Chicago Michigan Detroit Wisconsin Milwaukee. Savings Religbanks, ious, Noncharita- Munic- loan All and State State Natural ble, and ipal other trust corporesidents. resi- persons. educa- corpo- and in- rations. dents. tional rations. surance institucomtions. panies. 391 3,067 39 514 541 528 223 269 46 6 80 237 43 23 i Same, in detail, held by— 17,426 26, 724 112, 080 11, 766 2,040 30,139 15,903 3,414~ 943 5,053 3,984 480 7,824 3, 207 20,435 26, 526 103, 365 15, 364 2,435 36, 329 17,891 145 342 6,359 13 66 498 216,078 24, 905 222, 345 7, 432 1,102 21,750 16,253 10,125 4,110 31,269 6,965 4, 8H5 20, 775 79,271 7,724 93,420 31,465 67,074 2,510 1,227 10, 235 890 3, 671 2, 285 135 8,475 18,329 1,276 4,169 4,050 7,101 24,232 17, 233 27, 213 5,000 34,820 0,175 4, 953 28, 220 97,292 9,000 96,971 35,099 73,930 404,066 64,353 463,138 839 I 183 4,160 224, 958 99, 646 66, 631 118,281 \41,209 149, 950 106, 826 39, 000 44,325 6,500 128 40 275 54 61 854 4,314 10 15 568 6,108 190 15 9 92 160 18 99 8 53 647 I 920,159 83,937 997,326 82, 582 96,582 23,590 24,385 16, 770 2,322 66, 036 48,737 16, 573 19,218 38, 818 1,720 5,615 21, 230 678 24, 255 11,168 7,427 101,379 132,152 25,270 29, 772 35, 558 3, 000 89,462 59,838 24, 000 377,577 130,129 500,431 127 57 35 123 94 8 457 293 *218" 516 229 2:'8 61 31 571 7,293 373 19 65 500 1,071 410 300 9,749 ~355 55 68 2,113 20 "I 414 ! 160 85 252 100 75 31 1,018 203 177 194 ICO 99 94 110 245 550 20 94 421 2,900 40 184 2,417 829 67 321 6,858 96 REPORT OF THE COMPTROLLER OF THE CURRENCY. 63 OF STOCK OF NATIONAL BANKS ON THE FIRST MONDAY OF JULY, 1887. Total shares issued. Number reduced to p a r Number of shareholders owning specific amounts. Number of shareholders. Natural Corpo- Resident. persona. rations. Nonresi- Total. $100 each. Owning Over Over shares to tho par $1,000 and $5,000 and Over value of less t h a n less than $30,000. $1,000 and $5,000. $30,000. less. 104,100 62, 050 75,160 446, 905 509, 500 203, 400 246,693 6.965 3,896 3,905 31,120 17, 236 12, 482 13,454 539 145 44 794 3, 2:55 457 910 6,985 3,573 3,544 28, 9G5 18, 203 11, 631 12, 831 519 468 405 2,949 2, 268 1,308 1, 533 7,504 4, 041 3, 949 31,914 20,471 12, 939 14,3U4 5,335 2, 858 2, 506 22, 931 11, 309 7, 888 9,796 1,790 970 1,140 7,469 6,459 4,295 3,696 367 199 284 1, 450 2,578 726 795 12 14 19 64 125 30 77 1, 647, 808 89, 058 6,124 85, 7.^2 9,450 95,182 62, 623 25, 819 6,399 341 347, 297 48rf, 500 17, 5i)0 130, 283 339, 403 226, 580 101,800 15,156 H,629 611 9, 0r)4 22, 964 10,9:6 3,992 43 442 7 47 83 93 37 14, 253 8,516 576 8, 309 22,102 10,438 3,972 946 6, 555 42 792 945 631 57 15,199 15,071 6,8 9,10L 23,047 11,009 4, 0_9 8,099 7,012 290 5,926 14, 695 6,503 2,085 5, 498 5,439 226 2,675 7,047 3,476 1,431 1,528 2,445 96 488 1,243 1,047 483 74 175 6 12 62 43 30 1,651,363 77, 382 752 68,166 9,968 78,134 44, 610 25, 792 7,330 20, 840 27, 6fi7 117,133 15, 750 2, 520 37, 903 19, 110 1, 682 1,963 5, 237 608 151 1,561 929 21 27 186 7 4 15 6 1, 347 1, 924 5,114 525 39 1, 326 778 356 66 309 90 116 250 157 1, 703 1, 990 5,423 615 15«> 1,576 935 1,186 1,299 3,005' 339 77 980 506 440 593 1,913 208 69 387 340 76 96 480 67 9 201 83 240, 983 12,131 266 1>, 053 1,344 12, 397 7,392 3,950 1,012 43 24, 260 17,480 29, 360 5 000 34, 940 9, 250 5, 000 29, 250 97, 600 9, 000 97, 589 35, 515 74,175 895 1,034 876 123 809 299 99 841 1,974 238 3,807 1,147 2, 320 3 25 22 133 51 179 22 114 67 4 177 411 40 151 84 205 898 1, 059 898 123 871 302 103 846 1,984 238 3,848 1,157 2, 327 401 721 4S9 64 383 151 47 341 #!8 106 1,913 539 1,024 292 271 231 34 285 90 25 293 576 84 1,401 432 855 104 63 166 24 189 59 28 197 520 46 516 178 426 41 4 12 22 23 24 14 2 3 15 ZO 2 18 8 22 2fi 27 28 29 41 10 7 765 1,008 719 101 757 235 99 669 1,573 198 3, 697 1, 073 2,122 468,419 14, 522 132 13, 016 1,638 14, 654 7,077 4,869 2,516 192 225, 940 104, 000 67, 000 11H,445 14., 515 150,500 106, 846 39, 000 44, 350 6,500 8,144 1, 538 839 2,304 4, 102 1, 545 3,218 597 1,201 145 31 50 '> 5 8 4 1 7,708 1, 407 764 2, 062 3, 846 1, 344 2, £99 554 1,055 39 467 121 77 247 324 205 320 43 148 106 8,175 1. 5S8 841 2, 309 4,170 1, 549 3,219 597 1,203 145 4, 302 421 163 782 2,097 351 1, 450 139 555 68 2,614 5_9 274 823 1, 324 443 1,109 188 3(34 57 1, 205 581 368 646 701 660 638 245 271 15 54 57 36 58 48 95 22 25 13 5 1, 004, 096 23, 693 103 21, 738 2,058 23, 796 10, 328 7,725 5,330 413 101,800 135, 400 25, 310 30, 000 38, 000 3, 000 90,291 59, 905 24, 000 3,244 2,807 885 860 930 46 2, 745. 1,361 171 6 35 1 6 29 2,390 1,966 KH 607 836 25 1,932 1,014 114 860 876 55 259 123 21 828 349 57 3, 250 2,842 886 866 909 46 2 760 1,363 171 1,670 1, 079 455 371 443 20 1, 502 627 49 1,016 896 281 322 295 10 729 354 24 531 816 139 164 2l)5 16 503 355 73 33 51 11 9 16 26 27 25 9,715 3,428 13,143 6,216 3,927 2,802 198 507, 706 13, 049 2 3 4 5 10 2 • 15 2 94 1 2 3 4 5 6 7 8 9 10 11 12 13 14 402 1 2 25 1 8 6 15 16 17 18 10 20 21 ao 31 32 33 34 35 3H 37 3H 39 40 41 j\> 43 44 45 46 47 48 49 50 51 5? 53 64 REPORT OF THE COMPTROLLER OF THE CURRENCY. DISTRIBUTION BY STATES, ETC., NUMBER, AND PAR VALUE AT $100 EACH OF SHARES OF Stale, ertc. 54 55 56 57 58 Colorado Nevada California San Francisco Oregon 59 60 61 62 63 64 65 66 Dakota Idaho * Montana Now M^exioo Utah Washington . "Wyomin°" Division No. 7 Division No. 8 United States No. of banks. 29 2 28 3 22 Number of shares held b y - Same in detail, held by— NonState State residents. residents. Savings Eeligbanks, ious, charita- Munic- loan All and other Natural ble, and ipal trust persons. educa- corpo- and in- corpotional rations. surance rations. institucomtions. panies. 22, 397 1,092 35,149 17, 796 15,281 3,953 408 3,351 9, 204 2,369 26, 350 1,500 38,478 26, 593 17,565 22 84 91,715 19, 285 110,486 9') 62 6 17 9 7 18 8 1 20, 681 16, 369 2, 620 880 13, 592 5,658 6, 200 2,300 7,686 814 7,345 4, 455 6. 037 4,713 1,000 36, 768 3,500 19 250 8, 350 8, 500 11, 725 10, 620 1 000 15 65,161 99,713 15 128 35,189 407 85 492 267 1 150 3,009 5, 034, 325 697,400 5, 205, 728 52, 963 ro 50 25 80 100 522 4,094 467,173 1,767 REPORT OF THE COMPTROLLER OF THE CURRENCY, 65 STOCK OF NATIONAL BANKS ON THE FIKST MONDAY OF JULY, 1887—Continued. Total shares issued. Number reduced to p a r value of $100 each. Number of shareholders. Number of shareholders owning specific amounts. Nonresident. Owning shares to Over Over t h e par $1,000 and $5,000 and Over value of less than less than $30,000. $1,000 and $5,000. $30,000. less. Natural Corpopersons. rations. Resident. 26,350 1,500 38. 500 27, 000 17, 650 443 25 678 140 282 2 2 1 359 20 639 130 257 111, 000 1,568 5 87,050 3,500 19, 250 8,500 8,500 11, 800 10, 750 1,000 1,124 57 252 205 235 251 147 6 4 2 2 Total. 84 5 41 12 26 443 25 630 142 283 173 3 230 14 89 129 8 243 43 82 128 14 187 68 100 20 17 12 1,405 168 1,573 509 505 497 62 628 40 185 140 219 165 66 4 504 17 67 69 16 88 83 2 1,132 57 252 209 235 253 149 6 589 19 118 86 130 115 28 3 315 13 57 71 61 56 45 224 25 66 51 41 79 69 1 11 1 3 3 7 2 846 2,293 100, 350 2,277 16 1,447 5, 731, 725 233, 680 7,492 212,272 28,900 241,172 1,088 139, 843 13 4 618 556 31 73, 205 26,442 1,682 54 55 56 57 58 59 60 61 62 63 64 65 66 N O T E . — T h e difference in t h e amount of capital stock as shown b y this table and by t h e reports of condition on A u g u s t 1 is accounted for b y t h e fact t h a t a number of banks organized "during t h e five months j u s t preceding t h a t date h a d not paid u p their capital stock. 8770 CUR 87 5 66 REPORT OF THE COMPTROLLER OF THE CURRENCY. CIRCULATING NOTES. Upon the security of its bonds, deposited with the Treasurer, each bank is entitled to receive, and the Comptroller of the Currency is by law required to issue to it upon demand of its officers, circulating notes to the amount of 90 per cent, of the market value, and not more than 90 per cent, of the par value, of the bonds. Any bank may deposit more than the minimum of bonds, and may take out circulating notes for 90 po-r cent, of its deposit, provided its entire outstanding circulation against bonds does not exceed 90 per cent, of its capital stock actually paid in. The circulating notes when issued by the Comptroller are in sheets, and are not valid until signed by the bank officers designated by the statute. Under the present law the minimum deposit of bonds required to be made by the 3,049 national banks in operation in the United States on October 5,1887, amounts to $89,912,347. A table in the Appendix, p. 185, shows by States and geographical divisions the national banks in operation on October 5,1887, separated into two classes, namely, banks of which the capital does not exceed $150,000, and banks of which the capital exceeds $150,000. The first class contains 2,150 banks, with an aggregate capital of $179,849,390; the second, 899 banks, with an aggregate capital of $398,613,375. The minimum of bonds required to be kept on deposit by the entire body of banks in the first class is $44,962,347; the minimum for the 899 banks of the second class is $44,950,000. If all banks held only the minimum of bonds, the total national-bank circulation could not exceed $80,921,113, while the possible maximum of circulation, namely, 90 per cent, of the aggregate of the national-bank capital, would be $520,016,489. The actual circulation on October 5,1887, was $272,387,176, inclusive of $102,719,440 still outstanding, but which, having been surrendered by the banks that issued it, is no longer represented by bonds, but by that amount of lawful money deposited with the Treasurer of the United States to redeem the notes as they are presented. The $169,067,736 of circulation for which the banks are responsible consists of $71,536,500 secured by the bonds deposited by the 2,150 banks having $150,000 capital and less, and $98,131,236 secured by the bonds belonging to the 899 banks of which the capital exceeds $150,000. The first class of banks have, therefore, $31,070,387 more than their minimum and $90,327,951 less than their possible maximum circulation, while the larger banks have $57,676,236 more than their minimum and $260,620,802 less than their maximum. The following table shows the number of banks organized from July 1, 1882, to July 1, 1887, their capital stock, amount of bonds deposited, and the circulation issued thereon: Number of b a n k s . Year. July July July July July 1,1882, to 1,1883, to 1,1884, to 1,1885, ta 1,188G, to July July July JulV July 1,1883 1,18S4 1,1885 1,1886 1,1887 .. .. .. .. .. Capital. 251 1-26, 552,300 218 19, 944, 000 142 15,205, 000 163 17, 553, 000 217 31,444, COO Minimum bonds required. Bonds Percentage actually deposited. of excess. Circulation issued. $5,155, 500 4, 016, 000 3,061,250 3, 404, 500 4, 986,000 $7,116,400 4, 676,100 3, 332, 800 3, 715, 500 5,051,300 Per cent. 28 14 8 8 1 $6,404, 760 i, 208,490 2, 999, 520 3, 343, 950 4, 538, 390 REPORT OF THE COMPTROLLER OF THE CURRENCY. 67 From the foregoing table it appears that 991 banks have been organized between the dates given, with a capital of $110,098,300; that they have received circulation to the aujQunt of $21,495,110 on bonds deposited to the amount of $23,892,100, and that the minimum deposit of bonds required by law for these banks is $20,023,250. The actual deposit of bonds during the whole period exceeds the minimum by about 15 per cent, only, and taken year by year the percentage of excess has decreased from 28 per cent, in 1882-'S3 to less than 1J per cent, in 1S8G-'S7. Of the 217 national banks organized during the past fiscal year, 102 have a capital of $50,000 each, amounting to $5,100,000; 76 have a capital of over $50,000 and not exceeding $150,000, amounting to $7,044,000; and 39 have a capital of $19,300,000. The 39 largest banks deposited the exact amount of bonds required by law, and out of 178 banks of which the capital does not exceed $150,000only 8 have deposited bonds in excess of the requirement. Tables will be found in the Appendix, pp. 183, etc., showing for the national banks in each State, Territory, and reserve city the minimum amount of bonds required by law, the bonds actually held, and the circulation thereon outstanding October 5,1887'; also all other information deemed useful as to circulation. Banks are privileged to change their deposited bonds from time to time, to increase and to reduce the amount, within limits, and are required to inspect once a year the bonds held for them in trust by the Treasurer. The Comptroller of the Currency is the agent and medium of all such changes: his -indorsement on the bonds establishes their ownership and alone validates their transfer. Section 5103 of the Kevised Statutes requires him to record every act of deposit, transfer, and withdrawal, and to keep a set of books for the purpose, all of which has been carefully complied with. INTEREST-BEARING- FUNDED DEBT OF THE UNITED STATES, AND THE AMOUNT HELD BY NATIONAL BANKS. The connection between the banks and the distribution of the funded debt of the United States renders the following statement appropriate: The public debt at its maximum, on August 31, 1805, amounted to $2,844,049,020, of which obligations not bearing interest amounted to $461,610,311, leaving interest-bearing debt $2,383,033,315. On October 31, 1887, the interest-bearing debt amounted to $1,OIL,770,742. 68 REPORT OF THE COMPTROLLER OF THE CURRENCY. The following table shows the class of bonds, authorizing act, date of maturity, rate of interest, and intermediate changes : BONDED DEBT AT DATES NAMED. Date. Aug. 31, 1865. J u n e 30, 18C6. J u n e 30, 1807. J u n e 30, 1868. J u n e 30, 1869. J u n e 30, 1870. J u n e 30, 1871. J u n e 30, 1872. J u n e 30, 1873. J u n e 30, 1874. J u n o 30, 1875. J u n e 30, 1876. J u n e 30, 1877. J u n e 30, 1878. J u n e 30, 1879. J u n e 30, 1880. J u n e 30. 1881. June 30,1882. June 30,1883. J u n e 30,1884. J u n e 30,1885. J U D O 30,1886. J u n e 30,18S7 Oct. 31,1887.. 6 per cent. 5 per cent. 4^ per cent.* 4 per cent.t 6 per cent. I $908, 518, 091 $199,792,100 1,008, 388,469 198, 5-J8, 435 1,421,110,719 193,533,435 221, 588,400 1,841,521,800 221, 580, 300 1, 886,341, 300 221,589,300 1,764,932,300 274, 236,450 1, 613, 897,300 414, 567, 300 1, 374, 883, 800 414,567,300 1, 281, 238,650 510,628,050 1,213,624,700 607,132,750 1, 100,865,550 711gB85, 800 984,999, 650 703, 260, 650 $140,000, 000 854, 621, H50 703, 266, 650 240, 000, 000 $98, 850, 000 738, 619, 0C0 646, 905, 500 250, 000, 000 679,878,110 310, 932, 500 481,864,000 250,000, 000 739, 347, 800 235, 780, 400 439,841,350 250, 000, 000 739, 347, £00 196, 378,600 Continued a t Continued a t 3£ per cent. 3* p e r cent. 58, 957,150 ' 401,593,900 250,000, 0C0 739, 349, 350 32, 082, 600 Funded into 3 per cents, 250, 000, 000 737, 942, 200 act. J u l y 12, 1882. 304, 204. 350 250,000, 000 737,661,700 224,612,150 250, 000, 000 737,719,850 194,190,500 250, 000, 000 737, 759, 700 144, 040, 600 250, 000, 000 737, 800, 600 19, 710, 500 230, 544, 600 732, 447, 550 Total. $1, 258, 000 $1,109,568,191 6, 042, 000 1,212,958,904 14, 762, (;00 1,634,406,154 29, 089, 000 2, 092,199, 200 58, 638, 320 2,166, 568,920 64,457, 320 2, 050, 978,920 64, 618, 832 1, 952,752. 582 64, 623, 512 1,845, 074, 612 64, 623, 512 1,760,429,462 64,623,512 1, 788, 876, 262 64, 623, 512 1,772,621,812 64,623,512 1, 761, 308, 962 6±, 623, 512 1,761,512,012 64, 623, 512 1, 845, 359,162 64, 623, 512 1, 952, 339, (522 64, 623, 512 1,774,616,612 64, 623, 5J 2 1, 690,191, 262 64, 623, 512 1, 514, 433, 912 64, 623, 512 1, 388, 852,662 64,623,512 64, 623, 512 64, 623, 512 64, 623, 512 64, 623, 512 1, 276, 897, 362 1,246,533,862 1,196,429,812 1,072,140,612 1, 027,615, 662 * Funded loan 1891; authorizing act, July 14,1870, and January 20,1871; date of maturity, 1891. t Funded loan 1907; authorizing act, July 14,1870, and January 20,1871; date of maturity, 1907. t I'ncifio railroad bonds; authorizing act! July 1,186_\ and July 2,1864; dato of maturity, 1895 to 1899. The Navy pension fund, amounting to $14,000,000 in 3 per cents, tho interest upon which is applied to tho jKiyinent of naval pensions exclusively, and $155,080 of refunding certiticatos are not included in the table. The act approved July 12, 1882, authorized the Secretary of the Treasury to receive at the Treasury any bonds of the United States bearing 3J per cent, interest, and to issue in exchange therefor an equal amount of registered bonds of the United States bearing interest at the rate of 3 per cent, per annum— Provided, That the bonds herein authorized shall not be called in and paid so long as any bonds of the United States heretofore issued bearing a higher rate of interest than three per centum, and which shall be redeemable at the pleasure of the United States, shall be outstanding and uncalled. Under this act $305,581,250 of 3 percents were issued, but the largest amount outstanding at any time was $305,529,000, on August 7, 1883, $52,250 having been redeemed before the last issue was made. The largest amount of 3 percents held by the national banks on deposit as security for circulation was $202,38(3,750, on August 16,1883. On October "31, 1886, there was outstanding $95,850,050 3 per cent, bonds, of which $31,607,400 had been called. The $64,242,550 then remaining uncalled have been called during the past year, except that bonds amounting to $605,150 were voluntarily presented for redemption under Treasury circulars dated August 30,1886, and September 15,1886. Of the $63,637,400 called, $1,448,400 was still outstanding October 31, 1887. Of this amount the national banks on that date held $144,500, deposited with the Treasurer of the United States as security for circulation, and $550,000 was held by him for them as security for public deposits. 69 KEPORT OF THE COMPTROLLER OF THE CURRENCY. REDEMPTION OF LOAN OF JULY 2, JSS2, KNOWN AS THREE PER CENT. BONDS. Since the last annual report the whole amount of 3 per cent, bonds then outstanding has been called in for redemption. The following tables show the general progress of this redemption, and its effect upon national-bank circulation, from September 15, 1880, to July 1, 1887. The first table relates to the entire mass of 3 per cent, bonds outstanding September 15, 1886, including both those held by the Treasurer for the banks and those held by others. It gives the date and maturity of each call since August 1, 188G, the amount of bonds embraced in each, the bonds then outstanding, and those thereafter redeemed. The second table shows the amount of 3 per cent, bonds held by the Treasurer as security for national-bank circulation on September 15, 1886, the amount of such bonds included in each call for redemption since August 1, 1886, the total amount so held at each date at which interest ceased under any call for redemption, the amounts redeemed at those dates, and the amounts held on which interest had ceased. STATEMENT SHOWING CHANGES IN THREE PER CENT. LOAN or JULY 12, FROM AUGUST 1, 1866, TO JULY 1, 1687. Call Xo. 140 to 140. Date of Maturity of call. call. ! 880. Aw* 12 Sept, 15 Oct. 29 Doc. 188' Jim Amount of bonds redoemt-d betwnen the maturity of each call and maturity of succeeding call. Amount of bonds outstanding at maturity of each call. Amount Amount P called. | cJiei y Amount not yet failed. Total amount outstanding. Redeemed under last call. 1886. ! I $10, 003, Sept. $36,337,150 $91,131, 050 $127, 470, 20( Oct. 1 15,005, 40,575,300 75, 450, 2i!()| 116, 025, f.Od 15, 122, 16 29, (569,900 74, 484, 700 104,151, COO Nov. 1 15.00S, 2f?,043,5'.H)| (54,222,450 1)0,205,050 10,005, Dec. 1 12,270,900 61,017,600 76,288,50J 1887. Feb. 1 10,010, COO 23, 205, 350 39, 958, 4C0 63,163, 750 Mar. Apr. May May 20 i July 13, 10, 10. 19, 887, 007, 014, 717, 20, 481, 15, 636, 7, 258, 8, 851, 050 200 300 050 29, 921, 350 19,814, 600 19, 774, 000 1882, VoluntaRed>eraed ; rilysurunder rendered pre\ ious under special calls. calls. $177, 270, 800 $11, (iOOi 10, 758, 550 822, <)Ool 822, 0 l 10, 05)4,100! 40, OOOj 14,414,630: 40,000! 4, ?A5, e.< - n/000, jjjj 937^ (joy; sft 155, 900: 17,652,550; 161,300 12,887,950! 162, 500 14,696,600] 6, 832, COO 1, 708,100 14, 929,100 10,027, G50 50,402,400 35, 450, 800 27, 032, 300 8, 851, 050 I $788, 000 674, f 50 9t)5, 500 2*>tS, 900 204, 850 29,300 92,500 40, 600 53, 500 278, 478, 850 3,270, 000 RECAPITULATION OF REDEMPTIONS. Amount redeemed under last call Amount redeemed under previous calls Auioiin t redeemed uncalled Bonds of Lewis legacy redeemed $14, 929,100 278, 478, 850 3, 270, C00 52, 250 Total redemptions Outstanding July 1,1887 296, 730,200 8,851,050 Amount of original issue of loan 305, 581,259 70 REPORT OF THE COMPTROLLER OF THE CURRENCY. STATEMENT SIIOWIXG CHANGES IN TIIKKK VV.U CENT. LOAN OV J I LA: 12, 186*2—Con- tinued. Amount of 3 per cent, bonds withdrawn by banks in the interval between the maturity of each call and the maturity of the succeeding call. Amount of 3 per cent, bonds held by the Treasurer as security for national-bank circulation at maturity of each call. Calls Xo. 140 to No. 149. Amount of bonds included in Amount Amount Total Redeemed Redeemed not Date of Maturity call held included in amount under under precall. of call.' as security previous previously held by the last call. vious calls. for national- calls. called. Treasurer. bank circulation. I 1886. Aug. 12 19 Sept. 15 27 1886. Sept. 15 Oct. 1 16 Nov. 1 Dec. 1 1887. Dec. 28 Feb. 1 1887. J a n . 22 Mar. 1 Feb. 21 Apr. .1 Mar. 23 May .1 May 20 July 1 Oct. 29 $7, 045, 200 11,188, (100 10, 795, 200 12, 067, (550 7, 925, 500 $14,644,000: 29,820,050 21,873,050 19, 881, GOO' 8, 861, 450 8,440, 250 18,131,950 10, 238,' 800 57, 222, 4u0 57,180,400 49,156. 450. 48, 464, 000; Voluntarily surrendered under special calls. $94, 882, 800 87, 048, 450 $2,179,100 $4,978,250 $677,000 79, 054, 050 3, 682, 200 4, 056, 7001 255, 500 69, 038, 050 5, 557, 500 4,194, 000| 264, 500 3, 774, 400 7, 085, 400 852, 800 57,325,450 29, 000, 3C0' 47,132,250 3, 637, 350 10, 613, 750 13, 975, 500 22. 919, 300; 36, 894, 800 4, 945, 550 5, 969, 500 10, 40*, 300 17, 677, 600 27, 085, 9U0 4, 111, 500 7, 818. 700 5, 00(5, 950 15,221,600! 20,228,550 5,115, 950 5, 205, 950 12, 245,1501 15, 221, 600 5, 205, 950 -I45, 248, 700i I 5, 950, 750 605,100 5,188, 900 5, 328, 900 1,455,900 2, 565, 450 103, 000 368, 500 285, 500 212,000 40, 804, 250 3, 623, 900 RECAPITULATION". Amount held by the Treasurer September 15, 1886 $94, 882, 800 Amount redeemed from September 15 1 o October 1, 1886 October 1 to October 16, 1886 October 16 to November 1, 1886 November 1 to December 1, 1886 December 1,1886, to February 1,1887 February 1 to March 1, 1887 March l'to April 1. 1887 April 1 to May 1. 1887 May 1 to J u l y 1, 1887 , Amount unredeemed July 1, 1887 7, 834, 350 7,994,400 10, 016, 000 11,712,600 10,193,200 10,237,450 9,808,900 6, 857, 350 . 1 5 , 022, 600 5, 205, 950 • 94, 882, 800 It will be seen by reference to foregoing tables that call No. 140 was dated August 12, 188G. On that day the Treasurer held as security for circulation of national banks 3 per cent, bonds amounting to $103,351,650, of which $1,720,000 had ceased to bear interest, having matured under previous calls. Upon the assumption that it would be found practicable and desirable to continue the redemption of these bonds, it became a matter of solicitude with a great many banks holding only 3 percents to ascertain whether their bonds could remain on deposit with the Treasurer as a basis for circulation after interest on them had ceased. Singular as it may seem, some strong and ordinarily well managed banks left large amounts of called bonds on deposit for months, inferring to forego all interest rather than to replace them with other bonds at the then prevailing premium, but as a rule the banks that resisted the replacement of called bonds were those of small capital in sections where money was scarce and dear. The language of the statute makes it clear that only interest-bearing registered bonds can be deposited, but in the clause requiring the de- REPORT OF THE COMPTROLLER OF THE CURRENCY. 71 posit to be maintained up to a certain minimum, registered bonds only are mentioned, nothing being said about their being also interest-bearing. Taking advantage of this ambiguity in the law, it was contended on behalf of certain banks, that when a deposit was once made of interestbearing registered bonds of the United States, the requirement of the statute was fulfilled, and that banks could not be compelled against their will to replace those bonds, or to retire the circulation issued upon them, because without any action on their part, and even without their consent, the Government had called the bonds for redemption, and had thereby acquired the right to cease paying interest. On the other hand, it has always been maintained in the Treasury Department, that bonds upon which interest has ceased are not such bonds as the statute requires national banks to keep on deposit as a basis for circulation. The controversy at one time became very serious, as it was represented that banks in all parts of the country were resolved to go out of the system if they should be compelled to withdraw their called bonds. With a view of terminating the controversy as to the meaning of the law, the Secretary of the Treasury was requested to submit the question to the Attorney-General, and this being done the Attorney-General decided that bonds on which interest had ceased could not be lawfully held by the Treasurer as security for national-bank circulation. If at any time within six months after August 12, 1886, the true position of the banks had been known, especially how many of them held no bonds but 3 per cents, or if peremptory measures had been taken to compel the immediate replacement of called bonds, a speculation in the 4 and 4 J per cent, bonds would no doubt have been precipitated, and in that event the formation of new banks would have been arrested, and many of those already in the system would have been forced into liquidation. If by accident or inadvertence the magnitude of the necessary bond replacements had got out, or if the ambiguity of the law had not afforded opportunity for temporizing with the reluctant banks, there is little doubt that the banks would have been cornered for available bonds, and while the corner lasted no new banks could have been formed, and a greater or less number of the several hundred which held only 3 per cent, bonds would have been forced into liquidation. It is needless to specify the steps taken to avert these consequences, and at the same time to bring about an acquiescence in the requirement of the law without having recourse to coercive measures, but it is, perhaps, proper to state that between August 12, 1886, and July 1, 1887, nearly $102,000,000 of 3 per cent, bonds were surrendered by the banks for redemption, and that replacements were made in 4 and 4J per cent, bonds to the amount of upward of $20,000,000, while during the same time new banks deposited 4 and 4J per cent, bonds to the amount of $4,532,300, and the amounts of these bonds held to secure deposits of public moneys increased by over $12,000,000. Thus fully $37,000,000 of 4 and 4£ per cent, bonds were obtained by the banks and transferred to the Treasury within less than twelve months,* without exciting any speculative advance in the premium of either loan, as will appear from the subjoined table. 72 REPORT OF THE COMPTROLLER OF THE CURRENCY. O P E N I N G , H I G H E S T , AND L O W E S T P R I C E S OF U N I T E D STATES R E G I S T E R E D F O U R AND F O U R AND A H A L F P E R C E N T . BONDS I N TSEW YORK F O R EACH W E E K FROM A U GUST 14, 1886, TO J U L Y 2, 1887, BOTH DATES INCLUSIVE. [Compiled from the "Commercial and Financial Chronicle."] 5 126$ 126ft 126* 126* 125 125ft 126| 127 1294 1284 128ft 128ft 1284 1284 128* 127ft 129 128ft 128* 1274 1274 127* 1274 126^ 126ft 1264 1264 1254 126$ 127 128$ 1294 128$ 128$ 128ft 1284 128* 128ft 126ft 125s 126* 125 125 125ft 126ft 127 128ft 1271 128* 128ft 128ft 127$ 127 127| 128ft 128* 127J 128ft 1 2Hg127* 1274 128 127ft 127$ 127* 126 A 127| 110ft llO^F 109* nog 1104 109J no* no* 110* 110 n* no* i112 1124 ni-1 112ft 112ft in* m$ 1104 n oft 1091 109-5 110ft 1.10ft 110$ liuft' noj no* 110 1104 109J 109-7 109$ 110 no* 111* lllg 11 Oft 111ft 111$ 1114 110ft 109$ 109| 109$ 1104 HO;] no* no* 1104 111$ 112 111$ noft 110ft 110 nog uoj 110| 110* 110* 1104 109$ 110 1887. Jan. 22 29 Feb. 5 12 19 26 Mar. 5 12 19 26 Apr. 2 9 16 23 20 Maj 7 14 21 28 June 4 11 18 25 July 2 127$ 1284 128* 128ft 128ft 128* 12«ft 127* 127ft 127* 128* 128$ 1291 129 129* 129 128$ 129* 129ft 1294 128ft 128ft 128ft 1284 "i 5 1284 128$ 128ft 128| 128ft 127$ 127ft 127$ 128$ 129 1294 129* 129* 129 129 1294 129£ 128* 128^ 128ft 1284 en bi) a 127| 1284 1284 128ft 128ft 110 110ft 1104 109* 109* 109 109* 127* 127ft 127ft 127* 128ft 128$ 129* 129 1294 128$ 128$ 129 129ft 128ft 1284 ] 28ft 128 1284 109* 108$ 109ft 109$ 110 110 1104 109 108$ 109* 1094 109$ 1094 109$ 109$ 1094 14 a 1104 110ft 1104. 1094 109* 1094 109* 109* 109* 109ft 110 110 1104 1104 1104 109 109* 109ft 109$ 100$ 109$ 109$ 109$ 1094 Lowe R 44 per cent, bonds registered. Openi i Week ending— Openi 02 Lowe St. s a 4 per cent, bonds, registered. Lowei 1886. Aug. 14 21 28 Sept. 4 11 18 25 Oct. 2 9 16 23 30 Nov. 6 13 20 27 Dec. 4 11 18 25 1887. Jan. 1 8 15 -t-s 44 per cent. l)onds, registered. Openi n Openi "Week ending— Lowe St. 4 per cent, bonds, registered. 110 110* 109* 109* 108$ 109 108$ 108$ 108$ 108$ 109ft 109$ 110 110 110* 108$ 108$ 109* 109^ 1094 1094 109$ 109g 109ft It is of grave importance for Congress to observe the perilous contingencies involved in the existence of the present relations between the public debt and the national-bank circulation. It is neither wise nor prudent to maintain a condition of things which makes the possession of official information, necessarily accessible even to clerks in the Departments, an incentive or a temptation to speculation in public securities, nor should the natural and healthy growth of the national-bank system be exposed to the danger of being suddenly arrested by legitimate and discreet operations of the Treasury, directed to the reduction of the imblic debt. During the year ending October 31, 1887, $5,379,250 of 4 percents and $19,455,400 of 4J percents were purchased for sinking-fund purposes, making a totafof $24,834,650. Of this amount $297,500 of 4 percents and $687,500 of 4J percents were withdrawn by the national banks from deposit to secure circulation, making total withdrawals from this cause $985,000, while the replacement by deposits of 4 percents amounted to only $279,650. REPORT OF THE COMPTROLLER OF THE CURRENCY. 73 Changes in the debt have induced corresponding changes in the bonds held by the national banks. In January I860,1,582 banks, with a capital, surplus, and undivided profits of $475,330,204, held $440,380,350 of United States bonds. On October 5, 1887,3,049 banks, with a capital, surplus, and undivided profits of $823,827,373, held only $223,754,450 of bonds. The total bank circulation on January 1,1866, was $213,239,530, and on October 5, 1887, that which was secured by bonds was $107,283,343. The amount and classes of United States bonds owned by the banks, including those pledged as security for circulation and for public deposits, on June 30 in each year since 1865, are exhibited in the following table: United States bonds held as security for circulation. Years. 6 p e r cent, bonds. 5 per cent, bonds. A\ percent, bonds. $170, 382, 500 241,083, 500 251,430,400 250, 726,950 255,190, 350 247,355, 350 220,497,750 173, 251, 450 1G0, 923,500 154; 370,700 " 136,955, 100 109,313, 450 87, 690,300 82,421,200 56,042,800 58,056,150 61,901,800 Continued a t 34 p e r c e n t . : "25,142, 600 1882 . . 1865.. 18C6.. 1867 . . 1868 . . 18C.9 . . 1870 . . 1871 . . 1872. 1873 . . 1874 . . 1875 . . 1876.. 1877.. 1878.. 1879.. 1880 . . 1881.. 1883.. 1884 1885 . . 1886.. 1887 . . $65,576, 600 8(3, 226, 850 89,177,100 90, 768, 950 87,661,250 94,923, 200 139,887,800 207,189, 250 229,487,050 236,800, 500 239, 359,400 232,081,300 2013, 651, 050 $44," 372*256' 48,448,650 19f», 514, 550 35,056,550 144,616,300 37, 760, 950 139, 758, 650 32, 600, 500 172,348,350 Continued a t 3A per c e n t . : 32, 752, 650 202, 487, 650 7, 402, 800} 385, 700? 3 per centH:> 39, 408, 500 200, 877,850) 46,540,400 172, 412,550 Pacifies. 48,483, 050 142, 240, 8,'O 3, 520, 000 50,484, 200 107, 782,100 3, 505, 000 67,743,100 5,205, 950 3,175,000 4 per cent, bonds. $19,162,000 118,538,9;")0 126, 076,300 93, 637, 700 Total. United States bonds held for other purposes «it nearest date. Grand total. $235, 959,100 $155,785,750 327,310,350 121,152,950 84,002,650 240,G07,500 80, 922, 500 341,495, 900 55,102,000 342, 851, 600 43, 980, COO 342, 278, 550 39, 450, 800 359, 885, 550 31,868,200 380, 440, 700 25,724,400 390,410,550 25, 347,100 391,171,200 2(3, 900, 200 37(5, 314, 5(;0 45,170, 300 341,394, 750 47, 315, 050 338,713,000 68, 850, 900 349,546,400 •76, 603,520 354,254, 600 42,831,300 361,652,050 63, 849,950 360, 488, 400 $391, 744,850 448,463,800 424,610,150 422,418,4(10 397,953, 600 386, 259,150 399, 336, 350 412,308, 900 416,134,150 416,518,300 403,214,700 386, 505,050 386, 028, 650 418,397, ;;oo 430,858,120 404,483, 850 424, 338, 350 97,429, 800 357,812, 7C0 43,122, 550 400, 935, 250 104,954, 050 353,029, 500 34, 094,150 387,123, 650 111, 69C, 900 330, 649, 850 31, 203, OCO 361, S52, 850 117,901,300 114,143,500 115, 842, 650 312,145,200 275, 974, 800 191,966,700 32,195, 800 31,345,550 33,147,750 344, 841, COO 307,320, 350 224,814, 450 SECURITY FOR CIRCULATING- NOTES. The following table shows the amount of bonds held by the Treasurer as security for the circulating notes of the national banks on October 31 of each year from 1882 to 1887, inclusive, the amount held by the banks for all other purposes, and the total of these two: United States bonds held as security for circulation. Year. IS umber of Pacific 6 banks. \\ percent, 4 per cent, 3 per cent, per cent. bonds. bonds. bonds. bonds. 1882 2, 301 $33, 754, 650 $L04, 927,500 1883 2,522 41,319,700 106,164,850 1.P84 1885 1886 1887'. 2, 67l| 49, 537, 450 2, 727 i 49, 547, 250 2,868 57,436,850 3,061 69, 696,100 116,705,450 116,391, 650 115,883,150 115, 731, 400 Total. United States bonds held for other purposes at nearest date. Total. -$40, 621, 950 179, 675, 550 $3, 526, 000 $362, 505, 650 $37, 563, 750 $400, 069,400 *602, 000 30,674,050 674, 050 383, 383,551,350 £ 201, 327,750 3,463,000 352,877,300 30, 155,601,400 3,409,000 325,316,300 30, 419,000 355, 735,900 138, 920, 650 3, 505, 000| 303, 364, 550 31,780,100 340, 144, 650 69, 038, 050 3,586,000 245,444,050 32,431, 400 277, 875, 450 144,500 3, 256, 000 188, 828, 000 34,671, 350 223, 499, 350 * Three and one-half per cent. 74 REPORT OF THE COMPTROLLER OF THE CURRENCY. The foregoing tables show how the banks have shifted their investments from one class of bonds to another, and the following table exhibits especially the steady decrease in the amount of bonds held for and by the banks, and in connection with other tables in this report it tends to establish the proposition that the banks are gradually reducing their investments in these securities. Table showing the decrease of national-bank circulation during each of the years ending October 31, from 1884 to 1887, inclusive, and the amount of lawful money on deposit at the end of each year: National-bank notes outstanding October 31, 1883, including notes of national gold banks $352,013,787 Less lawful money on deposit at same date, including deposits of national gold banks 35,993,461 $316,020,326 National-bank notes outstanding October 31, 1884, including notes of national gold banks Less lawful money on deposit at same date, including deposits of national gold banks 333,559,813 41,710,163 Net decrease of circulation Net outstanding as above, October 31, 1884 National-bank notes outstanding October 31, 1885, including notes of national gold banks Less lawful money on deposit at same date, including deposits of national gold banks 24,170,676 291,849,650 315,847,168 39,542,979 Net decrease of circulation Net outstanding as above, October 31, 1885 National-bank notes outstanding October 31, 1886, including notes of national gold banks Less lawful money on deposit; at same date, including deposits of national gold banks Net decrease of circulation 276,304,189 15,545,461 276,304., 169 301,529,889 81, 819,233 Net decrease of circulation Net outstanding as above, November 1,1886 National-bank notes outstanding October 31, 1887, including notes of national gold banks Less lawful money on deposit at same date, including deposits of national gold banks 291,849,650 219,710,656 56,593,5*33 219,710,656 272,041,203 102,826,136 169,215,067 50,495,589 The following table shows the* diminishing scale on which banks organized during each of the past five years have availed themselves of the privilege of issuing circulation upon bonds in excess of the minimum which the law obliges them to keep on hand. For the sake of conciseness in the table the circulation is omitted, but as every bank has received circulation to the amount of 90 per cent, of the bonds deposited, the proportions of the table reflect faithfully the features of the circulation. 75 REPOKT OF THE COMPTROLLER OF THE CURRENCY. NUMBER AND CAPITAL OF NATIONAL BANKS ORGANIZED IN EACH GEOGRAPHICAL DIVISION OF THE UNITED STATES FROM OCTOBER 3 1 , 1882, TO OCTOBER 3 1 , 1887, SHOWING THE AMOUNT OF BONDS DEPOSITED TO SECURE THEIR CIRCULATION, THE MINIMUM 'AMOUNT OF BONDS REQUIRED BY THE ACT OF JULY 12, 1862, AND THE EXCESS DEPOSITED OVER REQUIREMENTS BOTH IN AMOUNT AND PERCENTAGE. United States bonds. Divisions.* I Number of banks. Capital. i Deposited. Minimum, j Excess. Per cent, of excess over mini- mum. First Second... Third... Fourth .. Filth .... Sixth--., Seventh . Eighth... 1883. Total . First Second.. Third.... Fourth... Filth .... Sixth ... Seventh. Eighth... $312,500 743, 800 73, 700 748, 400 1, 705, 000 1, 240,400 155, 000 375, 0.00 $682, 500 218.40 1,110, 700 149.32 81, 800 110.99 489, 700 65. 43 813, 000 46.06 482,850 38. 73 113, 400 73.16 181, 800 48.48 202 28, 054, 350 9, 375, 550 5, 419, 800 3, 955, 750 | 72. 987 10 810,000 1, 602, 230 280,000 2,801,100 3, 4 i 3,100 5, 492, 780 3P0, 000 1,143,000 313,000 718,000 100, 5C0 093, 600 927, 000 1,239, 750 320,000 309, 250 190, 000 340. 500 70, 000 627, 700 570,700 1,135, 600 9">, 000 285,700 123,000 64.73 377, 500 110.86 96, 500 137.85 05, 900 10.49 350, 300 02. 43 104,150 9.17 25, 000 20. 31 23, 550 8. 24 10, 042, 230 4, 487,100 3,315,200 | 1,171,900 35.349 400,000 035, 00D 6G0, 000 2,025, 000 7,123, 000 2,350. 000 725, 000 1, 020, 000 100,500 1, 037, 500 112,500 5ti 1,500 1, 963, 500 7f)9, 800 109, 000 253, 000 100,000 543, 700 112,500 50!», 100 1,218,200 587, 500 108, 700 255, 000 500 493, 800 .5 CO. 822 55, 400 745, 300 172, 300 300 10.946 61. 172 29. 329 .177 4,959,300 3,491, 700 27 34 08 19 1885. 9 145 I 10,938,000 1886. Total *... First Second... Third.... Fourth .. Fifth .... Sixth Seventh . Eighth.., $995, 000 1, 854, 500 155, 500 1,238,100 2, 578, 000 1, 729, 250 208, 4tO 556,800 "c Total . First.... Second.. Third... Fourth . Filth . . . Sixth Seventh Eighth.. $1, 275, 000 2, 975, 200 295, 000 3, 043, 050 11,210,000 7, 085,5uO 620, 000 1,550,000 1884. Total . First.... Second.. Third... Fourth.. Fifth ... Sixth ... Seventh. Eighth.. 7 38 5 43 01 71 11 26 I 500, 000 4, 000, 000 450,000 1, 058, 000 5,-105,000 5, 830, 000 2,100, 000 1, 355, 000 125, 000 52;>, 000 112,500 404, 750 843,000 982, 500 307, 500 353, 250 21,358,000 | 3,713,500 3, 504, 500 1,407,600 42.031 99,250 .684 13.344 7,500 39, 500 2. 083 12. 589 149,000 4.18 1387. Total. 400, 000 7, 025, 000 500, 000 6,199, 000 5,010,000 9, 002, COO 1,510,000 900, 000 100, 000 771,550 115, 000 1, 262, 500 959, 500 1, 400, 500 377, 500 225, 000 100,000 743, 750 112, 500 1, 202, 250 952,500 1,400,500 377,500 225, 000 225 30, 546, 000 5, 211, 550 5,174, COO *See page 183. 27, 800 2, 500 250 7,000 3.74 2.22 • .02 .74 37, 550 .72 76 REPORT OF THE COMPTROLLER OP THE CURRENCY. The following table exhibits in detail the changes which have occurred during the past year in the amount of national-bank circulation, so arranged as to illustrate the process by which the circulation steadily decreases concurrently with the accession of new banks and an increase in the aggregate national-bank capital: CAPITAL AND CIRCULATION. Circulation represented by bonds. Paid in capital. Increase by banks existing November 1, 188G . Increase caused by formation of new banks ... Increase by banks organized during the year.. $3, 808, 005 32, 410, 770 610, 000 Total increase . Decrease by banks still in operation November 1,1887 Decrease by banks going into voluntary liquidation and failed. 36, 894,775 8, 549, 205 2,235, 000 4, 087,450 6,322,450 i Total decrease. Net increase of capital Net decrease of circulation j : $3, 957,175 4, 592, 090 57, 770,475 1, 274, 380 59,044,855 30, 572, 325 50, 495, 590 STATEMENT BY MONTHS, SHOWING THE AMOUNT OF UNITED STATES BONDS TRANSFERRED FROM THE SECURITIES HELD IN TRUST BY THE TREASURER OF THE UNITED STATES FOR NATIONAL-BANK CIRCULATION TO THE SECURITIES SO HELD FOR PUBLIC DEPOSITS DURING THE YEAR ENDING OCTOBER 31, 1887, AND THE METHODS BY WHICH SUCH TRANSFER WAS MADE. Date. Substituted. Transferred by retirement of circulation. 1886. November December January . Kebruary Mai'cli . April .. Mav June . July August September October Exchanged. $70, 000 100, 000 $100, 000 1887. ... Total $50, 000 530, 000 220, 000 145, 000 40, (00 155, 000 60 000 80, 000 30, 000 140, 000 115, 000 100,000 62, 500 500, 000 385, 000 150, 000 1,962, 500 BANKS WITHOUT CIRCULATION. As reported last year, some national banks have not availed themselves of the privilege of taking out circulating notes, and others have surrendered their entire circulation. The following list is unchanged since October 31, 1886: Capital. Title of bank. Fulton National Bank, New York, N. Y National City Bank, New York, N. Y American Exchange National Bank, New York, N. Y Third National Bauk New York N Y National Bank, Washington, D. C , Chestertown National Bark Chestertown "MY! First National Bank Houston, Tex ..... Mechanics' National Bank, New York, N. Y Total . Bonds. $300, 000 300, 000 1, 000, 000 5, 000, 000 1 000 000 200, 000 50, 000 100, 000 2,000,000 $50,000 50, 000 50, 000 50, 000 fiO OuO 50, 000 3^,500 ' 25,000 50,000 9, 950,000 387, 500 77 REPORT OF THE COMPTROLLER OF THE CURRENCY. DISSOLUTION. The total number of national banks organized since February 25? 1863, is 3,805, of which there are now in operation, as shown elsewhere, 3,061; passed out of the system, 744, accounted for thus : Passed into voluntary liquidation to wind up their affairs Less number afterward placed in hands of receivers 480 ( J Passed into liquidation for purpose of reorganization Passed into liquidation upon expiration of corporate existence Placed in hands of receivers , . 471 79 *75 120 Less restored to solvency and resumed business 745 1 Total passed out of system 744 The corporate existence of five national banks expired during the year ending October 31, 1887, and in each case an extension has been obtained in accordance with the provisions of the act of July 12, 1882. There were eight failures of national banks during the year ending October 31,1887, and, as has been shown,iu one case the creditors have been paid in full, principal and interest, in another they have received 50 per cent., and in two others 25 per cent, on account of the claims proved. The affairs of five failed banks have been closed during the past year, and final dividends have been paid to their creditors. These banks, with the total dividends paid iu each case, are given below : Name and location of bank. Abington National Bank of Abington, Mass. 1'irst National Bank of Blair, Nebr , City National Bank of Williarasport, Pa, Palatka National Bank of Palatka, Ma . First National Bank of Butler, Pa I Total Propor| Date of ap- dividends tion of I pointment on I of receiver. principal. interest paid. Aug. 2.188G Sept. 8,1886 May 4,3886 June 8,1887 July 23,1879 Per cent. Percent. 100 100 lliO 100 81 100 100 "100 J00 INACTIVE RECEIVERSHIPS. There still remain in the hands of receivers a small number of banks of which the affairs have been liquidated as far as possible, but the receiverships are kept open by matters pending in the courts. In these cases the expenses of the receivership are reduced to a minimum, and the compensation of the receiver is made dependent as far as practicable upon services rendered and results obtained. The following table shows the receiverships that are in this condition: Name and location of bank. First National Bank of Anderson, Ind , National Bank of the State of Missouri, Saint Louis, Mo, Third National Bank of Chicago, 111 Central National Bank of Chicago, 111 People's National Bank of Helena, Mont German American National Bank of Washington, D. C . First National Bank of Union Mills, Union City, Pa, * Thirty-eight of these have been reorganized. Date of appointment Dividends paid. of receiver. Nov. 23,1873 June 23,1877 Nov. 24,1877 Dec. 1,1877 Sept. 13,1878 Nov. .1,1878 Mar. 24,1883 Per cent. 39. tAnd interest. tlOO tioo 60 40 50 65 78 REPORT OF THE COMPTROLLER OF THE CURRENCY. By reference to the Report of 1886 it will be seen that the number of these inactive receiverships has been reduced during the past year by two, viz, that of the New Orleans National Banking Association, and the First National Bank of Butler, Pa. The New Orleans National Banking Association was interested in the case No. 897, Supreme Court of the United states, New Orleans National Banking Association, appellant, v. E. D. Le Breton, appellee, which was decided on March 21, 1887, adversely to the receiver. When the last dividend was declared, there was reserved only money enough to defray the expenses of this litigation, so that when the decision was rendered the trust wTas closed. Out of the amount reserved, however, a small sum was applied to publishing in New Orleans a list of creditors who had not drawn dividends, and by this means unclaimed dividend checks to the amount of $511.83 have since been delivered. The First National Bank of Butler, Pa., was kept open because of the unadjusted accounts of the receiver. An adjustment was reached during the past year, and a final dividend was declared of 11 per cent., milking 81 per cent, in all, and closing the trust. The receivership of the National Bank of the State of Missouri in Saint Louis seems to have been placed in an anomalous position by reason of the assets proving more valuable than they were supposed to be. The receiver was appointed June 2J, 1877, and on October 2, 1879, an assessment of 25 per cent, was ordered on the stock of the bank. This assessment, which amounted to $510,025, yielded only $245,108, and although the creditors were paid in full before October 31, 1882, the receivership seems to have been continued because of apprehended disagreements among shareholders as to the relative rights of those who had paid their assessments in lull, those who had paid in part, and those who had not paid. In order to comply with the law the Comptroller caused a meeting of shareholders to be called on June 16, 1887, at which an agent was duly elected, but up to the present time he has failed to give the requisite bond. There is some litigation in progress of immense importance to the interests involved in this trust, and it is necessary, therefore, that its affairs Should be looked after. The stockholders have shown very little concern about the matter. On March 1, 1882, a final dividend for balance due on principal and interest was declared and paid to the creditors of the Third National Bank of Chicago, 111. No assessment upon the shareholders had been levied. On June 7, 1882, in pursuance of instructions from the Comptroller, a meeting of the shareholders was held for the purpose of selecting an agent to receive the remaining assets of the bank. In consequence of the failure of the shareholders to select such agent, the receivership was continued. During the past year another meeting was called, in accordance with instructions from the Comptroller, with* the same result. A resolution distinctly refusing to elect an agent was adopted by shareholders representing 5,828 shares out of a total of 7,500, being based upon statements entered in the records of the meeting that grave complications would arise in the sale and disposition of the remaining assets of the trust, to the financial injury of the shareholders. The law affords no means by which shareholders can be coerced into availing themselves of the privilege of taking charge of their own affairs. REPORT OP THE COMPTROLLER OF THE CURRENCY. 79 DIVIDENDS PAID TO CREDITORS OF. INSOLVENT NATIONAL BANKS DURING THE PAST YEAR, WITH TOTAL DIVIDENDS IN EACH CASE UP TO NOVEMBER 1, 1887. Name and location of bank. Pacific National Bank of Boston, Mass First National Bank of Blair, Ncbr Riekmond National Bank of liickmond, Ind Lancaster National Bank of Clinton, M;:ss City National Bank of Willianisoort, Pa First National Bank of Pine Bluff, Ark Exchange National Bank of Norfolk, Ara Schokarie County National Bank of Schohavie, N. Y .. First National Bank of A ngclica, N. Y First National Bank of Wnhpeton, Dak Palatka National Bank of Palatka, Fla First National Bank of Butler, Pa First National Bank of Livingston, Mont Middletown National Bank of Midi:Mown, N. Y Henrietta National Bank of Henrietta, Tex Fidelity National Bank of Cincinnati, Ohio Logan National Bank of West Liberty, Ohio First National Bank of Leadville, Colo Total ProporTotal tion of Dividends paid during dividends interest paid to the past year. paid to depositors. depositors. Total amount. Per cent. Pgr cent. $691,874.96 50 30 82,945. 82 300 100 73,172. 39 56 20 34,147. 64 70 20 70,442. 34 100 50 16, 238.24 25 25 291,973.33 40 10 14,932.52 40 10 15,518.79 85 10 11,011.18 10 10 9,491.70 100 100 12,787. 24 81 11 21, 262. 54 75 75 102, 876. 81 70 15 32,391.89 50 50 596, 642. 30 25 25 8,108. 60 50 10 20,385. 06 40 10 Per cent. 100 ioo 10C 2,106,203.41 •• Out of 3,805 national banks organized since February, 1863, only 120, or about 3 per cent., have been i)laeed in the hands of receivers; this includes 9 which had been previously placed in liquidation by their stockholders, but upon their failing to pay their depositors the Comptroller appointed receivers to wind up their affairs. Out of the above total of 120 failed banks, 41 have paid their creditors in full, while 23 have besides paid interest, 18 in full and 5 in part. The affairs of 85 banks of the 120 have been finally closed, leaving 35 in process of settlement, of which, as has been seen, 7 are virtually closed with the exception of pending litigation, leaving 28 receiverships only in active operation. The total amount so far paid to creditors of insolvent national banks has been $29,434,986, upon proved claims amounting to $46,938,388. The amount paid during the year has been $2,135,878, which includes $29,675 paid in dividends declared prior to November 1, Ib86, on claims proved since that date. Assessments amounting to $9,945,250 have been made upon stockholders of insolvent national banks under section 5151 of the Kevised Statutes of the United States. From this source the gross collections amount to $4,682,563, of which there has been received during the past year $(jo(y,lijij. Suits are pending in some cases. It will be observed that the gross collections from stockholders of insolvent banks amount to only about 47 per cent, of the assessments. Unfortunately the cost of the litigation attending such collections can not be accurately ascertained from the records in this office, but it has been very great, and should be deducted from gross collections. The Comptroller is disposed to think the net amount actually realized to creditors from this source has been under, rather than over, 40 per cent, of the total assessments. In any case the figures show that the security afforded to creditors by subjecting shareholders to liability beyond the loss of their stock is quite disproportionate to the damage inflicted upon solvent shareholders. This personal-liability feature tends to discourage prudent business men from investing in national-bank stock, 80 REPORT OF THE COMPTROLLER OF THE CURRENCY. while contested assessments generally develop an amount of chicanery and fraud which must exercise an injurious influence upon morals. ISSUES AND REDEMPTIONS. The following table exhibits the number and amount of national-bank notes of each denomination which have been issued and redeemed since the organization of the system, and the number and amount outstanding on October 31, 1887: Xumber of notes. Denominations. Issued. Ones Twos Fives Tens Twenties Fifties One hundreds Five hundreds One thousands Fractions outstanding Totals Eedeeraed. 23,167, 677 7, 747, 519 LOO, 455, 524 42, 762,799 13, 301,145 1,849,613 1, 375,146 23, 924 7, 369 22,776,403 7,646, 720 85,170,819 33, 799, 928 10, 091, 941 1,536,143 1,127,452 23, 293 7,305 190, 690, 716 162,180, 004 Amount. Outstanding. Issued. Redeemed. Outstanding. 391, 274 100, 799 15, 284, 705 8, 962, 871 3,209, 204 313,470 247, 694 631 64 $23,167, 677 15, 495, 038 502, 277,620 427, 627, 990 266/022,900 92, 480, 650 137, 514, 600 11,962,000 7, 369,000 $22, 776, 403 15, 293, 440 425, 854,095 337, 999, 280 201, 838, 820 76, 807,150 112,745,200 11, 646, 500 7, 305, 000 $391, 274. 00 201, 598. 00 76,423, 525. 00 89, 628, 710. 00 64,184,080.00 15, 673, 500. 00 24,769,400.00 315, 500. 00 64, 000. 00 23, 742. 60 28, 510, 712 1,483, 917,475 1,212,265, 888 271, 675, 329. 60 Notes of gold banks are not included in this table. A table showing the number and denomination of national-bank notes issued and redeemed, and the number of each denomination outstanding on October 31, for the last twenty years, will be found on page 178 in the Appendix. Distinct accounts are kept for the incomplete currency issued to banks in replacement of notes redeemed and destroyed under the provisions o£ the act of June 20,1874, to banks taking out new circulation upon an extension of their corporate existence under the act of July 12,1882, and to old and new banks increasing the volume of their circulation by adding to the amount of bonds deposited. The notes issued in the three latter cases have heretofore been designated (on the books of this office and in previous reports) u additional circulation," but this term applies X^roperly only to the two cases last above mentioned. In order that the following table, showing by States the amount of " additional circulation " issued during the year ending October 31,18S7, and the total amount of such circulation issued since June 20,1874, may conform to previous reports, the three classes of issue are distributed into two columns, one showing amounts issued under the act of 1882 and the other the issues which are properly additional. This table also shows the amount of circulation retired during the year and the total amount retired since June 20, 1874. EEPORT OF THE COMPTROLLER OF THE CURRENCY. 81 U T A B L E SHOWING B Y STATES T H E AMOUNT OF A D D I T I O N A L CIRCULATION" ISSUED DUKING T H E YEAH ENDING OCTOBER 3 1 , 1 8 3 7 , AND TOTAL AMOUNT ISSUED SINCE J U N E 20, 1674. Circulation retired. I Circulation I issued Additional under act circulation of July 12, issued. 1882. States and Territories. Total. U n d e r a c t j Insolvent Total. banks. Maine New Hampshire Vermont.'. Massachusetts Ithodo Inland Connecticut New York New Jersey Pennsylvania Delaware Maryland District of Columbia Virginia West Virginia North Carolina South Carolina Georgia i\l orida A labaina Mississippi Louisiana Texas Arkansas Kentucky Tennessee M issonri Indiana Illinois Michigan Wisconsin Iowa M iiinesota. Kansas ]\7 evada Oregon ("olorado tah Idaho M ontana Wyoming New Mexico Dakota "Washington California Arizona ....j $40,220 4.9. 910 • 51, 500 ' j 1,1.13, B05 2, £50 \ 178,405 | 217,510 | 19, 000 I 597, 940 I ! 3,000 I j I 30 119, 250 30, 310 128,450 j 18, GOO ! 420 i 3, 850 i 32, 750 - ( \j I Total I 2,014,060 S u r r e n d e r e d t o this cilice j and retired i F r o m J u n e 20,1874, t o Oc.to- ' : her 31,1880. Surrendered and retired •' : same dates Grand total October i ! 31,1887 $429, 204 298,673 I 500, 257 4, 341,101 790, 280 1,107,930 1,973, 799 588, 002 3, 598,189 38,100 050, 448 61,982 140, 320 73,114 112,052 135,102 211, 640 3,340 127.450 11, 730 281, 372 108, 630 19, 097 1,154, 197 227, 340 253, 335 216,441 254, G05 1, 730, 530 559, 205 649,186 279, 900 066, 927 438,475 I 281, 533 112,020 J 63, 603 181, 540 437, 826 98,430 124, 323 212. 785 I 107, 401 877, 420 153, 088 225, 000 5, 900 11,250 92, 240 20, (550 78, 990 O.i, 437 10 32, 530 12, 851 15, 000 13, 000 22, 505 140 13, 520 80, 840 133, 205 37, 320 82, 510 38, 750 318, 850 104, 740 22,500 | $57,470 94,940 107, 840 2, 054,125 10,900 223, 405 1. 258, 540 222,270 1,404, 230 11,240 70, 500 45, 000 II, 250 25, 050 11,250 11, 240 90, 000 1, 930 249, 750 90, 740 302, 480 408, 075 71, 010 227, 340 253, 975 439, 955 249, 080 310, 025 93, 420 181. J 20 91,580 380,03.1 877, 4-A) 225, 000 ! I, 250 92, 240 78, 090 10 15, 000 22, 505 13, 520 133, 205 82,510 318, 8,")0 22, 50 J • j j 4 $11,250 45,000 5G, 250 940, 320 13, 950 45, 000 1, 041, 030 203, 270 S06, 2S0 11, 210 07, 500 45,000 11, 250 25, 650 l i , 250 11, 240 90, 01)0 1, 930 249,750 90, 710 302, 480 408, 075 71. 010 I 8, 519, 205 11,103, 345 | 21, 957, 758 7,612 8, 370 8,970 $862, 401 497,615 838,196 8, 210, 290 1,908, 577 2,303, 273 4, 754, 575 1, 044, 693 6, 518,438 71,503 1, 402, 934 62, 863 287,379 219,146 139, 254 170,152 321, 713 4,935 146,072 11,745 451,449 . 125,437 29,452 1, 442,437 362,225 346, 600 2, 972, 872 1,1.^2,753 1, 086, 507 569, 475 320, 339 607, 343 214,140 330,472 205, 235 5, 960 20, 650 131, 282 33, 371 16, 860 13, 000 3, 700 101,190 37, 326 46, 362 113,110 8,970 18, 366, 519 40, 324, 277 $433,197 198, 942 337, 939 3, 869,189 1,112, 291 1,195, 343 2, 780, 776 456, 091 2, 920, 249 33, 343 752, 4*-6 881 147,059 140, 032 27, 202 35, 050 110, 073 1, 595 18,622 15 170, 077 16, 801 10, 355 288, 240 108, 890 130,161 1, 242, 340 503, 567 419,580 287, 942 156, 736 169,517 89, 817 23, 011 51, 547 67, 845 841 4, 015 3,500 20,350 i i \. 290, 769 I ! ! 196, 704, 902 J171, 775, 021 58, 347, 227 230,122, 248 15, 246, 964 I .1207,878.247 193, 732, 779 76, 713, 746 285, 984, 258 i Notes of gold banks are not included in the above table. Of the above $8,549,265 there was issued to banks organized during the year $4,G90,375, and to already existing banks increasing their circulation $3,858,890. 8770 CUR 87 6 82 REPORT OF THE COMPTROLLER OF THE CURRENCY. ISSUES. The total issues of incomplete currency during the year are shown by the vault account, as follows : National-bank currency in vaults October 31, 1886 §62,486,660 Amount received from Bureau of Engraving and Printing during the year ending October 31, 1887 '. 25,413, 750 Total , Amount issued to banks during the year $36, 756,100 Amount canceled during the year, not having been issued. 934,060 87,900,410 37,690,1(50 Balance in vaults 50,210,250 The duties devolving upon the clerical force in the division of issue of this office are of great responsibility, requiring absolute accuracy and promptness on the part of those to whom these duties are assigned. The records of receipts and issues are balanced daily with the vauit accounts, and the work of each day is completed before that of another day is begun. During the past year 29,993 packages of currency were forwarded to banks by express, the same number of receipts prepared for signature and return by the banks, and a large amount of correspondence was conducted. REDEMPTION. The provisions of law relating to the redemption of the circulating notes of national banks have undergone many changes, but no change has at any time been made in the only two provisions contained in the act of February, 18(33. . These are, first, that every bank must redeem on demand at its place of business any of its circulating notes presented there for redemption during business hours; and second, that the medium of redemption must be a lawful money of the United States." By the act of June 3, 18G4, every association located in Saint Louis, Louisville, Chicago, Detroit, Milwaukee, New Orleans, Cincinnati, Cleveland, Pittsburgh, Baltimore, Philadelphia, Boston, New York, Albany, Leaven worth, San Francisco, or Washington City was required to select, subject to the approval of the Comptroller of the Currency, some national bank in the city of New York, " at which it will redeem its circulating notes at par f and each association not organized within any of the cities named had likewise to select as its redemption agent some association in one of these cities. The Comptroller was required to give public notice of the redemption agent of every association, and of any changes made in such agents, and in case any bank failed to select an agent, or to redeem its notes, as provided by the act, the Comptroller, with the concurrence of the Secretary of the Treasury, might appoint a receiver to wind up its affairs. The act of June 20,1874, established the National Bank Redemption Agency of the Treasury at Washington, repealed all requirements as to redemption agents elsewhere, relieved the banks of the obligation to keep a reserve upon their circulating notes, and substituted therefor the requirement that every bank should keep up a redemption fund in the hands of the Treasurer of the United States equal to 5 per cent, of its outstanding circulation. 83 REPORT OF THE COMPTROLLER OF THE CURRENCY. The following table, compiled from the Treasurers' reports, shows the practical working of the law as to the 5 per cent, redemption fand: TABLE SHOWING MODE OF REIMBURSEMENT OF FIVE PER CENT. REDEMPTION FUND BY NATIONAL BANKS, BY FISCAL YEARS, FROM 1875 TO 1887, INCLUSIVE. Tears. Deposits with Treasurer, United States. Deposits of lawful money with assistant Deposits re- Remittances Proceeds of treasurers, of lawful national-bank ceived at United States. money by ex- notes redeemed. counter. press. $88, 834, 653.12 105,134, 528. 37 116, 044, 751. 34 100, 819; 824. 50 101,194, 261.04 46,960, 242. 06 41, 411, 436. 87 50, 531, 496. 68 113, 726, 801.90 89,338, 255. 34 106, 264, 901.13 92, 363,184.15 46, 254, 760. 76 1875 1870 1877 1878 1879 1K80 1881 1882 1883 1884 1885 1880: 1887 Total 1 Average 11,098,879,097.26 I 70.75 Total. $989,646. 63 $32, 308,100. 78 $18, 742,163.00 $140, 874, 563.53 664, 989. 45 19,042,491.62 52, 643,065. 00 177,485,074.44 7,678, 750. 57 91, 856, 769. 92 215,580, 271. 83 (*) 5,935, 806. 89 98, 552, 739. 98 205,308, 371. 37 (*) 4, 894,393. 06 50, 581, 484. 09 156, 670,138.19 (*) 2, 627, 861.16 6,924, 097. 88 50, 512, 201.10 (*) 3,106,187. 40 4, 313, 702. 36 48,831, 326. 63 '(*) 2, 975, 682. 27 4, 534,598. 69 58, 041, 777.64 (*) 2, 939, 882. 01 5, 248,120.14 121,914, 804. 05 (*) 3, 801, 957. 46 5,727, 786. 37 98, 867, 999.17 (*) 4, 503,141. 79 6, 376, 897. 26 117,144, 940.18 (*) 3,433, 468. 78 5, 775, 498. 84 103,359,393.61 1, 787,241. 84 2, 000, 214. 04 2,189, 546. 65 52,522, 359. 27 2, 077, 837. 82 5, 519, 715. 74 95, 247, 937. 83 353, 406, 470.18 1,553,113,221.01 6.13 6.13 22.76 i 100.00 * No record. The following tables, compiled from the Treasurers' reports, show for the fiscal years 1874-'75 to 1886-'87— 1. The amounts of national-bank currency received annually at the redemption agency, and the disposition made of it. 2. The points from which this currency was forwarded, and the percentage of the whole received from each point, 3. The total amount of notes redeemed, and the mode of redemption. 4. The cost of redemption. TABLE SHOWING RECEIPTS AND DELIVERIES OF MONEYS BY THE NATIONAL-BANK REDEMPTION AGENCY (UNITED STATES TREASURER'S OFFICE) 00 FOR EACH FISCAL YEAR FROM 1875 TO 1S87, INCLUSIVE. Yeai' ending J u n o 30— 1875 1876 1877 1878 1879 1880 1881 1882 1883 1884 1885 1880* 1887 Cash balance on hand at close of previous year. $(5,031,022.32 7, 912, 53!). CO 11, £05, 3J2. 52 8,410, 848. oil 3, 7b5, 380. 21) . 3, 097, 983. 77 I 2,844,107.37 ! 3, o:;o, 9-«). 3 2 I 6, 672, 903. 8b ! 6,910,452.03 I 6,701,087.03 ( 3, 840, 402. 05 Total 71, 403, 097. 78 | To " o v e r s " reported in nationalbank notes received for redemption. To national-bank notes received for redemption. $155,520,880.48 | 209, 038, 854. 94 ! 242, 885, 375. 14 213,151,458. 56 157, 650, 644. 90 61,585,075.08 59, G50, 259. 43 76, 089, 327. 48 102, 699, 076. 73 126,152, 572. 34 150,209,129 01 130,290,606/82 87,689,687.15 1, 772, 626, 148. 72 $24, 044 85 10, 491.4 J 21,0(10.58 37,049.20 22, 148. 42 6,461.30 13,231.38 11,22113 8, 092. 09 6, 0u0. 20 17,000.07 25, 528 97 16,404.07 220,990.78 j Aggregates. $155, 545, 525.33 215,086,308.08 250, 852, 910. 72 224, 094, 420. 28 166,089,641.71 65, 377, 526. 27 62,761,474.58 78, 9H. 636. 98 106, 338, 758.14 132,838,602.49 157,136,641.11 137,113,223.72 91, 546, 493. 27 1,844,326,243.28 By notes of failed By national-bank By national-bank notes, and liquidating rotes, unlit for cir- national banks, defit for circulation, deposited in the Treasury, culation, delivered posited in the to the Comptroller and forwarded to naTreasury of the tional banks by express. of the Currency. United'States. $26,100,291. 00 10_>, 478,700. 00 151,070,3(0.00 152,437,300.00 112, 411,}-00. 00 24, 680, f;00. 00 ! 0, 703, 000 00 ': 3,fc01,500.00 ,' 15, {172, 100.00 ; 20, 255, 500. 00 : 45,034,800.00 i 4o, 701, 100.00 ! 20, 7^0, 0-10. CO ! >1!5,109, 445. 00 78, 643, 155. CO 62, 518 COO. 00 51,585 400. 00 40, 204, 00 00 29, 861, 00. 00 40.0-0, 00. 00 53, KJ8, 500. (0 78, 004. 758. CO 95.610, 0(34.00 98, 598, 170. 00 82, 250, 713.50 60,841, 550. 00 $0, 579,217.00 24, 927,900. 00 24,4;;t), 700. 00 11,852, 100. 00 8, 354,2;'O. 00 0,071, 710. 00 12,435, 400. 00 10, 953,730 00 4,007, GGO. 00 3, 507,950. 00 5, 591,730. 00 3,910, 573. 00 1,133, 215. 50 735, 0G0,i;!l. 00 893, S1(J, 455. 50 131, 025,125. 50 w o a O o o t-1 By United Stales ?es re- Year c n , l l n B J u n o 3 0 United States. 1875 1876 1877 3878 1879 1880 1881 1882 1883 1884 188-5 1886 1887 -- , Total ! p , returned. $959,132, 00 428, 688. 00 30,045.(0 24, 970. 00 7, 267. 00 81, 858. 00 177, 350, 00 111, 924.50 126, 727.10 $1,620,557.89 1 065 00° '-0 1 278 903 80 ' 38l' 372 22 329, 323. 34 1-05.432.14 r>69, 971.08 672, 427.09 727. 282.98 455, 333.05 3:9,249.19 277,194.78 464.413.45 1,948, 559. GO 8, 479, 402. 75 By national-bank notes—! less than three-fi'.'ths, | By "shorts " reBy counterfeit Casli on hand a t lacking signatures, and ported in nationalnotes rejected and • stolen—rejected and : bank notes received close of year. returned. returned, and discount on j lor redemption, j United States currency. $25,812.15 9,9^8,41 3,345.03 1,152.09 725.84 523.54 612. 25 520.90 573. 58 $3, 741.00 5,188". 00 5,634.00 4, 008. GO 3, 016.00 3, 846. 75 4,324.50 4,151.00 4, 559. 50 3, 770. 50 3, 560,00 2, 720.00 2, 924.00 $15, 028.12 7, 709.22 4, 755.91 3, 997.13 6,282. 58 7, 870.23 22,763.37 3, 832.35 4, 337. 62 3, 365. 77 3, 636.49 3, 822.28 2, 554. 23 $20, 223. 50 16,175.26 29,70143 16,394.60 9, 900. 35 9, 808.97 6, 618. 25 13,405.13 10, 103.35 3, 785.60 6,445.25 8, 246.65 22, 356.00 $0, 031, 022.32 7,942,539.00 11, 505, 312.52 8, 410, 848.33 3, 785, 889.29 3, 097,983. 77 2, 844,107.37 3, o;;o, 989.32 G, 672, 963. 85 6, 910,452.03 0, 791, 087.93 3, 8iO, 402.05 2,165, 539.41 43, 230. 85 51,443.25 89, 955. 30 173, 233.34 73, 628, 637.19 o d o TABLE SHOWING, BY FISCAL YEAIIS, FROM 1875 TO 1887, THE AMOUNTS OF NATIONAL-BANK NOTES RECEIVED AT THE UNITED STATES TREASURY FOR REDEMPTION FROM THE PRINCIPAL CITIES AND OTHER PLACES, AND THE PROPORTION OF EACH AMOUNT TO THE WHOLE. !New York. Year. Amounts. $30. 925, 000 78, 389, 000 70, 093, 000 60, 273, 000 54.170, 000 20,4G0, 0G0 23,319,000 28, 012, 000 30, 042, 000 51, 327, 000 75, 409, 000 49. 4H7, 000 3i; 314, 5S3 1875 1870 1877 1878 1879 1880 1881 1882 1883 1884 1885 1886 1887 Per cent. 52. G7 88. 37 32.47 31.48 35. 00 4 1 90 39. 09 30.82 35.30 4'i. 07 50.20 37. 98 35.71 Amounts. 1875 1876 1877 1878 1879 1880 1881 1882 1883 1884 1885 1886 1887 $1,002,000 3, 205, 000 1,821,000 1, 085, COO GO.i, 000 •-. 415, 000 673, 000 047, C00 1, 620. 000 2, 853. 000 3, 70."), 000 3, 510, ( CO 3,102,500 Amounts. Per- $17, 5W, 000 55, 87^, 0-0 75,212,000 80, 527, 000 59, 375. 000 II, 70lj 000 5, 505, 000 7, 370, 000 10,031.000 79,971000 27, 473, 000 30,031,000 13, 219, 209 il.32 27.35 31.84 38. 26 38.36 19. 00 9.33 9.G9 10.19 15.83 18.20 23. 05 15.08 Orleans. Baltimore. Year. Philadelphia. Boston. Per cent. Amounts. $>, 003, 000 1,±1\ 000 1, 310, 030 $9, 006, 000 0, 778, 000 20, 988, 000 10,830,000 7, 052, 000 3, 358, COO 4, 919, 000 5, OoO, 000 7, 333, COO 6, 830, 000 7, 229, 0U0 7, 323, 000 6, 972, 853 Providence. Amounts. 1.37 1.09 1.50 Per ceut. 4.39 4. Si) 1.76 1.52 1. 11 2.72 i 4.45 i 4.00 I 5. OS : 4. 59 ! 3.03 I 4. 22 1 0. 0G I pl.Ei-i, CCO ; 1<:7*00,000 ! 4, 102. 000 I 3, ] 94, COO , 1,710, COO , 1,073,000 j 2,055,000 ! i!, 515,000 ! 0,1k), 000 I 5, 704, 000 4, 55S, 000 5, 403, 000 5, 315, 319 Pittsburgh. $i,38S,000 3, 247, 000 5. G53, 000 4 989, 000 3, 772, 000 1,454-, COO 1,419,0(0 1,426,000 ], 660,000 1, 820, 000 2 293,000 1,731, 00 J 1,015,131 $1,449,000: 1,425, 0! 0 1,322,000 1, 141,000 6 55, 000 5i7,0 0 s 6- 6, COO 880, 000 017, 000 H9,(.oy 68.1, 003 520,000 527, 801) Per cent. Amounts. $3, 070, 000 3,085,000 2,781,000 2, 208, 000 1,219,000 819,000 906, 000 1,188, 000 1,774,000 1,822,000 1,910,000 2, 2G'M)00 2,244,310 Saint Louis. I | •' j j ! I . : 2. 37 1.51 1.18 1.08 .79 1.33 1.67 1.56 1.73 1.45 1.27 1.7-4 Other places. Per cent. Per 1.22 1. 00 .77 .52 .07 1.13 1.24 1.58 2.20 2.47 2.72 3.5-1 Amounts. Cincinnati. Chicago. .93 . 70 .50 . 51.41 .8.) 1.01 1.1(5 Ad f . (.f> .46 .40 .60 Amounts. p,l. 180, COO ; 38, 10H, t 00 i 40 2S6, 000 ; 30. 170, 000 ! 2-1,(347,000 j 11, 707, tOO ! , , 2."), 721.000 20, 19:J,0(i0 ::o, 7oi, coo 23,018,000 25, 051, CCO 19,2-10,185 IVr cent. •0. 07 18. 70 3 9. ;)9 18. 01 15. 02 2-i. 98 2L 56 33. 80 28.43 21.:; 8 15.92 19.23 21.Oi Amounts. $1,384,000 l | 010, 000 1,202, OLO 999, 000 1,487,000 302, OlO 673, 000 1,001,000 1, '.'72, 000 1, 153,000 977, 000 y. 4-22, 000 3,421, 608 Per cent. .89 .50 .55 .47 .00 .64 1.13 1.39 1.34 .92 .65 2. 03 3.00 Totals. Amounts. a o SO Per cent. 100. CO 100. CO 100.00 100. CO 100. CO 100. 00 ico co 100. CO 100. CO 1'iO.OO 150,'209', 000 j 1(0. 00 l.'JO, 2!5O, GOO 100. 00 87, GS9, 687 100. CO $155,<121, 000 201, 300, 0(0 2-U». 210, 000 2L0'-i0!,C00 154.769,(00 01,580.000 f>9, (i5i\ 0 H) 76, (.'89. COO 102,700,000 o ' • " o o GO TABLE SHOWING TOTAL AMOUNT AND MODE OF PAYMENT FOR NATIONAL-BANK NOTES REDEEMED, BY FISCAL YEARS, COMMENCING WITH YEAR QO ENDING JUNE 30, 1875. Year. Transfer checks. 1875 . $53, 872. 954. 00 1876.. 92, 374, 801.00 95, 212, 743. 45 1877.. 75, 361, 427. 23 1878.. 51,718,253.06 1879.. 10, 852, 505. 53 1880.. 1881 . . 22,415,972.28 1882 . . 32, 992,144. 72 1888 . . 56,018,447.71 77,991,916.83 1884.. 1885 . . 105, 810, 2.34. 80 1886.. 74,14!>, 555. 26 1887.. 39, 996, 984. 07 United States notes. $49,977,719.00 40,120, 338. 00 34, 588,129.15 23,046,418.44 14,617,619.41 21,174,826.66 19,567,744.21 23,222,831.83 23, 668^ 064.66 24,080, 304. 62 19, 236, 730. '27 9, 204, 752. 76 15, 657, 298. 62 Fractional sil- $468, 974. 00 549, 645. 40 52,178. 90 28, 230. 59 8b, 164. 56 246, 447.42 296, 257. 79 158,127.60 135, 773. 22 103, 843. 62 97, 070. 41 Standard silver dollars. $96, 683.32 174, 831. 85 215,045.27 269, 918.44 242,518.37 1,015,519.10 482, 500. 35 451,194. 22 248, 970. 92 Redeemed at counter. $100, 000,00 4, 738, 979 CO 6, G75, 000.00 2,661. 021. 00 5, 089, 222.80 3, 883, 417.60 3, 522, 007.00 4, 033, 402.40 3,941, 638. 00 3, 826, 203. 00 3, 848, 090. 50 8, 385, 485.00 4, 200, 654.50 Credits to assistant t r e a s u r e r s and United States depositaries in general account. Credits in redemption accounts. $12,667,011.00 19, 078, 209. 00 12, 789, 757. 00 12, 609, 083. 76 35,148,181.38 18,218,070.37 8, 936, 232. 92 10,106, 238. 45 12, 428, 692.86 12, 960, 221. 66 13, 944, 370. 50 31,007,087.30 24,768,344.79 $18,742,163.00 52, 643, 065. 00 91,850,769.92 98, 552, 739. 98 50, 581, 484. 09 6,924, 00/?. 88 4, 313, 702.36 4, 534, 598. 69 5,248, 120.14 5, 727,786. 37 6, 443, 697. 26 " 6,727,706.96 2, 243, 346. 65 Notes fit for circulation and of failed, liquidating, a n d reducing banks, deposited in Treasury in p a y m e n t of notes redeemed b y Treasu r y prior to J u l y 1,1875. $17,532,008.00 Total. O $152,891,855.00 208, 955, 392. 00 241,591,373.52 212, 780, 335. 81 157, 303, 622.96 61,255,980.48 59, 0:6, 468. 60 75, 405, 581. 95 101, 84H, 739. 53 125, 760,169.18 149, 931, 336. 90 130, 029, 625. 12 87, 213, 269. 96 w o d H W O TABLE SHOWING, BY FISCAL YEARS FROM 1875 to 1887, EXPENSES INCURRED IN THE REDEMPTION OF NATIONAL-BANK NOTES AT THE UNITED STATES TREASURY. Year. Charges for .transportation. Costs for assorting notes. I Prin t i n g I Salaries- '•• and bind- j Stationery. ing. Postage. I 1875.. 1876.. 1877.. 1878.. 1879.. 1880.. 1881.. 1882.. 1883.. 1884.. 1885,. 1886.. 1887.. I, 098. 31 $158,227.39 159, 142.84 ! 188,018.94 189, 362.05 150, 695. 68 173, 420. 60 136, 580. 63 298. 75 133, 956. 27 764. 24 104, 350. 08 843. 86 89, 564. 72 203. 31 87, 593. 56 57, 190. 86 86, 213. 35 68, 684.11 88, 426. 79 85, 255. 48 93,371.82 74, 490. 52 89, 065.18 48, 020. 53 87, 450. 54 $6, 604.30 2, 660. 32 2, 894. 60 2, 632. 69 1, 220. 60 1,535.42 2, 401. 54 1,935.91 1, 670. 77 3,190. 89 1,430. 93 ^$12,290.72 *9,174. C8 3, 818.10 3, 090. 00 2, 597. 22 1. 034. 29 1,051.27 806. 51 890.41 1,133. 84 1,114.19 1,163. 65 1, 053. 39 $3, 298. 80 3,391.00 3, 716. 66 *In 1875and 1876 "Printing and binding" was included with item "Stationery." Contingent and other expenses. $16, 131.47 1,993. 01 2, 869. 31 2, 190. 93 3,203.11 947. 09 531. 67 390. 58 896.11 716.00 444. 90 S33.11 011. 61 Furniture. Total. $12, 918. 68 3,472. 84 $200, 965. 37 365,193. 31 357,066.10 317, 942.48 240, 949. 95 143, 728. 39 126, 212.12 129, 529. 38 147,592.27 160, 896. 65 181, 857.16 168,243.35 138, 967. CO w O REPORT OF THE COMPTROLLER OF THE CURRENCY. 87 REDEMPTION OF CIRCULATION OF BANKS IN THE HANDS OF RECEIVERS, OF THOSE IN VOLUNTARY LIQUIDATION, AND OF THOSE REDUCING CIRCULATION UNDER THE ACT OF JUNE 20, 1874. The redemption of the circulating notes of failed banks at the United States Treasury was provided for originally as it is now, by giving the Comptroller power to cancel or to sell the bonds of the banks, and in case of deficiency in the proceeds to make it good out of the assets of the corporation; but before the act of 1874 went into effect the notes of such banks were called in by public advertisement, whereas now they are left in circulation until they are brought by the ordinary currents of redemption into the office of the Treasurer or of one of the assistant treasurers, or into the hands of a designated depositary of public moneys, or one of the national-bank depositaries. Section 8 of the act of June 20, 1874, requires the Treasurer, assistant treasurers, designated depositaries, and national-bank depositaries to assort and return to the Treasury for redemption the notes of such national banks as have failed, or have gone into voluntary liquidation, and of all such as shall thereafter fail or go into such liquidation. The following table, compiled from the records of the Bureau of the Currency, shows the course of redemption of the notes of failed banks: Total circulation of all failed banks, $14,818,270 ; amount redeemed, $13,392,3115 balance outstanding or lost, $1,425,965. TABLE SHOWING, BY YEARS, FROM OCTOBER 1, 1865, TO NOVEMBER 1, 1887, THE TOTAL CIRCULATION OF BANKS FAILED, THE AMOUNT REDEEMED, AND THE BALANCE OUTSTANDING AT CLOSE OF EACH YEAR. (COMPILED FROM REPORTS OF COMPTROLLER OF THE CURRENCY.) Year ending— October 1, 1805 October 1, 1866 October 1, 1867 October 1, 1868 October 1, 1809 October 1, 1870 October 1, 1871 November 1, 1872 November 1,1873 November 1, 187-1 November 1,1875 November 1,1876 November 1, 1877 November 1, 1878 November 1,1879 November 1, 1880 November 1, 1881 November 1,1882 November 1,1883 November 1, 1884 November 1,1885 November 1,1886 November 1,1887 m o u n t of Balance of Total circu- Total circu- Aggregate Acirculation circulation lation outlation of • of two preof failed of failed standing at banks failed vious colb a n k s outb a n k s reend of preduring standing a t deemed durumns. vious year. the year. close of year. ing yea l1. $44, 000 ' Total $44, 000. 00 303, 680. 00 889, 292. 00 562, 559. 00 332, 738. 45 318, 835. 85 208, 551. 60 501, 363. 00 2, 302, 548. 00 2, 037, 638. 00 1, 396, 967. 50 976, 296. 70 1, 025, 625. 45 1. 551, 454. 00 1,148, 679. 00 1, 332, 276. 00 949, 742. 00 1, 401, 632. 00 861,128. 00 1,098,288.00 1,133,414.00 1,458, 026. CO 265, 000 748, 900 321,800 45, 000 129, 700 None. 1,388,393 2, 522,100 230, 000 638, 676 , 540, 609 2, 349,114 1, 385, 068 516,825 506,143 None. 999, 500 108, 200 850,120 486, 550 434, 840 307, 738 14, 818, 276 $44, 000. 00 309, 000. 00 1,052,580.00 1, 211, 092. 00 607, 559. 00 462, 438.45 318.835.85 1, 596, 944. 60 3, 023, 463. 00 2, 532, 548. 00 2, 676, 314. 00 1,937,576.50 3,325,410.70 2,410,693.45 2, 068, 279. 00 1, 654, h22. 00 1, 332, 276. 00 1, 949, 242. 00 1, 509, 832. 00 1,711,248.00 1, 584, 838. 00 1,568,254.00 1, 765, 764. 00 None. $5. 320. 00 163,288.00 648, 533. 00 274, 820. 55 143, 602. 60 110, 284. 25 1,095,581.60 720, 915. 00 . 494,910.00 1, 279, 346. 50 961,279.80 2, 299, 785. 25 833, 239. 45 919, 600. 00 322, 546. 00 382, 534. 00 547,610.00 648, 704. 00 612,960.00 451, 424. 00 110,228.00 339, 799. 00 $44, 000. 00 303, 680. 00 889, 292. 00 51)2, 559. CO 332, 738. 45 318,835.85 208, 551. 60 501, 363. 00 2, 302, 548. 00 2, 037, 638. 00 1,396,907.50 976, 296. 70 1, 025, 625. 45 I,551,4f4. 00 1, 148, 679. 00 1, 332, 276. 00 949, 742. 00 1, 401, 632. 00 861,128.00 1, 098, 288. 00 1,133,414.00 1, 458, 026. 00 1,425, 965, 00 11-3.39-2 311 00 Before the act of June 20, 1874, banks reducing their circulation could withdraw their bonds from the Treasury only upon surrendering there for cancellation an amount of their circulating notes proportioned 88 REPORT OF TflE COMPTROLLER OF THE CURRENCY. to the amount of bonds to be withdrawn, and up to July 14,1870, banks for one year after going into voluntary liquidation had to resort to the same means in order to withdraw their bonds, but after the expiration of the year such banks might deposit lawful money for the difference between the whole amount of circulation issued to them and the amount surrendered, and thereupon get back the rest of their bonds. The amount of such deposits and the time at which they should be made were left to the voluntary choice of the bank. The act of July 14,1870, made the deposit of lawful money obligatory upon liquidating banks, and the act of June 20, 1874, fixed six mouths after notice of liquidation as the limit of time allowed for making such deposits. The act of June 20, 1874, provided also that any national banking association might withdraw its circulating notes upon the deposit of lawful money with the Treasurer of the United States in sums of not less than $9,000. Under this act, and on account of liquidating and insolvent banks, and under section G of the act of July 12, 1882, which provides for a deposit of lawful money to retire the old circulation of national banks whose corporate existence has been extended, $371,882,780 of lawful money has been deposited with the Treasurer. This includes $2,663,720 for redemption of the notes of national gold banks and $75,806,357 for the redemption of national-bank notes under section 6 of the act of July 12, 1882. During the year ending October 31,1887, lawful money to the amount of $61,387,320 was deposited with the Treasurer to retire circulation, of which $1,169,472 was deposited by banks in liquidation, $36,664,668 by banks reducing circulation under the act of June 20, 1874, and $23,553,180 by banks retiring old circulation under the act of July 12, 1882. The amount previously deposited under the acts of June 20, 1874, and July 12, 1882, was '$260,463,378; by banks in liquidation, $64,276,892; making a total of $386,127,590. Deducting from the total the amount of circulating notes redeemed and destroyed without reissue, which was $283,301,453,there remained in the hands of the Treasurer on October 31,1887, $102,826,137 of lawful money for the redemption and retirement of national bank circulation, including $239,929 for the redemption of the circulating notes of national gold banks. Prior to June 20,1874, there were redeemed and destroyed $10,431.,135, and since that date $272,870,317 of bank notes have been redeemed, destroyed, and retired. This latter amount includes $2,423,791 of the notes of national gold banks, and $30,728,515 of the notes of national banks whose corporate existence has been extended under the act of July 12? 1882. There are at present no national gold banks in existence. Of those which had been organized, three went into voluntary liquidation and the others became currency banks, under the provisions of the act approved February 14, 1880. Under all the laws now in operation the Treasurer has received for redemption up to November 1, 1887, national-bank notes aggregating in amount $1,795,093,803. During the past year the receipts at the Treasury amounted to $83,243,017, of which amount $30,052,077, or 36 per cent., was received from the banks in the city of New York, and $11,006,900, or 13 per cent., from banks in the city of Boston. The amount received from Philadelphia was $6,896,189; from Chicago, $5,220,200 ; from Cincinnati, $2,650,868; from Saint Louis, $3,219,686; from Baltimore, $2,708,500; from Hew Orleans, $1,350,647; from Providence, $948,631, and from Pittsburgh, $600,889 REPOKT OF THE COMPTROLLER OF THE CURRENCY. 89 The following table exhibits the ainoimt of national-bank notes received monthly for redemption by the Comptroller of the Currency during the year ending October 31, 1887, and the amount received during the same period at the redemption agency of the Treasury, together with the total amount received since the passage of the act of June 20, 1874: Received by the Comptroller of the Currency— Months. From the redemption agency— From national banks in connection with reducFor re due- | Insolvent tion of circution of For relation and r Uq replacement with new new notes, act June 20, if o ! ( v u a notes. lew 4. pl^, tjci,^on: 1886. November December 1887. January February March April May Juno July August September October , ;72: 840 0,515 $2,200,310 2, 304, 475 13, 940 fcO 40, 700 40 10, 690 103, 970 26,210 690 3, 905 40 $1,150,583 1, 646, 230 £ $1,827,553 1, 566, 826 Total. j Received j at United States I Treasury i redemption j agency. $5,251,286 | 5, 524, 046 j $.1,954,011 7, 940, 494 3,231,160 2, 845, 340 2, 096, 630 1,901,125 2, 263, 050 2, 440, 760 1,512,110 1,541,765 1, 562, 075 1, 536, 715 1.851,451 1,775,167 1,549,566 1,510,087 1, 743, 237 1,856,924 1,253,260 1, 289, 879 1, 307, 548 835,021 7, 467, 063 7, 010, 705 5,441,430 5, 093, 804 6,150,891 6, 836, 3d7 4. 478, 259 i. 659, 569 4, 564, 292 3, 465, 840 11,513,904 7, 769, 08 > 5, 943, 971 6, 908, 8.10 7,806,911 6, 878, 141 5, 903, 291 5,921,000 5,101, 627 5, 541, 736 25, 435, 515 21,861,858 | 18,300,519 65,943,512 83, 243, 017 Total , Received from J u n e 20, 1874, t o October 31, 1886 16, 065, 805 U0, 273,100 171, 865,151 58, 222, 236 • Grand total 16, 345,425 Wo, 708,615 193,727,009 76,588,755 1, 052,369, 804 jl, 795, 093,803 279, GJO •6, 426, 292 jl, 711, 850, 786 Notes of gold banks are not included in the above table. The following table, compiled from the books of the Comptroller of the Currency, exhibits the amount of national-bank notes received at this office and destroyed yearly since the establishment of the system: Prior to November 1,1£65 During year ended October 31— 1866 ]867 1868 1869 1870... 1871.. 1872. 1873 1874 1875 1876 1877 1878 During year endedOctobcr 31— 1879 1880 1881 1882 1863 1884 1885 ' $175,490 3,050,382 3, 401, 423 4, 602. 825 8, (i0;< 729 14, 305, 689 24, 344, 047 30,211,720 36,433,171 49,939,741 137, 697, 696 98, 672, 716 76, 918, 9*53 57, 381, 249 $4i,ioi,8::o 35, 539, 660 54, 9H, 130 74,917,611 82, 913, 706 93,178,418 91,048,723 59, 989, 810 47, 726, 0.-3 Additional amount of insolvent a n d I liquidating national b a n k s ' 87,144, 882 Total 1,212,240,754 li Notes of gold banks are not included in the above table. There was in the vault of tlie redemption division of this office, awaiting destruction, at the close of business October 31, I860 Received during the year ended October 31, 1887 Total "Withdrawn and destroyed during the year Balance in vault October 31, 1887. §287,240 65,997,812 66,285,052 6Q, 148,742 136,310 90 REPORT OF THE COMPTROLLER OF THE CURRENCY. There was received from the United States Treasurer $65,718,192, contained in 89,288 packages, and from banks direct, $279,620, contained in 64 packages. The work in this division, in handling this vast amount of mutilated notes, requires great accuracy, skill, and precision. SUPERVISION. The law imposes upon the Comptroller of the Currency the duty of exercising a supervision over the national banks, and to that end requires him to exact reports from them as to their condition on at least five days in each year, and reports of the dividends and earnings of each bank as often as dividends are declared. The act of 1864 required reports of earnings to be made every six months, whether dividends were declared or not, and although this provision was omitted from the Eevised Statutes, these reports have been continuously required by the Comptroller under the general authority to call for reports at his discretion. The Comptroller is also authorized to cause examination of banks to be made from time to time by persons selected for that purpose by him and approved by the Secretary of the Treasury. The acts of 1863 and of 1864 seemed to contemplate only occasional examinations, and these by persons employed specially for the occasion. The compensation for each examination was $5 a day and mileage. Afterwards experience appears to have led to the employment of regular examiners, and to their assignment to special districts ; then followed periodical examinations, which in time arranged themselves at intervals of about twelve months. The Eevised Statutes adopted in 1874 changed the compensation of examiners from a per diem allowance and mileage to fees, graded in amount according to the capital of the bank examined, but this scale of fees was not made applicable to the examination of banks in reserve cities, in certain States named in the Statutes, and in the then Territories. In these exeepted cases the Secretary of the Treasury was empowered, upon the recommendation of the Comptroller, to fix the compensation of examiners. The act of February 19,1875, readjusted the scale of fees. From the beginning of the system, however, until now all examinations have been at the expense of the examined bank, which appears to be a sacrifice of principle to governmental economy. It would appear that the supervision of the national banks by the Comptroller of the Currency was intended originally only to protect the revenue from being defrauded and the public from suffering loss through improper issues of circulating notes, but in process of time the supervision came to be extended so as to serve as a protection to depositors against the maladministration of directors; and quite recently it has been assumed that examiners are expected to discover the defalcations of cashiers and tellers, fraudulent entries in the books of banks, and false statements of assets and liabilities in cases where the president and directors, or some of them, have failed to make such discoveries. However desirable it may be that examiners should be encouraged to fulfill this extreme expectation, yet no one of practical experience would rely upon an examiner who comes only once a year and who can afford to stay but a single day, to discover thefts or false entries that have been successfully concealed from directors who are always present and whose own money is being stolen. REPORT OP THE COMPTROLLER OF THE CURRENCY. 91 All efforts must be futile that are directed to supplying1 by means of official examination an effective substitute for the vigilance and personal accountability of directors. Legislative or administrative force applied to such efforts will be misapplied and wasted. The only reasonable theory of accountability and supervision is this: The officers of the bank should be accountable to the directors for the honesty and efficiency of its interior administration; the president and directors should be responsible to the public for such an organization as tends to prevent fraud and to detect irregularities. To this end they should especially be required to satisfy themselves personally that all the officers are of good character and reputable conduct; that they receive sufficient compensation to lift them above undue temptation ; that the books of the bank are accurately kept and always up to date; that every statement and report emanating from the bank conforms to the books and the facts, and that no laxity of internal administration induces to fraud by displaying opportunities for its perpetration and concealment. Only banks thus organized and administered are in condition to undergo official examination, which strictly should not be extended beyond the ascertainment, first, that the bank really is thus organized, and administered ; second, that no law has been violated in respect to loans, reserve, investments, bad debts, or dividends; and, third, that the assets are really worth the amounts representing them on the books of the bank. Finally it should be the aim and duty of the Comptroller of the Currency to bring every national bank into the condition of organization and administration described, and he should labor to keep every bank in such condition by a scrutiny of its reports, by correspondence, and by means of examinations. It is probable that the great majority of banks are properly organized and administered, but it is unfortunately certain that quite too many are not so, and among these arise from time to time the scandals that divert public attention from the general honesty and excellence of national-bank administration to sporadic cases of fraud or imbecility. While the present system of examinations and reports has no doubt contributed materially to the general improvement of the banks, there QTQ two things which seem to me essential to its completeness : first, *a stern enforcement through the courts of the responsibilities of officers and directors, both criminal and pecuniary ; and secondly, the assumption by the Government of the expense attending examinations. Section 5209 of the ltevised Statutes of the United States seems broad enough to cover most cases of misappropriation by directors and officers, and section 5239 subjects directors to pecuniary responsibility for all violations of law causing damages to depositors, stockholders or others. When the capital of a bank is found to have been impaired by losses or otherwise, the Comptroller of the Currency is compelled to decide among the following: 1. lie may permit a reduction of capital. 2. He may approve of voluntary liquidation. 3. He may require and empower the directors to assess the shareholders. 4. II e may proceed against the corporation under section 5239 and subject the directors to damages for any losses to stockholders or to others by violations of law knowingly committed or permitted by them. 92 REPORT OF THE COMPTROLLER OF THE CURRENCY. Manifestly the Comptroller can choose the latter coarse only when the losses can be shown to be fairly clue to violations of law known to the directors as a body, and it is difficult to prove such knowledge, because the necessary evidence is generally controlled by the directors themselves. On the other hand, it is obviously unjust that stockholders should lose their investments, or be subjected to assessment, when the losses are due to violation of law committed within range of every directors scrutiny and often, with the knowledge and for the benefit of one or more members of the board, but of which personal knowledge can not be specifically established in a sufficient number of cases. It would appear from this point of view to be very important that the law should be so framed as to establish against all directors an antecedent presumption that they know and consent to whatever is done in the bank habitually, and to whatever else goes on there that an ordinarily intelligent business man would discover by the use of reasonable diligence. If this were done, stockholders of national banks would come in for their due share of protection, and directors would attend to their duties more faithfully than many of them now do, while both the examinations, and the reports made to the Comptroller directly by the banks would be more trustworthy. EXAMINATIONS. It is of the highest importance to the banks as a body, as well as to the public, that examiners should be expert, vigilant, and trustworthy, and that the examinations should be frequent and unexpected. While the examiners now employed are generally competent, and many of them are excellent, yet in some cases the territory to be covered is too large to permit of anything like sustained observation by the examiners, and the pay is too small to secure the best men for the work. Examiners must be considered as of two classes, those whose supervision is confined to comparatively a few banks in proximity to each other, and those who have to travel over a great area, visiting a number of solitary banks, each of limited resources. In most of the large cities the banks are numerous enough to permit of an examiner being employed for each city exclusively, and the compensation is sufficient to secure thoroughly competent men., Again, in the South and West the banks are so sparsely scattered over great areas that it takes a great deal of time and costs a great deal in traveling expenses to make the rounds of a district, while the capital of each bank is so small that a great many must be assigned to one man, in order that the aggregate fees may amount to enough to compensate him. For example, one examiner has to travel all over South Carolina, Georgia, Florida, Alabama, Mississippi, Louisiana, and Arkansas to examine ninety banks. If all the State banks in the West and South were in the national system, the examination districts in those sections could be subdivided to the great improvement of the supervision in thoroughness and effect iveness. As has already been said, it would be a great improvement if the ex aminers could be paid by the Government, and I feel constrained t** repeat the recommendation that provision be made for inspectors or supervising examiners. I also respectfully recommend that provision be made for periodical conferences of examiners. 93 REPORT OF THE COMPTROLLER OF THE CURRENCY. REPORTS. The reports made by banks upon the requisition of the Comptroller are of two classes, those intended to inform the public as to each bank's condition and those intended for the information of the Comptroller only. The reports intended for the public are required to be published, and it is the duty of the Comptroller to see that this requirement is complied with. To this end a copy of each publication has to be filed in the Bureau, together with the affidavit of the publisher, verifying the bank's compliance with the law as to the number of insertions. During the past year 14,802 reports of condition, about 0,000 reports of dividends and earnings, and 2,833 reports from examiners have been received at the office of the Comptroller of the Currency, and fully 13,000 letters and circulars have been sent out in connection with them. The reports received are ail carefully examined, compared with one another, and abstracts are made from them. From these various reports, after examination and verification, the subjoined tables have been compiled, and other tables compiled from the same sources will be found in the Appendix, showing the condition of the reserve of national banks, their loans and discounts, abstract of reports of dividends and earnings, ratios to capital and to capital and surplus, and other valuable information as to the condition of the national banks on the date of the last report. A large table, on folded sheet, appended hereto, exhibits for October 5,1887, in aggregate, every detail embraced in the tabulated reports required of the banks. Similar tables are made up for the information of the Comptroller from the reports gathered from all banks live times each year. The amounts are given separately for each State, reserve city, and Territory. DIAGRAM. With the report of 188G a diagram was submitted grouping graphically the main features of the national banking system, and showing by continuous lines the variations occurring between January 1, I860, and October 7,18SG. It has not been considered necessary to reproduce this diagram, because any one interested in the subject can extend the lines by means of the figures contained in the summary of the condition of the banks, given on page 2 of this report. The following table groups in a compendious form the most important facts shown in the diagram, extended to October 5, 1887. The exact figures in each case are given in the table; in the diagram they had to be abridged into round millions. | January 1, j October 5, ism ! 1887. ! i Highest point touched. ' i I ! Amount. ! Date. I Capital Capital, surplus, and undivided profits Circulation Total investments in United States bonds . . Deposits Loans and discounts Cash: National-bank notes. Legal-tender notes . . Specie $403,357, 346 $578,462,765; $578,462,765: Oct. 475, 330, 204; 82:5.827,373 213,239,530' 167,283,343 Lowest point touched. Amount. Date. 5,1887 $403,357,346| Jan. 1,1866 823,827,37^ Oct. 5,1887 341,320,256 Dec. 26,1873 475, 330, 204? Jan. 166, 625, 658 Aug. 1,1866 1,1887 440,o80,350: 223,754,450 712,437.900 Apr. 4,3879 520, 212,1741,249.477,126!l,285,076,978 Aug. 1,1887 500,650,109 1,5&0,045,6471,580,045,647 Oct. 5,1887 223, 242, 050 Aug. 501, 407, 5m Oct." 500, 650,109; Jan. 1,1887 20,400, 442 187, 846, 548 16, 909, 363 21,937,884 73,751,255 165,085,454 28,809,699 D e c 31,1883 205,793,579 Oct. 1, 1866 177,612,492 J u l y 1,1885 8,1870 1,1866 11, 841,104! Oct. 7,1867 52,156, 439. Mar. 11,188! 8, 050,330 Oct. 1,1875 94 REPORT OF THE COMPTROLLER OF THE CURRENCY. Au examination of this table shows that the aggregate capital, surplus, undivided profits, circulation, and deposits have increased from $1,208,781,908 in January, 1800, to $2,240,587,843 in October, 1887, which is less than double, while the loans and discounts have cjone up from $500,050,109 to $1,580,045,(547, which is more than treble, showing how much more widely the banks are now identified with the general business of the country than they were twenty-two years.ago. The investments in bonds have taken an opposite course. Amounting to $440,380,350 in 1860, increasing to $712,437,900 in April, 1879, they had subsided by October 5 last to $223,754,450, almost exactly half what they were in 1866, and considerably less than a third of what they momentarily amounted to in 1879. The specie, which at the beginning of the period was but $10,909,36«'>, had got down in October, 1875, to $8,050,330, is now $105,085,454, and in July, 1885, was $177,612,492. In October, 1886, the specie amounted to $156,387,696. It is interesting to see how these changes appear when reduced to percentages. The capital, surplus, undivided profits, circulation, and deposits constitute together the fund upon which a bank does its business. Loans and discounts, United States bonds, specie, etc., are different forms in which this fund is invested. Taking the fund at $1,208,731,908 in 1866, and at $2,240,5S7,843 in 1887, these investments represent the following proportions of those amounts, viz: 1866. 1887. : Per ct. Per ct. : 41 82 70. 52 . . ; [Hi. ;>6 9. OS ; 1. 57 Loans and discounts United. Slat OS bonds Specie Total ; 79. 25 87. 87 Another striking fact is that in 1866 the circulation was $213,239,530, and in 1887 it is only $167,283,343. At the former period, therefore, the circulation was nearly 45 per cent, of the capital, surplus, and undivided profits, while now it is only about 20 per cent. LOANS. The following table gives a classification of the loans of the national banfts in each of the cities of New York, Chicago, and Saint Louis, and in the three cities of Boston, Philadelphia, and Baltimore, in the other reserve cities, and in the rest of the country, at nearly the same dates in each of the last three years : OCTOBER 1, 1885. On other On single! j On United ! No. of States stocks, bonds, name paper banks. | bonds on etc., on de- without other | I demand. mand. security. Classification. All other loans. Total. i New York Chicago Saint .Louis Three cities Other cities Country $3,286,124 33,400 388,019 6 105 190,10:3 80 ! 1M, Y35 2,407 | 504, 134 $80, 087, 265 10, 967, 875 1, 107,000 33, 157,310 13, u50,157 34, 030, 931 2 714 I 4, 505, 607 173,302,007 ! 171,492,087 i 1 ! i 44 12 ... . i Total ! $25,331,820 10,220,583 $127,518,380 24,761,.r>07 7, 473, 788 34, HOfV, 254 150, 270, 503 8,130, 100 •, 74, 713, 004 92,873,780 | 507, 057,152 951,795,003 $236, 823, 598 45, 080, 425 0,182,417 218, 424, 271 90, 203, 590 094, 471, 997 1,301,155,304 KEPORT OF THE COMPTROLLER OF THE CURRENCY. 95 OCTOBEK 7, 188G. Classification. New York Chicago Saint Louis Three cities Other cities Country No. of banks. 45 15 i 5 ! Ill j 86 ! 2,590 2,852 Total . On United On other j On singleStates stocks, bonds, j name paper bonds on i etc., on de- j without other demand. I mand. ] security. I $2,002,551 I $91, G3G, 791 $24, 646, 007 10, 663, 006 12, 593, 921 85,900 1,028,430 H55, 373 35,741,645 ' 37, 315, 993 16,336,793 i 12, 539, 705 41,008,812 I 110, 677, 534 3,314,721 I 196,415,47' All other loans. Total. $135,447,027 j $253,732,376 32,058,515 55,401,342 8, 291, 908 J), 675, 771 156,261,282 229, 581, 275 8(5, 900, 964 116,177,660 626, 849, 753 779, 099, 816 198,128, 533 1, 045,809, 509 | 1, 443, 668, 240 OCTOBEK 5, 1887. New Y o r k . . . Chicago Saint Louis .. Three cities . Other cities. Country Total $1, 445, 900 500 114 50, 225 109 122, 910 j 2, 756 | 1,413,918 $95, 075, 844 10, 821, 735 1, 182,214 35, 081, 531 19,551,230 44, 335, S93 $17, 585, 496 15, 498, 986 279, 603 36, 078, 453 18, 598, 269 124, 035, 463 $143, 906, 941 34, 754, 972 8, 920, DUG 162, 346, 995 115, 167, 352 693, 790, 281 $258, 014,181 61, 076,193 l(t,382, 753 233, 557, 204 153, 439,761 863, 575, 555 | 3, 049 i 3, 033,453 | 206, 048,447 j 212, 076, 270 1,158, 887, 477 1, 580, 045, 617 In the table below is given a full classification of the loans in 2sew York City alone for the last five years: October 2, 1883. September 30,1884. October 1, 1885. October 7, 1886. October 5, 1887. 48 banks. 44 banks. 44 banks. 45 banks. 47 banks. Loans and discounts. On indorsed paper $121,644, 201 $116, 0.10, 062 $114, 013, 775 $121, 381, 380 I $115, 316, 625 On single-name paper 82, 559, 443 19,147, 051 25,331,820 24, 046, 0u8 j 17, 585, 496 On U. S. bonds on demand 2, 933, 785 2,093,527 3, 286,124 2,002,550 i 1, 445, 900 69,805,215 94, 321, 605 Ou other stocks, etc., on demand 80, 687, 265 91, 636, 79.1 : 95, 075,844 163, 397 184, 683 On real-estate security 215, 385 211,432 j 146, 885 3, 881, 375 7, 717, 265 All other loans 13, 289, 229 13, 85+, 2.15 ! 28, 443, 431 Total 245,108,332| 205,353,277 236, 823, 598 \ 253, 732, 376 | 258,014,181 96 REPORT OF THE COMPTROLLER OP THE CURRENCY. The following table exhibits, in the order of capital, the twenty-live States (exclusive of reserve cities) having the largest amount of national-bank capital, together with the amount of circulation, loans and discounts, and individual deposits of the banks in each on October 5, 1887 : Xo. of I banks. Capital. States, etc. Massachusetts Kow York Pennsylvania Connecticut Ohio Khode Island Illinois Minnesota New Jersey Indiana Michigan Kansas Maine Iowa Texas Kentucky. fc. Vermont Tennessee New Hampshire Nebraska Wisconsin California Virginia Dakota Alabama J i j j i \ i ! ; ; ' \ | i * ™. Circulation. L o a n s and discounts. Individual deposits. $44, 790, 500 $21,459, 692 $91,561,545.60 $53, 872, 217. 39 34, 724, 2G0 17,406, 488 98, 792,326. 88 87, 269, 212. 02 33, 551,140 13, 379, 805 8-\ 206, 9.11. 08 72, 56i, 898. 01 8, 008, 693 43, 001, 299. 86 24* 478, 665. 09 24, 505,410 9,008, 926 50, 833, 330. 24 41, 268, 742. 33 22,796,020 20, 340, 050 4, 642, 933 34,486, 234. 78 13, 918, 046. 52 4,219,305 35, 6G5,100. 86 35,161,306. 04 14, 341, 500 13, 740, 000 1, 675,725 37, 857,045.49 27,037, 970.02 13, 024, 220 6, 060, 523 40, 429, 717.10 38, 644, 239.13 11, 894, 500 4, 217. 870 27, 785, 325. 90 25, 254,102. 80 10,674, 600 2,673J 585 29,418, 596. 69 23, 315, 420.44 10, 530, 800 2, 295, 210 21', 00.1, 450. 42 17, 741, 267. 53 10,440, 700 4,875, 561 10,125,655. 89 10,3.16, 282. 26 10,150, 000 2, 713, 623 23, 728, 940. 64 19, 284, 697. 83 9, 919, 750 2,107, 535 20,157, 203. 67 13,710, 426.47 9, 758, 900 3, 055, 890 17,464, 746. 62 10,476, 083.07 7, 5G6,: 000 3,478,100 12, 832, 3<;9. 34 6,627, 089. 66 7, 4O.\ 000 1, 32(5,895 18, 918, 201. 93 11,759, 221.25 6, 205, 000 3, 588, 015 9, 651, GOG. 49 j 6.123, 423. 51 0, 00(3,100 1, 345, 220 13,619, 256. 37 I 9,904,472.02 4, 442, 000 1, 225, 623 13, 340, 5;>1. 69 i 12, 970, 629. 95 4, 170, 000 939, 900 14, 295,106. 47 ! 19, 5 if), 180. 09 3, 796, 300 1,204, 380 10, 78(5, (3:27. (53 ; 9, 780, 470. 26 3, 720, 000 861,925 6, 694. 08.4. 5:2 5, 848, 81'). 07 3,485,100 782, 330 8, 366, 324. 95 ! 5,025, 317.72 RESERVE. The act of February 25, 1863, contained the following provision: SEC 41. And ~be it further enacted, That every such association shall at all times have on hand, in lawful money of the United States, an amount equal to at least twenty-five per centum of the aggregate amount of its outstanding notes of circulation, and its deposits; and whenever the amount of its outstanding notes of circulation and its deposits shall exceed the above-named proportion for the space of twelve days, or whenever such lawful money of the United States shall at anytime fall below the amount of twenty-five per centum of its circulation and deposits, such association shall not increase .its liabilities by making any new loan sor discounts otherwise than by discounting or purchasing bills of exchange, payable at sight, nor make any dividend of its prolits, until the required proportion between the aggregate amount of its outstanding notes of circulation and its deposits and lawful money of the United States shall be restored: Provided, however, That clearing-house certificates, representing specie or lawful money specially deposited for the purpose of any clearing-house association, shall be deemed to be lawful money in the possession of any association belonging to snch clearing-house holding and owning such certificates, and considered to be a part of the lawful money which such association is required to have, under the foregoing provisions of this section: Provided, further, That any balance due to any association organized under this act in other places from any association in the cities of Boston, Providence, New York, Philadelphia, Baltimore, Cincinnati, Chicago, Saint Louis, or New Orleans, in good credit, subject to be drawn for at sight, and available to redeem their circulating notes and deposits, may be deemed to be a part of the lawful money which such association in other places than the cities of Boston, Providence, New York, Philadelphia, Baltimore, Cincinnati, Chicago, Saint Louis, and New Orleans are required to have by the foregoing provisions of this sect ion, to t he extent of three-fifths of the said amount of twenty-live per centum required. And it shall be competent for the Comptroller of the Currency to notify any such association whose lawful money reserve, as aforesaid, shall fall below said proportion of twenty-live per centum, to make good such reserve ; and if such association shall fail for thirty days thereafter so to make good its reserve of lawful money of the United States, the Comptroller may, with the concurrence of the Secretary of the Treasury, appoint a receiver to wind up the business of such association, as provided in this act. KEPOBT OF THE COMPTROLLER OF THE CURRENCY. 97 The corresponding clauses of the act of June 3, 1864, are as follows: SEC. 31. That every association in the cities hereinafter named shall, at all times, have on hand, in lawful money or1 the United States, an amount equal to at least twenty-five per centum of the aggregate amount of its notes in circulation and its deposits; and every other association shall, at all times, have on hand, in lawful money of the United States, an amount equal to at least fifteen per centum of the aggregate amount of its notes in circulation, and of its deposits. And whenever the lawful money of any association in any of the cities hereinafter named shall be below the amount of twenty-live per centum of its circulation and deposits, and whenever the lawful money of any other association shall be below fifteen per centum of its circulation and deposits, such association shall not increase its liabilities by making any new loans or discounts otherwise than by discounting or purchasing bills of exchange payable at sight, nor make any dividend of its profits until the required proportion between the aggregate amount of its outstanding notes of circulation and deposits and its lawful money of the United States shall be restored : Provided, That three-fifths of said fifteen per centum may consist of balances due to an association available for the redemption of its circulating notes from associations approved by the comptroller of the currency, organized underthis act, in the cities of Saint Louis, Louisville, Chicago, Detroit, Milwaukee, New Orleans, Cincinnati, Cleveland, Pittsburg, Baltimore, Philadelphia, Boston, New York, Albany, Leavenwortli, San Francisco, and Washington City: Provided, also, That clearing-house certificates, representing specie or lawful money specially deposited for the purpose of any clearinghouse association, shall be deemed to be lawful money in the possession of any association belonging to such clearing-house holding and owning such certificate, and shall be considered to be a part of the lawful money which such association is required to have under the foregoing provisions of this section : Provided, That the cities of Charles! on and Richmond may be added to the list of cities in the national associations of which other associations may keep three-fifths of their lawful money, whenever, in the opinion of the comptroller of the currency, the condition of the southern states will warrant it. And it shall be competent for the comptroller of the currency to notify any associations, whose lawful money reserve, as aforesaid, shall be below the amount to be kept on hand, as aforesaid, to make good such reserve; and if such association shall fail for thirty days thereafter so to make good its reserve of lawful money of the United States, the Comptroller may, with the concurrence of the Secretary of the Treasury, appoint a receiver to wind up the business of such association, as provided in this act. SEC. 32. That each association organized in any of the cities named in the foregoing section shall select, subject to the approval of the comptroller of the currency, an association in the city of New York at which it will redeem its circulating notes at par. And each of such associations may keep one-half of its lawful money reserve in cash deposits in the city of New York. And each association not organized within the cities named in the preceding section shall select, subject to the approval of the comptroller of the currency, an association in either of the cities named in the preceding section, at which it will redeem its circulating notes at par, and the comptroller shall give public notice of the names of the associations so selected at which redemptions are to be made by the respective associations, and of any change that may be made of the association at which the notes of any association are redeemed. If any association shall fail either to make the selection or to redeem its notes as aforesaid, the comptroller of the currency may, upon receiving satisfactory evidence thereof, appoint a receiver in the manner provided for in this act to wind up its affairs : Provided, That nothing in this section shall relieve any association from its liability to redeem its circulating notes at its own counter at par, in lawful money on demand; And provided, further, That every association formed or existing under the provisions of this act shall take and receive at par, for any debt or liability to said association, any and all notes or bills issued by any association existing under and by virtue of this act. Sections 5191, 5192, and 5195 of the Eevised Statutes preserved substantially tbe provisions of the act of 1864. The act of June 20, 1874, evidently drafted before the adoption of the Revised Statutes, although not approved until afterward, made the following amendment of the act of June 3, 18G4, which it enacts shall be hereafter known as the "National Bank Act77: SEC. 2. That section thirty-one of the "National Bank Act" be so amended that the several associations therein provided for shall not herafter be required to keep on hand any amount of money whatever by reason of the amount of their respective circulations ; but the moneys required by said section to be kept at all times on hand shall be determined by the amount of deposits in all respects as provided for in tlie said section. 8770 CUR 8 7 — 7 98 REPORT OF THE COMPTROLLER OF THE CURRENCY. SEC. 3. That every association organized, or to be organized, under the provisions of the said act, and of the several acts amendatory thereof, shall at all times keep and have on deposit in the Treasury of the United States, in lawful money of the United States, a sum equal to five per centum of its circulation, to be held and used for the redemption of such circulation ; which sum shall be counted as a part of its lawful reserve, as provided in section two of this act; and when the circulating notes of any such associations, assorted or unassorted, shall be presented for redemption, in sums of one thousand dollars or any multiple thereof, to the Treasurer of the United States, the same shall be redeemed in United States notes. All notes so redeemed shall be charged by the Treasurer of the United States to the respective associations issuing the same, and he shall notify them severally, on the first day of each month, or oftener, at his discretion, of the amount of such redemptions; and whenever such redemptions for any association shall amount to the sum of five hundred dollars, such association so notified shall forthwith deposit with the Treasurer of the United States a sum in United States notes equal to the amount of its circulating notes so redeemed. And all notes of national banks, worn, defaced, mutilated, or otherwise unfit for circulation, shall, when received by any assistant treasurer, or at any designated depository of the United States, be forwarded to the Treasurer of the United States for redemption as provided herein. And when such redemptions have been so reimbursed, the circulating notes so redeemed shall be forwarded to the respective associations by which they were issued; but if any of such notes are worn, mutilated, defaced, or rendered otherwise unfit for use, they shall be forwarded to the Comptroller of the Currency and destroyed, and replaced as now provided by law : Provided, That each of said associations shall reimburse to the Treasury the charges for transportation, and the costs for assorting such notes; and the associations hereafter organized shall also severally reimburse to the Treasury the cost of engraving such plates as shall be ordered by each association respectively; and the amount assessed upon each association shall be in proportion to the circulation redeemed, and be charged to the fund on deposit with the Treasurer: And provided further, That so much of section thirty-two of said national-bank act requiring or permitting the redemption of its circulating notes elsewhere than at its own counter, except as provided for in this section, is hereby repealed. It will be observed that a strict construction of the act of June 3, 1864, and of subsequent legislation, would exclude any association organized under the act of February 25, 1863, from acting as a reserve agent. This was probably not intended, but it should be corrected in justice to the older associations. The act of March 3, 1887, is as follows: That whenever three-fourths in number of the national banks located in any city of the United States having a population of fifty thousand people shall make application to the Comptroller of the Currency, in writing, asking that the name of the city in which such banks are located shall be added to the cities named iu sections fiftyone hundred and ninety-one and fifty-one hundred and ninety-two of the Revised Statutes, the Comptroller shall have authority to grant such request, and every bank located in such city shall at all times thereafter have on hand, in lawful money of the United States, an amount equal to at least twenty-five per centum of its deposits, as provided in sections fifty-one hundred and ninety-one and fifty-one hundred and ninety-five of the Revised Statutes. SEC. 2. That whenever three-fourths in number of the national banks located in any city of the United States having a population of two hundred thousand people shall make application to the Comptroller of the Currency, in writing, asking that such city may be a central reserve city, like the city of New York, in which one-half of the lawful-money reserve of the national banks located in other reserve cities may be deposited, as provided in section fifty-one hundred and ninetv-five of the Revised Statutes, the Comptroller shall have authority, with the approval of the Secretary of the Treasury, to grant such request, and every bank located in such city shall at all times thereafter have on hand, in lawful money of the United States, twenty-five per centum of its deposits, as provided in section fifty-one hundred and ninety-one of the Revised Statutes. SEC. 3. That section three of the act of January 14,1875, entitled "An act to provide for the resumption of specie payments," be, and the same is, hereby amended by adding after the words "New York" the words " and the city of San Francisco, California." A review and comparison of the course of legislation as to u reserve" shows that originally all associations, wherever located, were required to keep, either in cash or subject to sight draft, funds in hand equal to REPORT OF THE COMPTROLLER OF THE CURRENCY. 99 at least 25 per cent, of all obligations payable on demand. Subsequently a distinction was made between associations in certain named cities and those located elsewhere, and the latter were required to keep only 15 per cent, reserve upon the aggregate of deposits and circulation. The amount that might be kept with redemption agents was limited to three-fifths of 15 per cent, for associations generally, and to onehalf of 25 per cent, for those in reserve cities, and in the latter case lsTew York was the only place in which the banks in other redemption cities might have redemption agents. At a later period the fund to be kept for the redemption of circulation was separated from the remaining reserve to be held against deposits; it was fixed at 5 per cent, of the outstanding circulation, and was required to be kept on deposit with the Treasurer of the United States. Besides being specifically devoted to the redemption of circulation, this fund is also authorized to be counted as part of the reserve against deposits. Simultaneously with this provision as to the amount and location of the redemption fund the banks were relieved of the obligation to keep a reserve on circulation, but were required to keep in reserve funds to the amounts represented by 15 per cent, and 25 per cent, respectively upon their deposits. The new regulation as to redemption of circulation dispensed with, redemption agents, but the act of June 20, 1874, re-enacted the provision as to the proportion of reserve that might consist of balances due from approved associations in the cities formerly named as cities of redemption. These cities thus came to be called " reserve cities," and during the present year the term has been incorporated formally into the law, and provision has been made for central, reserve cities as well, and also for an increase in the number of both reserve cities and central reserve cities. Tables will be found in the Appendix, pages 000 to 000, showing by States, Territories, central reserve cities, aad reserve cities the state of the reserve of the national banks therein at each report of condition during the years 1882 to 1887, both inclusive. These tables are worthy of careful examination, because they show that banks generally keep reserves in excess of the statutory requirement, and that banks remote from money centers keep not only nearly double the amount required, but that they habitually have in cash more than the 15 per cent, total requirement. As some banks included in these tables are known to be often short of reserve, it is manifest that the majority must be habitually stronger than the averages here shown, and from this fact it may be inferred that the requirement of the law is in no degree excessive, and that banks that do not conform to it are not prudently managed. These tables should be especially instructiva to the managers of banks, encouraging and confirming as they do the wisdom of those who keep always strong, and rebuking and warning as they also do those who, too eager for gain, allow their reserves to fall below the line of prudence and of safety. The including of the 5 per cent, redemption fund on deposit with the Treasurer at Washington in the reserve against deposits seems to be either a misconstruction of the act of June 20,1874, or an anomaly in that act. The language seems to admit of a strained construction opposite to that placed upon it, but if the most obvious construction is the correct one, th<en tbe provision should be repealed. 100 EEPORT OF THE COMPTROLLER OF THE CURRENCY. The money held by the Treasurer is never available for paying depositors, and it bears no constant ratio to the amount of deposits. Several banks have so large a circulation and have such small deposits that the 5 per cent, redemption fund with the Treasurer fulfills the entire requirement as to reserve against deposits, and while these are extreme cases they serve to show the practical result of this provision of the law. On the other hand, there is an anomaly in the assumption which appears to have been made heretofore that national-bank notes on hand should not be counted in the reserve. They are specifically made receivable by all national banking associations, and for all du^s to the Government (except customs duties), and they are certainly current all over the country. It is in the line of public policy to maintain the monetary function of these circulating notes upon the general plane on which the law places all the rest of the currency. For these reasons these notes should obviously be no longer discriminated against by being excluded from a function to which all the other constituents of the currency are now admitted on equal terms. On October 5,1837, the total 5 per cent, fund amounted to $8,310,442 while the national bank currency held by all banks amounted to $21,937,884. It would, therefore, be a relief to banks generally to be allowed to count in their reserve the latter instead of the former amount. The subjoined table brings forward to the latest date the usual summary of information as to the course of deposits and reserves since the act of June 20,1874, went into effect. It shows the amount of deposits and the state of the reserve at about October 1 of each year, in each central reserve city, in all the reserve cities, and in the States and Territories, together with a general summary embracing all banks. X E ¥ YORK CITY. Dates. Reserve held. Reserve No. of Net de- required (25 per banks. posits. Ratio to cent.*). Amount. deposits. Oct. 2,1874 Oct. 1,1875 Oct. 2, 1870 Oct. 1,1877 Oct. 1,1878 Oct. 2,1879 Oct. 1,1880 Oct. 1,1881 Oct. 3, 1882 Oct. 2,1883 Sept. 30,1884 Oct. 1,1885 Oct. 7,1886 Oct. 5,1887 48 48 47 47 47 47 47 48 50 48 44 44 45 47 Average for 14 y e a r s . . . 47 Classification of reserve. Specie. Other law- Due from Redempful money. agents. tion fund. Millions. Millions. Millions. Per cent. Millions. Millions. Millions. 204.0 33.4 14.4 52.4 51.2 68.3 202.3 29.9 5.0 54.4 50.7 60.5 197.9 30.7 14.0 45.3 49.5 60.7 171. 9 27.5 13.0 34.3 43.7 48.1 189.8 26.8 13.3 30.5 47.4 50.9 210.2 25.3 19.4 32.0 52.6 53.1 268.1 26.4 58.7 11.0 67.0 70.6 268.8 23.3 50.0 10.9 67.2 62.5 254, 0 25.4 44.5 18.9 63.5 64.4 266.9 26.5 50.3 19.7 06.7 70.8 255.0 35.6 63.1 27.0 63.7 90.8 312.9 37.0 91.5 23. 7 78.2 115.7 282.8 27.2 64.1 12.5 70.7 77.0 284.3 28.2 63.0 10.1 71.1 80.1 240.9 60.2 69.5 28.8 Millions. 1.5 1.1 0.8 0.8 1.1 1.1 0.9 1.0 1.0 0.9 0.7 0.5 0.4 0.4 40.4 28.2 0.9 12.9 6.7 .05 1.3 1.3 .03 CHICAGO. Oct. 5,1887 18 04.0 16. 2 19. 7 30.5 SAINT LOUIS. Oct. 5,1887 5 10.3 2.0 2.7 26.4 *Allincash. REPORT OF THE COMPTROLLER OF THE CURRENCY. 101 RESERVE CITIES.* J Reserve held. No. of Net de- required (25 per banks. posits. Ratio to cent.). Amount. deposits. Oct. 2,1874 Oct. 1,1875 Oct. 2,1876 Oct. 1,1877 Oct. 1,1878 Oct. 2,1879 Oct. 1,1880 Oct. 1,1881 Oct. 3, 1882 Oct. 2,1883 Sept. 30,1884 Oct. 1,1885 Oct. 7,1886 Oct. 5,1887 182 188 189 188 184 181 184 189 193 200 203 203 217 223 Classification of reserve. Other law- Due from RedempSpecie. ful money. agents. tion fund. Millions. Millions. Millions. Per cent. Millions. Millions. Millions. Millions. 4.5 3.7 55.3 221.4 76.0 34.3 36.7 31.1 3.6 56.0 1.5 223.9 74.5 33.3 37.1 32.3 4.0 54.<2 3.0 217.0 76.1 35.1 37.1 32.0 5.6 3.0 51.0 204.1 67.3 33.0 34.3 24.4 9.4 3.2 50.0 199.9 71.1 35.6 29.4 29.1 57.2 3.5 288.8 83.5 36.5 11.3 33.0 35.7 72.4 3.7 289.4 105.2 36. 2 28.3 25.0 48.2 3.7 83.9 335.4 100.8 30.0 34.6 21.9 40.6 79.7 3.5 318.8 89.1 28.0 28.3 24.1 33.2 3.4 81.0 323.9 100.6 31.1 26.3 30.1 40.8 77.0 3.1 307.9 99.0 32.2 30.3 33.3 32.3 91.1 2.9 364.5 122.2 33.5 42,0 34.9 42.4 2.2 95.4 381.5 114.0 29.9 44.5 26.0 41.3 84.6 1.2 338.5 100.7 29.7 36.3 23.2 40.0 STATES AND TERRITORIES.! Oct. 2,1874 Oct. 1,1875 Oct. 2,1876 Oct. 1,1877 Oct. 1,1878 Oct. 2,1879 Oct. 1,1880 Oct. 1,1881 Oct. 3,1882 Oct. 2, 1883 Sept. 30,1884 Oct. 1,1885 Oct. 7,1886 Oct. 5,1887 1,774 1,851 1,853 1,8*5 1, 822 1, 8-'O 1,859 1,895 2,026 2,253 2,417 2,467 2, 500 2,756 293.4 307.9 291.7 290.1 289.1 329. 9 410.5 507.2 545.8 577.9 535.8 570.8 637.6 690.6 44.0 40.3 43.8 43.6 4!3.4 49.5 61.6 76.1 81.9 86.7 80.4 85.6 95.6 103.6 100.6 100.1 99.9 95.4 106.1 124. 3 147.2 158.3 150.4 157.5 156.3 177.5 186.2 190.9 34.3 32.5 34.3 32.9 36.7 37.7 35.8 31.2 27.5 27.2 29.2 31.1 29.2 27.6 2.4 1.6 2.7 4.2 8.0 11.5 21.2 27.5 30.0 31.2 35.2 41.5 47.8 50.8 33.7 33.7 31.0 31.6 31.1 30.3 28.3 27.1 30.0 30,8 30.9 29.9 30.1 32.6 52.7 53.3 55.4 48.9 56.0 71.3 8fi.4 92.4 80.1 84.1 79.7 95,9 99.5 1U0.9 11.9 11.6 10.8 10,7 11.0 11.2 11.3 11.4 11.3 11.3 10.5 10.2 8.7 6.6 21.3 122.8 125.2 113.4 100.2 97.0 95.9 64.3 59.9 72.0 80.6 91.2 88.5 68.7 79.9 83.8 85.6 87.4 73.3 85.1 107.0 134.6 133.0 113.3 124.9 112.0 138.3 140.8 140.9 17.1 16.3 14.6 14.5 15.3 15.8 15.9 16.1 15.8 15.6 14.3 13.6 11.4 8.3 SUMMARY. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. 2.1874 1.1875 2.1876 1.1877 1,18#8 2.1879 1.1880 1.1881 3.1882 2.1883 Sept. 30,1884 Oct. 1,1885 Oct. 7,1886 Oct. 5,1887 2,004 2,087 2,089 2,080 2,053 2,048 2,090 2,132 2, 269 2.50L 2,664 2,714 2, 852 3,049 719.5 734.1 706.6 669.1 678.8 768.9 968.0 1,111.6 1,118.6 1,168.7 1, 098.7 1, 248.2 1,301.8 1,388.4 150.1 152.2 147.5 138.3 140.8 159.3 201.0 227.2 225.1 234.4 221.1 254.9 261.7 278.0 244.9 235.1 236.7 210.8 228.1 260.9 323.0 321.6 303.9 328.9 346.1 415.4 377.2 394.2 34.0 32.0 33.5 31.5 33.6 33.9 33.4 28.9 27.2 28.1 31.6 33.3 29.0 28.4 8.1 21.3 22.8 30.7 42.2 108.2 112.7 102.8 107.8 128.6 175.0 156.4 165.1 * Reserve 25 per cent., one-half in cash. t Reserve 15 per cent., two-fifths in cash in bank. XIncludes Chicago and Saint Louis up to October 5,1887. 102 REPORT OF THE COMPTROLLER OF TITE CURRENCY. TRANSACTIONS OF THE NEW YORK CLEARING-HOUSE. The New York Clearing-House Association is composed of 65 members, of which 45 are national banks, 19 are State banks, and the other member is the assistant treasurer of the United States at New York. Two national banks and 15 State banks in the city do not belong to the association, but clear through associate members. Mr. W. A. Camp, the manager of the association, has kindly supplied the data for the following tables, showing the transactions during the year ending October 1, 1887: COMPARATIVE STATEMENT FOR TWO YEARS OF THE TRANSACTIONS OF THE NEW YORK CLEARING-HOUSE, SHOWING AGGREGATE AMOUNT OF CLEARINGS, AGGREGATE BALANCES, AND THE KINDS AND AMOUNTS OF MONEY PASSING IN SETTLE MENT OF THESE BALANCES. Aggregate clear- Aggregate balings. ances. Year ending— October 1 1886 Octoberl 1887 $33, 374t 682, 216 34, 872, 84S, 785 $1,519, 565,385 1, 569,626,324 1,498,166, 069 50,060,939 KINDS OF MONEY AND AMOUNT OF EACH KIND. U. S. gold Year ending— certificates. Treasury Percentages. Bank of Clearing- certificates for legal Legal tenders America house tenders, sec. and minor gold loan cerTJ. S. Recoin. Gold cer- Legal certificates.* tificates. 5193, vised Stattificates. tenders. utes. • October 1,1886. $645, 643,000 $177, 673,000 $140,000 $285, 795, 000 $410, 314,385 54.181+ 1, 410, 000 7, 576, 325 99+ Octoberl, 1887. 812, 23J, 000 748, 409, 000 None. Increase .. 166, 588,000 Decrease -. 570, 736, 000 140, 000 284, 385, 000 45.809+ 1- 402, 738, 060 *Wben the Government ceased issuing gold certificates, December 1, 1878, the New York banks agreed to have a common depository for their gold coin, and in that way retain the use-of certificates at the clearing-house. This has been found convenient and saves the expense and cost of moving large amounts in specie. The Bank of America performs this function. - REPORT OF THE COMPTROLLER OF THE CURRENCY. 103 Following is a comparative statement of transactions of the .New York Clearing-House for thirty-four years, showing for each year the number of banks, aggregate capital, clearings, and balances, average of the daily clearings and balances, and the percentage of balances and clearings : Tears. No. of banks. Capital.* Clearings. Balances paid in money. Average daily clearings. Average daily balances paid Ratios. in money. Per ct. 1854 1855 1856 1857 1858 1859 18C0 18'JL 1302 18G3 1804 18G5 18G6 1HC7 1808 1869 1870 1871 1872 1873 1874 1875 1876 . . . . . . 1877 1878 1879 1880 18H1 188*2 1883 1884 1885 1886 1887 50 48 50 50 46 47 -50 50 50 50 4'd 55 58 58 59 59 61 62 61 59 59 59 59 58 57 59 57 00 61 63 61 64 63 64 $47, 044, 900 48, 884,180 52, 883, 700 64,420, 200 67,146,018 67,921,714 69, 907, 435 68, 9U0, 605 68, 375, 820 68, 972, 508 68, 586, 763 80,363,013 82, 370, 200 81, 770, 200 82,270, 200 82, 720, 200 83, 620, 200 84,420,200 84, 420, 200 83, 370, 200 81, 635, 200 80, 435, 200 81,731,200 71, 085, 200 63,611,500 60, 800, 200 60, 475, 200 61,162,700 60, 962, 700 €1,162,700 60,412,700 58,612,700 59,312,700 60, 802, 700 169, 430, 325 $5, 750, 455, 987 5, 362, 912,098 6, 906, 213, 328 8, 333,226, 718 4, 756, 664, 386 5, 448, 005, 956 7, 231, 143, 057 5, 915, 742, 758 6,871,443,591 14, 867, 597, 849 24, 097,196, 656 26, 032, 384, 342 28, 717,146, 914 28,675.159,472 28, 484, 2*8, 637 37, 407, 028, 987 27,804,539,406 29, 300, 986, 682 33, 844, 369, 568 35, 461, 052, 826 22, 855, 927, 636 25, 061, 237, 902 21,597,274,247 23, 289, 243, 701 22, 508,438, 442 25,178, 770, 691 37,182,128,621 4?, 565, 818, 212 46,552,846, 101 40, 293, 165, 258 34, 092, 037, 338 25, 250, 791, 440 33,374,682,216 34, 872, 848, 786 $297,411, 494 289, 694.137 334, 714, 489 365, 313, 902 314, 238, 911 363, 984, 683 380, 693, 438 353,383, 944 415, 530, 331 677, 626,483 885, 719, 205 1, 035, 765,108 1, 066, 135,106 1,144, 963, 451 1, 125, 455, 237 1,120, 318, 308 1, 036, 484, 822 1,209, 721, 029 1, 428, 582, 707 1, 474, 508, 025 1, 286,753,176 1,408, 608, 777 1, 295, 042; 029 1, 373, 996, 302 1, 307, 843, 857 1,400,111,063 1,516,538,631 1,776,018, 162 1, 595, 000,245 1, 568, 983, 196 1, 524, 930, 994 1, 295, 355, 252 1,519,565,385 1,509, 626, 325 $19,104, 505 17, 412, 052 22, 278,108 26, 968, 371 15,393,736 20, 867, 333 23, 401, 757 19, 269, 520 22, 237, 682 48, 428,657 77, 984, 455 84, 790, 040 93,541,195 93,101,167 92,182,164 121,451,393 90, 274,479 95,133, 074 109,884,317 115, 885, 794 74,692,574 81,899,470 70, 349, 428 76, 358,176 73, 555, 988 82,015,540 121, 510, 224 159, 232, 191 151,637,935 132, 543, 307 111,048,982 82, 789, 480 109, 067, 589 114, 337,209 $988, 078 940,565 1, 079,724 1,182, 246 1, 016, 954 1,177, 944 1, 232, 018 1,151, 088 1, 344,758 2, 207,252 2, 866, 405 3, 373, 828 3, 472, 753 3,717,414 3, 642, 250 3, 637, 397 3, 365, 210 3, 927, 666 4, 636, 632 4, 818, 654 4,205, 076 4, 603, 297 4,218,378 4, 50 4, 906 4, 274, 000 4, 560, 622 4,956,009 5,823,010 5,195,440 5,161,129 4, 967, 202 4, 247, 069 4, 965, 900 5,146, 316 5.2 5.4 4.8 4.4 6.6 5.6 5.3 6.0 6.0 4.6 3.7 4.0 3.7 4.0 4.0 3.0 3.7 4.1 4.2 4.1 5.7 5.6 5.9 5.9 5.8 5.6 4.1 3.5 3.4 3.9 4.5 5.1 4.5 4.5 |812,942, 7C9, 870 +35, 758, 618, 204 +77, 959, 820 +3, 429, 623 4.4 * The capital is for various dates, the amounts at a uniform date in each year not being obtainable, t Yearly averages for thirty-four years. \ Totals for thirty-four years. The clearing-house transactions of the assistant treasurer of the United States at New York for the year ending October 1,1887, were as follows: Exchanges received from clearing-house $359,788,103. 42 Exchanges delivered to clearing-house 111,471,810.74 Balances paid to clearing-house 248,497,702.25 Balances received from clearing-house 181,409. 57 Showing that the amount paid by the assistant treasurer to the clearing-house was in excess of the amount received by him 248,316,292. 68 The debit balances were paid to the clearing-house as follows: United States gold certificates Legal tenders and change $248,343,000.00 154,702.25 248,497,702.25 104 REPORT OF THE COMPTROLLER OV THE CURRENCY. COMPARATIVE STATEMENT OF THE EXCHANGES OF THE CLEARING-HOUSES OF THE UNITED STATES FOR OCTOBER, 1687, AND OCTOBER, 1866. Clearing-house at- New York . . . . . Boston Philadelphia... Chicago Saint Louis Baltimore San Francisco . Pittsburgh New Orleans... Cincinnati Providence Louisville Milwaukee Detroit Cleveland Indianapolis ... Kansas City ... Hartford New Haven Columbus Memphis Peoria Worcester Springfield . . . . Lowell Syracuse Portland Omaha Saint Joseph .. Denver Galveston Saint Paul Minneapolis ... Los Angeles-.. Grand Rapids.. Wichita Norfolk Total. Decrease - Exchanges for Exchanges for month of month of October, 1887. October, 1886, $2,978,940,406 387, 775, 488 272, 500, 752 267, 556,120 74, 855, 031 56, 795, 652 74, 405, 637 46, 775, 066 42,603, 842 47, 782, 200 23,837, 500 23, 210, 780 20,123,277 18, 374,879 14, 340, 059 8, 777, 900 29, 792, 991 7, 630, 018 5, 360,758 10,616,739 10, 725, 296 5, 429, 418 4,722, 433 5,653, 280 3,161,806 3,193,442 4, 607, 692 12, 759, 306 6,659, 426 10, 812, 463 8, 865, 282 18,376, 835 22, 805, 030 5,160, 514 2, 725, 818 2, 844, 645 5, 817,933 i, 248, 318, 061 380, 669, 570 271, 572, 441 253, 518, 821 69, 822,165 53,856, 829 56,175,257 37, 612, 868 31, 683, 200 45,384, 750 22, 663, 600 19, 093, 914 20,183, 280 14, 926, 506 12, 527, 278 6, 222, 279 25, 993, 960 7,195, 784 5,175, 379 8, 462,124 7, 666, 552 4,220, 702 4, 528, 762 3, 669, 715 2, 732, 069 2, 735, 744 4, 694,186 9,316,954 4, 447, 511 8, 351, 817 7,852,246 16.732,700 19; 175, 451 New. 2,006,301 1, 826, 202 4,465, 766 4, 546, 381, 714 4, 695, 480, 744 4, 546, 381, 714 149,099,030 Comparisons. Increase. $7,105, 918 928,311 14, 037, 299 5, 032, 866 2, 938, 823 18, 230, 380 9,162,198 10,920,642 2, 397,450 1,173, 900 4,116, 866 3, 448,373 1, 812, 781 2, 555, 621 3, 799, 031 434, 234 185, 379 2,154, 615 3, 058. 744 1,208,716 193,671 1, 983, 565 429, Decrease. $269, 377, 655 60,003 737 463, 698 3, 442, 352 2,211,915 2, 460, 646 1, 013, 036 1,644,135 3, 629, 579 5,160,514 719,517 ], 018, 443 1,352,167 120, 425,122 86, 494 2G9, 524,152 120,425,122 149,099, 030 REPORT OF THE COMPTROLLER OP THE CURRENCY. 105 COMPARATIVE STATEMENT OF THE EXCHANGES OF THE CLEARING-HOUSES OF THE UNITED STATES FOR WEEKS ENDING OCTOBER £9, 1887, AND OCTOBER 30, 1886. Clearing-house at— New York Boston Philadelphia... Chicago Saint Louis Baltimore San Francisco . Pittsburgh New Orleans .. Cincinnati Piovidence Louisville Milwaukee Detroit Cleveland Indianapolis... Kansas City . . . Hartford New Haven Columbus Memphis Peoria Worcester Springfield . . . . Lowell Syracuse Portland Omaha Saint Joseph Denver Gal veston Saint Paul Minneapolis Los Angeles Total Increase. Exchanges Exchanges for week end- for week end ing October inp; October 30,188C. 29,1887. Comparisons. Increase. $647, 590. 729 $625, 098, 064 $22,492, 665 77,443,134 6,257, 842 83, 700, 976 55, 262, 510 3,466, 561 58, 729,071 49, 463,000 8, 944,000 58, 407, 000 13,428, 029 2, 629, 722 16,057, 751 11, 554, 889 12, 618, 840 1, 063. 951 14,931, 044. 17,495, 345 2, 564, 301 11, 708, 842 8, 543, 709 3,165,133 9, 863, 406 7,861, 710 2,001, 696 9, 799,950 9, 682, 250 117, 700 5, 957, 900 5, 482,100 475, 800 4, 800, 855 3, 980,646 820,209 4, 702, 794 4, 741, 945 4,079,159 2,964, 573 1,114,586 3, 263, 297 2, 980,490 282, 807 2,130, 383 1, 364,108 766, 275 7,407, 620 5, 564, 678 1, 842, 942 1,482, 341 1, 529, 645 1,101, 904 1, 088, 433 13, 471 2, 285, 210 1, 861,425 423, 785 2,532,120 2, 039, 997 492,123 1,177,411 927,149 250,262 969, 381 917, 916 51, 465 1, 007, 778 819, 206 188, 572 650, 419 504, 9.13 145, 506 544, 611 I 625,190 80, 579 1, 087, 952 I 1.039,033 2, 812,343 2, 037, 837 774. 506 1, 702,006 799, 574 902, 432 2, 800, 391 1, 571, 233 1. 229,158 2, 193, 758 1, 625, 986 ' 567, 772 4,108,446 3, 410, 5«0 697, 866 4, 806,272 3, 677. 381 1,128, 891 1,133,462 New. 1,133, 462 990, 741, 383 924, 790,717 65, 950,666 924, 790, 717 66, 086, 040 135,374 65, 950, 666 Decrease. $39,151 47,304 48, 919 135, 374 106 REPORT OF THE COMPTROLLER OF THE CURRENCY, The following table, compiled from returns made to tbe ClearingHouse by the national banks in New York City, exhibits the movement of their reserve, weekly, during October, for the last eleven years: I "Week e n d i n g - October 6,1877 . October 13,1877 . October 20,1877 . October 27,1877 . October 5,1878 . October 12,1878 . October 19,1878 . October 26,1878 . October 4,1879 . October 11,1879 . October 18,1879 . October 25,1879 . October 2,1880 . October 9,1880 . October 16,1880 . October 23,1880 . October 30,1880 . October 1,1881 . October 8,1881 . October 15,1881 . October 22,1881 . October 29,1881 . October 7,1882 , October 14,1882.. October 21,1882.. October 28,1882.. October 6,1883.. October 13,1883.. October 20,1883.. October 27,1883.. October 4,1884.. October 11,1884.. October 18,1884., October 25,1884.. October 3,1885.. October 10,1885., October 17,1885.. October 24,1885.. October 30,1885. October 2,1886., October 9,1886.. October 16,1886. October 23,1886., October 30,1886. October 1,1887. October 8,1887. October 15,1887. October 22,1887. October 29,1887. Specie. $14,665,600 14, 726, 500 14,087,400 15, 209, 000 14, 995, 800 12,184, 600 13, 531,400 17, 384, 200 18, 979, 600 20, 901, 800 24, 686, 500 25,636, 000 59, 823, 700 62, 521,300 62, 760, 600 60, 888, 200 61, 471, 600 54, 954, 600 53, 287, 900 51,008,300 54, 016, 200 55, 961, 200 47,016, 000 48, 281, 000 49, 518,200 48,374, 200 51, 586,700 50, 894, 000 47, 262,900 46, 372, 800 67, 470, 600 68, 922, 500 67, 579,400 67,638, 000 92, 351, 600 93, 642, 500 91, 945, 300 87, 309,100 84,954, 600 64, 111, 700 65,723, 800 65, 228, 600 65, 668,400 66,195,100 64,619, 200 64, 317, 500 64,663,100 64,918,700 66, 005,800 Legal tenders. Total. $36,168,300 $50, 833, 900 35,178, 900 49,905,400 35,101, 700 49,189,100 34, 367, 800 49, 576, 800 38, 304,900 53, 300, 700 37, 685,100 49, 869, 700 36, 576,000 50, 107, 400 35,690, 500 53,074, 700 34, 368, 000 53, 347, 600 32, 820, 300 53, 722,100 29, 305, 200 53, 991, 700 52, 349, 900 26, 713,900 11,129,100 70, 952, 800 10, 785, 000 73,306, 300 10, 939, 200 73, 699, 800 10, 988, 200 71, 876, 400 10, 925,000 72, 396, 600 12,150, 400 67,105, (100 12,153, 800 65,441, 700 12,452, 700 63,461, 000 12,496, 500 66, 512, 700 12, 947, 900 68, 909,100 18, 384, 500 65, 400, 500 18, 002,700 66, 283, 700 17, 023, 900 60, 542,100 17, 204, 700 65, 578, 900 20,122, 500 71,709,200 21,145,800 72, 039, 800 20,719,700 67, 982, 600 20, 617, 600 66, 990, 400 25, 817, 300 93, 287, 900 27, 654, 100 96, 576, 600 27, 875, 500 95,454, 900 27, 354, 200 94,992, 200 24, 516, 600 116,86*, 200 23, 002, 000 116, 644, 500 22,221,100 114,106,400 21, 059, 800 108,368, 900 21, 874,900 106, 829, 500 14, 607, 700 78, 719,400 13, 209,100 78, 932, 900 13,133,100 78, 361, 700 12,803, 800 78,472, 200 13,177, 200 79, 372, 300 15,767,500 80,386,700 16, 229,700 80, 587, 200 16,885,400 81,548, 500 16,735,500 81,654, 500 82,848,400 17, 542,600 latio of reserve to— Circula-tion and Deposits. deposits. Per cent. Per cent. 27.0 29.5 26.7 29.2 26.5 29.0 26.8 29.4 25.7 28.4 24.4 27.0 24.7 27.3 25. 8 28.5 23.3 25.8 23.4 25.9 23.5 26.1 23.0 25.5 25.4 26.4 25.4 27.2 25.5 27.1 24.8 26.6 25.0 26.7 23.1 24.8 23.1 24.9 23.2 25.0 216 26.6 25.6 27.4 24.0 26.3 24.7 20.6 25. 0 26.8 24.8 26.5 25.5 2.7.0 23.4 26.8 24.5 25.9 24.5 25.9 34.5 30.3 35.2 30.9 31.8 30.5 34.6 30. 3 36.0 37.1 35.8 37.0 34.9 36.0 33.5 34.5 33.0 34.1 27.1 27.9 27.0 27.7 26.7 27.4 26.9 27.7 27.1 27.9 27.7 28.5 27.4 28.2 27.3 28.1 27.4 28.2 27.8 28.6 REPORT OF THE COMPTROLLER OF THE CURRENCY. 107 The following table exhibits the transactions of the clearing-houses located in 37 cities for the year ending September 30, 1887, from official returns received from the manager of the New York Clearing-Bouse, and a comparison is made with the year ending September 30, 1886, by indicating the increase or decrease in the exchanges and balances: Comparison with year ending September 30, 1886. Clearing-house at— for Balances for No. of Exchanges year ending year ending mem- September 30, September 30, bers. 1887. 1887. New York Boston Philadelphia... Chicago Saint Louis Baltimore San Francisco . Pittsburgh New Orleans... Cincinnati Providence Louisville Milwaukee Detroit Cleveland Indianapolis... Kansas City ... Hartford..' New Haven ... Columbus Memphis Peoria Worcester Springfield Lowell Syracuse Portland Omaha Saint Joseph... Denver Galveston Saint Paul Minneapolis ... Los Angeles ... Grand .Rapids . Duluth Norfolk Total.... 575 872, 848, 786 408, 269, 993 186,188, 935 887, 276, 059 879, 272, 738 665, 676, 756 800, 092, 859 490, 319, 705 412, 231,400 504, 377, 200 240, 838,100 269, 786, 547 240,127, 909 188, 629, 384 loO, 010, 840 87,149,530 380, 407, 069 89, 871, 078 63, 931,325 53, 311, 425 94, 241, 496 55, 006, 344 47,197,687 50, 5i)3, 291 31, 670, 050 28, 596, 708 49, 58'*, 652 137, 220, 5-.J5 67, 239,133 110, 240,167 63,182, 5">7 200,364, 307 184, 700, 022 New. 26, 229, 598 New. 40, 016, 323 $1, 569, 626, 325 510, 625, 457 298, 701, 297 301, 574, 676 142, 259,972 89, 504, 281 124, 200, 215 81, 520, 388 47, 805, 607 96, 204, 200 N o record. 63, 564,157 40, 817, 909 31, 729, 276 No record. 18,660,734 N o record. 25,6S9, 768 15,176, 902 8, 378, 319 24, 020, 213 13, 974,158 13, 466, 2o() 14, 929, 388 10,108, 362 6, 358, 243 9,495, 080 N o record. 17,667,401 15, 866, 791 N o record. 33,193, 845 30, 465, 326 New. 52,126, 704,488 3, 667, 708, 563 5, 670, 8SG New. 6, 453,157 * Balances. Increase. Decrease. Exchanges. Balances, $1, 498,166, 570 399, 704, 727 400, 313, 485 326, 906, 787 78, 902,128 65, 091, 763 200, 751, 798 104, 021, 001 $50,060, 940 17, 527, 457 40, 094, 877 10, 3J8, 5J8 71, 936, 700 6,987, 400 39, 652, 990 46, 350, 700 40, 642,6.S2 39,914,603 17, 790, 711 lir>, 397, 901 2, 893, 509 7,08D, 963 10, 470, 012 18, 890, 007 16,674, 956 3, 6iO, 068 9, '250, 560 4,909,878 1,819,356 2,921,292 23, 464,120 57, 807, 724 24, 370, 250 New. No record 1886 New. 253, 629 *$6, 587, 994 7, 970, 677 17,215,771 7,404. 776 805,607 | t21,768, 600 11,143, 200 ! 8,923,080 6,411,187 ], 6.430,910 8, 763, 227 *916,181 1, 434, 272 4, 621, 463 3, 865, 658 647,142 | 2, 255, 028 ! 1,087,18 5 ! 210,189 659,007 . . 125,075,36.') 5,747,990 3,613,999 i:?4,031,S96 19, 920,239 5, 024, 902 .I *315, 020 90 796 10 3, 636, 978, 270 !$I $12,« 349,310 ' ° t Exchanges. From the above table it will be seen that the exchanges in New York City amounted to 66.9 per cent, of the whole sum, and the balances in that city were nearly 42.8 per cent, of the total balances. DUTIES, ASSESSMENTS, AND REDEMPTION CHARGES. National banks are subject to a semi-annual duty of one-half of 1 per cent, upon the average amount of their notes in circulation during the preceding six months. They are also required by the act of* June 20, 1874, to pay thQ cost of the redemption of their notes at the office of the Treasurer of the United States at Washington, and the cost of the plates from which their notes are printed. Banks extending their corporate existence have to pay for new plates. Previously to the act of June 20,1874, the expense of the plates had been paid out of the tax 108 REPORT OF THE COMPTROLLER OF THE CURRENCY. on the banks, which at that time attached to capital and deposits as well as to circulation. The banks are further required to pay the fees of the examiners employed to ascertain their condition, under section 5240, Kevised Statutes of the United States. The taxes and assessments collected during the past year were as follows: Semi-annual duty on circulation Cost of redemption of notes by United States Treasurer Assessments for cost of plates, new banks Assessments for cost of plates, extended banks Assessments for examiners' fees, sec. 5240, R. S $2,044,922.75 138,967.00 18,850. 00 1,750.00 110,219.88 Total 2,314,709.63 It has not been customary heretofore to include assessments with taxes, but it seems proper to do so. The following table is a comparative statement of taxes assessed as semi-annual duty on circulation, cost of redemption of notes, cost of plates, and examiners' fees for the past five years: Tears. Cost of Assess- Assessment AssessSemi-annual redemption for for cost ment for of notes ments duty on circu- by United cost of of plates, examiners' 1 tion. fees (sec. States plates, new extended banks. 5240, R.S.). Treasurer. banks. $3,132, 006.73 3, 024, 668. 24 2,794,584.01 2, 592, 021. 33 2, 044, 922. 75 1883 1884 1885 ]886 1887 Total $147,592.27 $25, 980.00 $34,120.00 160,896.65 18, 845. 00 1, 950. 00 181,857.16 13,150.00 97, 800.00 168, 243. 35 14, 810. 00 24, 825.00 138, 967.0C 18, 850. 00 1, 750. 00 13, 588, 203. 06 797,556.43 91, 635. 00 160,445.00 Total. $94,606.16 $3,434, 305.16 99, 642. 05 3, 306, 001. 94 107, 781. 73 3,195,172.90 107, 272. 83 2, 907,172. 51 110, 219. 88 2, 314,709. 63 519, 522. 65 15,157, 362.14 The total tax collected on circulation up to July 1,1887, amounted to $65,841,721.30. STATE TAXATION OF NATIONAL BANKS. There has been for some years more or less friction arising out of what is claimed to be discrimination against national banks in the tax laws of some of the States, and in consequence a contention has been going on as to the meaning of so much of section 5219 of the Eevised Statutes of the United States as imposes a restriction upon State legislatures in determining and directing the manner of assessing and collecting taxes on national-bank shares. Section 5219 of the Eevised Statutes of the United States is as follows: Nothing herein shall prevent all the shares in any association from being included in the valuation of the personal property of the owner or holder of such shares, in assessing faxes imposed by authority of the State within which the association is located; but the legislature of each State may determine and direct the manner and place of taxing all the shares of national banking associations located within the State, subject only to the two restrictions, that the taxation shall not be at a greater rate than is assessed upon other moneyed capital in the hands of individual citizens of such State, and that the shares of any national banking association owned by non-residents of any State shall be taxed in the city or town where the bank is located, and not elsewhere. Nothing herein shall be construed to exempt the real property of associations from either State, county, or municipal taxes, to the same extent, according to its value, as other real property is taxed. REPORT OF THE COMPTROLLER OF THE CURRENCY. 109 It will be seen that the only restrictions upon State legislatures in determining and directing the manner and place of taxing all the shares of national banks located within the State are two: first, a restriction as to the manner, viz: "that the taxation shall not be at a greater rate than is assessed upon other moneyed capital in the hands of individual citizens of the State f and, secondly, a restraint as to the place of taxation, which it is needless to quote, as no doubt seems to have arisen as to its meaning. The contention over the true interpretation of the clause applying to the rate of taxation has been serious. In various States the banks have appealed from local assessors and tax collectors to the courts, and during the past year the Supreme Court has finally laid down the meaning and intent of this clause. The only question now open is whether the clause, as construed by the Supreme Court during the past year, expresses the purpose of Congress, and this question can be answered by Congress alone. It is claimed by the national banks in many States that the construction placed upon the law deprives them of the full measure of protection which it was the intention of Congress to provide. Following is the full text of the decision of the Supreme Court: Mr. Justice MATTHEWS delivered the opinion of the court. The bill in this case was filed by the appellant, an association organized as a national bank, in the city of New York, the object and prayer of which were to restrain the collection of taxes assessed upon its stockholders in respect to their shares therein, on the ground that the taxes assessed and sought to be collected by the defendants were illegal and void under section 5219 of the Eevised Statutes of the United States, as being at a greater rate than those assessed under the laws of New York upon other moneyed capital in the hands of the individual citizens of that State. The assessment in question was made for the year 1885, by the proper officer, acting in pursuance of section 312 of an act of the legislature o*f the State of New York, passed July 1, 1882, entitled "An act to revise the statutes of this State relating to banks, banking and trust companies," which reads as follows: SEC. 312. The stockholders in every bank or banking association organized under the authority of this State, or of the United States, shall be assessed and taxed on the value of their shares of stock therein ; said shares shall be included in the valuation of the personal property of such stockholders in the assessment of taxes at the place, city, town, or ward where such bank or banking association is located, and not elsewhere, whether the said stockholders reside in said place, city, town, or ward or not; but in the assessment of said shares each stockholder shall be allowed all the deductions and exceptions allowed bylaw in assessing the value of other taxable personal property owned by individual citizens of this State, and the assessment and taxation shall not be at a greater rate than is made or assessed upon other moneyed capital in the hands of individual citizens of this State. In making such assessment there shall also be deducted from the value of such shares such sum as is in the same proportion to such value as is the assessed value of the real estate of the bank or banking association, and in which any portion of their capital is invested, in which said shares are held, to the whole amount of the capital stock of said bank or banking association. Nothing herein contained shall be held or construed to exempt the real estate of banks or banking associations from either State, county, or municipal taxes, but the same shall be subject to State, county, municipal, and other taxation to the same extent and rate andin the same manner according to its value, as other real estate is taxed. The local authorities charged by law with the assessment of the said shares shall, within ten days after they have completed such assessment, give written notice to each bank or banking association of such assessment of the shares of its respective shareholders, and no personal or other notice tp such shareholders of such assessment shall bo necessary for the purpose of this act. The hearing in the circuit court was had upon an agreed statement of facts, as follows: " It is hereby stipulated and agreed by and between the parties to the above-entitled suit, that, for the purpose of the trial of this cause, the facts hereinafter stated are true, and that the cause be submitted for trial and decree upon such statement alone, together with the pleadings: " 1. That the complainant, on the second Monday of January, A. D. 1885, and for several months prior thereto, had a capital stock of the par value of $l?000,000 and a 110 REPORT OF THE COMPTROLLER OF THE CURRENCY. surplus fund of $200,000 ; that nearly the whole of said capital and surplus fund was during that period, invested in bonds of the United States of the par value of $949,000, and of a market value and cost largely exceeding that sum; that its shares of stock were each of the par value of $100 and of the number of 10,000, and were then held by 142 persons and corporations, 50 of whom, owning 1,877 shares, were residents of States other than the State of New York, and the remainder residents of the State of New York. " 2 . That, on the second Monday of January, 1885, the proper tax officers of the city of New York, acting under chapter 409 of the Laws of 18fc2 of the State of New York, did value and assess for taxation the shares of stock of said bank against the individual shareholders thereof, at the rate of $89 per share, after deducting the proportion of the assessed value of the real estate of said bank applicable to each share of stock, as by law required, making the total gross valuation of said shares in the hands of the shareholders the sum of $890,000, from which sum the debts of sundry indebted stockholders, amounting to $89,128, were deducted, as by law allowed, leaving the total valuation of said shares against said stockholders upon which taxes were thereafter assessed the sum of $800,872. " 3. That, on the second Monday of January, 1835, the aggregate actual value of the shares of stock of the incorporated moneyed and stock corporations incorporated by the laws of the State of New York deriving an income or profit from their capital or otherwise (not including life insurance companies, trust companies, banks, or banking associations, organized under the authority of this ?State or of the United States) amounted to the sum of $755,018,892; that ' Exhibit A, hereto appended and made a part of this agreement, contains a list of the corporations whose shares of capital stock are embraced in said sum of $755,018,892, and also shows the total par value of the shares of capital stock of each of said corporations. "4. That, at the period aforesaid, the aggregate actual value of the shares of stock of the life insurance companies incorporated under the laws of this State amounted to the sum of $3,540,000, and at the same period the aggregate value of the personal property of said companies, consisting of mortgages, loans with collateral security, State, county and municipal bonds, and railroad bonds and shares of stock of corporations (but not including the bonds of the United States nor the shares of corporations created by the State of New York), amounted to $195,257,305 ; all of which is shown in detail in the schedule hereto annexed, marked i Exhibit B.7 " 5 . That, at the said period, the aggregate actual value of the shares of the capital stock of the trust companies existing in the State of New York and organized under its laws amounted to $32,018,900, as is shown in detail in the schedule hereto annexed, marked ' Exhibit C/ of which sum the amount of $30,215,900 was of trust companies located in the city of New York. " 6 . That, at the same period, the aggregate actual value of the deposits due by the savings banks of this State to depositors was $437,107,501 (not including the surplus accumulated by the said corporations, amounting to $68,669,001). "7. That the aggregate actual value of the bonds and stocks issued by the city of New York, subject to the provisions of chapter 552 of the Laws of 1880, at the said period, amounted to $13,467,000. " 8 . That the aggregate actual value at the same period of the shares of stock of corporations created by States other than the State of New York, owned by the citizens of the State of New York, amounted to at least the sum of $250,000,000. " 9 . The assessed valuation of all personal property, after making the deductions allowed bylaw, in the city of New York (at the said period), as shown by the annual record of the assessed valuation of real and personal estate of the said city for the year 1885, was $202,673,806. This sum included the capital of corporations (after making deductions for investments thereof in real estate, shares of New York corporations, taxable upon their capital stock under the laws of this State, and non-taxable securities), as follows: Insurance companies «t $2,146,379 Trust companies 156,506 Miscellaneous companies 29,234,409 Railroad companies 12,339,871 " It also included: Shares of national banks 45,046,074 Shares of State banks 15,700,220 il The sum so deducted for the value of the real estate belonging to said trust companies located in the city of New York did not exceed $2,336,572.31. The assessed value of the real estate in said city for said period i s . . . $1,168,443,137 And in the said State, including the city of New York, is 2,761,973,845 The latter sum including the sum of about 340,000,000 REPORT OF THE COMPTROLLER OF THE CURRENCY. Ill "being tlie assessed value of the real estate located in said State belonging to corporations. "The ' aggregate amount of the taxable personal estate' within the State of New York, exclusive of said city, after deducting debts due by the owners thereof for the year ending December 31, 1884, as assessed by the assessors and returned to the State comptroller, is $151,632,369. "This sum included the capital of corporations (after making the deductions for investments thereof in real estate, shares of New York corporations taxable under their capital stock under the laws of this State and non-taxable securities), of the amount of $34,466,612. The aggregate capital stock, taken at par, of the national banks outside of the city of New York, but within the State of New York, on December 20, 1884, as shown by the report of the Comptroller of the Currency of the United States, was $36,804,160 And that of State banks, outside of the said city, but within said State, as shown by the report of the bank superintendent of New York, i s . . . 8,128,000 Total (outside of New York City) 44,932,160 The total par value of the shares of national banks in said State, including the city of New York, for the period aforesaid, is 83,054,160 And of the State banks 32,815,700 " 10. That it is the intention of the defendants, unless restrained by injunction, to collect the said tax levied by them against the shareholders of the said complainant upon said shares by the use of all needful legal process. " 11. That any statutes of the United States or of the State of New York may be cited and relied upon before the said court as if herein fully set forth." From a decree dismissing the bill the present appeal is prosecuted. Section 5219 of the Revised Statutes of the United States is as follows: " Nothing herein shall prevent all the shares in any association from being included in the valuation of the personal property of the owner or holder of such shares in assessing taxes imposed by authority of the State within which the association is located ; but the legislature of each State may determine and direct the manner and place of taxing all the shares of national banking associations located within the State, subject only to the two restrictions that the taxation shall not be at a greater rate than is assessed upon other moneyed capital in the hands of individual citizens of such State, and that the shares of any national banking asssociation owned by nonresidents of any State shall be taxed in the city or town where the bank is located and not elsewhere. Nothing herein shall be construed to exempt the real property of associations from either State, county, or municipal taxes to the same extent, according to its value, as other real property is taxed." In the present case no question is raised by the appellant as to the validity of section 312, chapter 409, of the Laws of New York of 1882, considered by itself, nor in reference to the rule of valuation or assessment which it prescribes. No exception is taken to the form of the assessment, nor is the case based in any degree upon the dereliction of the assessing officers in the discharge of their duties, there being no allegation and no proof that they have not performed their whole duty under the statutes of the State. The proposition which the appellant seeks to establish is, that the State of New York, in seekkig to tax national-bank shares, has not complied with the condition contained in section 5219 of the Revised Statutes, that such taxation shall not be at a greater rate than is assessed upon other moneyed capital in the hands of individual citizens of such State, " in that, it has by its legislation expressly exempted from all taxes in the hands of the individual citizens numerous species of moneyed capital, aggregating in actual value the sum of $1,686,000,000, whilst it has by its laws subjected national-bank shares in the hands of individual holders thereof (aggregating a par value of $83,000,000), and State-bank shares (having a like value of $22,815,700), to taxation upon their full actual value, less only a proportionate amount of the real estate owned by the bank." This exemption, it is claimed, is of a " very material part relatively'7 of the whole, and renders the taxation of national-bank shares void. The exemptions thus referred to are classified as follows: 1st. The shares of stock in the hands of the individual shareholders of all incorporated "moneyed or stock corporations deriving an income or profit from their capital or otherwise, incorporated by the laws of New York, not including trust companies and life insurance companies, and State or national banks." The value of such shares, it is admitted, amounts to $755,018,892. 2d. Trust companies and life insurance companies. The actual value of the shares of stock in trust companies amounts to $32,018,900, and the actual value of the shares in life insurance companies amounts to $3,540,000, which life insurance companies, it 112 REPORT OF THE COMPTROLLER OF THE CURRENCY. is admitted, are the owners of personal property consisting of mortgages, loans, stocks, and bonds to the value of $195,257,305. 3d. Savings banks and the deposits therein. The deposits amount to $437,107,501, and an accumulated surplus to §68,669,001. 4th. Certain municipal bonds issued by the city of New York under an act j>assed in 1880, of the value of $13,467,000. 5th. Shares of stocks in corporations created by States other than New York, in the hands of individual holders, residents of said State, amounting to $250,000,000. It is argued by the appellant that these exemptions bring the case within the decision of Boyer v. Boyer, 113 U. S., 689. In that case, referring to the legislation of Pennsylvania, it was said: "The burden of county taxation imposed by the latter act has at all events been removed from all bonds or certificates of loan issued by any railroad company incorporated by the State; from shares of stock in the hands of stockholders of any institution or company of the State which in its corporate capacity is liable to pay a tax into the State treasury under the act of 1859 ; from mortgages, judgments, and recognizances of every kind ; from moneys due or owing upon articles of agreement for the sale of real estate ; from all loans, however made, by corporations which are taxable for State purposes when such corporations pay into the State treasury the required tax on such indebtedness." This enumeration of exempted property, the amounts of which were stated in the bill and admitted by the demarrer, was held to include such a material portion relatively of the moneyed capital in the hands of individual citizens as to make the tax upon the shares of national banks an unfair discrimination against that class of property, but no attempt was made in the opinion of the court to define the meaning of the words " moneyed capital in the hands of individual citizens " as used in the statute, or to enumerate all the various kinds of property or investments that came within its description, or to show that shares of stock in the hands of stockholders of every institution, company, or corporation of a State, having a capital employed for the purpose of earning dividends or profits for its stockholders, were taxable as moneyed capital in the hands of individual citizens. It is accordingly contended on behalf of the appellees in the present case, first, that the shares of stock in the various companies incorporated by the laws of New York as moneyed or stock corporations, deriving an income or profit from their income or otherwise, including trust companies, life insurance companies, and savings banks, are not moneyed capital in the hands of the individual citizen within the meaning of the act of Congress; second, that if any of them are, then the corporations themselves are taxed under the laws of New York in such a manner and to such an extent that the shares of stock therein are in fact subject to a tax equal to that which is assessed upon shares of national banks; and third, that if there are any exceptions, they are immaterial in amount and based upon considerations which exclude them from the operation of the rule of relative taxation intended by the act of Congress. In view of the nature of the contention between the parties to this suit, and the extent and value of the interests involved, it becomes necessary to review with care the previous decisions of this court upon the same subject, and to endeavor to state with precision the rule of relative taxation prescribed to the States by Congress on shares of national banks. The national-banking act of 1864 (13 Stat., Ill), in addition to the restrictions now imposed upon the State taxation of national-bank shares, declared "that the tax so imposed, under the laws of any State, upon the shares of any of the associations authorized by this act, shall not exceed the rate imposed upon the shares in any of the banks organized under the authority of the State where such association is located." In the re-enactment of this statute in 1868 (15 Scat., 34), this proviso was omitted. The case of Van Allen v. Assessors, 3 Wallace, 573, was decided under the act of 1864 as originally enacted. In that case the taxing law of New York, which was in question, was held to be invalid, because it levied no taxes upon shares in State banks at all, the tax being assessed upon the capital of the banks after deducting that portion which was invested in securities of the United States; and it was held that this tax on the capital was not a tax on the shares of the stockholders equivalent to that on the shares in national banks. It was also decided in that case that it was competent for the States, under the permission of Congress, to tax the shares of nationalbank stock held by individuals, notwithstanding the capital of the bank was invested in bonds of the United States which were not subject to taxation. It appears, therefore, as the result of the decision in that case, that a tax upon the capital of a State bank, levied upon the value thereof, after deducting such part as was invested in non-taxable Government bonds, was less than an equivalent for a tax upon the shares of national banks from which no such deduction was permitted. Accordingly, in the case of People v. The Commissioners, 4 Wallace, 244, the complaint was made on behalf of individual owners of national-bank stock taxed in New York, that no deduction was permitted to them from the value of their shares on account of the capital of the bank being invested in non-taxable Government bonds, while such REPORT OF THE COMPTROLLER OF THE CURRENCY. 113 deduction was allowed in favor of insurance companies and individuals in the assessment for taxation of the value of their personal property; and it was contended, therefore, that the relators in that case were taxed upon their shares of nationalbank stock at a greater rate than was assessed upon other moneyed capital in the hands of individual citizens. In reference to this supposed inequality the court said: "The answer is, that, upon a true construction of this clause of the act, the meaning and intent of the law-makers were that the rate of taxation of the shares should he the same or not greater than upon the moneyed capital of the individual citizen, which is subject or liable to taxation. That is, no greater proportion or ])ercentage of tax in the valuation of the shares should be levied than upon other moneyed taxable capital in the hands of the citizens. This rule seems to be as effectual a test to prevent unjust discrimination against the shareholders as could well be devised. Ifc embraces a class which constitutes the body politic of the State, who make its laws and provide for its taxes. They can not be greater than the citizens impose upon themselves. It is known as sound policy that in every well regulated and enlightened state or government, certain descriptions of property and also certain institutions, such as churches, hospitals, academies, cemeteries, and the like, are exempt from taxation; but these exemptions have never been regarded as disturbing the rates of taxation, even where the fundamental law had ordained that ifc should be uniform." The Court then proceeded to show that the exclusion, as the subject of taxation, of Government securities held by individuals, from their moneyed capital, was by authority of the United States, and hence it would be a contradiction to infer that Congress meant to include the same Government securities as a part of that moneyed capital which it required to be taxed by the States at a rate equal to that imposed by the latter upon the shares held by individuals of national-bank stock. The other objection taken to the validity of the tax complained of was, that insurance companies created under the laws of the State were authorized to deduct from the amount of their capital and surplus profits, for purposes of taxation, such part as was invested in United States securities. In reference to this the court said: "The answer is, that this clause does not refer to the rate of assessments upon insurance companies as a test by wjiich to prevent discrimination against the shares; that is confined to the rate of assessments upon moneyed capital m the hands of individual citizens. These institutions are not within the words or the contemplation of Congress; but even if they were, the answer we have already given to the deduction of these securities in the assessment of the property of individual citizens is equally applicable to them." In Lionbergerv. Rouse, 9 Wallace, 468, it was held that the proviso originally contained in the act of 1864, and omitted from the act of 1863, expressly referring to State banks, was limited to State banks of issue. The court said (p. 474): "There was nothing to fear from banks of discount and deposit merely, for in no event could they work any displacement of national-bank circulation." Of course, so far as investments in such banks are moneyed capital in the hands of individuals, they are included in the clause as it now stands. In the case of Hepburn v. School Directors, 23 Wallace, 480, it was decided to be competent for the State to value, for taxation, shares of stock in a national bank at their actual value, even if in excess of their par value, provided thereby they were not taxed at a greater rate than was assessed upon other moneyed capital in the hands of individual citizens of the State. It was a further question in that case whether the exemption from taxation by statute of " all mortgages, judgments, recognizances, and moneys owing upon articles of agreement for the sale of real estate" made the taxation of shares in national banks unequal and invalid. This was decided in the negative on two grounds: first, that the exemption was founded upon the just reason of preventing a double burden by the taxation both of property and of the debts secured upon it; and, second, because it was partial only, not operating as a discrimination against investments in national-bank shares. The court said : " It could not have been the intention of Congress to exempt bank shares from taxation because some moneyed capital was exempt." The subject was further considered in the case of Adams v. Nashville, 95 U. S., 19. One of the questions in that case had reference to an exemption from taxation by State authority of interest-paying bonds issued by the municipal corporation of the city of Nashville, in the hands of individuals. It was held that the exemption did not invalidate assessment upon the shares of national banks. The court said (p. 22): " The act of Congress was not intended to curtail the State power on the subject of taxation. It simply required that capital invested in national banks should not be taxed at a greater rate than like property similarly invested. It was not intended to cut off the power to exempt particular kinds of property, if the legislature chose to do so. Homesteads to a specified value, a certain amount of household furniture (the six plates, six knives and forks, six teacups and saucers, of the old statutes), the property of clergymen to some extent, school-houses, academies, and libraries, are generally exempt from taxation. The discretionary power of the 8770 CUR 87 8 114 REPORT OF THE COMPTROLLER OF THE CURRENCY. legislatures of the States over all these subjects remains as it was before the act of Congress of June, 1864. The plain intention of that statute was to protect the corporations formed under its authority from unfriendly discrimination by the States in the exercise of their taxing power." In People v. Weaver, 100 U. S., 539, it was held that the prohibition against the taxation of national-bank shares at a greater rate than that imposed upon other moneyed capital in the hands of individual citizens could not be evaded by the assessment of equal rates of taxation upon unequal valuations, and that consequently where the State statute authorized individuals to deduct the amount of debts owing by them from the assessed value of their personal property and moneyed capital subject to taxation, the owners of shares of national banks were entitled to the same deduction. The cases of The Supervisors v. Stanley, 105 U. S., 305; Hills v. Exchange Bank, Ibid., 319; Evansville Bank v. Britton, Ibid., 322, and Cummings v. National Bank, 101 U. S., 153, are applications of the same principle. The rule of decision in Van Allen v. Assessors, 3 Wallace, 573, is not inconsistent with that followed in People v. The Commissioners, 4 Wallace, 244. In the former of these cases the comparison was between taxes levied upon the shares of national banks and taxes levied upon the capital of State banks. In the valuation of the capital of State banks for this taxation, non-taxable securities of the United States were necessarily excluded, while in the valuation of shares of national banks no deduction was permitted on account of the fact that the capital of the national banks was invested in whole or in part in Government bonds. The eifect of this was, of course, to discriminate to a very important extent in favor of investments in state banks, the shares in which eo nomine were not taxed at all, while their taxable capital was diminished by the subtraction of the Government securities in which it \ras invested, and against national-bank shares taxed without such deduction at a value necessarily and largely based on the value of the Government securities in which by law a large part of the capital of the bank was required to be invested. In the case of People v. The Commissioners the comparison was not between the taxation of shareholders in national banks and of shareholders in State banking institutions, but between the taxation of national-bank shares and that of personal property held by individuals and insurance companies from the valuation of which the deduction waspermitted of the amount of non-taxable Government securities held by them respectively. The general ground of the decision was, that the exemption was not an unfriendly discrimination against investments in national banks in favor of other investments of a similar and competing character. It was held that the exemption, under State authority, of United States securities, which it was not lawful for the State to tax, could not be considered an unwarranted exemption in that case. It was also held that the language of the act of Congress which fixed the rate of taxation upon national-bank shares, by reference to that imposed by the State "upon other moneyed capital in the hands of individual citizens," excluded from the comparison moneyed capital in the hands of corporations, unless the corporations were of that character, such as State banks were held to be in the case of Van Allen v. The Assessors, that shares of stock in them fell within the description of " moneyed capital in the hands of individual citizens." In that way a distinction was established between shares of stock held in banking corporations and those held in insurance companies and other business, trading, manufacturing, and miscellaneous corporations^ whose business and operations were unlike those of banking institutions. It follows, as a deduction from these decisions, that "moneyed capital in the hands of individual citizens" does not necessarily embrace shares of stock held by them in all corporations whose capital is employed, according to their respective corporate powers and privileges, in business carried on for the pecuniary profit of shareholders, although shares in some corporations, according to the nature of their business, may be such moneyed capital. The rule and test of this difference is not to be found in that quality attached to shares of stock in corporate bodies generally whereby the certificates of ownership have a certain appearance of negotiability, so as easily to be transferred by delivery under blank powers of attorney, and to be dealt in by sales at the stock exchange, or used as collateral for loans, as though they were negotiable security for money. This quality, in a greater or less degree, pertains to all stocks in corporate bodies, the facility of their use in this way being in proportion to the estimated wealth and credit, present or prospective, of the corporation itself. Neither is the difference to be determined by the character of the investments in which, either by law or in fact, the bulk of the capital and the accumulated surplusof the corporation-is from time to time invested. It does not follow, because these are invested in such a way as properly to constitute moneyed capital, that the shares of stock in the corporations themselves must necessarily be within the same description. Such is the case of insurance companies, in respect to which it was held, in People v. The Commissioners, that shares of stock in them were not taxable as "moneyed capital in the hands of individual citizens;" and that the language of the act of Congress does not include moneyed capital in the hands of corporations. REPORT OF THE COMPTROLLER OF THE CURRENCY. 115 The true test of the distinction, therefore, can only be found in the nature of the business in which the corporation is engaged. The key to the proper interpretation of the act of Congress is its policy and purpose. The object of the law was to establish a system of national banking institutions, in order to provide a uniform and secure currency for the people, and to facilitate the operations of the Treasury of the United States. The capital of each of the banks in this system was to be furnished entirely by private individuals ; but, for the protection of the Government and the people, it was required that this capital, so far as it was the security for its circulating notes, should be invested in the bonds of the United States. These bonds were not subjects of taxation; and neither the banks themselves, nor their capital, however invested, nor the shares of stock therein held by individuals, could be taxed by the States in which they were located without the consent of Congress, being exempted from the power of the States in this respect, because these banks were means and agencies established by Congress in execution of the powers of the Government of the United States. It was deemed consistent, however, with these national uses, and otherwise expedient, to grant to the States the authority to tax them within the limits of a rule prescribed by the law. In fixing those limits it became necessary to prohibit the States from imposing such a burden as would prevent the capital of individuals from freely seeking investment in institutions which it was the express object of the law to establish and promote. The business of banking, including all the operations which distinguish it, might be carried on under State laws, either by corporations or private persons, and capital in the form of money might be invested and employed by individual citizens in many single and separate operations forming substantial parts of the business of banking. A tax upon the money of individuals, invested in the form of shares of stock in national banks, would diminish their value as an investment and drive the capital so invested from this employment, if at the same time similar investments and similar employments under the authority of State laws were exempt from an equal burden. The main purpose, therefore, of Congress, in fixing limits to State taxation on investments in the shares of national banks, was to render it impossible for the State, in levying such a tax, to create and foster an unequal and unfriendly competition, by favoring institutions or individuals carrying on a similar business and operations and investments of a like character. The language of the act of Congress is to be read in the light of this policy. Applying this rule of construction, we are led, in the first place, to consider the meaning of the words " other moneyed capital," as used in the statute. Of course it includes shares in national banks; the use of the word "other" requires that. If bank shares were not moneyed capital,the word "other" in this connection would be without significance. But " moneyed capital" does not mean all capital the value of which is measured in terms of money. In this sense, all kinds of real and personal property would bo embraced by it, for they all have an estimated value as the subjects of sale. Neither does it necessarily include all forms of investment in which the interest of the owner is expressed in money. Shares of stock in railroad companies, mining companies, manufacturing companies, and other corporations, are represented by certificates showing that the owner is entitled to an interest, expressed in money value, in the entire capital and property of the corporation, but the property of the corporation which constitutes its invested capital may consist mainly of real and personal property, which, in the hands of individuals, no one would think of calling moneyed capital, and its business may not consist in any kind of dealing in money, or commercial representative of money. So far as the policy of the Government in reference to national banks is concerned, it is indifferent how the States may choose to tax such corporations as those just mentioned, or the interest of individuals in them, or whether they should be taxed at all. Whether property interests in railroads, in manufacturing enterprises, in mining investments, and others of that description, are taxed or exempt from taxation, in the contemplation of the law, would have no effect upon the success of national banks. There is no reason, therefore, to suppose that Congress intended, in respect to these matters, to interefere with the power and policy of the States. The business of banking, as defined by law and custom, consists in the issue of notes payable on demand, intended to circulate as money where the banks are banks of issue; in receiving deposits payable on demand; in discounting commercial paper; making loans of money on collateral security; buying and selling bills of exchange; negotiating loans, and dealing in negotiable securities issued by the Government, State and national, and municipal and other corporations. These are the operations in which the capital invested in national banks is employed, and it is the nature of that employment which constitutes it in the eye of this statute' * moneyed capital." Corporations aud individuals carrying on these operations do come into competition with the business of national banks, and capital in the hands of individuals thus employed is what is intended to be described by the act of Congress. That the words of the law must b© so limited appears from another consideration; they do not embrace any moneyed 116 REPORT OF THE COMPTROLLER OF THE CURRENCY. capital in the sense just denned, except that in the hands of individual citizens. This excludes moneyed capital in the hands of corporations, although the business of some corporations may be such as to make the shares therein belonging to individuals moneyed capital in their hands, as in the case of banks. A railroad company, a mining company, an insurance company, or any other corporation of that description, may have a large part of its capital invested in securities i>ayable in money, and so may be the owners of moneyed* capital; but, as we have already seen, the "shares of stock in such companies held by individuals are not moneyed capital. The terms of the act of Congress, therefore, include shares of stock or other interests owned, by individuals in all enterprises in which the capital employed in carrying on its business is money, where the object of the business is the making of profit by its use as money. The moneyed capital thus employed is invested for that purpose"in securities by way of loan, discount, or otherwise, which are from time to time, according to the "rules' of the business, reduced again to money and reinvested. It includes money in the hands of individuals employed in a similar way, invested in loans, or in securities for the payment of money, either as an investment of a permanent character, or temporarily with a view to sale or repayment and reinvestment. InT this way the moneyed capital in the hands of individuals is distinguished from w hat is known generally as personal property. Accordingly, it was said in Evansville Bank v. Britton, 105 U. S., 322 : " The act of Congress does not make the tax on personal property the measure of the tax on the bank shares in the State, but the tax on moneyed capital in the hands of the individual citizens. Credits, money loaned at interest, and demands against persons or corporations are more purely representative of moneyed capital than personal property, so far as they can be said to differ. Undoubtedly there may be said to be much personal property exempt from taxation "without giving bank snares a right to similar exemption, because personal property is not necessarily moneyed capital. But the rights, credits, demands, and money at interest mentioned in the Indiana statute, from which bona-lide debts may be deducted, ail mean moneyed capital invested in that way." This definition of moneyed capital in the hands of individuals seems to us to be the idea of the law, and ample enough to embrace and secure its whole purpose and policy. From this view, it follows that the mode of taxation adopted by the State of New York in reference to its corporations, excluding for the present trust companies and savings banks, does not operate in such a way as to make the tax assessed upon shares of national banks at a greater rate than that imposed upon other moneyed capital in the hands of individual citizens. This is the conclusion reached on similar grounds by the court of appeals of New York. In the case of McMahon v. Palmer, 102 N. Y., 176, that court said : "Our system of laws, with reference to the taxation of incorporated companies and capital invested therein, has been carefully framed with a view of reaching all taxable property and subjecting it to equality of burden, so far as that object is attainable in a matter so complex. In view of the wide variation in the employable value of such investments and the frequent mutations in their conditions, it is by no means certain that this object has not been attained with reasonable accuracy. It is quite clear, from even this cursory review of the statutes, that if any discrimination is made by our laws in taxing capital invested, it is not to the prejudice of that employed in banking corporations. Even if this were not the result of the statute, we are oi opinion that investments in the shares of companies named do not come within the meaning of that clause in the Federal statutes referring to other moneyed capital in the hands of individuals. That phrase, as generally employed, distinguishes such capital from other personal property, and investments in the various manufacturing and industrial enterprises. And this is 77the sense in which it is used in our tax laws, as appears by reference to the statutes. The cases of frust companies and saving banks require separate consideration. Section 312 of chapter 409 of the act of 18rt2 is a re-enactment of section 3 of chapter 596 of the laws of 1880, except that in the latter trust companies were included with banks and banking institutions, so as to subject the stockholders therein to the same rule of assessment and taxation on the value of their shares of stock. The present statute omits them from the corresponding section. The consequence is, that trust companies are taxable, as other corporations, under the act of 1857, for local purposes, upon the actual value of their capital stock. By chapter 361 of the laws of 1881, as amended, they are subjected to a franchise tax, in the nature of an income tax, payable to the State for State purposes. It is argued, from this legislation, in reference to the taxation oftrusc companies, that it discloses an evident intent to discriminate in favor of the latter as between them and banks, including national banks; and it is argued that, considering the nature of the business in which trust companies are engaged, it is a material and unfriendly discrimination in favor of State institutions engaged to some extent in a competing business with that of national banks. Trust companies, REPORT OF THE COMPTROLLER OF THE CURRENCY. 117 "however, in New York, according to the powers conferred upon them by their charters and habitually exercised, are not in any proper sense of the word banking institutions. They have the following powers: To receive moneys in trust and to accumulate the same at an agreed rate of interest; to accept and execute all trusts of every description committed to them by any person or corporation or b}r any court of record; to receive the title to real or personal estate on trusts created in accordance with the laws of the State, and to execute such trusts; to act as agents for corporations in reference to issuing, registering, and transferring certificates of stock and bonds, and other evidences of debt; to accept and execute trusts for married women in respect to their separate property ; and to act as guardian for the estates of infants. It is required that their capital shall be invested in bonds and mortgages on unincumbered real estate in the State of New York worth double the amount loaned thereon, or in stocks of the United States or of the State of New York, or of the incorporated cities of that State. It is evident, from this enumeration of powers, that trust companies are not banks in the commercial sense of that word, and do not perform the functions of banks in carrying on the exchanges of commerce. They receive money on deposit, it is true, and invest it in loans, and so deal, therefore, in money and securities for money in such a way as properly to bring the shares of stock held by individuals therein within the definition of moneyed capital in the hands of individuals, as used in the act of Congress. But we fail to find in the record any sufficient ground to believe that the rate of taxation, which in fact falls upon this form of investment of moneyed capital, is less than that imposed upon shares of stock in national banks. It appears from the tax laws of New York applicable to the subject, as judicially constnled by the court of appeals of that State, that the capital stock of such a corporation is to be assessed at its actual value. The actual value of the whole capital stock is ascertained by reference, among other standards, to the market price of its shares, so that the aggregate value of the entire capital may be the market price of one multiplied by the whole number of shares. Oswego Starch Factory v, Dolloway, 21N. Y., 449; The People v. The Commissioners of Taxes, 95 N. Y., 554. From this are to be deducted, of course, the real estate of the corporation otherwise taxed, and the value of such part of the capital stock as is invested in non-taxable property, such as securities of the United States. In addition to this, the corporation, as already stated, pays to the State, as a State tax, a tax upon its franchise based upon its income ; the tax on the capital being for local purposes. Ifc is evident, we think, that taxation in this mode is at least equal to that upon the shares of individual stockholders, for if the same property was held for the same uses and taxed by the same rule in the hands of individuals, as moneyed capital, it would be subject to precisely the same deductions; in addition to which the individual would be entitled to make a further deduction of any debts he might owe. Upon these grounds, therefore, we are of opinion that this mode of taxing trust companies does not create the inequality which the appellant alleges. In the case of savings banks, we assume that neither the bank itself nor the individual depositor is taxed on account of the deposits. The language of the statute (section 4, chapter 456, laws of 1857) is as follows: " Deposits in any banks for savings, which are due to the depositors, . . shall not be liable to taxation, other than the real estate and stocks which may be owned by such bank or company, and which are now liable to taxation under the laws of this State." According to the stipulation in this case, the deposits in such banks amount to $437,107,501, with an accumulated surplus of $68,669,001. It can not be denied that these deposits constitute moneyed capital in the hands of individuals within the terms of any definition which can be given to that phrase; but we are equally clear that they are not within the meaning of the act of Congress in such a sense as to require that, if they are exempted from taxation, shares of stock in national banks must thereby also be exempted from taxation. No one can suppose for a moment that savings banks come into any possible competition with national banks of the United States. They are what their name indicates, banks of deposit for the accumulation of small savings belonging to the industrious and thrifty. To promote their growth and progress is the obvious interest and manifest policy of the State. Their multiplication can not in any sense injuriously affect any legitimate enterprise in the community. We have already seen that by previous decisions of this court it has been declared that " it could not have been the intention of Congress to exempt bank shares from taxation because some moneyed capital was exempt" (Hepburn v. School Directors, 23 Wallace, 480), and that "the act of Congress was not intended to curtail the State power on the subject of taxation. It simply required that capital invested in national banks should not be taxed at a greater rate than like property similarly invested. It was not intended to cut off the power to exempt particular kinds of property, if the legislature chose to do so." Adams r. Nashville, 95 U. S., 19. The only limitation, upon deliberate reflection, we now think it necessary to add, is that 118 REPORT OF THE COMPTROLLER OF THE CURRENCY. these exemptions should be founded upon just reason, and not operate as an unfriendly discrimination against investments in national-bank shares. However large, therefore, may be the amount of moneyed capital in the hands of individuals, in the shape of deposits in savings banks as now organized, which the policy of the State exempts from taxation for its own purposes, that exemption cannot affect the rule for the taxation of shares in national banks, provided they are taxed at a rate not greater than other moneyed capital in the hands of individual citizens otherwise subject to taxation. It is further objected, on similar grounds, to the validity of the assessment complained of in this case that municipal bonds of the city of New York to the amount of $13,467,000 are also exempted from taxation. The amount of the exemption in this case is comparatively small, looking at the whole amount of personal property and credits which are the subjects of taxation ; not large enough, we think, to make a material difference in the rate assessed upon national-bank shares; but, independently of that consideration, we think the exemption is immaterial. Bonds issued by the State of New York, or under its authority by its public municipal bodies, are means for carrying on the work of the government, and are not taxable even by the United States, and it is not a part of the policy of the government which issues them to subject them to taxation for its own purposes. Such securities undoubtedly represent moneyed capital, but as from their nature they are not ordinarily the subjects of taxation, they are not within the reason of the rule established by Congress for the taxation of national-bank shares. The same considerations apply to what is called an exemption from taxation of shares of stock of corporations created by other States and owned by citizens of New York, which it is agreed amount to at least the sum of $250,000,000. It is not pretended, however, that this exemption is based upon the mere will of the legislature of the State. The courts of New York hold that they are not the proper subjects of taxation in the State of New York, because they have no situs within its territory for that purpose. Hoyt v. The Commissioners of Taxes, 23 N. Y., 224 ; People, ex rel. etc., v. The Commissioners, 4 Hun, 595. The objection would be equally good if made to the non-taxation of real estate owned by citizens of New York, but not within its limits. Clearly the property to be taxed under the rule prescribed for the taxation of nationalbank shares must be property which, according to the law of the State, is the subject of taxation within its jurisdiction. Upon these grounds, substantially the same as those on which the circuit judge proceeded, 28 Fed. Rep., 776, we are of opinion that, the appellant is not entitled to the relief prayed for. The decree of the circuit court is, therefore, affirmed. CONCLUSION. I have the honor to submit in the Appendix, page 165, a summary of communications received from various parts of the country during the last year and a half, suggesting modifications of the Jaws by which, in the opinion of the writers, the national banking system would be improved and perpetuated. Upwards of forty plans have been suggested, which are appropriately classed under five propositions, viz : 1. To do away with the note-issuing function of the banks. 2. To increase the inducements for the banks to deposit United States bonds as a basis of national-bank circulation. 3. To provide by a new issue of bonds for a continuance of the present or of some modified system of national-bank circulation based on United States bonds. 4. To substitute some other security for United States bonds deposited in the Treasury as a basis for national-bank circulation. 5. To allow the banks to issue circulation upon their general credit, without requiring specific security to be deposited. The various suggestions for the deposit of gold and silver as a basis of circulation have been left out of consideration, because, as they contemplate deposits equal in value to the currency to be issued, they contain no inducement either to the public or to the banks to adopt them, and, therefore, they are obviously impracticable. The Treasury now REPORT OF THE COMPTROLLER OF THE CURRENCY. 119 issues gold'and silver coin certificates, which answer all the purposes of such currency. Among the propositions above stated, that which contemplates maintaining the national-bank system without any currency feature is hardly worth considering so loug as it is generally conceded that Congress has no certain authority under the Constitution to charter banks that do not issue currency. The fourth proposition, viz, to substitute State, county, and municipal securities for United States bonds as a basis of circulation, is subject to the fatal objection that the power to accept some and reject others among those securities would have to be lodged somewhere, and as its exercise would incidentally raise and depress the prices of such securities, it would be dangerous to adopt any scheme involving the confiding of such power to any official or any board. There remain, therefore, but three propositions to be considered as within the range of probable adoption : I.—Proposition second, to increase the inducements for the banks to deposit United States bonds as a basis of national-bank circulation. II.—Proposition third, to provide by a new issue of bonds for a continuance of the present or of some modified system of national-bank circulation based on United States bonds. III.—Proposition fifth, to allow the banks to issue circulation upon their general credit without requiring specific security to be deposited. Before considering these propositions separately, it is important to observe that the case to be dealt with is that of 3,001 banks now in full operation, with bonds to the aggregate amount of $188,828,000 deposited in the Treasury, on which there is outstanding $109,215,067 of circulation. It is obvious that this fact must exercise a controlling influence upon the discussion, because it has a paramount bearing upon the two fundamental questions, viz: First, what is practicable, and, secondly, what is expedient ? A third question may be raised, viz, what is just to the banks ? But this question is really merged in the other two, because the relations between the banks and the public are such as to render any unjust measure both inexpedient and impracticable. It must be obvious, on merely looking at the question from this point of view, that many things that might be practicable or expedient, or both, if we were now initiating a national-bank system, may be impracticable or inexpedient when applied to the existing system. In discussing the three propositions, therefore, their relative abstract merits must be regarded as subordinate to the effect they will have, severally, upon existing arrangements. In order to apply this method of inquiry intelligently and effectively we must determine, first, what is sought to be remedied, and, secondly, what is sought to be accomplished beyond merely applying remedial measures. Speaking broadly, it may be assumed that remedies are sought, first, for the present continual reduction in the volume of national-bank circulation, and, secondly, for the obstacles which the scarcity and high prices of United States bonds present to the formation of new banks, and to the increase of capital on the part of those already existing. Beyond remedying these defects in the present law, there is a general desire to provide a permanent, safe, and i>opularly acceptable basis for the continued existence and the future growth of the national-bank system. 120 REPORT OF THE COMPTROLLER OF THE CURRENCY. To judge properly whether any measure designed to remedy present defects or to accomplish the other ends named is likely to prove both practicable and expedient, as applied to existing conditions, note must be taken of how such a measure will affect banks differently situated, either geographically or financially, or both, because very great differences in these respects really exist among the banks, and what would attract some of them would repel others. It will be necessary, therefore, to bear in mind that out of the 3,049 banks in operation on October 5 last, 2,150 have $150,000 capital or less, while among the rest there are 107 banks of which the capital is $1,000,000 or over, and G of which the capital amounts to $3,000,000 or over. The 2,150 smaller banks are required by law to hold an amount of bonds equal to 25 per cent, of their capital, while the others, however large their capital, need hold but $50,000 of bonds, which is 10 per cent, on $500,000 capital, 5 per cent, on $1,000,000, and only 1 per cent, on $5,000,000, a discrimination which has become more and more unfavorable to the smaller banks as the bonds have become scarcer and dearer. If all banks should be required to hold 25 per cent, of their capital in bonds, as the smaller banks are, the larger banks wrould quit the system, contracting the circulation by nearly $100,000,000, while, on the other hand, if the minimum of the smaller banks is reduced to, say, 10 per cent, of capital, which is about the average now required of the larger banks, it is probable that many more banks would be formed and that some of the small banks would increase their capital. Having thus before us some of the limitations which encompass the solution of the problem, let us consider the three propositions in the order named: 1. To render the holding of United States bonds more profitable to the banks. Of course this proposition rests upon the assumption that it is desirable for the banks to be encouraged or enabled to hold United States bonds, but this assumption needs to be substantiated. There was a time when it was important that every possible inducement should be given the banks to take these bonds, but this time is past, and the ability of the banks to do as much for the Government in some future emergency will be greatly increased by their being not only free, but inclined to dispose of all the bonds they now hold in excess of the minimum requirement. From the point of view of the Government, therefore, a very important resource in time of future need is curtailed by the banks being needlessly holders of United States bonds at a time of profound peace, and when the credit of the Treasury is at its zenith. The proposition presents to the banks an aspect varying according to circumstances. Of course as long as the holding of bonds is obligatory every bank would like to have this holding made more profitable, but all banks are not situated alike in regard to the profitableness of circulation based on bonds. Some banks now hold much larger amounts of bonds than the law requires, while others profess to be excluded from the system because the holding of even the minimum is too great a burden; hence it must be inferred that some banks find a profit in such investments under conditions that inflict loss upon others. If, therefore, the holding of these bonds is rendered profitable to the latter class^ the degree of its profitableness to the former class will be proportionately increased. This is stated by way of illustration merely and not as an objection, because, obviously, if a commensurate public advantage REPORT OF THE COMPTROLLER OF THE CURRENCY. 121 is secured by this augmentation of profit the incidental benefit to some banks should not be begrudged. The most important consideration, however, is as to what the gain would be to the public regarded as distinct from the Government and the banks. Manifestly the only result that can possibly be claimed as a public gain would be a probable increase of bank-note circulation based on bonds, or at least the maintenance of the present volume of such circulation 5 hence the question as to the public gain involves the precedent question whether increasing the profitableness of bonds as a basis for circulation is likely to increase permanently the volume of national-bank circulation. In the case of these bonds, as of other securities of stable intrinsic value dealt in by the general public, the market price varies directly and the amount on sale at any given time varies inversely with the number and means of purchasers, while under normal conditions purchasers vary in number and means according to the profitableness of the investment, Now, it is demonstrable that it is only the circulation obtainable upon depositing them in Washington that renders the holding of United States bonds in any degree profitable to national banks, while they are sought for and tenaciously held by other investors, who are excluded, from obtaining circulation on them; hence it is prQbable that the present tendency to contraction of the national-bank currency is due to the scarcity and high price of bonds, resulting from the competition between new banks and outside investors for the few bonds on sale. If this is so, it follows that as the circulation is rendered more profitable the premium should go higher; and since almost all the bonds now offered for sale belong to banks reducing their circulation, the supply on the market will be seriously curtailed by any change of the law that renders it more profitable to the banks to buy these bonds than to sell them. If this reasoning is correct, new banks can gain nothing by such measures as we are now considering, because, while they will still have to compete for their bonds with outside investors, they will also remain exposed to competition with the existing banks that are now able to get the most profit out of circulation, nor will existing banks generally be benefited, since there will remain the same disparity as now between those more and those less favorably situated for holding bonds. This reasoning carried to its ultimate results, will be found to establish the proposition that should the holding of bonds be rendered more profitable to the banks, the whole benefit will accrue to those which find such investments profitable now, and the only increase of circulation to be relied upon will be such as these banks may take out in addition to what they now have, while, per contra, the higher premium will discourage the formation of new banks and increase the insecurity now felt as to the permanence of the system. What is desirable from the point of view of those who desire the banks to increase in number and to expand their circulation is that bonds shall decline in price, whereas all these plans tend to elevate their price, because they tend to render the holding of them by banks more profitable than it is now. This reasoning applies to all those plans which involve raising the amount of note issues in proportion to the face of the bonds, taking the tax off circulation, etc.; but there would seem to be no objection to taking the tax off so much of the circulation as rests on the minimum amount of bonds required by law to be deposited, while such relief would be eminently just, because this being obligatory it should be made as little burdensome as possible, and it will chiefly apply to small 122 REPORT OF THE COMPTROLLER OF THE CURRENCY. banks remote from money centers and which are now required to hold an amount of bonds greatly exceeding in percentage upon capital the amount required of larger banks. The second of the three practicable propositions contravenes the settled policy of Congress, which is to reduce and ultimately to extinguish the national debt, and therefore not to issue any bonds having remote maturities. The leading authorities of both political parties, the press of the country, and the people generally have approved this policy, and therefore it seems idle to expect legislation to the contrary, even for the purpose of preserving the banks. If a suspension of this policy were the sole possible condition of preserving the banks there might be a bare possibility of its consideration, but no such argument can be sustained. The last of the feasible projects, viz, proposition fifth, seems to be the only one containing a general principle under which the national-bank system may possibly be perpetuated. This principle is that while preserving all the other features of the system the main volume of bank currency should rest upon the credit and resources of the banks and not upon the credit of the Government. All existing banks are entitled to the privilege of issuing circulating notes to the extent of 90 per cent, of the par of the United States bonds deposited, and this privilege can not justly be curtailed in any case without the consent of the bank. It is prudent also, on the part of the Government, to leave the law unchanged in this respect, for an emergency may hereafter arise when it will be very important to resort to the measures of 1863 for rallying the banks to the support of the Treasury, and in such a case it would be convenient to have all the machinery in working order. On the other hand, there may be good reason why banks which are now being constrained by various influences to bring their circulation on bonds down to the minimum, should be accorded the privilege of issuing currency in addition to that secured by the bonds, if such issues can be subjected to conditions that will preserve the present high credit of the national-bank currency. With the reservation, therefore, that whatever new legislation is proposed should be additional to, and not in repeal of, existing laws as to the deposit of bonds, whether obligatory or optional, and as to the privilege of issuing currency to 90 per cent, of such deposits, we may proceed to the examination of the plans grouped under proposition fifth. These plans are ten in number, and they may be arranged in subgroups according to the basis which they propose for the issue of circulation additional to that which is secured by United States bonds. This basis varies in the different plans: First, according to the volume of circulation to be permitted; second, according to the security underlying the bank-notes; third, according to the provision made for their redemption. The limitation of volume varies in the different plans from 25 per cent, to 100 per cent, upon capital, but no reasons are assigned in any case for the percentage proposed. It seems to be assumed that this is a matter of either fanciful or purely arbitrary selection. As to security, there are four distinct propositions: 1. To depend solely upon the present provision of the law which makes the circulating notes a first lien upon all the assets of a failed bank. 2. To add to this the requirement that a reserve of 25 per cent, in lawful money shall be kept on hand by each bank. REPORT OF THE COMPTROLLER OF THE CURRENCY. 123 3. To create a guaranty fund in the Treasury by devoting to that object the profit on lost circulation and the gradual accumulation from an annual tax of 1 per cent. 4. To make the banks mutual guarantors of each other's issues, the notes of each bank, however, to constitute a first lien upon its assets. The provision for redemption varies in this way: 1. An annual tax of 1 per cent., of which the proceeds shall be used as a redemption fund. 2. The present 5 per cent, redemption deposit. 3. A pro rata assessment on all the issuing banks to whatever amount experience may indicate as sufficient. Since all these plans embrace the maintenance of the present provision that the notes constitute a first lien upon all the assets of a failed bank, it is proper to consider this feature first. The law now makes this lien a security for only the deficiency between the proceeds of deposited bonds and the outstanding circulation. No case of such deficiency has, I believe, ever arisen, and in the present state of the market for United States bonds, none is likely to arise 3 hence the preference thus secured to note-bolders over all other creditors of a national bank has never been enforced nor has its existence in the law affected the general credit of these institutions. Never having had any practical significance it is generally lost sight of. Obviously it will be very different when a currency is issued not specially secured at all, and which in every case of insolvency must be redeemed wholly out of the general assets before these become subject to the claims of depositors. The national banks owe their present prosperity entirely to the confidence of the general public, and this confidence is manifested in the volume of individual deposits, which in the aggregate amount to $1,250,000,000, or 2£ times the aggregate capital of the banks. These deposits constitute the chief resource of the banks, and hence it would be a hazardous thing to introduce into the system any feature likely to disturb the confidence of depositors. The issue of preferred notes to the amount of even 25 per cent, of the capital,r the lowest limit proposed, would be a serious matter to depositors, w hile such issues to the amount of 50,75, and 100 per cent, of capital, as some suggest, would probably cripple fatally the general credit of the banks with prudent depositors, and in that way their means of accommodation would be curtailed in a ratio greater than the increase •of such means derived from the additional issues of currency. It is much more important to the banks as a body to retain and augment their deposits than to acquire the power to issue more currency, nnd the public have even a greater interest than the banks in the preservation of this condition of things, because the credit that attracts deposits is always better founded than that which floats currency, and is also more jealously guarded by the banks enjoying it, and is therefore less likely to be abused. It is, indeed, doubtful whether any really strong and prudent banks would like to risk their credit with depositors by issuing notes as a first lien on their assets, and in that case if the proposition led to the establishment of such a bank currency at all, notes would be issued chiefly by banks having small deposits and their assets might very easily be so handled as to constitute a very poor security, even for the preferred notes. There would certainly be great temptation to a bank to become -speculative when once it had floated all the currency allowed and found 124 REPORT OF THE COMPTROLLER OF THE CURRENCY. itself free from the observation of numerous and vigilant local depositors. If these views are correct, they would seem to be fatal to all schemes of establishing a bank currency secured only by a first lien upon all the assets of the issuing bank, unless some sufficient counterpoise to the objections can be found among the various suggestions as to a 25 per cent, reserve, a sinking fund deposited with the Government, the consolidation of all issuing banks into one association, etc. While none of these devices appears to me likely to prove practically effective in removing the objections, it is probable that considerable diversity of opinion will arise on the subject, and as individual views can not be anticipated, it seems useless to spread the discussion over the whole field of possible contention. It is important, however, to bear in mind that any computations as to the proper ratios of reserve or redemption funds to the volume of currency, which may be drawn from the history of national-bank circulation, will be misleading, because the conditions heretofore obtaining will all be changed when, on the one hand, banks have every temptation to force out circulation, and, on the other hand, the public acquire the habit of presenting these notes for redemption every time the general credit of the bank is affected. In times of panic now, banks have to take care of their depositors only, the ordinary process of the redemption of notes is not materially varied, nor is the volume of general currency diminished, but when there is no special security behind these notes, the case will be very different; every rumor of monetary trouble will bring both the noteholders and the depositors clamoring for payment, and just when there is most need of money to pay them with, the currency will be contracted by the discredit of national-bank circulation. In answer to these general objections to the first lien principle, it may be said, of course, that the assets of the bank will be increased by the whole amount of its issue of notes, while now its assets are actually diminished by the difference between the cost of the bonds and the circulation received from the Government. This is very true; and if those assets were set aside, as the bonds now are, as specific security for the notes, and if, moreover, they could be always maintained in a form as intrinsically valuable and as readily convertible as the bonds are, the force of the objection would be destroyed; but no one familiar with practical banking can really believe that either of these conditions could be maintained in even a single case, while it is more than, probable that in most cases they would be disregarded, and the old adage "easy come, easy go" would receive fresh illustration from numerous instances in which the facility of uttering currency * would lead, as it did under the old State-bank system, to very lax and speculative methods of employing the resources so obtained. If the views here submitted are correct, it would appear that na substitute yet proposed for the present basis of national-bank circulation is sufficiently free from objection to be adopted. The 4-per cent, bonds will not mature for twenty years; and, apart from other considerations, there is enough in this fact to justify caution and delay in making any radical change in the basis of circulation. In that timey no doubt, something acceptable will be devised, but at present all that seems practicable is to modify the existing law so as to obviate its inconveniences, and as a first step toward this end it appears both safe and wise to reduce the minimum amount of bonds to be kept on deposit* REPORT OF THE COMPTROLLER OF THE CURRENCY. 125 This is, no doubt, quite a safe step, because capital is no longer attracted to the system or held in it by any profit derived from circulation, or by the prospect of any profit to be made by holding bonds. These early inducements have been replaced by others of a much more permanent and satisfactory character. The high credit attaching to national banks, the business-like methods cultivated in their relations with the public, and other similar influences developed within the system itself, constitute a cohesive attraction, which makes it stronger to-day than it has ever been before. Eeducing the minimum requirement as to bonds, therefore, can not weaken the system. Concurrently with the progress of this healthful change in the system itself, the bonded debt of the United States has been gradually reduced in amount and refunded at lower rates of interest, while such is the investment demand that the still outstanding bonds of every class are constantly becoming scarcer on the market; indeed, there is hardly any longer a regular market for United States bonds, because they are held almost entirely either by a limited class of investors, who rarely care to sell, or by national banks, which in many cases can not sell. One effect of this condition of things is to make the obligation to deposit bonds a serious obstacle to the formation of new banks in the sections where they are most needed, and to the increase of capital on the part of those banks of which the capital does not already exceed $150,000. The public needs and demands a continual increase of banking facilities, and to supply those facilities it is necessary to have not only more banks, but banks in a greater number of localities, and also some increase of capital among banks previously established. The need of such increased facilities is coextensive with the country, but it is most pressing in those sections where the growth of population and the expansion of industry are year by year outstripping the measure of accommodation afforded by local capital. To such communities the national-bank system affords opportunities otherwise unobtainable for bringing to the development of their resources supplies of capital from the remote centers of cheap and abundant money $ hence, any obstacles to the growth of this system in our newer States and Territories is a more serious matter than it is elsewhere. Another effect of the laws as they now stand is to deprive the national-bank circulation of the little elasticity possible to it, because the volume of this circulation varies with the amount of bonds held by the banks, and not only are bonds too scarce and dear to be freely bought and sold, but the inducement to banks to reduce their holdings of bonds to the minimum prescribed by law is constant and of growing intensity, while there are no inducements to an increase of such holdings 5 consequently there is neither elasticity nor steadiness in the volume of bank notes, but only a continuous contraction of circulation that year by year more than overcomes the annual expansion due to the formation of new banks, and keeps the public mind in a state of feverish anxiety, always easily excited into alarm. Still another effect is to render the banks very sensitive to every step made towards reducing the bonded debt of the Government. A striking instance of this occurred lately in connection with the redemption of the 3 per cent, bonds. On August 12, 1886, the redemption of these bonds was resumed, and the last call matured July 1,1887, after which date 3 per cent, bonds were no longer available as a basis of circulation. At the former date the national banks held $103,351,650, 126 REPORT OF THE COMPTROLLER OF THE CURRENCY. on which their outstanding circulation amounted to $93,010,485, so that the redemption of the bonds forced the batiks either to surrender circulation to this amount or to replace the 3 percents with bonds obtainable only .at a premium. The progress of this rapid redemption and its effect upon nationalbank circulation are elsewhere described in detail. What is material in connection with the topic now under consideration is, that while the unprecedented contraction produced less immediate embarrassment than it might have done, yet it so disturbed public confidence, and, rendered the banks so nervous, that the annual autumnal monetary stringency in New York was magnified last September into a portent of impending disaster, and came near seriously interrupting the industries of the entire country. This effect carries with its recognition considerations as to the future^ which are of national importance, because in the autumn of 1801 the 4£ per cent, bonds will become subject to call, and unless precautions are taken in advance to prevent a recurrence of the disquietude we have so lately experienced, the anxieties of this year will have been suffered in vain. Of those bonds there are now outstanding $230,500,000, and one of the most important problems of the immediate future is how to deal with this indebtedness. The conditions of the problem will be materially simplified if the banks are permitted and induced to gradually reduce their holdings of 4J percents. With a view to facilitating the healthy and natural expansion of the national-bank system, to restoring stability and some degree of elasticity to the circulation based on bonds, and to obviating a recurrence, with respect to the 4 J per cent, bonds, of the perilous experience of the last twelve months with respect to the 3 percents, it appears to be wise to reduce the minimum requirement of bonds; and I respectfully recommend that it be hereafter fixed at one-tenth of the capital of all banks of which the. capital does not exceed $250,000, and that no bank shall be required to maintain a deposit of more than $25,000 in bonds f also that the banks be relieved of taxation upon so much of the circulation issued to them as is represented by the minimum of bonds which the law requires them to deposit. This latter recommendation is made chiefly in the interest of the small country banks, to which every expense is a burden, ^nd which, as a rule, deposit only the minimum of bonds. It would seem to be quite proper to tax circulation in excess of that represented by the minimum of bonds, not for the sake of revenue only,, but because such a tax tends to impart elasticity to the entire volume of circulation, and because any bank that likes may escape the tax; but both justice and policy appear to be against a tax on circulation represented by bonds of which the deposit is obligatory. The recommendation to reduce the minimum amount of bonds to be deposited is supported by the following considerations: 1. As the law now stands, the total amount of bonds required to be deposited by the 3,049 banks in operation on October 5 is $89,912,347, while the amount actually on deposit at that date was $189,083,199, or $99,170,753 more than the minimum requirement. This excess is distributed as follows: 2,150 banks of $150,000 capital and under, of which the minimum is $44,962,347, hold actually $79,485,000— an excess of $34,522,653 ; 899 banks of over $150,000 capital, of which the minimum is $44,950,000, hold actually $109,598,100—an excess of $64,648,100. REPORT OF THE COMPTROLLER OF THE CURRENCY. 127 If the proposed change is made the banks in operation on October 5 will stand thus: 2,552 banks with not over $250,000 capital; minimum, $26,400,309; actual, $116,444,250; excess, $90,043,941; 497 banks with over $250,000 capital; minimum, $12,425,000; actual, $72,638,850; excess, $60,213,850. Total excess, $150,257,791. Of course it is to be expected that some banks will be prompted by the change in the law to reduce their circulation, but the magnitude of this reduction and the rate at which it can be effected will be controlled by two influences; first, the provision of law which limits to $3,000,000 the amount of lawful money that may be deposited in any calendar month in order to effect the withdrawal of circulation ; and, secondly, the decline in the price of the bonds which must attend any sudden and large increase in the amount offered for sale. Banks will not surrender circulation except to realize the premium by selling their bonds. 2. While undoubtedly these two influences will effectually prevent any monetary disturbance, arising from the change in the law, they will not even obstruct but will materially promote such gradual changes in the bonds on deposit as will enable the banks to be practically free from 4J per cent, bonds by the time these mature in 1891, The total amount of 4.J per cent, bonds held on October 31 as security for circulation was $69,696,100, and therefore it will only require changes to the extent of about $17,500,000 annually to render the banks entirely independent, in four years, of any policy the Treasury may adopt as to these bonds. If they are redeemed the national-bank circulation will be undiminished by the process of redemption ; if they are refunded on terms admitting of a profit on circulation^ the banks will be in a good position to buy the extended bonds. 3. One effect of a gradual shifting of deposits out of 4J per cent* bonds will probably be, that as the volume of circulation based on these bonds becomes reduced, a corresponding decline will be observed in the sensitiveness of the banks and of the money market to the progress of redemption of the public debt. This is a VBry important consideration, because it is desirable that when the time arrives for deciding what is to be done with the 4J per cent, loan, there shall arise neither the apprehension of financial disturbance nor any strong popular pressure to influence the choice between payment and extension. From every point of view it is desirable that this choice should turn wholly on the position and prospects of the public finances. 4. Throughout the whole period of the existence of the nationalbank circulation there never has been a time when the volume of the outstanding notes has been determined by commercial forces only; the operations of the Treasury have always exercised an abnormal and a disturbing influence, and reciprocally the state of the currency has constantly fettered the operations of the Treasury. If the proposed change in the law tends even in the least degree to release the Treasury and the currency from this unnecessary and harassing interdependence, it will be a great public gain. 5. Once free from the disturbing cause referred to, there is no reason why the volume of national-bank currency should not soon find its natural centre of oscillation ; that is, the point above and below which its normal movements of increase and decline would conform to the varying needs of the commercial and other industries of the country. From the stand-point of these industries, elasticity is more important than quantity in the currency; their interests are better subserved by 128 REPORT OF THE COMPTROLLER OF THE CURRENCY, a currency so elastic in volume as to respond immediately to variations in the demand for it, than by a great volume of money rigid in amount. Elasticity in the volume of the currency supplies to commercial operations what springs and a smooth road supply to transportation. In each case more can be accomplished with less wear and tear and less breakage than is possible when these conditions are wanting. 0. A reduction in the amount of bonds which the banks are required to have on deposit will prepare the way for a change in the basis of circulation, in case such change may hereafter seem expedient. As long as the law compels the smaller banks to invest more than onefourth of their capital in bonds (counting in the premium), it may be unjust to them to permit circulation to be issued upon any other security, for only the large banks could then get the full benefit of such permission; but 10 per cent, of capital invested in bonds will not be a serious impediment even to banks of $50,000 capital getting their fair share of any privileges as to circulation that may hereafter be determined upon. 7. It should be observed, finally, that owing to the two retarding influences already referred to, the results here suggested can be accomplished only during a considerable lapse of time, and of course, in the interval, unforeseen conditions may arise and unexpected influences may modify or reverse the tendencies now existing; but it does not seem possible that any change of conditions or of tendencies can cause embarrassment to the banks or to the public fairly chargeable to the proposed change in the law. W. L. TRENHOLM, Comptroller of the Currency. The SPEAKER OF THE HOUSE OF EEPRESENTATIVES. APPENDIX. 8770 CUB 87 9 129 A DIGEST OF NATIONAL-BANK CASES. CONTENTS* I. Constitutional law. (1) Powers of Congress ; (2) Powers of the- States. II. Powers and liabilities of national banking associations. (I) Implied powers ; (2) As to collateral securities; (3) Special deposits ; (4) Government securities; (5) Certified check; (6) Purchasing check; (7) Stocks; (8) Deposits to secure performance of contracts ; (9) Loans in excess of one-tenth capital; (10) Real estate ; (11) Certificates of deposits ; (12) Lien on dividends; (13) Contracts and obligations of old corporation; ^14) Place of business; (15) Circulating notes ; (10) Business of liquidating association. III. Ultra vires. (1) Dealing in stocks; (2) Purchasing negotiable paper; (3) Lending credit; (4) Mortgages on real estate ; (5) When association cannot set up want of power. IV. Stock. (1) Purchasing its own stock; (2) Liens on stock ; (3) May be attached; (4) Capital set free belongs to shareholders; (5) Contracts to give shares for business; (6) Transfer of stock; (7) Subscriptions to increase of capital stock; (8) Speciiic performance of contract to sell. V. Shareholders. (1) Estopped to deny incorporations ; (2) Individual liability. VI. Officers. (1) Tenure of office; (2) Bonds of officers; (3) Directors most act as a board; (4) Borrowing of association; (5) Liability for violations of law; (6) Directors of converted banks; (7) Retirement of directors. VII. Interest. (1) What interest associations may take ; (2) On claims against insolvent and liquidating associations; (3) Usury. VIII. Insolvent associations. (1) Not subject to bankrupt act; (2) What constitutes insolvency; (3) Assets a trust fund; (4) United States has no priority ; (5) Claims for torts; (6) Preferences; (7) Basis for estimation of dividends; (8) Set-off. IX. Receivers. (1) Officer of the United States ; (2) Whom he represents ; (3) How far subject to Comptroller's orders; (4) Power of courts to appoint; (5) Debtors of association can not question legality of appointments; (6) Receiver's decision not linal; (7) Sale by; (8) Contracts of; (9) Expenses of receivership for association which has gone into liquidation. X. Taxation. (1) What may be taxed ; (2) Eate; (3) Valuation ; (4) Exemptions; (5) Collection of tax from association; (6) License tax; (7) Powers of taxing officers; (8) Enforcement of taxes; (9) Location of association for taxing purposes. *Cases which turned upon a peculiar state of facts, and many which but reiterate settled principles, have been omitted; also, a few which are reported so badly or so meagerly that the precise points decided do not clearly appear. 132 REPORT OF THE COMPTROLLER OF . THE CURRENCY. XI. Jurisdiction. (1) Jurisdiction of Federal courts prior to the act of July 12, 1882 ; (2) Jurisdiction of Federal courts subsequent to act of July"12, 1882; (3) Jurisdiction of State courts; (4) United States can not be subjected to jurisdiction of court; (5) Citizenship. XII. Suits. (1) By and against associations; (2) By shareholders; (3) By "receivers; (4) By creditors of insolvent association; (5) For usury; (6) To enforce liability of shareholders; (7) Execution; (8) Attachments; (9) Abatement; (10) Estoppel; (11) Suits against liquidating associations; (12) Transitory and local suits; (13) Survival of suits. XIII. Evidence. (1) Certificates of Comptroller; (2) Evidence of insolvency; (3) Necessity for assessment by Comptroller. XIV. Crimes. (1) Under United States laws; (2) Under State laws; (3) Term " United States currency v in penal statutes. REPORT OF THE COMPTROLLER OF THE CURRENCY, 133 I. CONSTITUTIONAL LAW. 1. POWERS OF CONGRESS: (a) Congress has the constitutional power to incorporate banks. (McCulloch v. Maryland, A Wheat, 316 ; Osbornv. Bank of the United Stales, 9 Wheat., 738.) (b) Congress has power to clothe national banking associations, as to their contracts and dealings with the world, with any special immunities and privileges exempting them, in their trade and intercourse with others, from the laws and remedies applicable in like cases to other citizens. (The Chesapeake Bank v. The First National Bank of Baltimore, 40 Md., 209.) (c) Thus, the provision of.the banking law that no attachment, injunction, or execution shall issue against a national banking association before final judgment in any suit, action, or proceeding in a State court is constitutional. (Ibid.) • (d) The tax imposed on State or national banks paying out the notes of individuals or State, banks used for circulation is constitutional. (Veazie Bank v. Fenno, 8 Wall, 533.) (e) So is the tax imposed on them for1 paying out the circulating notes of municipal corporations. States, 101 U. S., 1.) (Merchants National Bank of Little Rock v. United ( / ) Such a tax is not a direct tax within the meaning of the clause of the Constitution, which declares that " direct taxes shall be apportioned among the several States, according to their respective numbers." (Veazie Bank v. Fenno, and Merchants' National Bank of Little Hock v. United States, supra.) (g) Congress having, in the exercise of undisputed constitutional powers, undertaken to provide a currency for the whole country, may secure the benefit of it to the people by appropriate legislation. (Veazie Bank v. Fenno, supra.) (h) Congress has the power to divest the United States courts of their jurisdiction of suits by or against national banking associations. (National Bank of Jefferson v. Fare et al., U. S. C. C. (E. D. Texas), 25 Fed, Hep., 209.) 2. POWERS OF THE STATES: (a) National banking associations, being instruments designed to aid the Gov eminent in the administration of a branch of the public service, cannot be controlled by the States, except in so far as Congress may see proper to per1 mit. (Farmers and Mechanics Bank v. Bearing, 91 U. S., 29.) (b) No authority from the State is necessary to enable a State bank to convert itself into a national banking association. (Casey v. Galli, 94 U. £., 673.) (c) National banking associations located outside of a, State are subject to its restraining acts prohibiting all corporations, not authorized by the law of the State, from keeping therein offices for the purpose of discount and deposit. (National Bank of Fairhavtn v. The Phoenix Warehousing Company, 6 Hun, 71. ) (d) It is competent for a State by penal enactments to protect its citizens in their dealings with national banking associations located within the State. (State v. Fuller, 34 Conn., 280; see also Taxation and Jurisdiction.) II. POWERS AND LIABILITIES. 1. IMPLIED POWERS: To the enumerated powers of national banking associations are to be superadded all the powers incidental to the business of banking. (Pattison v. Syracuse National Bank, 80 N. ¥., 82.) 2. A s TO COLLATERAL SECURITIES : (a) A national banking association may take stock of a corporation as collat1 eral security for a loan. (Shoemaker v. The National Mechanics Bank, 2 Abb. U. S., Alii',' Can field v. The State National Bank of Minneapolis, U. S. C. C. (Dist. Minn ) , 1 Northwestern Reporter, 173.) (6) And it may take for such purpose the stock of another national banking association. (National Bank v. Case, 99 U. S., 628.) NOTE,—But this point was not necessary to the decision of the case. 134 REPORT OF THE COMPTROLLER OF THE CURRENCY. 2. As TO COLLATERAL SECURITIES—Continued. (c) A national banking association may take a pledge of personal chattels as security for a loan. {Pittsburgh Locomotive and Car Works v. State National Bank of Keokuk, U. S. C. C. (Eighth Circuit, 1875), 2 Cent. L. J.,692.) (d) A national banking association may take as security for a loan the indorsement of a married woman, charging her separate estate. Such security is to be treated as personal security, within the meaning of the banking law, and not as a mortgage. (Third National Bo,nk v. Blake, 73 N. Y., 260.) (e) A national banking association may take as collateral security for a loan a warehouse receipt for merchandise. (Cleveland, Brown $- Co. v. Shoeman, 40 Ohio St., 176.) (/) A national banking association may take as security for a loan the stock of a corporation whose entire capital is vested in real estate. Such a loan does not amount to a lending upon mortgage. (Baldwin v. Canfield, 26 Minn., 43.) (g) An agreement by a national banking association to the effect that, in case a note discounted by it shall not be paid, a mortgage given by the maker to his indorser shall inure to the benefit of the association, is not inhibited by the national banking law. (First National Bank v. Haire, 36 Iowa, 443; see also National Bank v. Matthews, 98 U. S., 621.) (h) A national banking association having taken a mortgage on real estate to secure a debt previously contracted may, in order to protect itself, pay off a prior lien on the said real estate 1; and the lien which it thus acquires it may enforce. (Ornn v. Merchants National Bank, 16 Kans., 341; Holmes v. Boyd, 90Ind., 332.) (i) Where a national banking association has taken collaterals to secure a loan, and, after the loan has been repaid, holds them to secure future advances, it is not a gratuitous bailee; and it is responsible for the loss of such collaterals occasioned by its lack of ordinary care and diligence, though at the time the bailor was not indebted to it. (Third National Bank of Baltimore v. Boyd, 44 Md., 47.) 3. SPECIAL DEPOSITS : (a) A national banking association may receive special deposits. The provision in section 5228, Revised Statutes, authorizing an association u to deliver special deposits " implies that it may receive them as a part of its legitimate business; and this implication is as effectual as an express declaration to the same effect would have been. (National Bank v. Graham, 100 U. S., 699.) (/;) National banking associations have power to receive special deposits either gratuitously or otherwise. (Pattison v. Syracuse National Bank, 80 N. Y., 82.) (c) But the executive officers of an association can not bind it as a gratuitoj*s bailee, unless they have a special authority from the board of directors so to do, or there exists a general custom or usage to that effect. (First National Bank of Lyons v. Ocean National Bank, 60 N. Y., 278.) 4. GOVERNMENT SECURITIES: (a) National banking associations can engage in the business of dealing in and exchanging Government securities. ( Van Leuven v. First National Bank, 54 JV. F.,671; Yerkes v. National Bank of Port Jervis, 69 N. I7., 383; Leach v. Rale, 31 Iowa, 69.) (b) And where an association receives United States bonds of one class for the purpose of having them converted into bonds of another class, it is not a mere mandatary, but is responsible for the failure to deliver the bonds on demand. (Leach v. Hale, supra.) 5. CERTIFIED CHECK : A national banking association may "certify" a check. A "certified" check is not within the meaning of section 5183, Revised Statutes, which prohibits the issuing of post-notes or any notes to circulate as money other than such as are authorized by the national banking law. (Merchants' National Bank v. State National Bank, 10 Wall., 604.) 6. PURCHASING CHECK : A national bank may buy a check drawn upon another bank; and whether the check is payable to order or to bearer is immaterial. (First National Bank of Rochester v. Harris, 108 Mass., 514.) 7. STOCKS : (a) A national banking association, in the compromise of a claim growing out of its legitimate business, may take railroad stock. (First National Banlc of Charlotte v. National Exchange Bank of Baltimore, 92 U. S., 122.) REPORT OF THE COMPTROLLER OF THE CURRENCY. 135 7. STOCKS—Continued. (b) And when necessary to do so, it may pay the difference between the value of the stock and the amount of the claim. {Ibid.) (c) A national banking association may take and hold the coupons of municipal bonds, and may maintain actions thereon. (First National Bank of North Bennington v. Town of Bennington, U. S. C. C. (Dist. Vt.). Browne's N. B. Cas., 437 j see also Lyons v. Lyons National Bank, 19 Blatch., 279.) 8. DEPOSITS TO SECURE PERFORMANCE OF CONTRACT: A national banking association may receive a deposit to be held by it as security for the faithful performance o1: a contract between the depositor and another. (Bushnell v. The Cliautauqua County National Bank, 10 Hun, 378.) NOTE.—But the court put the decision upon the further ground that even were the contract ultra vires, the association, having received the deposit, was estopped from setting up its want of power. 9. LOANS IN EXCESS OF ONE-TENTH CAPITAL: (a) Sec. 5200, Revised Statutes, which provides that the total, liabilities to any association of any person, etc., shall not exceed one-tenth part of the capital stock paid in, was intended only for the guidance of the association, and, though its franchises may be liable to forfeiture for violation of the law, the association may recover of the borrower the full amount of the loan. {GoldMining Company v. Rocky Mountain National Bank, 96 U. S.f 640; (yilarcv. Second National Bank of' TitusviUe,!! Penn. St., 96; Shoemaker v. The National Mechanics' Bank, 2 Abb. U. S., 416 ; Stewart v. National Union Bank of Maryland, 2 Abb. U. S., 424.) (b) A note is not illegal because at the time it was discounted by the association the maker was indebted to the association in a sum equal to more than one-tenth part of its capital. (O'llare v. Second National Bank of Titiisvitte, supra.) {c) And a court of equity will not enjoin an association, at the instance of the borrower, from transferring to innocent third persons notes and securities, on the ground that the notes represent part of a loan made in excess of 10 per cent, of the capital of the association. {Elder v. First National Bank of Ottawa, 12 Kans., 238.) (d) Where a State bank makes a loan to one person of an amount in excess of one-tenth part of its capital, and is afterward converted into a national bank, it may, after conversion, extend the time for payment of such loan without violating section 5200, Revised Statutes. (Allen v. The First National Bank of Xenia, 23 Ohio St*, 97.) 10. REAL ESTATE : (a) Where a national banking association acquires real estate which it is not authorized to take, th/? conveyance to it is not void, but only voidable. And the title of the association to such real estate is good until assailed in a direct proceeding by the Government. (Ileynolds v. CrawfordsvilleBank, 112 il. S., 405; see also National Bank v. Matthews, 98 U. S., 621 ; National Bankv. Whitney, 103 U. S., 91); Swope v. LefingweU, 105 U. £ . , 3 ; Fortier v. New Orleans Bank, 112 U. S., 439.) (b) The amount of real estate which a national banking association may purchase to secure a pre-existing debt is not limited to the exact amount of the debt, but as much may be purchased as is necessary to secure the debt due, so long as the security of such debt is the real object of the purchase. ( Upton v. National Bank of South Heading, 120 Mass., i53.) (c) Where the purpose is to secure a debt previously contracted, a national banking association may take a conveyance of real estate worth more than the debt, and pay the difference between the debt and the value of the property. (Libby v. Union National Bank, 99 III., 622.) (d) Where a national banking association sells real estate it may take a mortgage thereon to secure the payment of the purchase-money. (New Orleans National Bank v. Raymond, 29 La. Ann., 355.) 11. CERTIFICATES OF DEPOSIT : National banking associations may issue certificates of deposit. Such certificates are not post-notes within the prohibition of section 5183, Revised Statutes. (Hunt v. Appellant, Supreme Court of Mass., May 7, 1886 ; Riddle • v. First National Bank, U. S. C. C. (W. D. Penn.), 27 Fed. Rep., 503.) 12. LIEN ON DIVIDENDS : An association has an equitable lien upon dividends declared for any just debt due to it from the shareholders. (Hager v. Union National Bank. 63 Me., 509.) 136 REPORT OF THE COMPTROLLER OF THE CURRENCY. 13. CONTRACTS AND OBLIGATIONS OF OLD.CORPORATION: (a) Where a State bank lias been converted into a national banking association i>-way enforce all contracts made with it while a State corporation. {City National Bank v. Phelps, 97 N. Y, 44.) (1)) And it is liable, after the conversion, for all the obligations of the old institution. {Coffee v. The National Bank of Missouri, 46 Mo., 140; Kelsey v. The National Batik of Crawford, 69 Penn. St., 426.) (e) A national banking association organized as the successor of a State bank may take and hold the assets of the bank whose place it takes, though there was not in form a conversion from a State to a national corporation, but the organization of a new corporation. {Bank v. Mclnlire, 40 Ohio St., 528.) {d) And such association will be liable to the depositors of the former bank. {Bans v. Exchange Bank, 79 Mo., 182.) 14. PLACE OF BUSINESS : {a) The provision requiring " the usual business " of the association to be transacted " at an office or banking-house in the place specified in its organization certificate" must be construed reasonably; and a part of the legitimate business of the association which can not be transacted at the banking-house may be done elsewhere. {Merchants1 Bank v. State Bank, 10 Wall., 604.) (&) Although the general business of a national banking association is to be transacted at its place of business, yet, if the association is fully advised of the facts, and does not object, and there is no fraud, its officers, when acting within the general scope of their authority, may bind it by acts done at another place. {Burton v. Burley, 9 Biss., 253.) 15. CIRCULATING NOTES : The circulating notes of a national banking association aro valid, though they do not bear the imprint of the seal of the Treasury. Such imprint was intended to be simply evidence of the contract, and forms no part of the contract itself. ( United States v. Bennett, 17 Blatch., 357.) 16. BUSINESS OF LIQUIDATING ASSOCIATION : After an association goes into liquidation there is no authority on the part of its officers to transact any business in its name so as to bind its shareholders, except that which is implied in iiie duty of liquidation, unless such authority has been expressly conferred by the shareholders. {Richmond v. Irons, 121 77. S., 27.) III. ULTRA VIRES. 1. DEALING IN STOCKS: (a) A national banking association is not authorized to act as a broker or agent in the purchase of bonds and stocks. {First National Bank of Allentown v. Moch, 89 Penn St.. 324 ; Weckler v. The First National Bank of Hagerstown, 42 Md., 581.) {b) A national banking association can not deal in stocks. The prohibition is to be implied from the failure to grant the power. {First National Bank v. National Exchange Bank, 92 U. 6\,' 122.) NOTE.—But see as to its power to deai in Government securities, Powers, 4. 2. PURCHASING NEGOTIABLE PAPER: A national banking association can not purchase negotiable paper. {Lazear v. National Union Bank ofBaltimore, 52i/d.,78; First National 1Bank of Rochester v. Pier8on, 24 Minn., 140; see also Farmers and Mechanics Bank v. Baldwin, 28 Minn., 198. But see Smith v. The Exchange Bank of Pittsburgh, 26 Ohio St., 141.) 3. LENDING CREDIT: (a) A national banking association can not lend its credit. {Johnston v. Charloitesville National Bank, ^Hughes, 657; Seligman v. Charlottesville National Bank, 3 Hughes, 647.) {b) A national banking association can not guaranty the paper of a customer for his accommodation. {Seligman v. Charlottesville National Bank, supra.) (c) The accommodation paper of a national banking association is void in the hands of one who takes it with knowledge of its character. {Johnston v. Charlottesville National Bank, supra.) 4. MORTGAGES ON REAL ESTATE : r {a) National banking associations are by implication prohibited from taking mortgages on real estate as security for contemporaneous loans. {National REPORT OF THE COMPTROLLER OF THE CURRENCY. 137 4. MORTGAGES ON HEAL ESTATE—Continued. Bank v. Matthews, 98 U. S., 621; Fowler v. Scully, 72 Penn. St., 456; Kansas Valley National Bank v. Rowell, 2 JDiZJ., 371; Commonwealth Bank v. Clark, 4 J/o., 59; Crodcer v. Whitney, 71JV. P., 161; Fridley v. 7?o«™, 87 ///., 151.) (ft) But where sucli security has been taken, no one but the Government can bo beard to complain that the association has exceeded its powers. (National Bankv. Matthews, supra : National Bank v. Whitney, 103 U. S., 99; Swope v. Leffingwell, 105 £7. #.. 3 ; Reynolds v. National Bank, 112 U. S.y 405 : Fortier v. National Bank, 112, £7. £., 439.) NOTE.—These decisions overrule, on this point, Kansas Valley National Bank v. Bowell, 2 Bill., 371; Crocker v. Whitney, supra; Fowler v. Scully, supra; Matthews v. Skinker, 62 ik'o., 329 ; Woods v. People's National Bank of Pitlsburgh, 83 Pewt. ££., 57 ; Fridley v. Bowen, supra. 5. WHEN ASSOCIATION CAN NOT SET UP WANT OF POWER : Where a national banking association has entered into a contract which it was not authorized to make, a party who has enjoyed the benefit of such contract can not question its validity. (Casey v. La Societe de Credit Mobilier, 2 Woods, 77 ; German National Bank v. Meadouwroft, 95 III., 124.) IV. STOCK. 1. PURCHASING ITS OWN STOCK : Where a national banking association purchases shares of its own stock, and divides them among its directors, to whom the shares are transferred upon the stock books, the transaction is void, and no title passes. (Meyers v. Valley National Bank, U. S. I). C. (E. List. Mo.)s 13 National Bankruptcy Register, 34.) 2. LlEXS ON STOCK : (a) A national banking association can not acquire a lien on the stock of a shareholder. And a by-law prohibiting a transfer until all liabilities of the shareholder to the association are discharged, or a provision to that eiiect in the certificates of stock, is void. (Bullard v. National Bank, 18 Wall., 589; Bankv. Lamer, 11 Wall., 369; Conklinv. The Second National Bank, 45 N. T., 655.) (h) A national banking association can not take a pledge of its stock to secure a deposit made by it with another bank. Such a transaction amounts to a lending upon the security of its own shares. (Bank v. Lanier, supra.) (c) Though a bank is prohibited fiom lending money upon the security of its own shares, yet if the shares have been sold and the proceeds applied to the payment of the debt, the courts will not aid the shareholder to recover the value of the shares. He can dispute the validity of the transaction only while the contract is executory, and the security still subsists in the possession of the bank. (National Bank of Xenia v. Stewart, 107 U. S., 676.) 3. MAY BE ATTACHED: The stock of a shareholder indebted to it may be attached by the association and sold on execution. (Hagar v. Union National Banlc, 63 Me., 509.) 4. CAPITAL SET FREE BELONGS TO SHAREHOLDERS : When a national banking association reduces its capital stock the amount of % capital thus released belongs to the shareholders pro rata, and must be returned to them ; and it can not be retained by the association for a surplus. (Seeley v. New York National Exchange Bank, 8 Daly, 400 j 8. c, 4 Abb. N. C, 61; affirmed, 78 N. Y., 608.) 5. CONTRACTS TO GIVE SHARES FOR BUSINESS : Where an association has made or ratified a contract to give a person a certain number of the shares of its stock, upon condition that he will continue to do his business with it, and derives the benefit from this contract, the other party may recover of the association the value of the shares. (Rich v. State National Bank of Lincoln, 7 Nebr., 231.) 6. TRANSFER OF STOCK: (a) The transfer of shares in national banking associations is not governed by different rules from those which are ordinarily applied to the transfer of shares in other corporate bodies. (Johnson v. Laflin, 103 U. S,, 800.) (&) The entry of the transaction in the books of the association is required, not for the translation of the title, but for the protection of the parties, and others dealing with the association, and to enable it to know who are its stockholders. (Hid.) REPORT OF THE COMPTROLLER OF THE CURRENCY. 6*. TRANSFER OF STOCK—Continued. (c) A shareholder in a national bank, while it is a going concern, lias the absolute right, in the absence of fraud, to make a bonafide and actual sale and transfer of his shares, at any time, to any person capable in law of purchasing and holding the same, and of assuming the transferor's liabilities in respect thereto ; and this right is not, in such cases, subject to the control of the directors or other stockholders. {Johnson v. Laflin, 5 Dill., 65.) (d) Under the pretense of prescribing the manner thereof, an association can not clog the transfer with useless restrictions. (Johnson v. Laflin, supra.) (e) When a shareholder, acting in good faith, delivers his certificates of stock, with a blank power of attorney for making the transfer, and receives the purchase-money, the sale is complete and the title passes. (Ibid.) (/) Where a cashier, who is intrusted by the directors with the duty of transferring the stock of the association, refuses, for insufficient reasons, to transfer shares, and the association subsequently becomes insolvent, the owner of the shares may maintain an action against the receiver for the injury sustained. (Case v. Citizens' Bank, 100 U. S., 446.) (g) Where a shareholder who has sold his stock has delivered to the bank the certificates o£ stock and a power of attorney with the request that the transfer be made upon the books of the bank, and hns had no reason to suppose that such transfer was not made, he will not, should the bank afterward become insolvent, be held liable as a shareholder, although lie still appears as such on the books of the bank. ( Whitney v. Butler, 118 U. £.,(555.) (h) But where the president of the bank is himself the purchaser of the stock then the delivery of the certificates and power of attorney to him with the request to make the transfer upon the books of the bank would not be sufficient to discharge the seller from liability as a stockholder. (Richmond v. Irons 121 U. X., 27.) 7. SUBSCRIPTIONS TO INCREASE OF CAPITAL STOCK : (a) Where one subscribes for shares in the increase of the capital of a national banking association in a certain amount, such subscription and payment are upon the implied condition that the increase shall be in the exact amount so fixed ; and if such amount is changed, the subscriber may avoid the subscription and. recover the amount paid in. (Eaton v. Pacific Bank, 144 Mass., 260.) (b) And the certificate of the Comptroller of the Currency that the amount of the increase in another sum has been paid in, which amount includes what was paid by the dissenting subscriber, will not be conclusive upon such subscriber. (Ibid.^) (c) But if such subscriber has assented to or ratiiied the change he will be held a shareholder. (Delano v. Butler, 118 U. S., 634.) 8. SPECIFIC PERFORMANCE OF CONTRACT TO SELL: A specific performance of a contract to sell the stock of a national banking association will not be enforced in favor of a purchaser who places his claim for equitable relief upon the ground that he desires to obtain control of the association. Such an object is contrary to public policy. (Foil's Appeal, 81 Perm. St., 434.) Y. SHAREHOLDERS. 1. ESTOPPED TO DENY INCORPORATION: A shareholder who has held himself out to the world as such is estopped to deny that the association was legally incorporated. (Casey v. Galli, 94 U. S., 673 ; Wheelock v. Kost, 11 III., 296.) 2. INDIVIDUAL LIABILITY: (a) The question whether there is a deficiency of assets, and when it is necessary to enforce the individual liability of shareholders, is for the Comptroller to determine; and his decision in this matter is final and conclusive. (Kennedy v. Gibson, 8 Wall, 498; National Bank v. Case, 99 77. #.,628; Casey v. Galli, 94 U. S.,()TS.) (b) The amount contributed by each shareholder should bear the same proportion to the whole amount of the deficit as his own stock bears to the whole amount of the capital stock at its par value. And the solvent shareholders cannot be made to contribute more than their proportion to make good the deficiency caused by the insolvency of other shareholders. ( United States v. Knox, 102 U. S., 422.) REPORT OF THE COMPTROLLER OF THE CURRENCY. 139 2. INDIVIDUAL LIABILITY—Continued. (c) A shareholder who disposes of his stock will continue to be liable thereon until the transfer is noted on the books of the association. (Boivdell v. Farmers} and Merchants1 National Bank of Baltimore, U. S. C. C. (D. Md.y 1877), Browne s N. B. Cas., 147.) (d) The individual liability of a shareholder adheres to his estate after his death until his place as a member of the association is taken by some new shareholder. (Davis v. Weed, U. 8. D. C. (Dist Conn.),reported 44 Conn., 569.) (c) The receiver has a valid claim against the estate generally of a deceased shareholder who died prior to the insolvency of the bank, but whose stock has not been transferred. (Richmond v. Irons, 121 U. S., 27; Davis v. Weed, supra.) (/) And the fact that the title to the stock of a deceased shareholder vests in his administrator does not relieve the estate from the burden of an assessment. (Davis v. Weed, supra.) (g) Nor will the fact that the administration is complete, and all the assets have been distributed, defeat an action brought to recover the assessment. (Ibid. But see Witters v. Sowlcs.) (h) One who appears on the books of the association as the owner of shares of its stock i« individually liable, though he hold the stock merely as collateral security. (National Bank v. Case, 99 U. 8., 628', Moore v. Jones, 3 Woods, 53; Boivdellv. Farmer's and Merchants' National Bank of Baltimore, supra; Hale v. Walker, 31 Iowa, 344; Wheelock v. Kost, supra.) (i) But where a pledgee, for the express purpose of avoiding a personal liability, and before the association becomes insolvent, or is in danger of insolvency, transfers the stock to an irresponsible person, he; the pledgee, will not be liable to contribute as a shareholder. (Anderson v. Warehouse Company, 111 U. 8., 479.) (j) And where stock has been transferred as collateral security for a loan, iviih the understanding that in case of default in the payment of the loan the shares shall be sold, the transferee, upon default made, and before the bank closes its doors, may sell the stock for a nominal consideration, though his purpose be to avoid a personal liability: and such a transaction can not be set aside as a fraud unon the creditors of the association. (Magruder v. Colston, 44 Aid., 349.) NOTE.—The court put the decision upon the ground that the sale was in pursuance of a stipulation which formed a part of the contract between the original owner and his transferee. JSee also Hoi yoke Bank v. Burnham, 11 Cash., 187, upon the authority of which the Maryland case was decided. (k) If the trusteeship of one who holds stock in trust does not appear upon the books of the association lie will be individually liable. (Davis v. Essex Baptiat Society, U. S. D. C. (Dist. Conn.), reported 44 Conn., 58*2.) (Z) A transfer of shares for the purpose of avoiding liability, though made "out and out," is void. (National Bank v. Case, supra; Bowden v. Santos, 1 Hughes, 158.) (?/i) And where a shareholder, who has knowledge of the insolvent condition of the bank, transfers his shares, without consideration, to a person unable to respond to the assessment, the transfer may be set aside and the individual liability of the transferor enforced. (Bowden v. Johnson, 107 U. S., 251.) (n) The real owner of the stock is liable as a stockholder, though when he purchased the stock he had it transferred upon the books to another. (Davis v. Stevens, 17 Blatch.,259.) NOTE.—The case of the owner of stock is thus different from that of a pledgee. (See Anderson v. Warehouse Company, supra.) (o) Where shareholders have assessed themselves to the amount of the par value of the stock for the purpose of restoring impaired capital, the contributions made in pursuance of such assessment, though all used in paying the debts of the association, will not so operate as to discharge the shareholders from their individual liability. (Delano v. Butler, 118 U. S.,CM.) Q?) The individual liability of the shareholders of an insolvent association may be enforced for the purpose of paying all of its liabilities, and not merely for the purpose of paying its "debts," technically so called. (Stantonv. Wilkeson, 8 Ben., 357.) (q) The individual liability of the stockholders must be restricted in its meaning to such contracts, debts, and engagements of the association as have been duly contracted in the ordinary course of its business. And, therefore, creditors of an association who make settlements after the association is put into liquidation and receive from the president payment of their claims in paper of the association, or the individual notes of the president himself, 140 REPORT OF THE COMPTROLLER OF THE CURRENCY. 2. INDIVIDUAL LIABILITY—Continued. indorsed or guaranteed in the came of the association, are not to be considered as creditors of the association entitled to subject the stockholders to individual liability; for these are new contracts. (Richmond v. Irons, 121 U. 8., 27.) VI. OFFICERS. 1. TENURE OF OFFICE: (a) The officers of a national banking association can hold their positions only by the tenure specilied in section 5133, Revised Statutes, viz, the pleasure of the board of directors. (Harrington v. First National Bank of Chittenango, 8. C. N. ¥., 1873; Thomp. N. B. Cas., 701; sec also Taylor v. Button, 43 Barb., 195.) (I)) Directors of national banking associations may remove the president, both under the law of Congress and the articles of association, where the latter so provide. The power exists though the association has adopted no bylaws. (Taylor Y. Hutton, supra.) 2. BONDS OF OFFICERS : (a) It is not necessary that national banking associations shall signify their ap" proval of the official bonds of their officers by memoranda entered upon the journals or minutes of the directors. The acceptance is to be presumed from the retention of the bond, and from the fact that the officer is permitted to enter upon or continue in the discharge of his duties. (Grover v. The Lebanon National Bank, 10 Bush, 23.) (b) Where the sureties of an officer can reasonably be presumed to have been deceived by the statement of the condition of the bank published just prior to the execution of the bond, and to have been led to think that there was no deficit, whereas there had been a misapplication of a large part of the funds by the officer whose bondsmen they became, which fact would have heen ascertained had the directors exercised ordinary diligence, the sureties are discharged from their liability. (Grover v. The Lebanon National Bank, supra.) 3. DIRECTORS MUST ACT AS A BOARD : The election of an individual as a director does not constitute him an agent of the corporation with authority to act separately and independently of his fellow members. Ifc is the board duly convened and acting as a unit that is made the representative of the association. The assent or determination of the members of the board acting separately and individually is not the assent of the corporation. The law proceeds upon the theory that the directors shall meet and counsel with each other, and that any determination affecting the association shall bo arrived at and expressed only after a consultation at a meeting of the board, attended by at least a majority of its members. (National Bank v. Drake, 35 Kans., 564.) 4. BORROWING MONEY OF ASSOCIATION : An officer may, in the ordinary course of business, borrow money of the association. (Blair v. First National Bank of Mansfield, U. 8. C. C. (N. D. Ohio, 1677), 10 Chicago Legal News, 84.) 5. LIABILITY FOR VIOLATIONS OF LAW : (a) All directors who participate in and assent to a loan in excess of one-tenth of the capital of the bank, in violation of section 5200, Revised Statutes, will be liable to the bank for all damages sustained by it in consequence of such loan. (Witters v. Sowles, U. S. C. C. (District ~of Vermont), 31 Fed. Rep., 1.) (b) If a cashier, without authority from the directors so to do, makes a loan in excess of one-tenth of the capital of the association, he will be liable, in case of loss, for the amount of the excess. (Second National Bank of Osxvego v. Burt, XIV. New York Weekly Digest, 290.) (c) The directors of a national bank will not be held liable for loss occasioned to the bank through the frauds of a co-director in which, they had no part, and which were perpetrated without their connivance or knowledge. It is not sufficient to charge them with liability that the frauds might have been prevented by the exercise on their part of a proper degree of sux>ervisiou over the affairs of the bank. (Movius v. Lee, U. S. C. C. (N. D. New York), 30 Fed. Rep., 298.) REPORT OF THE COMPTROLLER OF THE CURRENCY. 141 6. DIRECTORS OF CONVERTED BANKS : O) When a State bank is converted into a national banking association all of the directors at the time will continue to be the directors"of the association until others are appointed or elected, though some of them may not have joined in the execution of the articles of association and organization certificate. (Lockwood v. The American National Bank, 9 li. I., 308.) (b) And, seinble, that the directors of a bank at the time of its conversion into a national banking association are not required to take the oath of directors. (Ibid.) (c) But even were the oath required, a majority of all who W'ire director? at the time of the conversion, and not merely a majority of t'lose who ta?ke the oath, are necessary to constitute a quorum. (Ibid.) 7. RETIREMENT OF DIRECTORS : (,a) The law providing no particular mode by which a director is to resign from the board, an oral resignation would be as good as any. (Moviwi v. Lee, 'SO Fed. Rep., 298.) (b) The president being the head of the board, a resignation to him is a resignation to the board. (Ibid.) (c) A director is not prohibited from resigning during the year. The apparent purpose of the provision in regard to the term of office is to make it conform to the time of the new election, and not to absolutely require every director to servo the full term. (Ibid.) VII. INTEREST. 1. WHAT INTEREST ASSOCIATIONS MAY TAKE : (a) The provision in section 30 of the act of 1864 " t h a t where, by the law of any State, a different rate is limited for banks of issue organized under State laws, the rate so limited shall be allowed for associations organized in any such State under the act/ 7 is enabling, and not restrictive; and, therefore, a national banking association in any State may stipulate for as high a rate of interest as by the laws of such State a natural person may, although State banks of issue are restricted to a less rate. (Tiffany v. National Bank of the State of Missouri, 18 Wall., 4Q9.) (b) But it is not to be inferred from Tiffany v. National Bank of Missouri that whatever by the laws of the State is lawful for natural persons in acquiring title to negotiable paper by discount is lawful for national banks. (National Bank y. Johnson, 104 U. 8., 271.) (c) The interest which a national banking association may charge is limited to the rate allowed to the banks of the State generally; and the fact that a few of the State banks are specially authorized to take a higher rate is not a warrant for a national banking association to do so. (Duncan v. First National Bank of Mount Pleasant, U" 8> I). C. (W. D. Fenn., 1878), 11 Bank. Mag., 787; Gruber v. First National Bank, 87 Fenn. St., 468.) (d) Where the State law does not limit the rate of interest which may be charged on loans to corporations, a national banking association located in thafc State ca.n not charge more than 7 per cent, interest on such loans. (In re Wild, 11 Blatch., 243.) (e) Where by the statutes of the State parties are authorized to contract for any rate of interest, national banking associations in that State may likewise contract for any rate, and are not limited to 7 per cent. (Hinds v. Marmelejo, 60 Cal., 229; National Bank v. Bruhn, 64 Tex., 571.) 2. ON CLAIMS AGAINST INSOLVENT AND LIQUIDATING ASSOCIATIONS : (a) A depositor in a national banking association which, has become insolvent is entitled to interest on his deposit. (National Bank of Commonwealth v. Mechanics' National Bank, 94 U. S., 437.) (b) He is entitled to interest from the date of the suspension of payments; and no demand upon the association is necessary. (Chemical National Bank v. Bailey, 12 Blatch., 480.) (c) Claims, when proved to the satisfaction of the Comptroller, are upon the same footing as if put in judgment, and therefore bear interest; and the fact that, under certain circumstances, there might be thus a compounding of interest will not defeat the right to interest. (National Bank of Commonwealth v.Mechanics7 National Bank, supra.) (d) But where a creditor has obtained judgment against an insolvent national banking association for the full amount of his claim and interest, he is not entitled to interest upon the face of the judgment, but only upon the amount of the claim at the time of the failure. (White v. Knox, 111 U, S.} 784.) 142 REPORT OF THE COMPTROLLER OF THE CURRENCY. 2. ON CLAIMS AGAINST INSOLVENT AND LIQUIDATING ASSOCIATIONS—Continued. (c) The creditors of an insolvent national banking association in the hands of a receiver are entitled to interest on their claims during the period of administration. (Chemical National Bank v. Bailey, supra,) (/) The assessments made by the Comptroller upon the shareholders of an insolvent association bear interest from the date of the order. ( Casey v. Galli, 94 U. S., 073.) (g) In the case of book accounts in favor of depositors, interest begins to run "against an association in liquidation from the date of the suspension of business. (Etchmond v. Irons, 121 U. #.,27.) 3. U-srinr: (a) The usury laws of the States do not apply to national banking associations. (Formers and Mechanics' Bank v. Bearing, 91 U. S., 29; Central National BOMJCY. Pratt, 115 Mass., 539; First National Bank v. Gorlinghouse, 21 Ohio St., 492: Davis v. Bandall, 115 Mass,, 547; Jlintermister v. First National Bank, UN. Y, 212.) (b) And the remedies provided by the State7 for the taking of usury can not be resorted to. (Farmers and Mechanics Bank v. Dear ing', supra ; Wiley v. Starbuck,UInd., 293.) (c) The taking of illegal interest by a national banking association does not render the contract void. (Farmers and Mechanics' Bankv. Bearing, supra.) (d) It does not invalidate an indorsement or a guaranty of the notes upon which the usurious interest was paid. (Gates v. First National Bank of Montgomery, 100 U, S., 239 ; Lazear v. National Union Bank of Baltimore, 52 Md., 7a > (e) But usury destroys the interest-bearing power of the obligation ; and there will be no point of time from which it can bear interest. (Lucas v. Government National Bank, 16 Penn. St., 228.) (/) The usury works a forfeiture of the entire interest accruing after maturity and before judgment, as well as that which accrues before maturity. (Sliunk v. The First National Bank of Galion, 22 Ohio St., 508.) (g) The discounting of business paper by a national banking association at a higher than the" legal rate is usurious, though the law of the State lixes no limit to the rate which natural persons may take for the discount or purchase of such paper. (Johnson v. National Bank of Gloversville,Ik N. Y., 329; affirmed in National Bank v. Johnson, 104 U. S., 271. > (h) By charging more than legal interest on overdrafts, a national banking association loses the right to recover any interest at all. (Third National Bank of Philadelphia v. Miller,90 Penn. St., 241.) (i) The liabilities of antecedent parties to a note or bill will not be affected by the usurious character of the transaction between the payee and the association ; and the association may recover the full amount of the note or bill from the maker or acceptor. (Smith v. The Exchange Bank of Pittsburgh, 26 Ohio St., 141.) 0') Usurious interest which has been paid to a national banking association can not be applied by way of payment or set-off in any action by the association to recover the amount of the loan. (Barnet v. Muncie National Bank, 98 U. A, 855.) (k) Nor can the penalty for taking the usurious interest be recovered byway of counter-claim in such action, but a separate action must be brought therefor. (Ibid.) NOTE.—This case overrules portions of the decisions in Lucas v. Government National Bank, supra ; Overholtv. National Bank, 82 Penn. St., 490; CakeY. The First National Bank of Lebanon, 83 Penn. St., 303. (I) A. director is not by reason of his position estopped from setting up the defense of usury in an action brought against him by the association. (Bank of Cadis v. Slemmons, 34 Ohio St., 142.; (m) Where a national banking association has discounted notes for another bank at a usurious rate of interest, the fact that the other bank has charged illegal interest on those notes to its customers wrill not affect its right to set up the defense of usury in an action by the association. (Third National Bank of Philadelphia v. Miller, supra.) (n) The amount which may be recovered from the association as a penalty is twice the amount of interest paid, and not simply twice the amount in excess of the legal rate. (Crocker v. First National Bank of Chetopa, U. S. C. C (Eighth Circuit), 3 Am. L. T. [N. S.], 350; Overholt v. National Bank oj Mount Pleasant, 82 Penn. St., 490; see also Barnet v. Muncie National Bank, supra.) REPORT OF THE COMPTROLLER OF THE CURRENCY. 143 VIII. INSOLVENCY. 1. NOT SUBJECT TO BANKRUPT ACT: National banking associations were not subject to the bankrupt act while tliat act was in force. (In re Manufacturers' National Bank, 5 Biss., 499.) 2. WHAT CONSTITUTES INSOLVENCY: The term " insolvency," as used in section 5242, Revised Statutes, forbidding transfer of the assets of national banking associations after, or in contemplation of, such insolvency, has the same meaning as it had when applied to traders in the bankrupt act; that is, it does not mean an absolute inability of a debtor to pay his debt at some future time, upon a settlement and winding up of his affairs, but a present inability to pay in the ordinary course of business. (Case v. Citizens' Bank of'Louisiana, 2 Woods, 23 ; Market Bank v. Pacific National Bank, 30 Hun, 50.) 3. ASSETS A TRUST FUND: Upon the appointment of a receiver all the a ssots of the association become in his hands a trust fund which the statute of limitations does not touch or affect. (Riddle v. First National Bank, U. S. C. C. ( W. D. Penn.), 27 Fed. Hep., 503.) NOTE.—But this point was not necessary to the decision Of the case, for suits against insolvent corporations are by a law of Pennsylvania expressly excluded from the operation of the statute. 4. UNITED STATES HAS NO PRIORITY: (a) Section 3466, which gives the United States a priority for all claims it has against insolvent debtors, does not apply to the case of an insolvent national banking association. (Cook County National Bankv. United States, 107 U. S., 445.) (o) And as against the proceeds of the bonds deposited to secure circulation the United States can set off no claim, except for money advanced to redeem the notes. (Ihid.) (c) And upon the failure of an association its five per cent, redemption fund can not be retained by the Treasurer to pay taxes due to the United States, but the fund passes to the Comptroller as an asset of the association. (Jackson v. United States, 20 Ct. Cls., 298.) 5. CLAIMS FOR TORTS : Claims arising out of the non-feasance or malfeasance of the association should be paid ratably with the debts, technically so called. (Turner v. The First National Bank of Keokuk et al., 26 Iowa, 562.) 6. PRKFERENCKS : (a) A preference, to be within the meaning of section 5242, Revised Statutes, must be given to an existing creditor to secure a pre-existing debt. A transfer by an insolvent bank to secure a contemporaneous loan is not a violation of the law. (Casey v. La Societe de Credit Alobilier, 2 Woods, 77.) (?») The insolvency need be in the contemplation of the bank only. It need 1 not be known to the person to whom the transfer is made. (Casev. Citizens Bank of Louisiana, supra.) (c) After the directors of an insolvent association have voted to close its doors, any transfer of assets whereby a creditor secures a preference must be presumed to be made with an intent to prefer. (National Security Bank v. Price, 22 Fed. Bep., 697.) (d) Where the officers of an association which is in danger of insolvency, for the purpose and in the expectation of preventing a failure, make a pledge of securities to a depositor to induce him not to withdraw his deposit, such a pledge is not a preference within the meaning of seotion 5242, Revised Statutes, and will not be set aside when the association afterward is declared insolvent. (Booerts v. Hill, 23 Fed. Hep., 311.) (e) Where an insolvent association receives a deposit a short time before closing its doors, its officers knowing of the insolvency at the time, the receipt of such deposit is a fraud upon the depositor, and no title passes to the association ; and, therefore, the depositor may reclaim the whole amount of the deposit; and as he claims under his original title, and not under a transfer from the association,.such reclamation does not amount to a preference. (Cragie et al. v. JSadley,d9 N. Y., 131.) 144 REPORT OF THE COMPTROLLER OF THE CURRENCY. 7. BASIS FOR ESTIMATION OF DIVIDENDS : In estimating the dividends to be paid out of the assets of an insolvent association, the value of the claims at the time when the insolvency is declared is to be taken as the basis of distribution. (White v. Knox, 111 U. 8., 784.) 8. SET-OFF: (a) A person liable upon a note to an insolvent national bank may set off against his indebtedness the amount of his denosit with the bank. (Plait v. Bentley, Thomp. N. B. Cas., 758.) (b) But a debtor can not set off the amount of a deposit assigned to him after the act of insolvency committed. (The Fenango National Bank v. Taylor, 56 Penn. St., 14.) IX. RECEIVERS. 1. OFFICER OF THE UNITED STATES : A receiver, when appointed by the Comptroller, with the concurrence of the Secretary, is an officer of the United States. (Stanton v. Wilkeson, 8 Ben., 357.) 2. WHOM HE REPRESENTS : He represents the bank, its stockholders, and its creditors; but he does not in any sense represent the Government. (Case v. Terrell, 11 Wall., 199.) 3. HOW FAR SUBJECT TO COMPTROLLER'S ORDERS : (a) The clause of section 50, act of 1864, which prescribes that the receiver shall be " under the direction of the Comptroller," means only that he shall be subject to the Comptrollers direction, not that he shall not act without orders. He may bring suit to collect assets without having been instructed to do so by the Comptroller. (Bank v. Kennedy, 17 Wall.) (b) The receiver of a national bank is the instrument of the Comptroller, and may be removed by him. (Kennedy v. Gibson, 8 Wall., 505.) 4. POWER OF COURTS TO APPOINT : {a) The power of the Comptroller to appoint a receiver is not exclusive • it does not oust the courts of equity of their authority in the matter; and, therefore, a court of competent jurisdiction may place the bank in the hands of a receiver in cases where, according to the rules of equity, it may pursue such a course with regard to insolvent corporations generally. (Irons v. Manufacturers' National Bank, 6 Biss., 301; Wright v. Merchants' National Bank, 1 Flippin, 561.) (b) Where a bank has gone into voluntary liquidation, and the Comptroller has no power to appoint a receiver, a proper court, in a case where such action is necessary to protect the interests of a creditor, will appoint a receiver for it. (Irons v. Manufacturers' National Bank, supra.) 5. DEBTORS OF ASSOCIATION CAN NOT QUESTION LEGALITY OF APPOINTMENT : The legality of the appointment of the receiver can not be questioned by the debtors of the bank when sued by him. The bank may move to have the appointment set aside, but the debtors can not. (Cadle v. Baker, 20 Wall.* 6DO ; see also Platt v. Beebe, 57 N. Y., 339.) 6. RECEIVER'S DECISION NOT FINAL : The decision of a receiver rejecting a claim is not final. The claimant still has the right to sue. (Bank of Bethel v. Pahquioque Bank, 14 Wall., 383.) 7. SALE B Y : (a) The receiver can not sell the real or personal property of the bank without aii order from a court of competent jurisdiction. {Ellis v. Little, 27 Kans., 707.) (b) Nor can he sell upon terms in conflict with the order. (Ibid.) (c) And under'an order permitting him to sell the property of the bank he can not exchange, trade, or barter it for other property. (Ibid.) (d) A sale made by a receiver under order of a court is to all intents and purposes a judicial sale. (In re Third National Bank, 9 Biss., 535.) 8. CONTRACTS OF : (a) As the power of a receiver of a national bank appointed by the Comptroller is limited, a person dealing with him in his official capacity is bound as a matter of law to have knowledge o£ his authority to act, and if contracts and agreements are entered into with the receiver in excess of his authority REPORT OF THE COMPTROLLER OF THE CURRENCY. 145 8. CONTRACTS OF—Continued. as conferred by law, the parties contract at their own peril, and the estate of the bank can not be charged for the default or inability of a receiver acting outside of his functions as receiver and beyond the duties which it involves. (Ellis v. Little, 27 Kans., 707.) (I)) The receiver can not charge the estate of the bank by any executory contract, unless authorized so to do by the provisions of the national banking law, and the order of a court of competent jurisdiction obtained upon the terms of said law. (Ibid.) 9. EXPENSES OF RECEIVERSHIP FOR ASSOCIATIONS WHICH HAVE GONE INTO LIQUIDATION : Where, after an association bank has gone into liquidation, a receiver is appointed at the instance of the creditors, the expenses of such receivership must be paid by the creditors. The shareholders can not be made individually liable for such expenses. (Richmond v. Irons.) X. TAXATION. 1. WHAT MAY BE TAXED: (a) A State can not tax the capital stock of a national bank, as such. The tax must be assessed upon the shares of the different stockholders. (Collins v. Chicago, 4 Biss., 472.) (b) The entire interests of the shareholders may be taxed without any deduction for that portion of the capital which is invested in United States securities. (Van Allen v. The Assessors, 3 Wall., 573.) (c) New shares issued by a national banking association can not be taxed until the increase of capital has been approved by the Comptroller of the Currency. (Charleston v. People's National Bank, 5 8. C, 103.) (d) The undivided surplus of a national banking association, unless invested in Federal securities, may be lawfully taxed by the State. .(North Ward National Bank of Newark v. City of Newark, 10 Vroonn, 380 ; Fi?*st National Bank v. Peterborough, 56 JV". II., 38.) (e) But, of course, if the surplus is taken into consideration in estimating the taxable value of the shares, it is not to be taxed separately. (North Ward National Bankv. City of Newark, supra.) NOTE.—But it has been held in Maryland that the stock of an association represents its whole property, and where u tax is assessed upon the shares a separate tax upon the real or personal estate amounts to doable taxation ; and, therefore, where the organic laws of the State prohibit double taxation, such a tax upon the property of 7an association is void. (County Commissioners v. Farmers and Mechanics National Bank, 48 Aid., 117; see also National State Bank v. Young, 25 Iowa, 311, wherein it was held that the States could tax ouly the shares, eo nomine, and the real estate.) (/) The surplus fund of a national banking association is not excluded in the valuation of its shares for taxation. (Strafford National Bank v. Dover, 59 N.H., 316.) (g) Where shares of stock are assessed at their actual cash value without any deduction for the real estate owned by the association the real estate should not bo taxed eo nomine. (Commissioners of Rice County v. Citizens'' National Bank of Faribault, 23 Minn., 280.) (h) The States can not tax the circulating notes of national banking associations. (Rome v. Greene, 52 Miss., 452: Contra Board of Commissioners v. Elston, 32 Ind., 27; see also Buffin v. Board of Commissioners, 69 N. C, 498; Lily v. The Commissioners, 69 j\ r . C.,300.) 2. KATE: (a) Where the State banks are taxed upon their capital, no tax can be imposed upon the shares of national banking associations; for as the capital of the State banks may consist of the bonds of the United States, which are exempt from State taxation, a tax on capital is not equivalent to a tax on shares. (Van Allen v. The Assessors, 3 Wall., 573; Bradley v. The People, 4 Wall, 459.) (b) But though the tax upon the State banks is not eo nomine a tax on shares, yet if it is equivalent to such a tax the shares in the national banking associations located in that State may be taxed. (Frazer v. Seibern, 16 Ohio St., 614; Van Slyke v. State, 23 Wis., 656; Boynoll v. State, 25 Wis., 112.) (c) When by local legislation different rates are prescribed for different classes of moneyed capital, the rate imposed upon snares of national banks should approximate as closely as may be to the rate imposed upon other moneyed capital of the same or similar class, viz, shares of State banks. (City National Bank v. Paducah, U. S. C. C. (Sixth Circuit, 1877), 5 Cent, L. J,, 347.) 8770 CUE- 87——10 146 REPORT OF THE COMPTROLLER OF THE CURRENCY. 2. RATE—Continued. (d) Congress meant no more than to require of the States as a condition to the exercise of the power to tax the shares in national banks, that they should, as far as they had the capacity, tax in like manner the shares of banks of issue of their own creation. (Lionberger v. Bouse, 9 Wall., 468.) (e) Therefore, where a State has previously contracted with the banks which it has chartered that they shall not be taxed above a certain rate, a tax upon national-bank shares at a greater rate is not invalid, if this rate is not greater than that assessed upon all the moneyed capital within the State, except that of the State banks. (Ibid.) (/) Any system of assessment of taxes which exacts from the owner of the shares of a national banking association a larger sum in proportion to the actual value of those shares than it does from other moneyed capital, valued in like manner, taxes the shares at a greater rate, notwithstanding that the percentage of tax on the valuation is the same as that applied to other moneyed capital. (Pelton v. Commercial National Bank, 101 TJ. S., 143.) 3. VALUATION: (*a) In-estimating tho value of the shares for the purpose of taxation reference may be had to all the property and values of the bank. (Saint Louis National Bank v. Papin, U. S. C. C. (Eighth Circuit), 3 Cent. L. J., 669.) (b) If no excessive valuation is complained of, and a correct result is arrived at, equity will not restrain the collection of a tax because the method of computation was erroneous. (Ibid.) (c) The shares may be valued for taxation at an amount exceeding their face value, if this amount is not at a greater rate than the valuation set upon other moneyed capital in the State. (Hepburn v. School Directors, 23 Wall., 480.) (d) Under the statute of New York, shares in national banking associations should be taxed at their real or market value. (People v. The Commissioners of Taxes and Assessments, 94 TJ. S., 415.) (e) Where shares in national banking associations are purposely valued proportionally higher than tho otherrnoneyed capital in the State, the assessment is void. (Pelton v. National Bank, 101 TJ. S., 143.) (/) And the collection of what is in excess of the rate imposed on the other moneyed capital may be enjoined. (Ibid.) 4. EXEMPTIONS: (a) The intention of Congress was that the rate of taxation of the shares should be the same as, or not greater than, the tax upon the moneyed capital of the individual citizen which is subject and liable to taxation.' (People v. The Commissioners, 4 Wall., 244.) (b) Therefore, it is not a ground of objection to the validity of a tax on shares that, while deductions for United States bonds are made from the personal estates of individuals and the capital of State corporations, no deductions are made«on account of the capital of national, banking associations invested in such bonds. (Ibid.) (c) The fact that by the statutes creating them, which statutes were passed prior to the national banking law, State banks are entirely, exempt from taxation, will not render a tax upon the shares of national banking associtions void. (City of Richmond v. Scott, 48 Ind., 568.) (d) And a State tax upon shares in national banking associations is not rendered invalid by an exemption of the shares of other corporations the capital of which consists of property required to be listed for taxation, as such. (Mclver v. Robinson, SSAla., 456.) (c) Merely a partial exemption of other moneyed capital will not invalidate a tax upon shares in national banking associations. (Hepburn v. School Directors,^ Wall., 480.) (f) But though Congress did not contemplate that there should be an absolute equality (which in the nature of things is impossible), yet it did intend that there should be a substantial equality; and, therefore, if the exemptions in favor of other moneyed capital are so palpable as to show that there is a serious discrimination against capital invested in the shares of national banking associations, the tax will be declared unlawful. (Boyer v.Boyer, 113 U. 8., 690.) (g) A State law which does not permit a deduction to be made from the assessed value of bank shares for all debts due by the holder thereof, while authorizing such a deduction to be made from the assessed value of moneyed capital otherwise invested, is void. (People ex rel. Williams v. Weaver, 100 TJ. S., 539, reversing S. C, 67 N. Y., 516, and overruling People v. Dolan, 36 N. Y., 59.) REPORT OF THE COMPTROLLER OF THE CURRENCY. 4 147 EXEMPTIONS—Continued. (h) The main purpose of Congress in fixing limits to State taxation on investments in the shares of national banks, was to render it impossible for the State, in levying such a tax, to create and foster an unequal and unfriendly competition, by favoring institutions or individuals carrying on similar business and operations and investments of a like character; and the language of the law is to be read in the light of this policy. And, therefore, the exemption of shares of stock in corporations, the business of which does not come into competition with that of the national banks (e. g., railroad companies, mining companies, manufacturing companies, and insurance companies) does not invalidate a tax upon national-bank shares. Capital thus employed is not " moneyed capital" within the meaning of the act of Congress. (Mercantile Bank v. New York, 121 U. S., 138.) (i) Bonds issued by a State, or under its authority by its public municipal bodies, although they undoubtedly represent moneyed capital, yet, as from their nature they are not ordinarily the subject of taxation, are not within the reason of the rule established by Congress for the taxation of nationalbank shares, and the fact that the State exempts them from taxation does not deprive it of the right to tax shares of stock of national banks in the State. (Ibid.) (j) Although deposits in savings banks constitute moneyed capital in the hands-of individuals within the terms of any definition which can bo given of that phrase, yet they are not within the m'eaning of the act of Congress in such a sense as to require that, if they are exempted from taxation, shares of stock in national banks must thereby also be exempted from taxation; for it can not be supposed that savings banks come into any possible competition with national banks. (Ibid.) 5. COLLECTION OF TAX FROM THE ASSOCIATION: (a) A State tax upon shares is valid, though the tax is collected from the bank. (National Bank v. Commonwealth, 9 Wall., 353.) (b) And the State may require the banks to pay a tax rightfully laid upon the shares. (Ibid.) (c) And where the tax on shares is payable by the association the collection of the tax may be enforced by distraint of its property. (First National Bankv. Douglas County, 3 DHL, 330.) (d) But where the tax laws of the State make the bank the mere agent for paying the tax on shares, and direct it to retain so much of the dividends as will answer that purpose, other agents being required to pay taxes for their principals only when they have under their control the property, money, or credit of such principals, the bank can not be made liable unless it has the control of the property, etc., of its shareholders, or has dividends in its possession, or has failed to retain them. (Rershire v. The First National Bank, 35 Iowa, 272.) 6. LICENSE TAX: (a) National banking associations can not be subjected to a license or privilege tax. (Mayor v. First National Bank of Macon, 59 Ga., 648; City of Carthage v. First National Bank of Carthage, 71 Mo., 508; National Bank of Chattanooga v. Mayor, 8 Heiskell, 814.) (b) A State law prohibiting the establishment of banking companies in the State without authority of the legislature was not intended to apply to banking corporations created by authority of Congress, since such corporations may be legally established in the State without the consent of the legislature. (Stetson v. City of Bangor, 56 Me.y 274.) 7. POWERS OF TAXING OFFICERS: (a) Municipal officers can not assess a tax upon the shares of national banking associations until authorized to do so by some law of the State. (Stetson v. City of Bangor, 56 Me., 274.) (b) The officers of a national banking association can not be compelled to exhibit to the taxing officers of a State the books of the association showing the deposits of its customers. (First National Bank of Youngstown v. Hughes, V. 8. C. C. (N. D. Ohio, 1878), Browne's N. B. Cas., 1?6.) (c) A national banking association is not exempt from examination by internalrevenue officers when it has in its possession any articles subject to an internal-revenue tax. ' Such an examination is not the exercise of a visitorial power, and, therefore, is not prohibited by the provision of section 524J, Revised Statutes, that the national banks shall not be subject to any visitorial powers except those authorized by the national-bank act or vested in the courts, of justice. (United States v, Rliaivn, U. S. D. C. {& D. PcnnJ), Thomp. JV. B. Cas., 358.) 148 REPORT OF THE COMPTROLLER OF THE CURRENCY. 7. POWERS OP TAXING OFFICERS—Continued. (d) Where by the tax laws of a State a perpetual lien for taxes attaches to property only by virtue of a levy thereon, and such levy is not made prior to the insolvency of the bank, the taxing officers of the State will be restrained, at the instance of the receiver, from levying upon the property of an insolvent national bank, and selling it, for the purpose of collecting a tax. ( Woodward v. Ellsworth, 4 Colo., 580.) (e) A State may require the cashiers of national banking associations located within its territory to transmit lists of the shareholders to the taxing officers of the various towns in which the shareholders reside. (Waite v. Dowley, 94 U.S., 527.) 8. ENFORCEMENT OF TAXES : A tax duly assessed upon shares may be enforced in accordance with, the general laws of the State on that subject. ( Weld v. City of Bang or, 59 Me., 416.) 9. LOCATION OF ASSOCIATION FOR TAXING PURPOSES : An association which opens an office for the purpose of receiving deposits in another place than that in which it was organized does not become "located" in that place for purposes of taxation. (National State Bank of Camden v. Pierce, U. S. C. C. (E. D. Penn.), 18 All). L. J., 16.) XL JURISDICTION. NOTE.—The jurisdiction of the Federal courts in national-bank cases was very materially changed by the proviso to the fourth section of the act of July 12, 1882. The proviso is as follows : "Provided, however, That the jurisdiction for suits hereafter brought by or against any association established under any law providing for national banking associations, except suits between them and the United States, or its officers and agents, shall be the same as, and not other than, the jurisdiction for suits by or against banks not organized under any law of the United States which do or might do banking business where such national banking associations may be doing business when such suits may be begun. And all laws and parts of laws of the United States inconsistent with this proviso be, and the same are hereby, repealed." 1. JURISDICTION OF FEDERAL COURTS PRIOR TO THE ACT OF JULY 12, 1882: (a) National banking associations may sue in the Federal courts. The word " by " was omitted from section 57 of the act of 1864 by mistake. (Kennedy v. Gibson, 8 Wall., 505.) (1)) A national banking association may sue and be sued in the circuit court for the district in which the association is located, irrespective of the amount in controversy and the citizenship of the parties. (County of Wilson v. National Bank, 103 U. S., 770; Mitchell v. Walker, U. S. C. C.\W. L>. Penn., 1879), Browne's N. B. Cas., 180; Commercial Bank of Cleveland v. Simmons, U. S. C. C. (W. D. Ohio), 10 Alo. L. J., 155.) (c) But where the amount in controversy does not exceed five hundred dollars, the association can not sue in a Federal court outside of the district in which it is established. (Saint Louis National Bank v. Brinkman, U. S. C, C. (D. Kans.), 1 Fed. Hep., 45.) (d) A national banking association located in one State may bring an action in the circuit court of the United States sitting within another State against a citizen of that State. (Manufacturers' National Bank v. Baack, 8 Blatcli., 147.) (e) When a national bank is sued in a Federal court the suit must be brought in the district in which the bank is located. And service upon an officer of the bank in another district will not give the court of that district jurisdiction of the cause. (Maine v. Second National Bank of Chicago, 8 Biss., 26.) (/) A United States district court has jurisdiction of a suit in eqr.ity by or against a national banking association located within the district. (First National Bank of Pittsburgh v. Pittsburgh and Castle Shannon Railroad Company, 1 Fed. Bep., 190.) (g) A circuit court has no jurisdiction of a suit by a private person to compel the Comptroller of the Currency and the Treasurer of the Uniled States to disclose what disposition has been made of the United States bonds deposited with the Treasurer by a national bauking association, and for a decree directing those officers as to their duty regarding such bonds. ( Van Antwerp y. Hulburd, 7 Blatch., 425; Van Antwerp v. Hulburd, 8 Blatch.j 282.) REPORT OF THE COMPTROLLER OF THE CURRENCY. 149 1. JURISDICTION OF FEDERAL COURTS PRIOR TO THE ACT OF JULY 12, 1882—Con'td. (ft) Section 380, Revised Statutes, which provides that "All suits and proceedings arising out of the provisions of law governing national banking associations, in which the United States or any of its officers or agents shall be parties, shall be conducted by the district attorneys of the several districts under the direction and supervision of the Solicitor of the Treasury," does not enlarge the jurisdiction of the circuit court, and can not be held to confer j urisdiction in such suits or proceedings upon a court not having, independently of this section, authority to entertain them. ( Van Antwerp v. Hulburd, 7 Blatch., 426.) (i) National banking associations, being corporations organized under the laws of the United States, are entitled as such to remove into the c ire ait courts of the United States suits brought against them in the State courts. (Cruikshank v. Fourth National Bank, 21 Blatch., 322; see also Removal Cases, 115 U.S.,1.) (j) A United States district court has jurisdiction to authorize a receiver to compromise a debt. (Matter of Plait, 1 Ben., 534.) (k) An action at common law to recover a debt due to the bank may be instituted by a receiver in a United States district court, he being an officer of the United States within the meaning of section 563, Revised Statutes. (Platt v. Beach, 2 Ben., 303; Stanton v. Wilkeson, 8 Ben., 357.) (I) The power of a national banking association to take a mortgage upon real estate is a question which the party raising it should be permitted to litigate in a Federal court; and he should not be sent into the State courts to try this question on the distribution of surplus moneys in a foreclosure suit, or in a suit brought by the party holding the alleged invalid mortgage. (In re Duryea, TJ. S. D. C. (S. t>. N. Y.), 17 National Bankruptcy Register, 495.) 2. JURISDICTION OF FEDERAL COURTS SUBSEQUENT TO ACT OF JULY 12, 1882: (a) The tenth subdivision of section 629, Revised Statutes, which confers upon the circuit court of the United States jurisdiction of ail suits by or against any national banking association established in the district for which the court is held, has been repealed by the proviso to section 4 of the act of July 12, 1882. (National Bank of Jefferson v. Fare et al, TJ. S. C. C. (E. D. Tex.),2o Fed. Rep., 200.) (b) The object of this proviso was to deprive the United States courts of jurisdiction of suits by or against national banking associations in all cases where banks organized under State laws could not likewise sue or be sued in such courts. (National Bank of Jefferson v. Fare et al., supra.) (c) But the proviso does not affect the right of the receiver of an insolvent association to sue in a Federal court. (Hendee v. Connecticut and P. R. R. Co., 26 Fed. Rep., 677.) (d) Nor would the act of July 12, 1882, take from the circuit court jurisdiction of a suit brought against a director for negligent performance of his daties ; for as such suit rests upon the requirements of the United States laws, and by-laws made pursuant thereto, it is a case arising under the laws of the United States. (Witters v. Foster, TJ. S. C. C. (D. Vt.), 28 Fed. Rep., 737.) 3. JURISDICTION OF STATE COURTS : [a) State courts have jurisdiction of suits by and against national banking associations. (Bankof Bethel v. Pahquioque Bank, 14 Wall.y 383; see also Ordway v. Central National Bank, 47 Md., %Y7, and Clafflin v. Houseman, 93 TJ. S., 130.) (b) Where a national banking association is sued in a State court, the suitonust be brought in the city or county in which the bank is located. (Cadlev. Tracy, 11 Blatch., 101; Crocker v. Maine National Bank, 101 Mass., 240.) NOTE.—But the New York court of appeals has held that the provision of the national banking law as to the jurisdiction of State courts is permissive only, and not mandatory, and that a State court, in a proper case, may entertain a proceeding against a national bank located in another State. (Cooke v. The State National Bank of Boston, 52 N. Y., 96; Robinson v. National Bank of New Berne, 8 1 N Y., 385; see also Adams v. Daunts, 29 La. Ann., 315.) And in Talmage v. Third National Bank, 27 Hun, 61, the supreme court of New York said : "The words of restriction to the place where said * association is situated' apx>ly to the county and municipal courts and not to the State courts. In the State courts of general jurisdiction a national banking association can be sued whenever an individual can be for the same cause." In Cooke v. The State National Bank Chief Judge Church questioned the constitutional right of Congress to deprive the State courts of jurisdiction in such cases. 150 REPORT OF THE COMPTROLLER OP THE CURRENCY. 3. JURISDICTION OF STATE COURTS—Continued. (c) A State court can entertain an action brought to recover of a national banking association the penalty for taking usury. (Ordway v. The Central National Bank, 47 Md., 217; Hadev. McVay, 31 Ohio St., 231; Bletz v. Columbia National Bank, 87 Penn. St., b7.) (d) The State courts have jurisdiction of an action brought by a shareholder on behalf of himself and other shareholders to recover of the directors of an insolvent association damages for injuries resulting from their negligence and misconduct. (Brinckerhoffv. Bostwick, 88 N. Y., 52.) (e) A State court has no power to make an order directing the receiver of a national bank, who has been appointed by the Comptroller of the Currency, to pay a judgment obtained against the bank before the receiver was appointed. {Ocean National Bank v. Carll, 7 Hun, 237.) (/) State courts have no jurisdiction of the case of an embezzlement of the funds of the association by one of its officers. ( Commonwealth v. Felton, 101 Mass., 204; Commonwealth, exrel. Torrey, Y.Ketner, 92 Penn. St., 372.) (g) The defense of usury may be sec up in action brought in a State court. (National Bank of Winterset v. Eyre, 52 Iowa, 114.) 4. UNITED STATES CAN NOT BE SUBJECTED TO JURISDICTION OF COURT : Neither the Comptroller nor the receiver by putting in an appearance to a suit can subject the United States to the jurisdiction of a court. {Case v. Terrell, 11 Wall., 199.) 5. CITIZENSHIP: A national banking association is for jurisdictional purposes a citizen of the State in which it is located. (Davis v. Cook, 9 Nev., 134.) XII. SUITS. 1. BY AND AGAINST ASSOCIATIONS : (a) Suit may be brought against a national banking association though it is in the hand3 of a receiver. (Bank of Bethel v. Pahquioque Bank, 14 Wall., 383; Security National Bank v. National Bank of the Commonwealth, 2 Sun, 287; Green v. The Walkill National Bank, 7 Hun, 63.) (a) Where the tax on shares is collected from the association it may bring a suit to enjoin the collection of an illegal tax. (Cummings v. National Bank, 101 U. S., 153 ; Pelton v. Commercial National Bank, 101 U. S., 143; Boyer v. Boyer, 113 U.S., 143.) (c) A State law authorizing national banking associations which have been converted from State banks to use the name of the original corporation for the purpose of prosecuting and defending suits is not in conflict with the national banking law, and, therefore, proceedings based upon a judgment obtained before the conversion may be instituted*by such association in its former corporate name. ( Thomas v. Farmers7 Bank of Maryland, 46 Md., 43.) (d) A national banking association is a foreign corporation within the meaning of a State statute requiring corporations created by the laws of any other State or country to give security for costs before prosecuting a suit in the courts of the State. (National Park Bank v. Gunst, 1 Abb. N C, 292.) (e) As a national banking association can acquire no title to negotiable paper purchased by it, it can maintain no action thereon in a State where the person suing must be owner of the paper. (First National Bank of Rochester v. Pier son, 24 Minn., 140.) (/) But in a State where the holder may sue without respect to the ownership an association may bring suit upon paper so acquired. (National Pemberton Bank v. Porter, 125Mass., 333; Atlas National BankY. Savery, 127 Mass., 75.) (g) Suits brought by a receiver can not be settled or compounded upon an order of the Comptroller; this can be done oijly with the authority of the court. (Case v. Small, 2 Woods, 78.) 2. B Y SHAREHOLDERS : (a) A shareholder of a national banking association can not maintain an action against the directors to recover damages sustained for neglect and mismanagement of the affairs of the association, whereby it became insolvent and its»stock was rendered worthless. Such an action can be brought only by the corporation itself. (Conway v. Halsey, 15 Froom, 462.) (&) But where the receiver refuses to bring an action against negligent directors to recover the amount which the shareholders have been compelled to contribute to pay the debts of the association, an action against such directors may be brought by a shareholder on behalf of himself and the other shareholders. (Nelson v. Burrows, 9 Abb. N. C, 280.) REPORT OF THE COMPTROLLER OF THE CURRENCY. 151 2. BY SHAREHOLDERS—Continued. (c) And when tho receiver is a director, and one of the parties charged with misconduct and against whom a remedy is sought, the action may be brought bv a shareholder on behalf of himself and the other shareholders. (Brinckerhofv. Host wick, 88 N. Y, 52.) 3. BY RECEIVERS : (a) A receiver'may sue either in his own name or the name of the bank. (National Banky. Kennedy, 17 Wall., 19.) (b) Suits and proceedings under the act in which the United States or their officers or agents are parties, whether commenced before or after the appointment of a receiver, are to be conducted by the district attorney under the direction of the Solicitor of the Treasury. {Bank of Bethel v. Pahquioque Bank, 14 Wall., 383.^) (c) But section 380, Revised Statutes, is directory merely, and the employment of private counsel by the receiver can not bo made a ground of defense to a suit brought by him. (Ibid.) (d) Receivers may sue in the courts of the United States by virtue of the act, without reference to the locality of their personal citizenship. (e) The provisions of the codes that every action must be brought in the name of the real party in interest, except in the case of the trustee of an express trust, or of a person authorized by statute to sue, does not apply to the receiver of a rvational banking association suing in a Federal court held in a State which has adopted the code procedure; for the right of the receiver to sue is derived from the national banking law. (Stanton v. Wilkeson, 8 Ben., 357.) (/) Under section 1001 of the Revised Statutes no bond for the prosecution of the suit, or to answer in damages or costs, is required on writs of error or appeals issuing from or brought to the Supreme Court of the United States by direction of the Comptroller of the Currency in suits by or against insolvent national banking associations, or the receivers thereof. (Pacific National Bank v. Mixter, 114 U. S., 463.) 4. BY CREDITORS OF INSOLVENT ASSOCIATION : The creditors of an insolvent association must seek their remedy through the Comptroller, in the mode prescribed by the statute ; they can not proceed directly in their own names against the, stockholders or debtors of the bank. {Kennedy v. Gibson, 8 Wall, 498.) 5. FOR USURY : (a) The penalty for all illegal interest paid to a national banking association within two years prior to the commencement of proceedings may be recovered in a single action, whether the amount was in one payment or in several. (Hintermisier v. First National Bank, 64 N. Y., 212.) (5) Where a bankrupt has paid usurious interest, his assignee may bring an action against the association to recover the penalty. ( Wright v. First National Bank of Greensburg, TJ. S. C. C. (Dist. Ltd., 1878); Crocker v. First National Bank of Chetopa, TJ. S. C. C. (Eighth Circuit, 1876); 3 Am. L. T., N. 8., 350.) (c) The party who paid tho usurious interest is the only party to the note who is entitled to sue for the penalty. (Lazear v. National Onion Bank of Maryland,ro2Md.,78.) 6. TO ENFORCE LIABILITY OF SHAREHOLDERS: (a) When the full personal liability of shareholders is to be enforced the action must be at law. (Kennedy v. Gibson, 8 Wall., 505; Casey v. Galli, 94 TJ. 8., 673.) (b) And it may be at law though the assessment is not for the full value of the shares; for, since the sum each shareholder must contribute is a certain, exact sum, there is no necessity for invoking the aid of a court of equity. (Bailey Y. Sawyer, 4 Dill, 463.) (c) But the suit may be in equity. (Kennedy v. Gibson, supra.) 7. EXECUTION: A judgment against a national bank in the hands of a receiver only establishes the validity of the claim; the plaintiff can have no execution on such judgment, but must wait pro rata distribution. (Bank of Bethel v. Pahquioque Bank, 14 Wall, 383.) 152 REPORT OF THE COMPTROLLER OF THE CURRENCY. 8. ATTACHMENTS: (a) When a creditor attaches the property of an insolvent bank he can not hold such property against the claim of a receiver appointed after the attachment suit was commenced. Such creditor must share pro rata with all others. (First National Batik of Selma v. Colby, 21 Wall.. 609: Harvey v. A lien, WBlatch.,29.) (b) It was not intended by the national banking law to prohibit attachments against the property of national backing associations, except in cases where an act of insolvency has been committed or is contemplated. (Robinson v. National Bank of New Berne, 81 JV. Y., 385.) (c) But where the association is insolvent an attachment issued against its property will be void. (National Shoe and Leather Bank Y. The'Mechanics' National Bank, 89 # . Y., 467.) (d) And such attachment will not afterward be rendered valid by the acquisition of new capital by the association and its resumption of business. (Raynor et al. v. Pacific National Bank, 93 N Y., 371.) (e) A State court may issue an attachment against property in the Staie belonging to a national banking association located in another S-fcate. (Southwickv. The Ftrst National Bavk of Memphis, 7 Hun, 96; Contra, Central National Bank v. Richmond National Bank, 52 Row, Pr., 136.) (/) The provision of the banking law forbidding attachments in the case of insolvent associations was not repealed by the act of July 12,1882. (Raynor et al. v. Pacific National Bank, supra.) 9. ABATEMENT : An action brought by the creditor of a national bank is abated hy a decree of a district or circuit court dissolving the corporation and forfeiting its franchises. (First National Bank of Selma v. Colby, 21 Wall, 609.) 10. ESTOPPEL: (a) A shareholder against whom suit is brought to recover the assessment made upon him by the Comptroller will not be permitted to deny the existence of the association, or that it was legally incorporated. (Casey v. Galli, 94 £7. £.,673.) (b) Where one sued by a national bank is accustomed to deal with it, as such, and does so deal with it in respect to the matter in suit, he is estopped from denying its incorporation. •(National Bank of Fair haven v. The Phoenix Warehousing Company, 6 Hun, 71.) 11. SUITS AGAINST LIQUIDATING ASSOCIATIONS: A national bank which has gone into voluntary liquidation will continue to exist as a body corporate for the purpose of suing and being sued until its affairs are completely settled. (National Bank v. Insurance Company, 104 U. S., 54 ; Ordway v. ^Central National Bank, 47 Md., 217.) 12. TRANSITORY AND LOCAL SUITS: The provision of the banking law (section 5198, Revised Statutes) which requires that actions brought against national banking associations in State courts shall be brought in the county or city in which the association is located, applies only to transitory actions; it was nofc intended to apply to actions local in their character. (Casey v. Adams, 102 U. S., 66.) 13. SURVIVAL OF SUITS: Whether a suit against a director for negligent performance of his duties, as required by the statutes of the United States and the by-laws of the association, will survive against the executor or administrator depends upon State laws. (Witters v. Foster, U. S. C. C. (List. Vt), 25 Fed. Rep., 737.) XIH. EVIDENCE. 1. CERTIFICATES OF COMPTROLLER: (a) The certificate of the Comptroller of the Currency that an association has complied with all the provisions required to be complied with before commencing the business of banking is admissible in evidence upon a plea of nul tiel corporation ; and such certificate, together with proof that the association has been acting as a national banking association for a long time, is amply sufficient evidence to establish, at least, prima facie, the existence of the corporation. 1 (Mix v. The National Bank of Bloovnington, 91 III., 20; see also Merchants National Bank of Bangor v. Glendon, 120 Mass., 97.) REPORT OF THE COMPTROLLER OF THE CURRENCY. 153 1. CERTIFICATES OF COMPTROLLER—Continued. (b) The certilicate of the Comptroller that the association has complied with all the provisions of law touching the organization of associations removes any objection which might otherwise have been made to the evidence upon which he acted. (Casey v. Galli, 94 U. S., 673 ; Thatcher v. West River National Rank, 10 Mich., 190.) (c) And in & suit againsfc the association or its shareholders such certificate of the Comptroller is conclusive as to the completeness of the organization. (Casey v. Galli, supra.) (d) A letter from the Comptroller directing the receiver to institute suit, if not objected to at the time, is sufficient evidence that the Comptroller has decided that the enforcement of the individual liability of the shareholders is necessary. (Bowden Y. Johnson, 107 U. #.,251.) 2. EVIDENCE OF INSOLVENCY: (a) It is not necessary that the facts upon which the Comptroller bases his action in appointing a receiver should be established by what is competent legal evidence; but he is left to be satisfied as best he can be, under the peculiar circumstances of each case, of the facts and the necessity for the exercise of his authority. (Platt v. Beebe, 57 N. Y., 330.) (b) A return of nulla bona upon an execution issued against the property of a national bank is proof of its insolvency. (Wheelock v. Kost, 77 III., 296.) 3. NECESSITY FOR ASSESSMENT BY COMPTROLLER: It is not essential, in an action to enforce the individual liability of the shareholders of an insolvent national banking association, to aver and prove that the assessment was necessary; for the decision of the Comptroller on this point is conclusive. (Strong v. Southworth, 8 Ben., 331; Kennedy v. Gibson, 8 Wall., 505 j Casey v. Galli, 94 U. S.} 673.) XIV. CRIMES. 1. UNDER UNITED STATES LAWS: (a) The willful misapplication of the moneys and funds of a national banking association, made an offense by section 5209, Revised Statutes, must be for the use or benefit of the party charged or of some person or company other than the association. ( United States v. Britton, 107 U. S., 655.) (b) The exercise of official discretion in good faith, without fraud, for the advantage or the suj^posed advantage of the association is not punishable; but if official action be taken in bad faith, for personal advantage and with fraudulent intent, it is punishable. ( United States v. Fish, 24 Fed. Rep., 585.) (c) It is not necessary that the officer should personally misapply the funds of the association. He will bo guilty as a principal offender though he merely procures or causes the misapplication. (Ibid.) (d) A loan in bad faith, with intent to defraud the association, is a willful misapplication within the meaning of the statute. (Ibid.) (e) It is no defense to a charge of embezzlement, abstraction, or misapplication of the funds of a national banking association that the funds were used with the knowledge and consent of the president and some of the directors. The intent to defraud is to be conclusively presumed from the commission of the offense. (United States v. Taintor, 11 Blatch., 374.) (f) Where the president charged as a trustee with the administration of the funds of the bank in his hands, converts them to his own use without authority for so doing, he embezzles and abstracts them within the meaning of section 5209, Eevised Statutes. (In the matter of Van Campen, 2 Ben., 419.) (g) If, with intent to defraud the association, an officer allows a firm in which he is a member to overdraw its account, he will be guilty of misapplying the funds of the association. (Ibid.) (h) As the national banking law makes the embezzlement, abstraction, or willful misapplication of the funds of a national banking association merely a misdemeanor, a person who procures such an offense to be committed can not be punished under a State statute which provides that a person who procures a felony to be committed may be indicted and convicted of a substantive felony. (Commonwealth v. Felton, 101 Mass., 204.) (i) An indictment charging defendants with aiding and abetting a director in a willful misapplication of the money of an association must state facts to show that there has been such misapplication committed by the director. ( United States v. Warner, U. S. C. C. (S. D. N. Y.), Feb. 13,1886, 26 Fed.Rep., 616.) 154 REPORT OF THE COMPTROLLER OF THE CURRENCY. 1. UNDER UNITED STATES LAWS—Continued. (/) Allowing the withdrawal of the deposit of ouv indebted to the association can not be charged as a misapplication of tit* money of the association. (United States v. Britton, 108 U. S., 193.) (1c) It is not a willful misapplication of the mone*, of the association within the meaning of section 5209, Revised Statutes, fo* a president who is insolvent to procure the discounting by the association of his note riot well secured. (Ibid.) (I) Prior to the act of February 26, 1881, a notary public holding his commission under a State had no authority to administer the oath required by section 5211, Revised Statutes: and, therefore, a cashier who made oath before such notary to a false statement of the condition of his association was not guilty of perjury. ( United States v. Curtis, 107 U. S., 671.) (m) Where false entries are made by a clerk at the direction of the president, the latter is a principal. (In the matter of Van Campen, supra; United States v. Fishy supra.) 2. UNDER STATE LAWS: (a) An officer of a national banking association can not be punished under State laws for embezzling the funds of the association. (Commonwealth ex rel. Torrey v. Ketner, 92 Penn. St., 372; Commonwealth v. Felton, 101 Mass., 204.) (b) But where the offense committed by an officer is properly a larceny of the funds, and not an embezzlement, he may be indicted under a State law. (Commonwealth v. Barry, 116 Mass., 1.) (c) And an officer may be punished under State laws for making false entries in the books of the association with intent to defraud it. (Luberg v. Commonwealth, 94 Penn. St., 85.) (d) The officers of a national banking association may be prosecuted under State statutes for fraudulent conversion of the property of individuals doposited with, and in the custody of the association. (Commonivealth v. Tenney, 97 Mass., 50; State v. Fuller, 34 Conn., 280.) 3. TERM " U N I T E D STATES CURRENCY" IN PENAL STATUTE: The circulating notes of national banking associations are included in the phrase " United States currency" when used in a penal statute. (State v. Gasting, 23 La. Ann., 1609.) A DIGEST OF RECENT DECISIONS IN BANKING LAW. BANKS AND BANKING. CONSTITUTIONAL PROVISION : The term " banking powers," as used in the constitution of the State of Ohio has a restricted meaning, and relates only'to the powers of making and issuing paper money, or, at most, to powers exercised by associations organized to deal in money, including the making and issuing of bills and notes intended to circulate as money. (Dearborn v. Bank, 42 Ohio State, 617.) POWER OF SAVINGS BANK TO BORROW MONEY: A savings bank having the usual powers of such an institution, ir ay borrow money in the course of its legitimate business, and may make and indorse negotiable paper for the money so borrowed. (Fifth Ward Savings Bank v. First National Bank, 48 N. J. Law, 513.) WRONGFUL PAYMENT TO AGENT: S. drew his check for $5,000 on the People's Bank of New York, payable to the order of the United States Trust Company, and delivered it to C. with verbal instructions to deposit it to his (S.'s) credit with the trust company. C. delivered the check to the trust company, but, instead of doing as directed, requested and received from the company a certificate of deposit payable to himself as trustee of S., and shortly thereafter drew the money and converted it to his own use. Held, that the trust company was not authorized in paying the money to C , and was liable to the executors of S. for the amount. The use of the company's name as payee of the check indicated the drawer's intention to lodge the moneys in its custody and place them under its control, and nothing further than this was inferable from the language of the check. (Sims v. United States Trust Company, 103 JSf. Y., 472.) NOTE.—Upon the trial, evidence of a custom to make such payments was submitted to the jury ; but the evidence was conflicting, and the jury found against the existence of the custom. (Id.) EVIDENCE OF CUSTOM TO BORROW MONEY : In order to show that the borrowing of money was within the scope of the ordinary and customary business of a firm doing a banking business, evidence that such is the custom of the banks in the same place is admissible. (Crain et al. v. National Bank, 114 III., 516.) PAYMENTS THROUGH CLEARING-HOUSE : (a) Where, by the rules of a clearing-house, checks not good are to be returned by the banks receiving them to the banks from which they are received as soon as the fact that they are not good is discovered, and in no case to be retained after a certain hour, yet when by mistake as to a matter of fact a bank Kas delayed to return a check until after the hour so fixed, it may demand repayment of the other bank, if in the interval between the time fixed by the rule and the time of the actual return the latter bank has not changed its position, as, for instance, by paying over the amount of the check to the person who had deposited it for collection. (Merchant's Bank v. Bank of Commonwealth, 139 Mass., 213. (b) But in such case the recovery could be only the difference between the sum which the depositor has to his credit and the amount of the check; notwithstanding that, by the course of dealing between banks in the clearinghouse association, the ordinary custom is to return the check as not good when there is not money enough to pay it in full; for the clearing-house rules not having been complied with by the return of the check within the time fixed, these rules can not control in determining how much shall be returned after payment of it has been made. (Merchants' Bank v. Bank of Commonwealth, 139 Mass., 513.) 155 156 REPORT OF THE COMPTROLLER OF THE CURRENCY PAYMENTS THROUGH CLEARING-HOUSE—Continued. NOTE.—Under a similar rule of the Chicago clearing-house it has heen held by the United States circuit court for the northern district of Illinois that no such mistake could be corrected after the time allowed by the rule. Blodgett, J., said: " I f parties competent to contract within what time they may correct mistakes in their dealings with each other have so contracted, it seems to me the courts have «no right to override or disregard such an agreement. If a mistake which is discovered within an hour or within ten minutes after the expiration of the time limited by the agreement for its correction may be corrected, I can see no reason why it can not be corrected a week afterwards, or whenever it is discovered." (Preston v. Bank. 23 Fed. Rep., 179.) PASS-BOOK: (a) The duty of a depositor in respect to examining his pass-book and reporting any mistake to the bank is such as that which prudent men usually bestow on the examination of such accounts. (Leather Manufacturers' Bank v. Morgan, 117 U. 8., 98.) (b) And by neglecting to make an examination of his pass-book within a reasonable time, a depositor may estop himself from afterwards questioning its correctness. (Ibid.) DUTIES AND LIABILITIES OF BANKS MAKING COLLECTIONS: (a) Where a certified check is left with a bank for collection the collecting bank does not discharge its duty by forwarding that check to the bank on which it is drawn; and if it does so forward the check, and loss results, it will be liable for such loss. (Drovers1 National Bank v. Provision Co., 117 17/., 100.) * (b) Nor would it in any case be a sufficient discharge of the duty of the collecting bank to forward the check to the bank on which it is drawn. (Merchants' National Bank \. Goodman, 109 Penn. St., 422.) NOTE.—In Indig v. National City Bank, 80 N. Y., 100, it was said that when there are no indorsers to charge, sendiug the check through the mail to the bank on which it is drawn is a good presentment. (See also Hey wood v. Pickering, L. R., 93 B., 428.) (c) Where paper is received by a bank in the ordinary course of business for collection, such bank will be responsible for the neglect or misconduct of any sub-agent employed by it in the business of making the collection. (Simpson v. Walby, Supreme Ct. Mich., 1886, 30 N. W. Rep., 199.) NOTE.—The same rule has recently been adopted by the Territorial court of Montana. (Power v. First National Bank, 6 Mont., 251.) This is now the rule in the Supreme Court of the United States (Exchange National Bank v. Third National Bank, 112, U. S., 276); in England (Mackersy v. Ramsay, 9 Cl. and Fin., 818) ; in New York (Ayrault v. Pacific Bavk, 47 N. Y., 570); in New Jersey (Titus v. Mechanics7 Bank, 35 N. J. Law, 588); in Pennsylvania (Wingate v. Mechanics' Bank, 10 Penn. St., 104); in Ohio (Reeves v. State Bank, 8 Ohio St., 465); in Indiana (Tyson v. State Bank, 6 Black/., 225); in Michigan (Simpson v. Walby, supra), and in Montana. In other jurisdictions the rule prevails that the bank is only bound to transmit the paper to a suitable agent at the place of payment for that purpose, and when a suitable sub-agent is thus employed, in good faith, the collecting bank is not liable for his neglect or default. This is the rule in Massachusetts. (Fabens v. Mercantile Bank, 23 Pick., 330; Dorcliester Bank v. New England Bank, 1 Cush.,177)', in Maryland (Jackson v. Union Bank, 6 Har. and Johns., 146); in Connecticut (Laivrencev. Stoningion Bank, 6 Conn., 521; East Eaddam1 Bank v. Scovil, 12 Conn., 303); in Missouri (Daly v. Butchers and Drovers Bank, 56 Mo.,94); in Illinois (JEtnaInsurance Co. v. Alton City Bank, 25 111. 243); in Tennessee (Bank of Louisville v. First National Bank, 8 Baxter, 101); in Iowa (Guelich v. National State Bank, 56 Iowa, 434) ; in Wisconsin (Stacy v. Dane County Bank, 12 Wis., 629 ; Vilas v. Bryants, Id., 702). BANKERS' LIEN AND RIGHT OF SE,T-OFF: (a) Where a customer deposited with his bankers a policy of life insurance to secure any indebtedness of his to them then due, or which should thereafter become due, not exceeding at any one time the sum of £4,000 :— Held, that the bankers had no lien for any indebtedness of the customer in excess of £4,000; for as the express terms of the deposit limited the security to that amount, it would be inconsistent with those terms that the bank should hold the policy for something more. (EarlofStrathmorev. Vane, L.R., 33 Ch, Div.t 586.) REPORT OF THE COMPTROLLER OF THE CURRENCY. 157 BANKERS7 LIEN AND RIGHT OF SET-OFF—Continued. (b) Where agents deposit money in bank for the benefit of their principals, and the purpose of the deposit is known to the bank, the deposit is impressed with a trust, and the bank can not charge against it any indebtedness of the agents, even with their consent. (Baker et al. v. Neiv York National Bank, 100 JV. F , 31.) (c) The general rule is that a bank has the right to set-off as against a deposit only where the person who is both depositor and debtor stands in both these characters alike, in precisely the same relation, and on precisely the same footing toward the bank, and hence an individual deposit can not be set-off against a partnership debt. (International Bank v. Jones, 119III., 407.) (d) And notwithstanding that it is the duty of a partner to pay the firm's debt to the bank, still, inasmuch as the bank could not set-off the firm debt against his deposit, he could lawfully appropriate such deposit to the payment of a bona fide creditor of his own. (Id.) STATUTE OF LIMITATIONS : (a) Where notes deposited with a bank as collateral security for a line of discounts are paid, it is the duty of thebank to carry the proceeds to the credit of the borrower's account; when he will occupy the position of depositor ; and then, as to any part of such proceeds, the rule will apply, that when a deposit is made in bank the statute of limitations does not begin to run until demand is made. (Humphrey v. National Bank of Clearfield,113 Penn. St., 417.) (b) Whenever demand is made by presentation of a genuine check in the hands of a person entitled to receive its amount, for a portion of the amount on deposit, and payment is refused, a cause of action immediately arises in favor of the drawer; and as to the amount specified in the check the statute of limitations begins to run from that time. (Fiets v. Union National Bank of Troy, 101 JV. Y., 564.) Although it is a general rule that a bank in accepting and paying a check drawn by a customer is generally held to know the signature, and if a forged check is paid by it it will not be heard to assert a mistake as to the signature, yet wh<>re one in whose favor a forged check is drawn takes it under suspicious circumstances, and gives it credit by indorsing his own name thereon, and collects fthe money on it, the bank may recover the amount from him. (Bouvant v. San Antonio National Bank, 63 Tex., 610.) BANK OFFICERS. POWERS OF OFFICERS: The treasurer of a savings bank is an officer of much more limited powers than the cashier of a commercial bank. His duties more nearly resemble those of the paying and receiving tellers of banks. He can not, simply in virtue of his office as treasurer, create obligations which will be binding upon the bank, as by indorsement of notes, or transfer to a purchaser a promissory note belonging to the bank. (Fifth Ward Savings Bank v. First National Bank, 48 N. J.; Law, 513.) (b) A cashier of a bank may, without authority from the board of directors, employ an attorney to collect outstanding debts due the bank; and this though the bank has regularly retained counsel. His authority in this respect is incidental to his duty to collect. (Boot v. Olcott, 49 Hun., 536.) (c) Knowledge acquired by the cashier of a bank in his capacity as an officer of another corporation can not bo imputed to the bank, unless he communicated that knowledge to some one or more of the other officers of the bank. (Wilson v. Second National Bank of Pittsburgh, 7 Att. Bep., 145.) CASHIER'S BOND : (a) The sureties on a cashier's bond will not be discharged by an increase of the capital stock of the bank when this increase is made under the authority of a provision of the law under which the bank is organized. The bond must be understood and read in the light of the law existing at the time it was made; and the parties must have contemplated that the bank would enlarge its business by all lawful ways and means, not going beyond a banking business. (Lionberger v. Krieger, 88i/oM 160.) (b) The cashier's bond will not be invalidated by the fact that he is not a directoi, though the law under which the bank is organized provides that the cashier shall be chosen from among the directors. (Id.) 158 REPORT OF THE COMPTROLLER OF THE CURRENCY. LIABILITY OF DIRECTOR : (a) Where a director and member of the finance committee of a savings bank, acting with the president, invests the funds of the institution contrary to the provisions of the law by which it is governed, he will be liable for the loss on such investment. ( Williams v. McDonald, 42 N. J. Eq., 392.) (b) And in such case it is not essential, in order to charge him with liability for the loss, to show that he acted fraudulently, or that he derived any benefit from the loan; it is sufficient that there was a culpable lack of prudence, or failure to exercise with ordinary care his functions as quasi trustee of the funds of the bank, by reason of which loss was sustained. (Id.) BUSINESS PAPER. CONSTITUTIONAL PROVISIONS : (a) It is not unconstitutional lor a State to enact a law making the liabilities of signers of commercial paper made and payable within its limits entirely different from the laws of other States respecting such liabilities, and by statute change absolutely the operation of the law merchant, so far as it affects contracts made and to be performed within that State. (Shoe and Leather National Bank v. Wood, 142 Mass., 563.) (b) A provision in a State law requiring that the words "given for a patent right" shall be inserted in every promissory note executed in consideration of the sale and transfer of a patent right is constitutional. (New v. Walker, lQSInd., 365.) (c) This provision is in the nature of a police regulation. But independent of this consideration it is valid, because it simply prescribes what shall be written in a promissory note given for a particular class of property. (Id.) BILLS DRAWN IN ANOTHER COUNTRY: Where bills of exchange were drawn in France by a domiciled Frenchman, in the French language, but according to the English form, on an English company, by which they were duly accepted : Held, that the bills were to be regarded as English bills, at least so far as the acceptor was concerned, and that their negotiability could not be attacked by the company on the ground that the indorsement of the drawer was not a good indorsement according to the French law. (In re Marseilles Extension Railway and Land Company, L. IL 30 Ch. Div., 598.) NOTES GIVEN FOR PATENT RIGHTS: (a) Where a State statute requires that notes for which the consi deration is the assignment of a patent right shall contain the words " given for a patent right," notes issued in violation of sucb provision will be unenforceable as between the parties, and when in the hands of a purchaser with notice of the nature of the consideration. (Newv. Walker, 108 Ind., 365.) (b) But they will not bo void in the hands of an innocent purchaser unless the statute, either expressly or by necessary implication, declares them to be void. But this the Indiana statute (section 6055, R. S.) does not do. (Id.) NOTE.—Similar statutes in Pennsylvania and Ohio have received the same construction. (Baskell v. Jones, 86 Penn. St., 173 ; Tod v. Wick, 36 Ohio St., 370.) INCOMPLETE INSTRUMENT : Where one signs and delivers a note in blank to be used as security, the law implies that he means to become liable upon a completed and perfected note, and so far as the same is, at the time of his signature, an incomplete and imperfect instrument, he is held to have authorized the filling of such blank by the agent intrusted with the note for use ; but nothing more than this is implied. And, therefore, if a matter of special agreement (e. g., a provision for a special rate of interest) is crowded into it, there being no blank space left for such insertion, the alteration is material, and discharges the indorser. ( Weyerhauserv. Dun, 100 N. Y., 150.) SUNDAY CONTRACT: Where a note is signed on Sunday, but not delivered until Monday, it is not open to the objection that it is a Sunday contract; for a promissory note becomes a contract from the time of its delivery. (Bell v. Mohin, 69 Ioica, 408.) NOTE PAYABLE ON DEMAND; Although the principle laid down in the case of Merritt v. Todd (23 N. Y., 28), has been criticised in later cases, it has been acquiesced in too long as the law of New York to be open to question or dispute, That principle is REPORT OF THE COMPTROLLER OF THE CURRENCY. 159 PAYABLE OX DEMAND—Continued. that a promissory note payable on demand, with interest, is a continuing security; 80 that" the holder may make demand when he pleases, and is not chargeable with neglect if he does not make it within any particular time, and an indorser on such note remains liable until an actual demand. {Parker et al. v. Slroud, 98 N. Y., 379.) PROMISE TO PAY FORGED NOTE: An oral promise to pay a note by one whose signature has been forged to the note is nothing more than an oral promise to pay the debt of another, and is ineffectual to bind the promissor. (Smith v. Tramel, 68 Iowa, 488.) AUTHORITY AND LIABILITY OF AGEXT: (a) Where a bill drawn upon him by his principal is accepted by an agent by signing his own name thereto, with the addition of words describing himself as agent and giving the name of his principal, he will be individually liable upon such acceptance; and he will not be allowed to show that the acceptance was intended to charge only his principal. (Robinson v. Kanau-ha Valley Bank, 44 Ohio, 441.) 7 (b) Where a note ran " we promise to pay,' and was signed " Pioneer Mining Company, John E. Mason, sup7t," parol evidence was held admissible, in a suit by the payee, to show that the note was given as that of the company, and not as the note of the company and Mason. (Bean v. Pioneer Mining Co., 66 Cal., 451.) (c) Where a bill of exchange, drawn on a firm, was accepted by one of the partners by signing the name of the firin and adding his own underneath: Held, that the acceptance was that of the firm, and that the individual partner was not separately liable. (Edwards v. Barned, L. R., 32, Ch. Div., 447.) (d) In the case of a non-trading partnership, in order to subject the firm to liability upon a bill or note executed by one partner in its name, a course of conduct, or usage, or other facts sufficient to warrant the conclusion that the acting partner had been invested by his copartners with the requisite authority must appear, or that the firm has ratified the act by receiving the benefit of it. (Peatse v. Cole, 53 Conn., 53.) (e) Where a note was made payable to "the order of T. W. Woollen, AttorneyGeneral:" Held, that the words "Attorney-General" were merely descriptive of the individual, and that as the persons in giving the note had executed a commercial instrument, fair on its face and complete in all its parts, they could not, as against a bona fide holder, set up the defense that the payee had no right to "transfer it. ( Walke v. Kuhue, 109 Ind., 313.) CONSIDERATION : (a) One dollar is a mere nominal consideration, and therefore not sunicient to constitute the holder of a note a purchaser for value. (Proctor v. Cole, 104 Jnd., 373.) (b) An agreement to j>ay one-half the proceeds that may be realized upon a note is a venture approaching very near a wagering contract; at all events, it is not such an agreement as will create a right against prior equities. (Id.) (c) It, is the law of New York that one who takes commercial paper upon a preexisting debt, without parting with any right or property of value, is not a bona fide holder for value who will be protected against the equities of third persons. ( Webster <f* Co. v. Howe Machine Co., 54 Conn., 394.) NOTE.—See for this the following New York cases: Coddinqton v. 1 Bay, 20 Johns., 637; Stalker v. McDonald, 6 Hill, 93; McBride v. Farmers Bank of Salem, 26 JV. Y., 450; Comstock v. Eier, 73 N. Y., 269. For the contrary rule see Swift v. Tyson, 16 Peters, 1; Railroad Company v. National Bank, 102 U. S., 14. (d) An existing debt is a sufficient consideration to constitute a pledgee of a negotiable instrument a holder for value. (Spencer v. Sloan, 108 Ind., 183.) (e) The pledgee of negotiable securities received by him as collateral security for an antecedent debt is not a holder for value, and is not protected from antecedent equities. (Appeal of the Leggett Spring and Axle Co., I l l Penn. St., 291.) NOTE.—The rule in the Supreme Court of the United States is in accordance with that in the Indiana case. (Railroad Company v. National Bank, 102 U. S., 14.) (/) If the compounding of a felony affected the consideration of a note in any way, or such purpose entered into the consideration, or such motive actuated the maker in any respect, the contract is illegal. And, therefore, where H. and his wife had given their note to R., the employer of their son, to prevent R. 160 REPORT OF THE COMPTROLLER OF THE CURRENCY. CONSIDERATION—Continued. (g) (h) (i) (j) (k) (I) from criminally prosecuting the son for theft, they could not recover from R. the amount which they had been compelled to pay to a bona fide purchaser of the note ; and in such case the makers of the note could not set up that it was obtained from them by duress and undue influence: for such a right does not exist when the contract is tainted with a corrupt consideration. {Haynes v. Budd, 102 N. Y, 372.) If one becomes a bona fide holder for value of a bill before its acceptance, it is not essential to his right to enforce it against a subsequent acceptor t-hat an additional consideration should proceed from him to the drawee. The holder does not trust wholly to the credit of the drawer. He believes and expects that the drawee will accept, and upon such belief and expectation he acts. (Heuterematte v. Morris, 101 N. Y., 63; Credit Company v. Howe Machine Co., 54 Conn., 357.) The promise of a husband who has borrowed money of his wife to pay it to her children is a consideration sufficient to constitute one of those children a bona fide holder of a note assigned to him by the husband. {Proctor v. Cole, 104 Ind., 373.) Where the instrument to secure which negotiable securities are deposited as a pledge turns out to be a forgery, this circumstance will not defeat the title of the pledge to the securities; for these having in themselves a negotiable character, the pledgee does not need to make any other title to them than such as springs from a delivery for value. (Fifth Ward Savings Bank v. First National Bank.) Where a bank has discounted for the drawer drafts to which forged bills of lading are attached, the acceptors can not afterwards defeat the claim of the bank on the ground that they accepted the drafts in the belief that the bills of lading were genuine. (Goetz v. Banlc of Kansas City, 119 U. 8., 551.) After discounting the drafts the bank stands towards the acceptors in the position of an original lender, and can not be affected in its claim by the want of a COD si deration from the drawer for the acceptance or by the failure of such consideration. (Id.) To enable one of the makers of a joint note 4o set up the defense that as to him there was no consideration for it, he is not necessarily obliged to show that it was without consideration as to all the makers ; for, though presumably all makers executed it at the same time, and upon ample consideration as to each and all, it is possible that one might have signed the note without any consideration for his contract running to him or to any one else. (Aloyer v. Bound, 102 Ind., 301.) PRESENTMENT AND NOTICE: (a) As to every bill not payable on demand, the day on which payment is to be made to prevent dishonor is to be determined by adding three days of grace, where the bill itself does not otherwise provide, to the time of payment as fixed in the bill. Thus, where the acceptor had stated in his acceptance " Due 21st May," it was held that the bill was not due until three days after the 21st of May. The time named in the acceptance after the word " due" was to be regarded as the time of payment to which days of grace were to be added, and not as a date which included days of grace. (Bell v. First National Bank of Chicago, 115 U. S., 373.) (b) A draft drawn upon a bank, and purporting to be drawn upon funds deposited, and payable on demand, is to be regarded as a banker's check. And where such a draft is payable at a different place from that in which it is negotiated, the holder should, as a general rule, forward it for presentment on the day on which it is received, or on the next succeeding day ; and although this general rule may be varied by the particular circumstances of the case, the presentment must be made, in every instance, with all the dispatch and diligence consistent with the transaction of other commercial matters. Therefore, where the holders retained a draft for several days in their possession, for no other reason than that they chose to send it through a local bank with which they did business, and it -did not suit their convenience to deposit it at an earlier date: Held, that they could not recover against the indorsers. (Northwestern Coal Company v. Bowman fy Co., 69 Iowa, 150.) (c) And in such case it makes no difference as between the indorsee and his indorser that the drawer had no funds on deposit with the bank at the time the draft was drawn. {Id,) (d) Where notice of the dishonor of a draft was sent by the notary to the indorsers at Boone, Iowa, when their post-office address was Odebolt, in a different county: Held, that this was not a sufficient notice to fix their liability. (The Northwestern Coal Company v. Bowman § Co., 69 Iowa, 150.) EEPORT OF THE COMPTROLLER OF THE CURRENCY. 161 PRESENTMENT AND NOTICE—Continued. (e) Where there was written upon a note " I hereby acknowledge the receipt of notice of protest on the within note," and this was signed by all the indorsers: Held, that the word "protest" included all acts necessary to hold indorsers, and the legal effect of the acknowledgment was to release the holder from any obligation to make demand or give notice. (City Savings Bankr. Hopson, f;3 Conn., 453.) BONA FIDE HOLDER: (a) Mere notice of facts such as would have put a prudent person upon inquiry is not sufficient to impeach the title of the holder of negotiable paper taken for value before maturity, and his right to recover can be defeated only by proof of such circumstances as show that he took the paper with knowledge of some infirmity in it, or with such suspicion with regard to its validity as that his conduct in taking it was fraudulent. (National Bank of the Republic v. Young, 41 N. J. Eq., 531; Fifth Ward Savings Bank v. First National Bank, 48 N. J. Law, 513; Credit Co. v. Howe Machine Co., 54 Conn., 357; Morion <f BUns v. N. 0. and Selma Railway Co., 79 Ala., 590.) (b) Therefore, where the vice-president of a bank, who had negotiated a loan upon the paper of a corporation, was advised by one of the officers of the corporation that it had outstanding a large amount of accommodation paper: Held, that this was not sufficient to defeat the claim of the bank as a bona tide holder of paper of the corporation discounted after such notice to the vice-president. (National Bank of the Republic v. Young, supra.) (c) But in cases of this kind the burden of proof is on the holder to show thafc he took the instrument before maturity bona fide and for value. The mere possession of it, when it has been obtained or issued under such circumstances, is not enough. (Id.) (d) But when he has shown that he became the holder of it before maturity and for value, in the due course of business, he has established all the facts that are necessary to fulfill the burden of proof laid upon him, and from these facts the law will imply that he is a bona fide holder, unless there should be circumstances from which bad faith may be inferred. (Id.) (e) The bad faith in the taker of negotiable paper which will defeat a recovery by him must be something more than a failure to inquire into the consideration upon which it is made or accepted, because of rumors of general reputation as to the bad character of the maker or drawer. (Goetz v. Bank of Kansas City, 119 U. £.,551.) (/) The failure to pay interest on coupon bonds as it becomes due does not dishonor them before maturity so as to subject them to antecedent equities in the hands of otherwise innocent purchasers for value. (Morion fy Bliss v. N. 0. and Selma Railway Co., 79 Ala., 590.) (g) Where a negotiable bond or other negotiable instrument is taken in such a way that the purchaser is not affected by antecedent equities, a mortgage given to secure payment is likewise protected against such latent defenses. (Spmce v. Mobile and Montgomery Railway Co., 79 Ala., 576.) NOTE.—The contrary is held in Ohio and Illinois. (See Bailey v. Smith. 14 Ohio St., 396 ; Kleeman v. Frisbie, 63 ///., 462.) (h) Where the condition of a bond is that the principal shall become due and payable upon the failure to pay any of the coupons as they become due, after demand made, the fact that the bonds have so become due and payable, as it rests upon an extrinsic matter, foreign to the face of the paper, and which doea not dishonor it upon its face, does not of itself operate to charge the purchaser with knowledge that the bonds have been dishonored. The law d#es not in such case charge him with knowledge of the fact, unless he either knows it, or exhibits bad faith by intentionally avoiding a knowledge of it. And mere neglect to inquire whether there has been a demand made is not evidence conclusive of a fraudulent intent. (Morton $ Bliss v. N. (). and Selma Railway Co., 79 Ala., 590.) (i) Where a State repeals the law under which it had become the indorser of the bonds of a corporation, and by which provision was made for the payment of the bonds in the event of a default of payment by the corporation as maker, such action—whether or not it was an open repudiation by the State of its liability as indorser of the bonds, such as to dishonor them ipso facto—was at least sufficient to put the purchaser on inquiry, and charge him with notice of the fact that there was something wrong about the bonds, especially when taken in conned ion with another fact—that, at the time of such repeal, several years of overdue coupons remained unpaid, and were attached to the bonds. (Morion <}- Bliss v. New Orleans and Selma Railway Company, supra.) 8770 CUR 87 11 162 REPORT OF THE COMPTROLLER OF THE CURRENCY. BONA TIDE HOLDER—Continued. (j) By the law of Kentucky, promissory notes in the hands of an indorsee are subject to any defense, discount, or offset that the maker had or might have had against the payee before notice of the assignment. (Shoe and Leather National Bank v. Wood, 142 Mass., 536. See Gen. Sts. of Kentucky, c. 22, sees. 6, 22.) CHECKS : (a) Where by the law of a State the drawing of a check by a depositor amounts to an assignment of his deposit pro tanto, that result will follow where the check is upon a bank in that State, though the cheek is drawn in another State in which this peculiar rule as to the effect of drawing a check does not prevail. (Bank of America v. Indiana Banking Company, 114 III. f 483.) (b) A check becomes no valid claim upon the funds against which it is drawn until the bank is notified of its existence. (Laclede Bank v. Schuler, 120 U. £.,511.) (c) And however the doctrine that a check is an appropriation of the amount for which it is drawn of the funds* of the drawer in the possession of the bank may operate to secure an equitable interest in the funds after notice given to the bank (a question which the court expressly stated it did not undertake to decide), yet the bank, so far as concerns itself and its duties and obligations in regard to the fund, remains unaffected by the execution of the check until notice has been given to it, or demand of payment made upon it. (Id.) (d) Although the practice of drawing instruments in sets for the payment of money is generally confined to foreign bills of exchange, yet there is nothing in the purpose or effect of that practice which would render it inapplicable under all circumstances to checks. And, therefore, the character of an instrument as a check is not destroyed by the fact that it contains the words " original" and " second unpaid." These words do not make the instrument payable conditionally. (Merchants' National Bank v. Betzinger, 188111,484.) (e) Whenever demand is made by presentation of a genuine check in the hands of a person entitled to receive its amount, for a portion of the amount on deposit, and payment is refused, a cause of action immediately arises in favor of the drawer; and as to the amount specified in the check the statute of limitations begins to run from that time. (Viets v. Union National Bank of Troy, 101 N. F.,564.) (/) Where by the law of a State the drawing of a check by the depositor operates as the assignment of the deposit pro tanto, a bank in such State upon which process of garnishment has been served should be allowed credit for the amount paid upon checks of the depositor drawn before such service, though not presented for payment until after such service. (Bank of America v. Indiana Banking Co., 114 III., 483.) (g) But for no credit for checks paid after service, and which do not appear to have been drawn before. (Id.) (h) A fraudulent change in the date of a check, whereby the time for its payment is accelerated, is an alteration which vitiates the instrument. (Crawford v. West Side Bank, 100 JV. Y., 50.) (i) If a bank pay a check so altered, it can not charge the amount against the account of the drawer. (Id.) (j) And holding the check until its true date will not entitle the bank to charge it to the drawer, for the possibility that the check could ever become a legal liability in the hands of any person was destroyed by the fraudulent alteration. (Id.) PAPER OF CORPORATIONS: (a) A corporation engaged in business has implied power to make negotiable paper for use within the scope of its business, but it has no power, express or implied, to become a party to bills or notes for the accommodation of others, and such paper is valid and enforceable only in the hands of a holder taking the same before maturity bona fide and without notice. (National Bank of Republic v. Young, 41 N. J. Eq., 531.) (b) The general doctrine of the law is that where a corporation has powers under any circumstances to issue negotiable paper, a bona-fide holder has a right to presume that the paper was issued under the circumstances which give the requisite authority, and such paper is no more liable to be impeached for any infirmity in the hands of such a holder than any other commercial paper. And this doctrine is applied to commercial paper made by a corporation for the accommodation of a third person when in the hands of a bona-fide holder who has discounted it before maturity on the faith of its being business paper. (Id.) REPORT OF THE COMPTROLLER OF THE CURRENCY. 163 PATER OF CORPORATIONS—-Continued. (c) As corporations may accept drafts for some purposes, and as the purpose for which a draft is drawn does not ordinarily appear on its face, the question as to all parties with notice is, Was it drawn for a legitimate purpose ? As to all others the implied inquiry is, Is tbe holder a bona-fide holder for value? (Credit Company v. Howe Machine Co., 54 Conn., 357.) (//) Although it is a correct proposition that persons dealing in the commercial paper of a corporation are bouud to take notice of the limits of the corporate power in this respect, yet a distinction is to be observed between the terms of the power and the circumstances under which it is exercised. Parties must take notice of the former, but they are not required to have knowledge of the hitter. And, therefore, a purchaser of such paper, when the same has beeu accepted by the proper officer of the corporation, is not bound to inquire whether it was issued in the legitimate exercise of the officer's power to so bind the corporation, for this he has the right to presume. (Credit Company v. Howe Machine Co., 54 COTMI.,357.) (e) The fact that bonds of a private corporation were sold in violation of a restriction in the charter as to the price can not be set up to defeat the claim of a bona-fide holder of such bonds. (Ellsworth v. St. L., A. $ T. E. R. Co., 98 N. Y., 553.) (/) When a corporation gives its promissory note in. pursuance of a contract, which is afterwards performed on his part by the payee, the corporation can not, in a suit upon the note, set up that the contract was ultra vires. (Main v. Casserly, 67 Cal., 127.) PROVISIONS WHICH DESTROY NEGOTIABILITY: (a) Where a note wras made payable twelve months after date, but contained a further provision "that the payee or his assigns may extend the time of payment thereof from time to time indefinitely, as he or they may see fit": Held, that the later provision, as it made the time of payment uncertain and indefinite, destroyed the negotiable character of the instru ment. ( Gidden v. Henry, 104 Ind., 278.) (1)) Where a note contained the following stipulation: "This note is given in consideration of, and is subject to one certain contract existing between S. B. J. Bryant and Jacob Haas, of even date with this": Held, that this provision destroyed the negotiable character of the instrument, and that tho assignee took it subject to all existing equities. (McComas v. Haas, 107 Ind., 512.) (c) A note containing a power of attorney, which, in effect, authorizes a confession of judgment at any time after date is not negotiable. (Richards v. Barlow, 140 Mass., 218.) (d) A provision in a note for the payment of an attorney's fee in case suit should be brought thereon destroys the negotiability of tho instrument. (Chase v. Whit more, 68 Cal, 545.) (e) But an agreement inserted in a note to pay " all costs of collection, including 10 per cent, attorney's fees," does not render the note non-negotiable. This stipulation does not make the amount which the maker is to pay uncertain, for the promise to pay a fee of 10 per cent, excludes the possibility that the makers could be compelled to pay a fee more or less than that amount, and as to the costs, as they must necessarily fall upon the losing party, the stipulation as to them is to bo regarded as mere surplusage. (ScUcHinger v. Arline (U. S. C. C. S. D. Georgia), 31 Fed. Rep., 648.) NOTE.—As to whether a provision for the payment of an attorney's fee will render a note non-negotiable, the authorities are conflicting. That it will have this effect has been decided in Pennsylvania (Woods v. North, 84 Penn. St., 407); Missouri (First NaUonal Bank v. Gay, 63 Mo., 38); Minnesota (Jones \r. Radatz,27 Minn., 240); Wisconsin (First National Bankv. Larsen, 60 JFix., 200); North Carolina (First National Bank v. Bynum, 84 N. C, 24); and in the United States circuit court for the district of Minnesota, 14 Fed. Rep., 705. The contrary rule prevails in Indiana (Stoneman v. Pyle, 35 Ind., 103; Wyantv. Paltorf, 37 Lid., 512); Iowa (32 Iowa, 184); Kansas (Seaton v. Scoville, 18 Kans., 433); Louisiana (Dietrich v. Bay lie, 23 La. Ann.t 767); Nebraska (Heard v. Dulmqne Bank, 8 Nebr., 10). In neither class of cases is any distinction taken between provisions for a fee at a fixed percentage and a provision to pay a "reasonable attorney's fee", or simply "an attorney's fee". The courts which sustain the negotiability of notes containing such provisions, rest their decisions in the main upon the ground that so long as the amount payable is certain up to the time of maturity and dishonor, it is not essential that after that time, when the instrument has for other reason^ become non-negotiable? the certainty 164 REPORT OF THE COMPTROLLER OF THE CURRENCY. PROVISIONS WHICH DESTROY NEGOTIABILITY—Continued. as to the amount should continue (see Stoneman v. Pyle, supra, and Wyant v. Pottorf, supra). The courts which hold that such provisions destroy the certainty essential to commercial instruments follow the reasoning of Sharswood, J., in Woods v. North, supra. In that case the stipulation was to pay "five per cent, collection fee if not paid when due". In the course of his opinion Judge Sharswood said: " I t is a mistake to suppose that if this note was unpaid at maturity the five per cent, would he payable to the holder by the parties. It must go into the hands of an attorney for collection. It is not a sum necessarily payable. The phrase ''collection fee" necessarily implies this. Not only so, but this amount of percentage can not be arbitrarily determined by the parties. It must be only what would be a reasonable compensation to an attorney for collection. This, in reason and usage of the legal profession, depends upon the amount of the note. * * * How then can this note be said to be certain as to its amount, or an amount unaffected by any contingency ? Interest and cost of protest, after non-payment at maturity, are necessary legal incidents of the contract, and the insertion of them in the body of the note, would not affect its negotiability. But a collateral agreement, as here, depending, too, as it does, upon its reasonableness, to be determined by the verdict of a jury, is entirely different. * * * If this collateral agreement may be introduced with impunity, what may not be V1 DEFENSES : (a) In a suit upon a promissory note evidence is not admissible to show that the note was given upon an understanding between the parties that it should not be of any force. {Davy v. Kelly, 66 [Vis., 452.) (I)) The drawer of a bill of exchange will not be permitted to show that at the time the instrument was drawn there was verbal agreement that he should not be held liable thereon as drawer. (Cummings v. Kent, 44 Ohio St., 92.) (c) Although it is the rule in Iowa that when there is a blank indorsement of a promissory note, a different contract from that which in such case is implied by law may be established by parol evidence, yet this rule will not be extended further so as to allow it to be shown by parol that no contract of any description was entered into or intended by such indorsement. (Geneser v. Wissner, 69 Iowa, 119.) (d) Where the payee of a promissory note is sued as indorser thereon, he may show by parol evidence that when he wrote his name on the note the note had already been paid, and that he put his name thereto at the request of the holder merely as evidence of the payment. (Spencer v. Sloan, 108 Ind., 183.) (e) Where a promissory note has been given in part payment of a house, the maker of the note may, as against the purchaser of the note with notice of the facts, set up as defense to it the damages sustained by him by reason of the false and fraudulent representations of the vendor as to the condition of one of the walls. (Applegarth v. Eobt. .^.i, 65 Md., 493.) (/) The rule early established in Pennsylvania, that an indorser of a negotiable instrument is not a competent witness'to invalidate it, is still adhered to in that State. It has not been changed by legislation. (John's AdnCr v. Pardec, 109 Penn. St., 545.) INDICIA OF OWNERSHIP: Where by the laws of the State a irarried woman can not transfer ivithout the written or oral assent of her husband, shares of stock held by her in a corporation, and she delivers to her husband the certificates of stock and a power of attorney in blank, and such stock is pledged by the husband, but the power of attorney is not accompanied by written evidence of the assent of the husband, a transferee from the pledgee is put upon inquiry, and his title to the stock can be no better than that which by the assent of the husband the pledgee had; for in such case, all the indicia of ownership are not conferred upon the pledgee. (Leiper's Appeal, 109 Pa., 377. AMOUNT WHICH PLEDGEE MAY RECOVER: Where negotiable instruments have been transferred as collateral security by one who is not a bona-fide holder for value, the pledgee, if he has taken the instruments in good faith for value before maturity, will still be allowed to prove against the maker of the instruments for the full amount thereof; but the amount of his recovery can not exceed the debt for the security of which the instruments were pledged, and interest. (Morton $- Bliss v. New Orleans and Selma Railway Company, 79 Ala., 590.) REPORT OF THE COMPTROLLER OF THE CURRENCY. 165 PROPOSITION I. To eliminate from the national-bank laws the note-issuing function of tlie hanks. 1. WISCONSIN—BANK. Favors retention of the present charter, annual examination of banks, and the repeal of the law requiring banks to own bonds and to take out currency. 2. WISCONSIN—BANK. Favors the repeal of the provision requiring a deposit of United States bonds as security for notes, and the banks to give* up circulation and to continue in the system. 3. MINNESOTA—BANK. Suggests that if the banks cannot make a small profit on circulation they should not be required to furnish circulation at a loss, and states that with the present rates of interest and the premium on bonds any circulation produces loss. Favors the repeal of the law requiring the deposit of United States bonds. If the deposit of bonds is left optional with the banks, such as make a profit on circulation can still take advantage of it, and others will not be compelled to maintain a circulation at a loss. Favors the retiring of all the circulation of his bank and the sale of their bonds, if his bank could remain in the national-bank system. 4. MICHIGAN—CLEARING-HOUSE. While he favors plan No. I, proposition No. V, and thinks its enactment into a law would cause all banks to become national banks, and thousands of new banks to be organized, ho fears it would bring about a tremendous expansion of the currency and an era of wild speculation, and it would be doubtful if paper and gold currency could be maintained on an interchangeable basis. Thinks it would be wiser to seek relief in a less dangerous way, and in a manner to modify the prejudices against the banks. When the national-bank act was passed 1'he Government was pressed for funds, and the banks were compelled to buy bonds before they could be authorized to commence business. Now the conditions are reversed, and the necessity for compelling the banks to buy bonds has passed. For this reason the simple repeal of the sections of the national-bank law requiring the banks to hold bonds would give ail the relief needed. Suggests, with this exception, that the act be left as it is, and banks with longtime bonds can still be banks of issue, and new banks could elect to be banks of deposit only. • Thinks the supervision of the banks by the Government, the protection of the depositors, public statements, annual statistics, etc., would render national banks superior to State banks. If the banks should, as they may, cease to be banks of issue, there would be some danger of a large contraction of the currency, caused by deposits of legaltenders to redeem circulation, but suggests that surplus silver coinage might be made available. If the demand for bonds as a basis for circulation ceases, the prices of United States bonds might fall to a i)oint at which the Government could buy them with its surplus revenue. 5. COLORADO. That as banking is a business carried on for purposes of gain, like mercantile and manufacturing businesses, thinks it is equally as sensible and reasonable for the Government to issue bonds to form a permanent basis for any and all businesses as for the banking business. 6. CALIFORNIA—JOURNALIST. Currency and its proper management is a matter of abstract fixed science. All changes entail loss to some, gain to others. The shrewd and capable secure the gain ; the loss falls on those least able to bear it. True money is an article of some intrinsic value, as gold, silver, etc., stamped as to quality, fineness, and weight, and worth the face value of the stamp, less the cost of coinage. Every piece, whether gold or silver, must maintain its relative value. If not fixed in relative value, or nearly so, one of them must be the standard and remain fixed, and the other must follow it continually. 166 EEPORT OF THE COMPTROLLER OF THE CURRENCY. 6. CALIFORNIA—JOURNALIST—Continued. If in 1880 a grain of gold is worth 20 in silver, the coin must be made on that basis; and it" in 1890 it be worth 25, the silver must be that much larger. No sensible man will lay up a silver dollar worth only 90 cents, when he can get a gold one worth 9t3 cents. Would coin all the gold that could be bought at such figures as to pay for coinage, and keep all in circulation save a needful reserve lor the use of the Treasury. Would coin all the silver in like manner, of such weight that the silver dollar will have all the intrinsic value of the gold dollar, less cost of coinage. A commercial people need paper money as well as gold and silver. This paper money should boa promise to pay of t be nation, a legal tender for all purposes whatsoever, and maintained at par, as nearly as possible, by the following machinery: Whenever the legal tender is at par all Government salaries to be paid therein; when 1 per cent, below par, one-tenth of the issue to be cut oil', and as they went down 1 per cent, more, two-tenths. Should they reach 3 per cent, discount, the issue should cease. In every great commercial center there should be a sub-treasury, where the legal tender could be exchanged at pleasure for coin or bonds. No national banks. Let banks, like churches, be clear of the State. This system would develop these things, to wit.: Just how much paper money the people need and will absorb without discount. An automatic adjustment, depending on no man, but ( n law and fact. The fact of a discount arising, the law operates as a matter ofcour.se. A perfect regulation of the currency, tilling the gap when gold and silver go abroad, and retiring on their return. In the event of famine, plague, etc., and we should have all to buy and nothing to sell, as our coin went abroad this paper would take the place of the com without a jar. We would-save the interest on all the paper afloat. This paper would ros?t upon the property of the nation, and not upon any supposed gold or silver in the Treasury. A run on the nation would be met by interest-bearing bonds at 2, 3,4, or 5 per cent., as the case demanded. 7. MAINE—BANK. Suggests that as the Government no longer needs to force a market for its bonds, the section of tho currency act requiring banks to hold them be repealed, leaving it optional with the banks to hold bonds and have circulation, or to dispense with both. If holders of loiig-timo bonds did not feel that the banks must have them, it is possible that they would decline, and the banks or the Government might feel it advisable to purchase them. Suggests that as State banks were driven out of existence by tax on circulation, it would not be improper to return the tax on circulation paid by national banks since the war, less the actual cost of maintaining the system. 8. DISTRICT OF COLUMBIA—EMPLOYE OF TREASURY DEPARTMENT. Suggests that inasmuch as the motive for the compulsory provision of law requiring banks to deposit United States bonds before commencing business no longer exists, the law should bo modified or changed from a compulsory provision to an optional one, retaining all the other features of the national' bank act not inconsistent with this provision. Such a change would not alter the present condition of the banks ; they would still be the means of providing circulation, and of procuring the greatest elasticity ; the scarcity of bonds or high premiums would cease to be an impediment to the successful establishment of banking associations, and it would allay the fears of Congress as to contraction of the currency. 9. FLORIDA. Thinks that the national bank, like the internal-revenue system, is a war measure, and therefore no longer necessary, as it is doing a\vork which the Government can do at a less cost to the people. The Government alone should issue currency. 10. KANSAS—BANK. As the need for creating a market for United States bonds has ceased, would amend the law so as to leave it optional with the banks to deposit bonds and issue circulation or not. Banks already organized to have the option of redeeming circulation with lawful money and to withdraw bonds. REPORT OF THE COMPTROLLER OF THE CURRENCY. 167 PROPOSITION II. To increase the inducements for the banks to deposit United States bonds as a basis of national-banlc circulation. (a) By increasing amount of circulation issued on such bonds— 1. To par of bond. 2. To, or nearly to, their market value. (b) By reducing or taking off the tax on circulation. 1. OHIO—BANK. Suggests raising circulation to the face value of the bonds deposited, and the reduction of tax on circulation to one-half of 1 per cent, per annum. 2. NEW YORK—BANK. Thinks plan No. I, proposition No. V, inadmissible, unless the Government, in consideration of the 1 per cent, sinking fund, and the lien on the assets of the banks, guarantees prompt redemption of the notes as now, but doubts the wisdom of this. Thinks that any issue of currency on credit of any kind whatever, which requires the refusal of a banknote because the bank issuing it has failed, ought not to be sanctioned by the Government, for however certain ultimate payment may be, necessity to discredit the note would be fatal to the system. Can see no better reason to advocate the plan for the deposit of silver as security for national bank issues, as it would introduce too much of the speculative element into banking, and probably lead to grave results with the Treasury . in depreciation of silver. It would have a tendency to delay and prevent an international agreement upon a ratio with gold for unlimited free coinage of both metals. Suggests: (1) That 1 per cent, be taken off the tax on circulation, for the reason that when national banks were authorized the Government needed every resource of taxation, and the banks then bought 6 per cent, bonds at par or under, in currency, with interest payable in gold and salable at 150 to 200, which gave the banks equal to 10 or 12 per cent, on their investment. The current interest rates and the general business of the country enabled the banks to then make largo profits. The tax ought now to be removed. (2) One hundred dollars,lnstead of $90 on the $100 of United States bonds, should be issued to the banks when $100 will not exceed 90 percent, of the market value of the bonds deposited. These two provisions will enable the banks to use United States bonds at some profit for circulation, as they are now outstanding for the term of existence of any bank now organized. (3) Urges legislation against State taxation of national banks. Suggests that the issue of currency is not the most useful function of national banks; they are necessary to the country and to the Government as an agency to bring the people in contact with the Government, and to place commerce and the wealth of the country in sympathy and support of the financial plans of the Treasury, and withoitfc a substitute system of much the same character, commerce and industry must be turned backward a generation. Objects to a return to the old State-bank system, and also objects to the engrafting of any such system on the national-bank system. 3. OHIO—BANK. Is satisfied to see the national-bank notes disappear with the public debt. To reduce the "harm" to a minimum he would have Congress authorize the issue of notes to banks equal to the market value of securities deposited. See also plans Nos. 3, 5, and 6 under proposition III, PROPOSITION III. To provide by new issues of bonds for a continuance of the present or of some modified system of national-bank circulation based on United States bonds. L MARYLAND—PRIVATE BANK. Suggests issuing a large long loan at 2J per cent, per annum interest, at par, for United States notes, and the retiring of the 4£;s on the best terms. If a larger amount is wanted then retire part of the 4>s. Make this long loan convertible into greenbacks at the option of the holder, and again reconvertible into said loan in sums of $100 and multiples, bearing interest from the date of reissue. 168 REPORT OF THE COMPTROLLER OF THE CURRENCY. 2. KANSAS—MERCHANT. Is certain of one thing in connection with the national-bank question, and that is that the people are not ready to surrender the national' hanks and return to the old State-hank system. Suggests that a United States bond having iifty or a hundred years to run be sold or exchanged for the 4's now held by the ban ks, and that 95 or 98 per cent, of currency be issued to the banks on these bonds instead of 90 per cent., as now. These new bonds could bear 1 or l-£ per cent, interest. This would be as profitable to the banks as the present system, and much cheaper to the people, and money thus brought into the Treasury could be used in paying off bonds bearing interest at a higher rate. Believes the banks would be eager to take such bonds. If this plan is impracticable, then suggests the issuing of coin notes or certificates (not gold or silver certificates), the Government to issue* all the currency and to supply the banks in this way. Suggests the continued supervision by the Government of the banks as being a good thing. 3. VIRGINIA. Suggests that Congress authorize the issue of 2 per cent, non-tnxable bonds, not exceeding $600,000,000, of forty years duration, to be good as a basis for national bank circulation, and when originally issued to be passed only to national-banks in exchange, dollar for dollar, for United States 4's of 1907. These bonds, after the original issue, to stand in all respects as other Government bonds. The banks to issue circulation to the face value of these bonds, instead of 90 per cent., to which they are limited in case of other classes of bonds. The circulation to be further secured in case of failure by first lien on the assets of the bank. Circulation based on these bonds to be free of tax. The charter of any bank depositing these bonds as a basis of circulation, to the extent of net less than 30 per cent, of capital, and keeping the same up to that standard, not to expire until the maturity of the bonds. The only problem to solve is to so adjust the time of the bonds, rate of interest, per centum of circulation, taxation, franchises, and hinderances to the use of other classes of bonds, so as to make it the interest of the banks to lose the premiums on the 47s to make the exchange. These bonds might be for fifty or one hundred years instead of forty, redeemable at the pleasure of the Government after forty years. 4. NEW YORK—BANK. Congress to provide a bond to be called the "bankers' bond," bearing 24- per cent, interest, and running perpetually, at the option of the holders. These bonds to be issued only to bankers as a basis for circulation, and when deposited with the United States Treasurer, the Comptroller of the Currency to issue to the banks an equal amount of national-bank currency, free from tax to the Government. Such a bond would never fluctuate, and as the Government would stand ready at all times to redeem them at par in case of a failure of a bank, the holder of the national-bank currency could not possibly sustain any loss. This bond should read "United States banker's bond, good for deposit, with the United States Treasurer as security for circulation of national banks only, and payable in gold, at par, at the option of the holder, with interest at the rate of 2£ per cent, per annum, payable in gold quarterly." All the 3 per cent, bonds now outstanding, that have not been called, and those now held by the United States Treasurer for the banks, that have been called, but not yet exchanged, to be converted into 2-£ per ceut. bonds, and supplied to the banks as needed. If the demand is greater than the remaining 3 per cent, bonds unpaid, then the temporary retirement of greenbacks could be provided for until the 4£ per cent, bonds mature, when the greenbacks could be reissued. 5. NEW YORK—BANK. Suggests in lieu of plan No. 1, under proposition No. V, the following: 1. Cease further payment of the public debt, or stop at $1,200,000,000. 2. That the Secretary of the Treasury be authorized to fund $1,200,000,000 into a new bond bearing interest sufficient to float it at par, say 2 per cent, to 3 per cent., to be called United States consols, to run at the pleasure of the Government after fifty years, and at the pleasure of the liolder after one hundred years. REPORT OF THE COMPTROLLER OF THE CURRENCY. 169 <>. NEW YORK.—BANK—Continued. Make this bond the basis of the national-bank system, and pay old bonds as they become due with them ; if refused, pay the holder of the old bonds in cash and sell the new bonds to new purchasers for cash to reimburse the Government for the amount paid on the old bond. These bonds to be bought by the banks to replace the old ones as they fall due. Holders of such bonds to use them as collateral, and as such they would be regarded by bankers as better security than human indorsers. The Secretary of the Treasury should be authorized to receive such bonds at their par value and to issue in lieu thereof an equal amount of United States currency to supply banks, in suitable denominations, and to retain the accruing interest upon said bonds, until the accumulation shall amount to 10 per cent., after wrhich all additional interest shall be paid the bond owner. This will relieve the present generation of the burden of paying the public debt, and leave a permanent banking bond, and will not disturb the present system further than requiring additional issue to each bank of 10 per cent, more currency than under the present system. 6. NEW JERSEY—BANK. Thinks the holding of United States bonds by national banks a strong bond of union and would be sorry to have the system abolished. Is opposed to the Government issuing notes while the country is in a state of profound peace, thus interfering with the legitimate business of banking. Favors something being done to continue the national banking system, and thinks the only thing that can be done is for the Government to withdraw a part of its circulating notes, and issue bonds of long date, for banking purposes, at a low rate of interest, say 2% per cent, per annum, the circulation of the banks to be taxed one-half of 1 per cent, per annum, or bonds bearing interest at 2 per cent., the circulation being free from all tax. ?. MASSACHUSETTS—BANK. Suggests that Congress authorize a loan bearing 2 per cent, interest, payable semi-annually. These bonds to be payable at the option of the Government on ninety or more days' notice, and on six, twelve, or eighteen months' notice by the holders. Such bonds, with removal of present tax, would induce the banks to take all the needed circulation, and would not stimulate an excess. The banks would be enabled to secure, bonds without premium and to dispose of them without loss. This plan would afford a reasonable elasticity to circulation, either by the Department having control of the calling in of the bonds or the banks in surrendering them. The Government would be subjected to no loss, because after redeeming the outstanding 2£ (?) per cent, bonds, it can, even at the present high prices, buy the 4s, 4£s, and (3s, at a rate that will net more than 2 per cent. It is assumed that few besides the banks would purchase the 2 per cent, bonds, for the reason that few now purchase for investment the higher rate bonds at prices that net 2-J- to 2^ per cent. s. COLORADO—BANK. Suggests the purchase by the Government of tbe telegraph lines, instruments, right of way, etc., of the country, the perfection and extension of the system by proper legislation, issuing for this purpose bonds running 20 to 25 years and bearing interest at 2 per cent, per annum. To induce national banks to subscribe for these bonds at par, an issue of notes should be authorized to the amount of 98 per cent, of the face of the bonds and the taxation on circulation should be lowered to one-half of 1 per cent, per annum. Banks should be required to carry at least 30 per cent, of their capital in bonds, instead of 25 per cent., which* is the minimum now. PROPOSITION IV. To substitute some other security for United States bonds deposited in the Treasury as a basis for national-bank circulation. 1. PENNSYLVANIA. Favors coinage of the silver dollar and the issuing of certificates of all coin and bullion, gold and silver, held by the Government, as the needs of banking may require ; the issue of currency to the banks on presentation by them of the certificates, dollar for dollar, the banks to pay 3 per cent, interest on the amount issued, and the interest to go towards paying the^national debt. The annual surplus revenue to be invested in bullion only as banking facilities may require. 172 REPORT OF TltE COMPTROLLER OF THE CURRENCY. PROPOSITION V. To preserve the note-issuing function of the banks, but to substitute credit for security and to provide for Government redemption out of a fund created by deposits by the banks, or by a tax on their circulation : a. Upon the credit of the individual bank ; b. Upon the credit of certain banks combined ; c. Upon the credit of all the banks. 1. NEW YORK—BANK. Suggests as follows: 1. Amend the national bank law, retaining all restrictions, ramifications, powers, and privileges, so as to legalize the issue of circulating notes to the amount of 50 per cent, of capital without the deposit of bonds as security. 2. In case of failure the currency to be preferred before any other liability." 3. One per cent, per annum of this currency to be deposited in the Treasury as a guaranty fund for the redemption of the notes of any broken bank whose assets may be inadequate to redeem its issue of currency. By strictly enforcing the requirements of the national-bank laws, and by applying the best civil-service rnles to bank examiners, this suggested currency would be sound in principle and as uniform in value in every part of the country as is our present issue of national-bank notes. The proposed new issue of a circulating medium need in no way interfere with banks now organized and managed. When the guaranty fund shall amount to more than 5 per cent, on notes outstanding, the excess can, with safety, be covered annually into the Treasury. Believes the result of twenty-three years of national banking will demonstrate that not over one-tenth of the proposed guarantee fund will ever be required to protect the public against loss, leaving nine-tenths of accumulation to be covered into the Treasury. As regards "elasticity," thinks it apparent that banks working under the proposed change can retire and reissue their currency with great freedom and facility, as compared with the present system. Objectors to this proposed change may assert that the " safety fund" system of New York was a failure, and that this is like in character, but contributions to the safety fund were only one-half of 1 per cent, per annum, and ended when 3 per cent, on the capital had been paid, and it was liable for deposits as well as for circulation. Circulating notes were issued by bank officers without restraining guards or State supervision. The legal limit, however, was two of currency to one of capital. Several banks made what were called '"over-issues" rendering false statements, thus avoiding payment of the assessment to the ** safety-fund.7' The New York " safety-fund " was a delusion, and should not be named in connection with the national-bank system, under which banks can issue only notes furnished by the Treasury Department. The writer is of the opinion that the amendment proposed will bring a large percentage of the State and private banks into the national system. •2. PENNSYLVANIA—BANK. Opposes the retirement of greenbacks in exchange for national-bank notes. Favors the retention of United States notes so tltat the present limitation of national-bank circulation might be continued, or perhaps a limit equal to the capital stock of the banks. Would tax all banks every year and set the tax apart as a general fund for redemption of circulation of failed banks and then reimburse the general fund if the assets of the shareholders were sufficient. Would make circulation the first lien, and would adjust the tax on circulation so as to encourage the taking out of the full proportion. Urges additional legislation to perfect governmental supervision of the banks, and opposes the repeal of the 10 per cent, tax of State bank circulation. o. PENNSYLVANIA.— Suggests that national banks be entitled to issue circulating notes without deposit of United States bonds as security for such circulation, as follows: 1. Banks with a capital of over $2,000,000, to the amount of 25 per cent, of capital. 2. Banks with a capital of $2,000,000 and less, to the amount of 50 per cent, of capital. REPORT OF THE COMPTROLLER OF THE CURRENCY. 173 3. PENNSYLVANIA—Continued. The notes to be issued under the following provisions: The Treasury Department to print and deliver notes to .banks as at present, in denominations of $5, $10, $20, $50, $100. The banks to keep on hand, in addition to the reserve held for other liabilities, a reserve equal to 25 per cent, of the amount of circulation, in lawful money of the United States. The banks to keep on deposit in the Treasury, as at present, 5 per cent, redemption fund for mutilated notes. The banks to pay semi-annually a tax of one-quarter of 1 per cent, on the average amount of circulation outstanding during the previous six months. The banks to be entitled to withdrawal! or any part of their circulating notes on furnishing the Treasury Department a duly certified resolution from their board of directors, and depositing with the Redemption Bureau, in lawful money of the United States, the amount to be withdrawn. To have the power at any time to increase or decrease the amount of circulation within prescribed limits. Circulating notes to bo the first liability of issuing banks. 4. MISSOURI—BANK. Thinks plan No. I,-Proposition V, has much merit and would approve of it if a further section were added, making it obligatory for the Treasury Department to cancel and redeem a like amount of legal-tender notes as soon as national-bank currency is increased under the amended law, say above $300,000,000, thereby finding an outlet for surplus between the last redemption of 3s and the first redemption of 4-J- per cent, bonds. 5. MASSACHUSETTS—BANK. After a careful study of the subject and an examination of the different plans suggested, is of the opinion that plan No. I, Proposition V, is the most feasible, and would be the most generally satisfactory, and he therefore heartily indorses it. G. MINNESOTA—ATTORNEY AT LAW. Favors a law requiring all banks issuing notes to become associated together as one association, and to pay a pro rata assessment from their surplus, and if no surplus, then from their capital, to make good to all note-holders the value of the notes held by them of all failed banks belonging to the association. Provide for a joint and several inspection by the Government and bank inspectors, with power to close up insolvent institutions when they shall jointly report the particular bank insolvent. Give the association a first lien for indemnity upon the assets of the bank to the extent of its notes outstanding, and require the deposit of a fund by the associated banks sufficient to pay at once, on presentation, the notes of insolvent banks, and require any bank thus associated to redeem such notes of failed banks as shall be presented, to be reimbursed oat of the redemption fund. Make the Secretary of the Treasury, or the Comptroller of the Currency, a member of a commission to be appointed by the baukingassociation, and give such commission power to investigate and admit applicant banks of not less than $ paid in. That circulating notes be provided as now, to be printed at the expense of a fund provided by the association. There would be no safer guaranty to the people than the consolidation of the capital of the banks, and the privileges thus granted would be compensated by the guarantee of the banks against loss to note-holders. The association thus responsible would closely watch for any irregularities. 7. NEW YORK—BANK. Suggests that the profits on lost circulation be pledged for redemption of notes issued without pledge of bonds. This will amount to $20,000,000 or more. With a yearly tax of 1 percent., say $3,000,000, a fund could be collected that would place the security beyond a contingency. This fund would ultimately belong to the Government. Many bankers think it unjust that the Government should retain the profit on los t circulation, but if the fund could for a tiime be utilized to benefit the bank s they would doubtless cheerfully relinquish any claim they might have upoi i it. 176 REPORT OF THE COMPTROLLER OF THE CURRENCY. NUMBER OF BANKS ORGANIZED, IN LIQUIDATION, AND IN OPERATION, WITH THEIR CAPITAL, BONDS ON DEPOSIT, AND CIRCULATION ISSUED, REDEEMED, AND OUTSTANDING ON OCTOBER 31, 1387. Batiks. States and Territories, c Circulation. In tion. Capital S. bonds stock paid XL on deposit. tion. Issued. Redeemed. Outstanding.* $34, 456, 960 21, 878,125 30, 271, 420 292, 532, 485 61, 579, 09§ 81, 079, 940 $26, 726, 751 17,188, 657 25,404, 487 240, 305, 630 51,181, 338 66, 652, 513 $7, 730, 209 3, 689,468 4, 866,933 52, 226, 855 10, 397, 757 15,427,427 Maine _.. NewHampshire Vermont I Massachusetts.! Rhodo Island..! Connecticut . . . i 83 54 63 260 64 96 Eastern States.! 626 566 [165, 030, 920 62, 717, 000 521,798, 025 427,459, 376 94, 338, 649 New York ]Srew Jersey ... Pennsylvania.. Delaware Maryland Dist. Columbia. 101 425 n 92 51 35 i 17 51 i """3 5 13 I 324 81 303 17 30,387,200 7, 013,100 19, 098, 500 1,682,700 2, 662,450 1, 010, 000 264,357, 365 48,182, 500 184,819, 465 6,358,825 36, 598, 780 4, 903, 900 220,185, 206 40, 059, 603 148, 236, 096 4, 884, 648 29, 9j74, 776 4., 102, 800 38,172,159 8,122, 897 36, 583,369 1,474,177 6, 624, 004 801,100 Middle States.. 952 781 J1S4, 393,815 j 61, 853, 950 545, 220, 835 453, 443,129 91,777, 706 Virginia West Virginia. North Carolina South Carolina. Georgia Florilla Alabama Mississippi Louisiana Texas Arkansas Kentucky Tennessee Southern States1 Missouri Ohio Indiana Illinois Michigan Wisconsin Iowa. Minnesota Kansas Nebraska.. 73 49 49 251 61 83 171 I 39 27 21 17 27 12 23 14 17 97 ! 10 81 56 ! 441 j J J Western States Nevada OregoD Colorado Utah Idaho Montana Wyoming...:.. ]STewMexico . . . Dakota Washington ... Arizona California Pacific States & Territories. I 254 Add for mutilated notes... . Total currency j banks !Add gold banks . $10,335, 000 $5, 540, 950 6, 205, 000 4,107, 300 7, 5G6, 000 3, 668, 400 95, 940, 500 34, 557, 800 20,340, 050 4,596,800 24, 644, 370 10, 245, 750 'GO ; 025,'120 CO. 607, 990 2, 083,985 14, 509, 960 1, 827, 000 3, 796, 300 2, 061, 0U0 2,426, 000 1,749,200 3, 070, 520 550,000 3, 484, 000 1, 055,000 3,425, 000 10,044,000 950, 000 13, 200, 400 7,485,000 300 | 53,296,420 1,551, 350 628, 900 863, 500 692, 250 888, 500 217,500 851, 000 320,000 1,418,800 2,417,800 422,500 3,925,000 1, 594, 250 15,791,350 11, 605, 630 7,140,480 6,218,760 5, 330, 255 7,763, 670 319, 450 4, 803, 080 443, 730 10, 303, 910 5, 603, 980 1,199,120 33, 132, 245 10,618, 300 104,482, 610 6,411, 200 7 20, 866, 728 7, 761, 557 7, 715,137 4, 643, 082 2, 288, 840 3,971,810 2, 215,436 2, 713, 503 2, 030,014 238, 38(3, 455 56, 799,160 42, 054, 500 36. 500 150,000 644, 800 1, 8 ;0,000 926, 500 2, 755,400 390, 000 850, 000 92, 800 350,000 500, 600 2, 000, 000 1,075,000 j 273, 750 850,000 I 270, 000 3,775,000 ! 992, 500 317, 500 1,475,000 25, 000 100, 000 6, 875,000 1, 941, 250 77 1,217,792 1, 057,170 814,483 1,439,617 159, 063 1,148,433 259, 831 2,132, 261 2, 347, 994 369, 683 7,213,305 2,051,293 82, 26S, 941 22,213, 669 in, 803, 212 75,411,112 42,109,198 41, .'544, 028 22, 27(5,128 9, 875, 260 16, 993, 900 9,157, 834 4, 085, 567 3, 330, 716 11,826,000 41,058, 120 11, 704, 500 29, 28(3. 500 14, 546, 050 5, 210, 000 10,132,300 13,753,703 10, 9.-2, 520 8, 415, 55D 156, 835, 240 9, 602, 886 5,922, 688 5,161, 590 4, 515,772 0, 324, 053 160, 387 3, 654, 647 183, 899 8,171, 649 3, 255, 986 829, 487 25, 918, 940 8, 567, 007 200, 720 1,426,120 4,114, 200 1, 465, 910 394, 670 ! 1,583,790 I 454, ?.$l) 1,384,5:50 ! 1,914,190 i 1, 013, 340 88, 790 3,189, 090 17, 230, 390 18U, 693 755, 030 3, 045, 846 1, 004, 885 306,415 1,112,186 283, 755 1, 023, 607 948,411 447, 622 51, 230 1, 460, 965 17, 027 670.490 1, 068, 414 401, 025 88,255 471, 604 170, 625 360, 923 965,779 505, 718 37, 560 1, 728, 725 10, 684,245 6, 546,145 125,945 1,483, 917, 475 1,212,242,146 '271, 675, 329 3,465, 240 3, 225, 311' j 239, 929 United S t a t e s . . 3,805 ! t745 It 3,060 J581, 611,795 188,828,000 1,487,382,715 1,215,467,457 272,041,203 * Including $102,816,136 for which lawful money has been deposited with the Treasurer of the United States to retire an e<nul amount of circulation which has not been presented for redemption. tOne bank restored ti solvency and resumed business, making total going banks 3,061. NATIONAL-BANK CURRENCY ISSUED, REDEEMED, AND OUTSTANDING FOR THE YEAR ENDING OCTOBER 31, 1887. QQ Denomination of notes Amount. «^j on each plate. -3 O O Issued, including those C} canceled: £j $20-$20-$20—$50 . . . . $196, 350 64, 000 $20-$20—$20—$20 . . . . r_ 1,170 15 $10—$10—$20—$50 .... 33 600 j $50-.$50 9,000 $100—$100 $.:—$5—$5—-$5 14,128,120 ^j tC $10—$10 $10 $10 $10—$10—$10—$20 $r,0—$ioo Totals Total. Ones. Twos. Fives. Tens. Twenties. Fifties. One hundreds. Five One hundreds. thousands. w o $260 $107,100 64,000 260 $89,250 H 650 33,600 O $9, 000 $14,128,120 397 7?0 17, 852, 750 5 007 450 14,128,120 $37, G90,1G0. 00 397,720 10, 711, 650 7,141,1G0 11,109, 630 7, 312, 400 205,140 236 200 136, 760 1, 669,150 3, 338, 300 1, 792, 650 3, 347, 300 54, 300 16, 400 32, 800 70, 700 32, 800 • O O Canceled: * $5—$o—$5—$5 $ l o—$10—$ 10—$20 $10—$10—$10—$10. . £20—$J0—$20—$50 $50—$100 187, 300 341 900 236 200' 119, 460 49, 200 Totals 187, 300 65,160 187, 300 934, 060. 00 441, 340 201, 920 o F r1 Actual issues to banks from October 31, 1886, to November 1, 1887 Total issues to banks prior to November 1, 1886 13, 940, 820 10, 668, 290 7,110, 540 1, 721, 950 1,447,161,375.00 $23,167, 677 $15, 495, 038 488, 336, 800 416, 959, 700 258,912,360 90, 758, 700 134, 200,100 $11,962,000 $7,, 369, OU*7y 000 WV Total issues to banks since organization Total redeemed and destined 1, 483, 917, 475. 00 1,212,2(35,888.00 2!, 167,077 22, 776, 403 15,495,0:58 15, 293, 440 502, 277, 620 425, 854, 095 427, 627, 990 337, 999, 280 2G6, 022, 900 201, 83d, 820 9:-t, 480, 650 76, 807,150 137,514,600 112, 745, 200 11, 962,0 JO 11, 646, 500 7,369,000 7,305, 000 Total whole notes outstanding Total fractions outstanding Total national-bank currency outstanding t " 271, 051, 5S7. 00 23, 742. GO 391, 274 2U1, 598 76, 423, 525 89, 628, 710 64, 184,080 15, G73, 500 24, 769, 400 315, 500 64, 000 36, 756,100. 00 3, 314, 500 271, G75, 329. 60 * Kationnl-bank currency canceled is such as has never been issued, but is loft on hand in the vaults in this office by banks which extend their corporate existence, fail, or go into voluntary liquidation. i Exclusive of gold notes, $239,929; amount due banks for mutilated notes, $125,945. . ~j d 178 EEPORT OF THE COMPTROLLER OF THE CURRENCY. NUMBER AND DENOMINATIONS OF NATIONAL-BANK NOTES ISSUED AND REDEEMED AND THE NUMBER OF EACH DENOMINATION OUTSTANDIXG, ON OCTOBER 31, IN EACH YEAR FROM 1868 TO 1887. Ones. 1868. Issued Redeemed Twos. Fives. Tens. Twenties. Fifties. 8, 896, 57G 2, 978,160 23,106, 7, 915,914 2 219 3 9f) 355,181 254,754 73,170 142,359 482,132 30^355 17, 256 One hundreds. Five hundreds. One thousands. 267, 350 15, 583 13, 486 1,759 4,740 1,846 337, 925 251, 761 11, 727 2,900 9, 589,160 3,209, 388 23, 676, 760 8, 094,645 2,269,764 904,013 2~32, 224 985, 940 272,495 71, 655 3C3, 521 22, 859 274, 799 25,968 13, 668 2,585 4,769 2,415 Outstanding. 8, 685,147 2,,977,164 22, 690, 820 7, 821,150 2,1C8,109| 334, 664 248, 831 11, 083 2, 354 72V?27;3,5W, 157 24, 636, 720 8, 413, 244 2, 370, 056] 378, 482 484,135 129,185j 47, 845 568,703 6r')7, 733 1, 737, 983 284,460 43,599 13,926 3, 952 4,779 3,263 160,624 2,022,424 22, 808, 73" 7, 929,101' 2, 240, 871i 330, 637 240, 861 9,974 1,516 537, 657!-!, 1 0", 70128,174. 940 9, 728, 37f 2, 779, 392 933, 445 245,361! 276, U57J1, 49.*, 3^) 3, 270, 374 433,426 82, 972 321,103 76,287 14,642 6, 01 n 4, 843 4, 005 Outstanding. 7,201, 600;2, 702, 405 24, 808, 5G0 8,704, 030 2,534,0311 350,454 244, 870 8, 625 838 14,, 297, 360:4, 782, 028 31, 933, 348 11,253,452 3, 225, 68S ~, 919, 93 3«0J2, 408, 389 5, 960, «C7 1, 69!), 702 438, 852 497,199 126,180 367, 797 110, 989 15, 621 7,86" 4,933 4,315 Outstanding. 0, 377, 971)2, 374, 239;25, 972, 681 9, 553, 750 2, 780,836i 371, 019 256,808 7, 754 618 15, 521,180!-), 195, 111|34, 804, 456 12, 560, 399 3, 608, 219 653,071 9, 903 2,573,070 " 891, C063,120, "!' '" .723 "•-'" 9,141, ' ' 559, 722 168, 976 416, 590 144, 057 16, 496 9,658 5,148 4,530 Outstanding. 5, 632, 583 2, 074, 38825, 752, 493 9, 987, 321! 2, 955,148j 390, 746 272, 533 16,548,259 5, 539,113'39,243,136 13, 337, 076 3, 962,109 11,143,606 3,\ 555, 019 13, 041, 605 3, 912, 707 1,171, 608 CC6, 950 231, 556 492,482 190, 572 17, 344 11, 670 5,240 4,683 Outstanding. 5, 404, 653 1, 984, 094 26, 201, 531 9, 424, 369 2, 790, 501 435, 394 295, 910 5,668 557 18,046,170 6, 039,752 47,055,184 ^., v w , . - , , 17, 410, 507 5, 296, 064 14, 092,126(4, 616, 623 24, 920, 771 7, 6G8, 532 2, 204,464 884,165 381,037 645,838 299, 428 18, 476 14,471 5,530 5,048 Outstanding. 3, 954, 05011, 423,129 22,128, 413 9, 801, 975 3, 091, 600 503,123 346,410 4,005 482 985, 615 515, 784 710, 900 395, 785 18, 721 16, 2 r 5,539 5,272 Outstanding. 3, 292, 556 1,182, 902 19,401,472 9, 639, 438 3, 034, 246 469, 831 315,115 2,504 267 1,, 079, 781 767, 317 20, 616,. 024 6, 896, 968 56, 816, 84822, 266, 064 6, 776, 253 L 16, 815, 568 5, 555, 526 38,115, 868 12, 434, 779 3,703,528 634, 670 479,317 20, 022 17, 615 5, 668 5,411 288, 000 2,407 257 22,478,415 7,',517, 765 61,191, 288 24,157,293 7,344,167 1,L, 147, 578 812, 903 1,149 4,133,178 728, 222 541, 859 18,194,196 6,>, 026, 692 4i r2, 683,433 13, 85! 20,210 18, 895 6,204 5, 900 Outstanding. 8, 641, 822 2. 904, 984 !, 624, 5DC 7, 773, 555 2,182, 967 1869. Issued Redeemed 1870. Issued Redeemed Outstanding. 1871. Issued . . . . . Redeemed 1872. Issued Redeemed 1873. Issued Redeemed 1874 Issued Redeemed 1875. Issued Redeemed 618 1876. Issued Redeemed 1877. Issued Redeemed 1,783,52 20,008,652 6, 086, 492 18, 849, 26 1,307,448 51,783,528 >6 10, j \ 369, 214 3, 052. 246 15, 556,70 5,124, .r " 32, 382, 356 Outstanding. 3,800,456 1, 341,442 18,700,980 9,831,285 3, 072,725 445,102 1878. Issued Redeemed Outstanding. 4,284,219 1, 491, 073 18, 507, 855 10, 298,144 3, 210, 989 419, 356 271, 044 1,315 304 23,167, 677 7, 747, 519 65, 578,440 25,i, 904, 223 7, 869, 951 1,,211,761 '6 14, 930, 599 4, 437, 343 785, 263 11), 600, 477 6, 501, 270 45, 996, 076 850,720 581, 604 20, 570 19, 28' 6, 340 6,057 269,116 1, 283 283 27, 203,168 8, 266, 398 1. L, 253, 865 879, 490 23,167, 677 7, 747, 51069,131, 976 20, 875,215 6, 943,889 49,149,824 15,821,110 4,684,820 825,499 610, 601 20, 763 19,484 6,363 6,124 1879. Issued Redeemed Outstanding. 3, 567, 200 1, 246, 249 19, 582, 364 10, 973, 624 3,432, 608 426, 498 1880. Issued Redeemed Outstanding. 2,292,462 803, 630 19, 982,15_'j 11, 382, 058 3, 581, 578 428, 366 1,279 239 REPORT OF THE COMPTROLLEE OF THE CURRENCY. 179 NUMBER AND DENOMINATIONS OF NATIONAL-BANK NOTES ISSUED AND REDEEMED AND THE NUMBER OF EACH DENOMINATION OUTSTANDING, ETC.—Continued. Ones, 1881. Issued Redeemed Twos. Outstanding. 1883. Issued Redeemed Outstanding. 1834. Issued Redeemed Outstanding. 18S5. Issued Redeemed Outstanding . Issued Tens. Twenties. Fifties. 23,167, 677 7, 747, 519 73, 612, 504 29, 477, 519 8, 940,81r 1, 357, 574 891, 89 21,838,555 7, 280,434 53, "1, 516, 488 17, 346, 635 5, 084,99; One hundreds. Five hundreds. One thousands. 959, 712 660, 202 21, 959 20,495 7,144 6, 943 299, 510 1,464 201 23,167, 677 7, 747, 519 78, 697, 42<14 32,042, 260 9,751, 784 1,453,324 1,035,118 22, 353, 877 7,484,140 59, 313, 23319, 770, 934 5, 751, 707 """ 980,182 719,130 22, 787 20,880 7,187' 6,990 315, 988, 1, 907 197 544, 086 10, I, 578, 846 1., 556. 009 1., 114, 722 23,167, 677 7, 747, 519 83, 447, 208-, 34, 22, 593, 909.7, 570, 903 65,142, 567!,22, 712, 355 6, 424, 638 lj,090,703 789,125 23,163 21, 367 7,277 7,092 461, 085 20, 096, 016 12,130, 884 3, 855,825 Outstanding. 1, 329,112 1882. Issued Redeemed Fives. 813, 800 263, 37919, 384,191 12,271, 326 4, 000, 077 465, 684 473,142 I 573, 768 176, 616 18, 304, 64111, 831, 731 4,154, 208 465, 306 325, 597 ', 182,102 11 ., 442, 0911, , G61,010 1,, 199,750 23,167, 677 7,747, 519188,101,188 37, 26, 050,107 7, 481, 7 22, 671, 936 7, 603, 285 71,039, 357 , 216, 573 874, 543 1,790 185 23, 73G 21, 981 7,369 7, 156 325, 207 1,755 213 12, 318, 173 1,, 758, 533 1 , 287, C£6 :,V 208,400 39, 804, 001 23,167, 677 7,, 747, 519 93 !, 817, 066|29, 382, 872 8, 563, 797 1, 345, 762 971, 922 22, 731,963 7., 628, 877 76, 23, 924 22, 727, 7,369 7, 238 315, 764 1, 197 131 ', 747, 519'97,667, 360 41,695, 970 12, 945,018 1,815,174 1, 342,001 23,167, 677 7, 22,757, 987 7, 639, S06J81,109, 272 31,767, 278 9, 397, 854 1,451,301 1, 055, 330 23, 924 2.J, 138 7,369 7, 290 495, 741 435,714 144, 234 L7, 061, 83111,131, 9953, 960, 329 118, 642 16, 391, 334 10,421,129 3, 754, 376 444,437 412, 771 Redeemed 363, 873 286, 67J 786 23,167, 677 7, 747, 519 100,455,524 42, 762,799 13, 301,145 1, 849, 613 1, 375,140 22, 776,403 7,646, 720 85,170, 819 33, 799, 928 10, 091, 941 1, 536,143 1,127,452 23, 024 23,293 7,369 7,305 631 64 409, 690 9, 928, G92 3, 547, 764 Outstanding. 1837. Issued.. Redeemed Outstanding. 391, 274 100,799 15, 284, 705 8, 962, 871 3,209, 204 313,470 247, 694 18'0 REPORT OF THE COMPTROLLER OF THE CURRENCY. STATEMENT OF MONTHLY INCREASE OR DECREASE OF NATIONAL-BANK CIRCULATION FOR THE YEAR ENDING OCTOBER 31, 1887, PRECEDED BY QUARTERLY INOR DECREASE SINCE JANUARY 14J 1875. National-bank circulation. Increase. Issued. From January 14 to 31,1875 For quarter ending— April 30, 1875... July 31, 1875 October 31,1875 January 31,1876 April 30, 1875 July 31, 1876 OctbberSl, 1876 January 31,1877 April 30,1877 July 31,1877 October 31,1877 January 31,1878.» April 30,1878 July 31,1878 October 31,1878 January 31,1879 April 30,1879 July 31,1879 O.c t ob or 31,187 9 January 31,1880 April 30,1880 July 31,1880 October 31,1880 January 31,1881 April 30,1881 J u l y 31,1881 October 31,1881 January 31,1882 April 30,1882 July 31,1882 October 31,1882 January 31, 1883 April 30, 1883 J u l y 31,1883 October 31, 1883 January 31, 1884 April 30, 1884 July 31, 1834 October 31, 1884 January 31,1885 April 30,1885 July 31,1885 October 31, 1885 January 31,1886 April 30, 1886 July31, 1886 October 31,1886 $537,580 , ; November, 1886 .. December, 1886 . January, 1887... February, 1887... March, 1887 April, 1887 , May, 1887 June, 1887 July, 1887 August, 1887 September, 1887., October, 1887 .... Total Surrendered to this office and retired from January 14,1875, to October 31,1887 Grand total 4,409, 220 4,124,165 1,915,710 2, 504, 600 877, 580 1,107,110 2, 604, 390 3,188,030 4, 3G3, 010 3, 000,230 5, 754,160 C, 725, 585 3, 036, 760 4, 252, 980 2, 276, 360 3, 097, 060 7, 039, 300 3, 674, 830 9,122, 300 7, 289, 805 3,163, 820 1,748,060 1,199, 930 2, 234, 780 12, 690, 890 9, 569,410 6,481,550 5, 625, 200 2,991,400 4, 054, 740 9,792,910 4, 588, 850 3, 638,650 3, 527,100 2, 755, 600 2, 748, 270 2, 052, 294 2, 778, 960 2, 792,170 1, 265, 520 2,125, 260 2.160,110 $255, 600 5, 591, 700 7,751, 794 4, 700, 384 1, 409, 325 1, 5U0, 700 3,336, 804 5, 423, 930 5, 553, 971 3, 852, 731 5, 425, f 39 9, 603, 984 8, 5G4, 727 4, 759, 015 5, 005, 596 4, 984, 399 3, 516, 321 2, 701, 885 1,906, 7*1 3,453, 080 2, 924,430 747, 327 1, 822, 988 2, 715, 524 1,754,558 074,129 1,555,766 2,427, 398 1,535,760 1,361,534 4, 426, 596 4, 734, 578 3,182, 551 3, 354,153 4,414,865 5,741,456 5,611,497 4, 927, 020 6, 510, 245 6, 868, 245 6, 369, 273 5,172, 714 8, 430, 804 7, 883, 997 6, 833, 874 7, 842, 055 8,135,112 5, 731, 673 6, 758,154 5, 581, 261 8, 397,163 8,425, 486 6,468, 227 191,970,402 227, 724,716 444,905 366, 765 431, 880 447, 500 1,619,890 864, 325 674, 500 1, 657, 890 604, 260 999, 510 1,435, 040 1,586, 800 2, 896,759 4, 094,760 4. 472,480 3, 505, 077 2, 970, 500 3, 315, 544 4, 765, 821 3, 226, 350 3,185,093 2,798, 550 2, 437, 886 11,163, 345 40, 324, 277 203.133,747 1, 072,416 $1,299,765 3, 638,261 1, 348,131 4, 547, 959 8, 556,874 5, 960,337 1, 570, 385 642, 586 1, 981,169 2, 237, 839 4, 023, 700 1,130,039 797, 900 648, 070 2, 349,733 5, 216, 312 959, 306 7, 367, 742 6, 615, 676 1, 608, 054 678, 738 335, 830 873, 8, 264, 4, 834, 3, 301, 2, 271, 246 294 832 999 047 1,423,465 1, 686, 716 4,181,413 338,170 2, 871, 595 3, 341,145 3, 613, 673 2, 424,444 6, 378, 510 5.105, 037 4,041,704 6, 576, 535 6, 009, 852 3, 571, 563 1,166,394 2,170, 533 3, 696, 779 6, 956,161 4, 901, 527 59, 560,061 29,160, 932 59, 560, 061 283,526,726 95,314, 375 2,144, 549 2, 529,994 3, 662, 880 4, 024, 920 1, 915,187 2,112,175 2, 641, 044 3,107,934 2,622, 070 2,185, 583 1,363, 510 851, 086 15,477,733 203,133,747 Decrease. Retired. 124,475,307 15,477, 733 59,560,061 139, 953, 040 EEPORT OF THE COMPTROLLER OF THE CURRENCY. 181 TABLE SHOWING, BY STATES, THE AMOUNT OF NATIONAL BANK CIRCULATION ISSUED, THE AMOUNT OF LAWFUL MONEY DEPOSITED IX THE UNITED STATES TREASURY TO RETIRE NATIONAL-BANK CIRCULATION FROM JUNE ;>(), 1874, TO NOVEMBER 1, 1887., AND THE AMOUNT REMAINING ON DEPOSIT AT THE LATTER DATE. Lawful money deposited to retire national-bank circulation since J u n e 20, 1874. Additional circulation To retire F o r reStates and Territories. issued since demption circulation J u n e 20, of notes of u n d e r a c t 1874. liquidating of J u l y 12, 1882. banks. Maine New Hampshire Vermont Massachusetts Iihode Island Connecticut ^New York.; Now J ersey Pennsylvania Delaware Maryland District of Columbia . Virginia West Virginia North Carolina South Carolina Georgia Florida Alabama Mississippi Louisiana Texas Arkansas Kentucky Tennessee Missouri Ohio Indiana Illinois Michigan Wisconsin Iowa Minnesota Kansas Nebraska Nevada Oregon Colorado Utah Idaho Montana Wyoming New Mexico Dakota Washington Arizona California Lawful money deposited prior to June 20,1874, and remaining at that date Total. $2, 728, 4P9 1, 475, 9G5 3, 244, 915 84,192, 920 4,191,650 6, 872, 760 39,411,595 4,815,185 26, 242, 1 20 604, 225 2, 931, 940 502. 000 1, 599! 250 474, 064 1, 380, 550 246, 030 851,530 191, 350 651, 350 326, 240 2, 553, 490 2, 594, 755 509, 750 6, 697, 500 1,797, 320 3, 363, 055 16, 857, 755 7, C61, 700 7. 094, 420 4, 747, 630 2, 526, 290 4,162, 379 2, 228, 935 2, 696, 200 2, 215, 210 47, 250 438,610 1, 272, 140 488,150 67, 750 631,070 157,225 247, 500 1,231,365 759, 740 75, 500 2, 411, 340 $786, 500 465, 983 1, 059, 277 1, 886,185 222, 750 948, 381 8, 383, 393 1, 389, 908 4,349,115 166, GOO 455, 664 1,038,219 829,290 290, 900 22,500 330, 925 19,210 135, 000 666,413 135,830 11,250 1, 070, 417 854,191 1,230,185 6, 902, 758 5,088, 610 3, 674,854 2. 811, 293 1,219,990 1, 677, 566 802, 079 848,191 93, 670 347, 475 161,191 $1,969,615 818, 650 1, 293, 745 20, 472, 888 4, 738, 955 4, 901. 742 10,556,800 1, 806*722 13, 913, 280 159,320 2, 994, 900 551,280 475,485 84,170 395, 550 45,000 789, 850 30,290 "i," 100," 840" 151, 920 360,170 4,108, 391 837, 909 • 1, 251, 085 280, 440 482, 770 393,750 353,800 15, 750 194, 800 186,490 189, 940 15, 500 100,660 40, 500 50,590 90, 000 T o retire circulation under a c t of J u n e 20, 4874. $2, 923, 350 1, 230, 750 4,112,310 39,107,424 7, 706,120 9, 581,142 47,120, 535 6, 470, 843 30, 959, 557 231,750 5, 209, 810 065, 060 2,152,630 776, 490 1,969,135 1, 691,695 1,428, 575 7,790 1, 013, 320 38,150 3,109, 400 992, 400 312, 750 8, 037,953 2,160, 454 5,693,100 15,645,212 11,038,361 11,561,121 5, 324,442 2, 350, 7G9 4, 555, 745 2, 482, 081 883,670 1,137, 33o 13,500 83, 310 428,310 379, 050 74, 250 272, 250 15, 750 285, 200 295, 905 304, 850 2,500 647, 650 Total deposits. $5, 679,465 2, 515, 383 6, 465, 332 61,4C6,496 12, 667, 825 15, 521, 265 65. 060, 728 9, 673,473 49,221,953 391, 670 8,371,310 1,120, 724 3, 742,129 2, 081, 265 2, 260, 035 1, 798, 365 2,155,050 27, 000 1,193, 320 38,150 4, 565, 663 1,158,520 ;<24, ooo 10,209, 210 3,160,565 7, 283, 455 26, 656, 361 16,964,880 16, 487, 060 8, 416,175 4, 053,529 6,627,061 3, (397, 060 1,747,611 1, 425, 800 l.-J, 500 83,310 962, 275 540,241 74, 250 40i, 190 15,750 300, 700 39G, 505 345,350 53, 090 737, 6G0 Lawful money on deposit with the United States Treasurer at date. $2, 725, 664 1,066,976 1, 867, 879 21, 722, 508 5,711,173 5, 910, 887 10, 990, 976 2,141, 560 18, 973, 877 126,107 3, 333, 505 50,712 831,378 510,400 189,230 261,208 551, 466 17, 955 316,496 1,301 6?9, 999 180, 366 33, 919 3, 429, 974 924,883 735,385 8, 056, 896 3, 283, 751 2, 546, 747 1,493,287 810, 061 1,181, 847 462, 211 239. 388 377,676 1,583 53, 390 198, 579 37, 909 15,989 21,859 170 164,680 99,482 43, 578 15,690 179, 590 3, 813, 675 *207, 868, 247 50, 922, 953 75,806,357 242,489,749 373,032,734 * This includes circulation issued under act July 12, 1882. 102,586,207 182 REPORT OF THE COMPTROLLER OF THE CURRENCY. STATEMENT SHOWING THE AMOUNT OF NATIONAL-BANK NOTES OUTSTANDING ON OCTOBER 31, 1887, THE AMOUNT OF LAWFUL MONEY ON DEPOSIT WITH THE TREASURER OF THE UNITED STATES TO REDEEM NATIONAL-BANK NOTES, AND THE KINDS AND AMOUNTS OF UNITED STATES BONDS ON DEPOSIT TO SECURE CIRCULATION AND PUBLIC DEPOSITS. NATIONAL-BANK NOTES. Total amount outstanding October 1 1887 Additional circulation issued during the intervening month : Total . - . . . Surrendered and destroyed during the intervening month $272,652, 501 $238, 520 1, 348, 280 1, 586, 800 2,438, 027 851,227 Decrease in total circulation during the month Total amount outstanding, November 1, 1887 * Decrease in total circulation during the preceding twelve months Circulation secured bv TJ. S. bonds (as below) Decrease during the preceding month Decrease during the preceding twelve months Amount of outstanding circulation represented by lawful money on deposit with the Treasurer of the United States, to redeem notes of— Insolvent national banks .... . . . . Liquidating national banks National banks reducing circulation under section 4 of the act of Juno 20, 1874 National banks retiring circulation under section 6, act of July 12, 1882 Total lawful money on deposit Decrease in aggregate deposit during the preceding month Increase in aggregate deposit during the preceding twelve months 29,432,546 716,613 50, 495, 589 271,801,274 169,215,067 958, 902 7, 792,493 48,756, 970 45,077, 842 134,614 21, 063, 043 To secure circulating notes. 102,586,207 To secure public deposits.t U. S. REGISTEKED BONDS ON DEPOSIT. Pacific Railroad bonds, 6 per cents Funded loan of 1891, 4£ per cents Funded loan of 1907, 4 per cents Funded loan of 1882, 3 per cents Totals * $3,256,000 69,696,100 115,731,400 144, 500 $425, 000 9.965,500 22,684,000 550, 000 188,828,000 33,624,500 •Circulation of national gold banks not included in the above, $239,929. t Amounting to $31,767,478. REPORT OF THE COMPTROLLER OF THE CURRENCY. 183 TABLE, BY STATES, TERRITORIES, AND RESERVE CITIES, EXHIBITING THE NUMBER OF BANKS IN EACH, WITH THEIR CAPITAL, MINIMUM AMOUNT OF BONDS REQUIRED BY LAW, BONDS ACTUALLY IJELD AND CIRCULATION OUTSTANDING THEREON ON OCTOBER 5, 1887. United States bonds. No. of States, Territories, and reserve cities. "banks. Maine , New Hampshire. Vermont Massachusetts .. Boston Hhode Island Connecticut Division No. 1. New York New York City . Albany New Jersey Pennsylvania Philadelphia . . . . Pittsburgh Division No. 2. Minimum required. Circulation outstanding October 5, Hold October 1887. 5, 1887. 72 49 49 198 54 61 83 $10,440,700 6, 205, 000 7, 566,000 44, 790, 500 50, 950,000 20, 340, 050 24, 505,410 $2, 227, 500 1,501,250 1, 541, 500 8,144, 375 2, 700, 000 2, 453, 250 3,501,086 $5, 48r5, 500 $4, 875, 561 4,019,500 3, 588, 015 3, 891, 000 3,478,100 24, 064, 250 21,459,690 9,908,150 8. 854, 502 5,183, 900 4. 642,913 9,716,10a 8, 698, 693 566 164, 797, 6G0 22, 068, 960 62,266,400 j 55,597,474 47 6 81 237 43 23 34, 724, 260 49, 150,000 1, 750, 000 13, 024, 220 33, 551,140 22, 658, 000 10,180, 000 7, 682,790 2, 337, 500 300, 000 2, 603, 555 7,129, 042 2,137, 500 1,125, 000 19,468, 550 17, 406. 488 9, 695, 000 8, 295, 502 lj 148, 000 1,016,490 16,874,600 6, 060, 523 15,198, 800 13. 379, 865 2, 737, 500 2, 401,149 1,765, 5\H) 1, 569, 260 706 j 165,037,620 | 23,315,387 Delaware Maryland Baltimore District of Columbia . Washington Virginia West Virginia Division No. 3 . . 118 North Carolina... South Carolina... Georgia Florida Alabama Mississippi Louisiana New Orleans . Texas Arkansas Kentucky Louisville Tennessee , ., Division No. 5. Iowa Minnesota Missouri Saint Louis... Kansas City.. Saint Joseph . Kansas Nebraska Omaha Division No. 6. 313 56, 887,950 50,129, 277 A T 2, 083, 985 2, 796, 700 11,713,260 252, 000 1, 575, 000 3, 796, 300 1, 961, 000 442, 700 686, 250 850, 000 50, 000 325, 000 760. 250 501, 250 1,596,700 1, 517, 000 2,050,000 250,000 680, 000 1, 352, 500 761, 250 1, 332,140 1, 822, 900 194,130 534, 895 1,204,380 655, 525 24,178,245 3, 615, 450 8, 207, 450 7,159, 8,0 565, 570 412,000 575,130 125, 000 652, 525 263, 750 125,000 400, 000 2, 239, 937 225, 000 2, 093,475 450, 000 1, 090, 000 028, 500 624. 750 988, 500 J 80, TOO 900, 500 320, 000 125.000 1,350,000 2, 415, 300 410,000 3,411,000 694,000 1, 483, 750 795, 710 559, 875 877, 630 146, 750 782, 330 277, 230 101, 740 1,214, 995 2,107, 535 348, 740 3, 055, 890 624,4 GO 1,326, 805 13,831,800 12, 219, 830 2,412,280 1,698, 000 3, 050, 520 500, 000 3,485,100 1, 055, 000 500, 000 2, 925, 000 9, 919, 750 950, 000 9, 758, 900 3, 5T)1, 500 7, 460, 000 Division No. 4. Ohio Cincinnati Cleveland Indiana Illinois Chicago Michigan. Detroit Wisconsin Milwaukee Capital. 47, 266,050 192 15 9 93 KiO 18 100 8 53 3 651 J lOVi<«2,160 9,217,387 | 5, 235, 505 750. 000 450, 000 2,616, 125 3, 400, 375 900, 000 2,318,650 400, 000 1, 098, 000 150, 000 10,112,050 3, 612, 0.0 605, 000 4, 723, 800 4, 776, 500 1, 050, 000 3, 012, 750 400, 000 1, 373, 0( 0 300, COO 9, 008. 926 3, 226. 840 5U, 450 4, 217, 870 4,219,305 817,150 2, 673, 585 328, 750 1, 225, 623 270, 0G0 17, 378, 655 29, 965, 700 26, 532,499 128 58 35 5 8 2 139 95 8 10,150, 000 ~ 2 , 412, 500 1, 628, 750 13, 740, 000 629, 320 2, 517, 280 250, 000 3, 000, 000 385, 000 5, 940, 000 75, 000 300, 000 2, 532, 700 10, 530, 800 1,476, 525 6, 006,100 350, 000 2,400, 000 478 54,584,180 9, 739, 795 2, 713, 623 1, 075, 725 694,615 637, 750 315, 0C0 119,330 2, 295, 210 1, 345, 220 314,500 11, 594,100 10,110,993 184 REPORT OF THE COMPTROLLER OF THE CURRENCY. TABLE, BY STATES, TERRITORIES, AND RESERVE CITIES, EXHIBITING THE NUMBER OF BANKS IN EACH, WITH THEIR CAPITAL, ETC.—Continued. United States bonds. States, Territories, and reserve cities. No. of banks. Capital. Minimum required. Colorado Nevada California San Francisco Oregon Arizona Division No. 7 Dakota Idaho ^Tontana New Mexico Utah AV*ashi Q °"ton "Wyoming Division No. 8 United States Held October 5,1387. Circulation outstanding October 5. 1887. 31 2 30 3 23 1 $2,751,850 150, 000 4, 170,000 2, 700, 000 1, 795, 000 100, 000 $662,963 37, 500 890, 000 150, 000 423, 750 25, 000 $989, 000 37, 500 1, 088, 750 750, 000 644,800 25, 000 $880,330 33,720 939, 990 659, 796 566, 160 22, 000 90 11,666,850 2,189, 213 3, 535, 050 3,101, 990 62 6 17 9 7 18 8 3, 720, 000 350,0'JO 1, 975,000 850, 000 850, 000 1,280,000 1, 075, 000 930, 000 87, 500 406, 250 212, 500 212, 500 320, 000 218, 750 962, 92, 480, 240, 390, 405, 223, 500 800 600 000 000 000 750 861, 925 81, 940 422, 280 215,990 292,130 356, 540 200, 645 127 10,100, 000 2, 387, 500 2, 794,650 2,431,450 3,049 578, 462, 765 89, 912,347 189, 083,100 167, 283,343 REPORT OF THE COMPTROLLER OF THE CURRENCY. 185 T A B L E , B Y STATES, T E R R I T O R I E S , AND R E S E R V E C I T I E S , E X H I B I T I N G T H E N U M B E R O F BANKS I N EACH W I T H CAPITAL O F $150,000 AND UNDER, AND THOSE W I T H C A P I TAL EXCEEDING .$150,000, AND SHOWING THE AMOUNT OF BONDS DEPOSITED TO S E C U R E CIRCULATION ON OCTOBER 5, 1867. Banks with capital of $150,000 and under. States, Territories, and reserve cities. j United States bonds. Total. I No. United States bonds. No. I Capital. 72 $10,440,700 $5, 483, 500 58 $0, 110, 000 $3, 451, 500 14 $4 , 330,700 $2, 032, 000 950, OOOj 49 "' 6,205,000 019,500 " 4,' 405, ' " 000 8,009,500 41 8 1, 800, 000 i 49; 7, 566, 000 3, 891,000 3, 506, 000 1, 800, 000 13 4, 000, 000 1, 995, 000 86 10,177, 500 5. 793, 850 U 2 : 34,. (515,. 000 18, 270,400 19844, 790, 500:24, 064, 250 54 50, 950, 000 9, 908,150 54 50, 950, 0001 9,908,150 17, 527, 050 3, 475, 000 6120,340,050 5, 183, 900 2, 813, 000 1, 708, 900 "11, 301, 070 7, 925, 600 83 24,505,410 9,'7 JO, 100 3 ; 204, 340 1, 71)0, 500 Maine New Hampshire Vermont Massachusetts Boston Hhode Island Connecticut 27(5 :i0, 275, 840 17, 710, 250 290 134,521.820 44, 556,150 Division No. 1 New York New York City Albany New Jersey Pennsylvania Philadelphia . . . Pittsburgh 210 18, 931,1 CO 11, ., 086, 250 150,000 1 150, 000 4, 814, 22( 2, 730, 600 178 10, 710,170 9,173, 800 150, 000 37, 500 100, 000 25, 000 59 15, 793,100 40 49, 000,000 (5 ] , 7llO,000 28 8,210,000 59110,834,970 42! 22, 508, 0c0 22ilO, 080, 000 566 164,797.000,02, 260, 400 8, 382, 300 269 34,724,20- I ID, 408, 550 9, 545, 000 47,49,150, 000 9, 095, 000 1,148, 000 61 1,700,001) 1,148,000 4,144, 000 8l'l3, 024, '220 6. 874, 600 6, 025, 000 237:33, 551,14'',15,108, 8C0 2, 700, 000 43(22, 05S, 000 2, 737, 5U0 1, 740, 500 23 10,180.000 1, 765, 500 444|40, 861, 550 23, 203,150 262 121,176,070 ;]3, 684, 800 700 105.037,^20:50, 887, 950 Division No. 2 773, 500 13| 970,800 28 2,145,000 1, 217, 000 Delaware Maryland Baltimore , District of Columbia. Washington Virginia "\Test Virginia 100, 000 1,441, 000 1, 605, 000 100, 000 452. 500 661. 250 77 6,201,800 3, 204, 250 Division No. 3 North Carolina South Carolina Georgia Florida Alabama Mississippi Louisiana New Orleans Texas Arkansas Kentucky Louisville Tennessee 121 1,002,280 1, 048, 000 1, SCO. 520 500, 000 1, 010,100 1, 055, 000 300, 000 29 2,160,000 Ohio Cincinnati . Cleveland.. Indiana Illinois Chicago Michigan Detroit Wisconsin Milwaukee. 4 l,113,18i 823, 200 3 651,700 300, 000 17 11, 713, 2oO 2, 050, 000 1| 252,000 250, 000 6i 1, 475, 000 580, 000 8| 2,355,300 900, 000 2j 356.000 100, 000 843, 750 1, 350, 000 650, 000 1, 750, 000 400, 000 425, 000 200, 000 2, 475, 000 550, 000 1 200,000 50, 000 8 2,925,000 1, 350, 000 12! 3,360,000 615, 000 l| 250,000 200, 000 23 5,985,000 2, 073, 000 3, 551, 500 694, 000 640, 000 11 5, 300, OOiJ 87127, 796, 500 7, 257, OOOj 313 47, 200, 05013,831, SCO 155 13, 542, 020 6, 387,750 37j 9,254,000 15 10, 400, 000 9J 6,700,000 211 5,630,000 12j 2,900,001) 1815, 050, 000 J2| 3,801), 000 8! 3,883,540 4! 850,000 3; 650,000 6, 874, 600 2, 407, 750 49 3,"592,66o i*i23,'6oo 3,724, 900 192 22,790,020110, 1,400,000 3, 012, 000 , 700, 000 605, 000 9i 6, 1, 850, 000 93 11,, 894, 500 750, 000 160 14,,341,500 1,050,000 1815,>, 050, 000 605, 000 100 10, 674, COO 400,000 883, 540 250, 000 442, 000 300, 000 050, 000 1 5 , 1 0 , 512 41, 714, 620J L6,818, 800 139 59,117,54013,146,900 122! 8,450,000 2,760,000 39! 2, 715,000 801, 050 34| 2, 317, 280j 732, 750 1 6 1,700, 000 19 11, 025,000 200, 000 3, 000,000 50, 000 : ..j lj 140, 000 5, 800,000 000 100, OOO! 50, 000 j 1; 11 200, 8! 2, 000,000 ( 131 8, 530 8001 2, 298, 250 2! 500, 000 5, 506,100! 1, 404, 000 200, OOOj 50, 000 6 2,200, 000 j Division No. 6 . 2, 412,280 1, 608, 000 624, 750 3, 050, 520 988, 500 500, 000 180,500 3, 485,100 900, 500 1, 055, 000 320. 000 500, 000 125, 000 2, 925, 000 1, 350, 000 9, 919, 75012,415,300 950! 000| 410, 000 9, 758, 900i3,411, 000 3, 551, 500 694,000 7, 4C0, 000 1,483,750 220 19,409,550 0,574,800 6, 264, 500 2, 873, i 11,441,500 4, 026, 500 Division No. 5 171 2, 083, 985 1, 590, 700 31 '2,796,700 l,517,00ii , , 2, 050. 000 17(11, 252, 713,000 000 250, 000 l| 1, 575, 252000 6*0, 000 000 3, 796, 300 1, 352, 500 1,961,000 761, 250 41,17,916,445 5, 003, 200 118 24,178, 2^5 8, 207, 450 528, 191), 728, 180, 350, 320, C, 559, 750 1, 800, 210, 700, 000 3, 773,90yi 1, 338, Division No. 4 Iowa Minnesota Missouri Saint Louis Kansas City Saint Joseph Kansas Nebiaska . Omaha . ; j No. j Capital. BankvS w i t h capital over $150,000. 423 27, 959, ISO] 8,146, 550 ••• " ~ 112,650 612,000 605, 000 723, 800 776, 500 050, 000 012, 750 400,000 373,000 300, 000 651! 100.832,100 29, 905, 700 300,000 128!]0,150, 000 , 080, 000 58 13, 740, 000 35 2, 517, 280 50, 000 5 3, 000, 000 710, 000, 8 5 940,000 350, OOOj 2! 300, 000 107,550j 450, 0001 139 10, 530, 800 100, 000 95 006,100 300, 000 400,000 000, 500 881,050 782, 750 710,000 400, 000 157, 550 748, 250 504, 000 350, 000 000 3, 447, 550J 478 54,584,180 11,594,100 186 REPORT OF THE COMPTROLLER OF THE CURRENCY. TABLE, BY STATES, TERRITORIES, AND RESERVE CITIES, EXHIBITING THE NUMBER OF BANKS IN EACH, ETC.—Continued. Banks with capital of $150,000 and under. States, Territories, and reserve cities. :NTo. I C a p i t a l . Colorado Nevada California San Francisco. Oregon Arizona 2G $1,651, 850 2 150,000 21! 1,760,000 $559, 000 37, 500 5G6, 250 21 1, 205, 000| 100, 000; 344, 800 25, 000 71; 4, 956, 850| 1, 532, 550 Division No. 7 Dakota Idaho Montana New Mexico Utah Washington "Wyoming 62! 3,720, 000| 61 350,0001 15! 1, 225, 000| 91 850, 0001 5| 450,000i 18' 1,280,0001 6j 475,0001 Division N o . 8 . . . . U n i t e d States United States bonds. 962,500 92,800 330, 600 240, 000 140,000 405,000 123,750 1211 8,350, OOD 2,294, 650 Banks with capital over $150,000. United States bonds. No.! Capital. 5 $1,1C0, 000 $430, 000 9| 2,410,000 3! 2,700,000 2 500,000 522,500 750,000 300,000 19J C, 710, 000J 2, 002, 500 21 750, 000 150, 000 400, COO 250, 000 600,000i 100,000 6J 1,750,000 500,000 ! Total. No. Capital. United States bonds. 31 $2,751, 850 $989,000 2 150, OOOJ 37,500 30i 4,170,000! 1,088,750 3' 2,700,000| 750,000 23; 1,795,000 644,800 lj 100,000' 25,000 9011,666,850 3,535,050 62j 3,720,000 6j 350,000 171 1,975,000 91 850,000 71 850,000 38i 1,280,000 1, 075, 0001 962, 500 92, 800 480, 600 240, 000 390,000 405, 000 223, 750 127J10,100, COO 2, 794, 650 2,150! 179,849,390 79,485, 000 899 398,613,375 109,598,100 3, 0491578,462,765 189 083,100 REPORT OF THE COMPTROLLER OF THE CURRENCY. 187 TABLE, BY STATES, TERRITORIES, AND RESERVE CITIES, EXHIBITING THE NUMBER OF BANKS IN EACH WITH CAPITAL OF $250,000 AND UNDER, AND SHOWING THE AMOUNT OF BONDS DEPOSITED TO SECURE CIRCULATION ON OCTOBER 5, 1887, AMOUNT OF BONDS REQUIRED BY PROPOSED CODE, AND AMOUNT OF BONDS WHICH MIGHT BE WITHDRAWN UPON ADOPTION OF CODE. States, Territories, and reserve cities. Maine New Hampshire "Vermont Massachusetts . . . . . . . Boston Rhodo Island Connecticut .Division No. 1. No. of banks. 04 47 41 148 5 35 49 Capital. United States bonds to secure circulation October 5, 1837. Amount of bonds re- Amount of bonds t h a t may be $0,410. 000 5, 605, 00U 4, 060, 000 23, 400, 500 1,100, 000 4, 643, 250 7,477,210 $4,111,500 $6-41. 000 $3, 470. 500 3, 20!); 000 3, 769, 500 560, 5'vO 2, 049,400 2,516,000 4G6, 600 12, 952, 000 2, 340, 050 10, 611, 950 250, 000 110,000 140,000 2, 558, 900 464, 325 2,094,575 4, 397, 500 747,721 3, 649, 779 389 | 53, 301, 960 30, 555, 400 New York New York City . Albany ... New Jer sey Pennsylvania Philadelphia Pittsburgh 251 C 3 69 209 12 27, 422, '260 1,250,000 650, 000 8, lil 4, 220 22,981,170 2, 608, 000 1, 630, 000 14, 959, 550 2, 742, 226 125. 000 940, 000 65, 000 348, 000 821,^2 4, 543, 600 11,913,800 2,298,117 260, 800 ' 587, 500 163, 000 810, 500 Division No. 2. Delaware Maryland Baltimore District of Colombia.. Washington Virginia , West Virginia 558 64, 755, 650 34,102, 950 1, 583, 985 2, 545, 000 23-0, 000 1, 226,700 1, 467, 000 50, 000 158, 398 254, 500 23, 000 1, 068, 302 1, 212, 500 27, 000 975,000 2, 496, 300 1, 961f 000 480, 000 1,152, 500 761, 250 97, 500 249, 630 190,100 382, 500 902, 870 565,150 979,128 4,158, 322 211,228 169, 800 205, 052 50,000 198,510 105, 500 50, 000 29, 000 779, 475 95, 000 740, 890 617, 272 454, 950 672, 948 130, 500 351, S90 214, 500 75,000 180, 000 1, 335, 825 315,000 1, 800,110 Division No. 3... North Carolina... South Carolina . . . Georgia Florida Alabama Mississippi Louisiana New Orleans . Texas. Arkansas Kentucky Louisville Tennessee 94 9, 791, 285 5,137, 450 2,112,280 1,698,000 2, 050, 520 500, 000 1,985,100 1, 055, 000 500, 000 200, 000 7, 794, 750 950, 000 7,408, 900 828, 500 624, 750 878, 000 180, 500 550, 500 320, 000 125, 000 200, 000 2,115,300 410, 000 2,541,000 3, 260, 000 5, 330,196 25, 225, 204 12, 217, 324 815, 000 283,000 3, 722,178 9,615,683 326, 700 647, 500 6, 475, 505 27, 627, 385 1,183,750 326, 000 857, 750 Division No. 4. Ohio Cincinnati.. Cleveland .. Indiana Illinois Chicago Michigan Detroit Wisconsin Milwaukee . 272 29, 514, 550 I 9, 957,300 2, 951, 455 7, 005, 845 178 3 1 85 159 5 95 1 53 3 17, 988, 020 650, 000 200, 000 9, 0i4, 500 14, 04.1, 500 1. 0,0, 000 8, 274, 600 200, 000 4,442,000 650, 000 7,976, 300 1, 7987603" 150, 000 65, 000 20, 000 50, 000 904,450 4, 223, 800 4, 726, 500 1, 404,150 105, 000 400, 000 827, 460 2, 762, 750 20, 000 50, 000 1, 373,000 444, 200 65, 000 300, 000 6,177. 698 85, 000 30, 000 3, 319, 350 3, 322, 350 395, 000 1, 835, 290 30, 000 928, 800 235,000 Division No. 5. Iowa Minnesota Missouri Saint Louis .. Kansas City.. Saint Joseph. Kansas Nebraska Omaha 583 56, 538, 620 22, 012, 350 126 40 35 9, 250, 000 4, 240, 000 2, 517,280 2,960, f 00 1,146, 050 782, 750 925, 000 424, 000 251, 728 2, 035, 500 722, 0-0 531,022 3 2 137 94 4 590, 000 300, 000 9, 930, 800 5, 706,100 700,000 150, 000 157, 550 2, 648, 250 1,454, 000 150,000 59,000 30, 000 993, 080 570, 610 70, 000 91,000 127, 55.) 1, 655,170 883, 390 80, 000 Division No, 6. 447 3, 323,418 6,125, 682 34 33, 234,180 9,449,100 5,653,862 | 16,358,488 188 REPORT OF THE COMPTROLLER OF THE CURRENCY. TABLE, BY STATES, TERRITORIES, AND RESERVE CITIES, EXHIBITING THE NUMBER OF BANKS IN EACH WITH CAPITAL OF $230,000 AND UNDER, ETC.—Continued. States, Territories, and reserve cities. No. of banks. $2,451, 850 150,000 2, 970,000 200. 000 1, 795. 000 100, 000 Colorado Nevada California San Francisco. Oregon Arizona Division No. 7 . Dakota Idaho Montana New Mexico. Utah "Washington. "Wyoming . . . Division No. 8. United States Capital. of of Amount bonds United States Amount bonds rebonds to to be that may be secure circu- quired under withdrawn upon lation Oc- held the protober 5,1887. posed code. adoption of the code. 84 | 7, 666, 850 j 62 6 16 9 7 18 7 3, 720, 000 350, 000 1,475, 000 850, 000 850, 000 1, 280, 000 675, COO ~125~ 9,200, 000 264,003,095 $939, 000 37, 500 888, 750 CO, 000 6U, 800 25, 000 2, 585, 050 962, 500 92, 800 380, 600 240, 000 390, 000 405, 000 173, 750 $245,185 15, 000 297, 000 20,000 179, 500 10, 000 766, 685 372, 000 35, 000 147, 500 85, COO 85,000 128, 000 67, 5C0 2, 644,650 920, 000 116,444,250 26,400, 309 $693, 815 22,500 591, 750 30, 000 465, S0O 15. 000 1, 818, 365 590, 500 57, 800 233,100 155, 000 805, 000 277, 000 106, 250 i, 724, c:o 90,043,941 REPORT OF THE COMPTROLLER OF THE CURRENCY. 189 TABLE, BY STATES, TERRITORIES, AND RESERVE CITIES, EXHIBITING THE NUMBER OF BANKS IN EACH WITH CAPITAL OF OVER $250,000, AND SHOWING THE AMOUNT OF BONDS DEPOSITED TO SECURE CIRCULATION ON OCTOBER 5, 1887, AMOUNT OF BONDS REQUIRED BY PROPOSED CODE, AND AMOUNT OF BONDS WHICH MIGHT BE WITHDRAWN UPON ADOPTION OF CODE. States, Territories, and reserve cities. Maine New Hampshire.. Vermont Massachusetts .. Boston Bhode Island Connecticut No. of banks. 50 49 26 34 Capital. Amount of United States bonds rebonds to quired to be secure circu- held under lation, Oct h e protober 5,1867. posed code. $4, 030, 700 600, 000 2, 900, 000 ! 21,390,000 i 49, 850, 000 15, 696, 800 17, 028, 200 $200, 000 $1,172, 000 $1, 372, 000 50, 000 200, 000 250, 000 200, 000 1,175, COO 1, 375, 000 9, 862, 250 11,112,250 1,250,000 9, 658,150 1, 225, 000 8, 4:53,150 J ,975, 000 ' 650, 000 2, 625, 000 4,468, 600 850, 000 5, 318, COO Division No. 1. ~177 111, 495, 700 ork Now York City. Albany New Jersey Pennsylvania Philadelphia Pittsburgh 18 41 3 12 31 15 7, 302, 000 47, 900, 000 1,100,000 4,810,000 10, 569, 970 20, 050, COO 8, 550, 000 4, 509, 000 8, 755, 000 800, 000 2, 331, 000 3, 285, 000 2,150,000 955, 000 Division No. 2. 148 100,281,970 22, 785, 000 Delaware Maryland Baltimore District of Columbia . Washington Virginia West Virginia 1 1 1G 1 2 3 500, 251, 11, 483, 252, 600, 1, 300, Division No. 3. 24 14,38(3, 9(iO North Carolina South Carolina Georgia Florida Alabama Mississippi Louisiana New Orleans . Texas Arkansas Kentucky Louisville Tennessee Division No. 4. Ohio Cincinnati . Cleveland .. Indiana Illinois Chicago Michigan Detroit Wisconsin Milwaukee. Division No. 5 . Jowa Minnesota Missouri Saint Louis... Kansas City . Saint J oseph . Kansas Nebraska Omaha Divisior No. 6. Amount of bonds that may bo withdrawn upon adoption of the code. 31, 711, 000 4, 425, 000 27, 286,000 450, 000 ,025,000 75, 000 300, 000 700, 000 775, 000 375, 000 4, 059, 000 7, 730, 000 725, 000 2, 031. 000 2, 585, 000 1, 375, 000 580, 000 3, 700, 000 j 19, 08,"), 000 370, 000 50, 000 2, 000, 000 250, 000 200, 000 200, 000 25, 000 25, 000 400, 000 25, 000 50,000 75, 000 345, 000 25, 000 1, 600, 000 225, 000 150,000 125, 000 3,070,000 600, 000 2,470, 000 300, 000 100, 000 25, 000 75, 000 1,000,000 110, 500 " 50," 000 60, 500 350, Q0() 100, 000 '250,000 2,725, 000 2,125, 000 1,150,000 300, COO 175, 000 150, 000 975, 000 150, 000 2, 350, 000 3, 551, 500 4, 200,000 870, 000 694, 000 300, 000 150, 000 225, 000 150,000 720, 000 469, 000 150, OtO 17, 751, 500 3, 874, 500 1,025,000 I 2,849,500 4,810,000 9, 750, 000 6, 500, 000 2, 850, 000 300, 000 14, 000, 000 2, 136, 350 3,462, 000 555, 000 500,000 50, 000 650, 000 250, OiiO 350, 000 350, 000 300, 000 200, 000 200, 000 25, 000 325, 000 125, GOO 175,000 1,786, 350 3,162, 000 355, 000 300, 000 25, 000 325, 000 125,000 175, 000 44,293,540 i 7,953,350 I 1,700,000 6, 253, 350 COO 700 2C0 000 000 000 "I *5o6,6o6 2, 400, 000 3, 683, 540 900, 000 9, 500, 000 100, 000 735, COO 50, 000 300, 000 50, 000 41)5, 0U0 3, 000, 000 5, 350, 000 710, 000 250, 000 125,000 125, 000 585, 000 125, 000 600, 000 300, 000 1,700,000 100, 000 50,000 200, 000 50, 000 25, 000 1<'0,000 21,35o7o~OO~ 2,145, 000 50, 000 25, 000 100, oco 775, 000 1,370, 000 190 REPORT OF THE COMPTROLLER OF THE CURRENCY. TABLE, BY STATES, TERRITORIES, AND RESERVE CITIES, EXHIBITING THE NUMBER OF BANKS IN EACH WITH CAPITAL OF OVER $250,000, ETC.—Continued. No. of States, Territories, and reserve cities. banks. California. . San Francisco - . Oregon ... .. ... Division No. 7 Dakota Idaho .. . ^Montana New Mexico Utah Washington "Wyomin'1" . .... Capital. of Amount of United States Amount bonds re- thatbonds bonds to quired may be to be withdrawn secure circu- held under lation Ocupon the protober 5,1887. posed code. adoption of the code. 1 $300, 000 $50, 000 2$5, 000 $25, 000 3 2 1, 200, 000 2, 500, 000 200, 000 700, 000 75 000 50, 0(J0 125 000 650, 000 6 4, 000, 000 950, 000 ; 150. 000 800, 000 1 500, 000 100 000 1 410, 000 50, 000 ...1 25,000 j 25,000 2 900, 0G0 150, 000 50, 000 1 100, 000 497 314,459, G70 . Division No. 8 V 5 000 72 638 850 12 425 000 75, 000 60, 213, 850 REPORT OF THE COMPTROLLER OF THE CUERENCY. 191 NATIONAL BANKS THAT HAVE GONE INTO VOLUNTARY LIQUIDATION UNDER THE PROVISIONS OF SECTIONS 5220 AND 52^1 OF THE REVISED STATUTES OF THE UNITED STATES, WITH THE DATES OF LIQUIDATION, THE AMOUNT OF THEIR CAPITAL, CIRCULATION ISSUED AND RETIRED, AND CIRCULATION OUTSTANDING OCTOBER 31,1887. Circulation. Uame and location of bank. Date of liquidation. CaDital. Iasned. First National Bank, Penn Tan, N. T*.. Apr. 6,1864 First National Bank, Norwich, Conn*... May 2,18G4 Second National Bank, Ottumwa, lowat- May 2, 1864 Second National Bank, Canton, Ohiot.... Oct. 3,1864 Pirst National Bank, Lansing, Micht Doc. 5,1864 Pirst National Bank, Columbia, Mo Sept. 19,1864 $100, 000 First National Bank, Carondolot. Mo Mar. 25,1865 30, 000 Pirst National Bank, TTtica, N. T.* Juno 9,1865 200, 000 Pittston National Bank, Pittston, Pa.... Sept. 16,1865 Fourth National Bank, Indianapolis. Ind. Nov. 30,1865 100, 000 Berkshire National Bank, Adams, Mass. | Deo. 8,1885 100, 000 National Union Bank, Rochester, N. Y.. Apr. 26,1866 400, 000 First National Bank, Loonnrdsvillo. N.Y. July 11,1866 50, 000 Farmers' National Bank, "Richmond, Ya. Oct. 22,1866 loo, ooo Farmers' National Bank, Wauk^sha. Wis. Nov. 25,1866 100,000 j National Bank of Metropolis, Washington, D. 0 Nov. 28,1866 200,000 100, 000 First National Bank, Providence, Pa . . . Mar. 1,1867 150, 000 National State Bank, Dubuque, Iowa ... Mar. 9,1867 First National Bank of Newton, New150, 000 tonvillo, Mass Mar. 11,1867 First National Bank, New Ultn, Minn... Apr. 18,1867 60, 0 JO National Bank of Crawford County, 300, 000 Meadville, Pa Apr. 19,1867 Kittaiming National Bank, Kittanning, 200, 000 Pa.J..... Apr. 29,1867 100, 000 City National Bank, Savannah, Ga. f .... May 28,1867 500, 000 Ohio National Bank, .Cincinnati, Ohio... July 3,1867 200, 000 First National Bank, Kingston, N. Y Sept. 26,1867 50, 000 First National Bank, Bluffton, Ind Dec. 5,1867 200, 000 National Exchange Bank, Richmond, Va. Dec. 5,1867 150*000 First National Bank, Skaneateles, N. Y Dec. 21,1867 100, 000 First National Bank, Jackson, Miss Dec. 26,1867 100, 000 First National Bank, Downingtown, Pa . Jan. 14,1868 100, 000 First National Bank, Titusvillo, Pa Jan. 35,1868 59, 000 Appletou National Bank, Appleton. Wis. Jan. 21,1868 120, 000 National Bank of Whitest-own, N. Y . . . Feb. 14,1868 First National Bank, New Brunswick, 100,000 N. J-.. T ... Feb. 26,1868 First National Bank, Ouyahoga Falls, 50, 000 Ohio .' Mar. 4,1868 100,000 First National Bank, Codarbarg, Wis... Mar. 23,1868 Commercial National Bank, Cincinnati, 500,000 Ohio Apr. 28,1868 100, 000 Second National Bank, Watertown, N.Y. July 21,1868 First National Bank, South Worcester, 175, 500 N.Y 'Aug. 4,1868 National Mechanics and Farmers' Bank, I 350, 000 Albany, N.Y j Aug. 4,1868 50, 000 Second National Bank, Des Moines, Iowa, j Aug. 5,1868 150, 000 First National Bank, Steubenville, Ohio.j Aug. 8,1868 First National Bank, Plumer, Pa I Aug. 25,1868 100, 000 First National Bank, Danville, Ya Sept, 30,1868 50, 000 150, 000 First National Bank, Dorchester, Mass.. Nov. 23,1868 75, 000 First National Bank, Oskaloosa, Iowa... Dec. 17,1868 Merchants and Mechanics' National 300, 000 Bank, Troy, N. Y ... Dec. 31,1868 National Savings Bank, Wheeling, W. 100, 000 Va f. Jan. 7,1869 125, 000 First National Bank, Marion, Ohio Jan. 12,1869 200, 010 National Insuiance Bank, Detroit, Mich. Fob. 26,1869 150, 000 National Bank of Lansingburg, N. Y.... Mar. 6,1869 National Bank of North America, New York, N.Y Apr. 15,1869 1, 000, 000 60, 000 First Nat ional Bank, Hallo well, Me Apr. 19,1869 50, 000 First National Bank, Clyde, N. Y Ar>r. 23,1889 422, 700 Pacific National Bank, New York, N. Y. May 10,1869 390, 000 Grocers' National Bank, New York, N.Y. June 7,1869 100, 000 Savannah National Bank, Savannah, Ga. June 22,1869 50, 000 First National Bank, Frostburg, Md July 30,1869 First National Bank, La Salle, 111....... Aug. 30,1869 50,000 $90, 000 25, 500 Retired. $89, 875 25, 389 Outstanding. $125 111 100, 000 09,180 820 192, 500 45, 000 83, 000 90, 000 191, 283 44, 375 8:J, 108 89,495 1,217 625 1, 892 505 180, 000 90, 000 127, 000 130, 000 54, 000 176, 535 88, 620 125, 556 3, 465 1, 380 1,444 128, 584 53,125 1.416 875 450, 000 180, 000 45, 000 180, 000 135, 000 45, 500 90, 000 86, 750 45,000 45, 500 443, 590 177, 509 44, 561 179, 050 133, 566 45, 280 88, 881 85, 669 44, 351 45,178 6,410 2, 491 439 950 1, 4:54 220 1,119 1,081 6 49 322 90,000 88, 579 1,421 45, 000 90, 000 585 345, 950 90,000 44, 415 89, 377 343,115 88, 580 2,835 1,420 157, 400 155,676 1,724 314,950 42, 500 135,00;) 87, 500 45, 000 132, 500 67, 500 184, 750 312, 565 42,122 132, 842 85,977 44,595 130,293 66, 950 182,931 2,385 378 2,158 1, 523 405 2,207 550 1,819 90, 000 109, 850 85,000 135,000 89, 245 108, 832 84, 394 133, 662 755 1,018 606 1, 338 333, 000 53, 350 44, 000 134,990 85, 250 85, 000 45, 000 45, 000 330, 384 52, 857 43, 230 133,912 84,736 84, 385 44, 723 44, 465 2,616 493 770 1,078 514 615 277 535 * New bank with same title, t Never completed organization. J Consolidated with another bank. 192 REPORT OF THE COMPTROLLER OF THE CURRENCY. NATIONAL BANKS THAT HAVE GONE INTO VOLUNTARY LIQUIDATION UNDER THE PRO- VISIONS OF SECTIONS 5220 AND 5221 OF THE REVISED STATUTES, ETC.—Continued. Circulation. Date of liquidation. Name and location of bank. Capital. Issued. National Bank of Commerce, Georgetown, D. 0 Miner's National Bank, Salt Lake City, Utah First National Bank, VintoD, Iowa.'. National Exchange Bank, Philadelphia, Pa First National Bank, Decatur, 111 National Union Bank, Oswego. N. Y First National Bank, Berlin, Wis Central National Bank, Cincinnati, Ohio. First National Bank, Dayton, Ohio National Bank of Chemung, Elmira, Oct. 28,1869 Dec. 2,1869 Dec. 13,1869 Jan. 8,1870 Jan. 10,1870 Jan. 11, 1870 Jan. 25,1870 Mar. 31,1870 Apr. 9,1870 June 10,1870 Merchants' National Bank, Milwaukee, Wis June 14,1870 First National Bank, Saint Louis, Mo... J u l y 1G, 1870 Chtmung Canal National Bank, Elinira, Aug. 3,1870 N.y Sept. 23,1870 Central National Bank, Omaha, Nebr* .. Oct. 13,1870 First National Bank, Clarksville, Va Oct. 15,1870 First Nat ional Bank, Burlington, Vt Oct. 24,1870 First National Bank, Lebanon, Ohio National Exchange Bank, ljansingburg, Dec. 27,1870 N.Y . Muskingum National Bank, Zanesvillo, Jan. 7,1871 Ohio.. United National Bank, Winona, Minn... Feb. 15,1871 First National Bank, Des Moincs, Iowa. Mar. 25,1871 Saratoga County National Bank, WaterMar. 28,1871 ford, N. Y...1 State National Bank, Saint Joseph, Mo. Mar. 31,1871 May 2,1871 First National Bank, Fenton, Mich First National Bank, Wellsburg, W, Va. J u n e 24,1871 Clarke National Bank, Rochester, N. Y. Aug. 11,1871 Commercial NationalBank, Oslikosh, Wis Nov. 22,1871 Fort Madison National Bank, Fort MadDec. 26,1871 ison, Iowa Jan. 6,1872 National Bank of Maysville, Ky Fourth National Bank, Syracuse, N. Y. Jan. 9,1872 American National Bank, New York, M a y 10,1872 N. Y Carroll County National Bank, SandMay 24,1872 wich, N . n . : J u n e 24,1872 Second National Bank, Portland, Me J u l y 15,1872 Atlantic National Bank, Brooklyn, N.Y. Merchants and Farmers' National Bank, Aug. 8,1872 Quincy, 111 First National Bank, Rochester, N. Y... Aug. 9,1872 Sept. 10,1872 Lawrenccburg National Bank, Ind Jewett City National Bank, Jewett City, Oct. 4,1872 Conn First National Bank, Knoxville, Tenn.. Oct. 22,1872 Nov. 7,1872 First National Bank, Goshen, Ind Kidder National Gold Bank, Boston, Nov. 8,1872 Mass Second National Bank, Zanesville, Ohio. Nov. 1G, 1872 Orange County National Bank, Chelsea, J a n . 14,1873 Vt Second National Bank, Syracuse, N. Y. Feb. 18,1873 Richmond National Bank, Richmond, Feb. 28,1873 Ind* Mar. 7,1873 First National Bank, Adams, N. Y Mechanics' National Bank, Syracuse N. Mar. 11,1873 Y Farmers and Mechanics' National Bank, Rochester, N. Y Apr. 15,1873 Montana National Bank, Helena, Mont.. Apr. 15,1873 First National Bank, Havana, N. Y J u n e 3,1873 Merchants and Farmers' National Bank, Ithaca, N. Y J u n e 30,1873 National Bank of Cazenovia, N. Y July 18,1873 Merchants' National Bank, Memphis, Tenn Aug. 30,1873 k Retired. Outstanding. $100, 000 $90, 000 150, 000 50, 00a 135,000 42,500 175, 750 85,250 88, 250 44, 000 425, 000 135, 000 133,842 42,279 1,158 221 173, 330 84,170 87,121 43, 610 420, 615 133, 678 2,420 1,080 1,129 390 4,385 1,322 300, 100, 100, 500, 500, 000 000 000 000 <;oo $1, 020 150,000 90, 000 100, 000 100, 000 200,000 89,443 557 90, 000 179,990 89,170 178, 463 830 1,527 100, 100, 50, 300, 100, 90, 000 89, 084 916 27, 000 270, 000 85, 000 26, 860 266.103 84, 239 140 3,897 761 000 000 000 000 000 100, 000 90, 000 89, 301 699 100, 000 50, 000 100, 000 90,000 45, 000 90, 000 89,125 44, 525 89, 079 875 475 921 150, 000 100, 000 100, 000 100, 0G0 200, 000 100, 000 135, 000 90, 000 49, 500 90, 0U0 180, 000 90, 000 133, 858 89,439 48, 983 8!?, 148 178, 022 89,168 1,142 581 517 852 1,978 832 75, 000 300, 000 105, 5U0 67, 500 270, 000 91, 700 66,920 i 268,241 ! 90,692 ' 580 1,759 1,008 500, 000 450, 000 443,131 6,839 50,000 100, 000 200, 000 45, 000 81,000 1G5, 0U0 712 1,381 ],6G0 150, 000 400, 000 200, 000 135, 000 206,100 180, 0U0 44,2*8 I 79,619 | 163,340 j 133,500 203,569 i 177, 548 i 60, 000 100,000 48, 750 80,910 103, 500 48, 092 79, 874 102, 071 658 1,036 1,429 300, 000 154, 700 120, 000 138,140 120, 000 136,168 1,972 200, 000 1.00, 000 180,000 90, 000 176, 076 83, 715 3,024 1,285 230, 000 75, 000 207, 000 66, 900 207, 000 65, 870 1,030 140, 000 93, 800 92, 695 1,105 100, 000 100, 0G0 50, 000 83, 250 31, 500 45, 000 82,148 31, 3G5 44, 270 1,102 135 730 50, 000 150, 000 45. 000 116, 770 44,185 115,113 815 1,657 250, 000 225, 000 221, 873 3,127 us, oao New bank with same title. 1,500 2, 531 2,452 KEPOBT OF THE COMPTROLLER OF THE CURRENCY. 193 NATIONAL BANKS THAT HAVE GONE INTO VOLUNTARY LIQUIDATION UNDER THE PRO- VISIONS OF SECTIONS 5220 AND 5221 OF THE REVISED STATUTES, ETC.—Continued. Circulation. Name and location of.bank. Date of liquidation. Capital. Issued. Manufacturers' National Bank, Chicago, 111 Sept. 25,1873 Second National Bank, Chicago, 111 Sept. 25,1873 Merchants' National Bank, Dubuque, Iowa Sept. 30,1873 Oct. 2,1873 Beloit National Bank, Beloit, Wis Union National Bank, Saint Louis, Mo.. Oct. 22,1873 Nov. 20,1873 City National Bank, Geen Bay, Wis J a n . 1,1874 First National Bank, Shelbina, Mo Second National Bank, Nashville, Tenn J a n . 8,1874 J a n . 13,1874 First Natkmal Bank, Oneida, N. Y Merchants' National Bank, Hastings, F e b . 7, 1874 Minn National Bank of Tecumseh, Mich Mar. 3,1874 Gallatin National Bank, Shawneetown, Mar. 7,1874 111 Mar. 26,1874 First National Bank, Brookville, PaCitizens' National Bank, Sioux City. A p r . 14,1874 Iowa Citizens' National Bank, Charlottesville, A p r . 27,1874 Va Farmers' National Bank, Warren, III... A p r . 28,1874 M a y 6,1874 First National Bank, Medina, Ohio Croton River National Bank, South East, May 25,1874 N. Y Merchants' National Bank of West VirJ u l y 7,1874 ginia, Wheeling, W. Va Central National Bank, Baltimore, Md.. J u l y 15, 1874 Second National Bank, Leaven worth J u l y 22,1874 Kan 8 .Teutonia National Bank, New Orleans, Sept. 2,1874 La City National Bank, Chattanooga, Tenn. Sept. 10,1874 Oct. 10,1874 First National Bank, Cairo, 111 Nov. 9,1874 First National Baok, Olathe, Ivans Nov. 10,1874 First National Bauk, Beverly, Ohio Union National Bank, LaFayette, Ind.. Dec. 4,1874 Ambler National Bank, Jacksonville, Dec. 7,1874 Fla* Mechanics' National Bank, Chicago, HI Dee. 30,1874 First National Bank, Evansville, Wis.. Jan. 9,1875 First National Bank, Baxter Sinkings, Jan. 12,1875 Kans People's National Bank, Pueblo, Colo... Jan. 12,1875 National Bank of Commerce, Green Bay, J a n . 12,1875 Wis First National Bank, Millersburg, Ohio. J a n . 12,1875 J a n . 23, Ih75 First National Bank, Staunton, Va National City Bank,Milwaukee, Wis... Feb. 24,1875 Iiasburg National Bank of Orleans, Mar. 17,1875 Irasburg, Vt Mar. 25,1875 First National Bank, Pekin, 111 Merchants' and Planters' National Bank, Mar. 30,1875 Augusta, Ga Monticello National Bank, Monticello, Mar. 30,1875 Iowa Iowa City National Bank, Iowa City, A p r . 14,1875 Apr. 22,1875 $500, 000 100, 000 $450, 000 97, 500 $443, 398 95, 756 $6, 602 1, 744 200, 000 50, 000 500, 000 50, 000 100, 000 125, 000 125, 000 180, 000 45, 000 150, 300 45, 000 90, 000 92, 920 110, 500 175, 265 44, 216 147, 828 43, 990 88, 828 91, 215 108, 589 4, 735 784 2,472 1,010 1,172 1, 705 1,911 100,000 50, 000 90,000 45, 000 88,105 44,210 1, 895 790 250, 000 100, 000 225, 000 90, 000 222, 528 88, 445 2,472 1,555 50, 000 45, 000 44, 705 295 100, 000 50, 000 75, 000 90, 000 45, 000 45, 000 88, 709 44,181 44, 601 1,291 819 399 200, 000 166, 550 163,318 3, 232 500, 000 200, 000 450, 000 180, 000 442, 982 178, 066 7,018 1,934 100, 000 90, 000 87, 526 2,474 300 000 170, 000 100,000 50, 000 102,000 270, 000 148,001 90, 000 45, 000 90, 000 265, 780 146, 003 88, 204 44, 497 88,102 4,220 1,998 1,796 503 1,898 250, 000 42, 500 250, 000 224, 095 219, 453 4,642 125, 900 123, 020 2,* 53, 000 50, 000 45, 000 36, 000 44, 432 35, 535 568 465 50, 000 100, 000 100,000 100, 000 100, 000 27, 000 90, 000 60, 400 90, 000 60, 000 26, 778 88, 860 59, 731 88, 597 58, 675 222 1,140 669 1,403 1,325 75, 000 100, 000 67, 500 90, 000 66,104 88,144 1,396 1,856 200, 000 169, 000 165, 830 3,170 100, 000 45, 000 44, 264 736 125, 000 250, 000 104, 800 225, 000 102, 671 219, 410 2,129 5,590 27, 000 43, 800 45, 000 26, 830 43, 358 44, 342 170 442 658 141, 300 45,000 137, 987 44, 400 3,313 600 First National"Bank,"wheeYingV W.~ Va" First National Bank, Mount Clemens, 50, 000 May 20,1875 Mich. 50, 000 First National Bank, Knob Noster, Mo. May 29,1875 50, 000 First National Bank, Brodhead, Wis... J u n e 24, 3875 Auburn City National Bank, Auburn, 200, 000 J u n e 26,1875 N¥ 50, 000 First National Bank, El Dorado, Kaus.. J u n e 30,1875 First National Bank, Junction City, 50, 000 J u l y 1,1875 Kan a 50, 000 J u l y 19,1875 First National Bank, Chetopa, Kans 50, 200 Aug. 25,1875 First National Bank, Golden, Colo 60, 000 Aug. 26, .1875 National Bank of Jefferson, Wis Green Lane National Bank, Green Lane, 100, 000 Sept. 9,1875 Pa 60, 500 State National Bank, Topeka, Kans Sept. 15,1875 Farmers' National Bank, Marshalltown, 50, 000 Sept. 18,1875 Iowa * Never completed organization. 8770 aun 87 13 Retired. Outstanding. 45, 36, 27, 54, 000 000 000 000 44, 35, 26, 52, 565 567 765 707 435 433 235 1,293 90, 000 30, 600 89, 267 30, 407 733 193 27, 000 26, 765 235 194 REPORT OF THE COMPTROLLER OF THE CURRENCY. NATIONAL BANKS THAT HAVE GONE INTO VOLUNTARY LIQUIDATION UNDEU THE PHO- VTSIONS OF SECTIONS 5220 AND 5221 OF THE REVISED STATUTES, ETC.—Continued. Circulation. and location of bank. Date of liquidation. Capital. Kichland National Bank, Mansfield, $150, 000 $130, 300 $126, 549 Sept. 25,1875 Ohio 350, 000 315,000 304, 784 Planters' National Bank, Louisville, Ky. Sept. 30, ] 875 75, 000 44,430 45,000 First National Bank, Gallatin, Tenn.... Oct. 1,1875 88, 790 100, 000 90, 000 First National Bank, Charleston, W. Va. Oct. 2,1875 People's National Bank, Winchester, 66, 217 75, 000 67,500 Oct. 4,1875 111 First National Bank, New Lexington, 44,475 50,000 45, 0.00 Oct. 12,1875 Ohio 50, 000 First National Bank, Ishperning, Mich . Oct. 20,1875 44, 006 45, 000 Fayette County National Bank, Wash100, 000 Oct. 26,1875 ington, Ohio 81,280 80, 033 Merchants' National Bank, Fort Wayne, 100, 000 Nov. 8,1875 Ind 46, 820 45, 955 Kaunas City National Bank, Kansas 100, 000 Nov. 13,1875 65,991 City, Mo 64, 574 50,000 45, 000 First National Bank, Schoolcraft, Mich. Nov. 17,1875 44, 302 100, 000 90.000 First National Bank, Curwensville, Pa.. Dec. 17,1875 87, 308 National Marine Bank, Saint Paul, 57, 705 100,000 59,710 Dec. 28,1875 Minn 42, 895 45,000 50, 000 Jan. 11,187(5 First National Bank, Rochester, Ind 87,407 90, 000 100,000 Jan. 11,1876 First National Bank, Lodi, Ohio 90,000 88, 537 100, 000 Iron National Bank, Portsmouth, Ohio Jan. 19,1870 45,000 44, 464 Jan. 26,1876 . 50,000 First National Bank, Ashland, Nebr 45, 000 43, 809 50, 000 Jan. 28,187G First National Bank, Pax ton, IJ1 48, 235 49, 500 55, 000 First: National Bank, Blootnrield, Iowa.. Feb. 5,1876 87, 321 150, 000 90, 000 Feb. 16,1876 Marietta National Bank, Marietta, Ohio Salt Lake City National Bank, Salt 43, 871 45, 000 100, 000 Feb. 21,1876 Lake City, Utah 45, 000 50, 000 Feb. 24,1876 44, 221 First National Bank, La Grange. Mo 50, 000 45, 000 Mar. 7,1876 44, 235 First National Bank, Atlantic, Iowa 70, 000 Mar. 11,1876 63, 000 First National Bank, Spencer, Ind 62,179 National Currency Bank, New York, 43, 500 45, 000 100, 000 Mar. 23,1876 N. Y 44,415 45, 000 50, 000 CavernaNational Bank, Caverna, Ky-. May i;j, 1876 67,025 68, 929 200, 000 < Mty National Bunk, Pittsburgh, Pa . . . May 25,1876 48, 755 50, 795 100, 000 National State Bank, Des Moines, Iowa June 21, 1876 45, 000 44, 296 50,000 J u n e 22,1876 First National Bank, Trenton, Mo 45, 000 44,460 50, 000 July 10,1876 First National Bank, Bristol, Tenn 45, 000 60, 000 43, 546 July 11,1876 First National Bank, Leon, Iowa Audorson County National Bank, Law44, 480 45, 000 100, 000 July 29,1876 reneeburgh, Ky 43, 478 60, 000 45, 000 Aug. 7,1876 First National Bank, Newport, Ind 31,158 50, 000 31, 500 Aug. 17,1876 First National Bank, De Pere, Wis . . . 66,165 100, 000 67, 500 Second National Bank, Lawrence, Kans Aug. 23,1876 Commercial National Bank, Versailles, 148, 897 153, 000 170, 000 Aug. 26,1876 Ky 200, 000 73, 725 71,160 Aug. 31,1876 State National Bank, Atlanta, Ga. Syracuse National Bank, Syracuse, N. 117, 961 112, 363 200, 000 Sept, 25,1876 First National Bank, Northumberland, 59,411 62,106 100,000 Oct. 6,1876 Pa 50, 000 Nov. 14,1876 First National Bank, Lancaster, Mo 27, 000 ^ 26,752 First National Bank, Council Grove, 26, 024 50, 000 26, 500 Nov. 28,1876 Kans 69, 311 250, tfOO 71,465 National Bank Commerce, Chicago, 111.. Dec. 2,1876 44,420 100, 000 46,140 Dec. 12,1876 First National Bank, Palmyra, Alo 45, 000 Dec. 16,1876 42, 639 50.000 First National Bank, Newton, Iowa National Southern Kentucky Bank, 27, 000 26, 593 50, 000 Dec. 23,1876 Bowling Green, Ky ^ 35,700 60, 000 Jan. 1,1877 First National Bank, Monroe, Iowa 34, 934 First National Bank, New London, 100,OOC 38, 300 Jan. 9,1877 Conn 35, 981 "Winona Deposit National Bank, Wi100, 00i 63, 285 Jan. 28,1877 nona, Minn 60, 571 First National Bank, South Charleston, 100, OOC 90, 000 Feb. 24,1877 Ohio 86, 975 Lake Ontario National Bank, Oswego, 66,405 275, OOC 61, 59: Feb. 24,1877 NY 46, 200 52.001 44, 697 Feb. 26,1877 First National Bank, Sidney, Ohio 53, 825 100, OOC 51,185 Apr. 9,1877 Chillicothe National Bank, Ohio 44,200 52, OOC 43, 299 First National Hank, Manhattan, Kans Apr. 13,1877 49,50C 60, OOC 46, 580 Apr. 23,1877 National Bank, ilonticello, Ky 200, 001 173, 09C 166,490 A p r . 25,1877 First National Bank, Ilockville, Ind 100,OOC 45, 000 43,184 M a y 31,1877 Georgia National Bank, Atlanta, Ga 100, OOC 43, 50C 42, 004 J u n e 11,1877 First National Bank, Adrian, Mich. $3, 751 10,216 570 1,210 1,283 525 994 1,247 1,417 698 2,692 2,005 2,105 2, 593 1, 463 536 1,191 1,265 2,679 1,123 779 765 821 1, 500 585 1, 904 2, 040 704 510 1, 454 520 1, 522 342 1, 335 4,103 2,565 5,598 2,695 248 476 2,154 1,720 2,361 407 706 2,319 2,714 3,025 4,814 1, 503 2,640 901 2,920 6,600 1,816 REPORT OF THE COMPTROLLER OF THE CURRENCY. 195 NATIONAL BANKS THAT HAVE GONE INTO VOLUNTARY LIQUIDATION UNDER THE PRO- VISIONS OF SECTIONS 5220 AND 5221 OF THE REVISED STATUTES, ETC.—Continued. Circulation. Name and location of bank. Date of liquidation. Capital. Issued. First National Bank, Napoleon, Ohio First National Bank. Lancaster, Ohio First National Bank, Minerva, Ohio Kinney National Bank, Portsmouth,Ohio. First National Bank, Green Bay, Wis.. National Exchange Bank, Wakefield.R. I. First National Bank, Union City, Ind... First National Bank, Negauneo, Mich .. Tenth National Bank, New York, N. Y . First National Bank, Paola, Kans National Exchange Bank, Troy, N . Y . . . Second National Bank, La Fayetto, Ind . State National Bank, Minneapolis, Minn. Second National Bank, Saint Louis, Mo . First National Bank, Sullivan, Ind Eockland County National Bank, Nyack, First National Bank, Wyandotte, Kans. First National Bank, Boone, Iowa First National Bank, Pleasant Hill, Mo. National Bank of Gloversville, N.Y First National Bank, Independence, Mo. National State Bank, Lima, Ind Nirst National Bank, Tell City, Ind First National Bank, Pomeroy, Ohio Eleventh Ward National Bank, Boston, Mass First National Bank, Prophetstown, 111. First National Bank, Jackson, Mich First National Bank, Eau Claire, Wis... First National Bank, Washington, Ohio. First National Bank, Middleport, Ohio.. First National Bank, Streator, 111 First National Bank, Muir, Mich Kane County National Bank, Saint Charles, 111 Fiist National Bank, Carthage, Mo Security National Bank, Worcester, Mass First National Bank, Lake City, Colo... People's National Bank, Norfolk, Va Topeka National Bank, Topoka, Kans .. First National Bank, Saint Joseph, Mo... First National Bank, Winchester, Ind .. Muscatine National Bank, Muscatine, Iowa Traders' National Bank, Chicago, 111 Union National Bank, Hah way, N. J First National Bank, Sparta, Wis Herkimer County National Bank, Little Falls, N.Y Farmers' National Bank, Bangor, Me... Pacific National Bank, Council Bluffs, Iowa First National Bank, Anamosa, Iowa . . . Smithtield National Bank, Pittsburgh, Pa .... First National Bank, Buchanan, Mich .. First National Bank, Prairie City, III... Corn Exchange National Bank, Chicago, Franklin National Bank, Columbus, Ohio Traders' National Bank, Bangor, Me First National Bank, Gonic, N. H First National Bank, Salem, N. C First National Bank, Granville, Ohio Commercial National Bank, Petersbwrgh, Va First National Gold Bank, Stockton, Cal. First National Bank, Sheboygan, Wis... First National Bank, Boscobel, Wi3 National Marine Bank, Oswego, N. Y... Central National Bank, Hightstown, N. J !?..., Iietired. Outstanding. June 30,1877 Aug. 1,1877 Aug. 24,1877 Aug. 28,1877 Oct. 19,1877 Oct. 27,1877 Nov. 10,1877 Nov. 13,1877 Nov. 23,1877 Dec. 3,1877 Dec. 0,1877 Dec. 20,1877 Dec. 31,1877 Jan. 8,1878 Jan. 8,1878 $50, 000 60, 000 50, 000 100, 000 50, 000 70,000 50,00 J 50,000 500, 000 50, 000 100,000 200, 000 100, OlO 200, OoO 50,000 $45, 000 54, 000 45, 000 9U,<Dl)0 45, 000 31, G50 45,000 45, 000 441, 000 44,350 90, 000 52,107 82, 500 53, 055 45, 000 $43, 613 51, 794 43, 924 87, 835 43, 352 32, 647 43, 405 43, 695 412,325 42, 983 86,166 47,117 78,403 47,1C.3 43, 995 $1, 387 2,200 1, 076 2,165 1, 648 2, 003 1,595 1,305 28, 675 1,367 3, 834 5,050 4,097 5,892 1,005 Jan. 10,1878 Jan. 19,1878 Jan. 22,1878 Feb. 7,1878 Feb. 28,1878 Mar. 1,1878 Mar. 2, 1878 Mar. 4,1878 Mar. 5,1878 100, GOO 50,000 50,000 5'J, 000 100, 000 50,0U0 100, 000 50, 000 200, 000 89, 000 45, 000 32,400 45,000 64,750 27, 000 33, 471 44, 500 75, 713 85, 231 43,795 31,110 43, 032 62, 062 24, 651 31, 392 43, 675 70, 481 3,769 1,205 1,290 1, 368 2,688 2,349 2, 079 825 5,232 Mar. 14,1878 Mar. 19,1878 Mar. 20,1878 Mar. 30,1878 Apr. 5,1878 Apr. 20,1878 Apr. 24,1878 Apr. 25,1878 200, 000 50, 000 100, 000 60, 0i)0 200, 000 8 >, 000 50, 000 50,000 89, 400 45, 000 88,400 38, 461 69, 750 31,500 40, 500 44, 200 80, 355 44, 238 84,215 37, 21G 65, 092 30, 825 39, 775 43,109 3,045 762 4,185 1,2-45 4,658 675 725 1,091 May 31,1878 Juno 1,1878 50, 000 50, 000 26, 300 44, 500 25, 288 43,415 1, 012 1,085 June 5,1878 Juno 15,1878 July 31,1878 Aug. 7,1878 Aug. 13,1878 Aug. 24,1878 100,000 50, 000 100, 01)0 .100, 000 100, 000 GO, 000 49, 000 29,300 85, 705 h9, 300 67,110 52, 700 .40,890 28,9u9 79, 205 8-J, 595 61, 826 49, 035 2,110 391 0, 440 6,705 5,284 3, 665 Sept. 2,1878 Sept. 4,1878 Sept. 10,1878 Sept. 14.1878 100, 000 200, 000 100,000 50, 000 44, 200 43, 700 89, 200 45,000 39, 920 38, 695 83,499 42, 797 4,274 5, 005 5,701 2,203 Oct. 11,1878 Nov. 22,1878 200, 000 178, 300 89,100 166,190 82, 952 12,110 6,148 Nov. 30,1878 Dec. 14,1878 100,000 50,000 45, 000 44,500 43, 263 40, 815 1,737 3, G83 Dec. 16,1878 Dec. 21,1878 Dec. 24,1878 200, 000 50, 000 50, 000 78, 750 27,000 27, 000 70,100 26,185 23, 610 8, 650 815 3,390 Jan. 4,1879 500, 000 59,160 51, 613 7,547 Jan. Jan. Jan. Jan. Jan. 4,1879 14,1879 14,1879 14,1879 14,1879 100, 000 100, 000 60,000 150, 000 50, 0C0 93, 070 76, 400 45, 597 128, 200 34, 365 80,42B G8} 917 42, 393 117, 470 31, 509 6,647 7,48:; 3, 204 10, 730 Jan. Jan. Jan. Jan. Jan. 1.4,3879 14,1879 14, 1879 21,1879 25,1879 120, 000 300, 000 50, 000 50, 000 120, 000 99, 800 238, 600 45, 000 43, 900 44, 300 89, 303 212, 841 43, 354 42,132 41, 214 10,497 25,759 1,646 1,768 3, 086 Feb. 15,1879 100,000 32, 400 31, 265 1,135 luo, ooo 2,85J 196 REPORT OF THE COMPTROLLER OF THE CURRENCY. NATIONAL BANKS THAT HAVE GONE INTO VOLUNTARY LIQUIDATION UNDER THE PRO- VISIONS OF SECTIONS 5220 AND 5221 OF THE REVISED STATUTES, ETC.—Continued. Circulation. Name and location of bank. Date of liquidation. Capital. Issued. Brookville National Bank, Brookville, Ind Feb. 18,1879 Mariners' National Bank, Centreville, Feb. 27,1879 Iowa Mar. 1,1879 First National Bank, Claynda, Iowa Watervillo National Ban*, Watervillo, Mar. 3,1879 Me Mar. 4,1879 First National Bank, Tremont, Pa Apr. 15,1879 First National Bank, Atlanta, 111 Apr. 22,1879 Union National Bank, Aurora, 111 Apr. 26,1879 National Bank of Menasha, Wis National Exchange Bank, Jefferson City, Mo '.. May 8,1879 May 15,1879 First National Bank, Hannibal, Mo Merchants' National Bank, Winona, June 16,1879 Mina Farmers' National Bank,Keithsburg, 111. July 3,1879 July 5,1879 First National Bank, Franklin, Ky July 8,1879 National Bank of Salem, Salem, Ind Fourth National Bank, Memphis, Tenn. July 1!), 1879 Bedford National Bank, Bedford, Ind ... July 21,1879 Aug. 15,1879 First National Bank, Afton, Iowa First National Bank, Deer Lodge, Mont. Aug. 1G, 1879 Aug. 30,1879 First National Bank, Batavia, ill National Gold Bank and Trust Company, Sept. 1,1879 San Francisco, Cal Gainesville National Bank, Gainesville, Nov. 23,1879 Ala First National Bank, Hackensack, N. J . Dec. 6,1879 National Bank of Delavan, Delavan, Wis. Jan. 7,1880 Mechanics' National Bank, Nashville, Jan. 13,1880 Tenu Manchester NationalJSank, Manchester, Jan. 13,1880 Ohio Fiist National Bank, Meyorsdalo, Pa ... Mar. 5,1880 Mar. 8,1880 First National Bank, Miillinburg, Pa National Bank of Michigan, Marshall, May 14,1880 Mich... National Exchange Bank, Houston, Tex. Sept. 10,1880 Oct. 19,1880 Asoutney National Bank, Windsor, Vt First National Bank, Seneca,Flails, N. Y. Nov. 23,1880 Nov. 27,18<*0 First National Bank, Baraboo, Wis Bundy Nations'] Bank, New Castle, Ind . Dec. 6,1880 Vineland National Bank, Vineland, N. J. Jan. 11,1881 Ocean County National Bank, Tom's Jan. 11,1881 Riv er, N. J •. Hungerford, National Bank, Adams, N. Y Jan. 27,1881 Merchants' National Bank, Minneapolis, Jan. 31,1881 Minn Farmers' National Bank,Mechanicsburg, Feb. 18,1881 Ohio First National Bank, Green Spring, Ohio. Feb. 18,1881 Feb. 21,1881 First National Bank, Cannon Falls, Minn First National Bank, Coshocton, Ohio .. Feb. 21,1881 Manufacturers' National Bank, Three Feb. 25,1881 Rivers, Mich Feb. 25,1881 First National Bank, Lansing, Iowa First National Bank, Watert>wn, N. Y . May 26,1881 J u n o 17,1881 First National Bank, Americas, Ga First National Bank, Saint Joseph, Mich. J u n o 30,1881 J u l y 8,1881 First National Bank, Logan, Ohio A u g . 9,1881 First National Bank, Rochelle, 111 First National Bank, Shakopeo, Minn... A u g . 10,1881 National State Bank, Oskaloosa, Iowa... A u g . 13,1881 A u g . 27,1881 First National Bank, Hobart, N. Y Aug. 30,1881 Attica National Bank, Attica, N. Y National Bank of Brighton, Boston, Mass Oct. 4,1881 Clement National Bank, Rutland, Vt*.. A u g . 1,1881 Nov. 1,1881 First National Bank, Lisbon, Iowa Dec. 1,1881 First National Bank, Warsaw, Ind Brighton National Bank, Brighton, Iowa. Dec. 15,1881 Merchants'National Bank, Denver, Colo. Dec. 24,1881 Merchants' National Bank, Holly, Mich. Dec. 31,1881 Retired. Outstanding. $100, 000 $89, 000 $81,170 $7, 830 50, 000 50, 000 41, 500 45, 000 40, 288 43,807 1, 212 1,193 125, 000 75, 000 50, 000 125, 000 50, 000 110, 300 64,600 26, 500 82, 000 44, 500 102, 665 57,174, 24, 230 74,077 42, 844 7,635 7,426 2,270 7,923 1,656 50, 000 100,000 45, 000 88,200 41, 839 79, 990 3,161 8,210 100, 000 50, 000 100, 000 50,000 12,">, 000 100,000 50, 000 50, 000 50, 000 35, 000 27, 000 54, 000 44,400 45, 000 87, 200 26, 500 45, 000 44, 300 33, 662 24,650 49, 970 43,277 40, 610 84,156 24, 989 43, 490 41, 450 1,338 2,350 4,030 1,123 4,390 3,044 1,511 1,510 2,850 750, 000 40, 000 27,510 12,490 100,000 100, 000 50,000 90, 000 90,000 27,000 79,994 83, 063 24,410 10,006 6, 937 2,590 100, 000 90, 000 76, 950 13, 050 50,000 50, 000 100,000 48, 303 90,000 43,738 29,540 79,775 4.563 1,060 10, 225 120, 000 1C0, 00.0 100, 000 60, 000 50, 000 50, 000 50, 000 1C0, 800 31, 500 90, 000 54,000 27, 000 45, 000 45,000 92,197 27, 613 80, 932 51, 778 25, 260 43, 834 43, 508 8,603 3,887 9,068 2,222 1,740 1,16li 1,432 100,000 50, 000 119,405 45,000 105, 620 39,145 13,78,"> 5,855 150,000 98,268 94, 580 3, 688 100,000 50, 000 50, 000 50, 000 30,140 45,000 45, 000 53,058 28,525 42,841 42,615 50,453 1, 615 2,159 2, 383 2, 605 50,000 50, 000 100,000 GO, 000 50, 000 50,000 50, 0t)0 50, 000 50,000 100, 000 50, 000 300, 000 100,000 50, 000 50,000 50, 000 120, 000 50, 000 45,000 4f», 000 75,510 45, 000 26, 500 45, 000 45,000 45, 000 81, 665 90,000 45,000 270,000 42, 880 4J, 576 63,14.r> 42,912 24,386 42, 565 42, 283 41, 335 72,895 79, 830 41, 660 242, 294 2,120 2, 424 12, 3t>5 2,058 2,114 2, 435 2,717 3,665 8,770 10,170 3,340 27,706 45, 000 48, 500 45, 000 72,000 45, 000 42,400 45, 310 42, 044 57,140 42,525 2,600 3,190 2,956 14, 860 2,475 * New bank with same title. ;u), coo REPORT OF THE COMPTROLLER OF THE CURRENCY. 197 NATIONAL BANKS THAT HAVE GONE INTO VOLUNTARY LIQUIDATION UNDER THE PRO- VISIONS OF SECTIONS 5220 AND 5221 OF THE REVISED STATUTES, ETC.—Continued. Circulation. Name and location of bank. First National Bank, Alliance, Ohio..... National Union Bank, New London, Conn National Bank of Koyalton, Vt First National Bank, Whitehall, N.Y .. National Bank of Pulaski, Tenn First National Bank, Alton, 111 Havana National Bank, Havana, N. Y .. First National Bank, Brownsville, Pa... Second National Bank, Franklin, Ind... Mercbants' National Bank, Georgetown, Colo Commercial National Bank, Toledo, Ohio. Harmony National Bank, Harmony, Pa First National Bank, Liberty, Ind Manufacturers' National Bank, Amsterdam, N.Y First National Bank, Bay City, Mich.... First National Bank, Eipley, Ohio National Bank of State of New York, New York, N. Y First National Bank, Wellington, Ohio.. Second National Bank, Jefferson, Ohio .. First National Bank, Painesvnie, Ohio.. Saint Nicholas National Bank, New York, N . Y Fifth National Bank, Chicago, 111 First National Bank, Dowagiac, Midi.. First National Bank, Greenville, 111 Merchants' National Bank, East Saginaw, Mich Logan County National Bank, Russellville, Ky National Bank of Vandalia, III Traders' National Bank, Charlotte, N. C. First National Bank, Norfolk, Nebr... First National Bank, Midland City, Mich.* Citizens' National Bank, New Ulm, Minn National Bank of Owen, Owenton, Ky.... Merchants' National Bank, Nashville, Tenn Indiana National Bank, Bedford, Ind .. Stockton National Bank, Stockton, Cal.. Wall Street National Bank, Now York, N.Y Commercial National Bank, Heading, Pa. Corn Exchange National Bank, Chicago, Farmers' National Bank, Sullivan, Ind.. City National Bank, La Salic, 111 Hunt County National Bank, Greenville, Tex Waldoboro' National Bank, Waldoboro1, Me Third National Bank, Nashville, Tenn.. Madison County National Bank, Anderson, Ind First National Bank, Phoenix, Ariz Cobbossee National Bank, Gardiner, Me. Mechanics' and Traders' National Bank, New York, N. Y Princeton National Bank, Princeton, N.J\ Kearsarge National Bank, Warner, N. H. Second National Bank, Lansing, Mich .. First National Bank, Ellcnsburg, Wash. German National Bank, Millerstown, Pa. Exchange National Bank, Cincinnati, Obio First National Bank, Paishville, 111 Mechanics' National Bank, Peoria, 111... First National Bank, Freeport, Pa Genesee County National Bank, Batavia, N.Y Valley National Bank, Red Oak, Iowa.. Merchants' National Bank, Bismarck, Dak Date of liquidation Capital. Issued. Botired. Outstanding. Jan. Jan. Jan. Jan. Jan. Mar. Apr. May June 3,1882 10,1882 10,1882 18,1882 23,1882 30,1882 15,1882 2,1882 20,1882 $50, 000 300, 000 100, 000 50, 000 70, 0C0 100, 000 50, 000 75, 000 100,000 $45, 000 112, 818 90, 000 45,000 43, 700 90, 000 45, 000 67,500 81, 000 $40,418 95, 986 78, 067 38, 519 37,198 78, 957 41,322 56, 040 G6,075 $4,582 16, 832 11, 933 6, 481 6,502 11, 043 3,678 11,460 14,985 June July Julv July 22,1882 6,1882 7,1882 22,1882 50, 000 100,000 50, 000 GO, 000 45,000 90, 000 45, 000 54, 000 41, 988 81, 700 39, 000 48, 506 3,012 8,300 6,000 5, 494 Aug. 1.1882 Nov. 8,1882 Nov. 10,1882 80, 000 400, 000 100, 000 72,000 156,100 G9, 201 G4,320 135, 479 56, 588 7,680 20, 621 12? S13 Dec. Dee. Dec. Dec. 6,1882 12,1382 2(5,1882 30,1882 800, 000 100, 000 100, 000 200,000 397, 004 90, 000 90, 000 162, 800 354,017 79,011 74, 608 134, 556 42, 10, 15, 28, Dec. Dec. Jan. Jan. 30,1882 30,1882 3,1883 9,1883 TOO, 000 500,000 50, 000 150, 000 450,000 29, 700 45, 000 59,400 375,168 19, 327 40, 058 47,053 74, 832 10, 373 4,942 12, 347 987 989 332 244 Jan. 9,1883 200,000 101,100 85,703 15, 397 Jan. 9,1883 Jan. 11,1883 Jan. 10,1883 Feb. 3,1883 Feb. 5,1883 50,000 100, 000 50, 000 45, 000 30, 000 40, OHO 90, 000 38, 800 11, 240 36, 370 72, SiO 34, 771 8,930 3,680 17,160 4,029 2, 310 Mar. 3,1883 Mar. 5,1883 50,000 50, 000 27, 000 48, 900 21, 680 40, 530 5, 320 8,370 June 30,1883 Aug. 25,1883 Oct. 1,1883 300, 000 35, 000 100, 000 141,200 11,250 90,000 09, 830 11,250 71, 830 41, 370 None. 18,170 Oct. 15,1883 Oct. 23,1883 500, 000 150,000 102, 800 135,000 82, 244 101,130 20,556 33, 870 Nov. 10,18S3 Dec. 24,1883 Jan. 8,1884 700, 000 50, 000 100,000 32, 710 12, 660 12,290 9,840 Jan. 22,1884 G8,250 45,000 22, 500 17, 300 10,070 7.2C0 Jan. 31,1884 Feb. 20,1884 50, 000 300, 000 44, 000 167,600 33,158 128, 765 10, 842 38, 835 M a r . 25,1884 Apr. 7,1884 Apr. 18,1884 50,000 50, 000 150,000 45,000 11, 240 90,000 35,010 8,230 9,900 3,010 23,908 Apr. 24, "1884 M a y 17,1884 June 30,1884 July 31,1884 A u g . I), 1884 A u g . VI, 1H84 A u g . 27,1884 200,000 100, 000 50, 000 50, 000 50, 000 50, 000 500, 000 85,400 72,500 23, 586 40, 000 13, 500 45, 000 78, 000 62,400 58, 300 19, 241 26, 949 27, 295 46,120 23, 000 14, 200 4,345 18, 051 4,450 17, 705 31, 880 Sept. 30,1884 Oct. 4,1884 Oct. 10,1884 75, 000 100,000 50, 000 G6, 500 72,000 44, 200 38, 394 43,418 26, 630 28,106 28, 582 17, 570 Oct. 11.1884 Oct. 20,1884 50, 000 50, 000 45, 000 22,150 32, 640 14, 000 12, 360 8,150 Oct. 28,1884 73, 000 22,500 12, 990 9,510 9,0J0 198 REPORT OP THE COMPTROLLER OF THE CURRENCY. NATIONAL BANKS THAT HAVE GONE INTO VOLUNTARY LIQUIDATION UNDER THE PRO- VISIONS OF SECTIONS 5220 AND 5221 or THE REVISED STATUTES, ETC.—Continued. Circulation. Namo and location of bank. Date of liquidation. Capital. Issued. Manufacturers' National Bank, Minneapolis, Minn Nov. 1,1884 $300, 000 Farmers and Merchants' National Bank, Uhrichsville, Ohio Nov. 10,1884 no, ooo Metropolitan National Bank, New York, N.Y Nov. 18,1884 3, 000,000 First National Bank, Grand Forks, Dak. Dec. 2, 1884 50, 000 Iron National Bank, G-unnis«n. Colo Dec. 8, 1884 50, 000 Freehold National Banking Company, Freehold, N. J Dec. 10,1884 50, 000 Albia National Bank, Albia, Iowa Dec. 16. 1884 50,000 First National Bank, CarJinvilb, 111 Dec. 10,1884 50. 000 Freeman's National Bank, Augusta, Me. Dec. 20,1881 100, 000 Jan. 1,188") First National Bank, Kokomo, Ind 250, 000 Jan. 2,1885 First National Bank, Sabetha, Kans 50. 000 Jan. 13,188.3 First National Bank, Wyoming, 111 £0, 000 Jan. 13, 1885 First National Bank, Tarentum, Pa.. no, ooo Jan. 21,188.") First National Bank, Walnut, 111 60,000 Farmers' National Bank, Franklin, Tenn. Jan. 24,188.") 50, 000 Citizens' National Bank, Sabetha, Kans. Jan. 27,188.> 50,000 Jan. 3i, 188.3 First National Bank, Tucson, Ariz 100, 000 Feb. 7, .1885 liipon National Bank, Kipon, Wis 50, 000 Farmers' National Bank, Franklin, Ohio. Apr. 1,1885 50, 000 Apr. 9, 1885 First National Bank, Prescott, Ariz 50, COO Apr. 28,1885 National Union Bank, Swanton, Vt 50,000 German National Bank. Memphis, Tenn. May 0,1885 175, 300 Merchants and Farmers' National Bank, Shakopee, Minn M a y 12,1885 50, 000 First National Bank, Superior, Wis M a y 1G, 1885 60, 000 Shetucket National Bank, Norwich, Conn M a y 18,1885 100r000 Cumberland National Bank, Cumberland, H.I Juno 5,1885 125, 000 100, 000 First National Bank, Columbia, Tenn -- July 14,1885 Union National Bank, New York, N. Y. July 21,1S85 1, 200,000 Manufacturers' National Bank, AppleOct. 10,1885 no, ooo ton, Wis First National Bank, Plankinton, Dak.. Oct. 21,1885 50, 000 First National Bank, Centerville, Ind. Oct. 3,18*3 50, 000 Dec. 4, 1885 Valley National Bank, St. Louis, Mo 250, 000 Jan. 0,188G First "National Bank, Belton, Tex 50, 000 First National Bank, Granville, Ohio ... Feb. 15,1880 50, 000 Concordia National Bank, Concordia, Mar. 12,18EG 50, 000 Kans Mar. 22,188G 50, 000 Citizens' National Bank, Beloit, Wis 50, 000 Mar. 24,1886 First National Bank, Dayton, Wash 100, 000 Apr. 14,1880 First National Bank, Macomb, 111 50,000 Apr. 20,1880 First National Bank, Jesup, Iowa M a y 8,1880 150, 000 Dallas National Bank, Dallas, Tex 50, 000 First National Bank, Lewistown, III .. M a y 12,1880 First National Bank, Cedar Ilapids, M a y 28,1886 100, 000 Iowa . 50,000 First National Bank, Socorro, N. Mex .. July 31,1886 Custer County National Bank, Broken 50, 000 Aug. 9,1886 Bow, Nebr 50, 000 Roanoke National B;mk, Roanoke, Va .. Sept. 16,1886 50, 000 First National Bank, Brownville, Nebr. Sept. 16,1?86 Sept. 25,1880 50,000 First National Bank, Leslie, Mich Mount Vernon National Bank, Mount 51,100 Oct. 11,1880 Vernon, 111 Oct. 14,1^80 National Bank, Piedmont, W. Va no, ooo First National Bank, Saint Clair, Mich - Oct. 20,18815 50, 000 First National Bank, Milford, Mich ... Oct. 21,1880 50,000 Oct. 21,1880 National Bank, Kingwood, W. Va 125, 000 Merchants' National Bank, Lima, Ohio . Oct. 22,1886 50, 000 IIubbardNational Bank, Hubbard, Ohio. Oct. 23,1880 50, 000 Commercial National Bank, Marshalltown, Iowa Oct. 25,1880 100, 000 First National Bank, Indianapolis, Ind . Nov. 11,188G 500,000 First National Bank, Concord, Mich Nov. 27,1880 50, 000 Jamestown National Bank, Jamestown, Dak Nov. 20,1880 50, 000 First National Bank, Berea, Ohio Dec. 1,1886 50,000 First National Bank, Allerton, Iowa 50, 000 Dec. 6,1886 Second National Bank, Ilillsdalo, Mich. Dec. 38, 1880 50, 000 Retired. Outstanding. $45,000 $23, 700 34, 600 20, 510 14, 090 ., 447, 000 19, 250 11, 250 966,100 15,080 6,860 480, 900 4,170 4,390 93, 000 11, 240 22, 450 GO, 000 45, OOfl 10,740 11,200 42, 500 30, 000 10, 740 11,240 28,100 16, 200 27, 350 11, 2f;0 43, 800 120,100 65, 360 7,000 16, 301 58, 825 28. 520 0, 610 5.620 24, 420 19, 750 6,100 6,470 20, 670 8,115 16, 540 6,000 25, 390 67, 630 27, 640 4,180 6,149 31,175 16, 480 4,180 5, 580 18,080 16, 250 4,640 4,770 7, 430 8,085 10,810 5, 250 18,410 52,470 10, 240 18, 900 5,160 14, 540 $21, 300 72,000 42,732 5,080 4, 360 29 268 106, 200 66, 800 25,100 63, 759 32, 647 9, 742 42, 441 34,153 15, 358 45, 000 11, 250 27, 350 44, 900 23,490 26, 500 20, 673 4,560 14, 250 16,740 8, 920 10, 510 24,327 6,690 13,100 28, 220 14, 570 15, 990 11,240 11,240 13,400 80, 520 25, 760 33, 750 45, 000 4, 530 4,750 7,820 30,113 12, 280 9,660 13,430 6,710 6,490 5, 670 59, 407 13,480 24, 090 31,570 35,490 15, 500 10, 538 4,320 24, 952 11,180 11,240 11,250 39, 680 13,410 11, 240 3,690 8, 739 3,980 7,560 30, 941 9,430 45, 000 45, 000 39, 310 45, 000 90,140 45, 000 45, 000 10, 745 11,710 10, 248 8,710 20, 230 9,350 10, 599 34,255 33, 290 29, 062 36, 290 75, 910 35,650 34, 401 22, 500 162,325 11, 250 4,200 30, 295 2,700 18, 300 132,030 8,550 11, 250 45,000 11, 250 13, 892 1, 500 9,909 3,380 3,228 9,750 35, 091 7,870 10,664 ftEFOKT OF THE COMPTROLLER OF THE CUBRENCY. 199 NATIONAL BANKS THAT HAVE GONE INTO VOLUNTARY LIQUIDATION UNDER THE PROVISIONS OF SECTIONS 5220 AND 5221 OF THE EEVISED STATUTES, ETC.—Continued. Circulation. Date of liquidation. Name and location of bank. Topton Rational Bank, Top ton. Pa Dec. 28,18?C First National Bank, Warsaw, 111 Dec. 31,188G First National Bank. Ilamburgh, Iowa.. Dec. 31,1S8G Darlington National Bank, Darlington, Feb. 10,1887 S.C Union National Bank, Cincinnati, Ohio . Feb. 14.1887 Roberts National Bank, Tittisvillo, Pa .. Feb. 28,1887 Mar. 9, 1887 National Bank, Railway, N. J Olnoy National Bank, OIney, 111 ; Mar. 11, 1887 Metropolitan National Bank, Leaven- !! worth. Kans Mar. 15,1887 Ontario County National Bank, Cauan- '• daigua, N. Y ! Mar. 23, 1R87 "Winsted National Bank, Winstcd, Conn. jApr. 12, 1S«7 Couucil Bluifa National Bank, Council i Bluffs, Iowa ! May 5, 1887 First National Bank, Homer, 111 | June 22, 1887 First National Bank, Beloit, AVin I June 30, 1887 Mystic National Bank, Mystic, Conn ... i •Tuly 7, 1887 Exchange National Bank, Louisiana, Mo. j July 12, 1887 Exchange National Bank, Downs, Ivans.| Aug. 1. 1887 Total | Capital. Issued. Retired. Outstanding- $50, 000 50, 000 50, COO $18, 000 38, 250 13, 500 $2,960 3,470 3,425 I $15, 040 34, 780 10, 075 100, 000 5U0, 000 100,000 100, 000 CO, COO 22, 500 237, 230 75, 010 42, f;00 27, COO 5.9-10 i 4*>, 052 12, 300 6,184 4, G30 16, 560 183,178 63. 310 3G, 316 22, 370 1C0, 000 22, 50C 2 500 19, 910 11, 250 11,251) | 1. 100 2, 120 1, 130 5, 130 1,350 •',166 1, 130 550 10,150 9,130 no, ooo 50, 000 100, 000 50, 000 50, 000 52, 4f)0 50, 000 50, 000 Cl, 208, 700 22, 500 11,250 11,250 47, 2^5 11,250 11,250 21, 370 6,120 9, 900 41, 039 10,120 10, 700 J3, 585, 367 L, 004, 480 200 REPORT OF THE COMPTROLLER OF THE CURRENCY. NATIONAL BANKS THAT H A V E GONE INTO VOLUNTARY LIQUIDATION UNDER THE PRO- V I S I O N S OF SECTIONS 5220 AND 5221 OF THE REVISED STATUTES OF THE UNITED STATES, F O R T H E P U R P O S E O F ORGANIZING N E W ASSOCIATIONS W I T H T H E SAME OR D I F F E R E N T TITLE, W I T H DATE O F LIQUIDATION, AMOUNT O F CAPITAL, CIRCULATION ISSUED, RETIRED, AND OUTSTANDING ON OCTOBER 3 1 , 1887. Circulation. Name and location of Lank. Dato of liquidation. Capital. Issued. $300, 000 First National Bank, Eondout, N. Y . . . . Oct. 30,1880 100,000 First National Bank, lluntmgton, Ind.. Jan. 31,1881 300, 000 First National Bank, Indianapolis, Ind. July 5,1881 50, 000 First National Bank, Valparaiso Ind Apr. 24, 1882 130, 000 First National Bank, Si ill water, Minn.. Apr. 29,1882 First National Bank, Chicago, 111 Apr. 29,1882 1, 000, 000 50, 000 First National Bank, Woodstock. Ill Apr. 30,1882 200, COO Second National Bank, Cincinnati, Ohio. Apr. 28,1882 300,000 Second National Bank, New York, N. Y. Apr. 28,1882 300, 000 First National Bank, Portsmouth, N. 11. Apr. 29, 1882 200, 000 First National Bank, Richmond, Ind May 5,1882 Second National Bank, Cleveland, Ohio. May G, 1882 1, 000, 000 500, 000 First National Bank, New Haven, Conn. May G, 1882 100, 000 First National Bank, Akron, Ohio May 2,1882 300,000 First National Bank Worcester, Mass... May 4,1882 150,000 First National Bank, Bane, Mass , May 9,1882 100,000 First National Bank, Davenport, Iowa.. May 9,1882 150, 000 First National Bank, Kendallville, Ind.. May 12,1882 300, 000 First National Bank, Cleveland, Ohio... May 13,1K82 500, 000 First National Bank, Youngstown, Ohio May 15,1882 500, 000 First National Bank, Evansville, Ind . . . May 15,1882 50, 000 First National Bank, Salem, Ohio May 15,1882 200, 000 First National Bank, Scranton, Pa May 18,1882 50, 000 First National Bank, CentroviHo, I n d . . . May 18,1882 300, 000 First National Bank, Fort Wayne, Ind.. May 22,1882 100, 000 First National Bank, Strasburgh, Pa . . . May 22,1882 100, 000 First National Bank, Marietta, Pa May 27,1882 150, 000 First National Bank, LaFayette, Ind... .May 31,1882 First National Bank, McConnelsville, May 31, 1882 f>0, 000 Ohio 200, 000 First National Bank, Milwaukee, Wis .. May 31, 1882 100, 000 May 31, 1882 Second National Bank, Akron, Ohio 100, 000 First National Bank, Ann Arbor, Mich. June 1, 1882 10(), 000 June 1, 1882 First National Bank, Geneva, Ohio 1882 Juno 1, 50, 000 First National Bank, Oberlin, Ohio First National Bank Philadelphia, P a . . . June 10, 1882 1, 000, 000 3882 June 10, 200, 000 First National Bank, Troy, Ohio 800, 000 Third National Bank, Cincinnati, Ohio . Juno 14, 1882 First National Bank, Cambridge City, 50, 000 June 15,1882 Ind 100,000 June 15,1882 First National Bank, Lyons, Iowa 500, 000 June 17,1882 First National Bank, Detroit, Mich 375, 000 First National Bank, Wilkes Barre, Pa June 20,1882 100, 000 First National Bank, Towa City, Iowa .. June 24,1882 100. 000 Juno 24,1882 First National Bank, Nashua, N. II 60, 000 June 24,1882 First National Bank, Johnstown, P a . . . 750, 000 First National Bank, Pittsburgh, P a . . . Juno 29,1882 200,000 Juno 29,1882 First National Bank, Terre Haute, Ind 50, 000 FirstNational Bank, Hollidaysburgh, Pa June 30,1^82 June 30,1882 200, 000 First National Bank, Bath, Me 125,000 First National Bank, Janesville, Wis.. June 30,1882 100, 000 FirstNational Bank, Michigan City, Ind June 30,1882 75, 000 First National Bank, Monmouth, 111... July 3,1882 July 11,1882 50,000 First National Bank, Marion, Iowa 200, 000 First National Bank, Marlborough, Mas: Aug. 3,1882 Oct. 3,1882 150, oOO National Bank of Stanford, Ky 150, 000 First National Bank, Sandusky, Ohio.. Oct. 6,1882 50, 000 First National Bank, Sandy if ill, N. Y. Dec. 31,1882 100, 000 FirstNational Bank, Lawi encoburgh, Ind Feb. 24,1.683 100,000 First National Bank, Cambridge, Ohio. Feb. 24,1883 Feb. 24,1883 100,000 First National Bank, Oshkosh, Wis 400, 000 First National Bank, Grand Rapids, Feb. 24,1883 Mich 50,000 Feb. 24,1883 First National Bank, Delphos, Ohio 100, 000 Feb. 24,1883 First National Bank, Freeport, 111 100, 000 FirstNational Bank, Elyria, Ohio , Feb. 24,1883 300, 000 First National Bank, Troy, N. Y . . . Fob. 24,1883 Second Rational Bank, Detroit. Mich . . Feb. 21,1883 1,000,000 100, 000 Feb. 24,1883 Second National Bank, Peoria, 111 National Fort Plain Bank, Fort Plain, 200, 000 Feb. 24,1883 N. Y Retired. Outstanding. $270, 000 90, 000 279, 248 45,000 83,450 90, 000 45, 000 180, 000 370, 890 28G, 000 87,400 510,800 355,310 114,822 252, 000 135, 000 45, 000 90, 000 2G0. 4G2 441,529 442, 870 110,510 45, 000 G4, 525 45, 000 79, 200 99, 000 175, 0G0 $240, 734 84, 711 241, 009 40,947 77..980 78, 708 40, 810 151,690 323, G70 249,816 72,182 425,445 313, 760 93, 733 225, 083 116,215 36, 830 77, 34G 220, 875 388, 665 376, 040 93, 780 35, 710 57, 271 35, 339 G8, 629 83, 085 154, 378 $29, 266 5,289 38, 239 4,053 5,476 11, 292 4,190 28,310 53, 220 30,184 15, 218 85, 355 41, 550 21, 089 20,917 18,785 8,170 12, 654 45, 587 52, 864 66, 830 16, 760 9, 290 7, 254 9, 661 10, 573 15, 915 20, 682 84. 640 229,170 102, 700 85, 078 90, 000 58, 382 799, 800 180, 000 609, 500 71, 596 194, 632 86, 040 74,092 73, 950 48, 690 657, 750 153, 690 506, 720 13,044 34, 538 16, 6G6 10, 980 16, 050 9,692 142. 050 26, 310 102,780 45, 000 90, 000 336, 345 337, 500 88, 400 90, 000 54, 000 594,000 141, 575 45, 000 180,000 121, 050 45, 000 45, 000 45, 000 180,000 135, 000 90, 000 45, 000 90, 000 80, 800 47, 800 155, 900 36, 638 70, 477 295, 378 285, 385 77, 390 77, 548 45, 345 492, 440 118,208 40, 065 155,232 102,100 42, 838 4L,584 40, 834 156,971 117,891 73,021 37, 888 77, 585 65, 595 42, 840 141, 360 8,362 19, 523 40, 907 52,115 11,010 12,452 8, 655 101, 560 23, 367 4,935 24, 768 18, 950 2,162 3,410 4,166 23, 029 17,109 10, 979 7,112 12,415 15, 205 4,960 14, 540 45, 000 53, 500 90, 000 229, 550 3(33, 700 90, 000 39,479 48, 649 75, 004 198,400 297, 262 65, 385 5,521 4,851 14, 996 31,150 66,438 24,615 174, 300 145, 621 28, 679 REPORT OF THE COMPTROLLER OF THE CURRENCY. 201 NATIONAL BANKS THAT HAVE GONE INTO VOLUNTARY LIQUIDATION UNDER THE PROVISIONS OF SECTIONS 5220 AND 5221 OF THE REVISED STATUTES, ETC.—Continued. Circulation. Name and location of bank. Date of liquidation. Logansport National Bank, Logansport, Dec. 1,1883 Ind May 14,1884 National Bank of Birmingham, Ala First National Bank, Westfield, N. Y... J u n e 1,1884 First National Bank, Independence, Iowa Oct. 31,1884 Dec. 31,1884 First National Bank, Sturgis, Mich National Bank of Rutland,' Vt • J a n . 13,1885 Kent Nationrl Bank, Chestertowu, Md.. Feb. 12,1885 National Fnlton County Bank, Glovcrsville, N. Y Feb. 20,1885 Feb. 25,1885 First National Bank, Ccntralia, 111 National Exchango Bank, Albion, Mich. Feb. 28,1885 Mar. 31,1885 First National Bank, Paris, Mo First National Bank, Yakjma, Wash. .. J u n e 20,1885 J u n o 30,1SF5 First National Bank, Flint, Mich Total Capital. Issued. $100,000 50, 000 •50,000 Retired. Outstanding. $10, 850 45, 000 42, 800 $12,810 33, 932 29, 345 $4, 040 11, 0G8 13,455 90, 43, 238, 29, 000 850 700 450 59,150 29, 029 159, 953 22,430 30, 14, 78, 7, 150,000 80, 000 75, 000 100, 000 50. 000 200,000 135,000 70, COO 30, COO 89,155 1-4, €50 122,500 87,171 38, 900 17, 053 40, 850 7,G60 G7, 049 47, 829 31,700 13,547 42, 305 0,990 55,451 17, 570, 000 12,441,903 10, 387, 944 2, 054, 019 100, 50, 500, 50, 000 COO 000 000 850 221 747 020 202 EEPORT OF THE COMPTROLLER OF THE CURRENCY. NAMES OF BANKS IN LIQUIDATION UNDER SECTION 7, ACT JULY 12, 1882, WITH DATE OF EXPIRATION OF CHARTER, CIRCULATION ISSUED, RETIRED, AND OUTSTANDING OCTOBER 31, 1887. Circulation. Name and location of bank. Date of liquidation. Capital. Tssued. First National Bank, Pontiac, Mich First National Bank, Washington, Iowa. First National Bank, Fremont, Ohio Second National Bank, Dayton, Ohio First National Bank, Girard, Pa First National Bank, Xcnia, Ohio First National Bank, Peru, 111 First National Bank, Elmira, N. Y First National Bank, Chittenan^o, N. Y. First National Bank, Eaton, Ohio First National Bank, Leominster, Mass. First National Bank, "Winona, Minn American National Bank, Hallowell, Me. First National Bank, Attica, Ind Citizens' National Bank, Indianapolis, Ind First National Bank, North East, Pa... First National Bank, Galva, 111 First Natioral Bank, Thorntown, Ind... Muncie National Bank, Muncio, Ind Merchants1 National Bank, Evansville, Ind . Say brook National Bank, Essex, Conn.. Union National Bank, Albany, N. Y Battenkill National Bank, Manchester, Vt . First National Bank, Owosso, Mich Coventry National Bank, Anthony, H. I. State National Bank, Keokuk, Iowa Tolland County National Bank, Tolland, Conn City National Bank, Hartford, Conn West River National Bank, Jamaica, Vt. National Bank, Lebanon, Tenn Total Retired. Outstanding. Dec. 31, 1881 Apr. 11, 1882 May 22, 1882 May 2(5. 1882 June 1, 1882 Feb. 24, 1883 Feb. 24. 1883 Feb. 24, 1883 Feb. 24, 1883 July 4, 1884 July 5, 1884 July 21, 1884 Sept. 10,1884 Oct. 28, 1884 $50, 000 100, 000 100, 0i)0 300, 000 100, 000 120, 000 100, 000 100, 000 150, 000 50, 000 300,000 50,000 75, 000 56. COO $88, 890 88, 565 90, 000 262, 941 90, 000 108, 000 . 45,000 90, 000 135,000 44, 300 244, 400 44,200 67, 500 50, 400 $75, 225 76,124 75, 311 217, 035 78. 205 87,130 34, 744 75,120 122,125 28, 280 180, 560 31,744 47, 745 36,495 $13, 665 12, 441 14, 689 45, 906 11, 795 20, 870 10, 256 14, 880 12,875 16, 020 63, 840 12,456 19, 755 13, 905 Nov. 11, 18?4 Dec. 23, 1884 Jan. 2,1885 Jan. 13, 1885 Jan. 28, 1585 300, 000 50. 000 GO, 000 50, 000 200, 000 87, 800 24, 550 36, 000 43, 740 .161,000 54, 641 16,117 22, 954 26, 470 94, 472 33,159 8,433 13, 046 17,270 66, 528 Feb. 6, 1885 F(>b.«20, 1885 Mar. 7, 1885 250, 000 100, 000 250, COO 90, 800 61,200 144,400 55, 501 41, 870 102,172 35, 299 19, 330 42,228 Mar. 21, 1885 Apr. 14, 1885 Apr. 17, 1885 May 23, 1S85 75, 000 GO, 000 100,000 150, 000 57, 700 47, 700 89, 000 45, 000 35, 898 29,129 55, 555 21, 780 21, 802 18, 571 33,445 23, 220 100,000 550, 000 60, 000 50, 000 44,100 90, 000 54, 000 24, 550 2, 550, 736 25,281 54, 367 29, 858 5,820 1, 837, 728 18,819 35, 633 24,142 18,730 713, 008 June 6, 1885 Juno 9, 1885 Aug. 17,1885 Aug. 30,1886 x 4, 046, 000 EPORT OF THE COMPTROLLER OF THE CURRENCY. 203 NAMES OF BANKS IN LIQUIDATION UNDER SECTION 7, ACT JULY 12, 1882, WITH DATE OF EXPIRATION OF CHARTER, CIRCULATION ISSUED, RETIRED, AND OUTSTANDING, SUCCEEDED BY ASSOCIATIONS WITH THE SAME OR DIFFERENT TITLE, OCTOBER 31. 1887. . Circulation. Name and location of bank. First National Bank, Kittanning, Pa .... National Bank of Beaver County, New Brighton, Pa National Bank, Beaver Dam, Wis Merchants' National Bank, Cleveland, Ohio Union National Bank, Chicago, 111 First National Bank, Le Koy, N. Y EvansviUe National Bank, Evansville, Ind National Albany Exchange Bank, Albany, N. Y National Bank, Galena, III National State Bank, Lafayette, Ind First National Bank, Knoxville, III Farmers' National Bank, lliplcy,Ohio... City National Bank, Grand Kapids, Mich Leo County National Bank, Dixon, 111... Fort Wayne National Bank, Fort Wayne, Ind...'. National Exchange Bank, Tiffin, Ohio... National Bank, Malone, N. Y Jeflerson National Bank, Steubenville, Ohio First National Bank, Battle Creek, Mich Central National Bank, Danville, Ky — Xnox County National Bank, Mount Vernon, Ohio First National Bank, Hough ton, Mich... National Bank, Fort Edward, N. Y National Bank, Salem, N. Y National Exchange Bank, Seneca Falls, N.Y Trumbull National Bank, Warren, Ohio. Attlcborough National Bank, North Attleborough, Mass American National Bank, Detroit, MichFirst National Bank, Paris, 111 — First National Bank, Saint John, Mich.. Second National Bank, Pontiao, Mich ... Raleigh National Bank of North Carolina, Raleigh, N. C First National Bank, Danville, Ky Total Date of liquidation. Capital. Issued. Retired. Oat s ing. July 2,1882 $200, 000 $199, 500 $167, 550 $31, 950 Nov. 12,1884 Dec. 24,1884: 200,000 50, 000 97, 300 41,100 36, 047 13, 001 Dec. 27,1884 Dec. 29,1884 Jan. 2,1885 800,000 1, 000, 000 150, 000 228,100 02, 800 135, 000 61, 253 27.199 144, 323 32, 610 8J, 274 83, 777 30,190 45, 726 Jan. 3,1885 8:0,000 543, 050 321, 660 221, 381 Jan. Jan. Jan. Jan. Jan. 10,1885 11,1885 10,1885 16,1865 17,18b5 300, 000 100, 000 30®, 000 60, 0l!0 100,000 243, 900 55,900 615, 000 43, 600 87,400 162, 910 31.200 502, 455 25, 621 449, 920 80, 990 21, 700 52, 5i5 17, 979 37, 480 Jan. 21,1885 Jan. 21,1885 300, 000 100,000 45, 000 41, 500 13, 330 13, 829 Jan. 25,1885 Mar. 1,1885 Mar. 9,1885 350, 000 125,000 200, 000 257, 300 50, 500 65, 600 111, 954 21, 997 25, 496 Mar. 21,1885 Mar. 28,1885 Mar. 28,1885 150, 000 100, 000 200, 000 Apr. Apr. Apr. May 1,1885 18,3885 22,1885 4,1885 75, 000 100,000 100, 000 100, 000 132, 600 89, 200 180, 000 53, 200 45,000 88, 900 86,100 31, 670 27, 071 145, 346 28, 503 40, 404 71,162 43, 090 96, 032 29,161 25, 260 56, 705 51,135 24, 039 19, 740 32,195 34, 965 M a y 6,1885 July 5;1885 100, 000 150,000 88,400 132, 400 35, 048 74, 620 July 17,1885 July 24,1S85 Aug. 12,1885 Aug. 14,1885 Sept. 1,1885 100,000 400, 000 125, 000 50, 000 100, 000 84, 300 251, 500 111, 500 21, 000 43, 000 53, 352 57, 780 46, 965 123,330 49, 070 10,490 23, 397 Sept. 5,1885 Sept. 22,1885 4.00, 000 150, 000 123, 000 130, 500 7, 535, 000 4,474, 350 61,438 45 510 83, 908 37, 335 128,170 62,430 10, 510 19, 603 62,417 61, 483 71,411 59, 089 2, 808, 613 1, 665, 737 204 EEPORT OF THE COMPTROLLER OF THE CURRENCY. NATIONAL BANKS THAT HAVE BEEN PLACED IN THE HANDS OF RECEIVERS, TOGETHER WITH THEIR CAPITAL, CIRCULATION ISSUED, LAWFUL MONEY DEPOSITED WITH THE TREASURER TO REDEEM CIRCULATION, THE AMOUNT KEDEEMED, AND THE AMOUNT OUTSTANDING ON OCTOBER 31, 1887. Name and location of bank. First National Bank, Attica, N. Y Capital stock. $50,000 Vcnango National Bank, Franklin, Pa 300, 000 Merchants' National Bank, Washington, 200,000 D.G 50,000 First National Bank, Medina, N. Y 100, 000 Tennessee National Bank, Memphis, Tcnn. First National Bank, Selma, Ala 100, 000 500,000 First National Bank, New Orleans, La 120, 000 National UnadillaBank, Unadilla, N. Y Farmers and Citizens' National Bank, 300,000 Brooklyn, N . Y Croton National Bank, New York, N. Y . . . 200,000 First National Bank, Bethel, Conn 00, 000 First National Bank, Keokuk, Iowa 100, 000 50, 000 National Bank of Vicksburg, Miss First National Bank. Kocktbrd, 111 50, 000 First National Bank of Nevada, Austin, 250, 000 JS; ev Ocean National Bank, New York, N. Y 1, 000, 000 Union Square National Bank, New York, 200,000 N.Y 250,000 Eighth National Bank, New York, N. Y .. 200,000 Fourth National Bank, Philadelphia, Pa .. Waverly National Bank, Waverly, N. Y . . 106,100 50, 000 First National Bank, Fort Smitb," A r k Scandinavian National Bank, Chicago, 111. 250,000 175, 000 Walkill National Bank, Middletown, N. Y. Crescent City National Bank, New Or500,000 leans, La Atlantic National Bank, New York, N. Y . . 300, 000 First National Bank, Washington, D. C . . . 500, 000 National Bank of Commonwealth, New 750, 000 York, N .1Y 400, 000 Merchants National Bank, Petersburg, Va 200,000 First National Bank, Petersburg, Va 100, 000 First National Bank, Mansfield, Ohio New Orleans National Banking Associa600, 000 tion, New Orleans, La 50,000 First National Bank, Carlisle, Pa 50,000 First National Bank, Anderson, Ind 100, 000 First National Bank, Topeka, Kans 100,000 Fir st National Bank, Norfolk, Va Gibson County National Bank, Princeton. 50, 000 Ind First National Bank of Utah, Salt Lake 350,000 City, Utah . 500, 000 Cook County National Bank, Chicago, 111 100, 000 First National Bank, Tiffin, Ohio Charlott esville National Bank, Charlottes200, 000 v4llc, Va „ 150,000 Miners' National Bank, Georgetown, Colo. 200, 000 Fourth National Bank, Chicago, 111 30, 000 First National Bank, Bedford, Iowa 50, 000 First National Bank, Osceola, Iowa 100,000 First National Bank, Duluth, Minn 50,000 First National Bank, La Crosse, Wis 250, 000 City National Bank, Chicago, 111 75, 000 Watkins National Bank, Watkins, N. Y .. 60, 000 First National Bank, Wichita, Kans First National Bank, Greenfield, Ohio 50, 000 National Bank of Fishkill. N. Y 200, 000 132, 000 First National Bank, Franklin, Ind Northumberland County National Bank, 67,000 Shamokin, Pa 50, 000 First National Bank, Winchester, 111 National Exchange Bank, Minneapolis, 100, 000 Minn National Bank of State of Missouri, Saint 2, 500, 000 Louis, Mo First National Bank, Delphi. Ind 50, 000 75,000 First National Bank, Georgetown, tfolo . . . Lock Haven National Bank, Lock Haven 120,000 Pa Third National Bank, Chicago, 111 750, 000 Central National Bank, Chicago, 111 200,000 Lawful money deposited. Circulation. I Issued. Kedeemed. Outstanding. $14, 000 85,000 $44,000 85, 000 $43,752 84,754 $248 246 180,000 40,000 90,000 85, 000 180, 000 100, 000 180, 000 40,010 90,000 85,01)0 180, 000 100,000 179, 294 39, 752 89, 679 84, 557 178, 746 99,770 706 248 321 443 1,254 230 253,COO 180, 000 26, 300 90, 000 25, 500 45,000 253, 900 180, 000 26, 300 90, 000 25,500 45,000 252, 530 179,616 26, 095 69, 604 25,429 44,688 1,370 384 205 396 71 312 129, 700 800, 000 129, 700 800, 000 128, 602 791, 537 1,098 8,463 50,000 243, 393 179, 000 71.0U0 45, 000 135, 000 118, 900 50, 000 243,393 179, 000 71,000 45, 000 135,000 118,900 49, 677 240, 658 177,415 70,012 44, 475 134, 471 117,426 323 2,735 1, 585 988 525 529 1,474 450, 000 100, 000 450, 000 450,000 100,000 450,000 446, 540 98, 609 440, 569 3,460 1,391 9,431 234, 000 3(50, 000 179, 200 90, 000 234, 000 3(10, 000 379, 2U0 90, 000 230,105 354, 385 175, 830 88, 446 3, 895 5,615 3,370 1,554 360, 45, 45, 90, 95, 360, 45, 45, 90, 95, 354, 000 44, 235 44, 045 8S, 531 93,100 6,000 765 955 1,469 1,900 000 000 000 000 000 000 000 000 000 000 43, 800 43, 800 43,315 485 118,191' 285,100 45, 000 318,191 285,100 45, 000 116,439 281, 733 43, 663 1, 752 3, 367 3,337 146, 585 45, 000 85,700 27,000 45, 000 45, 000 45, 000 137, 200 67, 500 43, 200 29, 662 177, 200 92, 092 146, 585 45, 000 85,700 27, 000 45, 000 45, 000 45, 000 137, 209 67, 500 43, 200 29,662 177, 200 92,092 143, 215 44, 370 81,918 25,910 44, 201 44,132 43, 808 132,691 64,992 42, 344 28, 350 171,049 87, 942 3,370 630 3,752 3,090 799 868 1,102 4,518 2,508 856 1,306 6,151 4,150 60, 300 45,000 60, 300 45,000 57, 930 43,502 2,370 1,498 90, 000 90, 000 85,175 4,825 1, 693,660 45, 000 45, 000 1, 693, 660 45, 000 45, 000 1, 665, 371 43,610 43, 405 28,489 3,390 1,595 71, 200 597, 840 45,000 71,200 597, 840 45, 000 66,983 549, 071 43,168 4, 217 48,769 1,832 REPORT OF THE COMPTROLLER OF THE CURRENCY. 205 NATIONAL BANKS THAT HAVE BEEN PLACED IN THE HANDS OF RECEIVERS, ETC.— Continued. Name and location of bank. Capital stock. First National Bank, Kansas City, Mo $500, 000 Commercial National Bank, Kansas City, 1U0,000 Mo 112, 500 First National Bunk, Asbland, Pa 100,000 First National Bank, Tarry town, N. Y . . . 250,000 First National Bank, Allentown, Pa 100,000 First National Bank, Waynesburg, Pa . . . Washington County National Bank, 200, 000 Greenwich, N. Y First National Bank, Dallas, Tex 50, 000 People's National Bank, Helena, Mont 100, 000 First National Bank, Bozeman, Mont 50, 000 Merchants' National Bank, Fort Scott, 50, 000 Kans 50, 000 Farmers' National Bank, Platte City, Mo.. First National Bank, Warrensburg, M o . . . 100,000 German American National Bank, Washington, D. 0 130, 003 German National Bank, Chicago, 111 500, 000 Commercial National B a n k , Saratoga 100,000 Springs,N. Y 200,000 Second National Bank, Scranton, Pa 100, 000 National Bank of Poultney, Vt First National Bank, Monticello, Ind 50, 000 First National Bank, Butler, Pa 50, 000 First National Bank, Meadville, Pa 100, 000 First National Bank, Newark, N. J 200,000 First National Bank, Brattleboro', Vt 300, 000 Mechanics' National Bank, Newark, N. J". 500, 000 First National Bank, Buffalo, N. Y 100,000 001,300 Pacific National Bank, Boston, Mass First National Bank, Union Mills, Pa 50, 000 Voimont National Bank, Saint Albans, Vt. 200, 000 First National Bank, Leadville, Colo 60,000 City National Bank, Lawrenceburg, Ind .. 100, 000 First National Bank, Saint Albans, Vt 100, 000 First National Bank, Monmouth, 111 75, 000 Marino National Bank, How York, N. Y . . 400, 000 Hot Springs National Bank, Hot Springs, 50, 000 Ark 250,0GO ltielrmond National Bank, Richmond, Ind. 50, 000 First National Bank, Livingston, Mont 100, 000 First Nat tonal Bank, A lbion, N. Y 50, 000 First National Bank, JaiflestowD, Dak 50,000 Lojran National Bank, West Liberty,Ohio. Middletowii National Bank, Middletown, 200, 000 N. Y 50, 000 Farmers' National Bank, Bushnell, 111 Schohario County National Bank, Scholiaric, N. Y 50, 000 Exchange National Bank, Norfolk, Va 300, 000 First National Bank, Lake City, Minn 50, 000 Lancaster National Bank, Clinton, Mass.. 100, 000 First National Bank, Sioux Falls, Dak 50, 000 First N ational Ban k, Wa h peton, Dak 50, 000 First National Bank, Angelica, N. Y 100, 000 City National Bank, William sport, Pa 100, 000 Abington National Bank, Abington, Mass* 150, 000 First National Bank, Blair, Nebr 50, 000 First National Bank, Pine Bluff, Ark 50, 000 Palatka National Bank, Palatka, Fla 50, 000 Fidelity National Bank, Cincinnati,Ohio.. 1,000,000 Henrietta National Bank, Henrietta, Tex. 50, 000 National Bank, Sumter, S. C 50,000 First National Bank, Dausville, N. Y 50, 000 Fi rst National Bank, Cony, Pa 100,000 Stafford National Bank, Stafford Springs, Conn 200,000 Total Lawful money deposited. Circulation. Issued. lledeemed. Outstanding. $44,940 $44, 940 $39, 970 $4, 970 44, 500 75, 554 SO, 200 78, 641 G9, 345 44, 500 75, 554 89, 200 78, 641 69, 345 41, 968 69, 089 84,234 72,966 08,285 2, 532 6,46f> 4, 966 5, 675 1,060 114,220 29, 800 89, 300 44, 400 114,220 29,800 89j 300 44,400 108,577 28, 895 83, 681 43, 205 5, 643 905 3,619 1,195 35,328 27, 000 45,000 35,328 27,000 45,000 34, 031 26,260 43, 488 1,207 740 3,512 02, 500 42, 795 62, 500 42,795 61,470 35,700 86, 900 91, 'lift 90, 000 27, 000 71,165 89, 500 320,613 90, 000 450, COO 99, 500 450, 000 4r?, ooo 65, 200 53, 000 77, 000 89, 9£0 27, 000 260,100 40, 850 158, 900 11, 240 90, 000 18, 650 23,400 86, 900 91,465 90, 000 27, COO 71,165 89, 500 326, 643 90, 000 450, 000 99, 500 450, 000 43, 000 65, 200 53,000 77, 000 89, 980 27, 000 260,100 83,334 83, 513 85, 687 25,910 52, 505 80, 667 299, 577 77,033 391,143 88,265 426,452 37,480 52, 333 42, 955 54,200 06,428 15,770 207, 676 1,030 7, 095 3, 566 7,952 4,313 1, 090 18, 600 8, 833 27, 066 12, 967 58, 857 11,235 23, 548 5, 520 12, 867 10,045 22, 800 23, 552 11,230 52, 424 40, 850 158, 900 11,240 90, 000 18, 650 23,400 21, 870 105, 641 7, 345 62,356 14,027 13,450 .18,980 53, 259 3. fe95 27, 644 4, 623 9, 950 149, 000 44, 000 38, 350 228, 200 44,420 72, 360 10, 740 8,120 89,000 43,140 108, 870 26,180 15, 030 19, 210 10, 000 123,786 28,211 52, 214 15, 789 22, 430 137, 688 17, 577 3J, 430 4, 815 6, 205 32,126 15, 050 47, 925 6, 350 7,305 1,595 2, 235 4,480 29, 379 176, 000 44, 000 38, 350 228, 200 44,420 72, 360 11,250 17,320 89, 000 43,140 131, 370 20,180 26, 280 19,210 90, 000 11, 250 11,250 11, 250 44,450 15, 920 90, 512 26,843 41,930 6,435 10,915 56,874 28,090 83, 445 19, 830 18,975 17,615 87,765 11,250 11,250 11,250 44,450 94, 048 94, 048 94, 048 24, 058, 900 14, 623, 675 I 14 H38,276 13, 392,311 1,425, 965 206 REPORT-OF THE COMPTROLLER OF THE CURRENCY. INSOLVENT NATIONAL BANKS, WITH NUMBER OF BANK, DATE OF APPOINTMENT OF RECEIVERS, AMOUNT OF CAPITAL STOCK AND CLAIMS PROVED, AND RATE OF DIVIDENDS PAID TO CREDITORS. No. of bank. Name and location of bank. 199 First National*'Bank of Attica, N. Y . 117G Yen an go National B a n k of Franklin, Pa. 627 Merchants' National Bank of Washington, D. C. 229 First National Bank of Medina, N.Y. 1225 Tennessee National B a n k of Memphis, Tenn. 1537 First national Bank of Sclma, Ala. 162 First National Bank of New Orleans, La. 1463 National TJnadilla Bank, Unadilla, N. T. 1223 Farmers and Citizens' National Bank of Brooklyn, N. Y. 1556 Croton National Bank of New York, N. Y. 1141 First National Bank of Bethel, Conn. 80 First National Bank of Keokuk, Iowa. 803 National Bank of |Vicksburg, Miss. 429 First National Bank of Rockford, 111. 1331 First National Bank of Nevada, Austin, Nev. 1232 Ocean National Bank of New York, N. Y. Receiver ap- Capital pointed. stock. Proved claims. Apr. 14, 1865 $50,000 $122, 089 May 1, 1866 300, 000 434,531 May 8, 1866 200, 000 6G9, 513 Mar. 13,1867 50, 000 82,338 Mai. 21,18G7 100, 000 376, 932 Apr. 30,1867 100, 000 289.467 May 20,1867 500, 000 1,119, 313 Aug. 20,1867 120, 000 Sept, 6,1867 Oct. 1,1867 127, 801 300, 000 1,191, 500 200, 01)0 170, 752 60, 000 Feb. 2S,18G8 68, 986 Mar. 3,1868 . 100, 000 205, 256 Apr. 24,1868 50, 000 33, 562 Mar. 15,1869 50, 000 69, 874 Oct. 14,1809 250, 000 170, 012 Dividends paid. Pr. ct. Finally closed. 58 Do. 23.37 Do. 24.7 Do. 39.15 Do. 171 Do. 46.6 Do. 79 Do. 45.9 Do. 96 Do. 88.5 Do. 100 Do. m s 49.2 Do. 41.9 Do. 92.7 Dec. 13,1871 1, 000, 0C0 1, 28 \ 254 100 1691 Union Square National Bank of Dec. 15,1871 New York, N. Y. 200, 000 157,120 100 384 Eighth National Bank of New Dec. 35,1871 York, N. Y. 286 Fourth National Bank of Phila- Dec. 20, 1S71 delphia, Pa. 1192 "Waverly National Bank of Wav- Apr. 23,1872 erly, N. Y. 230, 000 200, 000 io;;, ico 378,772 100 645, 558 100 79, 864 100 50, 000 15,142 100 1631 First National Bank of Fort May 2,1872 Smith, Ark. 1978 Scandinavian National Bank of Chicago, 111. 1473 Wallkill National Bank of Middletown, N. Y. 1937 Crescent City National Bank of New Orleans, La. 1388 Atlantic National Bank of New York, N. Y. 1548 Merchants' National Bank of Petersburg!*, Va. 1378 First National Bank of Petersburgh, Va. 436 First National Bank of Mansfield, Ohio. 1825 New Orleans National Banking Association, New Orleans, La. 21 First National Bank of Carlisle, Pa. 57.46 Dec. 12,1872 250, 000 249,174 Dec. 31,1872 175, 000 171.468 100 Mar. 18,1873 500, 000 657, 020 Apr. 28,1873 300, 000 574, 513 100 26 First National Bank of Wash- Sept. 19,1873 ington, D. C. 1372 National Bank of the Common- Sept, 22, 1873 wealth, New York, N. Y. Remarks. Do. Finally closed; 4d per cent, of interest paid. Finally closed; 10 p e r cent, paid to stockholders. Finally closed. Do. Finally closed; 32.5 per cent, paid to stockholders. Finally closed ; 13 p e r cent, paid to stockholders, Finally closed. Finally closed; 30 per cent, of interest paid. 84.83 Finally closed. 500, 000 1, 619, 965 100 750, 000 796, 995 100 Finally closed ; 50 per cent, of interest paid. Finally closed. Finally closed; 35.8 per cent, paid to stockholders. Finally closed. Sept. 25,1873 400, 000 992, 636 34 Sept. 25,1873 200, 000 167, 285 76 Do. Oct. 18,1873 100, 000 175, 068 57.5 Do. Oct. 23,1873 600, 000 1, 429, 595 62 Oct. 24,1873 50, 000 67,292 73.5 Do. Do. REPORT OF THE COMPTROLLER OF THE CURRENCY. 207 AN SOLVENT NATIONAL BANKS, WITH NUMBER OF BANK, DATE OF APPOINTMENT OF RECEIVERS, ETC.—Continued. No. of Lank. 44 1660 271 2066 1695 1845 900 1468 2199 276 2298 1776 1954 1313 818 456 1913 101 971 50 1991 236 2047 1612 1995 403 362 Proved claims. Dividends paid. Receiver appointed. First National Bank of Anderson, Ind. First National Bank of Topeka, Kaiis. Fi rat National Bank of Norfolk, Va. Gibson County National Bank cf Princeton, Ind. First National Bank of Utah, Salt Lake City, Utah. Cook County National Bank of Chicago, ill. First National Bank of Tiffin, Obio. Charlottesville National Bank of Charlottesville, Va. Miners' National B a n k of Georgetown, Colo. Fourtli National Bank of Chicago, 111.* First National Bank of Bedford, Iowa. First National Bank of Oseeola, Iowa. First National Bank of Dninth, Minn. Nov. 28,1873 $50,000 $143, 765 Dec. 16, 1873 100, 000 55,372 J u n e 3,1874 100, 000 176, 330 Nov. 28,1874 50, 000 62,646 Dec. 10, 1874 150, 000 93, 021 24. 331 Feb. 500, 000 1, 795, 992 14.941 1,1875 Pr. ct. 39.5 58.3 57.5 100 Oct. 22, 1875 100, 000 237, 824 66 Oct 28,1875 200, 000 376, 756 62.56 Jan. 21,1876 150, 000 177, 512 76.5 Feb. 1.1S7G 200,000 35, 801 Feb. 1,1870 30, 000 56,457 Feb. 25,187G 50, 000 34, 535 100 100 51 22. 5 Remarks. Finally closed. Do. Do. Do. Do. Do. Do. Do. Do. Do. Do. Do. Finally closed; interest paid in full. Finally closed. Do. Mar. 13,1876 100,000 87, 786 First National Bank of La Apr. 11,1876 Crosse, Wis. City National Bank of Chicago. May 17,1876 111. ' "Watkins National Bank of Wat- J u l y 12,1870 kins, N. Y. 50, 000 135, 952 250, 000 703, 658 75, 000 59, 226 100 60, 000 97,464 70 50, 000 35, 023 27 200, 000 352, 062 100 132, 000 185, 760 100 Mar. 12,1877 67, 000 175, 952 81.59 Mar. 16,1877 50, 000 140, 735 63.6 Do. May 24,1877 100, 000 227, 355 89.179 Do. First National Bank of Wich- Sept. 23,1876 ita, Kans. First National Bank of Green- Dec. 12,1876 field, Ohio.* National Bank of Fishkill, N. Y. Jan. 27,1877 First National Bank of Frank- Feb. 13,1877 lin, Ind. (.89 Northumberland County National Bankof Shamokin. Pa. 1484 First National Bank of AVinchester, 111. 719 National Exchange Bank of Minneapolis, Minn. 1G65 National Bank of the State of Missouri, Saint Louis, Mo. 1949 First National Bank of Delphi, Ind. 1273 Capital stock. Name and location of bank. J u n e 23,1877 2,500, 000 I, 935, 721 48.4: 77. 512 Finally closed; 13 per cent, paid to stockholders. Finally closed. Do. Finally closed; 38.5 per cent. of i n t e r e s t paid. Finally closed; interest paid in full. Finally closed. July 20,1877 50, 000 First National Bank of George- Aug. 18,1877 town, Colo. Lock Haven National Bank of Aug. 20,1877 Lock Haven, Pa. Third 2s ational Bank of Chicago, Nov. 24,1877 75, 000 19d, 356 Interest paid in full. 100 Finally closed; interest paid in full. 37. G4S Finally closed. 120,000 254,647 100 750, 000 1, 061, 598 100 Central National Bank of Chi- Dec. 1,1877 cago, 111. First National Bank of Kansas Feb. 11,1878 City, Mo. Commercial National Bank ,of Feb. 11,1878 Kansas City, Mo. 133,112 100 Do. Interest paid in full. 200, 000 298, 324 500, 000 392, 394 100 Finally closed. 100, COO 75,175 100 First National Bank of Ashland, Feb. 28,1878 112, 500 29, 204 Pa.* First National Bank of Tarry- Mar. 23,1878 100, 000 118, 371 town. N. Y. * Formerly in voluntary liquidation. 100 Finally closed; 87,165 per cent, paid to stockholders. Finally closed. 60 90.5 Do. 208 REPORT OF THE COMPTROLLER OF THE CURRENCY. INSOLVENT NATIONAL BANKS, WITH NUMBER OF BANK, DATE OF APPOINTMENT OF RECEIVERS, AMOUNT OF CAPITAL STOCK, ETC,—Continued. No. of bank. 1C1 305 1260 2157 2105 2027 1927 .2356 Dividends paid. Name and location of bank. Receiver appointed. First National Bank of Allentown, Pa.* First National Bank of Waynesburg, Pa. "Washington County National Bank of Greenwich, N. Y. First National Bank of Dmlas, Tex. People's National Bank of Helena, Mont. First National Bank of Bozeman, Mont. Merchants' National Bank of Fort Scott, Kana.* Farmers' National Bank of Platte City, Mo. Apr. 15,1878 $250,000 $90,424 May 15,1878 100,000 30,159 June 8,1878 200, OOl1 262,887 Juno 8,1878 50, 000 77,104 Sept. 13,1878 100, 0(10 168, 048 Sept. 14,1878 50, 000 70,191 Sept. 2.", 1878 50, 000 27, 801 50, 000 32, 449 Oct. 3,1878 Capital stock. Proved claims. Pr. ct. 88 60 100 3?.l 40 98.35 100,000 156, 260 100 German American National Nov. 1,1878 Bank of Washington, D. C. 1734 German National Bank of Chi- Dec. 20,1878 cago, 111.* 130, 00: 282, 370 500, 000 197,353 100 Feb. 11,1879 100, 000 128, 832 100 49 Mar. 15,1879 200, 000 132,461 100 1200 2208 Apr. 7,1879 July 18,1879 100, OOD 50, 000 81, 801 100 21,182 July 23,1879 50, 000 r First National Bank of Mead- Juno 9,1880 ville, Pa. 100, 000 100 First National Bank of Newark, N.J. First National Bank of Brattleboro', Vt. Mechanics' National Bank of Newark, N. J. First National Bank of Buffalo, N.Y. Pacific National Bank of Boaton, Mass. First National Bank of Union Mills, Union City, Pa. Vermont National Bairn of Saint Albans, Vt. First National Bank of Leadville, Colo. City National Bank of LawrencobiiT'gh, Ind.* First National Bank of Saint AlbatiM, Vt, First Natioual Bank of Monmouth, 111. Marino National Bank of New York, N. Y. Hot Springs National Bank of Hot Springs, Ark. Uicbmoud National Bank of Richmond, Ind. First National Bank of Livingston, Mont. First National Bank of Albion, N.Y. First National Bank of James- June 14,18£0 300, 000 5£0, 592 100 June 19,1880 300, 00i 104, 749 100 Nov. 2,1881 500, 00C 2,7C0,17 61.25 Apr. 22,1882 100, 00( 894, 73c 38 May 22,1882 961, 30C 2, 4G5, 39J 50 1227 Commercial National Bunk of Saratoga Springs, N. Y. Second National Bank of Scranton, Pa.* National Bank of Poultney, Vt. First National Bank of Monticello, Ind. First National Bank of Butler, Pa. 300 115 470 1251 235 2373 110 1583 2420 2889 269 2751 1215 2887 2090 3006 166 2578 town, Dak. Mar. 24,1883 Aug. 9,1883 50, OOi 200, 00 108, 38, 186, 99: 65 401,49: 42.5 00, 00C 200, 85' 40 Mar. 11,1884 100, 001 46,44 Apr. 22,1884 100, May 13,1884 Do. Do. Do. Do. 75, 001 400, 00 18 p e r cent, paid to stock- holders. Finally closed; interest paid in full. 50 Jan. 24,1884 Apr. 22,1884 Do. Finally closed; 100 2358 Finally closed. 60 First National Bank of Warrens Nov. 1,1878 burg, Mo. 1856 Reinarka. 81.10 294, OH 25 237, 52^ 95 4,474,19' 50 June 2,1884 50, 000 July 23,1884 250, OOi) 365, 93 56 Aug. 25,1884 50,000 28,35" 75 Aug. 26,1884 100, 000 158, 60 Sept. 13,1884 50, 000 8,13 Finally closed; 42.3percent.of interest paid. Finally closed ; interest paid in full. Do. Do. Finally closed. Finally closed; 11 per cent, since last report. Finally closed; interest paid in full. Do. Do. 30 per cent, since last report. 10 per cent, since last report. Finally closed. 36, 521 100 * Formerly in voluntary liquidation. 100 20 per cent, since last report. Since last report. Finally closed; interest paid in full. REPORT OF THE COMPTROLLER OF THE CURRENCY. 209 INSOLVENT .NATIONAL BANKS, WITH NITMKER OF BANK, DATE OF APPOINTMENT OF RECEIVERS, AMOUNT OF CAPITAL STOCK, ETC.—Continued. No. of bank. 2942 1276 1791 1510 1137 1740 583 2465 2624 564 2139 1386 2724 2776 3266 Dividends paid. Name and location-of bank. Receiver appointed. Logan National B a n k of W e s t Liberty, Ohio. Middletown National B a n k of Middletown. N. Y. F a r n u r s ' National B a n k of Buslmell, 111. Scholiario Conntv National BankofSeholmiie, N . Y. Exchange National B a n k of Norfolk, Va. F i i s t National Bank of L a k e City, Minn. Oct. 18,1884 $50,000 $80, 665 Nov. 29,1884 200, 000 649, 863 70 40 Lancaster National B a n k of Clinton, Mass. F i i s t National Bank of Sioux Falls. Dak. F i r s t National Bank of "Walipe-. ton, Dak. F i r s t National Bank of Angelica, N . Y . City National B a n k of Wilhamsport, Pa. Capital stock. Proved claims. Pr. ct. 50 Dec. 17,1884 50, 000 86, 258 Mar. 23,1885 (50, 000 140, 333 40 300, 000 2, 894, 709 40 Apr. 9,1885 Jan. 4,1886 50, 000 J a n . 20,1886 100, 000 170, 384 70 Mar. 11,1886, 50, 000 51, 041 20 Apr. 8,1886 50, 000 110,122 10 A p r . 19,1886 100, 000 63, 669 85 May 4,1880 100, 000 130, 772 100 127, 524 100 A u g . 2,1886 150, 000 116, 626 100 Sept. 8,1886 50, 000 80, 452 100 F i r s t National B a n k of Pino Nov. 20,1886 Bluff. Ark. P a l a t k a National B a n k of Pa- J u n e 3,18.87 latka, Fla. 50, 000 64, 961 Abington National B a n k of Abington, Mass. F i r s t National Bank of Blair, 50, 000 25 64, 784 50 J u n e 27,18S7 3022 Aug. 17,1887 50, 000 Ausr.24,1887 Sept. 8,1887 50, 000 50, 000 Oct. 11,1887 100, 000 Oct. 17,1887 200, 000 Fidelity National Bank of Cincinnati, Ohio. H e n r i e t t a National B a n k of Henrietta, Tex. 30S2 National Bank of Sumter, S. C . Fif'sh National B a n k of Dansville, N , Y . 605 F i i s t National B a n k of Corry, Pa. 686 Stafford National B a n k of Stafford Springs, Conn. Total 8770 CUR 87 24, 058, 900 46, 955, 215 14 10 percent, since last report. 15 per cent, since Ia3t report. 10 per cent, since last; report. Do. Finally closed; interest paid in full. 20 per cent, since last report. Since last report. 10 per cent, since last report. Finally closed; interest paid in full Do. Do. 25 9,379 100 1, 000, 000 2, 386, 569 3461 Remarks. Finally closed; interest paid in full INSOLVENT NATIONAL BANKS, WITH DATES OF FAILURE, CAUSES OF FAILURE, NOMINAL ASSETS, AMOUNTS COLLECTED, CLAIMS PROVED, DIVIDENDS PAID, AND DATES OF CLOSING. Title of bank. Date of organization. Receiver appointed. Cause of failure. Nominal assets. Amount collected. $76, 373. 02 Jan. 14, 1864 Apr. 14,1865 First National Bank, Attica, N.Y 122, 239. 37 Venansio National Bank, .Franklin, Pa.. May 20, 1H6, Mav 1, 18<i6 $986, 637. 00 Merchants' National Bank, Washington, | Dec. 14,18(54 May 8,186G D.C. I Feb. 3,1864 Mar. 13,18f»7 First National Bank, Medina, N. Y Tennessee National Bank, Memphis, ! Juno 5, 1865 Mar. 21,18G7 Ten n. I First National Bank, Seliua, Ala I Aug. 24,1865 Apr. 30,1867 First National Hank, New Orleans, La.. I Dec. 18.1HG3 May 20,18G7 1, 987, 238. 90 942, 509. 63 National U mid ilia Bank, Unadilla, N. Y. J u l y 17,180"> Aug. 20,1807 Fanners and Citizens' National Bank, J u n e 5,18G5 Sept. 6, 18G7 Brooklyn, N. Y. Orotun National Bank, New York, N. Y. Sept, 9,1865 Oct. 1,18G7 First National Bank, Bethel, Conn May 15,1865 Feb. 28, 18(i8 First National Bank, Keoknk, Iowa Sept. 9,1803 Mar. 3,1F08 National Bank, Vicksburg, Miss Feb. 14,18G5 Apr. 24,18(58 First National Bank, llockibrd, 111 May 20, 18(54 Mar. 15,18G9 First National Bank of Nevada, Austin, J u n e 23,1863 Oct. 14,1809 New Ocean National Bank, New York, N. Y. J u n e 6,1865 Dec. 13,1871 2, 935, 921. 00 1, 730, 845. 00 Union Square National Bank, New York, Mar. 30,1809 Dec. 15,1871 NY. Eighth National Bank, New York, N.Y. Apr. 6,1864 Dec. 15,1871 Fourth National Bank. Philadelphia, Pa. Feb. 26, 1804 I D e c 20, 1871 Waverly National Bank, Waverly, N. Y. May 29, 1805 Apr. 23, 1872 139, 617. 00 C7, 827. 00 First National Bank, Fort Smith, Ark.. Feb. 6,i 18601 May 2,1872 Scandinavian National Bank,Chicago, 111. May 7,1872 ! Dec. 12,1872 "400,574.00 "ico.'eei.'oo "Wallkill National Bank, Middletown, J u l y 21, 1805 I Dec. 31,1872 227.871.00 218,204.00 N. Y. Crescent City National Bank, New Or- Feb. 15,1872 Mar. 18,1873 806, 993. 00 612, 027. 00 leans, La. Atlantic National Bank, New York, N.Y. J u l y 1,1865 Apr. 28,1873 742,419.00 786, 360. 00 First National Bank, Washington, D. C. J u l y 16,1863 Sept. 19,187 J National Bank of the Commonwealth, J u l y 1,1865 Sept, 22,1873 Injudicious banking and depreciation 3,509,000.00 2, 04-2, 000. 00 New York, N. Y. of securities. Merchants' National Bank. Petersburg, Sept. 1,1865 Sept, 25,1873 Defalcation by officers; fraudulent 1, 019, 841. 00 299, 358. 00 Va. management and depreciation of t securities. First National Bank, Petersburg, Va ... J u l y 1,1865 Sept. 25,1873 142, 321. 00 272, 634. 00 do First National Bank, Mansfield, Ohio . . . May 24,18G4 Oct. 18,1873 Claims proved. Dividends. Finally closed. Per cent. Jan. 2,1867 58 $122,089 Feb. 2,1885 23. 37 4-U, r/.',l July 29,1878 609, 513 24.7 82, 338 376, 932 280,4(57 1,119,313 127,8^1 1,191, 500 170, 752 68, 9H0 205, 250 33, f;62 69. 874 170,012 39.15 17.33 46.6 79 45. 9 96 July 28,1870 Feb. 4,1870 Nov. 25.1882 Sept. 28, 1882 Dec. li), 1874 Nov. 18,1874 88.5 100 68.33 49.2 41.9 92.7 Ang. Apr. Nov. Nov. Dec. May 100 100 15,1872 7,1881 30, 1872 25,18*2 4, 1875 16,1884 378, 772 645, 558 79, 864 15, 142 249,174 171, 468 100 100 100 100 57.46 100 Apr. 20,1882 Nov. 10,1874 Sept. 1,1875 Feb. 13,1872 Oct. 2,1877 Jan. 3,1876 Feb. 15,1886 Jan. 8,1880 657, 020 84.83 June 1,1881 1, 282, 254 157, 120 574,513 100 1, 619, 965 100 796, 995 100 T3 O S w o •3 o tr1 W o Apr. 29,1884 July1 24, 1876 Mai . 31, 1883 992, 636 34 May 1,1876 167, 285 175, 068 76 57.5 May 15,1876 Nov. 30,1883 O INSOLVENT NATIONAL BANKS, WITH DATES OF FAILURE, CAUSES OF FAILURE, NOMINAL ASSETS, ETC.—Continued Title of bank. Date of organization. Receiver appointed. New Orleans National Banking Associa- May 27,1871 Oct. 23,1873 tion, New Orleans, La. F i r s t National Bank, Carlisle, P a J u l y 7,1863 Oct. 24,1873 F i r s t National Bank, Anderson, Ind J u l y 31,1863 Nov. 23,1873 Cause of failure. Nominal assets. Claims proved. $1, 429, 595 Investments in real estate and mortgages and failuro of large debtors. $115, 304. 00 Injudicious banking and depreciation of iSecurities. Aug. 23,1SGG Dec. 10,1873 Fraudulent management aud depreci205, 348. 00 ation of securities. Feb. 23,1864 J u n e 3,1874 Excessive loans to officers and directF i r s t National Bank, Norfolk, Va 217, 913. 00 ors, and depreciation of securities. Gibson County National Bank, Prince- Nov. 30,1872 Nov. 28,1874 Investments in real estate and mort124, 833. 00 ton, Ind. gages and depreciation of securities. F i r s t National Bank of Utah, Salt Lake Nov. 15,18G9 Dec. 10,1874 Injudicious banking and depreciation 229, 433. 00 City, Utah. of securities. Cook County National Bank, Chicago, 111. J u l y 8,1871 Fob. 1,1875 do 3, 266, 323. 00 First National Bank, Tiffin, Ohio Mar. 10,18G.> Oct. 22,1875 Depreciation of securities 342, 0.VJ. 00 Charlottesville National Bank, Char- J u l y 19,1805 Oct. 28,1875 .Fraudulent management and injudi563, 089. 00 lottesville, Va. cious banking. Miners' National Bank, Georgetown, Colo. Oct. 30, 1874 J a n . 24,1876 Injudicious banking and depreciation 232, 357. 00 of securities. Fourth National Bank, Chicago, 111 Feb. 24,1804 Feb. 1,1876 do 227, 230. 00 F i r s t National Bank, Bedford, Iowa Sept. 18, 1875 Feb. 1,1870 Fraudulent management F i r s t National Bank, Osceola, Iowa J a n . 20,1871 Feb. 25,1870 Injudicious hanking and depreciation of securities. First National Bank, Duluth, Minn Apr. 6,1872 Mar. 13,1S7G Fraudulent management and deprecia231, 064. 00 tion of securities. First National Bank, La Crosse, TVis J u n e 20,1805 Apr. 11,1876 169,912.00 do Feb. 18,1805 May 17,1876 Injudicious banking and depreciation 1,104, 000. 00 City National Bank, Chicago, 111 of securities. J u n e 2,1864 J u l y 12,1870 Excessive loans to officers and directW a t k i n s National Bank, Watkins, N . T . . ors, and depreciation of securities. 208, 825. 00 J a n . 2,1872 Sept. 23,1876 Defalcation by officers and fraudulent First National Bank, Wichita, Kans management. 21, 522. 00 Oct. 7,1863 Dec. 12,1876 First National Bank, Greenfield, O h i o . . . First National Bank, Topeka, Kans Amount collected. Dividends. Finally closed. Per cent. Mar. 21,1887 62 Dec. 73. 5 39.5 60,314.00 55, 372 58.3 Sept, 11,1878 109, 769. 00 176, 330 57.5 June 100 2,1883 Sept. 18,1876 67, 252. 00 62, 046 30, 332. 00 93, 021 24. 391 May 14,1879 365, 274. 00 190. 903. 00 281, 754. 00 1, 795, 902 237, 824 370, 750 14. 941 66 62. 56 Nov. 20,1883 Mar. li>, 1879 Apr. 5,188o Juno 2,1884 193, 775. 00 177,512 76.5 33, 349. 00 35, 801 50, 457 34, 535 51 22.5 100 Mar. 4,1880 Mar. 28,1883 Feb. 28,1878 575, 664. 00 87, 786 100 Jan. 31,1881 85,107. 00 642, 749. 00 135, 952 703, 058 48.4 77. 512 w 6,1882 67, 202 143, 705 $56,941.00 d O J u l y 20,1882 Feb. 28,1885 59, 226 100 79, 594. 00 97,464 70 J u l y 14,18S0 9,175. 00 35, 023 27 Nov. 25,1882 w O o W O F F W O *j H H O a o KJ 212 REPORT OF THE COMPTROLLER OF THE CURRENCY. INSOLVENT NATIONAL BANKS, DATE OF ORGANIZATION, FAILURE, AND CLOSING, SETS, AMOUNTS COLLECTED FROM ALL SOURCES, LOANS AND DISBURSEMENTS, PAID, AND REMAINING ASSETS RETURNED TO STOCKHOLDERS. Bate of organization. Name and location of bank. Nation al Bank, Fishkill, 1ST. Y . . . First National Bank, Franklin, Tnd Northumberland County National Bank, Shamokin, Pa First National Bank, Winchester, III National Exchange Bunk, Minneapolis, Minn National Bank of the State of Missouri, Saint Louis, Mo First National Bank, Delphi, Ind First National Bank, Georgetown, Colo Lock Haven National Bank, Lock Haven, Pa Third National Bank, Chicago, 111 Central National Bank, Chicago, 111 First National Bank, Kansas City, Mo Commercial National Bank, Kansas City, Mo First National Bank, Ashland, Pa First National Bank, Tarry town, N. Y First National Bank, A Hen to w n, Pa First National Bank, Waynesburgh, Pa Washington County National Bank, Greenwich, N". Y First National Bank, Dallas, Tex People's National Bank, Helena, Mont First National Bank, Bozeman, Mont Merchants' National Bank, Fort Scott, Kans , Farmers' National Bank, Platte City, Mo First National Bank, Warrensburgh, Mo German American National Bank, Washington, D. C German National Bank, Chicago, 111 Commercial National Bank, Saratoga Springs, N. Y Second National Bank, Scranton, Pa National Bank, Poult noy, Vt First National Bank, Monticello, Ind First National Bank, Butler, Pa First National Bank, Meadville, Pa First National Bank, Newark, N. J First National Bank, Brat tleborough, Yt Mechanics' National Bank, Newark, N. J First National Bank, Buffalo. N. Y Pacific National Bank, Boston, Mass First National Bank Union Mills, Union City, Pa Vermont National Bank, Saint Albans, Vt First National Bank, Leadville, Colo City National Bank, Lawrenceburgh, Ind First National Bank, Saint Albans, Vt \ First National Bank, Monmouth, 111 Marine National Bank, New York, N. Y Hot Springs National Bank, Hot Springs, Ark Richmond National Bank, Richmond, Ind. First National Bank, Livingston, Mont First National Bank, Albion, N. Y First National Bank, Jamestown,Dak Logan National Bank, West Liberty, Ohio Middletown National Bank, MIddietown, N. Y Farmers' National Bank, Bushnell, III Schoharie County National Bank, Schoharie, N. Y Exchange National Bank, Norfolk, Va First National Bank, Lake City,Minn Lancaster National Bank, Clinton, Mass First National Bank, Sioux Falls, Dak First National Bank, Wahpeton, Dak First National Bank, Angelica, N. Y City National Bank, WLlliamsport, Pa . . . : Abington National Bank, Abington, Mass First National Bank, Blair, Nebr First National Bank, Pine Bluff, Ark Palatka National Bank, Palatka, Fla... Fidelity National Bank, Cincinnati, Ohio Henrietta National Bank, Henrietta, Tex National Bank, Sainter, S. C First National Bank, Dansville, N. Y First National Bank, Corry, Pa Stafford National Bank, Stafford Springs, Conn Total.— .". (&)_. Apr. 1,1865 (&).. Aug. 5,1863 (m).. Jan. 9, 18G5 (w).. July 25,1865 (m)-- Jan. 16,1865 (o).. Oct. 30,1866 (w).. Mar. 25,1872 (u).. May 31,1872 (v).. June 14,1865 (y).. Feb. 5,1864 (v).. Sept. 18, 1872 (x).. Nov. 23, 1865 (v).. June 3,1872 (v).. Apr. 27, 1864 (v).. Apr. 5, 1864 {n).. Dec. 16, 1865 («).. Mar. 5,1861 (p).. June 30,1865 (v).. July 16,1874 (q).. May 13, 1873 (q).. Aug. 14, 1872 (x).. Jan. 20, 187a (n).. May 5,1877 (x).. July 31,1871 (p).. May 14,1877 (b).. Nov. 15,1870 (x).. June 6.1865 (x).. Aug. 5, 1803 (x).. May 31,180r> (n).. Dec. 3, 1874 (e).. Mar. 11,1864 (r).. Oct. 27, 1863 (f).. Aug. 7,1863 (n).. June 30, 1864 (c).. Juno 9, 1865 (p).. Feb. 5, 1864 (*).. Nov. 9, 1877 (s).. Oct. 23,1863 (v).. Oct. 11,1865 (b).. Mar. 19,1879 (g).. Feb. 24, 1883 (p).. Feb. 20, 1864 (b).. July 7, 1882 .(£).. Jun'e 3, 1865 {<>').. Feb. 17, 1883 (h).. Mar. 5, 1873 (x).. July 16, 1883 (6).. Dec. 22,1863 (e).. Oct. 25, 1881 (p).. May 7, 1883 (?).. June 14, 1865 {1).. Feb. 18,1871 (b).. Aug. 9, 1865 (o).. May 13, 1865 (e).. Nov. 29,1870 (&).. Nov. 22, ] 864 (j).. Mar. 15,1880 (j) Feb 2,1882 (a) Nov. 3, 1864 (d) Mar. 17,1874 (I) July 1,1865 (u) June 7,1882 (?;) Sept. 18, 1882 (v) Nov. 20,1884 (&) Feb. 27,188fi (k) Aug. 8, 1883 (a) Nov. 26, 1883 (&) Sept. 4,1863 (v) Deo. 6,1864 (&) Jan. 7,1865 REPORT OF THE COMPTROLLER OF THE CURRENCY. 213 FOR THE PAST ELEVEN YEARS, WITH AMOUNTS OF NOMINAL AND ADDITIONAL ASLOSSES ON ASSETS, EXPENSES OF RECEIVERSHIP, CLAIMS PROVED. DIVIDENDS Capital stock. $200,000 132. 000 67, 000 50, 000 100. 000 2, 500, OUO 50, 000 75, 000 120, 000 750. 000 200, 000 50(1 000 100, 000 112, 500 100. 000 250 000 100 000 200, 0 0 50, 000 100, 000 50, 000 50, 000 50, 000 100, 000 330, 000 500, 000 100, 000 200, 000 100, 000 50, 000 50, 000 100, 000 300, 000 300, 000 500.0(.() 100,000 901,800 50, 0')0 200, 0u0 (iO, 000 100, 000 100,000 75, 000 400, 000 50, 000 250, OOu 50, 000 100, 000 50, 000 no. ooo 200, 000 50, 000 50,COO 300, 000 50,000 100,000 50, 000 50, 000 100, 000 100, 000 150, 000 50, liOO 50, 000 50, 0(10 1, 000, 000 50, 000 50, 000 50, 000 100, 000 200, 000 Receiver appointed. Cause of failure. Tan. 27,1877 a Defalcation of officers. Fob. 13, 1877 Mar. 12,1877 Mar. 1 6, 1877 b Defalcation of officers and fraudulent management. May 24,1877 June 23, 1877 c Defalcation of officers and excessive loans to others. July 20, 1877 Aug. 18,1877 d Defalcation of officers and depreciation of securities. An-j. 20, 1877 Nov.-24, 1877 Dec. 1, 1877 e Depreciation of securities. Feb. 11,1878 Feb. 11, 1878 /Excessive loans to others, injudicious banking, and depreciation of Feb. 28,1878 securities. Mar. 23, 1878 Apr. 15. 1878 g Excessive loans to officers and directors, and depreciation of secuMay 15, 1«78 rities. June 8, 1878 June 8, 1878 Sept. 33, 1878 h Excessive loans to officers and directors, and investments in real Sept, 14, 1878 estate and mortgages. Sept. 25,1878 Oct. 1,1*78 Nov. 1,1878 i Excessive loans to others and depreciation of securities. Nor. 3, 1878 Dec. 20, 1878 Feb. 1!, 1879 j Excessive loans to others and investments in real estate and mortgages. Nov. 15, 187!) Apr. 7,187!) July 18,1870 k Excessive loans and failure of large debtors. July L'3,187!) June 0, 1880 June 34, 38H0 I Excessive loans to officers and directors, June 19, 1880 Nov. 2,1881 Apr. 2:1, 1882 m Failure of large debtors. Ma v 22.1882 Alar. 24, 1883 n Fraudulent management. Aug. 9, 1883 Jan. 21, 18X4 Mar. 11,1884 o Fraudulent management, excessive loans to officers and directors, and depreciation of securities. Apr. 2?, 18H4 Apr. 22,1884 Msiy 13, 1884 Juno 2, 1884 p Fraudulent management and depreciation of securities. July 23,1881 Ao-. 25,1884 q Fraudulent management and injudicious banking. j ; . 20, 18S4 Sept. 13,1884 Oct. 18, 1881 r Fraudulent management, defalcation of officers, and depreciation of Nov. 29,1884 securities. Dee. 17,1884 Mar. 23, 1885 6* Fraudulent management, injudicious banking, investments in real Apr. 9,188") estate and mortgages, and depreciation of securities. Jan. 4,1880 Jan. 20.1880 Mar. 11,188(3 t Fraudulent management, excessive loans to officers and directors, Apr. 8, 1886 and excessive loans to others. Apr. 19,1880 May 4,1886 Aus. 2, 18SG u Injudicious banking. Sept. 8,1880 Nov. 20, 1886 June 3,1887 v Injudicious banking and depreciation of securities. June 27,1887 Aug. 17,1887 Am;. 24,1887 w Injudicious banking and failure of large debtors. Sept. 8,1887 Oct. 11,1887 x Investments in real estate and mortgages, and depreciation of securOct. 17,1887 ities. 13,732,800 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 214 REPORT OF THE COMPTROLLER OP THE CURRENCY. INSOLVENT NATIONAL BANKS, DATE OF ORGANIZATION, FAILURE, Nominal assets at date of suspension. Additional assets received since date of Estimated Estimated Estimated suspension. good. doubtful. worthless. $194,665 8G, 492 67, 246 67, 541 135, 231 935, 999 175, 254 34, 368 220, 481 1, 330, 215 157, 438 1,118,118 52, 349 107, 318 100, 994 19,879 311, 324 48,149 32, 559 39, 010 21, 225 9,561 90, 953 256, 286 104, 966 133,169 264, 908 68. 078 23, 646 12, 647 115, 012 4.18, 951 51, 574 1,114, 503 648,710 16t,ti99 124,114 72, 197 13,993 217, 314 172, 940 2, 776, 636 3L.058 367,109 33, 543 55, 76?. 7,519 60, 096 600,810 13, 170 96, 891 1,273,711 57, 487 144, 850 48, 510 21,410 59, 810 154, 879 122, 551 235, 474 50, 793 15, 646 2,464, 079 74,171 66, 081 17, 449 156, 586 208, 243 19,034,293 $262, 909 58,188 112, 026 66, 025 90, 704 2,818,966 6,250 52. 627 150, 650 631, 797 161, 441 313, 726 74, 724 41, 584 132, 445 15, 869 27, 894 36, 245 95, 251 76, 046 15, 543 18, 691 194, 457 139, 514 101, 971 167, 503 101, 178 97, 257 6, 734 134, 716 22, 545 64,041 185,002 65, 526 1,416,793 40, 829 520,917 56,042 14,500 96, 873 90,543 1, 736,106 27, 774 72, 350 15, 304 44, 446 29, 826 22, (395 53, 692 3,874 39, 593 1,441,378 91, 996 138, 707 137, 859 66, 085 28, 459 26, 825 168,164 8, 000 82, 612 32, 092 915,577 35,999 $51, 403 200, 909 25, 941 79, 101 124, 371 633, 744 6,596 629,113 24, 990 330,704 170,712 405, 000 51, 175 19, 070 153, 407 185, 220 42, 284 236,971 67, 423 166,151 333 46, 588 42, 296 11, 578 37, 923 475, 052 28, 969 104, 858 18, 384 4, 374 34, 737 12, 863 55, 81)5 302, 654 78, 286 696,1)87 1, 307, 334 10,309 118, 018 102, 112 2, 554 49, 951 9,688 1, 508, (.09 27, 190 171, 319 22, 255 113, 329 29, 352 """i67,'075 8,397 20, 239 119, 809 62, 229 28, 010 938, 816 7, 29 L 8, 094 3,821 44, 884 70, 458 24, 398 5,462 6,834 4, 909 8,791 2,494,511 12, 995 159 37, 572 66,710 60, 869 14,156,456 13,178, 640 Total assets. Loss on Nominal assets com- value of Offsets pounded assets allowed sold by returned and settled. ororder of to stockcourt. holders. $13,192 60, 311 8,487 6,537 21, 498 166, 831 62, 774 36, 598 41,324 310, 813 7, 245 1, 856, 661 1,482, 725 184, 971 22, 962 16, 072 176, 831 274, 750 164, 949 20, 608 339, 715 60,014 714 589, 938 18, 541 30, 088 150.122 12, 492 301, 903 7,700 136, 479 178 85, 248 10, 947 72, 492 55, 255 330, 3G3 165, 846 494, 870 6,170 711,870 346, 726 17,475 36, 737 518, 535 203, 271) 3, 353 8,411 49, 771 209, 603 11, 920 169, 618 3,345 580, 000 154, 945 398.123 4,902 73, 925 1,483, 5G0 172, 003 1, 285, 925 164, 843 3,843,717 4, 376 248, 515 19,141 783, 22L 7,069 262, 273 52 32, G46 9,888 431, 070 4,410 305,662 442, 937 6, 845, 076 5, 381 92, 321 32, 233 730, 271 71, 637 4,146 214, 667 5 70, 009 11, 099 122, 201 20, 997 931, 181 638 91,0i8 508 169, 209 150, 070 3, 764, 688 584 214, 768 17, 856 348,160 37,157 192, 770 1,168 134, 233 1,284 105, 842 4,104 241,304 3,721 317,810 5,645 255, 747 122 139, 202 58,319 4, 881, 044 124, 535 3,454 66, 240 63, 418 243, 535 388, 981 $49, 441 24, 217 14, 770 14, 270 18, 411 433, 400 13,478 30, 398 34, 350 295, 650 16, 073 19, 817 6,723 8, 859 20, 289 2,171 1,801 13, 749 4, 305 67, 942 21, 090 1,892 1,944 33, 375 61,147 29, 881 17, 085 47, 591 19, 560 15, 017 27, 503 19,198 41,173 43, 895 105, 769 34, 520 380,880 23, 678 19, 572 31, 922 1, 509 66, 032 26, 491 823, 725 6, 299 119, 487 535 1,129 3,312 39,410 109, 607 11, 775 4,715 110, 783 57, 994 56, 509 2,580 1,854 7,115 35,202 21, 633 5,439 888 1,790 6, 877 1,370 $558, 418 369, 806 219, 983 226, 937 368, 717 4, 822,109 201, 578 746, 506 430, 471 2, 588, 366 505, 664 3,591, 916 49,961,305 4,190,827 $223, 375 203, 792 99, 5^8 117,173 139, 309 1, 771,699 1,310 606, 580 143, 664 59, 322 79, 038 22, 559 67, 396 $34, 259 112, 818 268, 000 47, 239 6,972 106, 292 32, 372 20,141 65, 804 8, 207 118, 507 42, 883 521, 783 101, 810 203,1)82 25, 729 64 106, 562 26, 043 4,000 801 48,113 55, 264 464, 691 14,013 5,541 11,380 16, 017 18,356 "279," 987* 69,659 72, 754 77, 592 26,439 "302*654' 3,019 29, 096 184, 046 6, 333 6,541 49,155 2,936 3,123 30, 182 143,150 65, 573 4,897 3,493 3,007 816 76, 659 2,358 70, 715 38, 917 43, 697 44,068 6,424,182 ., 239,132 REPORT OF THE COMPTROLLER OF THE CURRENCY. A.ND CLOSING, FOR THE PAST ELEVEN YEARS, ETC.—Continued. Nominal value of remaining assets. Collected from assets. Total Loans paid, Collected from assess- collections and other j Dividends | disbursement upon fiora all ments. shareholders. sources. $321, 851 105, 703 111, 908 103, 227 207, 910 2, 840, 622 103, 235 103, 3-J8 $122,127 91, 930 43, 232 8,044 9, 540 245,108 24M83 1, 325,125 144, 916 351, 377 94, 613 47, 941 100, 801 51,107 12, 001 284,438 10. 742 252, 644 04, 305 30, 5C4 78,134 19,266 20, 819 32, 519 150,001 125,603 " 160,'448' 18,3, 017 157, 782 205, 002 90, 605 20,419 11, 877 91,121 113, 701 327, 684 3,431 80, 700 127, 031 1, 234, 401 614, 741 443,857 2, 278, 756 935,427 86, 059 144,067 5?3, 640 204, 800 129, 781 114,043 10, 577 294,611 108,215 56. 607 244, 6:iS) 3, 563, 559 2, 835. 501 22, 061 35, 783 298, 688 215, 304 44,100 21,144 146, 765 57, 215 20, 849 79,258 31, 844. 413, 160 494, 085 45, 298 41, 980 66,107 72, 412 2, 222, 255 1, 240, 213 148, Oil 145, 876 179, 531 125, 494 20, 026 111,557 18, 501 98, 015 66, 543 165, 009 108, 513 204. 047 94, 804 44, 27*? 14, 251 4, 681, 734 1,100, 310 61,060 60, 021 47, 949 $36, 957 893,106 274, 465 66, 240 63,418 243, 535 388, 981 18,909, 208 19,197, 956 65,'i32 $443, 978 107, 033 155,140 111, 271 217, 450 3, 091, 730 103, 235 103, r™ 215 216 REPORT OF THE COMPTROLLER OF THE CURRENCY. INSOLVENT NATIONAL BANKS, DATE OF ORGANIZATION, FAILURE, AND CLOSING FOR THE PAST ELEVEN YEARS, ETC.—Continued. Balar.ce in Amount rehands of turned to Comptroller shareholders in cash. or receiver. Amount of assessment upon shareholders. $140,000 132, 000 67, 000 50, 000 53, 000 510,025 $32,963 3,626 200 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 £7 68 69 70 72, 000 43,398 6,588 " 200,'000 36, 871 5,849 50, 000 125, 000 36, 000 i<;o, ooo 15 682 50, (100 100, 000 21, T,00 17,000 86 108 3 4'20 12, 679 "no, ooo 7,135 130,000 121,750 100,000 884 859 10, 000 50, 000 240 | 1, 357 I 7, C51 2"), li>3 40, 769 300,00 ) 73, 000 500, i.'OO 100,000 56, 858 j 44, 080 | 65,965 i 10,812 I 19,125 13,241 50, 200, (iO, f>n! 300, 75, 400, 25, 250, 152, 100, 40,965 197,204 52 4,262 4,320 33, 046 2,882 I 7,368 ' 13,021 j 5,169 i 27,468 ' 000 000 000 000 000 000 Oi:O 000 000 500 000 50, 000 50, 000 50, 000 300;000 14,850 50, 758 8,143 794 1 5,172 75, 229 10, 074 24, 716 3,329 590, 524 26, 606 271, 615 6,034,075 Interest Dividends, dividends, per cent. X>er cent. $35?, 062 183, 7(50 175, 952 140, 735 227, 353 1, 933, 721 13:5, 112 196, 3")6 254, (547 1,001,598 208, H24 392, 304 75,175 29, '204 n«,:t7l 90, 424 i 3ii, 109 I 202.887 j 77, 104 ! 16*, 048 70, 191 27, 801 32, 419 150/200 282, 370 197, \)5'i 128, S:i2 332, 46 L 81, KU 21,182 308,,'i^o 9:5, C25 f>8(), 592 104,749 2, 7;!0,179 894, 7,'!5 2, 045,::!):} 3 83,f/9:{ 401,402 200, 851 40.441 291, 0.10 237, 524 4,474,197 :»?, 526 3G5, 9:51 2S, 350 158, 608 8,131 80, 605 64!), 8(13 KG, 258 140, H-J3 2, 804, 709 127,524 170, 384 51,041 6s! 130. IK). 8i», 64, 9, 2, 386. 64, 7, 579 1, 363, 268 Amount of claims proved. 609 772 626 452 956 379 5G9 784 28,137,949 Finally closed. 100 100 H.50 61 60 80.179 100 100 37. (MS3 100 100 38.50 Aug. 11,1884 100 Sept. 14,1881 Jan. 18, 1883 J u l y 23, 1881 J u n e 10,1880 100 100 Oct. 15,1881 . ! O c t . 5,1885 .: Mar. 3,1882 CO 100 300 300 90. 50 100 100 100 88 co 300 38.10 40 98. 35 00 100 300 50 100 300 100 100 98 8L 100 100 mo 300 100 42. 30 100 100 300 100 100 100 G1.25 38 50 05 42. 50 40 8k 10 J u l y 6,1881 Mar. 9,1882 An<r. 5, 1879 J u n o 20,1882 Mar. 9, 1885 Sept. 7,1885 J u l y 5,1879 Mar. 24,1885 Apr. 8,1881 Oct. 10,1879 Mar. 15, 1881 Mar. 1, 1884 J a n . 17, 1881 Apr. 24, 1886 Autr. 1, 1881 Feb. 6, 1883 Au.<r. 6, 1887 Feb. 4, 1882 Feb. 18, 1885 Oct. 12, 1885 .: Oct. 25, 1S86 95 50 300 5(5 100 50 70 40 40 40 100 70 20 10 85 ' 300 300 100 25 100 25 50 100 i Oct. 29,1885 100 June 1,1886 100 100 100 300 rA u g . 18,1887 Feb. 17, 18.«7 Apr. 30,1867 I Oct. 17,1887 EEPORT OF THE COMPTROLLER OF THE CURRENCY. 21' L I A B I L I T I E S O F THE NATIONAL BANKS, AND THE R E S E R V E R E Q U I R E D AND H E L D AT T H R E E D A T E S I N THE YEARS 1884, '85, '80, '87. STATES AND TERRITORIES EXCLUSIVE OF RESERVE CITIES. Reserve held. Date. No. of banks. Net de- Reserve posits. required. Amount. Ratio to deposits. Classification of reserve. Specie. Other lawful money. RedempDue from tion agents. fund. Millions. Per cent. Millions. Millions. Millions. Millions, 83. 7 10.9 31. 5 162. 5 28.2 36.4 66.8 10.7 32. 0 146. 0 26.8 36 4 79.7 10.5 30.9 156. 3 29.2 35.2 Apr. 24,1884 J u n e 20,1884 Sept. 30,1884 2,340 2,376 2, 417 Millions. 576. 0 544.7 535.8 Millions. 86.4 81.7 80.4 Mav July Oct. 6,1885 1,1885 1,1885 2,432 2, 442 2, 467 540. 3 552. 2 570.8 81.1 82.8 85.6 17L0 170. 3 177. 5 31.0 30.8 31.1 40.7 40.1 41.5 30.2 28.1 29.9 90.0 92.1 9"). 9 10.1 10.0 10.2 Mar. 1,1886 J u n e 3,1886 Oct. 7,1886 2, 518 2, 552 2, 5<J0 596.1 611.7 637. 6 89.4 91.8 95.6 181. 6 181.6 186. 2 30.4 29.7 29.2 45 1 49.1 47.8 27.7 29. 7 30.1 98.9 93. 5 99. 5 9.8 9.3 8.7 2,676 May 13,1887 Aii»'. 1, 1887 2, 724 2, 756 Oct. 5,1887 682. 8 683. 0 61)0. 6 102.4 102. 4 103.6 198.9 189. 5 190.9 29.1 27.7 27.6 51.1 48.9 50.8 32. 9 31.3 32.6 107. 8 102. 6 100.9 6.8 6.6 6.6 NEW YORK CITY. • 47 45 44 282. 2 231. 8 | 254 9 | 70. 5 57. 9 63.7 75. 2 69.1 90.8 26.6 29. 8 35.6 49.5 43. 5 63.1 24.9 24.9 27.0 0.8 0.7 0.7 6,1885 1, 18H5 1,1885 44 45 4i 297. 7 312. 7 312.9 74.4 78.2 78.2 123. 5 132. 8 115.7 41. 5 42.5 37.0 96.5 96.5 91.5 26.4 37.5 23.7 0.6 0.6 0.5 Mar. 1,1886 June 3, 1886 Oct. 7, 18&6 45 4.5 45 323.6 290. 8 282.8 80.9 74. 2 70.7 101. 2 89.9 77.0 31.3 30 3 27.2 77.2 57. 9 64.1 23.5 31.5 12.5 0.5 04 0.4 Mav 13,1887 Aug. 1,1887 Oct. 5, 1887 46 46 47 299.7 2!»4. 0 284. 3 74.9 73. 5 71.1 82.8 82.6 \ 80.1 27.6 28.1 28.2 63.0 18.8 17.2 16.1 0.4 0.4 0.4 30.4 33.1 30.5 13 0 14.6 12.9 76 7.2 6.7 0.05 0 05 0.05 1.5 1.6 1.3 1.8 1.8 1.3 0.03 0.03 0.03 Mi Apr. 24,1884 J u n e 20,1884 Sept. 30,1884 (h>. 0 63.6 CHICAGO. May 13,1887 Aug. 1,1887 Oct. 5,1887 18 18 18 68- 0 66.3 64.'6 17.0 16. 6 16.2 20.7 22. 0 19.7 SAINT LOUIS. May 13,] 887 Aug. 1,1887 Oct. 5,188 5 5 5 9.1 10.8 10.3 2.2 2.7 2.6 3.3 3.4 2.7 36.4 31.9 26.4 218 REPORT OF THE COMPTROLLER OF THE CURRENCY. LIABILITIES OF THE NATIONAL BANKS, AND THE RESERVE REQUIRED AND HELD AT THREE DATES, ETC.—Continued. OTHEE RESERVE CITIES. * Date. Reserve held. Classification of reserve. Xo. of Net de- Reserve Other Due Redempbanks. posits. required. Amount. Ratio to Specie. lawful from tion deposits. money. agents. fund. Millions. Millions. Millions. Per cent. Millions. Millions. Millions. Millions. 104.1 30.8 338.0 28.8 33.3 38.8 3.2 84.5 91.1 302. 8 30.1 29.7 29.9 28.4 3.1 75.7 99.0 308.0 32.2 30.3 33.3 32.3 3.1 77.0 Apr. 24,1884 J u n e 20, 1884 Sept. 30,1884 202 204 203 May 6,1885 July L, 1885 Oct. 1, 1885 202 202 203 346.5 350. 5 364.5 86.6 89.1 91.1 124.0 123. 4 122.2 35. 8 34. 6 33.5 40.2 41.0 41.9 39.9 38.8 35.0 40.9 40.7 42.4 3.0 2.9 2.9 Mar. 1,1886 J u n e 3,1886 Oct. 7,1886 205 2.12 217 378! 0 387.2 381.5 94.5 96,8 95.4 124.0 122. 8 113.9 32.8 31.7 29.9 49.3 50.5 44.5 28.2 30.2 26.0 43.9 39.6 41.3 2.7 2.5 2.2 Mar. 4,1887 Aug. 1,3 887 Oct. 5,1887 210 221. 223 345.1 335. 5 338.5 86.3 8;i.9 84.6 106.1 98.4 100.7 30.7 29. 3 29.7 38.0 34.8 36.3 26.4 24.2 23.2 40.2 37.7 40.0 1.4 1.2 1.2 SUMMARY.* 2, 5Sf 2, 625 2,664 1,196.2 1,07!). 3 1, 098. 7 241.4 215. 3 221.1 341. 8 306.2 346.1 28.6 2S.4 31.6 114.7 109.6 128.6 89.7 86.8 91.2 122.5 95.2 112.0 14.9 14.5 Mav 6, 1885 2, 678 JulV 1, 1885 2, 689 OcL 1, 1885 2,714 1,184.5 1,221.4 1, 248.2 242.1 250.1 254.9 418.5 4^26. 5 415.4 35.3 34.9 33.3 177.4 177.6 174.9 96.5 102.6 88.6 130.9 132.8 138.3 13.7 13.5 13.6 Mar. 1,1886 2,768 J u n e 3, 1886 2,809 Oct. 7, 1886 2, 852 1, 297. G 1, 295. 7 1,301.8 264.8 262.8 201. 7 406.8 394. 2 377.2 31.3 30.4 28.9 171.6 157. 5 156.4 79.4 91.6 68.7 142.8 133.0 140.8 T2.9 12.2 11.4 May 13, 1887 Aug. 1, 1887 Oct. 5,1887 1,404.7 1, 389. 7 1,388.4 282.9 279.1 278.0 411.9 396. 0 394.2 29.3 28.5 28.4 167.3 165.1 165.1 87.6 82.3 79.9 148.1 140.3 140.9 8.8 8.3 Apr. 24,1884 June 20, 1*84 Sept. 30,1884 2,955 3,014 3,049 * Includes Chicago and Saint Louis up to 1887. 14.3 8.3 REPORT OF THE COMPTROLLER OF THE CURRENCY. 219 TABLE SHOWING, BY GEOGRAPHICAL DIVISIONS, THE RESERVE CITIES AND CENTRAL RESERVE CITIES, THE NUMBER OF BANKS IN OPERATION AT EVERY DATE ON WHICH REPORTS OF CONDITION HAVE BEEN MADE, FROM MARCH 11, 1882, TO OCTOBER 5, 1887, INCLUSIVE, TOGETHER WITH THE AMOUNT OF RESERVE REQUIRED AND THE AMOUNT HELD AT EACH O F THOSE DATES, AND T H E CLASSIFICATION OF T H E R E SERVE HELD, SHOWING AMOUNTS AND PERCENTAGES IN EACH CASE. [Division No. 1.—Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, and Connecticut, excluding reserve cities.] Classification of reserve held. Reserve held. Amount of reNo. of reserve Dates. banks. quired, 15 per cent, of net deposits. 1882. Mar. 11.. May 19.. Julyl... Oct. 3 . . . Dec. 30.. 502 503 504 505 507 Lawful money (6 "With reserve per cent.). agents (9 per cent.). Amount. Ratio. Per ct. $14, 962, 709 $29,478, 618 29.55 15, 068, 764 31,457,478 31.31 15, 5D5, 375 29, 835, 966 28.86 16, 296, 302 29, 332, 584 27.00 16,254, 969 33,151, 031 30.59 Amount. Ratio. $7,223, 511 7, 495,171 7, 585, 373 7, 916, 022 8,197, 588 Per ct. Per ct 7.24 $17,716,653 17.76 7.46 19,488,807 19.40 7.34 17, 833. 751 17.23 7.29 16, 949,161 15.96 7.56 20, 509,426 18.93 Amount. Ratio. Five per cent, redemption fund. $4, 538,454 4, 473, 500 4.416,842 4,467,401 4,444, 017 1883. Mar. 13.. May 1... Jime 22 Oct. 2.... Dec. 31 . . 507 509 510 5H 512 15, 342, 235 15, 309. 783 15, 369, 906 16,161, 030 10, 426, 477 28, 288. 564 27, 968, 728 28, 844, 230 31,164, 435 34, 548, 821 27.66 27.40 28.15 28.93 31.55 7, 552, 020 7,495, 846 7,685,718 7, 650, 678 8,144, 345 7.38 7.34 7.50 7.10 7.44 16, 299,167 16, 040, 299 16, 722, 029 19, 099, 067 21, 965,101 15.94 15. 72 16.32 17.73 20.06 4,437, 377 4, 432, 583 4,436,483 4,414, 690 4, 439,375 514 514 514 514 515 15, 959, 007 16, 081, 733 15,103, 686 15,614,046 15, 216,181 32, 510, 901 31,256,427 27,470, 663 32,199,345 31, 576, 643 30.56 27.15 27.28 30.93 31.13 7, 875, 750 8,138, 314 8, 231, 410 8,199, 770 8, 273,291 7.40 7.59 8.17 7.88 8.16 20, 374, 517 18, 787,103 14, 972, 792 19, 833, 278 19, 211,124 19.15 17.52 14.8/ 19.05 18.94 4, 260, 634 4, 331, 010 4, 266, 461 4,160, 297 4,092, 228 514 511 512 f>06 506 15,553,913 16, 093, 617 16, 58!), 066 17,218,577 17,150, 864 33, 563, 396 34, 886, 706 34, 597, 448 34,416,314 32, 831, 670 32.37 32. 52 31.31 29. 98 28. 71 8,416, 689 8, 641,121 8,951,595 9, 549, 345 9, 562, 800 8.12 8.05 8.10 8.32 8.36 21,146,721 22,184,176 21,637,813 20, 832, 605 19, 311, 376 20.39 20.68 19.58 18.15 16.89 3, 999, 986 4, 061, 4694, 008, 040 4, 034, 3(54 3, 957, 494 507 510 509 510 511 17,185,207 16, 473. 718 17,388,516 18, 295, 909 17, 815, 957 32, 588,870 32, 509, 786 31,345,788 35, 762, 441 33, 229, 398 28.44 27.91 27.04 29.32 27.98 9, 772, 588 10, 304, 208 10,316,239 10,335,491 10, 888, 902 8.53 8.85 8.90 8.47 9.17 18, 969, 18, 555, 17, 449, 21, 995, 19, 338, 980 748 280 854 260 16.56 15.93 15.05 18.03 .16.28 3, 846, 302 3, 649, 830 3, 580,249 3,4.U,096 3, 002, 236 511 513 512 512 17,464,118 17,918,113 17, 228, 499 17, 758, 954 34,081, 099 33, 354, 311 28, 645,1)14 32, 079,549 29.27 27.92 24.94 27.10 10,261, 663 10, 470, 249 10, 202, 657 10, 081, 047 8.81 8.77 8.88 8.51 21,137,117 20, 384.444 16,106, 385 19, 698,402 18.15 17.06 14.02 16.64 2,682,319 2,499,618 2, 335,972 2,300,100 1884. Mar. 7... Apr. 24.. June 20.. Sept. 30 . Dec. 20 . . 1885. Mar. 10.. May 6 . . . July 1... Oct. 1 . . . Dec. 24.. 1886. Mar. 1 . . June 3.. Aii£. 27 Oct. 7... Dec. 28 . 1887. Mar. 4...I May 13.. Aug. 1... Oct?5.... 220 REPORT OF THE COMPTROLLER OF THE CURRENCY. T A B L E SHOWING, B Y GEOGRAPHICAL D I V I S I O N S , T H E R E S E R V E C I T I E S AND C E N T R A L R E S E R V E C I T I E S , T H E N U M B E R O F BANKS I N OPERATION, ETC.—Continued. [Division Xo. 2.—£Tcw York, New Jersey, and Pennsylvania, excluding reserve cities.] Reserve held. Dates. A m o u n t of No. of reserve required, 15 b a n k s . p e r cent, of not deposits. Classification of reserve held. Lawful money (6 per cent.).' Amount. 'Ratio. Amount. 1882. Mar. 1 1 . . May 19.. July 1... Oct. 3 . . . Dec. 30.. 507 514 515 515 521 $24, 513, 805 $47,919,202 24, 8-J5, €09 49, 0:i8J 8!)7 25, 243, 576 47,501,012 25, 702, 599 47,834,8(18 2(3, 50U, 579 4^,071,228 With reserve agents (9 per cent.). Ratio. Amount. Ratio. Per ct. \Per ct. Per ct. 8.90 $30, 249, 865 18.51 29. 32 $14, 546, 614 30,100, 831 18.19 15,827.208 9. 56 29. 63 29,217,784 17.36 9.05 28. 23 15, 228,446 28, 868, 395 16.85 15, 881, 906 9.27 27.92 28, 338, 020 16.04. 10, 667, 008 9.43 27.21 per cent, redemption fund. $3,122, 723 3,110,858 3,054,782 3,084, 567 3, 066,200 1883. Mar. 13.. May 1 . . . J une 22.. Oct. 2 . . . Dec. 3 1 . . 026, 506 905, 781 528, 884 011, 331 840,086 17.22 14. 63 17.91 16.19 16.58 3,048,327 3, 055, 692 3,048,327 3, 055, 293 3,003,052 9.43 10.38 11.06 11.11 11.03 33, 924,115 31, 556,1C0 23, 558, 015 27,634, 801 29, 977, 889 18.84 17.38 13. 86 16.42 18.33 2,921,877 2, 947, 990 2,881,974 2, 860,460 2, 785, 386 18, 925,754 20, 044,604 19,178, 305 20, 055, 448 18, 913,441 11.24 11.93 11. 23 11.44 10.57 33, 30, 30, 33, 36, 999 857 212 308 591 20.05 18.01 17.59 19.00 20.48 2, 770, 785 2, 763, 578 2, 734,330 2,818,202 2, 778, 548 30.61 29.75 30.21 28.53 27.79 18,960,011 20, 795, 357 20,185, 336 20,192, 341 20, 360,434 10.36 11.33 10.71 10.51 10.61 34, 334,359 31, 241, 898 34,176, 300 32, 249,120 30, 849, 802 18.76 17.02 18.14 16.78 16.07 2, 732, 575 2, 581,136 2, 554, 572 2, 394, 628 2,131,559 28.36 28.48 25.82 26.44 19, 405, 628 20,193,151 19, 291,157 19, 775, 576 10.03 10.20 9.70 9.87 33,449, 631 34,160,474 30, 226,408 31,370,441 17. 29 17.26 15.20 15.65 2, 1, 1, 1, 525 532 537 545 549 26,151,831 26,557,410 20, 409, 027 26, 885, 132 26, 992, 446 48,307,519 I 27.71 45, 564, 935 | 25. 74 50,817,552 28.86 48, 979, 043 27. 33 50, 577, 804 28.11 15, 222, 686 10, 603,462 16, 240, 341 16, 912,419 17,734, 066 8.74 9.38 9. 22 9.44 9.86 550 554 56.1 563 560 27, 003,470 27, 240, 954 25, 502, 692 25, 245,939 24, 531, 549 53. 829,445 53, 358, 232 45,241,638 4i), 189, 650 50, 799, 720 29.90 29.38 20. 61 29. 23 31.06 16,983,453 18,854,082 18, 801, 649 IS, 694, 389 18, 036, 445 559 559 561 557 567 25, 258, 857 25, 204, 559 25, 615, 062 26, 291, 732 26,843, 401 55,463, 538 53, 071, 039 51, 945, 847 56,170, 958 58, 345, 580 32.94 31. 58 30.42 32. 05 32.60 570 571 572 572 575 27, 453,354 27, 533, 873 28, 253, 322 28, 830, 549 28, 792,675 56, 026, 945 54, 618, 391 56,916,208 54, 836, 089 53,341,795 576 580 586 587 29, 020,465 29, 685, 015 29, 837, 428 30, 064,960 54, 867, 767 56, 268, 209 51, 361,676 52,990,784 30, 25, 31, 29, 29, 1884. Mar. 7 . . . Apr. 24.. J u n e 20.. Sept. 30 . Dec. 20.. 1885. Mar. 10.. May 6 . . July 1 - . . Oct. 1 . . . Dec. 24.. 766, 262, 033, 297, 653, 1886. Mar. 1 . . . June 3 . . Aug. 27 . Oct. 7 . . . Dec, 28.. 1887. Mar. 4 . . . May IB.. Auaj. 1 . . Oct:5 . . . 012, 914, 844, 844, 508 584 111 767 REPORT OF THE COMPTROLLER OF THE CURRENCY. 221 TABLE SHOWING, B Y GEOGRAPHICAL DIVISIONS, T H E R E S E R V E CITIES AND CENTRAL R E S E R V E C I T I E S , T H E NUMBER O F BANKS I N OPERATION', ETC.—Continued. [Division Xo. 3.—Delaware, Maryland, Virginia, West Virginia, and tho District of Columbia, excluding reserve cities.] Reserve held. Amount of reNo. of reserve quired, 15 Dates. banks. per cent, of net deposits. 1882. Amount. Ratio. Per ct $3, 326, 580 $6, 300, 888 28.41 3, 229, 343 5, 846, 228 27.16 3, 293, 618 6, 330, 795 28. 83 7, 027, 363 29.28 3, 600,294 3, 559, 250 6, 432, 974 27.11 Classification of reserve held. Lawful money (6 Witb reserve per cent.). agents (9 per cent.). perFive cent, redemption fund. Ratio. Amount. Amount. Ratio. $2, 702,126 2, 867, 270 2, 951, 218 2, 883, 425 2, 943, 333 Per ct 12.18 13. 32 13. 44 12.01 12.40 $3, 212, 987 2, 597, 775 3, 000. 277 3, 752, 436 3,098,400 24. 38 24.61 26. 54 26. 67 24.82 2, 337, 863 2,713,896 2,774,761 3, 088. 038 3,018,5o6 9.94 11.54 1L.49 11.15 11.33 6, 822,590 6,446, 814 5, 375,113 6,837,101 6,467, 992 26.36 25. 37 22. 93 27.70 28.82 2, 873, 867 3, 045, 651 2, 975, 931 % 2-20, 417 2, 942, 926 3, 361, 044 2,8.)*, 130 2,919, 436 3, 286, 346 3,162,147 6, 282, 532 5, 624, 698 5, 311, 397 7, 338, 927 7, 070, 981 28. 04 29. 56 27. 29 33. 50 33. 54 89 90 91 89 91 3,163, 328 3, 259,103 3, 490, 359 3, 525, 434 3, 459, 845 6,579,113 6, 761, 881 7, 337, 721 7,125, 856 6, 826,991 91 92 93 94 3, 541, 988 3,434, 211 3, 681, 532 3, 789, 907 Per ct 14.49 $1, 12. 07 13.66 15.63 13.06 385, 775 381,183 379,300 391, 502 391, 241 3,008, 054 2, 691, 467 3, 243, 785 3, 901,193 3,210, 691 12.79 11.44 13. 44 14.09 12.05 387, 871 384, 8«l 387, 949 394, 569 391, 760 11.12 11.98 12. 71 13.05 13.12 3, 582, 688 3, 027, 832 2, 025, 960 3, 246, 528 3,164,161 13.86 11.91 8.65 13.15 14.10 366,0-35 373, 331 373, 222 370,156 360, 905 3, 043, 637 2, 985, 242 2, 758, 277 3,134, 687 2, 887, 760 13.58 15.69 14.17 14. 31 13.70 2, 895,186 2, 289, 321 2,199, 965 3, 850, 486 3, 825, 340 12. 92 12. 03 11.30 17.57 18.15 343, 709 350,135 353,155 353, 754 357, 881 31.20 31.12 31.53 30. 32 29.60 3, 079, 948 3,414, 420 3, 313,468 3,405,443 3,124,102 14.60 15.71 14.24 14.49 13.54 3,153, 202 3,034,136 3, 714, 380 3,414,134 3,414, 702 14.95 13. 97 15.96 14.53 14.80 345, 963 313,325 309, 873 306, 279 288,187 6, 685, 225 28. 31 6, 233, 763 , 27.16 6, 591, 665 26. 86 6,641,421 26.29 3, 061,122 3, 351,755 3, 397, 925 3,402,471 12. 96 14.64 13.84 13.47 3, 370. 568 2, 640, 664 2,952, 617 3, 004,141 14.27 11.53 12. 03 11.89 253, 535 241, 344 241,123 234, 809 Mar. 11. May 19.. July 1 . . . Oct. 3 . . . . Dec. 30.. 73 74 74 76 77 Mar. 13.. Mayl... J u n e 22.. Oct. 2 . . . . Dec. 3 1 . . 77 77 78 82 82 3, 527, 516 3, 528, 471 3, 621, 398 4,152, 516 3, 998, 036 5, 733, 788 5, 790,2_'4 6,406,495 7, 383, POO 6,620, 987 83 83 83 88 88 3, 877, 353 3,812,038 3, 513,153 3,702, 825 3, 365, 834 88 87 87 88 80 1884. Mar. 7 . . . Apr. 24.. J u n e 20.. Sept. 30 . Dec. 'ZO... 1885. Mar. 10.. May 6 . . . July 1 . . . Oct. 1 . . . Dec. 24.. 1886. Mar. 1 . . . June 3 . . . Aug. 27.. Oct. 7 . . . . Dec. 28.. 1887. Mar. 4 . . . M a \ 13.. Aug. 1 . . Oct. 5.... 222 REPORT OF THE COMPTROLLER OF THE CURRENCY. TABLE SIIOWING, BY GEOGRAPHICAL DIVISIONS, THE RESERVE CITIES AND CENTRAL RESERVE CITIES, THE NUMBER OF BANKS IN OPERATION, ETC.—Continued. [Division No. 4.—North Carolina, South Carolina, Georgia, Florida, Alabama, Mississippi, Louisiana, Texas, Arkansas, Kentucky, and Tennessee, excluding reserve cities.] Reserve held. Dates. Amount of re* No. of reserve quired, 15 banks. percent, of net deposits. Classification of reserve held. Lawful money (6 per cent.). Amount. Amount. 1882. Mar. 11.. May 19.. Julyl-.. Oct. 3 . . . Dec. 30.. 141 144 148 154 159 With reserve gents (9 per cent.). Satio. Ratio. *er ct. >er ct. $5,185,281 $10, 013, 832 28.97 $5,466, 058 15.81 5,419, 385 16.54 4, 915. 899 10,118,504 30.87 5, 227,153 15.33 5,115, 956 10, 326, 820 30.28 9, 392, 645 26.75 4, 771, 326 13. 59 5,266, 274 6, 340,182 15.91 5, 978,914 12, 718, 655 31.91 Amount. Hatio. $3,758,544 3,906,752 4, 313, 224 3, 827,425 5, 584, 656 Five per cent, rederupion fund. *er ct. 10.87 $789,230 11.92 792, 367 12.65 786,443 10.90 793, 894 14.01 793,817 1883. Mar. 13.. May 1... June 22 Oct. 2 ... Dec. 31. 164 169 175 391 197 6,116,981 6,190, 892 6,143, 331 6, 267, 968 6, 761, 077 13, 254,160 12, 890, 743 12, 353, 975 10,275,182 12, 940,873 32.50 31.23 30.16 24.59 28.71 6, 396, 960 6, 543, 434 6,475, 724 6, 589, 276 6, 968,159 15.69 15.85 15. 81 15. 77 15.46 6, 086,199 5, 555,724 5, 075, 892 3, 887, 690 5,170, 209 14,92 13.46 12.39 9.30 11.48 771,001 791,585 802, 359 798,216 802, 505 201 204 208 i:16 220 6, 816,062 6,874,431 6,449, 163 6, 042,864 6, 491, 216 13,644,672 12, 348, 517 11, 364,136 13,168,565 14, 560,732 30.03 26.95 26.43 27.72 33.67 6, 883, 358 6,803,162 6, 826, 409 fi,334,635 7,007,016 15.15 14.84 15.88 15.72 16.19 5, 979, 687 4, 762,025 3, 782, 006 4,087,448 6, 806, 367 13.16 10.39 10.15 15.73 781, 627 783, 330 755, 721 740, 482 747,349 Mar. 10. May6.. Julyl.. Oct.l... Dec. 24. 226 229 232 232 235 6, 669, 784 6,483, 495 6,442, 590 6, 388, 330 7,142,914 15, 098,820 13,065,477 12,404, 357 11,874,404 15, 834, 011 33.96 30.23 28.88 27.88 33.25 7,964, 807 7, 563, 398 7,159, 393 6, 526, 279 8, 001,784 17.91 17.50 16.67 16.03 16.80 6, 385,184 4, 765, 739 4, 532, 187 4, 322, 638 7,141, 940 14.36 11.03 30. 55 10.15 15.00 748,829 736, 340 712,777 725,487 690,287 Mar.l... June 3 .. Aug. 27. Oct. 7 . . . Dec. 28-- 240 245 251 251 253 7, 583,952 7, 493, 063 7,301,499 7, 520, 093 744 16,308, 788 15, 598, 452 13, 956, 929 13, 597, 692 21,096,851 32.26 31.23 28.67 27.12 35.70 8, 523, 863 8,108, 413 7,650,399 7, 565,181 0, 659, 357 16.86 16.23 15.72 15. C9 16.35 7,114,169 6, 863,196 5, 699, 062 5,474, 973 10, 914, 071 14.07 13.74 11.71 10.92 18.47 670,756 626, 843 607,468 557, 538 523,423 265 279 290 296 9, 951, 682 22, 483, 366 9,403,413 18,093, 369 9,227,123 15, 981, 04C 9,183, 326 16, 341,034 33.89 28.86 25.98 26.69 10,365, 065 9, 623,458 8, 924, 833 9,728,521 15.62 15.35 14.51 15.89 11, 607, 039 17.50 7, 965, 043 12.71 6, 555, 611 10.66 6,100,154 9.96 511,262 504, 868 500,602 512, 359 1884. Mar. 7.. Apr. 24. June20. Sept. 30 Dec. 20. 1885. 1887. Mar. 4... May 13.. Aug. 1 . . Oct. 5 , . . REPORT OF THE COMPTROLLER OF THE CURRENCY. 223 T A B L E SHOWING, B Y GEOGRAPHICAL DIVISIONS, T H E R E S E R V E CTTIES AND CENTRAL R E S E R V E C I T I E S , THE N U M B E R OF BANKS, ETC.—Continued. [Division ISTo. 5.—Ohio, Indiana, Illinois, Michigan, and Wisconsin, excluding reserve cities.] Rsserve held. Amount of reserve reDates. Xo. of quired, 15 banks- percent, of net deposits Classification of reserve held. Lawful money (6 per cent.). Amount. Eatio. Amount. 1882. Mar. 11. May 19. J uly 1.. Oct. 3 . . Dec. 30. 503 512 514 519 523 "With reserve agents (9 per cent.) Ratio. Amount. Ratio. Five per cent, redemption fund. Per ct. Per ct. Per ct. $19,032,152 $27, 890,100 29.78 $17, 235,102 13.58 $18,689, 973 14. 73 $1, 965, 025 18,358,481 14.67 1, 888, 355 18, 777, 697 37, 819, 405 30. 22 17, 572, 569 14.04 37, 703, 899 29.82 16, 982, 358 13.43 18. 910, 821 14. 96 1, 810, 720 18,063,931 ] 7, 205, 670 13.39 16, 87.5,972 13.13 1,888,206 19, 272, 709 35, 969, 848 27.09 16, 905, 680 13.46 1,863,871 18,845, 485 35, 817, 290 28.51 17, 047, 739 13.57 1883. Mar. 13. May 1 . June 22 Oct. 2 . . Dec. 31. 530 536 544 554 554 19,081,060 18,892,570 18, 680, 838 18,563,099 17,961. 597 36, 507, 835 34, 009, 157 32, 831, 223 34, 705, 552 34, 790, 630 27.17 27.00 25.14 28.04 29.05 16, 401, 301 17, 003, 342 15, 616, 973 16, 503, 659 16, 853, 215 12.89 13. 50 12. 54 13. 34 14.07 18, 281, 364 15, 146, 61U 15, 394, 648 16, 347, 350 16,142, 536 14. 38 12. 03 12. 36 13. 21 13.48 1, 825,170 1,859,202 1,819,607 1, 854, 543 1, 794, 879 558 5G0 569 574 572 17, 808, 933 17,392,601 16, 640, 340. 15, 784, 480 15, 040, 275 34, 832, 320 32, 294, 594 30, 968, 073 31,545,494 33,478,235 29.34 27.81 29. 15 29. 98 33.39 16, 461, 984 16, 913, 978 16, 186,847 16, 127, 236 15, 563, 364 13.87 14. 59 14.59 15. 33 15.52 16,636, 811 13,623,182 13,081,876 13, 764,179 16, 332, 719 14.01 11.75 11.79 13.08 16.29 1, 733, 525 1, 7.37, 434 1. 699, 350 1, 6.34, 079 1, 582,152 567 568 567 570 570 15, 800, 692 15,054,519 16,118 869 10,501,187 16, 497,191 36,876,186 35,903,163 36, 162, 987 37, 477, 345 36, 226, 910 35.07 33. 81 33. 65 34. 07 32. 93 16, 882, 609 17,117,106 15, 936, 895 17,019,462 16,050, 698 16.03 16.09 14.83 15. 47 14. 59 18, 475, 898 17, 336, 757 18,738,134 18, 934, 890 18, 653, 616 17.54 1, 517,679 16. 30 1,509, 305 17. 45 1,487,958 17.21 1, 522, 993 16.96 1, 522, 596 571 575 582 580 576 17,184, 663 17, 452, 850 18,315,951 18,438, 101 18, 828,474 38, 467, 958 36, 682, 622 41,364,412 39,891,410 40, 251, 058 33.57 31.53 33.88 32. 45 32. 07 16, 692, 494 17, 849, 509 17, 118,272 17,974,624 18, 082, 937 14.57 15.34 14.02 14.62 14.41 20,284, 810 17, 426, 446 22,867,315 20, 594, 220 20, 974,170 17.78 1,490, 654 14.98 1. 406, 667 1.8. 73 1, 378, 825 16. 75 1, 322, 566 16.71 1,193, 951 582 584 594 598 19, 446, 236 20, 082, 778 20,814,218 20, 576, 959 42,186, 629 41,866,938 44, 475, 533 40, 983, 916 32.54 31.27 32. 05 29. 88 18, 037, 638 19,111,576 18, 401, 230 19,171, 016 13.91 14.27 13.26 13.98 23, 012, 354 21,673,404 25, 021, 687 20, 771, 852 17.75 16.19 18.03 15.14 1884. Mar. 7 .. Apr, 24.. June 20. Sept. 30 . Dee. 20.. 1885. Mar. 10.. May 6 ... Julyl... Oct. 1 ... Dec. 24.. 1886. Mar. 1 .. June 3 .. Aug. 27 . Oct. 7 ... Dec. 28 .. 1887. Mar. 4 .. May 13.. Au'g.l .. Oct. 5 . . . 1,136,637 1, 081, 958 1,052,616 1, 041, 048 224 REPORT OF THE COMPTROLLER OF THE CURRENCY. TABLE SHOWING, BY GEOGRAPHICAL DIVISIONS, THE RESERVE CITIES AND CENTRAL RESEUVE CITIES, THE NUMBER OF HANKS IN OPERATION, ETC.—Continued. [Division No. 6.—Towa, Minnesota, Missouri, Kansas, and Nebraska (Omaha transferred to division No. 9, October 5, 1887; Kansas City and Saiut Joseph transferred to division No. 9, May 13, 1887, excluding reserve cities.] Reserve held. Amount of reserve reNo. of Dates. banks. quired, 15 per cent, of net deposits. Amount. 1882. Mar. 11.. May 19.. July 1 . . . Oct.3 Dec. 30 .. 157 1G5 171 184 197 $6, 541,424 $11, 849, 967 6, 707, 0:i4 12, 348, 739 12,192, 356 6, 945, 887 11,806,093 7,211,774 12,985,540 7, 314, 811 Ratio. Classification of reserve held. Lawful money (6 With reserve per cent.). agents (9 percent.). perFive cent, redemption fund. Amount. Ratio. Amount. Ratio. Per ct. Per ct. Per ct 27.17 27. 62 20. 33 24.68 26.63 $5, 719,125 5, 557,107 5, 865,877 5,934,099 6, 513, 480 13.11 12. 43 12. 67 12.34 13.35 $.', 665, 681 6, 323, 635 5, 866,168 5,440,789 5, 975,158 12. 99 14.14 12. 68 11. 32 12.25 $465,161 467, 997 460,311 491,205 496,908 1883. Mar. 13.. Mayl... June 22 . Oct. 2 . . . . Dec. 3 1 . . 207 210 2:7 277 270 7, 692, 8, 007, 8, 669, 9, 087, 9, 269, 300 308 016 854 439 13, 786, 065 13, 928, 636 16,331,528 15, 692, 927 16,008,106 26.88 26. 09 28. 26 25. 90 26.00 6, 048, 070 6,926, 476 6, 739, 738 7, 240, 980 7, 756, 806 11.79 12. 98 11.66 11. 95 12.55 7, 237,137 6, 496, 862 9, l'>0, 816 7, 922, 362 7, 788, 201 14.11 12.17 15. 75 13.08 12. 60 500, 858 505,298 490, 974 529, 585 523,099 Mar. 7 . . . Apr. 24.. June 20 . Sept. 30.. Dec. 20 .. 1885. 287 298 309 329 329 9, 365, 609 9,712,119 9, 546, 763 9,158, 231 8, 043,147 16,334,768 17, 385,106 16, 682, 585 K>, 31)5,178 15, 874,452 26.10 2tt. H5 2«. 21 20. 70 27,55 7, 207,414 8, 463, 096 9, 366,090 8, 130, 878 7, 734, 9L7 11.69 13.07 14.72 13.32 13.42 8, 526,486 8, 406,680 6,806,014 7,677, 976 7, 642, 884 13.66 12.98 10.69 12.58 13.26 510,868 515, 330 510,451 494, 324 496, 651 Mar. 10.. MayG... July 1 . . . Oct.l.... Dec. 24 .. 336 340 346 359 363 9, 202,146 9, 643, 675 10, 105,532 10, 526, 279 10, 511, 542 18, 001,151 19, 11 2, 996 20, 186,373 19,159,727 19,128,184 29.45 20. 73 29. 96 27. 30 27.30 8, 442, 274 8,803,813 8, 868,049 8, 890,805 9,309,286 13.70 13.69 l.i. 16 12.68 U. 28 9,131, 647 9, 80(>, 853 10, H27,681 9, 768, 829 9, 315,121 14.89 15.25 16.07 13. 92 13. 29 490,230 502, 330 490, 643 494, 093 503. 777 377 391 404 400 418 10,872,988 12,203,016 12,34!), 300 12, 377, 7:s3 12, 811, 418 19,373, 302 23, 020,432 24, 464, 927 21,931,867 23, 053,002 26. 73 28. 30 29. 72 26.58 26. 99 8, 838,140 11, 204, 906 10,229,545 11,019,342 11,752,951 12.19 13. 77 12.43 13.35 13. 76 10, 043, 854 11,339,220 13,747, 424 10,42.', 0(36 10, 848,107 13.86 13 94 16.70 12.63 12.70 491, 308 476, 306 487,953 490, 459 451, 944 427 428 438 455 14,184, 873 13, 368,183 12,435,313 12,258,402 27, 26, 25, 22, 29.35 29.99 30.22 27.37 11, 860, 366 12, 010,369 10, 458, 690 10,275,484 12.54 13.48 12.62 15, 441,590 14,290,849 14,175, 769 11, 660, 633 16.33 16.04 450, 387 422,619 422, 236 431,193 1884. 1886. Mar.l... Juno 3 .. Aug. 27.. Oct. 7.... Dec. 28 .. 1887. Mar. 4... May 13.. Ang.l... Oct. 5.... 752, 343 723, 8,'}7 056,695 367, 310 12.57 17. 10 14.27 REPORT OF THE COMPTROLLER OF THE CURRENCY. 225 T A B L E SHOWING, B Y GEOGRAPHICAL D I V I S I O N S , T H E R E S E R V E C I T I E S AND CENTRAL R E S E R V E CITIES, THE N U M B E R OF BANKS I N OPERATION, ETC.—Continued. [Division Ho. 7.—Colorado, Nevada, California, and Oregon, excluding reserve cities.] Reserve held. Amount of ^"o.of reserves reDates. banks. quired, 15 per cent, of net deposits. Classification of reserve held. Lawful money (6 With reserve per cent.). agents (9 per cent.). Amount. Amount. Ratio. Amount. Five per cent. redrmpRatio. tiou fund. Ratio. 1882. Mar. H . May 19.. July 1 . . . Oct. 3 . . . Dec. 30.. 30 31 32 32 33 $2, 576, 675 2, 696, 322 2, 693, 926 2, 868, 124 2, 871, 064 $5, 408, 452 5, K72, 661 5, 682, 235 6,241,813 6, 379, 306 Per ct. 31.53 32.1L 31.69 32. 69 33.37 $2, 542, 858 2, 637, 314 2, 460, 625 2, 794 278 3,166. 266 Per ct. 14. 83 14. 69 13.72 14. 63 16.56 $2, 758, 864 3, 122,481 3, 109,475 3, 330, 785 3, 096,131 Per ct. 16.08 17.40 17. 34 17.44 16. 20 $106, 730 112,806 112,135 116,750 1L6,9O9 33 34 38 43 42 2, 866, F67 2,890, 642 2, 984, 656 3, 206, 008 3, 241,147 6, 081, 382 5, 487, 840 6, 35o, 648 5, 839, 540 6,447, 703 31.86 28.51 31.97 27. 35 29.88 3, 594, 598 3,133, 202 3, 203, 157 3, 098, 370 3, 558, 027 18,83 16.28 16.11 14.51 16.50 2, 374, 534 2, 240, 755 3, 033, 366 2. 619, 307 2, 763,101 12.44 11.64 15. 26 12. 27 12.80 112, 250 113,883 119,125 121,863 126, 575 43 43 45 46 47 3, 009, 761 3,028,531 2, 748, 621 2, 660, 548 2, 560, 777 5, 626, 902 5,791,614 5,492, 659 5, 798, 359 5, 524, 939 28.08 28.68 29.97 32.69 32.36 3, 217, 309 3, 207, 032 3, 604, 908 3,346,017 3,180, 260 16. 05 15. 88 20. 00 18.86 18.63 2, 287, 585 2, 462, 898 1,717,837 2, 341,155 2, 239,427 11.46 12. 20 9.37 13. 20 13.12 122, 008 121,634 109, 914 111.187 105, 252 47 49 50 51 54 2, 663, 353 2, 683,438 2, 721, 004 2,920, 866 3,189, 900 5, 978, 551 5, 699, 692 5, 697, 478 6, 635, 005 7, 038, 522 33.67 31.86 31.41 34.07 33.10 3,450, 529 3, 336, 534 2, (J66, 876 3, 260, 554 3, 732, 709 19.43 IS. 65 16.36 16.74 17.55 2, 419, 586 2, 256,198 2,626,141 3,264,417 3,192, 688 13. 63 12.61 14.48 16.76 15.01 108, 436 106, 960 104.461 110, 034 113,125 57 61 67 68 71 3, 329, 624 3, 598, 749 3, 8Gtf, 2 6 3,971,589 4, 329, 961 7, 529, 982 7, 672, 897 8, 288, 012 7, 896, 910 9, 221, 771 33. 92 31. 98 32.18 29. 83 31.95 3,947,515 4, 034, 927 4, 006, 387 4,104,213 5,276,940 17.78 16.82 15.91 15. 50 18.28 3, 465. 653 3,ft27j877 4, 075, 587 3,672,731 3, 828, 979 15. 61 14.70 15. 82 13. 87 13. 26 110,814 110, 093 116,038 119,966 115, 853 71 75 83 86 4, 674,444 5, 276,435 5,719,220 6, 330, 097 10, 289,333 11, 540, 554 11,799,916 13,784, 605 33.02 32. 81 30. 95 32.66 5,672,302 5,990, 889 6,134, 729 7, 276, 703 18.20 17.03 16.09 17.24 4, 504, 028 5, 438, 612 5, 543,590 6,385, 396 14.45 15.46 14.55 15.13 113, 003 111, 053 116, 507 122, 506 1883. Mar. 13 . May 1 . . . J u n e 22 . Oct. 2 . . . Dec. 3 1 . . 1884. Mar. 7 . . Apr. 24.. J u n e 20 . Sept. 30 . Dec. 20.. 1885. Mar. 10.. May 6 . . . Julyl... Oct. 1 . . . Dec. 24.. 1886. Mar. 1-.. June 3 .. Aug. 27 . Oct. 7 . . . Dec. 28.. 1887. Mar. 4 .. May 12.. Aug. 1 . . Oct. 5 . . . 8770 CUR 87 15 226 REPORT OF THE COMPTROLLER OF THE CURRENCY. TABLE SHOWING, BY GEOGRAPHICAL DIVISIONS, THE RESERVE CITIES AND CENTRAL RESERVE CITIES, THE NUMBER OF BANKS IN OPERATION, ETC.—Continued. I Division Xo. 8.—Arizona, Dakota, Idaho, Montana, Xew Mexico, Utah, Washington, and "Wyoming. ] Reserve held. Amount of reserve reDates. banks. quired, 15 Amount. Ratio. Classification of reserve held. Lawful money (6 With reserve Five percent.). agents (9 per cent.). per cent, redemption fund. Amount. Ratio. Amount. Ratio. 1882. Mar. 11 . May 19.. Julyl... Oct. 3 . . . Dec. 30.. 32 38 38 41 48 $1,144,970 1, 340, 349 1, 379, 900 1,662,285 1, 815,318 $1, 864, 032 2. 242, 753 2, 335, 024 '2, C86, 299 3, 276, 376 Per ct. 24.42 25.10 25.38 24.24 27.07 $1, 234, 034 1, 346, 771 1,265,644 1, 566, 209 1, 893, 011 Per ct. 16.17 15.07 13.76 14.13 15.64 Per ct 7.17 $547,357 803, 072 8.99 970, 470 10.55 1, 019, 233 9.20 1, 276, 416 10.55 $82, 641 92, 910 98, 920 100,857 106,919 54 55 60 70 74 1,857,414 2, 072, 505 2, 234, 510 2, 362, 081 2, 280, 534 3,171, 854 3,196, 343 3, 787, 433 3,453,105 3, 746, 766 25.62 23.13 25.42 21.93 24.64 1, 944, 893 1,946,749 1, 946, 924 2,000, 374 2,450, 974 15.71 14.09 13.07 12.70 16.12 1,118,433 9.03 1,13P, 293 8.25 1, 726,181 11. 59 I, 33!, 438 8.46 1,177,518 7.75 108, 528 110,301 114,328 121, 293 118, 244 78 84 87 87 86 2,206, 520 2, 256, 846 2,194,632 2,162,177 2,193, 537 3,406,474 3, 584, 7G0 3, 402, 695 3, 263, 041 3, 581, 574 23.16 23.83 23.26 22. 61 24.49 2, 332,136 2, 421,783 2, 377, 061 2, 077, 673 2,357,403 15. 85 16,10 16.25 14,41 16.12 955, 815 1, 038, 881 899, 284 1, 060, 754 1,114, 624 6.50 6.90 6.15 7.40 7.62 118, 523 124, 096 126, 350 118,014 109,547 88 89 94 107 2,132,223 2,124, 749 2, 317, 930 2, 492, 432 2, G33, 914 3,703, 384 3, 587, 997 3, 939, 596 4, 420, 239 4, 881, 391 26.05 25. S3 25.48 26.60 27.80 2, 525. 590 2, 387, 887 2, 354, 579 2, 600, 691 3,166, 234 17.77 16.86 15.24 15. 65 18.03 1, 068, 609 7.52 1, 089,153 7.69 1, 473, 460 9.53 1,704,733 10.26 1, 594, 293 9.08 109,185 110, 957 111,557 114, 815 120, 864 107 109 113 114 111 2, 643, 604 2, 745, 657 2, 615,777 2,675,213 2,852, 550 4, 716, 817 4, 688,187 5,173, 789 5,149, 624 5,258,108 26.86 25.61 29.67 28.87 27.65 3, 057, 426 3,091,659 3,135, 269 3, 360.609 3, 560, 333 17.41 16.89 17.98 18.79 18.70 l t 535,412 8.74 1, 47* 191 8,04 1,913,185 10.97 1,669, 970 9,36 1, 577, 946 8.25 123, 977 125,339 125,335 119, 045 119, 829 121 125 128 128 3, 019, 568 3, 258,730 3, 501, 233 3,630, C96 4,961,765 4, 782, 756 5, 626, 017 5, 730,545 •24.65 22.02 24.13 23.68 3,418,756 3, 357, 718 3, 492, 525 3, 715,196 16.98 15.46 14.96 15.35 1,421, 601 1, 303, 545 2, 010,740 1, 888, 860 7.06 6.00 8.57 7.80 121,408 121,493 122, 752 126,489 1883. Mar. 13.. May 1 . . . June 22.. Oct.2 . . . Dec. 3 1 . . 1884. Mar. 7 . . . Apr. 24.. June 20 . Sept. 30.. Dec. 20 . . 1885. Mar. 10.. May 6 . . . July 1... Oct 1 . . . Dec. 24.. 1886. Mar. 1 . . . June 3 .. Aug. 27.. Oct. 7 Dec. 2 8 . . 1887 Mar.4... May 13.. Aug.l... Oct. 5.... REPORT OF THE COMPTROLLER OF THE CURRENCY. 227 TABLE SHOWING, BY GEOGRAPHICAL DIVISIONS, THE RESERVE CITIES AND CENTRAL RESERVE CITIES, THE NUMBER OF BANKS IN OPERATION, ETC.—Coutinued. [Division No. 9.—Reserve cities—Boston, Albany, Philadelphia, Pittsburgh, Baltimore, Washington, New Orleans, Louisville, Cincinnati, Cleveland. Chicago, Detroit, Milwaukee, Saint Louis, and San Francisco. ] Classification of reserve held. Reserve held. j Amount of "No NTn otnf! reserve reDates. by a u\k s\ quired, 15 '!percent.of net deposits. Lawful money (6 With reserve per cent.). agents (9 per cent.). Amount. ! Ratio. Amount. 1882. Mar.U.. May 19.. July 1... Oct* a ... Dec. 3J..| \Per ct. ]92 $77, 032, 003 $03, 401, 093 30. 31 192 80, 294, 028 102, 352, 999 31.87 193 81, 760, 651 95, 874, 953 29.32 193 79, 094, 509 89,143, 583 27. 90 195 77, 095, 806 95, 051, 887 30.82 1883. I Mar. 13..! May 1...I June 22 . Oct. 2 ...| Dec. 31..! 198 199 200 200 202 77, 419, 867 89, 796, 888 78, 644, 546 91, 787, 852 83, 005, 153 103, 900, 990 80,961,109 100, 638, 235 S3, 646,150 105, 535, 835 1884. Mar. 7... Apr. 24 . June 2 0 . Sept. 30 . Dec. 20.. 202 202 204 203 203 85, 297, 591 111, 255, 031 32, 61 84,514,593 104,165, 958 80. 81 75, 708, 561 91,103,676 30. 08 76, 984, 342 99, 022, 475 32. W 78, 739, 375 I 103, 685,153 32. 92 1885. Mar. 1 O.May 6... Julyl... Oct. 1 . . . Dec. 24.. 202 202 202 203 202 83, 462, 537 86, 628, 766 89,118, 594 91,118,039 91,151,185 1*8,522,306. 123, 96% 577 123,423,045 122,186, 751 117, 043, 008 1886. Mar. 1... Juno 3 .. Aug. 27. Oct. 7 ... Dec. 28.. 205 212 215 217 218 94, 506, 304 96, 810, 23.7 93, 802, 95"9 95, 363, 719 94, 305,102 1887. Mar. 4... May 13*. Aug. I t . Oct.'5 220 210 221 2°3 $54,818,246 59,318,593 57, 206, 564 52,413,066 54, 211, 536 Ratio. Amount. Per ct. 17.79 $34, 852, 796 18.47 39, 467, 976 17. 49 35. 233, 042 16.44 33, 213, 032 17.58 37, 282,190 Ratio. Five per cent, redemption fund. Per ct. 11. 31 $3, 730, 051 12. 29 3, 506, 430 10. 77 3, 435, 347 10.42 3,517,465 12.09 3, 558,161 16.04 17.21 17. 93 17. 42 18.91 36, 592, 761 34, 090, 027 40, 821, 353 40, 798, 990 38, 942,133 11.82 10.84 12.29 12. 60 11.64 3, 542, 326 3, 568, 243 3, 564. 354 3, 413, 838 3, 320, 311 61,503,512 •62,160, 250 59, 623, 045 63, 578, 992 66, 011, 790 18.04 18.39 19.69 20. 65 20.96 46, 437, 308 38,827,197 28, 403, 338 32, 340, 900 34, 072, 781 13. 61 11.49 9. 38 10.50 11.01 3, 254, 811 3,178, 511 3, 077, 293 3,102, 583 3, 000, 582 35. 50 35.77 34.62 33. 52 32.11 74, 383,404 80,109,098 79, 828, 139 76, 907, 632 74, 674, 927 22.28 23.12 22. 39 21.10 20.48 41,172, 443 40, 912, 049 40. 661, 8(19 42, 402, 600 39, 551, 479 11.81 11.41 11.63 10.88 2, 906, 459 2, 941,430 2, 933, 097 2,876,510 2, 817, 202 124, 034, 337 122, 784,157 110,584,450 113, 951, 757 112, 821, 235 32. 81 31. 71 29. 42 29.88 29. 91 77, 440, 733 80, 738, 933 68, 232, 506 70, 489,135 70, 633,785 20.49 20.85 18.19 18.48 18. 72 43, 39, 40, 41, 40, 11.61 10.22 10.68 10. 82 10. 70 2, 683, 357 2, 477, 801 2, 279, 261 2, 191,113 1, 815. 508 99, 518, 660 124, 447,510 86, 270, 869 106,121, 301 83, 889,166 98, 389. 974 84.621,164 100. 714,633 31. 26 30. 75 29. 32 29. 75 73,631,556 64, 496, 954" 59, 504, 534 59, 524, 848 18. 50 18.69 17. 73 17. 59 49,217 253 12. 36 40,210,839 11. 65 37, 672 349 11. 23 39, 993 709 11. 82 1,598,701 1,413,508 1,213,090 1,196, 076 29 00 29.18 31.29 ; 31. 08 I 49, 661, 801 54,129, 582 59,515.283 56, 425,407 31. 54 | 63: 273, 391 ! I 904, 247 567, 423 072, 689 271, 509 371, 942 * Kansas City and Saint Joseph included from May 13,1887, and Chicago and Saint Louis transferred to Division No. 10. t Omaha included from August 1, 1887. 228 REPORT OF THE COMPTROLLER OF THE CURRENCY. TABLE SHOWING, BY GEOGRAPHICAL DIVISIONS, THE RESERVE CITIES AND CENTRAL RESERVE CITIES, THE NUMBER OF BANKS IN OPERATION, ETC.—Continued. [Division Xo. 10.] Dates. Saint Louis. Chicago. l^ew York City. Amount Amount of reserve Ratio of reserve Ratio No. of No. of required = of No. of required = of banks. 25 per cent, reserve banks. 25 pei-cent, reserve banks. of net de- held. of net de- held. posits. posits. 1882. Mar. 11 May 19 July 1 Oct 3 Dec. 30 50 50 50 50 48 $63, 982, 629 66,708,718 69, 337, 260 63 503 245 64,391,245 Per at. 25 16 26.14 25. 99 25. 36 26.14 1883. Mar. 13 May 1 Juno 22..-. Oct 2 Dec. 31 48 48 48 48 47 62,437, 901 63, 422, 340 69. 809, 640 66, 735, 374 6 J, 509, 209 23.59 25. 48 28. 81 26. 53 27.58 1884. Mar. 7 Apr. 24 Juno 20 Sept. 30 Dec. 20 47 47 45 44 44 75, 373, 069 70, 540, 863 57, 948, 702 63, 737, 684 68, 335; 552 28. 94 26. 65 29. 82 35.63 38.29 1885. Mar. 10 MayG July 1 Oct 1 Dec. 24 44 44 45 44 45 73,191,705 74, 436,136 78,181,211 78, 214, 626 75, 516, 839 40.12 41.48 42. 47 36 98 32. 70 1886. Mar. 1 June 3 Aug. 27 Oct. 7 Dec. 28 45 45 45 45 45 80,887, 727 74,187, 977 70, 386, 879 70, 697, 561 73, 607, 025 31.28 30. 28 27. 46 27.24 29. 89 1887. Mar.4 May 13 Auf 1 Oct. 5 45 78, 607,422 46 74, 921, 637 46 73,497, 514 47 71,084,776 28.70 27.64 28.11 28.18 Amount of i eserve Ratio required = of 25 per cent, reserve of net de- held. posits. Perct. Perct. 1 i \t 18 $16,993, 940 16, 579, 934 16, lbl, 735 30.41 33.14 30.53 5 5 5 2, 280,864 2, 710, 600 2,574, 297 36.40 31.89 26.44 REPORT OF THE COMPTROLLER OF THE CURRENCY. 229 AVERAGE WEEKLY DEPOSITS, CIRCULATION, AND RESERVE OF THE NATIONAL BANKS OF NEW YORK CITY, AS REPORTED TO THE NEW YORK CLEARING-HOUSE, FOR THE MONTHS GIVEN, IN THE YEARS 1881, 1862, 1883, 1884, 1885, 1886, 1887. Liabilities. Reserve. Week eliding— Circulation. Net deposits. Total. Specie. Legal tend era. Ratio to Total. liabilities. Per cant. Sept. 3,1881 ;$ IP, 669,400 $278, 241, 700 Sept. 10,1881 19,764,500 277,011,700 Sept. 17,1881 19,768,100 279,404,900 Sept. 24, 1881 19,747,500 277,268,600 Oct. 1.1881 19,841,400 270,727,400 Oct. 8.1881 19,849,400 263,081,600 Oct. 15,1881 19.878,400 2-4, 224, 700 Oct. 22.1881 19,901,400 250,299,000 Oct. 29,1881 19,930,400 ; 231.480,300 Sept, 2.1882 Sept. 9,18h2 Sept. 16, 1882 Sept- 23, 1882 Sept. 30, 1882 Oct. 7.1882 Oct. 14, 18>2 Oct. 21,1882 Oct. 28.1882 I 18,278,400 18, 307,000 18, 357, 5s 0 18, 623, 700 18,768,100 18, 894, 800 18,732,01)0 18,749.400 18, 764, 500 271.999, 265, 566, 263, 736, 260, 205, 251, 858, 249,136, 249, 629, 247, 974, 247, 575, $297,911,100 200, 776, 200 299,173, 000 297,016,100 290. 568, 800 282, 931, 000 274,103,100 270, 200, 400 271,410,700 $57,816,100 $13,226, 600 $71, 042, 700 55), 991, 600 12,591,300 72, 582, 900 61,224,100 11, 979, 000 73,203.100 60,476, 000 12.451,300 72, 927', 300 54, 954, 61 0 12.150,400 67,105, 000 53, 2*7, 900 12,153,800 65,441,700 51,008,300 12, 4."2. 700 63,461,000 54,016,200 12,496, 500 66 512, 700 55, 961, 200 12, 947, 900 68, 9b9,100 23.85 24.46 24.47 24.55 23.09 23.13 23.15 24.61 25.61 19,953,100 19, 448, 800 18,6!>1,5OO 17, 993, 7i!0 18, 389, 000 18, 384, 500 18,002,700 17,023,900 17, 204, 700 69, 728, 500 66, 597, 300 67, 263, 000 65,107, 700 63, 314, 500 65,400, 500 66, 283, 700 66,542,100 65, 578, 900 24.02 23.46 23.84 23.35 23.25 24.03 24.70 24.97 24.77 53, 529, 000 21, 729, 000 52,601,400 21,074,500 53, •' 97, 400 20, 662, 7liO 75, 258, 000 73, 675, 9U0 74, 0(50,100 71, 803, 900 70, 634, 700 71, 7(.'9,200 72, 0o9, 800 67, 9S2, 600 66, 090,400 26.35 25.91 25. 73 25.01 24.90 25.51 25.36 24.47 24.46 89, 960,700 80,480,000 90,677,500 81), 677, 700 93,287,900 96, 576,600 95,454, 900 94, 992, 200 33 85 33. (17 33. 81 33. (51 34. 52 35.16 34.80 34. 63 290, 277, 800 49, 775, 400 283, 873, 900 47,148, 500 282, 094, 200 48, 571, 500 278, 829, fiflO47,114,000 270, €44. 200 44, 925, 500 268,031,600 47,016,000 265, 361, 7uO 48,281,OUO 266, 723, 800 49,518.200 266, 339, 900 48, 374J 200 Sept. 1,1883 15,622,600 269,961,900 Sept, 8.1883 15, 527, 000 268. 805, 500 Sept, 15, 1883 15,519,700 272,325,100 Sept, 22,1*83 15, 394, GOO 271, 72•*, 2-1)0 Sept. 29, 1883 15,184,800 268, 496, 600 Oct. (3,1883 15,069,100 265, 592, 500 Oct. 13,1883 15,164,200 2 6 ^ 942, 000 Oct. 20,1883 15,252.900 202. 535, 700 Oct. 27.1883 15, 336, 200 258, 589, 600 2S5, 584, 500 2-4,332, 500 287, 844, F(H) 287, 122,80!) 283,681,400 2X0, 601, (500 284,106,200 277, 8^8, 600 27:5, 925, 800 49, 360, 6i 0 50, 067, 000 51,5F6, 700 50, 894, QtiO 47, 202, 900 46, 372, 800 64, 899,900 25, 060, 800 64, 288, 2')0 25,191, S00 65,409, 500 25, 208, 000 04, 302, 000 25, 375, 700 67, 470,600 1 25, 817, 300 68, 922, 500 27, 654,100 67, 579, 400 27, 875, 500 67, 638, 000 27, 354, 200 22, 443. 300 2), 566. 800 20,122,500 21,145,800 20, 719, 700 20, 617, 600 Sept. Sept. Sept. Sept, Oct. Oct. Oct. Oct. 6,1884 13,1884 20,1884 27,1884 4,1884 11,1884 18,1884 25,1884 14, 221, 000 14,132, 300 14, 081, 400 14J083,300 13, 578, 400 12, 884, 700 12,752, 700 12, 91.0, 900 251,527, 200 251, 654, 700 254,141, 2i:0 252, 705, odO 251,696,800 261, 801,600 261,527,700 261,405,400 265, 748, 200 265, 787, 000 268,222,600 266,8-18,800 270, 275, 200 274, 686, 300 274.280,400 274J 316, 300 Sept. Sopt. Sept, Sept. Oct. Oct. Oct. Oct. Oct. 5,1885 12, 3885 10,1885 116, 1885 3,1885 10,1885 17,1885 24,1885 31, 1885 9, 704, 700 9, 753, 300 9, 735, 800 9, 808, 000 9,1)02, 900 9, 921, 200 9, 954, 000 10, 000, 000 9, 989,800 321,859, Ono 320, 910, i;00 319, 0t30, 800 316, 767, 000 315, 002, 600 315, 596, 200 317, 296, 7dO 313, 767, 200 313, 309, 700 331, 563,700 102,921,100 330, 603, 300 100, 255,300 328, 796, 600 97, 333, 200 326, 575, 000 95, 037, 900 324,905, 500 92, 351, 6uO 325,517,400 93, 642, 500 327, 250, 700 91, 945, 300 323, 773, 200 87, 309,100 323,389,500 84,954,600 28, 701,900 131, 623, 000 28, 842, 300 129,097, COO 27, 662, 8<iO 124,996, (00 26, 014, 800 121, 052, 000 24, 516, 600 110, 808,200 23, 002, 000 116, 644, 500 22, 221,100 114,166, 400 21, 059, 800 108, 368, 900 21,874, 900 106, 829, 500 39.70 39.04 38. 01 37.07 35. 97 35. 83 34. 89 33.47 33. 03 Sept. 4.1886 Sept, 11,1886 Sept, 18,1886 Sept. 25,1886 Oct. 2,1886 Oct. -9,1886 Oct. 16,1886 Oct. 23,1886 Oct. 30.1886 8, 059, 200 8, 058, 000 8,104, 800 8,136,100 8,161,800 8,110, 700 8, 215, 900 8, 246,400 8, 234, 900 283, 366, 700 282,417,800 281,4.60, 500 283,170, 900 282, 295, 800 281,170, 758 2U5, 713, 900 283, 693, 500 284, 522, 500 291, 425, 900 SI, 371, 000 290, 475, 800 63,403,70;» 289, 571, 300 63, 823, 900 291. 307, 000 66, 714, 600 290, 457, 600 64, 111, 700 289, 281, 4.J8 65,090,9110 303,929, 800 65,028, 600 291, 939,900 65, 668, 400 292,757,400 66,188,100 19,071,400 16, 920, 300 15, 876, 700 15, 252, 200 14, 6i)7,700 13,069, 500 13,133,100 12, 803,8uO 13,177,200 80,443,000 80, 333, 000 79, 700,600 81,966,800 78, 719,400 78,160,400 78,161, 700 78, 472,200 79,365,300 27. 60 27. 66 27. 52 28.14 27.10 27.02 25.72 26.88 27.11 Sept. Sept. Sept. Sept, Oct. Oct. Oct. Oct. Oct. Nov. Nov. 8,112,000 8,115, 6i)0 8,126,000 8, 235,30C 8, 202,500 8,183,800 8,199,100 8, 216,200 8,115,100 8,046,100 8, 033,700 281, 345,100 279,915,600 279, 288, 500 278, 573, 000 281, 647, 300 285,703,700 289, 861, 5 0 289, 542, 800 289, 6 il, 900 289, 954,700 288, 289, 700 289, 288, 287, 288, 2S!>, 293, 298, 297, 297, 298, 296, 18, 786,100 17,769, 000 16, 389,600 16, 259, 600 15, 767, 500 16, 269, 700 16,885,400 16, 735, 800 17, 542, 400 17, 810,700 18, 070, 800 77, 961,800 76,620, 300 75,442, 500 76, 8i)o, 500 80, 386, 700 80. 587, 200 81,518,500 81,654, 500 83, 548, 200 82,450, 500 81, 862,400 26.93 26.60 26.25 26.81 27.73 27.42 27.36 27.42 28.06 27.67 27.63 3.1887 10.1887 17,1887 24,1887 1,1887 8,18R7 15,1887 22, 1887 29.18*7 5,1887 12,1887 457,100 031, 200 414, mo 808, 300 849, 800 890, 500 060,600 759, C'OO 717,000 Of 0,800 323,400 59,175, 700 58, 851, 300 59,052, 900 60, 635,900 64, 619, 200 C4, 317, 500 64,66;*, 100 64, 918, 700 66, 005,800 64, 039, 800 63,791, 600 230 REPORT OF THE COMPTROLLER OF THE CURRENCY. STATE OF THE LAWFUL-MONEY RESERVE OF THE NATIONAL BANKS AS STATES AND Dates. Oct. 1 1881 Dec. 31, 1881 Mar. 11 1882 4 May 19 1882 5 July 1 1882 6 Oct. 3, 1882 7 Dec. 30, 1882 . 8 Mar 13 1883 q Mav 1 1883 10 June 22 1883 11 Oct. 2 1883 Dec. 31, 1883 13 Mar 7 1884 14 Apr. 24, 1884 15 Juno 20 1J-S4 16 Sept. 30, 1SH 17 Dec. 20, 1^84 18 Mar. 10, 1885 19 M a y 6, 1885 July 1, 1885 ?^ Oct. 1, 1885 Dec. 24, 1885 73 Mar. I 1886 74 June 3, 1886 75 Auj;. 27, 1886 Oct. 7, 18K6 9,7 Dec. 28, 1886 *>8 Mar 4 18S7 29 May 13, 1P87 1 1887 SO Auff 31 Oct. 5, 1887 1 2 .. No. of banks. Net deposits. 1,895 1,926 1,945 1,081 1,996 2,026 2, 005 2, 097 2, r>8 2,160 2, 253 2,280 2 314 2,340 2,376 2,417 2,417 2, 425 2, 432 2,442 2,467 2,485 2,518 2, 552 2,580 2, 500 2, 612 2, 644 2,676 2 7°4 2.756 $507, 247,143 518, 701, 965 515,108,159 510,247,650 527, 588, 049 545, 842, 600 554, 245, 520 550, 892, 283 550, 309,-464 500, 731,879 577, 880, 812 570,512,711 573 610, 5^4 575, 905, 025 544, 660, 331 535, 807, 406 520, 283, 576 537,613,418 540, 281, 214 552,196, 593 570, 838, 327 580,879,155 596, 051, 483 611,733,799 623,886, 736 637,564,136 651,607,492 675 355, 824 682, 845, 855 68'> 963 777 690, 622, 007 Reserve required. $76,196,945 77, 809, 257 77, 283, 686 77,891,110 79,142,169 81,880,361 83,140,390 S-\ 637,104 83, 449, 581 84,112,683 86, 6?5, 688 86, 930, 753 86, 046, 715 86,399,253 81,699,049 80,371,110 78, 042, 536 80, 642, 012 81,042,182 82, 829,4fa9 85, 625, 749 87,131, 873 89, 407,722 91, 760, 069 93,583,010 95, 634, 620 97, 754,624 101, 303, 374 102, 426, 878 102 444 566 103, 593,301 RESERVE Oct. Dec. Mar. May July Oct. Dec. Mar. May June Oct. Dec. Mar. Apr. June Sept. Dec. Mar. May July Oct. Dec. Mar. June Aug. Oct. Dec. Mar. May Aug. Oct. 1, 1881.. 31, 1881.. 11, 1882.. 19, 1882.. ], 1882.. 3, 1882,. 30, 1882.. 13, 1883.. 1, 1883.. 22, 1883.. 2, 1883.. 31, 1883.. 7, 1884.. 24, 1884.. 20, 1884.. 30, 1884.. 20, 1884.. 10, 1885.. 6, 1885.. 1, 1885.. 1, 1885., 24, 1885. 1, 1886.. 3, 1886. 27, 1886.. 7, 1F86. 28, 1886. 4, 1887., 13, 1887. 1, 1887. 5, 1887. 237 238 242 242 243 243 243 246 247 248 248 249 249 249 249 247 247 246 246 247 247 247 250 2r>7 260 262 263 265 279 290 293 604, 438, 599 577,163, 351 564, 058, 531 590, 883, 075 604, 391, 647 572, 791,257 505. 948, 445 5"9,431, 070 5(58, 267, 546 611,259,171 590, 785, 030 612,621,435 642, 682, 644 620, 221, 832 534, 629, 056 562, 888,1 (-5 588, 2(19, 710 626,616,071 644, 259, 607 669,109, 214 677, 333, 000 666, 672, 097 701,576,125 683, 992, 858 656, 759, 355 664,245,121 671,648,508 712,504,320 721,809,242 706, 708, 847 697, 767, 889 151,109, 650 144,290, 838 141, 014, 632 147,720,769 151,097,911 143,197, 814 141,487,111 139, 857, 768 142,066, 886 152,814,703 147,696,483 153,155,359 160, 670, 660 155, 055, 456 133, 657, 263 140, 722,026 147,H)74,927 156, 654,242 161,064,902 167,299,805 169, 333, 265 166,668,024 175, 394,031 170, 998,214 164,189,838 166,061,280 167,912,127 178,126,082 180,467, 310 176,677,212 174,441,972 REPORT OF THE COMPTROLLER OF THE CURRENCY. 231 SHOWN BY THEIR REPORTS FROM OCTOBER 1, 1881, TO OCTOBER 5, 1887. TERRITORIES. Reserve held. Amount. $158, 299, 042 159,000.717 150, 725. 091 154, 776, 359 151,908,107 150, 351, 513 158, 832, 406 155,131, 167 148, 836, 600 157, 72S, 089 157, 493, 584 167, 741, 690 167, 008, 072 162, 460, 064 145, 997, 562 150, 304. 733 161, 80-1, 287 175, 0:10, 558 171, 011, 833 170, 245, 483 177, 470, 804 181, 357, 249 18.1, 591, 775 181, 552, 648 188, 847, 786 186,191. 889 192, 278, 974 203. 307, 527 198, 863, 737 189, 537, 562 190, 919,164 Ratio to liabilities. Classification of reserve held. Specie. Legal tenders. RedempUnited States Due certificates of from reserve tion fund with deposit. agents. Treasurer. 31.2 3u.7 29.3 29.8 28.8 27. 5 28.7 28.2 26.7 28. 1 27. 2 28. 6 29.1 28. 2 20. 8 29.2 31.1 32.6 31. 6 30. 8 31.1 31. 2 30. 4 29. 6 30. 2 29.2 29. 5 30.1 29.1 27.7 27.6 $27, 509, 821 30, 283, 767 29, 161,734 30,036,477 30, 089, 064 30, 024, 289 31, 095, 496 30, U72, 360 31,414,155 31,055,220 31,253,194 33,178, 829 33,471, 053 3(5. 352, 684 36, 407, 051 35, 238,175 34, 587, 231 38, 852, 692 40, 736, 669 40, 065, 640 41, 467, 335 42,195, 802 45,138, 994 49, 082, 209 47, 370, 313 47, 824, 967 50. 326, 819 50, 884,172 51,145, 531 48, 955, 455 50, 821, 078 $26, 473, 002 28,905,001 26, 897, 694 28,160, 627 26, 857, 620 28,318,646 31,038,111 28, 871, 031 30, 367, 252 29,053,116 30, 245, 600 32, 695, 299 29, 859, 218 30, 944,464 31, 448, 254 30,392,840 29, 943, 391 30,134,197 29, 508, 030 27, 473, 329 29, 375, 936 28, 898, 910 27, 257, 991 29, 256,191 28, 214,619 29, 672, 277 31, 879,137 30, 643, 368 32, 418, 634 30, 878, 291 32,129, 930 $620,000 595, 000 610, 000 535, 000 620, 000 610, 000 635, 000 565, 000 585, 000 575,000 585, 000 610, 000 595, 000 550, 000 575, 000 500, 000 565, 000 663, 000 635, 000 635, 000 500, 000 530, 000 475, 000 465, 000 460, 000 460, 000 500, 000 555, 000 545, 000 470, 000 475, 000 $92, 335, 036 87, 745, 656 82, 599, 924 84, 721, 969 83, 221, 970 80, 064,196 84, 783, 917 84,431,394 75, 216, 795 65, 825. 601 84,119, 738 88, 057,473 92, 207, 704 83, 664, 761 60, 843, 814 79, 652,119 80, 489,195 95, 289, 830 89, 991, 054 92, 008, 593 95, 954, 541 99, 687, 965 98, 901, 439 93, 459, 713 103,612,532 99, 493, 068 101,746,037 113, 943, 928 107, 857, 035 102, 597, 807 100, 879, 879 $11, 361,183 11, 531,293 11,455,739 11, 322, 286 11,119,453 11,334,382 11,279,882 11,191,382 11,253,404 11,219,153 11, 290, 052 11, 200, 089 10,815, 097 10, 954,1.55 10, 723, 443 10, 521, 599 10, 279,470 1(>, 088, 839 10,141, 074 10, 002, 921 10,172, 992 10,044,572 9, 818, 351 9, 289, 535 9,160,322 8, 741, 577 7, 826, 981 7, 281, 059 6, 897, 537 6, 636, 009 6, 613, 271 1 2 3 4 5 G 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 27.0 28.0 28.0 29. 2 27.8 26.8 28.7 26.6 27.5 30.2 ?9. 0 29. 7 30. 9 28. 9 30. 0 33. 7 35.4 37.7 38.4 38. 3 35.1 32 4 32.1 31. 0 28.6 28. 7 29.9 30.1 29.5 29.2 29.1 85,162, 735 82, 253, 632 79, 620, 297 81,177, 310 80, 751,158 72, 883, 489 75, 331, 663 67, 89< >, 006 72, 19'*, 111 84, 299,176 76, 564, 789 81, 097, 329 88, 609, 073 78, 392, 023 73, 254, 631 93, 371, 299 105,159, 848 128, 263,181 136, 678, 750 137, 546, 852 133, 405, 237 123,158,550 126, 476, 925 108, 377, 660 101, 630,179 108, 562, 730 116, 656, 737 120, 794, 734 116,170,136 116,148,755 114, 264, 376 26, 677, C02 31,188,493 29, 725, 298 37, 797, 247 37,153,139 34, 994, 871 37, 4 H), 310 31, 977, 037 37, 889, 216 44, 779, 342 40,437, 397 47,864,497 45, 987, 877 46, 768,164 45,468, 958 46, 651, 819 46, 426,164 40, 883,125 47, 828, 963 52,228, 023 40, 362,183 38, 686, 556 39, 756, 895 50,400, 597 35, 825,132 33,140,045 35, 860, 691 35, 584, 700 47,176,454 43,599,051 41, 621,319 6,120, 000 7, 335, 000 8, 83% 000 9, 850, 000 10, 425, 000 8, 035, 000 7, 840, 000 7, 840, 000 7, 835, 00;» 10,070,000 9, 375, 000 10, 230, 000 13, 450, 000 11,440, 000 9, 295, 000 13, 700, 0u0 18, 475, 000 22, 095, 000 18, 500, 000 2.', 285, 000 18, 300, 000 11, 235, 000 11, 955, 000 11, 385, 000 7. 655, 000 5, 395, 000 5, 695,000 7, 090, 000 7, 480, 000 7, 340, 000 5, 715, 000 40,633,147 35,784, 810 34, 852, 796 39, 467, 976 35, 233, 042 33, 213, 032 37, 282,190 36, 592, 761 34, 090, 027 40, 821, 353 40, 798, 990 38, 94% 133 46,437,308 38, 827,197 28, 403, 338 32, 340, 900 34, 672. 781 41,172, 443 40, 912, 049 40, 661, 809 42,402, 609 39, 551, 479 43, 904, 247 39, 567, 423 40, 072, 689 41,271,509 40, 371, 942 49, 217, 253 40, 210, 839 37,672, 349 39, 993, 709 4, 754, 569 4, 848, 397 4, 769, 548 4, 534, 632 4, 461,139 4, 481,464 4,493, 609 4, 407,118 4,411, 768 4, 392,424 4, 271, 832 4, 087, 595 4,027,585 3, 944, 410 3, 809.102 3, 786, 688 3, 615, 312 3, 560, 564 3, 535, 850 3, 501, 437 3, 424, 960 3,360,192 3,134, 897 2, 908. 991 2, 708, 591 2, 616, 438 2, 229,148 1, 999, 696 1, 913, 048 1, 705, 980 1, 697,171 .1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 80 31 CITIES163, 348, 053 161, 410, 332 157, 802, 939 172. 827,165 167, 963, 4.78 153, 557, 856 162, 387. 772 148.706,922 153,419,122 181,302,295 171, 448, 008 182, 221, 554 198, 511, 843 179, 371, 793 160, 231, 029 189, 850, 706 208, 349,105 235, 974, 313 247, 455, 612 256,223,121 237. 894, 989 215, 991, 777 225,227,061 212, 639, 672 187, 891, 591 190, 985, 722 200,813,518 214, 686, 473 212, 950, 477 206, 466,135 203, 291, 575 232 REPORT OF THE COMPTROLLER OF THE CURRENCY. LAWFUL-MONEY RESERVE OF THE NATIONAL BANKS AS SHOWN BY THE REPORTS Deposits. Reserve required (25 per cent.). 47 18 5 $284, 339,105 64, 646, 938 10, 297,188 $71, 084, 776 16,161, 735 2, 574, 297 $80,114,690 19, 739, 388 2, 722, 804 28.18 30.53 26.44 0 359,283,231 89,820,808 102, 576, 942 28. 55 25, 765, 696 3, 000, 840 25, 420,214 7, 466, 295 5, 985, 381 2, 288, 808 2, 718, 929 1, 807, 0B5 7, 488, 305 2, 920,125 3, 693, 684 1, 752,158 5,182,163 670, 507 3, 221, 350 1, 283,143 27.97 31.36 31.14 27.86 32.57 35.56 25.91 24.24 29.49 26.75 29.19 29.82 36.66 25.77 31.21 36.21 No. of banks. Cities, States, and Territories. Reserve held. Ratio of reserve. Per cL New York City C h icago Saint Louis Totals of central reserve cities Boston Albany Philadelphia Pittsburgh Baltimore Washington New Orleans Louisville Cincinnati C leveland Detroit Milwaukee Kansas City Saint Joseph Omaha San Francisco Totals of reserve cities , Totals of all the reserve cities Maine New Hampshire Vermont Massachusetts Rhode Island Connecticut New York New Jersey Pennsylvania Delaware , Maryland District of Columbia. Virginia West Virginia Nort h Carolina South Carolina Georgia Florida Alabama Mississippi Louisiana Texas Arkansas Kentucky Tennessee Ohio •... Indiana Illinois Michigan Wisconsin Iowa Minnesota Missouri Kansas Nebraska Colorado Nevada California Oregon Arizona Dakota Idaho Montana New Mexico Utah Washington Wyoming 92,113, 350 9, 728, 934 81, 642, 059 26, 797, 251 IS, 377, 7J6 6, 436, 273 10, 491,129 7, 456,084 25,396,147 10, 915,115 12, 652,175 5, 874, 862 14,135, 898 2,601, 502 10, 322, 425 3, 543, 668 223 338,484, 658 84, 621,164 100, 714, 633 29.75 293 697, 767, 889 174,441, 972 203, 291, 575 29.12 72 49 49 198 61 83 269 81 237 17 31 1 25 20 18 15 21 8 20 12 5 91 7 59 40 192 93 160 100 53 128 58 35 139 95 31 2 30 23 1 62 0 17 9 7 18 10,112, 332 6, 890,484 6, 720, 560 54, 494, 538 15, 321,123 24, 853, 986 88, 772, 384 39, 675, 377 71,985,304 4, 0G6, 472 6,705,176 805, 844 10, 648, 5.30 3,040,011 3, 518, 049 3, 865, 578 4, 926, 282 1,532,936 5, 772,056 1,245,493 8H,4l2 13,368,011 2,412,782 11,257,769 12,491,787 40,8(15, 984 25,191,1*3 35,235,878 23,095,161 12, 851, 562 19, 687,484 30,165, 674 4, 442, 271 17, 483, 905 9, 9-13, 345 16,165,701 455, 059 19,568,245 6,011,638 194,627 5,935,815 570, 500 8,196, 546 1,583, 219 2,423, 687 3,618, 193 1,682,048 Totals of country banks | 2, 756 690, 622, 007 United States | 3,049 1, 388, 389, 896 23,028,337 2,432, 233 20,410.515 6, 699, 313 4, 594, 432 1, 609. U68 2, 622, 783 1, 864, 021 6, 349, 037 2, 728, 779 3,163, 044 1, 468, 715 3, 533, 974 6c 0, 390 2, 580, 61 6 885, 917 15 per cent. 1, 516, 850 1, 033, 573 1, 0U8, 084 8,174,181 2, 298,168 3, 728, 098 13, 315, 858 5, 951, 306 10, 797, 796 '609,971 1, 005, 776 120,876 1, 597,282 456, 002 527,707 579, 837 738, 942 229,940 865, 808 180,824 124,716 2, 005, 202 361,917 1,688,6C5 1, 873, 768 6,120, 89H 3, 778,670 5, 285, 383 3, 4G4,274 1,927,734 2,953,122 4, 524, 851 606,341 2, 622, 586 1,491,502 2, 424, 855 68, 259 2, 935, 237 901,746 29, 194 8sl(), 372 85,575 1, 229, 482 237, 483 31S3, 553 542, 730 252, 307 2, 751, 943 2, 200, 816 1, 717, 275 14, 306, 786 3, 698, 768 7, 403, 931 22, 203, 218 10, 068, 633 20,718,933 1,230,916 1, 819, 234 366, 643 2,304, 498 920,130 937, 034 1,073,573 1, 273, 987 340,250 1, 355,976 444, 159 222, 949 4, 562, 972 500, 520 2, 967,876 2,661,738 11,512,566 8,138, 062 12, 208, 959 5, 586, 859 3, 537, 470 5,758,164 6, 972, 392 1,611,121 5, 515,220 2,510,413 5,6i»l, 788 62,189 6,817,822 1,222, 8(;6 33, 027 1, 333, 444 115,072 1,814,347 382, 862 757, 357 810,190 483, 346 '27. 21 31.94 25.55 26.25 24.14 29.79 24.94 25.38 28.78 30.27 27.13 45.74 21.64 30. 27 20. 63 27.77 25.86 22. 20 23.49 35.66 26.81 34.13 20.76 26.33 21.30 28.21 32. 31 34. 65 24.18 27.53 29. 25 23.10 36.27 31.54 25.25 35.15 13. 67 34. 84 20.34 16.85 22.46 20.33 22.14 24.12 31.25 22. 39 28.74 103, 593, 301 190,919,164 27.64 278,035, 273 394, 210,739 28.39 REPORT OF THE COMPTROLLER OF THE CURRENCY. OF THEIR CONDITION AT THE CLOSE OF BUSINESS ON OCTOBER 5, $70,662, 876 16,114,485 2, 542, 352 89, 319, 713 Held. Bervo.gei.to. Treasurer. $1,605,000 110,000 140, 000 77, 919, 387 22, 301, 4 CO 1, 855,000 2, 204, 262 98, 8f)0 4, 334, 432 1, 699, 013 877,182 587, 5%* 1, 295, 733 792, 247 2,639, 249 881, 000 831,416 529, 015 1, 426, 755 210 710 905, 694 6, 705 195, 000 200, 000 1, 230, 000 102, 075,847 41, 712, 544 59, 524, 848 511, 289 341 016 338, 472 2, 838, 288 827, 529 1, 326, 048 4, 979,152 2, 258, 258 4, 050,668 215,280 377, 683 43, 850 615,015 170, 211 194, 582 2"0, 930 277, 784 88, 727 331,190 , 69,88") 47,637 760,480 137,612 615,638 I 723, 922 2, 276, 635 1,429,151 2, 029,717 1,331,050 746, 911 3,127, 322 1, 778, 613 252, 451 1,002,963 569, 535 952, 3G5 26, 029 1,154, 948 349, 094 11, 228 338,826 32, 560 48?, 133 90, 673 138,401 209, 900 96, 89.5 Eederaption fund with Leiral tenders. $14,464,861 6, 623,720 1, 212, 679 12, 395, 938 1, 234, 042 17,123, 368 4, 679, 3:(1 3, 817, 282 1, 012, 930 2, 071, 948 1, 054, 501 4, 632, 417 1, 714,379 1, 896, 083 1, 001, 693 2, 913, 519 367, 094 1, 853.139 1, 097,184 131, 032, 257 Specie. $79, 692, 79M $63, 622, 929 12, 958, 418 19, 692,138 1, 338, 040 2, 690, 919 ~ 1 1 , 291, 253 1,190, 287 10,141*, 091 3. 3U9, 946 2, 251, 092 791,113 1, 281, 01G 910,147 3,096,184 1, 351, 027 1, 572, 522 727, 607 1, 759,112 322, 301 1, 283,103 426, 083 161,600, 695 38,792,012 83,426,014 245, 026, 709 810, 000 80, O'JO 1, 330,000 15, 000 $421, 900 47, 250 31, 945 501, 095 $12, 923, 926 1, 765,140 8,173, 712 2. 707, 542 2, 075, 849 649, 037 580, 231 720, 807 2, 690, 218 1,179, 021 1, 779, 601 676, 965 2, 252, 894 297, 746 1, 353, 811 152, 209 445,832 51, 658 123,134 79, 422 92, 250 26, 841 60, 750 31, 727 156, 670 20, 725 18, 000 13, 500 15, 750 5,667 14,400 33,750 30, 344, 989 19, 319, 859 3, 860, 000 39, 993, 709 1,196, 076 114, 264, 37G 41, 621, 319 5, 715,0U0 39, 993, 709 1, 697,171 1,600, 389 1, 505, 536 993, 278 8, 764, 061 2, 283, 584 4, 551, 554 12, 941, 823 6, 092, 859 12, 335, 759 735, 252 939,178 81, 594 883, 479 364,638 44(5, 321 250, 078 216, 072 108,926 541,371 138, 086 55, 879 1, 382, 2oO 219,653 1,728,671 1,012,847 4,882,761 3, 453, 169 7, 473, 837 2, 902, 832 1, 990, 253 3,01)1,454 3, 540, 735 949, 742 2,731,616 1, 347, 086 3, 324, 235 3,015 2, 850, 407 '£07, 739 238, 628 178, 783 161, 904 1, 078, 461. 229, 345 412, 979 867, 979 305, 601 671,129 71,772 61. 568 11,250 59, 745 30,474 41, 251 27, 513 44,483 8,122 37, 832 12, 112 5, 624 104,001 17,887 149, 570 63, 964 429,310 205, 792 211,090 134, 400 60, 406 134,817 912, 926 516, 527 562, 093 4,464,264 1,185, 839 2,489,398 8, 393, 416 3, 670,113 7, 712, 047 423,892 818,488 273, 799 1,361,274 525, 018 449,402 795, 982 1,013,432 223, 202 770, 773 293, 961 161,440 3, 070, 721 262, 980 1,089,635 1, 584,9-7 6, 200, 495 4,479,101 4, 524, 032 2.489, 627 1,477,701 2,531,893 3, 353, 338 626,166 2, 608, 425 1,01)5,602 2,313,611 57,487 3, 919, 548 980, 057 31,902 837, 643 88, 563 1, 384, 483 1*3, 766 377, 740 545, 494 265, 600 169, 824, 269 1887. Classification of reserve held. Cash reserve. Required. 233 219,29G 122, 493 174, 399 1,221,311 510, 347 691,103 2, 953, 729 1, 807, 669 2,. 927,227 1.40, 253 377, 513 305,140 754,434 249,046 254, 223 470, G81 406, lltf 115,440 411,324 140, 554 01, 733 1,820,126 96, 300 533, 074 721,378 3,277,439 1, 977, 615 1, 821, 456 853,715 48i,90l 991,4^5 966, 060 302,143 1, 208, 207 328,188 890, 621 195, 000 240, 10, 10, 10, 000 000 000 000 10, 000 347, 621 38, 583 12, 550 387, 989 39,715 624, 295 84, 223 70, 498 51,120 2!), 584 50,821,078 j 165,085,454 j 32,120,936 ; 73,751,255: 78,319 29,010 452, 493 23,234 408, 209 188, 297 362, 067 246, 883 207, 077 475, 000 100,879,879 6,613,271 6,190,000 140, 873, 588 8,310, 442 j i 14 15 16 234 REPORT OF THE COMPTROLLER OF THE CURRENCY. ABSTRACT OF REPORTS OF EARNINGS AND DIVIDENDS OF NATIONAL BANKS States, Territories, and reserve cities. 1 2 3 4 5 0 7 8 9 10 11 12 13 14 Division No. 1 563 165,252,370 41, 897,072. 33 207,149,442, 33 New York New York City 268 45 6 74 230 40 23 35, 224, 850 45,150, 000 1, 750, 000 12, 293, 350 32, 875, 290 20, 359, 300 10,180, 000 9,882,105.57 27, 523, 704. 21 1, 240, 000. 00 4, 214, 680. 08 10, 880, 739. 38 10,150,902.97 4, 072,343. 05 45,106,955.57 72,673, 704. 21 2, 990, 000. 00 16, 508,030. 08 43, 756, 029. 38 30, 510, 202. 97 14, 25-', 343. 05 68Q 157, 832, 790 67, 964, 475. 26 225, 797,265. 26 16 28 17 1 6 25 19 2, 033, 985 2,716,700 11,713,260 252, 000 1, 325,000 3,781,300 1, 861, 000 771, 250. 00 880,778.11 3, 382, 029. 57 60, 000. 00 386, 500. 00 1, 292, 015. 55 457,840. 67 2, 805, 235. 00 3,597,478.11 15, 095, 289. 57 312, OttO. 00 1,711,500.00 5, 073, 315. 55 2,318,840.67 112 23, 683, 245 7, 230,413. 90 30, 913, 658. 90 17 16 17 9 12 8 1 8 73 6 59 9 34 2,376, 000 1,798, 000 2,736,300 550,000 1, 935, 000 650, 000 100, 000 3,425, 000 7, 459,100 755, 000 9,758,900 3, 551, 500 5,470,140 532, 548. 83 787, 680. 00 900, 832. 99 46, 000. 00 401,159. 87 96,288. 57 11,000.00 1,163, 000. 00 2, 289, 983. 56 212,300.00 2, 254, 089. 75 934, 003. 09 1, 076,307. 80 2, 908, 548. 83 2, 585, 680. 00 3,643,132.99 596, 000. 00 2, 836,159. 87 746, 288.57 111,000.00 4, 590, 000. 00 9, 749, 083. 56 907, 300. 00 12, 012, 989.75 4, 485, 503. 09 6,552,447.80 269 40, 570, 940 10, 713,194. 40 51,284,134.46 186 13 9 92 153 15 97 7 47 3 22, 249, 000 9, 600, 000 6, 600, 000 11,894,500 14, 011, 500 13, 950, 000 10, 484, 600 3, 300, 000 3, 985, 000 650, 000 4, 905, 737. 57 1, 444, 000. 00 809, 000. 00 3,436,825.19 4, 488, 954. 76 3, 715, 000. 00 2,100, 215. 92 424, 300. 00 1, 069, 668. (56 390, 000. 00 27,154,737.57 11,044,000.00 7, 409, 000. 00 15, 331, 325.19 18,500,454.76 17, 665,000. 00 12,584,815.92 3, 724, 300. 00 5, 054, 668. 66 1, 040, 000. 00 622 36,724, 600 22,783, 702.10 119,508,302.10 126 52 39 5 103 89 10 140 000 12, 305, 000 5, 831, 000 3, 000, 000 7, 087,100 7,198,175 2 504,706.98 2, 301, 052. 39 873, 472. 29 1, 065, 000.00 1, 230, 209. 99 1,322,508.57 12, 644, 706. 98 14, 606, 052.39 6, 704, 472. 29 4,065, 000.00 8, 317, 309. 99 8, 520, 743.57 414 45, 561, 275 9,297,010.22 54, 858,285. 22 27 2 23 3 17 2,435, 000 150, 000 3, 080, 000 2, 600, 000 1, 285, 000 895, 500. 00 30, 000. 00 712, 903.10 253,891.24 100,850.00 3,330, 500.00 180, 000. 00 3,792,963.10 2,853,891.24 1,385, 850. 00 72 9, 550,000 1, 993, 204. 34 11, 543,204.34 Khode Island Connecticut New Jersey Pennsylvania Philadelphia Pittsburgh .. Delaware .. Maryland . . . . Baltimore District of Columbia . . . . DivisionNo.3 23 24 25 Florida. 27 Mississippi.- . . . . . 29 30 31 32 33 34 New Orleans Texas Arkansas Kentucky . . . .. . ........ .... Tennessee Ohio Cincinnati Cleveland Indiana Illinois Chicago . . . . . ....... Detroit 44 Milwaukee Division No. 5 T 40 47 48 Minnesota 50 Division No. 6 r >1 52 54 55 Capital and surplus. $2,373, 735.09 $12,733,735.09 1, 397,072. 60 7, 552,072. 60 1, 548, 346. 50 9,239, 346. 50 13, 820, 321. 58 58,910,821.58 11 651, 206. 03 62, 601, 206. 03 4,146, 355. 82 24, 480, 405. 82 6, 900, 034. 71 31, 631, 854. 71 Virginia 33 30 40 41 4? Surplus. $10,360,000 6,155,000 7, 691, 000 45, 090, 500 50 950,000 20, 334, 050 24, 671, 820 21 36 Capital stock. 71 49 49 195 54 61 84 DivisionNo. 2 15 16 17 18 19 No. of banks. Colorado . . . Nevada California . . Oregon Division No. 7 . . . ........ REPORT OF THE COMPTROLLER OF THE CURRENCY. 235 IN THE UNITED STATES FROM SEPTEMBER 1, 1886, TO MARCH 1, 1887. Ratios. Dividends. Charged off. to Earnings to Dividend Dividend and capital and Premiums. to capital. capital surplus. surplus. Net earnings. Per cent. Per cent. Losses. $365, 000.00 227, 050. 00 263, 930. 00 1,551,520.67 1, 368,863. 20 64^>, 914. 00 899, 202. 50 $225, 541.40 303, 594. 79 340, 887.31 1, 718, 388.16 1,730,927.11 822, 894. 47 1, 034,473. 73 3.52 3.69 3.43 3.44 2.69 3.16 3.64 2.87 3.01 2.8G 2. 63 2.19 2. 63 2.84 Per cent. 1.77 4.02 3.69 2.92 2.76 3. 36 3.27 $20,125.22 32, 8t)3. 79 45, 776. 97 159,822.19 203,746. 74 98,369.19 50,302.01 $369, 914. 26 14, 241. 33 42,116.10 388,117.51 474, 035. 10 90,96:1.15 246, 858.10 5,318,480.37 6,176,706.97 3.22 2.57 2.98 611,036.11 1, 626, 245. 58 1,331,190.77 2, 042, 5o2.45 114,700.00 553, 982. 00 1,645,249.10 829,660. 00 368,750. 00 1, 990, 766. 07 4, 274, 257.49 162, 653. 45 846, 138.15 2,031,672.75 1,196,054.48 597, 527. 30 3.78 4. 52 G. 55 4.50 5. 00 4.08 3.62 2.96 2. 81 3.83 3. 36 3.76 2. 72 2. 59 4.41 5.88 5.44 5.05 4.64 3. 92 4.19 97,423. 51 53,281. 16 5, 625. 00 40, 340. 89 111,781. 13 103,991 72 11,804.09 356, 562. 87 867,495.91 12, 034. 23 109, 208. 20 260,871.25 178,227. 35 57, 6^5. 09 6, 88", 094. 32 11,099,069.69 4.36 3.05 4.91 424, 307. 50 1, 842, 084. 90 88, 929. 97 115,577.14 421,571.10 10, 080. 00 49,375.00 138, 942, CO 72, 330. 00 127,390. 33 147,984.76 508, 248. 73 11,917.94 67, 807. 91 205, 471. 82 73, 868.49 4.37 4.25 3. 60 4.00 3. 73 3.67 3.89 3.17 3.2L 2. 79 3. 23 2. 88 2. 74 3.12 4. 54 4.11 3.96 3.82 5.13 4. 05 3.19 1,100.00 17, 092. 37 6, 438. 57 2, 500. W) 875. 00 13, 227. 63 3, 890. 57 9,013.72 15,4*2.51 180, 185.76 2,431.89 7, 795. 93 68, 250. 83 10, 549. 07 896, 805. 21 1, 252, 689. 98 . 3.79 2. 90 4.05 45,124.14 293, 709. 74 915, 330. 00 77, 350. 00 101, 875. 00 25, 000. 00 8:{, 000. 00 86, 500. 00 4, 000. 00 187, 760. 00 521, 596. 00 41.000.00 371, 795. 00 133, 0G0. 00 25(5, 341. 60 121,437.30 105, 323. 50 126, 933. 23 36,210.08 163,170. 83 45,168.40 4, 737. 52 200,110.60 556,151. 96 61,466.38 439, 458. 39 132,991.49 373, 883. 99 3. 93 4, 30 a. 72 4. 55 4. 29 5.62 4. 00 5. 48 6. 99 5.43 3.81 3. 75 4.68 3.21 2. 99 2.82 4.19 3. 55 4.89 3.64 4. 09 5. 35 4.24 3. 09 5, 050. 56 28, 650. 00 12, 0!8. 13 3,490.29 3. 000. 00 235. 35 1 000.00 7,431.57 8, 943. 33 1,562.50 67,893 71 31, 007. 23 2, 999. 32 44. 844.91 24.459.16 15, 944. 30 3,665 19 19, 352. 35 1,131.25 2.96 3.91 4. IB 4.07 3. 48 6.08 6.98 6. 05 4.31 4. 36 5.70 6. 35 3.66 2. 96 5.71 1, 932, 597. 06 2,307, 052.67 4.7G 3. 77 4.62 173,287.99 835, 724. 57 302, 500. 00 192, 000. 00 578, 180. 00 692, 230. 00 556, 000. 00 537,261.80 140, 000. €0 194,572.02 26, 000. 00 997, 330. 28 4.")5, 546. 23 287, 995. 25 664, 637. 69 97?, 487. 60 1,132, 195.30 690, 571. 41 185, 737. 07 289,316.21 54, 489. 02 3. 76 3.15 2. 91. 4.86 4. 94 3.99 5.12 4.24 4.8S 4. CO 3.08 2.74 2. 59 3.77 3. 74 3.15 4, 27 3.76 3. 85 2.50 3. 67 4.12 3. 89 4.34 5.28 6.41 5. 49 4.99 5. 72 5.24 70, 260. 58 23,117.50 11,657.56 59,512.79 15, 106.06 4, 054, 468. 45 5, 735, 806. 66 4.19 3.40 4.80 234,193.79 43 1, 020, 267. 02 44 545, 250. 00 524,150.00 2L(i,9!M.3.'J 105,000.00 412, 99.'. 90 385, 389.15 641, 110.20 997, 235.15 391,494.24 145, 0*9. 03 747, 995.13 613, 111.95 5.38 4.26 3.72 5.07 6.83 5.84 3.57 9. 00 7.22 28, 904. 56 4,752.49 22, 666. 30 19, fi20. 68 14,198.55 35, 047. 66 99, 536.23 73, 743. 53 r 20, 179.45 51,222.93 30,641.06 52,170. 66 48 40 7, 845. m 22, 118. 91 3, 312. 50 13, 5fl2.x03 7, 700. 00 GO, 929. 40 258, 309. 97 4, 288.152 63,495. 95 30, 350. 39 59, 3G4. 45 580, 139.94 21*, 326. 74 54, 395. 54 75, 101.64 86, 487. 32 150, 443. 42 321, 085. 07 50, 18.-). V9 25, 750. 09 28,481.33 4,010.58 1 ?, 3 4 5 6 7 8 9 70 il V>, 13 14 15 16 17 18 19 *>0 ?? ?3 ?4 95 ?r> °7 ?8 9Q ?0 ?1 ?° 33 34 35 0-! 38 °0 40 41 1° i 5.S6 4.31 3. 59 3. 24 2.58 4.97 4.52 2,189,776.38 3, 535, 985. 70 j 4.81 3.99 6.45 124, 596. 24 333, 493. 86 !>U 193, 400. 00 8 000 00 144'. 625. 36 52, SCO. 00 64, 800. 00 303,911.43 1 10 403 30 265, 340. 88 77, 872. 88 131, 537.42 7.94 5 33 4.70 2. 02 5.04 5.80 4 44 3.81 1.84 4.68 9.13 5 78 7.00 2.73 9.49 25, 246. 48 5,132.85 5, 600. 00 28, 528. 34 88, 605. 76 3 75° 9.'i 41,394. 16 !>L 12,354.51 4, 357. 99 463, 325. 36 789, 065. 91 4.80 3.97 6.83 64, 507. 67 150, 555. 35 55 ! ! I | 1 • 3.50 5.83 ! 54 236 REPORT OF THE COMPTROLLER OF THE CURRENCY. ABSTRACT OF REPORTS OF EARNINGS AND DIVIDENDS OF NATIONAL BANKS IN States, Territories, and reserve cities. Dakota Idaho Montana New Mexico Utah Washington Wyoming •No. of banks. $3,197, 000 350,000 1, 875, 000 825, 000 850, 000 1,130,000 953, 550 •. Division No. 8 United States Capital stock. Surplus. Capital and surplus. $585, 087,17 27,129. 59 368, 250. 00 168, 208. 81 325.250. 00 188,902.02 190, 000. 00 $3,782, 087.17 877,129. 59 2, 243, 250. 00 993, 208.81 1,175,250.00 1,318, 902. 02 1,143, 550. 00 117 9,180, 550 1, 852, 827. 59 11, 033,377. 59 2, 855 548,355, 770 163, 731, 900.20 712, 087, 670. 20 REPORT OF THE COMPTROLLER OF THE CURRENCY. 237 THE UNITED STATES, FROM SEPTEMBER 1, 1886, TO MARCH 1, 1887—Continued. llatios. Dividends. N e t earnings. Dividend to capital. $115,590.00 15, 000. 00 76, 400. 00 58, 500. 00 39, 500. 00 37, 550. 00 61, 500.00 Charged off. Dividend to Earnings to capital and capital and surplus. surplus. Premiums. $226, 048. 83 23,166.84210, 977. 82 49, 869. 57 72,163.10 95, 506. 34 65,184. 75 3. 73 4.29 4.07 7. 09 4. Co 3.3L 0.45 3.17 3.98 3.41 5.89 3. 30 2. 85 5.37 404, 040. 00 742, 917. 25 4.45 3.71 6.79 39, 845. 56 22,148, 587.75 31, 698, 794. 83 4.04 3.11 4.45 1, 716, 899. 00 6.13 6.14 9.41 5.02 6.14 7.24 5.70 $11,472.07 1, 423. 36 4,818.41 4;">9. 40 9, (595. 85 1,378.40 10, 598. 07 Losses. $46, 484. 50 ie, 952.40 10, 784.43 3, 69(5. 29 31,747.76 1,270.16 110, 935. 54 5, 963,431. 93 56 57 58 59 60 61 62 238 REPORT OF THE COMPTROLLER OF THE CURRENCY. ABSTRACT OF REPORTS OF EARNINGS AND DIVIDENDS OF NATIONAL BANKS I States, Territories, and reserve cities. No. of banks. Capital stock. Surplus. Capital and surplus. 72 49 49 197 54 61 $10, 385, 000 $2, 419, 208.45 $12, 804,208. 45 6, 155, 000 1,451,240.21 7, 606, 240. 21 7, 516, 000 1, 571, 125. 79 9, 087,125. 79 44, 815, 500 14, 148,180.64 58, 963, 680. 64 50, 950, 000 12, 377, 608. 09 63, 327, 608. 09 20, 834, 050 4, 218, 358. 39 24, 552, 408. 39 24, 681, 820 6, 933, 068. 94 31, 614, 888. 94 Division No. 1. 566 164, 837, 370 43,118,790.51 New York New York City , Albany New Jersey Pennsylvania Philadelphia.... Pittsburgh 269 45 6 75 233 41 23 34, 790, 301 45,150, 000 1,750,000 11,928,070 33,350, 340 21,558,000 10,180, 000 10, 058, 979. 68 28, 825, 762. 28 1, 243, 000. 00 4,481,270.18 11, 464, 029. 9i 10, 500, 803. 08 4, 234, 877. 29 Maine New Hampshire. Vermont Massachusetts... Boston Rhode Island Connecticut Division No. 2. 158,706, 711 Delaware Maryland Baltimore. District of Columbia. Washington Virginia West Virginia 17 30 Division No. 3. Division No. 4. Division No. 6., Colorado Nevada California San Francisco . Oregon Division No. 7 . 70, 808, 722.42 229,515,433.42 1 7 25 20 799, 350. 00 ~~2,~871, 335.00 908, 392. 65 3,675, 092. 65 3, 516, 510. 62 14, 779, 770. 62 60, 000. 00 312,000.00 481, 203. 75 2, 056, 203. 75 1,414,892.31 5,211, 192.31 463,426.19 2, 354, 426.19 117 23, 616, 245 7, 643, 775. 52 31, 260, 020. 52 2,412,280 1,718,000 2,818,375 500, 000 3,166,710 775, 000 400, 000 3, 425, 000 9,150, 000 900, 000 9, 808, 900 3, 551, 500 7,172, 250 544, 490. 66 2, 956, 770. 66 788, 800. 00 2, 536, 800. 00 3,770,106.71 931, 731. 71 60, 680. 00 560, 680. 00 3,719,613.66 552. 003. 66 899, 368. 27 124, 3(58. 27 430, 308.44 30, 308. 44 4, 624, 0U0. 00 1,199, 000. 00 2, 460, 004. 69 11,610,004.69 1,011,500.00 111,500.00 12,108, 209. 43 2,209,309.43 945,111.62 4,496,611.62 1, 300, 757. 80 8, 473, 007. 80 298 45, 828, 015 11, 368, 966. 28 57,196, 981..28 13 9 92 156 16 97 7 50 3 22,164, 0i>0 9, 800,000 6, 700, 000 11,894,500 14, 044, 500 14,310,000 10,484, 600 3, 300, 000 4,195, 0U0 650, 000 5,564,608.76 1, 720, 000. 00 892, 000. 00 3, 52-J, 593. 82 4,547,135.69 3, 987, 000. 00 2, 233,096. 80 451,000. 00 1,133, 583. 99 390,000.00 Division No. 5. Iowa Minnesota Missouri Saint L o u i s . . Kansas City . Saint Joseph. Kansas , Nebraska. Omaha 44, 849, 280. 68 73,975, 762. 28 2, 993, 000. 00 16, 409, 340.18 44,814,369.91 32, 058, 803. 08 14, 414, 877. 29 11, 263, 260 252, 000 1, 575, 000 3, 796, 300 1,891,000 17 North Carolina— South Carolina ... Georgia Florida Alabama Mississippi Louisiana New Orleans . Texas Arkansas Kentucky Louisville Tennessee Ohio Cincinnati. Cleveland.. Indiana Illinois Chicago Michigan Detroit Wisconsin Milwaukee . . . 77 2, 766,700 207, 956,160. 51 97,542,600 27, 328, 608. 66 11,520,000.00 7, 592, 000. 00 15, 417, 095. 82 18, 591, 635. 69 18, 297, 000. 00 12,717,696.80 3, 751, 000. 00 5, 328, 583. 99 1, 040, 000. 00 24, 041,020. 96 121, 583, 620. 96 126 56 31 5 5 2 116 89 10, 085, 000 13,040,000 2,281,000 3,000, 000 3,200, 000 300; 000 8, 210,100 5, 640, 000 2, 200, 000 2,600,190. 52 2, 378,452. 39 553, 947.48 1,070, 000. 00 397, 500.00 100, 000. 00 1,487, 020.17 897,447.84 570,500. 00 12, 685, 190. 52 15, 418, 452.39 2, 834, 947. 48 4,070, 000. 00 3, 597, 500. 00 406,000- 00 9, 697,120.17 6, 537, 447. 84 2, 770, 500. 00 438 47, 956,100 10,061, 058.40 58,017,158.40 ~~2J>05, 000 150. 000 3, 350, 000 2, 700, 000 1, 605, 000 928, 000.00 40, 000. 00 722, 550. 05 259, 046. 02 150, 850. 00 10, 310, 000 2,100, 446. 07 3,433, 000.00 190, 000.00 4, 072, 550. 05 2, 959, 046.02 1,755, 850.00 12,410,446.07 REPORT OF THE COMPTROLLER OF THE CURRENCY. 239 IN THE UNITED STATES FROM MARCH 1, 1887, TO SEPTEMBER 1, 1887. Charged off. Katios. Dividends. Net earnings. Dividend to Dividend to Earnings to and capital and Premiums. capital. capital surplus. surplus. Losses. $396, 800. 00 230, 550. 00 262, 930. 00 1, 545, 349 97 1, 357, 200. 00 655, 289. 00 907, 668. 50 $496, 673. 25 318, 527.1-2 316,208.82 2, 234, 865. 99 2,084,227. 12 851,053.91 923, 224.42 3.82 3.75 3.50 3.45 2.66 3. 22 3.68 3.10 3.03 2.89 2.62 2.14 2.67 2.87 3.88 4.19 3.48 3.79 3.29 3.47 2.92 $67, 082.03 37, 087. 90 11,963.24 268,921.46 106. 49i>. 75 33, 023. 07 59, 867. 20 $77, 650. 87 49, 397. 27 40, 284. 18 725, 458. 69 626, 289. 72 102,985.53 282,140. 36 5, 355, 787. 47 7, 224, 781. 33 3.25 2.58 3.47 584, 444. 65 1, 904, 206. 62 1,466,840.11 2, 076,100. 00 66, 500. 00 562. 204. 00 1,243,431.68 863, 560. 00 384, 750. 00 1,902,404.04 4,176,686.48 130,899.78 818, 503.19 1, 678, 068. 88 1,1»1, 335. 68 666, 842. 55 4.22 4.60 3.80 4.71 3.73 4.01 3 78 3.27 2.81 2.22 3.43 2.77 2.69 2.67 4.24 5.65 4.37 4.99 3.74 3.68 4.63 191,747.83 103, 677. 99 2, 000. 00 38, 241. 22 204, 008.49 30,064. 55 11,155. 63 493, 015. 42 1, 006, 329. 84 7, 544. 43 197,711.99 373, 050. 31 261,677.07 79, 225. 25 6, 663, 385. 79 10, 554, 740. 00 4.20 2.90 4.60 581,795.71 2, 418, 554. 31 89, 948. 85 130.418.00 414i 192. 42 10, 080. 00 49, 375. 00 140, 772. 00 <)5, 980. 00 132,161. 84 143, 835 01 418, 944.15 11, 542. 05 99, 669. 54 212, 083. 65 78, 891. 65 4.34 4.71 3.68 4.00 3.13 3.71 3.49 3.13 3.55 2.80 3.23 2.40 2.70 2.80 4.60 3.91 2.83 3. 70 4.85 4.07 3.35 9, 520. 99 38,918.54 21, 728. 85 12, 955. 78 26, 708.12 10,160. 83 900, 766. 27 1, 097,127. 89 3.81 2.88 3.51 119,993.11 278, 446. 51 73, 500. 00 60, 870. 00 162, 110. 00 24, 750. 00 119, 500. 00 22, 000. 00 12, 000. 00 121, 750. 00 417, 472. 22 131, 250. 00 390, 895. 00 133, 0(30. 00 255,419.00 107, 271.10 134, 734. 68 207, 677. 07 41,470.25 422, 578.16 80, 984. 80 34, 446. 53 221, 659. 00 526, 681. 06 79, b84. 54 435, 273. 97 142, 136. 63 543, 400. 09 3.05 3.83 5.75 4.95 3.77 1.84 3.00 3. 55 4. 56 14.58 3. 99 3. 75 3.56 2.49 2. 64 4.30 4.42 3.21 2.45 2.79 2.63 3.60 12. 98 3.23 2.96 3.01 3.63 5.31 5.50 7.73 11.36 9.00 8.00 4.79 4.54 7.88 3. 59 3.16 6.41 3, 200. 00 38,199.82 1, 585. 87 2, 874. 42 730. 00 2, 593. 38 781. 22 17, 750. 00 20, 419. 08 5, 343. 75 60, 437. 94 5,131.25 6, 784. 55 46, 9.77. 76 39, 340. 36 34,183.85 1, 180.50 26, 592.14 1,214.45 1,265.60 108, 633. 02 355, 082. 74 8, 935. 73 58,810.95 46, 856. 14 106, 735. 60 1, 930, 576.22 2, 977, 997, 88 4.21 3.38 5.21 165, 851. 28 835. 788. 84 900, 092. 83 310, 000. 00 498, 000. 00 689. 935. 00 507, 000. 00 480,130. 00 120, (J00. 00 242, 575. 00 42, 000. 00 1,158, 200. 39 747, 769. 67 279, 666. 11 641, 259. 21 837, 715. 65 1,282,847.28 676,148.4; 175, 574. 05 353, 019. 89 58, 970. 87 4.09 3.16 2.64 4.19 4.91 3. 54 4.58 3.64 5.78 6.46 3. 32 2.69 2.33 3.23 3.71 2.77 3.78 3.20 4.55 4.04 4.24 6.49 3. 68 4.18 4.51 7.01 5.32 4.68 6. 63 5.67 88, 618. 27 12, 500. 00 4, 345. 00 82, 327. 62 44. 305. 29 7, 337. Ci) 35, 504. 05 937. 50 16,667.73 20, 458. 69 248,133. 09 40,151 60 37, 560. 86 94, 742. 23 159, 793. 09 l&K 049. 32 76, 727. 90 44,143. 98 13, hO9. 69 5, 531. 32 3, 972, 702. 83 J77, ooo. oa 6, 214,171. 56 4.07 3.27 5.11 313, 001. 84 909, 643. 08 663,175. 22 665, 575. 01 144, 393. 12 204,349.70 301, 860. 94 15,427.23 650, 553. 45 469, 580. 91 97, 482. 95 5.00 4.57 4.70 3.67 4.06 3.33 5.35 6.41 3.14 3.98 3.87 3. 78 2.70 3.61 2.46 4.53 5.53 2.49 5.23 4.32 5.09 5.02 8.39 3.80 6.71 7.18 3.52 20, 589. 59 25, 371. 98 7, 216. 42 375. 00 812. 50 31,790.32 27, 295.42 4, 947.50 60,134. 98 128, 223. 59 9, 880. 36 23,143. 35 76, 788.1>2 16, 336. 83 137, 747.13 16, 797. 07 5,116. 80 2, 327,951. 59 3, 212, 398. 53 4.85 4.01 5.54 124, 398. 73 480,169. 03 206, 000. 00 6, 0U0. 00 186, 500. 00 52, 500. 00 52, 500. 00 289, 829. 86 12, 768. 39 295, 467. 08 96, 041.33 208, 016.17 8.22 4.00 5.57 1.94 3.27 6.00 3.16 4.58 1.77 2.99 8.44 6.72 7.26 3.25 11.85 17, 093.12 200. 00 9, 962. 64 2,114. 60 3, 971. 87 104, 577.19 1, 700. 00 71, 085. 96 21, 773. 60 8, 349. 05 503, 500. 00 902,122. 83 4.88 4.06 7.27 33, 342.23 207,485.80 8 9 10 11 12 13 14 1, 993. 00 15 4, 520. 90 16 213, 089. 76 17 18 19, 870. 49 19 28, 208. 96 20 10, 703.40 21 500. 00 100. 00 258.00 000. 00 COO. 00 000. 00 553. 88 539. 71 000 00 504, 596, 107, 110, 130, 10, 439, 361, 69, 1 2 3 4 5 6 7 2*2 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 240 REPORT OF THE COMPTROLLER OF THE CURRENCY. ABSTRACT OF REPORTS OF EARNINGS AND DIVIDENDS OF NATIONAL BANKS States, Territories, and reserve cities. No. of banks. Dakota Idaho Montana New Alexieo.. 03 j Utah 64 | Washington . . 65 | Wyoming Division No. 8 . United States.. Capital stock. $3, 587, 500 350, (00 1, 925, 000 850. 000 850. 000 i f K;O OI:O Surplus. Capital and surplus. $663, 481.15 26. 845. 94 412, 95'). 00 172,671.46 368, 000. 00 232, 456. 93 235, 367. tO $4,250,981.15 376, 845. 94 2, 337, 950.10 1,0.2,671 46 1,218, (00. CO 1,302,456 93 1, 2bO, 367. 80 1, 055, 000 125 2,942 9, 747, 5uO 558, 544, 541 2,111,773.28 11, 859, 273. 28 171,254, 553.44 729, 799, 094.44 REPORT OF THE COMPTROLLER OF THE CURRENCY. 241 IN THE UNITED STATES FROM MARCH 1, 1887, TO SEPTEMBER 1, 1887—Continued. Ratios. Dividends. Net earnings. Charged off. Dividend to Dividend to Earnings to capital and capital and Premiums'. capital. surplus. surplus. $10,159.74 1, 200. 71 2, 846.88 1, 483.41 1, 773.44 2, 507. 77 428. 66 Losses. $126, 067.57 12 744. 20 186, 734. 54 37, 740 31 61, 641 84 112 203. 52 77, 602, 23 4.15 3.51 i. 49 4.94 5.35 4.47 3.18 1.23 4.11 3.74 3.71 2.60 349,150.00 624,734.21 3.58 2.94 5.27 20,400.61 177,333.41 22, 003, 820.17 32, 808, 074.83 3.94 3.01 4.50 1,943,228.16 7,211, 627.60 $149,000.00 28, 6"0. 00 42, (.00. 00 45, 500. 00 50, 5(0 00 33, 500. 00 8770 CUR 87- -16 3.21 3.38 7.99 3.69 5.06 8,24 6.01 $121,215.96 8 529 39 12,172.09 12,777.11 19, 868.51 1, 307.56 1,462. 79 59 60 61 62 fi8 64 05 242 REPORT OF THE COMPTROLLER OF THE CURRENCY. A R N I N G S AND D I V I D E N D S O F T H E N A T I O N A L B A N K S , A R R A N G E D BY G E O G R A P H I C A L D I V I S I O N S , F O R S E M I - A N N U A L P E R I O D S F R O M S E P T E M B E R 1. 1876, TO S E P T E M B E R 1, 1S87. Ratios. Geographical divisions. No. of banks Capital. Surplus. Dividends. S'S 1 Net earnings. n3 p'> w S Sept., 1878, to March, 1879: New England States .. Middle States Western States Total March, 1S79, to Sept., 1879: New England States. -Middle States Southern States Western States Total Sept., 1879, to March, 1880: New England States... Middle States Southern States Western States Total March, 1880, to Sept., 1880: New England Slates... Middle States Southern States Western States Total Sept., 1880, to March, 1881: New England States... Middle States Southern States Western States Total March, 1881, to Sept., 1881: New England States... Middle States Southern States Western States Total Sept., 1881. to March, 1882: New England States... Middle States Southern States Western States Total March, 1882, to Sept., 1882 : New England States... Middle States Southern States "Western States Total Sept.. 1882, to March, 1SS3 : jTew England States... Middle States Southern States Western States Total 544 $165,645,820 $38,037,115 630 175 694 2, 043 542 640 175 688 2, 045 546 640 175 685 2,046 548 654 176 694 2, 072 550 657 178 702 2, 087 50, 084, 782 5,240, 054 23,382,183 $5, 295, 347 $3, 658, 989 6, 876, 398 5, 826, 662 1,077, 333 961, 734 4,291,976 4, 231, 275 464,413, 996 116, 744,134 17, 541, 054 14, 678, 6G0 173, 979. 676 30, 882, 800 93, 905, 700 104,450,120 169, 645, 936 30, 281, 800 90, 754, 200 37,441,984 49, 779, 783 5,198, 481 22, 729,103 455,132, 056 115,149, 351 164, 820, 020 169, 399,170 30, 432, 700 89,428,200 37,869,312 51, 306, 583 5,210,198 22, 840,408 454, 080, 090 L17,226, 501 165, 169, 30, 89, 3S0, 242 343, 870 423, 700 067,250 38,450,297 52, 762,674 5, 516, 335 23,416,343 454, 215, 062 120,145, 649 165. 170, 30, 90, 623, 739, 448, 034, 120 045 7C0 000 38,944,841 53, 536, 248 5,898,107 24,102, 592 456, 844, 865 122,481,788 **» Wp 3 Its in £ w 5c Z \W Pr. ct. Pr. ct. Pr. ct. 3.2 2.6 1.8 4.0 3.1 2.6 3.5 3.0 2.7 3.6 4.6 3.6 3.8 3.0 2.5 4,761,422 7,128, 979 979, 496 4, 003,.303 3.2 3.9 3.5 4.8 2.6 3.0 3.0 3.9 2.4 3.2 2. 7 3^5 17, 401, 867 L6, 873. 200 3.8 3.1 3.0 5,610,287 9, 220, 826 1,278,695 5,042, 976 3.3 4.2 4.1 4.8 2.7 3.2 3.5 3.8 2.8 4.2 3.6 4.5 18,121,273 21,152,78 i 4.0 3.2 3.7 7, 413, 622 9,805,448 1,4!!4,102 5, 380, 078 3.5 4.2 3.7 4,7 2.9 3.2 3,2 3.7 3.6 4.1 4.0 4.8 18, 290, 200 24, 033, 250 4.0 3.2 4.2 787 771 690 773 3. 6 4.1 4.2 5.3 2.9 3.1 3,5 4.2 3.3 4.1 5.2 5.8 18, 877, 517 24,452,021 4.1 3.3 4.2 5, 6, 1, 4, 257, 690, 056, 397, 526 394 594 353 5, 409, 351 7,151,166 1, 246, 470 4,314,286 5. 858, 434 7,120, 204 1,139, 203 4,172, 359 5, 900, 861 6, 974, 934 1,264,398 4, 737, 324 6, 757, 9,162, 1, 905, 6, 6J5, 1 65, 373,120 171,560,315 30, 973, 950 91,027,100 39, 878, 448 55, 747, 501 6, 530, 694 25, 081, 751 6, 005, 608 8,166, 022 7, 558, 407 11. 925, 78 f 1, 282,120 2,300, 624 4, 653, 833 6, 778,112 3.6 4.4 4.1 5.1 2.9 3.3 3.4 3.9 4.0 5.3 6.1 5.8 2,100 458,934,485 127,238,394 19, 499, 968 29,170, 542 4.3 3.3 5.0 553 666 188 730 162,650,870 171,488,315 31, 672, 700 94, 542, 600 40, 703, 776 57, 470, 278 6, 928, 882 20,188, 953 275 7,123. 339 409 10,210,373 715 1,9*1,220 976 7, 768, 661 3.7 4.3 4.2 5.6 2.9 3.2 3.5 4.3 3.5 4.5 5.1 6.4 19, 915, 375 27, 083, 599 4.3 3.4 4.6 530 251 960 893 3.5 4.1 4.0 6.5 2.8 3,1 3.2 5.1 3.3 4.2 5.2 6.0 20, 896, 553 20, 237, 633 4.4 3.4 4.3 6, 200, 443 9,900,021 2,198, 993 8.133, 477 3.5 4.3 4.1 5.1 2,8 3.2 3.3 4.1 3.0 4.2 5.2 6.0 20,285,102 26, 432, 934 4.2 3.3 4.2 550 6G0 ]8l 709 2,137 555 678 194 770 2,197 5">7 687 207 816 2, 267 460, 354, 485 131, 291, 889 165, 515, 870 173, 270, 315 32,212,700 102, 948, 830 41,033,296 58, 491, 696 7, 503, 078 26, 542, 832 473, 947, 715 133, 570,931 165,652,070 174,375,472 33, 903, 000 109, 099, 800 41, 341, 246 62,118,694 8, 228, 309 25,881, 856 483,091, 342 137, 570,105 5, 7, 1, 5, 952, 367, 333, 261, 5, 729, 842 7,191,528 1, 289, 362 6, 662, 821 5, 819, 093 7,542, 146 1,405,019 5, 518, 844 6, 9, 2, 7, 732, 704, 062, 737, REPORT OF THE COMPTROLLER OF THE CURRENCY. 243 EARNINGS AND DIVIDENDS OF THE NATIONAL BANKS, ETC.—Continued. Geographical divisions. March, 1883, to Sept., 1883: New England States... Middle States Southern States "Western States Total Sept., 1883, to March, 1834: New England States... Middle States Southern States Western States Total.. No. of banks 2, 3;:0 494, 640,140 141,232,187 565 715 248 903 167, 478, 070 41,803,161 175,317,315 04, 8U, 178 9,831,923 38,214,310 126, 959, 605 29,041,587 2, 491 507, 969, 300 145, 600, 849 2, 582 Sept., 1884, to March, 1885: New England S t a t e s . . . 567 732 Middle States 278 Southern States 1,073 Western States Total 2, 650 March, 1885, to Sept., 1885 : Now England S t a t e s . . . 562 731 Middle States 287 Soniheni States 1,085 Western States Total Surplus. 2, 603 Sept., 1885, to March, 188G: New England S t a t e s . . . 559 7li8 Middle States 294 Soul hern States 1,117 Western States 915 978 096 775 3.4 4.4 4.4 4.7 2.7 3.2 3.5 3.9 2.9 4.0 6.1 6.0 21, 082, 806 27, 99t, 704 4.1 3.2 4.3 5, 738, 456 8,198,912 2, 747, 018 7, 08,i, 633 3.3 4.0 4.2 4.3 2.6 2.9 3. 3 3.5 2.7 3.4 5.3 4.7 20,171,607 24, 308, 019 3.9 3.0 3.7 3.4 41 4.2 4.2 2.7 3 0 3.3 3.4 2.1 '6 1 4.5 4.3 3.9 3.0 3.2 4, 725, 395 7,297,159 2, 282, 782 7,718,959 3.3 4.0 3.8 4.5 2.6 2.9 3.0 3.6 2.3 3.1 4.2 4.5 524, 599, 002 14G, 003, 495 20,218,471 22, 024, 295 3.9 3.0 3.3 5, 925, 381 9, 484, 324 2, 705, 274 9,412,687 3.2 4.0 4.4 4.6 2.6 2.9 3.4 3.8 2.8 3.9 4.7 5.2 21,335,436 27, 527, 606 4.0 3.1 4.0 736, 479 78>, 135 553, 055 8J4, 050 3.2 4.2 4.3 4.2 2.5 3.0 3.4 3.5 3.2 4.0 4.0 4.7 21,147,142 27, 912, 719 3.9 3.0 4.0 41, 897, 072 73,445, 033 12,463,050 35, 926, 745 5,318,480 6,176,707 7. 574. 627 12,072,419 2,143, 870 2, 046, 393 7,111,610 10, 803, Ii75 3.2 4.3 4.6 4.4. 2.6 3 0 3.6 3.6 3.0 4 8 4.5 5.5 548, 355, 770 163,731, 900 22,148, 587 31, 698, 794 4.0 3.1 4.5 7, 224, 781 11,300,893 3, 268. 973 10,953,427 3.2 4.2 4.1 4.3 2.6 2.9 3.3 3.5 3.5 4.5 5.0 5.4 3. 9 3.0 4.5 4.0 3.2 4.0 167, 600, 175, 767, 40, 638, 134, 599, 370 355 300 700 41,905,905 64, 580, 400 10, 726, 209 30, 508, 955 518,005,725 147, 721, 475 167,400,370 173 212 145 42, T48, 400 139, 638, 800 41,413,826 64,741,009 11,527,942 31, 088, 344 522,899,715 148 771,121 165, 608, 370 172, 907, 352 43, 500, 300 142, 523, 580 165, 172, 44, 148, 40, 786, 007 64, 247, 888 11,505,477 30, 304,123 203, 920 41,128,387 435, 295 67, 583, 309 437, 4l.O 12, 053, 524 879, 580 32, 767, 699 165,352,320 41, 581, 845 173, 6-J8, 875 70,044, 187 45, 444, 000 11,967,821 153,138, 453 33,470, 925 2,784 537, 563, 648 157, 064, 778 Total 2, 885 March, 1887, to Sept., 1887: New England States . . 566 764 Middle States 343 Southern States 1, 269 Western States 165, 252, 370 175,873 735 46,213,240 161, 016,425 164, 837, 370 176,635,656 51,515,315 165, 550, 200 43,118, 790 76, 574, 179 13,247,285 38, 314, 299 5, 726, 356 7,039,670 1,700, 113 6, (il6, 667 5, 551, 603 7, 089, 073 1,091,520 5, 838, 871 5,061,537 7 156 680 1, 790, 720 5, 8.!8, 707 6, 095, 9, 529, 2, 950, 9, 418, 4, 388, 812 7, 474 752 2, 420, 8:8 7,310,780 20, 437, G50 21,601,202 5,391,401 6, 953, 332 1,655,201 6,218,477 5, 375, 226 7, 044, 535 1,1)69, 190 6, 946, 485 5, 338, 635 7, 328, 708 1,994,537 6,485,172 5, 355, 787 7,357,4(>0 2, 1.J7, 328 7, 153, 3U5 6, 9, 2, 8, Total 2. 942 558, 544, 541 171,254,553 22, 003, 820 32, 808, 074 General average 2~392: 494,730,485 138, 735, 112 19, 087,115 25, 201, 354 Pr. ct. Pr. ct. Pr. ct. 2.8 3.5 3.2 3.2 4.3 4.2 3.2 4.0 5.4 3.8 4.7 5.9 4.3 530, 956,195 153, 532, 919 Sept., 1886, to March, 1887: New England S t a t e s . . . 563 754 Middlo States 313 Southern States 1, 225 Western States 20, 393, 576 27,574,214 h >« 3.2 2,708 Total N e t tarnings. 4.1 March, 1886, to Sept., 1886: New England S t a t e s . . . 563 741 Middle States . , 303 Southern States 1,174 Western States Total Dividends. 562 $166, 793, 070 $41,727,679 $5, 861,182 $6,651,595 7, 556, 795 9, 960, 635 698 173,915,405 03, 453,454 1,415,529 2, 433, 336 35, 685, 300 9, 084, 011 224 5, 500, 070 8, 528, 648 875 118,240,305 26, 967, 043 March, 1884, to Sept., 1884 : New England States... 568 723 Middle States 2(14 Southern States 1, 027 Western States Total Capital. Dividends to capital and surplus. Earnings to capital and surplus. Ratios o 244 REPORT OF THE COMPTROLLER OF THE CURRENCY, TABLE, BY STATES AND RESERVE CITIES, OF THE RATIOS TO CAPITAL, AND TO FROM MARCH 1, 1883, Ratio of Ratio of dividends to capital for six months ending— States, Territories, and reserve cities. ^ 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 Maine New Hampshire Vermont Massachusetts Boston Rhode Island Connecticut New York New York City... Albany New Jersey Pennsylvania Philadelphia Pittsburgh Delaware Maryland Baltimore District of Columbia.. Washington Virginia "West Virginia North Carolina South Carolina Georgia Florida Alabama Mississippi .. Louisiana New Orleans Texas Arkansas Kentucky Louisville Tennessee Ohio Cincinnati Cleveland Indiana Illinois Chicago Michigan Detroit Wisconsin Milwaukee Iowa. Minnesota Missouri Saint Louis Kansas City Saint Joseph Kansas Nebraska Omaha Colorado Nevada California , San Francisco Oregon Arizona , Dakota Idaho Montana New Mexico Utah , Washington Wyoming , Average P.ct. 4.1 3.7 3.9 P.ct. 4.3 3.0 3.5 3.4 2.5 3. 1 8.6 3.8 4.3 4.3 4.4 3.7 4.5 3.6 ?.ct. 4.1 3.7 3.6 3.G 2.8 3.3 3. 7 3.7 4.5 C. 2 4.5 3.8 4.6 3.8 4.8 4.2 3.8 4.0 3.4 4.2 3.9 4.5 4.3 3.7 3.0 ?>. G 2.7 3.4 3.9 4.2 4.7 0.2 4.7 4.0 4.7 3.8 4.6 4.4 3.7 4.0 3.4 5.7 4.1 3.9 4.3 3.5 2.5 3.5 4.2 r> 3.8 3.7 3. 5 3.4 2.7 3.2 A.I 4.2 4.6 3.8 4.7 3.7 4.0 3.8 4 3 4.7 3.7 4.0 3.1 3.7 3.5 3.0 3.8 5.7 4.9 3.8 2.8 3.0 3.5 4.6 L4.6 4.0 3.7 3.G 4.1 . ct. 3.4 3.2 3.1 2.9 2.3 2.8 3.1 3.2 3.2 3.4 3.6 3.1 3. 3 2.9 3.4 3.6 2.9 3.2 2.0 3.1 3.4 2.'9 3.0 6.8 3.4 7.7 5.0 3.0 4.0 4.9 3.1 2.8 4.6 3.6 3.1 7.0 12.0 7.9 4.0 10.8 •7.0 3. 0 22. 5 10.0 10.0 3.5 4.0 G. 0 3.3 4.6 4*1 8.'9 7.8 4.7 l'.Q 4.1 4.'2 3.9 9.(5 10.0 4. f 4.0 5.8 7.0 '.7 8.0 10.0 4.3 8.9 4.0 4.0 5.G 4.G 4.Y 4.9 14.0 10.0 0.8 i.Y 2.9 G.I 5.5 8.1 3.9 5. 6 4.1 3. J) 3.9 4.3 3.G 3.7 7.5 4.0 Ti 3.8 3.1. 3.3 ?.8 2.9 2.7 . 2.2 ! 2.9 4.9 4.1 8.0 8.0 4.3 3.5 12.0 r>. o 2.8 16.7 9.8 3.2 8.2 5.6 3.9 \ ct. 3.3 3.2 3.4 2.8 2.3 2.9 3.1 3.5 3.1 2.4 3.5 3.1 3.1 2.8 3.5 3.4 3.1 3.2 2.6 4.9 3.0 2.9 3.4 3.2 3.2 4.2 3.4 3.4 2. 6 3.5 3.5 4.2 4.0 3.6 4.9 4.6 4.3 3. 5 3.8 3.1 4.G 4.4 4.3 3.6 3.8 3.4 5.8 3.4 3.7 6.5 3.0 3.4 5.0 4.3 4.0 4.6 4.4 4.2 4.7 8.0 3.4 3.7 2, 2 3.2 4.1 3. 3 5.9 4.9 12.0 7.2 10.0 10.0 5.2 5.6 4.0 4.0 14.2 10.3 5.0 7.0 1.9 15. 0 10.9 i2.2 7.3 4.6 3.G 9. f 4.2 6.9 3.4 ™_ \ct.P.ct 4. 1 ! 3. 5 3.8 | 3.7 3.4 3.4 3.3 I 3.4 2.G o * o 7 3.1 3.2 3.7 3.G 3.7 3.8 5.5 4.5 4.9 6. G 4.4 4.5 3.7 5.0 4.4 4.1 3.6 3.G 4.3 4.4 4.3 4.3 3.7 3.0 4.0 4.0 3.2 3.7 3.2 3.7 3.7 3.9 3.8 7.3 4." 3 3.3 3.7 1.4 4.6 4.8 4.3 3. 3 5.G 4.0 4.0 3.5 4.4 5.5 3.9 7.0 3.8 5.4 3. 6 3.8 3.8 8.1 4.7 3.7 3.8 2.8 3.2 3.1 2. 9 4.4 4.9 5.2 4 9 3.8 4.0 4.2 5.1 3.7 4.2 4.G 4.9 6.4 4.0 4.9 5.4 4.2 4.3 3.9 3.7 3.8 3.5 48 7.0 4.G 3.5 16. 5 G. 9 1.6 '2.5 9.5 r>. 8 2.6 3. 9 2.7 3.2 NOTE.—Figures printed in bold-face type in column REPORT OF THE COMPTROLLER OF THE CURRENCY. 245 CAPITAL AND SURPLUS, OF THE EARNINGS AND DIVIDENDS OF NATIONAL BANKS, TO SEPTEMBER 1, 1887. [arch 1.,1884. dividends to capital and surplus for s IX months ending— 3 00 CZ2 1 1 1 s 1 1 CO* months endir g— 00 00 S3 ft ft ft W. 02 1 P.ct P.ct. P.ct P. ct. P.ct. P.ct P.ct. P.ct. P.ct. 3. 3 3.3 3.0 3.3 3.2 4.3 2.9 4.8 3.9 5.7 3.2 4.0 4.3 3.5 2.9 3.1 3.2 2.5 2.3 2.7 3.0 3.1 2.9 2.4 3.3 2.7 3.0 2.7 3.6 3.4 3.0 3.2 2,7 3.0 3.0 2.7 2.8 2.4 2. 2 3.0 2,0 3.8 2.7 4.3 3.3 3.5 3.1 4. 0 3! 3 2.0 .'5.6 3.1 3.8 3.6 3.6 3.9 4.3 4.2 3.6 2.6 3.4 2.4 3.3 3.1 3.0 2.8 2.3 2.8 2.9 3.0 3.0 3.5 3.4 2.9 3.0 2.8 3. 5k 3.2 3.0 3.2 2.7 3.0 3.1 3.6 3.0 2.7 2.7 3.9 5.1 3.7 3.0 4.2 \L2 3.0 2.7 4.3 '6.1 2.7 2.0 2.9 3.7 3.9 3.9 4.2 3.8 4.2 3.0 3.3 2.9 3.7 6.2 5.0 7.7 4.2 4.8 9.5 6.6 3.5 9.6 6.8 2.4 6.5 7.5 2.7 3.5 5.4 3.3 3.8 3.1 3.2 2.8 2.2 2.9 3.1 3.3 3.2 3.5 3.6 3.1 3.1 2.9 3.4 3.4 3.0 3.2 2.7 4.3 3.2 3.2 3.1 2.7 2.2 3.2 7.0 3.8 4.8 3.7 5.0 3.0 2.8 42 3.'3 20.4 19.4 3*4" 6.0 3.4 2.9 2.6 3.2 3.0 7.0 3.5 1.5 3.5 3.1 2.7 2.6 2.2 2.7 2.8 3.0 2.9 2.0 3.4 2.8 3.0 2.7 3.6 3.1 2.9 3.2 2.7 2.9 2.9 3.0 3.0 2.7 2.0 3.8 2.8 3.7 2.8 2.5 3.0 3.2 2.9 2.5 3.6 3.7 3.5 3.8 4.3 3.3 3.2 4.1 3.5 7.4 2.2 3.5 3.0 2.9 2.6 2.1 2. G 2.8 3.0 2.8 2.5 3.3 2.8 2.9 2.6 3.3 3.5 2.9 3.2 2.6 3.7 3.1 3.4 2.8 2.9 1.4 3.3 6.6 3.6 2.0 4.5 3.9 3.0 2.9 4 2 3.1 3.1 2.8 3.4 3.8 3.7 3.9 4.2 4.8 5.2 3.7 3.7 4.0 2.9 3.4 4.2 4.8 4.5 6.0 7. 5 3.6 3.5 5.3 'I'i 13.0 2.9 3H'.O7 L.. 8 2.9 3.2 2.4 3.3 2.7 2.8 2.G 3.2 3.2 2.9 3.2 2.5 2.4 2.9 2.5 5.0 2.5 1.3 3.4 3.0 3.0 2. 6 3.3 3.1 3.1 2.8 6 9 3.0 3 9 3. 0 3* 1 3. 3 5.0 4.2 4.3 5.0 4.5 4.7 6.0 3.5 3.5 5.1 5.3 7.5 7.1 3.4 4.2 5.3 6.1 3.9 3.0 3.5 5.8 4.4 3.8 1.8 4.7 _ 3.3 2.6 "3.2 3.8 3.5 3.2 3.0 3.0 3.1 5.1 4.5 "i.*9* 3.9 3.0 6.2 2.8 3.0 2.7 2.0 3.8 3.7 3.2 4.3 3.8 3.9 2. 5 40.0 3.4 5. 9 3.4 2. 9 5.4 3.1 2.7 4 . 5 2 . 3 5.8 3.2 4.6 3.7 5.9 2.8 10.8 3.8 6.0 3.2 0.7 4 . 5 5.7 4.0 9.5 4.0 6.6 3.9 6.9 3.8 5.2 2.7 0.9 3.6 2.5 4 . 5 8.6 5. 5 8.9 2.5 0.0 12.2 3.2 12.9 4.6 0,7 1.8 4 . 8 3.0 14. 4 5. 5 3. 5 l l ! 2 17.0 16.3 T2" 4.1 8.6 3.7 5.9 3.7 16. 5 2.0 8.8 3.0 for 1884 and 1886 signify percentage of loss. OO 1—t 0 W i 4.2 I i I GO P. ct. P.ct CO ft w 1 1 CD CO OO ft w 2.9 3.7 2.0 2.2 1.4 2.2 2.1 2.9 2.9 4.1 3.3 3.0 2.3 2.5 1.7 2.5 2.4 3.2 3.0 1.0 3. 3 3. 2 3.7 3.1 2.7 3.4 3.3 2.6 5.0 4.4 3.6 3.5 3.8 2.7 3.0 3.6 1.5 4.3 3.8 4.7 3.1 2 5 3.7 2.0 3.3 3.9 3.8 4.3 4.0 7.3 4.9 6.0 5.4 9.2 4.2 5.4 2.9 4.2 8.0 4. 3 5.2 4 . 3 4 . 1 3.9 2.5 3.1 4.0 3.6 3.4 3.5 4.4 4.0 3.4 4.0 3.1 3.6 3.7 3.6 4.3 2.4 5.2 6.8 7.0 5.0 3.0 0.2 4.9 5. 0 3.0 .'{.5 4.1 3.8 3.6 2.5 2.5 2.6 3.2 4.1 4.4 !. 6 3.4 3.7 3.3 3.0 3.0 3.4 3.6 3.9 4.6 2.4 4.9 3.5 3.0 3.7 3 9 3.6 3.0 3.9 4.5 3.2 3.4 2.9 3.0 5.7 4.4 4.7 8.8 3.8 3.1 6.7 6.5 4.1 4.7 2! 2 3.3 5.0 1.6 4.3 5.9 4.8 1.3 4.9 4.6 5. 5 3.7 2.9 3.4 4.0 3.7 4.4 5 2 4.1 4.9 4.7 5.4 4.7 4.0 6.4 3.6 a. 5 6.0 5,9 7.9 6.6 5.0 3.4 2 9 2.4 3.4 5.2 5.7 4.0 5.0 5. 0 5.6 5.1 4.3 5.5 3.8 4.7 4,9 5.0 3.5 3, 5 3.5 3.2 3.8 4.7 5.1 5.2 4.8 5.0 6.6 4.3 4.3 4.8 4.7 8.5 10.7 8.0 11.3 9.2 7.3 7.5 7.5 8.1 7.2 7.0 6.8 7.7 3.1 6.7 8.0 6.5 3.5 6.3 9.2 6.3 3.1 7.1 4.7 3.5 4.3 4.7 5.8 7.8 6.2 7.4 6.2 8.9 6.0 5.7 5. 5 5.7 4.5 3.7 5.0 4,2 5.1 6.1 6.3 6.7 6. 5 9.8 15.4 8.7 11.2 12.4 12.0 6.8 5.2 7.7 4.6 24.6 19. 5 7.7 9.5 9.0 7.0 12.0 22.7 10.1 9.8 8.6 7.7 7.8 9.1 8.8 11.1 8.3 11.4 4.3 4.3 § 1 00 OO ft P. ct P.ct. P.ct P.ct P.ct P.ct P.ct 3.5 3.0 2.4 2.3 2.9 3.9 3.9 2.9 3.2 3.4 3.3 2.0 2.9 3.5 2.9 3.0 2.7 2.7 2. 5 2.4 2.7 3.6 3.3 3.3 3.7 2.9 3.3 2. 7 4 . 1 4 . 3 3.5 4.0 4 . 1 4.7 3.6 2.2 5.1 3. 3 4.1 2.4 4.7 4.4 4.7 4.0 4 . 5 3.8 4 . 5 3.9 3.9 3.8 4.4 4. 1 3.8 3.7 4 . 3 3.9 4.6 5.1 4.9 3.8 4.2 4.5 4.4 4.4 3.9 3.5 3.9 3.9 3.9 4 . 5 2.8 3.G 2. 5 3.8 4.4 3.7 4 . 5 5.1 6.3 5.2 3.9 3.7 3.9 3.9 3.3 4.9 4.2 4.0 5.0 0.4 6.6 0.7 4 . 8 4 . 8 5.5 4 . 8 0.9 2. 0 11.6 2.7 2.8 3.9 3.3 5.2 8.5 5.8 8.9 5.8 0.0 6.3 5.9 5.3 0.3 6.5 5.1 11.9 10.8 12.3 8.5 10.1 5.3 8.4 12.0 4 . 5 4 . 5 4.4 4.4 3.0 4.9 4 . 4 4.4 3.8 4.5 5.0 i.*4 CO 2.9 3.1 3.0 3.0 2.9 2.9 2.6 2.0 2.2 2 . 1 2.0 2.7 2.8 2.9 3.0 3.3 2 . 8 2.8 3.8 2.2 3.4 3.4 3.8 2.8 2.7 2.7 2.0 2.7 3.2 3.1 3.2 3.5 2.8 2.8 3.2 3.2 2.9 2.4 2.7 2.7 3.1 2.8 3.2 2. 5 3.0 2.6 2.8 4 . 3 4.2 4.4 3.6 3.2 4 . 9 2.4 8.6 2.8 4 . 1 2.6 5.4 3.6 4 . 2 13. 0 3.1 3.2 4.3 3.0 3.2 2.0 2.7 3.6 2.9 0.7 3.2 3.1 2.9 2.5 2.1 2.5 2.4 2.7 3.4 3.9 3.1 3.5 3. 3 3.6 4.2 4.0 3.6 3.3 2.9 4.0 9.2 2.5 0.5 3.1 3.8 6.3 WI 1 OO & 1 Ratio of earnings to capital and s arplus for six 8.1 5.1 8.5 8.6 6.1 7.0 6.5 3.5 2 . 1 3.3 16.6 9.8 11.7 1.8 1.4 3.2 4.0 4.Y 10.4 10.9 6.0 9.2 7.7 5.2 7. 2 2.0 5.7 6.5 7.0 3.5 8.4 8.5 10.1 7.9 7.5 8.6 3.7 3.2 3.3 3.6 3.7 5.9 5.0 5.9 4.6 8.0 7.4 11.5 1.8 3.9 4.0 4.2 3.7 3.5 2.9 3.8 2.8 3.3 3.4 3.5 3.3 2.9 4.4 4.2 5.9 5.6 5.4 4.4 5.1 5.0 4 . 6 3.7 3.9 3.7 4.2 4.6 4.5 4.6 4 . 1 3.9 4.0 2.8 3.8 3.7 5.1 4 . 8 4. 1 4 . 1 3.2 3.3 4.2 3. 0 4. 1 5.3 3.5 5.5 6.1 7.7 7.0 11.4 6.1 9.0 4 . 3 8.0 4.4 4 . 8 5.7 4.5 6.4 7.9 3.7 3.0 3.0 3.2 0.4 3.7 4.2 4.1 0.5 3.9 3.7 4 . 3 4.2 5.3 4.5 6.4 7.0 5. 5 5.3 5.0 4.7 5.7 6.6 5.2 5.7 5.1 5.2 0.8 4.3 5.8 5.1 3.6 5.0 8.4 3.8 9.0 0.7 7.2 7.2 3.5 9.1 8.4 5.8 0.7 7.0 7.3 2.7 3.2 9.5 11.8 7.0 6.4 7.2 5.7 6.1 7.6 "*4." 8" 5.8 4.8 5.5 8.8 7.1 6.2 6.1 9.4 5.0 6.1 7.2 5.7 4.0 4.0 4.5 5.Y 6*i s.Y 3.4 8.0 3.7 5.1 8.2 6.0 4.5 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 40 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 05 66 246 REPORT OF THE COMPTROLLER OF THE CURRENCY. CLASSIFICATION OF THE LOANS AND DISCOUNTS OF THE NATIONAL BANKS IN THE RESERVE CITIES AND IN THE STATES AND TERRITORIES ON OCTOBER 5,1887. Cities, States, and No. of On singlebanks. name paper. Territories. New York City Chicago Saint Louis Boston Albany Philadelphia Pittsburgh Baltimore Washington New Orleans ... Louisville Cincinnati Cleveland Detroit Milwaukee Kansas City Saint Joseph. Omaha San Francisco Total. Maine New Hampshire Vermont Massachusetts Rhode Island Connecticut N e w York New Jersey Pennsylvania Delaware Maryland District of Columbia Virginia "West Virginia N o r t h Carolina South Carolina Georgia Florida | Alabama Mississippi Louisiana Texas Arkansas Kentucky Tenuessee Ohio Indiana Illinois Michigan Wisconsin Iowa Minnesota Missouri Kansas Nebraska Colorado Nevada California Oregon Arizona Dakota Idaho Montana New Mexico Utah Washington Wyoming 15 9 8 3 8 2 8 3 On U. S. bonds. On other bonds and All other loans. stocks. Total. $17, 585, 496. 27 $l,445,900.00|$95, 075, 844. 27 $143, 906, 940. 58 $258, 014,181.12 34,754,971.62 15, 498,9S5.93 500.00 10,821.735.83 61,070,193.38 1,182, 214. 28 8,920,936.13 279, 603. 00 10, 382, 753.41 86,993,214.79 123,970,412. 88 17, 249, 382. 98 38, 350. 00 19, 689, 4G5.11 5, 267, 397. 27 494,236.31 7, 280. 00 3,011,017.84 8, 779, 931. 42 58, 426, 272. 80 13, 427,173. 71 83, 427, 437. 51 11,175. 00 11, 562, 816. 00 3, 454, 425. 99 27,198, 002. 81 1,293,906.32 31, 946, 395.12 16,927,506.79 5,401,897.601 26,159, 354. 20 700.00 3, 829, 249. 81 686, 552.19 27,130. 24 52,230. 00 3,257,011.11 4, 022, 923. 54 405, 502. 7d 7, 500. 00 2, 641,223.15 6, 879,479.97 9, 933. 705. 84 553, 343. 41 276,()5l.llL 8, 504, 829. 32 9, 334, 823. 84 16, 336, 388. 46 4, 678, 786. 92i 40, 700. 00 3,532,112.87 24, 587, 988 25 2, 335,440. 50 13,584,390.75 1, 648, 688. 001 17, 508, 525.25 10,254,461.41 893, 288. 33 7, 700. 00 1,621,580.28 12, 777, 036. 02 598, 076. 65 3, 057, 508. 29 6(50, 926. 14:. 4, 322, 511. 08 431,366.56 14, 367,706. '31 3,026,033.58'. 10,910,303.57 4, 270. 00 1,942,015.70 1,504,717.54 433,028.161. 130,486.11 9, 070, 539. 58 7, 500. 00 6, 872, 093. 51 2, 060, 4'9. 96i 551, 320. 50 4, 785, 656. 98 1, 540, 766. 38 2, 693, 570.10!. 293 88, 040, S07. 38.1, 619, 535. 00 161, 712, 553. 35 465, 097,196.10 716,470, 091. 83 72 49 49 198 61 83 2G9 81 237 17 3L 1 1,241,747.201 2,139. 50 815,624.25: 1, 550. 00 9C9, 662. 811 13,121.95 14, 920,402, 43 514,013.55 7,491,158.94 15,854.68 41,675.00 0,018,917.31 8, «5:>. 687. 82 105, 325. 69 76, 200. 00 3,257,158.44 30, 550. 00 5, 619, 736.42 100.00 72, 730. 95 200.00 285, 917. 53 1, 013, 901.13 1, 305, 254.18 361,770.55 5, 936, 075. 03 928,731.16| 3, 618, 867. 49 7, 500, 324. 00 6,023,184.73 2, 070, 785. 231 1.(9, 522. 67i 165,268. 56! 70(5, 771. 97 24, 500. 00 547, 888. 99 17, 705. 00 136, 542. 40 82,578.21 847,7:59. 41! 289, 750. 27 147,783.16: 931,205.40 757,310.38! 23, 230. 62 307. 529. 91! 610, 747. 82 1, 550, 8:)2. 55| 3C0, 478. 00J 335, 455. 56: 29v 650. m 104, 682. 78; 207, 214. 46; 058,077.01: 4,240,710.80! 222, 636. 20; 143,217.13} "*2, noo.oo 1,09 .',000.95| 28, 600. 00 624, 530. 86! 2,377,126.61 3, 881, f,90. 88! 4, 4* 9, 0(37. 5ij " " i ,"456." 66 2, Of.9, 025. 52 691, 577. 24 3, 392, 224. 93| 38, 158. 61 750, 824. 70 6, 885, 654. 451 70, 521. 35 443,510.81 4, 703, 482. 57j 282,161.86 1,716,661.64! 519, 974. 37 4, 919, 026.12 32,427.10 9, 100. 00 3, 536, 673. 44 13, 0:>8, 004. 86 7, 250. 00 492, 6G9. 57 52,0(59.41 2,101.24 129, 399 73 2,524,410.30. 75, 558.48 2, 084, 3G9. 93j 43, 201. 83 327, 693. 68 3, 927,214.55s 50. 00! 38, 501.16 208, 332. 03' 758, 929. 53 3, 320,214. SO j 11,150.00. 49, 443. 79 1, 893, 706. 271 28,518.21! 60, 539. 90 879, 97.". 391 41,700.00' 34, 241. 50 182,133.70! 233, 806. 2~. 2, 508, 051. 75 43, 424. 56 499,791.91 33, 932. 47 ~ 49,' ' ' 475. 44 ' • 80, 8tS0. 00 54o',912!lll 39, 502. 02 651, 542.411 16, 867, 808.06 7, 529,178. 06 11,487,754.03 70,191,054.59 26, 050, 490. 00 32,691,840.06 82, 330, 989. 31 31.073.173.93 72! 485, 839. 43 4, 759, 404. 38 6, 455, 779. 44 346, 726. 45 9, 507, 466. 67 3, 834, 945. 85 4,821,477.14 4,415,926.16 5, 808, 997. 57' 1, 080, 693. 88 5, 904, 296. 58 1,600,481.81 764,152.06 15, 252, 409. 70 2,412,730.11 15,719,548.81 12, 669, 584. 44 44, 353,187. 21 23, G63, 365. 21 27,898,100.36 24,271,603.31 11,341,708.19 18,227, 513. Or 22,673,267.19 4, 451, 887.41 18, 345, 533.15 11,410,126.13 7, 973, 901. 37 200, 836. 94 10, 204, 812. 08! 3, 742, 473. 79 119, 950. 37 5,711,869.23 344, 904. 4" 5, 349, 345.14 1,161,821.181 1, 273, 277. 49 3,102, 036. 96 1, 779, 005. 87 19,125, 655. 89 9, 051, 606.49 12, 832, 309. 34 91,561,545.60 34,486,234.78 43,001,299.80 98, 792, 320. 88 40,4.9,717.10 80, 206, 911.08 5,001,764.00 0.907,165.53 316,720.45 10, 786, 627. 03 3,9*9,193.25 5,251,794.70 4, 854,4 9. 59 7,557,519.35 1,411,454.41 8, 366, 324. 95 2, 233, 594. 25 1, 076, 049. 30 20,157,203.67 2, 781, 083.44 17, 464, 746. 62 18,928,301.93 50,833.330. 24 27, 785, 325. 99 35,005,100.80 29, 418,190. 69 13,340,531.09 23, 728,940.64 37, 857, 045.49 5, 003, 870.39 21,001,450.42 13,019,250.37 12, 228, 859. 60 507, 670.13 14, 295,106. 47 5, 085, 023. 85 148, 474. 58 6,694,084.52 501,279.07 8,091,803.14 1, 705, 037. 05 2, 050, 685.40 3,735, 809. 07 2, 470, 050. 30 124, 035, 462. 07 1, 413, 918. 50| 44, 335, 893. 52 69?, 790, 280. 02 803, 575, 555. 31 20 18 15 21 8 20 32 5 91 7 59 40 1915 93 1C0 100 53 128 58 35 139 05 Total . United States. 212, 076, 270. 05 3, 033,453. 50 206,048, 446.87 1,158,887,476. 72 1, 580, 045, 647.14 REPORT OF THE COMPTROLLER OF THE CURRENCY. 247 CLEARINGS AND BALANCES OF THE BANKS OF NEW YORK CITY FOR THE WEEKS ENDING AT THE DATES GIVEN. TVeek endingSept. Sept. Sept. Sept. Sept. Oct. Oct. Oct. Oct. Isov. Nov. Nov. Nov. 2,1882 9,1882 16,1882 S3,1882 30,1882 7,1882 14 1882 21,1882 28,1882 4,1882 11,1882 18,lt82 25,1882 Sept, Sept. Sept, Sept. Sept. Oct. Oct. Oct. Oct. Nov. Nov. Nov. Nov. 1,1883 8,1883 15,1883 22,1883 29,1883 0,1883 13, 1883 20,1883. 27, 188H 3,1883 10,1883 17,1883 24,1883 Clearings. $787, 790, 346.16 ! 806,162, 117.62 | 1, 010, 034, 295.97 950, 902, 831.49 1, 011, 393, 333. 57 1,124, 300, 247.43 999,817, 8t»4. 93 1, 044, 390, 220. 21 857, 810, 080 35 991, 206, 926.40 950, 469, 956. 50 1, 054, 584, GQ5. 6 7 1, 240, 998, 567. 95 Balances. $27, 396, 924. 64 29, 786,386.41 30,418,411.78 '27, 978,458. 28 34, 393, 848. i)L 30, 742, 717. 31 35, 772, 217. 86 33, 623, 283. 80 26, 033, 506. 70 37,122,701.71 20, 909, 785. 92 33, 258, 877. 77 28, 057, 750. 01 645, 021, 546. 80 739, 732, 907.18 732,310,071.00 700, 062,400. 54 763, 567, 336. 28 759, 872, 865. 58 833, 965, 948. 88 919,608,020.44 906, 319, 847. 5.1 817, 996, 284.43 622,487,973.40 783, 094, 622. 25 682,451, 400. 44 20,47 986. 85 31,195, 740. 55 30, 914, 820. 30 30, 001, 000.19 30, 260, 285. 71 32, 844, 144. 42 31, 383, 439. 92 31,917, 847. 51 31,844, 418.48 29, 708, 441.71 28,478, 167. 32 33, 519, 486.15 28,333, 203. 64 Sept. 1884.. 1884.. Sept. 1884.. Sept. 1884. Sept. 1884.. Oct. 1884.. Oct. 1884.. Oct. 1884. Oct. 1F84. Nov. 1884.. Nov. 1884. Nov. ,1884. Nov. Nov. 29,1884. 463,912, 628. 57 422, 613, 919. 74 492, 009, 873. 06 491,357, 601.20 554, 662, 698. 69 496. 582, 476. 56 518, 575, 214. F9 605,195, 931.55 458, 532, 568.11 477,210, 695.35 527,541, 755.74 555, 711, 509. 01 459, 294, 007. 66 21,278,921.75 22,793,219.60 21,412, 397.53 22,028, 008.11 32, 658, 517.10 20, 358, 572.40 28, 096, 794. 93 27,673,214.95 23,225,190.59 28, 269, 591. 59 20, 823, 261. 26 26,496,903.13 21,302,407.63 Sept. 5, 1885.. Sept. 12,1885. Sept. 19,1F85.. Sept. 20,1885 . Oct. 3, 1885.. Oct. 10, 1885.. Oct. 17, 1885., Oct. 24, 1885.. Oct. 31, 7885., Nov. 7, 1885. Nov. 14,1885. 470, 800, 526. 79 484,537, 657. 96 4S0, 733, 380. 21 471,652,048.41 572,07 176, !77. 97 659, 560, 549. 70 702,000, 829.74 828,373,048. 53 695, 214,389. 87 775,416, 616. 98 779, 244, 286.61 22, 990,787. 52 23, 969,3G7. 40 24,410, 868.93 22, 978,989. 6'J 30,158, 232.32 28, 462,678. 38 29, 632,037.42 30,475, 583. 77 29, 590,574. 77 30, 751,563. 50 27, 323,721.40 485, 535, 545. 80 520,437,476. 86 590, 366, 037. 81 691, 723, 056. 60 744, 533,107. 30 830, 726, 858.70 774,127, 054. 20 734, 586, 056 19 625; 098i 06:1.48 735,609,027.93 704,572,284.80 28, 387, 297.77 21,865,103.40 28,050,351.78 25, 603, 758.94 31,285, 172.38 29, 904, 285.79 80, 952,375.99 27, 767, 549. 66 26', M 7 , 923. 82 31,825,400.11 28, 005, 256. 87 629,920,782.37 502,027,925.28 628, 614, 786.18 659.048,314.43 575, 717, 723.4"2 670,201,491.07 718,896,811.83 742, 551, 452. 60 647, 590, 728. 82 70li, 280, 839. 34 602,240,351.00 29, 322, 3G7.47 22, 32s), 208. 73 31,404, 534.44 30, 974, 002. 90 31, 009, 309.30 29, 825, 323. 74 31,170,113.34 33, 350,889. 58 29,809,301.75 31,289,781.13 23,758, 351. 99 Sept. 4,1886 Sept. 11,1886 Sept. 18,1886. Sept. 25,1886 Oct. 2,1880 Oct. 9,1886 Oct. 10,1880 Oct. 23,1880 Oct. 30,1886 Nov. 6,1880 Nov. 13,1880 Sept. 3,1887 Sept. •10,1887. Sept- 17,1887 Sept. 24,1887 Oct. 1, 1887 Oct. 8,1887 Oct. 15, 1887 Oct. 22, 1887 Oct. 29,1887 Nov. 5 1887. Nov. 12,1887 , , j | | j i ! I [ ABSTRACT OF REPORTS OF CONDITION OF Stale Banks, Loan and Trust Companies, Savings and Private Banks, 1886-'87, ARRANGED BY STATES AND TEEEITORIBS. !NOTE.—Under the heading "official" are placed reports from State officers, and under heading 'unofficial" reports from additional banks to this office. 249 ; REPORT OF THE COMPTROLLER OF THE CURRENCY. 251 STATE BANKS—OFFICIAL,, NEW HAMPSHIRE. March 31,1887.] [1 bank. Resources. ! Loans on real estate Loans on personal and collateral security Other loans and discounts 0 verdrafts U. S. bonds State bonds R. K. bonds and stocks Bank stocks Other stocks, bonds, and mortgages Due from other banks and bankers Real estate, furniture, and fixtures Current expenses and taxes paid (i old coins Gold certificates Silver certificates Legal tenders and national-bank notesOther resources Total November 36,1886.] $5G, 607 30, 421 Liabilities. $50,000 Capital stock paid in 15,216 Surplus fund i Other undivided profits 1,130 5,000 j State-bank notes outstanding 2, 500 2,400 1 Dividends unpaid }> 950 1,854 Individual deposits State, county, and municipal deposits Deposits of State, county, and niul nicipal disbursing officers 7,009 Duo to other banks and bankers i Other liabilities 105, 791 Total RHODE ISLAND. 35, 342 3,153 105, 791 [10 banks. Loans on real estate : | Capital stock paid in | $1,766,685 Loans on personal and collateral se- | curity I $75,312 Surplus fund Other loans and discounts ' 2, 609, 864 160,775 Other undivided profits Overdrafts j U. S. bonds .....* | 3, 800 3,148 State-bank notes outstanding State bonds ; R. R. bonds and stocks j 8,723 ; Dividends unpaid , Bank stocks Other stocks, bonds, and mortgages ! 127, 759 Individual deposits 1,177, 8S3 Due from other banks and bankers i 139,968 State, county, and municipal deposHeal estate, furniture, and fixtures j 225, 005 its Current expenses and taxes paid : 3, 233 Deposits of State, county, and muGold coins I) nicipal disbursing officers Gold certificates Silver coins | j. 14'. 195, 905 Due to other banks and bankers Silver certificates 14, 600 Other liabilities Legal tenders and national-bank n< notes, j Other resources Total . October 1,18k.] 3, 327, 719 Total C ONNE CTICUT. I 3,327,719 [8 banks. Loans on real estate $4, 546,467 Capital stock paid in I $2,390, 000 Loans on personal and collateral se curity 497, 598 Surplus fund Other loans and discounts Other undivided profits. Overdrafts TJ.S. bonds 19, 286 State-bank notes outstanding State bonds f 206, 864 R. R. bonds and stocks | 320,972 Dividends unpaid Bank stocks I 3, 800 Other stocks, bonds, and mortgages | 3,407,182 Individual deposits Due from other banks and hankers i 937, 685 State, county, and municipal deposReal estate, furniture, and fixtures 232,127 its Current expenses and taxes paid . . Deposits of State, county, and muGold coins nicipal disbursing officers Gold certificates Silver coins I J> 552, 445 IDue to other banks and bankers 4S6, 294 Silver certificates || I Legal tenders and national-bank notes. j J I Other liabilities Other resources Total 6,800,360 Total. 6,800, 360 252 REPORT OF THE COMPTROLLER OF THE CURRENCY. STATE BANKS—OFFICIAL,. N E W YORK. [71 banks. June 4,1887.1 Liabilities. Resources. Capital stock paid in Loans on real estate Loans on personal and collateral seSurplus fund curity Other loans and discounts $44, 049, 244 Other undivided profits Overdrafts 80, 227 TJ. S. bonds State-bank notes outstanding State bonds It. R. bonds and stocks Dividends unpaid Bank stocks 2, 438, 777 Individual deposits Other stocks, bonds, and mortgages 5,510,298 State, county, and municipal deposDue from other banks and bankers 794, 695 Real estate, furniture, and fixtures 180,941 i Deposits of State, county, and muCurrent expenses and taxes paid Checks and other cash items 876, 449 ; nicipal disbursing officers Gold coins Gold certificates 660,943 , Duo to other banks and bankers Silver coins I Other liabilities Silver certificates 1,605,740 '! Legal tenders and national-bank notes. 130,257 ij Other resources Total. June 4, 1887.] NEW YORK Loans on real estate Loans on personal and collateral security Other loans and discounts O v e l d I• afts U. S. bonds Stat e bonds It. It. bonds and stocks Bank stocks Other stocks, bonds, andinortgages Due from other banks and bankers Real estate, furniture, and fixtures Current expenses and taxes paid Checks and other cash items Gold coins Gold certificates Silver coins Silver certificates Legal tenders and national-bank notes. Other resources Total. December 31,1886.] 5,470 37, 688,748 2,000 3, 061, 954 1, 906, 324 [31 banks. $14,712,700 5,141, 937 3,795,694 State-bank notes outstanding. 2,605 Dividends unpaid 1,867,915 6, 389,106 2,214,526 381, 881 37, 484,131 112,699,172 Individual deposits State, county, and municipal deposits Deposits of State, county, and municipal disbursing officers 86,193 11, 508, 025 Due to other banks and bankers Other liabilities 8, 045, 360 816, 937 4, 624, 403 110, 401 Total . 145, 300, 59! NEW 145, 300, 598 JERSEY. Loans on real estate Loans on personal and collateral security Other loans and discounts $3, 340,181 216 Overdrafts U.S. bonds 88, 700 State bonds R, It. bonds and stocks 21 700* Dank stocks . . . . Other stocks, bonds, and mortgages 408, 795 Due from other banks and bankers.... 520, 576 Real estate, furniture, and fixtures.... 123 719 i Current expenses and taxes paid 12, 532 Gold coins . . Gold certificates Silver coins S 295,849 Silver certificates Legal tenders and national-bank notes. Other resources 321,564 | J CITY. Surplus fund Other undivided profits. :0, 698,086 22, 094 2,077,764 3,157,311 56,327,571 Capital stock paid in. 1 Total Total. 56,327,571 I $8,428,000 5,139, 832 [8 banks. $1, 209,350 Capital stock paid in Surplus fund Other undivided-profits . 332, 335 159,785 State-bank notes outstanding 14, 435 Dividends unpaid Individual deposits State, county, and municipal deposits .. . . . 3, 284,201 . .. Deposits of State,0 county, and municipal disbursin " officers Due to other banks and bankers Oilier liabilities Total 103,247 36 479 5,139,832 253 REPORT OF THE COMPTROLLER OF THE CURRENCY. STATE BANKS—OFFICIAL. PENNSYLVANIA. November —, 1886.] [80 banks. Liabilities. Resources. $24, 079,175 ;| Capital stock paid in ! $7, 8?8, 473 Loans on real estate Loans on personal and collateral sej Surplus fund 1, 857, 2G4 curity ; 805, 336 Other loans and discounts ; Other undivided pro tits Overdrafts 738, 007 || State-bank notes outstanding71,006 U.S. bonds ; State Donas !| Dividends unpaid R. K. bonds and stocks Bank stocks 5,073,996; Individual deposits j 29,117, 308 Other stocks, bonds, and mortgages Due from other banks and bankers 4,517,022 ; State, county, and municipal depos- | .929,501 Real estate, furniture, and fixtures ' 19ii, OtiO Deposits of State, county, and Current expenses and taxes paid nicipal disbursing officers G old coin Gold certificates 943,123 Due to other banks and bankers | 572, 629 Silver coin Silver certificates 456, 928 Other liabilities ' j 1, 840,675 Legal tenders and national-bank notes. 450, 785 Other resources 40,769,004 | Total. Total , 40, 769, 004 MARYLAND. July and September, 1887.] [8 banks. !; Capital stock paid in Loans on real estate Loans on personal and collateral security Other loans and discounts Overdrafts U. S. bond s State bonds R. R. bonds and stocks Bank stocks Other stocks, bonds, and mortgasos Due from other bauks and bankers Real estate, furniture, and fixtures — Current expenses and taxes paid Gold coins Gold certificates Silver coins Silver certificates Legal tenders and national-bank notes. Other resources Total 331, 392 170, 772 2,057 55, 000 204,487 29,010 317,372 357, 695 434,108 12,105 522, 459 $1,979, 390 Surplus fund Other undivided profits 335, 000 125,072 State-bank notes outstanding. Dividends unpaid 43, 016 Individual deposits State, county, and municipal deposits Deposits of State, county, and municipal disbursing officers 3, 799,136 106, 629 48, 510 Due to other banks acd bankers Other liabilities 305 ! 6, 436, 822 NORTH Total. 6, 436, 822 CAROLINA. J u n e 30,1887.] Loans on real estate Loans on personal and collateral security Other loans and discounts Overdrafts U.Sf bonds Sta e bonds R. It. bonds and stocks Bank stocks Otherstocks, bonds, and mortgages Due from other banks and bankers Real estate, furniture, and fixtures Current expenses and taxes paid Gold coins Gold certificates Silver coins Silver certificates Legal tenders and national-bank notes. Other resources | Total [11 banks. $160, 636 | j Capital stock paid in 1,511,8-25 48, 750 'si,"coo"!! 70, 450 196. 383 119, 321 14, 456 47, 245 37,164 183, 428 54 2,474,880 Surplus fund Other undivided profits j $691,410 ! 173,503 55,203 j 4, 080 State-bank notes outstanding. Dividends unpaid Individual deposits I 1,424,785 State, county, and municipal depos- !j its Deposits of State, county, and municipal disbursing officers Due to other banks and bankers Other liabilities Total. I 61, 273 64, 626 2,474,880 254 REPORT OF THE COMPTROLLER OF THE CURRENCY. STATE BANKS—OFFICIAL,GEORGIA.* [25 banks. June 30, 1887.] Liabilities. Resources. Loans on real estate $11,550 Loans on personal and collateral security 380, 702 i Other loans and discounts 9,4(50, 083 | Overdrafts 12,649 j U.S. bonds Stato bonds II. It. bonds and stocks Ban k stocks Other stock?, bonds, and mortgages . . . 6, 971, 014 Due from other banks and bankers . . . 1, 020, 958 Real estate, furniture, and fixtures i 575, 973 Current expenses and taxes paid ! 72,129 Gold coins 11 ! Gold certificates Silver coins i > 1, 458, 058 Silver certificates Legal tend ers and national-bank notes J Other resources 1,159,160 Add for cents 71 Total Capital stock paid in . l$10,295,840 1, 334,268 229,494 Surplus fund Other undivided profits. State-bank notes outstanding. 43, 271 Dividends unpaid Individual deposits State, county, and municipal deposits Deposits of State, county, and municipal disbursing officers i, 393, 996 Due to other banks and bankers Other liabilities .- , 564, 872 ., 218,135 21,146 21, 891 34 Add for cents. Total I 21,122,947 I 21,122,947 * Tbis report is not included in any summary, having been received after the other statistics were in type. Much of the information, however, is duplicated in unofficial reports and tables. June 30,1887.] KENTUCKY. [71 banks. $146,571 11 Capital stock paid in $11,555,686 Loans on real estate Loans on personal and collateral se1, 921, 309 Surplus fund \ 2,073,500 curit y 18,781,392 Other undivided profits Othei loans and discounts ( 817, 827 4U, 635 Overdrafts j .j 35,976 U. S. bonds i State-bank notes outstanding. 52, 850 State bonds i 28,000 Dividends unpaid .| 281,740 R. It. bonds and stocks i Bank stocks ; 16, 852,350 Other stocks, bonds, and mortgages..., 1,119,556 Individual deposits Due irorn other bauks and bankers j 3,108, V.i'6 State, county, and municipal de805, 540 Real estate, furniture, and fixtures 1 posits 26,930 Deposits of Stato, county, and muCurrent expenses and taxes paid Gold coins nicipal disbursing officers Gold certificates ' Silver coins j 2, G41, 821 Due to other banks and bankers 1,106,945 Silver certificates j Other liabilities 484,310 Legal tenders and national-bank notes, j 4, 529, 597 Other resources Total..... April 7,1887.] Loans on real estate Loans on personal and collateral security Other loans and discounts Overdrafts TJ. S. bonds State bouds R. R. bonds and stocks Bank stocks Other stocks, bonds, and mortgages... Due from other banks and bankers Real estate, furniture, and fixtures Current expenses and taxes paid Checks and other cash items Gold coins Gold certificates , Silver coins Silver certificates Legal tenders and national-bank notes Other resources Total . 33,208,334 Total I 33,208,334 OHIO . . [46 banks. $2, 063,993 $3, 079,695 Capital stock paid in Surplus fund 7, 587, 247 ! Other undivided profits 44,915 j 230,769 i State-bank notes outstanding 385, 506 200, 353 1,411 Dividends unpaid 913, 291 1, 538, 795 608,160 68, 592 391,646 159,012 Individual deposits 10, 314, 788 State, county, and municipal de- ! posits ". ; Deposits of State, county, and mu- i nicipal disbursing officers \ Due to other banks and bankers Other liabilities ; ! 218,200 249,688 706, 003 107,218 14, 449, 641 Total.. j 14,449,641 REPORT OF THE COMPTROLLER OF THE CURRENCY. 255 STATE BANKS—OFFICIAL. INDIANA. [32 banks. October 31,1886.] Liabilities. Resources. Loans on real estate Loans on personal and collateral security Other loans and discounts i $3, 434, 568 Overdrafts | 50,096 U.S. bonds | State bonds ! R. R. bonds and stocks j Bunk btocks I Oilier stocks.bonds, andmortgages j 101, 242 Due from other banks and bankers I 801. 675 Real estate, furniture, and fixtures i 224, 330 Cm rent expenses and taxes paid j 35, 357 Gold coins \] Gold certificates j Silver coins ! > 569,914 Silver certificates 'J ! Legal tenders and national-bank notes.' J Other resources j 2, 849 Total. 5,220,631 I; Capital stock paid in Surplus fund Other undivided profits State-bank notes outstanding Dividends unpaid > $1,676,600 235, 874 143, 036 Individual deposits 3,126, 849 State, county, and municipal deposits Deposits of State, county, and municipal disbursing officers Due to other banks and bankers Other liabilities Total.... MICHIGAN. 23,124 14, 548 5, 220, 631 July 4,1887.] [62 banks. $508, 591 i Capital stock paid in Loans on real estate Loans on personal and collateral se27,606 ' Surplus fund curity 23,436,616 !: Other loans and discounts 41,837 Other undivided profits Overdrafts. 214,600 ': TJ. S. bonds , 528,482 State-bank notes outstanding State bonds j R. It. bonds and stocks ! Dividends unpaid Ban it stocks . ' Other stocks,bonds, and mortgages ' 1,160,985 Individual deposits Due from other banks and bankers. ..! 3, 669, 402 State, county, and municipal depos499, 710 Real estate, furniture, and fixtures } its 112,327 Deposits of State, county, and muCurrent expenses and taxes paid i Gold coins ! nicipal disbursing officers Gold certificates Silver coins 2, 664, 713 Duo to other banks and bankers Silver certificates Other liabilities Legal tenders and national-bank notes. 262,565 O ther resources $4,556,150 Total. July 4,1887.] 33,127, 434 Total WISCONSIN. 746, 235 642, 866 29, 756 26, 069, 050 458, 281 625, 096 33,127,434 156 banks. Capital stock paid in | $3,350,340 Loans on real estate Loans on personal and collateral seSurplus fund 1,111,523 curity $16,314,038 Other undivided profits Otber loans and discounts 10, 311 132, 256 Overdrafts 181. 516 State-bank notes outstanding i 223 U.S. bonds I State bonds 1JO0O R. R. bonds and stocks Dividends unpaid. j 1, 333 Bank stocks 1, 716, 468 Individual deposits Other stocks, bonds, and mortgages I 19, 960, 417 4, 210, 455 State, county, and* municipal depos- | Due from other banks and bankers 496, 414 its | Real estate, furniture, and fixtures 25, 428 Deposits of State, county, and mu- I Current expenses and taxes paid nicipal disbursing officers I Gold coins Gold certificates Silver coins 2, 656, 852 Due to other banks and bankers 1, 282, 354 Silver certificates 22, 257 Other liabilities Legal tenders and national-bank notes. Other resources 4,331 Total. 25,738, 758 Total. 25,738,758 256 REPORT OF THE COMPTROLLER OF THE CURRENCY. STATE BANKS—OFFICIAL,. IOWA. June 30,1887.] [65 banks. Kesources. Loans on real estate Loans on personal and collateral security Other loans and discounts Overdrafts U. S. bonds Staf e bonds -II. R. bonds and stocks Bank stocks Overstocks, bonds, and mortgages Due from other banksand bankers Real estate, furniture, and fixtures Current expenses and taxes paid Gold cons Gold certificates Silver coins Siiver certificates Legal tenders and national-bank notes. Other resources Total. J u l y 23,1887.] Liabilities. Capital stock paid in. $7,444, 217 186,166 I 1, 413, 227 545, 905 674, 036 Loans on real estate Loans on personal and collateral security Other loans and discounts Overdrafts < TJ. S. bonds State bonds E. E. bonds and stocks Bank stocks Other stocks, bonds, and mortgages... Due from other banks and bankers Eeal estate, furniture, and fixtures Current expenses and taxes paid Checks and other cash items Gold coins Gold certificates Silver coins Silver certificates Legal tenders and national-bank notes. Other resources Total. 441, 982 252,817 State-bank notes outstanding. Individual deposits State, county, and municipal deposits Deposits of State, county, and municipal disbursing officers Due to other banks and bankers Other liabilities .•. 5,747, 286 254, 378 12, 755 10,276,306 Total. MINNESOTA. Capital stock paid in Loans on personal and collateral security $15, 439, 215 Other loans and discounts 99,161 Overdrafts 21, 550 XJ. S. bonds State bonds E. E. bonds and stocks Bank stocks 948, 445 Other stocks, bonds, and mortgages 2,434, 323 Due from other banks and b a n k e r s . . . . 835, 374 Real estate, furniture, aud fixtures 69, 848 Current expenses and taxes paid 213, 637 Gold coins Gold certificates 119, 672 Silver coins Silver certificates Legal tenders and national-bank notes. "i," 539* 572 Other resources May 14,1887.] $3, 579,843 Dividends unpaid Loans on real estate Total Surplus fund Other undivided profits. 22,009,512 Surplus fund Other undivided profits Dividends unpaid Individual deposits State, county, and municipal deposits Deposits of State, county, and municipal disbursing officers Due to other banks and bankers Other liabilities Total. $2, 662, 527 Capital stock paid in. 41,101,608 5, 605 593, 573 758,971 Surplus fund Other undivided profits. $5, 228,000 691, 587 501, 538 12,544 14,429, 516 778, 670 367,657 22, 009, 512 [212 banks. |$11,626,403 6, 596,349 State-bank notes outstanding. Dividends unpaid 270, 883 [54 banks. State-bank notes outstanding MISSOURI. 4, 008,958 8,068,591 2,086, 530 734 2,121,911 1,158,329 10,276, 306 Individual deposits State, county, and municipal deposits Deposits of State, county, and municipal disbursing officers Due to other banks and bankers Other liabilities , 75,428 49,173,704 6,319,267 388,860 7, 383, 676 3,958,117 74,180,011 Total. 74,180,011 KEPORT OF THE COMPTROLLER OF THE CURRENCY. 257 STATE BANKS—OFFICIAL. CALIFORNIA. [88 banks. July 1,1887.] Resources. Liabilities. $13,508, 018 Loans on real estate Loans on personal and collateral se34, 653, 984 curity 17,993, 633 Other loans and discounts Overdrafts TJ. S. bonds State bonds It. It. bonds and stocks Bank stocks 2, 378, 217 Other stocks, bonds, and mortgages 10, 335, 491 Due from other banks and bankers 3.188, 231 Real estate, furniture, and fixtures Current expenses and taxes paid Gold coins Gold certificates [> 15, 579, 298 Silver coins Silver certificates Legal tenders and national-bank notes. Other resources -. ""3," 725 "798' J Total • 101,364,670 Capital stock paid in. Surplus fund Other undivided profits . $31, 061,935 11,402,287 State-bank notes outstanding. Dividends unpaid 52, 513,971 Individual deposits State, county, and municipal deposits Deposits of State, county, and municipal disbursing officers Due to other banks and bankers Other liabilities Total 5,872,134 514,343 101,364,670 AGGREGATE RESOURCES AND LIABILITIES OF 914 STATE BANKS IN THE UNITED STATES $23,653,410 Loans on real estate Loans on personal and collateral security 79,141,632 269, 897, 676 Other loans and discounts Overdrafts 1,348,583 U.S. bonds 2,292,913 1, 029,683 State bonds It. It. bonds and stocks 351,472 Bank stocks 56, 910 Other stocks, bonds, and mortgages.... 22, 652, 256 54,184, 825 Due from other banks and bankers 16, 365,170 Heal estate, furniture, and fixtures 1,141, 024 Current expenses and taxes paid Gold coins Gold certificates } 100,182,861 Silver coins Silver certificates Legal tenders and national-bank notes. 13, 959, 459 Other resources Total 8770 CUR 87 586,257, 874 17 Capital stock paid in . Surplus fund Other undivided profits. $114,830,660 34,115,460 10,828,524 State-bank notes outstanding 138,973 Dividends unpaid 473,416 Individual deposits 390,821, 688 State, county, and municipal deposits Deposits of State, county, and municipal disbursing officers 88,193 Due to other banks and bankers Other liabilities Total. 28, 949,795 6,011,165 586,257,874 258 REPORT OF THE COMPTROLLER OF THE CURRENCY. STATE BANKS-UNOFFICIAL. DELAWARE. June 30,1887.] [2 banks. Resources. Liabilities. Loans on real estate Loans on personal and collateral security Other loans and discounts Overdrafts U. S. bonds -...* State bonds R. R. bonds and stocks Bank stocks Other stocks, bonds, and mortgages Due from other banks and bankers Real estate, furniture, and fixtures Current expenses and taxes paid Gold coins Gold certificates Silver coins Silver certificates Legal tenders and national-bank notes. Other resources Total. Total. Surplus lurplus fund fund Other undivided profits. $356,000 41, 538 9,585 State-bank notes outstanding Dividends unpaid 2,506 Individual deposits 91, 847 State, county, and municipal deposits 25, 828 448 Deposits of State, county, and mu•nicipal disbursing officers 39,194 Due to other banks and bankers Other liabilities 497,427 73, 924 38,530 11, 314 $633, 446 3,548, 348 1, 669, 296 94,903 20, 000 189, 409 276,810 83, 821 485,236 894, 581 149, 460 52, 670 582,058 Total. Capital stock paid in . Surplus fund Other undivided profits. State-bank notes outstanding. Dividends unpaid Individual deposits State, county, and municipal deposits Deposits of State, county, and municipal disbursing officers Due to other banks and bankers Other liabilities 1,017,024 [39 banks. $1, 900, 255 451,588 199,125 14,187 5, 956,769 17,787 28, 832 117,005 38, 748 44, 258 8,724,296 Total. WEST VIRGINIA. Loans on real estate Loans on personal and collateral security Other loans and discounts Overdrafts TL S. bonds State bonds R. R. bonds and stocks Bank stocks Other stocks, bonds, and mortgages... Due from other banks and bankers Real estate, furniture, and fixtures Current expenses and taxes paid Gold coins Gold certificates Silver coins Sil ver certificates Legal tenders and national-bank notes. Other resources Capital stock paid in . VIRGINIA. Loans on real estate Loans on personal and collateral security , Other loans and discounts Overdrafts U. S. bonds State bonds R. R. bonds and stocks Bank stocks Other stocks, bonds, and mortgages . . . Due from other banks and bankers Real estate, furniture, and fixtures. .. Current expenses and taxes paid Gold coins Gold certificates Silver coins Silver certificates Legal tenders and national-bank notes. Other resources Total. ""72i,~337 1,017,024 June 30,1887.] June 30, 1887.] $124, 550 $59,220 3,092,776 96, 654 5,112 800 Capital stock paid in . Surplus fund Other undivided profits State-bank notes outstanding. 8, 724,296 [14 banks. $819,855 246,739 57,430 13, 791 30,190 101, 900 Dividends unpaid 115,935 Individual deposits 2, 897,123 368, 681 State, county, and municipal depos156, 888 its 9,957 Deposits of State, county, and municipal disbursing officers * 7,188 291, 786 Due to other banks and bankers Other liabilities 215, 540 35,114 23,261 4, 322,970 Total. 4, 322, 970 REPORT OF THE COMPTROLLER OF THE CURRENCY. 259 STATE BANKS—UNOFFICIAL. SOUTH CAROLINA. J u n e 30, 1887.] [10 banks. Resources. Liabilities. Loans on real estate Loans on personal and collateral security • Other loans and discounts Overdrafts U. S. bonds State bonds R. R. bonds and stocks $618,063 1,566, 594 624,530 10, 496 50, 000 Capital stock paid in Surplus furd Other undivided profits 18 5, 403, 290 Total GEORGIA. J u n e 30, 1887.] Loans on real estate Loans on personal and collateral security Other loans and discounts Overdrafts TJ. S. bonds State bonds R. R. bonds and stocks Bank stocks Other stocks, bonds, and mortgages... Due from other banks and bankers Real estate, furniture, and fixtures Current expenses and taxes paid Gold coins Gold certificates Silver coins Silver certificates Legal tenders and national-bank notes. Other resources $114,492 3,969,921 3, 825, 806 118,177 7,570 12, 000 ] 9, 600 722, 002 496, 308 367, 352 31,113 1, 045, 316 137,412 228,355 State-bank notes outstanding Dividends unpaid Other stocks, bonds, and mortgages... 1, 872, 367 Individual deposits Duo from other banks and bankers... 242,440 State, county, and municipal deposReal estate, furniture, and fixtures 123, 055 its 10, 515 Deposits of State, county, and muCurrent expenses and taxes paid Gold coins nicipal disbursing officers 1 Grold certificates Silver coins > Due to other banks and bankers I 279,212 Other liabilities Silver certificates Legal tenders and national-bank notes. Other resources Total $788,704 Capital stock paid in Surplus fund , Other undivided profits.. State-bank notes outstanding.. Dividends unpaid Individual deposits State, county, and municipal deposits Deposits of State, county, and municipal disbursing officers Due to other banks and bankers Other liabilities 153 4,121,254 4,751 112,656 10,005 5,403,290 [16 banks. $2,738,850 946, 011 310,991 28, 024 4, 958, 365 70,119 1, 289, 681 512, 337 124, 721 Total. 10, 854, 378 Total. 10,854,378 FLORIDA. [6 banks. June 30,1887. J Loans on real estate Loans on personal and collateral seOther loans and discounts Overdraft s U. S. bonds State bonds R. R. bonds and stocks Legal tenders and national-bank notes. Other resources Total Capital stock paidin 744,832 28,672 20,921 Other undivided profits 15,000 150 Other stocks, bonds, andmortgages.... Due from other banks and bankers Real estate, furniture, and fixtures Current expenses and taxe3 paid Gold certificates $48,030 I $290,100 239,578 137,012 State-bank notes outstanding Dividends unpaid 32,860 149,701 395,902 6,512 Individual deposits State, county, and municipal deposits . Deposits of State, county, and municipal disbursing officers 134,367 Due to other banks and bankers Other liabilities 250 830,198 695 39,134 76, 065 36,085 1, 613,032 Total 1, 613, 032 260 REPORT OF THE COMPTROLLER OF THE CURRENCY. STATE BANKS—UNOFFICIAL. ALABAMA. J u n e 30, 1837.] [7 banks. Liabilities. Resources. Loans on real estate Loans on personal and collateral security Other loans and discounts O verdrafts U.S. bonds State bonds R. R. bonds and stocks Bank stocks Other stocks, bonds, aDd mortgages Due from other banks and b a n k e r s — Real estate, furniture, and fixtures Current expenses and taxes paid Gold coins Gold certificates Silver coins Silver certificates Legal tenders and national-banknotes. Other resources Capital stock paid in $524, 918 1,150,093 48, 824 1,030 13, 953 158, 840 69,302 State-bank notes outstanding. Dividends unpaid 491 44, 527 225, 661 131, 830 24, 695 Individual deposits State, county, and municipal deposits Deposits of State, county, and municipal disbursing officers 934,266 221, 900 Due to other banks and bankers Other liabilities 35,167 406, 471 1,852 13, 958 2,401,389 Total. $735,000 Surplus fund Other undivided profits. Total 2,401,389 I J u n e 30,1887.] MISSISSIPPI. Loans on real estate Loans on personal and collateral se- Capital stock paid in Overdrafts U . S . bonds State bonds R. R. bonds and stocks Bank stocks Otherstocks, bonds, andmortgages Due from other banks and bankers Real estate, furniture, and fixtures Current expenses and taxes paid Gold coins Gold certificates Silver coins Silver certificates Legal tenders and national-bank notes. Other resources Other undivided profits Total. J u n e 30,1887.] Loans on real estate Loans on personal and collateral security Other loans and discounts Overdrafts U.S. bonds State bonds R. R. bonds and stocks Bank stocks Other stocks, bonds, and mortgages Due from other banks and b a n k e r s — Real estate, furniture, aod fixtures— Current expenses and taxes paid Gold coins Gold certificates Silver coins Silver certificates Legal tenders and national-bank notes Other resources Total. [9 banks. $759,650 Surplus fund 31,290 1,200 84, 062 308, 688 68, 598 16, 421 157, 025 29, 044 68, 490 State-bank notes outstanding 50 Dividends unpaid Individual deposits State, county, and municipal deposits Deposits of State, county, and municipal disbursing officers 1,102, 906 16,186 176, 407 16,145 Due to other banks and bankers Other liabilities 213,116 2,168,878 j; Total . 2,168,878 LOUISIANA. $473, 858 1,989,590 2, 795,628 [5 banks. Capital stock paid in. $2,017,300 Surplus fund Other undivided profits. 260,000 288,693 State-bank notes outstanding. 263, 848 4,770 546,701 81,601 228, 642 11, 617 1,914,995 8,597 Dividends unpaid 39,476 Individual deposits State, county, and municipal deposits Deposits of State, county, and municipal disbursing officers Due to other banks and bankers Other liabilities , 5,660,873 266,361 5 230, 055 8, 541,305 Total. 8,541,305 REPORT OF THE COMPTROLLER OF THE CURRENCY. STATE 261 BANKS—UNOFFICIAL. TEXAS. June 30,1887.] [9 banks. Resources. Liabilities. $2, 656 Loans on real estate Loans on personal and collateral se- 876,087 540,584 25, 385 Other loans and discounts Overdrafts U S bonds . . Total 88, 353 124,408 389,791 Individual deposits State, county, and municipal deposits Deposits of State, county, and municipal disbursing officers 978,851 Due to other banks and bankers Other liabilities 74,110 229,293 Total . Total $75,276 Capital stock paid in . 407, 772 13, 000 14, 342 9,000 53, 551 Surplus fund Other undivided profits. 1,863 2,269, 475 [6 banks. $265, 000 44,244 7.18U State-bank notes outstanding. Dividends unpaid 4,000 28, 281 Individual deposits 203,153 State, county, and municipal deposits 28, 023 2,138 Deposits of State, county, and municipal disbursing officers 593, 264 52,391 3,650 1,000 Due to other banks and bankers Other liabilities 34 966, 738 Total. 966,738 TE NNE SSBB. Loans on real estate Loans on personal and collateral security Other loans and discounts Overdrafts U.S. bonds State bonds H.B,. bonds and stocks Bank stocks Other stocks, bonds, and mortgages Due from other banks and bankers Real estate, furniture, and fixtures Current expenses and taxes paid Gold coins Gold certificates SfIver coin s Silver certificates Legal tenders and national-bank notes. Other resources 13, 499 21,208 ARKANSAS. Loans on real estate Loans on personal and collateral security Other loans and discounts , Overdrafts U.S. bonds State bonds R.R. bonds and stocks Bank stocks Other stocks, bonds, and mortgages Due from other banks and bankers Real estate, furniture, and fixtures Current expenses and taxes paid Gold coins Gold certificates Silver coins Silver certificates Legal tenders and national-bank notes. Other resources 21,400 14.560 230, 904 132,230 14, 670 2,269, 475 June 30,1887.] Total. $761,098 Surplus fund Other undivided profits State-bank notes outstanding Bank stocks Other stocks, bonds, and mortgages*... Due from other banks and bankers Real estate, furniture, and fixtures Current expenses and taxes paid Gold coins Gold certificates Silver co ins ± Silver certificates Legal tenders and national-bank notes. Other resources June 30,1887.] Capital stock paid in $98,141 4, 754,492 1, 4$), 955 2^2, 951 4, 793 679 47, 374 49, 953 418, 708 1,095,163 221, 612 51, 392 1, 050, 786 [27 banks. $2,924,254. Capital stock paid in. 153, 987 479, 701 Surplus fund Other undivided profits. State-bank notes outstanding. Dividends unpaid 17,498 Individual deposits 5, 590,552 State, county, and municipal depos3,922 its Deposits of State, county, and mu12,960 nicipal disbursing officers Due to other banks and bankers Other liabilities j i 302, 561 126, 916 146,352 9,612, 351 Total. "^612,351 262 REPORT OF THE COMPTROLLER OF THE CURRENCY. STATE BANKS—UNOFFICIAL. ILLINOIS. [48 banks. J u n e 30,1887.] Resources. Loans on real estate Loans on personal and collateral security Other loans and discounts Overdrafts U.S. bonds State bonds R. R. bonds and stocks Bank stocks Other stoaks, bonds, and mortgages — Due from other banks and bankers Real estate, furniture, and fixtures Current expenses and taxes paid Gold coins Gold certificates Silver coins Silver certificates Legal tenders and national-bank notes. Other resources Total. Liabilities. $594,014 4,165, 881 833, 465 105,211 138, 285 7,100 •1,000 74, 975 223, 234 1, 420, 245 430, 744 29, 470 921, 557 Capital stock paid in Surplus fund Other undivided profits $1, 655, 500 676, 927 213, 568 State-bank notes outstanding Dividends unpaid Individual deposits State, county, and municipal deposits .... Deposits of State, county, and municipal disbursing officers Due to other banks and bankers • Other liabilities 116, 277 5,178, 069 669, 640 85, 805 228, 096 172, 624 51,325 8, 996,506 Total 8, 996, 506 KANSAS. J u n e 30,1887.] Loans on real estate Loans on personal and collateral security 1 Other loans and discounts Overdrafts U. S. bonds State bonds R. R. bonds and stocks 33ank stocks Other stocks, bonds, and mortgages Due from other banks and bankers Real estate, furniture, and fixtures Current expenses and taxes paid Gold coins Gold certificates Silver coins Silver certificates Legal tenders and national-bank notes. Other resources Total [149 banks. $1,442, 835 Capital stock paid in. 8, 338, 434 ! Surplus fund 1,613,426 J Other undivided profits. 184, 098 14,365 ! State-bank notes outstanding 7,457 i I Dividends unpaid 43,"800" 401, 358 i Individual deposits 2,603,194 i State, county, and municipal depos904, 562 j i its 576,135 Deposits of State, county, and municipal disbursing officers 2, 383,193 D^e to other banks and bankers Other liabilities .. $6, 618, 545 490,117 880, 004 29, 095 18,121 9,151,626 165,117 210, 054 345, 834 878, 915 274, 571 18,787,428 Total . 18, 787, 428 NEBRASKA. [140 banks. J u n e 30, 1887.] Loans on real estate Loans on personal and collateral security Other loans and discounts Overdrafts IT. S. bonds State bonds ( R. R. bonds and stocks 1 Bank stocks Other stocks, bonds, and mortgages Due from other banks and bankers Real estate, furniture, and fixtures Current expenses a,nd taxes paid Gold coins 1 Gold certificates Silver coins Silver certificates Legal tenders and national-bank notes. Other resources.. Total. $1,007,453 4, 937,864 360,682 112,921 25, 376 100 24, 500 67,860 , 326, 692 672, 956 118, 848 601, 867 Capital stock paid in Surplus "fund Other undivided profits State-bank notes outstanding Dividends unpaid Individual deposits State, county, and municipal deposits Deposits of State, county, and municipal disbursing officers Due to ot her banks and bankers Other liabilities $2, 864, 606 340, 922 455, 075 38, 500 11, 239 4, 836,266 147, 581 173, 315 465, 938 76,323 ; 9,333,442 ! Total . >, 3 3 3 , 4 4 2 REPORT OF THE COMPTROLLER OF THE CURRENCY. 263 STATE BANKS-UNOFFICIAL. COLORADO. June 30, 1887.1 [8 banks. Eesources. Liabilities. Capital stock paid in Loans on real estate Loans on personal and collateral security Other loans and discounts Overdrafts TJ. S. bonds State bonds E. R. bonds and stocks Bank stocks Other stocks, bonds, andmortgages Due from other banks and bankers Real estate, furniture, and fixtures — Current expenses and taxes paid Gold coins Gold certificates Silver coins Silver certificates Legal tenders and national-bank notes. Other resources Surplus fund Other undivided profits. State-bank notes outstanding. $505,000 83, 778 84, 777 Dividends unpaid Individual deposits ! 2,279,135 State, county, and municipal deposits 28,258 Deposits of State,, county, and municipal disbursing officers 1,887 .Due to other banks and bankers Other liabilities Total . Total. 42,178 115, 000 3,140, 013 ORE GON. June 30, 1887.] [4 banks. Loans on real estate Loans on personal and collateral security Other loans and discounts Overdrafts TJ. S. bonds E. E. bonds and stocks iBank stocks . . . . . . .. Other stocks, bonds, andmortgages Due from other banks and bankers lieal estate, furniture, and fixtures Current expenses and taxes paid Gold coins Gold certificates Silver certificates Legal tenders and national-bank notes. Other resources Total : $47,736 Capital stock paid in 179,541 12, 333 1,611 Surplus fund Other undivided profits $170,000 15,162 10,261 State-bank notes outstanding i 42,210 22,193 1,443 Dividends unpaid Individual deposits State, county, and municipal deposits Deposits of State, county, and municipal disbursing officers 60,369 Due to other banks and bankers Other liabilities 377 173,390 2,266 4,020 371,456 Total 371,456 AGGREGATE RESOURCES AND LIABILITIES OF 499 STATE BANKS IN THE UNITED STATES. Loans on real estate $5,613,963 Loans on personal and collateral security 41,053,200 Other loans and discounts 16,494,483 Overdrafts 1,047,027 TJ. S. bonds 237,243 State bonds 612, 720 459, 257 R. R. bonds and stocks 324, 555 Bank stocks Other stocks, bonds and mortgages 5,057,846 Duo from other banks and bankers 10, 590, 056 Real estate, furniture, and fixtures 4,109,932 Current expenses and taxes paid 982, 648 Gold coins Gold certificates Silver coins ^10,662,857 Silver certificates Legal tenders and national-bank notes. 1,278,184 Other resources Total 98,523,971 Capital stock paid in Surplus fund Other undivided profits State-bank notes outstanding $26,169,717 4,404,260 3,623, 966 89,983 276, 333 Dividends unpaid 55,738,334 Individual deposits State, county, and municipal deposits 1,132,109 Deposits of State, county, and municipal disbursing officers 408,278 Due to other banks and bankers Other liabilities Total 3,495,619 3,185,372 98,523,971 264 EEPORT OF THE COMPTROLLER OF THE CURRENCY. STATE BANKS—OFFICIAL AND UNOFFICIAL,.* AGGREGATE RESOURCES AXD LIABILITIES OF STATE BANKS FROM 1882 TO 1887. 1882-'83. 1883-'84. 18d4-'85. 754 banks. 817 b a n k s . 975 b a n k s . 1885-'86. 1886-'87. Resources and liabilities. 849 banks. 1,413 banks. Resources. Loans on real estate Loans on pers'l and collat'l security Other loans and discounts Overdrafts U.S. bonds State, county, and municipal bonds R. R. bonds 'and stocks Bank stocks Other stocks, bonds, and mortgages. Due from other banks and bankers. Real estate, furniture, and fixtures.. Current expenses and taxes paid... Gold coins Gold certificates Silver coins Silver certificates Legal tenders and nat'1-bank notes. Checks and other cash items Other resources Total.. Liabilities* Capital stock paid in Surplus fund Other undivided profits State-bank notes outstanding Dividends unpaid Individual deposits State, county, and municipal deposits Deposits of State, county and municipal officers Due to other banks and bankers . . . Other liabilities Total., ( $29, 267, 373 1322,358,227 ;$331,049, 510 i$347,880,520 $331,183, 626 < 120,194, 832 ( 286, 392,159 1, 392, 961 1, 262, 725 ! 1, 3-19, 998 1,169, 388 2, 395, 610 5, 287, 000 2,994,806 4, 392, 421 2, 530,156 ( 1, 642,403 2, 337, 705 | I 810,729 ^22,083,304 32,644,859 27,194, 693 1 381,405 31,452, 019 { 27,710,102 58,709,516 59, 062,405 49, 747,429 64, 774, 881 13,592,791 15, 873, 312 14, 605, 853 20,475,102 48, 836, 689 918,403 1,130, 883 1,047, 782 2,123, 672 15, 058, 411 j> 17,429, 817 1, 025, 237 29, 867, 724 24, 734, 684 25, 302, 316 35,118, 379 9, 943, 706 25, 376, 565 30,994, 221 25, 972,922 5, 791, 111 14, 726, 940 51, 668, 218 8, 224, 886 15, 237, 643 110, 845, 718 512,137,026 28, 787, 615 521, 28, 077, 219, 766 414 7, 671, 876 553, 562, 761 528, 695, 920 684, 781, 845 102,454, 861 25, 702, 738 11, 287, C23 187,978 442, 652 334,995,702 110, 020, 3f.l 31,483, 942 12, 718, 894 177, 551 473, 735 325, 365, G69 125, 2f.8, 240 30, 609, 575 11, 574, 736 98,129 493, 926 344, 307,996 109, 611, 596 27, 813, 508 10, 095, 760 103,430 430, 699 342, 882,767 141, 000,377 38, 519, 720 14,452,490 228, 956 749, 7-19 446, 560,022 1,132,109 20,651, 930 16, 353, 542 27,125,108 13, 712, 513 29,950,453 11, 209, 706 27, 800,280 9, 957, 880 496,471 32, 445, 414 9,196, 537 512,137,026 521,077, 766 553, 562, 761 528,695, 920 684, 781,845 * Official only, prior to 1886-'87. REPORT OF THE COMPTROLLER OF THE CURRENCY. 265 LOAN AND TRUST COMPANIES—OFFICIAL,. MAINE. September 25 and October 5,1886.] [2 companies. Liabilities. Resources. $107,141 Loans on real estate Loans on personal and collateral security Other loans and discounts Overdrafts U. S. bonds State bonds R. R. bonds and stocks Bank stocks Other stocks, bonds, and mortgages Due from other banks and baiikers Real estate, furniture, and fixtures Current expenses and taxes paid Gold coins Gold certificates Silver coins Silver certificates Legal tenders aud national-bank notes. Other resources 15,907 398,438 3, 51G 43, 025 75, 931 12, 801 82, 8(33 *69, 221 3, 004 1,198 Capital stock paid in #190, 297 Surplus fund 16,440 17, 225 Other undivided profits State-bank notes outstanding 822 Dividends unpaid Individual deposits State, county, and municipal deposits '. Deposits of State, county, and municipal disbursing officers 539,161 D u e t o other b a n k s and b a n k e r s Other liabilities Total. 7G3, 945 Total. 703, 945 * Includes cash on hand. NEW HAMPSHIRE. March 31,1887.] Loans on real estate Loans on personal and collateral security Other loans and discounts Overdrafts U.S. bonds State bonds R. R. bonds and stocks Bank stocks Other stocks,bonds,and mortgages Due from other banks and bankers Real estate, furniture, and fixtures Current expenses and taxes paid Gold coins Gold certificates Silver coins Silver certificates Legal tenders and national-bank notes. Other resources $543,205 227, 710 Capital stock paid in [1 company, j Surplus fund Other undivided profits . $200, 000 27,350 23,269 State-bank notes outstanding. 2, 582 500 15, 000 9, 058 1, 929 4, 305 Dividends unpaid Individual deposits State, county, and municipal deposits Deposits of State, county, and municipal disbursing officers Due to other banks and bankers. Other liabilities 116, 984 466, 800 30, 214 Total. 834, 503 Total. S34, 503 MASSACHUSETTS. [9 companies. October, November, and December, 1886.] Loans on real estate Loans on personal and collateral se- $9,128, 260 Other loans and discounts 25,172, 919 Surplus fund "U.S. bonds 2,438, 506 R.R. bonds and stocks TSank stocks . . ...-, . . . Other stocks, bonds, and mortgages... Due from other banks and bankers Real estate, furniture, and fixtures Current expenses and taxes paid J Other undivided profits $4,150, 000 415,202 659, 075 State-bank notes outstanding 194,518 7, 946, 290 805,106 839,014 90, 348 Gold certificates j> 4,167,516 Silver coins Silver certificates Legal tenders and national-bank notes. 370, 471 Other resources Total Capital stock paid in i 50,958,460 Dividends unpaid 43,972,419 Individual deposits State, county, and municipal deposits . ' Deposits of State, county, and municipal disbursing officers Due to other banks and bankers Other liabilities Total 30, 329 1, 536, 917 50, 958, 460 266 REPORT OF THE COMPTROLLER OF THE CURRENCY. LOAN AND TRUST COMPANIES-OFFICIAL,. CONNECTICUT. [7 companies. October 1,1886.] Resources. Liabilities. $380, 282 Loans on real estate Loans on personal and collateral secnrit y • > .-Other loans and discounts 2,095,417 U. S. bonds State bonds . •R. B. bonds and stocks Bank stocks . ..... . ...... Other stocks, bonds, and mortgages Due from other banks and bankers Heal estate, furniture, and fixtures Current expenses and taxes paid Gold coins Gold certificates > Silver coins Silver certificates Legal tenders and national-bank notes. Total October 1,1886.] 251, 990 Otiier undivided profits 696, 609 674, 436 294, 027 13,489 142,307 Due to other banks and bankers Other liabilities 3,457 2, 829, 975 224, 545 Total 4, 296,567 NEW YORK CITY. [15 companies. 174, 681,491 Capital stock paid in $13, 900,000 Surplus fund Other undivided profits 8, 659, 852 7, 268, 965 State-bank notes outstanding Dividends unpaid 278, 757 Individual deposits State, county, and municipal deposits Deposits of State, county, and municipal disbursing officers• 139, 348, 535 Due to other banks and bankers... Other liabilities 846,149 4, 379, 233 Total. 174, 681,491 NEW YORK STATE. Loans on real estate Loans on personal and collateral security Other loans and discounts Overdrafts "U.S. bonds State bonds R.E.bonds and stocks Bank stocks Other stocks, bonds, and mortgages Due from other banks aod bankers Real estate, furniture, and fixtures Current expenses and taxes paid Gold coins Gold certificates Silver coins Silver certificates Legal tenders and national-bank notes. Other resources Surplus fund State-bank notes outstanding 4,296,567 Total. Total. $986, 600 Dividends unpaid Individual deposits State, county, and municipal deposits Deposits of State, county, and municipal disbursing officers Loans on real estate Loans on personal and collateral security $104, 719,444 Other loans and discounts 1,055 Overdrafts 24,454, 821 TJ. S. bonds State bonds R. R. bonds and stocks Bank stocks 19,470, 876 Other stocks, bonds, and mortgages 11, 562,193 Due from other banks and bankers 5, 997, 556 Real estate, furniture, and fixtures 8,579 Current expenses and taxes paid Gold coins Gold certificates 6,753,751 Silver coins Silver certificates Legal tenders and national-bank notes. Other resources 1,714, 216 October 1,1886.] Capital stock paid in [5 companies. Capital stock paid in Surplus fund $9, 220, 882 263 Other undivided profits 1, 506, 993 State-bank notes outstanding Dividends unpaid 2,483, 617 Individual deposits 1, 315, 317 State, county, and municipal depos195,134 its Deposits of State, county, and municipal disbursing officers 149, 403 Due to other banks and bankers Other liabilities $1,431,900 173,358 669,738 48,425 12, 558, 214 35, 000 26,157 71,183 14,942,792 Total. 14, 942, 792 REPORT OF THE COMPTROLLER OF THE CURRENCY. 267 LOAN AND TRUST COMPANIES-OFFICIAL. MINNESOTA. [3 companies. July 23, 1887.] Eesources. Loans on real estate Loans on personal and collateral security Other loans and discounts Overdrafts IT. S. bonds State bonds K. R. bonds and stocks Bank stocks Other stocks, bonds, and mortgages.... Duo from other banks and bankers Real estate, furniture, and fixtures Current expenses and taxes paid Gold coins Gold certificates Silver coins Silver certificates Legal tenders and national-bank notes. Other resources Total. 'Liabilities. $908,427 51,139 Capital stock paid in. Surplus fund , Other undivided profits. State-bank notes outstanding $1, 000,000 50,000 75,860 Dividends unpaid 2,950 80,1)08 317,217 19,1G4 2,543 Individual deposits State, county, and municipal deposits Deposits of State, county, and municipal disbursing officers Due to other banks and bankers. Other liabilities 434,083 20, 000 197, 595 1, 579, 943 Total . 1, 579, 943 AGGREGATE RESOURCES AND LIABILITIES OF 42 LOAN AND TRUST COMPANIES IN THE UNITED STATES. Loans on real estate Loans on personal and collateral security Other loans and discounts Overdrafts U.S. bonds State bonds H. R. bonds and stocks Bank stocks Other stocks, bonds, and mortgages Due from other banks and bankers Eeal estate, furniture, and fixtures Current expenses and taxes paid Gold coins Gold certificates Silver coins Silver certificates Legal tenders and national-bank notes. Other resources Total $11,067,315 294,756 141,607,100 1,318 28,403, 836 45, 607 75, 931 13, 201 30, 648, 205 14, 516, 239 7, 648, 811 132, 778 11,218, 823 Capital stock paid in Surplus fund Other undivided profits. State-bank notes outstanding.. Dividends unpaid Individual deposits State, county, and municipal deposits Deposits of State, county, and municipal disbursing officers Due to other banks and bankers Other liabilities $21,858,797 9, 594,192 8, 714,132 525,979 199, 799, 370 1,136, 023 6,429, 208 2,383,681 248, 057, 701 Total. 248,057,701 268 REPORT OF THE COMPTROLLER OF THE CURRENCY. L.OAN AND TRUST COMPANIES—UNOFFICIAL.. PHILADELPHIA, PA. June 30,1887.] [10 companies* Liabilities. Resources. $12,241,972 $2,178,174 Capital stock paid in Loans on real estate Loans on personal and collateral se36,216,489 Surplus fund 5, 988,438 curity 36,728 '• Other undivided profits. 2, 536, 00!) Other loans and discounts % 11,492 Overdrafts State-bank notes outstanding. U . S . bonds 132, 541 State bonds 7,324,417 Dividends unpaid 35, 086 R. R. bonds and stocks 117, 350 Bank stocks 5, 650,168 Individual deposits 40, 244,593 Other stocks, bonds, and mortgages Due from other banks and b a n k e r s — 3,801,931 i State, county, and municipal deposits 3,379,776 I Heal estate, furniture, and fixtures 38, 084 169,098 j Deposits of State, county, and muCurrent expenses and taxes paid nicipal disbursing officers 869,011 Gold coins Gold certificates Due to other banks and bankers 4, 303, 872 Silver coins 19, 881 Other liabilities Silver certificates 1, 516, 281 Legal tenders and national-bank notes 3, 111, 084 Checks and other cash items 469,752 Other resources Total. 65, 388, 054 Total. 65,388, 054 MISSOURI. June 30, 1887.] [2 sompanies. $881, 263 Loans on real estate Loans on personal and collateral se- 32,773 3,324,382 Other loans and discounts $1,200,000 Capital stock paid in 50, 850 Other undivided profits State-baak notes outstanding State bonds R. R. bonds and stocks [Bank, stocks . . . . . .... Other stocks, bonds, and mortgages Due from other banks and bankers Real estate, furniture, and fixtures Current expenses and taxes paid Gold coins Gold certificates Silver coins I Silver certificates Legal tenders and national-banknotes. Other resources Total June 30, 1887.1 15,188 316, 956 17, 494 1,828 52,465 20,190 Individual deposits State, 'county, and municipal deposDeposits of State, county, and municipal disbursing officers 42, 536 Due to other banks and bankers Other liabilities 1, 330, 520 1,747 2, 644, 096 3, 035, 806 2, 644, 096 Total NEBRASKA. Loans on real estate $2,113, 241 Loans on personal and collateral security Other loans and discounts "314*609 Overdrafts U.S. bonds. State bonds R. R. bonds and stocks Bank stocks , 2,000 Other stocks, bonds, and mortgages 115, 317 Due from other banks and bankers 160, 377 Real estate, furniture, and fixtures 41,191 Current expenses and taxes paid 129,805 Gold coins G;old certificates Silver coins 34, 679 Silver certificates Legal tenders and national-banknotes, Other resources 94, 587 Total. Dividends unpaid [4 companies. Capital stock paid in. Surplus fund Other undivided profits. State-banknotes outstanding. $1, 055, 000 259,163 50, 535 Dividends unpaid Individual deposits State, county, and municipal deposits .' Deposits of State, county, and municipal disbursing officers Due to other banks and bankers. Other liabilities Total . 104, 212 167, 002 1,399, 894 3,035, 806 REPORT OF THE COMPTROLLER OF THE CURRENCY. 269 L.OAN ANI> T R U S T COMPANIES—UNOFFICIAL. AGGREGATE RESOURCES AND LIABILITIES OF 16 LOAN AXD TRUST IN THE UNITED STATES. Liabilities. Resources. Loans on real estate $5, 202, (578 Loans on personal and collateral security 3G, 249, 262 Other loans and discounts 1,675, 7 HI Overdrafts 11,492 TJ. S. bonds .383, 881 State bonds 132,541 R. li. bonds and stocks 7, 324,417 Bank stocks 119,350 Other stocks, bonds, and mortgages 5,780, 673 Due from other banks and bankers 4, 279, 264 Heal estate, furniture, and fixtures 3, 438, 461 Current expenses and taxes paid 300, 731 Gold coins Gold certificates Silver coins > 5, 603,401 Silver certificates Legal tenders and national-bank notes. Other resources 566, 086 Total COMPANIES 71, 067, 956 $14,496, 972 Capital stock paid in . Surplus fund , Other undivided profits.. 6,247,C01 2, 637, 394 State-bank notes outstanding . Dividends unpaid „ Individual deposits State, county, and municipal deposits Deposits of State, county, and municipal disbursing officers Due to other banks and bankers. Other liabilities Total . 40,391,341 38,084 y 4,470, 874 2, 730,414 71, 067, 95G 270 REPORT OF THE COMPTROLLER OF THE CURRENCY. L.OAN AND TRUST COMPANIES—OFFICIAL, ANI> UNOFFICIAL. AGGREGATE RESOURCES AND LIABILITIES OF LOAN AND TRUST COMPANIES FROM 1882 TO 1887. 18S2-'83. 3883-?84. 1884-'85. 1885-'86. 1886-'S7. 34 banks. 35 banks. 40 banks. 42 banks. 58 banks, Resources and liabilities. Resources. Loans on real estate ( $16, 269, 993 Loans on pers'l and collat'l security 140,022,358 $158, 018, 009 $141,542,649 $156, 828,458 < 36,544,018 Other loans and discounts (143,282,819 100, 675 367,749 135, 919 419 Overdrafts 12. 810 17,437, 990 23, 371, 084 25, 376, 400 27, 985, 658 U.S. bonds 28, 787, 717 State, county, and municipal bonds . r 178,148 R. R. bonds and stocks 30, 322, 420 27, 879, 858 29, 750,200 43, 816, 716 J 7,400,348 Bank stocks 1 132,651 Other stocks, bonds, and mortgages I 36,428,878 9, 561,148 16, 517, 457 23,458, 985 16,160,112 Due from other banks and bankers 18, 795, 503 8, 759, 291 Real estate, furniture, and fixtures . 6, 5(57, 756 6,152, 771 9, 774, 575 11, 087, 272 213, 183 209, 842 302, 052 Current expenses and taxes paid . . . 664,497 433, 509 Gold coins Gold cer tiflcates 825, 433 552,192 1, 388, 065 Silver coins -19,644,510 16, 822, 224 Silver certificates 2,956,753 3, 871. 990 8, 557, 796 Legal tenders and nat'1-bank notes 88, 483 94, 672 88, 802 Checks and other cash items 4,246, 338 9, 023, 654 Other resources 2,841,937 3, 439, 646 2, 949, 767 Total. Liabilities. Capital stock paid in Surplus fund Other undivided profits State-bank notes outstanding Dividends unpaid Individual deposits State, county, and municipal deposits Deposits of State, county, and municipal disbursing officers Due to other banks and bankers Other liabilities Total. 212, 342, 587 239,871,691 248, 389, 683 278,314,591 22, 778,175 8, 812, 723 6,788,987 23, 938, 600 10,191,544 9, 619,067 26, 428, 600 10, 695, 984 8,508, 000 319,125,657 27, 644,150 21,671,152 2, 849, 549 36, 355, 769 15, 841. 793 11,351,526 19,251 22, 359 25, 282 38, 900 165,378, 515 188,745,922 188, 417,293 214, 063,415 581, 255 240,190,711 38, 084 267,006 8, 294, 822 212,342,587 761,888 6,589, 388 197, 893 14,122,662 192, 243 11,855,182 239,871,691 248,389, 683 278, 314,591 5, 606, 897 9,159,622 319,125,,657 REPORT OF THE COMPTROLLER OF THE CURRENCY. 271 SAVIJ\C*S BANKS—OFFICIAL,. MAINE. ISTovember 1, 1886.] [54 banks. Resources. Liabilities. $6,113,41.4 Capital stock paid in Loans on real estate Loans on personal and collateral sei Surplus fund curity $1,429,363 4,700,804 1 Other undivided profits 770,499 Other Joans and discounts Overdrafts 3,207,929 |j State-banknotes outstanding. U.S. bonds Btate bonds 8,215, 531 Dividends unpaid 60, 204 R. R. bonds and stocks 1,900,238 Bank stocks 9ther stocks, bonds, and mortgages... 12, 526, 728 Individual deposits 37,215, 072 State, county, and municipal deposDue from other banks and bankers its Real estate, furniture, and fixtures ""i,"iO2,"727" Deposits of State, county, and muCurrent expenses and taxes paid nicipal disbursing officers Gold coins Gold certificates 1, 063, 740 Duo to other banks and bankers Silver coins Other liabilities Silver certificates Legal tenders and national-bank notes. 584, 018 Other resources Total March 31, 1887.] I 39,475,138 NEW HAMPSHIRE. Loans on real estate Loans on personal and collateral security Other loans and discounts Overdrafts , U.S. bonds State bonds R. R. bonds and stocks Bank stocks Other stocks, bonds, and mortgages.... Due from other banks and bankers Real estate, furniture, and fixtures — Current expenses and taxes paid Gold coins Gold certificates Silver coins Silver certificates Legal tenders and national-bank notes. Other resources Total. J u n e 30, 1887.] Loans on real estate Loans on personal and collateral security Other loans and discounts Overdrafts U. S. bon d s y State bonds R. R. bonds and stocks Bank stocks Other stocks, bonds, and mortgages Due from other banks and bankers — Real estate, furniture, and fixtures Current expenses and taxes paid Gold coins Gold certificates Silver coins Silver certificates Legal tenders and national-bank notes. Other resources Total. Total . 525,320,509 7, 382, 859 463, 050 7, 063, 047 8, 007, 531 1,906,815 3, 707, 881 663, 062 708, 724 220, 545 55, 444,136 [66 banks. Capital stock paid in , Surplus fund , Other undividod profits., $4,604,6S0 State-bank notes outstanding. Dividends unoaid Individual deposits 50, S22,7G2 State, county, and municipal deposits Deposits of State, county, and municipal disbursing officers Due to other banks and bankers. Other liabilities 16, 694 Total. VERMONT. $9,714,717 39,475,138 55, 444,136 [28 banks. Capital stock paid in . 1,981,732 203,102 Surplus fund Other undivided profits. 261, 460 3,151,781 State-bank notes outstanding $460, 000 349, 900 426,212 Dividends unpaid 368,298 625,706 218, 474 135, 259 Individual deposits 15, 587, 050 State, county, and municipal deposits . Deposits of State, county, and municipal disbursing officers Due to other banks and bankers Other liabilities !. | 50, 676 213, 309 . 16,873,838 Total. 16,873,838 272 REPORT OF THE COMPTROLLER OF THE CURRENCY. SAVINGS BANIiS—OFFICIAL. MASSACHUSETTS. October 30,1886.] [172 banks. Resources. Liabilities. Loans on real estate $112, 208, 878 Capital stock paid in Loans on personal and collateral security 82, 309, 472 Surplus fund $12,928,350 Other loans and discounts Other undivided profits Overdrafts 10, 393, 028 U.S. bonds 32, 921, 245 State-bank notes outstanding.. State bonds 17, 224, 9G8 R. R. bonds and stocks 26, 722, 512 Dividends unpaid Bank Btocks Other stocks, bonds, and mortgages Individual deposits 291,197, 900 12,161,761 State, county, and municipal deposDue from other banks and bankers 5, 300, 447 Heal estate, furniture, and fixtures its Current expenses and taxes paid Deposits of State, county, and muGold coins nicipal disbursing officers Gold certificates 859, 428 Due to other banks and bankers. Silver coins Silver certificates Other liabilities 276,827 Legal tenders and national-bank notes. 4, 301, 338 Other resources Total. November 6,1886.] 304, 403, 077 Total RHODE ISLAND. $22, 030, 587 Loans on real estate Loans on personal and collateral se9, C56,151 curi ty Other loans and discounts Overdrafts 800, 000 U. S. bonds 9, 241, 792 State bonds 7, 362, 844 R. R. bonds and stocks 2, 700, 908 .Bank stocks 93, 260 Other stocks, bonds, and mortgages Due from other banks and bankers ; Real estate, furniture, and fixtures | 2, 707, 849 Current expenses and tax:es paid j Gold coius • Gold certificates I Silver coins I 1,187, 335 Silver certificates i Legal tenders and national-bank notes630,389 Other resources Total 56,111,115 304,403,077 [37 banks. Capital stock paid i n . Surplus fund Other undivided profits. $44, 500 2, 752, 748 State-bank notes outstanding. Dividends unpaid Individual deposits State, county, and municipal deposits Deposits of State, county, and municipal disbursing officers Due to other banks and bankers. Other liabilities Total. 53, 284, 821 29, 046 56, 111, 115 CONNECTICUT. October 1,1886. ] [85 banks. Loans on real estate $40, 538, 284 Loans on personal and collateral se3,481,725 curity 6,489, 675 Other loans and discounts U. S. bonds Stale bonds R. R. bonds and stocks Bank stocks Other stocks, bonds, and mortgages Due from other banks and bankers Real estate, furniture, and fixtures Current expenses and taxes paid Gold certificates Silver coins -. . . Silver certificates .• Legal tenders and national-bank notes. Other resources Total Capital stock paid in Surplus fund Other undivided profits 3,116,542 16, 082, 995 State-bank iiotes outstanding 18,154,126 6,171, 539 Dividends unpaid Individual deposits *3, 355,874 State, county, and municipal depos4, 738, 928 its Deposits of State, county, and municipal disbursing officers Due to other banks and bankers Other liabilities $3,395,730 1,449,901 97,424, 820 421,377 562,140 102, 691,828 Total * Includes cash on hand. 102,691,828 REPORT OF THE COMPTROLLER OF THE CURRENCY. 273 SAVINGS BANKS-OFFICIAL,. NEW YORK. [115 banks. January 1,1887. J Liabilities. Kesources. $169,972,875 Loans on real estate Loans on personal and collateral se14, 530, 030 curity Other loans and discounts Overdrafts 134,984,410 U. S. bonds 140, 044,704 State bpnds R. R. bonds and stocks Bank stocks Other stocks, bonds, and mortgages 30,795,122 Dae from other banks and bankers 8, 034, 653 Real estate, furniture, and fixtures 1, 590, 967 Current expenses and taxes paid Gold coins Gold certificates 5,836, 998 Silver coins Silver certificates Legal tenders and national-bank notes. Other resources 62,497,108 Total . 568, 286,867 Capital stock paid in . Surplus fund Other undivided profits. $85,633,329 State-bank notes outstanding. Dividends unpaid Individual deposits 482,486,730 State, county, and municipal deposits '. Deposits of State, county, and municipal disbursing officers Due to other banks and bankers.. Other liabilities Total. 568,286,867 NEW JERSEY. December 31,1886.] [25 banks. $9, 579,425 Loans on real estate Loans on personal and collateral security 1,586,137 Other loans and discounts Overdrafts 10, 395,382 U.S. bonds Sfate bonds •-• It. R. bonds and stocks Bank stocks . 5, 283, 653 Other stocks, bonds, and mortgages Due from other banks and bankers 837, 036 Real estate, furniture, and fixtures 1,135, 531 Cu rrent expenses and taxes paid Gold coins Gold certificates Silver coins [ 371,713 Silver certificates Legal tenders and national-bank notes. Other resources 886, 449 30, 076,226 Total March 1 and September 30,1887.] Loans on real estate Loans on personal and collateral security Other loans and discounts O rerdrafts U.S. bonds State bonds R. R. bonds and stocks Bank stocks Other stocks, bonds, and mortgages Due from other banks and bankers Real estate, furniture, and fixtures Current, expenses and taxes paid Gold coins Gold certificates Silver coins Silver certificates Legal tenders and national-bank notes. Other resources Total. 8770 OTJB 87 Surplus fund Other undivided profits $109, 737 121, 610 200 6, 000 7,928 1, 000 4, 809 5,496 1,155 $2,412, 877 State-bank notes outstanding Dividends unpaid Individual deposits 27,482,135 State, county, and municipal deposits Deposits of State, county, and municipal disbursing officers Due to other banks and bankers Other liabilities Total MARYLAND. Capital stock paid in . Surplus fund Other undivided profits . 181, 214 30, 076,226 [2 banks. $30,105 14, 879 State-banknotes outstanding. Dividends unpaid Individual deposits State, county, and municipal deposits Deposits of State, county, and municipal disbursing officers Due to other banks and bankers Other liabilities 9,252 204,125 6,582 6,295 13, 297 271,238 18 Capital stock paid in Total. 271,288 274 REPORT OF THE COMPTROLLER OF THE CURRENCY. SAVINOS BANKS—OFFICIAL,. "WASHINGTON, D. C. June 30,1887.] [1 bank. Kesources. Liabilities. Loans on real estate Loans on personal and collateral se-. curity Other loans and discounts Overdrafts IT. S. bonds State bonds R. R bonds and stocks Bank stocks Other stocks, bonds, and mortgages Due from other banks and bankers Real estate, furniture, and fixtures Current expenses and taxes paid Gold coins Gold certificates Silver coins Silver certificates Legal tenders and national-bank notes. Other resources Total. J u n e 30,1887.] $11, 464 227, 500 Individual deposits . 4,546 i State, county, and municipal depos- 834, 524 30, 000 21, 000 Dividends unpaid 7,272 400 Deposits of State, county, and municipal disbursing officers 3,287 Due to other banks and bankers. 7,500 Other liabilities 10,650 29, 002 NORTH Total. April 7,1887.] Loans on real estate Loans on personal and collateral security Other loans and discounts Overdrafts IT. S. bonds State bonds R. R. bonds and stocks Bank stocks Other stocks, bonds, and mortgages - -. Due from other banks and bankers Real estate, furniture, and fixtures— Current expenses and taxes paid Gold coins Gold certificates Silver coins Silver certificates Legal tenders and national-bank notes. Other resources Surplus fund Other undivided profits. 160, 000 State-banknotes outstanding.. 234,268 Total. 845, 988 Loans on real estate Loans on personal and collateral security Other loans and discounts Overdrafts U. S. bonds State bonds R. R. bonds and stocks Bank stocks Other stocks, bonds, and mortgages Due from other banks and bankers Real estate, lurniture, and fixtures Current expenses and taxes paid Gold coins Gold certificates Silver coins Silver certificates Legal tenders and national-bank notes. Other resources Total. $112, 563 I Capital stock paid in. CAROLINA. $1, 000 8,606 Capital stock paid in . Surplus fund Other undivided profits. State-bank notes outstanding *3,"i66" Dividends unpaid 1,500 Individual deposits 1,021 State, county, and municipal depos957 its Deposits of State, county, and municipal disbursing officers 17 1,360 2 Total. OHIO. 1,131,103 2,255, 000 500,000 6,693, 884 967,451 247,496 J 6,330 4,334 ! $5,991 374 11, 307 Due to other banks and bankers. Other liabilities 17, 672 $4,394, 655 [1 bank. 17, 672 [4 banks. Capital stock paid in. Surplus fund Other undivided profits. State-bank notes outstanding. Dividends unpaid Individual deposits State, countv, and municipal deposits ." Deposits of State, county, and municipal disbursing officers.•„• Due to other banks and bankersOther liabilities $70, 0C0 318, 326 15, 065,659 1, 000,000 221,366 22, 366 16,453,985 Total. 16,453,985 REPORT OF THE COMPTROLLER OF THE CURRENCY. 275 SAVINGS BANKS-OFFICIAL. INDIANA. October 30,1886.] Resources. [6 banks. Liabilities. Loans on real estate Loans on personal and collateral seOther loans and discounts Overdrafts U.S. bonds State bonds and stocks .. II. R. bonds $1,645, 330 Capital stock paid in Surplus fund Other undivided profits 127,397 $168, 853 43, 697 State-bank notes outstanding Dividends unpaid Bank stocks Other stocks,bonds, and mortgages Due from other banks and bankers Real estate, furniture, and fixtures Current expenses and taxes paid Gold coins Gold certificates Silver coins Silver certificates Legal tenders and national-bank notes. > Other resources 91, 830 133,8T0 8, 503 354,832 Individual deposits State, county, and municipal deposits Deposits of State, county, and municipal disbursing officers Due to other banks and bankers Other liabilities 206, 655 2,568,417 Total Total 2, 312, 013 43,854 2, 568,417 IOWA. [37 b a n k s . June 30,1887.] Loans on real estate Loans on personal and collateral seOther loans and discounts Overdrafts U. S. bonds State bonds ... It. R. bonds and stocks Bank stocks Other stocks,bonds, and mortgages Due from other banks and bankers Real estate, furniture, and fixtures Current expenses and taxes paid Gold coins Gold certificates Silver coins Silver certificates Legal tenders and national-bank notes. Other resources Total Capital stock paid in $10, 326, 774 67, 081 Surplus fund Other undivided profits $2,128, 693 218, 801 273, 403 State-bank notes outstanding Dividends unpaid " l , " 461, 610 339, 843 S 471,039 12, 666, 347 Individual deposits State, county, and municipal deposDeposits of State, county, and muits nicipal disbursing officers Due to other banks and bankers Other liabilities Total 9,969,019 76, 431 12, 666, 347 MINNE SOT A. [7 banks. July 23,1887.] Loans on real estate Loans on personal and collateral security Other loans and discounts Overdrafts U.S. bonds State bonds R. R. bonds and stocks Bank stocks Other stocks, bonds, and mortgages Due from other banks and bankers Heal estate, furniture, and fixtures Current expenses and taxes paid Gold coins Gold certificates ...... . Silver coins Silver certificates Legal tenders and national-bank notes. Other resources Total $1, 918, 298 768, 237 Capital stock paid in Surplus fund i6,"276" Other undivided profits 55,000 State-bank notes outstanding Dividends unpaid 662, 712 650, 883 68, 514 10, 241 4,639 3, 387 79, 558 11,146 4, 242, 891 Individual deposits State, county, and municipal deposDeposits of State, county, and muits nicipal disbursing officers Due to other banks and bankers Other liabilities Total * Of two banks only. *$150, 000 103, 985 34, 923 52, 852 3, 891, 050 4,983 4,495 4,242,891 276 REPORT OF THE COMPTROLLER OF THE CURRENCY. SAVINGS BANKS-OFFICIAL,. CALIFORNIA. June 30, 1887.] [24 banks. Resources. Liabilities. $42, 963,926 Capital stock paid in . Loans on real estate Loans on personal and collateral se1, 000, 815 Surplus fund curity 8, 571, 063 Other undivided profits. Other loans and discounts Overdrafts U.S. bonds State-bank notes outstanding. State bonds > 17, 860, 209 Dividends unpaid R. R. bonds and stocks Bank stocks Individual deposits Other stocks, bonds, and mortgages 1,609,286 State, county, and municipal deposDue from other banks and bankers 3,104, 8T6 Real estate, furniture, and fixtures its Current expenses and taxes paid Deposits of State, county, and muGold coins nicipal disbursing officers Gold certificates 1, 994, 883 Silver coins Due to other banks and bankers Silver certificates Other liabilities Legal tenders and national-bank notes. "479," 544 Other resources Total 77,584,602 Total. $4,216, 377 2, 731, 089 70, 077, 80S 591 558, 652 77, 584,602 AGGREGATE RESOURCES AND LIABILITIES OF 664 SAVINGS BANKS IN THE UNITED STATES, 1886-'87. Loans on real estate - $446, 624,258 Loans on personal and collateral se122,631,426 curity 31, 612, 743 Other loans and discounts 77, 357 Overdrafts 166, 219, 198 U.S. bonds 209, 038, 864 State bonds 58, 992, 053 R. R. bonds and stocks 39, 778,238 Bank stocks 47, 150, 157 Other stocks, bonds, and mortgages 53,139,067 Due from other banks and bankers 27, 848, 385 Real estate, furniture, and fixtures 1,633,313 Current expenses and taxes paid G-old coins Gold certificates > 12, 842, 682 Silver coins Silver certificates Legal tenders and national-bank notes. 70, 425,624 Other resources Total Capital stock paid in *$6, 991,166 Surplus fund 114, 091, 457 6, 096, 426 Other undivided profits State-bank notes outstanding Dividends unpaid Individual deposits State, county, and municipal depos- 122, 308 1,157,807,483 its . " Deposits of State, county, and municipal disbursing officers Due to other banks and bankers Other liabilities 1,288,013,365 * Of 84 banks. Total 88, 588 2, 755, 937 1,288,013,365 REPORT OF THE COMPTROLLER OF THE CURRENCY. 277 SAVINOS BANKS-UJVOFFICIAL,. P H I L A D E L P H I A , PA. June 30,1887.] [5 banks. Liabilities. Resources. $6, 889, 383 Loans on real estate Loans on personal and collateral security Other loans and discounts Overdrafts U.S. bonds State bonds R.R. bonds and stocks Bank slocks Other stocks,bonds,andmortgages Due from other banks and bankers Real estate, furniture, and fixtures Current expenses and taxes paid Gold coins Gold certificates Silver coins Silver certificates Legal tenders and national-bank notes. Other resources 9,120,310 4, 558, 562 5,251, 080 3,110,778 13,723, 261 459, 680 55, 680 1, 018, 040 106, 000 1,100, 847 1,318 122, 397 1, 013,933 Total. 46, 531,275 Capital stock paid in. Surplus fund Other undivided profits.. State-bank notes outstanding. Dividends unpaid., Individual deposits State, county, and municipal deposits Deposits of State, county, and municipal disbursing officers Due to other banks and bankers. Other liabilities Total. $444,700 2, 953, 782 857, 442 6,250 42, 219, 099 50, 002 46,531,275 DELAWARE. June 30,1887.] Loans on personal and collateral security Other loans and discounts Overdrafts U. S. bonds State bonds R. R. bonds and stocks Bank stocks Other stocks, bonds, and mortgages... J3ue from other banks and bankers Real estate, furniture, and fixtures Current expenses and taxes paid 12 banks. Capital stock paid in $385, 560 Juno 30,1887,] State-bank notes outstanding 81, 670 52, 601 2, 053,407 167,785 35,822 Dividends unpaid Individual deposits State, county, and municipal deposDeposits of State, county, and muits nicipal disbursing officers 2,771,392 Due to other banks and bankers Other liabilities 264,287 3,041,132 Total MARYLAND. Loans on real estate $2,451,457 Loans on personal and collateral security 2, 729, 974 Other loans and discounts 451, 362 Overdrafts TJ. S. bonds 8,197, 000 State bonds 3, 603, 531 R. R. bonds and stocks 1, 487, 728 Bank stocks 222, 666 Other stocks, bonds, and mortgages . . . 321, 679 Due from other banks and bankers 186, 838 Real estate, furniture, and fixtures 442, 461 Current expenses and taxes paid 19, 504 Gold coins Gold certificates Silver coins > 198,110 Silver certificates Legal tenders and national-bank notes. Other resources 232. 225 Total. $269, 740 Other undivided profits 1 Gold certificates I Silvercoins Silver certificates Legal tenders and national-bank notes. Other resources Total Surplus fund 20, 5447535 3,041,132 [8 banks. Capital stock paid in. Surplus fund Other undivided profits. $1,119, 870 22, 827 State-bank notes outstanding Dividends unpaid Individual deposits State, county, and municipal deposits Deposits of State, county, and municipal disbursing officers Due to other banks and bankers Other liabilities Total. 2,284 18, 816, 837 2,200 580,517 20,544,535 278 REPORT OF THE COMPTROLLER OF THE CURRENCY. SAVINGS BANKS—UNOFFICIAL,. CHICAGO, ILL. June 30,1887.] [5 banks. Liabilities. Resources. Loans on real estate Loans on personal and collateral security Other loans and discounts Overdrafts U. S. bonds State bonds R. R. bonds and stocks Bank stoeks Other stocks, bonds, and mortgages Due from other banks and bankers— Real estate, furniture, and fixtures — Current expenses and taxes paid Gold coins Gold certificates Silver coins Silver certificates Legal tenders and national-bank notes Other resources , Total.- $1,476,568 Capital stock paid in. 10, 685,865 1, 282,150 12, 768 581,470 11,642 124,219 14,175 699, 304 1, 728,142 163, 079 2,633 Surplus fund Other undivided profits State-bank notes outstanding. 2,690,126 Dividends unpaid $2,655, 000 1, 260,461 228, 238 62,544 Individual deposits 14, 061,258 State, county, and municipal deposits Deposits of State, county, and municipal disbursing officers Due to other banks and bankers. Other liabilities 1,262,916 58,276 19,530,417 Total. 19,530,417 AGGREGATE RESOURCES AND LIABILITIES OF 20 SAVINGS BANKS IN THE UNITED STATES. $10,817,408 Loans on real estate Loans on personal and collateral se22,921,709 curity 6,292, 074 Other loans and discounts 12, 768 Overdrafts 14,029, 556 U.S. bonds 6,725, 951 State bonds 15,416, 878 R. R. bonds and, stocks 289,442 Bank stocks 3, 534, 070 Other stocks, bonds, and mortgages 1, 970, 660 Due from other banks and bankers 1, 791, 365 Real estate, furniture, and fixtures 128,137 Current expenses and taxes paid Gold coins Gold certificates 5,162, 553 Silver coins Silver certificates Legal tenders and national-bank notes. 554, 788 Other resources Total 89, 647,359 Capital stock paid in Surplus fund Other undivided profits. $3,099,700 5, 603, 853 1,108, 507 State-bank notes outstanding . Dividends unpaid 71, 078 Individual deposits 77, 868, 586 State, county, and municipal deposits Deposits of State, county, and municipal disbursing officers Due to other banks and bankers Other liabilities Total. 2,200 1, 893,435 89,647,359 REPORT OF THE COMPTROLLER OF THE CURRENCY. 279 SAVINGS BANKS—OFFICIAL, AND UNOFFICIAL.,* AGGREGATE RESOURCES AND LIABILITIES OP SAVINGS BANKS FROM 1882 TO 1887. 1882-'83. 1883-'84. 1884-'85. 1885-'86. 1886-'87. 630 banks. 636 banks. 646 banks. 638 banks. 684 banks. Resources and liabilities. Resources. $328,197, 858 $358,686,040 Loans on real estate Loans on pers'l and collat'l security 155, 874,522 141,457, 111 Other loans and discounts Overdrafts 219, 017, 313 196,226,202 TJ. S. bonds State, county, and municipal bonds. 190,629,915 222, 218, 006 41,695, 701 50, 994, 579 R. R. bonds and stocks 36,587,817 37, 929, 754 Bank stocks Other stocks, bonds, and mortgages. 43,184, 629 52, 358, 971 Due from other banks and bankers. Real estate, furniture, and fixtures 37, 224, 601 34, 467, 276 156, 944 Current expenses and taxes paid . . . 144,223 Gold coins Gold certificates Silver coins 12,998,594 14,079,452 Silver certificates Legal tenders and nat'1-bank notes. Checks and other cash items 53,235,771 69,166,584 Other reso urces $389,953,928 $418,372,642 $457,441,666 133, 716, 902 127,677,702 145, 553,135 37,904,817 90,125 191,980, 698 197,171,307 180,248,754 228,993, 250 241,051, 536 215, 764,815 59, 585,489 63,511,735 74, 408,931 38,460, 603 39,029,813 40, 067,680 50, 684., 227 46,125, 014 43,089,103 55,109, 727 32,174,810 30, 984, 883 29, 639, 750 1, 761,450 166, 636 142,717 13,423,064 19,757,941 18,005,235 68,445,304 79,451,562 70,980,412 1,118, 790,944 1,177, 740, 919J1, 203, 025, 698 1,260,840, 9411,377, 660, 724 Total . Liabilities. 10, 090, 866 Capital stock paid in Surplus fund 72, 784,155 82, 395, 71' 88, 647, 315 96,924,117 119, 695, 310 7, 204, 933 Other undivided profits 15, 738, 223 16, 904, 753 13,106, 359 15, 326,391 State bank notes outstanding 193,386 Dividends unpaid Individual deposits 1, 024, 856, 787 1,073, 294, 9551, 095,172,147 1,141, 530,578 1,235,736,069 State, county, and municipal deposits Deposits of State, county, and municipal disbursing officers Due to other banks and bankers ... 90,788 Other liabilities 4, 649,372 5,411, 779i 5,145, 494 6,099,877 7, 059, 855 Total 1,118, 790,94411,177, 740,919 1, 203, 025, 698 1, 260, 840, 9411, 377,660, 724 *Ofiicial only, prior to 1886-'87. TABLE, BY STATES, OF THE AGGREGATE DEPOSITS OF SAVINGS BANKS, WITH THE NUMBER OF THEIR DEPOSITORS AND THE AVERAGE AMOUNT DUE TO EACH, IN 1885-'86 AND 1886-'87. 1885-'86. States. Maine New Hampshire Vermont Massachusetts Rhode Island Connecticut New York New Jersey Pennsylvania Number of depositors. 1886-'87. Average to each depositor. Amount of deposits. 109,398 121,216 49,453 848, 787 ]16,381 256, 097 1, 208, 072 91, 681 143, 645 $35, 111, 600 47,231,919 11,723,675 274,998,413 51,816, 390 92,481,425 457, 050, 250 25, 335, 780 37, 530,370 $320. 95 389. 65 237.07 323.99 445. 23 361.12 378. 33 276. 35 261.27 Number of depositors. Amount of deposits. Maryland District of Columbia N'H'th Carolina Ohio Indiana Illinois *77, 212 7,605 30, 542, 992 793, 943 395. 57 104. 40 *34, 553 12, 823, 374 371.12 Minnesota California 14, 361 *80,489 3, 654, 528 60,435, 919 254.48 750. 86 114,691 132,714 53,810 906, 039 119,159 266, 888 1, 264, 535 98,137 156,722 12,744 59, 565 8,245 *377 *41, 059 9,933 *28,038 *39, 638 15, 474 *90,245 3,158,950 1,141, 530, 578 361. 36 3,418,013 1,235,247,371 Total •Estimated, Average to each depositor. $37,215, 071 50, 822,762 15,587,050 291,197, 900 53, 284, 821 97,424, 820 482,486, 730 27,482,135 42, 219, 099 2, 771, 392 19, 020, 962 834, 524 11, 307 15, 065, 659 2,312,013 14,061,258 9, 969, 019 3,402, 950 70, 077,899 $324.47 382. 94 289.67 321.40 447.18 365. 04 381. 55 280. 04 269.39 217. 46 319. 33 101.22 30.00 366 93 232.75 501. 51 251.50 219.91 776. 52 361.39 280 REPORT OF THE COMPTROLLER OF THE CURRENCY. PRIVATE BANKS—OFFICIAL,. WISCONSIN. July 4,1887.] [68 banks. Resources. Liabilities. Loans on real estate Loans on personal and collateral security Other loans and discounts Overdrafts U.S. bonds State bonds R. R. bonds and stocks Bank stocks Otherstocks, bonds, and mortgages — Due from other banks and bankers Real estate, furniture, and fixtures Current expenses and taxes paid Gold coins Gold certificates Silver coins Silver certificates Legal tenders and national-bank notes. Other resources Capital stock paid in $5,256,468 108, 656 446, 740 ,788,491 320, 288 26,182 286,607 9,031,387 Loans on real estate Loans on personal and collateral security Other loans and discounts Overdrafts IT. S. bonds State bonds R. R. bonds and stocks Bank stocks Other stocks, bonds, and mortgages Due from other banks and bankers Real estate, furniture, and fixtures Current expenses and taxes paid Gold coins Gold certificates Silver coins Silver certificates Legal tenders and national-bank aotes. Other resources $552, 770 5,087, 416 243,737 89, 600 176,541 1, 557, 420 436, 865 167, 084 "63,174 736*374 213,757 Total . 9, 324,738 Total Capital stock paid in. Surplus fund Other undivided profits. State-bank notes outstanding. Dividends unpaid Individual deposits State, count}^, and municipal deposits Deposits of State, county, and municipal disbursing officers Due to other banks and bankers Other liabilities Total . CALIFORNIA. Loans on real estate Loans on personal and collateral security Other loans and discounts Overdrafts U.S. bonds State bonds R. R. bonds and stocks Bank stocks Otherstocks, bonds, and mortgages Due from oth er banks and bankers Real estate, furniture, and fixtures Current expenses and taxes paid Gold coins Gold certificates , Silver coins Silver certificates Legal tenders and national-bank notes. Other resources Due to other banks and bankers Other liabilities MISSOURI. May 4,1887.1 Total. Individual deposits State, county, and municipal deposits Deposits of State, county, and municipal disbursing officers $986,435 479, 036 6,229,610 1, 336,306 584,617 213, 343 Total June 30, 1887.] Surplus fund Other undivided profits State-bank notes outstanding Dividends unpaid $1, 536,604 4,684,088 520,885 478, 077 813,903 693,691 1 > 1,548, 508 Capital stock paid in. Surplus fund Other undivided profits. State-bank notes outstanding. Dividends unpaid Individual deposits State, county, and municipal deposits Deposits of State, county, and municipal disbursing officers Due to other banks and bankers Other liabilities 9,031, 387 [85 banks. $t, 331, 241 801,910 38, 609 S, 495, 824 531,366 125, 728 >, 324, 738 [29 banks. $3, 578, 468 400, 577 6,118,496 340,531 158,826 321*142 10, 598,898 Total. 10,596,898 REPORT OF THE COMPTROLLER OF THE CURRENCY. 281 PRIVATE BANKS-OFFICIAL. AGGREGATE RESOURCES AND LIABILITIES OF 182 PRIVATE BANKS IN THE UNITED STATES. Resources. Loans on real estate Loans on personal and collateral security • Other loans and discounts Overdrafts U.S. bonds State bonds R. R. bonds and stocks Bank stocks Other stocks, bonds, and mortgages — Due from other banks and bankers . . Real estate, furniture, and fixtures Current expenses and taxes paid Gold coins Gold certificates Silver coins Silver certificates Legal tenders and national-bank note3 Other resources Total. Liabilities. $2, 089,374 9, 771, 504 5, 777, 353 352, 393 89, 600 Capital stock paid in . Surplus fund Other undivided profits. $5,896,144 1,681,523 38,669 State-bank notes outstanding.. Dividends unpaid 1,101,358 4, 159,814 1,450, 839 26,182 Individual deposits State, couuty, and municipal deposits Deposits of State, connty, and municipal disbursing officers 3, 767, 071 Due to other banks and bankers Other liabilities 367, 535 28, 953,023 Total. 18,843, 930 871, 897 1,620, 860 28,953,023 282 REPORT OF THE COMPTROLLER OF THE CURRENCY. PRIFATJE BANKS-XJJVOFFICIAL,. MASSACHUSETTS. June 30, 1887.] [5 banks. Resources. Liabilities. Loans on real estate Loans on personal and collateral security r Other loans and discounts Overdrafts U. S. bonds State bonds and stocks --- .-..-... It. It. bonds $309, 837 685,712 88, 404 500 Bank stocks Other stocks, bonds, and mortgages... Due from other banks, and bankers Real estate, furniture, and fixtures Current expenses and taxss paid Gold coins Gold certificates [ Silver coins Silver certificates Legal tenders and national -bank notes. Other resonrces - 1,800 11, 495 203, 478 32, 772 1,713 903 89,003 $231,000 65,566 134, 502 State-bank notes outstanding Dividends unpaid Individual deposits State, county, and municipal deposits. Deposits of State, county, and municipal disbursing ofiicers Due to other banks and bankers Other liabilities 87 827, 880 174,186 7,604 1,433, 221 Total Capital stock paid in Surplus fund Other undivided profits Total 1,433,221 CONNECTICUT. J u n e 30,1887.] 14 banks. Loans on personal and collateral security Other loans and discounts -. U.S. bonds State bonds Bank stocks Other stocks, bonds, and mortgages Due from other banks, and bankers Real estate, furniture, and fixtures Current expenses and taxes paid Gold coins 1 G old certificates Silver certificates Legal tenders and national-bank notes. i i Total $34,200 Capital stock paid in 103,180 278, 333 934 8,380 Surplus fund Other undivided profits 2 550 18, 846 80,115 1,692 4,858 51, 037 $78, 000 . 28, 241 15, 580 State-bank notes outstanding Dividends unpaid Individual deposits State, county, and municipal deposits Deposits of State, county, and municipal disbursing ofiicers Due to other banks and bankers Other liabilities 387, 378 75,916 43 1,033 585,158 Total 585,158 NEW YORK. June 30,1887.] Loans on real estate Loans on personal and collateral security Other loans and discounts Overdrafts U.S. bonds. State bonds R. R. bonds and stocks Bank stocks Other stocks, bonds, and mortgages ... Due from other banks and bankers Real estate, furniture, and fixtures Current expenses and taxes paid Gold coins Gold certificates Silver coins Silver certificates Legal tenders and national-bank notes Other resources Total [41 banks. $474,706 1,946, 362 4,007,934 35, 571 2, 523, 061 23, 889 1,043, 547 32,950 518, 681 876, 802 219, 625 19, 459 365, 644 Capital stock paid in Surplus fund , Other undivided profits. State-bank notes outstanding. Dividends unpaid Individual deposits State, county, and municipal deposits Deposits of State, county, and municipal disbursing ofiicers Due to other banks and bankers Other liabilities $1,218,272 658,161 185, 650 30, 000 6, 013,485 76, 903 67,100 2,178,481 1,772,232 112, 053 12,200, 284 Total. 12,200,284 REPORT OF THE COMPTROLLER OF THE CURRENCY. 2 8 3 PRIVATE BANKS—UNOFFICIAL,. NEW JERSEY. June 30,1887.] [3 banks. Resources. Liabilities. Loans on real estate Loans on personal and collateral seTJ S bonds State bonds .. R. R. bonds and stocks Bank stocks * Other stocks, bonds, and mortgages Due from other banks and bankers — Real estate, furniture, and fixtures Current expenses and taxes paid Gold coins Gold certificates Silver coins Silver certificates Legal tenders and national-bank notes Other resources $24,150 Capital stock paid in 471,816 208, 735 Surplus fund Other undivided profits $169,325 93,000 9,125 State-bank notes outstanding 77,265 43, 497 161, 204 28, 892 5,826 S 92,782 365 Dividends unpaid 754,489 Individual deposits State, county,' and municipal deposDeposits its of State, county, and municipal disbursing officers 10, 040 10, OtiO Due to other banks and bankers Other liabilities 34, 298 40, 012 6,487 Total 1,120, 654 Total 1,120, 654 PENNSYLVANIA. June 30,1887.] [46 banks. Loans on real estate Loans on personal and collateral security • Other loans and discounts Overdrafts U.S. bonds State bonds R. R. bonds and stocks Bank stocks Other stocks, bonds, and mortgages... Due from other banks and b a n k e r s . . . Heal estate, furniture, and fixtures Current expenses and taxes paid G old coins ] Gold certificates Silver coins Silver certificates Legal tenders and national-bank notes J Other resources .Total Capital stock paid in Surplus fund Other undivided profits. 64, 522 92, 600 State-banknotes outstanding. $658,871 $1,571, 351 3, 204,946 3, 592, 657 518,859 171,150 4,050 357, 561 68, 500 380, 676 1, 802, 352 329, 78 L 59, 056 852,164 Dividends unpaid 13, 648 Individual deposits ! 8,990, 050 State, county, and municipal deposits I Deposits of State, county, and mu- j nicipal disbursing officers i 7, 504 Due to other banks and bankers O ther liabilities I 196,367 74, 207 75, 400 11 543,136 Total. 11, 543,136 MARYLAND . [3 banks. June 30,1887.] Loans on real estate Loans on personal and collateral security Other loans and discounts Overdrafts U.S. bonds .State bonds R,R. bonds and stocks Bank stocks Other stocks, bonds, and mortgages— Due from other banks and bankers Real estate, furniture, andfixtures— Current expenses and taxes paid Gold coins Gold certificates Silver coins Silver certificates Legal tenders and national-bank notes Other resources Total . $11,400 51,225 77, 221 73 1,000 22, 000 11,195 25,519 333 7,912 Capital stock paid in . Surplus fund Other undivided profits . State-bank notes outstanding . Dividends unpaid Individual deposits State, county, and municipal deposits Deposits of State, county, and municipal disbursing officers Due to other banks and bankers Other liabilities $16,000 102 1,152 47, 859 827 19, 242 122, 862 166 208,044 Total . 208,044 284 REPORT OF THE COMPTROLLER OF THE CURRENCY. PRIVATE BANKS—UNOFFICIAL.. WASHINGTON, D. C. [1 bank. June 30,1887.] Resources. Liabilities. Loans on real estate Loans on personal and collateral security Other loans and discounts Overdrafts U. S. bonds State bonds R. R. bonds and stocks Bank stocks Other stocks,bonds, and mortgages Due from other banks and bankers Real estate, furniture, and fixtures Current expenses and taxes paid Gold coins Gold certificates Silver coins Silver certificates Legal tenders and national-bank notes. Other resources Total. Capital stock paid in . $102,085 Surplus fund Other undivided profits. • $33, 000 3,088 10, 030 State-bank notes outstanding Dividends unpaid 3,000 104 20,466 125,655 NORTH Individual deposits State, county, and municipal deposits Deposits of State, county, and municipal disbursing officers Due to other banks and bankers Other liabilities Total. 79, 490 47 125, 655 CAROLINA. June 30, 1887. J [2 banks. Capital stock paid in Loans on personal and collateral se$160, 596 ' curity Other loans and discounts 2,462 Overdrafts XT S. bonds State bonds . R. R. bonds and stocks Biiiik stocks 1, 049 Other stocks, bonds, and mortgages 21,816 Due from other banks and bankers 2,507 Real estate, furniture, and fixtures 2, 384 Current expenaes and taxes paid Gold coins Gold certificates Silver coins j> 14,046 Silver certificates Legal tendei s and national-bank notes. Other resources Total 204, 864 Surplus fund Other undivided profits $40,000 11,585 11,405 State-bank notes outstanding Dividends unpaid Individual deposits State, county, and municipal deposits Deposits of State, county, and municipal disbursing officers Due to other banks and bankers Other liabilities Total 112, 535 819 7,814 20, 706 204/864 SOUTH CAROLINA. June 30, 1887.] Loans on real estate Loans on personal and collateral security .... . . . . . Other loans and discounts Overdrafts. State bonds R. R bonds and stocks Bank stocks . Other stocks,bonds, and mortgages Due from other banks and bankers Real estate, furniture, and fixtures Current expenses and taxes paid Gold coins Gold certificates Silver coins [ Silver certificates Legal tenders and national-bank notes. 1 Other resources Total [3 banks. $32, 991 41, 239 11, 448 3,157 Capital stock paid in Surplus fund $87, 850 31, 330 Other undivided profits State-bank notes outstanding Dividends unpaid 4,702 26, 459 14, C04 745 16,343 Individual deposits State, county, aud municipal deposDeposits of State, county, and muits nicipal disbursing officers Due to other banks and bankers Other liabilities 51,161 6,143 6,000 30, 796 182,484 Total 182,484 OF THE COMPTROLLER OF THE CURRENCY. 285 PRIVATE BANKS—UNOFFICIAL. GEORGIA. June 30,1887.] [12 banks. Resources. Liabilities. Loans on real estate Loans on personal and collateral security Other loans and discounts Overdrafts U.S. bonds. State bonds R. R. bonds and stocks Bank stocks Other stocks, bonds, and mortgages Due from otherbanksand bankers Real estate, furniture, and fixtures Current expenses and taxes paid Gold coins Gold certificates Silver coins Silver certificates Legal tenders and national-bank notes. Other resources $90, 282 Capital stock paid in . 504, 391 285,129 18,168 Surplus fund Other undivided profits. 4,500 107, 077 2,000 51,044 105, 574 226,498 9,548 79,120 $740,770 155,378 23, 672 State-bank notes outstanding. Dividends unpaid 2,000 Individual deposits State, county, and municipal deposits Deposits of State, county, and municipal disbursing officers 372, 785 Due to other banks and bankers Other liabilities 43, 844 162, 526 6,904 500 25, 048 Total. 1,508, 379 Total. 1,508, 379 FLORIDA. J u n e 30,1887. J [2 banks. Loans on real estate Loans on personal and collateral security Other loans and discounts Overdrafts $5, 050 129, 693 9,414 State bonds R. R. bonds and stocks Bank stocks Other stocks, bonds, and mortgages Due from other banks and bankers Real estate, furniture, and fixtures Current expenses and taxes paid Gold coins 1 Gold certificates Silver coins > Silver certificates Legal tenders and national-bank notes. Other resources Total June 30,1887.] Loans on real estate Loans on personal and collateral security Other loans and discounts O v erd raft s U.S. bonds State bonds R. R. bonds and stocks Bank stocks Other stocks, bonds, and mortgages Due from other banks and bankers Real estate, furniture, and fixtures Current expenses and taxes paid Gold coins Gold certificates Silver coins Silver certificates Legal tenders and national-banknotes. Other resources Total 41, 000 1,670 67,197 4,548 2,339 44,997 264 306,172 $53,000 Capital stock paidin Surplus fund •• . Other undivided profits . . 667 Individual deposits State, county, and municipal deposits . . . . Deposits of State, county, and municipal disbursing officers Due to other banks and bankers Other liabilities Total ALABAMA. $212, 905 961,367 237,507 5, 250 3,500 63, 933 35, 000 12,992 2,201,051 257,990 136, 046 17, 373 294, S00 5,381 State-bank notes outstanding Capital stock paid in . Surplus fund Other undivided profits. 228,129 15,490 3,499 306,172 [5 banks. $312, 000 335, 793 2,178,839 State-bank notes outstanding. Dividends unpaid Individual deposits State, county, and municipal deposits ' Deposits of State, county, and municipal disbursing officers Due to other banks and bankers Other liabilities 1,471, 209 21, 657 24,391 105,172 9,347 4,449,061 Total. 4,449,061 286 REPORT OF'THE COMPTROLLER OF THE CURRENCY. PRIVATE BANKS—UNOFFICIAL. MISSISSIPPI. June 30,1887. J [2 banks. Resources. Liabilities. Loans on real estate Loans on personal and collateral security Other loans and discounts Overdrafts U.S. bonds State bonds R. R. bonds and stocks 13 ink stocks Other stocks, bonds, and mortgages Due from other banks and bankers Real estate, furniture, and fixtures. . . Current expenses and taxes paid Gold coins Gold certificates Silver coins I Silver certificates Legal tenders and national-bank notes Other resources $18,000 Capital stock paid in 10, 200 122,837 7,732 Surplus fnnd 36,400 14, 576 State-bank notes outstanding 13, 021 17,987 35,365 51, 559 3,400 Dividends unpaid Individual deposits State, county, and municipal deposits Deposits of State, county, and municipal disbursing officers 39,809 Duo to other banks and bankers Other liabilities 129,957 3,510 18, 537 19,998 22,948 342,978 Total Other undivided profits $120,000 Total 342, 978 LOUISIANA. J u n e 30,1887.] Loans on real estate Loans on personal and collateral security Oiher loans and discounts Overdrafts TJ S bonds - ... State bonds .. .. R. R. bonds and stocks Banks stocks Other stocks, bonds, and mortgages . Due from other banks and bankers Real estate, furniture, and fixtures Current expenses and taxes paid Gold coins Gold certificates Silver coins I Silver certificates Legal tenders and national-bank notes. Otber resources Total June 30,1887.] Loans on real estate Loans on personal and collateral security Other loans and discounts Overdrafts... XT. S. bonds State bonds R. R. bonds and stocks 13ank stocks Other stocks, bonds, and mortgages Due from otber banks and bankers Real estate, furniture, and fixtures Current expenses and taxes paid Gold coins Gold certificates Silver coins Silver certificates Legal tenders and national-bank notes Other resources Total. [2 banks. $1,400 Capital stock paid in 27, 529 Surplus fund Otber undivided profits 13,789 $33,000 8,925 State-bank notes outstanding Dividends unpaid 7,035 2,964 450 34,306 Individual deposits State, countv, and municipal deposits Deposits of State, county, and municipal disbursing officers 52,285 Due to other banks and bankers Other liabilities 6, 737 94,210 Total TEXAS. [18 banks. Capital stock paid in. 1,141, 907 533,172 106,948 37,500 37,947 6,250 225,405 611, 349 323,124 26, 235 417,880 Surplus fund Other undivided profits. $1, 709, 899 91,273 129,185 State-bank notes outstanding. Dividends unpaid Individual deposits State, county, and municipal deposits Deposits of State, county, and municipal disbursing officers Due to other banks and bankers Other liabilities 22,793 4, 386, 994 94,210 Total. 1,916,563 15, 000 6,000 58,812 460,262 REPORT OF THE COMPTROLLER OF THE CURRENCY. 287 PRIVATE BANKS—UJtfOFFICIAJL. KENTUCKY. [15 banks. June 30,1887.] Resources. Loans on real estate Loans on personal and collateral security Other loans and discounts Overdrafts U.S. bonds State bonds R. R. bonds and stocks Bank stocks Other stocks, bonds, and mortgages..Due from other banks and bankers Real estate, furniture, and fixtures Current expenses and taxes paid Gold coins Gold certificates Silver coins Silver certificates Legal tenders and national-bank notes. Other resources Total June 30,1887.] Loans on real estate Loans on personal and collateral security Other loans and discounts Overdrafts TJ. S. bonds State bonds R. R. bonds and stocks Bank stocks Other stocks, bonds, and mortgages... Due from other banks and bankers Real estate, furniture, and fixtures Current expenses and taxes paid Gold coins Gold certificates Silver coins Silver certificates Legal tenders and national-bank notes Other resources Total. June 30,1887.] Loans on real estate Loans on personal and collateral security Other loans and discounts Overdrafts U.S. bonds State bonds R. R. bonds and stocks Bank stocks Other stocks, bonds, and mortgages... Due from other banks and bankers Real estate, furniture, and fixtures Current expenses and taxes paid Gold coins Gold certificates Silver coins Silver certificates Legal tenders and national-bank notes. Other resources Total. Liabilities. $4,347 847, 797 702, 677 12,406 600 23, 000 33, 004 15, 580 42, 329 396, 723 46,416 14,811 94, 331 Capital stock paid in Surplus fund Other undivided profits. State-bank notes outstanding. Dividends unpaid Individual deposits State, county, and municipal deposits Deposits of State, county, and municipal disbursing officers Due to other banks and bankers Other liabilities $631, 700 128, 511 44, 552 2, 422 1,406, 540 20, 000 58,124 44, 784 102, 612 2,336, 633 Total. OHIO. [77 banks. Capital stock paid in . 7, 724, 039 2,079, 427 103, 204 312,067 35, L'JO 158,888 75, 100 425, 398 1,718,453 603, 793 98, 966 203, 045 9, 570 67, 419 41, 393 994, 567 349, 512 16, 006, 598 Surplus fund Other undivided profits. State-bank notes outstanding. Dividends unpaid Individual deposits State, county, and municipal deposits Deposits of State, county, and municipal disbursing officers Due to other banks and bankers Other liabilities Total. INDIANA. $202, 634 4, 080, 506 747, 935 80, 085 819, 320 21, 500 14, 750 346, 122 1, 782. 405 515,140 26, 205 038, 780 j> 1,038,7 2,336,633 Capital stock paid in ... Surplus fund Other undivided profits. State-bank notes outstanding. Dividends unpaid Individual deposits State, county, and municipal deposits '. Deposits of State, county, and municipal disbursing officers Due to other banks and bankers Other liabilities $2, 949, 975 826, 018 387, 561 6,656 11, 059, 045 12,160 52, 220 456,442 256, 521 16, 006, 598 [44 banks. $2, 371,142 214, 761 204, 682 5,796 6, 319,457 84,182 90,143 302, 471 205,192 122, 444 9,797, 826 Total. 9,797,826 288 REPORT OF THE COMPTROLLER OF THE CURRENCY. PRIVATE BANKS—UNOFFICIAL ILLINOIS. June 30,1887.] [99 banks. Resources. Loans on real estate Loans on personal and collateral security Other loans and discounts Overdrafts U. S. bonds State bonds , It. R. bonds and stocks Bank stocks Other stocks, bonds, and mortgages Due from other banks and bankers Real estate, furniture, and fixtures Current expenses and taxes paid Gold coins Gold certificates Silver coins Silver certificates Legal tenders and national-bank notes Other resources Total June 30, 1887.] Loans on real estate Loans on personal and collateral security Other loans and discounts Overdrafts U. S. bonds State bonds R. R. bonds and stocks Bank stocks Other stocks, bonds, and mortgages Due from other banks and bankers Real estate, furniture, and fixtures Current expenses and taxes paid Gold coins Gold certificates Silver coins Silver certificates Legal tenders and national-bank notes. Other resources Total. June 30, 1887.] Liabilities. $1,804,555 Capital stock paid in . 12,281, 915 1, 512, 509 215,743 376, 398 104, 337 1, 028, 332 91, 000 415,300 3,702,410 1, (i30, 503 110,809 Surplus fund Other undivided profits. State-bank notes outstanding. 2, 094, 687 $4,246,028 3, 785, 552 448,140 Dividends unpaid Individual deposits „ State, county, and municipal deposits Deposits of State, county, and municipal disbursing officers Dne to other banks and bankers Other liabilities , 15,128,207 209,313 298, 937 989, 645 794, 719 560, 094 Total. 25, 928, 652 MICHIGAN. $517, 230 1, 257, 774 855, 671 35, 328 37, 630 35, 317 2, 500 1, 500 12, 013 790, 820 244,287 22, 277 415, 965 Capital stock paid in Surplus fund Other undivided profits State-bank notes outstanding Dividends unpaid -. Individual deposits State, county, and municipal depos its '. Deposits of State, county, and mu nicipal disbursing officers Due to other banks and bankers Other liabilities 25,928,652 [55 banks. $994, 077 170.196 87, 270 1,000 5,008 2, 914, 008 11, 0*2 15,056 56, 971 55, 309 81,675 4, 309, 987 Total IOWA. 16, 579,408 4, 309,987 [139 banks. Loans on real estate $5,158, 542 Capita] stock paid in . Loans on personal and collateral security 5, 574, 653 Surplus fund Other loans and discounts 1,145, 956 Overdrafts 303, 523 Other undivided profits. U. S. bonds 20, 000 State-bank notes outstanding. 6,961 State bonds 6,000 Dividends unpaid R. R. bonds and stocks 84, 020 Bank stocks 111,698 Individual deposits Other stocks, bonds, and mortgages 1, 597, 347 State, county, and municipal deposDue from other banks and bankers 1, 288, 553 Real estate, furniture, and fixtures its 81, 989 Deposits of State, county, and muCurrent expenses and taxes paid Gold coins nicipal disbursing officers Gold certificates 970, 391 Due to other banks and bankers Silver coins Silver certificates Other liabilities Legal tenders and national-bank notes. Other resources 229, 775 Total..... 28, 111 Total. $5,130,606 867,596 397,610 27, 3,77 6,143, 252 97, 453 153,668 53,870 3,707, 976 16, 579,408 REPORT OF THE COMPTROLLER OF THE CURRENCY. 289 PRIVATE BAWKS—UNOFFICIAL. MINNESOTA. [40 banks. June 30,1887.] Resources. Liabilities. $919,081 Loans on real estate Loans on personal and collateral se2,647,014 curity 764, 703 Other loans and discounts 44, 938 Overdrafts U. S. bonds 256 State bonds R. R. bonds and stocks 2,"50(J' Bank stocks 68, 401 Other stocks, bonds, and mortgages 1,111,229 Due from other banks and bankers 5'id, 056 Real estate, furniture, and fixtures 35,185 Current expenses and taxes paid Gold coins Gold certificates Silver coins y 358,085 Silver certificates I Legal tenders and national-bank notes J Other resources..' 234,204 Total 6,724, 652 Capital stock paid in Other undivided profits $2, 895, 615 , State-bank notes outstanding Dividends unpaid Individual deposits State, county, and municipal deposits Deposits of State, county, and municipal disbursing officers Due to other banks and bankers Other liabilities Total KANSAS. June 30,1887.] Loans on real estate Loans on personal and collateral security Other loans and discounts.'. Overdrafts U. S. bonds State bonds R. R. bonds and stocks Bank stocks — Other stocks, bonds, and mortgages Duo from other banks and bankers ... Real estate, furniture, and fixtures Current expenses and taxes paid Gold coins Gold certificates Silver coins Silver certificates Legal tenders and national-bank notes Other resources Total Capital stock paid in Surplus fund Other undivided profits State-bank notes outstanding 90, 274 Dividends unpaid 63,884 Individual deposits 769, 555 State, county, and municipal depos592,120 its 50, 020 Deposits of State, county, and mu nicipal disbursing officers 1, 346, 484 Due to other banks and bankers Other liabilities $241,539 1, 474, 343 270, 506 ' 32,8L4 5, 806 10,300 95, 040 375, f 85 520,916 40,180 229, 737 139, 085 56,804 70, 061 571, 778 6, 724,652