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ANNUAL REPORT OF THE
Comptroller of the Currency
TO THE SECOND SESSION OF THE SIXTY-SIXTH
CONGRESS OF THE UNITED STATES
DECEMBER 1, 1919
(IN TWO VOLUMES)
VOL. I
WASHINGTON
GOVERNMENT PRINTING OFFICE
1920
TREASURY DEPARTMENT.
Document No. 2861.
Comptroller of the Currency.
(Vol. 1.)
TABLE OF CONTENTS.
Page.
Submission of report
National banks in the reconstruction period
Economic problems needing settlement..
Heavy shrinkage in production of essentials
_.
Diminished production with price inflation does not enrich a country
..
Our colossal foreign trade
Foreign balances collectible in goods, not in gold
Prosperity to endure must be based on sound principles
Bankers' influence may help correct evils and avert perils
Meaning of the shrinkage in value of foreign exchange
No responsibility on us to maintain parity of gold and paper money of other
countries.
'
Subordinate Germany's internal debt to obligations due allied nations
The banking power of the United States
Enormous foreign trade of the United States
Merchandise imports and exports from 1914 to 1919
• ..
Gold and silver imports and exports from 1914 to 1919
Gold, silver, and paper money in the world
Nearly 22 J billions of assets in national banks
Growth of national banks by five-year periods
Vast growth of ib
national banks in 20 years
Chart showing Enormous growth in resources, deposits, and capital of national
banks"
Close observance of laws and regulations by national banks
National banks' gratifying immunity from failure
State bank failures in 1919
Chart showing " Increased stability and safety of national banks "
Comparative figures of national and State banks
Growth of national and State banks for six-year period
Many national banks increasing their capital
Large number of State banks nationalizing
Earnings and dividends of national banks
Chart showing "Unprecedented prosperity of national banks "
Wider diffusion of the country's wealth and credit
Big growth of Middle West.
Huge increase in the Southern States
Western States gain 500 per cent.
Pacific States banks' assets advance 1,340 per cent
Growth of 1,000 per cent or more in each of 16 States
Largest actual increases
Some striking comparisons
Number of depositors in our national banks
Healthy distribution to investors of Liberty bonds and Victory notes.
Location of the country's largest national banks
120 banks with over 25 million assets now; 19'such banks in 1899
Big banks in 39 cities in every part of the country
The West had three big banks in 1899 and 48 in 1919
Productivity of loans and bond investments of national banks.
Condition of the national banks in each State
National and Federal reserve currency issued and redeemed
Federal Reserve System
Condition of national banks at date of each call during the report year
Resources of national banks:
Loans and discounts
Bills receivable eligible for rediscount with Federal reserve bank
Amount and classification of loans by national banks in central reserve
cities
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4
TABLE OF CONTENTS.
Resources of national banks—Continued;
rage.
Three-year comparative statement of loans by national banks in reserve
cities and country banks
50
Direct and indirect liability of officers and directors of national banks,
June 30, 1919
51
Classification of loans by national banks in New York in June, 1915 to 1919.
53
Overdrafts
53
United States Government securities owned
,
53
Other bonds, securities, etc
54
Stocks
54
Investment securities of national banks classified
54
Domestic and foreign securities held by national banks
55
Liberty bonds and U. S. certificates owned, etc., on December 31, 1918,
and March 4, 1919
59
Subscriptions by National Banks for Victory Notes, June 30,1919...
62
U. S. war securities owned and held as collateral bv National Banks,
September 12,1919
,
.V
m
Classification of Foreign Government bonds owTned by National banks,
June 30
70
Bank premises and other real estate owned
1
:..
70
Due from banks
70
National-bank deposits with Federal reserve banks
,
71
Specie, gold and silver certificates
71
Exchanges for clearing house
72
Liabilities:
Capital stock, surplus, and undivided profits
„
72
Circulation outstanding
...
72
Due to banks
73
Individual deposits
73
Bonds and money borrowed
73
Bank acceptances
73
Changes by geographical divisions in principal items in reports of condition of
national banks
74
Relation of capital to deposits, etc., of national banks
75
Percentage of principal items of assets and liabilities of national banks
75
Reserve
75
Reserve required and held by national banks in Federal reserve cities, etc..
76
Classification of loans (including paper bought) as shown by reports made by 600
banks located in cities of more than 50,000 population
77
Growth of national banks since 1913
90
Foreign branches of national banks
93
Organization of national banks:
National-bank charters applied for, granted, and refused
96
Increases and reductions of capital stock
96
Liquidation of national banks
96
Consolidation of national banks
97
Steady growth in number of national banks
93
National banks organized since 1900
99
State banks converted into national banks since 1900
99
Organization and liquidation of national banks, 1863 to 1919
99
National banks chartered year ended October 31, 1919
103
Number of national banks chartered in each month from March 14, 1900, to
October 31, 1919
108
Conversion of State banks and primary organizations as national banks since 1900
109
State banks converted into national banks, 1863 to 1919
109
Classified capitalization of banks by States
109
Expirations and extensions of charters of national banks
Ill
Reextension of charters
112
Increases and reductions in capital stock of national banks by States
,..
112
Changes in title of national banks
113
Increasing immunity from failure
114
National banks organized, failed, and liquidated, by States, year ended October
31, 1919
115
Causes of failure, etc
118
Banks' investments in United States bonds
119
Bonds available as security for national-bank circulation
119
Increase, etc., in national-bank circulation
121
Monthly issues of national-bank circulation
121
TABLE OF CONTENTS.
Denominations of national-bank circulation
Vault account of national-bank circulation
.
Profit on national-bank circulation
Redemption of national-bank circulation.
Taxes on national-bank circulation
Monthly statement relating to bonds on deposit to secure circulation and circulation secured thereby.
Interest-bearing debt of t h e United States
.
Prices and investment value of United States bonds
Federal reserve notes
Federal reserve b a n k notes
Legislation enacted relating to national banks
Consolidation of national banks
Denominations of a n d signatures on national-bank currency
Earnings of Federal reserve banks—Discounts for member banks
Investments b y national banks in stock of corporations engaged in foreign
financial operations
Loan limit b y national banks
•
Liability limit-of national banks
Gold certificates legal tender.
Banking corporations authorized to do foreign business
Comptroller's recommendations for new legislation
Digest of court decisions on national bank cases.
Liability of directors of national banks
Retention of part of loan as deposit is usurious
National b a n k examinations
.
National b a n k examiners
National bank officers convicted of criminal violations of law
Banks other t h a n national ._„„..•
State banks, savings banks, private banks, and loan and trust companies..
State banks.
•
Mutual savings banks
Stock savings banks
Mutual and stock savings banks
•..
Loan and trust companies.
Private banks
Abstracts by States of reports of condition of State and private banks
Comparative statement of condition of all reporting national and State banks
in the United States.
Comparison of principal items of resources and liabilities of national and State
banks for years 1918-19
•.
Summary of combined returns from all banks in the United States and island
possessions
Comparative statement of resources and liabilities of all national, State, and
private banks, 1914-1919
,
Growth of all reporting banks, 1863 to 1919, inclusive
Individual deposits of all reporting banks
Cash in all reporting banks
Money in the United States
Rates for money in New York
Discount rates of t h e Federal reserve banks
Sterling exchange
Transactions of clearing house associations
Transactions of New York Clearing House
United States postal savings system
Federal farm loan system
Condition of Federal loan banks
Farm loan bonds
Farm loan associations
Joint stock land banks
Loans by joint stock land banks, closed, etc
Building and loan associations in t h e United States
All financial institutions in t h e District of Columbia
Savings banks in the principal countries of t h e world
A century of banking in t h e United States
Conclusion
5
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REPORT
OF THE
COMPTROLLER OF THE CURRENCY.
TREASURY DEPARTMENT,
OFFICE OF THE COMPTROLLER OF THE CURRENCY,
Washington, December 1, 1919.
SIR: I have the honor to submit herewith the fifty-seventh yearly
report of the Comptroller of the Currency concerning the operations
of this bureau for the 12 months ending October 31, 1919, as required by section 333 of the Revised Statutes of the United States.
NATIONAL BANKS IN THE RECONSTRUCTION PERIOD.
Exactly 12 months and 20 days have elapsed since the signing of
the armistice, which brought to a victorious ending for our country
and our Allies the greatest and most destructive war in all history.
We foresaw a year ago that we had many new and gigantic problems to face and solve, although we were then unable to visualize
the vast and far-reaching character and tendencies of the momentous
questions which loomed before us.
The national banks of the country, in conjunction with the State
banking institutions and in cooperation with the Federal reserve
banks, have measured up to their responsibilities and have performed
inestimable service in facilitating the transition for the nuge producing, business, and industrial interests of the country from a war
to a peace basis, without suffering the shocks and jars or the commercial crisis and business collapse which many predicted would ensue
when the feverish activity of the war period should end.
For the national banks of the country the fiscal year ending October 31, 1919, has been from every standpoint the most successful
in their history.
In the 12 months ending June 30, 1919, the gross earnings of the
national banks amounted to $910,760,000 and the net earnings to
$240,366,000. For the 12 months ending July 1, 1914, the net earnings of the national banks were reported at $149,270,171. The increase in the net earnings which has taken place in the past five
years thus amounts to $91,095,829, which exceeds by $4,491,778 the
total increase in net earnings shown in the entire 40-year period from
1874 to 1914.
In the matter of immunity from failure the record for the fiscal
year ending October 31, 1919, is unprecedented. For the 40-year
period from 1874 to 1913, both inclusive, for every 7,700 banks
operated the number of national bank receiverships involving loss to
depositors averaged 16.8 per year.
7
8
REPORT OF THE COMPTROLLER OF THE CURRENCY.
For the calendar year 1914, the first year under the present administration, this was reduced to eight such failures; for 1915, to
five; for the years 1916 and 1917, to three each; for the year 1918, to
one; and for the fiscal year ending October 31, 1919, none, there
being no failure of any national bank in the entire United States
involving a dollar's loss to any depositor.
The number of national banks in operation and authorized to do
business on October 31, 1919, was 7,900.
The official figures show that the total resources of all national
banks on November 17, 1919, amounted to $22,444,992,000, being
an increase of $2,623,588,000 over the total resources reported on
November 1, 1918.
As compared with the returns of August 9,1913, of $10,859,000,000,
the increase to November 17, 1919, was $11,585,000,000, or 107 per
cent, in a little over six 3^ears.
The increase in total resources which has taken place in these past six
years has, therefore, been greater than the total increase shown during
the entire existence of the national banking system from its inauguration
in 1863 to August, "1913.
In the last annual report I had the honor to point out that of the
seventeen billion dollars of United States Liberty bonds placed by our
country during the war up to the signing of the armistice,
$8,603,711,205, or 50.6 per cent—a clear majority—were allotted to
the national banks of the country for their clients and themselves
on the subscriptions sent in. through these banks.
Of the $4,500,000,000 Victory notes placed in the spring of 1919,
$2,476,906,000, or over 55 per cent, were also applied for or placed
through the national banks.
ECONOMIC PROBLEMS NEEDING SETTLEMENT.
The volume of the country's business during the past year and its
industrial activity can not be properly gauged by the totals of bank
clearings. While the volume of transactions, as expressed in dollars
and cents, has exceeded all previous records, the unpleasant fact
remains that_in the past 12 months, when the obvious duty which
confronted our whole people was to bend every effort toward not
only continuing at full speed at the high point of production previously reached for all essential products, but where possible to
increase our output to supply the needs of other countries, we have
in some directions slowed down and radically reduced the output of
mines and factories. I t is no part of my duty to determine the causes
or undertake to place the blame. I am expected to assemble and
put before you and the public facts bearing on our financial and
commercial situation, even at the risk of reiterating what may have
been presented by others.
The products which it was particularly obvious would be most
sorely needed in increasing quantities in the reconstruction period,
for our own country and for the nations of Europe in addition to
food, were steel, iron, and coal.
The record shows that for the calendar years 1917, 1918, and 1919,
our exports of steel and iron products to foreign countries averaged
approximately $1,000,000,000 a year, though less in 1919 than in
either of the two preceding years.
REPORT OF THE COMPTROLLER OF THE CURRENCY.
9
HEAVY SHRINKAGE IIST PRODUCTION OF ESSENTIALS.
The output of bituminous coal in, this country for 1918 had reached
585,883,000 tons. The demand for coal for the year 1919 in this
country and abroad was sufficient to have absorbed readily for 1919
an output as great or greater than that of 1918 on a price basis
which would have yielded a full and fair return to the miners. But
the preliminary figures for 1919, recently published, indicate a falling
off for the year 1919 of approximately 130,000,000 tons in the production of bituminous coal, and a reduction in anthracite coal of
12,000,000 tons additional.
In 1918, the pig-iron production of this country was 38,230,000
tons; but the output for 1919, according to the latest estimates,
was 30,900,000—the production in 1918 having been about 24 per
cent greater than for 1919.
The production of steel ingots for 1918 had amounted to 43,051,122
tons and more were needed. In 1919 the estimated output was
reduced to 34,000,000 tons—the output for 1918 being nearly 27
per cent more than for 1919.
I t requires no profound economist to prove that when we produce
40,000,000 tons of steel ingots—even though they be sold to the consumer at $30 per ton, with a margin of $3 per ton profit to the producer—we add 33J per cent more to the country's wealth than if
we make only 30,000,000 tons and sell them to the home consumer
at $40 per ton with a margin of $13 per ton profit to the manufacturer, With the larger production the country is enriched by the
bringing into existence, and manufacture from the crude ores, of
10,000,000 additional tons of steel billets. If the production is
reduced to 30,000,000 tons and high prices maintained, it is true
that the steel maker profits for the time being, but the country's
wealth is diminished, and the apparent, and probably temporary,
profits of the manufacturer simply aid in keeping up the high cost
of living. These same, principles may be applied with equal force
to all the other elements of wealth and production which contribute
to our country's growth and progress.
In 1914 this country produced 16,134,000 bales of cotton. In
1919 we raised 11,030,000 bales, or 5,106,000 less than in 1914.
In 1915 the wheat crop was 1,025,801,000 bushels; but in 1919
our wheat production amounted to but 949,897,000 bushels. The
consumer^ however, had to pay for the smaller crop twice as much
as for the big one.
The production of corn in 1917 amounted to 3,065,233,000 bushels;
in 1919 the production was 2,917,450,000. In 1918 we produced
1,090,322,000 bushels of oats; in 1919 the production amounted to
895,603,000 bushels. The production of copper in 1918 was
1,908,534,000 pounds; in 1919 the output is estimated at 1,008,278,000
pounds.
By producing less and charging our own people two or three
prices for the lessened output, we may appear to be growing richer,
but are we not somewhat in the position of the man who tried to
lift himself by his own boot straps ?
Our output of gold for 1918 was $68,646,700; in 1919 it is estimated
at $58,488,800. Of silver we produced in 1918 $66,756,331, and in
1919 $61,966,412.
10
REPORT OF THE COMPTROLLER OF THE CURRENCY.
D I M I N I S H E D PRODUCTION WITH P R I C E INFLATION D O E S N O T E N R I C H
A COUNTRY.
So far as the products of farm and mine and mill and factory go to
our own people and are paid for and consumed or used by them, these
figures tell us that our production of wealth is actually diminishing
rather than increasing, and that the inflated prices which we give to
producer and manufacturer do not constitute actual increasing
wealth. To the extent that this reduced output of wheat, cotton,
and coal and steel and iron can be sold to foreign nations and settled
for by them in gold, we may believe ourselves to be enriched by the
inflated prices which we receive. It is a question whether any
business or nation can establish prosperity on the ruin of its customers.
To the extent, however, that our exports of wheat and steel and iron
are paid for in products or merchandise from other countries for
which we pay inflated prices commensurate with those we charge our
country, we gain nothing, even on the surface.
It is clear that no country can be enriched by merely increasing
prices of products produced and consumed by its own people. If
the output of field and mine and factory are doubled and the prices
paid by consumers remain stable and the surplus is saved or sold
abroad, the country thrives. If the production remains the same but
the prices for products are doubled and paid by the people of our own
country, there is obviously no increase in the sum total of wealth.
This country would for the moment appear to prosper if we could
sell our surplus products at high prices in foreign countries and receive payment in gold or in goods at the former or normal prices; but
it is very evident that we make no net profit when we sell a cargo of
steel or machinery at an advance of a hundred per cent and accept in
payment thereof a cargo of silk or a cargo of coffee also at a hundred
per cent advance.
It would also be economically unsound as well as ungenerous for the
manufacturers of this country to strive now to unload upon the impoverished, upon the famishing, countries of Europe, who fought side
by side with us to preserve the freedom of our race, our merchandise
and raw products at exorbitant prices which would be to them
ruinous or which they could only meet by unbearable sacrifices.
OUR COLOSSAL FOREIGN TRADE.
The excess value of the merchandise which this country has shipped
abroad in the six years from 1914 to 1919, both inclusive (December,
1919, estimated), over and above the value of the merchandise imported in the same period, which we usually speak of as the favorable
"balance of trade," is $15,597,658,892.
A large part-of this huge credit balance represents goods paid for
with money borrowed from our Government arid yet due us, aggregating practically $10,000,000,000. For this much of the trade
balance in our favor we hold bonds of the several Governments with
which we were allied.
The excess value of gold imported by us over the amount of the
gold exported for the same period amounted to $1,114,359,161, but
our exports of silver for this period exceeded imports of silver by
$406,586,329.
BEPOKT OF THE COMPTROLLER OF THE CURRENCY,
11
The American securities formerly held abroad, now repurchased
by investors in this country, is estimated at from $4,000,000,000 to
$5,000,000,000.
New securities issued in foreign countries, purchased in this
country, and temporary credits given to purchasers of American
goods in foreign countries have amounted to m&ny hundreds of millions of dollars additional.
The European countries which stand most bitterly in want of
American products, especially of the raw materials, and the machinery
necessary to reequip their factories, are absolutely unable to pa}^ us in
gold for all we send them; and they are not yet producing or manufacturing upon a sufficiently large scale to enable them to send us
immediately merchandise with which to pay us for what they
need and must have. It is therefore necessary that financial
measures be devised by which the producers of this country,
otherwise than through our Government, may be enabled to supply to the European countries the raw materials long enough to
enable them to manufacture the finished goods and sell them to us
or to other countries and thus reestablish trade and credit.
The official figures indicate that, for the calendar year 1919, our
exports of meat and dairy products amounted, at the prices which
we have charged for them, to more than a billion dollars, while the
value of wheat, flour, and other food products exported by us will
amount to nearly a billion dollars more. For our raw cotton and
cotton manufactures sent abroad we were credited with, an additional one and a quarter to one and a half billion dollars in 1919.
FOREIGN BALANCES COLLECTIBLE IN GOODS, NOT IN GOLD.
The impossibility of demanding payment in gold for all the goods
shipped to Europe will be realized vividly when we remember that all
the gold coin and gold bullion in the world, aside from the three or three
and a quarter billion dollars we hold in the United States, is estimated
at scarcely six billion dollars. Therefore, all of that remaining world
stock of gold would not be sufficient to pay this country, if it should
all be sent to us—which is, of course, unthinkable—more than 40 per
cent of the credit balance of trade we accumulated against the rest of
the world in the six years since January, 1914, and the greater portion
of which Europe still owes us as expressed in the obligations of
foreign Governments now held by the United States.
Apparently the only solution of the problem is to find some way by
which we may furnish the European countries with which we desire
to trade the crude materials and machinery which their people need,
so that they may convert by the application of human skill and
energy the raw products into finished fabrications and merchandise
worth from ten to a thousand times the value of the raw material.
One bale of cotton which the farmer sells for $250, if manufactured
into finest fabrics by the skilled Belgian lace makers will realize
$250,000 or more. A cargo of lumber shaped, carved or sculptured
or made into furniture by the ingenious artificers of France and
Switzerland, Would yield a thousand times its crude value; while 30
pounds of special steel costing a few dollars, if converted by human
ingenuity and labor into Swiss watch springs, would pay a million
dollars of Europe's debt to us.
12
REPORT OF THE COMPTROLLER OF THE CURRENCY.
PROSPERITY TO ENDURE MUST BE BASED ON SOUND PRINCIPLES.
Having presented the official figures collected by my department
of the Government, apparently exhibiting magnificent prosperity, I
might be thought guilty of deception and derelict in duty if I failed
to add the facts whicK warn us that this prosperity may become
largely artificial, is precarious and may collapse in disaster unless we
as a people use the sagacity and foresight of the business man who
protects and helps an embarrassed creditor having good prospects
for restoration and future success.
We must all see that it is of supreme importance—in fact, vitally
necessary—to devise means for furnishing foodstuffs to the European
nations to avert starvation in the ensuing months while they are
working and getting to work, and to arrange terms of settlement
which may be within their ability to carry out. When the millions of
European workers resume their normal occupations, and, with the
necessary machinery and raw materials, again begin to produce on
a prewar scale, they may make good the colossal waste of the four
years of war with a rapidity which may happily astonish the most
optimistic of us.
The mills and factories,fields,cities, and towns of the Central Powers
were not destroyed. The devastated regions of France and Belgium will
soon be rebuilt; Great Britain is intact, and Italy but little devastated.
Our own country has increased enormously, in the war period, her
manufacturing plants and her capacity to produce and create wealth.
Europe's surplus investible income before the war was estimated
at four or five billion dollars per annum; and those countries may
before long begin to discharge their war debt on a scale which few
now dare to dream of.
History is filled with proof that it is impossible to destroy in any
civilized people the ability to recover, or the qualities of ambition,
hope, and energy. When these are stimulated, encouraged, and
offered definite promise by strong, friendly, and present power, they
assert themselves quickly and powerfully.
From my official information and study of the facts I am convinced
that the conservative and constructive banking forces of our country
have been, and are ready and willing to give all the help here and
abroad that regard for the general welfare and safety of all concerned will justify. Refraining from extortion at home they have
restrained reckless speculation and hazardous enterprises while
encouraging useful and promising development. Their unprecedentedly safe and prosperous condition is largely the result of a
broadly sagacious policy, and vindication of it, an exhortation to
those in every other department of business to imitate their example.
BANKERS7
INFLUENCE
MAY HELP CORRECT EVILS
PERILS.
AND ARREST
Our bankers, however, have not been able to restrain, except in a
very limited way, the individual extravagance and indulgence,
luxury, and display which constitute the most serious peril to us,
and which have reached proportions which, in our present condition,
amount to crime with tne majority of our citizenship guilty. Nor
have the banking forces or any other exponents of our real business
sense been able to limit the crazy rapacity developed in some of our
leading industries among men who should know better, but who
KEPORT OF THE COMPTROLLER OF THE CURRENCY.
13
apparently have become wildly intoxicated by special opportunities
for exorbitant profits.
These conditions, however, are no new thing under the sun. In
the closing years of our War of the Revolution, General Washington,
Commander-in-Chief of our Armies, in referring to the profiteers of
that day, described them in the following language:
" This tribe of Hack gentry work more effectually against us, than the
enemy's arras. They are a hundred times more dangerous to our liberties,
and the great cause we are engaged in. * * * H is much to be
lamented, that each State, long ere this, has not hunted them down, as
pests to society, and the greatest enemies we have to the happiness of
America. I would to God, that some one of the most atrocious in each
State, was hung upon a gallows, five times as high as the one prepared by
Hainan. No punishment, in my opinion, is too great for the man who
can build his greatness upon his country's ruin. * * # j ^ vigorous
measures be adopted; not to limit the prices of articles, for this, I believe,
is inconsistent with the very nature of things, and impracticable in itself;
but to punish speculators, foresiallers, and extortioners, and, above all,
to sink the money77 (i. e., redeem the currency) uby heavy taxes, to promote public and private economy, and encourage manufactures. Measures of this sort, gone heartily into by the several States, would strike at
once at the root of all our evils."
Let us hope tnat the wise conservatism and foresight of the great
banking power will prove to be a powerful influence to lessen or
remove these dangers to ourselves and the world. They may be able
to impress on the great body of our commercial and industrial
leaders the truth they have learned, that in a time like that 7through
which we are passing the old policy of "live and let live ' is the
wisest possible; and that for the long run an assurance of future
permanent and substantial profit can be had only by reducing present
profits to the thinnest reasonable margin and limit earnings, dividends,
and additions to surplus to the most modest figures consistent with
safety. The Government could well afford to lose some of its gatherings from excess profits arising from high prices, and with the lowest
scale of prices and profits thus indirectly allow money to be left to
the people at home, to increase their comfort and contentment and
encourage minor development, and to hasten the progress of our
friends and customers abroad toward prosperity and ability to meet
their obligations.
Our own people have raised, by taxation, in 1918 and 1919 mainly
for the war expenses of the Government and the reduction of our
debt which has already begun, about $10,000,000,000; and in about
two years subscribed and paid for more than $20,000,000,000 of Liberty bonds and Victory notes, largely from surplus income and profits.
MEANING OF THE SHRINKAGE IN VALUE OF FOREIGN EXCHANGE.
There is much confusion in the public mind as to the real meaning
of the collapse in the rates of foreign exchange. If France,
England, and Italy and other countries were still on a gold basis—
that is to say, were still redeeming their paper money in gold, as this
country is doing and has always done since the resumption of specie
payment in 1879—the pound sterling would be steady at its gold
equivalent of $4.8665; and the franc and lire at 19.3 cents, less merely
the cost of ocean transportation, interest, and insurance on the English,
French,
and Italian coins to New York where, with the free coinage of
14
REPORT OF THE COMPTROLLER OF THE CURRENCY.
gold which this country maintains, they could be converted into
dollars on the above-fixed basis.
The whole trouble arises from the fact that the foreign nations
whose paper currency has so shrunk in value are no longer on a gold
basis. The enormous amount of fiat money which it became necessary for them to issue during the war, although still a legal tender
for the payment of debts in those countries, can not be exchanged for
gold on the old basis. As the value of paper money declines in
purchasing power, the prices of commodities in those countries
advance. While their prices for commodities are quoted in foreign
countries in pounds sterling, francs, or lire, the value of the American
dollar as expressed in foreign currencies moves rapidly upward.
With sterling at $4 the American dollar is at a premium in London of
about 20 per cent. With franc notes quoted at 10.36 to the dollar,
the American dollar in Paris is quoted at a premium of two for one.
When the lire of Italian exchange is quoted at 12.43, the American
dollar in Italy is at a premium of 2.4 times its former value in lire.
The only way possible to bring " foreign exchange " back to the old
gold parity is to reestablish the credit of foreign countries. The
thought of this country is unified in the conclusion that the solution
of this great problem is to be gotten by certain direct means in which
the United States can assist more than any other human power, but
which it has no way of enforcing:
(1) By putting the millions of working men and women back to
work, so that human energy may be fully utilized in increased production and the creation of wealth.
(2) By thrift, economy, and saving—to widen the margin between
the cost of living and the wealth created.
(3) By avoidance by foreign nations of purchase and importation
of luxuries and by their refusal even to import essentials when these
can be produced at home.
(4) By every possible effort to increase the production abroad of
those things for which a market can be found in this country; and at
the present prices prevailing here the list of such articles is long and
extensive.
Substantially the only use which people in this country have for
European exchange—which no longer means gold but merely paper
currency of the different European countries—is to apply those
currencies to the purchase of merchandise or securities in Europe
at prices at which they can afford to import that merchandise or those
securities to this country, pay the shipping charges and insurance,
and then dispose of them here without loss.
No RESPONSIBILITY ON U S TO MAINTAIN PARITY OF GOLD AND PAPER
MONEY OF OTHER COUNTRIES.
The responsibility is not and never will be upon this country of
maintaining the parity of gold and paper money in any European orother foreign country. That is a duty and responsibility which each
country must assume and work out for itself, and its success in doing
so will be dependent upon the stability of each Government, upon
the industry and thrift of its population, and upon the adequacy and
fairness of their systems of taxation.
The war has produced unimagined destruction and devastation in
parts of Europe, but it has not destroyed the vast amount of capital
accumulated through the ages; nor has that capital as yet by taxation
been turned
http://fraser.stlouisfed.org/ over in even a large measure to the use of the State.
Federal Reserve Bank of St. Louis
KEPORT OT THE COMPTROLLER OF THE CURRENCY.
15
SUBORDINATE GERMANY7S INTERNAL DEBT TO OBLIGATIONS DUE
ALLIED NATIONS.
The huge debt of Germany, estimated at 200 billion marks or more
and owed by the Government, is held by the German people—very
largely by the junker or former governing classes.
It is a recognized principle in this country that men with a nice
sense of honor, when unfortunate, do not make preferred creditors
of members of their own families, but rather require them to wait
until the fair demands of other creditors have been met. That
principle applied in Germany instead of incurring for her the blight
and shame of complete repudiation would win for her a consideration
which she does not now inspire. Incidentally, it might force many
of the junkers and other capitalists of Germany while waiting until
their country can adjust its finances and pay interest on their holdings,
to add their abilities and energies to the productive power of their
nation; in plain words, to go to work, get into close touch and consequent sympathy with the masses, and acquire the habit of useful
industry which might cure them of the tendency to destruction,
war, and invasion.
The United States, for several years after they had achieved independence and before their Government and resources could be coordinated, were compelled to postpone payment of domestic creditors,
even including the overdue salaries of officers who had served in the
Revolutionary Armies, and to do business with paper currency,
debased even below that of many European nations to-day.
Our own financial condition in 1778 and 1779 had become so desperate and our currency had shrunk to such a degree that General
Washington, in reviewing the situation at that time, wrote as follows:
" The depreciation " (of the currency) " has got to so alarming a point
that a wag onload of money will scarcely purchase a wag onload of provisions. * * * To make and to extort money, in every shape that
can be devised, and at the same time to decry its value, seems to have
become a mere business, and an epidemical disease, calling for the interposition of every good man and body of men."
The people of the Confederate States, after an unsuccessful war,
got not one penny for their great holdings of Confederate bonds and
currency, and yet these States recovered in a few years, and in 15
years entered upon a period of unexampled prosperity and growth.
As it has been estimated that the surplus income of the Germans in
the prewar period available for investment at home and abroad
amounted to probably 2 billion dollars per annum or more, there is
good reason to believe that with thrift and economy and intensive
production, the German people before long should be in a position
to pay to the Allies annually an amount approximating the sum
which they formerly invested in new enterprises and securities; and
with the reestablishment of stable Governments and the resumption
of work by the populations engaged in more than four years of
destructive warfare, the hope that the Allied Nations may in a few years
have their credit again well reestablished seems to be well founded.
THE BANKING POWER OF THE UNITED STATES.
Our country has now become the world's banker, and virtually all
the nations on earth, large and small, are looking for credit or aid,
of one kind or another, from us. We hold about one-third or more
16
EEPORT OF THE COMPTROLLER OF THE CURRENCY.
of the world's supply of gold coin and bullion, according to the best
available estimates, and the rest of the world owes to our Government
and to our husiness men at this time, an amount represented by Government and other obligations equal to more than twice the total stock of
gold in all other countries of the world, and with the balance of trade
rolling up in our favor hundreds of millions of dollars month by month.
The so-called "Banking Power" of the United States in June, 1919,
as expressed by the capital, surplus, profits, circulation, and deposits
of all national banks and all reporting State banking institutions,
including trust companies, together with the estimated amount of
such funds in nonreporting State banks, plus the capital, surplus,
Government and reserve deposits and circulation of the Federal
reserve banks as of June 30, 1919, was $45,756,300,000.
This represents an increase in the banking power of the United
States over June 30, 1918, of $6,673,500,000.
The banking power of our country at this time is Three Times as
great as the total banking power of the entire world in 1890 as estimated by Mulhall at $15,585,000,000. The banking power of the
United States, according to MulhalTs estimate in 1890, was only
$5,150,000,000. Our banking power is, therefore, to-day about nine
times what it was just 30 years ago.
Data relating to the banking power of each class of banks and of
all banks are shown in the following table:
Banking power of the United States, June 30, 1919.
[Money columns in millions.]
Num- Capital Surplus
ber of
and
banks. paid in. profits.
Deposits.1
7,785 SI,118.6 $1,354.4 $12,939.9
National banks
Reporting State banks,
savings banks, trust
companies, etc
Nonreporting p r i v a t e
banks (estimated)
21,338
1,318.8
2,483
48.4
33.2
31,606 2,485.8
82.7
2 12
31,618 2,568.5
3,041.0
49.5
34,307.0
2,436.7
3,090.5 36,743.7
Total,
June,
1919.
Total,
June,
1918.
Increase
over
1918.
$677.2 $16,090.1 $14,209,4
$1,880.7
23,810. 7 20,536.9
3,273.8
528.6
Total
Federal reserve banks
Grand total
National
bank circulation,
Federal
reserve
notes, and
Federal
reserve
bank
. notes.
1,653. 4 20,838.5
610.2
477.1
133.1
677.2
2,676.4
40,511.0 35,223.4
5,245.3 3,859.4
5,287.6
1,385.9
3,353.6
45,756.3
39,082.8
6,673.5
1 Includes also dividends unpaid, postal savings, and United States deposits, certified checks and cashiers'checks outstanding to banks, except in case of reserve deposits of member banks with Federal reserve
banks, but not amounts due to other banks.
2 June 27.
ENORMOUS FOREIGN TRADE OF UNITED STATES.
The volume of merchandise exported by this country in the 12
months of the current calendar year (December being estimated) will
reach the huge total of $7,921,847,000. Our imports for the same
period (estimating December) will approximate $3,904,406,000, making our excess of exports over imports $4,017,441,000—a debt which
the rest of the world has to find some way to settle with us. This
settlement, of course, can not be made in gold—in fact, but a very
small portion of it will probably be paid in gold, but it will have to be
17
KEPOKT OF THE COMPTEOLLER OF THE CUBEENCY.
finally adjusted mainly (a) in merchandise to be shipped us; (b) in
securities (of all kinds) to be sold to us; and (c) in services to be rendered to us, such as ocean transportation, insurance premiums, etc. It
is also probable that a material portion of this debt will be liquidated
through the large expenditures of money which will be disbursed,
principally in Europe, by American tourists in the next few years.
The excess of our exports to Europe over our imports from Europe
for the calendar year 1919 will exceed $4,400,000,000. This, taken in
connection with our grand total excess of exports over imports of
about $4,000,000,000, means that our imports from the other countries
of the world (South America, the Orient, etc.) have exceeded our
exports to those other countries for the year by about $400,000,000.
The following tables show our exports and imports of merchandise
for the past six years and the excess of exports over imports (December, 1919, being estimated):
Imports and exports of merchandise, calendar years 1914, 1915, 1916, 1917, 1918, and
1919.
Excess of exp o r t s over
imports.
Imports of
merchandise.
$1,789,276,001
1,778,596,695
2,391,635,335
2,952,465,955
2,970,000,000
3,904,406,329
Total, 6 years
$2,113,624,050
3,554,670,847
5,482,641,101
6,226,255,654
6,085,000,000
7,921,847,555
$324,348,049
1,776,074,152
3,091,005,766
3,273,789,699
3,115,000,000
4,017,441,226
15,786,380,315
1914
1915
1916
1917
1918
1919
Exports of
merchandise.
31,384,039,207
15,597,658,892
Gold and silver imports and exports for calendar years 1914 to 1919.
GOLD.
] Excess of ex! ports over
i imports.
Imports.
Exports.
$66,538,659
171,568,755
494,009,301
977,176,026
124,413,483
62,363,733
$112,038,529
146,224,148
90,249,548
291,921,225
190,850,224
116,575,535
$45,499,870
1,898,069,957
947,859,209
166,148,413
Imports.
Exports.
1914.
1915.
1916.
1917.
1918.
1919.
Total, 6years
66,436,741
54,211,802
Excess of imports over
exports.
$25,344,607
403,759,753
685,254,801
1,114,359,161
SILVER.
1914
1915
1916
1917
1918
1919 .
..;
.
Total, 6 years
.
.
Excess of exp o r t s over
imports.
$30,326,604
29,110,323
34,154,375
35,003,563
70,328,153
78,825,266
$54,965,023
50,942,187
59,791,523
78,279,931
139,181,399
301 174 550
$24,638,419
21,831,864
25,637,148
43,276,368
68,853,246
277 748 284
684 334 613
406 586 329
222 3<4ft 2R4
GOLD, SILVER, AND PAPER MONEY IN THE WORLD.
The world's stock of gold, silver, and paper money, as of the latest
dates obtainable, is found in the following tabulated statement
furnished through the courtesy of the Director of the Mint:
152981°—CUR 1919—VOL 1
MONETARY STOCKS OF THE PRINCIPAL COtTNTRlES OF THE WORLD.
END OF CALENDAR YEAR 1918.
[Stated in United States dollars.]
Per capita.
Gold stock.
Country.
Metallic
Monetary
standard. Monetary unit. stock, un- In banks
classified. and public
treasuries.
North America:
United States
Gold
Canada
...do
Mexico
. . .. .. do
...do
British Honduras
Costa Rica
...do
...do
Dominican Republic
Silver
Guatemala
Haiti
Gold
Silver
Honduras
Gold
Nicaragua
Salvador
Silver
South America:
Argentina
Gold
Bolivia
do
Brazil
...do
Chile
.. .do
do
Colombia.
Ecuador
...do
do
Paraguay
Peru
...do
do
.. -do
Venezuela
Europe:
Austria-Hungary
...do.
Belgium 2
...do
Denmark
.. ...do
do
Finland
France
...do
Germany
...do......
Great Britain
...do......
Italy
...do
Luxembourg
...do
Netherlands
...do
Dollar
do
Peso
Dollar
Colon . . . . . .
Dollar
Peso
Gourde
Peso
C Cordoba
Peso
Thousands.
S60"927"
250 000
.
stock.
Total.
----
Thousands.
Thousands.
§3,165,226
130,900
Q
$300
1,415
400
500
200
700
757
757
321,869
::::::::::::
4 519
3* 713
Krone
Franc
Franc........
Mark..........
Pound
°
Lira
Franc
Guilder
53,186
51,346
51 992
3," 663"
664,017
538,808
719,558
234,109
'125
277,957
16?598
5,272
• •
483*
27,301
4,702
4,519
3,713
482
32,267
51 094
12,'138
16,389
6,661
6,249
427
53,186
51,346
51,992
4," 702*
15,669
51 094
6^866
Population.
Thousands. Thousands. Thousands.
105,015
3656,137 1 $3,865,352
4 224,501
8,075
15,502
41
481
165
431
6,409
697
725
1,400
400
2,119
240,000
2,500
150
562
1*666"
704
2,960
1,268
3,621
12,009
321,869
27,301
• • • • "
Paper circulation.
Unclassified
s
Silver.
Paper.
S30.14
16.21
$6.25
$36. 81
27.80
.07
3.28
.55
4.02
1.62
.55
11.73
14.87
1.95
113 26
.28
.06
.60
2.86
Gold.
metal.
3
1 415
100
do
Boliviano
Milreis
Dollar
Sucre
.....
Peso
Libra
Peso
Bolivar
Thousands.
$3,165,226
130 900
Silver
I n circulation.
11,548
5,460
657
664,017
538,808
719,558
234.109
608
277,957
61,432
4,764
424
9,508
15," 028*
1,255
49,665
500,757
13,684
551,509
9*908*
5,790
120.599
24,862
4,345
8,713,016
906,367
120,000
223,147
5,838,173
9,093; 047
2,188,134
2,677; 682
& 63, 796
470,536
S7.55
16.13
1.78
4.20
9.47
8,066
2,890
26,542
3,641
5,071
2,000
1,000
5,800
1,346
2,816
39.90
1.02
1.29
.89
1.85
.48
5.56
37 96
4.31
.62
1.83
1.23
.21
3.38
1.54
52,368
7,658
2,921
3,269
395 700
67,810
46,089
36,546
260
6,583
1.02
6.70
17.80
.23
.71
.22
16.73
7.95
15.61
6.41
2.34
42.22
1.55
.07
166.38
118.35
41.08
68.26
147.06
134.10
47.48
73.27
245.37
71.48
.07
.07
.41
4.83
7.54
62.08
4.73
20.78
1.95
2.90
120.60
4.29
W
o
o
c
p
o
H
a
cj
Norway
Portugal
Roumania 2 Russia
Serbia
Spain
Sweden
Switzerland
Turkey
Asia:
Ceylon
..........
China*...
Chosen (Korea)2 . ..
India7
Japan
Netherland Indies 2
Siam
Straits Settlements
Africa:
Egypt
. do
.. do
.. .do
do
-.do
do
.. do
...do
do
Krone
Escudo
Leu
Ruble
Peseta....
Krona
Franc
Pound
Rupee
....
Tael, dollar...
Yen
..
do
.. . do
do
Rupee
. do
Yen
Guilder.
...do
do . .. Tical . .
...do
Dollar
. do
Silver
Gold
. do
38 747
8,' 608
38 747
8' 608
1
6 164
40,646
37
411 600
13.703
438,562
76 574
80*730
835
19,493
438,562
76 574
80^ 730
13,993
220,289
12 282
40,553
835
5,790
4,941
31,358
............
23,390
64 489
391,399
43,423
1 629
1,629
3 821
3 821
3 33,313
246,422
Egyptian
pound
Peseta
33.313
246;422
645.536
220 194
189,930
703,530
4,262
335,042
1(3,913
3,711
315 156
55,965
47,956
8.266
714
35 555
24 638
30
234 551
860
30,506
588,467
1,546,460
68,942,384
1,529,179
15 44
1.44
2 45
6.82
4 22
21.39
13 40
20.81
3.03
10.75
2 15
10.45
.20
1.16
.09
46 59
63 99
158 93
2 30
12 568
5 000
6,465
5,976
111 145
91,247
5,779
41,532
15,634
17,591
2 509
5^958
7 508
178 905
4^622
20,500
5 713
3' 880
21,274
""57*589*
20,492
477,157
666', 061
79,449
35,891
64,995
23*889*
34,092
64 489
368^009
43,423
116 902
480 405
28 432 814
i." 4I"
9.19
20
6.99
.91
2.28
35
1.63
.12
5.02
21.90
31.49
38 54
48. 95
33.07
4 13
3*41
5.52
1 51
11.90
1.66
4.34
91.03
g
o
o
o
2 83
4.93
18 67
17
4.71
98.47
1.01
45.08
§
5 Ail except $4,246,000 are German marks.
1 Gold and silver certificates not included, as they represent those metals, dollar for dollar.
6 Shanghai stock only.
State bankfiguresonly.
7
Government Currency Department only.
Does not include metallic reserve in Government Treasury.
Bank notes only.
NOTE.—-Figures given represent each country's stock at the end of the year, except where otherwise indicated. Population figures are from the Statistical Abstract of the United
States, 1917. Blanks indicate nofiguresavailable, rather than no stock. Gold held abroad, as follows, not included in abovefigures:Argentina, $96,06?,428; British Honduras,
$250,000; Ecuador, $4,986,545; Egypt, $15,831,811; France, $393,160,300; Haiti, $500,000; Straits Settlements, $21,479,267.
K
Morocco French
South Africa
Australasia
... .
. do
do
...do
Total
Pound sterling
.do
783,511
7,739,896
57,217
7,797,113
30
5.15
41.24
.51
5.10
2
3
4
O
d
a
20
REPORT OF THE COMPTROLLER OF THE CURRENCY.
NEARLY TWENTY-TWO AND A HALF BILLIONS OF ASSETS IN NATIONAL
BANKS.
The resources of the national banks on November 1.7, 1919, reached
a figure never before approximated in our banking history and
amounted to $22,444,992,000. This was an increase of $2,623,588,000
over the totals of November 1, 1918, the highest point which had ever
been attained up to that time.
The following table provides a comparison of the principal items of
resources and liabilities on November 1, 1918, and November 17, 1919:
[In thousands of dollars.]
Nov. 1,
Nov. 17,
1918—7,754 1919—7,865
banks.
banks.
RESOURCES.
Loans a n d discounts
Overdrafts..
Customer's liability under letters of credit
Customer's liability account of "Acceptances "
TJ. S. Government securities 1
Other bonds, securities, etc., (other t h a n stocks)
Stocks other t h a n Federal reserve bank stock
Stock of Federal reserve bank
Banking house
Furniture a n d
fixtures
Other real estate owned
Lawful reserve with Federal reserve bank
Items with Federal reserve bank in process of collection
Cash in vault
N e t a m o u n t s due from national banks
N e t amounts d u e from banks, bankers, a n d t r u s t
companies
Exchanges for clearing house
Checks on other banks in the same place
Outside checks a n d other cash items
Redemption fund a n d duo from U. S. Treasurer
Interest earned b u t not collected
Other assets
Comparison.
Increase, i Decrease.
i
11,560,242
23,116
4,923
343,008
2,881,881
1,870,103
51,873
61,426
295,932
38,993
46,355
1,262,339
1,463,302 |
6,302
476,375
450,041
1,433,555
215,950
6,213
256,386
356,137
533,435
68,718
64,037
39,271
12,987
24,288
533,669
829,784
90,190
77,873
38,716
46,913
27,685
177,532
296,349
21,472
13,836
i 19,821,404
Total
10.096,940
16,814
12,563
319,593
3,166,492
! 1,660,465
i
48,177
57,427
282,012
34,653
46,765
1,099,208
!
260,425
443,828
1,177,169
22,444,992
2,623,583
1,107,760
1,153,752
902,905
437,395
60,827
45,987
19,550
680,879
14,268
1,357,459
45,992
73,242
59,520
32,962
14,463
5,202
5,181
4,192
232,335
2,372,512
1,136,884
228,401
15,138
634
1,998,993
296,795
215,933
10,260,330
3,053,685
270,390
167,328
6,332
97
232,934
166,204
90,598
1,875,438
681,173
78,705
859,132
19
23,640
332,719
2,885
163,925
56,199
1,005,956
58
6,644
359,110
11,701
62,419
19,821,404
22,444,992
2,623,588
629,154
680,476
51,322
j
j
\
j
;
23,415
209,638
3,696
3,999
13,920
4,340
163,131
33,926
3,397
7,640
*284,*6ii
410
555
293,216
LIABILITIES.
Capital stock paid in
Surplus fund
Undivided profits, less expenses and taxes paid
Interest and discount collected but not earned
Amount reserved for taxes accrued
Amount reserved for all interest accrued
National-bank notes outstanding
Due to Federal reserve banks
Net amounts due to national banks
Net amounts due to other banks, bankers, and trust
companies
Certified checks outstanding
Cashier's checks on own bank outstanding
Demand deposits
Time deposits
United States deposits
United States securities borrowed
Other bonds borrowed
Securities borrowed (other than United States)
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
Total
Liabilities for rediscounts, including those with
Federal reserve bank
829,663
377,875
27,865
31,524
14 348
675,698
10,076
1,125,124
1,766,059
130,591
125,335
3.384,892
866,494
61,073
8,806
537
146,824
39
26,391
8,816
22,506
16,996
101,506
1,077,918
i Includes Liberty loan bonds, Victory notes, War Savings and Thrift Stamps, U. S. certificates of
indebtedness, and all other issues of U. S. Government securities.
REPORT OF THE COMPTROLLER OF THE CURRENCY.
21
GROWTH OF NATIONAL BANKS BY FIVE-YEAR PERIODS.
[In thousands of dollars.]
! Number
Total (Loans and Reserve
1
held.
i of banks. deposits, [discounts. !
Date.
3,595
5,412
6,977
7,538
7,865
Sept. 7, 1899.
Sept. 6, 1904.
Sept. 1, 1909.
Sept. 12, 1914
Nov. 17, 1919.
3,459,611
5,131,210
7,079,570
8.187,569
17;467,853
Number
of banks.! Capital.
Date.
3,595
5,412
6,977
7,538
7,865
Sept. 7, 1899..
Sept. 6,1904..
Sept. 1, 1909..
Sept. 12, 1814.
Nov. 17, 1919..
605,773
770,778
944,642
1,060,332
1,153,752
2,496,751
3,726,151
5,128,882
6,400,767
12,240,718
2 890,569
2 1,244,465
2 1,605,932
21,577,668
3 1,264,482
Surplus
and
undivided
profits.
Circulation.
350,516
583,137
801,738
1,011,482
1,3*40,300
Excess
reserves.
259,780
334,678
346,886
116,955
59,562
Tota
resources.
200,346 14,650,355
411,231 16,975,087
658,040 19,573,954
918,270 111,483,529
22,444,992
680,879
1
Includes rediscounts.
Includes cash on hand and due from reserve agents.
3 Besides the $1,262,339,000 carried with reserve banks on Nov. 17, 1919, the member national banks
held on that date cash in vaults amounting to $450,041,000 and had $2,443,599,000 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 $2,143,000 on November 17, 1919.
2
Ratio of loans and discounts to total deposits.
Per cent.
Sept. 7, 1899
Sept. 6, 1904
Sept. 1, 1909
Sept. 12, 1914
Nov. 17, 1919
72.17
72.62
72.45
78.18
66.18
Ratio of total deposits to capital.
Per cent.
Sept. 7, 1899
Sept. 6, 1904.
Sept. 1, 1909
Sept. 12, 1914
Nov. 17, 1919
571.11
665.73
749.45
772.17
1, 514.00
VAST GROWTH OF NATIONAL BANKS IN 20 YEARS.
The following table furnishes an interesting exhibit, by States, of
the resources of the national banks of the country at the date of the
November 17, 1919, call, as compared with their condition 20 years
before, or, say, on September 7, 1899. From this table it will be seen
that the national banks in each of 16 States have shown an advance
of 1,000 per cent in their total resources—more than a tenfold
increase in this period.
ENORMOUS GROWTH IN RESOURCES, DEPOSITS, AND CAPITAL OF NATIONAL BANKS
«o «n
BILL1O^|5
?
D0LLAR.S
OO fO CO cO CO ^0 CO ^0 CO CO CO CO CQ C0 CO cQ CQ CO CO cQ ^ 0 ^Q CO ^0 GO CO " ^ ^ ^ ^^ ^^ ^^ ^
^ " ^
J
Gfc O^ O^ O^ 0^ O^ O^ O^ O) O^ O^ Oli O^ O^
"
'
21
June, 1919
BILLIONS
OF DOLLARS
21
RESOURCES
20,799,550,000
June 30,1919-
10
ZO
19
DIAGRAM SHOWING THE
18
GROWTH OF RESOVRCES, DEPOSITS AND
17
CAPITAL SVRPLVS AND VNDIVIDED PROFITS OFTHE
16
NATTOHAL BANKS OF THEVNrTED STATES
1G DEPOSITS
15,924,865,000.
June 30,l9t9.
15
SINCE 1914 COMPARED WITH PRECEDING 4 0 YEARS
14
13
12
11
10
9
8
The record shows that the
of the National Banks, for the
January 1914, tb-Juhf 1919, was
which fook }>lace- in the entireJanuary, 1914.
in the Resources
period Jrom
than the increase
j>eriod prior Yo
The Capital, 5iirplu5 and Vndwtded Profits of the Motional
Banks onjuljj 1 1919,were af the highest' point* since,
the, inauguration of the Nol'toncil &an\<jnci 5ysKcm ,
and e x c e e d e d tnj $>313,OO0,0OO Ifxe amounV ofihz tafal
capiHBI, surplus and undivided profits as of January 1914.
INCREASE IN RES0VR.CE5
(Februaru 27,1874 to Januaru 13,1914.
t>ioyear&
$9,487,854,609.
(Jawuaru 13J1914 Yo June 30,1919.
I
TL-^S^Yeor^
9,503,194,8^
14
13
1Z
Januaru 1914
11
10
9
8
7
7
RE5OVILCES :
DEPOSITS :
5
increase
5/£ y*ar
greater
40-vjear
CAPITAL,5VR.PLVS fir
VNDIVIDED PROFITS
4
3
6
5
4
3 CAPITAL,
SU*PLUS,ETC.
2,363,478,000
2, June 30,1919.
above Chart shows that the RESOURCES of the National Banks have grown more in the past 5}4 years than in the pre) years.
52981°—20. (To face page 22.)
22
REPORT OF THE COMPTROLLER OF THE CURRENCY.
Comparative statement of the total resources of the national banks as shown by reports
of condition on Sept. 7, 1899, and Nov. 17, 1919.
Percentage
of total
resources of
each State to
total resource
of tJnited
States.
Increase.
Sept. 7, 1899. Nov. 17, 1919. i
Amount.
$43,700,930
25,221,553
24,868,899
488,914,648
57,885,970
87,762,436
Maine
New Hampshire.
Vermont
Massachusetts...
Rhode Island
Connecticut
Total, New
States
England
New York
New Jersey
Pennsylvania
Delaware
Maryland
—
District of Columbia..
728,354,436
1,210,623,130
110,555,352
603,862,238
10,397,382
93,214,475
26,874,492
Total, Eastern States.. 2,055,527,067
Virginia
West Virginia...
North Carolina.
South Carolina.
Georgia
Florida
..
Alabama
Mississippi
Louisiana
Texas
Arkansas
Kentucky
Tennessee
Oklahoma
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
Total, Western States.
33,686,023
20,101,991
13,656,321
10,375,188
17,589,528
8,747,157
15,945,733
4,976,070
23,817,190
85,839,878
4;652,393
58,812,888
33,881,749
15,472,068
$100,704,000
61,441,000 I
51,259,000
1.003,945,000 I
70,582,000 I
227,477,000 !
$57,003,070
38,219,447
26,390,101
515,030,352
12,696,030
139,714,564
130.44
143. 61
108.12
105.34
21.93
159.20
0.94
.54
.53
10.51
1.25
1.89
1,515,408,000 j
787,053,564
108.06
15.66
6.75
I 4,358,583,870
I 423,732,648
1,842,502,764
I
11,691,618
1 193,575,525
!
88,797,508
360.04
383.29
305.12
112.48
213.03
330.42
26.03
2.38
12.99
.22
2.00
.58
24.81
2.38
10.90
.10
1.30
.52
44.20
40.01
.72
.43
.29
.22
.38
.19
.34
.11
.64
1.86
.10
1.26
.84
.12
1.92
.68
.82
.67
.95
.50
.68
.27
.65
4.2S
.37
.98
1.00
1.62
5,569,207,000
534,288,000
2,446,365,000
22,089,000
291,790,000
115,072,000
8,979,411,000 I 6,923,883,933 | 336.85
430,241,000
153,320,000
185,059,000
149,735,000
214,543,000
111,484,000
152,223,000
60,995,000
146,966,000
955,451.000
83; 769; 000
215,376,000
223,904,000
363,195,000
396,554,977 1,177. 21
133,218,099
662.71
171,402,679 1,255.15
139,359,812 1,343.23
196,953,474 1,119.72
102,736,843 1,174.54
136,277,207
854.62
56,018,930 1,125.78
117,148,810
392.89
869,611,122 1,013.07
79,116,607 1,700.70
156,563,334
266. 21
185,022,251
475. 86
357,722,932 6,537. 33
270,274,729
90,529,115
346,136,095
83,467,839
83,803,058
77,671,673
81,937,377
158,456,335
1,192,281,069
1,013,303,000
399,253,000
1,563,252,000
388,463,000
355,627,000
645,787,000
414,111,000
745,875,000
274. 92
341. 02
351. 64
365.41
324. 34
731.45
405.41
370.71
i 743,028,271
I 308,72^,885
!1,217,115,905
304,995,311
i 271,818,944
; 568,115,327
! 332,173,623
i 587,418,665
5,525,671,000 i 4,333,389,931 I
5.81
1.95
7.44
1.80
1.80
1.67
1.76
3.41
4.51
1.78
6.96
1.73
1.59
2.88
1.85
3.32
363.45
25.64
24.62
1,250.35
1,234.95
403.54
486.74
526.20
1,237.54
330.02
715.75
.17
.18
1.30
.87
.38
.10
1.30
.10
.50
1.35
1.06
.50
.27
1.16
.18
204,733,342 | 1,230,401,000 I 1,025,667,658
500.99
4.40
5.48
242,953,608
268,889,000
186,895,961
208,093,000
1,059,571,000 1,000,214,934
84,134,000 I
79,486,134
70,165,000 I
61,994,015
17,955,000 I
17,423,074
31,822,000
29,001,187
937. 50
973.57
1,685.14
1,691.99
758.72
3,275.51
1,028.12
.56
.41
1.28
.10
.17
.01
.06
1.20
.92
4.72
.38
.31
.08
.14
2,207,791
1,025.45
.01
.01
1,741,082,000 | 1,620,176,704
1,340.04
2.60
7.76
382.66
100.00
100.00
7,727,899
8,399,720
60,266,128
40,431,140
17,934,319
4,515,008
60,520,666
4,938,462
25,915,392
19,197,039
59,356,066
4,697,866
8,170,985
531,926
2,820,813
Total, Pacific States...
120,905,293
215,209 I
104, 355,000
1123 132,000
461,000
237; 224,000
112, 303,000
6 ; 390,000
260; 251,000
40; 285,000
2,423,000 i
96,627,101
103,732,280
243,194,872
196,792,860
94,368,681
55,874,992
199,730,334
35,346,538
.03
6,758,000 I
Total, TJnited S t a t e s . . . . 4,650,355,133 22,444,992,000 17,794,636,867
0.45
.27
.23
4.47
.32
1.01
888.73 I 7.50 15.35
348,553,923 | 3,44=6,261,000 \ 3,097,707,077
Washington
Oregon
California
Idaho
Utah
Nevada
Arizona
Alaska (includes nonmember
banks)
Hawaii (nonmember banks).
Sept. N<
Nov.
Per cent. r, 1899. 17, 1
7 19i9.
1 Includes Indian Territory, $3,356,046.
REPORT OF THE COMPTROLLER OF THE CURRENCY,
23
CLOSE OBSERVANCE OF LAW AND REGULATIONS BY NATIONAL BANKS.
It is gratifying to bear testimony to the increasing observance by
the national banks of the country of the provisions of the national
bant act and the regulations 01 the comptroller's office, promulgated for the protection of depositors and shareholders and public
interest. The records show that the directors of national banks are
paying closer attention to the administration of the trusts committed
to them, and that the banks are profiting distinctly from this closer
supervision. The unparalleled immunity from failure, the greater
increased earnings of the banks, and their unprecedented growth
and stability are evidences of improved management as well as of
the general prosperity and progress of the country.
NATIONAL BANKS' GRATIFYING IMMUNITY FROM FAILURE.
For the 22 months' period from January 1, 1918, to the close of
the last fiscal }^ear, October 31, 1919, there has been only one national
bank failure in the entire country involving a dollar's loss to any
depositor, the only national bank which closed in the fiscal year ending October 31, 1919 having paid its depositors in full. This record is
about 30 times or 3,000 per cent better than the showing for the 40year period prior to 1914.
STATE BANK FAILURES IN
1919.
Official reports furnished to this office by Dun's Mercantile Agency
show that, in the fiscal year ending October 31, 1919, there were
45 failures of State banks, trust companies, and private banks
throughout the United States, distributed as follows among the
following 19 States:
Arkansas.
Colorado
Georgia
Illinois
Iowa . . . . . .
Kansas
Maryland
Minnesota
Missouri.
North Dakota
1 Ohio
1 Oklahoma.
1 Oregon
2 Pennsylvania
3 Texas...
1 Utah....
2 Virginia.
14 Washington.
1 West Virginia.
1
1
2
1
3
5
3
1
1
1
A statute requires me to include in my annual report statements
as to banking conditions in the entire country, including the State
banks and trust companies and other State banking institutions not
under my immediate supervision. Therefore I add to the above
figures, which come to me from unofficial but authentic sources—I
having no power to exact official reports—the further statement
that the State banking institutions now number over 21,000. It
will be seen that, formidable as the number of failures of State
banking institutions may seem by contrast with those of national
banks, they really amounted to only about 2 for each 1,000 of the
number of State banks and trust companies doing business.
There are encouraging indications that under stress of competition
the State bankers themselves may unite in demanding of the States
banking laws and methods of supervision commensurate with, or
INCREASED STABILITY AND SAFETY OF NATIONAL BANKS
NUMBER OF
FAILURES PER
REDUCTION IN FAILURES OF NATIONAL BANKS-1874 TO 1919
NUMBER OF
FAILURES PER
7.700 BANKS
7.700 BANKS
(EXCLUSiVCOF
A 45-YEAR RECORD
1374
1379
1884
1889
1894
1399
19O4
19O9
1913
20-YEAR PERIOD—1874 TO 1893, INCL.
ANNUAL AVERAGE. 17.6
18
17.6
18
17.6
17.6
20-YEAR PERIOD—1894 TO 1913. INCL
17
ANNUAL AVERAGE, 16
16
16
15
15
14
14
13
S3
DIAGRAM
NUMBER OF RECEIVERSHIPS
(Exclusive or BANKS WHICH nesuMED OR PAID DEPOSITORS 100% OR
SHOWING NATIONAL BANK FAILURES
!2
PER ANNUM PER 7.700 BANKS
(EXCLUSIVE OP BAKK3 RESUMING AND THOSE PAVING DEPOSITORS 1
1
1
FROM 1874 TO "1919
10
On July 1. 1918, there were in operation in the United
States 7,705 National Banks, and for the calendar year
1919 there was only one National Bank failure in the
United States.
9
8
This diagram has been prepared to show the number
of National Bank failures per annum, per 7,700 banks,
(after deducting from the number of banks closing each
year the number of banks -which subsequently resumed
or which paid, or are expected to pay, thsir depositors
100 cents on the dollar) for the past 45 years.
The diagram covers the period from January, 1914,
to the present time. a.=i rovvgared with the forty-year
period prior to 1914.
7
6
S
12
ARE EXPECTED TO)
Average per annum for 20 years, 1874 to 1893
(both inclusive)
17.6
ATeragG* per annum for 20 years, 1894 to 1913
(both inclusive)
16
Calendar year 1914
8
" 1915 _
5
" 1916
3
" i 1917
3
" 1918
1
Jan. 1 to Oct. 1, 1919
_
ROME
11
1O
9
1914
a
8
NUMBER OF NATIONAL BANKS
7
(IN OPERATION OR AUTHORIZED)
Oct. 10, 1919
7,881
In forty years, 1874-191.'}, failures occurred on an
average, on above basis, one in about every 21 day*.
6
1915
«m 5
5
Since Januury 1, 1918 su-b failures have only been
one in over 21 rrmritJus.
4
3
2
The record shows that for every 7,700 banks operated, the average number of National Bank
failures ANNUALLY involving loss to depositors, was—
For the forty-year period 1873 to 1913.
For the calendar year 1918
For the Twelve months of the fiscal year ending October 31, 1919
152981°—20. (Toface page 24.)
16.8
1
NONE
24
REPORT OF THE COMPTROLLER OF THE CURRENCY.
somewhat similar to, those of the United States; so that the State
banks majr, before long, present a showing of stability equal to that
of the national banks and we may have a banking system without
weak spots, and as nearly perfect and impregnable as human power
can produce.
COMPARATIVE FIGURES OF NATIONAL AND STATE BANKS.
Under the provisions of the national bank act the Comptroller of
the Currency is required to include in his report to Congress, in addition to data concerning the condition and operation of national banks,
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,77 and
a further statement relative to the banks and banking institutions
organized under the laws of the several States and Territories. This
information he is expected to obtain from the reports made by the
State banks, savings banks, trust companies, and other banking institutions under State supervision to the legislatures or officers of the
different States and Territories, and where such reports can not be
obtained, the information is to be secured by the Comptroller from
such other authentic sources as may be available.
Through the courtesy and cooperation of the State banking departments this office has been able to obtain, from year to year, from
the various States, reports of condition of the State banks, savings
banks, private banks, and loan and trust companies, as of June 30
of each year or the reports submitted to the State authorities as of
the date nearest thereto. The date of the calls for reports by the
different States do not all coincide, and therefore where such reports
are not made on June 30 the nearest date thereto is substituted.
On subsequent pages of this report will be found detailed statements
as to the condition of the banking institutions under State supervision
as thus furnished to this bureau. Owing to a lack of uniform methods
of making reports, it has been impracticable to classify fully and in
as much detail as would seem to be desirable all items embraced in
the reports—for example, in some States the banks report their
investments in securities under appropriate headings, such as Government bonds, municipal bonds, railroad bonds, etc., while in other
instances they are grouped under a miscellaneous classification.
GROWTH OF NATIONAL AND STATE BANKS FOR SIX-YEAR PERIOD.
The following statement shows the growth in the total resources
of all reporting banks under State supervision, including State commercial banks, savings banks, trust companies, etc., as of June, 1913,
and June, 1919, as compared with the total resources of all national
banks for substantially the same dates:
Total resources national banksand State banks in 1913 and 1919.
Banks.
State banks, trust companies, etc
Total.
June, 1913.
June, 1919.
Increase.
$14,675,243,842
11,036,000,000
$26,380,500,000
20,799,500,000
$11,705,256,158
9,763,500,000
25,711. 243, 842
47,180,000,000
21,468,756,158
Per cent.
79.7
88.4
UNPRECEDENTED PROSPERITY OF THE NATIONAL BANKS.
N3 OF
LIONS
. ^ . ^ ^ ^ ^ ^ . ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^
^ , - 1 , r , . r , . - , _ ^ ( _ ^ _ ^ _ ^ _ . r < ^ _ Qpx)QLLAR(3
240,366^000
NET
OF THE,
NATIONAL BANKS OF THE UNITED
4 5 YEAR.5 - 1874 TO 1919
The actual figi/res tell \j$ that the ji/ear/i(
Jtet Earnings of the Nat/onal Bantecf
the Vhitcd states in thePivc tjeansfrom
Jv/I^ 1,1914 to Jv/ljy 1,1919, have shown
a greater increase than rn the entire
Forty year period fenor to July 1,1914.
62,666,000
6
191
O O O <
<
: £ ~* - • - • ^ ^ T T ? I
From the above Chart it will be seen that in the last 5% years (during which the National Banks have
been required to observe more strictly the banking laws and to eliminate irregular practices which had
grown up in some sections among some banks), their NET EARNINGS actually INCREASED MORE
than they had increased in the entire preceding period of FORTY YEARS,
152981°—20. (To face page 25.)
REPORT OF THE COMPTROLLER OF THE CURRENCY.
25
The foregoing statement indicates that the national banks in the
past six years, from June, 1913, to June, 1919, have grown more rapidly
than the State banks, the increase in the resources of the national
banks being 88.4 per cent, while the increase in the resources of the
State institutions is 79.7 per cent.
At the time of the call of November 17, 1919, the total resources
of all national banks amounted to $22,444,992,000. As compared
with the figures of June, 1913, the increase in the resources of the
national banks in this period of about six years and four months
amounted to $11,408,072,243, or 103 per cent.
In the six years ended June 30, 1914 to 1919, both inclusive, the
records show 349 failures of State banks, savings banks, private banks,
and loan and trust companies. There were only 61 national bank
failures during the same period. In the 12 months ended October 31,
1919, failures among State bank institutions as reported by Dun's
Mercantile Agency, amounted to 45 in 19 States. During the same
period there was only 1 national bank failure, a small $25,000 bank
m the West, which subsequently paid its depositors in full.
MANY NATIONAL BANKS INCREASING THEIR CAPITAL.
More new national banks have been organized in the fiscal year
ending October 31? 1919, and also with a greater capital, than for
any previous year since 1910. The number of new banks chartered
in the past year was 245, with capital of $21,780,000, as compared
with 164 new banks with capital of $13,400,000 in 1918. The number of national banks increasing their capital in the year just closed
was 311, increased capital $45,145,100, as compared with 170 increases in 1918, with capital increase of $18,524,000. The total
additions to capital therefore during the past year arising from new
banks chartered and the increase of capital of existing banks was
$66,925,100.
LARGE NUMBER OF STATE BANKS NATIONALIZING.
Since 1900 the conversion of State banking institutions into national
banks has been very marked, a total of 2,745 State banks, private
banks, and trust companies having been converted into or reorganized into 2,711 national banks since that year, an average for the entire
period of about 150 per annum. The State banking institutions thus
converting or reorganizing as national banks in this period had a
total capital of $171,137,300.
EARNINGS AND DIVIDENDS OF NATIONAL BANKS FOR TWELVE MONTHS
ENDING JUNE 30, 1919 AND 1918.
Comparison of the earnings and dividend returns of national banks
for the fiscal year ended June 30, 1919, shows an increase in the year
in gross earnings from $797,890,000 in 1918 to $910,760,000 for 1919.
The net earnings added to profits of the banks for the year ended
June 30, 1919, were $240,366,000, against $212,332,000 for the previous year, an increase of 13.2 per cent.
Eased on capital of $1,115,507,000 on June 30, 1919, dividends
paid averaged 12.15 per cent and amounted to $135,588,000. The
average rate of dividends paid in the previous year was 11.82 per
26
REPORT OF THE COMPTROLLER OF THE CURRENCY*
cent and the amount $129,778,000. The percentage of increase of
dividends declared for the year 1919 over the year 1918 was 4.48.
Based on capital and surplus combined, the shareholders of national
banks were paid dividends averaging 6.83 per cent in 1919 as against
6.78 per cent in 1918.
There is submitted herewith a comparative statement showing the
capital, surplus, gross and net earnings, and dividends paid by
national banks for the years 1918 and 1919.
Earnings and dividends of national banks for fiscal years ended June 30, 1918 and 1919.
[In thousands of dollars.]
J u n e 30,
1918—7,691
banks.
Capital stock
Total surplus fund
Dividends declared
Gross earnings:
(a) Interest and discount
(b) Exchange and collection charges
(c) Commissions and earnings from insurance premiums and the negotiation of real estate loans
(a) Other earnings
J u n e 30,
1919—7,762
banks.
1,098,264
816,801
129,778
1,115,507
869,457
135,588
744,141
17,114
845,592
18,226
1,209
35,426 [
1,180
45,762
Total.
Net earnings during the year
Recoveries on charged-off assets.
Total.
Expenses paid:
(a) Salaries and wages
(6) Interest and discount on borrowed money
(c) Interest on deposits
.•
(d) Taxes
(<?) Contributions to American National Red Cross.
(/) Other expenses
Net earnings during the year
797,890
910,760
287,705
16,107
299,980
21,066
303,812
321,046
114,130
20,380
80,831
287,705
139,656
53,504
260,335
65,052
2,185
90,048
299,980
Total
Losses charged off:
(a) On loans and discpunts
(6) On bonds, securities, etc
(c) Other losses
Net addition to profits during the year.
797, S90
910,760
33,964
44/350
13,166
212,332
35,440
27,819
17,421
240,366
303,812
321,046
129,778
135,588
Total
Total dividends declared.
242,893
51,951
WIDER DIFFUSION OF THE COUNTRY'S WEALTH AND CREDIT.
An analysis of the table presented on page 22 not only furnishes
convincing evidence of the stupendous and unprecedented growth of
this country's banking power during the past 20 years but the comparison is particularly significant in another respect, for it emphasizes the wide spread distribution of the country's wealth and the
healthy decentralization of its banking resources.
Twenty years ago the banking power of the country was mainly
concentrated in the East; and the national banks in the New England
and Eastern States, comprising 6 per cent of the territory oi the
continental United States, held about 60, or, to be exact, 59.87 per
cent of the total resources of all the national banks in the country
Since that time the resources of the national banks in the New
England and Eastern States have increased $7,710, 937, 000, or 277
REPORT OF THE COMPTROLLER OF THE CURRENCY.
27
per cent, but the proportion of the national bank resources in those
States to the resources of all national banks is now 46.78 per cent
of the total, instead of 60 per cent.
BIG GROWTH IN THE MIDDLE WEST.
In September, 1899, the proportion of the total resources of all
national banks in the Middle Western States was 25.64 per cent.
Since then the resources of these banks have increased $4,333,390,000,
or 363 per cent. The proportion of their resources to the resources
of all national banks is now 24.62 per cent.
HUGE INCREASE, BOTH ACTUAL AND COMPARATIVE, IN THE SOUTH.
In 1899 the total resources of all the national banks in 14 Southern
States, including Oklahoma, were $348,554,000, or 7.50 per cent of
the total resources of all the national banks. Since that time, the
resources of the national banks in these States have increased $3,097,707,000, or 889 per cent; and the proportion of resources now held
in these Southern States is 15.35 per cent, against, as above shown,
7.50 per cent 20 years ago—the proportion having more than doubled.
WESTERN STATES GAIN 500 PER CENT.
In 1899 the national banks of eight Western States, including
the Dakotas, Nebraska, Kansas, Montana, Wyoming, Colorado, and
New Mexico, had resources of $204,733,000. Since that time the resources of the national banks in those States have increased $1,025,668,000, or 500 per cent. Twenty years ago these banks held 4.40
per cent of the total resources of all banks. The percentage to-day
in the same States is 5.48 per cent of the whole.
IN PACIFIC STATES BANKS 7 ASSETS ADVANCE 1,340 P E R CENT, OR
$1,620,177,000,
The resources of the national banks in the Pacific States, including California, Washington, Oregon, Idaho, Utah, Nevada, Arizona,
and Alaska, in September, 1899, amounted to $120,905,000. Since
then the increase in resources in these States has been $1,620,177,000,
or 1,340 per cent. The proportion of the total resources of all national
banks which the national banks in the Pacific States held in 1899
was 2.60 per cent. To-day these banks hold 7.76 per cent of the
total resources of all national banks of the country.
In every State in the Union save one the increase in resources of
the national banks since 1899 has amounted to more than 100 per
cent—the exception being the State of Rhode Island, where the
increase in 20 years was only 21.93 per cent; but although the resources of the national banks in Rhode Island actually declined 15
per cent between 1899 and 1913, they have, in that State, in the six
years since 1913, when the Federal reserve law was passed, increased
44 per cent.
28
REPORT OF THE COMPTROLLER OF THE CURRENCY.
GROWTH OF 1,000 PER CENT OR MORE IN EACH OF 16 STATES.
The States whose national banks have shown an increase since 1899
of 1,000 per cent or more are, in the order given: Oklahoma, 6,537
per cent or $357,722,000; Nevada, 3,275 per cent or $17,423,000;
Arkansas, 1,700 per cent or $79,116,000; Idaho, 1,691 per cent or
$79,486,000; California, 1,685 per cent or $1,000,214,000; South
Carolina, 1,343 per cent or $139,359,000; North Carolina, 1,255 per
cent or $171,402,000; North Dakota, 1,250 per cent or $96,627,000;
Wyoming, 1,237 per cent or $55,874,000; South Dakota, 1,234 per
cent or $103,732,000; Virginia, 1,177 per cent or $396,554,000;
Florida, 1,174 per cent or $102,736,000; Mississippi, 1,125 per cent
or $56,018,000; Georgia, 1,119 per cent or $196,953,000; Arizona,
1,028 per cent or $29,001,000; and Texas, 1,013 per cent or
$869,611,000.
LARGEST ACTUAL INCREASES.
The 12 States whose national banks have shown the greatest
actual increase, in dollars, in resources in the same period have been:
New York, $4,358,583,000 or 360 per cent; Pennsylvania, $1,842,502,000 or 305 per cent; Illinois, $1,217,115,000 or 351 per cent;
California, $1,000,214,000 or 1,685 per cent, Texas, $869,611,000 or
1,013 per cent; Ohio, $743,028,000 or 274 per cent; Missouri,
$587,418,000 or 370 per cent; Minnesota, $568,115,000 or 731 per
cent; Massachusetts, $515,030,000 or 105 per cent; New Jersey,
$423,732,000 or 383 per cent; Virginia, $396,554,000 or 1;177 per
cent; and Oklahoma, $357,722,000 or 6,537 per cent.
SOME STRIKING COMPARISONS.
The resources of the national banks in the States of Texas and
Oklahoma are nearly as great as the total resources of all the national
banks in the New England and Eastern States, except New York
State, as they stood 20 years ago.
The assets to-day of the national banks in California and Washington exceed by $136,000,000 the resources of the Middle Western
States of Ohio, Indiana, Illinois, Michigan, Wisconsin, Minnesota,
Iowa, and Missouri in 1899.
The national banks of Massachusetts alone hold to-day resources
equal to nearly one-fourth of the resources of all the national banks
in the United States in 1899; and the assets of the national banks in
Illinois at this time amount to more than one-third of the total
resources of all the national banks of the country 20 years ago.
The national banks in Virginia, Texas, and Oklahoma have to-day
greater assets than the combined resources of all the national banks
in the States of New York, Illinois, and California, including the
metropolitan cities of New York, Chicago, and San Francisco 20
years ago; and the national banks of the State of California to-day
nave 45 per cent more resources than all the national banks in
New England in 1899.
The resources of the national banks in Ohio, Indiana, Illinois,
Michigan, Wisconsin, Minnesota, and Iowa are greater than the
assets of all the national banks in the United States in 1900.
REPOKT OF THE COMPTROLLER OF THE CURRENCY.
29
The national banks in the Southern States—adding Maryland, the
District of Columbia, Missouri, and Oklahoma also—have at this
time resources in excess of those held by all the national banks in
the entire country 20 years ago.
19,129,842 DEPOSITORS IN OUR NATIONAL BANKS.
The national banks of the country reported on November 17, 1919,
the total number of depositors' accounts to be 19,129,842. These
figures show that the depositors in the national banks of the country
exceed in number one-sixth of the total population of the United
States now estimated at about 110,000,000. Of course, there are
many cases when one depositor has more than one bank account,
sometimes in one bank or again in seyeral different banks.
From the following table it appears that the number of depositors
in the national banks of the United States has increased 11,439,374
since 1910, the increase being 148.75 per cent.
Number of depositors or deposit accounts as shown by reports of national banks for June
30, 1910, and Nov. 17, 1919.
June 30,
1910.
Maine
New Hampshire..
Vermont
Massachusetts
Rhode Island
Connecticut
Total New England States..
Per cent
New York
New Jersey
Pennsylvania
Delaware
Maryland
District of Columbia.
Total Eastern States.
Per cent
Virginia
.
West Virginia...
North Carolina..
South Carolina..
Georgia
Florida
Alabama
Mississippi
Louisiana
Texas
Arkansas
Kentucky
Tennessee
Oklahoma
Total Southern- States (including Oklahoma).
Per cent
Ohio.......
Indiana
Illinois
Michigan.*.!
Wisconsin..
Minnesota.
Iowa
Missouri...
Total Middle States..
Per cent
—
Nov. 17,
1919.
Increase.
98,792
39,677
39,461
201,038
16,945
64,823
176,900
103,817
87,902
522,187
30,554
178,852
78,108
64,140
48,441
321,149
13,609
114,029
460,736
1,100,212
639,476
138.80
669,855
284,419
1,259,140
26,298
124,926
35,575
1,540,650
669,176
2,465,375
28,405
222,993
870,795
384,757
1,206,235
2,107
98, 067
78,036
2,400,213
5,040,210
2,639,997
109.99
149,306
99,892
59,795
39,217
101,348
62, 832
76,297
35,038
38,549
367,613
34,823
134,647
73,329
108,475
561,057
312,362
256,061
199,713
278,029
185,938
258,356
93,167
112, 696
1,056,114
132,933
323,914
317,037
496,785
411,751
212,470
196,266
160,496
176,681
123,046
182,059
58,129
74,147
688,501
98,110
189,267
243,708
388,310
1,381,221
4,584,162
1,202,941
231.89
470,684
287,012
470,727
203,308
217,090
233.583
201', 156
147,949
1,077,358
586,392
1,112,771
402,856
530,406
611,524
569,333
415,131
606,674
299,380
642,044
199,548
313,316
377,941
368 177
267,182
2,231,509
5,305,771
3,074,262
137.77
113, 611
30
REPORT OF THE COMPTROLLER OF THE CURRENCY.
Number of depositors or deposit accounts as shown by reports of national banks for June
30, 1910, and Nov. 17, 1919—Continued.
June 30,
1310.
63/881
64,295
165,680
Nov. 17,
1919.
Increase.
48,490
23,983
129.723
24,801
T o t a l Pacific States..
Per cent
Total, United States (exclusive of Alaska and island
possessions)
Per cent
1,593,876
887,058
125.50
299,335
242,738
€92,704
130,972
69,386
16,852
44,371
~183,313
171,259
458,143
100,044
43,298
5,404
29,815
505,742
Washington.
Oregon
California
Idaho
Utah
Nevada
Arizona
109,924
112,518
127,404
186,090
123,487
44,141
146,198
37,296
116,082
71,479
234,561
30,928
26,688
11,448
14,556
T o t a l Western States (exclusive of Oklahoma).
Per cent
173,805
176,813
293,084
372,055
171,977
68,124
275,921
62,097
706,818
North Dakota..
South Dakota..
Nebraska
Kansas
Montana
Wyoming
Colorado
New Mexico . . .
1,497,018
991,276
196.00
7,686,239
19,121,249
11,435,010
148.77
1,350
3,329
1315
19,129,842
11,439,374
148.75
Alaska
Hawaii
P o r t o Rico.
Total Alaska and island possessions,'.
Per cent
4,229
Grand t o t a l United States, Alaska, and island possessions
Per cent
7,690,468
i Decrease. The only national bank in Porto Rico placed in voluntary liquidation Sept. 8,1911.
Number of deposit accounts in national banks June 30, 1919.
Cities and States.
Demand
Demand
Time
Time
deposit
deposit
deposit
deposit
Total
accounts
accounts
accounts
accounts number of
on which, on which on which on which
deposit
interest
no interest t interest no interest accounts.
is allowed. is allowed. is allowed. is allowed.
CENTRAL RESERVE CITIES.
43,176
17,628
12,594
Total
149,361
42,737
39,614
51,500
45,169
68,952
59,533
1
303,570
105,535
121,160
73,398
New York
Chicago
St. Louis
231,712
165,621
59,534
530,265
20,373
144
4,271
5,769
32,702
10,931
2,421
4,186
17,468
33
3,946
7
15,663
12,374
13,971
3,775
53,748
56,267
30,166
69,293
23,791
7,933
49,509
1,441
28,472
17,004
14,926
45,773
6,830
7,902
1,538
4
211
16,769
38,816
9,632
45,544
38,831
14,144
59,698
6,479
23,121
23,623
1,325
12,823
2,790
176
157
0
0
26
2
1
525
460
8
2,526
0
18
10
0
0
0
44,114
14,213
18,246
9,755
103,245
106,016
42,220
119,548
80,550
22,118
115,679
7,927
51,774
40,849
17,100
59,267
9,635
ALL OTHER RESERVE CITIES.
Boston
Albany
BrooKlyn and Bronx
Buffalo.
Philadelphia
Pittsburgh
Baltimore
Washington
Richmond
Charleston
Atlanta
Savannah
Jacksonville
Birmingham
New Orleans
Dallas
E l Paso
„
163
212
849
671
15
REPORT OF THE COMPTROLLER OF THE CURRENCY.
31
Number of deposit accounts in national banks June 30, 1919—Continued.
Cities and States.
• Demand Demand
deposit
deposit
accounts accounts
on which on which
interest no interest
is allowed. is allowed.
Time
Time
deposit j deposit
Total
accounts I accounts number of
on which I on which
deposit
interest no interest accounts.
is allowed. I is allowed.
ALL OTHER RESERVE CITIES—continued.
Fort Worth
Galveston
Houston
San Antonio
Waco
Little Rock
Louisville
Chattanooga
Memphis
Nashville
Cincinnati
Cleveland
Columbus
Toledo
Indianapolis
Chicago (other reserve city banks)
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
Los Angeles
Oakland
San Francisco
Ogden
Salt Lake City
Total
178,513
Total all reserve cities
251,911
519
8
809
250
164
169
591
53
8,209
411
1,222
1,748
1,162
724
851
862
952
3,086
467
655
6,307
2,971
32
615
33
500
14,841
1,799
1,404
13,333
1,050
271
93
1,055
13
662
684
227
321
39
77
678
1,253
92
2,928
37
125
•
•
31,884
6,583
53,474
32,857
15,845
5,841
37,270
21,615
10,538
30,786
24,061
18,114
31,624
10,227
33.706
19,393
11,387
9,706
5,325
21,428
25,457
24.287
6,692
13,598
2,455
10,839
46,940
9,922
12,528
28,922
7,730
8,694
10,352
29,261
6,668
14,254
22,173
29,364
44,397
15,030
7,520
39,040
50,072
15,286
53,868
9,567
16,394
8,129
9,136
22,931
3,433
l',789
1,G93
17,109
19,135
644
24,638
17,727
27
22,931
29,102
2,898
67.016
17'. 558
5', 237
18,001
67,843
39,271
18,041
7,872
8,400
3,256
11,378
22,603
5,069
3,602
15,799
1,201
1,701
2,936
28,961
2,621
3,026
8,648
11,231
37,385
28,712
6,250
44,233
21,373
% 601
26,778
5,091
13,051
0
0
1,256
0
0
0
2
325
3
314
0
3
308
0
550
0
0
2
0
0
0
2
0
0
0
0
0
o
o!
o
0
0
0
0
78
245
0
0
0
0
0
0
0
0
2,051
0
0
40,532
15,727
78,470
36,540
17,798
7,703
54,972
41,128
19,394
56,149
43,010
19,892
56,025
40,053
38,005
87,271
29,897
18,031
23; 793
89,926
71,035
45,301
14,596
22,613
5,744
22,717
84,384
17,390
17,594
58,054
9,981
10,726
13,381
59,277
9,380
18,187
31,505
40,822
82', 103
43,781
13,847
83,951
72,698
17,979
85,625
14,695
29,570
1,443,910
1,042,037
9,048
2,073,508
1,675,622
1,207,658
68,582
3,203,773
•
32
REPORT OF T H E COMPTROLtLER OF T H E
CURRENCY.
Number of deposit accounts in national banks June 30, 1919—Continued.
Demand
deposit
accounts
on which
interest is
allowed.
COUNTRY BANKS.
Time
deposit
accounts
on which
interest
is allowed.
Time
Total
Grand
deposit
Total
deposit
total
accounts deposit accounts deposit
on which accounts in reserve accounts
no inter- n country
city
United
est is
banks.
States..
banks.
allowed.
I
Maine
New Hampshire.
Vermont
Massachusetts . .
Rhode Island
Connecticut
Total New
States
Demand
deposit
accounts
on which
no interest
is allowed.
3,709
19,264
905
72,969
6,854
15,866
60,001
60,358
37,266
188,070
14,123
94,751
102,968
24,630
51,401
164,097
8,122
35,777
119,567
454,569
125,766
72,920
4,704
909
1,255
21,286
693
22,214
171,382
105,161
90,827
446,422
29,792
168,608
386,995
51,061
1,012,192
1,056,306
33,982
17,995
8,540
861
3,317
1,149,436
637,332
205,350
3,243
6,968
501,628
488,060
286,390
260,027
911,932 1,063,123
17,476
6,959
81,340
82,683
1,495,220
637,332
209,261 2,398,206
28,539
42,220
216,528
119,548
119,548
414,247
1,798,766 1,900,852
171,382
105,161
44,114
90,827
490,536
29,792
168,608
England
New York
New Jersey
Pennsylvania
Delaware
Maryland
District of Columbia.
Total Eastern States
Virginia
West Virginia..
North Carolina.
South Carolina..
Georgia
Florida...
Alabama
Mississippi
Louisiana
Texas
Arkansas
Kentucky
Tennessee
Total Southern States..
Ohio
Indiana
Illinois
Michigan..
"Wisconsin.
Minnesota.
Iowa
Missouri...
Total Middle States
North Dakota.
South Dakota.
Nebraska
Kansas
Montana
Wyoming
Colorado
New Mexico...
Oklahoma
Total Western States..
Washington
Oregon
California
Idaho
Utah
Nevada
Arizona.
Alaska (member banks)
Total Pacific States
Total country banks
Total United States
64,695 4,178,560
437,922
305,823
229,820
162,914
160,040
124,953
205,272
87,522
92,699
651,562
116,213
257,897
202,825
35,201
13,806
18,623
3,298
3,642
5,371
8,918
1,533
4,525
17,964
7,051
6,854
6,364
239,628
175,732
129,732
107,894
121,379
133,150
2,204,313
674,469
56,209
45,463
35,473
19,590
5,780
4.193
11^138
5,106
425,023
310,536
457,155
80,450
124,815
191,039
264,819
132,252
391.225
169,089
340,373
244,490
283,643
273,341
216,795
32,533
6,522
5,939
3,987
471
2,983
1,596
3,695
1,951,489
25,853
4,137,383
173,952
81,542
153,977
75,148
69,382
601,624
95,433
217,125
135,717
19
,
4,753
1,674
1,930
1,478
5
2,401
2,838
0
118
2,298
2,545
1,026
2,464
23,530 3,035,462
660
878,979
531,027
836,988
336,001
417,221
470,169
496, 447
170,551
716,813
4,895,373
80,550
518,472
305,823
229,820
185,032
283,646
176,727
246,121
87,522
109,799
909,531
123,916
312,869
319,496
22,118
123,606
51,774
40,849
17,100
257,969
7,703
54,972
116,671
773,312 3,808,774
158,980
38,005
222,703
41,824
89,926
116,336
65,670
222,934
1,037,959
569,032
1,059,691
377,825
507,147
586,505
562,117
393,485
956,378
5,093,761
2,052
3,029
7,143
17,335
2,314
428
2,459
1,143
8,378
92,706
96,497
134,984
244,381
109,640
42,538
140,589
44,755
315,172
75,176
71,140
63,352
60,504
54,314
19,947
44,998
9,992
27,130
284
77
392
1,488
1,374
15
662
421
3,222
170,218
170,743
205,871
323,708
167,642
62,928
188,708
56,311
353,902
44,281
1,221,262
426,553
7,935
1,700,031
268,907
1,968,938
1,961
2,125
4,039
2,682
27
23
1,852
0
94,156
111,044
381,509
87,187
12,772
11,701
33,832
398
42,716
28,464
101,161
26,243
7,921
4,656
4,306
0
347
417
3,137
515
0
139,180
142,050
489,846
116,627
20,720
16,380
39,990
139,731
83,951
176,302
278,911
226,001
666,148
116,627
64,985
16,380
39,990
12,709
732,599
215,467
4,416
965,191
444,249
Alaska (nonmember banks)..
Hawaii (nonmember banks)..
Total (nonmember
banks)
158,340
114,611
79,535
50,244
35,014
35,639
39,539
10,841
18,674
29,676
11,184
32,892
58,280
2,188,945
28,539
174,308
44
68,657
44,265
170,218
170,743
281,519
357,796
167,642
62,928
257,365
56,311
444,416
1,409,440
2,384
5,224
2,384
5,324
1,696
7.708
7,708
8,403,566 15,557,521
177,490 15,036,527
2,039
3,929 |
897,950
75,648
34,088
335
1,361
5,908
1,149,861 10,079,188 J6,765,179
246,072 15,036,527 3,203,773 (18,240,300
KEPORT OF THE COMPTROLLER OF THE CURRENCY.
33
HEALTHY DISTRIBUTION TO INVESTORS OF LIBERTY BONDS AND
VICTORY NOTES ORIGINALLY PLACED THROUGH NATIONAL BANKS.
The official reports of the national banks show that, although the
majority of the twenty-one and a half billion dollars of Liberty bonds
and Victory notes sold by the Government were placed or subscribed
for through the instrumentality of the national banks, yet the
amount oj these war securities which the national batiks now hold,
either for investment or as collateral, is comparatively small, the bonds
having been widely distributed among investors. On subsequent
pages of this report will be found tables showing, in detail, by States
and cities, the holdings by national banks of the war issues of Government securities as of November 17, 1919.
The total amount of Liberty bonds, Victory notes, and
United States Certificates of Indebtedness held by all the national
banks as collateral for loans on November 17, 1919, was only
$l,122,953,0007-areductionsince September 12,1919, of $122,456,000.
It is interesting in this connection to note that the total amount of
bills payable November 17, 1919, due by all national banks, including
the amounts borrowed from their Federal reserve banks, as well as
from others, was only $1,062,155,000—or $60,798,000 less than the
amount of United States war securities held by the national banks
as collateral for loans made by them. The Liberty bonds owned
by the national banks November 17, 1919, had been reduced to a
total of $829,151,000.
LOCATION OF THE COUNTRY'S LARGEST BANKS.
The decentralization of the country's banking power, formerly so
largely concentrated in a few large cities, is also vividly indicated in an
analysis which has just been completed relative to the geographical
location at this time of the country's 120 biggest national banks.
The list includes all national banks whose resources on November 17,
1919, amounted to $25,000,000 or more.
The statement referred to also illustrates the astounding growth
which has taken place in the country's banking power in the past 20
years, or since 1899. On September 7, 1899, there were 19 national
banks in the United States having resources of as much as $25,000,000
each; and of these 19 banks, 14, or 74 per cent, were located in New
York City, 1 in Boston, 1 in Philadelphia, 2 in Chicago, and 1 inSt. Louis.
120 BANKS WITH OVER 25 MILLION ASSETS NOW, 19 SUCH BANKS IN 1899,
On November 17, 1919, there were 120 national banks having
resources of more than $25,000,000. Twenty-five, or less than 21
per cent of these banks, as compared with 74 per cent in 1899, were
located in New York State (all of the 74 per cent in the latter year,
being in New York City); 17 in Pennsylvania; 9 in California; 7 each
in Illinois, Missouri, and Texas; 6 in Virginia; 5 each ill Massachusetts, Minnesota, and Ohio; 3 each in Colorado and Oregon; 2 each
in Georgia, Indiana, Maryland, Michigan, Nebraska, New Jersey, and
Washington; and one each in Alabama, District of Columbia, Kentucky, Louisiana, Oklahoma, Tennessee, and Wisconsin.
In 1899, as shown above, five cities in the United States contained
the 19 national banks with resources of $25,000,000 or more.
152981°—CUR 1919—VOL 1
3
34
BEFORT OF THE COMPTROLLER OF THE CURRENCY.
BIG BANKS IN 39 CITIES, IX EVERY PART OF THE COUNTRY.
To-day the 120 National banks with $25,000,000 or more are distributed among 39 cities. Of those banks, 49 are in the New England
and Middle Atlantic States, including the cities of Boston, 5; New
York, 22; Albany, 2; Buffalo, 1; Philadelphia, 10; Pittsburgh, 6;
Scran ton, 1; and Newark, 2. There are in Maryland, District of
Columbia, and the Southern States 23 of the big banks, including the
cities of Baltimore, 2; Washington, 1; Richmond, 5; Norfolk, 1;
Atlanta, 2; Nashville, 1; Louisville, 1; Birmingham, 1; New Orleans,
1; Dallas, 3; Houston, 2; Fort Worth, 2; and Tulsa, 1. Thirty-four
of the biggest banks are in the Central West and the West, including
the cities of Cleveland, 2; Cincinnati, 2; Toledo, 1; Indianapolis, 2;
Detroit, 2; Chicago, 7; Milwaukee, 1; St. Louis, 3; Kansas City, 4;
Omaha, 2; Denver, 3; Minneapolis, 2; St. Paul, 2; and Duluth, 1. In
the Pacific States the cities containing 14 of the large banks are San
Francisco, 5; Los Angeles, 4; Portland, 3; and Seattle, 2.
The big banks to a large extent are the logical result of the tremendous growth of our industrial and commercial units. The banks
of the country have kept step with the expansion in the business of
their customers, and by increasing their capital and resources are
enabled to meet the increasing demands upon them for credit and
loans. They facilitate local development by making it unnecessary
for business men to go away from home for bank accommodation, as
had been usual in the past.
The total resources of all the national banks on November 17, 1919,
were $22,444,992,000, and $10,383,479,000 of these resources were
held by the 120 largest national banks; but these big banks were, as
shown above, thoroughly distributed throughout the country in every
section, and there is no longer that congestion of the country's banking power in a few large cities which had been in evidence before the
inauguration of the Federal reserve system.
The resources of the national banks, about 7,800, whose assets in the
case of each bank are less than 25 million dollars are now far greater
than the total resources of all national banks, large and small, 20
years ago. Therefore, the more than 10 billion dollars of assets of the
120 big banks represent only part of the huge increase of nearly 18
billion dollars shown by national banks in the past two decades.
In 1899 there was no bank with resources of as much as $25,000,000
in the entire South from Maryland to the Mexican border. To-day
there are 23 great national banks with resources of more than $25,000,000 each in the southern section, including 2 in Maryland, 1 in the
District of Columbia, 6 in Virginia, 2 in Georgia, 1 in Alabama, 1 in
Louisiana, 1 in Kentucky, 1 in Tennessee, 1 in Oklahoma, and 7 in
Texas.
THE WEST HAD 3 BIG BANKS IN 1899 AND 48 IN 1919, WELL SCATTERED.
In 1899 there were only 3 banks with resources of $25,000,000
west of New York and Pennsylvania, being 2 in Chicago and 1 in St.
Louis. On November 17, 1919, of the big banks we find 7 in Chicago,
5 in Ohio, 2 in Indiana, 2 in Michigan, 1 in Wisconsin, 7 in Missouri,
5 in Minnesota, 3 in Colorado, 2 in Nebraska, 2 in Washington, 3 in
Oregon, and 9 in California—a total of 48.
35
BEPORT OF THE COMPTROLLER OF THE CURRENCY.
In 1899 there were 3,595 national banks in the United States with
average resources of $1,293,562 per bank. On November 17, 1919,
there were nearly 8,000 national banks in the United States with
average resources of $2,853,781 per bank, an increase of 118 per cent
in the number of banks and an increase in the resources per bank of
121 per cent.
PRODUCTIVITY OP LOANS AND BOND INVESTMENTS OF NATIONAL
BANKS.
Of the aggregate assets, including rediscounts, of national banks on
June 30, 1919, amounting to $21,234,918,000,..51.91 per cent, or
$11,024,259,000, was invested in loans and discounts and$5,051,923,000,
or 23.79 per cent, in bonds, stocks, and other securities.
The gross earnings of national banks on the date indicated were
$910,760,000, and the average of gross earnings to the total amount
invested in loans, bonds, stocks, and other securities was 5.66 per
cent. The percentage of gross earnings to total investments by
geographical sections is shown in the following table:
[In thousands of dollars ]
Division.
Loans
(including;
overdrafts
and
rediscounts),
New England States
Eastern States .
Southern States
Middle Western States
Western States.. .
Pacific States
Alaska and Hawaii
860,794
4,381,826
1,432,775
2,745,595
838,508
761,668
3,093
341,917
2,351,769
618,561
1,169,714
238,579
329,067
2,316
1,202,711
6,733,595
2,051,336
3,915,309
1.077,087
1,090,735
5,409
62,654
353,015
125,882
223,069
77,655
68,080
405
5.21
5.24
6.14
5.70
7.21
6.24
7.49
11,024,259
5,051,923
16,076,182
910,760
5.68
Total
.
Total
Gross
Bonds, etc. investments. earnings.
Per cent of
gross
earnings
to total investments.
CONDITION OF THE NATIONAL BANKS IN EACH STATE.
The following table shows the principal items of resources and
liabilities of all national banks, arranged by States, as of November
17, 1919:
CO
Principalitems of national bank resources and liabilities, arranged by States, on Nov. 17, 1919.
[In thousands of dollars.]
States.
Maine
New Hampshire.
Vermont
Massachusetts....
Ehode 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
Total Southern States..
Ohio....
Indiana.
Illinois..
Number
of banks.
Loans,
etc.i 2
U. S. Government
securities.8
Cash in
bank.
Capital.
Profits.*
Circulation.
Individual
deposits
(demand
and time).
75,376
37,393
33,103
616,735
45,204
147,680
Total
assets.
100,704
61,441
51,259
1,003,945
70,582
227,477
3,293
2,542
2,603
26,851
3,552
9,083
5,288
4,848
4,236
20,144
4,555
12,224
83,302
47,924
51,295
955,491
1,515,408
220,851
22,931
151,744
1,532
13,363
5,368
157,255
15,038
64,654
966
6,822
1,831
72,924
14,453
85,146
1,100
9,316
5,841
2,773,527
406,727
1,511,302
15,219
169,405
77,621
5,569,207
534,288
2,446,365
22,089
291,790
115,672
415,789
246,566
188,780
4,953,801
8,979,411
16,685
7,093
5,546
4,332
8,582
3,611
6,995
2,096
5,296
4,930
2,897
10,084
7,408
9,338
4,272
3,697
3,502
5,019
2,404
3,290
1,564
2,868
22,139
1,946
5,295
3,662
17,173
9,297
7,050
6,992
9,646
5,497
9,207
2,670
4,364
42,643
3,922
15,212
11,135
239,498
107,862
118,832
89,664
124,261
76,776
103,114
41,284
89,703
553,223
51,330
134,836
128,906
430,241
153,320
185,059
149,735
214,543
111,484
152,223
60,995
146,966
955,451
83,769
215,376
223,904
190,235
115,555
68,996
144,808
1,859,289
3,083,066
65,229
28,766
83,937
43,765
14,138
59,823
28,572
8,336
37,894
44,755
26,217
27,368
640,474
254,028
892,344
1,013,303
399,253
1,563,252
47,690
29,407
25,210
646,984
41,428
123,305
12,396
12,989
8,428
77,716
8,262
35,901
1,970
1,935
1,019
21,764
2,158
6,941
407
914,024
155,692
35,787
97,243
483
206
842
19
95
14
2,978,983
243,380
1,201,981
9,619
151,320
57,174
705,870
81,113
377,826
3,837
43,851
17,774
89,424
14,158
54,587
650
6,912
3,562
182,855
23,922
121,220
1,429
16,400
7,427
1,659
4,642,457
1,230,271
169,293
353,253
156
119
84
81
92
54
97
32
32
549
78
129
100
260,920
88,171
100,922
75,590
114,412
54,053
82,285
34,506
91,274
506,074
47,677
130,663
118,160
54,566
23,939
21,995
28,109
33,685
20,870
21,507
7,919
14,613
131,010
11,370
34,782
45,273
8,208
3,644
4,664
3,341
4,790
2,928
4,480
1,527
2,380
18,454
2,479
3,742
4,222
23,423
11,273
9,965
9,845
11,258
6,530
11,105
3,750
7,755
59,459
5,857
16,306
13,709
1,603
1,704,707
449,638
64,859
370
255
475
564,610
212,319
889,111
128,938
72,280
156,497
24,486
11,703
38,398
62
55
48
159
17
66
Surplus.
6,905
5,235
4,935
54,292
5,570
20,306
4,039
3;,798
2,184
54,710.
4,770
13,801
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
.
Alaska (member banks)
Total Pacific States
Alaska (nonmember banks)
Hawaii (nonmember banks)
Total (nonmember banks)
Total XJnited States
1 Includes rediscounts (total, $680,476,000).
2 Includes overdrafts (total, $23,116,000).
110
147
310
354
137
185,804
198,109
400,308
269,287
409,025
59,538
45,185
69,803
69,245
64,101
8,717
7,455
9,147
7,145
9,376
19,630
22,495
33,756
25,165
46,720
11,310
9,894
20,019
13,714
18,762
8,731
7,523
15,379
8,542
15,721
10,591
12,812
14,030
19,252
21,931
277,919
249,931
403,390
259,096
355,767
388,463
355,627
645,787
414,111
745,875
2,158
3,128,573
665,587
116,427
325,698
191,425
130,698
176,956
3,332,949
5,525,671
174
128
189
245
142
43
129
46
349
65,581
77,332
207,371
140,312
64,423
33,074
128,398
26,665
198,043
13,143
11,964
30,577
26,107
10,844
6,654
21,521
3,985
38,890
1,868
1,768
3,948
4,631
3,307
1,410
6,052
696
6,809
6,553
5,745
16,640
15,027
8,191
2,550
11,095
3,135
19,773
3,080
2,552
9,950
8,638
3,874
2,231
8,533
1,642
7,124
76,188
80,653
175,347
156,152
83,788
44,573
183,780
27,952
247,461
104,355
112,132
303,461
237,224
112,303
60,390
260,251
40,285
363,195
1,445
941,199
163,685
30,489
88,709
47,624
32,496
55,257
1,075,894
1,593,596
84
88
284
77
26
10
18
1
139,072
118,227
563,574
45,853
37,941
9,207
15,757
20
36,146
23,367
121,763
14,914
12,900
2,854
2,970
22
5,684
3,936
18,968
1,301
844
456
1,135
132
13,035
10,481
63,084
4,799
3,455
1,435
1,550
25
5,373
5,193
32,798
2,046
1,948
438
929
4,014
3,774
25,328
1,584
1,072
377
745
4
6,685
6,316
41,398
3,243
3,358
1 217
1,031
195,545
153,621
645,414
61,271
39,701
12,058
24,563
224
268,869
206., 093
1,059,571
84,184
70,165
17,955
31,822
384
588
929,651
214,936
32,456
97,864
48,725
36,898
63,248
1,132,397
1,739,043
2
3
546
2,677
703
1,369
221
509
100
650
75
410
39
142
60
475
1,466
2,728
2,039
6,758
5
3,223
2,072
730
750
485
181
535
4,194
8,797
7,865 1212,263,834
2,881,881
450,041
1,153,752
902,905
563,759
680,879
13,314,015
22,444,992
2,545~
2,478
6,356
5,247
3,178
1,421
5,627
788
4,856
4,282^
4,124
9,654
10,841
4,052
1,872
7,759
1,949
10,724
s Includes Liberty loan bonds, Victory notes, certificates of indebtedness, and all other issues of Government securities.
* Includes interest and discount collected but not earned, and amounts reserved for interest and taxes accrued.
I
W
O
W
O
E
o
o
CO
38
REPOBT OF THE COMPTROLLER OF THE CURRENCY.
NATIONAL AND FEDERAL RESERVE CURRENCY ISSUED AND REDEEMED.
During the fiscal year ended October 31, 1919, the volume of currency issued through the Bureau of the Comptroller of the Currency
reached an unprecedented figure,
The total amount being
Of this sum the national-bank notes issued amounted to
The Federal reserve notes to
The Federal reserve bank notes to
During the same period the amount of currency redeemed through
the bureau aggregated
Of which national-bank notes amounted to
Federal reserve notes to
Federal reserve bank notes to
$2, 790, 379, 060
356, 738,100
2,186, 371,000
247, 269, 960
1, 845, 505, 950
354, 971,190
1, 441, 047, 540
49, 487, 220
The amount of each class of the above notes outstanding and
unredeemed as of October 31, 1919, was as follows:
National-bank notes
Federal reserve notes
Federal reserve bank notes
Grand total
$722, 394, 325
2, 958, 700, 375
267, 986, 800
3, 949, 081, 500
There were on hand in the vaults of the Treasury on the same
date, unissued, the following notes:
National-bank notes
Federal reserve notes
Federal reserve bank notes
Grand total
$297,145, 200
• 924, 620, 000
103,136, 000
1, 324, 901, 200
The amount of United States bonds deposited with the Treasurer
of the United States as security for national bank notes on June 30,
1919, was $692,252,950, in addition to the 5 per cent redemption
fund and the lawful money deposited for their retirement.
The Treasurer of the United States also held as security for Federal
reserve bank notes United States Government securities amounting
to $196,134,800, while there had been deposited with the Federal
reserve agents of the 12 Federal reserve banks against the Federal
reserve notes issued by the banks an amount of United States bonds,
eligible paper, and gold equal to at least the face value of all Federal
reserve notes outstanding.
The Federal reserve agents in the 12 Federal reserve banks held on
October 31, 1919, as part security for Federal reserve notes issued
the sum of $1,205,576,000 in gold,a equal to about 41 per cent of all
the Federal reserve notes outstanding, and in addition to this the 12
Federal reserve banks held further sums of gold amounting to
$932,424,000, a total of $2,138,000,000 gold with the Federal reserve
banks and the Federal reserve agents,
BEPORT OF THE COMPTROLLER OF THE CURRENCY.
39
FEDERAL RESERVE SYSTEM,
The following table shows the development year by year of the
Federal reserve system from its inauguration on November 16, 1914,
to November 28, 1919:
[In thousands of dollars.]
Nov. 27,
1914.
Nov. 26, Nov. 24,
1915.
1916.
Nov. 16,
1917.
Nov. 22,
1918.
Nov. 28,
1919.
1,584,328 2,060,265
52,525
55,992
681,719 2,078,219
241,906
177.314
1,273
27
2,093,641
66,025
2,709,804
314,937
ASSETS.
Total
227, 840
34,630
7,383
321,068
37,212
48,973
12,919
27,308
19,176
14,053
459,935
17,974
122,593
50,594
22,166
35,414
43,263
165
4,633
3,121
428,544
22,111
819,010
28,700
1,013,426
32,208
270,018
Gold
Other lawful money
Bills discounted and bought
United States securities
Municipal warrants
Federal reserve notes—net
Due from Federal reserve banks—net
Uncollected items
All other assets
485,342
735,060
3,012,406
5,219,527
6,230,041
18,050
54,846
55,711
66,691
249,268
15,000
397,952
26,319
637,072
218,887
80,025
1,134
113,174
87,001
81,087
98,157
2,700
13,385
14,296
1,028
4,159
634
270,018
485,342
735,060
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
1,501,423 1 718,000 1,943,232
i 972,585 12,555,215 12,852,277
8,000
80,504
256,793
240,437
620,608
861,436
4,383
50,867
50,058
3,012,406
5,219,527
6,230,041
i In actual circulation.
In addition to the 12 Federal reserve banks located in Boston,
New York, Philadelphia, Cleveland, Richmond, Atlanta, Chicago,
St. Louis, Kansas City, Dallas, and San Francisco, branch banks and
agencies have been established in the following cities: Second Federal reserve district, Buffalo; fourth district, Pittsburgh and Cincinnati; fifth district, Baltimore; sixth district, New Orleans, Birmingham, Jacksonville, Savannah (agency), and Nashville; seventh
district, Detroit; eighth district, Louisville, Memphis, and Little
Rock; tenth district, Omaha and Denver; eleventh district, El Paso
and Houston; and twelfth district, Portland, Seattle, Spokane, Salt
Lake City, and Los Angeles.
Our Federal reserve system has met successfully every test and
strain to which it has been subjected in war and peace, and has vindicated its right to be regarded as the greatest financial development
and achievement of our times. It would be disheartening to attempt
to imagine what the results of the past few years would have been
to our country and to the world had it not been for this admirably
devised and strongly established financial and banking system.
The following consolidated statement of condition of the 12 Federal
reserve banks shows, in millions of dollars, the principal items of
assets and liabilities at the date of the last report in each month from
the beginning of the war in April, 1917, down to November 28, 1919:
40
BEPORT OF THE COMPTROLLER OF THE CURRENCY.
Statement showing the condition of the 12 Federal reserve banks at the close of each month
from June 29, 1917, to Nov. 28, 1919.
[In millions of dollars.]
Liabilities.
Assets.
Year.
Gold.
Bills United
disStates
counted securiand
ties.
bought.
Other
currencv.
Aggregate
assets.
Capi- Surplus. Gross Circuladeposits. tion.
tal.
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
400
334
302
410
575
962
956
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
1918.
Jan. 25Feb. 21
Mar. 29
Apr. 26
May 31
June 2 8 . . . . .
July 26
Aug. 30
Sept. 27
Oct. 25
Nov. 29
Dec. 27
1,727
1,772
1,816
1,827
1,918
1,949
1,974
2,014
2,021
2,045
2,065
2,090
902
806
887
1,205
1,154
1,086
1,507
1,661
2,002
1,945
2,191
2,007
123
222
311
79
147
259
57
56
79
350
122
312
3,169
3,176
3,446
3,567
3,686
3,872
4,165
4,366
4,817
5,271
5,195
5,252
72
73
74
75
76
76
76
78
79
79
80
81
1919.
Jan. 31
Feb. 28
Mar. 28
Apr. 25
May 29
June 27
July 25
Aug. 29
Sept. 2 6 . . . .
Oct. 31
Nov. 28
2,112
2,123
2,142
2,169
2,187
2,148
2,095
2,067
2,118
2,138
2,094
1,882
2,157
2,134
2,136
2,173
2,123
2,243
2,178
2,225
2,523
2,710
295
183
201
219
229
232
239
271
278
301
315
5,075
5,207
5,230
5,253
5,322
5,288
5,366
5,426
5,632
5,939
6,230
81
81
81
82
83
•83
83
85
85
86
87
69 !
70 !
71
77
1,484
1,425
1,393
1,425
1,606
1,967
1,771
510
536
•585
707
856
1,065
1,254
1
1
1
1
1
1
1
1
1
1
1
1
1,849
1,773
1,901
1,945
1,995
2,050
2,181
2,142
2,317
2,581
2,405
2,313
1,243
1,323
1,461
1,534
1,609
1,733
1,882
2,113
2,385
2,567
2,655
2,802
23
23
49
49
49
49
81
81
81
81
81
2,351
2,450
2,401
2,383
2,466
2,437
2,487
2,446
2,542
2,726
2,903
2,580
2,606
2,667
2,708
2j 688
2,676
2,698
2,800
2,895
3,008
3,109
CONDITION OF AIL NATIONAL BANKS AT DATE OF EACH
CALL DURING THE REPORT YEAR.
Six reports of condition have been rendered by national banks for
the report year ended October 31,1919. The following table shows the
details of the resources and liabilities as reported at the date of each call:
Abstract of reports of condition of national banks in the United States from Nov. 1, 1918,
to Sept. 12, 1919, inclusive.
[In thousands of dollars.]
I Nov. 1,
Dec. 31,
Mar. 4,
June 30, Sept. 12,
May 12,
)18—7,7671919—7,7(
7,7611919—7,773 1919—7,785 1919—7,821
"19—7,78
1918—7,7541918
0 —7,7
banks.
banks.
banks.
banks.
! banks.
banks.
RESOURCES.
Loans and discounts
10,096,940 9,918,294 9,691,187 9,904,821 10,574,838 .,085,462
16,814
13,881
12, 968
12,421
14,053
15,131
Overdrafts
Customers' liability under letters of
1,708
12,563
13,204
2,336
3,021
4,592
credit
Customers' liability account of,ac291,502 ' 263,108
ceptances
319,593
217,819
260,486
308,049
United States Government securities, j
13 ,296,593
United States bonds, other than
Liberty loan bonds 2
! 1,781,993 1,735,889 2,652,354 3,024,588 3 1,722,394
Liberty loan bonds
, 1,374,319 1,213,989 1,029,253 1,003,552 1,449,518 f...!
1
Includes Liberty loan bonds, Victory notes, certificates of indebtedness, war-savings stamps, and eld
United States bonds.
2
Includes United States certificates of indebtedness owned.
3
Includes Victory notes.
KEPOET OF THE COMPTROLLER OF THE CURRENCY.
41
Abstract of reports of condition of national banks in the United States from NOIL 1, 1918,
to Sept. 12,'1919, inclusive—Continued.
[In thousands of dollars.]
Nov. 1,
Dec. 31,
Mar. 4,
May 12, June 30, Sept.12,
1918—7,754 1918—7,767 1919—7,761 1919—7,773 1919—7,785
1919-7,821
banks.
banks.
banks.
banks.
banks.
banks.
RESOURCES—continued.
Other bonds, securities, etc
1,660,465
Stocks, other than Federal reserve
bank stock
„
48,177
Stock of Federal reserve banks
57,427
282,012
Banking house
34,653
Furniture and fixtures
46,765
Other real estate owned
Lawful reserve with Federal reserve
banks
1,099,208
Items with Federal reserve banks in
process of collection
260,425
Cash in vault:
Gold coin
27,671
Silver and minor coins
42,521
Clearing-house certificates
11,530
Paper currency
362,106
Total cash in vault
Net amounts due from national banks
Net amounts due from other banks,
bankers, and trust companies
Exchanges for clearing house
Checks on other banks in the same
place
Outside checks and other cash items..
Redemption fund and due from U.S.
Treasurer
Interest earned but not collected
War savings certificates and thrift
stamps actually owned
Other assets
Total
1,683,071
1,701,025
1,743,005
1,767,038
1,806,595
47,461
58,100
281,904
34,518
45,034
47,614
58,393
282,492
34,943
45,262
47,353
58,729
286,916
35, 854
49,503
59,068
287,598
36,156
45,853
52,148
60,473
289,908
37,519
1,180,163
1,149,100
286,384
273,383
24,725
44,183
11, 425
441,730
25,590
46,418
11,229
353,002
45,883
1,179,080
291,397
25,348
43,515
11,151
375,355
1,208,969
287,415
25,893
42,353
10,940
345,269
47,813
1,227,341
377,861
25,130
43,358
10,872
359,851
443, 828
522, 063
435,839
455,369
424,455
439,211
1,177,169
1,303,145
1,296,659
1,256,325
1,205,779
1,268,627
356,137
533,435
349,385
816,455
344,554
479,040
337,108
686,831
375,300
754,504
439,049
610,331
68, 718
64,037
69,877
71,320
49,457
52,463
62,034
• 58,644
68,765
72,945
52,652
59,594
39,271
12,987
45,596
34,817
45,703
41,598
37,864
45,262
38,604
46,206
40,364
47,673
10,180
24,288
6,516
20,569
5,113
23,003
4,613
27,815
4,402
42,680
0)
48,430
19,821,404 20,042,224 20,017,760 120,824^991 20,799,550 21,615,416
LIABILITIES.
Capital stock paid in
Surplus fund
Undivided profits, less expenses and
taxes paid
Interest and discount collected but
not earned
Amount reserved for taxes accrued...
Amount reserved for all interest accrued
National-bank notes outstanding
Due to Federal reserve banks
Net amounts due to nationalbanks...
Net amounts due to other banks,
bankers, and trust companies
Certified checks outstanding
,
Cashier's checks on own bank outstanding
,
Demand deposits:
Individual deposits subject to
check
Certificates of deposit due in less
than 30 days
State, county, or other municipal
deposits
Deposits requiring notice, but
less than 30 days
Dividends unpaid
Other demand deposits
1,107,760
829,663
1,109,735
845,282
1,106,550
854,433
1,111,501
859,603
1,118,603
872,226
1,137,995
886,080
377,875
338,596
358,753
387,956
372,649
414,706
27,865
31,524
48,879
38,098
54,338
41,141
55,804
39,337
55,116
40,658
58,014
44,886
14,348
675,698
10,076
1,125,124
11,956
676,827
8,911
1,248,569
14,323
673,923
7,867
1, 233,456
17,149
676,859
6,724
1,197,673
13,794
677,162
10,912
1,134,918
16,592
681,589
13,508
1,208,436
1,766,059
130,591
1,917,775
229,305
1,958,105
159,339
1,886,836
269,374
1,839,158
275,106
1,845,041
217,125
125,335
211,166
138,672
179,859
206,, 846
206,012
7,803,496
8,370,122
7,950,804
8,508,400
8,479,747
9,159,473
416,582
460,902
422,833
402,792
408,529
410,297
57,175
64,200
78,2$5
80,C53
88,015
80,621
35,844
4,085
67,710
38,006
29,218
57,658
42,202
1,352
62,908
42, 746
1,456
67,487
42,521
25,927
61,453
42,660
1,494
56,988
Total demand deposits
Time deposits:
Certificates of deposit
State, county, or other municipal
deposits
Postal savings deposits
Other time deposits
8,384,892
9,020,106
8,558,384
9,103,534
9,106,192
9,751,533
812,586
815,778
861,943
892,161
898,170
938,638
8,073
96,987
1,454,866
6,027
102,648
1,549,415
7,939
100,332
1,682,452
10,617
97,067
1.729,'400
8,240
94,088
1,784,442
8,874
89,250
1,884,272
2,372,512
2,473,868
2,652,666
2,729, 215 | 2, 784y940
2,921,034
Total time deposits
i Included with United States Government securities.
42
EEPORT OF THE COMPTROLLER OF THE CURRENCY.
Abstract of reports of condition of national banks in the United States from Nov. 1, 1918,
to Sept. 12, 1919, inclusive—Continued.
[In thousands of dollars.]
I Nov. 1,
Mar. 4,
June 30,
May 12,
Dec. 31,
,
Sept. 12,
)19—7,7:
119—7,7*
1918—7,754 1918—7,767 1919—7,7611919—7,773 1919—7,785 1919-7,821
>18—7,7<
no—7,76
banks.
banks.
banks.
I banks.
banks.
Li ABILITIES—continue d.
United States deposits
United States bonds borrowed, including Liberty loan and certificates of indebtedness
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
1,136,884
313,381
591,318
530,551
566,793
518,903
228,401
15,138
634
184,929
12,279
400
171,205
6,368
473
168,271
5,956
59
i 233,738
6,193
504
1190,163
5,062
510
78, 705
61,564
47,698
47,229
58,284
50,640
859,132
19
817,264
19
1,014,629
19
1,152,291
19
991,117
19
1,013,966
58
23,640
332, 719
2,885
21,691
305,101
6,419
10,372
269,173
9,957
15,215
224,151
14,661
17,061
272,035
13,526
9,911
323,226
13,379
163,925
140,104
84,598
145,134
132,000
87,057
Total
19,821,404 [20,042,224 20,017,760 20,824,991 20, 799,550 21,615,416
Liabilities for rediscounts, i n c l u d i n g
629,154 ; 502,007
388,896
348,203
435,368
440,910
those w i t h Federal reserve b a n k s . . .
i Includes United States Government securities.
RESOURCES.
LOANS AND DISCOUNTS.
Exclusive of paper rediscounted the banks had granted loans
amounting to* $11,085,462,000 on September 12, 1919, the greatest
volume since the commencement of the national banking system.
The increase, however, was not steady throughout the year, as the
amount declined from November 1, 1918, to March 4, 1919, the lowest period for the year, at which time the aggregate was greater than
at any call during the preceding report year. The percentage of
loans and discounts to individual, bank, and United States deposits
on September 12, 1919, the latest report date, was 66.45 per cent.
This compares with 68.37 per cent August 31, 1918.
The changes in the amounts and percentages of the various classes
of paper held by the banks at the dates of the June call in 1917,
1918, and 1919 are shown in the following table:
fin thousands of dollars.]
*
June 20,1917.
Class.
On demand, paper with one or mote 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, pap«r 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
June 29,1918.
June 30,1919.
Per
Amount. cent.
Amount.
700,198
1,261,631
7.9
14.1
620,765
1,150,073
300,879
3.3
300,212
3.0
317,286
2.88
4,561,790
1,064,254
50.9
11.9
5.297,256
1,428,094
52.3
14.1
5,251,324
2,130,598
47.70
19.35
772,963
8.5
959,904
9.5
1,014,073
9.21
107,361
1.2
99.486
1.0
90,658
.82
78,063
78,610
31,929
.9
.9
.4
85,631
145,132
49,239
.8
1.4
.5
93,324
150,849
56,747
.85
1.37
.51
Per
Per
cent. Amount. cent.
6.1
11.3
597,560
1,307,7,87
5.43
11.88
8,957,678 100.0 10,135, 842 100.0 11,010,206 100.CO
43
REPORT OF THE COMPTROLLER OF THE CURRENCY.
The amount of time loans secured by stocks and bonds jumped
from 11,9 per cent of the total loans on June 20, 1917, to 14.1 per
cent on June 29, 1918, and to 19.35 per oent on June 30, 1919.
Demand loans secured by stocks and bonds show an increase since
June 29, 1918, from 11.3 to 11.88 per cent, but they are still less than
the amount held on June 20, 1917, when the proportion was 14.1 per
cent. Very slight increases are shown in loans made on the security
of real estate under section 24 of the Federal reserve act, and the
banks' own acceptances purchased, over the proportions held in June,
1918. With these exceptions all other classes show a reduction in the
percentages since June, 1918.
BILLS RECEIVABLE ELIGIBLE FOR REDISCOUNT WITH FEDERAL
RESERVE BANKS.
On November 20, 1917, paper eligible for rediscount with Federal
reserve banks amounted to $2,969,800,000; on June 29, 1918, there
had been an increase to $3,217,500,000 and on June 30, 1919, a further increase to $3,551,186,000. As will be noted by reference to the
following table there was an increase during the year in the amount
of paper of this character in the banks in every geographical division
of the country, with but one exception:
Loans eligible for rediscount with Federal reserve hanks, as shown by reports of condition
made by national banks at the close of business on June 29, 1918, and June 30, 1919,
with amount of increase during the year.
Geographical location.
June 29, 1918.
New England States:
Reserve city
Country banks
Increase.
1
$146. 260. 100
119; 66S£ 776
68,892,301
194 3 101,239
344,725, 756
40,924,475
34,065,969
463,836,552
538,826,995
74,990,444
< 230,128,834
268,474 984
327,304,641
Total
Middle Western States:
Central reserve cities
Other reserve cities
Country banks
1,243,043,760
153,176,765
310,659,787
„
710,261,933
243,005,702
289,776,131
1,174,151,406
Total
262,573,113
667,413,391
265,673,631
241,064,384
Eastern States:
Central reserve city.
Other reserve cities
Country banks.
$127,125,400
135,447,713
205,934,876
Total
Southern States:
Reserve cities
Country banks.
J u n e 30, 1919.
267,431,646
297,782,876
359,503,490
37,302,812
29,307,893
32,198,849
$19 ; 140,700
15,778,937
1
1
3,36.1,763
42,848,542
22,667,928
48,711,747
825,908,459
924,718,012
98,809,554
Western States:
Reserve cities
Country banks
89,899 413
220,154,198
96,479,578
237,927,735
6,580,165
17,773,537
Total.
310,053,611
334,407,313
24,353,702
104.857.705
72^777;540
156,454,767
91,162,765
51,597,062
18,385,225
Total
Pacific States:
Reserve cities
.
Country banks. .M
i
177,635,245
Total United States
1 Decrease.
247,617 532
69,982,287
3,217, 520,149
Total.
3,551,186,731
333,660,582
44
REPORT OF THE COMPTROLLER OF THE CURRENCY.
Loans by national
banks secured by warehouse receipts and loans eligible for
June SO, 1919.
Loans secured by warehouse receipts.
rediscount
Eligible paper.
Amount of
Amount loaned Amount loaned loans secured
on security of on security of by warehouse
warehouse
warehouse or
or terminal
receipts or
terminal
receipts for
terminal
. receipts for
commodities
receipts for
wheat and
other than cotcotton.
other grains. ton and grain.
Loans eligible
for rediscount
with Federal
Reserve Bank
(approximate).
$5,607,412.53
364,500.00
_ 577^897.83^
~6,~549,8~10.36
$1,704,910.63
4,969,884.56
472,175.00
7,146,970.19
$22,950,926.35
8,289,107.76
611,022.87
31,851,056.98
$710,261,932.92
201,435,000.00
65,996,645. 72
977,693,578.64
4,760,891.48
40,029.00
1,520,619.00
86,850.00
156,896.73
795,180.29
27,375.00
773,994.33
2,419,647.26
826,377.46
173,201.97
360,046.54
4,237,866.08
502,331. 84
1,079,044.13
234,958.14
246,858.00
224,119.15
423,883. 85
91,102.51
940,996.87
107,056.46
1,782,240.64
38,000.00
10,000.00
79,120. 00
68,345. 63
264,170.55
61,950.12
11,785.27
14,600. 00
1,613,357.00
92,306.55
180,380.00
458,567.10
474,773.91
457; 417.53
202,015.70
1,967.00
413,824.03
112,314.74
69,427.00
2,444,241.89
78,852. 99
649,694.00
1,141,597.24
278,200.42
6,817.32
511,089.50
22,400.15
103.880.45
568,101.49
132,025.38
158,271. 85
1,251,478. OS
3,000.00
12,000.00
254,643.15
221.756.46
127,125,400.45
6,810,000.00
10,492,780.49
14,081,000.00
174,361,716. 71
CENTRAL RESERVE CITIES.
New York..
Chicago
St. Louis....
Total..
ALL OTHER RESERVE CITIES.
Boston
Albany
Brooklyn and Bronx.
Buffalo
Philadelphia
Pittsburgh
Baltimore
Washington
Richmond
Charleston
Atlanta
Savannah
Jacksonville
Birmingham
New Orleans
Dallas
Fl Paso
Fort Worth
Galveston
Houston
San Antonio
Waco
Little Rock
Louisville
Chattanooga
Memphis
Nashville
Cincinnati
Cleveland
Columbus
Toledo
Indianapolis
Chicago
Peoria..
Detroit..
Grand Rapids
Milwaukee
Minneapolis
St. Paul
Cedar Rapids
Des Moines
Dubuque
Sioux City
Kansas City, Mo
St. Joseph
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.
320,000.00
5,000.00
332,300.00
1,231,130.00
3,623,909.05
257,632.99
563,725.00
508,411.40
5,368,831.18
1,381,722.14
86,844.50
2,556,848.50
8,046,710.03
900.00
1,039,488.08
1,124,475.52
1G6,389. 32
1,117,926.03
268.150.00
15,000.00
20,000.00
34,173.15
40,000.00
19,650.00
19,850.00
14,050.00
3,439.10
261,108.90
6,850.00
70,536.61
42,815.47
126,443.52
96,748. 00
8,242. 89
180,285.59
209,306.66
468.449. 33
221,250.00
11,500.00
496,078.38
542,254.43
10,000.00
13,000.00
464,589.43
77,419.02
259,200.00
4,074,500.00
175,050.00
2.500. 00
533,700.00
334,807.50
611,618.14
102,055.00
20,000.00
628, 617. 80
36,000.00
84,807.31
'2i,*089."76
123,416.98
37,000. 00
5,000.00
60,000.00
352,400.00
144,208.07
47,642.20
6,043,076.84
25,180.53
20,332.88
87, 703. G8
18,418.37
1,275,498.47
346,688. 00
45.700.00
1,5521199.81
1,750, ^59.13
203,411.72
4,102,422.06
255,990. 00
29,805,384.94
7,454,820.41
33,535,000.00
4,250,000.00
26,700,000.00
1,500,000.00
10,201,845.00
4,440,000.00
12,597,900.00
16,932,098.90
2,735; 000.00
12,700,768.88
750,000.00
15.638,677.13
6,883,370.25
2,825,534.34
1,050,000.00
17,006,500.00
9,500,000.00
4,665,000.00
10,189,544.28
34,266,481.33
53,000,000.00
6,565,000.00
9,200,000.00
15,255,347. 68
4,785,531.56
9,283,400.00
19,000,000.00
3,000,000.00
20,243,000.00
23,200,000.00
22,206,000.00
4,000,000.00
6,965,000.00
700,000.00
8,096,800.00
51,121,316.00
6,895,000.00
3,200,000.00
40,139,946.65
3,700,000.00
1,721,680.00
6,710,600.00
21.057,351.14
1,400,000.00
3,100,000.00
9,200,000.00
6,250,000.00
22,795,775.39
6,700,000.00
2,946,792.00
22,750,000.00
18,606,200.00
4,808,000.00
69,833,000.00
1,450,000.00
6,565,000.00
Total
| 35,161,592.24
18,215,880. 82
35,750,404. 64 1,114,949,563.53
Total all reserve cities
I 41,711,402.60
25,362,851.01
67,601,461.62 2,092,643,142.17
EEPOET OF THE COMPTROLLER OF THE CURRENCY.
45
Loans by national banks secured by warehouse receipts and loans eligible for rediscount
June SO, 1919—Continued.
Loans secured by warehouse receipts.
Eligible paper.
Amount of
Amount loaned Amount loanec?
loans secured
on security of
on security of
by warehouse Loans eligible
warehouse or
warehouse
for rediscount
or terminal
receipts or
terminal
with Federal
receipts for
receipts for
terminal
Reserve Bank
commodities
wheat and
receipts for
(approximate).
other than cotother grains.
cotton.
ton and grain.
COUNTRY BANKS.
Maine
New Hampshire.
Vermont
Massachusetts
Rhode Island
Connecticut
$38,000.00
1,902, 794. 73
1,633,455.59
561,611.99
Total Southern States
Ohio
Indiana
Illinois
Michigan...
Wisconsin.
Minnesota.
Iowa
tva.
Missouri.
Total Middle 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
135,447,713.29
1,642,282.30
875,368.00
1,678,262.14
1,400.00
40,459.00
107,111,574.50
69,103,541.00
100,525,389.59
2,641,750.00
10,393,875.73
741,268.90
364,195.89
4,237,771.44
289,776,130.82
182,147.00
1,400.00
500.00
8,835.00
24,278.61
21,000.00
614,340.00
22,544.81
137,957.64
31,849.50
157,437.03
119,928.93
90,650.12
33,696.24
55,000.00
504,110.01
55.109.18
877:357.00
33;717.72
50,014,424.81
15,202,127.80
30,955,852.60
24,693,320. 51
22,369,061.89
9,177,496.36
22,362,709.72
9,230,686.00
12,978,580.27
96,373,439.51
11,922,3.19.33
19,580,347.00
19,865,389.99
792,225.74
2,733,698.18
344,725,755.79
119,495.52
157,000.00
2,617.18
37,500.69
16,141.00
292,420. 79
19,405.00
448,526.54
279,987.86
279,678.69
159,201.58
224,473 00
178,919.83
223,879.05
35,054.00
49,444, 538.58
44,588, 682.22
80,153, 707.00
24,970, 039.30
32,991, 298.00
45,927, 009.96
67,064, 859.42
14,363, 355.09
48,340.00
644,580.18
1,829,720. 55
359,503,489.57
1,507.00
5, 858. 48
54,658.00
61,903.00
9,000.00
114,229.31
19,917.65
20,316.47
91,148.00
10,000.00
8,320.00
270,197.00
14,875.79
1,600.00
13,964.74
771,053.73
"79," 129* 24
269,093.94
18,718,099.00
26,003,565.00
36,075. 509.22
43,539,984.57
18,242,781.89
12,252,000.00
23,421,889.13
9,359,212.54
50,314,693.86
778,419.21
i
|
I
|
2,622,021.41
87,875.99
198,517.00
77,802.90
2,204,336.00
!
I
I
131,924.40
549,406.87
35,000.00
156,862.03
Total Eastern States.
Virginia
W e s t Virginia
N o r t h Carolina
South Carolina..--.-.
Georgia.
Florida
Alabama
Mississippi
Louisiana
Texas
Arkansas
Kentucky
Tennessee
$32,551.80
1,900.00
1,530.00
,798,928.63
185,749.65
601,361.33
4,135,862.31
Total New England States
New York
New J e r s e y . . .
Pennsylvania.
Delaware
Maryland
$10,176.78.
28,121.64
4,900.00
88,725.98
359,153.67
679,199. 47
237,927,735.21
248,379.40
73,629.34
723,433.82
147,919.24
15,446,815.73
12,595,660.05
39,375,119.99
15,662,478.50
1,786,647.89
2,774,593.00
3,521,449.97
91,162,765.13
3,647,598.57
6,724,689.64
8,433,492.57
33,752.32
4,604,252.18
1,704,067.32
4,974,318.74
1,057,366.71
2,832,195.53
470,310.28
36,686,379.
170.00
37,000.00
8,670.00
2,500.00
2,939.38
11,694.09
45,484.48
482,647.18
" "ii.366.66
55,977.00
22,250.00
214,5G5.73
125,012.43
113, 885.18
1,580,695.70
14,933.42
4,330.33
15,425.00
158,235.66
172,918.75
1,430,177.53
2,012,517.72
116,941.75
Alaska ( n o n m e m b e r b a n k s . .
•I
Total (nonmember b a n t s ) . .
Total c o u n t r y b a n k s
Total U n i t e d States
$9,852,592.35
6,747,925.28
6,067,747.18
71,059, 730.84
12,434,670.15
29,285,047.49
3,411.13 I
3,411.13
3,722,257.41
11,118,339.90 1,458,543,589.81
84,274,591.63 I 29,085,108.42
81:719,801.52 3,551,186,731.98
I 42,563,189.03 |
LOANS BY NATIONAL BANKS TO OTHER BANKS AND TRUST COMPANIES, MAR. 4, 1919.
[In thousands of dollars.]
Amount loaned to borrowers in same Federal
reserve district.
To national banks.
Cities.
Amount loaned to borrowers in other Federal
reserve districts.
To State banks and trust
companies.
On bills
On bills
payable On certifi- payable On certificates of
cates of
and reand rediscounts. deposit. discounts. deposit.
Total.
To national banks.
I
To State banks and trust
companies.
On bills
On bills
payable On certifi- payable On certificates of
cates of
and reand rediscounts. deposit. discounts. deposit.
Total.
H
CENTRAL RESERVE CITIES.
New York
2,933
1,496
557
508
240
10
29,959
12,673
5,969
21,399
833
988
626
10
15
39,945
2,973
1,213
760
34
62,730
3,850
2,216
260
42,597
758
48,601
23,220
651
44,131
794
570
11 625
882
13 751
259
60
22,820
738
1,908
15
6,155
1,014
6,831
176
313
579
614
4,818
146
1,795
104
2,900
631
805
544
291
393
25
50
444
25
222
25
2,315
119
247
171
171
49
49
460
460
54
110
43
43
77
107
o
o
68,796
674
191
fit. Louis
Total
26,258
10,937
5,402
4,986
Chicago
260
ALL OTHER RESERVE CITIES.
Boston
Albanv
Buffalo
PhiladelDhia
Pittsburgh
Baltimore
Washington
Richmond
Charleston
Atlanta .
Savannah
BirminEfhain
JpcksonvilJe
New Orleans
Dallas
El Paso
Fort Worth
Galveston
Houston
San Antonio
Waco
Little Rock
Louisville
Chattanooga
...
1 162
83
213
2
848
29
631
30
95
62
22
1,679
621
10
1,083
191
219
70
244
68
22
60
21,658
598
1,695
13
5,307
35
985
6,174
146
10
558
40
80
94
155
25
218
482
592
26
25
2,244
106
1,074
337
1,395
440
561
544
221
49
267
20
100
349
369
20
25
31
30
25
1,946
119
B
o
o
Memphis
Nashville
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
Iincoln
Omaha
Kansas City, Kans.
Topeka../.
Wichita
Denver
Pueblo
Muskoge/3
Oklahoma City
Tulsa
Seattle
Spokane
Portland
Los Angeles
Oakland
San Francisco
Ugden
Salt Lake City
Total.
10
320
150
168
187
88
232
118
172
125
175
45
189
292
656
608
167
371
797
718
378
180
856
45
1,17:
120
1,172
1,573
806
942
695
35
537
5,717
2,247
268
3,443
614
5
662
680
51
68
697
100
176
859
736
260
17
2,891
155
611
100
167
441
1,117
893
613
180
1,143
45
1,256
15
40
1.350
30
1,123
122
52
120
1,816
3.281
2,393
1,668
l,Q01
45
1.058
9', 283
2,814
299
4,202
732
30
1,175
1,726
71
191
1,712
388
226
1,178
1,068
2,681
112
6,096
155
785
9,067
119,821
2,906
90
10,726 I
420
14,142
9,825"
168,422
26,126
74T
54,857 I
1,214
82/938
140
216
80
245
81
100
381
866
172
1,103
5,270
87,082
5,530
~129,679
556
1,193
1,220
532
116
10
20
1,178
32
14
15
5
115
415
65
1,476
COUNTRY BANKS.
Maine
New Hampshire.
Vermont.,
Massachusetts
Rhode Island
Connecticut
Total New England States
10
47
1,250
10
47
723
527
176
36
232
81
100
241
283
249
22
65
501
2,303
539
31
682
72 j
25 |
382
956
20
45
954
18,402
Total all reserve cities.
30
40
280
25
319
40
1,296
375
25
20
1,412
2,804
263
46
15
22
2,728
3,249
308
152
1,220
116
1,483
116
19
35
164
45
160
35 I
100
10
100
. 28
33
LOANS BY NATIONAL BANKS TO OTHER BANKS AND TETJST COMPANIES, MAR. 4, 1919—Continued.
00
[In thousands of dollars.]
Amount loaned to borrowers in same Federal
reserve district.
To State banks and trust
companies.
To national banks.
Cities.
On bills
payable
and rediscounts.
Amount loaned to borrowers in other Federal
reserve districts.
On certificates of
deposit.
On bills
payable
and rediscounts.
On certificates of
deposit.
To State banks and trust
companies.
To national banks.
Total.
On bills
payable
and rediscounts.
On certificates of
deposit.
On bills
payable On certificates of
and rediscounts. deposit.
Total.
w
O
O
COUNTRY BANKS—continued.
New York
New Jersey
Pennsylvania
Delaware
Maryland
15
95
15
20
18
18
130
1,367
101
1,613
175
15
203
343
50
83
28
25
5
30
8
44
73
8
5
2,880
248
2,346
3,480
1,637
168
255
45
925
1,870
571
56
119
•--
2,675
203
1,953
3,093
1,514
86
227
10
549
1,247
555
48
60
1,721
*
368
12,219
292
14,600
27
35
50
1
5
37
205
63
209
2 047
952
109
632
219
451
119
12
52
492
2 738
1,J184
122
758
182
5
LonisiciiiSi
-
376
437
11
.
Tennessee
Total Southern States
Ohio
569
62
708
20
254
54
North Carolina
South Carolina
Georgia
Florida
\labama
Illinois
81
15
"West Virsrinia
Indiana
20
254
Total Eastern States
Texas •
Arkansas
439
62
612
•»
-...-.•
Michigan
Wisconsin
,
97
5
69
30
89
104
5
18
104
130
10
109
262
2
10
55
2
10
5o
33
25
01
10
10
O
66
50
178
129
d
4
5
244
189
4
15
11
590
2
2
22
560
314
40
125
10
135
10
10
162
10
407
22
162
48
7
33
398
233
33
o
a
\finiiGsot9i
Iowa - .
Missouri
. .
167
115
Total Middle States
North Dakota
South Dakota
174
27
1,814
1,449
399
844
701
34
2,999
2,292
433
2
25
6
24
220
21
78
70
306
5
400
.
575
7,611
2,432
11,018
2
248
304
765
1,319
86
2
26
9
33
455
60
36
50
245
139
18
10
10
2
6
31
20
10
5
850
568
181
977
689
* 569
334
124
577
20
55
50
3
r
5
73
20
151
23
197
_
7
54
11
1
82
95
5
15
72
».
14
335
Kansas
Montana
Wyoming
255
495
118
836
316
425
311
109
486
175
3,351
1,008
4,869
58
92
395
298
9
67
92
486
466
20
3
32
5
New Mexico
Oklahoma
Total Western States
Washington
Oregon
California
Idaho
Utah
.
.
.
.
2
36
148
30
3
32
Arizona
25
20
20
1
3
6
30
10
s
I
184
30
878
74
1,166
7
7
Total country banks
2,680
1,318
25,292
4,079
34,369
202
396
914
915
2,427
Total United States
26,068
6,848
155,971
13,904
202,791
26,328
1,137
55,771
2,129
85,365
4,985
18,402
2,680
260
5,270
1,318
42,597
87,082
26/292
758
9,067
4,079
48,601
119,821
34,369
23,220
2,906
202
651
90
396
44,131
10,726
914
794
420
915
68,796
14,142
2,427
H
26,068
6,848
155,971
13,904
202, 791
23,328
1,137
55,771
2,129
85,365
Q
Total Pacific States
RECAPITULATION.
Central reserve cities
All other reserve cities
Total country banks
- -
Total United States
W
CO
50
OF THE COMPTROLLER OF THE CURRENCY.
AMOUNT AND CLASSIFICATION OF LOANS BY NATIONAL BANKS IN THE
CENTRAL RESERVE CITIES, ETC.
In connection with the foregoing general statement, and for purposes of comparison, there is submitted herewith similar information
based upon the June 30, 1919, returns from the national banks in
each of the central reserve cities, other reserve cities, and elsewhere
in the country.
Total loans on June 30, 1919.
[In thousands of dollars.]
New
York.
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.
.
Chicago.
St.
Louis.
Total
central
reserve
cities.
Other
reserve
cities.
Country
banks.
Total
United
States.
36,166
34,611
7,989
78,766
182,702
336,092
597,560
454,928
78,373
29,602
562,903
439,337
305,547
1,307,787
88,455
32,637
6,471
127,563
102,593
87,130
317,286
954,023
250,241
679,867
85,910
109,605
47,643
725
734
1,009
78,830
559
6,871
2,387
737
25,243
22,119
2,424,718
67,587 1,271,851 1,532,805 2,446,668
5,251,324
23,829
789,606
744,110
596,882
2,130,598
10,495
167,743
312,747
533,583
1,014,073
374
1,833
19,175
69,650
90,658
1,009
7,304
85,011
93,324
86,260
58,701
5,888
150,849
21,567
9,937
56,747
533,095 154,964 3,112,777 ;3,421,04l 4,476,388 11,010,206
THREE-YEAR COMPARATIVE STATEMENT OF LOANS BY NATIONAL BANKS
IN RESERVE CITIES AND IN COUNTRY BANKS.
The amount, distribution, and proportion of loans and 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, 1917, 1918, and 1919, are shown in the accompanying table:
[In thousands of dollars.!]
Loans
L917.
June 20,1
Banks i n -
June 29, ]L918.
Amount.
New York
New York
Chicago
St. Louis
Other reserve cities
All reserve cities...
Country
Total United States
Per
cent.
Amount.
Per
cent.
June 30,1919.
Amount.
Per
cent.
1,901,464
21.2
2,219,496
21.9
V 2,496,544
27.8
2,876,937
28.4
3,112,777
2,566,036
5,062,580
3,895,098
28.7
56.5
43.5
3,128,294
6,005,231
4,130,611
30.8
59.2
40.8
3,421,041 31.07
6,533,818 59.34
4,476,388 40.66
2,424,718 22.02
l
.
8,957,678
100.0 10,135,842
28.27
100.0 11,010,206 100.00
REPORT OF THE COMPTROLLER OF THE CURRENCY.
51
DIRECT AND INDIRECT LIABILITY OF OFFICERS AND DIRECTORS OF NATIONAL
BANKS. JUNE 30, 1919.
Liability (individual or firm)
as payers.
Cities and States.
Of officers,
|
Total of
j officers and
! directors.
Liability (individual or firm)
as endorsers or guarantors.
Of officers.
Total of
officers and
directors.
CENTRAL RESERVE CITIES.
New York
Chicago
St. Louis
Total..
$18,552,281.00
32,577.06
79,273.13
$44'618,531.53
7,707,168. 60
2,746,954.18
$640,457.19
1,630.00
91,200.00
18,664,131.19
54,442,654.31
733,287.19 |
23,816,428.85
417,911.56
634,654.09
56,683.54
228,771.40
1,476,407.30
2,128,825.79
664,159. 56
545,856.03
558,880.28
67,560. 00
413,331.90
93,457. 21
56,020. 50
5,626,347.93
1,556,814.56
865,170.55
1,985,914.28
18,042,032.00
7,311,294.20
3,503,245.25
2,605,341.39
3,869,740.34
232,233.37
1,613,856.88
174,816.16
660,569.82
184,571.44
1,204,201.22
1,923,135.89
949,088.86
738,059.16
62,000. 00
1,643,947. 36
674,107.26
554,628. 48
110,778.35
1,400,705. 30
522,627. 99
652,521.85
1,358,011.84
2,783,965.83
5,664,121. 43
1,284,607. 05
•>, 037,053. 52
1,849,708.42
293,567. SO
321,778. 44
1,813,673.01
466,619.53
2,110,113. 93
1,630,305.65
780,785. 70
495,304. 27
427,537.74
190,228. 22
313,042.60
2,401,977.72
• 229,797.75
281,879.84
694,760.11
99,322=95
118,295.40
224,921.15
1,224,629.59
17,207.00
129,079.15
401,585.70
948,708.73
626,265.39
487,667.50
164,497.00
912,194.58
2,353,714.85
203,187.95
2,410,504.31
355,572.64
761,138.89
133,850.00
39,390.26
2,011,411.82
808,347.48
170.013.94
685,378.87
1,341,302.14
3,378,653.62
991,510.17
1,178,149. 58
624,114.87
389,980.27
394,814.25
311,675. 77
269,306. 59
367,044.56
2,662,538. 74
3,303,895.46
328,935.13
1,020,986.35
58,866. 44
463,850.01
393.879.20
184,511.55
92,045. 50
328,087.45
532^ 982.26
530,926.15
1,257,656.37
783,751.67
2,964,649. 47
57,150. 45
538,090.00
1,877,131.16
143,115. 50
341,222.15
1,083,751.58
1,038,754.61
1,733,238.48
8,863,501.56
1,482,722.56
600.189.21
164,582.49
9,018.43
240,805.59
1,878,257.61
180,612.99
123,875.00
283,627.53
22,415.00
157,965.25
248,766.32
491,493.90
127,595.23
141,509.68
408t686.8d
1,587,426.42
789,791.02
866,412.98
86,236.45
243,475.00
2,622,220. 79
122,310.07
1,659,915.62
33,200.00
256,250.05
$4,926,962.74
16,737,112.57
2,152,353.54
ALL OTHER RESERVE CITIES.
Boston
Albany
Brooklyn and Bronx.
Buffalo
Philadelphia
Pittsburgh
Baltimore
Washington
Kichmond
Charleston
Atlanta
Savannah
Jacksonville..
Birmingham
New Orleans
Dallas
El Paso
Fort Worth
Galveston
Houston....
.
San Antonio
Waco
Little Rock
Louisville
Chattanooga
Memphis
Nashville
Cincinnati
Cleveland
Columbus
Toledo
Indianapolis
Chicago
Peoria
Detroit
Grand Rapids
Milwaukee
Minneapolis
St. Paul
Cedar Rapids
Des Moines
Dubuque
Sioux City
Kansas City, Mo
St. Joseph
Lincoln
Omaha
Kansas City, Kans...
Topeka..
Wichita
Denver
Pueblo
Muskogee
Oklahoma City
Tuisa
Seattle
Spokane
Tacoma
Portland
Los Angeles
Oakland
San Francisco
Ogden.
Salt Lake City
19,091.07
474,140. 49
361,082,32
153,623.92
39,400.00
744,116. 34
288,297.10
223,619. 58
29,169. 75
34,149.07
294.939.42
112; 700. 00
189,494.47
476,857.15
1,527,802.07
645,610.09
622,240.00
588,183. 63
83,971.93
82,850. 00
140,242.40
177,547. 70
387,132. 97
130,751.57
113,330.00
139,400.00
110,637.74
63,288.22
166,758.60
575,529. 93
102,697.75
44,066.20
146,860.12
3,225.00
7,850.00
55,271.15
255,133.22
6,057.00
38,802.02
103,021.24
457,033.09
26,733.76
12,497.50
100,664. 54
411,934.50
74,000.00
469,085.64
116,848.64
354,000.60
50,878.87
122,271.40
492,100. 43
164,536.98
251,873.92
134,090.00
28,280.27
5,012.58
106,772. 57
8,990.50
510. 99
1,134,301.08
66,597.00
372,979. 04
26,051. 11
113,942.18
179,424.54
93,783.82
53,008.00
36,000. 00
164,547.09
68,600.00
346,216.46
29,046.00
281,444.00
5,956.30
159,840.00
170,308. 28
61,174. 50
152,522. 15
201,764.72
353,831.13
34,006. 50
321,820.25
99,425.00
59,400. 00
11,650.00
2,398.43
215,525.59
466,614.55
75. 00
156,210.29
23,420. 00
30,100. 00
16,650.00
6,568.50
23,700. 43
708,922.86
103,050.00
10,375.00
74,050.00
833,101. 39
2,720.00
617,350.00
33,000.00
114,662.27
Total
i 19,124,258. 66
97,535,083. 07
9,574,692. 23
58,333,613.22
Total all reserve cities
i 37,788,389.85
151,977,737.38
10,307,979.42
82,150,042.07
52
REPORT OF THE COMPTROLLER OF THE CURRENCY.
DIRECT AND INDIRECT LIABILITY OF OFFICERS AND DIRECTORS OF NATIONAL
BANKS, JUNE 30, 1919—Continued.
Liability (individual or firm)
as payers.
Cities and States.
Liability (individual or firm)
as endorsers or guarantors.
Of officers.
COUNTRY BANKS.
Maine
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut
Total New England States.
New York
New Jersey...
Pennsylvania.
Delaware
Maryland
Total Eastern States.
Virginia
West Virginia..
North Carolina.
South Carolina.
Georgia
Florida
Alabama
Mississippi
Louisiana
Texas
Arkansas
Kentucky
Tennessee
Total Southern States.,
Ohio
Indiana —
Illinois
Michigan...
Wisconsin..
Minnesota..
Iowa
..
Missouri
Total Middle States.
North Dakota..
South Dakota..
Nebraska
Kansas
Montana
Wyoming
Colorado
New Mexico....
Oklahoma
Total Western States..
Total of
officers and
directors.
Of officers.
Total of
officersand
directors.
$1,060,469.36
726,759.56
588,880.50
1,846,211.93
336,511.00
1,191,367.65
$2,747,204.04
1,759,603.82
1,200,482.14
9,011,982.52
935,270.17
5,285,810.40
$888,824.64
318,771.01
355,130.88
1,009,143.43
41,583.51
671,892.27
$2,220,994.72
1,145,818.43
1,022,513.96
4,372,469.94
302,189.01
2,798,667.35
5,750,200.00
20,940,353.09
3,285,345.74
11,862,653.41
6,719,671.94
2,661,731.78
10,196,257.37
132,941.00
1,062,236.02
16,915,041.52
7,767,979.36
27,764,938.02
533,398.00
2,766,443.58
4,376,419.82
1,309,273.84
6,709,759.68
88,020.13
965,496.07
11,903,862.65
5,401,190.32
18,703,026.69
386,387.20
2,246,987.86
20,772,838.11
55,747,800.48
13,448,969.54
38,641,454. 72
2,256,884.70
1,718,879.53
1,192,929.42
994,506.85
1,092,981.57
524,639.09
1,167,422.31
464,567.40
526,538.11
5,874,719.98
506,004.51
1,388,042.80
947,144.72
7,603,733.45
4,311,133.38
3,942,478.38
3,070,891.82
2,769,889.71
1,265,705.24
2,216,203.33
1,272,692.16
4,601,596.03
12,075,640.79
1,264,361.66
3,352,548.06
2,267,687.98
2,395,294.21
2,283,834.52
1,512,228.55
1,004,356.90
880,053.79
309,354.30
833,402.12
255,218.25
1,244,462.84
2,853,902.20
582,799.45
1,204,259.93
979,947.59
7,229,
838.11
5,439, 964.24
5,254,421.34
2,620,569.32
2,382,679.84
963,572.34
1,842, i.76
734, 634.00
3,412, 167.25
5,940, 328.30
1,133, 693. 69
2,902,887.23
2,260, '34.36
18,655,260.99
50,014,561.99
16,339,114.65
42,118,478.78
4,753,641.03
2,489,234.97
3,156,349.52
1,449,273.18
1,609,365.91
1,876,537.57
3,958,340.61
768,708.34
11,549,
5,820, 199.71
7,834, 220.52
3,445, 927.66
3,813, 080.06
3,725, 323.95
5,876, 255. 05
1,521, 441.96
1,761,016.32
1,936,945.98
1,452,055.12
1,508,461.24
1,348,785.72
943,552.25
1,426,274.61
230,054.20
5,152,126.48
5,465,453.91
3,152,619.11
3,767,307.60
3,232,847.31
1,955,153.87
3,104,712. 02
575,286.03
20,061,451.13
43,585,547. 60
10,607,145.44
26,405,506.33
705,195.30
818,232.66
1,391,868.89
1,101,835.76
771,079.46
372,494.35
599,223.83
"362,972.78
1,405,397.92
1,271,245.54
1,444,115.24
2,050,145.40
2,426,270.11
1,442,087.70
554,562.42
1,533,910.27
827,862.83
2,786,996.42
351,230.22
398,765.83
297,857.17
556,382.85
738,838.76
322,304.73
288,340.19
193,273.05
926,173.46
627,967.28
703,071.22
530,666.88
1,100,607.52
954,168.11
413,872.17
584,884.10
360,424.65
1,593,694.89
7,528,300.95
14,337,195.93
4,073,106.26
6,869,356.82
Washington
Oregon
California
Idaho
Utah
Nevada
Arizona.,
Alaska (member banks)...
498,812.41
698,238.80
2,911,639.56
674,870.83
76,617.98
232,530.29
171,821.64
1,047,787.40
1,246,472.19
6,112,729.39
1,181,671.46
121,673.84
552,58*. 04
327,781.64
4,390.00
225,986.76
275,684.07
895,081.84
253,920.84
24,743.18
471 022.95
453,904.72
456,950.18
453,503.70
2,107,165.96
503,107.08
59,729.58
678,899.96
587,839.67
2,755.00
Total Pacific States.
5,264,531.51
10,595,092.96
2,600,344.36
4,849,951.13
4,365.50
18,700.00
8,080.92
251,700.00
21,522.75
700.00
21,522.75
33,007.76
Alaska (nonmember banks)..
Hawaii (nonmember banks)..
Total (nonmember banks).
23,065.50
259,780.92
22,222.75
54,530.51
Total country banks
78,055,648.19
195,480,332.97
50,376,308.74
130,801,931.70
Total United States
115,844,038.04
347,458,070.35
00,684,288.16
212,951,973.77
REPORT OF THE COMPTROLLER OF THE CURRENCY.
53
CLASSIFICATION OF LOANS BY NATIONAL BANKS IN THE CITY OF NEW
YORK, ,fUNE, 1915 TO 1919.
Over 22 per cent of the loans of all national banks on June 30,
1919, were made by banks located in the city of New York, and the
following statement is of interest as showing the amount and character of loans by banks in that city at date of the June calls, 1915
to 1919, inclusive:
fin thousands of dollars.]
Classification.
June 23, June 30, June 20, June 29, June 30,
1915—
1916—
1917—
1918—
1919—
33 banks. 33 banks. 33 banks. 49 banks. 31 banks.
On demand, paper with one or more individual
or firm names (not secured by collateral)
30,867
On demand, secured by stocks and bonds
On demand, secured by other personal securities, 1 357,146
including merchandise,warehouse receipts,etc. f 29,635
On time, paper with one or more individual or
firm names (not secured b y collateral)
473,652
On t i m e , secured b y stocks and bonds
On t i m e , secured b y other personal securities,
248,947
including merchandise, warehouse receipts, etc.
83,600
Secured by real estate mortgages or other liens on
8,719
realty
Acceptances of other banks discounted
Acceptances of thisbankpurchased or discounted
Total
1,232,566
29,233
531,580
46,267
32,767
581,659
66,660
25,224
445,936
58,516
36,166
454,928
88,455
574,530
805,189 1,074,907
954,023
328,095
61,294
874
271,780
66,602
767
398,154
92,463
1,016
679,867
109,605
725
15 783
63 360
12,680
102 404
20,876
78 830
22^119
1,587,656
1,901,464 2,219,496 2,424,718
On September 26, 1918, the law was amended to authorize the
Federal Reserve Board to permit banks located in the outlying districts of central reserve cities to maintain reserve in the amounts
required of other reserve city or country banks. The necessary
authority to maintain the smaller amount of reserve has been granted
to a number of banks in Greater New York and they are no longer
included in this classification. This accounts for the reduction in
the number of banks reporting on June 29, 1918, from 49 to 31 as
reported on June 30, 1919. In spite of this decline in the number of
banks included in the classification the aggregates of the various
classes of loans have increased with but three exceptions. Like the
aggregate for the whole country time loans secured by stocks and
bonds have greatly increased in the banks in the city of New York,
and demand loans secured by stocks and bonds have also increased
somewhat.
OVERDRAFTS.
Overdrafts on September 12, 1919, amounted to $15,131,000 as
compared with $16, 814, 000 on November 1, 1918.
UNITED STATES GOVERNMENT SECURITIES OWNED.
At the date of the September 12, 1919, report of condition, United
States bonds, Liberty loan bonds, certificates of indebtedness, Victory loan notes, war savings and thrift stamps, were abstracted
as one item. For comparison purposes, therefore, it is necessary to
combine these three items appearing in the preceding reports. The
aggregate held on September 12, with the exception of the amount
reported on March 4 and May 12, 1919, is the largest for the year. As
54
REPOBT OF THE COMPTROLLER OF THE CURRENCY.
compared with the amount reported at the close of the preceding
report year (Aug. 31, 1918), namely, $2,466,268,000, the September
12,1919, report shows holdings of these securities were $3,296,593,000,
or an increase * f $830,325,000.
>
OTHES BONDS, SECURITIES, ETC.
Investments of national banks in bonds and securities, other
than those of the United States, -amounted on September 12, 1919,
to $1,806,595,000. Each report made during the year showed
an increase in the aggregate holdings, indicating steady investment
buying. The amount held, however, is still below that shown on
November 20, 1917, $1,906,782,000, the greatest amount ever reported. The increase between November 1, 1918, and September
12, 1919, was $146,130,000.
STOCKS.
The amount of stocks owned by national banks, other than stock
of Federal reserve banks, increased during the year from $48,177,000
on November 1, 1918, to $52,148,000 on September 12, 1919. Stock
of the Federal reserve bank held increased steadily throughout the
year and amounted to $60,473,000 on September 12, 1919, an increase
of $3,046,000 since November 1, 1918.
Stocks, other than those of the Federal reserve banks, may be
acquired by national banks only in settlement of debts previously
contracted, except that with the consent of the Federal Reserve
Board national banks, having a capital and surplus of $1,000,000 or
more, may invest to the extent of not exceeding 10 per cent of their
capital and surplus in stock of corporations or banks incorporated
under the laws of the United States or any State thereof principally
engaged in international or foreign banking or banking in the dependencies or insular possessions of the United States, etc.
An amendment to section 25 of the Federal reserve act approved
September 17, 1919. gives national banks, regardless of the amount
of their capital and surplus, the right, up to January 1, 1921, to apply
for permission to invest 5 per cent of their capital and surplus in stock
of one or more corporations chartered or incorporated under the laws
of the United States or of any State thereof principally engaged in
phases of international or foreign financial operations necessary to
facilitate the export of commodities. This section was farther
amended December 24, 1919, to permit any national bank to invest
in the stock of any corporation organized under the provisions of
that act to the amount of 10 per cent of the subscribing bank's
capital and surplus.
INVESTMENT SECURITIES OF NATIONAL BANKS CLASSIFIED.
The total investments of national banks in United States bonds
and in other bonds and securities and stocks on June 30, 1919,
amounted to $5,047,521,000, an increase of $1,090,249,000 since
June 29, 1918.
The following table shows the character of the investments held
by the national banks in June, 1918 and 1919:
KEPORT OF THE COMPTROLLER OF THE CURRENCY.
55
[In thousands of dollars.]
June 29, 1918. Jane 30, 1919.
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 bonds of all classes.
322,984
412,371
275,849
306,775
52,334
140,546
227,578
56,233
56,982
42,660
1,840,487
1,386,251
730,534
148,523
193,890
54,312
59,068
49,503
1,875,609
1,722,394
11,449,518
3,957,272 |
Total
United States bonds (other than Liberty bonds)
Liberty loan bonds and Victory notes
320,384
406,135
267,337
271,998
50,634
5,047,521
i Includes Victory notes.
This table (unlike the one covering these items appearing in the
previous annual report, which indicated a decrease in all items except
State, county, or other municipal bonds, Federal reserve bank stock
and obligations of the United States) shows an increase during the
year in all but two of the different classes of securities held. The
only reductions shown are in holdings of foreign Government bonds
and other foreign bonds and securities.
DOMESTIC AND FOHEIGN SECURITIES HELD B Y NATIONAL BA2TKS.
The following table shows domestic and foreign securities held in
June of each year since 1914:
[In thousands of dollars.]
Classification.
June 30,
1914.
June 23,
1915.
June 30,
1916.
June 20,
1917.
June 29,
1918.
State, county, and municipal bonds...
Railroad bonds
Other public-service corporation bonds.
All other bonds (domestic)
176,017
341,691
218,215
227,605
244,473
379,191
220,304
246,630
278,180
467,629
274,928
301,503
315,511
467,291
295,835
361,954
320,384
406,135
267,337
271,998
322,984
412,371
275,849
306,775
1,440,591 1,265,854
1,317,979
Total
Foreign Government bonds
Other foreign bonds and securities
Total
963,528
1,090,598 1,322,240
June 30,
1919.
10,019
5,609
33,787
13,402
116,768
40,303
284.123
68,486
227,578
56,233
193,890
54,312
15,628
47,189
157,071
352,609
283,811
248,202
56
REPORT" OF THE COMPTROLLER OF THE CURRENCY.
LIBERTY LOAN BONDS AND UNITED STATES CERTIFICATES OF INDEBTEDNESS
OWNED AND LOANED ON B Y NATIONAL BANKS, DEC. 31, 1918.
Cities.
A.
Net
amount
cent
iberty
loan bonds
owned by
banks on
Dec. 31,
1918.
B.
Total
amount
1st, 2d, 3d,
4th Liberty
loan bonds
owned by
banks, less
amount
in A.
D.
E.
F.
Amount
Amount
Net
of
of money
amount of
Total
money
loaned on
United
amount all
security of loaned on
States
Liberty
security
loan bonds certificates
Liberty
owned by of indebted- loan bonds of certificates of
ness owned
banks.
of all
indebtedby banks.
kinds.
ness.
C.
CENTRAL RESERVE CITIES
New York.
Chicago
St. Louis...
Total..
$6,467,210 $141,620,523 $148,087,733 $321,261,250 $372,704,369 $8,364,512
40,213,088 5,231,029
31,287,346
241,600
14,963,253
15,204,853
10,760,146
5,983,600
3,150
9,319,825
9,322,975
279,500
6,711,960 | 165,903,601 172,615,561
358,532,196
423,677,603 13,875,041
•
ALL OTHER RESERVE CITIES.
Boston
Albany
Brooklyn and Bronx.
Buffalo
Philadelphia
Pittsburgh
Baltimore
Washington
Richmond
Charleston
Atlanta
Savannah
Birmingham
Jacksonville
New Orleans.
Dallas
El Paso
Fort Worth
Galveston
Houston
San Antonio
Waco
Louisville
Chattanooga
Memphis
Nashville
Cincinnati
Cleveland
Columbus
Toledo
Indianapolis
Chicago
Peoria
Detroit
Grand Rapids
Milwaukee
Minneapolis
St. Paul
Cedar Rapids.
Des Moines
Dubuque
Sioux City
Kansas City, Mo
St. Joseph
Lincoln
Omaha
Kansas City, K a n s . . .
Topeka
Wichita
Denver
Pueblo.
Oklahoma City..
Tulsa
Seattle
Spokane
Tacoma
Portland
Los Angeles
Oakland
San Francisco...
Ogden
Salt Lake City..
Total..
5,964,112
2,329,075
2,060,700
12,328,900
24,521,179
26,833,215
5,298,851
11,728,516
4,868,570
3,458,235
3,500,085
405,250
2,333,400
4, 772,205
2,819,148
4,684,894
650,850
1,602,350
333,490
5,435, 498
2,943,144
1,318,188
2,086,834
1,439, 697
1,909; 800
7,104,857
2,634,850
8,761,326
2,171,050
2,840,600
5,970,085
1,591,592
614,650
12,613,550
3,513,530
3,203,697
1,791,750
5,882,103
676,502
2,619,882
739,000
877,487
7,052,581
1,548,125
609,700
6,162,863
361,207
424,100
718,372
1,178,700
274,200
660,350
2,135,100
1,039,620
3,276,450
1,195,752
200,050
3,207,189
3,611,490
1,210,400
14,003,460
813,441
1,731,503
19,554,000
4,559,500
1,952,000
6,003,000
29,651,500
12,449,500
15,131,779
3,814,500
4,652,000
1,750,000
6,038,500
9,386,744 241,320,606
250,707,350
266,419,013
345,942,725 20,249,011
423,322,911
624,951,203
769,620,328 34,124,052
40,550
131,137
291,850
300,950
5,800
117,700
2,750
128,700
168,000
11,000
195,950
12,100
12,050
76,050
45,. 450
137,500
258,150
229,000
52,050
164,350
1,093,550
81,950
67,250
45,950
88,550
2,300
306,000
14,100
184,600
106,550
9,400
100,000
30,050
2,900
650
13,500
84,500
16,150
80,700
8,300
107,750
209,500
39,900
6,600
16,350
450,720
136,600
91,200
101,350
148,910
Total all reserve cities.. 16,098,704
54,317,381 2,072,256
3,347,534
4,184,793
i,"666
9,308,963
99,927,256 4,308,044
38,146,634 6,605,000
9,299,989
172,800
2,989,771
2,300
18,088,566
380,000
2,122,182
4,016,923
625,548
301,903
845,815
2, 111, 721
1,000
2,207,255
155,000
2,121,148
262,000
21,720
959,786
75,035
2,118,840
14,500
379,729
5,000
539,846
115,000
2,321,780
990,533
274,000
3G3,976
1.877,910
3,000
8, 763,125
370,000
146,913
19,942,562
1,575,185
2,956,479
5,000
1,676,923
56,000
295,746
170,217
3,754,200
532,950
1,920,766
57,000
4,658,238
615,500
5,690,658
479,000
3,109,681
192,200
492,098
253,500
840,080
195,500
230,565
99,000
376,515
7,000
1.514,911
92,000
314,475
40,000
168, 715
5,000
1,297,139
12,000
207,942
5,000
140,741
12,000
529,885
4,356,175
5,500
633,611
4,862,912
1,829,075
2,010,050
12,326,000
24,065,079
26,252,915
5,294,001
11,424,666
4,777,170
3,331,985
3,363,558
405,250
2,292,850
4,641,068
2,527,298
4,383,944
645,050
1,484,650
330,740
5,306,798
2,775,144
1,307,188
1,890,884
1,433,897
1,897,700
7,092,807
2,558,800
8,715,876
2,033,550
2,582,450
5,741,085
1,539,542
450,300
11,520,000
3,431,580
3,196,447
1,745,800
5,793,553
674,202
2,313,882
724,900
692,887
6,946,031
1,538,725
509,700
6,132,813
358,307
423,450
704,872
1,094,200
258,050
579,650
2,126,800
931,870
3,066,950
1,155,852
193,450
3,190,839
3,160,770
1,073,800
13,912,260
712,091
1,582,593
1,101,200
500,000
50,650
2,900
456,100
580,300
4,850
303,850
91,400
126,250
136,527
407,224,207
3,358,500
3,615,000
5,255,000
4,981,300
300,000
717,000
15,000
2,766,834
1,104,000
450,000
2,949,000
2,150,000
500,000
6,824,000
4,733,000
6,072,500
3,481,000
3,595,000
4,222,150
1,487,500
989,000
1,525,500
1,949,000
6,217,500
5,025,000
4,788,000
1,467,000
3,231,000
502,000
1,768,000
4,466,000
2,250,000
625,000
6,653,500
237,000
390,500
390,000
2,538,300
295,000
150,000
1,720,000
1,610,500
9,674,000
3,576,500
774,000
4,486,500
6,452,500
1,218,000
24,135,000
565,000
2,616,650
173,913
771,027
1,125,175
443,990
175,000
1,712,850
2,537,608
1,244,487
8,232,512
160,802
652,746
70,500
26,000
51,500
209,000
1,500
1,511,000
202,000
REPORT Of
THE COMPTROLLER OF THE
57
CURRENCY.
LIBERTY LOAN BONDS AND UNITED STATES CERTIFICATES OF INDEBTEDNESS
OWNED AND LOANED ON BY NATIONAL BANKS, DEC. 31, 1918—Continued.
A.
Cities.
Net
amount
3J per cent
Liberty
loan bonds
owned by
banks on
Dec. 31,
1918.
B.
C.
D.
E.
F.
Total
Amount
Net
Amount
amount
of
Total
of money
1st, 2d, 3d, amount all amount of
money
United
loaned on loaned on
4th Liberty
Liberty
States
loan bonds loan bonds certificates security of security
Liberty
owned by
owned by of indebted- loan bonds of certifibanks, less
cates of
banks.
ness owned
of all
indebtedamount
by banks.
kinds.
ness.
in A.
COUNTRY BANKS.
Maine
New Hampshire.
Vermont
Massachusetts
Rhode Island
Connecticut
Total New England
States
New York
New Jersey...
Pennsylvania.
Delaware
Maryland
$69,600
105,650
32,700
882,488
449,504
475,217
Total Southern States.
Ohio..
Indiana
Illinois
Michigan...
Wisconsin..
Minnesota..
Iowa
Missouri....
$3,727,989
4,909 993
2,246,524
21,804,184
2,096,227
14,369,335
$2,971,000
3,037,500
1,901,000
15,006,000
3,250,000
6,548,000
$1,960,652
2,112,386
1,164,750
33,163,085
5,612,455
15,464,295
$520,000
150,000
2,015,159
47,139,093
49,154,252
32,713,500
59,477,623
670,000
1,344,380
1,573,040
3,283,271
18,900
265,150
55,564,881
33,993,031
96,021,333
1,872,444
7,222,642
56,909,261
35,566,071
99,304,604
1,891,344
7,487,792
31,189,500
24,809,500
49,048,856
1,293,500
2,552,000
34,562,505
24,008,398
29,129,307
683,869
1,644,249
599,617
"33," 900
194,674,331 201,159,072 108,893,356 I 90,028,328
640,117
Total Eastern States... 6,484,741
Virginia
West Virginia
North Carolina
South Carolina
Georgia
TUT - * - . • J _
Florida ...
Alabama..
Mississippi
Louisiana.
Texas
Arkansas..
Kentucky.
Tennessee.
$3,658,389
4,804,343
2,213,824
20,921,696
1,646,723
13,894,118
268,500
383,480
I 191,600
I 229,700
j 268,018
nn
f\t?/\
77,050
264,998
186,650
74,200
1,180,035
377,050
175,419
117,440
3,794,140
12,777,224
10,747,215
11,644,059
11,035,485
5,402,685
5,024,502
6,593,120
4,463,363
1,306,159
14,331,692
5,165,892
7,712,074
5,057,160
13,045,724
11,130,695
11,835,659
11,265,185
5,670,703
5,101,552
6,858,118
4,650,013
1,380,359
15,511,727
5,542,942
7,887,493
5,174,600
5,751,850
2,783,000
4,030,000
3,169,500
3,659,800
2,009,000
3,267,528
1,973,000
1,016,000 I
8,711,150 |
1,895,228
4,231,135
3,081,000
6,378,039
4,563,566
3,938,973
5,227,303
2,928,639
1,121,753
1,544,976
1,161,474
1,474,441
7,336,780
1,675,211
3,862,096
1,903,151
6,600
50,000
15,000
10,000
15,590
10,000
5,000
101,260,630 I 105,054,770 | 45,578,191 | 43,116,402 | 105,590
619,268
271,498
943,988
340,230
285,635
443,475
812,650
142,250
20,215,388
20,070,565
27,340,363
8,845,867
8,683,247
5,619,157
12,305,541
4,464,737
20,834,656
20,342,063
28,284,351
9,186,097
8,968,882
6,062,632
13,118,191
4,606,987
22,697,440
13,367,436
21,488,613
8,245,550
11,292,500
12,932,156
14,787,248
4; 282,500
6,907,127
4,978,337
6,050,197
2,678,978
3,381,326
4,933,020
6,677,581
1,123,852
50,400
395,700
93,360
5,600
113,500
108,350
137,500
6,000
Total Middle States.... 3,858,994
107,544,865
111,403,859
109,093,443
36,730,418
910,410
2,508,434
3,706,117
4,087,263
7,962,839
3,292,345
2,047,751
3,990,965
788,221
10,370,479
7,816,499
5,519,000
2,691,756
4,535,600
4.383,504
1,975,000
2,437,500
394,000
2,608,070
1,030,976
1,903,527
2,570,482
1,543,147
396,491
685,365
1,189,546
377,700
2,548,016
12.000
70;100
50,000
1,800
North Dakota..
South Dakota..
Nebraska
Kansas
Montana
Wyoming
Colorado
New Mexico....
Oklahoma
120,116
172,108
258,800
220,290
361,425
78,450
339,900
38,410
543,440
Total Pacific States
Total country banks
36,621,475
38,754,414
32,360,929 j 12,245,250
183,900
3,360,997
2,780,140
13,869,823
2,705,867
662,483
434,250
1,067,712
3,796,647
2,966,994
14,952,496
2,985,468
711,383
556,000
1,116,812
4,892,000
3,954,206
13,597,296
3,817,404
715,000
842,500
716,000
1,380,483
1,145,793
5,283,406
890,554
145,722
111,478
260,486
5,750
17,000
10,325
2,204,528
24,881,272
27,085,800
28,534,406
9,217,922
33,075
20,490,501 512,121,666 532,612,167 357,173,825 250,815,943
2,543,092
Total United States.... 36,589,205
30,000
' '26*666
435,650
186,854
1,082,673
279,601
48,900
121,750
49,100
Total Western States... 2,132,939
Washington.
Oregon
California...
Idaho.
Utah
Nevada
Arizona
2,388,318
3,534,009
3,828,463
7,742,549
2,930,920 !
1,969,301 I
3,651,065 J
749,811 !
9,827,039 I
919,345,873
955,935,078 982,125,034 1,020,436,271 36,667,144
58
REPORT OF THE COMPTROLLER OF THE CURRENCY.
LIBERTY LOAN" BONDS AND UNITED STATES CERTIFICATES OF INDEBTEDNESS
OWNED AND LOANED ON BY NATIONAL BANKS, DEC. 31,1*18—Continued.
RECAPITULATION.
A.
Cities.
New England States:
Reserve city
Country banks
Total
Eastern States:
Central reserve city
Other reserve cities
Country banks
Total
Southern States:
Reserve cities
Country banks
Total
Middle States:
Central reserve cities
Other reserve cities
Country banks
B.
Net
amount
3 | per cent
liberty
loan bonds
owned by
banks on
Dec. 31,
1918.
Total
amount
lst,2d,3d,
4th Liberty
loan bonds
owned by
banks, less
amount
in A.
C.
D.
E.
F.
Amount
Amount
Net
of
Total
of money
amount of
money
amount all
loaned on
United
Liberty
security of loaned on
States
security
loan bonds certificates
Liberty
owned by of indebted- loan bonds of certificates of
banks.
of all
ness owned
indebtedkinds.
by banks.
ness.
$1,101,200
2,015,159
$4,862,912
47,139,093
$5,964,112
49,154,252
$19,554,000
32,713,500
3,116,359
52,002,005
55,118,364
52,267,500
6,467,210 141,620,523
1,898,650 83,201,786
6,484,741 194,674,331
148,087,733
85,100,436
201,159,072
321,261,250
73,561,779
108,893,356
372,704,369 8,364,512
167,204,940 11,089,144
640,117
90,028,328
14,350,601 419,496,640
434,347,241
503,716,385
629,937,637 20,093,773
1,778,514
3,794,140
49,887,981
101,260,630
51,666,495
105,054,770
47,426,134
45,578,191
41,464,668
43,116,402
1,835,048
105,590
5,572,654
151,148,611
156,721,265
93,004,325
84,581,070
1,940,638
244,750
2,962,750
3,858,994
24,283,078
62,199,610
107,544,865
24,527,828
65,162,360
111,403,859
37,270,946
57,769,150
109,093,443
50,973,234
58,282,424
36,730,418
5,510,529
3,141,503
910,410
$54,317,381 $2,072,256
670,000
59,477,623
113,795,004
2,742,256
145,986,076 j 9,562,502
7,086,494
194,027,553
201,094,047
204,133,539
Western States:
Reserve cities
Country banks
444,500
2,132,939
13,119,712
36,621,475
13,564,212
38,754,414
14,609,800
32,360,929
8,388,142
12,245,250
39,500
183,900
Total...
2,577,439
49,741,187
52,318,626
46,970,729
20,633,392
223,400
Pacific States:
Reserve cities
Country banks
1,201,130
2,204,528
28,048,605
24,881,272
29,249,735
27,085,800
53,498,150
28,534,406
16,285,170
9,217,922
2,071,500
33,075
82,032,556
25,503,092
2,104,575
Total
Total
Total United States
Central reserve cities
0 ther reserve cities
Country banks,
3,405,658
52,929,877
56,335,535
36,589,205
919,345,873
955,935,078
6,711,960 165,903,601 172,615,561 358,532,198 423,677,603 13,875,041
9,386,744 241,320,606 250 707 350 266,419,013 345,942,725 20,249,011
20,490,501 512,121,666 532,612,167 357,173,825 250,815,943 2,543,092
Total United S t a t e s . . . . 36,589,205 919,345,873 955,935,078
982,125,034 1,020,436,271 36,667,144
982,125,034 1,020,436,271 36,667,144
REPORT OF THE COMPTROLLER OF THE
Liberty
CURRENCY.
59
loan bonds and United States certificates of indebtedness owned end loaned on
by national banks, Mar. 4, 1919.
Cities.
Net
amount
h%
Liberty
loan
bonds
owned.
Total
amount of
1st, 2d, 3d,
and 4th
Liberty
loan bonds
owned.
Amount
of
Total
Net amount Amount of on loans
seculoans on
amount of
of U. S.
rity of
all Liberty certificates security of
certifiLiberty
loan bonds of indebtedcates of
owned.
ness owned. loan bonds. indebtedness.
CENTRAL RESERVE CITIES.
New York
Chicago
St. Louis
Total..
$5,908,670 $117,848,331 $123,757,001 $506,735,500 $332,549,330 $9,836,200
6,856,417 97,667,500 38,252,473 6,940,237
6,613,217
243,200
4,969,084
4,965,384
15,172,350
9,402,009
3,700
6,155,570
129,426,932
135,582,502 619,575,350
380,203,812 17,765,737
ALL OTHER RESERVE CITIES.
Boston
Albany
Brooklyn and Bronx
Buffalo
Philadelphia
Pittsburgh..
Baltimore
Washington.
Pt ichmond
Charleston
Atlanta
Savannah..
Birmingham
Jacksonville..
New Orleans
Dallas
El Paso...
Fort-Worth
Galveston
Houston
San Antonio
Waco
Little Rock
Louisville..
Chattanooga
Memphis
Nashville
Cincinnati
Cleveland.
Columbus
Toledo
Indianapolis
Chicago
Peoria.
Detroit
Grand Rapids
Milwaukee
Minneapolis
St. Paul
Cedar Rapids
Des Moines
Dubuque.
Sioux City
Kansas City, Mo
St, Joseph
Lincoln
Omaha
Kansas City, Kans
Topeka
Wichita.
„
D enver
Pueblo
„..
Muskogee
Oklahoma City
Tulsa
Seattle
Spokane
Tacoma
Portland.
Los Angeles
Oakland...
San Francisco
Ogden
Salt Lake City
Total
,102,000
72,300
650
5,150
436,050
455,600
5,950
296,700
242,715
121,850
21,527
62,750
171,800
291,700
266,750
12,900
207,900
3,900
130,113
168,500
19,500
18,800
114,650
6,600
12,550
19,750
98,000
40,250
153,150
212,600
234,000
54,150
164,450
L, 119,250
81,900
42,850
22,950
84,250
2,300
107,300
14,100
19,800
129,400
9,400
100,000
31,450
4,950
350
10,250
48,000
23,000
7,300
13,100
78,250
215,950
41,450
27,600
16,350
456,800
136,100
98,550
101,650
65,350
8,335,205 216,787,802
Total all reserve cities. 14,490,775
5,635,940
55,418,000
51,680,492 3,033,263
4,533,940
2,360,450
2,534,868
2,288,150
8,057,500
2,000,727
2,000,077
3,858,000
3,879,703
2,349,800
2,344,650
8,410,500
5,575,000
22,499,077 22,935,127 73,950,500 109,226,155 6,838,500
25,555,373 26,010,976 32,956,500
34,748,939
161,200
6,880,597
6,874,647
22,628,000
10,394,873
151,500
12,934,350 13,231,050
2,021,919
8,445,500
7,454,981
7,212,266
17,942,364
9.072,000
125,000
3,401,413
3,279,563
2,162,496
2,175,000
2,689,435
2.667,908
4,996,497
8,615,000
*i2i,656
270,900
270,900
196,397
1,182,900
1,120,150
7,461,500
845,504
20,000
3,305,765
3.133,965
6,725,000
2,380,908
2,000
2,002,500
1,710,800
8,746,000
3,616,286
95,000
4,334,919
4,068,169
12,265,800
2,198,428
115,000
1,376,950
1,364,050
2,354,400
425,650
1,707,000
1,499,100
2,500,000
1,258,288
90,000
339,410
54,312
335,510
6,526,000
5,625,837
2,490,834
5,495,724
54,557
1,864,000
2,448,009
463,546
2,279,509
1,060,000
1,723,845
1,704,345
330,206
1,335,500
1,088,700
1,069,900
205,228
1,408,600
12,452,500
1,293,950
798,436
1,270,150
3,860,500
1,263,550
1,029,525
265,000
1,376,840
1,289,000
1,364,290
432,164
10,000
8,485,150
8,465,400
10,976,500
1,545,875
2,000
1,564,800
1,466,800
16,269,000
8,058,831
102,150
6,990,303
6,950,053
15,946,500
24,164,443
513,300
2,359,400
2,206,250
4,845;000
1,470,846
101,500
2,106,300
1,893,700
7,358,500
3,190,788
322,500
4,135,350
3,901,350
3,649,150
2,686,496
436,421
1.962,150
1,908,000
2,855,500
400,136
25,000
2,517,000
175,7G0
716,550
881,000
6,396,000
4,139,177 "*539,"36i
5,280,700
6,399,950
3,597,500
1,270,120
1,830,500
1,912,400
49,000
8,747,000
4,759,176
2,568,200
2,611,050
840,560
16,942,000
5,640,080 1,221,861
1,020,850
1,043,800
11,178,000
3,308,850
8,287,757
8,372,007
293,500
3,481,000
474,755
765,154
339,000
762,854
5,955,500
696,040
1,740,675
374,600
1,633,375
803,500
320,056
567,818
27,500
553,718
4,052,000 I
523,530
2o;ooo
951,522
931,722
8,659,000 t 1,955,323
5,180,997
151,365
5,051,597
4,710,000
408,000
1,287,650
37,000
1,278,250
1,284,500
188,390
425,800
325,800
12,914,000
1,795,888 '"""55," 450
4,836,912
4,805,462
439,000
321,980
344,878
7,500
339,928
486,500
203,384
10,500
192,484 ' 192,834
181,500
564,210
610,144
15,000
599,894
2,330,570
1,684,292
7,000
4, .231,300
1,636,292
374,000
797,075
381,150
358,150
475,000
157,723
562,200
554,900
2,945,000
308,341
2,763,950
2,750,850
5,523,000
982,421
1,245,750
1,167,500
15,263,000
36,000
3,949,160
1,650,267
3,733,210
6,644,500
1,426,858
630,, 711
124,000
1,385,408
3,490,000
60,178
188,600
161,000
11,129,000
94,000
1,078,930
1,592,924
1,576,574
9,578,SCO
153,750
4,013,312
3,428,100
2,971,300
1,414,000
1,017,602
906,000
769,900
11,632,216 1,506,000
13,846,919 13,945,469 32,919,000
836,000
179,019
981,939
880,289
"26,666
596,991
5,216,000
1,925,750
1,860,400
346,214,734
225,123,007
556,399,150
355,592,508 18,417^838
360,705,509 1,175,974,500 735,796,320 36,183,575
60
OF THE COMPTROLLER OF THE CURRENCY.
Liberty loan bonds and United States certificates of indebtedness owned and loaned on
by national banks, Mar. 4, 1919—Continued.
Cities.
Net
amount
of \%
Liberty
loan
bonds
owned.
Total
amount of
1st, 2d, 3d,
and 4th
Liberty
loan bonds
owned.
Amount
of
Net amount Amount of onloans
Total
secuof U.S.
loans on
amount of
rity of
all Liberty certificates security of
certifiLiberty
loan bonds of indebtedcates of
ness owned. loan bonds. indebtedowned.
ness.
COUNTRY BANKS.
$61,299
111,300
39,250
879,788
357,554
468,500
$3,695,677
5,199,448
2,131,567
21,305,742
1,738,274
12,251,813
$3,756,976
5,310,748
2,170,817
22,185,530
2,095,828
12,720,313
$6,034,500
5,963,000
3,209,500
25,740,550
7,335,000
16,765,500
1,917,691
46,322,521
48,240,212
1,169,258
1,528,839
3,093,004
18,900
199,248
53,168,226
33,816,176
92,749,103
1,885,073
7,184,183
54,337,484
35,345,015
95,842,107
1,903,973
7,383,431
Total Eastern States.. - 6,009,249
188,802,761
549,221
301,050
178,500
108,950
247,750
86,200
274,948
84,250
87,050
1,114,400
349,850
134,500
105,437
15,345,745
10,470,503
10,206,000
10,335,547
5,584,059
5,806,065
5,837,352
3,244,083
3,628,773
14,767,408
3,746,673
7,490,130
4,199,322
15,894,966
10,771,553
10,384,500
10,444,497
5,831,809
5,892,265
6,112,300
3,328,333
3,715,823
15,881,808
4,096,523
7,624,630
4,304,759
3,622,106
100,661,660
558,560
186,050
969,269
385,670
183,632
415,925
736,060
135,550
17,531,199
18,463,490
22,608,300
9,565,595
8,264,795
6,182,803
11,590,214
3,915,026
3,570,716
Maine....
New Hampshire..
Vermont
Massachusetts
Rhode Island
Connecticut.
Total New England
States
New York
New Jersey...
Pennsylvania Delaware
Maryland
$351,946
1,860,430
1,067,576
28,980,212
4,335,167
14,462,818
$35,000
105,000
120,75a
65,048,050
51,058,149
510,75a
74,463,018
49,840,200
92,412,050
2,199,000
5,668,000
30,309,303
10,745
22,027,943
50,50a
28,584,121 1,331,736
806,039
1,879,102
20,000
250,000
194,812,010 224,582,268
83,606,508
14,959,625
6,202,000
7,372,755
4,626,000
3,561,000
3,724,500
5,835,500
3,577,000
4,153,500
17,879,270
3,489,284
11,832,811
6,134,524
7,935,507
4,927,567
4,811,269
5,299,039
3,522,306
1,133,784
1,618,598
1,384,969
1,832,424
7,090,053
1,478,137
3,947,668
2,160,509
104,283,766
93,347,769
47,141,830
18,089,759
18,649,540
23,577,569
9,951,265
8,448,427
6,598,728
12,326,274
4,050,576
44,450,893
21,825,400
45,227,968
16,781,000
17,233,000
25,279,650
31,590,200
7,435,500
'8,121,422
101,692,138
2,287,496
2,751,962
3,858,866
5,842,721
2,798,488
1,357,940
3,860,549
866,743
10,141,153
2,394 717
2,923,620
4,069,016
6,058,171
3,104,813
1,429,440
4,186,249
997,943
10,603,717
209,823,611
.
11,622,886
10,636,500
6,120,607
7,138,350
7,027,004
3,710,500
4,759,500
460,200
4,863,500
34,716,020
107,221
171,658
210,150
215,450
306,325
71,500
325,700
131,200
462,564
2,001,768
33,765,918
35,767,686
56,339,047
10,843,624
199,7/a
440,443
157,034
1,022,025
308,426
48,100
117,100
47,200
3,827,513
2,866,553
13,710,476
2,456,010
637,094
473,100
1,210,346
4,267,956
3,023,587
14,732,501
2,764,436
685,194
590,200
1,257,546
8,450,500
5,615,200
21,838,140
6,278,000
862,000
1,297,500
1,250,000
1,274,413
1,085,253
5,951,387
1,073,059
249,507
104,479
316,527
15,000
19,500
10,000
6,000
Total Pacific States... 2,140,328 25,181,092
Total country banks.. 19,261,858 492,855,374
27,321,420 45,591,340
512,117,232 694,732,085
10,054,625
237,420,756
50,500
4,627,431
Total United States... 33,752,633
872,822,741 1,870,706,585 973,217,076
40,811,00
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 States...
North Dakota..
South Dakota..
Nebraska
Kansas
Montana..
Wyoming
Colorado
New Mexico....
Oklahoma
Total Western States..
Washington..
Oregon
California
Idaho
Utah
Nevada
Arizona
839,070,108
1,412,981
5,000
"56,666
13,000
54,508
1,000
10,685
134,193
957346"
7,552,296
5,133,639 l,257,00a
143,266
6,343,632
144,375
2,695,181
270,500
3,441,353
101,000
4,148,071
280,050
4,398,848
1,003,000
27,700
1,023,001
1,751,261
2,153,528
1,563,490
481,579
200,719
982,424
393,031
2,294,591
2,319 237
138,0(M>
46,250
5,520
10,000
REPORT OF THE COMPTROLLER OF THE CURRENLGY.
61
Liberty loan bonds and United States certificates of indebtedness owned and loaned on
by national banks. Mar. 4, 1919—Continued.
RECAPITULATION.
Net
amount
Cities.
Reserve cities....
Country banks..
%
Libertyloan
bonds
owned.
$1,102,000
1,917,691
Amount
Total
|
of
amount of
Total
Net amount Amount of on loans
secu1st, 2d, 3d, amount of
of U.S.
loans on
rity of
and 4th | all Liberty certificates security of
certifiLiberty j loan bonds of indebted- Liberty
cates of
loan bonds
owned,
ness owned. loan bonds. indebtedowned.
ness. $4,533,940
46,322,521
Total New England States . 3,019,691
50,856,461
5,908,670
1,272,400
6,009,249
117,848,331
74,496,327
188,802,761
Central reserve cities.
Other reserve cities...
Country banks
Total Eastern States... 13,190,319
$5,635,940
48,240,212
$55,418,000
65,048,050
53,876,152
120,466,050
102,738,641
3,544,013
123,757,001 506,735,500
75,768,727 158,306,500
194,812,010 224,582,268
332,549,330
168,381,457
83,606,508
9,836,200
7,151,200
1,412,981
381,147,419 394,337,738
889,624,268
$51,680,492 $3,033,263
510,750
51,058,149
584,537,295 18,400,381
1,894,255 49,599,049
3,622,106 100,661,660
51,493,304
104,283,766
99,368,700
93,347,769
43,378,944
47,141,830
809,557
134,193
Total Southern States.. 5,516,361
150,260,709
155,777,070
192,716,469
90,520,774
943,750
246,900
2,590,100
3,570,716
11,578,601
48,242,226
98,121,422
11,825,501
50,832,326
101,692,138
112,839,850
127,962,150
209,823,611
47,654,482 7,929,537
63,642,407 5,394,618
34,716,020 2,319,237
Total Middle States... . 6,407,716
157,942,249
164,349,965 450,625,611
146,012,909 15,643,392
316,650
2,001,768
12,731,260
33,765,918
13,047,910
35,767,686
28,853,800
56,339,047
7,649,982
10,843,624
95,450
199,770
Total Western States... 2,318,418
295,220
Reserve cities..
Country banks.
Central reserve cities.
Other reserve cities...
Country banks
Reserve cities..
Country banks.
Reserve cities..
Country banks.
Total Pacific States...
46,497,178
48,815,596
85,192,847
18,493,606
1,159,800
2,140,328
27,185,000
25,181,092
28,344,800
27,321,420
86,490,000
45,591,340
20,859,226 1,933,750
10,054,625
50,500
3,300,128
52,366,092
55,666,220
132,081,340
30,913,851
1,984,250
Total United States... 33,752,633 839,070,108 872,822,741 1,870,706,585 973,217,076 J40,811,006
TOTALS.
Central reserve cities
Other reserve cities
Country banks
$6,155,570 $129,426,932 $135,582,502 $619,575,350 $380,203,812 $17,765,737
8,335,205 216,787,802 225,123,007 556,399,150 355,592,508 18,417,838
19,261,858 492,855,374 512,117,232 694,732,085 237,420,756 4,627,431
Total United States... 33,752,633
839,070,108
872,822,741 1,870,706,585 973,217,076 40,811,006
SUBSCRIPTIONS BY NATIONAL BANKS FOR NOTES OF THE VICTORY LIBERTY LOAN, JUNE 30, 1919.
[In thousands of dollars.]
c
a
CITIES.
Number
of subscribers.
h
4f per
cent
Victory
Liberty
loan
received
by bank
and forwarded
by bank
to
e
f
4|per
Number
of subscribers.
Federal
Reserve
bank.
d
cent
4|per
Victory
cent
Liberty
Victory Total
loan
Number Liberty number
received of subloan
by bank scribers. received of suband forby bank scribers.
warded
and not
through
foranother
warded,
bank or
but kept.
intermediary.
li
Net
4|per amount
of4|
Total cent sub- per cent
of a, b, scriptions notes
and c. made by retained
bank
for own by bank
account. for its
own
account.
i
j
Percentage to
Total
total reamount
sources
1st, 2d,
of all
3d, and
Total
Total
4th
resources subscripamount
tions to
owned Liberty of national Victory
banks. Liberty
by banks. loan
bonds
loan forowned
warded
by bank.
(items a
and b).
CENTRAL RESERVE CITIES.
New York
Chicago
St. Louis
Total
Total all other reserve
cities
Boston
Albany
Brooklyn and Bronx.
Buffalo
Philadelphia
Pittsburgh
Baltimore
Washington
Richmond
Charleston
Atlanta
Savannah
Jacksonville
Birmingr1 am
New Orleans
Dallas... .
El Paso
13.01
8.7^0
10.20
264,609
167,577
48,593
559,424
84,583
29,931
7,343
13,980
490
296
46
6,010
70
39
272 442
167,873
48,639
579,414
84,653
29,970
149,543
15,349
898
75,690
12,719
685
78,377
22,328
427
129,333
10,441
1,576
4,406,645
972,046
293,395
480,779
673,938
7,343
13,980
832
0,119
488,954
694,037
165,790
89,094
101,132
141,350
5,672,086
12.13
1,184,497
675,627
15,473
10,430
7,233
6,363 1,207,208
692,420
64,939
52,388
87,984
185,296
6,368,350
10.74
54,695
62,523
14
1
1
54,710
62,525
366
202
914
4,104
590,013
10.60
26,902
14,680
38,485
158,978
64,195
26,551
41,889
10,873
10,871
12,181
97,204
57,722
21,251
12,486
26,902
14,845
38,485
162,629
64,302
26,775
50,721
10,873
11,028
12,181
102,094
59,068
21,940
14,766
1 624
732
1,143
802
7,102
13,085
4,035
955
7,748
10,398
2,818
767
662
526
151
12,413
9,909
2,681
2,122
2,043
1,718
566
16,620
24,824
7,331
7,843
69,211
48,736
61,600
867,131
467,931
217,353
112,668
15.71
22.31
19.77
11.58
12.49
9.85
13.08
3,975
6,508
14,791
750
5,633
7,325
402
11,844
6,659
12,989
4,055
8,444
511
4,610
2,456
5,281
5,705
1,346
4,195
6 568
14,798
750
5,994
7,325
405
11,846
6,663
13,513
4 055
8,587
511
4,978
2,456
5,346
6,105
1,357
645
977
422
321
541
698
1 487
499
321
217
81
829
829
2,774
1,424
272
1,525
1,354
1,605
207
60
5,620
3,113
967
85
1,257
827
1,170
2,071
1,279
131,921
29,359
99,498
5,162
45,103
33,264
68,755
93,577
24,369
10.02
13.81
8.63
9.90
10.40
7.38
7.77
6.10
5.56
1
105
157
98
6
9
8,361
3,215
734
149
2,248
3,553
101
215
471
1,075
612
540
32
6
234
214
7
143
5
si
3
65
i
10
290
I
356
287
2
3
400
1
782
'
Fort Worth<
Galveston.,
Houston
San Antonio
Waco..
Little Rock
Louisville
Chattanooga
Memphis
Nashville
13,107
13,107
637
17,233
8,898
3,416
818
15,116
4,467
2,490
3,843
3,614
367
7,121
2,822
1,078
724
7,076
3,550
1,841
4,868
Cincinnati
Cleveland
Columbus
Toledo
Indianapolis..
Chicago
Peoria
Detroit
Grand Rapids....
Milwaukee
Minneapolis
St. Paul.
Cedar Rapids
Des Homes
Dubuque
Sioux City
Kansas City, Mo.
St. Joseph
46,012
31,845
29,453
11,455
20,611
33,281
5,436
3,371
9,568
28,751
20,206
70,440
2,663
3,793
2,053
4,863
32,261
2,076
23,524
25,530
9,793
7,568
10,242
3,669
3,097
16,127
3,649
24,030
14,833
14,473
1,391
3,523
834
2,121
14,230
1,950
Lincoln
Omaha
Kansas City, Kans.
Topeka
Wichita
Denver
Pueblo
Muskogee
Oklahoma City
Tulsa
3,173
15,550
2,561
1,664
1,927
20,857
5,960
2,516
4,992
7,056
1,186
8,554
1,005
737
1,460
9,444
1,147
2,559
2,881
5,514
Seattle
Spokane
Tacoma
Portland
Los Angeles
Oakland
San Francisco..
Ogden
Salt Lake City.
26,828
8,386
5,591
20,024
37,798
29,085
64,405
2,064
11,575
12,539
3,440
1,839
9,538
14,765
4,326
45,359
977
4,154
Total all reserve cities
|
jl, 065,276 Jl, 349,505 j
13,108
637
17,235
8,899
3,416
819
16,160
4,467
2,4903,874
3,639
367
7,322
2,830
1,078
751
7,121
3,550
1,841
4,941
445
65
850
4
690
85
1,015
4
27
46,012
32,953
29,455
11,460
20,649
33,283
5,466
3,378
9,568
28,751
20,381
70,515
2,663
3,820
2,053
4; 866
32,262
2,076
23,524
27,031
9,815
7,658
10,315
3,674
3,106
16,264
3,649
24.030
14;963
14,491
1,391
3,577
834
2,134
14,240
1,950
1,710
2,583
1,246
100
60
75
54
3,721
9
4,851
38
3,173
15,550
2,561
1,672
1,931
20,858
5,960
2,519
4,993
7,951
1,186
8,554
1,005
965
1,576
9,500
1,147
2,600
2,896
5,664
28,913
8,395
4 ! 5,603
139 I 20,128
37,817
23
31,377
65,397
I,' 238"
2,200
11
11,575
12,806
3,547
1,893
9,677
15,231
4,589
46,973
988
4,154
12,482 1,690,162 jl,38G,457
201
1{
1,044 !
27
63
1,007
22
90
35
25
1,101
10
494
3S
137
173
75
27
228
16
3
1
850
41
15
85
2,055
9
262
107
100
56
2,292
650
443
263
376
22,810
24, 410
30 !
12
104
11
"342" I
142 !
8,070
647
494
200
872
106
3,049
369
7.14
27
25
300
172
1,634
564
85
1,148
378
165
295
2,100
1,102
430
1,372
1,696
338
5,071
2,326
1 296
364
961
490
1,196
13,844
50,934
7,628
90,406
33,365
16 871
7,000
79,688
36,788
17,913
70,757
8.10
• 8.46
6.39
10.73
8.94
9.65
10.28
6.97
1,428
2,025
1,492
195
60
95
104
2,721
63
2,325
146
142
400
748
20
121
722
72
951
5,994
1,585
2,213
4,186
936
205
1,508
247
3,927
275
895
310
1,963
98
237
4,301
414
2,422
4,251
2,657
1,776
2,437
1,779
510
4,101
882
1,295
1,265
4,930
369
3,422
316
591
4,655
808
157,054
225,330
60,815
65,896
95,006
30,113
36,077
144,175
32,474
136,319
174,861
118,013
28,470
43,058
7,020
38,027
238,909
31,698
14.98
11.78
16.14
11.62
10.82
12.20
8.58
11.28
11.24
17.63
8.51
12.26
4.89
8.18
11.88
5.61
5.96
6.15
50
385
3
4
212
348
762
258
249
153
626
38
535
623
314
394
3,401
354
186
294
1,235
700
315
2,493
1,080
19,730
135,867
11,584
7,995
29,079
99,409
15,363
15,628
37,999
61,704
6.01
6.30
8.68
12.07
5.08
9.50
7.46
16.64
7.62
9.07
3,381
1,179
282
2,454
2,856
820
13,109
1.077
2,200
106,100
37,797
16,605
95,448
143,841
28,783
410,450
11,872
42,774
12.07
9.38
11.38
9.99
10.57
15.95
11.14
8.23
9.71
326,646 12,040,436
11.40
13
165
394
30
133
63
446
30
283
38
167
50
939
400
744
833
72
278
286
744
1,689
6,751
92
724
2,678
92
536
221
149
329
1,211
977
1
3,199
97
570
230,729
141,482
189,110
•4.81
SUBSCRIPTIONS BY NATIONAL BANKS FOR VICTORY LIBERTY LOAN, JUNE 30, 1919—Continued.
[In thousands of dollars.]
a
States.
(1
c
b
4|per
4fper
cent
4f per
cent
Victory
cent
Victory
Liberty
Victory
Liberty
loan
Liberty
loan b y
received
Total
loan
bank
Number
Number by bank Number
of sub- and for- of sub- and for- of sub- received number
of subscribers. warded scribers. warded scribers. by bank scribers.
and not
by bank
through
forto
another
warded,
Federal
bank or
but kept.
Reserve
intermebank.
diary.
Total
of a, b ,
and c.
e
f
4f per
cent subscriptions
made b y
bank
for own
account.
g
h
i
i
Total
amount
1st, 2d,
3d, and
4th
Liberty
loans
owned.
Percentage to
total resources
of all
Total
resources subscriptions to
of national Victory
banks.
Liberty
loan forwarded
(items a
and b).
1,205
1,124
720
5,485
1,171
4,995
3,619
4,440
2,031
18,488
1,980
12,327
94,917
8.49
21.49
60,138
11.83
49,495
347,437 "' 19.13
63,610
19.51
229,715
25.38
Net
amount
of4|
per cent
Total
notes
amount
retained owned
by bank by banks.
for its
own
account.
COUNTRY BANKS.
Maine.
New Hampshire
Vermont
Massachusetts .
Rhode Island
Connecticut
. .
Total New E ngland States..
New York
New Jersey
Pennsylvania,
Delaware
Maryland
Total Eastern States
Virginia.
West Virginia.,
North Carolina
South Carolina
Georgia
Florida
Alabama
Mississippi
Louisiana
Texas
7 794
12,738
5 843
65,689
12 410
58,018
36
269
I
283
51
1,661
186
21
1,686
252
791
965
109
244
286
818
386,286
162,492
2,275
1,553
289,765
209,745
486,400
3 171
20,315
102 160
76,221
157,107
3 047
9,376
2,725
2,977
14,769
9
517
5
30
149
1,009,396
347,911
20,485
8,788
9,622
59 256
27 961
11,407
9,468
11 949
12 922
11,007
9,357
9 574
83,911
25 767
15 011
14,236
10,671
8 322
6 570
7,596
5,721
5 791
26,344
759
636
376
320
836
175
91
118
487
540
25
562
407
29
45
3
35
659
14
221
29
45
12
11
94
198
464
746
4
11
451
151
204
2
25
369
18 377
37,305
17,617
168,641
21 676
122,670
5
451
1,098
5,307
2,928
6
134
18,414
39,274
17,920
171,267
21,676
123,732
8,165
13,054
5,891
06,588
12,410
58,438
3,722
502
392,283
2,809
1,594
5,058
12
548
295,299
214,316
506,227
3,192
20,469
102
690
810
641
356
5,064
1,450
4,512
578
432
4,893
1,055
3,711
164,546
12,713
11,479
14,700
42,885
845,312
19.41
103,225
82,746
162,431
3,077
9,454
10,533
9,758
25,495
637
1,471
12,361
13,081
32,584
588
2,521
24,472
15,090
44,980
404
3,188
42,990
33,002
85,187
1,523
7,043
687,403
522,566
1,154,009
21,551
91,549
14.94
15.60
13.87
14.17
10.27
4,234 1,039,503
300,933
47,894
61,135
88,134
169,745
2,477,078
14.40
60,881
23,822
11,894
10,053
11,977
13,607
11,782
9,366
10,036
85,460
23,234
15,419
14,833
11,737
8,365
6,766
7,812
5,734
5,911
26,911
2,998
1,732
838
1,780
1,002
1,321
3,101
2,684
1,733
1,657
1,917
1,359
1,457
4,204
3,012
3,381
3,374
1,786
2,202
2,305
2,048
1,442
3,155
15,008
7,994
7,887
6,595
5,095
4,518
5,365
2,447
3,274
14,996
241,248
143,958
133,936
93,499
89,173
65,028
95,962
49,691
62,699
387,188
10.84
10.65
11.05
11.85
9.36
10.17
7.93
11.54
9.39
6.86
130
27
1,218
2,395
24
49
815
230
332
1,926
973
822
3,263
Arkansas.
Kentucky.
Tennessee
8,971
21,674
11,802
Total Middle 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
..
47
230
60
61
283
196
45
124
108
109
38
292,319
Total Southern States
Ohio
Indiana
Illinois....Michigan
"Wisconsin
Minnesota
Iowa
Missouri
5,034
12,664
9,031
152,808
4,578
2,458
3,130
205,139
79,805
129,900
74,254
94,052
88,029
81,587
16,688
67,196
35,350
54,949
18,185
27,014
24,260
28,655
7,712
817
4,655
517
1,704
66
255
1,946
94
874
628
486
102
56
210
807
34
739
210
1,333
136
3
33
138
155
5,202
12,894
9,402
972
1,014
1,008
1,494
2,323
1,504
1,877
4,122
2,908
1,983
300,027
157,250
1G,O58
24,287
35,816
86,869 1,640,071
125
103
4G5
27
68
9
81
96
205,695
84,670
131,780
76,094
91,121
83,317
S3,071
16,937
68,196
33,081
55,900
18,374
27,139
21,479
23,543
7,841
3,524
3,256
6,218
1,285
1,859
524
1,789
407
5,509
4,801
7,611
2,530
1,779
818
3,217
926
11,548
8,751
15,596
5,244
4,210
2,193
5,882
2,150
14,937
13,108
20,063
7,903
8,068
7,701
11,677
3,625
475,741
285,551
456,950
178,749
206,044
272,022
298,347
80,159
14.31
12.60
12.13
10.26
13.14
9.00
9.88
9.66
87,682 2,253,563
11.82
9,454
233,321
10,084
3,257
2,747
974
782,285
237,553
18,922
27,191
55,574
29,994
31,624
28,815
31,800
21,254
13,067
39,603
8,329
24,661
7,911
8,339
10,365
15,214
4,588
4,530
8,529
1,902
10,394
110
171
315
64
24
15
149
100
6
76
327
26
237
76
28
630
239
623
18
217
6
430
18
39
155
89
107
1
34
1
263
30,180
31,823
29,820
32,103
21,973
13,093
41,324
8,390
25,580
7,952
8,393
10,670
15,403
4,731
4,607
8,889
1,929
10,894
425
145
1,097
832
210
315
772
175
1,490
785
206
1,859
1,593
239
350
767
156
2,569
1,379
1,419
2,143
3,117
812
660
1,697
135
2,490
229,147
71,772
2,842
960
2,297
738
234,286
73,468
5,461
8,524
13,852
20,317
18,594
136,915
23,469
5,246
3,639
7,859
7,487
6,914
40,550
5,989
784
1,383
1,933
22
156
738
27
59
177
1,154
9
324
275
19
13
1G8
58
3
20
15
20,408
19,074
137,928
23,515
5,216
3,639
7,881
7,558
7,259
41,763
6,002
784
1,383
1,950
1,010
1,186
3,024
556
78
175
88
1,250
1,081
2,519
783
163
218
191
1,500
1,207
4,071
921
200
185
247
216,039
65,010
915
1,401
707
257
217,691
,033,344 j 41,209
18,417
Total country banks
2,902,641
Total United States
4,567,917 2,412,909
9,1G7
24,706
12,216
1,504
55
61,025 I 42,827
3,348
6,700
3,642
2,557
2,714
3,680
5,052
2,942
1,241
3,613
1,002
8,993
56,017
134,908
87,364
98,732
111, 299
129,242
163,881
104,518
53,685
96,752
35,506
164,961
31,794 | 958,570 |
4,545
3,808
14,142
2,952
532
678
975
78,055
71,245
307,043
67,185
8,445
17,195
25,953
27,632
9.09
9.43
10.72
8.04
7.51
8.14
9.34
4.40
8.58
9.15
5.43
6.44
7.59
9.67
9.95
13.58
8.93
9.28
8.04
7.46
65,699
6,117
6,205
8,931
575,121
11.55
6,075 1,090,449
107,165
138,821
217,007
446,607 8,750,321
12.36
21,170 4,662,237 2,476,906
337,894
230,303
405,123
773,253 20,790,757
11.81
8,688
a
LIBERTY LOAN BONDS, VICTORY NOTES, AND U. S. CERTIFICATES OF INDEBTEDNESS OWNED AND HELD AS COLLATERAL FOR LOANS,
ETC., BY NATIONAL BANKS SEPT. 12, 1919.
[In thousands of dollars.]
a
Cities.
U. S. Liberty
bonds owned.
e
c
b
Held as collateral for
loans made.
d
U. S. Victory
notes ( 3 | and
4f per cent)
owned and
fully paid for.
Balance due
on Victory
notes subscribed for
b u t not fully
paid.
f
U. S. Victory
notes held
as collateral
for loans
made.
g
U. S. certificates of
indebtedness
owned.
U. S. certificates of
indebtedness
held as collateral for
loans made.
I
8
CENTRAL RESERVE CITIES.
124,317
6,029
4,126
New York
Chicago
St. Louis
265,370
46,154
16,200
65,261
10,595
2,711
4,664
3,946
443
149,278
8,865
4,070
312,424
74,486
10,132
12,377
2,528
301
134,472
327,724
78,567
9,053
162,213
397,042
4,097
Total
46,027
850
177
10,284
22,270
5,303
1 822
1*400
776
16,724
25,842
7 096
6,334
1 928
4 059
5,162
108,625
34,345
12,527
2,828
998
461
2,681
12,645
10,379
2,734
2,451
191
333
70
1,446
2,304
1,667
571
2 198
876
2,424
32,745
7,618
2,070
1,038
4 152
1,393
4,736
28,610
24,052
12,820
4,593
72
1,226
716
25
10
5,678
3,219
563
1,534
769
454
5,578
1,411
1,547
339
4,794
2,662
1 115
483
1,507
1,575
15,286
1,890
4,910
2,178
1,032
2,080
1,102
394
1,131
39
1,578
502
259
173
3,460
900
241
1,905
1,693
2,263
606
929
1,686
274
956
83
1,214
437
438
275
2,087
1,220
423
264
165
3,801
223
3,936
21
251
316
257
305
53
899
325
27,065
3,664
2,065
4,077
20,751
690
3,700
20
7,080
715
1,005
262
3,002
3,912
O
O
15,206
ALL OTHER RESERVE CITIES.
Boston
Albany
Brooklyn and Bronx
Buffalo
Philadelphia
Pittsburgh
Baltimore
Washington
Richmond
.
. . . .
Charleston
Atlanta
Jacksonville
Birmingham
. . . .
New Orleans
Dallas
El Paso
Fort Worth
Galveston
Houston
San Antonio
Waco
Little Rock
. .
Louisville
Chattanooga
,
.
160
21
475
14
191
55
64
453
1,013
52
98
26
398
500
108
105
125
5
15
55
90
25
100
p
1-3
w
9
Memphis
Nashville
Cincinnati
Cleveland
Columbus
Toledo
Indianapolis
Chicago
Peoria
Detroit
Grand Rapids
Milwaukee
Minneapolis
St. Paul
Cedar Rapids
Des Moines
Dubuque
Sioux City
Kansas City, Mo
St. Joseph
Lincoln
Omaha
Kansas City, Kans
Topeka
Wichita
Denver
Pueblo
Muskogee
Oklahoma City
Tulsa
1,285
12,915
Seattle
Spokane
Tacoma
Portland
Los Angeles
Oakland
San Francisco
Ogden
Salt Lake City
680 !
2,586 |
555
1,627
409
292
890
5,321
15
10
1,583
1,662
249
304
915
441
127
285
185
1,356
74
1,001
271
70
182
37
543
77
1,128
2,246
920
649
282
43
6
815
288
593
651
133
125
40
15
4
749
58
13,386
8,067
1,411
3,798
5,937
1 636
1,237
16,504
772
4,454
8,461
11,060
829
3,391
466
1,735
18,451
1,976
140
125
50
20
6
5
249
48
9
21
236
89
62
97
127
500
8,957
230
373
505
2,772
160
550
2,978
3,938
93
173
30
261
674
5
2,997
15
269
10,036
3,031
3,554
6,973
S, 009
699
16,419
400
3,934
26,169
85,205
365,658
35,222
247,418
1,768
4,043
3,853
1,
916
1,572
2,057
387
5,457
838
1,059
1,619
4, 903
363
5 572
574
933
6,572
798
8,174
19,696
2,267
4,690
3,364
869
363
4,930
930
4,483
8,827
4,903
315
902
489
696
5,536
616
2,162
5,060
1,443
2,340
2,911
778
176
4,616
623
4,794
1,395
896
432
1,445
240
323
5,113
564
591
4,157
496
162
672
655
764
441
2,534
1,155
204
3,249
468
378
433
2,555
22
221
489
1,117
403
778
104
98
756
714
247
526
969
215
4, 221
1,129
595
634
1,
3,094
770
12, 253
272
1,
2,90S
2,268
976
101
1,255
3, 786
190
11,S55
263
915
834
490
312
986
1,108
157
2,527
92
886
Total
195,316
358,476 j
Total ail reserve cities
329,788
686,200 |
99,201
177,768 I
1,111
66
249
1,156
205
145
180
1,750
397
668
713
495
57
153
762,700 j
35
89
109
325
22
163
75
O
s
W
480
125
n
o
g
H
o
15
3
19
20
40
lOf25
10
95
W
o
H
W
LIBERTY LOAN BONDS, ETC., SEPT. 12, 1919—Continued.
00
[In thousands of dollars.]
a
States.
c
b
U. S. Liberty
bonds owned.
e
d
U. S. Liberty U. S. Victory
notes (Si and
bonds held
as collateral for 4f) owned and
fully paid for.
loans made.
Balance due
on Victory
notes subscribed for
b u t not fully
paid.
1
U. S. Victory
notes held
as collateral
for loans
made.
S
U. S. certificates of
indebtedness
owned.
U. S. certificates of
indebtedness
held as collateral for
loans made.
COUNTRY BANKS.
Maine
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut
$3,704
4,579
2 028
19,778
1 979
11,724
Total Eastern States
Virginia
West Virginia . . . .
North Carolina
South Carolina
Georgia
Florida
Alabama
Mississippi
Louisiana
Texas
Arkansas
Kentucky
Tennessee
. . . .
.
Total Southern States
...
-
. . . .
.
. . .
$195
447
253
2,342
251
906
$479
951
281
3,723
1,110
2,827
$2,982
2,739
2,138
15,943
2,091
9,059
£33
50
25
428
42,561
13,731
4,394
9,371
34,952
545
26,588
23,436
28,570
731
2,312
21,227
15,918
41,614
441
2,893
4,060
3,619
5,692
182
250
9,623
5,190
5,441
103
425
44,273
25,047
41,146
886
1.896
542
1-7
1,872
171,212
New York
New Jersey
Pennsylvania
Delaware
Maryland
$1,113
1,200
555
5,392
1,107
4,364
43,937
33 330
85,360
1 395
7,190
Total New England States
$1,865
2,534
1 195
21,913
3 751
11,303
43,792
.
81,637
82,093
13,803
20,782
113,24S
2,481
15 116
7,785
8,718
9 094
5,145
4,883
5,158
2,439
3,184
16,552
3,781
7,116
4,070
9,039
5,449
6,346
4,538
3,169
1,545
1,455
1,509
1,489
4,637
1,814
3,560
1,946
5,227
3,947
3,688
3,606
1,940
2,239
2,0S6
1,609
1,265
3,819
1,567
3,484
2,938
1,878
1,174
1,103
1,372
'627
291
352
61
190
1,418
260
267
469
1,656
616
1,286
698
643
159
168
310
136
1,056
315
372
307
7,865
2,773
4,044
2,019
2,486
4,399
4,724
1,940
2,247
27,130
1,510
6,114
2,778
99
15
70
200
10
50
20
10
106
93,041
46,526
37,415
9,462
7,722
70,029
581
w
9
o
o
g
H
W
O
O
1
M
H
a
d
w
'B
o
<
Ohio
Indiana
Illinois
Michigan
Wisconsin
Minnesota
Iowa .
Missouri
16,505
13,366
22,159
8,514
9,466
9,343
14,629
3,581
. . .
.
...
,
Total Middle States
3,307
1,396
1,630
1,130
2,062
1,044
867
96
1,625
1,880
890
738
735
1,021
833
132
19,760
12,861
25,522
8,303
11,324
18,652
13,714
4,031
434
146
39
763
80
146
468
187
36,816
49,135
11,532
7,854
114,167
2,263
1,220
1,463
1,345
1,533
570
430
935
409
2,005
2,037
1,418
1,984
2,769
779
937
1,610
161
3,183
556
339
426
413
238
558
571
139
1,165
369
433
296
147
223
44
519
12
189
4,671
4,402
2,190
3,137
3 011
2,077
2,041
459
3,648
20
76
128
278
9,910
14,878
4,405
2,232
25,636
596
o
4,773
4,008
16,235
3,477
775
616
1,043
1,176
1,234
7,174
1,012
259
291
415
1,715
1,128
4,927
1,230
164
227
227
372
229
2,102
344
56
7
166
460
271
1,511
160
18
3
17
3,679
2,775
12,648
6,282
298
1,073
433
80
24
14
25
o
5
p
97,563
North Dakota
South Dakota
Nebraska
Kansas
Montana
Wvoming
Colorado
New Mexico
Oklahoma.
Total Western States
Washington
Oregon
California
Idaho
.
.
Utah
Nevada
Arizona
Alaska (member banks)
9,395
8,495
11,803
4,670
4,933
2,765
5,294
1,780
35,430
-
8,431
5,786
5,776
2,954
4,868
4,615
3,283
1,103
2,756
3,314
4,207
5,846
3,061
1,545
3,896
1,101
9,704
.
.
. .
...
*
1
3
92
Total Pacific States
30,927
11,561
9,618
3,278
2,440
27,188
471,965
229,011
206,870
46,872
50,401
385,220
6.614
801,753
915,211
384,638
82,094
297,819
• 1,147,920
32,379
H
O
w
148
Total country banks
w
hd
o
w
Total United States
. . .
H
a
70
REPORT OF THE COMPTROLLER OF THE CURRENCY.
CLASSIFICATION OF FOREIGN GOVERNMENT BONDS OWNED BY NATIONAL BANKS
ON JUNE 30, 1919.
[In thousands of dollars.]
Bonds of
German or
Austrian
Governments.
Bonds of
the
Russian
Government.
Bonds of
other
foreign
Governments.
2
88
1,050
4,369
13,077
507
5,113
2
1,138
17,446
5,620
285
5
9
4,424
1,621
3,584
40.766
19,066
41,513
4,648
3,999
18,829
299
9,629
101,345
27,476
184
502
2 903
7,080
1 333
2*426
686
9,983
3, 759
51
88
480
883
7,829
13,353
16,514
51
1,451
37,696
14,373
4
164
141
2,100
2,597
743
917
4
305
4,697
1,660
35
379
99
4,990
3,645
366
1,058
35
478
8/635
1,424
5
5
391
13,692
179,807
54,312
285
91
15
4,512
2 916
6,264
48 595
46 781
84,431
4 881
9 934
39,497
391
13,692
179,807
54,312
New England States:
"Reserve city
Country banks
Total
Eastern States:
Central reserve city
Other reserve cities
Country banks
Total
Southern States:
Reserve cities
Country banks
Total
Middle Western States:
Central reserve cities
O t h e r reserve cities
Country banks
. . . .
. .
Total
Western States:
R e s e r v e cities
Country banks
Total
. .
. . .
Pacific States:
Reserve cities
Country banks
Total
Alaska and Hawaii (nonmember banks)
Grand total
Other
foreign
bonds
and
securities.
•
233
2,986
11,154
RECAPITULATION.
Central reserve cities
Other reserve cities
Country banks, Alaska and Hawaii (nonmember banks)
Total •
l
BANK PREMISES AND OTHER REAL ESTATE OWNED.
The amount invested in banking house, furniture, and fixtures,
as shown by the reports made on September 12, 1919, was
$327,427,000, an increase during the year of $12,785,000. While
this investment shows an increase in amount, the percentage to the
capital, surplus, and profits remains about the same as on August 31,
1918, namely, 13.4 per cent. Other real estate owned was reported
on September 12, 1919, at $47,813,000, an increase of $1,171,000
since August 31, 1918.
DUE FROM BANKS.
On September 12, 1919, the amount of reserve on deposit with
Federal reserve banks was $1,227,341,000 as compared with
$1,099,208,000 on November 1, 1918, while the amounts due on
collection items by the Federal reserve banks had also increased
from $260,425,000, November 1, 1918, to $377,861,000 on September
12, 1919. The increase in both items between the dates mentioned
KEPOET OF THE COMPTROLLER OF THE CURRENCY.
is $245,569,000. During the same period the net amounts due from
national banks increased from $1,177,169,000 to $1,268,627,000, and
net amounts due from other banks, bankers, and trust companies,
from $356,137,000 to $439,049,000. The increase in amounts due
from other banks between the dates named was $174,370,000.
NATIONAL BANK DEPOSITS WITH FEDERAL RESERVE BANKS.
The following table shows the amounts and also the increases and
decreases of deposits, including items in process of collection, of
national banks with the Federal reserve banks since December 31,
1914:
[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
Mav 1,1917
June 20, 1917
Sept. 11, 1917 !
Nov. 20, 1917
Dec. 31,1917
. .
Mar. 4,1918
May 10,1918
June 29, 1918
Aug. 31, 1918
Nov. 1, 1918
Dec. 31,1918
Mar. 4, 1919
May 12.1919
June 30,1919 .
Sept, 12,1919.........
SPECIE AND GOLD AND SILVER
Due from
Federal
reserve
banks.
Increase.
261 460
290 678
290 413
312,658
315 409
366,185
403 985
431,195
428 191
476,103
531 028
649,171
707,497
750,202
761, 995
820,584
1,172,810
1 242 819
1,268, 862
1 243 031
1,276 346
1,313,449
1 307,747
1,359,633
1,466,547
1,422,483
1 470 477
1, 496, 384
1,605,202
29 218
Decrease.
26 C >
22 245
2 751
50,776
37 800
27' 210
3,004
47 912
54 925
118 143
58,326
42 705
11,793
58 589
352 226
70 009
26 043
33 315
37,103
25.83i
5,702
51,886
106 914
47 994
25 907
108,818
44,064
CERTIFICATES,
The following table shows the changes in holdings of various classes
of coin and coin certificates between the calls of June 29, 1918, and
June 30, 1919, the net result being a decrease in the aggregate amount
held of $31,927,000. On the other hand, during this same period
balances maintained with the Federal reserve banks were increased
by $182,935,000, far more than offsetting the decrease in holdings of
coin and coin certificates.
Comparison of coin and coin certificates held by all national banhs on June 29, 1918, with
June 30, 1919.
[In thousands of dollars.]
J u n e 29,
1918.
Oold coin
Gold certificates
Clearing-house certificates
Silver dollars
Silver certificates
Fractional silver and minor coin
Total
Net decrease
J u n e 30,
1919.
Increase. Decrease.
34 261
42,910
11,639
11,170
53,317
28,581
25 893
28,201
10,940
11 025
42,564
31,328
2,747
181 878
149 951
2 747
8 368
4,709
699
145
10,753
34 674
31,927
72
REPORT OF THE COMPTROLLER OF THE CURRENCY.
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
money of the United States reported on August 31, 1918, was
$364,130,000, while on September 12, 1919, it was $439,211,000,
an increase of $75,075,000.
EXCHANGES FOR CLEARING HOUSE.
The aggregate of exchanges has varied greatly at each call date,
the greatest amount being held on December 31, 1918, when they
were $816,455,000. The next report shows this amount nearly cut
in half, the aggregate on that date being $479,040,000. On September 12, exchanges amounted to $610,331,000, or $76,896,000
more than at the first report date for the year, November 1, 1918.
LIABILITIES.
CAPITAL STOCK, SURPLUS, AND UNDIVIDED PROFITS.
The capital stock of all national banks increased from $1,107,760,000 on November 1,1918, to $1,137,995,000 on September 12,1919, or
$30,235,000 compared with the increase for the preceding year of
$11,521,000. The surplus increased steadily throughout the year
from $829,663,000 on November 1, 1918, to $886,080,000 on September 12, 1919, or $56,417,000. Undivided profits show an increase of
$36,831,000 during the same period.
The total increase for the year in capital, surplus, and profits
amounts to $123,483,000.
CIRCULATION OUTSTANDING.
A reduction in the amount of circulating notes is observed from
November 1, 1918, to March 4, 1919, when the national bank circulation reached the lowest period for the year, $673,923,000. After
that date the amount increased until on September 12 it was $681,589,000 or $5,891,000 more than on November 1, 1918.
National bank circulation outstanding at date of each report from November 1, 1918.
[In millions of dollars.]
! New
i York
! City
i banks.
Dates.
Nov. 1,1918
Dec. 31,1918
Mar. 4,1919
May 12,1919
June 30,1919
Sept. 12,1919
•
New
York,
Chicago,
and St.
Louis
banks.
Other
reserve
city
banks.
37.4
37.5
37.5
40.6
39.9
37.7
49.4
48.8
48.8
5?.O
51.1
48.7
173.5
1735
170.0
170.9
171.2
172.8
All
reserve
city
banks.
222.9
222.3
219.4
222.9
222.3
221.5
County
banks.
452.8
454.5
454.5
454.0
454.9
460.0
Total
United
States.
675.7
676.8
673.9
676.9
677.2
681.5
REPORT OF THE COMPTROLLER OF THE CURRENCY.
73
DUE TO BANKS.
The amounts due to Federal reserve banks, national banks, and
other banks, bankers, and trust companies aggregated $3,066,985,000
on September 12,1919, or $181,049,000 more than on August 31, 1918.
INDIVIDUAL DEPOSITS.
The total of demand and time deposits on November 1, 1918, was
$10,757,404,000, and on September 12, 1919, $12,672,567,000. Of
the increase, $1,366,641,000 was in demand deposits and $548,522,000
in time deposits.
Deposits increased steadily from call to call during the year,
except on March 4, when the demand deposits were reported to be
less, and consequently the total was less, than at the preceding call.
The next report, however, shows an increase in demand deposits and
of all deposits.
Postal savings deposits are required by law to be included with
time deposits 'in computing reserve.
UNITED STATES DEPOSITS.
United States funds on deposit in national banks were only $518,903,000 on September 12, as compared with $1,136,884,000 on
November 1, 1918. The lowest amount of these deposits held
during the year was $313,381,000 on December 31, 1918.
BONDS AND MONEY BORROWED.
On September 12, 1919, the aggregate amount of United States
bonds and other bonds and securities borrowed, and bills payable
with the Federal reserve banks and others, aggregated $1,260,341,000
or $443,860,000 more than on August 31,1918.
The bills payable with Federal reserve banks increased during the
year from $600,051,000 to $1,013,966,000.
In addition to the direct liabilities for money borrowed, the banks
had a contingent liability on September 12,"l919, on account of
notes and bills rediscounted to the amount of $440,910,000, as compared with $629,454,000 on November 1, 1918.
The smallest amount of rediscount liability shown during the
year was on May 12, 1919, when the aggregate was $348,203,000.
BANK ACCEPTANCES.
The use of bank acceptances is growing. These acceptances on
September 12, 1919, amounted to $323,226,000, which was an increase since August 31, 1918, of $79,454,000, or 32.59 per cent, notwithstanding the fact that the aggregate declined from August 31,
1918, to May 12, 1919.
TOTAL RESOURCES AND LIABILITIES.
While many of the items included in resources and liabilities show
an increase since November 1, 1918, the major portion of the increase of $1,794,012,000 will be found in loans and discounts in the
resources, and deposits in the liabilities.
74
REPORT OF THE COMPTROiLLER 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 date of each call during the year,
there is submitted herewith a statement, by geographical divisions,
based upon the returns for each call during the year, of the volume
of loans, investments in bonds, cash and cash items, and deposits.
Changes in volume of principal assets and in deposits, by geographical divisions, 1918-19.
[In thousands of dollars.]
Loans
(including
overdrafts
and rediscounts).
New. England States:
Nov. 1, 1918
Dec. 31,1918
Mar. 4, 1919
May 12, 1919
June 30,1919
Sept. 12, 1-919
Eastern States:
Nov. 1, 1918
Dec. 31, 1918
Mar. 4,1919
May 12, 1919
June 30, 1919
Sept. 12, 1919
Southern States:
Nov. 1, 1918....
Dec. 31, 1918
Mar. 4,1919
May 12,1919
•
June 30,1919
Sept. 12,1919
Middle Western States:
Nov. 1,1918
Dec. 31,1918
Mar. 4,1919
May 12,1919
June 30,1919
Sept. 12,1919
Western States:
Nov. 1, 1918
Dec. 31,1918
Mar. 4,1919....
May 12,1919....
June 30,1919
Sept. 12,1919
Pacific States:
Nov. 1,1918
Dec. 31,1918
Mar. 4,1919
May 12,1919
June 30,1919
Sept. 12,1919
Alaska and Hawaii (nonmember banks):
Nov. 1,1918
Dec. 31,1918
Mar. 4,1919
May 12,1919
June 30,1919
Sept. 12,1919
Total United States:
Nov. 1,1918
Dec. 31,1918
Mar. 4,1919
May 12,1919
June 30, 1919
Sept. 12,1919
1
Bonds, etc.
(including
all issues of
Cash
U. S. Gov- and cash
ernment
items.
securities
and stocks).
Demand
deposits.!
Time
deposits.
880,233
830,243
773,980
782,187
860,794
872,571
385,200
328,619
392,758
417,418
341,917
348,888
72,701
85,132
52,885
61,822
67,576
58,618
702,374
731,749
670,921
710,868
708,110
760,064
135,130
138,383
147,582
150,090
154,211
159,878
4,261,937
4,127,387
3,880.658
3,972,445
4,381,826
4,429,953
2,322,409
2,291,357
2,609,082
2,811,280
2,351,769
2,410,068
623,464
897,299
560,2^1
754,448
808,004
649,913
3,683,781
4,187,888
3,464,363
3,733,559
3,752,055
3,845,997
787,647
821,330
880,742
895,814
894,191
952,914
1,396,406
1,402,763
1,384,844
1,397,955
1,432,775
1,524,078
564,422
541,243
613,087
666,206
618,561
641,314
98,923
115,945
98,979
97,606
95,758
96,240
1,070,372
1,148,207
1,131,198
1,138,769
1,132,552
1,216,259
304,029
318,075
349,999
365,142
377,525
395,783
2,696,710
2,576,916
2,557,115
2,587,760
2,745,595
2,978,718
1,081,055
1,103,059
1,234,885
1,298,980
1,169,714
1,211,893
211,735
259,389
199,312
228,550
230,593
233,582
1,907,494
2,048,317
2,017,155
2,132,857
2,148,810
2,388,288
720,222
754,748
802,927
833,617
855,879
886,954
783,314
774,326
785,845
803,799
838,508
885,758
251,840
243,948
271,519
282,392
238,579
255,634
50,063
53,999
49,643
53,608
52,382
52,964
635,978
665,061
650,158
679,140
662,806
737,398
238,859
243,676
257,617
264,800
276,539
287,115
721,372
718,620
708,667
718,135
761,668
847,355
325,342
324,448
370,008
403,053
329,067
345,494
52,246
66,881
54,910
66,039
65,462
69,176
637,238
676,111
621,725
705,053
698,258
799,684
186,108
197,088
213,239
219,318
226,097
237,869
2,936
3,014
2,855
3,164
3,093
3,070
2,293
2,352
2,413
2,511
2,316
2,518
1,070
809
805
894
1,295
3,581
3,244
2,864
3,288
3,601
3,843
517
568
560
464
498
521
10,742,908
10,433,269
10,093,964
10,265,445
11,024,259
11,541,503
4,932,561
4,835,026
5,493,752
5,881,840
5,051,923
5,215,809
1,110,018
1,479,715
1,016,799
1,262,878
1,320,669
1,161,788
8,640,818
9,460,577
8,558,384
9,103,534
9,106,192
9,751,533
2,372,512
2,473,868
2,652,666
2,729,245
2,784,940
2,921,034
Certified checks and cashier's checks outstanding included in demand deposits Nov. 1 and Dec. 31.
REPORT OF THE COMPTROLLER OF THE CURRENCY.
7O
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 aggrefate resources, capital and surplus and other profits to individual
eposits, and cash on hand and balances with Federal reserve banks
to individual deposits, are shown in the table following for the years
1914 to 1919, inclusive:
Sept. 12,
1914.
Items.
Capital to individual
deposits
Capital to loans
Capital to aggregate resources
Capital and surplus and
other profits to individual deposits
Cash on hand and balances with Federal
reserve bank to lindividual deposits
Sept. 2,
1915.
Sept. 12,
1916.
Sept. 11,
1917.
Aug. 31,
191S.
Sept. 12,
1919.
$1.00 t o |!5.79 $1.00 t o $6.32 $1.00 t o $'17.91 $1.00 t o $9,151 $1.00 t o $9.53 $1.00 t o $11.14
1.00 t o 6.04 1.00 t o 6.32 1.00 t o 7.42 1.00 t o 8.46! 1.00 t o 9.16 1.00 t o 9.74
1.00 t o 10.83 1.00 t o 11.47 1.00 to 13.50 1.00 to 15.1-
1.00 to 16.39 1.00 t o 18.98
1.00 t o 2.96 1.00 t o 3.23 1.00 to 3.99 1.00 to 4.56 1.00 to 4.51 1.00 t o
5.19
1.00 t o 6.36 1.00 to 5.53 1.00 to 6.14 1.00 to 6.621 1.00 to 6.27 1.00 t o
6.20
i A t t h e t i m e of t h e report referred to prior to Sept. 2, 1915, t h e Federal reserve b a n k s h a d n o t begun
operations.
PERCENTAGE OF PRINCIPAL ITEMS OF ASSETS AND LIABILITIES OF
NATIONAL BANKS.
On an average, approximately 67 per cent of the banks' assets are
represented by loans and United States bonds; and about 70 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 1909 to 1919, inclusive:
Items.
1909
1910
1911
1912
Loans and discounts, including P.ct. P.ct. P.ct. P.ct.
53.5 55. 6 54.5 55.1
rediscounts.
7.6
7.4
7.1
7.5
United States bonds
Total
61.1 63.1 61.9 62.2
9.8 10.2
9.4
9.9
Capital
Surplus and profits
8.4
8.9
8.7
8.7
52.3 52. 4 52.9 53.8
Deposits (individual)
70.5 71.5 71.5 71.9
Total
1913
1914
1915
1916
1917
1918
1919
P.ct. P.ct. P.ct. P.ct. P.ct. P.ct. P.ct'.
56.7 55. 7 55.0 54.5 55 °. 54 1 51 3
7.3
6.8
6.4
5.1
6.9 13.2 U5.3
64.0
62.5
9.7
9.2
61.4
62.1
67.3
66.6
59
6.7
56.3
53
6.0
58.6
73. 3
68.9
69.9
59.6
9.1
53.0
8.8
53.5
87 7 4 65
8,3
6.9
7.3
55.1 58. 6 60.9
71.8
71.5
72.1
74.3
i Percentage based on all issues of United States Government securities.
RESERVE.
The following table shows the amounts and percentages of lawful
reserve held by the national banks at each report date since November 1, 1918, and also that there has been a large surplus in the
reserve in every section throughout this period:
76
BEPORT OF THE COMPTROLLER OF THE CURRENCY.
[In thousands of dollars.]
Per
Amount cent of Amount
of reserve reserve of excess
held.
held. reserve.
Date of call.
RESERVE CITIES.
COUNTRY BANKS—COn.
Central reserve cities:
Nov. 1,1918
Dec. 31,1918......
Mar. 4,1919
May 12,1919
June 30,1919
Sept. 12,1919
Other reserve cities:
Nov. 1,1918
Dec. 31,1918
Mar. 4,1919
May 12,1919
June 30,1919......
Sept. 12,1919......
Total reserve cities:
Nov. 1,1918
Dec. 31,1918
Mar. 4,1919
May 12,1919
June 30,1919
Sept. 12,1919
442,350
471,518
440,961
447,823
486,408
465,125
14.29
13.84
14.21
13.53
14.82
13.78
39,861
28,497
37,313
17,703
59,685
26,228
309,321
343,292
339,601
354,502
345,359
365,920
10.06
10.41
10.42
10.40
10.35
10.15
1,738
13,329
13,802
13,768
11,653
5,454
751,671
814,810
780,562
802,325
831,767
831,045
12.18
12.15
12.27
11.95
12.57
11.90
41,599
41,826
51,115
31,471
71,338
31,682
COUNTRY BANKS.
New England States:
Nov. 1,1918
Dec. 31,1918
Mar. 4,1919
May 12,1919
June 30,1919
Sept. 12,1919
Eastern States:
Nov. 1,1918
Dec. 31,1918
Mar. 4,1919
May 12, 1919
June 30,1919
Sept. 12,1919
Southern States:
Nov. 1,1918
Dec. 31,1918
Mar. 4,1919
May 12,1919
June 30,1919
Sept. 12,1919
1
RESERVE
Per
Amount cent of Amount
of reserve reserve of excess
held.
held. reserve.
Date of call.
32,616
33,681
34,357
35,222
35,044.
37,974
7.30
7.20
7.43
7.25
7.38
7.47
2,003
1,216
1,827
2,397
97,260
102,703
101,252
103,802
102,943
105,575
7.60
7.60
7.50
7.54
7.60
7.45
7,700
8,111
6,761
7,480
8,163
6,334
64,563
67,618
69,043
68,465
70,300
72,233
7.60
7.44
7.63
7.60
7.74
7.49
5,120
3,995
5,712
5, £66
6 731
4,719
1,322
948
Middle Western States:
Nov. 1,1918
84,396
Dec. 31,1918
88,900
Mar. 4,1919
93,439
May 12,1919
95,843
96,303
June 30,1919
101,061
Sept. 12,1919
Western States:
43,687
Nov. 1,1918
45,354
Dec. 31, 1918
44,917
Mar. 4,1919
45.974
Mavl2,1919
44,933
June 30,1919
48,042
Sept. 12,1919
Pacific States:
25,015
Nov. 1,1918
...
27,097
Dec. 31,1918
25,530
Mar. 4,1919
27,449
May 12,1919
27,679
June 30,1919
31,411
Sept. 12,1919
N onmember b a n k s
(Alaskaand Hawaii):
Nov. 1,1918
12,421
Dec. 31,1918
12,445
12,045
Mar. 4,1919
11,881
May 12,1919
June 30,1919
. . 12,110
i 2,192
Sept. 12,1919
Total country banks:
349,958
Nov. 1,1918
367,798
Dec. 31,1918
370,583
Mar. 4,1919
378,636
May 12,1919.
379,312
June 30,1919
398,488
Sept. 12,1919
Total United States:
1,101,629
Nov. 1,1918
1,182,608
Dec. 31,1918
1,151,145
Mar. 4,1919
1,180,961
May 12,1919
June 30,1919
1,211,079
Sept. 12,1919
1,229,533
7.50
7.46
7.32
7.44
7.53
7.44
5,596
5,456
4,035
5,741
6,829
6,019
7.71
7.73
7.61
7.78
7.77
7.59
4,032
4,277
3,607
4,596
4,452
3,729
7.77
7.87
7.66
7.70
7.70
7.69
2,506
2,985
2,202
2,483
2,526
2,815
39.32
63.49
61.54
47.64
51.33
58.81
1,498
1,868
1,546
1,289
1,494
1,633
7.62
7.58
7.53
7.57
7.65
7.53
27,774
27,640
25,866
28,171
32,022
27,646
10.23
10.23
10.20
10.08
10.46
10.02
69,373
69,466
76,981
59,642
103,360
59,328
Cash in vault and net amount due from approved reserve agents.
REQUIRED
AND HELD BY NATIONAL
CITIES, ETC.
BANKS
IN
RESERVE
From and including the time of the September 11, 1917, report of
condition, the lawful reserve of national banks has been held, as
required by law, with the Federal reserve banks. The bank returns
for the six""calls" from November 1, 1918, to September 12, 1919,
show that the New York banks exceeded the requirement on every
date; the Chicago banks on all dates except one; and that the St.
Louis bants were a fraction of 1 per cent under the requirement on
four of the six " calls.77 Other reserve city banks as well as the country banks were, on an average, uniformly above the requirements.
Taking the country as a whole the banks' average reserves were at all
times above the aggregate required, ranging from a maximum excess
of $103,360,000 on June 30, 1919, to a minimum excess of $59,328,000
on September 12, 1919.
77
REPORT OF THE COMPTROLLER OF THE CURRENCY.
The amount of reserve liabilities of each class of banks and of all
banks, together with the amount, per cent, and excess of reserve held
at date of each report, during this period, are shown in the following
table:
Reserve required and held by national banks, together with the excess or deficiency, 1918-19.
[In thousands of dollars.]
I
Amount on
which reserve
is computed.
Date.
New York:
Nov. 1,1918
Dec. 31,1918
Mar. 4,1919
May 12,1919
June 30,1919
Sept. 12,1919
Chicago;
Nov. 1,1918
Dec. 31,1918
Mar. 4,1919
May 12,1919
June 30,1919
Sept. 12,1919
St. Louis:
Nov. 1,1918
Dec. 31,1918
Mar. 4,1919
May 12,1919
June 30,1919
Sept. 12,1919
Other reserve cities:
Nov. 1,1918
Dec. 31,1918
Mar. 4,1919
May 12,1919
June 30,1919
Sept. 12,1919
Country banks:
Nov.1,1918
Dec. 31,1918
Mar. 4,1919
May 12,1919
June 30,1919
Sept. 12,1919
All national banks:
Nov.1,1918
Dec. 31,1918
Mar. 4,1919
May 12,1919
June 30,1919
Sept. 12,1919
Reserve held.
required.
Amount.
Per cent.
Excess
held.
476,839
713,222
404,285
584,830
554,180
586,604
14.60
13.96
14.49
13.70
15.32
14.02
39,514
26,090
35,826
18,034
59,152
26,484
67,108
74,351
75,475
78,163
76,147
81,794
66,894
77,358
76,456
79,009
77,215
82,450
12.96
13.53
13.16
13.14
13.18
13.10
1214
3,007
103,019
122, 697
120,122
122,536
142,561
160,342
13,392
15,951
15,616
15,929
18,533
20,844
13,953
15,351
16,122
14,752
17,998
19,932
13.54
12.51
13.42
12.03
12.62
12.43
561
1600
1
075,830
299,627
257,999
407,344
3; 337,061
3, 604,661
307,583
329, 963
325,799
340,734
333,706
360,466
309,321
343,292
339,601
354,502
345,359
365,920
10.06
10.41
10.42
10.40
10.35
10.15
1,738
13,329
13,802
13,768
11,653
5,454
595,608
855,006
920,726
002,131
956,595
293,481
322,184
340,158
344,717
350,465
347,290
370,842
349,958
367,798
370,583
378,636
379,312
398,488
7.62
7.58
7.53
7.57
7.65
7.53
27,774
27,640
25,866
28,171
32,022
27,646
767,510
562,483
283,710
718,095
576,140
274,272
i
|
361,503
378,809
348,383
354,062
391,195
362,743
516,214
571,931
580,578
601,254
585,743
629,184
•
321,989
352,719
312,557
336,028
332,043
336,259
1,032,256
1,113,142
1,074,164
1,121,319
1,107,719
1,170,205
1,101,629
1,182,608
1,151,145
1,180,961
1,211,079
1,229,533
10.23
10.23
10.20
10.08
10. 46
10.02
69,373
69,466
76,981
59,642
103,360
59,328
981
846
1,068
656
506
1,177
1535
*912
i Deficit.
GEOGRAPHICAL CLASSIFICATION OF DEPOSITS AND LOANS
ARRANGED BY CITIES.
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 of 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.
Classification of loans (including paper bought) made by 600 national banks in all reserve and other cities having a population of over 50,000, as of
Dec. SI, 1918, 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.
Direct
Num- indirect and
loans
ber of
made to
banks.
banks.
Cities.
Boston, Mass
Bridgeport, Conn
Brockton, Mass
Cambridge, Mass
East Cambridge, Mass
Fall River, Mass
Hartford, Conn
Holyoke, Mass
Lawrence, Mass
Lowell, Mass
Lynn, Mass
Manchester, N. H
New Bedford, Mass
New Haven, Conn
Providence, R. I
Portland,Me....
Roxbury, Mass
Somerville, Mass
Springfield, Mass
Waterbury, Conn
Worcester, Mass
. .
Direct loans to
individuals,
etc., who keep
deposit.
Direct loans to
individuals,
etc., who keep
no deposit.
11 $13,975,056.18
3
74,500.00
2
1
1
4
4
5,500.00
3
1
4
10,000.00
4
98,500.00
4
113,852.93
3
5
306,000.00
7
4
125,478.12
3
413,163.71
1
4
3
50,000.00
2
$259,992,400.96
12,208,352.78
4,645,687.75
707,460. 78
328,774.92
9,558,782.89
21,880,135.49
5,507,709.25
875,416.90
4,776,097.28
5,051,492.23
2,951,384.73
10,409,489.34
17,204,497.14
16,962,742.32
9,798,287.29
3,414,766.27
71,290.00
14,199,102.36
5,864,035.34
9,307,771.05
$38,543,300.66
958,946.61
823,694.23
127,984.97
432,249.03
2,333,969.51
8,531,995.54
1,011,869.78
179,317.31
1,615,689.77
3,156,189.88
1,053,816.75
1,066,832.20
1,171,340.18
11,612,063.43
2,160,270.86
3,962,869.97
1,170,394.22
4,849,882.59
2,443,968.79
3,650,664.26
415,805,686.07
90,857,310.54
Total New England States.
74
15,172,050.94
Albany, N . Y
Altoona, Pa
Allentown, Pa
Baltimore, Md
Brooklyn and Bronx, N . Y . . .
Buffalo, N . Y
Camden,N. J
Elizabeth, N. J
Erie,Pa
Harrisburg, Pa
3
2
3
13
6
2
3
1
3
3
230,652.57
2,083,855.63
114,451.12
23,507,396.79
1,895,817.80
7,786,532.22
08,377,709.15
13,139,625.44
25,428,907.71
8,017,792.31
3,103,057.43
7,736,924.50
1,946,451.24
6,006,091.75
163,523.99
1,691,846.00
11,397,905.89
6,298,842.14
28,654,623.75
309,876.03
206,212.50
1,256,677.83
984,512.20
Securities,
etc., purchased from
banks with
agreement
to resell.
Other loans,
including
foreign loans.
$74,340.00 $18,445,427.06
6,383.45
1,916.00
439,156.15
167,719.46
52,000.00
25,994.63
28,836.00
125,340.00
19,115,432.75
1,339,666.5i
340,485.73
39,537.50
Total loans.
Placed for
Placed for
Placed for
national
national
banks in re- banks outside correspondent
State banks
serve or cen- of reserve and and trust
tral reserve
central recities.
serve cities. companies.
$331,030,533.86 $2,143,277.33 $6,806,872. 67 $10,957,100.00
13,241,799.39
5,475,765.43
835,445.75
761,023.95
11,894,668.40
30,417,631.03
100,000.00
50,500.00
6,958,735.18
1,054,734.21
6,401,787.05
8,306,182.11
4,119,054.41
11,644,041.00
18,681,837.32
28,574,805.75
12,162,030.90
15,000.00
7,819,635.95
1,241,684.22
19,048,984.95
8,358,004.13
13,048,435.31
541,076,820.30
2,243,277.33
6,857,372.67
10,972,100.00
29,744,141.11
2,059,341. 79
9,478,378.22
83,199,137.18
22 438,467. £8
54,198,052. £8
8,668,154.07
3,309,269. £3
8,993,602.33
2,970,500.94
102,000.00
3,496,222.57
4,072,474.76
515,000.00
00
Hoboken. N. J
JerseyCity, N. J
Johnstowii, Pa
Newark, N. J
New York, N. Y i
Passaic N J
Paterson y N. J..
Philadelphia, Pa
Pittsburgh, Pa
Reading Pa
Rochester, N. Y
Schenectady, N. Y
Scranton Pa
Syracuse, N. Y
Trenton, N. J
Troy N Y
Utica N Y"
Wilmington, Del
Washington, D. C
Wilkes-Barre, Pa.
Yonkers,N.Y
2
6,048,398.11
50,000.00
3
6,867,840.90
10,006,080.84
40,000.00
4
57,403,504.81
8
352,500.00
32 215,944,663.92 1,324,250,509. 61
1,268,945.62
1
5,408,402. 63
3
29 28,155,799.85 298,949,297.25
16 1,131,536.02 181,327,682.76
9,632,879.28
7
133,500.00
26,484,466.53
3
37,500.00
1,702,898.12
2
12,608,155.00
4
723,650.00
12,302,218. 87
4
150,000.00
10,986,183.05
3
347,821.05
9,138,211.88
5
52,405.88
15,619,809. 85
3
3,097,880. SI
3
32,969,908.64
14
170,914.00
53 852,278. 20
4
2,325,025.30
2
„
191 249,719,250.04 2,198,190,792.65
Total Eastern States
5
2
5
2
3
5
4
5
2
6
3
7
Atlanta* GEL
Birmingham, Ala
Charleston, g. C
Chattanooga, Term
Covingfon, Ky
Dallas, Tex.
El Paso> Tex
Fort Worth, Tex
Gal veston.Tex
Houston, Tex
Jacksonville, Fla
Louisville, Ky
MpTODhis T o n n
Mobile, Ala
Nashville, Tenn
New Orleans, La
Norfolk Va
Richmond, Va
San Antonio, Tex
Savannah, Ga.
Waco, Tex
Total Southern States...
9,743,987.98
3,088,614.87
556,975.00
100,000.00
7,985,603.32
1,117,762.42
11,194,331.84
1,148,251.00
75,554,704.49
5,968,307.93
11,830,391.75
607,794,793.79 '9,*i28,'912.'42'
464,015. 53 2,157,582,895. 27 39,865,447.68 42,812,326.74 115,349,932.52
196,617.37
1,465,562.99
597,497.16
105,000.00
6,110,889.79
78,276,790.37
50,300.00 5,055,885.00 IS,667,825.03
930,752. 32 406,318,639.79
32,018', 851.12
31,000.00 1,269,067.07 1,089,174.61
1,193,287.61 215;671,357.57
2,282,673.36
12,049,052.64
2,029,150.11
28,551,116.64
653,509.34
2,356,407.46
4,145,568.70
12,515.61
17,489,889.31
754,367.12
13,206,585.99
2,897,959. 68
14,231,963.78
2,297,984.89
11,488,602.65
932,656.43
16,552,466.28
1,154,993.45
4,252,874.26
9,941,018.49
44,896,514.56
1, 814,673.43
811,911.78
6,664,189.98
348,114.11
2,673,139.41
815,427,575.57
6
5,584,870.75
250,879.92
1,021,180.00
459,932.83
5,000.00
5,278,484.06
147,733.00
1,963,836.61
69,323.55
2,697,099.13
649,339.38
2,903,934.24
481,440.00
47,457.50
544,031.70
1,705,341.49
1,647,971.90
5,593,386.95
884,778.66
149,929.69
899,084. 98
40,837,832.78
11,854,694.97
10,581,404.03
17,065,072.32
3,450,631.95
28,069,003.20
8,729,931.90
16,020,325.92
3,213,298.69
38,736,378.60
17,371,732.21
35,389,471.67
9,455,374.03
4,980,154.91
21,864,863.61
32,706,031.36
23,563,140.62
63,496,023.16
12,725,557.71
3,023,039.00
8,220,866.19
1,229,447.18
1,459,716.19
1,042,474. 50
1,045,000.00
912,152.27
554,166.40
1,110,164. 64
2,590,430.61
1,052,955.74
3,001,556.64
955,147.00
3,720,659.49
239,018.00
1,097,500.00
2,611,592.34
702,423. 82
640,614.61
5,228,903.40
2,095,339.34
402,779. 60
339,115.25
88
32,985,036. 34
411,354,828.83
32,031,157.02
•
3
i
1
5
3
4
7
S
2
9,128,912.42
18,633,300.99 3,291,099,831.67 40,623,747. 68 52,633,501.38 139,279,407.52
239,679.16
92,000.00
167,465.66
1,180,813.60
20,000.00
511,631.00
226,137.36
77,168.23
49,117.50
189,168. 23
2,374, S44.2S
47,652,150.71
13,804,970.24
12,645,058.53
18,570,005.15
4,367,784.22
34,161,119.32 2,110,000.00
9,987,829.54
20,574,593.14
4,335,577.98
45,615,847.97
369,900.00
18,976,218.59
42,014,065.40
40.000 00.
10,175,832.03
6,125,112.41
500,000.00
25,552,118.65
35,113,796.67
25,851,727.13
74,318,313. 51
15,931,813.07
3,575,748.29
9,585,352.15
309,185.43
478,935,034.70
3,329,085.43
i Central reserve city banks only. Otherreserve city bank in Greater New York included in Brooklyn and Bronx.
g
H
O
O
O
3
28,666.66
80,900.00
40,000.00
i
I
353,733.57 1
52,500.00
605.930.10
1,830,032.00
a
fed
458,100. 00
960,100.00
945,233.57
3,464,062.10
Classification of loans (including paper bought) made by 600 national banks in all reserve and other cities having a population of over 50,000, as of OO
Dec. Sly 1918, showing separately loans made to banks and bankers, loans made to borrowers who keep deposit accounts with the lending banks, loans
o
made to those who keep no deposit accounts, and loans placedfor account of correspondents—Continued.
Loans placed for account of correspondents.
Cities.
Akron, Ohio
Canton, Ohio
Cincinnati, Ohio
Cedar Rapids, Iowa
Chicago, Illi
Cleveland, Ohio
Columbus, Ohio
Dayton, Ohio
Des Monies, Iowa
Detroit, Mich
Dubuque, Iowa
Duluth, Minn
East St. Louis, III
Evansville, Ind
Fort Wayne, Ind
Gary, Ind
Grand Rapids, Mich
Indianapolis, Ind
Kansas City, Mo
Milwaukee, Wis
Minneapolis, Minn
Peoria, III
St. Joseph, Mo
St. Louis, Mo
St. Paul, Minn
Saginaw, Mich
Sioux City, Iowa
Springfield, III
South Bend, Ind
Terre Haute, Ind
Toledo, Ohio
Youngstown, Ohio.
Total Middle Western
States
Direct and
Num- indirect loans Direct loans to
individuals,
ber of
made to
etc., who keep
banks.
banks.
deposit.
2
2
8
2
23
6
8
6
3
3
3
4
2
3
3
2
"3
6
13
5
6
4
4
6
6
2
6
4
4
3
4
3
$144,412.26
50,000.00
3,929,462.20
3,278,258.42
35,346,439.11
1,510,755. 04
610,747.74
30,000.00
3,079,956.04
1,757,413.89
87,835.00
94,985.52
125,049.14
31,000.00
527,424.37
37,500.00
262,016.66
1,144,674.85
29,408,883.87
3,911,683.45
7,973,192.50
66,000.00
2,979,550.03
10,780,732. 94
3,707,764.12
35,331.14
6,743,919.75
50,765.00
17,500.00
266,000.00
238,550.80
100,000.00
Securities,
Direct loans to etc., purchased from Other loans,
individuals,
including
etc., who keep banks with foreign loans.
agreement
no deposit.
to resell.
$12,188,384.80
5,740,822.33
59,719,741.77
5,716,074.64
403,746,289.73
103,342,739.36
22,774,165.30
10,764,408.21
14,540,734.17
54,002,530.11
1,759,648.70
21,875,986.10
1,039,358.59
4,052,298.83
8,325,912.37
1,287,456.79
10,739,966.06
32,859,423.84
59,677,230.54
55,511,329.61
80,777,952.95
9,280,760.58
8,016,312.32
93,010,838.93
40,436,408.61
5,055,311.69
9,393,921.59
4,116,548.87
2,049,944.91
3,058,946.45
24,400,846.06
14,202,089.18
$1,440,395.06
1,740,332.54
10,412,090.12
3,278,294.04
70,583,399.96
12,410,517.53
2,966,521.61
1,241,378.32
2,393,323.99
6,398,037.89
834,558.65
9,498,174.15
1,676,721.56
405,122.32
1,667,399.75
870,298.13
3,850,926.09
3,587,130.62
19,384,166.03
5,747,449.23
10,789,207.56
5,131,256.16
6,382,085.05
11,114,978.15
13,725,697.84
203,276.41
1,581,807.31
1,222,537.06
1,237,471.75
2,179.131.65
2,934,271.59
2 360,205 74
159 118,327,803.84 1,183,464,383.99
219,248,163.86
$732,000.00
82,505.00
1,659,055.68
$2,496.50
59,539.05
516,463.65
2,095,458.77
4,381,809.99
2,380.00
"i,"556,"25i"89*
44,185. 89
3,500.00
14,000. 00
23,301.29
55,000.00
104,46S. 76
15,140.00
211,084.65
6,935,442.68
284,428.66
878,281.38
767,040.60
7,787,083.24
13,000.00
395,000.00
30,225.00
302,753.23
2,733,156.62
Total loans.
$13,773,192.12
7,533,651.37
74,852,833.14
12,871,595.75
513,430,643.25
121,645,821.92
26,351,434.65
12,038,166.53
20,014,014.20
63,708,233.78
2,682,042.35
31,513,331.66
2,844,629.29
4,488,421.15
10,520,736.49
2,195,254.92
14,852,908.81
37,816,313.96
115,429,024.41
65,509,890.95
99,540,353.01
15,356,298.12
18,144,988.00
122,798,102.02
57,885,010.57
5,293,919.24
17,732,648.65
5,784,850.93
3,304,916.66
5,504,078.10
27,603,893.45
16,965,048.15
26,212,739.29 1,549,986,247.60
Placed for
Placed for
Placed for
national
national
banks in re- banks outside correspondent
State banks
serve or cen- of reserve and and trust
tral reserve central re- companies.
cities.
serve cities.
H
H
$17,700.00 $2,472,099.82
10,000.00
3,133,950.00
295,000.00
$1,580,657.50
108,900.00
3,961,260.00
713,679.24
259,540.00
3,048,200.00
Q
O
£
39,500.00
40,000.00
29,517.50
1
15,000.00
32,500.00
17,000.00
43,000.00
w
47,000.00
22,500.00
750,500.00
302,856.78
788,785. 75
1,437,694.64
237,000.00
190,000.00
68,170.00
40,000. 00
334,177.00
7,107,719.82
9,822,568.41
H
O
d
4
3,105,900.00
JJ.
p\
g
co
^
I
penver, Colo
Kansas City, Kans
Lincoln, Nebr
Muskogee, Okla
Oklahoma City, Okla.
Omaha, Nebr
Pueblo, Colo
Topeka, Kans
Tulsa, Okla.-.
Wichita, Kans
Total Western States..
^i
_
co
g
|
I
o
tr"
Los Angeles, Calif
Oakland, Calif
Ogden, Utah
Salt Lake City, Utah.
Portland, Oreg
San Francisco, Calif...
Seattle, Wash..
Spokane, Wash
Tacoma, Wash
Total Pacific States.:...
Total United States
35,708.90 |
4,013,131.10
3,136,931.29
2,409,267.46
588,784.57
2,405,526.10
25,514,042.26
47,500.00
416,853.59
1,509,780.35
5,105,912.61
.37, 867,132.69
1. 970,061.29
7, 063,508.43
7, 005,277.17
13. 738,351.57
4o; 555,469.08
359,765.67
h 367,078.86
23, 841,197.93
7, 883,296.29
156,986.50
478,132.64
610,125.99
979,726.26
048,222.50
602,741.30
642,447.87
520,501.36
494,737.89
110,652.31
420,000.00
46
45,147,729.33
145,651,138.98
26,644,274.62
420,000.00
8
2
4
6
3
9
6
3
1
2,700,962.76
145j 000.00
102,930.00
637,822.67
809,189.61
7,311,388.28
527,196.15
807,017.48
62,889,258.87
10,128, 766.16
4,569, 790.95
13,021,083.51
30,673,718.42
154,666,936.41
33,001,683.76
13,364,281.78
5,392,712.20
4,381,089.38
2,311,667.50
1,431,604.14
5,220,631.87
11,048,319.68
22,284,707.16
7,090,663.64
2,229,494.26
682,500.00
42 | 13,041,506.95
327,708,232.07
56,680,677.63
959.19
125.22
901.88
788.00
100.17
077.64
713.54
433.81
675.39
861.21
107,825.00
1,145,959.22
214,500.00
190,000.00
50,000.00
34,453.39
42,753.39
600 474,393,377.44 4,682,175,062.59 1,240,889,159.24 12,640,330.66
1,289,493.12
219,152,636.05
4,471,710.84
3,650.00
8,300.00
13,000.00
190,000.00
6,586.95
437,586.88
778,828.64
1,418,869.93
40,440.05
1,090,758.50
74,443, 021.85
12,589, 083.66
100,000.00
6,104, 325.09
18,894, 425.00
42,968; 814.60 i," 895," 666." 65"
185,041,860.49
42,038. 413.48
16,475: 686.96
184,500.00
7,165; 970.70
8,248,431.79
405,721,601.83
200,750.00
50,000.00
428,250.00
224 050.00
550,300.00
347 666.66
160, 000.00
341 775.00
731,267.36
869,266.27
37,600.00
2,179,500.00 1,072,825.00
2,188,433.63
75,874,242.22 6,485,972,172.15 51,671,510.44 68,666,652.44 166,154,821.6
RECAPITULATION.
New England States...
Eastern States
Southern States
Middle Western States.
Western States
Pacific States
74 15,172,050.94
415,805,686.07
191 249,719,250.04 2,198,190,792.65
88 32,985,036.34
411,354,828.83
159 118,327,803.84 1,183,464,383.99
46 45,147,729.33
145,651,138.98
42 13,041,506.95
327,708,232.07
Total United States.
Total loans Dec. 31, 1917...
600
554
Increase
Decrease
90,857,310.54
126,340.00 19,115,432.75 541,076,820.30 2,243,277.33 6,857,372.67 10,972,100.00
815,427,575.57 9,128,912.42 18,633,300.99 3,291,099,831.67 40,623,747.68 52,633,501.38 139,279,407.52
32,031,157.02
189,168.23 2,374,844.28 478,935,034.70 3,329,085.43
945,233.57 3,464,062.10
219,248,163.86 2,733,156.62 26,212,739.29 1,549,986,247.60 3,105,900.00 7,107,719.82 9,822.568.41
190,000.00
26,644,274.62
420.000.00 1,289,493.12 219,152,636.05
50,000.00
428;250.00
56,680,677.63
42;753.39 8,248,431.79 405,721,601.83 2,179,500.00 1,072,825.00 2,188,433.63
,
474,393,377.44 4,682,175,062.59 1,240,889,159.24 12,640,330.66 75,874,242.22 . 485,972,172.15 51,671,510.44
J 666,652.44 166,154,821.66
,
378,467,051.00 4,061,297,461.00 1,327,364,675.00 7,795,868.00 146,880,993.00 5,921,806,048.00 44,070,590.00 52,561,738.00 118,330,126.00
95,926,326.44
620,877,601.59
1
564,166,124.15
4,844,462.66
86,475,515.76
71,006,750.78
O
s.
7,600,920.44 16,104,914.44 47,824,695.66
o
W
O
F
F
W
o
w
d
Includes central reserve and other reserve city banks in Chicago.
O
OO
All loans made by the 600 national banks in all reserve and other cities having a population of over 50,000, as of Dec. 31, 1918, arranged according 00
to
to
location of borrowers in each geographical division.
Ciues.
Boston, Mass
Bridgeport, Conn
Brockton, Mass
Cambridge, Mass
East Cambridge, Mass.
Fall River, Mass
Hartford, Conn
Holyoke, Mass
Lawrence, Mass
LowelJ, Mass
Lynn, Mass
Manchester, N. H
New Bedford, Mass
New Haven, Conn
Providence, R . I
Portland, Me
Roxbury, Mass
Somerville, Mass
Springfield, Mass
Waterbury, Conn
Worcester, Mass
Total New England States...
Albany, N. Y
Altoona, Pa
Allentown, Pa
Baltimore, Md
,
Brooklyn and Bronx, N. Y..
Buffalo, N. Y
Camden, N. J
Elizabeth, N . J . . . . . . . . . . . . .
Erie,Pa,....................
Harrisburg, P a . . . Tr
Hobpken? N. j . . , . ,
Jersey City,N. J . , . . . . , . . . . , .
Johnstown, Pa
Newark, N , J . . T . .
,,...
New Y o r k f N , Y , i . . , . . . . . . .
Number
of
banks.
New
England
States.
Eastern
States.
$262,179,891.86
12,493,285.05
5,237,005.43
695,322.33
756,523.95
11,408,668.40
25,184,313.94
6,764,147.40
977,734.83
5,923,773.18
7,176,368.28
3,514,471.49
11,216,041.00
17,445,401.60
22,009,936.86
11,473,380.10
6,023,832.00
1.216,684.22
16,741,359.22
7,551,080.77
10,918,416.87
§25,727,769.75
155,000.00
75,000.00
89,042.88
2,500.00
136,000.00
1,482,309.97
121,679.78
25,000.00
111,334.80
632,417.30
365,285.68
85,500.00
1,121,635.72
2,043,996.99
352,039.63
636,156.83
25,000.00
1.064,526.69
521,353.36
880,308.48
8,143,864.37
68,000.00
25,000.00
446,907,638.84
35,653,857.80
483,969.55
170,000.00
153,102.97
683,304.88
75,000.00
300.00
170,000.00
45,600.00
7,500.00
407,675.00
>, 051,434.98
Southern
States.
2,000.00
50,000.00
853,500.00
14,957.94
Middle
Western
States.
$29,025,257.08
530,514.34
100,650.00
13,085,39
Western
States.
Pacific
States.
$2,797,728.14
$2,930,968.94
28,000.00
27,995.15
10,000.00
10,000.00
350,000.00
203,007.12
Alaska, insular
possessions,
and other
foreign
countries.
Grand total.
tf
$225,053.72 $331,030,533.86
13,241,799.39
iio.'oo
5,475,765.43
835,445.75
761,023.95
50,000.00
11,894,668.40
50,000.00
30,417,631.03
0,958,735.18
1,054,734.21
6,401,787.05
30,000.00
8,306,182.11
4,li9,054.41
"*9*925.*66
. 11,644,041.00
18,681,837.32
28,574,805.75
12,162,030.90
7,819,635.95
1,241,684.22
837.26
19,048,984.95
89,000.00
8,358,004.13
10,000.00
13,048,435.31
15,000.00
148,250.00
10,000.00
19,500.00
11,800.00
533,835.30
92,016.62
39,988.38
250,000.00
2,294,500.00
57,950.00
50,000.00
285,692.17
244,086.53
180,000.00
313,000.00
103,000.00
3,000,121,69
206.476.09
461,889.60
" '82J>82'.02
282,590.49
38,118.46
575,187.12
330,890.60
20,000.00
97,684.56
715,325.03
156,570.00
847,604.19
80,000.00
10,000.00
197,788.55
116,045.55
10,000.00
96,632.66
10,469,287.77
38,815,722.71
4,404,227.42
4,361,159. 72
464,925.98
541,076,820.30
99,049.85
28,401,633.35
2,020,341.79
9,000.00
8,642,573.02
300,000.00
73,991,748.84
5,274,416.69
20,039,162.70
230,000.00
50,432,681.41
26,489.50
8,501,301.07
166,853.00
3,309,269.93
8,807,102.33
5,800.00
2,860,500.94
10,000.00
8,648,762.98
115,000.66
7,810,003.32
20,000.00
11,068,611.86
5.425.00
71,994,645.14
378,575.00
1,475,959,903.07 187,959,436.15
563,647.96
30,000.00
235,000.00
3,739,193.68
935 000,00
3,051,313.92
274.01
1,643.79
188,922.60
75,000.00
40,675.00
116,000.00
55,805.20
29,744,141.11
2,059,341.79
9,478,378.22
83,199,137.18
22,438,467.58
54,198,052.58
8,668,154.07
3,309,269.93
8,993,602.33
2,970,500.94
9,743,987.98
7,985,603,32
11,194,331,^4
75,554,704.49
2,157,582,895.27
154,487.50
90,000.00
655,000.00
70,000.00
75,294.98
2,419,809.35
258,897,268.87
31,436.90
55,000.00
39,372.24
1,999.38
24,550.00
52,060.00
10,000. 00
''04,324.42
10,812. 50
10,000.00
100,000.00
25,000.00
259,000.00
42,194,513.95
65,000.00
41,666.67
370,000.00
570,901.08
15,100.00
55,225.00
15,000.00
2,500.00
95,000.00
37,892,429.94
35,000.00
'65,"627,*90S."3i'
w
a
o
K
3
w
Q
Passaic, N. J
Paterson, N. J
Philadelphia, P a . . .
Pittsburgh, Pa
Reading, Pa
Rochester, N.'Y
Seheneetady, N. Y.
Bcranton, Pa...,
{Syracuse, N. Y
Trenton. N.J
Troy,N.Y..
Utiea, N. Y
Wilmington, Del....
Washington, p . C
Wilkes-Barre, Pa...
Yonkers,N.Y. f ....
3,587.50
72,500.00
6,026,136.45
2,310,924.44
115,000.00
54,776.25
43,000.00
408,187.50
30,000,00
25,600.00
51,979.13
191
101,157,632. 65 2,513,354,497.80 210,240,171. 74
155,600.00
60,000.00
5,000.00
200.00
150,000.00
151.000.00
95,000.00
10,000.00
210,000.00
190,000.00
310,000.00
Total Southern States.
199,083.25
258,952.12
256,000.00
210,604.72
30.00
330,465.66
75,156.89
150.00
48,570.00
759,580.00
10,000.00
195,000.00
562,261.05
545,000.00
102,536.49
2,937,49a 44
15,000.00
11,000.00
15,000.00
1,465, 562.99
1,152,811.04
695,359.16
12,500.00
26,366.48
595,656.97
188,514. 73
35,000.00
2,022,036.29
2,028,974. 83
399,800,00
20,000.00
265,000,00
15,000.00
"5,~o66.*66'
50,000.00
5,041.12
20,295.19
5,000.00
181,450.00
193,021.50
8,977.11
10,000.00
15,000.00
39,551,604. 92
310,517,747.01
45,349,562.14
45,854,867.55
13,198,018.12
12,324,058.53
17,589,400.43
3,418,931.22
33,194,818.83
8,717,191.44
20,070,441.91
4,250,577.98
44,916,555.97
18,317,691.60
38,272,409.19
9,895,662.03
5,047,612.41
22,707,717.95
32,734,797.45
25,724,190.64
69,142,320.33
15,708,253.07
3,550,748.29
9,515,352.15
1,332,599.91
150,000.00
65,000.00
535,000.00
948,823.00
329,442.13
240,494.29
350.00
60,000.00
302,830.00
440,448,78
2,778,377.60
260,170.00
585,000.00
1,958,986.65
1,682,581.86
25,000.00
1,821,771.24
111,000.00
25,000.00
70,000.00
50,000.00
200,000.00
15,500.00
198,597.58
10,100.00
50,209.75
32,500.00
10,000.00
17,758.21
52,500.00
43,000.00
110,062.08
35,000.00
90,153.00
35,000.00
52,500.00
19,231.50
97,560.00
296,114. 74
478,935,034,70
63,562.43
2
ft
o
13,773,192.12
7,533,651.37
74,852,833.14
12,871,595.75
513,430,643.25
121,645,821.92
"23,*338."ii
41,355.28
454,149,617.09
13,722,875.46
2,416,058.10
507,688.69
8,208.27
41,988.53
9,392,472.61
12,932,870.25
7,073,737.64
00,070,430.61
12,311,145.75
424,576,593.81
117,689,835.52
564.62
39,000.00
302,415.47
126,700.00
19,135,551.60
58,777.18
155,032.53
2,500.00
427,541.26
6,500.00
13,663,921.41
686.74
3,850,455.87
47,652,150.71
13,804,970.24
12,645,058.53
18,570,005.15
4,367,784.22
34,161,119.32
9,987,829.54
20,574,593.14
4,335,577.98
45,615,847.97
18,976,218,59
42,014,065.40
10,175,832.03
6,125,112.41
25,552,118.65
35,113,796.67
25,851,727,13
74,318,313.51
15,931,813,07
3,575,748.29
9,585,352.15
290,892.70
701,179.59
493,501.23
25,000.00
203,812.00
750.00
85,360.50
675,359.99
351,120.65
4,027,068.80
314,750.00
18,011,080.44
10,827.16
406,318; 357.51
215,671,052. 64
12,049, 116.64
28,551,4Q7.46
2,356,889.31
17,489, 585.99
13,206,963.78
14,231,602.65
11,488,466.28
16,5§2,874.26
4,252,514.56
44,896, 189.98
6,664! 139.41
2,673
3,291,099,831.67
50,000.00
6,505,880.62
29,070,067.03
899.79
6, no: 639.79
125,000.00
756.46
25,304.55
569,341.96
112,500.00
6,634,056.38
9,736.39
1
70,928,615.41
60,000.00
1,336,800.00
Akron, Ohio
Canton, Ohio.
Cincinnati, Ohio....,
Cedar Rapids, Iowa.
Chicago, HI.*....
Cleveland, Ohio
1,536,050.99
8,250.00
50,000.00
35,000.00
Total Eastern States..
10,000.00
10,000.00
10,650,112.99
2,255,633.26
90,000.00
10,129.31
2,850.00
1,001,100.00
5,000.00
40, 000.00
140, 000.00
21,511, 437.99
13,152, 678.03
394, 251.12
253, 264.64
82, 740.50
1,281, 825,00
350, 000.00
180, 000.00
85, 143.93
45 000.00
1.17
103,
1,818, 500.37
60, 600.00
97, 500.00
10,000.00
723,054.00
Atlanta, Ga.
Birmingham. Ala...
Charleston, S. C
Chattanooga, Tenn.
Covington, Ky
Dallas, Tex,..
El Paso, Tex
Fort Worth, Tex...
Galveston.Tex
Houston, Tex.
Jacksonville, Fla...
Louisville, Ky
Memphis, Term.
Mobile, Ala
Nashville, Tenn
New Orleans, L a . . .
Norfolk, V a . . . . . . . .
Richmond, Va
San Antonio, Tex..
Savannah, Ga
Waco, Tex
1,396,975.49
5,888,399.79
364,360,448.06
195,039,273.06
11,402,301.52
28,156,579.96
2,227,816,96
14,128,376.81
12,786,585.99
14,026,363.78
11,315,143.28
16,507,466.28
4,134,085.09
40,435,460.59
6,595,339.98
2,465,639.41
Central Reserve City banks only. Other reserve city banks in Greater New York included in Brooklyn and Bronx.
Includes Central and other reserve city banks.
2,339,372.58
25,503.06
H
O
w
jg
00
05
All loans made by the 600 national banks in all reserve and other cities having a population of over 50,000, as of Dec. 31, 1918, arranged according to
location of borrowers in each geographical division—Continued.
Cities.
Eastern
States.
35,000.00
15,000.00
25,000.00
45.00
85,000.00
Columbus, Ohio
Dayton, Ohio
Dcs Moines, Iowa
Detroit, Mich
Dubuque, Iowa
Duluth, Minn
East St. Louis, 111
Evansville, Ind
Fort Wayne, Ind
Gary, Ind
Grand Rapids, Mich
Indianapolis, Ind
Kansas City, Mo
Milwaukee, Wis
Minneapolis, Minn
Peoria,Ill
St. Joseph, Mo
St. Louis, Mo
St. Paul, Minn
Baginaw, Mich...
Sioux City, Iowa
Springfield, 111
gouth Bend, Ind
*Terre Haute, Ind
Toledo, Ohio
Youngstown, Ohio
New
England
States.
$612,120.40
6,230.99
Number
of
banks.
$829,994.42
438,686.00
346,125.00
814,549.27
10,300.00
2,086,259.17
112,500.00
21,750.00
188,881.79
142,680.00
61,500.00
1,248,693.10
1,328,862.20
881,758.16
549,550.00
688,274.49
452,120.00
3,292,172.78
681,923.00
19,402.00
13,000.00
392,757.79
6,184.00
95,000.00
723,176.72
1,566,432.31
20,937.15
305,000.00
22,500.00
3,342.82
55,000.00
15,000.00
235,000.00
174,500.00
298,000.00
70,000.00
270,000.00
830,000.00
450,000.00
50,000.00
Total Middle Western £ tates
159
10,929,372.10
55,281,354.54
Denver, Colo
Kansas City, Kans
Lincoln, Nebr
Muskogee, Okla.
Oklahoma City, Okla
Omaha, Nebr
Pueblo, Colo
„;.-: -„,....
5
245,000.00
919,160. 79
33,448.00
59,121. 44
103,698.14
394,741.25
70.000.00
716,703. 32
105,000.00
Southern
States.
$146,989.53
7,501.88
289,809.65
197,188.63
520.31
158,620.66
167,212.54
315,662.00
34,137. 84
30,000.00
69,651.05
373.634.67
14,871,802.18
85,843.97
3,957.60
651,866. P6
150,000.00
22,691,529.35
5,500.00
5,000. 00
Middle
Western
Western
States.
Pacific
States.
$15,397.13
$11,629.24
5,558.46
18,901.13
8,840.00
1,847,402.04
33,650.00
1,500.00
42,305.77
$24,337,053.93
11,580,592.66
19,371,021.09
62,232,708.45
2,632,382.04
26,738,985.60
2,496,266.75
4,151,009.15
10,291,607.25
1,952,574.92
14,613,675.68
35,651,479.69
52,115,614.20
63,062,669.82
88,765, 802.51
12,940,461.72
13,513,516.34
88,641,148.86
44,233,050.30
5,162, 884.59
11,756,066.31
5,266,731.70
3,258, 732.66
5,358,101.47
26,770,671.73
14,923,133.04
2,040.88
10,000.00
15,000.00
163,200.00
45,842,123. S6
335,000.00
8,478,021.28
389,032.63
2,968,450.51
6,212,815.06
10,206,421.21
2,704,616.06
5,906,552.34
74,866.43
10,000.00
5,000.00
75,000.00
10,000.00
5,000.00
20,000.00
65,000.00
67,933,305.27 1,286,472,586.04
102,296,281.93
21,258,848.55
48,367,584.56
5,324,628.22
9,900,459.39
8,427,252.10
8,763,675.87
64,541,766.58
4,481,211.40
354,221.81
13,191.62
10,840.01
15,000.00
15,976.63
15,000.00
155,482.80
55,000.00
139,934.10
24,849.24
82,695.02
1,432,049.66
1,051,336.39
40,000.00
1,022,500.00
1,073,923.28
157,593.25
898,721. 30
48,976.71
5,118,284.48
278,502.14
164,900.00
12,500.00
725.91
5,000.00
27,082.08
142,330.34
1,096,121.87
826,619.00
512,897.32
122,587.00
230,901.15
842,663.22
106,632.65
57,000.00
4,655. 00
7,947,397.95
1,377,245.60
75,000.00
Alaska, insular
possessions,
and other
foreign
countries.
$398,250.00
5,155.00
381,643.38
30,000.00
212,164.19
51,000.00
1,976.16
20,000.00
1,160,124.30
294,075.32
667,772. 75
3,500.00
160,000.00
Grand total.
$26,351,434.65
12,038,166.53
20,014,014.20
63,708,233. 78
2,682,042.35
31,513,331.66
2,844,629.29
4,488,421.15
10,520,736.49
2,195,254.92
14,852,908.81
37,816,313.96
115,429,024.41
65,509,890.95
99,540,353.01
15,356,298.12
18,144,988.00
122,798,102.02
57,885,010.57
5,293,919.24
17,732,648.65
5,784,850.93
3,304,916.66
5,504,078.10
27,603,893.45
16,965,048.15
5,814,499.17 1,549,986,247.60
109,492.03
2,300.66
51,072,959.19
6,585,125.22
10,082,901.88
9,573,788.00
18,192.100.19
73,200,077.62
5,049,713.54
1-3
w
o
o
O
Cj
Q
Topeka, Kans..
Tulsa, Okla
Wichita, Kans..
232,500.00
Total Pacific States..
Total United States.
91,818.56
160,061.34
1,489,366.04
136,737.15
102,437.12
962,483.81
3,056,861.60
26,690,176.93
12,249.717.86
1,001,362.69
2,004,576.75
4,567,110.35
9,800,159.24
191,803,334.51
9,864,300.48
111,792.03
219,152,636.05
12,500.00
210,000.00
150,000.00
380,000.00
2,242,500.00
1,091,000.00
325,000.00
25,000.00
50,000.00
Total Western States.
Los Angeles, Calif
Oakland, Calif........
Ogden, Utah
Sajt Lake City, Utah.
Portland, Oreg
San Francisco, Calif...
Seattle, Wash
Spokane, Wash
Tacoina, Wash
3,566.50
33,000.00
90,000.00
100,094.03
260,000.00
101,800.00
170,000.00
997,500.00
227,750.00
334,500.00
4,000.00
50,000.00
35,000.00
45,000.00
88,751. 34
534,920.80
354,000.00
237,500.00
581,424.00
516,448.79
72,593,527.82
11,484,583.66
5,855,493.75
17,592,427.27
32,539,682.72
169,159,625.94
36,265,100.95
15,610,336.17
6,590,970.70
134,100.00
21,675.77
3,938,546.88
7,046,304.61
1,389,119.56
145,000.00
50,000.00
1,466,000.00
419,500.00
10,080.00
365,401.16
2,357,525.00
5,863,500.00
2,528,586.03
157,902.00
425,000.00
74,443,021.85
12,589,083.66
6,104,325.09
18,894,425.00
42,968,814.60
185,041,860.49
42,038,413.48
16,475,686.96
7,165,970.70
4,486,000.00
12,950,740.85
1,885,550.00
15,450.00
6,000.00
75,793.50
3,304,433.81
26,991,675.39
15,099,861.21
539,060.00
1,416,179.94
014,682.94
17,000.00
13,593,494.19
2,393,044.93
367,691,748. 98
600 565,818,806.28 2,625,750,908.42
749,245,042.22 1,672,922,584.65
348,662,509.03
443,235,351.34
80,336,970.21 6,485,972,172.15
74
191
88
159
46
42
446,907,638.84
35,653,857.86
101,157,632.65 2,513,354,497.80
1,336,800.00
6,505,880.62
10,929,372.10
55,281,354.54
1,001,362.69
2,004,576.75
12,950,740.85
4,486,000.00
10,469,287.77
38,815.722.71
210,240,171.74
310,517; 747. 01
454,149,617.09
13,722,875.46
67,933,305.27 1,286,472,586.04
4.567.110.35
9,800,159.24
1,885,550.00
13,593,494.19
4,404,227.42
45,349,562.14
2,416,058.10
102,296,281.93
191,803,334.51
2,393,044.93
4,361,159.72
39,551,604.92
507,688. 69
21,258,848.55
9,864,300.48
367,691,748.98
541,076,820.30
464,925.98
70,928,615.41 3,291,099,831.67
296,114. 74
478,935,034.70
5,814,499.17 1.549,986,247.60
111,792.03
219,152,636.05
2,721,022.88
405,721,601.83
600
554
565,818,806.28 2,625,750,908.42
524,651,042.00 2,214,109,795.00
749,245,042.22 1,672,922,584.65
689,902,453.00 1,591,064,773.00
348,662.509.03
330,605', 498.00
443,235,351.34
397,329,389.00
80,336,970.21 6,485,972,172.15
174,143,098.00 5, £21,806,048.00
18,057,011.03
45,905,962.34
42
2,721,022.88
405,721,601.38
O
O
RECAPITULATION.
New England States
Eastern States
Southern States
Middle Western States..
Western States
Pacific States
Total United States
Total loans D e c . 31,1917.
Increase
n
41,167,764.28
411,641,113.42
59,342,589.22
1
81,857,811.65
193,806,127.79
H
O
564,166,124.15
Decrease.
a
d
s
izi
O
3
00
Deposits held Dec. SI, 1918, by the 600 national hanks in all reserve and other cities having a population of over 50,000, for the credit of other banks,00
State and national, and trust companies, arranged by geographical divisions.
Cities.
Boston, Mass
Bridgeport, Conn
Brockton, Mass
Cambridge, Mass
East Cambridge, Mass
Fall River, Mass
Hartford, Conn
Holyoke,Mass
Lawrence, Mass
Lowell, Mass
Lynn, Mass
,
Manchester, N , H
New Bedford, Mass
New Haven, Conn
Providence. R. I
i
Portland, Me..,.,..,
I^oxbury, Mass
Scmervule, Mass
Springfield r Mass
Waterbury, Conn
Worcester, Mass
Total N. ew England States..
Albany N Y
Altoona, Pa
AUentown, Pa
,
Baltimore, Md.,,. „,,,,.,.,
Brooklyn and Bronx, N. Y
Buffalo, N.Y...
Camden, N J ,..,.,.-,.
Elizabeth,N J
,.,..,.
Erie, Pa.,..,
,,,,,
Harrisburg. Pa . . .
Hoboken,N J.... F
Jersey City, N. J
Johnstown, Pa
,
Newark, N J
New York, N. Y. 1 .,
Passaic,N.;F
Number New England
Eastern States.
of
States.
banks.
11 $66,450,406.96
3
1,808,077.33
2
363,042.69
1
18,651.90
1
84,499.37
4
825,268.81
4
1,538,265.41
3
210,080.20
I
210,393.95
4
688,172.72
4
600,132.91
4
1,546,731.65
3
330,472.83
5
1,010,638,70
7
2,183,099.15
4
1,258,839.23
3
357,910.29
1
225,104.65
4
1,205,270.74
3
647,283.45
2
1,189,181.76
$8,378,949.22
103,786.38
74
82,751,524.20
6,749,854.84
3
2
3
13
0
2
3
1
3
3
4,415,375.14
188,693.86
1,676.62
142,425.16
2
3
4
8
32
1
16,653.68
55,070,370.17
Southern
States.
$3,290,932.88
3,932.08
Middle Western
States.
$7,849,924.98
852.13
154,397.88
1,085.88
Pacific States.
Alaska, insular
possessions,
and foreign
countries.
$1,380,186.54
$2,955,926. 86
$3,320,535.56
1
10,025.58
283.23
1,910.85
27,481.77
21,080.58
35,772.. 99
2,430.16
2,357.60
Western
States.
30,205.90
1,308.43
j
10,117.39
19,655.55
6,002.25
61,553.38
17,189.44
2,559.96
3,017,480.24
3,296,173,39
7,916,097.49
60,563.17
16,516,911.97
551.36
200,085.44
9,364,942.68
31,148,929.65
5,855,322.23
9,935.714.91
8,347.49
627 334.33
65,725.47
543,892.39
294,736.07
1,651,060.92
2,288,629.96
167,088.31
5,314,841.56
22,989.96
388,621,013.59 112,182,128.53
226 029.43
1,506,428.31
44,507.95 ~~
2,532,337.49
50.00
2,560,784.33
91,203.95
1,380,186.54
3,076.27
92,321.82
168,326,967.32
38,047,298.07
3,330,652.95
Total.
591,626,803.00
1,915,795.79
363,042.69
18,651.90
84,499.37
836,146.52
1,692,946.52
211,166.08
210,393.95
688,172.72
600,132.91
1,588,965.79
357,954.10
1,031,719.28
2,239,836.12
1,267,271.64
421,821.27
225,104.65
1,222,460.18
647,283.45
1,191,741.72
55,674.12
o
o
o
E
108,441,969.65
22,995,848.87
551.30
200,085.44
43,821,972.88
328,794.17
107,071.08
5,857 048.85
13.077,298.71
107,491.60
322,535.22
627 334.33
65,725.47
546,968.66
...»
294,736.07
1,651,060.92
2,288 629.90
167,088.31
5,477,925.15
31,118.13
52,733,141.44 206,230,103.25 1,021,211,022.97
220,029.43
390,388.21
w
H
w
a
3
29
16
7
3
2
4
4
3
5
3
3
14
4
2
Paterson.N J
Philadelphia, Pa
Pittsburgh Pa
Reading, Pa
Rochester N Y
Schenectady, N. Y
Scranton, Pa
Syracuse, N Y
Trenton, N. J
,
Troy.N Y
Utiea,N.Y
Wilmington, Del
Washington, D. C
Wilkes-Barre, Pa
Yonkers, N.Y
1,015.00
93,682.68
9,453.60
1,818,820.82
129,838,727.27
76,408,974.94
355,577.41
2,093,846.59
46,848.33
1,933,803.31
254,475.96
539,995.13
1,396,720.69
951,361.83
357,152.50
4,839,992.66
471.168.22
116,950.32
7,974,034.73
9,218,937,06
13,341,196.34
19,711,391.15
496,858.13
1,038,636.95
2,686,951.72
1,207,750.44
4,790,862.43
693,131.43
10.00
2,576,226.21
221,246.78
44,559.64
426,698.32
581,683.63
1,818,820. §2
171,746,069.34
108,612,401.97
355,577.41
2,094,861.59
46,848.33
1,933,803.31
254,475.96
539,995.13
1,490,403.37
951,371.83
357,-152.50
8,699,861.14
471,168.22
116,950.32
o
o
Hj
Total Eastern States
191
72,890,364.63
684,882,283.57
141,408,179.83
208,295,799.81
39,763,065.29
5
2
5
2
3
5
4
5
2
6
3
17,315.96
682,159.06
29,001.39
128,084.75
40.09
213.42
2,257,723.03
111,034.36
102,120.91
3,754.10
7,704.05
15,939,093.36
3,818,615.69
2,441,330.84
5,486,342.48
198,096.12
12,302,474.22
719,705.00
8,334,567.91
1,285,099.47
16,350,547.33
5,561,562.46
16,983,847,97
3,222,259.28
495,509.36
10,470,504.03
12,372,418.77
4,651,350.83
32,540,048.93
4,332,207.91
889,580.27
1,646,656.71
8,710,320.73
160,041,818.94
Atlanta, Ga... .
Birmingham, Ala
Charleston, S.Tenn
Chattanooga, C
Covineton, KV
Dallas, Tex
.. .
El Paso, Tex
Fort Worth, Tex
Galveston Tex
Houston, Tex. Jacksonville, lia
Louisville, Ky
Memphis, Tenn
....
Mobile, Ala
Nashville, Tenn..
New Orleans, La
.'
Norfolk, Va
Richmond, Va
Ban Antonio. Tex
Savannah, Ga. .
Waco, Tex.
Total Southern States
88
Akron, Ohio
Canton, Ohio
Cincinnati, Ohio..
Cedar Rapids, Iowa
Chicago, 1112
Cleveland, Ohio
Columbus, Ohio
2
2
8
2
23
6
8
12,617,438.72
333,580.00
7
3
1
5
3
4
7
8
2
6
6,196.43
15,440.05
220,215.86
2,539.43
25,230.63
924,569.06
134,081.41
173,033.85
1,965.24
225,253.46
106,253.26
4,095,613.90
5,620.08
8,733.74
325,565.95
11,990,152.54
3,485,857.65
55,504.51
302.14
12,105,913.60
4,179,892.66
153,650.50
10,727,772.56
818,499.40
21,819.89
4,563.47
5,565.36
11,220.39
91,550.33
48L61
203,522.18
35,000.00
57,018,334.03
212,841,061.46 1,417,999,088.62
76,130.54
4Q4.41
958,193,28
659,924.23
902,499.61
1,025.29
493,077.80
30,280.73
2,033,680.84
44,439.60
436,629.78
117,059.81
110,149.37
11,844.45
2,082,063.23
222,418.62
228,950.02
257,282.78
30,635.72
442,668.51
8,100.00
4,304,420.86
287,914.29
1,095,715.81
27,828,692.71
11,758,124.62
239,044,645.83
56,981,057.33
9,793,387.72
3,433.61
100.00
266,552.95
55,732.39
3,161,280.72
i7,254.20
458,322.14
28,662,864.34
73,514.59
2,531,227.07
041,407.53
509,278.75
40,842.31
20,633,874.51
823,382.72
5,558,786.27
602,860.63
1 Central reserve city banks only. Other reserve city banks in Greater New York included in Brooklyn and Bronx.
2 Includes central reserve and other reserve city banks in Chicago.
16,927,854.19
3,847,617.08
2,580,579.90
5,491,947.93
209,529.93
15,655,661.64
3,530,851.49
9,660,805.56
1,288,664.19
16,988,774.50
5,598,637.54
20,590,480.26
3,444,677.90
498,942.97
10,701,519.29
13,602,577.34
4,757,604.09
37,243,048.47
4,396,040.30
893,334.37
1,654,360.76
179,563,509.70
293,534.37
1,095,715.81
40,720,520.20
12,216,446.76
318,219,714.76
63,534,711.84
9,969,160.25
w
a
Q
o
w
O
a
o
OO
Deposits held Dec. Sly 1918, by the 600 national banks in all reserve and other cities having a population of over 50,000. for the credit of other banks
GO
State and national, and trust companies, arranged by geographical divisions—Continued.
Number New England
of
Eastern States.
States.
banks.
Cities.
Southern
States.
Middle Western
States.
Western
States.
Pacific States.
Alaska, insular
possessions,
and foreign
countries.
Total.
o
Dayton, Ohio.. .
Des Moines, Iowa
Detroit, Mich
Dubuque, Iowa
Duluth, Minn
East St. Louis, 111
Evansville, Ind
Fort Wavne, Ind
Gary Ind
Grand Rapids, Mich
Indianapolis, Ind
Kansas City, Mo
Milwaukee, Wis.. ...
Minneapolis, Minn...
Peoria,IU
St Joseph Mo.
St Louis, Mo...
S t . Panl^ }A\nr\
6
3
3
3
4
2
3
3
2
3
6
13
5
6
4
4
6
6
2
6
4
4
3
4
3
T.
Saginaw^ Mich
Sioux City. Iowa
Springfield, 111
South Bend, Ind
Terre Haute, Ind
Toledo Ohio
Youngstown, Ohio
Total Middle Western States.
Denver, Colo
Kansas City, Kans
Lincoln, Nebr . .
Muskogee Okla
Oklahoma City, Okla
Omaha, Nebr
. .
Pueblo Colo
^oDeka Kans
Tiilsa, Okla
Wichita, Kans
Total Western States
159
$4,022.26
$433,797.40
$71,902.17
34,312.72
1,518,886.82
9,280.34
1,873.59
1,680.76
263,826.51
53,572.19
26,537.44
48,242.07
4,362,936.85
9,787.75
13,943.10
436,355.07
2,161,072.96
761.83
12,450.79
19,800,416.10
6,542.92
5,510.99
19,711,891.88
49,443,176.67
15,523.85
4,001,929.30
170,793.42
27,112.88
$654,983.78
11,938,061.93
15,473,524.50
1,453,175.78
5,171,411.52
1,649,264.39
3,693,976.64
2,729,166.04
138,818.33
3,195,981.90
21,218,049.01
26,952,886.47
23,142,018.65
33,319,318.01
6,002,324.05
8,908,408.42
51,034,795.64
18,041,322.77
1,177,778.18
5,758,133.86
1,410,203.58
164,202.05
1,499,921.98
9,245,350.37
523,093.74
57,714,661.30
152,006.68
27,723,060.78
2,157,743.88
17,313.97
1,452,730.20
12, 764.86
72,915.40
656,943.23
7,005,487.65
5,136,363.22
18,072,945.35
28,363.20
1,636,980.41
2,045,373.26
142,481.53
216,885.58
601,285,709.90
154,500,069.95
29,537,600.23
1,642,581.83
10,153. 04
2,502.57
$69,669.74
100,097.08
280.41
1,594,123.65
8,264.20
43,646.21
25,508.74
326,139.31
708,172.23
13,599.01
378,549.63
46
43,646.21
1,839,924.52
1,672,071.33
7,453,681.88
97,733,253.60
21,568.29
405,110.64
4,784.11
8,390.45
$471,329.49
21,016.23
227,982.16
9,711,154.62
18,548,198.22
5,191,236.17
5,950,756.55
2,089,976.04
0,939,733.04
36,175,206.46
3,504,589.40
1,809,422.81
6,581,413.91
10,942,720.40
1,798,891.93
5,414.30
84,2i6.5i
5
2
4
4
6
9
2
3
7
4
486* 075." 83*
27,256.16
2,173.85
17,804.85
6,528,222.55
$i8,63*4.68
208,510.35
8,109,018.20
$654,983.78
12,026,366.35
16,763,183.25
1,474,472.42
6,998,931.03
1,683,577.11
5,212,863.46
2,729,166.04
138,818.33
3,195,981.90
21,352,182.35
91,474,100.21
23,449,488.23
63,192,532.76
6,002,324.05
15,954,710.06
80,348,464.93
38,383,831.71
1,177,778.18
15,469,288.48
1,410,203.58
164,202.05
1,505,432.97
9,253,614.57
523,093.74
o
o
g
S3
o
M
866,589,396.13
64,422.68
20,377,097.32
5,714.577.92
5,980/515.28
2,113,718.18
7,362,649.13
47,163,823.42
3,572,465.01
1,813,207.08
6,921,152.2*3
12,163,019.89
4,439,648.82
113,182,226.38
2,656,718.37
59,485.16
3,785.17
H
O
Q
Los Angeles, Calif
Oakland, Calif
Ogden, Utah
Salt Lake City, Utah.
Portland, Oreg
San Francisco, Calif...
Seattle, Wash
Spokane, Wash
Tacoma, Wash
Total Pacific States..
Total United States .
888.54
24,896.61
95,815.90
474,581.40
42
303,665.67
22,617.45
6,903.26
151.53
216,691.90
1,128,681.20
24,438.16
8,276.42
56,644.82
547,227.38
850,319.52
63,242.55
1,490,769.71
292,702.40
661,511.09
18,765.50
22,9bs,601.76
3,210,432.33
2,704,898.88
8,832,737.40
11,727,421.29
80,452,725.49
15,020,332.71
5,430,895.12
1,083,711.77
3,981,182.97
151,431,756.75
126,220.33
4,578.27
69.35
440.92
48,011.49
7,159,222.22
938,229.07
4,075.23
238.11
23,184,155.32
3,215,010.60
3,252,195.61
9,779,465.27
11,838,675.33
91,226,337.59
16,298,319.79
6,104,757.86
1,102,715.38
8,281,084.99
166,001,632.75
474,581.40
422,987.56
241,588.51
1,168,450.57
600 160,335,079.59
722,317,263.10
356,103,008.67
830,424,160.51
300,519,039.07
248,876,047.14
233,203,225.13 2,851., 777,823.21
RECAPITULATION.
New England States
Eastern States
Southern States
Middle Western States.
Western States
Pacific States
74
191
88
159
46
42
82,751,524.20
72,890,364.63
173,033.85
4,001,929.30
43,646.21
474,581.40
6,749,854.84
684,882,283.57
8,710,320.73
19,711,891.88
1,839,924.52
422,987.56
3,296,173.39
141,408,179.83
160,041,818.94
49,443,176.67
1,672,071.33
241,588.51
7,916,097.49
208,295,799.81
4,304,420.86
601,285,709.90
7,453,681.88
1,168,450.57
1,380,186.54
39,763,065.29
3,161,280.72
154,500,069.95
97,733,253.60
3,981,182.97
3,017,480.24
57,918,334.03
2,531,227.07
29,537,600.23
4,439,648.82
151,431,756.75
3,330,652.95
108,441,969.65
212,841,061.46 1,417,999,088.62
641,407.53
179,563,509.70
8,109,018.20
866,589,396.13
113,182,226.36
8,281,084.99
166,001,632.75
o
o
Total United States
Total United States Dec. 31,1917.
Increase..
Decrease.
600
554
160,335,079.59
146,412,224.00
722,317,263.10
729,436,515.00
356.103,008.67
458,698,956.00
830,424,160.51
746,200,887.00
300,519,039.07
307,286,636.00
248,876,047.14
239,629,022.00
233,203,225.13 2,851,777,823.21
200,580,261.00 2,828,244,501.00
hd
7,119,251.90
102,595,947.33
13,922,855.59
84,223,273.51
9,247,025.14
32,622,964.13
g
23,533,322.21
6,767,596.93
O
g
QO
90
REPORT OF THE COMPTROLLER OF THE €URRE£TCY.
GROWTH OF NATIONAL BANKS, AS SHOWN BY EEPOETS OF
FOR THE DATES INDICATED SINCE 1913, ARRANGED BY RESERVE CITIES
AND COUNTRY BANKS.
The growth in the aggregate assets and liabilities and in the
several items making up the totals is shown in the fallowing table
commencing with the call of October 21, 1913. The statistics for
October 21, 1913, represent returns to the Comptroller's office in the
fall of the year preceding the establishment of the Federal reserve
banks; the data as of December 31, 1914, disclose similar information as shown by reports rendered immediately after the establishment of the Federal reserve banks, and the figures for subsequent
dates are those shown by the corresponding autumn reports.
Incident to the reduction in the amount of lawful reserve required
to be held by national banks, it is noted that on September 12, 1919,
the national banks held $502,197,000 less cash than on October 21,
1913, while on September 12, 1919, balances due to national banks
from Federal reserve banks amounted to $1,605,202,000, as compared with nothing October 21, 1913.
The combined capital, surplus, and profits of national banks on
September 12, 1919, amounted to $2,558,273r000, as compared with
$2,066,981,000 on October 21, 1913.
Deposits increased from $8,346,011,000 on October 21, 1913, to
$16,681,582,000 on September 12, 1919, or 99.87 per cent.
Loans and discounts, including overdrafts and rediscounts, increased from $6,288,338,000 on October 21, 1913, to $11,541,503,000
on September 12,1919, and on the latter date acceptances amounted
to $323,226,000.
Principal items of assets and liabilities of national banks, 1913-1919.
[In thousands of dollars.]
Date.
Central
reserve city
banks.
Other
reserve citybanks.
1,348,251
1,453,275
2,060,444
2,343,162
2,649,534
2,883,871
3,144,150
1,649,905
1,702,882
1,870,810
2,383,982
2,871,016
3,127,062
3,637,689
Country
banks.
Aggregate.
LOANS AND DISCOUNTS.
[Including overdrafts and rediscounts.]
Oct. 21,1913...
Dec. 31,1914..
Nov. 10,1915..
Nov. 17,1916..
Nov. 20,1917..
Aug. 31, 1918..
Sept. 12,1919..
3,290,182
3,207,278
3,309,886
3,676,511
4,277,234
4,100,180
4,759,664
6,288,338
6,363,435
7,241,140
8,403,655
9,797,784
10,111,113
11,541,503
UNITED STATES GOVERNMENT SECURITIES.
527,264
Oct. 21,1913...
85,478
187,783
800,525
Dec. 31,1914..
516,321
196,955
81,802
795,078
Nov. 10,1915..
193,328
507,927
76,510
777,765
Nov. 17,1916..
175,530
53,953
494,990
724,473
Nov. 20,1917 »
521,248
873,431
959,504
2,354,183
Aug. 31,1918..
629,870
572,660
1,263,738
2,466,268
Sept. 12,1919..
966,506
727,609
1,602,478
3,296,593
1
Includes Liberty loan bonds, Victory notes, United States certificates of indebtednass, war savings
and thrift stamps, and all other issues of United States Government securities.
2 Prior to Sept. 12,1919, this item read "United States bonds."
• Includes Liberty loan bonds and United States certificates of indebtedness. ,
3
Includes war savings and thrift stamps actually owned.
REPORT OF THE COMPTROLLER OF THE CURRENCY.
9
Principal items of assets and liabilities of national banks, 1913-1919—Continued.
[In thousands of dollars.]
Date.
Central
reserve city
banks.
Other
reserve citybanks.
Country
banks.
Aggregate.
OTHER BONDS.
207,335
230,281
285,736
345, 693
405,830
311,025
313,161
251,802
317,478
324,254
402,420
427, 400
410, 632
411,046
647,950
722,164
733,832
961,843
1,073,552
973,413
1,082,388
1,107,087
1,270,443
1,343,822
1,709,956
1,906,782
1,695 070
1,806,595
10,178
10,507
10,941
11,519
12,763
14,139
14,367
15,210
16,690
17, 472
29,200
29,252
29,547
29,050
30,238
53,517
54,128
55,69a
57,259
60,473
133,560
211,776
234,067
488,006
515,948
576,944
59,992
73,459
194,654
389,899
441,465
600,488
67,908
80,951
220,450
364,914
350,334
427,770
261,460
366,186
649,171
1,242,819
1 307,747
1,605,202
242.575
185,319
210,470
285,619
247,365
213,861
230,307
586,462
444,400
708,259
788,380
685 801
601,253
667, 586
710,834
529,271
684,494
944,767
837,018
712,682
809,783
1.539.871
1,158,990
603,223
2,018,766
' 1,770,184
1,527,796
1,707,676
380,796
264,340
445,632
358,231
118,588
87,693
97,231
256,236
203,357
204,843
217,978
148,695
99,677
116,355
304,374
267,010
269,905
282,064
248,837
176,676
225,625
941,408
734 706
920,380
858,273
516,120
364,136
439,211
3,102,543
3,154,413
3,644,370
4,469,025
5,419,224
5,728,724
6,912,648
5,713,820
5,602,985
5,906,969
6,923,002
8,133,353
7.922 969
9,298,727
11,301,558
11,357,086
13,236,331
15,568,759
18 800 410
18 646 746
22,056,326
263, 018
280 963
283,311
281,736
293,686
315,763
324,328
613,735
609,088
608,048
606,730
610,321
596,226
613,117
1,059,403
1,065 951
1,068,649
1 071 116
1,092,207
1,101,839
1,137,995
254,142
225,640
527,796
225,359
520,517
262,985
234.091
537,908
268 115
252,157
279,097
559,520
293,167
315,246
603,456
323,358
354,422
565,321
381,633
641,973
396,672
Includes items with Federal reserve bank in process of collection.
1,007,578
1 008 861
1,040 114
1,090,774
1,211,869
1,243.101
]1,420,278
Oct. 21,1913..
Dec. 31,1914..
Nov. 10,1915..
Nov. 17,1916.
Nov. 20,1917.
Aug. 31,1918..
Sept. 12,1919..
STOCK IN FEDERAL RESERVE BANKS.
Nov. 10,1915..
Nov. 17,1916..
Nov. 20,1917..
Aug. 31,1918..
Sept. 12,1919..
DUE FROM FEDERAL RESERVE BANKS.1
Dec. 31,1914..
Nov. 10,1915..
Nov. 17,1916..
Nov. 20,1917..
Aug. 31,1918..
Sept. 12,1919..
DUE FROM ALL OTHER BANKS,
Oct. 21,1913...
Dec. 31,1914...
Nov. 10,1915..
Nov. 17,1916..
Nov. 20,1917..
Aug. 31,1918..
Sept. 12,1919..
]L,
TOTAL CASH IN BANKS.
Oct. 21,1913
Dec. 31,1914
Nov. 10,1915
Nov. 17,1916
Nov. 20,1917
Aug. 31,1918
Sept. 12,. 1919
AGGREGATE ASSETS (INCLUDING REDISCOUNTS).
Oct. 21,1913...
Dec. 31,1914..
Nov. 10,1915..
Nov. 17,1916..
Nov. 20,1917..
Aug. 31,1918..
Sept. 12,1919..
2, 485,195
2,599 688
3, 684,992
4,176,732
5,247 833
4,995,053
5,844 951
CAPITAL STOCK.
Oct. 21,1913...
Dec. 31,1914..
Nov. 10,1915..
Nov. 17,1916..
Nov. 20,1917..
Aug. 31,1918..
Sept. 12,1919..
182,650
175,900
177,290
182,650
188,200
189,850
200,550
SURPLU3 AND OTHER TROFITS.
Oct. 21,1913..
Dec. 31,1914..
Nov. 10,1915.
Nov. 17,1916.
Nov. 20,1917..
Aug. 31,1918..
Sept. 12,1919.,
1
92
REPORT OF THE COMPTROLLER OF THE CURRENCY.
Principal items of assets and liabilities of national banks, 1913-1919—Continued.
[In thousands of dollars.]
Date.
Central ! Other
reserve city ; reserve citybanks. : banks.
Country
banks.
Aggregate.
CIRCULATION OUTSTANDING.
76,978
87,844
63,634
46,995
46,542
49, 630
48,751
163,959
222,655
172,078
157,166
159,986
172 766
172 791
486,142
538,308
477,754
461, 098
463,134
451,805
460,047
727,079
848,807
713,466
665,259
669,662
674,201
681,589
965,229
878,377
1, 467, 834
1,553,234
1,373,243
1,349,552
1,600,195
C18, 624
755,368
972 339
1,363,209
1,298,390
1,214,721
1,455,080
297,183
236,026
269, 501
432,312
435,884
321, 663
434,837
2,181.036
1,869,771
2,709,674
3,348,755
3,107,517
2,885,936
3,490,112
992,365
1,175,524
1, 618, 422
1,960, 715
2, 789, 524
2, 290, 436
2,695,597
1,304,136
1, 415, 490
1,660,375
2,015,366
2, 646,858
2, 646,452
3,203,295
2,683,682
2,604,461
2, 793,046
3,347,997
3,972, 572
3, 665, 444
4,371,544
4,980,183
5,195,475
6,071,843
7,324,078
9,358,954
8,602,332
10,270,436
15,113
17,922
39,781
76,272
121,917
133,055
172,993
157,588
171,037
215,739
287,922
862, 742
409,557
502,924
1,012,091
982,263
1,120,436
1,452,252
1,797,206
1,854,879
2,245 117
1,184,792
1,171,222
1,375,956
1,816,446
2,281,865
2,397,491
2,921,034
1,972, 707
2,071,823
3,126,037
3,590,221
4,284,684
3,773,043
4,468,785
2,380,348
2,341,895
2,848,453
3,666,497
4,307,990
4,270,730
5,161,299
3,992,956
3,822,750
4,182,983
5,232,561
6,205,662
5,841,986
7,051,498
8,346,011
8,236,468
10,157,473
12,489,279
14,798,336
13,885,759
16,681,582
749
8,386
871
10,619
66,447
161,495
149,104
Oct. 21,1913...
Dec. 31,1914..
Nov. 10,1915..
Nov. 17,1916..
Nov. 20,1917.
Aug. 31,1918..
Sept. 12,1919..
2,551
6,732
4,292
14,407
95,041
246,318
160,606
13,216
20,469
37,725
23,528
85,725
195,328
131,200
16,516
35,587
43,888
48,554
247,213
603,141
440,910
7,249
5,860
3,407
336
174,188
272,923
14,315
15,374
5,424
2,383
94,791
195,752
62,380
75,622
51,736
22,398
83,753
222,189
83,944
96,856
60,576
25,117
352, 732
690,864
DUE TO ALL BANKS.
Oct. 21,1913...
Dec. 31,1914..
Nov. 10,1915.
Nov. 17,1916.
Nov. 20,1917.
Aug. 31,1918.
Sept. 12,1919!
DEMAND DEPOSITS.
[Including U. S. deposits.]
Oct. 21,1913....
Dec. 31,1914....
Nov. 10,1915...
Nov. 17,1916...
Nov. 20,1917...
Aug. 31,1918...
Sept. 12,1919 2.,
TIME DEPOSITS.
Oct. 21, 1913..
Dec. 31, 1914..
Nov. 10, 1915..
Nov. 17,1916..
Nov. 20,1917..
Aug. 31, 1918.
Sept. 12,1919..
TOTAL DEPOSITS.
Oct. 21,1913..
Dec. 31.1914..
Nov. 10,1915.
Nov. 17,1916.
Nov. 20,1917.
Aug. 31,1918.
Sept. 12,1919..
NOTES AND BILLS REDISCOUNTED.
Oct. 21,1913..
Dec. 31,1914..
Nov. 10,1915..
Nov. 17,1916..
Nov. 20,1917..
Aug. 31,1918..
Sept. 12,1919..
BILLS PAYABLE.
Oct. 21, 1913..
Dec. 31,1914.
Nov. 10,1915.
Nov. 17,1916.
Nov. 20,1917.
Aug. 31,1918.
1
Includes certified checks and cashier's checks outstanding heretofore included in individual demand
deposits.
8
Certified checks and cashier's checks now included in due to all banks.
RBPOET OF THE COMPTROLLER OF THE CURRENCY.
93
Principal items of assets and liabilities of national banks, 1913-1919-—Continued.
[In thousands of dollars.]
Date.
Central
i
Other
reserve city reserve city
banks.
banks.
LETTERS OF CREDIT.
Oct. 21, 1913...
Dec. 31,1914..
Nov. 10,1915..
Nov. 17,1916..
Nov. 20, 1917..
Aug. 31, 1918..
Sept. 12,1919..
40,208
14,837
17,866
11,486
8,262
34,611
15,283
20,583
12,647
1,186
592
1,252
1,239
652
463
75,741
31,372
39,688
24,785
9,911
16,634
57,171
76,373
125,347
160,864
10,004
35,393
66,241
109,947
150,046
170
5,667
11,031
8,478
12,316
26,808
98,231
153,645
243.772
323^226
ACCEPTANCES.
Oct. 21, 1913..
Dec. 31, 1914..
Nov. 10,1915.
Nov. 17,1916.
Nov. 20,1917..
Aug. 31,1918..
Sept. 12,1919..
FOREIGN BRANCHES OF NATIONAL BANKS.
Only two national banks have branches in foreign countries. The
First National Bank of Boston and the National City Bank of New
York, the establishment of which were authorized by the Federal
Reserve Board under authority of section 25 of the Federal Reserve
act.
The locations of these branches are as follows:
The First National Bank of Boston:
Argentina.—Buenos Aires.
The National City Bank of New York:
Argentina.—Buenos Aires; Once, subbranch; Rosario.
Brazil.—Bahia, Pernambuco, Porte Alegre, Rio de Janeiro,
Santos, Sao Paulo.
Chile.—Santiago, Valparaiso.
Colombia.—Medellin.
Cuba.—Artemisa, Caibarien, Camaguey, Cardenas, Ciego de
Avila, Cienfuegos, Habana, Cuatro Caminos, and Galiano,
subbranches; Guantanamo, Manzanillo, Matanzas, Pinar
del Rio, Sagua la Grande, Santa Clara, Santiago, Union De
Reyes, Bayamo, Cruces, Sancti Spiritus, Colon, Placetas del
Norte, Remedios, Yagaujay.
Italy.—Genoa.
Porto Rico.—San Juan.
Siberia.—Vladivostok.
Spain.—Barcelona.
Trinidad.—Port of Spain.
Uruguay.—Montevideo, Calle Rondeau, subbranch.
Venezuela.—Caracas, Maracaibo.
Russia.—Moscow, Petrograd (temporarily closed).
In the following table the principal items of assets and liabilities of
foreign branches of the First National Bank, Boston, and the National
City Bank of New York, are shown as reported for May 12 or June 30,
1919, as indicated.
Condition of the foreign branches of the National City Bank, New York, N. Y., on June SO (or May l%)y 1919.
[In thousands of dollars,]
Cuba.
Artemisa.
Caibarian.
Camaguey.
Habana.
Habana
Subbranch,
Galiano
Street.
2,957
15,650
155
61
4
Cardenas
201
Gienfuegos.
Guantenamo.
Matanzas.
Manzanillo.
19
2,093
6
537
.
16
45
10
60
4
23
38
93
104
2,164
Sangua Santiago
La
Grande. de Cuba.
8
8
RESOURCES.
Loans and discounts, including overdrafts
Letters of credit and acceptances
Bonds..
..
.
..
..
Furniture and fixtures and real estate owned... .
Due from home office
Due from branches..".
Due from other banks.
Checks and cash items.,
Cash
Other assets
Aggregate
14
527
247
259
4
•
71
29
40
10
164
iso
1
678
3
77
10
84
8
323
30
S41
344
3,322
i
6,512 i.
328
798
1,076
87
24,814
2,587
1,262
i
159
11
707"
16
94
10
102
260
9
o
2,G97
1,G33
si
o
LIABILITIES.
Capital
Profits, including amount 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
12
3
4
160
124
128
554
210
1,000
110
10
217
1,564
1
1,736
244
14,336
1
1
2,320
6,620
25
67
123
2
7
164
678
341
344
253
3,322
24,814
7
1,305
846
20
216
6
16
10
H
M"
2,451
3
226
123
1,496
§
1
471
1
3
2,697
1,633
it
93
124
2,164
707
Q
Bahia.
Chile.
Argentina.
Brazil.
Recife,
San
Per- Kio de Santos
nam- Janeiro. (May 12, Paulo.
1919).
buco.
Rosairo
Buenos (May 12, SantiAires.
ago.
1919).
UruVene- guay— Puerto
Monte- R i c o zuelaSan
Valpa- Caracas. video
(May 12, Juan.
raiso.
1919).
First
National
Bank,
Siberia— Boston,
VladiMass.;
I t a l y - vostok
Genoa. (May 12, Buenos
1919).
Aires,
Argentina
(May 12,
1919).
RESOURCES.
Loans and discounts, including overdrafts
Letters of credit and acceptances
Bonds
Furniture and fixtures and real estate
owned
Due from home office
Due from branches
Due from other banks
Checks and cash items
Cash. . . ,
Other assets
Aggregate
2,209
624
20,776
2
445
56
100
428
10
3,250
113
19
8,048
414
1
1?436
42
59
12
2
3,161
571
3,356
70
82
387
255
1,402
10
190
2
977
3,604
8,748
3,197
4
250
19
611
623
162
888
1,298
2,554
2
21
1,280
977
3,004
444
15
459
401
9
1
430
15
701
134
644
13
788
161
1,127
1
1,628
482
5,198
15
2,292
3,277
1,211
32,419
4,274
10,129
42,292
30
17
7
49
2,333
11
829
6
1,092
1,393
25
777
1
1,337
1
27,481
280
1,639
2,820
3,940
822
3,500
5
1,935
120
1,118
4
2,381
97
81
390
1
329
1
10
62
113
134
50
90
5
2j 102
19
4,438
83
9
6
13
3
054
18
2,094
149
1,417
76
3,147
2,391
8,853
1,083
26,622
394
21,936
127
180
1
LIABILITIES.
Capital
Profits, including amount 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
6
1,030
647
1,402
363
409
425
15 985
2,622
44
9,758
4
64
3,250
97
2,913
1,211
32,419
56
605
1 209
951
1 451
2
4,274
663
114
1,847
1 219
814
4,274
1 808
30
23
752
10 510
21,254
5,751
60
2,302
10,129
42,292
250
967
1 000
1 000
103
721
120
111
30
95
1,000
1,000
39
39
374
403
592
2,829
ii2
107
2,657
138
931
953
866
2,807
21
3,908
24
8
2
1,281
32
3,156
15
73
8,748
3,197
3,147
2,391
8,853
1,083
4, 737
20,193
212
100
26,622
i Includes certified checks and checks on own bank outstanding.
CO
96
REPORT OF THE COMPTROLLER OF THE CURRENCY.
NATIONAL BANK CHARTERS APPLIED FOR, GRANTED, AND
REFUSED.
In the 12 months ended October 31, 1919, there were received by
the Comptroller of the Currency 422 applications for charters of
national banking associations with capital of $30,932,000 compared
with 237 applications, and capital of $15,040,000, received during
the previous year. During the past year applications were approved
for 290 banks with capital of $20,600,000, as against 193 approved
with capital of $10,805,000 the year previous.
The number of national banking associations chartered during
the year ended October 31, 1919, was 245, the capital being
$21,780,000 as compared with 164 with capital of $13,400,000 in the
year ended October 31, 1918.
Applications for authority to organize 15 national banking associations with proposed capital of $780,000 were rejected and "46
applications, capital $2,570,000, were abandoned or indefinitely
deferred. Rejections by this office were based upon information
received with respect to the financial standing or general character
of the applicants or were denied because the existing banking facilities in the vicinity were considered sufficient.
INCREASES AND REDUCTIONS OF CAPITAL STOCK OF
NATIONAL BANKS.
The constantly increasing business of the country and the demand
for greater capital to meet the requirements of the growing business
brought about an increase of $45,145,100 in the capitalization of 311
existing national banks during the year ended October 31, 1919. In
the same period there were but four reductions of capital, the amount
involved being only $85,000. In the year ended October 31, 1918,
the number of banks increasing their capital stock was 170 and the
amount of the increase $18,524,000, while in the same year seven
banks reduced their capital, the aggregate reduction being $427,800.
LIQUIDATION OF NATIONAL BANKS.
Exclusive of eight associations which were liquidated and absorbed
by other national banks, 75 were placed in voluntary liquidation
during the past year, the capital involved being $15,855,000 as compared with 47 such liquidations representing capital of $6,085,000 in
the prior year. Only one national bank was placed in charge of a
receiver during the year ended October 31, 1919, a small bank with
capital of only $25,000 which paid its depositors in full before the
close of the year. .
The total number of liquidations of national banks effected during
the past year under the provisions of section 5220 of the Revised
Statutes was 83, the combined capital being $16,380,000. Exclusive
of the national banks that were absorbed by other national banking
associations there were 26 banks, capital $7,150,000 which were
absorbed by State banks and 45 with capital of $8,505,000 at liquidation, organized as State banks. I t also appears that only 4 of the
liquidated banks with combined capital of $200,000 w^ere closed to
discontinue business.
REPORT OF THE COMPTROLLER OF THE CURRENCY.
97
CONSOLIDATION OF NATIONAL BANKS.
Under the provisions of the act of July 14, 1870, liquidation of a
national banking association for the purpose of consolidating with
another association was recognized, but the means of consolidation,
were not provided. In consequence of this defect in the act, no provision being made for the stock interests, the consolidation became
merely the purchase of assets and the assumption by one bank of the
liabilities to depositors and other creditors of the other bank. If
stockholders were to be brought in it became necessary to increase
the capital stock of the absorbing bank and by waiver of rights, on the
{>art oi shareholders, to sell the increased stock to shareholders of the
iquidated association.
On November 7, 1913, the act of Congress providing for the consolidation of national banks received presidential approval. This act
provides that with the approval of the Comptroller of the Currency
any two or more national banking associations located within the
same county, city, town, or village, may consolidate into one association under the charter of either of the banks on such terms
and conditions as may be lawfully agreed upon by a majority of
the board of directors of each association and ratified by vote of
shareholders of each association interested owning at least twothirds of the capital stock. The agreement provided for must fix
the amount of capital, surplus, and undivided profits and the amount
of assets of each of the banks interested that shall go to make
up the capital of the consolidated bank. Provision is also made
for the elimination, by the directors jointly, of such assets as are
not to be taken.into the consolidated bank, and that assets so eliminated shall be trusteed for the benefit, upon liquidation, of shareholders of the respective banks. The act also provides that any
shareholder who has not voted for the consolidation and desires to
withdraw shall be entitled to the value of the shares so held by him to
be ascertained by an appraisal by a committee of three, one selected
by himself, one by the directors, and the third by the two so chosen.
In case the value fixed is not satisfactory to the shareholder he has
the right of appeal to the Comptroller of the Currency who shall cause
a reappraisal to be made which shall be final and binding.
All the rights, franchises, and interests of the consolidated bank in
and to every species of property, personal and mixed, etc., shall be
deemed to be transferred to and vested in such consolidated bank
without any deed or other transfer, and the 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 or banks so consolidated therewith.
From the date of passage of the act to October 31, 1919, 50
national banking associations have taken advantage of the privileges
of this act and consolidated into 24 associations. In two instances
three banks were consolidated into one, while in all other cases the
consolidations were of but two associations.
By reference to the table following it will be noted that the capital
of the 24 consolidated banks was $29,150,000, the surplus $15,464,500,
and other undivided profits $3,660,239. The first statement of condition of these consolidated associations showed aggregate assets of
$481,907,403. By comparison of the foregoing figures with those
152981°—CUR 1919—VOL 3
7
98
REPORT OF THE COMPTROLLER- OF THE CURRENCY.
relating to the banks prior to consolidation it appears that there was
a net increase in capital of only $80,000 but an increase in c^ntbH^ed
assets of over $27,000,000. The surplus and undivided profits
were reduced through consolidation by $3,300,000 and $2,700,000,
respectively.
The table referred to follows:
Consolidated national banks under act Nov. 7, 1918, their capital, surplus,
profits, and aggregate assets, year ended Oct. 31, 1919.
Consolidation
No.
Char-'
ter
Title and location of banks. State.
No.
Date of
consolidation.
Capital, j Surplus.
Undivided
profits.
undivided
Aggregate
assets.
T
1
2164 The Citizens Union Na-
2
3595
La....
3
5312
4
261
5
3520
6
4004
7
4764
8
968?
9
2674
1919.
Ky....
tional Bank of Louisville.
First National Bank of
Shreveport.
The National Bank of
Kentucky of Louisville.
The First National Bank
of New Bedford.
The First National Bank
of Santa Ana.
The Farmers & Mechanics
National Bank of Fort
Worth.
The Citizens National
Bank of South Bend.
The Liberty National
Bank of South Carolina
at Columbia.
The First National Bank
Jan.
1
51/000,000 SI, 500,000
2
S264,925 832,635,028
200,000
18,118
8,455,923
2,500,000 2,000,000
725,558
54,856,207
500,000
500,000
214,SS7
9,468,174
550,00Q
200,000
49, 749
5,741,641
500,000
500,000
43,076
13,712,148
I n d . . . ! Mar. 27
400,000
190,000
280
2, 836, 648
S . C . j Apr. 12
325,000
44,500
12,701
3,146,007
Minn.. Apr. 19
350,000
150,000
206,198
4, 404,334
1,253,232
2,092,805
1,000,000
Jan. 14
Ky....
Feb.
Mass..
3
Feb. 24
Calif..
Mar. 10
Tex...
Mar. 15
10
5150 The First National Bank
Apr. 22
100,000
20,000
25,259
11
2245 The First National Bank
Ky.... May 13
150,000
150,000
30,000
Calif.. May 15
400,000
120,000
99,009
5,915,664
300,000
300,000
10,521
5,927,075
Mo.... May 31
2,000,000 1,000,00c
29,875
33, 815,485
Wis... July
of Abingdon.
15
of Maysfield, Ky.
Bank of
Bakersfield.
5240 The Oil City National
Bank.
11344 Fidelity National Bank &
Trust Co. of Kansas
City.
ity.
64 First Wisconsin National
16
170 First National Bank in
12
13
14
11327 First National
17
18
19
20
21
22
23
24
4011
St. Louis.
The First-Stamford National
The First National Bank
P a . . . . May 24
1
6,000,000 2,000,OOC
600,349 106,273, 597
7 10,000,000 5,000,000
I
300,000
Conn.. July 12 | 400,000
920,140 150,605,432
Tex... July 16 |
Mo.... July
109,526
5,449,222
400,000
200,000
116,082
7,620,729
10664 The Central National Bank . d o . . . Sept. 13 j i 500,000
250,000
8,908
2,830,078
3,536,434
of San Angelo.
351 First National
Bank of
Burlington.
First National Bank of
Applet on.
2025 The First & Merchants
National Bank of Middiet own.
3864 The American National
ii
Bank of Vinocnnes.
114251 National Bank A Trust
NE
Co. of Pasadenn.
1.741
Total
Iowa.. Sept. 25 | 1300,000
125,000
25,870
Wis... Sept. 30 | 1500,000
100,000
110,000
5,455,393
Ohio..I...do...
190,000
7,231
3,179, 458
325,000
325, 000
29,000
6,050,001
300,000
100,000
2,977
6,646,028
I n d . . . Oct. 23
Calif.. Oct. 27
i
1350,000
1
1
| 29,150,000 15,464,500 3,660,239 481,907,403
1
The figures are tho33 shown in report of condition at time of consolidation; all others, those shown in
called report of condition next succeeding date of consolidation.
REPORT OF TH£ COMPTROLLER OF THE CURRENCY.
99
STEADY GEOWTH IN NUMBER OF NATIONAL BANKS,
Notwithstanding liquidations and consolidations of national banks
there was a net increase for the year in number of banks of 135 and a
net increase of capital stock of $47,215,100. The authorized capital
stock of the 7,900 national banking associations on October 31, 1919,
was $1,155,139,165.
From the date of the chartering of the first national banking
association in 1863 to October 31, 1919, 11,503 national banking
associations have been chartered, the capital stock at organization
being $1,169,135,982. Associations to the number of 3,603 have been
closed during the existence of the system, of which 3,051 were closed
to liquidate or consolidate with other banks and 552 were liquidated
through receivers.
NATIONAL BANKS ORGANIZED SINCE 1900.
Prior to the act of March 14, 1900, the minimum capital with which
a national bank might be organized was $50,000, but that act authorized the organization of banks with capital of $25,000 in places
the population of which did not exceed 3,000,
From the date of that act to October 31, 1919, 6,239 associations
with capital of $412,702,800 were chartered, of which 3,976 were
chartered under the act of March 14, 1900, the capital of these banks
at organization being $103,650,000 and the average capital approximately $26,000.
The 2,263 other banks organized during this period with individual
capital of $50,000 or more were capitalized in the aggregate for
$309,052,800, an average capital per .bank of about $136,600.
STATE BANKS CONVERTED OR REORGANIZED INTO NATIONAL
BANKS SINCE 1900,
Of the 6,239 national banks chartered since March 14, 1900, 1,128
were conversions of State banks and 1,583 were reorganizations of
(1,617) State banks, trust companies, or private banks, and 136 were
reorganizations of (163) national banks which had voluntarily liquidated for the purpose of reorganizing or banks whose charters had
expired by limitation, and 3,392 were banks of primary organization.
The capital of the converted banks was $87,230,300; of the reorganized State private banks and trust companies $83,907,000; of the reorganized national banks $45,350,000, a total of $216,487,300, and the
capital of the banks of primary organization aggregated $196,215,500.
ORGANIZATION AND LIQUIDATION OF NATIONAL BANKS.
In the table following appears a statistical history from 1863 to
1919, inclusive, of the organization and liquidation of national banks,
together with the net yearly increase or decrease in number and
capital of banks.
Changes due to increases and decreases in capital stock of existing
banks do not appear in this table. The total authorized capital
stock of the 7,900 national banks on October 31 was $1,155,139,165,
and the paid-in capital was $1,153,649,908.
100
REPORT OF THE COMPTROLLER OF THE CURRENCY.
Number and authorized capital of national banks organized and the number and capital of
banks closed in each year ended Oct. 31 since the establishment of the national banking
system, with the yearly increase or decrease.
Closed.
Organized.
Year.
No.
1863
1864
1865..
1866
1867
18G8
1869
1870
1871
1872
1873
1874
1875.
1876
1877
1878
1879
1880
1881....
1882
1883
1884
1885
1886
1887
1888
1SS9
1890
1891
1892
1893
1894
1895
1896....
1S97
1898
1899
1900
1901
1902
1903
1904
1905
1903
1907
1908
1909
1910
1911
1912
1913
1914
1915
1916
1917
1918.
1919
4
Aggregate
Deduct decrease..
Capital.
In voluntary
liquidation, including those
consolidated
with national
and other banks.
No.
134 $16,378,700
453 79,366,950
1,014 242,542,982
62
8,515,150
4,260,300
10
1,210,000
12
1,500,000
9
2,736,000
22
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 30,038,300
262 28,054,350
191 16,042,230
Ii5 16,938,000
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
383 19,960,000
394 21,554,500
470 31,130,000
553 34,333,500
431 21,019,300
506 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
6,630,0001
176 11,590,000!
164 13,400,000
245 21,780,000
4
12
18
17
14
11
11
21
20
38
32
26
41
33
9
26
78
40
30
85
25
25
34
41
50
41
53
46
79
49
37
70
69
64
43
39
71
72
65
121
81
81
80
149
113
98
83
80
113
82
135
107
68
109
Capital.
$330,000
650,000
2,160,000
2,445,500
3,372,710
2,550,000
1,450,000
2,180,500
3,524,700
2,795,000
3,820,200
2,565,000
2,539,500
4,237,500
3,750,000
570,000
1,920,000
16,120,000
7,736,000
3,647.250
17,856,590
1,651,100
2,537,450
4, 171,000
4,316,000
5,050,000
4,485,000
6,157,500
6,035,000
10, 475,000
6,093,100
3,745,000
9,659,000
12,509,000
24,335,000
12,474,950
7,415.000
22,190,000
30,720,000
20,285,000
24,409,500
13,223,000
11,745,000
12,415,000
14,225,850
29,123,500
11,010,000
21,605,250
14,571,010
26,487,000
13,795,000
14,828,000
14,367,500
16,165,000
31,880,000
Net yearly
increase.
No.i Capital. No.
8
2
9
25
65
21
36
27
38
7
12
6
11
2
12
20
22
8
7
24
9
Capital.
1341510,378,700
450 79,366,950
$50,0001 ,007 242,162,982
500,000
56 7,365,150
1,370,000
730,300
210,000
50,000
250,000
7
159 18,059,000
1,808, 100 158 15,001,400
3,825,000
253,000
36
250,000
48 3,700,500
1,000,000
64 7,283,800
. 965,000
3,344,000
2,612,500
1,230,000
104,170
700,000
45
00
731,050
357,000
1,561,300 146
668,350
250,000 220
109,980
1,285,000 150
600,000
56
650,000 141
056,900
1,550,000 192
458,550
90
982,000
1,900,000
674,000
250,000 168
450,000
750,000 248
593,000
3,622,000 127
93
677,500
2,450,000
io;
L0,910,000
2,770,000
5,235,020
3,805,000
5,851, 500
1,200,000
2
850,000
1,800,000 334 5,685,050
1,7(10,000 344 12,379,500
450,000 397 8,490,000
133,500
3,480,000 469
1,535,000 346
2,035,000 363 7,088,000
680,000 36? 7,510,500
775,000 425 22,447,000
6,560,000 222 3,848,000
768,500 151 7,835,650
761,500
875,000 192
275,000 113 1,555,000
97
1,100,000
86
4,350,000
61
1,810,000
48
1,830,000
805,000
1,230,000
62
250,000
94
25,000 135
Net yearly
decrease.
No.
Capital.
$1,445,500
1,922,710
64,000
310,200
3,294,500
4,075,000
1,385,000
1,518,590
5,715,000
7,960,000
6,338,120
4,405,000
11,090,500
4,044,000
8,715,000
800,700
6,625,250
8,746,010
9,622,000
5,935,500
26 9,003,000
4, 007,500
3,015,000
10,125,000
11,503 1,169,135,982,3, Q51 550,375,160 2589 93,045, 920 *, 170 2,907,982 307120,193,080
'307 120,193,080
Net increase
A d d for banks restored to solvency. .
Total net increase. .1
1
2
Insolvent.
522,714,902
37 10,535,000
7,900 533,249,9021....
Includes 26 banks with capital of $15,500,000 consolidated under act of Nov. 7,1918.
Includes 37 banks restored to solvency.
8
Depositors paid in full within a few months.
REPORT OF THE COMPTROLLER OF THE CURRENCY.
101
Number of national banks organized, in liquidation, insolvent, and in operation,with
bonds on deposit, and circulation issued, redeemed, and outstanding on Oct. 31, 19
1919.
Banks.
Circulation.
United
States
In
In
Organ Insol-jliqui- opera- bonds on
izcd. vent. j da- tion.
deposit.
| tion.i
i
State or Territory.
Maine
New Hampshire.
Vermont
Massachusetts...
Rhode Island
Connecticut
113
71
75
327
65
111
New England States...
Issued.
OutRedeemed.2 standing.*
12
20
153
47
40
64 $5,355,750 $113,252,280 $107,405,774 $5,846,506
82,693,085 5,457,040
88,150,125
55 5,616,500
87,438,132 4,263,408
91,701,540
48 4,306,500
159 20,747,200 750,567,705 729,260,755 21,306,950
17 4,617,500 140,179,675 134,945,193 5,234,482
66 12,858,850 264,813,950 251,236,472 13,577,478
321
409 I 53,502,300 1,448,665,275 1,392,979,411
55,685,864
New York
New Jersey
Pennsylvania
Delaware
Maryland
District of Columbia
754
249
1,040
28
125
26
50 | 219
33
10
44 151
9
"l
29
9
3
485 j 76,302,400 1, 524,019,795 1,452,373,661
206 14,652,270 254,175,940 238,239,667
173,845,325 1,094,213,513
845 85,991,150
23,503,665
22,618,409
19 1,127,750
186,973,020
176,340,267
95 9,672,990
60,143, 111
67,670,240
14 5,908,000
71,646,134
15,936,273
79,631,812
885,256
10,632,753
7,527,129
Eastern States.
Virginia
,
West Virginia..,
North Carolina.
South Carolina.
Georgia
Florida
Alabama
Mississippi
Louisiana
Texas..
!.*
Arkansas
Kentucky
Tennessee
2,222
108
Southern States.
72
832
100
213
172
Western States.
113
2,382
128
3,180
372 45,667,190
255 26,704,030
473 27,947,260
110 11,037,450
148 13,228,460
310 14,279,660
354 19,532,830
137 22,311,850
516,965,290
251,314,715
389,629,735
122,674,680
109,918,030
124,900,740
160, 563,360
255,398,475
472,571,118
224,579,062
364,560,449
111,077,342
96.090,943
108,130,584
140,150,151
247,729,339
44,394,172
26,735,653
25,069,286
11,597,338
13,827,087
16,770,156
20,413,209
7,669,136
174
129
190
246
145
45
128
46
351
4,367,030
4,165,800
9,673,520
10,823,810
4,073,450
2,005,000
7,885,250
1, 948,000
10,872,170
27,572,450
24,264,820
91,262,650
89,952,430
26,735,560
13,356,370
69,953,030
15,425,390
79,077,940
23,317,134
20,119,324
80,495,837
78,705,710
22,942,789
11,444,719
61,971,434
13,548,663
66,749,560
4,255,316
4,145,496
10,766,813
11,246,720
3,792,771
1,911,651
7,981,596
1,876,727
12,328,380
569 1,454
55,814,030
437,600,-640
379,295,170
58,305,470
50,708,050
44,189,330
324,788,810
18,643,000
26,106,820
9,832,900
7,486,080
375,980
43, 669,356 7,038,694
37, 283,141
6,906,189
278,296,158 46,492,652
15,344,118 3,298,882
22, 832,456 3,274,364
1,583,379
8,249,521
6,414,112 1,071,968
362,200
13,780
64,571,030 | 482,130,970
412,451,062 69,679,908
160
J17
357
91
34
15
25
3
802
46
160
596
475, 000 ! 4,458,050
295,600
11,503
1
:
4,177,820
189,040
280,230
106,560
475,000 I
Hawaii
Porto Rico.
Island Possessions
United States
137,264,555 18,356,495
78,872,356 10,376,564
63,981,016 8,055,704
54,265,955 7,240,660
109,691,251 8,809,899
42,568,603 5,011,157
74,591,905 11,273,605
24,580,897 2,227,443
53,833,705 4,917,295
269,892,017 40,626,023
21,611,090 3,437,220
160,160,240 16,941,745
94,696,793 11,672,837
84 6,938,250
88 6,390,260
290 42,302,050
76 3,262,000
26 3,377,000
10 1,216, 510
19
1,059, 960
3
25,000
125
2,148
Pacific States.
155,621,050
89,248,920
72,036,720
61,506,615
118,501,150
47,579,760
85,865,510
26,808,340
58,751,000
310,518,040
25,048,310
177,101,985
106,369,630
893 2,159 180,708,730 1,931,365,025 1,764,888,988 166,476,037
29
32
123
109
23
6
40
15
192
217
173
335
392
179
53
181
66
552
Washington.
Oregon
California
Idaho
Utah
Nevada
Arizona
Alaska
,
156 17,409,110
121 9,405,000
7,115,810
85
6,844,500
81
93 9,702,900
55 5,833,750
96 9,588,350
33 2,740,250
32 4,795,750
553 42,948,270
78 3,601,770
130 15,647, 950
102 11,463,000
654 1,615 147,096,410 1,334,957,030 1,186,010,383 148,946,647
200
115
146
107
64
62
106
003
385
641
233
218
382
476
242
North Dakota.
South Dakota..
Nebraska
Kansas
Montana
Wyoming
,
Colorado
New Mexico
Oklahoma.....
450 1,664 193,654,560 3,230,187,985 3,043,928,628 186,259,357
35
26
23
16
48
14
36
23
33
245
16
77
62
197
152
114
98
151
82
141
58
Ohio
Indiana
Illinois
Michigan..
Wisconsin.
Minnesota.
Iowa
Missouri
Middle States.
32
762
4,366,8
386,790
4,753,650
552 3,051 7, 900 |695,822,060 8,869,660,575 8,147,266,250 722,394,325
Includes 26 consolidations under the act of Nov. 7, 1918.
- Includes $54,649,200 Federal reserve bank notes, and $13,340,500 incompletenational bank notes issued
under act of May 30,1908, which were returned and deposited with Division of Issue for reissue.
Digitized for3 FRASER of 37 banks restored to solvency.
Exclusive
102
REPORT OF THE COMPTROLLER OF THE CURRENCY.
Number of national banks organized, in voluntary liquidation, insolvent, and number and
capital of associations in active operation on Jan. 1 of each year from 1864 to 1919.
Year,
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.
1902.
1903.
1904.
1905.
1906.
1907.
1908.
1909.
1910.
1911.
1912.
1913.
1914.
1915.
1916.
1917.
1918.
1919.
Organized.
In active operation.
In volun-!
Nher.
um179
682
1,626
1,665
1,675
1,688
1,696
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
0,074
0,566
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
11,282
6
11
10
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
1,565
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
2,950
I
I
i
1
!
I
!
;
|
i
1
3
10
13
15
15
19
23
34
37
40
50
01
70
81
84
'85
87
89
102
104
113
121
128
133
143
109
180
243
200
294
327
353
368
373
379
386
389
402
422
443
447
403
481
484
489
494
501
513
523
539
545
549
551
i Exclusive of 37 banks restored to solvency.
179
070
1,614
1,646
1,636
1,628
1,019
1,667
1,806
1,949
1,979
2,036
2,090
2,084
2,078
2,055
2,050
2,094
2,172
2,333
2,550
2,073
2,745
2,888
3,079
3,158
3,351
3,597
3,700
3,799
3,780
3,748
3,711
3,668
3,614
3,590
3,606
3,981
4,337
4,750
5,18-1
5;554
5,898
0,283
G, 075
0,889
7,054
7,231
7,340
7,431
7,509
7,593
7,021
7,597
7,688
7,781
• i
*
Capita).
n
814,040,522
135,618,874
403,357,340
420,229,739
420,260,790
426,882,611
433,803,311
442,427,981
468,210,330
487,781,551
499,003,401
503,347,901
511,155,865
501,392,171
485,557,771
471,609,390
461,557,515
467,039,084
470,018,135
492,076,035
518,031,135
529,910,165
534,378,265
555,865,165
584,726,915
598,239,065
623,791,365
665,267,865
085,762,265
695,148,005
093,353,165
670,906,365
664,076,915
655,334,915
639,440,295
022,482,195
608,688,045
635,309,395
670,104,195
723,416,695
767,507,095
785,411,335
818,482,075
862,016,775
912,369,775
933,020,275
960,406,925
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
1,097,555,005
1,110,930,165
REPORT OF THE••COMPTROLLER OF THE CURRENCY.
103
National banks chartered during the year ending OcL 81, 1919.
Charter
No.
11259
11281
11337
11445
11451
Title.
First National Bank of Coffee Springs
First National Bank of Tuscumbia
First National Bank of Collinsville
Farmers & Merchants National Bank of Headland.
First National Bank of Fort Payne
Total (5 banks).
11395
j Capital.
,000
50.000
50,000
50 ,000
505 000
225,000
First National Bank of Chandler
50.000
ARKANSAS.
11262 First National Bank of Lake Village
11276 First National Bank of Dafdsnelle
11312 First National Bank of Black Rock
11322 First National Bank of Lepanto
11367 Arkansas National Bank of Heber Springs.
Total (5 banks).
50,000
25,000
25,000
35,000
25,000
160,000
CALIFORNIA.
11273
11282
11296
11303
11326
11327
11330
11359
11362
11371
11421
11425
11433
11461
11473
11484
11495
11497
First National Bank of Montebello
First National Bank of Cloverdale
First National Bank of San Juan (post office San Juan Bantista).
Puente National Bank, Puente
First National Bank of Crockett
Producers National Bank of Bakersfield
First National Bank of Caruthers
First National Bank of Pittsburg
First National Bank of Vernon
First National Bank of Pixley
First National Bank of Bell
National Bank & Trust Company of Pasadena
First National Bank of Tranquillity
Beverly Hills National Bank, Beverly Hills
Growers National Bank of Fresno
First National Bank of San Joaquin
College National Bank of Berkeley
.•
Security National Bank of San Mateo County in Half Moon Bay..
Total (18 banks).
11321
11354
11455
First National Bank of Mead
First National Bank of Simla......
First National Bank of Burlington.
Total (3 banks).
25,000
50,000
25,000
25,000
25,000
200,000
25,000
50,000
25.000
•'25,000
25,000
300,000
50,000
30,000
200,000
25,000
200,000
25,000
1,330,000
25,000
25,000
30,000
80,000
First National Bank of Winter Garden
St. Augustine National Bank, St. Augustine.
Total (2 banks).
25,030
50,000
Peoples National Bank of Quitman.
50,000
11274 Twin Falls National Bank, Twin Falls....
11278 Idaho Falls National Bank, Idaho Falls...
11385 First National Bank of Rigby
11434 First National Bank of Shelley
11438 Burley National Bank, Burley
11458 Jefferson County National Bank of Rigby.
11471 Teton National*Bank of Driggs
11496 First National Bank of Parma
150,000
100,000
30,000
25,000
50.000
50,000
35,000
100,000
11389
11420
11290
Total (S banks).
11283
11299
11308
First National Bank of Barrington.
First National Bank of Foosland...
First National Bank of Hinsdale. -.
75,000
540,000
25,000
25,000
50,000
104
REPORT OF THE COMPTROLLER OF THE CURRENCY.
National banks chartered during the year ending Oct. SI, 1919—Continued.
[
Charter
No.
Capital.
Title.
ILLINOIS—continued.
11331
11333
11358
11422
11443
11478
First National Bank of Altona
Citizens National Bank of Toluca
National Trust Bank of Charleston
First National Bank of Lemont
First National Bank of Fairmont
St. Clair National Bank of Belleville
$50,000
50,000
200,000
25,000
30,000
150,000
•.
Total (9 banks)
1
605,000
INDIANA.
11355
11424
11427
11470
30,000
25,000
30,000
75,000
Farmers National Bank of Remington
Cedar Grove National Bank, Cedar Grove
w
First National Bank of Roanoke
I.
Farmers and Merchants National Bank of Rensseller
Total (4 banks)
:
160,000
IOWA.
11295
11304
First National Bank of College Springs
50,000
250,000
Webster County National Bank of Fort Dodge
300,000
Total (2 banks)
11300
11310
11316
11318
11374
11398
11405
11464
11488
KANSAS.
First National Bank of Hugoton
First National Bank of Axtell
Farmers National Bank of Pretty Prairie
Downs National Bank, Downs
National Bank of Chetopa
Kaw Valley National Bank of Topeka
City National Bank of Atchison
First National Bank of Haviland
First National Bank of Coats
Total (9 banks)
,
,
:.
25,000
25,000
25,000
25,000
25,000
100,000
100,000
50,000
30,000
405,000
KENTUCKY.
11336
11348
National Bank of Munfordville
25,000
25,000
First National Bank of Russell Springs
50,000
Total (2 banks)
LOUISIANA.
First National Bank of Oberlin
25,000
100,000
Jennings National Bank, Jennings
11324
11450
125,000
Total (2 banks)
11403
11462
25,000
50,000
MAINE.
First National Bank of Fort Kent
75,000
Machias National Bank, Machias
Total (2 banks)
11270
11339
11347
11388
'
100,000
500,000
100,000
100,000
MASSACHUSETTS.
National City Bank of Chelsea •.
Citizens National Bank of Boston
Braintree National Bank, Braintree
Peoples National Bank of Southbridge
-
^
800,000
Total (4 banks)
11260
11289
11305
11454
11469
MICHIGAN.
Liberty National Bank of Marine City
National Union Bank of Jackson
First National Bank of Wakefield
First National Bank of Chesaning
Iron National Bank of Ironwood
Total (5 banks)
50,000
400,000
25,000
50,000
100,000
625,000
REPORT OF THE COMPTROLLER OF THE CURRENCY.
National banks chartered during the year ending Oct. 31,
Charter
No.
105
1919—Continued.
Capital.
Title.
MINNESOTA.
11261
11267
11286
11288
11293
11332
11345
11356
11365
11392
11401
11410
11500
Farmers National Bank of Barnesviile
First National Bank of Pequot
Warren National Bank, Warren
First National Bank of Hanska
First National Bank of Lake Wilson
First National Bank of Paynesville
First National Bank of Aurora
First National Bank of Lancaster
First National Bank of Kerkhoven
First National Bank of Clearbrook
American National Bank of Lake Crystal
First National Bank of Waconia
American Exchange National Bank oiVirginia..
$25,000
25,000
30,000
25,000
25,000
25,000
25,000
25,000
25,000
25,000
30,000
25,000
100,000
Total (13 banks)..
11320
11344
11366
1.1372
11377
11402
11467
11472
11491
410,000
First National Bank of Dexter
Fidelity National Bank and Trust Company of Kansas City
St. Louis Union National Bank, St. Louis
First National Bank of Sweet Springs
Continental National Bank of Jackson County at Kansas City.
First National Bank of Perryville
First National Bank of Stoutland
Columbia National Bank of Kansas City
Central Exchange National Bank of Kansas City
Total (9 banks)..
11269
11298
11307
11334
11335
11350
11382
11391
11418
11429
11437
11465
11475
11492
11493
50.000
1,000,000
2,500,000
50,000
1,000,000
25,000
25,000
500,000
200,000
5,350,000 -
First National Bank of Musselshell.
American National Bank of Bridger
First National Bank of Fairfield
First National Bank of Reed Point
First National Bank of Wilsall
First National Bank of Antelope
First National Bank of Ekalaka
First National Bank of Winnett
Powder River National Bank of Broadus..
Northern National Bank of Great Falls
First National Bank of Rosebud.
First National Bank of Ingomar
First National Bank of McCabe
Security National Bank of Lima
First National Bank of Jordan
25,000
25,000
25,000
25,000
25,000
25,000
25,000
25,000
25,000
100,000
30,000
25,000
25,000
25,000
25,000
455,000
Total (15 banks)
NEBRASKA.
11426
First National Bank of Bassett..
|
30,000
NEW JERSEY.
11351 City National Bank of Perth Amboy
11361 Dumont National Bank, Dumont
11368 Bergenfield National Bank, Bergenfield.
11409 First National Bank of Nutley
11428 Fords National Bank, Fords
11446 Audubon National Bank, Audubon
Total (6 banks)..
100,000
25,000
50,000
100,000
25,000
50,000
350,000
NEW MEXICO.
11329 First National Bank of Willard
11442 Citizens National Bank of Albuquerque.
11449 First National Bank of Columbus
Total (3 banks)..
30,000
100,000
25,000
155,000
NEW YORK.
11277 National Bank of Clayville
11284 Whitestown National Bank of Whitesboro
11292 Port Washington National Bank, Port Washington.
11319 Broadway National Bank of Buffalo
11349 Savona National Bank, Savona
11360 Liberty National Bank of Jamestown
11375 Second National Bank of Hempstead
25,000
25,000
25,000
200,000
25,000
200,000
100,000
106
REPORT OF THE COMPTROLLER OF THE CURRENCY.
National banks chartered during the year ending Oct. 31, 1919—Continued.
11404
11435
11448
11474
11459
NEW YORK—continued.
Tuxedo National Bank, Tuxedo
Lafayette National Bank of Buffalo
First National Bank of Unionville
Baldwin National Bank, Baldwin
Falls National Bank of Niagara Falls
Total (12 banks).
$25,000
750,000
30,000
50,000
100,000
1,555,000
NORTH CAROLINA.
11431
11440
11477
First National Bank of Spring Hope..
Citizens National Bank of Smithfield..
Third National Bank of Gastonia
Total (3 banks).
50,000
50,000
100,000
200,000
NORTH DAKOTA.
11272
11297
11311
11338
11346
11353
11378
11417
11494
First National Bank of Underwood
First National Bank of Alexander......
First National Bank of Aneta
First National Bank of Tuttle
First National Bank of Golva
First National Bank of Woodworth
First National Bank of Napoleon
Security National Bank of Valley City.
First National Bank of Montpelier
Total (9 banks).
11275
11343
11363
11376
11383
25,000
25,000
25,000
25,000
25,000
25,000
25,000
50,000
25,000
250,000
Citizens National Bank of Norwalk
First National Bank of Pandora
First National Bank of Cumberland...
Northern National Bank of Cleveland.
First National Bank of Sycamore
Total (5 banks).
100,000
30,000
40,000
500,000
50,000
720,000
OKLAHOMA.
11306
11314
11315
11384
11394
11396
11397
11419
11436
11459
11460
11481
11485
11498
First National Bank of Nash
Liberty National Bank of Pawhuska
Liberty National Bank of Stuart
Security National Bank of Temple
First National Bank of Goltry
First National Bank of Wynona
Farmers National Bank of Tonkawa
First National Bank of Byron
Citizens National Bank of Lenapah
Citizens National Bank of Valliant
First National Bank of Bigheart
Southwest National Bank of Oklahoma City.
Guaranty National Bank of Tahlequah
American National Bank of Byars
Total (14 banks).
11271
11294
11302
11466
25,000
100,000
25,000
25,000
25,000
25,000
25,000
25,000
25,000
35,000
25,000
250,000
25,000
25,000
660,000
First National Bank of Molalla
First National Bank of Redmond
Redmond National Bank, Redmond.
First National Bank of Halfway
Total (4 banks).
25,000
25,000
25,000
50,000
125,000
PENNSYLVANIA.
11263
11317
11369
11370
11373
11386
11393
11407
11413
11476
11482
11487
First National Bank of Alexandria
First National Bank of Beaverdale
First National Bank of Port Royal
First National Bank of Jefferson
Port Royal National Bank, Port Royal
Lansdowne National Bank, Lansdowne
First National Bank of Springville
First National Bank of DavidsvilJe
Citizens National Bank of Hooversville
Drovers and Merchants National Bank of Philadelphia..
National Bank of Commerce in Philadelphia
Citizens National Bank of Monessen
Total (12 banks)
50,000
50,000
40,000
25,000
60,000
50,000
25,000
25,000
25,000
200,000
300,000
100,000
950,000
REPORT OF THE COMPTROLLER OF THE CURRENCY.
National banks chartered during the year ending Oct. 31,
Charter
No.
107
1919—Continued.
Title.
Capital.
SOUTH CAROLINA.
11287
11439
11499
Firat National Bank of Barnwell
First National Bank of Clover
Woodside National Bank of Greenville
Total (3 banks).
I
I
I
S50,000
25,000
200,000
275,000
SOUTH DAKOTA.
11323
11341
11399
11441
11456
11457
First National Bank of Menno
Security National Bank of Sisseton..
First National Bank of Wilmot
First National Bank of Wetonka
First National Bank of Farmer
First National Bank of Davis
25,030
50,000
25,000
25,000
25,000
25,000
Total (6 banks).
175,000
TENNESSEE.
11479
First National Bank of Jefferson City.
25,000
TEXAS.
11279
11291
11301
11325
11357
11379
11400
11406
11408
11411
11414
11415
11423
11430
11447
11452
11453
11468
11486
11503
First National Bank of San Juan
Peoples National Bank of Victoria
American National Bank of Wichita Falls...
Collinsville National Bank, Collinsville
American National Bank of Cisco
First National Bank of Woodsboro
First National Bank of Booker
Menard National Bank, Menard
Edwards National Bank of Booker
Kerens National Bank, Kerens
Bevans National Bank of Menard
First National Bank of Brownfield
First National Bank of Lancaster
National Bank of Commerce of Fort Worth.
First National Bank of Groom
First National Bank of Desdemona
First National Bank of West Columbia
City National Bank of Sweetwater
Exchange National Bank of Wichita Falls..
First National Bank of Jakehamon
Total (20 banks).
25,000
50,000
100,000
25,000
100,000
25,000
25,000
25,000
25,0G0
80,000
100,000
25,000
100,0C0
,000,OCO
25,0G0
25,000
25,000
100,000
100,000
25,000
2,005,000
11266
First National Bank of Monticello..
11265
11313
11328
11364
11381
11387
11444
11480
11501
First National Bank of Saltville
Citizens National Bank of Abingdon
Peoples National Bank of Bedford
National Mechanics Bank of Newport News
American National Bank of Portsmouth
Peoples National Bank of Pulaski
First National Bank of Narrows
First National Bank of Dillwyn
Merchants and Planters National Bank of Dillwyn.
Total (9 banks).
25,000
25,000
25,000
100,000
100,000
500,000
100,000
25,000
50,GOO
50,000
975,000
WASHINGTON.
11280
11285
11416
Union National Bank of Seattle
First National Bank of Paulsbo
Farmers National Bank of Pomeroy..
Total (3 banks).
600,000
25,000
50,000
675,000
WEST VIRGINIA.
11264
11268
11340
11483
11502
First National Bank of Matoaka
First National Bank of Iaeger
First National Bank of South Charleston
Farmers and Mechanics National Bank of Williamstown.
First National Bank of Kimball
Total (5 banks).
25,000
25,000
35,000
40,000
25,000
150,000
108
REPORT OF THE COMPTROLLER OF THE CURRENCY.
National banks chartered during the year ending Oct. 31,
Charter
No.
1919—Continued.
Title.
Capital.
WISCONSIN.
11412
11432
11463
First National Bank of New Richmond
First National Bank of Maiden Rock
Farmers National Bank of Sparta
Total (3 banks)
_
11309
11342
11352
11380
11390
11490
$25,000
25,000
50,000
100,000
WYOMING.
Torrington National Bank, Torrington
First National Bank of Rock River
First National Bank of Manville
American National Bank of Cheyenne
First National Bank of Lusk
National Bank of Commerce of Casper
Total (6banks)
35,000
25,000
25,000
250,000
50,000
125,000
510,000
Total United States (245 banks)
21,780,000
Number of national banks chartered in each month from Mar. 14, 1900, to Oct. SI, 1919,
Months.
January
February....
March
April
May
June
July
August
September
October
November
December
Total
1900 1901 1902 1903 1904 1905 1906 1907 1908 1909 1910 1911 1912 1913 1914 1915 1916 1917 1918 1919
11
14
12
14
9
14
14
19
20
5
12
12
14
11
19
17
22
?4
?0
34
19
41
398 412 492 515 460 486 462 490 323 320 291 206 186 167 200 138 122 194 156
221
6
46
66
^
46
44
20
25
21
29
36
31
35
30
54
40
41
*>7
23
27
32
36
40
28
41
50
50
4?
38
4?
38
33
36
54
34
50
56
51
47
58
43
36
31
57
20
32
36
35
42
46
42
43
45
39
50
4?
49
48
?;?, 37
44
32 35
43 36
36 23
45 38
45
41
41
43
45
4?
3?
rW
31
41
27
41
40
42
50
46
52
55
40
SO
46
38
19
23
32
36
39
34
33
31
37
?0
14
18
21
18
28
20
22
?6
24
44
?8
S?
24
22
23
27
28
29
37
?6
21
40
19
1?
27
22
12
18
12
13
39
?,8
20
?1
13
15
15
8
11
11
16
14
19
15
22
14
16
15
20
15
6
14
16
16
16
?5
23
14
12
11
13
6
6
9
10
9
10
?5
24
?,\
?,\
13
23
24
6
14
19
19
9
13
11
9
6
15
12
11
10
4
9
9
8
7
16
10
10
16
13
10
5
9
13
\\
1
4
21
?7
16
?4
9
13
12
20
Number and classification of national banks chartered during the year ended Oct. SI, 1919.
Conversions.
Reorganizations.
Months.
Number.
November.
December..
January
February..
March
April
May
June
July.......
August
September.
October
Total.
Capital.
Num-i
$50,
850;
605,
50;
160,
400,
1,100,
3,155,
50,
505,
75,
1,525,
60 ! 8,525,000 • 14
Primary organizations.
Capital. 'Number.
Number.
Capital.
$400,000
325,000
225,000
475,000
560.000
840;000
920,000
2,365,000
705,000
2,840,000
625,000
2,305,000
$25,000
50,000
100,000
30,000
200,000
85,000
25,000
30,000
25,000
100,000
670,000
Capital.
Total.
171
12
12
14
11
19
17
22
24
20
34
19
41
1450,000
1,200,000
830,000
575,000
820,000
1,270.000
2,220,000
5,605,000
780,000
3,375,000
725,000
3,930,000
12,585,000
245
21,780,000
109
REPORT OF THE COMPTROLLER OF THE CURRENCY.
CONVERSIONS OF STATE BANKS AND PRIMABY ORGANIZATIONS AS
NATIONAL BANKS SINCE 1900.
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 Mar. 14, 1900, to Oct. 31, 1919.
Conversions
of State banks.
Classification.
Num| ber.
! Reorganizations
J from State and
• private banks and
I national banks.
Total.
Number.
Number.
Capital.
667 $17,677,500 | 1,071
461 "1,552,800 j
648
$28,372,000
100,885,000
2,238
1,154
$57,600,500
138,615,000
87,230,300 J 1,719
Capital less than 150,000.
Capital $50,000 or over...
Capital.
129,257,000
3,392
196,215,500 I 6,239 j 412,702,800
Total
Capital.
Num! ber.
Primary organizations.
Capital.
3,976 i$103,650,000
2,263 | 309,052,800
Number of State banks converted into national banking associations in each State and
Territory from 1863 to Oct.'SI, 1919.
State or Territory.
Maine
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut
New England States
New York
New Jersey
Penns3^1vania
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
Number
of banks.
34
28
22
182
52
65
Capital.
$4,605,000
2,595,000
- 2,029,990
65,641,200
16,717,550
18,932,770
383 110,521,510
215
44
106
6
35
2
95,256,291
7,670,450
30,944,095
585,010
10,224,372
230,000
408 |l44,910,218
4,111,300
2,183,900
2,746,000
3,807,000
1,887,000
1,715,000
2,260,000
540,000
3,525,000
1,792,500
2,175,000
5,531,900
3,780,000
371 i 36,054,600
State or Territory.
Ohio.......
Indiana —
Illinois
Michigan...
Wisconsin.
Minnesota.
Iowa
Missouri...
Middle States.
North Dakota..
South Dakota..
Nebraska
Kansas
Montana
Wyoming
Colorado
New Mexico...
Oklahoma
Western States.,
Number
of banks.
20
24
25
19
31
84
40
40
$1,890,000
1,508,000
2,630,000
2,045,000
2,295,000
5,431,000
1,845,000
14,589,300
283
32,233,300
69
45
70
68
36
8
22
5
105
2,085,000
1,550,000
3,375,000
2,852,000
1,335,000
280,000
1,470,000
300,000
3,520,000
428
16,767,000
Washington.
Oregon
California
Idaho
Nevada
,
Arizona
,
Pacific States.
United States.
Capital.
3,280,000
1,551,000
19,827,800
1,005,000
50,000
250,000
174
25,963,800
2,047 j 366,450,428
CLASSIFIED CAPITALIZATION OF BANKS BY STATES.
Classification of banks organized since March 14, 1900, based upon
capital stock, together with the number and capital of national
banks reporting on September 12, 1919, in each State and geographical
division, is shown in the following table:
110
REPORT OF THE COMPTROLLER OF THE CURRENCY.
Summary, by State, geographical divisions, and classes, of national banks organized frorn
Mar. 14, 1900, to Oct. 31, 1919, and the paid-in capital stock of all reporting national
banks on Sept. 12, 1919.
Capital,
$25,000.
Capital over
$25,000 and
less 550,000.
Capital, $50,000
National
Total organiza- reporting banks
Sept.
tions.
12,1919.
No. I Capital.
No.
and over.
States, etc.
No.
New England States:
Maine
New Hampshire...
Vermont
Massachusetts
Rhode Island
Connecticut
Capital. No. Capital.
$150,000
100,000
125,000
50,000
125,000
30,000|
550,000
Total
Eastern States:
New York
'
New Jersey
Pennsylvania
Delaware
Maryland
Dist. of Columbia.
Total....
Middle Western States:
691 17,275,000
Total...
Western States:
North Dakota..
South Dakota..
Nebraska
Kansas
Montana
Wyoming
Colorado
New Mexico....
Oklahoma
849 21,225,000
Ohio.
Indiana
Illinois
Michigan...
Wisconsin..
Minnesota..
Iowa
Missouri
Total
Pacific States:
Washington
Oregon
California
Idaho
Utah
Nevada
Arizona
Alaska
Total..
Island possessions:
Hawaii
Porto Rico
Total..
Grand total
114
97
190
21
52
210
125
40
154
96
105
119
97
20
61
29
403
501,000
630,000
195,000
102,000
715,000
225,000
379,500
125,000
30,000
3,058,500
130,000
230,000
270,000
1,675,000
1,125,000
650,000
675,000
675,000
350,000
1,075,000
225,000
425,000
6,875,000
1,075,000
1,425,000
1,025,000
728,000
608,000
823,500
190,000
190,000
666,000
840,000
510,000
61
45
42
46
58
35
45
28
26
182
39
36
43
95
79
111
37
36
40
77
54
215,000
220,000
780,000
490,000
365,000
105,000
456,000
185,000
1,135,000
3,951,000 289
1,084 27,100,000
110,000
126,000
260,000
265,000
30,000
1,000,000
1,025,000
3,675,000
45 1,125,000
225,000
75,000
125,000
25,000
75,000
$6,915,000
55 5,235,000
48 4,935,000
159 54,292,000
5,570,000
r 20', 306,000
66
407 97,253,000
26,192,500 480 179,125,000
6,050,000 202 22,957,000
32,972,000 838 120,569,000
245,000
19
1,429,000
2,902,000 95 16,400,000
2,175,000 14 7,427,000
7,040,000 142
3,665,000 108
4,285,000 74
4,925,000 76
5,575,000 106
6,225,000 56
4,185,000 100
2,565,000 41
4,960,000 44
24,065,000 552
3,030,0001 86
5,370,000]
5,005,000j
9,216,000 154
5,420,000 119
5,130,000 84
5,702,000 79
6,965,000 93
6,800,000 54
5,639,500 95
2,915,000 3:
5,415,000 32
33,998,500 546
4,235,000 78
7,025,000 129
6,300,000 101
199,000
244,000
906,000
605,000
258,000
460,000
825,000
750,000
555,000
473,000
557,000
256,000
809,000
17,725,000 230 21,303,000 37! 65,033,000
11,475,000 195 14,508,000 255 28,641,000
16,100,000 325 21,673,500 47: 79,415,000
, ,
11,965,000 64 12680000 108 19,205,000
4,125,000 94 12,680,0 0 147 22,120,000
,,0
5,615,
6,850,000 271 12,766,000 309 33,606,000
4,870,000 22' 2766
8835000 355 25,115,000
8,835,000
23,585,000 110 25,095,000 134 45,995,000
4,555,500 529 96,695,000 1,516 122,475,500 2,152 319,130,000
3,850,000
2,400,000
2,625,000
2,975,000
2,425,000
500,000
1,525,000
725,000
10,075,000
75,
9,315,000
Ca
P1it.al
paid m.
6,591,000 686 80,895,000 1,578 104,761,000 1,596 188,897,000
2,850,000
2,425,000
4,750,000
525,000
1,300,000
5,250,000
3,125,000
1,000,000
291 7,275,00C
75
No.
1,701,500 432 56,335,0001 984 70,536,5001,648 347,907,000
50012,500,000
26
27
2
14
43
9
17
275
43
57
41
52j 8,735,000j
347,500 119 22,320,000!
240,000 49 4,110,000
847,000 242 25,800,000i
95,000
172,000
1,930,000
2,175,000!
3,525,000
1.700,000
6.325,000
150,000
800,000
Total..
Southern States:
Virginia
West Virginia...
North Carolina..
South Carolina..
Georgia
Florida
Alabama
,
Mississippi
Louisiana
Texas
Arkansas
Kentucky
Tennessee
$585,000
330,000
275,0001
0, 750,000j
500,000
875,000
$435,000
200,000!
150,000!
6,700,000!
500, OOOi
750,000'
$30,000
Capital.
30,000
25
821,000
850,000
1,150,000
3,395,000
3,210,000
2,240,000
1,100,000
3,510,000
850,000
6,965,000
23,270,000 1:
4,915,000
3,770,000
6,800,000
6,675,000
5,030,000
1,705,000
5,491,000
1,760,000
18,175,000
54,321,000
6,515,000
5,675,000
16,640,000
14,353,000
7,960,000
2,350,000
10,890,000
3,135,000
19,273,000
56,791,000
39 4,695,000 82 5,805,000 84 13,010,000
30 2,445,000 75 3,596,000 87 10,431,000
150 30,222,800 305 34,157, 800 284 62,976,000
24 1,760,000 77 3,150,000 71 4,385,.000
1,325,000 17 l,580,000j 26 3,455,000
9 1,225,000 12 1,300,000 10
1,435,000
11
650,000 17
805,000 18 1,550,000
1
125,000
50,000
75,000!
271 42,372,800
650,000
100,000
750,000
587 50,468,800 583
725,000
100,000 .
825,000;
97,367,000
650,000
650,000
j3,44C 86,000,000) 536| 17,650,0002,263J309,052, 800 6,239 412,702,800 7,82: 1,137,995,000
Ill
REPORT OF THE COMPTROLLER OF THE CURRENCY.
EXPIRATIONS ANT) EXTENSIONS OF CHARTERS OF NATIONAL BANKS.
Charters are granted to national banks for a period of 20 years
from the date of the execution of the organization certificate. In
the year ended October 31 last 60 banks with capital of $22,550,000
reached the termination of their existence, and their charters were
extended for an additional period of 20 years under authority of the
act of July 12, 1882. In the same year charters of 17 banks with
capital of $2/750,000, extended under the act of 1882, were extended
for a further period of 20 years, under the act of April 12, 1902.
The total number of extensions of charters under the act of 1882
has been 3,501 and under the act of 1902, 1,318.
In the coming fiscal year the charters of 326 banks, with capital
of $24,902,000, will expire for the first time, and 36, with capital of
$8,532,100, for the second time. A list of banks concerned in the
extensions during the report }rear ending October 31, 1920, will be
found in volume 2.
Number of national banks in each State whose charters were extended under act of July 12,
1882, to Oct. 31. 1919.
State or Territory.
| Num| ber of
I banks.
Maine
New Hampshire.
Vermont
Massachusetts...
Rhode Island
Connecticut
New E n g l a n d
States
Now York
New Jersey
Pennsylvania
Delaware
Maryland
District of Columbia
Eastern States
Virginia
West Virginia..
North Carolina.
South Carolina.
Georgia
81
57
- 50
270
61
87
606
341
103
427
18
G4
11
964
State or Territory.
Florida
Alabama...
Mississippi.
X<ouisiana..
Texas.
Arkansas..
Kentucky.
Tennessee..
Southern States..
Ohio
Indiana
Illinois
Michigan
Wisconsin
Minnesota
Iowa
Missouri
Number of
banks.
12
20
10
17
177
8
76
42
502
228
106
215
78
71
63
169
6G
j NumI ber of
! banks.
Stale or Territory.
Nebraska
Kansas
Montana
Wyoming
Colorado
New Mexico..
O klahoma
93
98
20
11
19
Western States
Washing Lon
Oregon
California
Idaho
Utah,
Nevada
Arizona
Alaska
329
!
!
I
I
I
j
|
Pacific States
Middle S t a t e s .
N o r t h Dakota..
South D a k o t a . .
996
United S t a t e s . . . . .
23
34
8
0
1
112
REPORT OF THE COMPTROLLER OF THE CURRENCY.
REEXTENSION OF CHARTERS.
Number of national banks in each State whose charters were reextended under the act of July
12, 1882, as amended Apr. 12, 1902, to Oct. 31, 1919.
Number of
banks.
State or Territory.
Main
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut
New E n g l a n d
States
New York
New Jersey
Pennsylvania
Maryland
District of Columbia
Eastern States
52
35
34
161
24
64
Number of
banks.
Sta f e or Territory.
South Carolina
8
9
4
• 1
Georgia
Alabama
Louisiana
Texas
Arkansas
Kentuckv
Tennessee
5
1
23
15
Number of
banks.
State or Territory.
North Dakota
South Dakota
Nebraska
Kansas
Montana
Wyoming
Colorado
New Mexico
2
2
8
6
1
1
9
2
. ..
370
189
56
178
14
30
3
470
Virainin
West Virginia
16
9
6
North Carolina
Southern States...
Ohio
Indiana
Illinois
Michigan
Wisconsin
Minnesota
Iowa
Missouri
Middle States
97
-
87
46
87
21
23
18
47
11
31
Western States
Washington
Oregon
Utah....
1
1
1
Pacific States.....
10
United States
1,318
340
In the following table are shown, by States and geographical
divisions, the number and amount of capital stock increases and reductions authorized during the year ended October 31, 1919:
Capital stock increases and reductions.
Increases.
Reductions.
States.
Number.
Amount.
Number.
Amount.
.
New England States
New York
New Jersey
Pennsylvania .
Maryland
Eastern States
Virginia
West Virginia
North Carolina
South Carolina
Georgia
Florida
Alabama
Louisiana
Texas
Arkansas
Kentucky
Tennessee
Southern States
Ohio
Indiana.
Illinois
Michigan
Wisconsin
....
8500,000
357,100
i l
i 1
SI, 100,000
200,000
6
857,100
2
1,300,000
21
10
22
2
11,075,000
475,000
2,690,000
45,000
1
30,000
55
14,285,000
1
30,000
12
4
8
8
2
2
2
3
31
5
7
4
1,595,000
900,000
740,000
273,000
75,000
95,000
230,000
600 000
2,905,000
500,000
240,000
560,000
i1
25,000
i2
995,000
88
8,713,000
3
1,020,000
13
7
Massachusetts..
Connecticut
2,010,000
405,000
5,435,000
1 000 000
2,830,000
4
2
23
6
13 '
1
Incident to the consolidation of national banks under the act of Nov. 7,1918.
113
REPORT OF THE COMPTROLLER OF THE CURRENCY.
Capital stock increases and reductions—Continued.
Increase.
Reductions.
States.
Number.
Minnesota
Iowa
Missouri
Amount.
Number.
Amount.
8
7
4
Western States
Washington.
Oregon
California...
Idaho
. . . . .
Pacific States
2
505,000
80 000
ISO'000
435 000
740' 000
35,000
140 000
150'000
150 000
1,770,000
3,680,000
50 000
130 000
980, .000
250,000
1
25,000
1
25,000
2
50,000
i1
400,000
30
1,410,000
1
400,000
311
United States.
1
16,200,000
4
7
6
6
1
3
3
4
17
1
3
21
5
. . .
15,000
500,000
51
.
1
i1
81
Middle Western States
North D a k o t a . . . .
South Dakota
Nebraska
.
Kansas.
Montana.
Wyoming
Colorado
New Mexico .
Oklahoma
$220, 000
300,000
4,000, 000
45,145,100
11
3,305,000
Incident to the consolidation of national banks under the act of Nov. 7, 1818.
CHANGES OF T I T L E OF NATIONAL
BANKS.
During the past year 15 national banking associations, having
complied with the requirements of law in such cases, were authorized
to change their corporate titles, or titles and locations.
The following is a list of the banks concerned in the changes, with
date of approval indicated:
Change of corporate title, year ended October SI, 1919.
No. |
10412
10231
8039
7140
10892
2245
5236
3961
5649
4695
6257
9748
8769
5227
4862
Title and location.
Date.
The First National Bank of Tropico, Calif., to "The Glcndale National Bank'' (Tropico
having been annexed to and made a part of Glendale)
Southwest National Bank of Commerce of Kansas City, Mo., to "National Bank of
Commerce of Kansas City"
j The Scott County National Bank of Oneida, Tenn., to "The First National Bank of
Oneida"
! The Citizens National Bank of Garland, Tex., to "First National Bank of Garland"
The Midwest National Bank of Kansas City, Mo., to "The Midwest National Bank
and Trust Company of Kansas City"
The First National Bank of Mayfield, Ky., to "The First National Bank of Mayfield"..
The Commercial National Bank of Muscogee, Okla., to " The Commerical National Bank
of Muskogee "
The South Bethlehem National Bank, South Bethlehem, Pa., to "The Bethlehem
National Bank" (the boroughs of Bethlehem and South Bethlehem having been
consolidated under the title of "City of Bethlehem")
"TheCommercial National Bank of New Orleans, La., to "Canal-Commercial National
Bank of New Orleans"
The Brownwood National Bank, Brownwood, Tex., to "First National Bank in
Brownwood"
The First National Bank of Arapaho, Okla., to "The Farmers National Bank of
Clinton," Okla
Swedish American National Bank of Jamestown, N. Y., to "American National Bank
of Jamestown"
The First National Bank of Ochiltree, Tex., to "The First National Bank of Perryton,"
Tex
The Cement National Bank of Siegfried, Pa., to "The Cement National Bank of Siegfried at Northampton," Pa
The State National Bank of Oklahoma City, Okla., to " First National Bank in Oklahoma City".
1919
Jan. *17
152981°—CUR 1919—VOL 1
8
Feb. 21
Apr. 25
June 16
June 30
July 19
July 24
Aug. 25
Aug. 28
Aug. 30
Sept. 9
Sept. 11
Sept. 20
Sept. 22
Oct. 11
114
KEPOKT OF THE COMPTROLLER OF THE CURRENCY.
CHANGES OF TITLE INCIDENT TO CONSOLIDATIONS OF NATIONAL BANKS.
Iii connection with the consolidation of national banks, act November 7, 1918, a number of changes resulted in the corporate title of
banks under the charter of which consolidations were effected.
In the following statement are shown the titles of the banks consolidating and also the new titles of the consolidated banks:
The Union National Bank of Louisville, Ky. (4145), and The Citizens National
Bank of Louisville, Ky. (2164), consolidated under the charter of the latter, with title:
The Citizens Union National Bank of Louisville.
The City National Bank of Shreveport, La. (10870), and The First National Bank of
Shrevepoft, La. (3595), consolidated under the charter of the latter, with title: First
National Bank of Shreveport.
The American National Bank of Fort Worth, Tex. (4848), and The Farmers and
Mechanics National Bank of Fort Worth, Tex. (4004), consolidated under the charter
of the latter, with title: The Farmers & Mechanics National Bank of Fort Worth.
The Peoples National Bank of Columbia, S. C. (10597), and The Union National
Bank of Columbia, S. C. (9687), consolidated under the charter of the latter, with title:
The Liberty National Bank of South Carolina at Columbia.
The Farmers National Bank of Mayfield, Ky. (6834), and The First National Bank
of Mayfield, Ky. (2245), consolidated under the charter of the latter, with title: The
First National Bank of Mayfield, Ky.
First National Bank of Bakersfield, Cal. (6044), and The Producers National Bank
of Bakersfield, Cal. (11327), consolidated under the charter of the latter, with title:
First National Bank of Bakersfield.
The National City Bank of Kansas City, Mo. (11037), and The Fidelity National
Bank & Trust Company of Kansas City, Mo. (11344), consolidated under the charter
of the latter, with title: Fidelity National Bank and Trust Company of Kansas City.
The Wisconsin National Bank of Milwaukee, Wis. (4817), and The First National
Bank of Milwaukee, Wis. (64), consolidated under the charter of the latter, with title:
First Wisconsin National Bank of Milwaukee.
The Mechanics American National Bank of St. Louis, Mo. (7715), The St. Louis
Union National Bank, St. Louis, Mo. (11366), and Third National Bank of Saint Louis,
Mo. (170), consolidated under the charter of the latter, with title: First National Bank
in St. Louis.
Stamford National Bank, Stamford, Conn. (1038), and First National Bank of Stamford, Conn. (4), consolidated under the charter of the latter, with title: The FirstStamford National Bank.
The Commercial National Bank of Appleton, Wis. (2565), and The First National
Bank of Appleton, Wis. (1749), consolidated under the charter of the latter, with title:
First National Bank of Appleton.
The First National Bank of Middletown, Ohio (1545), and The Merchants National
Bank of Middletown, Ohio (2025), consolidated under the charter of the latter, with
title: The First and Merchants National Bank of Middletown.
The National Bank of Pasadena, Cal. (10082), and The National Bank & Trust
Company of Pasadena, Cal. (11425), consolidated under the charter of the latter, with
title: National Bank & Trust Company of Pasadena.
INCKEASIffG IMMUNITY FROM BANK FAILTJEE,
In the year ended October 31, 1914, there were 21 national bank
failures; in 1915, 14 failures; in 1916, 13 failures, and in 1917, 7 failures.
For the 12 months ended October 31, 1918, there were 2 national
bank failures, both small banks, and for the year ended October 31,
1919, there was only 1 national bank failure. This was the First
National Bank of Hobart, Okla., capital of $25,000 and outstanding
circulation of a like amount. This bank was authorized to begin
business August 30, 1901, and a receiver was appointed on February
20, 1919. The affairs of this trust have been wound up, creditors
having been paid 100 per cent, hence during the report year there
was no failure of any national bank resulting in loss to creditors.
REPORT OF THE COMPTROLLER OF THE CURRENCY.
115
On October 31, 1913, there were 45 national banks in charge of
receivers, their affairs being in process of liquidation and settlement.
At the close of the year ended October 317 1919; there were only 29
national banks in receivers' charge.
The total amount of dividends in liquidation, paid between October 31, 1913, and October -31, 1919, to the depositors and other
creditors of insolvent national banks was $19,522,120.22. If there
be added to this the liabilities of 12 banks restored to solvency during
the same period, $33,859,526, the sum total of these amounts woulcl
be $53,331,646.22.
The receiverships of 6 national banks, which had failed in previous
years, were finally closed during the }7ear ended October 31, 1919.
In one case dividends of 100 per cent and interest were paid and in
another case a dividend of 100 per cent. Of the remaining banks
one paid 88 per cent, one 42 per cent, one 33.50 per cent, and one 27
per cent.
National
banks organized, /ailed, and reported in voluntary
ended Oct 31, 1919.
Organized.
liquidation
during the year
Voluntarily liquidated, includins; those consolidated
with other banks,
Failed,
States.
Num- Author- Num- Capital.
ized
ber. capital. ber.
Capital.
1
1
$50,000
200,000
$282,205.00
652,888.26
250,000
935,093. 26
4
Total New England
States .
New York.
New Jersey
PennsylvaniaMaryland
Total Eastern States.
Virginia..
West Virginia
North Carolina
South Carolina
Georgia. *.
Florida
Alabama..
Louisiana
Texas
Arkansas „
Kentucky.....
Tennessee
Number.
2 • ft75 000
800,000
Maine
Massachusetts
Gross
assets.
'.
Total Southern States
Ohio.
Indiana
Illinois
„
Michigan. . .
Wisconsin....
Minnesota
Iowa
Missouri
Total Middle Western States...
North Dakota
South Dakota
Nebraska....
Kansas
Montana
Gross assets.
6
875,000
2
12
6
12
1,555,000
350,000
950, 000
8
2
3
2
7,700,000 118,210,551.68
150,000 2,413,670. 73
1,872,(525.31
140,000
75,000
767,317.40
30
2,855,000
15
8,065,000 123,264,165.12
9
975,000
5
150,000
3
200; 000
3
275,000
1
50,000
2
75,009
5
225,000
2
125,000
20 2,005,000
5
160,000
2
50,000
1
25,000
2
50,000
157,636.39
1
2
6
2
1
2
7
4
100,000
200,000
1,150,000
150,000
25,000
1,030,000
335,000
835,000
1,478,991.90
2,358,211.03
9,462,289.15
980,864.40
129,746.10
11,706,115.13
2,483,582.61
8.597,708.64
58
4,315,000
720,000
5
160,000
4
605,000
9
625,003
5
100,000
3
410,000
13
2
• 300,000
9 5,350,000
6
1
360,000
2,816,701.57
33
4,235,000
40,171,846.92
3
5
6
2,200,000
275,000
'685,000
17,300,422.55
2,867,388. 62
10,270,195. 03
1
1
25, .000
30,000
346,652.65
342,316.89
50
8,270,000
16
3,215,000
31,126,975.74
9
6
1
9
15
250,000
175,000
30,000
405,000
455,000
o
3
2
75,000
205,000
75,000
1,261,307.73
2,865,076.01
955,122.10
116
REPORT OF THE COMPTROLLER OF THE CURRENCY.
National banks organized, failed, and reported in voluntary liquidation during the year
ended Oct. 31, 1919—Continued.
Organized.
Voluntarily liquidated, including those consolidated
with other banks.
Failed.
States.
Num- Authorized
ber. capital.
Wyoming
Colorado
New Mexico - . .
Oklahoma
Total Western States.
Washington
Oregon
California
Idaho.
Utah
Arizona.
Total Pacific States...
Total United States..
6
3
3
14
1510,000
80,000
155,000
660,000
66
2,720,000
3
4
18
8
1
1
Gross
assets.
675,000
125,000
1,330,000
540,000
25,000
50,000
35
Num- Capital.
ber.
2,745,000
245 21, 780,000
1
Number.
Capital.
Gross assets.
i 1 $25,000 $468,190.00
9
$235,000
$2,324,772.39
468,190.00
16
590,000
7,406,278.23
1
25,000
136,896.-44
1
25,000 |
136,896.44
1
1
25,000
25,000
468,190. 00
83 16,380,000 203,041,255. 71
Paid depositors in full during the year.
The first failure of a national bank took place in 1865; from that
date until the close of business on October 31, 1919, the number of
such banks placed in charge of receivers was 589. Of this number,
however, 37 were subsequently restored to solvency and permitted to
resume business. The total capital of these failed banks was $96,045,920, while the book or nominal value of the assets administered
by receivers under the supervision of this bureau aggregated
$402,485,662, and the total cash thus far realized from the liquidation
of these assets has amounted to $205,684,482. In addition to this
amount, however, there has been realized from assessments of
$51,036,240 levied against stockholders the sum of $24,556,562,
making the total cash collections from all sources $230,241,044,
which have been disbursed as follows:
In dividencta to creditors on claims proved, amounting to $230,806,808,
the sum of
$161, 626, 444
m
m
In payment of loans and other disbursements discharging liabilities of
the bank other than those of the general creditors
46, 971, 585
In payment of legal expenses incurred in the administration of such
receiverships
5, 961, 668
In payment of receivers' salaries and other expenses of receiverships...
10, 544, 372
There has been returned to shareholders in rebates on assessments levied.
3, 752,428
Leaving a balance with the Comptroller and the receivers of
1,384, 547
Total
,
230, 241. 044
In addition to the funds thus distributed there had been returned
up to the close of business on October 31, 1919, to agents for shareholders, to be liquidated for their benefit, assets having a nominal
value of $15,703,985.
The book or nominal value of the assets of the 29 national banks
that are still in charge of receivers amounted to $43,627,401. The
receivers had realized from these assets at the close of business on
October 31, 1919, the sum of $23,651,675, and had collected from the
shareholders on account of assessments levied against them to cover
REPORT OF THE COMPTROLLER OF THE CURRENCY.
117
deficiencies in assets the further sum of $1,946,975, making the total
collections from all sources in the liquidation of current or active
receiverships the sum of $25,598,650, which amount has been disbursed as follows:
Total assets taken charge of by receivers
$43, 627, 401
Dividends to creditors (to Sept. 30, 1919)
Loans paid and other disbursements discharging liabilities of the bank
other than those to the general creditors
Legal expenses
Receivers' salaries
All other expenses of administration
Amount returned to shareholders in cash
Leaving a balance with the Comptroller and the receivers of
Total
18,331,824
4, 424, 740
572, 925
420, 634
502, 342
4, 246
1, 341, 939
25, 598, 650
The collections from the assets of the 560 national banks, the
affairs of which have been finally closed, amounted to $182,032,807,
and, together with the collections of $22,609,587 from assessments
levied against the shareholders, make a total of $204,642,394, from
which, on claims proved aggregating $185,965,854, dividends amounting to $143,294,620 were paid.
The average rate of dividends paid on claims proved was 77.05 per
cent, but, including offsets allowed, loans paid, and other disbursements with dividends, creditors received on an average 83.64 per
cent. The expenses incident to the administration of these 560
trusts—that is, receivers' salaries and legal and other expenses—
amounted to' $15,010,139, or 4.18 per cent of the nominal value of
the assets and 7.33" per cent of the collections from assets and from
shareholders. The outstanding circulation of these banks at the date
of failure was $28,313,631, which was secured by United States bonds
on deposit in the Treasury of the face value of $30,559,800. The
assessments against shareholders averaged 51.1.6 per cent of their
holdings, while the collections from the assessments levied were 48.28
per cent of the amount assessed. The total amount disbursed during
the current year to the creditors of 21 of the insolvent banks, in the
26 dividends declared, was $1,154,225.92.
In the table following is summarized the condition of all insolvent
national banks, the closed and active receiverships being shown
separately:
Total.
Collected from assets as above
Collected from assessment upon shareholders.
Total collections.
Active
receiverships, 29.
Total, 589.
$358,858,261
$43,627,401
$402,485,662
182,032,807
32,282,463
124,634,230
15,703,985
4,204,776
23,651,675
4,199,880
4,300,011
11,475,835
205,684,482
36,482,343
128,934,241
15,703,985
15,680,611
43,627,401
402,485,662
182,032,g07
22,609,587
23,651,675
1,946,975
205,684,482
24,556,562
204,642,394
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
Closed
receiverships, 560.
358,858,261
Items.
25,598,650
230,241,044
' Includes 37 banks restored to solvency.
118
REPORT OF THE COMPTROLLER OF THE CURRENCY.
Closed
receiverships, 56O.i
Active
receiverships, 29.
$42,546,845
143,294,620
5,388,743
9,621,396
3,748,182
42,608
$4,424,740
18,331,824
572,925
1,341,939
$46,971,585
161,626,444
5,961,668
10,544,372
3,752,428
1,384,547
204,642,394
Total.
Capital stock at date of failure
2 91,540,920
United States bonds held at failure to secure circulating notes
30,559,800
Amount realized from sale of United States bonds held to secure
circulating notes
32,412,031
Circulation outstanding at failure
28,313,631
Amount of assessment upon shareholders
46,834,290
25,598,650
230,241,044
Items.
Disposition of collections:
Loans paid and other disbursements
Dividends paid
Legal expenses
Receivers' salaries and other expenses
Amount returned to shareholders in cash...
Balance with the GomDtroller or receiv-ers.
Claims proved
j 185,965,854
1
2
Total, 589.
922,976
4,246
4,505,000
3,771,250
96,045,920
34,331,050"
3,123, sm
35,535,900
32,041,999
51,036,240
210,806,808
3,728,368
4,201,950
24,840,954
Includes 37 banks restored to solvency.Includes capital stock of 37 banks restored to solvency.
The affairs of 6 insolvent banks were closed during the year ended
October 31, 1919, 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—year ended Oct. 31, 1919.
Title.
First National Bank
First National Bank
Barnesville National Bank
State National Bank
Fourth National Bank
First National Bank
1
Date
receiver
appointed.
Location.
Rugby, N. Dak
Superior, Nebr
Barnesville, Minn
Little Rock, Ark.*
Fayette ville, N. C . . .
Hobart, Okla
Formerly in voluntary liquidation.
Jan.
Jan.
Jan.
Feb.
Feb.
Feb.
4,1909
12,1914
14,1914
17,1915
14,1916
20,1919
Per cent
Capital. dividends
paid to
creditors.
$25,000
60,000
25,000
500,000
100,000
25,000
42.00
33.50
• 27.00
*100.00
88.00
100.00
* With interest in full.
CAUSES OF FAILURES.
Two hundred and twenty-three, or over one-third, of the 589
failures of national banks were attributable to criminal acts. In 46
of the 223 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 oi
failures from principal causes since inauguration of National Banking
System,
REPORT OF THE COMPTROLLER OF THE CURRENCY.
119
Principal causes of failure of national banks in past 56 years.
j Number. Per cent.
Causes.
Involving criminal actions
Defalcation of officers
Fraudulent management
Wrecked by cashier
Wrecked by defalcation bookkeeper
Wrecked by assistant cashier
Involving unlawful acts
Excessive loans to officers
Excessive loans to others
Depreciation of assets
*
Securities
Real estate
General stringency money market
Failure of large debtors
Injudicious banking
Closed by run or in anticipation
No record of cause.
223
37.9
114
19.4
4
G
128
40
1
2
62
52
,
14.1
19
14
50
-
j
I
12
139
9
9
Total.
2.0
23.6
1.5
1.5
100.0
BANKS' INVESTMENTS IN UNITED STATES BONDS.
Investments in interest-bearing obligations of the United States
at the close of the fiscal year June 30, 1919, by national banks and
other banks aggregated $6,637,300,000, of which sum $3,176,000,000
were owned by national banks, $2,453,000,000 by Federal reserve
banks, $985,900,000 so far as disclosed by their reports by State and
private banks, and $22,400,000 by farm land and joint stock land
banks.
BONDS AVAILABLE AS SECURITY FOR
CIRCULATION.
Under existing laws national-bank circulation is secured by specific interest-bearing registered bonds of the United States and the
only issues on deposit or available for deposit for this purpose are
the 4 per cents of 1925, 2 per cent consols of 1930, and the 2 per cent
Panama Canal bonds, On June 30, 1919, the amount of these
issues was $793,115,530, of which the amount of outstanding four's
was $118,489,900, and of bonds bearing interest at the rate of 2
per cent, $674,625,630. On the date in question there was on
deposit with the Treasurer of the United States in trust, securing
national-bank circulation, bonds to the amount of $692,252,950,
and of like issues the Treasurer held $17,411,800 as security for
Federal reserve bank notes and also $7,569,850 to secure public
deposits. These deposits account for $717,234,600 of these 4 per
cent and 2 per cent bonds, leaving some $75,880,930 not on deposit
to secure bank circulation or public deposits,
During the 12 months ended October 31, 1919, United States
bonds to the amount of $29,688,110 were received by the Comptroller of the Currency and delivered to the Treasurer of the United
States to be held by him in trust as security for national-bank
circulation on account of banks organized during the year and
those increasing their circulation. Of the 245 banks chartered
during the year only 65 deposited bonds as security for circulation,
the amount deposited by these banks aggregating $3,722,700. During the same period bonds to the amount of $18,312,490 were withdrawn on account of banks going into liquidation, those in charge
of receivers, and of banks reducing their circulation.
120
REPORT OF THE COMPTROLLER OF THE CURRENCY.
The transactions relating to deposits and withdrawals of bonds,
on these accounts, monthly, during the year ended October 31,
1919, are shown in the following table:
United States bonds deposited as security for circulation by banks chartered and by those
increasing their circulation, together with the amount tvithdrawn by banks reducing
their circulation, and by those closed, during each month, year ended Oct. 31, 1919.
Date.
Bonds
deposited by
• banks
chartered
and those
increasing
circulation.
during the
year.
Bonds
withdrawn
by banks
reducing
circulation.
Bonds
withdrawn
by banks
in liquidation.
Bonds
withdrawn
by banks
in insolvency.
1918.
$929,010
1,422,500
$706,500
1,050,000
$200,000
192,500
January
February...
March
April
May
June
July
August
September.
October
390,500
710,250
264,550
604,050
244,500
188,150
835,250
023,500
193,950
881,900
3 ,815,000
597,250
155,000
701,500
989,000
785,000
530,000
,420,000
460,000
,597,500
220,000
775,000
268,750
207,500
81,500
202,500
214,990
125,000
42,500
650,000
$200,000
25,000
100,500
Total.
129,688,110
14,806,750
3,180,240
325,500
November.
December..
1919.
1
;
Includes $3,722,700 deposited by 65 of the 245 banks, chartered during the year.
In addition to bonds deposited to secure circulation by banks
organized and by those increasing their circulation during the year,
bonds to the amount of $15,529,490 were deposited in substitution of
bonds withdrawn, hence deposits for all purposes aggregated
$45,217,600 and withdrawals totaled $33,841,980, or a net increase of
$11,375,620. .
In the following table all transactions by months, together with the
total amount of bonds held as security for circulation, are shown:
United States bonds deposited {including substitutions) and withdrawn on account of
national-bank circulation from Nov 1, 1918, to Oct 31, 1919.
Bonds
deposited.
Bonds
|
Bonds
withdrawn.
increased.
Bonds
decreased.
I
1918.
$954,750
1,507,500
November
December
$932,240
1,327,500
$22,510
180,000
2,906,750
4,615,250
6,164,550
3,784,050
2,845,500
2,838,150
7,282,250
5,103,000
3,018,950
4,196,900
4,551,250
4,277,250
1,323,750
2,089,000
1,671,500
1,637,500
6,191,990
3,824,500
1,352,500
4,663,000
338,000
4,840,800
1,695,050
1,174,000
1,200,650
1,090,260
1,278,500
1,666,450
45,217,600
33,841,980
13,486,220
1919.
January
February
March
A-pril
May. . , . . . •
*
June
July
August
September
October
Total
$1,644,500
466,100
2,110,600
REPORT OF THE COMPTROLLER OF THE CURRENCY.
121
NATIONAL-BANK CIRCULATION.
The amount of increase or decrease of national-bank 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-hank circulation from Jan. 14, 1875, to Oct. SI,
1918, and quarterly increase or decrease for the year ended Oct. 31, 1919.
Issued.
Date.
F r o m J a n . 14 to J a n . 31, 1875
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
1902
. . .
1903
1904
1905
1906
1907
. . - ..
pne
1909
1910
]()I1
1912
1U13
1914
1915
1910
1917
1918
.
.
.
Retired.
$587,580
12,953,695
7, 777, 710
19,842 985
12,663,160
27,126,235
8,347,190
34,370,050
21 427 900
12,669,620
8,888,944
17,628,924
8,979,959
16,064,424
15,924,157
5,768,180
9,534,400
18,934,355
12,867,044
41 584 000
10,890,492
20,752,231
31,714,656
7,008,014
34,682,825
19,110,552
101,645,393
123,100,200
42,620,682
68,177,467
69,532,176
90,753,284
84 085 200
56,303,658
141 273 164
82,504,444
57,101,345
49 896 951
38,747,149
37,210,597
387, 763,860
27,485,675
10,593,700
22, 749,150
26,227,740
$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
26,206,200
32,871,849
42,933,463
52,430,030
40,340,254
28,382,190
21,235,457
11,624,877
8 095 313
13 008 267
12,526,159
9,843,648
14,613,787
17,087,925
15 198,118
16,537,068
15,951,527
21,868,006
28,474,958
31,930,783
22,732,060
25 055 739
27,980,139
80 025 078
48,433,296
33,011,015
35 284 247
27,586,734
26,441,867
20,246,418
342,807,533
59,026,803
37,211,370
18,781,552
Increase.
Decrease.
$281,980
$5,213,741
20 635 555
3 634 784
3 631 602
20,159,036
1 466 732
18,672,172
733 062
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
17,594,966
7 605 773
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
24,090,330
14 612 704
11,160,415
10,7£8,730
367,517,442
8,431,700
315,322,858
48 433,103
14,462,220
985,512
Total
Nov. 1, 1918, to Jan. 31, 1919
F e b 1, 1919, to Apr 30, 1919
May 1, 1919, to July 31, 1919
Aug. 1, 1919, to Oct. 31, 1919
1,955,820,177
4,610,030
9 701,030
6,358,820
8,990,970
1,444,011,370
5,978,430
5,995 460
6,625,218
6,265,527
1,112,503,031
Total
Surrendered to this office and retired
from Jan. 14, 1875, to Oct. 31, 1919
1,985,481,027
1,468,876,005
1,118,934,044
602,329,022
1,118,934,044
661,532,847
From
From
From
From
Grand total .
. .
. . . .
266,398
2,725,443
59,203,825
59,203,825
1,985,481,027
1,528,079,830
600^694,224
1,368,400
3,705,570
NOTE.—Additional Federal reserve bank notes retired, $4,000,000.
MONTHLY ISSUES OF NATIONAL-BANK
CIRCULATION.
Of the $356,738,100 national-bank currency issued during the
year ended October 31, 1919, nearly 92 per cent was on account of
redemptions and only 8 per cent on account of bonds deposited by
banks organized during the year or those depositing bonds for the
122
BEPORT OF THE COMPTROLLER OF THE CURRENCY.
purpose of increasing their issues. The monthly issues on both
accounts are shown in the following table:
National-bank currency issued from Nov. 1, 1918, to Oct. SI, 1919.
Issued on j
redemptions.!
1918.
Issued on
bonds.
Total
issued.
i $15,387,220
| 19,575,160
1919.
January
February
March
April
May
June
July
August
September..
October
SI, 198,030
1,288,330
816,585,250
20,863,490
16, 635,640
14 283,410
508,010
663,520
493,940
809,260
,856,100
920,630
,351,490
,592,870
2,123,670
1,779,600
5,202,940
2,718,490
2,240,930
2,223,570
1,894,320
3.-807.020
2,281,130
2,902,820
18,759,310
16,063,010
27, 710,950
27,382,010
36,734,870
34, 032,830
44,750,420
35, 727,650
29,632,620
495,690
327,077,250 I 29,660,850
November
December
356,738,100
j
Total.
DENOMINATIONS OF NATIONAL-BANK CIRCULATION.
At this time the issues of national-bank currency are confined to
notes of the denominations of $5, $10, $20, $50, and $100, and while
issues of l's, 2;s, 7500?s, and 1,000's are authorized, designs for plates
of the I s and 2 s have not been prepared and no orders received
nor plates prepared for notes of the two highest denominations mentioned. The l's and 2's outstanding are those issued under the
act of 1864, and prior to 1879, their further issue under those acts
being prohibited by the resumption of specie-payments act.
In the following table the amounts of each denomination of national bank circulation outstanding at the close of business on
October 31, 1919, are shown:
National-bank notes outstanding Oct. 31, 1919.
Denomination.
Amount
Denomination.
$342,072
163,392
142,272,305
282,460,600
234,433,120
30,856,450
33,206,800
88,000
One dollar
Two dollars
Five dollars
Ten dollars
Twenty dollars
Fifty dollars
One hundred dollars
Five hundred dollars
One thousand dollars
Fractional -parts
Less i
Total
1
1
Total
.
Amount.
;
$21,000
59,193
i
i
723,902,932
1,508,607
1
722,394,325
I
Notes redeemed but not assorted by denominations.
VAULT ACCOUNT OF NATIONAL-BANK CIRCULATION.
At the close of the year October 31, 1918, national bank circulation to the amount of $332,777,980 was held in the vaults of this
office. During the year ended October 31, 1919, there was received
from the Bureau of Engraving and Printing $337,135,850, making
the total to be accounted for $669,913,830. During the past year
there was issued to national banks on account of redemptions and
to banks chartered and to those increasing their circulation, notes
REPORT OF THE COMPTROLLER OF THE CURRENCY.
128
amounting to $356,738,100, and there was withdrawn from the
vaults on account of liquidations and expirations of charters
$16,030,530, making total issues and withdrawals of $372,768,630.
On October 31, 1919, the amount of currency in the vaults was
therefore $297,145,200 or $35,632,780 less than on the corresponding
date in 1918.
PROFIT TO NATIONAL BANKS ON CIRCULATING NOTES.
In computing the profit on the issuance of national-bank circulation the Government actuary, for the purpose of this report, confines his computation to the profit on circulation secured by the
4 per cents, 2 per cent consols and 2 per cent Panama Canal bonds
of 1916-1936, the object of the computation being to show the profit,
on the issuance of notes, in excess of the interest that would be received with the cost price of the bonds invested at 6 per cent.
National-bank circulation is issuable to the extent of 100 per cent
of the par value of bonds deposited, a lawful money redemption fund
of 5 per cent being required to be made #and maintained with the
Treasurer of the United States. Under these conditions the gross
returas are the interest received on the bonds and 6 per cent on 95
er cent of the circulation issuable. From these receipts must be deucted taxes and other expenses, together with the sinking fund, to
show the net receipts. The difference between the net receipts and
6 per cent of the cost of the bonds is thus the measure of the profit
on the issuance of circulation.
The average net price monthly during the year ended October
31, 1919, on the 4 per cents ranged from a minimum of 105.240 in
March, 1919, to a maximum of 106.531 in July, and correspondingly
the percentage of profit on circulation ranged from 1.494 to 1.167
in excess of 6 per cent on the bond investment.
The profit on circulation secured by the 2 per cent consols is shown
to have been greater than that secured by the 4 per cents or the 2
per cent Panamas. The high average net price for the 2 per cent
consols was 98 and the low 97, hence the per cent of profit rose from
1.409 in November, 1918, to 1.566 in July, 1919. These bonds
were not quoted in August, September, and October.
The Panama twos were quoted at 98 in November and December,
1918, and January, 1919, declined to 97.625 in March and were not
again quoted until August, when the price was 99.125. This price
was maintained for the remainder of the year. At theTlow price of
these bonds the profit on circulation secured thereby w as 1.392 per
cent and at the high price 1.231 per cent.
In the appendix of this report will be found a table showing by
months the profit on circulation based upon the deposit of $100,000
bonds of the three classes mentioned, at the average net price during
the year ended October 31, 1919.
S
REDEMPTION OF NATIONAL-BANK
CIRCULATION.
In the report year ended October 31, 1919, national-bank circulating
notes to the amount of $409,267,620 were received for redemption at
the National Bank Redemption Agency, Treasury Department. In
addition to these notes, there were also received for redemption at the
124
REPORT OF THE COMPTROLLER OF THE CURRENCY.
agency Federal reserve issues to the amount of $346,500,000, making
the total receipts $755,700,000. During the year ended June 30, .1919,
the expenses incident to the redemption of these notes aggregated
$528,424.24, an average cost per thousand dollars of $0.87. The cost
of redemption of national-bank notes for the same period was
$347,535.35, an average per thousand dollars of $1.12.
Under the law when national-bank notes are redeemed at the
Treasury and it is found that any notes are in fit condition for continued circulation they are returned to the bank of issue. I t appears,
however, that of the total of $755,700,000 of notes received for
redemption only $59,412,000, or approximately 8 per cent, were
deemed in condition available for further use and return to the bank
Of the notes returned asfitfor further issue some $18,308,150 were
national-bank notes and $41,103,850 Federal reserve issues.
In the following statements are shown, first, the monthly receipts
of each class of bank currency from November 1, 1918, to October 31,
1919, and in the second the source of receipts of currency for redemption :
Bank currency received for redemption, by months, from Nov. 1, 1918, to Oct. 31, 1919.
Federal . Federal
Nationalbank notes. reserve bank j reserve notes.
notes.
1918.
$22,500,500
December.
$8,979,290
$32,540,750
24,849,977
1,838,972
14,037,640
40,726,589
4,294,988
7,081,155
12,036,347
10,185,045
9,501,451
12,909,757
12,689,407
11,496,628
13, 757,126
15,411,593
18,540,580
19,078,630
21,416,110
22,631,620
22,593,575
22,784,530
21,306,380
20,194,180
19,913,160
22,777,690
68,267,060
55,040,942
67,128,930
68,132,973
62,519,190
82,839,638
71,156,273
64,858,472
70,632,153
71,941,464
409,267,620
1918.
$1,060,960
431,492
881,157
676,473
316,308
424,164
145,351
160,486
167,664
961,867
752,181
November.
112,263,429
234,253,385
755,784,434
1919.
January
February..
March
April
May
June
July
August
September.
October
Total.
Principal
Total.
sources of bank currency received for redemption for the year ended Oct. 31, 1919.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta.
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
'..;
San Francisco
Cincinnati
Baltimore
New Orleans
Other sources
Total
1
.
"
,
•.
."
$46, 694, 920
189, 622, 856
67, 037, 717
19,052. 517
16, 872^ 319
11, 218, 058
67, 980, 635
35,003, 954
4,468,016
13, 903. 509
8, 812', 613
12, 596, 528
62, 054, 651
10, 781, 890
10, 664, 051
207, 612, 954
i 784, 377,1-88
Includes $28,592,754 in remittances not counted until after Oct. 31, some of which was United States
currency improperly included, and subsequently returned or delivered to United States Treasurer.
BEPORT OF THE COMPTROLLER OF THE CURRENCY.
125
TAXES ON NATIONAL-BANK CIRCULATION, REDEMPTION CHARGES, EXAMINERS' SALARIES, AND EXPENSES OF THE CURRENCY BUREAU.
National-bank notes in circulation are subject to a semiannual tax
of one-fourth*of 1 per cent when secured by bonds bearing interest at
the rate of 2 per cent and one-half of 1 per cent on bonds bearing
interest at a rate in excess of 2 per cent. The tax collected on this
account by the Treasurer of the United States during the fiscal year
ended June 30, 1919, was $3,627,060.80. In addition to this tax, the
banks have paid into the Treasury of the United States $38,530 for the
engraving of plates from which circulating notes were printed and also
$347,535.35 for expenses chargeable to the banks as incident to the redemption of the notes; hence the total expense on account of circulation
during the fiscal year ended June 30, 1919, was $4,013,126.15. The
banks have also been charged with and paid $1,050,977.38 on account
of salaries and expenses incident to the examinations of the banks.
From the date of imposition of the tax on national-bank circulation
to June 30, 1919, the Government has received on that account
$147,600,000, while the expenses of the office of the Comptroller of the
Currency, for which appropriations were made by Congress, have
amounted to $19,095,000. The net profits to the Government from
the operation of the bureau for this period will approximate
$129,000,000. The expenses of the bureau for the past year, not including examiners7 expenses, reimbursed by the banks, were $545,821,
of which $175,004.86 was on account of salaries of officers and
employees and $370,816.38 for special dies, plates, and the printing
of national-bank notes.
MONTHLY STATEMENT RELATING TO UNITED STATES BONDS
AND LAWFUL MONEY ON DEPOSIT TO SECURE NATIONALBANK CIRCULATION AND CIRCULATION SECURED THEREBY.
Herewith is submitted a statement showing, by months, the amount
of United States bonds on deposit with the Treasurer to secure
national-bank circulation; circulation outstanding secured by bonds,
and by lawful money deposited by or on account of banks retiring
their circulation. It will be noted that while the volume of bonds
and circulation has fluctuated during the year, there was an increase of
$11,353,110 in bonds and $11,235,220 in circulation secured by bonds.
The statement in question follows:
United States bonds and national-bank circulation, etc., on the first day of each month from
Dec. 1, 1918, to Nov. 1, 1919.
Date.
December.
January
February..
March
April
May
June
July.......
August
September.
October
November..
1918.
1919.
United
States bonds
on deposit
to secure
circulation.
Circulation
secured
by United
"States
bonds.
Lawful
money on
deposit to
redeem
circulation.
Total
nationalbank notes
outstanding.*
$684,468,950
$676,431,533
$40,421,622
$716,853,155
684,648.950
683,004,450
683,342,450
688,183,250
689,878,300
691,052,300
692,252,950
693,343,210
694,621,710
696,288,160
695,822,060
683,661,878
680,025,471
679,799,125
684,292,440
686,157,475
685,612,243
683,086,600
686,278,555
689,235,005
687,460,223
687,666,753
39,867,332
41,903,027
42,080,347
40,194,752
38,973,647
37,152,677
36,190,333
34,629,207
35,328,665
34,024,987
34,727,572
723,529,210
721,928,498
721,879,472
724,487,192
725,131,122
722,764,920
719,276,933
720,907,762
724,563,670
721,485,210
722,394,325
1
Notes redeemed but not assorted are not included.
126
REPORT OF THE OOMPTROIiLER OF THE CURREH€Y.
INTEEEST-BEAEINa DEBT OF THE UlTTED STATES.
On June 30, 1919, the Interest-bearing debt of tlie United States
including bonds, certificates of indebtedness, war-savings and thrift
stamps, aggregated $25,234,496,273.54. Under the law the only
bonds available -as security for national-bank circulation are the
4 per cent of 1925, 2 per cent consols, and the 2 per cent Panama
Canal bonds. The amount of these issues outstanding is $793,115,530.
The rates of interest and amount of bonds and certificates outstanding on June 30, 1919, are shown in the following table:
Interest-bearing debt of the United States.
Title of loan.
Interest
rate.
Outstanding June 30, 1919.
Re^stercd.
Coupon.
Total.
Per cent.
2 $598,031,100.00
Consols of 1*930
$1,692,950.00
$599,724,050.00
4 105,036,250.00
Loan of 1925..
13,453,650.00:
118,489,900.00
Panama Canal loan of 1916-1936
2
48,948,080.00
6,100.00
48,954,180.00
Panama Canalloan of 1918-1938
2
•25,835,520.00
111,880.00
25,947,400.00
Panama Canal loan of 1961
3
43,389,600.00
6,610,400.00
5o,ooo,ooaoo
Conversion bonds..
3
6,705,000.00
22,189,500.00
28,894, f.00.00
Various.
Certificates of ind&btectnes (various)
3,446,260,490.00 3,446,260,430.00
2
Certificates of indebtedness
178,723,000.00
178.723,000.00
First Libertv loan
288,862,500.00 1,121,209,100.00
First Liberty loan converted—
21,062,950.00
146,729,800.00 i,4io;o7i,eoo.oo
167,792, 750.00
86,588,100.00
Do.
316,852,000.00
403,440,100.00
First Liberty loan second converted
1,112,700.. 00
2,379,350.00,
4*
Second Liberty loan
85,942,950.00
704!20i',35o'.0O
618,261,400.00
Second Liberty Joan converted.
444,421,350.:00 2,417,830,900.(D0 2/862,252,250.00
Third liberty loan
. . .....
530,720,350.00 3,427,832,350.00 3,958,552,700.00
Fourth Libertv loan
6,794,504,587.00
Victory Liberty loan
3-5-and 4 |
3,467,844,971.77
War-savings and thrift stamps, series
•953,997,434.77
.953,997,434. .77
14
1918-19.
Postal-savings bonds (1st to 16th series)....
.21
10,676,000.00
673,960.00
11,349,'960.00
Aggregate of interest-bearing debt...
25,234,496,273.54
i The average issue price of war savings stamps for the years 1918 and 1919 with interest at 4 per cent
per annum compounded quarterly far the average period to maturity will amount to #5 on January 1,
1923 and January 1, 1921, respectively. Thrift Stamps do not bear interest.
PEIOE AND INVESTMENT VALUE OF UNITED STATES BONOS.
In the 12 months #nded October 31, 1919, the average price
flat, of 4 per cent bonds of 1925 ranged from 106.9005 to 107.1864;
2 per cent consols from 98.087 to 97.0054 and the 2 per cent Panama
Canal bonds from 98.4166 to 99.5391. Correspondingly the amount
of interest realized by investors in 4 per cents ranged from 2.902
to 2.707, in 2 per cent Consols from 2.202 to 2.316 and in 2 per cent
Panamas from 2.137 to 2.063.
FEDEEAL EESEEVE NOTES.
In the weekly statements issued by the Federal Reserve Board,
in addition to showing in detail the assets and liabilities of the Federal
reserve banks, and the volume of Federal reserve notes issued, the
amount of notes secured by gold and the amount secured by commercial and other eligible paper are reported.
There has been no great variation in the volume of outstanding
Federal reserve notes during the past year. The low point was
reached on March 7, when' $2,670,903,000 was reported, followed
by a fairly steady increase into November, when the $3,000,000,000
mark was*^ passed.
KEPOET OF THE COMPTROLLER OF THE CURRENCY.
127
In the tables following are shown the amounts of notes outstanding,
amounts secured by gold and by commercial and other eligible
paper, at the close of each week from November 20, 1914, to November 28, 1919, and also total amounts by banks and by denominations,
printed and shipped.
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 amount secured by commercial and other eligible paper,
from Nov. 20, 1914, to Nov. 28, 1919.
Date.
Federal
reserve notes
outstanding.
Amounts
secured
by gold.
Amounts
secured by
commercial
and other
eligible
paper.
1914.
Nov. 20
27
Dee. 4
11
18
24
31
$1,215,000
2,700,000
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
1915.
Jan. 8
15
22
29
Feb. 5
12
19
26
Mar. 5
12
19
26
Apr. 2
9
16
23
30
May 7
14
21
28
June 4
11
18
25
July 2
9
16
23
30
Aug. 6
13
20
27
Sept. 3
10
17
24
Oct. 1
8
15
22
29
Nov. 5
12
19
26
Dec. 3
10
17
23
30
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
79,386,000
82,961,000
84,581,000
89,131,000
93,361,000
94,131,000
97,831,000
101,731,000
102,571,000
107,691,, 000
109,901,000
114,531,000
119,851,000
124,000,000
133,060,000
141,000,000
148,590,000
153,790,000
159,280,000
168,370,000
170,310,000
179,335,000
183,275,000
187,815,000
190,985,000
200,265,000
205,205,000
211,735,000
214,125,000
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
54,691,000
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
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
1,854,000
1,838,000
1,913,000
2,278,000
3,000,000
4,185,000
4,930,000
5,328,000
6,392,000
7,004,000
8,487,000
8,889,000
9,597,000
10,449,000
10,767,000
10,889,000
11,038,000
11,197,000
11,224,000
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
19,765,000
20,495,000
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
16,720,000
16,838,000
17,353,000
17,365,000
17,335,000
16,675,000
1916.
Jan. 7
14
21
215,525,000
219,030,000
220,380,000
199,690,000
204,159,000
206,029,000
15,835,000
14,871,000
14,351,000
[Date.
1916.
J a n . 28
Feb.
4
11
18
25
Mar. 3
10
17
24
31
Apr. 7
14
21
28
May 5
12
19
26
June 2
9
16
23
30
Federal
reserve nates
outstanding.
Amounts
secured
by gold.
Amounts
secured by
commercial
and other
eligible
paper.
21
28
4
11
18
25
1
8
15
22
29
6
13
20
27
3
10
17
24
1
8
15
22
29
$218,945,000 $205,380,000
217,777,000
205,112,000
211,661,000
199,989,000
206,978,000
195,705,000
196,992,000
185,775,000
191,303,000
179,734,000
191,678,000
179,474,000
191,165,000
179,272,000
190,903,000
178,706,000
190,232,000
179,281,000
190,536,000
180,578,000
186,761,000
176,883,000
186,643,000
176,433,000
185,424,000
175,847,000
187,452; 000
178.042,000
187,166,000
177', 599,000
186,000,000
176,693,000
187,248,000
178,116,000
184,217,000
17.5,205,000
179,471,000
170, 409,000
179,802,000
170,875,000
176,955,000
166,823,000
176,168.000
165,986,000
179,783,000
168,806,000
179,358,000
168,241,000
175,219,000
163,932,000
174,023,000
162,776,000
175,551,000
162,184,000
175,602,000
162,085,000
176,620,000
162,036,000
179,838,000
163,834.000
194,645,000
177,035; 000
199,218,000
181,029,000
202,530,000
185,161,000
209,778,000
193,110,000
213,987,000
197,572,000
220,490,000
204,476,000
225,882,000
210,088,000
230,803,000
215,329,000
234,876,000
219,502,000
240,534,000
225,030,000
247,873,000
231,339,000
255,702,000
238,458,000
258,081,000
241,566,000
268,270,000
252,057,000
279,462.000
264,639,000
289,778,000 1 273,274,000
296,766,000 I 278,528,000
300,511,000 ! 282,523,000
$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
9,012,000
9,062,000
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
18,1,89,000
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
5
12
19
26
Feb. 2
9
16
23
Mar. 2
9
16
23
30
Apr, 6
13
300,280,000 ! 281,292,000
274,512/000
293,440,000
273,141,000
292,014,000
273,320,000
291,693,000
274,074,000
290,577,000
288,720,000
308,348,000
297,270,000
321,453,000
303,186,000
331,469,000
317; 581,000
343,847,000
328,433,000
355,263,000
338,608,000
363,278,000
349,519,000
372,244,000
360,668,000
382,566,000
378,450,000
400,703,000
410,796,000
431,794,000
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
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
128
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 amount secured by commercial and other eligible paper,
from Nov. 20, 1914, to Nov. 28, 1919—Continued.
Date.
Federal
reserve notes
outstanding.
1917.
Apr. 20 $440, 539,000
446! 544,000
27
May 4
458: 874,000
11
470; 401,000
18
478, 906,000
25
488. 088,000
499. 844,000
June 1
512; 527,000
8
527, 971,000
15
539, 976,000
22
550, 504,000
29
570, 725,000
July 6
579, 957,000
13
583, 937,000
20
584, 464,000
27
590, 389,000
Aug. 3
601, 227,000
10
613, 646,000
17
627, 307,000
24
644, 911,000
31
680, 073,000
Sept. 7
700, 430,000
14
725; 397,000
21
754. 088,000
28
797; 630,000
Oct. 5
837, 425,000
12
875, 278,000
19
903, 387,000
28
Nov. 2 941, 284,000
995, 384,000
9
16 1,038, 620,000
! 1,102,287,000
23
30 1,126, 345,000
Dec. 7 ,184, 667,000
14 ,229, 007,000
21 ,295, 069,000
28 ,341, 752,000
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
1,366,335,000
1,369,545,000
1,373,105,000
1,373,622,000
1,367,858,000
1,374,225,000
1,392,484,000
1,429,732,000
1,464,645,000
1,505,213,000
1,520,296,000
1,558,705,000
1,563,987,000
1,607,627,000
1,625,698,000
,639,056,000
,640,656,000
,671,168,000
,707,522,000
,710,240,000
,724,685,000
,736,547,000
,769,876,000
,793,393,000
,805,518,000
,848,823,000
,917,152,000
,963,729,000
,982,603,000
,999,480,000
2,028,180,000
2,088,473,000
Amounts
secured
b y gold.
$418,538,000
422,905,000
433,089,000
438,323,000
448,311,000
456,611,000
466,969,000
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
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
683,939,000
683,378,000
746,307,000
781,851,000
797,191,000
781,774,000
796,727,000
793,829,000
781,667,000
838,259,000
852,375,000
877,023,000
885,346,000
896,702,000
869,628,000
878,805,000
852,192,000
873,077,000
857,492,000
854,822,000
824,218,000
862,296,000
885,027,000
915,536,000
930,181,000
955,919,000
958,255,000
951,145,000
957,238,000
987,870,000
962,075,000
963,147,000
940,290,000
910,420,000
902,793,000
940,962,000
Amounts
secured by
commercial
and other
eligible
paper.
$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
179,960,000
189,388,000
198,849,000
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
559,901,000569,144,000
587,771,000
576,378,000
579,203,000
586,191,000
535,401,000
540,109,000
552,709,000
579,299,000
608,511,000
650,668,000
679,900,000
711,795.000
734,550,000
768,206,000
784,234,000
816,438,000
808,872,000
822,495,000
794,704,000
794,504,000
780,628,000
811,621,000
842,248,000
848,280,000
860,953,000
955,077,000
1,000,582,000
1,042,313,000
1,089,060,000
1,125,387,000
- 147,781,000
Amounts
secured by
commercial
and other
eligible
paper.
Date.
Federal
reserve notes
outstanding.
Amounts
secured
by gold.
1918.
Aug. 16
23
30
Sept. 6
13
20
27
Oct. 4
11
18
25
Nov. 1
8
15
22
29
Dec. 6
13
20
27
$2,118,948,000
2,163,837,000
2,218,938,000
62,319,772,000
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
2,741,852,000
2,764,699,000
2,815,450,000
2,855,604,000
$961,498,000
1,018,767,000
1,061,597,000
1,087,760,000
1,123,132,000
1,145,950,000
1,161,737,000
1,181,485,000
1,157,000,000
1,173,521,000
1,184,998,000
1,149,859,000
1,145,640,000
1,166,579,000
1,168,917,000
1,216,541,000
1,207,377,000
1,167,771,000
1,194,228,000
1,288,309,000
$1,157,450,000
1,145,070,000
1,157,341,000
1,232,012' 000
\, 265,713,000
,300,244,000
1,332,474,000
1,401,933,000
1,466,339,000
1,493,503,000
1,512,092,000
1,560,821,000
1,598,046,000
1,595,233,000
1,599,860,000
1,556,502,000
1,534, 475,000
1,596,928,000
1,621,222,000
1,567,295,000
2,866,047,000
2,844,516,000
2,770,301,000
2,730,916,000
2,703,420,000
2,691,859,000
2,690,702,000
2,677,835,000
2,678,606,000
2,670,903,000
2, 679,021,000
2,696,544,000
2,705,708,000
2,714,089,000
2,724,097,000
2,736,384,000
2,732, 403,000
2,731,274; 000
2,735,798,000
2,741, 265.000
2,725,791,000
2,708, 447,000
2,722,606,000
2,709,895,000
2,693,198,000
2,694, 640,000
2,740,893,000
2,760,289,000
2,728,902,000
2,723,601,000
2,715,374,000
2,725,263,000
2,734,254,000
2,748,740,000
2,767,166,000
2,794,100,000
2,830,146,000
2,851,622,000
2,875,259,000
2,899,122,000
2,949,244,000
2,970,132,000
2,980,610,000
2,958,700,000
3,000,867,000
3,036,690,000
3,031,492,000
3,059,652,000
1,261,383,000
1,238,245,000
1,289,105,000
1,255,192,000
1,253,330,000
1,231,166,000
1,217,363,000
1,197,983,000
1,187,760,000
1,163,840,000
1,170,601,000
1,112,938,000
1,113,070,000
,100,173,000
,082,443,000
,085,519,000
,109,949,000
,104,699,000
,134,198,000
,150,903,000
,139,825,000
,131,725,000
,139,508,000
,117,970,000
,127,216,000
,113, 824,000
,155,278*000
,163, 068,000
,134,173,000
,108,051,000
,071,307,000
,084,047,000
,118,894,000
,127,028,000
,142,589,000
,172,168,000
,190,769,000
1,208,961,000
1,196,325,000
1,166,398,000
1,186,697,000
1,201,302,000
1,197,933,000
1,205,576,000
,207,275,000
,194,319,000
,166,086,000
,148,724,000
1,604. 664,000
1,606. 271,000
1,481!,196,000
1,475;,724,000
1, 450; 090,000
1,460, 693,000
1,473 339,000
1,479; 852,000
1,490!,846,000
1,507;,063,000
1,508!,420,000
1,583!.606,000
1,592:r 638,000
1,613!,916,000
i,64i:,654,000
1,650!,865,000
1,622!,454,000
1,626!.575,000
1,601: 600,000
1,590; 362,000
1,585; 966,000
1,576, 722,000
;, 583 098,000
, 591, 925,000
, 565, 982,000
., 580; 816,000
,585: ,615,000
., 597; 221,000
,591 729,000
,615; 550,000
., 644; 067,000
,641; 216,000
1,615; 360,000
1,621; 712,000
1,624 ,577,000
1,621 932,000
1,639;,377,000
1,642; 661,000
1,678; 934,000
1,732; 724,000
1,76Z ,547,000
1,768'. 830,000
1,782; 677,000
1,753; 124,000
1,793, 592,000
1,842,,371,000
1,865;,405,000
1,910, 928,000
1919.
Jan. 3
10
17
24
31
Feb. 7
14
20
28
Mar. 7
14
21
28
Apr. ^
18
25
2
9
16
23
29
June 6
13
20
27
May
ft*
Aug.
Sept.
Oct.
Nov.
,
18
25
1
8
15
22
29
5
12
19
26
3
10
17
24
31
7
14
21
28
!
REPORT OF THE COMPTROLLER OF THE CURRENCY.
129
A gradual increase during the year is noted in the proportionate
amount of notes secured by commercial and other eligible paper,
there being $1,556,502,000, or about 56 per cent of the total outstanding, thus secured on November 29, 1918, whereas the amounts so
secured had increased to $1,910,928,000, or more than 62 per cent of
the total, on November 28, 1919.
Up to October 31, 1919, Federal reserve notes to the amount of
$6,805,340,000 were printed, $5,880,720,000 of which were shipped
or delivered to, or upon the order of, the Federal reserve agents, and
$924,620,000 held in the reserve vault available for shipment as
required.
During the year ended October 31, 1919, Federal reserve notes to*
the amount of $1,441,047,670 were returned to this office for destruction as "unfit for circulation/' making with prior returns, a total of
$1,994,246,185 mutilated notes returned for redemption and destruction to October 31, 1919.
Detailed information relative to issues and redemptions of Federal
reserve notes, by banks and denominations, is given in the following
tables:
152981°—CUR 1919—VOL 1
9
Statement of Federal reserve notes, by denominations, -printed, skipped to Federal reserve agents and United States subtreasurics, since
of Federal Reserve System, and on hand in reserve vault Oct. 31,1919.
inauguration
Ten
Five
One
thousands. thousands. thousands.
Fives.
Tens.
Twenties.
M"tio3.
One
hundreds.
Five
hundreds.
$101,020,000
96,000,000
$189,160,000
186,200,000
$124,480,000
124,480,000
$38,000,000
20,600,000
$33,600,000
18,800,000
$8,000,000 $29,200,000 $12,000,000
2,600,000
5,600,000 4,000,000
$16,000,000
8,000,000
$531,460,000
466,280,000
5,020,000
2,960,000
0
17,400,000
14,800,000
5,400,000
23,600,000
8,000,000
8,000,000
85,180,000
413,720,000
389,140,000
660,560,000
659,240,000
496,800,000
466,560,000
126,800,000
110,600,000
200,800,000
163,200,000
34,600,000
14,600,000
79,600,000
39,600,000
26,000,000
6,000,000,
52,000,000
12,000,000
2,090,880,000
1,860,940,000
24,580,000
1,320,000
20,240,000
16,200,000
37,600,000
20,000,000
40,000,000
20,000,000
40,000,000
229,940,000
92,660,000
87,340,000
154,360,000
150,680,000
202,800,000
199,360,000
42,200,000
32,200,000
40,000,000
30,000,000
11,000,000
1,000,000
12,400,000
2,400,000
10,000,000
0
24,000,000
0
589,420,000
502,980,000
5,320,000
3,680,000
3,440,000
10,000,000 . 10,000,000
10,000,000
10,000,000
10,000,000
24,000,000
86,440,000
57,200,000
54,340,000
101,880,000
98,440,000
190,640,000
188,080,000
84,000,000
76,200,000
21,600,000
20,800,000
4,800,000
2,800,000
4,800,000
3,200,000
4,000,000
2,000,000
8,000,000
4,000,000
476,920,000
449,860,000
2,860,000
3,440,000
2,560,000
7,800,000
800,000
2,000,000
1,600,000
2,000,000
4,000,000
27,060,000
57,620,000
54,560,000
81,360,000
79,440,000
100,320,000
95,120,000
33,800,000
27,400,000
26,000,000
18,400,000
11,600,000
1,600,000
12,000,000
2,400,000
8,000,000
2,000,000
8,000,000
4,000,000
338,700,000
284,920,000
3,060,000
1,920,000
5,200,000
6,400,000
7,600,000
10,000,000
9,600,000
6,000,000
4,000,000
53,780,000
Atlanta:
Printed
Shipped
On hand
67,480,000
61,540,000
111,600,000
96,120,000
137,680,000
111,520,000
16,200,000
12,400,000
17,600,000
14,000,000
2,200,000
200,000
2,800,000
800,000
2,000,000
4,000,000
0
361,560,000
296,580,000
5,940,000
15,480,000
26,160,000
3,800,000
3,600,000
2,000,000
2,000,000
2,000,000
4,000,000
64,980,000
Chicago:
Printed
Shipped
On hand
156,920,000
145,360,000
285,920,000
259,200,000
350,160,000
310,160,000
65,000,000
52,000,000
42,800,000
28,800,000
9,400,000
1,800,000
11,200,000
4,000,000
10,000,000
2,000,000
8,000,000
0
939,400,000
803,320,000
11,560,000
26,720,000
40,000,000
13,000,000
14,000,000
7,600,000
7,200,000
8,000,000
8,000,000
136,080,000
Bant.
Boston:
Printed
....
Shipped
On hand
New York:
Printed
Shipped
On hand
Philadelphia:
Printed
.
Shipped
On hand
Cleveland:
Printed
Shipped
On hand
, .
Richmond:
Printed
Shipped
On hand
Total.
3
si. JUOUIS:
.
.
10,800,000
9,600,000
5,000,000
1,000,000
6,000,000
2,000,000
4,000,000
2,000,000
8,000,000
4,000,000
328,260,000
587,540,000
7,240,000
16,480,000
1,400,000
1,200,000
4,000,000
4,000,000
2,000,000
4,000,000
40,720,000
65,880,000
55,760,000
59,040,000
45,840,000
4,400,000
2,600,000
5,600,000
4,000,000
1,200,000
400,000
6,400,000
800,000
0
0
0
0
198,360,000
155,480,000
10,120,000
13,200,000
1,800,000
1,600,000
800,000
5,600,000
0
0
42,880,000
74,840,000
61,640,000
80,960,000
61,280,000
10,600,000
7,600,000
10,400,000
7,600,000
4,000,000
400,000
4,000,000
800,000
0
0
0
0
270,500,000
203,580,000
21,440,000
On hand
Dallas:
Printed
Shipped
17,400,000
16,000,000
85,700,000
64,260,000
On hand
Kansas City:
Printed
Shipped
109,120,000
92,640,000
9,760,000
On hand
Minneapolis:
Printed
Shipped.
99,360,000
92,120,000
55,840,000
46,080,000
...
68,580,000
68,180,000
400,000
Printed
. . . .
Shipped.
13,200,000
19,680,000
3,000,000
2,800,000
3,600,000
3,200,000
0
0
66,920,000
46,420,000
35,680,000
61,800,000
45,920,000
61,600,000
51,360,000
8,000,000
5,200,000
7,600,000
4,000,000
3,000,000
400,000
G, 000,000
800,000
6,000,000
12,000,000
0
212,420,000
143,360,000
o
On hand
10,740,000
15,880,000
10,240,000
2,800,000
3,600,000
2,600,000
5,200,000
6,000,000
12,000,000
69,060,000
San Francisco:
Printed
Shipped...
80,220,000
75,840,000
91,600,000
88,240,000
170,640,000
168,400,000
28,400,000
27,000,000
41,200,000
40,000,000
6,200,000
3,200,000
9,200,000
9,200,000
8,000,000
6,000,000
12,000,000
8,000,000
447,460,000
425,880,000
On hand
4,380,000
3,360,000
2,240,000
1,400,000
1,200,000
3,000,000
2,000,000
4,000,000
21,580,000
1,283,380,000
1,178,320,000
1,978,320,000
1,873,000,000
2,084,240,000
1,914,800,000
474,800,000
389,800,000
458,000,000
359,200,000
101,000,000
30,000,000
183,600,000
71,600,000
90,000,000
24,000,000
152,000,000
40,000,000
6,805,340,000
5,880,720,000
105,060,000
105,320,000
169,440,000 I 85,000,000
98,800,000
71,000,000
112,000,000
66,000,000
112,000,000
924,620,000
Vault balance.
Total printed
Total shipped
Total on hand
NOTE.—On October 31, 1919, the total amount of Federal reserve notes outstanding was $2,958,700,375, and the total received for destruction amounted to $1,994,246,185, but on
account of a congestion in the Treasury of notes returned for redemption which have not been assorted the usual tables showing amounts outstanding and received for destruction
by banks and denominations can not be included in this report.
CO
132
REPORT OF THE COMPTROLLER OF THE CTJREEKCY.
FEDEEAL RESERVE BANK NOTES.
In addition to Federal reserve notes, the Federal reserve banks may
issue *'Federal reserve bank notes." This currency is issued under
the same terms and conditions as national-bank notes except that
its volume is not limited to the amount of capital stock of the issuing
bank.
The notes 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, as authorized by the act of April 23, 1918.
ISSUE OF $1 AND $2 FEDERAL RESERVE BANK NOTES.
Under the provisions of ' l An act to conserve the gold supply of the
United States/' etc., approved April 23, 1918, and commonly known
as the "Pittman Act," the Secretary of the Treasury is 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. Under authority of this act, about
260,000,000 silver dollars were actually melted and sold to October
31, 1919.
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 of Federal reserve bank notes,
amounts printed, redeemed, and outstanding, by denominations, up
to and including October 31, 1919, are shown in the following tables:
Issues to Federal reserve banks, under the act of Apr. 23, 1918, of Federal reserve bank
notes by denominations and amounts, up to and including Oct. 31, 1919.
Bank.
Boston:
Issued
New York:
Issued
Philadelphia:
Issued
Cleveland:
Issued
Richmond:
Issued
Atlanta:
Issued—.
Chicago:
Issued
St. Louis:
Issued
Minneapolis:
Issued
Kansas City:
Issued
Dallas:
Issued
San Francisco:
Issued.—
Total.
Ones.
Twos.
Fives.
$12,788,000
$6,728,000
$1,920,000
33,140,000
13,272,000
10,620,000
17,880,000
4,560,000
6,420,000
28,860,000
13,648,000
3,936,000
5,319,000
22,903,000
9,940,000
1,720,000
11,324,000
1,608,000
1,620,000
27,608,000
7,344,000
3,700,000
960,000
39,612,000
9,056,000
2,512,000
4,500,000
1,000,000
17,068,000
5,748,000
1,552,000
820,000
8,120,000
6,688,000
1,672,000
3,960,000
12,320,000
6,332,000
1,368,000
500,000
8,200,000
7,876,000
2,304,000
500,000
10,680,000
162,028,000 48,576,000 39,879,000
3,400,000 253,883,000
Tens.
Total.
$21,436,000
$1,440,000
58,472,000
11,660,000
14,552,000
EEPORT OF THE COMPTROLLER OF THE CURRENCY.
133
Total amount of Federal reserve hank currency printed by the Bureau of Engraving and
Printing, issued, and on hand, from the inauguration of the Federal Reserve System, to
Oct. SI, 1919.
Bank.
Boston:
Printed
Issued
On hand
New York:
Printed
Issued
Ones.
On hand
Cleveland:
Printed..
Issued
On hand
Richmond:
Printed
Issued
On hand
Atlanta:
Printed
Issued
On hand
Chicago:
Printed
Issued
Fives.
Tens.
Twenties.
Fifties.
117,604,000 $9,608.000 $2,200,000
147840;000 8; 048; 000 2,180,000
2,764,000
1,560,000
62,004,000 16,000,000
43,876,000 13,544,000
On hand—. 18,128,000
Philadelphia:
Printed
Issued
Twos.
Total.
$29,412,000
25,068,000
20 000
4,344,000
32,000,000 $2,000,000
13, 840,000 1,440,000
112,004,000
72, 700,000
2,456,000
18,160,000
560,000
22,592,000
21,916,000
5,928,000
4,968,000
8,320,000
7,000,000
440,000
$240,000
37,520,000
33,884,000
676,000
960,000
1,320,000
440,000
240,000
3,636,000
9,000,000 2,000,000
5,440 000
2,000,000
33,920,000
25,772,000
16,536,000 4,384,000
16', 356,000 3,976,000
39,304,000
180,000
408,000
3,560,000
2,000,000
2,000,000
8,148,000
10,832,000
10,636,000
2,760,000
1,760,000
3,500,000
400,000
400,000
17,892,000
12,396,000
196,000
1,000,000
3,500,000
400,000
400,000
5,496,000
12,616,000 2,000,000
12,216', 000 1,640,000
4,640,000
2,240,000
480,000
360,000
480,000
160,000
$400,000
20,616,000
16,616,000
2,400,000
120,000
320,000
400,000
4,000,000
-7, 784,000 16,600,000
7,504,000
7,820,000
3, 800,000
2, 760,000
1,600,000
1,600,000
400,000
30,552,000
29,908,000
360,000
60,336,000
49; 592,000
644,000
280,000
8,780,000
1,040,000
13,812,000
11,576,000
3,232,000
2,648,000
5,000,000
4,980,000
1,000,000
1,000,000
2,236,000
584,000
20,000
7,544,000
6,688,000
1,752,000
1,552,000
4,820,000
920,000
2,680,000
16,796,000
9,160,000
856,000
200,000
3,900,000
2,680,000
7,636,000
9,996,000
8,152,000
2,504,000
1,760,000
11,140,000
10,760,000
5,040,000
5,040,000
1,844,000
744,000
380,000
7,000}000
6,764,000
1,648,000
1,368,000
4,140,000
2,000,000
2,400,000
1,960,000
2,000,000
1,760,000
17,188,000
13,852,000
On hand
236,000
280,000
2,140,000
440,000
240,000
3,336,000
San Francisco:
Printed
Issued
On hand
12,000,000
8,504,000
3,496,000
3,000,000
2,552,000
448,000
7,420,000
4,280,000
3,140,000
1,960,000
1,360,000
1,960,000
1,360,000
25,740,000
15,336,000
10,404,000
On hand
St. Louis:
Printed
Issued
On hand
Minneapolis:
Printed
Issued
On hand
Kansas City:
Printed
Issued
On hand....
Dallas:
Printed
Issued
10,744,000
480,000
400,000
200,000
23,724,000
20,604,000
80,000
200,000
3,120,000
3,600,000
3,600,000
32,280,000
29,312,000
2,968,000
Recapitulation.
Total printed
Total issued
223,088,000 60,600,000 108,780,000 22,200,000 12,160,000
191,432,000 51,320,000 61,460,000 12,560,000 7,520,000
Total on h a n d . . . 31,656,000
9,280,000
47,320,000
9, 640,000
4,640,000
600,000
427,428,000
324,292,000
600,000
103,136,000
134
REPORT OF THE COMPTROLLER OF THE CURRENCY.
Total amount of Federal reserve bank currency issued, redeemed, and outstanding from the
inauguration of the Federal Reserve System to Oct. 31, 1919.
Ones.
Bank.
Boston:
Issued
Redeemed
Outstanding
New York:
Issued
Redeemed
Outstanding
Philadelphia:
Issued
Redeemed
Outstanding
Cleveland:
Issued
Redeemed
Outstanding
Richmond:
Issued
Redeemed
Outstanding
Atlanta:
Issued
Redeemed
Outstanding
Chicago:
Issued...
Redeemed
Outstanding
St. Louis:
Issued
Redeemed
Outstanding
Minneapolis:
Issued...
Redeemed
Outstanding
Kansas City:
Issued
Redeemed
Outstanding
Dallas:
Issued
Redeemed
Outstanding
San Francisco:
Issued.....
Redeemed
Outstanding. ...*..
Twos.
Fives.
Tens.
Twenties.
Fifties.
Total.
$14,840,000 $8,048,000 $2, ISO, 000
662,800
2,343,472
685,728
$25,068,000
3,692,009
1,517,200
21,376,000
12,496,528
7,362,272
43,876,00G 13,544,000 13,840,000 SI, 440,000
635,100
6,019,408 1,699,342 6,354,150
72,700,000
14,708,000
804,900
57,992,000
37,856,592 11,844,658
7,485,850
21,916,000 4.968,000
307,622
1,926,228
7,000,000
2,830,150
33,884,000
5,064,000
19,989,772
4,660,378
4,169,850
28,820,000
16,356,000
593,370
3,976,000 5,440,000
194, 630 2,381,000
25,772,000
3,169,000
15,762,630
3,781,370
22,603,000
10,636,000
636,510
1,760,000
99,490
12,396,000
736,000
9,999,490
1,660,510
11,660,000
3,059,000
12,216,000
666,380
1,640,000 2,240,000
165,620 1,018,400
360,000
§160,000
16,616,000
1,850,400
11,549,620
1,474,380
1,221,600
360,000
160,000
14,765,600
29,908,000
1,772,290
7,504,000
427,710
7,820,000 2,760,000
2, 798,940 1,053,780
1,600,000
129,480
49,592,000
6,182,200
28,135,710
7,076,290
5,021,060
1,706,220
1,470,520
43,409,800
11,576,000 2,648,000
1,103,848
354,302
4,980,000
1,822,650
1,000,000
439,200
400,000
20,604,000
3, 720,000
2,293,698 3,157,350
560,800
400,000
16,884,000
10,472,152
C,688,000
487,490
1,552,000
211,010
920,000
361,500
9,160,000
1,060*000
6,200,510
1,340,990
558,500
8,100,000
8,152,000
762,200
5,040,000 3,600,000
3,134,830 1,529,540
29,312,000
9,172,000
7,389,800
1,760,000 10,760,000
189,800 3,555,630
1,570,200 7,204,370
1,905,170 2,070,460
20,140,000
6,764,000
269,780
1,368,000 2,000,000
162,220
743,370
1,960,000
1,022,290
1,760,000
781,940
13,852,000
2,979,600
6,494,220
1,205,780
1,256,630
937,710
978,060
10,872,400
8,504,000
609,588
2,552,000
198,162
4,280,000
1,508,250
15,336,000
2,316,000
7,894,412
2,353,838
2,771,750
13,020,000
Recapitulation.
Total issued
Total redeemed
7,520,000
2,440,960
324,292,000
54,649,200
6,274,800 5,079,040
269,642,800
191,432,000 51,320,000 61,460,000 12,560,000
17,190,564 4,695,636 24,036,840 6,285,200
Total outstanding. 174,241,436 46,624,364 37,423,160
Received for destruction and not assorted by denominations, $1,656,000.
REPORT OF THE COMPTROLLER OF THE CURRENCY.
135
National and Federal reserve notes and Federal reserve bank notes, year ending Oct. -31,1919.
National
bank notes.
Notes issued
Notes redeemed.
Excess of notes issued over amount
redeemed during the year
Notes in vault Oct. 31,1919
Reduction in notes in vault..
Increase in notes in vault .
Notes outstanding Oct. 31,1919
Increase in notes outstanding
Federal
reserve
bank notes.
Grand total.
$337,135,850
$2,648,980,000
$312,720,000
$3,298,835,850
356,738,100
354,971,190
Notes printed and delivered by the Bureau
of Engraving and Printing
Federal
reserve notes.
2,186,371,000
1,441,047,540
247,269,960
49,487,220
2,790,379,060
1,845,505,950
1,766,910
297,145,200
35,632,780
745,323,460
924,620,000
197,782,740
103,136,000
505,266,666
2,958,700,375
252,962,520
65,450,040
267,986,800
196,339,540
944,873,110
1,324,901,200
35,632,780
570,710,040
3,949,081,500
450,225,248
722,394,325
923,188
Ratio of paper secured by Government war obligations to total bills held by the Federal
reserve banks on the last Friday of each month during 1919.
[In thousands of dollars.]
Bills discounted se- Total dis- Ratio of
counted
cured by
war paper to
and purGoverntotal bills
chased
ment war
obligabills held.
held.
tions.
Jan. SI
Feb.28-.
Mar. 28
Apr. 25...
May 29. . .
June 27
$1,357,571 $1,882,421
1 667 965 2,156,739
1,691,010 2,134,347
1,760 672
2,136,234
1,802,893 2,173,042
1,573,483 2,112,598
Per cent.
72.09
77.32
79.20
82.38
82.53
74.41
Bills discounted se- Total dis- Ratio of
cured by
counted
war paGovernand purper to
total bills
ment war
chased
obligabills held.
held.
tions.
July 25
Aug. 29
Sept. 26
Oct. 31 . .
Nov. 28
Dec. 26
$1,616 210 $2,243 158
1 609 293
2 178 272
1,572,503
2,224,773
1 681 082 2 522 902
1 736 033 2 709*804
1 ; 510,364
2,780,090
Per cent.
72.04
73 81
70.67
66 63
64 06
54.33
LEGISLATION ENACTED RELATING TO NATIONAL BANKS,
Several acts were passed by Congress during the past year amending
the national bank act or affecting the operations of national banks.
The principal acts relating to national banks were those relative to
consolidation of national banking associations and amending sections
5200 and 5202 of the Revised Statutes relating to the loan limit by
and the liability limit of national banks.
Section 5172 was also amended, this act determining the denominations of national bank currency and also authorizing the attestation
of circulating notes to be written or printed. The acts approved September 17, and December 24, 1919, authorize the investment by
national banks in the stock of corporations engaged in certain phases
of foreign financial operations. Gold certificates of the United States,
payable to bearer on demand, are made legal tender by the act of
December 24, 1919.
The various acts referred to follow, and to 5200 ancfr>202 are added
interpretative comments.
CONSOLIDATION OF NATIONAL BANKS.
Be it enacted by tlit Senate and House of Representatives of the United Stales 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
136
REPORT OF THE COMPTROLLER- OF THE CURRENCY.
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 b&
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 placa
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 share• holder 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: And provided further, That when such consolidation shall have been
effected and approved by the comptroller any shareholder of either of the associations
BO consolidated who has not voted for such consolidation may give notice to the directors of the association in which he is interested within twenty daya 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 share 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.
[H. R. 10205—Public—No. 240—65th Cong.]
Approved November 7, 1918.
DENOMINATIONS OF AND SIGNATURES ON NATIONAL BANK
CURRENCY.
That section fifty-one hundred and seventy-two, Revised Statutes of the United
States, be amended to read as follows:
"SEC. 5172. That in order to furnish suitable notes for circulation, 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 counterfeiting and fraudulent alterations, and shall have printed therefrom and numbered such quantity of
circulating notes in blank or bearing engraved signatures of officers as herein provided, of the denominations of $1, $2, f 5, $10, $20, $50, $100, $500, and $1,000, as may
be required to supply the associations entitled to receive the same. Such notes shall
express upon their face that they are secured by United States bonds deposited with
the Treasurer of the United States by the written or engraved signatures of the Treasurer and Register, and by the imprint of the seal of the Treasury, and shall also express
upon their face the promise of the association receiving the same to pay on demand,
attested by the written or engraved signatures of the president or vice president and
cashier; and shall bear such devices and such other statements and shall be in such
form as the Secretary of the Treasury shall, by regulation, direct."
[S. 5236. Public No.
.—66th Cong.]
Approved March 3,1919.
REPORT OF THE COMPTROLLER OF THE CURRENCY.
137
WHEN AND HOW NATIONAL BANK CURRENCY MAY BE SIGNED—TO
WHAT EXTENT IT IS LEGAL TENDER.
That section 5182, Revised Statutes of the United States, be amended to read as
follows:
"SEC. 5182. Any association receiving circulating notes under this title may, if
its promise to pay such notes on demand is expressed thereon attested by the written
or engraved signatures of the president or vice president and the cashier thereof in
euch manner as to make them obligatory promissory notes payable on demand at
its place of business, issue, and circulate the same as money. Such written or engraved
signatures of the president or vice president and the cashier of such association may
be attached to such notes either before or after the receipt of such notes by such association. And such notes shall be received at par in all parts of the United States
in payment of taxes, excises, public lands, and all other dues,to the United States,
except duties on imports; and. also for all salaries and other debts and demands owing
by the United States to individuals, corporations, and associations within the United
States, exeeptinterest on the public debt, ar«d in redemption of the national currency".
[S. 2902. Public—No. 110—66th Cong.]
Approved, January 13, 1920.
EARNINGS OF FEDERAL RESERVE BANKS—DISCOUNTS FOR MEMBER
BANKS.
The bill embodying amendments to the Federal reserve act was
signed by the President on March 3. The text of the act follows:
(S. 5236.)
AN ACT To amend sections seven, ten and eleven of the Federal reserve act, and section fifty-one
hundred and seventy-two, Revised Statutes of the United States.
Be it enacted by the Senate and House of Representatives of the United States of America
in Congress assembled, That that part of the first paragraph of section seven of the
Federal reserve act which reads as follows: "After the aforesaid dividend clains have
been fully met, all the net earnings shall be paid to the United States as a franchise
tax, except that one-half of such net earnings shall be ]paid into a surplus fund until it
shall amount to forty per centum of the paid-in capital stock of such bank," be
amended to read as follows*
"After, the aforesaid dividend claims have been fully met, the net earnings shall be
paid to the United States as a franchise tax, except that the whole of such net earnings,
including those for the year ending December thirty-first, nineteen hundred and
eighteen, shall be paia into a surplus fund until it shall amount to one hundred per
centum of the subscribed capital stock of such bank, and that thereafter ten per
centum of such net earnings shall be paid into the surplus."
*
*
•
*
•
*
•
*
•
*
•
#
SEC. 3. That section eleven of the Federal reserve act as amended by the act of
September seven, nineteen hundred and sixteen, be further amenaed by striking out
the whole of subsection (m) and by substituting therefor a subsection to read as follows:
"(m) Upon the affirmative vote of not less than five of its members the Federal
Reserve Boara shall have power to permit Federal reserve banks to discount for any
member bank notes, drafts, or bills of exchange bearing the signature or indorsement
of any one borrower in excess of the amount permitted by section nine and section
thirteen of this act, but in no case to exceed twenty per centum of the member bank's
capital and surplus: Provided, however, That all such notes, drafts, or bills of exchange
discounted for any member bank in excess of the amount permitted under such section
ehall be secured by not less than a like face amount of boncts or notes of the United
States issued since April twenty-four, nineteen hundred and seventeen, or certificates
of indebtedness of the United States: Provided further. That the provisions of this subsection (m) shall not be operative after December thirty-first, nineteen hundred and
twenty."
[S. 5236. Public No.
.—66th Cong.]
Approved March 3, 1919.
138
REPORT OF THE COMPTROLLER OF THE CURRENCY.
INVESTMENTS BY NATIONAL BANKS IN THE STOCK OF CORPORATIONS ENGAGED IN FOREIGN FINANCIAL OPERATIONS.
Be it anacted by the Senate and House of Representatives of the United /States of America
in Congress assembled, That section 25 of the act approved December 23, 1913, known
as the Federal reserve act, as amended by tbe act approved September 7, 2916. be
further amended by the addition of the following paragraph at the end of subpar^
graph 2 of the first paragraph, after the word " possessions":
" Until January 1. 1921, any national banking association, without regard to the
amount of its capital and surplus, may file application with the Federal Reserve
Board for permission, upon such conditions and under such regulations as may be
prescribed by said board, to invest an amount not exceeding in the aggregate 5 per
centum of its paid-in capital and surplus in the stock of one or more corporations
chartered or incorporated under the laws of the United States or of any State thereof
and, regardless of its location, principally engaged in such phases of international or
foreign financial operations as may be necessary to facilitate the export of goods, wares,
or merchandise from the United States or any of its dependencies or insular possessions
to any foreign country: Provided, however, That in no event shall the .total investments authorised by this section by any one national bank exceed 10 per centum of
its capital and surplus."
SEC. 2. That paragraph 2 of said section be amended by adding after the word
"banking,'* in line three, the words "or financial," so that the sentence will read:
"Such application shall specify the name and capital of the banking association
filing it, the powers applied for, and the place or places where the banking or financial
operations proposed are to be carried on/'
SEC. 3. That paragraph 3 of said section be amended by striking out the words
'subparigraph 2 of the first paragraph of this section" and inserting in lieu thereof the
word'' above,'? so that the paragraph will read:
"Every national banking association operating foreign branches shall be required to
furnish information concerning the condition of such branches to the Comptroller of
the Currency upon demand, and every member bank investing in the capital stock
of banks or corporations described above shall be required to furnish information
concerning the condition of such banks or corporations to the Federal Reserve Board
upon demand, and the Federal Reserve Board may order special examinations of the
said branches, banks, or corporations at such time or times as it may deem best."
[S. 2395. Public—No. 48.—66th Cong.]
Approved September 17, 1919.
LOAN LIMIT BY NATIONAL BANKS.
Be it enacted by the Senate and House of Representatives of the United States of America
in Congress assembled, That section 5200 of the Revised Statutes of the United States
as amended by the Acts of June 22, 1906, and September 24, 1918, be further 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 stock of such association, actually paid in and
unimpaired, and 10 per centum of ita unimpaired surplus fund: Provided, however,
That (1) the discount of bills of exchange drawn in good faith against actually
existing values, including drafts and bills of exchange secured by shipping documents
conveying or securing title to goods shipped, and including demand obligations when
secured by documents covering commodities in actual process of shipment, and also
including bankers' acceptances of the kinds described in section 13 of the Federal
Reserve Act, (2) the discount of commercial or business paper actually owned by the
person, company, corporation, or firm negotiating the same, (3) the discount of notes
secured by shipping documents, warehouse receipts, or other such documents conveying or securing title covering readily merketable nonperishable staples, including live
stock, when the actual market value of the property securing the obligation is not at
any time less than 115 per centum of the face amount of the notes secured by such
documents and when such property is fully covered by insurance, and (4) the discount
of any note or notes secured by not less than a like face amount of bonds or notes 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.
The total liabilities to any association, of any person or of any corporation, or firm, or
company, or the several members thereof upon any note or notes purchased or discounted by such association and secured byl)onds, notes, or certificates of indebted
ness as described in (4) hereof shall not exceed (except to the extent permitted by
REPORT OF THE COMPTROLLER OF THE CURRENCY.
139
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 and the total liabilities to any association of any person or of any
corporation, or firm, or company, or the several members thereof for money borrowed,
including the liabilities upon notes secured in the manner described under (3) hereof,
except transactions (1), (2), and (4), shall not at any time exceed 25 per centum of the
amount of the association's paid-in and unimpaired capital stock and surplus. The
exception made under (3) hereof shall not apply to the notes of any one person, corporation or firm or company, or the several members thereof for more than six months in
any consecutive twelve months."
[H. E. 7478. Public—No. 62—66th Cong.]
Approved, October 22, 1919.
The following interpretation of the foregoing section as amended
is submitted:
The amounts which a national bank may properly lend to any one
person, company, corporation or firm (including in the liability of a
company or firm, the liabilities of the several members thereof) under
the various clauses of section 5200, as amended by the act approved
October 22, 1919, are stated in terms of the percentage of the paid-up
and unimpaired capital stock and surplus of the lending bank.
Character of Ioan3.
Amounts loanable
(A) Accommodation or straight loans, whether or Maximum limit, 10 per cent of bank's paid-up a:
ind
unimpaired capital and surplus.
not single name. Loans secured by stocks,
bonds and authorized real estate mortgages.
(B) "Bills of exchange drawn in good faith against No limit imposed by law.
actually existing values."
The law expressly provides that this phase shall
also include:
(a) Drafts and bills of exchange secured by The inclusion of iSdrafts" will bring within the exception drafts drawn by an agent on his principal if
shipping documents conveying or
secured as indicated and a sale of commodity is not
securing title to the goods shipped.
a necessary basis.
(b) Demand obligations, when secured by "Actual process of shipment" does not mean actually loaded on cars, but covers good faith asdocuments covering commodities in
sembling and delivery to the carrier without
actual process of shipment.
unnecessary and unavoidable delav.
(c) Bankers' acceptances of the kinds
described in Section 13 of the Federal
Reserve Act.
(C) Commercial or business paper (of other makers) No limit imposed by lav/.
actually owned by the person, company, corporation orfirmnegotiating the same.
(D) Notes secured by shipping documents, ware- 15 per cent of bank's capital and surplus, in addition
to the amount allowed under (A); or if the full
house receipts or other such documents, conamount allowed under (A) is not loaned then tho
veying or securing title covering readily
amount which may be loaned in the manner
marketable nonperishable staples, including
described under (D) is increased by the loanablo
live stock.
amount not used under (A). In other words, the
No bank may make any loan under (D), howamount loaned under (A) must never be more
over,
than 10 per cent but the aggregate of (A) and (D)
(a) Unless the actual market value of the
may equal, but not exceed, 25 per cent.
property securing the obligation is not
at any time less than 115 per cent of
the face amount of the note, and
(6) Unless the property is fully covered by
insurance, and in no event shall the
privilege afforded by (D) be exercised
for any one customer for more than
six months iii any consective twelve
months.
(E) Notes secured by not less than a like/ace amount
of bonds or notes of the United States issued
since Apr. 24,1917, or by certificates of indebtedness of the United States.
( i ) Notes secured by United States Government
obligations of the kinds described under (E)
the face amount of which is at least equal to
105 per cent of the amount of the customer's
notes.
. . . . ^lus in addition
to the amount allowed under (A), or if the full
amount allowed under (A) is not loaned, then the
amount which may be loaned in the manner
described under (E) is increased by the loanable
amount not used under (A). In other words, the
amount loaned under (A) must never be more
than 10 per cent but the aggregate of (A) and (E)
may equal, but not exceed, 20 per cent.
No limit, but this privilege, under regulations of the
Comptroller of the Currency, expires Dec. 31,1920.
140
REPORT OF THE COMPTROLLER OF THE CURRENCY.
Some examples of what a national bank may lend at any one time to any one customer
under the amendment to sec. 5200, approved Oct. 22, 1919, expressed in terms of percentage of the bank's capital and surplus.
Example Example Example Example
1.
3.
2.
4.
(A)
(B)
(C)
(D)
(E)
(Y)
Accommodation or straight loans, or loans secured by Per cent. Per cent. Per cent. Per cent.
5
5
shares stock, bonds, or authorized real-estate mortgages.
10
Bills of exchange drawn against actually existing values1
Commercial or business paperl
Notes secured by warehouse receipts, etc
20
15
15
25
Notes secured by a like face amount of G overnment obliga15
10
10
tions
10
Notes secured by at least 105 per cent of United States Government obligations1
Total
35
35
35
35
1
No limit imposed by law.
LIABILITY LIMIT OF NATIONAL BANKS.
SEC. 2. That section 5202 of the Revised Statutes of the United States as amended
by section 20, Title I, of the Act approved April 5, 1918, be further amended so as to
read as follows:
"SEC. 5202. No national banking association shall at any time be indebted, or in
any way liable, to an amount exceeding the amount of its capital stock at such time
actually paid in and remaining 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 for 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.
"Seventh. Liabilities created by the indorsement of accepted bills of exchange
payable7 abroad actually owned by the indorsing bank and discounted at home or
abroad.'
[H. R. 7478—Public No. 62—66th Cong.]
Approved October 22, 1919.
This section, as amended, permits a national bank to be.liable
without limit as indorser on accepted bills of exchange payable
abroad actually owned by the indorsing bank and discounted at
Tiome or abroad.
GOLD CERTIFICATES LEGAL TENDER.
Be it enacted by the Senate and House of Representatives of the United States of America
in Congress assembled, That gold certificates of the United States payable to bearer
on demand shall be and are hereby made legal tender in payment of all debts and
dues, public and private.
SEC. 2. That alt Acts or parts of Acts which are inconsistent with this Act are
hereby repealed.
[S. 3458—Public No. 103—66th Cong.]
Approved, December 24, 1919.
BANKING CORPORATIONS AUTHORIZED TO DO FOREIGN BANKING
BUSINESS.
Be it enacted by the Senate and House of Representatives of the United States of America
in Congress assembled, That the Act approved December 23, 1913, known as the
Federal Reserve Act, as amended, be further amended by adding a new section as
follows:
REPORT OF THE COMPTROLLER OF THE CURRENCY.
141
"SEC. 25 (a). Ccrp'omticns to be organized fcr the purpose of engaging in international or foreign banking or other international or foreign financial operations, or in
banking or other financial operations in a dependency or insular possession of the
United States, either directly or through the agency, ownership, or control of local
institutions in foreign countries, or in such dependencies or insular possessions as
provided by this section, and to act when required by the Secretary of the Treasury
as fiscal agents of the United States, may be formed by any number of natural persons,
not less in any case than five.
" Such persons shall enter into articles of association which shall specify in general
terms the objects for which the association is formed and may contain any other provisions not inconsistent with law which the association may see fit to adopt for the
regulation of its business and the conduct of its affairs.
i
'Such articles of association shall be signed by all of the persons intending to participate in the organization of the corporation and, thereafter, shall be forwarded to
the Federal Reserve Board and shall be filed and preserved in its office. The persons
signing the said articles of association shall, under their hands, make an organization
certificate which shall specifically state:
"First. The name assumed by such corporation, which shall be subject to the
approval if the Federal Reserve Board.
"Second. The place or places where its operations are to be carried on.
"Third. The place in the United States where its home office is to be located.
"Fourth. The amount of its capital stock and the number of shares into which the
same shall be divided.
"Fifth. The names and places of business or residence of the persons executing the
certificate and the number of shares to which each has subscribed.
"Sixth. The fact that the certificate is made to enable the persons subscribing the
same, and all other persons, firms, companies, and corporations, who or which may
thereafter subscribe to or purchase shares of the capital stock of such corporation, to
avail themselves of the advantages of this section.
"The persons signing the organization certificate shall duly acknowledge the
execution thereof before a judge of some court of record or notary public, who shall
certify thereto under the seal of such court or notary, and thereafter the certificate
shall be forwarded to the Federal Reserve Board to be filed and preserved in its office.
Upon duly making and filing articles of association and an organization certificate,
and after the Federal Reserve Board has approved the same and issued a permit to
begin business, the association shall become and be a body corporate, and as such and
in the name designated therein shall have power to adopt and use a corporate seal,
which may be changed at the pleasure of its board of directors; to have succession for
a period of twenty years unless sooner dissolved by the act of the shareholders owning
two-thirds of the stock or by an Act of Congress or unless its franchises become forfeited by some violation of law; to make contracts; to sue and be sued, complain,
and defend in any court of law or equity; to elect or appoint directors, all of whom
shall be citizens of the United States; and, by its board of directors, to appoint such
officers and employees as may be deemed proper, define their authority and duties,
require bonds of them, and fix the penalty thereof, dismiss such officers or employees,
or any thereof, at pleasure and appoint others to fill their places; to prescribe, by
its board of directors, by-laws not inconsistent with law or with the regulations of
the Federal Reserve Board regulating the manner in which its stock shall be transferred, its directors elected or appointed, its officers and employees appointed, its
property transferred, and the privileges granted to it by law exercised and enjoyed.
"Each corporation so organized shall have power, under such rules and regulations
as the Federal Reserve Board may prescribe:
"(a) To purchase, sell, discount, and negotiate, with or without its indorsement
or guaranty, notes, drafts, checks, bills, of exchange, acceptances, including bankers*
acceptances, cable transfers, and other evidences of indebtedness; to purchase and
sell, with or without its indorsement or guaranty, securities, including the obligations
of the United States or of any State thereof but not including shares of stock in any
corporation except as herein provided; to accept bills or drafts drawn upon it subject
to such limitations and restrictions as the Federal Reserve Board may impose; to
issue letters of credit; to purchase and sell coin, bullion, and exchange; to borrow
and to lend money; to issue debentures, bonds, and promissory notes under such
general conditions as to security and such limitations as the Federal Reserve Board
may prescribe, but in no event having liabilities outstanding thereon at any one time
exceeding ten times its capital stock and surplus; to receive deposits outside of the
United States and to receive only such deposits within the United States as may be
incidental to or for the purpose of carrying out transactions in foreign countries or
dependencies or insular possessions of the United States; and generally to exercise
142
REPORT OF THE COMPTROLLER OF THE CURRENCY.
such powers aa are incidental to the powers conferred by this Act cr as may be usual,
in the determination of the Federal Keserve Board, in connection with the transaction of the business of banking or otnerfinancialoperations in the countries, colonies,
dependencies, or possessions in which it shall transact business and not inconsistent
with the powers specifically granted herein. Nothing contained in this section shall
be construed to prohibit the Federal Keserve Board, under its power to prescribe
rules and regulations, from limiting the aggregate amount of liabilities of any or all
classes incurred by the corporation and outstanding at any one time. Whenever a
corporation organized under this section receives deposits in the United States authorized by this section it shall carry reserves in such amounts as the Federal Keserve
Board may prescribe, but in no event less than 10 per centum of its deposits.
"(b) To establish and maintain for the transaction of its business branches 01
agencies in foreign countries, their dependencies or colonies, and in the dependencies
or insular possessions of the United States, at such places as may be approved by the
Federal Beserve Board and under such rules and regulations as it may prescribe,
including countries or dependencies not specified in the original organization
certificate.
"(c) With the consent of the Federal Keserve Board to purchase and hold stock
or other certificates of ownership in any other corporation organized under the provisions of this section, or under the laws of any foreign country or a colony or dependency thereof, or under the laws of any State, dependency, or insular possession
of the United States but not engaged in the general business of buying or sellinggoods, wares, merchandise, or commodities in the United States, and not transacting
any business in the United States except such as in the judgment of the Federal
Keserve Board may be incidental to its international or foreign business: Provided,
however, That, except with the approval of the Federal Keserve Board, BO corporation
organized hereunder shall invest in any one corporation an amount in excess of 10
per centum of its own capital and surplus^ except in a corporation engaged in the
business of banking, when 15 per centum of its capital and surplus may be so invested:
Provided furthery That no corporation organized hereunder shall purchase, own, or
hold stock or certificates of ownership in any other corporation organized hereunder
or under the Jaws of any State which is in substantial competition there with, or
which holds stock or certificates of ownership in corporations which are in substantial
competition with the purchasing corporation.
"Nothing contained herein shall prevent corporations organized hereunder from
purchasing and holding stock in any corporation where such purchase shall be necessary to prevent a loss upon a debt previously contracted in good faith; and stock so
purchased or acquired in corporations organized under this section shall within six
months from such purchase be sold or disposed of at public or private sale unless the
lime to so dispose of same is extended by the Federal Keserve Board.
"No corporation organized under this section shall carry on any part of its business
in the United States except such as, in the judgment of the Federal Keserve Board,
shall be incidental tot its international or foreign business: And provided further•, That
except such as is incidental and preliminary to its organization no such corporation
shall exercise any of the powers conferred by this section until it has been duly
authorized by the Federal Keserve Board to commence business as a corporation
organized under the provisions of this section.
"No corporation organized under this section shall engage in commerce or trade in
commodities except as specifically provided in this section, nor shall it either directly
or indirectly control or fix or attempt to control or fix the price of any such commodities. The charter of any corporation violating this provision shall be subject to
forfeiture in the manner hereinafter provided in this section. It shall be unlawful
for any director, officer, agent, or employee of any such corporation to use or to conspire to use the credit, the funds, or the power of the corporation to Hx or control
the price of any such commodities, and any such person violating this provision
shall be liable to a fine of not less than $1,000 and not exceeding $5,000 or imprisonment not less than one year and not exceeding five years, or both, in the discretion
of 44 court.
the
No corporation shall be organized under the provisions of this section with a capital stock of less than $2,000,000, one-quarter of which must be paid in before the corporation may be authorized to begin business, and the remainder of the capital stock
of such corporation shall be paid in installments of at least 10 per centum on the whole
amount to which the corporation shall be limited as frequently as one installment at
the end of each succeeding two months from the time of the commencement of its
business operations until the whole of the capital stock shall be paid in. The capital
stock of any such corporation may be increased at any time, with the approval of the
Federal Keserve Board, by a vote of two-thirds of its shareholders or by unanimous
REPORT OF THE COMPTROLLER OF THE CURRENCY.
143
consent in writing of the shareholders without a meeting and without a formal vote,
but any such increase of capital shall be fully paid in within ninety days after such
approval; and may be reduced in like manner, provided that in no event shall it be
less than $2,000;CN9O. NO corporation, except as herein provided, shall during the
time it shall continue its operations withdraw or permit to be withdrawn, either in
the form of dividends or otherwise, any portion of its capital. Any national banking
association may invest in the stock of any corporation organized under the provisions
of this section, but the aggregate amount of stock held in all corporations engaged in
business of the kind described in this section and in section 25 of the Federal Reserve
Act as amended shall not exceed 10 per centum of the subscribing bank's capital and
surplus.
"A majority of the shares of the capital stock of any such corporation shall at all
times be held and owned by citizens of the United States, by corporations the controlling interest in which is owned by citizens of the United States, chartered under
the laws of the United States or of a State of the United States, or by firms or companies, the controlling interest in which is owned by citizens of the United States.
The provisions of section 8 of the act approved October 15, 1914, entitled * An act to
supplement existing laws against unlawful restraints and monopolies, and for other
purposes/ as amended by the acts of May 15, 1916, and September 7, 1916, shall be
construed to apply to the directors, other officers, agents, or employees of corporations
organized under the provisions of this section: Provided, however, That nothing herein
contained shall (1) prohibit any director or other officer, agent or employee of any
member bank, who has procured the approval of the Federal Reserve Board from
serving at the same time as a director or other officer, agent or employee of any corporation organized under the provisions of this section in whose capital stock such
member bank shall have invested; or (2) prohibit any director or other officer, agent,
or employee of any corporation organized under the provisions of this section, who
has procured the approval of the Federal Reserve Board, from serving at the same
time as a director or other officer, agent or employee of any other corporation in whose
capital stock such first-mentioned corporation shall have invested under the provisions of this section.
' • " No member of the Federal Reserve Board shall be an officer or director of any
corporation organized under the provisions of this section, or of any corporation engaged in similar business organized under the laws of any State, nor hold stock in
any such corporation, and before entering upon his duties as a member of the Federal
Reserve Board he shall certify under oath to the Secretary of the Treasury that he
has complied with this requirement.
u
Shareholders in any corporation organized under the provisions of this section
shall be liable for the amount of their unpaid stock subscriptions. No such corporation shall become a member of any Federal reserve bank.
" Should any corporation organized hereunder violate or fail to comply with any of
the provisions of this section, all of its rights, privileges, and franchises derived herefrom may thereby be forfeited. Before any such corporation shall be declared dissolved, or its rights, privileges, and franchises forfeited, any noncompliance with, or
violation of such laws shall, however, be determined and adjudged by a court of the
United States of competent jurisdiction, in a suit brought for that purpose in the
district or territory in which the home office of such corporation is located, which
suit shall be brought by the United States at the instance of the Federal Reserve
Board or the Attorney General. Upon adjudication of such noncompliance or violation, each director and officer who participated in, or assented to, the illegal act or
acts, shall be liable in his personal or individual capacity for all damages which the
said corporation shall have sustained in consequence thereof. No dissolution shall
take away or impair any remedy against the corporation, its stockholders, or officers
for any liability or penalty previously incurred.
"Any such corporation may go into voluntary liquidation and be closed by a vote
of its shareholders owning two-thirds of its stock.
" Whenever the Federal Reserve Board shall become satisfied of the insolvency of
any such corporation, it may appoint a receiver who shall take possession of all of the
property and assets of the corporation and exercise the same rights, privileges, powers,
and authority with respect thereto as are now exercised by receivers of national
banks appointed by the Comptroller of the Currency of the United States: Provided,
however, That the assets of the corporation subject to the laws of other countries or
jurisdictions shall be dealt with in accordance with the terms of such laws.
in
held at its home office in the United States. Every such corporation^shall keep ;
its home office books containing the names of all stockholders thereof, aad the names
144
REPORT OF THE COMPTROLLER OF THE CURRENCY.
and addresses of the members of its board of directors, together with, copies of all
reports made by it to the Federal Reserve Board. Every such corporation shall make
reports to the Federal Reserve Board at such times and in such form as it may require;
and shall be subject to examination once a year and at such other times as may be
deemed necessary by the Federal Reserve Board by examiners appointed by the
Federal Reserve Board, the cost of such examinations, including the compensation
of the examiners, to be fixed by the Federal Reserve Board and to be paid by the
corporation examined.
"The directors of any corporation organized under the provisions of this section may,
semiannually, declare a dividend of so much of the net profits of the corporation as
they shall judge expedient; but each corporation shall, before the declaration of a
dividend, carry one-tenth of its net profits of the preceding half year to its surplus
fund until the same shall amount to 20 per centum of its capital stock.
"Any corporation organized under the provisions of this section shall be subject
to tax by the State within which its home office is located in the same manner and to
the same extent as other corporations organized under the laws of that State which
are transacting a similar character of business. The shares of stock in such corporation shall also be subject to tax as the personal property of the owners or holders
thereof in the same manner and to the same extent as the shares of stock in similar
State corporations.
"Any corporation organized under the provisions of this section may at any time
within the two years next previous to the date of the expiration of its corporate existence, by a vote of the shareholders owning two-thirds of its stock, apply to the Federal
Reserve Board for its approval to extend the period of its corporate existence for a
term of not more than twenty years, and upon certified approval of the Federal Reserve
Board such corporation shall have its corporate existence for such extended period
unless sooner dissolved by the act of the shareholders owning two-thirds of its stock,
or by an Act of Congress or unless its franchise becomes forfeited by some violation
of law.
"Any bank or banking institution, principally engaged in foreign business, incororated
Unit
porated by special law of any State or of the United States or organized under the
general laws of any State or of the United States and having an unimpaired capital
sufficient to entitle it to become a corporation under the provisions of this section
ma
y> by the v °te of the shareholders owning not less than two-thirds of the capital
etock of such bank or banking association, with the approval of the Federal Reserve
Board, be converted into a Federal corporation of the kind authorized by this section
with any name approved by the Federal Reserve Board: Provided, however, That
said conversion shall not be in contravention of the State law. In such case the
articles of association and organization certificate may be executed by a majority of
the directors of the bank or banking institution, and the certificate shall declare that
the owners of at least two-thirds of the capital stock have authorized the directors to
make such certificate and to change or convert the bank or banking institution into
a Federal corporation. A majority of the directors, after executing the articles of
association and the organization certificate, shall have, power to execute all other
papers and to do whatever may be required to make its organization perfect and
complete as a Federal corporation. The shares of any such corporation may continue
to be for the same amount each as they were before the conversion, and the directors
may continue to be directors of the corporation until others are elected or appointed
in accordance with the provisions of this section. When the Federal Reserve Board
has given to such corporation a certificate that the provisions of this section have been
complied with, such corporation and all its stockholders, officers, and employees,
shall have the same poweraand privileges, and shall be subject to the same duties,
liabilities, and regulations, in all respects, as shall have been prescribed by this section for corporations originally organized hereunder.
"Every officer, director, clerk, employee, or agent of any corporation organized
under this section who embezzles, abstracts, or willfully misapplies any of the moneys,
funds, credits, securities, evidences of indebtedness or assets of any character of
such corporation; or who, without authority from the directors, issues or puts forth
any certificate of deposit, draws any order or bill of exchange, makes any acceptance,
assigns any note, bond, debenture, draft, bill of exchange, mortgage, judgment, or
decree; or who makes any false entry in any book, report, or statement of such corporation with intent, in either case, to injure or defraud such corporation or any other
company, body politic or corporate, or any individual person, or to deceive any officer
of such corporation, the Federal Reserve Board, or any agent or examiner appointed
to examine the affairs of any such corporation; and every, receiver of any such corportation and every clerk or employee of such receiver who shall embezzle, abstract,
or willfully misapply or wrongfully convert to his own use any moneys, funds, credits,
REPORT OF THE COMPTROLLER OF THE CURRENCY.
145
or assets of any character which may come into his possession or under his control
in the execution of his trust or the performance of the duties of his employment;
and every such receiver or clerk or employee of such receiver who shall, with, intent
to injure or defraud any person, body politic or corporate, or to deceive or mislead
the Federal Reserve Board, or any agent or examiner appointed to examine the
affairs of such receiver, shall make any false entry in any book, report, or record of
any matter connected with the duties of such, receiver; and every person who with
like intent aids or abets any officer, director, clerk, employee, or agent of any corporation organized under this section, or receiver or clerk or employee of such receiver
as aforesaid in any violation of this section, shall upon conviction thereof be imprisoned for not less than two years nor more than ten years, and may also be fined not
more than $5,00p, in the discretion of the court.
" Whoever being connected in any capacity with any corporation organized under
this section represents in anv way that the United States is liable for the payment
of any bond or other obligation, or the interest thereon, issued or incurred by any
corporation organized hereunder, or that the United States incurs any liability in
respect of any act or omission of the corporation, shall be punished by a fine of not
more than $10,000 and by imprisonment for not more than five years."
[S. 2472—Public No. 106, 66th Cong.]
Approved, December 24, 1919.
COMPTROLLER'S RECOMMENDATIONS FOR NEW LEGISLATION.
Section 333 of the Revised Statutes provides that the Comptroller
of the Currency in his annual report shall recommend "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."
The experience of this bureau from year to year emphasizes the
importance of the recommendations which I had the honor to make
in my annual report for last year, and in previous reports, in advocacy
of certain amendments and additions to the national-bank act which
are deemed necessary for the protection of depositors and stockholders, and for the benefit and welfare of the banks themselves, their
clients and the communities which they serve. I, therefore, beg
leave to again recommend that the following matters of legislation
receive early consideration and action by the Congress:
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 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 recommended also that a specific penalty be provided for
violations of section 5200, enforceable against the officers and directors
152981°—CUE 1919—VOL 1
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REPORT OF THE COMPTROLLER OF THE CURRENCY.
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 and often of failure 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
who participated in or assented to the same shall be held liable in
his personal and individual capacity for all damages which the
association, its shareholders, or any other person shall have sustained
in consequence of such violation."
Banks often have sustained large losses as a result of the willful
and persistent disregard by its directors of the clear provisions of
the national-bank act. These losses, resulting from violation of the
law by directors, fall upon the stockholders. The directors who
have occasioned these losses by involving the bank in unlawful
transactions to facilitate or promote schemes or enterprises in which
the directors may be concerned, are found sometimes to be holders
or owners of but a few shares of the stock of the bank the affairs of
which they are directing and the funds of which they frequently
have tied up in the promotion of their own private schemes.
AUTHORITY
FOR REMOVAL OF DIRECTORS GUILTY OF
VIOLATIONS OF THE NATIONAL-BANK ACT.
PERSISTENT
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 viola-
REPORT OF THE COMPTROLLER OF THE CURRENCY.
147
tion of any of the more important provisions of the act, and to
direct that suit be brought m 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 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.
148
REPORT OF THE COMPTROLLER, OF THE CURRENCY.
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 commercial paper fixed by the Federal
reserve bank of the district shall be more than 4 per cent, in which
event the rate of interest that may be paid may equal but not exceed
such discount rate charged at that time by the Federal reserve bank
of the district: Provided, however, That if the laws of a State fix the
maximum rate of interest that may be allowed on bank deposits, the
rate so fixed for State banks be applicable also to national banks in
that State.
LIMITATION OF DEPOSITS TO 8 OR 10 TIMES CAPITAL AND SURPLUS.
Twelfth. That the total deposits which a national bank may
receive shall be limited to 8 or 10 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
REPORT OF THE COMPTROLLER OF THE CURRENCY.
149
furnish surety bonds, preferably the bonds of an established surety
company. In view of the frequent and heavy losses which banks
have sustained from unfaithful officials this recommendation is
important.
TO REQUIRE CERTIFICATES OF DEPOSIT TO BE 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 beiore them by their officers in charge.
RECHARTERED 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.
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 $22,616,470 of unissued currency belonging to
banks whose charters were renewed was destroyed during the two
fiscal years ending October 31, 1919.
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REPORT OF THE COMPTROLLER OF THE CURRENCY.
TO AUTHORIZE NATIONAL BANKS TO ESTABLISH BRANCHES IN THE
UNITED STATES.
Nineteenth, 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.
Twentieth. 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-first. 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-second. 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 offenses, if apprehended, are not adequately punished.
TO LIMIT INVESTMENT IN BANK BUILDING.
Twenty-third. 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
REPORT OF THE COMPTROLLER OF THE CURRENCY.
151
to trust companies and banking institutions doing business in the
District of Columbia. A further limitation based on total resources
would also be wise.
Section 5136, United States Kevised 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-fourth. 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-fifth. 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-sixth. That the Comptroller's Office be given authority to
require national banks to shift their bookkeepers and other employees
from 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
STATES TREASURY.
Twenty-seventh. 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
152
REPORT OF THE COMPTROLLER OF THE CURRENCY.
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-eighth. 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 interest-bearing
obligations of the United States Government owned by a national
bank, and unpledged, shall be deducted from its assets provided said
banks shall have been the owner of such bonds for not less than six
months prior to the time for assessing the bank for taxes. 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.
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.
Twenty-ninth. 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.
REPORT OF THE COMPTROLLER OF THE CURRENCY.
153
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 in volume 1 of the Comptroller's report for 1918.
DIGEST OF COURT DECISIONS Iff BANK CASES.
In the appendix of this report will be found a syllabus of each of the
Federal cases affecting banks reported during the past 12 months.
Of special interest to directors of national banks is the decision of the
United States Supreme Court in the case of the United States in
Bowerman, appellant, v. Hamner, receiver, relating to the statutory
liability of directors of national banks, and in the Supreme Court of
North Carolina the case of the Planters National Bank of Virginia v.
Wysong & Miles Co., in which the court held that charging interest
on the entire amount of a loan but requiring the borrower to leave
on deposit with the bank a certain percentage of the loan is usurious.
LIABILITY OF DIRECTORS OF NATIONAL BANKS.
The decision of the Supreme Court of the United States in Bowerman, appellant, v. Hamner, receiver, delivered June 9, 1919, affirmed
the doctrine laid down in earlier decisions to the effect that in addition to the statutory liability of directors of national banks for knowingly violating or willingly permitting the violation of any of the
provisions of the national bank act, there exists also a common-law
liability and duty to administer diligently the affairs of the bank.
The appellant, Bowerman, was a director of a small national bank
in the town of Salmon, Idaho. During the five and one-half years
of the existence of the bank he never attended a directors' meeting.
His excuse for not attending these meetings was that he lived about
200 miles from where the bank was located and means of communication between the two towns w^as difficult.
He referred to himself as "a nominal director," and stated that he
had never received a statement of the bank's condition without making a request for it, and that in some cases he had been obliged to
write several times before a statement was sent. He was under oath
to "diligently and honestly administer the affairs of the association
* * * no t, knowingly violate or willingly permit to be vioaiX(j
lated any of the provisions of the statutes of the United States under
which the association has been organized."
The directors were sued to recover, among other things, losses on
three large loans which had accrued during many preceding months
through overdrafts permitted by officers of the bank. These loans
were in excess of the limit prescribed by section 5200, Revised
Statutes, of 10 per cent of the capital and surplus of the bank, and
Bowerman sought to evade liability on these losses on the ground
that there was no evidence in the record to show that he knowingly
consented to the making of the three excessive loans.
The Supreme Court of the United States, in its decision of this case,
says:
* * * In this case we have the gross negligence of the appellant in failing to
discharge his common-law duty to diligently administer the affairs of the bank, made
the basis for the contention that he did not "knowingly" violate his statutory duty
by permitting the excessive loans to be made. While the statute furnishes the ex
154
REPORT OF THE COMPTROLLER OF THE CURRENCY.
elusive rule for determining whether its provisions have been violated or not, this
does not prevent the application of common-law rule for measuring violations of
common-law duties * * *. He can not be shielded from liability because of want
of knowledge of wrongdoing on his part, since that ignorance was the result of gross
inattention in the discharge of his voluntarily assumed and sworn duty * * *.
He was a man of such importance and reputation that the use of his name must have
contributed to securing the confidence of the community and of depositors for the
bank, and it would be a reproach to the law to permit his residence at a distance from
the location of the bank, a condition which existed from the time he first assumed
the office of director, to serve as an excuse for his utter abdication of his commonlaw responsibility for the conduct of its affairs and for the flagrant violation of his
oath of office when it resulted in loss to others * * *. The decree of the circuit
court of appeals must be affirmed.
In order to properly understand the significance of this decision it
is necessary to review briefly the decision of the circuit court of
appeals.
Quoting from the syllabus in this latter case which is reported as
McCormick v. King et a!. (241 Fed. Rep., 737):
It is no defense against the liability of officers and directors of a national bank for
permitting large overdrafts in violation of the by-laws, that the practice was customary
with other banks.
#
•
*
*
*
*
•*
*
Where the managing officers of a national bank allowed certain depositors to continuously overdraw, taking notes for the overdrafts without adequate security, until
the indebtedness in each case exceeded the limit fixed by the statute, and were
permitted by the directors to continue such course until the bank became insolvent,
the liability of the directors is not limited to that prescribed by Revised Statutes,
section 5239, for knowingly violating or permitting the violation of the provisions
of the statute, but is measured by the rule of the common law which requires active
and diligent performance of their duties, and they are liable not only for the excess of
such loans above the legal limit, but for the entire loss thereon with interest.
In the body of the opinion, the court, in discussing the allowance
of large overdrafts, said:
We can therefore reach no conclusion other than that the acts referred to were not
mere errors of judgment but were in gross mismanagement of the bank for which the
defendants * * * are liable under the general principles of the common law as
well as under the statutes heretofore quoted.
*
*
*
*
*
• *
• *
He (Bowerman) seems to have been a man of affairs and standing in the community,
and in the best of faith accepted a directorship in the Salmon Bank, and after his
election was content to trust entirely to the officers of the bank, and did nothing
himself in the performance of any duty incident to his directorship. Mr. Bowerman
failed to keep himself advised of even general conditions, and was not even sufficiently
actively interested to make inquiry of any kind about the affairs of the bank until
it was iound that those immediately in charge had, through gross mismanagement,
brought the bank to failure, and that as a result the directors would be called upon
to answer for losses.
Let it be conceded that the inattention of a director situated as was Bowerman has
been brought about without any evil intention on his part, and that it may therefore
work some hardship to hold him liable for the losses due directly to the positive negligence of the president and loan committee. But there is the other and wider view
to be taken, that by which the law must always guard the interests of the institution
and those of the public who were attracted to it—the interest of persons who have
given their moneys to the custody of the bank, relying upon the belief that the directors, being men of integrity and business capacity, would at least make some effort
to see that those in charge of the affairs of the institution would keep within the statutes and the by-laws which control. In the application of this wholesome doctrine
one who fails to make any effort to have the bank properly administered acts wrongfully and becomes liable for nonaction. (Chesbrougn v. Woodruff, 195 Fed., 875,
116 C. C. A., 465.)
#•
•*
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*
*
#•
*
If continued omission to give any attention could excuse, then the greater the
inattention of a director to his duties the less the liability he would incur.
BEPORT OF THE COMPTROLLER OF THE CURRENCY.
155
The court concludes by awarding the receiver not only the amount
of the loss in excess of the legal limit, but the entire loss sustained
with interest from the dates of the respective notes.
RETENTION OF PART OF LOAN AS DEPOSIT IS USURIOUS.
Rates of interest on loans by national banks are limited to such
rates as are allowed by the laws of the State in which the bank is
located, and the penalties for charging usurious rates vary to an
extent. Recent records show a marked decrease in violations of
the interest rate laws and are generally confined to small loans.
In some instances the law is violated by making a loan at the
legal rate but requiring the borrower to leave with the bank a certain
proportion of the amount borrowed during the life of the loan. A
case in point is one decided by the Supreme Court of North Carolina
in May, 1918—Planters National Bank of Virginia v. Wysong &
Miles Co. (99 S. E. Rep., 199)—the court holding as follows:
Where a national bank loans money at the highest legal rate of interest and holds
back 20 per cent of the amount loaned on general deposit and not subject to the
borrower's check, charging interest on the entire amount, the transaction is usurious.
In an action by the bank on the notes given by the borrower, it was held that the bank
could recover only the principal amount of the loan and not the interest agreed upon
by the parties. It was also held that the borrower was not entitled to counterclaim
in this action for the penalty of twice the amount of the usurious interest paid and that
this could be recovered only by a separate and independent action against the bank.
NATIONAL BANK EXAMINATIONS.
Increasing thoroughness and efficiency have marked the work of
national bank examiners during the past year.
Through the excellent constructive work of examiners, with the
cooperation of boards of directors, a considerable number of banks
found by examiners to be in a very unsatisfactory or critical condition
have been saved from insolvency, although under the old fee system
of compensation, which prevailed in former years, and under the old
methods these same banks probably would have been closed and
liquidated through the medium of receivers.
The method of paying examiners before the passage of the Federal
reserve act was on the fee system; now examiners are on a salary
and expense basis, and they are furnished with competent assistants
to handle the minor details of examinations, thus enabling the examiner to devote his time and attention to the more important work.
The steadily diminishing number of national bank failures during
the past few years is evidence of the increasing thoroughness and
efficiency of the work of national-bank examiners. The many commendatory comments received by the Comptroller's office from the
banks throughout the country, comparing present-day examinations
with those oi the past, show that these improvements are duly recognized by the banks themselves.
The following is a list of the examiners in the service on October
31, 1919:
156
REPORT OF THE COMPTROLLER OF THE CURRENCY.
CHIEF EXAMINERS.
Federal Reserve District—
No. 1—Daniel C. Mulloney, Boston, Mass.
No. 2—Sherrill Smith, New York, N. Y.
No. 3—Edward I. Johnson, Philadelphia, Pa.
No. 4—Silas H. L. Cooper, Cleveland, Ohio.
No. 5—J. K. Doughton, Richmond, Va.
No. 6—J. Wm. Pole, Atlanta, Ga.
No. 7—Daniel V. Harkin (acting), Chicago, 111.
No. 8—John S. Wood (acting), St. Louis, Mo.
No. 9—Fred Brown, Minneapolis, Minn.
No. 10—Stephen L. Newnham, Kansas City, Mo.
No. 11—Richard H. Collier, Dallas, Tex.
No. 12—H. R. Gaither, San Francisco, Calif.
FIELD EXAMINERS.
First District.
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.
Edward J. Donahue, Ithaca, N. Y.
Milton E. Donough, New York, N. Y.
Lloyd R. Freeman, New York, N. Y.
Harry L. George, Albany, N. Y.
William Z. Hayes, New York, N. Y.
C. F. Horn, New York, N. Y.
Benjamin Marcuse, New York, N. Y.
Wm. F. Mitchell/, Brooklyn, N. Y.
E. Willey Stearns, Albany, N. Y.
Third District.
Wm. B. Baker, Lancaster;, Pa.
John W. Barrett, Johnstown, Pa.
John A. Best, Wilkes-Barre, Pa.
Charles V. Brown, Philadelphia, Pa.
Kinzie B. Cecil, Philadelpnia> Pa.
Charles H. Chapman, Philadelphia, Pa.
George C. Congdon, Williamsport, Pa.
E. N. Pettit, Wilkes-Barre, Pa.
Luther K. Roberts, Philadelphia, Pa.
Carl M. Sisk, Reading, Pa.
Vernon G. Snyder, Philadelphia, Pa.
George E. Stauffer, Philadelphia, Pa.
George S. Summers, Carlisle, Pa.
Fourth District.
Louis H. Ackerman, Cleveland, Ohio.
George E. Armstrong, Cleveland, Ohio.
Albert B. Camp, Toledo, Ohio.
John B. Chenault, Maysville, Ky.
A. Burton Faris, Cincinnati* Ohio.
J. Francis Miller, Wilkinsburg, Pa.
Robert Montgomery, Wheeling, W. Va.
John C. Peightel, Butler, Pa.
Clarence F. Smith, Pittsburgh, Pa.
Thomas C. Thomas*, Columbus^ Ohio.
Fifth District.
Richard N. Aycock, Raleigh, N. C.
Roger E. Brooks^ Washington, D. C.
William B. Cloe, Huntingdon, W. Va.
Sidney B. Congdon, Washington, D. C.
Thomas H. Davis, Richmond, Va.
R. Gordon Finney, Clarendon, Va.
T. J. Goodwyn, Columbia, S. C.
Lawrence W. Hoffman, Richmond, Va.
Charles A. Stewart, Washington, D. C.
J. B. Stringfellow, Forest Depot, Va.
James Trimble, Washington, D. C.
D. R. Wood, Martinsburg, W. Va.
Sixth District.
Daniel C. Borden, Atlanta, Ga.
John C. Borden, Atlanta, Ga.
Thomas E. Fletcher, Cordele, Ga:
James L. Griffin, Atlanta, Ga.
Reginald M. Hodgson, Mobile, Ala.
Charles R. Kuchins, Bessemer, Ala.
Wm. C. Roberts, Jacksonville, Fla.
Edgar D. Walter, Rome, Ga,
REPORT OF THE COMPTROLLER OF THE CURRENCY.
157
Seventh District.
Claude H. Beaty, Chicago, 111.
William P. Funsten, Chicago, 111.
Nels E. Haugen, Des Moines, Iowa.
Ben Hayes, jr., Davenport, Iowa.
Raby L. Hopkins, Milwaukee, Wis.
Edwin S. Hubbell, Elgin, 111.
Joseph L. Kennedy, Sheldon, Iowa.
John C. McGrath, Indianapolis, Ind.
Charles R. Mertens, Shelbyville> 111.
William G. Minor, Cannelton, Ind.
Paul Partridge, Peoria, 111.
Charles F. Riddell, Indianapolis, Ind.
Ellis D. Robb, Waterloo, Iowa.
John T. Sawyer, jr., Milwaukee, Wis.
Wm. J. Schechter, Detroit, Mich.
Eighth District
E. H. Gough, Boonville, Ind.
Richard L. Hargreaves, St. Louis, Mo.
Charles H. Martin, Hot Springs, Ark.
Wm. M. Morgan, Louisville, Ky.
Wm. R. Parker, St. Louis, Mo.
Frank T. Ransom, Memphis, Tenn.
Hal Woodside, Kirk wood, Mo.
Wm. R. Young, Hot Springs, Ark.
Ninth District.
Harry E. Albert, Minneapolis, Minn.
Christopher H. Anheier, Minneapolis,
Minn.
Verne C. Bonesteel, Huron, S. Dak.
Ward M. Buckles, Helena, Mont.
Lawrence 0. Challman, Minneapolis,
Minn.
Wm. P. Dougherty, Fargo, N. Dak.
Edward S. Jernegan, Minneapolis, Minn.
Peter J. Lorang, Fargo, N. Dak.
B. K. Patterson, Minneapolis, Minn.
Mervale D. Smiley, Sioux Falls, S. Dak.
Arthur B. Smith, Williston, N. Dak.
John H. Smith, Minneapolis, Minn.
Tenth District.
Arthur R. Bradley, Kansas City, Mo.
Roy A. Cooper, Hastings, Nebr.
Sherwood Crocker, Denver, Colo.
Thurston P. Farmer, Muskogee, Okla.
Charles H. Filson, Guthrie, Okla.
George W. Goodell, Denver, Colo.
Orville A. Griffey, Oklahoma City, Okla.
John A. Guthrie, Cheyenne, Wyo.
Granville M. McClerkin, Omaha, Nebr.
John D. Mossman, Topeka, Kans.
Earlbert E. O'Brien, Kansas City, Mo.
Rex W. Peel, Oklahoma City, Okla.
Wm. H. Reed, Kansas City, Mo.
Thos. M. Williams^ Kansas City, Mo.
Lewis Wilson, Hutchinson, Kans.
Eleventh District.
Wm. E. Hutt, Sherman, Tex.
Robin M. Johnson, St. Cloud, Fla.
Stanley A. Longmoor, Amarillo, Tex.
W. Waller McBryde, Dallas, Tex.
J. W. McReynolds, Dallas, Tex.
David Murphy, Mount Pleasant, Tex.
Jesse L. Penix, Waco, Tex.
A. D. Thompson, Waco, Tex.
J. E. Thompson, El Paso, Tex.
John K. Woods, Houston, Tex.
Twelfth District.
Wm. M. Gray, Ocean Park, Calif.
A. L. James, Sacramento, Calif.
Harry L. Machen, Los Angeles, Calif.
Martin McLean, Seattle, Wash.
Leo H. Martin, Portland, Oreg.
Charles T. Maxey, San Francisco, Calif.
Charles C. Otto, Spokane, Wash.
Lewis M. Sawyer, jr., Boise, Idaho.
Oscar Thompson, San Francisco, Calif.
Max C. Wilde, Los Angeles, Calif.
BANK OFFICERS CONVICTED OF CRIMINAL VIOLATIONS OF
LAW DURING THE YEAR ENDED OCTOBER 31, 1919.
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 ended October 31, 1919. The offenders
convicted include 3 bank presidents, 1 vice president, 11 cashiers
and assistant cashiers, and 10 others.
158
REPORT OF THE COMPTROLLER OF THE CURRENCY.
Their terms of imprisonment ranged from 6 months to 10 years,
with varying fines.
S. P. Simpson, president, Border National Bank, Eagle Pass. Tex.i Misapplication. Sentence, fined
$2,500. November 6,1918.
J. L. Matthews, cashier, Border National Bank, Eagle Pass, Tex.1 Misapplication. Sentence, fined
$2,500. November 6,1918.
Irvin H. Piper, note teller, First and Old Detroit National Bank, Detroit, Mich. Violation of national
banking laws. Sentence, 5 years, Leavenworth Penitentiary. November 7,1918.
Robert Ridley, cashier, Norfolk National Bank, Norfolk, Va. Misapplication. Sentence, 5 years, Atlanta
Penitentiary. November 18,1918.
W. T. Dougherty, bookkeeper, Barnett National Bank, Jacksonville, Fla. Embezzlement. Sentence,
5 years, Atlanta Penitentiary. December 10,1918.
Charles H. Davis, vice president, Second National Bank,2 Cincinnati, Ohio. Misapplication, abstraction, and false entries. Sentence, 7£ years Atlanta Penitentiary. January 13, 1919.
Elmer E. Galbreath, president, Second National Bank,2 Cincinnati, Ohio. Misapplication, abstraction,
and false entries. Sentence, 7$ years, Atlanta Penitentiary. January 13, 1919.
Alva E. Smith, president, Western National Bank, Oklahoma City, Okla. Misapplication. Fined
$5,000. January 23,1919.
Merrill W. Chapin, assistant cashier and paying teller, Phoenix National Bank, Hartford, Conn. Misapplication. Sentence, 1 year and 1 day, Atlanta Penitentiary. February 5, 1919.
William H. Roniker, teller, Manufacturers National Bank, Cambridge, Mass. Embezzlement. Sentence,
5 years, Atlanta Penitentiary. March 21,1919.
Charles G. Disheroon, clerk, Arkansas National Bank, Hot Springs, Ark. Defalcation and embezzlement. Sentence, 1 year and 1 day, Atlanta Penitentiary. April 30,1919.
F. A. Brush, cashier, Santa Rosa National Bank, Santa Rosa, Calif. Irregularities. Sentence, 10 years,
San Quentin, Calif. May 2,1919.
F. K. Alexander, cashier, Peoples National Bank, Reynoldsville, Pa. Misapplication. Sentence, fine
of $2,000. May 13,1919.
v
N. R. Hohn, cashier, First National Bank, Aspinwall, Pa. Misapplication. Sentence, fined $2,000.
May 16,1919.
J. Cabell Scott, cashier, First National Bank, Bristol, Tenn. Misapplication. Sentence, 6 years, Atlanta Penitentiary. May 20,1919.
Theo Swinson, clerk, National Bank of Commerce, Norfolk, Va. Embezzlement. Sentence, 5 years,
National Training School for Boys, Virginia. May 28,1919.
C. T. Cleland, cashier, National Bank of Middlesboro, Ky. Abstraction and false entries. Sentence, 1
year, Atlanta Penitentiary, and fined $500. June 1,1919.
Fred C. Kline, cashier, First National Bank, Lansford, Pa. Misapplication. Sentence, 6 years, Atlanta
Penitentiary. June 4,1919.
Ernest A. Biro, assistant receiving teller, Fourth National Bank, Cincinnati, Ohio. Misapplication.
Sentence, 5 years, Atlanta Penitentiary. June 11,1919.
Isidore Jeffer, messenger, Public National Bank, New York, N. Y. Embezzlement. Sentence, 6 months,
Essex County jail, New York. June 21,1919.
William V. Jouvenal, bookkeeper, Silver Springs National Bank, Silver Springs, Md. Abstraction.
Sentence, 3 years, St. Mary's Industrial School, Maryland. June 27,1919.
E. H. Corley, paying teller, and A. L. Stevens, aider and abettor, Second National Bank,3 Boston, Mass.
Embezzlement. Sentence, each fined $1,000. July 14,1919.
F. G. Cain, assistant cashier, Central National Bank, Columbia, Pa. Embezzlement. Sentence, 9 months
imprisonment and fined $3,000. September 19,1919.
L. P. Nelson, cashier, Garfield National Bank, Garfield, Wash. Defalcation. Sentence, fined $250.
July 8,1919.
Clarence Dawson, clerk, Miners National Bank, Ishpeming, Mich. Embezzlement. Sentence, 1 to 5
years, House of Correction and Prison, Marquette, Mich. October 15,1919.
BANKS OTHER THAN NATIONAL.
STATE BANKS, SAVINGS BANKS, PRIVATE BANKS, AND LOAN AND TRUST
COMPANIES.
Returns received from the banking departments of the several
States as of June 30, 1919, or the nearest dates thereto, in continuation of the uniform courtesy and cooperation extended this office by
the officials of these departments annually, relative to the condition
of banks under State supervision, enable the Comptroller to submit
the following summary of the resources and liabilities of this class of
banks. ' Private banks in several States are not under the supervision of State banking departments but this office has been enabled
to secure a number of individual reports from these banks.
The information received shows that on June 30, 1919 (or nearest
dates thereto), there were 21,338 State banking institutions, including
savings banks, private banks, and trust companies, or 163 more reporting banking institutions than reported on June 29, 1918.
1
2
8
President and cashier of this bank convicted.
President and vice president of this bank convicted.
Paying teller and another whose affiliation with bank not given, convicted.
EEPORT OF THE COMPTROLLER OF THE CURRENCY.
159
The aggregate paid in capital stock of these institutions amounted
June 30, 1919, to $1,318,762,000, and total resources were $26,380,529,000. On June 29, 1918, the paid in capital stock of such banks
was $1,253,032,000 and their resources were $22,371,497,000. The
increase in the capital stock on June 30, 1919, over June 29, 1918,
therefore, amounted to $65,730,000, or 5.25 per cent, and resources
increased by $4,009,032,000, or 17.92 per cent.
Summary of reports of condition of these 21,338 banks, at the
close of business on June 30, 1919, is as follows:
RESOURCES.
[In thousands of dollars.]
Loans and discounts:
Secured by real estate, including mortgages owned
Secured by collateral other than real estate
Not classified
$2,199, 699
3,168, 780
8, 612, 979
Total
Overdrafts
Investments:
United States bonds
State, county, and municipal bonds
Railroad bonds
Bonds of other public service corporations (including
street and interurban railway bonds)
Not classified
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-banknotes
Federal reserve notes
Nickels and cents.
Cash not classified
$13, 981, 458
80, 240
985, 945
298, 768
447, 578
126, 338
5, 318, 976
7,177,605
451, 358
115, 742
2, 787, 951
447, 386
77, 209
fixtures
24, 896
3, 237
12,952
3,169
103, 385
12,538
17, 553
1, 807
393, 361
Total
Other resources.
Total resources
LIABILITIES.
Capital stock paid in
Surplus
Undivided profits, less expenses and taxes paid
Deposits:
Due to banks
$905, 499
Dividends unpaid
10,070
Individual deposits:
Individual deposits subject to check without notice. 6, 241, 978
Demand certificates of deposit
660, 889
Certified checks and cashiers checks
64, 393
Savings deposits, or deposits in interest or savings
department
7, 375,170
572, 898
688, 682
26, 380, 529
1, 318, 762
1, 309, 768
343, 672
160
REPORT OF THE COMPTROLLER OF THE CURRENCY.
Deposits—Continued.
Individual deposits—Continued.
Time certificates of deposit
Deposits not classified
Postal-savings deposits
$1, 364, 013
5,105, 539
16, 495
Total
1
$21, 744, 046
Notes and bills rediscounted
223, 851
Bills payable, including certificates of deposit representing money
borrowed
591, 871
Other liabilities
...._.
848, 559
Total liabilities
26, 380, 529
The principal items of resources and liabilities of each class of
banks, other than national, on June 30; 1919, are shown in the following table:
Resources and liabilities of 21,338 State, savings, and private banks and loan and trust
companies, June 30, 1919.
[In thousands of dollars.]
17,225 State
banks.
622 mutual
savings
banks.
$6,703,072
2,279,583
228,163
46,118
1,574,100
$2,335,996
2,491,607
41,572
18,395
189,724
$777,941
295,131
28,906
8,659
129,491
319,143
355,567
195,860
1,619
35,833
56,805
3,760
31,837
5,529
11,701,606
5,171,551
1,281,254
785,727
440,843
164,126
444,769
7,542
8,999,131
9,477
109, 769
303, 780
436,442
333,420
65,013
683
117
4,751,113
82
139
1,471
19,513
62,740
34,690
13,051
1,796
24
,151,464
803
8
6,267
10,411
11,701,606
5,171,551
1,281,254
1,097 stock
savings
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)
Cash on hand
All other resources
Total resources
«...
LIABILITIES.
Capital stock paid in
Surplus fund
Undivided profits
Due to banks
Dividends unpaid
Individual deposits
Postal savings deposits
Notes and bills rediscounted
Bills payable
Other liabilities
Total liabilities
1,377 loan
and trust
companies.
1,017 pri- Total, 21,338
vate 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)
Cash on hand
All other resources
Total resources
$4,091,080
2,069,920
147,710
33,317
850,950
$153,609
41,364
5,007
9,253
43,686
$14,061,698
7,177,605
451,358
115,742
2,787,951
198, 735
142,110
426,174
1,338
7,551
4,314
524,595
572,898
7,959,996
266,122
26,380,529
161
EEPORT OF THE COMPTROLLER OF THE CURRENCY.
Resources and liabilities of 21,338 State, savings, and private banks and loan and trust
companies, June 30, 1919.
[In thousands of dollars.]
1,377 loan
and trust
companies.
1,107 private banks.
Total, 21,338
banks.
LIABILITIES.
Capital stock paid in
Surplus fund
Undivided profits
Due to banks
Dividends unpaid
Individual deposits
Postal savings deposits
Notes and bills rediscounted.
Bills payable
Other liabilities
$450,449
491,915
96, 765
455,052
2,346
5,693,684
6,133
113,219
275,070
375,363
$19,846
8,900
4,717
3,199
41
216,590
716
5,283
6,830
$1,318,762
1,309,768
343,672
905,499
10,070
20,811,982
16,495
223,851
591,871
848,559
Total liabilities.
7,959,996
266,122
26,380,529
The following comparative statement is submitted relative to
the principal items of resources and liabilities of all banks, other
than national, at the time of the call of June 30 or date nearest
thereto, from 1915 to 1919, inclusive:
Consolidated returns from State, savings, private banks, and loan and trust companies.
[In thousands of dollars.]
1915
Items.
1917
1918
1919
$9,093,528 $10,164,481 $11,674,130 $12,426,598 $14,061,698
7,177,605
3,813,562 4,443,610 4,990, 752 5,784,381
572,898
599,945
666,515
749,791
513,869
1,318,762
1,094,322 1,129,052 1,191,421 1,253,032
1,653,440
1,335,851 1,376,792 1,484,875 1,509,328
12,614,485 14,730,102 16,768,060 17,750,105 21,727,551
16,008,445 18,344,370 20,836,357 22,371,497 26,380,529
Loans *
Bonds
Cash
Capital
Surplus and undivided profits
Deposits (individual) 2
Resources
1
1916
2
Including overdrafts.
Postal Savings deposits not included.
STATE BANKS.
Abstracts of returns from State banks or banks doing a commercial banking business, to the number of 17,225, were furnished this
office by the State banking departments of the several States as of
June 30, 1919, or date of nearest call thereto. These reports show
combined capital of this class of banks of $785,727,000 and aggregate
resources of $11,701,606,000. In view of the difficulty experienced
in obtaining separate statements from the banking departments,
of some of the States, showing the condition of the various classes of
banks under State supervision, these statistics in a number of instances include returns from so-called stock sayings banks in States
where such banks are considered as commercial banks, and are so
designated in returns to this bureau.
It appears that of the aggregate resources of these State banks
$6,703,072,000 was invested in loans and discounts, and that $385,011,000 of these loans were secured by real estate and $1,003,228,000
secured by other collateral; other loans not classified amounted to
$5,240,854,000 and overdrafts were reported at $73,979,000.
152981°—CUR 1919—VOL 1
-11
162
REPORT OF THE COMPTROLLER OF THE CURRENCY.
These State banks had invested in stocks, bonds, and other securities $2,279,583,000, of which amount $1,652,167,000 was not
classified. United States Government securities, including Liberty
loan bonds, Victory notes, war savings and thrift stamps, and all
other issues of Government securities held by State banks so reported amounted to $528,478,000; State, county, and municipal
bonds $96,580,000; railroad bonds $1,259,000; and bonds of other
public-service corporations to the amount of $1,099,000.
The total amount invested in banking houses, furniture, and
fixtures by this class of banks was $228,163,000, and other real
estate owned was reported at $46,118,000.
The amount due State banks from other banks was $1,574,100,000
and checks, cash items, and exchanges for clearing houses amounted
to $319,143,000. Of the total cash in the vaults of these banks,
amounting to $355,567,000, approximately $16,000,000 was in gold
and $11,000,000 in silver. The resources of State banks, which were
not classified in reports to this office, were $195,860,000.
The aggregate capital stock of $785,727,000 represents an average
of approximately $45,641 per bank. The surplus was $440,843,000
and undivided profits $164,126,000.
Deposits in State banks on June 30, 1919, amounting to
$9,046,919,000, 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
Dividends unpaid
Postal savings deposits
Amounts due to banks and bankers
$4, 093, 816, 000
434, 583, 000
40,104,000
1,119,487,000
1,133, 524,000
2,177, 617,000
7, 542,000
9,477, 000
444, 769, 000
Notes and bills rediscounted were stated at $109,769,000, bills
payable, including certificates of deposit representing borrowed
money, amounted to $303,780,000, and liabilities not classified were
$436,442,000.
MUTUAL SAVINGS BANKS.
Reports received from State banking departments, and from
individual banks in one State show the condition of 622 mutual
savings banks, as of June 30, 1919. These banks are located in the
following 16 States: Maine, New Hampshire, Vermont, Massachusetts
Rhode Island, Connecticut, New York, New Jersey, Pennsylvania,
Delaware, Maryland, Ohio, Indiana, Wisconsin, Minnesota, and
Washington.
The total resources of these mutual banks amounted to
$5,171,551,000 and individual deposits to $4,751,113,000 standing
to the credit of 8,948,808 depositors, the average deposit account
being $530.92. The aggregate resources in June, 1918, were
$4,818,560,000, and deposits $4,422,096,000. There were 9,011,464
depositors with an average deposit account of $490.72.
The returns for 1919, therefore, disclose an increase of $352,991,000 in total resources, an increase in deposits of $329,017,000,
and though a decrease of 62,656 in number of depositors is shown,
an increase appears of $40.20 in average amount due each depositor.
REPORT OF THE COMPTROLLER OF THE CURRENCY.
163
Loans and discounts amounted to $2,335,996,000, of which $946,594,000 represents loans secured by real estate, and $143,624,000
by other collateral. Other loans, or loans not classified, amounted
to $1,245,770,000. Overdrafts of $8,000 were reported.
It appears that 48.18 per cent of the total assets of mutual savings
banks was invested as follows:
United States Government securities, including Liberty loan bonds,
Victory notes, war savings and thrift stamps, and all other Government securities
$244, 861,000
State, county, and municipal bonds
178, 388,000
Railroad bonds
404,115, 000
Bonds of other public service corporations, etc
84, 630,000
Other bonds, stocks, warrants, etc
1, 579, 613,000
The amount invested in banking houses, furniture, and fixtures
was $41,572,000, and these banks owned other real estate to the
amount of $18,395,000.
Deposits in other banks by mutual savings banks were reported at
$189,724,000; checks and other cash items, $1,534,000; exchanges
for clearing houses, $85,000; total cash on hand, $35,833,000, and
other resources not classified, $56,805,000.
The surplus of the banks was reported at $333,420,000, and
undivided profits, $65,013,000; deposits by other banks in mutual
savings banks amounted to $683,000, and other deposits, including
postal savings deposits, amounted to $4,751,312; notes and bills
rediscounted and bills payable were reported at $1,610,000, and
liabilities not classified at $19,513,000.
The number of mutual savings banks, number of depositors, total
deposits, and the average due each depositor by years from 1909 to
1919, are shown in the following statement:
Year.
1909
1910
1911
1912
1913
1914
1915
1916
1917
1918
1919
Banks.
.
.
....
. .
. .
. -
642
638
635
630
623
634
630
622
622
625
622
Depositors.
Deposits.
7,204,579
7,481,649
7,690,973
7,851,377
8,101,238
8,277,359
8,307,787
8,592,271
8,935,055
9,011,464
8,948,808
$3,144,584,874
3,360,563,842
3,460,575,072
3,608,657,828
3,769,555,330
3,915,626,190
3,950,666,362
4,186,976,600
4,422,489,384
1
4,422,096,393
i 4,751,113,000
Average
to each
depositor.
$435.66
449.17
449.95
459.62
465.31
473.05
475.53
487.30
494. 96
490. 72
530.92
i Dividends unpaid not included.
Information relative to the number of banks, depositors, deposits,
and the average amount due each depositor by States as reported
June 30, 1919, and June 29, 1918, is shown in the following table:
Number of mutual savings banks, number of depositors, aggregate deposits, and average deposit account, by States, June 29, 1918 June 30, 1919.
, and
1918
States.
Maine .
New Hampshire
Vermont.
Massachusetts
Rhode Island
Connecticut
.
Total New England States
New York
New Jersey6
Pennsylvania
Delaware
Maryland
45
45
20
196
15
81
236,820
207,082
117,962
2,591,162
2 161,320
715,000
Deposits.
1919
Average to
Average to Number
each de- of banks. Depositors. Deposits. each depositor.
positor.
$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
44
45
20
196
15
80
1235,277
215,028
118,267
2,391,066
'
166,885
704,179
$97,253
110,241
59,784
1,089,550
101,419
387,646
$413.35
512.68
505.50
455.67
607.72
550. 49
402
.
Total Eastern States
West Virginia
Total Southern States
Ohio
Indiana
Wisconsin
Minnesota
Total Middle Western States.
Washington
California
Number
of banks. Depositors.
OS
4,029,346
1,739,554,182.90
431. 72
400
3,830,702
1,845.893
481.86
141
26
10
2
19
3,446,876
3 323,202
541,016
39,598
3 255,824
1,991,720,349.72
138,111,759.64
247,976, 374. 60
15,143,944.83
101,660,778.78
577.83
427. 32
458. 35
382. 44
397. 39
141
27
10
2
17
3,579,057
374,839
543,204
2 45,555
264,940
2,179,034
173,756
4 279,235
17,422
116,086
608.83
463. 55
514.05
382.43
438.14
198
4,606,516
2,494,613,207. 57
541.53
197
4,807,595
2,765,533
7,002
1,817,801.53
259.61
593.23
416. OP
283. 6C
348. 66
H
W
H
Q
O
575.24
1
g
1
7,002
1,817,801.53
259. 61
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
3
5
7
9
110,235
* 35,093
11,326
2134,000
65,395
14,602
3,212
46,721
22
264,806
110,604,090.18
417.67
24
290,654
129,930
447.03
1
1
& 17,534
86,260
7,486,068.52
68,021,042.45
426.95.
788. 56
1
19,857
9,757
K.
491.36
o
Total Pacific States
2
103.794
75,507,110.97
727. 46
1
19,857
9,757
491. 36
Total United States
625
9,011,464
4 422,096,393.15
490. 72
622
8,948,808
4,751,113
530.92
M
H
O
NOTE.—West Virginia returns for 1919 included with State banks. Deposits in 1919 in thousands of dollars.
3 Dec. 31,1917
1 June 28.
* J u n e 2.
2
Estimated. ,
5 Oct. 3,1918.
c Includes 1 stock savings bank.
=
a
REPORT OF THE COMPTROLLER OF THE CURRENCY.
165
STOCK SAVINGS BANKS.
It has not been practicable to obtain separate returns showing
the condition of so-called stock savings banks in several States for
the reason that such banks in a number of States are regarded as
commercial banks and the returns therefrom are included in the
returns relative to State banks. For the current year, therefore,
there is an apparent decrease in the number, etc., of banks of this
class.
Returns relative to this class of banks were received from the
banking departments of twenty States and from individual banks in
the District of Columbia as of June 29, 1918, representing some
1,194 banks, and for the year ended June 30, 1919, (or for dates
nearest thereto), from 1,097 banks. The returns for stock savings
banks were included with commercial banks in those received through
the banking departments of the following States: New Jersey, Maryland, North Carolina, Georgia, Mississippi, Louisiana, Minnesota,
North Dakota, Nebraska, Colorado, and Utah.
The aggregate resources of the 1,097 banks on June 30, 1919, were
$1,281,254,000. Loans and discounts were reported to the amount
of $777,789,000, and overdrafts $152,000. Of the total loans reported $398,590,000 were secured by real estate; $11,585,000 by
other collateral, and $367,624,000 were loans not classified.
Of the aggregate resources $295,131,000 were invested as follows:
United States Government securities
State, county, and municipal bonds
Railroad bonds
Bonds of other public service corporations
Other bonds, stocks, warrants, etc
$4, 394, 000
778, 000
3, 256, 000
1, 338, 000
285, 365, 000
Banking houses, furniture and fixtures were valued at $28,906,000,
and other real estate owned amounted to $8,659,000. The amount
deposited in other banks to the credit of stock savings banks was
$129,491,000; checks and cash items amounted to $1,736,000;
exchanges for clearing houses totaled '$2,024,000, and cash on hand
was reported to the amount of $31,837,000. Resources not classified
amounted to $5,529,000.
The capital stock was $62,740,000; surplus $34,690,000, and undivided profits $13,051,000.
The deposits in these stock savings banks, in character and amount,
were as follows:
Subject to check without notice
Demand certificates oi deposit
Certified checks and cashiers' checks
Savings deposits
Time certificates of deposit
Deposits not classified
Due to banks
Dividends unpaid
Postal savings deposits
$712, 577, 000
532, 000
164, 000
413,165, 000
12, 631, 000
12, 395, 000
1, 796, 000
24, 000
803, 000
Notes and bills rediscounted and bills payable, including certificates of deposit representing money borrowed amounted to
$6,275,000, and liabilities not classified were reported at $10,411,000.
The number of banks, depositors, and amount of deposits with
average due each depositor, as reported by the 1,097 stock savings
banks for the current year is shown in the following table together
with similar information for the year ended June 29, 1918:
Number of stock savings banks, number of depositors, a ggregate deposits, and average deposit account, by States,
t Tune
29, 1918, and June SO 1919.
1919
1918
Number
of
Depositors.
banks.
States.
New Hampshire
Georgia
Florida
Mississippi
Louisiana
Deposits.
Average
to each
depositor.
.
. .
Total Pacific States
$370.44
10,857,000
370.44
1
29
24
i 39,573
1
36,135
138,620
15,623,812.32
16,730,185. 73
21,122,183.55
394.80
462.99
152.37
24
1134,860
20,549, 000
152.37
214,328
53,476,181.60
249.51
24
134,860
20,549,000
152.37
*48 000
i 6,525
i 15,000
U00,000
11,874 016.08
1,398,609.70
4,493,451.97
33,863,885.07
247.38
214.31
299.56
338.64
3
i 6,931
1,486,000
214.40
169,525
51,629,962.82
304.55
3
6,931
1,486,000
i 28,600
19,687
1
755,000
6,634,694.58
8,873,293.19
326,264,551.96
231,98
450.69
432.14
4
i 28, 734
6,666,000
231.99
926
1905,970
391,505,000
432.14
803,287
341,772,539.73
425.47
930
934,704
398,171,000
425.99
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
1
3
1744
13,318
295,000
1,633,000
396.51
492.16
27
Total Western States
$10,857,000
29,308
4
19
2
2
Total Middle Western States
North Dakota
Nebraska.
Kansas
Wyoming
29,308
11
929
.
11
361.15
4
2
923
.. , ,
$361.15
10,188,473.55
51
.
$10,188,473.55
23
3
11
14
,
28,211
28,211
54
.
Total Southern States
Total United States
Depositors.
11
Michigan
Minnesota....
Iowa
Oregon
California
Arizona
Average Number
of
to each
depositor. banks.
11
Total New England States
New Jersey
Maryland
District nff!olnmhia
Total Eastern States
Deposits.
35,002
9,002,514.61
257.20
4
4,062
1,928,000
474.64
2
117
3
i 1,141
1,109,138
7,457
403,218.19
579,459,793.49
3,550,871.48
353.39
522.44
476.18
2
120
3
i 1,291
11,368,388
16,529
456,000
714,908,000
3,109,000
353.21
522.44
476.18
(2)
,
214.40
122
. .
1,117, 736
583,413,883.16
521. 96
125
1,376,208
718,473,000
522. 03
1,194
2,368,089
1,049,483,555.47
443.17
1,097
2,486,073
1,151,464,000
463.16
2
i Estimated.
Included with returns for mutual savings banks.
NOTE.—Returns from so-called savings banks of Maryland, Georgia, Mississippi, Louisiana, Minnesota, North Dakota, and Nebraska are included with figures for commercial
banks for 1919, and of North Carolina, Colorado, and Utah for 1918 and 1919, no separate statements being submitted by the banking departments of those States.
167
REPORT OF THE COMPTROLLER OF THE CURRENCY.
MUTUAL AND STOCK SAVINGS BANKS.
Data, relative to the number of savings banks, depositors, amount
of deposits, and the average amount due each depositor from 1820
to 1919, together with the average per capita deposit in census
years, from 1890 to 1919, are shown in the following table:
Number of savings banks 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 1919, and average per capita in the United Stales in the years given.
I Average
Year.
Banks.
Depositors.
Deposits,
Average per capita
due each | in the
depositor. ! United
! States,
1820..
1825..
1830..
1835..
1840..
1845..
1846..
1847..
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.
1902..
1903.
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
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
1,036
1,078
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
6,666,672
7,035,228
$1,138,576
3,537,082
6,973,304
10,613,7,26
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
1,141,530,578
1,235,247,371
1,364,196,550
1,425,230,349
1,524,844,506
1,623,079,749
1,712,769,026
1,785,150,957
1,747,961,280
1,810,597,023
1,907,156,277
1,939,376,035
2,065,631,298
2,230,366,954
2,449,547,885
2,597,094,580
2,750,177,290
2,935,204.845
$131. 86
149. 84
183.09
176. 72
178. 54
168. 77
172. 48
168. 46
165. C3
165. 69
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
412.53
417. 21
SO. 12
"""."54
.82
1.87
4. 75
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
34.89
36.52
168
REPORT OF THE COMPTROLLER OF THE CURRENCY.
Number of savings banks in the United States, number of depositors, amount of savings,
deposits, average amount due each depositor in the years 1820, 1825, 1830, 18S5, 1840,
184-5, and yearly to 1919, and average per capita in the United States in the years given—
Continued.
Year.
1904
1905
1906
. . .
1907
1908 .
1909
1910
1911
. .
1912
1913
1914
1915
1 Q 1 f i /Mutual savings banks
iyiD
\ S t o c k savings banks
iqi 7/Mutual savings banks
1
\Stock savings banks
i g i ^/Mutual savings banks
1
\Stock savings banks
1 Q 1 Q /Mutual savings banks
iyiy
\Stock savings banks
Banks.
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
622
1,097
Depositors.
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, Oil, 464
2,368,089
8,948,808
2,486,073
Deposits.
$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
1901,610,694
4,422,489,384
995,532,890
4,422,096,393
1 1,049,483,555
14,751,113,000
11,151,464,000
Average
Average per capita
due each
in the
depositor.
United
States.
$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
530.92
463.16
$37.52
39.17
41.13
42.87
41.84
41.75
45.05
44.82
46.53
48.56
49.85
49.91
1 Dividends unpaid not included.
NOTE.—In the foregoing table the figures for 1896 to 1908, 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.
In the preceding table the combined deposits of mutual and stock
savings banks are shown to be $5,902,577,000, of which amount
$718,167,000 are deposits subject to check without notice. Deposits
classified as strictly savings by all reporting banks, other than
national, on June 30, 1919, amounted to $7,375,170,000 as compared
with $7,727,008,000 reported June 29, 1918.
LOAN AND TRUST COMPANIES.
The information received in this office from the several State
banking departments shows the condition of 1,377 loan and trust
companies on or about June 30, 1919. The aggregate resources of
these companies amounted to $7,959,996,000 as compared with
$8,317,441,000 on June 29, 1918. The apparent decrease in the
number of companies and in aggregate assets is due to the fact that
in the returns from several States data relative to loan and trust
companies are included in summaries of the condition of State banks.
Loans and discounts were reported by these companies at
$4,087,742,000, of which $454,067,000 was secured by real estate;
$1,998,259,000, by collateral other than real estate; and $1,635,416,000
not classified. Overdrafts were reported to be $3,338,000. Investments in United States and other securities amounted to
$2,069,920,000, classified as follows:
REPORT OF THE COMPTROLLER OF THE CURRENCY.
169
United States Government securities so far as disclosed by reports... $196,199, 000
State, county, and municipal bonds
21,322, 000
Eailroad bonds
38,889,000
Bonds of other public-service corporations
38, 713,000
Other bonds, stocks, warrants, etc
1, 773,997,000
Cash aggregating $142,110,000 was held in the vaults of loan and
trust companies on the date indicated, and the amount due from
other banks was $850,950,000.
The banking houses, furniture and fixtures were valued at
$181,027,000. Checks and other cash items, including exchanges
for clearing houses, amounted to $198,735,000, and resources not
classified were $426,174,000.
The aggregate capital stock paid in was $450,449,000, and surplus
and undivided profits were $588,680,000.
Individual deposits, including certified checks and cashiers' checks
outstanding, and dividends unpaid, amounted to $5,696,030,000, and
were classified as follows:
Subject to check without notice
Demand certificates of deposit
Certified checks and cashiers' checks
Savings deposits, or deposits in interest or savings department
Time certificates of deposit
Deposits not classified
Dividends unpaid
$1,376,472,000
177, 362,000
23, 739, 000
1,115, 908, 000
180,034,000
2, 820,169, 000
2,346,000
The amount deposited by other banks with trust companies was
$455,052,000, and postal savings deposits were reported at $6,133,000,
making aggregate deposit liabilities of $6,157,215,000.
Notes and bills rediscounted totaled $113,219,000, and bills payable,
including certificates of deposit representing money borrowed, were
reported to the amount of $275,070,000. Liabilities not classified
were $375,363,000.
Information relative to the number of trust companies reporting
loans, investments, etc., for the past six years is shown in the following
table:
[In millions of dollars.]
Year.
1913
1914....
1915
1916
1917
1918
1919
Number.
. .
1,515
1,564
1,664
1,606
1,608
1,669
1,377
Loans.
$2,767.3
2,905.7
3,048.6
3,704. 3
4,311.7
4,403.8
4,091.0
Investments.
$1,191.0
1,261.3
1,349.6
1,605.4
1,789. 7
2,115.6
2,069.9
Capital.
$452.4
462. 2
476.8
475.8
505.5
525.2
450.4
Surplus
and
profits.
$574.3
564.4
577.4
605.5
641.8
646. 9
588.6
All
deposits.
$3,867. 8
4,289.1
4,604.05,732.4
6,413.1
6,493.3
6,157. 2
Aggregate
resources.
$5,123.9
5,489.5
5,873.1
7,028.2
7,899.8
8,317.4
7,959.9
PRIVATE BANKS.
As private banks in several of the States are not under the supervision of the State banking departments, this office is dependent upon
the individual private banks for reports showing their condition. Of
the 1,017 private bank reports received, as of June 30,1919, 282 were
submitted by private banks in the States of Texas, Illinois and Michian. There are approximately 3,500 private banks in the United
tates, and of those banks which are not under State supervision only
t
170
KEPOBT OF THE COMPTROLLER OF THE CURRENCY.
a relatively small number comply with requests from this office for
reports.
The aggregate resources of reporting private banks were $266,122,000. Loans and discounts amounted to $150,846,000; overdrafts,
$2,763,000; and investments in United States Government securities,
State, county, and municipal bonds, and other bonds totaled $41,364,000. Banking houses and other real estate owned were reported at
$14,260,000, and the amount due these banks from other banks was
$43,686,000.
Checks and other cash items, including exchanges for clearing
houses, amounted to $1,338,000. Cash on hand aggregated $7,551,000
and resources not classified were $4,314,000.
The capital of the 1,017 reporting private banks was $19,846,000;
surplus, $8,900,000; and undivided profits were $4,717,000.
The total deposits of these banks, including bank deposits, dividends
unpaid, certified checks and cashiers' checks outstanding, were
$219,830,000. These banks held no postal savings deposits. Notes
and bills rediscounted amounted to $716,000; bills payable, including
certificates of deposit representing money borrowed, were stated at
$5,283,000, and liabilities not classified were $6,830,000.
CONDITION OF ALL BANKS, OTHER THAN NATIONAL, IN EACH STATE,
TERRITORY, AND THE ISLAND POSSESSIONS.
The principal items of resources and liabilities of the 21,338 banks,
including State, savings, and private banks, and loan and trust companies in each State and in Alaska, Hawaii, Porto Rico, and the Philippine Islands, on dates nearest to June 30, 1919, as shown by official
returns, and by individual reports to this office, are shown in the
following tables
Abstract of reports of condition of 21,338 State, savings, private banks, and loan and trust companies June 30, 1919.
RESOURCES.
[In thousands of dollars.]
Number Loans and
of banks. discounts.
States.
Total New England States
New York
New Jersey
.
, .
..
Delaware
Maryland....
. .
District of Columbia
_T_
. .
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
ExBanking
Checks changes
Other
house,
for
furniture, realestate Due from and other
cash
banks.
and
owned.
items. clearing
house.
fixtures.
33,709
5,714
167,394
9,186
93,823
12,949
47,879
1,306
6,435
5,819
15,312
2,977
26,224
323,165
2,853
11,921
1,714
3,416
664,951
52,063
169,049
7,334
37,652
9,697
3,543,380
168, 211
50,160
940,746
3,513
5,720
4,112
2,700
6,428
3,055
2,550
1,706
6,829
8,005
3,110
4,513
5,238
1,195
1,262
453
855
620
29,972
22,755
20,175
14,583
18,837
13,618
12,592
23,967
42,029
24,027
16,039
42,919
25,010
1,214
16,164
18,534
25,109
15,775
32,732
17,183
17,519
30,211
31,975
£0,078
24,982
26,915
39,737
1,488,425
17,986
306,523
57,479
17,147
346,914
15,438
12,539
75,023
60,166 2,397,640
622,822
258,285
968,026
280,916
874
709
329,485
88,276
346,334
439,084
25,786
10,158
20,778
15.965
5,106
1,575
4,039
1,434
127, 413
55,384
211,975
86, 270
900
13,001
2,564
46,021
6,252
89
29, 951
10,833
42,416
25,744
5,778 1,161,116
36,795
464,579
3,149 1,644,605
215 j 866,434
603
1,230,102
715
36
450
57
105
35
2,121,372
323, 960
864,970
34,855
172,710
25,513
5,035,124
1,398
295
214
471
342
653
200
261
293
222
945
386
446
416
119,175
104,786
134,579
105,035
165,250
44,618
66,735
77,532
158,322
184,888
94,688
118,457
114,360
233
470
744
5,144
781
781
1,761,368
541
171
643
26
155
30
3,736,199
321,826
758,505
29,242
139,826
49,526
1,079
595
Aggregate
resources
Other
and
resources. liabilities.
1,103
20,564
2,746
5,202
97
70
58
300
31
150
Cash on
hand.
8,129
4,702
6,112
118,138
19,764
10,549
24
331
10
159
1,566
. .
Investments.
139,733
78,868
26,794
588,931
135,788
259,988
68,342
62,474
91,732
1,179,741
119,404
239,675
706
Maine
New Hampshire
Vermont.
Massachusetts.
Rhode Island
Connecticut
Pennsylvania
Overdrafts.
79
1,651
3,918
104
136
5,010
1,254
2,538
1,778
1,508 J
3,417
1,105
675
122
507
199
3,463
320
517
714
729
2.733
1,051
1,481
435
1,845
3,382
819
287
2,231
777
815
247
6,813
167
1,959
15,887
1,644
1,026
22,392
6,657
15,910
873
34.249
1,340
47,170
222,830
148,471
127,682
1,990,509
287,840
581,715
17,531
49,031
84,409 3,359,047
1,064
1
382
86
818
103,006
12,105
42,721
2,325
4,110
1,913
258,080 7,316,623
5,132
733,901
64,462 1,986,182
37
76,141
2,589
365,984
136
97,937
339,846
1,287
166,180
330,436 10,576,768
1,660
4,434
4,642
5,172
2,358
15,381
2,980
4,477
3,106
5,534
11,224
3,470
7,293
4,952
86
757
779
442
1,455
896
442
36
2,831
3,133
487
926
683
1,748
548
591
478
6,602
12
217
4,011
9,046
1,468
6,695
3,694
3,367
7,068
303
1,177
2,072
8,535
9,994
1,133
6,574
8,086
177,814
166,326
196,489
148,201
252,347
83,808
107,700
144,553
265,756
297, 281
145,181
208,956
203,228
Abstract of reports of conditions, of 21,338 State savings, private banks, and loan and trust companies June 30, 1919—Continued.
fcO
RESOURCES.
[In thousands of dollars.]
N u m b e r Loans and
of banks. discounts.
States.
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
Alaska
Overdrafts.
Investments.
Banking
house,
furniture,
and
fixtures.
Other
real estate
owned.
Due from
banks
Ex("hecks
and other changes
for
cash
items. clearing
house.
10,151
11,869
18,564
20,513
195
1,656
1,561
31,715
422,750
453,887
759,931
814,471
28,131
170,041
81,064
6,587,773
1,421
13
772
2,511
2,634
8,849
7,486
4,419
936
3,307
845
3,692
3,629
4,030
468
542
443
160
39
69
145,417
194,234
310,956
353,144
117,964
31,537
107,560
21,460
150,741
3,943
5,222
34,679
9,380
1,433,013
857
499
6,230
566
1,862
1,179
8,682
57
47
5,801
4,227
43,618
1,727
2,365
886
2,913
863
4,332
423
90,054
67
1,479
505
108
209,419
109,460
1,203,871
57,031
92,122
22,851
53,330
7,392
62,400
96,968
1,755,476
1,435
178
24,646
44,368
38,087
188,357
26,259
270,812
256,252
295,123
530,134
472,581
923
1,269
725
951
81,115
74,179
79,434
133,803
7,482
8,656
15,887
13,704
1,095
2,032
2,628
2,855
60,305
55,027
110,998
129,924
3,154
159
8,097
3,684,139
8,737
1,571,710
118,416
20,764
837,296
67,475
710
529
957
1,084
284
106
244
69
582
101,188
129,038
217,105
238,724
75,963
20,703
65,308
16,158
100,434
533
1,016
2,122
1,892
405
315
186
66
487
12,901
12,157
21,502
28,902
13,322
2,059
17,252
1,196
15,344
3,806
3,533
5,326
5,683
3,410
439
2,227
430
2,805
1,905
623
671
1,009
1,219
82
478
315
509
21,820
40,384
51,210
66,434
17,922
6,200
17,078
2,332
25,661
753
131
141
619
762
360
143
66
968
4,565
964,621
7,022
124,635
27,659
6,811
249,041
281
178
425
138
99
23
63
13
114,477
60,102
624,019
36,695
56,975
13,612
29,012
3,549
154
469
1,083
162
759
149
169
58
42,820
22,233
285,450
7,184
16,390
2,687
8,367
1,576
5,734
1,878
31,290
1,483
1,832
' 407
1,629
227
3,022
1,153
8,557
435
1,271
214
58
30,360
17,297
104,888
8,712
11,051
4,287
11 240
886
61
6
Total Pacific States. ..
1,220
938,441
3,003
386,707
44,480
14,710
188,721
8,270
Hawaii
Porto Rico
Philippines
Total island possessions
17
13
10
20,170
23,742
65,428
2,268
696
38,527
7,305
2,754
4,489
576
439
389
405
31
7,712
4,181
45,946
442
1,013
1,773
11,776
=====
Total United States
hand.
Aggregate
resources
and
resources. liabilities.
Other
2,078
3,917
798
1,148
1,502
1,413
. .
Cash on
8,425
1,089
1,927
723
——
4,055
4,330
7,159
40
109,340
41* 491
14,548
1,404
436
57,839
3,228
723
15,544
21,338
13,981,458
80,240
7,177,605
451,358
115,742
2,787,951
447,386
77,209
572,898
688,682 26,380,529
LIABILITIES.
[In thousands of dollars.]
States.
Maine
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut
Surplus
fund.
Undivided
profits,
less expenses.
4,599
805
2,051
37,406
9,048
9,978
9,367
12,151
6,380
88,073
16,129
23,303
5,924
372
4,152
52,015
6,328
16,154
63,887
155,403
177,167
27,325
130,395
4,108
15,720
12,529
Due to
banks.
Dividends
unpaid.
Deposits.
Virginia
West Virginia
North Carolina
South Carolina.
Georgia.
Florida
Alabama
Mississippi
Louisiana
Texas
Arkansas
Kentucky
Tennessee
Total Southern States
—
84,945
43,121
1,055
2,916,844
452,396
33,455
194,881
4,795
25,250
5,401
11,266
44,616
2,044
5,094
2,443
425,613
7,279
28,794
1,521
4,543
1,424
765
286
60
318
30
716,178
65,463
469,174
9,844
8,962
6,408
6,062
3,782
3,464
4,587
3,856
21,485
2,413
4,619
5,093
9,052
11,094
4,826
9,239
9,148
224,587
Total Eastern States
195,871
134,742
114,407
1,694,816
253,184
523,824
17,564
14,741
13,468
13,286
29,264
7,355
10,877
10,262
17,042
39,611
14,062
19,706
17,349
New York
New Jersey
Pennsylvania
Delaware
Maryland
District of Columbia
39,923
1,353
715
49
794
22
185
367,244
Total New England States
Ohio
Indiana
Illinois
Michigan
Wisconsin
Capital
stock
paid in.
61,074
36,688
104,555
44,674
26,843
1,130
Notes
PostalBills
Savings and bills
redispayable.
deposits.
counted.
40
,
1,148
566
18
33,354
332
526
13,113
950
4,167
Other
liabilities.
967
401
99
29,867
260
3,057
1,714
34,602
22,825
34,651
5,734,501
623,911
1,475,127
60,993
305,808
73,131
221
78,390
657
851
160
651
18
191,707
17,951
85,065
1,528
6,812
1,200
256,849
11,292
23,228
932
1,788
1,540
1,459
8,273,471
3,160
80,727
304,263
295,629
420
127,415
130,286
143,304
101,399
161,362
69,018
81,576
114,855
182,126
202,094
101,896
163,921
157,263
2,436
1,430
6,319
2,609
930
2,703
2,872
4,382
5,732
2,677
3,584
2,704
2,587
7,933
2,546
9,783
2,315
3,262
5,020
25,052
12,058
7,149
2,011
6,499
2,911
12,769
14,120
26,384
823
3,519
4,053
13,584
19,217
11,416
3,177
10,239
7,150
1,359
1,435
4,110
3,714
634
643
1,728
10,484
7,363
808
7,100
9,229
108,245
38,569
82,420
3,071
1,736,515
18
19,747
128,711
55,757
44,588
13,444
68,129
28,894
9,763
17,451
10,102
28,998
12,016
5,668
12,477
8,120
84,750
17,816
8,740
706
186
1,776
872
291
911,266
352,939
1,266,405
704,334
355,882
3,507
528
5,959
43,193
3,071
2,070
12,143
3,916
708
37,747
5,379
97,376
33,225
46,091
13,875
6,252
213
355
142
115
51
538
385
18
3,135
1.862
.178
386
619
3,496
112
1,944
218
Abstract of reports of condition of 21,338 State, savings, private banks, and loan and trust companies June 30, 1919—Continued.
LIABILITIES—Continued.
[In thousands of dollars.]
States.
Minnesota...
Iowa
Missouri
Capital
stock
paid in.
Surplus
fund.
Undivided
profits,
less expenses.
Dividends
unpaid.
10,327
174
391,480
655,085
598,065
4,005
5,235,456
30,304
53,571
63,811
12,468
20,678
44,109
4,607
12,588
14,252
Total Middle Western States.
North Dakota..
South Dakota..
Nebraska
Kansas
Montana
Wyoming.
Colorado
New Mexico...
Oklahoma
421,520
242,073
105,682
188,017
12,015
10,673
23,334
26,572
11,735
2,625
8,058
2,817
12,048
3,989
3,174
6,885
12,899
3,520
935
3.138
805
2,330
490
4,397
. 6,339
4,647
1,856
836
1,128
240
1,937
2,406
9,917
9,060
13,602
3,573
395
2,439
212
9,178
Total Western States..
Washington..
Oregon
California
Idaho
Utah
Nevada
Arizona
Alaska
109,877
37,675
21,870
50,782
14,550
9,200
72,033
4,533
7,240
1,678
3,267
745
4,965
3,190
33,156
1,273
2,862
401
1,642
141
3,320
2,038
12,201
568
1,304
322
1,223
212
6,946
4,623
19,413
1,449
3,870
193
2,405
348
93
Total Pacific States.
Hawaii
Porto Rico.Philippines.
113,246
47,630
21,188
39,247
207
4,260
4,812
9,329
1,704
860
573
4,413
364
3,767
28,607
Deposits.
45,* 787
Total island possessions.
Notes
PostalBills
Savings and bills payable.
redisdeposits. counted.
Due to
banks.
124,450
163,032
259,144
284,834
92,479
26,334
89,757
15,291
113,697
106
12
187
1,169,018
166,883
86,177
968,546
42,859
62,740
19,969
43,123
5,832
•
34,640
25,958
23,951
18,401
2,564
5,955
32,738
84,549
1,318,762
1,309,768
343,672
905,499
10,070 20,811,982
8,504
151
13,186
26,639
59,020
223,627
185
877
7,986
23
440
2,031
296
309
191
109
672
525
9,754
1,392
1,265
1,797
679
184
300
20,411
18,931
3,962
871
688
982
77
3,562
1,128
2,676
1,968
4,636
1,577
2,421
4,068
3,612
803
92,443
143
14,106
148
1,670
140
10
100
9,344
12,802
112,925
126
1,820
2,524
2,224
261
119,523
4,470
122,008
- - —
848,559
:
32
41
=r -
Total United States
177
4,823
21,808
1,859
1,701
4,134
2,291
4,492
2,758
1,396,129
=
4,199
Other
liabilities.
16,495
223,851
591,871
175
EEPOKT OF THE COMPTROLLER OF THE CURRENCY.
COMPARATIVE STATEMENT OF CONDITION OF ALL REPORTING
NATIONAL AND STATE BANKS IN THE UNITED STATES.
The aggregate resources of the 29,123 reporting banks in the United
States and island possessions on or about June 30, 1919, amounted
to $47,615,447,000, while the total resources of the 28,880 reporting
banks on June 29, 1918, were $40,726,439,000. Hence there was an
increase in the aggregate bank resources during the past year of 16.91
per cent.
The increases in the principal items of resources and liabilities of
banks, other than national, as compared with similar information
with reference to national banks, for the years 1918 and 1919, are
shown in the following statement:
Comparative statement of the principal items of resources and liabilities of State and
national banks, 1918-19.
State and private banks, etc.
1918
Number of banks
Increase
Percentage of increase.
Loans i
Increase
Percentage of increase..
Aggregate resources
Increase
Percentage of increase..
All depositss
Increase
Percentage of increase..
Capital
Increase
Percentage of increase..
Surplus and profits
Increase
•
Percentage of increase..
21,175
$12,426,600,000
S22,371,500,000
$18,567,600,000
$1,253,000,000
"$i," 509,'300," 666'
1919
National banks.
1918
21,338
7,705
163
0.77
$14,061, 700,000 2$10,148,300,000
l,635i 100,000
13.16
$26,380. 500,000
$18,354,900,000
$4,009; 000,000
17.92
$21,744, 000,000
$14,021 600,000
$3,176. 400,000
17.11
$1,318, 800,000
$1,098,600,000
$65, 800,000
5.25
$1,653, 400,000
"$i," 209," 7O6*666'
$144, 100,000
9.55
1919
7,785
80
1.04
2 $11,024, 300,000
$876, 000,000
8.63
$21,234, 900,000
$2,880, 000,000
15.69
$15,924, 900,000
$1,903, 300,000
13. 57
$1,118, 600,000
$20, 000,000
1.82
$1,354, 400,000
$144, 700,000
11.96
1 Includes overdrafts.
2 Includes rediscounts.
3 Includes individual deposits, due to banks, dividends unpaid, postal savings, and United States
deposits.
The number of all reporting banks, other than national, as shown
by returns to this office, and disclosed in the preceding table, increased
163 during the past year, or 0.77 per cent, while the number of
national banks in the same period increased by 80, or 1.04 per cent.
The increase in the number of all reporting banks in this period was
243, or 0.84 per cent.
The percentage of increase of total resources of all State banks on
June 30, 1919, over June 29, 1918, was 17.92 per cent, and the amount
of increase was $4,009,032,000, while the increase in the total resources of national banks, exclusive of rediscounts, amounted to
$2,960,048,000, or 16.59 per cent.
Loans and discounts of banks under State supervision on June 30^
1919, amounted to $14,061,698,000, as compared with $12,426,600,000
on June 29, 1918. The percentage of increase was 13.16 per cent,
as compared with an increase in the amount of loans made by national
banks of $875,920,000, or 8.63 per cent.
176
REPORT OF THE COMPTROLLER OF THE CURRENCY.
The total deposits in all reporting State banks were $21,744,046,000,
which amount represents an increase over June 29, 1918, of
$3,176,427,000, or 17.11 per cent. The increase in deposits of
national banks on June 30, 1919, was $1,903,256,000, or 13.57
per cent, while the aggregate deposits reported by all banks were
$37,668,911,000, representing an increase of 15.59 per cent over
total deposits reported June 29, 1918, which in that year amounted
to $32,589,228,000.
The capital stock of all reporting banks was $2,437,365,000, or an
increase of $85,777,000 over the amount on June 29, 1918.
The principal items of resources and liabilities of the 29,123 reporting banks in the United States and island possessions on or about
June 30, 1919, are shown in the following statement:
Statement of the principal items of resources and liabilities of 29,123 banks {national and
State) in the United States and island possessions June 30, 1919.
21,338 reporting
State, etc.,
banks, June 30,
1919.
7,785 national
banks, June 30,
1919.
$13,981,458,000
80,240,000
7,177,605,000
451,358,000
115, 742,000
2,787,951,000
447,386,000
77, 209,000
572,898,000
688,682,000
$11,010,206,000
14,053,000
5,051,923,000
323,754,000
45,853,000
3,077,463,000
141,710,000
754,504,000
424,455,000
390,997,000
$24,991,664,000
94 293,000
12,229,528,000
775, 112,000
161 595,000
5,865,414,000
589 096,000
831, 713,000
997,353,000
1,079,679,000
26,380,529,000
21,234,918,000
47,615,447,000
1,318,762,000
1,309,768,000
343,672,000
2,437,365,000
2,181,994,000
825, 889,000
677, 162,000
3,890,487,000
35 997,000
33,065,051,000
566, 793,000
110^ 583,000
659, 219,000
1,641,272,000
1,523,635,000
47,615,447,000
Total, 29,123
banks.
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
I
Other resources
Total resources.
LIABILITIES.
Capital stock paid in
Surplus
Undivided profits
National bank circulation...
Due to banks
Dividends unpaid
Deposits
United States deposits
Postal savings deposits
Notes and bills rediscounted.
Bills payable
Other liabilities
905,499,000
10,070,000
20,811,982,000
16,495,000
223,851,000
591,871,000
848,559,000
1,118,603,000
872, 226,000
482,217,000
677 162,000
2,984,
25,927,000
212,253,069,000
566,793,000
94 088,000
435,368,000
1,049,401,000
675,076,000
Total liabilities.
26,380,529,000
21,234,918,000
1
Includes rediscounts.
2
Includes certified checks and cashiers' checks outstanding.
COMPARISON OF THE PRINCIPAL ITEMS OF RESOURCES AND
LIABILITIES OF NATIONAL AND STATE BANKS FOR YEARS
1919 AND 1918.
A comparison of the principal items of resources and liabilities of
State, savings, private banks, loan and trust companies, and national
banks in June, 1919, with similar information for 1918 is shown in
the following statement, together with data relative to the increase
in the total resources of national banks and state banking institutions
for the 5-year period from June 30, 1914 to June 30, 1919.
REPORT OF THE COMPTROLLER OF THE CURRENCY.
177
Comparative statement of the number of banks reporting, loans, cash in vault, total
deposits, and aggregate resources of all reporting banks in the United States on or about
June SO, 1919 and 1918.
STATE, SAVINGS AND PRIVATE BANKS, AND LOAN AND TRUST COMPANIES
(As revised.)
[In thousands of dollars.]
Number
of banks.
Year.
1919
1918
Loans.
Cash in
vault and
due from
Federal
reserve
banks.
All deposits.
Aggregate
resources.
21,338
21,175
U,169,900
2 962,425
21,744,046
18,567,619
26,380,529
22,371,497
163
1,635,098
207,475
3,176,427
4,009,032
0.77
Increase.
Per cent of increase
114,061,698
i 12,426,600
13.16
21.56
17.11
17.92
Per cent of "Cash in vault and due from Federal reserve b a n k s " to "all deposits": 4
1919
1918.
4 5.38
5.18
NATIONAL BANKS.
7,785
7,705
1,920,839
1,696,150
80
Increase
Per cent of increase .
3 11,024,259
3 10,148,339
875,920
224,689
1,903,256
• 2,879,976
1.04
1919
1918
8.63
13.2-5
13.57
15.69
15,924,865 3 21,234,918
14,021,609 3 18,354,942
Per cent of "Cash in vault and due from Federal reserve b a n k s " to "all deposits": 4
1919
918
12.06
12.10
TOTAL NATIONAL, STATE, SAVINGS, AND PRIVATE BANKS, AND LOAN AND TRUST
COMPANIES.
29,123
28, 880
25,395,670
22,574,937
3,090,739
2,658,575
37,668,911
32,589,228
47,615,447
40,726,439
Increase
243
2,820,733
432,164
5,079,683
6,889,008
Per cent of increase
0.84
12.49
16.26
15.59
16.91
1919
1918
-
. -
Per cent of "Cash in vault and due from Federal reserve b a n k s " to "all deposits": 4
1919
8.21
1918
8.16
1
Includes overdrafts.
2
Includes balances due from Federal reserve banks to State banks and trust companies, members of
Federal Reserve System.
3
Includes rediscounts.
4
State banks not members of Federal Reserve System may carry portion of their reserve in other than
Federal reserve banks.
Comparative growth in resources of national and State banking institutions for 5-year
period.
Resources national banks, June 30, 1919
$21, 234, 918
.Resources national banks, June 30, 1914
11, 482,191
Increase (84.94 per cent)
Resources State banking institutions, June 30, 1919
Resources State banking institutions, June 30, 1914
Increase (70.31 per cent)
152981°—CUR 1919—VOL 1
12
9, 752, 727
26, 380, 529
15, 489, 207
10, 891, 322
178
REPORT OF THE COMPTROLLER OF THE CURRENCY.
In the preceding summary it appears that the total cash in the
vaults of State banks, including amounts due from Federal reserve
bank, increased from $962,425,000 on June 29, 1918, to $1,169,900,000
on June 30, 1919, or 21.56 per cent, while the increase in the amount
of cash held by national banks in the same period amounted to
$224,689,000, or 13.25 per cent. The increase in the combined
cash holdings of national and State banks was $432,164,000, or
16.26 percent.
In this connection it appears that the national banks held cash
in vaults on June 30, 1919, exceeding by approximately three-quarters of one billion dollars the amount held by all State banks. This
situation is due to a great extent, no doubt, to the fact that State
banks and trust companies not members of the Federal reserve
system frequently carry their reserve not entirely as cash in vaults
but as balances due them from other banks.
NATIONAL, FEDERAL RESERVE, STATE, AND PRIVATE BANKS.
The paid in capital stock of the 12 Federal reserve banks, as reported 1by the Federal Reserve Board under date of June 27, 1919,
was $82,764,000, and the aggregate resources of these banks were
$5,288,008,000. The total capital stock on June 28, 1918, was
$75,858,000, and the resources were $3,872,133,000. The increase
in the amount of capital stock of these banks in the past year was
9.10 per cent, and in the resources 36.56 per cent.
In connection with the increase in the resources of the 12 Federal
reserve banks it is interesting to note that the combined assets of
these banks added to the assets of national banks and other banks
totaled $52,903,455,000. The capital stock of all these banks was
$2,520,129,000. The percentage of increase in the combined resources of all reporting banks on June 30, 1919, over June 29, 1918,
was 18.62 per cent.
The following statement shows the principal items of resources
and liabilities of the 29,123 national banks and other banks on June
30, 1919; and similar information for the 12 Federal reserve banks
as of June 27, 1919, and the total for all reporting banks in the
United States and island possessions:
BEPOBT OF THE COMPTROLLER OF THE CURRENCY.
179
Statement of the principal items of resources and liabilities of 29,135 reporting banks,
including the Federal reserve banks, in the United States and island possessions, June,
1919.
29,123 reporting
banks
June 30, 1919.
12 Federal reserve-banks
June 27,1919.
Total, 29,135
banks.
$24,991. 664,000
94, 293,000
12,229, 528,000
775, 112,000
161,595,000
5,865,414,000
589,096,000
831, 713,000
997,353,000
1,079,679,000
$2,122,598,000
2,216,256,000
10,551,000
$27,114, 262,000
94, 293,000
12,431, 097,000
786, 369,000
161, 595,000
6,561, 191,000
589, 096,000
831, 713,000
3,213, 609,000
1,090, 230,000
47,615,447,000
5,288,008,000
52,903,455,000
437, 365,000
181,994,000
825, 889,000
677, 162,000
82,764,000
49,466,000
42,656,000
2,520,129,000
2,231,460,000
825,889,000
677,162,000
2,676,365,000
6,137,937,000
35,997,000
33,180,744,000
640,407,000
110,583,000
659,219,000
1,641,272,000
1,566,291,000
5,288,008,000
52,903,455,000
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.
231,569,000
11,257,000
1695,777,000
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.
1
2
890, 487,000
35,997,000
065,051,000
566,793,000
110,583,000
659,219,000
641,272,000
523, 635,000
47,615,447,000
2,676,365,000
8 2,247,450,000
115,693,000
73,614,000
Uncollected items, due from other Federal reserve banks, and 5 per cent redemption fund.
Due to members,, reserve account, and deferred availability items.
SUMMARY OF THE COMBINED RETURNS FROM ALL BANKS IN
THE UNITED STATES AND ISLAND POSSESSIONS JUNE 30,
1919.
The following summary with reference to the condition of banks
other than national to the number of 21,338 and 7,785 national banks
shows total resources of $47,615,447,000, or resources of $6,889,008,000
in excess of the amount reported by 28,880 banks in June, 1918.
The returns with reference to banks other than national include
17,225 State banks, 1,097 stock sayings banks, 622 mutual savings
banks, 1,377 loan and trust companies, and 1,017 private banks.
Due to the cooperation and assistance rendered this office by the
banking departments of the several States the returns are, with few
exceptions, as of June 30, 1919.
Summary of reports of condition of 29,123 banks in the United States andisland possessions,
including national, State, savings, and private banks, and loan and trust companies,
for June 30, 1919.
RESOURCES.
[In thousands of dollars.]
Loans and discounts:
Secured by real estate (including mortgages owned)
Secured by collateral other than real estate
Loans not classified
Total
Overdrafts
$2,383, 681
* 8,146,120
14, 771,576
$25. 301,377
94, 293
1
Includes rediscounts, letters of credit, acceptances, and interest earned, but not collected, reported
Digitized forby national banks.
FRASER
180
REPORT OF THE COMPTROLLER OF THE CURRENCY.
Investments:
United States bonds.
_. $4,162, 259
State, county, and municipal bonds
621,752
itailroad bonds.
859,949
Bonas of other public-service corporations (including
street and interurban railway bonds)
-402,187
Bonds, stocks, warrants, etc., not classified
6,183,381
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.
$12, 229, 528
775,112
161,595
5, 865,414
589, 096
831, 713
fixtures)
50, 789
42,378
55,305
45, 733
139, 203
77,087
191,690
1,807
393,361
Total
997, 353
Other resources
769, 960
Total resources
47, 615, 447
LIABILITIES.
Capital stock paid in
2,437,365
Surplus
2,181, 994
Undivided profits (less expenses and tax es paid)
825, 889
National bank circulation
677,162
Due to banks
3, 890, 487
Dividends unpaid
35, 997
Individual deposits:
Individual deposits subject to check without notice
14, 721, 725
Demand certificates of deposit
1,069,418
1
Certified checks and cashiers checks
546,345
Savings deposits
7,375,170
Time certificates of deposit
2, 262,183
1
Deposits not classified.
7,090, 210
Total
33, 065, 051
United States deposits (national banks)
566, 793
Postal savings deposits
110, 583
Notes and bills rediscounted
659, 219
Bills payable (including certificates of deposit representing money borrowed)
1,641,272
Other liabilities
1, 523, 6P5
Total liabilities
1
47, 615, 447
Includes $1,784,442 time deposits on open account in national banks.
RESOURCES AND LIABILITIES OF ALL REPORTING BANKS IN EACH
STATE.
The resources and liabilities of all reporting banks (State and
national) as of June 30, 1919, in the United States, Alaska, and the
island possessions are shown in the following condensed statement,
arranged by States, etc., together with the number of banks and the
population:
Condensed statement, by States, of assets and liabilities of all reporting banks of the United States in June, 1919.
[Includes 21,338 State banks and 7,785 national banks.]
Resources (in thousands of dollars).
Population.
States, etc.
Number of
banks.
Maine
New Hampshire.
Vermont
Massachusetts...
Rhode Island—
Connecticut
Loans and
discounts.1
Overdrafts.
783.000
453,000
370,000
3,940,000
645,000
1,330,000
Total New England States.. ..
159
125
106
458
48
217
112,609
90,360
115,983
1,841,654
157,512
358,660
112
43
68
545
18
231
Banking Other
house,
Invest- furniture
real
2
ments.
estate
and
fixtures. owned.
178,769
103,077
46,093
756,203
156,614
331,263
4,747
2,099
1,248
34,827
3,279
11,647
257
565
247
4,476
324
1,428
Due
from
banks.
16,625
10,690
10,842
240,101
25,034
38,451
Checks
and Exchanges
other
for clearcash ing house.
items.
437
595
585
11,686
238
3,163
Cash on
hand. 3
4,050
2,584
1,909
41,517
2,364
1,910
41,133
8,674
22,141
Aggregate
Other re- resources
sources. and liabilities.
319,091
1,147
210,311
298
178,064
1,089
43,186 3,015,328
355,653
1,596
816,793
47,899
2,676,778
1,017
1,572,019
57,847
7,297
341,743
16,704
46,129
80,491
95,215 4,895,240
1,021
374
1,477
45
251
44
6,675,758
550,044
1,922,162
37,626
278,219
98,312
1,709
104
771
64
171
83
3,234,213
530,338
1,753,608
44,443
270,980
61,567
132,560
22,396
95,034
1,816
11,137
10,655
18,835
4,763
33,056
569
2,191
3,719
1,283,085
112,865
464,096
9,502
83,201
25,225
366,147
6,959
26,396
120
3,485
2,528
531,679
601
34,679
499
15,053
2,908
186,434
24,714
94,354
2,980
10,705
5,076
291,918 12,722,338
6,205 1,258,989
70,650 4,494,806
97,723
104
678,282
3,140
210,605
532
3,212
9,562,121
2,902
5,895,149
273,598
63,133
1,977,974
405,635
585,419
324,263
372,549 19,462,743
2, 275,000
450,000
520,000
650,000
955,000
955,000
385,000
010,000
875,000
650,000
830,000
460,000
335,000
Total Southern States.
1,113
24,878,000
Total E astern States
Virginia
West Virginia
North Carolina
South Carolina
Georgia
Florida
Alabama
Mississippi
Louisiana
Texas
Arkansas
Kentucky
Tennessee
7,521,000
10,713,000
3,095,000
8,930,000
225,000
1,435,000
480,000
New York
New Jersey
Pennsylvania
Delaware
Maryland
District of Columbia.
448
333
553
421
748
253
355
326
254
i,488
464
575
519
350,801
185,544
216,969
177,382
280,581
93,859
134,383
101,242
236,934
575,159
131,730
238,174
215,740
455
613
991
2,125
4,339
139
241
5,082
1,355
4,172
580
1,148
801
114,846
60,580
47,820
47,916
58,428
49,283
48,495
38,260
67,699
163,205
29,677
101,825
97,050
9,727
9,992
8,147
5,666
9,661
5,811
4,813
2,666
10,194
25,719
3,966
7,145
9,643
1,696
1,616
960
1,273
3,245
1,803
1,986
643
2,092
6,958
986
419
2,343
65,019
36,287
44,696
31,646
66,058
35,796
37,230
39,334
51,213
186,444
35,441
54,967
66,612
2,162
1,568
1,724
2,325
1,162
1,260
1,237
5,014
933
2,017
1,641
2,889
354
4,252
10,075
983
1,867
5,114
524
1,189
532
10,505
5,250
214
1,501
1,464
12,002
8,214
8,195
4,427
19,192
5,357
8,047
4,269
8,019
27,453
5,123
li; 511
9,193
29,350,000
6,737
2,938,498
22,041
925,084
113,150
26,020
750,743
34,083
33,673
131,002
1 Includes acceptances, letters of credit, interest earned but not collected, and rediscounts with national banks.
2
Includes Liberty loan bonds, war savings and thrift stamps, and all other issues of United States Government securities.
8 Amounts due member State banks from Federal reserve banks not included.
564,115
2,393
312,526
7,179
335,754
4,235
278,139
3,738
453,246
7,691
194,419
587
239,264
1,643
194,592
2,210
401,141
8,878
12,367 1,016,802.
210,014
1.314
425,933
7,376
417,028
9,068
68,679
5,042,973
00
Condensed statement, by States, of assets and liabilities of all reporting banks of the United States in June, 1919—Continued.
00
to
Resources (in thousands of dollars).
States, etc.
Ohio
Illinois
Michigan
Wisconsin
Minnfls^ta
Iowa
Missouri
Total Middle States
North Dakota
South Dakota. . .
Nebraska.
Kansas
Montana
. . .
Wyoming
Colorado
New Mexico . .
Oklahoma
Total Western States
Washington
Oregon .
California
Idaho
Utah
Nevada
Arizona
Alaska
Total Pacific States
Hawaii
Porto Rico
Philippines.
Total island possessions
Total United States
Population.
Number of
banks.
Loans and Overdiscounts.1 drafts.
Banking Other
house,
Invest- furniture
real
ments.2
estate
and
owned.
fixtures.
Due
from
banks.
Checks
and Exchanges Cash on Other reother
for clearcash ing house. hand.s sources.
items.
Aggregate
resources
and liabilities.
5,335,000
2,900,000
6,390,000
3,200,000
2,650,000
2,390,000
2,250,000
3,520,000
1,150
1,034
1,550
703
945
1,453
1,858
1,546
1,154,672
445,203
1,786,042
443,975
433,807
616,607
763,995
843,251
1,347
1,124
2,820
1,641
1,115
1,922
1,164
1,298
584,169
203,342
637,860
555,868
168,182
174,170
168,916
248,917
43,510
18,281
38,902
22,344
13,666
17,942
22,782
23,523
6,366
2,726
5,395
2,858
1,571
3,311
4,267
4,951
278,772
108,077
499,023
139,729
120,160
164,343
184,598
274,340
5,467
6,497
51,629
7,339
4,745
5,405
2,408
12,077
24,031
2,327
41,556
12,916
4,504
12,212
1,924
13,020
53,392
22,332
81,742
34,653
18,410
22,024
25,670
29,960
28,635,000
10,239
6,487,552
12,431
2,741,424
200,950
31,445
1,769,042
95,567
112,490
288,183
825,000
775,000
1,375,000
2,000,000
500,000
200,000
1,080,000
470,000
2,515,000
882
655
1,146
1,325
418
148
371
113
925
159,078
195,219
395,579
371,251
136,782
50,832
180,859
42,041
274,449
695
1,268
2,855
2,395
611
390
342
92
1,159
31,541
29,991
57,540
63,252
31,233
10,131
63,949
6,042
69,535
6,260
5,935
11,516
9,725
5,834
1,332
4,835
1,168
8,123
2,930
948
1,313
1,731
1,777
179
1,066
610
1,544
38,276
62,690
105,245
107,359
37,302
18,469
54,660
7,633
74,979
1,128
793
3,308
1,894
1,286
949
1,680
312
3,308
227
1,348
4,482
2 904
325
3,562
24
2,644
4,182
4,389
13,299
12,824
7,804
2,729
9,595
1,568
9,662
244
3,835
4,500
1,055
788
553
549
138
646
244,561
306,416
599,637
574,390
223,742
85,564
321,097
59,628
446,049
9,740,000
5,983
1,806,090
9,807
363,214
54,728
12,098
506,613
14,658
15,516
66,052
12,308
2,861,084
1,740,000
925,000
3,330,000
510, 000
465,000
126, 000
380,000
94,000
364
265
704
208
125
33
81
16
233,465
151,776
1,099,320
75,766
89,377
22,180
42,426
4,165
329
591
2,052
238
951
193
188
59
107,623
59,104
470,765
22,792
33,242
7,096
13,454
2,394
9,457
5,695
47,934
3,083
3,911
747
2,268
271
4,403
1,732
12,259
755
1,546
304
81
82
71,507
45,896
276,714
19,518
20,717
7,482
16,811
1,369
2,323
1,222
13,423
1,023
489
116
427
96
6,870
3,589
25,860
178
1,028
62
170
6
10,740
7,523
60,645
2,796
3,164
1,299
3,904
1,294
4,761
451,478
749
277,877
92,339 2,101,311
275
126,424
1,649
156 074
567
40,046
54
79,783
111
9,847
7,570,000
1,796
1,718,475
4,601
716,470
73,366
21,162
460,014
19,119
37,763
91,365
100,505
3,242,840
235,000
1,265,000
9,250,000
20
13
10
22,693
23,742
65,428
2,271
696
38,527
8,925
2,754
4,489
645
439
389
409
31
9,158
4,181
45,946
544
1,013
1,773
723
4,508
4,330
7,159
1,553
178
24,646
50,706
38,087
188,357
41,494
16,168
1,473
440
59,285
3,330
723
15,997
26,377
277,150
94,293 12,229,528
775,112
161,595
5,865,414
589,096
831,713
997,353
10,750,000
43
111,863
118,444,000
29,123
25,301,377
8,467
39,116
6,110
1,180
1,066
2,685
2,536
33,173
2,160,193
849,025
3,151,079
1,222,503
767,226
1,020,621
1,178,260
1,484,510
94,333 11,833,417
769,966 47,615,447
Condensed statement, by States, of assets and liabilities of all reporting banks of the United States in June, 1919—Continued.
Liabilities (in thousands of dollars).
States, etc.
Capital
stock
paid in.
Maine
New Hampshire.
Vermont
Massachusetts...
Rhode Island
Connecticut
Total New England States.
New York
New Jersey
Pennsylvania
Delaware
Maryland
District of Columbia.
Total Eastern States.
Virginia
West Virginia...
North Carolina..
South Carolina..
Georgia
Florida
Alabama
Mississippi
Louisiana
Texas
Arkansas
Kentucky
Tennessee
Total Southern States.
Surplus
fund.
Undi- National
vided
bank
profits, circulaless extion.
penses.
11,514
6,040
6,986
91,348
14,618
30,484
13,434
15,859
8,563
137,980
20,819
37,115
8,829
2,683
6,415
81,132
9,703
23,900
5,302
4,891
4,204
20,858
4,520
12,442
Due to
banks.
3,328
3,152
1,695
141,352
3,754
8,646
DiviUnited Postaldends Individual States savings
unpaid. deposits. deposits. deposits.
138
203
2,075
126
645
265,589
167,282
145,264
2,246,557
291,937
665,259
636
1,620
275
38,590
685
9,471
282
529
62
5,139
1,110
2,940
Notes
and
bills
redis-
Bills
payable.
counted.
2,242
1,702
905
120,723
4,203
5,695
6,276
5,001
2,641
39,391
2,420
13,794
Other
liabilities.
1,431
1,414
851
90,183
1,758
6,402
160,990
233,770
132,662
52,217
161,927
3,415
3,781,888
51,277
10,062
135,470
69,523
102,039
350,214
50,140
250,024
5,537
32,150
19,956
658,972
56,081
342,304
6,317
38,534
10,769
139,931
23,494
99,354
2,893
10,518
3,859
74,852
14,175
84,168
1,095
9,214
5,752
1,424,776
22,475
280,077
1,979
39,376
10,004
3,860
1,517
2,640
100
1,048
216
8,623,856
1,003,655
2,896,948
75, 561
484,853
143,375
252,152
7,760
49,910
225
12,397
7,293
27,882
4,643
17,339
184
265
1,261
210,510
3,179
20,404
191
4,047
18
459,851
48,183
317,249
2,552
38,980
3,714
495,482
23,687
134,389
1,089
6,900
4,388
18,021
1,112,977
280,049
189,256
1,778,687
9,381
13,228,248
329,737
51,574
238,349
870,529
665,935
40,213
25,130
23,198
22,841
41,922
13,740
21,622
14.062
24,997
96.523
19,529
35,812
31,023
25,900
16,082
11,644
10,308
31,467
6,005
11,535
7,223
14,544
45,155
7,813
19,282
16,337
10,724
6,751
7,601
6,619
4,325
2,665
5,188
4,117
7,251
23,671
4,420
7,592
3,334
16,381
9,213
6,820
6,991
10,482
5,441
9,099
2,670
4,741
41,169
3,288
15,155
11,260
41,763
8,352
19,706
9,967
35,222
13,035
8,735
8,401
42,424
93, 759
12,482
22,601
22,447
1,358
1,206
539
586
742
277
411
176
812
1,312
462
415
271
332,773
231,531
224,222
169,224
269,804
140,549
166, 807
148,089
260,046
606,385
141,258
293,658
273,415
7,200
1,532
1,814
3,701
5,678
3,267
1,624
433
3,646
11,588
389
6,196
8,360
585
456
22
40
121
558
249
80
204
577
144
350
214
15,568
3,672
11,648
9,689
7,066
658
2,724
967
7,427
15,295
3,760
2,599
978
52,532
5,661
23,958
30,770
38,939
6,331
9,610
6,213
22,677
63,428
15,119
10,910
36,765
19,118
2,940
4,582
7,403
7,478
1,893
1,660
2,161
12,372
17,940
1,350
11,363
12,624
410,612
223,295
94,258
142, 710
338, 894
8,567
3,257,761
55,428
3,600
82,051
322,913
102,884
00
CO
Condensed statement, by States, of assets and liabilities of all reporting banks of the United States in June, 1919—Continued.
00
Liabilities (in thousands of dollars).
States, etc.
Ohio
Indiana
Illinois
Michigan
Wisconsin
MJTWQSrtt'&r
Iowa
Missouri
Total Middle States
North Dakota ...
South Dakota
Nebraska
Kansas
Montana
Colorado"
New Mexico
Oklahoma
Total Western States
Capital
stock
paid in.
Surplus
fund.
Undi- National
vided
bank
profits, circulaless extion.
penses.
Washington
Oregon
California
Idaho
Utah
Nevada
Arizona
Alaska
Total Pacific States
Hawaii
Porto Rico
Philippines
Total island possessions
Total United States
. .
deposits.
United PostalStates savings
deposits. deposits.
Notes
and
bills
rediscounted.
Bills
payable.
Other
liabilities.
1,470
634
4,165
1,331
779
850
494
674
1,519,488
588,743
2,074,356
947,520
589,529
742,213
904,643
891,200
23,174
6,290
24,152
7,392
4,999
5,671
2,064
17,535
8,676
1,754
5,392
6,340
3,998
2,046
343
1,389
14,769
9,848
54,481
3,742
4,183
6,037
3,407
25,878
40,123
14,160
53,827
48,652
9,871
9,388
25,120
55,761
126,848
49,431
93, 702
30,648
18,319
4,259
8,565
43,661
216,814
176,260
1,133,356
10,397
8,257,692
91,277
29,938
122,345
256,902
375,433
2,574
6,328
11,536
8,904
4,070
1,696
5,777
691
5,129
4,218
3,821
9,583
10,639
3,860
1,823
7,668
1,897
10,200
10,489
26,219
69,600
37,479
9,401
5,713
22,460
2,218
30,428
84
87
325
310
220
63
324
91
406
197,487
241,455
424,858
426, 748
170,157
65,963
241,980
39,609
312,362
296
531
3,002
2,315
598
711
2,905
420
4,223
23
46
356
528
918
216
1,529
186
238
597
1,760
3,836
16,693
1,260
754
2,685
3,187
24,770
2,895
3,531
16,120
7,062
5,752
206
4,529
2,752
15,498
394
670
4,161
1,933
626
408
852
331
2,576
46,705
53,709
214,007
1,910
2,120,619
15,001
4,040
55,542
58,345
11,951
5,617
4,622
32,751
1,560
2,152
569
1,841
254
6,724
6,228
40,927
3,149
3,279
1,184
1,014
55
31,621
16,679
157,812
4,592
13,383
2,122
3,697
564
467
295
1,109
194
59
49
53
4
332,991
209,243
1,498,793
90,279
98,787
31,261
62,946
7,374
5,923
1,071
13,852
433
509
168
221
296
3,978
2,094
3,487
386
733
422
133
94
7,064
2,852
9,999
4,176
861
500
10
11,569
4,352
26,624
9,214
6,366
60
305
100
7,688
2^625
116,075
331
14,496
259
1,790
10
95,890
49,366
62,560
230,470
2,230
2,331,674
22,473
11,327
25,462
58,590
143,274
2,111
860
1,049
573
4 413
450
772
3,767
28,607
60
27
10
37,260
25,958
23,951
1,600
.33
9
126
1,820
2,524
2,335
261
119,523
429,050
18,480
16,308
39,619
40,612
19,595
4,937
18,873
5,802
30,988
7,024
5,660
16,641
21,167
7,285
3 074
11,515
2,444
9,231
195,214
...
unpaid.
Individual
126,074
42,290
443,886
43,638
44,388
123,442
81,813
227,825
86,462
42,729
27,234
17,143
125,331 * 60,960
39,743
19,252
19,310
11,573
32,258
16,742
33,728
20,531
64,984
27,884
733,953
...
Dividends
44,922
26,217
27,077
10,666
12,629
13,910
18,851
21,988
125,458
65,281
183,750
63,579
47,648
63,805
78,701
105,731
.
Due to
banks.
84,041
27,510
19,501
134,180
8,838
10 695
3,113
4,817
870
10,326
8,315
65,702
3,272
4,754
839
2,466
216
209,524
4,910
4,812
9,329
19,051
2,971
6,035
450
33,146
97
87,169
1,600
42
4,470
122,119
2,437,365
2,181,994
825,889
677,162
3,890,487
35,997
33,065,051
566,793
110,583
659,219 1,641,272
1,523,635
STATEMENT OF RESOURCES AND LIABILITIES OF ALL REPORTING BANKS, 1914-1919.
The principal items of resources and liabilities of all banks, other than Federal Reserve Banks, for the years
1914 to 1919 are shown in the following statement:
Classification.
1914 (26,765 banks).! 1915 (27,062 banks). 1916 (27,513 banks). 1917 (27,923 banks). 1918 (28,880 banks). 1919 (29,123 banks).
g
RESOURCES.
Total.
$15,288,357,283.98
51,120,621.58
5,584,924,886.48
2,872,697,225.26
739,679,598.08
520,995,362.02
1,639,219,162.79
274,403,890.77
$15,722,440,177.20
5,881,931,375.37
3,233,942,829.39
793,404,941.00
376,875,161.00
1,457,702,138.31
301,600,634.26
$17,811,605,164.40
38,210,536.02
6,796,569,640.68
4,032,125,378.52
826,641,786.73
770,424,724.08
1,486,118,321.95
509,542,144.55
26,971,398,030.96
Loans and discounts
Overdrafts
;
Bonds, stocks, and other securities..
Due from other banks and1bankers..
Real estate, furniture, etc.
Checks and other cash items 2
Cash on hand
Other resources
27,804,129,677.56
32,271,237,696.93
36,232,421.03
$20,594,228,088.91 3 $22,514,602,064.81
47,199,175. 92
60,334,533.39
8,003,819,982.90
9,741,653,241.78
4,793,167,162.83
5,136,603,795.91
862,967,207.32
909,183,095.52
758,691,432.29
683,078,124.47
1,502,502,076.06
896,570,423.03
564,188,012.08
784,413,235.56
37,126,763,138.31
40,726,438,514.47
4 $25,301,377,000
94,293,000
12,229,528,000
5,865,414,000
936,707,000
1,420,809,000
997,353,000
769,966,000
47,615,447,000
LIABILITIES.
Capital stock paid in..
Surplus fund
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..
1
2
3
4
2,132,074,073.20
1,714,486,142.85
562,031,228.82
722,554,719.00
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
2,437, 365,000
2,181, 994,000
825, 889,000
677, 162,000
35, 997,000
33,065, 051,000
110, 583,000
566, 793,000
3,890, 487,000
3,824, 126,000
26,971,398,030.96
27,804,129,677.56
32,271,237,696.9
37,126,763,138.31
40,726,438,514.47
47,615,447,000
Includes real estate owned other than banking house.
Includes exchanges for clearing house.
Includes rediscounts of national banks.
Includes rediscounts, acceptances, and interest earned but not collected reported by national banks.
o
o
w
o
W
d
3
o
00
Or
186
REPORT OF THE COMPTROLLER OF THE CURRENCY.
GROWTH OF BANKS, 1863
Principal items of resources and liabilities of national, State, savings,
[From 1863 to 1872, inclusive, data from various sources; from 1873
[In millions
Resources
Year.
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...
1902
1903 - 1904
1905
1906 . .
1907
1908 . . .
1909
1910. . .
1911...
1912
1913 . .
1914
1915
1916........
1917
1918
1919
Banks.
Checks
Real
Loans OverDue
and
estate,
Other
Aggreand dis- drafts. Invest- furniture, from
other Cash on
regate rements.
and
counts.
banks.
cash 1 hand. sources. sources.
fixtures.
items.
2 1 4fifi
648.6
180 5
1,089
467
1,294
1,634
1,636
1,640
1,619
1,615
1,767
1,853
1,968
1 983
3,' 336
3,448
3 384
3,229
3,335
3,355
3 427
3,572
3,835
4,113
4,350
4,378
6,170
6,647
7,203
7,999
8,641
9,338
9,492
9,508
9,818
9,469
9,457
9,485
9,732
10,382
11,406
12,424
13,684
14,850
16,410
17,905
19,746
21,346
22,491
23,095
24 392
25,195
25,993
26,765
27,062
27,513
27,923
28,880
29,123
70.7
362.5
550.4
588.5
655.7
686.4
715.9
831.6
871.5
1,439.6
1,565.6
1,747.6
1,726.8
1,720.5
1,560.9
1,506.9
1,661.6
1,900.6
2,049.1
2,232.1
2,259.1
2,270.7
2,455.6
2,938.9
3,157.0
3,469.6
3,834.4
4,024.1
4,329.5
4,361.1
4,078.1
4,262.0
4,244.3
4,208.6
4,632.6
5,152.1
5,625.2
6,387.9
7,145.4
7,688.0
7,930.9
8,971.2
9,827.6
10,697.8
10,380.1
11,303.5
12,459.4
12,982.7
13,892.1
14, 568.3
15,288.4
15,722.5
17,811.6
20,954.2
22,514.6
625,301.4
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
1,172.5
1,179.4
1,283.7
1,366.1
1,445.5
1,565.3
1,674.6
1,732.4
1,859.9
2,179.2
2,498.4
2,821.2
3,039.4
3,400.1
3,654.3
3,987.9
4,073.5
4,377.1
4,445.9
4,614.4
4,723.4
5,051.9
5,358.9
5,407.2
5,584.9
5,881.9
6,796.6
8,003.8
9,741.6
12,229.5
1
2
3
4
0.2
.2
.4
.4
.5
.3
.4
.6
1.4
1.4
1.5
1.6
1.5
1.2
4.4
4.3
5.7
7.9
6.9
7.4
7.6
7.0
6.9
6.9
7.4
19.6
25.4
32.5
37.6
43.7
50.9
51.1
56.0
66.2
66.1
57.9
69.7
62.4
63.7
61.5
58.6
51.1
36.2
38.2
47.2
60.3
94.3
96 9
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
167.7
183.7
195 3
210.5
223.7
242.6
249.8
261.4
275.4
274.2
283.7
295.8
317.6
346.0
380.9
416.9
405.7
495.0
544.0
574.2
616.7
657.3
695.5
739.7
793.4
826.7
862.9
909.2
936.7
5.1
33.3
103.0
41.3
110.7
96.1
102.0
128.3
123.1
124.2
107.6
161.6
109.4
91.6
115.2
143.2
144.0
102.0
123.9
182.6
193.6
84.8
115.2
195.0
96.2
198.2
194.7
77.8
186.2
106.4
102 2
204.0
143.5
248.8
174 4
346.1
307.1
197.8
323.7
137.1
109.2
294.2
355.8
188.6
144.2
349.8
145.2
421.6
91.1
439.1
115.9
513.8
531 5 102.1
530.4
96.4
684.4
107.2
549 2 124.5
78.4
705.9
714.4
96.5
644.9
119.8
781.4
132.1
925 0 125 6
L, 203.1 300.1
L,272.8 234.7
L, 448.0 463.5
1,561.2 320.0
L,570.6
286.0
L842.9
231.5
985 n 373.4
2! 029.2 445.2
2,135.6
411.1
2,236.3
350.9
2,562.1
437.9
2,393.0
620.5
2,788.8
422.7
2,848.0
430.1
2,776.6
426.9
2,872.7
521.0
3,233.9 376.9
4,032.1 770.4
758.7
4,793.2
683.1
5,136.6
5,865.4 1,420.8
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
997.3
60.2
1,191.7
.5
2.4
3.0
3.2
2.9
5.8
5.9
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
2,892.6
3,204.7
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
47,615.4
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
770.0
Includes exchanges for clearing house.
Includesfiguresfor 1,400 State banks and 66 national banks.
From Homan's Bankers' Almanac.
National banks.
s Number of national banks only; but amounts include incomplete returns from State banks with national
supervision,
e Includes rediscounts, acceptances, and interest earned but not collected reported by national banks.
REPORT OF THE COMPTROLLER OF THE CURRENCY.
187
TO 1919, INCLUSIVE.
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
1,690.9
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
2.437.4
Surplus
fund.
Undivided
profits,
less expenses.
Due to
banks.
DiviPostal
United
dends Individual savings
States
unpaid. deposits. deposits. deposits.
|
393.7
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
1,180. 8
1,305.2
1,401.6
1,326.1
1,547.9
1,512.1
1,585.0
1,676. 6
1,714.5
1, 732.9
1,849. 7
1,945.5
2,034. 8
2,182.0
3.1
23.2
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
825.9
27.4 |
157.8 !
122.4
112.5
140.7
129.0
130.0
171.9
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
3,890.4
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
33.0
35.9
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
2,563.4
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
33,065.1
25.3
40.2
59.8
71.1
101.9
114.9
110.6
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
566.8
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
338.5
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
309.0
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
677.2
Other
liabilities.
53.8
.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
3,824.1
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.
188
REPORT OF THE COMPTROLLER OF THE CURRENCY.
INDIVIDUAL DEPOSITS IN ALL REPORTING BANKS.
On June 29, 1918, the individual deposits in all reporting banks
were $27,808,473,000, and on June 30, 1919, had reached $33,065,051,000, or an increase of 18.90 per cent.
The deposits, by classes, as of June 30, 1919, are shown in the
following table:
Individual deposits in each class of banks June 30, 1919.
[In thousands of dollars.]
Individual
deposits
Demand
Certified
Number of subject to certificates checks and
banks.
check
of
cashiers'
without
deposit.
checks.
notice.
State banks
Stock savings banks
Mutual savings banks
Loan and trust companies.
Private banks
Total
National banks
Grand total.
17,225
1,097
622
1,377
1,017
$4,093,816
712,577
5,590
1,376,472
53,523
$434,583
532
3,597
177,362
44,815
$40,104
164
12
23,739
374
21,338
7,785
6,241,978
8,479,747
660,889
408,529
64,393
481,952
29,123
14,721,725
1,069,418
546,345
Time
Deposits
Savings
not
deposits. certificates classified.
of deposit.
State banks
Stock savings banks
Mutual savings banks
Loan and trust companies..
Private banks
Total.
$1,133,524
12,631
7,075
180,034
30,749
$2,177,617
12,395
18,285
2,820,169
77,073
7,375,170
1,364,013
898,170
5,105,539
1,984,671
20,811,982
5 12,253,069
7,375,170
Total
$1,119,487
413,165
4,716,554
1,115,908
10,056
2,262,183
7,090,210
33,065,051
National banks..
Grand t o t a l .
1
2
$8,999,131
1,151,464
4,751,113
5,693,684
216,590
Includes $1,784,442,000 time deposits on open account.
Does not include United States and postal savings deposits nor dividends unpaid.
By reference to the preceding table it will be noted that individual
deposits subject to check amounted to $14,721,725,000; demand
certificates of deposits, $1,069,418,000; savings deposits, $7,375,170,000; time certificates of deposit, $2,262,183,000, and deposits not
classified, $7,090,210,000. Cashiers' checks and certified checks outstanding amounted to $546,345,000.
Deposits in national banks are classified as demand and time, in
view of which fact the amount of time deposits in national banks
include time certificates in the preceding table.
CASH IN ALL REPORTING BANKS.
Cash in State, savings, private banks, and loan and trust companies
on June 30, 1919 was $572,898,000, while the amount of cash in the
vaults of national banks on the same date was $424,455,000, making
total cash on hand $997,353,000, as compared with total cash held
KEPOET OF THE COMPTROLLER OF THE CURRENCY.
189
by all reporting banks, other than Federal reserve banks on June 29,
1918, of $896,570,000. The cash holdings of all banks, national and
State, have, therefore, increased $100,783,000, and with the cash held
by Federal reserve banks on June 27, 1919, amounting to $2,216,256,000, the aggregate cash holdings of all banks on June 30, 1919
(or dates nearest thereto) amounted to $3,213,609,000. The increase
in cash held by Federal reserve banks on June 27, 1919 over June 28,
1918, was $210,057,000, or 10.47 per cent.
The following is a classification of coin and other currency reported
on hand by all national and State banks, and the 12 Federal reserve
banks:
Cash in all banks June 30, 1919.
[In thousands of dollars.]
7,785
national
banks.
Classification.
Gold coin
Gold certificates
Silver coin
Silver certificates
Legal tender notes
National bank notes 4
Federal reserve notes
Nickels and cents
Cash not classified
1
2
$25,893
39,141
3 42,353
42,564
35, 818
64,549
174,137
$24,896
3,237
12,952
3,169
103,385
12,538
17,553
1,807
393,361
424,455
572,898
2
. ..
.
.
.
Total
Cash in Federal reserve banks (June 27,1919):
Gold coin and certificates (reserve) . . .
Legal tender notes .silver, etc. (reserve)
Grand total .
21,338
State, etc.,
banks.
.....
.-. .
.
Including 12 Federal reserve banks.
Includes clearing house certificates.
Total,
29,135
banks. 1
$50,789
42,378
55,305
45,733
139,203
77,087
191,690
1,807
393,361
997,353
2,147,784
68,472
3,213,609
3
4
Includes nickels and cents.
Includes Federal reserve bank notes.
MONEY IN THE UNITED STATES.
The table following shows that the country's stock of coin and
paper currency has increased since June of the year the Federal
reserve banks began operations (1914) to June 30, 1919, from
$3,738,300,000 to $7,518,800,000, an increase of $3,780,500,000,
slightly over 100 per cent. While the principal addition to the
circulating medium has been in the Federal reserve bank note issues
the stock of gold has increased nearly one and one-fourth billions,
or from $1,800,000,000 in 1914 to $3,026,000,000 June 30, 1919.
On June 30, 1919, the stock of silver dollars and subsidiary silver
aggregated $551,000,000, legal tenders $346,600,000, national bank
notes $719,200,000, and Federal reserve bank issues $2,875,200,000.
The distribution of the money stock was as follows: In United States
Treasury, including amounts held by Federal reserve banks and
Federal reserve agents against issues of Federal reserve notes,
$1,752,800,000; in all reporting banks (exclusive of those in Island
possessions), $3,197,500,000, and not in Treasury or banks, $2,568,500,000; therefore, excluding the amount in United States Treasury,
there was in circulation $5,766,000,000, or $54.33 per capita, as against
a per capita circulation in 1918 of $50.81 and in 1914 of $34.35.
190
REPORT OF THE COMPTROLLER OF THE CURRENCY.
In the following table is shown the distribution of money in continental United States, giving the amount in the Treasury as
assets and the amount in reporting banks from 1892 to 1919, inclusive:
Stock of money in the United States, in the Treasury, in banks, and in circulation, 189%
to 1919.
In circulation,
Coin and other Coin and other money exclusive of coin
Coin and other
Coin and money in Treas- money in reportnot in Treasury or and other money
other
ing banks .a
banks.
ury as assets.i
in Treasury as
Year
money
assets.
ended
in the
June 30— United
States.
Per
Per
Per
Per
Per
Amount. cent. Amount. cent. Amount. cent. capita. Amount. capita.
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.
$1,752.2
$150.9
142.1
1.738.8
144.2
1,805.5
217.4
1,819.3
293.5
1.799.9
265.7
1,906.7
235.7
2,073.5
286.0
2,190.0
284.6
2,339.7
307.8
2,483.1
313.9
2,563.2
317.0
2,684.7
284.3
2,803.5
295.2
2,883.1
333.3
3,069.9
342.6
3,115.6
340.8
3,378.8
300.1
3,406.3
317.2
3,419.5
341.9
3,555.9
364.3
3,648.8
356.3
3,720.0
336.3
3.738.3
3 420.2
3.989.4
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
1916
4,482.9
s 458. 8
10.23
1917
5,408.0
3 644.4
11.92
1918
6,741.0 3 1,361.6
20.20
1919
7,518.8 31,752.8
23.31
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
1,010.7
1,106.5
1,362.9
1,444.3
1,414.6
1,545.5
1,563.8
1,552.3
1,630.0
1,447.9
* 312.4
1,472.2
* 425.6
1,487.3
4
1,247.7
;
882.7
2,006.2
981.3
2,216.2 }
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
%305.2
32.02
,380.4
32.69
,411.4
31.59
,519.7
35.06
,536.3
34.27
,600.1
32.92
,725.9
35.51
,666.5
40.34
,675.1
42.40
,661.9
41.37
,687.7
43. 46
,668.5
42.86
,720.7
41.73
,811.4
43.62
,772.0
44.12
1.809.2
57.92 $15.50
62.15
16.14
53.84
14.21
53.36
13.89
54.14
13.65
53.13
13.87
55.46
15.43
53.92
15.51
55.79
17.11
55.59
17.75
55.07
17.90
56.61
18.88
54.80
18.77
55.49
19.22
56.22 20.39
53.49
19.36
49.58
19.15
48.78
18.68
49.36
18.68
46.93
17.75
47.16
17.98
48.69
18.61
47.41 17.89
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
34.35
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
42.53
2,568.5
34.16
24.20
5,766.0
5 54.33
Millions.
$1,601.3
1,596.7
1,661.3
1,601.9
1,506.4
1,641.0
1,837.8
1,904.0
2,055.1
2,175.3
2,249.3
2,367.7
2,519.2
2,587.9
2,736.6
2,773.0
3,038.0
3.106.2
3.102.3
3,214.0
3,284.5
3,363.7
3,402.0
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.
3
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, June 28,1918, and June 27,
1919.
& Population estimated at 105,869,000 in 1918 and 106,136,000 in 1919.
In the following table are shown the amounts of each kind of
currency in the country, together with the amounts in the Treasury
held by Federal reserve banks and agents, and amounts in circulation
on July 1, 1919:
REPORT OF THE COMPTROLLER OF THE CURRENCY.
191
Circulation statement, coin and paper currency, July 1, 1919.
Circulating medium.
III. Money
held by
Federal reserve
II. Money
I. General
banks and
held in the
stock of money Treasury as Federal reserve IV. Money in
in the United assets of the agents against
circulation.4
States, i
issues of
Government. 2
Federal reserve
notes. 3
Gold coin (including bullion in Treasury)
S3,026,591,090
Gold certificates
308,145,759
Standard silver dollars
Silver certificates...
Subsidiary silver
242,870,438
Treasury notes of 1890
United States notes
346,681,016
Federal reserve notes
7 2,687,556,985
Federal reserve bank notes
187,666,980
719,276,732
National bank notes
Total
7,518,789,000
$364,575,415
56,497,779
10,983,939
13,818,465
44,227,988
24,421,250
69,634,991
584,159,827
5 $813, 882,860 6 SI, 112,353,324
205,417,280
530,362,211
80,754,524
169,148,295
231,886,499
1,745,161
332,862,551
149, 299,060
2,494,029,937
163,245,730
649,641,741
1,168,599,200
5,766,029,973
'Population of continental United States estimated a t .
106,136,000
Circulation per capita
$54.33
1
Includes gold held in the Treasury for the redemption of outstanding gold certificates ($735,779,491
and Federal reserve gold settlement fund $1,416,086,099.10 on July 1,1919), and standard silver dollars held
in the Treasury for the redemption of outstanding silver certificates and Treasury notes of 1890 ($170,893,456
on July 1, 1919). Amounts of Federal reserve bank notes and national-bank notes are amounts issued by
Treasury to banks.
2
Includes the gold reserve fund held against issues of United States notes and Treasury notes of 1890
($152,979,025.63 on July 1,1919), and the gold or lawful money redemption funds held against issues of national-bank notes, Federal reserve notes, and Federal reserve banknotes ($237,239,396.95 on July 1,1919). Does
not include deposits of public money in Federal reserve banks, national banks, and special depositaries
($1,071,437,719.99 on July 1.1919), nor does it include funds held in trust in the Treasury for the redemption
of outstanding gold and silver certificates and Treasury notes of 1890. (See column I, ante.) For a full
statement of Treasury assets and liabilities see daily statement of the United States Treasury and monthly
financial statement.
3
Includes the gold reserve held by banks against issues and gold or other funds deposited by banks
with agents to retire Federal reserve notes in circulation and own Federal reserve notes held by'Federal
reserve banks.
4 Amounts of various kinds of money in circulation determined by deducting from the appropriate item
in the general stock of money (column I, ante) the amount held in the Treasury as assets of the Government (column II, ante) and the amount held by Federal reserve banks or Federal reserve agents against
issues of Federal reserve notes (column III, ante). Gold and silver certificates and Treasury notes of 1890
in circulation are represented in the general stock of money by equal amounts of gold coin or bullion and
standard silver dollars held in Treasury for their redemption. (See column I, ante.) Amounts of Federal
reserve bank notes and national-bank notes are amounts of issues by Treasury to banks less amounts held
in Treasury as assets of the Government.
«Includes $799,301,860 credited to Federal reserve agents in the gold settlement fund deposited with
Treasurer of the United States.
e Includes $616,784,239.10 credited to Federal reserve banks in the gold settlement fund deposited with
Treasurer of the United States.
7
Includes own Federal reserve notes held by Federal reserve banks.
RATES FOR MONEY IN NEW YORK.
By reference to the statement following, compiled by the Commercial and Financial Chronicle, of New York, it will be noted that
the range of rates for call money on the stock exchange in New
York during the past 12 months was normal until June of the current year, when the range was from 4f to 15 per cent; in July 5 to
18 per cent, dropping in August to 3 to 6 per cent; ranged from 4 to
9 per cent in September, and from 4J to 19 per cent in October.
Time loans, two to six months maturity, were quoted at 6 per cent
in November, 1918. No notable changes occurred in the range of
this class of paper until October, 1919, when the range was from
5f to 7 per cent. The range in rates for commercial paper was
normal.
192
REPORT OF THE COMPTROLLER OF THE CURRENCY.
The range of rates monthly for each class of paper is shown in the
following table:
Range of rates for money in the New York market, year ended Oct. SI, 1919.
[Reported by the Commercial and Financial Chronicle.]
1918
Character of loans.
Call loans, stock exchange:
Range
Time loans:
60 days
90 days
4 months
5 months
6 months
Commercial paper:
Double n a m e s Choice, 60 to 90 days.
Single n a m e s Prime, 4 to 6 months
Good, 4 to 6 months.
1919
November.
December.
4 to 6
3£ to 6
5§to6
5£ to 6
5|to6
3f
5
5
5
5
5
5f t o 6
5£ to 6
5 to5|
5 to5|
51 to 6
5|to6
January.
to 6
to 5|
to 5|
to 6
to 6
to 6
February.
March.
April.
3|to7
3|to6
5
5 to 5|
5 t5i
5
51t$
5£ to 5
51 to 5) 5| to 5
51 to $
4 to 6
5 to 5|
5 to5^
51 to 5£
51 t o 6%
51 to 5i
6i
Septem- October.
ber.
51 to 5 |
1919
Character of loans.
May.
Call loans, stock exchange:
Range
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.
August.
i
| 31 to 6
4 | to 15
5 to 18
3 to 6
4 to 9
to 19
5|to6
5£to6
6
to 6
to 6
to 6
to 6
£ to 6
to
to
to
to
to
7
7
7
7
7
51 to 5£
51 to 5 |
51 to 5§
51 to 5i
51 to 5h
51 to
51to5f
5* to 5 |
51 to 5J
51 to 5£
5*
51 to 5|
DISCOUNT RATES OF THE FEDERAL RESERVE BANKS.
Discount rates approved by the Federal Reserve Board for each of
the twelve Federal reserve banks in effect to October 31, 1919, are
shown in the following table:
193
REPORT OF THE COMPTROLLER OF THE CURRENCY.
Discount rates of each Federal reserve bank approved by' the Federal Reserve Board up to
Oct. 31, 1919.
Trade acceptances.
Discounts other than trade acceptances.
Secured by U. S. Government war obligations.
Federal reserve
bank.
Maturing ivithin
15 days, including member
banks' collateral
notes.
Secured
byU.S.
certificates of
indebtedness.
Otherwise secured, also unsecured,
maturing within—
Maturing
Secured within 15 days,
16 to 90 includby
ing
Liberty days.
member 16 to 60 61 to 90
bonds
days.
days.
banks
and
collateral
Victory
notes.
notes.
Boston
New York i...
Philadelphia...
Cleveland
Richmond
Atlanta
,.
Chicago
St. Louis
Minneapolis...
Kansas City...
Dallas
San Francisco.
Maturing
within—
91 to 180
days
(agricultural and 15 days. 16 to 90
days.
livestock
paper).
4
4
4
4
4
4
4
4
4
4
4
4
5
5
5
51
4
5
5
4i
4i
4i
54
54
54
51
54
5
!
i
4
4
4;
4
4
4^
4^
4^
44
4I
44
4!
1
Rates for discounted bankers' acceptances maturing within 15 days, 4 per cent; within 16 to 60 days
4^ per cent; within 61 to 90 days, 4J per cent.
NOTE 1.—Acceptances purchased in open market, minimum rate 4 per cent.
NOTE 2.—Rates on paper secured by War Finance Corporation bonds, 1 per cent higher than on commercial paper of corresponding maturity.
NOTE 3.—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.
As will be noted from the statement following, compiled by the
Commercial and Financial Chronicle of New York, the rates for sterling
exchange, 60-day, sight, and cable transfers declined during the past
12 months very materially. In November, 1918, 60-day bills
ranged from 473 to 473^ and declined in October, 1919, to 412J to
422. Sight bills in the same period dropped from 475r§- to 476 to
414^ to 424J, while cable transfers ranging from 4761^ to 476f in
November, 1918, were quoted from 415 \ to 425 in October, 1919.
The rates and ranges by months during the year for these bills
are shown in the following table:
Actual rates—Bankers' bill.
Date.
November
December
Sixty-day.
Sight.
Cable transfers.
1918.
473 t o 4734473f t o 473f.
475ft to 476
475f to 4.7582|
473| to 473f
473to473f..
455to473i..
455 to 4654458| to 465|
456 to 462...
4231 to 456|
410i to 433..
410^ to 424J
4121 to 422..
475| to 4.75871
475.70 to 475|
458to475H
4584 to 468
461|to468|
458 to 463f
426'! to 458*4121 to 4354
4124 to 4261
4144 to 4241
r
r
to 476j
to 476-
1919.
January
February.,
March
April
May
June
July
August
September
October
152981° CUR 1919—VOL 1
13
476J to 476-ft
476| to 476ft
459 to 476ft.
459^ to 469.
4624 to 469|.
459to464f.
427 to 459.
, 413 to 436^
4131 to 427.
415J to 425.
•
•
,
,
,
194
KEPORT OE THE COMPTROLLER OF THE CURRENCY.
TRANSACTIONS OF CLEARING HOUSE ASSOCIATIONS.
With an estimated wealth, real and personal, of some two hundred
and fifty billions of dollars and a stock of circulating medium—coin
and paper currency—of over seven and one-half billions, it would be
of interest to determine not only the volume of business annually
transacted in this country, but the extent and proportion of business
effected through the use of checks, drafts, and other instruments of
credit and through the use of currency. No such statistics, however, are at command, and it is probable that figures have never
been compiled to show reliably the volume, expressed in dollars, of
the business transacted annually, but various investigations have
indicated that.over 90 per cent 01 the business of the country is done
through the use of instruments of credit as distinguished from coin
and paper currency.
Of interest in this connection, however, are the reported transactions of the clearing houses of the country for the year ended September 30, 1919, and their comparison with the figures for the previous year. The returns from the various associations compiled by
Mr. W. J. Gilpin, manager of the New York Clearing House, show
that the transactions of the 191 clearing houses of the United States
in the year ended September 30, 1919, aggregated $387,092,000,000,
an increase of $66,351,000,000 over the prior year when the total
clearings were $320,741,000,000. By reference to the table following
it will be noted that $321,788,000,000, or over 83 per cent of the toted
clearings, were reported by the banks locatedin the 12 Federal reserve
cities, and that $214,703,000,000, or over 55 per cent, by the New
York Clearing House. The increase for the year in these 12 cities
was $55,143,000,000, practically 83 per cent of the increase in all
cities.
In connection with the statement relating to the clearings in the
Federal reserve cities, it will be noted that there are 12 other cities
the clearings, of each of which exceeded $1,000,000,000, and ranged
from $1,429,000,000 to $6,999,000,000 and aggregated $34,267,000,000
or about 9 per cent of all reported clearings. The combined clearings
of the banks in these 12 cities and in the Federal reserve bank cities
were $356,055,000,000 or about 92 per cent of the aggregate clearings
for the year.
BBPOKT OF THE COMPTROLLER OF THE CURRENCY.
195
Comparison of the transactions of clearing-house associations in the 12 Federal reserve
bank cities and in other cities with transactions exceeding $1, 000, 000, 000 in the years
ended Sept. 30, 1919 and'1918.
[In millions of dollars.]
Clearing house at—
1919
1918
j Increase.
Boston, Mass
New York, N . Y
Philadelphia, Pa
Cleveland, Ohio
Richmond, Va
Atlanta, Ga
Chicago. Ill
St. Lotus, Mo
Minneapolis, Minn...
Kansas City, Mo
Dallas, Tex
San Francisco, Calif.
16,990
214,703
21,320
5,104
2,784
3,205
28,223
8,065
2,263
14,692
174,524
18,928
4,129
2,151
1,349
25,642
7,789
1,759
9,255
1,036
5,391
2,298
40,179
2,392
975
633
1,856
2,581
276
504
1,781
356
1,312
Total 12 Federal reserve bank cities..
Other cities:
Pittsburgh, Pa. i
Baltimore, MdJ
Detroit, Mich.i ]
Cincinnati, Ohio
Omaha, Nebr. 1
New Orleans, La. 1
Los Angeles, Calif, i
Seattle, ^
Portland, Oreg.i.
Milwaukee, Wis.
Denver, Colo. 1 ...
Buffalo, N . Y . i . .
321,788 I 266,645
55,143
11,036
1,392
6,703
6,999
4,197
4,032
3,048
2,966
2,891
2,027
2,014
1,605
1,539
1,520
1,429
Total of 12 other principal cities
1,974
1,292
1,084
468
274
315
526
353
434
105
376
330
34,267
26,736
7,531
356,055
31,037
387,092
Total
Total all other cities (167)
Grand total all cities (191)
1
5,025
2,905
2,948
2,580
2,692
2,576
:,501
,661
,171
,434
,144
293,381
27,360
62,674
3,677
320,741
66,351
Location of Federal reserve bank branch.
NEW
YORK
CLEARING
HOUSE.
The sixty-sixth year of the existence of the New York Clearing
House Association was reached in 1919. The membership of the
association is represented by 60 banks having combined capital of
$220,350,000, an increase in capitalization since 1914 of $45,000,000.
The reported clearings in the year ended September 30, 1914, were
$89,760,000,000, and in the year ended September 30, 1919, had
risen to $214,703,000,000, an increase of over 139 per cent. The
average daily clearings were $708,592,000 and the average daily
balances $69,143,490, the per cent of these balances to clearings
being 9.75. The balances were settled through the Federal Reserve
Bank of New York.
The clearing-house transactions of the assistant treasurer of the
United States at New York for the current year were as follows:
Exchanges received from the clearing house
Balances received from the clearing house
Exchanges delivered to the clearing house
Balances paid to the clearing house
Excess of balances paid to the clearing house
$1, 005,000,000
161, 653, 000
929, 630, 000
237,060,000
75, 407, 000
UNITED STATES POSTAL SAVINGS SYSTEM.
The Postal Savings System is in operation in all the States, in
Alaska, District of Columbia, Hawaii, and Porto Rico. The amount
to the credit of postal savings depositors on June 30, 1919, was
$167,323,260 as compared with $148,471,499 on June 30, 1918.
196
REPORT OF THE COMPTROLLER OF THE CURRENCY.
There was, therefore, an increase in deposits during the year of
$18,851,761. The deposits during the past year amounted to
$136,690,122 and withdrawals $117,838,361. While the number of
savings depositors declined during the year from 612,188 to 565,509,
a reduction of 46,679, the average deposit account has increased from
$242.52 to $295.90.
The assets of the Postal Savings System on June 30, 1919, amounted
to $173,353,650, an increase during the year of $21,135,842. The
principal assets are the deposits with the depository banks and postmasters and aggregate $136,014,521. Some $29,253,900 is invested
in Liberty loan bonds and postal savings bonds. Special funds with
the Treasurer of the United States, mainly reserve funds, amount to
$7,740,468.
The following summary shows the balance due to creditors on June
30, 1918 and 1919, together with amount of deposits and withdrawals
during the year and the balance on deposit in banks:
Summary,
by States, of postal savings business for the fiscal year ended June SO, 1919.
States.
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
Montana
Nebraska
Nevada
New Hampshire
New Jersey
New Mexico
New York
North Carolina
North Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
Porto Rico
Rhode Island
South Carolina
South Dakota
Tennessee
Texas
Utah
Vermont
Virginia
Washington
West Virginia
Wisconsin
Wyoming
Balance to
the credit of
depositors
June 30,1918.
\ $148,471,499
368, 795
512,626
605,431
212,530
,349,312
,015,239
,504,193
393,062
471,884
583,838
178,179
49,532
396,150
191,568
10,
2, 255,337
620,362
764,618
456,154
340,257
435,417
389,435
,463,699
,482,905
529,339
107,004
,618,158
,542,266
506,439
493,748
607,202
,081,775
6,
143,402
763,939
47, 66,830
40,384
9,,988,025
323,525
,321,615
2, 633,725
17, 105,440
294,881
1, 43,435
56,824
259,471
883,089
635,820
106,303
922,647
,714,581
590,970
,714,658
335,481
Deposits
during the
Balance
Balance on
Withdrawals the creditto
of
deposit in
during the
depositors
banks
year.
June 30,1919. June 30,1919.
$136,690,122 $117,838,361
620,012
470,279
342,342
117,080
2,748,969
1,134,099
4,146,429
646,309
697.147
932,219
231,227
57,979
336,429
6,548,973
1,796,574
303,851
413,153
440,272
300,765
287,527
737,786
5,284,766
6,086,027
1.651,612
70,105
2,076,267
1,179,387
324, 783
525,287
430.148
6,202,716
102,382
50,140,093
42,703
16,402
7,204,195
244,939
2,044,159
16,845,535
228, 719
1,119,108
63,486
17,015
256,280
648,338
1,877,150
40,671
1,663,280
4,397,657
477,959
1,768,568
350,964
493,151
4,53,639
478,370
155,475
3,200,172
1,211,362
4,265,459
602,643
659,913
774,296
210,005
75,662
283,776
5,679,760
1,581,913
400,612
414,083
397,977
257,675
293,458
713,387
5,324,949
4,888,166
1,290,998
71,596
1, 778,242
1,262,977
361,693
510,197
378,454
5,105,479
139,085
39,474,761
64,953
27,221
7,247,503
276,794
1,789,815
13,778,547
228,780
1,024,938
55.328
26; 743
235,489
737,803
1,199,652
56,420
1,683,521
3,943,338
462,187
1,494,519
315,425
$167,323,260
$135,942,981.09
495,656
529,266
469,403
174,135
3,898,109
1,937,976
4,385,163
436,728
509,118
741,761
199,401
31,849
448,803
11,060,781
2,469,998
523,601
763,688
498,449
383,347
429,486
413,834
6,423,516
7,680,766
2,889,953
105,513
2,916,183
1,458,676
469,529
.508,838
658,896
7,179,012
106,699
58,429,271
44,580
29,565
9,944,717
291,670
2,575,959
20,700,713
105,379
1,389,051
51,593
47,096
280,262
793,624
1,313,318
90,554
902,406
5,168,900
606,742
2,988,707
371,020
427.530.21
447,913.12
359,047.86
148,654.84
3,027,401.22
1,534,186.53
3,445,511.95
356,922.49
1,263,120.67
641,557.82
181,652.78
32,973.46
388,964.77
8,890,761.80
2,985,963.07
447,637.47
644,534.83
406,913.06
315,985.59
374,710.05
342,177.37
5,107,507.10
6,361,236.27
2,381,328.45
96,966.25
2,348,187.86
1,144,127.59
371,068.84
423,118.58
565,493.26
5,975,536.07
91, 740.66
46,110,244.26
39,867.84
27,603.18
7,942,968.41
262,113. 73
2,100,076.05
17,198,630.60
7,984.89
1,125,521.13
44,828.34
42,583.62
240,677.79
652.530.22
1,179,330.39
80,009.33
735,755.19
4,222,433.18
515,104.25
2,450,255.55
334,031.25
197
REPORT OF THE COMPTROLLER OF THE CURRENCY.
Comparison of the assets and liabilities of the Postal Savings System
for the past two years is shown in the following statement:
Comparative statement of the assets and liabilities of the Postal Savings System on June
30, 1919 and 1918, and the increase or decrease in each item during the period reported.
Items.
Working cash:
Depository banks.
Postmasters
Special funds:
Treasurer of the United
StatesReserve fund
Bond investment
fund
Returnable deposits
fund
Late postmasters'
balance fund
Accounts receivable:
Accrued interest on
bond investments
Due from late postmasters
Due from discontinued
depository banks
June 30,1919.
$135,732,031.95!
$140,462,027.77
-$4,729,995.82
282,490.041
391,390.93
108,900.89
!$136, 014,521.99
$140,853,418.70
-
7,739,438.67
+
7,267,549.60
4,
'6.71
471,889.07
61,636.00
561.53
61,636.00
20,135.69
467.97
19,667.72
7,740,468.17
561.53
7,349,321.29
391,146.88
336,186.72
49,543.00
286,643.72
8,571.94
2,084.18
6,487.76
1.77
1.40
.37
51,628.58
344,760.43
investments:
$5,288,600 United States
Postal Savings 2| per
cent bonds
14,000,000 United States
Third Liberty Loan
4^ per cent bonds
11,000,000 United States
Fourth Liberty Loan
4£ per cent bonds
Increase ( + );
decreased—).
June 30, 1918.
+
5,288,600.00
3,963,440.00
293,131.85
+ 1,325,160.00
13,440,500.00
+ 13,440,500.00
10,524,800.00
3,963,440.00
29,253,900.00
+ 10,524,800.00
+ 25,290,460.00
173,353,650.59
I 152,217,808.57+21,135,842.02
LIABILITIES.
Due depositors:
Outstanding postal savings certificates
167,323,260.00
Accrued interest due on
outstanding postal
savings certificates... 2,541,926.15
Outstanding savings
cards and stamps
56,096.90
Unclaimed deposits
10.00
Accounts payable:
Due Postal Service
Earnings held to meet maturing interest charges
and losses
148,471,499.00
+ 18,851,761.00
2,015,057.46
526,868.69
59,068.30
169,921,293.05
150,545,624.76
+
2,971.40
10.00
+ 19,375,668.29
339,413.35
261,901.32+
77,512.03
3,092,944.19
1,410,282.49+ 1,682,661.70
173,353,650.59
152,217,808.57 +21,135,842.02
198
KEPOUT OF THE COMPTROLLER OF THE CURRENCY.
Statement of interest-earning assets and also the liabilities of the Postal Savings System
June 30, 1919, compared with June SO, 1918.
June 30,1919.
Items.
Working cash:
Depository banks.
Investments
$135,732,031,951
29,253,900.00
$164,985,931.95
June 30,1918.
$140,462,027. 77
3,963,440.00
$144,425,467.77
Increase ( + ) ;
decrease (—).
-$4,729,995.82
+25,290,460.00
+20,560,464.18
LIABILITIES.
Due depositors:
Outstanding postal savings certificates
167,323,260.00!
148,471,499.00 +18,851,761.00
2,337,328.05
Excess of liabilities
4,046,031.23 - 1,708,703.18
FEDERAL FARM LOAN" SYSTEM.
With the close of the year ended October 31, 1919, statements of
the 12 Federal Land Banks show that the assets of these institutions
have increased to $315,442,000, the principal assets being loans,
including accrued interest, of $273,496,000, United States Government bonds and securities $34,560,000, and cash on hand and due from
banks $6,299,000.
The capital of these banks is $21,894,000 of which the national
farm loan associations contributed $13,536,000, the Government of
the United States $8,265,000, and borrowers through agents and
individual subscribers $91,600. These banks have accumulated a
reserve fund of $202,175. The bank's liability on account of farm
loan bonds authorized is $285,600,000.
The net earnings of these banks to October 31, 1919, were $1,278,000
from which, in addition to the reserve mentioned, dividends were paid
to the amount of $332,923, leaving the net undivided profits on hand
$743,295.
The original subscription to capital stock of these banks by the
United States Government was $8,892,130, of which $626,321 has
been retired.
The condition of these banks at the close of the year is shown in
the following statement:
REPORT OF THE COMPTROLLER OF THE CURRENCY.
Consolidated
statement
199
of condition of the twelve Federal land banks at the close of
business Oct. 31, 1919.
Mortgage loans
Accrued interest on mortgage loans
$271, 317, 816. 00
4, 504, 904. 52
Subtotal
Less amortization payments
275, 822, 720. 52
2, 326, 278 86
Net mortgage loans
United States Government bonds and securities
Accrued interest on bonds and securities
Other accrued interest
Farm loan bonds on hand (unsold)
Cash on hand and in banks.
Accounts receivable
Delinquent amortization payments
Banking house
Furniture and fixtures
Other assets
$273, 496,441. 66
34, 560, 618. 61
439,435. 11
2,405. 40
100,000. 00
6, 299, 417. 55
98, 852. 05
152, 256.18
70,140. 87
178,184. 10
44,819. 87
Total
315, 442, 571. 40
UTILITIES.
Capital stock:
United States Government
National farm loan associations.
Borrowers through agents
Individual subscribers
..,.
$8, 265, 809. 00
13, 536, 782. 50
44, 430. 00
47, 235. 00
Total capital stock
Reserve
Farm loan bonds authorized
Bills payable (money and bonds borrowed)
Accounts payable (deferred payments on loans in process of closing)..
Reserved for interest on farm loan bonds
Other liabilities
Undivided profits
Total
21, 894, 256. 50
202,175. 00
285, 600,000. 00
115,075. 78
119,166. 07
6,407, 274. 75
361, 327. 87
743, 295. 43
315, 442, 571. 40
MEMORANDA.
Net earnings to Oct. 31, 1919
Carried to reserve account to Oct. 31, 1919
Dividends paid to Oct. 31, 1919
1, 278, 394. 41
$202,175. 00
332,923.98
535,098.98
Undivided profits Oct. 31, 1919,
743,295.43
Capital stock originally subscribed by United States Government
Amount of Government stock retired to date
8, 892,130. 00
626, 321. 00
Capital stock held by United States Government Oct. 31, 1919
8, 265, 809. 00
200
REPORT OF THE COMPTROLLER OF THE CURRENCY.
The number and amount of loans closed by the Federal land
banks in each district and State are shown in the following table:
Loans made by the 12 Federal land banks, in each State and district, from organization
to Oct. 31, 1919.
District and State.
Springfield:
Maine
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut
New York
New Jersey
Number.
Amount.
District and State.
St. Paul:
North Dakota
Minnesota
Wisconsin
Michigan
5,264
3,256
1,884
2,802
$15,912,900
9,921,100
4,455,800
5,093,200
Total
13,206
35,383,000
2,522
2,559
1,635
455
17,766,350
10,770,390
6,568,750
1,026,200
Total
7,171
36,131,690
Wichita:
Kansas
Oklahoma
Colorado
New Mexico
3,147
2,638
2,445
1,881
11,101,500
5,266,900
4,714,600
2,878,900
10, 111
23,961,900
10,643
29,999,156
10,643
29,999,156
2,931
1,483
38
234
9,588,700
4,202,100
172,600
615,500
4,686
14,578,900
2,517
4,116
3,155
4,556
7,178,645
10,102,850
9,188,080
9,825,045
14,344
36,294,620
550
159
324
622
53
410
1,409
244
$1,187,300
333,000
827,450
1,566,155
125,650
1,255,350
4,327,990
810,550
Total
Baltimore:
Pennsylvania
Virginia
West Virginia
Maryland
Delaware
3,771
10,433,445
934
2,484
642
216
12
2,441,200
6,608,250
1,172,150
682,200
24,500
Total
Columbia:
North Carolina
South Carolina
Georgia
Florida
4,288
10,928,300
2,676
1,683
1,008
1,437
4,737,800
4,5421,040
2,625,885
2,536,770
Total
Houston:
Texas
Total
Louisville:
Tennessee
Kentucky
Indiana
Ohio
Total
New Orleans:
Alabama
Louisiana
Mississippi
6,804
14,442,495
Total
Total
St. Louis:
Illinois
Missouri
Arkansas...-.
Total...-
2,058
1,442
2,440
565
5,163,700
3,691,200
8,234,700
1,810,500
6,505
18,900,100
3,493
2,681
6,595
5,892,070
4,310,190
8,465,670
12,769
18,667,930
1,768
2,682
4,924
Omaha:
Iowa
Nebraska
South Dakota...
Wyoming
Berkeley:
California
Utah
Nevada
Arizona
Total
Spokane:
Idaho
Montana
Oregon
Washington
Total
6,841,475
7,223,050
7,531,755
9,374
Number. Amount.
21,596,280
RECAPITULATION.
District.
Springfield..
Baltimore...
Columbia
Louisville
New Orleans
St. Louis
St. Paul
Number. | Amount.
3,771 $10,433,445
10,928,300
4,288
14,442,495
6,804
18,900,100
6,505
12, 769 18,667,930
9,374 21,596,280
13,206 35,383,000 i
District.
Omaha...
Wichita..
Houston..
Berkeley.
Spokane..
Total.
Amount.
$36,131,690
23,961,900
29,999,156
14,578,900
36,294,620
271,317,816
REPORT OF THE COMPTROLLER OF THE CURRENCY.
201
FARM LOAN BONDS.
Two classes of bonds have been issued by the Federal land banks,
namely, 4^ and 5 per cent, the aggregate being $285,500,000, of which
$230,453,700 bear interest at the rate of 4£ per cent and $55,046,300
at the rate of 5 per cent.
In the following table is shown, by districts, the amount of these
bonds authorized, on hand, an"d outstanding on October 31, 1919.
Farm loan bonds, issued by the 12 Federal land banks, authorized, on hand, and outstanding
Oct. 31, 1919.
ih per cent bonds.
Location of
banks.
Authorized.
On
hand | Out(un- | standing.
sold). I
5 per cent bonds.
Authorized.
On
Outhand
(un- standing.
sold).
Total.
Authorized.
On
hand
Out(un- standing.
sold).
$3,250, 000j$10, 750,000
$7,500, 000 $3,250, 000
Springfield
$7. 500,000
810,750,000
2,500, 000 11 250,000
750,000
8, 750, — 2,500, 000
Baltimore
11, 250,000
3,500, 000 16, i500,000 $400 16, 499,600
000,000 $400 12,999,
3,500, 000
Columbia
4,250,
500,000
13,500,
4,250, 000
750,000
Louisville
17, 750,000
5,000,
750,000
13,750,
5,000, 000
750,000
New Orleans...
18, 750,000
6,500,
750,000
17,750,
6,500, 000
250,000
St. Louis
24, 250,000
5,750,
250,000 2,675 30,247,
5,750, 000
000,000 2,675 35, 997,320
St. Paul
3,250,
000,000
36,000,
3,250, 000
250,000
Omaha
39,250,005
3,500,
3,500, 000
500,000
950 21,999,
Wichita
950 25, 499,050
000,000
5,350,
5,350, 000
600,000 37,375 31, 562,620
Houston
250,000 37,375 26,212,
2,750,
12,000,
2,750, 000
750,000
Berkeley
000,000
14, 750,005
9,500, 000 $53,700 9,446, 300' 39; 250,000 58,600 39, 191,400
750,000 "i]900 29,745,
Spokane
Total
230,500,000 46,300 230,453,700 55,100,000 53, 700 55,04P. 300 285,600,000 100,000 285,500,000
FARM LOAN ASSOCIATIONS.
By reference to the following table it will be noted that 3,989 farm
loan associations have been organized, 127 canceled, leaving in
operation 3,862, the number organized, canceled, and in operation
in each State being shown in the following table:
Farm loan associations originally chartered, number canceled, and number operating in
the several States at the close of business Oct. 31,1919.
Connecticut
Maine
Massachusetts (2 canceled)
New Hampshire
New Jersey
New York
Rhode Island
Vermont
Total, first district
Operating
Delaware
Maryland
Pennsylvania
Virginia
West Virginia
Total, second district (operating)
15
16
18
6
17
43
2
11
128
126
1
15
47
76
25
164
202
REPORT OF THE COMPTROLLER OF THE CURRENCY.
Florida (1 canceled)
Georgia (2 canceled)
North Carolina (4 canceled)
South Carolina (2 canceled)
68
67
129
100
Total, third district
Operating
364
355
Indiana
Kentucky (3 canceled)
Ohio
Tennessee (8 canceled)
90
81
36
112
Total, fourth district
Operating
319
308
Alabama (2 canceled)
Louisiana
Mississippi
107
71
141
Total, fifth district
Operating
319
317
Arkansas (7 canceled)
Illinois (6 canceled)
Missouri (4 canceled)
137
113
134
Total, sixth district
Operating
384
367
Michigan (1 canceled)
Minnesota (1 canceled)
North Dakota (3 canceled)
Wisconsin
118
147
170
87
Total, seventh district
Operating
522
517
Iowa
Nebraska (3 canceled)
South Dakota (2 canceled)
Wyoming
136
125
79
22
Total, eighth district
Operating
362
357
Colorado (25 canceled)
Kansas (1 canceled)
New Mexico (21 canceled)
Oklahoma (6 canceled)
Total, ninth district
Operating
131
130
81
119
:
461
408
Texas (9 canceled)
327
Total, tenth district
. Operating
Arizona (1 canceled)
California (12 canceled)
Nevada
Utah (1 canceled)
327
318
9
115
4
60
Total, eleventh district
Operating
Idaho
Montana
Oregon
Washington
Total, twelfth district (operating)
188
174
75
132
91
153
451
REPORT OF THE COMPTROLLER OF THE CURRENCY.
203
SUMMARY.
Springfield (2 canceled)
Baltimore
Columbia (9 canceled)
Louisville (11 canceled). .?>-.
New Orleans (2 canceled)
St. Louis (17 canceled)
St. Paul (5 canceled).
Omaha (5 canceled)
Wichita (53 canceled)
Houston (9 canceled)
Berkeley (14 canceled)
Spokane
128
164
364
319
319
384
522
362
461
327
188
451
Grand total
Canceled
Operating
3, 989
127
3, 862
JOINT STOCK LAND BANKS.
While 26 joint stock land banks have been organized, one, the
California Joint Stock Land Bank of San Francisco, had done no
business up to the close of the year ended October 31, 1919. The
aggregate assets of the 25 banks on that date amounted to $62,917,000,
the principal items being mortgaged loans, amounting to $48,092,000,
United States bonds and other securities $8,486,000, cash on hand
and in banks $3,415,000.
The capital of these joint banks was $7,812,050, surplus $151,415,
reserve $35,231. The assets and liabilities in detail are shown in the
following statement:
Consolidated statement of condition of the joint stock land banks at the close of business
Oct. SI, 1919.
ASSETS.
Mortgage loans
Plus accrued interest
$47, 633, 775. 83
675,056. 80
Subtotal
Less amortization payments
48, 308, 832. 63
216, 016.10
Net mortgage loans
United States Government bonds and securities
Accrued interest on United States bonds
Farm loan bonds on hand (unsold)
Cash on hand and in banks
Banking house
Furniture and
fixtures
Accounts receivable
Other assets
Total assets
$48,092, 816. 53
8, 486, 879. 49
89,163.18
2, 419, 900. 00
3,415, 938. 40
247,000.00
34, 371. 84
60, 554. 00
70,461. 95
62, 917, 085. 39
LIABILITIES.
Capital stock paid in
Surplus paid in
Reserve
Farm loan bonds authorized
Reserved for interest on farm loan b o n d s —
Bills payable (money and bonds borrowed)
Accounts payable
Other liabilities
Excess of earnings over expenses and interest charges
Total liabilities
7, 812,050.00
151,415.00
35, 231. 65
46,405,000.00
1,023,163. 38
6,006, 424. 41
1,084,766.05
365,673.94
33, 360. 96
62, 917, 085. 39
204
REPORT OF THE COMPTROLLER OF THE CURRENCY.
The distribution of loans made by these joint stock land banks is
shown in the following statements both as to number and amounts:
to
Loans by joint-stock land banks closed, from organization OctSl, 1919.
Number.
Amount.
JOINT STOCK LAND BANKS.
Iowa—Sioux City, Iowa:
South Dakota
Iowa
Total
36
77
$334,300
946,900
113
1,281,200
163
619
739,500
1,783,136
782
2,522,636
27
650
168,895
3,318,170
677
3,487,065
610
210
10,369,950
3,025,750
820
13,395,700
295
410
3,431,700
2,886,300
705
6,318,000
3
49
23,500
809,500
52
833,000
34
5
552,500
72,000
39
624,500
289
291
4,409,300
3,131,150
580
7,540,450
181
341
1,334,400
1,331,150
522
2,665,550
15
88
141 550
524,350
103
665,900
12
156
163,150
1,232,050
...i
168
1,395,200
...|
64
924,400
80
278,700
36
39
516,390
440,900
75
957,290
....
Virginian—Charleston, W. Va.:
Ohio
West Virginia
Total
Fletcher—Indianapolis, Ind.:
Illinois
Indiana
Total
First—Chicago, 111.:
Iowa
Illinois
Total
Liberty—Salina, Kans.:
Missouri
Kansas
Total
Mississippi—Memphis, Tenn.:
Tennessee .,. T ,.-.'..- .. T ,
Mississippi
Total
Arkansas—Memphis, Tenn.:
Arkansas
Tennessee
Total
Lincoln—Lincoln, Nebr.:
Iowa
Nebraska
Total
Bankers—Milwaukee, Wis.:
Minnesota
Wisconsin
Total
First—Fort Wayne, Ind.:
Ohio
Indiana
Total
First—Minneapolis, Minn.:
Iowa
Minnesota
Total
Illinois—Monticello, 111.:
Illinois
Montana—Helena, Mont.:
Montana
Fremont—Fremont, Nebr.:
Iowa
Nebraska
Total
'1
REPORT OF THE COMPTROLLER OF THE CURRENCY,
205
Loans by joint-stock land banks closed, from organization to Oct. 31, 1919— Continued.
Number.
Des Moines—Des Moines, Iowa:
Minnesota
Iowa
Amount.
5
41
Total
$100,500
624,600
46
725,100
First Texas—Houston, Tex.:
Texas
55
494,879
Peters—Omaha, Nebr.:
Iowa
Nebraska
2
14
28,000
167,500
16
195,500
3
13,000
4
21
55, 500
451,500
25
507,000
3
10
158,000
18,000
13
176,000
90
80
1,118,600
848,750
170
1,967,350
29
327,450
8
5
54,000
17,400
13
71, 400
26
11
225,100
37,400
37
262,5(30
Total
Colonial—Norfolk, Va.:
Virginia
Central Iowa—Des Moines, Iowa:
Minnesota
Iowa
Total
Virginia-Carolina—Norfolk, Va.:
Virginia
North Carolina
Total
Southern Minnesota—Redwood Falls, Minn.:
Minnesota
South Dakota
Total
Dallas—Dallas, Tex.:
Texas
Union—Richmond, Va.:
Virginia
North Carolina
.
Total
Guarantee—Wichita, Kans.:
Kansas
Oklahoma
Total
San Antonio—San Antonio, Tex.:
Texas
Grand total.
. . .
1
4,000
5,188
47,633,775
BUILDING AND LOAN ASSOCIATIONS IN THE UNITED STATES.
Through the courtesy of Mr. H. F. Cellarius, secretary of the United
States League of Local Building and Loan Associations, this office
is able to present herewith the latest official information in relation
to building and loan associations in the country. The table following shows the number of associations, their membership, and assets
up to the close of the year 1918.
It will be seen that there are 7,249 associations in the 40 States
named, and 235 in the other States not reported separately, making
a total of 7,484 associations with membership of 4,011,401, and total
assets of $1,898,344,346. Compared with the prior year this is an
increase in membership of 172,789, and an increase in assets of
206
REPORT OF T H E COMPTROLLER OF T H E CURRENCY.
$129,202,171. The average amount due each member in 1918 was
$473.23, and in 1917, $460.37.
The most notable increases in assets of the associations of the
various States for the year 1918 were as follows: Ohio, $37,800,000;
Pennsylvania, $30,700,000; Massachusetts, $13,500,000; Illinois,
$6,183,000; Wisconsin, $3,400,000; New York, $2,945,000; Iowa,
$2,746,000; Nebraska, $2,600,000; Oklahoma, $2,580,000; Missouri,
$2,490,000; Indiana, $2,355,000; Michigan, $2,264,000; Kansas,
$2,157,000. There were decreases in assets of these associations in
only four States, but in each to a relatively small amount.
The following table shows by States the number and membership
of associations, the total assets, and the increase or reduction in
assets and membership during the year named.
Statistics for 1918—Building and loan associations.
States.
Ohio
Pennsylvania
New Jersey
Massachusetts
,
Illinois
New York
Indiana
Nebraska
,
Maryland
,
Michigan
California
Missouri
Kentucky
Kansas
Louisiana
,
District of Columbia,
Wisconsin
North Carolina
Iowa
Arkansas
Washington«
,
Oklahoma
West Virginia
Minnesota
Colorado
Maine
Rhode Island
Connecticut
South Carolina
Alabama
Oregon
New Hampshire
South Dakota &
Tennessee
North Dakota
Texas
Montana
New Mexico
Arizona
Vermont
Other States
Total
Number
Total
of associa- membertions.
ship.
723
2,124
792
186
681
249
346
73
590
70
86
158
122
74
64
20
79
133
57
42
37
44
52
64
38
38
8
22
134
8
10
22
14
12
10
25
18
13
4
7
235
7,484
Total assets.
Increase
Increase in in membership.
assets.
$359,559,538
355,000,000
169,308,867
140,201,034
119,712,407
89,017,871
80,468.883
57,151,546
41,782,242
37,923,798
37,120,999
29,260,489
28,439,546
28,157,391
27,586,719
24,250,684
23,365,389
19,453,000
12,385,755
12,234,608
10,287,315
9,134,704
8,890,789
8,890,021
7,823,972
7,251,168
6,377,469
5,250,000
M , 816,301
4,257,463
4,198,083
3,682,699
3,603,836
3,070,181
2,911,970
2,484,957
2,094,836
1,454,728
802,699
352,055
108,328,334
$37,818,009
30,734,607
1,092,954
13,505,997
6,183,882
2,945,042
2,355,966
2,605,916
(2)
2,264,438
1,192,552
2,490,345
1,354,264
2,157,224
1,674,791
1,850,689
3,478,021
1,845,000
2,746,903
1,651,161
14,156,862
2,580,529
771,658
189,621
1,134,989
579,929
439,033
380,252
(2)
1137,573
74,852
170,030
244,901
i 14,548
(2)
64,264
6,865,950
331
50
375
1,202
i 30
(2)
41
10,322
4,011,401 1,898,344,346
129,202,171
172,789
842,754
725,000
348,805
247,224
240,000
200,111
198,418
104,363
87,963
82,565
40,409
55,147
63,266
64,679
50,366
38,951
54,393
40,000
35,440
21,386
39,944
19,800
23,530
21,800
15,483
15,057
12,205
15,000
13,500
10,460
10,204
8:642
5,857
5,497
5,835
7,531
5,441
3,515
2,400
790
227,670
75,654
47,089
19,742
1501
16,800
540
13,991
2,434
(2)
()
346,627
1
Decrease.
2 Included in other States.
« Washington Savings & Loan Association, Seattle, with net assets, 1917, of $6,354,280, converted to
Mutual Savings Bank, not included. Actual increase in assets $2,197,427.
« Dues paid in as per report to Comptroller General,
» Report issued biennially. Figures 1917 used.
REPORT OF THE COMPTROLLER OF THE CURRENCY,
207
RECEIPTS AND DISBURSEMENTS, BUILDING AND LOAN ASSOCIATIONS
FOR 1918.
Aggregate receipts of the building and loan associations for 1918
were $1,325,313,352, an increase of $104,712,694 over the previous
year. The weekly dues for the year increased $61,758,882 and
deposits $20,506,927, while the paid-up stock decreased $735,634.
Mortgage loans decreased $11,802,655, and there was an increase
in stock withdrawals of $37,122,734 and of deposits of $28,131,857,
Total expenses of management were $10,319,842, or a trifle less than
eight-tenths of 1 per cent of the total receipts.
The raceipts and disbursements for the year 1918 are shown in the
following statement:
Receipts and disbursements for 1918.
RECEIPTS.
Cash on hand Jan. 1, 1918
Weekly dues
Paid-up stock
Deposits
Loans repaid
Interest...
Premium
Fines
Pass-books and initiation
Borrowed money
Real estate sold
Miscellaneous receipts
$65,821, 255
434,152, 308
49, 577,180
136, 561, 915
337,049, 934
108,051, 292
5,025,119
1, 625,113
966,081
106, 688, 294
9, 855, 524
69, 939, 337
Total receipts
1,325,313,352
DISBURSEMENTS.
Pass-book loans
Mortgage loans
Stock withdrawals
Paid-up stock withdrawals
Deposit withdrawals
Expenses
Borrowed money
Interest
Real estate purchased
Miscellaneous disbursements
Cash on hand Jan. 1, 1919
Total disbursements
42, 964, 393
480, 292, 037
341,153, 906
53, 898, 333
120,460, 565
10,319,842
103,183,442
3, 489, 874
12, 266, 982
95, 020, 432
62, 263, 546
1, 325, 313, 352
DISTRICT OF COLUMBIA.
ALL FINANCIAL INSTITUTIONS IN THE DISTRICT OF COLUMBIA.
On June 30, 1919, there were 64 financial institutions in the District of Columbia, consisting of 14 national banks, 6 trust companies,
24 savings banks, and 20 building and loan associations. The aggregate resources of these institutions were $236,286,000, as compared
with $205,488,000 on June 29, 1918, while the total capital was
$19,956,000, compared with total capital a year ago of $19,394,000.
Individual deposits were $165,764,000, or $28,108,000 in excess of the
individual deposits reported a year ago.
208
REPORT OF THE COMPTROLLER OF THE CURRENCY.
The following table shows the number, capital, individual deposits,
and aggregate resources of each class of institutions doing business in
the District of Columbia on June 30, 1919:
Number.
National banks
Loan and trust companies
Savings banks
Building and loan associationa.
14
64 !
Total
Capital.
$7,427,000
10,400,000
2,129,000
19,956,000
Individual
deposits. 2
Aggregate
$70,562,000
52,208,000
20,407,000
22, 587,000
$112,668,000
73,057,000
24,862,000
25,699,000
165,764,000
236,286,000
1
1
Share payments mainly.
2 Amounts due to banks, cashiers' checks, and certified checks not included.
BUILDING
AND LOAN
ASSOCIATIONS
IN THE DISTRICT OF
COLUMBIA.
The growth of building and loan associations in the District of
Columbia subsequent to March 4, 1909, when these associations were
placed under the supervision of the Comptroller of the Currency, with
regard to the amount of loans, the value of shares of stocks and
aggregate resources, is shown in the following table for the years
ending June 30, 1909 to 1919, inclusive:
Years.
Number
of associations.
June 30—
1909
1910
1911
1912
1913
1914
1915
1916
1917
1918
1919
. . .
.
. . . .
'22
19
19
20
20
20
20
19
19
20
20
Loans.
$13,511,587
14,415,832
14,965,220
16,004,700
17,398,010
18,582,156
19,524,065
20,186, 662
20,951,089
21,567,904
23,654,000
Installments
on shares.
$11,996,357
13,213,644
13,324,217
14,529,977
16,453,044
17,113,899
17,866,337
18,668, 808
19,413,266
20,252,005
22,463,000
Aggregate
resources.
$14,393,927
15,250,731
16,017,405
17,100,293
18,438,294
19,029,260
20,655,614
21,611,007
22,264,005
23,215,027
25,699,000
While the number of building and loan associations has remained
practically the same, it appears by reference to the preceding table
that the resources of these institutions have shown a steady and consistent increase within the period referred to, the aggregate resources
on June 30, 1919, amounting to $25,699,000. The amount invested
in loans on June 30, 1919, was $23,654,000 or $2,086,096 in excess
of the amount reported on June 30, 1918.
SAVINGS BANKS IN THE PRINCIPAL COUNTRIES OF THE
WORLD.
From the latest official reports the Bureau of Foreign and Domestic
Commerce, Department of Commerce, compiled the statement following relating to the number of depositors, deposits, average deposit
account, and average deposit per inhabitant in the various classes
of savings banks in the countries specified. To this table has been
added the latest data obtained by the Comptroller of the Currency
in relation to postal and other savings banks in the United States
for the year 1919.
Savings banks, including postal savings hanks: 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.
Argentina.
Population. 1
8,574,000
Austria
28,763,000
Belgium....
Bulgaria
Chile
Denmark 2.
Finland."!.!
4,338,000
3,790,000
2,921,000
12,710,000
3,301,000
France
.
Algeria.
Tunis..
Germany3..
39,602,000
5,564,000
1,953,000
66,715,000
Hungary...
21,410,000
Italy
36,546,000
Japan
55,736,000
Formosa.
Chosen...
Luxemburg..
Netherlands..
16,998,000
268,000
Dutch East Indies *
Dutch Guiana
Dutch West Indies.
7,571,000
3,633,000
6,583,000
47,956,000
89,000
57,000
Date of
report.
Oct. 18,1917
Dec. 31,1913
Dec. 31,1917
....do......
Dec. 31,1912
....do
Dec. 31,1911
Dec. 31,1915
Mar. 31,1917
Dec. 31,1917
/Dec. 31,1915
\Dec. 31,1916
f
do
\Dec. 31,1917
Dec. 31,1913
Dec. 31,1917
Dec. 31,1916
Dec. 31,1909
Dec. 31,1917
Dec. 31,1913
Dec. 31,1914
LApr. 30,1917
r
Dec. 31,1916
LMar. 31,1917
r
Dec. 31,1912
Mar. 31,1917
Mar. 31,1918
Mar. 31,1914
/Dec. 31,1915
\Dec. 31,1917
/Dec. 31,1914
\Dec. 31,1917
Dec. 31,1915
Dec. 31,1916
Form of organization.
Postal savings banks...
Communal and private savings banks
Postal savings banks, savings department.
Postal savings banks, check department..
Government savings banks
Communal and private savings banks
Postal savings banks
Public savings banks
Communal and corporate savings banks...
Postal savings banks
Private savings banks
Postal savings banks
Private savings banks
Postal savings banks
Municipal savings banks
Postal savings banks
Public and corporate savings banks
Communal and private sayings banks
Postal savings banks, savings department.
Postal savings banks, check department..
Communal and corporate savings banks...
Postal savings banks
Private savings banks
Postal savings banks
Private savings banks
Postal savings banks
do.
State savings bank
Private savings banks..
Postal savings banks...
Private savings banks..
Postal savings banks...
do
....do
Number of
depositors.
212,881
385,064
495,584
150,240
013,296
49,794
312,462
631,483
314,744
203,260
383,164
85,538
922,365
600,496
20,440
1,600
27, 205,927
1, 149,251
1, 069,878
25,630
2, 473,216
6. 472,442
9: 705,600
13; 893,367
8,065
292,851
253,501
76,808
512,060
765,475
5,740
152,795
10,750
4,580
Deposits.
$4,187,248
1,291,041,227
57,235,850
418,823,510
204,147,391
11,854,503
8,797,965
22,673,604
249,396,331
3,382,528
69,436,208
2,986,873
591,352,006
280,866,272
1,098,288
1,245,599
5,105,989,882
428,023,064
58,261,000
23,286,942
491,464,209
431,922,457
99,759,850
154,787,982
172,732
1,959,675
5,977,616
12,597,471
48,650,442
87,448,668
889,304
4,974,951
332,579
97,253
Average Average
deposit deposit
per inaccount. habitant.
$19.67
294.42
22.93
2,787.70
67.75
238.07
28.16
35.91
189.69
16.64
181.22
34.92
74.64
42.55
53.73
778.50
187.68
372.44
54.46
198.71
66.73
10.29
11.14
21.42
6.69
4.77
164.01
95.01
49.53
154.93
32.56
30.94
21.23
$0.49
44.89
1.99
14.56
26.96
1.57
2.03
5.98
85.38
.27
21.04
.90
14.93
7.09
.20
.64
76.53
19.99
2.72
1.09
13.45
11.82
1.79
2.78
.05
.54
.35
47.01
7.39
13.28
.02
.10
3.74
1.71
n
O
• o
o
Hi
3
o
W
o
1
The figures of population are for the nearest date to which the statistics of savings banks relate.
2 Exclusive of 2,804 deposits of $443,154 in savings banks in Faroe Islands and 196,258 savings deposits of $47,456,285 in ordinary banks,
a Exclusive of Brunswick.
* Exclusive of data for three large private savings banks in Batavia, Soerabaja, and Macassar, and the small banks of Amboina and Menado.
to
O
CO
Savings banks, including postal savings banks: Number of depositors, amount of deposits, average deposits per deposit account and per inhabitant, by to
specified countries—-Continued.
o
Country.
Population.*
Bate of
report.
Form of organization.
Number of
depositors.
Deposits.
Average Average
deposit deposit
per inaccount. habitant.
j
n
O
Norway
Jtoumania
Eussia *
Spain 2
*
Sweden
Switzerland
United Kingdom 3
British India *
Australia
New Zealand
Canada &
British South Africa •
British West Indies
British colonies, n. e. s
Total, foreign countries...
United States
Grand total
2,517,000 Dec. 31,1916
6,866,000 July 1,1910
178,905,000 Mar. 1,1917
31,1917
20,500,000 /Dec.do
\
/Dec. 31,1916
5,758,000 \Dec. 31,1917
3,880,000 Dec. 31,1915
20,1916
43,661,000 /Nov. 31,1916
\Dec.
244,268,000 Mar. 31,1916
5,030,000 Dee. 31,1918
1,108,000 / . . . . d o
\Mar. 31,1919
31,1917
8,361,000 /Mar.do
\
7,878,000 1915-16
1,812,000 1915-16
25,430,000 1915-16
Communal and private savings banks.
Government savings banks
State, including postal savings banks..
Private savings banks
Postal savings banks
Communal and trustee savings banks..
Postal savings banks
Communal and private savings banks.
Trustee savingsbanks
Postal savings banks
do.
Government and private savings banks
Postal savings banks
Private savings banks
Postal savingsbanks
Dominion Government savings banks
Government and post-office savings banks.
do
....do
931,072,000
106,736,000 /June 30,1919
\
do
Postal savings banks
Mutual and stock savings banks.
1,037,808,000
334,485
218,600
488,000
812,658
228,444
893,901
616,452
025,491
015,894
746,821
660,424
830,593
590,195
89,203
135,142
30,277
261,100
69,486
265,153
§255,228,079
11,616,820
2,133,233,000
107,936,311
7,182,571
323,544,968
17,220,327
297,428,628
261,739,826
957,022,331
49,707,248
568,342,188
162,629,305
15,142,256
42,582,479
13,633,610
28,940,049
4,405,679
14,365,861
$191.26
53.12
170.82
132.82
31.44
170.84
27.93
146.84
129.84
64.90
29.94
200.79
275.55
169.75
315.09
450.30
110.84
63,40
54.18
$101.40
1.69
11.92
130,172,665
565,509
11,434,881
15,447,022,916
5,902,577,000
118.67
295. 88
516.19
16,59
1.57
55.30
142,173,055
21,516,923,176
151.34
20.73
167,323,260
* The total is exclusive of $769,307,000 worth of securities held by the savings banks to the credit of depositors.
2 The peseta has been converted at the rate of 22.75 cents.
« 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.
4 Exclusive of the population of the feudatory States.
c Exclusive of savings deposits in chartered banks and special private savings banks.
a At the end of 1912 the private savings banks held deposits of $4,271,955.
5.21
.35
56.19
2 99
76.'66
5.99
21.92
.20
112.99
146.78
13.67
5.09
w
a
o
g
3
1.63
3.67
2.43
,56
a
REPORT OF THE COMPTROLLER OF THE CURRENCY.
211
A CENTURY OF BANKING IN THE UNITED STATES.
A statement showing the resources and liabilities of the first bank
of the United States for 1809 and 1811, and a similar statement with
reference to the second bank of the United States for the years 1817
to 1840, inclusive, are published in volume 2 of this report.
Data, relative to the capital, circulation, deposits, etc., 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 all banks in the United States from 1834 to 1863, may be found
in the same volume. Statements showing the condition of State
banks, savings banks, private banks, and loan and trust companies,
separately and by States, are also published in volume 2 of this report.
CONCLUSION.
I take pleasure in bearing testimony to the fidelity, zeal, and
efficiency with which the officers and employees generally, of this
bureau, including the force of national bank examiners and their
assistants have, during the past year, performed the important
and responsible duties entrusted to them. The work of the bureau
has increased enormously in the past few years, and, in order to
keep up with their tasks, our forces have been called upon for long
hours and much extra work for which, under the law, they have
received no additional compensation. One result of these conditions
of small pay and heavy service has been numerous resignations and
it has been no easy matter to fill properly vacancies on a basis of
compensation so much less than is being paid in commercial life,
with the cost of living as high as it is to-day.
I think it only just that I should repeat specially, in this report,
the recommendations which I have heretofore made that the salaries
of the two Deputy Comptrollers of the Currency should, as a matter
of fairness and justice, be materially increased. The salary of the
First Deputy Comptroller is $3,500 per annum and the Second
Deputy $3,000. The salary of the First Deputy has not been
increased since February, 1905, and the salary oi the Second Deputy
has not been raised since the creation of the position, May 22, 1908,
when the labor and responsibilities of these offices were a mere fraction of what they are to-day.
At the time when the salary of the senior deputy was fixed in 1905,
the number of national banks under the supervision of the bureau
was 5,528, the total resources of these banks were $7,117,800,000.
To-day the number of national banks in operation is nearly 8,000
and tneir resources $22,444,000,000, or nearly three times the figures
of 1905.
In 1905 this bureau received and abstracted approximately 28,373
reports of condition. The number of such reports received and
analyzed at the present time is approximately 48,000 per annum, and
the present reports are twice as voluminous as those of 1905.
The number of national bank examinations conducted by the
bureau in the same period has been increased from approximately
11,000 to about 16,000 examinations per annum, and these examinations are probably 100 per cent more thorough and efficient than
those of former years.
212
REPORT OF THE COMPTROLLER OF THE CURRENCY.
The total amount of currency issued and redeemed in the year
1905 was $477,954,830. In the year ending October 31, 1919, the
aggregate amount of national and Federal reserve currency issued
and redeemed through the Comptroller's bureau was $4,635,885,010—
the volume issued and redeemed in the last fiscal year being approximately 1,000 per cent of the amount issued and redeemed in 1905,
The correspondence of the office has also, of course, increased enormously, and it is believed that the efficiency of the service performed
by the bureau will be sufficiently evidenced by the results which
have been set forth in the preceding pages of this report.
The usual statements showing m detail the condition of each
national bank in the United States at the time of the autumn call,
together with the customary digest of court decisions relating to
national banks, and much additional special and general statistical
data are presented in volume 2 of this report.
Respectfully submitted*
JOHN SKELTON
The SPEAKER OF THE HOUSE OF REPRESENTATIVES.
WILLIAMS.
INDEX.
ACCEPTANCES. (See Bank acceptances.)
AMENDMENTS. (See also Legislation enacted relating to national banks; Comptroller's recommendadations for new legislation.)
Page.
Comptroller'srecommendationsfor
145
Consolidation ofnationalbanks
135
Corporations to do foreign banking business, organization o f, authorized
140
Federal Reserve Act
137
Gold certificateslegaltender
140
Investments by national banks in stock of certain corporations
" 13s
Limit afliability ofnationalbanks
140
Limit ofloans bynationalbanks
138
National bank currency
136
AMERICAN SECURITIES. (See also Domestic and foreign securities.)
Purchases of, from foreign holders by investors in this country
11
ASSESSMENTS. (See also Failure ofnationalbanks).
Imposed and realized from shareholders of insolvent national banks
117-118
ASSETS OF NATIONAL BANKS. (See also Condition ofnationalbanks.)
Comparison of, by States, 1899 and 1919
22
Comparison of, 1918 and 1919
20
Diagram showing growth of
Face 22
Diffusion of wealthand creditshown by
26
Growth of, five-year periods, from 1899
21
Growth of,since 1913
24
BANK ACCEPTANCES:
Development of, during the year
73
Nationalbank, duringyear
50
BANK CURRENCY. (See also Federal Reserve bank notes; National bank circulation.)
National, Federal Reserve notes, and Federal Reserve bank notes, printed, issued, redeemed
and in vaults, year ending Oct. 31,1919
135
BANK OFFICERS CONVICTED OF CRIMINAL VIOLATIONS OF LAW:
"'
Department of Justice report on
List of convictions
Officers and employes convicted
157
- . 158
158
BANK PREMISES AND OTHER REAL ESTATE OWNED BY NATIONAL BANKS.
(See also Condition of
national banks.)
Amount and percent of
BANKING POWER OF THE UNITED STATES. (See also Banking powder of world.)
Comparison of, in 1890,1918, and 1919
Division of, by Statesand geographical divisions
Striking comparisons of
70
16
26
28
BANKING POWER OF "WORLD:
Comparison of, in 1890,1918, and 1919
16
BANKS I N THE UNITED STATES:
Comparison of National and State
Condition of, 1803 to 1919
Number of Nationaland State in each State
Power of
Vast growth of national
BANKS OTHER THAN NATIONAL:
24
187
181
16
21
m
Abstracts of reports of condition of, by States, June 30,1919
Comparativestatement of, including national banks
Comparative statement of, including national banks, 1918-19
Comparison of nationaland
Consolidated returns from June, 1915 to 1919
Resources and liabilities of each class, June 30,1919
Summary of combined returns on June 30,1919
Summary of, including national banks, June 30,1919
BILLS PAYABLE. (See also Condition of national banks.)
Amount of, national banks date of each report during the year
171
175-176
177
24
161
160
159
179
42
213
214
INDEX.
BONDS, SECURITIES, ETC., OWNED BY NATIONAL BANKS.
(See also Condition of national tanks.)
Page.
Comparison of amount of, during the year
BONDS AND MONEY BORROWED BY NATIONAL BANKS.
40,54
(See also Condition of national tanks.)
Comparative statement of, for the year
41,73
BORROWERS:
Loans by national banks to, according to location of
feoans by national banks to other bank
BRANCH BANKS.
82
46
(See Branches of national banks; Federal Reserve banks; Legislation recom-
mended.)
B UILDING AND LOAN ASSOCIATIONS IN THE UNITED STATES:
Condition of, i n District of Columbia, 1909-1919
Number, membership, and assets of, b y States
Receipts and disbursements of
BY-LAWS. (See also Comptroller's recommendations.)
Standardization of, recommended
208
206
207
149
CAPITAL OF NATIONAL B A N K S :
Amount and increase of, by States, from 1899 to 1919
Amount of, associations chartered i n each State year ending October 31,1919
Banking power, including.
Diagram showing growth of, since 1874
Growth of, indicated.
Increase of
Increases and reductions, by States, year ending October 31,1919
Percentage of, to aggregate liabilities of
CAPITAL, S U R P L U S , AND UNDIVIDED PROFITS OF NATIONAL B A N K S .
22
103
16
Face 24
Face 22
25
112
75
(See also Capital of n a t i o n a l
banks.)
Comparative statement of, for the report year
Diagram relative t o
Increases and reduction of capital during the year
Relation of
CASH IN B A N K S . (See also Condition of national banks.)
Amount of each kind in national and S t a t e banks J u n e 30,1919
Amount of, i n all reporting banks, 1863-1919
I n national banks in each State, November 17, 1919
72
Face 24
96
75
189
186
36
CENTURY OF BANKING I N THE U N I T E D STATES:
Reference to
CERTIFICATES OF DEPOSIT.
National bank
211
(See also Condition of national banks.)
4J^.
CERTIFICATES OF INDEBTEDNESS OF THE U N I T E D STATES.
(See also L i b e r t y b o n d s , etc.)
Owned and loaned on b y national banks December 31, 1918, and March 4,1919
56,59
CHANGES OF TITLE OF NATIONAL BANKS:
Incident to consolidations
Lists of associations concerned in, year ending October 31, 1919
114
113
CHARGE TICKETS:
Recommendation relative to signing
CHARTERS OF NATIONAL BANKS.
Extensions of
Number of, applied for, granted, and refused
CIRCULATION O F NATIONAL BANKS.
Ill
96
(See also National b a n k circulation.)
Outstanding a t date of each report during the year, b y reserve cities, etc
CLEARING HOUSE.
151
(See also Organization of national banks.)
72
(See also Clearing-house associations.)
Exchanges for, in national banks
41,72
CLEARING HOUSE ASSOCIATIONS:
Comparison of transactions of, in Federal reserve bank cities and elsewhere, 1918-19
New York association's transactions
Summary of transactions of
«
Transactions of Assistant Treasurer of the United States a t New York with
CLEARINGS. (See Clearing-house associations.)
195
195
194
195
COAL:
Production of, less in 1919 than in 1918
COIN AND COIN CERTIFICATES. (See Cash in banks; Money in t h e United States.)
9
COIN AND OTHER MONEY I N THE U N I T E D STATES. (See Money in t h e U n i t e d States.)
COMPTROLLER'S RECOMMENDATIONS FOR N E W LEGISLATION:
Allowing banks t o deduct United States bonds from taxable assets
Assessment of penalties for violations of law b y directors
Authorizing comptroller t o proceed against directors for losses resulting from violations of law
Authorizing special interest charges on small loans
152
147
146
147
INDEX.
COMPTROLLER'S RECOMMENDATION FOR NEW LEGISLATION—Continued.
Authorizing national banks to establish branches in the United States and insular possessions..
Authorizing Treasurer of the United States to sell circulating bonds of banks in liquidation
Insuring or guaranteeing deposits in national banks
Limiting direct and indirect loans to one interest
Limiting interest paid on deposits
Limiting deposits to fixed proportion of capital, etc
. Limiting investment in bank building
Prohibiting officers of banks from borrowing from their own banks
Providing penalty for making excessive loans
Preventing delays in taking oath by directors
Providing that suits against usurers be brought by Department of Justice
Preventing or limiting overdrafts
Preventing wild-cat banking in the District of Columbia
Preventing erasures on books of bank
Permitting continued use of bank-note plates on extension of charter
Providing penalty for making false statements in order to obtain credit from national bank
Providing punishment for breaking and entering into national bank for purpose of theft, etc
Providing for vacations and rotation of bookkeepers, etc
Removal of directors guilty of persistent violations of law
Requiring certificates of deposit to be signed by two officers
Requiring officers of banks to give surety bonds
Requiring two signatures on all "charge tickets "
Requiring long dormant balances to be deposited in the United States Treasury
Standardization of by-laws
Surety bonds
215
Page.
150
151
152
145
148
148
150
145
146
147
147
148
148
149
149
150
150
151
146
149
148
151
151
149
148
CONCLUSION:
Comparison of condition of work in the Currency Bureau..'.
Recommendations relative to the personnel of the bureau
Reference to officers and employees of the Currency Bureau and examining force
211
211
211
CONDITION OF NATIONAL BANKS:
Assets and liabilities at date of each report year ended September 12,1919
Bills receivable eligible for rediscount with Federal reserve bank
Loans and discounts classified
Principal items of resources and liabilities of, by States
40
43
42
36
CONSOLIDATION OF NATIONAL BANKS:
Changes in capital, surplus, and undivided profits, extent of
Consolidated banks under act of November 7, 1918
Provisions of act of November 7, 1918, relative to ^.
97
98
97
COPPER:
Production in 1919 and 1918
9
CORRESPONDENTS :
Loans placed for account of, by 600 national banks in principal cities December 31,1918
78
COTTON:
Production in 1919 less t h a n 1914
9
COUNTRY'S LARGEST BANKS:
Decentralization of banking power as indicated by
Location of
Number of, in 39 States
33
33
34
CRIMINAL VIOLATIONS OF LAW:
Bank officers convicted of
15S
CRUDE MATERIAL:
Comparison of value of, and finished products
CREDITORS OF INSOLVENT NATIONAL BANKS. (See also Failure of national banks.)
Claims of and dividends paid to
11
110
CURRENCY B U R E A U :
Expenses of
•
Work of, increased enormously
125
211
COMMERCIAL AND FINANCIAL CHRONICLE:
Rates for money reported by
Sterling exchange rates reported by
D E B T OF THE UNITED STATES. (See Interest-bearing debt of the United States.)
192
193
DEPARTMENT OF JUSTICE:
Convictions of national bank officers for violations of law reported by
Relative to suits by, against national banks in usury cases
157
147
DEPOSIT ACCOUNTS:
Demand, time, and interest bearing, in national banks
Number of, classified
30
30
216
INDEX.
DEPOSITS. (See also Condition of national banks; Deposit accounts; State banks, etc.)
Classification of individual, in all reporting banks
Credited by national banks to other banks
- Demand, time, and interest-bearing, in national banks
Individual, in all reporting banks, June 30,1919
Page,'
188
86
30
188
DEPOSITS IN NATIONAL BANKS:
Demand and time, at date of each report during year
Dormant legislation relative to, recommended
Held December 31,1918, by 600 national banks in reserve and other cities
Postal savings
Relative to capital of
United States
DEPOSITS WITH FEDERAL RESERVE BANKS.
.'
73
151
86
75
75
73
(See also Reserve.)
National bank, amount and changes quarterly from December, 1914, to December, 1919
41,71
DEPOSITORS AND SHAREHOLDERS OF NATIONAL BANKS:
Profiting by observance of law and regulations by directors and officers
DEPOSITORS IN NATIONAL BANKS. (See also Depositors and shareholders of national banks; Deposits
in national banks.)
Number and increase of, 1910 to 1919
Number of accounts of, classified, June 30,1919
23
29
30
DIAGRAMS:
Exhibiting growth in resources, capital and deposits of national banks
Increased stability and safety of national banks
Net earnings of national banks
Face 22
Face 24
Face 25
DIGEST OF COURT DECISIONS IN BANK CASES:
Liability of directors of national banks
Retention of part of loan as deposit usurious
153
155
DISTRICT OF COLUMBIA:
Building and loan associations in, 1909-19
Number, capital, deposits, and aggregate resources of financial institutions in
Summary of financial institutions in
DIVIDENDS. (See also Earnings and dividends of national banks; Failure of national banks.)
Earnings and, of national banks—
Paid to creditors of insolvent national banks during the year and since 1865
208
208
207
25
116-118
DOMESTIC AND FOREIGN SECURITIES HELD BY NATIONAL BANKS:
Classification of amount held in June, 1914, to 1918
55
DUE FROM BANKS TO NATIONAL BANKS:
Comparative statement of, during the report year
41,70
DUN'S COMMERCIAL AGENCY:
State bank failures reported by
23
EARNINGS OF NATIONAL BANKS:
Diagram exhibiting
Disposition of, years ended June 30,1918 and 1919
Dividends paid
Gross and net
EMPLOYEES OF CURRENCY BUREAU.
Face 25
26
26
7
(See Currency Bureau.)
EUROPEAN COUNTRIES:
Demand for American products by
Exports, American products to
Exports and imports annually, 1914 to 1919
Require crude material and machinery
EXCHANGES. (See Condition of national banks; Clearing house associations.)
11
11
17
11
EXPORTS AND IMPORTS:
Merchandise, gold and silver, 1914-1919
17
EXPIRATIONS AND EXTENSIONS OF CHARTERS OF NATIONAL BANKS:
Extensions by States, 1882 to 1919
Reextensions, 1902 to 1919
EXPIRATIONS OF CHARTERS. (See Expirations and extensions of charters of national banks.)
Ill
112
FAILURE OF NATIONAL BANKS:
Associations organized, liquidated, and failed, by States, year ending October 31, 1919
115
Causes of failures
118
Comparative statement relative to assets, etc., of closed and active receiverships, from 1865 to
1919
117
Diagram relative to
Face 24
Dividends to creditors and expenses of receiverships
116
Increasing immunity from
7,23,114
INDEX.
217
FAILURE OF NATIONAL BANKS—Continued.
Page.
Number and assets of associations in charge of receivers
Number of associations restored to solvency
Receiverships closed during the year ended October 31,1919
-
116
116
118
FALSE FINANCIAL STATEMENTS TO NATIONAL BANKS:
Legislation recommended relative to punishment for
FARM LOAN ASSOCIATIONS. (See Federal Farm Loan System.)
FARM LOAN BONDS. (See Federal Farm Loan System.)
150
FEDERAL FARM LOAN SYSTEM:
Consolidated statement of the 12 Federal land banks, October 31, 1919
Farm loan bonds issued
Farm loan associations chartered, canceled, and in operation, by States
Loans made by Federal land banks, by districts
Loans made by joint-stock land banks
FEDERAL RESERVE AGENTS. (See Federal reserve banks; Federal reserve cities; Federal Reserve
System.)
FEDERAL RESERVE BANKS. (See also Federal Reserve System.)
Assets and liabilities of, in November, 1914 to 1919
Bills discounted and purchased bills held
Bills discounted secured by Government war obligations
Clearings of New York banks settled through
Location of branches of
Condition of, monthly June, 1917, to November, 1919
National bank deposits with, on various dates, 1914 to 1919
Ratio of war paper to total bills held
,
199
201
201
200
204
39
135
135
195
39
40
71
135
FEDERAL RESERVE BANK NOTES:
Issues of, by denominations, to each bank, up to and including October 31,1919
Printed, issued, and on hand, by denominations, for each bank, to October 31,1919
FEDERAL RESERVE BOARD. (See also Federal Reserve System.)
Discount rates approved by
FEDERAL RESERVE CITIES. (See also Clearing-house associations.)
Clearing of banks in
132
133
192
195
FEDERAL RESERVE NOTES:
Amount outstanding and amount secured by gold and other securities, weekly, November 20,
1914, to November 28, 1919
Printed, shipped, and on hand, by denominations, for each bank, to October 31, 1919
FEDERAL RESERVE SYSTEM. (See also Federal reserve banks.)
Branches of Federal reserve banks
Condition of Federal reserve banks, monthly, June, 1917, to November, 1919
Development of Federal reserve banks as shown by cities in November, 1914 to 1919
Successfully met every test and strain
127
129
39
40
39
39
FOREIGN BALANCES:
Foreign stock of gold inadequate to settle
Impossibility of settlement of, in gold
FOREIGN BANKING AFFAIRS:
11
11
" •
Organization of corporations to engage in, authorized
140
FOREIGN BRANCHES OF NATIONAL BANKS*.
Location and condition of
93
FOREIGN EXCHANGE:
Cause of shrinkage of
Duty of foreign countries to restore value of.
Essentials to restoration of
Meaning of shrinkage in value of
Shrinkage in value of
:
14
14
14
13
13
FOREIGN GOVERNMENT BONDS:
Owned by national banks
55,70
FOREIGN SAVINGS BANKS:
Statistics relative to
208
FOREIGN TRADE:
Balances, collectible in gold
:
Balance paid in money borrowed f rom United States and for which we hold bonds
Exports and imports, 1914 to 1919
Favorable balance
11
10
17
10
218
INDEX.
GERMANY:
Page.
Action necessary to reestablish credit
Internal debt of
Prewar surplus income of
Subordination of internal debt to obligations due allied nations
15
15
15
15
GlLPIN, W . J., MANAGER OF NEW YORK CLEARING HOUSE:
Clearing house transactions reported by
194
GOLD:
Exports of
Imports of
Output in 1918 and 1919
Stock of, in the world
-
17
10
9
18
GOLD CERTIFICATES:
Act making legal tender
140
GROWTH OF BANKS, 1863 TO 1919:
Principal items of resources and liabilities of National, State, and private banks
186-187
GROWTH OF NATIONAL BANKS:
Comparison of, in respect of number and assets
In five-year periods 1899-1919
Principal items indicating, in reserve cities, etc., 1913 to 1919
8
21
82
GUARANTY OF DEPOSITS:
Legislation recommended relative to
IMPORTS. (See Exports and imports.)
INFLATION. (See also Production and prices.)
Diminished production with, of prices
152
10
INSOLVENT NATIONAL BANKS. (See Failure of national banks.)
INTEREST. (See also Deposits in national banks; Interest-bearing debt of the United States; Rates
for money.)
Comptroller's recommendations relative to, on small loans
147
Deposit accounts bearing
30
Limitation on deposits recommended.
148
Recommendation relative to suits against usurers
147
INTEREST-BEARING DEBT OF THE UNITED STATES, JUNE 30, 1919:
Amount and rate of interest on various issues
126
INVESTMENT SECURITIES OF NATIONAL BANKS CLASSIFIED:
Comparison of amount invested in, June, 1914 to 1919
55
Domestic and foreign, owned by national banks in June, 1918 and 1919
55
ISSUES AND REDEMPTIONS. (See Federal reserve currency; National bank circulation; National
bank currency.)
JOINT-STOCK LAND BANKS. (See also Federal Farm Loan System.)
Condition of, October 31,1919
203
Loans made by
,
204
Organized
203
LARGEST BANKS:
Comparison of, in 1899 and 1919
m
Location of
*
LEGISLATION ENACTED. (See also Legislation enacted relating to national banks.)
Banking corporations authorized to do foreign banking business
Discounts for member banks
Earnings of Federal Reserve Banks
Gold certificates made legal tender
33
33
140
137
137
140
LEGISLATION ENACTED RELATING TO NATIONAL BANKS:
Consolidation of national banks
Denominations and signatures on national-bank currency
Discounts for national and other member banks by Federal reserve banks
Investments by national banks in stock of corporations engaged in foreignfinancialoperations..
Liability limit of national banks
Loan limit of national banks
To what extent national-bank currency legal tender
When and how national-bank currency may be signed
135
136
137
138
140
138
137
137
LEGISLATION RECOMMENDED:
Amendment of State banking laws
National banking laws
LETTERS OF CREDIT. (See Condition of national banks.)
LIBERTY BONDS. (See also Liberty bonds and Victory notes.)
Allotment of, to national banks
23
145
8
LIBERTY BONDS AND CERTIFICATES OF INDEBTEDNESS:
Amount owned and loaned on by national banks December 31, 1918, and March 4, 1919
56,59
INDEX.
219
LIBERTY BONDS AND VICTORY NOTES. (See also Interest-bearing debt of national banks.)
Distributors of, to investors through national banks
Held as collateral for loans b y national banks, b y reserve cities
Held as collateral for loans by national banks, by States
LIQUIDATION or NATIONAL BANKS. (See also Voluntary liquidation.)
Number and capital of the associations liquidate-d during the year.
Page.
33
(jt»
<8
9i3
L O A N AND TRUST COMPANIES:
Bonds and other investments
Comparative statement of principal items of assets and liabilities, 1913-1919
Deposits in, classified
Summary, principal items of
109
109
169
168
LOANS AND DISCOUNTS OF NATIONAL BANKS:
All loans made by 600 national banks December 31, 1918
82
Amendment to law relative to limit
138
Amount and classification of, in reserve cities, etc
50
Classification of, by 600 associations December 31,1918
78
Classification of, in banks in the city of New York in June, 1915 to 1919
53
Comparison of, in June, 1917, 1918, and 1919, by reserve cities, etc
50
Comparative statement of, classified, in June, 1917, 1918, and 1919
42
Collateraled by warehouse receipts
44
Eligibility for rediscount with the Federal reserve bank
43,44
Liability of officers and directors of national banks
51
Loans and discounts extended to other banks and to loan and trust companies March 4,1919... 4fi
Made to depositors and nondepositors
78
Made to other banks
78
Placed for account of correspondents
78
LOANS AND BOND INVESTMENTS OF NATIONAL BANKS.
(See also Condition of national banks.)
Productivity of
35
MINT, DIRECTOR OF:
Stock of money in the world reported bj
MONETARY STOCK. (See Stock of money.)
T
17
MONEY IN THE UNITED STATES:
Amount of each kind, including amount in Treasury, in Federal reserve banks, and in circulation July 1, 1919
191
Coin, including other, 1892 to 1919
190
In banks
190
In circulation
190
In Treasury
190
MUTUAL AND STOCK SAVINGS BANKS:
Deposits and depositors in, 1820 to 1919
167
MUTUAL SAVINGS BANKS:
Bond investments of
Deposits and average deposit, 1909-1919
Depositors and deposits in, by States, 1918-19
Depositors in, 1909 to 1919
Summary of principal items on June 30, 1919
163
163
164
163
162
NATIONAL-BANK CIRCULATION:
Decrease of, since 1875
Denominations of, outstanding October 31, 1919
Deposits and withdrawals, monthly and during the year, on account of circulation
Monthly issues on bonds and issues on account of redemptions year ended October 31,1919
• Monthly statement, year ending October 31, 1919, outstanding secured by bonds and by lawful
money
Principal sources of receipts for redemption year ended October 31,1919
Profit on
'...
Redemptions of monthly, including Federal reserve issues, year ended October 31,1919
United States bonds on deposit to secure, and circulation outstanding, by States, year ended
October 31, 1919
Vault account of
NATIONAL-BANK CURRENCY. (See also National-bank circulation.)
Denominations of, signatures on, legislation relating to
To what extent legal tender
When and how may be signed
121
122
120
122
125
124
123
124
101
122
136
137
137
NATIONAL-BANK EXAMINATIONS:
Advantage of salary over fee system
Diminishing number of national-bank failures due to
Increasing thoroughness of
?
155
155
155
220
INDEX.
NATIONAL-BANK EXAMINERS:
Page.
Chief examiners
Field examiners
NATIONAL BANKS. (See also Condition of national banks; Organization of national banks.)
Capitalized for less and over $50,000 by States, organized since 1900
Number of, organized and closed years ended October 31,1863-1919
Number of, organized, closed and in operation January 1,1864-1919
156
156
110
100-101
102
NATIONAL AND FEDERAL RESERVE CURRENCY:
Issued, redeemed, and outstanding year ended October, 1919
Security for
Vault account of
'.
38
38
38
NATIONAL, FEDERAL RESERVE, STATE, AND PRIVATE BANKS:
Condensed statement of, by States
Resources and liabilities of, 1914-1919
Summary of the principal assets and principal liabilities of, June, 1919
N E W LEGISLATION. (See Comptroller's recommendations for new legislation.)
1S1
185
179
N E W YORK:
Classification of loans by national banks in, 1915-1919
Rates for money in
Transactions of clearing house of
53
192
195
OBSERVANCE OF LAW AND REGULATIONS BY NATIONAL BANKS:
Evidence by growth, increased earnings, and immunity from failures
23
OFFICERS AND DIRECTORS OF NATIONAL BANKS:
Direct and indirect liability of
r
ol
ORGANIZATION OF NATIONAL BANKS:
Associations organized, closed, and number and capital of those in active operation January 1,
1864-1919
Conversions, reorganizations, and primary organizations with capital less and more than $50,000,
March 14,1900, to October 31, 1919
Effected since 1900
Growth in number and capital
List of associations in each State chartered year ending October 31, 1919
Monthly statement relative to, March, 1900, to October 31,1919
Number and capital of associations organized and closed annually, 1863-1919
Number and classification of, by months, year ending October 31,1919
'.
Number of associations organized and closed in each State up to October 31, 1919
State banks converted or reorganized as, since 1900
State banks converted in each State, 1863-1919.«
Summary, by States and capital, of associations chartered March 14,1900, to October 31, 1919..
OVERDRAFTS. (See also Comptroller's recommendations.)
Amount of, in national banks in September, 1919, and November, 1918
PAPER CURRENCY. (See also Money in the United States.)
Stock of, and specie in principal countries of the world
102
109
99
99
103
108
100
108
101
99
109
110
53
18
P E R CAPITA:
Currency in world
Money in country
Money in world
Savings banks
18
190
209
208
POPULATION:
Cities with over 50,000
Principal countries of the world
United States by States, 1919
'.
78
209
181
POSTAL SAVINGS BANKS:
Foreign
United States
208
195
PRINCIPAL ASSETS AND LIABILITIES OF NATIONAL BANKS:
Comparison of, by geographical divisions during the year
Percentage of, 1909 to 1919
74
75
PRIVATE BANKS:
Summary of principal items of
169
PRODUCTION AND PRICES:
Country not enriched by high prices
Effect of lessened production and increased prices
10
9
PRODUCTION OF ESSENTIALS:
Heavy shrinkage in
Need of increased, to meet home and foreign demands
9
3
INDEX.
PROFITEERS:
Extravagance and the
Revolutionary War
221
Page.
12
13
PROSPERITY OF THE COUNTRY:
Action necessary to insure
Bankers' influence may help correct evils and arrest perils
Banking forces ready and willing to help
Must be based on sound principles
Policy of banks in connection with
RATES FOR MONEY IN N E W YORK.
12
12
12
12
12
(See also New York.)
Discount rates with Federal reserve banks, effective up to Oct. 31,1919
Range of, year ended Oct. 31,1919
RECEIVERS OF NATIONAL BANKS. (See Failure of national banks.)
193
192
RECONSTRUCTION PERIOD:
Increased production of essentials demanded
Inestimable service performed by national and other banks.
REDEMPTIONS. (See Federal reserve bank currency; National bank currency.)
REDISCOUNTS. (See also Condition of national banks.)
Liabilities of national banks on account of.
REEXTENSIONS OF CHARTERS. (See Expirations and extensions of charters of national banks.)
RESERVE. (See Reserve of national banks.)
8
7
42
RESERVE OF NATIONAL BANKS:
Required and held
76,77
RESOURCES OF NATIONAL BANKS. (See Assets of national banks; Condition of national banks;
Diagrams.)
REVOLUTIONARY WAR. (See also Washington, General.)
Depreciation of currency
15
Profiteers in closing years of*
13
SAVINGS BANKS. (See Mutual savings banks; Postal savings banks; Stock savings banks.)
SAVINGS BANKS IN PRINCIPAL COUNTRIES OF THE WORLD:
Depositors, and deposits in
209
SECURITIES OF NATIONAL BANKS:
Purchased from other banks with agreement to resell
78
SILVER:
Exports of
Imports of
Production, 1918 and 1919
Stock of, in the world
10
17
9
18
SILVER CERTIFICATES:
Redemption of
132
SILVER DOLLARS:
Issue of Federal reserve notes authorized to prevent contraction of currency
Melted and sold
,
132
132
SPECIE AND GOLD AND SILVER CERTIFICATES:
Amount of, held by national banks in June, 1918 and 1919
40,71
STATE BANKS:
Classification of deposits in
Comparative figures relative to national banks and
Source of information relative to condition of
Summary of principal items of resources and liabilities June 30,1919
162
24,186
24
161
STATE BANK FAILURES:
Number of, by States, in 1900
Comparison of, with national banks
Revision of laws necessary to minimize
23
23
23
STERLING EXCHANGE:
Range of rates, monthly, November, 1918, to October, 1919
193
STOCKS:
Investments in, by national banks, year ended Sept. 12,1919
STOCK OF MONEY. (See also Money in the United States.)
Principal countries of the world
United States
41,54
18
190
STOCK SAVINGS BANKS:
Bond investments of
Deposits in, classified
Depositors and deposits in, 1918-19
Summary of principal items on June 30,1919
165
165
166
165
222
INDEX.
SUBSCRIPTIONS FOR VICTORY NOTES:
Page.
National banks
Number of, through national banks
SURETY BONDS. (See Comptroller's recommendation.)
SURPLUS. (See Condition of national banks; Diagrams.)
Growth of capital, etc., of national banks, diagram
TITLE OF NATIONAL BANKS. (See Changes of title of national banks.)
UNITED STATES BONDS. (See also Interest-bearing debt of the United States.)
Amount and class of, available as security for national-bank circulation
Interest-bearing debt of the United States
National and other banks, investments in
National-bank circulation outstanding, secured, monthly, year ended Oct. 31,1919
Price and investment value of
'.
62
62
22
119
126
119
125
126
UNITED STATES CERTIFICATES OF INDEBTEDNESS:
Held as collateral for loans by national banks, by reserve cities
Held as collateral for loans by national banks, by States
Liberty bonds and, owned and loaned on, and loans on, by national banks
66
68
56,59
UNITED STATES POSTAL SAVINGS SYSTEM:
Comparison of assets and liabilities of Postal Savings System
197
Summary, by States, of postal savings business year ended June 30,1919
196
UNITED STATES SECURITIES. (See also Condition of national banks, Liberty bonds, and Victory
notes.)
Comparison of amount owned by national banks at date of reports during the year
40,53,54
USURY AND USURERS. (See Digest of bank decisions; Comptroller's recommendations.)
VICTORY NOTES. (See also Liberty bonds and Victory notes.)
Application for, by, or through national banks
8
Distribution of, to investors through national banks
33
Held as collateral for loans by national banks, by reserve cities
66
Held as collateral for loans by national banks, by States
68
Subscriptions to, by national banks in reserve cities, etc
62
Subscriptions to, by States
64
VIOLATIONS OF LAW. (See also Comptroller's recommendations.)
Convictions for
158
VOLUNTARY LIQUIDATION OF NATIONAL BANKS:
Number and capital of, annually, 1864 to 1919
Number and capital of banks placed in, during the year
100,102
96
WAR, PAPER:
Amount and per cent of, discounted, held by Federal reserve banks
Ratio of, to total bills held by Federal reserve banks
135
135
WASHINGTON, G E N . :
Characterization by, of profiteers in closing years of Revolutionary War
Comments by, on depreciation of currency in 1778 and 1779
r
13
15
WEALTH AND CREDIT:
Wide diffusion of country's
26
W H E A T , CORN, AND OATS:
Production in 1919 and prior years
9
WORLD:
Banking power of
Conditions incident to war
Money in principal countries of
Population of principal countries of the
16
7
18,19
209
WORLD'S W A R :
Bankers' influence may help correct evils and arrest perils resulting from
Civilized people's ambition, hope, and energy impossible of destruction
Foreign trade and balances
Problems resulting from
Production must be speeded
Profiteers and the
,
Shrinkage in production
Shrinkage in value of foreign exchange
Taxation and loans, 1918,1919
O
12
12
10,11
7
8
12
9
13
13
@FedFRASER