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ANNUAL REPORT OF THE
Comptroller of the Currency
TO THE FIRST SESSION OF THE SIXTY-FOURTH
CONGRESS OF THE UNITED STATES
DECEMBER 6, 1915
(IN
TWO
VOLUMES)
VOL. 1
WASHINGTON
GOVERNMENT PRINTING OFFICE
1916
TREASURY DEPARTMENT,
Document No. 2766.
Comptroller of the Currency.
CONTENTS.
The national banking system
Balances with reserve agents not always available
Aims of Federal Reserve System
Financial crisis of 1914
Effects of the new banking system
Revival of confidence and business
Enormous growth of resources of national banks since inauguration of Federal
Reserve System
Huge bank credits with national banks in the 12 Federal reserve cities
Bank credits held by all national banks in reserve and central reserve cities...
Classification as to borrowers of loans made by national banks in reserve and
central reserve cities..
Loans made by all national banks in reserve and central reserve cities
Anticipation of the transfer of reserves to reserve banks
Excessive interest charges by national banks
High interest rates in large cities
City banks reduce interest rates at suggestion of comptroller
Usury in rural districts
Definite data regarding usury
Compliance with the requests of comptroller
Shallow attempts to justify usury
Cooperation with State banking departments
Correspondence with American Bankers' Association concerning usurious
interest charges by national banks
Obligation of bank directors to obey the law
Usury
Amendment to provide that suits against usurers be brought by the Department of Justice
Digest of usury laws of the States
To prevent bank failures
Other amendments recommended to national-bank act
To prohibit officers of banks from borrowing from their own banks
To prevent loans to directors except with the approval of the board
To require officers and employees to give surety bonds
To limit direct and indirect loans to one individual firm or corporation...
To prevent or limit overdrafts
To require certificates of deposit to be signed by two officers
To prevent erasures on the books of the bank
To limit interest paid on deposits
To authorize national banks to establish branches in the United States . . .
To permit branch banks in Alaska and insular possessions
To authorize minimum interest charges for small loans
To authorize the comptroller to bring proceedings against directors for losses
sustained through violation of the national-bank act
in
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tV
CONTENTS.
To prevent bank failures—Continued.
Page.
Restitution by directors for losses caused by unlawful investments
35
Negligence and disregard of law by directors endanger banks
38
Directors should serve by turn on executive committee
38
Renewal of recommendations made in previous report as to amendments
39
Authority for removal of directors guilty of persistent violations of the
national-bank act
39
Provision for consolidation of national banks
39
Standardization of by-laws
39
Prevent delays in taking directors' oaths.
39
Rechartered banks should be allowed to use bank-note plates of original
bank
39
Remove limitation of denomination of national-bank notes
40
Engraved signatures for national-bank notes
40
Limitation of deposits to eight or ten times capital and surplus
40
Establishment of appropriate penalties for violations of laws and regulations.
40
To provide suitable penalty for making of excessive loans
40
Amendment to District laws to prevent "wildcat" banking
40
Artificial inflation of deposits
41
Elimination of overdrafts
41
Amendment to penalize overdrafts
42
National bank examinations
42
Bank officers convicted of criminal violations of law during fiscal year
43
Emergency currency
44
Condition of national banks, etc
45
Loans and discounts
48
Overdrafts
48
United States bonds, etc
48
Investment securities of national banks classified
49
Stocks
49
Banking premises and other real estate
50
Due from banks
50
Exchanges for clearing house
50
Specie and other lawful money
51
Other currency
51
Letters of credit and bank acceptances
52
Classification of loans and discounts
52
Classification of loans by national banks in central reserve cities, etc
53
Loans by national banks in the reserve cities, etc
54
Loans by national banks in New York
54
Loans maturing in 90 days or less
54
Liabilities of national banks
55
Capital and surplus
55
Circulation
56
Due to banks
56
Individual deposits
56
Bonds and borrowed money
56
Reserves
57
Increase in number of reserve cities
58
Reserves held in each Federal reserve district.
58
Methods of calculating reserve
60
Percentage of principal items of assets and liabilities of national banks
64
Relation of capital to deposits, etc., of national banks
64
Changes in loans, bonds, cash, and deposits of national banks
64
CONTENTS.
Development i n national banking
P r o d u c t i v i t y of loans a n d bond investments
Earnings a n d d i v i d e n d s of national banks
Organization of new national b a n k s
B a n k s chartered subsequent to December 23, 1913
Organized and closed from 1863 to 1915
Organized during t h e year and since 1900
Extensions and expirations of charters
Changes of title of national banks
Conversion of State b a n k s with branches
Foreign branches of national b a n k s
Voluntary liquidation of national banks
Failures a n d suspensions of national banks
Causes of failures
National-bank circulation
Bonds a n d other securities a n d national-bank circulation secured t h e r e b y .
Deposits a n d withdrawals of U n i t e d States bonds
Sale of U n i t e d States bonds to Federal reserve banks
Bonded d e b t of t h e U n i t e d States and national-bank investments therein
National-bank notes i n circulation
Denominations of national-bank circulation
Vault account of national-bank circulation
Profit on national-bank circulation
National-bank circulation redeemed
Increase or decrease of national-bank circulation
Taxes on national b a n k s and expenses of t h e Currency Bureau
Statistics relating to t h e emergency currency issues, 1914, 1915
Securities u p o n w h i c h emergency currency was based
Location a n d m e m b e r s h i p of currency associations.
F i n a l reports from national currency associations
Securities p l e d g e d to secure
T a x collected on
Clearing-house loan certificates.
Transactions of clearing-house associations
Rates for m o n e y i n New York
Foreign exchange
State, savings, a n d private banks a n d loan a n d trust companies
State banks
All savings b a n k s
Mutual savings banks
Stock savings b a n k s
Loan a n d trust companies
Private b a n k s
Dividends paid b y State a n d private banks
Reports of condition of all banks in t h e United States
B a n k i n g power of t h e U n i t e d States
S u m m a r y of t h e combined returns from national banks, incorporated State and
p r i v a t e b a n k s , and loan and trust companies
Growth of b a n k i n g i n t h e U n i t e d States
Classification of loans and discounts in all banks
B a n k i n v e s t m e n t s i n bonds and other securities
Money i n all reporting b a n k s
State and p r i v a t e b a n k failures
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110
Ill
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120 •
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125
125
125
126
VI
CONTENTS.
Page.
Distribution of money in the United States
Individual deposits in all reporting banks
Banks and banking in the District of Columbia
Building and loan associations in the District of Columbia
Building and loan associations in the United States
Receipts and disbursements for 1914
United States Postal Savings System
Savings banks in the principal countries of the world
School savings systems
Federal reserve banks
Discount rates
Federal reserve notes
Federal reserve note issues and redemptions
Federal reserve bank currency
Conclusion
Country banks and rural credits
Present opportunity of the smaller banks
Increase in work of bureau
129
130
130
130
131
132
132
133
136
136
138
139
140
143
143
144
144
145
EXHIBITS.
Exhibit A
B
C
D
E
F
G
H
1
J
K
L
M
N
O
P
Q
R
S
T
U
V
W
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225
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REPOBT
OF
THE COMPTROLLER OF THE CURRENCY.
TREASURY DEPARTMENT,
OFFICE OF THE COMPTROLLER OF THE CURRENCY,
Washington, D. C, December 6, 1915.
SIR: In accordance with the requirements of section 333 of the
Revised Statutes of the United States I have the honor to submit
herewith the fifty-third annual report of the operations of the Currency Bureau for the 12 months ending October 31, 1915.
THE
NATIONAL BANKING SYSTEM.
Our National Banking System, established during the Civil War by
authority of an act of Congress approved February 25, 1863, was a
success and achieved the purposes for which it was primarily created.
It furnished the market so much needed at that time for Government
bonds which had to be sold to provide funds for the prosecution of
the Civil War. It established a uniform currency, which circulated
at its face value in every part of the country, and abolished the socalled " wildcat" currency issued by the State banks in the different
States and which sold at nearly as many rates of discount as there
were places in which it was circulated.
Every bank of deposit, whether it pays interest on its deposits or
whether it does not, must keep on hand, either in its vaults or in
some place where it may be readily available, a certain proportion
of its deposits to meet the checks which may be drawn upon it by its
depositors.
Prior to the inauguration of the Federal "Reserve System banks in
the three " central reserve" cities of New York, Chicago, and St.
Louis were required to keep in their vaults 25 per cent of their?
deposits in cash. There were also 51 cities known as " reserve '
cities, and the national banks in these cities were required to keep a
reserve of 25 per cent of their deposits, of which one-half, or 12-J per
cent, was carried in their vaults and the other 12^ per cent with
their correspondent national banks in any one of the three central
reserve cities. All of the other national banks throughout the United
States, commonly designated as " country banks," although some of
the cities in which these " country banks" were located were larger
than some of the " reserve " cities, were required to maintain a reserve
equal to 15 per cent of their deposits, of which two-fifths, or 6 per
cent, had to be carried in their vaults and the remaining 9 per cent
could be carried either in their vaults or could be held for their
credit in national banks in either the reserve or central reserve cities.
2
REPORT OF THE COMPTROLLER OF THE CURRENCY.
With the vast development and growth of our agriculture, industry, and commerce the old national banking system became inadequate to meet the needs of business. The demand for money was,
in the nature of things, greater at one season of the year than at
another, and each recurring autumn, when the crops were to be moved,
there was nearly always the same uneasiness—active demand for and
insufficiency of money.
When unexpected crises arose, resulting in extraordinary calls for
money, the unresponsiveness of our currency became more emphasized. Our bank-note currency, secured by the deposit with the national banks of Government bonds, was inelastic and could not be increased as necessity arose for more money to meet enlarged demands
of business.
BANKS COULD NOT ALWAYS RELY ON AVAILABILITY OF THEIR BALANCES
WITH RESERVE AGENTS.
Experience had shown that the system of accumulating and impounding reserves for the national banks of the reserve cities, as well
as those of the country banks, in the three " central reserve •' cities of
New York, Chicago, and St. Louis worked badly. The funds of the
banks throughout the country were stored up and concentrated in
these three cities. The banks in these cities, especially in New York,
had become accustomed to lending largely in Wall Street on demand,
on bond and stock collateral, the reserve balances which these banks
held for other banks, and upon which they usually paid the depositing
banks 2 per cent per annum interest. Periodically, or in the cropmoving season, when the country banks had to withdraw their deposits from the centers, the national banks in the large cities would
call in these loans on bonds and stocks, money rates would advance,
and stocks decline. This process went on from year to year.
When there was sudden strain and need, as in 1893 and 1907, the
banks throughout the country having or anticipating a demand from
their customers for money would seek to draw in their balances from
New York and the other large cities. The New York banks, however, at these times unable to meet the demands upon them, would
suspend currency shipments and resort to the usual remedy of issuing clearing-house certificates for protection until normal conditions
should be resumed, and the banks in other large cities thereupon generally would be forced to follow the lead set by the New York banks,
would hold onto the money of their correspondents, and Issue
clearing-house certificates, while currency was being bought and sold
at a premium of 2 to 5 per cent.
AIMS OF FEDERAL RESERVE SYSTEM.
The Federal Reserve System has been designed to correct these and
other evil and dangerous conditions and to furnish the banks and to
the people of the country new and additional banking and financial
facilities by providing:
First. A currency or circulating medium which will not only pass
without question at its face value in every part of the country, but
which will expand when necessary to meet legitimate demands of
increasing business, and which will also contract at the proper time
REPORT OF THE COMPTROLLER OF THE CURRENCY.
3
when no longer required and when its continuance in circulation
would threaten or promote inflation.
Second. An improved system for the management and handling of
the bank reserves, whereby these reserves become readily and easily
available to meet demands for increased money and credit and where
the proper utilization of that portion of the bank reserves not held
in the vaults of the respective individual banks may be made available as a means of relief and to prevent the financial crises or market panics from which the country has suffered so often when the
country banks have tried to bring home their reserves to meet the
wants of their customers.
Third. A clearing or collection system by which the checks on
national banks and other banks which are members of the Federal
Eeserve System, drawn on solvent banks by solvent drawers, may be
cashed or collected at par in every part of the country, without the
burden and expense of the exchange and collection charges which
have been a material expense and a serious drawback to business
operations.
Fourth. The Federal reserve banks furnish through their capital,
their large deposits, and their note-issuing power the facilities by
which all members of the system, in any emergency, may rediscount
their eligible paper and obtain funds to meet any sudden or unexpected demands. These reserve banks also provide their member
banks in ordinary times with money and credit to enable them to
meet the legitimate demands of customers for increased accommodations when the member banks themselves have not the needed funds.
Fifth. The Federal Eeserve System, by providing a source from
which all well managed banks at all times may secure funds to meet
any emergency, makes unnecessary the parrying by member banks
of the reserves formerly required for national banks. By the reduction in reserve requirements provided by the act the loanable funds
of the national banks upon the inauguration of the Federal Eeserve
System were increased immediately, through the release of reserves,
by an amount figured at considerably more than $400,000,000.
The other direct advantages provided by the Federal reserve act
are (a) the opportunity given to national banks under certain conditions to lend money on improved, unincumbered farm propery; (b)
the power conferred on national banks to establish branches in foreign countries; (<?) the establishment and authorization of bank
acceptances; (d) the provisions for open-market operations by Federal reserve banks; and, finally (e) the adoption of the new method
for the compensation of bank examiners, which insures a more
thorough and systematic examination of national banks than was
possible under the antiquated fee system.
FINANCIAL CRISIS OF 1914.
The Federal Eeserve Board was organized August 12, 1914, ten
days after the outbreak of the European war, but the Federal reserve
banks were not opened for business until November 16, 1914. The
commerce, industry, and business of the entire world were disturbed
as never before. " Moratoria " had been declared in nearly all foreign countries. Outside sources of relief were shut off and the
banking situation was greatly demoralized. As a result, however, of
4
REPORT OF THE COMPTROLLER OF THE CURRENCY.
the instant and energetic action of the Secretary of the Treasury,
August 2, 1914, authorizing and directing the issue of several hundred million dollars of " emergency currency " under the provisions
of the emergency currency law of May 30, 1908, as amended by the
Federal reserve act, the banks in all parts of this country—north,
east, south, and west—were supplied promptly with all the currency
they needed, which enabled them to maintain currency payments
throughout the entire country, a record they were unable to make in
1893 and in 1907, and in previous crises infinitely less far-reaching
than that which confronted us a year ago.
EFFECTS OF THE NEW BANKING SYSTEM.
The New York and other stock exchanges had been closed since
July 30, 1914. The general business of the country was in an abnormal condition, for which there was no precedent by which thought and
action could be guided. Some bankers and financiers had misgivings
as to whether the new financial system ought to be launched under
such critical and trying circumstances. Further delay in putting it
into effect was being strongly urged. The Secretary of the Treasury, however, having taken all factors into consideration, determined
that the sooner the Federal Reserve System could be placed in operation the better it would be for the country; and in accordance
with the authority vested in him he announced on the 25th day of
October, 1914, that the 12 Federal reserve banks would open for
business on November 16, 1914.
It was, therefore, under these stirring and world-shaking conditions that the system had its birth. Its progress from the very start
has been steady and enormously beneficial to the banking and business interests of the country.
REVIVAL OF CONFIDENCE AND BUSINESS.
From November 16, 1914, to the present time confidence in the
strength and soundness of business and financial conditions has
grown almost uninterruptedly. All the $318,484,485 of emergency
currency which was outstanding on November 16, 1914, when the new
system started, had been retired by July 1, 1915, with the exception of
$200,000 issued to a failed bank; and this small balance has been paid
in full.
The beneficent influences of the Federal reserve act have been exerted in every city, town, and village from one end of the country
to the other; and these effects have been realized by business men of
all classes, who have been enabled to secure the money needed for
their legitimate requirements at rates of interest more favorable than
ever known in our history.
Many opponents of the Federal Reserve System, endeavoring to
defeat or delay the passage of the act, freely predicted that, if the
law should be passed, a commercial panic would ensue; that the withdrawal of the enormous bank reserves from New York, Chicago,
and St. Louis would produce convulsions from which the whole
country would suffer. Experience, however, has contradicted these
prophecies squarely. The business and commerce of the United
States have not contracted. They have expanded to dimensions never
Digitized forbefore
FRASERreached.
REPORT OF THE COMPTROLLER OF THE CURRENCY.
5
ENORMOUS GROWTH OF RESOURCES OF NATIONAL BANKS SINCE INAUGURATION OF FEDERAL RESERVE SYSTEM.
The following comparative statement, based upon the report of
condition of national banks as of October 31, 1914, two weeks before
the Federal Reserve System went into effect, and the condition on
November 10, 1915, after one year's operations under the new system, shows a development and growth during this one-year period
never paralleled in the financial history of any country.
Statement showing resources and liabilities of national banks of the United States on
Oct. SI, 1914, immediately before the inauguration of the Federal Reserve System, as
compared with Nov. 10, 1915, after the system had been in operation for approximately
one year.
RESOURCES.
Comparison.
Oct. 31,1914.
Nov. 10, 1915.
Increase.
Loans and discounts
Overdrafts
United States bonds
Other bonds, securities,
etc. (other t h a n stocks).
Stocks, including premium on same
Stock in Federal reserve
bank
Banking house
Furniture and fixtures
Other real estate owned..
Due from Federal reserve
bank
Due from approved r e serve agents.
Due from banks and
bankers (other t h a n
above)
Exchanges for clearing
house
Checks on banks in the
same place
Outside checks and other
cash items
Notes of other national
banks
Federal reserve n o t e s .
Specie
Legal-tender notes
Redemption fund and
due from U. S. Treasurer
Customers* liability under letters of credit.
Customers' liability a c count of acceptances
Other assets
Total
Het
§7,233,928,973.15
7,211,230.13
777,764,833.71
$6,316,478,470.67
18,797,351.32
795,670,215.66
1,343,821,503.58
1,479,156,927.10
39,272,576.05
I
53,517,500. 00
249,288,438. 38 V
31,808,393.19
44,112,926.17
$917,450,502.48
$11,586,121.19
17,905,381.95
135,335,423.52
50,804,335.13
41,985,740.92
268,509,856.77
42,313,332. 01
12,586,974. SO
1,799,594.16
366,185,323.33
366,185,323.33
895.829,617.50
634,166,049.02
707,393,555.12
567,082,977.05
140,310,578. 07
347,418,401.64
150,112,100.24
197,306,301.40
23,189, 287.98
33,585,446.50
62,445,584.00
11,159,735. CO
731,796,819. 32
114,978,409. 00
I
46,523,319.60
261,663,568.48
10,251,414.88
87,382,691.00
753,252,764.40
172,300,611.00
24,937,107.00
11,159,735. 00
42,535,553. 71
74,195,284. 50
21,455,945.08
57,322,202.00
15,191,449.45
57,727,003.16
37,434,988.42
7,456,989.92
13,236,331,370. 30
Decrease.
74,195,284.50
37,434,988.42
52,174,718.25
11,492,452,722.38
2, 072,330, 006.44
1,743,878,647.92
44,7*i7,728. 33
328,451,358.52
LIABILITIES.
Capital stock paid in
Surplus fund
Undivided profits less expenses and taxes p a i d . .
National bank notes outstanding
Due t o Federal reserve
bank
Due t o approved reserve
Due to banks and bankers
(other t h a n above)..
$1,068,648,840.57
722,877,522.53
$1,063,162,597.50
724,947,101.26
$5,486,243.07
317,235,856.87
302,903,597.82
4,332,259.05
713,466,531.50
1,018,193,636.50
$2,069,578.73
304,727,105.00
19,612.36
19,612.36
7,287,219.14
37,523,774.92
2,702,366,552.48
1,854,205,254.82
30,236,555.78
848,161,297.66
6
REPORT OF THE COMPTROLLER OF THE CURRENCY.
Statement showing resources and liabilities of national banks of the United States on
Oct. SI,1914, immediately before the inauguration of the Federal Reserve System, as
compared with Nov. 10, 1915, after the system had been in operation for approximately
one year—Continued.
LIABILITIES—Continued.
Comparison.
Nov. 10,1915.
Oct. 31,1914.
Increase.
Dividends unpaid
Demand deposits
Time deposits
United States bonds borrowed
Other bonds b o r r o w e d . . .
Securities borrowed
Notes and bills rediscounted
Bills payable
S t a t e bank circulation....
Letters of credit
Acceptances based on imports and exports
Liabilities other t h a n
those above stated
Total
Net
Amount of total r e serve held
Amount of total reserve required
Excess reserve
$1,624,069.36
$4,342,374.67
6,070,219,007.82 } 6,179,871,122.97
1,375,956,230.70
32,150,840.00
4,999,577.42
75,633.65
34,250,290.00
54,126,345.87
3,085,024.40
42,887,776.79
60,566,585.53
22,860.00
75,471,394.50
26,562,259.66
136,055,212.70
27,693.00
$2,718,305.31
$1,266,304,115.55
2,099,450.00
49,126,768.45
3,009,390.75
16,325,517.13
75,471,394.50
26,808,348.95
Decrease.
75,488,627.17
4,833.00
26,808,348.95
13,646,910.13
53,196,436.29
13,236,331,370.30
11,492,452,722.38
2,252,908,788.27
1,743,878,647.92
2,108,790,169.00
1,559,719,424.00
549,070,745.00
1,217,043,478.00
1,433,249,974.00
891,746,691.00
126,469,450.00
39,549,526.16
509,030,140.35
216,206,496.00
765,277,241.00
The foregoing statement shows that during the first year's operations of the Federal Reserve System the deposits of the national banks
of this country increased $2,081,530,164.
During the same period the loans and discounts of the national
banks increased $917,450,502.
The increase in deposits was $1,164,079,662 more than the increase
shown in loans.
The available cash resources on November 10, 1915, including balances with the reserve banks, reserve agents, other banks and bankers, exchanges for clearing houses, specie, national-bank notes, Federal
reserve notes, and legal tenders increased $862,000,000, as compared
with October 31, 1914.
The increase in the capital, surplus, and undivided profits of the
national banks this year exceeded $17,000,000.
The liabilities of the national banks for bills payable and notes and
bills rediscounted during the year shrank $59,000,000, and the reduction in liabilities on account of borrowed bonds was $51,000,000.
The increase for the year on account of letters of credit and acceptances based on imports and exports (indicating an expansion in foreign business) was $102,000,000.
The national-bank holdings of bonds and stocks during this period (exclusive of Federal reserve bank stock) was reduced from
$1,530,000,000 on October 31, 1914, to $1,383,000,000, a reduction of
$147,000,000.
Specie, legal-tender notes, national-bank notes, exchanges for
clearing house, and other cash items and balances with the Federal
reserve banks increased $470,000,000.
REPORT OF THE COMPTROLLER OF THE CURRENCY.
7
Despite the fact that the national banks had. on deposit with the
Federal reserve banks on November 12, 1915, $359,000,000, against
nothing the previous year, we find that the balances which they were
carrying with approved reserve agents on November 10, 1915, were
$895,000,000, or $261,000,000 more than they had on October 31,
1914, before the opening of the Federal reserve banks; and the
balances which they had to their credit with banks and bankers
other than reserve agents on November 10, 1915, were $707,000,000,
an increase during the year of $140,000,000. Total increase in
balances with reserve agents and other banks, $402,000,000.
The liability of national banks on account of circulation on October
31, 1914, was $1,018,000,000, and this circulation had declined on
November 10, 1915, to $713,000,000—a reduction of $305,000,000,
principally owing to the retirement of the emergency currency.
The reserves held by the national banks of the United States on
November 10, 1915, amounted to $2,108,000,000—an increase as
compared with October 31, 1914, of $549,000,000.
As the reserve required on November 10, 1915, was $1,217,000,000,
we find that the national banks of this country held on November
10, 1915, $891,000,000 of reserves in excess of the amount required
to be held by law.
The significance of the foregoing figures may be better appreciated
when we compare in the following table the results revealed by the
call of November 10, 1915, with the figures given at the time of the
autumn calls at 5-year intervals from 1895 to the present time.
Date.
Sept. 28, 1895
Sept. 5,1900.
Nov. 9,1905.,
Sept. 1,1910.
Nov. 10,1915.
Date.
Sept. 28,1895
Sept. 5,1900.
Nov. 9,1905.,
Sept. 1,1910.
Nov. 10, 1915,
Number of
"banks.
3,712
3,871
5,833
7,173
7,617
Net deposits.
Loans and discounts.
$1,989,300,000 $2,059,408,402
3,281,000,000 2,686,759,642
4,667,325,425 4,016,735,497
6,247,200,000 5,467,160,637
9,079,471,447 7,233,928,973
Number of
banks.
Capital.
Surplus and
undivided
profits.
3,712
3,871
5,833
7,173
7,617
$657,135,498
630,299,030
808,328,685
1,002,735,123
1,068,648,840
$336,888,350
389,468,976
633,156,097
874,057,769
1,040,113,379
Reserve.
$571,400,000
983,300,000
988,293,963
1,347,700,000
2,108,790,169
Circulation.
$182,481,610
283,948,631
485,521,670
674,821,853
713,466,531
Excess reserves.
$165,100,000
299,200,000
42,619,011
87,600,000
891,746,691
Totalresources.
$3,423,629,343
5,048,138,499
7,563,155,823
9,826,181,452
13,236,331,370
The reserves held by the national banks on November 10, 1915,
exceeded by $587,000,000 the greatest reserves ever held at any time
prior to the passage of the Federal reserve act; and the surplus
reserves on November 10, 1915, exceeded by $592,000,000 the
greatest surplus reserves ever held by the national banks of this
country before the enactment of the Federal reserve law.
Loans and discounts of the national banks of the United States on
November 10, 1915, amounted to more than the total loans and discounts of all banks—including national, State, savings, and private
banks and loan and trust companies—as late as the year 1902.
8
REPORT OF THE COMPTROLLER OF THE CURRENCY.
Capital and surplus and undivided profits of the national banks on
November 10, 1915, exceeded the capital and surplus and undivided
profits of all reporting banks—national, State, savings, and private
banks and trust companies combined—as shown by the records as late
as 1901.
HUGE BANK CREDITS WITH NATIONAL BANKS IN
THE 12 FEDEEAL EESEEVE CITIES.
Antagonists of the Federal reserve act predicted that while benefits
to other sections of the country were problematical, the enactment of
the law would result in serious injury to the banks of the central
reserve cities, especially New York, by causing the withdrawal from
these national banks of the large balances which for years past they
carried for the national banks of other parts of the country. It was
urged that these withdrawals of funds from such nerve centers as
New York, Chicago, and St. Louis, which it was declared would
ensue, might have a paralyzing effect upon the commerce and industry of the other sections, and greatly disturb general business.
How completely these apprehensions and predictions have been met
and refuted by actual events is strikingly illustrated m the following
table. From it we find the amount of deposits which the Federal reserve
banks of each of the 12 Federal reserve cities held to the credit of the
member banks of the respective districts on November 12, 1915, and
the amount of rediscounted commercial and business paper and of
bank acceptances which each Federal reserve bank held as of the same
date. The same table gives a comparative statement of the amount
of money which the national banks of each Federal reserve cit}^ held
on deposit to the credit of other national and State banks and trust
companies throughout the country on November 10, 1915, after the
Federal Eeserve System had been in operation for about one year, as
compared with similar deposits which the national banks of the
same cities held, according to their sworn statements, on February
14, 1914, a few weeks after the passage of the Federal reserve act
and 9 or 10 months before the Federal reserve banks were opened.
The table then shows the amount of money which the national banks
in each of the 12 Federal reserve cities were lending, both directly
and indirectly, to their correspondent banks and trust companies
on January 13, 1914, a few weeks after the passage of the Federal
reserve act and 10 months before the inauguration of the system, as
compared with the amount of money which the national banks in the
same cities were lending to their correspondent banks and trust
companies throughout the country on November 10, 1915, after the
Federal Eeserve System had been in operation one year.
Federal reserve banks.—Deposits held for credit National banks.—Deposits held for credit of other banks, National and State, and trust companies in the United States, and
of member banks, and loans and rediscounts
direct and indirect loans to other banks and trust companies in the United States.
to membor banks.
Nov. 12,1915.
City.
Commercial paper
rediscounted for
Deposits. member
banks and
bank acceptances
purchased.
Nov. 10,1915.
Deposits from
other banks.
F e b . 14,1914.
Loans to
Loans to other Deposits from
banks.
other banks. other banks.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City, Mo
Dallas
San Francisco
$22,218,000
181,710,000
19,933,000
18,556,000
8,160,000
6,268,000
49,993,000
11,204,000
10,425,000
9,826,000
6,992,000
14,032,000
$3,133,000
4,963, 000
1,896,000
1,082,000
6,635,000
6,838,000
4,214,000
2,200,000
1,828,000
3 5 408,000
5,479,000
1,472,000
$127,470,271.88
1,067,578,707.38
193,258,917.31
45,569,952.61
13,982,983.34
4,108,859.24
277,600,743.93
82,117, 063.72
45,346,273.13
59,492,168.98
7,219,143.96
65,758,729.91
$4,375,523.48
69,586,679.62
8,346,034.81
1,415,935.10
2,531,893.64
2,504,839.75
24,277, 540.85
15,122, 686.87
5,481,879.27
25,836,195.98
1,856, 438.14
2,385,468.20
$97,136,156
742,386,939
173,584,687
36,746,820
10,970,068
4, 436,974
278,824, 567
90,430,968
31,316,864
54,835,438
6,237,357
45,859,188
Total
359,317,000
43,148,000
1,989,503,815.39
163,721,115.71
1,572,766,026
J a n . 13,1914.
$3,695,480
59,107,399
6,859,243
1,163,551
1,(529,449
892,612
25,663,706
14,271, 230
2,620,£04
18,844,099
i; 385, 687
3,236,431
Deposits.
Increase.
Decrease.
$30,334,115.88
325,191,768.38
19,674,230.31
S,823,132. 61
3,012,915.34
$328,114.76
1,223,823.07
8,313,904.28
14,029,409.13
4,656,730.98
'981,786.96
19,899,541.91
139 429 391 I 426,603,631.50
Loans.
Increase.
$680,043.48
10,479,280.62
1,486,791.81
252,384.10
902,444.64
1,612,227.75
o
w
Decrease.
o
o
g
H
C
ii,'386,"".65."i5
851," 4*56." 87*
2 861,375.27
6,992,096.98
470, 751.14
910,962.80
9,865.842.11 1 26,588,852.66
w
2,297,127.95
10
REPORT OF THE COMPTROLLER OF THE CURRENCY.
From the foregoing statement it will be seen that after $359,317,000 had been transferred by their member banks to the Federal
reserve banks on account of reserves, the total deposits of other
banks and trust companies with the national banks in the 12 Federal reserve cities increased from $1,572,766,026 on February
14, 1914, to $1,989,503,815 on November 10, 1915—an increase of
$416,737,789.
The statement furthermore shows that while the Federal reserve
banks held, as of November 10, 1915, business and commercial paper
and acceptances, rediscounted or purchased, amounting to $43,148,000,
the total amount of money loaned by the national banks in the different Federal reserve cities to their correspondent banks, National
and State, and trust companies increased from $139,429,391 on January 13, 1914, to $163,721,115 on November 10, 1915, an increase in
the direct and indirect loans to national banks, State banks, and
trust companies by the national banks of these 12 cities of $24,291,724.
The $43,148,000 loaned by the Federal reserve banks includes only
loans to national banks and to the comparatively few State banks
and trust companies which have joined the system, while the sum
total of loans made by the national banks in the different Federal
reserve cities throughout the country represent loans made to all
correspondent banks, including national banks, State banks, and
trust companies.
The proportion of direct and indirect loans made by the national
banks in the 12 Federal reserve cities on January 13, 1914, to the
deposits which the national banks in these cities held for the account of other banks throughout the country on February 14, 1914,
amounted to 8.23 per cent.
The proportion of direct and indirect loans made by national
banks on November 10, 1915, to their correspondent banks throughout the country represented 8.86 per cent of the deposits which
correspondent banks and trust companies throughout the country
on the same date had to their credit with the national banks in the 12
Federal reserve cities.
BANK CREDITS HELD BY ALL NATIONAL BANKS IN 55 RESERVE AND
CENTRAL RESERVE CITIES.
The following table shows the deposits which the national banks
of the three central reserve cities and of the 52 reserve cities held
November 10, 1915, for the credit of other banks—national and
State—and trust companies throughout the United States and
abroad.
The statement also shows from what portion of the United States
the deposits of the banks and trust companies were received.
Of the $2,590,000,000 which the national banks in the reserve and
central reserve cities held for the credit of other banks and trust companies throughout this country and abroad, $120,000,000 was received
from foreign countries and $3,000,000 from Alaska. The balances
to credit of banks and trust companies located in the New England
States was $226,000,000, in the Eastern States $878,000,000, the
Southern States $217,000,000, the Middle Western States $715,000,000,
the Western States $193,000,000, and the Pacific States $235,000,000.
REPORT OF THE COMPTROLLER OP THE CURRENCY.
11
It is significant that while the national banks in the central
reserve and reserve cities held on November 10, 1915, for the credit
of other banks and trust companies throughout the country a total
of $2,470,000,000—the amount of money which these national banks
in the reserve and central reserve cities were lending to other b a n k s national and State—and trust companies throughout the country
amounted to only $246,000,000, being less than 10 per cent of the
money which other banks and trust companies carried with the
national banks in the reserve and central reserve cities.
It is interesting to observe that the money which banks and trust
companies throughout the country were carrying to their credit on
November 10, 1915, with the national banks in the reserve and
central reserve cities exceeded by $2,224,000,000 the aggregate of
aU loans made by the national banks in reserve and central reserve
cities to other banks throughout the country.
12066°—CUE 1915—VOL 1
-2
Table showing deposits held Nov. 10, 1915, by national banks of the central reserve and reserve cities for the credit of 0 TEER BANKS—State and
national—and trust companies, arranged by geographical divisions, compiledfrom special sworn reports submitted to the Comptroller of the Currency.
Reserve cities.
New England
States.
Eastern States.
Southern
States.
Middle Western States.
Western
States.
Pacific States.
Total United
States.
Alaska and
foreign
countries.^
Grand total.
o
CENTRAL RESERVE
CITIES.
New York City
Chicago
St. Louis
Total
$106,942,284.97
6,666,301.69
1,096,582.37
$563,767,919.47
34,316,550.31
7,628,061.05
114,705,169.03
605,712,531.43
$76,585,332.20 $219,320,674.91
9,988,521.12 178,139,508.92
17,804,564.36
44,548,603. 44
$28,640,045. 89
23,085,014.27
7,754,881.91
442,008,787.27
59,479,942.07
104,378,417.68
S72,322,449.94 $1,067,578,707.38 $105,547,570.07
25,404,847.62
277,600,743. 93
4,455,968.06
3,284,369. 99
82,117,063. 72
76,616. 60
101,011,667.55
1,427,296,515.03
110,080,155.33
31,173,126,277.45
282,056,712.59
82,193,680.32
1,537,376,670.36
OTHER RESERVE CITIES.
Boston (New England
States)
Albany
Brooklyn
Philadelphia
Pittsburgh
Baltimore
Washington
w
H
W
S3
O
80,727,514.47
20,212,394.76
1,441,087.26
19,965,739.20
1,165,407.15
3,958,129.04
127,470,271.88
1,320,901.91
128,791,173.79
9,602,509.38
1,048.39
19,932,015.82
382,762.56
373,527.54
32,434.06
26,429,358.95
5,580,469. 96
132,484,510.00
56,330,629.75
19,437,540.73
2,050,378.07
215,134.10
94.81
9,688,159.21
6,819,197.41
7,266,102.54
2,062,877.99
1,498,912.83
22,526.26
26,524,886.17
17,808,116.86
4,199,283.93
214,275.86
330,242.01
439,600.02
38,515,757.29
5,604,139.42
193,258,917.31
83,336,596.29
31,623,624.10
5,834,112.44
135 372 23
1,855,685.26
251,453.82
124,660. 77
837,402. 80
38,651,129.52
5,604,139.42
195,114,602.57
83,5S8,050.11
31,748,284.87
6,671,515.24
Eastern States
Richmond
Charleston
Atlanta
Savannah
Birmingham............
New Orleans
Dallas.
Fort Worth
Galveston.. .
Houston
San Antonio..
Waco
Louisville
Chattanooga
Nashville
30,324,297.75
243,212,887.46
26,051,566.06
50,268,001.91
358,173,146. 85
3,204,574.88
361,377,721.73
57,802.44
1,177.15
324,262.46
650. 76
1,208,58
3,429.19
1,380,134.44
74,694.56
395,063.53
9,213.18
181,518.55
342,215.52
689.10
55,579.32
11,799.53
58,595.57
12,007,267.34
1,712,520.82
3,280,857.04
1,266,873.77
1,753,235.49
6,378,619.02
6,752,975. 67
6,757,407.46
540,970.87
12,590,742.23
3,258,717.32
1,298,182.25
6,699,172.27
537,719.12
2,335. 89
108,676.21
Southern States...
389,333.35
"~ 742." 77"
10,600.00
81,720.74
6,615. 36
15,487.48
2,623,926.88
35,205.35
1,119,277.95
16,061.21
17,491.45
15,475.13
8,100.00
4,750,' 554.27
2,329,084.98
22,720.25
21,572.31
71,418,766.78
4,233,719.85
9 37A fi7A Qfi
959," 738." 12 """3",'669,"667."99*
1,100,574.41
895,315.30
238,415.98
108,753.38
555,386. 75
18,759. 71
2,312,808.52
10,036.93
437,156. 62
1,138,184. 77
509,335.61
6,003,585.15
141,534.95
12,261.36
2,086.82
861.94
8,491.10
2,094,713.93
165,236.17
13,982 983.34
1,790,728.42
4,108,859.24
1,276,737.71
1,971,167.97
7,995,113.56
7,219,143.96
7,968,663. 00
554,857.22
13,175,010. 48
3,266,817.32
1,308,782.25
9,118,469. 09
2,400,006. 57
4, 788,356. 83
80,925,696.96
300,000.00
15,280.45
204,390.99
5,443.33
89,290,23
28,700.38
643,105.38
13,982,983.34
2,090,728.42
4,124,139.69
1,276,737.71
1,971,167.97
8,199,504.55
7,219,143.96
7,963,663.00
560,300.55
13,264,300.71
3,295,517.70
1,308,782.25
9,118,469.09
2,400,000.57
4,788,356.83
81,568,802.34
o
g
o
r1
r
a
d
o
l
Cincinnati
Cleveland
Columbus
Indianapolis
Detroit
Milwaukee
Minneapolis
St. Paul . . . .
Cedar Rapids
Des Moines
Dubuque .
Sioux City
Kansas City, Mo
St. Joseph . . .
Middle States
7,988.76
199,920.30
4,128.91
14,334.86
161.09
9,517.69
817. 70
"ii9,"645*i7"
193.75
7,345,641.44
748,294.88
36,882.35
114,815.66
51,598.40
10,395.71
12,940.70
18,520.20
21,292,598.79
39,924,112.21
4,880,808.36
15,052,820.42
19,491,631.25
17,765, 756.96
23,212,211.70
11,644,147.58
7,261,404.92
8,774,532.21
1,213,993.01
2,461, 518.85
17,518,812.35
""5," 360," 794." 63"
3,380,708.97
18,789.93
226,533. 92
6,449,105.46
13,718,673.90
3,982.99
25,515.70
20,288.95
16,270.47
Lincoln
Omaha
Kansas City, Kans
Topeka
Wichita
Denver
Pueblo
Muskogee.
Oklahoma City
Western States.....
Seattle
3,982.99
24,556.63
166,157.20
272,442.91
526,886.27
16,391.55
314,731.10
134,973.39
62,936.68
122,477.91
20,471,588.27
1,627,830.42
9,375,854.94
2,538,599.96
474,960.55
23,898.27
2I, oei. 59
7,733.61
3,723,323.25
34,416,768.64 ""*2,"676,"748.'i9*
3,295,587.12
104,450.99
26,644.06
29,782,851.68
45,569,952.61
1,090,090.72
5,280,955.14
15,411,007.51
2,593.77
20,848, 609.75
549,422.92
17,986, 377.54
33,405.07
45,346,273.13
1,504,509.54
23,578, 641.55
331,322.05
7 736 365 47
8,829,009.76
36,599.16
1,222,544.32
6,184,842.10
59,492,168.98 "
9," 240." 62*
6,799,730.76
29,809,495.74
46,660,043.33
5,280,955.14
15,413,601.28
21,398,032.67
18,019,782.61
40,850,842.67
23,909,963.60
7,736,365.47
8,829,009.76
1,259,143.48
6,184,842.10
59,501, 409.60
6,799,730.76
193,875,057.58
72,237,879.78
7,562,079.66
294,009,330.30
3,199.81
146,121.06
310,055.12
4,737.73
7,611.91
176,583.81
37,012.68
2,977,670.75
' 269,375.45
1,053.35
1,789.30
17,176.49
5,847.28
4,237.07
32,533.78
3.017,307.85
19,812,239.50
2,322, 365.45
835,111.67
3,682,140.97
15,964,167.76
3,042,181.73
1,089,270.32
3,444,726.26
15,259.29
2,759,259.78
9,484.77
29,239.88
2,177.25
3,179,132.43
146,351.83
3,069,579.82
25,598,957.67
2,617,490.14
865,404.90
3,832,22S. 58
19,470,531.80
3,202,318.38
1,101,119.30
3,653,843.85
28,715.51
6S1.609.05
3,346,690.15
53,209,511.51
6,140,905.23
63,411,480.44
1,011.57
03,413,092.01
103,195.50
7,380.69
8,985,311.35
3,358,070.82
826,316.75
7,902,563.96
21,093,476.59
62,845,458.83
5,390,224.23
9,479,072.94
3,717,200.70
841,815.01
7,996,690.53
21,471,927.30
65,7o8,729. PI
G, 176, 003.21
80."), 370.25
142,205. 00
255.34
57,766.10
55,558.03
3,876,753. 55
42,79
10,2S4-,443.19
3,859,405.70
842,070.95
8.054,456.63
21^527,485.33
69,635,483.46
6,176,706.00
3,583,887.91
1,611.57
297,053,218.21
3.069,579.82
25', 598,957.67
2,617,496.14
805, 404.90
3,832,228.58
19,472,143.37
3,202; 318.38
1,101,119.30
3,653,843.85
6,720.00
42,163.05
1,214.20
63,418. 52
327,723.19
31,434.73
76,073.71
123,942.12
12,000.71
16S, 307.73
1,083,524.75
30,298.17
340,538.25
351,749.19
15,498.86
80,911.00
63,870.75
1,335'917.97
724,70C.OS
48,883.05
473,818.48
200,015.83
1,404,767.55
2,913,192.76
110,401,422.53
115,442,100.20
4,937,951.00
120,380,051.26
226,425,714.56
878,713,379.98
217,890,196.56
715,102,769.51
193,413,455.72
235,243,025.33
2,466,788,541.06
123,772,188.04
2,590,560,729.70
50,027.84-
Spokane
Tacoma.
.
Portland
.. .
Los Angeles.. „
San Francisco
„„..-...
Salt Lake City
Pacific States
Total all reserve
cities
839,623.15
4,004,581.75
342,743.97
229,036.57
855,514.52
24,810.28
21,702.04
1,518.87
i Deposits in Alaska, $3,310,602.20.
NOTE.—The above classification by geographical groups, which ha
Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, anc_
Columbia. Southern States: Virginia, West Virginia, North Carolina,
States: i\urui
North Dakota,
Dakota, Nebraska, Kansas,
nessee.
Ohio, Indiana,
Illinois, iviiciugciu,
Michigan, Wisconsin,,
and lvussouri.
Missouri. Western
iiessew. Middle
miuuiK Western
western States:
cuarcs: uriio,
luaiana, liimois,
Wisconsin^ Minnesota,
xviinnesoua, Iowa,
iowa,, tiiiu
western oiaies:
jjaKoui, South
ciuuui xj<i,&
Montana, Wyoming, Colorado, New Mexico, and Oklahoma. Pacific States: Washington, Oregon, California, Idaho, Utah, Nevada, Arizona, and Alaska.
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REPORT OF THE COMPTROLLER OF THE CURRENCY.
CLASSIFICATION AS TO BORROWERS OF LOANS MADE BY NATIONAL
BANKS IN RESERVE AND CENTRAL RESERVE CITIES.
From the following table it will be seen that of the total loans
made by the national banks in reserve and central reserve cities,
aggregating $3,900,000,000 as of November 10, 1915, loans which
were being made to other banks, bankers and trust companies
throughout the country amounted to $246,000,000; loans which
were being made to individuals, firms, corporations and others who
kept no account with the banks making the loans amounted to
$1,235,000,000; loans made to depositors aggregated $2,215,000,000.
Other loans reported (including $89,000,000, Foreign loans) aggregated $199,000,000, while indirect loans made by the sale of securities with agreement for repurchase amounted to something over
$4,000,000.
Table showing classification of loans made by national banks in central reserve and reserve cities, as of Nov. 10, 1915, showing separately loans
made to banks and bankers, loans made to borrowers who keep deposit accounts with the lending banks, and loans made to those who keep no deposit
accounts, including bought paper.
Securities, etc.,
purchased from
banks with
agreement to
resell.
Direct to individuals, etc.,
who keep
deposit.
Direct to individuals, etc.,
who keep n o
deposit.
$87,104,215.04
24,277,540.85
15,122, 686. 87
$636,599,287.69
223,431,189.68
54,398,697.53
$747,439,680.15
119,635,275.28
20,053, 586.58
126,504,442. 76
914,429,174.90
887,128,542.01
';01 >C4.73
2,054, 034, 383.25
Boston (New England States)
7,192,481.61
152,084,253.96
82, 114,374.70
-» G2S, 560.S9
243 225 671. 07
Albany
Brooklyn
Philadelphia.
Pittsburgh...
Baltimore
Washington..
30,455. 38
17,244, 618.33
10, 535. 903.44
154,590,368.04
104, 736, 780. 68
51,297,855.29
24,362,491.88
2, 795, 883. 67
3,331,111.58
87,059, 896.07
16,192, 626. 72
6,919,249.05
2,040,005.29
. , 2 J 2 , .70.-:5
8,346,479.41
1. 053, 340.58
2, 731,109. 84
392,417.86
7, Si0.00
8,865.00
i, OK. 731.58
.&-J, 139.71
,L-0i.07J.P3 I
24,000.00 |
65,100.00 i
23,273,433.83
14,881, 746.60
268,081,883.23
123,892', 562.91
60,931.079.18
26,860,015.03
12, 553, 803.07
362, 768,017.66
118,338,772.38
16, 705.00
24,293,422.67 j
517,970,720.78
2, 531, 893. 64
369, 886. 40
2, 504. 839.75
323; 774.75
834, 996.31
1.402. 661.94
1, 856', 438.14
1, 397, 660.11
' 101, 652.42
1,804, 244.43
341, 455.58
264, 100.45
2, 662, 751.86
542, 014.32
775, 077.83
30, 787, 413.47
7,421, 958.52
24, 742, 035.21
3, 924, 350.87
9,257, 258.42
17, 844, 586.87
15,530, 954.83
10,929, 573.99
2, 322, 789.73
22, 043, 029.48
9,921, 256.31
o. 445, 783.54
15, 981, 384.54
11,309, 142.79
13,034, 284.12
3,550,126. 50
464, 739.51
503,985.00
422,395.29
264,365.00
530,028. 04
6, 778, 658. 98
1, 881, 063.04
17,713,447.93
200,495, 802.69
4,307,899.96
1,415,935.10
474,504.00
38,632,661. 41
51,954,415.88
15,297,901.10
Reserve cities.
New York City.
Chicago
St. Louis
CENTKAL RESERVE CITIES.
Total
Direct and indirect loans to
banks.
$703.471. S^
1.
lAi)726.'i7
i;j •• S(0.20
Other loans,
including foreign j
loans.
Total loans,
6103 121,431. 63 $1. 580,268,086. 42
• tj;J 3 1 5 \Y.\
376, 894 048. 51
96, 872,248. 32
V.0.417. 1<x
OTHER RESERVE CITIES.
Eastern States.
Richmond...
Charleston
Atlanta
Savannah
Birmingham.
New Orleans.
Dallas
Fort Worth..
Galveston
Houston
San Antonio.
Waco.
Louisville....
Chattanooga.
Nashville
So athern States.
Cincinnati.
Cleveland..
Columbus..
2,329, 650.90
1,557,175.90
30,000.00 i
27, 500. (JU j
3s76oTob
875.500.00
79; 782.59
V23./06.I3
1,453,:20 42
U i , iJ 1.10
76 2:0 Cj
ib JOG 35
36,908, 193.61
9,132,084.43
27, 860,642.55
4,670,520.91
10, 356,619.73
19,777,276.85
24,417, 348.08
15, 661,817.56
3,088, 853.25
25,253; 174.81
11,838, 184.14
5,841, 969.39
25, 611,754.74
11,851, 157.11
15,104,223.90
4,615.00
59,185. 69
5,473] 471. SO
21, 012,010.96
121,300.69
9, 031,258. 79
248,373,821.06
10,508,280. 21
6,928,676. 99
1,395,110.00
470,315.11
67,600. 00
29,000. 00
1,551,644.23
9,652,493.19
208,459. 73
55,470,800.92
70,019,121.16
17,404,974.83
1,434, 960. 85
1,294,861.95
$
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Table showing classification of loans made by national banks in central reserve and reserve cities, as of Nov. 10, 1915, showing separately loans
made to banks and bankers, loans made to borrowers who keep deposit accounts with the lending banks, and loans made to those who keep no deposit
accounts, including bought paper—Continued.
Direct and indirect loans to
banks.
Eeserve cities.
OTHER RESERVE CITIES—continued.
Indianapolis
Detroit
Milwaukee
Minneapolis
St. Paul
Cedar Rapids
Des Moines
Dubuque
Sioux City
Kansas City, Mo
St. Joseph
Middle States.
Lincoln
Omaha
Kansas City, Kans.
Topeka
Wichita
Denver
Pueblo
Muskogee
Oklahoma City
Western States.
Seattle
Spokane
Tacoma
Portland
Los Angeles
San Francisco..
Salt Lake City.
Pacific States
Total, all reserve cities.
_
_.....,._,
Direct to individuals, etc.,
who keep
deposit.
Direct to individuals, etc.,
who keep no
deposit.
Securities, etc.,
purchased from
banks with
agreement to
resell.
Other loans,
including foreign
loans.
$211,500.00
149,303.93
$161,701.83
6,182,588. 8S
155,778.64
7,497,916.03
$433, 575.38
752, 569. 46
1,829, 842.25
5,506, 879.27
2,455, 313.08
3,553, 961.02
3,525, 294.42
109, 606.90
2,092, 866.77
25,836, 195. 98
3 538, 021. 95
$23,641,662.04
30,889,776.09
35,683,014.59
55,474,180. 76
27,266,437.08
4,353,479.75
9,766,161.50
1,935,284.25
4,001,166.34
37,399,661.20
5,548,888.12
$1,776,427.97
1,724,261.17
9,160,827.22
2,755,037. 83
13,233,019.80
757,568. 90
1,116,758.14
488,366.16
761,397.52
7,133,616.83
618,373.36
55,832,465.54
341,844,690.11
58,357,722.10
4,921,691.92
25,122,216.15
1,366,496.51
1,889,971.83
3,080,800.09
22,956,589.16
2,842, 514.95
3,838,119.85
6,756,145.26
415,573. 00
8,618,485.68
792,336.92
335,450. 57
391,606.66
7,707,215.58
807,787. 77
880,324.36
768,192.99
19,594,117.68
72,774,545.72
20,816,973.53
462,440.87
510,530. 04
50,000.00
1,465, 578.59
1,052,090.00
2,795,968.20
367,518.11
17,222,427.80
10,782,211.84
4,115,221.21
19,183,807.91
44,561,245.73
65,902,909.77
8,867,438.05
4,428, 959.36
1,387, 938.53
200, 000.00
3,986, 497.90
1,357, 801.36
34,110, 797.48
2,587, 288.60
335,316.74
43,000.00
6,704,125.81
170,635,262.31
48,059,283.23
246,094,884.40
2,215,031,747.35
1,235,827,678.91
705, 811. 51
9.073,169. 26
2,139,171. 78
557, 486. 82
2,959, 848.63
2,907, 752. 42
168,376. 71
220,476. 27
862,024.28
Total loans.
409,314.38
422,971.84
21,000.00
154,833.45
5,044,021.15
078,784.94
$26,013,367.22
39,760,695.60
46,978,766.63
71,234,013.89
42,985,993.92
9,074,324.05
14,843,185.90
2,554,257.31
7,010,264.08
75,439, 995.16
10,684,068.37
32,441,508.29
489,473,829.04
700,126. 78
416,207.24
186,755.36
167,196.69
6,743,203.21
43,230,078.33
4,298,005.21
2,889,347.50
6,666,256.81
33,648,535.11
3,818,679.43
5,125,675.84
8,553,559.22
1,787,703.73
114,973,340.66
676,719.79
100,750.00
158,076.95
318,809.54
1,417,200.00
3,482,844.87
374,500.00
22,919,797.07
12.685,811.14
4,523,298.16
25,290,010.68
48,431,337.09
106,292,520.32
12,297,494.76
613,446. 72 I
6,428,151.15
232,440,269.22
199,301,770.16
3,900,492,035.08
31,223.96
"i2*666*66'
26,500.00
997,443.00
6,438.28
234,001.43
76,977.95
129,249.25
5,130.73
4,235,954.26
i This amount includes $89,426,833.21 loaned in foreign countries and $1,058,756.78 loaned in Alaska.
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REPORT OF THE COMPTROLLER OF THE CURRENCY.
17
LOANS MADE BY ALL NATIONAL BANKS IN REiSERVE AND CENTRAL
RESERVE CITIES.
The following table shows total loans and discounts made by the
national banks in the central reserve and reserve cities as of November 10, 1915, to borrowers in the different geographical divisions of
this country and also abroad.
From this table it will be seen that the aggregate of these loans was
$3,900,000,000, of which $1,000,000 was beingloaned in Alaska and
$89,000,000 in foreign countries.
Of the remaining"$3,810,000,000, banks of the reserve and central
reserve cities were lending in the New England States $262,000,000,
in the Eastern States $1,669,000,000, in the Southern States $479,000,000, in the Middle Western States $966,000,000, in the Western
States $182,000,000 and in the Pacific States $250,000,000.
Table showing, as of November
10, 1915, all loans made by national banhs in the reserve and central reserve cities, arranged according to geographical location of borrowers.
New England
States.
Reserve cities.
Eastern States.
Southern
States.
Middle Western States.
Western
States.
Pacific States.
Total United
States.
Alaska and foreign countries.1
Grand total.
o
CENTRAL RESERVE CITIES.
NewYorkCity
Chicago
St. Louis
$69,294,381.81 $1,140,678,526.44 $131,321,302.11 $127,862,697.27 $14,753,593.56 $16,109,246.13 $1,500,019,747.32 880,248,339.10
7,845,891.25
30,764,891.11 22,561,686. 48 288,969,407.41 14,044,294.93
375,302,429. 51
1,591,619.00
11,116,258.33
359,399.70
96,822,248.32
4,768,765. 71
50,000.00
985,914. 26
2,770,489.39
18,117,410.15 69,820,269.11
Total
OO
SI, 580,268,086.42
376,894,048.51
96,872,248.32
33,566,654.20
24,314,537.08
1,972,144,425.15
81,889,958.10
2,054,034,383.25
24,353,076.10
2,256,959.28
1,654,544.68
238,272,983.47
4,952,687.60
243,225,671.07
474,027.88
1.067.500.00
19', 021^158.63
4,303,993.54
816,968.88
351,452. 50
39,638.99
110.500.00
l,310;898.19
483,705.30
25,000.00
51.460. 00
1,697', 485.23
95,677.17
23,251,865.14
21,568. 69
23,273,433.83
1 4 , 8 5 5 . 74fi. f-.O
9P> OOO OO
14 RSI 746 fiO
1,150. 00
30,733,058.91
2G, 035,101.43
1,945,892.48
53,794.51
2,815.00
36,437,658.20
9,132,084.43
27,419,883.63
4,605,520.91
10 105 423 ?2
19,533,307.74
24,040,581.35
15,552,121.84
3,020,453.25
26,248,674.81
11,808,184.14
5,841,969.39
24,686,655.04
11,841,978.48
15,050,933.90
947,657.29
245,325,430.33
81,396,554.40
1,174,213,906.94
168,357,213.38
33,344,611.62
8,306,578.41
965,775.64
389,259. 63
7,624,959.35
800,000.00
60,105. 00
27,452.65
21,580,101.10
13,056.496.97
218,606^ 917.84
116,706,583.01
50,991,791.49
25,158,436. 77
167,321. 53
ISO.530. 00
18,762', 058. 23
1,397,871.30
9,061,513.81
1,163,764.04
9,867,552.27
446,100,327.18
416,740.90
172,000,398.74 486,652,373.79
H
O
OTHER RESERVE CITIES,
Boston (New England
States)
Albany
Brooklyn
Philadelphia
Pittsburgh
Baltimore
Washington
Eastern States
•Richmond
Charleston
Atlanta
Savannah
40,000.00
65,000. 00
251,196. 51
B i r m i TI gh a Tn
New 53Orleans
Dalla
Fort Worth
Galveston
Houston
San Antonio
Waco . .
Louisville
Chattanooga
Nashville
-
...
121,454.88
50,450.00
.
Southern States
325,758.92
75,000.00
81,629.85
985. 00
38,500.00
172,469.11
148,152. 00
106,942.72
29,900.00
3,500.00
869,649.70
3,445.66
50,175.00
5,000.00
5,732.97
1,423,938.64
546,696.80
131,401.06
267,0231477.47
123,787,830.32
60,930,379.18
26,833,657.02
1,058^ 405! 76
104,732. 59
50,700.00
26,35S.O1
2687,081', 883! 23
123,892,562.91
60,981,079.18
26,860,015.03
2,001,023.46
516,682,955.73
1,287,765.05
517,970,720.78
25,530.66
1,768.00
366.66
36,908,193.61
9,132,084.43
27,860,642. 55
4 670 520 °1
10 356 619 73
19,705,776.85
24,417,348.08
15,661,817.56
3,088,853.25
26,253,174.81
11,808,184.14
5,841,969.39
25,611,754.74
11,851,157.11
15,104,223.90
28,598.00
248,272,321.06
i,m'.bo
71,500.00
30,000.00
101,500. 00
36,908,193.61
9,132,084.43
27,860,642.55
4,670,520.91
10,356,619.73
19,777,276.85
24,417,348.08
15,661,817.56
3,088,853.25
26,253,174.81
11,838,184.14
5,841,969.39
25,611,754.74
11,851,157.11
15,104,223.90
248.373.821. 06
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Cincinnati
Cleveland
Columbus
Indianapolis
Detroit
Milwaukee
Minneapolis
St. Paul
Cedar Bapids
Des Moines
Dubuque
Sioux City
Kansas City, Mo.
St. Joseph
Middle States
Lincoln
Omaha
Kansas City, K a n s .
Topeka
"
Wichita
Denver
Pueblo
Muskogee
Oklahoma City
Western States
Seattle.
Spokane
Tacoma
Portland
Los Angeles
San Francisco
Salt Lake City
Pacific States
Total all reserve
cities
322,979.26
496,047.91
356.95
80,977.88
93,486,00
115,000.00
1,231,429.39
3,903,141.68
119,699.96
327,156.98
574,418.13
1,757,177.53
208,762.40
780,123.49
10,000.00
100,000.00
40,000.00
5,000.00
416,108. 93
125,000.00
110,000.00
7,362,305.41
682,399.50
79,952.54
198,885.02
267,266.50
126,123.95
125,367.31
127,500.00
60,914.00
201,804.13
8,780,882.63
8,000.00
46,138, 022.54
64,500',962.16
17,158,414.67
25,212, 137.73
38,480, 259.59
44,346, 148.48
63,115, 150.86
34,878, 345.63
8,760,445.01
13,941; 083.31
2,481,088.01
5,123, 269.55
40,699, 287.37
8,393, 985.24
204, 748.93
361, 005.47
42, 011.09
123, 455.29
58, 923.04
154, 516.67
7,141, 678.80
4,549, 294.20
194, 365.46
662, 648.46
27, 419.30
1,844, 386.53
25,028, 002.86
2,151, 633.13
188,885.72
42,052.35
4,539.62
54,659.62
68,216.37
474,800.00
382,054.52
2,232,930.60
8,599.58
37,650.00
37,608.00
397,213.37
1,750.00
55,448,371.25
69,995,609.07
17,404,974.83
25,997,272.52
39,542,569.63
46,973,766.63
70,973,013.89
42,668,193.92
9,074,324.05
14,843,185.90
2,508,507.31
7,010,264.08
75,431,495.16
10,680,368.37
3,930,959.75
48S,541,916.61
10,000.00
379,647.79
3,730.00
4,000.00
19,850.00
444,154.12
15,000.00
.:..::::::::!
6,743, 203.21
43,163, 433. 58
4,298', 005.21
2,889, 347.50
6,666, 256.81
33,477, 541.41
3,792, 389.93
5,125, 675.84
8,553,559.22
8,500.00
3,700.00
55,470,800.92
70,019,121.16
17,404,974.83
26,013,367.22
39,760, 695.60
46,978,766.63
71,234,013.89
42,985,993.92
9,074,324.05
14,843,185.90
2,554,257.31
7,010,264.08
75,439,995.16
10,684,068.37
931,912.43 !
489,473,829.04
22,429.67 i
33,512.09 j
16,094.70
2181125.97
5', 000.00
261,000.00
317,800.00
45,750.00
1,358,848.00 |
9,458,018.49 j 18,021,400.99 | 413,228,600.15
42,544,089.23 |
15,000.00
333,679.00
54,150.00
1,365,233.84
22,454.67
20,150.00
609,259.30
397,952.50
132,395.94
10,800.00
996.509.46
986,573.59
3,785,329.44
353,254.68
83,470.90
84,650.00
1,688,880.54
158,916.73
27,820.00
5,677, 479.62
36,661, 588.76
3,917, 765.86
2,777, 606.60
5,942, 497.51
29,736. 224.24
3,278! 277.26
5,1141 875.84
7,529! 229.76
1,916,884.76
3,60S, 905.71
7,168,895.88
100,635,545.45
876,381.91
114,709,412.71
263,927.95
114,973,340.66
874, 548.27
131 037.40
363,023.52
45,030.00
20,000.00
330,400. 00
34,150.00
423; 746,05
64,263.76
239,549.66
215,872. 67
19,114,234.86
11,498,222.37
4,323,298.16
22, 951,160.34
47,351,118.09
100,659, 294. 90
11,371,676.80
22,753,184. 71
12,682, 514.65
4,523,298.16
25,263,260.68
48,430,671.09
105,432. 111. 31
12,297,389.76
166,612.36
3,296.49
105.00 j
22,919,797.07
12,685,811.14
4,523,298.16
25,290,010.68
48,431,337.09
106,292,520.32
12,297,494.76
217,269,005.52 |
231,382,430.30
1,057,838.86 !
232,440,269.22
4,120.00
10,000.00
130,000.00
10,000.00
502,799.00
265,000.00
87.500.00
20', 000,00
175,000.00
637,954. 75
800.00
1,080,330.01 I
197,800.00
190,000.00
230,000.00
474. 611.63
1531 699.00
1,432: 609.11
20! 050.00
967,500.00
3,086,555.41 I
262,450,467.05
1,280,613.33
1,669,067,961.09 ; 479,276,386.42
1,896, 828.40
704, 852.21
160, 000.00
1,170, 284.31
876, 004.00
2.366. 223. 25
' 381', 250.00
7,555,442.17 |
161,804. 40
15, 700. 00
360. 238. 00
230, 149.20
1,223,313.93
960,417,428.10 \ 182,719,151.37
250,075,050.40
6,743, 203.21
43,230, 078.33
4,298, 005.21
2,889, 347.50
6,666, 256.81
33,648, 535.11
3,818, 679.43
5,125, 675.84
8,553, 559.22
66,644.75
170,993.70
26,289.50
26,750.00 I
G66.00 !
860,409.01 j
3,810,006,445.09 j 90,485,589.99
;
fed
o
w
1-4
o
o
j
H
w
o
o
1-3
ft
o
d
3,900,492,035.08
Loans in Alaska ,$1,058,756.78.
l
20
REPORT OF THE COMPTROLLER OF THE CURRENCY.
ANTICIPATION OF THE TRANSFER OF RESERVES TO FEDERAL RESERVE
BANKS.
Prior to November 10, 1915, the national banks in the central
reserve cities had transferred to the Federal reserve banks 7 per cent
of net deposits, being the full amount which these banks are required
to carry with the Federal reserve banks. The national banks in
reserve cities had, on the same date, transferred 3 per cent of the
6 per pent of net deposits which they will be ultimately required to
carry in the reserve banks, and the national banks in other cities had
transferred 2 per cent of the 5 per cent of the net deposits which they
will be required eventually to keep with the Federal reserve banks
under the provisions of the Federal reserve act.
On November 16, 1915, the national banks outside of the central
reserve cities deposited 1 per cent additional on net deposits with the
Federal reserve banks. The amount still remaining to be transferred
to the Federal reserve banks by these national banks is 2 per* cent of
their net deposits, in order to bring the amount carried with the Federal reserve banks up to the minimum required after November, 1917,
by the Federal reserve act, of 7 per cent by national banks in central
reserve cities, 6 per cent by national banks in reserve cities, and 5 per
cent by national banks in other cities.
Should the Federal Reserve Board deem it wise to recommend to
Congress an amendment to the Federal reserve act to provide for the
anticipation of the transfer of the balance of reserves from national
banks in the reserve cities to the Federal reserve banks, withoutwaiting for the expiration of the three-year period provided in the
original act, it is clear that so far as the national banks are con*
cerned the transfer could be readily maae at this time without
inconvenience or disturbance to the national banks in any of the
reserve cities which might be called upon to provide either the whole
or a portion of the funds so to be transterred.
EXCESSIVE INTEREST CHARGES BY NATIONAL BANKS.
In the autumn of 1914, after the stock exchanges in the principal
cities of the country had been closed as a result of the European crisis,
a number of the national banks in these cities arbitrarily raised the
rates of interest on their loans, secured generally by bond and stock
collateral, from the ante-war rates of 2 or 3 per cent to 8, 9, or 10 per
cent, and in a few cases to as high as 12 per cent per annum. Other
national banks, however, in these same cities refrained from charging
in any instance in excess of 6 per cent per annum.
REPORT OF THE COMPTROLLER OF THE CURRENCY,
21
The Treasury Department had furnished to the national banks in
New York, Chicago, Boston, St. Louis, and Philadelphia emergency
currency to the extent of over $210,000,000. upon which these banks
were paying interest at the time at the rate of but 3 per cent per
annum. By the Ifet of Iv member, 1914, the money situation, as an
immediate result o*~ the ' suance of this emergency currency, had
materially improved. Di-i. (.lie stock exchanges were still closed, and
there was therefore no urnket for securities and no way open by
which the o\\ aevs of the -.an ities could sell them to pay those banks
which had raised the rsiti-o of interest on their loans, About the 1st
of November, !->l-l, the ('o-uo trailer of the Currency sent telegrams
to national banks in £"e^\ Vork and certain other cities asking that
they inform this cliicc-, rs lo the maximum rates of interest which
they were at that time dL* urging on loans, and inquiring, in event the
rate should be in excess of 0 per cent, when a reduction to a 6 per
cent rate might be expected.
HIGH INTEREST KATES IN LARGE CITIES.
In consequence of these telegrams nearly all the banks addressed
which were charging in excess of 6 per cent promptly reduced their
interest rates to that figure. In New York City the exceptions were
three large banks, one of which had received from the Government
over $10,000,000 of emergency currency upon which it was paying 3
per cent interest. This bank, in replying, registered a formal protest against what its officers referred to as an attempt to force upon
them a policy which they might not consider correct. In its letter
the complaining bank wrote:
We judge there is a sentiment by debtors not of prime standing or with prime
collateral, and we feel that they should not assume that they are entitled to the
same treatment by banks, when they know the way they can easily have their
notes reduced to 6 per cent or can pay.
In answer to this communication the Comptroller of the Currency
replied in part, as follows:
You suggest that debtors not of prime standing and not with prime collateral
" should not assume that they are entitled to the same treatment by banks,
when they know the way they can easily have their notes reduced to 6 per cent
or can pay."
In such times as these through which we have been passing I consider that
the weaker concerns and those who may not have been in possession of abundant
resources should have been treated with special consideration and forbearance,
and to levy against and exact from them excessive or unjust interest rates
simply because they were, under unparalleled conditions, unable to help themselves is not defensible.
In all kindness let me remind you that the usury laws are framed more for
the protection of the weak than of the strong, who can take care of themselves,
and I am sure that you will agree with me that it is neither good policy nor good
ethics, in times like these, to take advantage of the weakness or misfortune of a
bank's clients and customers. If some of those borrowers should have been
forced to the wall and compelled to sacrifice their collateral, the consequences,
in the delicate conditions through which we have been passing, might have been
unfortunate and serious.
22
REPORT OF THE COMPTROLLER OF THE CURRENCY.
CITY BANKS REDUCE INTEREST RATES AT SUGGESTION OF COMPTROLLER.
This office had notified all banks in New York City that it proposed
to publish a list of the banks in that city which had maintained or
had already reduced their rates of interest to a 6 per cent basis. One
of the three New York banks (being the bank above referred to), which
maintained a higher rate than 6 per cent on certain loans, warmly
protested against the publication of such a list from which, so long
as it maintained higher rates on certain loans, its name necessarily
would be omitted. The Comptroller of the Currency,, in replying
to its protest, wrote the bank as follows:
May I suggests that, if it was improper or unjust or unethical or unbusinesslike to exact excessive interest rates, the fact that such a policy is kept from
the public does not make it right; nor is it the publication of such facts that
constitutes the wrong. A bank should not make, nor take part in, transactions
which will not bear the light of day.
If a bank is willing to have it known that it is charging one rate of interest
but is ashamed or unwilling to have it known that it charges another rate,
there must be something about the other rate which challenges criticism or calls
for an explanation. Nothing is gained by concealing such operations from
the public; and, under conditions like these, it is no part of the business or the
proper function of this office to do so, directly or indirectly.
The effect of the action of the Comptroller's Office at that time was,
as above stated, an immediate reduction in the high rates of interest
which were being charged by a number of banks in the larger cities to
the uniform rate of 6 per cent, which other banks there had adhered
to through the crisis. This result inured greatly to the benefit of
borrowers on collateral who had been obliged to pay the high rates
dictated by the banks, as the Stock Exchanges being closed, they had
no possible way of realizing upon their collateral except by ruinous
sacrifices.
USURY IN RURAL DISTRICTS.
Having thus helped to bring about a reduction in the rates of
interest which were being charged by some of the national banks in
the larger cities of New York, Chicago, St. Louis, Boston, and
Philadelphia, this office then promptly directed its attention to the
interest rates which were being charged by the smaller banks and in
the more remote sections of the country.
Conditions had improved materially, and, although the banks generally had been enabled to meet the urgent demands upon them and
had begun to retire the emergency currency, money was not yet
plentiful and care was yet necessary. The Federal Reserve Board,
in inaugurating the new system, deemed it wise to proceed cautiously
and not to establish at the outset discount rates at the different
Federal reserve banks lower than conditions at the moment seemed
to justify. Accordingly, a rate of discount of 6 per cent was named
for paper having a maturity of 30 days or less in the southern banks
at Dallas, Atlanta, and Richmond, where it was thought the demand
for funds might be particularly heavy, and the rate for longer-time
paper was at the outset put at 6^ per cent (although in a few weeks
this rate was reduced to 5 per cent).
These rates had no sooner been announced, to take effect at the
opening of the banks November 16, 1914, than the president of a
certain national bank, with assets of more than a million dollars, in
REPORT OF THE COMPTROLLER OF THE CURRENCY.
23
a city ill the Southwest having a population of about 15,000,
promptly attacked the Federal Reserve Board and denounced the
6J per cent rate for long-time paper as " unreasonable," " exacting,"
"prohibitive," and "prejudicial to the new system," and declared
that to name such a rate as 6 | per cent for long-time paper (shorttime rate being 6 per cent) was calculated to shake "confidence" in
the " members of the Federal Reserve Board."
The protesting bank was requested thereupon to prepare and send
to the Comptroller's Office a list of all loans which it had made during the three or four months preceding its complaint, or, say, from
August 1, 1914, to November 27, 1914, upon which it had charged
interest in excess of 8 per cent per annum. The list which this bank
thereupon submitted showed that it had been charging its own
customers on some loans more than ten times the 6-J per cent rate
which it had characterized, as " exacting," " unreasonable," and " prohibitive." This presents such a striking instance of inconsistency
and unfair criticism that it has been thought worth while to print
it verbatim, as Exhibit A to this report.
This list, to which attention is respectfully directed, includes more
than 400 loans, in amounts from $50 to $10,000 each, on which this
bank had in the brief period which it covers exacted interest rates
ranging from 10 per cent per annum to more than 100 per cent per
annum, including one loan of $2,067 for 30 days: at 64 per cent and
another loan of $553 for 60 days at 85 per cent.,
As a result of correspondence which ensued between this office and
the bank in question the Comptroller of the Currency is pleased to
report that the directors of the bank have adopted recently a resolution directing that its officers never shall charge hereafter on any
loan a rate in excess of the lawful limit; and the cashier has notified
the Comptroller that these instructions will be followed faithfully.
DEFINITE DATA REGARDING USURY.
In consequence of certain facts which had been developed by the
Comptroller's Office as to the excessive rates of interest charged by
some national banks, it was decided about a year ago to make inquiry
of all national banks throughout the country as to the maximum
rates of interest which were being charged by them on loans. The
banks were required to give information on this subject in their
reports submitted in response to the call for statement of condition
as of December 31, 1914, and also again at the time of each of the
five next ensuing calls for statements.
An analysis of the reports thereupon filed by the national banks
shows that some national banks in nearly every part of the country,
and nearly all banks in certain sections, have been charging rates of
interest on some of their loans which are not only illegal and
usurious, but which are intolerable, and if continued inevitably must
sap the strength of their customers and injure the communities
in which they operate.
As a matter of public information I have thought it instructive to
present herewith a number of the statements received from individual
banks illustrative of the excessive and usurious interest rates which
were being charged by banks in different sections of the country.
24
REPORT OF THE COMPTROLLER OF THE CURRENCY.
These statements show, of course, in each instance only the loans
made at these excessive rates during the particular periods between
calls—usually about 60 days, as stated in each report. All the statements have been made under oath. There is no reason to suppose
that the rates shown in these exhibits for the few weeks covered were
less than those charged during the remainder of the year or those
charged habitually. The statements referred to are printed as Exhibits B to O, inclusive.
There are also printed as Exhibits Q and E two lists of loans made
by two competing national banks in a town in Oklahoma upon which
interest in excess of 12 per cent was charged between January 1?
1915, and November 10, 1915, to which attention is directed.
In October, 1915, this office ascertained that many national banks
throughout the country, notwithstanding the ease in the money
market and the special facilities which had been extended to all
national banks in every section to secure, through rediscounts at
their respective Federal reserve banks, all the funds necessary for
the legitimate needs of their customers and communities, were yet
charging to many thousands of borrowers rates which were illegal,
unfair, and burdensome. Therefore the next step toward the abatement or elimination of the evil was taken.
Under date of October 27, 1915, the following circular letter was
addressed to all national banks throughout the country:
TREASURY DEPARTMENT,
COMPTROLLER OF THE CURRENCY,
Washington, October 27, 1915.
To all National Banks:
SIRS : The attention of your officers and directors is called to the oath which
was signed by each director upon his qualification, in which he solemnly swore
as follows:
« * * * j will, so far as the duty devolves on me, diligently and honestly
administer the affairs of said association; that I will not knowingly violate, or
willingly permit to be violated, any of the provisions of the statutes of the
United States under which this association has been organized * * *."
Your attention is called to section 5197 of the Revised Statutes of the United
States, being part of the national-bank act, which provides that a national bank—
" May take, receive, reserve, and charge on any loan or discount made, or upon
any note, bill of exchange, or other evidences 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 title.
" When no rate is fixed by the laws of the State, or Territory, or District, the
bank may take, receive, reserve, or charge a rate not exceeding 7 per cent, and
such interest may be taken in advance, reckoning the days for which the note,
bill, or other evidence of debt has to run * * *."
This office regrets to report that the sworn statements of condition of a great
many national banks show that section 5197, United States Revised Statutes,
against usury, has been grossly viokited by these banks.
You are respectfully advised and admonished that this provision of the
national-bank act should be faithfully observed by all national banks, their
officers and directors, in accordance with the solemn oaths taken by the
directors.
You are requested to read this letter at the next meeting of your board of
directors and to have it inscribed upon the minutes and to send a copy of this
letter to every member of your board who may not be present at such meeting,
with the request that he promptly acknowledge its receipt to you.
Within 30 days after your next board meeting, and not later than December
20, 1915, you are requested to send to this office letters from all members of
your board who may not have been present at the meeting at which this letter
REPORT OF THE COMPTROLLER OF THE CURRENCY.
25
is read acknowledging the receipt by each absent director of a copy hereof,
together with a certified extract from your minutes showing that this letter has
been read to your board, and giving the names of the directors present at the
meeting at which it is read.
Respectfully,
JNO.
SKELTON WILLIAMS,
Comptroller of the Currency.
COMPLIANCE WITH REQUESTS OF THE COMPTROLLER.
The Comptroller is gratified to report that the requests made in this*
circular letter apparently are generally being complied with faithfully
by banks in all sections. The eli'oct of this circular letter has been to
bring clearly to the attention of all bank directors the provisions of
the laws against usury and the oath of office which each nationalbank director is required by law to take and has taken to obey these
laws. Assurances have come from many directions of the determination of banks hereafter to conform strictly to the law, although it is
to be regretted that some banks yet show reluctance to conform to the
provisions of the national-bank act and some directors exhibit a disposition to regard lightly the solemn oaths which they have taken.,
The investigations which have been made show that the most
excessive interest rates are being charged by the small banks in rural
communities. Especially from the South and Southwest the West
and the Northwest many bitter complaints have been received of excessive interest charged the farmers and others engaged in agriculture.
In many instances the exactions of the money lenders make it impossible for the farmer to live comfortably and pay the banks the
enormous rates demanded for the use of the money needed to produce
his crops.
The exorbitant rates charged to farmers are the more inexcusable
when it is considered that the losses made by banks on agricultural9
paper have been light generally. The records show that farmers
loans, sooner or later, nearly always are paid, however great may be
the sacrifices the farmer must make to meet his obligations. I t is
estimated by those in a position to judge correctly that the losses on
loans to farmers throughout the agricultural regions amount to not
more than a fraction of 1 per cent on the money loaned them. Yet
the farmer has been and is obliged to pay, in thousands of cases, not
only twice the rate of interest usually charged in the cities to merchants and manufacturers, where the risk is just as great, but he
actually has been required to pay, in many instances, three, four, five,
and in some instances ten times the interest rate which he ought to be
charged or which is permissible under the law.
SHALLOW ATTEMPTS TO JUSTIFY USURY.
The president of a national bank in a State where the usury laws
have been disregarded by many banks earnestly argued, in a recent
conference with the Comptroller, that, as national banks in many
sections of the country have been charging usurious interest for 50
years or more, it was harsh or quixotic to attempt to reduce these
rates at one time, or to insist that the banks should cease suddenly
a practice so venerable, however great the hardships that might have
been inflicted unlawfully in thousands of instances.
26
REPORT OF THE COMPTROLLER OF THE CURRENCY.
In reply the bank officer was reminded that, in less than 12 months
after the inauguration of the Federal Keserve System, every national
bank in the United States and every member bank had participated
in the beneficent results which had been achieved; that every member bank now had the opportunity of borrowing money to an extent
not previously permissible, and at interest rates lower than ever have
been known in the history of the banks; and that it would be with ill
grace that these banks should demand that a period of years, or even
a period of months, should elapse before they shared with their
customers the benefits so liberally granted to them; or that, now that
they are able to get money so freely at 3 to 4J per cent, they should
still exact from their customers excessive and ruinous rates., forbidden both by the laws of the respective States and by the Federal
statutes. I t is time for all the banks of this country to realize that
the Federal reserve act was framed to benefit not only the banks but
also the customers of the banks; that one of the great objects of the
law was to decentralize the money of the country; to effect a more
equitable distribution of capital and do away with the old system
by which the resources of our banks have been so greatly concentrated in a few cities or sections, there to be loaned out largely on
speculative ventures, while in other regions money needed so urgently for the legitimate purposes of industry and of development
has been scarce and oftentimes obtainable only, if at all, at rates
injurious if not prohibitory.
There are thousands of banks, including banks in practically every
section of the country, which have found it possible to build up their
business and succeed and prosper while keeping their interest rates
strictly within the limits prescribed by law. Other banks since the
issuance of the Comptroller's letter of October 27, 1915, have questioned their ability to succeed if the provisions of the law should be
strictly complied with. Such instances have been given special consideration, but no case has as yet been brought to the attention of
this office where it has appeared that any bank really needed in a
community would be unable, with sound and conservative management, to succeed if it should obey strictly all the requirements of the
national bank act.
It is possible that in some communities several small banks may be
operating when a smaller number would suffice, or where these banks
may have combined among themselves to maintain high or usurious
rates. I t is probable that in spme of these instances the consolidation
of banks with the corresponding reductions of the expenses of management may be found to be desirable, when the maximum rates of
interest are reduced from the heavy charges heretofore reported to
6 per cent, or the legal rate, whatever that may be; but the banking
facilities furnished the community through such consolidation need
not be diminished.
COOPERATION WITH STATE BANKING DEPARTMENTS.
Under date of October 19,1915, this office addressed to superintendents of State banks throughout the country the following letter:
EEPOBT OF THE COMPTROLLER OF THE CURRENCY.
27
TREASURY DEPARTMENT,
COMPTROLLER OF THE CURRENCY,
Washington, October 19, 1915.
CONFIDENTIAL.
DEAR SIR : Recent investigations by this office show that national banks in
various sections of the country are and have been charging on some of their
loans—and some banks on practically all of their loans—rates of interest which
are not only forbidden, even by special contract, under the laws of the respective States, but which are extortionate and oppressive to a great degree.
This office considers that there can be no justification for such disregard of the
laws against usury and proposes to make an earnest effort to require national
banks to limit the rates of interest charged by them to the rates authorized
by law.
Section 5197 of the Revised Statutes of the United States provides that
no national bank shall be permitted to make an interest charge in excess of
the rate authorized by the laws of the State in which the bank is located, and
that where there is no State limitation the interest rate shall not exceed 7 per
cent per annum.
If the national banks are to be required to conform strictly to State laws in
the matter of interest charges, it is manifestly right that the State banks, with
which the national banks compete, should also be required to limit their interest charges to the rates authorized by their respective States.
This office has under consideration the desirability of requiring all national
banks, in their periodical published statements of condition, to state the number and the aggregate amount of loans made by them since their last previous
statement upon which they have charged or are charging a usurious rate of
interest or discount; that is to say, rates beyond those which they are permitted
to charge by the laws of the respective States; and to show also the highest
rate in excess of lawful rates which they may have charged on any loan in
the same period.
May I inquire whether it will be agreeable to you to cooperate with this office
in this matter and to require the State banks under your jurisdiction in their
published statements to give similar information?
That you may better appreciate the extent to which usury is still being
practiced by banks- in many parts of the country, I am taking the liberty of
sending you with this a copy of an address delivered October 6, 1915, by the
Comptroller of the Currency before the Kentucky Bankers' Association, in
which are set forth some of the results developed in the investigations recently
conducted by this office into the matter of excessive rates of interest charged
by national banks and which gives some striking facts In this connection.
Faithfully, yours,
JOHN SKELTON WILLIAMS,
Comptroller of the Currency.
The responses to this letter have been encouraging and there is
reason to believe that effective cooperation will be secured on the part
of the banking departments of the different States to lessen or eradicate the usurious practices in banks, both National and State.
CORRESPONDENCE WITH AMERICAN BANKERS' ASSOCIATION CONCERNING
USURIOUS INTEREST CHARGES BY NATIONAL BANKS.
The executive committee of the national-bank section of the American Bankers' Association, under date of November 15, 1915, wrote the
Comptroller of the Currency complaining that the Comptroller's statement in his letter to national banks of October 27, 1915, to the effect
that a great many national banks had grossly violated the laws against
usury, had created a bad impression and had done a great injustice
to the great majority of bankers, and the committee requested the
Comptroller to modify and correct his statements on this subject.
12066°—CUE 1915—VOL 1
3
28
REPORT OF THE COMPTROLLER OF THE CURRENCY.
The Comptroller thereupon replied as follows :
OFFICE OF THE COMPTKOLLER OF THE CURRENCY,
Washington, November 23, 1915.
To the EXECUTIVE COMMITTEE
OF THE NATIONAL BANK SECTION
OF THE AMERICAN BANKERS' ASSOCIATION,
Neiv York City.
GENTLEMEN : Your letter of the 15th instant has been received and considered.
You inform me that a full meeting of your committee, held in New York on
the 12th instant, took up for consideration a circular letter addressed by this
office under date of October 27, to all national banks, calling the attention of
the banks to the laws against usury and to the oaths taken by national-bank
directors to observe the statutes of the United States. The circular letter also
stated that the records of this office show that a great many national banks have
grossly violated the usury laws.
You inform me that your committee unanimously adopted a resolution declaring it to be the opinion of the committee that the usurious practices complained of " are confined only to some sections of the country and are not general," and you ask this office " to make such modifications and corrections of the
statements embraced in that letter as will do justice to the great number of
banks which have not violated the statutes relating to rates of interest."
My statement that " a great many national banks have grossly violated section
5197, United States Revised Statutes, against usury," is literally true, and stands
in no need of correction. It is a pleasure, however, to me to be able to state
that the records show that a large majority of the national banks of the United
States, according to the latest reports, are keeping their interest rates within the
maximum figures permitted by law.
I was sincerely gratified to be in a position to announce in a public address
to bankers, a few weeks ago, that a majority of the national banks were obeying
the law in this respect. At the same time, there are a great many national banks
which have violated the usury law in the past, but which, I am confident, will
not again do so, now that the provisions of this law have been made plain to
their officers and directors and their attention called to their oaths of office.
As the records of this office show that more than 1,200 national banks, including banks in 41 States, were charging on some of their loans, as late as September 2, 1915, 12 per cent per annum interest or more (and in numerous cases
more than 60 per cent), it can hardly be claimed that the charging of excessive
rates of interest is confined to either a few banks or a few localities. In 27
of these States, embracing approximately 60 per cent of the total area of the
continental United States, exclusive of Alaska, the rate of 12 per cent or more
is, under any circumstances, usurious.
The location of the national banks charging on some loans 12 per cent or
more was, as stated in my recent public address above referred to, as follows:
Nine in New York State, 6 in Pennsylvania, 2 in Maine, 3 in Massachusetts,
5 in Virginia, 7 in West Virginia, 6 each in Florida and Louisiana, 66 in Georgia,
52 in Alabama, 168 in Texas, 7 in Arkansas, 17 in Kentucky, 28 in Tennessee,
4 in Ohio, 8 in Indiana, 40 in Illinois, 7 in Iowa, 19 in Missouri, 69 in North
Dakota, 48 in South Dakota, 21 in Kansas, 46 in Montana, 20 in Wyoming,
63 in Colorado, 33 in New Mexico, 287 in Oklahoma, 25 in Washington, 40 in
California, 45 in Idaho, 18 in Utah, 8 in Nevada, and 3 each in Michigan,
Oregon, North Carolina, and Arizona. In New Jersey, District of Columbia,
Nebraska, Minnesota, and South Carolina only two banks in each admitted
charging 12 per cent or higher, and only one in Maryland.
The only States where there were no national banks which admitted under
oath in their statements of September 2, 1915, that they were charging as high
as 12 per cent on any of their loans were Connecticut, Delaware, Mississippi,
New Hampshire, Rhode Island, Vermont, and Wisconsin.
In Maine, Massachusetts, Rhode Island, New York, Pennsylvania, Colorado,
and California high rates may, under the law, be charged by special agreement.
The only other States, in addition to the foregoing 7 States, in which rates as
high as 12 per cent per annum may be charged, even by written contract, according to the reports recently received by this office from the attorneys general
of the several States, are Connecticut, Montana, South Dakota, Idaho, Nevada,
New Mexico, Washington, Wyoming, and Utah, and wherever in these States
rates in excess of 12 per cent are charged, they are usurious.
Twelve hundred and forty-seven national banks in 36 States, covering 75
Digitized forper
FRASER
cent of the total area of the continental United States, exclusive of Alaska,
REPORT OF THE COMPTROLLER OF THE CURRENCY.
29
in their statements of September 2, 1915, admitted under oath that they were
charging on some of their loans rates in excess of the maximum rates permissible, even by special contract, by the laws of their own States or of the
United States. The penalty for the charging of usury in several States is a fine
or imprisonment, or both.
The records also show that as of September 2, 1915, 1,022 national banks in
25 States were, by their sworn reports, charging an average of not less than
10 per cent, and in some cases 18 per cent, on all their loans. The sworn
statements of the banks in one particular State include a list of 131 banks
whose maximum rates of interest ranged from 15 to 24 per cent; 67 banks
whose maximum rate was between 25 and 60 per cent; 22 banks which charged
between 60 and 100 per cent; and 26 banks whose maximum rates were 100
per cent or more.
The sworn reports of the banks also show that, on September 2, 1915, 2,743
national banks, out of a total of 7,613, being more than 36 per cent of all the
national banks of the country, were charging on some of their loans 10 per cent
per annum or more—in hundreds of banks very much more.
When 2,743 national banks, in 42 States, covering 98 per cent of the total
area of the continental United States, exclusive of Alaska, admit under oath
that they are charging 10 per cent or more on some of their loans; and when
1,022 national banks, in 25 States, which include 74 per cent of the total area
of the continental United States, exclusive of Alaska, also confess that they have
been charging on an average anywhere from 10 per cent to 18 per cent or more
on all of their loans, is it not flying in the face of facts to suggest that the
practice is confined either to a small area or to a few banks?
It is also worthy of note that a majority of all the national banks in 21 States,
including over 65 per cent of the total area of the continental United States,
exclusive of Alaska, admit that they are charging as high as 10 per cent on some
loans, and a majority of all the national banks in 6 States, whose area embraces
more than one-fourth of the territory of the continental United States, exclusive of Alaska, admit, likewise, under oath, that they have been charging an
average of 10 per cent or more on all of their loans.
Of the 1,022 national banks which certified under oath that they were receiving an average of 10 per cent or more on all of their loans, 2 were in Illinois, 6 in Minnesota, 2 in Missouri, 23 in Georgia, 6 in Florida, 21 in Alabama,
2 in Louisiana, 317 in Texas, 17 in Arkansas, 3 in Tennessee, 90 in North
Dakota, 25 in South Dakota, 18 in Nebraska, 5 in Kansas, 38 in Montana, 14 in
Wyoming, 37 in Colorado, 25 in New Mexico, 300 in Oklahoma, 12 in WashingIon, 10 in Oregon, 13 in California, 2 in Utah, 1 in Nevada, and 33 banks in
Idaho.
During this same period, while so many national banks were charging excessive rates to customers, the Federal reserve banks were offering money freely
to the national banks in every part of the country at rates varying from 3*
to 5 per cent, according to the class of paper and the time to maturity. There
was no reason why sound, well-managed banks in any section could not have
gotten at these low rates all the money required to supply the needs of customers, whether farmers, merchants, or manufacturers, or why the national
banks should not have loaned the funds to their customers in every case well
within the rates prescribed by law.
Under such circumstances, and with these facts before you, I am confident
that you will revise your opinion that this office has done, as you express it, " a
great injustice to the great majority of bankers throughout the country," in
making the statement in my circular letter of October 27 that " the sworn statements of condition of a great many national banks show that section 5197,
United States Revised Statutes, against usury has been grossly violated by
these banks."
Concerning your statement that many millions of dollars of money are being
loaned by banks at less than the legal rates, may I point out that this is a poor
consolation to those borrowers who have been charged and are being charged in
so many cases from 3 to 10 times the legal rate permissible under the laws of
the different States and under the provisions of the national bank act?
The facts developed in the investigation recently conducted by this office with
reference to usury have suggested the desirability of requesting national banks
to print hereafter in their published statements of condition the maximum rates
of interest charged and the amount of money which they may be lending at rates
in violation of section 5197, United States Revised Statutes, relative to usury.
If this is done, will not the public learn, fairly and rightly, which banks, in the
30
REPORT OF THE COMPTROLLER OF THE CURRENCY.
matter of interest charges, are conforming to the law and which are not? Such
publication could do no injustice to any bank that honestly tries to keep within
the laws which all bank directors have solemnly pledged themselves to observe.
To illustrate the unfairness of some of the complaints made by usurers and
which reach this office, let me take this occasion to call attention to an attack
made upon the Federal Reserve System just a year ago by a certain national
bank, which denounced the 6 | per cent rate for long-time paper, established at
the outset by Federal reserve banks (though soon reduced to 5 per cent), as
" unreasonable," " exacting," and " prohibitive," " prejudicial to the new system,"
and calculated to shake " confidence " in the " members of the Federal Reserve
Board."
An examination of the complainant bank, which this office promptly caused
to be made, showed that this bank, with assets of more than a million dollars,
had been a gross violator of the usury laws; had been charging its customers
for money more than 10 times the 6$ per cent rate which it characterized as
" unreasonable, exacting, and prohibitive," and had in the three or four months
preceding its complaint made more than 400 loans in amounts from $50 to over
$10,000 each on which it had exacted rates ranging from 10 per cent to 100
per cent, including 1 loan of 82,067 at 64 per cent and another for $553 at 85
per cent.
I realize that a great many banks, including some of the greatest banks of
the country, are dealing justly with their customers and maintaining the wise
policy of helping in the expansion of business and the guarding of its safety.
It is from these very institutions that I hope for aid, both by example and influence, in repressing the practices of which this office has complained and in
protecting borrowers against oppression and the banking interests generally
against public anger, provoked by the offenses of a minority but bestowed
without discrimination.
I hope earnestly we may work together to impress on the offending banks,
including so many of the smaller and more remote banks, the principles governing the great number of the most successful banks at the centers and elsewhere that consideration for the customer and the community is the wisest
possible banking and the most certain to bring large and permanent success.
I am certain from the contents of your letter that your committee had no
suspicion of the real facts of the situation, as shown by the records in this office.
I invite your cooperation in the effort to convince the managers of banks,
especially those in villages and towns, that it is as much to their own interest
and that of the country to help the farmers and small struggling manufacturers
and storekeepers around them as the large majority of the big banks have found
it to be to their advantage to use their powerful resources to uphold and stimulate the vast commercial and industrial enterprises which contribute so greatly
to the growth, the wealth, and the prosperity of the country,,
As I am advised that your letter to me of November 15 was given to the press,
I am sure you will appreciate the propriety of my making public this reply,
Respectfully, yours,
JOHN SKELTON WILLIAMS,
Comptroller of the Currency.
Attention is called to three maps which are printed at the conclusion of this report as Exhibits U, V, and W, showing graphically
the States in which usury prevails, the number of national banks
which were charging usurious rates of interest in each State, and the
number of national banks in each State charging 12 per cent per
annum or more; also indicating the States in which there are no
limitations upon the rates of interest which may be charged; also
showing the number of national banks in each State charging an
average of 10 per cent per annum on all of their loans.
OBLIGATION OF BANK DIRECTORS TO OBEY THE LAW.
It is not discretionary with this office as to whether a national-bank
director shall execute his oath of office, in which he pledges himself to
obey the provisions of the national-bank act. Section 5147 of the
Digitized forUnited
FRASERStates Revised Statutes provides as follows:
REPORT OF THE COMPTROLLER OF THE CURRENCY.
31
Each director, when appointed or elected, shall take an oath that he will, so
far as the duty devolves on him, diligently and honestly administer the affairs
of such association, and will not knowingly violate, or willingly permit to be
violated, any of the provisions of this title, and that he is the owner in good
faith and in his own right of the number of shares of stock required by this
title 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.
The prohibition against usury as it relates to national banks is
found in section 5197, United States Revised Statutes, and is as
follows:
Any association may take, receive, reserve, and charge on any loan or discount
made, or upon any note, bill of exchange, or other evidences 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 title. When no rate is fixed by the laws of the State or Territory or
District, the bank may take, receive, reserve, or charge a rate not exceeding 7
per cent, and such interest may be taken in advance, reckoning the days for
which the note, bill, or other evidence of debt has to run. And 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.
USURY.
As the action against the offending bank must be brought by the
customer who has paid the usurious interest, suits are brought rarely.
The customer who borrows at these unlawful rates is afraid to bring
suit for the recovery of the money improperly taken from him, realizing that he may be blacklisted by the banks, and however great his
need may be at some future time he would be unable to secure further
loans.
AMENDMENT TO PROVIDE THAT SUITS AGAINST USURERS BE BROUGHT BY
DEPARTMENT OF JUSTICE.
If there should be an amendment to the national-bank act authorizing and directing the Department of Justice to bring suit against
usurers upon information furnished either through the Comptroller
of the Currency or through other sources, the practice of usury in all
the national banks throughout the country can be stopped.
I therefore earnestly recommend to the present Congress the
passage of such a law.
DIGEST OF THE USURY LAWS OF THE STATES.
The Solicitor of the Treasury has prepared a digest of the usury
laws of all the States, showing the legal rate in each State, the rate
permitted by special contract, and the penalties for the violation of
these laws, which is printed as Exhibit T at the end of Volume 1 of
this report.
32
REPORT OF THE COMPTROLLER OF THE CURRENCY.
TO PREVENT BANK FAILURES.
The establishment of the Federal reserve banks makes it practically
impossible for any national bank operating in accordance with the
provisions of the national bank act and managed with ordinary
honesty, intelligence, and efficiency to fail. Banks nearly always are
broken, not by the failure of customers to whom they have lent
money, not by bank robbers who have come from the outside, but by
the tying up or dissipation of the banks' funds through loans to their
own officers and directors, or to interests allied with or controlled
by those officers and directors, or else by direct defalcations and embezzlements by trusted officers. If these evils are remedied—and
they can be remedied if certain simple and much needed amendments
can be secured to the national bank act—failures among national
banks can be reduced to a negligible number, or be absolutely
eliminated.
OTHER AMENDMENTS RECOMMENDED TO NATIONAL BANK ACT.
Therefore, for the protection and benefit of the depositors and
shareholders of national banks, and also in the interest of their
customers and the communities dependent upon these banks for the
banking facilities necessary for their growth and prosperity, I
further recommend that amendments be adopted to the nationalbank act to provide that:
TO PROHIBIT OFFICEES OF BANKS FROM BORROWING FROM THEIR OWN BANKS.
First. The officers of a national bank be prohibited from borrowing
funds of the banks by which they are employed.
TO PREVENT LOANS TO DIRECTORS EXCEPT WITH THE APPROVAL OF THE BOARD.
Second. No loan be made by any national bank to any of its directors or to a firm in which a director may be a partner without formal
authority of the board of directors of the bank.
TO REQUIRE OFFICERS AND EMPLOYEES TO GIVE SURETY BONDS.
Third. All officers of a national bank having the custody of its
funds, money, or securities, and all officers, tellers, or other employees
of the bank engaged in the handling of its money shall furnish
surety bonds, preferably the bonds of an established surety company.
TO LIMIT DIRECT AND INDIRECT LOANS TO ONE INDIVIDUAL, FIRM, OR CORPORATION.
Fourth. A conservative and proper limitation be placed upon the
aggregate amount of money any one person, company, corporation, or firm may obtain from a national bank through the discounting of commercial paper and bills of exchange. The limitation of
10 per cent of the capital and surplus does not apply to " bills of exchange drawn in good faith against actually existing values and the
discount of commercial or business paper actually owned by the person
negotiating the same." It is suggested that the aggregate liability
REPORT OF THE COMPTROLLER OF THE CURRENCY.
33
of any person, company, corporation, or firm on loans on commercial
paper or bills of exchange should in no event exceed 25 per cent of
the capital and surplus of the bank. It is recommended also that a
specific penalty be provided for the violations of section 5200,
enforceable against the officers and directors of the bank responsible
for the violation in addition to the statutory penalty for forfeiture
of charter for violation of the national-bank act.
TO PREVENT OE LIMIT OVERDRAFTS.
Fifth, The laws of the .respective States in regard to overdrafts
be made applicable to national banks, and that the individual liability
prescribed by section 5239, United States Revised Statutes, shall be
made applicable to any violations of this provision, and also that
the officers of the national bank shall be5 required to bring before the
directors, in writing, at each directors meeting, a list of all overdrafts made since the previous meeting of the board.
TO REQUIRE CERTIFICATES OF DEPOSIT TO BE SIGNED BY TWO OFFICERS.
Sixth. All certificates of deposit must be signed by two officers of
the bank, and a penalty provided for the issue of any such certificate
not signed by two officers.
TO PREVENT ERASURES ON THE BOOKS OF A BANK.
Seventh. To forbid any officer or employee of a national bank
from erasing or causing to be erased or removed, either by acid or
abrasion, any entries on the books of any national bank. Where
entries have been made inadvertently or erroneously and it is desired
to correct them, they should be canceled by having three lines drawn
across them in black or red ink in such a manner as to indicate its
cancellation, but not to make it impossible to decipher the original
entry.
National banks have suffered serious losses from erasures and
changed entries by dishonest bookkeepers and officers to conceal or to
falsify transactions.
TO LIMIT INTEREST PAID ON DEPOSITS.
Eighth. The rates of interest which any national bank may pay on
its deposits shall not exceed 4 per cent per annum unless the highest
rate for time paper fixed by the Federal reserve bank of the district
shall be more than 4 per cent, in which event the rate of interest that
may be paid may equal but not exceed such discount rate charged at
that time by the Federal reserve bank of the district: Provided, however, that if the laws of a State fix the maximum rate of interest
that may be allowed on bank deposits, the rate so fixed for State banks
be applicable also to national banks in that State.
TO AUTHORIZE NATIONAL BANKS TO ESTABLISH BRANCHES IN THE UNITED STATES.
Ninth. National banks, with the approval of the Comptroller of the
Currency, shall be allowed to establish and maintain branches within
34
EEPOBT OF THE COMPTROLLER OF THE CURRENCY.
certain limits, for example, within city or county lines, but not without the boundaries of the State in which the parent bank may be
located, and if such State be partly within one Federal reserve district
and partly in another Federal reserve district such branches shall be
established only in that portion of the State which is in the same
Federal reserve district as the parent bank. No national bank to be
permitted, however, in this country, to have more than 12 branches.
The capital of the parent bank to be increased, with the establishment
of each branch in the town in which the bank is located, in an amount
equal to not less than 50 per cent of the minimum capital which would
be required for the organization of a national ban]?: in the city wherein
the parent bank is located, and the capital of the parent bank shall be
increased with the establishment of each branch outside the city where
the parent bank is located in an amount equal to the capital now required by the national-bank act for the organization of a national
bank in the place where the proposed branch is to be located.
TO PERMIT BRANCH BANKS IN ALASKA AND INSULAR POSSESSIONS.
Tenth. National banks be permitted to establish branches in Alaska
and in the insular possessions of the United States.
TO AUTHORIZE MINIMUM INTEREST CHARGES FOR SMALL LOANS.
Eleventh. Section 5197, United States Revised Statutes, be so
amended as to authorize a national bank to make a minimum- charge
of 25 cents on any loan, even though that charge might exceed the
legal rate authorized by law. The amendment should be so framed,
however, as to make it impracticable for a bank to evade the intent
of the law by requiring customers to make a multitude of small notes
and then charge 25 cents for each note.
Such an evasion of the law against usury might, perhaps, be prevented by providing that if a minimum charge of 25 cents shall have
been made to a customer on any particular day, and this charge shall
be in excess of the legal rate of interest, no similar minimum charge
shall be made the same day to the same customer on any other note,
if in excess of the legal rate. Tliis would prevent a bank from requiring a customer who might want to borrow $100 for 30 days from
giving 20 notes for $5 each, to be charged 25 cents on each note,
which would amount to $5, or 60 per cent per annum for the accommodation.
TO AUTHORIZE THE COMPTROLLER TO BEING PROCEEDINGS AGAINST DIRECTORS FOB
LOSSES SUSTAINED BY BANK THROUGH VIOLATION OF THE NATIONAL-BANK ACT.
Twelfth. The Comptroller of the Currency be authorized to bring
proceedings against directors of a national bank for losses sustained
by the bank through violations of the provisions of the nationalbank act or the Federal reserve act.
Section 5239, United States Revised Statutes, provides as follows:
If the directors of any national banking association shall knowingly violate,
or knowingly permit any of the officers, agents, or servants of the association to
violate, any of the provisions of this title, all the rights, privileges, and franchises of the association shall be thereby forfeited. Such violations shall, however, be determined and adjudged by a proper circuit, district, or Territorial
KEPOET OF THE COMPTROLLER OF THE CURRENCY.
35
court of the United States, in a suit 'Drought for that purpose by the Comptroller
of the Currency, in his own name, before the association shall be declared dissolved. And in cases of such violation every director 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 of such violation.
Banks often have sustained large losses as a result of the willful
and persistent disregard by its directors of the clear provisions of the
national bank act. These losses, resulting from violation of the law
by directors, fall upon the stockholders. The directors who have
occasioned these losses by involving the bank in unlawful transactions to facilitate or promote schemes or enterprises in which the
directors may be concerned, are found sometimes to be holders or
owners of but a few shares of the stock of the bank the affairs of
which they are directing and the funds of which they frequently
have tied up in the promotion of their own private schemes. Very
often stockholders never are informed of the losses the bank has
suffered through these irregular transactions. It is the practice of
many banks to keep their transactions from shareholders, especially
those transactions which have resulted in losses. Thousands of
bonks give stockholders, at the close of each fiscal year, little or no
information of the sources of the earnings and the details of the disbursements and losses.
Even when shareholders have knowledge of the losses incurred
through violations of the law by the officers or directors of the bank,
should they proceed to bring suit against the unfaithful directors for
the benefit of themselves and their fellow shareholders, such action
might precipitate a run upon the bank and result in suspension or
unnecessary loss. Experience has shown that losses occurring from
faults or improprieties of directors usually are charged to " profit
and loss " account by the guilty directors themselves, and the stockholders never are apprised of the results of the mismanagement.
The evil effects of the wrongdoing fall upon the innocent stockholders and the wrongdoers escape.
RESTITUTION BY DIRECTORS FOR LOSSES CAUSED BY UNLAWFUL
INVESTMENTS.
During the past year this office has made special effort to prevent
the losses sustained by national banks through the ultra vires or unlawful investments made by and with the approval of the directors
from falling upon innocent shareholders, and to require directors
responsible for such losses to restore to the banks the amount of losses
.so incurred.
These efforts have been, to a certain extent, successful, as will be
seen from the instances following, but the work of preventing such
violations of the law in the future and of securing full restoration
for injured stockholders will be facilitated greatly if the amendments
to the national bank act herein recommended should be adopted by
Congress.
In February, 1905, a certain large national bank in New York
subscribed to a $2,000,000 participation in a syndicate organized by
a well-known firm of bankers for the purchase of stock in a Chicago
city railway company. Fourteen months before the bank made this
86
REPORT OF THE COMPTROLLER OF THE CURRENCY.
investment it had been warned in a letter from the Comptroller's
Office t h a t National banks are prohibited by law from purchasing stock of other corporations as an investment.
Prior to that time the attention of the bank had been called to a
decision of the Supreme Court of the United States to the effect
that—
The power to purchase or deal in stock of another corporation is not expressly
conferred upon national banks, nor is it an act which may be exercised as incidental to the powers expressly conferred. A dealing in stocks is consequently
an ultra vires act, and being such, it is without efficacy.
About a year after the bank had made this syndicate investment in
the stock of the Chicago street railway the Comptroller's Office wrote
to the bank as follows, relative to certain stocks held at that time by
the bank:
You are again reminded that a national bank can not lawfully make investments in the stocks of other corporations. The stock so held should therefore
be disposed of without unnecessary delay.
Upon a number of subsequent occasions the bank was notified formally and instructed to dispose of all stocks held by it, and its attention was called to its unlawful or ultra vires transactions.
The Chicago Street Railway Syndicate had proved a failure, and
the securities and cash distributed to the subscribers to the syndicate
upon its dissolution were worth much less .than the amount originally
paid.
It was ascertained that the cash and stocks received by the national
bank referred to, in the final distribution, amounted in value to approximately $1,000,000 less than the original cost with a proper allowance for interest.
Thereupon the Comptroller of the Currency wrote to the national
bank in question on December 31, 1914, in part as follows:
You were, of course, aware that in taking a participation in this so-called
stock " syndicate " you were simply buying an undivided interest in so much
stock, which was tied up in a syndicate agreement, and the fact that you hoped
or supposed that at some future date this stock might be exchanged for bonds
or other securities is hardly an extenuation of your offense in so disregarding
the provisions of the national-bank act and the instructions of this office.
This office again hereby notifies you to call upon your directors (to whom
your stockholders had intrusted the management of your institution) who are
responsible for the loss which your bank has sustained through this transaction,
entered into unlawfully and directly contrary to the instructions which had
been given you by this office, to make good to your bank at once the losses which
this transaction has involved, and if they decline to do so you are directed to
have suits brought against them, without further delay, for the recovery of
the funds of the bank thus dissipated.
You are requested to bring this subject before your board of directors without
delay, and to inform this office promptly whether or not these instructions will
be carried out.
The bank expostulated against the demand which this office made
upon it, and its president (who was not its president at the time the
transaction was made, in 1905) stated that the man who was president
at the time the bank made the subscription had informed him that, to
the best of his recollection, but two directors of the bank knew of
the transaction when it was made, or for a long time thereafter;
that no other directors were cognizant of or participated in the
BEPOKT OF THE COMPTROLLER OF THE CURRENCY.
37
making of the bank's subscription of $2,000,000. One of these two
directors, he stated, was the man who was president of the bank at
the time the subscription was made and the other man was
another director, since deceased, the head of the banking firm which
had organized the syndicate.
In explanation of the alleged ignorance of the other directors as to
this transaction, the bank stated that—
The fact thot this syndicate participation was not reported to the board was
not singular or unusual, for the practice of making1 a detailed report to the
board of purchases and sales of securities or of loans or discounts or of participations in bond syndicates was not inaugurated until * * * early in 1911.
The bank gave assurances to the Comptroller's Office that it had
long since ceased the purchase of stocks, and was endeavoring to
comply faithfully with the provisions of the national-bank act. The
bank argued that, because of the lapse of time, the possible interposition of the statute of limitations, the many changes which had
taken place in the composition of its board of directors, and the
death of other directors, there were serious doubts whether it would
be possible to recover from directors the losses which the bank had
sustained from the investment of about $2,000,000 of funds in the
Chicago Street Railway Syndicate in the early part of 1905, and
prayed for the withdrawal of the requests which this office had made
in its letter of December 31 relative to the institution of suits against
directors.
The bank also asserted that, whilst it seemed clear that suits could
be brought by shareholders against the offending directors, there
were questions as to the authority of the Comptroller's Office to
require the bank itself to institute or insist upon such suits against
directors.
After a number of conferences, counsel for the bank advised the
Comptroller that if this office would not insist upon having the bank
bring the suits, as requested in the Comptroller's letter of December
31, the directors, or certain of them, would agree to relieve the bank
of the shares of stock unlawfully held, paying for these remaining
shares (which were estimated to have a market value of $250,000) the
the sum of $750,000, thus restoring to the bank $500,000 of the
estimated loss of about $1,000,000.
After full consideration of the case it was decided that, under the
circumstances, such an adjustment, which was equivalent to restoring to the bank approximately 50 per cent of the total loss, should
not be refused, and this office accordingly notified the bank that it
would not insist that the instructions contained in the Comptroller's
letter of December 31, relative to suits against the individual directors, be further considered if the sum of $750,000 should be paid to
the bank for the stocks whose value was estimated at that time to
be only $250,000.
As a result of this settlement the bank was enabled to collect from
its directors personally, for losses incurred on account of shares
unlawfully purchased, the sum of approximately $500,000, and the
shareholders of the bank were accordingly benefited to that extent by
the adjustment.
Another national bank in New York, which had been a subscriber to
the Chicago Street Railway Syndicate to the extent of $100,000, had
sustained
losses in proportion to those sustained by the national bank
38
REPORT OF THE COMPTROLLER OF THE CURRENCY.
first mentioned on its larger subscription. Directors of this other
national bank, upon receipt of warning from the Comptroller's Office,
settled with their bank on the same basis upon which the directors of
the national bank which had made the larger subscription had settled
with the latter bank.
A third national bank in New York had been a subscriber to
$50,000 in the same syndicate, and the directors of that bank personally made good to the bank the entire amount of the loss sustained
by its ultra vires investment in the Chicago syndicate, its officers
stating that this had been the first time in its history that this bank
had ever made an investment of this character.
Certain other national banks have taken up with their directors
the matter of making good losses sustained through unlawful or
ultra vires investments, and settlements are now pending.
NEGLIGENCE AND DISREGARD OF LAW BY DIRECTORS ENDANGER BANKS.
Many banks have sustained serious losses and some have been completely wrecked through the persistent disregard by their officers
and directors of the clear provisions of the national-bank act.
Repeated remonstrances by this office frequently have been disregarded and found to be ineffectual, and suggestions that incompetent
and unworthy officers be removed are unheeded, sometimes because
these unworthy officers have held a majority of the shares of the bank,
the stock apparently owned, however, in many cases being pledged or
hypothecated with other national banks, the lenders being unadvised
as to the reckless methods of the banker upon whose shares they have
made the advances. Many a bank which has been wTrecked could
have been saved from ruin if the dangerous and unscrupulous elements had been eliminated in time from its management. This office
is prepared to cite many instances in support of this statement.
DIRECTORS SHOULD SERVE BY TURN ON EXECUTIVE COMMITTEE.
In many national banks throughout the country the board of
directors meets weekly or oftener, and the business of the bank is
brought before the full board. In many other cases, however, the
banks are practically being run by a standing committee; and those
directors who are not members of this committee have little or no
knowledge as to the operations and real condition of the bank.
In its sworn report one large bank in one of the central reserve
cities gives the names of 16 directors no one of w7hom has served on
its executive or finance committee in the past five years.
The records of this office show that many bank failures could
have been avoided if directors had been kept informed as to the
transactions of the bank. It is obvious that where banks are practically run by executive or finance committees all members of the
board should be required to serve in turn, for periods to be agreed
on, on such committees, so that all members of the board may become members of these committees not less frequently than every
two years.
It is important that in cases where the directors do not keep informed as to the operations of the bank, the members of the executive
or finance committee in any event should be posted.
EEPOKT OF THE COMPTROLLER OF THE CURRENCY.
39
EENEWAL OF EECOMMENDATIONS MADE IN PREVIOUS
REPORT AS TO AMENDMENTS.
I also beg leave to repeat for the reasons therein set forth the recommendations contained in the annual report of the Comptroller of the
Currency for 1914 concerning amendments to the national-bank act,
as follows:
AUTHORITY FOR, REMOVAL OF DIRECTORS GUILTY OF PERSISTENT VIOLATIONS OF THE
NATIONAL-BANK ACT.
To empower the Comptroller of the Currency, with the approval
of the Secretary of the Treasury, to require the removal of a director or directors or any officer of a bank guilty of the violation of any
of the more important provisions of the act, and to direct that suit be
brought in the name of the bank against such director or directors,
after they cease to be connected with the bank, for losses sustained by
their malfeasance or misfeasance in office.
PROVISION FOR CONSOLIDATION OF NATIONAL BANKS.
To authorize the actual consolidation of national banks along lines
which would eliminate the embarrassments which arise under the
present method of bringing about the consolidation of banks and
which involve the liquidation of one of the banks.
STANDARDIZATION OF BY-LAWS.
To authorize the standardization of by-laws of national banks.
PREVENT DELAYS IN TAKING DIRECTORS' OATHS.
To provide that if a director when elected does not qualify and
forward his oath to the Comptroller within 30 days after his election
a vacancy shall be declared immediately, to be filled by the remaining
directors, as provided by section 5148, United States Revised Statutes, and the derelict director be ineligible for reelection as director
for that year.
RECHARTERED BANKS SHOULD BE ALLOWED TO USE BANK-NOTE PLATES OF ORIGINAL
BANK.
That rechartered national banks be authorized to continue the use
of the old bank-note plates. The repeal of the act of July 12, 1882,
to that extent is recommended, as its enforcement merely subjects
both the banks and the Government to needless expense.
The rechartered banks also should be permitted to utilize the notes
of the original bank which may have been prepared by the Bureau of
Engraving and Printing, with the proviso that these notes shall be
given a mark of identification, to distinguish them from the notes
issued prior to the rechartering of the bank, the old plates also to be
given an appropriate mark of identification. Because of the present
provisions of the law $8,025,350 of unissued currency belonging to
banks whose charters were renewed was destroyed during the fiscal
year ending October 31,1915.
40
REPORT OF THE COMPTROLLER OF THE CURRENCY.
REMOVE LIMITATION ON DENOMINATION OF NATIONAL-BANK NOTES.
To remove the limitation which restricts the amount of circulating
notes in the denomination of $5 to one-third of the total circulation
issued by each national bank. It is recommended that the proportion
of notes of each particular denomination of each bank be left to the
individual banks, subject to the approval of the Comptroller of the
Currency.
ENGRAVED SIGNATURES FOR NATIONAL-BANK NOTES.
To authorize the engraving of signatures on national-bank note
plates.
LIMITATION OF DEPOSITS TO EIGHT OR TEN TIMES CAPITAL AND SURPLUS.
To limit total deposits which a national bank may receive to
eight or ten times the unimpaired capital and surplus of the bank.
The experience and observations of this office during the past year
strongly emphasize the importance of such legislation, the reasons for
which were presented in the last annual report.
ESTABLISHMENT OF APPROPRIATE PENALTIES FOR VIOLATIONS OF LAWS AND
REGULATIONS.
To place it within the power of the Comptroller's office to penalize,
by the imposition of appropriate fines, all infractions and violations
of the law and the regulations of this office made in pursuance of the
provisions of the national-bank act. I t is furthermore suggested that
these fines should be imposed upon the offending officers, as well as
upon the bank. I t is apparent that violations of certain sections of
the law should be punishable with imprisonment, as well as fine, suits
to enforce such penalties, of course, to be instituted by the Department of Justice in the United States courts.
TO PROVIDE SUITABLE PENALTY FOR MAKING OF EXCESSIVE LOANS.
That the penalty for an excessive loan be the disqualification of
the officer making or granting the loan, or the imposition of a suitable fine, or both, in addition to the civil liability incurred by reason
of making such loan.
A fruitful source of loss to banks has been the making of excessive
loans, and yet the only penalty provided under the present law for
this offense is the forfeiture of the bank's charter, which, if resorted
to, would result in most cases in a hardship to the bank and its shareholders quite out of proportion to the offense.
AMENDMENT TO DISTRICT LAWS TO PREVENT " WILDCAT " BANKING.
An amendment to the laws of the District of Columbia which
shall prevent the irregularities and loose methods which arise from
the establishment in the District of savings banks and building and
loan associations organized in different States and whose charters
do not contain the restrictions and provisions which are necessary
for the sound and safe conduct of the banking business.
REPORT OF THE COMPTROLLER OF THE CURRENCY.
41
It is recommended that an act be passed providing for the incorporation of savings banks in the District, and prohibiting the establishment of any savings bank or building and loan association not
incorporated under the laws of the District for the purpose of carrying on its business in the District of Columbia.
ARTIFICIAL INFLATION OF DEPOSITS.
It is difficult to estimate exactly to what extent the deposits of
banks and trust companies in some of the larger cities may have been
swollen by reciprocal or interlaced accounts; or how far? since
national banks have been required by the Comptroller's office to show
their " net balances," their accounts yet are being swollen artificially
by special arrangements. For example, bank A may carry $100,000
with bank B, B place a corresponding balance with C, and C deposit $100,000 with A. In a transaction of this kind no actual money
need be involved; but as a result of such an arrangement it would
appear that there had been an increase in total deposits of $300,000,
and each bank would be carrying $100,000 as a net deposit. If A
had $100,000 deposited with B and B had $100,000 deposited with A,
in the statements of condition made to the Comptroller, these deposits
would not be shown, as the $100,000 which A deposits with B would
offset the $100,000 which B deposits with A.
Opportunities for such reciprocal triangular transactions between
banks at a distance are, of course, more difficult and less frequent,
but it would be well if artificial methods of swelling deposits could
be more nearly eliminated.
ELIMINATION OF OVERDRAFTS.
In the Comptroller's report for 1914 attention was called to a
practice common among national banks of permitting and carrying
overdrafts. These overdrafts were not confined strictly to the customers of the banks, but in many banks the officers themselves were
in the habit of overdrawing their accounts and obtaining money
from the bank by this irregular and unlawful method.
On January 28, 1915, a circular letter was sent to the boards of
directors of all national banks requesting them to adopt resolutions
which would prevent any officer or employee of a national bank from
paying or charging to the account of any depositor any check of a
depositor when there were insufficient funds on deposit to the credit
of the drawer of the check to meet it. Directors were requested to
have a certified copy of the resolution thus adopted by the bank forwarded to this office,
A large majority of the national banks of the United States reported the adoption of the resolution requested, and the result has
been that the overdrafts reported by national banks, which as late as
October 21, 1913, amounted to $27,460,769, have been eliminated
entirely from many banks, and the aggregate of overdrafts of all the
national banks in the United States at the time of the September 2,
1915, call had been reduced to $^,060,626.
The sworn reports made to this office by the national banks of the
country show that the aggregate amount of losses charged off during
the calendar years 1912, 1913, and 1914 on account of overdrafts was
$1,209,334, of which $80,223 was in the New England States, $285,617
42
REPORT OF THE COMPTROLLER OF THE CURRENCY.
in the Eastern States, $252,994 in the Southern States, $216,704 in
the Middle States, $213,807 in the Western States, and $159,989 in
the Pacific States.
If the national banks of the country will faithfully carry out the
requests of this office, this item of loss and expense will be eliminated.
AMENDMENT TO PENALIZE OVERDRAFTS.
The practice of permitting overdrafts, however, is continued by
some banks, and I therefore respectfully repeat the recommendation
made in my last report that the national-bank act be so amended as
to impose an appropriate penalty upon banks permitting customers
repeatedly to overdraw their accounts. It is especially desirable that
the law be, in any event, so amended as to prevent the officers and
employees of national banks from securing from the banks forced
loans in the shape of overdrafts.
The Supreme Court of the United States, in the case of Minor v.
Mechanics Bank of Alexandria, says (1 Peters, p. 71) :
A usage to allow customers to overdraw and to have their checks and notes
charged up without present funds in the bank—stripped of all technical disguise, the usage and practice, thus attempted to be sanctioned, is a usage and
practice to misapply the funds of the bank, and to connive at the withdrawal of
the same, without any security, in favor of certain privileged persons. Such a
usage and practice is surely a manifest departure from the duty, both of the
directors and cashier, as can not receive any countenance in a court of justice.
It could not be supported by any vote of the directors, however formal; and,
therefore, whenever done by the cashier is at his own peril and upon the responsibility of himself and his sureties. It is anything but " well and truly executing
his duties as cashier."
In some State directors, officers, and employees of banks who
knowingly overdraw their accounts are guilty of felony, and may be
imprisoned.
NATIONAL-BANK EXAMINATIONS.
Section 21 of the Federal reserve act abolished the old fee system
in connection with national-bank examinations and substituted the
salary basis.
Under the present system national-bank examinations are being
made more thoroughly and effectively than ever before, and the
beneficial effect of the thoroughness with which the work is now
being done should be reflected hereafter in improved management
and fewer failures of national banks.
Under the old fee system a national-bank examiner was allowed
only a fee of $25 for the examination of a bank with $200,000 capital,
although its assets might be in excess of $10,000,000, and from the
$25 fee so paid he was required to reimburse himself for his traveling expenses and board. In such a case the examiner necessarily
made either a very superficial and hasty examination of the bank or
remained for closer consideration, at his own expense, to perform a
gratuitous service for the Government. Under the present salar}^
system national-bank examiners are instructed and required to devote
such time and attention to each individual bank as may be necessary
to acquire a thorough knowledge of its condition, and to take time to
discuss its affairs with its officers and directors and correct such
defects or faults as may be found.
To facilitate the work of national-bank examinations this office
Digitized fordetermined
FRASER
to arrange for 12 chief national-bank examiners, each of
REPORT OF THE COMPTROLLER OF THE CURRENCY.
43
these chief examiners to have his headquarters in a Federal reserve
city and to have immediate charge and direction of all national-bank
examiners in his respective Federal reserve district. Each nationalbank examiner is allotted for examination a certain number of banks,
situated in a certain territory, lying wholly within the limits of one
Federal reserve district.
Each examiner reports direct to the Chief Examiner of his district
and the chief examiners report direct to the Comptroller of the Currency. Each Chief Examiner, in addition to supervising the work of
the examiners of his district, is expected to make personal examinations of the more important banks in his district, being assisted in
this work from time to time by the examiners and by a clerical staff
detailed from his office. The examiners, other than the Chief Examiner, also are furnished with such clerical assistance, from time to
time, from the Chief Examiner's office as the work upon which they
may be engaged may require.
BANK OFFICERS CONVICTED OF CRIMINAL VIOLATIONS OF LAW DURING
FISCAL YEAR.
The Department of Justice reports the following list of officers
and employees of national banks who have been convicted of criminal
violations of law and sentenced to the penitentiary during the fiscal
year ending October 31, 1915, for the offenses indicated :
E. P. Metcalf, president Atlantic National Bank, Providence, It. I. Misapplication ; false entries. Sentence, 5 years.
T. It. Sheridan, president First National Bank, Roseburg, Oreg. Abstraction.
No record of sentence.
TV. G. Simpson, president American National Bank. Caldwell. Idaho. Misapplication ; false entries. Sentence, 5 years.
M. B. Summers, cashier First National Bank, West Union, TV. Va. Misapplication of funds. Sentence, 5 years.
S. G. Simpson, cashier American National Bank, Galdwell, Idaho. Misapplication ; false entries. Sentence, 5 years.
J. F. Avenell, cashier First National Bank, Fowler, Gal. Misapplication;
false entries. Sentence, 5 years,
A. W. Hale, cashier Third National Bank, Columbus, Ga. Abstraction.
Sentence, 5 years,
Thomas F. Buxton, cashier First National Bank. TVaynesboro, Ga. Embezzlement ; false entries. Sentence. 5 years.
O. F. Schaeffer, cashier United States National Bank, Pittsburgh, Pa. Misapplication. Not yet sentenced.
John Button, cashier Southern Maryland National Bank, La Plata, Md.
Embezzlement. Sentence, 5 years.
Harry It. Stewart, cashier First National Bank, Newmarket, Ya. Embezzlement. Sentence, 5 years.
A. O. Harker, jr., cashier First National Bank, Johnston City, 111. Misapplication. No record of sentence.
H. Clayton Haff, cashier First National Bank, Islip, N. Y. Misapplication;
false entries. Sentence, 5 years,
A. E. Cook, cashier Gloster National Bank, Closter, N. J. Embezzlement.
Sentence, 5 years.
E. I. Emerson, cashier National Bank of Montgomery, Montgomery, N. Y.
Embezzlement. Sentence, 6 years.
George Roger, cashier Canaan National Bank, Canaan, Conn. Embezzlement.
Sentence, 5 years.
W. B. Brown, assistant cashier First National Bank, Gallatin, Tenn. Embezzlement. Sentence, 7 years.
H. M. McQueen, assistant cashier First National Bank, Lyons, Ga. Embezzlement. Sentence, 5 years.
12066°—CUE 1915—VOL 1
4
44
REPORT OF THE COMPTROLLER OF THE CURRENCY.
John E. Reese, assistant cashier First National Bank, Nanticoke, Pa. Embezzlement. Sentence, 5 years.
A. J. Hoverter, assistant cashier First National Bank, Schaefferstown, Pa.
Misapplication. Sentence, 5 years.
J. J. Henahan, assistant cashier Second National Bank, Toledo, Ohio. Embezzlement. Sentence, 5 years.
Max Palenske, assistant cashier Drovers National Bank, Chicago, 111. Embezzlement. Sentence, 5 years.
Charles S. Lawson, note teller Exchange National Bank, Little Rock, Ark.
Misapplication. Sentence, 5 years.
John W. Baldwin, teller Liberty National Bank, Pittsburgh, Pa. Embezzlement. Sentence, 5 years.
II. E. Lovell, teller First National Bank, Edgewater, N. J., and Lillian Munson,
charged with conspiracy to abstract funds of the First National Bank, Edgewater, N. J. Sentenced to 2 years each.
Carlos P. Cole, teller First National Bank, Ashley, Pa. Embezzlement. Sentence, 5 years.
De Forest W. Gove, teller Dexter Horton National Bank, Seattle, Wash. Embezzlement. Sentence, 5 years.
Leo L. Perrin, teller Cedar Rapids National Bank, Cedar Rapids, Iowa. Embezzlement. Sentence, 5 years.
A. B. Hardin, bookkeeper, State National Bank, Denison, Tex. Misapplication;
false entries. Sentence, 5 years.
M. B. Campbell, bookkeeper, First National Bank, Montgomery, Ala. Abstraction ; false entries. Sentence, 5 years.
Joseph E. Reaves, bookkeeper, New Farley National Bank, Montgomery, Ala.
Abstraction; false entries. Sentence, 5 years.
R. C. Via, transit manager National Bank of the Republic, Kansas City, Mo.
Abstraction. Sentence, 5 years.
Charles H. Martin, clerk, South Texas Commercial National Bank, Houston,
Tex. Embezzlement. Sentence, 5 years.
George Rue, clerk, State National Bank, Denison, Tex. Embezzlement; abstraction. No record of sentence.
James Bridgman, clerk, First National Bank, Amherst, Mass. Abstraction.
Sentence, 5 years.
Lynn Maxson, assistant teller Union National Bank, Scranton, Pa. Embezzlement. Sentence, 5 years.
C. D. Martin, aiding and abetting M. B. Summers in the misapplication of the
funds of the First National Bank of West Union, W. Va. Sentence, 5 years.
Henry E. De Kay, aiding and abetting E. P. Metcalf in the misapplication
of the funds of the Atlantic National Bank, of Providence, R. I. Sentence, 5
years.
Thomas H. Matters, of Omaha, Nebr., aiding and abetting M. L. Luebben in
the misapplication of the funds of the First National Bank of Sutton, Nebr.
Sentence, 6 years.
W. H. Cummins, charged with aiding and abetting Charles S. Lawson in the
misapplication of the funds of the Exchange National Bank of Little Rock, Ark.
No record of sentence.
Howard J. Rogers, Richard Murphy, Eugene F. Oppenheim, charged with aiding and abetting W. T. Brice in the misapplication of the funds of the First National Bank of Amsterdam, N. Y. Sentence, 5 years each.
EMERGENCY CURRENCY.
On October 31, 1914, the total amount of emergency currency
which had been issued under the provisions of the act of May 30,
1908, as amended by the Federal reserve act, was $369,558,040. The
last issuance of such currency was made on February 12, 1915.
On July 1, 1915, the Comptroller of the Currency announced that
all the $382,502,645 emergency currency issued under the provisions
of the act of May 30, 1908, as amended by the Federal reserve act,
to relieve the crisis arising as a result of the outbreak of the European
war, had been redeemed with the exception of $200,000, which had
been issued to a failed bank in Pennsylvania. By December 1, 1915,
REPORT OF THE COMPTROLLER OF THE CURRENCY.
45
this $200?000 also had been redeemed, thus completing the retirement
of the entire amount of emergency notes without the loss of a dollar.
The total amount of interest collected by the Treasury Department
on account of the $382,502,645 of emergency currency issued was
$2,979,021.46. ^
The following facts relative to the issuance of the emergency
currency are of interest:
The first issue of this emergency currency was made August 4, 1914, to banks
in New York City.
The largest amount issued in any one week was for the week ending August
15—$67,978,770.
The maximum amount outstanding at any one time appears to be $363,632,080,
on October 24, 1914.
The largest amount retired in any one week was $45,144,798, which was
redeemed in the week ending December 12, 1914.
This emergency currency was issued to 1,363 banks in 41 Stales, including the
District of Columbia.
The only States in which emergency currency was not issued were the States
of Maine, Vermont, Rhode Island, Delaware, South Dakota, Montana, Wyoming,
Idaho, and Nevada.
The State in which the largest amount of emergency currency was approved
for issue was New York, which received $156,539,960. The next largest amount
was in Massachusetts, $28,674,500. Illinois came next to Massachusetts with
$27,825,000. The next largest amount was to Pennsylvania, $24,451,750. The
only other States to whose banks as much as $10,000,000 emergency currency
was approved for issue were Texas, $18,136,300; Missouri, $13,173,000; California, $13,110,250; and Minnesota, $12,416,500.
By sections, the New England States received $30,277,500, issued to 63 banks ;
the Eastern States, $191,777,710, issued to 162 banks; the Southern States,
$61,030,255, issued to 779 banks; the Middle States, $81,414,900, issued to 207
banks; the Western States, $6,081,200, issued to 90 banks; and the Pacific States,
$15,862,650, issued to 62 banks.
Of the $386,444,215 emergency currency authorized to be issued, 57J per cent
was secured by commercial paper, 14 per cent by State and municipal bonds,
28 per cent by miscellaneous securities, and approximately one-half per cent by
warehouse receipts.
There were 45 national currency associations organized throughout the country, and 41 of these made application for emergency currency.
The total value of all securities deposited as collateral for the emergency
currency originally issued and the total value of the collateral subsequently substituted for securities withdrawn from time to time aggregated $907,883,168, of
which $651,146,090 is represented by commercial paper, $79,352,121 by State
and municipal bonds, $171,375,863 by other securities, and $6,009,094 by warehouse receipts.
A more complete history of the issue of the emergency currency
with statistical tables will be found further on in this report.
CONDITION OF NATIONAL BANKS AT BATE 0E EACH CALL DURING
THE REPORT YEAR.
Under the law every national bank is required to make to the Comptroller not less than five reports each year, the reports to be in the
form required by him and to exhibit in detail the assets and liabilities
at the close of business on any past day by him specified. I t will be
noted that during the past report year, for the first time since the
establishment of national banks, six calls have been made.
In the 12 months covered by this report the earliest call by the
Comptroller for returns from the banks was for October 31, 1914,
followed by calls on December 31? 1914, March 4, May 1, June 23,
and September 2, 1915O The condition of the banks with respect to
each item of assets and liabilities at the dates of the periodical reports
isFRASER
shown in the table following.
Digitized for
46
REPORT OF THE COMPTROLLER OF THE CURRENCY.
Abstract of reports of condition of national banks from October SI, 1914, to September 2,
1915.
[Amounts In thousands of dollars.]
Mar. 4,
June 23,
Dec. 31,
May 1,
Oct. 31,
Sept. 2,
1915—
1914—
1915—
1915—
1914—
1915—
7,571 banks. 7,581 banks. 7,599 banks. 7,604 banks. 7,605 banks. 7,613 banks.
RESOURCES.
Loans and discounts
$6,316,478 $6,347,637 $6,499,965 $6,643,888 $6,659,971
5,174
Overdrafts
18,797
15,798
7,047
5,905
U . S . bonds to secure circulation
739,586
739,160
733,138
Miscellaneous securities to se504,514
209,401
44,160
cure circulation
U. S. bonds to secure U.S. de47,830
41,830
posits
47,873
Other bonds to secure U. S.
69,366
72,885
78,888
deposits . .
4,549
5,004
3,670
U. S. bonds on hand
3,662
3,084
2,555
Premiums on U. S. bonds
783,454
783, 995
Total U S bonds held
905, 277
Bonds, securities, etc
988,158 1,056,389
1,158,109 1,191,128
Total other bonds held
61,394
85,762
50,804
77,464
93,788
Stocks
269,417
268,510
271,465
272,436
277,805
Banking house, etc
49,487
42,313
43,773
43,258
43,972
Other real estate owned
_
392,847
Due from national banks .
Due from State banks and
174,236
bankers
Due from Federal reserve bank
261,460
290,678
290,413
312,658
Due from approved reserve
634,166
747,157
533,665
737,895
748,541
agents . .
598,817
575,325
533,426
565,793
Due from banks and bankors..
22,567
33,867
20,870
30,243
Outside checks, cash items, etc.
Checks on banks in the same
18,362
31,781
41,948
16,409
place
42,948
Checks and other cash items
150,112
262,433
194,978
335,128
213,006
Exchanges for clearing house..
60,962
61,557
50, 748
Bills of other national banks..
69,466
87,383
Fractional currency, nickels,
3,576
and cents
2,014
3,698
3,653
6,418
Federal-reserve notes
162,565
124,464
124,191
117,611
121,173
Gold coin
355,092
219,434
251,029
285,966
339,161
Gold Treasury certificates
73,906
44,196
64,849
70,932
74,059
Clearing-house certificates
12,810
14,009
13,514
12,001
12,427
Silver dollars
128,450
109,210
115,736
100,544
110,529
Silver Treasury certificates
20, 430
23,544
22,533
20,195
21,192
Silver fractional coin
$6,756,680
5,060
781,726
1,219,215
92, 595
278,392
43,954
315,409
811,380
597,832
23,003
21,793
287,289
57, 619
6,780
119,951
383,843
64,569
12,095
118,525
20,861
Specie
753,253
534,857
591,852
607,249
673,541
719,844
Legal-tender notes
Five per cent redemption fund.
Due from Treasurer U. S
Redemption fund and due
from U. S o Treasurer . . . .
Clearing-house loan certificates
Paid on account of $100,000,000
gold fund
B onds 1 oaned
Customers' liability under letters of credit
Customers'liability
account of
"acceptances7'
Other assets, if any
172,301
52,350
5,377
128,372
43,752
12,616
127,091
36,500
7,687
127,999
111, 240
122, 765
44,077
43,373
41,393
Total
35 654
16,521
12,404
5 182
52,321
.. .
16,461
15,579
.i
11,566,846 | 11,842,355 11,795,685
12,267,090
1,066,589
724,308
288,682
1,065,892
719,329
293,684
1,068,519
722,089
314,755
1,068,864
722, 578
300.018
848,807
746,517
727,793
722,704
718,497
23
49
6
8
11,492,453
ll,357,0S6
1,063,163
724,947
293,262
1,065,952
726,936
281,925
1,018,194
28
838 652
LIABILITIES.
Capital stock paid in
Surplus fund
Undivided profits
National-bank notes outstanding
State-bank notes outstanding.
Due to other national banks
Due to State banks and
bankers
Due to trust companies, etc...
Due to Federal reserve bank..
517,063
498,490
40
REPORT OF THE COMPTROLLER OP THE CURRENCY.
47
Abstract of reports of condition of national banlcs from October 31. 1914, to September 2,
1915.
Mar. 4,
June 23,
Doc. 31,
Sept. 2
May 1,
Oct. 31,
1915—
1915—
1914—
1915—
1915—
1914—
,571 banks. 7,581 banks, 7,599 banks. ,604 banks. 7,005 banks. 7,613 banks.
LIABILITIES—continued.
Due to approved reserve
agents
Due to banks and bankers.
Dividends unpaid. „
Individual deposits subject to
check
Certificates of deposits due in
less than 30 days
Certified checks .*
Cashier's check outstanding...
United States deposits
Postal savings deposits
State, county, or other municipal deposits
,
Deposits requiring notice, but
less than 30 days
Demand deposits..
Certificates of deposit
State, county, or other municipal deposits
Other time deposits
$37,524
$29,307
1,840,416
20,334
$7,091
2,236,648
1,333
$6,416
2,220,110
3,932
,773,897
4,199,844
4,335,742
4,576,450 j 4,517,697 (
340,449
21,414
48,676
69,744
31,232
401,468
47,609
85,878
71,698
35,588
400,830
51,205
65,947
59,542
38,865
391,205
72,069
101,422
46, 723
39,622
396,465
68,437
67,692
48,964
41,422 !
396,598
92,752
79,664
44,900
43,848
258,819
81,006
78,095
62,129 j
59,312
4,*342°
123,047 j
2,459,608
1,278
4,641,543
131,844
74,236
116,565
101,626
5,417,256
5, If 5,140
5,149,702
5,407,212
5 ,325, 853
5,426,610
508,399
512,827
584,302
4, 975
767, 626
4,762
746,509
1 , 285, 428
1.335,573
762,616 j
762,616
Time deposits.
U.S. bonds borrowed
34,
54,
Other bonds borrowed
Securities borrowed
3,
Notes rediscounted
26,
136,
Bills payable
9
Reserved for taxes
Ciearing-house loan certificates (net balance)
j
49,
Letters of credit
!.......".
Acceptances based on imports
and exports
!
All other liabilities
3, 285
Total.
$6,290
!, 201, 716
1,954
j
( 11,492,453
1,171,222
1,199,188
5,006
740,965
1,171,222
1,199,188
1,254,370
34, 5S6
26,309
774
35,587
96,855
33,603
11,549
318
38,534
57,126
33,537
8,133
' 78
37,568
52,965
33,336
8,437 |
99 I
39,919
58,201 |
67,993
33,822
5,998
84
45,550
60,169
55,137
2,887
5.652
11,328
11.357,086 11,566,846
11,842,355
6,385
13,077
13,756
11,795,685 I 12,267,090
The foregoing abstract shows an increase in the number of banks
at each call date, the aggregate increase since September 12, 1914,
being 75 banks as against 29 for the preceding year, nearly one-half
of the increase occurring between September 12 and sJr-eombeiv]!, 1914.
The aggregate resources of the banks, which ou S< oi ember i J. 1914
(as shown in the Comptroller's Report for 19K), were^ 11A 83,5"?9,000,
had increased on October 31 to $ll,492,4r:;,000; brt. o i becrmbor 31
they had declined to $11,357,086,000, the lowest ]> .•> in tl.c vn/>vi
year. On March 4, 1915, they'had mti\ii-ol {*> •! ' .506,^46,000
and on May 1 to $11,842,355,000; but Agnhi dcrlhicd on Jur^ 23
to $11,795,685,000. On September 2, li)J5, rchOiuoi-; aggraded
$12,267,090,000, the greatest amount for the year, and aLo aurLig
the existence of the national banking system. It may be interesting
to note in this connection that the lowest points were reached in
June and December (and this was true during the two preceding
years), due to less business activity during the month, preceding the
harvesting of the crops and that following their marketing.
The decline in aggregate resources in December appears to have
been almost entirely due to the decreased amount of cash in the hands
of the banks, caused by liquidation of a large amount of their indebtedness for money borrowed and balances due other banks, while the
48
REPORT OF THE COMPTROLLER OF THE CURRENCY.
decline in June is accounted for by a large falling off in the amount of
clearings, accompanied by an increase of a less amount in loans, and a
decrease in individual and bank deposits.
LOANS AND DISCOUNTS.
Loans and discounts during the report year averaged approximately
55 per cent of the total assets, which is about the proportion they
have borne since 1910. During the year there has been no period
of marked liquidation of loans, as the amount has increased at each
report date, the highest point being on September 2, when they aggregated $6,756,680,000, or $355,912,000 more than on September 12,
1914. The greatest amount of increase occurred between March 4
and May 1, $143,923,000 of the total increase having occurred during
that time. This increase was caused, in part, by the release) of miscellaneous securities held to secure additional circulation, which had
been reported as a separate item prior to May 1. Upon the release
of these securities that portion consisting of commercial paper was
returned to the loans and discounts account.
For further discussion and analysis of loans and discounts see
page 52.
OVERDRAFTS.
Overdrafts, which on September 12,1914, amounted to $17,143,000,
had been reduced to $5,060,000 by September 2, 1915. The report
for October 31, 1914, shows an increase in the amount outstanding on
September 2, 1914, but from that time on the reduction has been
constant, the greatest decrease being shown between December 31,
1914, and March 4, 1915, the decrease being $8,751,000, or more than
two-thirds of the total reduction. This reduction was due primarily
to the request sent out by the Comptroller as above set forth to all
national banks on January 28,1915, that they adopt a resolution directing that no officer or employee of the bank should pay or charge to the
account of any depositor any check of such depositor when there
were not sufficient funds on deposit to the credit of the drawer of the
check to meet it, and also to the hearty cooperation of a great majority
of the banks in the effort to eliminate this objectionable method of
granting loans. The State banking departments in a great many
instances lent their assistance by making similar requirements of the
banking institutions under their supervision, thus placing State and
national banks upon the same footing in this regard and rendering it
easier for the national banks to discontinue the granting of overdrafts.
UNITED STATES BONDS, ETC.
The March 4, 1915, abstract is the last one to show United States
bonds classified as "on deposit for circulation," for "United States
deposits," or "on hand, together with premiums thereon." Since
that date United States bonds and premiums have been abstracted
in the aggregate. The aggregate of these bonds, made up from the
classification for October 31,1914, was $795,670,000; for December 31,
$795,078,000, and for March 4, 1915, $781,193,000 (which marks the
lowest aggregate for the year), although on September 2, after having
risen to $783,994,000 on May 1 and standing at $783,454,000 on
49
REPORT OF THE COMPTROLLER OF THE CURRENCY.
June 23, they were again reduced to approximately the amount held
in March, or $781,726,000.
Miscellaneous securities deposited to secure additional circulation
aggregated $504,514,000 on October 31, 1914, dropped to $209,401,000
on December 31, and to $44,160,000 on March 4, 1915, the last date
upon which they appear. After that date the bonds included in this
classification were returned to the account of Bonds, securities, etc.,
and, together with "Other bonds to secure United States deposits/'
were abstracted as "Total other bonds held.7'
All bonds owned, therefore, are now shown under two headings,
viz, "Total United States bonds" and "Total other bonds held/'
without regard to whether they are deposited to secure circulation
or United States deposits or are on hand in the bank,, Owing to
the fact
that the item "Miscellaneous securities to secure circulation'5 included commercial paper (which when released was returned
to loans and discounts) as well as bonds, it is impossible to state the
aggregate of other bonds held for the first three dates given in the
table, and no fair comparison can be made from call to call prior to
May 1, 1915.
INVESTMENT SECURITIES OF NATIONAL BANKS CLASSIFIED.
The investments of national banks in United States bonds,including
premiums, and in other securities on June 23, 1915, amounted to
$2,068,368,968, an increase from $1,914,888,596 on June 30, 1914.
In the following table are shown these various investments in J
1914 and 1915:
June 30,1914.
Class.
State, county, and
a municipal bonds.
Railroad bonds
Other public service corporation bonds
All other bonds
Stocks (presumably taken for debt)
Warrants, claims, judgments, etc
Various securities with the Treasury as security for public deposits..
Foreign Government bonds
Other foreign bonds and securities
Total.
United States bonds to secure circulation
United States, insular possessions, and District of Columbia bonds to secure United States deposits
United States bonds on hand
Premium on United States bonds
Total bonds of all classes.
June 23,1915.
$176,017,413
341.690,819
218,215,471
227,604,987
43.708,679
35'. 926,297
56,781,241
10,018,520
5,608, 722
1244,472,772
379,191,323
220,304,030
246,629,915
93,787,521
53,340,968
1,115,572,149
1,284,915,238
33,786,727
13,401,982
734,897,425"
48,405,573
11.955,298
4,058,151
783,453,730
799,316,447
783,453,730
1,914,888,596
2,068,368,968
STOCKS.
vStocks, which prior to June 30, 1914, were included under the heading "Bonds, securities, etc./' have increased at each call date shown
by the abstracts, the aggregate on the first date, October 31, 1914,
being $50,804,000, while on September 2, 1915 it was $92,595,000.
A large portion of this aggregate consists of stock in the Federal reserve bank, which national banks are required by the Federal reserve
50
REPORT OF THE COMPTROLLER OF THE CURRENCY.
act to own. In addition to the Federal reserve bank stock which they
must own, national banks may lawfully take stock in settlement of
previous debts where this is necessary to prevent loss to the bank.
BANKING PREMISES AND OTHER REAL ESTATE.
The amount invested in banking house, furniture, and fixtures
shows a normal increase for the year.
Other real estate owned shows a slight change at each report date,
and on September 2 was $43,954,000. Real estate other than, banking house represents principally property taken in satisfaction of
debts previously contracted, as permitted by law.
DUE FROM BANKS.
A change in the method of abstracting amounts due from various
banks and bankers has been made during this report year, and, as
will be noted in the summary, only three classifications have been
made since October 31, 1914; on and before that date the abstracts
showing separately amounts due from other national banks, due from
State banks and bankers, and due from approved reserve agents.
Commencing with the December 31, 1914, call the banks have been
required to report bank balances under three headings, viz, due from
Federal reserve banks, due from approved reserve agents, and due
from banks and bankers. The last item includes the amounts formerly shown as due from national banks (not approved reserve agents)
ana due from State banks and bankers. The aggregate amount due
from all classes of banks increased from §1,201,249,000 on October
31, 1914, to $1,420,450,000 on December 31 and to $1,636,652,000 on
March 4, 1915, but decreased on May 1 to $1,604,746,000 and on June
23 to $1,588,979,000, the lowest point for the year. A marked increase is shown between June 23 and September 2, on the latter date
the amount being $1,724,621,000.
EXCHANGES FOR CLEARING HOUSE.
Exchanges for clearing house may be termed the barometer of
business transacted through the national banks, the activity in transferring funds either for investment purposes or liquidation of indebtedness being indicated by the increase and decrease in exchanges.
On October 31, 1914, exchanges amounted to $150,112,000 and on
December 31 to $262,433,000. This increase apparently indicated
a liquidation of indebtedness, as the aggregate resources of the banks
were at the lowest point during the year. A marked decrease is
shown in the amount of clearances on March 4, 1915, but on May 1
they were $335,128,000, the greatest amount of clearings shown since
November 10, 1910. While the figures for June 23 show a decrease in
the aggregate to $213,006,000, they had again increased on September 2 to $287,289,000, an amount more than $168,700,000 greater
than on September 12, 1914. At no time during the current report
year have the exchanges been so small in amount as on September 12,
1914, giving satisfactory evidence of greater business activity throughout the last year.
REPORT OF THE COMPTROLLER OF THE CURRENCY.
51
SPECIE AND OTHER LAWFUL MONEY.
The term "specie" includes gold and silver coin and gold and silver
certificates. The aggregate held by national banks on October 31
was $753,253,000, but by December 31, 1914, the amount had
dropped to $534,857,000, the lowest amount held since 1907. During the present calendar year the banks have held a greater amount
of cash in their vaults than at any time in their history. While the
amount held has increased at each report date since December 31,
1914, the amount on the latest report date, September 2, 1915,
$719,844,000, was less than at the beginning of the report year.
Legal-tender holdings also decreased, declining from $172,301,000
on October 31, 1914, to $122,785,000 on September 2, 1915, the lowest
point having been reached on June 23, when $111,240,000 was held.
Only one item of specie funds-—gold treasury certificates—was
greater on September 2. 1915, than on October 31, 1914, the beginning of the report year, the increase being from $355,092,000 to
$383,843,000, or $28,751,000. But this increase in gold' certificates
is more than offset by the decrease in sold coin from $162,565,000
to $119,951,000, or $42,614,000.
The freer circulation of money indicated by these figures, as shown
by the decrease in the amounts stored in the vaults of the banks, is
not only due to the change in reserve requirements but is an evidence
of the confidence which the Federal reserve banks have given to their
member banks that in case of necessity currency for all actual needs
can be obtained from them through the discount of notes, etc., and
that the member banks will not again be met by conditions which
forced them to pay a premium for currency in order to transact current business, as was*the ease in 1907, when correspondent banks
refused to ship the currency at all, or, if they did, demanded a large
premium on the transaction.
OTHER CURRENCY.
I n a d d i t i o n t o t h e spe< u f«V' l«^;<i.l-t'*nd. i i o i e s t ] >e l - a s K s h J J
b i l l s of o t h e r u a t i o n o l b t o . k ^ ^ i n c h m v ; e ^ c d L<v v s 7 . 3 v ) C('! o n
O c t o b e r P- 1 , 1 9 ! 4 , t o ° ^ ' ( , A 0 0 o n r ^ f / e n v x - - 1 ' * J . \ i««' v i K > \ c r e a s e o v e i ihi a ^ 5 u ^ < i c . ' h o i L ^ t |»rL- tr vii i < <*l* > **& <-ho
m
t h e figure s t\»i j u \ u* l'...
F r a c t i o n a l c*"nn\ ,u i , i u ^ c > $• W i e m s v i i
J i ^ se«)*ratc\v l o r
t h e l a s t iirif' O»L O ^ ^ i b o r .»1. 191 I , s ' u e e t!i ^ (I l i e t « i ^ l i ^ ^ e b r e n
a b s t r a c t s d W i t h t*l ic\^ o^ul o t h e r < u^'n jtejiv
On
D e c e m b e r bl
1 9 H
J
\»(1CT^I J \ ^ C\C
h e l d b y n ' l i i o n a ] " ^ a ^ ><,>
' . M ^
tlir j L ^ t I J U J O ;
f
l r ;•
-(
^ .nv,,
to
-i-ii ^o mAa
be
pA_
$6,780,000 o n S e p l ^ p ^ er / ,
Vjlo.
A n o t h e r c r . uze P I a b ^ T i * ^ c t i n g t h e r g c ] \ s SIIOA Y ,^ k y v ^ o r t s of c o n d i t i o n a p p e t u ^ iii r h e % pej < r-ni ^ u ^ ' m p t i o i , f u n d did a m o u n t s d u e
f r o m t h e U n i t e d S t a g e s T r e a s u r e r , vs-lncii, s a i c e A l c u x h 4 ? 1 9 1 5 , t i a \ e
been combined. In view of the fact that the Federal reserve act
repealed the provision of the national bank act permitting the redemption fund to be counted as reserve, the reason for abstracting
this fund separately no longer exists.
52
REPORT OF THE COMPTROLLER OF THE CURRENCY.
The clearing-house loan certificates, which appeared for the first
time for a number of years in the September 12, 1914, call and
amounted to $52,818,000, had decreased by October 31 to $35,654,000,
and by December 31 had entirely disappeared, showing a speedy
restoration of normal conditions.
LETTERS OF CREDIT AND BANK ACCEPTANCES.
Three new items were added to the September 2, 71915, abstract,7
viz, "Customers' liability under
letters of credit/ "Customers
liability account of acceptances/7 and "Other assets, if any.7' The
first two items were intended to cover letters of credit issued to customers in connection with transactions which ultimately resulted in
drafts covering the importation and exportation of goods, as provided for by section 13 of the Federal reserve act. The first item
covers outstanding letters issued to the customer to be used by him
as evidence of the agreement of the bank to accept drafts drawn on
the bank under the provisions of section 13. The second item covers
outstanding drafts drawn under the letter of credit on the bank
and accepted by the bank. The second item takes the place of the
first item as soon as the drafts are accepted. These letters of credit
are not to be confused with travelers' letters of credit or other such
letters which the customer is required to pay for at the time of issue.
The third item, "Other assets." is intended to cover miscellaneous
items which individual banks do not classify in accordance with the
items appearing in the printed form, but it has been found that practically all of such assets may properly be classified under the regular
headings, and the item will be discontinued in future reports.
CLASSIFICATION OF LOANS AND DISCOUNTS.
As will be noted by the following table, single-name time paper
has been combined on the latest date, June 23, 1915, with other time
paper which is not secured by collateral, making four items in the
classification instead of five as theretofore. A slight decrease in the
percentage of demand paper of both classes will be noted since 1914.
A decrease of 3.89 per cent appears in the aggregate of time loans
not secured by collateral and slight decreases in secured and unsecured demand paper. The increase in the aggregate loans from
$6,430,069,215 on June 30, 1914, to $6,659,971,463 on June 23, 1915,
is therefore entirely in time loans secured by various collaterals, the
increase being 4.36 per cent. This increase in time paper, however,
does not disturb appreciably the ratio which demand paper has
borne to the total loans and discounts, the proportion being still
about 25 per cent of the whole.
While there is an increase as stated in the total loans and discounts
outstanding on June 23, 1915, in may be interesting to note that this
increase was entirely in the central and other reserve city banks, the
loans in the country banks having decreased from $3,232,079,847 in
June, 1914, to $3,216,539,381 in June, 1915, as appears in the special
table given hereafter, showing the distribution of loans in the cities
and country.
The following table shows specifically the changes referred to in
classification, amounts, and percentages of the various classes of
held by the banks in June, 1913, 1914, and 1915:
Digitized forpaper
FRASER
REPORT OF THE COMPTROLLER OF THE CURRENCY.
June 30, 1914.
June 4, 1913.
Class.
Per
cent.
On uenvsd, p tper with one or more I
indi\ idn il or firm names.
j
On <i ^'v.id, secured by stocks and ;j
$603,735,269
980
989
427
Or °iV V' uid/sVcJred by other personal" | f
> >
y, curi ies.,
On i line, paper wi th two or more mdi\ j'I'ial or firm names
.,
2,032,569,547
On time, single-name paper (one per- J
son or firm) without other security.. j 1,261,484,534
On time, secured by stocks and bonds.
On time, secured by other personalsecurities...
"
1,264,249,356
Secured by real estatel mortgages or
otherliens onrealty
Total
June 23, 1915.
Per
cent.
Amount.
Amount.
9.8
$616,911,197
16.0
1,036,976,740
16.1 ! 1,068,633,066 | 10,05
33.1
2,066,659,475
32.1 3. 264,347,257 j 40.01
! '
i
20.8 I
....!....
20.5 I 1,336,693,365
9.6 I $611,698,203 |
9.18
20.6
1.372,823,438 21.4 1,715,292,337 I 25.76
! 6,143,028,133 ,100.0
6,1H0,0G9, 215 100.0 ;6,659,971,463 ,100.00
i On June 23, 1915, loans secured by liens on roal estate^ aggregated §150,600,000, of which $25,270,125.15
were farm land loans, authorized by section 24 of the Federal reserve act.
AMOUNT AND CLASSIFICATION OF LOANS BY NATIONAL BANKS IN THE
CENTRAL RESERVE CITIES, ETC.
In connection with the foregoing general statement, and for purposes of comparison, there is submitted herewith similar information based upon the June 23, 1915, returns from the national banks
in each of the central reserve cities, other reserve cities, elsewhere
in the country, and in the aggregate:
New York.
Chicago.
$6, 266,548
175, 543,384
$7,718,448
15,757,343
St. Louis.
On demand, paper with one or more individual
or firm names (not secured by collateral)
On demand, secured by stocks and bonds
On demand, secured by other personal securities, including merchandise, warehouse receipts, etc
—
On time, paper with one or more individual or
firm names (not secured by collateral)
On time, secured by other personal securities,
including merchandise, warehouse receipts,
etc
On time, secured by stocks and bonds
Sectired by real estate mortgages or other liens
on realty
-----
17, 321,403
7,002,717
2,661,149
27,045,269
293, 609,954
99,477,032
27,270,512
420,357,498
44, 853,272
118! 609,571
38,960,381
27,704,315
6,800,332
9,001,061
90,613,985
155,314,947
675,086
8,412,379
282,557
9,370,022
Maturing in 90 days or loss.
Maturing in over 90 days
656,879,218
575,686,796
205,092,615
144,783, 760
57,530,419
38,683,872
1,232,566,014
349,876,375
90,214,291
919,502,252
759,154,428
1,078,656,680
Total..
$4,529,180
6,985,628
Other resorvo j Country, elsecities.
I
where.
On demand, paper with one or more individual or firm
names (not secured by collateral)
On demand, secured by stocks and bonds
On demand, secured by other personal securities, including merchandise, warehouse receipts, etc
On time, paper with one or more individual or firm
names (not secured by collateral)
On time, secured by other personal securities, including
merchandise, warehouse receipts, etc
—
On time, secured by stocks and bonds
Secured by real estate mortgages or other liens on realty.
Maturing in 90 days or less
Maturing in over 90 days
Total.
$18,514,176
198,286,355
Total.
$81,020,134 |
114,636,255 \
$202,613,886
133,040,254
27,987,235 j
46,896,257
101,928,761
570,431,609 j 1,092,531,513
2,083,320,620
126,823,977
150,296,693
8,818,932
1,086,014,835
678,760,567
177,947,987
216,263,159
31,806,421
1,901,099,477
1,315,439,904
1,764,775,402 ! 3,216,539,381 j
$302,148,196
445,962,804
395,385,949
527,874, 799
49,995,375
3,906,616,564
2,753,354,899
6,659,971,463
54
REPORT OF T H E COMPTROLLER OF T H E CURRENCY.
LOANS BY NATIONAL BANES IN RESERVE CITIES, ETC.
The amount, distribution, and proportion of loans and discounts
in the banks in the city of New York, in all central reserve cities,
other reserve cities, and in country banks are shown in the accompanying table:
Loans.
June 4, 1913.
Banks i n -
Amount.
New York
New York
Chicago
St. Louis
Other reserve cities.
All resorvo cities
Country
June 23, 1915.
Ter
cent.
Amount.
For
cent.
Amount.
$1,061,095,803
10.5
$1,232,506,014
18.5
1,499,520,221 23.3
1,678,656,680
25.2
Per
cent.
$SS6,966,804
14.4
I 1,315,735,177
21.4
J
26.7
1,698,409,147
26.4
1,764,775,402
26.5
48.1
51.9
3,197,989,368
3,232,079,847
49.7
50.3
3,443,432,082
3,216', 539,381
51.7
48.3
6,430,069,215 100.0
6,659,971,463
100.0
1,640,317,608
2.956,052,785
3,186,975,348
Total
Juno 30, 1914.
6,143,028,133 100.0
LOANS BY NATIONAL BANKS IN NEW YORK.
As more than 18 per cent of the loans of all national banks on
June 23, 1915, were made by banks located in the city of New York,
the following statement is of interest as showing t i e amount and
character of loans by banks in that city at date of the June calls,
1911 to 1915, inclusive:
Classification.
June 14,
June 4,
June 7,
1912,
1913,
1911,
40 banks. 37 banks. 36 banks.
June 30,
1914,
33 banks.
June 23,
1915.
On demand, paper with one or more individual or firm names
$9, 350, 484J$17, 796, 847 313, 480, 717j $12, 952, 708i $30,867, 451
On demand, secured by stocks and bonds.
On demand, secured by other personal \ 331, 730; 688 326,897,301 302,904,03;" 372,091,29
386,780,329
securities
On time, paper with two or more individual
or firm names
1177, 331,562 171, 791, 524178,030,288 192,530,7561
On time, single-name paper (one person or I
!
j
! \ 473, 652,098
firm) without other security
J1G7,030,419 219,172,889, ISO, 754,14 2L'S, 852,438 J
On time, secured by stocks and bonds
^
On time, secured by other personal securities
1SS, 111, 280 223, 410,194 202, 791, 017 254,068,605; 341,266,136
Secured by roal-estate mortgages or other
liens on realty
Total
903, 560, 433 959,068, 755 886,966,804,1, 061,095,803 1,232,566,014
LOANS MATURING TNT 90 DAYS OR LESS.
Incidental to the usual information relating to the volume and
classification of loans, national banks segregate and report the amount
maturing in 90 days or less. On June 23 last, of total loans stated
at $6,659,971,463, notes running for 90 days or less aggregated
$3,906,616,564, or 59 per cent, and of this short time paper 22 per
cent was on demand.
EEPOET OF THE COMPTROLLER OF THE CURRENCY.
55
In the following table is shown the amount of demand and time
paper of each class maturing in 90 days from June 23, together with
the aggregate amount maturing in over 90 day^s from that date:
Loans maturing in 90 days
or less from
June 23,1915.
Classes.
On demand, paper with one or more individual or firm names (not secured by collateral)
$302,148,19G
!
On demand, secured by stocks and bonds
445,962,864
On demand, secured by other personal Gocurities, including merchandise, warehouse re- j
eeipts, etc
{ 101,928,761
On time, paper with one or more individual or firm names (not secured by collateral)
j 2,083,320,620
On time, secured by other personal securities, including merchandise, warehouse receipts, !!
etc
.............'.
'....
395,385,949
On time, secured by stocks and bonds
: 527,874,799
Secured by real estate mortgages or other liens on realty (see schedule)
!
49,995,375
Total
Maturing in over 90 days
I 3,906,616,564
2,753,354,8
Total.
6,659,971,463
LIABILITIES
OF NATIONAL
BANKS.
While the number of banks increased at every call, and there was
also a net increase in capital stock during the year, nevertheless the
capital stock decreased between March 4 and May 1, owing to the fact
that the new banks organized had less capital than, banks which went
out of existence during the same period.
CAPITAL AND SURPLUS.
The capital for the year increased from $1,063,163,000 on October
31, 1914, to $1,068,864,000 on September 2, 1915. or a net increase
for the year of $5,701,000. The surplus fund was greater on DecemberSl, 1914, than at any other time during the year, Heing $726,936,000,
and lower on May 15, when it was $719,329,000". On September 2,1915,
the surplus aggregated $722,578,000, or $2,369,000 less than at the
beginning of the report year, October 31, 1914, This decrease in
surplus was due to the liquidation of banks as well as the capitalization, to somo extent, of surplus.
Undivided profits, which on October 31, 1914, were $>293,262,000,
decreased to $281,925,000 on December 31, which is a dividend date
for a majority of the national banks. The profits increased from that
date on, including June 23, when they were $314,755,000, but on September 2 they again decreased to $300,018,000; and this decrease was
also due to an intervening dividend date for most of the banks, viz,
June 30. While the dates when earning periods shell end is a matter
for selection by the board of directors of each bank, the major
portion of the banks has selected June 30 and December 31 of each
year as dates when the profit and expense accounts are closed
and dividends, if any, declared. A decrease will always be found,
therefore, in the amount of undivided profits shown in the reports on
or just following those dates,
Notwithstanding the decrease in the surplus fund the three items,
capital, surplus, and undivided profits, show an increase in the aggregate amount since October 31, 1914, of $10,088,000, of which only
a little more than one-half is in the capital stock, the remainder,
$4,387,000, being in undivided profits.
56
REPORT OF THE COMPTROLLER OF THE CURRENCY.
CIRCULATION.
National-bank notes outstanding have steadily decreased in amount
throughout the year, the greatest reduction being shown between
October 31, 1914, and March 4, 1915, when the decline was from
$1,018,194,000 to $746,517,000. This great difference was caused by
the retiring of additional circulation issued under the emergency currency law of May 30, 1908, elsewhere referred to.
DUE TO BANKS.
Amounts due to banks, which were abstracted under four headings
up to and including October 31, 1914, were after that date abstracted
under three headings, viz, due to Federal reserve banks, due to
approved reserve agents, and due to banks and bankers. This classification corresponds to that provided for amounts due from banks
referred to under resources.
The aggregate due to all other banks was $1,891,729,000 on October
31, 1914, but on December 31 had decreased to $1,869,772,000. By
March 4,1915, however, these liabilities had increased to $2,243,745,000,
but again decreased on May 1 to $2,226,534,000 and on June 23 to
$2,208,006,000. On September 2 they were greater than at smj other
time in the year, viz, $2,466,056,000. The greater portion of this indebtedness was in favor of banks and bankers, as the balances due to
the Federal reserve banks were very small and those due to approved
reserve agents were reduced from $37,524,000 on October 31, 1914, to
$6,408,000 on September 2, 1915.
INDIVIDUAL DEPOSITS.
Individual deposits increased from call to call with but one exception. On October 31, 1914, they aggregated $6,179,822,000; on December 31, $6,346,362,000; on March 4, 1915, $6,348,890,000; and on
May 1, $6,661,582,000. On June 23 they had decreased to $6,611,281,000; but between that time and September 2 they increased to
$6,762,183,000, the greatest amount held during the year, and showing a net increase since September 12, 1914, of $525,763,000.
Attention is invited to the changes in the classification of deposits
on December 31, 1914, when State, county, and other municipal deposits secured by assets of the bank were shown separately lor the
first time and necessary changes were made to show time and demand
deposits in a manner that would admit of computation of reserve
as required by the Federal reserve act. This classification was
further changed on May 1 to show more specifically the various items.
BONDS AND MONEY BORROWED.
Liabilities on account of bonds borrowed, bills payable, rediscounts,
etc., which aggregated $303,989,000 on October 31, 1914, decreased
by May 1, 1915, to $132,281,000, the lowest amount for the year.
These liabilities had increased by September 2 to $145,623,000. A
net decrease of $158,366,000 is shown since October 31, 1914.
Two hew items have been added to the liabilities side of the statement to show the banks ; liabilitv on account of letters of credit and
EEPOET OP THE COMPTROLLER OP THE CURRENCY.
57
acceptances based on imports and exports. The nature of these
transactions has heretofore been explained under the heading
" Resources."
RESERVES.
As the Federal reserve system went into operation on November
16, 1914, the call for December 31, the first one issued after that date,
shows the reserve computed in accordance with section 19 of the
Federal reserve act. The differences in amount and distribution of
reserve were fully explained in the Comptroller's report for 1914.
The following table shows the percentages of reserve held by
national banks at each report date throughout the year, and also
that there has been no deficit in the reserve for any section since the
Federal reserve system went into operation. The reserve in each
section of the country was largely in excess of the legal requirements,
showing the ability of the banks to meet demands which may be
made upon them without depleting their legal reserve.
Amount of
reserve held.
Date of call.
Central reserve cities:
Oct. 31,1914
Dec. 31,1914
Mar. 4,1915
May 1,1915
June 23,1915
Sept. 2,1915
Other reserve cities:
Oct. 31,1914
Dec. 31,1914
Mar. 4,1915
May 1,1915
June 23,1915
Sept. 2,1915
Total reserve cities:
Oct. 31,1914
Dec. 31,1914.....
Mar. 4,1915
May 1,1915
June 23,1915
Sept. 2,1915
Percent
reserve
held.
Amount of
excess
reserve,
RESERVE CITIES.
$409,204,679
389,255,486
472,411,351
511,396,104
556,635.033
619,337,406
24.88
22.89
24.62
25.16
26.57
27.59
i $2,050,640
83,158,735
127,032,599
145,619,616
179,572,458
215,327,896
462,564,454
424,440, 871
526,557,391
529,702,638
552,575,231
578,447,170
23.89
22.63
26. 52
26.02
26.81
27.51
121,519,320
143,071,474
228,840,247
224,365,714
243,527,300
263,037,643
871,769,133
813,696,357
998,968,742
1,041,098,743
1,109,210,264
1,197,784,576
24.34
22.74
25.59
25.59
26.69
27.55
123,659,960
226,230,210
355,872,845
369,985,330
423,099,759
478,365,540
69,345,163
67,076,079
67,623,712
70,328,529
72,794,108
79,991,259
20.25
21.48
21.37
21.66
22.11
23.44
17,978,027
29,610,492
29,660,883
31,370,185
33,313,941
39,033,811
200,156,667
196,743,781
200,115,089
198,677,282
203,429,334
221,126,932
17.48
19.99
20.53
20.26
20.65
22.10
28,439,565
78,649,141
83,158,510
81,000,874
85,259,150
101,059,694
99,623,831
107,280,389
120,591,461
112,681,336
105,850,216
103,879,636
19.26
22.46
24.29
24.09
23.13
22.95
22,030,625
49,966,899
61,012,156
56,550,508
50,946,470
49,569,153
179,375,847
182,102,642
220,294, 521
204,937,130
203,698,114
220,435, 596
18.05
22.88
25.98
24.66
24. 50
26.04
30,346, 725
86,624, 408
118,561,549
105,238,833
103,939,821
118,847,884
COUNTRY BANKS.
New England States:
Oct. 31,1914
Dec. 31,1914
Mar. 4,1915
May 1,1915
June 23,1915
Sept. 2,1915
Eastern States:
Oct. 31,1914
Dec. 31,1914
Mar. 4,1915
May 1,1915
June 23,1915....
Sept. 2,1915
Southern States:
Oct. 31,1914....
Dec. 31,1914
Mar. 4,1915.,..
May 1,1915
June 23,1915..
Sept. 2,1915
Middle Western States:
Oct. 31,1914..
Dec. 31,1914.
Mar. 4,1915...
..
May 1,1915.
June 23,1915
Sept. 2 , 1 9 1 5 . . . . . . . . .
i Deficit.
58
REPORT OF THE COMPTROLLER OF THE CURRENCY.
Date of call.
Amount of
reserve held.
Per cent Amount of
excess
reserve
reserve.
held.
COUNTRY BANKS—continued.
Western States:
Oct. 31,1914
Dec. 31,1914
Mar. 4,1915
May 1,1915
June 23, 1915
Sept. 2,1915
Pacific States:
Oct. 31,1914
Dec. 31,1914
Mar. 4, 1915
May 1, 1915
June 23, 1915
Sept. 2, 1915
Alaska and Hawaii:
Oct. 31, 1914
Dec. 31,1914
Mar. 4, 1915
May 1, 1915
June 23,1915
Sept. 2,1915
Total States:
Oct. 31, 1914
Dec. 31,1914
Mar. 4,1915
May 1,1915
June 23,1915
Sept. 2, 1915
Total United States:
Oct. 31,1914
Dec. 31,1914
Mar. 4, 1915
May 1,1915...
June 23, 1915
Sept. 2, 1915
i Includes Alaska.
$85,057,723
89,354,107
96,491,583
93,437,657
92,544,177
89,791,249
24.21
28.71
30.25
29.62
29.31
28.15
$31,731,443
52,012,109
58,218,752
55,603,279
54,672,042
51,509,255
153,027,341
50,132, 111
51,059,626
51,528,057
51,169,447
53,978,816
23.01
24.18
24.99
24.84
24.82
25.55
18,459,042
25,258,536
26,543,918
26,636,289
26,433,064
28,625,117
2 1,363,718
1,967,294
1,634,101
1,514,391
1,638,197
2,409,537
66.04
50.06
44.56
40.74
42.57
54.41
1,053,983
1,378,007
1,084,070
956,987
1,061,036
1,745,208
687,950,291
691,656,405
757,810,094
733,104,383
731,123,596
771,613,026
19.18
22.46
23.97
23.41
23.38
24.30
150,039,411
323,499,593
378,239,839
357.356,955
355,625,526
390,390,124
1,559,719,424
1,508,352,762
1,756,778,837
1,774,205,126
1,8-10,333,860
1,969,397,603
21.75
22.61
24.86
24.64
25.26
26.18
126,469,450
549!, 729,803
734', 112,685
727,342,285
778,725,284
868,755,663
2
Hawaii only.
INCREASE IN NUMBER OF .RESERVE CITIES.
By the act of December 23, 1913, section 11, paragraph E, the
Federal Reserve Board was authorized to designate additional reserve
cities, and during the past year the following cities were so designated: Birmingham, Ala., and Charleston, S. C., to become effective
November 12,1914,Chattanooga, Tenn., March 5,1915, and Nashville,
Tenn., March 22, 1915. Including the three central reserve cities
of New York, Chicago, and St. Louis, but excluding South Omaha,
Nebr., which has been consolidated with Omaha, the total number of
reserve cities is 55.
RESERVES HELD IN EACH FEDERAL RESERVE DISTRICT.
The following table shows at each report date during the report
year the legal reserve and the excess in reserve over requirements
held by member banks in each of the Federal reserve districts, including State and savings banks and trust companies which-have come
into the system:
59
EEPOET OP THE COMPTROLLER OP THE CURRENCY.
Amount of reserve held mid excess reserve held by Federal reserve districts.
[Member State banks., savings banks, and trust companies included.]
reserve
Reserve held. Excess
held.
District and date of call.
District No. 1:
Dec. 31, 1914
Mar. 4, 1915
May 1, 1915
June 23, 1915
Sept. 2, 1915
District No. 2:
Dec. 31, 1914
Mar. 4,1915
May 1, 1915
June 23,1915
Sept. 2, 1915
District No. 3:
Dec. 31,1914
Mar. 4,1915
May 1,1915
June 23,1915
Sept. 2, 1915
District No. 4:
Dec. 31, 1914
Mar. 4,1915
May 1, 1915
June 23,1915
Sept. 2, 1915
District No. 5:
Dec. 31, 1914
Mar. 4,1915
May 1, 1915
June 23,1915
Sept. 2,1915.
District No. 6:
Dec. 31,1914
Mar. 4,1915.
May 1,1915...
June 23, 1915..
Sept. 2, 1915...
District No. 7:
Dec. 31,1014..
Mar. 4,1015...
May 1,1915...
June 23,1915..
Sept. 2,1915...
District No. 8:
Dec. 31, 1914..
Mar. 4,1915...
May 1, 1915.. .
June 23,1915..
Sept. 2, 1915...
District No. 9:
Dec. 31,1914. .
Mar. 4,1915...
May 1,1915...
June 23,1915..
Sept. 2,1915...
District No. 10:
Dec. 31,1914..
Mar. 4,1915...
May 1,1915...
June 23,1915..
Sept. 2,1915...
District No. 11:
Dec. 31,1914..
Mar. 4,1915...
May 1,1915...
June 23,1915..
Sept. 2,1915...
District No. 12:
Dec. 31,1914..
Mar.4,1915...
May 1,1915....
June 23,1915..
Sept. 2,1915...
Total:
Dec. 31, 1914..
Mar. 4,1915...
May 1,1915...
June 23,1915..
Sept. 2,1915...
:12OGG°— cun 1915—VOL 1—
1
I
!
|
1
1
j
j
j
I
!
'
$117,4G3,560
123,121,089
129,426,859
141,821,962
175/219,074
$45,559,730
50,282,875
52,535,790
63,144,401
81,165, 753
384,971,860
449,206,001
486,938,214
535,899,667
643,486,286
104,455,068
1*37,084,809
157,143,169
193,563,718
252,938,483
159,566, 795
181,908,297
180,597.923
193,103,810
166,493,167
62,875,721
79,938,774
77,082, 403
87,490,690
76,836,183
136,699,223
157,980,228
157,054,629
161,647,118
174,167,004
50,412,412
68,843,729
68,061,515
71,112,898
80,000,220
60,748,424
65.471,567
62,174,454
61,938,311
61,850,831
20,200,235
23,530,154
20,857,176
20,998,133
21,209,171
40,637,241
46,101,938
46,497,084
45,255,593
45,746,963
17,345,018
21,753,476
21,610,712
20,606,347
21,011,038
196,481,720
244,881,669
236,547,401
233,541,157
256,881,408
61,244,468
97,134,910
85,470,437
84,573,647
103,454,427
55,213,663
62,961, 754
59,510,162
60,215,132
58,526, 650
17,181,475
23,642,207
21,044,017
20,803,605
20,715,245
80,113,919
111,069,784
106,262,876
94, 46-2,540
101,210,407
35,332,010
63,160,660
59,235,714
48,635,854
54,185,506
116,013,363
130,769,220
126,113,492
129,044,833
130,980,585
59,475,196
71,503,454
67,763, 745
69,879,395
68,256,872
57,593,777
73,796,402
69,017,620
65,189,183
55,719,072
27,338,532
40,801,381
37,572,230
34,784,015
27,866,300
109,799,371
117,807,577
121,836,514
12-6,379,019
139,749,563
47,520,870
56,857,537
59,485,785
63,046,035
75,211,573
1,515,302,917
1,765,075,528
1,782,577,228
1,848,498,328
2,010,031,011
548,940,735
734,533,968
727,862,695
778,638, 742
882,850,773
60
REPORT OF THE COMPTROLLER OF THE CURRENCY.
In connection with the foregoing statistics in relation to reserves
held and excess held at date of each call during the year, the following
statement is submitted, showing in millions of dollars, total reserve
held, the amount required, and the excess held on September 2, 1915,
by national banks in each of the 12 Federal reserve districts:
Reserves held by national banks in each Federal reserve district, as of Sept. 2, 1915, the
reserves required, and the reserves held in excess of the amount required.
[In millions of dollars.]
District.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
1. (Boston)
2. (New York)
3. (Philadelphia)...
4. (Cleveland)
5. (Richmond)
6. (Atlanta)
7. (Chicago)
8. (St. Louis)
9. (Minneapolis)...
10. (Kansas City)..
11. (Dallas)
12. (San Francisco)
Total
reReserve Reserve Excess
serve
held. required.
held.
175
643
166
174
62
46
257
59
101
131
56
140
94
390
90
94
41
25
154
38
47
62
28
64
81
253
76
80
21
21
103
21
54
69
23
7(3
2,010
1,127
883
METHODS OF CALCULATING RESERVE TO CONFORM TO THE PROVISIONS
OF THE FEDERAL RESERVE ACT FOR EACH CLASS OF BANKS.
While the reserve to be held by banks in central reserve cities is
held in the vaults and with the Federal reserve bank in the same
proportions as at the beginning of the system, under section 19 of
the Federal reserve act the proportions of reserve required to be kept
by other reserve city and country banks in Federal reserve banks
and that which may be kept with approved reserve agents changed
on November 16, 1915, one year from the establishment of the system.
For the six months from November 16, 1915, to May 16, 1916,
other reserve city banks must keep four-fifteenths with the Federal
reserve bank and may have five-fifteenths with the approved reserve
agents, and country banks must maintain three-twelfths of the
required reserve with the Federal reserve bank, and four-twelfths
may be with reserve agents. Prior to November 16, 1915, these
proportions were three-fifteenths and six-fifteenths, two-twelfths and
five-twelfths, respectively. After May 16, 1916, the ratio will again
change and be increased to five-fifteenths and four-twelfths with the
Federal reserve bank and to four-fifteenths and three-twelfths with
reserve agents.
Forms are submitted herewith indicating the method of calculating
the reserve requirements under the Federal reserve act between
November 16, 1915, and May 16, 1916, (A) for central reserve city
banks, (B) other reserve city banks, and (C) for banks located elsewhere than in reserve cities.
[Reserve is required on all deposits of whatever character and from,
whatever source.
REPORT OF THE COMPTROLLER OF THE CURRENCY.
61
The only deductions allowed in computing reserve are checks and
drafts on local banks and exchanges for clearing house. The 5 per
cent fund and national bank notes can not be deducted.
The excess with reserve agents shown in item 17 may be added
to item 2 to determine the net balance "due to banks" by banks
located elsewhere than in central reserve cities.]
A.
CALCULATION OF THE LAWFUL MONEY RESERVE OF NATIONAL BANKS LOCATED IN
CENTRAL RESERVE CITIES.
Items on which reserve is to be computed.
1. Due to banks other than Federal reserve banks 1
Less—
2. Due from, banks other than Federal reserve banks 1.
3. Dividends unpaid..
4. Demand
deposits...
5. TBT of time deposits.
6. Gross amount
Deductions allowed;
7. Cheeks on other banks in the same place
8. Exchanges for clearing house
9. Net amouit
10. Eighteen per cent of this total amount is the necessary legal reserve required,
which is
Requirements for net reserve and items corn-poking reserve actually held.
LEGAL RESERVE HELD.
LEGAL RESERVE REQUIRED,
11. In vault (r% of total required reserve
shown in item 10)
$.
12. With Federal reserve bank (TT? of total required reserve shown in item
10)
$.
15. Silver dollars
!
Fractional silver
Silver certificates
Legal-tender notes.
Gold coin
Gold certificates
Gold certificates payable to order
Clearing - house certificates for coin or legal
tender
.. $...
16. With Federal reserve bank.
13. Remaining T 6 7 tobeheldinllandl2. $..
14.
Total required
Deficiency in vaulj
$..
%..
Deficiency with Federal reserve bank $.
Deficiency in total required reserve. §..
Total held
Excess in vault over amount required
$..
Excess with Federal reserve bank
over amount required
$.
Excess over total required reserve $.
Per cent of item 17 to 9.
1
Should the aggregate "Due from" exceed the aggregate "Due t o " banks, both items must be omitted
from the calculation.
62
EEPORT OP THE COMPTROLLER OF THE CURRENCY.
B.
CALCULATION OF THE LAWFUL MONEY I^ESERVE OF NATIONAL BANKS LOCATED IN
RESERVE CITIES NOT CENTRAL RESERVE CITIES.
[This form for u?e from NDV. 16, 1915, to May 16, 1916.]
Items on ivhich reserve is to be computed.
1. Due to approved reserve agents l
Due to banks other than Federal reserve banks i
Less—
2. Due from banks other than2 legal reserve with Federal reserve
bank and reservo agents
1
3. Dividends unpaid
4. Domond deposits ..
5. TV °f time deposits
6. Gross amount
Deductions allowed:
7. Cheeks on other banks in the same place
8. Exchanges for clearing house
1
9. Net amount
. .
10. Fifteen per cent of this total amount is the necossary legal reserve required,
which is
Requirements for net reserve and items compo ing reserve actually held.
LEGAL RESERVE HELD.
LEGAL RESERVE REQUIRED.
15. Silver dollars
$
Fractional silver
Silver certificates
Legal tender notes
Gold coin
Gold certificates
Gold certificates payable
to order
Clearing-house
certificates for coin or legal
tender
16. With Federal reserve
bank
17. List net balances with
agents:
11. In vault (not less than T \ of total required reserve shown in item 10)... $
12. With Federal reserve bank (not less
than TV of total required reserve
shown in item 10)
$
$...
$
$
Total
$
(If more than
TV deduct
excess)2
$
13. With approved
reserve agents (not
more than T6-g- of total required roserve shown in item 10)
$
14. Total required (must agree with
item 10)
«,....
$
Deficiency in vault.
*
$
Deficiency with Federal reserve
bank
$
Deficiency in total required reserve.. $
Per cent of item 18 to 9
18.
%
Total held
2
$
$
Excess in~vault over amount required. .$
Excess with Federal reserve bank over
amount required
$
Excess over total required reserve
S
i Should the aggregate "Duo from" exceed the aggregate "Due t o " banks, both items must be
omitted
from the calculations.
3
This subtotal must not exceed amount shown in item 13.
EEPOET OF THE COMPTROLLER OF THE CURRENCY.
63
0.
CALCULATION OF THE LAWFUL MONEY RESERVE OF NATIONAL BANKS LOCATED
ELSEWHERE THAN IN RESERVE CITIES AND CENTRAL RESERVE CITIES.
[This form for use from Nov. 16, 1915, to May 16, 1916.]
Items on which reserve is to be computed.
1. Due to approved reserve agents l
!
Due to banks other than Federal reserve banks l..\
Less—
2. Due from banks other than2 legal reserve with Federal re;
bank and reserve agents
3. Dividends unpaid
4. Demand
deposits
5. T52 of time deposits
6. Gross amount
Deductions allowed:
7. Checks on other banks in the same place
8. Exchanges for clearing house
9. Net amount.
10. Twelve per cent of this amount is the necessary legal reserve required, \
which is
!.
Requirements for net reserve and items composing reserve actually held.
LEGAL RESERVE REQUIRED.
11. In vault (not less than •& of total required reserve shown in item 10).. $.
12. With Federal reserve bank (not less
than r\ of total required reserve
shown in item 10)
$.
13. With approval reserve agents (not
more than L\ of total required reserve shown in item 10)
I
14. Total required (must agree with
item 10)
S.
Deficiency in vault
$.
Deficiency with Federal reserve
bank
$.
Deficiency in total required reserve.. $.
Per cent of item 18 to 9
LEGAL RESERVE HELD.
15. Silver dollars..
8.
Fractional silver
Silver certificates
Legal tender notes
Gold coin
Gold certificates
Gold certificates payable
to order
Clearing-house
certificates for coin or legal
tender
'.'..
.
16. With Federal reserve
bank
17. List net balances with
agents:
$
$'
Total
$.
(If more than T4^, deduct
excess) s
$.
18.
Total held
i~~
Excess in vault over amount required.. $.
Excess with Federal reserve bank over
amount required
: . . 8.
Excess over total required reserve
$.
1
Should the aggregate "Due from" exceed the aggregate "Due t o " banks, both items must be omitted
from
the calculation.
2
Excess with reserve agents to be included here.
3
This subtotal must not exceed amount shown in item 13.
64
REPORT OF THE COMPTROLLER OF THE CURRENCY.
PERCENTAGE OF PRINCIPAL ITEMS OF ASSETS AND LIABILITIES OF
NATIONAL BANKS.
In view of the fact that on an average approximately 70 per cent
of the banks' assets are represented by loans, United States bonds.,
and lawful money, and a like percentage of the liabilities by capital,
surplus and profits, and deposits, the following table is of interest as
indicating the percentage 01 each of the items in question, based upon
reports from banks at the date of the fourth call of each year from
1906 to 1915, inclusive.
Items.
1906
Loans and discounts.
United States bonds.
Lawful money
1907
1908
1909
1910
1911
1912
1913
1914
1915
Per ct. Per ct. Per ct. Per ct. Per ct. Per ct. Per ct. Per ct. Per ct. Per ct.
52.9
55.6
54.5
56.1
53.5
55.1
56.9
55.7
55.0
54.0
7.9
7.5
7.9
7.4
7.1
6.8
6.4
7.6
7.3
7.8
9.6
8.4
8.9
8.6
8.1
7.9
6.9
9.5
8.3
7.8
Total
72.4
70.5
70.6
72.0
70.5
70.3
72.5
70.4
68.3
10.4
8.4
52,4
10.7
8.8
51.5
10.2
8.5
50.4
9.8
8.4
52.3
10.2
8.9
52.4
9.9
8.7
52.9
9.4
8.7
53.8
9.7
9.1
53.0
9.2
8.9
53.5
8.7
8.3
55.1
71.2
70.9
69.1
70.5
71.5
71.5
71.9
71.8
71.6
72.1
69.6
Capital
Surplus and profits..
Deposits
Total
RELATION OF CAPITAL TO DEPOSITS, E T C . , OF NATIONAL B A N K S .
The proportion and variation from year to year of capital to individual deposits in national banks, capital to loans, capital to aggregate)
resources, capital and surplus and other profits to individual deposits,,
and lawful money held to individual deposits, are shown in the table
following for the years 1912 to 1915, inclusive. I t is shown by the
statement that while the proportion of capital to individual deposits
ranged from $1 to $5.45 in 1913 to $1 to $6.32 in 1915, the relation of
the combined capital and surplus and other profits to deposits for the
same dates was $1 to $2.82 and $1 to $3.23, respectively.
The table in question follows:
Items.
1912
Aug. 9, 1913.
Sept. 12,1914.
Capital to individual deposits
Capital to loans
Capital to aggregate resources
Capital and surplus and other profits to
individual deposits
Specie and legal tender to individual
deposits
,
$1.00 to $5.63
1.00 to 5.77
1.00 to 10.48
SI. 00 to $5.45
1.00 to 5.84
1.00 to 10.30
SI. 00 to $5.79
1.00 to 6.04
1.00 to 10.83
Sept. 2,1915.
$1.00 to $6.32
1.00 to 6.32
1.00 to 11.47
1.00 to 2.96
1.00 to 2.82
1.00 to 2.96
1.00 to 3.23
1.00 to 6.58
1.00 to 6.41
1.00 to 6.80
1.00 to 8.02
CHANGES IN LOANS, BONDS, CASH, AND DEPOSITS IN NATIONAL BANKS.,
In connection with the general summary of the condition of national
banks, as shown by their returns at date of each call during the year,
there is submitted herewith a statement, by geographical divisions,
based upon the returns for each call during the year, of the volume
of loans, investments in bonds, cash and cash items, and deposits.
Seasonal changes are notable, particularly with respect to loans and
deposits:
REPORT OF THE COMPTROLLER OF THE CURRENCY.
65
Changes in volume of principal assets and in deposits, by geographical divisions, 1914-15.
Divisions and dates.
New England States:
Oct. 31,1914
Dec. 31,1914
Mar. 4,1915
May 1,1915
J u n e 23,1915
Sept. 2,1915
,
Average.
Eastern States:
Oct. 31,1914
Dec.31,1914
Mar. 4,1915
May 1,1915
J u n e 23,1915
Sept. 2,1915
Average.
Southern States:
Loans.
Bonds, etc.
Cash and
cash items.
Demand
deposits.
$521,164,175
514,767,196
516,889,108
539,447,323
536,924,186
539,088,107
$200,166,971
181,834,527
181,044,342
186,165,457
187,991,544
193,362,410
$82,267,659
69,169,071
61,401,931
71,395,287
66,057,971
66,374,189
$518,763,834
456,704,130
455,588,156
484,854,631
493,001,117
486,694,090
$60,321,421
64,337,734
73,175,851
70,774,332
75,418,164
528,046,682
188,427,541
69,444,351
482,600,993
68,805,500
2,368, 678,475 1,021, 714,307
2,402, 157,029
892, 560,519
888, 272,042
2,508, 543,509
2,585, 078,380
894, 285,178
2,597, 976,016
923, 819,850
2,682, 080,900
938, 453,821
617,048,280
554,838,004
539,967,379
703,194,217
2,334,318,578
2,159,069,189
2,094,397,278
2,298,567,634
627,398,040 2,225,834,437
747,474,477 2,285,699,685
Time
deposits.
0)
0)
328,670,592
341.276,326
359,491,653
377,055,032
398,474,121
360,993,544
2,524,085,718
926,517,619
Oct. 31,1914..
Dec. 31,1914..
Mar. 4,1915...
May 1,1915...
J u n e 23,1915.
Sept. 2,1915..
822,653,575
811,002,650
812,835,261
827,587,130
825,077,849
828,223,692
276,087,202
281,911,636
240,629,417
217,934,669
218,301,913
216,780,506
87,584,512
87,184,077
79,585,607
74,498,771
75,901,213
75,510,963
676,461,245
573,859,246
599,609,601
586,155,169
572,889,613
567,166,351
Average.
821,230,026
241,940,890
10,044,190
596,023,537
Oct. 31,1914
Dec. 31,1914
Mar. 4,1915
May 1,1915
June 23,1915
Sept. 2,1915
,755,904,782
,761,675,644
,802,481,599
,819,468,693
,818,304,562
,821,525,071
551,557,694
497,157,625
469,956,637
475,261,912
481,933,988
485,475,707
288,429,085
228,470,135
225,703,232
240,881,240
231,410,684
241,645,979
,639,413,710
1,258,329,883
1,284,294,549
1,310,499,985
1,301,779,386
1,336,774,048
Average.
796,560,058
493,557,260
242,756,725 1,355,181,926
Oct. 31,1914
Dec. 31,1914
Mar. 4,1915
May 1, 1915
June 23,1915
Sept. 2,1915
427,161,209
430,881,614
132,349,096
435,629,730
440,871,136
451,524,690
108,962,708
108,869,468
106,599,581
104,540,675
105,967,340
106,432,537
54,907,304
50,605,036
47,660,401
45,566,085
46,142,292
47,010,385
446,042,554
340,081,173
348,413,936
344,268,947
343,921,381
351,880., 064
Average.
430,402,912
106,895,384
48,618,583
362,434,675
Dec. 21,1914
Mar. 4,1915
May 1,1915
June 23,1915
Sept.2, 1915
138,067,619
440,804,930
431,751,211
440,402,016
443,923,586
437,279,324
166,080,577
163,195,815
150,178,247
148,165,775
148,838,374
151,602,358
78,649,362
71,358,326
64,333,391
60,672,151
60,153,517
60,120,721
461,828,177
383,267,129
364,080,252
379,593,771
384,917,050
394,378,639
Average.
438, 70-1,781
154,676,857
65,881,244
394,677,503
92,630,232
94,482,351
96,298,576
98,919,723
104,084,416
97,283,059
Oct. 31,1914
Dec. 31,1914
Mar. 4,1915
May 1,1915
June 23,1915
Sept. 2,1915
2 1,645,988
2,145,672
2,161,355
2,179,055
2,067,715
2,018,847
1,062,020
1,386,701
1,414,475
1,511,746
1,515,959
1,428,276
685,285
1,165,593
894,009
760,661
979,474
955,966
2,066,521
3,829,282
3,318,052
3,271,342
3,510,438
4,017,333
130,256
332,911
490,732
391,888
442,644
Average.
2,036,438
1,386,529
906,831
3,335,494
357,6
631,653,399 2,232,981,133
Middle Western States:
0)
143,826,510
143,210,063
149,406,706
153,082,721
156,954,036
149,296,007
C1)
422,449,522
431,016,980
447,413,968
452,922,009
463,240,078
443,408,511
Western States:
Pacific States:
Dct. 31,1914.
0)
123,193,686
124,531,971
128,092,389
132,282,696
136,959,048
129,011,958
C1)
Alaska and Hawaii:
i Not classified.
2 Alaska included in Pacific States Oct. 31,1914.
66
REPORT OF THE COMPTROLLER OF THE CURRENCY.
DEVELOPMENT IN NATIONAL BANKING.
For the period from January, 1906, to September, 1915, including
the "1907 panic/' the combined capital and surplus of the national
banks increased from $1,257,600,000 to $1,791,400,000. During the
same period individual deposits increased from $4,088,400,000 to
$6,762,100,000; loans and discounts from $4,118,300,000 to $6,761,700,000, and the amount of lawful money in bank from $668,300,000
to $842, 600,000.
In the accompanying table is sliown the development in national
banking as appears from the periodical statements during the 10
years in question, as evidenced by the volume of capital and surplus,
individual and aggregate deposits, circulation, loans, and lawful
money.
In the table in question, in addition to the volume of the items
Indicated, is also shown the percentage of lawful mone}^ to individual
deposits, to aggregate deposits, and also to loans and discounts.
Capital and surplus, individual deposits, aggregate deposits, amount of circulation outstanding, loans and discounts {including overdrafts), specie and legal tenders, together
with the percentage of specie and legal tenders to individual deposits, all deposits, and to
loans and discounts of national banks, as shown by their returns for each call for the
last ten years.
[In million of dollars.]
Date.
1906.
Jan. 29
Apr. 6
June 18
Sept. 4
Nov. 12
Percent- Percent- Percentage of
age of
age of
Amount Loans
specie
specie
specie
dis- Specie
Capital Individ- Aggre- of circu- and
and
legal and legal and legal
counts,
lation including and legal tenders
and
ual
gate
tenders
tenders
outsurplus. deposits. deposits.
tenders.
to aggre- to loans
to indioverstanding. drafts.
gate
and disvidual
deposits. deposits.
counts.
1,257.6
1,265.8
1,275.0
:L, 325.3
L, 352.1
4,088.4
3,978.5
4,055.6
4,199.3
4,289.8
5,747.8
5,611.0
5,692.8
5,897.8
6,031.5
498.2
505.5
510.9
518.0
537.0
4,118.3
4,176.0
4,236. 9
4,331.5
4,419.8
668.3
620.5
651.2
606.0
634.6
16.35
15.60
16.06
14.43
14.79
11.62
11.06
11.44
10.30
10.52
16.23
14.86
15.37
13.99
14.36
]1,385.9
1,451.3
4,115.6
4,269.5
4,322.9
4,319.0
4,176.7
5,952.4
6,061.0
6,190.4
6,076.6
5,800.6
545.5
543.3
547.9
551.9
601.8
4,505.2
4,572.6
4,664.0
4,709.0
4,622.9
695.5
656.2
691.6
701.6
760.8
16.90
15.37
16.00
16.24
18.21
11.68
10.82
11.17
11.55
13.12
15.44
14.35
14.83
14.90
16.46
L, 460.0
L467.4
L, 483.1
L, 487.0
L,489.2
4,105.8
4,312.7
4,374.6
4,548.1
4,720.3
5,924.4
6,188.2
6,330.5
6,617.3
6,804.5
627.6
614.1
613.7
613.7
599.3
4,452.0
4,551.7
4,640.4
4,781.5
4,879.3
788.4
861.3
849.0
868.4
844.8
19.20
19.97
19.41
19.09
17.90
13.31
13.92
13.41
13.12
12.41
17.71
18.92
18.30
18.16
17.31
1,510. 9
1,521.1
1,527.8
1,542.6
1,557.2
4,699.7
4,826.1
4,898.6
5,009.9
5,120.4
6,836.2
6,934.3
7,009.2
7,079.6
7,059.1
615.3
636.4
631.3
658.0
668.4
4,869.8
4,987. 7
5,061.2
5,158.4
5,190.7
860.1
878.6
885.9
854.1
804.9
18.30
18.20
18.09
17.05
15.72
12.58
12.67
12.64
12.06
11.40
17.66
17.61
17.50
16.56
15.51
1,580.0
1,599.7
1,634.4
1,651.0
1,656.7
5,190.8
5,227. 9
5,287.2
5,145. 7
5,304.8
7,208.3
7,265.3
7,257.0
7,140.8
7,261.2
667.5
669.2
675.6
674.8
680.4
5,263.5
5,464.0
5,455.9
5,496. 7
5,497.7
833.1
834.9
820.8
851.7
816.1
16.05
15.97
15.52
16.55
15.38
11.56
11.49
11.31
11.93
11.24
15.83
15.28
15.04
15.49
14.84
Jan. 7 1,673.1 5,113.2
Mar. 7 1,677.3 5,304.6
June 7 1,691.6 5,478.0
Sept. 1 1,695.5 5,490.0
Dec.
5 1,699.3 5,536.0
7,156.9
7,576.3
7,675.7
7,628.1
7,675.4
684.1
680.7
681.7
697.0
702.6
5,443.1
5,588.1
5,634.2
5,690.6
5,695.1
856.3
908.0
946.3
895.5
862.8
16.75
17.12
17.28
16.31
15.59
11.96
11.99
12.33
11.74
11.24
15.73
16.25
16.80
15.74
15.15
1907.
Jan. 26
Mar. 22
May 20
Aug. 22
Dec. 3
1908.
Feb. 14
May 14
July 15
Sept. 23
Nov. 27
1909.
Feb. 5
Apr. 28
June 30
Sept. 1
Nov. 16
L,396.9
]L,418.5
:1,444.8
•
1910.
Jan. 31
Mar. 29
June 30
Sept. 1
Nov. 10
1911.
REPORT OP THE COMPTROLLER OP THE CURRENCY.
67
Capital and surplus, individual deposits, aggregate deposits, amount of circulation outstanding, loans and discounts (including overdrafts), specie and^ legal tenders, together
with the percentage of specie and legal tenders to individual deposits, all deposits, and to
loans and discounts of national banks, as shown by their returns for each call for the
last ten years—Continued.
Individ- Aggregate
ual
deposits. deposits.
PercentLoans
age of
Amount
specie
of circu- and dis- Specie
counts,
and
legal
lation
and legal
including tenders.
tenders
outoverto indistanding. drafts.
vidual
deposits.
Percentage of
specie
and legal
tenders
to aggregate
deposits.
Percentage of
specie
and legal
tenders
to loans
and discounts.
Date.
Capital
and
surplus.
1912.
Feb. 20
Apr. 18
Juno 14
Sept. 4
Nov. 26
1,716.8
1,725.1
1,727.6
1,747.0
1, 747.1
5,630.6
5, 712.1
5,825.5
5,891.7
5, 944.6
8,067. 7
8,015.5
8,064.2
8,129. 7
8,109. 3
704.2
707.0
708.7
713.8
721.5
5,834.3
5,902.0
5,973.8
6,061.0
6,085.5
950.5
931.7
945.2
896.0
859.1
16.88
16.31
16.23
15.21
14.45
11.78
11.61
11.72
11.02
10.59
16.29
15.79
15.82
14.78
14.12
1913.
Feb 4
Apr. 4
June 4
A UP. 9
O c t 21
1,766.2
1,771.9
1,777.5
1,781.7
1,785.7
5,985.4
8,361.0
5,968.8
S, 227.8
5,953.5 • 8,143.9
5,761.3
7,948.6
6,051.6
8,346.0
717. 5
719.0
722.1
724. 5
727.0
6,147.3
6,198.2
6,162.0
6.186.9
6, 288.3
933.4
888.3
914.0
899.2
889. 6
15.59
14.88
15.35
15.61
14,70
11.16
10.80
11.22
11.31
10.66
15.18
14.33
14.83
14.53
14.15
1914.
Jan. 13
Mar. 4
June 30
Sept. 12
Oct. 31
Dec. 31
1,790.1
1,787. 7
1,781.5
1,784.4
1,788.1
1,792.8
6,072.0
6,111.3
6,268. 6
6,139.0
6,078. 8
6,346. 3
9,393.3
8,675.0
8,563.7
8,1S7.5
8,075. 9
8,236.4
725.3
6,197:2
720.6 " 6,378.8
722. 5 6,445.5
918.2
6.417.9
1,018.1 6, 335. 2
848. 8 6,363.4
981.9
968.0
969.0
903. 7
925.5
663.2
16.17
15.84
15.46
14. 72
15.22
10.45
11. 70
11.16
11.32
11.04
11.46
8.05
15.84
15.18
15.04
14.08
14.61
10.42
1915.
Mar. 4
May 1
June 23
Sept. 2
1,790.8
1) 785.2
1, 790.6
1,791.4
6,348.8
6,661.5
6,611.2
6, 762.1
8,593.9
8,892.0
8,821.2
9, 229.5
718.9
735.2
789.7
842.6
11.32
11.04
11.95
12.46
8.37
8.27
8.95
9.13
11.05
11.06
11.84
12.46
746.5
727.7
722. 7
718" 4
6,507.0
6,649. 7
6,665.1
6,761.7
Aggregate deposits include: Due to other national bank's, due to State banks and bankers, due to trust
companies and savings banks, due to approved reserve agents, dividends unpaid, individual deposits,
United States deposits, postal savings deposits, deposits of United States disbursing officers.
The information with respect to trust companies is based upon
returns obtained by the Comptroller from 90 per cent or more in
recent years of institutions of that character reported to be in
existence.
In connection with the foregoing statement there will be found in
volume 2 of this report tables relating to the development of banking
as indicated by the returns from national banks and trust companies
on a selected date in each year from 1875 to 1915. In these tables,
the deposits, the loans, and the investments in bonds, etc., are classified, and the capital, surplus, and other profits, together with the
aggregate amount of assets shown.
PRODUCTIVITY OF LOANS AND BOND INVESTMENTS OF NATIONAL
BANKS.
Loans and discounts and investments in bonds and other securities
by national banks, representing approximately 75 per cent of their
assets and being the principal sources from which their earnings and
dividends are derived, it is of interest to note the productiveness of
these investments by banks in each geographical division of the
country.
The gross assets of the national banks on June 23, 1915, were
$11,795,685,157 and the investments in loans, bonds, and other
68
REPORT OF THE COMPTROLLER OF THE CURRENCY.
securities $8,733,514,014, or 74.04 per cent, while the gross earnings
were $527,985,250 or 6.05 per cent.
The lowest percentage of gross earnings to total investments was
in the Eastern States, being 5.35, while the highest, 8.37, was in the
Western division.
Bsnds, etc.
Total investment.
Per cent
of gross
Gross earn- earnings
to total
ings.
investment.
$536,924,185
2,597,976,015
825,077,849
1,818,304,562
440,871,136
444,349,360
1,641,939
$187,991,544
923,819,850
218,301,913
181,933,988
L05,967,340
149,356,824
997,509
$724,915,729
3,521,795,865
1,043,379,702
2,300,238,550
546,838,476
593,706,184
2,639,448
$40,011,639
188,360,541
74,389,241
139,445,028
45,747,271
39,850,066
181,464
5.52
5.35
7.13
6.06
8.37
6.71
6.88
6,665,145,046
2,068,368,968
8,733,514,014
527,985,250
6.05
Loans (including overdrafts).
Divisions.
New England States
Eastern States
Southern States
Middle Western States
Western States
Pacific States
Hawaii
Total
EARNINGS AND DIVIDENDS OF NATIONAL BANKS.
The reports of earnings and dividends of national banks for the
fiscal year ended June 30, 1915, show that the gross earnings of the
banks were $527,985,252, as against $515,624,301 for the year ended
June 30, 1914. It appears, however, that the net earnings of the
banks for the current year are but $127,052,974 as against $149,270,170 for 1914, and that the dividends paid during the current year
were but $113,639,415 as against $121,147,096 in 1914. The average
dividend rate was reduced from 11.39 per cent in 1914 to 10.63 percent
in 1915. It is also noted that the average dividend rate for the past
five years was 11.36 per cent. For the current year dividends based
upon combined capital and surplus averaged 6.33 per cent, while
the net earnings to capital and surplus were 7.08 per cent. The combined capital and surplus of the banks for 1915 aggregated $1,795,197,283, the percentage of surplus to capital being 68.03 per cent.
In volume 2 of this report will be found the returns for the year
ended June 30, 1915, from the banks in each reserve city and State
relating to their earnings and dividends, and also corresponding data
for each year from March, 1870, to June 30, 1915.
In the accompanying statement is shown the number of banks,
their capital, surplus, dividends paid, the percentage of surplus to
capital, and the percentage of dividends to capital for each geographical division.
Divisions.
New England States..
Eastern States
Southern States
Middle Western States
Western States
Pacific States
Hawaii
Total
Number
of banks.
Capital stock.
Surplus.
Per cent
of surplus Amount of divito capital. dends paid.
Per cent
of dividends to
capital.
439
1,646
1,566
2,083
1,293
528
5
$98,141,700.00
331,792,175.00
180,711,205.94
294,710,700 00
73,357,500.00
89,228,800.00
635,000.00
$62,032,335.00
335,279,692.33
95,231,730.10
156,544,894.73
35,154,255.63
42,090,855.72
286,438.81
63.21
101.05
52.70
53.12
47.92
47.17
45.11
$8,473,253.75
39,288,003.43
17,297,379.43
29,598,491.71
9,722,354.64
9.213,607.50
46,325.00
8.63
11.84
9.57
10.04
13.25
10.33
7.30
7,560
1,068,577,080.94
726,620,202.32
68.00
113,639,415.46
10.63
REPORT OF THE COMPTROLLER OF THE CURRENCY.
69
ORGANIZATION OF NEW NATIONAL BANKS.
In the year ended October 31, 1915, 236 applications for authority
to organize national banks were received, of which 152 have been approved and the remainder held pending the submission of further information or have been abandoned. Since December 23, 1913, the
date of the passage of the Federal reserve act, 535 applications have
been received for the organization of national banks, 295 of them
being for the conversion of State banks or for the reorganization of
State or private banks, and 240 for primary organization.
BANKS CHARTERED SUBSEQUENT TO THE PASSAGE OF THE FEDERAL
RESERVE ACT.
Since December 23, 1913, charters have been issued to 327 banks,
206 of which were chartered under the act of March 14, 1900, that is,
with capital of less than $50,000, and 121, under the act of June 3,
1864, with capital of $50,000 or over.
While the Federal reserve act authorized the chartering of banks
without the deposit of bonds, 152 of the banks chartered during this
period have deposited United States bonds to secure circulation
and have thus become banks of issue.
During the year ending October 31, 1915, charters were issued to
144 banks, 97 being under the act of March 14, 1900, and 47 under the
act of June 3, 1864. Thirty-one of the 97 banks and 18 of the 47
banks deposited bonds and became banks of issue.
NATIONAL BANKS ORGANIZED AND CLOSED, 1863 TO OCTOBER 31, 1915.
Of the 10,796 banks chartered during the existence of the national
banking system, 144 with authorized capital of $9,689,500 were chartered during the current year. There are in existence, of the total
number chartered, 7,632 banks, 2,632 having been placed in voluntary
liquidation and 532 in charge of receivers. State banks to the number
of 1,863, with capital at date of change of $350,375,428, have been
converted into national banks since 1863.
National banks organized, liquidated, and closed annually from
1863 to October 31, 1915, are shown in the following table:
70
REPORT OF THE COMPTROLLER OF THE CURRENCY.
Number and authorized capital of national banks organized and the number and capital
of banks closed in each year ended Oct. 31 since the establishment of the national banking
system, with the yearly increase or decrease.
Closed.
Organized.
I n voluntary
liquidation.
Year.
No.
1863
1864
1865
1866
1867
1868
I860
1870
1871
1872
1873
1874
1875
1876
1877
187S
187Q
1880
1881
1882
1883
1884
1885
1886
1887
1888
1889
1890
1891
1892
1893
189-1
1895
1896
1897
1898
1899
1900
1901
1902
1903
1901
1905
1906
1907
1908
1909
1910
1911
1912
1913
1914
1915
134
453
1,014
62
10
12
9
22
170
175
68
71
107
36
29
28
38
57
86
227
262
191
145
174
225
132
211
307
193
163
119
50
43
28
44
56
78
383
394
470
. -553
431
506
455
516
326
. .
309
311
214
. . ..
188
172
. .
195
144
Capital.
$16,378,700
79,366,950
242,542,982
8,515,150
4,260,300
1,210,000
1,500,000
2,736,000
19,519,000
18,988,000
7,602,700
6,745,500
12,104,000
3,189,800
2,589,000
2,775,000
3,595,000
6,374,170
9,651,050
30,038,300
28,654,350
16,042,230
16,938,000
21,358,000
30,546,000
12,053,000
21,240,000
36,250,000
20,700,000
15,285,000
11,230,000
5,285,000
4,890,000
3,245,000
4,420,000
9,665,000
16,470,000
19,960,000
21,554,500
31,130,000
34,333,500
21,019,300
33,532,500
21,413,500
34,967,000
22,823,000
22,830,000
30,760,000
12,840,000
16,080,000
10,175,000
18,675,000
9,689,500
No.
3
6
4
12
18
17
14
11
11
21
20
38
32
26
41
33
9
26
78
40
30
85
25
25
34
41
50
41
53
46
79
49
37
70
69
64
43
39
71
72
65
121
81
84
80
149
113
98
83
80
113
182
Capital.
$330,000
650,000
2,160,000
2,445,500
3,372,710
2,550,000
1,450,000
2,180,500
3,524,700
2,795,000
3,820,200
2,565,000
2,539,500
4,237,500
3,750,000
570,000
1,920,000
16,120,000
7,736,000
3,647,250
17,856,590
1,651,100
2,537,450
4,171,000
4,316,000
5,050,000
4,485,000
6,157,500
6,035,000
10,475,000
6,093,100
3,745,000
9,659,000
12,509,000
24,335,000
12,474,950
7,415,000
22,190,000
30,720,000
20,285,000
24,409,500
13,223,000
11,745,000'
12,415,000'
14,225,850
29,123,500'
11,010,000'
21,605,250
14,571,010
26,487, OOf i
13,795,00(1
Insolvent.
No.
Capital.
Net yearly
increase.
No.
134
450
1
$50,000 1,007
?,
500,000
56
7 1,370,000
3
210,000
1
50,000
1
250,000
7
159
6 1,806,100
158
11 3,825,000
36
3
250,000
48
5 1,000,000
64
9
965,000
10 3,344,000
14 2,612,500
8 1,230,000
3
700,000
45
60
3 1,561,300
146
2
250,000
220
11 1,285,000
150
4
600,000
56
8
650,000
141
8 1,550,000
192
8 1,900,000
90
250,000
2
168
9
750,000
248
25 3,622,000
127
17 2,450,000
93
65 10,910,000
8
21 2,770,000
36 5,235,020
27 3,805,000
38 5,851,500
7 1,200,000
12
850,000
2
6 1,800,000
334
11 1,760,000
344
450,000
2
397
12 3,480,000
469
20 1,535,000
346
22 2,035,000
363
8
680,000
366
7
775,000
425
24 6,560,000
222
9
76S.500
151
6
875,000
192
3
275,000
113
8 1,100,000
97
6 4,350,000
86
21 1,810,000
61
14 1,830,000
48
A g g r e g a t e . 10,796 1,115,735,982 2,632 473,134,660 2 566 93,735,920 7,879
Deduct decrease . . .
! 281
Net increase.
Add
for
banks res t o r e d to
solvency..
Total net
increase.
Capital.
$16 378,700
79,366,950
242,162,982
7,365,150
730,300
Net yearly
decrease.
N o . Capital.
9
9
18,069,000
15,001,400
253,000
3,700,500
7,283,800
$1 445 ^OO
1 922 710
64*000
5
7
27
•}
340
3,294
4 075
1,385
200
500
000
000
5,104,170
7,731,050
12,357,000
20,668,350
13,109,980
1,518 590
19,056,900
26,458,550
5,982,000
16,674,000
30,450,000
12,593,000
6,677,500
5,715,000
50 7,960 000
42 6 338 120
36 4,405,000
65 11.090 500
19 4.044 000
8.715,000
5,685,050
12,379,500
8,490,000
133,500
800 700
7,088,000
7,510,500
22,447,000
3,8-18,000
7 835,650
761,500
1,555,000
6,625 250
8,746,010
9,622 000
5,935 500
642,907,982 ,281 94,042,580
94,042,580
7,598
548,865,402
34
10,405,000
7,632 3 559,270,402
r1
1 During the year 84 banks with a capital of $14,320,000 were placed in voluntary liquidation, two with
capital of $525,000 were found to be insolvent and are not included.
2 Includes 34 banks restored to solvency.
s The total authorized capital stock on Oct. 31 was $1,079,321,375; the paid-in capital, $1,078,929,130.57,
including the capital stock of liquidating and insolvent banks which have not deposited lawful money for
theFRASER
retirement of their circulating notes. •
for
Digitized
REPORT OF THE COMPTROLLER OF THE CURRENCY.
71
NATIONAL BANKS ORGANIZED DURING THE LAST YEAR AND SINCE
1900.
In addition to the capital of banks organized during the last year,
there was an increase in capital of banks organized prior thereto of
$14;4477700, making the gross increase for the year $24,137,200. By
reason of reductions of capital, voluntary liquidations, and failures,
the net increase was but $7,232,200, the authorized capital stock of all
banks at the close of the year standing at $1,079,321,375.
Since March 14, 1900, the date of the act authorizing the organization of banks with minimum capital of $25,000, charters have been
granted to 5,532 associations, with authorized capital of $359,302,800,
of which 3,519, with aggregate capital of $91,780,000, were organized
under the act of that date with individual capital of $25,000, generally,
although a limited number of banks were organized with capital in
excess of $25,000 but less than $50,000. The average capital, however, of banks of this class was slightly in excess of $26,900. During the same period 2,013 were organized under the act of 1864, the
aggregate capitalization being $267,522,800 and the individual capital
$50,000 or over. Further classifying these banks, it appears that
944 were conversions of State banks, capital $71,155,300; 1,655 reorganizations of State or private banks, capital $121,037,000; and
2,933, with capital of $167,110,500, primary organizations.
In the following table will be found a classification of banks organized from March 14, 1900, to October 31, 1915, based upon capital
stock, together with the number of banks and their reported capital
on September 2, 1915, by States and geographical divisions:
Summary, by States, geographical divisions, and classes, of national banks organized from
Mar. 14, 1900, to Oct. 31, 1915, and the paid-in capital stock of all reporting national
banks on Sejrt. 2, 1915.
Capital
$25,000.
States, etc.
Capital over
$25,000 and
less than
$50,000.
Capital $50,000
and over.
No. Capital. No. Capital. No.
Capital.
Total
organizations.
No.
Capital.
National banks
reporting Sept. 2,
1915.
No. Capital paid in.
New England
States.
Main© .
New Hampshire...
Vermont
Massachusetts
Rhode Island
Connecticut
Total
5 $125,000
4 100,000
5 125,000
2
50,000
5
125,000
21
525,000
1 $30,000
1
30,000
7 $385,000
2
200,000
2
150,000
19 4,450,000
1
500,000
6
750,000
12 $510,000
7
330,000
7
275,000
21 4,500,000
1
500,000
11
875,000
70
56
48
169
18
73
$7,765,000.00
5,285,000.00
4,985,000.00
55,292,500.00
6,070,000.00
19,674,400.00
37 6,435,000
59 6,990,000 434
99,071,900.00
19,820,000 239 23,187,500 482
3,710,000 111 5,425,000 201
24,690,000 490 31,397,000 834
245,000 24
9
1,480,000 50 2,452,000 98
166,218,610.00
22,127,000.00
118,364,390.00
1,663,975.00
16,279,710.00
Eastern States.
New York
122 3,050,000 10
59 1,475,000 8
New Jersey
236 5,900,000 24
Pennsylvania
6 150,000 3
Delaware
32 800,000 5
Maryland
District of C olumbia
Total
317,500 107
240,000 44
807,000 230
95,000
172,000 13
6
1,975,000
455 11,375,000 50 1,631,500 400 51,675,000
13
6,977,000.00
905 64,681,500 1,662
6 1,975,000
331,630,685.00
72
REPORT OF THE COMPTROLLER OF THE CURRENCY.
Summary, by States, geographical divisions, and classes, of national banks organizedfrom,
Mar. 14, 1900, to Oct. 31, 1915, and the paid-in capital stock of all reporting national
banks on Sept. 2, 1915—Continued.
Capital
$25,000.
States, etc.
No.
Capital over
$25,000 a n d
less than
$50,000.
Capital $50,000
and over.
Capital. No. Capital. No.
Total
organizations.
Capital.
No.
$5,640,000
3,565,000
3,885,000
4,500,000
5,150,000
5,775,000
3,935,000
2,515,000
3,710,000
20,785,000
2,630,000
5,370,000
4,895,000
116
101
65
60
100
49
89
40
37
504
64
98
89
Capital.
National banks
reporting Sept. 2,
1915.
No. Capital paid in.
Southern States.
Virginia .
West Virginia
North Carolina
South Carolina
Georgia...
Florida
Alabama
Mississippi
Louisiana
Texas
Arkansas
Kentucky
Tennessee
Total
54
42
23
18
26
10
37
9
14
249
27
55
39
SI .350.000
1,050,000
575,000
450,000
650,000
250,000
925,000
225,000
350,000
6,225,000
675,000
1,375,000
975,000
12 $431,000
15 525,000
6
195,000
1
42,000
20
675,000
7 225,000
12 379,500
4
125,000
1
30,000
93 2,998,500
3
95,000
7 230,000
9
270,000
603 15,075,000 190 6,221,000
$7,421,000 136
5,140,000 118
80
4,655,000
4,992,000 71
6,475,000 115
6,250,000 55
5,239,500 93
2,865,000 35
4,090,000 31
30,008,500 535
3,400,000 61
6,975,000 140
6,140,000 116
$18,628,500. 00
10,149,800.00
9,165,000.00
9,167,000.00
14,786,000.00
7,185,000.00
11,352,500.00
3,875,000.00
7,048,100.00
54,022,500.00
5,421,250.00
17,225,900.00
14,520,000.00
319 72,355,000 1,412 93,651,000 1,586
182,546,550.00
221
185
305
56
80
236
217
97
376
258
470
105
136
277
348
131
62,089,100.00
28,334,500.00
76,106,000.00
17,591,310.00
18,115,000.00
28,936,000.00
23,855,000.00
36,085,000.00
177 79,445,000 1,397 103,445,500 2,101
291,110,910.00
50
44
36
41
54
32
40
27
22
L62
34
36
41
Middle Western
States.
Ohio
Indiana
Illinois
Michigan
Wisconsin
Minnesota
Iowa
Missouri
Total
111
94
182
20
43
187
121
38
2,7^5,000
2,350,000
4,5oO, 000
500,000
1,075,000
4,675,000
3,025,000
950,000
19
16
21
6
5
18
23
16
658,000
513,000
733,500
190,000
160,000
566,000
770,000
510,000
796 19,900,000 124 4,100,500
91
75
102
30
32
31
73
43
13,075,000
10,960,000
15,060,000
11,015,000
3,650,000
5,100,000
4,470,000
16,135,000
16,508,000
13,813,000
20,333,000
11,^05,000
4,885,000
10,341,000
8,265,000
17,595,000
Western States.
North Dakota
South Dakota
Nebraska
Kansas
Montana
Wyoming
Colorado
New Mexico
Oklahoma
Total
132
80
104
101
30
13
56
25
374
3,300,000
2,000,000
2,600,000
2,525,000
750,000
325,000
1,400,000
625,000
9,350,000
7
215,000
4
120,000
20
715,000
11 390,000
6
195,000
1
40,000
12 396,000
4
125,000
32 1,040,000
915 22,875,000
97 3,236,000
11
16
39
33
17
12
38
11
72
600,000
1,100,000
3,395,000
2,600,000
1,540,000
675,000
3,310,000
625,000
5,455,000
150 4,115,000
100 3,220,000
163 6,710,000
145 5,515,000
53 2,485,000
26 1,040,000
106 5,106,000
40 1,375,000
478 15,845,000
152
115
208
217
65
33
120
37
351
5,575,000.00
4,960,000.00
15,445,000.00
12,581,242.70
5,547,500.00
1,900,000.00
10,405,000.00
2,265,000.00
15,190,920.00
249 19,300,000 1,261 45,411,000 1,298
73,869,662.70
Pacific States.
Washington
Oregon
California
Idaho. . . .
Utah
Nevada
Arizona
Alaska
Total
Island
38 950,000
36 900,000
122 3,050,000
34
850,000
7
175,000
3
75,000
4 100,000
1
25,000
2
3
6
6
1
70,000
91,000
190,000
200,000
30,000
1
30,000
245 6,125,000
19
611,000
35 3,795,000
27 2,296,000
129 27,612,8U0
16 1,160,000
6 1,275,000
9 1,225,000
250,000
5
50,000
1
75 4,815,000
66 3,286,000
257 30,852,800
56 2,210,000
14 1,480,000
12 1,300,000
10
380,000
2
75,000
78
86
266
58
23
10
13
3
11,435,000.00
10,661,000.00
58,192,800.00
3,620,000.00
3,355,000.00
1,435,000.00
1,175,000.00
125,000.00
228 37,662,800
492 44,398,800
537
89,998,800.00
possessions.
Hawaii
Porto Rico
3
75,000
2
1
550,000
100,000
5
1
625,000
100,000
5
635,000.00
Total
3
75,000
3
650,000
6
725,000
5
635,000.00
Grand total. 3,038 75,950,000 481 15,830,000 2 013 267,522,800 5,532 359,302,800 7,613 1,068,863,507.70
REPORT OF THE COMPTROLLER
OF THE
73
CURRENCY,
The number and capital, by classes, of conversions, reorganizations,
and primary organizations, are shown in the following table:
Summary, by classes, of national banks organized from Mar. 14, 1900, to Oct. 31, 1915.
Conversions.
Primary organizations.
Reorganizations.
Total.
Classification.
Number.
Capital less than $50,000..
Capital $50,000 or over....
Total
Capital.
Number.
Number.
Capital.
Capital.
Number.
Capital.
547 $14,527,500
397 56,627,800
1,035 $27,412,000
620 93,625,000
1,937 $49,840,500
996 117,270,000
3,519
2,013
$91,780,000
267,522,800
944
1,655 121,037,000
2,933 167,110,500
5,532
359, 302,800
71,155,300
Number of national banks organized in each month from Mar. 14, 1900, to Oct. 31, 191h
Months.
1900 1901 1902 1903 1904 1905 1906 1907 1908 1909 1910 1911 1912 1913 1914 1915
6
46
66
95
46
44
20
25
21
29
No.
36
31
35
30
54
40
41
27
23
27
32
36
No.
40
28
41
50
50
42
38
42
38
33
36
54
No.
34
50
56
51
47
58
43
36
31
57
20
32
No.
36
35
42
46
42
43
22
38
32
43
36
45
No.
45
39
50
42
49
48
37
44
35
36
23
38
No.
45
41
41
43
45
42
32
33
31
41
27
41
No.
40
42
50
46
52
55
40
39
46
38
19
23
398
412
492
515
460
486
462
490
No.
January
February
March
April
Mav
June
July
August
September.
October
November
December
Total
No.
32
36
39
34
8
37
20
14
18
21
18
323
No.
28
20
22
26
24
44
28
32
24
22
23
27
No.
28
29
37
26
21
40
19
12
27
22
12
18
No.
12
13
39
320
291
No.
16
16
16
25
23
14
12
11
13
6
6
9
iTo.
10
9
10
25
24
21
21
13
23
24
6
14
No.
19
19
15
8
11
11
No.
16
14
19
15
22
14
16
15
20
15
6
14
206
186
167
200
124
20
13
Q
13
11
9
6
15
12
11
Number and classification of national banks organized during the year ended Oct. 31, 1915.
Conversions.
Reorganizations.
P r i m a r y organizations.
Total.
Months.
Number.
November.
December..
January
February..
March
April
May
June
July
August
September.
October
Number.
$212,500
1,125,000
347,000
435,000
55,000
915,000
215,000
150,000
50,000
85,000
1,400,000
85,000
58
Total.
EXTENSIONS
Capital.
AND
5,074,500
EXPIRATIONS
Capital.
Number.
1,810,000
Number.
$385,000
75,000
225,000
125,000
100,000
105,000
50,000
110,000
150,000
585,000
200,000
695,000
$50,000
165,000
385,000
125,000
100,000
175,000
160,000
25,000
50,000
50,000
525,000
30
Capital.
56
OF CHARTERS
2,805,000 | 144
OF NATIONAL
Capital.
$597,500
1,250,000
737,000
945,000
280,000
1,120,000
440,000
420,000
225,000
720,000
1,650,000
1,305,000
9,689,500
BANKS.
Charters are granted to national banks for a period of 20 years
from the date of the execution of the organization certificated In
the year ended October 31 last 39 banks reached the termination of
their existence, and their charters were extended for an additional
74
REPORT OF THE COMPTROLLER OF THE CURRENCY.
period of 20 years under authority of the act of July 12, 1882. In
the same year charters of 53 banks extended under the act of 1882
were extended for a further period of 20 years under the act of April
12, 1902. The total number of extensions of charters under the "act
of 1882 was 3,344 and under the act of 1902 1,254. In the coming
year the charters of 20 banks will expire for the first time and 22 for
the second. A list of banks interested in the extensions during the
year ending October 31, 1916, will be found in volume 2.
CHANGES OF TITLE OF NATIONAL BANKS.
Under the law any national bank, upon authorization by shareholders representing two-thirds of the stock, and with the approval of
the Comptroller of the Currency, may change its corporate title.
Sixteen changes of this character occurred during the past year, a
list of the banks interested being submitted herewith.
Changes of corporate title.
Title and location.
No.
10642
6139
8196
710
1338
3254
9532
1080
7120
8966
8424
1243
4956
8571
10103
10778
Date.
The Farmers National Bank of New Richland, Minn., to "The First National Bank of
New Richland "
1914.
Nov. 23
The Merchants and Planters National Bank of Mt. Pleasant, Tex., to "State National 1915.
Bank of Mt. Pleasant"
Jan. 25
The Bentleyville National Bank, Bentleyville, Pa., to "The First National Bank of
Bentleyville "
Feb. 17
The First National Bank of Minneapolis, Minn., to "The First and Security National
Bank of Minneapolis "
May 17
The Hartford National Bank, Hertford, Conn., to "The Hartford-Aetna National Bank" May 28
The Merchants National Bank of Peoria, 111., to "Merchants and Illinois National Bank
of Peoria "
June 21
The Hermitage National Bank of Nashville, Tenn., to "Tennessee-Hermitage National
Bank of Nashville "
July 7
The Merchants Exchange National Bank ol
the City of New York, N. Y., to "Atlantic
National Bank of the City of New York'7
July 13
The Exchange National Bank of Coeur d'Alene, Idaho, to "The First-Exchange National
Bank of Coeur d'Alene "
;; July 19
The Third National Bank of Fitzgerald, Ga. to "Ben Hill National Bank of Fitzgerald . July 23
Aug. 2
The Nixon National Bank of Reno, Nev., to "The Reno National Bank"
The National New Haven Bank, New Haver, Conn., to "The New Haven Bank National
Aug. 14
Banking Association "
The American National
Bank of Louisville, Ky., to "The American-Southern National
Bank of Louisville';
"
Aug. 18
The First National Bank of Jefferson, N. C, to "The First National Bank of West Jefferson, N. C."
Aug. 19
Peninsula National Bank of St. Johns, Orog., to "Peninsula National Bank of Portland" (the city of St. Johns having been annexed to Pc -tland)
Sept. 13
The Century National Bank of New York, N. Y., to "The Chatham and Phenix National
Bank of the City of New York"
Sept. 18
CONVERSION OF STATE BANKS WITH BRANCHES.
Section 5154, United States Revised Statutes, provides for the
conversion of State banks into national banking associations and
section 5155, United States Revised Statutes, reads as follows:
It sliall be lawful for any bank or banking association organized under State
laws, and having branches, the capital being joint and assigned to and used by the
mother bank and branches in definite proportions, to become a national banking
association in conformity with existing laws, and to retain and keep in operation
its branches, or such one or more of them as it may elect to retain.
There was no conversion of a State bank with branches from the
date of the passage of the act (March 3,1865) authorizing the conversion of State banks with branches until 1907, when the Bank of
REPORT OF THE COMPTROLLER OF THE CURRENCY.
75
Moss Point, Miss., was converted into The Pascagoula National Bank
of Moss Point, capital $75,000, of which $10,000 was assigned to the
branch at Scranton, Miss. (The name of the town of Scranton was
subsequently changed to Pascagoula.) In the same year the Bank
of Poplarville, Miss., was converted into the National Bank of Poplarville, capital $50,000, of which $10,000 was assigned to the branch at
Sandersville, Miss. The branch, was discontinued February 6, 1909,
and the National Bank of Poplarville was placed in voluntary liquidation April 1, 1910. In 1908 the Merchants and Farmers Bank of
P onto toe, Miss., was converted into The First National Bank of Pontotoc, capital $50,000, of which $10,000 was assigned to the branch
at Ecru, Miss., and in the same year the Bank of Milton, Greg., was
converted into The First National Bank of Milton, capital $50,000,
of which $10,000 was assigned to the branch at Freewater, Oreg.
In 1910 the Bank of California, at San Francisco, CaL, was converted
into The Bank of California, National Association, San Francisco,
capital $4,000,000 (which has since been increased, to $8,500,000), of
which $25,000 was assigned to the branch at Virginia City, Nev.,
§300,000 to the branch at Portland, Oreg., $200,000 to the branch at
Seattle, Wash., and $200,000 to the branch at Tacoma, Wash. In
1911 the American Exchange Bank of Greensboro, N. C., was converted into The American Exchange National Bank of Greensboro,
capital $400,000, of which $50,000 was assigned to the branch at
South Greensboro, N. C.
In 1915 the Century Bank of the city of New York, N. Y., with 12
branches, all located within the city of New York, was converted
into The Century National Bank of New York, capital $1,250,000
(which has since been increased to $3,500,000), of which $100,000
was assigned to each of 11 of the branches and $50,000 to the other.
The Century National Bank of New York subsequently acquired the
business of The Chatham and Phenix National Bank of New York,
and by change of title became The Chatham and Phenix National
Bank of the city of New York.
There is no provision in law that authorizes a national bank to
establish branches, but State banks with branches may, under the
provisions of section 5155, United States Revised Statutes, be converted into national banks. No national banks other than those
heretofore mentioned have been authorized by this office to operate
branches.
FOREIGN BRANCHES OF NATIONAL BANKS.
Under section 25 of the Federal reserve act the board has authority
to approve the application of any national bank possessing a capital
and surplus of $1,000,000 or more to establish branches in foreign
countries or in dependencies of the United States for the furtherance
of foreign commerce and also for the purpose of acting as fiscal agents
of the Government.
During the past year the Federal Reserve Board has authorized
the National City Bank of New York to establish the following
branches and subbranches:
Branch at Buenos Aires, Argentine Republic. Subbrancr at Montevideo, Uruguay.
Branch at Valparaiso, Chile. Subbranches at Antofagasta and Santiago.
Branch at Rio de Janerio, Brazil. Subbranches at Santos, Sao Paolo, Pernambuco,
Para, and Baliia.
12060°—CUR 1915
76
BEPORT OF THE COMPTROLLEB OF THE CURRENCY.
Branch at Habana, Cuba. Subbranches at Santiago, Matanzaa, Cienfuegos, Guantanamo, Camaguey, Cardenas, ManzanilLo, Cuba; Kingston, Jamaica; and Santo
Domingo, Santo Domingo.
The application of the Commercial National Bank of Washington
to establish branches at Panama and Cristobal was also approved.
The principal assets and liabilities of the branches reporting on
September 2, 1915, were as follows:
Branches of National City Bank of
Nevr York.
Habaca.
Montevideo,
subbranch.
Buenos
Aires.
Branches of Commercial National Bank
of Washington.
Panama.
Cristobal.
ASSETS.
Loans
Due from banks
Cash
Aggregate assets
$520, 194
477,903
988,181
1,989,425
$126,734
13,870
3)4,617
461,786
$4,010,910
1,133,098
971,019
6,907,942
1,000,000
928
761.999
220,113
250,000
1,000,000
76,468
573,352
5,192,441
$47,197
585,358
165,535
872,679
$6,168
53,245
26,448
88,913
LIABILITIES.
Capital
Profits
Due to banks
Deposits
,
20,404
182,382
0)
16,504
851,699
0)
*88,8i5
i Amount to be set asidu when required, $100,000.
VOLUNTARY LIQUIDATION OF NATIONAL BANKS.
Any national bank may be placed in voluntary liquidation by
shareholders representing at least two-thirds of the stock. (Sec,
5220, U. S. Rev. Slat.) Meetings of shareholders for this purpose
are called in conformity with the requirements of the articles of
association, at which meeting, in addition to adopting a resolution
for the liquidation of the bank, provisions are made either for immediate liquidation of the assets, where practicable, settlement with
creditors and shareholders, or the appointment of a liquidating agent
to settle the affairs of the bank as speedily as possible in the interest
of both creditors and shareholders.
The liquidations during the past year numbered 84. One of the
banks concerned was subsequently placed in charge of a receiver, as
well as one that had liquidated the previous year; hence the net
reduction for the year by voluntary liquidations was 82. The capital
of the 84 banks involved was $14,320,000. Of these banks 11, with,
capital of $1,925,000, were absorbed by other national banks; 24,
with capital of $7,820,000, consolidated with other national banks;
17, with capital of $2,040,000, were absorbed by or consolidated with
State banks and trust companies; 22, with capital of $1,635,000,
liquidated and reorganized as State banks; 2, with capital of $150,000,
liquidated for the purpose of reorganizing as national banks; 1, with
capital of $50,000, the corporate existence of which expired by limitation, was succeeded by a new national bank. Seven banks, with
combined capital of $700,000, liquidated for the purpose of discontinuing business.
Oi the 10,706 national banks organized from 1863 to 1915, 2,632,
with capital oi $473,134,660, were closed voluntarily either by vote
of shareholders or permitted to expire by limitation at the close of
corporate existence.
Digitized fortheir
FRASER
REPORT OF THE COMPTROLLER OF THE CURRENCY.
77
FAILURES AND SUSPENSIONS OF NATIONAL BANKS.
Although the conditions in the financial and business world during
the past 12 months were abnormal, only 14 national banks were closed
during the report year ended October 31, 1915. Receivers were
appointed for these 14 banks, the aggregate capital of which was
$1,830,000. Of that number 4, with capital of $125,000, were subsequently placed in a solvent condition and authorized to resume
business, hence the loss to the system by failures during the year was
but 10 banks, involving a capital of only $1,705,000.
The date that each bank was authorized to commence business,
date of the appointment of the receiver, the capital stock, and the
circulation issued, redeemed, and outstanding, are shown in the f ollowi n table:
Title and location of
bank.
First National Bank,
Islip, N.Y.i
First National Bank,
Uniontown, Pa
Farmers and Merchants
National Bank,
Mount
Morris, Pa.1
Union National Bank,
Providence, Ky.*
State National Bank,
Little Rock, Ark.a
German National Bank,
Pittsburgh, Pa
Mercantile N a t i o n a l
Bank, Pueblo, Colo
Silverton National Bank,
Silverton, Colo.*
First National Bank,
Perry. Ark.i
Third National Bank,
Fitzgerald, Ga.i
Union National Bank,
Monroe, La
Dresden National Bank,
Dresden, Ohio
Island City National
Bank, Key West, Fla .
Wharton National Bank,
Wharton, Tex
Date of
Char- authority
to
ter
commence
No.
business.
Capital
stock.
Issued.
8794
July 12,1907
Dec. 30,1914
$25,000
$6,250
270
Feb. 20,1864
Jan. 19,1915
100,000
100,000
Oct.
Feb.
6983
8,1903
ReOutdeemed. standing.
$2,250
$4,000
100,000
4,1915
25,000
15,000
4,250
10,750
Feb. 12,1915
25,000
25,000
3,800
21,200
970S
Mar. 24,1910
6902
July 29,1903
Feb. 17,1915
500,000
199,650
89,700
109,950
757
Jan. 26,1865
Mar.
4,1915
500,000
493,750
29,S50
463,900
4108
Aug. 31,1889
Mar. 30,1915
200,000
80,800
5,900
74,900
7784
Juns 12,1905
Apr. 9,1915
25,000
18,900
1,300
17,600
6706
Mar. 31,1903
May 17,1915
25,000
10,000
10,009
8966
Dec. 17,1907
June 3,1915
50,000
50,000
50,000
Mar.
4,1912
June 24,1915
200,000
49,997
6529
Dec. 13,1902
July 15,1915
25,000
23,100
1,800
21,300
7942
Oct.
July 29,1915
100,000
89,400
5,600
83,800
6313
Juno 21,1902
30,000
7,000
700
6,300
1,830,000 1,168,847
145,150
1,023,697
10153
Total (14 banks)
1
Circulation.
Date of
appointment
ofreceirer.
Restored to solvency.
7,1905
do
49,997
Formerly in voluntary liquidation.
The German National Bank of Pittsburgh, Pa., with a capital stock
of $500,000, was closed by order of the board of directors on March 4,
1915. In point of gross assets, which amounted to $7,775,767, this
was the largest national bank placed in charge of a receiver during
the year ending October 31, 1915. Under a liquidation plan in which
the First-Second National Bank of Pittsburgh, Pa., cooperated with
the shareholders and depositors of the German National Bank, the
creditors were enabled to receive 100 per cent and interest in full on
their claims.
The First National Bank of Uniontown, Pa., was closed on January 19, 1915, with a capital stock of $100,000 and total assets of
$3,560,279.86. The settlement of the affairs of this receivership are
progressing slowly, due to the character of the assets, which consist
ofFRASER
obligations secured largely by undeveloped coal lands.
Digitized for
78
REPORT OF THE COMPTROLLER OF THE CURRENCY.
The first failure of a national bank was in 1865, but from that date
until the close of business on October 31, 1915, the number of such
banks placed in the hands of receivers had increased to 566. Of this
number, however, 34 subsequently were restored to solvency and
permitted to resume business. The total capital of these failed
banks was $93,735,920, while the book or nominal value of the
assets administered by receivers under the supervision of this bureau
aggregated $387,511,237, and the total cash realized from the liquidation of these assets was $191,978,839. In addition to this amount,
however, there has been realized from assessments of $48,534,740,
levied against stockholders, the sum of $23,106,136, making the total
cash collections from all sources $215,084,975, which have been disbursed as follows:
In dividends to creditors on claims proved, amounting to $201,766,842,
the sum of
$150,342,887
In payment of loans and other disbursements discharging liabilities of
the bank other than those of the general creditors
44, 314,390
In payment of legal expenses incurred in the administration of such
receiverships
5, 414, 587
In payment of receivers' salaries and other expenses of receiverships...
9, 679, 524
There has been returned to shareholders in rebates on assessments levied3, 488, 523
Leaving a balance in the hands of the Comptroller and the receivers of. 1, 845, 064
Total
215,084, 975
In addition to the funds thus distributed there had been returned,
at the close of business on October 31, 1915, to agents for shareholders,
to be liquidated for their benefit, assets having a nominal value of
$14,679,787.
The assets of the 55 national banks that are still in charge of receivers
have a book or nominal value of $68,093,680. The receivers had
realized from these assets at the close of business on October 31, 1915,
the sum of $32,018,847, and had collected from the shareholders on
account of assessments levied against them to cover deficiencies in
assets the further sum of $2,402,3 36, making the total collections from
all sources in the liquidation of current or active receiverships the
sum of $34,421,213, which amount has been disbursed as follows:
Dividends to creditors
.---.---.§21> 972, 803
%
Loans paid and other disbursements discharging liabilities of the bank
other than those of the general creditors
8, 338, 777
Legal expenses
,.
609, 906
Receivers' salaries and all other expenses of administration
1,134, 922
Returned to shareholders on account of rebates on assessments
556, 512
Leaving a balance in the hands of the Comptroller and the receivers of..
1, 808, 293
Total
34, 421, 213
The collections from the assets of the 511 national banks, the
affairs of which have been finally closed, amounted to $159,959,992,
and, together with the assessments of $20,703,770 levied against
the shareholders, make a total of $180,663,762, from which, on
claims proved aggregating $167,443,879, dividends amounting to
$128,370,084 were paid.
The average rate of dividends paid on claims proved was 76.66 per
cent, but, including offsets allowed, loans paid, and other disbursements with dividends, creditors received on an average 82.95 per cent.
The expenses incident to the administration of these 511 trusts—that
REPORT OF THE COMPTBOLLEB OF THE CURRENCY.
79
is, receivers' salaries and legal and other expenses—amounted to
$13,349,283, or 4.18 per cent of the nominal value of the assets and
7.39 per cent of the collections from assets and from shareholders.
The outstanding circulation of these banks at the date of failure was
$24,447,494, which was secured by United States bonds on deposit
in the Treasury of the face value of $26,679,900. The assessments
against shareholders averaged 50.29 per cent of their holdings, while
the collections from the assessments levied was 48.28 per cent of the
amount assesed. The total amount disbursed during the current year
to the creditors of the 29 insolvent banks in the 41 dividends declared
was $3,655,111.
In the table following is summarized the condition of all insolvent
national banks, the condition of the closed and active receiverships
being shown separately:
Total assets taken charge of by receivers
Disposition of assets:
Offsets allowed and settled
Loss on assets compounded or sold under order of court
Nominal value of assets returned to stockholders
Nominal value of remaining assets
Collected from assets
Total.
Collected from assets as above
Collected from assessment upon shareholders.
Total collections.
Disposition of collections:
Loans paid and other disbursements
Dividends paid
Legal expenses
Receivers' salary and other expenses
Balance in hands of Comptroller or receivers .
Amount returned to shareholders in cash
Total.
Capital stock at date of failure
Bonds at failure
A mount realized from sale of bonds
Circulation outstanding at failure
Amount of assessment upon shareholders.
Claims proved
Closed receiverships,
511.1
Active receiverships,
$319,417,557
$68,093,680
$387,511,237
25,699,208
114,874,255
14,679,787
4,204,315
159,959,992
8,164,423
5,830,980
33,863.631
120,705.235
14,679,787
26,283,745
191,978,839
Total, 566.
319,417,557
22,079,430
32,018,847
68,093,680
387,511,237
159,959,992
20,703,770
32,018,847
2,402,366
191,978,839
23,106,136
180,663,762
34,421,213
215,084,975
35,975,613
128,370,084
4,804,681
8,544,602
36,771
2,932,011
8,338,777
21,972,803
609,906
1,134,922
1,808,293
556,512
44,314,390
150,342,887
5,414,587
9,679,524
1,845.064
3,488,523
180,663,762
34,421,213
215,084,975
2 85,260,920
26,679,900
28,512,057
24,447,494
42,879,290
167,443,879
8,475,000
6,083,650
1,406,037
6,054,104
5,655.450
34,322,963
93,735,920
32,763,550
29,918,094
30,501,598
48,534,740
201,766,842
1 Includes 34 banks restored to solvency.
Includes capital stock of 34 banks restored to solvency.
2
The affairs of 15 insolvent banks were closed during the year
ended October 31, 1915, and in the accompanying table appears
information relative to the capital, date of appointment of receiver,
and per cent of dividends paid to creditors.
80
EEPOET OF THE COMPTBOIXER OP THE CURRENCY.
Location.
Title.
Buffalo County National Bank
Kearnev, Nebr
National Bank of
11oldenville, I ad. T
Capitol National Bank
Guthrie, Okls
Bates National Bank
Butler, Mo
First National Bank
Chariton, Iowa
First National Bank
Carroll, Iowa
Middleport National Bank
Middleport, CHrio 1
Union National Bank
Columbus, Ol'io
First National Bank
New Berlin, N . Y
American National Bank
Pensacola, Fli.*
First National Bank
Islip,N. Y.»...
Farmers and Merchants National Bank Mount Morris, Pa.8
Union National Bank
Providence, Ky.»
Perry Ark.*
First National Bank
Fitzgerald, G :».*..
Third National Bank
1
Formerly in voluntary liquidation.
2 And interest.
Date receiver
appointee..
Nov.
Mar.
/pr.
F-ept.
Oct.
Oct.
May
Dec.
Apr.
Sept.
I ec.
Feb.
Feb.
Fay
June
3
Per cent
Capital. dividends
paid to
creditors.
10,1? 94 $100,000
23.UO4
50,000
4,H04
100,000
20, K06
50,000
31,] [07
50,000
21,HOS
100,000
9,1< 10
50,000
7,1U1 75O,O('O
15,1U2
ion, wo
2,1U4
300,000
30,Ivl4
25,000
4,1U5
25,000
12,H15
25,000
f
I7,l 15
25,000
3,1<15
50,000
21.00
27.00
100.00
78.50
47.87
63.10
2100.00
77.75
Restored to solvency.
CAUSES OF FAILURES.
Two hundred and eight, or over one-third, of the 566 failures of
national banks were attributable to criminal acts. In 41 of the
208 instances defalcation of officers was the cause; in 125 fraudulent
management; and in 42 the banks were wrecked by cashiers or
subordinate officers. Unlawful loans—that is, loans in* excess of the
statutory limit—were the principal causes of 111 of the failures. In
59 of the 111 instances excessive loans were made to officers and
directors and in 52 to others than officers and directors. Depreciation
in the value of assets was the primary cause of 82 of the failures.
Injudicious or careless banking was the cause of 136, or nearly onefourth of the total number, and the remaining 29 failures were
ascribed to insolvency of large debtors, "runs/' nonhquidity of
assets, etc.
In the following tables are shown the number and percentages of
failures from principal causes, together with the number of times the
principal causes figured:
Principal cause* offailure* of national banks.
Per cent.
Involving criminal actions
Defalcation of officers
Fraudulent management
Wrecked by cashier
Wrecked by defalcation bookkeeper
Wrecked by assistant cashier
Involving unlawful acts
Excessive loans to officers
Excessive loans to others
Depreciation of assets
Securities
Real estate
General stringency money market
Failure of large debtors
Injudicious banking
Closed by run or in anticipation
No record of cause...,
Total
41
] 2 "i
39
1
2
5')
52
18
14
50
..
100.0
REPORT OF THE COMPTROLLER OF THE CURRENCY.
81
Number of times principal causesfiguredin the failures of national banks.
Ne.
Involving criminal actions
Defalcation of officers
Fraudulent management
Involving unlawful acts
Excessive loans to officers
Excessive loans to others
Injudicious banking
Depreciation of securities
54
205
76
54
259
130
400
278
NATIONAL BAtfK CIKCULATIOH.
BONDS AND OTHER SECURITIES AND CIRCULATION SECURED THEREBY
AT THE END OF EACH MONTH FROM NOVEMBER 30, 1914, TO OCTOBER
31, 1915.
At the close of November, 1914, the total amount of national bank
circulation outstanding was $1,111,999,076, of which $740,500,821
was secured by United States bonds, $270,078,236 by miscellaneous
securities, and $101,420,019 by deposits of lawful money. By reference to the following table it will be noted that circulation secured
by miscellaneous securities was very rapidly retired. The law providing for the issue of that currency expired by limitation on June
30, 1915, and while the table indicates that on that date there was
still outstanding circulation of that character to the amount of
$719,561, as a matter of fact provision had been made for the retirement of all the circulation but some $200,000 issued to a bank that
subsequent thereto had been placed in charge of a receiver. On
June 30 the total amount of circulation outstanding was $819,273,593,
of which $725,313,141 was secured by United States bonds, $719,561
by miscellaneous securities, and $93,240,891 by lawful money. At
the close of the year in question bond-secured circulation amounted
to $722,754,924; that secured by lawful money, $56,991,554; and the
remainder, $171,203, by miscellaneous securities held on account of the
insolvent bank heretofore mentioned. From the table in question
it will be noted that there was a decline in the volume of United
States bonds on deposit to secure circulation from $744,641,550 on
November 30, 1914, to $734,975,540 on October 31, 1915, and that
during the same period deposits of miscellaneous securities declined
from $272,535,691 to $171,203.
Bond and circulation accounts at the close of each month of the
year ended October 31, 1915, are summarized in the following table:
82
REPORT OP THE COMPTROLLER OP THE CURRENCY.
Circulation secured by—
Issue value
United States of miscellaneous securibonds on1
Miscellaties on de- United States neous
deposit.
Lawful
securiposit.
bonds.
money.
ties.
Date.
1914.
Nov.30
Dec.31
Total circulation outstanding.
$744,641,550 $272,535,691 $740,500,821 $270,078,236 $101,420,019 $1,111,999,076
744,447,550
152,699,372 720,332,713 150,836,692 168,541,616 1,039,711,021
1915.
Tan. 31
Feb. 28
Mar.31
Apr.30
May31......
June 30
July 31
Aug.31
Sopt. 30
Oct. 31
742,029,550
737,900,850
736,134.940
736,105,290
736,157.290
736.024.190
735,682,530
735,517.030
735,621,190
734,975,540
1
68,478,505
32,238,674
15,154,695
6.582.581
2,508,940
719.561
185,245
181,778
172,203
171,203
723,174,853
716,818,018
718,984,138
722,193.808
725.677.969
725,313.141
723,617,314
722,978.831
722.769.381
722,754,924
67-307,165
31,133,734
15,154.695
6,582,581
2.508,940
719,561
185,215
181,778
172,203
171,203
191,724,115
190,078,639
165.409,147
139,016,678
112.101.038
93.240.891
80.798.814
70.626,198
63,794,876
56,991,554
982,206,133
938,030,441
8^9,547,980
867.793,067
840.287,947
819 273593
804,601,373
793,786.802
786.736.46C
779,917,681
Includes bonds held for account of banlis in process of liquidation.
DEPOSITS AND WITHDRAWALS OF UNITED STATES BONDS.
While the Federal reserve act provided that banks organized thereafter would not be required to deposit United States bonds as a
prerequisite to being authorized to begin business, the law in question
is not construed as prohibiting newly organized banks from depositing bonds and becoming banks of issue. The records show that of
the 327 banks chartered since December 23, 1913, 152 deposited
Government bonds and obtained circulation thereon, while 175 did
not avail themselves of the privilege. Of the 144 banking associations authorized to begin business during the year ended October 31,
1915, 49 deposited bonds and became banks of issue, while 95 did
not deposit bonds. The amount of the bonds deposited by newly
organized banks as security for circulation during the year was
$2^905,510. The total amount of bonds deposited during the year—
that is, by newly organized banks and those increasing their circulation—was $16,357,810. In the same period withdrawal of bonds by
banks reducing their circulation and by banks placed in voluntary
liquidation and on account of those placed in charge of receivers
totaled $26,122,870, hence an excess of withdrawals over deposits of
$9,765,060.
The transactions during each month of the year are shown in the
accompanying table:
REPORT OF THE COMPTROLLER OF THE CURRENCY.
83
United States bonds deposited as security for circulation by banks chartered and by those
increasing their circulation, together with amount of bonds withdrawn by banks reducing
circulation and by those closed, during each month.
Bonds
deposited
by banks
chartered
during the
year.
Date.
November
1914.
$1,019,200
1,162,250
$993,250
950,000
$125,000
406,250
$12,500
350,010
151, 250
129,250
116,500
178,400
74,600
234, 500
1,411,000
247, 500
1,036,750
694,560
2,040,090
1,891,850
2,780, 750
4,270,000
2,078,000
1,128,000
564,500
67,500
684,000
721,500
475, 500
1,293, COO
674,000
553, 260
1,628, 000
693. 500
1,272^ 500
1,281,500
437, 260
137,500
1,837, 500
320,000
i 2,905,510
16,357,810
16,006, COO
9,360,270
December
January
February
March
April
May
June
July
1915.
August
September . . .
October
Total
.
. . .
Bonds deposited by
Bonds
Bonds
all banks
Bonds
chartered w i t h d r a w n withdrawn withdrawn,
banks in
and those b y b a n k s by banks
in'liquidainsolincreasing reducing
tion.
vency.
circulation circulation.
during the
year.
1,889, OCX)
1,265,900
779,600
1,193,600
2,417,160
967,950
$100,000
100,000
50,000
500,000
750,000
i With the exception of $15,000, all of these bonds wore deposited subsequent to the issuance of charters.
SALE OF UNITED STATES BONDS BY NATIONAL BANKS TO FEDERAL
RESERVE BANKS.
Included in the powers of Federal reserve banks is that of purchasing United States bonds in the open market and the depositing of
such bonds with the Treasurer of the United States as security for
circulation. It is also provided by section 18 of the Federal reserve
act that:
After two years from the passage of this act * * * any member bank desiring
to retire the whole or any part of its circulating notes may file with the Treasurer of
the United States an application to sell for its account, at par and accrued interest,
United States bonds securing circulation to be retired..
The Treasurer shall, at the end of each quarterly period, furnish the Federal Reserve
Board "with a list of such applications, and the Federal Reserve Board may, in its
discretion, require the Federal reserve banks to purchase such bonds from the banks
whose applications have been filed with the Treasurer at least ten days before the
end of any quarterly period at which the Federal Reserve Board may direct the purchase to be made: Provided, That Federal reserve banks shall not be permitted to
purchase an amount to exceed $25,000,000 of such bonds in any one year, and which
amount shall include bonds acquired under section four of this act'by the Federal
reserve bank.
Provided further, That the Federal Reserve Board shall allot to each Federal reserve
bank such proportion of such bonds as the capital and surplus of such bank shall bear
to the aggregate capital and surplus of all the Federal reserve banks.
This provision will become effective December 23, 1915, and the
end of the first quarterly period following that date is December 31.
The Federal Reserve Board announced in October last that—
The board has now determined that it will not undertake to require banks to purchase any bonds for the retirement of circulation prior to the end of the quarterly
period closing March 31, 1916. It will, however, permit banks to begin filing applications as soon as they see fit, notwithstanding that assignments will not be made
until the date heretofore indicated.
84
REPORT OF THE COMPTROLLER OF THE CURRENCY.
Subsequently the board adopted tlie following resolution:
Resolved, That until further notice, in requiring Federal reserve banks to purchase
United States bonds offered for aaje by member banks under the provisions of section
18, the Federal Reserve Board will not allot to any one Federal reserve bank in any
one quarter more than one-fourth of its pro rata share of the bonds to be purchased
during the calendar year under the provisions of this section.
In answer to this inquiry—
In case the applications received exce€>d the amount to be allotted will the allotments be based upon the order of receipt of the applications or upon the pro rata
share of each applying bank?—•
the board advised:
It would seem that if the applications Jiled with the Treasurer exceed the amount
to be allotted in any one quarter, the allotments should be based not upon the order
of receipt of such applications but rather upon the pro rata share of each applying bank.
The act evidently contemplates that any bank which has its application on file 10
days prior to the end of the quarterly period will be on an ecjual footing with any other
bank which has filed a similar application, and the order in which such applications
are received would seem to be immaterial, as long as they are filed before that 10-day
period.
The board also states that bants whose applications have not been
granted in full at one-quarter day should reapply.
As to the date from which the accrued interest on the bonds that
are sold will be figured, it is stated that:
There is nothing definite in the act to indicate what date shall be fixed to determine the amount of accrued interest on the bonds sold under section 18, but all provisions of that section, as read together, would seem to justify the conclusion that
the accrued interest should be figured as of the date on which the lawful money to
cover the purchase price of such bonds is deposited with the Treasurer of the United
States.
Bonds made eligible for sale by member banks under the section in
question are not limited to 2 per cent bonds, but to any United States
bonds which are on deposit to secure circulation, which are as follows::
Two per cent consols, 2 per cent Panama Canal bonds, 3 per cent bonds
of 1908-1918, and 4 per cent bonds of 1925.
BONDED DEBT OF THE UNITED STATES AND NATIONAL-BANK INVESTMENTS THEREIN.
The bonded debt of the United States on October 31, 1915, was
$970,624,590, an increase over the corresponding period in 1914 by
only $1,799,040, the amount of postal-savings bonds issued during the
last year. Of this debt, $730,882,130—the 2 per cent consols and "Panama loans of 1936-1938—bear 2 per cent interest. The postal-savings
bonds, aggregating $7,307,100, bear 2\ per cent; the loans of 19081918 and 1961, amounting to $113,945,460, 3 per cent; and the loan
of 1925, 4 per cent. The aggregate interest charge was $22,958,279.90,
the average rate being 2.3653.
All of these bonds with the exception of the Panama 3's of 1961.,
and postal savings bonds, are available as security for national bank
circulation. At the close of the year in question the Treasurer of the
United States held in trust as security for national-bank circulation
government bonds to the amount of $734,975,540, and to secure
government deposits, $33,525,650. On September 2, 1915, the
national banks' investment in government bonds, including nominal
amount of premium, amounted to $781,726,220, hence their invest
REPORT OF THE COMPTROLLER OF THE CURRENCY.
85
ments unpledged in these securities, including the nominal premium,
was $13,225,030.
In addition to the United States bonds held as security for public
deposits, miscellaneous securities aggregating $16,048,600, are held by
the Treasurer of the United States tor the same purpose.
In the following table there is shown in detail the Government
bonded debt, together with the amount and kind of bonds on deposit
to secure circulation and public deposits, and the amount of miscellaneous securities held by the department to secure public deposits.
Interest-bearing bonded debt of the United States and bonds on deposit to secure nationalbank circulation and Government deposits, Oct. 31, 1915.
Kinds of bonds on deposit.
United States consols of 1930 (twos)
United States loan of 1908-1918 (threes).
United States loan of 1925 (fours)
United States Panama of—
193G(twos)
1938 (twos)
1961 (threes)
U.S.
bonded
debt.
On deposit
to secure
nationalbank notes.
$646,250,150 $600,678,600
63,945,400
20,377,720
118,489,900
32,304,800
54,631,980
30,000,000
50,000,000
52,892,440
28,721,980
On deposit
to secure
public
deposits.
$11,525,850
4,547,200
3,220,600
1,138,500
500,000
12,587,500
33,525,650
District of Columbia (three-sixty-fives).
Philippine loans (fours)
Philippine Railway (fours)
Manila Railroad (fours)
Porto Rico loans (fours)
Postal savings bonds (two-and-a-halfs)..
Territory of Hawaii (various)
State, city, railroad, etc. (various)
Total.
585,000
4,522,000
706,000
10,000
1,394,000
7,307,100
970,624,590
1,308,000
7,523,600
734,975,540
16,048,600
NATIONAL BANK NOTES IN CIRCULATION.
In the statement issued by the Comptroller of the Currency at the
close of each month the aggregate amount of national bank circulation outstanding is shown and includes not only the amount secured
by bonds deposited by the active banks, but the amount so secured
on account of banks in liquidation (lawful money not having been
deposited to retire circulation and withdraw the bonds), and also the
amount secured by lawful money deposited for the reduction of
circulation and on account of insolvent and liquidating banks.
The amount of circulation outstanding, as shown by the records of
this bureau, and the amount reported outstanding by the active
national banks differ materially. The figures for August 31, 1915,
from the office records and for September 2 from the reports of
national banks show that the total amount secured by bonds and
lawful money exceeded the amount reported by the banks by
S75, 290, 216. This difference is due in large part to the fact that the
banks do not show in their reports of condition as outstanding, notes
received from the Comptroller but not actually placed in circulation
by them.
On August 31 the amount of circulation secured by United States
bonds was $722,978,831, by miscellaneous securities deposited and
held under authority of the act of May 30, l°08, $181,778, and by
86
REPORT OF THE COMPTROLLER OF THE CURRENCY.
lawful money $70,626,198, an aggregate of $793,786,807, as against
$718,496,591 shown by the reports of the banks on September 2.
The stock of money in the country on September 1, 1915, that is,
specie, United States and bank notes, aggregated $4,061,659,127,
hence the percentage of national bank circulation was 19.54. The
general stock on September 1, 1914, was $3,819,916,263, of which
$877,540,281, or 22.97 per cent, was in national bank notes. The
decline in amount and relative proportion of national bank circulation during the year was attributable to the retirement of all of the
circulation issued under authority of the act of 1908, with the exception of approximately $200,000.
The volume of bank circulation reported outstanding at date of
each "call" during the year ended September 2, 1915, by national
banks in New York, in the three central reserve cities, in other
reserve cities, and elsewhere in the country, stated in millions of
dollars, is shown in the following table:
Oct. 31,1914
Dec. 31,1914
Mar. 4,1915
May 1,1915
June 23,1915
Sept. 2,1915
DENOMINATIONS
New York.
New York,
Chicago,
and St.
Louis.
142.7
49.4
39.5
38.2
38.3
37.3
203.5
87.8
71.4
69.8
69.8
66.3
Other
reserve
cities.
All other
reserve
cities.
273.6
222.7
174.9
176.9
175.6
175.1
OF NATIONAL BANK
Country
banks.
477.1
310.5
246.3
246.7
245.4
241.4
541.0
538.3
500.2
481.0
477.3
477.1
Total.
1,018.1
848.8
746.5
727.7
722.7
718.5
CIRCULATION.
On March 13, 1900, the date prior to that of the act authorizing
the issue of circulation to the par value of United States bonds
deposited, the amount of national bank circulation outstanding was
$254,026,230, while on October 31, 1915, the amount was $779,917,681, an increase of $525,891,451, or over 200 per cent.
In the following table is shown the amount of each denomination
outstanding on March 13, 1900, and October 31, 1915:
Denominations.
Ones
Twos .
Fives
Tens
Twenties
Fifties
..
One hundreds
Five hundreds .
One thousands
Unredeemed fractions
.
.
.
..
.
. . .
.
Mar. 13,1900. Oct. 31,1915.
$348,275
167,466
79,310,710
79, 378,160
58,770, 660
11,784,150
24,103,400
104,000
27,000
32,409
$342,303
163, 552
126,062,290
335,933,620
244,983,060
31,212,650
42,406,300
88,500
22,000
54,518
254,026,230
781,268,793
1,351,112
254,026,230
779,917,681
Less notes redeemed but not assorted by denominations
Total
VAULT ACCOUNT OF NATIONAL-BANK
CIRCULATION.
On October 31, 1914, the stock of national bank circulation in the
vaults of this office amounted to $696,195,670. The receipts from the
Bureau of Engraving and Printing were $224,025,550, and from
REPORT OF THE COMPTROLLER OF THE CURRENCY.
87
incomplete notes shipped to the banks on orders for circulation, under
the act of May 30, 1908, returned to the office unsigned and taken up
in the stock, $19,202,540, making the total to be accounted for
$939,423,760. During the year there was issued to the banks
$364,049,710, and in the same period there was withdrawn from the
vaults for cancellation and destruction on account of liquidations, etc.,
$29,381,310. This left in the vaults at close of business October 31,
1915, $545,992,740.
PROFIT ON NATIONAL-BANK CIRCULATION.
Through the courtesy of the Government actuary there is presented
in the appendix of this report a computation of the profits on nationalbank circulation in excess of 6 per cent on the bond cost, based upon
a deposit of $100,000 of United States consols of 1930, 4 per cent
bonds of 1925, and Panama Canal bonds, at the average net price
monthly during the year ended October 31,1915. In the computation
from the gross receipts, that is, interest on the bonds and 6 per cent
interest on 95 per cent of the circulation received (par of the amount
received, less the 5 per cent redemption fund), there is deducted the
taxes on circulation, expenses incident to the issue of circulation, and
the sinking fund. From the net receipts thus determined there is
deducted the interest on the cost of bonds at 6 per cent, thus showing
the profit on the issue of circulation in excess of 6 per cent on the
investment in the bonds. Consols of 1930 were at the lowest point
during the year in December, 1914, namely, 96.315, hence the resultant profit was at the maximum, namely, 1.565 per cent. The highest
quotation, 99.063, was in March, 1915, and the indicated profit on
circulation at that time 1.244 per cent. The October, 1915, quotation was 97.160, and the indicated profit 1.475 per cent.
The 4Js of 1925 were quoted 110.755 in November, 1914, and the
computed profit on circulation at that price 1.103 per cent. The lowest quotation, 108.726, was reported in the following month, and at
that price the profit on circulation was 1.362 per cent. From January
to July, 1915, the quotations exceeded 110, but in October had declined "to 109.630; at this price the profit on circulation was 1.165.
The 2 per cent Panama Canal bonds of 1916-1936 were quoted at
96.750 in November, 1914, and dropped to 95.740 in December, the
lowest point during the 12-month period covered by the computation.
At this low point the profit on circulation was 1.557 per cent. In
October, 1915, on a quotation of 96.152, the computed profit on bank
circulation in excess of 6 per cent was 1.521 per cent.
In connection with the computations in question, there appears in
the appendix a table showing the monthly range of prices for United
States bonds in New York from November, 1913, to October, 1915,
together with the investment value of these securities.
NATIONAL BANK CIRCULATION REDEEMED.
National bank circulation to the amount of $800,722,283 was received at the National Bank Redemption Agency during the year
ended October 31, 1915, an increase of nearly $150,000,000 over the
amount received during the prior year, the increase being due to the
extraordinary issues and redemptions of circulation authorized by the
88
REPORT OF THE COMPTROLLER OF THE CURRENCY.
act of May 30, 1908. As will bo noted from the statement following
over 40 per cent of the circulation redeemed was received during the
months of November and December, 1914, and January, 1915. It
appears from the agency returns that of the total receipts notes fit
for circulation amounting to $112,498,700 were redeemed and returned to the banks of issue as provided by law.
In addition to the national bank circulation received for redemption
there was also received for redemption and destruction by that agency
$8,136,010 in Federal reserve notes, or aggregate receipts of $S08,858, 293. With the exception of about 18 per cent which was received
from various sources, all of the circulation delivered to the department
for redemption was from the following cities: New York, Boston,
Philadelphia, Baltimore, Chicago, Cincinnati, St. Louis, and New
Orleans. As will be noted from tho accompanying statement, over
40 per cent of the receipts were from the city of Now York.
The average redemption cost for each $1,000 of circulation redeemed
was $0.6514 -f, and the expense incident to the redemption of national
bank circulation during the fiscal year 1915 was $498,^28.60.
The amount of national bank circulation received for redemption
each month, together with the principal sources of receipts, are shown
in the following statements:
Monthly receipts.
1914—November
December
1915—January
February
March
A pril
May
June
July
August
September
October
$93, 803, 824
114, 511., 922
132, 509,108
61,184, 576
58,532,415
60, 774,170
52,664,091
51, 274. 302
52,188, 399
42,875,742
38,028.391
42,374,379
Total
800,722,283
Principal sources of receipts.
New York
Boston
Philadelphia
Baltimore
Chicago
Cincinnati
St. Louis
New Orleans
Other places
Total (includes $8,136,010 in Federal reserve notes)
$360, 71H,600
60, 876, 500
42,110,900
15,957,000
106,542,700
18,867,200
46, 069, 6(X>
9, 934, 7 ~0
147,783,043
808, 858, 293
INCREASE OR DECREASE OF NATIONAL BANK CIRCULATION.
The following table shows the amount of increase or decrease of
national bank circulation issued and retired each year since January
14, 1875, the date of the act repealing section. 5177, United States
Revised Statutes, limiting the aggregate amount of circulating notes
of national banking associations:
REPORT OF THE COMPTROLLER OF THE CURRENCY.
89
Yearly increase or decrease in national-bank circulation from Jan. 14, 1875, to Oct. 31»
1914, and quarterly increase or decrease for the year ended Oct. 31, 1915.
Issued.
Date.
From Jan. 14 to Jan. 31,1875
1875
.
1878
1877
1878
1879
18K0
1881
1882
1883
1884
1885
1886
1887
1888
1889
1890
1891
1892
1893
1894
1895
1896
1897
1898
1899
1900
1901
1902
1903
1904
1905
1906
1907
1908
1909
1910
1911
1912
1913
1914
..
....
. . ..
$537,580
12,953,695
7,777,710
19,842,985
12,663,160
27,126,235
8,347,190
34,370,050
21,427,900
12,669,620
8,888,944
17,628,924
8,979,959
16,064,424
15,924,157
5,768,180
9,534,400
18,934,355
12,867,044
41,584,000
10,890,492
20,752,231
31,714,656
7,008,014
34,682,825
19,110,552
101,645,393
123,100,200
42,620,682
68,177,467
69,532,176
90,753,284
84,085,260
56,303,658
141,273,164
82,504,444
57,101,345
49,896,951
38,747,149
37,210,597
387,763,860
Retired.
1
$255,600
18,167,436
28,413,205
16,208,201
9,031,558
6,967,199
6,8S0,458
15,697,878
20,694,838
24,920,477
30,990,730
26,206,200
32,871,849
42,933,463
52,430,030
40,340,254
28,382,190
21,235,457
11,624,877
8,095,313
13,008,267
12,526,159
9,843,648
14,613,787
17,087,925
15,198,118
16,537,068
15,951,527
21,868,006
28,474,958
31,930,783
22,732,060
25,055,739
27,980,139
80,025,078
48,433,296
33,011,015
35,284,247
27,586,734
26,441,867
20,246,418
Increase.
Decrease.
$281,980
$5,213,741
20,635,555
3,634,784
3,631,602
20,159,036
1,466,732
18,672,172
733,062
i, 242, i67
12,250,857
22,101,786
8,577,276
23,891,890
26,869,039
36,505,873
34,572,074
18,847,790
2,301,102
33,488,687
2,117,775
8,226,072
21,871,008
7,605,773
17,594,900
3,912,434
85,108,325
107,148,673
20,752,676
39,702,509
37,601,393
68,021,224
59,029,521
28,323,519
61,248,0K6
34,071,148
24,090,330
14,612,704
11,160,415
10,768,730
367,517,442
Total
From Nov. 1,1914, to Jan. 31,1915
Apr. 30,1915
July 31, 1915
Oct. 31, 1915
1,868,764,912
17,879,795
3,872,880
2,656,180
3,075,820
986,184,112
127,642,235
117,707,336
67,857,242
29,600,720
1,104,071,331
221,490,531
109,762,440
113,834,456
65,201,062
26,524,900
Total
Surrendered to this office and retired
from Jan. 14,1875, to Oct. 31,1915
Grand total
1,896,249,587
1,328,991,645
1,104,071,331
536,813,383
1,104,071,331
592,771,356
55,957,967
55,957,967
1,896,249,587
1,384,949,612
TAXES ON NATIONAL BANKS, REDEMPTION CHARGES, EXAMINERS
FEES, AND EXPENSES OF THE CURRENCY BUREAU.
The exercise of the note-issuing privilege by national banks during
the past year involved an expense to them of $7,418,626.51, of which
$3,901,541.18 was the semiannual tax on United States bond-secured
circulation; $2,977,066.73 on circulation otherwise secured and issued
under authority of the act of May 30,1908; $41,690 the cost of plates
for the printing of circulation; and $498,328.60 expenses incident to
the redemption of circulation.
In addition to these expenses the banks paid $536,299.70 for the
periodical examinations by national-bank examiners, and, roundly,
$1,500,000 income tax. Separate records of the income tax paid by
national banks are not kept by the Internal Revenue Bureau, but it
is incorporated with that from other corporations. The amount of
90
REPORT OF THE COMPTROLLER OF THE CURRENCY.
the tax in question is computed on the basis of the banks7 net earnings for the current year. The total expenses of the banks, as heretofore indicated in detail, are shown to have been $9,454,926.21 for the
year.
From the beginning of the national banking system to June 30,
1915, the Government has received from the banks in taxes imposed
by various acts the sum of $218,200,329.77. The basis and amounts
of these taxes were as follows:
Semiannual tax on circulation
$130,135,185
Monthly tax on circulation, act of 1908, from August, 1914, to July, 1915.
2,977,066
Tax on capital, 1864 to 1883
7, 855, 888
Tax on deposits, 1864 to 1883
60, 940, 067
Tax on capital and surplus, Spanish War act, 1899 to 1902
7, 048, 413
Corporation and income tax (estimated)
9,243, 700
The expenses of the Currency Bureau during the existence of the
national banking system, exclusive of contingent expenses paid from
the general appropriation for contingent expenses for the department,
no separate account of which is kept, are shown to have amounted to
$16,295,462. For the year ended June 30, 1915, the expenses of the
bureau were $738,823 for special dies, plates, printing, paper, etc.,
and $140,152 for salaries.
STATISTICS RELATING TO THE EMERGENCY CURRENCY
ISSUES OF 1914-15.
During financial crises there is always a scarcity of currency due
to hoarding and other causes, and to ameliorate the untoward effects
of that condition recourse is usually had to the use of clearing-house
certificates and to other forms of credit instruments available for
circulation. In the panic of 1907 the extraordinary issues of clearinghouse certificates reached $255,536,300, paid out by some 51 clearinghouse associations. In some localities where clearing house certificates
were not issued, there were issues of cashiers' checks or checks
authorized by clearing houses or associated banks and other corporations for small, uniform amounts, to provide funds for pay rolls, etc.
From the first week in August until the middle of October, 1914,
clearing-house certificates were issued by only twelve clearing-house
associations, the maximum amount issued being $211,778,000. They
were all retired prior to the middle of the following December.
Between the crises of 1907 and 1914 there was no unusual demand
for currency, hence there were no issues of national-bank currency on
other security than United States bonds, although such issues were
possible under the emergency currency act which was written into the
statutes on May 30, 1908, with the proviso that the act expire by
limitation on June 30, 1914. Congress authorized an extension of
the act of 1908 from June 30, 1914, to June 30, 1915, and buttressed
it with such amendments as were thought necessary to make the law
more nearly satisfactory as an emergency measure for the remaining
period of the life of the act.
At the beginning of the crucial period following the declaration of
war in Europe, the general stock of currency in the United States
amounted to $3,735,579,397, of which $368,210,467 was held in
the Treasury as assets of the Government, leaving the amount
in circulation $3,367,368,930. Of the general stock there was in
REPORT OF THE COMPTROLLER OF THE CURRENCY.
91
gold, $1,887,270,664; silver, $748,287,696; United States notes,
$349,114,016; and national-bank notes, $750,907,021.
On August 1, 1914, the stock of incomplete currency in the custody
of the Comptroller of the Currency and available for issue on the
security of United States bonds and other securities was $524,864,470.
The aggregate amount of Government bonds on deposit to secure
circulation, together with the amount of such bonds outstanding and
acceptable for that purpose, aggregated $913,317,500, of which the
national banks had on deposit to secure circulation, $740,796,910, to
secure United States deposits, $23,047,950, and on hand unpledged,
$11,950,300. Hence, only about $137,500,000 of the class of United
States bonds acceptable as security for circulation were not owned
by national banks. This amount, plus $11,955,300, owned but unpledged, or in round amount, $149,500,000, was the measure of the
possible increase of national-bank circulation on the security of
United States bonds.
On August 1, 1914, the outstanding national-bank circulation
amounted to $750,907,020, of which $735,222,801 was secured by
United States bonds, and the remainder, $15,684,220, by lawful
money deposited by banks in liquidation and by those that were
retiring their circulation. On September 12, 1914, the date of the
first report from national banks following the beginning of the European war, the reporting banks had on deposit with the Treasurer of
the United States as security for circulation, United States bonds to
the amount of $736,685,850. On that date the volume of circulation
issuable under the act of 1908, that is, 125 per cent of the combined
capital and surplus of the banks, amounting to $2,230,588,239, less
the amount of currency issued on United States bonds, was $1,493,902,390. As a matter of fact, the authorized issues of currency under
that act, from the date of the first issue on August 4, 1914, to the date
of the last issue on February 13, 1915, was but $386,444,215, or less
than one-fourth of the maximum issuable. The amount authorized
included $910,500 secured by State and municipal bonds deposited
with the Treasurer of the United States in trust by eight national
banks, all other issues being based upon securities deposited with
National Currency Associations.
During the period of activity of issues of circulation under authority
of the act of 1908, the volume of United States bond-secured circulation was practically unchanged. The aggregate amount of outstanding national-bank circulation reached the maximum, during the period
in which emergency circulation was issued, in the middle of November
1914, namely, $1,126,039,600.
The law authorized the deposit of lawful money or national-bank
notes for the retirement of this additional or emergency currency.
By reason of general conditions and the lack of demand for funds,
deposits for retirement of the additional circulation began to be made
as early as the middle of October, and by January 2, 1915, aggregated
$238,698,460, or over 60 per cent of the total circulation authorized to
be issued. Within nine months; that is, by May 1,1915, $380,039,030
of the authorized $386,444,215 of this currency had been retired, and
prior to June 30, 1915, the entire amount issued had been retired
except the sum of $200,000, the amount issued to a national bank
that failed and was placed in charge of a receiver.
12066°—CUR 1915—VOL 1
7
92
REPORT OF THE COMPTROLLER OP THE CURRENCY.
In addition to the securities deposited, the law provided that—
The banks and the assets of all banks belonging to the association (national
currency), shall be jointly and severally liable to the United States for the retirement
of such additional circulation.
SECURITIES UPON WHICH EMERGENCY CURRENCY WAS BASED.
The value of the securities deposited with the currency associations, that is, the market value of the State and miscellaneous
bonds and the face value of the commercial paper and warehouse
receipts, including exchanges, was, roundly stated, $907,880,000,
of which $651,146,000 was in commercial paper. The net value of
the securities, that is, the gross amount deposited less exchanges,
exceeded the value of circulation issued by more than 30 per cent.
Under the provisions of law and the rulings of the department,
securities deposited were classified as follows:
1. State, municipal, and county bonds were accepted at 85 per
cent of the market value.
2. Miscellaneous securities, including industrial bonds, and other
securities, mainly city and town notes arid warrants, were accepted
at 75 per cent of the market value.
3. Commercial paper was accepted at 75 per cent of the face value,
and—
4. Notes secured by warehouse receipts for cotton, tobacco, and
naval stores at 75 per cent of the face value.
The additional circulation authorized and secured by commercial
paper represented 57^ per cent of the total amount authorized; by
miscellaneous securities, 28 per cent; by State, county, and municipal bonds, 14 per cent; and by notes secured by warehouse receipts,
one-half of 1 per cent.
While there were between 7,500 and 7,600 national banks in active
operation during the period in question and 45 national currency
associations organized, the membership of these associations was but
2,197, and of that number only 1,363 took out additional circulation.
None of the banks in four currency associations, namely, Vermont,
Rhode Island, northern New York, and central New York, applied
for circulation. All the States of the Union were included in one or
more of the currency associations excepting Maine and Wyoming.
None of the national banks in nine States, namely, Maine, Vermont,
Rhode Island, Delaware, South Dakota, Montana, Wyoming, Idaho,
and Nevada applied for additional circulation.
Eighty per cent, or $309,308,210 of the authorized issue of
$386,444,215, was for banks in the reserve city associations. The
amount authorized for banks in the National Currency Association of
the city of New York was $144,975,960; Boston, $24,944,500; Chicago, $27,070,000; Philadelphia, $14,883,750; Minneapolis and St.
Paul, $12,798,500; Dallas, $11,337,950; Pittsburgh, $10,978,000; St.
Louis, $10,836,500; Cincinnati, $9,592,500; and San Francisco,
$8,634,500.
The tax collected on this additional circulation from August, 1914,
to June 30, 1915, was $2,977,066.73.
As it is of interest to note the extent to which national-bank circulation might have been issued under the provisions of the act of May
30,1908, by the banks in each State and geographical division, there is
REPOKT OP THE COMPTROLLER OF THE CURRENCY.
93
submitted herewith a table showing the combined capital and surplus
of the banks on September 12, 1914, the date of the first report of condition of national banks made to the Comptroller following the initial
approval of the issue of additional circulation, and as the maximum
oi circulation issuable was made possible to the extent of 125 per
cent of the combined capital and surplus, that amount is also shown.
As this limit included circulation secured by United Stated bonds,
the amount of such bonds on deposit for the date in question is
shown. In the fourth column the difference between the bond deposit
and 125 per cent of capital and surplus, the measure of circulation
issuable on other securities than United States bonds, is stated. The
amount of additional currency authorized is next stated, and subsequently the additional amount available but not applied for under
the terms of the act in question.
Measure of circulation on United States bonds deposited and issuable under act of May 30,
1908, also circulation authorized and issued under that act in each Stale, etc., VJ14-15.
States, etc.
Maine
Ne vv Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut
Total, New England States
Now York
New York City
New Jersey
Pennsylvania
Delaware
Maryland
District of Columbia...
Total, Eastern
States
Virginia
West Virginia
North Carolina
South Carolina
Georgia
Florida
Alabama
Mississippi
Louisiana
Texas
Arkansas
Kentucky
Tennessee
Total, Fouthern
States
Ohio
Indiana
Illinois
Michigan
Wisconsin
Minnesota
Iowa
Missouri
Total, M i d d l e
States
United
Ltates
Capital and 125 per cent
surplus, i ept. of capital
bonds de12, 1914.
and surplus. posited lor
circulation.
Additional
circulation
issuable.
Additional Additional
currency
amount
authorized. available.
$11,615,500
8,773,800
7,093,900
92,246,425
10,783,400
31,297,500
$14,519,375 $6,073,250
1'3,967,250 5,056,500
8,867,375 4,492,500
115,308,031 29,267,638
13,479,250 4, 797,500
39,121,875 13,384,850
161,810,525
202,263,156
63,072,238
139,190,918
93,568,257
237, 705,000
45,445,250
251,353,867
3,337,975
27,771,420
12,119,250
116,960,321
2J7,l:U,2.,0
5'S, 806,563
317,942,335
4,172,469
34,714,275
15,149,062
42,331,107
45,162,850
18,439,434
87,685,910
1,397,750
12,883,740
6,396,920
674,301,019
842,876,275 214,297,711
628,578,564 191,777,710
436,800,854
15,146,000
9,093,750
7,134,194
5,528,000
12,585,381
5,386,750
9,103,7fO
3,275, ,?00
5,151,087
37, 008,571
2,938,010
16,334,610
11,536,750
22,635,566 6,458,100
12,006,019
323,000
8,330,521 4,037,450
7,02-J, 000 3,285,380
17, 741,9.6 6, 28), 625
7,143,202 l,36S,500
11,552,406 4,662,400
3,740,2,1 1,572,000
10,131,869 4,155,0(0
61,375,552 IS,136,3H0
6,476,584
624,000
15,927,2 0 5,150,400
13,623,613 4,968,100
16,177, 166
11,68S,()1«)
4,2:J3,i»71
3,737,620
11,45°,351
5, 774,',02
6,8 0,0%
2,16S,271
5,976,S63
43,23.1,252
5,852,584
10,776,870
8,655,513
30,225,253
16,879,815
12,371,700
10,040,800
21,261,885
10,02.i,i:61
16,524,925
5,612,457
12,226,866
7J,427,2 8
7,531,675
25,809,505
20,128,290
37,781,566
21,099,769
15,464,625
12,551,000
30,327,357
12,529,952
20,656,156
7,015,571
15, 282, 956
99,284,123
9,414,594
32,261,880
25,160,363
271,063,930
338,829,912 141,122,063
94, 764, 728
40,754,236
121,454,406
26,121,922
26,131,400
42,494,455
33,360,626
51,556,119
118,455,910
50,942,<94
151,818,008
32,652,403
32,664,250
53,118,069
41,700,781
64,445,149
436,637,892
545,797,364 196,948,290
45,889,390
25,807,610
43,331,620
9,504,850
13,225,510
12,995,310
18,462,450
27,731,550
$8,446,125
5,910,750
1352,000
4,374,875
86,040,393 28,674,500
8,681,750
25,737,025 i,2oi,66o
$8.446,125
5,558,750
4,374,875
57,365,893
8,681,750
24, 480,025
30,277,500
108,913,418
74,629,214 11,764,000
251,908,400 14 1,775,9*0
38,367,129
1,980,000
230,256,425 21,451,750
2, 774,719
21,8-10,535 * 8,169,000
8, 752,142
637,000
62,8*55.214
107,192,440
30,387,129
205,804,(575
2,771,719
l:;, 661,535
8,115,1-12
61,030,255
136,677,594
72,566,520 16,984,500
25,135,184
719,500
108,48e,3«8 27,825,000
23,147,553 2,414,000
19,438,740 4,864,009
40,122,759 12,416,500
23,238,331 3 018 400
36,713,599 | 13,173,000
55,582,020
24,415,6*4
8D,661,3h8
20,733,553
14,574,740
27,706,259
20,219,931
23,540,599
81,414,900
267,434,174
197,707,849
348,849,074
94
REPORT OF THE COMPTROLLER OF THE CURRENCY.
Measure of circulation on United States bonds deposited and issuable under act of May $0,
1908, also circulation authorized and issued under that act in each State, etc., 1914-15—
Continued.
States, etc.
North Dakota
South Dakota
Nebraska
Kansas
Montana
Wyoming
Colorado.
New Mexico
Oklahoma
Total, Western
States
Washington
Oregon
California
Idaho
Utah
Nevada
Arizona
Alaska
United
States
Capital and 125 per cent
bonds desurplus, Sept. of capital
posited
for
and surplus.
12,1914.
circulation.
$7,687,050
6,089,152
23,857,335
18,670,504
8,057,750
2,948,624
18,126,888
3,146,400
19,335,662
107,919,365
16,149,815
15,340,082
86,419,864
4,099,155
5S107,500
1,716,000
1,925,000
170,000
Additional Additional Additional
circulation
currency
amount
issuable.
authorized. available.
$9,608,813 $3,841,790
7,611,439 3,378,300
29,821,669 12,132,510
23,338,130 10,037,990
10,072,187 3,305,700
3,685,781 1,548,550
22,658,611 9,014,760
3,933,000 1,697,750
24,169,577 1C,449,000
$5,767,023
4,233,139
17,689,159
13,300,140
6,766,487
2,137,231
13,643,851
2,235,250
13,720,577
55,406,350
79,492,857
134,899,207
20,187,268 6,892,110
19,175,103 6,496,510
108,024,831 43,529,067
6,248,943 2,734,250
6,384,375 3,402,000
2,145,000 1,265,000
2,406,250
941,510
212,500
62,500
$150,000
*2* 083* 666"
842,000
$5,617,023
4,233,139
15,606,159
1,395,000
297,500
1,313.700
12,458,140
6,766,487
2,137,231
12,248,851
1,937,750
12,406,877
6,081,200
73,411,657
13,295,158
530,000
12,678,593 2,053,000
64,495,764 13,110,250
3,514,693
i27,"500"
2,982,375
880,000
4i,"9*66'
1,464,740
150,000
12,765,158
10,625,593
51,385,514
3,514,693
2,851,875
880,000
1,422,840
150,000
Total, P a c i f i c
164,784,270 65,322,947
131,827,416
99,461,323 15,862,650
83,598,673
States
Hawaii (island posses1,138,055
516,250
910,444
621,805
621,805
sions)
Total, U n i t e d
States
, 1,784,470.591 2,230,588,239 736,685,849 1,493,902,390 386,444,215 1,107,458,175
LOCATION AND MEMBERSHIP OF CURRENCY ASSOCIATIONS.
In the following table are shown the names and membership of
each of the 45 currency associations, the number of member banks of
each association authorized to receive additional circulation, together
with the amount of circulation approved for the members of each association. The table also shows the amount of additional circulation
applied for, orders for which were canceled, together with the amount
oi currency received by eight banks on the security of State and municipal bonds deposited with the Treasurer of the United States:
REPORT OP THE COMPTROLLER OF THE CURRENCY.
95
Issues of additional circulation approved for banks of each national currency association
in 1914-15.
Associations.
Number
of momIssues of
Number bers au- additional
of mem- thorized circulation
bers.
toreceive approved.
circula-
tion.
Alabama
Albany, etc
Baltimore
Boston
Buffalo, etc
Central New Yor.v.
Central Illinois
Chicago
Cincinnati
Cleveland
Connecticut
Dallas
Denver, etc
Detroit
Florida
Fort Worth
Georgia
Houston
Indiana
Iowa
Kansas City, etc.,
Los Angeles
Louisiana...
Louisville
Milwaukee.
New Hampshire.
Few York.
North Carolina
Northeastern Pennsylvania.
Northern New York
Omaha
Oregon
Philadelphia
Pittsburgh
Rhode Island
Richmond
Rochester
San Antonio
San Francisco
South Carolina
St. Louis.
Twin Cities
Vermont
Washington, D. C.
Washington State.
Total
Approved under section 3.
Grand total.
7G
35
25
70
39
10
12
13
105
27
42
289
19 i
20
30
153
93
$4,229,400
4,747,000
8, ll>9,000
28674,500
5,901,000
2
262,000
12 27,170,000
44
9,592,500
21
8,219,000
10
1,251,000
218 11,337,950
1,395,000
5
2,411,000
7
1,368,500
13
4,620,400
112
7,309.625
83
2,652,950
26
569, 500
9
3,018,400
56
5,467,750
39
4.603,250
36
5,727,000
37
7,800.000
58
4,632', 000
13
352,000
6
32 144,975,960
46
3,904.950
2
300,000
2,083,000
2,053,000
14,8S3,750
10,978,000
6,458,100
850,000
769,350
8,634,500
3,285,380
10,830,500
12,798,500
637,000
530,000
2,107
1,350
385,533,715
910,500
386,444,215
1
2
Issued by 8 banks—7 members and 1 nonmember of currency associations.
Subsequent to approval, orders were canceled for $3,941,570) as follows: Alabama, S1C8.750; Dallas,
$20,950; Detroit, $13,000; New York, $3,726,310; Rochester, $72,550.'
As heretofore stated, approximately 80 per cent of additional circulation issued was received by banks in the reserve cities, as will
appear from the following table, in which is shown the total amount
of such circulation approved for issue to banks in each State and
geographical division, and separately the amount to banks that were
members of reserve city currency associations.
96
REPORT OF THE COMPTROLLER OF THE CURRENCY.
Additional circulation approved for banks in each State and reserve city.
Number
Circulation
banks
Total of
approved by
author- Circulation reserve
num- ized
cities
to
approved
byber of receive
(included in
States.
banks. 1 circulapro ceding
column).
tion.
States.
Maine
New Hampshire
Vermont
Massachuset is
Rhode Island
Connecticut
G9
. .
76
Total New England States
Now York City
New York
New Jersey
Pennsylvania
Delaware
Maryland
District of Columbia
Total Eastern States
.
Total Southern States
Ohio
Indiana
Illinois
Michigan
Wisconsin
Minnesota
Iowa
Missouri
Total Middle States
North Dakota
South Dakota
Nebraska
Kansas
Montana
Wyoming
Colorado
New Mexico
Oklahoma
Total Western States
.
. . .
Total Pacific States
.
...
G
$352,000
47
28,674,500
10
1,251,000
$24,944,500
440
G3
30,277,500
24,944,500
38
441
32
39
7
144,975,900
3,045,000
837
25
54
144,975,9C0
11,564,000
1,980,000
24,451,750
101
13
18
12
8,1G9,000
637,000
7,888.000
637,000
1,057
1G2
191,777,710
178,503,710
135
118
75
55
114
53
90
38
32
519
58
142
11G
40
3
48
52
79
13
G5
18
19
353
8
41
40
G,458,100
323 000
4,037,450
3,285,380
6,289,625
1 368 500
4,662,400
1,572,000
4,155,000
18,136,300
624,000
5,150,400
4,968,100
3,271,000
1,545
779
61,030,255
18,087,000
377
254
4G5
57
9
20
11,834,000
100
131
7
16
274
343
130
18
5G
24
16,984,5C0
719, SCO
27,825,000
2,414,000
4,864,000
12,416,500
3,018,400
13,173,000
27,070,000
1,926,000
3,960,000
11,861,000
1,410,000
12,976,000
2,074
207
81,414,900
71,037,000
149
1
150,000
12
13
2,083,000
842,000
1,994,000
469,500
5
202
.
Virginia
Vest Virginia
North Carolina
South Carolina
Georgia
Florida
Alabama
Mississippi
I ouisiana
Texas
Arkansas
Kentucky
Tennessee
Washington
Oregon
California
Idaho
Utah
Nevada
Arizona
Alaska
50
48
172
19
21,957,750
3,150,000
2,370,000
6,349,000
2,947,000
10G
220
213
Gl
32
125
38
34G
7
1,395,000
297,500
1,313,700
1,395,000
52
1,290
90
6,081,200
4,041,000
2
9
48
530,000
2,053,000
13,110,250
490,000
1,770,000
10,435,000
2
127,500
1
41 900
62
15,862,650
12,695,000
* 1,363 * 386,444,215
309,308,210
78
84
2G2
55
23
10
13
2
527
Hawaii
182,500
5
Total United States
7,538
1 On Sept. 12, 1914.
Includes 4 banks that obtained circulation under section 3.
2
8
Includes $910,500 issued under section 3.
97
BEPOET OF THE COMPTROLLER OP THE CXJRREKCY.
The amount of additional circulation authorized to be issued on
each class of securities deposited by banks in each State and geographical division is shown in the following table:
Additional circulation approved on each class of securities deposited, 1914-15.
States.
Portions secured by—
Circulation
approved. State and mu- Miscellaneous Commercial
paper
securities.
nicipal bonds.
Amount.
New Hampshire
Massachusetts
Per
Per
Per
Amount. Per
ct. Amount. ct. Amount. ct. Amount. ct.
$352,000
$86,500
28,674,500
3,338,200
$175,500
49
$90,000
27
11 12,324,050
43
13,012,250
46
645,000
51
606,000
49
24
1,251,000
Total New England
States
New York
.
. .
New York City
New Jersey
Pennsylvania
Maryland
District of Columbia
Total Eastern States..
Virginia.
West Virginia.
North Carolina
South Carolina
Georgia
Florida .
Alabama..
Mississippi
Louisiana
Texas
Arkansas .
Kentucky...
Tennessee
Total Southern States.
Ohio .
Illinois
Ji'icMgan
\Y isconsin
Minnesota
Iowa
Missouri
Total Middle States...
North Dakota...
South Dakota
Nebraska
Kansas
Wyoming
Colorado
New Mexico
Oklahoma
Total Western States..
Washington
Oregon
California
Idaho
Utah
Nevada
Arizona.
. .
.
, .
Alaska
Total Paciflo States....
3,424,700
11 13,144,550
43
13,708,250
46
11,564,000 1,408,230
144,975,960 24,458,176
854,OCO
1,980,000
944,845
24,451,750
1?, 5,088,050
1ft 55,294,153
43
810,000
4 13,351,905
44
3S
40
54
5,067,720
65,223,631
316,COO
10,155,000
44
4<»
17
42
19
10
1,440,700
268,000
17
42
5,161,100
304,000
f>4
43
45
30,277,500
8,169,000
637,000
1,567,200
65,000
191,777,710 29,297,451
15 76,252,808
40
86,227,451
937,950
14
708,100
12
1,166,565
111,900
355,OCO
296,000
892,650
oq
3
5
1
518, 765
1,068,950
12
ft
732,600
410, 750
14
8
41,625
69,350
6,200
10,500
181, OCO
129,000
414,750
346,050
43,750
1,214,200
607,200
n12
4,707,050 72
323,000 100
2,315,535 57
2, 596,230 79
5,478, 650 87
778,875 53
3,486,150 75
580,875 37
2,830,485 69
16,477, 200 91
464,250 74
3,203, 600 63
3,943,650 80
61,030,255
7,329,255
11
3,771,725
5
47,185,550
16,984,500
719,500
27,825,000
2,414, OCO
4,864, OCO
12,416, 500
3,018,400
13,173,000
3,669,000
121,334
5,114,500
1,310,0-00
720,100
737,500
143,SCO
448,000
?1
1,965, 600
225,000
3,996,500
6,000
1,195,900
5,805,000
45 000
562,000
11
46
1
4
11,349,900
373,166
18,714,000
1,098,000
2,948,000
5,874,000
2,829,900
12,163,000
15 13,801,000
16
55,349,006
6,458,100
323,000
4,037,450
3,285,3S0
6,289,625
1,368,500
4,662,400
1,572,000
4,155,000
18,136,300
624,000
5,150,400
4,968,100
81,414,900 12,263,934
19
16
18
54
14
6
4
3
4
8
10
7
15
$105,000 ~^
513,725
507, OCO
449,775
283,125
102,600
24,000
391,000
244,100
116,000
13
1ft
8
2
2
9
1
19
6,500
4
SO 2,743,725
67
46
....
48
93
C'J
150,000 i no
150,000
2,083,000
842,000
54,000
63,000
7
1,395,000
297 500
1,313, 700
325,875
23
746,700
54
119,000
9
16,200
1
6,081,200
561,875
8
772,900
530,000
2,053,000
13,110,250
245,000
895,904
212,000
4ft
43
1
1,186,750
""ih'/obb'
....
2,029,000
769,000
92
322,425 9 }
297,500 100
1,146,500 88
32,000
12
4, 714,425
80
32,000
9
285,000
1,157,096
11,711,500
^4
57
GO
2
127,500 100
127,500
41,900 100
41,900
15,862,650
1,352,904
Total United States... 386,444,215
54,230,119
Warehouse
receipts.
8
1,228,650
7
|
13,281,096
14 109,386,633 28 220,466,678
85
57} 2,360,785
i
98
REPORT OF THE COMPTROLLER OF THE CURRENCY.
The aggregate value of each class of securities deposited with
currency associations—original and substitutions—by banks in each
State i3 shown in the following table:
Value of securities deposited for additional circulation, 1914-15.
State and
State.
Alabama
Arizona
Arkansas
California
Colorado
Connecticut
District of Columbia.
Florida
Georgia
Indiana
Illinois
Iowa
Kansas
Kentucky
Louisiana
Maryland
Massachusetts
Michigan
Minnesota
Mississippi
Missouri
Nebraska
New Hampshire
New Jersey
New Mexico
New York
New York City
North Carolina
North Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
South Carolina
Tennessee
Texas
Utah
Virginia
Y»rashinstqn
V.rest Virginia
Wisconsin
Total.
municipal
bonds,
market
value.
Miscellaneous bonds,
market,
value.
Commercial
paper,
face value.
"Warehouse
receipts,
face value.
$935,387
55,900
$284,604
$13,311,620
$314,081
59,600
1,619,910
1,008,150
991,281
416,122
21,200
30,000
386,459
6,070,386
65,957
159,133
901,535
1,487,449
1,039,724
31,163,306
751,382
1,682,530
1,092,479
3,213,609
18,319,608
908,235
47,285,201
8,442,990
2,275,400
9,231,701
11,315,472
17,731,999
30,184,199
3,234,500
16,481,441
1,669,878
34,800,872
6,873,916
271,000
710,G09
940,938
13,822,870
186,267,107
9,874,304
200,000
28,912,413
4,333,431
3,850,0C8
32,792,151
10,290,333
13,504,849
60,300,633
100,000
13,586,670
575,000
538,375
9,2(55,031
79,352,121
171,375,863
651,146,090
359,287
507,900
121,000
407,620
397,283
191,488
6,760,604
128,658
59,400
1,172,308
633,000
1,806,274
4,877,335
1,573,213
1,036,727
1,025,645
457,500
64,000
104,5,83
1,056,833
"* 3," 028," 962"
525,233
2,683,402
18,321,318
10,000
7,906,700
89,650
769,781
9,500
314, ICO
1,116,922
1,856,527
41,017,349
1,412,240
8,653,234
90,274,800
79,339
4,206,210
89,200
1,252,021
1,299,179
165,675
581,3G0
1,226,671
3,325,905
21,600
1,318,503
293,700
19,342,005
164,211
760,981
438,516
1,038,500
800.000
762,665
13,035
795,214
35,930
50,000
963,639
45,381
1,352,530
14,328
562,158
141,000
6,009,094
Aggregate value of all securities deposited, including original deposits and substitutions, $907,883,168.
In the following table are shown the amounts of additional circulation approved from week to week from August 8, 1914, to February
13, 1915, and the aggregate approved at the close of each week;
the amount retired each week from October 17, 1914, to June 30,
1915, and the aggregate amount retired at the close of each week,
together with the amount approved, outstanding, from August 8,
1914, to June 30, 1915.
REPORT OF THE COMPTROLLER OF THE CURRENCY.
99
Additional circulation approved, retired, and outstanding.
Week ending-—
Aug. 8
Approved.
1914.
$100,068,350 $100,008,350
156,212,100
56,143,810
188,434,100
32,222,000
214,305,900
25,871,800
240,979,9G0
26,674,000
19,690,000 260,609,900
41,971,500 302,641,4C0
16.302,000 318,943,400
25,836,180 344,779,040
13,007,050 357,786,090
9,031,500 366,818,190
3,973,800 370, 791,990
4,799,225 375,591,215
3,469,500 379,000,715
1,895,050 380,955,705
1,544,450 382,500,215
1,356,300 383,850,515
838,350 384,094,805
1,094,750 3S5,789,615
309,000 386,098,615
142, 750 386,241,305
15
22
29
Sept. 5
12
19
26
Oct. 3
10
17
24
31
Nov. 7
14
21
28
Dec. 5
12
19
20
Jan.
2
1915.
92;350
9
16
23
30
Feb. 6
...
....
20
27
Mar. 6
13
20
27
Apr. 3
10
17
24
13,500
25,000
48,000
24,000
13
May 1
Aggregate
approved.
. .
8 .
15
22
29
June 5
12
19
26
30
386,333,715
386,333,715
386,347,215
386,372,215
386,420,215
386,420,215
380,444,215
380,444,215
386,444,215
386,444,215
380,444,215
380,444,215
3S0,444,215
386,444,215
380,444,215
386,444,215
380,444,215
386.444,215
386', 444,215
380,444,215
380,444.215
386,444, 215
380,444,215
380,444, 215
3S0,444, 215
3S0,444,215
3S6,444,215
Aggregate retired.
Outstanding
approved.
$2,050,000.00
125,000.00
8,167,150.00
4,920,000.00
43,058,880.00
16,619,364.00
20,001,682.00
42,228,831.00
45,144,798.00
10,145,009.00
11,980,250.00
$2,050,000.00
2,175,000.00
10,342,150.00
15,202,150.00
58,321,030.00
74,940,384.00
101,602,000.00
113,830,897.00
183,975,695.00
205,121,364.00
217,101,614.00
SlOO, 008,350.00
150,212,100.00
18S,434,100.0O
214,305,960.00
240,979,960.00
200,069,960.00
302,641,460.00
318,943,460.00
344,779,640.00
357,786,690.00
3G4,768,190.00
308,616,990.00
305,249,065.00
363,798,565.00
322,634,735.00
307,559,831.00
282,254,449.00
240,863,968.00
196,813,920.00
180,977,251.00
169,139,751.00
21,596,809.00
19,735,168.10
30,710,481.80
17,322,826.70
11,468,750.20
12,203,852.92
10,921,510.50
7,730,957.95
5,390,809.73
4,313,997.70
3,54S,149.40
3,506,650.80
3,685,034.90
3,049,315.00
2,144,799.40
1,442,002.50
2,151,327.02
1,371,050.00
1,389,050.60
941,050.00
823,790.00
742,350. 00
707,340.00
181,359.80
412,085.00
358,854. 03
649,301.95
238,698,483.00
258,433,651.10
289,150,132.90
300,472,959.60
317,941,709.80
330,145,562. 72
341,007,073.22
348,798,031.17
351,194,840.90
358,538,838.60
302,030,988.00
305,593,644.80
309,279,279. 70
372,928,594.70
375,073,394.10
376,516,050.60
378,007,383.62
380,039,033.62
381,428,084.22
382,309,134.22
383,192,924.22
3S3, 935, 274. 22
384,042, 614.22
384,823,974.02
385,230,059.02
385,591,913.05
380,244,215.00
147,635,232.00
127,900,063.90
97,197,082.10
79,899,255.40
70,478,505.20
56,274,652.28
45,377,141.78
37,646,283.83
32,249,374.10
27,905,376.40
24,357,227.00
20,850,570.20
17,164,935.30
13,515,620.30
11,370,820.90
9,928,158.40
7,776,831.38
6,405,181.38
5,016,130.78
4,075,080.78
3,251,290.78
2, 508,940. 78
l,801,60Q.78
1,620,240.98
1,208,155.98
849,301.95
200,000.00
Retired.
FINAL REPORTS FROM NATIONAL CURRENCY ASSOCIATIONS.
With the deposit of the requisite amount of lawful money to provide for the retirement of circulation issued under authority of the
act of May 30, 1908, and the release of the securing collateral, the
duties of the national currency associations practically terminated,
although the associations were held to be in existence until the date
of the expiration of the act providing for their formation. The
organization of the first national currency association, that of Washington, D. C, was approved July 18, 1908, and the last, the State of
Vermont, December 16, 1914.
There were 45 national currency associations organized with a
membership of 2,197 banks, or 29.15 per cent of the total banks
(7,538) that reported on the call of September 12, 1914, all of which
have reported to this office an account of their activities during
their existence. The records of some of the associations are not as
complete as might be desired for statistical purposes.
Summary of final reports of the National Currency Associations, 1914-15.
Members
for which
Member- emerEmergency
ship of
circulation
associalations. tion was authorized.
authorized.
Location.
$037,000.00
144,925,960.00
14,883,750.00
5,727,000.00
28,674,500.00
Atlanta, Ga
!
Chicago. Ill
I
St. Louis, Mo.
'
!
Twin Cities, St. Paul, Minn
Detroit, Mich
Albany, R,ensselaer,and Schenectady Counties, N. Y .
Kansas City and St. Joseph, Mo
Baltimore, Md
Cincinnati, Ohio
12
41
65
46
70
95
13
43
36
20
35
43
25
105
Dallas, Tex
Alabama
Denver, Colorado Springs, and Pueblo, Colo.
290
74
20
248 11,337,950.00
65 4,217,950.00
5 1,395,000.00
75
81
26
36 4,603,250.00
60 7,800,000.00
14 8,634,500.00
24 10,978,000.00
Washington, D. C
New York, N. Y
Philadelphia, P a
Mississippi and Louisiana
Boston, Mass
Los Angeles, Cal.
Louisville, Ky
San Francisco, Cai
Pittsburgh, Pa..
!
I
I
- -1
\
Cleveland, Ohio
Indiana
Richmond, Va
Western New York
North Carolina
Iowa.
Omaha, Nebr
Washington State
Central Illinois
South Carolina
Northeastern Pennsylvania.
24
29
50
39
58
165
18
12
11
54
12
Fort Worth, Tex
Houston, Tex
Rochester, N. Y
Northern New York
Milwaukee, Wis
Rhode Island
Oregon
Connecticut
San Antonio, Tex
Florida
New Hampshire
Central New York
Vermont
155
41
22
3 12
22
3 12
17
43
39
30
29
3 10
3 33
Total.
2,190
12
31
22
7
15
38
18
44
24
7
40
14
46
56
12
2
2
51
2
7,311,025.00
27,109,990.00
10,836,500.00
12,806,250.00
2,401,000.00
4,747.000.00
5,467;750.00
8,169,000.00
9,592,500.00
8,219,000.00
569,500.00
6,458,100.00
5,961,000.00
3,904,950.00
3,021,800.00
2,083,000.00
530,000.00
273,500.00
3,285,380.00
300,000.00
117 4,672,000.00
26 2,652,950.00
10
870,000.00
Maximum circulation out- First application approved. Last application approved.
standing.
Amount.
Date.
Securities pledged.
Amount.
Date.
Amount.
Date.
Amount.
Date.
Amount.
$037,000.00
137,012,200.00
14,185,750.00
5,727,000.00
28,674,500.00
Oct. 5,1914 $527,000.00
Oct. 21,1914 20,763,000.00
Oct. 20,1914 2,075,000.00
Dec. 4,1914 1,864,000.00
Oct. 19-Nov. 1,500,000.00
4,1914.
7,311,025.00 Nov. 16,1914 2,811,250.00
Sept.
14,1914 9,325,000.00
27,069,990.00
10,692,500.00 Nov. 24,1914 4,710,000.00
12,806,250.00 Nov. 7,1914 5,000,000.00
2,401,000.00 Oct. 21,1914
500,000.00
3,117.000.00 Nov. 30,1914 1,000,000.00
5,467; 750.00 Nov. 25,1914 l,0S0,000.00
8,085,000.00 Nov. 2,1914
385,000.00
9,592,500.00 Nov. 6 t o 20, 1,950,000.00
1914.
11,070,300.00 Nov. 30,1914
90,000.00
4,217,950.00 Dec. 1,1914 2,034,000.00
1,395,000.00 Oct. 2to Nov. 1,024,000.00
24,1914.
4,494,538.00 Nov. 30,1914 1,988,500.00
7,693,000.00 Nov. 22,1914
500,000.00
8,617,500.00 Oct. 30,1914 1,750,000.00
10,793,000.00 Nov. 10 to 24, 1,715,000.00
1914.
8,219,000.00 Nov. 15,1914 4,125,000.00
569,500.00 Nov. 9,1914
125,000.00
104,000.00
6,410,600.00 Nov. 10,1914
5,961,000.00 Oct. 23,1914 1,890,000.00
3,830,450.00 Dec. 4,1914
29,700.00
3,021,800.00 D , c . 24,1914
135,000.00
180.000.00
2,083,000.00 J a n . 1,1915
490,000.00
530,000.00 Nov. 9,1914
183,500.00
273,500.00 Oct. 22,1914
180,000.00
3,232,600.00 Dec. 22,1914
Sept.
t
o
Nov,
300,000.00
300,000.00
1914.
4,647,000.00 Nov. 8,1914
375,000.00
2,652,950.00 Nov. 20,1914 1,905,000.00
425,000.00
870,000.00 Oct. 23,1914
2,053,000.00
1,262,000.00
769,350.00
1,368,500.00
282,000.00
Aug.
Aug.
Aug.
Aug.
Aug.
$60,000.00
12,1914
3,1914 2,800,000.00
335,000.00
b, 1914
56,400.00
13,1914
30,000.00
4,1914
13,1914
29,1914
8,1915
29,1914
1,1915
1,325,000.00
100,000.00
12,600.00
370,000.00
70,000.00
29,1914
6,1914
27,1914
4,1914
19,1914
$150,000.00
2,000,000.00
820,000.00
10,000.00
850,000.00
Nov.
Oct.
Oct.
Nov.
Nov.
25,1914
13,1914
23,1914
24,1914
4,1914
$45,000.00
300,000.00
75,000.00
16,500.00
25,000.00
Per
cent.
Par value.
Per
cent.
Mar. 6,1915
J a n . 25,1915
J u n e 7,1915
J u n e 22,1915
Mar. 19,1915
$439,374.24
88,937,821.25
9,171,962.75
13,387,554.16
19,612,000.00
J43
|81
47.2
$88,000.00 8.7
32,228,000.00 16.5
1,298,500.00 5.9
1,770,260.00 10.6
4,096,000.00
i88.3
|65
95
44
50.55
19
93.77
62.34
51.4
561,700.00
6,916,500.00 118
1
1,196,025.00 | 4
948,050.00 5.5
I
1,490,000.00 49.45 '
545,4OC.OO
452,000.00 5.97
1,893,200.00 16.89
3,757,575.17 28.6
43.6
145.4
Aug. 8,1914
Aug. 4,1914
Aug. 6,1914
Aug. 3,1914
Aug. 5,1914
Aug. 7,1914
Aug. 4,1914
...:do.:.:..
Aug. 6,1914
Aug. 12,1914
Aug. 7.1914
Aug. 19 to 24,
1914.
Aug. 5,1914
Aug. 8,1914
do
Aug. 16,1914
7,800.00 Dec. 19,1914
100,000.00 Nov. 18,1914
18,000.00 Dec. 4,1914
25,000.00 Nov. 6,1914
30,000.00 Oct. 14,1914
46,000.00 Oct. 30,1914
75,000.00 Nov. 9,1914
52,000.00 Nov. 17,1914
150,000.00 Nov. 6,1914
159,000.00 Nov. 21,1914
250,000.00 Oct. 23,1914
100,000.00 Nov. 25,1914
309,500.00 Nov. 27,1914
600,000.00 Dec. 3,1914
30,000.00 Dec. 4,1914
18,000.00 Nov. 26,1914
500,000.00 Nov. 10,1914
181,000.00 Nov. 20,1914
15,500.00 Apr. 28,1915
100,000.00 Feb. 20,1915
18,000.00 Apr. 5,1915
25,000.00 May 21,1915
30,000.00 Mar. 22,1915
43,000.00 June 2,1915
30,000.00 May 19,1915
27,000.00 Apr. 30,1915
73,000.00 Mar. 23,1915
8,856,871.52
24,361,853.90
30,053,860.34
7,573,950.00
1,523,363.02
1,347,725.73
7,100,113.41
6,987,943.06
6,745,794.76
13,500.00
15,200.00
371,000.00
Dec. 29,1914
Nov. 16,1914
Oct. 2,1914
10,000.00
27,610.00
250,000.00
Oct. 21,1914
Dec. 2,1914
N o v . 24,1914
10,000.00 May 27,1915
9,875.00 J u l y 1,1915
550,000.00 Dec. 9,1914
14,181,821.81 90
5,306,251.12 88.1
409,882.88 20
49,750.00
60,000.00
17,000.00
171,000.00
Nov.
Dec.
Dec.
Dec.
81,700.00
35,000.00
112,500.00
14,000.00
Nov.
Nov.
Nov.
Nov.
206,900.00 J u n e 30,1915
10,000.00 J u n e 5,1915
17,000.00 May 25,1915
56,700.00 July 16,1915
8,986,780.35
6,512,993.60
11,536,585.18
5,494,550.20
81.23
64.15
98.34
36
327,022.00 2.95
1,090,000.00 10.67
40,000.00
.34
586,000.00 3.7
Aug.
Oct.
Aug.
Aug.
Aug.
Sept.
Aug.
Oct.
Sept.
Aug.
Sept.
11,000.00 Nov. 9,1914
60,000.00
do
8,500.00 Dec. 1,1914
40,000.00 Oct. 23,1914
55,000.00 Dec. 18,1914
15,000.00 Dec. 23,1914
54,000.00 Nov. 11,1914
40,000.00 Oct. 16,1914
90,000.00 Oct. 22,1914
25,000.00 Feb. 5,1915
300,000.00 Sept. 3,1914
11,000.00 Mar. 12,1915
325,000.00 Nov. 16,1914
10,000.00 Dec. 23,1914 25,000.00 Apr. 29,1915
63,000.00 Nov. 10,1914 10,000.00 May 15,1915
53,000.00 Nov. 20,1914 120,000.00 Mar. 19,1915
21,000.00 Apr. 26,1915
10,500.00
do
9,000.00 July 5,1915
300,000.00 J a n . 4,1915
130,700.00 Sept. 19,1914 30,500.00 Apr. 16,1915
50,000.00 Dec. 11,1914 19,500.00 Mar. 13,1915
183,500.00 Nov. 27,1914 90,000.00 Dec. 28.1914
26,500.00 J a n . 14,1915 15,000.00 July 3,1915
120,000.00 Nov. —, 1914 180,000.00 Feb. 23.1915
19,289,040.79
446,721.87
14,801,804.00
5,336,984.00
3,381,187.49
8,371,844.40
2,792,346.19
388,500.00
384,666.11
3,673,062.17
60,000.00
92.1
53.5
85.5
62
62
97.3
97.19
53.36
100
81
11.6
645,700.00
155,738.98
1,432,100.00
1,813,000.00
1,338,525.00
93,050.00
81,000.00
323,420.00
3
18.6
8.3
21
25
1.1
2.81
44.42
120,200.00
2.5
6,048,563.36 95.04
3,634,424.28 97.67
597,935.16 48.41
315,880.00
86,995.00
96,950.00
8,1914
9,1914
13,1914
18,1914
20,1914
5,1914
29,1914
16,1914
28,1914
26,1914
3,1914
Aug. 26,1914
Aug. 27,1914
do
25,000.00
40,000.00
25,000.00
"3*686*666*66' 'Aug".*3'i*i9i4' ***837*666."66
Nov.
Oct.
Jan.
Oct.
Jan.
Sept.
Oct.
Nov.
Dec.
Oct.
State and municipal
bonds.
Sept.
Oct.
Sept.
Sept.
Oct.
14,1914
1,1914
18,1914
14,1914
12,1914
77,000.00
100,000.00
12,500.00
26,000.00
24,000.00
30,1914
18,1914
3,1914
16,1914
Dec. 2,1914
Nov. 16,1914
Oct. 23,1914
10,000.00
15,000.00
35,500.00
9,1914
23,1914
7,1914
2,1914
Nov. 9,1914 100,000.00 June 30,1915
Dec. 1,1914 40,000.00 June 24,1915
Nov. 20,1914 85,600.00 Apr. 9,1915
OctV*26,*i9i4 "*"*25," 666*66 Nov"."i2*i9i4 "36* 666 "66" Apr""28*i9i5 "*4," 404*638.* 68 65." 8*"
Nov.
Oct.
Jan.
Oct.
Nov.
13,1914
29,1914
5,1915
28,1914
—,1914
525,000.00
100,000.00
42,000.00
4,500.00
70,000.00
Jan.
Dec.
Jan.
Dec.
Feb.
Railroad bonds.
Other bonds.
Warehouse
receipts.
Total amount
of securities
pledged.
Expenses
of associations 0
1,369,100.00 3.3
$1,007,174.24
195,714,821.25
21,194,462.75
16,505,484.16
41,521,100.00
$158.04
10,442.35
1,500.00
2,427.43
6,351.47
2,619,000.00 20"
10,031, 176.58
37,395,353.90
31,568,412.36
17,239,000.00
3,013, 363.02
6,931, 125.73
7,572. 113.41
11,209: 143.06
13,122;
12,202.09
3,081.06
3,870.10
218.06
2,041.19
653.02
1,655.51
1,072.18
1,918.50
10
11
12
13
14
244,000.00 12
15,762,900.81
6,023,749.31
2,087,582.88
16,028.45
8,135.00
42.32
15
16
17
3.06
11,063,712.35
10,152,566.28
11,731,585.18
15,530,550.20
2,287.95
3.891.22
4,220.00
2,972.80
18
19
20
21
.7
20,927,740.79
834,105.85
17,312,104.00
8,662,484.00
5,445,090. 71
8,606,094.40
2,873,346.19
728,090.17
384,666.11
4,524,148.13
515,000.00
1,773.17
60.15
2,721.61
5,440.56
6.163.23
1,800.00
2,430.35
19.20
15.00
2,534.20
22
23
24
25
26
27
28
29
30
31
32
6,364,443.36
3,721,419.28
1,234,885.16
3,255.25
3,649.18
802.12
**6*'686"638.*68
5,167,085.48
1,850,884.89
1,081,253.34
1,986,964.00
580,200.00
*2*566.*66
31.35
417.00
1,430.27
2,246.31
2,309.14
323.00
13.22
33
34
35
36
37
38
39
40
41
42
43
44
45
585,864,391.94
125,103.05
Other securities.
Date.
Face value.
22,1915 100,000.00 May 17,1915
13,1914 100,000.00 May 20,1915
9,1915
9,000.00 May 13,1915
12,1914
5,000.00 J u n e 21,1915
2,1915 24,000.00 Apr. 7,1915
1,366 385,553,905.00
1 Includes railroad and other bonds.
12066°—CUR 1915—VOL 1 (To face page 100.)
Last application approved
for retirement.
Commercial paper.
""i.3 '4,*632,"666.*66 ""4*632," 666* 66
2,053,000.00
1,262,000.00
769,350.00
1,368,500.00
352,000.00
First application approved
for retirement.
4,089,819.26
960,134.89
978,128.34
1,227,063.00
140,000.00
79.1
52.5
90.47
62
24
359,535,317.27 (61.37
2 Includes other securities.
1
1,306,687.97
532,400.00
96,200.00
8.8
5
4.96
2.33
7.85
"676,466*66' 10*"*'
Par value.
Per
cent.
$290,000.00 28.8
4,475,000.00 21.4
686,000.00 I 4.1
5,326,000.00 12.9
Par value.
Per
cent.
$124,800.00 12.4
74,549,000.00 38
6,249,000.00 29.5
11,118,000.00 26.6
125,000.00 2.17
70,000.00
1,227,500.00 12.09
2,243,000.00 14.4
614,000.00
3
1,034,800.00
990,500.00
10,000.00
Face value.
$65,000.00
>l,670.00 4
612,605.06
6,117,000.00
7,940,000.00 J46
'
2,337,000.00 34
20,000.00 .26
2,243,000.00 20.01
Per
Face value. cent.
2 318,527.02
235,000.00 1.5
542.000.00
*2*76i,"666.*66' 39
85,666.66 .76
60,098.19
1,267,500.00 60
1,747,910.00
791,800.00
155,000.00
7,207,000.00
15.8
7.80
1.32
46
274,391.03
2,000.00
219,105.82
.02
2.15
3ii,i66.86
20,000.00
.1
23,400.00
379,000.00 1.8
231,645.00 27.9
522,000.00
.1
725,378.22 13
72,500.00
58,700.00
2.22
330,000.00 64
23,800.00
125,000.00
.5
2.42
421,000.00 34.09
119,000.00
9.65
829*666.66" i2.2*'
707,085.96 16
"783*266*66' 12*"
0,010,846.34 11.97
890,750.00 47.5
122,000.00
31,333,800.00
6.5
6.1
1,077,266.22
54,000.00
359,901.00
127,200.00
Per
*i9i*666.'6o"
33
49,125. 00 4.53
400,000.00 20
5.37 116,069,173.36 19.81 4,224,888.11
8
No issue authorized.
.72 4,690,366.
100
REPORT OF THE COMPTROLLER OF THE CURRENCY.
During the month of August, 1914, 30 associations made their
first application for additional circulation, 6 in September, 4 in
October, and 1 did not report the date of its first application, and
4 associations made no application.
Forty-one associations approved for issue $385,553,905 to 1,366
member banks. The first approval was made on August 3, 1914,
and the last on February 5, 1915. The first application for the
retirement of circulation was approved September 23, 1914.
By July 1, 1915, all of the banks to which currency was issued,
with the exception of the First National Bank of Uniontown, Pa.,
which upon becoming insolvent was placed in charge of a receiver, had
made the necessary deposit to retire their additional circulation.
SECURITIES PLEDGED TO SECURE EMERGENCY CURRENCY.
The securities pledged with the associations aggregated $585,864,391.94, classified as follows: Commercial paper, face value, $359,535,317.27, or 61.37 per cent of the total securities deposited; industrial bonds, par value, $116,069,173.36, or 19.81 per cent; State,
municipal, and county bonds, par value, $70,010,846.34, or 11.97 per
cent; railway bonds, par value, $31,333,800, or 5.37 per cent; other
securities, face value, $4,690,366.86, or 0.80 per cent, and warehouse
receipts secured by cotton, tobacco, and naval stores, face value,
$4,224,888.11, or 0.72 per cent. The expenses of 41 currency associations, the members of which issued circulation, are reported at
approximately $125,000. Two nonissuing associations reported
combined expenses, $44.57. The other two nonissuing associations
apparently incurred no expense.
In the facing table is summarized the reports from the various
currency associations, showing the amount of circulation authorized for issue, the amount and kind of securities pledged, expense of
the associations, etc.:
TAX COLLECTED ON EMERGENCY CURRENCY.
In addition to the semiannual tax on national-bank circulation
secured by United States bonds, the act of May 30, 1908, as amended,
provided that additional circulation should be subject to a tax for
the first three months of 3 per cent per annum; afterwards an additional tax of one-half of 1 per cent per annum for each month until
a tax of 6 per cent was reached; thereafter that rate to continue.
The aggregate tax paid on additional circulation was $2,977,066.73.
In the table on page 101 is shown the amount paid during each month
by banks in each State from August, 1914, to June 30, 1915.
Tax collected on additional circulation, August, 1914, to June, 1915, by months and States, under the act of May SO, 1908.
1915
1914
Total.
States.
August.
Alabama
Arkansas
California
Colorado
Connecticut
District of Columbia.
Florida
Georgia
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maryland
Massachusetts
Michigan
Minnesota
Mississippi
Missouri
Nebraska
New Hampshire
New Jersey
New Mexico
New York
North Carolina
North Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
South Carolina
Tennessee
Texas
Utah
Virginia
Washington
West Virginia
Wisconsin
Total
May.
January.
February.
March.
April.
$9,980.08
1,143.97
21,417.21
$9,962.94
1,330.09
16,146.81
$6,335.79
115.60
6,623.39
$4,117.47
23.33
5,226.68
"Z, 035* 39
1,338.28
1,876.07
1,245.37
3,178.33
17,594.82
17,310.52
1,462.71
6,620.88
1,307.49
11,515.39
12,556.04
18,376.49
35,789.09
1,506.61
12,576.27
3,622.40
20,832. C9
4,098.82
643.51
2,531.00
700.25
75,992.15
11,134.56
375.00
32,114.06
3,432.05
2,227.53
36,102.27
8,041.12
14,002.17
46,107.91
144.15
13,501.90
89.91
703.06
11,653.28
1,945.42
1,057.79
3,369.25
12,882.75
4,576.60
1,528.31
6,300.83
807.21
8,096.88
11,314.17
6,493.34
8,681.17
596.96
1,924.07
3,611.54
4,029.54
3,068.76
470.61
1,010.32
793.17
22,131.75
12,422.63
232 25
14,442.41
3,339.81
2,822.88
15,2:0.54
9,273.34
14,523.75
47,276.65
131.25
12,526.79
98.75
644.78
6,043.51
1,006.01
519.76
3,072.38
4,761.16
533.44
1,069.48
3,199.53
806.24
4,896.62
4,408.54
236.61
2,361.11
179.75
432.59
2,265.26
397.50
1,245.97
315.91
243.81
851.63
2,G05.86
11,201.99
296.67
43.29
2,888.96
1,270.02
152.72
518.75
2,336.34
877.42
2,828.78
3,142.79
255.23
238.68
98.59
69.08
850.73
298.47
206.72
156.97
88.98
796.OS
920.86
8,023.81
333.75
*"167*47
250.50
159.09
60.76
63.35
133.83
417.68
132.90
2,272.62
33.02
341.30
43.72
408.60
4,236.88
2,023.62
2, G07.55
3,233.13
7,G49.39
8,001.59
31,330.12
142.19
7,975.70
98.75
111.67
991.30
266.14
2,,181.95
1,118.32
1,145.78
4,686.28
2,848.94
21,138.66
1,253.81
435.80
389.44
2,231.20
874.48
12,866.23
242.60
1,322.20
5G0.90
4,052.61
738.90
56.08
I 168,409.29 I 483,286.63 | 672,229.51 ! 658,898.31 { 403,573.16 • 271,189.62 128,690.82
72,506.01
$523.92
570.69
""""247*66"
21,067-79
901.85
517.09
1,205.76
5,139.30
11.190.15
32.58
2,395.78
10,263.10
300.94
92,698.28
188.39
5,397.60
1.33
12,957.90
800.32
258.83
1,035.61
September.' October. November. December.
$3,949.72
62.50
8,309.3$
86.25
$6,731.28
349.12
13,940.88
112.50
395.IS
1,225.02
809.00
11,978.18
53,316.80
255.58
2,632.43
1,525.61
6,501.10
8,212.90
16,2S8.53
65,841.50
2,803.79
18,195.96
1,378.59
30,400.69
2,511.81
137.33
3,1G5.13
535.43
289,827.95
6,765.95
278. 23
29,754.93
2,255.09
979.45
45,851.58
4,715.74
S, 606.53
32,959.54
7,120.29 ! 12,494.88
$8,735.76
823.63
19,521.13
90.00
1,679.41
1,347.86
2,632.89
15,447.75
46,175.94
1,241.34
5,442.32
1,898.74
9,372.77
10,338. 72
20,131.97
64,260.48
3,030.27
23,115.33
2,057.1G
36,242.55
3.4G4.57
533.Cl
4,095.GS
675.01
190,304.21
9,081.52
375.00
37,352.05
3,0SG.S2
1,577.42
50,194.49
6,148.G7
11,806.12
39,603.41
113. 75
15,518.93
1.61
8,403.63
575.75
9,705.08
926.26
"6," 678*05'
48,056.18
58.33
195.68
1,874.08
2,905.36
5,983.31
13,635.94
43,870.91
1,521.48
11,149.12
455.11
24,061.65
634.84
1,014.91 i
15.47
228,898.72 !
3,695.17 ;
17,511.29 !
456.41 '
81.67
35,674.10
1,235.52
4,838.66
11,490.80
1,841.49
3,001.37
24.00
451.15
$2,856.60 $1,016.52
1,555.09 i," 249*86
81.81
12.50
82.33
1,730.85 1,644.61
212.75
70.56
975.00
2,168.30 1,107.18
218.01
June.
$138.77
688.68
409.66
1,073.41
198.75
39.58
101.41
32.50
35,510.12 13,820.27
11.46
365.62
5.54
831.52
$54,348.85
3,848.24
96,818.50
288.75
7,699.98
6,613.01
19,165.42
71,348.96
191,202.49
6,216.83
31,176.88
10,271.39
47,679.55
60,467.77
80,775.42
232,233.09
10,370.03
69,858.26
15,091.29
126,748.63
15,202.25
2,257.97
12,617.02
5,330.80
883,502.43
65,234.82
1,310.48
141,075.36
18,732.30
ll,850.C2
201,033.29
45, CG9. OS
66,987.00
247,916.31
531.34
73,968.50
311.41
2,039,87
39,121.94
3,762.99 2,977,066.73
102
REPORT OF THE COMPTROLLER OF THE CURRENCY.
CLEARING-HOUSE LOAN CERTIFICATES.
At a meeting of the New York Clearing House loan committee held
on the morning of August 3, 1914, the following resolution waa
adopted:
Resolved, That the clearing-house committee, with the president of the association,
be authorized to receive from members of the association bills receivable and othei
securities to be approved by said committee, who shall be authorized to issue therefoi
to such depositing members loan certificates bearing interest at 6 per cent per annum,
and such loan certificates shall not be in excess of 75 per cent of the market value oi
the securities or bills receivable so deposited, and such, certificates shall be received
and paid in settlement of balances at the clearing house, and all rules and regulations
heretofore adopted in the issue of such certificates shall be in force in the preseni
issue.
The committee, in its report submitted to the] clearing house or
December 21, 1914, stated:
Loan certificates were first issued on August 3, 1914, and from that date until th(
last issue, October 15, an aggregate of $124,695,000 was authorized by the committee
The first cancellation was August 26, and the last November 28, 1914. The larges
amount outstanding at any one time was $109,185,000 on September 25, on which dat<
$158,327,000 in collateral was held by the committee. The largest amount in circula
tion was $57,625,000 on October 5, on which date there were outstanding certificate
to the amount of $101,265,000. Certificates were issued to 44 of the 61 members o
the association, who paid 6 per cent interest, amounting to $1,497,534.16, which wa
disbursed to members holding said certificates.
There passed through the hands of the committee, including original deposits anc
substitutions, both withdrawals and deposits, collateral amounting to $462,174,000
of which $234,465,000, or 50.7 per cent, consisted of commercial paper; $163,873,000
or 35.5 per cent, of bonds and securities; and $63,836,000, or 13.8 per cent, of collatera
loans.
The highest amount of securities handled on any one day was $25,553,000; th
average daily amount was about $4,865,000. The period of time from first issue t
final cancellation, 118 days, compares with 154 days in the panic of 1907-8 and 13
days in 1903. The percentage of maximum amount of certificates outstanding
$109,185,000 (Sep. 25, 1914), to total net deposits of clearing-house members
$1,983,246,000, was 5.5, as compared with 8.28 in the panic of 1907-8. Thepercentag
of maximum amount outstanding to capital and net profits in 1914 was 22.9, and i
1907-8, 29.8. The percentage of aggregate amount of certificates issued, $124,695,00(
to deposits as above was 6.3, as compared with 9.38 in 1907-8. The percentage (
aggregate issue to capital and net profits was 26.1, as against 34.1 in 1907-8.
Loan certificates were used to pay balances at the clearing hous
as follows:
Total balances.
August (25 days)
September
October
November
Total
Loan certificate paid in. Per cen
$263,743,757.08 $176,055,000
59,455,000
316,351,051.56
17,110,000
344,860,649. 98
3,900,000
318,679,277.68
1,243,634,730.30
256,520,000
20
Three thousand one hundred and twenty-eight loan certificates we]
issued, as follows:
605, at $100,000 each
734, at $50,000 each
971, at $20,000 each
797, at $10,000 each
21, at $5,000 each
Total.-..
$60, 500, 01
36, 700, 0<
19, 420, 0
7, 970, 0<
105, 0i
124,695,0'
103
REPORT OF THE COMPTROLLER OF THE CURRENCY.
The following statement, compiled by Mr. William J. Gilpin,
assistant manager New York Clearing House, shows the dates of
first and last issues, first and last cancellations, aggregate issues, and
the maximum amount of clearing-house certificates outstanding for
each of the 12 clearing houses that issued clearing-house certificates
during the crisis of 1914:
Clearing-house certificates issued during the crisis of 1914.
First
issuo.
Clearing
houses.
New York
Chicago
Philadelphia .
Boston
St. Louis
Baltimore,
New Orleans.
St. Tan!
Minneapolis..
Detroit
Louisville
DesMoines...
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Last
issue.
3
4
3
4
5
4
4
5
6
5
5
6
First
Final
cancella- cancellation.
tion.
Aggregate
issue.
Maximum Date of maximum
amount
amountoutstanding.
Oct. 15 Aug. 26 Nov. 28 $124,695,000 $109,185,000 Sept. 25.
Oct. 14
Oct. 2
Oct. 5
Sept. 2
Sept. 15
Aug. 5
Aug. 18
Aug. 29
Aug. 13
Aug. 5
Aug. 15
Oct. 2
Oct. 16
Oct. 7
Sept. 8
Aug. 13
Aug. 23
Aug. 29
Sept. 30
Oct. 8
Dec. 1
Aug. 15
Dec. 14
Nov. 28
Nov. 24
Dec. 10
Dec. 9
Oct. 23
Nov. 7
Nov. 5
Nov. 9
Dec. 1
Nov. 7
Total
42,190,000
11,530,000
11,385,000
10,80.5,00-0
2,350,000
2,150,000
2,040,000
1,915,000
1,350,000
1,200,000
168,000
41,890,000
11,530,000
11,385,000
10,725,000
2,225,000
2,150,000
2,040,000
1,915,000
1,350,000
1,200,000
159,000
211,778,000
195,754,000
Out. 14.
Oct. 2 to 16.
Oct. 5,6.
Sept. 2 to 7.
Aug. 15 to 20.
Aug. 5 to 23.
Aug. 18 to 29.
A.ug.29toScpt.29.
Aug. 13 to Oct. 7.
Aug. 5 to Dec. 1.
Aug. 15.
NOTE.—Inquiries were sent to 100 clearing houses. I t is found that certificates were issued b y only' the
12 above. The same clearing houses in 1907-8 issued $200,551,000. The total issued in 1907-8 (51 clearing
houses) was $255,536,300 and the maximum amount outstanding $227,114,100.8
The transactions of all loan committees of the New York Clearing
House Association at various periods from 1860 to 1914 are summarized in the following table:
Loan certificates of the New York Clearing House.
Date of first
issue.
Loan committee of—
Nov. 23,1860
Sept. 19,1S61
Nov. 6,1863
Mar. 7,1864
Sept. 22,1873
May 15,1884
Nov. 12,1800
June 21,1893
Oct. 26,1007
Aug. 3,1014
1800
1864
1873
1884 1
isr-fl
18P3
1907
1°14
Loan commission
of—
. ..
Aggregate
issue.
Maximum
amount
outstanding.
Date.
1860
$7,375,000
$6,860,000
Dec. 22,1860
1861
22,585,000
21,960,000
Feb.
1863
11,471,000
1864
17,728,000
1873 ..
18841
1890
1803
1907
1914
26,565,000
24,915,000
16,645,000
41,490,000
101,060,000
124,695,000
7,1862
Nov. 27 to
9,608,000 /\Dec.
1,1863
16,418,000
Apr. 20,1864
22,410,000
Oct.
3,1873
21,885,000 May 24,1884
15,205,000 Dec. 12,1890
Aug. 20 to
38,280,000 /\Sept.
6,1893
88,420,000 Dec. 16,1907
100,185,000 Sept. 25,1914
Date of last
issue.
Feb.
Feb.
Jan.
Apr.
Nov.
June
Dec.
Sept.
Jan.
Oct.
Rate of
interest.
27,1861
17,1862
9,1864
25,1864
20,1873
6,1884
22,1800
6,1803
30,1008
15,1914
Date of first
cancellation.
Date of final
cancellation.
Dec. 12,1860
Oct. 7,1861
Mar.
Apr.
Feb.
June
Jan.
Sept.
Feb.
Nov.
Mar.
Nov.
Apr.
Oct.
May
Nov.
July
Nov.
Aug.
2O,1S64
3,1873
19,1884
28,18GO
6,1803
14,1007
26,1014
9,1861
28,1862
1,1864
13,1864
14,1874
23,1886
7,1891
1,1803
28,1008
28,1014
Nature of collateral.
Per cent.
7 United States stocks; Treasury notes;
Stocks of btate of New York.
6 Temporary receipts of United States on
account of Government bonds.
6 United States or New York State
stocks, bonds, etc., or temporary
receipts as in 1861.
6 Same as in 1863; committee of that
year continued.
Bills receivable; stocks, bonds, and
other securities.
Do.
6
Do.
6
6
Do.
Do.
6
Do.
6
}
}
Digitized for 1FRASER
All certificates were canceled by Aug. 25,1884, except part of those issued, to the Metropolitan National
B ank, which were gradually retired as the bills receivable became aue and were paid.
104
REPORT OF THE COMPTROLLER OP THE CURRENCY.
TRANSACTIONS OF CJ^EARING HOUSE ASSOCIATIONS.
In continuation of courtesies heretofore extended, Hon. Win.
Sherer, manager of the New York Clearing House Association, has
submitted a statistical review of the operations of the clearing houses
of the country for the year ended September 30, 1915, which is presented in full in the appendix of this report.
Transactions of the 163 clearing houses of the United States for
the year ending September 30, 1915, aggregated $162,777,508,000 as
against $163,849,811,000 in 1914, a net decrease in volume of
$1,072,303,000. The gross decreases for the various associations
totaled $3,500,454,000, and the increases $2,428,151,000. Approximately 90 per cent of the clearings represented the transactions in 14
cities, the transactions in which ranged from $1,026,159,000 in Los
Angeles to $90,842,708,000 in the city of New York. The operations in these 14 cities amounted to $142,387,834,000, only
$151,985,000 less than in the preceding year. In four of these cities
increases are shown as follows: New York, $1,082,363,000; Kansas
City, Mo., $783,721,000; San Francisco, $39,051,000, and Cleveland,
$97,362,000. The other 10 cities show decreases aggregating
$2,154,482,000. The clearings of the other 149 cities totaled
$20,389,674,000 as against $21,309,992,000 in 1914, hence a net
decrease of $920,318,000.
The New York Clearing House has been in existence for 62 years,
or since 1854. The present number of bank members is 62, and
their capital stock is $178,550,000. The clearings of the association
for the past year aggregated $90,842,707,724; and the balances paid
in money totaled $5,340,846,740, the proportion of balances to clearings being 5.87 per cent. The average daily clearings were
$299,810,917, and average daily balances paid in money $17,626,557.
The percentages of funds used in settlement of balances were as follows: Gold 12.90 per cent, legal tenders, etc., 87.10 per cent. The
transactions for the year of the assistant treasurer of the United
States at New York with the clearing house were as follows: Exchanges received from the clearing house $545,988,386.53; balances
received $107,359,526.91, total $653,347,913.44. Amount of exchanges delivered to the clearing houses was $541,227,053.32, and
the balances paid $112,120,860.12. The excess of debit balances
was $4,761,333.21.
The operations of each of the clearing houses with clearings in
excess of $1,000,000,000, and the aggregate clearings of the 149 other
clearing houses for 1915 and 1914, together with the increases and
decreases are shown in the following table:
REPORT OF THE COMPTROLLER OP THE CURRENCY.
105
Comparative statement, in millions of dollars, of the transactions of 14 clearing houses
and of all others combined, for the years ended Sept. 30, 1915 and 1914.
Clearing house at—
1
2
New York, N . Y
Chicago, 111
Boston, Mass
4 Philadelphia, Pa
St. Louis Mo
6 Pittsburgh, Pa
7 Xansas Citv Mo
8 San Francisco, Cal
Q Baltimore, Md
10 Cincinnati, Ohio
11 Minneapolis, Minn
1*> Detroit, Mich
Cleveland, Ohio
14 Los Angeles, Cal
Comparisons.
TransacTransactions lor
tions for
year ending year ending
Sept. 30,
Sept. 30,
Increase.
Decrease.
1915.
1914.
$00 842 7
15,404.2
7 481 3
7,968.0
3 883 3
2,527. 7
3 615 5
2,583.3
1 727 8
1,274 1
1 327 1
1,358 2
1 368 4
1,026.2
$89 760 3
16,139.9
7 866 6
8,231.5
4 050 8
2. 725.3
2 831 7
2 544.2
1 889 7
1 331.5
1 328 3
1 385.5
1 271 0
1,182. 8
$1 082 4
142,387.8
142,539.1
2,002.5
5735.8
783 7
39 0
97 4
263.5
1G7 6
197 7
161 9
57 4
1 2
27* 4
i56.7
2,154.5
2,002.5
149
All o t h e r s . . . . . .
20,389.7
21,310.7
152.0
920. 3
163
Total
162,777.5
163,849.8
1 072 3
RATES FOR MONEY IN NEW YORK.
From the following statement, compiled from data appearing in
the "Bank and. Quotation Supplement" of the Commercial and
Financial Chronicle, will be noticed the material decline in rates for
money in the New York market following the high points in November,
1914. The range for call loans on the stock exchange in November
was 4J to 6 per cent; in December, 2\ to 5 per cent; in January, \\ to
3 per cent, and normal during the following nine months of the
period in question. In November, 1914, the rates and ranges for
time loans were the same as for call loans, but in December the range
declined to 3 | to 4J, and in January to 2} to 4. During the remainder
of the year the minimum and maximum rates were 2\ to 3J, respectively. Choice 60 to 90 day double-name commercial paper, and
prime 4 to 6 months single-name paper, commanding 4-£ to 6-J in
November and 4 to 5 in December, wore quoted at normal rates for
the following months, ranging from the minimum of 3J to 4 up to
June, while thereafter the highest rate was 3f. Good single-name
paper ranging from 5 | to 7 in November dropped to 4J to 5|- in
December. In the following 10 months the rates and ranges were
normal—3-| to 4|, the rate in October, the closing month of the year
in question, being 3J to 4.
106
REPORT OF THE COMPTROLLER OF THE CURRENCY.
Range of rates for money in the New York marJcet, year ended Oct. SI, 1915.
1914
Character of loans
Call loans, stock exchange:
Range
Time loans:
60 days
90 days
4 months
5 months
6 months
Commercial paper:
Double names—
Choice, 60 to 90 days.
Single names—
Prrne, 4 to 6 months
Good, 4 to 6 months.
November.
4£ to 6
1915
Decem- January. February. March.
ber.
2\ to 5
Z\ to 4i
3 | to 4]
3 | to 4i
3§ to 4J
31 to 4;
4£ to 6£
4 to 5
4* to 6£
5* to 7
4 to 5
4J to 5£
1| to 2\
2\ to Z\
2% to 3J
3 to 31
31 to 4
31 to 4
3£ to 4
4-1 to 4£
4i to 4i
April.
Hto2J
lfto2J
1\ to 2\
2f to 3
3
3 to3£
3 to 31
2\ to 2 f
21 to 3
3 to 31
3 to 3*
3 to 3$
3J to Z\
3J to 4
31 to Z\
Z'i to 4i
31 to 4
3J to 4J
1915
Character of loans.
May.
Call loans, stock exchange:
Range
Time loans:
60 days
90 days
4 months
5 months
6 months
Commercial paper:
Double names—
Choice, 60 to 90 days.
Singlo names—
Prime, 4 to 6 months
Good, 4 to 6 months.
June.
July.
August.
Septem- October.
ber.
1 to 21
1 to 2
11 to 2
11 to 2
Ijto2
21 to 3
2\ to 3
2} to 31
3 to 3£
3 to3J
21 to 2*
24 to 2f
2|to3
2f to 31
2f to 31
21 to 22 2\ to 2 |
2ito3
2J-to 3
2{ to 31 3 to 3}
21 to 3^ 3 to 3^
3 to3i 3 to3J
2 | to 2\
2}
22 to 3
2|to31
3 to 31
21 to 2\
2i
21 to 3
3
3 to 33
3£to4
3 to3J
31 to 3J
3 to3|
3 to 33
3Jto4
41 to 4$
3 to3^ 31 to 3 !
3^ to 4" 4 to 41
3 to 3f
31 to 4
3 to 3]
31 to 4-
FOREIGN EXCHANGE.
In connection with the foregoing statement with respect to rates
for money in the New York market the following table, taken fron
the same source, relating to foreign exchange—maximum and mini
mum rates monthly for bankers' bills—is of interest. I t will b<
noticed that from normal rates quoted in November, 1914, there was
a decline in September, 1915, for 60-day bills to 4.49 to 4.69; sigh
drafts, 4.50 to 4.72^, and for cable transfers, 4.51 to 4.73. In th<
following month an improvement is noted, 60-day bills being quotec
4.58 to 4o69i, sight drafts 4.60i to 4.72J, and cable transfers 4.81
to 4.73. The authority for this data states that, the decline appearec
"to be mainly due to the ending of the British moratorium render
ing available credits in favor of this country that had been dorman
since August 4. The moratorium terminated September 4, but a
far as bills of exchange are concerned its effects continued up t<
December 3 (1914)."
REPORT OP THE COMPTROLLER OF THE CURRENCY.
107
The rates and ranges for each month from November, 1914, to
October, 1915, are shown in the following table:
Actual rates—Bankers* bills.
Sixty-day.
Date.
November
December
January
February
March
April
May
June
July
August
September
October
1914.
1915
Sight.
Cable transfers.
4.84-| to 4.8
4.81|to4.8
4.86f to 4.901
4.84f to4.89£
4,87| to 4.911
4.85J to 4.89|
4.81£to4.83£
4.77£to4.83}
4.76* to 4.794
4.76J to 4.77-|
4.75f to 4.77|
4.72|to4.7S|
4.71 to 4.73V
4.52 to 4.71f
4.49 to 4.69
4.58 to 4.69^
4.83;} to 4.85|
4.79 to4.84H
4.781 to 4. SI £
4.78Hto4.S0
4.78 to 4.80
4.75} to4.78&
4.751 to 4.77^
4.55i to 4.70}4.50 to 4.72}
4. & to 4.72-j
4.84 to 4.85|
4.791 to4.S5|
47?\t481|
4.79^ 10 4.80^
4.784 to 4.80',
4.70}
4.70;} to 4.77|
4.56 to 4.70H
4.51 to 4.73
4.61} to 4.73
STATE, SAVINGS, PRIVATE BANKS, AND LOAN AND TEXJST
COMPANIES.
Section 333 of the Revised Statutes provides that the Comptroller
of the Currency shall incorporate in his annual report to Congress a
statement exhibiting under appropriate heads the resources and
liabilities and condition of banks, banking companies, and savings
banks organized under the laws of the several States and Territories, the information to be obtained from reports made to legislatures or officers of the different States and Territories or from such
authentic sources as may be available.
Prior to 1909 statements for State banks were furnished to the
Comptroller for varying dates and without uniformity in the form of
reports. Beginning with 1909 statements received from the banks
outside of the national system through the courtesy and cooperation of the State bank superintendents have conformed in general
as to details of assets and liabilities with the reports made by the
national banks.
Under the call of June 23, 1915, the banks operating under State
laws very generally responded to the Comptroller's request for a
statement to be used for statistical purposes and the State officials, in
many instances, courteously furnished additional information for
making the statistics complete. The furnishing of these statements
being purely voluntary on the part of the banks it has not been found
possible to present absolutely complete returns, but the statements
for this report represent, it is estimated, the resources and liabilities
of fully 99 per cent of the State banks, savings banks, and trust companies, besides the relatively usual proportion of private banks which
can be prevailed upon to submit reports.
Summaries of the reports received for the current year from banks
other than national show the condition on June 23, 1915, of 19,457
banks, or 217 more than reported in 1914. The paid in capital
stock of these banks aggregates $ 1,094,322,264.93? and the resources
$16,008,444,520.68. In 1914 banks other than national reporting
numbered 19,240, with aggregate capital of $1,073,881,738.20 and
resources of $15,489,207,260.36. The increase in capital is, there
12066°—CUB 1915—VOL 1
8
108
REPORT OF THE COMPTROLLER OF THE CURRENCY.
fore, shown to be $20,440,526.73 and resources $519,237,260.32. 1
summary of the report of condition of the banks other than nationa
is submitted herewith.
Summary of reports of condition of 19,457 reporting hanks, other than national (Statt
savings, private banks, and loan and trust companies), in the United States at the clos
of business on June 23, 1915.
RESOURCES.
Loan* and discounts:
Secured by farm lands
Secured by other real estate (including mortgages owned)
Secured by collateral other than real estate
All other loans
Total
Overdrafts
Investments (including premiums on bonds):
United States bonds
State, county, and municipal bonds
Railroad bonds
Bonds of other public service corporations (including street a n d
interurban railway bonds)
Other bonds, stocks, warrants, etc
Total
Banking house (including furniture and fixtures)
Other real estate owned
Due from banks
Checks and other cash items
Exchanges for clearing house
Cash on hand:
Gold coin
Gold certificates
Silver coin
Silver certificates
Le^al-tender notes
National-bank notes
Federal-reserve notes
Nickels and cents
Cash not classified
$637,603,138.32
3, C35,914,343. £1
2,36'*, 112,607.52
3,021,838,624.41
$9,062,468,713.';
31, OSS, 834. %
27,705,365.53
1,249,551,166.89
1,325,443,646,47
443,576,786.87
767,2S5,440.91
3,813,562,406. (
359,016,294. i
112,612,296. <
1,644,964,474. (
32,349,346. (
94,239,470. \
87,439,697.00
205,941,940.00
28,464,903. 75
58,00S, 649.00
67,836,743.00
69,027,418.00
6,610,625.00
3,067,304.97
73,548,011.60
Total
599,945,292. \
Other resources
258,227,390. t
Total resources
16,008,444,520. (
LIABILITIES.
Capital stock paid in
Surplus
Undivided profits (less expenses and taxes paid)
Due to banks
Dividends unpaid
Deposits:
Individual deposits subject to check without notice
Savings deposits, or deposits in interest or savings department..
Demand certificates of deposit
Time certificates of deposit
Certified checks
Cashiers' checks outstanding
Total
„
Postal savings deposits
Notes and biils rediscounted
Bills payable (including certificates of deposit representing money
borrowed)
\
Other liabilities
Total liabilities
1,094,322,264.1
1,010,828,837. (
325,022,007.!
575,306,141.
2,288,150. 4,660,267,494.01
6,371,479,056- 32
289,405,929.95
1,199,967,998.83
47,405,672.38
45,868,900.40
12,614,485,051.
18,348,687.
19,532,954.
108,561,348.
239,749,076.
16,008,444,520.
EEPOET OF THE COMPTROLLER OF THE CURRENCY.
109
The following table shows the principal items of resources and liabilities for each class of banks, other than national, reporting as of
June 23, 1915:
Resources and liabilities of 19,457 reporting State, savings, private banks, and loan and
trust companies, June 23, 1915.
14,598 State
banks.
030 mutual savings banks.
1,529 stock savings
banks.
RESOURCES.
Loans and discounts and overdrafts
Bonds, securities, etc
Banking house, furniture, and fixtures
Other r al estate owned
Duo from banks
Checks and other cash items *
Cash on hand
All other resources
Total resources
$2,908,024,605.4fi
420,475,283. Co
137,112,455.34
31,772,875.41
557,620,430.93
74,13(3,593.89
242,754,230. 38
27,705,767.85
$2,170,038,917.01
1,809,8U5,5-X 83
38,584,738.03
17,884,806.10
183,397,209.00
935,158. 63
21,930, €95. 67
16,738,803.06
$851,819,062.35
158,294,012.21
35,908, Cld. C3
9,704,009.21
124,848,91L 30
3,280,201.49
40,844,782.09
13,913,730.37
4,399,602,308.91
4,319,382,916.93
1,238,673,391.65
LIABILITIES.
Capital stock paid in
Surplus fund
Undivided profits
Due to banks
Dividends unpaid
Individual d posits
Postal savings deposits
Notes and bills rediscountcd
Bills payable
Other liabilities
503,985,319.31
221,081,282.78
97,220,034.27
176,9C0, 715. 57
693, 7< 0. CO
3,277,772,330.10
5,429,074.38
12,742,304.34
75,979,200.04
27,738,281. 52
Total liabilities
4,399,602,308.91
621,224.98
7,601,140.35
92,982,798.15
40,905,294.21
20,753,372.72
10,184,809,36
73,307.24
1,047,039,050.93
1,492,713.36
1,023,509.44
2,851,110.93
14,706,825.31
4,319,382,916.93
1,238,673,391.05
289,724,578.07
70,292,310.79
411,231.38
3,950,666,3C2.08
6,063.28
1,664 loan and
trust companies.
1,030 private
banks.
$3,048,668,029.04
1,349,613,857.23
141,599,009.29
45,183,991. 95
754,102,819.(8
47,C43,079.88
287,957,932.4G
198,291,501.74
$114,970,874.26
15,312,724.75
5,751,415.70
8,000,013.80
24,935,097.17
593,723.05
6,451,051.72
1,577,401.47
$9,093,527,548.72
3,813,562,406.67
359,016,294.99
112,612,296.47
1,044,9C4,474.08
126,588,810. 94
599,945,292.32
258,227,390.49
5,873,120,341.27
177,065,561.92
10,008,444,520.08
Capital stock paid in
Surplus fund
Undivided profits
Due to banks
Dividends unpaid
Individual deposits
Postal savings deposits
Notes and bills rediscounted
Bills payable
Other liabilities
476,806,240.00
450,675,447.30
120,718,353.51
386,518,814.13
1,480,328.50
4,204,596,408. 92
11,420,836.69
4,182,770.03
23,574,321.00
187,146,821.13
20,547,907.47
8,442,234.66
4,037,930. 02
1,230,570.72
40,754.10
134,410,299.86
984,371.03
5,535,485.18
2,436,008.28
1,094,322,264.93
1,010,828,837.02
325,022,007. 91
575,306,141.16
2,288,150.44
12,614,485,051.89
18,348,087.71
19,532,954.84
108,501,348.19
239,749,070.59
Total liabilities
5.873,120,341.27
177,665,501.92
16,008,444,520.68
Total,
19,457 banks.
RESOURCES.
Loans and discounts and overdrafts
Bonds, securities, etc
Bank-in? 1'ouse, furniture, and fixtures
Other rral estate owned
Duo from banks
Checks and other cash items l
Cash on hand
All other resources
Total resources
.
LIABILITIES.
1
Includes exchanges for clearing house.
110
REPORT OF THE COMPTROLLER OF THE CURRENCY.
For the purpose of comparison, a statement giving the principal
items of resources and liabilities for banks other than national, from
1911 to 1915, inclusive, is submitted herewith:
Consolidated returnsfrom State, savings, private banks, and loan and trust companies.
Items.
Loans1
Bonds
Cash
Capital
Surplus and
undivided
profits
Deposits (individual) . .
Resources...
1911
1912
1913
1914
1915
$7,412,153,800.11 $7,979,852,420.09 $8,464,738,379.36 $8,893,923,049.95
3,289,4(58,003.00 3,497,602,404.25 3,517,530,597.54 3,670,036,288.42
576,810,655.97
556,085,728.23
591,607,515.60
616,655,547.01
932,777,933.31
977,272,830.70 1,039,930,069.75 1,073,881,738.20
1,152,073,936.93
1,215,331,634.26
1,261,091,605.55
$9,093,527,548.72
3,813,562,406.67
599,945,292.32
1,094,322,264.93
1,284,994,939.99
1,335,850,844.93
10,428,283,553.82 11,198,606,443.53 11,522,302,583.69 12,249,040,449.29
13,248,034,688.36 14,124,878,897.03 14,675,243,842.44 15,489,207,260.36
12,614,485,051.89
16,008,444,520.68
i Including overdrafts.
STATE BANKS.
Reports from State banks (commercial banks) to the number of
14,598 have been received, showing capital of $503,985,319.31 and
aggregate resources of $4,399,602,308.91. In 1914 reports were received from 14,512 State banks with capital of $501,154,866.23 and
aggregate resources of $4,353,663,536.98. The summary of reports
includes 86 banks more than reported last year, with an increase in
capital of $2,830,453.08 and in resources of $45,938,771.93.
The summary of the reports submitted by State banks shows loans
exclusive of overdrafts, classified as follows:
Secured by farm lands
.^
Secured by other real estate, including mortgages owned
Secured, by collateral other than real estate
Unclassified loans
Total
$281, 583,170. 08
301,177, 259. 49
699, 842, 079. 99
1, 600, 495, 861.39
2, 883, 098, 370. 95
In addition to the loans, overdrafts amounting to $24,926,294.51
were reported as against $27,737,345.21 reported for 1914,
The investments in bonds, securities, etc., are classified as follows:
United States bonds
State, county, and municipal bonds
Kailroad bonds
Bonds of other public-service corporations
Other bonds, stocks, warrants, etc
Total
$2, 789,153.31
101, 754, 937.82
81, 266, 999. 76
66, 658, 211.78
168, 005, 980. 98
420, 475, 283'. 65
Individual deposits are classified as follows:
Subject to check without notice
Savings deposits, or deposits in interest or savings department
Demand certificates of deposit.
Time certificates of deposit
Certified checks
Cashier's checks outstanding
Total
$1,777,188, 651. 96
599, 864, 911.57
158, 495, 548. 43
689, 982, 521. 81
31, 978, 0G2. 96
20, 262, 633.37
3. 277, 772, 330.1C
The surplus of State banks aggregated $221,081,282.78 and undivided profits $97,220,034.27.
REPORT OF THE COMPTROLLER OF THE CURRENCY.
Ill
AIL SAVINGS BANKS.
Reports have been received and tabulated from 630 mutual savings
banks and 1,529 stock savings banks, the combined resources of these
two classes of banks being $5?558,0567308.58.
Deposits in these banks aggregated $4,997,706,013.01 and the
depositors numbered 11,285,755, the average deposit account being
$442.83. The 2,100 savings banks reporting in June, 1914, had
deposits aggregating $4,936,591,849.03 to the credit of 11,109/199
depositors, the average deposit account being $444.36. The statistics,
therefore, show an increase during the year of $61,114,163.98 in
deposits and 176,256 in the number of depositors, while the average
deposit account has decreased by $1.53.
The following table shows the number of savings depositors,
aggregate savings deposits, and aggregate amount due depositors in
savings banks in the States indicated, on June 30, 1914, and June 23,
1915. These figures do not include the amount of savings deposits in
savings departments of the State banks, private banks, and loan and
trust companies.
Number of reporting savings banks {mutual and stock savings), number of depositors,
aagregate deposits, and average deposit account, by States, June SO, 1914, and June 23,
1915.
1914 (2,100 banks).
State.
Num- Number
of deber of
banks. positors.
Maine
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut
Amount of
deposits.
1915 (2,159 banks).
Average to Num- Number
each ber of
of dedepos- banks. positors.
itor.
Amount of
Average to
each
depositor.
48 240,604 $97,221,727.115404..07
59 218,628 102,271,138.96 467.75
21 117,584 52,939,223.30 450.22
196 2,305,340 895,178, 637.11 388.31
15 148,283 82,237,169.60 554.59
83 622,852 313,273,629.22 502.96
48 238,586 $97,423,
$408.33
5:
219,535 103,623,822.84 472.01
20 114,964 53,559,421.56 465.87
196 2,332,369 917, 439,289.53 S93.35
15 149,804 83,385,142.93 556.62
82 632,046 316,486,518.04 500.65
New England
States
3,653,291 1,543,121,525.30 422.39
418 3,687,304 1,571,917,283.53 426.29
New York
New Jersey
Pennsylvania
Delaware
Maryland
District of Columbia
140 3,181,023 1,771,560,808.38 556.91
27 336,600 130,635,801.93 388.10
12 500,465 218,8-13,715.05 437. 28
34,176 12,054,855.18 352.73
2
52 289,585 109,663.346.61 378.69
10,978,723.68 136.52
80,424
18
140 3,199,307
27 338.254
11 500,075
2
31,122
51 28G, 351
18
80,640
Eastern States.
251 4,422,273 2,253,737,250.83 509.63
249 4,438,749 2,202,557,802.4S f-09.72
Virginia
West Virginia
North Carolina
South Carolina
Georgia
Florida
Alabama
Mississippi
Louisiana
Kentucky
Tennessee
19
,
Southern States.
190
44,091
31,824
56,199
36,178
54,748
9,506
0)
15,331
63,165
46,802
72,813
430,687
10,784,314.
5,532,126.
10,338,466.
10,873,392.
12,491,635.
1,580,615.
1
244.6
173.83
183.
300.56
228.17
166.27
4,908,623.
17,650.883.
7.361,257.
16,079,166.
1,774,221,482.67! 554.56
131,205,709.701 387.89
223,725,594.03| 417.38
12,260,905. 56| 350.29
109,134,974.84 381.12
12,009,195.68 148.92
320.20
279.44
157.29
220.75
50,162
27,608
52,697
36,398
43,331
7,197
17,294
10,244
69,085
39,892
78,501
10,556,6-12.02, fc10.45
5,016,021. Go!! 1^1. C8
9,693,513.00!
9,676,617.71! 5.85
11,015,593.63, M.22
1,410,561. it>i i }.;.O9
1,000,605. ;v;.| _v.86
2'. 236, 203. SO| 2 A 29
17.066,50',!. Wi 2J7.03
6,480,379. 01! ]r,2.44
15,448,343.82' DO. 79
97,600,480.57! 226.62
432,409
89,601,166.941 207.21
C)
1 Included with statistics for commercial banks.
« Savin"- deposits in savings departments of Illinois State banks and trust companies on June 23, 1915.
aggregated $294,534,098.83.
112
REPORT OP THE COMPTROLLER OF THE CURRENCY.
Number of reporting savings banks (mutual and stock savings), number of depositors,
aggregate deposits, and average dejwsit account, by States, June SO, 1914, and June 23,
1915.
1914(2,100 banks).
State.
Ohio
Indiana
Illinois
Michigan...
Wisconsin..
Minnesota.,
Iowa
Middle Western States....
North Dakota..
Nebraska
Kansas
Montana
Wyoming
Colorado
New Mexico....
Western States.
Washington.
Oregon
California
Idaho
Utah
Nevada
Arizona
Pacific States.
United States
Num- Number
ber of of debanks. positors.
Amount of
deposits.
1915 (2,150 banks).
Average to Num- Number
each ber of of dedepos- banks. positors.
itor.
117,695
34,445
$64,580,398.28 548.69
13,249,197.25 384.65
544,898
84,296
144,568
607,878
174,138,267.66
27,862,359.52
32,829,622.43
217,038,520.92
Amount of
deposits.
115,241
33,398
$62,603,425.98 543.24
12,934,308.72 387.27
550,802
83,415
129,938
614,566
187,031,772.54
26,057,901.23
33,398.576.46
224,671,130.31
(2)
190
24
10
791
1,023 1,533,780
C1)
4,
C1)
35
24,318
5,644
8,695
8,950
4,519
56,816
15
9
137
1
13
1
58,507
15,493
876,663
973
55,638
1,789
179 1,012,652
319.58
330.53
227
357.03
529,698,366.06 345.37
190
25
10
832
1,065 1,527,360
910,102.06 194.05
C1)
4,474,626.32
2,246,869.17
1,073,810.93
2,213,706.79
1,007,365.97
19,053,871.31
5,668,193.35
458,215,671.00
194,836.38
14,085,750.35
1,475,197.14
1,814,225.50
325.67
365.93
522.68
200.21
253.16
821.59
505.50
500,507,745.03 494.26
2,100,11,109,499 4,936,591,849.03 444.36
61
78,934
16
10
130
1
12
1
3
58,327
16,530
984,105
2,113
53,764
1,954
4,206
173
1,120,999
(2)
339.56
312.38
257.03
365.57
546,697,118.27 357.93
911,458.13
3,442,082.70
4,576,339.98
3,448,061.64
1,161,991.74
2,252,012. 58
1,707,655.71
183.99
398.10
123.50
247.34
222.92
11,926,481.24 209.91
Average to
each
depositor.
140, 22
166.04
211.17
361.12
39.). 44
22-3.06
221.27
17,499,602.48 221.69
19,229,020.37
5,198,429.38
467,839,359.23
183,414.19
13,662,372.72
1,414,016.18
1,906,367.24
329.~67
314.48
475.39
86.80
251.11
723.64
453.24
509.432,979.31 454.44
2,159 11,285,755 4,997;, 706,013.01 442.83
1 Included with statistics for commercial banks.
2 Savings deposits in savings departments of Illinois State banks and trust companies on June 23,1915,
aggregated $294,534,096.83.
NOTE 1.—The compilation for 1914 includes 634 mutual savings bants and 1,466 stock savings banks.
Included with thefiguresfor 1914 are $157,172,071.19 reported as subject to check without notice; $24,461,209.50
demand certificates of deposit and $4,366,000.29 certified checks and cashiers' checl.s outstanding. Statistics for California include figures for savings departments of commercial banks, but not the number
of such departmental banL:s. Depositors for the following number of ban s for States named have been
estimated: 1 each in Tew Hampshire^ Now Yore, New Jersey, Virginia, Minnesota, Kansas, Wyoming,
Colorado, Utah, and Arizona; 2 in Minnesota; 3 m Connecticut and Kentucky; 4 in Maine, West \ irginia, and Wisconsin; 5 in Massachusetts; 6 in South Carolina; 7 in Georgia; 8 m Maryland and Forth
Carolina; 12 in Michigan; 19S in Iowa; 2 in Louisiana. Depositors in California savings ban* s estimated.
So-called, stoe'e savings ban s of Ohio are included with commercial banL:s. Michigan "commercial and
savings" banks are included in this table.
NOTE 2.—Included with the figures lor 1915 are $174,600,481.43 reported as subject to chec\ without
notice, $17,894,933.34 demand certificates of deposit, and $2,595,550.05 certified checks and cashiers' checks
outstanding.
Depositors for the following number of banks for States named have been estimated: 1 each in Maine,
Mississippi, Kentucky, Kansas, Wyoming, Oregon, and Arizona; 2 each in Massachusetts and Louisiana;
3 each in New Hampshire, Maryland, South Carolina, and Washington; 4 each in Virginia and Wisconsin;
6 each in Connecticut and North Carolina; 10 in Tennessee; 50 in Michigan; 160 in Iowa.
In addition to deposits in stoe'e savings and mutual savings banes indicated in the foregoing table, State
ban":s, private ban .s, and loan and trust companies report as of June 23,1915, an aggregate of $1,671,527,040
classified as savings deposits.
The growth of savings banks in the United States from 1820 to
1915, as evidenced by the amount of deposits, number of depositors,
average deposit account, and the average per capita in census years
from 1820 to 1915 and annually thereafter is shown in the following
table:
REPORT OP THE COMPTROLLER OF THE CURRENCY.
113
Number of savings hanks in the United States, number of depositors, amount of savings
deposits, average amount due each depositor in the years 1820, 1825, 1850, 1835, 1840,
and 1845 to 1015, and average per capita in the United States in the years given.
Year.
18
10
15
36
59
61
70
74
76
83
90
108
128
141
159
190
215
•
1835
1010
1815.
1816
1817
1819
1S50...
1N52.
1853
1851 .
lS5i
1857
1859...
1880
1861
1862
1863.
1864
1865
1868...
1887
185S
1889
1870
1S71
231
215
259
278
2S5
2S9
293
305
317
336
3 1
408
476
517
577
6!7
639
633
771
781
675
633
639
629
623
629
630
638
616
633
6<4
801
819
921
1,011
1,059
1 0"0
1,024
1,017
OSS
%
1S73
1871
1875
1S78..
1877
18?8
1879
18 ;0 .
ISM
1^S2...
18^3
1884
188") .
1886
18') 7
1888...
18'%9
1830
1831 .
1832
1893
18" 4
1X08
1897 . .
1S9S
1<99
1900
1901
1002
r>03
190'
1905
Number Number of
of banks depositors.
....
1907
190S
190 ?
1910
1911 . .
1912
1913...
1914
19151
979
937
1.002
1,007
1,036
1,078
1,157
1,237
1,319
1,415
1,453
1,703
1,759
1,884
1,922
1,978
2,100
2,159
8,635
16,931
38,035
60,053
78,701
145,208
158,709
187,739
199,764
217,313
251,354
277,148
308,863
365,538
396,173
431,602
4S7,9-6
490,428
53^,8*0
622,556
693,870
694,487
787,943
887,096
976,025
983,844
1,087,061
1,188,202
1,310,144
1,405,684
1,6 "JO, 846
1,302,0-17
1,932,925
2*185,832
2,233,401
2,359,864
2,368,630
2,395,314
2,400,785
2,258,707
2,335,582
2,528,749
2,710,354
2,876,433
3,015,151
3,071,495
3,15S,950
3,41S,O13
3,838,231
4,021,523
4,258,893
4,533,217
4,781,605
4,830,599
4,777,6S7
4,875,519
5.065,494
5,201,132
5,385,716
5,6S7,813
6,107,0 3
6,358,723
6,663,672
7,035,228
7,305,443
7,696,229
8,027,192
8,5S8,811
8,705,848
8,831,863
9,142,908
9,794,647
10,010,304
10,763,936
11,109,-199
11,285,755
Deposits.
$1,138,576
2,537,0:2
6,973,304
10,613,726
14,051,520
21,503,677
27,374,325
31,627,479
33,087,488
36,073,924
43,431,130
50,457.913
59,167,453
72,313,606
77,823,905
81,230,076
95,598,230
98,512,968
108,438,287
12*, 657,901
149,277,504
146,729,882
169,431,510
208,235,202
236,280,401
242,619,382
282,455,794
327,009,452
392,781,813
457,675,050
549,871,358
6")0,745,442
735,016,805
802,353,609
864,556,902
921,037,304
941,350,255
868,218,306
879,897,425
802,490,29S
819,106,973
831,961,112
96G,797,OS1
1,021,858,787
1,073,294,955
1.095,172,147
1,141,530,578
1,235,247,371
1,384,196,550
1,425,230,349
1,524,844,506
1,623,079,749
1,712,769,026
1,78.-), 150,957
1,747,961,25'O
1,810,597,023
1,907,156,277
1,933,376,035
2,035,031,298
2,230,365,954
2,449,547,885
2,597,004,580
2,750,177,290
2,935,204,845
3,050,178,611
3,261,236,119
3,482,137,198
3,690,078,945
3,680,553,945
3,713.405,710
4,070,486,246
4,212,583,598
4,451,818,522
4,727,403,950
4,936.591,849
4,997,706,013
Population estimated at 100,125,000.
Average Average
duo each perincapita
the
deposi- United
tor.
States.
$131.86
119.S4
1X3.09
176.72
178.54
18S. 77
172.48
168.46
165.63
165.99
172.78
182.06
192.54
197.82
196.44
195.29
195.00
200.87
201.24
203.66
215.13
211.27
215.03
232.48
212.08
217.35
261.70
2S3.63
299. ; 0
312.01
337.17
312.13
358. 82
337. 07
376.03
391.56
397.42
331. G3
353.rO
353.72
350.71
352.73
355.70
353. °9
355.95
355.56
361.26
361.39
355.41
354.40
353.03
358.04
358.20
339.55
365. m
371.36
378.50
372.83
383.54
392.13
401.10
40S. 30
412.53
417.21
413.89
423.74
433.79
429.64
420.47
420.45
445.20
430.09
444.72
439.07
444.35
442.63
SO. 12
.54
.82
1.87
4.75
14.20
16.33
21.35
25.29
28. n
23.63
25.53
25. S3
2 >. OS
23.56
27.67
23.24
31.78
33.45
31.89
33.52
37.52
33.17
41.13
42.87
41.84
41.75
45.05
44.82
46.53
4^.56
49.85
49.91
114
REPORT OF THE COMPTROLLER OF THE CURRENCY.
In the statements for 1896 to 1908, inclusive, but not subsequently,
are the number of depositors and the amount of deposits in the State
banks of Illinois having savings departments, but not the number
of such banks, by reason of the fact that general returns from these
institutions are incorporated in State bank returns. The savings
deposits in savings departments of Illinois State banks and trust
companies were reported officially on June 24, 1915, at $294,534,096.
MUTUAL SAVINGS BAl^KS.
Reports were received, as of June 23, 1915, from 630 mutual
savings banks. These banks are located chiefly in manufacturing
centers and towns of the New England and Eastern States, there being
only 23 reporting institutions of this character in other sections of
the country, namely, 1 in "West Virginia, 3 in Ohio, 5 in Indiana, 5
in Wisconsin, 8 in Minnesota, and 1 in California.
The resources of this class of banks aggregate $4,319,382,916.93,
and their deposits amount to $3,950,666,362.08, credited to 8,307,787
depositors, the average deposit account being $475.53. The increase
in deposits during the year was $35,040,171.51 and in the number of
depositors 30,428. The resources of the mutual savings banks are
classified as follows: Loans, $2,170,038,917.61; investments in bonds,
securities, etc., $1,869,866,528.83; banking houses, furniture, and fixtures, £38,584,738.03; other real estate owned, $17,884,806.10; due
from banks, $183,397,200; checks and other cash items, $935,158.63;
cashinbank, $21,936,695.67; all other resources, $16,738,863.06; total,
$4,319,382,916.93. The liabilities are classified as follows: Surplus,
$289,724,578.07; undivided profits, $70,292,316.79; due to banks,
$411,231.38; individual deposits, $3,950,666,362.08; other liabilities,
$8,288,428.61; total liabilities, $4,319,382,916.93. The average rate
cf interest paid to depositors in mutual savings banks in 1915 was
3.83 per cent, against 3.86 per cent in 1914. An average rate of
3.88 per cent is paid by the banks in the New England States, 3.74
er cent in the Eastern States, 3.66 per cent in the Middle Western
tates, 4.5 per cent in West Virginia, and 4 per cont in California.
The following table shows the number of depositors in mutual
savings banks, the aggregate savings deposits, and the aggregate
amount due depositors in the States indicated on June 30, 1914, and
June 23, 1915:
E
REPOET OF THE COMPTROLLER OF THE CUBBENCY.
115
Number of mutual savings banks, number of depositors, aggregate deposits, and average
deposit account, by States, June 80, 1914, and June 23, 1915.
1915
1914
State.
Maine
New H a m p s h i r e
Vermont
Massachusetts
Rhode Island
Connecticut
Total
N e w York
New Jersey
Pennsylvania
Delaware
Maryland
Number of
banks.
Average to N u m - Number
each ber of of dedeposi- banks. positors.
tor.
Amount of
deposits.
Average to
each
depositor.
48 1 238,586 $97,423,088.63 $408.i.33
48 2 200, G24 95,343,985.04 4£0.22
53,559,421. 50 465.87
114,904
20
196 ;2,332,369 917,439,289.53 393. 35
149,804
83,385,142.93 556. 62
15
632,046 316,486,518.04 500. 73
412 3,634,988 1,535,973,043.02 422.56
409 3,668,393 1,564,637,446.33 426.50
140 ;, 181,0231,771,560,808.38
26
303,644 117,084,149.86
500,465 218,843,715.05
12
12,054,855.18
2
34,176
246,870
97,892,825.55
19
140 3,199,307 1,774,221,482.67
305,236 117,396,195.11
26
500,075 223,725,594.03
11
34,122
12,200, COS. 56
2
96,773,243.18
19 i 243,950
556.91
385.59
437.28
352.75
396.49
,266,178 2,217,436,354.02 519.53
Total
Total
Ohio
Indiana
Wisconsin
Minnesota
1,522,350.79 255.42
5,985
5,964
1,522,350. 79 255.42
5,985
21
Total
634
64,580, 398.28
13,249, 197.25
2,107, 386.29
25,634 886.36
554.51
384.60
447. 38
359.32
396.69
198 4,282,690 2,224,377,420.55 519.38
5,964
117,695
34,445
8,100
124,626
California
Grand t o t a l .
Amount of
deposits.
$97,221,727.11 $404.,07
95,122,656.68 474.84
52,939,223.30 450.22
895,178,637.11 388.30
82,237,169.60 554.59
313,273,629.22 502.96
240,604
48
200,325
49
117,584
21
196 2,305,340
148,283
15
622,852
83
West Virginia
Total
Number
of depositors.1
115,241
3 33,398
8,124
106,826
548. 70
384.64
260.17
205.69
1,497,765.34 250.25
1,497,765.34 250.25
62,603,425.98
12,934,308.72
2,043,219.39
26,072,807.75
"543^4
3S7.27
251.50
244.06
284,866
105,571,808.18 370.60
85,363
55,122,574.56 645. 74
87,130
56,499,968.02! 648.45
85,363
55,122,574.56 645. 74
87,130
56,499,968.02 648.45
1,277,359,3,915,626,190.57 473.051
1 Estimated for 1 bank.
2 Estimated for 3 banks.
263,58
103,653,761.84 393.24
630 8,307,787,3,950,666,362. C
475.53
a Estimated for 2 banks.
< Estimated for 6 banks.
STOCK SAVINGS BAFKS.
Stock savings banks to the number of 1,529 furnished reports as of
June 23, 1915. A large number of so-called savings banks transact
chiefly a commercial business and carry very few savings accounts.
In those States where sayings-bank reports are not separately compiled by the State banking departments but classified with commercial banks, care has been exercised in eliminating from the
classification made by this office all so-called savings banks which
are chiefly banks of discount and deposit, transacting only a minimum of savings bank business. Some difficulty is experienced in
making the classification uniform throughout, but this difficulty
can not be entirely overcome until the State banking departments of
every State shall make a separate classification of reports for each
class of banks.
In California a large number of the banks are known as departmental banks, which make separate reports to the banking department of that State for each class of business—i. e., for their commercial, trust, and savings bank departments. The figures for
California, therefore, include the resources and liabilities of savings
banks and savings departments of other banks.
116
REPORT OF THE COMPTROLLER OF THE CURRENCY.
The capital stock of the 1,529 stock savings banks reporting as of
June 23, 1915, amounts to $92,982,798.15, against $89,423,876.57
for 1,466 banks reporting in June, 1914. Their loans aggregate
$850,304,207.35, classified as follows: Secured by farm lands,
$154,852,072.58; secured by other real estate (including mortgages
owned), $351,891,918.88; secured by collateral, other than real
estate, $100,018,175.74; all other loans, $243,542,040.15. Overdrafts amounted to $1,514,855.
Investments in bonds, securities, etc., including premiums, aggregate $158,294,012.21, classified as follows: United States bonds,
$5,491,535.32; State, county, and municipal bonds, $54,320,053.79;
railroad bonds, $21,088,516.71; bonds of other public-service corporations, $34,097,066.05; all other bonds, stocks, warrants, etc.,
$43,296,840.34.
The classification furnished by the banks relating to investments
in bonds is more in detail for the present year than heretofore. In
1914 over $103,000,000 of investments in bonds, etc., was reported as
unclassified; for the current year only $43,000,000 is so reported.
The reports show cash in bank amounting to $40,844,782.09; amount
due from banks, $124,848,911.30, and that the aggregate resources
were $1,238,673,391.65.
The paid-in capitalstock was $92,982,798.15; surplus, $40,905,294.21; undivided profits, $26,753,372.72; due to banks, $10,184,809.36;
individual deposits, $1,047,039,650.93, and other liabilities amounted
to $20,807,466.28, including $1,492,713.36 postal savings deposits.
The individual deposits include savings deposits, $754,443,330.99:
time certificates of deposit, $102,102,674.46; demand certificates oi
deposit, $17,833,709.36; deposits subject to check without notice^
$170,151,181.21, and certified checks and cashier's checks aggregating
$2,508,754.91.
The depositors in stock savings banks number 2,977,968, of whicl
number 2,380,496 are savings depositors and 597,472 have commercial accounts. The rate of interest paid on savings accounts
averaged 3.82 per cent and on other deposits 3.41 per cent. OIK
thousand two hundred and nineteen banks reported interest paid ox
savings accounts and 569 on other deposits.
LOAN AND TKUST COMPANIES.
Many so-called loan and trust companies are simply commercia
banks and transact no trust business. As far as possible report*
from such concerns have been excluded from the summary whicl
follows, but are included with the commerciarbanks.
Eeports as of June 23 were received from 1,664 loan and trus1
companies, with capital amounting to $476,806,240 and aggregati
resources of $5,873,120,341.27. In June, 1914, reports were receive(
from 1,564 loan and trust companies, with capital of $462,201,248.7<
and resources of $5,489,531,037.80. The companies reportinj
this year number 100 more than last year, with an increase o
$14,604,991.26 in capital stock and $383,589,303.47 in resources.
The number of institutions of this character reporting from th
New England States is 235, from the Eastern States 530, from th
Southern States 400, from the Middle Western States 384, Western
States 60, and Pacific States 55.
REPORT OF THE COMPTROLLER OF THE CURRENCY.
117
The loans and discounts of loan and trust companies aggregate
$3,045,279,399.87, classified as follows: Secured by farm lands,
$107,696,242.52; secured by other reed estate (including mortgages
owned), $535,592,654.51; secured by collateral other than real estate,
$1,401,021,422.28; all other loans, $1,000,969,080.56.
Investments in bonds, securities, etc., including premiums, aggregating $1,349,613,857.23, are classified as follows: United States bonds,
$2,138,054.71; State, county, and municipal bonds, $241,100,288.27;
railroad bonds, $401,071,546.42; bonds of other public-service corporations, $232,451,914.02; other bonds, stocks, warrants, etc., $472,792,053.81. Banking houses, including furniture and fixtures, showed
an investment of $141,599,069.29, while other real estate owned was
valued at $45,183,991.95.
The amount reported as due from banks was $754,162,819.68; checks
and other cash items, $11,410,230.25; and exchanges for clearing
house, $36,232,849.63. Cash in bank amounted to $287,957,932.46
and resources unclassified $198,291,561.74. With a paid-in capital
stock of $476,806,240, the trust companies reported surplus of
$450,675,447.30, together with undivided profits amounting to
$126,718,353.51. The amount due to banks was $386,518,814.13;
dividends unpaid, SI,480,328.50; individual deposits, $4,204,590,408.92, and postal savings deposits, $11,420,836.69. Notes and
bills rediscounted amounted to $4,182,770.03, and bills payable
(including certificates of deposit representing money borrowed),
$23,574,321.06. Other unclassified liabilities were $187,146,821.13.
The individual deposits of the trust companies are classified as
follows: Subject to check without notice, $2,640,902,365.36; certified checks, $14,787,783.34; cashiers' checks outstanding, $23,386,418.36; demand certificates of deposits, $94,827,754.75; savings
deposits, $1,053,569,572.94, and time certificates of deposit, $377,122,514.17.
PEIVATE BA&KS.
Keports of condition as of June 23, 1915, were received from 1,036
private banks, against 1,064 reporting in 1914. Less than one-half
of the private banking institutions in operation in the country can be
prevailed upon to furnish reports of condition for statistical purposes.
The banks reporting number 108 from the Eastern States, 71 from
tho Southern States, 775 from the Middle Western States, 75 from the
Western States, and 7 from the Pacific States.
The capital of the 1,036 reporting private banks aggregates
$20,547,907.47, and the resources $177,665,561.92. Loan% and discounts, aggregating $113,751,661.08, are classified as follows: Secured
by farm lands, $16,142,743.11; secured by other real estate, $10,376,702.51; secured by collateral other than real estate, $14,634,456.31;
all other loans, $72,597,759.15.
Investments in bonds, securities, etc., including premiums, aggregating $15,312,724.75, were classified as follows: United States bonds,
$322,563.51; State, county, and municipal bonds, $3,660,778.80;
railroad bonds, $3,460,149.08; bonds of other public-service corporations, $1,212,636.90; other bonds, stocks, warrants, etc., $6,656,596.40. Private banks held cash in bank amounting to $6,451,651.72,
and reported amount due from banks as $24,935,097.17. Their
surplus was reported at $8,442,234.66.
118
REPORT OF THE COMPTROLLER OF THE CURRENCY.
Deposits aggregating $134,410,299.86 are classified as follows:
Subject to check without notice, $67,575,995.26; demand certificates
of deposit, $18,187,693.43; savings deposits, $18,092,555.77; time
certificates
of deposit, $30,199,930.70, and certified checks and
cashiers7 checks outstanding1, $354,124.70.
DIVIDENDS PAID BY STATE AND PRIVATE BANKS.
Information relative to the amount and per cent of dividends paid
during the year ended with June, 1915, is furnished by 10,050 of the
19,457 State and private banks that submitted reports of their condition. The capital of the 10,050 banks aggregated $780,060,326, on
which dividends were paid to the amount of $88,654,050, or an
average of 11.37 per cent. The average rate paid by the 7,665 State
(commercial) banks was 10.38 per cent. As will be noted elsewhere
in this report, the average rate
paid by national banks is nearly the
Same (10.36) as that paid b}r these commercial State banks.
In the table following is shown the number of each class of banks
from which information was received relating to the payment of
dividends, together with their capital and the amount and" per cent
of the dividends paid:
Dividends paid on capital by banks other than national, year ended June 23, 1915.
Number
of banks
reporting
this information.
State banks
Stock savings banks
Loan and trust companies
Private banks
Total
Per cent
of dividends to
capital.
Capital.
Dividends.
1,163
347
$330,843,912
51,263,825
390,924,188
7,028,401
$34,359,807
5,798,287
47,591,180
904,775
10.38
11.16
12.17
12.87
10,050
780.060.326
88,6.54,050
11.37
EEPORTS OF CONDITION OF ALL BANKS IN THE UNITED STATES.
A summary of the statements of condition of 27,062 reporting
banks in the United States and island possessions for June, 1915,
including national, State, savings, and private banks, and loan and
trust companies shows capital of $2,162,841,369.93 and aggregate
resources of $27,804,129,677.56.
In the weekly statement published by the Federal Reserve Board,
showing the condition of the Federal reserve banks as of June 25,
1915, the capital of these banks is stated at $54,200,000 and the
resources at $381,456,000.
By consolidating the figures for the 12 Federal reserve banks with
statistics of all other reporting banks it will be noted that the aggregate resources of the banks of the country approximate the sum of
$28,185,585,000, with an approximate total capitalization of $2,217,
041,000.
There are about 3,000 banking institutions in the country from
which no reports can be obtained, about 95 per cent being private
banking concerns. A careful estimate, based on returns received
KEPOKT OF THE COMPTROLLER OF THE CURRENCY.
119
from private banks, indicates that the capital of these nonreporting
banks amounts to $59,500,000 and the resources to $515,000,000.
The aggregate banking resources of the country, actual and estimated, would therefore appear to be over $28,700,000,000.
The following statement shows the principal items of resources and
liabilities of 27,062 reporting banks, including national, State, savings,
private banks, and loan and trust companies, from reports of condition at close of business June 23, 1915, together with a summary of
reports of condition of the 12 Federal reserve banks as of June 25,
1915.
Statement showing the principal items of resources and liabilities of 27,062 reporting
banks in the United States and island possessions {including national, State, savings,
and private banks and loan and trust companies) from reports of condition at close of
business June 23,1015, together with a summary of reports of condition of the 12 Federal
reserve banks as of June 25, 1915.
27,0G2 reporting
banks, June 23,
1915.
12 Federal
reserve banks,
June 25, 1915.
Total bank
resources.
RESOURCES.
$15,722,440,177.20 '$30,375,000.00 $15,758,815,177.20
33,232,421.03
3J, 232,421.03
5,881,931,375.37 i9J 116,000.66 5,901,041,375.37
633,821,049.21
630,821,049.21
155,583,891.79
156,583,891. 79
3,233,942,829.39
3,233,942,829.39
8,311,000.00
8,311,000.00
09,629,725.01
69,629,725.01
307,245,435.99
307,215,435.99
1,457, 702,138.31 303,035,000.00 1,760, 737,13S. 31
9,124,000.00
9,121,000.00
307,101, 034.26
5,501,000.00
301,600,034.26
Loans and discounts
Overdrafts
Investments
Banking house,furniture, and fixtures
Other real estate owned
Due from banks
Due from Federal roserve banks (net)
Checks and other cash items
Exchanges for clearing house
Cash on hand
Federal reserve notes (net)
Other resources
Total resources.
27,804,129, G77.55
331,450,000.00 2<S, 185,585,677.50
2,162,341, 369.93
1,732,,918, 047.19
639,,777, 329. G8
722.,703,856.50
258.52
968. 34
200.45
257.51
103. 54
942.15
025.19
318. 56
2,217,041, 369.93
1,732,918, 047.19
639,777, 329.63
722,703; 856.50
12,617,000.00
12,617, 000.00
' 311,349,000.00 3,094,661, 258.52
4,241, 968.34
19,135,380, 200.45
48,964, 257.51
59, 771, 103.54
59,451, 942.15
160,762, 025.19
291,295, 318-56
3,290,000.00
27,804,129,677.56
381,456,000.00 28,1S5,585,677.56
LIABILITIES.
Capital stock paid in
Surplus
Undivided proiits
National-bank circulation
Federalrasorve notes in circulation (net)
Due to banks
D ivi lends unpaid
Individual deposits
United States deposits
Postal savings deposits
Notes and bills rediscounted
Bills payable
Other liabilities
Total liabilities
1
2
2,783,
4,
19,135,
48.
59!
59,
16G,
288,
54,200,000.00
Bills discounted and bought.
Reserve deposits, net.
BAFKIUG POWES OF THE UNITED STATES.
The banking power of the United States in June, 1915, was
$25,397,100,000, as represented by capital, surplus and other profits,
circulation and deposits of national and other reporting banks,
together with the estimated amount of funds of this character in
nonreporting banks, as of June 23, 1915, as well as the paid-in capital,
net reserve deposits, and Federal reserve notes in circulation as shown
by the statement of the Federal reserve banks as of June 25, 1915.
120
EEPORT OF THE COMPTROLLER OF THE CURRENCY.
In June, 1914, the estimated banking power of the United States
was $24,340,000,000. The increase for the year was $1,057,100,000,
or over 4.34 per cent. The details are set forth in the following table:
Banking power of the United States in June, 1915 and 1914.
[In millions of dollars.]
Number Canital
of banks. paid in.
National banlcs
Re-wrtins State, etc., banks
Nonreportins banks 2
7,605 $1,068.5
19,457
1,094.3
59.5
3,003
Total
Federal reserv* banks
30,005
12
30,077
Grand total...
National
ban.c circulation
Surplus
and
and
Deposits.1
Federal
profits.
reserve
notes.
Total,
June,
1.15.
$722. 7 $9,441.2
Total,
June,
1914.
$1,036.8
1,335.9
41.0
$6,613.2
12,635.1
412.0
2,222.3
5-1. 2
2,413.7
19,000.3
43II.3
722.7
12.6
25,019. 0
378 1
24,340.0
2, 27G.5
2,413.7
19,971.6
735.3
25,397.1
24,340.0
15,0G5.3
8 512.5
$0,150.1
14,035.8
554.1
1 Includes dividends unpaid, postal savings, and Government deposits.
* Estimated.
*Total
resources of nonreporting private banks estimated at $515,000,000.
4
Reserve deposits, net.
SUMMARY OF T H E COMBINED RETURNS FROM NATIONAL BANKS,
INCORPORATED STATE AND PRIVATE BANKS, AND LOAN AND TRUST
COMPANIES AS OF J U N E 23, 1915.
The banks furnishing statements for use in connection with this
report number 27,062, being 297 more than reported in 1914. The
resources aggregate $27,804,129,677.56, against $26,971,398,030.96
reported in 1914, the increase being $832,731,646.60.
The summary following is based upon reports received from 7,605
national banks, 14,598 State banks, 630 mutual savings banks, 1,529
stock savings banks, 1,036 private banks, and 1,664 loan and trust
companies. The reports from these banks are for the close of business
June 23, 1915, excepting those from the territorial banks in the island
possessions, which are dated June 30, 1915.
Summary of reports of condition from 27,062 banks in the United States and island possessions (including national, State, savings, and private banks, and loan and trust companies), showing their condition at the close of business June 23, 1915.
RESOURCES.
Loans and discounts:
Secured by farm lands
Secured by other real estate (including mortgages owned)
Secured by collateral other than real estate
A:l other loans
Total
Overdrafts
Investments (including premiums on bonds):
United States bonds
State, county, and municipal bonds
Railroad bonds
Bonds of other public-service corporations (includingstreetand
interurban-railway bonds)
Other bonds, stocks, warrants, etc
Total
Banking house (including furniture and :axtures)
Otherreal estate owned..
Duefrom banks
Checks and otherc^sh items
Exchanges for clearing house
->
$GG2.873,263.47
3,161,239,136 36
5,000,443,692.52
6,897,884,084.85
$15,722,440,177.20
36,232,421.03
811.159,095.53
1,491.023,938.89
1,704,634,969.47
663,880,816.87
1,208,232,554.61
5,881,931,375.37
636,821,049.21
156,583,891.79
3,233,942,829.39
69,629,725.01
307,245,435.99
121
EEPOET OF THE COMPTROLLER OF THE CURRENCY.
Cash on hand:
Gold com
Gold certificates
Silver coin
Silver^er ificates
Leg il-tender notes
Nation 1-ban ic notes
Feder 1-reserve notes
Nickels ml cents
Cash no4; clarified
$208,612,342.52
'619,161,665.09
62,084,534.22
168,537,616.00
179,076,993.00
130,584,916.00
13,028,755.00
3,067,304.97
73,51S, oil. 60
To-1
Otherrosuureos
$1,457,702,138.31
3()i, 600,634.26
Total resource;
27,804,129,677.56
LIABILITIES.
Cnrni-\\ stock paid i n .
2,162, 841,369.P3
Surplus.
1,732! 91s, 047.19
Undivided profits (hs;s expenses ;.nd t a x - s p a ; . )
639' .777,329.6$
N 11 ion ' -bank viroul'Uion
703ft"iG"0
Due t > banks
2,783 312, 25-S. 52
D vidends unp. id
4 241,968.34
Ind v tin i depo t s :
lndiv du L v.( po^itssubject to check without not:ce
2 $gj303,140,885.91
Sayings < cp sits, * r depo-ils in i. tcrcst t r savin s department
i n banks other t h a n national)
6,371,479,056.32
Demand certi ficates of deposit.
685,871,397.62
Time certificates of deposit
» 2,4S5,396,398. ^9
CertifiQd checks
in,9°.2, 475.98
Cashiers' checks outstanding
113, r>:>9,985.75
Total
United States deposits
Postal-savings deposits
Notes and bills redisfounted
B^lls payable- 'including certificates of deposit representing money borrowed)
Other ^abilities
Total liabilities
19,135,380,200.45
48,964,257.51
59,771,103.54
59,451,942.15
166,762,025.19
2S8,005,318.56
27,804,129,677.56
1 Includes $74,058,500 go d certiorates a^d 1 fragment of a gold certificate in national banks.
2 Includes tUate, county, and municipal deposits.
* Includes othor time deposits in national banks.
For the purpose of comparison, the number of reporting banks,
loans, resources, capital, and individual deposits for the fiscal years
1907 to 1915, inclusive, are shown in the following table:
fin millions of dollars.]
Year.
1907
1 y (;S
1900
in 10
1011
l';12
1'13
1J14
1915
1
Includes overdrafts.
2
Number of
banks.
Loans.1
19,746
21,346
22,491
23,095
24,392
25,195
25,993
26, 765
/27,062
2
\
12
$10,763.9
10,438.0
11,373.2
12,521.8
13,046.4
13,953.6
14,626.7
15,339. 5
15, 758. 7
5 36.4
Federal reserve banks.
Resources.
$19,645.0
19,583.4
21 095.0
22,450.3
23 631.1
24,986.6
25,712.2
26,971.4
27,804.1
381.4
Capital.
$1,690.8
1,757.2
1 800 0
1,880.0
1 952.4
2,010.8
2,096.8
2,132.1
2,162.8
54.2
Individual
deposits.
$13,099.6
12.784.5
14 035.5
15,283.4
15 906.3
17,024.0
17,475.7
18,517.7
19,135.4
* Bills discounted and bought.
The following comparative statement shows the resources and liabilities of all reporting banks (exclusive of Federal reserve banks)
for each year from 1911 to 1915, inclusive:
122
REPORT OF THE COMPTROLLER OF T H E CURRENCY.
Aggregate resources and liabilities of national and other reporting banks, 1911 to 1915.
Classification.
1911
1912
1913
1914
1915
24,392 banks.
25,195 banks.
25,993 banks.
26,765 banks.
27,002 banks.
RESOTJKCES.
Loans and
discounts.. $12,982,654,651.03 $13,892,150,639.00 $14,568,240,544.24 $15,288,357,283.98 815,722,440,177.20
63,735,193.87
61,455,1304.59
58,532,120.08
51,120,621.58
30,232,421.03
Over drafts...
Bonds,
stocks, and
other se5,051,856,404.29 5,358,883,382.11 5,407,219,379.56 5,584,924,886.48 5,881,931,375.37
curities
other
banks and
2,788,772,572.47 2,847,992,543.93 2,776,613,692.19 2,872,697,225.26 3,233,942,829.39
bankers
Real estate,
furniture,
e'.c.i
Checks and
o'her 2cash
ilems
C hand
a s h on
Other resources
Total..
616,693,997.78
657,299,660.36
695,507,828.00
739,679,598.08
793,404,941.00
422,688,514.06
430,101,255.82
426,913,037.63
520,995,362.02
376,875,161.00
1,554,147,169.28
1,572,953,479.43
1,560,709,447.05
1,639,219,162.79
1,457,702,138.31
150,534,879.89
105,805,908.94
218,427,550.73
274,403,890.77
301,600,634.26
23,031,083,382.G7 24,980,642,774. IS 25,712,163,599.43 20,971,398,030.96 27,804,129,677.56
LIABILITIES.
Capital stock
paid in
Surplus fund
Other undivided profits
Circulation
(natio nal
banks)
Dividends
unpaid
Individual
deposits...
Postal savings deposits
United
States deposits
Due to other
banks and
bankers
Other liabilities
Total..
1,952,411,0S5.56
1,512,083,859.93
2,010,843,505.70
1,584,981,106.44
2,096,849,861.75
1,676,625,895.34.
2,132,074,073.20
1,714,486,142.85
2,162,841,369.93
1,732,918,047.19
553,490,979.77
581,178. 042.47
573,213,465.32
562,031,228.82
639,777,329.68
681,740,513.00
708,690,593.00
722,125,024.00
722,554,719.00
722,703,856.50
5,689,184.23
3,639,127.75
3,590,839. 76
30,133,899.35
4,241,968.34
15,906,274,710.27 17,024,067,606.89 17,475,764,134.81 18,517,732,879.01 19,135,380,200.45
25,242,015.76
40,245,588.30
59,771,103.54
48,455,641.54
58,945,980.66
49,725,039.13
66,654,582.55
48,964,257.51
2,621,054,947.82
2,632,635,075.58
2,584,231,078.90
2,705,075,367.14
2,783,312,258.52
349,882,400.55
381,661,735.69
504,796,244.71
480,409,550.74
514,219,285.90
23,631,083,382.67 24,986,642,774.18 25,712,163,599.48 26,971,398,030. G6 27,804,129,677.56
i Includes other real estate owned.
* Includes exchanges for clearing house.
The foregoing statistics show that the aggregate resources of the
banks have increased from $23,631,083,382.67 in 1911 to $27,804,129,677.56 m 1915, a gain of $4,173,046,294.89, or nearly 18 per cent.
The increase in bank resources, exclusive of the Federal reserve banks,
during the past year has been 3.08 per cent, but including the resources
of those banks is 4.50 per cent. The increase in 1914 over 1913 was
4.90 per cent; 1913 over 1912, 2.90 per cent; and 1912 over 1911,
5.73 per cent.
G&OWTH OF BANKING IN THE UNITED STATES.
A table in volume 2 shows the number of colonial and State banks
in the United States from 1784 to 1833, together with their principal
items of resources and liabilities. A statement of the resources and
liabilities of the banks of the country in detail from 1834 to 1863
will
also be found in the same volume.
REPORT OF THE COMPTROLLER OF THE CURRENCY.
123
The following condensed statement shows the principal items of
resources and liabilities for national, State, savings, and private
banks, and loan and trust companies from 1863 to 1915, inclusive,
and reveals the growth of banking in the United States for the past
53 years. The table also shows the principal items of resources and
liabilities of the Federal reserve banks as of June 25, 1915.
Principal items of resources and liabilities of State, savings, and private banks, loan and
trust companies, and national banks, from 1863 to 1915.
[From 1863 to 1872, inclusive, data from various sources; from 1873 compiled from reports obtained by the
Comptroller ol the Currency.]
[Amounts in millions of dollars.]
Loans and
Due from
Number
Bonds,
discounts
banks and
of banks
(including stocks, etc. b a n k e r s .
reporting. overdrafts).
Year.
1803
1804
18C5
18C6
18C7
18C-3
18C9
1870
1871
1872
1873
1874
1875
1870
1877
1878
1879
1889
1831
1832
1S33
1834
1835
1886
1887
18S3
1839
1890
1891
1892
1803
18P4
1805
1890
1807
1803
1309
1903
1001
1902
1903
1901
1905
190G
1907
1003
1909
1910
1911
1912.
1913
1914
1915
J
\
. .
.
..
j
\
1,466
U,039
M67
1,960
2,267
2,279
2,293
2,354
2 457
2,796
3,066
• 1,968
6 1,893
3,336
3,448
3,384
3,229
3,335
3,355
3,427
3,572
3,835
4 111
4,350
4,378
6,179
6,647
7,293
7,999
8,641
9,338
9,492
9,508
9,818
9,469
9,457
9,485
9,732
10,3S2
11,406
12,424
13,084
14,850
16,410
17,905
19,746
21,346
22,491
23,095
24,392
25,195
25,993
20,765
27,062
9 12
Specie.1
$648.6
$180.5
$96.9
$46.1
50.7
70.7
362.4
550.4
588.5
655.7
686.3
719.3
789.4
871.5
1,439.9
1,564.5
1,748.1
1,727.1
1,720.9
1,561.2
1,507.4
1,662.1
1,901.9
2,050.3
2,133. 6
2,200. 7
2,272.3
2,456. 7
2,944. 9
3,161.1
3,475.2
3,S42.1
3,965.9
4,336.6
4,368.6
4,085.0
4,268.8
4,251.1
4,216. 0
4,652.2
5,177.6
5,657.5
6,425. 2
7,189.0
7,738.9
7,982.0
9,027. 2
9,893.7
10,763. 9
10,438.0
11,373.2
12,521.8
13,046.4
13,953.6
14,626. 7
15,339. 5
15,753. 7
36.4
93.4
404.3
465.2
443.1
440.5
414.6
406.1
419.9
431.2
713.2
723.2
793.1
807.3
841.2
865.9
1,032.9
900.6
500.9
1,049.1
951.2
1,030.4
952.0
1,031.1
999.9
1,112.1
1,111.9
1,158.0
1,042. 5
1,269.4
1,354.1
1,445.3
1,565. 2
1,674.4
1,732.3
1,859. 7
2,179.0
2,398 3
2,821.2
3,039.2
3,400.1
3,654.2
3,987.9
4,073.5
4,377.1
4,445.9
4,614.4
4,723.4
5,051.9
5,358.9
5,407. 2
5,534.9
5,881.9
19.1
33.3
103.0
110.7
100.0
123.1
107.6
121.2
143.8
144.0
167.1
193.6
195.0
198.2
184.6
183.2
204.0
248.9
346.1
307.3
392.8
294.1
432.9
349.8
632.1
439.1
513.7
531.3
652.6
684.3
549.2
705.1
714.4
645.0
781.4
924.9
1,203.1
1,272 8
1,448.0
1,561.2
1,570.6
1,842.9
1,981.9
2,029. 2
2,135.6
2,236. 2
2,562.0
2,393.0
2,788.8
2,848.0
2,770. 6
2,872. 7
3,233.9
10 8.3
9.4
12.6
11.1
20.8
18.5
31.1
19.9
24.3
7
27.9
*22.3
7
19.0
7
25. 4
7
21.3
7
21). 7
7
42. 7
10'). 2
129.5
112.4
116.2
110 2
179.0
152.2
165.1
220.4
8 221.5
221.9
217.3
202.2
210.9
283.4
246.3
251.2
297. 7
402.2
449.1
449 7
479.0
541.0
478.2
612.2
617.3
633 0
719. 5
860. 5
1,044.6
1.009.6
1,110.7
1,137.0
1,113.3
1 177.0
1,061.5
255. 2
Paper cur- Total cash
rency.2
in b a n k .
3 $205.5
$190.0
219.3
194.5
179.9
144.0
156.6
174.1
153.3
219.7
277.6
25G. 4
261.8
324.2
305.0
405.5
384.8
280.6
330.5
235. 6
274.2
300.2
32S.5
307.1
379.0
378.4
376.8
383.4
394. 2
507.8
407.4
414.2
443.4
435. 9
447.4
462.2
396. 2
57.0
1 Specie includes £old and silver certificates.
2
Includes cash not classified.
8
Specie funds and notes of other banks.
^ From Iloman's Banker's Almanac.
* National banks.
6 Number oi national banks only; number of State and savings banks not reported.
7
Specie in national banks; incomplete for State banks.
8 Includes coin certificates from 1889; specie for 1902 partially estimated.
» Federal reserve banks.
w Due from Federal reserve banks.
12066°—CUE 1915—VOL 1
-9
47.6
199.4
231.9
205.6
200.7
162.5
187 7
194.0
177.6
218.2
252.2
238.7
220.4
230.5
214.6
216.3
285.5
295.0
237.1
321.0
321 2
414.3
375.5
432.8
446.1
499.1
473.3
479.1
536. 4
515.9
688.9
631.1
531.8
628.2
687.8
723.3
749.9
807.5
848.1
857. 2
990. 6
994.1
1,016.4
1,113.7
1,368.3
1,452.0
1,423.8
1,554.2
1,572.9
1,560.7
1,639.2
1,457.7
312.2
124
REPORT OF THE COMPTROLLER OF THE CURRENCY.
Principal items of resources and liabilities of State, savings, and private banks, loan and
trust companies, and national banks, from 1863 to 1915—Continued.
[Amounts in millions of dollars.]
Year.
Capital.
1S63
1865
1866
1867
1868
1869
1870
1871
1872
1873
1874
1875
1876
1S77
1878
1879
1880
1881
18S2
1883
18S4
18S5
18S6
1887
1888
1889
18G0
1891
1892
1893
1894
1895
1896
1897
1898
1899
1900
1901
1902
1903
1904
1905
1906
1907
1908
1909
1910
1911
1912
1913
1914
1915
$405.0
311.5
75.2
397.0
4S0.8
483.8
4S6.4
489.7
513.7
561.7
592.6
532.9
550.3
592.6
602.3
614.2
587.7
580.4
565.2
572.3
590.6
625.6
656.4
678.0
686.7
806.8
853. 7
893.3
968. 7
L 029.7
L, 071.1
1,091.8
L, 069.8
L, 060. 3
1,051.9
1,012.3
992.0
973.6
L,024.7
L,076.1
1,201.6
11,321.9
1,392.5
L.463.2
1,565.3
1,690. 8
1,757.2
1,800.0
1,880.0
1,952.4
2 010.8
2,096.8
2,132.1
2,162. 8
54.2
/
1
. . .
.
. . .
. . . .
..
.
. .
. . .
/
\
Surp us
and profits.
$4.2
54.5
79.4
93.9
109.4
126.0
132.7
143.1
155.4
215.6
199.9
254.2
261.6
260.5
237.7
246.1
260.2
292.0
310.1
347. 8
379.6
362. 0
393.8
460. 2
4937
531 9
584 0
619 2
6503
689.3
682.4
699.3
694.4
712.7
732.7
761.1
882.2
955.6
1,096.9
1,273.4
1,360.9
1,43G.5
1,558.9
1,645.0
1,761.5
1,834.6
1,952. 6
2,065.6
2,166.1
2,249.8
2,276.5
2,372. 7
Circulaion. 1
$238.7
163.3
189.1
131.5
267.8
291.8
204.9
292.7
291.8
315.5
327.1
340.2
33S. 7
318.1
294.8
290.4
300.4
307.7
318.4
312.5
309.2
312.2
295.3
269.2
238.0
166.8
155. 5
129.0
1265
124.0
141.2
155.1
171.8
178.8
199.2
196.6
189.9
199.4
265.3
319.0
309.4
359.2
399.6
445.4
510.9
547.9
613.7
636.3
675.6
681.7
708.7
722.1
722.5
722.7
«12.6
United
Individual
States
deposits.2 deposits.
$58.6
39.1
33.3
28.3
12.8
13.2
11.1
12.4
15.1
10.6
10.2
11.1
10.9
25.6
252.1
10.7
12.2
12.6
13.9
14.2
14.0
17.1
23.2
58.4
46 7
30 6
25.9
14.2
13 7
14.1
13.2
15.4
16.4
52.9
76.3
98.9
99.1
124.0
147.3
110.3
75.3
89.9
180.7
130.3
70.4
54.5
48.5
58.9
49. 7
66.6
48.9
Due to
banks.
Total
assets.
$393.7
5100.5
$1,191.7
119.4
641.0
815.8
876.6
968.6
1,032.0
1,051-3
1,251.6
1,353.8
1 421.2
1,526.5
1,787.0
1,778.6
1,813.6
1,717.4
1,694.2
1,951.6
2,296.8
2,460.1
2,568. 4
2,566.4
2,734 3
2,812.0
3,308.2
3,422.7
3,778.1
4,062. 5
4 196.8
4,664. 9
4 627.3
4,651.2
4,921.3
4, 945.1
5,094.7
5,688.2
6 768.7
7,238.9
8 460. 6
9,104.7
9,553.6
10 000.5
11,350.7
12,215.8
13,099.6
12,784.5
14,035.5
15,283.4
15,906.3
17,024.0
17,475. 7
18,517.7
19,135.4
27.4
157.8
122.4
112.5
140. 7
129.0
148.5
176.4
172.7
178 6
232. 5
194.7
183 3
170.1
161.7
187.9
239.6
314. 7
279. 0
288 2
227. 0
293. 0
308.9
350.1
366.1
434. 6
432. 3
415. 7
464.9
419.9
599.1
600.5
521. 7
673.4
809. 8
1,046.4
1,172.5
1,333.0
1,393.2
1,475.9
1,752. 2
1,904.3
1,899.0
2,075.4
2,198.0
2,484 1
2,225.3
2,621.1
2, 832.8
2,584. 2
2, 705.1
2,783.3
•311.3
2.2.3
1,126.5
1,476.4
1,404.1
1,572.2
1, T64 2
1,510.7
1, 730 6
1,770.8
2,731 3
2,S90 4
3,204 6
3,183 1
3,204.1
3,0S0 6
3,2*2 6
3,309.0
3,869.1
4,031.1
4,2ns o
4,221.3
4,426 9
4, 521.5
5,203 7
5,470.4
5,940 9
6,343 0
6, :62.I
7,243.3
7,192.3
7,290.6
7,609.6
7,553.9
7,822.1
8,609.0
9 904.9
10,7S5.9
12,357.5
13,303.9
14,303.1
15,19S.8
16,018.2
18,147. 6
19,645.0
19.5P3.4
21,095.0
22,4~0.3
23,631.1
24, C86.6
25,712 1
26,971 4
27,804 1
381.4
1
2
3
Includes State bank circulation.
Includes deposits of United States disbursing officers.
Federal reserve notes in circulation—net.
* Reserve deposits—net.
NOTE.—Since 1873 the Comptroller of the Currency has collected and published statistics of State banks,
>ut compl
complete data for compiling these statistics for a number of years thereafter were available only for
but
hose States in which the banks were required to report to some State official. For recent years the statistics are practically complete.
125
REPORT OF THE COMPTROLLER OF THE CURRENCY.
CLASSIFICATION OF LOANS AND DISCOUNTS IN ALL BANKS.
Loans and discounts in the banks of the United States as shown by
reports of condition for June 23, 1915, aggregated, exclusive of overdrafts, roundly $15,722,400,000. Of this amount the sum of
$6,659,900,000 is reported by national banks and $9,062,500,000 by
banks other than national. The classification of loans and discounts of banks other than national and of national banks is set forth
in the following table:
Classification of loans and discounts in all reporting banks June 23, 1915.
[In millions of dollars.]
Classification.
Secured by farm lands
Secured by other real estate, including mortgages owned
Secured by collateral other than
real estate
. .
All other loans
Total
630
mutual
savings
banks.
1,529
stock
savings
banks.
$281.6
$77.3
$154.9
$16.1
$107.7
$25.2
$662.8
301.2
1,836.9
351.8
10.4
535.6
125.4
3,161.3
699.8
1,600.5
151.6
104.2
100.0
243.6
14.7
72.6
1,401.0
1,001.0
2,633.3
3,876.0
2,883.1
2,170.0
850.3
113.8
3,045.3
6,659.9
5,000.4
6,897.9
15,722.4
14,598
State
banks.
1,664
7,605
1,036
loan and national
private trust
com- banks.
banks.
panies.
Total,
27,0G2
banks.
BANK INVESTMENTS IN BONDS AND OTHER SECURITIES.
Investments in bonds, securities, etc., by reporting banks, as shown
by reports of condition for June 23, 1915, aggregate roundly
$5,881,900,000, against $5,584,900,000 in 1914, the increase being
$297,000,000. In the following table are shown the various classes
of bonds, stocks, and other securities held by the several classes of
banks:
Classification of investments in bonds, etc., held by all reporting banks on June 23, 1915.
[In millions of dollars.]
Classification.
United States bonds
State, county, and municipal
bonds
Tlailroad bonds
Bonds of other public-service
corporations
Other bonds, stocks, warrants, etc
Total
.
State
banks
(14,598).
Mutual
savings
banks
(630).
Stock
savings
banl s
(1,529).
Privato
banks
(1,036).
Loan
and trust National
combanks
panies.
(7,605).
(1,664).
All roportiiig
banls
(27,002).
$2.8
$17.0
$5.5
$0.3
$2.1
$783.5
$811.2
101.7
81.2
848.6
818.5
54.3
21.1
3.7
3.5
241.2
401.1
244.5
379.2
1,494.0
1, 704.6
66.7
109.2
34.1
1.2
232.4
220.3
663.9
168.0
76.5
43.3
6.6
472.8
440.9
1,208.2
420.4
1,869.8
158.3
15.3
1,349.6
2,008.4
5,881.9
MONEY IN ALL REPORTING BANKS.
Cash in national, State, savings, private banks, and loan and trust
companies of the country as shown by reports of condition for June
23, 1915, aggregated $1,457,702,138.31, and the cash held by Federal
reserve banks on June 25 amounted to $312,159,000, making the
126
REPORT OF THE COMPTROLLER OF THE CURRENCY.
total cash, held by all banks $1,769,861,138.31. The cash holdings
of the reporting banks in June, 1914, were $1,639,219,162.79. Including cash held by Federal reserve banks on the nearest date to
June 23, 1915, the increase in the cash holdings of all banks during
the year was $130,641,975.52. Coin and other money held by national
banks, by other reporting banks, and by the Federal reserve banks
are shown in the following table:
Classification of cash in hanks June £S, 1915.
Classification.
Gold coin
Gold certificates
Silver coin
Silver certificato6
Legal-tender notes
National-bank notes..
Federal reserve notes.
Nickels and cents
Cash not classified
Total.
7,605 national
banks.
$121,172,645.52
i 413,219,725.00
33,619,630.47
110,528,967.00
111,240,250.00
61,557,498.00
6,418,130.00
857,756,845.99
19,457 State, etc., 27,062 reporting
banks.
banks.
$87, 439,697.00
205; 941,940.00
28, 464,903. 75
58, 008,649.00
67, 836,743.00
69, 027,418.00
6, 610,625.00
3,067,304.97
548,011.60
73,
599,945,292.32
Cash in Federal reserve banks: 2
Gold coin and certificates (reserve)
Legal-tender notes, silver, etc. (reserve)..
Federal reserve notes (net)
Total cash in all banks.
$208, 612,342.52
619, 161,605.00
62, 084,534.22
168, 537,616.00
179, 076,993.00
130, 584,916.00
13, 028,755.00
3,067,304.97
73, 548,011.60
1,457,702,138.31
255,187.000.00
47,848^ 000. GO
9,124,000.00
1, 709,801,138.31
i Includes $74,058,500 clearing-house certificates and fragment of a gold certificate.
-8 Juno 25,, 1915.
STATE AND PRIVATE BANK FAILURES.
Through the courtesy of the Bradstreet Commercial Agency, statistical information has been obtained with respect to the number of
banks closed, other than national, together with the amount of assets
and liabilities and the date of closing, but no information, is submitted in relation to dividends paid to the creditors or to the settlement
of the affairs of insolvent State and private banks.
In the year ended June 30, 1915, 110 banks of this character were
closed, the nominal assets at the date of failure being $16,495,002, and
the liabilities $27,866,847. Included in the list of failures are 57 State
banks with assets of $3,599,555 and liabilities of $4,820,027; 5 savings
banks with assets of $4,255,024 and liabilities of $4,335,024; 9 trust
companies with assets of $988,200 and liabilities of $1,341,450; 39
private banks with assets of $7,652,223 and liabilities of $17,370,346.
As a result of special efforts information was obtained in 1896 in
relation to the settlement of the affairs of State and private banks
closed during the period beginning with 1864 and terminating in
the year 1896. From the data thus obtained it would appear that
creditors received an average of approximately 45 per cent of their
claims. Since 1896 no statistics have been secured relating to the
settlement of the affairs of banks of this character, but there have
been reported from year to year the number of failures, with assets
and liabilities at the date of failure, which is summarized in the following table:
REPORT OF THE COMPTROLLER OF THE CURRENCY.
127
Number offailures, capital, assets, liabilities, and dividends paid by State and private
banks that failed in each year from 1864 to 1915.
Number
ot
failures.
Year.
2
5
1864
1805
I860.
186 7
186S
1869
1870
1871
187°
1873
1874
1875
1876.
1877..
1878
1879
1880
1881
1882
1883. . .
1884
1885 .
18SG
1887
1888
1889
1890.
1891
1892
1893
1894
1895.
1896
Capital.
Nominal
assets.
2,314,871 90
2,126,124.18
4,644,889.91
4,125,731.00
9,190,283.98
7,312,218.73
13,137,835.47
26,001,949 67
5,102,691.94
1,629,140.61
585,653.06
2,765,951.10
2,813,915.19
12,900,819.05
2,982,879.51
1,300,536.30
2,865,300.30
2,805,320.52
1,279,900.08
10,092,385.98
7,190,824.69
2,719,410.75
54,828,690.65
7,958, 284.18
11,270,529.99
10,240,244.97
974 256 96
1,906,573.00
3,420,016.33
2,022,498.51
4,143,941.97
5,178,020.98
7,004,558.27
19 4§5 717 87
4,235,808 85
288,494.74
851,755.00
1,221,737.29
1,408,047.99
9,671,860 25
2,361,320.01
673,579 10
1,610,527.45
1,924.773.68
1,026', 682 73
3,884,577.99
3,090,597.48
803,860 76
17,912,270.45
1,456,522 87
2,251,708.93
53-1,363.30
53,187,259 00
445,000.00
212,725,771.58
1,586,419.00
218,833,563 86
1,796,424.41
99,711 330 75
377,336.20
53,632,259.00
214,312,190. 58 220,629,988.27
17,929,163.00 24,090,879.00
7,080,190 00
4,493,577.00
7,790,244.00 10,448,159.00
7,675,792.00 11,421,028.00
6,373,372.00 13,334,629 00
7,323,737.00 10,332,666.00
2,166,852.00
4,005,643 00
24,296,823 00 31,774 895 00
6 970 345 00 10 273 023 00
6,591,515 00
7,187,858 00
13,037,497.00
22,165,448.00
177,073,348.00 209,835,443.00
15,760,177.00
25,190,156.00
It 4"% 610 00 18,18(2 5°2 00
13,962,050.00
18,546,583 00
7,797,401.00 12,838,837.00
6,182,295 00
7.520,527 00
20,601,228 00 32' 058', 706 00
16,495,002.00 27,866,847.00
100,088, 720. 05
$125,000.00
275,000.00
260,000.00
276 381 00
100,000.00
$245,401.97
1,206,035.00
222,075.00
183 002 30
77,861.00
220 000.00
470,000.00
907,000.00
770,000.00
2,413,900.00
961,000.00
2,491,250.00
3 250 193 00
1,370,465.00
452,200.00
436,750.00
545,000.00
870,000.00
1,718,596.00
1,099,400.00
?54,000.00
931,590.00
745,500.00
363,250.00
2,169,568.00
2,071,300.00
578,840.00
16,641,637.00
3,112,447.00
3,906,350.00
3,400,642.00
Total
Not dated
1, l(»-i
70
Total
1,234
122
53
1898.
1899
1900.
1901.
1902
1903
1904.
1905
1906.
1907
1908.
1909
1910
1911.
1912.
1913.
1914.
1915.
. -
.
.
Total .
32
5G
43
26
102
57
37
34
132
60
28
50
55
40
96
110
2,399
Dividends
paid.
$225,662.14
890,112.00
138,821.00
148 886 00
361,961.73
50,000.00
2,654 187 15
3,059,318.06
6,938,653.01
4,562,879.00
12,365,475.25
9,206,429.34
15,222,785.49
27 269 520 51
5,252,307.22
1,311,799.49
1,785,890.45
2,608,489.57
3,193,747.39
15,508,389.70
4,883,454.27
1,140,824.48
3,074,022.29
3,342,336.52
2,147,059.18
11,385,584.64
6,365,198.77
3,227,608.56
46,766,818.80
7,218,319.51
9,010,584.93
7,513,837.41
3
7
6
1
7
10
33
40
14
37
63
70
20
10
9
19
27
54
32
13
19
17
15
30
44
27
261
71
115
78
1897
Liabilities.
591,329,218.58
724,784,097.27
$145,592.25
138,821.00
82,844.74
128
REPORT OF THE COMPTROLLER OF THE CURRENCY.
For the purpose of comparison there is submitted herewith a
statement relating to failures by years and classes of banks:
Number, assets, and liabilities of State banks, savings banks, loan and trust companies,
private banks, and national banks which failed, by years, from June 30, 1892, to June
SO, 1915.
[In tli3 amounts 000 omitted.]
State institutions.
Savings banks.
State banks.
Year.
No.
1892
1893
1S94
1895
1896
1897
1898
1899
1900
1901...
1902
1903
1904
1905
190b
1907
1908
1909 .
1910
1911
1912
1913
1914
1915
Total
Loan and trust companies.
Assets. Liab:Kt:es. No.
Assets.
Liabilities.
24
172
27
46
55
44
14
5
9
8
12
6
37
16
15
10
42
19
9
28
29
18
53
57
$1,892
41,282
1,774
2,555
3,741
6,080
694
919
418
1,003
1,364
645
5,194
1,397
710
2,380
41,035
2,7. 2
8,170
9,865
2,318
1,362
8,947
3,599
$3,178
36,903
2,010
3,445
4,628
8,083
988
1,240
442
1,440
2,056
965
6,725
2, i!82
1,006
4,833
43,227
3,286
9,111
12,678
3,129
1,866
11,511
4,820
6
47
9
8
9
19
4
4
3
3
10
1
7
4
5
$484
17,674
2,646
4,6f>3
662
3,998
800
1,153
328
450
4,622
35
1,457
550
360
$917
16,831
2,678
4,818
902
5,455
958
1,6C2
410
531
5,730
235
1,704
811
490
12
2
1
4
1
4
7
5
7,760
85
52
2,021
40
564
643
4,255
7,581
105
63
2,487
66
680
709
4,335
755
150,076
169,852
175
55,292
60,186
No.
Liabilities.
3
19
8
6
4
12
2
2
4
4
1
2
8
2
4
4
25
6
6
2
4
3
9
9
$209
15,098
33, 120
4,107
1, lf;9
3, 436
1,275
5, 067
5,243
995
12
371
13,128
2, >25
4,6.6
4,8.50
110,047
5,312
3,072
140
2,452
3,409
7,948
988
$125
21,144
37,977
5,844
93)
4,325
1 575
6,7)1
6 6 >6
1,113
22
561
15,880
3,630
3,990
8,100
126,200
5,412
2,216
230
4,301
3,419
8,752
1,311
149
228,929
273,703
Total State and private
institutions.
Private banks.
Assets.
National banks.»
Year.
No.
1892
1893
1894
1895
1896
1897
189S
1899
1900
1901
1902
1933
1934
1905
1905
190
1908
1909
1910
1911
1912
1913
1914
1915
. .
.
Total
Assets.
36
176
21
25
42
47
33
15
16
41
20
17
50
35
13
20
53
33
12
22
21
15
27
39
$3,540
20,237
1,749
1,389
1,886
4,416
1,725
651
1,687
3,925
1,325
1,116
4,518
2,498
886
5,807
18,231
7,602
3,206
1,935
2,976
846
3,663
7,652
829
102,866
* Years ended Oct. 31.
Liabilities.
No.
Assets.
Liabilities.
No.
Assets—
nominal
value.
Liabilities.*
$12,769
20,356
5,579
9,416
10,066
26,415
3,815
1,810
10,312
7,578
379
5,711
6, ;89
12,97S
1,602
5,457
22,397
3,167
2,9>9
920
4,490
6,620
9,515
10,710
201,388
69
414
65
85
110
122
53
26
32
56
43
26
102
57
37
34
132
60
28
56
55
40
96
110
$9,125
94,291
39,589
12,704
7,448
17,930
4,494
7,790
7,676
6,373
7,323
2,167
24,297
6,970
6,592
13,037
177,073
15,761
14,496
13,962
7,797
6,182
20,601
16,495
$11,025
97,193
44,901
15,912
9,174
24,091
7,080
10.447
11,421
13,335
10,333
4,006
31,775
10,273
7,188
22,165
209,836
23,190
18,182
18,546
12,838
7,520
32,059
27,866
17
65
21
36
27
38
24
9
6
3
8
6
21
14
$16,257
31.135
8,366
14,919
14,203
39,574
5,394
2,725
13,590
9,157
604
7,304
8,733
15,307
2,410
8,045
33,426
4,0 5
3,148
1,407
6,512
7,991
11,337
16 324
178,612 1,908
537,173
682,356
402
280,903
$5, 505
19,315
2,236
1,805
2,708
6,228
3,561
874
3,933
10,251
2,525
2,245
7,466
3,580
1,702
9,232
32,828
16,387
6,792
3,150
5,3 8
1,554
11,027
17,370
1
7
12
6
11
2
12
20
22
8
7
Claims proved, offsets allowed, and loans paid.
REPOET OF THE COMPTROLLER OF THE CURRENCY.
129
DISTRIBUTION OF MONEY IN THE UNITED STATES.
In the following table is shown the distribution of money in the
United States, giving the amount in the Treasury as assets and the
amount in reporting banks from 1892 to 1915, inclusive:
Coin and other Coin ancI
Coin and other
Coin and money in Treasmoney in reportnot in
1
other
ing banks.*
ury
as
assets.
banks.
Year
money
ended
in
the
Juno 30— United
States.
Ter
Per Amount.
Amount cent.
cent. A mount.
Millions. Millions.
1892
1893
1894
1895
1896
1897
1898
1899
1900
1901
1902
1903
1904
1905.
1906
1907
1908
1909
1910
1911
1912
1913
1914
1915
$1,752.2
1,738.8
1,805 5
1,819.3
1,799.9
1,906 7
2,073.5
2,190.0
2,339.7
2,483.1
2,563.2
2,684.7
2,803.5
...
2,883.1
3,069.9
3,115.6
3,378.8
3,406.3
3,419.5
3,555.9
3,648 8
3,720.0
3,738.3
/ 3,989.4
\
$150.9
142.1
144 2
217.4
293.5
265 7
235.7
286.0
284 6
307.8
313.9
317.0
284.3
295.2
333.3
342.6
340.8
300.1
317.2
341.9
364.3
356.3
336.3
«420.2
8.60
8.17
7 99
11.95
16.31
13 93
11.37
13.06
12 16
12.39
12.24
11 80
10.14
10 24
10.86
11.00
10.08
8.81
9.27
9.61
9.98
9.58
8.97
10.53
Millions.
$586.4
515.9
688.9
631.1
531.8
628.2
687.7
723.2
749.9
794.9
837.9
848.0
982.9
987.8
1,010.7
1,106.5
1,362.9
1,444.3
1,414.6
1,545.5
1,563.8
1,552.3
1,630.0
1,448.6 }
5 312.1
Millions.
33.48 $1,014.9
29.68 1,080.8
38.17
972.4
34.96
970.8
29.55
974.6
32.94
L,012.8
33.17
L, 150.1
33.02
1,180.8
32.05
1,305.2
32.02
L,380.4
32.69
L,411. 4
31.59
L,519.7
35.06 ]L,536.3
34.27
L, 600.1
32.92
1,725.9
35.51
L,666.5
40.34
1,675.1
42.40
1,661.9
41.37 ;L,687.7
43.46
L,668.5
42.86
L,720.7
41.73
1,811.4
.772.O
43.62
44.14 1,808.5
In circulation,
other money exclusive of com
Treasury or and other money
in Treasury as
assets.
Per
cent.
Per
Per
capita. Amount. capita.
Millions.
57.92 $15.50 $1,601.3
16.14
62.15
1,590.7
53.84
14.21 1,661.3
53.36
13.89
1,601.9
54.14
13.65 1,506.4
53.13 13.87 1,641.0
55.46
15.43 1,837.8
53.92
15.51 1,904.0
55.79
17.11 2,055.1
55.59
17.75 2,175.3
55.07
17.90 2,249.3
56.61
18.88 2,367.7
54.80
18.77 2,519.2
55.49
19.22 2,5S7.9
56.22 20.39 2,736.6
53 49 19.36 2,773.0
49.58
19.15 3,038.0
48.78
18.68 3,106.2
49.36 18.68 3,102.3
46.93
17.75 3,214.0
47.16
17.98 3.2S4.5
18.61 3,363.7
48.69
47.41 17.89 3,402.0
45.33
17.95 3 3,569.2
$24.60
24.06
24 56
23.24
21.44
22 92
25.19
25.62
26 93
27.98
28.43
29.42
30.77
31 08
32 32
32 22
34. 72
34.93
34.33
34.20
34.34
34.56
34.35
35.44
1
Public money in national-bank depositaries to the credit of the Treasurer of the United States not
included.
2 Money in banks of island possessions not included.
*4 Population estimated at 100,725,000.
Includes amount held by Federal reserve banks and Federal reserve agents against Federal reserve
notes.
6
Money in Federal reserve banks June 25.
The general stock of money at the close of the fiscal year ended
June 30, 1915, was $3,989,400,000, or $251,100,000 more than was
reported in 1914. Of the total stock $420,200,000, or 10.53 per cent,
was in the Treasury as assets. Included in the latter amount is
874,800,000 held by Federal reserve banks and Federal reserve agents
against Federal reserve notes. Coin and other money in national
and other reporting banks, exclusive of those in the island possessions, amounted to $1,448,600,000, and including $312,100,000 cash
in Federal reserve banks, the sum of $1,760,700,000, or 44.14 per cent
of the total stock of money, was held by banks, the remaining
$1,808,500,000, or 45.33 per cent, being outside of the Treasury and
banks. The amount in circulation, exclusive of coin and other
money in the Treasury as assets, is $3,569,200,000, or $35.44 per
capita, being an increase of $167,200,000 and a per capita increase of
$1.09 over the amount reported for 1914.
130
REPORT OF THE COMPTROLLER OF THE CURRENCY.
INDIVIDUAL DEPOSITS IN ALL REPORTING BANKS.
Individual deposits in all reporting banks on June 23, 1915, aggregated $19,135,380,200.45. In 1914 individual deposits were reported
at $18,517,732,879.01. The increase during the fiscal year was, therefore, $617,647,321.44, or about 3.34 per cent. Individual deposits in
each class of banks, as of June 23, 1915, classified as demand, time,
and savings deposits, are as follows:
Classification of deposits in each class of banks as of June 23, 1915.
Number of
banks.
Banks.
Demand deposits, including
demand certificates of deposit,
certified checks,
and cashiers'
checks.
14,598 $1,987,924,896. 72
State banks
Mutual savings banks..
630
4,597,319.34
3tock savings banks... 1,529
190,493,645.48
Loan and trust com1 664 2,773,904,321.81
panies
Private banks
1,036
86,117,813.39
Total
National banks
Grand total
Time deposits,
including time Savings deposits.
certificates of
deposit.
Total.
$689,982,521.81
560,357.69
102,102,674.46
$599,864,911.57
3,945,508,685.05
754,443,330.99
S3,277,772,330.10
3,050,600,3(>!\ 08
1,047,039,650.93
377,122,514.17
30,199,930.70
1,053,569,572.94
18,092,555.77
4,204,596,408.92
134,410,299.86
19,457 5,043,037,996.74
7,605 5,235,466,748.50
1,199,967,998.83
1,285,428,400.06
6,371,479,056.32
12,614,485,051.89
6,520,895,148.56
27,062 10,278,504,745.24
2,485,396,398.89
6,371,479,056.32
19,135,380.200.45
BANKS AND BANKING IN THE DISTRICT OF COLUMBIA.
There are 57 banking institutions in the District of Columbia, consisting of 13 national banks, 6 trust companies, 18 savings banks,
and 20 building and loan associations. The aggregate capital of all
these institutions on September 2, 1915, was $18,357,630. The total
individual deposits were $94,762,770, and the aggregate resources
$145,448,609.
The number, capital, individual deposits, and aggregate resources
of each class of financial institutions doing business in the District of
Columbia on September 2, 1915, are shown in the following table:
Classification.
Capital.
National
Loan and trust companies
Savings banks
Building and loan associations
Total
1
Reports dated June 30, 191c.
BUILDING AND LOAN
ASSOCIATIONS
Individual Aggregate
deposits.
$6,977,000 '$34,800,901
10,000,000 I 29,967,456
1,398,630 I 12,128,076
,217,866,337
$62,698,565
47,609,870
14,484,560
20,655,614
57 j 18,375,630 j 94,762,770
145,448,609
2
IN THE
Share payments mainly.
DISTRICT
OF
COLUMBIA.
Building and loan associations in operation in the District of
Columbia, which were placed under the supervision of the Comptroller of the Currency by the act of March 4, 1909, have shown a
steady increase of business from that date, as indicated by the volume of loans, installment payments on shares, and aggregate resources, as indicated in the table following1.
131
REPORT OF THE COMPTROLLER OF THE CURRENCY.
Number
of associations.
Years.
June ro—
1903
1910
1911
1912
1913
1914
1915
22
19
19
20
20
20
20
.
Loans.
Installments
on shares.
$13,511,587
14,415,832
14,965,220
16,004,760
17,398,010
18,582.156
19,524,065
$11,996,357
13,213,644
13,324,217
14,529,977
16,453,044
17,113,899
17,866,337
Aggregate
resources.
$14,393,927
15,250,731
16,017,465
17,160,293
18,438,294
19,629,260
20,655,614
BUILDING AND LOAN ASSOCIATIONS IN THE UNITED STATES.
Statistics relative to building and loan associations of the United
States for the year 1914 are submitted herewith, the figures being
furnished by Mr. H. F. Cellarius, secretary of the United States
League of Local Building and Loan Associations.
These statistics evidence the fact that there were in 1914 in the
United States 6,616 associations, with a total membership of
3,103,935, and having assets amounting to $1,357,707,900. The
total resources increased by $109,228,761, or 8.72 per cent, over the
figures reported for 1913. The membership increased 267,502, or over
9 per cent, during the same period.
The following table shows by States the number of associations, the
total membership, and the total assets for States in which accurate
statistics are compiled by the State authorities. The data for other
States are consolidated under the heading "Other States," and the
figures are estimated.
Statistics for 1914.
Number
Total
of associations. membership.
States.
1. Pennsylvania
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.
Onio
New Jersey
Massachusetts
Illinois
New York
Indiana
Nebraska
California
Michigan
Kentucky
Louisiana
District of Columbia
Kansas
Missouri. . . .
North Carolina
Wisconsin
Arkansas . . . .
Washington
Iowa
Minnesota..
West Virginia
Maine
Rhode Island
Connecticut
Tennessee
North Dakota
New Hampshire
Oklahoma
New Mexico
Montana . . . .
Texas
Vermont
Other States
. .
1,765
656
707
174
608
245
341
72
93
64
116
20
61
145
138
. . . .
70
40
22
49
65
41
.
Total
37
6
16
14
9
19
33
13
13
19
4
875
6,616
Total assets.
Increase in
assets.
Increase
in membership.
545,624
611,467
265,509
204,249
203,669
172,247
164,620
75,354
39,485
58,655
56,278
45,492
36,165
51,654
37,464
33,375
31,554
21,635
24,617
26,233
16,629
16,000
12,113
9,112
7,111
4,412
5,700
9,169
6,233
3,828
1,963
3,222
456
302,641
$255,106,280
240,930,785
132,605,897
90,781,470
90,572,343
68,476,499
56,427,549
37,138,413
29,515,763
25,739,835
21,799,935
21,062,792
20,130,152
18,525,023
18,055,859
12,703,354
12,290,882
9,627,893
7,877,467
7,307,345
7,176,472
6,738,369
5,558,269
4,786,746
3,581,778
3,108,081
2,807,475
2,505,085
1,940,571
1,585,513
1,332,450
974, m 2
186,161
138,690,542
$21,541, 835
16,892,788
13,652,239
9,073,127
8,564,782
4,226,5G9
2,548,800
4,391,687
1 199 741
1,731,173
1,475,345
i 255,190
1,188,968
1,816,485
2,386 940
1,632,195
1,834,383
34,785
87,151
24,022
15,508
15,890
10,367
13,439
4,358
1 674
2,766
3,814
1
551
1,319
2,825
4 356
3 551
3,844
1,612,702
1,651,731
828 850
265,018
352,908
264,396
339,925
151,348
109 240
114,186
271,199
65,772
220,495
4,073
7,181
3 169
5,971
9,073,213
81
17,130
3,103,935
1,357,707,900
109,228,761
267,502
i Decrease.
500
724
1,393
1,519
i 505
500
1,119
1,182
158
160
132
REPORT OF THE COMPTROLLER OF THE CURRENCY.
RECEIPTS AND DISBURSEMENTS FOR 1914.
The aggregate receipts for 1914 were $923,057,704, an increase of
" ),247;819 over the previous year, or nearly 7 per cent. The
receipts from weekly dues were $17,525,973 in excess of the previous
year, an increase of 6.3 per cent. Paid up stock receipts were
$4,331,086 more than the year before, an increase of 12.3 per cent.
Receipts from deposits were $1,326,848, or 1.7 per cent more than in
1913. Interest receipts were $6,529,176 more than the previous
year, an increase of 9 per cent. The increase in mortgage loans
made was $13,805,840, or 4.2 per cent over the year 1913. Stock
withdrawals increased $19,650,087, or 8.4 per cent, while deposit
withdrawals increased $3,584,614, or 5 per cent. The total expenses
of management were $8,263,384, which is a little less than ninetenths of 1 per cent of tho total receipts. In detail the receipts
and disbursements for the year 1914 were as follows:
RECEIPTS.
Cash on hand Jan. 1, 1914
Weekly cues
Paid-up stock
Deposits
Loans repaid
Interest
Premium
Fines
Pass books and initiation
Borrowed money
Real estate sold
Miscellaneous receipts
$36,401, 232
293,035, 872
39, 391, 664
77, 327, 808
249, 244, 568
78, 935, 496
4, 214, 392
1,171, 032
787, 304
106, 087, 560
6,185, 960
30, 274, 816
Total receipts
923, 057, 704
DISBURSEMENTS.
Pass-book loans
Mortgage loans
Stock withdrawals
Paid-up stock withdrawals
Deposit withdrawals
Expenses
Borrowed money repaid
Interest
Real estate purchased
Miscellaneous disbursements
Cash on hand Jan. 1, 1915
T
Total disbursements
31,187, 824
341, 637, 008
251, 626, 328
36, 004, 272
72, 742, 920
8, 263, 384
101,152, 024
2, 917, 656
8, 541, 256
31, 955, 280
37, 029, 752
923, 057, 704
UNITED STATES POSTAL SAVINGS SYSTEM.
The Third Assistant Postmaster General submits the following
information showing, by States and Territories, the balances to the
credit of depositors on June 30, 1914, deposits and withdrawals
during the fiscal year 1915, the balances to the credit of depositors
on June 30, 1915, and the balances on deposit on June 30, 1915, in
banks which have qualified to receive postal savings deposits:
REPORT OP THE COMPTROLLER OF THE CURRENCY.
133
Statement showing balances to credit of postal savings depositors on June SO, 1914, deposits and wilhdraivals during the fiscal year, and balances to the credit of depositors
and on deposit in banks on June SO, 1915, by States.
State.
Alabama
Arizona
Arkansas
California
Colorado
,
Connecticut
Delaware
District of Columbia.
Florida
Georgia
Hawaii
Idaho
Illinois
,
Indiana
,
Iowa
,
Kansas
Kentucky
,
Louisiana
Maine
Maryland
Massachusetts
Michigan
,
Minnesota
Mississippi
Missouri
Montana
Nebraska
Nevada
New Hampshire
New Jersey
New Mexico
New York
North Carolina
North Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
Porto Hico
Rhode Island
South Carolina
South Dakota
Tennessee
Texas
Utah
Vermont
V irginia
Washington
,
West Virginia
Wisconsin
Wyoming
Total
Balances to
to Balances on
Deposits Balances
credit of
Deposits withdrawn
credit of
deposit
during
depositors
depositors
in banks
during
June 30, fiscal year. fiscal
June 30,
June 30,
year.
1914.
1915.
1915.
$182,436
$127,745
$.114,890
515,382
415,434
291,900
209,216
153,120
168,699
3,074,345 3,869,669 3,273,474
1,112,223 1,158,838
907,209
683,838
1,203,671
778,045
50,049
92,661
60,679
298,023
263,978
238,853
212,534
399,877
306,343
73,951
128,633
96,875
46,423
19,395
57,136
338,446
415,365
388,497
3,596,470 4,729,829
3,393,885
1,044,193 1,065,950
936,161
344,790
446,195
337,191
665,532
481,262
441,929
360,161
350,877
309,505
306,249
241,568
212,621
207,789
261,920
207,110
95,426
153,781
99,200
2,085,856 3,210,563 2,292,013
1,483,721 2,486,585
1,728,834
1,508,303 1,629,833 1,394,051
152,835
154,338
146,588
1,520,185 1,664,713 1,385,542
755,761
989,425
845,534
358,760
356,036
316,490
382,367
459,889
451,853
293,841
313,730
241,986
1,075,021 2,115,482
1,215,759
72,831
125,325
114,551
7,593,289 24,107,152 12,105,564
39,778
48,909
43,877
37,745
46,309
47,305
3,670,982 4,000,503
3,252,149
335,636
303,273
302,302
1,341,489 1,641,759
1,489,313
3,266,473 4,087,115 2,943,842
27,284
108,257
90,905
358,233
570,977
389,039
20,923
30,649
22,565
60,715
67,396
55,296
251,554
279,753
266,395
557,946
800,156
708,188
152,049
280,596
222,988
61,192
85,135
60,462
196,159
262,984
201,130
1,599,853 2,125,457
1,781,478
121,141
219,125
156,683
1,008,379 1,230,385
899,621
110,562
153,656
127,173
43,444,271 70,314,858
48,074,421
$109,581
391,908
193,637
3,670,540
1,363,852
1,109,464
82,031
323,148
300,068
105,709
30,108
365,314
4,932,414
1,173,982
453,794
704,865
401,533
277,302
262,599
149,947
3,004,406
2,241,472
1,744,145
160,585
1,799,356
899,652
398,306
390,403
365,585
1,974,744
83,605
19,594,877
44,810
36,809
4,419,336
336,517
1,493,935
4,409,746
44,636
540,171
29,007
72,815
264,912
649,914
209,657
85,805
258,013
1,943,832
183,583
1,399,143
137,045
$103,780.03
379,071.82
187,325.02
3,414,820.28
1,207,954.10
1,059,577.84
80,522.13
264,909.95
291,689.13
102,587.45
27,510.71
358,385.48
4,480,847.87
1,093,502.91
436,741.91
671,653.96
365,843.08
241,649.02
258,338.23
138,530.97
2,843,721.46
2,115,300.08
1,649,334.56
153,698.17
1,641,205.06
857,431.69
376,221.62
379,249.81
356,530.90
1,884,554.93
80,458.47
16,954,701.54
41,781.94
35,749. 84
4,031,640.85
324,189.03
1,417^ 037.55
4,102,659.79
8, S00.36
514,033.67
27,827.50
69,126.94
245,080.26
619,210.42
204,011.96
84,537.02
244,233.94
1,840,973.04
174,749.52
1,322,87K.71
132;734.52
65,684,708 | 60,086,318.04
The number of depositors on June 30, 1914, was 388,511, while on
June 30, 1915, they numbered 525,414, being an increase in the
number of depositors of 136,903.
SAVING BANKS IS THE PRINCIPAL COUNTRIES OF THE WORLD.
The Bureau of Foreign and Domestic Commerce, Department
of Commerce, has furnished for publication in this report the latest
available statistics relating to the number of depositors, amount of
deposits, average deposit account, and the average deposit per inhabitant of the principal countries of the world. The statistics
presented are divided into two classes, first, those relating to all
savings banks; and, second, to postal savings banks. To the information so obtained have been added data relating to mutual and
stock savings banks in operation in the United States. The stathus obtained are shown in the table which follows.
Digitized fortistics
FRASER
Savings hanks, including postal savings hanks: Number of depositors, amount of deposits, average deposits per deposit account and per inhabitant, hy
specified countries.
[Compiled by the Bureau of Foreign and Domestic Commerce, Department of Commerce, from official reports of the respective countries.]
Countries.
Population.1
Austria..
28,763,000
Belgium
Bulgaria . . .
Chile
Denmark 2 ..
Egypt
France
Algeria.
Tunis..
Germany 3 ..
7,571,000
4,338,000
3,460,000
2,830,000
11,626,000
39,602,000
5,564,000
1,929,000
66,715,000
Hungary
21,030,000
Italy
35,239,000
Japan
52,312,000
Formosa..
Chosen...
China
Luxemburg..
Netherlands..
3,477,000
14,827,000
Dutch East Indies 4
Dutch Guiana
Norway
Roumania
Russia 5
Finland
Spain s
38,000,000
268,000
6,213,000
86,000
2,459,000
6,886,000
170,903,000
3,140,000
19,944,000
Date of
report.
Number of
depositors.
Form of organization.
Communal and private savings banks
Postal savings banks, savings department
Postal savings banks, check department
....do
/Dec. 31,1912 Government savings banks
Communal and private savings banks
\....do..
Dec. 31,1911 Postal savings banks
Dec. 31,1912 Public savings banks
Mar. 31,1913 Communal and corporate savings banks
Dec. 31,1913 Postal savings banks
juec. 3i, 1912 Private Bciyiugs banks
Postal savings banks
\
do
Dec. 31,1909 Municipal savings banks
Dec. 31,1912 Postal savings banks
Dec. 31,1913 Public and corporate savings banks
(Dec. 31,1909 Communal and private savings banks
{Dec. 31,1912 Postal savings banks, savings department
Postal savings banks, check department
I...-do
/June 30,1913 Communal and corporate savings banks
\Dec. 31,1913 Postal savings banks
/Dec. 31,1912 Private sayings banks
\Mar. 31,1914 Postal savings banks
/Dec. 31,1912 Private sayings banks
\Mar. 31,1913 Postal savings banks
do
"""do"
do.
Mar. 31,1914 State savings bank
/Dec. 31,1912 Private sayings banks..
\Dec. 31,1913 Postal savings banks...
Private sayings banks..
/....do
Postal savings banks...
\
do...
.do.
do.
Communal and private savings banks .
do
July 1,1910 Government Ravings Banks
Dec. 31,1914 State, including postal savings bankjs...
/Dec. 31,1911 Private sayings banks
Postal savings banks
\-...do
Dec. 31,1912 Private savings banks
Dec. 31,1911
Dec. 31,1913
,
4,385,064
2,300,407
122,870
3,013,296
49,794
312,462
301,353
1,174,645
282,401
8,351,694
6,187,203
19,427
5,546
23,871,657
1,149,251
836,143
24,104
2,399,606
6,060,617
8,639,296
12,028,106
8,065
138,675
430,040
78,185
76,808
494,157
1,648,720
10,061
113,791
11,177
1,136.262
218,690
9,212,671
303,938
66,002
573,349
Deposits.
$1,291,041,227
40,297,296
79,561,438
204,147,391
11,854,503
8,797,965
8,193,721
183,120,917
3,176,757
754,409,859
336,893,799
1,309,769
1,504,443
4,685,982,000
428,023,064
21,983,784
22,027,751
490,191,340
403,666, 733
82,883,367
94,182,699
172,732
1,195,654
2,422,907
1,726,037
12,597,471
49,728,606
73,884,024
1,521,972
4,142,215
363,175
162,595,349
11,616,820
911,870,500
48,431,375
1,530,935
55,943,487
Average Average
deposit
deposit
per inaccount. habitant.
$294.42
17.52
647.53
67.75
238.07
28.16
27.19
155.89
11.25
89.90
54.45
67.42
271,27
196.30
372.44
26.29
913.86
204.28
66.60
9.59
7.83
21.42
9.34
5.83
22.08
164.01
100.63
44.93
151.27
36.40
32.49
143.10
53.12
102. 23
150. 77
23. 20
97.57
$44.89
1.40
2.77
26.96
1.57
2.03
2.37
64.70
.27
19.05
*8.51
.24
.78
70.24
20.35
1.05
1.05
13.91
11.46
1.58
1.80
.05
.34
.16
47.01
8.00
11.89
.04
.12
4.22
66.12
1.69
5.53
15.43
2.46
.81
CO
Sweden
Switzerland
United Kingdom7...
British India s
Australia, Commonwealth of.
New Zealand
5,639,000
3,555,000
46,026,000
244,268,000
4,941,000
9
Canada
British South Africa
British West Indies.
British colonies, n.
e.s.
7,758,000
7,086,000
1,752,000
25,587,000
Total, f o r e i j
countries.
United States
Philippine Islands,.
894,864,000
Grand total
1,090,000
/Dec. 31,1913
\....do
Dec. 31,1908
/Nov. 20,1913
\Dec. 31,1913
Mar. 31,1913
Mar. 31,1915
/Dec. 31,1914
\Mar. 31,1915
/June 30,1914
\....do.
1911-12
1913-14
1913-14
Communal and trustee savings banks
Postal savings banks
Communal and pprivate savings banks
Tt
i
bk
savings
banks
Postal savings banks.
do
Commonwealth, State, trustee, and joint-stock savings banks.
Postal savings banks
Private sayings banks
Postal savings banks
Dominion Government savings banks
Government, post office, and private savings banks
Government and post office savings banks
do
45.27
2.28
86.47
5.74
19.80
.27
1,717,694
'578,254
1,963,417
1,912,816
13,198,609
1,566,860
2,238,868
255,298,152
12,83-1.276
307,386', 431
264,050,747
911,243,205
66,870,415
427,853,940
148.63
22.28
156.56
138.04
69.04
42. 68
483,262
75,941
139,821
33,179
262,920
97,237
263,936
92,697,233
9,133,082
40,277,993
13,734,244
29,938,226
6,678.157
15,311)454
191.82
120. 79
288.07
413.94
113.87
68.68
58.01
85.04
8.38
5.19
1.77
4.22
3.81
.60
120,643,347 12,979,350,637
107.58
14.50
125.01
442. 83
30.52
.65
49.10
.18
191.10
1
O
1-3
30,1915
101,740,000 /June
IJune 23,1915
8,735,000 June 30,1915
1,005,339,000
Postal savings banks
Mutual and stock savings banks..
Postal savings banks
525,414
11,285,755
51,598
10 65,684,708
4,997,706,013
1,574,958
132,506,114
18,044,316,316
1
The figures of population are fcr the nearest date to which the statistics of savings banks relate.
2 Exclusive of 2,099 deposits of $237,094 in savings banks in Faroe Islands, and 190,810 savings deposits of $41,282,419 in ordinary banks.
Exclusive of Brunswick.
Exclusive of data for two large private savings banks in Soerabaja and Macassar.
3
4
i in the trustee savings banks.
3
Exclusive of the population of the feudatory States.
9 Exclusive of data for special private savings banks, which, on June 30,1913, held deposits amounting to $39,440,559. The above total does not include the savings deposits
in chartered
banks (" Deposits payable after notice or on a fixed day")> which, on June 30,1914, amounted to £663,650,230.
10
Balance to credit of depositors.
W
fed
O
O
g
o
p
g
1-3
H
O
CO
136
KEPOET OF THE COMPTROLLER OF THE CURRENCY.
SCHOOL SAVINGS SYSTEMS.
The savings bank section of the American Bankers' Association,
through the cooperation of this office, has made an investigation with
respect to the extent of savings of schools. The statistics obtained
are as of January 1, 1915, or the nearest date thereto. I t appears
that the school savings system is in operation in schools located in
280 cities. The number of schools having school savings banks is 1,925,
with 928,784 pupils enrolled. Of the pupils enrolled 398,540 are depositors, and the amount of their deposits is stated at $1,792,640.10. Tncre
are 37,051 depositors in individual school banks, 334,964 in systems,
and 26,525 over the counter. Information relating to school saving
systems by States and cities will be found in volume 2 of this report.
School savings.
Number
of accounts
transNumber of Number of Number of Amount of
schools.
pupils.
depositors. deposits. ferred to
regular
bank
accounts
Tniiv dual schools
Rvsfcein
.
.. ..
....
Over the counter
Total United States (280 cities)
283
1,482
160
136,282
704,722
87,780
37,051
334,964
26,525
$305,195.57
1,170,068.67
317,375.86
11,7S3
91,176
1,736
1,925
928,784
398,540
1,792,640.10
104,995
Tho individual school system is not under the control of the superintendent of schools or board of education. The term "systems"
refers to the savings systems installed in all schools by the board of
education or superintendent, the accounts being kept in the superintendent's office. The term "over the counter" is applied to those
schools where the deposits are not collected in the school, the system
being operated directly through the bank.
FEDERAL RESERVE BANKS.
The 12 Federal reserve banks opened for business on November
16, 1914. Statements of their combined assets and liabilities are
issued weekly. The combined statements for November 27, 1914,
and November 26, 1915, are a,s follows:
Nov. 27,1914. Nov. 26,1915.
RESOURCES.
$227,840,000
34,630,000
7,383,000
Gold
Other lawful money
Bills discounted and bought
United States bonds
Municipal warrants
Federal reserve notes—net
Due from Federal reserve banks—net
All other resources
Total
Capital paid in
Government funds deposits
Reserve deposits—net
Federal reserve notes—net
All other liabilities
Total
165,000
$321,068,000
37,212,000
48,973,000
12,919,000
27,308,000
19,176,000
14,053,000
4,633,000
270,018,000
485,342,000
18,050,000
249,268,000
2,700,000
54,846,000
15,000,000
397,952,000
13,385,000
4,159,000
270,018,000
485,342,000
LIABILITIES.
. ...
REPORT OF THE COMPTROLLER OF THE CURRENCY.
137
The first purchases of United States bonds and municipal warrants
were reported in the statement for June 18, 1915, and were as follows:
United States bonds, $7,200,000, and municipal warrants, $9,700,000.
The statement for November 26, 1915, shows that the purchase of
United States bonds had increased to $13,000,000 and municipal warrants to $27,300,000.
The development of the business of the Federal reserve banks as
indicated by the weekly statements to November 26, 1915, is shown
in the following table:
Comparative statement of the principal items of resources and liabilities of the Federal
reserve banks from the date of the first report^ Nov. 20, 1914, to Nov. 26, 1915.
ASSETS.
[In millions of dollars.]
Bills
Gold, including
Date.
1914.
Nov. 20. .
Nov 27
Dec. 4 .
Dec. 1 1 . . .
Dec. 18 .
Dec. 24...
Dec. 31 .
receivOther
5 per
dislawful able
cent
counted
redemp- money.
and
bought.
tion fund.
$203.4
227.8
230.9
232.0
233.2
232.6
229.0
$37.3
34.6
32.0
28.2
25.0
25.7
26.6
232.6
236 5
239. 7
235.9
256.2
259.2
251.8
248 9
247 3
247.0
245.0
242.1
239.1
239.5
237.2
238 7
238.2
244.0
241.1
243.4
243.6
242.5
246 2
246.5
255.2
264.3
266.2
261.2
263.6
266.2
261.2
284.3
262.0
268.2
268.4
282.0
288.6
290.2
283.6
284.8
286.8
282.9
281.4
294.7
297.4
316.0
321.0
18 0
16 2
18.7
20.9
22.6
22.1
29.9
29 1
23.3
21.6
21.6
23.1
25.6
30.0
29.3
29.1
26.5
34.0
36.5
36.8
32.0
35.3
44 6
48.9
47.8
24.8
22.5
26.5
25.9
22.1
24.9
20.9
27.1
19.9
19.3
20.2
16.0
23.0
16.5
21.3
19.7
34.6
37.0
31.6
31.8
32.2
37.2
Due
United
States
bonds.
from
Munici- Federal Federal
All other Aggregate
pal war- Reserve
notes
Reserve
assets.
assets.
rants.
Banks
(net).
(net).
$5.6
$0.1
2
.3
2.0
7.4
9.8
10.2
27
9.0
8.5
4.8
11 6
10.6
$246.4
270 0
273.0
272.4
269. 9
271.6
277.8
1915.
Jan 8
Jan 15
Jan 22
Jan. 29
Feb 5
Feb. 12...
Feb. 19
Feb 26
Mar. 5
Mar. 12...
Mar. 19...
Mar. 26.
Apr. 2
Apr. 9
Apr. 16..
Apr. 23
Apr. 30...
May 7.
May 14
May 2 1 . . .
May 28 .
June 4
June 11
June 18...
June 25...
July 2 . . . .
July 9
July 1 6 . . .
July 2 3 . . .
July 3 0 . . .
Aug. 6....
Aug. 13...
Aug. 20...
Aug. 27...
Sept. 3
Sept. 10...
Sept. 17...
Sept. 24...
Oct. 1
Oct. 8
Oct. 1 5 . . .
Oct. 2 2 . . .
Oct. 2 9 . . .
Nov. 5 . . . .
Nov. 12...
Nov. 19...
Nov. 26...
9.9
12 4
13.0
14.0
16.4
17.1
17.8
20 5
25.7
27.8
29.9
31.7
33.7
35.3
35.9
36.5
36.6
35.4
34.7
34.6
34.0
34.7
36 0
35.6
36.4
36.2
36.7
37.6
39.4
40.7
40.9
40.8
41.7
42.8
43.0
43.3
43.7
44.4
44.9
45.4
43.9
43.3
44.1
43.1
43.2
45.1
49.0
$6 2
76
91
7.4
54
4.5
2.8
80
72
5.4
6.5
5.6
10.3
$7.2
7.6
7.6
7.9
7.9
7.9
7.9
8.5
8.6
8.7
8.8
8.8
8.0
9.0
9.3
9.3
9.5
10.4
10.5
10.5
10.5
12.0
12.7
13.0
$9.7
11. 5
12.4
13.9
14.4
15.1
16.1
18.1
18.6
18. 5
25.8
24.0
23.7
24.4
24.9
27.4
27.0
26.6
25.4
25.0
22.1
22.8
27.5
27.3
$7.8
9.1
7.6
8.3
9.9
9.2
11.0
12.6
11.3
12.8
12.5
12.9
13.4
12.5
14.9
15.4
15.5
15.2
15.7
19.8
15.2
19.5
18.8
19.2
5.7
5.3
<S 3
9.5
10.1
13 2
6.7
7.4
7 1
14 9
8.1
8.3
9.8
6.1
5.9
5.2
7.1
5.9
4.0
6.8
7.0
7.8
8.1
8.5
7.4
11.0
7.7
10.2
12.3
8.5
12.5
16.2
15.8
14.0
20 6
24 3
24 0
24.0
21 6
22.1
24 1
25 2
26 8
29.3
30.1
30.7
30 9
30.2
33.4
34.0
36.8
37.5
40 7
40.9
43.2
37.9
29 5
6.5
5.5
3.7
3.7
4.4
4.8
5.9
5.3
5.6
4.8
4.9
4.0
3.8
3.4
3.6
3.3
3.1
3.0
3.1
3.6
3.0
3.3
3.7
4.6
287 3
297 0
304.5
302.2
322 2
325.0
326 4
331 7
330 3
331.1
333.1
333.2
339 6
340.7
341.1
346.6
347.6
361.0
306 2
362.4
360.2
357 5
371 2
370.3
381.4
366.4
365.3
367.8
371.1
377.0
377.4
374.1
382.4
389.9
388.2
403.4
406.1
417.7
411.4
414.3
415.8
427.8
429.9
432.7
446.2
471.8
485.3
138
REPORT OF THE COMPTROLLER OF THE CURRENCY.
Comparative statement of the principal items of resources and liabilities of the Federal
reserve banks from the date of the first report, Nov. 20, 1914, to Nov. 26, 1915—Con-
tinued.
LIABILITIES.
[In millions of dollars.]
Capital.
Date.
Nov 20
Nov.27
Dec 4
Dec. 11
Dec IS
Dec. 24
Dec. 31 . . . .
Jan. 8
Jan.15
Jan 22
Jan. 29
Feb. 5
Feb. 12
Feb. 19
Feb. 26
Mar. 5
Mar. 12
Mar 19
Mar. 26
Apr 2
Apr. 9
Apr 16
Apr 23
Apr 30
May7
May 14
May 21
May 28
June 4
June 11
June 18
June 25
July 2
July 9
July 16
July 23
July 30
Aug. 6
Aug 13
Aug. 20
Aug. 27
Sept 3
Sept. 10
Sept 17
Sept. 24
Oct 1
Oct 8
Oct. 15
Oct. 22
Oct. 29
Nov 5
Nov. 12
Nov 19
Nov. 26
1914.
Govern- Reserve Reserve All other
ment
liabilinotes
deposits. deposits. (net).
ties.
$227.1
249.3
251 0
251.0
248.0
249.8
256.0
$18.1
18.0
18.0
18.0
18.0
18.0
18.0
1915.
. .
...
. .
.
DISCOUNT
18.0
18.0
18 4
20.4
35.1
35.8
36 0
36.1
36 0
36.1
35 1
36.1
36 1
36.2
36 2
36.7
39.7
53.4
54 0
54 1
54 2
54 2
54 2
54.2
54 2
54 1
54.1
54 1
54 1
54.2
54 3
54 3
54.3
54.7
54 7
54.7
54.7
54.7
54.7
54 7
54.7
54.8
54.8
54.8
54.8
54.8
54.8
$15.0
15.0
15.0
15.0
15.0
15.0
15.0
15.0
15.0
15.0
15.0
267.4
277.2
284 2
279.5
2S4.1
2S5.0
2S5 5
200.3
237 9
288. 0
2^8 6
288 2
293. 9
294.0
294.1
297.2
294.8
293.3
295.5
295.0
292.0
288. 3
299. 6
299. 4
311 3
297. 9
295. 8
297. 6
301.1
306.2
303.0
301.9
310.1
316.9
312.3
328.1
316.9
329.9
324.7
326. 8
328.8
340. 4
313. 6
316.1
359. 4
385.0
398.0
$1.2
2.7
4 0
3.4
3.9
3.8
3.8
1.9
1.8
1.9
2.3
3.0
4.2
4.9
5.3
6.4
7.0
8.4
8.9
9.6
10.5
10.8
10.9
11.0
11.2
11.2
10.9
10.9
11.4
12.1
12.1
12.6
12.8
13.3
14.2
14.5
1.4.9
15.4
15.7
15.8
16. 7
17.7
17.5
16. 6
15.4
14.3
35.2
14.8
14.8
13.9
13.7
3 3.0
13.0
13. 4
$1.8
2.1
3.1
5.5
2.4
3.1
3.6
5.3
4.6
3.3
1.6
2.1
1.9
1.4
1.7
1.7
2.2
2.2
1.6
3.5
3.1
2.9
2.7
2.7
2.6
2.5
2.8
2.6
3.1
4.0
4.0
4.1
RATES.
Upon the opening for business of the Federal reserve banks discount rates were established for three classes of paper, namely,
maturities of 30 days or less, 30 to 60 days, and 3 months. Subsequently the following classifications were made: Maturities of 10 days
and less, maturities of 11 to 30 days, maturities of 31 to 60 days,
maturities of 61 to 90 days, and maturities of over 90 days. In
139
REPORT OF THE COMPTROLLER OF THE CURRENCY.
addition, rates were determined for commodity paper, bankers'
acceptances, and trade acceptances.
In the following table is shown the original rates for each of the
three classifications of paper for each Federal reserve bank, together
with the subsequent rates on the classes mentioned, and also on
commodity paper, bankers' acceptances, and trade acceptances.
It will be of interest to compare these rates with the rates for money
in the New York market during the past year, as shown elsewhere
in this report.
Discount rates.
coco
Boston
New York..
Philadelphia .
Cleveland..
Richmond..
Atlanta
Chicago...
St. Louis...
Minneapolis
Kansas City
Dallas
San Francisco
Maturities of
31 to 60 days.
MaturBank- Trade
Maturities of ities of Comers' accept1
61 to 90 days. over 90 modity
acceptdays. paper. ances. ances.
Feb. 18
Nov. 26. Nov. 16, Nov. 26. Nov. 16, Nov. 26, Nov. 16, Nov. 26, Nov. 26, Nov. 26, to
Mar. Nov. 26,
1914.
1914.
1915.
1915.
1915.
1915. 4,1915.
1915.
1915. ' 1914.
1915.
6
coco
Federal
Reserve
Bank of—
Maturities of Maturities of
10 days 11 to 30 days.
and less.
f
3
3
5i
6
6
6
6
6
6
6
6
4
4
6
6
4
4
4
4
4
4
4
4
4
6
6
6
3}
4
4
4
4
4
4
4
4
4
4
4
?
6
6*
61
61
61
4
6
6
4
4
5
5
»31
2-4
2-4
6
6
6
4
4*
4"
4
4^
4
41
4
4
Ah
5
5
5
5
5
5
5
13
2-4
2-4
f
6
6^
6J
6J
61
13
3
3
31
3*
3*
41
6
2
3^-5
31
gi
3
3J-4
3H
2-4
2-4
2-4
3-31
1
Where two rates are given, the first is for 60 days or shorter time paper and the second for 60 to 90 day
paper.
2 According to maturity.
FEDERAL RESERVE NOTES.
In the weekly statements issued by the Federal Reserve Board, in
addition to showing in detail the assets and liabilities of the Federal
reserve banks, the volume of Federal reserve notes issued, the amount
of gold and other lawful money deposited with the Federal reserve
agents to retire outstanding notes, and the net amount of notes outstanding are reported.
In the following table are shown the amounts issued, gold and
lawful money deposited, and net amount of notes in circulation at the
close of each week from November 20, 1914, to November 26, 1915.
12066 °—CUE 1915—VOL 1
10
140
REPORT OF THE COMPTROLLER OF THE CURRENCY.
Federal reserve notes—Weekly statement of Federal reserve notes in circulation {amount
issued to Federal reserve agents by the Comptroller of the Currency), amount of gold and
lawful money deposited with Federal reserve agents for retirement of outstanding notes,
and net amount of notes in circulation from Nov. 20, 1914, to Nov. 26, 1915.
Gold and
Federal relawful
Federal reserve notes money de- serve notes
in circula- posited with in circulation (net1
Federal retion.
serve agents. amount).
Gold and
Federal reFederal relawful
serve notes money de- serve notes
in circula- posited with in circulation (net1
tion.
Federal reserve agents. amount).
1914.
Nov. 20
27
Dec. 4
11
18
24
31
1915.
Jan. 8
15
22
29
Feb. 5
12
19
26
Mar.
5
12
19
26
Apr. 2
9
16
23
30
May 7
14
SI,215,000
2,700,000
5,105,000
6,702,000
8,869,000
12,412,000
16,027,000
SI, 135,000
3,210,000
5,013,000
8,565,000
12,252,000
$1,215,000
2^700,000
3.970,000
3 492,000
3.856,000
3,847,000
3,775,000
16,530,000
16,804,000
17,106,000
17,679,000
18,702,000
20,106,000
24,632,000
26,172,000
29,805,000
33,965,000
36,846,000
39,858,000
43,376,000
44,828,000
48,461,000
50,074,000
53,353,000
55,042,000
59,829,000
14,676,000
14,966,000
15,193,000
15,401,000
15,702,000
15,921,000
19,702,000
20,844,000
23,413,000
26,961,000
28,359,000
30,969,000
33,779,000
34,379,000
37,694,000
39,185,000
42,315,000
43,845,000
48,605,000
1,854,000
1,838,000
1,913,000
2,278,000
3,000,000
4,185,000
4,930,000
5,328,000
6,392,000
7,004,000
8,487,000
8,889,000
9,597,000
10,449,000
10,767,000
10,889,000
11,038,000
11,197,000
11,224,000
1
1915.
May 21
28
June 4
11
18
25
July 2
9
16
23
30
Aug. 6
13
20
27
Sept. 3
10
17
24
Oct. 1
8
15
22
29
Nov. 5
12
19
26
$61,950,000
65,612,000
69, 704,000
73,529,000
79,386,000
82,961,000
84,581,000
89,131,000
93,361,000
94,131,000
97,831,000
101,731,000
102,571,000
107,691,000
109,901,000
114,531,000
119,851,000
124,000,000
133,060,000
141,000,000
148,590,000
153,790,000
159,280,000
168,370,000
170,310,000
179,335,000
183,275,000
187,815,000
$51,091,000
54,691,000
58,291,000
61,431,000
65,871,000
68,996,000
70, €16,000
74,246,000
77,656,000
78,126,000
81,191,000
84,676,000
85,806,000
89,726,000
90,986,000
94,766,000
99,356,000
104,541,000
115,180,000
123,301,000
139,620,000
136,210,000
142,440,000
151,830,000
154,005,000
163,155,000
166,755,000
171,095,000
$10,859,000
10,921,000
11,413,000
12,C98,000
12,100,000
12,617,000
12,797,000
13,375,000
14,242,000
14,521,000
14,965,000
15,420,000
15,723,000
15,847,090
16,738,000
17,670,000
17,527,000
16,562,000
15,348,000
14,295,000
15,225,000
14,791,000
14,809,000
13,918,000
13,661,000
13,007,000
12,923,000
13,385,000
Net liability on account of Federal reserve notes from June 18.
FEDERAL RESERVE NOTE ISSUES AND REDEMPTIONS.
The operations of the Federal Reserve Issue and Iledemption
Division of this office show a continued call for Federal reserve
notes, which are issuable upon the deposit with the local Federal
reserve agents of notes and bills which have been rediscounted for
the member banks, and against Federal reserve notes so issued there
must be a gold reserve of not less than 40 per cent.
During the months of September and October, 1915, the volume
of Federal reserve notes outstanding increased nearly $60,000,000,
and on October 31 the total amount in circulation was $169,160,000,
of which $153,030 000 were secured by the deposit with the Federal
Reserve agent of a like amount of gold and lawful money and only
$16,130,000 by commercial paper.
Federal reserve notes to tne amount of $668,260,000 were printed
during the year, $215,020,000 of which were shipped to Federal
reserve agents and $453,240,000 held in the reserve vault available
for shipment as required.
The average life of paper currency has been computed to be about
two years, but notes begin to be returned for destruction as unfit,
in about six months after issue. At the end of the year, or up to
October 31, Federal reserve notes to the amount of $815,000 had been
returned by the reserve agents for destruction as "unfit for circulation."
REPORT OF THE COMPTROLLER OF THE CURRENCY.
141
Detailed information relative to issues and redemptions of Federal
reserve notes, by banks and denominations, is given in the following
tables:
Statement of Federal reserve notes, by denominations, printed, shipped to Federal reserve
agents, and on hand in reserve vault, Oct. 31, 1915.
Bank.
Boston:
Printed
Shij)ped
On hand
New York:
Printed
Shipped
On hand
Philadelphia:
Printed
Shipped
On hand
Cleveland:
Printed
Shipped
On hand
Richmond:
Printed
Shipped
On hand
Atlanta:
Printed
Shipped
On hand
Chicago:
Printed
Shipped
On hand
St. Louis:
Printed
Shipped
On hand
Minneapolis:
Printed
Shipped
On hand....
Kansas City:
Printed
Shipped
On hand
Dallas:
Printed
Shipped
Twenties.
Fives.
Tens.
$14,440,000
4,0S0,000
$13,600,000
3,920,000
$6,800,000
1,200,000
$2,200,000
1,000,000
$4,400,000
1,600,000
$41,440,000
11,800,000
10,360,000
9,680,000
5,600,000
1,200,000
2,800,000
29,640,000
99,620,000
28,600,000
129,000,000
30,520,000
51,040,000
10,560,000
6,000,000
2,000,000
8,000,000
4,800,000
293,660,000
76,480,000
71,020,000
9«S, 480,000
40,480,000
4,000,000
3,200,000
217,180,000
14,500,000
5,400,000
15,000,000
4,680,000
7,200,000
2,400,000
2,600,000
5,200,000
44,500,000
12,480,000
9,100,000
10,320,000
4;800,000
2,600,000
5,200,000
32,020,000
14,920,000
2,120,000
15,120,000
2,880,000
10,000,000
4,000,000
2,400,000
600,000
4,800,000
400,000
47,240,000
10,000,000
12,800,000
12,240,000
6,000,000
1,800,000
4,400,000
37,240,000
7,800,000
4,100,000
7,520,000
4,400,000
4,640,000
4,000,000
3,400,000
1,800,000
2,400,000
800,000
25,760,000
15,100,000
3,700,000
3,120,000
640,000
1,600,000
1,600,000
10,660,000
10,800,000
5,720,000
7,000,000
5,040,000
4,800,000
3,440,000
1,400,000
1,200,000
2,000,000
1,200,000
26,000,000
16,600,000
5,080,000
1,900,000
1,300,000
200,000
800,000
9,400,000
21,620,000
7,780,000
18,040,000
200,000
8,960,000
800,000
3,000,000
200,000
6,000,000
400,000
57,620,000
9,380,000
13,840,000
17,840,000
8,160,000
2,800,000
5,600,000
48,240,000
9,400,000
4,360,000
8,960,000
2,840,000
4,480,000
2,000,000
1,400,000
400,000
3,200,000
27,440,000
9,600,000
5,040,000
6,120,000
2,480,000
1,000,000
3,200,000
17,840,000
14,000,000
6,800,000
8,160,000
4,880.000
5,040,000
2,720,000
800,000
200,000
2,000,000
400,000
30,000,000
15,000,000
7,200,000
3,280,000
2,320,000
600,000
1,600,000
15,000,000
6,340,000
4,720,000
6,160,000
2,920,000
3,040,000
960,000
800,000
400,000
2,000,000
18,340,000
9,000,000
1,620,000
3,240,000
2,080,000
400,000
2,000,000
9,340,000
9,200,000
5,900,000
7,000,000
6,360,000
5,760,000
5,520,0C0
1,400,000
1,400,000
1,600,000
400,000
24,960,000
19,580,000
1,200,000
5,380,000
Fifties.
Hundreds.
Total.
On hand
San Francisco:
Printed
Shipped
3,300,000
640,000
240,000
10,300,000
4,160,000
10,600,000
2,760,000
5,200,000
1,680,000
1,600,000
600,000
3,600,000
800,000
31,300,000
10,000,000
On hand
6,140,000
7,840,000
3,520,000
1,000,000
2,800,000
21,300,000
246,160,000
71,400,000
116,960,000
39,280,000
27,000,000
9,800; 000
45,200,000
10,800,000
668,260,000
215,020,000
174,760,000
77,680,000
17,200,000
34,400,000
453,240,000
VAULT BALANCE,
OCT. 31,1915.
Total printed
232,940,000
Total shipped
83,740,000
T o t a l on
hand
149,200,000
142
REPORT OF THE COMPTROLLER OF THE CURRENCY.
Federal reserve notes issued, by denominations, through the Federal reserve agents to the
banks, also the amounts retired and outstanding, Oct. SI, 1915.
Bank.
Boston:
Issued . . .
Retired
Outstanding
New York:
Issued
Retired
Outstanding
Philadelphia:
Issued
Retired
Outstanding
Cleveland:
Issued
Retired
Outstanding
Richmond:
Issued
Retired
Outstanding
Atlanta;
Issued
Retired
Outstanding
Twenties.
Fives.
Tens.
$1,660,000
220,000
$2,800,000
180,000
$280,000
$530,000
$950,000
$6,220,000
400,000
1,440,000
2,620,000
280,000
530,000
950,000
5,820,000
27,920,000
28,560,000
9,680,000
800,000
1,600,000
4,000,000
71,760,000
800,000
27,920,000
28,560,000
8,880,000
1,600,000
4,000,000
70,960,000
3,100,000
324,000
2,560,000
50,000
880,000
6,540,000
380,000
2,776,000
2,504,000
8S0,000
6,160,000
1,600,000
2,520,000
3,680,000
400,000
340,000
8,600,000
1, COO,000
2,520,000
3,080,000
460,000
340,000
8,600,000
3,800,000
4,000,000
3,760,000
1,590,000
650,000
13,800,000
3,800,000
4,000,000
3,760,000
1,590,000
650,000
13,800,000
5,120,000
260,000
4,800,000
4,130,000
850,000
735,000
350,000
1,065,000
490,000
15,850,000
1,950,000
Fifties.
Hundreds.
Total.
4,800,000
4,800,000
3,280,000
385,000
575,000
13,900,000
Chicago:
Issued
. .
Retired
Outstanding
3,540,000
700,000
200,000
800,000
200,000
400,000
5,140,000
760,000
2,7S0,000
200,000
800,000
200,000
400,000
4,380,000
St. Louis:
Issued
"Retired
2,997,000
142,000
1,710,940
60,940
1,128,560
8,500
200,000
6,036,500
211,500
2,855,00 D
1,650,000
1,120,000
200,000
5 8^5 000
4,702,000
2,000
3,880,000
2,320,000
50,000
50,000
11,002,000
2,000
4,700,000
3,880,000
2,320,000
50,000
50,000
11,000,000
4,790,000
70,0C0
2,930,000
10,000
1,040,000
80,000
470,000
170,000
9,230,000
330,000
4,720,0C0
2,920,000
960,000
300,000
8,900,00C
4,340,000
13,000
5,600,000
2, COO
4,400,000
1,070,000
50,000
15,460,000
15,00C
4,327,000
5,598,000
4,400,000
1,070,000
.30,000
15,445, (XX
1,800,000
170,000
1,240,000
140,000
1,040,000
200,000
400,000
4,680, OCX
310, (XX
1,630,000
1,100,000
1,040,000
.200,000
400,000
4,370,0(K
05,369,000
1,961,0)0
60,800,940
448,940
33,138,560
1,738,560
7,105,000
520,000
7,905,000
490,000
174,318,50
5,158,50
63,408,000
60,352,000
31,400,000
6,585,000
7,415,000
169,160,00
Outstanding
Minneapolis:
Issued
Retired
Outstanding
Kansas City:
Issued
Retired
Outstanding
Dallas:
Issued
Retired
Outstanding
San Francisco:
Retired
Outstanding
RECAPITULATION.
Totalissued
Total retired
Total outstanding
BEPOET OF THE COMPTROLLER OP THE CURRENCY.
143
Mutilated Federal reserve notes, by denominations, received from Federal reserve agents for
destruction to Oct. 31, 1915.
Bank.
Boston
Pnn.iladelpl~i is.
(Thi08,£TO
Dallas
Total
Twenties.
Fifties.
Total.
Fives.
Tens.
$188,000
306,000
120,000
13,000
$132,000
54,000
2.000
$320,000
360,000
120,000
15,000
627,0Q0
183,000
815,000
Hundreds.
FEDERAL RESERVE BANK CURRENCY.
In addition to Federal reserve notes, the Federal reserve banks
may also ?;issue what has been designated as llFederal reserve bank
currency.
This currency is to the same tenor and effect and is issued
under the same terms and conditions as national-bank notes, except
that its volume is not limited to the amount of capital stock of the
issuing bank.
The notes are to be secured by deposits of Government bonds
bearing the circulation privilege, acquired in the open market or
taken over from national banks desiring to reduce their circulation.
A little over $10,000,000 of this currency has been printed on the
orders of the banks, but none as yet has been issued.
Amount
of Federal reserve bank currency printed, received, and on hand Oct. 31, 1915.
Bank.
Cleveland
R ichmond
Chicago
Minneapolis
Kansas City...
Total
Fives.
Tens.
Tw snties.
Total.
$1,000,000
200,000
800,000
600 000
$1,000,000
400,000
1,200,000
1 200 000
2,000,000
SI, 040,000
400,000
560,000
$3,040,000
1,000,000
2,560,000
1 800 000
2,000,000
2,600,000
5,800,000
2, 000,000
10,400,000
NOTE.—Plates have been engraved for the Boston and New York Federal reserve
banks, but no currency ordered.
CONCLUSION.
The foregoing summary of banking conditions and development,
and review of the operations and more important activities of the
Comptroller's Office, is presented in conformity with the law, which
requires such report to be made to the Congress annually. Also in
compliance with the law, certain recommendations for amendments
and additions to the national-bank act were submitted in the last
annual report, and attention again has been called to them. Some
others are recommended in the present report.
Attention is asked to the fact that none of these changes, if
adopted, would hamper legitimate banking enterprise or development. They are intended to be constructive and preservative.
It is a real pleasure to say that the intimate connection of this
office with the internal affairs; and management of the national banks
of the country gives cheering assurance that the large majority of our
bankers are not only honest and anxious to obey the laws, but are
intelligently patriotic and intent on building up their respective
communities and the country. The value of their service in this
respect is beyond computation. An important purpose of the
changes of the law herein proposed is to encourage and strengthen
bankers of this kind by relieving them of the odium brought on the
banking business and of the unfair competition forced by the limited
minority who disregard the laws and the public interests.
COUNTRY BAXKS AND RURAL CREDITS.
Study of the situation as it is brings the conviction that in our
country we have tended to fix our attention on the things that look
big and loom large, while often overlooking the things that seem
small, but really are the biggest and most important of all. The real
foundation for the prosperity and. stability of the country is the prosperity, stability, and productive power of the farmer. Statistics
show that the condition of the agricultural interests in many sections
is unsatisfactory in important respects. The proportion of farm
owners does not increase in proportion to the number of farmers.
As the tenant class increases production per acre is less favorable.
The migratory tendency among persons engaged in farming has been
increasing. Most of these migrations mean unrest and failure;
and many of the failures result from oppressions or exactions or
from lack of proper assistance when needed. Usury unchecked
means depopulation, hopelessness, thriftlessness, and resulting loss
of producing capacity per man and per acre.
PRESENT OPPORTUNITY OF THE SMALLER BANKS.
It is hoped that we will work out presently a well-guarded and
well-directed plan of rural credits for the stimulation and protection of our great farming industry. Until that time comes, the
144
REPORT OF THE COMPTROLLER OF THE CURRENCY.
145
smaller banks in the smaller communities will have a great opportunity which they should be helped to use, a tremendous duty which
they should be encouraged to perform. The record will show that
cooperation with the farmer, carrying him through his seasons of
waiting and aiding him in the adoption of new methods and in
getting from his land the best possible profits, is perhaps the safest
of all banking business.
When the smaller banks work together to aid and develop thrift
and hope and intelligent and successful work on the farms about
them, and to nourish and uphold their local enterprises, we will have
a prosperity which no event can shake and increasing shares of
distributed, real, active wealth of which no shock can deprive us.
INCREASE IN WORK OF BUREAU.
The work which has devolved upon the Bureau of the Comptroller
of the Currency has increased very^ greatly in the past few years,
without a corresponding increase in the clerical staff. The nine
additional clerks provided for in the last appropriation bill were
insufficient to supply the demands upon the Bureau, and it has been
necessary to have a number of clerks detailed from other divisions
of the Treasury to prevent the work from falling behind.
The heavy increase in the work of the bureau has required much
extra labor and long hours on the part of many clerks and employees;
and it is a pleasure to certify to the readiness with which these additional burdens have been accepted. The Comptroller also desires
to acknowledge the efficiency, fidelity, and intelligence with which
the employees generally of this bureau have performed the duties of
their respective positions during the past fiscal year.
Detailed statements of the condition of each national bank,
together with much additional general and special statistical information and data, and a digest of court decisions relating to national
banks, are printed as an appendix to this report, and are embodied
in volume 2 of the Report of the Comptroller of the Currency for 1915.
Respectfully submitted.
JOHN SKELTON WILLIAMS,
Comptroller of the Currency.
To the SPEAKER OF THE HOUSE OF REPRESENTATIVES.
EXHIBITS TO VOLUME I
147
EXHIBITS.
EXHIBIT A.
The following statement was furnished under oath by a certain
national bank in Texas, and purports to be a list of all loans made by
that bank between August 1? 1914, and November 27, 1914, upon
which interest was charged in excess of 8 per cent per annum, and
was furnished in response to a request from this office. The capital
and surplus of the bank were reported at $250,000; the population
of the town about 15,000.
The president of this bank had just criticized the Federal Reserve
Board for establishing a 6 J per cent rate for long-time paper at the
Federal Reserve Bank of Dallas (the rate for short-time paper
being
6 per cent) and had characterized the 6J per cent rate as a unreasonable," "exacting/' and "prohibitive," and "prejudicial to the new
system." He had also intimated that such a rate was calculated to
shake "confidence" in the "members of the Federal Reserve Board."
An examination of the following list will show that this particular
bank was at that time charging to its own customers rates in many
cases ranging anywhere from 20 per cent to more than 100 per cent
per annum. (See p. 23, vol. 1 of this report.)
• TEXAS, FROM AUG.
LIST OP NOTES DISCOUNTED BY
NATIONAL BANK OF 1, 1914, TO NOV. 27, 1914, BEARING A GREATER INTEREST THAN 8 PER CENT.
Date
purchased.
Name (names omitted in printing).
1914.
Aug. 1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
3
3
3
3
3
3
3
3
3
3
3
4
4
4
Date of note.
When due.
Oct.
Aug.
Sept.
Oct.
Sept.
Sept.
do
Aug.
do
Sept.
. do
Aug.
do
Oct.
do
Dec.
(lo...
Aug.
do
Sept.
July 27,1914 Oct.
Aug. 1,1914 Oct.
do
Oct.
... do..
Jan.
Aug. 3,1914 Nov.
Aug. 1,1914 Oct.
Aug. 3,1914 Nov.
July 23,1914 Sept.
July 31,1914 Oct.
Aug. 3,1914 Feb.
do
Nov.
Aug. 1,1914 Dec.
July 9,1914 Sept.
June 14,1914 Sept.
Aug. 4,1914 Sept.
Aug. 3,1914 Nov.
Aug. 1,1914 Sept.
Aug. 1,1914
.do
July 26,1914
Aug. 1,1914
do
do . .
Interest
Amount. collected
or
charged.
30,1914
$48.75
31,1914
25.00
25,1914
20.00
30,1914
40.00
30,1914
36.00
1,1914
50.00
31,1914
10.00
30,1914
50.00
31,1914
46.00
30,1914
533.95
1,1914
52.25
31,1914
150. 00
1,1914
400. 00
25,1914 1,500.00
1,1914
16.25
30,1914
52.00
1,1915
104.50
14,1914
90.00
30,1914
150.00
1,1914
175.00
21,1914
190.00
29,1914
200. 00
2,1915
50.00
1,1914
51.75
1,1914
225.00
7,1914
206. 66
13,1914 2,000.00
4,1914
26.00
1,1914
51.50
30,1914
106.00
$1.50
.50
.50
1.50
1.00
.50
.25
1.00
1.00
17.19
2.00
1.00
2.83
37.50
1.00
2.00
4.50
2.70
3.75
8.75
3.20
5.00
2.50
1.75
5.60
6.66
50.00
1.00
l.ro
1.75
Rate.
Per cent.
20
23
15
15
18
12
30
12
27
13
12
8
149
10
37
15
10
12
10
20
10
10
10
14
8
20
10
45
12
10
150
REPORT OF THE COMPTROLLER OF THE CURRENCY.
TEXAS, FROM AUG.
LIST OP NOTES DISCOUNTED BY — NATIONAL BANK OF
1, 1914, TO NOV. 27, 1914, BEARING A GREATER INTEREST THAN 8 PER CENT-—COIltd.
Date Name (names omitted in printDate of note.
puring).
chased.
1914.
Aug. 4
4
4
4
4
4
4
5
5
6
6
6
6
7
7
7
7
7
7
7
7
8
8
8
8
8
8
8
8
8
8
8
8
8
8
8
8
8
8
10
10
10
10
10
10
10
10
11
11
11
11
11
11
12
12
12
12
12
12
13
13
14
14
14
14
14
14
14
14
14
15
15
15
15
15
July 4,1914
Aug. 2,1914
Aug. 1.1914
Aug. 4] 1914
do
When due.
Sept. 1,1914
Oct. 2,1914
Sept. 1,1914
Oct. 3,1914
Oct. 15,1914
do
do
do
Oct. 1,1914
Aug. 5,1914 Oct. 14,1914
Aug. 3,1914 Nov. 1,1914
Aug. 5,1914 Oct. 4,1914
Aug. 7,1914 Nov. 5,1914
Aug. 6,1914 Dec. 6,1914
Aug. 7,1914 Oct. 6,1914
Aug. 3,1914 Oct. 2,1914
July 29,1914 Oct. 27,1914
Aug. 7,1914 Nov. 5,1914
do
do
Aug. 6,1914 Nov. 4,1914
Aug. 2,1914 Nov. 1,1914
Aug. 7,1914 Dec. 7,1914
Aug. 8,1914 Nov. 6,1914
Aug. 7,1914 Oct. 6,1914
Aug. 6,1914 Sept. 6,1914
Aug. 5,1914 Nov. 3,1914
Aug. 8,1914 Oct. 7,1914
Aug. 1,1914 Sept. 30,1914
Oct. 30,1914
do
Aug. 4,1914 Sept. 4,1914
Oct. 3,1914
do
Nov. 2,1914
do
Dec. 14,1914
do
Jan.
4,1915
do
Feb. 4,1915
do
Nov.
6,1914
Aug. 8,1914
Aug. 23,1914
. do
Oct.
7,1914
do
Sept. 8,1914
.. ..do
Oct.
7,1914
do
Oct. 1,1914
do
Aug.
30,1914
..
do
Aug. 10,1914 Demand
Aug. 11,1914 Oct. 10,1914
Aug. 8,1914 Sept. 8,1914
July 26,1914 Aug. 26,1914
Aug. 10,1914 Oct. 9,1914
do
Sept. 10,1914
do
Nov. 1,1914
. do
Nov. 8,1914
Aug. 8,1914 Nov. 6,1914
July 24,1914 Aug. 24,1914
Aug. 11,1914 Oct. 10,1914
Aug. 5,1914 Sept. 5,1914
Aug. 11,1914 Nov. 9,1914
Aug. 10,1914 Sept. 10,1914
July 28,1914 Oct. 27,1914
July 26,1914 Oct. 25,1914
Aug. 12,1914 Nov. 10,1914
do
Aug. 27,1914
Aug. 10,1914 Oct. 9,1914
Aug. 12,1914 Nov. 1,1914
Aug. 13,1914 Sept. 13,1914
Oct. 12,1914
do
Aug. 14,1914 Sept. 1,1914
July 27,1914 Nov. 27,1914
Aug. 14,1914 Sept. 14,1914
Nov. 12; 1914
do
Nov. 15', 1914
do
Jan. 1,1915
do
Nov. 12,1914
. do
Oct. 13,1914
do
Nov. 12,1914
do
Aug. 10,1914 Oct. 9,1914
do
Aug. 9,1914
do
Aug. 10,1914
Aug. 15,1914 Nov. 13,1914
Aug. 9,1914 Nov. 8,1914
Interact
Amount. collected
or
charged.
$16.00
$0.50
75.00
1.25
75.00
.75
21.00
1.00
31. 75
1.75
62.25
2.. 00
41.75
1.50
11.00
1.00
26.00
1.00
31.00
1.00
40.00
1.00
103.33
3.33
26.00
.50
50.50
1.50
50.00
1.50
51.50
1.50
51 25
1.25
2.50
100.00
13.00
525.00
5.00
150. 00
16.00
400.00
2. 50
150.00
.75
21.00
13.50
535.83
1.00
26.00
2.00
105.00
5.00
200.00
50.00
50.00
50.00
1 26.80
50.00
50.00
50.00
100.00
2.50
25.50
.50
26.00
1.00
75.00
1.00
10.75
.50
80.25
2.00
26.00
.50
100 00
50.00
1.00
41.00
1.00
350.00
26.00
1.00
26.00
1.00
5.50
.50
350.00
19.33
50.00
1.25
10.50
.50
75.00
1.25
600.00
5.00
100.00
2.50
2,250.00
15.34
500.00
20.83
1,500.00
37.50
300.00
9.45
25.00 }
2.00
100.00
52.00
2.00
25.00
.50
51.50
1.25
20.50
.50
1,328.90
37.80
5.25
.25
42.25
2.00
800.00
25.00
800.00
25.00
21.00
1.00
32.00
1.75
52.50
2.50
200.00
7.50
250.00 |
16.00
.50
103.00
3.00
1,500.00
37.50
1 This includes interest on $360-note maturing that date also (6 months).
Kate:
Per cent.
18
10
12
30
28
17
21
48
15
19
10
10
12
18
12
12
10
10
10
10
16
10
42
10
12
12
10
10
10
3e
25
13
25
18
30
10
12
30
10
25
50
40
22
10
166
10
10
10
g
16
10
12
12
2G
25
1C
3C
2(
1!
I
21
3,
1
1
3
1
1
REPORT OF THE COMPTROLLER OF THE CUKBENCY.
151
- TEXAS, FROM AUG.
LIST OF NOTES DISCOUNTED BY
NATIONAL BANK OF 1, 1914, TO NOV. 27, 1914, BEARING A GREATER INTEREST THAN 8 PER CENT—COIltd.
Date
Name (names omitted in print- Date of note.
•purchased.
Interest
Amount. collected
or
Rate.
charged.
1914.
Aug. 15
15
15
17
17
17
17
17
17
17
17
17
17
17
IS
18
18
18
18
18
19
19
19
19
19
19
19
19
20
20
20
21
21
21
21
21
21
21
22
22
22
22
22
When due.
Aug. 12,1914
Aug. 15,1914
do
July 22,1914
Aug. 15,1914
Aug. 17,1914
Aug. 16,1914
Aug. 10,1914
Aug. 16,1914
Aug. 10,1914
Aug. 17,1914
Aug. 21,1914
Aug. 7,1914
Aug. 18,1914
Aug. 17,1914
Aug. 18,1914
do.
Aug. 15,1914
Aug. 1,1914
Aug. 18.1914
Aug. 19,1914
.do.
.do.
Aug. 2,1914
Aug. 7,1914
Aug. 19,1914
Aug. 14,1914
July 24,1914
Aug. 20,1914
Aug. 16,1914
Aug. 6,1914
Aug. 21,1914
.do
.1
.do
I
do
. Aug. 22,1914
.! Aug. 21,1914
.!
do
|
!
!
i
i
99 !
1!
24
24
24
24
24
24
24
24
25
25
25
25
26
26
26
26
27
27
27
27
27
28
28
28
28
28
28
28
28
29
do.......
do
i Aug. 22,1914
.do.
[ Aug. 16,1914
Aug. 22,1914
!
do
.do
Aug. 24,1914
Aug. 19,1914
Aug. 20,1914
Aug. 24,1914
do
Aug. 15,1914
Aug. 12,1914
Aug. 24,1914
do
Aug. 25,1914
Aug. 6,1914
Aug. 1,1914
Aug. 25,1914
Aug. 21,1914
Aug. 25,1914
Aug. 26,1914
Aug. 20,1914
Aug. 15,1914
July 28,1914
Aug. 27,1914
Aug. 26,1914
Aug. 28,1914
.do
Aug. 25,1914
Aug. 27,1914
Aug. 26,1914
Aug. 27,1914
Aug. 14,1914
Aug. 31,1914
do
Aug. 27,1914
Nov. 10,1914
Sept. 15,1914
Nov. 1,1914
Oct. 20,1914
Feb. 15,1915
Nov. 15,1914
Sept. 16,1914
Nov. 8,1914
Nov. 15,1914
Sept. 10,1914
Sept. 17,1914
Oct. 20,1914
Oct. 6,1914
Oct. 17,1914
Oct. 16,1914
Nov. 16,1914
Oct. 17,1914
Oct. 14,1914
Nov. 1,1914
do.
Sept. 19,1914
Oct. 18,1914
Sept. 19,1914
Nov. 1,1914
Sept. 7,1914
Oct. 18,1914
Oct. 13,1914
Sept. 1,1914
Feb. 20,1915
Oct. 16,1914
Oct. 5,1914
Sept. 21,1914
Oct. 20,1914
Nov. 19,1914
Dec. 21,1914
Dec. 22,1914
Sept. 5,1914
Oct. 2O',1914
Nov. 19,1914
SI, 000.00
130.00
103.00
370.85
1,000.00
300.00
126.00
1,200.00
150.00
90.50
4,000.00
725.00
168.25
1,000.00
41.00
307. 50
26.00
125.00
180.50
63.00
51.75
51.00
100.00
100.00
3,000.00
135.00
200.00
750.00
82.75
61.50
200.00
25.00
25.00
25.00
25.00
333.33
350.00
100.00
103.25
.do
300.00
Demand
25:00
Jan. 1,1915
125.00
Oct. 16,1914
840.00
N o v . 20,1914
21.00
Oct. 21,1914
52.00
N o v . 20,1914
52.75
N o v . 22,1914
30.00
814.11
Dec." *20 ,'1914' 5,659.21
Oct. 23,1914
400.CO
do.
100.00
Nov. 13,1914
75.00
Oct. 27'1914
150.00
Nov. 22', 1914
103.50
Oct. 2311914
100.00
Nov. 23,1914 3,075.00
Nov. 4,1914
279.34
Oct. 1,1914
54.50
Oct. 24,1914
100.00
Sept. 21,1914
500.00
Oct. 24,1914
25.00
Oct. 25,1914
200.00
Sept. 20,1914
125.00
Oct. 14,1914
56.00
Nov. 28,1914
150.00
Sept. 27,1914
500.00
Nov. 24,1914
300.00
Sept. 28,1914
100.00
Dec. 28,1914
50.00
Oct. 24,1914
100.00
Nov. 25,1914
140.00
Oct. 26,1914
35.00
Oct. 16,1914
100.00
Sept. 14,1914
100.00
Sept. 30,1914
500.00
do..
41.00
Sept. 26,1914
10.50
Per cent.
$25.00
1.25
2.75
9.25
10.00
7.50
1.10
30.00
3.75
1.25
33.35
7.50
1.50
33.35
1.00
7.50
1.00
6.25
5.00
2.25
1.75
1.00
1.00
2.50
25.00
2.25
3.50
8. CO
7.75
1.25
3.33
. 75
.75
.75
. 75
11.11
1.50
2.00
7.50
4. S3
14.00
1.00
2. CO
2.00
1.00
182.55
6.92
1.65
1.85
3.75
3.25
2.25
75.00
6.84
2.00
2.00
4.15
.50
3.33
1.00
2.00
5.00
3.33
7.50
.83
1.75
2.00
i.66
1.05
.85
3.33
1.00
.50
10
11
13
10
2
10
10
10
10
17
10
6
5
20
12
10
20
15
11
18
43
12
12
10
10
10
10
11
20
12
10
95
45
30
20
10
5
12
10
10
10
10
10
20
25
26
12
10
10
10
10
10
14
12
14
15
8
24
12
10
12
10
10
22
10
8
10
10
11
12
10
15
6
10
8
20
60
152
REPORT OF THE COMPTROLLER OF THE CURRENCY.
LIST OF NOTES DISCOUNTED BY
— TEXAS, FROM AUG.
— NATIONAL BANK OF 1, 1914, TO NOV. 27, 1914, BEARING A GREATER INTEREST THAN 8 PER CENT—COIltd.
Date
purchased.
Name (names omitted in printing).
•*
1914.
Aug. 29
29
29
2d
29
29
29
29
29
29
23
29
29
31
31
31
31
31
31
31
31
31
31
31
Sept. 1
1
1
1
1
1
1
i
1
1
1
1
1
4 i
4 !
T-.rt.
, ,
i'aieomote.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
2,1914
29,1914
20,1914
10,1914
23,1914
20,1914
do
Aug. 29,1914
do
do
Aug. 30,1914
Aug. 28,1914
Aug. 29,1914
Sept. 1,1914
Aug. 31,1914
do
.lug. 29,1914
.lug. 31,1914
do
Aug. 31,1914
do
do
Aug. 30,1914
Aug. 31,1914
do
Sept. 1,1914
do
do
do
do
July 12,1914
Sept. 1,1914
Aug. 31,1914
Aug. 30,1914
Sept. 1,1914
Aug. 17,1914
Sept. 1,1914
do
....do
Sept. 2,1914
do
Sept. 1,1914
do
Sept. 2,1914
Sept. 1,1914
Sept. 2,1914
Aug. 31,1914
Sept. 2,1914
Sept. 3,1914
Sept. 2,1914
Aug. 31,1914
Sept. 2,1914
Sept. 3,1914
Dec. 22,1913
Apr. 30,1914
Sept. 6,1914
0,9
' Aus*.. 330,1914
Sept.
1,1914
Sept 11914
Sept. 4,1914
do
Aug. 20,1914
Sept. 3,1914
Sept. 4.1914
Sept. 3; 1914
do
Sept. 5,1914
do
....do
....do
....do
....do
....do
....do
....do
....do
....do
Sept. 8,1914
When due.
Oct. 1,1914
Oct. 28,1914
Oct. 25,1914
Dec. 10,1914
Oct. 22,1914
Sept. 24,1914
Oct. 25,1914
Sept. 28,1914
Nov. 27,1914
Sept. 28,1914
Sept. 29,1914
Feb. 28,1915
Nov. 27,1914
Mar. 1 1915
Demand
Dec. 31,1914
Oct. 28,1914
Nov. 15,1914
Oct. 30,1914
Nov. 29,1914
.do
Oct. 30,1914
Nov. 28,1914
Sept. 15,1914
Sept. 30,1914
Oct. 1,1914
Oct. 31,1914
Jan. 1,1915
Mar. 1,1915
Oct. 1,1914
Jan. 12,1915
Nov. 30,1914
Aug. 31,1915
Nov. 28,1914
Nov. 18,1914
Nov. 15,1914
Dec. i; 1914
Sept. 20,1914
Oct. 1,1914
Jan. 2,1915
Dec. 1,1914
Oct. 14,1914
Oct. 30,1914
Dec. 1,1914
Nov. 1,1914
Oct. 17,1914
Dec. 31,1914
Oct
1,1914
Dec. 2,1914
Nov. 1,1914
Nov. 29,1914
Dec. 1,1914
Nov. 3,1914
$10 per month
Feb. 1,1915
Dec. 5,1914
Sept. 29,1914
Mar. 1,1915
Dec. 3,1915
Dec. 2,1914
Nov. 24,1914
Nov. 2,1914
Nov. 4,1914
Dec. 15,1914
do
Nov. 4,1914
Dec. 15,1914
Oct. 5,1914
, Nov. 4,1914
Dec. 4,1914
do
Mar. 5,1915
Dec. 4,1914
.do.
Sept. 25,1914
Oct. 20,1914
Mar. 8,1915
Interest
Amount, collected
or
charged.
$455.00
10.00
50.00
370.99
125.00
400.00
400.00
101.00
500.00
150.00
300.00
210.25
420.75
250.00
1,000.00
100.00
2,000.00
50.00
25.00
41.25
250.00
200.00
200.00
40.00
150.00
25.00
237.21
241.10
245.00
50.00
2,600.00
25.00
41.13
75.00
52.50
100.00
446.00
20.50
10.50
8,500.00
40.00
50.00
5,000.00
100.00
3,072.50
150.00
1,225.80
200.00
600.00
100.00
500.00
102.50
21.00
304.00
100.00
20.00
75.00
420. 00
500.00
175.00
550.00
150.00
162.70
3,000.00
3,000.00
250.00
300.00
200.00
200.00
200.00
300.00
2,600.00
30.50
185.00
8.00
40.00
52.50
$11.. 59
1.00
7.00
2.08
4.00
8.00
1.00
12.50
1.50
2.50
10.00
12.42
12.50
3.33
33.35
1.25
.50
1.25
0.25
3.35
5.00
1.00
1.25
.50
23.32
1.00
1.00
6.13
1.85
2.50
2.50
11.11
.50
.50
283.34
.50
.45
68.33
2.50
51.20
1.90
39.50
1.75
15.00
2.00
12.50
2.50
1.00
2.50
.75
1.00
20.00
12.50
3.32
26.65
2.50
2. 70
187.78
7.25
15.54
10.00
7.50
100.00
.50
5.00
.50
1.00
14.93
Rate.
Per cent.
17
REPORT OF THE COMPTROLLER OF THE CURRENCY.
LIST OF NOTES DISCOUNTED BY
NATIONAL BANK OF
153
TEXAS, FROM AUG.
,
d
1, 1914, TO NOV. 27, 1914, BEARING A GREATER INTEREST THAN 8 PER CENT—C'Ontd.
Pate Name (names omitted in printpurPate of note.
chased.
1914.
Sept. 8
8
8
8
9
9
9
9
9
9
9
10
10
10
10
10
10
10
10
10
10
10
10
12
12
12
12
!
I
!
I
'
I
!
'
12
12
12
12
12
12
12
12
12
12
14
14
14
14
14
14
14
14
14
14
15
15
15
15
10
10
16
16
If)
16
10
16
16
16
17
17
17
17
17
18
18
18
Sept. 11,1914
Sept. 10,1914
Aug. 30,1914
Aug. 21,1914
.do
Sept. 7,1914
Sept. 8,1914
.do
Sept. 6,1914
Sept. 9,1914
Sept. 1,1914
Aug. 14,1914
Sept. 9,1914
do
do
Sept. 10,1914
Sept. 8,1914
Aug. 31,1914
Sept. 7,1914
Sept, 3,1914
Sent. 11,1914
Sopt, 1,1914
Sopt. 10,1914
Sept. 11,1914
Sept. 8,1914
Sept. 11,1914
Sept. 9,1914
Sept. 12,1914
do
do
Sept. 5,1914
do
.do.
Sept. 12 1914
do.
.do.
.do.
.do.
.do.
.do.
.do
.do.
.do.
.do.
Sept. 14,1914
Aug. 14,1914
Sept. 14,1914
Sept. 8,1914
.do.
Sept, 14,1914
do.
.do.
Sept. 1,1914
Sept. 14,1914
Sept. 15,1914
Sept. 12,1914
Seft. 14,1914
Sept. 15,1914
do.
Sept. 10,1914
Sept. 15,1914
do
Sopt. 17,1914
Sept. 16,1914
do
Sept. 15,1914
Sept. 14,1914
Sept. 16,1914
Sept. 17,1914
Sept. 15,1914
Sept. 17,1914
do
do
Sept, 14,1914
Sept. 15,1914
Sept. 18,1914
do
.....do
Interest
collected
or
charged.
When due.
Dec. 10,1914
Dec. 9,1914
Sept. 29,1914
Oct. 8,1914
.do
Dec. 6,1914
Jan. 8,1915
Nov. 8,1915
Nov. 5,1914
Dec. 8,1914
Nov. 30,1914
Oct. 13,1914
Dec. 8,1914
.do
Oct. 1,1914
Demand
Dec. 7,1914
Nov. 29,1914
Dec. 6,1914
Oct. 3,1914
Oct. 11,1914
Nov. 30,1914
Nov. 9,1914
.....do.!
Mar. 8,1915
Oct. 11,1914
Jan. 9,1915
Nov. 1,1914
Dec. 10,1914
Nov. 11)1914
Dec. 4,1914
do
do.......
Dec. 11,1914
Oct. 12,1914
Jan. 12,1915
Nov. 11,1914
$250.00
150.00
1,260.00
750.00
750.00
512.50
21.00
1,000.00
21.00
300.00
115.00
100.00
92.25
750.00
17.00
100.00
200.00
512.50
125.00
2,067.61
21. 00
5,000.00
400.00
450.00
780. 00
25.00
26.00
125.00
225. 00
36.00
370.28
400. 00
550. 00
250. 00
85.20
125.00
100.00
39. 99
430.00
195.84
200.00
02.25
21.00
26. 00
794.97
.do
Dec. 11,1914
Nov. 15,1914
Nov. 11,1914
Dec. 15,1914
Jan. 12,1915
Nov. 11,1914
Mar. 14,1915
Oct. 13,1914
39.00
Dec. 13,1914
64.13
Dec. 7,1914 2,050.00
.do.
5,125.00
Dec. 13,1914
26.25
do
400.00
Dec. 14,1914
256.25
Oct. 15,1914
75.00
Nov. 13,1914
96.00
Dec. 14,1914
50.00
Jan. 12,1915
30.00
Oct. 14,1914
5.30
Dec. 14,1914
240. 00
Mar. 15,1914
105.00
Dec. 10,1914
50.00
Dec. 14,1914
132.15
Oct. 15,1914
500.00
Oct. 17,1914
300.00
Jan. 15,1914
26.00
Nov. 15,1914
355.00
Jan. 14,1914
26.00
Nov. 13,1914
102.25
Dec. 8,1914 3,354.78
Deo. 16,1914
300.00
Dec. 14,1914
75.00
Nov. 16,1914
68.00
Oct. 17,1914
25.00
Dec. 16,1914
100.00
Dec. 13,1914
200.00
Dee. 14,1914
56,75
Oct. 1,1914
40.00
Nov. 17,1914
200.00
Dec. 17,1914
11.00
$6.25
3.75
10.00
28.12
12 50
1.00
13.33
1.00
7.50
3.00
3.33
2.25
18.75
1.00
* "25." 66'
12.50
3.10
109. 39
1.C0
125.00
14.44
15.50
30.00
.50
1.00
3.15
7.47
1.00
49.13
2.00
4.75
2.00
1.00
10. 75
3.09
3.33
2.25
1.00
1.00
44.86
1.00
1.50
50.00
125. 00
1.25
10.00
6.25
1.00
1.90
1.50
1.00
.25
6.00
5.00
1.50
7.15
4.16
2.50
1.00
5.92
1.00
2.25
108.21
7.50
2.35
1.40
2.35
a. 00
5.00
1.50
.50
3.33
Rate.
Per cent
10
154
REPORT OF THE COMPTROLLER OF THE CURRENCY.
LIST OP NOTES DISCOUNTED BY •
NATIONAL BANK OF
- TEXAS, FROM AUG.
1, 1914, TO NOV. 27, 1914, BEARING A GREATER INTEREST THAN 8 PER CENT—COntd.
Date
Name (names omitted in printpurDate of note.
ing).
chased.
1914.
Sept. 18
18
19
19
19
19
19
19
19
21
21
21
21
21
22
22
23
23
23
23
23
23
24
24
24
21
24
24
24
Oct.
Aug. 20,1914
Sept. 18,1914
Sept. 8,1914
Sept. 19,1914
.do
.do.
.do.
.do.
do,
Sept. 21,1914
do
....do
do
Sept. 16,1914
Sept. 20,1914
Sept. 22,1914
.do,
.do.
.do.
.do.
Sept. 23,1914
do
do
do
Sept. 24,1914
.do.
.do.
.do.
.do.
.do/
Sept. 19,1914
Sept. 25,1914
.do,
Sept. 26,1914
do
Sept. 13,1914
Sept. 24,1914
Sept. 26,1914
do
.do.
.do.
.do.
Sept. 19,1914
Sept. 27,1914
Sept. 28,1914
Sept. 29,1914
Sept. 28,1914
Sept. 16,1914
Sept. 28,1914
Sept. 29,1914
Sept. 26,1914
.do
Sept. 24,1914
Sept. 27,1914
Sept. 28,1914
Sept. 29,1914
Sept. 26,1914
Sept. 30,1914
Sept. 29,1914
Sept. 28,1914
Sept. 13,1914
Oct. 1,1914
Sept. 30,1914
.do
.do.
.do.
.do.
_do
Sept. 6,1914
Oct. 1,1914
do.
.do
Sept. 16,1914
Oct. 1,1914
do
do
Interest
When due.
Amount. collected
or
Rate.
charged.
Nov. 19,1914 $100.00
$2.50
Jan. 18,1915
21.00
1.00
Dec. 7,1914
51.50
1.50
Dec. 18,19,14
600.00
17.00
Dee. 23,1914 2,600.00
64.10
Mar. 19,1914
210.00
10.00
Jan. 19,1915
200.00
6.66
do,
26.00
1.00
Dec. 18.1914
78.00
3.00
Jan. 21.1915
26.00
1.00
Dec. 21,1914 2,000.00
50.00
Oct. 21,1914
95. 75
3.00
Dec. 10,1914
10.00
1.00
Dec. 16,1914
30.00
1.00
Oct. 20,1914 435.62
10.. 62
Dec. 21.1914 1,025.00
25.00
Mar. 22.1915
30.00
1.50
Dec. 22,1914
35.00
Nov. 22,1914
3.00
34.00 1
Oct. 22,1914
24.00
Oct. 23,1914
200.00
2.00
Nov. 22,1934 2,000.00
83.33
Nov. 12.1914
190.00
2.75
Dec. 22; 1914
75.00
2.25
Oct. 24,1914
150.00
Dec. 23,1914
200.00 1 10.49
Nov. 23,1914
250.00
Nov. 1,1914
50.00
1.00
Dec. 23,1914
29.50
1.00
.do.
75.00
2.00
Dec. 19,1914
30.00
1.00
Jan. 1,1915
50.00
1.50
Dec. 24,1914
60.25
1,75
Dec. 25,1914
75.00
2.25
Mar. 26,1915
250.00
12.50
Nov. 13,1914
25.00
1.00
Nov. 23,1914
.50
25.00
Jan. 27,1915 6,000.00
60.00
Oct. 12,1914
850 00
750.00
12.50
Nov. 25,1914
Mar. 26,1915
30.00
1.50
Jan. 26,1915
26.00
1.00
Oct. 19,1914
100.00
1.00
Nov. 27,1914
100.00
2.00
Mar. 28; 1915
75.00
75.00
1.50
Nov. 28,1914
Nov. 27,1914
50.00
1.00
Nov. 15,1914
126.00
2.00
Oct. 28,1914
150.00
1.50
Oct. 29,1914
300.00
2.50
Jan. 26,1915
26.00
1.00
Nov. 25,1914
375.00
9.91
Dec. 23,1914 2,448.20
224.10
Nov. 27,1914
90.00
1.50
Jan. 28,1915
400.00
13.35
Jan. 29,1915
175.00
7.00
Jan. 26,1915
30.00
1.25
Jan. 30,1915
26.00
1.00
Jan. 29,1915
26.00
1.00
Feb. 1,1915 5,000.00
166.67
Nov. 13,1914 1,000.00
16.65
Nov. 30,1914
47.00
1.00
Dec. 29,1914 2,500.00
50.00
Oct. 30,1914
.50
26.00
.do
100.00
1.00
Jan. 30,1915
26.00
1.00
Oct. 30,1914
150.00
1.25
Jan. 30,1915
78.00
3.00
Dec. 6,1914
215.00
5.40
Nov. 4,1914
24.00
24.00
Nov. 30,1914
2.40
51.40
Dec. 30,1914
200.00
5.00
Dec. 15,1914 1,727.86
38.00
Nov. 1,1914
200.00
2.00
Feb. 1,1915
26.00
1.00
Nov. 1,1914
77.00
1.50
Per cent.
10
14
10
10
10
10
10
11
14
11
10
38
40
13
28
•10
10
12
12
10
10
12
10
18
13
10
13
12
11
12
10
24
12
3
10
10
10
11
12
12
10
12
12
9
12
10
11
15
36
10
10
16
16
11
11
8
10
12
8
22
12
11
10
12
10
27
15
9
12
14
24
REPORT OF THE COMPTROLLER OF THE CURRENCY.
155
LIST OF NOTES DISCOUNTED BY •
- TEXAS, PROM AUG.
NATIONAL BANK OP 1, 1914, TO NOV. 27, 1914, BEARING A GREATER INTEREST THAN 8 PER CENT—COIltd.
Date
purchased.
Name (names omitted in printing).
1914.
Oct. 2
2
2
2
3
3
3
3
3
3
3
3
3
3
3
5
5
5
5
5
5
5
5
5
5
6
12066°— ecu 1915—VOL 1
Date of note.
"When due.
Oct. 2,1914
do
do
do
Oct. 3,1914
Oct. 1,1914
.do.
Sept. 30,1914
Oct. 2,1914
Oct. 3,1914
do
Sept. 16.1914
Oct. 3,1914
Oct. 1,1914
Oct. 3,1914
Sept. 27,1914
Sept. 28,1914
Sept. 29,1914
Sept. 21,1914
Oct. 4,1914
Oct. 5,1914
Oct. 1)1914
Sept. 20,1914
Oct. 4,1914
Oct. 5,1914
Oct. 6,1914
Oct. 4,1914
Oct. 7,1914
Oct. 5,1914
Oct. 6,1914
do
Oct. 5,1914
Oct. 6,1914
.do
..do.
..do.
..do.
do
do
Sept. 1,1914
Oct. 3,1914
Oct. 1,1914
Sept. 9,1914
Oct. 12,1914
Oct. 6,1914
Oct. 7,1914
do
do
Oct. 5,1914
Oct. 8,9114
....do
Oct. 7,1914
Oct. 8,1914
.do
.do.
.do.
.do.
do.
do
Oct. 6,1914
Oct. 8,1914
Oct. 9,1914
do
do
Oct. 5,1914
Sept. 28,1914
Oct. 10,1914
do
.do.
.do.
.do.
Dec. 1,1914
Feb. 2,1915
Nov. 2,1914
.do
do.
do.
Oct. 6,1914
Oct. 9,1914
Oct. 12,1914
1
From date.
-11
Dec. 3,1914
Nov. 30,1914
do
29,1914
Dec. 1,1914
Dec. 2,1914
Jan. 1,1915
Nov. 15,1914
Jan. 1,1915
Dec. 30,1914
Jan. 1,1915
Dec. 27,1914
do
Dec. 28,1914
Oct. 21,1914
Feb. 4,1915
Dec. 4,1914
Nov. 30,1914
Dec. 20,1914
Jan. 3,1915
Feb. 5,1915
Jan. 4,1915
Jan. 3,1915
Nov. 7,1914
Dec. 4,1914
Nov. 6,1914
Jan. 4,1915
Feb. 5,1915
Apr. 6,1915
Feb. 6,1915
.do.
do
Apr. 6,1915
Feb. 6,1915
Dec. 5,1914
Nov. 30,1914
Jan. 1,1915
Feb. 1,1915
Dec. 8,1914
Nov. 12,1914
Oct. 21,1914
Dec. 6,1914
Feb. 7,1915
do
Dec. 4,1914
Dec. 7,1914
Jan. 6,1915
Jan. 5,1915
Nov. 8,1914
Dec. 7,1914
Nov. 8,1914
Dec. 7,1914
Jan. 6,1915
Oct. 23', 1914
Feb. 8,1915
Dec. 5,1914
Feb. 8,1915
Demand.
Nov. 9,1914
Dec. 8,1914
Jan. 3,1915
Dec. 27,1914
Dec. 2,1914
Nov. 10,1914
Jan. 8,1915
Dec. 1,1914
Jan. 3,1915
Feb. 10,1915
Oct. 25,1914
Dec. 4,1914
Jan. 7,1915
Jan. 10,1915
Interest
collected
or
charged.
$300.00
21.00
400.00
101.50
50.00
73.00
455.00
108.00
36.00
200.00
205.00
97.23
26.00
310.50
26.00
500.00
383.15
20.00
500.00
60.00
200.00
185.64
325.00
260.00
78.00
100.00
109.00
16.00
75.00
125.00
102.50
3,151.46
78. 75
78.00
26.00
26.00
87.50
20.00
25.00
50.00
1,341.08
1,000.00
141.66
130.00
803.33
203.33
52.00
26.00
1,000.00
25.00
25.00
25.00
100.00
200.00
265.00
275.00
285.00
300.00
500.00
125.00
78.00
200.00
250.00
75C.00
65.00
103.20
600.00
25.00
150.00
750.00
1,500.00
150. 00
67.16
100.00
700.00
700.00
Rate,
Per cent.
10
20
$1.00
12
4.00
12
1.00
24
2.00
12
1.50
10
7.44
12
3.00
16
1.00
10
3.33
15
5.00
15
2.50
23
1.00
10
7.55
23
1.00
10
12.50
10
9.55
10
.50
10
4.15
10
2.00
10
3.33
12
3.64
10
8.12
10
6.50
12
3.00
15
2.50
16
3.00
70
1.00
10
1.25
10
1.00
14
2.50
18
91.46
10
3.75
10
3.00
6
.50
12
1.00
3.25
1.00
1.00
31.66
33.33
10.75
1.25
3.33
3.33
3.00
1.00
10.66
1.10
1.00
1.00
3.33
16.65
1.25
25.00
2.10
3.00
20 15
1 10
2 50
8 33
50
11 25
5. 00
2 00
6.00
17.50
18.00
156
REPORT OF THE COMPTROLLER OF T H E CURRENCY.,
LIST OF NOTES DISCOUNTED BY NATIONAL BANK OF - TEXAS, FROM AUG.
1, 1914, TO NOV. 27, 1914, BEARING A GREATER INTEREST THAN 8 PER CENT—COIltd.
Date
Name (names omitted in print- ]Nate of note.
Puring).
chased.
1914.
Oct. 10
10
10
10
10
10
10
12
12
12
12
12
12
12
12
12
12
13
13
13
13
13
13
13
14
14
14
14
14
14
14
14
15
15
15
15
15
15
15
15
15
15
15
15
15
15
15
15
15
15
17
17
17
17
17
17
17
17
19
19
19
19
19
19
19
19
19
19
19
20
20
20
20
20
20
Oct. 10,1914
Oct. 1,1914
Oct. 10,1914
Oct. 9,1914
Oct. 10,1914
do
do
Sept. 15,1914
Oct. 10,1914
Oct. 12,1914
Sept. 24,1914
Oct. 12,1914
do
.. do
do
do
Oct. 18,1914
Oct. 9,1914
Oct. 13,1914
. . do
Oct. 12,1914
Oct. 13,1914
do
do
Oct. 15,1914
Oct. 13,1914
Oct. 12,1914
Oct. 13,1914
Oct. 14,1914
do . . .
do
do
Oct. 15,1914
Sept. 24,1914
Oct. 18 1914
Oct. 15,1914
Oct. 14,1914
Oct. 8,1914
Sept. 28,1914
Oct. 9,1914
Oct. 6,1914
Oct. 9,1914
Oct. 11,1914
Sept. 8,1914
Sept. 1,1914
Oct. 16,1914
Oct. 12,1914
. . . do
Oct. 15,1914
do
Oct. 17,1914
Ausi. 26,1914
Oct 17,1914
do
dc
do
do
. ..
do
Oct 19,1914
Oct. 20,1914
Oct. 17,1914
Oct 12,1914
Oct. 17,1914
Oct 19,1914
„.. do
Oct. 9,1914
Oct. 3,1914
Oct. 17 1914
Oct. 19,1914
Oct. 13 1914
Oct. 20,1914
..
do
do
do
Oct. 17,1914
When due.
Feb. 10,1915
Nov. 15,1914
Feb. 10,1915
Jan. 7,1915
Feb. 10,1915
do
do
Nov. 14,1914
Dec. 9,1914
Jan. 10,1915
Nov. 23,1914
Jan. 10,1915
Nov. 12,1914
Feb. 12,1915
Jan. 10,1915
Dec. 25,1914
Feb. 18,1915
Jan. 7,1915
Apr. 13,1915
Dec. 12,1914
Dec. 11,1914
Feb. 13,1915
do
do
Dec. 14,1914
Jan. 11,1915
Nov. 12,1914
Nov. 13,1914
Dec. 13,1914
Nov. 14,1914
do
Feb. 14,1915
Jan. 13,1914
Dec. 1,1914
Jan. 16,1915
Feb. 15,1915
Oct. 29,1914
Jan. 6,1915
Dec. 27,1914
Jan. 7,1915
Jan. 4,1915
Jan. 7,1915
Dec. 11,1914
Jan. 8,1915
Nov. 30,1914
Jan. 14,1915
Oct. 12,1915
Apr. 12,1915
Feb. 15,1915
do
Nov. 17,1914
Dec. 26,1914
Nov. 16,1914
Dec. 16,1914
Dec. 1,1914
Feb. 17,1915
Dec. 1,1914
Feb. 17,1915
Nov. 10,1914
Jan. 18,1915
Feb. 17,1915
Jan. 10,1915
Jan. 15,1915
Dec. 1,1914
Dec. 18, L914
Feb. 19,1915
Nov. 15,1914
Feb. 17,1915
Feb. 19,1915
Dec. 12,1914
Nov. 20,1914
do
Nov. 29,1914
Oct. 30,1914
Nov. 17,1914
Interest
Amount. collected
or
charged.
$156.00
56.75
105.00
51.50
156. 00
52.00
26. 00
50. 00
75. 00
130. 00
255. 00
400.00
25. 00
26.00
78.25
93.25
78.00
700. 00
434. 72
50.00
41.20
53.00
130.00
78.00
500. 00
150. 00
28.20
50.00
300.00
50.00
265. 50
26.00
77.50
100. 00
190. 00
100. 00
1,800. 00
300. 00
1,035.32
250. 00
200. 00 1
200. 00
900. 00
109. 20
300.00
100. 00
795.00
772.50
57.00
110.00
53.00
125.00
25.00
100.00
50.00
26.00
100.00
26.00
10.50
370. 85
34.00
50.00
200. 00
125.00
51.25
104.00
2,091.68
130.00
104. 00
31.00
456.75
425.00
52.00
35.50
25.00
$6.00
2.75
5.00
1.50
6.00
2.00
1.00
1.00
2.25
4.15
5.00
10 00
.50
1.00
3 25
2.75
3.00
17.50
16. 72
2 00
1.00
3. 00
5.00
3.00
8.30
3. 75
1.20
.50
5.00
.50
3.83
1 00
2.84
1.85
4.00
Rate.
16
4(
It
IS
is
IS
is
is
1£
is
1C
2,
11
r
u
is
1(
V1(
\9
is
is
1(
21
5S
is
1(
is
V
is
1^
1(
1(
is
7.50
25. 87
1(
1(
1(
1.6.25
1(
15. 00
3.20
7.50
2.50
45.00
22. 50
2.00
4.00
.50
4.16
.50
1.85
1.00
1.00
5.00
1.00
1(
(
1(
1(
(
.50
9.25
1.63
1.50
10.00
2.00
1.25
4.00
74.07
4.00
4.00
1.00
6.75
3.54
2.00
.50
1.00
1
1
1
1(
2
1
1
1
4,
1
8
1
1
1
2
1
1
1
3
1
2
1
1
3
3
4
REPORT OP THE COMPTROLLER OF THE CURRENCY.
157
LIST OP NOTES DISCOUNTED BY • NATIONAL BANK OP TEXAS, PROM AUG.
1, 1914, TO NOV. 27, 1914, BEARING A GREATER INTEREST THAN 8 PER CENT—COlltd.
Date
purchased.
N a m e (names omitted in printing).
1914.
Oct. 20
20
20
20
21
21
21
21
21
21
21
21
21
21
21
21
21
21
22
22 |
22 !
22
22
22
22
22
22
22
22
22
22
23
23
23
23
23
23
23
23
23
23
23
23
24
24
24
24
24
24
24
24
24
24
24
24
24
24
24
24
24
26
26
26
26
26
26
26
26
26
26
27
27
27
27
27
27
27
Date of note.
W h e n due.
Interest
Amount, collected
or
Rate.
charged.
Oct. 20,1914
Oct. 14,1914
Oct. 20,1914
.do
Oct. 16,1914
Oct. 21,1914
.do
.do.
.do.
.do.
.do.
.do.
Oct. 17,1914
Oct. 21,1914
Oct. 15,1914
Oct. 13,1914
Oct. 21,1914
.do
Oct.
18,1914
do
Oct. 16,1914
Oct. 22,1914
Oct. 16,1914
Oct. 22,1914
Oct. 20,1914
Oct. 22,1914
Oct.
7,1914
Oct. 23,1914
Oct. 22,1914
do
Oct. 28,1914
Oct. 23,1914
Oct. 11,1914
Oct. 15,1914
Oct. 25,1914
Oct. 12,1914
Oct. 23,1914
do
.do.
.do.
.do.
Oct. 22,1914
Oct. 23,1914
Oct. 24,1914
.do.
Oct. 18,1914
Oct. 24,1914
do
.do.
.do.
.do.
Oct. 25,1914
Oct. 24,1914
do
.do
.do
Oct. 15,1914
Oct. 24,1914
do
do
Oct. 26,1914
Oct. 23,1914
Oct. 3,1914
Oct. 28,1914
Oct. 26,1914
Oct. 24,1914
Oct. 26,1914
.do.
.do.
.do.
.do.
Oct. 27,1914
do
Nov. 20,1914
Nov. 14,1914
Feb. 20,1915
Jan. 18,1915
Dec. 15,1914
.do.
Feb. 21,1915
Apr. 21,1915
Jan. 19,1915
Feb. 28,1915
Nov. 12,1914
Jan. 19,1915
Nov. 17,1914
Feb. 21,1915
Dec. 14,1914
Jan. 11,1915
Feb. 21,1915
Demand
Apr. 18,1915
.do.
Dec. 15,1914
Jan. 20,1915
Jan. 14,1915
Dec. 21,1914
Nov. 20,1914
Feb. 22,1915
Jan. 5,1915
Apr. 22,1915
Nov. 22,1914
Feb. 22,1915
Jan. 26,1915
Dec. 22,1914
Jan. 10,1915
Nov. 15,1914
Jan. 24,1915
Apr. 12,1915
Dec. 22,1914
Feb. 23,1915
Jan. 21,1915
Feb. 23,1915
do
Feb. 22,1915
Dec. 22.1914
Jan. 22,1915
Dec. 23,1914
Dec. 18,1914
Apr. 24,1915
Jan. 22.1915
Apr. 24,1915
Feb. 24,1915
.do.
Apr. 25,1915
Feb. 24,1915
....do
,
.do
do
Feb. 15,1915
Feb. 24.1915
Apr. 24,1915
.do
Jan. 24,1915
Jan. 21,1915
Dec.
2,1914
Jan. 26,1915
Jan. 24,1915
Apr. 24,1915
Jan. 24,1915
Dec. 25,1914
Feb. 26,1915
.do...
do
Dec. 26,1914
Apr. 27,1915
Oct. 25,1914 Jan. 24,1915
Oct. 27,1914 Feb. 27,1915
....do
do
....do
.....do
$0 .50
$25.00
500.00
3.33
3 00
78.00
57.10
1 65
1 00
41.00
25.00
1 00
130.00
5 00
65.00
4 95
65.00
13 00
513.00
750.00
7 77
1 50
60.00
300.00
2 50
1 00
20.00
162.75
3 25
154.50
4 50
130.00
5 00
4,472.54
47.23
6,000.00 \ 317 50
668.20
14 00
840.00
6 50
150.00
1 75
61.50
25.00
50
30.00
50
40.00
2 00
5 25
180.25
78.75
3 75
100.00
1 00
26.00
1 00
1 00
31.00
35.00
1 00
732.76
16 66
500.00
4 15
300.00
7 50
262.50
12 50
75.00
1 50
1 00
21.00
102.75
2 50
2 00
44.50
19.00
1 00
1 50
17.50
2 00
100.00
1 25
41.25
26.00
1 00
1 85
110.00
8. 25
283.25
51.50
1 50
26.25
1. 25
1. 00
21.00
26.00
1. 00
2,200.00
110. 00
5. 00
105.00
126.00
6. 00
105.00
5. 00
2. 50
52.50
5. 15
90.00
42.00
2.00
12. 50
237.50
78.75
3.75
1. 00
30.00
5,000.00
119. 85
553. 62
78.30
173.00
5. 00
25. 00
1,000.00
3. 00
55. 00
52.25
2. 00
50.00
1. 00
21.00
1. 00
6. 25
126. 25
16. 00
116.00
1. 00
25.00
500.00
25. 00
95.00
2. 40
63.00
3. 00
273.00
13. 00
1. 00 '
22.50
}
Percent.
24
158
REPORT OF THE COMPTROLLER OF THE CURRENCY.
LIST OF NOTES DISCOUNTED BY NATIONAL BANK OF • TEXAS, FROM AUG.
1, 1914, TO NOV. 27, 1914, BEARING A GREATER INTEREST THAN 8 PER CENT—COIltd.
Date
omitted in printpur- Name (namesing).
chased.
1914.
Oct. 28
28
28
28
29
29
29
29
29
29
29
29
29
30
30
30
30
30
30
30
30
30
30
30
30
30
30
30
30
30
30
30
30
30
30
30
30
31
31
31
31
31
31
31
31
31
31
31
31
31
31
31
Nov. 2
2
2
2
2
2
2
2
2
2
2
2
4
4
4
4
4
4
4
4
4
4
4
Date of note.
Oct. 28,1914
....do
....do
do
Oct. 29,1914
.do
Oct. 16,1914
Oct. 29,1914
....do
.do.
.do
Oct. 28,1914
Oct. 29,1914
do
.do
Oct. 15,1914
.do.
Oct. 28,1914
Oct. 20,1914
Sept. 3,1914
Oct. 29,1914
Oct. 8,1914
Oct. 20,1914
Oct. 30,1914
.do
do
do
do
do
do
do
do
do
do.
....do
Oct. 29,1914
Oct. 30,1914
.do
Oct. 31,1914
Oct. 26,1914
Oct. 29,1914
Oct. 31,1914
....do
Ao
.....do
Oct. 1,1914
Oct. 25,1914
Oct. 31,1914
....do
....do
Oct. 17,1914
Oct. 31,1914
do
do
Nov. 2,1914
.do
.do.
.do.
.do.
.do.
.do.
.do.
Nov. 1,1914
Nov. 2,1914
do
do
Nov. 4,1914
Oct. 31,1914
Nov. 4,1914
Nov. 2,1914
Aug. 27,1914
do
do
do
Nov. 4,1914
Nov. 2,1914
When due.
Amount.
Dec. 27,1914 $2,000.00
Nov. 28,1914
20.50
Feb. 28,1915
63.00
Doc. 27,1914
168. 25
Demand
5.00
Jan. 27,1915
150.00
Feb. 16,1915
100.00
Nov. 29,1915
500.00
Jan. 27,1915
48. 20
Nov. 29,1914
300.00
Feb. 29,1915
loo. 00
Jan. 26,1915
300.00
Feb. 29,1915
21.00 !
June 1,1915
160.50 I
Feb. 29,1915
28.00 I
Jan. 13,1915
325= 00
do
266.67
Fob. 1,1915
174.90
Feb. 24,1915
500.00
Jan. 3,1915
200.00
Doc. 28,1914
500.00
Nov. 8,1914
750. 00
Nov. 26,1914
52.50
Dec. 10,1914
550.00
Jan. 10,1915
550.00
Feb. 10,1915
550.00
Mar. 10,1915
550. 00
Apr. 10,1915
550.00
May 10.1915
550.00
June 1O',1915
550.00
July 10,1915
550.00
Aug. 10,1915
550.00
Sept. 10,1915
550.00
Fob. 30,1915
26.00
Jan. 1,1915
110.00
Feb. 30,1915
26.00
Feb. 29,1915
50.00
Feb. 30,1915
22.50
Nov. 30,1915
200.00
Nov. 31,1914
21.25
Feb. 26,1915
230. 00
Jan. 27,1915
200.00
Mar. 2,1915
286.00
do
26.00
.do
46.00
do
26. 00
Jan. 1,1915
145.12
Dec. 25,1914
500. GO
Mar. 2,1915
52.00
Nov. 30,1914
8.50
Mar. 2,1915
52. 00
Dec. 16,1914
900.00
Nov. 30,1914
300.00
Mar. 2,1915
26.00
Dec. 30,1914
25. 00
Jan. 1,1915
16. 00
do
51. 00
....do
25. 00
Feb. 2,1915
100. 00
Dec. 2,1914
20.00
Jan. 1,1915
57. 50
Jan. 31,1915
20.00
Mar. 2,1915
156. 00
Mar. 1,1915
140.00
Mar. 2,1915
169.25
22. 50
.do.
Dec. 2,1914 1,000.00
Jan. 3,1915
100.00
Jan. 29,1915
150.00
Jan. 3,1915
100.00
May 2,1915
150.00
Nov. 27.1914
25.00
Dec. 27,1914
25.00
Jan. 27.1915
50. 00
Feb. 27,1915
50.00
Feb. 2,1915
100. 00
Mar. 2,1915
26.00
Interest
collected
or
charged.
$33.35
.50
3.00
5. 05
Rate.
Per cent.
10
30
17
18
3. 75
3.35
4.16
1.20
2.50
6.00
12.20
1.00
10. 25
1,00 I
8.15 !
6.67 I
io.. io !
16.68 j
6.65
8.. 33
o.. oo
1..50
1.00
1.85
1.00
1.67
1.00
2.00
1.00
7.35
5.00
11.00
1.00
3.00
1.00
4.20
25.00
2.00
.50
2.00
15. 00
52.50
1.00
1.00
1.00
1.00
2.50
.50
1.55
1.00
6.00
3.50
6.00
1.00
8.33
1.67
5.25
2.00
7.50
2.50
1.00
16
30
10
10
10
10
10
10
10
10
10
10
12
10
15
10
12
13
100
13
10
11
12
30
12
11
10
11
60
11
10
10
12
38
12
21
10
30
16
30
12
7
10
14
10
10
14
12
10
11
10
10
10
10
12
REPORT OP THE COMPTROLLER OF THE
CURRENCY.
159
LIST OP NOTES DISCOUNTED BY
NATIONAL BANK OF • TEXAS, FROM AUG.
1, 1914, TO NOV. 27, 1914, BEARING A GREATER INTEREST THAN 8 PER CENT—COntd.
Bate Name (names omitted in printpurDate of note.
ing).
chased.
Nov.
Nov. 4,1914
Nov. 1,1914
Nov. 2,1914
Nov. 1,1914
Nov. 5,1914
do
do
..do.
..do.
.do.
Nov. 1,1914
Oct. 22,1914
Nov. 6,1914
do
Sept. 15,1914
Oct. 15,1914
Nov. 6,1914
.do
Oct. 27,1914
Nov. 7,1914
.....do
do
Nov. 6,1914
Nov. 9,1914
Oct. 21,1914
Nov. 7,1914
do
do
....do
Nov. 6,1914
Nov. 7,1914
do
Nov. 9,1914
Nov. 6,1914
Nov. 1,1914
Nov. 6,1914
Nov. 9,1914
Nov. 13,1914
Nov. 11,1914
Nov. 9,1914
do
do.
Nov.
Nov.
Nov.
Nov.
Nov.
11,1914
9,1914
10,1914
11,1914
10,1914
do
Nov. 9,1914
Nov. 10,1914
do.
Nov. 11,1914
do
Nov. 5,1914
Nov. 8,1914
Nov. 11,1914
do
Oct. 25,1914
Oct. 30,1914
Nov. 9,1914
Oct. 9,1914
Nov. 12,1914
Oct. 25,1914
Nov. 12,1914
....do
....do
Nov. 13,1914
do
Nov. 12,1914
Nov. 10,1914
Nov. 13,1914
do
do
Nov. 14,1914
....do
Nov. 5,1914
....do
When due.
Amount.
Mar. 4,1915
$22. 50
Jan. 31,1915
397. 37
do
900.00
do
26.00
Feb. 3,1915
51.25
May 5,1915
105.25
Mar. 5,1915
52.00
Jan. 4,1915
102. 75
May 2,1915
117.60
Nov. 20,1914
500.00
Mar. 1,1915 10,333. 33
Jan. 20,1915
26.00
Jan. 5,1915
50.00
May 6,1915
282.15
Jan. 5,1915
188. 33
Jan. 1,1915
50.00
Feb. 1,1915
21.25
Jan. 5,1915
25.75
Jan. 25,1915
500.00
Dec. 7.1914
50.00
Jan. 6.1915
50.00
Feb. 5,1915
75.00
Jan. 5,1915
60.00
Feb. 7,1915
50.00
Jan. 19,1915
100.00
Mar. 7,1915
79.00
....do
12.50
do
55.00
Jan. 6,1915
200. 00
Mar. 6,1915
440. 00
Mar. 7,1915
17.50
do
26.00
Feb. 7,1915
10.50
Feb. 4,1915
30.75
Jan. 31,1915
200. 00
Jan. 4,1915 5,000. 00
Feb. 1,1915
26. 00
Feb. 11,1915
75.00
Dec. 11,1914
100. 00
Apr. 1,1915
75.00
Nov. 20,1914
32.25
Feb. 7,1915 1, 250. 00
Dec. 11,1914
25.00
Feb. 7,1915
16.00
Demand
245. 00
Mar. 11,1915
350.00
F«b. 8,1915
100. 00
do
31.00
May 9,1915
250.00
Mar. 10,1915
52.00
do.
260.00
Dec. 11.1914
36.00
May if, 1915
200.00
Mar. 11,1915
51.50
Feb. 7,1915 1,500.00
Dec. 11,1914
200.00
do
15.50
Dec. 25,1914
50.00
Jan. 28,1915
200.00
Feb. 7,1915
150.00
Jan. 7,1915
28.00
Feb. 10,1915
150.00
Dec. 25,1914
79.00
Mar. 12,1915
26.00
.....do
21.00
do
26.00
Nov. 23,1914
25.00
Feb. 11,1915
512.50
Feb. 10,1915
175.25
Feb. 8,1915 1,020.00
Nov. 28,1914
40.50
Dec. 15,1914
100.00
Mar. 13,1915
156.00
Demand.....
100.00
do
10.00
Feb. 3,1915
225.00
Jan. 15,1915
112.00
Interest
collected
or
charged.
Rate.
Per cent.
14
10
27
'""60." 30
24
1.00
10
1.25
5.00
2.00
2.50
5.60
2.10
333.33
1.00
1.00
14. 20
6.06
1.50
1.00
.75
12.50
2.00
SI. 00
2.25
1.00
1.50
3.35
4.00
1.00
2.00
3.33
16.00
1.00
1.00
.50
.75
5.00
30.00
1.00
1.90
3.25
1.67
.75
25.00
1.00
1.00
"il.67"
2.50
1.00
12.50
2.00
10.00
.50
10.00
2.00
37.50
1.67
.50
1.00
5.00
3.75
1.00
7.50
1.50
1.00
1.00
1.00
.50
.50
4.37
20.00
.50
1.00
6.00
2.00
160
REPORT OF THE COMPTROLLER OF THE CURRENCY.
LIST OF NOTES DISCOUNTED BY — NATIONAL BANK OF
- TEXAS. FROM AUG.
1, 1914, TO NOV. 27, 1914, BEARING A GREATER INTEREST THAN 8 PER CENT—COIltd.
Date
purchased.
Name (names omitted in print- j
ing).
;
1914.
Nov. 14
14
14
14
14
14
14
16
16
16
16
16
16
16
16
16
16
16
16
16
16
16
17
17
17
17
17
18
18
18
18
18
18
18
18
18
18
18
19
19
ate of note.
Nov. 12,1914
Nov. 14,1914
do
.do.
.do.
.do.
do
Oct. 28,1914
Jan. 3,1914
Nov. 11,1914
• Nov. 10,1914
i Nov. 15,1914
Nov. 16,1914
.do
.do.
.do.
.do.
Nov. 13, 1914
Nov. 16, 1914
Nov. 14, 1914
Nov. 16, 1914
.do.
Nov. 17, 1914
.do.
.do.
Nov. 18, 1914
Nov. 10, 1914
Nov. 18. 1014
Nov. 7; 1914
July 24, 1914
Nov. 17, 1914
Nov. 1, 1914
Nov. 18, 1914
Nov. 1, 1914
Nov. 18, 1914
.do..
do.
do.
Nov. 19, 1914
.do.
Oct. 24, 1914
Nov. 19, 1914
Nov. 20, 1914
do..
do..
Nov. 21, 1914
Oct. 19, 1914
Nov. 20, 1914
.do.
Nov. 21, 1914
Nov. 23, 1914
Nov. 22, 1914
Nov. 21, 1914
.do.
.do.
Oct. 15,1914
Nov. 10,1914
Nov. 21,1914
Nov. 23,1914
.do
.do.
.do.
.do.
.do.
.do.
.do.
do
do
do
do.
.do.
.do.
.do.
j
do.
! Nov. 24,1914
i Nov. 22,1914
When due.
Amount.
Jan. 11,1915
July 15,1915
Mar. 14,1915
do
do
do
May 15,1915
Jan. 26,1915
Jan. 3,1915
Feb. 9,1915
Mar. 10,1915
Jan. 15,1915
Dec. 16,1914
do
Jan. 15,1915
Dec. 16,1915
Jan. 15,1915
Feb. 11,1915
Feb. 14,1915
Mar. 14,1915
Mar. 16,1915
do
Jan. 1,1915
Jan. 16,1915
Jan. 1,1915
Dec. 18,1914
Feb. 8,1915
Dec. 18,1914
Dec. 4,1914
Jan. 1,1915
Jan. 16,1915
Jan. 31,1915
Feb. 16,1915
May 1,1915
Feb\ 16,1915
Aug. 1,1915
Dec. 18,1914
May 18,1915
Dec. 19.1914
Mar. 19,1915
Jan. 22,1915
Aug. 4,1915
Feb. 18,1915
Dec. 20,1914
Mar. 20,1915
Jan. 20,1915
Jan. 17,1915
Dec. 15,1914
Feb. 18,1915
Apr. 21,1915
Jan. 1,1915
Dec. 22,1914
Dec. 21,1914
Mar. 21,1915
do
do
Jan. 13,1915
Feb. 8,1915
Dec. 21,1914
Jan. 22,1915
Feb. 21.1915
Mar. 23,1915
Apr. 23,1915
May 23,1915
June 23,1915
July 23,1915
Aug. 23,1915
Sept. 23,1915
Jan. 22,1915
....do
$142.50
162.75
121.25
77.50
26.00
78.00
45.00
100.00
55.00
29.00
600.00
300.00
16.00
100.00
76.00
800.00
800.00
18.75
300.00
78.00
55.00
125.00
26.00
26.00
41.00
51.25
250.00
71.00
15.75
5,222.22
200.00
538.15
125.00
2,000.00
84.41
155.71
250.00
6,000.00
75.00
55.00
15. 50
791. 40
500. 00
464.69
137.50
51.00
158. 87
20.00
272.12
520.80
15.50
1,600.00
15.50
27.50
26.00
54.75
110.25
25.00
302. 50
305.00
307.50
310.00
312.50
315.00
317. 50
320.00
327.50
325.00
41.00
13.50
15. 50
100.00
30.00
100.00
100.00
250. 00
2,500.00
Dec. 7,1914
Dec. 23,1914
Jan. 22,1915
Feb. 21,1915
....do
Jan. 23,1915
Feb. 21,1915
Interest
collected
or
charged.
Kate.
Per cent.
*2.50
12.50
5.00
2.50
1.00
3.00
3.00
5.00
2.75
2.00
20.00
5.00
1.00
.85
1.00
6.67
13.37
2.75
7.50
3.00
2.00
4.75
1.00
2.(30
1.00
1.25
6.25
1.00
.75
272.22
3.33
13.15
3.00
88.90
2.54
14.15
2.08
277.00
1.00
2.00
.50
60.55
49.44
.5.00
1.00
3.95
.50
12. 02
20.. 80
1.00
13.. 35
..50
LOO
1.00
1.75
4.00
1.00
11
11
12
10
12
12
13
20
5
28
10
10
20
10
8
10
10
61
10
12
11
11
30
47
15
15
10
13
56
20
10
14
10
8
12
13
10
9
16
11
12
10
30
11
12
10
15
17
9
75
10
39
11
12
9
15
16
137.50
1.00
1.00
1.00
1.00
1.00
5.25
3.00
5. 00
Zft
Oft
14
50
20
12
20
21
12
12
a
REPORT OP THE COMPTROLLER OP THE CURRENCY.
161
LIST OF NOTES DISCOUNTED BY TEXAS, FROM AUG.
NATIONAL BANK OF 1, 1914, TO NOV. 27, 1914, BEARING A GREATER INTEREST THAN 8 PER CENT COlltd.
Date Name (names omitted in printpurDate of note.
ing).
chased.
1914.
23
24
24
24
24
24
24
24
24
24
24
25
25
25
25
25
25
25
25
25
25
Nov. 23,1914
do
Oct. 18,1914
Nov. 23,1914
do
Nov. 15,1914
Nov. 24,1914
Nov. 4,1914
Nov. 23,1914
Nov. 15,1914
Nov. 24,1914
Nov. 25,1914
do
do
do
do
Nov. 24,1914
Nov. 25,1914
Nov. 16.1914
Nov. 25,1914
do
Interest
When due.
Amount. collected
or
Rate.
charged.
Mar.
Jan.
Jan.
Mar.
Feb.
Feb.
Jan.
Feb.
Dec.
May
May
Feb.
Dec.
Feb.
Jan.
Feb.
Feb.
Mar.
May
Mar.
Feb.
23,1915
$13. 00
7,1915 1,000.00
17,1915
680. 51
23,1915
500. 00
21,1915
500. 00
14,1915
100. 00
23,1915
25.00
2,1915
240. 00
23,1914
30.00
15,1915
100. 00
24,1915
227. 66
23,1915
120. 00
15,1914
500.00
23,1915
100. 00
1,1915
25.00
23,1915
40.00
22,1915
500. 00
25,1915
430. 00
16,1915
578. 87
25,1915
220. 00
15,1915
154. 75
.50
61.30
13.61
16.65
12.50
2.50
.50
6.00
.50
7.50
12.96
3.00
4.15
3.50
.50
1.00
12.50
14.33
28.87
8.00
3.75
Per cent.
12
73
7
10
10
10
12
10
25
15
11
10
10
14
1C
10
10
10
10
10
EXAMPLES OF USURIOUS LOANS MADE BY NATIONAL BANKS IN
DIFFERENT STATES.
In their statements of condition of June 23, 1915, the national
banks which made the loans embraced in the lists which follow, had
reported that they were charging certain maximum rates of interest.
These banks were thereupon requested to submit lists of all loans
made by them between June 23, 1915, and the date of the previous
call, May 1, 1915, on which interest in excess of 12 per cent per annum
had been charged, where interest so collected was in excess of 50
cents.
As the money market for the period covered in these statements
was probably easier throughout the country than it had been at any
time during the preceding 12 months, it is fair to assume that the
rates which had been previously charged by these national banks on
their loans to their customers were no more favorable than the rates
which they charged for the period covered by these reports, namely,
between the two calls of May 1, 1915, and June 23, 1915.
These reports have all been signed by an executive officer of each
bank, under oath. In printing these affidavits, the names of the
banks charging these usurious rates of interest have been omitted,
also the names of the borrowers, although names are given in full in
the original affidavits.
162
BEPORT OF THE COMPTROLLER OF THE CURRENCY.
EXHIBIT
B.
NATIONAL BANK OF —
- , GEORGIA.
Capital and surplus, $26,800; population about 300.
Loans made May 1, 1915, to June 23, 1915, upon which a charge of more than the
equivalent of 12 per cent per annum was made, whether as interest, discount, or
commission:
Date.
Time.
1915.
1
Mos.
5
5
5
2
4
4J
May
1
1
i
4
4
4
5 . .
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
6
5
5
5
5
5
5
5
12
12
12
12
12
12
13
18
24
24
24
24
24
24 . .
June 1
1
1
2
2
2
2
2
2
2
2
2
2
4
5
7
7
7
10
10......
5
3
31
4
5
5
4
4
4
4
4
4
4
4
4
4
4
4
5
f
4
5i4-1.
5
5
1
5
41
5
5
4J
4
4
2
4
4£
4
4*
5
4
3
4
4
?
4
3£
3*
4
i*
4
1
1
4
2
3
1
Amount.
$80.00
80.00
80.00
800.00
35.80
15.00
14.10
15.00
4,357.54
75.00
108.00
108.00
200.00
100. 00
80.00
100.00
78.75
100.00
200.00
100.00
150.00
150.00
75.00
75.00
75.00
75.00
78.83
100.00
50.00
125.00
50 00
57.63
57.63
328.00
68.94
68 94
93.62
126.50
123.67
83.00
27.00
20.80
261.80
262.65
77.38
77.38
77.38
56.00
800.00
235. 20
225.00
149.00
149.00
250.00
159.00
126. 80
151.25
250.00
100.00
100.00
297.63
31.02
11.60
28.00
42.92
154. 75
354.05
Maker ('names omitted in printing).
Interest,
discount,
or commission
collected
or
charged.
$2.72
2.72
2.72
16.00
6.50
2.40
2.10
2.52
87.15
8.25
10.08
10.08
20.00
10.75
8.75
10.75
8. 75
10. 75
20. 75
10. 75
15. 75
15. 75
8. 25
8.25
8. 25
8.25
7.16
10. 75
5.00
12. 50
5 00
2.63
2.63
3.28
3.50
3.50
7.01
9.37
9.00
7.08
2.00
.80
6.80
7. 65
i1
Rate.
Per cent.
8
8
8
12
50
42
42
42
8
30
24
22
24
25
26
25
27
25
23
25
25
25
26
26
26
22
2C
25
24
20
24
12
12
12
12
14
16
IS
2C
23
22
24
i
V
1
15
11. 60
6.00
24.00
13.32
22.50
14.90
14.90
25.00
15.90
12.68
15.12
25.00
10.00
10.00
28.02
1.02
1.00
3.00
1.67
4.75
2.45
4C
lex
11
3(
3£
4(
3(
4(
4(
3$
3(
3$
4(
2i
4(
10(
3(
4(
11
1,
REPORT OF THE COMPTROLLER OF THE CURRENCY.
Date.
Time. Amount.
Maker (names omitted in printing).
Interest,
discount,
or commission,
collected
or
charged.
Mos.
1915.
June 12
15
15
18
18
18
Kate.
Per cent.
334
4
3*
2
2
15
163
13.00
76 14
100.00
115. 00
377 92
250.00
250.00
$1.00
5.04
10.00
11 50
28.92
5.00
30
25
35
40
30
8
— "National
Bank, who
Personally appeared before me
, cashier of the
.nauuucu wauiv,
on oath declares that the above statement is true to the best of her knowledge.
-, Notary Public.
EXHIBIT C.
NATIONAL BANK OF -
- , GEORGIA.
Capital and surplus, $60,000; population about 3,000.
Loans made May 1, 1915, to June 23, 1915, upon which a charge of more than the
equivalent of 12 per cent per annum was made, whether as interest, discount, or
commission.
Date.
1915,
May 5
5
5
10
7
14
20
22
21
22
24
24
24
24
25
31
29
29
29
June 5
May 26
June 11
8
12
14
14
14
3
22
Time. Amount.
Maker (names omitted in printing).
Amount
interest,
discount, Rate per
or comannum.
mission
collected
or charged.
Mos.
6
6
6
5
6
6
5i
5
6
5
6
6
7
4
4
4
5
5
5
4
4
5
3?T
2i
4?
5
5
3
$27.00
80.00
375. 00
80.00
32.00
21.50
54.00
106. 00
43. 25
53.00
21.50
48. 25
160. 50
68.00
197.00
77. 00
16.00
54.00
25.00
160. 00
66. 80
155. 45
16.00
21.00
14.75
32.00
150. 00
27.10
11.00
-, cashier of -, Ga., do hereby solemnly swear
- National Bank of I,that the above statement is true to the best of my knowledge and belief.
-, Cashier.
Sworn and subscribed to before me this September 23, 1915.
My commission expires July 19, 1917.
-, Notary Public,
164
REPORT OF THE COMPTROLLER OF THE CURRENCY.
EXHIBIT D.
NATIONAL BANK OF
GEORGIA.
Capital and surplus, $45,000; population about 2,000.
COMPTROLLER OF THE CURRENCY,
Washington, D. C.
DEAR SIR: Below we give you a list of loans made May 1, 1915, to June 23* 1915,
upon which a charge of more than the equivalent of 12 per cent per annum was made,
whether as interest, discount, or commission:
Date. ! Time.
1915. Mos.days.
May 1
5 0
1
5 0
1
5 15
1
6 0
1
5 15
4 27
3
5
3
3
3
4
4
4
4
10
10
10
10
10
11
12
13
14
14
15
17
17
17
18
3 28
18
19
22
24
24
24
24
24
24
24
24
21
24
1
24
4 21
24
4 5
25
5 5
26
26
26
'27
28
28
28
28
29
29
31
31
June 1
1
1
1
Amount.
$33.00
11.00
44.00
55.00
82.50
16.50
55.00
38.50
27.50
27.50
82.50
324 00
75 00
121.00
55.00
11.00
11.00
16.50
220.00
16.50
220.00
22.00
27.50
38.50
101.00
76.00
55.00
22.00
54.00
51.00
67.24
33.00
51.00
33.00
55.00
66.00
27.50
44.00
15.00
16.50
27.50
55.00
27.50
27 50
201.00
110.00
11.00
27.50
27.50
55.00
55.00
37.80
55.00
11.00
15.00
44.00
110.00
55.00
11.00
27.50
77.00
27.50
179.00
Maker (names omitted in printing).
Interest,
disRate per
count,, or annum.
commission.
$3.00
1.00
4.00
5.00
7.50
1.50
5.. 00
3.50
2.50
2.50
7.50
24.00
10.00
11.00
5.00
1.00
1.00
1.50
20.00
1.50
20.00
2.00
2.50
3. oO
1.00
1.00
5.00
2.00
4.00
1.00
6.11
3.00
1.00
3.00
5.00
6.00
2.50
4.00
1.00
1.50
2.50
5.00
2.50
2.50
1.00
10.00
1.00
2.50
2.50
5.00
5.00
2.80
5.00
1.00
1.40
4.00
10.00
5.00
1.00
2.50
2.00
2.50
2.00
Per cent.
24.0
24.0
21.8
20.0
21.8
24.4
21.5
24.4
24.4
24.6
24.6
12.6
24.3
25.7
23.2
25.7
25.7
24.0
15.7
26.1
18.3
23.9
20.0
26.6
51.4
68.0
24.6
27.1
24.4
24.0
28.0
25.5
102.8
23.0
25.5
21.0
25.5
25.5
19.0
25.5
24.0
25.5
28.5
23.1
72.0
19.5
26.1
26.2
26.2
23.8
23.8
20.9
26.2
26.2
24.0
26.0
24.0
26.5
25.6
26.6
8.0
26.6
91.0
REPORT OP THE COMPTROLLER OP THE CURRENCY.
Date.
Tim 3.
Amount.
Maker (names omitted in printing).
Interest,
disper
count, or Rate
annum.
commission.
Mos. d
June 4
4
5
5
5
5
5
7
7
7
7
7
7
7
9
10
12
12
12
12
12
14
14
14
14
14
14
14
15
15
17
17
17
18
18
18
18
19
21
21
21
21
21
22
22
4 11
4 11
3 25
5 10
4 10
5 25
4 10
2 19
4
8
3 23
4
8
8
4 23
4
8
4
6
4 20
4
3
4 3
4
3
4
3
4 13
4 16
4
1
4
1
4
1
7
3 16
1 0
4
0
5 15
3 28
3 29
3 13
4 12
0
3
4 12
3 27
4 11
3
9
3 24
4 9
3
9
7
3
8
4 8
165
$1.50
2.50
1.00
10.00
5.00
5.00
1.50
1.00
1.00
1.00
2.50
1.00
2.50
2.50
1.50
2.50
3.00
3.50
4.00
1.00
3.50
12.00
10.00
1.00
1.00
2.00
2.00
1.00
1.00
5.00
2.00
2.50
1.00
3.37
1.00
2.50
1.50
1.00
1.00
1.00
2.00
2.00
1.00
1.00
2.50
$16.50
27.50
16.00
110.00
55.00
55.00
16.50
16.00
11.00
11.00
27.50
81.00
27.50
27.50
16.50
27.50
33.00
38.50
44.00
11.00
38.50
162.00
110.00
11.00
11.00
402.00
22.00
51.00
11.00
55.00
22.00
27.50
11.00
37.07
26.00
27.50
16.50
11.00
11.00
11.00
22.00
22.00
100.00
11.00
27.50
Per cent.
27 A
27 A
20.8
22.5
27.5
20.6
27.5
30.4
28.0
31.8
28.0
56.25
25.2
28.0
28.5
25.7
29.2
29.2
29.2
29.2
27.0
20.9
30.0
30.0
30.0
25.7
31.0
20.0
30.0
21.8
30.5
30.2
35.0
27.1
16.0
27.1
30.8
27.3
36.0
31.5
28.0
36.0
51.2
36.7
2S.0
STATE OP GEORGIA, County of-
-, do solemnly swear that
I,
, cashier of the
National Bank of •
the above is a correct list of all loans made by said bank between May 1, 1915, and
June 23, 1915, upon which the charge made (in excess of 50 cents), whether in shape
of interest, discount, or commission, amounted to more than a rate of 12 per cent per
annum.
, Cashier.
Sworn to and subscribed before me this 22d day of September, 1915.
[SEAL.]
, Notary Public.
166
REPORT OP THE COMPTROLLER OF THE CURRENCY.
EXHIBIT E.
NATIONAL BANK OF —
LOUISIANA.
Capital and surplus, $65,000; population, about 4,600.
Loans made May 1, 1915, to June 23, 1915, upon which a charge of more than the
equivalent of 12 per cent per annum was made, whether as interest, discount, or
commission:
Time. Amount.
Bate.
1915. Months.
6
Mav 1
1
1
3
5
1
3
3
6
5
4
1
5
1
5
4
5
1
7
1
7
2
8
1
8
8
6
6
13
13
7
14
1
3
15
15
15
17
61
17
1
17
1
18
2
20
2
20
22
7
1
22
1
22
24
145
6
24
1
25
1
29
5
29
4
29
31
2
31
5
June 2
12
1
2
1
2
3
4
1
4
4
4
4
7
5
1
5
5
1
5
8
58
8
8
6
4
8
6
8
i*
9
9
11
11
11
12
12
12
12
14
14
14
14
15
10
1
7
2
3
3
5
1
4
1
1
4
9
U5
Maker (names omitted in printing).
$1.50
1.00
3.00
. 50
3.00
1.00
.50
.50
8.00
1.00
1.00
3.00
.50
2.50
1.50
3.50
1.00
1.50
.75
1.00
12 00
5.00
.50
.25
4.00
3.00
3.50
.50
7.30
1.50
7. 50
1.00
.50
4. 00
1 25
.50
2.50
16. 80
1.00
1.00
1.20
.50
4.00
4.35
5.00
2.50
1.00
4.00
8.00
2.00
2. 00
12 00
3. 00
.50
7.00
4.00
2.00
3.00
1.50
.50
4.00
1.00
5.00
4.00
4.50
$25.00
25.00
47.03
12. 50
50.00
21.00
30. 80
25.00
200. 00
20.00
10.00
150. 00
10.00
25.00
25.00
38.50
60.00
40.00
26.00
58.50
200 CO
503. 20
12.50
20.00
200. ( 0
150. CO
50.00
25.00
730. 00
90.00
127. 50
50.00
10.00
75.00
20.00
24.00
50.00
156.80
20.00
25.00
40.00
20.00
100.00
52.35
450.00
25.00
20.00
50.00
100.00
17.00
50.00
212.00
25.00
5.00
ICO. 00
200.00
50.00
100.00
18.50
5.00
100.00
12.00
66.50
89.00
50.00
16.28
Interest,
discount,
or com- Rate per
mission annum.
collected
or charged.
.50
1
Days.
Per cent.
12
48
15
48
12
12
15
24
12
60
120
12
60
20
12
15
20
15
23
20
12
12
40
15
12
12
12
24
12
13
12
24
60
13
19
12
12
12
60
48
12
30
12
14
13
24
60
12
12
24
12
12
14
120
12
12
16
12
19
120
12
100
90
13
12
73
REPORT OP THE COMPTROLLER OF THE CURRENCY.
Date.
Months.
1915.
1
J u n e 15
2
16
6
17
5
18
4
18
3
18
6
19
6
18
7
18
1
19
19
4|
19
5
21
1
21
6
21
1
1
21
6
22
1
22
3
22
23
i 10
23
110
23
110
2
23
6
24
5
26
7
28
2
29
29
5
30
3
30
10
30
115
145
July 2
1
2
1
2
4
2
6
3
1
3
4
6
6
6
5
6
1
6
1
-6
1
6
3
6
4
6
1
6
5
12
6
13
140
14
7
14
1
16
5i
17
17
1
17
1
17
1
17
4
17
1
19
2
21
4i
22
6
23
1
24
1
27
6
27
U0
27
110
27
3
27
10
29
1
Aug. 2
1
2
1 15
2
6
2
3
2
3
3
2
4
2
4
1
7
Amount.
$0.50
1.00
4.00
1.26
1.50
3.00
30.00
30.00
56.00
1.00
2.00
2.50
1.00
1.50
1.00
5.00
10.55
.50
.60
1.50
2.00
2.00
1.00
4.00
1.25
65.80
4.00
1.00
1.00
13.00
1.00
1.00
1.00
1.00
2.00
3.00
1.00
3.50
4.70
2.00
6.50
5.00
5.00
1.50
1.00
1.00
7.50
13.50
1.50
4.50
1.00
3.00
1.00
1.00
1.00
5.00
12.00
5.00
1.00
3.00
16. SO
2.00
1.00
6.00
1.00
1.00
2.50
15.00
1.00
1.00
1.00
6.00
1.00
1.00
1.00
1.00
1.00
87*.
25.
S3.
500.
175.
7.
20.
265.
341.
270.
50.
60.
25.
865.
199.
15.
25.
130.
90.
25.
30.
27.
50.
50.
50.
85.
75.
27.
616.
265.
205.
15.
25.
18.
150.
225
100.
40.
53.
100.
41.
35.
465.
300.
185.
40.
34.
280.
71.
50.
100.
120.
129.
80.
150.
35.
27.
60.
100.
40.
15.
15.
16.
18.
Rate per
annum.
Maker (names omitted in printing).
$11.
25.
60.
25.
21.
100.
500.
500.
800.
25.
15.
i Days.
167
Per cent.
53
24
13
12
55
12
12
12
12
168
REPORT OF THE COMPTROLLER OF THE CURRENCY.
Date.
Time. Amount.
1915. Months.
7
4
Aug.
9
9
10
11
13
13
13
14
14
14
16
18
18
19
19
20
20
20
20
21
21
24
24
25
26
26
26
28
30
30
30
Sept. 1
1
1
6
7
1
3
4
115
1
1
6
l 15
i 15
2
1
4
3
6
6
2
2
1
1
5
2
1
2
5
5
lj
6
6
6
2
1
Maker (mimes omitted in printing
Interest,
discount
or com- Rate per
mission annum.
collected
or charged.
Per cent.
$125.
27.
10.
10.
1,072.
45.
100.
15.
40.
25.
133.
200.
26.
50.
42.
30. 00
20. 00
75. 00
350. 00
50. 00 i
50. oo :
35. 00 I
87. 00 ;
10. 00
20. 00 !
34. 00 !
10. oo !
20. 00 I
223. 65 !
75. 00
5. 50
5. 50
5. 50
35. 00
30. 00
100. 00
1.00
.75
.75
10.50
2.00
4.00
1.00
1.00
1.00
7.00
2.00
1.00
1.00
1.00
1.00
1.00
1.00
20.00
1.00
1.00
1.00
1.00
1.00
1.00
2.00
1.00
1.50
10. 65
1.50
1.10
1,10
1.10
1.00
1.50
1.00
12
47
16
15
12
18
12
81
34
48
10
24
95
12
34
10
22
11
114
12
12
36
11
24
48
72
108
18
Hi
24
20
20
20
24
24
12
i Days.
Cashier -
National Bank, —
STATE OF LOUISIANA, Parish of-
tLa.
Sworn to and subscribed before me this 28th day of October, A. D. 1915.
[SEAL.]
Notary Public.
169
EEPORT OF THE COMPTROLLER OF THE CURRENCY.
EXHIBIT F.
NATIONAL BANK OF —
OKLAHOMA.
Cax>ital and surplus, $135,000; population about 8,000.
Loans made May 1, 1915, to June 23, 1915, upon which a charge of more than the
equivalent of 12 per cent per annum was made, whether as interest, discount, or commission.
Time. Amount.
Date.
1915.
May 1
1
1
1
1
1
1
1
1
1
3
3
3
3
3
3
3
3
3
3
4
4
4
4
5
5
5
5
5
6
6
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
8
8
8
8
8
8
8
8
8
8
8
8
8
8
10
10
10
10
10
10
10
Days.
30
30
150
150
150
150
150
150
150
150
150
30
60
60
148
148
148
148
148
148
148
147
147
147
87
146
146
146
146
146
145
145
30
60
84
84
93
144
144
144
144
144
144
144
144
144
144
32
63
83
88
143
143
143
143
143
143
143
30
83
83
55
60
60
87
110
140
140
$26. 00
31.00
20.00
23.00
21? 50
23.00
23.00
28.75
11.00
11.50
27.50
16 00
31.00
26 00
22 50
45 00
35 00
22.00
16 50
68.00
11.50
115 00
16.50
167. 75
55.00
57.50
27 50
33.00
11.50
44.00
11.50
62. 50
21.00
22.00
78.50
27.50
35.00
82.50
23 00
57.50
17.00
23.00
77.00
18.50
18.50
46.00
65.00
11.00
125. 80
66.50
115.00
22.50
87.50
17.50
220.00
22.50
11.50
28.75
41.00
16.50
11.50
35.00
26.00
26.00
90.75
54.00
55.00
22.50
Maker (names omitted in printing).
Interest, discount, or
per
commission Rate
collected annum.
or charged.
$1.00
1.00
2.00
3.00
2.50
3.00
3.00
3.75
00
.50
<2.50
00
LOO
00
2.50
5.00
5.00
2.00
1.50
8.00
1.50
15.00
1.50
10.75
5.00
7.50
2.50
3.00
1.50
4.00
1.50
7.50
1.00
2.00
3.50
2.50
1.50
7.50
3.00
7.50
2.00
3.00
7.00
3.50
3.50
6 00
5.00
1.00
5.00
6.50
3.45
2.50
12.50
2.50
20.00
2.50
1.50
3. 75
LOO
1.50
1 50
1 50
00
00
3.75
4.00
5.00
2.50
Per
cent.
48
40
26
34
30
34
34
36
24
36
41
83
20
24
32
30
34
23
24
32
36
37
24
16
40
37
30
24
37
24
37
33
60
60
20
43
17
25
37
35
33
37
58
58
37
21
111
47
14
31
42
42
25
31
37
30
44
28
24
24
17
26
25
32
170
Date.
REPORT OP THE COMPTROLLER OF THE CURRENCY.
Time. Amount.
Days.
1915.
110
May 10
10
140
11
39
11
94
139
11
11
11
80
11
11
80
11
139
13
138
13
30
13
30
13
138
13
138
13
138
13
138
13
138
13
133
14
137
14
17
14
90
14
137
14
77
14
137
14
317
15
136
15
137
15
60
15
137
15
137
15
137
15
137
15
137
15
137
15
137
15
30
15
" 137
15
106
15
137
15
137
15
137
17
60
17
135
17
60
17
135
17
135
17
74
17
135
18
20
18
30
18
54
18
73
18
73
18
82
18
134
18
134
18
134
18
134
18
134
18
134
18
164
19
72
19
90
19
133
19
133
19
133
20
85
20
132
20
132
21
26
21
131
21
131
21
131
21
131
22
69
22
69
22
130
22
130
22
130
22
130
22
130
$110.00
140.00
100.00
32.50
40.00
150.00
16.50
33.00
16.50
17.50
15.00
11.00
55.00
57.50
23.50
28.75
11.50
52.55
23.50
100.00
68.40
28.75
11.00
28.75
28.75
23.00
68.00
11.00
17.50
28.75
17.50
55.00
28. 75
18.00
12.00
26.00
28. 75
26.50
28.75
16.50
11.50
36.50
28.75
30.00
23.00
17.00
32.00
27.50
25.00
51.00
57.00
100.00
29.80
140.00
12.00
23.50
23.50
103.00
12.00
28.75
55.00
11.50
90.00
31.50
28.75
55.00
33.00
28.75
28. 75
61.00
11.00
17.50
23.00
57.50
16.50
27.50
27.50
34.50
27.50
28. 75
80.00
Maker (names omitted in printing).
Interest ,dis-|
count, or
commission Rate per
collected
or charged.
$10.00
25.00
2.00
2.50
5.00
1.00
1.50
3.00
1.50
2 50
1.00
1.00
5.00
7.50
3.50
3. 75
1.50
2.55
3.50
1.00
3.00
3. 75
1.00
3.75
3. 7.5
3.00
8.00
1.00
2.50
3.75
2.50
5.00
3.75
3.00
2.00
1.00
3.75
1.50
3.75
1.50
1.50
1.50
3.75
1.00
3.00
2.00
2.00
2.50
1.00
1.00
2.00
3.00
1.00
4.25
2.00
3.50
3.50
5. (50
2.00
3. 75
5.00
1.50
5.00
4.50
3. 75
5.00
3.00
3. 75
3. 75
1.00
1.00
2. 50
3.00
7. 50
1.50
2.50
2.50
4.50
2.50
3.75
5.00
Per cent.
25
56
18
32
32
21
45
45
26
43
80
120
26
REPORT OF THE COMPTROLLER OF THE CURRENCY.
Date.
Amount,
Maker (names omitted in printing).
171
Interest,discount, or
per
commission Rate
collected annum.
or charged.
i
Days.
1915.
M a y 22
130
22
130
22
130
22
130
22
130
22
160
22
160
24
37
24
60
24
67
24
128
24
128
24
128
24
128
24
128
25
30
25
40
25
49
25
60
25
60
25
66
25
66
25
90
25
96
25
96
25
96
25
110
25
126
26
60
26
65
26
74
26
125
27
GO
27
124
27
124
27
124
27
124
27
124
27
124
27
124
23
17
28
63
28
63
28
63
28
63
28
63
28
123
28
123
28
123
28
123
29
30
29
62
29
62
29
62
M a y 29
122
29
122
29
122
29
122
29
122
29
174
June 1
60
1
120
1
120
1
120
1
120
1
120
1
60
1
120
3
88
3
88
3
118
3
118
3
118
4
30
4
87
4
87
4
117
4
117
4
117
4
117
$13. 50
11.00
11.00
27.50
55.00
55.00
$1.00
1.C0
1.00
2.50
5. CO
5.00
10. CO
1.00
1.50
2.50
3.75
3.50
3.00
7.50
6. CO
1.00
l.CO
5.90
l.CO
1.00
4. CO
2.00
2. CO
10.50
12.50
5. CO
13,, F.0
6. CO
2,00
2.00
1. 00
3. 75
l.CO
1. CO
3. £0
1.25
1. CO
7. CO
2. CO
2. CO
l.CO
1.00
1.50
2.50
l.CO
2. CO
1.50
1.00
3.75
3. CO
1.00
3.00
1.50
5.00
2.50
2.50
2.00
5.00
2.50
2.50
4.00
1.50
4.50
2.50
2.50
3.00
1.00
5.00
1.50
5.00
2.50
2.50
5.00
1.00
3.00
3.00
3.00
2.50
1.50
3.00
110.00
50.00
26. 50
52.50
28.75
23.50
33.00
57.50
66.00
20.00
37.50
123.90
36.00
40.00
44.00
22.00
32.50
250. 00
137. 50
55.00
263. 80
81.00
39.50
22.00
11.00
28.75
61. 50
12. 50
50.00
13.25
16. £0
57. £0
17.50
14. 50
76.00
16. CO
16. 50
32. ,50
12.50
22.50
11. 50
11.00
28.75
23. 50
21.00
33.00
16. 50
105. 00
17.50
17.50
12.00
35.00
17.50
27.50
44.00
16.50
39.50
52.50
27.50
53.00
36.00
55.00
13.50
80.00
17.50
17.50
55.00
50.00
33.00
53.00
23.00
12.50
11.50
33.00
12066°—CUR 1915—VOL 1
-12
Per cent.
22
27
27
26
25
22
22
19
36
26
42
47
28
42
28
66
25
36
17
15
172
REPORT OF THE COMPTROLLER OF THE CURREXCY.
Date.
Time.
1915.
June 5
5
5
5
7
7
7
7
7
8
8
Days.
60
60
60
116
98
114
114
114
114
84
84
84
84
113
113
113
30
52
52
112
51
57
111
111
30
50
50
111
30
49
49
49
49
110
17
90
107
107
30
45
60
106
106
106
106
120
60
105
30
45
45
60
104
104
104
104
43
103
103
42
42
102
30
40
39
8
8
8
8
8
9
9
9
9
10
10
10
10
11
11
11
11
12
12
12
12
12
12
14
14
14
14
15
15
15
15
15
15
15
15
16
16
17
17
17
17
17
17
17
17
18
18
18
19
19
19
21
21
22
Amount.
$16.50
22.50
11.00
6.00
21.10
6.00
17.50
34.75
34.50
62.50
16.50
12.50
42.50
17.50
107.50
27.50
11.00
11.50
11.50
42.50
16.50
21.50
23.00
22.50
40.00
21.00
52.00
11.50
11.00
11.00
42.50
32 50
9.00
16.50
80.00
26.50
28.75
27.50
22.00
73.10
22.00
12.50
22.50
27.50
34.50
26.50
11.00
34.50
49.30
16.00
16.50
26.00
6.00
71.50
17.50
11.50
26.00
24.50
17.50
51.50
51.50
53.75
21. 00
25.00
26.50
Maker (names omitted in printing)..
Interest discount, or
per
commission Rate
annum.
collected
or charged.
Per cent.
$1.50
2.50
1.00
1.00
1.00
1.00
2.50
3.15
4.50
2.50
1.50
1.00
2.50
2.50
7.50
2.50
1.00
1.50
1.50
2.50
1.50
1.50
3.00
2.50
].00
1.00
2.00
1.50
1.00
1.00
2.50
2.50
1.00
1.50
1.00
1.50
3.75
2.50
2.00
.1.50
L.25
2.50
2.50
2.50
1.50
1.50
1.00
4.50
1.00
1.00
1.50
1.00
1.00
6.50
2.50
1..50
1..00
4.50
2.50
1.50
1.50
3.75
1.00
1.00
1.50
60
75
60
58
10
62
52
31
47
17
42
37
26
53
23
32
120
107
107
20
71
46
48
40
30
35
28
48
120
71
46
60
111
32
27
24
63
42
120
16
35
86
42
33
51
18
60
51
25
52
77
24
71
34
58
51
33
78
58
25
25
26
60
35
55
Okla., do solemnly swear
, cashier of the - National Bank of I,
that the foregoing report is true to the best of my knowledge and belief.
Cashier.
REPORT OF THE COMPTROLLER OF T H E CURRENCY.
173
EXHIBIT G.
NATIONAL BANK OF —•——, TEXAS.
Capital and surplus, $30,000; population about 2.000.
Date. | Time. Amount.
Days.
1915.
May 10
30
10
143
6
147
12
141
J3
30
13
141
10
144
14
154
15
169
6
162
15
153
15
168
15
168
15
168
15
138
17
60
6
60
14
154
19
149
14
154
19
149
21
70
21
132
22
146
22
146
22
131
22
146
1
153
138
15
150
19
145
15
115
June 1
137
48
132
55
122
12
19
10
21
116
21
30
22
115
12
125
19
120
May 20
120
June 23
100
May 24
130
24
133
25
144
17
153
26
128
28
125
28
125
May 29
60
June 4
160
May 18
135
June 5
132
5
132
5
120
May 27
153
June 7
90
5
133
1
10
1
30
May 22
132
26
142
June 10
125
1
90
11
148
5
120
5
120
12
125
10
12
12
110
9
115
16
143
8
144
17
115
18
120
Maker (names omitted in printing).
Interest.
Rate.
Per cent.
$11.00
6.00
125.75
55.00
53.50
33.
55,
82,
55,
66,
110,
44,
71.
31.
51.
21.
55.
55,
95.
20.
16.
11.
38.
33.
44.
33.
27.
11.
67.
235.
100.
52.
27.
55.
105.
110.
11.
30.
22.
38.
38.
27.
30.
47.
95.
27.
216.
20.
16.
21.
26.
21.
22.
27.
11.
55.
28.
27.
10,
18.
59.
22.
27.
37.
55.
16.
220.
27.
41.
41.
11.
75.
42.
11.
11.
27.
$1.00
.75
11.20
5.00
1.00
3.00
5.00
7.50
5.00
6.00
6.00
10.00
4.00
6.50
3.00
1.50
1.00
5.00
5.00
9.50
2.00
1.00
1.00
3.50
3.00
4.00
3.00
2.50
1.00
5.00
23.50
10.00
2. 50
2. 50
5.00
5.00
10.00
1.00
3.00
2.00
3.50
3.50
2.50
3.00
2.50
9.00
2.50
20.00
2.00
1.50
1.00
1.50
2.50
2. CO
2.50
1.00
5.00
1.50
2.50
5.00
1.00
6.00
2.00
2.50
2.50
5.00
1.50
20. 00
2.50
1.50
1.00
1.00
7.50
2.50
1.00
1.00
2.50
120
30
22
25
23
24
25
25
21
25
25
24
24
24
26
18
30
24
25
25
24
36
30
25
25
25
25
25
30
20
25
32
15
28
30
180
31
120
31
30
30
30
38
30
19
19
24
30
30
40
30
15
35
32
32
30
24
22
185
60
36
20
35
20
28
36
30
30
30
22
15
32
31
18
32
32
30
174
REPORT OF THE COMPTROLLER OF THE CURRENCY.
Date.
Time.
Amount.
1915.
19
May 20
June 1
8
12
19
May 3
3
1
4
6
7
7
7
7
8
8
4
4
6
24
24
18
18
15
27
June 1
1
4
May 21
Days.
118
90
120
118
90
100
165
148
150
90
144
143
148
148
148
162
162
164
159
159
130
145
141
136
138
64
122
122
153
153
$11.00
60 00
25 50
40 50
11 70
27.50
165.00
125.00
55.00
41.50
55. 00
27.50
55.00
38.50
27 50
49.50
55.00
113.00
50.00
153 50
27.50
27. 50
27.50
66. 00
125.75
21.00
11.00
54 00
53 00
60.00
Maker (names omitted in printing).
Interest.
Rate.
Per cent.
30
13
25
22
38
1.00
36
2.50
25
15.00
22
11.00
24
5. CO
15
1.50
25
5.00
25
2.50
24
5.00
24
3.50
24
2.50
24
1.50
24
5.00
23
10.00
25
5.00
25
13.50
28
2.50
25
2.50
25
2,50
25
6.00
30
12.50
30
1.00
30
1.00
24
4.00
3.00
15
25
6.00
$1.00
2.00
2.35
STATE OF TEXAS, County of
-.•
Before me, the undersigned authority, on this day personally appeared
,
who being by me duly sworn, on his oath deposes and says that he is the cashier of
the
National Bank of
, Texas; that he compiled the foregoing statement
showing all loans made by the
National Bank of
from the 1st day of
May, 1915, to the 23d day of June, 1915; that said statement shows the date of all
loans, the time of the loan, the amount of the loan, the interest charged, and the rate.
, Cashier.
Sworn to and subscribed before me this the 24th day of September, A. D. 1915.
Notary Public in and for
County, Tex.
EXHIBIT II.
• NATIONAL BANK OF -
-, TEXAS.
Capital and surplus, $50,000; population about 2,000.
Date.
Time.
coco
Mos.
1915.
May 1
5
1
5
1
5
1
5
1
5
1
5
1
5
1
5
1
5
1
5
1
5
1
6
3
5
5
3
5
5
Days.
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Amount.
$11.00
11.50
11 50
23.00
23.00
23.00
27.50
28.25
28. 50
28.50
28.50
15.00
34.00
23.00
105.00
23.00
Maker (names omitted in printing).
Interest
or
discount.
$1.00
1.50
1.50
3.00
3. 00
3 00
2.50
3. 25
3 50
3.50
3 50
1 00
A 00
3 00
5. 00
3.00
Rate.
Per cent.
24
36
36
36
36
36
24
31
33
33
33
15
34
36
12
36
REPORT OP THE COMPTROLLER OF THE CURRENCY.
Date.
Time.
Amount.
1915.
Mos. Days.
May 6
12
0 $1,100.00
6
10
0 1.S00.00
6
17
0 1,828.50
28.50
6
5
0
11.50
7
5
0
28.00
7
5
0
95.00
7
5
0
9
11.00
5
0
11.00
8
5
0
11.00
5
0
11.00
8
5
0
11.50
5
0
11.50
8
5
0
11.50
5
0
23.00
8
5
0
28.00
0
s
39.50
8
5
0
45.50
8
5
0
8
4
2.2 1,040.00
20.85
10
3
20
132.50
10
9
0
153.00
10
3
0
315.00
10
6
0
17.50
10
4
20
28.50
18
4
0
29.00
12
4
0
592.00
12
0
11.50
13
4
17
23.00
13
4
0
28.00
13
4
0
34.00
13
4
0
55.00
13
4
(i
53.85
13
6
0
48r>.00
13
6
35
9.00
14
4
17
17.00
14
4
0
22.00
14
4
0
23. 00
14
4
0
28.00
14
4
0
26. 00
\A
2
0
27.00
14
3
15
11.00
15
4
15
11.00
15
4
15
11.00
15
4
15
11.00
15
4
15
11.00
15
4
15
11.00
15
4
15
11.50
15
4
15
11.00
15
4
IS
11.50
15
4
15
13.50
15
4
15
17.00
15
4
0
17.00
15
4
0
22.00
15
4
0
22.00
15
4
0
22.00
15
4
0
22.50
15
4
0
22.50
15
4
0
28.50
15
4
0
55. 00
15
4
0
66.00
15
4
0
11.00
17
4
0
28. 00
17
4
0
28.00
17
4
0
8.50
17
4
0
22.50
18
4
0
21.50
18
3
0
16.00
18
4
12
17.00
20
4
10
8.00
20
4
0
11.00
21
4
0
16.50
21
4
0
27.50
21
4
0
33.00
21
4
0
55.00
21
4
0
11.00 I
22
4
10
11.00
22
4
0
11. 00
22
4
0
16. 50
22
4
0
16,50
I
22
4
0
16.50 ;!
22
4
0
1(1.
50
22
4
0
Maker (names omitted in printing).
Interest
or
discount.
$100.00
150.00
101.00
3.50
1.50
3.00
7.50
1.00
1.00
1.00
1.00
1.50
1.50
1.50
3.00
3.00
4.50
f. 50
40.00
1.25
14.00
3.00
15.00
2.50
3.50
3.00
30.00
1.50
3.00
3.00
4.00
5.00
2.35
30.00
1.00
2.00
2.00
3.00
3.00
1.00
2.00
1.00
1.00
1.00
1.00
1.00
1.00
1.50
1.50
1.50
1.50
2.00
2.00
2.00
2.00
2.00
2.50
2.50
3.50
5.00
6.00
1.00
3.00
3.00
1.00
2.50
1.50
1.50
2.00
1.00
1.00
1.50
2.50
3.00
5.00
1.00
1.00
1.00
1.50
1.50
1.50
1.50
175
Rate.
Per cent.
10
10
10
31
24
24
20
n
24
176
Date.
1915.
May 22
22
22
22
22
22
22
22
22
24
24
24
25
25
25
25
25
25
26
2G
28
28
28
28
28
28
29
29
29
29
29
29
29
29
29
29
29
31
31
31
31
31
31
1
1
1
1
REPORT OF THE COMPTROLLER OF THE
Time.
JLfos.
4
4
4
4
4
4
4
4
2
4
4
5
4
4
4
4
2
2
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
7
3
4
4
4
3
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
9
3
5
3
3
3
3
3
3
Amount.
Maker (names omitted in printing).
Interest
or
discount.
Rate.
Per
0
0
0
0
0
0
0
0
0
8
0
0
8
0
6
6
0
0
5
0
0
0
0
0
0
0
3
3
3
0
0
0
0
0
0
18
3
2
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
22
0
22
0
0
0
0
0
$16.
16.
22.
22.
22.
27.
44.
55.
172.
11.
33.
350.
22.
40.
11.
10.
41.
100.
82.
27.
11.
16.
11.
11.
22.
27.
11.
16.
11.
11.
27.
11.
27.
27.
27.
107.
82.
11.
16.
16.
16.
105.
28.
11.
11.
11.
27.
210.
11.
10.
11.
11.
11.
11.
11.
11.
11.
11.
11.
11.
16.
16.
16.
16.
16.
16.
16.
22
44!
55.
16.
28.
70,
11.
13.
22.
22
27!
11.
16.
16,
$1. 50
1. 50
2.00
2. 50
2. 50
2. 50
4.00
5.00
2.f.0
1.00
3.00
14. 75
2.00
2.00
1.00
1.00
1.00
2.00
7.50
2.00
1.00
1.50
1.00
1.00
2.00
2.50
1.00
1.50
1.00
1.00
2.50
1.00
2.50
2.50
2.00
4.00
7.50
1.00
1.50
1.50
1.50
5.00
2.50
1.00
1.00
1.00
2.50
6.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.50
1.50
1.50
1.50
1.50
1.50
1. 50
2.00
4.00
5.00
1.50
3.00
9.00
1.00
1.00
2.00
2.00
2.00
1.00
1.50
1.50
cent.
27
27
27
34
24
27
27
27
177
REPORT OP THE COMPTROLLER OP THE CURRENCY.
Date.
T
Time.
1915, Mos
June 8
6
8
3
8
3
8
7
9
3
9
3
9
4
10
3
10
3
12
22
12
22
12
22
12
6
12
3
12
3
12
3
12
3
12
3
12
3
14
3
14
4
15
5
15
3
15
3
15
3
15
3
15
3
15
3
15
3
16
3
16
3
16
3
18
3
19
3
19
3
19
3
19
3
19
3
19
3
19
3
19
3
19
3
19
3
19
3
19
2
19
2
19
2
22
3
22
3
22
3
22
3
22
3
22
3
23
3
23
3
23
3
23
2
Amount.
22
22
0
0
23
0
23
20
20
0
0
0
18
18
0
0
0
0
0
0
16
0
15
0
0
0
0
0
0
0
0
0
0
12
0
0
0
0
0
0
0
0
0
0
0
0
0
10
0
0
0
0
0
0
0
0
0
Maker (names omitted in printing).
$16.50
22.50
27.50
642.00
11.00
16.50
22.00
11.00
11.00
11. 00
11.00
10.50
27.50
27.50
27.50
27.50
33.00
55.00
55.00
16.50
50.00
13.00
40.00
11.00
11.00
11. 00
16.50
22.00
33.00
11.00
11.00
27.50
11.00
11.00
11.00
11.00
11.00
11.00
16.00
16.50
22.00
22.00
22.00
27.50
27.50
42.50
55. 00
11.00
.11.00
11. 00
10.00
22.00
38.50
10.00
11.00
16.50
33. 00
STATE OF TEXAS, County of
Interest
or
discount
SI. 50
2.50
2.50
42.00
1.00
1.50
2.00
1.00
1.00
1.00
1.00
1.50
2.50
2.50
2.50
2.50
3.00
5.00
5.00
1.50
5.00
1.00
1.50
1.00
1.00
1.00
1.50
2.00
3.00
1.00
1.00
2.50
1.00
1.00
1.00
1.00
1.00
1.00
1.50
1.50
2.00
2.00
2.00
2.50
2.50
2.50
5.00
1.00
1.00
1.00
1.00
2,00
3.50
1.00
1.00
1.50
3. 00
Rate.
Per cent.
31
31
31
12
31
31
23
31
31
31
31
31
17
31
31
31
31
31
31
31
25
19
18
33
33
33
33
33
33
33
33
33
33
33
33
33
33
33
33
33
33
33
33
33
33
33
33
33
33
33
33
33
33
33
33
33
33
;
I,
—, cashier of the
National Bank of —
Tex., do solemnly swear
or affirm that the above list of loans made by the bank from May 1, 1915, to June 23,
1915, is a true copy as taken from the discount register of said bank and that the amount
of interest and rate is correct to the best of my knowledge and belief.
^ Cashier.
Subscribed and sworn to before me this the 20th day of September, 1915.
[SEAL.]
,
Notary Public,
County, Texas.
178
REPORT OF THE COMPTROLLER OF THE CURRENCY.
EXHIBIT I.
NATIONAL BANK OF
-, TEXAS.
Capital and surplus, $32,000; population about 1,000.
Loans made May 1, 1915, to Jane 23, 1915, upon which a charge of more than th
equivalent of 12 per cent per annum was made, whether as interest, discount, o
commission:
Time.
Date.
1915.
Apr. 30
23
30
30
30
May 3
3
3
1
1
4
4
4
4
6
5
7
7
7
6
Apr. 30
May 4
Amount.
Oct. 1
do
do ..do
..do
do
. do
.do ...
..do ....
do
..do
..do
..do
Nov. 1
Dec. 1
Oct. 1
..do
do
do
Jan.
Oct.
do
Dec.
8 Oct.
8
do
8
do
8 Nov
8 Oct.
10
do
11
do
11
do
11
do
11
do
1
1
1
1
1
1
10
11
12
...do ....
20
do ....
22
22
22
do ...
do
do
do
13
13 Jan. 13
13 Oct. 1
14
do .
15
do
1
do
15 ...do
8 ...do
..
15 ..do
do
17
15 Nov. 1
15 Dec. 1
19 Oct. 1
18
do
19
do
19
do
21
do
19
do
21
do
21
do
22
do
22 ...do
22
do
do
do
do
do
22
22
22 Nov 1
24 Oct. 1
21 ...do
22
do ....
22
do
do .
22
$12. 50
17 00
17. CO
28. £0
34. £0
7.75
23.00
23. CO
25.00
39 £0
23 00
27.50
34. £0
500. CO
11.50
34.00
17.00
23 00
28 fo
33.00
56.00
56 £0
85.00
17. CO
28 CO
28 CO
56. 00
11.00
56 00
11.00
17. CO
34 fO
82 f0
112. £0
56 00
11.00
23 00
155.00
11.00
28.00
11 50
27.00
28.00
2S.00
16. £0
33 00
55.00
110.00
11.00
44 00
55 00
17 00
27 £0
22 CO
27 £0
55 00
10.00
11 00
15.00
15 00
16.50
16 50
22.00
27 50
110 00
27 £0
11.00
13.50
16.50
16 50
22 00
22.00
22 ...do
Maker (names omitted in printing).
Interest.
$1.50
2.00
2.00
3.50
4.50
1.00
3.00
3.00
3.00
4.50
3.00
2.50
4. 50
30.00
1.50
4.00
2.00
3.00
3.50
3.00
•3.00
6. £0
10. 00
2.00
3.00
3.00
6.00
1.00
6.00
1.00
2.00
4.50
7. £0
12. 50
6.00
1.00
3.00
15. CO
1.00
3.00
1. £0
2.00
3.00
3.00
1.50
3.00
5.00
10.00
1.00
4.00
5.00
2.00
2. 50
2.00
2.50
5.00
1.00
1.00
1.50
1.50
1.50
1.50
2.00
2.50
10.00
2 £0
1.00
1.50
1.50
1.50
2.00
2.00
Rate.
Per cent.
33
32
32
34
36
39
36
36
33
31
36
24
36
13
26
33
33
37
37
16
30
32
24
34
31
31
25
25
31
26
34
40
26
32
32
26
40
16
27
32
39
22
33
30
28
27
22
19
27
27
28
28
28
28
28
28
31
28
31
31
28
28
28
28
28
28
28
35
28
28
28
28
REPORT OF THE COMPTROLLER OF THE CURRENCY.
Date.
Time.
1915.
Dec. 1
May 22
24 Oct. 1
22
do
...do.
24
24
94
24
25
25
27
28
98
28
28
26
29
22
99
28
90
29
9Q
9Q
29
29
24
29
29
31
29
SO
June
May
June
1
9
2
1
May 31
June
4
4
do
do
do.
Aug. 10
Oct. 1
do
do
do
do
...do.
do
do
Oct. 15
Oct. 1
do
do.
do
do
. do
do
do.
Dec.
Oct.
do
Dec.
Oct.
Dec.
Oct.
1
1
1
1
1
1
do
Dec. 1
Oct. 1
do
Jan. 1
Oct. 1
do
do
do
. do.
do
do
do
. do
. do
do
5
4 ...do.
do
c
do
5
5
7
7
May
June
5
22
7
5
8
8
8
8
8
0
9
10
do
do
do
do
9
5
5
.. do
do
..do.
. do
10
11
. do
5
11
12
Oct.
June
...do.
. do
do
...do
. do
do
.. do
do
.. do
do
.. do
Nov. 1
Oct.
.. do. 1
10
12
^c>
do
do
do
do
Oct.
July 15
Oct. 1
n ...do.
Amount.
122.00
33.00
66 00
27.50
56.00
27.50
27.50
9.00
17.00
17.00
55 00
30.00
11.00
16.50
22 00
33.00
55.00
11.00
16.50
16.50
22.00
22.00
27. 50
16. 50
27.50
33.00
33. CO
55.00
55.00
82.50
110.00
11.00
16 50
110.00
27.50
27 50
55.00
16. 50
27 50
11 00
22.00
27.50
27 50
55.00
5 75
22 00
22.00
22.00
32.00
33 00
38.00
38. 50
66.00
11.00
11.00
11.00
16 50
22.00
55 00
55.00
16. 50
22.00
27.50
27.50
55.00
55 00
15 00
22 00
11.00
16.00
22 00
25.00
55.00
714.00
16.50
27 50
6 00
10.00
11.00
36.00
38.50
66.00
11.00
i 1914.
Maker (names omitted in printing).
Interest
§2.00
3.00
6.00
2 50
6.00
2 50
2 50
.75
2.00
2 00
5.00
3.00
1.00
1. 50
2.00
3.00
5.00
1.00
1 50
1. 50
2.00
2 00
2.50
1 50
2 £0
3.00
3.00
5. 00
5.00
7 50
10.00
1.00
1 50
10.00
2. 50
2 50
5.00
1. fO
2 50
1.00
2.00
2.50
2 50
5.00
.75
2.00
2 00
2.00
2.00
3 00
3 00
3.50
6.00
1.00
1.00
1 00
1.50
2.00
5.00
5.00
1 50
2.00
2.50
2.50
5.00
5.00
1 50
2.00
1.00
1.00
2.00
2.00
5.00
34.00
1.50
1.00
.75
1.00
2.00
1.00
3.50
6.00
1.00
179
Rate.
Per cent,
20
29
29
29
35
29
29
38
39
39
29
33
30
30
30
30
26
30
30
30
30
30
30
30
30
20
30
30
20
30
20
30
30
20
30
30
17
30
30
30
30
30
30
30
47
30
30
30
21
30
27
31
31
31
31
31
31
30
31
31
32
32
26
32
32
32
32
32
32
21
32
27
32
17
33
12*
37*
36
23
30
33
33
33
180
EEPOBT OF THE COMPTEOLLEE OF THE CUBEENCY.
Date.
Time.
1915.
J u n e 12
12
14
14
12
12
14
12
14
16
16
16
16
17
17
17
10
18
18
18
16
18
18
19
17
19
19
19
31
19
22
23
23
21
23
Oct. 1
...do
do
.. do. .
do
do
Nov. 1
Oct. 1
.. do
do
. do
do
...do .
do
.. do
.. do
do
Sept. 1
Oct. 1
. do
Nov. 1
Dec. 1
Oct. 1
...do
Dec. 1
July 19
Oct. 1
do
.. do
...do
Nov. 1
Oct. 1
...do....
do
.. do
Maker (names omitted in printing).
Amount.
Interest.
$11.00
16.50
21.50
22.00
27 50
33 03
55.00
82.50
11.00
11 00
16 00
21 50
27. 50
11 00
16.50
16.50
16 50
25.00
27.50
44.00
55.00
82.50
11.00
11.00
16.50
60.00
11.00
11 00
22.00
26.50
33.00
16.00
27.00
27 50
44.00
$1.00
1.50
1.50
2 00
2.50
3.00
5.00
7.50
1 00
1.00
1.00
1.50
2 50
1.00
1.50
1.50
1.50
1.00
2.50
4 00
5.00
7.50
1.00
1.00
1.50
.75
1.00
1.00
2 00
1. 50
3 00
1.00
2.00
2. 50
4.00
Rate.
Per cent
3
3
2i
234
34
34
34
34
35
23
26
35
35
35
35
34
21
35
35
27
23
35
35
22
15
35
35
35
22
28
23
30
37
37
The above percentages are figured on amount net to borrower and not as discount.
I,
, cashier of the
• National Bank of
, Texas, do solemnly swear
that the above list is true and correct to the best of my knowledge and belief.
—, Cashier,
STATE OF TEXAS, County of
:
Sworn to and subscribed before me this 25th day of September, 1915.
Notary Public.
EXHIBIT J.
NATIONAL BANK OF —
-, OKLAHOMA.
Capital and surplus, $32,000; population of town about 500.
List of all loans made from May 1 to June 23, 1915, inclusive, showing the amounts,
the time for which made, and the rate of interest or discount charged:
Date.
When
due.
1915.
May 1 Oct. 1
do
1
do..
I
do
1 Oct. 15
Oct. 1
Aug. 15
4 Oct. 1
4 Oct. 15
4 Aug. 4
4 Demand
5 . do..
5 Oct. 15
Maker (names omitted in printing).
Interest,
discount,
Amount or commis- Rate per
of note. sion col- annum.
lected or
charged.
$22.00
21.00
10.80
16.50
811.80
28.25
32.00
11.00
327.70
20.50
10.00
12.00
534.00
$2.00
1.50
1.00
1.50
88.95
3.25
2.00
1.00
35.95
1.50
59.25
Per cent.
24
13
24
24
27
31
23
24
26
24
10
1G
2c
REPORT OF THE COMPTROLLER OF THE CURRENCY.
Date.
1015.
May 5
5
5
7
7
When
due.
Demand
do.
Aug. 5
Oct. 15
Oct. 1
do
Aug. 15
Oct. 1
Oct. 15
Oct. 1
do
Oct. 15
Oct 1
do
. do.
do
do
do.
7
7
7
7
8
10
10
10
10
10
10
11
12
do
14 Aug. 14
14
do...
15 June 1
do..
15
1
17 Oct
17
do
17
do..
do
17
do
17
do
17
18 Demand
18 Oct. 1
do
18
18 Aug. 15
19 Oct. 1
19 Demand
19 May 31
20 July 1
21 Oct. 15
do..
21
21
do
21 July 1
21 Oct. 1
21 Oct. 15
22 Oct. 1
22 A ug. 22
24 July 1
24 Oct. 1
24 .. do
24
do
24 Demand
24 Oct. 1
24 Nov. 1
July 1
Oct 28
oct! i
Oct. 15
do
Demand
Oct. 1
Aug. 14
Demand
do
.. do
Oct.
Oct 1
.. do
94
25
26
26
26
26
27
27
27
27
28
28
28
do
28
29
do
29 ...do
29 Oct
June 1 Demand
1 Oct
1
1 Demand
1 Oct. 1
1
do
1
do
2 July 2
2 Oct. 1
2 Julv 15
Maker (names omitted in princing).
181
Interest,
discount,
Amount or commis- Rate per
of note.
sion col- annum.
lected or
charged.
SO. 05
8.85
11.00
267.30
55.00
11.00
82.25
28.25
28.25
16.75
46.00
83. 75
11.00
11.00
7.00
34.50
10.00
11.00
28.00
17.00
27.50
3 50
13.00
46.00
11.00
45.25
28.25
27.50
11.00
38. 25
3.00
51.50
28.25
3 00
15. 50
44. 70
28. 25
227. 95
248.25
10. 25
22. 00
105.05
22. 00
518.50
10 50
22. 00
28. 25
27.50
2.00
11 00
811.00
100.00
2 083 35
18. 00
48 (v3
12° 45
] . 10
45. 25
114.75
5 00
.45
44.14
22 00
167.10
28.00
23.00
8.00
11.25
9.00
5.60
20 00
100.00
18.00
16. 50
11.00
15 00
11.00
$1.00
32.60
5.00
1.00
6.25
3.25
3.25
1.75
6.00
8.75
1.00
1.00
1.00
4.50
1.00
1.00
3.00
2.00
2.50
6.00
1.00
5.25
3.25
2.50
1.00
4.50
3.00
1.50
3.25
.50
3.25
20.95
25.00
2.00
9.54
2.00
18.50
.50
2.00
3.25
2.50
1.00
49.50
83 35
3.00
5.40
5. 25
9.25
2.00
21.57
3.00
3.00
1.00
1.25
1.00
1.50
1.00
1.50
1.00
1.00
Percent.
10
10
39
31
25
25
30
33
30
29
39
27
26
182
REPORT OF THE COMPTROLLER- OF THE CURRENCY.
When
due.
Date.
1915.
June 2
2
2
3
3
4
4
5
5
7
7
8
8
9
9
9
9
10
10
10
10
12
12
12
14
14
14
15
15
15
15
15
16
17
17
17
18
18
19
19
19
19
21
21
21
21
22
23
23
Maker (names omitted in printing).
Oct. 1
do
$1.00
1.00
1.00
1.50
87 90
11.00
11.00
21.50
5 00
16. 50
20.00
51 50
11.00
22.00
5.50
14.00
16.50
10.50
31.50
7.00
6 50
11.00
5.00
10 00
10 50
262 50
22.50
5. 50
12.50
31.00
11.00
5.50
19.00
21.50
26.00
15 50
100.00
10.50
27.50
200 35
3.00
15.00
50.00
11.00
5.50
13.75
11.00
22.00
11.00
27.50
80.90
11.00
300.00
do
1
Interest,
discount,
Amount or commis- Rate pe
of note.
sion col- annum
lected or
charged.
do
Demand
Oct. 1
Demand
July 15
Oct. 1
do
do
. do
do
July 1
July 9
Demand
Aug. 1
Oct. 1
Demand
.. do
July 10
Demand
Oct. 1
July 12
do
Aug. 14
Oct. 15
July 10
Oct. 15
Aug. 1
July 15
July 1
Demand
July 15
Oct. 1
Oct. 15
Demand
Oct. 1
Demand
Oct. 1
.do
do . .
.do
do . .
do
.do.. .
Oct. 15
Oct. 1
Demand
1.50
1.50
1.00
2.00
.50
1.00
1.50
.50
1.50
.50
1.00
.50
2.50
.50
,50
1.00
1.00
.50
2.00
1.50
1.00
.50
Per cent,
4;
3(
3(
2S
10
30
20
27
29
31
31
22
29
47
60
10
57
33
10
10
58
10
40
116
50
19
29
146
28
35
26
10
30
27
23
10
18
10
27
14
21
27
27
27
27
27
25
10
.50
2.50
19.25
1.00
1.00
. 50
1.00
1.00
2.00
1.00
2.50
7.37
1.00
, O K L A . , October 14, 1915.
The above and foregoing is true and complete list of all loans made by this bank
from May 1 to Jane 23, inclusive, showing the amount of each loan, the time for which
made, and the interest, discount, or commission charged, and the computed rate of
such interest, discount, or commission charged.
Cashier of the -
• National Bank, •
• Okla.
STATE OF OKLAHOMA, County of-
Subscrib ed and sworn to b ef ore me,
•, notary public in and for the above
county and State, this 14th day of October, 1915.'
[SEAL.]
My commission expires May 21, 1915.
Notary Public.
REPORT OF THE COMPTROLLER OF T H E CURRENCY.
183
EXHIBIT K.
NATIONAL BANK OF
OKLAHOMA.
Capital and surplus, $60,000; population about 3,000.
Loans made May 1, 1915, to June 23, 1915, upon which a charge of more than the
equivalent of 12 per cent per annum was made, whether as interest, discount or
commission.
Date. 1 Time. Amount.
1915. Months.
May 1
6
1
1
1
6
2
4
5
4
1
5
6
5
6
6
6
6
6
6
6
7
6
7
6
7
6
7
6
7
5
7
1
8
5
8
6
8
1
8
4
10
3
10
5
io
6
6
6
115
12
3
13
1
15
13
5
14
15
5
15
5
15
6
15
6
15
6
15
6
15
15
6
n
n
n
17
17
17
17
18
18
18
19
19
19
20
20
20
20
21
21
21
21
21
21
22
22
22
22
22
3
5
1
6
6
1
6
2
1
5
5
6
5
5
5
5
5
3
5
130
Maker (names omitted in printing).
$100.00
10.00
50.00
1.00
200. 00
60.00
25.00
85.00
12.00
25.00
20.00
30.00
10.00
15.00
75. 00
50.00
10.00
15. 00
30.00
15. 00
60.00
50. 00
40.00
200. 00
15. 00
100.00
6.00
15.00
6.00
30. 00
100. 00
25. 00
50.00
150. 00
75.00
50.00
15.00
50.00
25.00
20.00
50.00
75 00
15.00
10.00
15.00
5.00
75.00
50.00
20.00
25.00
10.00
5.00
25.00
10.00
100.00
20.00
25.00
15 00
20 00
75.00
10.00
50.00
10.00
Interest,
discount,
or commission Rate per
collected annum.
or
charged.
$12.50
1.00
5.00
1.00
25. 00
.75
2.50
10.00
2.00
5. 00
2. 50
4.00
2 50
2.50
12.50
5.00
1.00
2.50
5.00
1.00
3.00
3.00
^.00
25.00
3.00
12.50
1.00
3.00
1.00
5.00
10.00
5.00
5.00
12.50
8.00
8.00
2.50
8.00
3.00
2 50
7.00
5.00
1.00
1.00
2.50
1.00
10.00
6.50
2.00
5.00
1.50
1.00
2.50
2.50
10.00
2.50
3.50
2 50
2.50
7.50
3.00
8.00
1.00
i Days.
Per cent.
25
120
20
20
60
15
20
23
33
40
25
26
50
33
33
24
120
40
30
80
15
24
21
25
40
25
400
80
400
40
24
48
20
16
21
32
33
32
48
30
36
16
80
120
80
240
32
31
120
48
84
240
24
51
20
40
33
40
40
20
120
34
120
184
Date.
REPORT OP THE COMPTROLLER OF THE CURRENCY.
Time.
1915. Months.
5
May 22
6
24
5
24
1
24
6
24
1
24
1
24
6
25
6
26
1
27
1
27
1
27
5
28
1
29
5
29
5
29
5
31
1
31
31
no
June 2
4
2
4
3
5
3
2
4
1
5
51
5
2
5
1
5
5
7
5
7
5
8
5
8
4
9
5
9
5
10
4
10
6
11
6
12
6
12
5
12
1
12
3
12
2
14
15
4
4
18
4
19
1
21
1
22
1
22
Amount.
Maker (names omitted in printing).
$35.00
50.00
38.50
15.00
25. 00
10.00
15.00
45.00
100.00
10.00
75.00
15.00
25.00
15.00
25.00
75.00
25.00
15.00
7.00
10.00
100.00
50.00
10.00
20.00
50.00
15.00
35.00
42.00
21.00
25.00
25.00
20.00
25.00
25.00
15.00
50.00
15.00
15.00
40.00
35.00
30.00
10.00
50.00
25.00
10.00
10.00
25.00
25.00
15 00
Interest,
discount,
or commission Rate per
collected annum.
or
charged.
$6.50
8 00
3.50
1.00
2.50
1.00
1.00
5.00
8.00
1.00
1.00
1.00
5.00
1.00
3.50
7 50
5.00
1.00
1.00
3.00
6.00
8.00
2.00
1.00
1.00
2.00
2 00
1.00
3.00
3.00
5.00
2.50
4.00
5.00
2.50
5.00
2.50
2. 50
4.00
4.00
1.00
2.50
2. CO
5.00
2.00
2.00
1.00
1.50
1.00
Percent.
44
34
24
80
20
120
80
25
16
120
16
80
20
40
33
24
40
80
514
90
18
38
100
60
24
35
30
28
23
28
40
25
48
48
33
14
33
33
30
34
40
100
24
60
50
60
48
72
80
i Days.
STATE OP OKLAHOMA, County of—•
, ss:
cashier of the
• National Bank of -, Okla., do solemnly
swear that the above described loans were made by the above named bank between
May 1, 1915, and June 23, 1915, and that the interest charged as stated above is true
and correct to the best of my knowledge and belief.
•, Cashier.
STATE OP OKLAHOMA, County of—
, ss:
Subscribed and sworn to before me this 11th day of October, 1915, and I hereby
certify that I am not an officer or a director of the
National Bank of
—.
[SEAL.]
, Notary Public.
My commission expires February 15, 1917.
REPORT OF THE COMPTROLLER OE THE CURRENCY.
185
EXHIBIT L.
• NATIONAL BANK OF
, OKLAHOMA.
Capital and surplus, $75,000; population, about 3,000.
Date.
Time. Amount.
1915. Months.
6
May 1
1
1
1
1
3
3
3
5
5
6
6
6
7
7
7
7
8
8
8
8
8
10
11
12
12
14
14
15
15
15
15
15
15
15
17
17
17
17
17
18
18
18
19
19
20
21
21
21
22
22
24
24
25
25
26
26
26
26
27
28
28
28
28
28
29
29
31
June 1
1
4
4
4
4
4
9
3
2
1
3
4
6
1
7
3
5
6
2
3
6
3
6
6
3
3
3
3
6
6
li
5
6
6
6
3
6
6
7
7
3
5
6
6
115
3
4*
1
5
6
6
3
6
6
2
5
5
4
1
6
5
5
5
3
6
5
5
5
MO
1
6
3
1
3
5
7
i 15
2
5
6
Maker (names omitted in printing).
$6.00
5. 00
9.00
3.00
2,00
1. 00
3.04
4.00
4.00
1.00
7.00
3.00
5.00
6.00
2.00
1.50
3.00
3.00
4.50
6.00
3.00
3.00
1.50
4.65
6.00
6.00
1.50
5.00
6.00
7.50
7.50
4.00
3.00
6.00
9.75
9.75
3.00
5.00
6.00
6.00
1.00
1.50
4.50
1.00
$57.00
21.00
26.00
33.00
22.00
6.00
19.54
69.00
9.00
21.00
58.00
18.00
36.00
47.00
25.00
11.50
24.15
44.00
35.50
57.00
79.00
54.00
11.50
126.27
82.00
31.00
76.50
31.00
82.00
108.50
108.50
104.75
12.00
37.00
83.75
83.75
33.00
79.33
67.00
57.00
42.00
27.50
35.50
11.00
31.00
157.40
11.40
9.30
3.00
6.00
135.30
18.00
22.00
3200
45.00
45.00
18.00
35.75
126.50
15.00
56.00
28.00
35.50
63.25
46.00
58.00
30.00
25.00
26.00
26.50
81.00
33.00
17 00
78.00
41.00
109.75
16.50
11.25
31.00
2.00
5.00
3.00
3.00
1.50
4.00
5.00
3.00
3.00
3.00
6.00
5.00
4.00
4.00
1.00
.75
6.00
3.00
1.00
3.00
5.00
8.75
.50
1.00
5.00
13.10
163.85
1
Days.
Per cent.
21
47
46
36
54
200
62
17
88
47
20
66
27
186
REPORT OF THE COMPTROLLER OF THE CURRENCY.
Date.
Time. Amount.
1915. Months.
June 4
5
5
21
6
6
6
8
3
8
6
9
5
3
9
10
6
2
10
5
10
11
2
5
11
2
12
5
12
5
12
12
5
5
12
3
12
6
14
3
14
4
14
14
3
3
14
i1
17
3
17
4
18
1
18
6
18
2
18
2
19
4
19
4
21
4
21
2
15
22
f
22
3
Maker (names omitted in printing).
Interest.
$4.50
3.75
1.00
1.50
15.00
4.80
6.50
5.00
3.00
6.00
2.00
2.50
2.00
5.00
2.00
2.50
5.00
2.50
5.00
3.00
5.00
3.00
4.00
3.00
6.38
21.00
3 00
2.00
.75
6.00
2.00
2.00
4.00
4.00
4.00
.75
3.00
$55.50
104.75
26.80
26.75
216.00
130.80
57.50
81.00
29.00
57.00
23 00
17.50
42.00
56.00
37.00
17.50
80.00
12 50
46.00
29 00
41.00
64.00
90.00
94.00
157.13
144.75
39 00
12.00
25.75
27 00
22.00
53.00
30.00
15.00
25.00
14.75
54.00
i Year.
2
Rate.
Per cen
3
1
3
1
4
2
51
Zi
21
21
32
34
15
48
26
41
24
18
13
12|
16
14
30
50
48
44
54
22
40
80
48
128
22
Days.
THE NATIONAL BANK, OKLAHOMA.
Active Vice President.
Attest:
Cashier.
Subscribed and sworn to before me this 22d day of September, 1915.
My commission expires March 23d, 1919.
Notary Public,
BEPOKT OF THE COMPTROLLER OF THE CURRENCY,
187
EXHIBIT M.
— NATIONAL BANK OF -
—, OKLAHOMA.
Capital and surplus, $30,000; population about 1,000.
COMPTROLLER OF THE CURRENCY,
Washington, D. C.
DEAR SIR: Pursuant to your request of the 14th instant you will find listed below
all loans made May 1, 1915, to June 23, 1915, upon which a charge of more than the
equivalent of 12 per cent per annum was made, whether as interest, discount, or
commission:
Date.
Maturity. Amount.
Maker (names omitted in printing).
Interest.
1915.
May 1
$86. 56
July 1
Oct. 10
30.00
1 Nov. 1
159.00
1 ..do
324.12
1 Oct. 15
51.00
1 . . GO
1.352.25
3 ...do
36.50
8 May 13
201.00
3 Nov. 3
71.00
24.00
3 July 35
5 Nov. 15 1,029.75
46.00
7 Oct. 15
41.00
77 June 7
Nov. 7
37.50
154.60
7 Aug. 7
24.00
7 Aug. 24
8 Nov. 3
30.00
8 Oct. 8
29.00
8 Oct. 15
33.00
29.50
8 Oct. 30
8 July 25
27.00
53.00
13 June 5
1 June 1
51.00
662.55
M July 30
Oct.
10
55.00
U
55.00
14 Nov. 1
June
1
86.76
14
27.50
17 Aug. 1
18 Oct 24 1,598.50
19 Oct. 25
308. 80
105. 88
19 Oct. 17
19 Oct. 1
273. 76
19 Julv 19
21.50
21 Nov. 1
273.00
21
do
35 50
55.00
21 Oct. 19
204.00
20 July 20
20 June 20
38.70
20 Nov. 1
75.00
20 July 1
21.00
22 Aug. 22
206.00
22 Oct. 22
56.00
22 Oct. 18
20.50
24.50
22 Oct. 24
22 Oct. 22
30.00
66.00
24 Oct. 1
26 Nov. 12
24.50
25 June 25
361.60
115 75
25 Nov 1
34.00
25 Oct. 25
27 June 26
203. 00
689 00
15 Oct 35
June 3 Nov. 1
24.00
3 Sept. 3
27. 00
5 Oct. 15
2-5.00
94 00
do
5 . do
55,00
7 Oct. 7
48.00
7 Oct. 15
58.13
9 July 5
51.00
9 Jaly 8
26.00
12 Oct. 35
70.50
12 Oct. 32
42.00
12 Aug. 14
403. 00
12 Oct. 14
42.00
102 00
16 Aug. 16
27. 50
17 Oct. 18
22 Dec. 22
15^.00
12066°—CUR 1915—VOL 1
""""
$3.50
4.00
9.00
19.00
6.00
81.00
4.50
1.00
6.00
1.50
166 506.00
1 00
5.00
4.50
1.50
5.00
4.00
4.50
3.50
1.50
1.00
1.00
10.00
5.00
7.50
1.00
1.50
98. 50
25.00
10.00
39 00
3.00
33.50
5 50
5.00
4 00
1.00
5.00
50
6.00
5.00
2.00
3.50
4.00
fi. 00
4.00
l.fiO
31 '5
4.00
2.00
70 4)
3. 00
S. 00
3. 00
5.00
2.00
5.00
1.00
1.00
9.00
2.00
8.00
2.00
2.00
2.50
14.00
-13
Rate.
Per ccr
188
REPORT OF THE COMPTROLLER OF THE CURRENCY.
The foregoing list is as per your request and shows the highest rate in each case
be equivalent to not more than 37 per cent, as stated in our previous report, with tl
exception of one small discount at 48 per cent, which latter case was either misfigurt
or overlooked in the report.
Your attention is called to the fact that the report rendered on June 23 does n<
state that the average rate of 15 per cent prevailed during the period between stat<
ments, but covered all loans then held by the bank. This was our understanding (
the meaning of the form.
Respectfully,
, Cashier.
STATE OF OKLAHOMA, County of
, ss:
Before me,
, a notary public in and for said county and State, appeared cashier of the
National Bank of •
Okla., who, upon oath, deposes and
says that the foregoing statement of rates on loans are true and correct to the best of
his knowledge and belief, and that said statement is a true copy of the records of the
bank covering the stated period as he understands the request of the Comptroller of
the Currency under dated letter of the 14th instant.
[SEAL.]
.
My commission expires August .23, 1919.
EXHIBIT N.
NATIONAL BANK OF
OKLAHOMA.
Capital and surplus, $30,000; population about 2,500.
Loans made May 1, 1915, to June 23, 1915, upon which a charge of more than the
equivalent of 12 per cent per annum was made, whether as interest, discount, or
commission, and excluding all loans where the total charge made was 50 cents or
less:
Interest,
discount,
Date.
Time.
Amount.
1915. Months.
May 3
5
3
3
5
5
5
5
7
5
7
3
7
1
7
5
7
2
7
3
7
1
7
u
7
8
10
10
12
12
12
12
12
14
15
15
15
15
15
15
15
15
15
17
17
17
17
17
20
21
21
21
*n
i
6
41
1
5
6
1
5
2
5
3
6
5
4-1
41
5
5
4|
4J
3
3
5
5
$13.
15.
107.
83.
72.
55.
53.
11.
12.
5.
18.
61.
81.
21.
31.
35.
61.
112.
275.
93.
87.
188.
6.
55.
44.
35.
68.
12.
24.
29.
14.
32.
6.
33.
11.
19.
107.
14.
12.
55.
11
41
5
Makor (names omitted in printing).
or commission
collected
or
charged.
$3.25
.75
7.50
8.25
7.75
5.75
3.75
1.00
2.50
.75
3.00
1.50
6.75
1.00
6.75
3.50
1.50
12.75
25.75
1.00
10.75
23.50
1.00
5.75
3.75
5.00
8.25
2.50
4.75
4.75
2.50
2.00
1.50
3.75
1.50
3.25
7.50
.95
2.00
5.75
Rate
per
annum.
Per cent.
58
36
18
24
18
24
24
120
60
90
80
80
18
60
40
28
30
30
24
13
29
23
120
25
30
33
29
50
60
50
40
20
85
45
60
40
18
50
60
24
REPOBT OF THE COMPTROLLER OF THE CUBKENCY.
Time.
Date.
Amount.
Maker (names omitted in printing).
189
Interest,
discount,
or comRate
mission
per
collected annum.
or
charged.
1915.
May 21
21
21
21
23
23
23
23
23
23
23
24
21
25
25
27
27
27
28
29
29
29
29
29
29
June 1
i
I
1
1
2
4
4
4
5
5
5
5
5
5
7
7
7
7
8
8
10
10
10
10
10
10
11
11
12
12
12
12
12
12
12
12
14
15
1G
16
Month.
?
5
5
5
4.*
4i
4
2
4
3
5
1
2
4
4
3
5
4
2*
4
4
4
1
1*
4
4
4
0
2
2
4J
4
6
4
4
2
4
5
4
4
1
8
17
1
5
5
5
4
1
1
3^
3.V
5
2
4
5
3
3-V
$35. 75
4G5.75
32.50
398.00
45.75
84.75
84.75
12.00
27.35
30.75
14.75
28.50
51.00
11.00
23.50
13.75
11.00
34.75
7.50
$5.
34.
4.
35.
312.50
146.75
14.25
39.75
149.50
26.00
30.75
21.00
30.75
28.75
12.00
10.85
30. 75
26,00
21.00
18.75
10G. 00
35. 75
8.00
29.75
78.00
2.00
4.75
3.00
2.75
4.00
10. 75
!.00
3i
2
4
1
Draws 7 per cent,
Per cent.
45
14
32
22
30
31
31
60
50
40
70
36
24
60
48
85
190
REPORT OF THE COMPTROLLER OF THE CURRENCY.
STATE OF OKLAHOMA, County of
, ss:
The attached two sheets constitute all loans made during the period mentione
and in the category outlined. In some instances rates are only approximately co
rect, and we have in a few instances counted even months, when the exact time (
the loan was a few days over or under the even months.
, Cashier.
Subscribed and sworn to before me this 22d day of September, 1915.
[SEAL.]
, Notary Public.
My commission expires March 12, 1919.
EXHIBIT O.
NATIONAL BANK OF •
—, OKLAHOMA.
Capital and surplus, $00,000; population about 6,000.
Loans made May 1, 1915, to June 23, 1915, upon which a charge of more than the
equivalent of 12 per cent per annum was made, whether as interest, discount, or
commission.
Date.
Time. Amount.
1
Maker (names omitted in printing).
Interest,
discount,
or commis- Rate per
sion col- annum.
lected or
charged.
1915.
May 1
1
]
1
1
1
4
4
4
4
4
5
5
5
7
7
7
7
7
7
7
7
7
7
8
8
8
8
8
8
8
8
8
8
8
8
10
10
10
10
10
10
10
Days.
164
150
164
164
164
164
164
164
164
60
164
164
57
30
60
177
161
160
160
45
158
158
158
158
90
158
158
158
158
158
157
157
157
157
157
157
157
157
157
157
157
157
155
155
155
180
155
155
95
$28.00
20.00
10.00
50.00
25.00
10.00
20.00
5.00
50.00
25.50
50.00
45.00
25.00
52.10
46.00
120.00
75.00
20.00
50.00
40.00
20.00
50.00
30.00
20.00
25.00
50.00
30.00
30.00
20 00
5.00
10.00
25.00
25.00
5.00
25.00
75.50
30.00
75.00
25.00
25.00
10.00
40.50
50.00
25.00
10.00
25.00
5.00
50.00
10.00
Per cent.
£3.50
2.00
1.00
6.00
3.00
1.50
2.50
.75
5.00
1.00
5.00
6.75
1.25
1.00
1.00
15.50
7.50
2.50
6 00
1.00
3. 00
7.50
4.00
2.50
1.00
5. CO
3.50
3.50
2.50
.75
1.00
3.50
2.50
.75
3.00
7.50
4.00
8.50
3.50
2.50
1.50
4.00
7.00
2.50
1.50
2.50
.75
7.00
1.00
24
24
22
30
30
30
27
30
22
24
22
33
30
24
13
26
22
27
27
20
33
33
31
23
15
23
27
27
33
2i
32
21
33
27
23
3)
27
32
23
33
23
32
24
33
24
33
32
21
REPORT OP THE COMPTROLLER OP THE CURRENCY.
Date.
Time. Amount, i
Day a.
90
155
155
157
150
180
152
152
152
151
152
150
152
153
150
150
180
150
150
158
157
150
150
150
150
150
150
151
150
150
150
150
150
150
148
60
194
150
150
17 ! 150
17 I 133
103
17
150
17
90
13
117
IS
147
18
147
18
90
18 !
IS j 147
72
10 |
CO
20
145
20
145
20
20 | 145
145
20
145
20
145
20
144
21
144
21
144
21
129
21
144
21
21 I Hi
144
21
144
21
1915.
May 10
10
19
10
10
10
13
13
13
14
13
15
15
15
15
15
15
15
15
15
15
15
15
15
15
15
15
15
15
15
15
15
15
15
17
17
22
It
24
24
24
24 I
113
14.1
143
159
143
113
143
53
141
1*0
141
141
111
111
141
$25. 78
25. 00
25.00
60.00
5.00
15.00
25.00
25.00
32.50
25.00
10.00
25. 00
20.00
10.00
15.00
25.00
45.00
5=00
10.00
20.00
20.00
25.00
30.00
SO. 00
20.00
25.00
50.00
15.00
20.00
20.00
50.00
25.00
15.00
75.00
35.00
15.00
25.00
50.00
25.00
10.00
200.00
125.00
10.00
20.00
50.00
50.00
15.00
75.00
5.00
150.00
25.00
'25.00
15.00
35.00
12.00
60.00
15.00
15.00
50. 00
50.00
77.50
10.00
35.00
54.00
75.00
1-5.00
25.00
147.50
50.01)
15.00
75.00
20.00
30.03
25.03
300. 00
20.00
25.03
10.00
15.00
20.00
Maker (names omitted in printing).
191
Interest,
discount,
or commis- Hate per
sion col- annum.
lected or
charged.
$2.72
2.50
2.50
1.50
2.53
2. ,50
2.50
1.5")
2.50
2.53
1.53
1.50
2.50
3.00
. 75
1.00
2.50
2.00
2.50
3.00
3.00
2.00
2.50
5.00
2.00
2.50
2.00
5.00
2.50
2.03
8.03
3.50
1.03
2.50
5.00
2.50
1.00
10.50
8. .50
1.00
1.00
5.00
5.00
1.50
3.00
.75
5.00
1.25
2.50
1.50
3.50
1.50
5.00
1.50
2.00
5.03 |
5.03
7..r0
1.03
4. (10
5.50
7. .50
1..50
5'-5
3'. 03
1..50 !
7.50 !
2.00 I
1.00 !
3.03 !
20.50 I
2.00 !
2.50!
I.Of) I
1.50 !
2.00 1
Per cent.
24
24
24
32
33
24
24
24
24
24
33
24
30
33
30
24
13
33
24
25
24
30
25
25
192
Date.
1915.
M a y 25
25
25
25
26
26
26
26
28
27
27
2?
27
27
27
27
27
27
27
27
27
28
28
28
28
28
28
28
28
28
28
28
28
28
29
29
29
29
29
29
29
29
29
31
31
31
31
June 1
1
1
1
1
1
1
1
1
1
1
1
2
3
3
3
3
5
3
5
5
5
5
5
5
5
5
5
5
5
5
REPORT OF THE COMPTROLLER OF THE CURRENCY.
Time. Amount.
Days.
140
215
140
136
30
139
32
139
145
60
138
138
138
157
138
143
138
161
138
13S
90
137
77
137
137
137
137
137
77
137
137
137
137
137
136
136
156
136
130
136
90
138
136
134
134
134
134
134
136
134
134
60
136
133
30
99
139
113
131
133
132
120
132
60
130
€0
130
130
130
136
130
130
no
130
130
130
130
130
130
130
130
81
$10.00
50.00
125.00
100.00
35.00
50.00
51.50
101.70
100.00
20.00
25.00
10.00
50.00
209.50
10.00
15.00
75.00
25.00
25.00
70.00
21.64
20.00
15.00
50.00
40.00
100.00
15.00
12.00
15.00
30.00
25.00
40.00
15:00
25.00
50.00
20.00
65.00
15.00
50.00
25.00
75.00
25.00
10.00
25.00
75.00
25.00
40.00
40.00
50.00
10.00
20.00
15.00
15.00
6.00
200.00
75.00
7.50
20.00
25.00
10.00
22.75
30. 00
77.00
40. 00
25. 00
40.00
25. 00
25. 00
20.00
15.00
35. 00
10.00
10.00
30.00
10,00
15.00
25.00
15.00
75. 00
35.50
13.10
20.00
Ma ser (names omitted in printing).
Interest,
discount,
or commis- Rate per
sion col- annum.
lected or
charged.
Per cent.
$1.00
5.00
8.50
6.00
1.25
5.00
1.00
9.00
6.00
1.00
2.50
1.50
5.00
21.45
1.00
1.50
7.50
3.00
2.50
7.00
2.00
2.00
1.00
5.50
4.00
8.50
1.50
1.25
1.00
3.00
2.50
4.00
1.50
2.50
5.00
2.00
4.00
1.50
5.50
2.50
3-00
2.50
1.00
2.50
7.50
2.50
4.00
4.00
5.00
1. 00
2.00
1.00
1.50
.60
4.00
3.00
.75
2.00
2.50
1.00
2.25
2.00
7.50
2. 50
2.50
1.00
2. 50
2.50
2.00
1.50
3.50
1.00
1.00
3.00
1.00
1.50
2.50
1.50
7.50
3.50
1.00
2.00
25
17
IS
17
40
25
24
24
15
30
25
35
26
24
26
26
26
27
26
26
25
26
33
28
26
23
26
27
33
26
26
26
26
26
26
26
15
26
27
26
16
28
27
27
27
27
27
27
27
27
27
37
27
2S
2t
16
27
27
27
27
27
20
26
36
27
15
27
27
27
27
27
27
27
27
27
27
27
27
27
27
26
27
REPORT OF THE COMPTROLLER
193
OF THE CURRENCY.
Interest,
Date.
Time. Amount.
1915.
Daur.
128
128
128
136
123
GO
131
127
127
127
127
127
127
130
60
126
36
12G
127
130
130
130
150
125
125
90
30
123
90
123
1G0
123
123
123
169
123
123
123
123
123
123
123
123
121
60
121
121
120
136
119
30
119
118
118
90
118
118
180
120
116
30
107
45
116
73
116
114
June 7
7
7
7
7
7
8
8
8
8
8
8
8
9
9
9
9
9
9
9
10
10
10
10
10
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
11
14
14
14
15
15
16
16
16
17
17
IS
18
18
19
19
19
19
19
19
19
19
19
21
Maker (names omitted in printing).
$25.00
10.50
20.00
25.00
100.00
100.00
10.00
25.00
25.00
30-00
10.00
35.00
10.00
20.00
15. 75
21.25
103. 75
10.00
50.00
15.00
15.00
15.00
35.00
15.00
10.00
25.00
60.75
8.00
10.00
10.00
60.00
40.00
10.00
16.35
75.00
35.00
15. 00
15.00
15. 00
40.00
25. 00
23.00
12.00
20.00
60.00
20.00
15.00
40.00
25. 00
10.00
50.00
30. 00
25. 00
25. 00
20. 50
40. 00
10. 00
30. 00
20. 00
10.00
75. 00
25. 00
25.00
15.00
41. 50
20. 00
25.00
STATE OF OKLAHOMA, County of
discount,
or commission collected or
charged.
$2.50
1.50
2.00
2.50
5.00
2.50
1.00
2.50
2.50
3.50
1.00
3.50
1.00
2.00
1.00
2.25
2.00
1.00
5.00
1.50
1.50
1.00
2.50
1.50
1.00
1.00
.75
.80
1.00
1.00
6. CO
4.00
1.00
1.G5
5.75
3. 50
1.50
1.50
2.00
4.00
2.00
2.00
1.20
2.00
1.50
2.00
1.50
4.00
2.50
1.00
1.00
3.00
2. 50
2.50
1.50
4.00
1.00
2.00
2.24
1.00
1. 50
2.00
1.00
1. 50
1. 75
2.00 i
2.50 I
Rate per
annum.
Per cent.
27
3C
27
27
15
15
27
27
27
28
27
27
27
27
36
28
18
27
28
28
28
24
16
28
28
16
15
28
28
28
30
28
28
28
20
28
28
28
33
28
24
, ss:
I? .
National Bank of —
f cashier of Tho
7 Oklahoma,
do solemnly swear that the above statement is truo and correct to tho b:st of my
knowledge and belief.
Cashier.
Subscribed and sworn to before; mo on this 27th day of September, 1915.
1 Notary Public.
My commission expires, May 4, 1919.
194
REPORT OF THE COMPTROLLER OF THE CURRENCY.
EXHIBIT P.
SPECIMEN LIST OF USURIOUS LOANS MADE TO A WOMAN BY A NATIONAL BANK.
A certain national bank, in response to request from this office, sent in a list of
loans made by it since the preceding call upon which it had charged interest at the
rate of 12 per cent or more.
From this list of borrowers one name was selected, at random, to whom several loans
had been made during the preceding 60 days at usurious rates, and the bank was
requested to send a list of all loa:as which had been made to this borrower during
the preceding 12 months.
In reply to that request the bank submitted, under oath, a list of 29 loans which had
been made to this borrower who, upon investigation, was found to be a woman who
owned a farm about 6 or 7 miles from the town in which the national bank was located.
The bank when asked for what purposes the money was borrowed professed ignorance,
but stated that it thought that one loan of $110 for 30 days, upon which interest at
the rate of 120 per cent was charged, was for the purchase of a horse. The bank
furthermore stated that all of the loans to this borrower had been paid in full.
The following is a copy of the affidavit made by the bank as to the loans and the
rates of interest charged. In five cases the interest appears to have been incorrectly
calculated by the bank, and the figures placed in parentheses are those inserted by
this office as being apparently the figures intended.
[Copy of affidavit of bank.]
THE NATIONAL BANK OP
Hon, COMPTROLLER OF CURRENCY,
Octoher
,
12
1915
>
'
Washington, D. C.
DEAR SIR: We acknowledge receipt of your telegram of the 11th instant * * *.
The following is a list of the notes made to this bank for the past 1.2 months as
requested:
Interest,
discount,
Date.
Time.
Amount.
1914.
Oct. 12
20
Nov. 5
10
Dec. 1
12
17
IS
28
Days.
30
30
25
15
30
19
14
60
34
1915.
Jan. 30
60
433.00
Feb.
26
35.25
12 Demand.
23
3
17
13
14
IG
10
20
5
25
120.00
620.25
22.00
7.00
6.00
6.00
Mar.
5
$11.00
21.50
33.00
27.00
162.50
27.00
55.00 j
97.50
377.00
Apr. 10
20
28.00
17
13
12.00
19
11
23
2G
27
May 1
3
10
25
July 10
7 ,
4
3
30
27
20
5
30
Sept. 13
48
5.00
29.50
11.00
7.00
110.00
6.00
23.50
3.50
58.50
20.00
or commis- Rate per
sion colannum.
lected or
charged.
Maker (name of borrower not printed).
!
|
$1,00
1.60
2.00
2.00
5.00
2.00
5.00
7.50
15.00
24.50
7.2o
(3G3 per
cent)
Per cent.
120
90
93
195
36
151
259
50
44
1
5.00
30.00
2.00
1.00
1.00
1.C0
3.00
(219 per
cent)
2.00 1
(561 per
cent)
1.00
(830 per
cent)
2.00
1.00
1.00
10.00
1.00
3.5a
.50
1
[
I
5. or
5.0)
(253 per
cent)
I
36
112
75
77
210
42Q
720
1,450
1,080
1S3
G82
383
900
2, COO
120
2G7
315
1,200
113
187
195
REPORT OP THE COMPTROLLER OF THE CURRENCY.
STATE OP
County cf~
, ss:
I,
—, do solemnly swear that
cashier of the National Bank of ,ofthe above constitutes a complete list of the notes made to this bank for the past 12
months by
; and that the same is true and correct to the best of my knowledge
and belief.
Cashier.
Subscribed and sworn to before me this the 13th day of October, 1915.
__} Notary Public.
EXHIBIT Q.
In response to a request made of a certain national bank in Oklahoma reporting a capital and surplus of $30,000 for a list of all loans
made by it upon which it had charged interest in excess of 12 per
cent per annum from January 1, 1915. to November 10, 1915, the
following was submitted under oath:
Hon. JNO. SKBLTON WILLIAMS,
Washing ton J D. C.
NATIONAL BANK OF
,
, OKLA., December 20, 1915.
DEAU SIR: Herewith list of notes requested by you in your letter of the 3d inst.:
Date.
Jan. 4,1915
Do
Jan. 5,1915
Do
Do
Do.......
Do
Jan. 6,1915
Jan. 7,1915
Do
Do
Jan. 8, 1915
Jan. 9,1915
Do..
Do
Do
Jan. 11,1915
Do.......
Do.......
Jan. 13,1915
Jan. 14,1915
Do.
Jan. 15,1915
Jan. 18,1915
Do
Do
Do
Do
Jan. 19,1915
Do
Do
Jan. 20,1915
Do
Jan. 21,1915
Do.......
Do
Do
Jan. 23,1915
Do
Jan. 25,1915
Do.......
Jan. 26,1915
Jan. 29,1915
Jan, 30,1915
Time.
32 days
6 months..
9 months..
216 days...
56 days..
216 days..,
6 months.
9 months.,
..do.
do...
do...
30 d a y s . . .
6 months.,
51 day
261 days...
6 months.,
.do.
2 months..
200 days...
6 monihs..
18 days
.do.
31 d a y s . .
135 da vs.
') da-.-s'.
2C2davs.
195 d a v s .
10 d a y s .
161 d a y s .
191 d a y s .
211 days.
60 d a y s . .
250 days.
do.
39 d a v s . .
60 d a v s .
10 d a y s . .
60 d a y s . .
..do.
215 davs.
do...
184 d a v s .
100 d a y s .
35 d a y s . .
Amount. Maker (names omitted in printing).
$41.25
370.00
80.00
137.00
100.00
125.00
100.00
125.00
277.00
93. 50
108. 00
391.00
75.00
450.00
375. 00
52.00
72.00
115.00
40.00
154.50 !
50. 00 I
14.00 !
11.00
3.12.00
125.00
5.00
145.00
75.00 !
150.00 !
34.50
205.00
19. 00 i
140.00 !
23.00 |
22.00
21.00
23.00
135.00
125.00
100.00
34.00
18.50
Amount of
interest,
discount, Rate
or commis- per
sion col- annum.
lected or
charged.
$0.96
50.50
10.00
22.00
10.00
27.00
70. 00
25, 00
25.00
25.00
50.00
3.c0
IS. 00
11.25
15.00
50.00
32. cO
2. 00
9. 00
11.50
1.40
1.50
1.00
3.00
LOO
50.00
17.00
1.00
20, 00
15. 00.
32. m
2.00
24.84
4.00
15.00
3.00
1.00
4.00
3.00
35.00
25.00
14.00
6.00
1.50
P.ct.
24
16
21
64
30
30
26
33
26
24
45
33
20
27
22
17
24
17
20
70
20
24
57
654
20
24
720
30
37
31
30
17
31
96
78
163
100
78
38
29
24
43
196
REPORT OF THE COMPTROLLER OF THE CURRENCY.
Date.
Jan. 30,1915
Feb. 3,1915
Do
Do
Do
Do..
Do
Do
Feb. 5,1915
Do
Feb. 6,1915
Do
Do
Feb. 9,1915
Do
Do
Feb. 12,1015
Feb. 13,1915
Time.
31 days...
30 days...
do....
238 days..
.do.,
.do.,
.do..
175 days..
235 days..
174 days..
do
do
27 days....
231 days...
do
228 days...
30 days....
18 days
228 days...
135 days...
125 days...
3montlis..
2 months..
75 days
225 days...
5 days
224 days...
13 days....
222 days...
30 days
Do
Do
Feb. 15,1915
Do
Feb. 16,1915
Do
Do
Do
Do
Feb. 17,1915
Do
Feb. 18,1915
Feb. 19,1915
Feb. 20,1915 30 days....
Feb. 23,1915 158 days...
128 days...
Do
Feb. 24,1915
Feb. 25,1915
Feb. 26,1915
Do
Mar. 1,1915
Do
Do
Do
Do
Mar. 4,1915
Mar. 5,1915
Do
Mar. 6,1915
Do
Do
Mar. 8,1915
Mar. 9,1915
Do
Mar. 11,1915
Do
Do
Mar. 12,1915
Do
Do
Do
Mar. 13,1915
Do.
Do....
Do....
Do
Mar. 16,1915
Do.'.
Mar. 17,1915
Mar. 19,1915
Mar. 20,1915
Do..
Do
Do
Do.
Do
Do....
Do
Mar. 22,1915
Do
216 days...
15 days....
34 days....
do.
5 months..
7 months,.
30 days....
5 months..
7 months..
27 days....
26 days....
205 days...
30 days....
204: days...
184 days...
15 days....
81 days....
21 days....
9 days
30 da vs..
1 month..
30 days...
198 days..
60davs...
113 days..
197 days..
197 days..
.do.
3 months...
197 days...
94 days..,
195 days...
30 day?....
190 days.,
do"..
115 days..
60 days...
do.
190 days..
130 days..
1 month..
130 days..
188 days..
23 days...
Amount.
§12.00
17.00
108.25
110.00
50.00
.00
125.00
60.85
162.00
180.00
84.00
43.00
780.00
14.00
92.00
132.50
200,00
11.00
12.00
280.00
325.00
120 00
69.00
34.00
105.00
115.00
87.25
63.00
29.90
60.30
11.00
30.00
49.00
28.00
365.00
31.00
37. bO
62.60
305. CO
4. CO
165.DO
50
25.03
40. 00
42. 50
45.00
65.00
3.00 !
30.00 !
25.00 i
20.00 i
11.5(1
15.00
31.0C
62.50
78.00
55.00
165.00
60. 00
30. 00
32. 50
16. 00
90. 00
113. 00
17. 50
50.00
50. 00
54. 00
12. 00
11.00
50. 00
16.00
35. 00
23. 00
13. 00
27.50
Maker (names omitted in printing).
Amount of
interest,
discount,
Rate
or commis- per
sion col- annurr.
lected or
charged.
$2.50
2.00
2 00
16.50
10.45
16.00
20.00
10.70
37.00
50.00
9.00
8.00
130.00
1.50
17.00
22.50
20.00
2.00
3.00
30.00
40.00
20.00
4.00
4.00
5.00
15.00
9.25
13.00
2.00
10.00
1.00
5.00
9.00
3.00
65.00
1.00
1.00
7.50
12.50
40.00
1.00
15.00
12.00
.50
1.00
10.00
2.50
10.00
15.00
1.00
5.00
1.50
1.00
1.50
2.00
1.00
12.50
8.00
5.00
15.00
10.00
5.00
7.50
2.00
20. 75
13.00
2.50
10.00
10.00
4.00
2.00
1.50
9.00
3.00
5.00
3.00
3.00
.50
P.ct.
25
15
2
2
2
2
2<
&
41
%
3(
SI
145
3C
27
15
218
333
17
32
25
24
70
22
20
24
30
190
27
109
200
40
30
30
200
34
31
45
32
300
21
39
123
55
44
80
39
41
833
74
103
154
156
160
38
36
171
32
16
30
30
92
22
90
20
128
37
37
23
100
81
36
52
171
34
40
27
197
REPORT OF THE COMPTROLLER OF THE CURRENCY.
Date.
liar. 22,1915
Mar. 23,1915
Mar. 24,1915
Mar. 27,1915
Do
Do
Mar. 29,1915
Do.
Mar. 30,1915
Do
Apr. 1,1915
Apr. 2,1915
Do
Do
Do
Apr. 3,1915
Do
Do
Do
Do
Do.
Apr. 5,1915
Do.
Do
Apr. 7,1915
Apr. 8,1915
Do
Do
Do
Apr. 10,1915
Do..
Do
Do
Do
Apr. 12,1915
~ Do
Do
Do
Do.
Apr. 14,1915
Do
Do
Do
Apr. 15,1915
Do
Do
Do
Apr. 16,1915
Do
Do
Do.......
Do
Apr. 17,1915
Bo
Do
Do
Do
Do
Do
Do
Apr. 19,1915
Apr. 19,1915
Do
Apr. 20,1015
Apr. 21,1915
Do
Apr. 22,1915
Do
Do
Apr. 23,1915
Do
.
Do
Do
.
Apr. 24,1915
* Do
Do
Do
Apr. 26,1915
Time.
Amount.
188 days...
15 days...,
6 months..
184 days...
month...
94 days..
6 months..
122 days
7 months
4 months
60 days
3 months
29 days
30 days
do
180 days
150 days
90 days
180 days
do.
.do.
25 days.,
$75.00
25. 00
336.00
26.00
5.50
163 days
.do.
118 davs
162 da-:;
1 month
163 (lavs
3 month;'
3 months
101 davs
100 davs
30 days
.do
loSdavs
188 (lav,,
! 2? davs.,
! 157dav3.
.do..
30days....
29. 75
72.53
109. 50
9.00
68.50
10.50
50
34.00
I
j
j
22 days
30
49 davs
1 month
36 da45 days" ['.".'.'.'.'.'.'.'.'. I
$6, 50
1.00
36.00
6.00
.50
6.00
.50
2.75
12. 50
9.50
2.00
8.50
.50
1. 50
8.00
15. 00
20. CO
3.50
3. 50
4.00
12.50
26.00
!.00
3 months
9 days
30 days...,
do....
60 days...
52 days
60 days
20 days
do
30davy
36 days
9 days
168 days
21 days...
168 days
138 days
167 days
60 days....
167 days
165diys
di
.....do
d.)..
164 days
14 davs
44 davs
9 davs
90 davs... .
Maker (names omitted in printing).
115.00
100.00
43.50
13.50
16.00
62.50
5.50
5.00
33.00
2.50
18.00
12.50
40.00
175. 00
12.50
32.50
2.00
13. 00
145. 00
40.00
26. 00
16.00
29.00
12.50
31.00
13.00
85. 00
150. 00
12. 00
34.25
103. 00
130. 00
7.00
26.00
17,50
1
29.00
7.00
45.00
3o. 00
35. GO
16. 5,3
20.00
17.50
62.50
39. Of)
135.00
.381.00
45.00
5. 50
XI. 00
US. 00
04. 25
3. CO
19.
30.00
1. 00
3.00
. 50
3.00
2. .->)
5.0')
3. 5)
2 . r, »
2 . F,)
42*! 00
17
100
46
J09
46
36
30
30
26
133
49
m
278
26
47
31
50
50
40
130
240
36
800
200
240
75
U
120
90
900
32
50
l.cA vn
6 . i •) .
3
"•)
20. '* '
3'U1.'!
'2..-I)
4.
36
31)
9.! •,
30.« •
1. '
2. A)
4!' ;
5. (•()
6. 00
10 <\)
4. :>o
J2 ;
5 '
42
44
37
171
44.
GO
29
40
109
V)9
IG.50
13.00
6.50
11.00
22.50
Amount of •
interest, j
discount, j Rate
or commis- j per
sion col- j annum,
lected or |
charged. !
• "I
34
38
.109
305
270
ISO
109
HI
40
198
Date.
REPORT OF THE COMPTROLLER OF THE CURRENCY.
Time.
Amount.
Makor (names omitted in printing).
Amount of
interest,
discount,
Rat
pe
or commission col- annui
lected or
charged.
I
A p r . 26,1915 154 days
72 days
Do
30 days
Do
60 days
Do
A p r . 27,1915 60 days
A p r . 28,1915 20 days
10 Gays
Do
X>o
ISodavs
Do
90 davs
Do
30 davs
A p r . 30,1915 150 days
Do..
3 monihs
Do
60 davs
May
1,1915 60 days
Do
5 months
Do
do
Do
30 days
Do
do
Do
5 months
Do
30 days
Do
Do
.do..
Do
May 3,1915
27 days.
Do
Do
3 months
5 months
Do
1 month
Do
do
Do
Do
2 months
Do
30 days
May
4,1915
do
Do
do
.....do
Do
3 months
Do
May
5,1915 30 days
do
Do
May 6,1915 24 days
5 months
Do..
do
Mav
7,1915
.....do
'Do
23 days
Do
May 8,1915 5 months
do
Do
do
Do
do..
Do
30 days
Do
do
Do
do.
Do
May 13,1915 2 months
20 days
Do
4 months, 20 days.
Do
2 months, 5 days..
Do
4 months, 20 days.
Do
May 13,1915 4 months, 15 days.
Do
do
Do
!
do
May 14,1915 | 2 months, 15 days.
Do
4 months, 15 days.
3 months
Do
Do
15 davs
May 15,1915 3 months
4 months, 15 days.
Do
.do
Do
Do
4 months
D o . . . . . . . 4 months, 15 days.
Do
X month.
Do
| 3 months, 15 days.
Do
| 4 months, 15 davs.
Do
i
do
May 20,1915 1 month
4 months, 10 days.
Do
May 21,1915 2 months
Do
1 month
do
May 22,1915
4 months 10 days..
Do
1 month
....
Do
20 days
Do
.50
32.00
17.50
S3. 50
23.00
8.75
6.50
26.00
20.00
11.00
21. CO
52.50
3:2.50
3 7 .00
35.00
167.50
3(1.00
110.00
1-'. 50
26.00
10.50
4.00
6.00
6.00
26.00
23.75
28.50
16.00
19.00
135 09
650
9. 50
6. 00
3.00
67.50
15.50
32. 50
20.50
245.00
7.00
13.00
18.50
14.00
20
13. 33
73.85
25.00
15.00
24.00
23.50
9. 50
77. l>0
21.25
127.00
4'i,
112. CO
26.00
42.00
18.27
4.53
33.
12.00
69.00
108.00
26.
13.;. oo
22.50
29.00
!.00
36.00
13.0C
21.
12.00
V>2.50
23.00
2.50
$2.50
2.00
2.50
3.00
3,00
1.25
1.50
6.00
5.00
1.00
2.00
2.50
7.50
2.00
10.00
37.50
2.00
10.00
2.50
1.00
P.ct
1
1
2
1
1
1
1
.50
1.00
1.00
1.00
1.00
3.25
8.50
1.00
3.50
10.00
1.50
1.50
1.00
1.00
7.50
1.50
7.50
3
2
2
o
3
2
2
4
1
2
.63
45.00
2.00
2.50
.50
4.00
.85
3.00
10.50
.70
.25
3.00
4.00
3. 50
2.00
2.50
6.25
15.00
8.75
12.00
1.00
7.00
3.27
1.00
3.50
2.00
9.00
8.00
1.25
3.00
7.50
4.00
2 25
L25
6.00
3.00
3.00
2.00
22.50
3.00
.50
2
1
3
4
3
1
2
1
2
2
1
3
REPORT OP THE COMPTROLLER OF THE CUKEENCY.
Date.
Time.
May 22,1915 23 days
2 months 7 days...
Do
4 months 7 days
Do
4 months 6 days...
Do
Do . . . . . . do
25 davs
Do
May 24,1915 4 months 6 days...
May 25,1915 5 days
1 month..
Do
3 month?
Do
May 26,1915 4 months
Do
1 month
May 27,1915 4 months
1 month, 15 days
Do
May 28,1915 15 days
Do
2 months
Do
1 month
4 months...
Do
do
Do
May 29,1915 2 months
Do
4 months
Do
1 month
Do
6 davs
Do
4 months . . .
rin
Do
Do
i 3 months
Do . .
] 1 month
Do
'
rin
2 months
Do
Do
15 davs
Do
4 months
June 1,1915 23 davs
Do
1 month
Do
. . . . do
Do
1 month
4 months
Do
3 months
Do
June 2,1915 1 month
Do
10 davs
Do .
8 days
15 days
Do
June 3,1915 1 m^nth
A months
Do
June 4,1915 3 month s
4 months
Do
Do . . . .
.do
do
Do
do
June 5,1915
D o . . . . . . . 2 months
1 month
Do
Do
do
Do
do
4 months
Do.
1 month
Do
Do . . . .
do . . . . .
4 months
Do
Do . . . . 1 month
4 months
Do
1 month 10 days
Do
June 7,1915 1 month
Do
do
Do
4 months
June 8,1915 1 month
Do
2 months
Do .
1 month
Do
do
3 mouths
Do
June 10 1915 3 months 20 days
3 months
Do '
2 months 20 davs
Do
June 11,1915 4 months
2 months
Do
Do.
do ..
Do
5 days
June 12,1915 1 month, 20 days
2 months . .
Do
3 mnn fhs. 1.1 d n vs
Do
D o . . . . . . . ' 1 month, 20 days..
Amount.
$11 £0
11.00
9 00
13. CO
8.00
12 00
20.00
3 50
30.00
25.00
30 00
36. CO
24 00
17 00
3.50
19 00
6.00
60.00
7 00
43.00
63 00
11.00
3. CO
35 00
43 00
25.00
17.00
34 00
21.00
4.00
1G.00
3 CO
23 00
50.50
7 00
24.00
50.00
25.00
10 50
4.00
11.00
14 00
151 50
15 00
32 50
38.00
21 00
4-9- 00
33.00
10.50
5.50
11.00
23.00
11.00
23 00
14.00
7 00
108 00
133 50
21 00
fi 50
21 00
71.50
11 50
12 00
14. 00
15» 00
40.00
145 00
108 00
16.00
20.00
6 00
11 75
17.00
15 00
32.00
Maker (names omitted in printing).
-
-----
-
199
Amount of
interest,
discount,
Rate
or commis- per
sion col- annum.
lected or
charged.
$1.50
1.00
1 80
3.00
2.00
2.00
5.00
,50
5.00
5.00
5,00
.80
4.00
2.00
.50
4.00
1.00
10.00
1.25
3.00
8.00
1.00
1.00
7.00
2 00
5.00
2.00
1.00
1.00
1.00
1.00
.50
3.00
1.50
1.00
4.00
3.00
5.00
.50
1.00
1.00
.50
9.50
3.00
7.50
5.00
3.00
4.50
3.00
.50
.50
1.00
8.00
1.00
1.00
4.00
2.00
8.00
10.00
1.00
1.50
1.00
5.00
1.50
2.00
1.50
9.00
7 50
10.00
20.00
8.00
3.50
5.00
1.00
1.25
2.00
3.00
2.00
P.ct.
200
50
60
34
100
240
80
1,200
200
100
50
26
48
75
400
135
200
60
53
45
40
120
2,400
70
15
100
160
36
30
800
20
300
ISO
36
200
60
24
300
180
1,600
240
40
192
100
100
45
45
30
60
60
120
120
100
120
30
120
400
24
75
60
3G0
14
90
90
120
130
24
100
100
70
24
140
200
1,820
125
85
100
40
200
REPORT OF THE COMPTROLLER OF T H E CURRENCY.
Date.
Time.
June 12,1915
June 14,1915
June 15,1915
Do
Do
June 16,1915
Do
Do
June 17,1915
Do
June 18,1915
June 19,1915
Do
Do....
Do
Do....
Do
Do
Do
Do
Do
June 21,1915
Bo
Do
Da
Do
Do
Do
June 22,1915
Do
Do
Jan. 30,1915
Feb. 5,1915
Feb. 12,1915
Mar. 3,1915
Mar. 13,1915
Mar. 16,1915
Mar. 20,1915
Mar. 25,1915
Apr. 10,1915
Apr. 17,1915
Apr. 19,1915
Apr. 23,1915
Apr. 26,1915
Apr. 27,1915
May 1,1915
May 3,1915
May 10,1915
May 25,1915
July 10,1915
Sept. 13,1915
June 21,1915
June 22,1915
June 23,1915
Do
June 24,1915
June 25,1915
Do
June 26,1915
Do
Do
June 28,1915
June 29,1915
Do
June 30,1915
July 1,1915
Do
Do
July 2,1915
July 1,1915
July 3,1915
Do......
Do
Do
Do
Do
Do
July 6,1915
Do
1 month, 20 days..
3 months, 15 days..
15 days
2 months
2 months, 15 days..
1 month, 15 days...
15 days
2 months
,
1 month
3 months, 15 days..
7 days
1 month, 15 days...
1 month
15 days
2 months
.do.
3 months, 10 days.
1 month
15 days
10 days
3 months, 10 days.
1 month
do.
15 days
3 months
.do.
1 month, 20 days..
10 days
I month
3 months, 10 days.
3 months
60 days
26 days
Demand
23davs
17 days
14 days
10 days
5 days
20 days
13 days
II days
7 days
4 days
3 days
30 days
27 days
20 days
5 days
30 days
48 days
10 days
30 days
97 days
do.
30 days.
35 days.
5 days.
34 d a y s . . .
3 months..
19 d a y s . . .
93 d a y s . . .
4 months..
10 d a y s . . .
30 d a y s . . .
15 d a y s . . .
3 months..
do.
30 days.
.do.
12 days.
28 days.
19 days.
90 days.
.do.
do..
do..
30 days.
84 days.
Amount of
interest,
discount, Rat
Amount. Maker (names omitted in printing). or commis- pe
sion col- annu
lected or
charged.
$19.00
27.50
,00
17.00
14.00
12.00
2.00
20.00
6.00
22.50
2.00
10.50
23.00
10.50
L9.50
LI. 00
L9.00
28.00
2.50
38.00
53.50
12.00
53.50
6.00
27.50
. oo
3.0.00
11.00
1.50
18.00
3S0.00
423.00
35.25
120.00
620.25
22.00
7.00
6.00
i.00
28.00
12.00
5.00
29, 50
11.00
7.00
113.00
3.00
23.50
3.50
5B.50
20.00
11.00
.5.00
53.50
12.00
1,5.30
13.50
3.50
10.
11.00
10.00
11
5ii. 00
50.00
'.25
2t\. 00
132.00
17.00
If.. 50
22.00
22.00
31c. 00
10C. 00
2^.00
£.00
i.50
19.00
P.c
u.
oo
5.00
1.00
2.00
4.00
2.00
.50
5.00
1.00
7.50
.50
.50
3.00
.50
4.50
1.00
4.00
3.00
.50
.65
3.50
2.00
5.50
1.00
7.50
4.00
.50
1.00
.50
3.00
30.00
24.50
7.25
5.00
30.00
2.00
1.00
1.00
1.00
3.00
2.00
1.00
2.00
1.00
1.00
10.00
1.00
3.50
.50
5.00
5.00
1.00
.75
3.50
2.00
.30
3.50
.50
.75
1.00
1.50
2.00
5.00
.30
1.00
1.00
1.05
6.00
4.00
2.00
.50
.75
2.00
15.00
10.00
4.00
2.00
.50
4.00
i
2
2
]
1
]
1
]
1
€
2
1
4
1
1
3
6
3
1
2
4:
7:
1,4,
J
li
6!
3i
9(
2,0(
1'
2(
31
*11
li
3C
1£
e
26
1,02
£
s
27
6
2
2
24
16
5
9
3
14
9
4,
16
11
41
61
101
10!
201
BEPOKT OF THE COMPTBOLLEE OF THE CUBBENCY.
Date.
Time.
83 days.
60 days.
53 days
10 days
82 days
34 days
21 days
10 days
40 da;
50 days
60 days
80 days
30 days
78 days
60 days
90 days,
7 days
30 days
75 days
90 days
15 days,
30 days
60 days
90davs
120 days
36 days
73 days
do.
.....do..
60 days.
73 days.
30 days.
13 days.
71 days
30 days.
16 days.
9 days..
25 days.
30 days.
do.
13 days.
66 days.
do
60 days
66davs
.....do
do
21 days
34 days
62 days.
30 days
....do
do
....do
4 davs
30 davs.
32 davs.
60 days..
55 days..
15 days..
"4 days..
30 days
1-6 days.
60 davs.
.....do..
45 (lays.
30 davs
'
i 14days
\ U
30 d a y s . .
'<• '2, A5 60 days..
• i c . 3,1015 15 days
i 'o
90 days
T
'o
60 days
!•. i,:ui5
do
'>o
26 days
i;o
45 days
Mi'. G, 1U15 54 days
Do
80days
u!y 7,1915
Do,
Do.
Do
uly 8,1915
Do
uly 9,1915
uly 10,1915
Do,
Do
Do
Do.
uly 12,1915
Do
uly 14,1915
Do
Do
iuly 16,1915
Do
Do
Do
Tuly 17,1915
Do..
Do
Do
Do
Do
Do
Do
Do
Do
Do.
Do
July 19,1915
July 20,1915
'D
July 21,1915
Do
July 22,1915
July 24,1915
"Do..
Do.......
Do
Do
Do..
Do..
Do.......
Do
July 28,1015
Julv 28,1915
"Do
July 29,1915
Do,
Do
July 30,1915
Do.
Do
July 31,1915
Do
Do.
Do.
Do
TV
Amount.
$20.00
22.00
90.00
i.00
42.50
36.00
16.00
5.50
61.00
53.00
22.00
80.00
11.00
26.00
20.00
1.50
3.00
11.00
20.50
64.00
10.50
16.50
16.50
16.50
16.50
5.50
6.00
12.00
13.00
45.00
29.00
4.
10. 50
9.00
27.00
i.00
3.50
6.50
5.50
9.00
IS. 00
10.00
5.00
80.00
60.00
20.00
19. 00
35.00
65.00
2.
6. f,0
21.00
1.25
4.50
18.00
52.00
2S.00
6.50
40.00 !
.00
13.50 .
4.00 .
6.50 L
41.50
15.00
'.00
6.50
6.50
34.50
32.00
37.50
:.25
125.00
12.50
66. 50
Amount of
interest,
discount, Rate
Maker (names omitted in printing). or commis- per
sion col- annum.
lected or
charged.
$5.00
2.00
5.00
6.50
7. 50
1.00
1.00
.50
1.00
3.00
2.00
2.75
1.00
1.00
5.00
3.50
.50
1.00
1.50
4.00
.50
1.50
1.50
1.50
1.50
.50
1.00
2.00
3.00
3.30
4.00
1.50
.[,0
1.00
2.00
1.00
.50
.25
1.50
1.50
.50
1.00
3.00
2.00
1.00
3.10
2.00
.50
3.00
10.00
1.70
i!so
1.00
1*50
3. CO
2.00
1. CO
1.25
1.50
.75
1.00
3.50
1.00
1.50
1.50
,25
1.00
1. 50
.50
3.00
3,00
7.50
1.25
6. 70
2.50
7.50
P.cL
1C8
54
30
600
75
30
112
32
14
40
50
14
109
25
150
100
857
109
24
25
115
112
56
37
28
90
82
82
100
44
66
400
130
56
88
400
571
30
278
278
253
60
90
120
109
20
18
43
150
171
31
108
277
60
1}8"5
400
177
£3
31
109
35
22
200
113
150
200
45
42
25
140
200
34
60
120
400
42
133
54
202
Date.
REPORT OF THE
Time.
Aug. 7,1915 60 days.
Aug. 10,1915 20 days.
Do
do..
Do
60 days
Aug. 11,1915 19 days.
49 days.
Do
13 days.
Do
60 days.
Do
Aug. 8,1915
do
Aug. 12,1915 48 days
Do
63 days
Aug. 13,1915 11 days
Do
17 days
Aug. 14,1915 16 days
180 days
Do
90 days
Do
60 days
Do
Aug. 10,1915 30 days
Aug. 17,1915 14 days
30 days
Do
Aug. 18,1915 90 days
Aug. 20,1915 40 days
60 days
Do
days.,
Do.
.i 25
&o ua_ya.
Do
60 days
Aug. 21, 1915 30 days
Do
do
37 days..
Aug. 23, 1915 30
days..
Do.
Do.
.do...
Do.
.do..
Aug. 24, 1915 22 days..
Aug. 25, 1915 60 days..
Do
,50 days.
Aug. 26, 1915 60 days
Do
!
do...
Aug. 27, 1915
.do..
Do.
do
Aug. 28,1915 20 days.
Do
j 47 days
Do
22 days
90 days
Do.
Aug. 30, 1915 30 days
Do.
do
Do
do
D o . . . . . . - | 60 days
Do
16 days
Do
I 5 days..
45 days
Do
Aug. 31, 1915 40dayj
Aug. 30,1915 30 days
Sc;,t. 1,1915 120 days
Sopt. 3,1915 27 days...
Sept. 4,1915 26 days..
Sept. 7,1915 30 days
Do..
....do
Do
7 days...
Do.
! 23 days
Sept. 5,1915 30 days
Do
25 days
Sept. 8,1915 30 days
Do
22 days...
Do
30 davs...
Do
22 days
Do
11 days
Do
22 days
Sept. 10,1915 20 days
Do
30 days
Sept. 11,1915 19davs
Do..
....do
Sept. 13,1915 30davs
Do..
do
Sopt. 14,1915 :6 days
Sept. 15,1915 SOdaVs
Do
to..
Sept 16,1915
do
Sept. 17,1915 . . . . . d o
Do
do
Do
20 days..
COMPTROLLER OF THE
Maker (names omitted in printing).
Amount.
$10.00
2.25
Amount oj
interest,
discount,
Hate
or commis- per
sion col- annum.
lected or
charged.
$2.00
7.00 !I
13,00
21.00 i
5.00 !
18.00 !
12.00 *
34.00
6.50
25.00
7.00
CURRENCY.
I
i
i
i
43.00 i
5.00 !
350.00 :
107.50 i
2.50 I
55.00 i
5,00 !
50
210.00
15. 00
6.00
6.00
u. uu
13.50
5.50
0.50 |
13.00
7.00 I
13.50 I
5.00 !
18.00 I
6.50
2.00
I
28. CO
13.00
30.00
16.00
16.50
25.00
j
28.00
3.50
41.00
100.00
60.00
13.00
2.50
11.50
I
10.50
..|
46.00
j
15.00 I
\
50.00
1 11.00 j
;
41.00
13.00 I
3.00
5.50
25.00
.;
76.00
i
17.00
i
63.00
!
21.00
!
5.50
i
16.00 -.
\
10.50 |
;
4.00
i
12.50 I
6.00J
51.00
'•
6.00
...- 1
11.00
..'• 102.00
:
6.50
.25
1.00
1.30
1.00
1.50
2.00
2.00
2.00
1.50
5.00
2.00
2.00
.50
25.00
7.50
.50
5.00
.50
.50
10.00
1.00
1.00
1.00
3.50
.50
1.50
3.00
2.00
1.50
1.00
1.00
3.00
1.50
3.50
3.60
3.00
10.00
1.C0
1.50
.50
3.00
1.00
.50
5.00
10.00
2.25
.50
1.50
.50
1.00
3.00
1.50
1.00
1.00
3.00
1.00
.50
5.00
LOO
1.00
2.00
1.00
1.00
1.00
. 50
. 50 I
.25
1.00
1.00
1.00
1.00
12.00
1.50
.25
i
i
41.50
26.00
12.50
11.00
1,00
1.00
2. 50
1.00
P. ct.
120
200
257
60
CO
216
30
100
35
100
120
930
90
240
14
28
120
105
240
105
19
60
100
210
150
105
300
230
343
140
200
326
100
180
90
80
140
200
112
38
32
43
340
150
60
100
400
1,440
100
42
25
<!0
40
123
30
300
1,714
130
240
20
70
50
^45
7 .f-5
230
81
225
24
SOO
90
203
109
60
300
60
30
45
210
163
203
REPORT OF THE COMPTROLLER OF THE CURRENCY.
Date.
Time.
Amount of
interest,
discount, Rate
Amount. Maker (names omitted in printing). or commis- per
sion col- annum.
lected or
charged.
Sept. 18,1915
Sept. 19,1915
Sept. 21,1915
Do
Sept. 24,1915
Do.!
Do
Sept. 25,1915
Do..
Do
Do
Do
Sept. 27,1915
Sept. 28,1915
Do.!
Sept. 30,1915
Oct. 2,1915
Do
Do
Do
Oct. 4,1915
Do
Do
Do
Oct. 5,1915
Oct. 7,1915
Do..
Oct. 9,1915
Do
Oct. 11,1915
Oct. 12,1915
Do
Oct. 13,1915
Oct. 14.1915
Do..
Oct. 15,1915
Do
Oct. 16,1915
Do..
Do
Do
Do
Oct. 18,1915
Do
Do
Do
Oct. 19,1915
Oct. 21,1915
Oct. 22,1915
Oct. 23,1915
Do
Do
Do
Do
Do
Oct. 25,1915
Do
Oct. 28,1915
Do
Oct. 29,1915
Do
Do
Do
Oct. 30,1915
Do
Nov. 1,1915
Do
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
2,1915
3,1915
4,1915
5,1915
6,1915
9,1915
Do
Nov. 10,1915
Do
Do
42 days..
22 days..
9 days...
60 days..
30 days..
do...
do...
95 days..
30 days..
6 days...
60 days..
30 days..
18 days..
90 days..
30 days..
60 days..
30 days..
60 days..
30 days.,
.do..
.do.,
.do.,
.do..
21 days..
60 days..
23 days.,
do..
21 days.,
6 days...
30 days..
5 days...
30 days..
77 days..
90 days..
16 days..
15 days..
do...
15 days..
30 days..
20 days..
75 days..
60 days..
90 days..
12 days..
30 days..
12 days..
30 days..
70 days..
30 days..
7 days...
30 days..
90 days..
30 days..
do..
67 days..
60 days..
5 days...
90 days..
30 days..
10 days..
11 days..
30 days..
.do..
....do...
.do.,
do..
15 days..
30 days..
60 days..
97 days..
8 days...
54 days..
30 days..
36 days..
30 days..
35 days.,
30 days..
P.ct.
$175.00
4.00
5.50
20.00
$3.00
1.00
.50
5.00
2.00
1.00
1.00
4.00
1.00
1.00
6.00
10.00
21.00
51.00
21.00
11.00
5.00
86.
5.50
1.00
53.00
.50
2.00
3.00
1.00
2.50
6.00
17.50
11.50
26.00
55.00
40. 00
10. 50
62. 50
11.00
5. 50
289.50
.25
1.00
1.00
I
!
I.
I.
I.
21.00 !
4.00 !
6.00 i
4.15
87.50
5.50
208.00
60.00
35.00
63.00
55.00
190. 00
37.25
8.00
16.50
100.00
10.25
13.00
31.25
35.75
8.00
26.00
37.00
15.50
4.75
36.00
194. 00
21.00
6.00
26.00
386.00
1.50
160. 00
21.00
2.20
20.50
21.00
13.50
125. 00 !
6.50
6.00
10.25
26.00
50.00
83.00
10.50
26.75
11.50
11.00
17.00
76.00
14.50
12066°—CUR 1915—VOL 1
-14
.75
.50
1.50
1.00
.50
9.50
1.00
.60
.62
.25
2.50
.50
4.50
3.00
5.00
.55
.50
1.00
.25
1.00
1.C0
3.00
.25
3.00
.25
.75
.50
1.00
2.00
.50
.15
2.00
9.00
1.00
1.00
6.00
11.55
.20
10.00
1.00
.25
.50
1.00
1.50
1.50
1.50
1.00
.25
1.00
3.00
3.00
.50
.75
1.E0
1.00
1.00
1.00
.50
14
409
363
150
240
60
24
80
109
1,440
36
120
500
24
200
80
25
22
20
122
60
30
109
163
18
71
225
200
370
32
55
26
23
58
40
21
13
16
150
163
14
30
90
25
27
185
46
28
40
900
66
18
56
200
134
17
900
25
56
360
90
56
140
14
280
200
60
46
36
16
200
30
150
40
70
13
41
204
KEPORT OF THE COMPTROLLER OF THE CURRENCY,
STATE OF OKLAHOMA, County of-
—, ss.
Ij
.
-of
-, Okla., do sol? cashier of the National Bank of —
emnly swear that the above and foregoing list is true and correct to the best of my
knowledge and belief.
Subscribed and sworn to before me this the 21st day of December, 1915.
Notary
My commission expires June 5, 1918.
Cash'ler.
Public.
EXHIBIT R.
In the Oklahoma town in which the bank was located whose loans
in excess of 12 per cent are given in the table immediately preceding
there were two national banks and two State banks, so that the
community ought to have had the benefit of competition.
Whether or not the banks entered into an agreement with each
other for the maintenance of interest rates is not known, but the
following table, which gives under oath a list of all loans made
between January 1, 1915, and November 10, 1915, by the other
national bank in the same town, at a greater rate of interest than 12
per cent per annum, would indicate that for some reason the competition was not sufficiently effective to break the grossly usurious
rates which have prevailed in that town.
NATIONAL BANK,
, Olcla., December 17, 1915.
COMPTROLLER OF CURRENCY,
Washington, D. C.
DEAR SIR: The following is a list of notes made by this bank or discounted by this
bank from January 1, 1915, to November 10, 1915, on which a rate of 12 per cent per
annum or more than 12 per cent per annum was received either as interest or discount, no allowances being made for writing the mortgages, notary fees, revenue
stamps or recording mortgages and releasing same:
Date.
Jan.
2
Time.
Amount.
60 davs ... $120.00
200.00
9 months
174, 80
2 ...do
164.75
2 7 months.
2 9 months
485.00
2 7 months
389 00
92.75
2 9 months..
2 ...do
625.00
2 1 month...
31.00
A. 7 months
31.50
4 9 months.. 164. 00
242.50
4 .do
4 1 month...
12.00
4
do
5 50
4 16 davs
5.50
4 7 months.. 455. 00
4 . do
239. 00
6 9 months.
220.50
do
398.00
5
5 3 months
64.00
5 9 months.. 120. 00
5 ..do
280.00
5 ...do.
115.00
do
217.50
5
26.50
5 3 months..
5 9 months
340 00
5 . do
162.00
5 ...do
100. 00
5
do
726.50
5 7 months.- 243.00
2
Maker (names omitted in printing).
Interest or
discount.
$5.04
36.00
30.00
18.00
85.00
47.50
17.50
101.50
1.00
5.50
32.74
42.50
.48
75
,50
54.50
30.15
36.50
60.50
4.00
20. 00
44.60
15. 00
37.50
3,00
66.18
30.72
20. 00
100.50
18. 00
Rate.
p. a.
25
30
27
21
28
24
31
26
4Q
32
32
28
48
188
240
27
24
24
24
25
26
25
20
27
48
32
30
32
21
13
REPORT OF THE COMPTROLLER OF THE CURRENCY,
Date.
Jan.
Time.
Amount.
Maker (names omitted in printing).
6 months.
$82.00 I.
7 months.
108. 00
8 months.
219.00
6 months.
75.60
3 months.
75.00
1 month..
300.00
...do
577.25
62.72
9 months.
120.00
...do
38.50
...do
32.50
...do
71 days...
300.00
9 months.
75.00
...do
123.00
265 days..
245.00
...do
523.50
...do.
.50
14 days...
11.00
7 months.
963.00
265 days.,
129.00
do.
527. 50
22 days...
52.00
265 days.. 1,073.30
...do
46.50
60 days...
105. 00 I
265 days..
30.80 '
90 days... 1,600.00
265 days..
37.00
183 days..
57.50
60 days...
22.50
265 days..
175.00
205 days..
125.00
263 days.,
500.00
do.
660.00
38 days...
224.00
263 days..
156. 50
...do
146.50
30 days...
68.00
23 days...
11.00
263 days..
364. 15
23 days...
56.00
201 days..
107.50
263 days.,
105.00
do.
247. 50
185 days..
277.00
263 days..
120.00
90 days...
263 days..
299.00
...do
31.50
...do.
59.50
...do.....
11.50
30 days...
7.50
254 days..
350.00
90 days...
31.50
254 days..
120.00
...do
295.00
37 days...
19.50
189 days..
12.25
12 days...
5.00
8 days
5.50
189 days..
54.50
5 days
3.50 i
250 days..
397. 50 I
...do
198.00 I
...do.....
354.00
15 days...
L00
250 days..
60.00
do.
1.50 j
246 days..
75.50
245 days..
150.00
do.
88.00
do.
145. 00 ]
62 days...
119.00 I.
245 days..
300.00 I.
23 days...
7.00
244 days..
150.00
30 days...
13.50
91 days...
71.50
244 days..
342.50
33 days...
6.75
214 days..
121.30
Interest or
discount.
•57.00
8.00
18. 50 j
12.00
3.00
3.00
7.00
12.72
20.00
7.15
7.50
6.00
15.00
23.00
45.00
79. 50
12.50
1.00
63.00
25.50
63.50
2.00
125.00
8.95
5.00
5.80
48.00
7.00
7.50
2.50
20.00
10.00
45.00
90.00
7.50
25.00
30.38
2.00
1.00
50.00
5.00
7.50
16.1.5
47. 50
35.00
20.00
7. 50
45.45
6.50
12. 50
1. 50
.50
52. 50
1. 50
20.00
45.00
1. 50
2.25
1.00
.50
9.50
.50
72. 50
23.00
54.00
1.00
10.00
12.50
10.50
25.00
8.00
30.00
6.00
45.00
1.00
25.00
1.50
6.50
52.50
.75
18.50
i Interest paid on other notes.
205
Rate.
P.ct.
18
14
13
38
17
12
14
32
26
30
40
33
31
30
24
33
218
12
34
18
72
18
32
30
29
12
30
30
75
17
17
13
21
40
25
35
36
141
21
24
23
26
27
25
24
34
36
20
82
24
20
28
25
80
42
750
446
40
1,200
32
18
25
488
20
34
23
24
14
37
30
25
250
29
150
39
26
120
30
206
REPORT OF THE COMPTROLLER OF THE CURRENCY.
!
Date.
Time.
Jan. 30
30
30
30
30
30
30
30
30
30
30
Feb. 1
1
1
1
2
2
2
2
3
3
3
3
3
4
4
4
4
4
4
243 d a y s . . .
...do
10 days
28 d a y s . . . .
120 d a y s . . .
243 d a y s . . .
30 d a y s . . . .
10 months.
243 d a y s . . .
...do
do
242 days..
do.
60da"s
180da-s...
241 d a y s . . .
do
.do.
9
9
9
10
10
10
10
11
11
11
12
12
12
13
13
13
13
13
13
13
13
13
13
13
13
13
13
13
13
15
15
15
15
17
17
17
17
17
20
20
20
23
23
23
23
23
Jan. 27
.do.
240 days..
26 d a y s . . .
20 d a y s . . .
241 days..
26 d a y s . . .
240 days..
do..
85 d a y s . . .
240 d a y s . .
29 d a y s . . .
240 d a y s . ,
do.
23 d a y s . . .
90 d a y s . . .
GO d a y s . . .
30 d a y s . . .
180 d a y s . .
233 d a y s . .
..do
90 d a y s . . .
19 d a y s . . .
232 days. .
..do
do.
30 d a y s . . .
6 months.
30 d a y s . . .
231 d a y s . .
17 d a y s . . .
90 d a y s . . .
380 d a y s . .
230 d a y s . .
.do .
210 days..
lGSdays..
47 d a y s . . .
7 days
230 days..
do..
27 d a y s . . .
230 days..
168 days..
59 d a y s . . .
230 days..
60 d a y s . . .
229 days..
227 days..
do..'
137 days..
227 days..
225 days..
.do..
76 d a y s . . .
225 days..
166 days..
222 days..
.do.
180 days..
219 days..
do.
do.
158 days..
36 d a y s . . .
260 days..
I
I Amount.
Maker (names omitted in printing).
Interest or
discount.
Rate.
P. ct.
$530.00
442.25
32,00
32.50
118.00
10.50
330.00 :
150.00 :
185.00 :
175.00 ,
13.00 i
295.00 ;
65.00
21.50 :
115.00 !
120.00 !.
162.50 .
93.00 .
80.00
18. 50 I.
21.00 !.
122.50 !.
33.00 i
87.00 j
54. GO !
10.00 |
155.00 !.
37.50 i.
83.00 I.
30.00
20.50
67.50
16.00 !
7.00 i
70
116.00 !
100.00
64.00 I
42.50 '
62.50 I
116.00 |
62.50 |.
12.75 !.
132.50 I.
12.75 !.
282.00 |.
257.50
55.00
14.00
38.50
92.50
103.00
30.50
25.50
60.00
62.50
13.50
24.50
12.00
5.00
324.00
51.00
58.00
32.00
275.00
94.00
70.00
31.00
62.50
40.00
112.00
35. 50
25. 00
117.50
15.42 ,
42.00 !
91.00
62.50
29.50
48.70
275.00
$72.50
52.91
.50
2.00
2.50
18.00
.64
30.00
25.00
35.00
30.00
3.00
45.00
5.00
1.50
15.00
20.00
23. 50
13.50
12.00
2.50
1.00
22.50
1.50
12.00
7.00
1. 52
30.00
2.50
13.30
5.00
.50
2.50
1.00
1.00
5.50
16.00
20.00
4.00
1.00
12.50
16.00
12.50
.45
7.50
.45
40.00
1.00
7.50
10.00
2.70
3.50
12.50
12.50
3.00
.50
15.00
12.50
1.50
4.50
2. CO
.57
24.00
1.C0
8.00
7.00
32.00
7.64
13.00
6.00
12.50
5.00
12.00
5.50
4.00
17.50
1.42
6.55
10.00
12.50
4.50
.80
30.00
25
20
600
80
24
26
54
12
28
33
30
90
26
50
15
30
25
210
66
33
65
18
22
72
34
60
28
30
36
15
30
200
17
25
39
26
43
38
25
38
43
12
40
25
696
12
44
32
15
24
29
45
120
52
38
105
34
42
77
12
12
25
44
21
23
36
36
39
66
20
39
30
28
20
30
20
41
40
17
1/
REPORT OF THE COMPTROLLER OF THE CURRENCY.
Date.
Time.
Amount.
Maker (names omitted in printiug).
Interest or
discount.
207
Rate.
P.ct.
Feb.
Mar.
25
25
25
25
25
26
26
27
27
286 d a y s . .
$286.00
74 d a y s . . .
14.50
156 d a y s . .
36. 50
10.00
7 days
6.00
59 d a y s . . .
14 d a y s . . .
68. 00
216 days..
58. 50
37.80
215 d a y s . .
27 d a y s . . .
153. 50
216 days..
58. 50 |
6 months.
850. 00
30 d a y s . . .
40.50
90 d a y s . . .
13. 00
8 days....
3. 2;
26 d a y s . . .
6. 00
SO d a y s . . .
217. 05
11 d a y s . . .
3. 00
100. 00
215 days..
214 days.. .1
33.50
90.00
.do.
64.00
150 days.,
30. 00
90 days...
214 days.,
62. 50
...do
66. 00
58.50
.do
120. 00
.do.....
41.00
150 days.,
11 days..,
11.00
30 days...
45. 00
180 days.,
600. 00
18 days..,
300. 00
45davs...
12.00
30 davs...
..00
2i0days..
9.00
150 days..
18.
220 days..
260. 00
87 days...
3.25
60 days...
12.50
208 days.,
56. 50
do.
116. 00
30 days...
10. 50
..do...-.
0.00
20 days...
23.50
60 days...
12.00
208 days..
107.00 I
206 days..
60.00
00 da vs...
50.00
55.00
145 days..
267 days..
500.00
144 days..
75.00
205 days..
62, 50
204 days..
4.45
203 days..
116. 50
114 days..
40.00
146 days..
50.00
202 days..
66.50
143 days..
12.00
90 days...
21. 00
202 days..
62. 50
48 days...
27.50 I
202 days..
19.00 i.
201 davs..
381.G5
145.50
Ic "
18.50
140 days..
110. C
201 days..
22.00
182 days..
50.00
18 days...
198 days.,
91.00
do.
16. 50
5.50
30 days..
100.00
...do....
do.
30. 00
118.50
197 days..
32.50
38 days...
12. 50
196 days.,
195 days..
290.00
12 days...
10.50
195 days.,
47.50
135 days..
40.00 I
30 d a y s . . .
11.00 I
do."
65.65 |
23.75
194 days..
60.00 !
133 days..
42. 75 1
193 days..
Sol. 54
2. 50
2.50
1.25
1.00
1.25
8. 50
4. Co
2. 50
8.50
51.00
. 50
3.00
.25
1. CO
11.15
1,00
15. 00
3. 50
15.00
8.50
3.50
12. 50
8.00
8.50
20. 00 !
4. 75 i
1.00 I
2.00 |
30.00 !
2.00 !
1. 50
1.00
1.15
3. 75
30.00
.75
2.50
7.50
16.00
.50
1.00
3.50
2.00
7.00
10.00
1.00
5.00
67.50
8.50
12.50
1. 00
16.50
5.00 j
6.50 !
6.50
2.00
1.00
12.50 =
2.50 j
4.00
60.00
20.00
3.50
16.00
2.00
.50
15. CO
3.70
.50
1.00
.CO
18.50
2.50
2.50
47.65
.50
7.50
5.00
1.00
.65
5.00
10.00
7.75
36
100
17
713
121
208
REPORT OF THE COMPTROLLER. OF THE CURRENCY.
Date.
Time.
Mar. 20
20
20
20
22
23
23
193 d a y s . ,
do .
..do
23
23
24
24
24
24
25
25
25
25
26
26
25
27
27
27
27
27
27
27
27
do
191 days...
190 days
do .
do
30 days
7 days...
60 days
90 days
190 days...
189 days...
. do
do
90 days....
188 days...
do
189 days ..
187 days...
94 days....
7 days
187 days
126 days...
187 days...
..do
do
do
27
do
27
27 120 days
29 185 days .
do
29
29 124 days
29 185 days...
30 184 days...
3/0 .. . do.. . .
£)
30
30
31
31
Apr. 1
1
1
2
2
2
1
3
3
3
do
do
do
174 days
183 days .
121 days
136 days...
121 days. .
182 days
120davs...
180 davs .
.. do
181 days .
180 days
.. do
..do
do
3
3 .. do . .
3 ...do
3
do
3
do
3 .. do
3 12 days
3 ISO days .
3 .. do
3 119 days...
3 125 days .
3 180 days
3
.do
5 178 days
5
do
3 180 days...
7 176 days
5 178 days...
7 176 days...
6 85 days
8 175 days...
8
do
8
8
8
do
30 days
175 days
9 174 days
9 113 days. .
9 30 days
3 119 days
8 16 days
10 30 days
Amount.
$8.00
10.00
65.75
62.50
47.50
30.00
29.00
34.45
6.25
2.25
51.00
11.50
62.50
30.50
49.50
30.50
38.00
82.00
31.00
60.00
60.00
306.50
4.00
118.00
35.00
19.00
246.50
106.00
136. 75
36.50
7.26
13.00
113.50
11.50
110.00
54.50
36.50
82.50
80.00
8 00
300 00
30.00
305 00
39.75
56.00
25.00
60.00
87.50
36.50
6.00
40.00
42.50
58.50
47.50
244.15
7.50
13 00
65.00
53.00
40.50
25.00
116.00
12.00
23.75
18.50
68.50
5 75
4.50
30.00
23.00
6.00
2.00
309.00
3.00
50.40
16.75
10 75
13 25
11.50
21.75
30.00
27.75
5.50
10.75
Maker (names omitted in printing).
Interest or
discount.
Rate.
P.ct.
$1.55
2.50
10.30
12.50
7.50
5.00
4.00
5.00
1.25
.25
1.00
1.50
12.50
5.50
9.50
5.50
3.00
12.50
6.00
10.00
10.00
9.27
.50
18.00
5.00
4.00
43.00
6.00
11.75
6.50
.35
3.00
3.50
2.50
10.00
4.50
4.50
7.50
10.00
1.60
18.00
5.00
25. 65
4.75
6.00
4.00
5.00
12.50
6.50
1.25
5.00
7.50
8.50
7.50
20.15
1.00
2.54
4.00
3.00
.50
5.00
16.00
2.00
3.75
3.50
8.50
.75
1.50
5.00
3.00
1.00
.40
9.00
.75
5.40
1.00
.75
1.25
1.50
1.75
. AH
W
2.75
.25
.75
6C
91
4C
45
5C
55
43
45
30C
512
12
6C
45
4C
«
4C
34
3C
4f
3£
3$
IS
734
34
4C
51
4C
15
U
4]
If
5'
2(
8(
1<
r
2'
U
2*
4*
15
3<
2(
3(
2^
3J
2'
3:
4:
5;
2
4;
3
3
1
3
41
11
1
3
5
3
6
5
4
2
3
10
4
3
4
5
1
6
2
1
9
2(
3
21
€)
&
3
10
9(
209
REPORT OF THE COMPTROLLER OF THE CURRENCY.
Date.
Time.
Amount.
Maker (names omitted in printing).
Interest or
discount.
Rate.
P.ct.
Apr. 10 12 days...
10 173 days..
10 175 days..
10 30 days...
10 183 days..
10 21 days...
10 112 days..
10 90 days...
10 173 days..
10
do.
10 120 days.
12 30 days...
13 18 days..,
13 60 days...
13 171 days.
14 170 days.
14 109 days.
14 170 days.
15 169 days.
15 ..do.
15 ...do
15 ...do
16 42 days..
16 64 days..
16
do..
17 167 days..
17 ..do
17 ..do
17 ..do
17
do.
17 105 days..
17 167 days..
17 ..do
19 165 days..
19 103 days..
19 30 days...
19 165 days..
19 72 days...
17 30 days...
19 165 days..
19 102 days.,
20
do.
20 30 days...
21 10 days...
21 60 days...
21 163 days..
20 101 days..
22 100 days..
22 161 days.,
22
do.
23 160 days..
24 30 days...
24 159 days..
24 30 days...
24 122 days..
24 16 days...
27 157 days..
26 106 days..
Ill days..
60 days...
157 days.,
.do.
156 days..
...do
30 days...
7 days
156 days..
5 days
155 days.,
do.
May
60 days...
40 days...
150 days..
75 days...
150 days..
90 days...
60 days...
150 days.,
do..
90 days...
150 days..
90 days...
150 days..
$2.25
!.5O
3.65
101.00
47.20
5.50
38.35
154.50
27.25
17.50
11.05
2.75
1.50
27.00
73.00
i.OO
7.50
60.00
11.50
14.50
28.00
2.00
$0.25
1.00
.60
1.00
7.20
.50
2.80
4.50
2.25
1.80
.50
.25
.25
2.00
8.00
1.50
1.50
10.00
1.50
1.65
3.00
.50
12.50
33.00
16.50
56.50
115.00
67.50
24.00
57.50
54.50
60.00
29.00
17.75
16. 21
i.OO
67.50
25.00
51.50
2.50
3.00
1.50
6.50
15.00
7.50
4.00
7.50
4.50
10.00
4.00
2.75
1.25
218.00
11.25
14.25
100.00
3.00
5.50
29.75
36.25
32.75
18.00
1.25
3.00
1.00
1.00
23.75
30.00
29.75
5.75
6.75
11.00
27.00
7.00
57.50
16.25
27.00
12.50
29.75
35.00
72.50
11.25
18.00
10.50
9.75
1.75
175.00
77.50
102.00
5.50
68.00
6.50
29.00
41.75
7.50
35.00
33.75
5.60
12.50
18.87
12.35
.75
6.50
1.00
.50
.50
372
27
40
12
37
172
25
12
19
24
13
120
400
18
25
48
82
40
31
27
24
69
214
56
56
28
32
27
43
32
22
43
34
38
29
180
23
21
12
24
43
92
12
1,800
1.65
59
41
12
55
41
44
41
180
56
120
24
372
34
16
26
150
43
38
48
25
34
252
46
.25
1,200
22.50
12.50
2.00
34
44
12
90
48
144
38
17
150
40
30
48
60
31
56
4.75
1.25
4.25
3.75
5.00
4.75
.75
1.25
1.00
2.00
1.00
7.50
.75
2.00
2.50
4.75
5.00
12.50
1.10
.50
.50
.50
11.25
1.50
4.00
1.75
1.50
5.00
3.75
.60
2.50
.87
2.35
210
Date.
May
REPORT OF THE COMPTROLLER OF THE CURRENCY.
Time.
150 days.,
.do.
75 days...
150 days..
90 days...
ICO days..
do.
.do.
.do.
.do.
do
90 days...
142 days..
do.
98 days...
..do
144 days..
83 days...
142 days..
SO days...
30 days...
142 days..
61 days...
91 days...
142 days..
9 da vs....
140 days..
90 days...
140 days.,
do.
90 days...
140 days..
.do..
19 days...
78 days...
140 days..
138 days.,
do.
17 days...
77 days...
.do.
136 days..
..do
54 days...
140 days..
136 days..
.do..
60 days...
30 da vs...
10 da vs...
136 days..
60 days...
90 days...
133 days..
30 days...
72 days...
133 days.,
do
.do.
.do.
.do.
...do
132 days..
24 days...
132 days..
12 days...
132 days..
13 days...
132 days..
do.
...do
...do
131 days..
...do
do
do
30 days...
131 days.,
..do
..do
...do......
...do
70 days..,
130 days.,
Amount.
$10.00
4'
12.68
6.50
28.75
29.75
9.00
29.75
12.50
66.00
7.25
25.00
10.00
12.25
57.
35.00
48.50
21.
2.25
19.
176.75
18.50
69.00
15.25
7.30
16.00
29. 71
21.50
11.00
7.25
123. 71
100.00
50.00
16.00
13. 75
24.75
4.50
3.00
11.00
11.00
17. f0
3.75
54.50
16. 00
2.75
32. f,0
33.75
40.00
6.00
26.00
27.
26. 00
23. 75
12.50
100.00
6.50
29.50
12.2\
12.50
29.50
21.50
28.50
22.00
16.00
47.50
i.OO
18.00
4.00
29.75
11.50
18.75
29.75
100.00
25.50
56.50
12.50
200.00
60.00
4.15
12.50
54.00
29.75
53.00
12.00
Maker (names omitted in printing).
Interest or
discount.
40
Rate.
P. ct.
39
34
19
72
60
45
48
45
60
28
.50
43
1.
1.
2.
3.
1.
1,
1.
4.
1,
1.
1.
7.
10.
5.
1.
2.
4.
1.
1.
1.
2.
4!
1.
2*.
3.
5.
1.
1.
2.
1.
3.
2.
1.
1.
4.
2.
2.
4.
1,
3.
2.
1.
7.
1.
3.
1.
4.
1,
3
4.
15
4.
6.
2.
2.
10.
1.
2.
4,
4.
3.
2.
67
47
54
61
18
31
165
24
12
39
27
35
77
264
48
29
37
f,3
24
25
25
120
115
61
74
86
211
48
76
76
24
44
93
22
33
85
240
144
28
24
73
62
12
120
47
60
64
47
19
37
27
100
50
500
54
900
50
REPORT OF THE COMPTROLLER OF THE CURRENCY.
Bate.
Time.
Amount. ]
Maker (names omitted in printing).
I Interest or
I discoun t.
I
May 25 16 days...
25 129 days..
.do.
25
22 180 days..
26 128 days..
26 81 da}*s...
26 128 days.,
26 25 days...
26 81 days..,
.do.
26
26 12 days...
26 128 days.,
27 127 days.,
27 126 days.,
28 I .do.
29 125 days,.
29 i...do
26 i 156 days..
29 60 days...
29 125 days..
29 78 days...
29 125 days..
29 22 days...
29 125 days..
29 ...do
do
29
!
29 | 33 days
June 1 !122 days...|
71 days....!
2 121 days...|
2 31 da vs.
3 90 days,
4 30 days
4 45davs...J
4 112 days.,.J
5 117 days... f
i
5 ...do
do
5
5 ...do
5 ...do
5 ...do
5 ...do
do....
5
do
5
71
da vs.,
5
5 56 days..
do."
5
5 32 days...
5 117 days..
5 ...do
.do
5
4 U8days..
5 71 days...
5 170 days..
5 117 days..
7 115 days..
7 ...do
do.
7
7 155 days..
7 115 days..
8 114 days..
9 33 days...
10 112 days..
9 23 days...
10 112 days..
10 71 days...
11 Ill days..
11 60 day's...
11 Ill days..
12 110 days..
11 60 days...
12 80 days...
110 days..
..do
12 60 days...
12 30 days...
110 days..
12
;
12
.do
12
.do.
12 64 days...
12 110 days..
12 ..do..'...
14 108 days.,
$6.00
11.00
27.50
106.00
11.50
6.00
5.50
36.50
36.00
17.
4.00 !
11.50 !
30.00 !
27.50
18.50
55.00
27.00
315.50
11.00
15.75
11.00
26.50
3.
6.25
18.00
10.00
43.50
29.50
12.00
12.00 I
10.00
1.50.00
11.00
11.00
28. 50
24.50
11,00
81.50
16.
6. 00
i. 00
8. 50
5
23,
26.
11. 00
6.00
8.50
L00
12.00
22.50
52.00
105. 00
27.00 I
12.25 !
:.00
28. 75
24.00
23.50
11.50
21. 50
21.00
5.00
22.00 !
(.00
20.00
37.50
21.00
16.00
11.50
21.50
12.00
16.50
50
16.75
6.25
31.25
LOO
12.50
11.50
11.00
SI. 00
1.00
2.50
6.00
1.50
1.00
1.00
1.50
5.00
2.75
1.00
1.50
3.00
2.50
3.50
5.00
2.00
15.50
1.00
2.00
1.00
1.50
.75
1.25
3.00
1.50
3.50
4.50
2.00
2.00
1.50
5. 50
1.00
1.00
3. 50
3.50
1.00
6.50
2.00
2. 50
1.00
4. 00
1. 23
3.75
.56
1.25
1.00
1.00
1.00
3.00
2.00
2.50
2. 00
5.00
2.00
1.25
1. 00
3. 75
1.50
1. 50
3. 50
1. 50
1.50
1.00
1. 00
2.00
1.50
. 75
2.50
1.00
1.00
1.50
2. 50
2.00
1.50
1.50
1.75
7.50
1.25
3.10
1.00
2.50
1.50
1.00
211
Rate.
P.ct.
480
27
27
12
39
85
60
60
74
81
999
39
30
27
64
28
23
12
57
46
43
17
400
72
64
50
90
51
115
57
200
15
120
GO
40
50
26
fil
47
60
49
50
57
94
31
62
923
~40
36
61
37
20
12
21
32
26
46
14
21
54
180
21
77
80
50
62
27
22
60
36
64
41
64
60
2:>7
36
48
79
33
21
79
46
33
212
Date.
REPORT OF THE COMPTROLLER OF THE CURRENCY.
Time.
June 14 108 days .
12 GO days...
14 108 days..
14 14 days...
15 107 days..
15
.do.
15 30 days..
15 ...do
16 . . . d o . . . .
16 ...do
16 107 days..
17 30 days...
17 107 days..
17 75 days...
17 00 days...
17 39 days...
17 74 days...
16 60 days...
18
.do.
18 104 days..
18 58 days...
18 104 days..
18
.do
.
18 .. do
19 103 days..
19 30 days...
19 GO days ..
19 103 days..
19 ...do
19 30 days...
19 . .do
19 CO days...
19 103 days..
19 £3 days...
19 103 days..
21 101 days..
19 30 days...
19 103 days..
21 30 days...
19
do.
22 100 days..
22 115 days..
23 100 days..
23 20 days...
22 100 days..
22 40 days...
23 30 days...
23 100 days..
23 30 days...
24 09 days...
22 CO days...
21 99 days...
21 68 days...
24 99 days...
24
.do..
24 130 days..
25 20 days...
24 99 days...
25 122 days..
25 189 days..
26 CSdays...
26 35 days...
26 60 days...
26 96 days...
25 ...do
26
do
28 94 days...
28 109 days..
28 33 days...
28 44 days...
28 94 days...
28 10 days...
28 17 days...
?.O 02 days...
SO 122 days..
30 32 days...
23 22 days...
July 1 19 days...
CO days...
do..
1
2 180 days..
2 ..do
2 90 days...
I Amount. j
$8. 00
11.00
5.00
16. 00
31. f.0
12.00
5.50
100.00
11. CO
11.00
22.75
21.00
11.75
11.00
3. 75
4.00
11.00
21.00
4.50
27.00
6.00
11.00
21. CO
6. CO
22.75
16. 00
23.50
20. 50
7. CO
16.00
6. CO
11.00
13.00
6. 50
6.00
11.00
11.00
8.00
16.00
50.50
56.75
27.50
130.85
83. 50
17.00
51.25
6.00
6.50
5. 50
11.50
53.00
40.00
6.00
10.50
3.50
26.50
3.25
19.00
26.50
112.00
12.50
5.50
102. 50
15.00
31.50
6.20
21.50
27.50
11.50
6.25
6.75
26.00
5.00
22.50
17.50
21.00
22.00
11.00
11.00
22.50
530.00
275.00
1.75
Maker (names omitted in printing).
Interest or Rate.
discount.
*1.00
l.CO
1.00
1.00
1.50
2. CO
.50
1.00
1.00
1.00
2.75
1.00
1.75
1.00
.75
1.00
1.00
1.00
.50
4.00
1.00
1.00
1.00
1.00
2.75
1.00
3.50
2.50
1.00
1.00
1.00
1.00
1.15
.50
1.00
1.00
1.00
1.00
1.00
.50
6.75
2.50
8.00
8.50
2.00
1.25
1.00
1.00
.50
1.50
3.00
5.00
1.00
1.00
.75
1.50
.25
1.55
1.50
12.00
2.50
.50
2.50
3.00
1.50
1.00
1.50
2.50
1.50
.50
.75
1.00
.50
2.50
2.50
1.00
2.00
1.00
1.00
2.50
30.00
25.00
.25
P. ct.
40
60
82
161
16
64
120
12
120
120
45
60
67
48
150
400
46
30
75
59
120
34
17
68
46
75
70
48
68
80
240
60
33
64
69
36
120
120
80
12
48
30
24
40
48
19
120
65
120
54
24
53
100
36
98
80
102
31
17
22
CO
100
15
93
18
72
28
33
162
51
47
144
240
50
50
57
60
360
30
37
12
20
66
REPORT OF THE COMPTKOLLEB OF THE CURRENCY.
Date.
July
Time.
28 days..
60 days..
89 days..
...do
...do.
...do.
...do..
14 days..
89 days...
60 days..
30 days..
7 days
120 days.
89 days..,
62 days..,
86 days...
62 days..
89 days..,
86 days...
30 days...
86 days...
179 days.
85 days..,
do.
31 days...
62 days..,
84 days...
83 days..,
33 days...
38 days...
168 days.
31 days...
do.
83 days.,
do
.do.
32 days...
125 days..
83 days...
do.
..do....
.do.
.do.
.do.
82 days..
...do
...do....
...do
...do....
...do
53 days..
60 days..
31 days..
34 days..
31 days..
.do.
79 days...
31 days...
...do
28 days...
110 days..
60 days...
78 days...
16 days...
78 days...
...do
..do
30 days...
46 days.,
25 days.,
76 days.,
30 days.,
8 days...
55 days..
30 days..
45 days..
75 days..
..do
do....
30 days..
75 days.,
..do
; Amount.
$20.50
77.00
26.50
23.00
23.00
16.00
6.00
4.50
4.00
48.2,'
10.00
1.30
52.00
11.00
45.00
26.50
3.50
5.50
7.55
772.00
28.50
14. 50
i.00
17.00
5.50
16.50
11.50
15.50
170.00
103. 00
10.
26.00
7.80
14.00
11.00
125.00
34.50
33. 00
8.00
11.50
60.50
6.00
11.00
4.00
32.50
23.00
i.00
11. 50
22.00
153.00
33.00
26.00
16.50
11. 75
6.00
13.00
69.00
55.00
112.00
27.10
5.00
31.25
12.00 '
26.00
51.25
10.50
8.00
12.00
11.50
11.00
2.25
16.50
51.00
11.50
8.00
5.50
14.00
6.00
16.00
22.00
Maker (names omitted in printing).
213
Interest or j
discount, j Rate.
P.ct.
$0.50
2.00
1.50
3.00
3.00
1.00
1.00
. 50
.75
2.00
1.00
.30
2.00
1.30
5.00
1.50
1.50
1.50
.50
.50
1.00
60.00
3.50
1.00
1.00
1.50
.50
1.50
1. 50
1.25
20.00
1.55
.25
3.00
1.00
2.00
.45
10.00
4.50
3.00
1.00
1.50
3.00
1.00
1.00
1.00
1.50
3.00
1.00
1.50
2.00
3.00
3.00
1.00
1.00
1.50
1.75
1.00
1.00
2.50
5.00
3.30
2.00
1.00
1.25
2.00
1.00
1.25
1.00
1.00
1.00
1.50
1.00
.25
1.50
.50
1.50
1.00
1.50
2.00
1.00
1.00
2.00
30
1c
24
60
60
26
80
321
92
26
133
144
12
50
75
24
34
72
69
120
64
16
50
31
80
56
42
43
162
83
28
17
29
56
63
72
47
57
64
43
62
64
23
86
43
145
21
65
86
64
68
12
120
43
120
120
79
240
100
48
32
18
36
560
19
90
IS
30
144
111
130
72
39
553
65
12
119
68
96
68
240
32
48
214
REPORT OF THE COMPTROLLER OF THE CURRENCY.
Date.
July
27
28
29
29
29
30
30
30
30
30
30
30
31
July
Aug.
July
Aug.
30
2
30
2
3
3
3
3
3
3
5
6
5
Time.
Amount.!
30 days.,
75 days.,
73 days.,
60 days.,
72 days..
.do.
71 days...
15 days...
30 days...
70 days...
89 days...
69 days...
9 days
30 days...
68 days...
24 days...
68 days...
...do
83 days...
28 days...
68 da vs...
...do;....
81 days...
20 days...
67 days...
64 days...
63 days...
...do
do.
23 days...
32 days...
62 days...
16 days...
62 days...
61 days...
..do
do
31 days...
60 days..
61 d a y s . .
29 days...
28 days...
58 days...
29 days...
28 days...
12 days...
58 days...
20 days...
90 days...
66 days...
26 days...
56 days...
12 days...
56 days...
8 days...
55 days...
60 days...
11 days...
52 days...
51 days...
do.
31 days..
21 days..
51 days..
do.
121 days..
133 days..
50 days...
90 days...
46 days...
31 days...
48 days...
do.
63 days..
30 days..
48 days..
28aays..
48 days.,
do
...do
70 days...
66 days..
15 days-.,
17 days...
$25.75
17.30
66.50
21.00
26.50
12.00
6.25
2.50
7.00
26.55
5.00
6.00
13.00
27.50
4.00
16.00
4.00
27.50
6.00
491.45
7.00
9.20
;.5O
34.50
111.50
41.50
i.50
32.00
4.70
11.00
5.50
41.00
21.50
12.50
).00
18.00
6.50
100.00
42.50
11.00
22.50
!0.75
4.00
104, 00
40.50
43.00
20.75
8.00
6.25
26.00 i;
27.50
13.00 !
17.50
22.00
.50
102.50
19.20
11.00
21.00
43.00
13.25
lo.OO
132.50
28.50
75
7.50
4.00
2.90
5.50
11.50
33.00
15.50
26.00
75.75
4.00
2.50
12.50
32.50
28.25
25.00
10.50
Maker (names omitted in printing).
j Interest or
j discount.
$0.75
1.00
6.00
1.00
1.50
2.00
2.00
.25
.50
1.00
1.00
1.25
1.00
1.00
2.50
1.00
1.00
1.00
2.50
.25
1.75
1.00
51.45
1.00
1.00
.50
4.10
7.00
1.50
1.50
2.00
1.00
1.00
.50
1.00
1.50
1.50
3.50
1.00
1.50
2.00
2.50
1.00
2.50
2.00
1.00
4.00
.50
3.00
.75
.50
1.25
.75
1.00
1.00
2.50
2.00
.50
3.o0
1.00
1.00
1.00
1.50
1.25
.75
7.50
3.50
.25
1.50
1.00
.25
.50
1.50
2.00
.50
1.00
.75
.50
.50
.60
1.00
1.00
1.00
.50
Rate
P. ct
3C
e
4
7
3
2
40
8
16
24
6
1
4
8
4
3
18
2
151
14i
l,00i
2_
2!
31
2<
9(
16(
8(
2<
37*
10<
6(
6C
6C
72
37
17
37
72
100
260
113
75
111
74
40
30
13
107
187
37
16
20
96
108
215
REPORT OF THE COMPTROLLER OF THE CURRENCY.
Time.
Date.
Aug. 17
18
18
20
20
20
20
20
21
21
21
21
17
21
21
23
23
23
24
24
24
25
26
26
26
20
25
27
27
27
27
28
28
28
28
30
30
30
30
31
Sept. 1
4
4
4
4
4
4
4
4
4
4
4
7
7
8
8
I
Amount.
Maker (names omitted in printing).
Interest or
discount.
Rate.
P.ct.
31 days...
31 days...
28 days...
66 days...
120 days..
41 days...
.do.
31 days.,
7 days...
33 days.
30 days..
7 days...
30 days.,
40 days..
30 days..
9 days...
38 days..
37 days..
17 days..
7 days...
21 days..
91 days..
30 days..
35 days..
15 davs..
16 days..
34 days..
59 days..
5 days...
18aays..
30 days..
13 days..
33 days..
do.
16 days...
31 a a y s . . .
16 days...
32 days...
113 days..
30 days...
29 days...
26 days...
do.
...do
60 days...
30dd.ys...
26 d a y s . . .
30 days...
29 d a y s . . .
118 days..
26 days...
30 days...
8 days
24 days...
23 d a y s . . .
.do.
28 days...
23 days...
29 days...
105 days.,
90 days...
31 days...
30 days...
22 days...
21 days...
do..
30 days...
I l l days..
20 days...
30 days...
61 days...
85 days...
15 days...
17 days...
48 days...
30 days...
57 days...
30 days...
90 days...
15 days...
24 days...
59 davs...
$12.50
41.00
16.00
11.00
44.00
48.50
17.00
20.50
1.00
10.00
5.50
2.25
127.25
66.35
6.50
10.50
10.50
21.00
10.
6.50
1.75
56.'
51.00
6.00
11.00
5.00
2.
15.00
21.00
>.00
38.25
',50
11.00
11.00
18.50
10.50
12,50
103.50
45.00
13.50
11.00
6.00
5.00
3.50
26.00
51.00
19.75
6.00
5.50
7.00
11.50
25.50
2.50
30.00
75.00
2.00
26. 50
6. 50
49.75
LOO
20.00
140. 00
11. 50
10.00
14. 50
32. 50
100. 00
395. 00
3.00 j
50.
16.00
43. 50
3.25
15.25
5.50
22.00
7.50
6.00 '
104.00 I.
32.50 |7.50 i.
33.50!.
$2.50
1.00
1.00
1.00
4.00
3.00
1.00
.50
.10.
1.00
.50
.25
1.25
2.50
1.50
.50
.50
1.00
. 75
1.50
.25
.50
6.75
1.00
1.00
1.00
1.00
.50
2.00
1.00
1.00
1.50
2.50
1.00
1.00
1.00
.50
1.00
3.00
6.00
.50
1.00
1.00
1.00
.75
1.00
1.00
1.00
1.00
.50
2.00
1.50
.50
.50
.46
3.50
.50
1. £0
.£0
1.C0
3. CO
1. 00
4. 00
1. £0
2. 00
2.00
2. 50
1.00
30.70
.50
. 75
1.00
3.50
.25
. 25
.50
2.00
1.50
1.00
4.00
2. no
1.50
3.50
300
30
84
64
30
58
54
30
580
108
300
600
12
47
260
60
200
46
70
630
840
100
54
24
200
240
550
220
85
360
400
48
1,360
100
100
127
60
190
33
48
46
120
240
300
360
24
24
64
240
120
115
200
24
1,100
22
75
520
76
126
47
67
21
34
180
400
270
140
12
26
360
18
40
36
218
33
72
120
156
240
16
200
370
70
216
REPORT OF T H E COMPTROLLER OF T H E CURRENCY,
Date.
Time.
Sept. 17
17
18
18
18
18
21
21
21
20
22
22
23
23
23
24
25
90 days..
18 days..
58 days..
13 days..
31 days..
88 days..
19 days..
92 days..
10 days..
8 days...
9 days...
18 days..
90 days..
60 days..
58 days..
13 days..
61 days..
6 days...
.do..
35 days..
15 days..
22 days..
12 days..
30 days..
18 days..
30 days..
11 days
16 days..
21 days
11 days..
60 days..
30 days..
45 days.,
90 days.,
do..
18 days.
60 days..
74 days..
30 days.,
13 days..
18 days..
00 days..
18 days..
. .do
11 days.,
30 days..
do.
5(> days..
27 days..
do
16 days..
33 days..
26 days..
25 days..
60 days..
12 days..
60 days..
82 days..
20 days..
GO days..
30 days..
17 days.
46 days..
20 days..
15 days.
do.
60 days..
30 days..
. do
43 days..
13 days..
60 days..
.. .do
12 days..
30 days..
do
60 days..
70 days..
.. do
18 days..
8 days...
30 days..
. do
00 days..
Oct.
Amount.
$47.65
10.50
32.50
11.00
21.50
23.00
5.50
58.55
13.00
3.00
123.00
11.00
150.00
36.25
11.50
17.00
21. 50
2.75
33. 50
25.75
1.50
2.50
13.60
61.25
6. 50
32.00
3.25
48.50
35.85
7.75
420.05
22.
185.00
50. 00
136.00
24.00
38. 50
60.00
37.00
4.50
5.50
135.50
37. 50
71
596.50
149.40
11.75
233. 50
35.00
25.00
50.50
2.75
16.00
124.30
13. 50
50. 35
202.00
200.00
45
16. 00
101.00
36.15
19.00
101.00
4.00
22.25
11.00
10. 50
10. 50
35.00
16.50
55.00
12. 50
11.00
35.00
6. 00
22.00
53.00
51.50
15. 50
5.25
2.50
148. 80
2S7.50
Maker (names omitted in printing).
Interest or
discount.
$5.75
.50
2. 50
1.00
.50
3.00
.50
3.00
.28
.05
1.00
1.00
9.00
1.25
1.50
1.00
1.50
.50
2 50
.75
.15
.50
.25
1.25
.50
2.00
.25
.50
1.00
.50
7.92
2.&0
7.50
7.50
10.00
.25
2.50
4.00
1.40
.50
.50
5.50
3.00
.75
5.00
3. CO
.25
8.50
1.00
1.00
.50
.25
1.00
3.00
2.50
.50
2.00
6.00
2.25
1.00
1.00
1.00
1.00
1.00
1.00
.50
1.00
.50
.50
1.50
1.50
5.00
2.50
1.00
1.00
1.00
1.00
3.00
1.50
.50
.25
.50
3.00
12.50
Rate.
P.cL
54
100
50
275
30
61
187
21
70
75
32
200
25
21
150
173
30
1,714
90
30
200
346
56
25
164
80
270
23
48
223
12
150
33
60
31
21
41
34
47
300
180
25
160
21
28
32
26
24
36
50
24
108
93
28
136
28
12
13
90
40
12
60
43
18
800
110
100
60
60
36
260
60
150
300
33
240
30
30
15
64
220
300
24
18
REPORT OF THE COMPTROLLER OF THE CURRENCY.
Date.
Time.
)ct. 29 30 days...
30 28 d a y s . . .
30 30 days...
30 60 d a y s . . .
JGV. 1 ...do
.do.
1
1 30 days...
1 ...do
2 ...do
2 28 d a y s . . .
2 13 days...
2 30 d a y s . . .
3 29 days...
4 27 days...
4 57 days...
3 8 days
5 55 days...
14 days...
55 days...
210 days..
37 days—
295 days..
37 days...
90 days...
51 d a y s . . .
Amount.
$43.00
6.50
16.00
233.00
127. 50
250.00
25.50
11.00
606. CO
55.75
3.50
16.00
68.00
41.00
5() |*
105.00
15.00
233.50
221.00
38.00
150.00
96.75
20.00
50.00
Maker (names omitted in printing).
Interest or
discount.
$3,00
1.50
1.00
8.00
2.50
10.00
1.50
1.00
6.00
1.10
.75
1.00
1.00
1.00
3.50
.50
5.70
1.00
8.50
21.00
1.25
25.00
2. CO
4.00
4.00
217
Rate,
P.ct.
90
300
80
21
12
25
75
120
12
24
700
80
18
30
43
150
37
170
24
18
33
24
26
100
60
- National Bank of
-, cashier of the -, Okla., do solemnly swea
I,
hat the foregoing list of notes is a true and correct list of notes taken by this bank on
phich a rate of 12 per cent or more was received as interest or discount, from January
., 1915, to November 10,1915, to the best of my knowledge and belief.
, Cashier.
Subscribed and sworn to before me this the 27th day of December, 1915.
[SEAL.]
—, Notary Public.
My commission expires February 13, 1919.
^HREE BANKS WHICH AVERAGED 25 PER CENT, 36 PER CENT, AND 40
PER CENT, RESPECTIVELY, ON ALL LOANS.
Among the reports on file in this office are the sworn statements
>f three national banks in Oklahoma. One of these banks certified
-hat the average rate of interest which it had charged on all loans
nade by it between September 2, 1915, and November 10, 1915,
vas 25 per cent, and that the lowest rate charged on any loan was
.0 per cent. The capital, surplus, and undivided profits of this
>ank were about $40,000; total assets something over $100,000.
Population of town, 500.
Another one of these banks, with capital, surplus, and undivided
>rofits of about $35,000, declared that the highest rate which it had
charged between September 2, 1915, and November 10, 1915, was
.47 per cent, the lowest rate 10 per cent, and the average rate on all
oans made during that period, 36 per cent. Population of the town
ibout 700.
The third of these three banks had a capital, surplus, and undivided
>rofits of about $30,000, and reported its average rate on all loans
aade between September 2, 1915, and November 10, 1915, to be
:0 per cent. The highest rate charged during that period was delared to be 300 per cent, and the minimum rate 8 per cent. This
>ank was located in a town with a population of about 1,400.
EXHIBIT S.
EFFECT OF USURY ON THE FARMING CLASS IN OKLAHOMA.
In October, 1915, the Comptroller received from Hon. L.
McNabb/ at that time judge of the county court of Sequoy
County, Okla., a copy of an address he had recently delivered
that State, which deals so forcefully and graphically with the subj(
of usury as practiced by banks in one of the States of the Uni
that it has been thought desirable to print the address in this repo
along with the foregoing specimen affidavits made by natioi
banks admitting usurious charges. These affidavits of the ban
tend to confirm charges of Judge McNabb in his arraignment of t
usurers operating in his State.
T H E C R I M E S OP T H E U S U R E R I N OKLAHOMA.
H O W T H E Y HAVE R U I N E D T H E SMALL FARM OWNER, T H E TENANT AND WORKINGM.
By L. C. MCNABB, Judge of the County Court of Sequoyah County, Okla,
In discussing the crime of usury in Oklahoma, the writer has this to console h
That lie does not need to be a word painter or to know anything of the art of tellir
thrilling story. It only requires a man that knows all the inner workings of
schemes with which the usurer makes his gains, to give the narration in the simp
manner.
The parties who engage in this nefarious work are the owners of the different ba
of the State, reenforced by land loan sharks. It may seem unreasonable to a u
outside of this State to think that almost every bank in Oklahoma is engaged in
business of exacting usury, but I am acquainted with the banks sufficiently to
that almost without exception the banks of Oklahoma, both State and national,
guilty.
When I first came to Oklahoma, eight years ago, I began to learn the extent of
practice of usury by the banks, and it interested me to such an extent that I m
it a study; not for profit, but because it preyed on my mind to such an extent thj
could not help it.
At that time the farmers apparently were in good circumstances. They v,
making a great deal of cotton and had good teams and good farm implements. T.
would bring the cotton to town, sell it without any question as to whether they ^
getting the right price for it or not, as it was all mortgaged to some bank or large en
merchant who had stock in the bank, and some stockholder in the bank is gener;
the cotton buyer. If a farmer did happen to object to the price, he was told by
bank cashier that the cotton had to be sold right then, as the note was overdue.
Farmers soon fell into the habit of selling as soon as all the buyers made the!
bid, the last of which was seldom higher than the first. Eight years ago when I be
to notice the manner of the mrmer and bankers in their dealings with each oi
they appeared to be very friendly; that is, the faimer would walk into the bank •?
an air of confidence, bring the check that he had received for his cotton and
the banker without hesitation how much he wanted to use for his own personal ben<
This was generally about one-fourth or one-fifth of what a bale of cotton brought,
it seldom exceeded $25 when he brought several bales. It would be very late in
1
Judge McNabb's bitter arraignment of banks which exact grossly usurious interest has made him n
implacable enemies among the bankers, who, his friends say, are now endeavoring to discredit hir
the circulation of slanderous charges. Judge McNabb has recently resigned from the bench in ordi
is said, to be more free to conduct the campaign for the suppression of usury in Oklahoma, whicl
become an active issue in that State, and it is reported that, despite the charges made by his enei
efforts are now being put forth to induce him to run for Congress.
218
REPORT OF THE COMPTROLLER OF THE CURRENCY.
219
winter before the entire crop could be gathered, and the farmer seldom paid the note
in full.
The "banker was veiy willing to allow a small amount to run over. I found this was
the policy of the banks, to allow a small part of the loan to be carried over. They
had their reason for this, as well as for anything else they undertook. In the first
place, it kept the mortgage alive. The same articles could not be mortgaged to another
bank, hence no danger of any other bank getting the customer. The second reason
and the one that counted most in the eyes of the banker was that he could then get a
much larger rate of interest on the money that he was sure to loan to the farmer in
the spring for making his crop. When the new loan was being negotiated, the first
subject to be discussed was the old note that had been carried over. The interest
on this note had been paid regularly every month at such rate that the whole sum
which had been paid as interest would have in many cases entirely satisfied the
indebtedness. This part was lost sight of, however, and if the farmer made the least
complaint as to the amount of interest to be charged, the banker would feign to be
mad because of the old note not having been satisiied. This would have the desired
effect of closing the mouth of the farmer as to further complaint.
In order that the reader may understand just how the loan business is worked out
by the Oklahoma banker, we will start in at the first loan and trace it until the farmer
becomes a pauper.
The farmer comes to the bank recommended by a friend. Due inquiry is made
md finally the banker tells him that he is ready to do business with him. lie gets out
i chattel-mortgage blank and begins to ask questions as to what the farmer possesses
in the way of chattels. The answer is generally four mules, a horse or a mare, five
:ows, and six yearlings, one or two wagons, two cultivators, a disk harrow, plows, and
nany other farming tools. He then mortgages so many acres of corn and cotton. If
le wants to plant over 5 acres of corn, the banker tells him straight from the shoulder
;hat he must make almost all of his crop a cotton crop, as that is what he relies on as a
noney crop. So the farmer is reduced in Ms acreage of grain to such an extent that
die purchase of chops to feed his stock the next year is inevitable.
After taking a mortgage on all the above-named chattels and 75 or 100 acres of
x>tton to be planted on a certain farm, they agree that the farmer can have $2C0.
This transaction usually takes place in February or March. The money to be
Irawn out as the work of commencing the crop progresses. While the fanner only
DOITOWS $200, his note is drawn for $237.50, due and payable "at potato-digging time,77
^hich is about the 1st of July. (This makes the interest rate at the start about 55 per
:ent.) Of course the banker knows that the fanner is not going to plant potatoes,
md when the farmer tells him that he can not pay the note in July,"for the reason
;hat he does not intend to plant potatoes, the banker tells him that he can not have
Daper running too long, and that they can renew the note when it is due. Tins
satisfies the farmer and he leaves the ban Is: a happy man to begin his work on the
arm.
On the 20th day of June he receives a notice that a certain note will be due on the
1st day of July and that he expects prompt payment. This causes a rush to the bank,
hat is ready to receive him. By this time "money is very hard to get" and that it is
ill but impossible to extend the paper. But, after a long talk, the farmer is worked to
in extent where he can see the sheriff out after his mules. Then the banker tells him
,hat, if he will make the note $287.50, payable the 1st day of October, lie will allow
Am to renew the note. This agreed upon, the note is renewed and the farmer returns
;o his work happy as before. (Interest rate on the original loan being now about. 100
DO; cent.)
On the 20th day of September, he receives a notice that his note will be due on the
st day of October and prompt payment is expected and demanded. At this point
lie farmer is picking on his first bale of cotton. He hastens this picking and takes
iis cotton to town to sell. He takes the check and goes to the bank to negotiate an
'xtension. This time he is expected to pay it off in a month, so he pays $10 for a 30lay extension (being about 60 per cent per annum on original loan)' During this
nonth he reduces the note considerably, but must again have an extension; but this
eduction does not lessen the interest for extension. He still pays the sum of $10
or the 30-day extension.
This method goes on until the cotton, is gathered, but somehow he gets the $10
jyery month until March, when he undertakes to negotiate another loan. By this
ime he has paid $137.50 interest on the original loan; and when he comes to make the
lew loan, it is ascertained that he owes still the sum of $100. Such amount could have
>een paid, but he was encouraged to renew by assurances that if it was not paid
n full it was all right.
Now the farmer must have $200 to make the next crop, therefore the note must now
>e $300 and interest. It is agreed now that the farmer may receive $200 and that he
12088°—CUE 1915—VOL 1
15
220
REPORT OF THE COMPTROLLER OP THE CURRENCY.
give a new note and take up the old one, the new note to be $347.50, due and payat
on the 1st day of July; and again it is agreed that in case of nonpayment on. that ds
another extension may be had,
Again, on the 20th day of June the farmer is notified that his note will be due Ju
1, and must be paid. This causes another hurried trip to the bank to see about t
renewal. The same talk that was had the previous year is again gone over, or
that money is just a little harder to get than ever before. But it is finally agre
that if he will sign a new note for $397.50 that it will be carried to the 1st day
October.
Again, as the year before, on the 20th day of September, 1915, the farmer gets
notice that his note will be due 10 days from date and that prompt payment is €
pected. The farmer hurries up his cotton picking and takes a bale to town to sc
After selling he goes to the bank to turn it in, and to extend the note another month
order to pick out his cotton. For this extension he again pays $10. Something hi
pens which prevents the cotton from being picked in October, and again the $10 mi
come for the extension, notwithstanding the note has been greatly reduced.
Each month finds the farmer faithfully picking cotton, but the children must ha
shoes, as frost has come, before they can finish picking the cotton. The banker ve
graciously allows him to use a part of the cotton money to buy shoes and to provi
clothes for his family for the coming winter.
By the time the cotton is all out, the farmer finds now that he owes at the end of tl
year $200; it is true that $147.50 of this is interest, but the note is there to show
itself. It is true, besides the interest of $97.50 in the face of the note, there are fi
other $10 payments, "for extensions." If the farmer had been real careful, he coi
have paid the entire note; but he would boast that he had a good credit and that
could get all the money he wanted at the bank. The cashier would flatter him to tl
extent, when in truth he could get money only as it appeared that he was good picki]
The following March the farmer comes again to borrow money and to renew the c
note. He must have the same amount as before to make the crop, but it is easy to i
that the note must be $400 and interest. Now, what shall the interest be? The ban]
looks grave and dissatisfied because the former note had not been reduced a grea
amount. He even intimates that he ought not to even make the loan at all and
foreclose the mortgage then and there.
The farmer also gets serious, as he can see visions of the sheriff out after those mul
and he does not know how he could make a crop to feed those three boys and gi
They had all worked hard the year before, but it was just bad luck that caused h
to fail to pay out. He tells the banker about the sickness and the troubles he h;
and besides, another "little cotton picker" had been born during the summer ri;
at the time the mother should have been hoeing cotton. This knocked her out of
days' work, and besides, the doctor bill had to be paid. Upon this the banker relem
and agreed to carry him over.
This time there was nothing said about interest; the banker only wrote out a n
for $487.50, due on the 1st day of July (rate about 00 per cent compound intern
The farmer signed without saying a word, as he was afraid that the banker would ;
refuse the loan he must now have, or starvation, looked him in the face. His mules a
farming implements would go for a small part of what they were worth, and there
had a large family with nothing to do and with nothing to eat.
Again on the 20th day of June the farmer receives the notice that his note will
due in July. He is forced in this time to see the renewal, because he could begir
see that this note was getting larger and larger and that he could not hope to pay
this year. Finally the banker seeing him pass by the bank, invites him in; wh
invitation amounts to a demand. They have a talk, or rather the banker does
talking and makes threats of foreclosure. Neither is he friendly now, although "
farmer failed to say anything about it.
The banker does not conceal his anger at this time and cares nothing for the g<
will of the customer. He informs the farmer that the note must be renewed; i
without saying anything about the interest, he writes out a new note, adding
even $75 for interest which makes the new note $562.50 (75 per cent compound intere
The farmer again goes to work on his crop, but the hopes of paying it has left h:
He now studies how best to '' beat it." He even tries to get a little more money; i
after getting into the very dust of humiliation he gets $25 more, but the note is a 30-(
note which he must renew and pay $2.50 for renewal (120 ;per cent per annum),
notice as before, but he finds that he is not being treated with courtesy. The ban
has divined the thoughts he had had while plowing the cotton as to how to get a\
with as much mortgaged property as he could.
So from this on he brings the cotton as before, for he finds a man who claims to
deputy constable, but now a collector for the bank, is watching him. He finds t
REPORT OF THE COMPTROLLER OF THE CURRENCY.
221
this fellow has been to the farm and knows just about how much cotton will be raised
on the place; and that every time he comes with a load of cotton, this man's eyes are
continually on him and he knows that he dare not go off without seeing the banker.
So he falls on the plan of telling "big stories " as to his crop and gives every assurance
that he will be amply able to pay out. He fairly begs for as much as the banker will
let him have out of the cotton; and when the next bale comes, he demands the picking
and turns over the balance. He now begins to hide out sackfuls of cotton at a time
and sells to some grafter who is also farming but who is looking for such men. He sells
it for very little more than the picking. But anything now to save something out of
the wreck. But the collector is on his trail and he gets no chance to get away with
anything. Finally he has turned in all the cotton or all but a winter's^ picking. He
had $12.50 interest to pay on the two notes.
All this time he had reduced the note only to $300. The collector now begins to
look for a place to sell these mules and farming implements. The farmer knows of
this, and if the collector does not see a sale for the stuff, perhaps the banker will inform
him that he will let him keep the mules to make another crop if he can without another
loan, but he is determined to risk no more money.
In despair the farmer goes to his friends to sign notes for him. In this way and by
working his family for other people, he makes another crop. But before this he had
to renew the note. The banker again fails to mention the interest; just writes out a
note, tells him to sign, and talks about how good he is to him. He signs and does not
even know that he signed a note and mortgage for $4G6.50.
In July it again is renewed. The following fall it is renewed and the banker gets
all he can from the crop, charging heavily for renewal.
When the crop is all in, the poor fellow'still owes the sum of $400, and the chattels
are demanded, advertised and sold at public auction, the bank buying for a son^ and
then charges the rest off the books. He is careful to keep the note, however, and perhaps three years later the farmer will be careless and the bank will run an attachment
or garnishment and catch something.
This closes the career of the farmer who has worked for four years with all his might
and enslaved his family for this length of time, giving them no pJeasure, no spare time,
no education, and no clothing fit to wear; making all this sacrifice, not to pay an honest
debt, but just to fill the coffers of a bank which is owned by some man who is utterly
unfit to run a bank but is an excellent hand to do a pawnshop business.
In fact the very existence of such banks doing this kind of business effectually bars
the doors to a real banker.
The narration just given is taken from one of many cases that came under my observation while practicing law in this county. I was attorney for a man who "went
the route " that I have just related; only I have not told the sad part of the story.
This man was getting old; over 50 years of age with a large family, but nearly all
were breadwinners. The truth is he had six children, boys and girls that could do a
man's work. They were noted for their hard-working qualities; and up to the time
that the bank began to pinch him, he had a good reputation for paying his debts.
This valuable reputation enabled him to make another crop after the bank had quit
him, allowing him to retain his stock and tools at enormous rates of interest.
The reputation however went down as he went down; but his creditors never made
any inquiries as to how lie went to the bottom and became a "beat." The sad part
of this man's career was that he took sick in the middle part of the winter, having gone
almost barefooted all the time and had contracted to clear some wet lands at so much
per acre to make his way through the winter.
After lingering without a doctor, without medicine, without food for proper nourishment, he died, leaving a large family of boys and girls who had been slaves for four
years, without any capacity'for dealing with the world, as they had no experience,
having been at work ail these years, knowing nothing of the father's transactions.
The county had to bury him; and the good people of the neighborhood furnished
the family transportation back to Arkansas, whence they might buy a farm. Perhaps he would have done so if he had not fallen in with this conscienceless banker,
who took advantage of his simple way of dealing with people, and using him for all
he was worth.
Since I have become an officer of this county I have found that there are thousands
of such cases, and many are the times that I have buried people at the expense of the
county that had been brought to ruin by this same method. I can recite case after
case of this kind that has come under my own observation and can vouch for the truth
of it, and if my word is not sufficient, I can prove it to the satisfaction of the most
.skeptical.
I visited back East at my old home and was telling some of these stories, which
would cause the most intense astonishment. I saw it made a bad impression as to
222
REPORT OF THE COMPTROLLER OF THE CURRENCY.
my adopted home, and then I told of the wonderful possibilities and resources
our great State.
It is true that our farmers heve been ruined and many beggared, but they ther
selves were to some extent to blame, not intentionally, but by not being on the ale
and contending stronger for justice. And again, they were too free to borrow; bi
they have now learned a lesson they will never forget, and there is now determinate
to stop such practices.
I am now engaged in leading a fight on behalf of the farmers for a cessation of sue
business. When I commenced there were few that would even mention it, unle
it was those that suffered. But now I have shown how heartless the banks were i
ruining any man that "bucked:> their game; all the people, if they are not my actr
supporters, they at least tacitly admit the justice of the cause.
The officeholders were afraid to try to do anything, as it was thought that any mt
who brought against himself the enmity of the bankers signed his own death warrai
politically, and the merchant who would raise his voice against usury would be ruinc
financially.
I was very reckless, and determined to try my strength as against really the cor
bined wealth of this county. I went to work and did some things as an official whi<
was right that I should do, but could have left undone as the rest had done, and ha^
caused no trouble. But I did my duty, and they commenced their campaign
ruin my political future.
Many predictions were made as to how I would go out of office because of the enmii
I had created against me by not doing the bidding of the banks and their stockholde
and their henchmen. Even my most ardent supporters thought that I was destine
to ignominious defeat. Really I did not care; as I had a large clientage which pa
me better thaxi political office, and I thought I would try. So careful I was to n
for the second term of county attorney which. I then held, but announced that
would not run for a second term, but would run for judge against the man who was
candidate for his second term, and the fight commenced.
It was the dirtiest fight I ever encountered, but I never engaged in the usual cai
paign of falsehood and slander. I never once made a personal attack on a single mi
who opposed me. I made the issues prominent and argued that I was right and th
I ought to be supported. They would circulate the most unreasonable falsehood
on my personal character, but I remained cool and fought back with the argume:
that I was right in opposing their unholy methods.
For example, I went into the bank to get my check for my salary cashed, and tl
cashier said to me: " I hear that you are going out over the country telling the farmc
not to pay the banks a cent they owe us." I said, "No, you didn't hear that," ai
he said, "Yes, I did." I said, "No, you did not," and "Why is it that every time y<
tell anything about me that you have to tell a falsehood? Now, you did hear that
was going to carry on a campaign against the charging of usury, and I am going to <
that, but every time you mention it in the future as in the past you will not say usu
but will tell that I am urging people to refuse to pay their just debts. Why is it th
your business won't stand for you to tell the truth concerning it? If it were the rig
sort of business, the more advertised the better it would be for you. The fact th
you can't bear the truth is the thing that is hurting you and not anything that I say
I was elected by a majority of two to one. This gave them a terrible jolt, but tfi<
have never ceased their fight on me yet, and as I am. now engaged in this campaii
against extortionate interest charges, they are everlastingly trying to ruin my persor
reputation and moral character. They have spent all kinds of money in this wa
but I have never been hurt yet. I go about as though there was nothing unusu
going on. I pretend that I never hear of the slanderous remarks.
But their efforts against me have had one effect, and that is other men do not ca
to undertake the fight I have waged. In other words, while they care nothing j
the unholy methods of these money loan sharks, the determination of the money shar
to drag the name of any man who opposes them through the mire of filth and slir
causes prospective candidates to be careful not to arouse their enmity. I find sin
I commenced this fight that mem dread slander worse than they do bullets.
To show you their cunning ways of campaigning, I will give you an illustration
their methods. The banks held a meeting to decide upon a man to run for treasun
a very important office to the banks and to the county as well. They picked on
young clerk in one of the well-known stores. He was an exceptionally nice you
man, fine looking, and with a pleasing smile and manner. But they knew that tl
young man would do just what the banks said for him to do, as he had been a goo
obedient clerk. They knew that his manners would take well with the voters, ai
therefore they did not think there would be any trouble in electing him. One w.
happened to be with him on those long campaign rides could tell that he did not ca
the office so much as he did to obey the mandates of those who ran him.
Digitized forfor
FRASER
REPORT OF THE COMPTROLLER OF THE CURRENCY.
223
Opposed to this young man was a man with, a character as firm and spotless as a
man's character could be. lie had well-fixed ideas as to his own conduct and was
scrupulous in doing his whole duty, and all knew that he would not grant special
favors to any one. The banks could see that he would not be wax in their hands
as the young* clerk would be; therefore they decided to defeat him at any cost. They
got hold of worthless scoundrels who cared nothing for their own reputations or for
that of any other person, and gave these fellows good money and started them out
over the country to tell tales on this man.
For them to have told that this man's morals were vicious would be too unreasonable to men who knew him. So this was the tale that carried to him his defeat. The
scoundrels, after being fully instructed, would go very leisurely about the county,
talking in a disinterested sort of way about the candidates for office. All at once
they wor.ld say, "I heard something whispered around town that took me by surprise.
I heard that K— was a morphine fiend." This would shock the voter, but they would
discuss it as a great secret. The scoundrel would get a pledge from the voter that he
would keep it inviolate as long as ho lived. The voter would think it incumbent on
him to do such a thing, for he never wanted to harm such a man as K—. So he would
talk it over with his neighbors in a secret sort of way and they would soon imagine
that they could see K— do things that indicated something wrong. Soon it had gone
to everyman's ears. But always a profound "secret." Each one was afraid that K—
would know that he had said something about it.
K— never knew for a long time what beat him for office. When he did find it out
he was so shocked that he never took part in politics again.
The young clerk after election showed, in the way he favored the banks, why they
spent so much money for his election. In all these nefarious plots the money changers
were at the bottom of it all. In seeking office where it does not affect the banks^tho
candidates can carry on that campaign in a most gentlemanly manner; but for those
offices where it will affect the money shark they wor.ld take no chances and would
make the most insidious assault on the personal character of the man they thought
would not "stand hitched," putting it in their own language.
In this one article I can not go into details of the crimes due directly to the money
shark in the social and political life of the county and State for no purpose but to
carry on an unlawful, unholy, and unjust business. It would require a whole book
to detail the crimes for which they are directly responsible.
I prepared a lecture entitled "The Crimes of Old Forty Per Cent," in which I
enumerated some of the most heinous crimes due to their activity in politics, and
some of the most harmful effects on society for which they are responsible. It is one
of the laws of God that evil must be bolstered up and maintained by evil practices. The man who once goes into this nefarious business has seared his conscience
and will stoop to the lowest and meanest tricks to maintain it. For after it is once
started, the sudden stopping would ruin the parties who were engaged in it. "Evil
begets evil."
Ex-Attorney General West, who was candidate for governor, showed that 90 per
cent of the crimes committed by bankers, for which they were prosecuted and convicted, were caused by the practice of usury. The cashier who continually violated
the law and who was forced to so many cunning schemes to carry on this kind of business, was more apt to go wrong, even steal the bank's money, than a banker who did
not practice it. Why is it that bankers violating the law do not bring down on their
heads the condemnation of good citizens, like the crimes of bootlegging, cattle stealing, etc., I can not understand.
In our good State the decent people have gone on and in some way fed the nick
and afflicted. Many men, having to meet the demands of the money shark, were
starved to such an extent that, their vitality being depleted, they were easy victims
of disease and were then buried at the expense of those so fortunate as to still survive.
The victims of these unjust men can not send their children to school as the law
directs, and they are either neglected by the authorities or placed in school at public
expense. It is a very usual thing to see girls out plowing in rough land and the entire
family hard at work, with the baby sitting on an old rug in the middle of the field
with a rock on its dress to hold it.
And this goes on from year to year, with every earned dollar above a bare existence going into the pockets of some bankers who could never get a job running a
livery stable in any other county except Oklahoma.
It is one bad feature that, where a State allows the practice of usury, it drives all
good men out of the banking business and turns a great banking system into the
hands of men who would disgrace a pawnshop or a gambling dive.
224
REPORT OF THE COMPTROLLER OF THE CURRENCY.
I do not mean to say that theie are no good men connected with, the banking busi
ness in Oklahoma; but they are the exception. A very common question for debaft
in debating societies among them is—
u
Resolved, That the usury has done more damage to society than all the criminal
combined."
In these debates I have never known the affirmative, to lose. They are debate*
before judges who know the efiect of it and know that this is the only crime tha
injures people in Oklahoma to any great extent.
While I was prosecuting attorney I "got wise" to a plot of the victims of usury t
kill a well-known shark who had reduced them to starvation. I stopped it, not b;
the use of office but by making a speech to them, taking them into my confidence
and I know that they had confidence in me. I never could have prevented it an;
other way.
This shark was a rank enemy of mine; but I saved his neck, and since that tim
the only thanks I have ever received was that he has tried to use that money tha
he secured by such means to get me assassinated, because he thinks I am the onl
man that opposes publicly his infernal business.
As I am writing this 1 can see that our campaign against this practice ia going t
be a complete success; and when we rid this State of these sharks we will have on
of the most glorious States in the great Commonwealth. We have the greatest school:and our people are tireless in their efforts to educate the young and, by such means
build up the citizenship.
Thousands came to this State who were honest and upright, but are not educated
and they have fallen victims to this system; but we are determined that it sha
stop. When some ask seriously, "Have we not waited too long already?" I ca
answer, with full confidence, "No; we will recover in a very few years; so great ar
our resources that nothing but a, cruel war could keep us down."
EXHIBIT T.
LEGAL RATES OF INTEREST IN EACH STATE.
The following table has been prepared by the Department of Justice for the Comptroller of the Currency, and shows the legal rate of
interest in each State in the Union, also the maximum rate of interest
which may be charged by special contract in certain States and the
penalties provided unde/the respective State laws for charging interest in excess of the rates authorized:
Legal rate.
States.
Alabama
I 8 per cent
6 per cent...
Arizona
Arkansas
do
California.... 7 per cent
8 per cent...
Colorado
Connecticut.. 6 per cent
Special contract
rate.
Penalty for usury.
No higher rate
permitted.
Forfeiture of all interest.
Not exceeding 10 I
per cent, if in !
writing.
j
do
Not exceeding 10 Usurious contracts are
per cent.
void as to principal
and interest.
Unlimited, if in
writing.
do
N o usury laws.
12 per cent, as No forfeiture of interj provided in j est.
acts 1915, eh.
143.
Miscellaneous.
.•perc€
has been paid, such payment
shall be deducted from principal.
If more than 10 per cent interest
has been contracted for or
paid, all such payments account interest shall be credited on principal, and if such
interest payments exceed
principal, judgment shall be
rendered in favor of defendant for such excess payments
over principal.
Negotiable paper, tainted with
usury, is void in hands of innocent purchasers.
Not applicable to personal property, brokers, and pawnbrokers.
Persons making loans in excess
of 12 per cent are required to
obtain a license and are subject to regulations of bank
commissioner. This act not
applicable to national or
State banks, nor trust companies or building and loan
associations.
Penalty in excess of 12 per cent
is imprisonment not over six
months, or fine not more than
$1,000, or both. Act not applicable to licensed pawnbrokers.
Special act for higher rate on
loans less than $100 secured
by chattel mortgage, and
from pawnbrokers.
j No higher rate Forfeiture of a sum
j permitted.
equal to money lent,
one-half for use of
person suing and
one-half for use of
county in which
suit is brought.
(Sec. 1179 of Dis- If any person or cor- If greater interest has been
D i s t r i c t of | . . . . - d o . . . .
trict of Columpaid, recovery of unlawful
Columbia. !
poration shall conbia Code apinterest may be had by suit
tract verbally, or in
proved Apr.
if commenced within one
writing, to pay more
22, 1870, peryear. If action is brought
than 6 per cent per
mitted interon contract with unlawful
annum, the creditor
est not exinterest that may have been
shall forfeit t h e
ceeding 10 per
paid, such payment shall
whole of the intercent on conbe deemed payment on prinest so contracted to
tracts in writcipal debt, and judgment
be received. Not
ing. Howrendered for balance due
a p p l i c a b l e to liever, sec. 1180
after deducting the interest
censed money lendof the Code,
so paid.
ers.
approved
June 30, 1902,
d e fining
usury, impliedly* repealed
above section.
See Usury.)
Florida.
8 per cent... 10 per cent
Forfeiture of interest., I If usurious interest has been
j paid, forfeiture of double the
amount of interest.
225
Delaware
!
do.
226
States.
Georgia..
Idaho.
Illinois
Indiana
REPORT OF T H E COMPTROLLER OF T H E CURRENCY.
Legal rate.
7 percent.
.do.
Special contract
rate.
Penalty for usury.
8 per cent, if in Refund of usury.
writing.
12 per cent
5 per cent..... 7 percent.
8 per cent.
6 per cent
Iowa
do
do....
Kansas...
do
10 per cent
Forfeiture of 10 per
cent to the person
charging usury for
benefit of school
fund, and forfeiture
of all interest.
Forfeiture of all interest.
Forfeiture of interest
in excess of 6 per
cent.
Forfeiture of 8 per cent
on amount of contract to the school
fund, for which sum
judgment is to be
rendered vs. defendant in favor of State,
and judgment in favor of plaintiff for
principal sum only,
without interest or
cost.
Forfeiture of all interest in excess of 10 per
cent, and forfeiture
of a sum, to be deducted from principal, and lawful interest equal to interest contracted for
in excess of 10 per
cent.
Miscellaneous.
A deed given to secure loai
tainted with usury is void
able—a note containini
homestead waiver tainte<
with usury, the waiver i
voidable.
Usury, to be available as a de
fense, must be pleaded.
Special act as to househol<
property and pawnbrokers.
Usury indictable as a misdc
meanor. Fine of not less tha:
$25 nor more than $500, o
by imprisonment for not les
than 30 nor more than 9
days when usurious interes
is in excess of 2 per cent pe
month.
All payments made by way c
usurious interest or induce
ments to contract for mor
than 10 per cent, whethe
made in advance or not, sha
be deemed payments mad
on account of principal an
10 per cent interest, an
courts shall give judgmen
for no greater sum than ba
ance due after deducting pa3
ments made as aforesaid.
Forfeiture of interest
in excess of 6 per
cent.
Recovery of excess Larger interest can be eollecte
Louisiana
5 per cent
8 per cent
over 8" per cent by by way of discount.
suit to be commenced within 2
years.
If no rate is stipulated in coi
Maine
No leral rate Any rate stipu- No penalty
tract, G per cent is allowed.
lated for may
established.
be collected.
No higher rate Forfeiture of all inter- Special act as to loans secure
Maryland
6 per cent
by chattel mortgage o
est.
permitted.
household goods.
Unlimited, if in None.
On loans of less than $l,00(
do
Massachuwriting.
18 per cent only is recove:
setts.
able.
Forfeiture of all inter- Special act as to pawnbroker;
Michigan
7 percent..
5 per cent
est.
etc.
do
, If usurious interest has bee
Minnesota
10 percent.
6 per cent
paid, recovery of all intere;
paid may be had within
years; one-half to perso
bringing suit and one-half t
county treasury.
Forfeiture of all inter- Excess rate of interest pai
Mississippi.
8 per cent.
.do.
may be recovered by suit.
est. If more than 20
per cent interest is
charged, forfeiture o f
principal and interest.
Recovery of excess Special rates on chattel mor
Missouri
do
do....
over legal rate by
gages securing loans of nc
suit.
exceeding $500.
Montana
Not exceeding Forfeiture of a sum Recovery by suit of a sui
8 per cent.
double excess rate of intere;
12 per cent, if
double the amount
paid.
in writing.
of interest which
the debt carries.
Forfeiture of all inter7 per cent.
Nebraska
10 per cont
est.
None.
Nevada
.do.
12 per cent
Forfeiture
of a sum
New Hamp- 6 per cent
No provision
three times in exshire.
cess of legal rate.
Kentucky
6 per cent
No higher rate.
REPORT OF THE COMPTROLLER OF THE CURRENCY.
States.
j
Special contract |
rale.
i
Legal rate.
Penalty for usury.
227
Miscellaneous.
I
New Jersey.. 6 per cent
New Mexico..
New York
j No provision.
do
12 per cent...
do,
No provision
Forfeiture of all interest.
Forfeiture of double
such -interest collected and a fine of
not less than $2o nor
more, than $100.
Forfeiture of entire interest.
i
i
North Carolina.
.do .
North r> a kota.
....do,.
Ohio
.do.
10 per cent
do..
Oklahoma
.....do
Oregon
.....do
Pennsylvania;.
8 per cent
10 per cent
!
do
No provision
I
Rhode Island j
5onth Carolina.
South Dakota!
'ennessee
do
7 per cent
do
6 per cent
do
-do.
!
do..
Upon collateral demand notes
not less than $5,000; or loans
on warehouse receipts, etc.,
phdg'd as collateral if not
less than $5,000, bank may
receive for such advances any
sum agreed on.
If suit is brought on note and
usury shown as s^i-otf double
amount of interest to be deducted.
If usurious interest has been
paid, recovery may bo had
for twice amount; paid if action is brought within 2
years.
If'contract is made for a higher
rate than 8 p-er cent, tho recovery is lirnitod to principal
with 6 per cent.
Payment of interest
in excess of rate allowed by law at
time of contrn'-t, as
to excess above rut \
F Ho wed, shall 1 *
taken as pavnvnt
on qmr.'.rt of pnn- j
l
of twi' o the Recovery of twice amount of
. . . For!
crporui of inter< st
interest paid if suit is brought
C'i U'lL d .
within 2 years.
Jj'
i HI I, b r o u g h t vv
U I-riouS CUlTO I,
fort 1 uro of eirur >
d ' M lo school f u n l ,
and ti. liiibt d lf nd'>vj~ for p r i n ipul
ilh1
i i t
i F vi
over (i per cent
o-t can not tv
Commission men may contract
for 7 percent. Collateral loans
of not loss than $5,000, payable on demand any rate
agreed
in writing.
i charge, or take! in- ! Violation upon
Unlawful to receive,
of special contract
tercst at smh ratt , or n s>rv", charge, < rate a misdemeanor subject
or take comp^nsat ion for s Tvic es or
to a fine of not more than SoOO
or imprisonment of not moro
expenses incidental to mal ing n< gothan 6 months.
tiation, or eoll"( tion of siuh loan, in
such amount that the total of 1 j ear's
interest, reckoned at the rate lo reserved, charg d, or taken, and of oil !
compensation for s TVI -es and r xpen; s \
shall exced 30 p >r n-nt on Hue un<oi'ii i |
actually received by th'j l)orrower, (.*i
all amounts exceeding .S^O, wli 'tlier iri !i
one or niore loans, t \i\l all amount snoi.
exceeding $50 for not longT 11»ar 3 |
months, 5 p-r ceiiL p-r n'onth oa ;
amount rcoojved by borrower. (XoL •
applicable to pav n
8 per cent
1<\* ••''•uc of p!i in- If usurious interest has been
received, forfeiture of double
the total interest received to
be _ col.ected by separate
action or allowed on counter
claim.
12 per cent. On Usury is misdemeanor
real e s t a t e
punishable by a line
mortgage
not exceeding $500.
loans
no
higher than 10
per cent.
No provision
Misdemeanor; fine of
not less than $10 and
not more t h a n
amount of usury
received.
228
REPORT OF THE COMPTROLLER OF THE CURRENCY.
States.
Legal rate.
Texas
6 per cent
Utah
8 per cent
Vermont
6 per cent
Virginia
Washington..
do
do
West Virginia.
do
Wisconsin
do
Wyoming
8 per cent
Special contract
rate.
Penalty for usury.
Miscellaneous.
Forfeiture of all inter- Recovery of double amount
interest collected if action
est.
brought within 2 years.
12 per cent
Usurious interest paid If suit is not instituted with
1 year county superinten
may be recovered
ent may bring such si
by sr.it if brought
within 3 years for benefit
within 1 year.
county school fund.
No provision
Usurious i n t e r e s t
paid may be recovered, with interest
from time of payment.
No higher rate Forfeiture of entire
interest.
permitted.
If suit is brought on
12 per cent
usurious contract
plaintiff shall recover principal, less
accrued interest, at
rate contracted for,
and if such interest
has been paid plaintiff shall recover
principal,
less
twice amount of interest paid and less
accrued i nterest.
All contracts for inter
No higher rate
greater than 6 per cent si]
permitted.
be void as to any excess
interest above that rate a
no further.
Forfeiture of interest.. Any person having paid m
10 per 2ent
than 10 per cent interest n
recover treble amount p
within 1 year. Any pers
principal or agent, chare
more than 10 per cent im
est is punishable by afin*
not less than $25 nor m
than $300.
do
12 per cent
10 per cent
The national-bank act provides that no national bank in any Sta
shall charge interest rates in excess of the rates permitted by law
the State in which the national bank is located.
Section 5198, United States Revised Statutes, provides that a]
national bank charging interest in excess of the rates permitted 1
law is subject to the forfeiture of double the amount of in ten
collected. Furthermore, suits for the forfeiture of their chart(
may bo brought by the Comptroller of the Currency against natioi
banks violating the provisions of the national-bank act.
EXHIBIT U.
V
fn the above map the figures inclosed in circles indicate the number of banks in each State which admitted in their statements of condition of September 2, 1915 that they were charging on
some of their loans rates in excess of those permissible under the National Bank Act.
The States with horizontal Sines are those where any rate of interest may be charged by special contract.
The States with perpendicular lines are those where any rate of interest may ba charged on certain collateral loans in excess of $5,000,
The States with diagonal lines are those where no national banks admitted in their statements of September 2, 1915, that they wars charging rates in excess of those permitted bylaw.
to
CO
EXHIBIT V.
to
CO
o
>„. / (
W
7'—/
COLO,
3
I
I
KANS.
!
M0
-
V,
CT77
w
o
r
5
1-3
w
o
H
w
/•""•%
rnntalned in the circles in each State In the above map indicate the number of national banks in the respective States which admitted under oath fn their statements of condition to
«wrnAr>r . r i n _«
^«* «^» onn,,m or mnrfi nn fl|! nf thfiif loans and discounts.
EXHIBIT VV.
o
w
IOWA
)
o
o
o
w
o
w
o
cj
o
v
The figures inclosed in circles on the above map Indicate the number of national banks In each State which admitted under oath in their stitments of condition of September 2. 1 9 1 5 , that they
were charging on some of their iuans 1 2 por cent per annum or more.
In the States with horizontal' lines there were no national banks which admitted charging as much as I 2 per cent per annum.
INDEX.
Page.
ABSTRACT OF REPORTS OF CONDITION OF NATIONAL BANKS.
(/U:€ Condition of national banks.)
ACCEPTANCES. (See Condition of national banks.)
ADDITIONAL CIRCULATION:
Approved, retired, and outstanding, weekly, August 8, 1914, to Juno 30, 1015
Effect of issue of
Expiration of act authorizing
Issuance of clearing-house loan certificates, connection with
Location and membership of national currency associations issuing
Maximum amount issuable and the amount issued by States
Period of activity of issues of
Portions of, secured by various classes of collateral
Proportion of issues of, by banks in reserve cities
Retirement of
Secretary of the Treasury directs issue of, on August 2,1914
Securities upon which issues based
States in which banks located did not issue
Statistics relating to
Tax collected on
9U
4
90
a>
>-»5
03
01.
08-100
02
oI
i
92
02
90,93,95-101
92, !0i
ALASKA AND INSULAR POSSESSIONS:
9(
Amendment recommended permitting national banks to establish branches i n . . . . LMENDMENTS TO NATIONAL-BANK ACT, RECOMMENDED:
Authorizing Comptroller to institute proceedings against directors for losses sustained through
violations of law
31
Authorizing continued use of original bank-note plates and notes on extension of charter
30
Authorizing engraved signatures on national-bank-note plates
40
Authorizing establishment of branches in the United States
33
A uthorizing minimum interest charges on loans
34
Authorizing removal of directors for persistent violations of law
30
Establishing penalties for violations of laws and regulations
40
Limiting amount of direct and indirect loans
32
Limiting interest on deposits
33
Limitation of deposits to eight or ten 1 im.es capital and surplus
40
Permitting branches in Alaska and insular possessions
34
Preventing delays in taking directors' oaths
39
Preventing erasures on books of bank
33
Preventing loans to directors except with approval of board.
32
Preventing or limiting overdrafts.
33,42
Prohibiting officers from borrowing from own banks
32
Providing penalty for making excessive loans
40
Providing for consolidation of national banks
30
Regulating the establishment of banks in the District of Columbia
40
!
Removing limitation on denominations of national-bank notes
o
Requiring certificates of deposits to be signed by two officers
3a
Requiring surety bonds of officers and employees
32
Standardization of by-laws
39
MEKIOAN B A N K E R S ' ASSOCIATION:
Correspondence with, concerning usurious interest charges
SSETS AND LIABILITIES OF NATIONAL BANKS (see also Condition of national banks):
Percentage oi principal items in each year since 1906
A.NKS AND BANKING IN THE DISTRICT OF COLUMBIA.
-INK BALANCES WITH RESERVE AGENTS:
(See District of Columbia.)
Not always available
INK FAILURES (see also Failures and suspensions of national banks; State and private bank
failures):
Capital of national banks at date of failure
Causes of failures of national banks
Dividends paid by insolvent banks
Failures and suspensions of national banks
233
79
80
79
77
234
INDEX.
B A N K FAILURES—Continued.
Legislation to p r e v e n t , r e c o m m e n d e d
N a t i o n a l b a n k reviver-;' sahr/ies a n d OIIKT expenses
S t a t e a n d p r i v a t e b a n k failure
Statistics relai i\ e to national-bank failure <
Page.
32
79
126-128
78-81
B A N K I N V E S T M E N T S IN BONDS AND OTHER .s::ci"UTn:s:
Combined s t a t e m e n t of, for oa'.h class oi hauKS
125
B A N K I N G POAVER. OF TUT: I/NIT-M) S T A T E S :
(
Comparison of, in 19!4 and l )lf>
119
BANKING P R E M I S E D
(FU Condition of n a t h n a l k i r . i o ; S:,iio an.I private l)a:iks.)
n
BILLS PAYABLE (sec al< Condition of national b u n k s ,
L u b i l i t i o - o f t i i i t i o m l i)ank-e-i .icfouiil-of
56
B O N D E D DERT oy r \ f ; : ! ) >ST • vi. . ij-.rc ch-u r r . n e d :';u,(o-; ]> >wV-)
A mourn mid cliar-u ! rr of
85
I n v e s t m e n t ' - i n , by na' bn.ii h riles, d o o d l e I \-> - ' v u r e ("r<,nl:iu\»n and puMic deposits.
85
B O N : - « AND oTiir.n H:: . nv.ir.-i c.-c, ( '- • r . ' i i v d S i ^ o b o n d s , .
Classification of, <1< ponied b y JI u ; -/nal 1-U'J!- ^ ' > ,>en J r e p a) >ii#i <VposL 85
Ciassiflea' ion of in v e-l MO:1* • i:i
49
I n v e s t m e n t s in. l r f e d e r a l I'O'CI \ e hunks .
137
I n v e s t m e n t s in, h\ nai IOTUI! ba:».L-.
5,40
InvpFtmonts in, h\ na! loiuv. ;-•'• at i\ aii-l j.rI\ «n e bank.;
119-120,123,125
I n v e s t m e n t s in, by S t a l e r*:^: pri^alo bnnk^
108-109
P r o d u c t i v i t y of i'U e^niP'iis !i i
67
B(;NDS OB' U \ n v i > I Q T \ T ! : \ <\-\< I ul\td Siti'c< ]i«>r:dN.)
Bor.PiO"\VJ:D I?OM)° \ M > M •> 'V i -•( <:'-n ^\»nui: I'ML of it'lliotml baiik.OLiabilities ofnaiiotud !.inK > o's •» " " ) " P J :•;"....
58
BORROWERS ; -re clan \ >ury):
CU ;s'"fixation of lov)> IP;J-1P !(.
. 14-19
7
' x c e s s i v e interest ci.:n\'^s
...
20
B R A N C H i : s OF NATIONAI
I;ANK°:
A i n e t i d m e n t r e c o m m e n d e d auik'oriziM.'-iesttiblis'.nieni of, l\v b a n k s in (lie T'nited Sfaies, A l a s k a ,
and iiiMilrr poss \--sions
33-34
Conversion of St-iio b u n k s w'^h
74
Foreipra. a u t h o r i z e d
75
BC'ILDING AND LOAN \>SOCF \1 U)\ -,:
:
(
C o m p a r a t i v e st'itenicni of< (••;Tlil «iH of TIH^C in . N> Dr.it.'i'i r.fCdl-imbi.i in 1 J(;9 t o 1915
131
N u m b e r , m e m b e r .hip, Hiiii us*cis,l>\ ^ t u l r s , at t i e clo^e of .914
131
R e c e i p t ^ a n d disbnrsenji^iis for 1914 of those i n the U n i t e d S t a t e s
i:7,2
CALCULATING R E S E R V E . (S-r ?^T"1 hods of v-alfnlnl K:-J: n-^oi \ e ')
C A P I T A L or
NATION\I-
HANKS:
A u i o u n l of, o n N o v c m b r r l«». l"i." ; aivl oi.-iobc-!-:i], { . J I - . . . _
r h a r ^ ^ in, d u r i n g tlie yt\i.\
Clas^riealioi! of. b y h-AV.K-; o\!i:?izod dirinp. t h ^ >.>,:•
Classification of, b \ b;uiV> o" :.^\\zo:l uuxo i9');>..
Hividend-: ]• iid <s~\
Increase of, sr.Ho 1'»:.'"i
increo'-'e of, <|iii>'r'.ir^i'V! 1 * , Mr. - r - . ;
^ i i c l u d i n j - U n l CIJ.'J »>iii:k> f'-ovi 1-v1:-.
Measure (.[in \o\ur ow'i'iciil.ino:] i^i..." i^ un1!-1:1 -v< SI •;' -'0. 10:*^. V-ixe'! njion
f-ho\vn b y rc--> T ' S - m « r o . - l n l ^ r - t ' l , J.>;A
T a x r a i d on
„
CIIAKTT:T{.S or XATIO*; \ j , <\\>sh< 'y.-'~ (»i\i.;<inij:<i{i(.n ofnahV-n d banks.")
C]ncr:j.AT[.',x. (^c^ NatioiKd l u n i . cjrculr'ior. )
CLIC VPiNG-uovsE AssociA'iio vs '!••• f d s i 'I'run ::i'-" i >i>- of < ]o M MI.,-II:I\!- -.i n >stv.,.ii ion.-; Clearing-house
loan cortificai'"'.11):
C o m p a r a t i v e Siiitemeni of iran>:vi -on< of, • i*ii*I• i^c l r 'i } find l'!l">
•
Siiinmai'y of I w n s u lions dui - in:Mhe year
1
CLEAIIINC-IIOC - I: LO ^:; T . p j n n c \TV>\
I'-'-iues of, ])>'each d o a r i n ; r house d u r i n g Uw ci i^1^ of 1 *.»14
Issues of, b y Nov.' Y o r k CUvrinj: l l o u s \ , en v:irious «lnt<s fiom l.sf.o t o 1(M4
.
IJeport of N e w Y'ork Clpiirin^ I Ton so losin cornmlf tee
C O M M E R C I A L A N D F L V A X U A L Cimnsu
105
104
103
103
102
LK:
S t a t e m e n t , of pri.-e-- for mon<ky in New Vo? ic a n d ior fon liin (wclian^e furni-hed b y . . C O M M E R C I A L F A P E K . (See L o a n s a n d d i s c o u n t s . )
C O N D I T I O N o r N A T I O N A L B A N K S (sic alyo Loans a n d dis'-ounts of n a t i o n a l b a n k s : ])ei)osits in n a t i o n a l
banks, etc.):
Abstract of, at date of each report from October, 1914, t o September, 1915
Analysis of conditions in October, 191.4, and November, 1915
5
55
73
72
fiS
66
7
I'M
93
40
90
105
46
6
INDEX.
235
CONDITION OF NATIONAL BANKS—Continued.
Pago.
Comparative statement of, on November 10, 19i."», and October 31, 191 f
Discussion and analysis of, during the year
5
4,5
CONSOLIDATION OF NATIONAL BANKS:
AmendmeTit providing for, r e c o m m e n d e d . . . .
39
COUNTRY BANKS AND RURAL CREDITS:
Importance of
CONVERSION OF STATE BANKS (sec also Organization of national banks):
Conditions under which conversion with "branches m a y be effected
14 i
74
CREDITS WITH NATIONAL BANKS I N F E D K P A L R E S E R V E CITIES:
statistics relative to
. 8-13
CYJMINAL VIOLATIONS O F L A W :
Department of Justice report concerning
Officers and employees ol*national b a n k s convicted of
13
43
CURRENCY B U R E A U :
Groat increase of work in.
Expenses of
DENOMINATION OF NATIONAL-BANK CIRCULATION. (Sec also Nat iomil-bu.uk cireuiat ion):
Amount of each, outstanding in 1900 a n d 1915.
D E P A R T M E N T OF JUSTICE (see also Solicitor of t h e Treasury):
Recommendation t h a t suits be brought b y , against usurers
Report of, on convict ions for violations of law
115
89
80
..
31
4$
DEPOSITORS:
N u m b e r of, in foreign savings bank??
134
N u m b e r of, iu postal savings banks in tiie United States and in ih» principal countries of the
world
131
N u m b e r of, in savings banks of the United States
U2-WA, 11-S
DEPOSITS (see also Deposits in national b a n k s ; State and private banks):
Aggregate in all b a n k s
11.9
Anieudment recommended limiting interest paid on, b y nat ional l.muks
:;H
B a n k , held b y b a n k s in reserve cities to t h e credit of other banks in nation.n banks, by g^ogn?phical divisions
12
Banking power of t h e United States including
j-JG
Classification of , i n all b a n k s
12i
Classification of , i n S t a t e a n d p r i v a t e b a n ks
10S
('lass i float ion of, held b y na1 ional b a n k s a t d a l e of each r e p o r t durir.j: * h e j ear
47, f>0
C o m p a r a t h e s t a t e m e n t of l o a n s a n d b a n k , w i t h 1MK!«TS*1 WSI rve M.n>;.t' a n d n:u i o n a l h a n k s in
r e s e r v e cities
D e m a n d a n d t i m e , h e l d l»y n a t i o n a l b a n k s i n *nieH geographical d k i > ion n* -i.iti «»iV;u-h report
^ ince Octobei HI. jn11
f.">
D e v e l o p m e n t of tiaf ior.pl b i m k i j i g a s s h o w n b y
iHi
I ' : n o n n o u s i n c r e , " ' i f o f , i n l i a t i o i u i l b ? n i : ^ s i n c e o - . t o i - e r 'M, J-M I
0
'••'cfiovdl r e s e r v e h'Mik
L;->G, ViH
1
(irowlh
of i t . n i k i n g i n U n i t e d J'-taL -. a.- i r i d i ^ n h v i j . y
124
h i l j a n ! : s i n t h e D i s t r i c t of C o l m u t>hi
1^0
liidi vidual, in all banls in ^acli \ ear shice VMu
l:!l
Iviraitin-; interest on
?,?,
Loan and trust company
u.u
MViliods of calculatiug resei \0, on. h.eld b> nat k-i: >\ S.tnk>
(H)
?!ututil savings bank, by Hiatus, hn t a^«d Lsn
ua
N-*t a m o u n t i n n a t i o n a l b a n k s a 1 c'o.-'e of quiij«jiieu-iiijl {MTJ-V] ; ;--o'n h'i".
7
I'o^tal s a v i n g s b a n k
18S
P r h . i t e b:\ni:
US
iYopori ion of, to yg£!-VgMitj l i a b i l i t i e s oiY-aUoiial M pik^
(>t
R e l a t i o n of n a t ional 1 -ank, t o c a p i t a l , eu>
C4
.Vnviȣsbank
Ill
Savings b a n k , of t h e wurid
134-1'A'i
r- :vinji;.s })ank, since IM»0
11^
Scho<:l savings
- - I'M
l i : f i » , n s IN NATION M< ttA^KS-:
*-b:Jract (;f ropori-i of conditi-m of n.*;i-)nt'l bai'l-^ Jho^ingj at o.^'.c of «a h rft-nrt dnrsng the
year
-KV-47
A n a l y s i s of
oti
( hriigcs i n v o l u m e of, a t d a t e of e a c h r e p o r t b y ^ w ^ r - p h i c i d d i v i s i o n s d u r i n g tin* j e a r
c,5
( * » i n p : i r i ! i \ ^ K ' f i t e m a d of, e n O c t o b e r :U, 1911, a n d Movt-mijiT 1<», JiU."»
,">,(>
1».." eV.])r.ient of uatic-rai hatikin", =.is indicated by
<i«i
E n o r m o u . 0 h i c r r a s e of, a s c o m ] > a r e d A\ i l h l o a n s d u r i n g p a ^ t y ^ a r
(5
o
1.20G0 ~tTR 1015—VOL 1
10
236
INDEX,
DEPOSITS IN NATIONAL BANKS—Continued.
». «
Held for credit of other banks by national banks in Federal reserve cii ioii . .
Held by national banks in each reserve city for the credit ol otner banks on JSo1 ^ mb r : ,
Limiting interest paid on, amendment recommended
N e t a m o u n t of, a t t h e e n d of e a c h q u i n q u e n n i a l p e r i o d s i n c e 1 > * J » . . . , . . . .
P e r c e n t a g e of, t o a g g r e g a t e l i a b i l i t i e s s i n c e 1900
R e l a t i o n of, t o c a p i t a l , a n d t o c a p i t a l , s u r p l u s , a n d o t h e r profit*-, ^ n a u s i i H u s i - «
Transfer of, to Federal reserve banks
t
$
si -,. * \ * ;
\
/
<;>;
!
•?. i
DEVELOPMENT IN NATIONAL BANKING:
Represented by capital, deposits, loans, etc., since 1906
Digest of usury laws. (See Usury.)
DIRECTORS AND OFFICERS OF NATIONAL BANKS.
(See Amendments to national b.mk ..
mended.)
DISCOUNT RATES:
Established for each Federal reserve bank on the opening for business of the banks and on.
November 26, 1915.
Ms
DISTRICT OF COLUMBIA:
Building and loan associations in
I'd")
Number, capital, deposits, and aggregate resources of all banks, trust companies, end building
and loan associations on September 2, 1915
130
Recommendation for legislation relative to establishment of banks in ,
40
DISTRIBUTION OF MONEY IN THE UNITED STATES:
Stock of and amount in Treasury, in reporting banks and elsewhere, annually, HIXX'? l s ^
DIVIDENDS (see also Earnings and dividends of national banks):
Paid by national banks
Paid by State and private banks.
129
6•*>
11*?
DIVIDENDS PAID BY STATE AND PRIVATE BANKS:
Number, capital, amount, and per cent of dividends paid by State banks, stock savings banks,
loan and trust companies, and private banks during year endod Juno 23, 1915
D U E FROM BANKS. {See Condition, of national banks; State and private banks.)
D U E TO BANKS. (See Condition of national banks; State and private banks.)
1
EARNINGS AND DIVIDENDS OF NATIONAL BANKS:
Amount and percentage of, to capital
Dividends paid
Gross earnings of banks in each geographical division
EMERGENCY CURRENCY. (See Additional circulation; Clearing-house loan certificates.)
6S
68
68
EXAMINERS' FEES:
Amount of, during the year
EXCHANGES FOR CLEARING HOUSE (see also Condition of national banks: State and private banks):
Fluctuations of, during the year ,
,
Indication of business transacted
89
£4)
5'J
EXECUTIVE COMMITTEE OF NATIONAL BANKS:
Directors should servo by turn on
38
EXHIBITS:
Data and statistics relative to usurious interest charges
Effect of usury on the farming class in Oklahoma
Legal rates of interest in each State.
.
Maps showing States in which usurious rates of interest charged by banks
EXPIRATIONS OF CHARTERS. (See Extension of charters.)
, . . . „ . „ . . 147-231
218
22(>
229-231
EXTENSION OF CHARTERS:
Amendment recommended relative to continued use of plates and notes on
Expirations and,acts 1882 and 1902..
3$
7-3
FAILURES AND SUSPENSIONS OF NATIONAL BANKS:
Capital and circulation of banks closed during the year
Capital and. per cent of dividends paid by insolvent banks closed during the year
Causes of
Dividends paid to creditors of insolvent national banks
Number of, together with assets and liabilities, 1892 to 1915.
Receiverships terminated and 1 >anks returned to solvency.
Statistics relative to all insolvent national banking associations
Statistics relative to insolvent national banks closed and those still in charge of receivers
FARM LOANS. (See Condition of national banks; State and private banks.)
,.,
77
80
80
78
123
80
78
78-70
Anticipation of transfer of reserves to.
..„„..,
Bills receivable discounted and bought a3 shown by weekly statements since November 20,1914..
Capital stock paid in at date of each weekly statement
...............................
Comparative condition of national banks prior to opening of, and one year later....
.......
20
137
138
5
FEDERAL RESERVE BANKS:
INDEX.
237
FEDERAL RESERVE BANKS—-Continued.
Page,
Deposits of national banks in, on November 12, 1915
Discount rates established at opening of
Discount rates on various classes of paper in November, 1911, and 1915
Federal reserve bank currency printed and available for issue
Federal reserve notes printed, shipped, and on hand for each Federal reserve bank
Federal reserve notes received for destruction
Gold and other lawful money deposited by, to retire Federal reserve notes
Gold and other lawful money held by, weekly, since November 20, 1914
..
Government deposits in
Investments by, in United States bonds and municipal warrants, weekly, since June is, I'slft.
Issues and redemption of Federal reserve notes
Loans and discounts made for member banks
National banks' reserves transferred to
Purchase of United S tat.es bonds by
Regulations of Federal Reserve Board relative to purchase of United States bonds by
.Reserve notes in circulation (not liability), weekly, since November 20,1914
Reserve deposits held by
Reserve notes issued by, weekly, since November 20,1914
Resources and liabilities of, in November, 1914, and 1915
United States bonds and municipal warrants purchased by
Vault balance Federal reserve notes October31,1915
..„„...
Weekly statements of assets and liabilities from November 20, 191-1, to November 25, 101-5...
$
« JS
' ;i
' i,
' <i
)i {
: <)
i :;
» w
) '1
1»
9
ID
t
v
'.
< s
,<
Mj
>
i.
i>;
FEDERAL RESERVE BANK CURRENCY:
Amount of, available for issue
i ;
FEDERAL RESERVE BOARD:
Discount rates approved by.
Regulations of, relative to purchase of Government bonds by Federal reserve banks.
Statements issued by, relative to reserve notes
i "j
v,
; !•)
FEDERAL RESERVE NOTES:
Statistics relative, to
. i /* i ' \
FEDERAL RESERVE SYSTEM:
Aims of
Effects of
Growth of resources of national banks since Inauguration of
Prediction of injury to banks refuted
Produced a revival of confidence and business
_»
:'..•!,;',:»
5
s
FINANCIAL CRISIS OF 1914:
Banks promptly supplied with currency during
Comparison of conditions In 1893 and 1907 with
FOLDER:
Final report of national currency associations (opposite)
--
!<>»)
FOREIGN BRANCHES OP NATIONAL BANKS:
Established under authority of the Federal Reserve Act
FOREIGN EXCHANGE:
Fluctuations from November, 1914, to October, 1915
FOREIGN LOANS. (See Loans and discounts of national banks.)
FOREIGN SAYINGS BANKS:
Statistics relative to, at date of latest returns
GOLD, (See Specie and other lawful money.)
GOVERNMENT ACTUARY:
Profit on circulation computed by
G R O W T H O F BANKING I N T H E U N I T E D
,S7
STATES:
C o m b i n e d r e t u r n s from n a t i o n a l a n d all reporting S t a t e a n d p r i v a t e b a n k s i n each year since 18<W.
G R O W T H O F BUSINESS O F NATIONAL
v?A
BANKS:
Comparison of. b y q u i n q u e n n i a l periods, since 1S95
Comparison as shown by principal items of assets and liabilities at date of each report since 1906,.
*Condition in 1914 and 1915 compared
INDIVIDUAL DEPOSITS. (See Deposits; Deposits in national banks; State and private banks.)
INDIVIDUAL DEPOSITS IN ALL REPORTING BANKS (see Deposits; Deposits in national banks):
Number of banks, demand, time and other savings deposits in each class of banks on Juno 28,191 'i.
INSOLVENT NATIONAL BANKS. (See Failures and suspensions of national banks.)
INTEREST (see also Usury; Rates for money; Discount rates; Deposits in national banks; Amendments
to national bank act recommended):
A mendment suggested authorizing minimum charge of, on loans
;'>i
Discount rates established by Federal 'Reserve Koard
1H8,139
Effect of usurious rates of, in Oklahoma
§18
238
INDEX.
IKTEKEST—-Cert iinued.
Excessive rates of, on loans
Foreign exchange rates of
High rates of, iii large cities
Legal rates of, on loans in each State
Limiting rates of, on deposits in national banks recommended
Hates of, for money in New York
Kates of5 in a u t u m n of 1 9 1 4 . . . . . . . .
Reduction of rates of, at suggestion of the Comptroller
Remedy for high rates of, on loans
s rates of
PKCiT-!rn>. {S(( Vviicl - ' t a t ^ b o n d s Bond.- and other securities.)
!*>' <,NJ) PO-VSFM-IONS (g(t aho Condition of national banks; Slate and privaio banks):
Kelaf ive to. 1 'ranch**? of national banks U\..
LAWFUL M<»Nt Y. (8t t Spec ie and other money.)
LIJ- VL-TFNW p NOTION. (Su Hpe< ie and other lawful muiv;'.)
1 rrTr.H'- OF CTJ'DTT. I .S"«f Condition of r a t i o n a l banks.)
L M I ' I U T I L ^ or NATION \L JMNK^. {S,t Condition of national bi-nks.)
} 'OiiOATi »\\ (Su Organization of national ba nks: Voluntary liquidation.)
1.c< '• \ s . {Stc Loons an 1 discount."- of national l.aiiks: K a t e pnd private banks.)
Page.
20
106
21
225
33
105
20
22
31
147-231
1A \X* \ N D i>r^"ouxr^>j: NATIONAL HANKS:
Ab »tra< i s of rf j'Orii of <. OIK; it ion shov i/ig a t date of each report during th6 year
46
Amendment suggested ^utl-on/ing m i n i m u m charge on
34
1
A m « v n e n t suggested limit h% amuimt ol direct and indirect loans
32
\ inendihcnr suggested relai ive u> borrow ing by o i l i u r s and d i r e c t o r s . .
82
A monument Mjgge:- 1ed r d c t ivo to excessive
40
\ p o l y S av.d elassirioaiion of
52-55
Clarification of. made T y nations 1 banks in central and reserve cities as of November 10, 1915.. 14-16
Classification of, m c t m i n g in nt ua^s- oi l e ^ from June 23, 1015
51
t omparative bratenKin of airnumt of, on November 10, lwi."», and October 31,1914
5
( ustomei s"} ial •Hit;, vvtlar l"t ters of credit and oi. ac count vi aeceptar.t es
,r2
\\Tect and h airei-t lOtjn-* mu<k by national l)ji-Iss in euch of the Federal reserve cities to corresj'Oi-dent lmnk«
9
f"\ces4ve i n t e r ^ t charges on
20-31
ln<lease of. <Iuiing t h e year
48
Trcr^a^e of since ls(»5
7
Loans uv»d^ I':- r.mional lvu-k- J>J le^eiNt* eities ti. >.orr<i>voT* in the different geographical divisiou^
17-19
Kate^for rail, time, and finuiMcttuljiiii-or
106
].«** N AND 'JRli.-T COMPANII--:
(
r
' i c t s j l o . - ' M ' t - a n d l h n » i i » M c c ' . : P I S u :-iiii i i r > . . .
11$
M * i-:
i»n:i. »tli.p State:- in v r u l . i.' • r\ 1: .' - % >"V.ic'.
, . . 22%231
M* \ u * n , H«»v. L. C :
Address of. on ihe ^Mbjr.-i of u i.;,> ii. (;l%iaJionj<i
218
Ki ^prir-Tfir ^.»r (TRKFAXY A ^ n t H r H ' } ; " trc a'v» Ad-M'tionalrii-ci.laiion •:
5
AggreiMie value of ^r^ritice c'u])O^ite< . lor ad<ti1i<raa] <-ircnla>i<m
9g
I^ijf - oi a<MiiioiLil( ifculation aj'T-roA ,t lor baij1:-- in (.">' h c^m i;jt ion
95
Niirrbvi oi 1 a n k e fompo^ing. ami r-.jpJ ».: receiving addition >) ch( u h t i o n .
95
Ms iwoi,- nv < u < r . 4 I I N ' » KF>rr.v» :
I'OiTjl.^i'bjnitt*"! trl
>i(..\LY isc, aho Spet JC ru-1 other luoi'* \ :
Jtatt*" for, inNeAT Y o r k . . . .
... ,
105
y. i v r v IN A I.I nI;P'»TITIK r, K A \ K •-:
' T*iM.n-'l of each kind hf»i,i ].j h .i w j^ ,1 .uii'. t-\\ other b.Tik'
J me &, l!«15
ivh.-Jim: I'ederal rcsorve banks, on
125
1
C.'>T'par;.1J\ ("-tni "innst of tniThbrr f,«* (\.^ «• -;-,<) MU: i^noJiit (-f Jopo^ii - in, in 1014 and 1 9 1 5 . . . .
X\::•>>, ,L JiANK A c r . (5ff Amei'dnient^ oi Xiitiofiit l ^ n k r.ct iCc^mmended.)
X1
p
K'S;!
HANK
115
CIRCUIATION:
** \i;''i t Lr:i,L"i5-^ue<l by iii -rO •'!'• thr'M^h each national curr»»rc\- a^oclation
^ *nouni, o l , o u i s j . i n k i n g a , dr.tc of e a c h ro[<ort sinoe r m n i o p ; , Vjou
i oi*l ji uo<1. n ^ e of <«ii"'n \l baril* i>late" a n d n o t e 0 '"n e \ t "i>i<m o! d ' a i l e i ^ , r e c o m m e n d e d
Ut-ii-mits. ti(/us*>
r n i o n r e n r ** J4-1-:.^
K n j ' r a v i u r (>*• iKVi.* o • ori ]•'-.i-* ;(-r i \ o . ^ r r : r u d ( i . .
F i i . - J ii porr i-f ita: •'..! Jv'rtTu-ficj « f f ^ i a t : - i - n !•,-:•<• i v -n <-l . . d d i t i o m l ' - '
<J5
66
39
86
4.4
40
100
INDEX.
239
NATIONAL B A N K CIRCULATION—Continued.
Pagn.
Measure of, issuable under act May 30, 190.8
Outstanding, annually since 1S63
Outstanding, issued b y national banks that failed during the year
Profit on
Proportion of " a d d i t i o n a l , " secured by various classes of collateral
Receipts and redemption of
Redemption charges
Reduction of amount outstanding between October 31, 1914, and November 10.1915
Securities upon which emergency issues based
Semiannual duty on
Statistics relative to
Statistics relative to emergency issues
Taxes on, in 1915
T a x paid on " a d d i t i o n a l "
T a x paid on, since 1863
United States bonds a n d other securities on deposit to secure, together with amount of circulation secured b y bonds, miscellaneous securities, a n d lawful money at the close of each month
since November 30,1914
Vault account of
Value of securities deposited for "additional"'
Yearly increase or decrease in, from January, 1875
NATIONAL B A N K CIRCULATION R E D E E M E D . (Sec also National bunk circulation):
Aggregate expenses in connection with
Cost of redemptions per thousand dollars
M o n t h l y receipts, a n d sources of receipts year e n d e d October 31, 1915
ii3
124
77
s7
97
S7
S9
5
1»2
DO
$5
00
89
101
90
82
KG
9S
S9
88
,S8
88
NATIONAL B A N K EXAMINATIONS:
Comparison of l a w a n d regulations concerning, u n d e r n a t i o n a l b a n k net a n d F e d e r a l reserve a c t . .
Cost of.
12
89
NATIONAL BANKING SYSTEM:
A c h i e v e d p u r p o s e s for w h i c h e s t a b l i s h e d . . .
1
N A T I O N A L C U R R E N C Y ASSOCIATIONS:
E x p e n s e s of (folder), opposite
Final reports from
Issues Gf additional circulation approved for members of
Location and membership of
NEW
JOQ
119
05
«..•-,, 100
YORK:
Accumulation of reserves with banks in
2
Bank deposits with banks in
<)} 12
Classification of loans m a d e b y b a n k s m , a n d in other reserve cities
15
Closing of stock exchanges in, a n d elsewhere
4
Loans b y national b a n k s in
54
Loans m a d e b y national b a n k s in, a n d in other reserve cities, to borrowers in each geographical
division
18
N E W Y O R K C L E A K I N U H O U S E . (Sec Clearing-hou.se association; Clearing-house loan certificates.)
OKLAHOMA:
Effect oi u s u r y on t h e f a n n i n g class in
M c N a b b , l i o n . L . C., address of, on t h e subject of usury in
2 IS
1US
ORGANIZATION O F NATIONAL B A N K S :
Classification of b a n k s , b y capital, organized since 1900
Conversions, reorganizations, a n d p r i m a r y organizations since 1900
Conversion of State banks with branches
Foreign branches of national banks established
Number a n d capital of national banks organized, annually, from 1SG:> to 1915
Number ol associations organized in each month from March, 1900, to October. 1915
Statement relative to
OVERDRAFTS (see also Amendments, national-bank act recommended):
Amendment of the law preventing or limiting, recommended
Keduction of, since September 12,19M
P E N A L T I E S UNDER NATIONAL BANK ACT.
POSTAL SAVINGS BANKS:
71
7;>
74
75
70
7:>
o9
.".3.12
48
(Set - A m e n d m e n t s of national act reeommende;!.)
Comparative statement of condition 0! United States, in 1014 a n d 1915
Number of depositors and amount of deposits in United States and foreign
1 VA
Ul
PKIVATE BANKS:
Principal items of assets and liabilities of, in 1911 an,l rj.tr>
PRODUCTIVITY OF LOANS AND BOND INVESTMENTS:
Percentage ot gross earnings on loans, etc., by banks in o c a geographical division
117
240
INDEX.
P R O F I T O N N A T I O N A L - B A N K CIRCULATION:
Pago.
C o m p u t a t i o n of, b y Government A c t u a r y
..
87
RATES FOR MONEY IN N E W Y O R K :
Character of loans, range of rates, m o n t h l y , since November, 1914
Commercial a n d F i n a n c i a l Chronicle s t a t e m e n t relative to
R E C E I V E R S . (See Failures a n d suspensions of national b a n t s , )
R E C O M M E N D A T I O N S . (See A m e n d m e n t s of national-bank act recommended.)
R E D E M P T I O N C H A R G E S . (Sec National-bank circulation; National-bank circulation redeemed.)
R E D E M P T I O N F U N D . (See Condition oi national banks.)
REDISCOUNTS (see also Condition oi national b a n k s ) :
Liabilities of n a t i o n a l b a n k s on account of
R E D I S C O U N T S W I T H T H E F E D E R A L R E S E R V E BASKS
105
105
(see also F e d e r a l reserve b a n k s ) :
For m e m b e r b a n k s
R E P O R T S O F CONDITIONS O F ALL BANKS I N T H E U N I T E D S T A T E S :
B a n k i n g power of t h e U n i t e d States as represented i n
Statistics relative t o
R E P O R T S O F CONDITION O F NATIONAL B A N K S .
(Sec Condition of n a t i o n a l b a n k s . )
R E S E R V E (see also Reserves of national b a n k s ) :
Methods of calculating
RESERVE
CITIES:
Additions d u r i n g t h e year.
R E S E R V E S O F NATIONAL B A N K S :
A m o u n t , a n d excess of, held from 1895
Availability of, w i t h Federal reserve b a n k s
. . „,
Comparative s t a t e m e n t of a m o u n t of, required a n d held. October 31,1914, and N o v e m b e r 10,1916.
Federal reserve b a n k s ' holdings of, on N o v e m b e r 12, 1915.
,.
Greatest a m o u n t ever held
Methods of calculating..
Nonavailability of, w i t h national b a n k s , under certain conditions
•:
<)
7
<;o
2
R U R A L CREDITS:
Present o p p o r t u n i t y of smaller banks, pending establishment of, for cooperat ion w i t h t h e farmer..
M4
SAVINGS BANKS:
Growth of, as represented b y n u m b e r of depositors a n d a m o u n t of deposits sinoe 1820
N u m b e r of depositors a n d a m o u n t of deposits in
113
Ill
SCHOOLS SAVINGS SYSTEMS:
Development of, as shown b y n u m b e r of depositors a n d a m o u n t of deposits on J a n u a r y 1, I0i'»..
IM
SECRETARY OF T H E T R E A S U R Y :
Announcement of opening of Federal reserve b a n k s
Emergency currency issues directed b y
S E C U R I T I E S U P O N W H I C H E M E R G E N C Y CIRCULATION W A S B A S E D .
SILVER.
(See A d d i t i o n a l circulation.)
(See Specie a n d other lawful money.)
SOLICITOR O F T H E T R E A S U R Y :
Digest of l a w s prepared b y , relative t o interest rates
SPECIE AND OTHER
. 3 1 , 225
MONEY:
A m o u n t held hy national b a n k s i n October, 1914, a n d November, 1915
Classification of a m o u n t held b y all reporting b a n k s
Classification of a m o u n t held b y State a n d private b a n k s
Classification of, held b y national banks a t d a t e of each report d u r i n g the year
Comparative statement of amount held by national and other banks
Federal reserve bank holdings of
H o l d i n g s of, b y all r e p o r t i n g b a n k s since 1863
H o l d i n g s of, b y n a t i o n a l b a n 1: s a t d a t e of each r e p o r t since 1906
H o l d i n g s of, b y n a t i o n a l b a n k s d u r i n g t h e y e a r
5
121
1.08
i<)
12ti
I;i<»—i;V7
123
00
r-i
S T A T E A N D P R I V A T E B A N K F A I L U R E S (see also "Bank f a i l u r e s ) :
Assets a n d liabilities, for t h e year e n d e d J u n e 30, 1 9 1 5 . . . .
Assets a n d liabilities of b a n k s concerned, 1897 t o 1915
C a p i t a l , assets, liabilities, a n d d i v i d e n d s p a i d o n account of, from 1804 to 189u
C o m p a r a t i v e s t a t e m e n t , b y classes, 1892 t o 1915
N u m b e r of, a n n u a l l y , since 1861
STATE AND PRIVATE
120
127
127
128
127
BANKS:
Dividends paid by
,,,
Resources and liabilities of each class of State banks and of private banks
Statistics relative to
Summary of reports ol condition of
.
.
.
118
IT9
lu7
r.)8
STATE BANKING DEPARTMENTS:
Cooperation of, with Comptroller in relation to interest charges . . .
26
INDEX,
241
STATE BANKS:
Statistics relative to
STATISTICS RELATING TO EMERGENCY CURRENCY.
tion.)
STOCKS. (See Bonds and other securities.)
Pago.
HO
> r
(See Emorgenc 3 currency; Additional circula-
STOCK SAVINGS BANKS:
Summary of condition of, in 1914 and 19ir>
,...
115
SUMMARY OF THE COMBINED RETURNS FROM NATIONAL BANKS, INCORPORATED STATE BANKS,
TRUST COMPANIES, AND PRIVATE BANKS JUNE 23, 1915:
Amount and (classification of assets and liabilities
Comparison of, for the years 1907 to 1015
l:ii)
12i
SURETY BONDS:
;;2
Officers and employees of banks to give, recommended
SURPLUS AND UNDIVIDED PROMTS OF NATIONAL HANKS:
Amount of, on November 10, 1915, and October 31, 1914
Changes in, during the year
Including that of all banks from 18G3
Increase of, quinquennially, since 1893
Increase of, since 1906
S h o w n b y reports since October 31, 1914
T A X E S O N NATIONAL BANKS (see also National b a n k circulation):
Corporation and income tax
Paid on capital and surplus, Spanish Vv'ar act
Paid on national bank capital and deposits
Paid on national bank circulation
5
;"#
124
7
<;6
"G
.
-
90
90
-H)
90
TITLE OF NATIONAL BANKS:
Changes of, during the year
TRANSACTIONS OF CLEARING-HOUSE ASSOCIATIONS (see also Clearing-IIouse associations; Clearinghouse loan certificates):
Amount of, in 1914 and 1915, of 14 principal associations
Summary of, during the year
74
105
101
UNITED STATES BONDS:
Amount and classification of all
Analysis of holdings of, by national banks
Classification of investments in
Deposits and withdrawals of, during the year
Deposited to secure circulation of national banks
Deposited to secure public deposits in national banks
Federal reserve bank currency to be issued, secured by
Investments in, by Federal reserve banks
Investments in, by national banks
Investments in, and other securities, by national, State, and private banks
Investments in, and other securities, by State and private banks
Percentage of, to aggregate assets of national banks
Productivity of, and other investments
Sale of, to Federal reserve banks
85
48
49
82
46,82,93
46,85
143
137
5
119,1:20,123
108,109
64
(17
S3
U N I T E D STATES DEPOSITS:
At date of each report during the year
Held b y Federal reserve banks
(7
138
U N I T E D STATES POSTAL SAVINGS SYSTEM (see also Postal savings banks):
Balances to the credit of depositors on June 30, 1914, deposits and withdrawals during the year,
and balances to the credit of depositors on June 30, 1915, in each State
133
USURY:
Amendment recommended to provide for suits b y Department of Justice
Attempts to justify
Circular letter issued b y the Comptroller relative to
Compliance with requests of Comptroller relative to
Cooperation with State banking departments relative to
Correspondence with American Bankers' Association concerning
Definite data regarding
Digest of usury laws of the States
Effect of, on the farming class in Ok Jahoma
High, rates of interest in large cities...
In rural districts
Laws of States relative t o . . ,
Maps whereon is indicated the States in which banks charged
31
25
24
35
26
27
23
225
218
21
22
225
229-231
242
INDEX.
USURY—Continued.
Minimum interest charge on small loans rt-commend*-o
Obligation of bank directors relative to
Hates charged in the autumn of 1914
Rates reduced at suggestion of Comptroller
Remedy for.
Specific instances of, by banks in certain States
.„
„
,
Page.
34
30
20
22
31
149-217
VAULT ACCOUNT OF NATIONAL-BANK CIRCULATION:
Receipts, deliveries, and stock on hond year (-udzd October
'41,1015.......
86
VIOLATIONS OF NATIONAL-BANK ACT:
Amendment recommended authorizing Comptroller to institute suits against directors for
losses sustained from
Losses through, recovered in specific instances
Restitution by directors for losses resulting from
34
35
35
VOLUNTARY LIQUIDATION OF NATIONAL BANKS:
Number of. during the year and during the exi:;itiu'c of the. system
76
"WORK OF THE CURRENCY BUREAU:
Increase in
.
145
WORLD:
Population of principal countries of.
Statistics relative to postal imd other savings bonks in principal countries of
O
134
133
@FedFRASER