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TREASURY DEPARTMENT WASHINGTON COMPTROLLER OF THE CURRENQY CONDENSED SYNOPSIS OF THE REPORT TO THE CONGRESS OF THE COMPTROLLER OF THE CURRENCY FOR 1918. January 21, 1919. The following is an epitome or summary of some of the main features of the annual report of the Comptroller of the Currency (Vol. I, pp. 222) for the fiscal year ending October 31, 1918, which, in accordance with section 333 of the Revised Statutes of the United States, was to-day submitted to the Congress. This report covers the fifth year of the present Comptroller's term of office. Under the law the term of the Comptroller of the Currency is five years. Comptroller Williams's term began February 3,1914. National Banks in War Time: The Comptroller reviews the activities of the national banks during the period of the war. He says the demands upon the capital and banking resources of the country have been unparalleled, and that "the financial strain upon us would have wrecked and crumbled any financial system not founded on sound economic laws and governed by conservative and established'principles of finance, and no system, however meritorious, could have survived such strain had not its component parts been operated and directed by men of character and experience willing and able to rise to the supreme demands of the hour. "Through these trials and tests," says he, "the national banks of the country and our Federal Reserve system have passed triumphantly. Their resources have risen steadily daring this period of stress and strain to the highest figures ever attained, the national bank resources on November 1, 1918, being $19,821,404,000." (Page 1.) World War and Civil War Financing Compared: During the past 18 months this country has raised through bond issues an amount more t'aan six times as great as was raised during the four years of the Civil War, and largely at rates of interest less than one-half as high as those paid during that period. (Page 2.) Majority of All Liberty Loans Placed Through National Banks: The Comptroller shows that of the $17,000,000,000 of Liberty bonds placed more than eight and a half billion dollars, or 50.6 per cent, were marketed through the instrumentality of the national banks. (Page 3.) Summarizing the Year's Results, the Comptroller Shows That— ITRST. The resources of the national banks have now attained figures never before approximated. SECOND. Although the volume of business transacted throughout the country has been unprecedented, and demands for capital greater than ever before, yet throughout the year money rates have been maintained in every section of the country on a normal basis, and every legitimate industry has been enabled to obtain funds needed for its operation at favorable rates. THISD. The usurious and exorbitant rates formerly charged in remote districts have been steadily subsiding. Complaints of usury are fewer than ever before. EOTTBTH. The banks have been observing more closely the provisions of the national banking act and the rules and regulations of the Comptroller's Office. FIFTH. Coincidentally with the closer adherence to the law the earnings of the national banks, both gross and net, have exceeded those of any previous year. 108670°—19 SIXTH. Despite the strain and unusual demand upon the baitfss in the calendar year 1918, there was no failure of any national bank throughout the entire country east of the Rocky Mountains, and in the whole United States only one national-bank' failure, a small bank in California. In the fiscal year ending November 1,1918, amon* State banks, private banks, and trust companies there were 32 failures in 17 States. The Comptroller is required by law to furnish in his annual report, in addition to statements of national banks, statistics regarding State Banks and Trust Companies, as far as these may be available. SEVENTH. THE GROWTH IN THE RESOURCES OF THE NATIONAL BANKS IN THE PAST F1V& YEARS HAS BEEN GREATER THAN THE INCREASE WHICH TOOK PLACE DURING THE PRECEDING TWENTYFIVE YEARS. Their assets now exceed by more, than one billion dollars the combined resources of all State banks, savings banks, reporting private banks, and trast companies of the country as late as Jims, 1916. EIGHTH. Although tlie national banks of the country placed subscriptions between May 1, 1917, and November 1,1918, for themselves and their customers for more than $S,603,9DD,000 of Liberty bonds, yet the records show that the deposits of the national banks actually increased, in this same period, by $1,975,876,000. (Page 3.) Comparison of Bank Failures During the First Year of the War With Failures in Previous Crises: The Comptroller's report shows that in the panic year of 1893 there were 158 national-bank suspensions witi liabilities of more than 80 million dollars. In the first year of war from April 1, 1917, to April 1, 1918, there were only four national-bank suspensioas wita liabilities of about $333,033. Percentage of the liabilities of failed banks in 1893 to total liabilities of all national banks was' 2.39 per cent. In the year of war from April, 1917, to April, 1918, the percentage of the liabilities of failed national banks to the total liabilities of all national banks was only .004 per cent, or four onethousandths of one per cent. In other words, the percentage of the liabilities of the failed banks to total liabilities of ail national banks in 1893 was 500 TIMES MORE THAN IN THE PAST YEAR OF WAR AND CRISIS. (Page 4.) Losses to Depositors from Failed Banks Reduced to One-Ninth of Former Figures: In the 33 years prior to the outbreak of the war in July, 1914, the average percentage of losses to depositors of failed banks to total deposits of all national banks was TWENTY-EIGHT one-thousandths of 1 per cent. During the past four and one-half ye^i-s the average percentage has been reduced to THREE one-thousandths of 1 psr cent. This msans that an insurance premium of $30 per million dollars of deposits would be sufficient to guarantee the deposits of all national banks against loss provided the percentage of loss shown in the past four and one-half years is maintained. (Page 5.) Comptroller Compliments the National Bankers Upon their Patriotism and Public Service: "It is deeply gratifying," says he, "to be able to inform the Congress of the admirable efficiency with which the national banks are being conducted and of the commendable patriotism and zeal with which they have responded to the unprecedented calls which have been made upon them in the past year of peril and extreme trial." (Page 2.) National Bank Employees in Army and Navy: On November 1,1918, our national banks were employing 59,306 men and 27,539 women clerks, and they had sent into the Army and Navy 17,520 men, hundreds of whom have yielded up their lives. The 12 States whose couniry national banks furnished the largest percentage of their employees to the Army and Navy (esclusive of States whose national banks furnished less than 100) were, in the order named: New Mexico, 43.83 per cent; Wisconsin, 38.47 per cent; North Dakota, 37.35 per cent; Idaho, 36.38 per cent; Minnesota, 34.87 per cent; Alabama, 34.73 per cent; Virginia, 34.68 per cent; California, 34.39 per cent; North Carolina, 34.15 per cent; Louisiana, 38.89 per cent;Montana, 33.61 per cent; Nebraska, 33.-58 per cent. The 12 Reserve cities whose national banks supplied to the Army and Navy the highest percentage of their employees (among those supplying not less than 50) were, in the order named: Wichita, 79.41 per cent; Minneapolis, 78.73 per cent; Des Moines, 64.20 percent; Sioux City, 63.53 per cent; Oklahoma City, 81.49 per cent; Spokane, 57.89 per cent; Nashville, 57.60 per cent; Omaha, 55.43 per cent; Tulsa, 53.89 per cent; Dallas, 50 per cent; San Antonio, 49.70 per cent; Jacksonville, 48.39 per cent. Texas led all the States in the number of men furnished to the Amy and Navy from the country national banks, Pennsylvania coming second and New York third. Good Results Due Largely to Enforcement of Closer Supervision by Directors: The Comptroller states that the present prosperity of the national banks, their immunity from failure, and the increased and increasing confidence they enjoy are largely attributable to the keen and personal interest and painstaking attention of directors, supplemented and stimulated by strict supervision and the more rigid examinations made possible under the provisions of the Federal Reserve act. (Page 6.) Gross and Net Earnings of National Banks: The gross earnings of the national banks for the fiscal year ending July, 1918, amounted to $813,997,000, an increase of $298,373,000 over the twelve months ending July, 1914, just before the outbreak of tae war, while the net earnings for the year ending July, 1918, were $212,332,000, the greatest on record, aad exceeded by mora than $63,009,099 the earnings for the fiscal year ending July, 1914. The comptroller points out tiiat this inoraass in net earnings took place despite the losses and shrinkages in securities incident to the war period and despite tie reduced interest rates whick have been brought about in the past few years. The increase in net earnings was over 42 per cent. (Page 7.) Earnings on Capital Stock: The average earnings on capital stock for all national banks for the past fiscal year were 19.33 per cent—the greatest on record—the earnings on CAPITAL AND SURPLUS of all national banks were 11.09 per cent. In the 49-year period from 1869 to 1918 the average earnings of all national banks amounted to 12.81 per cent on stock. (Page 7.) Federal Control of Railroads and the Financial Situation: The Comptroller states that the taking over of the railroads of the country in 1918 averted a financial catastrophe and made possible the success of the Third and Fourth Liberty Loans and the winning of the war. He declares that the future prosperity of the country will depend largely upon the correct solution of the railroad problem. He shows that for the year 1918 the railroads of the country expended from their receipts, for wages, materials used in operation, construction, etc., about five billion dollars ($5,000,000,000). (Page 8.) Banking Power of the United States Surpasses All Previous Records: The banking power of the United States represented by the capital, surplus, profits, circulation, and deposits of all national banks and reporting State banks, trust companies, etc., as well as capital, Government and resjm deposits of the Federal Ressrve banks, and Federal Reserve notes in circulation, amounted in June, 1918, to $39,032,009,000, an increase for the year of $4,609,000,000, or 13 per cent. Since June, 1914, the estimated banking power of the United States has grown from $24,340,000,000 to $39,082,000,000, or approximately 60 per cent in the four-year period against an increase in the preceding four-year period of about 16 per cent. The banking power of THIS COUNTRY today is nearly TWO AND ONE-HALF TIMES AS GREAT AS THE BANKING POWER OF THE WHOLE WORLD as late as 1890, according to MulhaU's estimate at that time, and the banking power of the United States to-day is estimated to be SEVEN TIMES greater than our banking power in 1890. (Page 9.) Favorable Balance of Trade in War Period and How Settled: The Comptroller says that the excess value of our exports of merchandise for the pastfiveyears amounts to approximately 11,530 million dollars, which, he says, was settled by the importation of something over one billion dollars of gold from other countries and by our aooeptance of approximately ten billion dollars of short-term obligations of debtor nations, of which about two billions were taken by individuals, banks, and other corporations, and about eight billions by the United States Government. (Page 10-) Comparative Growth of National and State Banks: Tables presented show that in the five-year period from June, 1913, to June, 1918, the resources of the national banks increased from 11,088 million dollars to 17,889 million dollars, or 61.6 per cent, while the resources of State banks, savings banks, loan and trust companies, etc., increased in the same period from 14,675 million dollars to 22,371 million dollars, or 52 per cent. THE INCREASE IN THE NATIONAL BANK RESOURCES FROM JUNE, 1913, TO NOVEMBER 1, 1918, WAS 8,785 MILLION DOLLARS, OR 79.6 PER CENT. In the five years, 1914 to 1913, the records report the failure of 314 State banks, savings banks, and loan and trust companies. In the same period there were 56 national bank failures. In the calendar year 1918 there was only one national bank failure. (Page 11) Currency Issued by the Comptroller's Office During Fiscal Year: During the fiscal year ending October 31, 1918, the Comptroller of the Currency ISSUED $260,155,140 of national bank notes, $1,781,683,720 of Federal Reserve notes, and $32,234,660 of Federal Reserve Bank notes; and the Currency Bureau REDEEMED in the same period $255,078,213 of national-bank notes, $334,403,925 of Federal Reserve notes, and $3,345,025 of Federal Reserve Bank notes. The larger portion of the Federal Reserve notes was issued principally upon the security of gold or gold certificates and paper secured by Government bonds. (Page 12.) Trust Powers for National Banks: Attention is called to the legislation conferring upon national banks all the TRUST POWERS which may be exercised by State banks. The hope is expressed that the national banks will exercise these powers and extend such increased facilities to their customers. (Page 13.) New National Banks Organized: Charters were granted during the year to 164 new national banks, Montana leading with 15 new national banks; Oklahoma, 13; California, 12; Arkansas and Texas, 10 each; Minnesota, Pennsylvania, and North Dakota, 8 national banks each. Applications were received during the fiscal year ending October 31, 1918, for 237 charters for new national banks, 193 applications being approved and charters issued for 184 banks as stated above. Applications for 22 were refused. (Page 63.) State Banks Converted Into National Banks: The records show that since 1900 a total of 2,773 STATE BANKS, TRUST COMPANIES, AND PRIVATE BANKS HAVE CONVERTED INTO OR REORGANIZED AS NATIONAL BAXO, the total capital of the State institutions thus converting or reorganizing amounting to more than two hundred (200) million dollars. (Page 64.) Changes of Title: All of the national banks in the country which had retained in their title the word "German" or words of like import changed their titles, 29 such changes being made in the fiscal year. (Page 67.) Legislation Recommended: The Comptroller repeats his recommendations for legislation regarded as necessary for the protection of the stockholders and depositors of the national banks and for the public benefit, including the recommendation for the insurance or guarantee of all national-bank deposits of $5,000 or less, and he presents arguments in support of the thirty recommendations which he submits. (Page 73.) Marvelous Growth of Banking in the United States Since 1900: Perhaps nothing could illustrate more vividly the amazing growth which this country has made since 1900 than the banking statistics set forth in this report, which show that the aggregate resources of all the banks of the United States, including national banks, State banks, savings banks, reporting private banks, and loan and trust companies, which in l@00 amounted to only 10,785 million dollars, amounted in June, last, to the huge aggregate of 40,726 million dollars. In the same period the banks increased in number from 10,382 to 28,880. (Page 118.) Money in the United States: The general stock of money in the United States in June, 1918, was reported at 6,741 million dollars, of which $360,300,000 were in the Treasury as assets of the Government and $1,001,300,000 were held by the Federal Eeserve banks and Federal Eeserve agents against issues of Federal Reserve notes, a total of $1,361,600,000—20.20 per cent of the general stock—being thus held. Of the remaining 79.80 per cent of the money of the country, the coin and other money in the national and other reporting banks aggregated $882,700,000; with the Federal Reserve banks there were $2,006,200,000; these two items aggregating 42.88 per cent of the total stock of money. The remaining 36.94 per cent, or $2,430,500,000, outside of the Treasury and the banks was presumably in the pockets of the people or hoarded. (Page 121.) Domestic and Foreign Securities Held by National Banks: From June, 1917, to June, 1918, national banks reduced their holdings of foreign government and other foreign bonds and securities from $352,609,000 to $283,811,000, while their holdings of Liberty bonds increased from $171,129,000 in June, 1917, to $730,531,000 in June, 1918. In the same period the national banks' holdings of railroad bonds were reduced from $467,000,000 to $406,000,000. (Page 27.) Profits Derived by the Government from the Operations of the Comptroller's Office: The Report shows that the net revenues derived by the Government from the operations of the Comptroller's Office for the fiscal year, arising primarily.from taxation on the bond-secured circulation, exclusive of the expenses of the bureau for which appropriations were made, amounted to $3,161,456.01. The total revenue which the Government has received from the tax on national bank circulation since the inauguration of the Currency Bureau in 1863 to June 30, 1918, has amounted to approximately $144,000,000, while the expenses of the Currency Bureau for ike same period aggregated less than $19,000,000, leaving a credit balance of profit to the Government for the period of approximately $125,000,000. (Page 127.) Proportion of Loans to Deposits and Deposits to Capital: The Comptroller calls attention to the fact that despite a certain amount of necessary inflation incident to the war and the unusual conditions which have prevailed, the proportion of loans and discounts to deposits in the national banks in the five year period between August 9, 1913, and November 1, 1918, SHOWS AN ACTUAL REDUCTION FROM 77.61 PER CENT IN 1913 TO 67.08 PER CENT on November 1, 1918. He also directs attention to the large increase which has taken place in the proportion of deposits to capital stock. On August 9, 1913, the proportion of deposits to the capital of the national banks was 752 per cent. On November l, 1918, deposits were 1360. per cent of the capital stock. These comparisons do not include surplus, but the increase in the proportion of deposits to both capital and surplus has been very great. (Page 33.) Growing Use of Bank Acceptances: The report shows the growing use of bank "acceptances" in both our foreign and domestic trade. The amount of drafts and bills of exchange accepted by fh.e national banks on November 20, 1917, was $153,645,000. On Novembex 1, 1918, this had increased to $332,719,000, an increase of 116 per cent. (Page 31.) Savings Bank Deposits During the War: The Comptroller's report shows that between June, 1916, and June, 1918, the deposits in the mutual savings banks increased from $4,187,000,000 to $4,422,090,000. The deposits in the stock savings banks in the same period increased from $901,000,000 to $1,049,000,090. The total deposits in both mutual and stock savings banks of the country in these two years of disturbance and war not only showed no reduction but actually increased from $5,088,000,000, in June, 1916, to $5,471,000,000, in June, 1918. The total number of depositors reported in both mutual and stock savings banks in June, 1916, was 11,148,000 against 11,379,000 in June, 1918, an increase of 231,000 in the number of depositors. These figures are particularly instructive when we consider the vast amount of savings which went into Liberty bonds in this period. (Page 97.) WASHINGTON : GOVERNMENT PRINTING OFFICE : 1919 ANNUAL REPORT OF THE Comptroller of the Currency TO THE THIRD SESSION OF THE SIXTY-FIFTH CONGRESS OF THE UNITED STATES DECEMBER 2, 1918 (IN TWO VOLUMES) VOL. 1 WASHINGTON GOVERNMENT PRINTING OFFICE 1919 TBEASURT DEPARTMENT; Document No. 2827. Comptroller ojtht Currency, CONTENTS. Tage. Our national banks in war time ^ High efficiency and patriotism of the national banks A majority of all Liberty bonds sold placed through the national banks Five years' growth of the national-bank system Comparison of national bank suspensions during war period with those occurring in previous crises. Immunity from failure increasing Good results from closer adherence to the law and principles of sound banking.. National bank earnings greatest on record Effect of Federal control of railroads on financial conditions in 1918 Banking power of the United States Balance of trade in our favor for war period is gigantic Comparative growth of National and State banks for five-year period National currency issued and redeemed in last fiscal year Trust powers for national banks Federal Reserve System National bank resources reach unprecedented figures Increased thoroughness of national-bank examinations Bank officers convicted of criminal violations of law during the year ending Oct. 31, 1918 ". * Condition of national banks at date of each call during the report year Resources: Loans and discounts Amount and classification of loans by national banks in the central reserve cities, etc Three-year comparative statement of loans by national banks in reserve cities and in country banks Classification of loans by national banks in the city of New York, June, 1914 to 1918 ". Overdrafts United States bonds Other bonds, securities, etc Stock* ¥ Investment securities of national banks classified Domestic and foreign securities held by national banks Bank premises and other real estate owned Due from banks National Bank deposits with Federal Reserve Banks Specie and gold and silver certificates Exchange for clearing house Liabilities: Capital, surplus, and undivided profits Circulation outstanding Due to banks Individual deposits Bonds and money borrowed Bank acceptances Changes at time of each call, by geographical divisions, of principal items in reports of condition Relation of capital to deposits, etc,, of national banks Percentage of principal items of assets and liabilities of national banks Reserve Geographical classification of loans and deposits of national banks in reserve" and other cities having population of over 50,000 Growth of national banks as shown on successive calls since 1913 Productivity of loans and bond investments of national banks Foreign branches of national banks Net earnings and dividends of national banks Organizations and liquidation of national banks IIJ 1 2 3 4 4 5 6 7 8 9 10 11 12 13 13 15 17 20 21 22 24 25 25 26 26 26 26 26 27 28 28 29 29 30 30 30 31 31 31 31 32 33 33 34 36 47 51 51 53 54 TV CONTENTS. Increases and reductions in national-bank capital New charters granted and refused Capital increases and reductions, and liquidations * National banks organized since 1900 State banks converted into national banks Changes of titles of national banks Voluntary liquidation of national banks Failures and suspensions of national banks Causes of failure Legislation recommended To prohibit officers of banks from borrowing from their own banks To limit direct and indirect loans to one individual, firm, or corporation.. To provide suitable penalty for making of excessive loans To authorize the comptroller to bring proceedings against directors for losses sustained by bank through violation of the national-bank act Authority for removal of directors guilty of persistent violations of the national-bank act Prevent delays in taking directors' oath Establishment of appropriate penalties for violations of laws and regulations. Amendment to provide that suits against usurers be brought by Department of Justice. To authorize special interest charges for small loans To prevent or limit overdrafts To limit interest paid on deposits limitation of deposits to eight or ten times capital and surplus. Amendment to District laws to prevent " wildcat" banking To require officers and employees to give surety bonds To require certificates of deposit to be signed by two officers To prevent erasures on the books of a bank Standardization of by-laws Rechartered banks should be allowed to use bank-note plates of original bank Engraved signatures for national-bank notes To authorize national banks to establish branches in the United S t a t e s . . . To permit branch banks in Alaska and insular possessions To provide a penalty for making false financial statements for the purpose of obtaining credit from national banks To provide punishment for breaking and entering a national bank for the purpose of theft or robbery To limit investment in bank building To authorize United States Treasurer to sell bonds securing circulation 30 days after a bank goes into liquidation To require two signatures to all " charge tickets " ^.. To provide for vacations and rotation of bookkeepers To require long dormant balances to be deposited in United States Treasury. To allow banks to deduct United States bonds from taxable assets To insure or guarantee all deposits for $5,000 or less Legislation enacted relating to national banks National-bank subscriptions to the Red Cross National-bank employees in Army and Navy Total number male and female employees of national banks and number entering Army and Navy Banks other than national State, savings, private banks, and loan and trust companies State banks Mutual savings banks Stock savings banks All reporting savings banks Loan and trust companies Private banks Condition of all banks operating under State laws in each State of the Union Reports of condition of all reporting banks in the United States Comparison of principal items for years 1918 and 1917 of national and other banks National, Federal reserve, and State banks Summary of the combined returns from national and other banks in June, 1918. Digitized for Banking resources and liabilities in each State FRASER % Pag©. 63 63 63 64 64 67 68 70 73 73 73 73 74 74 75 75 75 75 75 75 75 76 76 76 76 76 76 76 77 77 77 77 77 77 78 78 78 78 78 79 79 81 81 83 87 87 89 90 93 96 97 99 99 106 107 108 109 Ill CONTENTS. V Page. Comparative statement of resources and liabilities of all banks, 1913-1918 116 Growth of banks in the United States since 1863 117 Individual deposits in all reporting banks 120 Cash in all reporting banks 120 Money in the United States 121 I National-bank circulation 123 Vault account of national-bank currency 123 Denominations of national-bank circulation .-.. • 124 Monthly statement relating to United States bonds deposited to secure circulation 124 Price and interest realized by investors in United States bonds 124 Bonds available as security for circulation 125 Redemption of national-bank circulation 126 Profit to national banks on circulation 127 Taxes on national-bank circulation, redemption charges, examiners' salaries, etc., and expenses of the Currency Bureau 127 Bonds, etc., securing Federal reserve bank notes .• 128 Federal reserve notes 128 Federal reserve bank notes 133 Issue of $1 and $2 Federal reserve bank notes authorized 134 Interest-bearing debt of the United States 136 Bank investments in United States bonds 137 Rates for money in New York 137 Discount rates of the Federal reserve banks 138 Sterling exchange 138 . Transactions of Clearing-House Associations 139" .' New York Clearing House 140 United States Postal Sayings System 141 I Savings banks in the principal countries of the world 143 1 Federal farm loan system 146 Joint stock land banks 151 Building and loan associations in the United States 151 1 Receipts and disbursements for 1917 152 District of Columbia . 153 Banks and banking in the District of Columbia 153 Building and loan associations in the District of Columbia 154 j Conclusion 154 I Exhibit A. Federal guaranty of deposits in national banks 156 1 Exhibit B. Number of deposit accounts which exceed $5,000 and the number and aggregate amount of deposits of $5,000 or less 161 ' Exhibit C. Legislation affecting or relating to national banks 161 Federal reserve and national bank act amendments • 162 Trust powers of national banks * 162 Change in reserve requirements 162 Receipt of fee, commission, gift, etc.; purchase or sale of assets by or from a member bank 163 Consolidation of national banks 168 American Red Cross contributions 168 Fourth Liberty bond acts ^... 169 Fourth Liberty bond act approved July 9, 1918 169 Fourth Liberty bond act approved September 24, 1918 169 War Finance Corporation act 171 Conservation of gold supply act 177 Civil rights of members of the Military and Naval Establishments 179 Exhibit D. Liberty loan bonds owned, held as collateral to loans, etc., December 31, 1917 179 Exhibit E. Liberty loan bonds owned, held as collateral to loans, etc., March 4, 1918 183 Exhibit F . Subscriptions for bonds of the third Liberty loan, as shown by reports of condition of national banks, May 10,1918 188 Exhibit G. Liberty loan bonds owned, amount which banks have contracted to sell on partial-payment plan or otherwise, etc., June 29, 1918 193 Exhibit H. Liberty loan bonds owned, amount which banks have contracted to sell on partial-payment plan or otherwise, etc., August 31, 1918 198 Exhibit I. Number and aggregate amount of loans made between March 4,1918, and May 10,1918, at rates in excess of highest rate permissible by law under written contract 203 204 Digitized forExhibit J. Usury and the banks FRASER REPORT OF THE . COMPTROLLER OF THE CURRENCY. TREASURY DEPARTMENT, OFFICE OF THE COMPTROLLER OF THE CURRENCY, Washington, December 2, 1918. SIR: The report of the Comptroller of the Currency for the 12 months ending October 31, 1918, being the fifty-sixth yearly report of the operations of this bureau, is respectfully submitted herewith, as required by section 333 of the Revised Statutes of the United States. OUR NATIONAL BANKS IN WAR TIME. The year which just passed was the most momentous in our lifo as a nation. Our country has been subjected to supreme tests in many directions and has proved equal to them all. No nation in history has ever converted so speedily its raw recruits into an effective Army and Navy of nearly four million men, admirably equipped and .so trained as to meet and overcome an enemy which vaunted itself to be invincible and which, until our entrance into the war, had been successful on every front. And our country, while performing this gigantic task, was also raising the food, producing the munitions, and transporting across the ocean the vast supplies essential for the support of our allies. To carry on these colossal undertakings required expenditures of capital on a scale which no nation had ever attempted. The actual disbursements by the Government for the last few months of the wTar were at the rate of about $60,000,000 per day; and the estimates of expenditures for the ensuing year reached figures yet more enormous. Every industry contributary directly or indirectly to war purposes, whether for ourselves or for the allies, including those engaged in agriculture, manufacturing, and internal and external commerce, was run at full speed. The demands upon the capital and banking resources of the country have been unparalleled. The financial strain upon us would have wrecked and crumbled any financial system not founded on sound economic laws and governed by conservative and established principles of finance; and no system, however meritorious, could have survived such strain had not its component parts been operated and directed by men of character and experience, willing and able to rise to the supreme demands of the hour. Through these trials and tests the national banks of the country and our Federal Reserve System have passed triumphantly. Their resources have risen steadily during this period of stress and strain 2 REPORT OF THE COMPTROLLER OF THE CURRENCY. to the highest figures ever attained, the national bank resources on November 1 being $19,821,404,000. In the past 18 months our country has raised, through bond issues, an amount more than six times as great as was raised during the four years of the Civil War, largely at rates of interest not one-half as high as those paid during that period; and of this huge sum, subscriptions for more than 50 per cent of all the bonds marketed were placed through the instrumentality of the national banks. The volume of business transacted has been unprecedented; and vet, through this year of supreme trial, the banks of the entire country nave passed with unprecedented safety, but one national bank in nearly 8,000 having failed in the current calendar year. The earnings of the national banks, as the figures presented in this report will show, have been greater than in any previous year. Throughout the year the money rates have been maintained in every section of the country on a normal basis. Every legitimate industry has been able to obtain the funds needed for its operation at favorable rates. In the remote districts of the country where excessive and usurious rates formerly prevailed, the exorbitant charges have been steadily disappearing, and complaints of usury are fewer than ever before. The European war began at the end of July, 1914. In the four and one-half years since then our banks have been subjected to dangers, burdens, and trials which, in previous crises and under old conditions, would have spread dismay and which usually brought failure and ruin; but we nave passed through this mighty crisis unscathed and with smaller losses from bank failures than we generally experience in normal years. The records show that in the 33 years immediately preceding July 1, 1914, the percentage of losses to depositors from failures of national banks throughout the country averaged twenty-eight one-thousandths of 1 per cent per annum of total deposits. During the four and one-half years since the outbreak of the war, while our banks have been called upon to feed and finance a world aflame, the percentage of total estimated losses to the deposits of all national banks which have failed in this period have averaged less than three one-thousandths of 1 per cent. In other words, the percentage of,losses to the depositors of national banks in those four and one-half years amounted to one-ninth of the average percentage of losses for the 33-year peace period from 1881 to June 30, 1914.1 If the national banks in the future maintain the same average percentage of losses to depositors that has prevailed since July 1, 1914, an assessment of 3 cents per thousand dollars, or $30 per million, would be sufficient to insure against loss all the deposits in all the national banks of the country. HIGH EFFICIENCY AND PATRIOTISM OF THE NATIONAL BANKS. It is deeply gratifying to be able to inform the Congress of the admirable efficiency with which the national banks are being conducted and of the commendable patriotism and zeal with which they responded to the unprecedented calls which have been made upon 1 Thefiguresprior to 1881 are not given because the detailedfiguresfor the earlier years are not available* REPORT OF THE COMPTROLLER OF THE CURRENCY- 3 them in this past year of peril and extreme trial. Realizing that the fate not only of our own Nation but of our civilization was at stake, these banks, generally, have, I am happy to say, with very few exceptions, done their utmost in providing, both directly and indirectly, the revenues and the financial ammunition without which the glorious victory which has been achieved would have been impossible. More than this: From the desks and counters of these banks there have gone forth thousands of noble youths who^have freely shed their blood in the cause of human freedom. OrT land and sea these, men have proved their devotion to their country and to high ideals, and many of them have died the death of heroes for the land they loved. On November 1, 1918, our national banks wore employing altogether 59,306 men and 27,539 women clerks, a total of 86,845 employees, and from these banks there had gone into the Army 14,292 and into the Navy 3,228 men. Tlie official reports show that up to November 1, hundreds of these men had yielded up their lives, and there were many more casualties among them to then unreported. With no hope of immediate pecuniary profit from the handling of the vast Government bond issues, but at a material cost to themselves, our national banks have labored indefatigably, as each loan was announced, to insure its success. In numerous cases where local investors have hesitated to subscribe the amount allotted to their communities, the banks freely and ungrudgingly have assumed the burdens themselves and have taken up and paid for the full allotments of each issue. A MAJORITY OF ALL LIBERTY BONDS SOLD PLACED THROUGH THE NATIONAL BANKS. The office* records show that of the $17,000,000,000 of Liberty bonds placed in the 18-months period from May 1,1917, to November 1, 1918, our national banks provided subscriptions for their clients and for themselves aggregating $9,687,978,019. The amount allotted to the banks for their clients and for themselves on the subscriptions thus sent in was $8,603,711,205, or 50.6 per cent, a clear majority of the entire amount sold by the Government. Besides aiding enormously in placing each Liberty loan the national banks have also been steady subscribers, as each offering was made, to the Government's short-term certificates of indebtedness. The amounts thus temporarily supplied to the Government by the banks for these certificates reach into billions of dollars. The total deposits of all the national banks on May 1, 1917, the last call prior to the placing of the first Liberty loan, amounted to $13,075,597,000. The apprehension which some then felt that the financing of the Liberty loans would deplete deposits and cause congestion and financial stringency has been shown by the encouraging experience of the past 18 months to have been unfounded. Coincidentally with the placing and absorption by the people of this country of nearly $17,000,000,000 of Liberty bonds of the first, second, third, and fourth issues, the deposits of our national banks actually have increased from $13,075,597,000 on May 1, 1917, to $15,051,473,000 on November 1, 1918, an increase of approximately 4 REPORT OF THE COMPTROLLER OF THE CURRENCY. $2,000,000,000, or 15.11 per cent, and the actual cash, on hand and due from Federal reserve banks, during the same period, despite the reduced reserve requirements, shows an increase of several hundred million dollars. FIVE YEARS' GROWTH OF THE NATIONAL-BANK SYSTEM. The growth and progress shown by the national banks of the United States in the past five years have no parallel in the history of banking and finance in this or any other country. On January 13, 1914, at the time of the first call after the approval by President Wilson of the Federal reserve act, the resources of the national banks of the United States amounted to $11,296,355,000. The number of reporting national banks at that time was 7,493 and the average deposits of each bank were $1,120,161. On November 1, 1918 (4Vyears 10 months and IS days later) the total resources of our national banks amounted to $19,821,404,000. The number of reporting banks at that time was 7,754, and the average amount of their deposits was $1,941^,123 per bank. These figures mean an increase in total resources of $8,525,049,000, or 75.47 per cent, while the average deposits of each national bank increased $820,962, or 73.29 per cent. The growth in the assets of the national banks in the last 5 years has been greater than ilie increase which took place in iiie "preceding 25 years. The resources of the national banks now exceed by more than a billion dollars the combined resources of all the State baaaks, savings banks, private banks, and trust companies of the country as late as June, 1916, and are within one billion dollars of the combined resources' of all other banks and trust companies, as shown by their reports of June, 1917. The resources of the national banks of the United States at this time exceed the aggregate resources of the national banks of issue of England, the Dominion of Canada, France,-Italy r The Netherlands, Norway, Sweden, Denmark, Japan, and Germany, all combined, as shown by their latest available reports. COMPARISON OF NATIONAL-BANK SUSPENSIONS DURINO WAE PERIOD WITH THOSE OCCURRING IN PREVIOUS CRISES. The following figures furnish a very striking illustration of the manner in which the national banks of the country have passed through the crisis of the greatest war in history, as compared with their record in previous financial crises. In the fiscal year ending October 31, 1893, covering the financial disturbances oi that year, 158 national banks suspended, with capital of $30,350,000; 65 national banks with capital of-$10,935,000 were insolvent and required the appointment of receivers; 86 national banks with capital of $18,205,000 subsequently resumed business; and 7 national banks with capital of $1,210,000 were placed in charge of examiners with the hope of resumption. Tiie total liabilities of the failed and suspended banks during this period (in the case of failed banks "claims proved1' being taken as total liabilities) amounted to $83,042,347 REPORT OF THE COMPTROLLER OF THE CURRENCY. 5 In the 12 months' period ending October 31, 1908, covering the 1907 panic, there were 34 national-bank failures and suspensions with total capital of $8,090,000, and total liabilities (in the case of failed banks "claims proved" being considered as total liabilities) amounted to $42,678,694 Of these, 10 banks, with capital of $1,590,000 and liabilities of $27,621,559, subsequently resumed business. In the year of unprecedented strain, when our national banks were put to the supreme test—from April 1, 1917, to April 1, 1918, covering the first year from our entrance into the war—the total nationalbank failures and suspensions amounted to only four, with capital stock of $175,000 and total liabilities ("claims proved" being taken as total liabilities) of __-__ $843,050 And one of these four banks, with capital of $50,000 and liabilities of $165,889, was subsequently restored to solvency and resumed business. The proportion of all liabilities of suspended national banks in 1893 to the total liabilities of all active national banks in operation during that year was 2.39 per cent. The proportion of all liabilities of suspended national banks in 1907 to the total liabilities of all active national banks- in operation was one-half of 1 per cent or 50 per cent. The proportion of all liabilities of suspended national banks for the war year, from April 1, 1917, to April 1, 1918, to the total liabilities of all national banks in operation during that year was four one-thousandths of 1 per cent or _ __ 004 per cent. These figures show that the ratio or proportion of the liabilities of suspended national banks to total liabilities of all national banks in the panic year 1893 was more than 500 times greater than for the year of terrific trial following our entrance into the war, and they bear eloquent testimony to the soundness and efficiency of our national banks and the success of our new banking and currency system. IMMUNITY FROM FAILURE INCREASING. In the fiscal year ending October 31, 1914, there were 21 -1 national bank failures and 5 suspensions; in 1915, 14 failures and 1 suspension; in 1916, 13 failures and 2 suspensions; in 1917, 7 failures. For the 12 months ending October 31, 1918, there were only 2 national bank failures, both small banks. For the first 11 months of the calendar year of 1918 to December 1, there has been no failure of any national bank east of the Rocky Mountains, and in the entire country during this period there has been only one national bank failure —a small bank in California. There has been no such immunity since 1870. Then there were only 1,615 national banks in operation, with resources of $1,546,261,000, as compared with 7,754 national banks on November 1, 1918, with combined resources of $19,821,404,000. The reports received in this office for the same 12-month period, ending October 31, 1918, through the courtesy of the State officials, show that there were 32 failures of State banks, trust companies, and i Of the national banks which failed and suspended during the years 1914 to 1918, inclusive, 8 suspended banks and 11 failed banks were subsequently reopened. 6 REPORT OF THE COMPTROLLER OF THE CURRENCY. private banks throughout the United States, being distributed among the following 17 States: Georgia Missouril North Dakota. Minnesota Illinois Indiana.. Kansas Oklahoma Alabama 4 Tennessee . Ohio Iowa Colorado.. Utah California. Maryland.. Virginia.. On October 31, 1913, there were 45 national banks in the hands of receivers, their affairs being in process of liquidation and settlement. At the close of the past fiscal year, October 31, 1918, there are only 34 national banks being liquidated by receivers. The total amount of dividends in liquidation, paid between October 31, 1913, and October 31, 1918, to the depositors and other creditors of national banks in receivers' hands was $18,367,894.30. If we add to this the liabilities of 12 banks restored to solvency during the same period, $33,859,526, the sum total of these amounts would aggregate $52,227,420. The receiverships of 14 national banks, which had failed in previous years, were finally wound up during the year ending October 31, 1918. in five cases dividends in liquidation of 100 per cent were paid, Of the remaining banks one paid 90.50 per cent, one 81.25 per cent, one 66.50 per cent, two- paid 64.50 per cent, one 60.50 per cent; one 57 per cent, one 45.50 per cent, and one only 14.50 per cent. GOOD KESULTS FROM CLOSER ADHERENCE TO THE LAW AND PRINCIPLES OF SOUND BANKING. During the past five years this office hag endeavored earnestly to impress upon the officers and directors of national banks the importance, not only to customers and depositors of the banks, but also to themselves and their stockholders of observing strictly the provisions of the national-bank act, and of conforming closely to the rules and regulations prescribed by the Office of the Comptroller of the Currency. This office also has tried hard to keep the directors of all national banks alive to a sense of their moral and legal responsibility for the correct management of the banks. This has been done by direct communications to the banks from this office, and also by arranging to have meetings of directors held at the times of the semiannual examinations by national-bank examiners, at which meetings the affairs of the bank are discussed by the examiner with officers and directors, and the attention of those responsible called to features of the management which may be subject to criticism; and suggestions are then made and instructions given with • a view to relorming whatever irregularities or unsound practices may be found to exist. These efforts to maintain an earnest and immediate interest in the management of their, banks by officers and directors and to stimulate a desire to correct, avoid or remove all causes of criticism have i Owing to refusal of the State Bank Superintendent of Missouri to furnish data as to bank failures in that State in advance of publication of his printed report thefiguresas to Missouri were obtained through the courtesy of Bradstreet. REPORT OF THE COMPTROLLER OF THE CURRENCY. 7 been distinctly successful, and it is the opinion of this office that a large part of the present prosperity of the national banks, their immunity from serious losses and failure and the increased and. increasing confidence they enjoy, are attributable to the keen and increased personal interest and painstaking attention of directors, supplemented, and perhaps stimulated, by the strict supervision from this office and by the more rigid examinations made possible and facilitated under the provisions of the Federal reserve act. The usurious interest rates which for years had been exacted from customers by many banks in some States, and by some banks in many States, have been largely abated, although not yet entirely extinguished. The elimination of this persistent and extended abuse has had a marked effect in reducing poverty, in stimulating business and enterprise, and in affording relief especially among the agricultural classes in various regions of our country. The records show that since the banks have been observing more rigidly the laws against usury and the other provisions of the nationalbank act intended for the protection and advancement of the interests of the shareholders, depositors, and customers, and of the communities in which banks are located, they have not only suffered no reduction of business but have been doing a larger and more prosperous business than they ever did. By their reports to this office the gross earnings of the national banks for the 12 months ended July 1, 1918, amounted to $813,997,000, being an increase of $298,373,000, as compared with the 12 months ended July 1, 1914. The net earnings for the 12 months ended July 1, 1918, exceeded by $63,062,000 the net earnings for the 12 months ended July 1, 1914, which amounted to $149,270,000. The increase in net earnings in these four years, despite the abatement of excessive interest rates, the expenses attendant upon the sale of Liberty bonds and other costs and losses of the war period, has been 42.2 per cent. NATIONAL BANK EARNINGS GREATEST ON RECORD. In, thefiscalyear ending July 1, 1918, the net earnings of the national banks surpassed by more than $18,000,000 the greatest earnings ever previously reported for any year in the history of the national banking system, and amounted to $212,332,000. These earnings were not only greatest in amount, but they were also the greatest shown, in the records in the percentage earned on the capital of all national banks; and also in percentage earned on the combined capital and surplus for any year since 1869. The average earnings upon the capital of all national banks for the year was 19.33 per cent. The amount earned upon the combined capital and surplus of all national banks wTas 11.09 per cent. The records also show that the dividends paid to the shareholders of the national banks during this past year w^ere also greater than those paid in any previous year, amounting to 11.82 per cent on the total capital stock of all banks. In the 49-year period from 1869 to 1918 the average earnings of all national banks amounted to 12.81 per cent on their stock. The percentage earned on capital stock, therefore, for the past fiscal year, has averaged 50 per cent more than the average percentage earned for the 49-year period referred to. 8 EEPOBT OF THE COMPTROLLER OF THE CURRENCY*. EFFECT OF FEDERAL CONTROL OF RAILROADS ON FINANCIAL CONDITIONS IN 1918. In the report of the Comptroller of the Currency submitted to the Congress under date of December 3, 1917, after reviewing the abnormal commercial, industrial, and economic conditions produced by the war, the great inflation in the prices of commodities of all kinds, and the rapid rise which had taken place in wages, he said: The fact that we have come through these profound, swift, and racking changes and have endured the shock of entrance into a great war without symptom or apprehension, of a financial panic or the slightest general business disturbance is decisive and triumphant proof of the splendid efficiency of our new banking and currency system and of the clean and strong condition of our banking institutions generally. Yet other and extraordinary provision was necessary to meet the unprecedented strain on the economic situation, caused by the disorderly inflations of prices of things of common use, the rushes upward and downward of security values, the feverish business activity stimulated by war and hurried preparation for it,* and the successive advances in scales of wages. It became imperative to enact emergency laws intrusting the President with powers, unexampled in this country, to fix and limit prices for food, fuel, and other necessities of life. Unquestionably the existence of thi&power and the assurance of its prompt and energetic use whenever required have averted calamities very seriously threatening us, and which no financial system, however strong or powerful, would have been able to prevent or overcome. Toward the close of the year 1917 the condition of the steam railroads of the country became exceedingly critical. As a result of the enormous volume of business incident to war activities, and the abnormal and well-nigh unprecedented weather conditions which interfered so greatly with their operation; and with the feverish labor situation which then existed, our great transportation systems seemed on the verge of a physical breakdown; and it became necessary for the President, in the emergency, to make an unprecedented exercise of the extraordinary powers which had been conferred upon him to save the railroads of the country from disaster. The enormous increase in operating costs, without a proportionate increase in rates, had reduced many of the great railroad systems of the country to a position where they were unable to raise money to provide improvements and facilities needed in connection with increased war activities, or even to meet their maturing obligations. These transportation systems were therefore on the brink of financial collapse and widespread bankruptcy. Tlie situation was one where a mere increase in transportation rates would have been too late to restore confidence and prevent the demoralization which seemed imminent. At this juncture, exercising the powers which had been conferred upon him under war conditions, with a courage and wisdom which can not be too highly commended, the President issued a proclamation taking under Government control all of the principal steam railroads of the country, on a basis which gave them generally a rental equal to the average railway operating income of the preceding three years, thus assuring to the holders of railroad securities throughout the country the solvency and maintenance of their investments and averting the calamity which so gravely threatened. The beneficial effect of this action was instantaneous. There was a quick revival of confidence and an immediate restoration to more normal conditions in the money markets. Had it not been for this timely action by the President but few of the railroad systems of KEPOBT OF THE COMPTKOLLER OF THE CURRENCY, 9 the country could have maintained their solvency; and with such a collapse of credit as would have ensued the raising of the money necessary for the prosecution of the war would have been made infinitely more difficult, if not impossible. But with the revival of railroad credit, under Government control of the transportation systems, shrinkage in values was checked, the money markets were stabilized, and the enormous success of the third and .fourth Liberty loans was made possible. The President's proclamation taking over the railroads of the United States was followed by the passage of the railroad act of March 21, 1918, appropriating $500,000,000 to aid in financing these roads. To December 1, 1918, the Director General of Railroads reported that he had advanced to the railroads under his direction and the owner corporations, for the purpose of enabling them to meet operating deficits, to pay for new equipment required, and to enable them to continue the payments of interest, dividends, and other obligations, the sum of $316,206,000. All realize that the maintenance of the efficiency and credit of the steam railroads of the country is of supreme importance. They represent our greatest single industry. Unless.they are kept in a condition to perform their functions adequately and regularly every interest in the country will suffer. The railroads are, by far, the largest consumers of the products of our great basic coal, steel, and iron industries, as well as of the products of the forest; and they employ, directly in their service, an army of more than 2,000,000 men, regardless of many millions more whom they indirectly support. For t&e current year of 1918 the railroads of the country will expend from their receipts, for wTages and materials used in operation and construction, more than $5,000,000,000 by the latest estimates. How these roads shall now be enabled, on a basis of efficient management, to obtain rates for the movement of freight and passengers sufficient to enable them to pay their actual operating costs and produce enough net earnings to yield a fair return upon the capital invested in them, is the problem which this country is now called upon to solve, and upon the right solution of which our future prosperity will largely depend. BANKING POWER OF THE UNITED STATES. The banking power of the United States in June, 1918, as represented by capital, surplus, and other profits, circulation and deposits, in all national banks and reporting State banks and trust companies, together with the estimated amount of funds of this character in nonreporting banks, as well as the paid-in capital, Government and reserve deposits, and Federal reserve notes in circulation as shown by the statement of the Federal reserve banks as of June 28, 1918, was $39,082,800,000. In June, 1917, the estimated banking power of the United States was $34,473,100,000. The increase for the current year in the banking power of the country as thus defined is $4,609,700,000, or 13.37 per cent. The estimated increase in 1917 over 1916 was about 17 per cent. 10 REPORT OF THE COMPTROLLER OF THE CURRENCY. Banking power of the United States, June 29, 1918. [Money columns in millions.] National bank circuNum- Capital Surplus 1 lation ber of and Deposits. and banks. paid in. profits. Federal reserve notes. National banks 7,705 $1,098.6 $1,209.7 $11,219.5 Reporting State banks 21,175 1,253. 0 1,609.3 17,774. 6 N ohrep orting p r i v a t e 405.0 45.0 27.1 banks (estimated) 2,600 Total Federal reserve banks 3 Grand total Total, June, 1918. Total, June, 1917. S6S1.6 $14,209.4 $12,624.3 20,536.9 19,459.1 477.1 530.0 Increase over 1917. $1,585.1 1,077.8 2 52.9 31,480 2,396.6 12 75.8 2,746.1 1.1 20,399.1 2,049. 9 681.6 1,732.6 35.223.4 32,613.4 3^ 859. 4 1,859.7 2,610.0 1,999.7 2,472.4 2,747.2 31,449.0 2,414. 2 39,082.8 34,473.1 4,609.7 31,492 1 Includes dividends unpaid, postal savings and United States deposits but not amounts due to banks except in case of reserve deposits of member banks with Federal reserve banks. 2 Decrease. 3 June 28. Since June, 1914, the estimated banking power of the United States has increased from $24,340,000,000 to $39,082,800,000, a gain of $14,742,800,000, or more than 60 per cent in the four-year period. For the preceding four-year period, or from June, 1910, to June, 1914, the gain was only 15.63 per cent, or from $21,049,000,000 to $24,340,000,000. The banking power of the United States alone to-day is nearly 2% times as great as the banking power of the world as it stood in"1890 when Mulhall's estimate placed the world's banking power at $15,985,000,000, and the banking power of the United States is now more than seven times greater than Mulhall's estimate of our banking power in 1890, when it was estimated by him at $5,150,000,000. BALANCE OF TRADE IN OUR FAVOR FOR WAR PERIOD I S GIGANTIC. The value of the merchandise exported from this country for the past five years covering the war period (December, 1918, being estimated) reaches the huge total of $23,462,191,652; the value of our imports of merchandise for the same period (December, 1918, again estimated) was $11,881,973,986, making the balance of trade in our favor for the period, $11,580,217,966. In payment of this we have imported into this country more than a billion dollars in gold from debtor nations, and to represent the balance due us, we have taken the short-term obligations of these debtor nations for approximately $10,000,000,000, of which $2,000,000,000 is represented by the bonds and obligations of foreign nations placed with individuals, banks, and other corporations in this country, and $8,000,000,000 is represented by the notes or bonds of foreign Governments to the United States Government. The following table shows our exports and imports of merchandise for the past five calendar years, and the excess of exports over imports: REPORT OF THE COMPTROLLER OF THE CURRENCY. 11 Imports and exports of merchandise, calendar years 1914, 1915, 1916, 1917, and 1918. Imports of merchandise. $1,789,276,001 1,778,596,695 2,391,635,335 2,952,465,955 2,970,000,000 $2,113,624,05*0 3,554,670,847 5,482,641,101 6,226,255,654 6,085,000,000 $324,348,049 1,776,074,152 3,091,005,766 3,273,789,699 3,115,000,000 11,881,973,986 1914 1915 1916 1917 1918 Exports of merchandise. 23,462,191,652 11,580,217,666 Excess of exports over imports. COMPARATIVE GROWTH OF NATIONAL AND STATE BANKS FOR FIVEYEAR PERIOD. The Comptroller of the Currency is required by law to furnish in his annual report to the Congress in addition to data relative to national banks and recommendations as to "any amendment to the laws relative to banking by which the system may be improved, and the security of the holders of its notes and other creditors may be increased/7, a further statement as to the condition of banks and banking institutions organized under the laws of the several States and Territories, such information to be obtained from the reports made by such banks and banking institutions to the legislatures or officers of the different States and Territories, and where such reports can not be obtained, the deficiency to be supplied from such other authentic sources as may be available. It has been the custom of this office, from year to year, to obtain through the courtesy of the banking departments of the several States statements of condition of all State banks, savings banks, private banks and loan and trust companies under State supervision as of June 30 in each year, or the reports made nearest to that date, the time for making reports differing in some States. On pages 87 to 99 of this report will be found a statement of the condition of State banks, savings banks, private banks, and loan and trust companies as of the date of the report of condition made nearest to June 30, 1918. The following statement shows the growth in resources of all State banks, savings banks, private banks, and loan and trust companies as of June, 1913, as compared with June, 1918, together with a further comparison of national banks at the time of the June, 1913, call and the call of June 29, 1918: June, 1913. State banks, savings banks, trust companies , etc National banks June, 1918. $14,675,243,842 11,036,000,000 $22,371,496,514 17,839,502,000 Increase. $7,696,252,672 6,803,502,000 Per cent. 52.4 61.6 On June 4, 1913, the resources of the national banks were $11,036, 000,000; on November 1, 1918, their resources were $19,821,000,000, an increase in less than five and one-half years of $8,785,000,000, or 79.6 per 'cent. The increase in the resources of the State banks, savings banks, trust companies, etc., for the five-year period between June, 1913, 85478°—CUR 1018—VOL 1 - 12 BEPORT OF THE COMPTROLLER OF THE CURRENCY. and 1918, as shown above, was 52.4 per cent, the increase in the resources of national banks from June, 1913, to June, 1918, amounted to 61.6 per cent. These figures show that the growth of the banks under national supervision, during the past five years, has been distinctly greater than the increase shown »by the State banking institutions. In the five years 1914 to 1918, both inclusive, the records show 314 failures of State banks, savings banks, private banks, and loan and trust companies. There were 56 national bank failures during the same period. For the 12 months' period ending October 31, 1918, failures among the State banking institutions were 32 in 17 States. During the same period there were only two national bank failures, in two States. NATIONAL CURRElrCY ISSUED AND REDEEMED IN LAST FISCAL YEAR. During the fiscal vear ended October 31, 1918, there were issued, through the office of the Comptroller of the Currency, national bank notes, Federal reserve notes, and Federal reserve bank notes to the mount of $2,104,053,520. Of this sum the national-bank notes issued amounted to $260,155,140, Federel reserve notes to $1,781,663,720, and Federal reserve bank notes to $62,234,660. During the same fiscal year there were redeemed through the bureau of the Comptroller of the Currency notes of the above issues aggregating $592,827,163, of which sum national banknotes represented $255,078,213, Federal reserve notes $334,403,925, and Federal reserve bank notes $3,345,025. The amount of each class of the above notes outstanding and unredeemed as of October 31, 1918, was as follows: National bank notes Federal reserve notes Federal reserve bank notes $721, 471,137. 50 2, 705, 737, 855. 00 717 647,260. 00 There were on hand in the vaults of the Treasury of the United States on the same day unissued the following notes: bank notes Federal reserve notes Federal reserve bank notes $332,777,980.00 419,360,000. 00 37, 685, 960. 00 The amount of United States bonds deposited with the Treasurer of the United States as security for national bank notes on October 31,1918, was^$684,446,440, in addition to the 5 per cent redemption fund and lawful money deposited for their retirement. As security for the Federal reserve bank notes, United States bonds and other obligations of the Government amounting to $87,938,550 had been deposited with the Treasurer of the United States, while against the Federal reserve notes there had been deposited with the Federal reserve agents of the 12 respective Federal reserve banks an amount of United State bonds, eligible paper, and gold equal to at least the face value of all Federal reserve notes outstanding. The amount of gold held by the Federal reserve agents on October 31, 1918, as part security for Federal reserve notes issued was $1,187,050,265—about 43.8 per cent of all Federal reserve notes BEPORT OF THE COMPTROLLER OF THE CURRENCY. 13 outstanding, and in addition to this the 12 Federal reserve banks lield further sums of gold in the general fund amounting to $864,726,577, a total of $2,051,776,842 gold with the Federal Federal banks and Federal reserve agents. TRUST POWERS FOR NATIONAL BANKS. The Supreme Court of the United States having fully sustained the right of Congress to grant trust powers to national banks and to vest in such banks the powers enjoyed by competing State corporations, Congress by the act of September 26, 1918, has broadened and more clearly defined the fiduciary powers of national banks. Under section ll(k) of the Federal reserve act as amended, national banks, having first obtained the permission of the Federal Reserve Board, are authorized to open trust departments and to operate them on a basis of substantial equality with competing trust companies organized under State law. Such banks may; be permitted by the Federal Reserve Board to exercise any fiduciary power that is enjoyed by a competing State corporation. Appropriate safeguards have been adopted for the protection of the beneficiaries of trust estates. This legislation is therefore of very great importance to national banks. Under its terms States are in effect prohibited from denying to them the right to exercise trust powers where such powers are exercised by State corporations. They are therefore enabled to extend increased facilities to their customers, and it is to be hoped that full advantage will be taken of this opportunity to broaden their field of usefulness. FEDERAL RESERVE SYSTEM. The Federal Reserve System was inaugurated on November 16, 1914, with the opening of the 12 Federal reserve banks in Boston, New York, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St. Louis, Minneapolis, Kansas City, Dallas, and San Francisco. Up to the present time the following branches have been established and have begun business in the following cities of the several districts: Federal Reserve District No. 4.—Pittsburgh, Pa., and Cincinnati, Ohio. Federal Reserve District No. 5—Baltimore, Md. Federal Reserve District No. 6—New Orleans, La., Birmingham, Ala., Jacksonville, Fla., and Savannah, Ga. (agency). Federal Reserve District No. 7—Detroit, Mich. Federal Reserve District No. 8—Louisville, Ky., Memphis, Tenn., and Little Rock, Ark. Federal Reserve District No. 10—Omaha, Nebr., and Denver, Colo. Federal Reserve District No. 11—El Paso, Tex. Federal Reserve District No. 12—Portland, Oreg., Seattle and Spokane, Wash., and Salt Lake City; Utah. 14 •REPORT OF THE COMPTROLLER OF THE CURRENCY. The consolidated statement of these banks, including all branches, for the dates named in November, 1914, 1915, 1916, 1917, and 1918, shows the following results (in thousands of dollars) : Nov. 27, 1914. Nov. 26, 1915. 227,840 34,630 7,383 321,068 37,212 48,973 12,919 Nov. 24 1916. Nov. 16, 1917. Nov. 22, 1918. ASSETS. Gold Other lawful money Bills discounted and bought— United States bonds One-year Treasury notes Municipal warrants Federal reserve notes—net Due from Federal reserve bants Uncollected items All other assets 27,308 19,176 14,053 165 459,935 17,974 122,593 39,427 11,167 22,166 15,414 43,263 2,060,265 55,992 2,078,219 i 177,314 1,273 27 2,121 4.6 1,584,328 52,525 681,719 1241,906 428,544 22,111 819,010 28,700 3,012,406 5,219,527 218,887 80,025 1,134 113,174 270,018 Total. 485,342 735,060 18,050 54,846 55,711 249,268 15,000 397,952 26,319 637,072 ***2,"700' 13,385 14,296 1,028 4,159 634 1,501,423 2 972,585 8,000 240,437 4,383 270,018 485,342 735,060 3,012,406 LIABILITIES. Capital paid in Surplus Government deposits Member bank deposits—net Due to member and nonmember banks... Federal reserve notes—net Federal reserve bank notes in circulation. Collection items All other liabilities Total. i United States Government long and short term securities. 2 8 1,718,000 2,555,215 80,504 620,608 50.867 5,219,527 In actual circulation. Our new banking system came into existence immediately after the outbreak of the European war. It has been subjected to the severest tests and trials, and has proved itself of inestimable value. In fact, it is impossible to see how this country could have financed its own needs and those of our Allies, as it has done, had our new financial system not been in operation. Had this country not been able to raise the vast sums needed the war would have' been lost inevitably. The 12 Federal reserve banks have also aided enormously by acting as fiscal agents of the Government, in placing during the last 18 months the four issues of Libert}^ bonds, and in marketing and distributing the many hundreds of millions of dollars of United States certificates of indebtedness, which were concurrently placed. The Federal reserve banks havfe not only proven themselves to be admirably efficient in meeting the needs of the member banks of the country during this trving period, but they have become a very profitable investment for tne member banks which own the stock oi these reserve banks. It is estimated that the earnings of the 12 Federal reserve banks for the calendar year 1918 will exceed $57,000,000 (exclusive of special depreciation allowances and other charge-offs which have been or may be authorized by the Federal Reserve Board), or about $52,000,000 over and above the amount required to pay 6 per cent on the paid-up stock. From this it appears that the earnings of the banks for this current year will probably exceed on an average 80 per cent upon the paid-up capital of all 12 of the reserve banks". In the following consolidated statement of the Federal reserve banks are shown, in millions of dollars, the principal items of assets REPORT OF THE COMPTROLLER OF THE CURRENCY. 15 and liabilities at the date of the last report in each month from June 29, 1917, to November 29, 1918: Statement showing the condition of the 12 Federal reserve banlcs at the close of each month from June 29, 1917, to Nov. 29, 1918. [In millions of dollars.] Assets. Year. Gold. 1917. June 29 July 27 Aug. 31 Sept 28 Oct 26 . . Nov. 30 Dec 28 1,295 1,362 1,353 1,399 1.503 1,622 1,671 1918. Jan 25 Feb. 21 Mar. 29 Apr. 26 May 31 June 28 July 26 Aug 30 Sept. 27 Oct 25 Nov. 29 1,727 1,772 1,816 1,827 1,918 1,949 1,974 2,014 2,021 2,045 2,065 Other currency. 40 "52 53 49 50 54 50 56 60 58 64 58 57 55 53 51 53 55 Liabilities. Bills discounted and bought. United States securities. 400 334 302 410 575 962 956 71 77 78 95 110 89 107 2,053 2,021 2,058 2,195 2,528 3,105 3,101 57 58 59 59 63 69 70 3.484 L,425 L 393 L,425 ]L 606 1,967 L,771 902 806 887 1,205 1,154 1,086 1,507 1,661 2,002 1,945 2,191 123 222 311 79 147 259 57 56 79 350 122 3,169 3,176 3,446 3,567 3,686 3,872 4,165 4,366 4,817 5,271 5,195 72 73 74 75 76 76 76 78 79 79 80 1,849 1,773 1,901 ]L,945 L995 2'050 2,181 2,142 2,317 2 581 2,405 Aggregate assets. Capital. Gross Surplus. deposits. Circulation. 1 1 1 1 1 510 536 585 707 ,065 ]1,254 ,?43 ;;m j461 j5S4 1 jfiOQ ,7^ 88? 2!ll3 2,385 2,567 2,655 NATIONAL BANK RESOURCES REACH UNPRECEDENTED FIGURES. The resources of the national banks on November 1, 1918, reached their highest point since the establishment of the national banking system, $19,821,404,000, an increase of $1,268,207,000 over the amount shown on November 20, 1917, which was the highest that had been shown to that date. A comparative statement of the various items of resources and liabilities for the dates indicated follows: 16 REPORT OF THE COMPTROLLER OF THE CURRENCY. [In thousands of dollars.] Comparison. Nov.1,1918— Nov.20.1917— 7,754 banks. 7,656 banks. Increase. Decrease, RESOURCES. 10,096,940 16,814 12,563 319,593 9,535,527 15,044 26,944 147,932 561,413 1,770 1,781,993 1,374,319 1,660,465 48,177 57,427 282,012 34,653 46,765 1,099,208 1,651,262 702,921 1,906,782 42,837 55,698 273,941 32,917 . 46,112 1,077,701 130,731 671,398 260,425 443, 828 1,177,169 165,118 516,120 1,369,591 95,307 356,137 533,435 68,718 64,037 400,593 393,974 43,615 42,689 39,271 12,987 40,407 31,981 10,180 24,288 27,431 9,821,404 18,553,197 1,861,348 1,268,207 Capital stock paid in Surplus fund Undivided profits, less expenses and taxes paid. Interest and discount collected or credited but not earned Amount reserved for taxes accrued Amount reserved for all interest accrued Circulation outstanding Amount due to Federal reserve banks Net amounts due to national banks Net amounts due to banks, bankers, and trust companies Demand deposits Time deposits *. United States deposits United States bonds borrowed Other bonds borrowed Securities borrowed Bills payable, other than with Federal reserve banks Bills payable with Federal reserve banks State bank circulation outstanding Letters of credit and travelers' checks outstanding.. "Acceptances" Time drafts outstanding Liabilities other than those above stated. 1,107,760 829,663 377,875 1,092,207 774,575 369,801 15,553 55,088 8,074 27,865 31,524 14,348 675,698 10,076 1,125,124 39,529 14,434 13,530 669,662 4,223 1,257,587 17,090 818 6,036 5,853 1,766,059 8,640,818 2,372,512 1,136,884 228,401 15,138 634 1,845,707 8,056,948 2,281,865 1,352,006 110,190 65,674 276 78,705 859,132 19 57,200 295,532 17 23,640 332,719 2,885 163,925 39,688 153,645 58,901 179,074 2,885 105,024 Total Liabilities for rediscounts, including those with Federal reserve banks \ 19,821,404 18,553,197 1,268,207 623,154 247,213 381,941 1,101,-629 1,032,256 1,080,075 985,004 21,554 47,252 69,373 95,071 Loans and discounts Overdrafts Customer's liability under letters of credit Customer's liability account of "acceptances".. United States bonds and certificates of indebtedness Liberty loan bonds Other bonds, securities, etc. (other than stocks). Stocks other than Federal reserve bank stock... Stock of Federal reserve bank Banking house Furniture and fixtures Other real estate owned Lawful reserve with Federal reserve banks Items with Federal reserve banks in process of collection Cash in vault Net amounts due from national banks Net amounts due from banks, bankers, and trust companies Exchanges for clearing house Checks on other banks in the same pJLace Outside checks and other cash items Redemption fund and due from United States Treasurer Interest earned but not collected War savings certificates and thrift stamps actually owned Other assets Total. Net... 14,381 171,601 246,317 5,340 1,729 8,071 1,736 653 21,-507 72,29'. 192,422 44,458 133, 461 25,103 21,348 1,138 18,931 10,180 3,143 593,141 LIABILITIES. Total amount reserve held Total amount reserve required. Excess reserve. 11,664 132, 463 583, 870 90,647 118,211 358 79, 64g 215,122 "*50,'533 21,505 563,600 2 16,043 25,633 The following table shows the growth of the principal items of resources and liabilities of national banks at the time of the autuma calls at five-year intervals from 1898 to 1918: 17 BEPORT OF THE COMPTEOLLEK OF THE CURRENCY. [In thousands of dollars.] Number of banks. Date. Sept. 20, 1898 Sept. 9, 1903. Sept. 23, 1908 Aug. 9, 1913.. Nov. 1, 1918. 3,585 5,042 6,853 7,488 7,754 Number of banks. Bate. Sept. 20, 1898 Sept. 9, 1903. Sept. 23, 1908 Aug. 9, 1913. Nov. 1, 1918. 3,585 5,042 6,853 7,488 7,754 Total deposits. 2,805,964 4,533,426 6,617,254 7,948,581 15,051,473 Capital. , 753,723 921,463 1,056,346 1,107,780 Loans and discounts. 2,172,520 3,481,447 4,750,613 6,168,556 10,098,940 Surplus and undivided profit. 340,570 556,371 767,688 984,383 1,207,538 Reserve held. 750,520 1,027,819 1,611,112 1,703,980 11,101,629 Circulation. 194,484 375,038 613,726 724,460 675,698 Excess reserves. 236,884 242,887 444,605 289,378 i 63,373 Total resources. 4,003,511 6,310,439 9,027,260 10,876,852 19,821,404 1 New reserve requirements (except as to nonmember national banks in Alaska and Hawaii) went into effect June 21, 1917, providing that only balances with Federal reserve banks should count as lawful reserve. Besides the $1,099,208,000 carried with reserve banks on Nov. 1, 1918, the member national banks held on that date cash in vaults amounting to $443,051,000 and had $1,531,125,000 due from other banks. Figures for reserve held include reserves of national banks located in Alaska and Hawaii which are not members of the Federal Reserve System, consisting of cash on hand and balances due from approved national bank reserve agents, amounting to $2,421,000. Ratio oj loans and discounts to total deposits. Per cent. Sept. 20. 1898 Sept. 9, 1903 Sept. 23, 1908 Aug. 9, 1913 Nov. 1, 1918 .' 77. 45 76. 80 71. 79 77. 61 67. 08 Ratio oj total deposits to capital. Per cent. Sept. 20, 1898 Sept. 9, 1903 Sept. 23, 1908 Ausj. 9, 1913 Nov. 1, 1918 , 451 601 718 752 1, 360 INCREASED THOROUGHNESS OF NATIONAL BANK EXAMINATIONS. Since the passage of the Federal reserve act examinations of national banks have become irr i more effective and thorough than formerly. Prior to the enactment of this law the compensation of bank examiners consisted of fees assessed by the Comptroller upon the banks examined and based upon their capital stock, regardless of the volume of assets. In many instances this fee was wholly insufficient to compensate the examiner for his time and services, as he wras required to pay all of his traveling expenses, subsistence, and clerk hire out of the small fee allowed under the old law. This led to superficiality in examinations, and the time devoted to an examination of a bank in many cases was governed by the amount of the fee received. The Federal reserve act changed the method of compensation from a fee to a salary and expense basis, and authorized the Federal Reserve Board to fix the salaries of the examiners, upon the recommendation of the Comptroller of the Currency„ and provided that the expense of examinations should be assessed upon the banks examined in proportion to their assets as shown at the time of examination. 18 REPORT OF THE COMPTROLLER OF THE CURRENCY. Twelve examination districts have been established with a sufficient corps of examiners assigned to each, under the supervision of a chief examiner in each district, with headquarters in the same city in which the Federal reserve bank for that Federal reserve district is located. Examiners are also supplied with competent assistants. Under this arrangement the examiner is required and enabled to devote as much time to the examination of a bank as may be necessary to satisfy him as to its true condition, and he is given time to remedy and correct unsatisfactory conditions before he leaves the bank. The law provides that every national banking association shall be examined at least twice during each calendar year. To make these examinations a force is employed at present of 136 examiners and 184 assistants, including clerks, stenographers, etc., under the supervision of 12 chief examiners. The following is a list of the examiners in the service on October 31, 1918: CHIEF EXAMINERS. Federal Reserve District— No. 1—Daniel C. Mulloney, Boston, Mass. No. 2—William P. Malburn, New York, N. Y. No. 3—Edward I. Johnson, Philadelphia, Pa. No. 4—Silas H. L. Cooper, Cleveland, Ohio. No. 5—James K. Dougnton, Richmond, Va. No. 6—Elmore F. Higgins, Atlanta, Ga. No. 7—Sherrill Smith, Chicago, 111. No. 8—Joseph M. Logan, St. Louis, Mo. No. 9—Fred Brown, Minneapolis, Minn. No. 10—Horace R. Gaither, Kansas City, Mo. No. 11—Richard H. Collier, Dallas, Tex. No. 12—Walter E. Wilcox, San Francisco, Cal. SUPERVISING NATIONAL BANK EXAMINER. Stephen L. Newnham, Washington, D. C. FIELD EXAMINERS. First District. Otis M. Freeman, Providence, R. I. Edward F. Parker, Portland, Me. Herbert W. Scott, Boston, Mass. N. S. Bean, Manchester, N. H. George M. Coffin, New York, N. Y. Thomas A. Cooper, Montpelier, Vt. Second District. R. W. Byers, Watertown, N. Y. Bertram Chesterman, New York, N. Y. Edward J. Donahue, Ithaca, N. Y. William J. Duane, New York, N. Y. Harry L. George, Albany, N. Y. Harry E. Henneman, New York, N. Y. C. F. Horn, New York, N. Y. Benjamin Marcuse, New York, N. Y. David Murphy, Buffalo, N. Y. Ebenezer Southall, New York, N. Y. E. Willey Stearns, Albany, N. Y. Hubert F. Thomas, New York, N. Y. Third District. William B. Baker, Lancaster, Pa. John A. Best, Wilkes-Barre, Pa. Charles H. Chapman, Philadelphia, Pa. James M. Dunbar, Johnstown, Pa. James L. Griffin, Philadelphia. Pa. Luther K. Roberts, Philadelphia, Pa. Carl M. Sisk, Reading, Pa. George E. Stauffer, Philadelphia, Pa. George S. Summers, Harrisburg, Pa. John K. Woods, Philadelphia, Pa. Fourth District. George E. Armstrong, Cleveland, Ohio. , Albert B. Camp, Toledo, Ohio. John B. Chenault, Maysville, Ky. Robert C. MeConaughy, Cincinnati, Ohio. J. Francis Miller, Wilkinsburg, Pa. J. William Pole, Cleveland, Ohio. Clarence F. Smith, Pittsburgh, Pa. George J. Stevens, Wheeling, W. Va. Thomas C. Thomas, Columbus, Ohio. REPORT OF THE COMPTROLLER OF THE CURRENCY. 19 Fifth District. Richard N. Aycock, Raleigh, N. C. Thorne Clark, Richmond, Va. William B. Cloe, Huntingdon, W. Va. Sidney B. Congdon, Washington, D. C. R. J. C. Dorsey, Washington, D. C. T. J. Goodwyn, Columbia, S. C. Richard L. Hargreaves, Washington, D. C. Lawrence W. Hoffman, Richmond, Va. J. B. Stringfellow, Forest Depot, Va. J. E. Thompson, Washington, D. C. James Trimble, Washington, D. C. D. R. Wood, Martinsburg, W. Va. Sixth District. Reginald M. Hodgson, Atlanta, Ga. Charles R. Kuchins, Bessemer, Ala. Edgar D. Walter, Rome, Ga. Daniel C. Borden, Atlanta, Ga. Charles E. Boyd, Mobile, Ala. Thomas E. Fletcher, Cordele, Ga. Seventh District. Claude H. Beaty, Chicago, 111. Hiram C. Blackman, Hillsdale, Mich. James B. Greenfield, Milwaukee, Wis. Daniel V. Harkin, Chicago, 111. Nels E. Haugen, Des Moines, Iowa. Ben Hayes, jr., Davenport, Iowa. Raby L. Hopkins, Milwaukee, Wis. Robert C. Houston, South Bend, Ind. Edwin S. Hubbell, Elgin, 111. J. L. Kennedy, Sheldon, Iowa. John C. McGrath, Indianapolis, Ind. Charles R. Mertens, Shelbyville, 111. William G. Minor, Cannelton, Ind. Robert Montgomery, Des Moines, Iowa. Paul Partridge, Peoria, 111. Charles F. Riddell, Indianapolis, Ind. Ellis D. Robb, Waterloo, Iowa. William J. Schechter, Chicago, 111. Eighth District. E. H. Gough, Boonville, Ind. Thomas E. Harris, Memphis, Tenn. Charles H. Martin, St. Louis, Mo. William M. Morgan, Louisville, Ky. William R. Parker, Maplewood, Mo. John S. Wood, Belleville, 111. Hal Woodside, Kirkwood, Mo. William R. Young, Hot Springs, Ark. Ninth District. Harry E. Albert, Minneapolis, Minn. Christopher H< Anheier, Fargo, N. Dak. Verne C. Bonesteel, Huron, S. Dak. Ward M. Buckles, Helena, Mont. Oscar A. Carlson, Minneapolis, Minn. L. Oscar Challman, Fargo, N. Dak. Victor E. Hanson, Sioux Falls, S. Dak. Edward S. Jernegan, Huron, S. Dak. Bert K. Patterson, Minneapolis, Minn. John L. Proctor, Minneapolis, Minn. Arthur B. Smith, Williston, N. Dak. John H. Smith, Minneapolis, Minn. Tenth District. Sherwood Crocker, Denver, Colo. William E. Fair, Cheyenne, Wyo. Thurston P. Farmer, Muskogee, Okla. Charles H. Filson, Guthrie, Okla. R. Gordon Finney ; Oklahoma City, Okla. George W. Goodell, Denver, Colo. Granville M. McClerkin, Lincoln, Nebr. John D. Mossman, Topeks, Kans. Rex W. Peel, Oklahoma City, Okla. William H. Reed, Kansas City, Mo. Max C. Wilde, Norfolk, Nebr. Thomas M. Williams, Kansas City, Mo. Lewis Wilson, Hutchinson, Kans. Eleventh District. Edgar F. Gossett, Houston, Tex. William Z. Hayes, Tyler, Tex. William E. Hutt, Sherman, Tex. J. W. McReynolds, Dallas, Tex. Jesse L. Penix, Austin, Tex. Allison D. Thompson, Waco, Tex. Twelfth District. 7 W illiam M. Gray, San Francisco, Cal. A. L. James, Sacramento, Cal. Edward A. James, Salt Lake City, Utah. Harry L. Machen, Los Angeles, Cal. Martin McLean, Seattle, Wash. Leo II. Martin, Boise, Idaho. Charles C. Otto, Spokane, Wash. Lewis M. Sawyer, jr., San Francisco, Cal. Oscar Thompson, Los Angeles, Cal. Claude S. Woten, Fresno, Cal. 20 REPORT OF THE COMPTROLLER OF THE CURRENCY. BANK OFFICERS CONVICTED OF CRIMINAL VIOLATIONS OF LAW DURING THE YEAR ENDING OCTOBER 31, 1918. The Department of Justice has furnished the following statement relating to the officers and employees of national banks who were convicted of criminal violations of the national banking laws and sentenced during the year ending October 31, 1918. The offenders convicted include 4 bank presidents, 17 cashiers and assistant cashiers, and 16 others. Their terms of imprisonment ranged from three years to nine years, with varying fines. Keller, C. A., assistant cashier, Citizens National Bank, Pineville, W. Va. Embezzlement. Sentence; 5 years. September, 1917. Matters, Thomas H., First National Bank, Sutton, Nebr.i Aiding and abetting in misapplication of funds.2 Hawley, Amos M., teller, Third National Bank, Syracuse, N. Y. Embezzlement, false entries. Sentence, 5 years. November, 1917. Calef, Russell A., cashier, First National Bank, Elk River, Minn. Embezzlement. Sentence, 5 years. December, 1917. Horn, William P., cashier, First National Bank, Easton, Pa. Embezzlement. Sentence, 5 years. December, 1917. Morrison, John A., teller, El Centro National Bank, El Centro, Cal. Embezzlement. Sentence, 5 years. December, 1917. White, H. H., cashier, First National Bank, Albright, W. Va. Embezzlement. Sentence, 5 years. December, 1917. Lewis, George, president, National Bank of Commerce, Coweta, Okla. Misapplication, false entries. 8 Lewis, W. H., cashier, Merchants National Bank, Clarksburg, W. Va. Embezzlement. Sentence, 5 years. January, 1918. Moore, Frank J., teller, Fletcher-American National Bank, Indianapolis, Ind.* Embezzlement. Sentence, 5 years. January, 1918. Hosinski, Albin, assistant cashier, Citizens National Bank, South Bend, Ind. Embezzlement. Sentence, 5 years. January, 1918. Dougherty, W. H., jr., president, First National Bank, Stillwell, Okla. Abstraction. Sentence, 5 years. February, 1918. Douglas, Robert, cashier, Peoples National Bank, Middletown, Del. Embezzlement. Sentence, 5 years. February, 1918. Nolte, Arthur, receiving teller, National Bank of Mattoon, Mattoon, 111. Abstraction. Sentence, 5 years. March, 1918. Moore, William C , receiving teller, Union Savings Bank, Washington, D. C. Embezzlement. Sentence, 3 years.* Turner, James A., cashier, First National Bank, West Salem, III. Embezzlement. Sentence, 5 years. March, 1918. Clark, Ollie R.,teller, Fletcher-Anierican National Bank, Indianapolis, Ind.* Embezzlement. Sentence, 6 years. March, 1918. Wood,Clay M.,jr.,teller, Munsey Trust Co.,Washington,D.C.« Forgery. Sentence.6years. April, 1918. Hill, Peter H., receiving teller, Munsey Trust Co., Washington, D. C.« Embezzlement. Sentence, 5 years. April, 1918. Smiitz, Edgar J., teller, Citizens National Bank, Conneilsville, Pa. Embezzlement. Sentence, 5 years. April, 1918. Myers, Eraos B., cashier, Lemasters National Bank, Lemasters, Pa.* Misapplication.* Coon, Clyde Egbert, Lemasters National Bank, Lemasters, Pa. 8 Aiding and abetting in misapplication of funds. Sentence, 9 years. May, 1918. Phelps, W. W., president, National Bank of Riverside, Riverside, Cal. EAbezzlement, misapplication. Sentence, 7 years 6 months. May, 1918. Johnson, Julius L., cashier, First National Bank, Kennewiek, Wash. Embezzlement. Sentence, 5 years. May, 1918. McKim, Gedrge F., assistant cashier, Clinton National Bank, Clinton, Mo. Misapplication, false entries. Sentence, 5 years. June, 1918. Smith, Roy H., teller, First National Bank, Gary, Ind. Embezzlement, false entries. Sentence, 5 years. June, 1918. Perry, W. S., cashier, First National Bank, Jenkins, Ky. Misapplication. Sentence, 5 years. June, 1918. Webster, Maxwell D., clerk, National State Bank, Memphis, Tenn. Misapplication. Sentence, 5 years. June, 1918. Post, Edward J., Lemasters National Bank, Lemasters, Pa.s Aiding and abetting in misapplication of funds. Sentence, 6 years. June, 1918. Harbell, C O . , bookkeeper, First National Bank, Compton, Cal. Abstraction and false entries. Sentence, 6 years 6 months. June, 1918. Mullins, J. S., assistant cashier, First National Bank, Tonopah, Nev. Embezzlement. Sentence, 5 years. July, 1918. Sawyer, Marvin, receiving teller, American National Bank, Oklahoma City, Okla. Embezzlement. Sentence, 5 years. July, 1918. Garanno, William H., president, State National Bank, Little Rock,.Ark. 9 Misapplication. Sentence, & ; years. July, 1918. Duncan, R. T., cashiar, State National Bank, Little Rock, Ark. 9 Misappropriation. Sentence, & years. July, 1918. Morton, J. E. ; cashier, First National Bank, Graham, Va. Embezzlement and misapplication. Sentence, 5 years. August, 1918. Bliss, W. H., cashier, First National Bank, Dallas City, 111. Embezzlement and false entries. Sentence, 7 years. September, 1918. Haines, Henry L., cashier, Farmers National Bank, Mullica Hill, N. J. Embezzlement. Sentence, 5 - years. October, 1918. 1 2 Affiliation with bank not given. Sentence not imposed pending determination motion for new trial. 3 January, 1918, defendant died pending sentence. 4 Sentence suspended, March, 1918. * Two tellers of this bank convicted. 6 7 Teller and receiving teller of this bank convicted, Sentence deferred, pending trial other defendants, May, 1918. 8 Cashier and two others, not employees of bank, convicted. • President and cashier convicted. REPORT OF THE COMPTEOLLER OF THE CUKRESTCY. 21 CONDITION OF NATIONAL BANKS AT DATE OF EACH CALL DURING THE REPORT YEAR. The national banks were called on for six reports of condition during the report year ended October 31, 1918, and details of the resources and liabilities, as reported at the time of each call, are shown in the following table: Abstract of reports of condition of national banks in the United 8 tales from Nov. 20 % 1917, to Aug. SI, 1918, inclusive. [In thousands of dollars.] Nov.. 20, Dec., 31, ti\7j w c u u~. M.Q,r. 4 , May 10, rfUUC 29, Aug. 31, i"-»J' XV, AUK, t June £ 9 , 1917—7,e 1917—7,662 1918—7,670 1918—7,688 1918—7,705 1918—7, 118—7,6£ -7,656 n 8—7,70 118—7,728 banks. banks. banks. banks. banks. banks. RESOURCES. Loans and discounts Overdrafts Customers' liability under letters of credit Customers' liability account of acceptances United States bonds, other than Liberty loan b o n d s l Liberty loan bonds Other bonds, securities, etc Stocks, other t h a n Federal reserve bank stock Stock of Federal reserve banks Banking house Furniture a n d fixtures Other real estate owned Lawful reserve with Federal reserve banks Items with Federal reserve banks in process of collection * Cash in vault: Gold coin Silver a n d minor coins Clearing-house, certificates Paper currency Total cash in vault , 9,535,527 9,390,836 9,139,225 9,260,041 9,620,402 9,493,666 15,044 13,586 15,073 11,662 12,497 14,306 25,944 25,052 25,022 25,324 16,284 15,275 147,992 211,458 222,176 239,102 221,397 231,673 1,651,262 1,014,903 1,645,118 1,796,194 1,386,251 1,787,378 702,921 609,626 475,531 861,329 730,534 668,048 1,906,782 1,870,967 1,815,340 1,757,588 1,740, 845 1,695,070 42,837 39,213 42,412 41,730 42,660 42,753 55,698 56,219 56,756 55,933 57,259 56,982 273,941 276,502 277,315 •277,941 273,695 280,615 32,917 32,689 33,340 34,027 32,293 33,495 46,112 45, 871 46,642 45,639 46,063 46,306 1,077,701 1,111,432 172,451 183,892 196,315 52,394 41,653 12,359 343,313 44,202 43,759 12,098 363,435 34,261 39,751 11,639 297,050 30,417 37,978 11,884 283,857 9,719 463,494 382,701 364,135 1,429,010 1,441,989 1,162,750 1,147,877 1,196,409 158,658 171,876 70,002 42,007 15,431 61,560 45,122 13,661 411,783 532,126 516,120 Net amounts due from national banks 1,369,591 Net amounts due from other banks, bankers, and trust companies 400,593 Exchanges for clearing house 399,974 Checks on other banks in the same place 43,615 Outside checks and other cash items. 42,689 Redemption fund and due from U. S. Treasurer 40,407 Interest earned but not collected 31,981 War Savings Certificates and Thrift Stamps actualty owned Other assets 27,431 Total 1,110,204 1.071,155 1,103, 895 1,129,557 165,118 377,576 655,037 388,693 509,539 336,980 435,926 314,536 310,227 331,387 293,572 72,589 59,664 52,318 52,080 42,973 44,206 46,545 57,698 46,262 51,697 42,649 17,121 41,984 12,683 40,011 13,553 39,064 14,261 39,637 14,335 31,045 5,956 30,427 5,440 21,524 12,498 15,052 10,842 20, 869 18,553,197 18,073,308 18,014,911 18,249,905 17,839,502 |l8,043,605 LIABILITIES. Capital stock paid in 1,092,207 1,092,606 1,094,338 1,096,932 Surplus fund ' 801,165 803,143 774,575 784; 065 Undivided profits, less expenses and taxes paid 369,801 332,326 323,126 355,937 Interest and discount collected but not earned 39.529 28,926 26,565 27,279 Amount reserved for taxes accrued... 14,434 15,721 17,481 21,118 Amount reserved for all interest accrued 13.530 10,761 14,169 National-bank notes outstanding 669,662 674,254 672,161 680,445 Due to Federal reserve banks 3,180 4,223 3,263 4,691 Net amounts due to national banks.. 1,257,587 1,288,714 1,348,184 1,139,776 Net amounts due to other banks, bankers, and trust companies 1, 845,707 1,901,803 1,949,785 1,743,134 * Inc ludcs United States certificates of indebtedness. 1,098,556 809,138 1,101,839 813, 769 312,099 386,637 29,396 18,363 27,857. 22,484 10,700 681,631 5,522 1,100,919 12,354 674,201 6,042 1,104,074 1,695,642 1,775,820 22 REPORT OF THE COMPTROLLER OF. THE CURRENCY. Abstract of reports of condition of national banks in the United States from Nov. 20,1917\ to Aug. SI, 1918, inclusive—Continued. [In thousands of dollars.] Dec. 31, Mar. 4, I Nov. 20, May 10, June 29, Aug. 31, u, Mar. 4 IU, .1917—7,656 1917—7,66" 1918—7,670 1918—7,688 1918—7,705' 1918—7,728 118—7,681 ,662 118—7,6 banks. banks. banks. banks. banks. banks. LIABILITIES—continued. j Demand deposits: Individual deposits subject to check Certificates of deposit due in less than 30 days Certified checks Cashier's checks outstanding State, county, or other municipal deposits Deposits requiring notice, but less than 30 days . ^ Dividends unpaid Other demand deposits 7,208,406 7,497,821 7,281,753 7,309,765 7,161,268 7,465,681 399,568 99,291 205,364 400,830 174,029 165,533 380,711 127,373 133,005 353,051 130,006 136,735 344,386 49,633 102,678 352,675 35,906 92,120 60,840 75,031 75,661 72,159 75,982 69,600 40,694 1,145 41,640 40,879 26,445 55,827 38,854 1,512 45,277 37,440 2,021 53,509 37,058 23,011 44,134 36,124 1,445 42,198 8,056,948 8,436,395 8,084,146 8,094,686 7,838,150 8,095,749 842,736 846,957 873,453 848,825 838,051 842,447 6,716 99,674 1,332,739 6,067 99,410 1,345,848 9,503 102,111 1,385,612 2,281,865 2,298,282 2,370~679~ 2,342,747 United States deposits 1,352,006 United States bonds borrowed 110,190 Other bonds borrowed 65,674 276 Securities borrowed Bills payable other than with Federal reserve banks 57,200 Bills payable with Federal reserve banks \ 295,532 State bank circulation outstanding... 17 Letters of credit and travelers'checks outstanding 39,688 153,645 Acceptances : Time drafts outstanding Liabilities other than those above stated 58,901 517,315 98,695 33,591 347 Total demand deposits. Time deposits: Certificates of deposit State, county, or other municipal deposits. Postal savings deposits. Other time deposits... .eposits. Total time deposits. Total 682,712 66,795 26,534 814 7,020 9,848 10,160 97,799 100,360 105,703 1,386,275 1,398,158 1,349,181 1,060,086 77,865 29,781 2,014 2,343,589 2,397,491 1,037,787 102,620 27,578 2,078 506,583 104,711 19,984 922 67,183 44,130 59,839 84,467 90,813 199,249 17 191,229 17 315,124 19 283,367 19 600,051 19 37,639 217,190 37,138 230,164 1,516 32,441 250,323 2,439 26,240 231,805 2,931 24,785 243,772 3,997 45,130 23,008 95,917 66,905 49,651 18,553,197 18,073,308 18,014,911 18,249,905 17,839,502 18,043,505 Liabilities for rediscounts, including those with Federal reserve banks... 247,213 475,416 421,537 469,208 515,440 603,141 RESOURCES. LOANS AND DISCOUNTS. Loans and discounts, including rediscounts, reached their maximum of $10,135,842,000 on June 29, 1918, there being a slight decrease between that date and August 31, 1^18, at which time they amounted to $10,096,807,000. The proportion of loans and discounts to total deposits at the time of the last report of the year under consideration, August 31, was 72.8 per cent as compared with 69.7 per cent on September 11, 1917. The amount of loans and discounts on August 31, 1918, was $872,125,000 greater than on September 11, 1917. 23 EXPORT OF THE COMPTROLLER OF THE CURRENCY. The changes in the amounts and percentages of the various classes of paper held by the banks at the dates or the June calls in 1916, 1917, and 1918 are shown in the following table: fin thousands of dollars.] June 30, 1916. Class. June 20, 1917. June 29, 1918. Per Per Amount. cent. Amount. cent. Amount. Per cent. On demand, paper with one or more individual or firm names (not secured by collateral) On demand, secured by stocks and bonds On demand, secured by other personal securities, including merchandise, warehouse receipts, etc... On time, paper with one or more individual or firm names (not secured by collateral) On time, secured by stocks and bonds On time, secured by other personal securities, including merchandise, warehouse receipts, etc Secured by real estate mortgages or other liens on realty not in accordance with section 24, Federal reserve act, as amended Secured by improved real estate under authority of section 24, Federal reserve act, as amended. Acceptances of other banks discounted Acceptances of this bank purchased or discounted Total 660,213 1,159,007 8.6 15.1 223,639 700,198 7.9 1,261,631 14.1 620,765 1,150,073 6.1 11.3 2.9 300,879 3.3 300,212 3.0 3,760,225 49.0 1,029,612 13.4 4,561,790 1,064,254 50.9 11.9 5,297,256 1,428,094 52.3 14.1 661,338 8.6 772,963 8.5 959,904 9.5 160,633 2.1 107,361 1.2 99,486 1.0 .3 78,063 78,610 31,929 .9 .9 .4 85,631 145,182 49,239 .8 1.4 .5 8,957,678 100.0 10,135,842 100.0 24,500 7,679,167 100.0 The above table indicates a continued tendency on the part of the national banks to increase their holdings of commercial paper and of paper eligible for rediscount with the Federal reserve banks, and their loans upon the security of stocks and bonds also shows a large increase, which is due mainly to the flotation of the Liberty loans. The increase from June, 1916, to June, 1918, in paper not secured by collateral was $1,497,583,000, while the increase for the same period in loans secured by stocks and bonds was $389,548,000. Loans eligible for rediscount with. Federal reserve banks, as shown by reports of condition made by national banks, at the close of business on Nov. 20, 1917, showing amount of increase during the year. Nov. 20,1917. .... Total Southern States: Reserve cities Country banks Total Middle Western States: Central reserve cities Other reserve cities Country banks Total ". 49,839,901 604,330,399 209,434,738 264,737,065 366,063,382 165,274,509 231,012,251 238,267,017 44,160,229 33,724,814 762,350,142 316,152,060 144,648,238 211,377,140 26,262,432 65,235,041 447,522,851 .... 180,764,452 170,910,670 276,612,181 Total Eastern States: Central reserve city Other reserve cities Country banks $34,924,021 14,915,880 1,078,502,202 Country banks $86,295,479 94,468,972 230,604,353 New England States: Dec. 27,1916. $121,219,500 109,384,853 Geographical location. 356,025,378 91,497,473 223,263,439 241,701,931 302,483,683 201,155,319 185,620,663 251,068,225 22,108,120 56,081,268 51,415,458 767,449,053 637,844,207 129,604,846 Increase. 24 REPORT OF THE COMPTROLLER OF THE CURRENCY. Loans eligible /or (rediscount with Federal reserve barilcs, as slvovm- by reports of condition made by national banks, at the close of business on Nov. 20, 1917, showing arhount of increase during the year—Continued. Nov. 20,1917. Country banks Total Pacific States: Country banks Total 225,137,528 58,669,166 76,140,184 54,413,220 11,566,863 19,795,931 Increase. 161,916,198 130,553,404 31,362,794 2,969,801,351 Total United States AMOUNT 14,234,060 44,435,106 87,707,047 74,209,151 ; 75,031,028 150,106,500 283,806,694 Western States: Dec. 27,1916. 89,265,088 194,541,606 Geographical location. 2,292,675,111 677,126,240 AND C L A S S I F I C A T I O N O F L O A N S BY N A T I O N A L CENTRAL RESERVE CITIES, ETC. BANKS IN THE In connection with the foregoing general statement, and for pur-* oses of comparison, there is submitted herewith similar information ased upon the June 29, 1918, returns from the national banks in each of the central reserve cities, other reserve cities, and elsewhere in the country. E Total loans on June 29, 1918. [In thousands of dollars.} New York. On demand, paper with one or more individual or firm names (not secured by collateral) 25,224 On demand, secured by stocks and bonds * 445,936 On demand, secured by other personal securities, including merchandise, warehouse receipts, etc. 58,516 Oil time, paper with one or more individual or firm names (not secured by collateral) ,074,907 On time, secured by stocks and bonds 398,154 On time, secured by other personal securities, including merchandise, warehouse receipts, etc 92,463 Secured by real estate mortgages or other liens on realty not in accordance with section 24, Federal Reserve Act, as amended 1,016 Secured by improved real estate under authority of section 24, Federal Reserve Act, as amended. Acceptances or other banks discounted 102,404 Acceptances of this bank purchased or discounted 20,876 Total 2,219,496 St. Chicago. Louis. Total Central reserve cities. Other reserve cities. Country banks. Total United States. 25,508 9,633 60,365 353,436 620,765 46,440 18,242 510,618 383,441 256,014 1,150,073 32,558 8,070 99,144 115,281 85,787 300,212 71,867 1,433,335 1,564,326 2,299,595 5,297,255 78,967 14,485 491,605 470,630 465,858 1,428,094 46,473 13,492 152,428 305,926 501,550 959,904 1,077 462 2,555 20,112 77,141 99,485 8,007 77,303 85,631 104,067 36,693 4,422 145,182 22,819 16,915 9,505 49,239 286,561 114 521,076 1136,365 12,876,937 3,128,295 4,130,611 10,135,842 25 KEPOBT OP THE COMPTROLLER OF THE CURRENCY. THREE-YEAR COMPARATIVE STATEMENT OF LOANS BY NATIONAL BANKS IN RESERVE CITIES AND IN COUNTRY BANKS. The amount, distribution, and proportion of loans ami discounts, including rediscounts, in the banks in the city of New York, in all central reserve cities, other reserve cities, and in country banks in June, 1916, 1917, and 1918, are shown in the accompanying table: [In thousands of dollars.] Loans June 30, ] 916. Banks i n - Amount. New York New York Chicago St. Louis Other reserve cities All reserve cities Country Per cent. June 20, L917. Amount. June 29, 1918. Per cent. Amount. Per cent. 1,587,656 . Total United States 20.7 1,901,464 21.2 2,219,496 | 2,119,645 27.6 2,498,544 27.8 2,876,937 28.4 2,111,979 4,231,624 3,447,543 27.5 55.1 44.9 2,566,033 5,062', 580 3,895,098 28.7 5t>.5 43.5 3,128,294 6,005,231 4,130,611 30 8 59.2 40.8 7,679,167 100.0 8,957,678 100.0 10,135,842 100.0 21.9 CLASSIFICATION OF LOANS BY NATIONAL BANKS IN THE CITY OF NEW YORK, JUNE, 1914 TO 1918. As about 22 per cent of the loans of all national banks on June 29, 1918, were made by banks located in the city of New York, the following statement is of interest as showing the amount and character of loans Toy banks in that city at date of the June calls, 1914 to 1918, inclusive: [In thousands of dollars.] Classification. June 30, June 23, June 30, June 20, June 29, 1917— 1915— 1916— 1914— 1918— 33 banks. 33 banks. 33 banks. 33 banks. 49 banks. O B demand, paper with one or more individual 12,953 30,867 or firm names (not secured by collateral) On demand, secured by stocks and bonds On demand, secured by other personal securities, I 372,092 / 357,146 \ 29,635 including merchandise, warehouse receipts, etc. On time, paper with one or more individual or 421,383 firm names (not secured by collateral) 473,652 On time, secured by stocks and bonds On time, secured by other personal securities, f 248,947 including merehaaJdise, warehouse receipts, etc.. t 254,668 1 83,600 Secured by real estate mortgages or other liens on { 8,719 realt-v . . . . . Acceptances of other banks discounted Acceptances of this bank purchased or discounted 1 Total 1,061,096 1,232,566 32,767 581,659 66,660 25,224 445,933 58,516 574,530 805,189 1,074,907 328,095 61,294 874 271,780 66,602 767 398,154 92;463 1,016 29,233 531,580 46,267 15,783 1,587,656 63,360. 12,680 1,901,464 102,404 20,876 2,219,495 A large increase between June, 1917, and June, 1918, in the number of banks is shown in the" above table, because under the requirements of section 19 of the Federal Reserve Act, as amended June 21, 1917, all national banks located within the corporate limits of the city of New York are required unless specially authorized by the Federal Reserve Board to carry a reduced reserve to hold and maintain the amount of reserve provided by that act for banks in 26 KEPORT OF THE COMPTROLLER OF THE CURRENCY. central reserve cities. All of the banks located in Brooklyn and several other banks in greater New York, heretofore classed as country banks, were classed as central reserve city banks from December 20, 1917, to October 30, 1918. OVERDRAFTS. Overdrafts on August 31, 1918, amounted to $14,306,000, as compared with $9,607,000 on September 11, 1917. UNITED STATES BONDS. The aggregate holdings by national banks on August 31, 1918, of Government bonds other than Liberty loan bonds, but including United States certificates of indebtedness, was $1,787,378,000, or an increase of $846,296,000 since September 11, 1917, this increase being due largely, if not entirely, to the increase in the banks' holdings of United States certificates of indebtedness. Liberty loan bonds owned on the same date amounted to $668,048,000, or an increase of $450,148,000, making an actual increase during the year in bonds and certificates of indebtedness of the United States held by the national banks of $1,296,444,000, or more than 110 per cent. On August 31, 1918, the United States bonds deposited to secure circulation amounted to $682,411,730. OTHER BONDS, SECURITIES, ETC. On November 20,1917, the investments in these securities amounted to $1,906,782,000, which was not only greater than shown for any date during the preceding year when, with one exception, an increase was shown between the dates on which reports were made, but was the greatest amount ever shown. Since November 20, 1917, each succeeding report has shown a decrease until on August 31, 1918, $1,695,070,000 of these securities were held, or $211,712,000 less than on November 20, 1917. STOCKS. The amount of stocks owned by national banks, other than stock of Federal reserve banks, increased $619,000 from September 11, 1917, to August 31, 1918, and during the same period the investments in stock of the Federal reserve banks increased $1,779,000. INVESTMENT SECURITIES OF NATIONAL BANKS CLASSIFIED. The investments of national banks in United States bonds and in other bonds and securities and stocks on June 29, 1918, amounted to $3,957,272,000, an increase of $944,204,000 since June 20, 1917. The following table shows the character of the investments held by the national banks in June, 1917 and 1918: 27 BEPOBT OF THE COMPTROLLER OF THE CURRENCY. [In thousands of dollars.] June 20,1917. June 29,1918. Domestic securities: State, county, or other municipal bonds Railroad bonds Other public-service corporation bonds All other bonds (domestic) Claims, warrants, judgments, etc Collateral trust and other corporation notes issued for not more than one year nor less than three years time Foreign Government bonds Other foreign bonds and securities Stocks, Federal reserve bank Stocks, all other Total United States bonds (other than Liberty Bonds). Liberty loan bonds 320,3S4 406,135 267,337 271,998 50,634 284,123 68,486 54,827 38,938 140,546 227,578 56,233 56,982 42,660 1,936,812 905,127 171,129 1,840,487 1,386,251 730,534 3,013,068 Total bonds of all classes. 315,511 467,291 295,835 361,954 49,847 3,957,272 This table shows an increase in the amount of United States bonds, including Liberty loan bonds and certificates of indebtedness, of over 95 per cent while, except in State, county, and other municipal bonds, there has apparently been a reduction in the amount of every other class of bonds held. DOMESTIC AND FOREIGN SECURITIES HELD BY NATIONAL BANKS. The following table shows domestic and foreign securities held in June of each year since 1913: [In thousands of dollars.] Classification. June 4, 1913. June 30, 1914. June 23, 1915. June 30, 1916. June 20, 1917. 278,180 467,629 274,928 301,503 315,511 467,291 295,835 361,954 320,384 406,135 267,337 271,998 1,090,598 1,322,240 1,440,591 1,265,854 June 29. 1918. 175,345 State, county, and municipal bonds 345,204 Bail road bonds Other public service corporation bonds. 197,460 220,121 All other bonds (domestic) 176,017 341,691 218,215 227,605 938,130 963,528 17,961 3,510 10,019 5,609 33,787 13,402 116,768 40,303 284,123 68,486 21,471 15,628 ~47,189 157,071 352^609" "283,811 Total. Foreign Government bonds. Other foreign bonds and securities Total S54780—CUR 191S—VOL 244,473 379,191 220,304 246,630 227,578 56,233 28 BEPOBT OF THE COMPTROLLER OF THE CURRENCY. Classification of foreign Government bonds owned by national banks on Dec. 81, 1917. Bonds of German or Austrian Government. Bonds of other foreign Governments. $3,136 13,834,514 16,765,688 S70ft,618 5,760,357 3,136 20,600,202 6,460,975 101,476 5,203 432,930 90,583,029 27,408,867 64,323,442 16,940,712 6,043,72t> 19,419,581 Total Southern States: Reserve cities Country banks Total Middle Western States: Central reserve cities Other reserve cities Country banks 539,609 182,315,338 42,404,019 3,764,163 11,529,965 1,959,874 2,146,764 15,294,128 4,106,638 34,216 79,826 17,329 8,830,841 . 13,353,523 19,741,576 507,717 2,870,443 9,547,767 Total Western States: Reserve cities Country banks Total Pacific States: Reserve cities Country banks Total Grand total 131,371 41,925,940 12,925,927 3,193,833 4,907,459 1,085,542 1,236,833 8,101.292 2,322,375 7,813,325 3,893,470 822,231 948,688 New England States: Reserve city. Country banks Total Eastern States: Central reserve city Other reserve cities Country banks 35,497 Other foreign bonds and securities. 35,497 11,706,795 1,770,919 709,613 279,943,695 69,990,853 135,692 120,526 453,395 99,413,870 59,368,225 121,161,600 17,448 429 13,482,434 39,059,990 709,613 279,943,695 69,990,853 RECAPITULATION. Central reserve cities Other reserve cities Country banks... Total .*. BANK PREMISES AND OTHER REAL ESTATE OWNED. The amount invested in banking house and furniture and fixtures, as shown by the reports made on August 31, 1918, was $314,642,000, an increase during the year of $9,841,000. While this investment shows an increase in amount, the percentage to capital, surplus and profits is 13.4, as compared with 13.6 on September 11, 1917. Other real estate owned was reported as $46,642,000, an increase of $369,000. DUE FROM BANKS. On August 31, 1918, the amount due from Federal reserve banks had increased $134,937,000 since September 11, 1917, and during the same period the amount due from national banks decreased $95,783,000, and due from all other banks decreased $10,025,000, making a net increase of $29,129,000 in the amount due from all banks. REPORT OF THE COMPTROLLER OJ? THE CURRENCY. 29 NATIONAL BANK DEPOSITS WITH FEDERAL RESERVE BANKS. The following table shows increases and decreases of deposits of national banks with the Federal reserve banks since the beginning of the system: [In thousands of dollars.] Date. Dec. 31, 1914... Mar. 4, 1915.... May 1, 1915 June 23, 1915.. Sept. 2, 1915... Nov. 10, 1915.. Dec. 31, 1915... Mar. 7, 1916.... May 1, 1916.... June 30, 1916.. Sept. 12, 1916.. Nov. 17, 1916.. Dec. 27, 1916... Mar. 5, 1917.... May 1,1917.... June 20, 1917.. Sept. 11, 19171. Nov. 20, 1917.. Dec. 31, 1917... Mar. 4, 1918.... May 10,1918... June 29, 1918.. Aug. 31, 1918.. Due from Federal reserve banks. 261,460 290,678 290,413 342,658 315,409 366,185 403,985 431,195 428,191 476,103 531,028 649,171 707,497 750,202 761,995 820,584 ,172,810 242,819 ,268,862 243,031 ,276,346 313,449 307,747 Increase. Decrease. 29,218 22,245 2,751 50,776 37,800 27,210 3,001 47,912 54,925 118,143 58,326 42,705 11,793 58,589 352,226 70,009 26,043 25,831 33,315 37,103 **5," 702 1 T h e report for Sept. 11, 1917, was t h e first report m a d e after t h e a m e n d m e n t t o t h e F e d e r a l Reserve Act, a p p r o v e d J u n e 21, 1917, r e q u i r i n g n a t i o n a l b a n k s t o c a r r y all of their reserve w i t h t h e Federal reserve banks. SPECIE AND GOLD AND SILVER CERTIFICATES. The following table shows the changes in holdings of various classes of coin and certificates between the calls of June 20, 1917, and June 29, 1918, the net result being a decrease in the aggregate amount held of $374,808,000, which is largely due to the fact that on June 20, 1917, the banks were required to keep a portion of their reserve in their own vaults, but by the amendment to the Federal Reserve Act, approved June 21, 1917, cash in vault is no longer considered as reserve. Of this decrease, $281,022,000 was in holdings of gold coin and certificates, which presumably were deposited with the Federal reserve banks. It is of interest in this connection to note that during this same period balances maintained with the Federal reserve banks were increased by $492,865,000, more than offsetting the decrease in holdings of coin and certificates. 30 REPORT OF THE COMPTROLLER OF THE CURRENCY. Comparison of coin and certificates held by all national banks on June 20, 1917, with June 29, 1918. [In thousands of dollars.] June 20, 1917. Gold coin . Gold certificates Gold Treasury certificates . . . . . . Silver dollars Silver certificates Fractional silver coin 116,983 224,515 } 16,695 55,985 13,434 105,336 23,738 . . . Total Net decrease 556,686 June 29, 1918. Increase. 34,261 42,910 11,639 11,170 53,317 28,581 4,843 181,878 4,843 Decrease. 82,722 198,300 44,346 2,264 "52,019 379,651 374,808 The total cash in vault, which includes Federal reserve bank notes, Federal reserve notes, notes of other national banks (not included in the above table), as well as legal-tender notes and other lawful monev of the United States reported on September 11, 1917, was $493,609,000, while on August 31, 1918, it was $364,136,000, a reduction of $129,473,000. EXCHANGES FOR CLEARING HOUSE. There has been a decided fluctuation in the amount of exchanges, which on December 31, 1917, reached $655,037,000, the highest amount ever reported, but has shown a steady decline since that date until, on August 31, 1918, the amount reported was only $293,572,000, or a decrease in the first eight months of this year of $361,465,000 and a decrease since September 11,1917, of $108,170,000. LIABILITIES. CAPITAL, SURPLUS, AND UNDIVIDED PROFITS. The capital stock of the national banks on August 31, 1918, stood at $1,101,839,000, an increase as compared with September 11, 1917, of $11,521,000. Surplus during the same period increased from $769,050,000 to $813,769,000, while undivided profits advanced from $354,023,000 to $366,637,000. The total capital, surplus, and undivided profits on August 31, 1918, stood at $2,282,245,000, an increase during the vear of $68,854,000. CIRCULATION OUTSTANDING. Outstanding national bank circulation on August 31, 1918, amounted to $674,201,000, an increase as compared with September 11, 1917, of $8,559,000. The volume of circulation outstanding at the date of each call during the year ended August 31, 1918, issued by national banks in New York, the three central reserve cities, other reserve cities, and in the country outside of reserve cities is shown in the following table in millions of dollars; REPORT OF THE COMPTROLLER OF THE CURRENCY. Dates. Nov. 20,1917. Dec. 31,1917.. Mar. 4,1918.. May 10,1918.. June 29,1918. Aug. 31,1918. New York banks. 34.2 36.3 37.1 38. 8 39.0 38.0 New York, Chicago, and St. Louis banks. Other reserve city banks. All reserve city banks. Country banks. 46.5 49.4 49.1 51.1 51.1 160.0 161.7 175.6 177.7 177.3 172.8 206.5 211.1 224.7 228.8 228.4 222.4 463.1 463.1 447.4 451.6 453.2 451.8 31 Total, United States. 669.6 674.2 672,1 680.4 681.6 674.2 DUE TO BANKS. The amounts due to Federal reserve banks, national banks, and other banks, bankers, and trust companies aggregated $2,885,936,000 on August 31, 1918, or $162,614,000 less than on September 11, 1917. INDIVIDUAL DEPOSITS. The total deposits other than bank deposits and dividends unpaid aggregated $10,998,378,000 on August 31, 1918, being $815,213,000, or 8 per cent more than on September 11, 1917. This increase consists of $713,704,000 in demand deposits and $101,509,000 in time deposits. United States deposits are included in this aggregate for comparison purposes, but they are exempted by law from reserve requirements. Postal savings deposits are specifically required by section 19 of the Federal'reserve act, as amended, to be included with "time deposits ;; in computing reserve, BONDS AND MONEY BORROWED. On August 31, 1918, the aggregate amount of United States bonds and other bonds and securities borrowed, and bills payable with the Federal reserve banks and others, aggregated $816,481,000, which was an increase of $614,099,000, as compared with September 11,1917. The bills payable with Federal reserve banks increased during the year from $63,790,000 to $600,051,000. In addition to the above borrowings the liabilities of national banks on account of rediscounts, including those with Federal reserve banks, on August 31, 1918, amounted to $603,141,000 as compared with $169,434,000 on September 11, 1917. The large increase in these liabilities is due principally to the flotation of Libert}7" bonds and United States certificates of indebtedness. BANK ACCEPTANCES. That the use of bank acceptances is growing greatly in favor is shown by the fact that these acceptances on August 31, 1918, amounted to $243,772,000, which was an increase since September 11, 1917, of $105,541,000, or 76 per cent. 32 EEPORT OF THE COMPTROLLER OF THE CURRENCY. CHANGES AT TIME OF EACH CALL, BY GEOGRAPHICAL DIVISIONS, IN PRINCIPAL ITEMS IN REPORTS OF CONDITION. In connection with the general summary of the condition of national banks, as shown by their returns at Sate of each call during the year, there is submitted herewith a statement, by geographical divisions, based upon the returns for each call during the year, of the volume of loans, investments in bonds, cash and cash items, and deposits. Changes in volume of principal assets and in deposits, by geographical divisions, 1911-18. [In thousands of dollars.' Bonds, etr».,| including U.S. Leans Cash (including certificates of inoverdrafts debtedness and cash items. and reand discounts). Liberty loan bonds. New England States: Nov. 20,1917 Dec. 31,1917 Mar. 4, 1918 May 10,1918 June 29,1918 Aug. 31,1918 Eastern States: Nov. 20, 1917 Dee. 31, 1917 Mar. 4, 1918 May 10, 1918 June 29, 1918 Aug. 31, 1918 Southern States: Nov. 20, 1917 Dec. 31, 1917 Mar. 4, 1918 May 10, 1918 June 29, 1918 Aug. 31, 1918 , Middle Western States: Nov. 20, 1917 Dec. 31, 1917 Mar. 4, 1918 , May 10,1918 , June 29, 1918 , Aug. 31, 1918 Western States: Nov. 20, 1917 Dec. 31, 1917 Mar. 4, 1918 May 10, 1918 June 29, 1918 Aug. 31, 1918 Pacific States: Nov. 20, 1917 Dec. 31, 1917 Mar. 4,1918 May 10,1918 June 29,1918 Aug. 31,1918 Nonmember banks (Alaska and Hawaii): Nov. 20, 1917 Dec. 31,1917 Mar. 4, 1918 May 10,1918.... June 29, 1918 Ang. 31,1918 Total United States: Nov. 20,1917 Dec. 31,1917 Mar. 4,1918 May 10, 1918 June 29, 1918 Aug 31, 1918 Demand deposits. Time deposits. 764,011 770,105 735,087 776,970 787,551 750,376 334,710 262,678 275,807 292,836 286,420 301,456 59,302 71,573 51,860 58,449 54,872 42,957 600,977 617,406 613,553 624,067 630,728 645,000 131,591 129,104 133,447 131,257 131,105 134.143 3,772,210 3,807,796 3,595,932 3,709,217 4,006,096 3,917,748 2,393,959 1,832,891 2,100,063 2,335,261 1,926,300 2,019,661 527,752 754,102 590,261 525,346 391,545 368,715 3,396,607 3,658,644 3,365,279 3,448,314 3,301,917 3,409,121 744,604 746,679 777,593 765,790 760,811 796,568 1,270,064 1,303,583 1,275,544 1,263,851 1,266,639 1,300,814 400,055 363,133 401,779 477,713 425,052 464,117 97,683 116,671 96,597 89,280 76,938 75,651 1,023,723 1,073,743 1,051,390 1,002,712 944,714 980,876 284,773 289,266 302,824 301,582 301,233 303,064 2,570,198 2,575,447 2,557,129 2,577,220 2,624,065 2^668,479 785,648 727,221 810,967 902,353 855,213 955,511 204,174 250,880 216,123 213,252 178,158 177,488 1,782,104 1,840,799 1,841,630 1,819,428 1,783,302 1,861,251 711,107 719,579 731,392 722,659 723,532 730,654 755,834 751,923 759,515 755,429 765,223 767,663 191,912 181,049 193,410 220,911 197,957 218,795 51,790 55,565 52,045 46,567 43,419 41,671 642,621 637,163 637,437 603,434 579,206 594,093 227,961 228,647 235,606 236,023 239,178 243,220 662,799 669,477 251,601 224,517 247,650 283,094 264,249 60,378 68,900 55,461 52,524 51,110 47,926 607,237 604,863 571,495 593,435 595,091 601,889 181,415 184,506 189,243 184,862 187,142 189,248 1,615 1,670 1,745 2,111 3,679 3,777 3,362 3,296 3,192 3,519 409 501 574 577 498 594 8,056,948 8,436,395 8,084,146 8,094,686 7,838,150 8,095,749 2,281,865 2,298,282 2,370,679 2,342,747 2,343,589 2,397,491 5i351 696,326 702,829 2,668 2,994 3,072 2,873 3,083 3,204 2,081 2,075 1,319 1,725 1,309 1,181 1,129 1,259 9,797,784 9,881,325 9,574,348 9,740,911 10,148,339 10,111,113 4,359,500 3,593,159 4,031,421 4,514,279 3,957,272 4,250,508 1,002,398 1,319,416 1,063,656 986,599 797,171 755,667 33 REPORT OF THE COMPTROLLER OF THE CURRENCY. RELATION OF CAPITAL TO DEPOSITS, ETC., OF NATIONAL BANKS. The proportion and variation from year to year of capital to individual deposits in national banks, capital to loans, capital to, aggregate resources, capital and surplus and other profits to individual deposits, and cash on hand and balances with Federal reserve banks to individual deposits, «fre shown in the table following for the years 1913 to 1918, inclusive: Sept. 12, 1914. Aug. 9, 1913. Items. Sept. 2, 1915. Capital to individual deposits , $1.00 to $5.45 $1.00 to 15.79 $1.00 to $6.32 Capital to loans , l.OOto 5.84 l.OOto 6.04 l.OOto 6.32 Capital to aggregate resources , l.OOto 11.47 Capital and surplus and 1.00 to 10.30 1.00 to 10.83 other profit* to individual deposits , 1.00 to 3.23 Cash on hand and bal- l.OOto 2.82 l.OOto 2.96 ances with Federal reserve bank to individual deposits J l.OOto 6.18 l.OOto 6.36! l.OOto 5.53 Sept. 12, 1916. Sept. 11, 1917. Aug. 31, 1918. $1.00 to $7.91 $1.00 to $9.15 $1.00 to $9.53 l.OOto 7.42 l.OOto 8.46 l.OOto 9.16 1.00 to 13.50 1.00 to 15.17 1.00 to 16.39 l.OOto 3.99 l.OOto 4.56 l.OOto 4.51 l.OOto 6.14 l.OOto 6.62 l.OOto 6.27 A At the time of the reports referred to prior to Sept. 2, 1915, the Federal reserve banks had not como into existence. The statement shows that the individual deposits have continued to increase more rapidly than capital, surplus and profits. The ratio of deposits to capital is $9.53 to $1. A year ago it was $9.15 to $1. The ratio to capital, surplus, and profits is $4.51 to $1, as compared with $4.56 to $1 in September, 1917. PERCENTAGE OF PRINCIPAL ITEMS OF ASSETS AND LIABILITIES OF NATIONAL BANKS. On an average, approximately 67 per cent of the banks7 assets are represented by loans and United States bonds; and about 69 per cent of the liabilities by. capital, surplus and profits, and individual deposits. The following table is of interest as indicating the percentage of each of the items in question, based upon reports from banks at the date of the fall call of each year from 1908 to 1918, inclusive: Items. 1908 1909 1910 1911 1912 1913 1914 1915 1916 1917 1918 Loans and discounts, including P.ct. P.ct. P.ct P.ct. P.ct. PM, P.ct. A c t P.ct. P.ct. P.ct. rediscounts 52.9 53.5 55.6 54.5 55.1 56.7 55.7 55.0 54.5 55.2 54.1 United States bonds 7.9 7.6 7.5 7.4 7.1 7.3 6.8 6.4 6.9 13.2 5.1 Total Capital 60.8 . Deposits (individual) Total 61.1 63.1 61.9 62.2 64.0 62.5 61.4 59.6 62.1 67.3 10.2 8.5 50.4 9.8 8.4 52.3 10.2 8.9 52.4 9.9 8.7 52.9 9.4 8.7 53.8 9.7 9.1 53.0 9.2 8.8 53.5 8.7 8.3 55.1 7.4 7.3 58.6 6.5 6.9 60.9 5.9 6.7 56.3 69.1 70.5 71.5 71.5 71.9 71.8 71.5 72.1 73.3 74.3 68.9 34 REPORT OF THE COMPTROLLER OF THE CURRENCY. RESERVE. The following table shows the percentages of lawful reserve held 'by the national banks at each report date, and that there has been a large surplus in the reserve in every section throughout the year: [In thousands of dollars.] Per Amount Amount of reserve reserve of excess held. held. reserve. Date of call. RESERVE CITIES. Central reserve cities: Nov. 20,1917 Dec. 31,1917 Mar. 4,1918 May 10,1918 June 29,1918 Aug. 31,1918 Other reserve cities: Nov. 20,1917 Dec. 31,1917 Mar. 4,1918 MavlO, 1918 June 29,1918 Aug. 31,1918 Total reserve cities: Nov. 20, 1917 Dec. 31,1917 Mar. 4,1918 May 10,1918 June 29,1918 Aug. 31,1918 Per Amount Amount of reserve reserve of excess held. held. reserve. COUNTRY BANKS—COn. 434,293 443,370 417,487 444,381 507,381 456,488 14.73 14.55 14.21 14.62 16.60 14.82 51,037 47,233 35,598 49,265 110,009 56,179 296,206 316,504 313,890 326,114 297,277 323,681 10.66 11.04 10.54 11.14 10.54 10.84 18,266 29,892 16,011 33,433 15,177 25,073 730,499 759,874 731,377 770,495 804,658 780,169 12.75 12.85 12.36 12.91 13.69 12.86 69,303 77,125 51,609 82,698 125,186 81,252 29,730 28,744 29,740 30,205 29,303 30,259 7.39 7.23 7.36 7.54 7.15 7.19 1,577 916 1,454 2,160 95,581 97,609 89,201 90,718 89,461 93,394 7.46 7.62 7.40 7.63 7.55 7.58 5,912 7,943 4,843 7,556 6,492 7,133 68,952 71,369 68,547 64,295 62,813 59,925 7.90 7.69 7.65 7.79 8.09 7.68 7,820 6,437 5,841 6,515 8,453 5,302 COUNTRY BANKS. New England States: Nov. 20,1917 Dec. 31,1917 Mar.4,1918 May 10,1918 June 29,1918 Aug. 31 1918 Eastern States: Nov. 20,1917 Dec. 31,1917 Mar. 4,1918 May 10,1918 June 29,1918 Aug. 31,1918 Southern States: Nov. 20,1917 Dec. 31,1917 Mar. 4,1918 May 10,1918 June 29,1918 Aug. 31,1918 Date of call. 589 817 Middle Western States: Nov. 20, 1917 Dec. 31,1917 Mar. 4,1918 May 10, 1918 June 29,1918 Ausr. 31, 1918 Western States: Nov. 20,1917 Dec. 31, 1917 Mar. 4,1918 May 10,1918 June 29,1918 Aug. 31,1918 Pacific States: Nov. 20,1917 Dec. 31,1917 Mar. 4, 1918 May 10,1918 June 29,1918 Aug. 31,1918 Non-member banks (Alaska and Nov. 20, 1917 Dec. 31, 1917 Mar. 4,1918 May 10, 1918 June 29,1918 Aug. 31,1918 Total States (country banks): Nov. 20,1917 Dec. 31,1917 Mar. 4,1918 May 10, 1918 June 29,1918 Aug. 31,1918 Total United States: Nov. 20,1917...... Dec. 31,1917 Mar. 4,1918 May 10,1918 June 29, 1918 Aug. 31,1918 82,515 84,102 84,975 81,652 81,276 83,936 7.38 7.43 7.32 7.49 7.58 7.45 4,275 4,838 3,709 5,345 6,223 5,027 43,893 43,482 43,665 43,010 39,462 40,179 7.29 7.68 7.66 8.01 7.77 7.64 1,734 3,886 3,782 5,407 3,905 3,365 26,531 24,664 23,650 23,520 22,584 23,570 7.78 7.48 7.72 7.86 7.67 7.84 2,674 1,573 2,195 2,582 1,971 2,515 2,374 13,877 i 3,056 12,967 i 2,117 12,235 59.50 94.12 80.53 99.14 62.66 54.86 3,259 2,487 2,405 1,587 1,624 349,576 354,207 342,834 336,367 327,016 333,498 7.56 7.63 7.54 7.74 7.70 7.59 25,768 28,852 24,311 31,970 29,220 25,783 1,080,075 1,114,081 1,074,211 1,106,862 1,131,674 1,113,667 10.44 10.55 10.27 10.74 11.17 10.65 95,071 105,977 75,920 114,668 154,406 107,035 1 i Cash iu vault and net amount due from approved reserve agents. 1,776 BEPORT OF THE COMPTROLLER OF THE CURRENCY. 35 Since September 11, 1917, which was the first report called for after the change in the law requiring all reserve to be held in the Federal reserve banks, the total amount of reserve held has increased $65,242,000, while the amount held in excess of the amount required by law has increased $23,138,000. Reserve required and held by national banks, together with the excess or deficiency, 1917-18, [In thousands of dollars.] Amount on which reserve is computed. Date. New York: Nov. 20,1917 Dec. 31,1917 Mar. 4,1918 May 10,1918 June 29,1918 Aug. 31,1918 Chicago: Nov.20,1917 Dec. 31,1917 Mar.4,1918 May 10,1918 June 29,1918 Aug. 31,1918 St. Louis: Nov.20,1917 Dec.31,1917 Mar.4,1918 May 10,1918 June29,1918 Aug.31,1918 Other reserve cities: Nov.20,1917 Dec. 31,1917 Mar. 4,1918 May 10,1918 June 29,1918 Aug. 31,1918 Country banks: Nov.20,1917 Dec.31,1917.. Mar.4,1918 May 10,1918.. .*. June 29,1918 Aug. 31, 1918 All national banks: Nov. 20,1917 Dec.31,1917 Mar.4,1918 May 10,1918 June 29,1918 Aug. 31,1918 Reserve required. Reserve held. 344,852 410,839 308,387 416,155 451,449 435,281 356,924 358,796 333,043 359,069 424,422 368,002 496,881 507,819 513,055 519,090 496,083 523,489 64,595 66,016 66,697 •$7,482 64,491 68,053 63,453 69,046 70,083 71,537 67,195 71,759 106,387 128,553 116,169 104,105 109,178 120,530 J. 304,831 313,409 300,090 314,100 318,688 316,587 13,830 16,712 15,102 13,534 14,193 15,669 2, 779,401 2, 866,119 2, 978,792 926,815 821,003 986,078 Percent. Excess. 15.22 14.88 14.43 14.86 17.31 15.11 52,093 45,387 32,953 44,969 105,734 51,415 12.76 13.60 13.66 13.78 13.55 13.71 U,142 3,030 3,386 4,055 2,704 3,706 13,916 15,528 14,361 13,775 15,764 16,727 13.08 12.08 12.36 13.23 14.44 13.88 86 U,184 »741 241 1,571 1,058 277,940 286,612 297,879 292,681 282,100 296,206 316,504 313,890 326,114 297,277 323,681 10.66 11.04 10.54 11.14 10.54 10.84 18,266 29,892 16,011 33,433 15,177 25,073 391,281 323,808 325,355 318,523 304,397 297,796 307,715 349,576 354,207 342,834 336,367 327,016 333,498 7.56 7.63 7.54 7.74 7.70 7.59 25,768 28,852 24,311 31,970 29,220 25,783 10, 348,806 10, 556,545 10, 462,409 10, 310,417 10, 127,916 10, 456,659 985,004 1,008,104 998,291 992,194 977,268 1,006,632 1,080,075 1,114,081 1,074,211 1,106,862 1,131,674 1,113,667 10.44 10.55 10.27 10.74 11.17 10.65 95,071 105,977 75,920 114,668 154,406 107,035 I; 2, 4, 621,285 4, 643,215 4, 546,006 4, 344,252 4, 250,203 . i Deficit. GEOGRAPHICAL CLASSIFICATION OF DEPOSITS AND LOANS. The following tables give a geographical classification of the loans and deposits of national banks in reserve and other cities having a population of over 50,000, showing the amount which the national banks in each of the cities indicated have loaned in each section of the country, and also showing the amount of money which these national banks have on deposit from banks in other sections of the country. The tables also show what proportion of the total loans the national banks of the cities indicated are made to banks, and what proportion to individuals who keep deposits with them, as well as direct loans to individuals and others who keep no deposit accounts with the banks making the loans. All loam made by the 554 national Cities. banks in all reserve and other cities having a population of over 50,000, as of Dec. SI, 1917, arranged according to location of borrowers in each geographical division. Number of banks. Boston, Mass Bridgeport, Conn,.. Fall River, Mass Hartford, Conn Lawrence, Mass. Lowell, Mass Lynn. Mass Manchester, N. H... New Bedford, Mass. Providence, R. I SomerviJle, Mass.... Springfield, Mass Waterbury, Conn... Worcester, Mass New Haven, Conn., Total New England States Albany,N.Y Baltimore, Md Buffalo, N. Y . . . . . . Camden, N. J Elizabeth, N. J Erie, Pa Hoboken, N. J Jersey City, N. J . . . Newark, N . J . . . . . . New York, N. Y... Paterson, N. J...... Philadelphia, Pa... Pittsburgh, Pa..,.. Reading, P a . . - . , . , Rochester, N. Y . . . Sehenectady, N. Y.. Scranton, Pa Syracuse, N, Y Trenton, N. J , Troy,N. Y ,... Utica,N. Y Wilmington, Del Washington, Di C... New England States. Eastern States, Southern States. S233,251,435 11,017,991 9,717,733 27,475,331 846,309 4,860,772 6,797,438 3,928,619 9,524,171 22,330,172 979,832 17,287,289 7,346,486 12,337,452 15,913,359 63 $23,609,374 40,300 125,412 1,398,125 5,750 60,706 272,365 230,000 168,950 1,788,489 57,845,154 384,214,389 Middle Western States. Western States, Pacific States. Total United States. Alaska and foreign countries. S3,654. 10, 5, 181, $301,693 si 5 11,753,291 9.998,270 31.451,561 894,144 5,179,660 7,362,685 4,346,276 9,922,971 27.902,834 979,832 18,118,860 7,665,528 13,637,742 16,517,038 $677,531 200,000 $302,371,346 11,753,291 9,998,270 31,521,561 -894,144 5,179,660 7,394,003 4,396,276 9,922,971 27,902,834 979,832 18,218,860 7,981,273 13,637,742 16,717,038 a* Grand total. s, 530,35S 2,880 45,202 10,000 11,350 549,222 $29,803,326 85,000 105,125 1,725,750 42,000 120,125 195,000 125,000 197,500 2,379,496 449,628 193,6-12 606,664 583,379 /151,884 20,000 77,000 6,900 274,338 80,400 481,882 13,400 35,000 15,000 50,629 29,562,784 9,150,592 35,628,342 4,592,434 4,275,966 467,424,507- 1,444,594 468,869,101 538,639 28,571.810 67,320,633 251 500 44,744,796 99,000 8,564,768 45,000 2,548,559 6,563 8,861,157 304 6,321,042 175,000 7,753,864 42,400 47,438,388 598,322 107,521,855 1,283,586,800 6,035,140 55,000 5,706,051 270,639,124 2,593,502 172,592,202 9,986,704 187,519 28,3"98>-926 150,000 1,668,188 13,695,872 648,575 18.638,824 370,000 13,002,405 25,300 11,000,282 30,666 15,966,710 3,306.963 55,900 41,102,845 547,829 127,356 5,776,232 490,000 238,801 936,803 2,120,133 6,170,927 90,000 9,000 62,024 444,530 5,000 1,954,473 240,583,136 109,000 18,888,920 14,843,449 471,664 299,306 13,684 952,118 1,143,490 35,000 17,665 75,000 165,000 958,399 775 1,500 545 .137,600 30,176,108 75,469,818 51,642,323 8,938,569 2,564,122 8,998,440 7,211,474 7,804,695 50,221,829 1,832,383,884 6,199,140 307,005,439 195,618,049 10,860,125 28,848,232 1,685,370 17,241,030 20,512,314 13,063,680 11,102,725 ,710 3,537, 43,762,517 135,616 50,000 657,444 311,724 519,818 299,767 938,569 564,822 998,440 211,474 804,695 50, 222,429 1,978,514,607 6, 200,120 317,729,101 198,093,422 10, 869,321 28, 948,232 1,685,370 17,332,030 20, 627,314 13, 083,680 11,200,208 16. 041,710 3' 537,803 803,622 2 40,000 491,000 49,043 175,000 750 141,759 148,247,248 10,590,337 3,794,308 139,238 3,000 1,175,000 200,000 125 20,767 1,072,894 5,007 180,000 57,511 25,000 47,532 646,404 10,812 70,402 47, 27, 5, 21, 209, 50,287 28,989,768 15,100 25,500 2,681 38,600 23,505,077 476,568 1,451,432 50,000 644,439 373,096 25,000 404,000 95,000 3,275 500 365,465 65,000 850 30,070 10,000 12,600 67,950 70,000 31,318 50,000 100,000 315,745 600 146,130,723 980 10,723,662 2,475,373 9,190 100,000 91,000 115,000 20,000 97,483 41,105 H O *& H w o o K H W. o i Wilkes-Barre, Pa Yonkers,N. Y Total Eastern States Atlanta, Ga Birmingham, Ala Charleston, S. C Chattanooga, Tenn Dallas, Tex Fort Worth, Tex Galveston, Tex Houston, Tex Jacksonville, Fla Louisville, Ky Memphis, Tenn Nashville, Tenn New Orleans, La Norfolk, Va Richmond, Va San Antonio, Tex Savannah, Ga Waco, Tex Total Southern States Akron, Ohio Cincinnati, Ohio Cedar Rapids, Iowa Chicago, 111 Cleveland, Ohio Columbus, Ohio Dayton, Ohio Des Moines, Iowa Detroit, Mich Dubuque, Iowa Duluth, Minn Evansville, Ind Fort Wayne, Ind Grand Rapids, Mich Indianapolis, Ind Kansas City, Mo Milwaukee, WisMinneapolis, Minn St. Joseph, Mo St. Louis, Mo St. Paul, Minn Sioux City, Iowa Toledo, Ohio Youngstown, Ohio Total Middle Western States 4 ' 2 196 5 5,990,432 10,914 2,318,256 15,000 119,704,899 2,120,004,688 110,000 355,000 81 (3 (i 4 3 2,816 5,000 227,758 70,000 333,500 25,000 770,000 1,836,414 150,482 25,000 200 158,000 127 13,110,163 48,618,005 13 5 4 4 49,893 30,000 420,000 160,723,182 2,920,258,415 90,000 10,000 14,863,233 1,723,522 397,336 461,900,559 1,079,268 462,979,827 11,758 84,425 126,230 15,814,400 275,852 50,125 53,991 40,134 11,500 7,924,025 978 184 60,065 200,103 650,007 55,425 7,700 1,274,809 58," 030* 5*483* 15,000 242,500 46,836,262 288,500 10,571,795 2,606,415 5,218,240 11,248,933 4,906,632 86,500 25/000 3,'259* 52,000 113,551 1,413,470 535,626 334,510 106,787 578,087 2,660,645 85,000 114,075 12,961,373 67,266,577 11,417,038 480,297,910 111,930,890 25,647,450 10,333,578 18,159,210 64,161,297 2,410,765 29,748,736 12,504,624 11,408,354 16,558,324 37,771,957 129,158,4.54 69,897,776 91,468,753 16,215,187 131,939,178 60,474,344 15,781,780 26,757,100 17,514,214 13,021,438 67,466,680 11,417,038 484,522,936 112,867,502 25,845,700 10,362,646 18,159,210 (54,367,973 2,410,705 30,243,303 12,504,624 11,429,564 16,587,624 37,873,085 129,158,454 70,061,382 92,737,107 16,265,187 132,164,178 60,993,344 15,781,780 26,757,100 17,514,214 432,674,456 7,858* 814 123,478 283,232 54,269 6,220,021 2,500,756 10,000 315,000 15,000 27,248 529,059 25,371,973 2,759,535,233 75,000 31,637,419 9,325,976 198,954 1,575,614 265,650 24,512,456 4,082,659 326,100 77,639 44,000 665,727 500 498,824 302,950 49,268 51,671 857,208 720,175 954,672 310,106 525,150 10,496,097 294,376 25,000 334,567 1.448,042 2 8 2 12 7 8 7 3 3 3 5 3 3 3 6,145,021 2,500,756 73,000 2,205,000 1,125,000 60,000 '852,500 1,032,172 30,417 93,500 145,400 575,000 3,087^250 128,657 351,837 2,324,000 45,000 2,291,500 423,000 25,000 20,000 899,250 190,000 470,475 11,799 87,357 638,000 381,126 3,266,599 783,925 12,500 290,539,396 2,916,036 190,000 158,161 20,000 12,875 100, t)00 380,000 335,000 35,000 145,000 165,000 52,500 767,500 65,000 65,675 ' 125,000 172,276,858 41,355,508 13,545,467 11,833,536 16,393,595 45,994,984 24,931,092 4,424,831 50,132,937 18,405,994 32,663,578 12,170,601 19,465,793 35,712,581 20,882,567 54,471,828 15,117,472 4,690.430 10,481,61)2 5 5 2 6 3 7 4 5 3 4 8 8 2 5 1,060,500 609,165 59,003 85,000 748,777 5,000 30,000 62,953 5,164,593 55,000 22,227.770 210,199 255,954 59,452 455,607 70,417 143,000 504,573 51,641 86,841 188,936 17,108,842 134,569 500 170,000 21.559,789 79,663 6,550 45,000 12,606,469 59,872,752 10,828,658 401,960,445 107,237,724 24,731,855 10,142,218 17,009,596 63,261,805 2,372,565 27,340,203 11,637,101 11,295,887 16,347,812 36,142,004 63,009,705 67,650,909 80,226,842 12,036,835 92.249,951 46,040,245 10,740,148 26,215,208 15,838,172 68,701,849 11,226,795,109 35,000 323,211 373,137 29,900 59,090 27,711 355,473 20,000 25,000 140,000 100,401,991 40,000 10,000 75,000 20,000 35,302 4,140 45,"i50' 10,000 29,544 200 38,000 80*666 It), 000 71,900 44,781,008 15,959,632 12,027,539 17,576,095 48,292,607 25,358,786 4,581,106 51,322,737 19,560,994 36,644,937 12,346,257 20,080,698 39,233,054 21,381,193 60,902,427 16,539,397 4,690,430 10,621,662 14,157,752 1,471,784,869 99,468 2io,666" 105,000 103,800 485*666" 76,000 4,225,026 936,612 198,250 29,068 208," 676* 494,567 2i'2i6" 29,300 101,128 163,606 1,268,354 50,000 225,000 519,000 8,727,965 44,880,476 15,959,632 12,027,539 17,576,095 48,292,607 25,358,783 4,581,106 51,532,737 19,580,994 36,749,937 12,346,257 20,080,698 39,336,854 21,381,193 61,387,427 16,615,397 4,690,430 10,621,662 1,480,512,834 o n 3 a o o E o H w H O d a 4 CO All loans made by the 554 national banks in all reserve and other cities having a population of over 50,000, as of Dec. 31, 1917, arranged according to location of borrowers in each geographical division—Continued. Cities. Number of banks. Denver, Colo Kansas City, Kans Lincoln, Nebr Muskogee, Okla Oklahoma City, Okla Omaha, Nebr Pueblo, Colo Topeka, Kans Tulsa, Okla Wichita, Kans Total Western States New England States. Eastern States. Southern States. Middle Western States. Western States. 37,500 $769,817 20,000 20,000 50,108 150 439,108 106,500 7,655 155,088 75,000 $76,467 740,413 127,075 77,627 1,877,133 906,564 201,153 75,590 150,727 1,253,949 $790,327 813,470 509,784 190,106 89,290 5,128,592 455,762 376,767 360,484 907,489 $46,975,185 4,820,263 10,145,198 10,415,956 15,331,322 54,326,119 3,700,026 3,170,602 29,045,016 11,266,337 678,241 I 1,643,426 5,486,698 9,622,070 189,196,024 | $90,000 22,500 25,000 363,241 140,000 46 | Total United States. Alaska and foreign countries. $49,000,380 6,449,926 10,823,057 10,761,296 17,324,657 63,985,014 4,664,456 3,656,864 29,713,815 13,711,888 $215,175 3,464,894 | 210,091,353 523,581 Pacific States. $298,584 33,280 21,000 2,500 26,762 ,2,821,390 61,015 26,250 2,500 171,613 Grand total. $49,215,555 6,449,926 10,823,057 10,821,921 17,324,657 64,207,795 4.674,456 3,656,864 29,713,815 13,726.888 60,625 222,781 10,000 15,000 210,614,934 ? Los Angeles, Cal Oakland, Cal Ogden, Utah Salt Lake City, Utah Portland, Oreg San Francisco, Cal Seattle, Wash Spokane, Wash Tacoma, Wash 100,700 5,000 457,600 350,000 1,080,584 883,530 1,152,500 405,000 50,000 2,500 380,200 536,120 1,186,368 1,518,882 838,246 35,000 9,500 192,500 375,500 481,500 473,000 80,000 2,162,344 352,762 1,289,000 4,578,000 3,395,146 1,699,371 140,000 94,200 | 154,085 422,581 180,750 505,280 836,359 860,853 66,444,123 11,211,929 6,447,055 18,270,374 31,272,591 165,246,206 28,421,324 16,368,840 5,979,026 69,268,467 11,216,929 6,603,640 19,775,917 34,551,545 172,774,884 35,805,711 20,645,310 6,284,026 224,473 9,000 2,200 50,000 100,000 812,147 400,364 46,324 : —r—. 69,492,940 11,225,929 6,605,840 19,825,917 34,651,545 173,587,031 36,206,075 20,691,634 6,284,026 Total Pacific States.. Total United States.. CO 00 5,921,806,048 O H O a o g o I- 1 o RECAPITULATION. New England States Eastern States Southern States Middle Western States Western States Pacific States v- Total-United States Total loans Dec. 27,1916 Increase 63 196' 81 127 46 41 554 522 32 $29,562,784 119,704,899 2,120,004,688 9,325,976 2,916,036 48,618,005 13,110,163 1,643,426 678,241 4,954,916 4,027,314 $9,150,592 $35,628,342 172,276,858 290,539,396 432,674,456 14,863; 233 68,701,849 1,226,795,109 5,486,698 9,622,070 1,612,000 13,616,623 $4,592,434 31,637,419 1,723,522 100,401,991 189,196,024 3,054,108 $4,275,966 $467,424,507 25,371,973 2,759,535,233 397,336 461,900,559 14,157,752 1,471,784,869 3,464,894 210,091,353 349,661,468 376,926,429 $1,444,594 160,723,182 1,079,268 8,727,965 523,581 1,644,508 $468,869,101 2,920,258,415 462,979,827 1,480,512,834 210,614,934 378,570,937 524,651,042 2,214,109,795 466,705,171 2,096,669,324 689,902,453 1,591,064,773 616,909,801 1,404,434,994 330,605,498 232,137,911 397,329,389 5,747,662,950 315,472,538 5,132,329,739 174,143,098 139,275;682 5,921,806,048 5,271,605,421 I 34,867,416 650,200,627 o $384,214,389 57,945,871 117,440,471 72,992,652 186,629,779 98,467,587 81,856,851 615,333,211 hrj H w O o o § W Q o CO. CO Classification of loans {including paper bought) made by 554 national banks in all reserve and other cities having a population of over 50,000, as of Dec. 31, 1917, showing separately loans made to banks and bankers, loans made to borrowers who keep deposit accounts with the lending banks, loans made to those who keep no deposit accounts, and loans placed for account of correspondents. Loans placed for account of correspondents. Securities, Direct and Direct loans Direct loans etc., purPlaced for Placed for to Placed for Number indirect loans to individ- uals, individ- chased from Other loans, Total loans. national including national etc., who banks with made to uals, etc., who of banks. foreign loans. banks in re- banks outside correspondent keep no banks banks. agreement keep deposit serve or cen- of reserve and State trust deposit. and to resell. central retrial reserve serve cities. companies. cities. Cities. Boston, Mass Bridgeport, Conn . Fall River, Mass Hartford, Conn . Lawrence Mass Lowell,Mass ....... Lynn Mass Manchester, N. H New Bedford Mass Providence R I Somerville, Mass Springfield Mass Waterbury, Conn . Worcester, Mass New Haven Conn * Total New England States Albany, N. Y Baltimore, Md Buffalo N. Y Camdsn, N. J Elizabeth N j Erie, Pa Hoboken N J Jersey City N J Newark N ' j New York, N. Y Paterson N J Philadelphia Pa Pittsburgh, Pa Reading1, Pa Rochester N Y Schenectady, N. Y . ... . . * 19,8S6,358 354,327,472 94,075,471 279,500 292,958 2,147,722 130,110 26,148,790 66,361,889 49,888,752 7,516,973 2,415 760 7,382,504 4,995,791 6,495,305 45,492,345 1,052,994,220 5 754.670 214,480,205 147,299,889 8,178,788 27,070,721 1,422,015 3,869,976 7,002,461 2,280,905 929,000 143,362 1,585,936 2,215,683 1,299,390 3,953,901 640,691,868 445,450 83,711,508 45,942,425 2,525,533 1,591,802 263,355 $19,523,858 3 12 2 3 1 3 2 3 8 50 3 30 21 3 2 241,500 75,000 5,000 30,000 10,000 776,183 155,344,583 15,679,746 2,126,369 165,000 19,556 300,300 468,869,101 2,033,000 4,351,500 6,732,877 663,728 3,163,660 2,895,755 25,00Q 35,526,834 25,636,775 81,092,334 655,000 3,734,738 1,951,684 5,438,363 1,157,648 $300 100,000 7,746 493,596 4,069,439 125,414,497 3,857,642 2,724,739 . . 5 $6,732,877 $302,371,346 11,753,291 9,998,270 31,521,561 894,144 5,179,660 7,394,003 4,396,276 9,922,971 27,902,834 979,832 18,218,860 7,981,273 13,637,742 16,717,038 $2,033,000 200,000 $52,353,980 120,000 1,627,053 10,144,745 161,492 1,134,609 3,361,625 1,378,851 1,318,823 11,971,843 781,465 4,167,448 1,660,895 2,843,999 1,048,643 $279,500 41,000 $230,214,008 11,632,991 8,371,217 21,135,316 732,652 3,970,051 4,032,378 3,012,425 8,604,148 15,830,991 198,367 14,051,412 6,320,378 10,793,743 15,427,395 14 3 4 4 1 4 3 4 3 7 1 4 3 2 6 63 . . . o 2fifi 093 30,311,724 75,519,818 §2,299,767 8,938,569 2,564,122 8,998,440 7,211,474 7,804,695 50,222,429 1,978,514,607 6,200,120 317,729,101 198,093,422 10,869,321 28,948,232 1,685,370 $4,351,500 © 3 O s o H a Scranton, Pa Syracuse, N. Y Trenton, N. .1 Troy, N. Y TJtica, N. Y Wilmington, Del Washington, D. C Wilkes-Barre, Pa Yonkers,N.Y 4 5 3 5 3 3 14 4 2 Total Eastern States Atlanta, Ga Birmingham, Ala Charleston, S. C Chattanooga, Tenn Dallas, Tex Fort Worth, Tex Galveston. Tex Houston, Tex Jacksonville, Fla Louisville, Ky Memphis, Tenn Nashville, Tenn New Orleans, La Norfolk, Va Richmond, Va San Antonio, Tex Savannah, Ga Waco, Tex 196 5,002,110 3,381,896 2,226,196 1,839,429 1,166,263 924,106 7,653,777 1,048,614 262,500 37,500 177,310,948 1,783,838,337 821,962,506 4,106,939 231,290 195,410 5 2 5 2 5 5 2 6 3 7 4 5 3 4 8 8 2 5 Total Southern States t... f 1,046,402 151,664 225,311 70,799 666,000 514,170 46^000 90^798 3497811 1,419,253 604,489 754,100 937,514 901,403 1,931,512 766,565 210,345 269,000 40,000,982 11,733,415 10,739,983 15,862,798 41,396,826 19,959,270 3,630,015 45,587,200 18,185,050 29,754,503 10,938,534 17,636,518 34,326,483 19,641,850 49,301,624 12,091,464 4,124,960 6,799,668 3,833,092 4,048,803 1,062,245 1,612,500 6,229,781 4,885,346 905,091 5.038,739 l| 026,633 5,429,181 803,234 1,690,080 4,072,857 837,941 10,154,291 3,737,668 355,125 3,552,994 81 .- Akron, Ohio Cincinnati, Ohio Cedar Rapids, Iowa Chicago, 1 1 1 . . . . . . . . . . . . . . . . Cleveland, Ohio Columbus, Ohio Dayton, Ohio Des Moines, Iowa Detroit, Mich Dubuque, Iowa DullJth, Minn E vansville, Ind Fort Wayne, Ind Grand Rapias, Mich Indianapolis, Ind Kansas City, Mo Milwaukee. Wis Minneapolis, Minn St. Joseph, Mo 12,130,369 17,230,418 10,857,484 9,360,779 14,644,157 2,613,757 35,954,435 4,911,035 2,238,250 162,021 11,770,635 391,741,141 59,275,601 2 8 2 12 7 8 7 3 3 3 5 3 3 3 6 13 5 4 4 55,200 3,739,367 2,146,738 40,920,925 8,619,928 491,680 40,000 5,719,295 1,908,841 20,500 248,398 410,521 211,556 788,061 1,585,531 27,156,246 2,738,307 7,208,106 3,220,236 11,678,439 55,382,522 6,903,779 358,090,550 88,840,460 23,063.295 9,433;797 9,707,119 53,973,968 1,542,369 18,697,109 9,277,647 9,581,498 11,096,915 32,562,232 62,703,902 58,806,456 1 73,619,914 7,878,043 1,287,799 8.026,091 1,793,628 81,909,606 15,407,114 2,290,725 888,849 2,732,796 8,467,831 839,638 11,297,796 2,816,459 1,636,'51O 4, 693,648 3,6S2,564 32.6S6.254 8.241.238 11,791,071 5,166,908 17,332,030 20,627,314 13,08.3,689 11,200,208 16,041,710 3,537,863 • 43,803,622 260,372 6,220,021 2,500,756 15,000 133,039,685 2,920,258,415 44,880,476 15,959,632 12,027,539 17,576,095 48,292,607 25.358,786 4,581,106 51,532,737 19,560,994 36,749,937 12,346,257 20,080,698 39,336,854 21,381,193 61,387,427 16,615,397 4,690,430 10,621,662 25,750 147,000 19,700 462,979,827 192,450 293,700 25,666 1,668,077 572,893 1,933,778 17*333* 8,25S 9,000 119,000 77,000 42,758 6,612,052 156,381 41,016 13,021,438 67,466,680 11,417,038 484,522,936 112,867,502 25,845,700 10,362,646 18,159,210 64,367,973 2,410,765 30,243,303 12,504,624 11,429,564 16,587,624 37,873,0cS5 129,158,454 70,061,382 92,737,107 16,265,187 5,666 20,750 135,000 30,000 36,845,562 34,629,857 90,659,850 o w 300,000 187,000 340,000 O 310,000 436,666 490, Q0Q 3,500 hrj H i 763,600 200,000 731,442 1,573,527 717,100 117,700 1,518,630 50,000 263,260 1,738,902 4,038,457 25,725 4,334,912 22,000 2,103.000 225,000 27,500 2,876,864 73,000 2,219,628 2,372,153 203,900 134,000 17,000 62,500 9,000 25,931 55,132 7,000 4S,600 2,713,211 51,500 125,000 3,860,110 82,500 555,660 o o g 116,300 2,340,700 w 1,489,900 117,400 436,152 o tad 3 o Classification of loans {including paper bought) made by 554 national banks in all reserve and other cities having a population of over 50,000, as of Dec. 31, 1917, showing separately loans made to banks and bankers, loans made to borrowers who keep deposit accounts with the lending banks, loans made to those who keep no deposit accounts, and loans placed for account of correspondents—Continued. Cities. St. Louis, Mo St Paul Minn Sioux City, Iowa Toledo, Ohio Youngstbwn, Ohio Total, Middle Western States... Denver, Colo Kansas City, Kans Muskogee, Okla Oklahoma City, Okla Omaha, Nebr T opeka, Kans Tulsa, Okla Wichita, Kans Total Western States Los Angeles, Cal Oakland. Cal Ogden, Utah Portland, Oreg Salt Lake City, Utah San Francisco, Cal Seattle, Wash Spokane, Wash Tacoma, Wash Direct and Direct loans Direct loans to Number indirect loans to individ- uals,individetc., who made to uals, etc., who keep no of banks. keep deposit. deposit. banks. 7 6 6 4 3 $84,403,659 42,765,026 7,916,402 22,671,795 15,326,772 $38,043,705 13,454,115 2,427,603 3,672,205 2,127>442 $519,684 126,499,841 1,075,923,668 $9,097,130 4,574,200 5,125,975 413,100 60,000 265,381,595 2,703,794 5 2 4 4 6 9 2 3 7 4 4,632,282 2,143,037 2,167,219 85,973 1,503,684 19,551,850 15,000 296,909 1,525,404 3,898,765 34,792,401 2,929,256 7,381,732 7,861,079 10,654,891 34,709,154 3,024,197 2,498,899 27,137,652 6,701,926 6,321,758 1,377,633 1,274,106 2,874,869 5,166,082 9,777,296 1,635,259 861,056 1,050,759 3,126,197 25,000 46 35,820,123 137,691,187 33,465,015 194,495 8 2 4 3 6 9 5 3 1 1,222,064 4,797,331 1,247,396 904,394 5,697,448 4,685,629 18,851,526 9,774,277 6,260,741 985,745 43,300 221,595 929,589 654,397 3,319,120 234,359 583,022 15,000 63,430,245 9,948,533 5,254,461 28,024,508 14,472,933 151,366,385 26,147,439 13,847,871 5,283,281 7,179,146 317,775,656 53,204,487 318,690 378,467,051 4,061,297,461 1,327,364,675 7,795,868 $100,000 200,000 311,800 Total Pacific States 41 554 3,444,114 - 225,390 50,000 $132,164,178 60,993,344 15,781,780 26^ 757,100 17,514,214 10,003,936 1,480,512,834 169,495 127 Total United States Loans placed for account of correspondents. Securities, etc., purPlaced for Placed for chased from Other loans, Total loans. Placed for including; national national banks with foreign loans. banks in re- banks outside correspondent agreement State banks serve or cen- of reserve and and trust to resell. central retral reserve serve cities. companies. cities. 3,444,114 30,000 12,958 50,000 92,958 $382,250 56,259 439,888 125,500 10,727,551 12,000 160,000 B o w H O 14,604,491 30,500 $2,069,177 $1,286,752 36,707 481,630 318,615 to 49,215,555 6,449,926 10,823,057 10,821,921 17,324,657 64,207,795 4,674,456 3,656,864 29,713,815 13,726,888 220,000 25,000 135,100 210,614,934 220,000 55,500 307,100 360,000 136,350 a o 343,800 69,492,940 11,225,929 6,605,840 34,651,545 . 19,825,917 173,587,031 36,206,075 . 20,691,634 6,284,026 E w 256,000 109,000 93,151 171,000 495,078 658,996 933,455 51,100 378,570,937 562,151 1,058,428 1,987,351 146,880,993 5,921,806,048 44,070,590 52,561,738 118,330,126 O a RECAPITULATION. 09 c< t§ oo o j o w g New England States Eastern States Southern States Middle W estern States Western States. Pacific States Total United States.. Total loans Dec. 27, 1916 Increase Decrease 63 196 81 127 46 41 354,327,472 19,886,358 177,310,948 1,783,838,337 11,770,635 391,741,141 126,499,841 1,075,923,668 35,820,123 137,691,187 7,179,146 317,775,656 94,075,471 821,962,506 59,275,601 265,381,595 33,465,015 53,204,487 279,500 4,106,939 192,450 2,703,794 194,495 318,690 300,300 j 468,869,101 133,039,685 2,920,258,415 462,979,827 10,003,936 1,480,512,834 210,614,934 3,444,114 378,570,937 92,958 2,033,000 36,845,562 2.340,700 2,069,177 220,000 562,151 4,351,500 34,629,857 1,738,902 10,727,551 55,500 1,058,428 6,732,877 90,659,850 4,038,457 14,604,491 307,100 1,987,351 554 522 378,467,051 4,061,297,461 1,327,364,675 165,346,678 3,354,102,092 1,590,951,199 7,795,868 5,731,878 146,880,993 5,921,806,048 155,473,574 5,271,605,421 44,070,590 122,835,923 52,561,738 46,126,361 118,330,126 171,359,848 707,195,369 2,063,990 32 213,120,373 I 263,586,524 6,435,377 650,200,627 8,592,581 78,655,333 53,029,722 MGO ' I OO Deposits held Dec. SI, 1917, by the 554 national banks in all reserve and oilier cities having a population of over 50,000, for the credit of other banks, State and national, and trust companies, arranged by geographical divisions. Number New England of States. banks. Boston, Mass Bridgeport, Conn. . Fall River, Mass Hartford, Conn Lawrence, Mass Lowell, Mass Lynn, Mass.. Manchester, N. H New Bedford, Mass Providence, R.I Somerville, Mass Springfield, Mass Waterbury. Conn.... Worcester", Mass New Haven, Conn Southern States. $56,428,500 1,044,119 531,461 1,376,300 168,558 602,919 190 775 1,501,307 430,070 1,725,436 98,891 1,237,471 505,330 1,657,491 798,730 $9,868,946 30,146 129,029 134,536 $4,676,543 63 68,297,358 10,491,437 4,676,543 11,739,064 1,385,617 3 12 2 3 1 3 2 5,734,122 155,520 102,196 16,839,580 33,733,704 7,044,569 563,386 56,292 531,847 1,184,277 1,822,011 7,415,985 392,910,865 1 635 670 135'708,002 74,945,917 49,988 11,031,563 72,745 2,276,911 3,411,224 1,943,121 309,881 22,117 2,468 570 14 3 4 4 1 4 3 4 3 7 1 4 < 3 2 Total New England States Albany, N.Y Baltimore, Md Buffalo, N.Y Camden, N. J . . . Elizabeth, N. J Erie, Pa Hoboken, N. J Jersey City, N. J . Newark, N. J Naw-York,N,Y Paterson N JPa Philadelphia, Pittsburgh, Pa Reading, Pa Rochester, N. Y Schenectady, N.Y Scranton, PaSyracuse, N. Y Trenton, N. J TroV.N.Y * Utica, N. Y.. Wilmington, Del Washington, D. C Eastern States. 6 Cities. . 3 8 50 3 30 21 7 j 2 \ 5 3 5 3 3 14 11,427 54,936,457 11,999,153 424,784 234 403 25,054 24,621 Middle States. $11,688,329 • Western States. $1,385,617 Pacific States. 99,047,542 3,902,104 102,949,646 302,898 410,016 246,775 25,513,380 48,764,144 9,411,874 563,386 56,292 535,851 1,184,277 1,822,011 7,677,938 835,706,612 1 635 670 177,026,699 108,768,917 234,403 2,447,105 16,947 1,177,225 497,879 192,555 1,290,910 849,040 671,289 7.449.032 J 52,522 427,846 401,361 25,565,902 49,191,990 9,813,235 563,386 56,292 535,851 1,184,277 1,822,011 7,683,701 1,001,668,108 1 635 670 182,509,325 109,139,465 234,403 2,447,744 16,947 1,177,225 497,879 192,555 1,290,910 879,837 671,289 9,468,163 17,287 11,358 633 29,818 4,004 6,743 130,883,135 156,660 168,583,741 35,394,126 86,553 52,998,288 11,069,012 10,641,707 15,395,570 20,390,212 489,426 1,189,438 2,365,536 1,176,859 657 16,710 4,844 1,855 2,294,282 222,052 9,715 $90,407,562 1,074,265 664,008 1,511,306 168,558 602,919 247,194 1,537,364 569,716 1,796,281 98,891 1,279,580 505,330 1,658,124 828,548 2,457,523 18 102 2,429,738 16,947 1,172,381 496,024 192,555 1,265,856 849,000 671,289 4,616,292 Grand total. $3,902,104 470 24,822 Alaska and foreign countries. $86,505,458 1 074,265 664,008 1,511,306 168,558 602,919 247,194 1,537,364 569,716 1,796,281 98,891 1,279,580 505,330 1,658,124 828,548 $2,457,523 3,518 56 419 17,955 139,646 59,487 Total United States. 282,070 5,763 165,961,496 5,482,626 370,548 639 30,797 2,6i9,i3i © O fed o E W 3 a Wilkes-Barre, Pa , 4 2 Yonkers, N. Y Total Eastern States Atlanta, Ga Birmingham, Ala Charleston, S. C Chattanooga, Tenn Dallas, Tex Fort Worth, Tex Galveston.Tex Houston, Tex ....*. Jacksonville, Fla Louisville, Ky Memphis, Tenn Nashville, Tenn New Orleans, La Norfolk, Va Richmond, Va San Antonio, Tex Savannah, Ga Waco, Tex Total Southern States , , Akron, Ohio Cincinnati, Ohio Cedar Rapids, Iowa Chicago, 111 Cleveland, Ohio Columbus, Ohio Dayton, Ohio Des Moines, Iowa Detroit, Mich Dubuque, Iowa Duluth, Minn Evansville, Ind Fort Wayne, Ind Grand Rapids, Mich Indianapolis, Ind Kansas City, Mo Milwaukee, Wis Minneapolis, Minn St. Joseph, Mo St. Louis, Mo St Paul, Minn Sioux City, Iowa. Toledo, Ohio Youngstown, Ohio Tota Middle Western States 372,636 161,674 196 5~ 2 5 2 5 5 2 6 3 7 4 5 3 4 8 8 2 5 73,647,737 686,636,497 166,054,676 212,402,060 37,417,741 57,869,035 1,234,027,746 174,752,729 7,366 249,528 35,451 672,270 4,765 549,137 13,205 2,725 46,787 37,666 66,001 18,814,105 4,879,690 3,802.678 5,088,911 29,663,083 18,576,326 1,784,730 28,528,737 6,351,269 18,984,899 5,038,563 11,752,927 17,878,447 4,262,698 28,471,312 5,478,218 1,846,566 3,118,354 38,786 156,899 19,266,684 4,915,141 4,479,891 5,102,562 31,236,593 20,015,648 1,795,677 29,288,853 6,388,935 21,274,129 5,435,482 11,786,491 19,361,173 4,488,190 32,931,745 5,492,425 1,849,902 3,118,354 6,558 81 269,709 5,781,651 31.572 7 6,702 431,852 2 8 1 2 12 7 8 7 3 3 3 5 3 3 3 6 13 5 4 4 7 6 6 4 3 127 3,770 51,730 206,843 3,665,035 106,508 1,826 4,058 8,004 156,329 225,492 3,708,679 2,276 3,336 i5,675,98i 4,526,334 113,522 6,873 429,382 214,321,513 14,762,577 .14,002,666 976,798 61,259 98,724 1,457,830 6,324 10,961 3,115 28,445 395; 906 44,370 30,705 288,368 3,950,569 6,206 101,083 87,563 4,114,652 25,838,608 372,636 161,674 1 161,674 :::::::::::::: 50,344 9,660,898 20,970 11,645 23,027 30,520,832 40,546 71,688,116 1,173 8,886 108,614 79,399 50,783 2,171,185 396,919 25,560 926,786 915,759 1,346,718 8,222 662,546 314 65,361 493,486 11,931 4,313,508 335,540 24,620,849 10,775,898 193,431,269 48,058,165 8,185,742 574,245 10,842,721 16,028,719 1,752,907 3,064,808 3,250,080 2,175,131 3,411,901 18,050,419 29,687,940 21,053,031 25,407,193 8,275,493 54,873,249 13,357,875 4,808,332 7,972,010 322,004 510,315,521 334,250 51,425 3,155,505 385,989 607,819 437,280 24,150,386 95,378 17,859 784 4,984 783,723 75,239,230 220,756 18,251,228 7,553,736 9,441,193 11,408,419 7,990,676 9,215 20,835,794 692,710 5,335 328,542 6,604 2,360,162 6,645 1,505,689 32,627 2,025,753 --,502,320 155,604,847 | 30,910,001 228,227,875 342,242 40,454,669 11,213,178 271,761,131 54,455,893 8,362,349 581,118 10,865,915 16,890,209 1,757,891 3,855,135 4,707,910 2,175,131 3,415,016 18,129,208 117,350,460 21,356,734 45,206,460 15,884,883 101,099,964 27,315,366 12,900,091 8,068,788 322,004 798,471,745 146,152 17,604 3,548 300,533 27,664 502,059 24,610 9,482,608 454,931 399.920 25,993 312,022 5,168 11,704 57,877 1,305,516 177,469 427,428 11,408 12.696,654 I 1,408,780,475 19,273,242 4,915,141 4,479,891 5,102,562 31,236,593 20,015.648 1,795', 677 29,435,005 6,406,539 21,274,129 5,435,482 11,790,039 19,661,706 4,488,190 32.931,745 5,520,089 1,849,902 3,118,354 o Pi H o O o 228,729,934 342,242 40,479,279 11,213,178 281,243,739 54,910,824 8,362,349 581,118 10,865,915 17,290,129 1,783,884 4,167,157 4,707,910 2,175,131 3,415,016 18,134,376 117,362,164 21,414,611 46,511,976 15,884,883 101,277,433 27,742,794 12,911,499 8,068,788 322,004 o SI o hrj O d o 811,168,399 O\ Deposits held Dec. SI, 1917, by the 554 national banks in all reserve and other cities having a population of over 50,000, for the credit of other hanks, State and national, and trust companies, arranged by geographical divisions—Continued. Cities. Number New England of States. banks. Denver, Colo Kansas City, Kans Lincoln, Nebr Muskogee, Okla Oklahoma City, Okla Omaha, Nebr Pueblo, Colo Topeka, Kans Tulsa, Okla Wichita, Kans Total Western States Eastern States. Southern States. Middle Western States. Western States. Pacific States. 117,935,007 39,150 293,209 142,198 1,526,977 6,297,796 105,170,351 4,797,685 117,935,007 1,772 Los Angeles, Cal Oakland, v ^ a v a j v i o t i i u . Cal. i . . . . . . . . . . Ogden, Utah Salt Lake City, Utah.. Portland, Oreg San Francisco, Cal Seattle, Wash Spokane, Wash , T.acoma, Wash 102,876 100,551 417,909 30,765 19,196 489,205 848,396 84,804 1,580,687 211,149 900,110 20,315 21,515,690 3,610,147 2,126,286 5,544,670 10,210,700 80,969,067 10,773,222 7,529,271 929,736 22,138,798 3,610,147 2,646,256 6,555,624 10,295,796 84,227,449 11,096,241 8,433,963 950,051 $82,768 143,208,789 11,019 627,409 13,823 14,921 143,362 292 371,127 28,500 1,071 328,255 $11,826 722,665 26,602 1,373 5,630 5,197,341 895,545 83,370 3,511 2444i98 75,763 19,881 Grand total. $21,141,602 5,568, 111 5,837,985 3,658,466 13,025,143 39,044,942 3,910,293 2,475,473 10,404,450 12,868,542 54,578 520,797 $237,758 46,672 1,747 46 Alaska and foreign countries. $21,141,602 5,568, 111 5,837,985 3,658,466 13,025,143 39,044,942 3,910,293 2,475,473 10,404,450 12,868,542 $18,525,099 4,790,985 5,808,943 3,646,074 12,392,104 31,387,833 3,819,609 2,455,592 10,310,722 12,033,390 $140,451 $2,226,468 7,789 2,440 Total United States. $28,119 7,948 69 26,843 7,593,647 1,047,536 11,781 10,772 22,166,917 3,618,095 2,646,325 6,555,624 10,322,639 91,821,096 12,143,777 8,445,744 960,823 D O W H O o o 3 o t-1 Total Pacific States.. 82,768 546,124 431,131 146,344,178 8,718,767 158,681,040 Total United States. 146,412,224 729,436,515 458,698,956 746,200, 887 307,286,636 239,629,022 2,624,054,093 200,572,313 2,828,244,501 W 4,676,543 166,054,676 214,321,513 71,688,116 1,526,977 431,131 11,739,064 212,402,060 4,313,508 510,315,521 6,297,796 1,132,938 1,385,617 37,417,741 3,155,505 155,604,847 105,170,351 4,552,575 99,047,542 2,457,523 57,869,035 1,234,027,746 228,227,875 385,989 798,471,745 30,910,001 • 4,797,685 117,935,007 146,344,178 143,208,789 3,902,104 174,752,729 502,059 12,696,654 d w 8,718,767 102,949,646 1,408,780,475 228,729,934 811,168,399 117,935,007 158,681,040 746,200,887 785,186,124 307,286,636 324,731,105 239,639,022 2,624,054,093 270,515,335 2,654,892,413 200,572,313 272,105,510 2,828,244,501 2,926,997,923 38,985,237 17,444,4 71,533,197 98,753,422 1,132,938 4,552,575 RECAPITULATION. New England States. Eastern States Southern States Middle States Western States Pacific States 63 196 81 127 46 41 68,297,358 73,647,737 269,709 4,114,652 82,768 10,491,437 686,636,497 5,781,651 25,838,608 142,198 546,124 Total United States Total United States Dec. 27,1916.. Increase.. Decrease . 554 522 146,412,224 139,815,626 729,436,515 704,907,019 458,698,956 429,737,204 32 6,596,598 24,529,496 28,961,752 30,886,313 30,838,320 B 47 KEPORT OF THE COMPTROLLER OF THE CURRENCY. GROWTH OF NATIONAL BANKS AS SHOWN ON SUCCESSIVE CALLS SINCE 1913. The following table shows the growth in the aggregate resources and liabilities and in the various items making up the total since the Federal Reserve System went into effect. The first figures given are those shown by the fall report of the year preceding the establishment of the Federal reserve banks; next come the first figures rendered after the establishment of the reserve banks, the fall calls for 1915, 1916, and 1917, and four calls for 1918. It will be noted that because of the reduction of reserve requirements $577,270,000 less cash is held than on October 21, 1913, while between the date of the opening of the Federal reserve banks, November 16, 1914, and August 31, 1918, balances with Federal reserve banks were built up from nothing to an aggregate amount of $1,307,747,000. During the period from October 21, 1913, to August 31, 1918, the combined capital, surplus, and profits increased by $277,959,000; total deposits increased from $8,346,011,000 to $13,885,759,000, and loans and discounts from $6,288,338,000 to $10,111,113,000. Liabilities of national banks on account of acceptances, which were not authorized prior to the passage of the Federal Reserve Act, amounted to $243,772,000 on August 31, 1918. Principal items of assets and liabilities of national banks, 1913-1918. [In thousands of dollars.] Central reserve citybanks. Other reserve city banks. 1,348,251 1,453,275 2,060,444 2,343,162 2,649,534 2,744,292 2,547,123 2,599,941 2,877,665 2,883,871 Date. 1,649,905 1,702,882 1,870,810 2,383,982 2,871,016 2,890,545 2,976,642 3,053,565 3,131,001 3,127,062 3,290,182 3,207,278 3,309,886 3,676,511 4,277,234 4,246,488 4,050,583 4,087,405 4,139,673 4,100,180 6,288,338 6,363,435 7,241,140 8,403,655 9,797,784 9,881,325 9,574,348 9,740,911 10,148,339 10,111,113 187,783 196,955 193,328 175,530 348,449 203,891 363,761 416,971 365,025 465,656 527,264 516,321 507,927 494,990 568,343 503,499 683,617 716,357 657,934 892,193 800,525 795,078 777,765 724,473 1,651,262 1,014,903 1,645,118 1,796,194 1,386,251 1,787,378 Countrybanks. LOANS AND DISCOUNTS. [Including overdrafts and rediscounts.] Oct. 21,1913.. Dec. 31,1914.. Nov. 10,1915. Nov. 17,1916. Nov. 20, 1917. Dec. 31, 1917.. Mar. 4,1918.. May 10,1918.. June 29, 1918. Aug. 31, 1918. UNITED STATES BONDS. Oct. 21, 1913.. Dec 31,1914. Nov. 10, 1915. Nov. 17,1916. Nov. 20,1917! Dec. 31, 1917. Mar. 4,1918.. May 10,1918. June 29, 1918. Aug. 31, 1918. 1 85,478 81,802 76,510 53,953 734,470 307,513 597,740 662,866 363,291 429,529 Includes Liberty loan bonds. 48 REPORT OF THE COMPTROLLER OF THE CURREKCY. Principal items of assets and liabilities of national banks, 1913-1918—Continued. [In thousands of dollars.] Date. Central reserve city banks. Other reserve city banks. Aggregate. LIBERTY LOAN BONDS. 138,961 117,353 106,941 188,408 178,4.79 142,859 172,799 130,718 106,870 232,462 171,866 161,958 391,161 361,555 261,720 440,459 380,189 363,231 702,921 609,626 475,531 861,329 730,534 668,048 207,335 230,281 285,736 345,693 405,830 393,853 367,733 343,456 335,349 311,025 251,802 317,478 324,254 402,420 427,400 415,882 437,370 421,696 421,081 410,632 647,950 722,164 733,832 961,843 1,073,552 1,061,232 1,010,237 992,436 984,415 973,413 1,107,087 1.270,443 i;343,822 1,709,956 1,906,782 1,870,967 1,815,348 1,757,580 1,740,845 1,695,070 10,178 10,507 10,941 11,180 11,456 11,518 11,518 11,519 14,139 14,337 15,210 15,252 16,212 16,430 16,500 16,690 29,200 29,252 29,547 29,501 28,551 2S,808 28,964 29,050 53,517 54,126 55,698 55,933 56,219 56,756 56,982 57,259 133,560 211,776 234,067 488,006 471,915 499,481 561,154 515,948 59,992 73,459 194,654 389,899 405,907 414,916 428,353 412,262 441,465 67,908 80,951 220,450 364,914 367,149 356,200 348,512 340,033 350.334 261,460 366,186 649,171 1,242,819 1,268,862 1,243,031 1,276,346 1,313=, 449 1,307,747 242,575 185,319 210,470 285,619 247,365 244,470 252,550 225,976 207,229 213,861 Nov. 20,1917. Dee. 31,. 1917.. Mar. 4,1918.. May 10,1918.. June 29,1918. Aug. 31,1918. 586,402 444,400 708,259 788,380 685,801 696,651 703,337 615,798 611,941 601,253 710,834 529,271 684,494 944,767 837,018 865,465 874,795 657,956 643,243 712,682 1,539,871 1,158,996 1,603,223 2,018,766 1,770,184 1,806,586 1,830,682 1,499,730 1,462,413 1,527,796 380,796 264,340 445,632 358,231 118,588 126,467 103,608 111,05a 93,560 256,236 209,35? 204,8© 217,97a 148,695 152,697 304,374 267,010 269,905 282,064 248,837 252,962 941,408: 734,706 920,380 858,273 516,120 532,126 449,719 463,494 382,701 364,136 OTHER BONDS. Oct. 21,1913.. Dee. 31,1914.. Nov. 10,1915.. Nov. 17,1916.. Nov. 20,1917.. Dec. 31,1917.. Mar. 4,1918... May 10^ 1918.. June 29,1918. Aug. 31, 1918. STOCK IN FEDERAL RESERVE BANKS. Nov. 10,1915.. Nov. 17,1916,. Nov. 20,1917.. Dec. 31,1917.. Mar. 4,1918.. May 10,1918.. June 29,1918. Aug. 31,1918. DUE FROM FEDERAL RESERVE BANKS.l Dec. 31,1914.. Nov. 10,1915. Nov. 17,1916. Nov. 20,1917. Dec. 31,1917.. Mar. 4,1918.. May 10,1918.. June 29,1918. Aug. 31,1918. DUE FROM ALL OTHER BANKS. Oct. 21,1913.. Dae 31,1914.. Nov. 10,19115. Nev. 17,1910., Nov. 20,1917. Dec 31,1917.. Mar. 4,1918,. May 10,1918.. June 29,1918. Aug. 31,1918. TOTAL CASH IN BANKS. Oct. 21,1913.. Dee. 31,1914.. Nov. 10, 1915. Nov. 17,1916. Nov. 20,1937. Dec. 31,1917.. Mar. 4,1918.. May 10,1918.. June 29,1918. Aug. 31,1918. 223,267 129,174 183,073 136.068 176,766 99,677 1 Includes items with Federal reserve bank in process of collection. BEFOBT OF THE COMPTBOIXEB OF THE CTJBBENCY. 49 Principal items of assets and liabilities of national banks, 1913-1918—Continued. lln thousands of dollars.] Central reserve city banks. Other reserve city banks. 2,485,195 2,599,688 3,684,992 4,176,732 5,247,833 5,161,217 5,064,281 5,194,522 5,018,456 4,995,053 3,102,543 3,154,413 3,644,370 4,469,025 5,419,224 5,345,190 5,557,125 5,708,527 5 643,709 5,728,724 5,713,820 5,602,985 5,906,969 6,923,002 8,133,353 8,042,317 7,815,042 7,816,024 7,693,426 7,922,969 11,301,558 11,357,086 13,236,331 15,568,759 18,800,410 18,548,724 18,436,448 18,719,113 18,354,942 18,646,746 182,650 175,900 177,290 182,650 188,200 191,850 190,850 189,850 189,850 189,850 263,018 280,963 283,311 281,736 293,686 293,338 311,472 313,102 313,356 315,763 613,735 609,088 608,048 606,730 610,321 607,418 592,016 593,980 595,350 596,226 1,059,403 1,065,951 1,068,649 1,071,116 1,092,207 1,092,606 1,094,338 1,096,932 1,098,556 1,101,839 225,640 225,359 234,091 252,157 293,167 290,126 299,903 307,321 308,352 323,358 254,142 262,985 268,115 279,097 315,246 306,217 335,108 343,712 341,924 354,422 527,796 520,517 537,908 559,520 603,456 565,375 553,287 570,013 559,420 565,321 1,007,578 1,008,861 1,040,114 1,090,774 1,211,869 1,161,718 1,188,298 1,221,646 l,,209,696 1,243,101 76,978 87,844 63,634 46,995 46,542 49,448 49,121 51,140 51,145 49,630 163,959 222,655 172,078 157,166 159,986 161,689 175,628 177,692 177,336 172,766 486,142 538,308 477,754 461,098 463,134 463,117 447,412 451,613 453,150 451,805 727,079 848,807 713,466 665,259 669,662 674,254 672,161 680,445 681,631 674,201 965,229 878,377 1,467,834 1,553,234 1,373,243 1,385,336 1,434,288 1,362,795 1,379,362 1,349,552 Date. 918,624 755,368 972,339 1,363,209 1,298,390 1,358,961 1,436,544 1,198,585 1,130,492 1,214,721 297,183 236,026 269,501 432,312 435,884 449,400 430,400 326,221 292,229 321,663 2,181,036 1,869,771 2,709,674 3,348,755 3,107,517 3,193,697 3,301,232 2,887,601 2,802,083 2,885,936 992,365 1,175,524 1,618,422 1,960,715 2,789,524 2,636,302 2,495,500 2,630,923 2,525,505 2,290,436 1,304,136 1,415,490 1,660,375 2,015,366 2,646,858 2,466,002 2,519,292 2,797,804 2,778,831 '2,646,452 2,683,682 2,604,461 2,793,046 3,347,997 3,972,572 3,851,406 3,752,066 3,726,045 3,571,601 3,665,444 4,980,183 5,195,475 6,071,843 7,324,078 9,358,954 8,953,710 8,766,858 9,154,772 8,875,937 8 602,332 Country banks. Aggregate. AGGREGATE ASSETS (INCLUDING REDISCOUNTS) Oct. 21,1913 Dec. 31,1914 Nov. 10, 1915 Nov. 17.1916 Nov. 20, 1917 Dec. 31, 1917 Mar. 4,1918 May 10, 1918 June 29,1918 Aug. 31, 1918 CAPITAL STOCK. Oct. 21,1913 Dec. 31,1914 Nov. 10,1915 Nov. 17,1916 Nov. 20,1917 Dec. 31,1917 Mar. 4,1918 May 10,1918 June 29,1918 Aug. 31,1918 SURPLUS AND OTHER PROFITS. Oct. 21,1913 Dec. 31,1914 Nov. 10,1915 Nov. 17,1916 Nov. 20, 1917 Dec. 31,1917 Mar. 4,1918 May 10,1918 June 29,1918 Aug. 31, 1918 , , CIRCULATION OUTSTANDING. Oct. 21,1913 Dee. 31,1914 Nov. 10,1915 Nov. 17,1916 Nov. 20, 1917 Dec. 31,1917 Mar. 4,1918 May 10,1918 June 29,1918 Aug. 31, 1918 DUE TO ALL BANKS. Oct. 21, 1913 Dec. 31,1914 Nov. 10, 1915 Nov. 17,1916 Nov. 20,1917 Dec. 31,1917 Mar. 4,1918 May 10,1918 J unc 29,1918 A tig. 31, 1918 DEMAND DEPOSITS. [Including U. S. deposits.] Oct. 21,1913.. Dec. 31,1914.. Nov. 10, 1915., Nov. 17, 1916. Nov. 20,1917. Dec. 31,1917.. Mar. 4,1918.., May 10,1918.. June 29,1918. Aug. 31,1918.. 50 REPORT OF THE COMPTROLLER OF THE CURRENCY. Principal items of assets and liabilities of national banks, 1913-1918—Continued. (In thousands of dollars.] Date. Central reserve city banks. Other reserve city banks. Country banks. TIME DEPOSITS. 15,113 17,922 39,781 76,272 121,917 134,678 145,570 133,644 125,951 133,055 157,588 171,037 215,739 287,922 362,742 365,561 397,971 390,934 392,302 409,557 1,012,091 982,263 1,120,436 1,452,252 1,797,206 1,798,043 1,827,138 1,818,169 1,825,336 1,854,879 1,184,792 1,171,222 1,375,956 1,816,446 2,281,865 2,298,282 2,370,679 2,342,747 2,343 589 2,397,491 1,972,707 2,071,823 3,126,037 3,590,221 4,284,684 4,156,316 4,075,358 4,127,362 4,030,818 3,773,043 2,380,348 2,341,895 2,848,453 3 666,497 4,307,990 4,190,524 4,353,807 4 387,323 4,301,625 4,270,730 3,992,956 3,822,750 4,182,983 5,232,561 6,205,662 6,098,849 6,009,604 5,870,435 5,689,166 5,841,986 8,346,011 8,236,468 10,157,473 12,489,279 14,798,336 14,445,689 14,438,769 14,385,120 14,021,609 13,885,759 749 8,386 871 10,619 66,447 143,416 146,558 143,162 123,560 161,495 2,551 6,732 4,292 14,407 95,041 188,156 171,223 200,412 216,868 246,318 13,216 20,469 37,725 23,528 85,725 143,844 103,756 125,634 175,012 195,328 16,516 35,587 43,888 48,554 247,213 475,416 421,537 469,208 515,440 603,141 7,249 5,860 3,407 336 174,188 106,179 106,944 154,125 90,832 272,923 14,315 15,374 5,424 2,383 94,791 63,782 61,579 103,204 126,717 195,752 62,380 75,622 51,736 22,398 83,753 96,471 66,836 117,634 150,285 222,189 83,944 96,856 60,576 25,117 352,732 266,432 235,359 374,963 367,834 690,861 40,208 14,837 17,866 19,846 18,518 15,957 10,860 11,486 Oct. 21, 1913.. Dec. 31, 1914., Nov. 10, 1915. Nov. 17,1916. Nov. 20, 1917., Dec. 31,1917.. Mar. 4,1918.., May 10,1918.. June 29, 1918. Aug. 31, 1918. 34,611 15,283 20,583 16,853 17,990 15,769 14,672 12,647 592 1,252 1,239 940 630 715 708 652 75,741 31,372 39,688 37,639 37,138 32,441 26,240 24,785 16,634 57,171 76,373 113,457 115,911 129,971 119,160 125,347 10,004 35,393 66,241 87,121 98,901 104,464 101,825 109,947 170 5,667 11,031 16,612 15,352 15,888 12,820 8,478 26,808 98,231 153,645 217,190 230,164 250,323 231,805 243,772 TOTAL DEPOSITS. Oct 21, 1913.. Dec. 31,1914.. Nov. 10,1915., Nov. 17, 1916., Nov. 20, 1917., Dec. 31,1917.. Mar. 4,1918... May 10,1918.. June 29,1918., Aug. 31,1918., NOTES AND BILLS REDISCOUNTED. Oct. 21, 1913.. Dec. 31, 1914.. Nov. 10,1915., Nov. 17,1916., Nov. 20,1917. Dec. 31,1917.. Mar. 4,1918... May 10,1918.. June 29, 1918., Aug. 31, 1918., BILLS PAYABLE. Oct. 21,1913.. Dec. 31,1914.. Nov. 10,1915. Nov. 17.1916. Nov. 20,1917. Dec. 31,1917.. Mar. 4,1918.., May 10,1918.. June 29,1918., Aug. 31, 1918.. LETTERS OF CREDIT. Oct. 21, 1913.. Dec. 31,1914.. Nov. 10,1915. Nov. 17,1916. Nov. 20,1917. Dec. 31,1917.. Mar. 4.1918.. •May 10,1918. . June 29,1918. Aug. 31,1918. ACCEPTANCES. Oct. 21,1913.. Dec. 31,1914.. Nov. 10,1915. Nov. 17,1916. Nov. 20,1917. Dec. 31,1917.. Mar. 4.1918.. May 10,1918.. June 29,1918. Aug. 31,1918. EEPORT OF THE COMPTROLLER OF THE CURRENCY. 51 PRODUCTIVITY OF LOANS AND BOND INVESTMENTS OF NATIONAL BANKS. Gross assets of national banks, as shown by the returns of June 29, 1918, were $18,354,942,000. Their loans and discounts were $10,148,339,000 and their investments in bonds, stocks, and other securities $3,957,272,000; or a total of these assets of $14,105,611,000, over 76 per cent of gross assets. It will be noted by reference to the table following that the gross earnings were equivalent to an average of 5.77 per cent of the amount of loans and investments in bonds, stocks, and other securities. The percentage ranged from a minimum of 5.34 per cent for banks in Eastern States to a maximum of 7.38 per cent in the Western States. [In thousands of dollars.] New England States Eastern States Southern States Middle Western States. Western States Pacific States Alaska and Hawaii Bonds, etc. 787,551 4,006,096 1,266,639 2,623,416 765,228 696,282 3,127 286 420 1,926 300 425 052 855 213 197 957 264, 142 2, 188 10,148,329 Division. Loans (including overdrafts and rediscounts). 3,957, 272 Gross Total investments. earnings. Per cent, of gross earnings to total investments. 073,971 932,396 691,691 478,629 963,185 960,424 5,315 57, 610 316, 557 108, 534 202, 422 71, 103 57, 407 364 5.36 5.34 6.42 5.82 7.38 5.98 6.85 14 105,611 813, 997 5.77 1 5 1 3 FOREIGN BRANCHES OF NATIONAL BANKS. Under authority of section 25 of the Federal Reserve Act, as amended, the Federal Reserve Board has authorized the First National Bank of Boston, Mass., to establish a foreign branch at Buenos Aires, Argentine Republic, and the National City Bank of New York has been authorized to establish the following foreign branches and subbranches: Branch at Buenos Aires, Argentine Republic. Subbranch at Montevideo, Urugua}^. Branch at Rio de Janeiro, Brazil. Subbranches at Santos, Sao Paulo, Pernambuco, Para, and Bahia, Brazil. Branch at Habana, Cuba. Subbranches at Santiago, Matanzas, Cienfuegos, Guantanamo, Camaguey, Cardenas, Manzanillo, Cuba; Kingston, Jamaica; and Santo Domingo, Santo Domingo. Branch at Valparaiso, Chile. Subbranches at Antofagasta and Santiago, Chile. Branch at Genoa, Italy. Subbranches at Turin, Milan, Venice, Florence, Rome, Naples, and Palermo, Italy. Branch at Petrograd, Russia. Subbranches at Moscow, Odessa, Warsaw, Riga, Baku, Astrakhan, Vladivostok, Sevastopol, Helsingfors, and Vilna, Russia. Branch at Lima, Peru. Subbranches at Payta, Callao, and Mollendo, Peru. Branch at Caracas, Venezuela. Subbranches at La Guaira, Porto Cabello, and Maracaibo. 52 BEPOET OF THE COMPTROLLER OF THE CTJRBENCY. In March, 1918, the Commercial National Bank of Washington, D. C, disposed of its foreign branches, which were located at Cristobal and Panama, to the American Foreign Banking Corporation. During the past year all of the South American branches of the national banks were examined for the first time by a national bank examiner sent to South America for that purpose. The following table shows the principal items of assets and liabilities of forei^i branches of national banks, as shown by their reports of condition for June 29, 1918, or the date nearest thereto for which a report has been received: Condition of foreign branches of national banks on June 2.9, 1918. [In thousands of dollars.] Foreign branches of the National City Bank, New York, N. Y. Sao Paulo, Brazil Riode Santiago Buenos Havana, de Cuba, Aires, Ar- Monte- Janeiro, video, Cuba. Cuba. gentina. Uruguay. Brazil. Santos, Brazil. 15,246 1,828 5,217 1,461 697 918 24 610 27 700 8 260 13 745 37 4,928 6,562 2,211 (June 28, 1918). Bahia, Brazil. RESOURCES. Loans and discounts ( i n c l u d i n g overdrafts) Letters of credit and acceptances Bonds Furniture and fixtures and real estate owned Due from home office. 7,086 11,685 1,509 1,028 296 2 1340 284 23 749 128 112 419 603 10 228 33 160 2 468 7,580 7 1,410 10 8,278 834 21,456 2,617 22,388 .1,000 250 1,000 Due from other banks Checks and cash items Cash Other assets Aggregate 411 40 6 44 8 583 2,133 569 3,517 LIABILITIES. Capital Profits (including amounts reserved for taxes and interest accrued) Due to home office... Due to branches Due to other banks.. Individual deposits.. Bills payable Letters of credit and acceptances.. Other liabilities Aggregate 1,000 165 850 176 135 5,845 3 825 93 99 85 77 903 36 598 780 892 17,987 363 792 1,295 4,182 10,416 736 5,788 1,252 2,389 647 137 1,414 329 495 3,956 207 984 395 62 45 4 2 324 11 9 186 22 6 24 3 8,278 834 21,456 2,617 22,388 4,928 6,562 2,211 EEPOEX OF THE COMPTROLLER OF THE CURRENCY. 53 Condition of foreign branches of national banks on June 29, 1918—Continued. [In thousands of dollars.] Foreign branches of the National City Bank, New York, N. Y. ValCaracas, Venezuela. paraiso, Chile. San Juan, Puerto Rico. PetroGenoa, Italy. Russia (May 10, 1918). First National Bank Boston, Moscow, Mass., Russia Buenos (May 10, Aires, Ar1918). gentina. RESOURCES. Loans and discounts ( i n c l u d i n g overdrafts) Letters of credit and acceptances Bonds Furniture and fixtures and real estate owned Due from home office. Due from branches Due froni other banks. Checks and cash items Cash . ... Other assets Aggregate 490 9 11 501 1 1 939 76 223 722 2 952 14 403 89 22 1 6 876 2 1,565 234 850 17 19 1 21,305 222 1,704 8 102 13 36 1,593 4,925 31,244 2,064 17,668 1,000 3 650 5 19 2 15 51 1S2 120 245 336 3,493 334 515 250 13,636 15,754 1,940 1 323 15,912 77 105 107 4,925 31,244 2,064 4 149 5 35 3 143 29 5 941 2 178 6 52 16 137 3 706 13,355 370 29 • 1,608 7 LIABILITIES. Capital P r o f i t s (including amounts reserved for taxes and interest accrued) Due to home office Due to branches Due to other banks... Individual deposits... Bills payable Letters of credit and acceptances Other liabilities Aggregate 1 2 1,000 17 2,321 5 1 5,398 245 36 416 9 706 2 15 4,598 • 13,355 Real estate owned. Time drafts of this bank outstanding. 370 a 200 17,668 Guarantee for branches in Russia. NET EARNINGS AND DIVIDENDS OF NATIONAL BANKS. Under the law national banking associations are required to-make periodical reports of their earnings and dividends to the Comptroller of the Currency, every bank being required to submit a report within 10 days after the declaration of any dividend. While there are a few exceptions, a majority of the banks declare dividends semiannually. The national banks also make reports of earnings and dividends for the six months' periods ending June 30 and December 31 of each year, and in volume 2 of this report abstracts of these statements will be found, together with a statement showing the average capital and surplus, the net earnings, and dividends declared annually irom 1869 to 1918, inclusive. Based upon the returns for the year ended June 30, 1918, it appears that the aggregate capital of the 7,691 banks reporting their earnings and dividends was $1,098,264,000; surplus, $816,801,000; net earnings, $212,332,000; and dividends declared, $129,778,000. 54 REPORT OF THE COMPTROLLER OF THE CURRENCY. Based upon the capital stock, dividends were paid at an average rate of 11.82 per cent; based upon capital and surplus, 6.78 per cent. The net earnings for the year are shown to have been 11.09 per cent on the capital and surplus. During the years 1915 and 1916 the average dividends to capital were a fraction in excess of 10 per cent, while in 1917 and 1918 they exceeded 11 per cent. The average rate of dividends to capital during the 49 years ended June 30 last is shown to have been 9.57 per cent, and based upon capital and surplus, an average rate of 6.54 per cent. OEGANIZATION AND LIQUIDATION OF NATIONAL BANKS. In the table following appears a statistical history from 1863 to 1918, inclusive, of the organization and liquidation of national banks, together with the net yearly increase or decrease in number and capital of banks: Number and authorized capital of national banks organized and the number and capital of banks closed, in each year ended October 31 since the establishment of the national banking system, with the yearly increase or decrease. Closed. Organized. Year. No. 1863 1864 1865 •1866 1867 1868 1869 1870 1871 1872 1873 1874 1875 1876 1877 1878 1879 1880 1881 1882 1883 1884 1885 1886 •18i7 1888 1889 1890 1891 1892 1893 1894 1895 1895 1897 1898 1899 1900 1901 Capital. 134 $16,378,700 453 79,366,950 1,014 242,542,982 62 8,515,150 10 4,260,300 12 1,210,000 9 • 1,500,000 22 2,736,000 170 19,519,000 175 18,988,000 68 7,602,700 71 6,745,500 107 12,104,000 36 3,189,800 29 2,589,000 28 2,775,000 38 3,595,000 57 6,374,170 86 9,651,050 227 30,038,303! 262 28,654,350| 191 16,042,2301 145 16,938,0001 174 21,358,000; 225 30,546,000 132 12,053,000 211 21,240,000' 307 36,250,000 193 20,700,000 163 15,285,000 119 11,230,000 50 5,285,000 43 4,890,000 28 3,245,000 44 4,420,000 56 9,665,000 78 16,470,000 19,960,000 21,554,500 In voluntary liquidation, including those consolidated with national and other banks. No. Capital. Net yearly increase. Net yearly decrease. Insolvent. No. $330,000 650,000 2,160,000 2,445,500 3,372,710 2,550,000 1,450,000. 2,180,500 3,524,700 2,795,000 3,820,200 2,565,000 2,539,500 4,237,500 3,750,000 570,000 1,920,000. 16,120,000 7,736,000 3,647,250 17,856,590 1,651,100 2,537,450 4,171,000 4,316,000 5,050,000 4,485,000 6,157,500 6,035,000 10,475,000 6,093,100 3,745,000 9,659,000 12,509,000 24,335,000 12,474,950 7,415,000 Capital. No. II $50,0001 2| 500,000! 7| 1,370,000. 3! 210,000'. 1 50,000 ! . 1 250,000 6! 111 3 5 9 10 14 - 1,806,100 3,825,000! 250,000; 1,000,000; 965,000. 3,344,000;. 2,612,500. 1,230,000. 700,000 3j 1,561,3001 2! 250,000 1,285,000 600,000 650,000i 1,550,0001 1,900,000 250,000 750,000 25 3,622,000 17 2,450,0 6510; 910; 0 2,770, WVJ . 5,235,020. 3,805,000. 5,851,500. 1,2 0,0 0 0 0 1,200,000. 850,000 1,800,000 1,760,0001 Capital. No. Capital. $16,378,700 79,366,950 242,162,982 7,365,150! 730,300 7 159| 158 36! 48 64 18,069, 0 0 0 . 15,001, 4 0 0 . 253: OOO1,. 3,700 500J. 7,283! 8 0 0 . $1,445,500 1,922,710 64,000 340,200 3,294,500 4,075,000 1,385,000 146 220 150 56! 141! 192 90 168 248 127 93 5,104, 1 7 0 . 7,731, 050|. 12,357, 000.. 20,668, 350*. 11,109, 19,056, 900:. 26,458, 5 5 0 . 5,982, 000L 16,674, OOOj. 30,450, 000 1 . 12,593, 000;. 6,677, 500|. 1,518,590 5,715,000 7,960,000 6,338,120 4,405,000 11,090,500 4,044,000 8,715,000 5,685,050 12,379,500 55 EEPORT OF .THE COMPTROLLER OF THE CURRENCY. Number and authorized capital of national banks organized and the number and capital of banks closed in each year ended October 31 since the establishment of the national banking system, with the yearly increase or decrease—Continued. Closed. Organized. Year. Capital. No. No. Capital. • 71 $22 190,000 79 30,720,000 65 20 285 000 121 24,409,500 81 13,223,000 84 11,745,000 80 12,415,000 149 14,225,850 113 29,123,500 98 11,010,000 83 21,605,250 80 14,571,010 113 26,487,000 82 13,795 000 135 14,828,000 107 14,367,500 68 16,165,000 470 $31 130 000 553 34,333,500 431 21 019 300 508 33,532,500 455 21,413,500 516 34,967,000 326 22,823,000 309 22,830,000 311 30,760,000 214 12,840.000 188 16,080) 000 172 10,175,000 195 18,675,000 144 9 689 500 122 6,630,000 176 11)590,000 164 13,400,000 1902 1903 1904 1905 1906 1907 1908 1909 1910 1911 1912 1913 1914 1915 1916 1917 1918 Aggregate Deduct decrease In voluntary liquidation, including those consolidated with national and other banks. Net yearly increase. Net yearly decrease. Insolvent. No. Capital. o T> 90 22 8 7 24 9 ft 3 8 6 91 14 13 7 2 No. $450 000 3,480,000 1 535 000 2,035,000 680,000 775,000 6,560,000 768,500 875,000 275,000 1,100,000 4,350,000 1,810,000 1 830 000 805,000 1,230,000 250,000 397 469 346 363 366 425 222 151 192 113 97 86 61 48 Capital. No. Capital. $8 490 000 133,500 $800 700 7,088,666 7,510,500 22,447,000 3,848,000 7,835,650 761,500 1,555,000 26 62 94 6,625 250 8,746,010 9,622 000 5 935 500 9,003,000 4,007,500 3,015,000 11,258 1,147,355,982 2,942 518,495,160 *588 96,020,920 8,035 642,907,982 307 110,068,080 307 110,068,080 7,728 532,839,902 Net increase Add for banks restored to solvency 37 777T Total net increase . . . . . . 10,535,000 7,765 2543,374,902 * Includes 37 banks restored to solvency. 2 Changes due to increases and decreases in capital stock of existing banks do not appear in this table. The total authorized capital stock on Oct. 31 was $1,108,124,065, the paid-in capital, $1,107,854,934, including the capital stock of liquidating and insolvent banks which have not deposited lawful money for the retirement of their circulating notes Number of national banks organized, in liquidation, insolent, and in operation, with bonds on deposit, and circulation issued, redeemed, and outstanding on Oct. 31,1918. Circulation. Banks. State or Territory. United States In liq- In op- bonds on Organ- Insol- uida- eradeposit. ized. vent. tion. tion. Ill 71 • " 4 ' 75 7 323 15 65 1 111 5 Maine. New Hampshire Vermont Massachusetts Rhode Island Connecticut Eastern States 63 55 48 157 17 67 $5,540,750 5,616,500 4,320,500 21,172,200 4,617,500 12,990,350 $110,184,830 85,269,015 89,292,990 738)072,675 137,602,875 256,701,030 Redeemed. Outstanding. $104,120,619 79,794,725 84,867,002 712,671,332 132,172,423 242,748,255 $6,064,211 5,474,290 4,425,988 25,401,343 5,430,452 13,952,775 32 317 407 54,257,800 1,417,123,415 1,356,374,356 60,749,059 742 50 243 10 1,028 44 28 . . . . . . 125 26 3 211 31 147 9 27 9 481 202 837 19 97 14 77.796.150 1,469,374,975 244,491,920 14,613,570 85,267,650 1,126,224,385 22,880,375 1,127,750 181,123,620 9,033,740 63,765,940 6,258,000 1,383,132,061 228,081,269 1,039,911,868 21,910,919 171,009,865 56,113,456 86,242,914 16,410,651 86,312,517 969,456 10,113,755 7,652,484 2,192 434 1,650 194,096,860 3,107,861,215 756 New England States. New York New Jersev Pennsylvania Delaware.. Maryland District of Columbia.. 48 12 20 151 47 39 Issued. 108 2,900,159,438 207,701,777 56 REPORT OF THE COMPTROLLER OF THE CURRENCY. Number of national banks organized, in liquidation, insolvent, and in operation, with bonds on deposit, and circulation issued, redeemed, and outstanding on Oct. SI, 1918— Continued. Bank. State or Territory. \ 188 147 111 95 150 80 136 58 70 812 95 211 171 6 5 6 1 10 13 9 2 7 34 6 6 8 2,324 113 598 381 632 228 215 369 474 233 31 15 22 16 6 10 16 12 Middle States 3,130 128 North Dakota South Dakota Nebraska ' Kansas Montana Wyoming. Colorado New Mexico Oklahoma 208 167 334 383 164 47 178 63 538 14 12 22 37 11 2 13 5 8 2,082 124 Virginia... W est, Virginia North Carolina South Carolina Georgia Florida. . Alahama Mississippi.. Louisiana TexasArkansas Kentucky Tennessee. Southern States Ohio Indiana Illinois Michigan.. Wisconsin... Minnesota Iowa Missouri.... Western States 24 157 7 113 8 339 83 • 3 1 33 2 15 1 24 3 Washington Oregon California Idaho Utah.... Nevada Arizona. Alaska.. Pacific States 767 6 1 Hawaii Porto Rico.. 7. Island possessions... United States Circulation. United States In liq- In op- bonds on Organ- Insol- uida- era- deposit. ized. vent. tion. tion. 11,258 32 26 22 13 42 12 35 23 30 235 12 73 56 150 116 83 81 98 55 92 33 33 543 77 132 107 Issued. $15,847,610 $144,667,030 9,232,500 84,399,970 6' 551,610 67,769,970 6,572,250 57,145,505 10,715,900 112.316,900 5,908,750 44,718,390 9,448,350 81,020,590 2,740.250 25,555,990 4,758,250 56,941,450 40,477,520 290,045,070 3,503,020 22,969,710 15,729,950 169,815,575 11,265,490 100,696,900 611 1,600 142,751,450 1,258,063,050 196 108 140 107 62 61 104 89 371 258 470 105 147 298 354 132 45,595,190 26,590,120 27,102,560 10,581,200 12,442,160 13,328,360 18,829,080 22,086,600 Outstanding. $126,749,540 74,060,951 60', 208,946 50,160,595 101,550.218 39,710,423 69,855,283 23,209,829 51,822,955 249,465', 887 19,719,595 152,635,538 88,948,438 $17,917,490 10,339.019 7,561', 024 6,98i, 910 10,760,682 5,007,967 11,165,307 2,346,161 5,118,495 40,579,183 3,250,115 17,180,037 11,748,462 1,108,098,198 149,964,852 496,485,940 239,743,685 377,392,845 117,850,960 105,517,970 119,497,360 153,163.840 244,874; 965 448,340,411 48,145,529 213,332,594 26,411,091 345,292,064 32,100,781 106,689,917 11,161,043 91,409,346 14,108,624 102,420,514 17,076,846 133,471,006 19,692,834 227,834,214 17,040,751 S67 2,135 176,555,270 1,854,527,565 1,668,790,066 185,737,499 27 29 121 109 23 6 40 15 183 167 4,191,030 126 3,788,800 191 9,623,520 237 10,607,810 130 3,762,200 39 1.865,000 125 7,735,250 43 1,923,COO 347 10,193,670 553 1,405 52 22 55 12 7 3 5 26,087,590 22,664,570 88,118,600 85,936,430 25,090,080 12,466/290 67,100,530 14,60S,940 73,955,230 4,124,313 21,963,277 18,913,521 3,751,049 77,219,674 10,898,926 74,841,775 11,094,655 21,432,157 3,657,923 10,706,334 1,759,956 58,456,421 8,644,109 12,805,873 1,863,067 62,039,838 11,915,392 53,690,280 416,088,260 358,378,870 81 6,879,250 84 6,385,260 276 40,659,550 68 3,112,250 25 3,282,000 10 ], 216,510 18 1,059,960 3 25,000 48,314,320 41,949,330 305,795,440 17,291,550 24,546,570 9,391,950 7,057,080 358,280 40,963,328 7,350,992 34,996,04^ 6,953,284 257,896,840 47,898,600 14,149,266 3', 142,281 21,385,796 3,160,774 7,817,471 1,574,479 5,950,557 1,106,523 344,500 13,780 383,503,804 71,200,716 156 565 62,619,780 454,704,520 3 1 3 475,000 4,258,850 295,600 4 46 Redeemed. 3 475,000 4,554,450 551 2,942 7,765 684,446,440 8,512,922,475 Includes 15,101,980 Federal reserve bank notes. 57,709,390 3,970,670 186,990 288,180 108,610 4,157,660 396,790 17,791,451,338 721,471,137 57 REPORT OF THE COMPTROLLER OF THE CUBRENCY. Number of national banks organized, in voluntary liquidation, insolvent, and number and capital of associations in active operation on Jan. 1 of earn year from 1864 to 1918. In active operation. In volunOrganized. tary liq- Insoluidation. vent. Year. 1S64 1865 . . 1866 1867 1868 1869 1870 1871.. 1872 1873 1874..... 1875 1876 1877 1878 1879 1880 1881 1882 1883 1884 1885. . . . 1886 1887 1889 1890 1891 1892 1893 1894 1895 1896 1897 1898 1899.. . . 1900 1901 1902 1903 1901 . . 1905 1906 1907 1908 1909 1910.. 1911 1912 1913. 1914 1915 1916 . . . 1917 1918 .. . . . . ... .". . . 179 682 1,626 1,665 1,675 1,688 3,696 1,759 1,912 2,073 2,131 2 214 2,315 2,345 2,375 2 405 2 445 2,498 2,606 2 849 3,101 3 281 3,427 3 612 3,832 3,954 4,190 4,494 4,673 4,832 4,934 4,983 5,029 5,054 5,108 5 165 5,240 5,662 6,074 6,566 7,081 7,541 8,027 8,489 8,979 9,302 9,622 9,913 10,119 10,305 10,472 10,672 10 810 10,932 11,126 Number. 179 6 11 16 29 47 62 77 87 101 118 141 179 211 236 274 308 320 349 429 462 506 578 611 632 668 706 754 804 853 905 975 1,024 1,059 1,144 1 207 1,261 1,302 1,351 1 421 1,495 l-,56o 1,686 1,759 1,841 1,932 2,084 2,193 2,285 2,373 2,450 2 556 2 650 2,790 2,889 1 3 10 13 15 15 19 23 34 37 40 50 61 76 81 84 85 87 89 102 104 113 121 128 133 143 169 180 243 260 294 327 353 368 373 379 386 389 402 422 443 447 463 481 484 489 494 501 513 523 539 545 549 676 1,614 1 1,646 1,636 L,628 1,619 ]L667 L806 1.949 1,979 2,036 2,096 2,084 2,078 2 055 2,056 2,094 2,172 2,333 2,550 2,673 2,745 2 888 3,079 3,158 3,351 3,597 3,700 3,799 3,786 3,748 3,711 3,668 3,614 3 590 3,606 3,981 4,337 4 756 5,184 5,554 5,898 6,283 6,675 6,889 7,054 7,231 7,340 7,431 7,509 7 593 7 621 7.597 7,688 Capital. $14,040,522 135,618,874 403,357,346 420,229,739 420,260,790 426,882.611 433,803'311 442,427,981 468,210,336 487,781,551 499,003,401 503 347,901 511,155,865 501,392,171 485,557,771 471 609 396 461,557,515 467,039,084 470,018.135 492,076,635 518,031,135 529 910,165 534,378,265 555 865 165 584,726,915 598,239,065 623,791,365 665,267,865 685,762,265 695.148,665 693,353,165 670,906,365 664,076,915 655,334,915 639,440,295 622 482 195 608,588,045 635,309,395 670,164,195 723,416,695 767,567,095 785,411,335 818,482,075 862,016,775 912,369,775 933,020,275 966,406,925 1,014,591,135 1,033,302,135 1,052,880,175 1,070,139,175 1 074 382 175 1 077 501 375 1,075,733 375 1,097,555,065 58 REPORT OF THE COMPTROLLER OF THE CURRENCY. National banks chartered during the year ending Oct. SI, 1918. Charter No. Title. Capital. ALABAMA. $25,000 25,000 11168 American National Bank of Bridgeport 11233 First National Bank of Reform 50,000 Total (2 banks) 11120 11130 11139 11159 ARIZONA. First National Bank of Flagstaff First National Bank of Mesa First National Bank of Glendale Tucson National Bank, Tucson Total (4 banks) 50,000 100,000 50,000 100,000 300,000 ARKANSAS. 11113 11116 11122 11180 11195 11196 11214 •11221 11225 11234 First National Bank of Mineral Springs First National Bank of Monette First National Bank of Marked Tree First National Bank of Heber Springs First National Bank of Mansfield National Bank of Mansfield Army National Bank of Belmont (post office, Camp Pike) First National Bunk of Des Arc Farmers and Merchants National Bank of Benton Interstate National Bank of Helena Total (10 banks) 25,000 25,000 25,000 25,000 25,000 50,000 25,000 25,000 25,000 200,000 450,000 CALIFORNIA. 11123 11124 11126 11151 11161 11164 11201 11206 11240 11241 11250 11251 First National Bank of Mar j?s ville First National Bank of Turlock Lodi National Bank, Lodi Chowchilla National Bank, Chowcbilla Sebastopol National Bank, Sebastopol First National Bank of Gridley First National Bank of Rodeo Vallejo Commercial National Bank, Vallejo Farmers & Merchants National Bank of Calipatria First National Bank of Cutler First National Bank of Arcadia First National Bank of Garden Grove Total (12 banks) 50,000 50,000 100,000 50,000 50,000 40,000 25,000 100,000 50,000 25,000 25,000 25,000 590,000 COLORADO. 11099 11117 11197 11248 11253 First National Bank of Haxtun Citizens National Bank of Boulder First National Bank of Stratton First National Bank of Walden American National Bank of Longmont 50,000 100,000 25,000 25,000 50,000 Total (5 b a n k s ) . . . 7. 250,000 FLORIDA. 11156 First National Bank of Vero 25,000 GEORGIA. 11255 First National Bank of Conyers ) 75,000 IDAHO. 11100 11135 11179 11183 11198 First National Bank of Filer Jerome National Bank. Jerome First National Bank or Grace First National Bank of Bancroft First National Bank of Firth 25,000 25,000 25,000 25,000 25,000 Total (5 banks) 125,000 ILLINOIS. 11108 11118 11144 11170 11208 First National Bank of Hume Minonk National Bank, Minonk First National Bank of Cuba First National Bank of Hinckley First National Bank of Gridley Total (5 banks) 30,000 25,000 25,000 25,000 30,000 135,000 KEPORT OF THE COMPTROLLER OF THE CURRENCY. National hanks chartered during the year ending Oct. 59 31,1918—Continued. Capital. INDIANA. 11148 First—Merchants National Bank of Lafayette . 11162 11210 11249 Citizens National Bank of W e b b . . . Seymour National Bank, Seymour. First National Bank of Roland $300,000 50,000 50,000 30,000 Total (3 banks). 130,000 KANSAS. 11107 11145 11154 11177 11186 11187 11222 Farmers National Bank of Fair view Home National Bank of Caldwell First National Bank of Towanda Farmers National Bank of Beaver (post office, Quinter). Farmers National Bank of St. Marys First National Bank of Elkhart First National Bank of Green Total (7 banks). 11242 11254 25,000 25,000 25,000 25,000 25,000 25,000 25,000 175,000 Citizens National Bank of Monroe. First National Bank of Longville... 250,000 25,000 Total (2 banks). 275,000 MARYLAND. 11193 11207 National Bank of Perry ville National Central Bank of Baltimore.. Total (2 banks). 50,000 400,000 450,000 MASSACHUSETTS. 11103 11137 11152 11169 11238 Winchester National Bank, Winchester Mattapan National Bank of Boston Manufacturers National Bank of Cambridge. State National Bank of Lynn Webster National Bank, Webster Total (5 banks) 100,000 200,000 200,000 200,000 100,000 800,000 MINNESOTA. 11125 11167 11173 11178 11212 11215 11218 11224 First National Bank of Proctor Bankers National Bank of Minneapolis First National Bank of Erskine Lincoln National Bank of Minneapolis Hastings National Bank, Hastings First National Bank of Montgomery First National Bank of Jordan First National Bank of A voca Total (8 banks). 25,000 800,000 25,000 250,000 5O,OOo 25,000 25,000 25,000 1,225,000 MISSOURI. 11235 First National Bank of Montgomery City 75,000 MONTANA. 11095 11096 11097 11098 11101 11105 11131 11134 11160 11165 11176 11199 11203 11209 11220 Stockmens National Bank of Raynesford First National Bank of Fresno Farmers & Merchants National Bank of Opheim. Merchants National Bank of Scobey First National Bank of Circle First National Bank of Chester First National Bank of Highwood First National Bank of Oswego First National Bank of Lodge Grass First National Bank of Charlo First National Bank of Lambert First National Bank of Savoy First National Bank of Rudyard First National Bank of Westby Stockmens National Bank of Columbus Total (15 banks) 85478°—OUR 1918—VOL 1 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 50,000 400,000 60 REPORT OF THE COMPTROLLER OF THE CURRENCY. National hanks chartered during the year ending Oct. 31,1918—Contirued. N E W JERSEY. 11147 Clementon National Bank, Clementon , 125,000 NEW MEXICO. 11102 11136 First National Bank of Taos Clayton National Bank, Clayton. Total (2banks)., 25.000 25; 000 50,000 NEW YORK. 11238 11243 First National Bank of Trenton (post office Barneveld).. National Bank of Andes Total (2 banks)., 25,000 25,000 50,000 NORTH CAROLINA. 11211 11229 First National Bank of Roxboro... First National Bank of Reidsville. 50,000 100,000 Total (2 banks)., 150,000 NORTH DAKOTA. 11110 11112 11142 11166 11184 11185 11217 11226 First National Bank of Neche Bathgate National Bank, Bathgate Northwestern National Bank of Grand Forks. Citizens National Bank of Streeter. First National Bank of Makoti First National Bank of Petersburg First National Bank of Fullertoru First National Bank of Parshall Total (8 banks)., 25,000 25,000 200,000 25,000 25,000 25,000 25,000 25,000 375,000 OHIO. 11141 11216 11252 Union Commerce National Bank of Cleveland , Prairie Depot National Bank of Freeport (P. O. Prairie Depot). First National Bank of Chagrin Falls Total (3 banks)., 4,009,000 25,000 25,000 4,050,000 OKLAHOMA. 11129 11149 11157 11181 11182 11190 11192 11194 11219 11230 11232 11246 11256 First National Bank of Oilton Allen National Bank, Allen First National Bank of Quapaw American National Bank of Valliant Calera National Bank, Calera Farmers & Merchants National Bank of Boswell. Marshall County National Bank of Madill First National Bank of Picher National Bank of Billings Liberty National Bank of Oklahoma City First National Bank of Forgan ". American National Bank of Idabel American National Bank of Fort Tovvson , Total (13 banks)., 11106 11121 11200 25,000 25r000 25,000 25,000 25,000 25,000 60,000 100,000 25,000 300,000 25,000 30,000 30,000 720,000 First National Bank of Silverton Commercial National Bank of Lakeview., First National Bank of St. Helens Total (3 banks)., 35,000 50,000 25,000 110,000 PENNSYLVANIA. 11115 11127 HISS 1J204 11213 11227 11244 11257 First National Bank of Irvona Farmers National Bank of Liberty Broad Top National Bank of Coaldale (post office, Six Mile R u n ) . First National Bank of Timblin First National Bank of Spring Mills First National Bank of Hastings First National Bank of Mapleton (post office, Mapleton Depot) First National Bank of Burnham Total (8 banks)., 2-5,000 25,000 25,000 25,000 25,000 50,000 25,000 25,000 225,000 EEFOET OF THE COMPTROLLER OF THE CURRENCY. 61 National banks chartered during the year ending Oct. SI, 1918—Continued. Charter No. Title. Capital. SOUTH CAROLINA. 11111 11153 11155 11189 First National Bank of Allendale.... First National Bank of Clio First National Bank of Manning . Farmers National Bank of Norway., $50,000 25,000 25,000 25,000 Total (4 banks).. 125,000 SOUTH DAKOTA. 11119 11237 First National Bank of Winner., First National Bank of Pollock.. 30,000 25,000 Total (2 banks).. 55,000 TENNESSEE. 11202 First National Bank of Sweetwater., 60,000 TEXAS. 11138 11140 11143 11158 11163 11171 11175 11223 11239 11258 First National Bank of Turkey Liberty National Bank of Waco Citizens National Bank of Godley Farmers National Bank of Follett First National Bank of Lamesa First National Bank of Grand Prairie , First National Bank of McAllen Sherman County National Bank of Stratford. Liberty National Bank of Dawson American National Bank of Eastland Total (10 banks)., 25,000 300,000 25,000 25,000 25,000 25,000 50,000 25,000 50,000 30,000 580,000 tfTAH. 11228 | First National Bank of Magna.. 11133 11174 11191 11205 25,000 First National Bank of Shenandoah.. .. First National Bank of Penniman Liberty National Bank of Iloanoke Farmers National Bank of Appomattox., Total (4 banks).. 25,000 25,000 100,000 50,000 200,000 "WASHINGTON. 11146 11172 11247 Seaboard National Bank of Seattle. First National Bank of St. Jofen.... First National Bank of Ephiata.... Total (3 banks),, 200,000 40,000 25,000 265,000 WEST VIRGINIA. 11109 Bluefield National Bank, Bluefield 100,000 11104 11114 11128 11150 11245 First National Bank of Horicon........ First National Bank of Blanchardville.. First National Bank of Boyceville.. Security National Bank of Sheboygan., First National Bank of Knapp 30,000 25,000 25'. 000 250,000 25,000 Total (5 banks).. 11132 i Citizens National Bank of Torrington. A1231 i First National Bank of Lingle Total (2 banks) , Total United States (164 banks). 355,000 25,000 25,000 50,000 13,400,000 62 REPORT OF THE COMPTROLLER OF THE CURRENCY., Number of Slate banks converted into national banking associations in each Slate and Territory from 1863 to Oct. 81, 1918. Number of banks. State or Territory. Capital. 34 28 22 182 52 65 Maine New Hampshire., Vermont Massachusetts Rhode Island Connecticut $4,605,000 2,595,000 2,029,990 65,641,200 16,717,550 18,932,770 383 110,521,510 New York New Jersey Pennsylvania Delaware Maryland District of Columbia.. 215 44 104 6 35 2 95,256,291 7,670,450 30,444,095 585,010 10,224,372 230,000 Eastern States.. 406 144,410,218 New England States.. Virginia WestVirginia.. North Carolina. South Carolina. Georgia Florida Alabama Mississippi Louisiana Texas Arkansas Kentucky Tennessee 3,286,300 2,183,900 2,596,000 3,757,000 1,887,000 1,715,000 2,085,000 540,000 3,525,000 1,792,500 2,175,000 5,506,900 3,780,000 Southern States.. 356 State or Territory. Ohio Indiana Illinois Michigan Wisconsin Minnesota Iowa Missouri Number of banks. $1,790,000 1,478,000 2,580,000 1,645,000 2,245,000 5.201,000 1,795,000 10,864,300 • Middle States.. 267 1,910,000 1,525,000 3,375,000 2,802,000 1,235,000 245,000 1,445,000 200,000 3,270,000 411 Western States 27,598,300 ~62~ 44 70 67 32 7 21 4 104 North Dakota South Dakota Nebraska Kansas Montana Wyoming Colorado New Mexico Oklahoma 16,007,000 Washington Oregon California Idaho Nevada 2,655,000 1,451,000 19,277,800 875,000 50,000 250,000 x\rizona 34,829,600 Capital. 164 United States.. 24,558,800 1,987 Pacific States.. 357,925,423 Number of national banks in each State extended under act of July 12, 1882, to Oct. 31, 1918. State or Territory. Number of banks. Maine New Hampshire Vermont Massachusetts Rhode Island Connecticut New E n g l a n d States 81 56 50 269 61 86 603 New York New Jersey Pennsylvania Delaware Maryland District of Columbia 336 100 416 18 64 11 Eastern States 945 Virginia WestVirginia North Carolina South Carolina Georgia 34 34 25 16 27 State or Territory. Florida Alabama Mississippi Texas Arkansas Kentucky Tennessee Southern States... Ohio Indiana Illinois Michigan Wisconsin Minnesota Iowa Missouri Middle States North Dakota South Dakota Number of banks. 12 20 9 17 172 8 75 42 491 223 104 211 77 70 63 166 64 978 23 23 State or Territory. Nebraska Kansas Montana Wyoming Colorado New Mexico Oklahoma Western States Washington '. Oregon . . . . . . . . California Idaho Utah Nevada Arizona Alaska Number of banks. 90 97 20 11 35 6 16 321 23 23 33 8 9 1 5 1 Pacific States 103 United States 3,441 KEPOET OP THE COMPTEOLLEB OF THE CURRENCY. 63 Number of national banks in each State reextended under the act of July 12, 1882,. as amended Apr. 12, 1902, to Oct. SI, 1918. State or Territory. Number of banks. State or Territory, 52 South Carolina 35 Georgia 33 Alabama Maine New Hampshire Vermont Massachusetts Rhode Island Connecticut 159 24 63 New E n g l a n d States New York New Jersey Pennsylvania Delaware Maryland District of Columbia Eastern States Virginia West Virginia North Carolina Louisiana Texas Arkansas Kentucky Tennessee Number of banks. 8 9 4 1 5 1 22 15 366 186 56 176 14 29 3 464 16 9 6 Southern States... Ohio Indiana Illinois Michigan Wisconsin Minnesota Iowa Missouri Middle States 96 87 46 86 21 23 18 46 10 State or Territory. North Dakota South Dakota Nebraska Kansas Montana Wyoming Colorado New Mexico Western States Washington Oregon California Utah Number of banks. 1 2 & 0 1 1 9 1 29 1 1 6 1 Pacific States 9 United States 1,301 337 INCEEASES AND REDUCTIONS IN NATIONAL-BANK CAPITAL. NEW CHARTERS GRANTED AND REFUSED. During the year ended October 31,1918, this office received 237 applications for charters for new national banks, with capital of $15,040,000 as compared with 326 applications received during the preceding year ended October 31, 1917, with capital of $20,565,000. In this period applications were approved for 193 banks writh capital of $10,805,000. Charters were issued during the same period to 164 banks, with capital of $13,400,000, as compared with 176 charters, with capital of $11,590,000, granted during the preceding year. Applications for charters for 22 banks with proposed capital of $1,260,000 were rejected, and 35 applications for charters, with proposed capital of $1,690,000, were abandoned. Rejections were based upon unsatisfactory information received with respect to the financial standing or general character of the applicants, or because the existing banking facilities were considered sufficient for the particular community. CAPITAL INCREASES AND REDUCTIONS, AND LIQUIDATIONS. During the year ended October 31, 1918, 170 national banks increased their capital stock by the sum of $18,524,000. During the previous year 165 banks increased their capital by $23,854,990. Seven national banks reduced their capital during this period by $427,800. The preceding year 14 banks reduced their capital by $898,000. Forty-seven national banks during this period wrent into voluntary liquidation (exclusive of 21 consolidating with other national banks), their aggregate capital being $6,085,000, as compared with 80 banks 64 REPORT OF THE COMPTROLLER OF THE CURRENCY. liquidating during the preceding year (exclusive of those consolidated with other national banks) with aggregate capital of $8,697,500. Two banks were placed in charge of receivers during the fiscal year ended October 31, 1918, their combined capital being $250,000. " These changes resulted in a net increase during the year of 94 banks, with an increase in total capital of national banks of $15,082,200. The authorized capital stock of 7,765 national banks in operation October 31, 1918, was $1,108,124,065. From 1863, the year in which the national banking system was established, to October 31, 1918, 11,258 national-bank charters were issued, the authorized capital of the banks at organization being $1,147,355,982. NATIONAL BANKS ORGANIZED SINCE 1900. That there has been a demand for national banks with minimum capital of $25,000, as authorized by the act of March 14, 1900, is evidenced by the fact that from that date to 1918, of the 5,994 banks that have been chartered, the capital being $390,922,800, there were 3,833 organized under that act, generally with individual capital of $25,000, although there were a limited number of banks with capital in excess of $25,000 but less than $50,000, making the average capital of the banks organized under the act in question approximately $26,000, the aggregate capital of the 3,833 banks being $99,910,000. The 2,161 other banks organized since 1900 with individual capital of $50,000 or over were capitalized at organization at $291,012,800, the average capital of these banks being approximately $134,600, STATE BANKS CONVERTED INTO NATIONAL BANKS. Of the national banks organized since 1900, it further appears that 1,068 were conversions ot State banks with aggregate capital of $78,705,300. There were also 1,705 reorganizations of State and private banks, the capital represented being $128,587,000, and 3,221 banks of primary organization, their capital being $183,630,500. A classification of banks organized smce March 14, 1900, based upon capital stock, together with the number and capital of national banks reporting on August 31, 1918, in each State and geographical division is shown in the following table: EEPOET OF THE COMPTROLLEB OF THE CURRENCY. 65 Summary, by States, geographical divisions, and classes, of national banks chartered from .Mar. U, 1900, to Oct. 31, 1918, and the paid-in capital stock of all reporting national banks on Aug. 31, 1918. Capital, $2o,000. Capital, over Capital, $50,000 $25,000 and and over. less $50,000. Total organizations. - National banks reporting Aug. 31, 1918. States, etc. No. Capital. No. Capital. No. Capital. No. Capital. No. Capital paid in. w Eng land States. Maine New Hampshire Vermont Massachusetts Rhode Island Connecticut $125,000 100,000 125,000 50.000 Total 525,000 $385,000 200,000 150,000 5,900,000 500,000 750,000 $30,000 125,000 30,000 47 $510,000 330,000 275,000 5,950,000 500,000 875,000 $6,965,000 5,235,000 4,935,000 54,180,000 5,570,000 20,149,000 7,885,000 8,440,000 406 97,034,000 Eastern States. New York New Jersey Pennsylvania Delaware Maryland District of Columbia. Total. 317,500 240,000 807,000 95,000 172,000 20,920,000 3,810,000 24,990,000 489 12,225,000 50 1,631,500 415 53,825,000 3,400,000 10 1,650,000 6,225,000 150,000 800,000 24,637,500 5,700,000 32,022,000 245,000 2,902.000 2,175J 000 1,930,000 2,175,000 176,105,000 22,692,000 117,189,000 1,459,000 16,430,000 7,427,000 954 67,681,500 1,644 341,302,000 Southern States. Virginia West Virginia North Carolina South Carolina Georgia Florida Alabama Mississippi Louisiana ;.... Texas Arkansas Kentucky Tennessee 16 40 55 40 Total 1,600,000 1,050,000 650,000 650,000 675,000 325,000 1,050,000 225,000 400,000 6,600,000 11,000,000 11,375,000 [1,000,000 501,000 555,000 195,000 102,000 715,000 225,000 379,500 125,000 30,000 3,058,500 95,000 230,000 270,000 140,000 665,000 085,000 675,000 525,000 175,000 985,000 565,000 860,000 335,000 980,000 370,000 005,000 8,241, 5,270, 4,930, 5,427, 6,915, 6,725, 5,414, 2 915! 5,290; 31,993, 4,075, 6., 975, 92 6,275, 133 103 71 73 105 54 95 41 42 532 20,879,000 10,267,000 9,065,000 9,597,000 13,158,000 6,535,000 10,620,000 3,800,000 7,585,000 55,335,000 5,776,000 16,986,000 13,507,000 6,481,000 658 77,36530G0 1,520 100,446,000 1,592 183,110,000 Middle Western States. Ohio... Indiana.... Illinois Michigan... Wisconsin. Minnesota. Iowa Missouri... Total 658,000 548,000 793,500 190,000 190,000 606,000 840,000 510.000 830 |20,750,000 |131 4,335,500 | 17,075,000 11,400,000 15,600,000 11,365,000 4,075,000 6,750,000 4,570,000 18,285,000 20,583,000 14,348,000 21,068,500 12,055,000 5,515,000 12,356,000 8,535,000 19,745,000 65,219,000 28,488,000 78,255,000 18,055,000 19,415,000 33,006,000 24,560,000 37,700,000 89,120,000 |1,466 114,205,500 2,131 304,698,000 Western States. North Dakota. South Dakota.. Nebraska , Kansas Montana Wyoming , Colorado. , New Mexico.., Oklahoma..... Total. 215,000 220,000 750,000 460,000 335,000 70.000 426;000 155,000 1,100,000 ,731,000 800,000 1,100,000 3,395,000 2,960,000 2,140,000 675,000 3,510,000 750,000 6,615,000 4,665,000 3,595,000 6,770,000 6,270,000 4,575.000 1,195,000 5,411,000 1,605,000 17,515,000 21,945,000 1,426 51,601,000 1,392 6,310,000 5,580.000 15,525; 000 14,037,000 7,700,000 2.190.000 10,690,000 2,830,000 17,146,000 82,008,000 66 BEPORT OF THE COMPTROLLER OF THE CURRENCY. Summary, by States, geographical divisions, and classes, of national banks chartered from Mar. 14, 1900, to Oct. 31, 1918, and the paid-in capital stock of all reporting national banks on Aug. SI, 1918—Continued. Capital, over Capital, $50,000 $25,000 and and over. less $50,000. Capital, $25,000. National banks reporting Aug. 31, 1918. Total organizations. States, etc. Capital. No. Capital. No. No. Capital. No. $4,045,000 2,395,000 29,172,800 1,310,000 1,325,000 1,225,000 600,000 50,000 79 71 287 69 16 12 16 2 Capital. No. Capital paid in. Pacific States. Washington . . . . . . . . California Idaho "Utah Nevada . 39 $975,000 38 950,000 137 3,425,000 44 1,100,000 8 200,000 3 75,000 5 125,000 1 25,000 ... Alaska . . 275 6,875,000 Total 3 $110,000 4 126,000 7 230,000 6 200,000 1 30,000 1 30,000 22 726,000 37 29 143 19 7 9 10 1 255 40,122,800 $5,130, W)0 80 $12,260,000 3,471,000 84 10,226,000 32,827,800 273 60,006,000 2,610,000 68 4,030,000 1,555,000 24 3,405,000 1,300,000 10 1,435,000 755,000 18 1,550,000 75,000 3 125,000 552 47,723,800 560 93,037,000 Island possessions. Hawaii Porto Rico 3 3 Total Grand total 3 1 75,000 3,319 82,975,000 514 650,000 100,000 6 1 725,000 100,000 3 650,000 4 75,000 750,000 7 825,000 3 650,003 16,935,000 2,161 291,012,800 5,994 390,922,800 7,728 1,101,839,000 The number and capital, by classes, of conversions, reorganizations, and primary organizations, are shown in the following table: Summary, by classes, of national banks chartered from Conversions. Reorganizations. Mar. 14, 1900, to Oct. 31, 1918. Primary organizations. Total. Classification. Number. Capital less than $50,000. Capital $50,000 or over... Capital. 637 $16,902,500 431 61,802,800 1 068 78,705,300 Total Number. Number. Capital. Number. Capital. 1,061 $28,112,000 644 100,475,000 2,135 1,086 $54,895,500 128,735,000 3,833 2,161 $99,910,000 291,012,800 1,705 3,221 183,630,500 5,994 390,922,800 Capital. 128,587,000 Number of national banks chartered in each month from 1900 1901 1902 1903 1904 1905 1906 1907 1908 1909 1910 1911 1912 1913 1914 1915 1916 1917 191a Months, 36 January February March April. May June July August October November . . . . December Total. Mar. 14, 1900, to Oct. 31, 1918. 6 46 66 95 46 44 20 25 °1 29 40 34 36 45 45 40 32 16 10 36 39 20 22 29 37 13 39 14 19 16 16 9 10 19 q 35 42 39 50 12 16 50 56 42 50 28 28 41 41 41 28 31 35 19 9 51 47 58 43 36 31 57 46 42 43 22 38 32 43 % 45 42 49 48 37 44 35 36 23 38 43 45 42 32 33 31 41 27 41 46 52 55 40 89 46 38 10 23 34 33 21 37 20 14 18 21 18 26 24 44 28 32 24 22 23 27 26 21 40 19 12 27 22 12 18 28 20 21 13 15 15 8 11 11 15 22 14 16 15 20 15 6 14 25 23 14 12 11 13 6 6 9 25 24 21 21 13 23 24 6 14 13 11 9 6 15 12 11 10 4 9 8 7 » so ro 54 50 40 4?, 41 38 27 42 23 38 27 33 %*> S6 36 54 *n > 32 16 10 10 16 13 10 5 9 13 14 11 14 21 27 16 24 9 13 12 20 . . . 398 412 492 515 460 486 462 490 323 320 291 206 186 167 200 138 122 194 11 14 12 14 <* 14 U 19 20 5 132 REPORT OF THE COMPTROLLER OF THE CURRENCY. 67 Number and classification of national banks chartered during the year ended Oct. SI, 1918. Conversions. Reorganizations. Primary organizations. Total. Months. Number. November. December.. January February.. March April May June July August September. October Capital. Number. $110,000 305,000 200,000 725,000 50,000 915,000 125,000 75,000 475,000 200,000 405,000 Total. 49 3,585,000 Capital. $75,000 Number. 12 4,325,000 100,000 90,000 180,000 25,000 155,000 17 4,950,000 98 Capital. Number. $305,000 480,000 325,000 450,000 450,000 350,000 325,000 510,000 285,000 650,000 550,000 185,000 4,865,000 Capital. $415,000 860,000 525,000 5,500,000 600,000 1,355,000 450,000 585,000 940,000 875,000 1,110,000 185,000 164 13,400,000 CHANGES OF TITLES OF NATIONAL BANKS. During the past year 46 national banking associations, having complied with all the requirements of law, were authorized to change their corporate titles. In 29 cases the changes were made for the purpose of eliminating the word uGerman/' or words of like import. The following is a list of the banks concerned in the changes, with date of approval indicated: Change of corporate title} 1918. No. Title and location. 9599 The First National Bank of Lordsburg, CaL, to "The First National Bank of La Verne" (to conform to the name of the place which has been changed to La Verne) The Citizens German National Bank of Hammond, Ind., to "Citizens National Bank of Hammond" The Scandinavian-American National Bank of Minneapolis, Minn., to " T h e Midland National Bank of Minneapolis" The German National Bank of Northern Kansas at Beloit, Kans., to " T h e Union National Bank of B e l o i t " . . . . . 8199 9409 6701 Date. 1917 Nov. 7 Dec. 10 Dec. 31 1918 131 f The National Newark Banking Company, Newark, N. J., to "The National Newark . and Essex Banking Company of Newark " Jan. 2524 The German National Bank of Cincinnati, Ohio, to " T h e Lincoln National Bank of Cincinnati" 1 Jan. 2726 The German National Bank of Newport, Ky., to "The American National Bank of Newport" Jan. 8318 The German National Bank of Little Rock, Ark., to "The American National Bank of Little Rock" Jan. 252 The First-Second National Bank of Pittsburgh, Pa., to "First National Bank at Pittsburgh" Jan. 9042 The German American National Bank of St. Joseph, Mo., to "The American National Bank of St. Joseph" : Jan. 8615 The Albany County National Bank of Laramie City, Wyo., to "The Albany National Bank, Laramie" .* Jan. 6272 The Tootle-Lemon National Bank of St. Joseph, Mo., to " T h e Tootle-Lacy National Bank of Saint Joseph" Jan. 8864 The German National Bank of Vincennes, Ind., to "The American National Bank of Vincennes" Jan. 6176 First-National Bank of Commerce of Hattiesburg, Miss., to "First National Bank of Hattiesburg" Jan. 1847 The German National Bank of Covington, Ky., to "The Liberty National Bank of Covington" Jan. 8862 The Yakima National Bank of North Yakima, Wash., to "The YakimaNational Bank " (name of place changed to Yakima) Jan. 4744 The National German American Bank of Wausau, Wis., to "American National Bank of Wausau" Feb. 9 Dec. 2 11 12 12 18 18 18 IS 18 IS 18 25 68 BEPOET OF THE COMPTROLLER OF THE CURRENCY. Change of corporate title\ 1918—Continued. No. i Title and location. 11097 The Farmers & Merchants National Bank of Opheim, Mont., to " First National Bank of Ophoiin" ! 8125 I The German American National Bank of Redfield, S. Dak., to "The American National B ank of Redfield" 4592 The Citizens National Bank of Independence, Kans., to " Citizens-First National Bank of Independence " 5212 The German National Bank of Marietta, Ohio, to " T h e Central National Bank of Marietta" 10969 The Farmers and Merchants National Bank of Kimberly, Idaho, to " First National Bank of Kimberly" 4602 The German National Bank of Beaver Dam,. Wis., to "The American National Bank of Beaver Dam" 8328 I The German National Bank of Columbus, Nebr., to "The Central National Bank o! P,nliTmVm«" Columbus" 4655 The German American National Bank of Little Falls, Minn., to "The American National Bank of Little Falls " 6233 The First National Bank of Colorado City, Colo., to "' The City National Bank of Colorado Springs" (the city of Colorado City having been annexed to Colorado Springs) 110749 The German National Bank of Victoria, Kans., to'' The First National Bank of Victoria " 3613 The German American National Bank of Lincoln, 111., to "The American National Bank of Lincoln" 3296 The Commercial German National Bank of Peoria, 111., to "The Commercial National Bank of Peoria" 10703 The Germania National Bank of Charleston, S. C, t o " The Atlantic National Bank of Charleston" 7098 i The German American National Bank of Mason, Tex,, to " The Mason National Bank".. 7725 ; The German American National Bank of Fort Wayne, Ind., to "The Lincoln National Bank of Fort Wayne* . . . . . . . . . . . . . . . . . . . 4054 The Teutonia National Bank of Dayton, Ohio, to a The American National Bank of Dayton " ~ 4305 The German National Bank of Ripon, Wis., to " The American National Bank of Ripon" 685a The Germania National Bank of Milwaukee, Wis., to "The National Bank of Commerce of Milwaukee" I 2261 1 The German National Bank of Allegheny, Pa., to "The National Bank of America at Pittsburgh" (Allegheny having been annexed to Pittsburgh) 4469 I The German American National Bank of Aurora, 111., to "The American National Bank of Aurora" 7238 1 The German National Bank of Weatherford, Okla., to "The Liberty National Bank of ! Weatherford" 3770 I The German American National Bank of I-'ekin, HI., to "The American National Bank I of Pekin" 4250 The Anniston City National Bank, Anniston, Ala., to "The Anniston National Bank". 0664 The German-American National Bank oi' Arlington, Iowa, to "The American National Bank of Arlington " 7 6403 The German-American National Bank of Siiawano, Wis., to "The Wisconsin National Bank of Shawano " 4628 The First National Bank of Elizabeth City, N. C, to "The First & Citizens National Bank of Elizabeth City" 2395 The Bonnington County National Bank of Bennington, Vt., to "The County National Bank of Bennington" 555 The First National Bank of Fond du Lac, Wis., to " First-Foied du Lac National Bank". 8047 The Citizens National Bank of Pel la, Iowa, to "The Farmers National Bank of Fella".. Date. 1917 Feb. 1 Feb. ii Feb. 14 Feb. 21 Mar. 1 Mar. 29 Apr. 12 May 10 May 10 May 24 May 24 May 25 May 31 May 31 June June June 1 June 1 June 10 June 10 June 19 July 1 July July 9 July 24 Aug. 7 Aug. 31 Sept. 27 VOLUNTARY LIQUIDATION OF NATIONAL BANES. Under the provisions of section 5220 of the Revised Statutes, 68 national banking associations with aggregate capital of $16,185,000, and with assets at the last report prior to liquidation of $210,449,601, were placed in voluntary liquidation. Of this number 11 with capital of $3,405,000 and assets of $48,662,163 were consolidated with other national banks; five with capital of $2,150,000 and assets of $20,273,929 were absorbed by other national banks; five with capital of $4,525,000 and assets of $73,855,604 reorganized as national banks under new charters; three with capital of $350,000 and assets of $4,215,403, charters of which expired by limitation, were reorganized ! as State banks; 16 with capital of $4,435,000 and assets of $52,792,638 were absorbed by or consolidated with State banks or trust comipanies; 23 with capital of $1,125,000 and assets of $10,239,926 liqui| dated and reorganized as State banks, and five with aggregate 69 KEPOBT OF THE COMPTROLLER OF THE CURRENCY. capital of $175,000 and assets of $409,934 liquidated for the purpose of discontinuing business. In the latter class there was one bank with authorized capital of $25,000 which had been chartered but never opened for business. It is also noted in this connection that of the 21 banks with aggregate capital of $10,080,000 which liquidated for the purpose of reorganizing as national banks or for consolidation with other national banks, generally in the case of consolidation there was an increase in the capital stock of the absorbing bank, and the new increased stockwas issued to the shareholders of the liquidated associations. In the following table are shown, by States and geographical divisions, the number and capital of national banks organized, placed in charge of receivers, and voluntarily liquidated during the year ended October 31, 1918: National hanks organized, failed, and reported in voluntary liquidation during the year • ended Oct. 31, 1918. Failed. Organized. States, Massachusetts Connecticut Voluntarily liquidated. Num- Author- Num- Capital. Gross assets. Num- Capital. ized ber. ber. ber. capital. 5 $800 000 -. 1 Total New England States..... Gross assets. 1500,000 $5,255,678.08 5 800,000 1 500,000 5,255,678.08 New York New Jersey P ennsy 1 vania 2 1 2 6 3 1 000 000 1' 150 000 8 50 000 25 000 225,000 Maryland '160J000 17 508 927 27 22 470 085 38 24,089,986.62 1,617,433.04 2 450,000 750., 000 12 4,810.000 65,086,432, 31 1 150,000 769,708.57 1 2 4 1 1 2 200,000 100,000 150 000 125,000 75'000 25'. 000 50,000 2 10 10 275,000 580,000 450,000 I 1 1 1 7 125 000 50.000 25 000 50,000 50;000 305 000 414 474.01 162,783.42 207,309.53 238,257.18 514,493.01 2,221 887.77 1 60,000 1 5 30 000 740,000 219 567.79 8,983,814.42 38 2,090,000 Total E a s t e r n States 1 13 Virginia West Virginia North Carolina South Carolina Georgia Florida Alabama Louisiana Texas Arkansas . Kentucky Tennessee Total Southern States-. 4 North Dakota South Dakota Nebraska.... Kansas Montana Wyoming Colorado . . 0 I i 350,666 $447,0-7.33 i 50,000 21 1,525,000 13,762,295.70 3 3 4 1 1 4,025,000 525 000 325,000 25;000 200 000 68,330,806.81 5 83S 1Q4 00 3,639,904.25 385^870.77 2,480 423 80 1,225,000 130,000 75,000 1 1,500,000 10,513,008.03 26 6,270,000 13 6,600,000 91,188,267.66 8 2 375,000 55.000 175,000 400,000 50,000 250,000 3 1 1 75,666 7 15 2 5 25,000 100,000 746,194.39 268,727.80 3,747,660.32 1 06,666 189,251.63 3 1 5 4,050,000 300,000 135,000 5 8 3 1 Ohio..... Indiana Illinois . . Michigan Wisconsin Minnesota. Iowa Missouri.. Total M i d d l e Western States. • * 355 656 i i 447,987.33 70 REPORT OF THE COMPTROLLER OP THE CURRENCY. National banks organized, failed, and reported in voluntary liquidation during the year ended Oct. SI, 1918—Continued. Organized. States. Failed. Voluntarily liquidated. Num- Author- Num- Capital. Gross assets. Num- Capital. ized ber. ber. capital. ber. Gross assets. New Mexico Oklahoma... ... Total Western States 2 13 $50,000 720,000 8 $450,000 $6,785,158.33 54 2,075,000 14 700,000 11,736,992.52 Washington Oregon California Idaho Utah Arizona 3 3 12 5 1 4 265,000 110,000 590,000 125,000 25,000 300,000 1 $200,000 i $1,690,572.33 1 6 1,000,000 1,030,000 8,259,546.70 14,560,388.15 28 1,415,000 1 200,000 1,690,572.33 7 2,030,000 22,S19,934.85 164 13,400,000 2 250,000 2,138,559.66 68 16,165,000 210,449,601.32 Total P a c i f i c States Total U n i t e d States 1 Figures are for call for Aug. 31, 1918. FAILURES AND SUSPENSIONS OF NATIONAL BANKS. Two national banks, with aggregate capital of $250,000, were placed in charge of receivers during the year ended October 31, 1918. In the year ended October 31, 1917, 6 banks, excluding 1 which was subsequently restored to solvency, failed, with aggregate capital of $1,180,000 and liabilities of $4,947,482. The date that each bank was authorized to commence business, date of the appointment of the receiver during the past year, the capital stock, and the circulation outstanding at date of failure are shown in the following table: First National Bank, St. Cloud, Fla Santa Rosa National Bank, Santa Rosa, Cal. Total (2 banks) Date of authority to commence business. Circulation outstanding at date of failure. Date of appointment of receiver. Capital stock. 9707 Mar. 24,1910 i Jan. 2,1918 3558 Sept. 15,1886 Oct. 18,1918 $50,000 200,000 $17,500 149,000 250,000 166,500 Charter No. Title and location of bank. i Suspended Dec. 31,1917. The first failure of a national bank was in 1865; from that date until the close of business on October 31, 1918, the number of such banks placed in charge of receivers was 588. Of this number, however, 37 were subsequently restored to solvency and permitted to resume business. Exclusive of liabilities to shareholders and owners of circulating notes, the liabilities of the 588 national banks placed in the charge of receivers are stated at approximately $290,000,000. The total capital of these failed banks was $96,020,920, while the book or nominal value of the assets administered by receivers under the supervision of this bureau aggregated* $399,740,238, and the total cash thus far realized from the liquidation of these assets has amounted to $203,382,329. In addition to this amount, how- EEPOET OF THE COMPTROLLER OF THE CURRENCY. 71 ever, there has been realized from assessments of $51,040,740 levied against stockholders the sum of $24,325,242, making the total cash collections from all sources $227,707,571, which have been disbursed as follows: In dividends to creditors on claims proved, amounting to $209,746,568, the sum of $160,476, 308 In payment of loans and other disbursements discharging liabilities of the bank other than those of the general creditors 46,177,950 In payment of legal expenses incurred in the administration of such receiverships 5, 880, 993 In payment of receivers' salaries and other expenses of receiverships... 10, 390,834 There has been returned to shareholders in rebates on assessments levied 3,734,374 Leaving a balance in the hands of the Comptroller and the receivers of.. 1,047,112 Total 227, 707, 571 In addition to the funds thus distributed there had been returned, up to the close of business on October 31, 1918, to agents for shareholders, to be liquidated for their benefit, assets having a nominal value of $15,255,618. The book or nominal value of the assets of the 34 national banks that are still in charge of receivers amounted to $44,599,582. The receivers had realized from these assets at the close of business on October 31, 1918, the sum of $23,315,750, and had collected from the shareholders on account of assessments levied against them to cover deficiencies in assets the further sum of $1,957,665, making the total collections from all sources in the liquidation of current or active receiverships the sum of $25,273,415, which amount has been disbursed as follows: Total assets taken charge of by receivers (as above) $44, 599, 582 Dividends to creditors (to Sept, 30, 1918) 18, 748, 359 Loans paid and other disbursements discharging liabilities of the bank other than those to the general creditors 3, 992, 720 Legal expenses 577, 387 Receivers' salaries 440, 886 All other expenses of administration 509, 984 Leaving a balance in the hands of the Comptroller and the receivers of.. 1, 004,079 Total 25, 273, 415 The collections from the assets of the 554 national banks, the affairs of which have been finally closed, amounted to $180,066,579, and, together with the collections of $22,367,577 from assessments levied against the shareholders, make a total of $202,434,156, from which, on claims proved aggregating $184,108,859, dividends amounting to $141,727,949 were paid. The average rate of dividends paid on claims proved was 76.98 per cent, but, including offsets allowed, loans paid, and other disbursements with dividends, creditors received on an average 83.57 per cent. The expenses incident to the administration of these 554 trusts—that is, receivers' salaries and legal and other expenses— amounted to $14,743,570, or 4.15 per cent of the nominal value of the assets and 7.28 per cent of the collections from assets and from shareholders. The outstanding circulation of these banks at the date of failure was $28,061,431, which was secured by United States bonds on deposit in the Treasury of the face value of $30,303,550. The assessments against shareholders averaged 51.01 per cent of their holdings, while the collections from the assessments levied were 48.29 72 REPORT OF THE COMPTROLLER OE THE CURRENCY. per cent of the amount assessed. The total amount disbursed during the current year to the creditors of 30 of the insolvent banks, in the 45 dividends declared, was $2,486,876. In the table following is summarized the condition of all insolvent national banks, the closed and active receiverships being shown separately: Closed re- Active receiverships, ceiverships, Total, 588. 554.1 34. Total assets taken charge of by receivers Disposition of assets: Collected from assets Offsets allowed and settled ^ Loss on assets compounded or sold under order of court.. Nominal value of assets returned to stockholders Nominal value of remaining assets Total. Collected from assets as above Collected from assessment upon shareholders. Total collections. Disposition of collections: Loans paid and other disbursements Dividends paid Legal expenses Receivers' salaries and other expenses Amount returned to shareholders in cash Balance in hands of Comptroller or receivers. $355,140,656 $44,599,582 $399,740,238 180,066,579 23,315,750 203,382,329 31,611,413 4,258,844 35,870,257 124,001,584 4,084,457 128,086,041 15,255,618 15,255,618 4,205,462 12,940,531 17,145,993 355,140,656 44,599,582 399,740,238 180,066,579 23,315,750 203,382,329 22,367,577 1,957,665 24,325,242 202,434,156 25,273,415 227,707,571 42,185,230 3,992,720 46,177,950 141,727,949 18,748,359 160,476,308 5,303,606 577,387 5,880,993 9,439,964 950,870 10,390,834 3,734,374 3,734,374 1.047,112 43,033 1,004,079 202,434,156 25,273,415 227,707,571 Total. Capital stock at date of failure 2 90,805,920 5,215,000 96,020,920 United States bonds hold at failure to secure circulating notes 30,303,550 4,002,500 34,306,050 Amount realized from sale of United States bonds held to secure 32,155,724 3,154,858 35,310,582 circulating notes 28,061,431 3,955,568 32,016,999 Circulation outstanding at failure 46,316,790 4,723,950 51,040,740 Amount of assessment upon shareholders 184,108,859 25,637,709 209,746,568 Claims proved 1 Includes 37 banks restored to solvency. 2 Includes capital stock of 37 banks restored to solvency. The affairs of 14 insolvent banks were closed during the year ended October 31, 1918, and in the accompanying table appears information relative to the capital, date of appointment of receiver, and per cent of dividends paid to creditors. Closed receiverships. Title. Union National T3ank First National Bank Do Do Yates Center National Bank First National Bank Americus National Bank First National Bank Do Do Do Ben Hill National Bank First National Bank Lemasters National Bank 1 2 Location. Oakland, Cal Mineral Point, Wis LaFayette, Ga Sutton, Nebr Yates Center, Kans Elizabeth, Pa Americus, Ga Corning, Iowa Johnston City, 111 Toccoa, Ga ! New Richmond, Ohio Fitzgerald, Ga.< Aspinwall, Pa Lemasters, Pa Per cent Date receiver Capital. dividends appointed. paid to creditors. Apr. Oct. July Nov. Dec. Dec. Feb. June Aug. Nov. Nov. Mar. Sept. Dec. 14,1909 $300,000 12,1909 100,000 19,1913 50,000 5,1913 25,000 5,1913 50,000 19,1913 50,000 3,1914 100,000 22,1914 50,000 17,1914 50,000 22,1915 75,000 30,1915 80,000 6,1916 50,000 7,1916 25,000 16,1916 25,000 Includes interest in full to all creditors who had not waived interest. With 20.68 per cent of interest. » With 48.13 per cent of interest. < Second failure; formerly " Third National Bank/' * With 58.73 per cent of interest. •With interest in full. 1 100.00 57.00 90.50 14.50 64.50 60-50 45.50 66. 50 2 100.00 8100,00 64.50 6 100.00 81.25 • 100.00 BEPO&T OF T H E COMPTROLLER OF T H E CURRENCY. 73 CAUSES OF FAILURES. Two hundred and twenty-two, or over one-third, of the 588 failures of national banks were attributable to criminal acts. In 45 of the 222 instances defalcation of officers was the cause, in 128 fraudulent management, and in 49 the banks were wrecked by cashiers or subordinate officers. Unlawful loans—that is, loans in excess of the statutory limit—were the principal causes of 114 of the failures. In 62 of the 114 instances excessive loans were made to officers and directors and in 52 to others than officers and directors. Depreciation in the value of assets was the ascribed cause of 83 of the failures. Injudicious or careless banking was the cause of 139, or nearly onefourth of the total number, and the remaining 30 failures were ascribed to insolvency of large debtors, "runs," nonliquidity of assets, etc. In the following table are shown the number and percentages of failures from principal causes. Principal causes offailures of national hanks. Causes. Involving criminal actions D efaication of officers Fraudulent management Wrecked by cashier Wrecked by defalcation bookkeeper Wrecked by assistant cashier Involving unlawful acts Excessive loans to officers Excessivejoans to others Depreciation o&assets.-. Securities Seal estate General stringenc3r money market Failure of large debtors Injudicious banking Closed by run or in anticipation No record of cause Total Per cent. 45 128 4G 1 2 62 52 •. .f 19 14 50 , ... 37.8 19.4 14.1 100. 0 LEGISLATION RECOMMENDED. In my annual report a year ago I earnestly asked for certain remedial legislation. Some of the recommendations made have been acted upon during the past year. I again respectfully repeat those recommendations which have not been acted upon, being more convinced than ever of their importance, in the light of further experience. These are as follows: TO PROHIBIT OFFICERS OF BANKS FROM BORROWING FROM THEIR OWN BANKS. First. That the officers of a national bank be prohibited from borrowing funds of the banks by which they are employed. TO LIMIT DIRECT AND INDIRECT LOANS TO ONE INDIVIDUAL, FIRM, OR CORPORATION. Second. That a conservative and proper limitation be placed upon the aggregate amount of money any one person, company, corporation, or firm may obtain from a national bank through the discounting of commercial paper and bills of exchange. The limitation of 10 per cent of the capital and surplus under section 5200, United 74 BEPORT OF THE COMPTBOLLEB OF THE CURRENCY. States Revised Statutes, does not apply to "bills of exchange drawn in good faith against actually existing values and the discount of commercial or business paper actually owned by the person negotiating the same.'' It is suggested that the aggregate liability of any person, company, corporation, or firm on loans on commercial paper or bills of exchange should m no event exceed 25 per cent, of the capital and surplus of the bank. • It is recommended also that a specific penalty be provided for violations of section 5200, enforceable against the officers and directors of the bank responsible for the violation, in addition to the statutory penalty for forfeiture of charter for violation of the national-bank act. TO PROVIDE SUITABLE PENALTY FOR MAKING OF EXCESSIVE LOANS. Third. That the penalty for an excessive loan be the disqualification of the officer making or granting the loan, or the imposition of a suitable fine, or both, in addition to the civil liability incurred by reason of making such loan. A fruitful source of loss to banks has been the making of excessive loans, and yet the only penalty provided under the present law for this offense is the forfeiture of the bank's charter, which, if resorted to, would result in most cases in a hardship to the bank and its shareholders quite out of proportion to the offense. TO AUTHORIZE THE COMPTROLLER TO BRING PROCEEDINGS AGAINST DIRECTORS FOR LOSSES SUSTAINED BY BANK THROUGH VIOLATION OF THE NATIONAL-BANK ACT. Fourth. That the Comptroller of the Currency be authorized to bring proceedings against directors of a national bank for losses sustained by the bank through violations of the provisions of the national-bank act or the Federal reserve act. * Section 5239, United States Revised Statutes, provides as follows: "If the directors of any national banking association shall knowingly violate, or knowingly permit any of the officers, agents, or servants of the association to violate, any of the provisions of this title, all the rights, privileges, and franchises of the association shall be thereby forfeited. Such violations shall, however, be determined and adjudged by a proper circuit, district, or Territorial court of the United States, in a suit brought for that purpose by the Comptroller of the Currency, in his own name, before the association shall be declared dissolved. And in cases of such violation every director whp participated in or assented to the same shall be held liable in his personal and individual capacity for all damages which the association, its shareholders, or any other person shall have sustained in consequence of such violation." Banks often have sustained large losses as a result of the willful and persistent disregard by# its directors of the clear provisions of the national-bank act. These losses, resulting from violation of the law by directors, fall upon the stockholders. The directors who have occasioned these losses by involving the bank in unlawful transactions to facilitate or promote schemes or enterprises in which the directors may be concerned, are found sometimes to be holders or owners of but a few shares of the stock of the bank the affairs of which they are directing and the funds of which they frequently have tied up in the promotion of their own private schemes. Very often stockholders never are informed of the losses the bank has suffered through these irregular transactions. It is the practice of some banks to keep their transactions from shareholders, especially those transactions w^hich have resulted in losses. Thousands of banks give stockholders, at the close of each fiscal year, little or no information of the sources of the earnings and the details of the disbursements and losses. Even when shareholders have knowledge of the losses incurred through violations of the law by the officers or directors of the bank, should they proceed to bring suit against the unfaithful directors for the benefit of themselves and their fellow shareholders, such action might precipitate a run upon the bank and result in suspension or unnecessary loss. Experiencehas shown that losses occurring from faults or improprieties of directors sometimes are charged to ''profit and loss" account by the guilty directors themselves, and the stockholders never are apprised of the results of the mismanagement. The evil effects of the wrongdoing fall upon the innocent stockholders and the wrongdoers escape. BEPOKT OF THE COMPTROLLER OF THE CURRENCY. 75 AUTHORITY FOR REMOVAL OF DIRECTORS GUILTY OF PERSISTENT VIOLATIONS OF THJB NATIONAL-BANK ACT. Fifth. That the Comptroller of the Currency be empowered, with the approval of the Secretary of the Treasury, to require the removal of a director or directors or any officer of a bank guilty of the violation of any of the more important provisions of the act, and to direct that suit be brought in the name of the bank against such director or directors, after they cease to be connected with the bank, for losses sustained by their malfeasance or misfeasance in office. PREVENT DELAYS IN TAKING DIRECTOR'S OATHS. Sixth. That the law provide that if a director when elected does not qualify and forward his oath to the Comptroller within 30 days after his election a vacancy shall . be^declared immediately, to be filled by the remaining directors, as provided by section 5148, United States Revised Statutes, and the derelict director be ineligible for reelection as director for that year. ESTABLISHMENT OF APPROPRIATE PENALTIES FOR VIOLATIONS OF LAWS AND REGULATIONS. Seventh. That the Comptroller's office be empowered to penalize, by the imposition of appropriate fines, all infractions and violations of the law and the regulations of this office made in pursuance of the provisions of the national-bank act, and that these fines be imposed upon the offending officers as well as upon the bank. Experience has also made it very clear that violations of certain sections of the law should be punishable with imprisonment, as well as fine, suits to enforce such penalties, of course, to be instituted by the Department of Justice in the United States courts. AMENDMENT TO PROVIDE THAT SUITS AGAINST USURERS BE BROUGHT BY DEPARTMENT OF JUSTICE. Eighth. That an amendment be adopted authorizing and directing the Department of Justice to bring suit against national banks guilty of usury upon information furnished either through the Comptroller of the Currency or through other sources. TO AUTHORIZE SPECIAL INTEREST CHARGES FOR SMALL LOANS. Ninth. That section 5197, United States Revised Statutes, be so amended as to authorize a national bank to make an interest charge of -25 cents on any loan, even though that charge might exceed the legal rate authorized by law. The amendment should be so framed, however, as to make it impracticable for a bank to evade the intent of the law by requiring customers to make a multitude of small notes and then charge 25 cents for each note. Such an evasion of the law against usury might be prevented by providing that if a minimum charge of 25 cents shall have been made to a customer on any particular day, and this charge shall be in excess of the legal rate of interest, no similar minimum charge shall be made the same day to the same customer on any other note, if in excess of the legal rate. This would prevent a bank from requiring a customer who might want to borrow $100 for 30 days from giving 20 notes for $5 each, to be charged 25 cents on each note, which would amount to $5, or 60 per cent per annum for the accommodation. TO PREVENT OR LIMIT OVERDRAFTS. Tenth. That the laws of the respective States in regard# to ^ overdrafts be made applicable to national banks in those States, and that the individual liability prescribed by section 5239, United States Revised Statutes, shall be made applicable to any violations of this provision, and also that the officers of the national bank shall be required to bring before the directors, in writing, at each directors' meeting, a list of all overdrafts made since the previous meeting of the board. In some States directors, officers, and employees of banks who knowingly overdraw their accounts are guilty of felony and may be imprisoned. TO LIMIT INTEREST PAID ON DEPOSITS. Eleventh. That the rates of interest which any national bank may pay on its deposits shall not exceed 4 per cent per annum unless the highest rate for time paper fixed by the Federal reserve bank of the district shall be more than 4 per cent, in 85478°—CUR 1918—VOL 1 6 76 EEPOBT OF THE COMPTROLLER OF THE CUR&ENCY. which event the rate* of interest that may be paid may equal but not exceed such discount rate charged at that time by the Federal reserve bank of the district: Provided, however, That if the laws of a State fix the maximum rate of interest that may be allowed on bank deposits, the rate so fixed for State banks be applicable also to national banks in that State. LIMITATION OF DEPOSITS TO BIGHT OR TEN TIMES CAPITAL AND SURPLUS. Twelfth. That the total deposits which a national bank may receive shall be limited to eight or ten times the unimpaired capital and surplus of the bank. The experience and observation of this office during the past year strongly emphasize the importance of such legislation, the reasons for which have been presented in a previous annual report. AMENDMENT TO DISTRICT LAWS TO PREVENT <{ WILDCAT" BANKING. Thirteenth. That the laws of the District of Columbia be amended to prevent the irregularities and loose methods which arise from the establishment in the District of savings banks and building and loan associations organized in different States and whose charters do not contain the restrictions and provisions which are necessary for the sound and safe conduct of the banking business. It is recommended that an act be passed providing specifically for the incorporation of savings banks in the District, and prohibiting the establishment of any savings bank or building and loan association not incorporated under the laws of the District for the purpose of carrying on its business in the District of Columbia. TO REQUIRE OFFICERS AND EMPLOYEES TO GIVE SURETY BONDS. Fourteenth. That all officers of a national bank having the custody of its funds, money, or securities, and all officers, tellers, or other employees of the bank engaged in the handling of its money shall furnish surety bonds, preferably the bonds of an established surety company. TO REQUIRE CERTIFICATES OP DEPOSIT TO BK SIGNED BY TWO OFFICERS. Fifteenth. That all certificates of deposit must be signed by two officers of the bank, and a penalty provided for the issue of any such certificate not signed by two officers. The records of the office show how heavy and needless losses have been sustained by banks for failure to observe this safeguard. TO PREVENT ERASURES ON THE BOOKS OF A BANK. Sixteenth. That no officer or employee of a national bank shall erase or cause to be erased or removed, either by acid or abrasion, any entries on the books of any national bank. Where entries have been made inadvertently or erroneously and it is desired to correct them, they should be canceled by having three lines drawn across them in black or red ink in such a manner as to indicate its cancellation, but not to make it impossible to decipher the original entry. National banks have suffered serious losses from erasures and changed entries by dishonest bookkeepers and officers to conceal or to falsify transactions. STANDARDIZATION OF BY-LAWS. Seventeenth. That authority be given to standardize the by-laws of national banks and provide, inter alia, for the annual meetings of stockholders and for the submission to shareholders of definite reports as to the bank's operations and earnings and general condition. Stockholders frequently have occasion to complain bitterly of the scant information laid before them by their officers in charge. IiECHARTERED BANKS SHOULD BE ALLOWED TO USE BANK-NOTE PLATES OF ORIGINAL BANK. Eighteenth. That rechartered national banks be authorized to continue the use of the old bank-note plates. The repeal of the act of July 12, 1882, to that extent is recommended, as its enforcement merely subjects both the banks and the Government to needless expense. EEPOET OF THE COMPTBOLLEB OF THE CTJEBENCY. 77 The rechartered banks also should be permitted to utilize the notes of the original bank which may have been prepared by the Bureau of Engraving and Printing, with the proviso that these notes shall be given a mark of identification, to distinguish them from the notes issued prior to the rechartering of the bank, the old plates also to be given an appropriate mark of identification. Because of the present provisions of the law $5,543,920 of unissued currency belonging to banks whose charters were renewed was destroyed during the two fiscal years ending October 31, 1917. ENGRAVED SIGNATURES FOR NATIONAL-BANK NOTES. Nineteenth. That the engraving of the signatures of the bank's officers on nationalbank note plates be authorized. TO AUTHORISE NATIONAL BANKS TO ESTABLISH BRANCHES IN THE UNITED STATES. Twentieth. That national banks, with the approval of the Comptroller of the Currency, shall be allowed to establish and maintain branches within certain limits, for example, within city or county lines, but not without the boundaries of the State in which the parent bank may be located, and if such State be partly within one Federal reserve district and partly in another Federal reserve district such branches shall be established only in that portion of the State which is in the same Federal reserve district as the parent bank. No national bank should be permitted, however, in this country, to have more than 12 branches. The capital of the parent bank should be increased, with the establishment of each branch in the town in which the bank is located, in an amount equal to not less than 50 per cent of the minimum capital which would be required for the organization of a national bank in the city wherein the parent bank is located, and the capital of the parent bank shall be increased with the establishment of each branch outside the city where the parent bank is located in an amount equal to the capital now required by the national-bank act for the organization of a national bank in the place where the proposed branch is to be located. TO PERMIT BRANCH BANKS IN ALASKA AND INSULAR POSSESSIONS. Twenty-first. That national banks be permitted to establish branches in Alaska and in the insular possessions of the United States. TO PROVIDE A PENALTY FOR MAKING FALSE FINANCIAL STATEMENTS FOR THE PURPOSE OF OBTAINING CREDIT FROM NATIONAL BANKS. Twenty-second. That the Criminal Code be so amended as to provide that any person, firm, or corporation obtaining a loan or credit from a national bank based on a false statement, wilfully made, of the financial condition of the borrower, shall be guilty of a felony and that appropriate penalties be provided. TO PROVIDE PUNISHMENT FOR BREAKING AND ENTERING A NATIONAL BANK FOR THE PURPOSE OF THEFT OR ROBBERY. Twenty-third. It is recommended that the breaking or entering of a national bank or any place or building occupied by such bank, for the purpose of theft or robbery, shall be made a Federal crime to be prosecuted in the proper district court of the United States. The penalties provided by the criminal statutes of the various States for housebreaking and burglary vary and it frequently happens that criminals guilty of such oilenses, if apprehended, are not adequately punished. TO LIMIT INVESTMENT IN BANK BUILDING. Twenty-fourth. It is respectfully recommended that section 5136 be amended to provide that no national bank shall be permitted to tie up by investment in an office or bank building an amount in excess of the paid-in capital of the bank. This provision shall also apply to trust companies and banking institutions doing business in the District of Columbia. A further limitation based on total resources would also be wise. 78 REPORT OF THE COMPTROLLER OF THE CURRENCY. Section 5136, United States Revised Statutes, at present permits a national bank to invest its funds in a bank building for its own use, but there is no limitation upon the amount of money which a national bank may tie up in this manner. The records of this office show various instances where banks have been brought to grief and where their creditors have sustained serious losses because of the tying up of an excessive proportion of their resources in elaborate, ostentatious, and unnecessary bank buildings. TO AUTHORIZE UNITED STATES TREASURER TO SELL BONDS SECURING CIRCULATION 30 DAYS AFTER A BANK GOES INTO LIQUIDATION. Twenty-fifth. Under section 5222, United States Revised Statutes, a national bank going into voluntary or involuntary liquidation is given six months in which to settle its circulation liability before the Treasurer is authorized to sell the bonds securing the circulation. As there is, however, no provision in the law by which a bank in liquidation can be forced to maintain its 5 per cent redemption fund, and as the Treasurer is required by law to redeem all bank notes as presented, it is respectfully recommended that the Treasurer be authorized to sell the bonds securing circulation at any time after the expiration of 30 days from the date on which the bank goes into liquidation. TO REQUIRE TWO SIGNATURES TO ALL "CHARGE TICKETS." Twenty-sixth. That provision be made whereby no national bank shall have the right to make a charge against the account of a depositor except on a charge ticket or order signed by at least two officers of the bank. ^ The ease and freedom with which certain bank officers are permitted to sign "charge tickets" and "debit slips" against the credit balances of depositors has been much abused, and has led to serious frauds and defalcations. TO PROVIDE FOR VACATIONS AND ROTATION OF BOOKKEEPERS-, ETC. Twenty-seventh. That the Comptroller's Office be given authority to require national banks to shift their bookkeepers and other employees £rom time to time from one desk or service to another, so as to make it more difficult, if not impossible, for employees of banks to hide their defalcations or to manipulate the books. TO REQUIRE LONG DORMANT BALANCES TO BE DEPOSITED IN UNITED STATE TREASURY. Twenty-eighth. That the Congress consider the desirability of passing a law requiring all national banks to pay into the Treasury of the United States all sums of money held by them to the credit of depositors who have not checked against their account or who have not added to their balance by new deposits (exclusive of items which may have been credited to those accounts by the bank itself on account of interest or other collections not made directly by the depositor) for a period of seven years or more, such sums when transferred to the Treasury by the national banks to be accompanied with all information which the bank may possess as to the whereabouts or last known address and next of kin of the depositor. It may be well to require banks, before thus turning over these dormant balances, to publish a list of them twice in a daily newspaper, in or nearest to the city or town in which the bank is located. Reports made to this office show that the national banks held on March 5, 1917, $27,000,000 of money on inactive accounts, belonging to 736,000 customers who have made no deposits and who have drawn no checks on their accounts for a period of five years or more. TO ALLOW BANKS TO DEDUCT UNITED STATES BONDS FROM TAXABLE ASSETS. Twenty-ninth. That section 5219, United States Revised Statutes, be so amended as to provide that in determining the value of the shares of national banks for the purposes of taxation by State authorities, the par value of any bonds or other interestbearing obligations of the United States Government owned by a national bank shall be deducted from its assets. This is desirable in order that the ownership of United States Government bonds by national banks may secure to these banks the benefit of the same exemption that the ownership of certain State securities in the hands of State banks gives. REPORT OF THE COMPTROLLER OF THE CURRENCY. 79 The passage of such an amendment would furthermore greatly increase the desirability, from an investment point of view, with all national banks, of United States Government bonds. TO INSURE OR GUARANTEE ALL DEPOSITS FOR $5,000 OR LESS. Thirtieth. That legislation be enacted to provide for the Federal insurance or guarantee of bona fide deposits of national banks where the balance to the credit of any one individual amounts to a sum not exceeding $5,000, and upon which interest not exceeding 3 per cent per annum is paid. It is also recommended that it be made discretionary with the national banks as to whether or not they shall take advantage of the provisions of such a law. The main arguments in favor of the adoption of such a plan as this are— First. That it would bring from its hiding places many millions of dollars of hoarded money in all parts of the country. Second. That such a guaranty law would afford complete security to some 16,000,000 depositors in the national banks whose balances amount to $5,000 or less. Third. That such a law would largely prevent in the future runs on national banks, with the disturbances and panics which they sometimes precipitate. Fourth. That the application of this law would contribute more to the unification and solidarity of the entire banking system than anything else that could be done at this time. A circular letter addressed by the Comptroller of the Currency to all national banks under date of June 5, 1918, is published as Exhibit A to this report. LEGISLATION EXACTED DELATING TO NATIONAL BANKS. A number of acts have been passed by Congress during the past year which amend the national bank act or affect the operations of national banks. Those provisions which relate specifically to the operations of national banks are published in the appendix. These may be briefly summarized as follows: (1) Section 8 of the act approved April 4, 1918, known as the third Liberty bond act, authorizes the Secretary of the Treasury to leave on deposit with banks which subscribe for themselves or for their customers to the third Liberty loan the proceeds of such subscriptions under appropriate safeguards and restrictions. (2) Section 20 of the act approved April 5, 1918, known as the war finance act, amends section 5202, Revised Statutes, so as to' exempt from the liabilities which may be incurred by national banks those incurred under the provisions of the war finance act. (3) The act of September 24, 1918, entitled "A supplement to the second Liberty bond act," amends section 5200, Revised Statutes. This section limits the amount that may be loaned by any national bank to any one person to 10 per cent of the capital and surplus of the lending bank. Under this amendment loans secured by Liberty bonds may be made in excess of the 10 per cent limit under regulations prescribed by the Comptroller with the approval of the Secretary of the Treasury. Pursuant to this act the following regulations were prescribed: Section 5200 of the Revised Statutes of the United States, as amended by the supplement to the second Liberty bond act approved September 24, 1918, in effect permits any national bank, in accordance with such amendment and regulations prescribed pursuant thereto, to lend to a single borrower an amount in excess of 10 per cent of such bank's unimpaired capital and surplus, provided such excess is secured by at least a like face amount of Liberty bonds or certificates of indebtedness of the United States. The power of national banks to lend upon the security of Liberty bonds and certificates of indebtedness has been thus greatly increased. 80 EEPORT OF THE COMPTROLLER OP THE CURRENCY. Substantially the effect of this amendment and the amended regulations which have been prescribed pursuant thereto is to permit, until November 1, 1919, any national bank to lend to a single borrower, upon the conditions indicated below, aa follows: 1. An amount not in excess of 10 per cent of the bank's unimpaired capital and surplus, whether or not secured in whole or in part by Liberty bonds or certificates of indebtedness, as permitted by section 5200, Revised Statutes, prior to this amendment, and 2. An additional amount, not in excess of 10 per cent of the bank's unimpaired capital and surplus, secured by at least a like face amount of Liberty bonds or certificates of indebtedness, as permitted by this amendment to section 5200, Revised Statutes, and 3. A further additional amount (not limited) in excess of the sum of the two foregoing amounts—that is, in excess of 20 per cent of the bank's unimpaired capital and surplus—which must be directly secured by at least $105 face amount of Liberty bonds or United States certificates of indebtedness for each $100 of such loans, pursuant to general or specific authority conferred upon the officers of the bank by its board of directors, as permitted by the regulations prescribed pursuant to this amendment to section 5200, Revised Statutes. Section 5200 of the Revised Statutes of the United States, as amended by section 6 of an act entitled "Supplement to the second Liberty bond act," approved September 24, 1918, reads as follows: "SEC. 5200. The total liabilities to any association, of any person, or of any company, corporation, or firm for money borrowed, including in the liabilities of a company or firm the liabilities of the several members thereof, shall at no time exceed 10 per centum of the amount of the capital stock of such association actually paid in and unimpaired and 10 per centum of its unimpaired surplus fund: Provided, however, That (1) the discount of bills of exchange drawn in good faith against actually existing values, (2) the discount of commercial or business paper actually owned by the person, company, corporation, or firm negotiating the same, and (3) the purchase or discount of any note or notes secured by not less than a like face amount of bonds of the United States issued since April 24, 1917, or certificates of indebtedness of the United States, shall not be considered as money borrowed within the meaning of this section: but the total liabilities to any association, of any person or of any company, corporation, or firm upon any note or notes purchased or discounted by such association and secured by such bonds or certificates of indebtedness shall not exceed (except to the extent permitted by rules and regulations prescribed by the Comptroller of the Currency, with the approval of the Secretary of the Treasury) 10 per centum of such capital stock and surplus fund of such association." Under authority of section 5200, Revised Statutes, as thus amended, the Comptroller of the Currency, with the approval of the Secretary of the Treasury, has prescribed the following amended regulations: "Until November 1, 1919, or until such later date as the Comptroller of the Currency, with the approval of the Secretary of the Treasury, may prescribe, any national bank may purchase or discount, pursuant to general or specific authority conferred upon the officers of the bank by its board of directors, the note or notes of a person, firm, company, or corporation maturing in not more than six months from the date of such purchase or discount, in an amount in excess of 10 per cent of the aggregate amount of the capital stock actually paid in and unimpaired and the unimpaired surplus fund of such bank: Provided, Any such note or notes shall be directly secured by at least 105 per cent of bonds or certificates of indebtedness of the United States issued since April 24, 1917; that is to say, there must be pledged as security for each $100 so loaned at least $105 face value of Liberty bonds or certificates of indebtedness. The amount which a national bank may thus lend upon Liberty bonds and certificates of indebtedness under section 5200, Revised Statutes, as amended September 24, 1918, and pursuant to this amended regulation, is in addition to other loans which such national bank is permitted to make, whether or not such other loans be secured in whole or in part by Liberty bonds or certificates of indebtedness." (4) The act of September 26, 1918, amends sections 4, 11, 16, 19, and 22 of the Federal reserve act, and sections 5208 and 5209, Revised Statutes. These amendments directly affect the operations of national banks in the following particulars: (a) The amendment to section 11, subsection (k) of the Federal reserve act, broadens the trust and fiduciary powers of national banks BEPOBT OF THE COMPTEOLLEB O£ THE CURRENCY. 81 and makes it possible for such banks to exercise these pov\Ters on a basis of substantial equality with competing State corporations. (b) The amendment to section 19 authorizes the Federal Reserve Board to change the reserve status of banks located in the outlying districts of reserve or central reserve cities. (c) The amendment to section 22 of the Federal reserve act, which relates to transactions between member banks and their officers or directors, clears up many of the ambiguities of that section. (d) The amendment to sections 5208 and 5209, Revised Statutes, which statutes prescribe penalties for false statements made with intent to defraud by officers or directors of national banks, and penalties for embezzlement, abstraction, or willful misapplication of funds on the part of such officers and directors, makes subject to these penalties officers and directors of Federal reserve banks and receivers of national banks. This amendment also modifies to some extent the penalties prescribed. (5) The act of May 23, 1918, authorizes national banks to make contributions to the American Red Cross. (6) The act of November 7, 1918, provides for the consolidation of national banks without requiring the liquidation of either. NATIONAL-BANK SUBSCRIPTIONS TO THE RED CROSS. As empowered by act of Congress approved May 23, 1918, a large number of the national banks of the country took advantage of that authority to subscribe to the Red Cross. The reports of the banks to this office show that subscriptions to the Red Cross by the national banks, from the passage of the act to the present time, have amounted to $2,948,164 these contributions being made by 3,088 banks—about 40 per cent of the total number. Of this amount, $1,001,110 was subscribed by 48 national banks in the central reserve cities of New York, Chicago, and St. Louis; $873,703 by 210 national banks in other reserve cities; and $1,073,351 by 2,830 country banks. One hundred sixty-three national banks in reserve and central reserve cities, and 4,503 country banks reported no subscriptions. NATIONAL BANK EMPLOYEES IN AEMY AND NAVY. The national banks of the country reported on November 1, 1918, that the total number of their officers and. employees on that date was 86,845, including 59,306 men and 27,539 women. They also reported that up to that date 17,520 of their employees had left the banks to enter the service of the Army and Navy, 14,292 entering the Army and 3,228 the Navy, including the Marine Corps. These figures tell us that the proportion of employees entering Army and Navy to the total number of male employees of all national banks on November 1, 1918, was 29.54 per cent, or, if we should add to the total number of men'employed by the national banks on November 1, which was 59,306, the 17,520 who had left to enter our military and naval forces the sum is 76,826. It thus appears that of the 76,826 men employed by the national banks during the period of the war, 17,520, or, say, 22.80 per cent, of the total males employed enlisted in the service oi the Army or Navy. 82 EEPORT OF THE COMPTROLLER OF THE CURRENCY. This is a patriotic and stimulating showing for the"banking profession, and compares very favorably with other occupations. The number of men in tne United States 18 years of age or older is estimated at 36,000,000; the total number who had gone into the Army—up to the time of the signing of the armistice, November 11— including officers, was 3,510,956; into the Navy, including officers, regular enlisted men, the Naval Reserve, and Coast Guard—all in active service—was 512.819, or a total for both Army and Navy of 4,023,775. It therefore appears that although the number of men 18 years of age and older in the United States who enlisted in the Army and Navy constituted only about 11 per cent of the total number; the proportion of the males who went from the national banks of the country into the Army and Navy at their country's call was 22.80 per cent, or more than twice the general average. The 25 Reserve cities whose national banks furnished to the Army and Navy the JiigJiest percentage of their total employees (excluding cities whose national banks sent less than 50 men) were: City. Wichita Minneapolis Des Momes , Sioux C i t y . . . . . . Oklahoma City Spokane Nashville Omaha Tulsa Dallas San Antonio Jacksonville Seattle , St. Paul Portland Columbus Kansas City (Mo.) Houston , Atlanta , Boston • Detroit , Richmond Washington , Chicago St. Louis Percentage of employees Number of entering service employees to total numentering ber of male em- service up to ployees, Nov. 1, 1918. Nov. 1, 1918. 79.41 78.76 64.20 63.53 61. 40. 57. 89 57.60 55.43 53.89 50.00 49.70 48.39 48.20 47.40 43.98 41.38 41.09 40.55 40.00 38. 37 38.20 36.96 35.18 34.94 34.64 54 304 52 54 70 66 72 143 97 163 84 75 107 137 98 60 203 88 114 358 102 95 127 667 247 The 12 Reserve cities whose national banks sent the largest number of men into the Army and Navy were, in the order named: New York, 1,730; Chicago, 667; Boston, 358; Philadelphia, 325; Minneapolis, 304; San Francisco, 269; St. Louis, 247; Pittsburgh, 232; Kansas City, 203; Dallas, 163; Los Angeles, 157; and Omaha, 143. REPORT OF THE COMPTROLLER OF THE CURRENCY. 83 The 25 States whose country national banks sent the highest percentage of their employees to the naval and military forces of the United States (excluding States sending fewer than 100 men) were: State. Percentage of employees Number of entering service employees to total numentering ber of male em- service up to ployees, Nov. 1, 1918. Nov. 1, 1918. Per cent. New Mexico... Wisconsin , North Dakota. Idaho Minnesota Alabama Virginia California North Carolina Louisiana Montana , Nebraska , South Carolina West Virginia. Kansas Iowa Michigan Texas , Oregon Arkansas Mississippi Georgia Colorado Illinois Massachusetts. 43.83 38.47 37.35 36.36 34.87 34.73 34.68 34.39 34.15 33.89 33.61 33. 58 33.10 33.02 31.72 31.38 31.36 30.22 30.07 29.04 28.86 28.25 27.70 26.21 25.86 103 272 245 100 408 166 274 476 153 102 201 227 141 176 276 414 191 741 132 106 110 139 146 50$ 249 The 12 States whose country national banks furnished the greatest number of men were, in the order named: Texas, 741; Pennsylvania, 724; New York; 559; Illinois, 508; California, 476; Oklahoma, 459; Iowa, 414; Minnesota, 408; New Jersey, 315; Ohio, 314; Kansas, 276; and Virginia, 274. TOTAL NUMBER MALE AND FEMALE EMPLOYEES OF NATIONAL BANKS AND NUMBER ENTERING ARMY AND NAVY. The tables given below show the total number of employees reported by all national banks as of November 1, 1918, in all reserve cities and States, showing as to each city and each State for the date named, the following: 1. Total number of male officers and employees of all national banks. 2. The number of employees leaving the service of the banks to enter the Army, Navy, and Marine Corps. 3. The percentage of such employees to the total number of male employees remaining with the national banks on November 1, 191& 4. The total number of female officers and employees of national banks. 84 EEFOET OF *HE COMPTROLLER OF THE CURRENCY. RESERVE CITIES. Total number Total number of officers who have left and employees of na- to enter the tional banks on Nov. 1, Army, Navy, and Marine 1918. Corps. New England States Albany . .. .... ... Buffalo Philadelphia Pittsburgh Baltimore Washington ... Eastern States 30.88 358 38.37 634 358 38.37 __ — 159 196 1,443 713 407 67 99 823 534 237 *114 42 34 47 325 232 118 27.81 2L38 23.98 22.52 32.54 28 99 35.18 1,948 ... 21 ft 57 285 31 70 155 37 164 11 61 59 142 326 142 18 217 169 75 ' 229 70 04 125 2,432 Southern States . . 127 925 26.97 95 36 96 24.56 40.00 29 03 62.86 48,39 21.13 50.00 31 69 44.44 40.55 49.70 37 33 31.00 38.57 50.63 57.60 14 114 9 44 75 58 71 76 1 37 30 163 45 8 88 147 59 18 118 71 27 36 72 1,003 —- 50 18 1,204 84 28 41.24 .. . Western States 251 322 115 60 92 50 249 39 179 394 242 93 273 63 54 203 28 24.65 26.37 41.38 27.43 33.17 36.76 38.20 37.36 28.27 78.76 47.40 70.73 64.20 17.60 63.53 41.09 31.82 3,421 Middle States 357 406 145 113 * 199 68 267 91 283 386 289 41 81 28 85 494 88 . Dubuaue Sioux City Kansas City, Zvlo St. Joseph Lincoln Omaha Kansas City, Kans Topeka Wichita Denver Pueblo Muskogee . Oklahoma City Tulsa 2,644 634 257 Richmond Charleston Atlanta ^, Savannah Birmingham Jacksonville New Orleans Dallas Fort Worth Galveston Houston ... Ban Antonio Waco Louisville . Chattanooga Memphis Nashville Cincinnati Cleveland Columbus Toledo Indianapolis . . . Peoria Detroit Grand Ilapids Milwaukee Minneapolis St. Paul Cedar Rapids 4,821 361 Central reserve cities Boston 29.12 34. 94 .34.64 3,430 * 1,730 667 247 933 . Female. 2,879 1,649 293 933 *... Male. 5,940 1,909 713 8,562 New YoTk City St. Louis Percentage of those that entered the service to total male employees. 2,591 1,405 41.06 G2 258 61 317 47 143 26 16 116 13 16 60 12 37 70 97 75. 80 55.43 50.00 72.41 79.41 22.75 26.09 66.07 61.40 53.89 751 557 50.08 32 29 68 267 46 56 114 180 1,112 60 99 10 21 21 85 75 107 60 31 66 25 102 34 80 304 137 29 52 5 21 54 REPORT OF THE COMPTROLLER OF THE CUREENC^ 85 RESERVE CITIES—Continued. Total number Total number of officers who have left and employees of na- to enter the tional banks on Nov. 1, Army, Navy, and Marine 1918. Corps. Seattle Spokane Male. «.•* 222 114 34 ,-......—»-...... Oakland San Francisco Ogden Salt Lake City » *..- *.... •»«#-» Female. 132 105 20 107 223 508 112 844 57 157 . . . ^ . . ....*.» Portland Percentage of those that entered the service to total male employees. 194 259 29 429 17 35 98 157 29 269 19 39 4S. 20 57. 80 41.18 43. 98 30 91 25. 89 31.87 33.33 2-1.84 35.14 66 14 2,271 1,220 798 All other reserve cities 13,599 8,348 5,046 37. U Total all reserve cities 22,161 13,169 7,690 34.70 Pacific States STATES. Total number of male officers and employees of national banks on Nov. 1, 1918. Total number Percentage Total number of female who have left of those that officers and to enter the entered the emploj7ees of Army, Navy, service to national and Marine total male banks on Corps. employees. Nov. 1,1918. COUNTBY BANKS. Total New England States New York New Jersey Pennsylvania . .. . Maryland Total Eastern States 23.02 1,522 559 315 724 1,068 584 1,336 10 66 21.96 19.07 19.18 11.36 17.60 1,674 19.85 3,119 274 171 191 154 130 91 154 122 123 558 136 163 171 170 92 676 64 349 28 103 Tennessee Total Southern States . .............. . Missouri Total Middle States . . ............. ...... 381 301 2,452 365 583 176 153 141 139 86 166 110 102 741 106 320 453 Virginia West Virginia North Carolina South Carolina Georgia . Florida Alabama Mississipoi Louisiana Texas. Arkansas .... Ohio Indiana. Illinois Michigan Wisconsin Minnesota 574 790 Rhode Island Connecticut 18.25 26.00 19.72 25.86 22.79 20.94 8,435 . 52 65 43 249 31 134 2,545 1,652 3,775 ............ Vermont 285 250 218 963 136 640 2,492 88 375 Maine 115 34.68 33.02 34.15 33.10 28.25 29.76 34.73 28. 86 33.89 30.22 29.04 20.58 25.39 7,991 2,429 30.40 2,498 1,738 1,246 1,938 609 707 1,170 1,319 314 257 508 191 752 493 779 311 153 3,925 533 448 426 492 289 478 310 84 18.07 20.62 26.21 31.36 38.47 34.87 31.38 27.10 9,037 2,448 27.09 272 408 414 365 139 336 505 596 86 REPORT OF THE COMPTROLLER OF THE CURRENCY. STATES—Continued. Total number of male officers and employees of national banks on Nov. 1, 1918. Total number who have left to enter the Army, Navy, and Marine Corps. Percentage Total number of female of those that officers and entered the employees of service to national total male . banks on employees. Nov. 1,1918. COUNTRY BANKS—continued. . Total Western States Washington Oregon California Idaho Utah Nevada Ari zona . 245 108 227 276 201 85 146 103 459 37.35 21.43 33.58 31.72 33.61 48.02 27.70 43.83 20.26 236 25G 248 358 164 90 182 78 416 1,850 28.42 2,028* 331 439 1,384 275 61 57 134 . 656 504 676 870 598 177 527 235 2,266 6,509 North Dakota South Dakota Nebraska Kansas . Montana Wyoming Colorado . . . New Mexico Oklahoma 82 132 476 100 5 18 42 24.77 30.07 34.39 36.36 8.20 31.58 31.34 191 225 * 650 131 18 16 47 2,681 855 31.89 1,278 Total country banks 37,145 9,830 26.46 14,370 Total United States 59,306 17,520 29.54 27,539 2,492 358 574 38.37 23.03 1,522 3,425 932 27.21 2,156 5,940 3,430 8,435 1,730 1,674 29.12 26.97 19.85 2,879 1,948 3,119 Total 17,805 4,329 24.31 Southern States: Reserve cities Country banks 2,432 7,991 1,003 2,429 41.24 30.40 1,204 2,498 10,423 3,432 32.93 3,702 2,622 3,421 9,037 914 1,405 2,448 34.86 41.07 27.09 1,942 2,591 3,925 15,080 4,767 31.61 8,458 1,112 6,509 1,850 50 09 28.42 2,028 7,621 2,407 31.58 2,779 2,271 2,681 798 855 35.14 31.89 1,220 1,278 4,952 1,653 33. 38 2,498 59,306 17,520 29.54 27,539 Total Pacific States •. RECAPITULATION. New England States: Reserve city Country banks 933 Total Eastern States: Other reserve cities Country banks Total Middle States: Central reserve cities Other reserve cities Country banks Total Western States: Reserve cities Country banks Total Pacific States: Reserve cities Total Total United States . . . 925 557 634 . 7,946 751 • BEPOBT OF THE COMPTHOLLEE OF THE CURRENCY. 87 BANKS OTHER THAN NATIONAL. STATE, SAVINGS, PRIVATE BANKS, AND LOAN AND TRUST COMPANIES. Information relating to the condition of banks under State supervision for the current year has been obtained largely from compilations made by the various State superintendents of banking, and the courteous cooperation and assistance received from these State officers has enabled the Comptroller to present a summary of returns practically complete as to the number of State banks in operation and for a large number of private banks not under State supervision. Statistics showing the condition on June 29, 1918 (or dates near thereto), of 21,175 State banking institutions, including savings banks, private banks, and trust companies, or 856 more than reported in 1917, are presented herewith. The paid-in capital stock of these banking institutions aggregates $1,253,031,559.45 and their resources $22,371,496,514.47. In 1917 reporting banks other than national numbered 20,319 with an aggregate capital of $1,191,421,153.48 and resources of $20,836,357,138.31. The increase in capital therefore is shown to be $61,610,405.97, or 5.17 per cent, and in resources $1,535,139,376.16, or 7.37 per pent. A summary of the reports of condition of banks other than national is as follows: Summary of reports of condition of 21,175 reporting banks other than national and including State banks, savings banks, private banks, and loan and trust companies, of the United States and island possessions at the close of business on June 29, 1918. KESOURCES. Loans and discounts: Secured by real estate (including mortgages owned) $2,952,422, 207.46 Secured by collateral other than real estate 2,012,010,355.29 Loans not classified 7,414, 327, 502.06 Total $12,378,760,064.81 Overdrafts 47,837,533.39 Investments: United Stat-es bonds * 455, 304,115.87 State, county, and municipal b o n d s . . . . 296, 774,472.18 Railroad bonds 444, 389,459.99 Bonds of other public-service corporations (including street and interurban railway bonds) 118, 945,445.04 Bonds, stocks, etc., not classified 4,468,967,748.70 Total Banking house (including furniture and Other real estate owned Due from banks Checks and other cash items Exchanges for clearing house Cash on hand: Gold coin Gold certificates Silver coin Silver certificates Legal tender notes fixtures) 5,784,381,241.78 425,711,869.04 125, 729,226.48 2, 360, 741, 795.91 219,001,504.95 49, 606, 619.52 68, 378, 760.15 37, 829, 060.00 20,005,662.91 26,652,036.00 • 2 184,507,351.00 1 Includes certificates of indebtedness. * Includes other paper currency to the estimated amount of $60,000,000. 88 JREFOBT OF THE COMFTEOLLEE OF THE CURRENCY. Cash on hand—Continued. National-bank notes Federal Reserve notes Nickels and cents Cash not classified $8,195, 585. 00 20,406, 347.00 3,530,584.23 144, 364,036. 74 Total.. $513,869,423.03 Other resources Total resources 465,857, 235. f>(i 22,371,496, 514. A 7 m LIABILITIES. Capital stock paid in .' $1,253,031,559.45 Surplus 1,225,626,173.59 Undivided profits (less expenses and taxes paid) 283, 701, 780. 74 Ihie to banks 792,979,376.24 Dividends unpaid 10,001, 997. 79 Individual deposits: Individual deposits subject to check without notice $4, 955,096,158. 60 Demand certificates of deposit. 227,445, 500.03 Certified checks and cashier's checks 55, 596,124.17 Savings deposits, or deposits in interest or savings department 7, 727,007, 971.21 Time certificates of deposit 1,287,403,150.06 Deposits not classified 3,497, 555, 852.36 Total Postal savings deposits Notes and bills rediscounted. Bills payable (including certificates of deposit representing money borrowed) Other liabilities 17,750,104,756.43 14,532,459.19 165,436, 642.24 * 340,144,049.85 535,937,718.95 Total liabilities 22,371,496,514.47 NOTE.—Statistics for Philippines, as of December 31, 1917, Kansas and Alaska, May 8; Nebraska, May 10; New York, June 20 (except New York mutual savings banks, July 1); Kentucky, June 25; and Missouri, June 28. Statistics for banks of Massachusetts, North Dakota, Hawaii, and Porto Rico, and for private banks of Texas, Illinois, Michigan, Iowa, and Alaska are from unofficial returns. The following table shows the principal items of resources and liabilities for each class of banks, other than national, as of June 29,1918: Resources and liabilities of 21,175 State, savings, and private banks, and loan and trust companies, June %9, 1918. 16,59a State banks. 625 mutual savings 1,194 stock savings banks. banks. RESOURCES. Loans and discounts (including overdrafts). Investments (bonds, securities, etc.) Banking house, furniture and fixtures Other real estate owned Due from banks Checks and other cash items (including exchanges for clearing house) Casli on hand All other resources Total resources $4,773,519,022.89 1,258,287,67a 70 177,445,603.73 46,461,133.34 1,032,949,071.58 $2,314,743,067.20 2,173,821,705.20 41,160,918.63 24,333,145.89 202,898,003.08 $787,948,091.43 209,757,732.74 30,990,907.34 7,584,8lil. Co 106,965,023.20 146,313,967.49 278,628,30-4. 81 102,134,028.19 1,253,422.47 24,132,875.91 36,217,224.31 3,487,00(5.09 32,475,269.59 3,980,174. 08 7,815,738,862.73 4,818,560,362.69 1,183,189,666.72 LIABILITIES. Capital stock paid in Surplus fund Undivided profits Dividends unpaid Individual deposits Postal savings deposits Notes and bills rediscounted Bills pavable Other liabilities Total liabilities 040,006,705.69 322,747,190. 05 3i5,631.i 490*78* 104,304,398.56 58,792,522.91 278,934,069. 73 341,519. 02 4,271,013.95 6,114,198,976.07 " "4*422," 096," 393 A5 6,054,778.49 757.00 65,105,819.16 2,259.42 159,670,571. 61 1,572,718.83 120,439,338. 82 20,122,701.58 7,815,73S, 862.73 4,818,560,362.69 68,984,602.22 34,639,336. 2# 12,958,063. 95 2,672,459.56 168,506.10 1,049,483,555.47 670,962.70 253,392.33 7,608,359. 66 5,750,428.44 1,183,189,666.72 89 BEPOKT OF THE COMPTROLLER OP THE CURRENCY. Resources and liabilities of 21,175 States, savings, and private banks, and loans and trust companiest June 29, 1918—Continued. 1,669 loan and trust 1,091 private banks. Total, 21,175 banks companies. BESOTJRCES. Loans and discounts (including overdrafts). Investments (bonds, securities, etc.) Banking house, furniture and fixtures Other real estate owned Due from banks Checks and other cash items (including exchanges for clearing house) $146,578,818.48 26,891,564.99 8,910,759.66 6,344,709.93 37,805,789.24 $12,426,597,598.20 5,784,381,241.78 425,711,869.04 125,729,226.48 2,360,741,795.91 116,157,233.40 171,994,005.38 321,526,167.57 1,395,895.02 6,638,967.34 1,999,640.81 268,608,124.47 513,869,423.03 465,857,235.56 8,317,441,476.86 236,566,145.47 22,371,496,514.47 525,236,575.73 543,046,8,56.50 103,919,508.83 509,060,933.97 5,517,007.87 5,970,906,454.04 7,805,564.72 99,368,525.93 166,574,779.55 386,005,269.72 18,803,675.81 9,561,299.97 3,727,286.49 1,970,393.96 45,469.87 193,419,377.10 396.28 706,645.40 4,711,620.20 3,619,980.39 1,253,031,559.45 1,225,626,173.59 283,701,780.74 792,979,376.24 10,001.997.79 17,750,104,756.43 14,532,459.19 165,436,642.24 340,144,049.85 535,937,718.95 8,317,441,476.86 All other resources Total resources $4,403,808,598.20 2,115,622,568.15 167,203,619.68 41,005,375.67 980,123,908.81 236,566,145.47 22,371,496,514.47 LIABILITIES. Capital stock paid in Undivided profits •... Dividends unpaid Individual deposits Postal savings deposits Notes and bills rediscounted Bills payable Other liabilities Total liabilities »..., „ For the purpose of comparison, a statement giving the principal items of resources and liabilities for banks, other than national, from 1914 to 1918, inclusive, is submitted herewith: Consolidated returns from State, savings, private banks, and loan and trust companies. Items. 1914 Loans1 Bonds Cash Capital Surplus and undivided profits Deposits (individual) 2 Eesources 1 1915 1916 1918 1917 $8,893,923,049. 95 $9, 1,093,527,548.72 $10,164,480,700. 42S11,674,130,264.83 $12, !,426, 597,598. 20 3,670,036,288.42 3,813,562,406.67 4,443,609,040.68 4,990,751,982.90 5,784, 381,241.78 616,655,547.01 599,945,292.32 666,515,321.95 513, 869,423.03 749,791,076.06 1,073,881,738.20 1,094,322,264.93 1,129,052,115.96 1,191,421,153.48 1,253, 031,559.45 1,284,994,939.99 1,335,850,844.93 1,376,792,067.98 1,484,875,323.98 1,509,327,954.33 12,249,040,449.2912,614,,485,051.89 14,730,102,074.98 16,768,060,159.14 17,750, 104,756.43 15,489,207,260.""'-i,' 008,444,520.68 18,344,369,696.93 20,836,357,138.31 22,371, 496,514.47 3616, " ~ Including overdrafts. » Postal savings deposits not included. STATE BANKS. State banks (commercial banks) to the number of 16,596 submitted reports of condition as of June 29, 1918 (or nearest date thereto), as shown by summaries of returns furnished by the State banking departments. The capital of this class of banks was $640,006,705.69 and the aggregate resources $7,815,738,862.73. These statistics include socalled stock savings banks in States where the banking departments do not segregate this class of banks in their summaries of reports, but designate all such institutions as commercial banks. Loans and discounts in the reporting State banks aggregated $4,773,519,022. 89, of which amount $290,002,041.87 was secured by real estate and $403,308,561.33 was secured by other collateral, h 90 REPORT OF THE COMPTROLLER OF THE CURRENCY. unclassified loans aggregating $4,040,620,251.08 and overdrafts $39,588,168.61. The investments in stocks, bonds, and other securities held by State banks aggregated $1,258,287,670.70, while a large proportion of this amount, namely, $1,033,514,560.88, was not classified. The following classifications were reported, viz: United States bonds State, county, and municipal bonds Railroad bonds Bonds of other public-service corporations $179, 504, 538. 61 41, 872, 537. 78 1, 626, 298. 26 1, 769, 835.17 The amounts invested in banking houses, furniture and fixtures aggregated $177,445,663.73, while other real estate was owned to the extent of $46,461,133.34. The amount due from other banks was reported at $1,032,949,071.58, while checks and cash items and exchanges for clearing houses amounted to $146,313,967.49. Cash in vaults totaled $278,628,304.81, of which amount approximately $57,000,000 was gold and $25,000,000 silver. Eesources not classified amounted to $102,134,028.19. The capital stock of the reporting State banks aggregated $640,006,705.69 or an average capital of about $38,563 for each bank. Surplus aggregated $322,747,190.05, and undivided profits- $104,304,398.56. Individual deposits, amounting to $6,114,198,976.67, were classified as follows: Subject to check without notice Demand certificates of deposit Certified checks and cashiers' checks Savings deposits Time certificates of deposits Deposits not classified Total $2, 754, 752,819.45 144, 611,060. 27 29, 962,549.16 1,071, 636, 806.01 1,025,951,956.88 1, 087,283,784.90 6,114,198,976.67 In addition to the individual deposits as classified, dividends unpaid amounted to $4,271,013.95, postal savings deposits $6,054,778.49, and amounts due to banks and bankers $278,934,069.73, making total deposits $6,403,458,838.84. Notes and bills rediscounted were reported at $65,105,819.16, bills payable $159,676,571.61, and unclassified liabilities $120,439,338.82 MUTUAL SAVINGS BANKS. Summaries of reports of condition for the current year were received from 625 mutual savings banks. The statements for these banks furnished by the State banking departments include statistics for Maine, New Hampshire, Vermont, Massachusetts, Khode Island, Connecticut, New York, New Jersey, Pennsylvania, Delaware, Maryland, West Virginia, Ohio, Indiana, Wisconsin, Minnesota, California/ and Washington, a bank in the State of Washington having been organized during the past year. The resources of the mutual savings banks as of June 29 aggregated $4,818,560,362.69 and their deposits amounted to $4,422,096,393.15, credited to 9,011,464 depositors, the average deposit-account being $490.72. In 1917 mutual savings banks reported resources of $4,811,038,471.87 and deposits of $4,422,489,384.42 credited to 8,935,055 depositors, and an average deposit-account of $494.96. 91 REPORT OF THE COMPTROLLER OP THE CURRENCY. The statistics, therefore, show that during the year there has been an increase of $7,521,890.82 in aggregate resources, and while there has been a decrease of $392,991.77 in deposits, an increase of 76,409 is shown in the number of depositors. These banks reported loans aggregating $2,314,742,904.14. More than 89 per cent of these loans, or $2,065,553,657.87, w^as secured by real estate, while $128,216,466.69 was on other collateral security, unclassified loans amounting to $120,972,809.58. Investments in stocks, bonds, and other securities amounted to $2,173,821,705.20 which included $77,719,949.27 United States bonds; $214,257,761.62, State, county, and municipal bonds; $406,272,168.88, railroad bonds; $79,015,464.73, bonds of other public service corporations; and $1,396,556,360.70 of the investments were not classified. Mutual savings banks reported banking houses, furniture and fixtures amounting to $41,160,918.63 and other real estate owned $24,333,145.8*9. The amounts deposited in other banks aggregated $202,898,003.08, checks and cash items, etc., $1,253,422.47, cash in vaults $24,132,875.91 and miscellaneous resources $36,217,224.31. The surplus funds of these banks aggregated $315,631,490.78 and undivided profits $58,792,522.91. Besides deposits the miscellaneous liabilities aggregated $22,039,955.85. In June, 1917, their reported surplus was $321,793,622, and undivided profits f58,829,989. The following statement shows the number of mutual savings banks reporting, the number of depositors, the aggregate deposits, and the average deposit-account for each year from 1908 to 1918. Year. 1008 1C09 1910 1911 1912 1913 1914 1915 1916 1917 1918 Banks. 676 642 638 635 630 623 634 630 622 622 625 .. . .. . . ... Depositors. Deposits. 7,137.481 $3,065,686,012 7,204,579 3,144,584 874 7,481,649 3,360,563, 842 7.690,973 3,460,575, 072 7,851,377 3;608,657,828 8 101,238 3 769 555 330 8,277,359 3,915,626,190 8,307,787 3,950,666,362 8,592,271 4,186,976,600 8,935,055 4,422,489,384 9,011,464 4,422,096,393 Average to each , depositor. $429. 52 435 66 449.17 449.95 459. 62 465 31 473.05 475. 53 487.30 494.98 490.72 1 i Only 627 banks reported as to the number of depositors and the average deposit is taken on that basis. The table following shows for each State the number of depositors in mutual savings banks, the aggregate deposits, and the average amount due each depositor on June 20, 1917, and June 29, 1918: 85478°—CUR 1918—VOL 1 7 Number of mutual savings banks, number of depositors, aggregate deposits, and average deposit account, by States, June £0, 1917, and June 29, 1918. 1917 1918 States. Number of banks. Maine M6 Vermont Massachusetts Rhode Island Connecticut 2 196 ]5 81 ^ . . . Depositors. Deposits. Average to Number each de- of banks. positor. Depositors. Deposits. Average to each depositor. $98,689,825.73 240,814 105,764,673.14 206 590 59,676,772.53 118,864 2 566,467 1,026,822,448.75 92,769,759.36 161 470 363,602,570. 50 < 680', 682 $409.81 511. 95 502.05 400.09 574.53 534.16 45 45 20 196 15 81 236,820 207,082 117,962 2,591,162 s 161,320 715,000 $94,141,542.57 104,911,261.60 58,368,453.17 1,024,903,937.56 94,042,240.55 363,186,747.45 $397.52 506.62 494.81 395.54 582.95 507.95 404 439.59 402 4,029,346 1,739,554,182.90 431.72 3,452,111 308,556 531,531 39,318 6 250,000 1,991,469,146. 62 128,265,535.36 256,939,368.37 14,646,256.45 101,917,376.07 576.88 415. 66 483.40 372. 50 407. 67 141 26 10 2 19 3,446,876 1,991,720,349.72 & 323,202 138, 111, 759,64 541,016 247,976,374. 60 39,598 15,143,944.83 & 255; 824 101,660,778.78 577. 83 427.32 458.35 382.44 397.39 197 . 1,747,326,050.01 119 . 3,974,887 141 24 11 Total New England States New York '. New Jersey Pennsylvania Delaware Maryland 4,581,516 2,493,237,6S2. 87 544.19 198 4,606,516 2,494,613,207.57 541.53 1 6,542 1,743,335.31 266.48 1 7,002 1,817,801.53 259.61 1 6,542 1,743,335.31 266.48 1 7,002 1,817,8,01. 53 114,023 34,003 9,360 6126,308 68,397,224.00 14,337,222.17 2,573,369.30 29, 578,559. 32 599.85 421. 65 274. 76 234.18 3 5 7 7 110,794 33,942 10,214 109,856 63,658,930.52 13,998,213.16 2,737,375.16 30,209,571.34 574~57 412.40 268.00 274.99 19 283, 700 114,886,374.79 404. 96 22 264,806 110,604,090.18 417. 67 1 1 7,486,068.52 68,021,042.45 426,95 788.56 West Virginia Total Southern States Ohio Indiana Wisconsin Minnesota Total Middle Western States 8 17,534 86,260 1 88,410 65,295,941.44 738. 56 Total Pacific States 1 88.410 65,295,941.44 738.56 2 103,794 75,507,110. 97 727.46 Total United States 622 8,935,055 4,422,489,384.42 494.96 625 9,011,464 4,422,096,393.15 490.72 California i June 30, 1917. - 2 Unofficial. 3 E 259.61 3 5 4 77 Total Eastern States Q O As estimated b y b a n k commissioner. 4 Oct. 1,1916. 6 Dec. 31, 1917. • Estimated. i July 25, 1917. « Oct. 3,1918. H a d j O REPORT OF THE COMPTOOLLEE OF THE CURRENCY; 93 STOCK SAVINGS BANKS. The banking departments in many of the States include the returns of stock savings banks with commercial banks, as most of these so-called savings banks transact principally a commercial business. There is a lack of uniformity in the State laws in regard to the classification of such banks, and quite a number of the State bank superintendents publish no separate summary of the returns from savings banks. Statistics for the current year relating to banks under State supervision, with a few exceptions, were furnished by the State banking departments in the form of summaries of official reports of condition. Therefore it has not been possible to make a complete segregation of stock savings banks as was done in 1915 and several years prior thereto, when statements from the individual banks were made direct to this office. There are about two or three hundred savings banks, statistics for which are included with those from State (commercial) banks. In California a large number of banks are known as departmental banks, which make separate reports to the banking department of that State for each class of business transacted; that is, for their commercial department, trust department, and savings department. Any bank chartered under the laws of that State may have one or all departments of business, but each department must be kept separate, the regulations applying specifically to each department. Figures for California savings banks, therefore, include the resources and liabilities of savings banks and the "savings departments" of State banks and trust companies. In 1915, when individual statements were received from the banks under State supervision, stock savings banks to the number of 1,529 furnished reports to this office. Since that year stock savings banks, from summaries furnished by the banking departments were separately shown as follows: 1916, 1,242 banks; 1917, 1,185 banks, and for the current year 1,194 banks. Of the 1,194 reporting stock savings banks, for the current year, 923 are located in the State of Iowa and 117 in California. Stock savings banks of Virginia, West Virginia, South Carolina, Alabama, Kentucky, Tennessee, Montana, New Mexico, Washington, Idaho, Colorado, and Nevada are included with commercial banks, as they were not separately shown in the returns furnished this office by the banking departments of these States. Tlie banking departments of a number of other States include all classes of banks in one official summary, but in such instances separate statements have been compiled as a special courtesy to this bureau, or permission has been given for a representative of the bureau to compile the necessary data from the official reports. For the current year reports from all stock savings banks are of date June 29 with the exception of those from Kansas, as of May 8, and Nebraska, as of May 10. The 1,194 stock savings banks from which returns were compiled had capital of $68,984,602.22 and aggregate resources of $1,183,189,666.72. Loans amounted to $786,783,851.15 and overdrafts $1,164,240.28. Of the loans $26,485,117.01 were secured by real 94 REPOKT OF THE COMPTROLLER OF THE CURRENCY. estate; $6,462,262.32 by other collateral, and $753,836,471.52 were unclassified. Investments in bonds, securities, etc., amounted to $209,757,732.74, of which $30,856,802.85 were United States bonds; $1,175,832.03, State, county, and municipal bonds; $2,663,188.31, railroad bonds; $997,471.29, other public service corporation bonds; and $174,064,438.26 were bonds and securities not classified. Banking house, furniture and fixtures amounted to $30,990,907.34, and other real estate owned $7,584,861.65. The amount due from banks and bankers aggregated $106,965,023.20; checks and*cash items $1,609,857.07; exchanges for clearing house $1,877,749.02, while cash held in vaults was $32,475,269.59 and unclassified resources $3,980,174.68. Stock savings banks with capital as stated of $68,984,602.22 had surplus of $34,639,336.29 and undivided profits of $12,958,063.95. The individual deposits amounted to $1,049,483,555.47, classified as follows: Subject to check without notice Demand certificates of deposit Certified checks and cashiers' checks Savings deposits Time certificates of deposit Deposits not classified Total $40, 377, 928.42 562, 870. 69 628,134.37 1, 001, 573, 414.15 4, 833, 512.95 1, 507, 694. 89 1, 049, 483,555.47 In addition to the foregoing the amount due to banks was $2,672,459.56; dividends unpaid, $168,506.10; and postal savings deposits $670,962.70. Notes and bills rediscounted were reported at $253,392.33; bills payable at $7,608,359.66 and liabilities not classified $5,750,428.44. The number of depositors in the 1,194 reporting stock savings banks is stated at 2,368,089, but these figures are partially estimated and are only approximately correct, the statements from many of the States not showing the number of depositors in this class of institutions. The following table shows the number of depositors in reporting stock savings banks, the aggregate deposits, and the average amount due to each depositor, in the States indicated, on June 20,1917, and June 29; 1918; Number of stock savings banks, number of depositors, aggregate deposits, and average deposit account, bij States, ,Tune 20, 1917, and June 29, 1918. 1918 1917 States. Number of b a n k s . New Hampshire Total New England States New Jersey Depositors. Deposits. Average to each depositor. Number of b a n k s . Depositors. Deposits. Average to each depositor. Iowa Total Middle Western States North Dakota Colorado Total Western States Oregon Utah Total United States 1 Estimated. 2 Exclusive of 3; 779 Christmas savings accounts. 3 Estimated by State banking department. 3389.21 11 28,211 $10,188,473.55 $361.15 9,809,945.29 389.21 11 28,211 10,188,473.55 361.15 39,100 148,000 2 111,653 16,045,585.89 14,977,241.12 15,693,000.00 410.37 312.03 140.55 1 29 24 3 39,573 e 36,135 138,620 15,623,812.32 16,730.185.73 21,122,183 394.80 462.99 152.37 51 . . $9,809,945.29 25,205 1 28 22 - 25,205 10 198,753 46,715,827.01 235.05 54 214,328 53,476,181.60 44,660 i 50,000 i 9,197 i 15,450 198,350 8,331,164.03 12,354,805.81 2,263,283.00 3,503,806.22 24,797,491.52 186.55 247.09 246.09 226.78 252.14 3 11 14 i 48,000 i 6,525 i 15,000 1 100,000 11,874,016.08 1,398,609.70 4,493,451.97 33,863,885.07 247.38 214.31 299.56 338-64 59 217,657 51,250,550.58 235.46 51 169,525 51,629,962.82 304.55 4 2 892 7,205,094.76 9,317,439.54 301,241,041.29 283.83 333.16 401.65 4 2 923 e 28.600 19,687 * 755,000 6,634,694.58 8,873,293.19 326,264,551.96 231.98 450.69 432.14 898 s25,385 127,967 i 750',000 803,352 317,763,575.59 395.55 929 803,287 341,772,539.73 425.47 19 2 2 8 (4) i 21,490 1-3,260 i 2,500 i 18,000 4,510,756.29 652, 752. 54 977,731.42 4,133,603.26 4 19 2 2 11,405 19.940 1,804 1,853 3,017,223.24 4,357,983.48 '714,949.11 912,358.78 264.55 218.55 396.31 492.37 31 45,250 10,274,843.51 227.07 27 35,002 9,002,514.61 257.20 2 121 10 3 1,141 1,072,400 i 61,000 i 7,200 404,055. 24 539,373.529.46 16,648,228.32 3,292,335.94 354.12 502.96 272.92 457.27 2 117 7 1,141 1,109,138 403,218.19 579,459,793.49 353.39 522.44 '?, 7,457 3,550,871.48 476.18 1,141,741 559,718,148.96 490.23 122 1,117,736 583,413,883.16 521.96 1,185 2,431,958 995,532,890.94 409.35 1,194 2,368,089 1,049,483,555.47 443.17 209.90 200. 23 391.09. 229.64 (4) * Included with State banks. 5 6 Partially estimated; 23 banks report 29,676 depositors. Partially estimated. H O O o K E o •cj a "> 1917. N O T E . — R e t u r n s from so-called stock savings b a n k s of N o r t h Carolina, Colorado, a n d U t a h are i n c l u d e d w i t h figures for commercial b a n k s for 1918, n o separate being submitted by the banking departments of those States. o w 249.51 13 19 4 12 11 136 District of Columbia Total Eastern States North Carolina Georgia Florida Louisiana Total Southern States Michigan 10 statement O! 96 REFOBT OF THE COMPTROLLER OF THE CUERENCY* ALL REPORTING SAVINGS BANKS. The growth of savings banks, mutual and stock, in the United States from 1820 to 1918, as evidenced by the amount of deposits, number of depositors, and average per capita in census years, from 1890 to 1918, is shown in the following table: Number of savings banks in the United States, number of depositors, amount of saving* deposits, average amount due each depositor in the years 1820, 1825, 1830, 1885, 1840, 1845, and yearly to 1918, and average per capita in the United States in the years given. Average Banks. Year. Depositors. Deposits. Average per capita due each in the depositor. United States. 1820 1825 1830 1835 1810 1 8 4 5 . . . ._ 1846 * 1947 1848 1849 1850 1851 1852 1853 1854 1855 1856... 1857 1858 1859 I860 1861 1862 1863... 1864 1865 1866.. 1867 1868 1869 1870 1871 1872 1873 1874 1875 1876 . 1877 1878 1879 1880 1881 1882 1883 1884 1885 1886 1887 1888 . 1889 1890 1891 1892 . 1893... 1894 1895 1896 1897... 1898 1899 1900 1901 * •. ! . . .\. . . 10 15 36 52 61 70 74 76 83 90 108 128 141 159 *190 215 222 231 245 259 278 285 289 293 305 317 336 371 406 476 517 577 647 669 693 771 781 675 663 639 629 629 629 630 636 646 638 684 801 849 921 1,011 1,059 1,030 1,024 1,017 988 980 979 987 1,002 1,007 8,635 16,931 38,035 60,058 78,701 145,206 158,709 187,739 199,764 217,318 251,354 277,148 308,863 365,538 396,173 431,602 487,986 490,428 538,840 622,556 693:870 694,487 787,943 887,096 976,025 980,844 1,067,061 1,188,202 1,310,144 1,466,684 1,630,846 1,902,047 1,992,925 2,185,832 2,293,401 2,359,864 2 368,630 2,395,314 2,400,785 2,268,707 2,335,582 2,528,749 2,710,354 2,876,438 3,015,151 3,071,495 3,158,950 3,418 013 3,838,291 4,021,523 4,258,893 4,533^217 4,781,605 4,830,599 4,777,687 4,875,519 5,065,494 5,201,132 5,385,746 5,687,818 6,107,083 6,358,723 $1,138,576 2,537,082 6,973,304 10,613,726 14,051,520 24,506 677 27,374,325 31,627,479 33,087,488 36,073,924 43,431,130 50,457,913 59,467,453 72,313,696 77,823,906 84,290,076 95,598,230 98,512,968 108,438,287 128,657,901 149,277,504 146,729,882 169,434,540 206,235,202 236,280,401 242,619,382 282,455,794 327,009,452 392,781,813 457,675,050 549,874,358 650,745,442 735,046,805 802,363,609 864,556,902 924,037,304 941,350,255 866,218,306 879,897,425 802,490,298 819,106,973" 891,961,142 966,797,081 1,024,856,787 1,073,294,955 1.095.172.147 L, 141,530,578 ]L, 235,247 371 1 364,196,550 L, L, 425,230,349 1 524,844,506 L, 1 623,079,749 L, L, 712,769,026 1 785,150,957 L, 1 747,961,280 L, 1,810,597,023 L, 907,156,277 1 L939.376.035 2,065,631,298 2,230,366,954 2.449.547.885 2,597,094,580 $131.86 149.84 183.09 176.72 178.54 168.77 172.48 168 46 165.63 165.99 172.78 182.06 192.54 197. 82 196.44 195.29 195.90 200.87 201.24 206.66 215.13 211.27 215.03 232.48 242.08 247.35 264.70 283.63 299.80 312.04 337.17 342.13 368.82 367.07 376.98 391.56 397.42 361.63 366.50 353.72 350.71 352.73 356.70 356.29 355.96 356.56 361.36 361 39 355.41 354.40 358.03 358.04 358.20 369.55 365.86 371.36 376.50 372.88 383.54 392.13 401.10 408.30 $0.12 .54 .82 1.87 4.75 14.26 16.33 * 24.35 25.29 26.11 26.63 25.53 25.88 26.68 26.56 27.67 29.24 31.78 33.45 KEPOBT OF THE COMPTEOLLEB OF THE CURRENCY. 97 Number of savings banhs in the United States, number of depositors, amount of savings deposits, average amount due each depositor in the years 1820, 1825, 1830, 1835, 1840, 1845, and yearly to 1918, and average per capita in the United States in the years given—Continued. Average Banks. Year. Depositors. Deposits. Average per capita due each in the depositor. United States. 1902 . . 1903 1904 1905 . 1906 ]907 1908 1909 . 1910 1911 1912 1913 1914 1915 , Q1 njMutual savings banks 1 °\Stock savings banks m '\Stock savings banks -, Q 1 R /Mutual savings banks \Stock savings banks . . . . 1,036 1,078 1,157 1,237 1 319 1,415 1,453 1,703 1,759 1,884 1,922 1,978 2,100 2,159 622 1,242 622 1,185 625 1,194 6,666,672 7,035,228 7,305,443 7,696,229 8,027,192 8,588,811 8,705,848 8,831,863 9,142,908 9,794,647 10,010,304 10,766,936 11,109,499 11,285,755 8,592,271 2,556,121 8,935,055 2,431,958 9,011,464 2,368,089 $2,750,177,290 2,935,204,845 3,060,178,611 3,261,236,119 3,482,137,198 3,690,078,945 3,660,553,945 3,713,405,710 4,070,486,246 4,212,583,598 4,451,818,522 4,727,403,950 4,936,591,849 4,997,706,013 4,186,976. 600 901,610', 694 4,422,489,384 995,532,890 4,422,096,393 1,049,483,555 $412.53 417.21 418.89 423.74 433.79 429.64 420.47 420.45 445.20 430.09 444.72 439.07 444.35 442.83 487.30 352.72 494.96 409.35 490. 72 443.17 S34. S9 36.52 37.52 39.17 41.13 42.87 41.84 41.75 45.05 44.82 46.53 48.56 49.85 49.91 NOTE.—In the foregoing table the figures for 1896 to 190S, inclusive, but not subsequently, include the number of depositors and the amount of deposits in the State banks of Illinois having savings departments, but not the number of such banks, by reason of the fact that general returns from these institutions are incorporated in State banks' returns. In the assembling of data in relation to savings banks the classification of banks as made by the State banking departments is closely followed, in consequence of which a number of so-called State savings banks, formerly treated by this office as savings banks, are now regarded as commercial banks, and the returns therefrom are combined with the latter and this accounts for the relatively small amount of deposits reported for stock savings banks since 1915. While deposits in the mutual and stock savings banks aggregating $5,471,579,948 are indicated as savings, approximately $100,00,0,000 of this sum was reported as subject to check without notice. Deposits classified as strictly savings in all banks for the current year aggregated $7,727,007,971.21. The amount so classified in 1917 was $7,219,416,446.49, or an increase of $507,591,524.72 during the year. LOAN AND TRUST COMPANIES. Summaries of reports of condition as of June 29, 1918, from 1,669 loan and trust companies show aggregate capital of $525,236,575.73 and aggregate resources of $8,317,441,476.86. In June, 1917, reports were received from 1,608 loan and trust companies with capital of $505,507,321.82 and resources of $7,899,818,189.55. Returns from the banking departments of Virginia, North Carolina, South Carolina, Alabama, Tennessee, New Mexico, Idaho, and Nevada include this class of institutions with commercial banks. On June 29, 1918, the reporting loan and trust companies had loans and discounts aggregating $4,398,614,707.56 and overdrafts amounting to $5,193,890.64. Of the loans, the sum of $555,655,501.77 was reported as secured by real estate and $1,464,531,655.19 was secured by collateral other than real estate. 98 REPORT OF THE COMPTROLLER OF THE CURRENCY. Investments in bonds, securities, etc., aggregating $2,115,622,568.15 were classified as follows: United States bonds State, county, and municipal bonds Railroad bonds Bonds of other public service corporations Unclassified bonds, stocks, etc $158,450, 623.11 38,133, 835. 79 33, 753, 532. 53 36, 851,430. 77 1,848,433,145. 95 , - Total 2,115,622,568.15 The loan and trust companies held in their vaults on June 20, 1918? cash amounting to $171,994,005.38 against $363,009,936.83 reported in 1917, or a decrease of $191,015,931.45, of which sum $168,000,000 represents a decrease in gold holdings. Amounts due from banks and bankers totaled $980,123,908.81. The loan and trust companies reported banking houses, furniture and fixtures valued at $167,203,619.68 and other real estate owned $41,005,375.67; checks and other cash items, $100,109,857.04; exchanges for clearing house, $16,047,376.36; and other unclassified resources, $321,526,167.57. The reporting loan and trust companies had capital, as before stated, of $525,236,529.73, surplus of $543,046,856.50, and undivided profits of $103,919,508.83. Individual deposits held by loan and trust companies are classified as follows: Subject to check without notice Demand certificates of deposit Certified checks and cashiers' checks Savings deposits Tinie certificates of deposit Deposits not classified $2, 031, 637, 384. 52 69,103, 064. 39 24, 696, 459.10 1, 286, 650, 369. 13 236, 304, 255. 44 2, 322, 514, 921. 46 Total 5, 970, 908., 454. 04 In addition to individual deposits classified as indicated, loan and trust companies reported amounts due to banks at $509,060,933.97; dividends unpaid, $5,517,007.87; and postal savings deposits, $7,805,564.72, making all deposits aggregate $6,493,289,960.60. Notes and bills rediscounted were reported at $99,368,525.93; bills payable, $166,574,779.55; and unclassified liabilities, $386,005,269.72. i*he growth of loan and trust companies during the past six years is indicated by the following figures (expressed in millions), showing the principal items of resources and liabilities: Year. 1912 1913 " 1914 1915 1916 1917 1918 Number. 1,410 1,515 1,564 1,664 1,606 1,608 1,669 Loans. Investments. $2,711.2 2,767.3 2,905.7 3,048.6 3,704.3 4,311.7 4,403.8 $1,219.1 1,191.0 1,261.3 1,349.6 1,605.4 1,789.7 2,115.6 Capital. $418.9 452.4 462.2 476.8 475.8 505.5 525.2 Surplus and profits. $560.7 574.3 564.4 577.4 605.5 641.8 646.9 All deposits. $3,975.3 3,867.8 4,289.1 4,604.0 5,732.4 6,413.1 6,493.3 Aggregate resources. $5.107.4 5,123.9 5,489.5 5,873.1 7,028.2 7,899.8 8,317.4 EEPOET OF THE COMPTROLLER OF THE CURRENCY. 99 PRIVATE BANKS. There are more than 3,000 private banks in operation in the United States, but only a portion of these are under State supervision. Returns from this class of banks are, therefore, very meager. More than one-half of the private banking institutions which are not under State supervision refuse to furnish reports of condition for statistical purposes. Reports for the current year were received from 1,091 private banks, with capital of $18,803,675.81 and aggregate resources of $236,566,145.47. Their loans and discounts aggregated $144,687,747.68 and overdrafts $1,891,070.80; investments in bonds, securities, etc., $26,891,564.99; banking house, furniture and fixtures, $8,910,759.66; and other real estate owned, $6,344,709.93. The amount due from banks was $37,805,789.24, checks and other cash items amounted to $1,051,867.76, and exchanges for clearing house $344,027.26. Cash in vaults amounted to $6,638,967.34 and resources not classified $1,999,640.81. The reporting private banks, with capital, asstated, of $18,803,605.81 had surplus of $9,561,299.97 and undivided profits of $3,727,286.49. Individual deposits aggregated $193,419,377.10; postal savings deposits, $396.28; dividends unpaid, $45,469.87; and amounts due to banks, $1,970,393.96. Private banks reported notes and bills rediscounted amounting to $706,645.40; bills payable, $4,711,620.20; and liabilities not classified, $3,619,980.39. The returns from private banks were all official with the exception of those from Texas, Illinois, Michigan, and Iowa. CONDITION OF ALL BANKS OPEBATING UNDE& STATE LAWS IN EACH STATE OF THE UNION. The following table gives the principal items of resources and liabilities of 21,175 State banks, savings banks, private banks, and loan and trust companies in each one of our 48 States, and in Alaska, Hawaii, Porto Eico and the Philippine Islands, on the date nearest to June 30, 1918, according to the official returns furnished to this office. Abstract of reports of condition of 21,175 State, savings, private banks, andloan and trust companies, on June 29,1918, or date of report nearest thereto. O o Resources. States, etc. Maine New Hampshire. Vermont Massachusetts Rhode Island Connecticut New England States. New York l New Jersey Pennsylvania Delaware Maryland District of Colum bia. Eastern States. Virginia West Virginia North Carolina South Carolina 3 Georgia * Florida Alabama.... Mississippi Louisiana Texas Arkansas Kentucky Tennessee s Southern States. Ohio Indiana Illinois 6.... Michigan... Wisconsin., Number of banks. 70 58 296 31 151 Loans and discounts. $65,598,815.53 65,152,693.02 90,515,050.32 1,105,404,109.80 112,090,196.72 229,971,837.69 702 1,668,732,703.08 531 178 635 i 23 ; 154 i 30 i 3,275,147,"539. 72 289,065,974.79 679,649,962.23 i 20,186,303.22 i 125,345,368.11 | 43,943,639.20 Overdrafts. Investments. $82,284.00 $117,241,013.81 269,822. 91 8,884.33 105,658.62 68,412,852.08 21,173,636.46 494,521,078.49 129,731,952.55 265,329,942.53 466,649.86 I 1,096,410,475.92 Banking house, furniture, and fixtures. $3,349,993.59 1,116,977.30 604,674.21 19,229,094.62 • 2,964,247.80 5,451,986.63 Other real estate owned. $473,363.25 242,666.56 3,228,128.53 305,589.38 809,004.48 Due from banks. $7,732,750.95 5,270,290.71 6,524,519.04 113,851,490.73 21,708,659.16 21,759,721. 77 Checks and other cash items. $1,875,200.54 60,975.57 2,210,443.43 32,716,974.15 5,058,752.20 176,847,432.36 19,504,986.16 3,813,598.87 22,574,737.27 576,204.29 1,997,171.43 3,466,992.30 604,239,366.54 48,557,190.73 151,651,159.86 8,882,299.80 2 32,546,226.40 8,499,604.12 128,742,169.00 1,917,325.39 9,042,418.55 140,785. 78 651,941.28 541,453.37 141,036,093.37 1,551 I 4,439,338,787.27 j 2,191,863.95 I 2,951,608,499.84 167,311,887.08 51,933,690.32 854,375,847.45 20,962 ,304.41 19,734; 268.74 11,611 006.58 8^505; 287.57 16,875. 332.48 7,539! 515.15 7,060! 519.16 17,324! 275.92 35,210! 660.12 16,2551 600. 76 11,532. 545.91 24,902! 953.41 15,222! 001.87 3,444,767.04 5,159,900.33 3,578,862.71 2,438,693.72 6,071,123.47 3,014,451.64 2,411,983.34 1,615,945.64 6,204,342.69 6,582,311.27 3,020,490.23 4,144,346.52 5,096,742.15 "1,050, 823.61 1,161. 573.74 692! 570.55 6461 667.87 3,155, 211.82 1,009, 365.47 1,525, 788.91 810, 771.38 2,302, 027.14 3,096, 117.93 995,360.34 403, 115.90 1,148, 058.20 12,336,830.11 20,568,704.18 17,178,042.64 9,580,697.54 •25,597,194.67 10,822,733.29 16,589,594.67 23,549,160.82 30,555,114.29 30,893,030.59 19,090,602.13 30,962,728.49 24,965,381.86 97,957, 843.44 98,779. 799.69 110,731! 959.68 87,374' 636. 33 159,973. 493.38 38,636! 358.05 53.526! 073.54 68,736! 726.92 119,459; 895.30 159,246, 956.62 78,279, 704.27 99,046, 158. 79 104,676, 577.96 316. 320.20 339! 439.41 586! 365.05 1,2281 437.55 2,414, 187.30 102! 571.40 81! 461.57 3,53ol 886.39 893, 896. 30 1,023. 998.11 41i; 329.00 773, 810.41 416. 982.43 5,054 I 1,276,426,183.97 12,124,685.12 212,736,272.08 52,783,960.75 17,997,452.86 272,689,821.28 12,825,423.06 763,934.00 606,789.66 1,412,321.52 407,182.90 794,805.22 258,740,735.00 58,935,233.79 249,815,726.57 324,126,922.52 52,139,360.63 24,434,132.00 8,558,560.62 18,633,376.08 15,146,467.41 1,149,550.46 5,085,037.00 1,499,706.46 3,436,437.67 1,540,681.30 6,856,737.92 109,963,638.00 45,562,068.31 172,951,963.40 73,954,564.15 38,459,454.77 621,297.00 2,886,657.89 33,621,742.94 2,449,439.30 2,263,021.01 207 413 336 651 199 238 288 218 919 389 444 430 781 778 1,022 595 785 534,498,498.00 234,546,400.55 '777,380,224.58 257,031,051.91 233,617,550.90 w 4,146,619.54 1,482,303.00 I 1,770,700,142.32 90,633,424.66 40,447.24 | 257,737,113.16 12,441,417.19 487,708.18 | 735,968,120.12 51,104,331.03 40,804.95 27,470,778.03 i,256,384.57 108,757.21 139,659,025.51 6,318,261.62 33,843.37 20,073,320.70 5,558,068.01 8. 901 , 747.60 423 , 717.07 $40 ; 266.71 1,000 000.00 570! 762.55 340! 091.83 43! 189.99 2,643! 006.24 2,002! 769.42 1711 924.14 331, 296.88 3,756,650.63 w H O I o 4 1,148 1,503 1,407 Western States Washington Oregon 7 California Idaho Utah Nevada Arizona Alaska* .'... Pacific States Hawaii Porto Rico 9 Philippines 7,922 004 98 14,910,414.32 12,483,945.41 1,990,447.39 4,007,203.08 3,067,565.00 30,216,451.98 76,009,021.76 94,847,248.09 82,578.62 264,705. 71 6,216,564.83 3,225,371,945.53 8,714,429.98 1,128,375,738.76 103,238,451.28 27,483,815.82 641,964,410.46 48,406,007.30 89,689,755.64 100,970,387.16 192,191,149.87 181,575,599.71 71,952,758.14 16,732,873.55 55,712,987.33 15,019,335.48 93,070,523.02 365,219.19 778,773.63 2,090,839.28 1 039,811.39 848,376.02 240, 740. 73 263,241.16 47,855.82 475,504.00 4,672,992.08 5,125,796.81 18,515,274.37 25,335,343.75 9,307,782.23 1,140,210.05 14,044,170.74 873,534.38 11,518,460.53 3,470,084. 27 3,262,316 11 4,741,920.91 4,919,207.78 3,310,395.60 350,482.39 2,081,370.05 700,154.93 2,344,789.24 2,055,619.31 706,251.35 607,301.61 1,291,264.30 1,158,035.56 63,867.49 600,195.29 4,440 . . 40 226 455 10 37,085,216.89 107,306,088.26 816,921,369.90 6,150,361.22 90,533,564.94 281 177 578 136 99 23 60 17 102,166,108.12 53,943,579.45 594,027,210.55 31,671,137.84 53,822,764.60 10,947,960.49 26,815,964.45 3,616,238.69 404,199. 62 321,740.62 659,615.40 73,793.78 154,992.40 170,705.71 17,234.30 31,997,115.55 14,723,264.08 223,606,850.76 3,907,220.63 7,480,478.05 2,271,165.04 7,203,313.54 1,102,483.18 1,371 877,010,964.19 1,802,281.83 16 13 9 . 1,083 859 38 2,619,143.93 1,026,393.37 693 517 929 1,037 277 98 236 74 579 Middle Western States North Dakota South D a k o t a . . . . . . Nebraska Kansas Montana Wyoming Colorado New Mexico Oklahoma 268,188 171.49 489,696,388.90 430,413,659.20 8,019 Minnesota Iowa ....... Missouri 18,459,111. 17 18,085,336.22 38,413,663.48 1,035,810.91 83,505.10 15,267,945.42 533,126.98 10,371,975.48 25 894 861 94 51,882,729.58 55 618 588.92 16,420,720.86 3,923,137.89 16,142,177.62 3,067,466.83 19,765,417.20 1,058,272.66 o 25,180,^1.28 7,015,661.89 203,087,071.32 4,394,475.90 1-3 6,443,217.16 1,855,259.73 29,647,033 11 1,418,854.02 1,790,115.30 405,886 66 1,559,619.24 197,570.47 4,683,400.90 1,228,908.35 7,411,197.96 407,578.55 1,641,389.30 261 346.27 24,367,486.74 16,007,191.06 88,815,883 62 5,801,550.90 9,072,332.08 3 658 225 40 9,726,285.93 1,109,062.75 668,443.50 809,883.21 4 023,593.16 162,884.76 o 292,291,890.83 43,317,555.69 15,673,432.59 158,558,018.48 5,780,588.42 6,645,246.15 2,509,862.25 3,269,691.01 484,484.59 398,296 96 279,537.26 345,287. 41 28,003.21 193,130.18 5,209,779.53 4 834 910 27 43,174,505.76 623,755.95 541 537 16 1,247,004.25 39,613.26* 450,012.51 85,363.48 762,543.28 316,004.62 520,924.73 241,095.44 960,259.18 21,944.64 93,839.15 38 Islands United States 74,958,110.87 16,387,261.43 12,424,799.41 1,162,318.81 566,420.80 53,219,195.56 12,378,760,064.81 47,837,533.39 5,784,381,241.78 426,711,869.04 125,729,226.48 2,360,741,795.91 219,001,504.95 O F 2,412,297.36 21,175 K M fed 1 July 1, for savings banks. Includes cash on hand for mutual savings banks, Includes 14 branches. * Includes 28 branches. • Includes 17 branches. 2 8 8 July 1, for State banks and trust companies. »Includes 1 foreign bank. * Includes branches. »Includes branch of 1 national bank with resources of $369,630.89. O d Q Abstract of reports of condition of 21,175 State, savings, private hanks, and loan and trust companies, on June 29, 1918, or date of report nearest thereto— Continued. . Liabilities. Kesourees. States, etc. Maine New Hampshire.. Vermont , Massachusetts Rhode Island Connecticut $6, 138,798.49 1,437,800. 29 Cash on hand. $2,096,549.29 493,285.45 1,232,900.18 20,932,301.18 6,098,235.33 4,853,711.15 Other resources. Aggregate resources. $10,235,601.57 2,925,417.81 26,944,413. 70 2,771,216.50 1,896,451.47 $206,337,008.74 140,919,461.81 123,218,864.58 1,792,394,438. 99 277,177,757.63 532,388,757. 77 Capital stock paid in. 34,523,400.00 805,000.00 2,051,000.00 35,075,000.00 9,042,350.00 9,374,045.00 Surplus fund. Undivided profits, less expenses. $9,145,714.98 11,987,562.51 9,530,544.05 86,720,649.22 15,621,157.86 20,918,347.03 Eastern States... 43,421,466.77 5,153,729.42 15,317,750.16 ',576,598.78 35,706,982.58 44,773,101. 05 3,072,436,289.52 60,870,795.00 153,903,9^.70 69,488,992.99 224,570.25 245,987.47 360,025.82 110,293,965.12 9,520,311.73 34,767,491.59 1,511,129.71 3,141,688.16 1,500,652. 53 172,320,254. 73 4,854,442. 85 12,383,829. 55 17,400.45 2,439,939.19 26,640.74 6,173,064,151.25 627,947,821. 95 1,697,629,758.38 66,306,661.05 312,452,366.38 84,004,240.16 158,023, -806.00 27,239,980.00 128,903,019.21 4,016,700.00 16,012,949.74 11,966,498.50 409,126,447.18 31,872,752. 26 192,320,108.48 4,669,329. 48 21,636,746.26 5,419,660.94 10,598,810.86 38,212,119.09 1,645,544.92 7,380,140.88 2,246,486.34 830,583.54 160,735,238.84 192,042; 507. 51 8,961,404,999.17 346,162,953.45 .5,045,044.60 1,363,806. 03 4,686,772. 63 657,033. 33 2,802,333. 87 4,460,571.17 384,307.75 2,317,258.91 1,507,479.33 62,910.82 6,524,466.27 757,146. 23 7,063,527.20 8,589,098. 96 142,413,593.77 156,104,713. 98 150,413,503.33 115,022,422.56 229,409,408.69 64,542,506.67 87,673,640.46 119.662,774.41 206.999,697.55 235,549,361.98 118,318,016.05 173.838,475.56 169.816,251.42 12,032,627.44 58,971,227.37 41,176,712. 50 1,969,764,366.43 8,127,866.00 25,553,961.00 9,637,728 28 40,966,266. 83 22,669,687.13 8,269,387.24 5,126,313.00 31,149,480.46 13.522,789.52 ' 941,470.16 276,844.16 972,915,411.00 393,382,608. 02 1,311,755,403.37 704,372,135.43 345,352,394.34 , Ohio Indiana Illinois Michigan.. Wisconsin. o o 60,083,102.09 3,754,031.63 4,071,736. 82 3,599,846.09 1,469,689.18 6,362, 294. 40 2,462,441.37 3,467,479.36 2,251,518. 08 6,594,602.34 9,914,628.31 3,369,007. 08 5,709,195. 35 5,944,757.36 353, 389.17 287, 819. 94 3,073, 242.31 9, 482. 70 906. 72 501* 342. 61 Southern States. O •n $5,354,818.63 241,228.01 1,226, 861.30 700, 770. 84 1,354. 099.63 335; 712. 22 3,500, 000.00 New England States.. New York New Jersey Pennsylvania Delaware Maryland District of Columbia Virginia...: West Virginia North Carolina South Carolina Georgia Florida Alabama Mississippi Louisiana Texas Arkansas Kentucky Tennessee Exchanges for clearing house. 14,554. 26 6,104,668. 65 1,525,682.03 14,828 675.00 14,344 270. 00 12,764 049. 09 12,18i; 621.51 28,711, 855.00 7,333: 000.00 10,64i;770. 73 9,939, 125.00 15,882, 800.00 35,906,723.12 13,638, 725.00 19,117, 650.00 16,956,441.16 212,246,705.61 58,265,071.00 35,642,945.00 99,123,832 59 43,520,865. 00 26,051,650.00 9,935,055.27 9,041,288. 01 5,360,655.83 5,312,830.77 21,469,344.92 2,397,824.70 4,170,132.87 4,150,025.94 8,325,876.75 9,607,086.15 4,633,947. 68 8,030,895.24 8,063,476.06 100,498,440.19 42,206,008.00 12,493,707.82 60,871,193.68 26,393,432. 80 8,574,327.26 3 t1 3,299,7^2794 2,750,001. 22 3,700,505. 94 3,260,253.31 791,980.05 2,232,146.83 1,896,240.15 13,225,086.18 5,257,953.06 2,625,775.31 4,029,606.57 d Q 33,069,301.56 13,724,777 00 5,654,159.68 22,472,516.28 10,698,964.34 4,819,730.21 2,365,630.21 75,821.16 ...... ... . 2,943,533.81 11,810,464.76 13,482,899.01 149,604,735.18 72,328,630. 60 5,423,702,387.22 406,747,945.70 222,608,579.98 85,607,048.09 2,159,686.19 2,332,710.37 8,750,052.64 7,762,392. 22 4,249,682.90 681,817.09 3,442,896.21 802,218.16 3,099,688.55 935,262.51 243,064.92 3,424,995.68 493,785. 21 516,788.65 354,911.47 400,810.48 114,316,716.08 140,162,752.32 282,966,807.22 279,339,190. 59 108,285,464.69 23,729,136.10 93,648,102.06 20,510,565.60 132,471,264.34 1*1,445,158.72 9,399,900.00 21,609,100.00 23,109,600.00 11,400,000.00 2,435,000.00 7,827,500.00 2,646,323.60 10,802,550.00 3,787,022.83 2,953,319.80 5,907,318.34 12,040,789.10 3,157,743.79 744,670.76 2,700,476.42 948,947.47 2,091,602.58 461,540. 06 797,323. 61 5,921,174.61 3,953,184.17 1,568,284.38 711,369.03 985,098.07 605,482.16 . ..... .. .. . . . . 33,281,144.33 6,369,618.92 1,195,429,999.00 100,675,132.32 34,331,891.09 15,859,088.93 1,597,629.95 670,280.15 5,051,427.90 355,060.42 2,340,874.42 5,812,801. 93 829,278. 74 4,655,399.46 42,401,120.56 2 89,135,085. 73 88,609.15 1,669,125.53 1,489,706.83 3.221.082.25 332,313.35 860^ 058. 08 2 968 400 84 172,16J. 91 797,616.68 180,481,277.89 95,044,782.85 1,084,779,018.75 45,555,815.58 78,517,868.41 18,938,275.66 48,444,289.71 7,145,820.39 15,633,700.00 8,708,500.00 70,019,565.00 4,271,230.00 7,490,965.00 1,752,300.00 3,053,717.00 695,500.00 4,984,139.22 2,992,744.38 31,388,358.52 1,115,759.33 2,857,102.00 371.349.20 1,517', 800.02 120,500.00 2,941,650.16 1,560,096.13 10,090,464.20 414,356.77 1,186,920.61 320,986.41 979,997.00 253,770. 75 24,383.33 1,461,115.00 7,698,781.75 62,385,605.33 94,388,030.13 1,558,907,149.24 111,625,477.00 45,347,752.67 3,383,970.87 4,748,462.84 5,052,055. 69 1,458,023.77 594,280. 91 12,726,330.17 37,645,470.35 32,581,990. 32 119,623,863.22 3,909,925.00 2,708,242.47 8,084,382.90 1,108,072.77 721,534.76 2,060,881.83 United States „. 1 o o 1,216,399. 70 549,583.90 80,021.45 757,795.40 Islands H 17,748,242.03 757,795.40 Pacific States Hawaii Porto Rico 11,193,372.16 18,171,521.45 42,705,016.81 .. . . Utah Arizona Alaska 28,880,911.07 52,335,071.04 62,927,600.00 987,192. 69 Western States Washington Oregon California 359,745,307.81 642,521,699.16 693,657,430.09 2,496,010.30 . . 229,760.64 590,645.92 20,491,346.74 146,108.90 757,226. 55 Middle Western States North Dakota South Dakota Nebraska . ..... ... . Kansas Montana I . . . . Wyoming Colorado New Mexico Oklahoma 7,439,948. 02 17,263,137. 49 17,804,619.19 18,214,222.31 Minnesota Iowa Missouri .13,184,489.40 14,778,634.85 189,851,323.89 14,702,550.37 3,890,489.36 1,846,005.05 49,606,619.52 513,869,423.03 465,857,235.56 22,371,496,514.47 1,253,031,559.45 1,225,626 173.59 283 701 780.74 Includes $241,432.71, unearned discount. 2 Includes $63,268,996.89, trust resources. d O o CO Abstract of reports of condition of 21,175 State, savikgs, private banks, and loan and trust companies, on June 29, 1918, or date of report nearest thereto. Liabilities. States, etc. Due to banks. Maine New Hampshire.. Vermont Massachusetts Bhode Island Connecticut New England States. New York New Jersey Pennsylvania Delaware Maryland District of Columbia Eastern States., Virginia West Virginia.. North Carolina. South Carolina. Georgia Florida Alabama Mississippi Louisiana Texas Arkansas Kentucky „ Tennessee Southern States.. Ohio Indiana Illinois.... Michigan.. Wisconsin. Dividends unpaid. Deposits. Postal savings Notes and bills Bills payable. rediscounted. deposits. $3,745,332.84 12,921,914.06 "*"298,"63L25' 857,983.95 5,188,569.00 680,000.00 2,926,740.03 $10,024,776.94 1,218,474.42 1,171,497.89 30,897,185.62 2,657,666.15 1,980,811.66 14,840,111.96 13,398,625.82 140,759.74 65,512,323.00 2,175,797.06 580,199.65 200,000.00 733,433.87 11,500.00 90,932,085.00 8,441,696.96 33,534,404.47 1,613,969.65 3,994,124.57 1,389,561.77 197,403,714.35 12,679,871.52 15,897,424.80 57,116.79 2,274,894.70 1,376,001.87 2,992,995.60 69,213,253.58 139,905,842.42 229,689,024.08 1,494,550.75 1,197,190.64 3,093,969.67 2,227,113.51 4,666,446.97 2,006,588.50 9,562,537.37 10,810,960.08 22,270,202.58 1,019,862.51 1,648,808.01 7,208,873.41 6,397,363.74 14,318,999.71 6,206,284.50 844, S19.21 7,069,460.56 49,847,584.50 1,949,876.14 1,221,053.05 35,503.50 501,115.16 22,507,05 200,494.28 $171,472,305.72 126,687,196.87 109,572,335.19 1,526,797,322.59 241,517,180.69 480,150,885.26 53,897,727.17 831,499.49 2,656,197,226.32 1,556,922.39 349,932,300.00 10,188,958.15 25,921,865.19 1,123,332.88 6,534,928.94 1,179,485.11 650,323.27 1,848,179.33 54,140.43 279,329.54 19,424.59 4,902,133,475.72 524,099,631.87 1,257,560,202.30 52,926,526.90 253,605,817.88 60,264,861.30 2,852,235.86 394,880,870.27 2,851,397.16 7,050,680,515.97 2,190, 713.22 3,367; 238.20 5,226, 629.67 1,797, 680.99 6,575, 235.57 1,820! 834.81 3,645^ 907.47 3,438, 946.14 18,496i 139.25 7,767, 599.49 4,827, 786.38 2,044; 995.25 373,021.98 227,934.99 150,358.00 170,239.62 261,019.61 105,400.59 92,651.73 38,146.14 383,037.42 900.00 110,132.37 101,023,280.19 120,563,769.29 109,276,553.82 77,203,560.69 147,182,809.78 50,369,089.93 64,219,366.31 89,922,334. 41 148,642,257.40 159,459,013.76 85,073,690.21 132,457*154.73 128,156,776.84 1,912,842.45 I 1,413,549,657.36 583,835.00 207,998.86 1,719,094.40 774,855.56 211,407.37 821,320,194.00 293,588,769.40 1,003.958,932.46 585', 273,494. 79 286,016,479.72 s 47,950,412.68 $71,879.50 10,616,769.00 7,541,553.22 82,222,806.52 15,826,216. 77 6,665,173.59 o $1,119,566.65 $879,213. 48 61,199,706. 44 Other liabilities. $1,023,632.07 533,290.32 16,049.94 13,179,178.47 94,030,202.14 4,602,097.46 2,607,438.13 1,278,243.94 2,058,161.98 2,938,941.23 487,689.68 814,122.90 2,026,567.43 8,553,318.51 3,99,9,236.49 504,652.08 6,621,716.64 9,570,096.81 40,06% 282.27 3,319,314.00 3,708,246.00 4,392,498.57 21,096,143.06 6,874,506.14 3,802,089.36 9,031,663.00 2,286,433.17 631,106.00 8,913,987.67 5,619,224.66 10,139,534.00 31,574,540.30 19,659,778.38 3,110,181.06 3,373,060.90 396.28 15,653.66 2,985,631.30 219,261.27 210,824.40 208,733.61 1,042,615.79 2,093,818.30 231,463.92 681,368.86 691,638.92 W 8 o a Middle W e s t e r n Ctates . . . . . . . . .... 3,585,716.27 4,323,975,561.31 938,508.29 7,010,859.78 10,167,257.35 10,778,292.80 3,125,215.42 285,373.77 2,913,277.31 6,138.14 17,209.99 56,349.39 9,334.38 91.817,121.16 117,399,230.78 235,864,043.28 225,735,953.31 82,242,770.25 18,820,983.95 76,971,218.47 15,392,632.36 99,846,737.51 .... 87," 712*53" 8,628 896.22 7,267,115.38 228,982." 34' 187,947.12 811,037.81 26,136,441.96 47,140,598. 51 65,155,896.69 94,992,521.53 806,553.81 1,267,128.22 234,841.52 2,757,061.35 6,524,196.57 2,331,252.03 12,037,619.25 24,304,610.91 4,808,966.58 968,187.20 1,382,548.42 742,926.25 6,667,171.09 245,708.49 349,592.94 1,824,174.31 212,049.23 124,279.76 731,738.59 552,867.92 ***i*666*33i."24* 1,426,341.27 7,665,255.65 1,922,638.87 374,637.76 96,320.90 52,468.51 43,847,678.94 ... 176,744.43 964,090,691.07 228,982.34 14,015,447.06 18,925,110.92 92,820.05 14,436.90 141,864,481.55 69,466,217.46 855,068,400.16 35,272,812.34 56,032,484.46 15,723,784.67 40,183,834.58 5,754,819.09 1,068,136.61 757,466. 71 1,047,412.69 111,369.57 3,542,740.73 1,699,446. 07 1,180,173.25 1,085,108.61 1,993,641.54 1,013,943.60 3,002,500.00 1,829,469.51 1,194,766. 82 3,953,113.07 86,293,698.59 124,193.99 7,802,239.39 305,430.78 690,225.50 45,636,901.67 191,661.03 1,219,366,834.31 3,203,140.08 1,167,013.81 3,012,540.16 21,972,615.21 11,521.50 47,532.76 393,082.70 27,947,263.70 23,915,475.18 70,481,531.21 172.27 10,000.00 o 3 3,279,231.90 7,165 201.21 4,878,818.53 20,688,446.34 1,247,111.38 3,148,156.95 245,670.10 2,018,715.61 244,781.55 Western States Washington Oregon California 301,770,770.01 547 355 984.85 484 690 936 08 5,081,878.15 39,409,925.32 North Dakota . South Dakota Nebraska Kansas Montana Wyoming Colorado New Mexico Oklahoma Idaho Utah Nevada Arizona Alaska Pacific States . . Hawaii Porto Rico Philippines .Islands United States 88,525.08 167,364,322.57 Minnesota Iowa Missouri. . 84,404.08 218,754.50 40,584.00 26,152,169.18 452,136.96 122,344,270.09 10,001,997.79 17,750,104,756.43 14,532,459.19 7,875,419.65 100,363,668.14 115,341.70 669,806.59 67,803.92 2,169,759.90 947,274.50 16,483,544.00 10,172.27 792,979,376.24 35,865.00 7,548,052.66 852,952.21 165,436,642.24 o o i 19,600,578.40 340,144,049.85 O 535,937,718.95 o Or 106 REPORT OF THE COMPTROLLER OF THE CURRENCY. REPORTS OF CONDITION OF ALL REPORTING BANKS IN THE UNITED STATES. The consolidated statement of condition of 28,880 reporting banks in the United States and island possessions for June 29, 1918, including national, State, savings, private banks, and loan and trust companies, shows aggregate capital of $2,351,587,1)59.45 and aggregate resources of $40,726,438,514.47. This is an increase during the year of 957 in the number of banks reporting, an increase of $77,387,405.97 in capital and $3,599,675,376.16 in resources. The increase since June, 1913, has been $254,737,697 in capital and $15,014,274,914 in resources. The statement following shows the increases during the year in the principal items of resources and liabilities of banks under State supervision compared with the increases shown by the reports of national banks for the same period. Comparative statement of the 'principal items of resources and liabilities of State and national banks, 1917-18, State and private banks, etc. 1917 Number of banks Increase , Percentage of increase.. Loans 1 , Increase Percentage of increase.. Aggregate resources , Increase Percentage of increase.. All deposits 3 , Increase Percentage of increase . Capital Increase Percentage of increase.. Surplus and profits Increase Percentage of increase.. 20,319 $11,674,100,000 $20,836,300,000 $17,671,200,000 $1,191,400,000 "ii*484,"96o,"666' 1918 National banks. 1917 1918 7,604 21,175 7,705 856 101 4.21 1.33 $12,426. 600,000 18* 967," 300*666' $10,148,300,000 $1,181,000,000 $7.52! 500,000 6.45 " 13.17 $22,371, 500,000 2$16,290,400,000 $18,354,900,000 $1,535, 200,000 $2,064,500,000 7.37 , 12.67 $18,567, 600,000 $12,771,800,000 I $14,021,600,000 $896, 400,000 $1,249,800,000 5.07 9.79 $1,253,000,000 $1,082,800,000 $1,098,600,000 $61,600,000 $15,800,000 5.17 1.39 300,000 " $i* 134,' 900," 666' $1,209,700,000 $1,509,: $74,800,000 $24,. 400,000 1.64 6.50 * Includes overdrafts. Includes rediscounts. Includes individual deposits, due to banks, dividends unpaid, postal savings, and United States deposits. 2 8 From the foregoing table it is shown that during the fiscal year ending June, 1918, there was an increase of 856 in the number of reporting banks other than national and an increase of 101 in the number of national banks. The loans of State banks increased by $752,500,000, or 6.45 per cent, while the loans of national banks increased by $1,181,000,000, or 13.17 per cent. Aggregate resources of State banks increased $1,535,200,000, or 7.37 per cent, while resources of national banks increased $2,064,500,000, or 12.67 per cent. The statistics for State banks show an increase in total deposits of $896,400,000, while in national banks the increase was $1,249,800,000, the percentage of increase being 5.07 for State banks and 9.79 for national banks, the percentage of increase of deposits in national banks for the period being nearly twice as great as for State banks. BEPORT OF THE COMPTROLLER OF THE CURRENCY. 107 State banks increased their capital b}^ 5.17 per cent and national banks by 1.39 per cent. State banks increased their surplus and profits by 1.64 per cent, while national banks increased their surplus and profits by 6.59 per cent. The following statement shows the principal items of resources and liabilities for 28,880 banks (national and State) in the United States and island possessions on or about June 29, 1918: Statement of the principal items of resources and liabilities of 28,880 banhs (national and State) in the United Slates and island possessions June 29, 1918. 21,175 reporting banks, June 29, 1918. 7,705 n a t i o n a l banks, June 29, 1918. Total, 28,880 banks. $12,378,760,064.81 47,837,533.39 5,784,381,241.78 425,711,869.04 125,729,226.48 2,360,741,795.91 219,001,504.95 49,606,619.52 513,869,423.03 465,857,235.56 i$10,135,842,000 12,497;000 3,957,272,000 311,436,000 46,306,000 2,775,862,000 104,243,000 310,227,000 382,701,000 318,556,000 $22,514,602,064.81 60,334,533.39 9,741,653,241.78 737,147,869.04 172,035,226.48 5,136,603,795.91 323,244,504.95 359,833,619.52 896,570,423.03 784,413,235.56 22,371,496,514.47 18,354,942,000 40,726,438,514.47 1,253,031,559.45 1,225,626,173.59 283,701,780.74 14,532,459.19 165,436,642.24 340,144,049.85 535,937,718.95 1,098,556,000 809,138,000 400,558,000 681,631,000 2,802,083,000 • 23,011,000 10,058,368,000 1,037,787,000 100,360,000 515,440,000 367,834,000 460,176,000 2,351,587,559.45 2,034,764,173.59 684,259,780.74 681,631,000.00 3,595,062,376.24 33,012,997.79 27,808,472,756.43 1,037,787,000.00 114,892,459.19 680,876,642.24 707,978,049.85 996,113,718.95 22,371,496,514.47 18.354,942,000 40,726,438,514.47 RESOUECES. Loans and discounts Overdrafts Investments . . Banking house, furniture and fixtures Other real estate owned Due from banks Checks and other cash items Exchanges for clearing house Cash on hand Other resources Total resources LIABILITIES. Capital stock paid i n . . , Surplus Undivided profits National bank circulation Due to banks Dividends unpaid Deposits •. 792,979,376.24 10,001,997.79 17,750,104,756.43 Postal savings deposits Notes and bills rediscounted Bills payable Other liabilities Total liabilities 1 Includes rediscounts. COMPARISON OF PRINCIPAL ITEMS FOR YEARS 1918 AND 1917 OF NATIONAL AND OTHER BANKS. The following is a comparison of the principal items of resources, including loans and discounts, cash in vault and due from reserve banks, total deposits, and also aggregate resources of all national, State, savings and private banks, and loan and trust companies in the United States as shown by their reports nearest to June 30 for the years 1917 and 1918: STATE, SAVINGS, AND PRIVATE BANKS, AND LOAN AND TRUST COMPANIES. Year. 1918 1917 Increase Per cent of increase Number of banks. Loans and discounts (including overdrafts). 21,175 $12,426,597,598 20,319 11,674,130,264 856 4.21 752,467,334 6.45 Cash in vault and due from Federalreserve banks. All deposits. Aggregate resources. i 1$962,425,423 $18,567,618,590 791,377,076 17,671,243,936 $22,371,496,514 20,836,357,138 896,374,654 5.07 1,535,139,376 7.37 171,048,347 21.61 1 Includes balances due from Federal reserve banks to State banks and trust companies members of Digitized forFederal reserve system. FRASER 85478°—CUB 1918—VOL 1 8 108 EEPOET OF THE COMPTROLLER OF THE CURJ&ENCY, NATIONAL BANKS.i Year. 1918 1917 Number of banks. Loans and discounts (including overdrafts). 7,705 $10,148,300,000 7,604 8,967,300,000 Increase Per cent of increase 101 1.33 Cash in vault and due from Federal reserve banks. AH deposits. $1,696,150,000 $14,021,600,000 1,573,295,000 12,771,800,000 1,181,000,000 13.17 122,855,000 7.81 1,249,800,000 9.79 Aggregate resources. $18,354,900,000 16,290,400,000 2,064,500,000 12.67 TOTAL NATIONAL, STATE, SAVINGS, AND PRIVATE BANKS, AND LOAN AND TRUST COMPANIES. 1918 1917 28,880 27,923 Increase Per cent of increase 1 $22,574,897,598 20,641,430,264 $2,658,575,423 2,364,672,076 $32,589,218,590 30,443,043,936 957 3.43 1,933,467,334 9.37 293,903,347 12.43 2,146,174,654 7.05 $40,726,396,514 37,126,757,138 3,599,638,376 9. TO Includes rediscounts in loans and aggregate resources. The figures in the foregoing table show that during the fiscal year ending Junk 30, 1918, the total deposits of the national banks in the country increased 9.79 per cent, wnile the total deposits of the State banks, savings banks, and loan and trust companies increased 5.07 per cent. The percentage of the increase in deposits of national banks was therefore nearly twice as great as the increase in deposits of the State banking institutions for that period. From the figures for 1918 it appears that the percentage of cash in vault and due from Federal reserve banks to total deposits with national banks was 12.10. The percentage of cash in vault and due to the Federal reserve banks in State banking institutions was 5.18. But in this connection the fact should be taken into consideration that State banks and trust companies which are not members of the Federal reserve system carry their so-called reserve not entirely as cash in vault but partly as balances to their credit with other banks, both State and National. NATIONAL, FEDERAL RESERVE, AND STATE BANKS. In the weekly statement published by the Federal Reserve Board giving the condition of the Federal reserve banks as of June 28, 1918, the capital of these banks is reported at $75,858,000 and their resources at $3,872,133,000. By including the reports of the 12 Federal reserve banks with those of all other reporting banks, it will be noted that the combined resources of the reporting banks of the country aggregate $44,598,571,514, with a total capital of $2,427,445,559. The increase in resources of all banks of the country, State, national, and Federal reserve, during the past year has amounted to $5,472,000,000. The increase in 1917 over 1916 was $6,230,000,000, REPORT OF THE COMPTROLLEE OE THE The following statement shows the principal items of resources and liabilities of 28,880 reporting banks from reports of condition at the close of business June 29, 1918, together with a summary of reports of condition of the 12 Federal reserve banks as of June 28, 1918: Statement of the principal items of resources and liabilities of 28,89% reporting banks, including the Federal reserve banks, in the United States and island possessions, June, 1918. reporting banks June 29, 1918. 1)OTU 12 Federal reserve banks June 28, Total, 28,892 banks. 1918. RESOURCES. Loans and discounts ».......*.«. Overdrafts Investments Banking house, furniture and fixtures.. Other real estate owned Due from banks Checks and other cash items Exchanges for clearing house , Cash on hand Other resources Total resources $22,514,602,064.81 60,334,533.39 9,741,653,241.78 737,147,869.04 172,035,226.48 5,136,603,795.91 323,244,504.95 359,833,619.52 896,570,423.03 784,413,235.56 $1,086,023,000.00 " " 259," 089," 666" 65" 1520,822,000.00 2,006,199,000.00 123,600,625, 064.81 60,334; 533.39 10,000,742, 241.78 737,147,869.04 172,035,226.48 5,657;425,795.91 323,244, 504.95 359,833,619.52 % 902,769,423.03 784,413. 235.56 40,726,438,514.47 3,872,133,000.00 44,598,571,514.47 2,351,587,559.45 2,034, 764,173.59 684, 259,780.74 681,631,000.00 75,858,000.00 1,134,000.00 2,427,445,559.45 2,035,898,173.59 684, 259,780.74 681, 631,000.00 1,732,606,000.00 5,438,951,376.24 33, 012,997.79 27,929,954,756. 43 1,122.322,000.00 114^ 892,459.19 680,876,642.24 707, 978,049.85 1,008,742,718.95 LIABILITIES. Capital stock paid in Surplus Undivided: profits National bank circulation., Federal reserve note circulation.. Due to banks Dividends unpaid Deposits United States deposits. Postal savings deposits Notes and bills rediscounted Bills payable Other liabilities Total liabilities.' 3,595,062,376.24 33, 012,997.79 27,808, 472,756.43 1,037, 787,000.00 114, 892,459.19 680, 876,642.24 707,978,049.85 996, 113,718.95 40,726,438,514.47 1,732,606,000.00 8 1,843,889,000.00 121,482,000.00 84,535,000.00 12,629,000.00 3,872,133,000.00 ! 44,598,571,514.47 1 Uncollected items, due from other Federal reserve banks, and 5 per cent redemption fund. * Due to members, reserve account, and collection items. SUMMARY OF THE COMBINED RETURNS FROM NATIONAL AND OTHER BANKS IN JUNE, 1918. The banks furnishing statements for use in this report number 28,880,with aggregate resources of $40,726,438,514.47 against 27,923 reporting banks in 1917 with aggregate resources of $37,126,763,138.31. The summary following is based upon reports of condition of 7,705 national banks and summaries furnished by the State banking departments and individual statements of 16,596 State banks, 625 mutual savings banks, 1,194 stock savings banks, 1,091 private banks, and 1,669 loan and trust companies. The reports of these banks are for the close of business June 29, 1918, except that the statistics furnished for Hawaii and Porto Rico are for June 30, 1918; New York (State banks and trust companies), June 20; Kentucky, June 25; Missouri, June 28; Alaska, May 8; Kansas, May 8; Nebraska, May 10; and Illinois, July 1. Statements from the Philippines are official and are dated December 31, 1917. 110 REPORT OF THE COMPTROLLER OF THE CURRENCY. Summary of reports of condition of 28,880 hanks in the United States and isla7id possessions, including national, State, savings, and private banks and loan and trust companies, for June 29, 1918. RESOURCES. Loans and discounts: Secured by real estate (including mortgages owned) $3,137, 539,207. 46 Secured by collateral other than real estate 5,850,293,355.29 Loans not classified 13,526,769,502. 06 Total 122,514,602,064.81 Overdrafts. 60,334,533.39 Investments: United States bonds $2,572,089,115. 87 State, county, and municipal bonds . . . 617,158,472.18 Railroad bonds...., 850,524,459. 99 Bonds of other public-service corporations (including street and interurban railway bonds) 386,282,445.04 Bonds, stocks, warrants, etc., not classi-' fied 5,315,598,748.70 Total Banking house (including furniture and Other real estate owned Due from banks Checks and other cash items Exchanges for clearing house Cash on hand: Gold coin Gold certificates Silver coin Silver certificates Legal-tender notes National-bank notes Federal reserve notes Nickels and cents Cash not classified 9, 741, 653,241. 78 737,147,869. 04 172,035,226.48 5,136,603,795. 91 323, 244,504. 95 359,833,619. 52 fixtures) $102,639,760.15 92,378,060. 00 59,756,662.91 79,969,036. 00 223, 541, 351. 00 60, 779, 585. 00 129, 611, 347. 00 3,530,584.23 144, 364,036. 74 Total 89$, 570,423. 03 Other resources 784,413,235. 56 Total resources , 40,726,438,514.47 LIABILITIES. Capital stock paid in 2,351,587,559.45 Surplus 2,034, 764,173. 59 Undivided profits (less expenses and taxes paid) 684,259,780. 74 National bank circulation 681,631,000.00 Due to banks 3,595,062,376.24 Dividends unpaid : : 33,012,997. 79 Individual deposits: Individual deposits subject to check without notice $12,116,364,158. 60 Demand certificates of deposit 571,831,500. 03 Certified checks and cashiers' checks... 207, 907,124.17 Savings deposits 7, 727,007,971. 21 Time certificates of deposit 2,125,454,150. 06 1 Deposits not classified 5,059,907, 852. 36 Total 27,808,472,756.43 } Includes $1,398,158,000 time deposits in national banks. REPORT OF THE COMPTROLLER OP THE CURRENCY. Ill United States deposits (national banks) $1,037, 787, 000. 00 Postal savings deposits 114, 892,459.19 Notes and bills rediscounted 680,876, 642. 24 Bills payable (including certificates of deposit representing money borrowed) 707,978, 049. 85 Other liabilities 996,113,718.95 Total liabilities 40,726,438,514.47 BACKING BESOUKCES AETD LIABILITIES M EACH STATE. The table following is a condensed statement of the reporting banks (State and national) in the United States as of June, 1918, arranged by States, together with the population and number of banks reporting for each State, Condensed statement, by States, of resources and liabilities of all reporting banks of the United States in June, 1918. [Includes 21,175 State banks and 7,705 national banks.] Resources (in thousands of dollars). Population. States, etc. Maine New Hampshire. Vermont Massachusetts Rhode Island Connecticut 779,000 450,000 368,000 3,863,000 630,000 1,300,000 Total New England States Number Loans and of banks. discounts. 159 107,109 125 89,986 106 114,229 452 1,658,831 . 48 145,051 218 340,530 Overdrafts. 108 50 44 606 26 181 Investments (including bonds, securities, etc.). 152,759 87,327 37,125 634,702 150,549 320,368 Banking house furniture and fixtures. 4,668 2,106 1,170 33,273 3,505 11,470 Other real estate owned. 103 523 288 3,800 • 312 1,284 Exchanges Due from Checks and for clearing Cash on Other reother cash hand. banks. house. items. 15,627 11,638 11,100 232,030 27,919 58,142 434 470 254 5,961 151 3,796 Total. 3,445 1,929 1,931 37,486 7,539 10,910 10,724 295,330 386 194,415 3,225 16.9,366 76,329 2,706,753 3,870 341,082 3,238 751,667 27,996 I 63,240 97,772 4,458,613 353 23,735 2,160 1,748 7,390,000 1,108 2,455,736 1,015 13 , 56,192 6,310 356,456 11,066 10,570,000 3,050,000 8,850,000 220,000 1,410,000 394,000 1,010 380 1,468 43 249 44 5,887,545 494,329 1,689,251 33,705 250,773 88,476 2,265 103 866 48 156 110 2,809,199 408,787 1,383,654 35,750 192,733 47,786 128,750 21,920 97,838 1,778 10,870 9,862 23,740 5,456 29,578 653 2>346 3,830 1,242,717 100,943 464,363 11,101 69,593 23,725 155,772 5,079 22,301 181 2,079 1,583 157,122 421 29,975 403 5,612 1,785 192,048 20,136 7,026 1,064,200 84,267 43,573 3,845,666 2,123 j 102 85,844 8,665 | 5,615 548,442 4,595 521 182,273 Total Eastern States. 24,494,000 New York New Jersey Pennsylvania Delaware Maryland District of Columbia 3,194 8,444,079 3,548 4,877,909 271,018 65,603 1,912,442 186,995 195,318 311,834 2,250,000 1,435,000 2,485,000 1,640,000 2,915,000 935,000 2,360,000 1,985,000 1,855,000 4,565,000 1,810,000 2,435,000 2,323,000 441 323 524 417 748 255 329 321 249 1,462 461 576 536 286,867 176,262 179,883 148,352 257,637 84,623 108,199 89,564 187,558 502,559 111, 570 207,957 199,382 624 481 782 1,334 2,728 133 200 3,576 1,038 1,818 499 1,015 549 73,656 50,677 30,329 29,592 41,586 31,318 34,772 29,200 54,664 118,596 22, 884 71,210 49,304 9,187 9,487 6,975 5,181 9,284 5,780 4,626 2,575 9,627 22,556 3,841 6,953 9,423 1,612 1,532 1,007 1,014 3,810 1,714 2,130 1,068 2,530 6,530 1,289 621 2,094 52,699 40,544 32,181 19,827 52,677 25,614 37,461 30,127 46,809 124,333 29,213 58,391 50,166 1,595 1,701 1,588 1,149 1,618 1,076 835 430 3,693 6,981 483 1,282 4,766 3,208 917 1,486 1,017 5,316 443 859 296 4,829 3,557 967 2,555 1,131 9,376 7,271 5,455 2,934 9,810 4,915 7,029 3,107 8,730 23,242 5,332 9,853 9,985 Total Southern States 28,993,000 6,642 2,540,413 14,777 637,788 105,495 26,951 600,042 27,147 Virginia West Virginia North Carolina. South Carolina Georgia Florida Alabama Mississippi Louisiana Texas Arkansas Kentucky Tennessee , 107,039 346,765 16,615,511 8,235 5,489 2,457 5,410 7,515 959 2,940 1,992 1,512 12,317 1,105 8,536 10,827 447,059 294,361 262,093 215,810 391,981 156,575 199,051 161,935 320,990 822,489 177,183 368,373 337,627 69,294 4,155,527 5,272,000 Ohio.. 2, 878.000 Indiana 6,300,000 Illinois 3,155, 000 Michigan 2,610,000 Wisconsin. . . 2,350,000 Minnesota 2,245,000 Iowa 3,500,000 Missouri Total Middle Western States 28,310,000 North Dakota 805,000 754,000 South Dakota 1,353,000 Nebraska 1,966,000 Kansas 495,000 Montana 197,000 Wyoming 1,055,000 Colorado 460,000 New Mexico 2,430,000 Oklahoma Total Western States 9,515,000 1,680,000 Washington 900,000 Oregon 3,235,000 California 495,000 Idaho 457,000 Utah . . . 124,000 Nevada. 276,000 Arizona...... 93,000 Alaska Total Pacific States.. 7,260,000 230,000 Hawaii 1,245,000 Porto Bico 9,000,000 Philippines Total island posses10,475,000 sions Total United States.. 116,437,000 1,150 1,036 1,491 700 932 1,442 1,855 1,538 1,024,735 411,338 1,530,880 411,230 409,180 583,815 717,321 756,433 1,351 945 2,251 541 1,016 1,564 3,509 1,394 467,893 149,505 451,315 400,482 121,617 110,780 95,461 186,536 41,908 16,537 36,739 21,290 7,172 16,296 21,623 22,283 6,467 2,508 5,292 2,577 7^454 3,450 5,611 4,066 264,648 90,156 409,582 118,642 78,594 105,350 124,314 214,564 3,770 6,605 37,236 3,958 3,833 3,579 2,189 7,645 16,204 2,492 24,027 9.928 3^430 8,160 1,633 8,861 48,157 19,448 74,812 29,533 14,415 15,200 24,003 27,264 16,297 34,091 35,841 2,870 2,200 5,998 2,522 24,765 1,889,430 733,625 2,607,975 1,001,051 648,911 854,192 998,186 1,253,811 10,144 5,844,932 12,571 1,983,589 183,848 37,425 1,405,850 68,815 74,735 250,832 124,584 9,987,181 858 642 1,120 1,270 403 136 359 117 919 146,922 159,413 351,627 301,144 129,151 42,118 159,458 39,638 250,096 536 998 2,774 1,515 1,058 289 382 94 1,086 15,155 17,018 50,985 55,181 23,485 7,907 61,480 5,425 51,855 5,916 '5,452 10,701 8,433 5,418 1,062 4,550 1,367 6,663 3,128 1,134 1,421 2,248 1,680 124 1,414 299 1,797 18,817 39,792 99,035 90,102 31,976 11,394 47,902 9,454 67,252 828 572 2,898 1,326 924 528 2,487 265 3,269 252 1,013 2,425 1,813 175 2,140 3 2,098 3,538 3,765 12,739 12,543 7,527 1,648 9,439 1,594 7,782 1,503 749 4,703 1,394 927 542 1,246 172 1,033 196,595 229,906 539,308 475,699 202,321 65,612 290,498 58,311 392,931 5,824 1,579,567 8,732 288,491 49,562 13,245 415,724 13,097 9,919 60,575 12,269 2,451,181 361 260 848 204 123 33 78 20 209,336 129,715 1,021,135 65,556 84,968 18,626 38,843 4,275 544 485 1,610 124 111 212 197 18 78,984 44,623 382,078 13,811 18,239 6,010 11,585 1,843 9,606 5,668 44,932 2,933 3,515 757 2,147 244 6,073 1,929 10,906 696 1,857 337 77 56 60,796 36,437 240,897 13,506 17,387 6,563 14,336 1,453 1,858 1,467 8,782 532 271 118 454 126 3,841 2,066 16,950 473 1,162 35 10,482 7,549 57,829 2,701 4,078 1 291 4,046 1,261 4,521 3,298 108,223 356 1,771 442 134 181 386,041 233,237 1,893,342 100,688 133,359 34,391 71,819 9,457 1,927 1,572,454 3,301 557,173 69,802 21,931 391,375 13,608 24,527 89,237 118,926 2,862,334 19 13 9 20,922 18,086 38,413 1,040 83 15,268 8,093 2,510 3,270 553 398 280 349 28 193 6,706 4,835 43,174 729 541 1,247 758 4,012 4,749 5,052 1,482 594 12,727 43,886 32 582 119,624 41 77,421 16,391 13,873 1,231 570 54,715 2,517 758 13, 813 14,803 196,092 28,880 !~22,514,602 60,335 9,741,653 737,148 172,035 5,136,604 323,245 359,834 896,570 784,413 40,726,439 Condensed statement, by States, of resources and liabilities of all reporting banks of the United States in June, 1918. [Includes 21,175 State banks and 7,705 National banks.] Liabilities (in thousands of dollars). States, etc. Capital stock paid in. Maine New Hampshire.. Vermont Massachusetts Khode Island. Connecticut Total New England States New York New Jersey Pennsylvania Delaware Maryland District of Columbia., Total Eastern States. Virginia West Virginia.. North Carolina. South Carolina. Georgia Florida Alabama Mississippi Louisiana Texas Arkansas Kentucky .. Tennessee Total Southern States 11,489 6,040 6,986 89,244 14,612 29,273 Undivided profits National (less Surplus. . expenses bank cirand taxes culation. paid). 13,019 15,646 11,684 135,469 19,801 33,489 7,985 2,016 2,001 68,120 8,330 22,670 5,403 4,943 4,279 21,240 4,552 12,468 Due to banks. Dividends Individual United States unpaid. deposits. deposits. 2,919 3,436 1,708 149,784 4,224 9,728 262 129 171 1,631 116 643 233,266 155,262 136,580 1,993,264 279,922 607,233 1,915 1,796 826 93,603 2,419 14,891 Postal savings deposits. 324 555 80 5,987 1,229 3,855 Notes and Bills bills redis- payable. counted. 2,208 1,065 1,431 52,788 885 7,555 5,251 1,792 1,848 12,922 1,070 5,439 Other liabilities. Total. 11,2S9 1,735 1,772 82,701 3,922 4,423 295,330 194,415 169,366 2,706,753 341,082 751,667 105,842 4,458,613 157,644 229,108 111,122 52,885 171,799 2,&32 I 3,405,527 115,450 12,030 65,932 28,322 334,104 49,807 246,581 5,476 31,993 19,393 600,167 53,736 328,888 6,212 34,312 11,008 111,597 21,440 84,888 2,339 11,601 3,349 77,210 14,425 86,070 1,142 8,971 6,071 1,444,216 24,992 288,890 1,638 41,154 10,416 3,860 1,278 3,787 96 869 158 7,138,810 829,964 2,522,594 65,625 383,040 117,889 371,291 18,565 117,978 766 8,862 7,744 28,256 4,778 17,214 214 298 423 198,579 9,851 40,233 200 10,320 820 175,672 16,005 58,785 1,987 11,490 1,589 405,324 10,889,086 19,359 1,064,200 49,758 3,845,666 149 85,844 5,532 548,442 3,413 182,273 687,354 1,034,323 235,214 193,889 1,811,306 10,048 11,057,922 525,206 51,183 260,003 265,528 483,535 16,615,511 9,277 5,563 6,395 5,537 4,094 2,397 4,393 2,986 5,381 21,213 4,144 7,554 2,678 15,844 9,186 6,510 6,882 10,899 5,553 9,248 2,760 4,731 40,241 3,287 15,654 11,135 37,125 9,057 13,844 7,217 22,577 9,111 8,727 6,110 35,153 62,362 11,093 26,095 18,921 1,189 '515 377 494 • 566 231 268 201 722 1,156 . 202 378 161 261,771 215,066 169,173 129,853 235,410 109,589 134,663 117,132 211,306 480,940 120,374 238,300 227,019 10,199 3,065 4,653 2,433 5,222 3,718 3,509 871 5,771 19,484 1,366 8,719 5,909 771 506 321 37 120 496 229 101 207 774 206 360 242 17,507 3,994 11,280 9,491 6,791 1,365 1,896 1,364 6,593 17,286 1,711 5,793 3,677 20,811 3,163 14,216 18,132 27,992 2,868 3,267 8,139 8,901 37,599 7,634 2,981 11,271 81,612 141,930 267,392 6,460 2,650,596 74,919 4,370 88,748 166,974 35,623 24,611 21,704 21,628 41,820 13,918 21,262 13,739 23,468 91,140 19,350 35,904 30,431 394,59 24,213 15,959 9,905. 9,228 30,802 5,796 10,516 5,999 13,806 41,074 7,215 16,794 14,685 205,992 12,729 3,676 3,715 4,878 5,688 1,533 1,073 2,533 4,951 9,220 601 9,841 11,498 71,9 447,059 294,361 262,093 215,810 391,981 156,575 199,051 161,935 320,990 822,489 177,183 368,373 337,627 4,155,527 Ohio Indiana Illinois Michigan 123 244 64,130 177,344 61,551 45^,181 61,762 76,845 100,603 81 630 26,077 112,320 36,383 17,364 30,744 30,228 59,152 35 566 11,708 50,128 16,492 10,557 12,265 17,966 24,238 46,618 26,260 27,588 10,368 12,454 13,221 18,729 21,727 118,690 37,421 370,150 37,549 29,483 70,827 56,700 211,800 1,275 502 3,969 1,198 586 763 529 691 1,339,559 497,198 1,673,992 782,301 478,158 587,505 753,160 689,759 54,982 11,691 83,121 9,208 13,618 23,655 4,670 33,934 9,729 1,806 5,780 6,163 2,565 2,100 465 1,166 27,412 9,737 32,194 9,745 18,653 23,870 16,679 33,933 19,089 7,162 26,918 23,922 11,284 20,388 21,049 42,869 31,636 39,933 44,471 6,171 9,008 7,092 1,166 33,939 1.889,430 '733,625 2,607^975 1,001,051 648,911 854,192 998,186 1,253,811 710,660 393,898 178,920 176,965 932,620 9,513 6,801,632 234,879 29,774 172,223 172,681 173,416 9,987,181 17,705 14,940 37,134 37,098 19,060 4,625 18,467 5,477 27,722 6,752 5,023 15,484 19,932 6,604 2,436 9,747 2,519 8,217 1,536 2,-095 10,100 7,237 3,214 1,216 4,545 268 4,164 4,137V 3,722 9,627 10,420 3,749 1,822 7,631 1,817 10,329 5,005 16,685 65,455 32,091 7,558 2,850 21-712 2,168 28,263 43 64 315 268 151 29 309 54 449 1481744 179,003 376,811 350,417 147,775 49,161 209,251' 39,232 275,944 485 1,206 8,598 3,674 724 750 8,209 1,149 7,177 35 52 465 602 1,178 217 1,913 111 288 4,602 4,446 3,444 10,170 3,376 2,123 2,683 2,778 20,601 7,255 2,289 8,182 3,256 8,562 257 4,993 2,416 8,916 296 381 3,693 531 370 126 1,038 322 861 196,595 229,906 539,308 475,699 202,321 . 65,612 290,498 58,311 392,931 182,228 76,714 34,375 53,254 181,787 1,682 1,776,338 31,972 4,861 54,223 46,126 7,621 2,451,181 27,794 18,409 129,755 8,286 10,896 3 187 4,604 820 9,609 7.685 62,546 2,782 4,607 751 2,313 195 4,749 3,342 27,731 1,086 1,932 530 1,435 288 6,694 6,319 40,648 3,122 3,214 1 224 970 53 24,125 15,354 144,632 3,614 10,476 2,001 3,030 410 394 236 991 145 59 10 58 3 284,381 164,984 1,293,753 71,824 86,940 25,538 57,318 7,120 8,211 2,734 40,141 674 1,094 132 341 195 4,611 2,221 4.180 393 459 487 257 55 7,529 4,377 17.694 5,413 4,073 205 416 41 5,042 1,565 15,674 3,188 1,638 351 36 2,902 6,011 115,597 161 7,971 326 726 241 386,041 233,237 1,893,342 100,688 133,359 34,391 71,819 9,457 203,751 90,488 41,093 62,244 203,642 1,896 1,991,858 53,522 12,663 39,748 27,494 133,935 2,862,334 4,560 2,708 8,085 1,459 722 2,060 1,294 550 80 464 1,531 3,012 21,973 21 48 393 30,203 23,915 70,482 1,839 1 10 116 670 67 2,398 947 16,484 43,886 32,582 119,624 15,353 4,241 1,924 464 26,516 462 124,600 1,839 11 19,829 196,092 2,351,588 2,034,764 684,260 681,631 3,595,062 33,013 27,808,473 1,037,787 114,892 ... .... Minnesota Iowa ......... Missouri . Total Middle Western States North Dakota South Dakota Nebraska . . . . . . . . . . . . . . . Kansas Wyoming New Mexico. Oklahoma . . . . . Total Western States Washington California . . . . . . Utah Nevada Arizona. . . . . . . . . . . . Alaska Total Pacific States.. Hawaii Porto Rico Philippines : Total Island possessions Total United States.. 853 680,877 707,978 996,114 40,726,439 COMPARATIVE STATEMENT OF BESOTJRCES AND LIABILITIES OF ALL BANKS, 1913-1918. The following statement shows the principal items of resources and liabilities of national and other banks (Federal reserve banks not included) for the }^ears 1913 to 1918: Classification. 1913 (25,993 banks). 1914 (26,765 banks). 1915 (27,062 banks). 1916 (27,513 banks). 1917 (27,923 banks). 1918 (28,880banks), S RESOURCES. Loans and discounts Overdrafts Bonds, stocks, and other securities. Due from other banks and1 bankers. Real estate, furniture., etc. Checks and other cash items 2 , Cash on hand Other resources | $14,568,240,544.24 $15,288,357,283.98 $15,722,440, 177.20 58,532,120.08 51,120,621.58 36,232, 421.03 5,407,219,379.56 5,584,924.886.48 5,881,931, 375.37 2,776,613,692.19 2,872,697'225. 26 3,233,942, 829.39 695,507,828.00 739,679,598.08 793,404, 941.00 520,995,362.02 426,913,037.63 376,875, 161.00 1,639,219,162.79 1,560,709,447.05 1,457,702, 138.31 218,427,550.73 274,403^890.77 301,600, 634.26 Total $17,811,605,164.40 3$20,594,228,088.91 s$22,514,602,064.81 60,334,533.39 47,199,175.92 38,210,536.02 8,003,819,982.90 9,741,653,241.78 6,796,569,640.68 4,793,167,162.83 4,032,125,378.52 5,136,603,795.91 862,967,207.32 909,183,095.52 826,641,786.73 758,691,432.29 683,078,124.47 770,424,724.08 1,502,502,076.06 898,570,423.03 1,486,118,321.95 564,188,012.08 784,413,235.56 509,542,144.55 25,712,163,599. 48 26,971,398,030.96 27,804,129,677.56 32,271,237,696.93 37,126,763,138.31 2,132,074, 073.20 1,714,486. 142.85 562,031, 228.82 719.00 722-, 554, 30,133, 899.35 18,517,732, 879.01 40,245, 588.30 66,654, 582.55 2,705,075,367.14 480,409, 550.74 2,162,841,369.93 1,732,918,047.19 639,777,329.68 722, 703,856.50 4,241,968.34 19,135,380,200.45 59, 771,103.54 48, 964,257.51 2,783,312,258.52 514,219,285.90 2,195,101, 115.96 1,849,693, 074.48 564,337, 993.50 676,116, 000.00 28,690, 888.81 22,773,714, 074.98 71,087, 526.37 39,457, 000.00 3,463,608, 916.33 609,431, 106.50 2,274,200,153.48 1,945,543,680.73 674,190, 643.25 660,431,000.00 4,585,947.01 26,289,708, 159.14 101,873,406.56 132,965,000.00 3,913,944,423.51 1,129,320,724.63 2,351,587, 559.45 2,034,764, 173.59 684,259, 780.74 681,631, 000.00 33,012. 997.79 27,808,472: 756.43 114,892: 459.19 1,037,787: 000.00 3,595,062', 376.24 2,384,968, 411.04 25,712,163,599.48 26,971,398,030.96 27,804,129,677.56 32,271,237,696.93 37,126,763,138.31 O 40,726,438,514.47 2,096,849,861.75 1,076,625,895.34 573,213,465.32 722,125,024.00 3,590,839.76 17,475,764,134.81 25,242,015.76 49,725,039.13 2,584,231,078.90 504,796,244.71 Q 40,726,438,514.47 LIABILITIES. Capital stock paid in Surplus fund p ~' ~ Other undivided" profits Circulation (national banks) Dividends unpaid Individual deposits Postal-savings deposits United States deposits Due to other banks and bankers Other liabilities Total.. I • 1 Includes real estate owned other than banking house. 2 Includes exchanges for clearing house. o « lacluctes rediscounts of national banks. a REPORT OF THE COMPTROLLER OF THE CURRENCY. 117 GROWTH OF BANKS IN THE UNITED STATES SINCE 1883. In volume 2 of this report will be found a statement of the resources and liabilities of the first Bank of the United States for 1809 and 1811, and also a statement showing the resources and liabilities of the second Bank of the United States for each year from 1817 to 1840, inclusive. There will also be found in volume 2 a statement showing capital, circulation, deposits, specie, and loans of colonial and State banks for the years 1774 and 1784, and from 1790 to 1833, inclusive, together with a table showing the resources and liabilities of the banks of the country from 1834 to 1863. The records show that these statistics were collected for and published in the annual reports of the Secretary of the Treasury on the condition of the banks, in accordance with a resolution of the House of Kepresentatives passed July 10, 1832. Upon recommendation of Secretary Chase in 1863, these reports were discontinued after that year. Statistics showing a summary of reports of condition of State banks, savings banks, private banks, and loan and trust companies, by classes of banks ana by States, for June, 1918, are shown in volume 2 of this report. The following condensed statement shows the principal items of resources and liabilities of national, State, savings, and private banks and loan and trust companies from 1863 to 1918, inclusive. 118 EEPORT OF THE COMPTEOLLEE OF THE CUEEENCY. Principal items of resources and liabilities of National, State, saoiyigs; [From 1863 to 1872, inclusive, data from various sources; from 1873 [In millions Resources. Year. 1863 . Banks. 2 1,466 8 1,089 < 467 < 1,294 . < 1,634 < 1,636 * 1,640 * 1,619 * 1,615 * 1,767 * 1,853 6 1.968 « 1,983 3,336 1875 . . 3,448 1876 3,384 1877 . 1878.. 3,229 3,335 1879 3,355 1880 . 1881 3,427 1882 . . . 3,572 3,835 1883 1884 . . . . 4 113 4,350 1885 4 378 1886 1887 6,170 6,647 1888 1889 7,203 1890 7,999 1891 8,641 1892 9 338 9,492 1893 1894 9,508 1895 . . . 9,818 1896 9,469 1897 9,457 1898 9 485 9,732 1899 1900 10,382 1901 11 406 1902 12,424 1903 . 13 684 1904 14,850 1905 16,410 1906 17,905 1907 . 19 746 1908 21,346 1909 22,491 1910 . . 23 095 1911 24,392 1912 25,195 1913 . . . 25 993 1914 26,765 27,062 1915 1916 . . . . 27,513 1917 27,923 1918 28,880 1864 1865 . 1866 1867 1868 . 1869 1870 . 1871 1872 1873 1874 Real Loans Overestate, Due and dis- drafts. Invest- furniture, from ments. counts. and banks. fixtures. 648.6 70.7 362.5 -. 550.4 588.5 655.7 686.4 715.9 831.6 ~ 871.5 0.2 1,439.6 1,565.6 .2 .4 1,747.6 .4 1,726.8 1,720.5 .5 1,560.9 .3 .4 1,506.9 .6 1,661.6 1.4 1,900.6 2,049.1 1.4 2,232.1 1.5 2,259.1 1.6 2,270.7 1.5 1.2 2 455.6 4.4 2,938.9 3,157.0 4.3 5.7 3,469.6 3,834.4 7.9 6.9 4,024.1 4,329.5 7.4 7.6 4,361.1 4,078.1 7.0 4,262.0 6.9 4,244.3 6.9 4,208.6 7.4 4 632.6 19.6 5,152.1 25.4 5,625.2 32.5 6,387.9 37.6 7,145.4 43.7 7,688.0 50.9 7,930.9 51.1 8,971.2 56.0 9,827.6 66.2 10,697.8 66.1 10,380.1 57.9 11,303.5 69.7 12,459.4 62.4 12,982.7 63.7 13,892.1 61.5 14,568.3 58.6 51.1 15,288.4 15,722.5 36.2 38.2 17,811.6 47.2 20,954.2 60.3 22,514.6 180.5 96 9 93.4 406.6 467.6 446.5 442.9 416.4 404.7 440.3 437.8 721.1 732.0 801.9 818.2 851.6 874.5 1,138.6 904.2 985.3 1,054.9 1,027.8 1,041.1 1,042.0 1,044.9 1,011.1 1,131.1 1,129.1 33.3 103.0 110.7 102.0 123.1 107.6 109.4 143.2 144.0 182.6 193.6 195.0 198.2 194.7 186.2 204.0 248.8 346.1 307.1 323.7 294.2 355.8 349.8 421.6 439.1 513.8 531.5 530.4 684.4 549.2 705.9 714.4 644.9 781.4 925.0 1,203.1 1,272.8 1,448.0 1,561.2 1,570.6 1,842.9 1,982.0 2,029.2 2,135.6 2,236.3 2,562.1 2,393.0 2,788.8 2,848.0 2,776.6 2,872.7 3,233.9 4,032.1 4,793.2 5,136.6 Checks Other Aggreand other Cash on regate recash 1 hand. ources. sources. items. 1.7 11.2 16.7 19.8 22.7 23.9 27.5 30.1 31.2 48.4 54.0 67.9 71.5 82.0 90.9 99.7 106.5 111.2 106.2 104.9 105.8 75.4 109.2 127.9 134/4 146.2 159.7 1,172.5 1,179.4 167.7 1,283.7 183.7 1,366.1 195.3 1,445.5 210.5 223.7 1,565.3 242.6 1,674.6 1,732.4 249.8 261.4 1,859.9 275.4 2,179.2 2,498.4 274.2 2,821.2 283.7 295.8 3,039.4 3,400.1 317.6 346.0 3,654.3 3,987.9 380.9 416.9 4,073.5 4,377.1 405.7 4,44-5.9 • 495.0 544.T) 4,614.4 4,723.4 574.2 616.7 5,051.9 5,358.9 657.3 5,407.2 695.5 739.7 5,584.9 793.4 5,881.9 6,796.6 826.7 862.9 8,003.8 909.2 9,741.6 5.1 41.3 96.1 128.3 124.2 161.6 91.6 115.2 102.0 123.9 84.8 115.2 96.2 77.8 106.4 102.2 143.5 174.4 197.8 137.1 109.2 188.6 144.2 145.2 91.1 115.9 102.1 96.4 107.2 124.5 78.4 96.5 119.8 132.1 125.6 300.1 234.7 463.5 320.0 286.0 231.5 373.4 445.2 411.1 350.9 437.9 620.5 422.7 430.1 426.9 521.0 376.9 770.4 758.7 683.1 205 5 50.7 47.6 199.5 231.9 205.8 200.7 162.5 155.7 164.0 177.6 199.3 241.9 230.2 217.3 220.7 207.3 207.5 274.3 278.0 268.7 286.1 303.3 389.8 304.3 432.3 459.0 514.0 488.1 497.9 586.4 516.0 689.0 631.1 531.9 628.2 687.8 723.3 749.9 807.5 848.1 857.3 990.6 994.2 1,016.5 1,113.8 1,368.3 1,452.0 1,423.8 1,554.1 1,572.9 1,560.7 1,639.2 1,457.7 1,486.1 1,502.5 896.6 60 2 1,191 7 .5 2.4 3.0 252.3 1,126.5 1,476.4 1,494.1 1,572.2 1,564.2 1,510.7 1,730.6 1,770.8 2,731.3 2,892.63,204.7 3,183.0 3,204.0 3,080.7 3,312.7 2,398.9 3,869.1 4,031.1 4,208.1 4,221.3 4,426.8 4,521.5 5,193.3 5,470.5 5,940.9 6,343.0 6,562.2 7,245.4 7,192.3 7,290.6 7,609.5 7,553.9 7,822.1 8,609.0 9,905.0 10,785.8 12,357". 5 13,363.9 14,303.1 15,198.8 16,918.2 18,147.6 19,645.0 19,583.4 21,095.0 22,450.3 23,631.1 24,986.6 25,712.2 26,971.4 27,804.1 32,271.2 37,126.7 40,726.4 3.2 2.9 5.8 5.9 6.2 6.7 16.2 20.5 46.5 54.4 56.2 54.2 53.4 59.4 72.1 45.9 94.9 107.0 103.0 112.3 111.9 54.5 46.6 46.8 59.4 63.1 72.5 76.2 109.6 88.9 82.2 97.1 46.4 98.1 108.1 108.3 132.6 151.5 172.6 272.5 437.8 249.0 111.4 193.6 150.5 165.8 218.4 274.4 301.6 509.5 564.2 784.4 1 Includes exchanges for clearing house. 2 Includes,figuresfor 1,400 State banks and 66 national banks. »From Homan's Bankers' Almanac. * National banks. «Number of national banks only; but amounts include incomplete returns from State banks with national supervision. BEPOET OF THE COMPTEOLLEB OP THE CUBEENCY. 119 private banks, loan and trust companies from 1863 to 1918. compiled from reports obtained by the Comptroller of the-Currency.] of dollars.] Liabilities. Capital stock paid in. 405.0 311.5 75.2 325.8 414 3 418.6 420.1 422.7 430.4 458.3 470.5 532.9 551.2 592.5 602.4 614.4 587.7 580.5 565 2 572 3 590.6 625 5 656.5 678.0 686 8 799 2 853.8 893 3 968.7 1 029 6 1,071.1 1 091 8 1 069.8 1 080 3 1*052 0 1 012.3 992 1 973.6 1 024 7 1,076.1 1 201 6 1 321 9 ' 1^392.5 1 463 2 1 565 3 l' 690.9 1 757 2 1,800.0 1 879 9 1^952,4 2 010 8 2^096.9 2,132.1 2,162.8 2,195.1 2,274.2 2,351.6 Surplus fund. Undivided profits, less expenses. Due to banks. DiviPostal United dends Individual savings States unpaid. deposits. deposits. deposits. 100.5 1.1 31.3 50 2 63.2 75.8 82.2 94.1 101.2 105.2 129.4 141.8 163.4 198.5 181.4 178.0 189.2 194.3 214 8 232.0 245 7 269 8 276.5 303 4 358.6 367.8 406.0 442.7 464.7 491.4 516 7 523.5 541 0 534.9 557.6 565 4 581.8 648 4 687.0 781.0 903 7 993.8 1 053.6 ] 1RO R 305.2 401 6 1,326.1 L 547 9 L, 512.1 L 585 0 ]L, 676.6 :L714.5 L, 732.9 L,849.7 L, 945.5 2,034.8 3.1 29.3 30.7 33.5 43.8 38.6 42.0 50.2 86.2 97.3 90.8 63.1 79.2 59.8 57.0 66.0 77.3 78.0 102.1 109.8 85.4 90.5 101.2 126.0 126.0 141.4 154.6 158.8 172.6 159.2 158.4 159.6 155.1 167.3 179.3 233.8 268.6 315.9 369.8 367.1 385.9 378.0 339.9 359.9 508.5 404.6 553.5 581.2 573.2 562.0 639.8 564.3 674.2 684.3 393.7 27.4 157.8 122.4 112.5 140.7 129.0 130.0 371.9 172.7 187.4 207.5 205.3 196.6 179.5 172.1 201.0 258.0 333.6 297.3 299.8 254.2 322.9 336.7 383.5 400.7 477.8 469.3 454.5 613.5 419.9 599.1 600.5 521.7 673.4 809.8 1,046.4 1,172.5 1,333.0 1,393.2 1,476.0 1,752.2 1,904.4 1 899.0 2,075.5 2,198.0 2,484.1 2,225.4 2,621.0 2,632.6 2,584.2 2,705.1 2,783.3 3,463.6 3,913.9 3,595.0 119.4 398.4 533.3 539.6 575.8 574.3 501.4 600.9 618.8 1,421.2 1,521.6 1,787.0 1,778.6 1,813.6 1,717.4 1,694.3 1,951.6 2,296.7 2,460.2 2,568.4 2,566.4 2,734.3 2,811.9 3,307.9 3,423.3 3,779.3 4,064.1 4,196.8 4,664.9 4,627.2 4,651.2 4,921.2 4,945.1 5,094.7 5,688.1 6,768.7 7,239.0 8,460.7 9,104.7 9,553.7 10,000.6 11,350.7 12,215.8 13,099.6 12,784.5 14,035.5 15,283.4 15,906.3 17,024.1 17,475.8 18,517.7 19,135.4 22,773.7 26,289.7 27,808.5 2.5 4.5 1.5 1.4 1.6 6.2 6.8 2.1 5.8 1.8 1.8 6.5 7.2 1.9 1.9 6.9 2.3 3.9 8.7 4.7 3.9 5.5 4.8 4.6 3.3 3.7 3.9 2.6 3.4 8.9 2.7 3.4 3.8 2.3 1.8 2.4 2.7 2.4 4.0 3.3 20.9 5.7 3.6 3.6 30.1 4.2 28.7 4.6 33.0 25.3 40.2 59.8 71.1 101.9 114.9 58.0 39.1 33.3 28.2 12.8 11.4 25.9 12.5 15.2 10.6 10.2 11.1 10.9 25.6 252.1 10.7 12.3 12.7 13.9 14.2 14.0 17.2 23.3 58.4 46.7 30.6 25.9 14.2 13.7 14.1 13.2 15.4 16.4 52.9 76.3 98.9 99.1 124.0 147.1 110.3 75.3 89.9 180.7 130.3 70.4 54.6 48.5 58.9 49.7 66.7 49.0 39.5 133.0 1,037.8 Nationalbank circulation. 238.7 163.3 25.8 131.5 267.8 291.8 294.9 292.8 291.8 315.5 327.0 338.8 *1QO g 318.1 294.4 290.0 299.6 307.3 318.1 312.2 308.9 312.0 295.2 269.2 238.3 166.6 155.3 128.9 126.3 123.9 141.0 155.1 171.7 178.8 199.2 196.6 189.9 199.4 265.3 319.0 309.3 359.3 399.6 445.4 510.9 547.9 613.7 636.4 675.6 681.7 708.7 722.1 722.6 722.7 676.1 660.4 681.6 Other liabilities. 53. J .3 .5 20 0 4.4 3.2 6.6 10.5 10.4 12.4 18.8 22.5 31.2 31.5 32.9 34.7 29.5 33.2 43.4 44.2 38.8 53.3 39.6 34.4 49.1 76.5 78.2 96.0 106.7 85.7 190.7 98.7 112.4 122.1 113.4 140.1 70.6 100.5 110.6 130.4 169.3 180.9 237.3 305.2 402.9 334.2 230.7 358.0 349.9 381.7 504.8 480.4 514.2 609.4 1,129.3 2,384.9 NOTE.—Since 1873 the Comptroller has collected and published statistics of State banks, but complete data for compiling these statistics for a number of years thereafter were available only for those States in which the banks were required to report to some State official. For recent years the statistics are practically complete. 120 EEPOBT OF THE COMPTROLLER OF THE CtTB&ESfCY. INDIVIDUAL DEPOSITS IN ALL REPORTING BANES. Individual deposits in all reporting banks in June, 1917, aggregated $26,289,708,159.14 and on June 29, 1918, amounted to $27,808,472,756.43; making an increase during the current year of $1,518,764,597.29, or 5.78 per cent. The percentage of increase in deposits for the fiscal year ended June, 1915, was 3.34 per cent, for 1916, 19.01 per cent, and for 1917, 15.43 per cent. Individual deposits in detail in each class of banks as of June 29, 1918, are as follows: Individual deposits in each class of banks June 29, 1918, individual deposits Niamberof subject to check withbanks. out notice. Demand certificates of deposit. Certified checks and cashiers' checks. State banks , Sfeocksavings banks Mutual savings banks Loan and trust companies... Private banks 16,596 1,194 625 1,669 1,091 $2,754,752,819.45 40,377,928.42 56,882,765.16 2,031,637,384.52 71,445,261.05 $144,611,060.27 562,870.69 3,029,627.86 69,105,064.39 10,138,876.82 $29,962,549.16 628,134.37 4,159.05 24,696, 459.10 304,822.49 Total National bau-ks Grand total 21,175 7,705 4,965,096,158.60 7,161,268,000.00 227,445,500.03 344,386,000.00 55,596,124.17 152,311,000,00 28,880 12,116,364,158.60 571,831,500.03 207,907,124.17 Savings deposits. Time certificates of deposit. Deposits not classified. Total. State banks. $1,071,636,806.01 $1,025,951,956.88 $l,087,2&3,784.90 $6,114,198,076.67 1,001,573,414,15 4,833,512. §51,507,694.89 1,049,483,555.47 Stock savings banks 4,343,687,558.. 83 479,047.50 18,013,234.75 4,422,096,393.15 Mutual savings banks 1,286,650,369.13 2,322,514,921.46> 5,970,906,454.04 236,304,255.44 Loan and trust companies,.. 23,459, 823.09 68r236<, 216.3$ 193,41&, 377.10 19,834,377.29 ; Private banks Total...... National banks 7,727,007,971.21 1,287,4(13,150.06 3, 497,555.852. Se- 17,750,104,756.43 838,051,000.00 l l , 562,352,000.00 210,058,368,000.00 Grand total 7,727,007,971,21 2,125,454,150.06 5,059,907,852.36 27,808,472,756.43 * Includes 31,398,158,000 time deposits on open account. * Does not include United States and postal savings deposits nor dividends unpaid. From the foregoing table it is shown that individual deposits subject to check without notice aggregate $12,116,364,158.60; demand certificates of deposit $571,831,500.03; certified checks and cashiers' checks $207,907,124.17; savings deposits $7,727,007,971.21; time certificates of deposit $2,125,454,150.06; and deposits not classified $5,059,907,852.36. Included in the unclassified deposits is the sum of $1,398,158,000 representing time deposits on open account in national banks. Under the provisions of the Federal Reserve Act deposits in national banks are classified for the purpose of computing reserve, as "demand" and "time" and in carrying out the classification in the reports, provision has not been made far the separation from other time deposits of savings accounts. CASH IN ALL REPORTING BANKS. Cash in State, savings, and private banks, and loan and trust companies of the country shown by reports of condition as of June 29, 1918, aggregated $513,869,423.03 or $235,921,653.03 less than was reported in 1917. REPORT OF THE COMPTROLLER OF THE CURRENCY. 121 During the same period cash in the vaults of national banks was reduced from $752,711,000 to $382,701,000 or a decrease of $370,010,000. The decrease in cash holdings of all banks—State and national—during the year amounted to $605,931,653. During the same period, the Federal reserve banks increased their cash holdings bv $758,501,000 or from $1,247,698,000 in June, 1917, to $2,006,199,000 in June, 1918. The cash holdings of all banks, national, State, and Federal reserve banks in 1917 were $2,750,200,076; the cash holdings for the current year are $2,902,769,423 an increase of $152,569,347, or approximately 5.55 per cent. Coin and other currency held by all national and State banks and by Federal reserve banks are shown in the following table; Cash in all banks June £9, 1918. 7,705 national banks. Classification. Gold coin ,* Gold certificates Silver coin Silver certificates Legal tender notes National bank notes Federal reserve notes ». Nickels and cents Casli not classified 21,175 State, etc., banks. Total, 28,892 banks. 1 134,261,000.00 54,549,000,00 2 39,751,000.00 53,317,000.00 39,034,000.00 52,584,000.00 109,205,000.00 . Total Cash in Federal reserve banks (June 28,1918): Gold coin and certificates (reserve). .. Legal tender notes, silver, etc. (reserve). $68,378,760.15 37,829,060.00 20,005,662.91 26,652,036.00 184,507,351.00 8,195,585. 00 20,406,347.00 3,530,584. 23 144,364,036.74 $102,639,760.15 92,378,060.00 59,756,662.91 79,969,036.00 223,541,351.00 60,779,585.00 129,611,347.00 3,530,584.23 144,364,036.74 382,701,000.00 513,869,423.03 896,570,423.03 1,949,021,000.00 57,178,000.00 2 902 769 423 03 1 2 Including 12 Federal Reserve banks. Includes nickels and cents. 3 Includes Federal reserve bank notes. MOHEY THE UNITED STATES. The general stock of money in the United States increased from $5,408,000,000 on June 80, 1917, to $6,741,000,000 on June 30, 1918, an increase during the year of $1,333,000,000, or 24.65 per cent. Of the total stock of money in the country the sum of $360,300,000 was in the Treasury as assets of the Government and $1,001,300,000 was held by Federal reserve hanks and Federal reserve agents against issues of Federal reserve notes, a total of $1,361,600,000, or 20.20 per cent of the general stock being so held. For the date nearest June 30 for which information is available, coin and other money in national banks and other reporting banks (exclusive of those in the island possessions) aggregated $882,700,000 and cash in Federal reserve banks amounted to $2,006,200,000. The total amount of cash in all banks in the United States was therefore $2,888,900,000, or 42.86 per cent of the total stock of money. The remaining $2,490,500,000, or 36.94 per cent, was outside of the Treasury and banks, and presumably in the pockets of the people or hoarded. The total amount of money in circulation, exclusive of coin and other money in the Treasury, etc., as assets, was $5,379,400,000, or 122 EEPORT OF THE COMPTROLLER OF THE CURRENCY. $50.81 per capita, being an increase in the aggregate of $615,800,000, and a per capita increase of $5.07 over the amounts reported in 1917. In the following table is shown the distribution of money in the United States (island possessions not included for money in banks) giving the amount in the Treasury as assets and the amount in reporting banks from 1892 to 1918, inclusive: Stock of money in the United States, in the Treasury, in banks, and in circulation, 1892 to 1918. Coin and other Coin and other Coin and Coin and money in Treas- money in reportnot in other ury as assets.1 ing banks.2 banks. Year money ended in the June 30— United States. Per Amount. cent. Amount. Per Amount. cent. 1892 1893 1894 1895 1896 1897 1898 1899 1900 1901 1902 1903 1904 1905 1906 1907 1908 1909 1910 1911 1912 1913 1914 1915 Millions. Millions. $150.9 $1,752.2 142.1 1,738.8 144.2 1,805.5 1,819.3 217.4 1,799.9 293.5 1,906.7 265.7 2 073.5 235.7 286.0 2,190.0 284.6 2,339.7 307.8 2,483.1 2,563.2 313.9 317.0 2,684.7 2,803.5 284.3 295.2 2,883.1 333.3 3,069.9 3,115.6 342.6 3.378.8 340.8 300.1 3,406.3 3,419.5 317.2 3,555.9 341.9 3,648.8 364.3 3,720.0 356.3 336.3 3,738.3 «420.2 3,989.4 1916 4,482.9 »458.8 1917 5,408.0 8 644.4 1118 6,741.0 3 1,361.6 Millions. $586.4 515.9 688.9 631.1 531.8 628.2 687.7 723.2 749.9 794.9 837.9 848.0 982.9 987.8 1,010.7 1 L,106.5 1 1,362.9 1 L444.3 1,414.6 L,545.5 L,563.8 L.552.3 1^630.0 1,447.9 * 312.1 10.23 1.472.2 ^425.6 1,487.3 11.92 <1,247.7 882.7 20.20 4 2,006.2 8.60 8.17 7.99 11.95 16.31 13.93 11.37 13.06 12.16 12.39 12.24 11.80 10.14 10.24 10.86 11.00 10.08 8.81 9.27 9.61 9.98 9.58 8.97 10.53 other money Treasury or Per cent.. In circulation, exclusive of coin and other money in Treasury as assets. Per Per capita. Amount. capita. Millions. 33.48 $1,014.9 29.68 1,080.8 38.17 972.4 34.96 970.8 29.55 974.6 32.94 1,012.8 33.17 1,150.1 33.02 1,180.8 32.05 1,305.2 32.02 1,380.4 32.69 1,411.4 31.59 1,519.7 35.06 1,536.3 34.27 1,600.1 32.92 1,725.9 35.51 1,666.5 40.34 1,675.1 42.40 1,661.9 41.37 1,687.7 43.46 1,668.5 42.86 1,720.7 .41.73 1,811.4 43.62 1,772.0 | 44.12 1,809.2 Millions. 57.92 $15.50 $1,601.3 62.15 16.14 1,596.7 53.84 14.21 1,661.3 53.36 13.89 1,601.9 54.14 13.65 1,506.4 53.13 13.87 1,641.0 55.46 15.43 1,837.8 53.92 15.51 1,904.0 55.79 17.11 2,055.1 55.59 17.75 2,175.3 55.07 17.90 2,249.3 56.61 18.88 2,367.7 54.80 18.77 2,519.2 55.49 19.22 2,587.9 56.22 20.39 2,736.6 53.49 19.36 2,773.0 49.58 19.15 3,038.0 48.78 18.68 3,106.2 49.36 18.68 3,102.3 46.93 17.75 3,214.0 47.16 17.98 3,284.5 48.69 18.61 3,363.7 47.41 17.89 3,402.0 45.35 17.96 3,569.2 $24.60 24.06 24.56 23.24 21.44 22.92 25.19 25.62 26.93 27.98 28.43 29.42 30.77 31.08 32.32 32.22 34.72 34.93 34.33 34.20 34.34 34.56 84.35 35.44 } 42.34 2,126.3 47.43 20.75 4,024.1 39.29 } 50.57 2,028.6 37.51 19.48 4,763.6 45.74 } 42.86 2,490.5 36.94 23.52 5,379.4 6 50.81 1 Public money in national-bank depositaries to the credit of the Treasurer of the United States not included. 2 Money in banks of island possessions not included. «Includes amount held by Federal reserve banks and Federal reserve agents against issues of Federal reserve notes. < Money in Federal reserve banks June 25,1915, June 30,1916, June 22,1917, and June 28, 1918. 5 Population estimated at 105,869,000. By the end of October, 1918, the currency stock had increased to $7,590,200,000, of which $399,300,000 was lield in the Treasury as Government assets and $1,247,100,000 by Federal reserve banks and reserve agents against issues of Federal reserve notes, hence there was $5,943,800,000 held by national and other banks and in general circulation. REPORT OF THE COMPTROLLER OF THE CURRENCY. 1.23 JTATIOffAL BANK CIRCULATION. The amount of the increase or decrease of national hank circulation issued and retired since January, 1875, and the changes quarterly during the last year are shown in the following table: Yearly increase or decrease in national-bank circulation from Jan. 14, 1875, to Oct. 31, 1917, and quarterly increase or decrease for the year ended Oct. 31, 1918. Issued. Date. From 1875 1876 1877 1878 1879 1880 1881 1882 1883 1884 1885 1886 1887 1888 1889 1890 1891 1892 1893 1894 1895 1895 1897 1898 1899 1909 1901 1902 1903 1904 1905 1903 1907 1908 1909 1910 1911 1912 1913 1914 1915 1016 1917 Jan. 14 to Jan. 31, 1875 . . . . ..-.'.- . T. . . . . . , . . Total Nov. 1, 1917, to Jan. 31,1918 Feb. 1,1918, to Apr. 30,1918 May 1,1918, to July 31,1918 Aug. 1,1918, to Oct. 31,1918 Total Surrendered to this office and retired from Jan. 14,1875, to Oct. 31,1918 Grand t o t a l . . . From From From From Retired. $587,580 12,953,695 7,777,710 19,842,985 12,663,160 27,123,235 8,347,190 34,370,050 21,427,900 12,669,620 8,888,944 17,628,924 8,979,959 16,084.424 15,924,157 5,768,180 9,534,400 18,934,355 12,867,044 41,584,000 10,890,492 20,752,231 31,714,656 7,008,014 34,682,825 19,110,552 101,645,393 123,100,200 42,620,682 68,177,467 69,532,176 90,753,284 84,085,2£0 56,303,658 141,273,164 82,504,444 57,101,345 49,896,951 38,747,149 37,210,597 337,763,860 27,485,675 10,593,700 22,749,150 $255,600 18,167,436 28,413,265 16,208,201 9,031,558 6,967,199 6,880,458 15,697,878 20,694,838 24,920,477 30,990,730 2 i, 203,200 32,871,849 42,933,463 52,430,030 40,340,254 28,382,190 21,235,457 11,624,877 8,095,313 13,008,267 12,526,159 9,843,648 14,613,787 17,087,925 15,198,118 16,537,088 15,951,527 21,868,006 28,474,958 31,930,783 22,732,060 25 055,739 27,980,139 80,025,078 48,433,296 33,011,015 35,284,247 27,586,734 26,441,867 20,246,418 342,807,533 59,026,803 37,211,370 1,929,592,437 6,648,440 8,890,430 5,644,740 5,044,130 1,955,820,177 1,425,229,818 4,873,467 4,245,743 3,632,700 6,029,642 1,104,071,331 1,774,973 4,644,687 2,012,040 1,444,011,370 1,112,503,031 985,512 600,694,224 58,850,980 1,502,862,350 1,112,503,031 58,850.980 659,545,204 1,955,820,177 Increase. Decrease. $281,980 $5,213,741 20,63o, 555 3,634,784 3,631,602 20,159,036 1,466,732 18,672,172 733,032 12,250,857 22,101,786 8,577,276 23,891,890 26,869,039 36,505,873 34,572,074 18,847,790 2,301,102 1,242,167 33,488,687 2,117,775 8,226,072 21,871,008 7,605,773 17,594,900 3,912,434 85,108,325 107,148,673 20,752,676 39,702,509 37,601,393 68,021,224 59,029,521 28,323,519 61,248,086 34,071,148 2-1,090,330 14,612,704 11,160,415 10,768,730 367,517,442 315,322,858 48,433,103 14,462,220 599,708,712 NOTE. -Additional Federal reserve bank notes retired, $3,219,140. VAULT ACCOUNT OF NATIONAL-BANK CURRENCY. At the close of business on October 31,1917, the amount of nationalbank currency in the vaults of this office was $341,088,330, and there was received during the year from the Bureau of Engraving and Printing $269,084,850, making a total amount to be accounted for of $610,173,180. In the fiscal year circulating notes were issued to banks to the amount of $260,155,140, and there was withdrawn from the vaults for cancellation, by reason of liquidations and extensions of charter, $17,240,060, making total withdrawals of $277,395,200, and leaving on hand at the close of business October 31, 1918, $332,777,980. 85478°—CUR 1918—VOL 1 9 124 REPORT OF THE COMPTROLLER OF THE CURRENCY. DENOMINATIONS OF NATIONAL-BANK CIRCULATION. While the recent amendment to the law authorizes the issuance of national-bank notes of the denominations of $1 and $2, no l's and 2's have been issued under that amendment, mainly because of the extraordinary demands on the Bureau of Engraving and Printing for the engraving and printing of Government securities, etc., and the demand for notes of small denominations having been met largely by the issuance of l's and 2's by the Federal reserve banks. For the past three years no national-bank notes of the denomination of $500 and $1,000 have been issued. It appears that over 90 per cent of the total issues consist of notes of the denominations of $5, $10, and $20. Notwithstanding authority conferred by the act of October 5, 1917, removing the limitation on the amount of $5 notes issuable, the increase since that date has been only $8,417,195, the amount of the denomination of $5 outstanding being $117,927,615 as against $109,509,420 in 1917. MONTHLY STATEMENT RELATING TO UNITED STATES BONDS DEPOSITED TO SECURE CIRCULATION. In connection with the amount of United States bonds on deposit to secure circulation,, a statement is submitted herewith showing the amount held by the Treasurer of the United States on the first of each month from December, 19*17, to November, 1918, together with the amount of circulation outstanding secured by bonds and by lawful money on the same dates: United Slates bonds and national bank circulation, etc., on the first day of each month from Dec. 1, 1917, to Nov. 1, 1918. United States bonds on deposit to secure circulation. 1918. January February March April May June July August September October November — 1 PRICE AND Lawful money on deposit to redeem circulation. Total nationalbank notes 1 outstanding. $678,948,778 $38,103,287 $717,052,065 683,581,260 684,508,260 685,349,410 688,060,510 68S,969,710 691,579,160 690,384,150 690,831,260 682,411,730 683,026,300 684,446,440 1917. December Circulation secured by United States bonds. $681,565,810 Date. 681,814,981 681,521,545 680,992,730 684,667,147 686,098,360 687,998,070 687,326,508 687,577,645 680,210,470 678,465,863 679,637,575 37,397,649 36,311,670 37,047,275 36,252,360 36,189,817 35,989,575 36,878,977 36,150,417 44,108,182 43,467,307 41,833,562 719,212,630 717,833,215 718,040,005 720,919,507 722,288,177 723,987,645 724,205,485 723,728,062 724,318,652 721,933,170 721,471,137 Notes redeemed but not assorted are not included. INTEREST REALIZED BY INVESTORS BONDS. IN UNITED STATES During the past year, the market value of 4 per cent bonds of 1925 has increased, rising from 105.5517 in January to 107.4327 in October. The 2 per cent consols increased during the year from 96.5861 to 98.0819 in October, although the quotations in July, 98.0828, were slightly higher than in October. The 2 per cent Panama Canal bonds quoted at 96.4158 in January rose to 98.4135. As a EEPOET OF THE COMPTROLLER OF THE CURRENCY. 125 result of these changes the rate realized by investors at the beginning and close of the year is shown to have been as follows: Four's of 1925 Two per cents of 1930 Two per cent Panama Canal bonds 3.212 and 2. 850 2. 330 and 2.198 2. 265 and 2.136 BONDS AVAILABLE AS SECUPtlTY FOR CIRCULATION. As a result of the redemption in August, 1918, of the bonds of the 1908-1918 issue hereinbefore mentioned, the amount of interestbearing bonds available as security for national bank circulation has been reduced during the year from $857,060,990 to $793,115,530. The only bonds now available as security for circulation are the 2 per cent consols of 1930, 2 per cent Panama Canal bonds and the 4 per cent bonds of 1925. From a statement of the Treasury dated October 31, 1918, it appears that the Treasurer of the United States on that date held in trust as security for national and federal reserve bank notes and deposits of public moneys some $8.22,525,190 bonds, all of which, with the exception of $12,179,400, were obligations of the Government. Bonds held as security for national bank circulation are stated at $684,446,440 and for federal reserve bank notes $87,938,550. The securities for the deposits of public moneys aggregated $50,140,200, of which $12,179,400 were obligations other than those of the General Government. In the year ended October 31, 1918, United States bonds to the amount of $38,583,300 were deposited as security for circulation by banks chartered during the year and by those that increased their circulation, the amount deposited by banks chartered during the year being only $3,280,250. Withdrawals of bonds as a result of the reduction of circulation aggregated $17,799,550. Withdrawals on account of voluntary and other liquidations amounted to $5,976,520. The following statement shows the amount of deposits and withdrawals of bonds by months from November 1, 1917 to October 31, 1918: United States bonds deposited as security for circulation by banks chartered and by those increasing their circulation, together with the amount withdrawn by banks reducing their circulation and by those closed, during each month, year ended Oct. 31, 1918. Bonds deposited b y all banks Bonds chartered and withdrawn those b y banks increasing reducing circulation circulation. during the 3^ear. Date. 1917. Bonds Bonds withdrawn withdrawn b y banks by banks in liquidation. in iusolvency. $2,853,600 2,712,450 $45,000 361,500 $683,000 335,000 1,822,000 5,178,750 3,407,100 2,142,300 12,682,000 1,178,750 1,176,210 1,660,890 1,997,850 1,771,400 38,583,300 50,000 1,883,600 351,000 263,100 963,800 1,895,000 729,100 10,002,920 1,132,030 122, 500 2 17,799,55 < 845,000 2,380,000 345,000 170,000 108,750 311,260 1918. ro 1 r.i ivy *,r i; c l . V.vil W x .. . . . . . . . June Jn!v An JTU^ t Sectoral >er October Total1 1 2 . ........... 45, O O Q 251,250 228,760 5,703,020 $73,£00 167,500 32,500 273,500 Includes $3,280,250 deposited by banks chartered during the year. Includes $10,260,680 withdrawn on account of the redemption of 3 per cent bonds which matured Aug. 126 BEPOBT OF THE COMPTKOLLEB OF THE CUBBENCY. In the accompanying table is stated the amount of each denomination of national-bank circulation outstanding at the close of business October 31, 1918. (The notes of the denominations of $1 and $2 appearing in the statement are those issued on and before 1879.) Outstanding Oct. 31, 1918. Denominations. Ones Twos Fi.es Tens Twenties $342 072 163'392 117 927 615 290,872,810 248 561 040 29 884 400 34^217'700 88 000 21,000 One hundreds Fi ve hundreds One thousands Total 722,078,029 REDEMPTION OF NATIONAL BANK CIRCULATION. From November 1, 1917, to October 31, 1918, receipts of bank notes for redemption at the National Bank Redemption Agency, Treasury Department, aggregated $397,632,660, of which $314,914,362 were national bank notes; $74,400,680 federal reserve notes; $3,957,006 federal reserve bank notes; and $4,360,612 mixed remittances. Of the total receipts, about 40 per cent was received from the three central reserve cities, New York, Chicago, and St. Louis, and 31 per cent from 12 of the other principal cities of the country. Under, the law, notes received for redemption which are fit for further use are returned to the banks issuing them, and during the year in question notes fit for continued use to the amount of $68,156,250, of which $45,938,200 were national bank notes, were received and returned to the issuing banks. Expenses incident to the redemption of circulating notes during the last year amounted to $342,562.56, or $1.06 per $1,000 received at the redemption agency. Monthly receipts of each class of bank circulation, together with the amount of receipts from the principal cities, are shown in the folowing tables: Monthly receipts. Federal reserve bank notes. National bank notes. November. December.. January February... March April May June July August r September.. October Total. 1917. 1918. Federal reserve notes. $24,538,711 22,007,905 $3,640,620 3,841,310 $165,440 210,730 37,009,426 25,215,157 26,426,410 27,954,376 31,270,782 28,461,069 26,494,540 23,372,358 20,279,782 21,883,846 5,508,650 5,682,130 6,115,660 5,236,820 5,234,040 5,997,110 8,288,890 7,378.540 7,828;330 9,648,580 324,670 335,480 315,340 392,330 356,940 312,390 298,380 349,430 374,775 521,101 314,914,362 74,400,680 3,957,006 REPORT OF THE COMPTROLLER OF THE CURRENCY. 127 Principal sources of notes received for redemption. Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco Cincinnati Baltimore New Orleans Other sources $19,978,812 98,505,783 24,407,721 9,177,901 4,163,562 7,153,160 32, 240, 895 25,363, 205 1,988,058 2, 544,063 6,923,169 10,370,665 21, 789.410 9,360^ 528 4,518,969 119,146,761 ^ - 1 Total., 397,632,660 PROFIT TO NATIONAL BANKS ON CIRCULATION. Computations relating to the profit on national bank circulation secured by 2 per cent consols, 2 per cent Panama bonds, and 4 per cent bonds, as prepared by the Actuary of the Treasury, are presented in volume 2 of this report. The computations are based on the deposit of $100,000 United States bonds, at the average net price monthly during the year ended October 31, 1918. The computations show that the receipts cover the interest on the bonds, and 6 per cent on the circulation received less an amount equal to 5 per cent on the circulation, required to be deposited as redemption fund with the Treasurer of the United States. From the gross receipts are deducted the tax on circulation, expenses incident to redemptions, together with the sinking fund. From the net receipts, interest on the cost of the bonds at 6 per cent is deducted, showing the net profit in both amount and per cent. In the computation, money is taken to be worth 6 per cent. The rate of profit on circulation secured by 2 per cent consols has varied from the minimum of 1.399 per cent to 1.6 per cent; on 2 per cent Panama bonds, from 1.347 per cent to 1.559 per cent; and on 4 per cent bonds, from 1.284 per cent to 1.805 per cent. These percentages represent the rate of profit on circulation in excess of 6 per cent on the investment in the bonds. TAXES ON NATIONAL BANK CIRCULATION, REDEMPTION CHARGES, EXAMINERS' SALARIES, ETC., AND EXPENSES OF THE CURRENCY BUREAU. In the year ended June 30, 1918, the Treasurer of the United States collected from national banks in semiannual duty on outstanding circulation $3,618,722.80 and in addition a tax on Federal reserve bank note issues to the amount of $38,750.70, making total collections from these two classes of notes $3,657,473.50. The law provides that the expenses of the Currency Bureau shall be paid from the tax on circulation. The amount expended for the conduct of the business of the bureau during the last fiscal year, that is, * This total includes $4,300,622 received in mixed remittances and not identifiable as to cities. 128 REPORT OF THE COMPTKOLLER OF THE CURRENCY, salaries of officials and employees ($164,468.01), together with the cost for dies, plates, distinctive paper, and the printing of national currency ($331,549.48), amounted to $496,017.49. Hence the receipts of the Government from tax on circulation, exclusive of the expenses of the bureau for which appropriations were made, amounted to $3,161,456.01. National banks paid, during the year, $342,562.56 for the cost of the redemption of their circulating notes; $36,990 for plates for the printing of the notes; and $994,626.18 for salaries and expenses incident to the examinations of national banks. During the existence of the national banking system, the Government has received from tax on national bank circulation approximately $144,000,000, while the expenses of the Currency Bureau from its organization in 1863 to June 30, 1918, as shown by records of the amounts expended from the appropriations, aggregated less than $19,000,000. BONDS, ETC., SECURING FEDERAL RESERVE BANK NOTES. Under the Federal Reserve Act and the recent amendment, Federal reserve bank notes are issuable on the security of the same class of bonds that are available as security for national bank circulation, and also upon the special United States certificates of indebtedness and one-year Treasury notes. Of the total amount of these securities held by the Treasurer to secure Federal reserve bank notes the deposits during the year were as follows: Bonds, $6,688,150; certificates of indebtedness, $61,217,000; one-year Treasury notes, $15,071,000. The only withdrawals were of the one-year Treasury notes, the amount being $5,770,000. It will be noted by reference to the following table that the deposits and withdrawals in question occurred between May and October of the current year: United Slates bonds, 1-year Treasury notes, and United States certificates of indebtedness deposited by Federal reserve banks as security for circulation, together with the amount withdrawn by banks reducing their circulation, year ended Oct. SI, 1918. United United Bonds 1-year States 1-year United States Treasury certificates withdrawn Treasury certificates States certificates of indebt- by banks certificates of indebtbonds reducing withdrawn. deposited. deposited. edness edness deposited. circulation. withdrawn. Date. May June July August September October 1918. $4,428,750 201,600 $2,874,000 12,197,000 "1*997*806' % ... Total.. 6,688,150 15,071,000 $706,000 $6,000,000 20,000,000 35,217,000 5,064,000 61,217,000 5,770,000 FEDERAL RESERVE NOTES. In the weekly statements issued by the Federal Reserve Board, in addition to snowing in detail the assets and liabilities of the Federal reserve banks, the volume of Federal reserve notes issued, the amount secured by gold and other lawful money deposited with the Federal reserve agents, and the amount secured t>y commercial paper, are reported. REPORT OF THE COMPTROLLER OF THE CURRENCY. 129 Ordinarily by reason of its flexibility the volume of outstanding Federal reserve notes is materially affected by seasonal requirements, increasing in the fall and decreasing in the spring, but during the past year there has been an almost continuous increase each week as shown by the banks' returns, the volume outstanding rising from $1,126,345,000 on November 30, 1917, to $2,773,043,000 on November 29, 1918. • The unprecedented requirements for currency incident to the war, together with the activities of the Federal reserve banks in concentrating the supply of gold, have caused this extraordinary increase in the volume of Federal reserve issues during the past }^ear. As Federal reserve notes, however, have been issued against gold, of course a corresponding amount of gold is withdrawn from circulation. In the table following are shown the amounts of notes outstanding, amounts secured by gold and lawful money deposited, and by commercial paper, at the close of each week from November 20, 1914, to November 29, 1918. Federal reserve notes—Weekly statement of Federal reserve notes outstanding (amount issued by Federal reserve agents to the banks, less "unfit" notes returned for redemption), amount secured by gold and lawful money, and amount secured by commercial paper, from Nov. 20, 1914, to Nov. 29, 1918. Date. 1914. Nov. 20 Dec. 27 4 11 18 24 31 1915. Jan. 8 15 22 29 Feb. Mar. Apr. Mav 5 12 19 26 5 12 19 20 2 9 16 23 30 7 14 21 28 June 4 11 18 25 July 2 9 16 23 30 Aug. (' 13 20 27 Federal reserve notes outstanding. Amounts se- Amounts secured by cured by gold and commercial lawful paper. money. $1,215,000 2,700J 000 5,105 ,000 6,702,000 8,869,000 12,412,000 16,027,000 $1,135,000 3,210,000 5,013,000 8,565,000 12,252,000 $1,215,000 2,700,000 '3,970,000 3,492,000 3,856,000 3,847,000 3,775,000 16,530,000 16,804,000 17,106,000 17,679,000 18,702,000 20,106,000 24,632,000 26,172,000 29,805,000 33,965,000 36,846,000 39,858,000 43,376,000 44,828,000 48,461,000 50,074,000 53;353,000 55,042,000 59,829,000 61,950,000 65,612,000 69,704,000 73;529,000 ft,386,000 82,961,000 84,581,000 89;131,000 93,361.000 94,131J, 000 97,831,000 101,731,000 102,571,000 107,691,000 109,901,000 14,676,000 14,966,000 15,193,000 15,401,000 15,702,000 15,921,000 19,702,000 20,844,000 23,413,000 26,961,000 28,359,000 30,969,000 33,779,000 34,379,000 37,694,000 39,185,000 42,315,000 43,845,000 48,605,000 51,091,000 54, #91,000 58,291,000 61,431,000 65,871,000 68,996,000 70,616,000 74,246,000 77,656,000 78,126,000 81,191,000 84,676,000 85,806,000 89,726,000 90,986,000 1,854,000 1,838,000 1,913,000 2,278,000 3,000,000 4,185. 000 4,930,000 5,328.000 6,392;000 7,004,000 8,487,000 8, S89,000 9,597,000 10,449,000 10,767,000 10,889,000 11,038,000 11,197,000 11,224,000 10,859,000 10,921,000 11,413,000 12,098,000 13,515,000 13,965,000 13,965;000 14,885,000 15,705,000 16,005,000 16,640,000 17,055;000 16,765,000 17,965,000 18,915,000 Federal reserve notes outstanding. Date. 1915. Sept. 3 10 17 24 Oct. 1 8 15 22 29 Nov. 5 12 19 26 Dec. 3 10 17 23 30 1916. Jan. 7 14 21 28 4 11 18 25 Mar. 3 Feb. 10 17 24 31 Apr. May 7 14 21 28 5 12 19 26 June 2 9 Amounts se- Amounts secured by cured by gold and commercial lawful paper. money. $114,531,000 119,851,000 124,000,000 133,060,000 141,000,000 148,590,000 153,790,000 159,280,000 168,370,000 170,310,000 179,335,000 183,275,000 187,815,000 190,985,000 200,265,000 205,205,000 211,735,000 214,125;000 $94,766,000 99,356,000 104,541,000 115,180,000 123,301,000 130,620,000 136,210,000 142,440,000 151,830,000 154,005,000 163,155; 000 166,755,000 171,095,000 174,147,000 182,912,000 187,840,000 194,400,000 197,450,000 $19,765,000 20,495,001" 19,459,000 17,880,000 17,699,000 17,970,000 17,580,000 16,840,000 16,540,000 16,305,000 16,180,000 16,520,000 10,720,000 16,838,000 17,353,000 17,365,000 17,335,000 16,675,000 215,525,000 219,030,000 220,380,000 218,945,000 217,777,000 211,661,000 206,978,000 196,992,000 191,303,000 191,678,000 191,165,000 190,903,000 190,232,000 190,536,000 186,761,000 186,643,000 185,424,000 187,452,000 187,166,000 186,000,000 187,248,000 184,217,000 179,471,000 199,690,000 204,159.000 206,029; 000 205,380,000 205,112,000 199,989,000 195,705,000 185,775,000 179,734,000 179,474,000 179,272,000 178,706.000 179,281; 000 180,578,000 176,883,000 176,433,000 175,847,000 178,042,000 177,599,000 176,693,000 178,116,000 175,205,000 170,409; 000 15,835,000 14,871,000 14,351,000 13,565,000 12,665,000 11,672,000 11,273,000 11,217,000 11,569,000 12,204,000 11,893,000 12,197,000 10,951,000 9,958,000 9,878;000 10,210;000 9,577,000 9,410,000 9,567,000 9,307,000 9,132,000 9,012,0)0 93 002,000 130 REPORT OF THE COMPTROLLER OF THE CURRENCY. Federal reserve notes—Weekly statement of Federal reserve notes outstanding {amount issued by Federal reserve agents to the banks, less "unfit" notes returned for redemption), amount secured by gold and lawful money, and amount secured by commercial paper, from Nov. 20, 1914, to Nov. 29, 1918—Continued. Date. Federal reserve notes outstanding. Amounts se- Amounts secured bycured by gold and commercial lawful paper. money. 1910. June 16 23 30 July 7 14 21 28 Aug. 4 11 18 25 Sept. 1 8 15 22 29 Oct. 6 13 20 27 Nov. 3 10 17 24 Dec. 1 8 15 22 29 $179,802,000 176,955,000 176,168,000 179,783,000 179,358,000 175,219,000 174,023,000 175,551,000 175,602,000 176,620,000 179,838,000 194,645,000 199,218,000 202,530,000 209,778,000 213,967,000 220,490,000 225,882,000 230,803,000 234,876,000 240,534,000 247,873,000 255,702,000 258,081,000 268,270,000 279,462,000 289,778,000 296,766,000 300,511,000 $170,875,000 166,823,000 165,986,000 168,806,000 168,241,000 163,932,000 162,776,000 162,184,000 162,085,000 162,036,000 163,834,000 177,035,000 181,029,000 185,161,000 193,110,000 197,572,000 204,476,000 210,088,000 215,329,000 219,502,000 225,060,000 231,339,000 238,458,000 241,566,000 252,057,000 264,639,000 273,274,000 278,528,000 282,523,000 $8,927,000 10,132,000 10,182,000 10,977,000 11,117,000 11,287,000. 11,247,000 13,367,000 13,517,000 14,584,000 16,004,000 17,610,000 18,189,000 17,369,000 16,668,000 16,395,000 16,014,000 15,794,000 15,474,000 15,374,000 15,474,000 16,534,000 17,244,000 16,515,000 16,213,000 14,823,000 16,504.000 18,238', 000 17,988,000 300,280,000 293,440,000 292,014,000 291,693,000 290,577,000 308,348,000 321,453,000 331,469,000 343,847,000 355,263,000 363,278,000 372,244,000 382,566,000 400,703,000 431,794,000 440,539,000 446,544,000 458,874,000 470,401,000 478,906,000 488,088,000 499,844,000 512,527,000 527,971,000 539,976,000 550,504,000 570,725,000 579,957,000 583,937,000 5S4,464,000 590,389,000 601,227,000 613,646,000 627,307,000 644,911,000 680,073,000 281,292,000 274,512,000 273,141,000 273,320,000 274,074,000 288,720,000 297,270,000 306,186,000 317,581;000 328,433,000 338,608,003 349,519,000 360,668,000 378,450,000 410,796,000 418,538,000 422,905,000 433,089,000 438,323,000 448,311,000 456,611,000 466,9697000 475,201,000 459,942,000 390,765,000 402,639,000 413,715,000 428,338,000 423,889,000 434,193,000 467,845,000 485,467,000 502,588,000 488,536,000 493,185,000 494,779,000 18,988,000 18,928,000 18,873,000 18,373,000 16,503,000 19,628,000 24,183,000 25,283,000 26,266,000 26,830,000 24,670,000 22,725,000 21,898,000 22,253,000 20,998,000 22,001,000 23,639,000 25,785,000 32,078,000 30,595,000 31,477,000 32,875,000 37,326,000 68,029,000 149,211,000 147,865,000 157,010,000 151,619,000 160,048,000 150,271,000 122,544,000 115,760,000 111,058,000 138,771,000 151,726,000 185,294,000 1917. Jan. 5 12 19 26 Feb. 2 9 16 23 Mar. 2 9 16 23 30 Apr. 6 13 20 27 May ^ 18 25 June 1 8 15 22 29 Julv 6 " 13 20 27 A.ug. 3 10 17 24 31 Sept. 7 Date. 1917. Sept. 14 21 28 Oct. 5 12 19 26 Nov. 2 9 16 23 30 Dec. 7 14 21 28 1918. Jan. 4 11 18 25 Feb. 1 8 15 21 Mar. 1 8 15 22 29 Apr. 5 12 19 26 May 3 10 17 24 31 June 7 14 21 28 July 5 12 19 26 Aug. 2 9 16 23 30 Sept. 6 13 20 27 Oct. 4 11 18 25 Nov. 1 8 15 22 29 Federal reserve notes outstanding. Amounts se- Amounts secured bycured by gold and commercial lawful paper. money. $520,470,000 536,009,000 555,239,000 560,111,000 580,734,000 618,827,000 614.692,000 602,433,000 616,254,000 629,906,000 623,948,000 661,824,000 667,000 683,939,000 683,378,000 11,229: 007,000 ! 746,307,000 1,295!069,000 781,851,000 1,341 ,752,000 $700. 430,000 725, 397,000 754, 088,000 797, 630,000 837. 425,000 875; 278,000 903 387,000 941! 284,000 995; 384,000 1,038, 620,000 1,102; 287,000 !l126!,345,000 1,366,335,000 1,369,545,000 1,373,105,000 1,373,622,000 ,367,858,000 ,374,225,000 ,392,484,000 ,429,732,000 ,464,645,000 ,505; 213,000 ,520,296,000 ,558,705,000 1,563,987,000 1,607,627,000 1,625,698,000 1,639,056,000 1,640,056,000 1,671,168,000 1,707,522,000 1,710.240,000 1,724', 685,000 1,736,547,000 1,769,876,000 1,793,393,000 1,805,518,000 1,848,823,000 1,917,152,000 1,963,729,000 1,982,603,000* 1,999,480,000 2,028,180,000 2,088,473,000 2,118,948,000 2,163,837,000 2,218,938,000 2,319,772,000 2.388,863,000 2,446,194,000 2,494,205,000 2,583,418,000 2,623,339,000 2,667,024,000 2,697,090,000 2,710,680,000 2,743,686,000 2,761,812,000 2,768,777,000 2,773,043.000 $179,960,000 189,388,000 198,S49,000 237,519,000 256,691,000 256,451,000 288,695,000 338,851,000 379,130,000 408,714,000 478,339,000 464,521,000 500,728,000 602,967,000 548,962,000 559.901,000 797,191,000 569,,144,000 781,774,000 587;,771,000 796,727,000 576,,378,000 793,829,000 579,,203,000 781,667,000 586,,191,000 838,259,000 535,,401,000 852,375,000 ,109,000 540. 877,023,000 ,709,000 552; 885,346,000 ,299,000 579, 896,702,000 608 ,511,000 869,628,000 650 ,668,000 878,805,000 ,900,000 679! 852,192,000 71i:,795,000 873,077,000 734!,550;000 857,492,000 768!,206,000 854,822,000 784 ,234,000 824,218,000 816;,438,000 862,296,000 808 ,872,000 885,027,000 822 ,495,000 915,536,000 794;,704,000 930,181,000 794:,504,000 955,919,000 780;,628,000 958,255,000 81i:,621,000 951,145,000 842;,248,000 957,238,000 848:,280,000 987,870,000 860 ,953,000 962,075,000 955 ,077,000 963,147,000 1,000 ,582,000 940,290,000 1,042 .313,000 910,420,000 1,089 ,060,000 902,793,000 1,125 ,387,000 940,962,000 1,147;,781,000 961,498,000 1,157;,450,000 ,018,767,000 1,145 ,070,000 ,061,597,000 1,157:,341,000 ,087,760,000 1,232 ,012.000 ,123,132,000 1,265 ,713,000 ,145,950,000 1,300.,244,000 ,161,737,000 1,332;,474,000 ,181,485,000 1,401:,933,000 ,157,000,000 1,466;,339,000 ,173,521,000 1,493;,503,000 ,184,998,000 1,512;,092,000 , 149,859,000 1,560,,821,000 ,145,640,000 1,598,,046,000 ,166,579,000 1,595,,233,000 ,168,917,000 1,599, 860,000 ,216,541,000 1,556,,502,000 BEPORT OF THE COMPTEOLLER OF THE CURRENCY. 131 A gradual increase during the year is noted in the proportionate amount of notes secured by commercial paper, there being $464,521,000, or about 41 per cent of the total outstanding, thus secured on November 30, 1917, whereas the amount so secured had increased to $1,556,502,000, or more than 56 per cent of the total, on November 29, 1918. Up to October 31, 1918, Federal reserve notes to the amount of $4,156,360,000 were printed, $3,737,000,000 of which were shipped or delivered to, or upon the order of, the Federal reserve agents, and $419,360,000 held in the reserve vault available for shipment as required, the total shipment or delivery of notes for the year amounting to $2,203,640,000. During the year ended October 31, Federal reserve notes to the amount of $334,403,925 7were returned to this office for destruction as "unfit for circulation/ making, with prior returns, a total of $553, 198, 645 mutilated notes returned for redemption and destruction to October 31, 1918. Detailed information relative to issues and redemptions of Federal reserve notes, by banks and denominations, is^given in the following tables: Statement of Federal reserve notes, by denominations, printed, shipped to Federal reserve agents and United States subtreasuries, and on hand in reserve vault Oct. SI, 1918. Bank. Boston: Printed Shipped Fives. Tens. Twenties. Fifties. Hundreds. $56,660,000 54,340,000 $109,920,000 105,480,000 2,320,000 3,440,000 1,440,000 18,800,000 8,000,000 34,000,000 344,320,000 243,200,000 438,240,000 427,160,000 299,600,000 293,680,000 94,400,000 80,600,000 182,400,000 149,200,000 1,358,960,000 1,193,840,000 101,120,000 On hand Philadelphia: Printed .... 53,100,000 51,160,000 Shipped 1,940,000 On hand Cleveland: 37,000,000 Printed 33,280,000 Shipped 3,720,000 On hand Richmond: 34,340,000 Printed 32,660,000 Shipped 11,080,000 5,920,000 13,800,000 33,200,000 165,120,000 99,320,000 97,120,000 129,120,000 124,720,000 29,600,000 22,400,000 28,400,000 20,000,000 339,540,000 315,400,00 2,200,000 4,400,000 7,200,000 8,400,000 24,140,000 66,240,000 65,640,000 133,360,000 132,880,000 58,800,000 53,400,000 600,000 480,000 5,400,000 1,200,000 11,400,000 50,560,000 46,040,000 64,640,000 58,080,000 24,000,000 18,400,000 20,800,000 13,600,000 194,340,000 168,780,000 1,680,000 4,520,000 6,560,000 5,600,000 7,200,000 25,560,000 43,540,000 41,780,000 60,280,000 59,800,000 74,880,000 68,800,000 13,400,000 9,800,000 15,600,000 11,600,000 207,700,000 191,780,000 On hand New York: Printed Shipped On hand Atlanta: Printed Shioped $66,800,000 $30,000,000 $23,600,000 65,360,000 11,200,000 15,600,000 Total. $286,980,000 252,980,000 17,600,000 313,000,000 16^ 400,000 . 301,600,000 On hand Chicago: Printed Shipped 1,760,000 480,000 6,080,000 3,600,000 4,000,000 15,920,000 97,500,000 82,520,000 167,960,000 163,360,000 210,240,000 204,320,000 50,000,000 35,600,000 39,600,000 27,600,000 565,300,000 513,400,000 On hand 14,980,000 4,600,000 5,920,000 14,400,000 12,000,000 51,900,000 38,180,000 36,900,000 52,160,000 51,880,000 57,360,000 54,240,000 10,600,000 7,000,000 7,600,000 6,000,000 165,900,000 156,020,000 1,280,000 280,000 3,120,000 3, £00,000 1,600,000 9,880,000 St Louis: Printed Shipped On hand..... 132 REPORT OF THE COMPTROLLER OF THE CURRENCY. Statement of Federal reserve notes, by denominations, printed, shipped to Federal reserve agents and United States subtreasuries, and on hand in reserve vault Oct. 31, 1918—• Continued. Fives. Bank. Minneapolis: Printed Shipped Twenties. Tens. Fifties. Hundreds. Total. $41,180,000 38,240,000 $44,680,000 39,520,000 $38,240,000 37,680,000 $4,000,000 2,200,000 $4,800,000 4,000,000 $132,900,000 119,640.000 4,940,000 5,160,000 560,000 1,800,000 800,000 13,260,000 57,700,000 48,660,000 50,600,000 48,080,000 60,560,000 56,320,000 9,800,000 7,200,000 9,200,000 7,200,000 187,860,000 167,460,000 9,040,000 2,520,000 4,240,000 2,600,000 2,000,000 20,400,000 26,580,000 26,180,000 40,520,000 35,840,000 42,480,000 36,720,000 6,000,000 2,800,000 7,600,000 4,000,000 123,180,000 105,540,000 On hand 400,000 4,680,000 5,760,000 3,200,000 3,600,000 17,640,000 San Francisco: Printed Shipped 53,820,000 47,200,000 53,080,000 53,000,000 108,000,000 106,960,000 27,000,000 18,600,000 38,800,000 24,800^000 280,700,000 250,560,000 6,620,000 | 80,000 On hand Vault balance. Total printed...... 883,920,000 1,233,560,000 734,120,000 1,193,920,000 Total shipped 1,040,000 8,400,000 14,000,000 30,140,000 On hand Kansas City: Printed Shipped On hand Dallas: Printed Shipped Total on hand 149,800,000 1,285,280,000 357,600,000 396,000,000 4,156,360,000 1,239,760,000 269,200,000 300,000,000 3,737,000,000 39,640,000 45,520,000 88,400,000 96,000,000 419,360,000 Federal reserve notes, by denominations, issued through the Federal reserve agents to the banks; also amounts retired and outstanding Oct. 31, 19IS. Bank. Boston: Issued Retired Fives. Tens. $44,466,600 $92,205,600 18,748,070 19,024,260 Twenties. $51,328,200 3,335/260 Fifties. Hundreds. $7,002,000 $12,202,300 872,700 1,514,500 Total. $210,204,700 43,494,790 25,718,530 73,181,340 50,992,940 220,290,350 98,422,630 389,247,800 108,072,910 285,718,400 40,234,860 68,802,450 132,414,000 5,768,300 30,730,000 Outstanding... 121,867,720 281,174,890 245,483,540 63,034,150 45,132,700 16,203,850 87,114,800 21,333,420 124,190,200 15,431,080 16,890,000 762,100 12,750,000 604,300 286,077,700 54,334,750 28,928,850 65,781,380 108,759,120 16,127,900 12,145,700 231,742,950 31,840,003 6,101,015 62,920,000 9,335,000 129,200,000 9,032,340 45,600,000 2,004,200 11,600,000 341,000 281,160,000 26,813,555 25,738,985 53,585,000 120,167,660 43,595,800 11,259,000 254,346,445 33,659,300 13,332,550 51,322,700 17,475,110 64,399,400 14,279,440 18,837,200 2,484,150 12,392,000 2,800,300 180,610,600 50,371,550 20,326,750 33,847,590 50,119,960 16,353,050 9,591,700 130,239,050 44,663,050 22,496,075 65,682,300 , 26,332,190 71,795,480 20,488,620 6,435,450 2,824,750 4,992,900 2,692,400 193,569,180 74,834,035 22,166,975 39,350,110 51,306,860 3,610,700 2,300,500 118,735,145 68,600,050 143,200,000 9,607,265 13,283,590 181,040,600 13,488,040 28,600,250 1,904,250 20.400,100 270,400 441,841,000 38,553,545 58,992,785 167,552,560 26,696,000 20,129,700 403,287,455 Outstanding... New York: Issued Retired Philadelphia: Issued Retired Outstanding... Cleveland: Issued Retired. Outstanding... Richmond: -Issued Retired Outstanding... Atlanta: Issued Retired Outstanding... Chicago: Issued Retired Outstanding... 6,129,300 10,687,800 166,709,910 1,096,473,000 283,228,700 101,684,000 813,244,300 i 129,916,410 KEPOBT 01? T H E COMPTROLLER 03? T H E 133 CUBRENCY. Federal reserve notes, by denominations, issued through the Federal reserve agents to the banks; also amounts retired and outstanding Oct. 31, 1918^—Continued. Fives. Tens. $37,637,950 12,211,225 $52,702,940 14,474,000 25,426,725 Twenties. St. Louis: Issued Retired Outstanding Fifties. Hundreds. $52,152,160 10,086,140 $5,450,050 1,191,650 $5,000,000 2,421,100 S153-, 943,103 40,384,115 38,228,940 42,086,020 5,258,400 2,578,900 113,558,985 31,722,0 0 11,298,235 Bank. 36,575,000 6,541,760 36,375,000 3,854,620 1,930,000 174,750 2,990,000 234,700 109 592 000 22,104,065 20,423,765 30,033,240 32,520,380 1,755,250 2,755,300 87,487,935 44,784,000 15,358,470 43,930,000 8,639,870 55,034,000 8,053,820 8,660 000 5,123,400 5 020 000 31,200 157 428-000 37,205,760 29,425,530 35,290,130 46,980,180 3,536,600 4,988,800 120,221,240 22,725,000 11,239,280 41,315,900 19,574,470 40,908,600 14,101,180 3,670,650 2,737,850 5,540,000 4,629,000 114,160,150 52,281,780 11,485,720 21,741,430 26,807,430 932,800 911,000 61,878,370 40,200,000 8,170,740 49,000,000 4,915,180 98,720,000 4,258,660 12,000,000 313,950 22,400,000 375,400 222,320,000 18,033,930 32,029,260 44,084,820 94,461,340 11,686,050 22,024,600 204,286,070 665,721,0001 ,115,217,040 243,189,405 269,001,760 1,193,862,040 156,644,060 224,878,050 26,162,050 247,701,300 46,644,300 3,447,379,430 741,641,575 422,531,595 1,037,217,9S0 198,716,000 201,057,000 2,705,737,855 Total. Minneap3lis: Retired Outstanding... Kansas City: Issued Retired Outstanding... Dallas: Issued Retired Outstanding San Francisco: Issued Retired Outstanding... Recapitulation. Total issued Total retired Total outstanding 846,215,280 Mutilated Federal reserve notes, by denominations, received and destroyed since organization of banks and on hand in vault, Oct. 31, 1918. RECEIVED FOR DESTRUCTION. Bank. Fives. Tens. Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco $18,608.120 98,332,280 14,660,900 6,066,765 10,698,000 9,714,025 8,288,965 8,058,275 8,433,235 12,750,720 7,324,030 6,073,730 $18,620,760 107,985,110 19,016,620 8,903,750 10,321,410 8,732,390 12,189,590 9,051,080 5,797,760 6,249,620 7,376,070 3,643,100 Total received.. Total destroyed 209,009,045 201,557,145 217,887,240 207,459,430 7,451,900 10,427,810 Balance on hand Oct. 31,1918 Twenties. Fifties. Hundreds. $3,243,360 39,396,460 13,419.880 9,10i; 840 8,104,040 4,609,640 10,176,440 4,253,980 2,611,620 3,062,320 3,772,080 3,965,500 $665,900 5,565,850 601,600 1,221,700 1,265,450 148,550 1,644,250 138,600 44,750 123,400 126,200 293,950 $911,200 5,916,000 229,300 344,000 412,300 176,500 258,300 21,100 55,700 31,200 34,000 357,400 $42,049,340 257,195,700 47,928,300 25.638,055 30,801,200' 23,381,105 32,557,545 21,521,015 16,943,005 22,217,260 18,632'. 380 14,333,080 105,717,160 100,064,720 11,838,200 11,316,450 8,747,000 8,522,400 553,198,645 528,920,145 5,652,440 521,750 224,600 Total. 24,278, 500 NOTE.—Daring the year burned^ badly mutilated, and fractional parts of Federal reserve notes amounting to $20,845 have been identified, valued, and the bank of issue determined. FEDERAL RESERVE BANK HOTES. In addition to Federal reserve notes, the Federal reserve banks may issue "Federal reserve bank notes." This currency is of the same tenor and effect and is issued under the same terms and conditions as national-bank notes, except that its volume is not limited to the amount of capital stock of the issuing bank. 134 REPORT OF THE COMPTROLLER OF THE CURRENCY. The notes issued to the banks are secured by deposits of United States Government bonds bearing the circulation privilege, acquired in the open market or taken over from national banks desiring to reduce their circulation, or secured by United States certificates of indebtedness or one-year gold notes, as authorized by the Pittman Act. ISSUE OF $1 AND $2 FEDERAL RESERVE BANK NOTES AUTHORIZED. Under the provisions of "An act to conserve the gold supply of the United States," etc., commonly known as the "Pittman Act/ 7 the Secretary of the Treasury was authorized to withdraw silver certificates from circulation and to melt or break up and sell as bullion not more than 350,000,000 standard silver dollars held as security therefor. In order to prevent contraction of the currency, Federal reserve banks were authorized to issue Federal reserve bank notes (including denominations of $1 and $2) upon the deposit as security with the Treasurer of the United States of United States certificates of indebtedness or one-year gold notes. Issues to Federal reserve banks, under the provisions of the Pittman Act, of Federal reserve bank notes, by denominations and amounts, up to and including October 31, 1918, are shown in the following taole: Twos. Ones. Bank. Boston: Fives. Tens. Total. $1,492,000 340,000 3,724,000 312,000 2,280,000 5,460,000 264,000 1,456,000 13r>, 000 1,592,000 4; 216,000 936,000 2,000,000 960,000 8,112,000 1,612,000 Total 424,000 1,508,000 . . $500,000 6,580,000 2,868,000 . . $424,000 3,336,000 472,000 740,000 1,000,000 3,824,000 860,000 392,000 620,000 748,000 72,000 C84,000 216,000 900,000 1,360,000 368,000 1,728,000 30,324,000 Cleveland: Issued. Richmond: Issued Atlanta: Issued Chicago: Issued St. Louis: Issued Minneapolis: Issued Kansas City: Issued Dallas: Issued San Francisco: Issued ... 10,560,000 2,960,000 New York: Issued. Philadelphia: 7,352,000 $2,416,000 $1,000,000 21,476,000 1,772,000 1,872,000 820,000 13,060,000 2,960,000 53,696,000 On October 31, 1918, the total amount of Federal reserve bank notes outstanding was $71,860,060, of which $17,411,800 was secured by Government bonds, $780,860 by lawful money deposited to reduce circulation, $44,372,400 by United States certificates of indebtedness, and $9,295,000 by United States one-year gold notes. . The bonds, certificates, etc., on deposit to secure this currency are as follows: 2 per 4 per 2 per 2 per 2 per 3 per cent cent cent cent cent cent consols of 1930 loan of 1925 Panama of 1936 Panama of 1938 certificates of indebtedness one-year gold notes Total securities - $14,137, 750 2,-593,000 404, 500 285, 300 61, 217,000 9, 301, 000 87, 938, 550 EEPOET OF THE COMPTROLLER OF THE CURRENCY. 135 Total amount, since organization of banlcs, of Federal reserve bank currency received by Comptroller of the Currency from Bureau of Engraving and Printing, issued and on hand Oct. SI, 1918. Bank. Boston: Printed Issued On hand New York: Printed Issued On hand Philadelphia: Printed Issued On hand Cleveland: Printed Issued On hand Richmond: Printed Issued Ones. Twos. Fives. $2,460,000 1,492,000 $624,000 424,000 $1,000,000 500,000 $4,084,000 2,416,000 968,000 200,000 500,000 1,568,000 11,392,000 10,560,000 3,664,000 3,336,000 9,320,000 6,5£0,000 $1,440,000 1]000,000 25,816,000 21,476,000 832,000 328,000 2,740,000 440,000 4,340,000 3,432,000 2,960,000 424,000 424,000 2,380,000 340,000 440,000 $240,000 6,916,000 3,724,000 2,040,000 440,000 240,000 3,192,000 2,000,000 472,^00 On hand Chicago: Printed Issued On hand St. Louis: Printed Issued On hand Minneapolis: Printed Issued On hand Kansas City: Printed Issued On hand Dallas: Printed Issued On hand San Francisco: Printed Issued On hand Twenties. Fifties. Total. 3,224,000 2,868,000 440,000 312,000 3,280,000 2,280,000 2,000,, 000 356,000 128,000 1,000,000 2,000,000 2,000,000 5,484,000 1,548,000 1,508,000 264,000 264,000 940,000 400,000 400,000 3,552,000 1,772,000 940,000 400,000 400,000 1,780,000 40,000 On hand Atlanta: Printed Issued Tens. .. . 10,944,000 5,460,000 1,624,000 1,456,000 208,000 136,000 2,080,000 262,960 480,000 480,000 $400,000 5,252,000 1,854,960 168,000 72,000 1,797,0:10 480,000 480,000 3,397,040 5,088,000 4,216,000 936,000 936,000 4,840,000 3,600,000 2,960,000 2,583,960 1,600,000 813,600 15,424,000 12,149,560 1,240,000 376,040 786,400 3,274,440 1,000,000 1,000,000 872,000 400,000 4,212,000 3,824,000 1,820,000 1,612,000 552,000 472,000 840,000 740,000 208,000 80,000 100,000 1,196,000 860,000 472,000 392,000 2,020,000 620,000 2,680,000 6,368,000 1,872,000 336,000 80,000 1,400,000 2,680,000 4,496,000 1,648,000 748,000 448,000 72,000 4,940,000 3,775,120 5,040,000 4,712,800 3,600,000 3,385,200 15,676,000 12,693,120 900,000 376,000 1,164,880 327,200 214,800 3,082,880 1,172,000 684,000 440,000 216,000 1,840,000 1,012,400 2,400,000 1,960,000 2,000,000 1,760,000 7,852,000 5,632,400 488,000 224,000 827,600 440,000 240,000 2,219,600 2,064,000 1 360 000 368,000 368,000 2,860,000 2,420,000 1,960,000 1,360,000 8,612,000 4,148,000 704,000 440,000 1,960,000 1,360,000 4,464,000 36,668,000 30,324,000 8,840.000 36,320,000 7,352,000 22,130,480 20,800,000 11,256,760 11,680,000 5,958,800 400,000 114,708,000 77,022,040 14,189,520 9,543,240 5,721,200 400,000 37,685,960 388,000 Recapitulation: Total printed Totalissued Total on hand.. 6,344,000 1,488,000 136 REPORT OF THE COMPTROLLER OF THE CURRENCY. Notes issued, redeemed, and outstanding by denominations. Redeemed. Outstanding Issued. Twos Fives Tens Twenties Total $30,324,000 7,352,000 22,130,4S0 11,256,760 5,958,400 77,022,040 % $700 $30,323,300 7,352,000 20,189,330 9,036,3TO 4,959,0(-0 71,860,0C0 1,941,150 2 2?0 3£0 999,740 5,161,980 National and Federal Reserve Bank notes. National banknotes. Notes printed and delivered by the Bureau of Engraving and Printing Notes issued Notes redeemed Excess of notes issued over amount redeemed Notes in vault October, 1918 Reduction in notes in vault Increase in notes in vault Notes outstanding Oct. 31,1918 Increase in notes outstanding Federal reFederal reserve serve bank notes. notes. 5269,084,850 $1,968,000,000 $72,668,000 260,155,140 1,781.663.720 62,234,6f>0 255,078,212 334,403,925 3,345,025 5,076,927 1,447,259,795 58,889,635 332,777,9^0 419.360,000 37,685,960 8,310,350 235,580,000 10,433,340 721,471,137 2,705,737,855 71,647,260 5,194,762 1,776,894,135 58,889,635 INTEREST-BEARING DEBT OF THE UNITED STATES. On June 30, 1917, interest-bearing debt of the United States was $2,712,549,476.61 and by June 30, 1918, had increased to $11,985,882,436.42. Excluding the war loans, one-year Treasury notes, and ostal savings bonds, the interest-bearing bonded debt on that date was ut $935,955,490. By the redemption on and after August 1 of the $63,945,460, 3 per cent bonds due on August 1, 1918, and through the conversions of bonds under the act of December 23,1913, the volume of the old loans had been reduced by October 31, 1918, to $843,115,530. On the date last mentioned, the total estimated interest-bearing debt of the Government, including the various Liberty loans, had risen to $17,552,500,000. The title and rate of interest, together with the amount of registered and coupon bonds outstanding on June 30, 1918, are shown in the following table: E Interest-bearing debt. Outstanding Tune 30,1918. Title of loan. Consols of 1930 Loan of 1908-1918 Loan of 1925 Panama Canal loan: Series 1906 Series 1908 Total available as security for circulation Series 1911 Conversion bonds One-year Treasury notes Certificates of indebtedness First Liberty loan of 1917 Second Liberty loan of 1917 Rate. Coupon. Total. $1,995,700.00 15,127,480.00 15,205,95a 00 $599,724,050.00 63,945,400.00 118,489,900.00 2 per cent... do 48,944,040.00 25,805,520.00 10,140.00 141,880.00 48,954,180.00 25,947,400.00 3 per c e n t . . . . do do Various 3J, 4, and 4J per cent. 4 and 4£ per cent. 4J per cent.. 42,962,800.00 6,250,000.00 2,874,000.00 7,037,200.00 22,644,500.00 16,276,000.00 857,060,990.00 50,000,000.00 28,894,500.00 19,150,000. 00 1,706,204,500.00 1,988,791,294.62 Third Liberty loan Postal savings bonds (First to thirteenth series) 2| per cent.. Postal savings bonds (Fourteenth serdo ies.) War Savings and Thrift Stamps 4 per cent... Aggregate of interest-bearing debt. Registered. 2 per cent... $597,728,350.00 3 per cent... 4S, 817,980.00 4 per cent... 103,283,950.00 3,746,813,516.00 3,228,109,638.47 10,015,540.00 275,78a 00 743,020.00 26,360.00 10,758,560.00 302,140.00 349,797,997.33 11,9*5,882,436.42 137 REPORT OF THE COMPTROLLER OF THE CURRENCY. BANK INVESTMENTS IN UNITED STATES BONDS. At the close of June, 1918, the investments in interest-bearing obligations of the United States by National, Federal Keserve, State, Farm Loan, and private banks amounted to $2,846,000,000, of which approximately $2,116,785,000 are owned by National banks, $259,066,000 by Federal Reserve banks, and the remainder, $470,000,000, by State and private banks. BATES FOR MOHEY 3STEW YORK. The market for call loans on the stock exchange ranged from 2\ per cent to 6 per cent to and including April of the present year, from 2 per cent to 6 per cent in May, and the minimum rate increased from 3 per cent in June to 5 per cent in September, with the highest rate in each of these months of 6 per cent. It is also noted that 6 per cent was the rate prevailing in October. Time loans, 60 and 90 day paper, ranged from 5 | per cent to 5 | per cent in November and December, 1917, while in the following months the high rate was uniformly 6 per cent. The range for commercial paper, both double and single name, approximated that for time loans. The range of rates monthly for each class of paper is shown in the following table: Range of rates for money in the New Yorlc market, year ended Oct. SI, 1918. [Reported by the Commercial and Financial Chronicle.] 1917 Character of loans. Call loans, stock exchange: Range Time loans: 60 days 90 days 4 months 5 months 6 months Commercial paper: Double names— Choice, 60 to 90 days. Single names— Prime, 4 to 6 months. Good, 4 to 6 months.. 1918 November. December. January. February. March. 2-J to 6 3 to 6 2£ to 6 3 to 6 2£ to 6 5i to 5i 5\ to 54 5i to 5§ 54. to 5-| 51 to 5 | 6i to 5 | 5* to 5 | 5} to 6 54 to 6 5|to6 5 to 6 5^ to 6 51 to 6 54 to 6 5 | to 6 5| to 6 5^ to 6 5Jto6 5| to 6 51 to 6 51 to of 5} to 51 5| to 51 5J to of 5£ to 6 51 to 5 | 5 | to 6 Aprii. 21 to 6 6 6 6 6 5-J to 6 6 6 6 6 54. to 6 51 to 6 51 to 6 5| to 5% 54. to 6 51 to 6 t 6 5.|to6 5} to 6 6 51 to 6 6 to 6* 1918. Character of loans. August. September. ty to 6 4 to 6 5 to 6 54 to 6 54. to 6 5 | to 6 5f to 6 of to 6 5| to 6 51 to 6 5| to 6 5§ to 6 5'i to 6 51 to 6 5§ to 6 51 to 6 5| to 6 6 to 6{- 5i to 0 5f to 6 6 I 6 to 6\ May. Call loans, stock exchange: Time loans: 60 days 90 days 4 months , 5 months , 6 months Commercial paper: Double n a m e s Choice, 60 to 90 days. Single n a m e s Prime, 4 to 6 months Good, 4 to 6 months. June. July. 2 to 6 3 to 6 6 6 6 6 6 5|to6 54 to 6 6 6 6 5f to 6 5? to 6 6 to 6J 6 6 6 6 6 October. 138 KEPORT OF THE COMPTROLLER OF THE CURRENCY. DIS€OUNT KATES OF THE FEDERAL RESERVE BANKS. In connection with the repcrted rates for money in the New York market, the discount rates approved by the Federal Reserve Board for each Federal Reserve Bank for the latter part of October, 1918, are shown in the following table: Discount rates of each Federal Reserve Bank approved by the Federal Reserve Board up to Oct. 31, 1918. Maturities. Discounts. Federal Reserve Bank, Within 15 days, including 16 to 60 member days. banks' collateral notes. Trade acceptances. Secured by U. S. certificates of indebtedness or L i b e r t y loan bonds. Agricultural and 61 to 90 ltoCO 61 to 90 live-stock days, in- days; indays. Within paper clusive. clusive. over 90 15 days, days. including 16 to 90 member days. banks' collateral notes. Boston New York i... Philadelphia.. Cleveland Richmond Atlanta •: Chicago , St. Louis Minneapolis.., Kansas City... Dallas San Francisco. i 241 41 s 41 41 41 1 Rate of 3 to 44 per cent for 1-day discounts in connection with the loan operations of the Government. Rates for discounted bankers' acceptances maturing within 15 days, 4 per cent, within 16 to 60 days, 41 per cent; and within 61 to 90 days, 4} per cent. 2 Rate of 4 per cent on paper secured by fourth Liberty loan bonds where paper rediscounted his been taken by discounting member banks at rate not exceeding interest rate on bonds. s Rate for trade acceptances maturing within 15 days, 41 per cent. 4 Rate for trade acceptances maturing within 15 days, 4 | per cent; 16-90 days, 4f per cent. NOTE 1.—Acceptances purchased in open market, minimum rate, 4 per cent. NOTE 2.—Rates for commodity paper have been merged with those for commercial paper of corresponding maturities. NOTE 3.—In case the 60-day trade acceptance rate is higher than the 15-day discount rate, trade acceptances maturing within 15 days will be taken .at the lower rate. NOTE 4.—Whenever application is made by member banks for renewal of 15-day paper, the Federal Reserve Banks may charge a rate not exceeding that for 90-day paper of the same class. STERLING EXCHANGE. The Commercial and Financial Chronicle, from which was obtained the foregoing statement relating to the range of rates for money in New York, also furnished the following data relating to rates for Sterling Exchange for sixty day and sight bills and cable transfers. It will be noted that the rates for sixty day bills ranged from the minimum of 471 to 471} in November and December, 1917; 473 to 473 J in September, and 473 to 473.J in October 1918. The rates for sight bills were uniform at 475 and a fraction, and 476 and a fraction was the uniform rate for cable transfers during the year. The rates KEPOBT OF THE COMPTKOLLER OF THE CURRENCY. 139 and ranges by months during the year for these bills are shown in the following table: Actual rates—Bankers' Date. November December January February March April May June July August September October Sixty-day. bill. Sight. Cable transfers. 1917. 471 mi 471 to 4711 475J to 475| 471 to 472 £t J 472t0 472| 472f to 472 472| to 472 472f to 472 472| to 472 472f to 473 473 to 473^: 473 to 473f 475J to 475.325.... . 475i to 475A4751- to 475.40 475.35 to 475 5 5 . . . . 475^ £Q 475^. 475HO 475.45 475.30 to 475.35... 475.30 to 475| 475.40 to 475* 475& to 475.525... . 1918, . 476^. 476&to476£. 476^ 476jV 476&to476i. 476jr to 476.45. 476^ to 476.45. 476^-. 476^ to 477^. 476^ to 476^. 476i to 476A. TRANSACTIONS OF CLEARING HOUSE ASSOCIATIONS. Through the courtesy of Hon. W. J. Gilpin, manager of the New York Clearing House, the Comptroller is able to present in this report a comparative statement of the transactions of the 184 clearing houses in the United States for the years ended September 30, 1917 and 1918, from which it appears that the gross transactions for 1918 reached $321,461,327,000, as against $304,982,993,000 in 1917, hence a net increase for the year of $16,478,334,000. By reference to the table in volume 2 of this report, wherein is shown for each clearing house the volume of clearings for the past two years, together with the increase or decrease, and also to the table following, it will be noted that there are some 25 associations with clearings for the current year of $1,000,000,000 or more, and that the clearings of the New York association were more than 54 per cent of the total clearings, in 1918, of the 184 associations of the country. With the exception of New York, the transactions of the associations, with clearings in excess of $1,000,000,000, were materially greater than in 1917, the greatest increase being in Kansas City, Mo., where the transactions were greater in 1918 than in the previous year by over $3,000,000,000. It will also be noted that the clearings of the banks located in the Federal reserve cities for 1918 reached $267,349,000,000, or 86 per cent of the clearings of all associations, as compared with $260,756,000,000, or 85 per cent, in 1917. The transactions of the associations in the 25 cities listed amounted to $295,235,000,000, or 91 per cent of the aggregate in 1918, as against $282,415,000,000, or 92 per cent in 1917. 85478°—CUB 1918—VOL 1 - -10 140 BEPORT OF THE COMPTROLLER OF THE 'The table, referred to follows: Transactions of clearirig-house associations in ike 12 Federal reserve bank cities and in others wUh transactions exceeding $1,000,000,000 in 1918 as compared with 1917. [In millions of dollars.] Clearing house at— 14,781 174,524 18,928 4,128 2,150 1,349 25,641 7,789 1,759 9,874 1,(556 5,890 1 260,756 6,593 3,938 2,736 2,233 1,640 2,014 1,799 1,045 1,485 1,247 788 793 1,001 1,087 232 672 1,052 565 77-6 615 U 187 382 350 135 1S8 21,659 6,227 282,415 22,568 12,820 321,461 Total Tetal another cities (160) Osaad total all cities {184) 1,243 132 3,138 357 B65 295,235 26,226 Total of 13 other principal cities 1,S27 6,736 679 4,525 27,886- Total 12 Federal reserve bank cities. Other .cftfes Pittsburgh, Pa Detroit, Mich Baltimore, Md... Omaha, Nebr. Ciadrmafci, Oliio New Orleans, La Seattle, Wash Los Angeles, €ai Milwaukee, Wis Portland, Qreg Denver. Colo Louisville. Ky Buffalo, N . Y 12,188 181,534 16,423 3,465 1,268 1,313 ,24,452 6,546 267,349 - 1917 5,025 2,968 -2,90a 2,692 2,579 2,575 1,660 1,500 1,434 1,170 1,143 1,137 .1,098 Boston, Mass New York, N. Y Philadelphia, Pa Cleveland, Ohio Richmond, Va Atlanta, <Ga Chicago^ 111...-„ St. Louis, Mo Minneapolis, Minn Kansas City, Mo Dallas, Tex San Francisco, Cal 1918 304,983 16,478 m Increase. 2,593 '7,010 2,595 8S2 Decrease. NEW YORK CLEARING HOUSE. From the historical statement, compiled by the New York Clearing House, showing its membership, capital of the member banks, and volume of clearings for each year from 1854 to 1918, which is reproduced in volume 2 of this report, it is noted that the membership has fluctuated, but that generally there has been an increase in capitalization of the banks, notably since 1914. While there were but 59 member banks in 1918 as against 62 in 1917, the capital of the banks increased to $205,850,000 from $200,750,080 in 1917. The transactions of this association reached the maximum in its history in 1917, when they were $181,534,000,000. For the year ended September 30, 1918, the clearings were $174,524,000,000, or less by $7,000,000,000 than in 1917. The average daily clearings for the year were $575,987,390 and the average daily balances $56,947,402, or 9.88 per cent. Practically the entire balances (99.95 er cent) were settled through the Federal Reserve Bank. In 1917 ut 38.20 per cent was settled through the Federal Reserve bank, the remainder being paid in gold (33 per cent) and in legal tenders (28.80 per cent). From the statement relating to the clearing house transactions of the assistant treasurer of the United States at New York for the E 141 REPORT OF THE COMPTROLLER OF THE CURRENCY. September 30,1918, it appears that rom the amounted to $1,602,603,711, exchanges de?rear endedclearing househouse $1,031,520,035, the exchanges received livered to the clearing and balances paid by the assistant treasurer of the United States to the clearing house $661,954,238. UNITED STATES POSTAL SAVINGS SYSTEM, The development of the Postal Savings System has undoubtedly been greatly affected during the last year by the investments in thrift stamps, war savings stamps, and in Liberty bonds by many who would otherwise have made their deposits in the postal savings banks. Nevertheless there has been a substantial increase during the year in the balance to the credit of depositors. On June 30, 1917, the credit balance was $131,954,696; deposits during the year were $116,893,259; withdrawals, $100,376,456; giving a credit balance at the end of the year of $148,471,499, or a net increase during the year of $16,516,803. This increase is notable by reason of the fact that the number of depositors decreased from 674,728 in 1917 to 612,188 in 1918, a loss of 62,540. The following summary shows by States the changes in credit balances during the past year: Summary of postal-savings business for the fiscal year ended June 30, 1918. States. Balance to Balance to credit of de- Deposits during Deposits with- credit of dedrawn during positors Juno positors June fiscal year. fiscal year. 30,1917. 30,1918. United States Alabama Alaska Arizona Arkansas California Colorado Connecticut. Delaware District of Columbia... Florida Georgia Hawaii Idaho Illinois Indiana. Iowa ....... . Kansas Kentucky Louisiana. Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri.' Moniana Nebraska Nevada New Hampshire New Jersev New Mexico Now York N orth Carolina North Dakota Ohio Oklahoma Oregon Penns yl vania Porto Rico Rhode Island «-.... $131,954,696 $116,893,259 1100.376,456 329,581 332,947 952,227 281,859 4,727,383 2,214,481 3,606,098 317,353 417,414 616,461 174,671 59,547 501,-755 9.265,211 2,261,549 622,493 881,227 510,150 361,531 409,585 245,839 5,621,535 5,821,425 2,531,755 140,674 2,799,506 1,842,930 536,044 561,794 563,841 4,716,871 162,053 40,925,953 53,631 48,655 8,943,607 390,172 2,154,781 13,693,951 120,788 1,127,131 364,832 630,436 545,818 187,945 3,308,472 1,311,307 4,212,400 408,120 478,792 668,267 195,857 139,775 290,213 6,760,148 1,641', 053 520,968 450,850 381,705 259,416 304,867 45S,033 4,986,567 5,291,505 1,520,943 76,876 1,709,949 1,192,727 328,555 433,401 402,786 5,033,534 172,452 37,993,857 68,051 33,063 7,655.200 286,198 1,905,184 13,533,279 212,201 993,110 325,618 450,757 892,614 257,274 3,686,543 1,510,557 3,314,305 332,411 424,322 700,890 192,349 149,790 395,832 5,832,981 1,647,265 523,099 567,458 435,701 280,690 279,035 314,437 4,144,403 4,630,025 1,523,359 110,516 1,891,286 1,493,404 358,152 501,447 359,425 3,668,630 191,103 31,155,871 54,852 41,321 6,610.782 352,845 1,738,350 9,593,505 '227.549 825,360 Balance on deposit in banks June 30, 1918. $148,471,499 $140,658,608.42 368,795 512,626 605,431 212,530 4,349,312 2,015,239 4,504,193 393,062 471,884 583,838 178,179 49,532 396,150 10,191,568 2,255,337 620,362 764,618 456,154 340,257 435,417 389,435 6,463,699 6,482,905 2,529,339 107,004 2,618,158 1,542,266 506,439 493,748 607,202 6,081,775 143,402 47,763,939 66,830 40,384 9,988,025 323,525 2,321,615 17,633,725 105,440 1,294,881 361,438.68 390,231.50 584,488.62 209,294.19 4,176,019.16 1,919,566.99 4,368,155.43 380,658.46 427,659.44 574,002.90 175,616.65 50,466.86 392,446.10 9,582,749.32 2,191,223.72 608,171.47 743,095.72 437,743.79 318.560.59 428,596.01 371,225.72 6,207,105.26 6,258,781.58 2,419,446.75 109;339.12 2,438,096.06 1,472,741.66 484,040.90 489,913.22 598,966.81 5,925,932.16 140,271.02 44,007,728.53 68,185.13 40,992.86 9,542,355.77 320,744.95 2,226,401.72 17,037,595.39 9,435 52 1,244,279.52 142 REPORT OF THE COMPTROLLER OF THE CXJEEENCY. Summary .of postal-savings business for the fiscal year ended June 30, 1918—Continued. Balance to Balance to credit of de- Deposits during Deposits with- credit of dedrawn during positors June positors June nseal year. fiscal year. 30,1917. 30,1918. States. South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming $42,173 79,937 310,298 1,022,025 548,835 103,873 614,885 4,100,664 419,903 2,589,888 275,756 $46,628 32,075 229,841 846,481 581,106 65,147 1,164,147 4,157,160 532,978 1,581,640 307,344 $45,366 55,188 280,668 985,417 494,123 62,717 856,385 3,543,239 361,911 1,457,680 247,619 Balance on deposit in banks June 30,1918. $43,313.82 56,115.11 250,766.69 865,261.79 626,051.51 106,546.95 900,068.90 4,570,448.36 576,398.35 2,599,473.98 330,417.63 $43,435 56,824 259,471 883,089 635,820 106,303 922,647 4,714,581 590,970 2,714,658 335,481 Details relating to the resources and liabilities for 1917 and 1918, together with a comparative statement for the two years of the interest-earning resources, and also the liabilities of the Postal Savings System, are shown in the following statements: Balance sheet June 30, 1918, compared with June 30, 1917. June 30,1918. Items. Increase (+); decrease (—). June 30,1917. RESOURCES. Working cash: Depository banks Postmasters $140,462,027.77 391,390.93 Special funds: Treasurer of the United StatesReserve fund Bond investment fund Returnable deposits fund Accounts receivable: Accrued interest on bond investmants.. Due from late postmasters Due from discontinued d e p o s i t o r y banks $140,853,418.70 $126,771,969.57 551,474.32 $127,323,443.89 +$13,690,058.20 160,083.39 + 13,529,974.81 7,267,549.60 5,639,308.25 + 1,628,241.35 + 61,636.00 - 63,758.11 61,636.00 20,135.69 83.893.80 7,349,321.29 5,723,202.05 + 1,626,119.24 49,543.00 28,771.00 + 20,772.00 2,084.18 1,615.50 + 468.68 1.40 Investments: Postal savings 2£ per cent bomds 1.40 30,386.50 61,628.58 + 21,242.08 3,963,440.00 2,301,680.00 + 1,661,760.00 152,217,808.57 135,378,712.44 + 16,839,096.13 LIABILITIES. Due depositors: Outstanding postal savings certificates.. 148,471,499.00 Accrued interest due on o u t s t a n d i n g postal savings certificates 2,015,057.46 Outstanding savings cards and stamps... 69,068.80 Accounts payable: Due Postal Service.., Earnings held to meet maturing interest charges and + 16,516,803.00 131,954,696.00 1,319,774.65 150,545,624.76 + 695,282.81 71,327.70 - 12,259.40 133,345,798.35 + 17,199,826.41 261,901.32 1,410,282.49 152,217,808.57 47, 728.99+ 1,985,185.10 214,172.33 574,902.61 135,378,712.44 + 16,839,096.13 REPORT OF THE COMPTROLLER OF THE CURRENCY. 143 Statement of interest-earning resources and liabilities, June SO, 1918, compared with June SO, 1917. Items. June 30, 1918. June 30,1917. Increase. EESOUECES. Working cash: Depository banks. . . . $140, 462,027.77 Investments: Postal savings 2£ per cent bonds 3, 963,440.00 $126,771,969.57 $13,690,058.20 2,301,680.00 S1 \A <iOKt iP,7 77 — _ 1,661,760.00 tlOO 07*} fi/10 ^7 15,351,818.20 LIABILITIES. Due depositors: Outstanding p o s t a l savings certificates.. 148,471,499.00 131,954,696.00 16,516,803.00 Excess of liabilities. 4,046,031.23 2,881,046.43 1,164,984.80 SAVINGS BANKS IN THE PRINCIPAL COUNTRIES OF THE WORLD. Through the cooperation of the Bureau of Foreign and Domestic Commerce, Department of Commerce, the Comptroller is able to present in the following table the latest available information with reference to savings banks in the principal countries of the world. As will be noted under "Form of organization/' postal savings banks or other government savings banks are in operation in nearly all of the countries listed. Savings banks, including postal savings banks: Number of depositors, amount of deposits, average deposits per deposit account and per inhabitant, by specified countries. [Compiled by the Bureau of Foreign and Domestic Commerce, Department of Commerce, from official reports of the respective countries.] Country. Population. 1 Date of report. Form of organization. Number of depositors. Deposits. Average deposit dCCOUUt. Argentina. Austria Belgium "Bulgaria Chile Denmark2.. Egypt France Algeria. Tunis.., Germany 3.. Hungary... Italy. Japan Formosa Chosen Luxemburg Netherlands Dutch East Indies * Dutch Guiana Dutch West Indies Norway Roumania Russia5 Finland Spain 6 .. Sweden.. 8,574, 000 28,763; 000 Oct. 18,1917 Dec. 31,1913 Dec. 31,1917 [....do r 31,1912 7,571, 000 iDec.do 4,338. 000 Dec. 31,1911 3,790, 000 Dec. 31,1915 2,921, 000 Mar. 31,1916 12,569, 000 Dec. 31,1917 39,602, 000 /Dec. 31,1914 (Dec. 31,1915 5,564, 000 Dec. 31,1909 1,953, 000 Dec. 31,1916 66,715, 000 Dec. 31,1913 p e c . 31,1909 21,410,000 {Dec. 31,1917 [Dec. 31,1913 /Dec. 31,1914 36,546} \Apr. 30,1917 /Dec. 31,1914 55,084, \Mar. 31,1916 do 3,654, Mar. 31,1917 16,913, Mar. 31,1914 268, 6,583,000 /Dec. 31,1915 \June 30,1917 /Dec. 31,1914 47,956, \Dec. 31,1915 do 89, Dec. 31,1916 57, 2,517, do.. 6,8G6, July 1,1910 178,905, Mar. 1,1917 /Dec. 31,1914 3,269, \Dec. 31,1915 /Dec. 31,1916 20,500, \Dec. 31,1917 /Dec. 31,1916 5,758, it...do Postal savings banks Communal and private savings banks Postal savings banks, savings department J». Postal savings banks, check d e p a r t m e n t . . , . Government savings banks Communal and private savings banks Postal savings banks Public savings banks Communal and corporate savings banks Postal savings banks Private sayings banks Postal savings banks Municipal savings banks Postal savings banks Public and corporate savings banks Communal and private savings banks Postal savings banks, savings department... Postal savings banks, check department Communal and corporate savings banks Postal savings banks Private sayings banks Postal savings banks do ..do. State savings bank Private sayings banks.. Postal savings banks... Private sayings banks., Postal savings banks... do ..do. Communal and private savings banks. Government savings banks State, including postal savings banks.. Private savings banks Postal savings banks Private savings banks Postal savings banks Communal and trustee savings banks.. Postal savings banks 212,881 4,385,064 2,495,584 150,240 3,013,296 49,794 312,462 631,483 1,274,365 198,220 % 659,551 6,601,382 19,427 1,369 23,871,657 1,149,251 1,069,878 25,630 2,473,216 6,472,442 9,688,958 12,700,105 272,913 1,069,312 76,808 512,060 1,744,804 5,740 130,909 10,750 4,580 1,334,485 218,690 12,488,000 361,662 73,237 755,657 228,444 1,893,901 596,294 $4,187,248 $19.67 1,291,041,227 294.42 57,235,850 22.93 418,823,510 2,787.70 204,147,391 67.75 11,854,503 238.07 8,797,965 28.16 22,673,604 35.91 223,523,385 175.40 2,774,802 14.00 774,204,976 89.40 319,634,510 48.42 1,309,769 67.42 i;157,638 845.61 4,685,982,000 196.30 428,023,064 372.44 58,261,000 54.46 23,286,942 908.58 491,464,209 198.71 431,922,457 66.73 82,489,620 8.51 113,040,989 8.90 1,582,323 5.80 5,073,831 4.74 12 597,471 164.01 48,650,442 95.01 84,538,307 48.41 889,304 154.93 4,306,061 32.89 332,579 30.94 97,253 21,23 255,228,079 191.26 11,616,820 53.12 2,133,233,000 170.82 60,844,497 168.24 1,843,339 25.17 83,094,011 109.96 7,182,5-71 31.44 323,544,968 170.84 14,482,742 24.23 Average deposit per inhabitant. $0.49 44.89 1.99 14.56 26.96 1.57 2.03 5.98 76.52 .22 19.55 8.07 .24 .59 70.24 19.99 2.72 1.09 13.45 11.82 1.50 2.05 .43 .30 47.01 7.39 12.84 .02 .09 3.74 1.71 101.40 1.69 11.92 18.61 .56 4.05 .35 56.20 2.52 Switzerland., United Kingdom 7 British India s Australia New Zealand. Canada" —... British South Africa ».. British West Indies British colonies, n. e. s., Total, foreign countries United States Philippine Islands Grand total 3,555,000 43,661,000 244,268,000 4,935,000 1,098,000 8,075,000 '7,345.000 1,782,000 26,065,000 Dec. 3i;i908 Communal and private savings banks. /Nov. 20,1916 Trustee savings oanks \Dec. 31,1916 Postal savings banks Mar. 31,1916 .do. Mar. 31,1918 Government and private savings banks /Dec. 31,1917 Postal savings banks \Mar. 31,1918 Private sayings banks * Mar. 31,1916 Postal savings banks Dominion Government savings banks ....do Government and post-office savings banks. 1914-15 .....do 1914-15 do 1914-15 929,519,000 Postal 105,118,000 /June 30,1918 Mutualsavings banks and stock savings banks., \....do 9,010,000 Postal savings banks , do 1,043,647,000 307,386,431 261,739,826 957,022,331 49,707,248 548,285,108 142,084,232 13,240,330 40,008,418 13,520,009 28,823,428 6,438,165 14,480,853 131,784,674 15,087,710,636 148,471,499 612,188 11,379,553 5,471,579,949 2,234,010 73,600 156.56 129.84 64.90 29.94 201.57 360.88 155.42 297.80 441.57 110.79 66.06 53.74 86.47 5.99 21.92 .20 111.10 129.40 12.06 • 4.95 1.67 3.92 3.61 .56 114.49 242.53 480.83 30.35 16.23 1.41 52.05 .25 143,850,015 20,709,996,094 143.97 19.84 963,417 016,894 746,821 660,424 720,007 566,341 85,191 134,345 30,618 260,164 97,465 269,486 i The figures of population are for the nearest date to which the statistics of savings banks relate. * Exclusive of 2.543 deposits of $340,803 in savings banks in Faroe Islands and 191,208 savings deposits of $38,967,517 in ordinary banks. * Exclusive of Brunswick. 4 Exclusive of data for three large private savings banks in Batavia, Soerabaja, and Macassar, and the small banks of Amboina and Menado. * The total is exclusive of $769,307,000 worth of securities held by the savings banks to the credit of depositors. « The peseta has been converted at the rate of 20 cents for 1916 and 22.75 cents for 1917. 7 Exclusive of Government stock held for depositors, amounting to $507,302,905 in the postal savings banks and to $31,876,524 in the trustee savings banks s Exclusive of the population of the feudatory States. * Exclusive of savings deposits in chartered banks and special private savings banks. H At the end of 1912 the private savings banks held deposits of $4,271,955. > fenj O K o H o w & M 146 REPORT OF THE COMPTROLLER OF THE CURRENCY. FEDERAL FAEM LOAN^ A consolidated statement of the 12 Federal Land Banks, setting out their condition on October 31, 1918, shows that their business has increased, as measured by the volume of their aggregate assets, to $160,688,797.42; that their mortgage loans amount to $140,883,000; United States and farm loan bonds, $830,000; cash on hand and in banks, $3,343,987. The total paid-in capital of the farm land banks is $15,975,220, of which $8,892,130 is owned by the General Government, $6,963,140 by national farm loan associations, $104,805 by individual subscribers, and $15,145 by borrowers through agents. Farm loan bonds outstanding are shown to be $140,122,200 and Government funds are on deposit with these banks to the amount of $830,000. It appears in the statement, which follows, that the expenses and interest charges exceed the earnings of the banks by $211,609.09. Consolidated statement of condition of the 12 Federal land banks at the close of business Oct. SI, 1918. ASSETS. Mortgage loans » $140,883,441.37 United States Government bonds and certificates 14,850,008.05 Securities pledged as security for deposits of Government funds: United States Government bonds $430,000.00 Farm loan bonds 400,000.00 830,000.00 Cash on hand and in banks 3, 343, 987.33 Accounts receivable 40,527.81 Furniture and fixtures 223, 387.09 Other assets 305, 836.68 Total assets Excess of expenses and interest charges over earnings Total 160,477,188.33 211, 609.09 * 160,688,797.42 LIABILITIES. Capital stock: United States Government National farm loan associations Borrowers through agents Individual subscribers $8, 892,130.00 6,963,140.00 15,145.00 104,805.00 Total capital stock $15,975,220.00 Farm loan bonds outstanding : 140,122,200.00 United States Government deposits 830,000.00 Bills payable (money and bonds borrowed) 680,000.00 Accounts payable (due to borrowers, deferred payments on loans in process of closing) 919, 111. 57 Reserved for interest on farm loan bonds due Nov. 1, 1918 2,010,703.72 Other liabilities : 151,562.13 Total liabilities 160,688,797.42 Up to October 31, 1918, 3,373 Farm Loan Associations had been chartered, of which 72 were canceled, leaving the number in operation 3,301. 1 Represents mortgage loans plus accrued interest less amortization payments. REPORT OF THE COMPTROLLER OF THE CURRENCY. 147 Data relating to the number of associations in each State and district are shown in the following table: Number of Farm-Loan Associations chartered in the several States and Districts to Oct. SI, 1918. 1. Springfield: Connecticut Maine Massachusetts New Hampshire New Jersey New York Vermont Rhode Island.. 15 12 16 5 16 33 11 2 Total 2. Baltimore: Delaware Maryland Pennsylvania Virginia West Virginia 110 Total 3. Columbia: Florida Georgia (1 canceled) North Carolina South Carolina 128 Total 4. Louisville: Indiana..Kentucky Ohio Tennessee 315 Total 5. New Orleans: Alabama (1 canceled) Louisiana Mississippi 265 Total 6. St. Louis: Arkansas (1 canceled) Illinois (2 canceled) Missouri Total. 1 11 23 73 20 64 48 113 90 76 65 19 105 104 60 135 299 132 75 109 St. Paul: Michigan Minnesota North Dakota Wisconsin Total 8. Omaha: 87 109 150 58 404 Iowa Nebraska (2 canceled) South Dakota (1 canceled)... Wyoming 73 104 72 15 Total Wichita: Colorado (23 canceled) Kansas (1 canceled) New Mexico (17 canceled).... Oklahoma (5 canceled) 264 122 109 81 Ill Total 10. Houston: Texas (3 canceled) 11. Berkeley^ California (10 canceled) Arizona (1 canceled) Nevada Utah 423 Total 12. Spokane: Idaho Montana Oregon Washington 160 Total. 273 108 7 3 42 65 121 86 144 416 Grand total Minus (canceled) 3,373 72 Number in operation 3,301 316 Detailed information in relation to the amount of loans applied for, approved, and closed from the organization of the Federal Farm Loan system to October 31, 1918, are shown in the table following. 148 REPORT OF THE COMPTROLLER OF THE CURRENCY. Loans applied for, approved, and closed in each Federal land bank district, segregated by States, from organization to Oct. SI, 1918. Applied for. Number. 1. Springfield: Amount. Approved. Number. Closed. Amount. Number. $731,900 240,200 838,100 1,458,855 102,600 1,019,575 3,365,065 852,300 m 384 $1,059,755 306,410 1,287,672 2,209,935 185,060 1,487,085 5,777,657 1,376,835 Total Less canceled and rejected applications.. 4,486 1,546 13,690,409 4,097,215 3,353 615 Total, District No. 1. 2. Baltimore: 2,940 », 593,194 90S 221 14 2,564,802 7,823,730 2,077,756 701,210 32,400 Total .... Less canceled and rejected applications.. 5,666 2,108 13,199,898 3,654,226 4,128 Total, District No. 2. 9. Columbia: North Carolina South Carolina 3,558 9,545,672 5,772 3,226 2,041 4,420 8,977,709 7,014,097 4,334,313 7,830,061 15,459 Total Less canceled and rejected applications.. 3,149 28,156,180 5,901,734 7,040 822 12,849,684 1,296,030 Total, District No. 3. 4. Louisville: Kentucky Ind iana Ohio 22,254,446 6,218 11,553,654 577 139 396 757 67 454 1.712 New Jersey Virginia 3,231 1,292 Amount. fiR6 164 S497,950 97,600 451,380 1,052,205 64,100 715,400 2,053,890 550,350 8,608,595 1,497,400 2, 045 5,482,875 2,738 7,111,195 2, 045 5,482,875 693 1,739,915 5,605,550 1,220,900 515,900 27,600 312 426 397 93 11 853,800 3,563,750 735,100 266,500 22,800 445 121 295 606 50 1,170 291 2,486 746 190 13 47 T52 436 29 District of Columbia... Florida 12,310 9,109,865 1,518,000 2 3,333 7,591,865 2,239 5,441,950 2,893 1,722 4,496,411 3,982,983 1,898,530 2,471,760 i , 641 2,^45,055 2,180,740 812,195 1,294,830 795 834 1,591 5,441,950 362 788 6,982,820 3, 697 6,932,820 5,587,800 3,249,500 5,841,200 1,180,500 1 166 918 1, 340 223 2,585,400 1,718,100 3,923,400 671,000 7,604 15,859.000 995 1/896,900 3,647 8,897,600 6,609 13,962,100 3, 647 8,897,900 4,688 2,242 7,769 5,864,926 3,031,470 7,713,424 2, 204 1, 043 4, 731 3,134,155 1,621,565 5,287,895 Total 15,092 24,287,134 14,699 16,609,820 1,254,686 2,276 2,296,895 Less canceled and rejected applications.. 1,372 * Total, District No. 5. 13,720 23,032,448 12,423 14,312,925 «. St. Louis: Illinois 1,835 5,686,140 1,467 4,353,145 Missouri 3 340 8,023 980 5 760 500 6,760 10,648,535 4,682 6,481,560 Arkansas 7, 978 10,043,615 7, 978 10,043,615 806 1 2, 554 2,383,560 3,490,842 3,580,675 4,205 2,972 2,916 677 8,122,902 4,955,205 7,963,380 2,217,760 Total 10, 770 23,259,247 Less canceled and rejected applications.. ' 2,293 3,545,418 Total, District No. 4. 8,477 19,713,829 4 . New Orleans: Alabama 4,782 9,213,404 Louisiana 2,589 5^,018,698 Mississippi 7,721 10,055,032 3,045 2,012 2,118 429 Total 11 935 24 358,655 Less canceled and rejected applications... 4,837 8,479,560 8 677 16 595 205 2,469 3,647,365 4 9,455,077 Total, District No. 6. 7. St. Paul: North Dakota 7,098 15,879,095 6,208 12,947,840 4, 906 9,455,077 8,249 26,477,750 4,790 11,830,170 2,643 5,018,870 5,217 8,851,280 3,493 2 217 1, 083 1, 829 9,779,300 5,198,500 1,994,200 2,801,300 52 178 070 19,014,370 6,277 16,555,400 3,996 8,502,000 2,119 3,472,200 4,242 5,228,600 16 634 33,758 200 4,492 10,807,850 700 19 773 300 33,163,700 12,142 722 19,773,300 Wisconsin Michigan Total 20 899 Less canceled and rejected applications... 8,571 Total, District No. 7.. 12,328 22,950,350 149 EEPOKT OF THE COMPTROLLER OF THE CTTRBENCT. Loans applied for, approved, and closed in each Federal land hank district, segregated by States, from organization to Oct. SI, 1918—Continued. Applied for. Number. Approved. Closed. Number. Amount. Number. 1,4$3 S10.416.715 3,250 | 13.438.615 3,117 9,830,490 3,433,186 1,235 1,309 2,885 2,688 847 $8,788*150 9,865,100 7,184,450 1,372,960 836 1,503 1,181 241 $.5,639,950 5,536,240 4,017,750 448,800 9,085 3,828 37,119,006 11,921,136 7,729 2,694 27,210,740 6,443,000 3,761 15,642,740 5,257 25,197,870 5,035 20,767,740 3,761 15,642,740 3,890 3,933 4,279 13,115,177 8,825,357 9,947,842 6,557,333 3,048 2,698 2,545 2,220 9,812,700 5,568,775 4,552,150 3,196,000 2,202 2,022 1,670 1,454 6,829,500 3,344,500 2,876,400 1,967,200 Total 15,899 38,445,709 Less canceled and rejected applications.. 7^20.2 16,801,058 10,511 3,217 23,129,625 5,780,125 7,348 15,017,600 8. Omaha: Iowa Nebraska South Dakota WYoming . . . .. - . ~ Total .... Less canceled and rejected applications... Total, District No. 8 Amount. Amount. 9. Wichita: Oklahoma Colorado New Mexico „ - a, 767 Total, District-No. 9 7,294 17,349,500 7,348 15,617,600 42,739,994 16,021,975 12,364 26,366,135 4,872 12,528,379 9,459 26,718,019 12,384 26,366,135 4,872 12,528,379 7,098 1,866 148 606 23,784,187 5,142,275 517,038 1,619,387 3,190 1,115 50 223 9,890,860 2,893,000 208,300 572,400 2,001 637 36 140 6,210,800 1,768,800 164,400 358,000 9,748 5,859 31,062,887 17,661,581 4,578 1,079 13,564,560 3,006,560 2,814 8,502,000 3,889 13,401,306 3,499 10,558,000 2,814 8,502,000 3,652 7,849 4,282 6 054 9,353,181 22,194,724 12,177,626 17 059 510 2,234 4,946 3,081 4,826 1 9R1 5 825 290 11 671 805 1 9*R9R 2,031 8,015,805 9,634,275 3,002 3,107,8-75 7,058,09© 5,441,995 6,051,940 Total 22,737 Less canceled and rejected applications... 6,269 60,785,041 15,533,159 15,087 2,472 So, 147,175 5,922,055 9,145 21,659,900 45,251,882 12,615 29,225,120 9,145 21,659,900 8*, 667 21,644,651 10. Houston (Texas) 15,168 Less canceled and rejected applications.. 5,709 Total, District No. 10 11. Berkeley: California Utah Nevada Arizona, . . . Total . . . . Less canceled and' rejected applications... Total, District No. 11 12. Spokane: Idaho Montana Oregon Washington . . Total, District No. 12 16,468 Statistics in the foregoing table are recapitulated in the following statement: Recapitulation of loans, by districts, to Oct. SI, 1918. Applied for. Number. 1. 2. 3". 4. 5. 6. 7. 8. 9-. 10. 11. 12. Springfield.. Bait-more. _. Columbia Louisville... New Orloasns St. Louis St. Paul Omaha Wichita Houston Berkeley Spokane Total 2,940 3,558 12,310 8,477 13.720 7,098 12,328 5; 257 8,667 9,459 3,889 16,468 Amount. $9,593,194 9,545,672 22,254,446 19,713,829 23,032,448 15,879,005 33.163,700 25;197,870 21.644,651 26; 718,019 13,401,306 45,251,882 Approved. Number. 2,738 3,333 6,218 6,609 12,423 6,208 12,142 5,035 7,294 12,364 3,499 12,615 104,171 I 265,396,112 I 90,478 Amount. $7,111,195 7,591,865 11,553,654 13,962,100 14,312,925 12,947,840 22,950.350 20,767,740 17,349| 500 26,366,135 10,558,000 29,225,120 194,696,424 Closed. Number. Amount. 2,045 2,239 3,697 3,647 7,97S 4,906 8,722 3,761 7,348 4.872 2,814 9,145 $5,4&2,875 5,441,950 6,932,820 8,897,909 10,043.615 9,455', 077 19,773.300 15,642; 740 15,017,600 12,528,379 8,502,000 21,659,900 61,174 139,378,156 150 EEPOET OF THE COMPTROLLER OF THE CURRENCY. The development of the business of the Federal loan banks, as it relates to loans closed by the banks in each district from organization to October 31, 1917, and monthly thereafter to October 31, 1918, is shown in the following table: Loans closed by the several Federal land hanks from organization to Oct. 31, 1917, and in each subsequent month to Oct. SI, 1918. 1917 From organization to Oct. 31, November. December. 1917. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 1918 January. February. $304,065 1,193,950 628,280 1,372,900 1,121,515 868,615 2,726,200 1,093,790 5,642,778 729,446 1,224,700 3,842,666 Total $404,390 405,950 289,065 409,400 512,820 371,955 1,691,900 693,700 1,521,200 415,912 570,700 1,517,025 $417,850 253,700 252,175 521,500 612,150 418,945 2,605,200 452,700 236,300 972,544 728,200 1 ; 838,695 $488,360 260.600 298,535 624,100 778,770 636,965 2,737,100 970,000 1,118,800 1,006,522 1,143,000 1,724,765 20,748,905 Springfield.... Baltimore Columbia Louisville New Orleans.. St. Louis . St. Paul Omaha Wichita Houston Berkeley Spokane 8,804,017 9,309,959 11,787; 517 March. $316,440 $-426,140 313,050 367,300 446,390 540,725 851,100 871,900 814,690 1,071,015 791,715 1,024,705 2,178,800 - 615,400 3,067,850 3,248,050 986,722 917,000 1,405,015 1,675,509 897,400 673,200 1,811,774 1,916,980 13,880,946 13,347,924 April. $518,800 526,900 737,605 756,700 1,180,355 1,016,035 2,870,300 1,912,300 768,900 1,550,844 569,700 1,577,880 13,986,319 1918 May. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. ... . . . Total . July. August. September. $475,150 483,100 916,905 560,600 753,500 1,210,650 373,700 1,020,800 534,600 1,138,716 423,300 1,507,970 $500,400 335,950 636,833 735,900 801,725 832,587 406,400 804,950 566,400 913,233 468,200 1,262,800 $539,850 158,800 572,062 682.500 704,300 638,118 616,400 657,900 619,200 776,228 484,300 1,205,930 $448,250 417,900 607,215 575,400 699,465 432,840 982,700 595,300 683,100 670,030 426,400 1,153,210 $335,650 406,850 604,105 537,200 419,485 503,540 915,700 605,500 671,800 526,775 436,900 1,062,825 $307,530 317,900 402,925 898,700 573,825 708,407 1,053-500 519,900 750,800 747,605 456,000 1,237,380 9,398,991 Springfield Baltimore . Columbia Louisville New Orleans St. Louis St. Paul Omaha Wichita Houston Berkeley Spokane June. 8,265,378 7,655,588 7,691,810 7,026,330 7,474,472 October. As heretofore stated, farm loan bonds to the amount of $140,122,200 have been issued by the various banks, and in the accompanying table is shown the amount and the rate per cent issued by districts: Farm loan bonds issued by the several Federal land banks to Oct. 31, 1918, running years and bearing interest as stated. Location. Springfield Baltimore Columbia Louis V ille New Orleans St. Louis St. Paul'. Omaha Wichita Houston Berkeley Spokane. , Total. Less bonds on hand (unsold) Amount outstanding.. Ak per cent. 5 per cent. 20 Total. $1,750,000 2,750,000 3,000,000 4,750,000 5,750,000 4,500,000 14,500,000 11,000,000 10,750,000 7,250,000 5,250,000 13,750,000 $3, 250,000 2, 500,000 3,500,000 4,250,000 5> 000,006" 6, 500,000 750,000 250,000 500,000 3,750,000 5,750,000 2, 500,000 $5,000,000 5,250,000 6,500,000 9,000,000 10,750,000 11,000,000 20,250,000 14,250,000 14,250,000 13,000,000 8,000,000 23,250,000 85,000,000 168,975 55,500,000 208,825 140,500,000 377,800 84,831,025 55,291,175 140,122,200 i; KEPOKT OF THE COMPTROLLER OF THE CURRENCY. 151 JOINT STOCK LAND BANKS. Through, the courtesy of the Farm Loan Board there has been received the statement following, showing the condition at the close of business on October 31, 1918, of all the joint stock land banks, chartered under authority of the farm loan act. Consolidated statement of the joint stock land hanks at close of business Oct. 81, 1918. ASSETS. Mortgage loans Plus accrued interest on mortgage loans $5,905,239.02 95,515. 55 Less amortization payments 6,090,754. 57 15,393.56 United States Government bonds and securities Farm loan bonds on hand (unsold).... Accrued interest on United States bonds Cash on hand and in banks Banking house Furniture and fixtures Accounts receivable Other assets. Excess of expenses over earnings 6,075,361.01 2,246,230.00 134,400.00 9,850.75 2,109,367. 62 247,000.00 20,487. 22 23, 111. 01 6,787.06 41,438.49 Total 10,914,033.16 LIABILITIES. Capital stock (paid in) Surplus (paid in) Farm loan bonds authorized Bills payable (money and bonds borrowed) Accounts payable Beserved for interest Reserved for taxes Other liabilities , Total .' 2,010,850. 00 63, 250.00 6, 875,000.00 1,808,500.00 760.00 140/502.61 6,554.54 8,616.01 10,914,033.16 BUILDING AND LOAN ASSOCIATIONS IN THE UNITED STATES. Mr. H. F. Cellarius, of Cincinnati, secretary of the United States League of Local Building and Loan Associations, has furnished this office information in regard to building and loan associations in the United States, the latest statistics being for the year ended December 31, 1917. It appears that the increase in assets of these institutions during the year ended December 31, 1917, was a little over $170,600,000 and the associations loaned out on mortgage security $492,000,000. There are in the United States 7,269 associations, with aggregate resources of $1,769,142,175 a,nd a total membership of 3,838,612. These statistics show an increase during the year of 197 in the number of associations, 270,180 in the membership, and $170,614,039 in assets over the report of the previous year. The increase in membership was 7.5 per cent, while the increase in assets was 10.6 per cent. The average amount due each member is $460.88, as against $447.96, the amount shown for the year 1916. 152 BEPOET OF THE COMPTROLLER OF THE CURRENCY. The following table shows, by States, the number of associations, the total membership, and total assets for States in which accurate statistics are compiled by State supervisors. The data lor other States are consolidated under the heading " Other States/' and the figures given are estimated: Statistics for 1917-18. States. Pennsylvania Number Total of associ- memberations. ship. Total assets. Increase in Increase in membership. Total 1 Decrease. 678 793 184 662 253 351 73 91 72 125 155 72 67 19 78 140 42 40 50 63 48 44 38 34 8 22 14 22 13 10 28 16 13 6 856 677,911 767,100 329,063 247,725 246,800 199,571 202,409 101,929 42,227 69,041 62,846 56,116 66,442 47,793 37,075 50,612 37,400 46,318 21,053 33,035 22,020 21,500 •10,200 14,959 18,142 11,499 14,900 5,857 8,554 5,166 5.785 7; 156 4,239 3,545 749 341,875 $324,265,393 321,741,529 168,215,913 126,695,037 113,528,525 86,072,829 78,112,917 54,545,630 35,928,447 35,659,360 27,085,282 26,770,144 26,000,167 25,911,928 22,399,995 19,887,368 17,608,000 14,444,177 10,583,447 9,638,852 8,979,642 8,119,131 6,688,983 6,671,239 6,554,175 5,938,436 4,869,748 3,603,836 3,836,072 3,207,754 % 837,118 2,314,927 1,849,935 1,469,276 287,791 157,319,172 $25,438,326 51,1S8,94O 13,088,951 13,389,130 8,050,122 6,442,948 5.818,661 6,627,783 3,134,429 4,279,888 1,572,372 3,226,311 2,446,058 1,362,683 255,115 3,013,526 1,703,230 2,366,450 409,439 52,908 102,238 29,150 10,965 16,133 1743 10,034 7,002 123 5,308 931 5,712 5,415 15,237 1993 4,721 15,000 3,318 11,807 626,537 369,564 1,390 1,000 233,961 2,354,175 577,906 610,423 89 286 322,812 1112,865 90,308 372,489 209,906 172,660 52,079 10,975,756 375 4,942 1,385 936 13,023 865 1182 185 1,281 1,502 1175 256 19,351 7,269 OMo New Jersey. Massachusetts Illinois New York Indiana Nebraska -California Michigan Kentucky Missouri Kansas Louisiana District of Columbia Wisconsin North Carolina Washington Arkansas Iowa 2 Minnesota West Virginia Colorado 2 Maine Oklahoma Rhode Island Connecticut South Dakota New Hampshire Tennessee North Dakota Texas Montana New Mexico - . , . . . . . . Vermont Other States 3,838,612 1,769,142,175 170,514,039 270,180 2 Reports issued biennially. Figures of 1916 used. By reference to the foregoing table, it will be noted that Ohio shows the largest increase in assets for the year, gaining $51,188,940, followed by Pennsylvania, where the increase was $25,438,326. Other large increases for the year were shown in Massachusetts, $13,389,130; New Jersey, $13,088,951; Illinois, $8,050,122; Nebraska, $6,627,783; New York, $6,442,948; Indiana, $5,818,661; and Michigan, $4,279,888. RECEIPTS AND DISBURSEMENTS FOR 1917. The aggregate receipts of the building and loan associations for 1917 from alfsources were $1,220,600,658, an increase of $158,687,635 over the receipts of the previous 3^ear. The receipts from weekly dues were increased $37,647,516, from paid-up stock $6,783,893, and from deposits $23,196,571. Mortgage loans were increased by $78,805,481, stock withdrawals inxreased by $7,175,321, paid-up stock by $15,519,998, and deposit withdrawals by $7,759,840. The EEPOET OF THE COMPTROLLER OF THE CURRENCY. 153 total expense of management for the year 1917 was $9,810,744, or about eight-tenths of 1 per cent of the total receipts. The receipts and disbursements for 1917 in detail were as follows: Receipts. Cash on hand Jan. 1, 1917 Weekly dues Paid-up stock Deposits Loans repaid Interest.. Premium Fines Pass books and initiation Borrowed money Real estate sold Miscellaneous receipts $58,018,034 372,393,426 50, 312, 814 116,054, 938 360,137, 274 100,414,566 4, 781, 646 1,521,102 975, 252 89,322,894 9,010,164 57, 658,498 Total receipts 1,220,600,658 Disbursements. Pass-book loans Mortgage loans. Stock withdrawals Paid-up stock withdrawals Deposit withdrawals Expenses Borrowed money repaid Interest Real estate purchased..,. Miscellaneous disbursements Cash on hand Jan. 1, 1918 $39,279,366 492,094, 692 304, 031,172 47,932,908 92, 328, 708 9,810,744 90,028,860 3,195, 042 12, 751,056 63,333,156 65, 814,954 Total disbursements 1,220,600,658 DISTRICT OF COLUMBIA. BANKS AND BANKING IN THE DISTRICT OF COLUMBIA. There are 64 banking institutions in the District of Columbia, consisting of 14 national banks, 8 trust companies, 24 savings banks, and 20 building and loan associations. The aggregate capital of all these institutions on June 29, 1918, was S19?394;000. The total individual deposits were $137;656;005, and the aggregate resources $205,488,027. The number, capital, individual deposits, and aggregate resources of each cluss of institutions doing business in the District of Columbia on June 29, 1918, are shown in the following table: Capital. Individual deposits. $7,427,000 10,000,000 1,967,000 $58,055,000 38,538,000 20,811,000 120,252,005 $98,269,000 58,527,000 25,477,000 23,215,027 19,394,000 137,650,005 205,488,027 Number. National banlcs Loan and trust companies - Sayings banks Building and loan asseeiatiens Total * Share payments mainly. 154 EEPOET OF THE COMPTROLLER OF THE CURRENCY. BUILDING AND LOAN ASSOCIATIONS IN THE DISTRICT OF COLUMBIA. On March 4, 1909, the building and loan associations in operation in the District of Columbia were placed under the supervision of the Comptroller of the Currency. On June 30, 1909, there were 22 associations, with aggregate resources of $14,393,927; on June 30, 1918, the associations in operation numbered 20, with aggregate resources of $23,215,027, an increase in the 8-year period of $8,821,100. These associations increased their resources during the past year by $951,022. There is shown in the following table loans, installment payments on shares, and aggregate resources of the building and loan associations in the District of Columbia for each year from June 30, 1909, to June 30, 1918: Years. June 30— 1909 1910 1911 1912 1913 1914 1915 . . . . . . . 1916.... 1917 1918 Number of associations. 22 19 19 20 20 20 20 19 19 20 Loans. Installments on shares. $13,511,587 14,415,832 14,965,220 16,004,700 17,398,010 18,582,156 19,524,065 20,186,662 20,951,089 21,567,904 $11,996,357 13,213,644 13,324,217 14,529,977 16,453,044 17,113,899 17,866,337 18,668,808 19,413,266 20,252,005 Aggregate resources. $14,393,927 15,250,731 16,017,405 17,100,293 18,438,294 19,029,260 20,655,614 21,611,007 22,264,005 23,215,027 CONCLUSION. I desire to express my deep appreciation of the able, earnest, and faithful service which has been rendered by the employees, generally, of this bureau during the past year, including the force of National Bank Examiners and their assistants. With the great demand which has existed in all sections, but especially in Washington, for trained clerks, bookkeepers, and accountants, and the high salaries which have been obtainable in commercial life, the temptation to avail of these higher pecuniary rewards has been great. Under these conditions it is a distinct pleasure to be able to pay special tribute to the constancy, loyalty, and fidelity with which the men and women employees of this bureau have stayed on their Jobs and have applied themselves to their arduous duties. Owing to the difficulty in obtaining the necessary authority to increase the force of the bureau to a point commensurate with the increased burdens which have been thrown upon it, our office force has been required during the past year to do much extra work and to observe late and unusual hours. This they have done cheerfully and effectively, and this extra service was rendered without a corresponding increase in their compensation. With a conscientious determination to perform their full duty and do their part in the winning of the war, tne employees of this bureau far and near, have generally resisted the temptation to accept outside offers and except for those who have entered the Army and Navy they have generally remained steadily at their exacting and very responsible tasks here. Their unselfish, intelligent, and painstaking efforts entitle them to a large share of the credit for the successful operation of this bureau. REPORT OF THE COMPTROLLER OF THE CURRENCY, 155 Twenty-four per cent of the male employees of this bureau left to enter the Army or the Navy. They have been rendering heroic and valiant service. Several of them have yielded up their lives for the land they loved and fought for. I respectfully invite your attention to a number of special exhibits relating to national banks which are published as an appendix to Volume 1 of this report, in addition to other exhibits to which reference has already been made. The customary statements showing in detail the condition of each national bank in the United States, together with further special and general statistical data and the usual digest of court decisions relating to national banks are presented in Volume 2 of this report. Kespectfully submitted. JOHN SKELTON WILLIAMS, Comptroller of the Currency. The SPEAKER OF THE HOUSE OF REPRESENTATIVES. 85473°—CUR 1918—VOL 1 11 EXHIBIT A. FEDERAL GUARANTY OF DEPOSITS IN EATIOHAL BAHKS. The following is a copy of a circular letter addressed under date of June 5, 1918, to all national hanks in connection with the recommendation made by the Comptroller of the Currency in his report to the Congress for the year 1917 in regard to the insurance or guarantee of hank deposits: JUNE 5,1918. To National Banks: It is deeply gratifying to chronicle the steady increase in the strength and safety of the national banks of our country. Five months and five dftys of the year 1918 have now passed without the failure of a single national bank in any one of the 48 States of the Union, while applications have been received in this period for 123 charters for new national banks. We can not, however, in the ordinary course of things, expect this extraordinary showing to be indefinitely continued. In the same period there were failures in 10 States of 13 banking institutions under State supervision. The records show that as to national banks there has been no such immunity from failure before for 37^ years, or since the year 1881. At that time there were in operation only 2,102 national banks with resources of 2,270 million dollars, as compared with 7,707 national banks at this time with resources of over 18,000 million dollars. There is still room for improvement in banking conditions. Section 333 of the Revised Statutes of the United States provides that the Comptroller of the Currency shall submit annually a report to Congress which shall contain, inter alia, recommendations for "any amendment to the laws relative to banking by'which the system may be improved and the security of the holders of its notes and other creditors may be increased." As a result of much study and investigation, the Comptroller of the Currency in hia last annual report to Congress made a number of recommendations looking toward increasing the strength and safety of the banks and promoting the welfare of their customers and the public. Probably the most important recommendation related to a bill to provide for the guaranty of all deposit balances in national banks of $5,000 or less, upon which interest should not be paid in excess of a reasonable rate, to be determined by Congress. The recommendation of the comptroller was that this rate on such guaranteed deposits should not exceed 3 per cent per annum. The Comptroller's recommendation for a law for the guaranty of national bank deposits was submitted in pursuance of the duty imposed upon him by the Federal statute quoted above. A bill for the guaranty of deposits in national banks of $5,000 and less has been favorably reported by the Banking and Currency Committee of the Senate and is now before the Senate for consideration and action. It is understood that the plan for the guaranty of national bank deposits for $5,000 or less, upon which interest not exceeding 3 per cent is to be paid, and making it discretionary with the national banks as to whether or not they shall take advantage of its provisions, has already received the approval of the Secretary of the Treasury, and, including its ex omcio members (the Secretary of the Treasury and the Comptroller of the Currency) of a majority1 of the members, individually, of the Federal Reserve Board, and also has the support of the chairmen of the Banking and Currency Committees of the United States Senate and House of Representatives and of other leading men in both Houses of Congress. It has been recently developed that a propaganda has been started for the purpose, if possible, of defeating the bill and of depriving the national banks of the country and their 16,000,000 depositors and the public generally (who are interested in having i The other members referred to besides the Secretary of the Treasury and the Comptroller of the Currency were Governor Hardinsr and ex-Governor Hamlin, of the Reserve Board. Since the publication of this circular Governor Harding has modified somewhat the views he had previously expressed in this connection. 156 REPORT OF THE COMPTROLLER OF THE CURRENCY. 157 money now in hiding brought again into circulation) of the manifest and obvious advantages which this bill would secure. ^ In order to obtain, if possible, the independent views of national banks, the Comptroller of the Currency will be pleased to have an expression of opinion from the management of each national bank (preferably the view of a majority of the directors of each bank or, if this is impracticable, an expression of opinion from the president or other chief executive officer) as to whether they would like to see such a bill as has been recommended by the Comptroller of the Currency enacted; and, if the answer is negative, the Comptroller would he pleased to be furnished briefly with the principal reason or reasons for such opposition. It is, of course, reasonable to assume that the vast majority of the 16,000,000 depositors in national banks would receive the Government guaranty of their deposits with deep satisfaction. Some objectors say that they are opposed to the guaranty or insurance of deposits "on principle." If this reason is alleged, the Comptroller would be pleased to be informed upon what principle such objection is made. Surely there can be no sound argument against the general principle of insurance. A man who invests his savings in a house wisely and gladly pays a premium to insure or guarantee his investment against loss by fire or by tornado and its contents against loss by burglary. If his savings are invested in a ship or its cargo, he takes the precaution to insure or guarantee it against loss at sea. Upon what principle can it be contended that it is wrong to give a man the opportunity of paying a small premium for the purpose of insuring his savings deposited in a national bank against loss, whether the loss be the result of incompetency, misfortune, or corrupt management? The principle of the guarantee of bank deposits has been tried in a number of States, and in some of these States, despite imperfections in the laws, and various handicaps which are avoided in the bill now proposed, the plan has worked to the distinct advantage of State banks and of their depositors; and in some of these States where the national banks, whose deposits have not been guaranteed, have competed with the State banks, whose deposits are guaranteed, the national banks have been placed at a considerable disadvantage. It is believed that there are millions of people who have savings in the shape of gold, silver, or paper money who keep no bank account, but who would gladly open accounts with national banks if such a law as is now proposed should be enacted. It is interesting to note that with the growing strength of the national-banking system the number of depositors has increased by more than 8,000,000 since 1910. If it should be agreeable to you to inform this office whether your bank approves or disapproves of the legislation proposed, it is hoped that you will give briefly your reasons for your conclusions. In the event that you may have written or telegraphed to Senators or Congressmen in opposition to the measure it is also hoped that it will be agreeable to you to state whether such telegram or letter was sent after the subject had been formallv discussed by your board of directors and as a result of their conclusions or whether I t was sent by some officer of your bank in advance of formal action of your board. It is assumed that if such communications as you may heretofore have addressed to your Senators or Representatives were sent with the approval of your board of directors you will, of course, have no objection to so stating in your reply. I submit herewith a memorandum setting forth briefly the principal arguments which have moved this o&ce to advocate the passage of a law for the guarantee of bank deposits, which it is hoped you may have the opportunity of considering before Bending in your reply. The bill as proposed does not forbid the payment on deposits of a rate of interest in excess of 3 per cent, but the deposits on which over 3 per cent per annum may be paid are not to have the benefit of the Federal guaranty. If in your rej>ly you desire to offer any suggestions in connection with the rate of interest permissible on guaranteed deposits or other features of the proposed law, this office will be glad to have you submit them, Respectfully, JNO. SKELTON WILLIAMS, Comptroller. 158 KEPOKT OF THE COMPTROLLER OF THE CUEKENCY, SENATE BILL 4126. PROVIDING FOR THE GUARANTY OF DEPOSITS OF $5,000 OR LESS IN NATIONAL BANKS. The Comptroller of the Currency in his annual report for the past year, in recommending the passage of a bill for the guaranty of all deposits of $5,000 and under to the credit of any one depositor in national banks, suggested that this guaranty should apply only to those deposits upon which the rate of interest paid should not exceed 3 per cent per annum. (See Comptroller's Annual Report, 1917, vol. 1, p. 24.) As the bill as originally prepared contained no limitation on the rate of interest to be paid on deposits, the Senate committee inserted a provision limiting interest on guaranteed deposits to 4 per cent before reporting the bill to the Senate. The opponents of the measure have seized upon the 4 per cent interest feature as a basis for a general attack, and are using it as an argument to defeat the whole proposition. There are several reasons why it may be undesirable to guarantee deposits upon which as much as 4 per cent interest is paid, but these reasons do not apply to the bill as originally recommended limiting the rate of interest on such deposits to 3 per cent. A 4 per cent guaranteed interest rate might interfere to some extent with the investment of mone> in Liberty bonds, but this interference is not as serious as the opponents of the measure would make it appear—for Government bonds which pay 4 per cens and 4J per cent are exempt from taxation, while money in bank, whether the interest is guaranteed or whether it is not, may be subject to taxation,' which in some Statet amounts to from 1 per cent to 2 per cent. A 4 "per cent interest rate on deposits is riot generally conducive to safe and conservative banking. When banks pay high rates on deposits they are tempted to.exact higher rates from the borrowing public on good loans—often rates which are contrary to the usury laws; and, moreover, they are induced sometimes to take indifferent or unsafe loans because of the higher interest yield, which they claim they are thus forced to ask when they pay high interest on deposits. The efforts of the Comptroller of the Currency and also of the Federal Reserve Board have been, for some time past, directed against the payment of excessive interest rates on deposits, whether this interest is paid on balances to the credit of banks or of individuals. The argument which certain national banks are urging, that it is unjust to require strong and well-managed banks to pav a premium, say, of one-tenth of 1 per cent for the benefit, as they claim, principally of the weaker or less well-managed institutions when the strong banks do not want the guaranty, and object to being taxed for the purpose of insuring their deposits, will be fully met if the bill should be amended so as to provide that, if any national bank does not wish to have its deposits guaranteed, it need not pay the tax which it is proposed to charge on deposits that are guaranteed. If such an amendment should be adopted the opponents of the bill will have their arguments cut completely from under them. They can have no justification for opposing a measure which, while not taxing them, gives to other banks that willingly pay the tax the benefit and advantage which such banks and their depositors greatly desire. For example, what right would the Tenth National Bank of New York, with $10,000,000 of capital, and deposits in proportion, have to object to a law under which the Columbia National Bank of Oswego (whose deposits or balances are all, we will say, for $5,000 or less) would secure the Government's guaranty on those deposits by paying an annual tax of one-tenth of 1 per cent? Is it not only a '' dog-in-the-manger 'spirit which could inspire the big bank in a case like this to oppose and attack a measure which would give a much-desired benefit to a smaller bank with its thousands of small depositors when the smaller bank is perfectly willing to pay the cost, and when the law requires no payment from and imposes no hardship upon the larger bank? If the big bank fears that such a guarantee law will draw away its depositors from the large bank to the smaller bank, the big bank can readily obtain a similar guarantee by paying precisely the same tax rate that the smaller bank gladly pays. ARGUMENTS FAVORING PROPOSED GUARANTEE LAW. The main advantages of the'bill for the guarantee of bank deposits may be briefly summarized as follows: First. Such an absolute guarantee by the Government would bring from its hiding places many millions of dollars of hoarded money in all parts of the country, some of which is being kept in stockings and cupboards and some in safe deposit vaults. REPORT OF THE COMPTROLLER OF THE CURRENCY. 159 There are thousands of people throughout the country who hold on to their savings and hide them in their homes because they are afraid to trust any bank. Of course, upon such money they get no interest—that money is simply idle and wholly unproductive. If the Government should give its guarantee, this money will come out of its hiding places and again become active in the currents of trade, where it is especially needed in these times of war. These owners will realize that, when guaranteed by the Government, it is safer than it could possibly be however carefully it may be stored away in their homes. In the second place, it will yield them 3 per cent interest, instead of nothing, and will be helpful to others to whom the bank will then be able to lend it. It is incontrovertible that—- 1. Such a law would bring large sums of hoarded money back into circulation. Because— 1. Such funds sue far safer in bank guaranteed by the Government than in any hiding place. 2. In bank the owner can get 3 per cent per annum interest; if hid away, he gets nothing. Second. The passage of such a law would give an absolute guarantee to 15,902,194 depositors in national banks, this being the number of deposit accounts on March 4, 1918, o*$5,000 or less. That means that this law, if availed of, would give a sense of complete protection and comfort to nearly sixteen million depositors or owners of deposit accounts scattered throughout our 48 States and the District of Columbia. The records show that those whose bank balances amounted *to more than $5,000 each, and whose accounts would not be guaranteed, numbered only 353,139 The money to the credit of the 15,902,194 depositors was $4, 521, 027,000 While the large balances to the credit of the 353,139 large depositors aggregated about 8, 000, 000, 000 Third. The passage of such a law should practically prevent, in the future, runs on all national banks which may enjoy the protection of such a guarantee, with the many dangers and disturbances attendant upon such runs and the failures which so often follow them. Had such a law been in operation in times past, some of the panics and commercial crises which have disturbed and wrecked the country and which were precipitated by runs on banks could have been averted. Fourth. The guarantee of bank deposits vjould give peace of mind, comfort, and confidence to the poor man and the poor woman who may have accumulated their savings of a lifetime in the savings departments of these banks. The mental worry ancf anxiety which thousands of heads of families have endured, especially in times of illness for fear of what might become of their families if they should be taken away, and if at the same time the bank in which their lifetime savings have been deposited should fail, would be completely relieved as far as the safety of their savings is concerned. This anxiety and care and worry which depositors have been unable to cast aside, even when banks are in good condition, is multiplied a hundred!fold when the bank fails and closes its doors, as has happened with national banks 451 times since 1890, and when the depositors realize that their savings of all their earlier years are lost, or else that it may be months or years before they recover their money' Depositors sometimes have to wait through long years of misery and privation before they get back their deposits. There is one bank still in process of liquidation which failed over 27 years ago, whose affairs were so hopelessly tangled that it has not yet paid its final dividend to depositors, and there are doubtless many depositors who have died while waiting to get their money—their deaths probably hastened by the tying up of their lifetime savings. Such harassment and distress not only; impair the efficiency of the depositors as workmen in such times, but have often driven both men and women to desperation and suicide. Fifth. It is probable that nothing which has thus far been suggested would contribute more to the unification and solidarity of our entire banking system than the enactment of such a law as this. It is believed that it would have a paramount and determining influence with the State banks in inducing them to nationalize to get the benefit of the Government guarantee of bank deposits. The desirability of the unification, as far as possible, of the banking system of the country is, I believe, generally admitted by the thinkers and leading men of both political parties—especially in these times of war where the closest cooperation and coordination on the part of all financial interests is recognized to be of such preeminent importance. 160 REPORT OF THE COMPTROLLER OF THE CURRENCY'. The records show that the national banks of the country, for several years past, have outstripped the State institutions in the rate of growth; while at the same time they have made a more creditable exhibit in the matter of losses. Such a guaranty measure may be confidently expected to have an immediate and potent effect in bringing State banks more rapidly into the national system and in strengthening and solidifying our whole financial structure. Sixth. There is no force in the suggestion which has been urged that the guarantee of their deposits by the Government would have the effect of making national-bank officers loose, lax, and^ careless in their methods and management. The supervision by the Government would, if there is any change, be even more thorough and effective. It would be idle and unreasonable to suggest that, because the money of depositors is fully protected, the directors of a bank, who are always necessarily stockholders, would be less vigilant, less careful to protect their own personal interests—particularly their capital placed in the stock of the bank. The management of the banks would therefore still have this vast stock investment of over two billion dollars to protect; and furthermore, they face the danger of the 100 per cent assessment on the stock of any bank if the bank should be so indifferently or loosely managed as to bring insolvency. A guarantee of deposits carries no guarantee of stock; and the officers of national banks would not be tempted more readily than now to make bad loans or to adopt loose methods when they know that their losses must fall exclusively upon themselves and upon their fellow stockholders and on the Government, even though the Government should protect the general depositors. Seventh. Under such a plan as is proposed, all banks will earnestly strive to inspire public confidence and maintain a good reputation, not only for'the sake of protecting their stock investments but also for the sake of drawing to the bank the larger depositors— those whose deposit accounts amount to more than $5,000. The large depositors will naturally exercise special discrimination in placing their funds, and will endeavor to select for such deposits, which may not have the Government guarantee, those banks which have the best reputation for honesty, fidelity, and intelligence in management. The suggestion that the benefits of the guaranty law will apply mainly or entirely to the smaller banks and their depositors rather than the depositors of the larger banks is not borne out by the facts of the case. The records of this office for the past 36 years show that the total deposits of the smaller banks—or, say banks with less than $200,000 capital—which failed in this period amounted to 160,788,000, representing the amount of money which was tied up from time to time during this period in these banks, a portion of which was lost. In the same time, the amount of deposits tied up in banks with capital of $200,000 or more amounted to $133,572,000; and of this sum over $68,00^,000 was tied up in the largest banks—those with capital of $500,000 and over. The aggregate amount of deposits of national banks which were tied up by bank failures from 1912 to 1917 was about $30,000,000—exclusive of deposits aggregating approximately $50,000,000 more in banks which suspended temporarily, but were subsequently restored to solvency, in the same five-year period. The tying up of $194,000,000 of deposits in failed banks over this period may not seem large as compared to the total deposits of all banks; but it is of high importance when we consider the untold misery which these failures brought to tens of thousands of helpless men and-women who, under the provisions of such a bill as is now proposed, could have been spared, and hereafter ought to be spared, such loss and suffering. It is believed, and with much reason, that if this bill should become a law, leaving it discretionary with national banks as to whether they accept its provisions or not, the vast majority of these banks will come in promptly, and that they will be followed rapidly by those State banks that are eligible for nationalization. JOHN SKELTON WILLIAMS, Comptroller. REPORT OF THE COMPTROLLER OF THE CURRENCY. 161 EXHIBIT B. Number of deposit accounts which exceed $5,000 each, the number which amount to $5,000 or less each, and the aggregate amount of accounts which amount to $5,000 or less each as shown by reports of condition made by national banks at the close of business on Mar. 4, 1918. Number of Number of deposit acdeposit accounts, includAggregate counts, including certifiamount of ing certificates of dedeposit accates of deposit, the bal- counts amountposit, the balto ances of which ances of which ingless $5,000 or amount to each. exceed $5,000 $5,000 or less each. each. Geographical location. New England States: Reserve city Country banks 7,479 11,923 19,402 . . . Total Pacific States: Country banks 159,252,976 614,993,346 3,349,959 774,246,322 179,039 529,531 3,691,242 83,603,155 215 790 685 993,734,219 4,399,812 1,293,128,059 246,312 1,529,871 89,339,039 432,940,610 1,776,183 522,279,649 11,320 8,300 Total Western States; Reserve cities Country banks 599,558 2,750,401 25,897 Total Middle Western States: Central reserve cities Other reserve cities Country banks 1,295,072,258 8,873 17,024 _ 4,270,097 167,982 Total Southern States: Reserve cities Country banks 152,548,586 157,992,015 984,531,652 18,384 21,308 128,290 . 285,911 332,884 3,651,302 11,281 24.709 . . 254,116,708 35,990 Other reserve cities Country banks 876,568 34,313 19,594 30,341 * $28,164,042 225,952,666 84,248 Total Eastern States: 38,082 838,486 370,425 859,150 153,746,830 228,437,809 19,620 1,229,575 382,184,639 | 353,139 15,902,194 4,521,027,630 I 52,697 79,855 220,587 464,950 2,116,792 13,320,452 236,151,741 804,285,587 3,480,590,302 353,139" 15,902,194 4,521,027,630 Total Total United States...-. RECAPITULATION. Central reserve cities Country banks . . Total EXHIBIT C. LEGISLATION AFFECTING OE RELATING TO NATIONAL BANKS. During the past year important legislation has been enacted, amending the Federal reserve act, the national bank act, and other measures affecting or relating to banking. 162 REPORT OF THE COMPTROLLER OF THE CURRENCY. FEDERAL RESERVE AND NATIONAL BANK ACT AMENDMENTS. Certain provisions of the Federal reserve act and national bank act were amended by the act approved September 26, 1918, namely, those (a) relative to choosing directors of classes A and B of Federal reserve banks; (&) enlarging trust powers of national banking associations; (c) providing for Federal reserve notes of large denominations; (d) conferring power upon the Federal Reserve Board to change the reserve requirements of national banks located in the suburbs of reserve and central reserve cities; (e) relating to the acceptance of fees, commissions, etc., by officers, etc., of member banks; (/) regarding the purchasing from and selling to directors the assets, etc., of member banks; and (g) amending sections 5208 and 5209, Revised Statutes, to make them applicable to officers, etc., of Federal reserve banks and of member banks. TRUST POWERS OF NATIONAL BANKS. In connection with the enlargement of trust company powers of national banks, the Comptroller under date of September 27, 1918, made the following announcement to national banks: I am pleased to advise you under authority of an act of Congress, approved by the President on. September 26, 1918, enlarged powers have been conferred upon national banks which are now authorized (under the limitations prescribed in the act) to open trust departments and to act as trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, assignee, receiver, committee of estates of lunatics, and in* any other fiduciary capacity in which State banks, trust companies, or other corporations which come into competition with national banks are permitted to act under the laws of the State in which the national bank is located. As a condition precedent to the exercise of these new powers it is necessary to obtain a permit from the Federal Reserve Board.. National banks obtaining such permits must have capital and surplus required by the State law governing State banks, trust companies, and corporations exercising such powers. CHANGE IN RESERVE REQUIREMENTS. Acting upon the authority conferred by this amendment to change the reserve requirements oi national banks located in outlying districts of a reserve or central reserve city, the Federal Keserve Board has authorized the following changes: Boston.—Four specified suburban banks will hereafter be required to maintain only 7 instead of 10 per cent on demand deposits. New York.—No change is made in the reserve requirements with respect to banks in the Borough of Manhattan, but banks in the Boroughs of Brooklyn and The Bronx will hereafter be required to maintain 10 instead of 13 per cent reserve on demand deposits, and banks in the Boroughs of Queens and Richmond will be required to maintain only 7 instead of 10 per cent reserve on demand deposits._ Pittsburgh.—Five suburban banks in this city will hereafter be required to maintain reserve of 7 instead of 10 per cent on demand deposits. :" - *•*>•- - * * Chicago.—The reserve requirement for 14; suburban banks in Chicago will hereafter be 10 instead of 13 per cent on demand deposits. Kansas City, Mo.—The reserve requirement of one suburban bank has been reduced from 10 to 7 per cent on demand deposits. REPORT OF THE COMPTROLLER OF THE CURRENCY. 163 Los Angeles.—Seven suburban banks in the city will hereafter be required to maintain a reserve of only 7 instead of 10 per cent on demand deposits. Portland,—The reserve requirement of two suburban banks in Portland has been reduced from 10 to 7 per cent on demand deposits. RECEIPT OF FEE, COMMISSION, GIFT, ETC.; PURCHASE OR SALE OF ASSETS BY OR FROM A MEMBER BANK, The provision of section 22 of the Federal reserve act requiring the affirmative vote or written assent of a majority of the board in connection with notes executed or indorsed by directors or attorneys of banks has been omitted from this section as reenacted. In lieu of the provision in this section which prohibited an officer, director, employee, or attorney of a member bank from receiving other than the usual salary or reasonable fee paid by the bank, the section now provides, in substance, that, except as therein provided, any officer, director, employee, or attorney of « member a bank who stipulates for or receives or consents or agrees to receive any fee, commission, gift, or thing of value from any person, firm, or corporation for procuring or endeavoring to procure for anyone a loan or the purchase or discount of any paper, note, draft, or bill of exchange by such member bank shall be deemed guilty of a misdemeanor and shall be imprisoned not more than one year or fined not more than $1,000, or both. The section permits a member bank to contract for or purchase from any of its directors, or firms of which they are members, any securities or other property in the regular course of business upon terms not less favorable to the bank than those offered to others, or when the purchase is authorized by a majority of the board of directors not interested in the sale, such authority to be evidenced by the affirmative vote or written assent of such directors. Any member bank may sell securities or other property to any of its directors, or firms of which they are members, in the regular course of business on terms not more favorable to such directors or firms than those offered to others, or when a sale is authorized by a majority of the board of directors, to be evidenced by their affirmative vote or written assent. No member bank shall pay a greater rate of interest on the deposits of any director, officer, attorney, or employee than that paid to other depositors on similar deposits With such member bank. Directors or officers who knowingly violate or permit to be violated the provisions of this section, or regulations of the board made "thereunder, are personally and individually liable for all damages sustained by the bank, the shareholders, or any other persons by reason of such violation. The act amending the forementioned sections of the Federal reserve and national bank act3 follows: Be it ena.ted by the Senate and House of Representatives of the United Stales of America in Congress assembled, That section four of the act approved December twenty-third, nineteen hundred and thirteen, known as the Federal reserve act, be amended and reenacted by striking out that part of such section which reads as follows: "Directors ef class A and class B shall be chosen in the following manner: "The chairman of the board of directors of the Federal reserve bank of the district in which the bank is situated or, pending the appointment of such chairman, the organization committee shall classify the member banks of the district into three general 164 REPORT OF THE COMPTROLLER OF THE CURRENCY. groups or divisions. Each group shall contain, as nearly as may be, one-third of the aggregate number of the member banks of the district, and shall consist, as nearly as may be, of banks of similar capitalization. The groups shall be designated by number by the chairman. "At a regularly called meeting of the board of directors of each member bank in the district it shall elect by ballot a district reserve elector and shall certify his name to the chairman of the board of directors of the Federal reserve bank of the district. The chairman shall make lists of the district reserve electors thus named by banks in each of the aforesaid three groups and shall transmit one list to each elector in each group. '' Each member bank shall be permitted to nominate to the chairman one candidate for director of class A. and one candidate for director of class B. The candidates so nominated shall be listed by the chairman, indicating by whom nominated, and a copy of said list shall, within fifteen days after its completion, be furnished by the chairman to each elector. "Every elector shall, within fifteen days after the receipt of the said list, certify to the chairman his first, second, and other choices of a director of class A and class B, respectively, upon a preferential ballot, on a form furnished by the chairman of the board of directors of the Federal reserve bank of the district. Each elector shall make a cross opposite the name of the first, second, and other choices for a director of class A and for a director of class B, but shall not vote more than one choice for any one candidate," and by substituting therefor the following: "Directors of class A and class B shall be chosen in the following manner: "The Federal Reserve Board shall classify the member banks of the district into three general groups or divisions, designating each grou]3 by number. Each group shall consist as nearly as may be of banks of similar capitalization. Each member bank shall be permitted to nominate to the chairman of the board of directors of the Federal reserve bank of the district one candidate for director of class A and one candidate for director of class B. The candidates so nominated shall be listed by the chairman, indicating by whom nominated, and a copy of said list shall, within fifteen days after its completion, be furnished by the chairman to each member bank. Each member bank by a resolution of the board or by an amendment to its by-laws shall authorize its presidentT cashier, or some other officer to cast the vote of the member bank in the elections of class A and class B directors. "Within fifteen days after receipt of the list of candidates the duly authorized, officer of a member bank shall certify to the chairman his first, second, and other choices for director of class A and class B, respectively, upon a preferential ballot upon a form furnished by the chairman of the board of directors of the Federal reserve bank of the district. Each such officer shall make a cross opposite the name of the first, second, and other choices for a director of class A and for a director of class B, but shall not vote more than one choice for any one candidate. No officer or director of a member bank shall be eligible to serve as a class A director unless nominated and elected by banks which are members of the same group as the member bank of which he is an officer or director. "Any person who is an officer or director of more than one member bank shall not be eligible for nomination as class A director except by banks in the same group as the bank having the largest aggregate resources of any of those of which such person is an officer or director.'' SEC. 2. That section eleven (k) of the Federal reserve act be amended and reenacted to read as follows: ^ "(k) To grant by special permit to national Hbanks applying therefor, when not in contravention of State or local law, the right to act as trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, assignee, receiver, committee of estates of lunatics, or in any other fiduciary capacity in which State banks, trust companies, or other corporations which come into competition with national banks are permitted to act under the laws of the State in which the national bank is located. "Whenever the laws of such State authorize or permit the exercise of any or all of the foregoing powers by State banks, trust companies, or other corporations which compete with national banks, the granting to and the exercise of such powers by national banks shall not be deemed to be in contravention of State or local law within the meaning of this act. "National banks exercising any or all of the powers enumerated in this subsection shall segregate all assets held in any fiduciary capacity from the general assets of the bank and shall keep a separate set of books and records showing in proper detail all transactions engaged in under authority of this subsection. Such books and records shall be open to inspection by the State authorities to the same extent as the books and records of corporations organized under State law which exercise fiduciary powers, but nothing in this act shall be construed as authorizing the State authorities REPORT OF THE COMPTROLLER OF THE CURBE1SFCY. 165 to examine tlie books, records, and assets of the national bank which are not held in trust under authority of this subsection. "No national bank shall receive in its trust department deposits of current funds subject to check or the deposit of checks, drafts, bills of exchange, or other items for collection or exchange purposes. Funds deposited or held in trust by the bank awaiting investment shall be carried in a S3parate account and shall not be used by the bank in the conduct of its business unless it shall first set aside in the trust department United States bonds or other securities approved by the Federal Keserve Board. " In the event of the failure of such bank the owners of the funds held in trust for investment shall have a lien on the bonds or other securities so set apart in addition to their claim against the estate of the bank. "Whenever the laws of a State require corporations acting in a fiduciary capacity, to deposit securities with the State authorities for the protection of private or court trusts, national banks so acting* shall be required to make similar deposits and securities so deposited shall be held for the protection of private or court trusts, as provided by the State law. "National banks in such cases shall not be required to execute the bond usually required of individuals if State corporations under similar circumstances are exempt from this requirement. "National banks shall have power to execute such bond when so required by the laws of the State. "In any case in which the laws of a State require that a corporation acting as trustee, executor, administrator, or in any capacity specified in this section, shall take an oath or make an affidavit, the president, vice president, cashier, or trust officer of such national bank may take the necessary oath or execute the necessary affidavit. " I t shall be unlawful for any national banking association to lend any officer, director, or employee any funds held in trust under the powers conferred by this section. Any officer, director, or employee making such loan, or to whom such loan is made, may be fined not more than $5,000 or imprisoned not more than five years, or may be both fined and imprisoned, in the discretion of the court. "In passing upon applications for permission to exercise the powers enumerated in this subsection, the Federal Keserve*Board may take into consideration the amount of capital and surplus of the applying bank, whether or not such capital and surplus is sufficient under the circumstances of the case, the needs of the community to be served, and any other facts and circumstances that sseni to it proper, and may grant or refuse the application accordingly: Provided, That no permit shall be issued to any national banking association having a capital and surplus less than the capital and surplus required by State law of State banks, trust companies, and corporations exercising such powers." SEC. 3. That the ninth paragraph of section sixteen of the Federal reserve act, as amended by the acts approved September seventh, jiineteen hundred and sixteen, and June twenty-first, nineteen hundred and seventeen, be further amended and reenacted so as to read as follows: "In order to furnish suitable notes for circulation as Federal reserve notes, the Comptroller of the Currency shall, under the direction of the Secretary of the Treasury, cause plates and dies to be engraved in the best manner to guard against counterfeits . and fraudulent alterations, and shall have printed therefrom and numbered such quantities of such notes of the denominations of $5, $10, $20, $50, $100, $500, $1,000, $5,000, $10,000 as may be required to supply the Federal reserve banks. Such notes shall be in form and tenor as directed by the Secretary of the Treasury under the provisions of this act and shall bear the distinctive numbers of the several Federal reserve banks through which they are issued." SEC. 4. That paragraphs (b) and (c) of section nineteen of the Federal reserve act, as amended by the acts approved August fifteenth, nineteen hundred and fourteen, and June twenty-first, nineteen hundred and seventeen, be further amended and reenacted to read as follows: "(b) If in a reserve city, as now or hereafter defined, it shall hold and maintain with the Federal reserve bank of its district an actual net balance equal to not less than ten per centum of the aggregate amount of its demand deposits and three per centum of its time deposits: Provided\ however, That if located in the outlying districts of a reserve city or in territory added to such a city by the extension of its corporate charter, it may, upon the affirmative vote of five members of the Federal Keserve Board, hold and maintain the reserve balances specified in paragraph (a) hereof. 166 REPORT OF THE COMPTROLLER OF THE CURRENCY. " (c) If in a central reserve city, as now or hereafter defined, it shall hold and maintain with the Federal reserve bank of its district an actual net balance equal to not less than thirteen per centum of the aggregate amount of its demand deposits and three per centum of its time deposits: Provided, however, That if located in the outlying districts of a central reserve city or in territory added to such city by the extension of its corporate charter, it may, upon the affirmative vote of five members of the Federal Reserve Board, hold and maintain the reserve balances specified in paragraphs (a) or (b) thereof." SEC. 5. That section twenty-two of the Federal reserve act, as amended by the act of June twenty-first, nineteen hundred and seventeen, be further amended and reenacted to read as follows: "(a) No member bank and no officer, director, or employee thereof shall hereafter make any loan or grant any gratuity to any bank examiner. Any bank officer, director, or employee violating this provision shall be deemed guilty of a misdemeanor and shall be imprisoned not.exceeding one year or fined not more than $5,000, or both; and may be fined a further sum equal td the money so loaned or gratuity given. "Any examiner accepting a loan or gratuity from any bank examined by him or from an officer, director, or employee thereof shall be deemed guilty of a misdemeanor and shall be imprisoned one year or fined not more than $5,000, or both, and may be fined a further sum equal to the money so loaned or gratuity given, and shall forever thereafter be disqualified from holding office as a national bank examiner. "(b) No national bank examiner shall perform any other service for compensation while holding such office for any bank or officer, director, or employee thereof. "No examiner, public or private, shall disclose the names of borrowers or the collateral iox loans of a member bank to other than the proper officers of such bank without first having obtained the express permission in writing from the Comptroller of the Currency, or from the board of directors of such bank, except when ordered to do so by a court of competent jurisdiction, or by direction of the Congress of the United States, or of either House thereof, or any committee of Congress, or of either House duly authorized. Any bank examiner violating the provisions of this subsection shall be imprisoned not more than one year or fined not more than $5,000, or both. "(<•) Except as herein provided, any officer, director, employee, or attorney of a member bank who stipulates for or receives^or consents or agrees to receive any fee, commission, gift, or thing of value from any person, firm, or corporation, for procuring or endeavoring to procure for such person, firm, or corporation, or for any other person, firm, or corporation, any loan from or the purchase or discount of any paper, note, draft, check, or bill of exchange by such member bank shall be deemed guilty of a misdemeanor and shall be imprisoned not more than one year or fined not more than $5,000, or both. "(d) Any member bank may contract for, or purchase from, any of its directors or from any firm of which any of its directors is a member, any securities or other property when (and not otherwise) such purchase is made in the regular course of business upon terms not less favorable to the bank than those offered to others, or when such purchase is authorized by a majority of the board of directors not interested in the sale of such securities or property, such authority to be evidenced by the affirmative vote or written assent of such directors: Provided, however, That when any director, or firm of which any director is a member, acting for or on behalf of others, sells securities or other property to a member bank, the Federal Reserve Board, by regulation may, in any or all cases, require a full disclosure to be made, on forms to be prescribed by it, of all commissions or other considerations received, and whenever such director or firm, acting in his or its own behalf, sells securities or other property to the bank the Federal Reserve Board, by regulation, may require a full disclosure of all profit realized from such sale. "Any member bank may sell securities or other property to any of its directors, or to a firm of which any of its directors is a member, in the regular course of business on terms not more favorable to such director or firm than those offered to others, or when such sale is authorized by a majority of the board of directors of a member bank to be evidenced by their affirmative vote or written assent: Provided, however, That nothing in this subsection contained shall be construed as authorizing member banks to purchase or sell securities or other property which such banks are not otherwise authorized by law to purchase or sell. "(e) No member bank shall pay to any director, officer, attorney, or employee a greater rate of interest on the deposits of such director, officer, attorney, or employee than that paid to other depositors on similar deposits with such member bank. " (f) If the directors or officers of any member bank shall knowingly violate or permit any of the agents, officers, or directors of any member bank to violate any of the provisions of this section or regulations of the board made under authority thereof, REPORT OF THE COMPTROLLER OF THE CURRENCY. 167 every director and officer participating in or assenting to such, violation shall be held liable in his personal and individual capacity for all damages which the member bank, its shareholders, or any other persons shall have sustained in consequence of such violation." SEC. 7. That section fifty-two hundred and eight of the Revised Statutes as amended by the act of July twelfth, eighteen hundred and eighty-two, and section fifty-two hundred and nine of the Revised Statutes as amended by the acts of April sixth, eighteen hundred and sixty-nine, and July eighth, eighteen hundred and seventy, be, and the same are hereby, amended and reenacted to read as follows: "SEC. 5208. It shall be unlawful for any officer, director, agent, or employee of any Federal reserve bank, or of any member bank as defined in the act of December twenty-third, nineteen hundred and thirteen, known as the Federal reserve act, to certify any check drawn upon such Federal reserve bank or member bank unless the person, firm, or corporation drawing the check has on deposit with such. Federal reserve bank or member bank, at the time such check is certified, an amount of money not less than the amount specified in such check. Any check so certified by a duly authorized officer, director, agent, or employee shall be a good and valid obligation against such Federal reserve bank or member bank; but the act of any officer, director, agent, or employee of any such Federal reserve bank or member bank in violation of this section shall, in the discretion of the Federal Reserve Board, subject Bueh Federal reserve bank to the penalties imposed by section eleven, subsection (h), of the Federal reserve act, and shall subject such member bank if a national bank to the liabilities and proceedings on the part of the Comptroller of the Currency provided for in section fifty-two hundred and thirty-four, Revised Statutes, and shall, in the discretion of the Federal Reserve Board, subject any other member bank to the penalties imposed by section nine of said Federal reserve act for the violation of any of the provisions of said act. Any officer, director, agent, or employee of any Federal reserve bank or member bank who shall willfully violate the provisions of this section, or who shall resort to any device, or receive any fictitious obligation, directly or collaterally, in order to evade the provisions thereof, or who shall certify a check before the amount thereof shall have been regularly entered to the credit of the drawer upon the books of the bank, shall be deemed guilty of a misdemeanor and shall, on conviction thereof in any district court of the United States, be fined not more than $5,000, or shall be imprisoned for not more than five years, or both, in the discretion of the court. * "SEC. 5209. Any officer, director, agent, or employee of any Federal reserve bank, or of any member bank as defined in the act of December twenty-third, nineteen hundred and thirteen, known as the Federal reserve act, who embezzles, abstracts, or willfully misapplies any of the moneys, funds, or credits of such Federal reserve bank or member bank, or who, without authority from the directors of such Federal reserve bank or member bank, issues or puts in circulation any of the notes of such Federal reserve bank or member bank, or who, without such authority, issues or puts forth any certificate of deposit, draws any order or bill of exchange, makes any acceptance, assigns any note, bond, draft, bill of exchange, mortgage, judgment, or decree, or who makes any false entry in any book, report, or statement of such Federal reserve bank or member bank, with intent in any case to injure or defraud such Federal reserve bank or member bank, or any other company, body politic or corporate, or any individual person, or to deceive any officer of such Federal reserve bank or member bank, or the Comptroller of the Currency, or any agent or examiner appointed to examine the affairs of such Federal reserve bank or member bank, or the Federal Reserve Board; and every receiver of a national banking association who, with like intent to defraud or injure, embezzles, abstracts, purloins, or willfully misapplies any of the moneys, funds, or assets of his trust, and every person who, with like intent, aids or abets any officer, director, agent, employee, or receiver in any violation of this section shall be deemed guilty of a misdemeanor, and upon conviction thereof in any district court of the United States shall be fined not more than $5,000 or shall be imprisoned for not more than five years, or both, in the discretion of the court. ''Any Federal reserve agent, or any agent or employee of such Federal reserve agent, or of the Federal Reserve Board, who embezzles, abstracts, or willfully misapplies any moneys, funds, or securities intrusted to his care, or without complying with or in violation of the provisions of the Federal reserve act, issues or puts in circulation any Federal reserve notes shall be guilty of a misdemeanor and upon conviction in any district court of the United States shall be fined not more than $5,000 or imprisoned for not more than five years, or both, in the discretion of the court." 168 REPORT OF THE COMPTROLLER OF THE CURRENCY. CONSOLIDATION OF NATIONAL BANKS. While section 5223 of the Revised Statutes refers to the consolidation of national banks, the course of procedure in effecting consolidation, is not provided. This defect has been remedied by the act approved November 7, 1918, which reads as follows: Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That any two or more national banking associations located within the same county, city, town, or village may, with the approval of the Comptroller of the Currency, consolidate into one association under the charter of either existing banks, on such terms and conditions as may be lawfully agreed upon by a majority of the board of directors of each association proposing to consolidate, and be ratified and confirmed by the affirmative Vote of the shareholders of each such association owning at least two-thirds of its capital stock outstanding, at a meeting to be held on the call of the directors after publishing notice of the time, place, and object of the meeting, for four consecutive weeks in some newspaper published in the place where the said association is located, and if no newspaper is published in the place, then in a paper published nearest thereto, and after sending such notice to each shareholder of record by registered mail at least ten days prior to said meeting: Provided, That the capital stock of such consolidated association shall not be less than that required under existing law for the organization of a national bank in the place in which it is located: An'd provided further, That when such consolidation shall have been effected and approved by the comptroller any shareholder of either of the associations so consolidated who has not voted for such consolidation may give notice to the directors of the association in which he is interested, within twenty days from the date of the certificate of approval of the comptroller that he dissents from the plan of consolidation as adopted and approved, whereupon he shall be entitled to receive the value of the shares so held by him, to be ascertained by an appraisal made by a committee of three persons, one to be selected by the shareholder, one by the directors, and the third by the two so chosen; and in case the value so fixed shall not be satisfactory to the shareholder, he may, within five days after being notified of the appraisal appeal to the Comptroller of the Currency, who shall cause a reappraisal to be made, which shall be final and binding; and if said reappraisal shall exceed the value fixed by said committee, the bank shall pay the expenses of the reappraisal; otherwise the appellant shall pay said expenses, and the value so ascertained and determined shall be deemed to be a debt due and be forthwith paid to said shareholder from said bank, and the shares so paid shall be surrendered and after due notice sold at public auction, within thirty days after the final appraisement provided for in this act. SEC. 2. That associations consolidating with another association under the provisions of this act shall not be required to deposit lawful money for their outstanding circulation, but their assets and liabilities shall be reported by the association with which they have consolidated. And all the rights, franchises, and interests of the said national bank so consolidated in and to every species of property, personal and mixed, and choses in action thereto belonging, shall be deemed to be transferred to and vested in such national bank into which it is consolidated without any deed or other transfer, and the said consolidated national bank shall hold and enjoy* the same and all rights of property, franchises, and interests in the same manner and to the same extent as was held and enjoyed by the national bank so consolidated therewith. AMERICAN RED CROSS CONTRIBUTIONS. Under date of May; 23, 1918, the following act was approved, authorizing contributions by national banks to the American National Red Cross: Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That during the continuance of the state of war now existing it shall be lawful for any national banking association to contribute to the American National Red Cross, out of any net profits otherwise available under the law for the declaration of dividends, such sum or sums as the directors of said association shall deem expedient. Each association shall report to the Comptroller of the Currency within ten days after the making of any such contribution the amount of such contribution and the amount of net earnings in excess of such contribution. Such report shall be attested by the president or cashier of the association in like manner as the report of the declaration of any dividend. REPORT OF THE COMPTROLLER OF THE. CURRENCY. 169 SEC. 2. That all sums so contributed shall be utilized by the American National Red Cross in furnishing volunteer aid to the sick and wounded of the combatant armies, the voluntary relief of the Army and Navy of the United States, and the relief and mitigation of the suffering caused by the war to the people of the United States and their allied nations. FOURTH LIBERTY BOND ACTS. Two acts were passed by Congress relating to the fourth Liberty loan, the first under date of July 9, and the second September 24, 1918. The second act amends section 5200 of the Kevised Statutes of the United States relating to the limitation of liabilities to any national banking association of any person, etc. The regulations promulgated by the Comptroller of the Currency, with the approval of the Secretary of the Treasury, pursuant to the provisions of this amendment, appear elsewhere in this report. The acts in question follow: FOURTH LIBERTY BOND ACT, JULY 9, 1918. Be it enacted hj the Senate and House of Representatives of the United States of America in Congress assembled\ That section one of the second Liberty bond act, as amended by the third Liberty bond act, is hereby further amended by striking out the figures "$12,000,000,000" and inserting in lieu thereof the figures "$20,000,000,000." SEC. 2. That section two of the second Liberty bond act, as amended by the third Liberty bond act, is hereby further amended by striking out the figures "$5,500,000,000" and inserting in lieu thereof the figures "$7,000,000,000." SEC. 3. That notwithstanding the provisions of the second Liberty bond act, as amended by the third Liberty bond act, or of the War Finance Corporation Act, bonds and certificates of indebtedness of the United States payable in any foreign money or foreign moneys, and bonds of the War Finance Corporation payable in any foreign money or foreign moneys exclusively or in the alternative, shall, if and to the extent expressed in such bonds at the time of their issue, with the approval of the Secretary of the Treasury, while beneficially owned by a nonresident alien individual, or by a foreign corporation, partnership, or association, not engaged in business in the United States, be exempt both as to principal and interest from any and all taxation now or hereafter imposed by the United States, any State, or any of the possessions of the United States, or by any local taxing authority. SEC. 4. That any incorporated bank or trust company designated as a depositary by the Secretary of the Treasury under the authority conferred by section eight of the second Liberty bond act, as amended by the third Liberty bond act, which gives security for such deposits as, and to amounts, by him prescribed, may, upon and subject to such terms and conditions as the Secretary of the Treasury may prescribe, act as a fiscal agent of the United States in connection with the operations of selling and delivering any bonds, certificates of indebtedness, or war savings certificates of the United States. SEC. 5. That the short title of this act shall be "fourth Liberty bond act." FOURTH LIBERTY BOND ACT APPROVED SEPTEMBER 24, 1918. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That until the expiration of two years after the date of the termination of the war between the United States and the Imperial German Government, as fixed by proclamation of the President— (1) The interest on an amount of bonds of the fourth Liberty loan the principal of which does not exceed $30,000, owned by any individual, partnership, association, or corporation, shall be exempt from graduated additional income taxes, commonly known as surtaxes, and excess-profits and war-profits taxes, now or hereafter imposed by^ the United States, upon the income or profits of individuals, partnerships, associations, or corporations; (2) The interest received after January 1, 1918, on an amount of bonds of the first Liberty loan converted, dated either November 15, 1917, or May 9, 1918, the second liberty loan converted and unconverted, and the third Liberty loan the principal of which does not exceed $45,000 in the aggregate, owned by any individual, partner 170 REPORT OF THE COMPTROLLER OF THE CURRENCY. s'lip, association, or corporation, shall b3 exempt from such tax^s: Provided, however} That no owner of such bonds shall be entitled to such exemption in respect to the interest on an aggregate principal amount of such bonds exceeding one and one-half times the principal amount of bonds of the fourth Liberty loan originally subscribed for by such owner and still owned by him at the date of his tax return; and (3) The interest on an amount of bonds the principal of which does not exceed $30,000, owned by any individual, partnership, association, or corporation, issued upon conversion of 34 per centum bonds of the first Liberty loan in the exercise of any privilege arising as a consequence of the issue of bonds of the fourth Liberty loan, shall be exempt from such taxes. ^ . The exemptions provided in this section shall be in addition to the exemption provided in section 7 of the second Liberty bond act in respect to the interest on an amount of bonds and certificates, authorized by such act and amendments thereto, the principal of which does not exceed in the aggregate $5,000, and in addition to all other exemptions provided in the second Liberty bond act. SEC. 2. That section 6 of the second Liberty bond act is hereby amended by striking out the figures "$2,000,000,000" and inserting in lieu thereof the figures "$4,000,000,000." Such section is further amended by striking out the words u The amount of war sayings certificates sold to any one person at any one time shall not exceed $100, and it shall not be lawful for any one person at any one time to hold war savings certificates to an aggregate amount exceeding $1,000," and inserting in lieu thereof the words " I t shall not be lawful for any one person at any one time to hold war savings certificates of any one series to an aggregate amount exceeding $1,000." SEC. 3. That the provisions of section 8 of the second Liberty bond act, as amended by the third Liberty bond act, shall apply to the proceeds arising from the payment of war-profits taxes as well as income and excess-profits taxes. SEC. 4. That the Secretary of the Treasury may, during the war and for two years after its termination, make arrangements in or with foreign countries to stabilize the foreign exchanges and to obtain foreign currencies and credits in such currencies, and he may use any such credits and foreign currencies for the purpose of stabilizing or rectifying the foreign exchanges, and he may designate depositaries in foreign countries with which may be deposited as he may determine all or any part of the avails of any foreign credits or foreign currencies. SEC. 5. That subdivision (b) of section 5 of the trading with the enemy act be ; and hereby is, amended to read as follows: (6) That the President may investigate, regulate, or prohibit, under such rules and regulations as he may prescribe, by means of licenses or otherwise, any transactions in foreign exchange and the export, hoarding, melting, or earmarkings of gold or silver coin or bullion or currency, transfers of credit in any form (other than credits relating solely to transactions to be executed wholly within the United States), and transfers of evidences of indebtedness or of the ownership of property between the United States and any foreign country, whether enemy, ally of enemy, or otherwise, or between residents of one or more foreign countries, by any person within the United States; and, for the purpose of strengthening, sustaining, and.broadening the market for bonds and certificates of indebtedness of the United States, of preventing frauds upon the holders thereof, and of protecting such holders, he may investigate and regulate, by means of licenses or otherwise (until the expiration of two years after the date of the termination of the present war with the Imperial German Government, as fixed by his proclamation), any transactions in such bonds or certificates by or between any person or persons: Provided, That nothing contained in this subdivision (b) shall be construed to confer any power to prohibit the purchase or sale for cash, or for notes eligible for discount at any Federal reserve bank, of bonds or certificates of indebtedness of the United States; and he may require any person engaged in any transaction referred to in this subdivision to furnish, under oath, complete information relative thereto, including the production of any books of account, contracts, letters, or other papers, in connection therewith in the custody or control of such person, either before or after such transaction is completed." SEC. 6. That section 5200 of the Revised Statutes, as amended, be, and hereby is, amended to read as follows: "SEC. 5200. The total liabilities to any association, of any person, or of any company, corporation, or firm for money borrowed, including in the liabilities of a company or firm the liabilities of the several members thereof, shall at no time exceed 10 per centum of the amount of the capital st0ck of such association, actually paid in and unimpaired, and 10 per centum of its unimpaired surplus fund: Provided, however, That (1) the discount of bills of exchange drawn in good faith against actually existing values, (2) the discount of commercial or business paper actually owned by the person, company, corporation, or firm, negotiating the same, and (3) the purchase or discount of any note or notes secured by not less than a like face amount of KEPORT OF THE COMPTROLLER OF THE CURRENCY. 171 bonds of the United States issued since April 24, 1917, or certificates of indebtedness of the United States, shall not be considered as money borrowed within the meaning of this section; but the total liabilities to any association, of any person or of any company, corporation, or firm, upon any note or notes purchased or discounted by such association and secured by such bonds or certificates of indebtedness, shall not exceed (except to the extent permitted by rules and regulations prescribed by the Comptroller of the Currency, with the approval of the Secretary of the Treasury) 10 per centum of such capital stock and surplus fund of such association." SEC. 7. That the short title of this act shall be " Supplement to second Liberty bond act." WAR FINANCE CORPORATION. The following act passed April 5, 1918, provides for the creation of the War Finance Corporation and a committee to be known as the Capital Issues Committee. This act contains an amendment to section 5202 of the Kevised Statutes of the United States, relating to the limit of liabilities of national banking associations and excepting from the limit specified, "liabilities incurred under the provisions of the War Finance Corporation act. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the Secretary of the Treasury and. four additional persona (who shall be the directors first appointed as hereinafter provided) are hereby created a body corporate and politic in deed and in law by the name, style, and title of the "War Finance Corporation" (herein called the Corporation), and shall have succession for a period of ten years: Provided, That in no event shall the Corporation exercise any of the powers conferred by this act, except such as are incidental to the liquidation of its assets and the winding up of its affairs, after six months after the termination of the war, the date of such termination to be fixed by proclamation of the President of the United States. SEC. 2. That the capital stock of the Corporation shall be $500,000,000, all of which shall be subscribed by the United States of America, and such subscription shall be subject to call upon the vote of three-fifths of the board of directors of the Corporation, with the approval of the Secretary of the Treasury, at such time or times as may be deemed advisable; and there is hereby appropriated, out of any money in the Treasury not otherwise appropriated, the sum of $500,000,000, or so much thereof as may be necessary for the purpose of making payment upon such subscription when and as called. Receipts for payments by the United States of America for or on account of such stock shall be issued by the Corporation to the Secretary of the Treasury, and shall be evidence of stock ownership. SEC. 3. That the management of the Corporation shall be vested in a board of directors, consisting of the Secretary of the Treasury, who shall be chairman of the board, and four other persons, to be appointed by the President of the United States, by and with the advice and consent of the Senate. No director, officer, attorney, agent, or employee of the Corporation shall in any manner, directly or indirectly, participate in the determination of any question affecting his personal interests, or the interests of any corporation, partnership, or association, in which he is directly or indirectly interested; and each director shall devote his time, not otherwise required by the business of the United States, principally to the business of the Corporation. Before entering upon his duties, each of the four directors so appointed, and each officer, shall take an oath faithfully to discharge the duties of his office. Nothing contained in this or any other act shall be construed to prevent the appointment as a director of the Corporation of any officer or employee under the United States or of a director of a Federal reserve bank. Of the four directors so appointed, the President of the United States shall designate two to serve for two years and two for four years; and thereafter each director so appointed shall serve for four years. Whenever a vacancy shall occur among the directors so appointed, the person appointed director to fill any such vacancy shall hold office for the unexpired term of the member whose place he is selected to fill. Any director shall be subject to removal by the President of the United States. Three members of the board of directors shall constitute a quorum for the transaction of business. SEC. 4. That the four directors of the Corporation appointed as hereinbefore provided shall receive annual salaries, payable monthly, of $12,000. Any director receiving from the United States any salary or compensation for services shall not receive aa salary from the Corporation any amount which, together with any salary or m 85478°—CUR 1918—VOL 1 12 172 BEPORT OF THE COMPTROLLER OF THE CURRENCY. compensation received from the Ignited States, would make the total amount paid to him by the United States and by the Corporation exceed $12,000. SEC. 5. That the principal office of the Corporation shall be located in the District of Columbia, but there may be established agencies or branch offices in any city or cities of the United States under rules and regulations prescribed by the board of directors. SEC. 6. That the Corporation shall be empowered and authorized to adopt, alter, and use a corporate seal; to make contracts; to purchase or lease and hold or dispose of such real estate as may be necessary for the prosecution of its business; to sue and be sued; to complain and defend in any court of competent jurisdiction, State or Federal; to appoint, by its board of directors, and fix the compensation of such officers, employees, attorneys, and agents as are necessary for the transaction of the business of the Corporation, to define their duties, require bonds of them and fix the penalties thereof, and to dismiss at pleasure such officers, employees, attorneys, and agents; and to prescribe, amend, and repeal, by its board of directors, subject to the approval of the Secretary of the Treasury, by-laws regulating the manner in which its general business may be conducted and the privileges granted to it by law may be exercised and enjoyed, and prescribing the powers and duties of its officers and agents. SEC. 7. That the Corporation shall be empowered and authorized to make advances, upon such terms, not inconsistent herewith, as it may prescribe, for periods not exceeding live years from the respective dates of such advances: (1) To any bank, banker, or trust company, in the United States, which shall have made after April sixth, nineteen hundred and seventeen, and which shall have outstanding any loan or loans to any person, firm, corporation, or association, conducting an established and going business in the United States, whos^operations shall be necessary or contributory to the prosecution of flie war, and evidenced by a note or notes, but no such advance shall exceed seventy-five per centum of the face value of such loan or loans; and (2) To any bank, banker, or trust company, in. the United States, which shall have rendered financial assistance, directly or indirectly, to any such person, firm, corporation, or association by the purchase after April sixth, nineteen hundred and seventeen, of its bonds or other obligations, but no such advance shall exceed seventyfive per centum of the value of such bonds or other obligations at the time of such advance, as estimated and determined by the board of directors of the Corporation. All advances shall be made upon the promissory note or notes of such bank, banker, or trust company, secured by the notes, bonds, or other obligations, which are the basis of any such advance by the Corporation, together with all the securities, if any, which such bank, banker, or trust company may hold as collateral for such notes, bonds, or other obligations. The Corporation shall, however, have power to make advances (a) up to one hun, dred per centum of the face value of any such loan made by any such bank, banker, or trust company to any such person, firm, corporation, or association, and (b) up to one hundred per centum of the value at the time of any such advance (as estimated and determined by the board of directors of the Corporation) of such bonds or other obligations by the purchase of which financial assistance shall have been rendered to such person, firm, corporation, or association: Providedy That every such advance shall be secured in the manner described in the preceding part of this section, and in addition thereto by collateral security, to be furnished by the bank, banker, or trust company, of sucn character as shall be prescribed by the board of directors, of a value, at the time of such advance (as estimated and determined by the board of directors of the Corporation), equal to at least thirty-three per centum of the amount advanced by the Corporation. The Corporation shall retain power to require additional security at any time. SEC. 8. That the Corporation shall be empowered and authorized to make advances from time to time, upon such terms, not inconsistent herewith, as it may prescribe, for periods not exceeding one year, to any savings bank, banking institution, or trust company, in the United States, which receives savings deposits, or to any building and loan association in the United States, on the promissory note or notes of the borrowing institution, whenever the Corporation shall deem such advances to be necessary or contributory to the prosecution of the war or important in the public interest: Provided, That such note or notes shall be secured by the pledge of securities of such character as shall be prescribed by the board of directors of the Corporation, the value of which, at the time of such advance (as estimated and determined by the board of directors of the Corporation) shall be equal in amount to at least one hundred and thirty-three per centum of the amount of Buch advance. The rate of interest charged on any such advance shall not be Ies3 thai^one per centum per annum in excess of the rate of discount for ninety-day commercial paper prevailing at the time of such advance at the Federal reserve bank of the district in which the b o ^ w EEPOET OF THE COMPTROLLER OE THE CURRENCY. 173 ing institution ia located, but such rate of nterest shall in no case be greater than the average rate receivable by the borrowing institution on its loans and investments made during the six months prior to the date of the advance, except that where the average rate so receivable by the borrowing institution is less than such rate of discount for ninety-day commercial paper the rate of interest on such advance shall be equal to such rate of discount. The Corporation shall retain power to require additional security at any time. SEC. 9. That the Corporation shall be empowered and authorized, in exceptional cases, to make advances directly to any person, firm, corporation, or association, conducting an established and going business in the United States, whose operations shall be necessary or contributory to the prosecution of the war (but only for the purpose of conducting such business in the United States and only when in the opinion of the board of directors of the Corporation such person, firm, corporation, or association is unable to obtain funds upon reasonable terms through banking channels or from the general public), for periods not exceeding five years from the respective dates of such advances, upon such terms, and subject to such rules and regulations as may be prescribed by the board of directors of the Corporation. In no case shall the aggregate amount of the advances made under this section exceed at any one time an amount equal to twelve and one-half per centum of the sum of (1) the authorized capital stock of the Corporation plus (2) the aggregate amount of bonds of the Corporation authorized to be outstanding at any one time when the capital stock is fully paid in. Every such advance shall be secured by adequate security of such character as shall be prescribed by the board of directors of a value at the timo of such advance (as estimated and determined by the board of directors), equal to (except in case of an advance made to a railroad in the possession and control of the President, for the purpose of making additions, betterments or road extensions to such railroad) at least one hundred and twenty-five per centum of the amount advanced by the Corporation. The Corporation shall retain power to require additional security at any time. The rate of interest charged on any such advance shall not be less than one per centum per annum in excess of the rate of discount for ninety-day commercial j>aper prevailing at the time of such advance at the Federal reserve bank of the district in which the borrower is located. SEC. 10. That in no case shall the aggregate amount of the advances made under this title to any one person, firm, corporation, or association exceed at any one time an amount equal to ten per centum of the authorized capital stock of the Corporation, but this section shall not apply in the case of an advance made to a railroad in the possession and control of the President, for the purpose of making additions, betterments or road extensions to such railroad. SEC. 11. That the Corporation shall be empowered and authorized to subscribe for, acquire, and own, buy, sell, and deal in bonds and obligations of the United States issued or converted after September twenty-fourth, nineteen hundred and seventeen, to such extent as the board of directors, with the approval of the Secretary of the Treasury, may from time to time determine. SEC. 12. That the Corporation shall be empowered and authorized to issue and have outstanding at any one time its bonds in an amount aggregating not more than six times its paid-in capital, such bonds to mature not less than one year nor more than five years from the respective dates of issue, and to bear such rate or rates of interest, and may be redeemable before maturity at the option of the Corporation, as may be determined by the board of directors, but such rate or rates of interest shall be subject to the approval of the Secretary of the Treasury. Such bonds shall have a first and paramount floating charge on all the assets of the Corporation, and the Corporation shall not at any time mortgage or pledge any of its assets. Such bonds may be issued at not less than par in payment of any advances authorized by this title, or may be offered for sale publicly or to any individual, firm, corporation, or association, at such price or prices as the board o,f directors, with the approval of the Secretary* of the Treasury, may'determine. Upon such terms not inconsistent herewith as may be determined from time to time by the board of directors, with the approval of the Secretary of the Treasury, at or before the issue thereof, any of such bonds may be issued payable in any foreign money or foreign moneys, or issued payable at the option of the respective holders thereof either in dollars or in any foreign money or foreign moneys at such fixed rate of exchange as may be stated in any such bonds. For the purpose of determining the amount of bonds issued payable in any foreign money or foreign moneys the dollar equivalent shall be determined by the par of exchange at the date of issue thereof, ag estimated fry the Director of the Mint and proclaimed by the Secretary of the Treasury in pursuance of the provisions of section twenty-five*of the Act entitled "An act to reduce taxation, to provide revenue for the Government, and for other purposes,>! approved August twenty-seventh, eighteen hundred and ninety-four. 174 REPORT OF THE COMPTROLLER OF THE CURRENCY. SEC. 13. That the Federal reserve banks shall be authorized, subject to the maturity limitations of the Federal reserve act and to regulations of the Federal Reserve Board, to discount the direct obligations of member banks secured by such bonds of the Corporation and to rediscount eligible paper secured by such bonds and indorsed by a member bank. No discount or rediscount under this section shall be granted at a less interest charge than one per centum per annum above the prevailing rates for eligible commercial paper of corresponding maturity. Any Federal reserve bank may, with the approval of the Federal [Reserve Board, use any obligation or paper so acquired for any purpose for which it is authorized to use obligations or paper secured by bonds or notes of the United States not bearing the circulation privilege: Provided, however, That whenever Federal reserve notes are issued against the security of such obligations or paper the Federal Reserve Board may make a special interest charge on such notes, which, in the discretion of the Federal Reserve Board, need not be applicable to other Federal reserve notes which may from time to time be issued and outstanding. All provisions of law, not inconsistent herewith, in respect to the acquisition by any Federal reserve bank of obligations or paper secured by such bonds or notes of the United States, and in respect to Federal reserve notes issued against the security of such obligations or paper, shall extend, in so far as applicable, to the acquisition of obligations or paper secured by the bonds of the Corporation and to the Federal reserve notes issued against the security of such obligations or paper. SEC. 14. That the Corporation shall not exercise any of the powers granted by thia title or perform any business except such as is incidental and necessarily preliminary to its organization until it has been authorized by the President of the United States to commence business under the provisions of this title. SEC. 15. That all net earnings of the Corporation not required for its operations shall be accumulated as a reserve fund until such time as the Corporation liquidates under the terms of this title. Such reserve fund shall, upon the direction of the board of directors, with the approval of the Secretary of the Treasury, be invested in bonds and obligations of the United States, issued or converted after September twenty-fourth, nineteen hundred and seventeen, or upon like direction and approval may be deposited in member banks of the Federal Reserve System, or in any of the Federal reserve banks, or be used from time to time, as well as any other funds of the- Corporation, in the purchase or redemption of any bonds issued by the Corporation. The Federal reserve banks are hereby authorized to act as depositaries for and as fiscal agents of the Corporation in the general performance of the powers conferred by this title. Beginning six months after the termination of the war, the date of such termination to be fixed by a proclamation of the President of the United States, the directors of the Corporation shall proceed to liquidate its assets and to wind up its affairs, but the directors of the Corporation, in their discretion, may, from time to time, prior to such date, sell and dispose of any securities or other property acquired by the Corporation. Any balance remaining after the payment of all its debts shall be paid into the Treasury of the United States as miscellaneous receipts, and thereupon the Corporation shall be dissolved. SEC. 16. That any and all bonds issued by the Corporation shall be exempt, both as to principal and interest, from all taxation now or hereafter imposed by the United States, any State, or any of the possessions of the United States, or by any local taxing authority, except (a) estate or inheritance taxes', and (b) graduated additional income taxes, commonly known as surtaxes, and excess-profits and war-profits taxes, now or hereafter imposed by the United States, upon the income or profits of individuals, partnerships, corporations, or associations. The interest on an amount of such bonds the principal of which does not exceed in the aggregate $5,000, owned by any individual, partnership, corporation, or association, shall be exempt from the taxes referred to in clause (b). The Corporation, including its franchise and the capital and reserve or surplus thereof, and the income derived therefrom, shall be exempt from all taxation now or hereafter imposed by the United States, any State, or any of the possessions of the United States, or by any local taxing authority, except that any real property of the Corporation shall be subject to State, county, or municipal taxes to the same extent, according to its value, as other real property is taxed. SEC. 17. That the United States shall not be liable for the payment of any bond or other obligation or the interest thereon issued or incurred by the Corporation, nor shall it incur any liability in respect of any act or omission of the Corporation. SEC. 18. That whoever (1) makes any statement, knowing it to be false, for the purpose of obtaining for himself or for any other person, firm, corporation, or association any; advance under this title, shall be punished by a fine of not more than $10,000, or by imprisonment for not more than five years, or both. BEPORT OF THE COMPTROLLER OF THE CURRENCY. 175 Whoever willfully overvalues any security by which any such advance is secured, ehall be punished by a fine of not more than $5,000, or by imprisonment for not more than two years, or both. Whoever (1) falsely makes, forges, or counterfeits any bond, coupon, or paper in imitation of or purporting to be in imitation of a bond or coupon issued by the Corporation; or (2) passes, utters, or publishes, or attempts to pass, utter, or publish, any false, forged, or counterfeited bond, coupon, or paper purporting to be issued by the Corporation, knowing the same to be falsely made, forged, or counterfeited; or (3) falsely alters any such bond, coupon, or paper; or (4) passes, utters, or publishes as true any falsely altered or spurious bond, coupon, or paper issued or purporting to have been issued by the Corporation, knowing the same to be falsely altered or spurious, shall be punished by a fine of not more than $10,000, or by imprisonment for not more than five years, or both. Whoever, being connected in any capacity with the Corporation, (1) embezzles, abstracts, or willfully misapplies any moneys, funds, or credits thereof, or (2) with intent to defraud the Corporation or any other company, body politic or corporate, or anyindividual, or to deceive any officer of the Corporation, (a) makes any false entry in any book, report, or statement of the Corporation, or (b) without authority from the directors draws any order or assigns any note, bond, draft, mortgage, judgment, or decree thereof, shall be punished by a fine of not more than $10,000, or by imprisonment for not more than five years, or both. The Secretary of the Treasury is hereby authorized to direct and use the Secret Service Division of the Treasury Department to detect, arrest, and deliver into custody of the United States marshal having jurisdiction any person committing any of the offenses punishable under this section. SEC. 19. That the Corporation shall file quarterly reports with the Secretary of the Senate and with the Clerk of the House of Representatives, stating as of the first day of each month of the quarter just ended (1) the total amount of capital paid in, (2) the total amount of bonds issued, (3) the total amount of bonds outstanding, (4) the total amount of advances made under each of sections seven, eight, and nine, (5) a list of the classes and amount of securities taken under each of such sections, (6) the total amount of advances outstanding under each of sections seven, eight, and nine, and (7) such other information as may be hereafter required by either House of Congress. The Corporation shall make a report to Congress on the first day of each regular session, including a detailed statement of receipts and expenditures. SEC. 20. Section fifty-two hundred and two of the Revised Statutes of the United States is hereby amended so as to read as follows: "SEC. 5202. No national banking association shall at any time be indebted, or in aity way liable, to an amount exceeding the amount of its capital stock at such time actually paid in and remaining undiminished by losses or otherwise, except on account of demands of the nature following: '' First. Notes of circulation. "Second. Moneys deposited with or collected by the association. "Third. Bills of exchange or drafts drawn against money actually on deposit to the credit of the association, or due thereto. "Fourth. Liabilities to the stockholders of the association or dividends and reserve profits. "Fifth. Liabilities incurred under the provisions of the Federal reserve act. "Sixth. Liabilities incurred under the provisions of the War Finance Corporation act." TITLE II.—CAPITAL ISSUES COMMITTEE. SEC. 200. That there is hereby created a committee to be known as the "Capital Issues Committee," hereinafter called the Committee, and to be composed of seven members to be appointed by the President of the United States, by and with the advice and consent of the Senate. At least three of the members shall be members of the Federal Reserve Board. No member, officer, attorney, agent, or employee of the Committee shall in any manner, directly or indirectly, participate in the determination of any question affecting his personal interests, or the interest of any corporation, partnership, or association in which he is directly or indirectly interested. Before entering upon his duties, each member and officer-shall take an oath faithfully to discharge the duties of his office. Nothing contained in this or any other act shall be construed to prevent the appointment as a member of the Committee, of any officer or employee under the United States or of a director of a Federal reserve bank. The terms during which the several members of the Committee shall respectively hold office shall be determined by the President of the United States, and the com 176 REPORT OF THE COMPTROLLER OF THE CURRENCY. pensation of the several members of the Committee who are not members of the Federal Reserve Board shall be $7,500 per annum, payable monthly, but if any such member receives any other compensation from any office or employment under the United States the amount so received shall be deducted from such salary, and if such other compensation is $7,500 or more, such member shall receive no salary as a member of the Committee. Any member shall be subject to removal by the President of the United States. The President shall designate one of the members as chairman, but any subsequent vacancy in the chairmanship shall be filled by the Committee. Four members of the Committee shall constitute a quorum for the transaction of business. SEC. 201. That the Committee may employ and fix the compensation of such officers, attorneys, agents, and other employees as may be deemed necessary to conduct its business, who shall be appointed without regard to the provisions of the act entitled "An act to regulate and improve the civil service of the United States," approved January sixteenth, eighteen hundred and eighty-three (volume twenty-two, United States Statutes at Large, page four hundred and three), and amendments thereto or any rules or regulations made in pursuance thereof. No such officer, attorney, agent, or employee shall receive more compensation than persons performing services of like or similar character under the Federal Reserve Board. SEC. 202. That all the expenses of the Committee, including all necessary expenses for transportation incurred by the members or by its officers, attorneys, agents, or employees under its orders in making an investigation or upon official business in any other places than at their respective headquarters, shall be allowed and paid on the presentation of itemized vouchers therefor approved by the chairman. The Committee may rent suitable offices for its use, and purchase such furniture, equipment, and supplies as may be necessary, but shall not expend more than $10,000 annually for offices m the District of Columbia. The principal office of the Committee shall be in the District of Columbia, but it may meet and exercise all its powers at any other place. The Committee may, by one or more of its members, or by such agents as it may designate, prosecute any inquiry necessary to its duties in any part of the United States. SEC. 203. That the Committee may, under rules and regulations to be prescribed by it from time to time, investigate, pass upon, and determine whether it is compatible with the national interest that there should be sold or offered for sale or for subscription any issue, or any part of-any issue, of securities hereafter issued by any person, firm, corporation, or association, the total or aggregate par or face value of which issue and any other securities issued by the same person, firm, corporation, or association since the passage of this Act is in excess of $100,000. Shares of stock of any corporation or association without nominal or par value shall for the purpose of this section be deemed to be of the par value of $100 each. Any securities which upon the date of the passage of this Act are in the possession or control of the corporation, association, or obligor issuing the same shall be deemed to have been issued after the passage of thiy act within the meaning hereof. Nothing in this title shall be construed to authorize such Committee to pass upon (1) any borrowing by any person, firm, corporation, or association in the ordinary course of business as distinguished from borrowing for capital purposes, (2) the renewing or refunding of indebtedness existing at the time of the passage of this Act, (3) the resale of any securities the sale or offering of which the Committee has determined to be compatible with the national interest, (4) any securities issued by any railroad corporation the property of which may be in the possession and control of the President of the United States, or (5) any bonds issued by the War Finance Corporation. Nothing done or omitted by the Committee hereunder shall be construed as carrying the approval of the Committee or of the United States of the legality, validity, worth, or security of any securities*. SEC. 204. That there is hereby appropriated out of any money in the Treasury not otherwise appropriated, for the remainder of the fiscal year ending June thirtieth, nineteen hundred and eighteen, and the fiscal year ending June thirtieth, nineteen hundred and nineteen, the sum of $200,000 for the purpose of defraying the expenses of the establishment and maintenance of the Committee, including the payment of the salaries and rents herein authorized. SEC. 205. That the Committee shall make a report to Congress on the first day of each regular session, including a detailed statement of receipts and expenditures, and also including the names of all officers and employees and the salary paid to each. SEC. 206. That this title shall continue in effect until, but not after, the expiration of six months after the termination of the war, the date of such termination to be determined by a proclamation of the President of the United States, but the President may at any time by proclamation declare that this title is no longer necessary, and thereupon it shall cease to be in effect. EEPOBT OF THE COMPTOOLLEB 01? THE CUBEEKCY. 177 TITLE III.—MISCELLANEOUS. SEC. 300. That whoever willfully violates any of the provisions of this act, except where a different penalty is provided in this act, shall, upon conviction in any court of the United States of competent jurisdiction, bo fined not more than $10,000 or imprisonment for not more than one year, or both; and whoever knowingly participates in any such violation, except where a different penalty is provided in. this act, shall be punished by a like fine or imprisonemnt, or both. SEC. 301. That no stamp tax shall be required or imposed upon a promissory note secured by the pledge of bonds or obligations of the United States issued after April twenty-fourth, nineteen hundred and seventeen, or secured by the pledge of a promissory note which itself is secured by the pledge of such bonds or obligations: Provided, That in either case the par value of sucli bonds or obligations shall equal the amount of such note. SEC. 302. That if any clause, sentence, paragraph, or part of this act shall, for any reason, be adjudged by any court of competent jurisdiction to be invalid., or, in case any court of competent jurisdiction shall adjudge to be invalid any provisions hereof in respect of any class or classes of securities, such judgment shall not affect, impair, or invalidate the remainder of this act, but shall be confined in its operation to the clause, sentence, paragraph, "part, or subject matter of this act directly involved in the controversy in which such judgment shall have been rendered. SEC. 303. That the term "securities," as used in this act, includes stocks, shares of stock, bonds, debentures, notes, certificates of indebtedness, and other obligations. SEC. 304. That the right to amend, alter, or repeal this act is hereby expressly reserved. SEC/305. That the short title of this act shall be the "War Finance Corporation act," SEC. 306. That all provisions of any act or acts inconsistent with the provisions o£ this act are hereby repealed. CONSERVATION OF THE GOLD SUPPLY. The following measure approved April 23,1918, is an act to conserve the gold supply, to permit settlement in silver of adverse trade balances, to provide silver for subsidiary coinage, to assist foreign Governments and for these purposes to stabilize the price and encourage the production of silver. Under this act the Secretary of the Treasury is authorized to melt or break up, and sell as bullion, not in excess of 350,000,000 standard dollars, and in order that there may be no contraction of the currency, it authorizes Federal reserve banks to issue Federal reserve notes to an amount not exceeding the amount of the standard silver dollars sold as bullion, upon deposit, as security for said notes, United States certificates of indebtedness, or one-year gold Treasury notes. Provision is made for the tax on these notes and also that tne notes shall be subject to all existing provisions of law relating to Federal reserve bank notes secured by United States bonds. The act follows: Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the Secretary of the Treasury is hereby authorized, from time to time to melt or break up and to sell as bullion not in excess of three hundred and fifty million standard silver dollars now or hereafter held in the Treasury of the United States. Any silver certificates which may be outstanding against such standard silver dollars so melted or broken up shall be retired at the rate of $1 face amount of such certificates for each standard, silver dollar so melted or broken up. Sales of such bullion shall be made at such prices not less than $1 per ounce of silver one thousand fine and upon such terms as shall be established from time to time by the Secretary of the Treasury. SEC. 2. That upon every such sale of bullion from time to time the Secretary of the Treasury shall immediately direct the Director of the Mint to purchase in the United States, of the product of mines situated in the United States and of reduction works so located, an amount of silver equal to three hundred and seventy-one and twentyfive hundredths grains of pure silver in respect of every standard silver dollar so melted 178 EEPORT OF THE COMPTROLLEE OF THE CURRENCY. or broken up and sold as bullion. Such purchases shall be made in accordance with the then existing regulations of the mint and at the fixed price of $1 j>er ounce of silver one thousand fine, delivered at the option of the Director of the Mint at New York, Philadelphia, Denver, or San Francisco. Such silver so purchased may be resold for any of the purposes hereinafter specified in section three of this act, under rules and regulations to be established by the Secretary of the Treasury, and any excess of such silver so purchased over and above the requirements for such purposes, shall be coined into standard, silver dollars or held for the purpose of such coinage, and silver certificates shall be issued to the amount of such coinage. The net amount of silver so purchased, after making allowance for all resales, shall not exceed at any one time the amount needed to coin an aggregate number of standard silver dollars equal to the aggregate number of standard silver dollars theretofore melted or broken up and sold as bullion under the provisions of this act, but such purchases of silver shall continue until the net amount of silver so purchased, after making allowance for all resales, shall be sufficient to coin therefrom an aggregate number of standard silver dollars equal to the aggregate number of standard silver dollars theretofore so melted or broken up and sold as bullion. SEC. 3. That sales of silver bullion under authority of this act may be made for the purpose of conserving the existing stock of gold in the United States, of facilitating the settlement in silver of trade balances adverse to the United States, of providing silver for subsidiary coinage and for commercial use, and of assisting foreign governments at war with the enemies of the United States. The allocation of any silver to the Director of the Mint for subsidiary coinage shall, for the purposes of this act, be regarded as a sale or resale. SEC. 4. That the Secretary of the Treasury is authorized from any moneys in the Treasury not otherwise appropriated-, to reimburse the Treasurer of the United States for the difference between the nominal or face value of all standard silver dollars so melted or broken up and the value of the silver bullion, at $1 per ounce of silver one thousand fine, resulting from the melting or breaking up of such standard silver dollars. SEC. 5. That in order to prevent contraction of the currency, the Federal reserve banks may be either permitted or required by the Federal Reserve Board, at the request of the Secretary of the Treasury, to issue Federal reserve bank notes, in any denominations (including denominations of $1 and $2) authorized by the Federal Reserve Board, in an aggregate amount not exceeding the amount of standard silver dollars melted or broken up and sold as bullion under authority of this act, upon deposit as provided by law with the Treasurer of the United States as security therefor, of United States certificates of indebtedness, or of United States one-year gold notes. The Secretary of the Treasury may, at his option,' extend the time of payment of any maturing United States certificates of indebtedness deposited aa security for such Federal reserve bank notes for any period not exceeding one year at any one extension and may, at his option, pay such certificates of indebtedness prior to maturity, whether or not so extended. The deposit of United States certificates of indebtedness by Federal reserve banks as security for Federal reserve bank notes under authority of this act shall be deemed to constitute an agreement on the part of the Federal reserve bank making such deposit that the Secretary of the Treasury may^ so extend the time of payment of such certificates of indebtedness beyond the original maturity date or beyond any maturity date to whieh such certificates of indebtedness may have been extended, and that the Secretary of the Treasury may pay such certificates in advance of maturity, whether or not so extended. SEC. 6. That as and when standard silver dollars shall be coined out of bullion purchased under authority of this act, the Federal reserve banks shall be required by the Federal Reserve Board to retire Federal reserve bank notes issued under authority of section five of this act, if then outstanding, in an amount equal to the amount of standard silver dollars so coined, and the Secretary of the Treasury shall pay off and cancel any United States certificates of indebtedness deposited as security for Federal reserve bank notes so retired. Sec. 7. That the tax on any Federal reserve bank notes issued under authority of this act, secured by the deposit of United States certificates of indebtedness or United States one-year gold notes, shall be so adjusted that the net return on such certificates of indebtedness, or such one-year gold notes, calculated on the face value thereof, shall be equal to the net return on United States two per cent bonds, used to secure Federal reserve bank notes, after deducting the amount of the tax upon such Federal reserve bank notes so secured. SEC. 8. That except as herein provided, Federal reserve bank notes issued under authority of this act shall be subject to all existing provisions of law relating to Federal reserve bank notes. SEC. 9. That the provisions of Title VII of an a^t approved June fifteenth, nineteen hundred and seventeen, entitled "An act to punish acts of interference with the for- REPORT OF THE COMPTROT.LEB OF THE CURBEITCY. 179 eign relations, the neutrality, and the foreign commerce of the United States, tc punish espionage, and better to enforce the criminal laws of the United States, and for other purposes," and the powers conferred upon the President by subsection (b) of section five of an act approved October sixth, nineteen hundred and seventeen, known as the "Trading with the enemy act," shall, in so far as applicable to the e?iportation from or shipment from or taking out of the United States of silver coin or silver bullion, continue until the net amount of silver required by section two of this act shall have been purchased as therein provided. CIVIL RIGHTS OF MEMBERS OF THE MILITARY AND NAVAL ESTABLISHMENTS. Under date of March 8, 1918, an act cited as "The soldiers and sailors civil relief act," was approved. * Under this act protection is extended to persons in the Military and Naval Establishments in order to prevent prejudice or injury to their civil rights during their term of service, and relates to rents, installment contracts, mortgages, insurance, taxes, and public lands. The following paragraph relating to stays, postponement, or suspension of proceedings applicable to sureties, guarantors, indorsers, etc., is of special interest to bankers: Whenever pursuant to any provisions of this act the enforcement of any obligation or liability, the prosecution of any suit or j>roceeding, the entry or enforcement of any order, writ, judgment or decree, or the performance of any other act, may be stayed, postponed, or suspended, such stay, postponement, or suspension may, in the discretion of the court, likewise be granted to sureties, guarantors, indorsers and others subject to the obligation or liability, the performance or enforcement of which is stayed, postponed, or suspended. When a judgment or decree is vacated or set aside in whole or in part, as provided in this act, the same may, in the discretion of the court, likewise be set aside and vacated as to any surety, guarantor, indorser, or other person liable upon the contract or liability for the enforcement of which the judgment or decree was entered. EXHIBIT D. Liberty loan bonds, 3\ and 4 per cent, owned; amount held as collateral for loans; and amount of money loaned on the security of such bonds, as shown by the reports of con. dition made by national banks for the close of business on Dec. 31, 1917. [In thousands of dollars.] Cities and States. Amount of Net amount of Net amount of Amount of 3i money loaned 3J per cent 4 per cent and 4 per cent by banks on Liberty bonds Liberty bonds Liberty bonds thesecuritvof owned by owned by held by banks 3J and 4 per banks on this banks on this as collateral cent Liberty date. date. for loans. bonds. CENTRAL RESERVE CITIES. 33,900 1,412 65 40,108 3,662 2,892 158,822 11,921 4,840 143,380 10,753 4,121 35,377 46,662 175,583 158,254 Boston '. 4,090 2,601 33,900 30,917 Albany 300 2,109 944 186 838 766 9,504 16,398 1,001 3,830 1,626 23,227 7,794 5,000 1,983 1,476 20,467 6,272 4,181 1,357 4,377 31,499 39,630 33,753 New York Chicago . . . . St Louis Total OTHER RESERVE CITJES. (New England States.) Pittsburgh Baltimore . . . . . . . . . . Washington Eastern States 180 EEPORT OF THE COMPTROLLER OF THE CURRENCY. Liberty loan bonds, 3\ and 4 per cent, owned; amount held as collateral for loans; and amount of money loaned on the security of such bonds, as shown by the reports of condition made by national banks for the dose of business on Dec. 31, 1917—Continued. [In thousands of dollars.] Cities and States. Amount of Net amount of Net amount of Amount of 3$ money loaned Z\ percent 4 per cent and 4 per cent by bank*; on Liberty bonds Liberty bonds liberty bonds thesecuritv of owned byowned by held by banks 3 | and 4 per banks on this banks on this as collateral cent Liberty date. date. for loans. bonds. OTHER RESERVE CITIES—continued. Richmond Charleston Atlanta Savannah.... Birmingham. New Orleans. Dallas... Fort Worth.., Galveston Houston San Antonio.. Waco Louisville.... Chattanooga.. Nashville 118 115 380 3,713 745 1,014 6 166 607 1,831 922 12 883 389 65 1,026 225 143 3,819 712 49S 5 145 587 1,464 916 11 722 372 536 438 222 2,946 1,344 1,613 136 836 1,607 2,327 1,851 90 1,337 1,717 348 2,429 1,526 1,547 Southern States.. Cincinnati Cleveland Columbus Indianapolis Detroit Milwaukee Minneapolis St. Paul Cedar Rapids Des Monies Dubuque Sioux City Kansas City, Mo. St. Joseph 3,610 21,654 11,747 10,502 183 559 332 424 1,012 339 99 725 13 33 36 235 198 24 523 5,394 1,767 721 427 971 836 2,224 565 246 300 631 2,301 938 8,041 4,681 1,172 733 2,948 8,037 1,084 647 562 259 3 226 180 120 7,288 4,174 1,035 048 2,347 4,409 952 253 527 252 1 347 331 208 Middle Western States., Lincoln Omaha Kansas City, Kans. Topeka Wichita Denver Pueblo Muskogee Oklahoma City Tulsa 4,212 17,844 28,693 22,772 102 1,141 142 4 35 390 4 72 72 510 1,758 357 111 405 769 73 535 745 442 150 401 25 24 6 745 50 1 3 528 144 390 160 16 5 694 36 1 3 463 Western States. Seattle Spokane Tacoma Portland Los Angeles.... San Francisco.. Salt Lake City. Ogden 2,190 5,705 1,933 Pacific States 138 216 175 336 3% 11 0 • ' • 213 131 1,912 — :.'...• 256 163 1 285 528 1,420 100 139 627 653 305 1,520 1,739 1,813 696 372 107 67 1 439 1,461 3,906 382 25 -—: 54 61 1 377 1,308 2,725 236 29 2,892 7,725 6,388 4,791 Total, other reserve cities.. 21,371 87,028 122,291 1047647 Total, all reserve cities 56,748 133,690 297,874 BEPOET OF THE COMPTKOLLEE OF THE CUEBENCY. 181 Liberty loan bonds, 3\ and 4 per cent, owned; amount held as collateral for loans; and amount of money loaned on the security of such bonds, as shown by the reports of condition made by national banks for the dose of business on Dec. SI, 1917—Continued. [In thousands of dollars.] A m o n t of Net amount oi Net amount of A m o u n t of 3£ moneyuloano I 4 per cent a n d 4 per cent 3£ per cent b y banks on Liberty bonDs Liberty bonds Liberty bonds t h e security oi owned by held b y banks owned b y 3 | a n d 4 petbanks on this as collateral banks on this cent Liberty date. for loans. date. bonds. Cities and States. COUNTRY BANKS. Maine New Hampshire Vermont Rhode Island Connecticut 16,353 23,704 22,056 3,452 3,065 7,017 107 368 30,905 10,112 35,314 406 3,259 29,856 9,531 3,538 57 422 28,481 7,757 3,732 39 379 14,009 79,995 43,404 40,388 529 717 525 619 640 1,187 653 619 388 2,214 602 653 552 5,985 5,370 4 S83 3,302 1, 745 2,355 2 314 1,826 1,703 8 032 2^804 3 974 4,075 1,923 1,533 1 698 666 278 405 315 252 115 1 282 222 1 075 266 1,728 1,349 1 035 618 183 276 108 301 112 1 371 • 179 1 021 "268 9,898 48,368 9,830 8,552 2,705 1,104 2 412 1 046 942 803 1,576 331 13,804 12,765 18 682 5,146 6,205 3 726 7,793 2,617 3,481 831 1 491 3 810 1,152 917 2,221 138 3,424 763 1 6Q9 3,811 1,005 1,045 2,478 135 10,919 70,738 14,041 14,420 230 367 687 778 639 271 533 208 1,168 1 747 2,117 3 525 5 307 2,363 817 1 839 337 5,627 408 400 253 152 367 61 441 68 493 425 302 319 4,881 23,679 2,643 2,731 707 275 1,826 905 54 123 114 2,313 2 062 7,508 1,940 232 379 570 359 919 3,767 185 50 69 183 2,107 180 49 51 12 J New York New Jersey Pennsylvania . . . D e l a w a r e .. . . . . • Total Eastern States Virginia West Virginia Ncrth Carolina South Carolina Georgia Florida . . Alabama Mississippi Louisiana Texas ^rkansos Kentucky Tennessee .. Total Southern States Ohio Indiana Illinois Michigan Wisconsin Minnesota Iowa Missouri Total Middle Western States North Dakota South Dakota Nebraska Kansas Montana Wyoming Colorado New Mexico Oklahoma Total Western States Washington Oregon California Idaho Utah Nevada Arizona 521 701 1,429 1,799 980 7,383 984 3,778 6,. 381 . Total New England States Maryland 641 730 695 12,890 2,096 6,652 189 862 176 3,608 677 .. 12,439 1,852 5,960 266 4S 371 60 302 Total Pacific States 4,004 15,004 5,532 3,650 Total country banks 50,092 254,137 99,154 91,797 106,8-10 387,827 397,028 354,698 Total all banks 182 REPORT OF THE COMPTROLLER OF THE CURRENCY. Liberty loan bonds, S\ and 4 per cent, owned; amount held as collateral for loans; and amount of money loaned on the security of such bonds, as shown by the reports of condition made by national banks for the dose of business on Dec. 31% 1917—Continued. RECAPITULATION. [In thousands of dollars.] Amount of Net amount of Net amount of Amount of 3i money loaned Zh per cent 4 per cent and 4 per cent by banks on Liberty bonds Liberty bonds Liberty bonds the security of owned by owned by held by banks 3 | and 4 per banks on this banks on this as collateral cent Liberty date. date. for loans. bonds. Cities and States. New England States: Reserve city . ... Country banks Total 4,090 6,381 2,601 10,353 33,600 23,704 30,917 22,056 10,471 18,954 57,604 52,973 Eastern States: Central reserve city Other reserve cities Country banks 33,900 4,377 14,009 40,108 31,499 79,995 158,822 39,630 43,404 143,380 33,753 40,388 52,286 151,602 241,856 -217,521 3,610 9,898 21,654 48,308 11,747 9,830 10,502 8,552 13,508 70,022 21,577 19,054 1,477 4,212 10,919 6,554 17,844 70,738 16,761 28,693 14,041 14,874 22,772 14,420 16,608 95,136 59,495 52,066 2,190 4,881 7,071 5,705 23,679 1,933 2,643 1,912 2,731 29,384 4,576 4,643 2,892 4,004 7,725 15,004 6,388 5,532 4,791 3,650 Total Southern States: Reserve cities Country banks Total Middle Western States: Central reserve cities Other reserve cities Country banks Total Western States: Reserve cities Country banks Total Pacific States: Country banks Total . .. Total, United States . .- 6,896 22,729 106,840 387,827 35,377 21,371 50,092 106,840 11,920 8,441 397,028 354,698 46,662 87,028 254,137 175,583 122,291 99,154 158,254 104,647 91,797 387,827 397,028 354,698 . RECAPITULATION. Central reserve cities Other reserve cities Country banks Total, United States EXHIBIT E. Liberty loan bonds, 3\ per cent and 4 per cent, owned amount which banks have contracted to sell on partial payment plan or otherwise; amount held as collateral for loans; and amount of money• loaned on the security of such bonds; also amount of United States certificates of indebtedness owned, as shown by reports of condition made by national banks for the close of business on Mar. 4, 1918. Cities and States. Net amount of Net amount of 31 per cent Lib3g per cent Liberty bonds erty bonds which banks owned by have contracted banks on this to sell on partialdate. payment plan or otherwise. Net amount of 4 per cent Liberty bonds owned by banks on this date. Net amount of 4 per cent Liberty bonds which banks have contracted to sell on partialpayment plan or otherwise. Amount of 3£ and 4 per cent Liberty bonds held by banks as collateral for loans. Amount of Amount of United States money loaned certificates of on the" security indebtedness of 3| and 4 per cent Liberty owned by banks on this date. bonds. CENTRAL RESERVE CITIES. $29,707,964 1,105,173 23,400 New York.. Chicago St. Louis.., $153,550 202,650 | 23,400 $49,450,799 3,151,556 1,957,400 $3,200,044 1,376,899 963,850 8133,586,917 11,414,833 4,028,929 $114,339,787 10,244,391 3,500,395 $469,175,000 22,133,500 10,519,500 30,838,537 Total. 379,600 54,559,755 5,540,793 151,030,679 128,084,573 501,828,000 480,350 300,450 468,700 226,363 908,742 182,700 454,150 162,267 116,100 234,155 20,550 124,850 217,950 844,550 198,000 326,550 60,000 877,050 40,100 82,100 201,600 112,100 4,600 231,400 20,550 75,150 21,800 321,123 393,760 97,950 225,625 97,200 34,350 346,929 100 34,810 27,400 21,100 45,100 34,350 193,065 2,103,139 822,350 3,470,650 6,529,806 12,186,335 1,688,800 4,623,197 3,073,996 1,019,434 545,540 40,000 437,430 813,200 790,950 925,900 189,530 1,464,187 1,309,266 746,859 897,230 2,151,450 594,500 1,619,395 177,027 86,010 1,161,000 2,788,579 654,185 299,400 1,617,435 428,396 660,049 383,940 5,000 157,650 454,800 232,800 279,450 .50 68,500 144,716 369,645 1,010,900 1,622,950 262,834 27,574,303 1,514,250 6,449,450 19,711,401 5,069,850 4,387,800 1,439,591 4,541,970 682,250 374,950 1,950 144,850 96,600 1,481,600 435,150 8,150 999,700 204,105 54,410 64,850 340,500 224.900 133^490 25,284,141 1,063,871 5,517,374 18,035,386 4,275,072 3,883,161 870,838 4,253,816 592,405 331,658 979 125,556 79,586 1,141,956 412,467 7,383 769,428 396,100 43,271 552,717 307,958 240,785 114,978 12,015,500 1,725,000 1,620,000 26,213,500 14,522,045 2,467,000 4,161,500 2,025,000 450,000 1,710,000 180,000 1,191,500 2,778,000 3,608,000 2,001,000 30,000 2,002,000 1,175,000 90,000 3,051,000 567,500 163,043 1,180,000 o o o o o OTHER RESERVE CITIES. Boston Albany Buffalo Philadelphia. Pittsburgh... Baltimore Washington.. Richmond Charleston Atlanta Savannah Birmingham. New Orleans. Dallas Fort Worth.. G alveston Houston San Antonio.. Waco Louisville Chattanooga.. Memphis Nashville 53,500 H O 3 o 00 CO Liberty loan bonds, 5J per cent and 4 per cent, owned amount which banks have contracted to sell on partial payment plan or otherwise; amount held as collateral for loans, and amount of money loaned on the security of such bonds; also amount of United States certificates of indebtedness owned, as shown by reports of condition made by national banks for the close of business on Mar. 4, 1918—-Continued. Cities and States. Net amount of Net amount of 3£ per cent Lib3§ per cent Liberty bonds erty bonds which banks owned by have contracted banks on tnia to sell on partialdate. payment plan or otherwise. Net amount of 4 per cent Liberty bonds owned by banks on this date, Net amount of 4 per cent Liberty bonds which oanks have contracted to sell on partialpayment plan or otherwise. Amount of 3£ and 4 per cent Liberty bonds held by banks as collateral for loans. Amount of Amount of United States money loaned certificates of on the security indebtedness of 3£ and 4 per cent Liberty owned by banks on this date. bonds. op 6 1 o tag OTHER RESERVE CITIES—continued Cincinnati Cleveland Columbus Toledo Indianapolis Peoria Detroit Grand Rapids.... Milwaukee, Minneapolis St. Paul Cedar Rapids Des Moines Dubuque „ Sioux City Kansas City, Mo St. Joseph „ Lincoln Omaha Kansas City, Kans Topeka , Wichita Denver Pueblo Muskogee Oklahoma City ,.,,.,.. Tulsa .. Seattle..... , Spokane , Tacoma Portland ,„,,,.,....... Tf... Los Angeles Oakland. $421,050 634,289 303,550 614,200 279,950 190,600 1,028,250 46,800 341,050 77,050 606,350 18,500 100,050 13,234 119,800 225,400 9,650 100,000 507,050 44,300 350,000 35,650 232,100 11,406 7,650 119,900 114,913 277,800 128,150 3,200 261,684 251,490 144,900 £4,000 55,000 393,850 78,400 36,150 5,850 311,250 41,300 67,450 18,500 55,050 3,234 94,050 88,450 62,350 1,650 13,700 28,600 7,000 93,350 18,463 45,050 21, 450 1,724 18,956 8,800 $596,500 3.467,850 11287,150 1,984,550 1,128,200 590,650 614,900 3,087,183 1,386,200 919,900 1,263,000 526,500 1,117,750 255,350 658,600 800,195 535,904 221,859 1,741,954 285,350 590,200 111,050 729,450 8,845 388,200 517,750 604,775 809,950 1,000,699 466,050 999,855 2,127,938 872,500 $84,750 492,610 1,310,050 523,914 344,600 60,850 1,513,950 1,142,350 602,450 573,300 308,753 918,429 16,800 583,550 389,755 222,800 66,959 970,725 77,600 19,350 56,400 605,150 1,350 385,200 289,450 94,149 388,250 303,500 386,000 26,057 572,580 87,750 $6,776,550 4,599,300 1,016,900 679,100 736,548 55,600 2,146,500 1,231,830 6,004,101 2,153,350 527,700 572,950 325,700 4,085 275,250 621,250 215,850 146,685 493,500 168,050 24,600 55,250 807,410 30,850 25,550 21,550 360,900 292,940 97,650 25,750 415,500 1,465,990 415,700 $6,136,017 4,987,663 1,183,778 626,340 645,979 46,651 1,211,718 993,063 5,460,632 1,967,165 324,397 544,098 289,200 1,140 253,940 508,977 208,747 941123 456,190 164,175 15,983 54,787 709,962 17,575 22,446 21,177 309,490 233,783 65,143 20,900 315,875 1,191, (,10 240,451 $6,671,000 3,818,500 1,625,136 2,090,000 2,179,100 640,000 4,601,000 559,000 4,059,000 4,780,000 3,685,000 250,000 1,965,000 215,000 745,000 4,876,000 1,555,000 375, 000 4,255,000 281,000 307,500 259,000 2,351,500 234,000 270,000 435,000 2,290,000 4,825,317 1,228,000 950.000 3,071,500 3,955,000 279,500 § O San Francis* o Ogden Salt Lake City Total, other reserve cities Total, all reserve cities Maine New Hampshire Vermont Massachusetts Rhode Island Connecticut 1,324,350 75,300 83,250 37,350 300 1,712,080 294 495 693,129 153,850 3 000 224,400 3,055,600 59,050 288/200 2,542,702 50,790 181,601 IS, 560,180 4,103,702 82,026,655 26,949,881 112,129,359 100,397,124 163,932,441 49,396,717 4,483,302 136,586,410 32,490,674 263,160,038 228,481,697 665,760,441 261,216 427,873 77,147 3,418,400 491,445 761,426 38,699 314,723 11,176 1,416,281 168,300 165,426 1,586,990 1,958,834 1,130,472 7,850,781 952,410 4,363,715 516,647 1,169,700 310,111 4,050,249 67,700 1,361,104 595,839 886,142 353,600 11,513,374 1,917,160 5,639,280 590,352 807,789 976,813 10,638,310 1,564,650 5,020,893 1,512,508 1,492,200 1,312,110 6,560,500 1,870,000 4,995,000 COUNTRY BANKS. Total New England States.. New York New Jersey .' Pennsylvania, Delaware Maryland Total Eastern States Virginia W est Virginia North Carolina South Carolina Georgia Florida Alabama Mississippi Louisiana ,Texas Arkansas Kentucky Tennessee Total Southern States Ohio. I Indiana Illinois Michigan Wisconsin Minnesota Iowa Missouri. Total Middle Western States 8,439,800 17o,000 710,000 5,437,507 2,114,605 17,843,202 7,475,511 20,905,385 19,598,807 1,086,175 1,453,299 1,393,180 4,829 35,861 22,307,671 11,234,634 31,649,772 543,541 3,083,710 11,122,395 4,649,724 10,400,085 67,522 525,729 20,314,563 5,571,082 4,130,318 111,650 342,379 17,665,876 7,323,006 3,483,340 69,833 308,464 13,499,575 10,827,503 27,981,803 322,000 1,638,760 11,603,987 3,973,344 68,819,328 26,765,455 30,469,992 28,860,519 54.269,641 531,773 409,690 173,750 145,733 454,990 770,260 552,053 600,350 300,850 1,656, 962 484,750 348,544 210,072 93,850 15,850 25,700 29,850 511,090 232,209 106,342 124,531 64,800 190,962 53,550 24,094 14,786 6,255,622 4,730,645 3,926,274 2,313,938 1,858,486 1,865,680 2,204,045 1,374,011 1,517,495 7,471,755 2,264,560 3,830,163 1,743,538 1,648,308 1,307,969 1,734,243 554,516 245,016 748,084 636,346 484,125 348,785 1,003,959 575,336 863,076 235,313 2,125,240 1,386,137 1,305,415 722,618 195,307 550,545 144,229 316,200 212,969 1,601,514 241,950 1,094,254 186,625 1,881,714 1,308,243 1,150,441 668,587 134,982 410,620 129,580 285,851 198,648 1,608,557 196,355 919,960 135,531 3,242,501 2,876,480 2,808,500 1,003,000 2,619,100 2,740,100 2,345,900 1,399.000 2,394,000 19,142,215 2,810,535 4,548,253 2,133,500 6,639,777 1,487,614 41,356,212 10,385,076 10,083,003 9,027,079 50,068,084 1,200,868 566,621 1,500,757 780,740 852,713 694,804 1,183,279 160,150 235,206 302,223 190,863 123,557 120,520 13,574 50,950 4,900 8,310,980 7,009,384 13,109,866 4,491,041 6,066,595 3,040,771 6,901,974 2,008,113 2.627,521 3,919,925 3,585,624 2,008,685 2,780,553 542,043 1,843,114 485,416 2,318,531 899,195 1,503,649 1,309,725 1,293,093 735,750 1,469,617 130,175 2,011,012 1,122,242 1,327,825 1,058,658 1,183,664 714,590 1,383,819 123,381 14,258,542 6,381,758 12,329,247 4,610,750 5,184,016 6,192,000 5,519,047 3,440,004 6,939,932 1,041,853 50,938,724 17,790,881 9,659,735 8,925,191 57,915,364 W H 17,742,318 3,209,419 2,644.338 5,245.585 114,179 390,466 3 O O O E w tel o o OO Liberty loan bonds, 3\ per cent and 4 per cent,'owned amount which- banks have contracted to sell on partial payment 'plan or otherwise; amount held as collateral for loans, and amount of money loaned on the security of such bonds; also amount of United States certificates of indebtedness owned, as shown by reports of condition made by national banks for the close of business on Mar. 4, 1918—Continued. Net amount of 3 | per cent Liberty bonds Cities and States. owned b y banks on this date. Net amount of 4 per cent Liberty bonds which banks have contracted to sell on partialpayment plan orotherwise. Amount of 3£ and 4 per cent Liberty bonds held by banks as collateral for loans. Amount of Amount of United States money loaned certificates of on the security indebtedness of 3h and 4 per cent Liberty owned b y banks on this date. bonds. o H O a North Dakota South Dakota Kansas Montana Wyoming Colorado New Mexico Oklahoma Net amount of 3J per cent Lib- Net amount of 4 per cent l i b " erty bonds erty bonds which banks owned b y have contracted to sell on partial- - banks on tins date. payment plan or otherwise. oo -• Total Western States Total Pacific States $1,201,000 2,457,502 2,602,700 3.952,360 1,259,213 719,000 2,083,000 297,513 4,503,017 9. 7SO.O19 2,212,566 367,448 305,407 661,794 1,281,342 233.197 33', 165 41,013 33,005 2,594,500 1,264,500 6,456,969 1,000,000 83,000 227,500 460;000 - 3,581,921 3.699.799 2,588,923 12.086.469 w o o 19,075,305 316,794 784', 200 2,152,180 288,190 58,160 55,650 44,625 $6,850 75,127 49,648 336,950 23,313 38,900 8,915 4.350 115,446 $1,017,890 1,530,074 2,688,384 2,850,266 1,726,238 653,618 1,445.778 309,677 5,008,003 $248,918 352,218 567,743 661,572 387,774 280,264 194,917 62,926 1,491,304 £238,456 316,580 260,954 237,252 735,829 75,880 331,741 52,450 530,877 2,953,428 , Washington Oregon California Idaho . Utah Nevada . . . . . Arizona. $214,847 298,300 294,359 139,206 303,497 46,150 227,383 96,395 592,429 $112,650 272,759 362,598 368,385 398,250 144,780 431,069 136,600 726,337 659,499 17,229,928 4 247 636 579,552 264,100 1,705.361 780,379 34,600 118,895 123,106 30,852 2,650 454,929 3,842 139,889 235,156 2,663,531 173,155 2,742 42,156 2,027,994 1,756,895 7,477,105 1,819,978 214,092 370,255 721,753 3,605,993 534,429 14,388,072 Total country banks. 37,180,624 9,311,344 210,575,466 70,246,480 77,597,933 71,203,085 86,577,341 14,294,646 347,161,876 102,737,154 340,757,971 299,684,782 876,917,622 H W a 211.157.181 Total United States O o RECAPITULATION. oo jg oo New England States: Reserve city C ountry banks $1,480,350 5,437,507 M M Middle Western States: Central reserve cities Country banks Total Western States: Country banks Total Pacific States: Country banks $12,015,500 17,742,318 2,441,155 19,946,341 7,652,538 48,479,688 44,882,948 29,757,S18 g 153,550 1,260,850 3,973,344 49,450,799 29,321,138 68,819,328 3,200,044 6,606,609 26,765,455 135,586,917 38,572,342 30,469,992 114.339,787 33,645,702 28,850,519 469,175,000 50,709,045 54,269,641 o 5,387,744 147,591,265 36,572,108 204,629,251 176,836,008 574,153,686 875 025 1,487,614 16 618 867 41,356,212 6,365,614 10,385,076 9,789,425 10,083,003 9,371,043 9,027,079 22,202,043 50,068,084 2,362,639 57,975,079 16,750,690 19,872,428 18,398,122 72,270,127 1,128,573 5,029,773 6,939,932 226,050 1,252,534 1,041,853 5,108,956 20,220,382 50,938,724 2,340,749 9,088,911 17,790,881 15,443,762 27,942,564 9,659,735 13,744,786 25,387,473 8,925,191 32,653,000 44,313,736 57,915,364 2,520,437 76,268,062 29,220,541 53,046,061 48,057,452 134,882,100 1,523,469 2,953,428 225,113 659,499 5,199,433 17,229,928 2,566,333 4,247,636 2,134,345 2,780,019 1,865 908 2,212,566 11 058 000 19,075,305 4,476,897 Total . . . 125,284,141 19,598,807 13,098,278 1 Southern States: "^ Reserve cities l-i Country banks $27,574,303 20,905,385 10,075,136 S $177,027 7,475,511 45,853,056 1 Eastern States*, g Central reserve city £j Other reserve cities Country banks M Total $2,103,139 17,843,202 29,707,964 4,541,105 11,603,987 Total $326,550 2,114,605 6,917,857 . 884,612 22,429,361 6,813,969 4,914,364 4,078,474 30,133,305 2,145,387 3,581,921 6,116,380 3,699,799 4,842,855 2,588,923 23 634 117 12,086,469 3,435 359 6,639,777 2,550,124 3,605,993 163,630 534,429 8,563,696 14,388,072 6,156,117 Total Total United States 698,059 22,951,768 5,727,308 9,816,179 7,431,778 14,294,646 347,161,876 102,737,154 340,757,971 299,684,782 379 600 4,103,702 9,811,344 54 559 755 82,026,655 210,575,466 5 540 793 26,949,881 70,246,480 151 030 679 112 129,359 77,597.933 128 084 573 100 397 124 71,203,085 Total United States 86,577,341 14,294,646 347,161,876 102,737,154 340,757,971 299,684,782 H H Q 501 828 000 163 932 441 211,157,181 876,917,622 RECAPITULATION. Other reserve cities Country banks w o 876,917,622 30 836 537 18,560,180 37,180,624 O O 35,720,586 86,577,341 H O o GO EXHIBIT F. oo 00 Subscriptions for bonds of the third Liberty loan, as shown by reports of condition of national banks for May 10,1918, [Dollars expressed in thousands.] R e c e i v e d b y or through banks, including own subscriptions. R e c e i v e d by or through banks, but R e c e i v e d b y o r ; For banks' own account, after deductriot sent directly to through banks, but ing withheld subFederal reserve not forwarded. scriptions. banks. Number of subscribers. Number of subscribers. Cities and States. Amount. Amount. Number of 8UD- . scribers. Amount. Number of subscribers. o Per cent of all subTotal resources. scriptions to total resources. 6 Amount. a o CENTRAL RESERVE CITIES. New York Chicago St. Louis . 258,728 248,398 27,001 Total $332,538 57,733 17,306 9,105 2 $1,053 75 65,408 6,988 4,107 $17,660 3,299 6,276 534,127 . . 407,577 9,107 1,128 76,503 27,235 32,035 32,450 74,348 279,665 30,588 SO, 100 48,258 21,129 13,656 21,231 2,201 6,828 4,426 15,744 9,023 1,423 25,471 13,491 9,018 24,687 9,321 74,599 6,924 19,254 90,162 46,858 17,828 12,844 10,430 2,852 6,592 534 3,647 4,704 7,583 4,578 532 8,477 3,046 1,496 8,608 3,006 3 175 1,982 6 800 71 i 150 262 2,032 29,980 35,910 5,617 563 206 8,625 7,245 1,140 78 83 $43,831 $3,931,338 870,785 292 249,237 214 8.49 6.64 6.94 44,337 5,051,360 2,278 648 579,413 68,131 182,577 667,890 456,059 148,492 101,249 104,497 22,282 80,125 7,587 32,119 64,719 83,986 45,480 6,706 77,353 33,162 17,341 75,508 33,227 12.91 10.16 14.52 13.50 10.27 11.85 14.69 9.98 12.80 8.23 7.05 11.35 7.27 9.03 W.11 7.94 11.13 9.18 8.63 11.40 9.05 o 8.09 OTHER RESERVE CITIES. B oston Albany B uffalo Philadelphia Pittsburgh Baltimore Washington Charleston Savannah Birmingham... New Orleans Dallas Fort Worth Houston San Antonio..'. Waco Louisville Chattanooga , , .-.-•• .. 793 6,604 1 1 10,331 4,905 153 2,227 617 6,539 8 1 20 i 135 2,864 36 3,130 5,049 6,331 186 1,006 1,599 88 94 82 40 684 423 600 327 74 55 35 65 993 71 131 3*66 Q Memphis Nashville Cincinnati Columbus Toledo Indianapolis Peoria t Detroit . . . . . . . . . . . Grand Rapids Milwaukee. Minneapolis St. Paul Cedar Rapids Des Moines Dubuque . . Sioux City Kansas City, Mo St. Joseph Lincoln Omaha. . Kansas City Kans Topeka Wichita . . . . Denver Pueblo Muskoge© Oklahoma City Tulsa Seattle Spokane Tacoma Portland . . Los Angeles Oakland San Francisco ..... Ogden Salt Lake City . . . . . . . . . .... ' . .. . > - 2,627 S 844 37 624 41,253 15 686 16,351 28,840 6,830 6,312 7,372 33,788 35,590 71,677 3,082 3,787 3,063 5,478 26,579 4,652 4,520 24,589 4,122 7 214 6,135 17,509 8,224 4,238 7,753 14,745 32,765 19,395 7,825 45,297 61,979 23,004 94,519 3,969 12,515 1,582 5 652 22 497 25,811 5 719 7,554 8,833 3 798 13,469 2,862 14,807 22,648 16,598 1,289 3,576 1,105 3,035 9,891 1,862 1,435 7,762 3 46 166 186 796 2,324 4,370 9,345 2,692 1,429 9,126 17,926 3,610 45,731 1,009 3,254 269 1 267 670 2 109 322 55 25 24 345 j 624 1,163 58 20 700 1 290 2 160 1 599 2 112 702 15 2 1 9 9 131 4,709 529 55 47 312 70 20 4 480 2 119 5 20 4 75 5 7 924 1,527 1,096 6,689 1,477 4,571 | 1,051 i 10 2 150 1,020 1,311 18 1 46 35 75 800 52 300 2 739 ioo 39 3 2,153 soi 135 81L2 400 12,979 259 5 110 25 2,707 9 7 545 525 12 2,574 650 200 16 350 15,879 44,172 154,299 214,726 51,030 55,600 78,645 32,159 106,598 29,887 115,162 158,738 103,393 23,705 36,585 5,682 33,339 222,366 33,530 19,471 127,348 10,482 8,680 24,512 92,201 13,595 13,083 29,522 52;638 86,125 33,478 15,384 77,643 125,774 23,081 359.140 9,809 32,791 10.25 12.80 14.58 12.03 11.21 13.59 11.47 11.81 12.63 9.58 12.92 14.30 16.07 5.44 9.78 19.44 9.10 4.45 5.55 7.37 6.10 8.82 17.59 4.51 7.25 10.87 7.23 7.87 8.30 10.85 8.34 9.29 11.75 14.65 16.23 12.88 10.29 10.11 Total 1,494,845 629,164 11,351 4,542 126,848 30,067 4 31,941 5,508,155 2,028,972 1,036,741 20,458 5,670 203,351 57,302 4 76,278 10,559,515 9.87 36 271 52,447 20 980 219,984 31 050 192,582 8 539 10,879 5 259 58,947 7 902 41,662 670 1,725 2,198 16,409 188 129 69 459 275 126 4,294 248 397 107 848 1,837 2,404 830 1,989 671 1,172 86,671 53,264 44,388 284,077 61,662 204,876 10.13 21.17 12.09 21. 05 12.81 20.74 553,314 , , 133,188 9,761 2,425 23,148 2,894 6,528 734,938 18. 45 o o 11.51 Total all reserve cities 1 COUNTBY BANKS. Maine New Hampshire Vermont Massachusetts Rhode Island Connecticut . . . Total New England States . , 1,930 463 827 628 4,414 82 628 OO Subscriptions for bonds of the third Liberty loan, as shown by reports of condition of national banks for May 10, 1918—Continued. CO [Dollars expressed in thousands.] Cities and States. o e c e i v d b y or R e c e i v e d by or R throughe banks, but R e c e i v e d b y or through banks, innot sent directly to through banks', but cluding own subFederal reserve not forwarded. scription. banks. Number of subscribers. Amount. Number of subscribers. Amount. Number of subscribers. Amount. For banks' own account, after deducting withheld subscriptions. Number of subscribers. Per cent of all subTotal resources. scriptions to total resources. Amount. H O COUNTRY BANKS—continued. New York New Jersey Pennsylvania. Delaware Maryland Total Eastern States. Virginia West Virginia.. North Carolina. South Carolina. Georgia Florida Alabama Mississippi Louisiana Texas Arkansas Kentucky Tennessee Total Southern States. Ohio Indiana Illinois Michigan. Wisconsin Minnesota Iowa Missouri Total Middle Western States. 436,458 287,936 746,588 8,887 39,381 1,519,250 $89,277 72,625 138,480 4,257 8,049 2,376 821 22,097 5 80 $582 706 3,789 840 24 10,609 13,424 52,807 304 2,768 $2,484 2,231 8,272 11 $6,124 4,494 8,401 442 1,050 $611,085 436,421 1,012,550 19,761 79,565 14.61 16.80 14.05 25.79 10.15 312,688 | 25,379 5,941 79,912 13,686 20,511 2,159,382 14.76 1,133 2,883 183 598 941 742 899 2,977 2,900 3,910 2,513 1,309 3,508 607 502 127 457 271 180 24 377 24 743 733 396 782 1,150 205 243 1,059 772 437 693 83 56 1,645 83 193 325 191,754 136,124 106,483 75,673 77,903 99,206 85,579 44,563 58,490 355,689 63,325 115,769 78,780 9.20 10.51 10.23 10.94 11.56 11. 50 9.29 9.54 6.66 10.28 10.33 12.00 10.64 74,614 61,477 28,178 32,593 35,652 34,641 37,667 22,775 20,190 175,349 31,443 55,621 33,030 17,454 14,145 10,568 7,979 8,981 11,048 8,472 4,226 3,816 35,283 6,278 13,839 8,151 1,129 850 364 1,467 65 404 4 200 796 7,538 1,910 160 945 190 164 321 303 23 364 25 25 81 1,277 262 57 232 643,230 150,240 15,832 j 3,324 24,496 5,223 6,944 1,489,338 10.31 243,258 149,678 246,234 100,947 119,594 128,928 124,531 36,288 58,722 30,767 46,417 18,250 24,180 25,522 29,266 6,891 112 4,258 4,030 806 354 894 17,746 675 383 1,623 1,072 ~2,184 4,742 11,068 215 119 54 2,227 2,934 970 1,697 108 11 11 344 546 1,257 1,162 982 233 453 199 868 243 412,597 258,458 400,915 148,580 176,778 220,348 259,639 69,970 14.33 12.52 11.85 12.34 13. 72 11.67 11.54 10.01 1,149,458 240,015 28,875 23,543 4,376 5,397 1,947,285 12.54 194 683 111 fed o o K H H H fed o w w o « . . . . . . . . . . Arizona Total Pacific States Total country banks Total United States 80 185 95 184 28 1,850 23 1,962 82,505 41,283 37,454 183,857 34,953 5,337 11,221 12,407 7,862 6,770 37,422 5,342 647 2,086 2,534 4,727 10,478 11,683 13I605 861 34 23 126 43 131 46 28 cM 259 265 136 312 142 423 80,848 89,071 125,079 157,035 92,067 40,427 93,468 34,990 158,471 5.95 11.76 9 42 8.78 7.22 10. 57 11.22 10.39 11.13 8,091 1,642 1,979 871,466 9.61 772 762 1,077 606 122 60 98 69 46 1,051 2 41 246 172 1,044 143 19 88 184 68,175 59,578 254,303 50,825 7,036 14,880 24,198 11.61 11.48 15.22 10.52 9.30 15.80 10.44 638 208 37 431 2,116 2,395 141 218 1,004 596 926 6,932 1,248 115 85 7,626 55 106 5 3 50 67 1,261 6 8 266 12 to 35,023 44,954 48.019 64,767 32,220 19,821 69,815 17,279 106,249 too California Idaho Utah Nevada . 6,649 4,273 10,279 3,600 17,211 669 700 168 1,275 285 438,147 North Dakota South Dakota Nebraska Xansas Montana Wyoming Colorado New Mexico Oklahoma Total Western States Washington Oregon 17 s w H ft 326,512 ' 62,663 7,995 1,670 4,314 392 17 1,898 478,995 13.43 O 4,629,911 981,299 94,774 18,823 163,, 504 28,213 646 43,255 7,681,404 13.02 o 6,658,883 2,018,040 115,232 24,493 366,855 85,515 650 119,533 18,240,919 11.19 H W O H RECAPITULATION. [Dollars expressed in thousands.] New England States: Reserve cities Country banks Total Eastern States: Other reserve cities Country banks Total Southern States: Reserve cities Country banks Total 32,035 553,314 $74,599 133,188 3 9,761 $175 2,425 1,982 23,148 $800 2,894 1 628 $2,278 6,528 $579,413 734,938 12.91 18.45 585,349 207,787 9,764 2,600 25,130 3,694 629 8,806 1,314,351 16.00 258,728 525,409 1,519,250 332 538 193,370 312,688 9 105 6,397 25,379 1,053 2,244 5,941 65,408 72,076 79,912 17.660 17>159 13,686 1 43,831 18,264 20,511 3 931,338 1,574,393 2,159,383 8 49 12.43 14.76 2,303,387 838,596 40,881 9,238 217,396 48,505 1 82,606 7,665,119 11.06 189 120 643,230 73 319 150,240 13 15,832 201 3,324 28 584 24,496 7 038 5,223 1 3 348 6,944 744 143 1,489,340 9 88 10.31 832,350 223,559 15,845 3,525 * 53,080 - 12,261 1 10,292 2,233,483 10. 62 a o w o < Subscriptions for bonds of the third Liberty loan, as shown by reports of condition of national banks for May 10, 1918—Continued. to [Dollars expressed in thousands.] i R e c e i v e d b y or through banks, including own subscription. R e c e i v e d b y or through banks, but not sent directly to Federal reserve banks. R e c e i v e d b y or through banks, but not forwarded. Number of subscribers. Number of sul> soribers. Number of subscribers. Cities and States. Middle Western States: Central reserve cities Other reserve cities Country banks Amount. Amount. Amount. For banks' own account, after deducting withheld subssriptions. Number of subscribers. Total resources. Per cent of all subscriptions tr» total resources. $275 399 347,96.4 1,149,458 $75 281 4,215 11,095 3,325 23,543 $9 575 864 4,376 2 &506 2,036 5,397 $1 120,022 1,455,444 1,947,284 6.71 11.38 12.54 480,408 28,904 4,571 37,963 14,815 2 7,939 4,522,750 10.72 28,400 82,505 6,387 8,091 995 1,642 1,202 1,979 391,532 871,468 7.29 9.61 110,905 3 6,932 6,935 160 1,248 537,196 1,408 14,478 2,637 3,181 1,263,000 8.89 301,268 326,512 Total Pacific States: Reserve cities Country banks 27 28,875 99,049 438,147 Western States: Reserve cities Country banks $75 039 165,354 240,015 1,772,821 Total 94.122 62,663 4,908 7,995 1,281 1,670 14,49,4 4,314 3,211 392 4,813 1,896 763,225 478,995 12.50 13.43 9 a 627,780 Total United States 156,785 12,903 2,951 18,808 3,603 17 6,709 1,242,220 2,018,040 115,232 24,493 366,855 85,515 650 . 119,533 18,240,919 11.19 Total United States o Q a RECAPITULATION. Central reserve cities Other reserve cities. . . . . . . . . Country banks O 12.87 6,658,883 Total O Amount. . 534 127 1,494,845 4,629,911 407,577 629,164 981,299 9,107 11,351 94,774 1,128 4.542 18,823 76,5.03 126,848 163,504 27,235 30,067 28,213 4 646 44,337 31,941 43,255 5,051,360 5,508,155 7,681,404 8.09 11.59 13.02 6,658,883 2,018,040 115,232 24,493 366,855 85,515 650 119,533 18,240,919 11.19 EXHIBIT G. Liberty loan bonds, 3%, 4, and 4i per cent, owned; amount which banks have contracted to sell on partial payment plan or otherwise; and amount of money loaned on the security of such bonds; also amount of United States certificates of indebtedness owned, as shown by reports of condition made by national banks at the close of business on June 29, 1918. [In thousands of dollars.] (B) (A) Net amount Net amount Net amount 41 per cent 4 per cent 3* per cent Liberty bonds Liberty bonds Liberty bonds owned by owned by owned by banks, banks. banks. Cities and States. ' New York Chicago St. Louis (D) (C) (E) (F) (G) Net amount 4i per cent Liberty bonds Net amount of Amount of Amount of included in (C) United States money loaned money loaned which banks certificates of on security on security indebtedness have conof 3h and 4 of 44 owned by tracted to sell per cent per cent banks. on partial payLiberty bonds. Liberty bonds. ment plan or otherwise. § Q O K CENTRAL RESERVE CITIES. 16,611 2,479 10 53,671 21,226 6,619 9,093 15,663 6,625 258,399 21,420 10,843 85,993 11,399 2,610 78,745 6,702 3,972 43,860 81,516 31,381 290,662 100,002 89,419 = 1,209 690 357 1,513 716 107 366 273 2,380 392 2,430 5,042 9,399 1,497 3,835 2,138 795 249 6,206 18,578 6,957 1,239 2,240 1,107 305 4 6,202 16,276 6.630 1,203 2,129 1,003 13,451 2,401 2,348 19,393 9,541 2,793 1,804 3,110 822 582 50 359 273 386 19,157 596 2,385 16,614 3,936 3,227 714 4,408 14.752 1 639 3,657 13,300 7,115 2 434 864 1,393 8 170 . 37,307 5,028 1,525 19,100 . Total OTHER RESERVE CITIES. Boston . . . Albany Buffalo Philadelphia Pittsburgh . Baltimore Washington Richmond Charleston Atlanta o fed H . . - .... . . . . .. Birmingham . . New Orleans Dallas Fort Worth Galveston Houston . San Antonio Waco . . . . . . . . 56 315 151 202 534 363 35 704 191 1,510 1,755 748 964 924 888 1,032 1,278 2,394 151 83 25 1,353 1,326 928 709 2,534 1,357 35 1,876 629 575 2,396 1,257 5 272 353 614 2,084 4,289 3,329 1,733 10 3,147 1,090 380 523 534 8 99 253 789 582 224 35 72 508 404 618 429 187 67 809 17 110 446 11 O H Q CO Liberty loan bonds, 3\, 4, and 4i per cent, owned; amount which banks have contracted to sell on partial payment plan or otherwise; and amount of money loaned on the security of such bonds; also amount of United States certificates of indebtedness owned, as shown by reports of condition made by national panics at the close of business on June 29, 1918—Continued. [In thousands of dollars.] (A) Cities and States. (O (B) (E) Net amount 4^ per cent Liberty bonds Net amount Net amount Net amount included in (C) 3£ per cent 4 per cent 4i per cent Liberty bonds Liberty bonds Liberty bonds which banks have conowned byowned by owned by tracted to sell banks. banks. banks. on partial payment plan or otherwise. (F) O Net amount of Amount of Amount of' United States money loaned money loaned on security certificates of on security of4i indebtedness of 3* and 4 per cent owned by per cent banks. Liberty bonds. Liberty bonds. w H O o o OTHER RESERVE CITIES—continued. Louisville Chattanooga Memphis Mashville Cincinnati Cleveland Columbus Toledo Indianapolis Peoria Detroit..-. Grand Rapids Milwaukee Minneapolis St. Paul Cedar Rapids Des Moines Dubuque Sioux City Kansas City, Mo St. Joseph Lincoln Omaha. Kansas City, Kans.. % Topeka Wichita Denver Pueblo Muskogee .' 440 29 8 63 53 238 308 218 69 167 1,074 88 63 48 510 9 110 2 55 137 8 8 563 2 7 198 763 1,058 474 1,343 657 3,569 1,370 1,145 917 321 558 517 952 553 1,476 214 243 212 259 822 367 109 666 266 116 121 629 18 116 1,069 374 1,942 2,904 817 415 1,063 1,498 491 230 1,954 781 2,283 1,142 299 1,537 126 474 3,576 767 234 2,419 222 135 149 10 84 157 933 769 374 1,999 2,814 757 888 795 1,725 491 88 1,954 775 2,268 1,141 207 1,054 384 346 3,319 767 170 2,312 222 185 591 314 77 135 2,266 755 54 1,041 4,060 4,397 1,763 2,515 1,911 1,313 2,988 1,198 3,734 5,433 5,738 300 2,205 125 475 3,442 1,516 815 3,335 50 195 70 3,859 525 465 908 304 249 151 5,349 5,096 881 661 • 939 55 881 778 3,660 2,636 1,347 " 384 184 11 215 557 136 150 558 153 23 91 949 5 20 308 252 41 124 1,428 1,831 35 706 143 43 278 466 891 649 124 241 58 22 28 318 31 125 40 7 15 13 351 5 3 o Oklahoma City Tulsa Seattle Spokane Tacoma Portland Los Angeles Oakland San Francisco Ogden. Salt Lake City Total Total all reserve cities 580 1,467 4,917 2,009 350 1,302 4,110 650 10,351 65 1,356 305 445 102 178 1 1,743 1,302 789 2,092 283 53 51 140 265 90 41 83 963 126 2,025 77 78 49 118 278 42 2 128 592 133 1,096 75 113 358 566 522 797 245 662 1,694 485 1,961 277 619 216 390 736 147 1 2,223 1,239 100 4,296 191 232 14,183 62,510 86,595 78,116 157,910 85,653 59,843 448,572 185,655 149,262 1,290 939 515 8,630 1,248 4,805 569 799 439 9,917 1,181 5,311 156 254 304 3,567 481 3,568 A 447 55 71 10 669 726 3 375 52 246 33,283 106,370 168,111 109,497 163 207 58 2,187 626 586 1,356 1,922 938 6,465 932 3,921 941 1,429 603 9,159 389 2,482 563 1,288 502 7,241 280 1,602 3,827 15,534 15,003 11,476 17,427 18,216 8,330 2,114 1,934 4,165 105 280 16,508 8,771 26,411 489 2,556 18,801 21,074 28,449 434 2,015 16,691 19,619 25,027 259 1,345 15,480 11,761 18,951 498 834 10,559 4,346 3,801 83 359 9,748 5,233 4,245 83 496 8,598 54,735 70.773 62,941 47,524 19,148 19,805 526 364 219 124 308 561 462 326 304 1,446 405 270 202 5,524 3,750 2,834 2,288 1,722 1,474 1,832 1,104 1,300 6,578 1,717 2,879 1,516 2,948 2,322 3,510 3,524 1,777 3,005 2,152 1,524 1,641 4,389 1, 597 2,255 1,579 2,714 2,719 3,550 2,886 1,311 2,593 1,2,54 1,710 935 3,153 1,775 2,092 1,867 2,437 1,065 1,211 982 1,093 3,950 2,118 1,110 1,228 8,236 1,158 3,019 1,429 1,399 1,854 1,461 855 249 504 179 193 341 1,519 261 1,058 257 1,011 468 855 810 905 616 340 302 597 4,154 676 733 5G5 5,517 34,518 32,223 28,559 29,036 10,130 H O 12,032 COUNTRY BANKS. Maine New Hampshire Vermont Massachusetts Rhode Island Connecticut Total New England States New York New Jersey * Pennsylvania Delaware Maryland Total Eastern States Virginia West Virginia North Carolina South Carolina Georgia Florida A1 abama Mississippi Louisiana Texas Arkansas Kentucky Tennesse'e Ototal Southern States ( fed o o S i w d 3 o l SO Liberty loan bonds, S\, 4, and 4j per cent, owned; amount which banks ha/ve contracted to sell on partial payment plan, or otherwise; and umowit of money loaned on the security of such bonds; also amount of United Stales certificates of indebtedness owned as shown by reports of condition made by national rej hown truy banks at the closei of I of business on June 29, 1918—Continued. [In thousands of dollars.] (F) (G) (E) (D) Net amount 4-J per cent Amount of Amount of Liberty Net amount Net amount included bonds Net amount of money loaned money loaned Net amount in (C) United States 3J per cent 41; per cent 4 per cent on security certificates of on security Liberty bonds Liberty bonds Liberty bonds which banks of 4i indebtedness of 3* and 4 have conowned by owned by owned by per cent owned by per cent tracted to sell banks. banks. banks. banks. Liberty bonds. Liberty bonds. on partial payment plan or otherwise. (A) Cties and States. Ohio Indiana Illinois Michigan Wisconsin Minnesota Iowa Missouri Total Middle Western States North Dakota South Dakota . . . . Nebraska Kansas Montana Wyoming Colorado New Mexico Oklahoma . . . . Total Western States Washington Oregon California Idaho Utah Nevada -. - . Arizona Total Pacific States Total country banks Total United States CD 720 564 .. . . . . . . . . 1,251 559 509 567 898 163 5,231 143 209 328 436 492 60 372 133 670 . . 2,843 515 485 1,322 « ..... (C) (B) 416 50 127 76 2,991 29,007 62,290 5,204 4,608 9,124 3,405 4,379 2,657 4,851 1,437 35,665 1,058 1,170 1,940 1,959 1,189 6,010 7,489 8,132 3,308 3,265 1,251 3,206 1,123 33, 784 5,034 6,988 7,083 4,653 3,397 1,798 2,414 1,304 32, 671 605 776 1,125 1,561 3,096 1,049 1,470 2,750 500 923 712 1,177 1,270 911 706 1,156 7,997 6,268 9,841 3,744 5,631 6,122 8,002 1,876 49,481 1,012 2,112 3,633 2,846 916 1,132 1,340 517 293 192 79 4,115 13,401 1,688 1,870 5,820 1,426 2,707 12,191 1,053 3,218 12,115 4,376 5,493 204 316 469 717 85 137 447 587 61 3 738 738 109 537 706 11,793 165,646 272,016 7,755 171,729 339,840 8,028 155,790 265,287 10,614 170,194 618.760 940 814 332 2,604 16,112 1,838 1 391 5,295 1,916 1,064 1,367 1,338 1,096 801 1,405 161 9,148 432 385 177 174 195 35 176 68 681 2,323 261 721 1,084 331 25 43 50 2,515 61,480 247,13> 1,456 632 1,291 824 1,285 2,483 2,619 283 10,873 623 1,462 829 459 80 62 959 65 2,167 6,706 759 653 1,802 201 66 64 13 3,558 61,304 210,566 O o K E d RECAPITULATION. New England States: Reserve city Country banks ! 1,209 3,827 17,914 15,798 11,781 30,878 37,373 23,082 37,307 22,595 54,735 53,671 35,469 70,773 9,093 32,444 62,941 258,399 38,280 47,524 85,993 27,472 19,148 78,745 29,009 19,805 114,637 159,913 104,478 344,203 132,613 127,559 13,156 34,518 16,793 32,223 14,295 28,559 26,595 29,036 9,366 10,130 5,497 12,032 47,674 49,016 42,854 55,631 19,496 17,529 2,489 3,157 5,231 6,553 14,152 35,665 27,845 20,357 33,784 22,288 19,773 32,671 32,263 43,113 49,481 14,009 23,770 9,148 10,674 7,292 10,873 '• 10,877 56,370 81,986 74,733 124,857 46,927 28,839 962 2,843 2,965 13,401 4,016 12,191 4,756 12,115 11,361 16,112 2,140 2,323 1,086 6,706 3,805 16,366 16,207 16,871 27,473 4,463 7,792 2,459 2,991 7,262 11,793 9,165 7,755 6,543 8,028 25,110 10,614 3,748 2,515 2,207 3,558 5,450 19,055 16,920 14,571 35,724 6,263 5,765 62,290 , 14,752 8,330 8,164 , 19,157 18,216 2,647 5,517 Total Middle Western States: Central reserve cities Other reserve cities. Country banks Total Western States: Reserve cities , Country banks Total ^. Pacific States: Reserve cities ...^M Country banks Total Total United States 13,451 17,427 28,958 Total Southern States: Reserve cities Country banks 305 11,476 5,036 ...• 795 15,003 16,611 3,749 8,598 Total Eastern States: Central reserve city 0 ther reserve cities Country banks....' 2,380 15,534 272,016 339,840 265,287 618,766 247,135 210,566 19,100 14,183 29,007 43,860 62,510 165,646 81,516 86,595 171,729 31,381 78,116 155,790 290,662 157,910 170,194 100,002 85,653 61,480 89,419 59,843 61,304 62,290 272,016 339,840 265,287 618,706 247,135 210,566 2 n 3 a o K o I H W fed a RECAPITULATION. Central reserve cities Other reserve cities Country banks Total , , CO EXHIBIT H. CD 00 Liberty loan bonds, 8\, 4, andA\ per cent, owned; amount which banks have contracted to sell on partial payment plan or otherwise; and amount of money loaned on the security of such bonds; also amount of United States certificates of indebtedness oivned, and amount of money loaned on such certificates, as shown by reports of condition made by national banks at the close of business on Aug. 81, 1918. Cities and States. (B) CD) Net amount of 4^ per cent Net amount of Net amount of Net amount of Liberty bonds 4 per cent Z\ per cent 4£ per cent which banks Liberty bonds Liberty bonds Liberty bonds have contracted owned, by to sell on partial owned by owned "by banks. banks. banks. payment plan or otherwise. (A) (C) (F) (H) Amount of Net amount of Amount of United States money loaned money loaned certificates of by banks on by banks on security of indebtedness security of 3h and 4 per cent 4J per cent owned by Liberty bonds. Liberty bonds. banks. Amount of money loaned by banks on security of United States certificates of indebtedness. (E) OTHER RESERVE CITIES. Boston Albany Buffalo '. Philadelphia Pittsburgh Baltimore Washington Richmond Charleston Atlanta Savannah Birmingham New Orleans Dallas Fort Worth Galveston Houston San Antonio Waco Louisville Chattanooga Memphis w H O H tt fed o o CENTRAL RESERVE CITIES. Now York Chicago St. Louis Total d o $8,018,940.44 2,441,850.00 6,700.00 $13,221,899.61 $77,079,616.20 4,013,136. 00 3,987,860.00 2,342,078.45 1,283,681.50 $4,926,756.00 $249,967,070.00 3,698,036.00 55,904,000.00 2,329,028.45 10,314,000.00 $52,382,923.60 $79,282,553. 33 9,941,675.15 4,995,409.70 3,808,266. 49 2,975,640. 36 $8,384,050100 8,309,996.19 1,180,000.00 10,467,490.44 18,492,441.11 83,434,830. 65 10,953,820.45 316,185,070.00 61,186,599.79 92,199,868.84 241,391.00 243,000.00 337,600.00 3,290,752.00 5,225,578 95 2,933,592.50 727,900.00 3,363,350.00 15,648,199.59 9,794,658 00 1,049,200.00 4,104,975.00 2,737,400.00 896,307.50 1,402,600.00 100,300.00 370,200.00 876,700.00 731,433. 50 937,350.00 78,600. 00 3,174,851.62 1,031,452.00 532,775.00 717,500.00 880,800.00 961,150.00 2543 935.00 73, 000. 00 1,456. 300. 00 8,373, 080.59 531, 388.50 902. 400.00 2,273, 491. 00 1,210^ 950.00 955 373.50 1,136,900,00 73^ 500.00 348. 450.00 436,000.00 859, 583.50 822, 100.00 19,145,250.00 3,233,500.00 6,442,500.00 32,893,700.00 20,280,000.00 6,911,000.00 3,286,000.00 6,663,500.00 1,641,000.00 3,903,500.00 230,000.00 3,474,000.00 4,519,500.00 5,094,500.00 2,154,500.00 175,000.00 2,435,000.00 1,441,000.00 738,500.00 3,558,000.00 1,750,000.00 571,500.00 11,120,884.43 510,167. 59 1,419,960.20 12,763.957.00 2,568,957.73 2,747,626.82 577,299.08 4,728,303.88 668,446.00 746,793.37 20,994.00 103,344.00 371,625.00 746,802.64 450,940.14 5,425.00 455,692.99 187,942.80 63,040.85 538,135.50 300,155. 65 196,712.65 13,042,833.99 1,141,273.51 2,641,996.04 19,384,205.29 6,044,677.12 3,120,265. 71 538,311.94 1,786,610.73 553,024. 00 441,675.80 54,473.36 24,995.00 605,902.00 903,418.00 779,804.93 6,190. 00 758,127. 24 142,566.46 92,415.00 575,408.06 292,805.00 59,159.54 o 17,874,046.19 1,136,850.00 691,650.00 8,909.00 495,926.00 638,796 00 6,300.00 336,600.00 88,815.30 17,400.00 113,650.00 40,000.00 40,700.00 289,700.00 88,750.00 116,250.00 1,550.00 128,550.00 191,460.00 19,700.00 206,150.00 10,950.00 K 1,975,500.00 7,550.00 1,460,300.00 2,754,961.00 1,306,200.00 507,350.00 252,450.00 2,250.00 305,000.00 542,293.54 390,700.00 584,050.00 169,230.00 787,179.42 868,472.50 542,586.47 452,100.00 1,746,950.00 44,650.00 465,750.00 118,416.00 457,325.01 400,600. 00 580,400.00 379,900.00 5,942,850.66 51,500.00 80,000.00 ""Ils~o66."66 10,000.00 46,000.00 65" 666." 66 316,600.00 754,000.00 24,500.00 " 99,'395.76 43,400'66 43,666.66 § u H g o 9 2 3 2 2 ^ Nashville Jacksonville Cincinnati Cleveland Columbus Toledo Indianapolis Peoria Detroit Grand Rapids Milwaukee Minneapolis St. Paul Cedar Rapids Des Momes Dubuque Sioux City Kansas City, Mo St. Joseph Lincoln Omaha Kansas City, Kans Topeka •., Wichita Denver Pueblo Muskogee Oklahoma City Tulsa Seattle Spokane Tacoma Portland Los Angeles Oakland San Francisco Ogden Salt Lake City 3..-. - Total Total all reserve cities. 171, 136.73 339, 162.72 4,267, 309.80 2,455, 624.84 228, 915.57 887. 779.88 248^ 530.00 41. 616.82 560: 100.02 658! 075.25 1,412: 357.95 1,617! 549.54 808: 354.40 296: 500.00 : 951.00 714.00 139: 511.05 557: 275.75 110: 100.00 260: 465.00 248!, 550.32 75: 559.46 14: 372.35 82: 932.00 545: 418.00 195: 863.25 4i: 609.00 36, 493.00 77: 453.38 151: 848. 50 147; 321.21 15: 970.00 494: 848.57 1,030: 291.58 512; 566.00 1,686, 451.70 60, 877.84 241, 410,900.00 852,996. 62 789,450.00 1,391,575.00 181,946.46 36,879.69 3,247,000.00 2,889,000.00 8,598,500.00 11,711,200.00 3,202,500.00 3,939,000.00 4,362,400.00 1,646,000.00 3,973,500.00 1,915,000.00 6,375,000.00 5,630,000.00 5,275,000.00 1,524,000.00 3,241,000.00 522,000.00 2,046,500.00 7,764,500.00 2,700,000.00 653,000.00 8,058,000.00 '215,000.00 473,500.00 552,000.00 2,174,000.00 194,000.00 490,000.00 860,000.00 2,051,000.00 9,127,000.00 2,369,500.00 1,400,000.00 4,950,000.00 6,311,050.00 543,000.00 14,800,000.00 503,000.00 2,535,000.00 135,321.79 251,400.00 2,033,238.61 3,529,735.35 605,215.84 558,895.00 709,999.00 65,456.00 785,017.35 692,841.90 2,470,239.99 2,466,898.87 1,971,805.00 334,198.00 324,053.00 9,800.00 213,343.50 467,876.00 97,250.00 10,625.00 500,538. 52 47,997.00 28,270.00 108,430.50 618,489.00 3,335.25 33,153.25 219,537.23 114,315.00 267,017.00 93,477.48 55,450.00 220,157.43 838,682.07 154,200.00 2,019,662.00 66,478.05 67,882.75 92,381,669.95 51,372,944. 63 269,362,600.00 64,483,490.05 74,001,324. C 61,174,130.06 175,816,500. 60 62,326,765.08 585,547,670.00 125,670,089.84 166,201,192.92 74,350.00 195,925.00 32,209.30 1,154,711.32 622,526.10 536,200.00 778,126.12 1,120,982.90 562,912.46 4,138,624.37 786,925.21 2,459,226.83 1,632,425.49 2,122,059.77 897,336.02 10,397,506.63 452,502.50 4,472,132.78 460,597.16 1,676,699.14 488,438.27 4,954,583.72 151,950.00 1,415,083.56 3,772,290.12 3,117,121.00 2,053,750.00 13,603,000.00 3,485,500.00 6,353,000.00 511,905.08 646,359.48 436,739.37 7,167,913.70 714,228.72 3,618,562.88 246,886.60 349,983.41 184,028.15 4,718,041.28 701,973.21 4,759,337.80 13S, 000. 00 2,615,921.72 9,846,797.89 19,973,963.19 9,147,351.85 32,384,661.12 13,095,709.23 =1= 10,960,250.45 276,748.00 54,850.00 50,050.00 1,700.00 100,000.00 372,700.00 1,500.00 300.00 8,200.00 60,850.00 9,650.00 6,600.00 6,450.00 101,500.00 202,200.00 45; 600.00 23,200.00 122,700.00 362,420.00 131,800.00 793,350.00 75,000.00 76,847.00 418,000.00 220,612.00 380,050.00 3,496,650.00 935,700.00 713,500.00 937,000.00 263,500.00 447,736.07 731,200.00 524,800.00 395,070.00 959,050.00 178,650.00 173,650.00 128,152.00 122,450.00 731,240.00 358,200.00 33,700.00 722,950.00 9,300.00 23,500.00 5,750.00 355,300.00 21,050.00 40,700.00 289,450.00 534,043.00 577,900.00 755,978.00 307,350.00 660,025.00 1,666,581.00 113,150.00 1,492,900.00 277,499.00 624,308.00 1,8S8,445.75 1,070,850.00 490,473.80 244,457.08 1,010,100.00 1,521,400.00 1,005,854.00 641,350.00 972,120.16 1,262,700.00 1,665,300.00 5,051,935.00 1,357,700.00 168,450.00 987,567.20 405,415.39 1,820,350.00 1,800,672.25 143,450.00 275,629.00 2,189,347.50 349,969.32 105,200.00 305,510.00 172,550.00 199,350.00 357,150.00 1,074,600.00 425,617.50 1,506,550.00 378,117. 63 5,850.00 1,724,450.00 858,642.97 436,700.00 4,660,675.00 183,096.00 612,779.69 1,376, 850.00 520.00 550.00 057.08 578, 100.00 1,124, 200.00 749, 264.80 641, 050.00 81, 500.00 1,255, 400.00 3,347, 100.00 5,030, 750.00 920. 800.00 88^ 450.00 1,345, 700.00 244, 967.00 1,475, 800.00 1,623; 222.25 148, 000.00 157, 079.00 1,055. 758. 50 174; 850.00 44. 300.00 149; 100.00 318, 450.00 158, 400.00 333, 100.00 1,041, 900.00 231, 567.50 432; 700.00 351, 867.63 10,092,654.15 42,681,688.95 20,560,144.59 101,250.00 132,108.00 81,400.00 44,300.00 137,500.00 236,450.00 100,727.00 166,950.00 ,154,745.85 22,030.00 71,250.00 43,150.00 396,450.00 7,050.00 115,600.00 237,000.03 11,000.00 573,000.00 1,488,000.00 8.200.00 55,000.00 9,000.00 601,500.00 368,022.00 1,310', 895.00 2,149,988.00 666,400.00 332,000.00 451,500.00 110,500.00' 44,000.00 180,000.00 Total New England States. 1^ H 25,066.66 M o 2,500.00 301,000.00 "ij H 5,000.00 O g p • ; ; ; « ""m, 566.' bb i27," 666." bb w 2 127,500.00 925,850.00 65,000.00 980,000.00 20,849,100. 76 = 38,723,146. 95 COUNTRY BANKS. Maine New Hampshire Vermont Massachusetts Rhode Island Connecticut w W 2 g R *•* o fc^ 51,000.00 5,000.00 50.000.00 32,748.00 H bj hxj O Cj W W fc=J j O CO to Liberty loan bonds, 8\\ 4, and4\ per cent, owned: amount which barilcs have contracted to sell on partial payment plan or otherwise; and amount of money o loaned on the security of such bonds; also amount of United States certificates of indebtedness'owned, and amount of money loaned on such certificates. o as shown by reports of condition made by national banks at the close of business on Aug. 31, 1918—Continued. (A) Cities and States. (B) (E) (C) Net amount of 4| per cent Net amount of Net amount of Net amount of Liberty bonds 3£ per cent 4 per cent 4i per cent which banks Liberty bonds Liberty bonds Liberty bonds have contracted owned by tosellonpartial owned by owned by banks. banks. banks. payment plan or otherwise. (F) (G) Net amount of Amount of Amount of United States money loaned money loaned by banks on certificates of by banks on security of indebtedness security of 3£ 4i per cent owned by and 4 per cent Liberty bonds. Liberty bonds. banks. (H) Amount of money loaned by banks on security of United States certificates of indebtedness. COUNTRY BANKS—continued. New York New Jersey Pennsylvania Delaware Maryland District of Columbia. Total Eastern States. Virginia West Virginia... North Carolina.. South Carolina.. Georgia Florida Alabama Mississippi Louisiana Texas Arkansas Kentucky Tennessee Total Southern States., Ohio Indiana Illinois Michigan.... Wisconsin... Minnesota.., $6,952,633.59 3,176,765.81 4,483,731.96 108,052.10 333,685.53 $10,050,598.71 3,688,709.48 5,513,544.97 63.492.80 337,536.48 $38,534.00 11,008.75 238,910.00 15,054,868.99 19,653,882.44 288,452.75 51,678,256.41 1,667,664.15 3,220,076.73 20,293.00 262,449.50 $12,216,238.27 7,217,703.31 18,952,207.53 437,954.00 2,232,993.11 $23,115,464.97 13,769,669.92 34,917,395.42 602,106.35 2,189,265.79 $14,248,092.37 8,595,330.34 21,546,087.34 367,361.60 1,121,272.16 $39,277,496.49 24,954,500.00 60,716,045.00 1,111,000.00 2,892,500.00 6,848,739.79 41,057,096.22 74,593,902.45 45,878,143.81 128,951,541.49 239.00 200.00 355.56 135.57 135.00 215.00 250.00 350.00 732.00 450.00 950.00 100.00 3,916,214.95 3,075,725.11 1,405,220.67 2,093,472.83 1,247,838.27 906,098.72 1,373,325.85 500,700.00 1,042,689.00 5,713,705.38 1,710,570.39 2,209,681.74 847,450.86 5,284,985.41 3,097,752.16 4,379,508.23 3,439,099.44 2,487,813.93 1,859,489.47 2,524,357.09 1,802,486.98 1,988,920.93 6,664,423.82 1,838,925.09 2,875,423.10 1,703,481.52 3,052,819.76 2,062,792.96 2,701,051.64 2,042,111.76 905,525.31 991,211.99 917,529.82 1,144,231.98 689,626.41 .2,354,831.49 1,339,216.64 1,416,665.50 721,019.39 6,458,444.00 2,617,007.67 4,044,500.00 2,828,010.00 2,068,500.00 2,370,000.00 3,737,500.00 2,369,000.00 2,375,000.00 14,387,227.96 3,383,400.00 6,537,500.00 3,177,100.00 1,604,074.02 1,556,731.42 1,745,825.11 568,473.99 972,902.64 922,321.30 991,399.72 769, 287.19 970,469.08 181,982.61 320,014.93 231,818.32 I 340,368.72 154, 247.29 314,991.15 135, 117.46 1,057,333.57 309' 344.99 4,491,442.66 1,578: 170.47 956,717.87 233; 136.84 847, 162.95 1,191,466.52 671,421.44 185, 273.76 21,200.00 5,000.00 25,012.00 25,112.50 5,000.00 1,500.00 4,245,793.82 26,042,693.77 39,946,667.17 20,338,634.65 56,353,189.63 8,897,762.31 14,403,739.71 249,944.50 489,186.42 293,377.00 960,351.93 353,700.00 328,582.00 444,465.32 3,826,247.51 3,071,902.12 6,418,654.50 2,612,313.50 3,055,859.50 2,441,321.00 6,689,533.69 7,145,440.30 9,252,119.08 2,958,764.41 4,684,579.24 1,673,676.90 4,131,086.25 4,260,617.41 5,291,262.92 2,212,954.89 2,842,328.18 921,900.28 26,080,342.95 17,183,553.70 30,167,609.85 9,639,200.00 12,748,500.00 13,408,560.00 1,558,517.75 746,944.73 895,376.40 1,084,110.98 799,421.71 673,071.26 1,428,538.35 1,075,957.93 1,447,404.29 862.835.13 1,234,427.18 2', 395,967.01 95,000.00 1,241,600.00 83,280.00 26,000.00 367.200.00 187^500.00 425, 377, 267, 71, 363, 214, 164, 183, 131, n i Q O g § 3,000.00 50,000.00 4,420.00 77,500.00 13,500.00 18,700.00 E o hrj Iowa Missouri Total Middle Western States North Dakota South Dakota Nebraska Kansas Montana Wyoming Colorado. New Mexico Oklahoma Total Western States Washington Oregon California Idaho Utah Nevada Arizona Total Pacific States Total country banks Total United States 785,700.05 144,200.00 4.770,619.15 1,407,856.00 2,197,017.83 918,773.91 18,068,500.00 5,561,025.66 1,219,613.43 171,546.35 2,101,392.89 256,529.90 102,501.29 1,000.00 3,799,562.72 26,158,293.88 38,582,588.77 22,775,941.67 132,857,292.16 7,148,602.61 10,803,052.68 2.104,081.29 107,450.00 196,350.00 281,500.00 320,653.00 335,851.75 36,050.00 302 150.00 129,850.00 519,278.60 950,885.00 995,070.60 1,202,246.61 1,329,398.89 1,121,398.72 436,900.00 889 665.80 278,586.40 3,198,849.49 762,093.22 1,019,957.30 1,402,391.18 2,562,605.17 863,146.10 1,053,892.50 1 593 534.15 496,557.92 4,616,901.50 590,779.89 668,557.55 698,202.83 2,107,535.17 614,184.66 856,090.16 749 554.58 265,870.46 3,107,384.49 2,483,060.00 5 564,500.00 7,257,500.00 6 805,754.88 2,552,500.00 1,527,000.00 2 819 000.00 820,500.00 5,219,800.12 334,841.40 320,833.62 207,686.51 501,384.09 154,508.51 34.411.00 761'102.27 45,715.18 638,982.80 654,347.20 1,478,993.90 643,205.35 380,367.62 227,237.81 55,183.19 746,923.58 82,328.97 2,251,943.92 1,000.00 81,000.00 56,000.00 63.00 5,007.00 500.00 2,229,133.35 .... 3 806,122.75 925,873.00 10,403,001.51 14,371,079.04 9,658,159.79 35,049,615.00 2,999,465.38 6,520,531.54 211,395.70 434,940.00 191,454.00 1 136,437.75 301,434.00 48,300.00 117 550.00 49,600.00 1,490,020.00 1,302,197.00 6,002,532.60 1,224,527.00 304,300.00 214 780.00 425,369.00 990,476.44 572.789.18 4,656^148.92 892,581.53 122,413.50 195,950.00 467,694.42 368,204.97 143,308.28 2,902,092.60 382,189.13 31,792.50 8,862.50 375,916.75 4,314,500.00 3,131,500.00 12,683,017.26 2,858,500.00 310,000.00 699 000.00 976,500.00 286,855.06 376,335.31 1,056,810.37 227,647.48 23,172.66 43 178.00 48,733.42 695,377.28 299,704.71 1,896,635.46 352,811.98 35,210.30 28 069.50 49,178.44 102,930.00 6.022.00 500.00 44,500.00 2,279,715.75 10,963,725.60 7,897,053.99 4,212,366.73 24,973,017.26 2,062,732.30 3,356,987.67 158,952.00 22,018,867.15 124,471,608.87 195,365,254.61 112,010,598.50 410,569,316.66 49,259,140.82 65,698,444.49 3,289,574.24 42,579,011.74 185,645,738.93 371,181,755.21 174,337,368.58 996,116,986.66 174,929,230.66 231,899,637.41 42,012,721.19 $19,145,250. 00 $11,120,884.43 32,384,661.12 13,095,709.23 $13,042,833.99 10,960,250.45 $1,975,500.00 276,748.00 400.00 67,425.70 >3 W Q O 5,000.00 RECAPITULATION. New England States: Reserve city Country banks Total Eastern States: Central reserve citiei Other reserve cities. Country banks Total $2,933,592.50 19,973,9(33.19 $254,935.00 9,147,351.85 10,088,188.89 22,907,555. 9,402,286.85 51,529,911.12 24,216,593. 66 24,003,084.44 2,252,248.00 8,018,940.44 2,176,181.00 6,848,739.79 13,221,899.61 13,312,191. 95 41,057,096.22 77,079,616.20 34,688,282.59 74,593,902.45 4,926,756.00 13,609,660.09 45,878,143.81 249,967,070.00 73,046,700.00 128,951,541.49 52,382.923.60 20,587,988.42 15,054,868.99 79,282,553.33 32,870,729. 61 19,653,882.44 17,043,861.23 67,591,187.78 186,361,801.24 I 64,414,559.90 451,965,311.49 88,026,761.01 131,807,165.38 fed 8,384,050.00 6,074,350.00 288,452.75 14,746,852.75 $1,136,850.00 2.615,921.72 $241,391. 00 9,846,797.89 3,752,771.72 o d to o Liberty loan bonds, S%, 4, and4\ per cent, owned; amount which banks have contracted to sell on partial pay went plan or otherwise; and amount of money loaned on the securityofsuch bonds; also amount of United States certificates of indebtedness owned, and amount of money loaned on such certificates, as shown by reports of condition made by national banks at the close of business on Aug. 31, 1918—Continued. RECAPITULATION—Continued. (A) Cities and States. Southern States: Reserve cities Country banks Total Middle Western States: Central reserve cities Other reserve cities Country banks Total Western States: Country banks Total Pacific States: Reserve cities Country banks Total Total United States (B) (C) (D) Net amount of 4|- per Net amount of Net amount of Net amount of Liberty cent bonds 3£ per cent 4 per cent 4£ per cent which banks Liberty bonds Liberty bonds Liberty bonds have contracted owned by owned by owned by tosellonpartial banks. banks. banks. payment plan or otherwise. (E) (F) (G) (H) Amount of Net amount of Amount of Amount of United States money loaned money loaned money loaned by banks on certificates of by banks on by banks on security of indebtedness security of 3£ security of United States owned by 4J per cent and 4 per cent certificates of banks. Liberty bonds. Liberty bonds. indebtedness. $1,594,533.30 4,245,793.82 $9,140,073.93 26,042,693.77 $18,388,715.37 39,946,667.17 $10,502,618.01 20,338,634.65 $44,485,500.00 56,353,189.63 $9,971,076.26 8,897,762.31 $7,586,934.57 14,403,739.71 $1,767,895.76 249,944.50 5,840,327.12 35,182,767.70 58,335,382.54 30,841,252.66 100,838,689.63 18,868,838.57 21,990,674.28 5,270,541.50 11,476,598.07 26,158,293.88 6,355,214.45 20,549,294.88 38,582,588.77 6,027,064.45 18,892,911.13 22,775,941.67 66,218,000.00 74,426,100.00 132,857,292.16 8,803,676.19 17,335,863.41 7,148,602. 61 12,917,315.51 14,580,266.47 10,803,052.68 42,905,433.45 65,487,098.10 47,695,917.25 273,501,392.16 33,288,142.21 38,300,634. 66 19,942,082.48 667,750.00 2,229,133.35 2,035,743.00 10,403,001.51 5,454,923.32 14,371,079.04 3,664,505.00 9,658,159.79 15,720,500.00 35,049,615.00 1,684,690.75 2,999,465.38 1.578,715.76 6,520,531.54 333,500.00 211,395.70 2,896,883.35 12,438,744.51 19,826,002.36 13,322,664.79 50,770,115.00 4,684,156.13 8,099,247.30 544,895.70 1,833,117.00 2,279,715.75 6,475,691.00 10,963,725.60 10,366,861.29 7,897,053.99 4,448,315.40 4,212,366.73 42,538,550.00 24,973,017.26 3,783,006.78 2,062,732.30 4,341,843.68 3,356,987.67 2,349,850.00 158,952.00 4,112,832.75 17,439,416.60 18,263,915.28 8,660,682.13 67,511,567.26 5,845,739.08 7,698,831.35 2,508,802.00 42,579,011.74 185,645,738.93 371,181,755.21 174,337,363.58 996,116,986.66 174,929,230.66 231,899,637.41 42,012,721.19 o o K 9,489,996.19 8,348,005.00 2,104,081.29 8,932,335.57 Eg 2,017,840.26 2,448,550.00 2,684,222.85 3,799,562.72 o o d IS c to S EXHIBIT I. Number and aggregate mount of loans made between Mar. 4, 1918, and May 10, 1918, at rates in excess of highest rate permissible by law under u)ritten contract, as shown by sworn reports of condition made by national banks as of close 5fbusiness on $£ay 10,1918. Reserve cities. rate legal by written States. Number of loans made contract.* at excessive rates. New Hampshire Country banks. Aggregate amount of such loans. 6 11,379 7 26 6 26 6 6 11,379 3,252 103 3,498 774 967,963 407,754 905,412 185 516 $13,564,675 274 1 1 834,057 500,000 25,000 533 14,923,732 7,627 2,466,645 75,573 7,104,381 1,878 1,153 5,919 604 4,008 213 4,480 130 373 22,180 191 8,740 36,087 688,880 479,478 3,598,690 277,353 651 270 31,607 504 573 3,709 38 598 2,523,675 29,219 2,016,158 11,611,611 12,984 7,179,954 85,956 22^454,821 1 24 1,500 5,300 7 1 10 8 8 . 257 ioo,666 111 5,666 324 1,236 6,651 2,003 306 48 928 35 782 49,329 391 606 159,611 254,886 15 924 57,556 137 112,466 11,496 944,694 14 1 2,180 1,000 589 811 36 1,744 220 250 21,734 138 10,361 248 119 250 665 108^382 830 570 72 805 35 2 500 1,299,961 265 24,914 13,900 2,813,037 105 67,454 14 9 132 20 6 2,199 2,672 VI 147 840 287 Total Eastern States Virginia West Virginia North Carolina . South Carolina Georgia.. Florida . Alabama Mississippi Louisiana . . . Texas Arkansas ICentucky . . . Tennessee Total Southern States . . . 6 6 6 8 8 10 8 8 8 10 10 6 6 v Ohio Indiana Illinois Michigan Minnesota Iowa . . Missouri 8 8 7 Total Middle Western States. North Dakota South Dakota Nebraska Kansas Montana Wyoming New Mexico Oklahoma 10 12 10 10 12 12 12 10 Total Western States Washington . Oregon Idaho Utah Arizona Aggregate amount of such loans. 7 Total New England-States.. New York . New Jersey Pennsylvania Maryland District of Columbia Number of loans made at excessive rates. . . 12 10 12 12 10 24 12,960 * Total Pacific States 105 67,454 181 23,145 Total United States 14,024 22,308,520 119,167 28,713,721 From the foregoing statement it is seen that the national banks state under oath that as of May 10,1918, they had since the date of the preceding call, March 4, 1918, made 133,191 loans aggregating $51,022,241 at rates of interest in excess of the highest rates permitted by law under written contract. 1 This special rate permitted by written contract is generally considerably higher than the "legal r a t e " of the several States, although in some States lenders are not permitted to charge, even by written contract, more than the so-called "legal rate." 2 Higher rates permissible on collateral loans of $5,000 or more payable on demand, and in Pennsylvania commission men may contract for 7 per cent. 85478°—CUB 1918—VOL 1 -14 203 EXHIBIT J. The following article by the Comptroller of the Currency was published in The Forum for November, 1918; and on motion of Representative Lobeck, of Nebraska, was reproduced in the Congressional Record of December 19,1918. The purpose of the article is to show the evil of the ancient sin of usury7 and to aid in its suppression among the banks of the country. It is an abuse which, in some sections of this country, hadflourishedpractically unchecked until a determined effort was made by the office of the Comptroller of the Currency several years ago to secure its abatement and eradication from the national banks. These efforts have been continued with gratifying success. The arhcle gives a historic review of usury and points out its evil consequences in the past as well as in modern times. USURY AND THE BANKS. FLEECING THE SMALL BORROWER BEING STOPPED BY THE GOVERNMENT. By J O H N SKELTON WILLIAMS. (Comptroller of the Currency, and Director of the Division of Finance, U. S. Railroad Administration/ Thoughtful and conservative bankers—the men who really lead the banking sentiment of the country—in numbers steadily and rapidly increasing, are now setting their faces and giving their influence against an evil that for years had not only impeded the growth but was threatening the commercial life of important sections of our country, because oppressive and continuing usury inevitably means poverty and failure; and poverty and failure breed discontent which strikes blindly to destroy and tear down. Despair hates the conditions which have produced it and is ready to go to war against society and governments, regardless of means and reckless of consequences. The business man, the laborer, the farmer driven to ruin by what he believes to be unjust exactions, sanctioned or permitted by law, becomes an anarchist at heart, carries within himself a sullen resentment ready to be touched to volcanic outburst by the first approach of opportunity. He has no hope but vengeance/ His fury when he may give it vent is directed against the conditions under which lie las been oppressed. The vice, or evil, or peril of usury—it is all three—is no new thing under the sun and was not peculiar to this country. It was spreading among us, however, with i^pidity no casual observer would suppose, and in different communities was silently and secretly sapping the life and eating away the foundations of commercial and social life to an unsuspected extent. I do not wish to talk politics or to discuss socialism. I have had opportunity, however, to notice tha* 204 REPORT OF THE COMPTROLLER OF THE CURRENCY. 205 States and communities in which literature presenting the most violent, dangerous and incendiary forms of perverted socialism was most eagerly read and accepted were precisely those in which my reports showed the interest charges to small borrowers were most extortionate. The sin is one the oldest known to humanity, and is believed to have been indirectly aimed at in the Tenth Commandment. The Hebrew word for usury signifies " cruel biting." Probably it began to bite along with the saber tooth tiger. Its derivation may have suggested to a great English judge of five centuries ago his attempt to distinguish between what he called "biting usury/7 meaning exorbitant rates, and "toothless usury/' or reasonable interest charges. By Divine ordinance the Israeli ties of old were forbidden to demand usury of the poor and needy, and in Deuteronomy, we are told, "Thou shalt not lend upon usury to thy brother, usury of money, usury of victuals, usury of anything that is lent upon usury." But by another law they are permitted to lend to strangers—which banks, these days, are not accustomed to do. Loans to the Canaanites and other heathen on usury were, in fact, rather encouraged, the implication being that they might be conquered and overcome more readily this way than by the sword. In ancient days, when men lived to be three hundred to four hundred to nearly a thousand years old, he who began to lend money at the age of 25 or 30 must have accumulated quite a comfortable estate when gathered to his fathers, especially if the interest was compounded. Think of what Methuselah would have done! In this connection the thought occurs that if Noah had out any considerable amount of paper on terms similar to those which are being charged in some of our States, he may not have regarded the flood as an unmitigated disaster. THE USURER UNPOPULAR IN KING SOLOMON7S DAYS. The Israelites during the early years of their race maintained consistently their opposition to usury, although the Jews have figured so conspicuously since the Christian Era as such prominent exponents. Five hundred years after Moses, King David and King Solomon had things to say against usury, and the usurer seems to have been a most unpopular character in those days. King David describes the holy and just man, he who was entitled to enter into the courts of the Lord, as one "who hath not given his money upon usury.7' The Jewish Talmud speaks of usury as a practice expressly forbidden. The subject of usury was specifically dealt with in the ancient codes of most nattens. Under the code of Manu, in India, interest was regarded as of doubtful propriety, and money lending was prohibited altogether to the superior castes, the Brahmins and Ksnattriyas, and even for the other two grades, a sum lent to a person in distress may not give rise to any interest, because then the interest would be extortionate. The limits fixed by the code were 1J per cent per month with security, and 1J per cent per month without. Among the Mohammedans the charging of usury was expressly prohibited. Money lending in Turkey until recent years was almost exclusively in the hands of Greeks and other foreigners. 206 REPORT OF THE COMPTROLLER OF THE CURRENCY. The law of the twelve tables among the ancient Romans authorized interest at the equivalent of 10 per cent per annum, subsequently increased, toward the close of the Republic to 12 per cent. It was then called "usuria centissima" because in 100 months it doubled the capital, but this law was subsequently abolished and interest • laid under a total interdict. Julius Caesar enacted severe laws against usurers, and Cato is. said to have banished the usurers from Sicily. Later on, Tacitus tells us that the evil of usury greatly increased in Rome and the laws forbidding it were continually eluded. Some historians tell us that from this period, when usury so flourished, Rome dates the beginning of her decay. Trade languished and became disreputable and fell under the control of the worst elements in the community, preparing the way for the calamitous events which preceded Rome's final downfall. Later, in the time of Justinian, the Government undertook to control interest rates, which were fixed at one-third of 1 per cent a month, or 4 per cent per annum, though higher rates wens allowed to be taken by merchants, where a greater risk was involved. During most of the periods of Roman history and before its decline and fall, usury was treated as an aggravated species of theft and punished with great severity. Whereas the punishment for theft was only a forfeiture of double the value of the thing stolen, in usury the criminal was punished by condemnation and forfeiture of four times the value of the usury taken. This severe penalty, it is said, was grounded on sound governmental reasons, for it was seen in those days that usury was one of the most frequent causes of sedition and discord among the people. MCADOO EMULATED TIBERIUS CAESAR. Secretary McAdoo, in depositing, as he did on several occasions, many millions of dollars in the banks to alleviate the strain and bring down heavy interest rates which were being demanded in certain parts of the country, found a precedent for so doing in the acts of Tiberius Caesar, who, the ancient historian tells us, deposited a "marvelous sum of money in the banks of Rome/' the amount being estimated at 500,000 pounds sterling, or about two and a half million dollars, for the purpose of breaking rates charged by usurers in those days, and this money was offered freely to those debtors who were able to give bond and security to double the value of the money borrowed. Secretary McAdoo's terms were more liberal. "The canker of usury," says Tacitus, "is an old venomous foe and is the chief head of rebellion and variance in countries, and it was therefore banished in the old times." In England, as early as the reign of Alfred the Great, laws were enacted against usury, usurers forfeited to the King their chattels, while their land escheated to the lords of the fee, and it was further provided that usurers should not be buried in the sanctuary. In the reign of Edward the Confessor, 150 years later, the laws provided that the usurer should forfeit all his substance, be outlawed, and his heir disinherited. Other punishments were added by William the Conqueror, such as whipping, exposure on the pillory, and perp otual banishment. EEPORT OF THE COMPTROLLER OF THE CURRENCY. 207 In the Magna Charta, in 1215, attempts were made to regulate or restrain usury, the provision inserted showing clearly how general the evil was andr how oppressive. These laws w ere modified and changed from time to time, in the twelfth century. According to Glanville, the usurer was not liable to bo convicted during his lifetime, but forfeited his goods and chattels after death. In 1487 two acts were passed in England to restrain usury and to meet the various devices w^hich had become common. This law provided that offenders should be placed in the pillory, put to open shame, be imprisoned half a year, and pay 20 pounds sterling. In the reign of Queen Elizabeth the legal rate was fixed at 10 per cent. This rate was reduced to 8 per cent under the reign of James I. All contracts foru more than 8 per cent were void, but the act contained a clause that no words in this law shall be construed or expounded to allow the practice of usury in point of religion or conscience/7 inserted in the law to satisfy the bishops, who would not pass the bill without it, USURY CONTRIBUTED TO THE DECLINE OF ROME. In the reign of Charles II the legal interest was further reduced to 6 per cent, which had then become customary, and it is interesting to compare the conditions set forth in the preamble of this act, which shows the beneficent influences of favorable money rates, with the corruption and declining conditions in Rome, when usury flourished most in the Eternal City. The preamble to this act says: Forasmuch as the abatement of interest from 10 per cent in former times has been found by notable experience beneficial to the advancement of trade and the improvement of lands by good husbandry, with many other considerable advantages to this nation, especially the reducing of it to a nearer proportion with foreign states with whom we transact, and whereas in the fresh memory the like fall from 8 to 6 per cent by late constant practice hath then the like success to the general contentment of this nation as is visible by several improvements, and whereas it is the endeavor of some at present to reduce it back again in practice to the allowance of the statute still in force, to 8 per cent, to the great discouragement of ingenuity and industry in the husbandry, trade and commerce of this nation. The rate of interest in England was reduced to 5 per cent in the reign of Queen Anne, the preamble of the law stating that— It has become absolutely necessary to reduce the high rate of interest of six per cent to a nearer proportion with interest allowed in foreign States. The various acts passed in the reign of Charles II, William III, and George II, George III and George IV provided that all securities given on a usurious consideration or upon a gaming transaction were absolutely void. In this country the Colonies first and the States later undertook to fix and regulate the rates of interest and to define and prohibit usury. Massachusetts fixed the legal rate at 8 per cent in 1641, and reduced it to 6 per cent three years later. Some of the older States, however, refused to adopt usury laws until within recent years. In many of our States usury statutes have been and are ignored, and where the transgressions against the usury law have been most marked and where usury has flourished most, unmolested, we find enterprise hampered and many unhealthy conditions engendered; which reminds one of a saying credited to Diogenes, that ilwhere 208 REPORT OF THE COMPTROLLER OF THE CURRENCY. neither laws have force nor water hath course, there no wise man seeks to dwell." To the substantial business man, accustomed to reasonable accommodations from banks, there is a kind of ghastly humor in some of the revelations resulting from an investigation into the subject of usury conducted some months ago by the Comptroller's office. USURY AIMS AT AMERICAN BANKS. It was ascertained at that time that 1,247 national banks, out of a total of 7,600, were openly charging rates of interest forbidden by the laws of their respective States and by the national-bank act, and that, despite the easy money conditions, 2,743 banks were charging on some of their loans interest of 10 per cent or more per annum. One bank admitted under oath that it was charging an average of 25 per cent per annum on all of its loans; another, an average of 36 per cent; and a third, an average of 40 per cent per annum on all loans. The alarming part of all this is that wherever such a case of oppression occurred the agitators, the chronic trouble makers and the demagogues of the neighborhood or the county made it the text for incitement of rage against the capital and the commercial methods of the entire country. I will not tire you with figures, but will mention just a few actual loans made by national banks and reported under oath to the Comptroller's office which may serve as illustration. Here is a loan of $1,000 for a month and a half at 77 per cent; a loan of $2,067 for a month at 65 per cent; $553 for two months at 85 per cent; $491 for 80 days at 50 per cent; $200 for three months at 50 per cent. A visitor to my office from a certain State not long ago, who held a high public office in that State, told me of a loan for $90 made to a farmer to help him to raise his crops, the loan being for less than a year. He said that the bank had charged this farmer, in addition to a large rate of interest, an extra sum of $50 for the trouble of going out to look at the land and for a few preliminaries to the loan. The practice of making a deduction for expense, in addition to the rate of interest, seems also to have been an ancient one and to have been resorted to hundreds of years ago. It has prevailed to an inexcusable extent up to a very recent date in certain of our States. I am sincerely gratified to be able to report, after all this looking at the dark side of the picture, that in the past year or so, there has been a vast improvement in the matter of interest rates throughout the country. The evil has been greatly mitigated, but it is not yet entirely eliminated. Hundreds of banks have made perpendicular drops from the excessive rates which they formerly charged. Many that had been charging on some of their loans as much as 50 per cent reduced to 12 per cent and in thousands of cases they have come within the legal rates of their respective States. EEPORT OF THE COMPTROLLER OF THE CURRENCY. 209 NOW, THE BANKS ARE REDUCING RATES. In other instances, where only 12 per cent to 15 per cent rates had prevailed, borrowers are now accommodated at 8 per cent and 8 per cent. Some banks have adopted a conservative course and apparently have been afraid to reduce their rates too suddenly, but they are moving in the right direction. One bank testifies under oath that it has succeeded in reducing its maximum rate from 360 per cent to 109 per cent. Another in the same State reports that it has already brought its maximum rate down from 300 to 30 per cent; others report that they have brought their average rates of 18 per cent and 22 per cent down to the legal rate of 10 per cent. I am very glad to be able to say that these sensational and inexcusable rates are steadily disappearing from the sections where they have formerly prevailed, and people of every part of this country are at this moment securing money for all purposes, whether it be for commercial business, farming, or industrial purposes, on more favorable terms than ever before in the history of our country. In divers instances national banks which have been called on to reduce their rates of interest to those permitted by law have not only complied but have advised my office that they were conducting their business on a plane which is proving not only more satisfactory to their customers, but, all things considered, more satisfactory to the banks themselves, as their business is showing a healthy expansion in response to more liberal treatment. For example, the cashier of a national bank in the interior of Texas, which had m the past been charging excessive interest rates, in a letter to the Comptroller of the Currency, said: While it has been rather hard for us to get down to the legal rate, I realize that you are absolutely correct, and I am sure that the cheaper rate of interest will bring, and is already bringing, this bank a large increase of business. Your stand in this matter is entirely commendable and we will do our best to uphold you in it. Many farmers who had never known what it was to borrow money below 12 per cent, even on cotton, through the operations of the Federal reserve system are now enabled to borrow from their local banks at 6 per cent, and the small local banks are able to borrow in their turn from the Federal reserve banks at 3 to 4§ per cent, and the business men throughout the country, I am sure, are prepared to testify that in the past 12 months, despite the very active condition of business, which usually brings tight money, that in all our important cities merchants and manufacturers have been able to place their commercial paper at lower rates than ever known before. To overcome the whole trouble and rid the farmer and the small merchants in the rural districts of the exactions which have often crippled and sometimes destroyed them, a bill has been introduced in Congress, requiring all national banks to keep a record showing the rate of interest charged on each and every loan, and authorizing and directing the Department of Justice to bring suit against usurers, upon information secured by the department from the Comptroller of the Currency, or from other sources. If this becomes a law, it will be possible to eradicate entirely usury from national banks. It would be difficult to overestimate the blessings which will come to many thousands of borrowers in all parts of the country if the maximum rate of interest throughout the States should be reduced from 210 EEPORT OF THE COMPTROLLER OF THE CURRENCY. 100 per cent and more, which has been charged in the recent past in many banks, to a maximum of 6 or 8 or even 10 per cent, according to the legal rate in the respective States. The subject of usury has oeen discussed, as I have shown you, through thousands of years and by countless learned men. After the Hebrew prophets and law givers, Csesar and Cato and later Justinian in Rome, and the Greek philosophers, debated on it; prelates, kings and great judges of great courts have studied and expounded it; parliaments, congresses, legislatures have turned it inside up and outside down; discourses on it in such bodies, in the pulpit, from the bench, have been innumerable in numbers, infinite in extent. Yet in some parts of this country we found we were in worse condition in this respect than were the people of 50 centuries ago, and men and women in the United States, in the twentieth century were bitten more deeply than were the ancient Hebrews; were destroyed and enslaved more grievously than were the Canaanites, declared enemies of God's chosen people. There is no organized ecclesiastical protest against it, and the executive officers of the law stood inert and apparently powerless. In some of the newest and freshest parts of our land, American citizens were practically in the position of the poor of Rome under the oppressions of usurers of distinguished families— No fire when Tiber freezes, No air in Summer's heat; But stores of rods for freeborn backs, ^ And stocks for freeborn feet. Let us earnestly hope that the conscience of the country and the protest of the self-respecting and forward-looking bankers may be truly aroused to renew the old, old fight against the old, old instinct of tyranny and oppression, so cruelly contrary to all the teachings of Christianity, the lessons and purposes of civilization, and all the trend of modern thought— The good old rule, the simple plan, That he shall take who has the power And he shall keep who can. No country can live, much less prosper; no people can keep their strength and maintain that unity of thought and purpose that makes nations conquerors, where wealth accumulates and men decay. INDEX. ACCEPTANCES: Amount of, Aug. 31,1918 By national banks in reserve cities and elsewhere Increase in, during year ACTS. (See Legislation enacted.) AMENDMENTS TO FEDERAL RESERVE AND NATIONAL BANK ACTS. Page. 50 50 31 (See Legislation enacted; Legisla- tion recommended.) APPENDIX. (See Exhibits.) ARMY AND NAVY. (See also Employees of national banks in Army and Navy.) Employees of currency bureau in Officers and employees of national banks in 155 81 ASSESSMENTS UPON SHAREHOLDERS OF INSOLVENT NATIONAL BANKS 71 ASSETS. (See also Condition of national banks; Banks in the United States.) Of banks other than national National banks in reserve cities and elsewhere, 1913 to 1918 ASSETS AND LIABILITIES OF NATIONAL BANKS. (See also Condition of national banks.) Percentage of principal items of, to total, annually, 1908 to 1918 87 47 33 ASSISTANT TREASURER AT N E W Y O R K : Transactions of, with New York clearing house 140 BALANCE OF TRADE FOR WAR PERIOD 10 Excess of exports over imports annually, 1914 to 1918 11 BALANCES, DORMANT, DEPOSIT OF, IN UNITED STATES TREASURY: Legislation recommended relating to 78 BANKING POWER OF UNITED STATES BANKING POWER OF WORLD: 9 Amount of, as estimated by Mullhall in 1890 10 BANKING PREMISES AND OTHER REAL ESTATE OWNED: Comparison of amounts invested in, by national banks, 1917 and 1918 28 BANKING: Good results from closer adherence to the law, etc BANKS, FEDERAL LAND. (See Federal farm-loan system.) 6 BANKS IN THE UNITED STATES: Cash in Consolidated statement of principal items of resources and liabilities of Deposits, individual, classification of Growth of, since 1863 Increase in capital and resources of, during year and since 1913 Increase in resources of, including Federal reserve banks, in 1917 and 1918 Number and assets of, annually since 1863 Number of, in June, 1918, by States Resources and liabilities of, including Federal Reserve banks Resources and liabilities of, in June, 1918, by States Summary of combined reports of condition of, in June, 1918 BANKS, JOINT STOCK LAND. (See Joint stock land banks.) BANKS, OTHER THAN NATIONAL. (See also Banks in the United States.) Cash in, in June, 1918 Comparative statement of principal items of resources and liabilities of, 1914 to 1918 Comparison of present national-bank resources with those of, in 1910 and 1917 Decrease in cash in, during year Failures of, during year, by States Failures and suspensions of, 1914 to 1918, and comparison with those of national banks Growth in resources of, June, 1913, to June, 1918, compared with that of national banks Investment by, in United States bonds Resources and liabilities of, by States Summary of resources and liabilities of % 121 107 120 117 106 107 118 112 109 112 110 121 89 4 121 6 5 11 137 100 87 BILLS PAYABLE: National banks, liabilities for, since 1913 BONDED DEBT OF THE UNITED STATES. (See Interest-bearing bonded debt of the United States.) 211 50 212 INDEX. BONDS: " Page. And money borrowed 31 Farm-loan. (See Federal farm-loan system.) Foreign government, owned by national banks in reserve cities and elsewhere, Dee. 31,1917 28 Investments by national banks in reserve cities and elsewhere, on specified dates since 1913 48 Liberty Loan. (See Liberty Loan bonds.) Other. (See also Condition of national banks; Banks other than national.) Securities held, other than United S t a t e s Amount of, held by national banks 26 Surety, for officers and employees of banks, legislation recommended relating to . 76 BONDS, UNITED STATES. (See also Liberty bonds.) Available as security for circulation 125 Bank investments in 26,137 Deposited to secure circulation 12,2G, 47,55,56,124 Deposits and withdrawals of, by national and Federal reserve banks, monthly during year 125 Exemption from State taxation of, owned by national banks, legislation recommended relating to 78 Insolvent national banks, Investments in, by : 72 Percentage of, to total assets of national banks, annually, 1908 to 1918 33 Price and interest realized by investors in, during year 124 Sale of, held by liquidating banks, legislation recommended relating to 78 BOOKKEEPERS: Legislation recommended relating to 78 BRANCH BANKS: Legislation recommended relating to 77 BRANCHES, FOREIGN, OF NATIONAL BANKS: Condition of, on June 29,1918 Examination of South American List of, and subbranches 52 52 51 BUILDING AND LOAN ASSOCIATIONS I N UNITED STATES: Growth of, during year In District of Columbia Number, membership and assets of, by States Receipts and disbursements of, for 1917 151 153 132 153 BUILDINGS: Legislation recommended limiting investment in bank buildings by national banks 77 BY-LAWS, STANDARDIZATION OF: Legislation recommended relating to CAPITAL OF BANKS. (See also Banks other than national.) Amount of, of national banks organized since March 14,1900 Classification of national banks organized since 1900, according to, by States Demand for banks with capital of $25,000 Increases and reductions in, 1917 and 1918 Insolvent national banks , Number and, of national batiks in operation on January 1 of each year, 1864 to 1918 Number and, of national banks on August 31,1918, by States Number and, of national banks with individual capital of less and more than 150,000, organized since 1900 National banks chartered during year, by States National banks in reserve cities and elsewhere, on specifed dates since 1913 National banks in voluntary liquidation during year Percentage of, to total liabilities, annually 1908 to 1918 Relation of, to individual deposits, loans and aggregate resources, annually 1913 to 1918 76 64 65 64 63 70 57 65 65 58 49 U3 S3 33 CAPITAL, SURPLUS, A N D PROFITS: Increase in, during year and since 1913 Relation of, to individual deposits, annually 1913 to 1918 4:1 o,; CASH: Comparison of amount of, in 1917-1918 i n all reporting banks, classification of, in June, 1918 In national banks, in reserve cities and elsewhere, on specified dates since 1913 In the United States On hand in national banks and balances with Federal reserve banks Relation of, to individual deposits in national banks, annually 1913 to 1918 32,121 120 48 121 33 33 CERTIFICATES OF DEPOSIT: Legislation recommended relating to signing of =- 76 INDEX. 213 CERTIFICATES OF INDEBTEDNESS: Page. Aid by Federal reserve banks in placing 14 Increase, during year, in amount of, owned by national banks 25 Increase in liabilities of national banks due to notation of 31 Owned by national banks in reserve cities and elsewhere on March 4,1918, and on June 29,191S.. 1% =93 Owned and amount loaned on, by national banks in reserve cities and elsewhere on August 31, 1918 198 CERTIFICATION OF CHECKS. (See Legislation enacted.) CHARGE TICKETS: Legislation recommended relative to signing of CHARTERS OF NATIONAL BANKS. (See also Organization of national banks.) Applications for, received, approved, and denied in 1917 and 1918 Number of extensions and reextensions of, by States Total number of, issued CHECKS, CERTIFICATION OF. (See Legislation enacted.) 78 63 02 64 CIRCULATION OF NATIONAL BANKS: Amount and kind of United States bonds available as security for Amount outstanding by denominations Amount secured by United States bonds monthly since December, 1917 Charge for plates, etc., for printing, during year Denominations of notes issued Deposits and withdrawals of United States bonds held as security for, monthly during year... Engraved signatures for, legislation recommended relating to Expenses of redemption of, during year -k .Increase or decrease in, issued and retired since 1875 Issued, redeemed, and outstanding, by States Lawful money on deposit to redeem, monthly since December, 1917 Of rechartered banks, legislation recommended relating to Outstanding, of banks in reserve cities and elsewhere, at each call during year Outstanding, monthly, since December, 1917 Principal sources of receipts of, for redemption, during year ' Printed, issued, redeemed, on hand and outstanding, compared with Federal reserve and Federal reserve bank notes Profit to national banks on Receipts of, for redemption, monthly during year Redemption charges on, during year Revenue to Government from tax on United States bonds on deposit to secure, monthly since December, 1917 Vault account of, received and withdrawn during year 125 126 124 128 124 125 77 126 123 56 124 76 30 124 127 136 12? 126 127 128 124 123 CIVIL WAR, BOND ISSUES OF: Compared with Liberty loanissues 2 CLEARING HOUSE ASSOCIATIONS: Transactions of, in Federal reserve and other cities in 1917 and 1918 140 CLEARING HOUSE, EXCHANGES FOR: Fluctuation in amount of, since September 11,1917 CLEARING HOUSE, N E W YORK. (See New York clearing house.) 30 COIN AND CERTIFICATES HELD BY NATIONAL BANKS: Classification of, in June, 1917 and 1918 COIN AND OTHER MONEY IN THE UNITEJ> STATES. CONDITION OF NATIONAL BANKS: 29 (See Money in the United States.) Abstract of reports of, at each call during year „. ;1 Changes in volume of principal assets and in deposits, by geographical divisions, at each call during year 32 Comparative statement of principal items of resources and liabilities of State and national banks, 1917-18 106 Growth in resources and liabilities since 1913 17 Principal items of resources and liabilities of, in reserve cities and elsewhere, on specified dates since1913 47 CONSERVATION OF GOLD SUPPLY, ACT FOR: issue of Federal reserve bank notes under 134 CONSOLIDATIONS OF NATIONAL BANKS: Number of, during year Provision for, without liquidation of either 63 81,168 CONVERSIONS OF STATE BANKS: Number and capital of, by States Number and capital of, since 1900 t2 > 64 214 INDEX. CRIMINAL VIOLATIONS OF NATIONAL BANKING LAWS: Page. Convictions for, during year 20 CURRENCY BUREAU: Expenses of, during year and since 1863 128 CURRENCY, NATIONAL. (See also Circulation of national banks.) Federal reserve, Federal reserve bank, and national bank notes, issued and redeemed during year, by classes 12 Outstanding and in vault, by classes, October 31, 1918 12 DEBT OF THE UNITED STATES. (See Interest-bearing bonded debt of the United States.) DEPOSITS: Demand, in national banks in reserve cities and elsewhere on specified dates since 1913 Demand and time, changes in volume of, by geographical divisions at each call during year Federal reserve banks, holdings of national bank Geographical classification of Guaranty of, recommended Individual, in all banks in the United States Individual, increase in demand and time deposits during year Increase in, despite subscriptions to Liberty loans Increase in, since 1913 In savings banks in principal countries of the world In United States postal-savings system Interest on, legislation recommended limiting Limitation of, in proportion to capital and surplus, legislation recommended relating to Number of, exceeding $5,000 each and number and amount of $5,000 or less each, by geographical locations Percentage of, to total liabilities, annually, 1908 to 1918 Proportion of loans and discounts to, September, 1917, and August, 1918 Eelation of capital, capital and surplus and other profits, and cash on hand and balances with Federal reserve banks to, annually, 1913 to 1918 Time and other, in national banks in reserve cities and elsewhere on specified dates since 1913.. DEPOSITORS, LOSS TO. (See Failures and suspensions of national banks.) 49 32 29 35,44 79 120 31 3 47 144 141 75 76 161 33 22 33 52 DIRECTORS: Delays in execution of oaths of, legislation recommended relating to Interest on deposits of. (See Legislation enacted.) Meetings of, at times of semiannual examinations Moral and legal responsibility of. Proceedings against, for losses sustained, legislation recommended relating to Purchase or sale of assets by or from. (See Legislation enacted.) Removal of, for violations of law, legislation recommended relating to 75 ft 6 74 75 DIRECTORS, " A " AND " B , " OF FEDERAL RESERVE BANKS, CHOOSING OF. (See Legislation enacted.) DIRECTORS AND ATTORNEYS, NOTES EXECUTED BY. (See Legislation enacted.) DIRECTORS AND OFFICERS, LIABILITY OF. (See Legislation enacted.) DISCOUNT RATES, OF EACH FEDERAL RESERVE BANK. (See also Rates for money in New York) DISTRICT OF COLUMBIA: 1C3 Banks and banking in, number, capital, individual deposits, and aggregate resources of each class of banks in 153 Building and loan associations in, number, loans, installments on shares, and resources of, annually since 1909 151 Wild-cat banking in, legislat ion recommended preventing.. .„ 76 DIVIDENDS. (See also Earnings and dividends of national banks.) Paid by insolvent national banks 6,71 Paid by national banks, comparison of, with those of previous years 7 DOMESTIC AND FOREIGN SECURITIES HELD BY NATIONAL BANKS: Classification of, in June, 1913 to 1918 27 D U E FROM ALL OTHER BANKS: To national banks in reserve cities and elsewhere, on specified dates since 1913 DUE FROM BANKS: Increase in amount during year 48 28 D U E FROM FEDERAL RESERVE BANKS: To national banks in reserve cities and elsewhere, on specified dates since 1914 48 D U E TO BANKS: By national banks in reserve cities and elsewhere, on specified dates since 1913 Decrease in amount, during year, by national banks ; 49 31 EARNINGS OF NATIONAL BANKS: Dividends, percentage of, during year compared with previous years Gross, comparison of, with loans and bond investments, by geographical divisions, June, 1918 . . Gross and net, compared with previous years Dividends paid from Increase in, during year 53 51 7 7 2 INDEX, 215 Page. EMBEZZLEMENT, ETC., OF OFFICERS, ETC., F E D E R A L RESERVE AGENTS AND NATIONAL-BANK RECEIVERS. (See Legislation enacted.y EMPLOYEES OF BUREAU: Expression of appreciation of service by Percentage of, in Army and Navy 151 155 EMPLOYEES OF NATIONAL BANKS: Number of, by sex, November 1, 1918 Grouped by reserve cities and States 3 84 EMPLOYEES OF NATIONAL BANKS IN ARMY AND NAVY: Number and per cent of. Number and per cent of, grouped by reserve cities and States Reserve cities, furnishing largest number of. States furnishing highest percentage of States furnishing largest number of 83 82 82 83 £3 E X A M I N A T I O N O F NATIONAL B A N K S : Meetings of directors at t i m e s of R e s u l t s of, m o r e rigid S o u t h American branches of national banks Thoroughness of 6 7 51 17 E X A M I N E R S O F NATIONAL B A N K S : Change i n m e t h o d of compensating Expression of appreciation of sarvice of List of Loans or gratuities to National-bank charges for salaries of, during year 17 154 18 166 127 EXCHANGES FOR CLEARING HOUSE: Fluctuation in amount of, since September 11, 1917 EXCHANGE, STERLING. (See Sterling exchange.) 30 EXHIBITS: A. Federal guaranty of deposits in national banks B. Number and amount of deposit accounts of $5,000 or less and over $5,000 C. Legislation affecting or relating to national banks American Red Cross contributions Capital-issues committee * Civil rights of mambsrs of the military and naval establishments Conservation of the gold supply Consolidation of national banks Fourth Liberty Loan bond acts Purchase or sale of assets by or from national and member banks Receipt of fee, commission, gift, etc Reserve requirement changes Trust powers of national banks War Finance Corporation D. Liberty Loan bonds, 3 | and 4 per cent, owned, and amount loaned on December 31, 1917... E . Liberty Loan bonds (3£ and 4 per cent) and certificates of indebtedness owned, held as collateral, and amount contracted to be sold on installments March 4, 1918 F . Subscriptions to Third Liberty Loan bonds reported as on May 10,1918 G. Liberty Loan bonds (3V, 4, and 4£ per cent) and certificates of indebtedness owned, loans owned as security and hsld under contract to sale on installment plan or otherwise June 29, 1918 H. Liberty Loan bonds (3|, 4 and 4J per cent) and certificates of indebtedness owned, loans on, and amount that banks have contracted to sell on installments or otherwise August 31, 1918 I. Number and amount of usurious loans made by national banks in reserve cities and elsewhere between March 4 and May 10,1918 Highest rate legal by written contract on loans in each State J. Usury and the banks Banks are reducing rates Fleecing the small borrower being stopped by the Government McAdoo emulated Tiberius Caesar Usurer unpopular in King Solomon's days Usury aims at American banks Usury contributed to the decline of Rome " 156 161 161 168 175 179 177 168 169 163 163 162 162 171 179 183 188 193 198 203 203 204 209 204 206 205 208 207 E X P E N S E S OF CURRENCY BUREAU: Salaries, etc., during year and since 1863 127 EXPORTS: Value of merchandise exported during past five years 10 216 INDEX. FAILURES AND SUSPENSIONS OP BANKS OTHER THAN NATIONAL: Page. Number of failures during year, by States, and since 1914 5,12 FAILURES AND SUSPENSIONS OF NATIONAL BANKS: Bonds withdrawn by insolvent banks, monthly, during year 125 Causes of failures » 73 Comparison of, in 1917 and 1918 70 Comparison of numbers of, 1914, 1915, 1916, 1917, 1918 5 Condition of all receiverships, active and inactive, showing assessment upon shareholders, assets, bonds held, capital, circulation, claims proved, collections, disbursements, and dividends 72 Cost of closed receiverships 72 Dividends, amount of, paid 6,72 During war period as compared with those in previous crises (1893,1908, 1918), etc 2,4 Loss to depositors by, during 33 years prior thereto 2 Number a n d capital of ^during year 70 Number a n d capital of insolvent national banks, annually, 1863 to 1918 70 Number, capital, and gross assets of failures during year, b y States 69 Number of active trusts, 1913 compared with 1918 6 Number of insolvent national banks, by States .' 56 Number of insolvent national banks, on January 1 of each year, 1864 to 1918 57 Number restored to solvency 70 Title, capital, circulation of, during year 70 Trusts finally closed during year 72 FALSE FINANCIAL STATEMENTS: Legislation recommended relating to penalty for FARM-LOAN ASSOCIATIONS. (See Federal farm-loan system.) FARM-LOAN BONDS. (See Federal farm-loan system.) FARM-LOAN SYSTEM. (See Federal farm-loan system.) 77 F E D E R A L FARM-LOAN SYSTEM: Consolidated statement of condition of farm-loan banks Farm loan bonds issued by, with rate of interest thereon Farm-loan associations Farm-loan bonds outstanding Joint-stock land banks —v Loans applied for, approved, and closed in each district and by States Loans closed by, to October 31, 1917, and monthly to October 31, 1918 Ownership of capital of 146 150 147 146 151 148 150 146 FEDERAL GUARANTY OF DEPOSITS IN NATIONAL BANKS: Arguments in favor of Circular letter to banks relating to Deposits, number exceeding $5,000 each, and number and amount of $5,000 or less each, by geographical locations Estimate of necessary assessment rate Legislation recommended relating to Senate bill providing for FEDERAL LAND BANKS. (See Federal farm-loan system.) 158 156 161 2 79 158 FEDERAL RESERVE ACT, AMENDMENTS TO. (See Legislation enacted.) FEDERAL RESERVE AGENTS: Embezzlement, etc., by. (See Legislation enacted.) FEDERAL RESERVE BANKS: Balances with Bills payable with, and increase of, during year Cash in, during year Condition of, annually 1914 to 1918, and by months June, 1917, to November, 1918 Directors, "A " and " B , " of, choosing of. (See Legislation enacted.) Discount rates of Earnings of, during year Embezzlement, etc., by officers of. (See Legislation enacted.) Investments by, in United States bonds Issues of $1 and $2 notes authorized National banks, balance with, during year National-bank deposits with, since December, 1914 Notes issued, redeemed, and outstanding Notes secured by bonds, gold, etc Penalties for embezzlement, etc., of officers of Placing Liberty bonds and certificates of indebtedness by Principal items of resources and liabilities of Security for notes owned by national banks Stock of, 29 31 121 14 138 14 v 137 134 29 29 130 . . 128 81 14 109 128,134 21 INDEX. 217 FEDERAL RESERVE BANK NOTES: Page. Conditions under which, may be issued Deposits and withdrawals of securities for, during year Issued, redeemed, and outstanding, by denominations Printed, issued, and on hand, by denominations for each bank Receipts of, for redemption, monthly during year United States bonds, etc., held to secure amount outstanding and vault balance of * 133 ]34 136 135 126 12,131 FEDERAL RESERVE CITIES: Transactions of clearing-house associations in, and other cities in 1917 and 1918 139 FEDERAL RESERVE NOTES: Gold held as part security for 12, I/O Issued, retired, and outstanding, by denominations and by banks 132 Mutilated notes received, destroyed, and on hand; by denominations and by banks 133 Outstanding and in vault, October 31,1918 12 Outstanding and security for, weekly, November 1914 to November 1918 129 Printed, issued, redeemed on hand and outstanding compared with national and Federal reserve bank notes 136 Receipts of, for redemption monthly during year 126 Securities held for. 12,129 FEDERAL RESERVE SYSTEM: Growth of national banks since organization of Strength of, in war time during financial strain F E E S , ACCEPTANCE OF, BY OFFICERS, ETC. FOREIGN BRANCHES OF NATIONAL BANKS A, 47 1 (See Legislation enacted.) 51 Condition of, on June 29, 1918 Examinations of South American branches by a national-bank examiner List of, and subbranches 52 51 51 FOREIGN GOVERNMENT BONDS OWNED BY NATIONAL BANKS: Classification of, in reserve cities and elsewhere December 31, 1917 FOREIGN SAVINGS BANKS. (See Savings banks in principal countries of the world.) GOLD. (See also Specie and gold and silver certificates.) Coin and certificates held by national banks Coin and certificates held by State, etc., banks Federal reserve banks and Federal reserve agents, holdings of Federal reserve banks' holdings Lawful money including, securing Federal reserve notes 28 121 121 14 14 129 GOLD SUPPLY, ACT TO CONSERVE THE 134 GROWTH OF NATIONAL BANKS. (See also National-bank system.) As shown by specified calls since 1913 In past five years GUARANTY OF NATIONAL BANK DEPOSITS. (See Federal guaranty of deposits In national banks.) 47 4 HISTORIC REVIEW OF USURY AND THE BANKS. IMPORTS: (See Usury and the banks.) G old imported during pastftve years. Merchandise imported during past five years INSOLVENT NATIONAL BANKS. (See Failures and Suspensions of National Banks.) INTEREST-BEARING BONDED DEBT OF THE UNITED STATES. 10 11 (See also Liberty Loan bonds.) Amount and rates of interest on National banks' investments in, 1913-1918 136 47 INTEREST CHARGES FOR SMALL LOANS: Legislation recommended relating to 70 INTEREST ON DEPOSITS: Legislation recommended limiting INTEREST ON DEPOSITS OF DIRECTOES, ETC. 70 (See Legislation enacted.) INTEREST RATER. (See also LTsury.) Decrease of usury Historic review of usurious Loans at usurious Maintenance of normal, during year. INVESTMENTS (see also Banks in the United States; Federal reserve banks; National banks): Productivity of loans and bond investments of national banks 2 204 203 2 51 INVESTMENT SECURITIES OF NATIONAL BANKS: Classification of foreign and domestic, in June, 1913 to 1918 27 ISSUES AND REDEMPTIONS OF NATIONAL CURRENCY DURING YEAR 12 fc LAND BANKS. (See Federal farm-loan system.) LAWFUL MONEY (see also Federal reserve banks; Money in the United States: National banks): Cash in all banks On deposit to redeem circulation, monthly since December, 1917 Stock of money in the United States 121 124 122 218 INDEX. LEGISLATION ENACTED: Page. Acceptance of fees, etc., by officers Act to conserve the gold supply Capital-issues committee Certification of checks Change in reserve status of certain banks Choosing directors of classes " A " and " B " of Federal reserve banks Civil rights of members of military and naval establishments Consolidation of national banks Deposit with banks of subscriptions to Third Liberty Loan Disclosure, by bank examiners, of names of borrowers, etc Embezzlement, etc., by bank officers, Federal reserve agents, and national bank receivers Exemption from liabilities incurred under war finance act Federal re-serve bank notes, authorized to replace silver dollars sold as bullion Federal reserve notes of large denominations '. Fourth Liberty bond acts of July 9 and September 24,1918 Gold supply, conservation of Increased power to lend upon Liberty bonds Interest on deposits of directors, etc Liability of directors and officers Loans or gratuities to bank examiners National bank contributions to Red Cross Notes executed by directors or attorneys of banks . * Purchase or sale of assets by or from directors Red Cross, contributions to, by national banks .' Reserve requirements of national banks ....' Services for banks, etc., b y bank examiners Silver. (See Gold supply, conservation of.) Soldiers and sailors civil relief act Trust powers for national banks Transactions between banks and their officers and directors War Finance Corporation act 163 177 175 167 81 163 179 81,168 79 166 81,167 79 178 162 169 177 79 163 166 166 81 163 163,166 81,168 162; 165 166 179 80,162 81 171 LEGISLATION RECOMMENDED: Branch banks in United States and in territorial possessions Circulation of rechartered banks Delays in director's oaths Deposit of dormant balances in United States Treasury Deposits, limiting interest on Deposits; relation to capital and surplus Direct and indirect loans to one interest Engraved signatures on plates for national bank notes Exemption from State taxation of United States bonds owned by national banks Guarantee of national-bank deposits Interest charges for small loans Limiting investments in bank building Officers borrowing from own banks Penalty for false financial statements Penalty for making excessive loans Penalties for violations of laws and regulations Preventing erasures on banks' books Preventing or limiting overdrafts Preventing wild-cat banking in District of Columbia Proceedings against directors for losses sustained Punishment for breaking or entering a national bank with felonious intent Renewal of, in 1917,relating to Removal of directors for violations of law Sale of bonds of banks in liquidation Signing of certificates of deposit by. two officers Signing of " charge tickets " b y two officers Submission to shareholders of reports of condition Suits against usurers b y Department of Justice Surety bonds for officers and employees of banks Standardization of by-laws Vacations and rotation of bookkeepers LETTERS OF CREDIT: (See also National banks.) Liabilities national banks in reserve cities and elsewhere for, on specified dates since 1913 LIABILITY OF DIRECTORS AND OFFICERS. (See Legislation enacted.) 77 76 75 78 75 76 73 77 78 79 75 77 73 77 74 75 76 75 76 74 77 73 75 7S 76 78 76 75 7Q 76 78 50 INDEX. 219 NATIONAL BANKS. (See also National banks.) Page. Resources and, at each call during year and since 19] 3 21,47 LIBERTY LOAN BONDS. (See also Bonds United States; Exhibits.) Act authorizing the fourth issue.. 169 Civil War issues compared with 2 Deposit with banks of subscriptions to Third , 79 Federal reserve banks, aid in placing 14 Held by national banks in reserve cities and elsewhere, on specified dates, since 1917 26,48 Increase power to lend upon 79 Liabilities of national banks increased due to flotation of 31 Owned, held as collateral, and amount of money loaned on, by national banks in reserve cities and elsewhere, December 31,1917, March 4,1918 179 Owned, to be sold on partial payments, etc 183 Subscriptions to Third by national banks in reserve cities and elsewhere, May 10,1918 188 LIQUIDATIONS, VOLUNTARY, OF NATIONAL BANKS: Capital, etc., of, in 1917 and 1918 and annually, 1863 to 1918 54 Number, capital, and assets of national banks placed in, during year, by States 69 LOANS AND DISCOUNTS. (See also Exhibits; Federal reserve banks; National banks; State banks.) Classification and comparison 24,87,110 Collateraled by Liberty bonds 179 Collateraled by United States certificates of indebtedness log Eligible for rediscount with Federal reserve banks 23 Excessive rates for, by number and amount, classified by States, etc 203 Geographical classification of 32 Increase in, since 1913 47 Legislation recommended relating to 73 Liberty loan bonds held as collateral for 179 Percentage of, to total assets, annually 1908 to 1918 33 Productivity of, and bond investments of national banks 51 Relation of capital to, annually 1913 to 1918 * 33 Usury and t h e banks 204 Loss TO DEPOSITORS. (See Failures and suspensions of national banks.) LOSSES SUSTAINED BY NATIONAL BANKS, PROCEEDINGS AGAINST DIRECTORS FOR: Legislation recommended relating to 74 LOAN AND TRUST COMPANIES: Classifications of bonds and individual deposits of Comparison of number, capital, and resources of, in 1917 and 1918 Principal items of resources and liabilities of 7 Principal items of resources and liabilities of, in June, 1918, and annually since 1912 LOAN ASSOCIATIONS IN UNITED STATES. (See Building and loan associations in United States,) LOANS AT EXCESSIVE RATES. (See also Usury and the banks.) Number and amount of, made between March 4 and May 10,1918, by national banks, by States. MONEY BORROWED: (See also National banks.) Increase in bonds and, during year 9g 97 89 98 203 31 MONEY IN THE UNITED STATES: Banks' holdings of, annually since 1892 Distribution of, annually since 1892 In circulation, annually since 1892 Increase in, during year Treasury holdings of, annually since 1892 : 122 122 122 121 122 MULHALL: Estimate of banking power of United States and of world by, in 1890 10 MUTUAL SAVINGS BANKS: Classifications of loans and bonds Comparison of resources and deposits of, in 1917 and 1918 Depositors and deposits in stock and, 1820 to 1918 Depositors and deposits in, annually since 1908 and by States in 1917 and 1918 Number of, annually since 1908, and by States in 1917 and 1918 Principal items of resources and liabilities of NATIONAL BANK NOTES: (See also National banks.) Bonds deposited and withdrawn during the year securing Bonds held to secure, and available as security Cost of redemption of Denominations of Issues and redemptions of Lawful money deposited to retire Outstanding, annually, since 1863 85478°—CUB 1918—VOL 1 15 91 90 96 91,92 91,92 88 125 12,55,124,137 127 124 12,55,123 124 119 220 INDEX. NATIONAL BANK NOTES—Continued. Page. Outstanding at date of failure of national banks 72 Outstanding on various dates ,.. 12,16,21,30,49 Profit on 127 Redemption of 126 m Tax on 127 Vault contents of 12,123 NATIONAL BANKS: (Set ulso Condition of national banks.) Army and Navy, employees of, in 3^1 Comparison of present resources of, with combined resources of banks of foreign countries 4 Deposits of, increase in, despite subscriptions to Liberty loans 3 Earnings of 2 Efficiency and patriotism of 2 Employees trf 3,81 Failures and suspensions of 2,4,70 Growth in resources of, June, 1913, to June, 1918, compared with that of banks other than national 11 Immunity from failure of, increasing 5 Investments by, in United-States bonds 137 Liberty bomds placed through 2,3,179,183,198 Resources of -and increase in amount of 2,4 Subscriptions to Liberty bonds and Government certificates of indebtedness by 3,188 NATIONAL CURRENCY: Issued and redeemed during year NAVY: (See also Employees, national banks in Army and Navy.) Employees of national banks in '. N E W YORK. (See also Condition of national banks.) Discount rates of Federal reserve banks Rates for money in, for each class of loans, monthly since November, 1917 Statistical history of -elearing house in NEW 12 3,81 138 137 140 YORK, ASSISTANT TREASURER AT: Transactions of, with New York clearing house Statistical history of- 140 140 ORGANIZATION AND LIQUIDATION o r NATIONAL BANKS: Bonds withdrawn by liquidating banks, monthly, during year Classification of national banks organized since 1900, according to capital, by States Demand for banks with capital of 125,000, Organizations, failures and voluntary liquidations of national banks, during year, by States.... Capttal, etc., of national banks organized since March 14,1900 Capital,«tc., b y classes, oT organizations during year Capital, etc., of associations organized and closed, annually 1863 to 1918 Capital, «tc., t>tf national banks with individual capital of less and more than $50,000, organized since 1900 Capital, «tc., of State banks txmverted, by States Charters issued, monthly, from March, 1900, to October, 1918 •*•••*.,... Organizations a n d liquidations by States, -with amounts of bonds and circulation Banks organised, i n voluntary liquidation, insolvent, and number and capital of associations in operation tm January 1 of each year, 1864 to 1918 Title, eapitaland charter number of national banks chartered during year, by S t a t e s . . ^ OVERDRAFTS. {See vise -Condition of national banks.) Comparison of amounts of, on September 11,1917, and August 31,1918 Legislation recommended preventing or limiting PITTMAN ACT. (See Act to conserve the gold supply.) POSTAL SAVINGS BANKS, (See Savings banks in principal countries of the world.) POPULATION, BY "STATES, IN JUNE, 1918 POSTAL SAVINGS -SYSTEM, UNITED STATES: 66 62 66 55 57 58 26 75 112 Comparison of resources and liabilities June 30,1917, and 1918 Deposits and tlepositors in, June 30,1917 and 1918 Deposits and withdrawals during year and balances June 30, 1918, "by States PRIVATE BANKS. (See also Banks, other than national.) Principaiitemstrf resources and liabilities of 142 141 141 89,99 PRODUCTIVITY OF IXJANS AND BOND INVESTMENTS OF NATIONAL BANKS PROFITS <*ee Capital, surplus, and undivided profits of national banks) 125 65 64 69 64 67 54 51 , 30 PUBLIC MONEYS: Amount of United States bonds held as security for , 125 RAILROADS: Effect of Federal control of, on financial conditions in 1918 %. 8 INDEX. 221 BATES FOR MONEY IN NEW YORK: Page. Discount rates of Federal reserve banks Rates for each class of loans, monthly since November, 1917 BEAL ESTATE OWNED BY NATIONAL BANKS. (See Banking premises and other real estate owned)... RECEIVERS, NATIONAL BANK. (See also Failures and suspensions of national banks.) Penalties for embezzlement, etc., of 138 137 28 81 RECHARTERED BANKS, CIRCULATION or: Legislation recommended relating to 76/77 R E D CROSS: Authorization of national bank contributions to. Subscriptions to, by national banks in reserve cities and elsewhere „. REDEMPTIONS AND ISSUES OF NATIONAL CURRENCY DURING YEAR REDEMPTION OF CIRCULATION: Charges for, during year Expenses of, during year Principal sources of receipts for, during year Receipts of Federal reserve notes, Federal reserve bank notes, and national bank notes monthly during year 81 81 12 127 126 127 126 REDISCOUNTS: By national banks in reserve cities and elsewhere on specified dates since 1913 Increase in, during year 50 31 RESERVE REQUIREMENTS: Changes in, of certain banks 81 Change in, by amendment of June 21,1917, to Federal reserve act 25 Increase in number of banks In New York City due to changes in 25 RESERVE: (See also Federal reserve banks; National banks.) Amount and percentage held, with amount of excess at each call during year, by banks in reserve cities and elsewhere 34 Amounts of, required and held, with amoun t of excess at each call during year, by banks in reserve cities and elsewhere 35 Increase in, and in excess, during year 35 Status of certain banks, change in 25,81 RESOURCES, AGGREGATE. (See also National banks). Relation of capital to, annually 1913 to 1918 33 RESOURCES OF NATIONAL BANKS: Increase in, amount of, on November 1,1918 Present, compared with those of banks other than national in 1916 and 1917 Present, compared with combined resources of banks in foreign countries 2 4 4 RESOURCES AND LIABILITIES OF NATIONAL BANKS: Comparative statement of items of, 1917 and 1918 Details of, at each call during year Growth of principal items of, at five-year intervals, 1898 to 1918 15 21 17 RESOURCES AND LIABILITIES of ALL REPORTING BANKS: By states, June 29, 1918 Comparison principal items of resources and liabilities 112 107 RESOURCES AND LIABILITIES OF BANKS OTHER THAN NATIONAL: By States, June 29, 1918 SAVINGS BANKS: (See Mutual savings banks; Stock savings banks.) Depositors and deposits in, 1820 to 1918 100 O,Q SAVINGS BANKS IN PRINCIPAL COUNTRIES OF THE WORLD: Depositors, deposits and average deposits in each class by countries SECURITIES, DOMESTIC AND FOREIGN, HELD BY NATIONAL BANKS Classification of, in June, 1913 to 1918 143 27 27 SIGNATURES, ENGRAVED, FOR NATIONAL, BANK NOTES: Legislation recommended relating to SILVER. (See also Specie and gold and silver certificates.) 77 SPECIE AND GOLD AND SILVER CERTIFICATES: Classification of, held by national banks in June, 1917 and 1918 29 STATE BANKS: Number and capital'of, converted into national banks Number, capital, and principal items of resources and liabilities of Principal items of resources and liabilities of 62 89 88 STATE AND PRIVATE BANKS, ETC.: Comparative statement of principal items of resources and liabilities of, and national banks in 1917, 1918 106 STERLING EXCHANGE: Actual rates, bankers' bill, monthly, since November, 1917 138 222 TKDEX. STOCKS, OTHER THAN STOCK OF FEDERAL RESERVE BANKS: Page. Increase during year in, owned by national banks, compared with increase in Federal reserve banks stock held STOCK OF MONEY. (See Money in the United States.) 26 STOCK W FEDERAL RESERVE BANKS: Held by national banks in reserve cities and elsewhere on specified dates since 1915 STOCK 48 SAVINGS BANKS 93 Classification of loans, bonds and individual deposits Capital of Depositors and deposits in, by States, in 1917 and 1918 Depositors and deposits in mutual and, 1820tol918 Number of, by States in 1917 and 1918 Principal items of resources and liabilities of 93 93 95 96 95 88,93 SURETY BONDS FOR OFFICERS AND EMPLOYEES OF BANKS: Legislation recommended, relatingto SURPLUS (see also Capital: Surplus and undivided profits of national banks) 76 30 SURPLUS AND PROFITS 33 Of national banks in reserve cities and elsewhere on specified dates since 1913 Percentage of, to total liabilities annually, 1908 to 1918 49 33 TITLES OF NATIONAL BANKS (see Changes of) TRADE: 67 Gigantic balance of trade in our favor for war period 10 TRUST POWERS FOR NATIONAL BANKS (see also Legislation enacted) UNITED STATES POSTAL SAVINGS SYSTEM. 80 (See Postal savings system, United States.) UNITED STATES CERTIFICATES OF INDEBTEDNESS USURERS, SUITS AGAINST BY DEPARTMENT OF JUSTICE: 183,193 Legislation recommended relating to 75 USURY: Abatement of 2,7 USURY AND THE BANKS: Historic review of 204,210 VIOLATIONS OF LAW: Legislation recommended relative to Removal of directors for Penalties for VOLUNTARY LIQUIDATIONS OF NATIONAL BANKS. W A R FINANCE ACT: » , (See Liquidations.) Exemption from liabilities incurred under WARTIME. Failures and suspensions of national banks during, as compared with those in previous crises (1893,1908,1918) National banks in. 75 75 75 79 4 4 1