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ANNUAL REPORT OF THE
Comptroller of the Currency
TO THE THIRD SESSION OF THE SIXTY-SIXTH
CONGRESS OF THE UNITED STATES
DECEMBER 6, 1920
(IN TWO VOLUMES)
VOL. 1
WASHINGTON
GOVERNMENT PRINTING OFFICE
1921
TREASURY DEPARTMENT.
Document No. 2889.
Comptroller of the Currency,
(Vol. 1.)
TABLE OF CONTENTS.
Submission of report
National banks at highest point
Number of depositors exceeds all records
National bank failures near zero—-Immunity unparalleled
Earnings for 1920 far ahead of all former years
Bank resources surpass all previous figures
Charts showing—•
(1) Growth of resources, deposits, capital, surplus and undivided profits
of the national banks in the United States since 1913, compared
with preceding 50 years
(2) Reduction in bank failures, 1882 to 1920
(3) Net earnings of the national banks in the United States, 50 years,
1870 to 1920
Retrospect and outlook at home and abroad
Turn of the tide
Vain efforts to maintain excesswe profits
Deflation becomes world wide
Shrinkage estimated at twelve to eighteen billions
Remedies for ills; pathway to prosperity
Inflation with reduced production bring hard times
Paving the way for a new advance
Our banking power now ten times as great as in 1800
Banking power of the United States, June 30, 1920
Our huge credit balances abroad
Imports and exports of merchandise, calendar years 1914 to 1920, i n c l u s i v e . . .
National bank condition November 15, 1920, compared with March 4, 1919,
following the armistice
:
Loans and discounts, plus United States securities, November 15, 1920
Total bills payable and rediscounts, including United States deposits, November
15, 1920... 1
All deposits, November 15,*1920
Money in the United States
The circulating medium—coin and paper currency, July 1, 1920
Circulation statement showing coin and paper currency July 1, 1914
No real inflation in our currency—Proportion of money in circulation to total
bank resources smaller now than before the European War
Stock of money in the United States, in the Treasury, in banks, and in circulation, 1892 to 1920
World's supply of gold, silver, and paper money
Monetary stocks of the principal countries of the world, end of calendar year
1919
Resources of the central banks in foreign countries
Twenty years of unprecedented growth
Growth of national banks by five-year periods
.
Comparison of returns from national and State banks
Increase in resources of national and State banks in five-year periods
State bank failures in 1920
.*
Numbers, failures, and liabilities of State banks, savings banks, loan and trust
companies, and private banks, which have failed during the fiscal year
November 1, 1919, to November 1, 1920
National and State banks in six-year period
Seven-year comparison by States
CL ssification of certain depositors in and borrowers from national banks engaged
in specified occupations, arranged geographically by reserve cities and
country banks
in
1
1
1
2
2
2
2
2
2
2
3
6
7
7
\)
10
11
11
12
12
14
15
16
17
17
18
13
19
21
22
23
24
26
26
27
27
27
28
28
29
29
31
IV
CONTENTS.
Distribution of loans according to occupation of borrowers
Deposit balances with national banks, of corporations, firms, individuals, etc.,
engaged in certain specified kinds of business (Nov. 15, 1920)
Loans and discounts made by national banks to those engaged in certain specified occupations (Nov. 15/1920)
Earnings of national banks by States and cities
Heavy earnings on national-bank capital in large cities
Aostract of reports of earnings, expenses, and dividends of national banks for
the year ended June 30, 1920
^
Number of national banks, their capital, surplus, dividends, and net earnings,
yearly, 1870 to 1920
Earnings, expenses, and dividends of national banks for fiscal years 1919 and
1920
Legislation enacted relating to national banks
For what demands national-bank notes may be received
Changes recommended in the bank act
To enable a national bank to obtain relief in emergency by use of other than
eligible paper or TJ. S. bonds
National-bank officers should not borrow from their own banks
Penalties for grafting bank officers
"Securities companies " as adjuncts to national banks often a menace
Banks exercising trust powers had best avoid hazardous connections
Desirable that active officers of large national banks be not directors in other
corporations
Salaries of officers of large national banks
Comptroller's recommendations for legislation made in previous years again
urged
Form suggested for certain amendments to bank act
Trust companies and banks in the District of Columbia
Savings banks and loan and trust companies in the District of Columbia
Duties and liabilities of national-bank directors
Bank officers and employees convicted of criminal violations of law during
the year ended October 31, 1920
Digest of court decisions in bank cases
Letters of credit and guaranties connected therewith by national b a n k s . . . . . . .
Directors personally reimburse $500,000 in ultra vires transaction
Exorbitant interest rates in New York banks
Recommendation relative thereto
Possible reasons why New York brokers do not resist high money rates
Money rates in Canada much below New York rates.
Conditions under which charters are granted to new national banks
Increase in number of depositors in national banks
Classification and number of deposit accounts in national banks on June 30,
1920, by central reserve, reserve cities, and country banks
Abstract of reports of condition of national banks at the date of each call
during the report year
Condition of national banks September 8, 1920
Loans and discounts
Overdrafts
United States Government securities owned
Other bonds, securities, etc
Stocks
Bank premises and other real estate owned
Due from banks
Exchanges for clearing house
Liabilities:
Capital stock, surplus, and undivided profit s
Circulation outstanding
Due to banks
Individual deposits
United States deposits
Bonds and money borrowed
Bank acceptances
Total resources and liabilities
Classification and amount of loans by national banks in the central reserve
cities, etc., June 30, 1920
Comparative statement of loans by national banks during the past three years...
Page.
32
33
36
39
39
41
49
50
51
51
51
52
54
55
55
56
57
58
60
68
72
73
73
73
76
77
78
79
94
106
106
107
110
112
114
116
116
117
117
117
117
118
118
119
119
119
119
120
120
120
121
121
121
122
CONTENTS.
V
Page.
Rate of interest paid by national banks on deposits and number of banks
reporting each rate on May 4, 1920
Rates of interest charged by national banks on loans and number of banks
reporting each rate on May 4, 1920
Classification of loans bv national banks in the city of New York for five years,
June, 1916, to June, 1920, inclusive
Paper eligible for rediscount with Federal reserve banks, held by national
banks, in country and reserve cities, by geographical districts
Statement showing the amount of paper eligible for rediscount with Federal
reserve banks, November 17, 1919, as compared with June CO, 1920, classified
by Federal reserve cities and States
Classification of rediscounts, together with the total of loans and discounts,
as shown by the reports of national banks, May 4, June 30, and September 8,
1920
;
Loans made by national banks for their correspondents, May 4 and June 30,
1920
.*
Amount of money loaned by national banks, either by direct loans or through
bought paper, to parties who keep no deposit accounts with the banks, and
number of such loans, February 28, 1920
Rediscounts of national banks with Federal reserve banks, classified by States
(country banks) and reserve cities, November 17, 1919
.*
Principal items of national-bank resources and liabilities on September 8, 1920,
arranged by States
Loans and discounts and investments of national banks
Domestic and foreign bonds, securities, etc., owned by national banks, May 4,
1920
"....
Classification of foreign Government bonds owned by national banks on June
30,1920.
Classification of investments made by national banks
Domestic and foreign securities held by national banks
Balances due national banks from Federal reserve banks
Specie and gold and silver certificates in national banks
National-bank charters applied for, granted, and refused
Increases and reductions of capital stock of national banks
Liquidation of national banks
Consolidation of national banks
National banks consolidated under act of November 7, 1918, their capital,
surplus, undivided profits, and aggregate assets, year ended October 31, 1920..
Growth in number and capital of national banks
National banks organized since 1900
.. - State banks converted or reorganized into national banking associations since
1900
Organization and liquidation of national banks
Number and authorized capital of national banks organized and the number
and capital of banks closed in each year ended October 31, since the establishment of the national banking system, with the yearly increase or decrease
Number of national banks organized, in liquidation, consolidated under act of
November 7,1918, insolvent, and in operation, with amount of bonds on deposit, and circulation issued, redeemed, and outstanding on October 31, 1920.
Number of national banks organized in voluntary liquidation, consolidated
under act of November 7, 1918, insolvent and number and capital of associations in active operation on January 1 of each year from 1864 to 1920
National banks chartered during the year ended October 31, 1920
Number of national banks chartered in each month from March 14, 1900, to
October 31, 1920
Number of national banks increasing their capital, together with the amount of
increase monthly, January 1, 1916, to October 31, 1920
Number and classification of national banks chartered during the year ended
October 31, 1920
]
-. Comrersions of State banks and primary organizations as national banks since
1900
- -v - Number and capital of State banks converted into national banking associations
in each State and Territory from 1863 to October 31, 1920
Capitalization of national banks classified by States
123
128
132
132
133
136
144
146
150
151
153
154
158
158
159
160
160
161
161
161
161
162
162
163
163
163
164
165
166
167
174
174
174
175
175
175
VI
CONTENTS.
Summary by States, geographical divisions, and classes of national banks organized from March 14, 1900, to October 31, 1920, and the paid-in capital
stock of all reporting national banks on September 8, 1920
Expirations and extensions of charters of national banks
Number of national banks in each State the charters of which were extended
under act of July; 12, 1882, to October 31, 1920
Reextension of national-bank charters
Changes in capital stock of national banks, increases and reductions
Changes in title of national banks
Changes of title incident to consolidations of national banks
Failures and suspensions of national banks
Causes of national-bank failures
Principal causes of failure of national banks in past 57 years
National-bank failures since inauguration of the system
National-bank failures by years, 1864 to 1920, showing each year, number
of failures, capital of failed banks, capital and total resources of all national
banks, and percentage of capital of failed banks each year, to total capital
of all national banks
National banks organized, failed, and reported in voluntary liquidation during
the year ended October 31, 1920
Bank investments in United States securities
United States bonds eligible as security for national-bank circulation
United States bonds deposited as security for circulation by banks chartered
and by those increasing their circulation, together with the amount withdrawn by banks reducing their circulation, and by those closed, during each
month, year ended October 31, 1920
Profit on national-bank circulation
Redemption of national-bank notes
Bank currency received for redemption, by months, from November 1, 1919. to
October 31, 1920
Principal sources of bank currency received for redemption for the year ended
October 31, 1920
Statement of national-bank currency issued to banks from November 1,1919, to
October 31, 1920
National bank circulation
Yearly increase or decrease in national bank circulation from January 14,
1875, to October 31, 1919, and quarterly increase or decrease for the year
ended October 31, 1920
Denominations of national bank circulation
National bank notes outstanding October 31, 1920
Vault account of national bank circulation
Interest bearing debt of the United States, June 30, 1920
Investment value of United States bonds
United States bond market quotations
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 December 5, 1919, to November
26, 1920
Statement of Federal reserve notes, by denominations, printed, shipped to
Federal reserve agents and United States subtreasuries, since inauguration of Federal reserve system, and on hand in reserve vault, October
31,1920
Federal reserve notes, by denominations, issued through the Federal
reserve agents to the banks, since inauguration of Federal reserve system,
also amounts retired and outstanding, October 31,1920
Mutilated Federal reserve notes, by denominations, received and destroyed
since organization of banks and on hand in vault, October 31,1920
Federal reserve bank notes
Issue of $1 and $2 Federal reserve bank notes
Statement showing the total amount of Federal reserve bank notes, by
denominations, issued to Federal reserve banks upon the deposit of securities under the provisions of the act of April 23, 1918
Total amount of Federal reserve bank currency printed by the Bureau of
Engraving and Printing, issued and on hand, from the inauguration of
the Federal reserve system, to October 31, 1920
176
177
177
178
178
179
180
180
183
183
184
185
186
187
187
188
188
188
189
189
190
190
190
191
191
191
192
192
192
192
193
194
196
198
199
199
199
200
CONTENTS.
VII
Federal reserve bank notes—Continued.
Page.
Total amount of Federal reserve bank currency issued, redeemed, and
outstanding from the inauguration of the Federal reserve system, to
October 31, 1920
201
National, Federal reserve notes, and Federal reserve bank notes, year ended
October 31, 1920
202
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 1920
202
Federal reserve system
202
Statement showing the condition of the 12 Federal reserve banks at the
close of each month, from June 29, 1917, to November 27, 1920
203
Discount rates of Federal reserve banks
204
Rates for money in New York
201
Range of rates for money in the New York market, year ended October 31,
295
1920.
.---.----..---.-:-.
:
Changes in the principal items of assets and liabilities of national banks at the
date of each call, November 17, 1919, to September 8, 1920
206
Relation of capital of national banks to deposits, etc
207
Percentage of the principal items of assets and liabilities of national banks
207
Reserve
207
Reserve required and held by national banks in reserve cities, etc
208
Classification of loans made and deposits in national banks as of January 31,
1920, in reserve cities and cities of 50,000 or more population
209
Classification of loans (including paper bought) made by 595 national banks
in certain cities, as of January 31, 1920, 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 account,
and loans placed for account of correspondents
210
All loans made by the 595 national banks in certain cities, as of January 31,
1920, arranged according to location of borrowers in each geographical division—Total of loans and discounts
214
Deposits held January 31, 1920, by the 595 national banks in certain cities for
the credit of other banks, State and national, and trust companies, arranged
by geographical divisions—Balances to credit of correspondent banks
218
Growth of national banks since passage of the Federal reserve act, in reserve
cities and elsewhere in the country
222
Principal items of assets and liabilities of national banks, 1913-1920
223
Domestic branches of national banks
225
Foreign branches of national banks
227
Condition of the foreign branches of the National City Bank, New York, N. Y.,
and the First National Bank, Boston, Mass., on June 30, 1920
22S
.Banks other than national
232
State, savings, private banks, and loan and trust companies
232
Summary of reports of condition of 22,109 banks other than national,
June 30, 1920
232
Resources and liabilities by classes of 22,109 State, savings, and private
banks and loan and trust companies, June 30, 1920
233
Five-year statement, principal items of assets and liabilities of reporting
banks, other than national
234
State banks
234
Comparison of condition of mutual savings banks in the United States in
June, 1919 and 1920.
236
Number of mutual savings banks in each State, number of depositors, and
the average amount due each depositor on June 30, 1919 and 1920
237
Stock savings banks
238
Number of stock savings banks, number of depositors, aggregate deposits,
and average deposit account, by States, June 30, 1919 and 1920
239
Mutual and stock savings banks
240
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 1920, and average
per capita in the United States in the years given
241
Loan and trust companies
242
Principal items of resources and liabilities of loan and trust companies,
1914 to 1920
243
Private banks
243
Abstract of condition, by States, all banks other than national, in the continental United States and island possessions, on or about June 30, 1920.. 244
VIII
CONTENTS.
Page.
Comparative statement of the condition of all reporting national and State
banks in the United States
Principal items of resources and liabilities of the 22,109 reporting banks other
than national in the United States and island possessions, and 8,030
national banks, on June 30, 1920, together with the grand total
Comparison of the principal items of resources and liabilities of national banks
and other reporting State banks for the years 1920 and 1919
Comparative statement of growth in resources of national and State banking
institutions for 5-year period
Statement of the principal items of resources and liabilities of reporting banks,
including the Federal reserve banks in the United States and island
possessions, June, 1920
Summary of the combined returns from all reporting banks in the United
States and island possessions, June 30, 1920
Assets and liabilities of all reporting banks in each State
Condensed statement, by States of assets and liabilities of all reporting banks
in the United States, June, 19*20
Statement of resources and liabilities of all reporting banks, 1915-1920
Growth of all reporting banks, 1863 to 1920, inclusive
Individual deposits in all reporting banks
Cash in all reporting banks
United States postal savings system
Postal Savings Bank of Manila, Philippine Islands, condition of, June 30, 1920.
Federal farm loan system
Farm loan associations
Joint-stock land banks
Building and loan associations in the United States
Statistics for 1919-20
Building and loan associations in the District of Columbia
Financial institutions in the District of Columbia
Earnings, expenses, and dividends of savings banks and trust companies in the
District of Columbia
Savings banks in the principal countries of the world
Sterling exchange
Transactions of clearing-house associations
New York clearing house
Liberty Loan bonds, Victory notes, and certificates of indebtedness owned and
held as collateral by national banks for loans, etc., December 31, 1919, and
June 30, 1920
Examinations of national bank branches in foreign countries
National bank examiners, list of
Conclusion
Exhibit A—Duties and liabilities of directors of national banks and member
banks of the Federal reserve system
249
250
250
251
252
253
254
355
259
260
262
262
263
267
267
270
272
274
275
276
276
277
277
280
280
281
282
288
289
291
295
REPORT
OF THE
COMPTROLLER OF THE CURRENCY.
TREASURY DEPARTMENT,
OFFICE OF THE COMPTROLLER OF THE CURRENCY",
Washington, December 6, 1920.
SIR: In conformity with the requirements of section 333 of the
Revised Statutes of the United States, I have the honor to submit
herewith the Fifty-eighth Annual Report of the Comptroller of the
Currency relating to the operations oi the bureau for the 12 months
which ended October 31, 1920.
Although the fiscal year which has just closed has subjected the
strength and stability of management of our national banks, and of
our banking and currency system, to test and strain beyond all precedent; and although during this period many unforeseen difficulties
have been encountered and many new and vexing problems have presented themselves, I have the pleasure of reporting that the record
of the national banks for this period has been especially gratifying
and productive of assurance for the future.
NATIONAL BANKS AT HIGHEST POINT.
During this fiscal year the number of national banks in operation
has reached the highest point. On October 31, 1920, there were 8,157
national banks in operation or authorized to do business.
Since March 14, 1900, 2,828 State banks, trust companies, and
private banks, with capital of $183,554,800, have been converted
into, or reorganized as national banks, and the movement toward
nationalization is proceeding steadily. During the past year ending
October 31, 1920, the 361 new national banks chartered were distributed through 40 different States and the District of Columbia.
The 14 States in which the largest number of national banks were
chartered are Minnesota, 32; California, 30; New York, 26; Texas,
22; Oklahoma, 21; Kansas, 19; Illinois, 17; Pennsylvania and Ohio,
14 each; New Jersey, Virginia, and Colorado, 13 each; Washington,
12; Idaho, 11.
NUMBER OF DEPOSITORS EXCEEDS ALL RECORDS,
In the number of depositors or deposit accounts in national banks
all previous records were exceeded, official reports showing that on
June 30, 1920, there were 20,520,177 deposit accounts in all national
banks. This was an increase of 2,279,877 over June 30, 1919. There
is now approximately one depositor in the national banks for every
five of our population.
1
GROWTH IN RESOURCES, DEPOSITS AND CAPITAL FROM THE BEGINNING OF THE NATIONAL BANKING SYSTEM.
BILLIONS
OFDOUAfcS
OF DOLLARS
PlAGEAM SHOWING TJ4E
GROWTH OF EESOUECES DEPOSITS AND
CAPITAL SUEPLU6 AMD UNDIVIDED PROFITS OF THE
NATIONAL
PANICS OF TUE UNITED STATES
SINCE 1913 COMPARED W(TH PRECEDING 5 0 YEARS.
is
DEPOSITS
;
THE EECOED 5HOW5 THAT THE INCREASE IN BOTH THE
EESOUECES AND DEPOSTTS OF THE NATIONAL DAN K.S
FOE THE 7 YEAE PEE10D FEOM JUHl 4 , 1 9 1 5 T O
JUNE 3 0 , 1 9 2 0 . WA6 GEEATEE, THAN THE. INCREASE
WMCH TOOiC PLACE IN THE ENT1E.E^5Q_XEAE. PIE1OD
FEOM THE INAU0UEAT1ON OF THE NATIONAL SANK ING
.SYSTEM TO J U N E , 1 9 1 3 .
THE CAPITAL. 5UEPLUS. AND UNDIVIDED PE0FIT5OF THE NATIONAL BAN K.5 OH JULY 1. 192O, WEEF.
AT THE yiGHE5T POINT 51NCE THE INAUGUEAT10N
OF THE NATIONAL BANICINO SYSTEM ANp IXCItPED
3Y §51G,O0O.o6o THE AMOUNT OT THE. TOTAL
CAPITAL. SURPLUS, AND UNDIVIDED PE0FIT6 JUNE 4,1913
GEOWTH
«MM> mmm M
W I>—I- MM wmm <M> MM> «W*
«H>
\WT3
Ri
C.92O.OOO[\
/
IN E E 5 0 U K C F S .
/
jfEOM fiEGlNNIKG OY NATIOMAL 8ANKJN6 5Y5TEM
?18G3 TO JUNE 4 1913—50YEAES
$11.03^920.000
fTfOM JUNE 4. 1913 TO J U M 3 0 19EO — —
/
|JT155,4;
IUNE30,i92C
• _ _ . __, _ _
_„.„„
r
"*f
V /
T' A t D C
ft
11
1
T Ql
O
1 *"T 4"^/"\j<*\
y
'LEGEND
tESOUECES :
DEPOSITS
:
/CAPITAL. SURPLUS ^ •
(.UNDIVIDED PBOFITS*
/
/
/"
CAPITAL
SUEPLUS. ETC1
•JOOlN
PME.192O!
. ^ 2.^2.073,009
JUNE 3<?,mo
T h e above Chart shows, both i n Deposits a n d i n T o t a l Besources, there h a s been a greater growth i n the past seven years t h a n d u r i n g
t h e preceding 50 years from t h e beginning of the National Banks.
19307°—21. (To face page 2.) No. 1.
GREATLY INCREASED SAFETY OF NATIONAL BANKS.
PERCENTAGE Of CAPITAL OF FA!UD
P N I C S EACH YEAfc. TO TOTAL
CAPITAL OF A l l , NATIONAL 3AM K5.
DEDUCTION IN SKHIL FAILURES.
1.5OO
1 8 8 2 TO \9ZO
TH15 CttAUT SHOWS TRAT
' PEOPORTION OF CAPITAL OY THE
NATIONAL $kR\L$ W H O TAILED
— EACH ^ E A E TO TOTAL CAPITAL
OT ALL NATIONAL SANJCS
__ THE 3 8 Y E A ^ 6 - - ~ 1 8 8 2 TO 1919
AVERAGED 16 TIMES HIGHE1L
THAN FOIL FI6CAL f F A i . 1920.
MOO
1.300
l.EOO
1.100
i.ooo
i897f
0.90O
HIGHEST 1 8 9 3
1.591 &
AVEEAGE 3 8 Y E A R S — 0.2669^
FISCAL VEAIL 192O
O.Q17 <
O.800
1.000
0.9Q0
0.900
1908
0.700
0.700
O.G00
0.600
0.500
0.500
0.400
O.4OO
O.3OO
0.20O
The above statement shows that for the fiscal year 1920, the ratio of the capital of National Banks which failed to
the total capital of all National Banks was sixteen times more favorable
elapsed since 1882.
19;J07°—21.
(To face pa^e 2.)
No. 2.
NET EARNINGS OF THE NATIONAL BANKS FOR THE PAST HALF A CENTURY.
TENS OF MILLIONS
OF DOIXAES
IERS OF MILLIONS
OF D0L1AES
NET
EARNINGS
OF
THE
NATIONAL PANICS OF THE UNITED STATES
5 0 YEAES.- 1870 TO [920
ACTUAL FIGURES TILL US TUAT THE
NET EAENINOS OF THE NATIONAL .BANKS
OF THE UNITED STATES IN THE, 5 I X
YEAltS FEOM, JULY 1 1914 TO JULY I
19EO HAVE SHOWN A GROWTH EQUAL
TO 145 PEE CENT OF THE INCREASE WHICH
TOOK. PLACE \H TI4E £NTI1L£
1870* TO 1914.
'MET
YEA1L 18 7 0 YEA1L 1 9 1 4
YEAH. 1 9 2 0
INCREASE
4 4 YEAE^S, 1870 TO 1914
G YEAK.6, 1914 TO 1920
$ 58,218.118
4 149,270.171
j| 282,083,000
FISCAL
FISCAL
FISCAL
$ 91,052,053
$132,812,829
* RlCOOS OF COMPTEOLLFX'S OFFICE 1X> MOT SHOW
NET KAfcNJNQS PRiOK. TO 1 8 7 O
«
CD CO £ 0
CO CO CD QD CO o O <O ^ Q CO € 0
CO cQ
^)
CQ CO CO CO CO CO GO CO CO
CO
CD QQ
r,O
CO
CT^
(T*
C*
CT^ CT*
CT*
(TN
CA
CTN
C% 0%
(ft
^\
O^
(T^
C7S
CT\
GT^
CA
CJ^
The above Chart shows the National banks of the United States for the past six years have shown an average
annual increase of $22,135,472 in net earnings as compared with an average annual increase during the preceding 44
years of $2,069,365.
The increase in the past six years has amounted to $41,760,776, more than the total increase which was shown
in the preceding 44 years.
2
REPORT OF THE COMPTROLLER OF THE CURRENCY,
NATIONAL BANK FAILURES NEAR ZERO.
IMMUNITY UNPARALLELED.
In the matter of immunity from failure, the showing for the past 12
months has been the best in about 40 years, with the sole exception
of the fiscal year of 1919. The total capital of the five small national
banks which failed during the year was $225,000, or seventeen onethousandths of 1 per cent of the total capital of all national banks.
This percentage is about 16 times better than the average for the
entire period of 57 years, from the inauguration of the national banking system to the present.
EARNINGS FOR 1920 FAR AHEAD OF ALL FORMER YEARS.
The earnings of the national banks, both gross and net, have surpassed all previous years. The net earnings for the 12 months ending
June 30, 1920, amounted to $282,083,000, an increase of $41,717,000
over the year preceding; and the increase which has taken place in the
net earnings of the national banks in the past seven years has exceeded
by 18 million dollars the total increase m earnings shown for the 43year period from 1870 to 1913.
BANK RESOURCES SURPASS ALL PREVIOUS FIGURES.
During this last fiscal year, the resources of the national banks
reached the highest point in theiix history, being reported on January
1, 1920, at $22,711,375,000. This was an increase, as compared with
the report for January 1, 1919, of $2,669,151,000. In the six months
following January 1, 1920, the resources of national banks declined to
$22,196,737,000, at which figure they stood on June 30, 1920.
In the 7-year period from June, 1913, to June, 1920, the resources
of national banks increased $11,159,817,000, which is more than the
total increase which took place in the entire 50 years from the inauguration of the national banking system in 1863 to the year 1913.
RETROSPECT AND OUTLOOK AT HOME AND ABROAD.
The immediate effect in this country of the outbreak of the European war was a general paralysis of trade, industry, and finance. The
suspension of business on the stock and other exchanges and the
prompt declaration of moratoriums aided in securing stabilization,
and the financial measures which were immediately put into effect
by the Treasury Department were instrumental in preventing a commercial crisis and a financial crash. Confidence in the ability of this
country to meet its obligations abroad, however vast they seemed at
that time, was soon established; and before the expiration of 12
months, fear, stagnation, and confusion had given way to confidence
and renewed business activities; and by the latter part of 1915 the
upward swing was well under way. The year 1916 was one of feverish activity, and our foreign trade, which in the year 1914 amounted
to less than 4 billion dollars, nearly doubled, and amounted, for the
calendar year 1916, to approximately 8 billion dollars. The balance
of trade in our favor for 1916 exceeded 3 billion dollars, and was approximately ten times as great as the favorable balance of the year
1914.
KEPORT OF THE COMPTROIXER OF THE CURRENCY.
3
With our declaration of war against Germany early in the year 1917,
the business of this country—farming, manufacturing, commercial,
mining, and everything else—was given additional impetus. Commodity prices soared to unprecedented heights, and were finally
restrained only by Government mediation and price fixing. The
prices, however, which producers and traders were allowed by the
Government to charge yielded unprecedented profits in well-nigh
every branch of industry; and inflation was stimulated further by
the importation in the years 1916 and 1917 of huge sums of gold
from abroad. Our imports of gold in 1916 and 1917 amounted
actually to $1,238,444,608, our exports to $527,676,811, leaving a
net excess of imports of gold over exports for the two years of
$710,767,797, which, with the excess of imports over exports for the
year 1915 provided a net surplus of gold imports for the three years
of 1915, 1916 and 1917, of $1,131,296,469.
The urgent and unguarded buying of American products by the
Allies in the early days of the war had driven the prices of our products to unprecedented figures; and it became difficult, subsequently
when a more orderly system of buying was instituted, both for our own
Government and for the Allies to return to anywhere near normal
prices. It has been estimated that the profits and increments accruing to the people of this country during the last year of the war
amounted, approximately, to 50 billions of dollars; and that the
surplus income over and above the living expenses of the people,
despite the extravagant rate at which they were living, approximated
15 billion dollars for that year.
After the armistice, the demands for war materials of course ceased,
but the cries from the impoverished countries of Europe for foods
continued, and the demands for materials for reconstruction and rehabilitation developed rapidly.
The profits which South America, China, and Japan had also
realized in supplying the products of those respective countries to
the Allies had brought about a condition of nigh prosperity and
activity in all of those countries, and their peoples had acquired a
taste for luxuries and for the products of other countries which we
were called upon to supply in huge quantities.
The demands made upon the United States for steel and iron products, machinery, agricultural implements, fabrics, foods, automobiles,
and specialties of all kinds gave to our business men visions of unchecked and limitless prosperity; and our exports of merchandise
for the year 1919 following the war exceeded by nearly 1 billion
dollars our total exports for the war year 1918. Imports into this
country of merchandise from every quarter of the globe also broke
all records, and amounted for the year 1919 to $3,904,000,000, nearly
1 billion dollars more than the maximum amount of imports ever
before brought in.
TURK OF THE TIDE.
The turning of the tide in the world delirium and inflation came in
the spring of 1920, with the financial and industrial collapse which
took place in the Empire of Japan. The Japanese had profited
hugely from the supplies which they had furnished to the Allies, and
from the operation of their merchant marine, the profits of which
during the war were enormous. This great business had brought
4
REPORT OF THE COMPTROLLER OF THE CURRENCY.
about the creation and flotation of numerous new financial, manufacturing, and trading corporations throughout Japan; and in the
flotation of these companies a spirit of reckless speculation had'been
developed which pervaded every section of the population of that
country—farmers, merchants, professional men, bankers, and public
officials.
The efforts which were made primarily in this country to bring
about an orderly deflation, and the curbing of reckless speculation;
began to make themselves felt, not only here but in all the countries
with which we had been dealing. The apparently insatiable demand
which America had developed for such luxuries as silks had tremendously stimulated the silk industry of Japan. The prices of raw silk
had advanced in the space of a year or two approximately 400 per
cent, maximum prices having been reached in January and February
of 1920.
A rather sudden curtailment or suspension of the American
demand for silks had an immediate effect upon the Japanese market.
The collapse in the prices of raw and manufactured silks was followed
by the prostration of the Japanese market for cotton goods, which
in recent years has become one of the great industries of that country.
The closing down of numerous other industries followed in the wake
of the financial panic, which had resulted in the suspension of some
of the largest banks and business houses in the Empire, and an acute
depression in business set in, and still continues.
As the crisis which followed the turning of the tide in Japan is
typical of conditions in many other countries of the world with which
we have been trading and with which we are still doing business,
it may be illuminating to reproduce here the following extract from
an article by a leading and well-informed Japanese banker and
business man, the president of the Tokio Bankers' Association,
printed in the latest issue of a prominent and ably edited Japanese
(Tokio) magazine:
The outbreak of (World "War) hostilities saw the economic world of Japan, which had
been inured to peace, paralyzed by the suddenness of the conflict. All business came
to a standstill. This general depression was immediately followed by a state approximating panic. Industry was hard hit, and the money market was completely tied up.
There was no knowing where the downward tendency would stop. It was fortunate,
however, that the closing of exchanges and suspension of specie payment were not
experienced here as in European countries. In other respects the economic condition of Japan was quite a3 depressed as that of Europe.
When Japan entered the war with the object of reducing the German fort in the Far
East, it was difficult to form any idea of the extent to which her intervention would
affect her internal affairs. The minds of the people became uneasy. Business and
industry sank into the depths of depression. With the progress of the conflict, however, Japan became gradually adjusted to war conditions. The people became engrossed in the manufacture of munitions for their army and for supplying the demands
of the allied countries. Factories which had hitherto turned out only merchandise
eagerly took up the production of munitions of war.
By encouraging production and by extending shipping facilities, Japan was able
not only to keep her own needs supplied, but she was able to meet the requirements
made of her by her allies. Shipping companies were feverishly engaged in transporting
munitions to the ports of allied countries. Industries which were once on the verge of
extinction were now busy and working overtime. The Government, in cooperation
with the people, never hesitated to take measures that were thought necessary for the
successful prosecution of the conflict, even though these involved sacrifices on the part
of the industrialists. While supplying Russia with war funds, Japan, on the other hand,
raised domestic loans for the benefit of England and France.
Not only was Japan called on to assist the other powers in these ways and by keeping
the Pacific and Indian Ocean routes safe for transport of troops and supplies, thus
Digitized forpreserving
FRASER the peace of the Far East, but she was offered what was at the same time
REPORT OF THE COMPTROLLER OF THE CURRENCY.
5
an opportunity and a duty to supply those oriental markets which were suffering by
reason of the temporary stoppage of European and American trade. In order to relieve
the situation Japan sent her products in rapidly increasing quantities to these markets.
Factories were kept busier than ever turning out commodities for export overseas,
and always there was a call for more goods and for more factories to make more goods.
The various phases through which the Japanese economic world has passed since
1914 fall into three periods—first, a period of stagnancy, then transition, and finally
a period of prosperity. And now we are in the midst of another time of transition.
With the conclusion of a treaty of peace at Versailles, Japan found herself faced with
the necessity of returning to prewar conditions. Exports, which during the war
exceeded imports by considerable amounts, * * * began to dwindle, and soon
the normal prewar condition of an excess of imports followed. Japan's trade balance
had been consistently unfavorable during the two decades preceding the war, the
average import excess between 1893 and 1915 being about 46,000,000 yen (a yen is
equal to about 51 cents in United States currency). This condition was, of course,
reversed during the war years, a favorable balance first appearing in 1915. This
excess of exports increased in 1916 and again in 1917, amounting to nearly 600,000,000
yen in the latter year. Then came a drop in 1918, and the excess of exports gave way to
excess of imports in 1919, following the prewar order of an excess of imports during the
first half year which the excess of exports of the latter half was unable to overcome.
It may be noted that the reason for the unfavorable balance of the earlier months of
the year is the heavy importation of American and Indian cottons, while the change
during later months is brought about by shipment of raw silk to the American market.
Itis pleasing to note, however, that late official forecasts point to a rice crop this year
which will be the largest in our history. The estimate is above 63,000,000 koku
(a koku is approximately 5 bushels), which is 4 per cent greater than last year's crop,
which was the largest up until that time, and 12 per cent above the average for the
last several years. This condition is attributable to the favorable weather thus far
and the depressed state of the silk market at the planting time. Farmers this year
are giving more attention to rice and less to cocoons, and it is estimated that there will
be a reduction of 15.6 per cent for the total cocoon crop of the three seasons as compared
with the total of last year. This is the greatest decrease experienced in recent years.
Japan is still an agricultural country in spite of her remarkable recent industrial
advancement. About 55 per cent of the families of the nation are of the farmer class,
and rice is by far the most important crop of the country. As in other agricultural
lands, good crops may be taken as an indication of good times, for what benefits the
farmers as a class benefits the nation as a whole.
Along with various other problems brought upon us by the war, the labor question
came to occupy an important place, this question being made still more pressing by
complications with other social problems. Unemployment has been greatly increased
by the general industrial depression and the consequent suspension and curtailing of
factory operations. The position to-day is that unless some harmonization and unification of aim and effort is effected between capital and labor, the further sound development of industry can not be expected.
Especially at the time of transition from war to peace conditions, when a great
change occurred in the relations of demand and supply, Japan was compelled to readjust her industries and to change the nature of her financial machinery. It has
already been noted how the reckless spirit of speculation, brought about by the sudden
change of Japan's economic position, contributed to her confusion. Japan to-day
is faced, with the necessity of adopting such a policy as will enable her to change from
expansion to retrenchment. She is once again treading the path of change and transition.
At present two opposite opinions are expressed regarding Japan's economic future,
one pessimistic, the other optimistic. The careful student will take both these
views into consideration and will weigh the facts and conditions on which they are
based. It is my opinion that the worst of the present business depression is now past.
Some accentuation of financial stringency is expected to be felt at the time of the
general New Year's settlements, but it must not be forgotten that business is naturally
dull at the beginning of the year. And above all, it must be remembered that behind
our scattered cases of misfortune and failure the country as a whole is financially
sound and strong.
Great wealth has been accumulated during prosperous years, and that wealth has
not been wiped out of existence. That business that has been firmly established and
conducted on sound principles will survive, and all will be the better off when speculative and mushroom enterprises leave the field clear for sturdier growth. It is my
hope and belief that by next spring, or next summer, at the latest, our general economic
world will have recovered its normal stability and activity.
6
REPORT OF THE COMPTROLLER OF THE CURRENCY.
The story of Japan's industrial and financial experience is largely
similar to the experience of South American and European countriessome of them our allies, and others neutral. Some of these countries
are now going through a business cataclysm similar to that through
which Japan has so recently passed.
In our own country we haye been thus far fortunate enough—
thanks largely to the splendid efficiency and stabilizing influence of
the Federal reserve system—to avoid the financial crises and complete disorganization which have made havoc elsewhere. We have
passed with comparative safety through exceedingly troubled and
nerve-racking times; but difficult and dangerous problems remain
to be solved, the solution of which will demand clear heads and
steady nerves.
In the period of feverish business excitement accompanying the war,
some of our business men and heads of great industries became
accustomed to enormous profits which they vainly hoped might be
perpetuated.
VAIN EFFORTS TO MAINTAIN EXCESSIVE PROFITS.
This tendency was particularly conspicuous in the steel and iron
and coal industries. By closing down mills and mines the output
of steel and iron was reduced, approximately one-fourth the year
following the armistice, in order that manufacturers and miners
might obtain, because of the insistent and peremptory demand, the
exorbitant profits realized during the war rather than the more
moderate profits they would haye had to accept if a maximum output had been maintained. While the profits of steel manufacturers
and coal operators were swollen the country became poorer from
the lack of production brought about by the unnecessary closing
down of mills and mines and the incidental idleness of labor.
Neither this country nor foreign countries can afford to continue
to pay the inflated prices which steel and iron manufacturers continue to demand for their products. As steel and iron are so largely
at the very foundation of industrial activity and business developments it is essential that the prices of these fundamentals should
come down to a fair, just, and normal basis if we are again to attain
the prosperity for which we hope.
The increase which has taken place in wages since the war does
not excuse present prices for steel and iron products. A careful
analysis which was made of the reports of one of the largest and
most important steel and iron companies shows that that company in
the last year of the war, 1918, charged, on an average for every ton
of steel which it produced, at least $25 per ton in excess of a price
which would have enabled the company to pay full dividends upon
its very large capital stock. The report of the same corporation
shows, furthermore, that its net earnings were so enormous that the
company could have paid its accustomed dividends upon its shares
even if it had paid its employees wages 100 per cent higher than
the wages it actually did pay.
The coal operators who, prior to the war, eagerly sought for large
contracts for coal on a margin of 10 to 20 cents per ton, have m
some cases during the past year exacted prices to yield them a profit
of $10 per ton or more. This means that their net profits in some
REPORT OF THE COMPTROLLER OF THE CURRENCY.
7
instances have amounted to 100 times as much per ton of coal as
those which they were willing and glad to accept before the war;
and it is also painfully clear that the highest prices paid for coal
have been exacted from buyers who could least afford to pay the
extortionate rates, namely, our allies, whose sacrifices in the great
World War, in both men and money, so greatly exceeded our own.
DEFLATION BECOMES WORLDWIDE.
The deflation which, as we have seen, took place so precipitately
in Japan has made headway in every country, civilized and uncivilized, from the Arctic Ocean to the tropical jungles; and most of the
products of human labor and human enterprise in nearly every country
on the globe are now obtainable for a fraction of the prices which
prevailed a year ago. The raw silks of Japan are quoted at oneiourth to one-fifth of last January's prices. The raw cotton from
our own Southern States is selling at one-third the price of last
summer. Rubber from the valley of the Amazon or the Congo forests,
vegetable oil from the far East, wool from Australia, hides from
the Argentine, coffee from Brazil, sugar from Java and Cuba, all may
now be purchased at prices from one-fourth to one-half of those paid
since the armistice.
The shrinkage in prices during the last year in the products of our
own country, and in the products of other countries, purchased at
high prices by our merchants and business men, if applied to our
crops, and the products of our mines, forests, and factories, would
represent an apparent loss sufficient to stagger the boldest imagination.
For example, the shrinkage of, say, a dollar a bushel from the high
price of a year or so ago to the present farm values of corn would, if
multiplied by a crop of 3 | billion bushels, represent an apparent loss
to the corn growers, as compared with their expectations, of 3 |
billion dollars.
On the same principle of calculation the cotton grower figures a loss
on raw cotton and cotton seed of 2 billion dollars more. The wheat
grower, who had hoped for $3 per bushel, feels that he has lost another
billion and a half dollars.
Hundreds of millions of dollars additional have been swept away
by the collapse in the prices of wool, of hides, of leather, of furs; and
the losses which have been sustained from the collapse in the sugar
market from 23 cents to 5 cents per pound have been wholly without
precedent in the sugar trade.
SHRINKAGE ESTIMATED AT TWELVE TO EIGHTEEN BILLIONS.
It is probable that the shrinkage in the past year in the market or
salable value of the products of our fields and forests, of factories,
mills, and mines, in this country alone, as compared with the high
level from which they have descended, amounts to between twelve
and eighteen billion dollars.
This melting away of property values is reflected, but only partially, in the decline which has taken place in the market value of the
shares of industrial corporations listed on the New York Stock Exchange. A computation recently made shows that the depreciation
which has taken place from the high prices of last year and this to the
8
REPORT OF THE COMPTROLLER OF THE CURRENCY.
low prices of the current year in the stocks of industrial corporations
alone listed on the New x ork Stock Exchange amounts to between
three and four thousand million dollars. This is irrespective of the
shrinkage which has occurred in the shares of many railroad corporations which have reached this year the lowest prices in their history.
A serious shrinkage of values was foreseen and predicted more than
a year ago by those who studied conditions and considered the history
of past wars. It has come faster and more violently than heretofore,
presumably because more rapid communication and transportation
expedite the succession of inevitable effect on cause. Thus far
results have not only come more quickly than after our former severe
wars, but have been less calamitous. There is every reason to believe
that the same facts that hasten disaster will hasten recovery; and
that the people of different countries and classes, being more intimately in touch with each other than ever before, will more promptly
understand each other's rights and requirements and realize that it
is to the interest of all to work together for fair readjustments.
The precipitate decline which has already been witnessed in so
many leading commodities encourages the belief that in most cases
we are near the bottom, the fall, in some instances, having been
already excessive and abnormal and really not justified by actual
conditions. Despite the tremendous decline in the prices of the raw
materials for the articles upon which the cost of living is based—food,
clothing, and the cost of shelter or housing—the private citizen is
not yet receiving the full benefit of the drop; but he is required to pay
a tax in the shape of middlemen's profits, which, in many cases, is
inexcusable and unwarranted. We need not imagine that we have
reached a firm and stable foundation until excessive profits are further
deflated; until the private citizen is able to acquire, at the expenditure of $1 of his hard-earned money, something approximating the
quantity and quality which that dollar commanded in prewar times.
One of the chief blessings growing out of the war has been the movement toward equalization and the decided raising of the wages of the
working people to a fairer and more equitable basis. This is for the
permanent betterment of the country. Yet wages have not been
altogether equalized; in some cases the advance has been insufficient;
in others it has been excessive.
Many industries will find it impossible to continue the present high
wages when competition with foreign countries again begins in
earnest, as it will, and when commerce with all parts of the world
will have been again speeded up, as it will be presently, through the
agency of our enormously developed merchant marine.
We can not meet this foreign competition if our miners, mechanics,
and laborers loaf three days in the week and demand wages for the
other three days equal to those they formerly received for six days'
labor. If this country is to prosper and grow and keep pace with
the reawakened world—to say nothing of leading that world—it will
be necessary for our people to work lull time and intensely., and to
proceed with all the skill and intelligence of which they are capable.
The nations with which we must compete have huge populations,
with modern and scientifically equipped mills, factories, and workshops, and are determined to get on their feet again and achieve
prosperity; and they know that they can succeed only by energy,
thrift, and sacrifice.
REPORT OF THE COMPTROLLER OF THE CURRENCY.
9
We need not depart from the eight-hour day, nor relinquish any
of the legitimate benefits which the laboring man has won and is now
enjoying in the shape of improved environment and working conditions; in order to keep this country on the highest plane of prosperity
and on a basis which will enable it to compete with any other country.
The important thing is that waste shall be eliminated as quickly as
possible; that all prices shall be brought down to a sound and healthy
level; that excessive and exorbitant profits shall be dropped, and
that we go ahead at full speed to produce.
REMEDIES FOR ILLS; A PATHWAY TO PROSPERITY.
Reiteration of certain indisputable basic facts and deductions may
be useful in helping to drive into the minds of the business community
and our people generally the fundamental and only remedies for
existing hindrances and assurances for renewed stability and
prosperity.
The prices of many basic commodities and leading raw materials
have already returned to a prewar basis, while some articles are now
below the prices of 1914. It now remains for the middleman to
adjust his profits to the new prices before the ultimate consumer
will receive the benefit of the reduced cost of living.
The laboring man will soon be in a position where he must determine
whether he prefers a shut-down and idleness to a lower wage scale,
which must take into consideration the lower living charges. Unless
manufacturers can turn out their products at prices at which the public
will buy and can afford to buy, the mills and factories can not afford to
run; but obviously it is better for manufacturers to operate and produce goods at cost or at a very narrow margin of profit rather than
close down entirely. The attention of this office was directed some
time since to the case of a large steel manufacturer employing many
thousands of men who threatened to close his factories and throw his
employees out of work unless certain large consumers of steel and
iron products would place their orders at prices which would yield
him a profit three times as great as the normal or average profit.
Such an attitude, of course, is wholly indefensible and is deserving ol
the severest public condemnation.
Even with the help of tariffs intended to prevent foreign-finished
products from being imported, if we try to maintain a wage scale
which does not square with the revised costs of living, we will be
unable to sell our products abroad in competition with those of other
countries whose manufacturing powers are well developed and whose
wages are much below our own. It is clearly far better for workingmen, as the cost of living declines, to agree to a readjustment of wages
on a basis which will permit factories to run and the wheels of industry
to revolve, rather than to hold out for wages which it will be impossible
for emplo3^ers to pay when obliged, as they will be, to meet keen competition at home and abroad.
It is hoped and believed that our working people and manufacturers
will both appreciate these simple and economic realities and that
arrangements will be perfected with the owners of mills and factories
which shall secure to the laborer his full share of the profits and that
he will be allowed to participate with capital in whatever earnings
may be realized over and above a fair return on the capital invested.
19307 °—CUR 1920—VOL 1
2
10
REPORT OF THE COMPTROTJ/ER OF THE CURRENCY.
Only on this principle can we expect to restore business, bring about
renewed industrial activity, and establish a permanent and countrywide prosperity and contentment.
INFLATION WITH REDUCED PRODUCTION BRING HARD TIMES,
In the report of the Comptroller of the Currency a year ago attention was directed to the grave dangers incident to the then prevalent
reckless expansion in prices, accompanied by a reduced production
of commodities and articles representing real wealth, and warning
was given as to the inevitable consequences. In discussing the general business and financial situation at that time, I said:
" 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. It 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.77
Presenting at that time actual figures showing the huge falling off
in the production of pig iron, steel, coal, cotton, copper, and other
basic elements of wealth, I said:
" 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 ? * * *
" I t 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
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. * * *
"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 conditions, amount
to crime with the 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 apparently
have become wildly intoxicated by special opportunities for exorbitant profits. * * *
REPORT OF THE COMPTROLLER OF THE CURRENCY.
11
PAVING THE WAY FOR A NEW ADVANCE.
"Let us hope that 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 through 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 deflation which at that time was obviously inevitable has come,
and the country is now in many respects on a sounder basis, economically, than it has been for years.
When conditions abroad become more settled or stabilized, and
when at home much-needed adjustments are effected in the costs to
consumers of steel and iron products, which are still quoted about
twice their prewar prices, and when coal, for which the Government
itself has paid in recent months as much as four times the prewar price,
and certain other commodities which are now being kept up artificially
or as a result of monopolistic control far above the prewar figures get
back to normal level, our country, resting on a solid foundation, will
be prepared to enter upon a new and, let us hope, long-enduring era
of prosperity and healthy progress.
OUR BANKING POWER NOW TEN TIMES AS GREAT AS IN 1890.
The banking power of the United States as expressed by the
aggregate of the capital, surplus, deposits, and circulating notes
of its National, State, and Federal Reserve Banks has now reached
the huge total of $50,981,900,000, as shown by the figures of June,
1920. This is an increase over June, 1919, of $5,225,600,000.
In 1890 the banking power of this country as estimated by Mulhall was only $5,150,000,000, so that our total banking power to-day
is nearly *10 times as great as it was only 30 years ago.
The following table shows the capital, surplus and profits, deposits,
and circulation of the banks of the United States, National, State,
and Federal Reserve as of June 30, 1920, or report date nearest
thereto.
12
REPORT OF THE C0MPTR0UJ3R OF THE CURRENCY.
Banking power of the United States, June 30, 1920.
[Money columns in millions.]
National
bank circulation,
Federal Total,
Num- Capital Surplus
Dereserve
1
ber of paid in. and
notes,
and June.
posits.
profits.
1920.'
banks.
Federal
reserve
bank
notes.
8,030 1,224.1 1,533.2 14,311.4
National banks
Reporting State banks,
savings banks, trust
companies, etc
22,109 1,478.5 1,853.4 23,694.4
Nonreporting private
banks (estimated)
14.0
17.3
837
177.8
Total
Federal reserve banks
Grand total
30,976
212
2.716.6
94.5
30,988 2,811.1
Total,
June,
1919.
Increase
over
1919.
17,756.9
16,090.1
1,666.8
27,026.3
23,810. 7
3,215.6
209.1
610.2
3,403.9 38,183.6
120.1 2,472.7
688.2 44,992.3
3,302.3 5,989.6
40,511.0
5,245.3
4,481.3
744.3
3,524.0
3,990.5
45,756.3
5,225 6
40,656.3
688.2
50,981.9
* 401-1
1
Includes also dividends unpaid, postal savings, and United States deposits, certifed 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.
* June 25.
* Deciease. (The number of nonreporting private banks has heretofore been estimated approximately.
The reduction in the number of such banks and their capital, etc., is accounted for in this instance by
reason of the fact that the total number of private banks reported by the Bankers' Directory on or about
June 30,1920, is used as a basis for this calculation, deducting the number of reporting banks as indicated
by reports received by this office. Only such institutions as are performing the functions of a bank are
included in tho total number of private banks. Concerns whose business is confined to the selling of
investments are not included in the list of private bankers.)
OUR HUGE CREDIT BALANCES ABROAD.
Our foreign trade, both inward and outward, has continued during the past year at gigantic figures, the total of our imports and
exports of merchandise amounting to $13,507,000,000. This is an
increase in exports of $307,574,010 and in imports of $1,374,635,068,
resulting in a net credit balance in our favor for the year of $2,949,000,000, as compared with an excess of exports over imports of the
previous year or $4,016,061,058. For the seven years ending December 31, 1920 (December approximated), the total value of our
imports of merchandise was $21,126,643,639, against exports valued
at $40,674,859,593, bringing the total balance of trade in our favor
for this period up to the enormous total of $19,548,215,954.
Of this huge credit arising from the sales abroad of our products
of field and Farm and of mill and factory, approximately $10,000,000,000 is accounted for by the loans which our Government made
to the European countries during and succeeding the war. Payment of approximately $4,000,000,000 or $5,000,000,000 more was
made by reselling to this country the various issues of our securities
which the investors of Europe have been accumulating during the
past half of a century. In addition to buying back our own securities, we have purchased from different foreign countries, principally
Europe, several billion dollars' worth of other securities of various
kinds—Government, municipal, railroad, industrial bonds and
shares, leaving a credit balance still due to us at this time from
Governments, banks, business houses, and individuals in various
foreign countries which is estimated at from $3,000,000,000 to
REPORT OF THE COMPTROLLER OF THE CURRENCY.
13
$4,000,000,000 In addition to the $10,000,000,000 due the United
States Government.
At the time of the European war in 1914 the financial situation as
regards the balance of trade with Europe was precisely reversed. At
that time we owed to Europe several hundred million dollars on open
account, aiid those countries held from $4,000,000,000 to $5,000,000,000
of our securities, and many of our bankers and business men were
deeply concerned for fear of the demoralization that would ensue if
Europe should demand prompt settlement. In an address to an
association of bankers on September 29, 1914, the writer said:
"We and our business machinery will be required to work not only
for ourselves, but for the world. The task is enormous, but it is in
conjunction necessarily. In protecting our own stability, we protect
the world's finance and commerce. In conserving the interests of
other nations, we conserve our own and improve the opportunities
that practically are forced upon us. Along with illimitable responsibilities, the prospect of illimitable expansion confronts us. Just
now and because of the sudden halting of our delivery service and
closing of the markets, we are a debtor people. We are taking days
of grace because we have assets with which to pay and know that they
will be needed desperately and soon.
"Europe is believed still to hold several billions of our securities.
Exactly what amount, it is quite impossible to determine accurately.
"If we opened the stock exchanges and allowed this indefinite mass
to be unloaded on us with the frantic purpose to get our gold at any
cost, no one can quite foretell what the consequences would be.
There are only three methods by which our international debts can
be paid—by shipments of gold or silver, by shipments of merchandise,
or by the sales abroad of securities. If American securities owned
abroad should amount to, say, $4,000,000,000 and all holders should
offer them for sale and demand gold for them, our entire gold supply
of one and seven-eighths billion dollars, by far the largest gold holdings of any nation on earth, would be insufficient to pay for half of
them. Therefore it is preposterous to talk of taking them back at
once and settling for them now in gold.
" I t is equally idle to talk of paying for them by the sale abroad of
other securities. Therefore it is evident that if Europe wants to send
back to us our securities, she must take payment in merchandise, in
the equivalent of gold. When the European countries bought our
securities, they did not pay for them in actual gold; they paid for
them in merchandise, and should take merchandise in payment when
they
sell them back.
1
'My study of the problem has led me to the conclusion that wo will
not find it difficult to adjust ourselves to buy back in the course of a
few years—if they should be offered to us—and pay for all the American securities that Europe has or which it may desire to sell. We
have in abundance the raw material for the food and the clothing that
Europe, Asia, and Africa must buy. With these and other products
needed and demanded by the world, we can cancel our obligations
and redeem our securities at fair prices to their holders instead of
sacrifice and panic prices/'
That forecast mado six years ago was a prophecy which has been
abundantly and literally fulfilled. Europe will in course of time be
able to liquidate her huge debts to us, but they can not be paid in
14
REPORT OF THE COMPTROLLER OF THE CURRENCY.
gold, for the total amount of all the gold in the world, outside of the
United States, is not sufficient to pay much more than about one-half
of the indebtedness to us of the European countries alone.
It is imperative that the energy of the idle millions of human
workers in Europe be utilized and that we supply them, as far as may
be necessary, with raw materials. It is hoped and believed that the
machinery which is now being provided through foreign trade corporations and other instrumentalities will be useful agencies in
accomplishing this tremendously important task.
The value of our exports and imports of merchandise, by years, for
the past seven years, and the excess of imports over exports (December being estimated) is given in the following table.
IMPORTS AND EXPORTS OF MERCHANDISE, CALENDAR Y E A R S 1914, 1915, 1916, 1917, 1918,
1919, AND 1920.
Excess of
exports over
imports.
I m p o r t s of
merchandise.
E x p o r t s of
merchandise.
$1,789,276,001
1,778,596,695
2,391,635,335
2,952,465,955
3,031,304,721
3,904,364,932
5,279,000,000
$3,113,624,050
3,554,670,847
5,482,641,101
6,226,255,654
6,149,241,951
7,920,425,990
8,223,000,000
324,348,049
776,074,152
091,005,766
273,789,693
117,937,230
016,061,058
949,000,000
21,126,643,639
40,674,859,593
19,548,215,954
1914.
1915..
1916.
1917.
1918.
1919.
1920.
Total, 7 years.
GOLD A N D SILVER IMPORTS AND E X P O R T S F O R CALENDAR Y E A R S 1914 TO 1920.
GOLD.
Imports.
1914
1915
1916
1917
1918
1919.
1920
.
. .
Total, 7 y e a r s
Exports.
Excess of
exports over
imports.
$57,387,741
451,954,590
685,990,234
552,454,374
62,042,748
76,534,046
429,000,000
$222,616,156
31,485,918
155 792,927
371,883,884
41,069,818
368,185,248
322,000,000
$165,228,415
2,315,363,733
1,512,973,951
456,879,617
291,651,202
Excess of
i m p o r t s over
exports.
$420,528,672
530 197 307
180,570,490
20 972 930
107,000,000
1,259,269,393
SILVER.
1914
1915
1916
1917
1918
1919
1920
..
.
. . . .
Total, 7 y e a r s
.
.
Excess of
exports over
imports.
Imports.
Exports.
$25,959,187
34,483,954
32,263,289
53,340,477
71,375,699
89,410,018
88,000,000
$51,603,060
53,598,884
70,595,037
84,130,876
252,846,464
239,021,051
114, COO,000
$25,643,873
13,114,930
38,331,748
30,790,399
181,470,765
149,611,033
26,000,000
394,832,624
865,795,372
470,962,748
KEPORT OF THE COMPTROLLER OF THE CURRENCY.
15
NATIONAL BANK CONDITION NOV. 15, 1920, COMPARED WITH
MAR. 4, 1919, FOLLOWING^ THE ARMISTICE.
An analysis of the reports of condition of all national banks *as of
November 15,1920, as compared with their condition on March 4,1919,
four months after the armistice, suggests that there has been far less
inflation of credit and loans, at least as far as the national banks are
concerned, than is popularly supposed, and some of the criticisms
which have been made as to the alleged financial inflation, so far
as they are concerned, is hardly justified. The generally conservative instincts and prudent management of most of our bankers have
been a healthy and restraining influence to the orgy of extravagance
and speculation which raged during the 18 months period succeeding
the armistice.
The loans and discounts of all national banks on March 4, 1919,
plus the United States Government securities owned (but exclusive
of United States bonds held to secure circulation), which may be
regarded in the light of loans to the Government, amounted to
$12,694,050,000, as compared with $13,749,926,000 on November 15,
1920. This was an increase in loans and discounts and United States
Government securities held during the past 20 months of only
$1,055,876,000, or less than 9 per cent. It should be taken into consideration that during this period of 20 months the Government sold
and collected $4,500,000,000 of Victory notes, the majority of which
were sold and collected for through our national banks.
Another study which is of interest in this connection is the analysis
of the money borrowed by the national banks through bills payable
and rediscounts on March 4, 1919, as compared with November 15,
1920. It may also be allowable to consider in this connection the
amount of money borrowed by the national banks for these same
periods in the shape of United States Government deposits, which
are in effect demand loans from the Government secured by collateral.
On March 4, 1919, bills payable and rediscounts of all national
banks aggregated $1,451,223,000, while Government deposits on the
same date amounted to $591,318,000, making a total of borrowed
money, plus Government deposits (secured by collateral), of $2,002,541,000. On November 15, 1920, the total amount of bills payable
and rediscounts was reported at $2,390,633,000 and United States
Government deposits at $147,239,000, making a total of loans
and discounts, plus money from the Government as deposits, of
$2,537,872,000, representing a total increase in bills payable and
rediscounts and United States Government deposits during this 20
months' period of $495,331,000.
It was during these 20 months, as stated above, that the
$4,500,000,000 of Victory notes were subscribed and paid for, and
the national banks were necessarily called upon to carry hundreds
of millions of those bonds for their customers in addition to the
Victory bonds which they subscribed to for their own account.
The strong position of the national banks is further apparent when
we consider that the amount of United States Government bonds
which they hold (exclusive of those held to secure circulation), plus
the loans made by these banks on the security of Government bonds,
is practically as much as the aggregate of their bills payable and
16
REPORT OF THE COMPTROIaLEB OF THE CURRENCY.
rediscounts, including money borrowed from the Federal reserve
banks and from all other banks.
We therefore find that if the national banks should sell their
United States Government bonds to investors and collect the money
which they are now advancing on United States Government bonds
they could, as a whole, without drawing upon their reserves, pay
back every dollar they owe to the Federal reserve banks, whose
earnings would as a result of such collections be reduced approximately $150,000,000 per annum unless they should find other means
for employing their funds. Approximately 90 per cent of all the rediscounts of the national banks are obtained from the Federal reserve
banks.
An analysis of the reports of the national banks in each of the 12
Federal reserve districts tells us that in nearly every district a large
reduction took place in the holdings of Government securities
between March 4, 1919, and November 15, 1920, despite the flotation
of the $4,500,000,000 of new Victory notes in this period; and the
money released by the sale of Government securities held by the
national banks was generally used to increase the sum total of their
loans and discounts.
The figures below give for each Federal reserve district the aggreate of loans and discounts, plus United States Government securities,
eld by all national banks November 15, 1920, and the increase as
compared with March 4, 1919:
f
Loans and discounts, plus United States securities, Nov. 15, 1920.
Total.
Boston Federal reserve district
New York Federal reserve district
Philadelphia Federal reserve district
Cleveland Federal reserve district
Richmond Federal reserve district
Atlanta Federal reserve district..
Chicago Federal reserve district
St. Louis Federal reserve district.. ..
Minneapolis Federal reserve district
Kansas City Federal reserve district
Dallas Federal reserve district
San Francisco Federal reserve district
Total
....
1
Increase.
$978, 478,000
3,491,136,000
1,044,083,000
1,288, 236, 000
832,460, COO
507,440,000
1,784,210,000
548,391,000
683,932, 000
920, 479,000
631,026,000
1,034, 514,000
$138,857,000
24,362,000
21,507,000
121,523,000
95, 716,000
31,413,000
127,239,000
58,485,000
52,390,000
84,112, 000
137, 577,000
161,309,000
13, 714,385,000
1, 054,490,000
Per cent.
1
2
10
12
7
g
12
8
10
27
18
Less than 1 per cent.
It is also of interest at this time to compare the changes in each of
the 12 Federal reserve districts between March 4, 1919, and November
15, 1920, in the matter of money borrowed by the national banks on
bills payable and rediscounts, plus Government deposits, which are
in effect demand loans obtained from the United States and secured
by collateral.
In the following statement there are given the figures of November
15, 1920, as to the total bills payable and rediscounts and Government
deposits held by all the national banks in each district and the
increase or reduction as compared with March 4, 1919:
REPORT OF THE COMPTROULER OF THE CURRENCY.
17
Total bills payable and rediscounts, including United States deposits, Nov. 15,1920.
Total.
Boston Federal reserve district
New York Federal reserve district
Philadelphia Federal reserve district..
Cleveland Federal reserve district
Richmond Federal reserve district
Atlanta Federal reserve district
Chicago Federal reserve district
St. Louis Federal reserve district
Minneapolis Federal reserve district...
Kansas City Federal reserve district..
Dallas Federal reserve district
San Francisco Federal reserve district
Total
$117,406,000
813,648,000
144,313,000
87,072,000
142,755,000
135,018,000
399,688,000
108,300,000
127,884,000
181,702, 000
118,912,000
159,385, 000
Increase (+)
or
decrease (—).
-$73,842,000
+95,982,000
-69', 108,000
—32,254,000
+5,425,000
+55, 320,000
+241,797,000
+52,394, 000
+99,332,000
+78,419,000
+ 18,806,000
+ 23,537,000
Per
cent.
38. 61
13.37
32.38
27.03
3.95
69.41
153.14
93.72
347. 90
75.93
18.79
17.33
2,536,083,000
The following table shows the total amount of all deposits held by
all national banks in each of the 12 Federal reserve districts on November 15, 1920, and the increase or reduction in these deposits in
each district as compared with March 4, 1919.
The most conspicuous increases are shown in the great industrial
districts of the East and on the Pacific coast and the State of Texas.
All deposits, Nov. 15, 1920.
Total.
Boston Federal reserve district
New York Federal reserve district
Philadelphia Federal reserve district...
Cleveland Federal reserve district
Richmond Federal reserve district
Atlanta Federal reserve district
Chicago Federal reserve district
St. Louis Federal reserve district
Minneapolis Federalreserve district
Kansas City Federalreserve district...
Dallas Federal reserve district
San Francisco Federalreserve district..
Total.
,153,168,000
460,894,000
361,479,000
710,384.000
938,147,000
541,292,000
138,286,000
639,341,000
806,929,000
153,378,000
701,659,000
349,183,000
Increase (+)
or
decrease (•—).
+$187, 444,000
+452, 431,000
+ 146, 512,000
+ 170, 492,000
+ 123, 559,000
+2, 997,000
+25, 756,000
+30, 525,000
611,000
+53, 799,000
+ 178, 203,000
+289, 000,000
Per
cent.
19.41
11.29
12.06
11.07
15.17
.56
1.27
5.01
.08
4.89
34.04
27.00
16,954,140; 000
As shown above, the heaviest percentage of increase in deposits was
in the Dallas district; the next largest was in the San Francisco district.
The total increase in all deposits in all national banks in the country
between March 4, 1919, and November 15, 1920, was approximately
11 per cent during the 20 months.
Exclusive of Government deposits, the total deposits of the national
banks at this time are within about 3^ per cent of the maximum deposits shown at the time of the December 31, 1919, call, when the
nighest figures were reached.
The total loans and discounts of all national banks for November
15, 1920, have shown an actual contraction of $104,000,000 since
September 8, 1920, and a reduction as compared with June 30, 1920,
of $85,000,000.
18
KEPORT OF THE COMPTROLLER OF THE CURRENCY.
MONEY IN THE UNITED STATES.
The stock of coin and paper currency in the United States has
increased in the past six years, or since June 30, 1914; shortly before
the inauguration of the Federal reserve system, from $3,738,000,000
to $7,894,500,000, on June 30, 1920, the percentage of increase being
111.18. The increase in the circulating medium has been mainly
due to gold imports, and the issuance of Federal reserve and Federal
reserve oank notes. On July 1, 1915, the amount of Federal reserve
notes issued was $84,260,500, while on July 1, 1920, the amount
of these notes had reached the high point of $3,405,877,120, and
Federal reserve bank notes had been issued to the extent of
$201,225,800. Gold coin, including bullion in the Treasury, increased
from $1,890,678,304 on July 1, 1914, to $2,693,963,700, on July 1,
1920. National bank notes outstanding declined from $750,671,899
on July 1, 1914, to $719,037,730 on July 1, 1920.
The circulating medium—Coin and paper currency, July 1. 1920.
Circulating medium.
Gold coin (including bullion in
Treasury)
Gold certificates
Standard silver dollars
Silver certificates
Subsidiary silver
Treasury notes of 1890
United States notes
Federal reserve notes
Federal reserve bank notes
National-bank notes
Total
.
II. Money
held in the
Treasury as
assets of the2
Government.
III. Money
held by
Federal reserve banks
and Federal
reserve agents
against issues
of Federal
reserve notes.a
$2,693,963,700
$402,960,728
5 $867,034,776
268,857,494
14,935,674
I. General
stock of
money in
the United
States.*
194,058,280
258,855,239
6,605,094
346,681,016
7 3,405,877,120
201,225,800
719,037,730
9,567,i64
30,096,579
2,545,783
22,962,456
256,176,480
7,894,498,099
4S9,673,476
1,317,269,536
IV. Money in
circulation .*
6$839,241,553
390,665,365
134,007,710
118,257,883
252,250,145
1,656,227
337,113,852
3,119,604,031
198,680,017
696,075,274
6,087,555,087
Population of continental United States estimated at
107,155,000
Circulation per capita
$56.81
1
Includes gold held in the Treasury for the redemption of outstanding gold certificates ($584,723,645
and Federal reserve gold settlemont fund $1,184,275,551.87 on July 1,1920), an.l standard silver dollars held
in the Treasury for the redemption of outstanding silver certificates and Treasury notes of 1890 ($119,914,11.0
on July 1,1920). 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 1,1920), and the gold or lawful money redemption funds held against issues of national-bank notes. Federal raserve notes, and Federal reserve bank notes ($272,644,786.51 en July 1,1920). Does
not include deposits of public money in Federal reserve banks, national banks, and special depositaries
($353,000,017.86 on July 1,1920), 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"!, 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.
* 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 6Treasury as assets of the Government.
Includes $801,867,360 credited to Federal reserve agents in the gold settlement fund deposited with
Treasurer of the United States.
e Includes $382,408,191.87 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.
19
REPORT OF THE COMPTROLLER OF THE CURRENCY.
In order that a comparison may be made between the amount of
the circulating medium of the country immediately before the war,
or say on July 1, 1914, and the figures shown above for 1920, we
include the following table taken from official reports:
Circulation statement showing coin and paper currency July 1, 1914.
General stock
Held in
of money in
Treasury as
the United
assets of the1
States.
Government.
Gold coin (including bullion in Treasury)
Gold certificates 2
S t a n d a r d silver dollars
Silver certificates 2
Subsidiary silver
Treasury notes of 1890
United States notes
National bank notes
Total
Money in
circulation.
182, S15,863
2,439,000
346,681, 016
750,671,899
$195,381,761
45,520,740
4,670,087
11,387,624
22,052,188
11,942
7,811,373
32,586,262
$614,321,674
1,035,454,129
70,314.176
479,162,376
160,263, 675
2,427,058
338,839,643
718,035,637
3,738,620,345
319,451,977
3,419,168,368
$1,890,67S, 304
565,834,263
Population of Continental United States July 1, 1914, estimated a t
99,027,000
Circulation, per capita
?34.53
ir
rhis statement of money held in the Treasury as assets of the Government does not include deposits of
puhliannoney in national bank depositaries to the credit of the United States, amounting to $93,388,605.72.
For
a full statement of assets see Pu blic Debt Statement.
2
For redemption of outstanding certificates an exact equivalent in amount of the appropriate kinds of
money is held in the Treasury, and is not included in the acount of money held as assets of the Government.
From the table on the preceding page we find the total money in
circulation on July 1, 1920, reported at $6,087,555,087.
These figures, however, do not convey a full comprehension of
the complete facts of the case in regard to the money " in circulation/'
for the money really in circulation will be found to be materially
less than the figures shown in the foregoing statement if we give full
weight to certain other factors which should be considered.
In the above official statement the amount of Federal reserve notes
outstanding is reported at $3,119,604,061. It is necessary to consider,
however, that as these Federal reserve notes were issued from time
to time, large amounts of gold and gold certificates were received in
exchange for them and were thus withdrawn from circulation, and
deposited with the Federal reserve agents and the reserve banks in
trust, as security for the redemption of Federal reserve notes. This
gold and the gold certificates so deposited are not, therefore, in the
hands of the people or of the commercial banks of the country and
can hardly be properly regarded as being actually "in circulation/'
Furthermore, while the foregoing statement shows $1,061,093,056
of gold held by the Federal reserve banks and reserve agents against
the Federal reserve notes which are in circulation, there is also an
additional amount of gold held by the Federal reserve banks, which
may also be properly considered as not in circulation. Therefore,
if we deduct this additional gold, say, $548,000,000 held in the reserve
banks, from the $6,087,555,087, of money classed by the Government
reports as being "in circulation," and also deduct the silver, United
States notes and other currency Tield hy the Federal reserve hanks on
July 1, 1920 (as well as the total amount of gold held by both the
Reserve agents and Federal reserve banks), the net amount of money
actually in circulation on July 1, 1920, would only be $5,380,852,000
20
REPORT OF THE COMPTROLLER OF THE CURRENCY.
This would indicate an increase or expansion since July, 1914, of
$1,962,000,000 in money in circulation.
I t is true that a part of the gold reserve held by the Federal reserve
banks represents gold formerly held by national and other member
banks, which was part of the "circulation" reported as outstanding
on July 1, 1914. But if we bear in mind that the function of gold
held by the Federal reserve banks is quite different from that held
in their vaults by the commercial banks of the country, the criticism
or suggestion, that this money which was properly classed as "in
circulation" in 1914, when held by commercial banks, should not
now, when held by Federal reserve banks, be classed as gold "in
reserve" (and not therefore "in circulation") can not well be
sustained.
Of the $5,380,852,000 of money thus classed as being "in circulation" on July 1, 1920, there was held:
In vaults of national banks
$450, 351, 000
In vaults of banks and trust companies under State supervision
626, 027,000
By Federal reserve banks, exclusive of gold pledged as reserve ($1,061,093,000) against Federal reserve notes outstanding
960,178, 000
Balance in tills, cash registers, and in the pockets of the people (including money hoarded, in safe-deposit boxes, stockings, etc.), also including a considerable amount of our paper money circulating in
•
Cuba and other foreign countries
3, 344,296, 000
Total
5,380,852,000
It is believed that hundreds of millions of dollars of the above
money supply are hoarded and hidden away, which would doubtless
be deposited in the banks if a bank guaranty law such as has heretofore been recommended to the Congress should be enacted.
FULL GUARANTY OF BANK DEPOSITS FOR $25 PER MILLION
OF DEPOSITS.
During the past six years of stress and strain the losses to national
bank depositors from failure have been reduced to such unprecedentedly low figures that an annual charge on all deposits of 2J tenthousandths of 1 per cent of deposits would have been more than
sufficient to cover all such losses accruing to the depositors of our
national banks for this period. It is believed that it would be preferable at the outset, as heretofore recommended, to begin with a
guarantee of deposit balances of $5,000 or less, and the guarantee
plan can then be developed in accordance with the lessons of actual
experience.
If the excellent record made by the national banks in the past six
years in the matter of immunity from failure should be maintained
the Government could meet all such losses arising from the guarantee
of national bank deposits from 1 per cent of the annual profits which
it will receive as a franchise tax from the operation of the Federal
reserve banks, if we assume that these reserve banks in the future
should only make one-half of the net earnings which they have made
in the past 12 months.
No better way can be suggested for bringing into life and getting
back into circulation the enormous amount of money which is now
hidden and stored away and kept out of banks by timid and nervous
owners. The guarantee of all deposits in national banks of $5,000
REPORT OF THE COMPTROLLER OF THE CURRENCY.
21
and less would give complete security for their money to more than
19,000,000 depositors whose deposits in the national banks at this
time are estimated at about six thousand million dollars. The
remaining individual deposits in national banks, about eight billion
dollars, stand to the credit of depositors whose balances exceed $5,000
and those larger depositors aggregate in number, according to the
latest estimates, considerably less than 5 per cent of the total number
of depositors.
NO REAL INFLATION IN OTJK CURRENCY.
PROPORTION OF MONEY IN CIRCULATION TO TOTAL BANK RESOURCES
SMALLER NOW THAN BEFORE THE EUROPEAN WAR.
A study of the above figures shows that between July 1, 1914, and
July 1, 1920, there has been an actual reduction in the amount of
gold "in circulation," outside of the Treasury and reserve banks, of
$974,230,000 (due to the issue of Federal reserve notes in lieu of gold)
while there has
been an increase, or rather a new issue, of Federal
reserve note77 circulation of $3,121,241,000, following the inauguration of the new reserve system.
The net increase since July 1, 1914, in money of all kinds in actual
circulation, outside of money in the Treasury and Federal reserve
"banks, is shown to be only $1,962,000,000, and is accounted for by
the issue of Federal reserve notes which are themselves backed by
close to 50 per cent in gold, accumulated by the reserve banks as they
issued their notes, and this gold is now held by reserve banks and
reserve agents and is exclusive of the reserve which the reserve banks
are required by law to hold against deposits.
The money in circulation in the United States at the close of the
Government's fiscal year represents a distinctly conservative
amount, when we compare it with the total resources of the banks
of the country. The advance in prices and the increase in the
resources of our banks can not be properly ascribed to "inflation"
in our currency. On July 1, 1914, the proportion of the money in
circulation to the total resources of all banks, both national and
State, was 13 per cent. On July 1, 1920, the money in circulation
outside of the Treasury and reserve banks was only 10 per cent of the
total resources of national and State banks. The percentage of
money in circulation to total resources of all banks was, therefore,
30 per cent higher in 1914 than the percentage shown at the end of
the last fiscal year.
The proportion of money in circulation to total deposits of all
banks (national and State, including trust companies, savings banks,
etc.) in July, 1914, was 1G.4 per cent. In July* 1920, the proportion
was slightly less than 13 per cent.
In the six years which have elapsed since January 1, 1915, following
the outbreak of the European war, our total imports of gold have
exceeded our exports, according to the official figures (December,
1920, estimated) by $967,618,197.
The gold produced by the mines of this country for the same
period (1920, estimated) has amounted to approximately $500,000,000.
If we assume that one-half of this gold has been used in the arts
and industries, the increase in gold imports and gold from our own
22
REPORT OF THE COMPTROLLER OF THE CURRENCY.
mines available for coinage will have increased our available stock
of gold money during this period by not far from $1,250,000,000.
During the six years since January 1, 1915, there has been a large
excess of exports of silver over silver imports, but this is largely
offset and compensated for by the production of our silver mines
during the period.
In conclusion, it appears that since about the time of the outbreak
of the European war in 1914, the net increase in the stock of gold in
the United States, coined or available for coinage, has amounted to
about $1,250,000,000, which is equal to about two-thirds of the net
increase which has taken place in this period in the "money in
circulation," including gold, silver, and paper money, the increase
in which from July 1, 1914, to July 1, 1920, on the foregoing basis,
was about $1,962,000,000.
The total stock of money in the United States, the amount held in
the Treasury as assets, the amount in reporting banks, the amount
not in the Treasury, or in the banks, and the amount in circulation,
exclusive of Treasury holdings, is shown in the following table for
the years ended June 30, 1892 to 1920, inclusive:
Stock of money in the United States, in the Treasury, in banks, and in circulation, 1892
to 1920.
Coin and other Coin ancI
Coin and other
Coin and money in Treasnot in
money in report1
other
ing banks.2
banks.
ury
as
assets.
Year
money
ended
in
the
June 30— United
States.
Per Amount. Per Amount.
Amount. cent.
cent.
1892
1893
1894
1895
1890
1897
1898
1899
1900
1901
1902
1903
1904
1905
1906
1907
1908
1909
1910
1911
1912
1913
1914
Millions. Millions.
$150.9
$1,752.2
142.1
1,738.8
144.2
1,805.5
217.4
1,819.3
293.5
1,799.9
265.7
1,900.7
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
350. 3
3,720.0
336. 3
3,738.3
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
9.01
9.98
9.58
8. 97
1915
3, 989.4
345.4
8.60
1916
4,482.9
298.2
6.65
1917
5,408.0
268.4
4.90
1918
6,741.0
300.3
5.34
1919
7,518.8
584.2
7.77
1920
7,894.5
489.7
0.20
Millions.
$586.4
515.9
688.9
631.1
531.8
628.2
687.7
723.2
749.9
794.9
837.9
848.0
982.9
987.8
1,010.7
1,106.5
1,362.9
1,444.3
1,414.6
1,545.5
1,563.8
1,552.3
1,630.0
/ 1,447.9
\ 3 380.2
/ 1,472.2
\ 592.7
/ 1,487.3
I 1,280.9
/ 882.7
I 2,018.4
/ 981.3
\ 2.107. 3
/ 1,047.3
\ 2,021.3
Millions.
33.48 SI, 014.9
29.68 1,080.8
38.17
972.4
34.96
970.8
29.55
974.6
32.94
1,012.8
33.17 1,150.1
33.02
1,180.8
32.05
1,305.2
32.02
1,380.4
32.69
1,411.4
31.59 1,519.7
35.06 1,536.3
34.27 1,600.1
32.92 1,725.9
35.51 1,666.5
40.34
1,675.1
42.40 1,661.9
41.37 1,687.7
43.46
1,668.5
42.86
1,720.7
41.73
1,811.4
43.02
1,772.0
}• 45.97
} 40.06
} 51.19
} 43.04
} 41.88
} 38.87
In circulation,
other money exclusive of coin
Treasury or and other money
in Treasury as
assets.
Per
cent.
Per
capita.
1,809^,9
57.92 $15.50
62.15 16.14
53.84 14.21
13.89
53.36
54.14 13.65
53.13 13.87
15.43
55.46
53.92 15.51
55.79 17.11
55.59 17.75
55.07 17.90
56.61 18.88
18.77
54.80 19.22
55.49 20.39
56.22 19.36
53.49 19.15
49.58 18.68
48.78 18.68
49.36
17.75
46.93 17.98
47.16
18.61
48.69
17.89
47.41
45.37
17.97
2,119.8
47.29
2,371.4
3,479.6
3,786.0
4,330.2
Amoim
Per
, capita.
Millions.
$1,001.3
1,590.7
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
$24.60
24.00
24.50
23.24
21.44
22.92
25.19
25.02
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
34.50
34.35
3,509.2
35.44
20.09
4,024.1
39.29
43.85
22.77
4,763.6
45.74
51.62
32.87
5,379.4
4 50.81
50.35
35.67
5,766.0
« 54.33
54.93
40.47
0,087.0
< 50.81
1
Public money in national bank depositaries to the credit of the Treasurer of the United States not
included.
23 Money in banks of island possessions-not included.
Figures for June 25.
4
Population estimated at 105,809,000 in 1918, 100,130,000 in 1919, and 107,155,000 in 1920.
REPORT OF THE COMPTROIXER OF THE CURRENCY.
23
WORLD'S SUPPLY OF GOLD, SILVER, AND PAPER MONEY.
The monetary stock of gold, silver, and paper money in all the principal countries of the world as of the latest dates obtainable is shown
in the following table taken from the recently published report of
the Director of the Mint. From the nature of the case it is impossible
to obtain accurate figures or estimates and the figures used should
be understood to be merely approximations. In some countries
official reports do not discriminate and show separately the several
forms of metallic currency, whether of gold, silver, or copper, and in
other countries, such as Russia, it is obviously impossible to obtain
statements that can be relied upon.
If we should assume that the "unclassified" metallic stock reported
by; the Director of the Mint as $294,368,000 is mainly gold, and add
this to the estimates reported of the total stock of gold, $7,594,557,000,
the aggregate of gold stock would be $7,888,925,000, but other estimates as to the actual supply of gold in the world range from these
figures up to 11 or 12 billion dollars. Perhaps $10,000,000,000 is as
near to the actual stock of gold in the world at the present time as
can be approximated.
If we assume these latter figures to be correct and deduct the
amount of gold which we have in this country from the above total,
the gold supply of the world outside of the United States would be
approximately $7,000,000,000, so that if all the gold in the world,
outside of what is held in the United States, should be gathered
together in one vast aggregate it would be only sufficient to pay about
one-half of the debt which foreign countries, their banks, and business houses owe at this time to the United States and to our banks
and merchants and individuals.
MONETARY STOCKS OF THE PRINCIPAL COUNTRIES OF THE WORLD.
to
END OF CALENDAR YEAR 1919.
[Stated in United States dollars.]
Gold stock.
Monetary unit.
Country,
North America:
United States
Canada
Mexico
British Honduras
Costa Rica
Cuba..
Dominican Republic..
Haiti
Honduras
Nicaragua
Panama
Salvador
Trinidad
South America:
Argentina
Brazil
Chile
Colombia 3 . Paraguay
Peru
Uruguay s
Europe:
Austria-Hungary
Belgium
Bulgaria
Czechoslovakia
Denmark
Finland
France..
Germany
Gibraltar ..
Great Britain
Greece.
Haly
Monetary
standard.
Gold
do
do
do
do
do.
...do
do
SUver
Gold
do
do
do
Name
Dollar
.do . .
Peso
Dollar
Colon.
Peso
Dollar
Gourde.
Peso
Cordoba
Balboa .
Colon
Pound
Metallic
United stock, unStates classified.
equivalent.
$1.00
1.00
.4985
1.00
.4653
1.00
1.00
.25
(2)
1.00
1.00
50
4. 8665
Thousands.
In banks
and public treasuries.
Silver
stock.
Total.
Thousands. Thousands. Thousands. Thousands.
$2,708,862
$543,510
$2,70S, 862
$182,4G0
50 000
7
1,472
2,510
25
600
50,000
7
$42,490
184
2
1,472
45,000
25
600
6,000
1,150
50
291
4 750
4,750
18
18
172
250
290
595
853
299,119
29,443
25,753
7,494
648
6,229
291
.9648
.5462
.365
. 9733
. 9648
299,119
29,443
25,753
...do
...do
Peso
Milreis
Peso
Dollar.
Peso (Argentina).
Libra
Peso
4.8665
1.0342
do
do
...do
(c)
Gold
do
...do
do
.do..
...do
do
...do
Krone
Franc
Lev
Crown
Krone
Markka .
Franc
Mark ...
Pound
do
Drachma
Lira
.2028
.193
.193
.2026
.268
.193
.193
.2382
4.8665
4.8665
.193
.193
15,671
4 58,773
4
45,111
4
51,417
7,137
< 5,790
«187,380
8,422
-094,839
< 259.519
...do
...do
...do
.do
...do
In circulation.
Per capita.
7," 494*
16,680
6,787
32,271
58,773
45,111
51,417
7,137
5,790
187,380
15,209
694.839
259,519
380
380
777,872
777,872
171,276
171,276
Paper
circulation.
Thousands.
$4,377,057
354,364
50,148
290
13,236
100,000
12,500
3,500
Population.
Unclassi- Gold. Silver. Paper.
fied
metal.
Thousands.
108,291
S25.01
8,361 $2i. 82
15,502
3.29
41
455
2,628
725
2,500
.17
3.23
17.12
.03
.24
$5.02
4.49
2.28
1.58
.02
573
562
800
450
.64
8,800
5,512
1,288
3.69
377
.05
2.26
517,957
567,712
8,284
27,474
3,870
5,473
1,000
36.11
1.06
6.65
1.37
.16
1.13
24,865
5,800
1,407
5.56
41.77
11,540 5 8,814,300
« 5,232
923, 505
3,396
549, 278
« 20,260
911,597
* 2,824
428,552
4,700
305, 278
4
51,743 7,193,986
4 2,324 11,785,898
165
1,258
2,436,953
277,719
03,296 3,580,460
52,368
7,658
5,518
13,000
2,941
3,269
39,700
67,812
.86
6.71
1.29
.45
63.71
4.65
17.50
3.82
14.61
16.88
.61
1.55
.96
1.43
1.30
.03
6.34
4.66
i.72
424
3,748
14,191
120,600
26
46,089
4,950
36,717
.31
.31
.64
.46
$40. 42
42.38
3.23
7.07
29.09
38.05
17.24
1.40
1.02
4.91
O
s
g
n
o
K
3
6.83
14.62
62.50
20.66
2.59
120.60
w
.07
4.28
.22
w
o
d
168.31
120. 59
99.54
70.12
146.06
93.38
181. 21
173.80
48.38
52.88
56.11
97.51
.68
o
f
CO
Jugoslavia
Netherlands
Norway
Poland
P o r t u g a l . 3. .
Roumania
Russia.
Spain
Sweden
Switzerland.
Turkey
Asia:
Ceylon
China
Cyprus Island. .
India, British
Japan, Chosen, and
Taiwan. .
Netherlands Indies 3 . .
Philippine Islands
Si am
Straits Settlements
Africa:
Belgian Congo
British Somaiiland..
Egypt
Gold Coast
Nigeria
Nyasaland Protectorate.
Sierra Leone 3
South Africa
Tunis . .
Australasia:
Australia
New Zealand
Total
1
2
3
4
5
6
7
8
9
Dinar
Gold.... Guilder
. . . d o . . . . Krone
(6)
Mark
Gold .
Kscudo
...do
Leu
do
Ruble
...do
Peseta .
do
Krona
..do
Franc.
Piaster
do
193
.402
.268
0339
1.0805
.193
.5146
.193
268
.193
044
...do
Rupee
Silver
Dollar
Gold.. . Pound
..do
Rupee. .
4 8665
.3244
.do
...do
.do
do
...do
(6)
...do
do
do
. 4985
.402
50
3709
.5678
Franc
Rupee.
Pound
193
.3244
4 9431
4.8665
4.8665
4.8665
.do.
do
do
do
...do
.do
do
do
Franc.
4.8665
4.8665
1.93
do
Pound
do
4.8665
4. 8665
...do
4
29 409
19 9«;fi
4 256. 904
4
39 590
12 956
256,204
39 590
2 991
47,454
4
328
7 232,107
4
466 800
4
75 350
87,451
328
232,107
466,800
75 350
87,451
4 43
1,064
. 3244
Yen.
Guilder
Pe c o
Tical
Dollar
..do..... .
...do
2 104
1,064
i 415
1 415
114,266
29 868
527,801
67 827
114,266
497,933
67,827
4
4
"i.2i*568
4
12 558
17,075
746," 3 iff
200 347
230,833
700,275
7,375
40 203
462
174,971
17,971
3,284
704,756
81,802
934,195
61,199
81,991
112,667
2,895
71
342,244
19,269
12,164
8
1,326
1,326
18,701
2,428
6,664
11
1,509
11
1,509
4,991
688
35,658
974
974
28,250
1,786
9
7
42,133
3,091
3,880
221,519
6,951
3,721
221,519
38," 262*
294,368
7,486,043
108 514
7,594,557
456,156
404,425
121,754
1,254,609
400 463
832,683
1,335,233
6,222
6,725
2,632
12,000
9 267
7,508
182,183
20,843
5 801
3,937
21,274
34
48
1 97
38.09
15.04
7.05
.04
.01
3 17
1.27
22.39 "*5. 83
12 99 2 16
22.21
4.34
4,262
325 000
.25
1.73
274
5.16
1.68
73 31
60.03
46.22
104.55
43.21
110.91
35.86
34 53
58.63
32.91
4.21
12
315,156
78,708
47,204
10,351
8,820
714
15,000
300
12,710
1,499
6,000
1,217
1,207
40,001
38,021
1,403
6,465
1,781
276,503
35,304
4,981
1,160
32.98
51,415,440
1,596,733
.19
6.51
.36
.55
11.98
2.23
6.71
1 44
1.04
11.89
1.85
1.86
.27
9.33
9.29
157.79
.03
.11
.33
2.29
2.81
.80
1.71
1.46
3.90
2.09
44 47
4.75
5.9i
.19
.24
26.92
12.85
.73
.86
6.18
21.35
o
p
55.51
30.43
.78
32.20
Gold and. silver certificates not included, as they represent those metals, dollar for dollar.
Fluctuates with price of silver.
Dates other than end of year; Colombia, about September, 1919; Uruguay, October, 1919; Roumania, Jan. 10,1920; Netherlands Indies, Dec. 15, 1919; South Africa, Sept. 30, J919.
State bank figures only.
Does not include scrip'notes (kassenscheine) kroner 10,974,000,000.
Monetary standard not established.
Vladivostok state bank and Bolsheviki acquisitions of old stock.
Shanghai stock only.
Government only.
NOTE.—Figures given represent each country's stock at the end of the year, except where otherwiseindicated. Population figures are from the Statistical Abstract of the United
States, 1919. Blanks indicate no figures available rather than no stock. Gold held abroad, as follows, not included i 11 above figures: Canada, $17,647,320; British Honduras, $289,702 ;
Panama, $530,000; Salvador, $160,000; Argentina, $76,216,117; Uruguay, $3,854,806; France, $381,811,900; Italy, $85,369,929; Rumania, $95,289,973; Switzerland, $12,328,535; Ceylon,
$3,024,735; Egypt, $15,831,811; India, $38,927,587.
a
o
o
4
to
26
REPORT OF THE COMPTROLLER OF THE CURRENCY.
RESOURCES OF THE CENTRAL BANKS IN FOREIGN
COUNTRIES.
The following statement shows the assets of the principal central
banks in various foreign countries as of July 1, 1920, as expressed in
the local currencies of the respective countries:
TOTAL ASSETS OF PRINCIPAL CENTRAL BANKS ABOUT JULY 1, 1920.
[In thousands of local currency and dollars.]
Bank.
Date.
1920.
Bank of England
June 30
Bank of France
July 1
Banks of Italy, Naples, and
Sicily
June 30
June 24
Bank of Belgium
June 30
German Reichsbank
June 23
Austro-Hungarian Bank
July 10
Bank of Rumania
June 30
Bank of Sweden
...do....
Bank of Norway
.'
July 3
Bank of Spain
June 28
Bank of Netherlands
June 30
Bank of Switzerland
July 3
Bank of Japan
..do .
Bank of Java ,
P a r of
exchange.
Total
resources.
R a t e of Conversion
Total
t r a t e of
resources exchange aexchange
converted on given on given
date.
at par.
date.
i
£329,599
Fr. 43,435,574
$4.8665
.193
$1,603,994
8,383,066
$3.94375
.0830
$1,299,856
3,605,153
Lire 57,639,001
Fr. 20,835,514
M. 81,354,383
Kr. 73,865,450
Lei 7,220,899
Kr. 1,141,591
Kr. 657,774
Pes. 5,400,354
Fl. 1,180,650
Fr. 1,115,934
Yen 2,765,683
Fl. 533,162
.193
.193
.2382
.2026
.193
.268
.268
.193
.402
.193
.4985
.402
11,124,327
4,021,254
19,378,614
14,965,140
1,393,634
305,946
176,283
1,042,268
474,621
215,375
1,378,693
214,331
.0593
.0871
.0259
.0072
.026
.2190
.1627
.1620
.3550
.1817
.51375
.365
3,417,993
1,814,773
2,107,079
531,831
187,743
250,008
107,020
874,857
419,131
202,765
1,420,870
194,604
64,677,546
Total
16,433,683
l
These assets are also shown as converted into dollars at the par
rate of exchange and in another column their value is shown as based
on the rate of exchange about July 1, 1920.
From this statement it will be seen that the total value of the
assets of all these foreign countries on July 1, 1920, at the prevailing
rate of exchange amounted to only $16,433,683,000, which is about
70 per cent of the resources, including rediscounts, of the national
banks alone in the United States, which, on July 1, 1920, amounted
to $23,411,253,000.
20 YEARS OF UNPRECEDENTED GROWTH.
As will be seen from the subjoined table, the resources of our
national banks now amount to 433 per cent of the figures at which
they stood in 1900. In 1900 the deposits of the national banks
amounted to slightly more than five times their capital. At the
time of the September, 1920, call their deposits amounted to nearly
13^ times their capital. Their surplus and undivided profits for
this 20-year period have shown an increase of $1,066,598,000, or 273
per cent.
EBPORT OF THE COMPTBOLLER OF THE CURRENCY.
27
GROWTH OF NATIONAL BANKS BY FIVE-YEAR PERIODS.
[In thousands of dollars ]
Number of
banks.
Date.
3,871
5,757
7,173
7,613
8.093
Sept. 5, 1900.
Aug. 25,1905
Sept. 1,1910.
Sept. 2,1915.
Sept. 8, 1920.
Number of
banks.
Date.
3,871
5,757
7,173
7,613
8,093
Sept. 5,1900.
Aug. 25, 1905
Sept. 1,1910.
Sept. 2,1915.
Sept. 8, 1920.
Total
deposits.
3,699,804
5,508,643
7,140,836
9,229,516
16,751,956
Capital
630,299
799,870
1,002,735
1,068,864
1,248,271
Loans and
discounts.1
2,686,760
3 998,509
5. 467.161
6,756,680
13,706,066
Reserve
held.
2 983,333
2 1.294,298
2 i ; 573,522
• 1,969,398
• 1,232,039
Surplus and
undivided Circulation
profits.
389,469
620,294
874.038
1,022,596
1,456,067
283,949
468.980
674,822
718,496
693,270
Excess
reserve.
299.206
322,170
313,415
868,756
38,092
Total
resources.1
5.048 138
7,472.351
9,826,181
12.267,090
21,885,480
1
Includes rediscounts.
2Includes cash in vault and due from reserve agents.
Cash, in vault, $842,609,000; due from Federal reserve banks, $315,409,000: due from approved reserve
agents, $811,380,000.
* Lawful reserve with Federal reserve bank. In addition, national banks held $471,546,000 cash in vault
and 11,917,438,000 due from other banks inclining items with Federal reserve banks in process of collection.
3
Percentage of loans and discounts to total deposits.
Sept. 5, 1900
Aug. 25, 1905
Sept. 1, 1910
Sept. 2, 1915
Sept. 8, 1920.
Percentage of total deposits to capital
Sept. 5, 1900
Aug. 25, 1905
Sept. 1, 1910
Sept. 2, 1915
Sept. 8, 1920
Percent.
72 62
72 59
76 56
73 21
81 82
Percent.
587, 00
688.69
712 14
863 54
1, 342 09
COMPARISON OF RETURNS FROM NATIONAL AND STATE BANKS.
A provision of section 333, United States Revised Statutes, requires
the Comptroller of the Currency to incorporate in his annual report
to Congress a statement with reference to the resources and liabilities
of the several classes of banks under State supervision. This office,
therefore, has compiled, and now presents herewith, by classes of
banks, and in detail form (so far as the returns, which in some instances were received in incomplete form, will permit), information
showing the condition of State banks, savings banks, private banks,
and loan and trust companies, as of June 30, 1920, or the dates nearest
thereto, and on subsequent pages of this report other statistical data
relative to these institutions will be found.
INCREASE IN RESOURCES OF NATIONAL AND STATE BANKS IN FIVEYEAR PERIODS.
In the five-year period ended June 30, 1920, the resources of
national banks increased 88.18 per cent, while the resources of banks
other than national increased 85.83 per cent. The total resources of
the two classes of banks, together with the amount of increases in the
resources, is shown in the following table:
28
REPORT OF THE COMPTROLLER OF THE CURRENCY.
Total resources of all national banks, State banks, savings banks, and trust companies in
1915 and 1920.
Banks
State banks, trust companies, etc
National banks
. . Total
. . .
Per cent.
June, 1915.
Jun e, 1920.
Increase.
$16,008,445
11,795,685
$29, 667,855
i 22, 196,737
$13,659,410
10,401,052
27,804,130
51, 864,592
24, 060,462
85.33
88.18
• Excluding rediscounts.
STATE BANK FAILURES IN 1920.
From reports made to this bureau by the chief national bank
examiner of each Federal reserve district for the fiscal year ended
October 31, 1920, it appears that there have been failures of 66
banks, other than national, including 54 State banks—45 commercial,
2 savings, and 7 trust companies—and 12 private banks, with combined liabilities of $44,287,000, excluding 7 whose liabilities have
not yet been ascertained. The failures reported were distributed
among 27 States The number in each State was as follows:
Arkansas
Florida
Georgia
I
d
Idaho
Illinois
Indiana.
Iowa
Kansas
Kentucky
Louisiana
Massachusetts
Michigan
Minnesota
Missouri
h
1
.„
4
2
4
1
4
3
3
3
1
1
7
2
1
6
.. .
Montana
Nebraska
New York
North Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
South Dakota
Texas
Utah
Virginia
West Virs^nia.
..
*
2
2
2
1
2
1
1
2
5
1
2
2
and private banks which have failed during the fiscal year Nov. 1,1919 to Nov. 1, 1920.
State banks
States.
Arkansas
Florida
Georgia
Idaho ..
Illinois
Indiana .
Iowa
Kansas .
Kentucky
Louisiana
Massachusetts.
Michigan
Minnesota
Missouri
Montana
Nebraska
New York
North Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
South Dakota.
Texas
Utah
Virginia
West Virginia. . . .
Total
Num- Liabilities.
ber
4 $1,298,876
2
300.000
4
(•5
3
3
1
3
1
1
265,000
1,286.500
<»}
600,000
42,031
(')
1
4
1
2
170,000
40,000
2
1,291.146
Savings
banks.
Trust companies. Private banks.
Num- Liabili- Num- Liabilities. Num- Liabili- Num- Liabiliber. ties. ber.
ber.
ber.
ties.
ties.
1
0)
4 $1,298,876
2
300,000
4
1
0)
1
5 $27,023,044
1
0)
1
$190,699
2
2
565,000
342,667
2
38,000
523,089
1 1,860,000
2
1
1,911,127
645,000
45 12,946,771
2
60,000
180,000
2
319, 000
1
1 3,549,466
822, 726
2
165,899
3
2
2
Total.
2
7
27,546,133
i Nofiguresavailable.
600,000
198,000
12 3,794,366
4
265,000
3 1,286,500
3
190,699
3
600,000
1
42,031
1
7 27,588,044
2
342,667
1
170,000
6
563,089
1
2
60,000
2
38,000
2 1,291,146
1 1,860,000
2
180,000
1
319,000
1 3,549,466
2
822,726
5
765,899
1
198,000
2 1,911,127
2
645,000
66 44,287,270
29
REPOET OF THE COMPTROLLER OF THE CURRENCY.
NATIONAL AND STATE BANKS IN SIX-YEAR PERIOD.
NATIONAL-BANK DEPO»SITS INCREASED 100.32 PER CENT; INCREASE IN BANKS
UNDER STATE SUPERVISION, 91.92 PER CENT.
A comparison between the increase which has taken place within
the past six years in the deposits and resources of the national banks
of the country, as compared with the increase for the same period of
the deposits and resources of the banking institutions under State
supervision, is instructive.
From the following table it will be seen that for the past six years,
between June 30, 1914, and June 30, 1920, the national banks of the
country showed an increase of deposits of 100.32 per cent, while the
increase for the same period of State banks, private banks, loan and
trust companies was 91.92 per cent.
In the matter of total resources, the national banks of the country
showed an increase, between June 30, 1914, and June 30, 1920, of
103.89 per cent against an increase in resources for the same period
of banking institutions under State supervision of 91.54 per cent.
The average amount of all deposits in each national bank on June 30,
1920, was $2,136,416. The average amount of deposits of each State
banking institution as of the same date was $1,110,799.
The average amount of deposits per State bank June 30, 1914, was
$665,077, and the average deposits of national banks at the same
time amounted to $1,138,040.
The increase in average deposits per national bank from 1914 to
1920 was 87.73 per cent. The increase in the amount of deposits of
banking institutions under State supervision for the same period was
67.02 per cent.
State, savings,
private banks,
and loan and
trust companies.
National
banks.
Total deposits Juno 30,1914.
Total deposits June 30,1920.
$12,796,091,000
24,558,654,000
$8,563,751,000
17,155,421,000
Increase
Per cent of increase.
Total resources June 30, 1914.
Total resources Juno 30, 1920.
11,762,563,000
91.92
8,591,670,000
100. 32
15,489,207,000
29,667,855,000
11,482,191,000
123,411,253,000
14,178,648,000
91.54
Increase
Per cent of increase.
1
11.929,062,000
103.89,
Includes rediscounts, amounting to $1,214,516,000.
A SEVEN-YEAE COMPARISON BY STATES.
The following table shows the increase which took place in the
resources of the national banks of the United States between the
autumn call for report of condition in 1913 as compared with the
corresponding call in 1920.
For the entire country the increase in the resources of all the
national banks was $12,298,932,000, or 113.07 per cent.
The State whose national banks showed the greatest percentage of
increase in this period was the State of South Carolina, where the increase was 257.37 per cent. The next highest percentage of increase
was shown by the national banks in Oklahoma, 251.93 per cent,
The third largest percentage was reported by the banks in Wyoming.
239.77 per cent. In Idaho the percentage of increase was 202.59,
The smallest percentage of increase was reported in Rhode Island,
30
REPORT OF THE COMPTROLLER OF THE CURRENCY.
45.56 per cent. The national banks of Hawaii increased 91.21 per
cent in the seven-year period.
Comparative statement of the total resources of all national banks as shown by reports
of condition as of the date of the fourth calls in the years 1913 and 1920.
[In thousands of dollars.]
States.
I August 9,
1913.
!
September 8,
1920.1
Increase.
Amount.
44,176
26,175
21,401
495,302
22,307
114,672
Per cent.
62.97
66.01
63.51
88.99
45.56
91.94
82.86
70,150
39,655
33,697
556,562
48,959
124,730
873,753
114,326
65,830
55,098
1,051,864
71,266
239,402
1,597,786
724,033
New York
New Jersey
Pennsylvania
Delaware
Maryland
District of Columbia..
Total, Eastern States..
2,280,256
291,704
1,369,350
14,280
167,886
60,332
4,183,808
5,492,735
592,032
2,602,750
22,506
301,815
114,403
9,126,241
3,212,479
300,328
1,233,400
8,226
133,929
54,071
4,942,433
Virginia
West Virginia...
North Carolina.
South Carolina..
Georgia...
Florida
Alabama
Mississippi
Louisiana
Texas
Arkansas
Kentucky
Tennessee
Total, Southern States.
156,872
88,612
62,460
42,083
98,580
59,910
68,571
23,951
72,452
359,732
33,369
127,204
107,434
1,301,230
419,484
185 010
183.810
150,393
204,742
124,801
154,364
55,313
154,485
908,610
85,623
246,348
234,265
3,107,248
262,612
96,398
121,350
108,310
106,162
64,891
85,793
31,362
548,878
52,254
119,144
126,831
1,806,018
Ohio
Indiana
Illinois ..
Michigan...
Wisconsin..
Minnesota.
Iowa
Missouri...
Total, Middle States..
581,177
248,011
863,142
197,741
196,737
293,114
234,584
391,547
3,006,053
1,098,297
431,970
1,679,429
425,378
407,055
657,499
459,043
768,923
5,927,594
517,120
183,959
816,287
227,637
210,318
364,385
224,459
377,376
2,921,541
88.98
74.17
94.57
115.12
106.90
124.32
95.68
96.38
~T?7l9
North Dakota.
South Dakota.
Nebraska
Kansas
Montana
Wyoming
Colorado
New Mexico
Oklahoma
Total, Western States.
48,877
44,593
170,588
120,583
52,537
19,203
131,455
21,266
109,622
718,724
105,857
114,708
293,896
250,736
112,418
65,246
264,210
46,075
385,792
1,638,938
56,980
70,115
123,308
130,153
59,881
46,043
132,755
24,809
276,170
920,214
116.58
157.23
72.28
107.94
113.98
239.77
100.99
118.66
251.93
128.04
Washington..
Oregon
California
Idaho
Utah.
Nevada
Arizona
Alaska (member banks)
Total, Pacific States..
126,723
83,771
489, 866
29,231
34,265
10,899
13,086
1,597
789,438
267,645
198,157
1,092,956
88,451
68,731
17,474
34,802
2 2,407
1,770,623
140,922
114,386
603,090
59,220
34,466
6,575
21,71(5
810
981,185
111.20
136.55
123.11
202.59
100.59
60.33
165.95
50.72
124.29
3,846
7,354
3,508
91.21
3,
7,354
3,508
Maine
New Hampshire..
Vermont
Massachusetts...
Rhode Island
Connecticut
Total, New England States.
Alaska (nonmember banks)..
Hawaii (nonmember banks).
Total (nonmember banks).
Total, United States
1
Includes rediscounts.
10,876,852
2
23,175,784
82,033
12,298,
Includes nonmember banks.
140. 88
102.96
90.07
57.61
79.78
118.13
167.41
108.79
194.28
257.37
107.69
108.31
125.12
130.94
113.22
152.58
156.59
93.66
118.05
138.79
91.21
113.07
REPORT OF THE COMPTROLLER OF THE CURRENCY.
31
CLASSIFICATION OF CERTAIN DEPOSITORS Iff AND BORROWERS FROM NATIONAL BANKS ENGAGED IN SPECIFIED
OCCUPATIONS, ARRANGED GEOGRAPHICALLY BY RESERVE
CITIES AND COUNTRY BANKS.
The Comptroller of the Currency requested all national banks of
the United States to submit as of November 15, 1920, statements to
show? first, the aggregate amount of deposits held by them to the
credit of various classes of depositors according to the nature of the
business engaged in; and, second, a statement showing the amount
of loans and accommodations granted by them to certain classes of
borrowers arranged according to the occupation. The returns have
been classified and the results are shown in the accompanying tables.
The individual deposits, exclusive of United States deposits and
exclusive of amounts due to other banks and bankers, amounted on
November 15, 1920, to $13,719,996,000. This aggregate was made
up as follows:
Public funds, States, counties, cities, etc
$629,470, 000
Railroad companies, steam
286, 227, 000
Steamship, steamboat, and express companies
82, 357, 000
Electric railway, electric light and power companies
95,148, 000
Coal companies, firms, and individuals engaged in the mining of coal..
156, 063, 000
Corporations, firms, individuals, or associations engaged in the mining
or manufacturing of iron and steel
172, 809, 000
Oil producing and refining corporations, or firms, individuals, or
associations engaged in the business of oil production
200, 726, 000
Other individual deposits (including postal-savings deposits)
12, 097,196, 000
Total of all deuosits other than bank and United States deposits
13, 719, 996, 000
Of the total railroad deposits ($286,227,000) held by national
banks, $59,518,000 were held in the national banks in New York
City, $28,245,000 in Philadelphia, $16,915,000 in Pittsburgh, $8,696,000 in Chicago, $7,282,000 in St. Louis, and $13,182,000 m St. Paul
and Minneapolis. In Kansas City the balance amounted to $7,036,000. In no other reserve city did the railroad deposits in national
banks aggregate as much as $6,000,000.
The total amount of railroad deposits held by all the national banks
outside of the reserve cities was $59,239,000. The only States in
which the railroad company deposits in the country national banks
aggregated over $2,000,000 were Pennsylvania, $7,733,000; North
Carolina, $5,013,000; Virginia, $4,871,000; Ohio, $4,471,000; Texas,
$3,824,000; New York, $2,659,000; New Jersey, $2,415,000; West
Virginia, $2,327,000; Indiana, $2,257,000; Illinois, $2,080,000.
The reserve city national banks holding the principal deposits for
the coal companies or concerns engaged in the coal business were
New York City, $29,215,000; Philadelphia, $16,745,000; Pittsburgh,
$10,242,000.
Of the deposits carried by corporations, firms, individuals, et al.,
engaged in the manufacture of steel and iron, the national banks in
New York City led with $48,596,000; Pittsburgh came next with
$41,119,000; Philadelphia, $11,693,000. The only States whose
country national banks reported balances to the credit of steel and
iron interests in excess of $1,000,000 were: Pennsylvania, $9,928,000;
32
REPORT OF THE COMPTROLLER OF THE CURRENCY.
Ohio, $6,498,000; Minnesota, $2,482,000; West Virginia, $1,999,000;
Ulinjois, $1,522,000; New York, $1,427,000.
Among those cities whose national banks held the largest balances
to the credit of the oil-producing and refining interests were: New
York City, $57,800,000; Tulsa, Okla., $26,155,000; San Francisco,
$8,613,000; Chicago, $7,733,000; Pittsburgh, $6,989,000; Denver,
$5,927,000; Houston, $5,633,000; Philadelphia, $3,903,000; Oklahoma City, $3,277,000; Fort Worth, Tex., $3,055,000; Los Angeles,
$2,456,000; Boston, $1,794,000; Cleveland, $1,773,000; St. Louis,
$1,588,000; Dallas, $1,486,000.
In no other reserve city did these oil deposits aggregate as much as
a million dollars. The States whose country national banks held the
largest balances to the credit of the oil producers and refining interests
were:Oklahoma, $9,365,000; Wyoming, $8,858,000;Texas, $8,814,000;
Pennsylvania, $7,708,000; Kansas, $4,946,000; Kentucky, $2,144,000.
DISTRIBUTION OF LOANS ACCORDING TO OCCUPATION OF BORROWERS.
Total loans and discounts, including rediscounts of national banks,
November 15, 1920, amounted to $13,764,721,000. According to the
reports of the national banks, $9,707,798,000 were made under the
following classifications:
To farmers, agriculturalists and live-stock raisers
$1, 998, 993,000
To manufacturing corporations and firms, individuals, and associations directly engaged in manufacturing
2, 862,506, 000
To merchants and mercantile corporations, firms, and individuals engaged in the jobbing business of trading, wholesale, etc
3, 581, 462, 000
Bond and stock brokers and dealers in investment securities
664,010, 000
Railroad companies, shipping companies, electric railway, light, and
heat and power companies
225, 389, 000
Professional men, including doctors, lawyers, clergymen, teachers,
chemists, engineers, etc
375,438, 000
Percentage of total loans and discounts
70. 53
Of the total loans to farmers and agricultural interests, 83.25 per
cent were made by the country banks; 16.75 per cent by the banks in
reserve and central reserve cities.
Of the loans to the manufacturing interests, 72.06 per cent were
made in the reserve and central reserve cities and 27.94 per cent by
the country banks.
Of the total loans made to merchants, mercantile corporations,
firms, and individuals engaged in the jobbing business, including trading companies, etc., reserve cities advanced 59.73 per cent; country
banks, 40.27 per cent.
To the bond and stock brokers and dealers in investment securities
the national banks in reserve and central reserve cities advanced
$533,323,000, and the country banks, $130,687,000.
REPORT OF THE COMPTROLLER OF THE CURRENCY.
33
Deposit balances with national banks of corporations, firms, individuals, etc., engaged
in certain specified kinds of business on Nov. 15, 1920.
[In thousands of dollars.]
A.
B.
Public
funds,
other
than
United RailStates road
Govern- comment panies—
and
steam.
postal
savings
deposits.
c.
Steamship,
steamboat,
and express
companies.
F.
E.
G.
Oil proCorpo- ducing
rations, and ie1 siting
Coal firms, corporaElectric com- individtions
railway panies uals,
and and all
and
and
firms
electric firms associations individlight,
and
uals, or
heat, individ- engaged
in
the associaand
uals
tions
power engaged mining
or
engaged
com- in min-
Total.
Total
deposits
other
than
bank
deposits.
manu- in the
panies. ing coal, facture
busietc
of iron ness OJ
and producsteel.
tion,
etc.
CENTRAL RESERVE
CITIES.
New York
Chicago
St. Louis
34,859
3,870
3,973
59,518
8,696
7,282
49,188
642
425
24,997
2,068
1,855
29,215
4,474
2,198
48,596
8,191
4,456
57,800
7,733
1,588
304,173
35,674
21,777
2,179,286
476,146
150,453
42,702
75,496
50,255
28,920
35,887
61,243
67,121
361,624
2,805,885
Boston
5,946
33 836
Albany .
1 505
12 807
Brooklyn and Bronx
'740
Buffalo...
1 770
2 639
Philadelphia
13,097 28,245
Pittsburgh
5,990 16,915
Baltimore. . . .
. . . 1 746 4 049
4,475
Washington
525
3 173
Richmond. .
2 931
Charleston
' 34
Atlanta...
1 705
546
851
Jacksonville . .
2 321
Birmingham..
745
526
1,407
677
New Orleans .
Dallas
2 657
4 613
El Paso
936
486
1,639
Fort Worth
1,154
138
Galveston
Houston
3,128
2,373
1 094
San Antonio
1 949
Waco
474
69
Little Rock
108
Louisville
1,527
1,636
938
56
Chattanooga .
Memphis
192
238
967
Nashville . .
2,170
Cincinnati
4,906
2,512
Cleveland
5,015
11 272
3,127
Columbus...
4,550
Toledo
1,707
1,986
4 824
1 416
Indianapolis
Chicago
10
681
532
Peoria
432
Detroit . . . .
3,049
5 407
2 7^5
733
Grand Rapids
974
Milwaukee
2,650
5,227
5 055
Minneapolis
St. Paul
7,955
4,001
138
Cedar Rapids
265
Des Moines
4 906
1
149
Dubuoue
7
580
Sioux City
7,036
2,192
Kansas City Mo
2 581
163
108
100
1,309
602
1,617
1,061
307
68
231
213
58
654
323
64
124
12
78
118
3
6
65
349
4 694
338
185
371
4,050
4,724
586
1,342
356
61
125
52
386
110
603
72
223
21
310
175
40
21
6G9
331
3,043
1,544
11
61
815
11,693
41,119
300
175
163
1 794
53,438
15,274
1,156
6,639
79,042
86,581
10,021
7,658
8,080
610
3,058
3,515
3,925
3,515
10,211
1,648
6,256
172
11,690
3,550
619
135
4,937
2,139
501
3,709
12,029
40,518
10,832
11,338
8,619
728
1,523
10,461
3,571
6,931
13,197
14,055
211
5,572
163
703
12,258
1,988
620
8,052
377,6G5
39,025
36,804
45,541
412,409
263,688
98,239
75,468
62,495
13,213
48,534
31,102
29,049
29,592
64,103
20,377
34,027
6,105
58,739
26,329
11,441
4,283
46,920
21,018
13,376
29,913
82,041
128,208
52,565
39,887
48,769
37,177
19,866
95,668
20,839
81,568
97,980
71,511
9,246
21,070
5,018
15,345
92,152
13,508
9,014
62,943
Total
OTHER RESERVE CITIES.
St
JOSPDII
Lincoln
Omaha
1 190
371
2,795
646
199
3,357
1
20
162
6,985
23
46
9
10
734
2
139
285
401
1
14
3
9
125
6
44
110
489
1,085
175
230
211
126
443
91
712
928
528
62
200
10
98
494
138
50
710
40
767
16,745
10,242
1,088
70
1,045
152
30
637
41
498
27
44
1,502
23
31
450
22
177
3,903
6,989
635
10
105
60
269
71
2
71
603
1,486
63
3,055
1
5,633
210
31
581
329
70
293
2,121
5,033
2,156
849
930
186
120
273
13
72
1,704
9,355
419
6,113
935
285
673
73
84
77
135
1.773
405
370
257
28
65
71
921
1,058
947
00
1,099
589
192
10
14
1,218
229
9
964
8
159
6
981
17
168
4
436
55
31
113
34
REPORT OF THE COMPTROLLER OF THE CURRENCY.
Deposit balances with national banks of corporations, firms, individuals, etc., engaged
in certain specified hinds of business on Nov. 15, 1920—Continued.
[In thousands of dollars.]
A.
B.
D.
C.
E.
F.
G.
Oil proCorpo- ducing
rations, and refirms, fining
Public
Coal individfunds,
corporacomElectric
other
uals,
tions
panies
railway
Steamthan
and
all
and associa- and
and
ship,
United Rail- steamfirms,
firms
electric
States road
tions
individlight,
boat
Govern- com- and
uals, or
ex- heat, individ- engaged
ment paniesin the associaand steam. com- power en gaged mining tions
postal
or engaged
panies. com- in min- manusavings
the
panies. ing coal, facture in
debusiposits.
of iron ness of
and producsteel.
tion,
etc.
Total.
Total
deposits
other
than
bank
deposits.
OTHER RESERVE CITIES—
continued.
Kansas City, Kans
Topeka
Wichita
. . .
Denver
Pueblo
Muskogee
. . .
Oklahoma Gity
Tulsa
Seattle
Spokane
Tacoma
Portland
Oakland
Ogden
Salt Lake City
493
326
285
370
614
2,174
5,817
402
723
284
303
3
330
107
222
6
2
159
13
1,238
1,098
713
272
8
478
478
192
13
5,244
1 896
3,714
877
735
8,123
2,635
857
7,634
2,057
1.825
279
131
320
2,420
374
5,942
5,729
2
31
Total all reserve
cities
233,408 226,988 78,025
52
33
89
524
108
80
262
127
355
179
69
162
738
174
8
40
1,003
31
46
2
154
278
55
347
16
172
717
737
549
1,739
16,014
5 927
25
330
872
19
24
3
80
5
592
2,456
6,684
243
1,104
8,613
1,484
8,970
28,813
7,161
1,833
1,703
11,089
8,441
2,164
35,949
105
315
85
145
17
119
3,377
5
23
138
158
4
27
3,277
26 155
320
51
50
240
746
65,715 90,106 142,646 147,870
623
5,723
7,333
14,775
87,686
13,268
12,482
34,118
51,419
73,711
27,542
13,139
74,676
124,258
20,176
225,800
7,928
21,438
984,758 6,525,217
STATES.
Maine
New Hampshire.
Vermont
Massachusetts
Rhode Island . .
Connecticut
Total, New England States
New York
New Jersey
Pennsylvania
Delaware
Maryland
1
118
155
3
3,983
3,317
2,091
22,675
5,922
8,372
87,751
42,356
36,774
302,006
52,048
159,520
771
4,991
402
1,464
363
46,360
680,455
551
162
191
35
11
584
2,586
342
2 030
4 227 32,499
1 427
1,343
1 007
7,708
47,196
36,268
91,684
20
109
1,287
51
14
4,853
615,294
450 645
1,043,307
15,188
77,966
950
8,972
34,712
12,343
10,072
180,970
2,202,400
280
44
93
49
23
164
38
27
76
151
9
48
13
608
622
116
225
119
140
274
82
100
632
85
397
132
2 497
10,459
256
178
13 146
20,648
15 987
3,336
3,709
3,586
3,632
2 976
6,206
41,339
3,681
10,992
5,360
183,574
144,814
105 376
63,720
58,059
53 049
69,894
34 623
54,484
299,517
45,773
107,930
67,765
1,015
3,532
1,626
87
514
749
103
2,245
1,730
81
23
20
252
82
313
33,560
4,809
38,046
29,375
29,398
2,659
2 415
7 733
795
2,989
119
392
Total, E a s t e r n
100,603 13,318
States
4,456 4 871
Virginia
3,377 2,327
West Virignia
10 707 5 013
North Carolina
2,339
580
South Carolina
2,485
1,035
Georgia
2,539
735
Florida
1,933
1,016
Alabama
1 808 1 026
Mississippi
3,803
552
Louisiana
...
27,764
3,824
Texas
3,152
242
Arkansas
3,753
570
Kentucky
2, 822
913
Tennessee
Total, Southern
States
21
491
25
558
208
161
79
7
1,349
8
316
4
67
1,804
2,472
1,365
18,437
4,733
4,749
70,938
22,704
365
237
158
637
7
937
9 928
969
1
120
1
1 999
1 820
33
24
23
25
8
17
33
2i
86
268
7
3
8
1,665
8,814
3,636
1,110
444
357
2,144
18,203
3,389
14,817
146
140
53
13
134,598
1,288,578
REPORT OF THE COMPTROLLER OF THE
CURRENCY.
35
Deposit balances with national banks of corporations, firms, individuals, etc., engaged in
certain specified kinds of business on Nov. 15, 1920—Continued.
[In thousands of dollars.]
A.
B.
D.
C.
Public
funds,
other
than
United RailStates road
Govern- comment panies—
steam.
and
postal
savings
deposits.
Steamship
steamboat
and express
companies.
E.
G.
Oil proCorpo- ducing
and
rerations,
firms, fining
Coal individcorporaElectric comuals
tions
railway panies
and and all
and
and
films,
electric fiims associations individlight,
and
uals, or
heat, individ- engaged
in
the associaand
uals
tions
power engaged mining
or
engaged
com- in min- manuin the
panies. ing coal, facture
busiof iron ness of
and produc
steel.
tion,
etc.
Total.
i Total
deposits
other
than
bank
deposits.
STATES—continued.
2,449
1,241
1,273
2 675
2,572
3,636
661
518
706
553
152
289
275
127
577
66
2,482
316
93
124
59
59
190
287
457
21
10
12,717
1,207
7,553
16
32
10
11
457
126
12
14
5
31
19
21
118
110
64
444
564
95
395
104
318
12
389
132
733
268
173
581
42,128
3,059
130
2,212
2,375
4,686
Washington
Oregon
5 680
11,706
California..
. .
4,217
Idaho
306
Utah
824
Nevada
3,212
Arizona
2
Alaska (member bank),
134
61
642
74
11
34
193
4
205
100
16
1
1,524
6
11
15
18
2
90
6
11
Ohio
Indiana
Illinois
Michigan
Wisconsin
Minnesota
Iowa
Missouri
35,568
21,161
15,073
9,289
7,332
17,786
8,865
3,128
Total, Middle
118,202
States
North Dakota
South Dakota
Nebraska.
Kansas
Montana
Wyoming
Colorado
New Mexico
Oklahoma
Total, Western
States
Total,Pacific
States
599
5 257
2,643
5.330
4,004
1,713
4,001
2,852
15,729
30,631
4,471
2,257
2,080
1,288
596
1,616
7
364
642
130
1,292
1,631
213
8
39
84
13
27
386
277
25
36
174
88
79
52,949
28,641
23,920
12,679
9,064
23,348
10,433
3,555
408 847
224,119
363,718
176 429
185,100
228 881
198,971
57,025
10,217
12,464
2,229
164,589
1,843,090
87
147
5
16
54
982
6 498
1 164
965
1,522
937
20
9,365
5,426
2,780
11,485
5,596
11,534
6,673
3,645
26,361
72,401
71 968
81,871
128,188
76,508
47,442
93,432
28,581
157,115
4828 24,096
74,482
757,506
1,193
5,065
5,918
15,282
4,522
29
4,967
76,012
65 108
323,083
53 688
7 111
12,377
25 138
4,946
83
157
8,858
18
13
221
668
27
12
43
1
1
330
959
206
2,632
259
2,173
48
21
1,279
37,043
562,723
Alaska (nonmember
banks"i 2 .
Hawaii (nonmember
banks)2
5,509
Total(nonmember
banks)
7,266
1,757
Total, country
396,062
banks
59,239
4,332
Total,United
629,470 286,227
States
82,357
29,433
65,957
30,163
52,856
638,042
7,342,018
95,148 156,063 172,809 200,726 1,622,800 13,867,235
1 Includes $147,239,000 United States deposits.
2
Not available other than total deposits.
36
REPORT OF THE COMPTROLLER OF THE CURRENCY.
Loans and discounts made by national banks to those engaged in certain specified occupations (Nov. 15, 1920).
[In thousands of dollars.]
A.
B.
C.
D.
E.
F.
To merchants
Railroad Profesto manu- and mercom- sional
facturing cantile Bond panies,
incorpora- corpora- and I shipping men,
cluding
To farm- tions and tions,
stock
i
comdoctors,
ers, agri- firms, in-firms, and brokers j panies, lawyers,
culturists, dividuals, indi- and
I electric clergyand live- and asso- viduals ers indeal-'
in- railway, men,
stock
ciations engaged vestment
light, teachers,
raisers. directly in the
heat, amid chemists,
engaged j obbing securities.
!
power
engi'.n manu business
com- neers,
facturing. or trading
panies.
etc.
wholesale, etc.
Total
loans and
discounts,
Total. including
rediscounts.
CENTRAL RESERVE
CITIES.
New York..
Chicago
St. Louis...
Total.
854,866
104,558
57, 369
734,633
132,709
93,401
262,539
53,137
12,056
90,870
4,110
1,039
35,063 2,008,601
314,055
5,570
175,116
693
2,748,439
700,482
211,235
55,099 1,016,793
960,803
327,732
96,019
41,326 2,497,772
3,660,156
9,114
194
125
503
1,447
77
142
325
613
275
429
300
393
1,251
3,019
2,896
9,084
125
5,885
5,405
2,814
353
632
242
1,866
714
93
67
297
157
794
643
157
7
57
87
4,163
3,774
2,996
9,198
282
11,913
51,497
4,835
4,264
44,043
5,355
1,212
7,757
26,342
123,246
6,844
12,420
13,391
145,493
31,117
39,256
17,504
30,291
7.271
28,784
11,918
7,800
19,324
29,596
11,018
14,364
1,007
15,356
7,007
4,923
1,603
30,762
8,986
4,044
12,168
22,390
35,292
7,338
11,236
18,299
9,773
6,294
23,798
5,682
18,720
49,717
11,612
3,568
4,002
777
4,468
32,119
6,184
5,965
21,979
1,581
2,913
5,422
15,049
22,265
869
399
560
14,621
5,857
1,787
1,257
1,444
151
380
1,008
296
212
1,434
207
214
40
570
298
68
43
938
523
4
327
485
3,837
135
642
1,091
3
325
2,221
171
2,272
1,450
210
276
45
81
50
1,288
185
156
197
10,360
1,459
1,108
1,615
13,659
4,546
1,712
5,021
1,401
342
603
393
169
220
974
1,208
713
79
2,026
2,104
793
170
1,013
676
338
585
2,168
2,160
811
2,486
8,147
926
407
1,019
256
1,157
1,997
372
306
163
182
368
1,790
537
175
1,072
77
130
663
5,891
369,964
17,984
27,797
29,846
409,804
161,885
88,416
37,432
54,952
10,951
42,518
17,088
14,065
25,134
42,697
17,819
27,820
1,582
32,222
17,997
9,367
2,419
49,671
21,172
455,472
39,156
32,996
43,598
492,340
262,937
113,899
58,696
85,728
17,888
60,586
27,811
22,144
46,402
64,670
20,228
41,329
4,364
65,570
22,997
13,666
5,127
60,945
24,455
15,531
36,937
91,372
165,484
41,402
35,744
63,290
23,965
18,238
101,597
20,004
106,519
151,055
82,369
20,067
35,977
4,076
27,934
157,064
19,098
16,106
86,512
7,844
5,084
20,209
73,597
30.630
13,911
10,558
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
Memphis
Nashville
Cincinnati
Cleveland
Columbus
Toledo
Indianpolis
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
163,836
7,942
10,784
12,321
191,420
107,420
40,068
5,414
18, 969
2,734
11,102
3,157
5,309
3,236
6,880
2,290
2,357
280
6,805
2,339
702
227
14,390
10,533
1,392
5,117
24,229
60,099
5,515
13,763
23,061
5,762
2,879
36,445
6,375
44,541
29,028
9,292
989
944
691
911
12,751
1,414
812
6,084
301
384
3,574
6,782
41,143
676
2,961
1,456
43,164
12,868
5,451
7,911
2,234
178
1,220
312
98
891
794
200
1,088
51
1,580
844
67
23
1,936
212
121
311
6,744
5,629
2,154
2,410
1,080
1,143
3,720
3,128
264
5,241
4,797
1,792
483
259
150
268
3,696
370
20
1,835
145
79
458
2,139
20
6
1,197
7,765
19,222
56,109
107,084
16,250
30,694
52,472
18,250
13,782
66,618
12,805
72,018
91,152
27,052
8,618
14,611
2,163
17,978
103,141
13,525
11,392
75,210
7,459
4,738
17,880
57,400
REPORT OF THE COMPTROLLER OF THE CURRENCY.
37
Loans and discounts made by national banks to those engaged in certain
pations (Nov. 15, 1920)—Continued.
[In thousands of dollars.]
A.
B.
C.
D.
E.
F.
To merchants
Railroad ProfesTo manu- and mercomsional
facturing cantile
panies, men, inBond
corpora- corporashippin: cluding
and
To farm- tions and tions,
com- doctors,
stock
ers, agri-0 firms, in- firms, and brokers
lawyers,
culturist
ists, dividuals, indi- and deal- panies,
electric
and live- and asso- viduals ers in in- railway, clergymen,
stock
ciations engaged vestment light, teachers,
raisers. directly
in the
heat, an<Ld chemists,
engaged jobbing ! securipower
ties.
engiin manu- business
comneers,
facturing. !or trading
panies.
etc.
[ wholesale, etc.
Total.
Total
loans and
discounts,
including
rediscounts.
ALL OTHER RESERVE
CITIES—continued.
Pueblo
Muskogee
Oklahoma City.
Tulsa
Seattle
Spokane
Tacoma
Portland
Los Angeles
Oakland
San Francisco..
Ogden
Salt Lake City.
2,431
1,990
6,733
1,921
1,656
7.455
37
5,009
4,340
1,339
10,024
2,314
6,320
1,200
763
2,274
8,170
15,960
4,200
3,300
4,956
12,061
2,743
54,260
896
1,410
1,883
2,833
10,478
6, 685
20,281
7,473
4,240
13,496
32,979
10,621
95,680
1,848
10,243
Total all reserve |
334,881 2,062,636 12,139,214
cities
85
95
2,566
249
2,855
920
10
3,675
2,645
189
16,148
112
248
125
200
420
815
1,438
45
325
1,155
694
314
11,740
40
387
533,323 ! 185,832
5,826
6,270
23,733
19,325
43,313
21,022
8,083
31,139
55,259
19,154
192,196
5,887
18,847
6,302
14,090
31,665
45,588
59,657
28,555
8,083
64,086
116,206
21,581
258,215
7,568
25,404
147,930 5,403,816
7,857,235
40,172
22,141
19,649
175,345
35,823
91,922
56,944
33,282
29,279
239,726
44,492
132,790
102
389
1,262
1,485
1,123
929
171
2,848
2,540
3,948
4,344
C77
239
STATES.
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
3,740
2,038
5,225
7,576
1,256
2,410
10,438
6,137
5,030
73,467
17,006
25,703
20,084
9,469
6,973
68,416
14,556
53,962
3,019
2,530
1,283
14,540
1,864
5,708
22,245
137,781
173,460
2S,944
6,850
15,772 I 385,052
536,513
34,9S0
11,055
44,069
1,975
11,573
83,061 I 127,749
93,182
64,431
111,004 142,330
2,555
2,075
9,639
4,676
20,020
24,977
14,170
862
1,633
4,022
1,381
4,967
43
329
20,681
14,626
30,506
743
2,121
290,513
209,652
347,046
8,253
29,971
418,037
292,846
596,251
11,184
48,618
68,677 j 885,435
1,366,936
103,652
265,247
375,455
34,951
7,751
20,996
27,298
24,838
5,932
19,747
6,730
17,398
134,527
17,323
33,036
16,819
20,190
12,672
26,089
7,654
6,115
5,318
10,486
5,943
9,604
17,169
3,498
7,247
9,226
57,S48
33,585
36,359
17,478
25,399
14,715
24,8S9
9,127
16,291
67,140
13,547
23,430
18,102
307,346
141,211
357,910
695
615
318
4,147
435
640
61,662 | 10,742
895
1,577
7S1
538
354
456
1,005
51
2,196
1,352
820
7,199
700
3,499
6,683
6,916
4,473
3,811
2,206
1,518
2,461
1,825
2,193
9,592
1,805
4,321
2,724
1,606
131
S27
152
1,519
746
401
396
357
522
996
465
451
868
227
571
727
122,086
63,247
89,099
57,175
59,269
28,461
59,584
24,141
45,942
230,902
36,531
69,432
47,750
183,978
111,734
122,364
78,693
78,670
40,306
73,134
33,561
60,439
316,437
49,07S
98,034
59,936
8,378 i
8,246 j 50,528 I 933,619
1,306,364
38
REPORT OF THE COMPTROLLER OF THE CURRENCY.
Loans and discounts made by national banks to those engaged in certain specified occupations (Nov. 15, 1920)—Continued.
[In thousands of dollars.]
A.
B.
C.
E.
D.
F.
To merchants
Railroad ProfesTo manu- and merfacturing cantile
Bond
panies, men, inTotal
corpora- corporaand snipping cluding
loans and
To farm- tions, and tions,
stock
com- doctors,
discounts,
ers, agri- firms, in- firms, and brokers panies,
Total. including
culturists, dividuals, indi- and deal- electric lawyers,
redisand live- and asso- viduals ers in in- railway, clergymen,
counts.
ciations engaged vestment light, teachers,
stock
raisers. directly in the securit- heat, and chemists,
engaged j obbing
engipower
in manu- business, ties.
facturing. or trading
etc.
panies.
wholesale,
etc.
STATES—continued.
Ohio
Indiana
Illinois .
Michigan
Wisconsin
Minnesota
Iowa
Missouri.
. . .
Total Middle
States
North Dakota
South Dakota
Nebraska
Kansas
Montana
Wvoming
Colorado
New Mexico
Oklahoma
Total Western
States
Washington
Oregon
California
-Idaho
Utah
Nevada
Arizona
Alaska (memberbank)1
Total Pacific
States
Alaska
(nonmember
banks) l
Hawaii (nonmember
59,105
58 995
113,391
13,229
28,273
99,566
137,640
26,375
52,339
35 141
33,011
25,968
30,875
12,971
9,535
2,696
69,936
39 942
58,639
33, 693
34,215
39,587
36,443
11,445
6,486
1 476
3,891
1,883
1,354
4,040
1,236
655
2,488
1 178
1,528
601
987
943
651
205
11,741
6 865
11,398
7,226
5,808
6,272
6,783
2,252
202,095
143,597
221,858
82,600
101,512
163,379
192,288
43,628
302,036
178 120
295,033
118,293
142 006
208,341
228 604
54,116
536,574
202,536
323,900
21,021
8,581
58,345 1,150,957
1,524,549
46,452
52, 576
63,220
68,790
42,647
28,071
46 357
18,298
69,144
1,138
1,369
1,231
4,434
1,929
362
2 485
329
3,647
12,191
12,306
13,382
20,190
11,355
6,012
12 039
5,597
23,496
1,590
214
400
542
810
4S3
852
22
1,727
125
262
160
472
58
133
114
60
744
1,721
1,971
2,265
3,774
2,418
1,218
2 766
939
4,576
63,217
68,698
80,658
98,202
59,217
36,279
64 613
25?, 245
103,334
73 546
79,569
90 626
119,401
70 611
43,056
74 843
32 320
141,238
435,555
16,924
116,568
6,640
2,128
21,648
599,463
725,215
27,009
28,336
88 3*3
34,485
4,483
4 826
11,258
6,345
6,616
21,857
807
129
256
161
13,454
9,861
54 741
9,660
681
1 062
5.496
901
276
2 639
180
22
24
170
108
2 510
119
9
18
76
1,525
1 892
6 355
1,709
214
165
678
49
47
176
46
5
6
17
404
089
445
960
538
327
693
•58 419
53 742
238 286
54 985
6 480
9 581
22'313
15
198,740
36,171
94,955
4,042
3,010
12,538
349,456
443,821
553
3,535
banks)i
Total nonmember
banks) 1
Total country
banks
Total United
States
1
4,088
799,870 1,442,248
130,687
39,557
227,508 4,303,982
5,907,486
1,998,993 2,862,506 3,581,462
664,010
225,389
375,438 9,707,798
13,764,723
t,664,112
Not available, other than total loans and discounts.
REPORT OF THE COMPTROLLER OF THE CURRENCY.
39
EARNINGS OF NATIONAL BANKS BY STATES AND CITIES.
The accompanying tables show in detail the earnings, expenses,
and dividends of the national banks of the United States for the 12
months ended June 30, 1920, which year was the most successful
in their entire history.
From this table it will be seen that during the past year our
national banks collected for interest and discount the huge sum of
$1,011,619,000, which represents 91.21 per cent of their total gross
earnings, which amounted to $1,109,116,000.
From exchange and collection charges, their receipts were
$27,481,000, or 2.48 per cent of the gross earnings.
The commissions received from insurance premiums and the negotiation of real estate loans aggregated $1,417,000, or 0.13 per cent, while
miscellaneous earnings show a total of $68,599,000, or 6.18 per cent
of gross earnings.
Despite the great concern which has been displayed during the past
year by some of the smaller banks in certain districts as to their
exchange and collection charges, we find that less than 2J per cent
of the total gross earnings of the banks are derived from that particular source.
The total expenses of the national banks for the year amounted to
$736,390,000, of which there was paid in salaries and wages
$175,452,000, being 23.83 per cent of total expenses. Interest
and discount on borrowed money amounted to $82,720,000, or
11.23 per cent, and the payments for interest on deposits amounted
to $287,637,000, or 39.06 per cent of the total.
The national banks of the country paid for taxes during the year a
total of $79,484,000, or 10.79 per cent of total expenses. "Other
expenses amounted to $111,097,000, or 15.09 per cent.
The amount charged off for losses on account of loans and discounts during the year was $31,284,000; and on account of depreciation of bonds, securities, etc., $61,790,000. Miscellaneous losses
amounted to $21,481,000.
The net earnings of the national banks for the year, after payment
of expenses of losses (but including $23,912,000 recoveries on chargedoff assets), amounted to $282,083,000; out of which dividends
amounting to $147,793,000 were paid, leaving a surplus over and
above dividends of $134,290,000.
The net earnings amounted to 23.09 per cent on the entire capital
of the banks, or 12.78 per cent on both capital and surplus. The
dividends paid during the year amounted to 12.10 per cent on their
capital stock.
HEAVY EARNINGS ON NATIONAL-BANK CAPITAL IN LARGE
CITIES.
During the 12 months ending June 30, 1920, the national banks
in New York City (exclusive of Brooklyn and the Bronx), after deducting expenses and losses, earned upon their capital stock 37£ per
cent, and upon both capital and surplus 15.45 per cent. The actual
net earnings for the year amounted to $54,288,000.
In Philadelphia the national banks earned 33 51 per cent on
capital and 11.20 per cent on capital and surplus.
40
REPORT OF THE COMPTROLLER OF THE CURRENCY.
The earnings of the national banks in Atlanta upon their capital
amounted to 38 84 per cent and upon capital and surplus 18.59 per
cent.
In Chicago (central reserve city) they earned upon capital 24.12
per cent and on capital and surplus 13.36 per cent.
The net earnings for the year on capital stock of the national banks
in the other eight Federal reserve cities were as follows:
Boston
Cleveland
Minneapolis
St. Louis
Per cent.
23.34
24.60
21.46
17.49
Richmond
Dallas
Kansas
San Francisco
Per cent.
20.66
30.23
17.21
18.25
The State where country national banks showed the largest earnings on their capital stock was Louisiana, which reported a percentage
earned of 28.49 per cent; the State of Washington came next, 27.90
per cent; and Alabama third, 27.08 per cent. The reserve city whose
national banks reported the largest percentage earned on capital
stock was Pueblo, Colo., 55 per cent; the next largest earnings were
reported from Birmingham, Ala., 39.77 per cent; followed bv Atlanta,
Ga., 38.84 per cent.
Abstract of reports of earnings, expenses, and dividends of national banks for the year ended June 30, 1920.
[In thousands of dollars.]
Gross earnings.
i
Number of Capital.
banks.
Location.
Surplus.
Capital
Exand
Interest change
surplus. and
dis- and colcount. lection
charges.
o
f
1
Maine
New Hampshire.
Vermont,.,,,,,,,
Massachusetts
Boston
Rhode Island
Connecticut
63
55
48
147
12
17
66
New England States
New York
Albany
Brooklyn and Bronx
Buffalo
New York City
New Jersey
Pennsylvania
Philadelphia
Pittsburgh
Delaware
Maryland
Baltimore
Washington, D. C
449
3
5
3
32
212
802
32
16
19
80
13
15
408 | 105,804 | 85,79
Eastern States.
Virginia
WestRichmond.
Virginia
North Carolina
7,045
4,247
5,235
3,874
5,005
2,218
26,168 I 18,046
36,150 ! 38,565
5,570 | 4,775
20,631 ! 14,072
'
11,292
9,109
7,223
44,214
74,715
10,345
34,703
4,846
2,729
2,437
17,848
24,738
3,371
10,265
71
81
74
239
577
38
162
191,601
66,234
1,242
43,044
2,350
2,100
2,950
144,751
25,919
72,847
26,705
27,450
1,515
4,989
11,650
7,677
32,378
2,700
1,905
1,813
206,615
24,676
84,790
53,173
24,750
1,673
4,498
9,525
5,508
75,422 33,843
3,250
5,050
4,005
2,253
3,025
4,763
351,366 180,714
25,260
50,595
55,929
157,637
79,878 34,486
52,200
19,212
1,050
3,188
4,530
9,487
21,175
8,420
13,185
4,947
558
120
20
220
3,280
219
968
560
1,149
5
72
233
72
1,681 i 373,947
454,004
827,951 j 376,919
7,476
156 !
7 |
122!
86 '
19,049
6,100
11,598
11,840
12,827
6,625
7,796
7,599
31,876
12,725
19,394
19,439
12,539
5,797
7,526
8,329
335
210
137
485
Expenses.
Commissions and
earnings
from
insurance Other
premiums earnand the ings.
negotiation of
real-estate
loans.
241
195
78
1,115
4,568
105
710
658
602
446
3,083
3,871
432
2,024
91
213
155
761
1,197
51
615
74,493 | 11,116
5,158
3,005
2,589
19,207
29,883
3,514
11,137
1,988
453
748
5,296
7,776
1,157
2,474
159
127
170
1,467
3,492
170
841
3,083
19,892
6,426
1,231
150
87
123
28,365
995
2,492
1,738
3,182
22
106
203
253
35,636
3,520
2,360
3,368
212,364
26,483
59,397
36,784
23,543
1,077
4,711
8,856
5,272
5,689
370
383
414
25,188
4,371
9,096
4,544
2,680
189
732
1,257
1,041
1,937
81
186
331
20,353
1,242
2,437
6,329
1,754
54
236
1,688
218
11,083
1,204
530
1,190
55,453
7,733
17,633
7,986
7,041
296
1,695
1,763
1,031
1,745
129
132
143
16,532
1,153
2,695
2,224
1,214
49
283
595
437
38,947
423,371 j 55,954
36,846
114,638
1,484
684
221
858
3,470
1,696
2,298
1,932
7,012 j
29
Total
gross
earnings.
Interest
disSalaries and
count Interest
and
on de- Taxes.
wages. on bor- posits.
rowed
money.
721
241
292
332
13,599
6,251
7,955
9,147
2,206
944
1,287
1,529
Contributions
to
American
National
Red
Cross.
27,331 |
445
651
525
22
27
Other Total
exexpenses. penses,
paid.
480
457
269
2,234
2,599
308
1,104
3,376
1,855
1,788
12,847
18,948
2,118
7,058
7,451
47,990
3,318
387
285
334
15,659
2,598
4,857
3,437
2,586
82
350
778
523
23,774
2,171
1,516
2,413
133,185
17,103
36,724
24,526
15, 279
670
3,296
6,OS1
3,252
35,194
269,9
1,389
551
831
1,161
9,434
4,320
5,288
6,005
Abstracts of reports oj'earnings•, expenses, and dividends of national banks for the year ended June 30,
1920—Continued.
[In thousands of dollars.]
Expenses.
Gross earnings.
Location.
South Carolina...
Charleston...
Georgia
Atlanta
Florida
Jacksonville..
Alabama
Birmingham.
Mississippi
Louisiana
New Orleans.
Texas
Dallas
El Paso
Fort Worth..
Galveston
Houston
San Antonio..
Waco
Arkansas
Little Rock..
Kentucky
Louisville
Tennessee
Chattanooga-.
Memphis
Nashville
Southern States
Number of Capital.
banks.
77
5
89
4
50
3
98
2
30
36
2
519
5
4
5
2
6
8
6
80
2
130
4
89
2
3
5
1,637
Surplus.
Capital
Exand
Interest change
surplus. and
dis- and colcount. lection
13,196
4,250
7,534
2,500
1,400
3,100
4,305
1,415
7,215
4,300
2,700
1,100
6,228
1,550
2,584
3.652
2,750
26,414
3,700
405
2,800
400
3,175
1,735
565
3,150
260
7,200
3,700
3,949
1,400
1,000
1,920
14,050
3,515
16,713
8,250
7,845
2,700
15,441
3,300
6,384
9,025
6,050
66,834
9,350
2,405
6,100
800
9,075
4,885
2,615
9,600
860
20,396
7,950
;i,483
3,900
2,400
5,020
6,043
1,500
6,167
4,294
3,657
2,511
5,983
1,602
2,834
4,528
2,977
28,360
5,399
1,471
3,153
394
4,904
1,789
1,042
4,004
419
6,647
4,211
4,616
1,822
929
3,072
205,961
134,419
340,380
148,519
9,745
2,100
9,498
3,950
5,145
1,600
9,213
1,750
3,800
5,373
3,300
40,420
5,650
2,000
3,300
400
5,900
3,150
2,050
6,450
600
254
272
393
303
215
209
363
100
256
103
252
1,227
343
32
167
48
306
70
Commissions and
earnings
from
insurance Other
premiums earnand the ings.
negotiation of
real-estate
loans
16
97
196
29
53
55
153
51
76
203
10
42
Total
gross
earnings.
Salaries
and
wages.
Contributions
Interest
to
Other
count Interest
exon de- Taxes. American penses.
on bor- posits.
Narowed
tional
money.
Red
Cross.
Total
expenses
paid.
2S2
105
122
184
170
67
140
92
81
125
147
918
222
150
67
18
422
40
25
109
2
275
17
207
86
111
119
1,877
6,698
4,781
4,044
2,787
6,486
1,794
3,171
4,756
3,376
30,508
5,964
1,653
3,387
460
5,632
1,899
1,164
4,319
450
6,978
4,283
4,976
1,959
1,116
3,394
978
195
1,206
804
779
441
1,258
242
628
941
625
6,151
970
379
661
75
800
499
188
839
109
1,339
672
925
314
189
411
322
625
480
149
110
379
37
195
242
367
1,691
811
126
281
4
509
74
103
338
65
324
560
227
221
83
967
1,374
426
1,059
1,072
921
858
1,011
485
560
976
579
4,264
1,065
412
591
146
1,342
288
195
754
113
1,072
1,019
1,158
628
239
835
489
175
488
328
272
117
460
103
364
372
313
?,609
410
69
311
19
485
219
131
258
23
710
311
356
113
102
177
687
141
683
550
471
448
665
204
394
572
241
3,632
887
220
463
64
671
182
98
558
64
780
371
540
267
134
328
4,227
1,259
4,069
3,234
2,592
1,974
3,773
1,071
2,142
3,103
2,125
18,353
4,143
1,206
2,307
308
3,807
1,262
715
2,748
374
4,225
2,933
3,206
1,543
747
2,718
5,889
161,443
28,584
13,233
32,838
12,289
20 18,247
105,211
35,539
13,400
11,500
3,400
3,500
22,953
6,700
33,951
48,350
1,825
2,100
11,515
8,500
2,100
15 544
8,000
16,359
11,800
6,800
19,645
800
2,500
525
1 650
6,790
14 350
1,100
24,700
25,482
7,200
8,475
3,390
4,000
11,656
3,290
21,468
38,900
625
2,275
6,950
5,000
1,075
7,271
3,660
9,263
7,900
4,090
9,673
700
1,400
235
976
3,712
5 640
800
9,100
61,021
20,600
19,975
6,790
7,500
34,609
9,990
55,419
87,250
2,450
4,375
18,465
13,500
3,175
22 815
11,660
25,622
19, 700
10,890
29,318
1,500
3 900
760
2 626
10,502
19 990
1,900
33,800
Middle Western States.. 2,190
335, 896
204,206
540,102
255,403
6,527
181
136
175
4
9
241
2
4
3
145
47
131
8
2
46
330
4
8
6
6,905
6,207
9,050
1,225
6,600
13,069
500
,600
2 ; 200
8,458
3,065
7,410
4,150
600
3,294
15,135
1,250
2,650
3,800
3,318
2,907
5,606
800
3,800
7.406
675
295
1,200
4,012
2,607
4,611
3,837
1,070
1,762
5,524
336
1,533
1,165
10,223
9,114
14,656
2,025
10,400
20,475
1,175
895
3,400
12,470
5,672
12,021
7,987
1,670
5,056
20,659
1,586
4,183
4,965
5,932
6,680
7,887
1,199
6,879
9,749
619
442
1,516
6,571
3,236
6,616
4,906
702
2,754
13,121
1,104
2,641
3,554
161
143
139
10
229
108
5
9
56
119
49
101
177
7
35
474
67
99
31
1,482
96,168
52,464
148,632
86,108
2,019
Ohio
Cincinnati
Cleveland
Columbus
Toledo.
Indiana
Indianapolis
Illinois
Chicago, Cent Res
Chicago, other Res.
Peoria
Michigan
Detroit
Grand Rapids
Wisconsin
Milwaukee
Minnesota . .
Minneapolis
St. Paul
Iowa
Cedar Ramds
Des Moines
Dubuque
Sioux City
Missouri
Kansas Citv
St. Joseph/.
St. Louis
North Dakota...
South Dakota
Nebraska
Lincoln
Omaha
Kansas
Kansas Citv
Topeka
Wichita
Montana
Wyoming
Colorado
Denver
Pueblo
New Mexico
Oklahoma
Musk ogee
Oklahoma City
Tulsa
Western S tates.
346
7
6
8
4
247
6
454
9
14
4
106
3
1
46
4
317
6
7
343
2
3
3
6
111
16
23,367
6,755
10,862
3,168
3,146
13,800
4,006
22,463
44,670
1,673
1,468
9,280
6,703
1,410
10 504
6,669
15,442
9,811
5,735
16,774
1,278
2 462
344
2,012
4,283
11 751
1,503
14,064
397
108
292
56
197
314
148
362
1,245
77
58
260
50
58
215
293
432
425
223
240
17
22
5
54
40
410
90
439
6
903
530
521
144
193
606
440
748
1,199
104
42
328
315
79
313
129
562
139
153
454
50
68
15
92
73
532
26
695
24,673
7,393
11,675
3,368
3,536
14,736
4,594
23, 608
47,114
1,854
1,568
9,874
7,068
1,547
11,060
7,091
16,824
10,375
6,111
17,693
1,345
2 552
364
2,158
4,397
12,693
1,619
15,198
705
9,453
272,088
121
136
77
236
253
201
112
253
274
16
14
190
276
66
205
345
78
83
358
35
168
108
6,450
7,212
8,304
1,321
7,361
10,177
640
465
1,762
7,071
3,358
6j 936
5,428
787
2,879
13,968
1,206
2,908
3,693
3,271
91,926
16
35
6
28
388
225
1
46
105
7
14
7
15
528
4,323
1,081
1,595
593
413
*> 728
755
4,684
6,054
395
216
1,654
946
206
1 942
994
2,974
1,711
953
3,210
170
335
60
375
921
2,272
305
2,385
44,250
1,366
1,386
1,597
209
1 226
2,235
109
106
261
1,608
648
1 514
865
98
596
3,194
194
542
715
18,469
468
497
1,761
75
214
578
227
603
4,665
37
159
899
138
199
940
352
1,713
619
1,326
180
424
15
316
164
1,648
136
1,737
7,005
1,790
2,903
869
1,028
3,894
778
5,967
12,365
524
409
3,581
1.982
403
3,464
1,981
6,469
2,234
1,669
5,697
548
782
130
613
964
3,319
'564
3,778
1,791
786
977
278
287
1,235
403
1,721
4,442
78
142
565
575
98
941
415
1,211
975
655
859
76
82
15
74
337
908
87
939
20,090
75,710
20,952
265
312
528
190
1,220
487
100
3
133
323
54
292
169
172
592
44
159
203
2,686
2,798
2,384
262
1,776
2,218
152
132
521
1,925
1,066
1,396
2,088
179
592
2,535
318
733
1,048
383
391
683
120
514
831
43
21
109
507
313
699
271
78
264
1,089
77
193
255
5,246
24,809
6,841
0
4
9
3
2,605
712
1,436
377
351
1,482
594
2,487
4,097
289
104
1,071
662
240
1,175
927
1,814
1,287
591
1,727
109
194
37
275
550
1,695
'169
1,567
16,198
4,870
8,681
2,192
2,294
9,917
2,757
15,463
31,657
1,324
871
7,030
5.066
1,085
7,721
5,261
12,823
7,923
4,487
12,827
1,083
1,817
257
1,653
2,936
9,842
1,261
10,409
79
28,624
189,705
1
787
875
860
192
944
1,281
66
56
316
922
428
840
551
53
345
2,203
161
437
462
5,488
5,762
6,054
973
5,680
7,052
470
318
1,340
5,285
2,509
4,741
3,944
408
1,970
9,615
794
2,064
2,683
11,779
67,150
1
i'
34
1
2
4
3
3
8
2
1
2
6
Co
Abstract of reports of earnings, expenses, and dividends of national banks for the year ended June SO,
1920—Continued.
[In thousands of dollars.]
Gross earning s.
Location.
Number of Capital.
banks.
Surplus.
Capital
and
surplus.
ExInterest change
and dis- and colcount. lection
charges.
Expenses.
Commissions and
earnings
from
insurance Other
premiums earnings.
and the
negotiation of
real-estate
loans.
Total
gross
earnings.
ContribuInterest
tions
Total
to
Salaries and dis- Interest
excount
Ameri- Other
and
on
deTaxes.
expenses,
can
wages. on bor- posits.
rowed
Na- penses. paid.
money.
tional
Red
Cross.
O
3
o
Washington
Seattle .
Spokane..
Tacoma
Oregon..
Portland..
California
L<os Angeles
Oakland
San Francisco.
Idaho.
Utah
Ogden
Salt Lake City
Nevada
An zona.
Alaska (member bank)
Pacific States
Alaska (nonmember)
Hawaii (nonmember)
Total nonmember banks
Total United States
6
10
20
1
5,125
5,000
2,600
1,000
6,105
5,000
24,174
9 400
1^600
30,500
5 212
;
826
575
2,600
1 435
1 750
25
3,076
2,075
600
200
3,247
2,250
11,546
3,878
1,305
19,070
2,322
372
450
1,565
520
1,071
8,201
7,075
3,200
1,200
9,352
7,250
35,720
13,278
2,905
49,570
7,534
1 198
1 025
4,165
1,955
2 821
25
5,017
5,063
1,932
755
4,364
4,831
18,035
6,924
1,349
18,784
4 832
547
781
2,200
899
1 752
10
129
553
107
28
100
231
374
149
32
1,232
75
11
15
35
44
67
2
616
102,927
53,547
156,474
78,075
3,184
2
100
650
75
465
175
1,115
82
279
7
33
750
540
1,290
361
984,977 2,206,430 1,011,619
76
7
3
1
85
3
281
9
2
9
81
18
•\
5
8,019 1,221,453
176
254
168
5
155
117
1,184
195
83
1,183
176
23
31
84
54
100
1
5,351
5,870
2,207
788
4,624
5,179
19,634
7.268
1,464
21,199
5 087
581
827
2,319
1,006
1 931
13
1,107
1,254
482
129
1,026
1,023
4,503
1 581
283
3,187
1 037
107
147
382
162
536
6
3,989
85,348
16,952
8
°3
124
323
40
87
40
8
38
447
127
27,481
1,417
68,599 1,109,116
175,452
29
5
41
4
9
12
100
242
117
651
210
90
1,443
438
41
80
509
5
42
1,170
1,274
512
217
837
1,346
3,758
2 044
300
5,731
1 078
163
246
494
210
286
379
491
101
56
413
309
1,042
414
60
1,398
416
42
65
144
87
204
4,222
19,666
5,621
18
66
8
16
84
287,637
174
83
97
82,720
662
882
?53
61
587
565
2,516
775
230
1,530
695
79
68
245
98
323
5
3.492
3,984
1,445
463
3.105
3,362
12,478
5 024
' 963
13,290
3 664
'432
606
1,774
562
1 391
' 11
9,574
56,046
16
47
82
216
24
63
298
79,484
165 110,932
736,390
2
8
1
11
I
o
W
o
Abstract of reports of earnings, expenses, and dividends of national banks for the year ended June SO, 1920.
[In thousands of dollars.]
Location.
RecovNet
earnings eries on
since chargedofi
last
report. assets.
Maine
New Hampshire.
Vermont
Massachusetts
Boston
,
Rhode Island
Connecticut
1,782
1,150
801
6,360
10,935
1,396
4,079
New England States
New York
Albany
Brooklyn and Bronx.
Buffalo
New York City
New Jersey
Pennsylvania
Philadelphia
Pittsburgh
Delaware
Maryland
Baltimore
Washington, D. C
26, 503
Eastern States
Virginia
Richmond..
West Virginia..
North Carolina.
South Carolina.
Charleston..
Georgia
Atlanta
100
38
54
283
738
46
209
Total net
earnings
and recoveries
on
chargedoff
assets.
Ratios.
Losses charged off.
On
On loans bonds,
and dis- securicounts. ties, etc.
Other
losses.
Total
losses
charged
ff
Net
addition
to
Dividends.
profits.
Net
Net
earnings
to capital earnings
to
and
surplus. surplus. capital.
Dividends to
capital.
Dividends to
capital
and
Percent.
8.84
10.03
9.79
9.40
12.06
9.55
8.42
Per cent. Per cent. Per cent.
15.70
9.79
5.52
14.42
8.29
5.76
10.07
6.98
6.78
18.39
10.88
5.56
23.34
11.29
5.83
21.04
11.33
5.14
14.58
8.67
5.01
41
54
27
206
54
26
79
776
433
351
1,831
3,236
270
1,280
1,106
755
504
4,812
8,437
1,172
3,008
623
525
490
2,459
4,358
532
1,737
5,667
487
8,177]
19,794
10,724
10.14
5.60
10.33
18.71
4,108
503
171
293
19,246
3,282
6,828
3,021
1.708
117
449
128
506
316
5
14
9
5,308
404
854
315
205
37
57
239
146
5,486 j
691
299
352
29,535
4,258
8,833
3,702
2,022
165
527
447
754
6,945
803
577
674
54,288
5,540
14,788
8,949
6,794
248
916
2,454
4,435
318
251
340
12,907
4,060
8,629
4,038
2,733
175
579
1,460
840
10.30 !
13. 53 i
11.95 ,
11.53 i
8.92 I
15.66
11.85
15.12
9.96
11.55
11.61
12.53
10.94
5.88
6.30
6.27
7.14
3.67
8.02
5.47
5.06
5.24
5.49
6.10
6.89
6.37
9.21
15.90
14.41
14.15
15.45
10.95
9.38
11.20
13.02
7.78
9.66
11.59
10.63
16.13
34.17
27.48
22.85
37.50
21.37
20.30
33.51
24.75
16.37
18.36
21.06
18.26
8,802
40,360
7,909 |
57,071 | 104,378 |
40,765
10.90
4.92
12.61
27.91
208
10
120
128
77
63
162
22
255
607
196
111
86
65
123
12
2,090
726
1,467
1,388
900
231
1,104
469
10.97
11.90
12.65
11.72
9.24
11.00
11.62
11.87
6.56 :
5.71 i
7. 56 I
7.14 I
6.41 |
6.57
6.61
5.68 I
11.32
9.90
11.80
14.53
15.74
16.87
13.56
18.59
18.95
20.66
19.73
23.85
22.69
28.24
23.87
38.84
1,882
1,188
855
6,643
11,673
1,442
4,288
149
19
70
463
1,206
111
586
360
254
1,162
1,976
239
1,090
1,4
27,971
2,023
11,862
1,349
844
955
79,179
9,380
22,673
12,258
8,264
407
1,415
2,775
2,020
569
145
32
71
4,644
418
948
393
552
6
28
126
136
12,431
1,494
876
1,026
83,823
9,798
23,621
12,651
8,816
413
1,443
2,901
2,156
1,062
183
114
50
4,981
572
1,151
366
109
11
21
80
102
153,381
8,068
161, 449
4,165
1,931
2,667
3,142
2,352
618
2,629
1,547
79
92
167
55
124
111
87
69
4,244
2,023
2,834
3,197
2,476
729
2,716
1,616
172
146
230
134
102
8
164
48
635
763
546
373
265
136
449
82
1,402
3,609
1,260
2,288
2,824
2,211
593
2,267
1,534
Abstract of reports of earnings, expenses, and dividends of national banks for the year ended June 30, 1920—Continued.
[In thousands of dollars.]
RecovNet
earnings eries on
since chargedlast
ofl
report. assets.
Location.
Florida. . .
Jacksonville
Alabama.
Birmingham
Mississippi.
Louisiana
New Orleans
Texas
Dallas
El Paso
Fort Worth
Galveston
Houston .
San Antonio
Waco .
Arkansas
Little Rock
Kentucky
Louisville
Tennessee
Chattanooga..
Memphis
.
.
.
Nashville. . .
Southern States
Ohio
Cincinnati
Cleveland
Columbus
Toledo,
•
Indiana
Indianapolis
Illinois
Chicago. Cent. Res
.
Total net
earnings
and recoveries
on
chargedoff
assets.
\
On loans
and discounts.
?
825
1,192
1,713
'
1,295
13,216
1,861
468
1,222
173
2,078
679
456
1,640
78
2,897
1,454
1 810
454
411
916
188
82
224
76
72
121
46
2,002
9
78
273
12
249
28
45
127
11
216
80
77
96
15
91
3,769
60,001
446
324
141
243
175
284
162
351
1,936 1
8,921
2,847
3,135
1,419
1,417
5,103
1,999
8,496
16,693
1,452
813
2 713
'723
1,029
1,653
1,251
12,155
1,821
447
1,080
152
1 825
637
449
1 571
76
2,753
1,350
1 770
416
369
676
116
59
175
102
163
60
44
1,061
40
21
142
21
253
42
7
69
2
144
104
40
38
42
240
53,232
8,475
2,523
2,994
1,176
1.242
4,819
1,837
8,145
15,457
1,568
872
Ratios.
Losses charged off.
On
bonds,
securities, etc.
98
155
78
39
64
15
70
241
88
134
3
20
161
Other
losses.
Total
losses
charged
off.
Net
addition
to
profits.
Dividends.
Dividends to
capital.
DiviNet
Net
dends to earnings
earnings
capital to capital
to
and
and
capital.
surplus. surplus.
Per cent. Percent. Per cent. Per cent.
22.04
14.46
12.89
8.45
34.56
20.48
13.56
. 8.04
27.08
16.16
15.26
9.11
39.77
18.91
10.03
21.09
13.34
7.94
14.96
25.13
10.16
16.96
17.07
28.49
34.82
20.18
11.01
18.99
25.63
16.84
10.18
15. 50
13.68
30.23
8.27
18.27
9.15
7.61
14. 40
11.97
25.15
13.64
7.38
13.61
23.00
14.50
7.25
11.50
27.63
6.14
17.96
9. 44
19.75
7.21
12.73
11.17
18.44
14. 46
12. 49
9.79
21.88
13.36
19.89
14.70
10.50
7.33
6.05
8.67
17.15
11.10
12.29
7.95
16.35
8.74
14.00
26.19
21.02
9.26
13.
79
14.11
8.92
6.26
9.76
5.72
6.58
11.29
15.13
25.93
11.03
6.81
14.03
8.67
3
21
1
234
175
39
17
14
356
148
82
91
14
101
46
30
612
56
73
116
49
38
29
30
81
3
184
86
110
97
19
34
434
319
393
129
237
182
146
2,855
153
285
392
81
448
57
78
229
15
634
341
226
210
48
481
1,134
553
2,495
696
955
1,531
1,149
10,361
1,708
183
830
92
1,630
622
378
1,411
63
2,263
1,113
1 584
244
363
435
663
217
1 406
331
507
917
666
6,807
773
288
450
58
557
352
256
1,283
52
1,622
695
1 063
223
158
342
5,008
3,481
3,133
11,622
48,379
28,061
13.66
8.26
14.24
23.49
504
310
50
134
194
192
361
414
1,689
812
120
197
398
312
680
161
984
726
332
59
59
27
66
376
190
444
2,618
1,648
489
306
559
572
1,248
712
1,842
5,033
7,273
2,358
2,829
860
845
3,855
1,287
6,654
1,1,660
3,904
1,321
1,170
374
360
2,611
582
4,384
6,928
10.99
9.86
10.17
11.00
10.29
11.38
8.69
12.91
14.33
6.40
6.41
5.86
5.51
4.80
7.54
5.83
7.91
7.94
11.92
11.45
14.16
12.67
11.27
11.14
124 88
12.01
13.36
20.46
17.60
24.60
25.29
24.14
16. 80
19.21
19.60
24.12
Chicago, other Res..
Peoria
Michigan
Detroit
Grand Rapids
Wisconsin
Milwaukee
Minnesota
Minneapolis
St. Paul
Iowa
Cedar Rapids
Des Moines
Dubuquo
Sioux City
Missouri
Kansas City
.
St. Joseph
St. Louis
530
697
2,844
2,002
462
3,339
1,830
4,001
2,452
1,624
4,866
262
735
107
505
1,461
2,851
358
4,789
23
24
138
132
35
242
58
181
259
106
345
21
38
Middle Western States.
North Dakota
South Dakota
Nebraska
Lincoln
,
Omaha
Kansas
Kansas Citv
Topeka
Wichita
Montana
Wyoming
Colorado
Denver
Pueblo
New Mexico
Oklahoma
Muskogee
Oklahoma City.
Tulsa
,
Western States.
Washington..
Seattle....
Spokane..
Tacoma..
Oregon
Portland.
28
1
154
68
54
185
28
390
85
135
778
14
64
27
61
181
46
283
553
721
2,982
2,134
497
3,581
1,888
4,182
2,711
1,730
5,211
283
773
in?
632
1,522
3,032
404
5,072
82,383
5,562
87,945
6,635
962
1,450
2,250
348
1,681
3,125
170
147
422
1,786
849
2,195
1,484
379
909
4,353
412
844
1,010
76
88
95
13
116
250
14
9
22
358
62
432
177
59
127
465
47
88
56
1,038
1,538
2,345
361
1,797
3,375
184
156
444
2,144
911
2,627
1,661
438
1,036
4,818
459
932
1,066
201
134
295
6
296
456
6
3
22
736
88
442
153
67
298
938
93
234
118
24,776
2,554
27,330
1,859
1,886
762
325
1,519
1,817
177
106
72
17
167
348
2,036
1,992
834
342
1,686
2,165
126 ,
61
455
152
29
519
260
200
46
385
268
3
103
5
46
59
104
47
495
46
19
160
44
4
249
25
162
48
140
175
9
18
g
31
63
60
11
99
200
81
769
264
87
953
313
752
179
660
1,221
26
185
14
153
232
562
120
751
353
640
2,213
1,870
410
2,628
1,575
3,430
2,532
1,070
3,990
257
588
93
379
1,290
2,470
284
4,321
175
241
1,438
723
208
2,187
915
2,242
1,312
680
2,792
86
421
62
166
864
1,795
129
2,376
9.59
11.48
12.49
8.51
9.90
14.07
11.44
13.70
11.12
10.00
14.21
10.75
16.84
11. 81
10.06
12.72
12.51
11.73
9.62
7,753
5,543
19,931
68,014
40,446
47
72
26
6
90
99
1
7
46
98
32
131
269
26
39
81
12
56
34
63
121
41
20
103
203
7
22
10
85
100
235
83
15
38
233
19
37
54
311
327
362
32
489
758
14
32
78
919
220
808
505
108
375
1,252
124
327
206
727
1,211
1,983
329
1,308
2,617
170
124
366
1,225
691
1,819
1,156
330
661
3,566
335
605
860
865
885
1,536
205
725
1,994
60
62
441
1,039
363
1,410
752
151
495
2,411
209
281
434
4,586
1,172
1,489
7,247
20,083
14,318
14.89
253
137
64
61
263
638
251
283
57
113
87
367
102
209
135
6
129
188
606
629
256
180
479
1,193
1,430
1,363
578
162
1,207
972
1,279
759
380
80
832
740
24.96
15.18
14.62
8.00
13.63
14.80
76
110
398
62
157
7.14
5.51
7.79
5.36
6.55
9.59
7.85
8.75
6.66
6.24
9.52
5.73
10=79
8.16
6.32
8.23
8.98
6.79
7.03
14.41
14.63
11.98
13.85
12.91
11.52
13.51
13.39
12.85
9.83
13.61
17.13
15.08
12.24
14.43
12.28
12.36
14. 95
12.78
19.34
30.48
19.22
22.00
19.52
16.91
19.69
20.97
21.46
15.74
20.31
32.13
23.52
17 71
22^97
19.00
17.21
25.82
17.49
12.04
7.49
12.59
20.25
12.53
14.26
16.97
16.73
10.98
15.26
12.00
10.33
20.05
12.28
11.84
19.03
18.12
25.17
15.03
15.93
16.72
10.60
11.42
8.46
9.71
10.48
10.12
6.97
9.74
5.11
6.93
12.97
8.33
6.40
11.73
9.42
9.04
9.79
11.67
13.18
6.72
8.74
7.11
13.29
13.53
16.25
12.58
12.78
14.47
13.85
10.76
9.82
12.18
15.13
14.47
19.76
13.07
17.26
21.12
14.46
17.32
10.53
19.51
21.91
26.86
19.82
20.02
34.00
20.67
16.64
14.48
22.54
24.55
27.86
55.00
20.07
23.56
26.80
22.83
22.63
9.63
13.51
20.88
15.60
10.73
11.88
6.67
8.90
10.21
17.44
19.27
18.06
13.50
12.91
13.41
27.90
27.26
22.23
16.20
19.77
19.44
Abstract of reports of earnings, expenses, and dividends of national banks for the year ended June 30, 1920—Continued.
oo
[In thousands of dollars.]
location.
California
Los Angeles
Oakland
. . .
San Francisco
Idaho
Utah
. ..
Ogden
Salt Lake City
Nevada
Arizona
Alaska (member bank)
Pacific States..
AlftskH (nnriTnp/mhpr)
Hawfrii (nonrnp/mher).. .
Total nonmember banks
Total United States
RecovNet
earnings eries on
chargedsince
ofl
last
report.
assets.
Total net
earnings
and recoveries
on
chargedoff
assets.
Losses charged ofl.
On
On loans bonds,
and dis- securicounts. ties, etc.
Other
losses.
Ratios.
Total
losses
charged
off.
Net
addition
to
profits.
Dividends.
DiviNet
Net
Dividends to earnings
dends to capital to capital earnings
to
and
capital.
and
surplus. surplus. capital.
o
Per cent. Per cent. Per cent. Per cent.
12.99
8.79
15.29
22.60
10.86
7.69
11.95
16.89
9.75
5.37
11.67
21.19
10.25
6.31
11.23
18.25
16.83
11.64
15.25
22.05
13.80
9.52
11.60
16.83
19.83
11.12
20.88
37.22
11.19
6.99
9.17
14.69
17.35
12.74
16.37
22.30
13.66
8.47
15.38
24.80
8.00
8.00
w
7,156
2,244.
501
7,909
1,423
149
221
545
444
540
2
438
199
9
512
210
7
43
63
50
63
7,594
2,443
510
8,421
1,633
156
264
608
494
603
2
956
439
71
732
256
8
34
127
59
114
484
270
76
1,194
93
4
2
21
33
17
691
146
24
928
135
5
14
78
82
38
2,131
855
171
2,854
484
17
50
226
174
169
5,463
1,588
339
5,567
1,149
139
214
382
320
434
2
3,140
1,021
156
3,127
877
114
114
291
249
239
29,302
2,481
31,783
4,212
3,352
2,910
10,474
21,309
13,398
13.02
8.56
13.62
20.70
42
107
4
6
46
113
10
8
5
4
6
19
14
27
99
25
56
25.00
8.62
14.29
5 02
15.43
27.00
15.23
149
10
372,726
23,912
159 |
396,638
8 RR
18
5
10
33
126
81
10.80
6.28
9.77
16.80
31,284
61,790
21,481
114,555
282,083
147,793
12.10
6.70
12.78
23.09
a
o
o
p
o
g3
3
o
49
REPORT OF THE COMPTROLLER OF THE CURRENCY.
Number of national banks, their capital, surplus, dividends, net earnings, and ratios,
1870 to 1920.
Percentages.
Year ended Number of
Mar. 1— banks.
1870..
1871..
1872..
1873..
1874..
1875..
1878..
1877..
1878..
1879..
1880..
1881..
1882..
1883..
1884..
1885..
1886..
1887..
1888..
1889..
1890..
1891..
1892..
1893..
1894..
1895..
1890..
1897..
1898.,
1900
1901
1902
1903
1904
1905
1905
19071....
1908
1909
1910
1911
1912
1913
1914
1915
1916
1917
1918
1919
1920
1,526
1,602
1,721
1,882
1,961
1,989
2,061
2,080
2,073
2,045
2,045
2,079
2,118
2,232
2,420
2,616
2,686
2,819
2,993
3,120
3,244
3,47/
3,641
3,730
3,764
3,735
3,698
3,659
3,589
3,572
3,571
3,765
4,131
4,451
4 914
5,' 336
5,685
6,017
6,562
6,78S
6,984
7,163
7,307
7,404
7,453
7,560
7 571
7,589
7,691
7,762
8,019
Dividends.
Capital.
$409,008,896
427,008,134
448,346,485
473,097,353
488,805,637
491,753,557
501,037,162
498,566,925
480,967,305
467,322,946
454,606,073
455,529,963
459,644,485
478,519,528
501,304,720
520,752,720
527,777,898
542,959,709
567,840,644
588,391,497
607,428,365
643,680,165
671,493,123
682,975,512
681,129,704
664,712,365
655,960,855
647,402,875
628.885,895
610,426,625
603,396,550
622,366,094
659,608,169
688,817,835
746,365,438
768,114,231
779,544,247
837,002,528
901,384,244
919,143,825
963,457,549
1,008,180,225
1,031,383,425
1,051,720,675
1,063,978,175
1,068,577,080
1,066,208,875
1,081,670,000
1,098,264,000
1,115,507,000
1,220,781,000
884,112.029
93,151;510
98,858,917
109,719,015
120,791,853
129,962,338
134,295,621
131,561,621
123,361,407
117,715,634
116,187,926
121,313,718
129,265,141
135,570,518
143,416,518
148,246,298
150,218,207
160,398,339
175,325,850
188,462,245
200,837,659
215,649,940
230,389,748
241,738,151
247,732,601
245,606,255
248,203,540
249,236,838
248,113,173
244,324,378
250,543,068
257,948,290
285,623,449
324,462,477
372,551,716
402,330,890
414,799,562
501,774,453
552,562,178
585,407,483
630,159,719
669,931,760
704,346.706
725,272; 182
714,117,131
726,620,202
731,820,365
765,918,000
816,801.000
869,457,000
984,977,000
697,506,044
338,650,816
Aggregate
51 years..
Average 51
years
$43,246,926
43,285,493
44,985,105
48,653,350
48,353,026
40,680,122
49,129,366
44,387,798
41,099,506
35,500,277
35,523,140
37,167,717
39,415,343
41,181,655
41,476,382
40,609,317
41,553,907
43,295,729
45,092,427
46,734,024
49,575,353
50,677,892
50,573,088
51,328,070
46,390,345
46,252,545
45,551,673
43,215,818
43,815,654
44,935,124
47,433,357
50,219,115
64,802,442
60,123,622
73,640,123
70,996,322
80,831,561
144,376,245
98,149,236
92,993,450
105,898,622
114,685,412
120,300,872
119,906,051
120,947,096
113,707,065
114,724,594
125,538,000
129,778,000
135,588,000
147,793,000
DiviNet
dends earnto
ings to
capital capital
to
capital. and
and
surplus. surplus.
Net earnings. Dividends
$58,218,118
54,057,047
54,817,850
62,499,369
62,666,120
59,172,818
51,898,138
40,133,194
32,220,724
28,337,553
38,025,984
48,485,271
56,254,141
52,670,569
55,568,978
45,969,221
49,551,961
59,611,513
65,409,368
67,869,081
69,756,914
76,952,998
69,980,730
68,386,632
52,422,069
45,560,309
48,566,791
48,612,927
45,568,032
49,315,441
69,981,810
87,674,175
99;103,168
102,743,721
116,475,135
105,196,154
113,662,529
219,195,804
132,254,329
131,185,750
154,167,489
156,985.513
149,056,603
160,980,084
149,270,1/1
127,094,709
157,543,547
194,321,000
212,332,000
240,366,000
282,083,000
10.5
10.14
10.0
10.3
9.9
10.1
9.8
8.9
8.6
7.6
7.8
8.2
8.6
8.6
8.2
7.8
7.9
7.9
7.9
7.9
8.1
7.9
7.5
7.5
6.8
6.9
6.9
6.7
6.9
7.4
7.9
8.1
9.8
8.7
9.9
9.2
10.4
17.2
10.89
10.12
10.89
11.38
11.66
11.40
11.37
10.63
10.76
11.61
11.82
12.15
12.10
8.8
8.3
8.2
8.4
7.9
7.9
7.8
7.0
6.8
6.1
6.2
6.4
6.7
6.7
6.4
6.1
6.1
6.1
6.1
6.0
6.1
5.9
5.6
5.5
5.0
5.0
5.0
4.8
5.0
5.4
5.6
5.7
6.8
5.9
6.6
9.1
6.8
10.8
6.75
6.18
6.65
6.83
6.93
6.75
6.80
6.33
6.38
6.79
6.78
6.83
6.70
11.8
10.4
10.2
10.7
10.3
9.5
8.1
6.3
5.3
4.8
6.7
8.4
9.5
8.6
8.6
6.9
7.3
8.5
8.8
8.7
8.6
8.9
7.8
7.4
5.6
5.0
5.4
5.4
5.2
5.8
8.2
10.0
10.5
10.1
10.4
9.0
9.5
16.4
9.10
8.72
9.67
9.35
8.59
9.06
8.39
7.08
8.76
10.52
11.09
12.11
12.78
6.56
9.20
3,465,098,357 4,860,831,874
67,943,105
95,310,428
1 Mar. 1, 1906, to July 1,1907; thereafter years ended July 1.
9.74
50
KEPORT OF THE COMPTROLLER OF THE CURRENCY.
EABNINGS, EXPENSES, AND DIVIDENDS OF NATIONAL BANKS FOR
FISCAL YEAKS 1919 AND 1920.
The returns for the 12 months ended June 30, 1920, show gross
earnings to the amount of $1,109,116,000. This is an increase over
the year ended June 30, 1919, of $198,356,000. Of the aggregate
amount of gross earnings reported during the year ended June 30,1920,
$1,011,619,000 was collected for interest and discount, $27,481,000
represented exchange and collection charges, while commissions and
earnings from insurance premiums and the negotiation of real estate
loans and other miscellaneous earnings totaled $70,016,000.
The net addition to the profits of national banks during the year
ended June 30,1920, was $282,083,000 as compared with $240,366,000
added to the profits of these banks during the year ended June 30,
1919. The total dividends declared during the year amounted to
$147,793,000, or $12,205,000 in excess of dividends declared during
the year ended June 30, 1919. Based upon the paid-in capital stock,
the dividends averaged 12.10 per cent, while the net addition to the
profits of these banks averaged 23.09 per cent of paid-in capital as
compared with 21.55 per cent the preceding year.
In the following statement the capital, surplus, gross and net
earnings, and dividends delared by national banks in the 12 months
ended June 30, 1920, are compared with similar data for the year
ended June 30, 1919:
Earnings
and dividends of national
banks for fiscal years ended June 30, 1919 and 1920.
[In thousands of dollars.]
June 30,
June 30,
1919—7,762 1920—8,019
banks.
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
(d) Other earnings
Total
Net earnings during the year
Recoveries on charged-off assets
Total
Expenses paid:
(a) Salaries and wages
(b) Interest and discount on borrowed money
(c) Interest on deposits
(d) Taxes
(e) Contributions t o American National Red Cross
(f) Other expenses
Net earnings during the year
Total
Losses charged off:
(a) On loans and discounts
(b) On bonds, securities, etc
(c) Other losses
Net addition to profits during the year
Total
Total dividends declared
1,115,507
869,457
135,588
1,220,781
984,977
147,793
845,592
18,226
1,011,619
27,481
1,180
45,762
1,417
68,599
910,760
1,109,116
299,980
21,066
372,728
23,912
321,046
396,638
139,656
53,504
260,335
65,052
2,185
90,048
299,980
175,452
82,720
287,637
79,484
165
110,932
372,726
910,760
1,109,116
35,440
27,819
17,421
240,366
31,284
61,790
21,481
282,083
321,046
396,638
135,588 I
147,793
REPORT OF THE COMPTROLLER OF THE CURRENCY.
51
LEGISLATION ENACTED RELATING TO NATIONAL BANKS.
At the last session of the Sixty-sixth Congress and subsequent to
the issuance of the Comptroller's report of December 1, 1919, legislation was enacted amending section 5182 of the Revised Statutes
relating to signatures on national-bank circulation; section 14 of the
Federal reserve act as amended relating to discounts to be charged
by the Federal reserve banks, and of the act of October 15, 1914, " An
act to supplement existing laws against unlawful restraints and
monopolies, and for other purposes/' relating to bank directorates.
Section 5182, United States Revised Statutes, as amended January
13, 1920, is as follows:
FOR WHAT DEMANDS NATIONAL-BANK NOTES MAY BE RECEIVED.
337. SEC. 5182 (as amended 1919). 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 such 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 cashier of such
association may be attached to such notes either before or after the receipt of such
notes by sjich 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, except interest on the public debt, and in redemption of
the national currency.
Subparagraph (d), section 14 of the Federal reserve act, was
amended by act of April 13, 1920, to read as follows:
To establish from time to time, subject to review, and determination of the Federal
Reserve Board, rates of discount to be charged by the Federal reserve banks for each
class of paper, which shall be fixed with a view of accommodating commerce and
business and which, subject to approval, review, and determination of the Federal
Reserve Board, may be graduated or progressed on the basis of the amount of the
advances and discount accommodations extended by the Federal reserve bank to
the borrowing bank.
The act of May 26, 1920, amended the proviso at the end of the
second clause of section 8 of the act known as the " Clayton Act ; ' to
read as follows:
And provided further, That nothing in this act shall prohibit any private banker or
any officer, director, or employee of any member bank, or class A director of a Federal
reserve bank, who shall first procure the consent of the Federal Reserve Board, which
board is hereby authorized, at its discretion, to grant, withhold, or revoke such consent, from being an officer, director, or employee of not more than two other banks,
banking associations, or trust companies, whether organized under the laws of the
United States or any State, if such other bank, banking association, or trust company
is not in substantial competition with such banker or member bank.
The consent of the Federal Reserve Board may be procured before the person applying therefor has been elected as a class A director of a Federal reserve bank or as a
director of any member bank.
CHANGES SECOMMENDED IN BANK ACT.
Section 333 of the Revised Statutes of the United States provides
that the Comptroller of the Currency shall include in the annual
report which he is required to make to the Congress at the commencement of the session his recommendations as to "any amendments to
the laws relative to banking by which the system may be improved
52
REPORT OF THE COMPTROLLER OF THE CURRENCY.
and the security of the holders of its notes and other creditors may
be increased.''
Pursuant to this requirement of law, I have the honor to include in
the report for the current year, a number of new recommendations
as to certain changes and revisions in the national bank act and to
repeat a number of recommendations made in my reports in previous
years upon which the Congress has as yet taken no action.
Of the new recommendations, the one which is believed to be the
most important at this time is for an amendment which would make
it possible for banks, in times of emergency, to obtain discounts,
under carefully guarded restrictions, on paper which is not eligible
for rediscount under the law as it now stands.
This recommendation is, I believe, in accord with the views of
all of the 12 chief national bank examiners who are in immediate
and direct touch with the condition and needs of the banks, both
large and small, in all parts of the country. I am confident that a
study of the situation and all the facts will carry conviction that
adoption of such an amendment as is here recommended would do
much towards relieving the existing tension and apprehension, would
promote confidence, and would aid in establishing stability throughout the country.
TO ENABLE A NATIONAL BANK TO OBTAIN RELIEF IN
EMERGENCY BY USE OF OTHER THAN ELIGIBLE PAPER
OR U.S. BONDS.
Largely through the aid and excellent functioning of the Federal
Reserve System, the business and banking interests of the country
have passed successfully through the perils of inflation and the strain
and losses of deflation without panic and without the demoralization
which has been produced in the past at various times from far
less serious and racking causes. Those banking and other interests
which at the outset so vigorously opposed the Federal Reserve System
are now among its warmest advocates.
The several amendments which, since its passage in 1913, have been
made to the law as a result of experience have materially added to
its use and efficiency, and it is natural to expect our banking laws to
receive such further revision and modifications as actual experience
from- time to time shall suggest, but the fundamentals and essentials
of this great piece of constructive legislation will long endure if the
welfare of all the people continues to govern legislation.
Under existing laws no national bank can obtain funds lawfully
from its Federal reserve bank, however urgent the need, except upon
the security of United States obligations or upon paper of a certain
character and description shown to be eligible under the regulations
of the reserve board.
There are many national banks throughout the country, including
some of the largest and most ably and conservatively managed,
which include in their assets large amounts of securities of a high
character, including State and municipal bonds, prior lien railroad
mortgages and industrial mortgage bonds of unquestioned merit and
value, and also a large amount of good obligations of business houses,
but which have on hand only a comparatively small proportion—in
REPORT OF THE COMPTROLLER OF THE CURRENCY.
53
many cases less than 25 per cent—of their total assets in paper or
securities eligible for rediscounts or loans at reserve banks. If banks
in this condition should have the misfortune to be subjected to a run
upon their deposits they would be unable to obtain loans or advances
from their reserve banks except to the extent of the eligible paper
which they may have on hand.
In times such as we have been through in the past few years they
would also find it impossible or impracticable to convert even their
high-class securities into money except at a grave sacrifice, if at all,
and attempts to realize upon large blocks of securities might precipitate further trouble on such markets as we have sometimes had in
the past.
The suspension of a large and sound national bank because of
inability to realize promptly on high-grade securities and loans in
order to meet a run might precipitate a panic and financial crisis
which it would be difficult to stem. For the protection of national
banks in such an emergency and to prevent the demoralization
which, under certain conditions, the failure of important banks might
precipitate, I respectfully recommend to the Congress that there be an
amendment to the bank act that shall make it possible, under proper
safeguard,for a national bank which is found to be in sound andsolvent
condition to obtain in an emergency funds from its reserve bank
upon its obligations when secured by other collateral than United
States Government securities or " eligible" paper, when such loans
shall be recommended by the reserve bank of the district, and approved by not less than three-fourths of the members of the Federal
Reserve Board (including the Secretary of the Treasury), when such
relief may be deemed by the reserve board to be necessary to prevent suspension or failure of the member bank.
Authority to make such advances upon collateral other than the
security of the class provided for by the present law should be safeguarded with the utmost care and should be exercised only as an
emergency act and upon abundant security. There should be provided on such advances a margin of at least 20 or 25 pjer cent in excess
of the amount loaned, and at an appropriate rate of interest, and the
time of such advances should be strictly limited. It may also be
desirable to stipulate that in such an emergency relief shall not be
granted to the same institution oftener than once or twice.
I believe that the enactment of such an amendment to the national
bank act making such relief to national banks possible would prove
distinctly salutary and would largely dispel the nervousness which
sometimes arises in financial circles because of the possible dangers
of the situation as the law now stands, and would inspire increased
confidence in our whole banking situation. With such an amendment
to the law as is here recommended it is believed that a suspension or
failure of an honestly and capably conducted national bank would be
made practically impossible.
State bank or trust company members of the Federal Reserve
System are not included in these recommendations as suggestions to
the Congress as to changes in the law affecting them should come
from the Federal Reserve Board rather than from the Comptroller
of the Currency.
54
REPORT OF THE COMPTROLLER OF THE CURRENCY.
NATIONAL BANK OFFICERS SHOULD NOT BORROW FROM
THEIR OWN BANKS.
The experience of the past shows that one of the greatest elements
of danger and loss to national banks has been the excessive loans
which have been granted by banks to their own officers and directors
and to their affiliated enterprises. Such loans have been a prolific
cause of bank failures in the past, and it is important for the protection of the depositors and shareholders in the banks that this abuse be
remedied. While the large majority of our national banks are not
open to criticism in this respect, there are entirely too many banks,
both large and small, whose success and progress, and in many cases,
whose safety is jeopardized by the excessive and unjustifiable extension of credit and funds to insiders.
The evil effects of these loans are manifold. Even where they may
be safe and well secured, they often result in tying up too large a proportion of the bank's resources, thereby preventing other customers
of the bank from receiving accommodations which they naturally
expect and to which they are entitled. Officers of the bank also too
frequently borrow from their own bank on inadequate collateral or
security of a class which would be unavailable at other banks, and
experience shows that the lending bank frequently loses heavity from
such loans. When the executive officers of national banks borrow
funds from their own banks for speculative uses, they set an unfortunate precedent to junior officers and employees who, by the example
of their senior officers, are often tempted into speculative schemes
which divert their minds and energies from their own important duties,
impair their usefulness, and sometimes subject the lending banks to
serious loss.
When the senior officers of national banks engage habitually in
syndicate operations and participations and underwriting engagements which are handled often through their own banks as depositary
or transfer agents or registrar for the new issue of securities, the
junior officers and clerks frequently ask for participations; and the
senior officers having themselves subscribed to the syndicate, often
borrowing from the bank in doing so, have not the courage to refuse
to give their clerks and junior officers also the privilege to participate.
Cases from time to time come to light where important banks to
which are entrusted millions of dollars of the funds of depositors are
found lending the funds of the bank in large sums to practically all
their senior and junior officers—president, vice presidents, cashier,
and assistant cashiers—and while they are extending these large and
excessive accommodations to their own officers, largely for speculative
ventures, the banks are themselves borrowing heavily from the Federal
reserve banks of their district. Such conditions and practices are
indefensible and should not be tolerated or permitted by directors and
stockholders.
The New York Stock Exchange has rigid rules to restrict members
of the stock exchange from buying and selling stocks and from carying
speculative accounts for the clerks and minor employees of banks; but
there are at present no laws which prevent the senior and junior officers
of national banks from using the funds of their own banks in speculative and hazardous ventures. Instances are sometimes brought to
REPORT OF THE COMPTROLLER OF THE CURRENCY.
55
the attention of this office where practically all of the senior officers of
national banks have been found to be actually engaged in speculative
operations and lending to themselves the funds of the banks for carrying their accounts. In some cases national banks were also found to
be lending large sums to the officers of other banks on slow and doubtful securities, while the officers of these other banks were in return
borrowing on stocks and securities in large amounts from the national
bank whose officers their owns banks had accommodated with loans.
To overcome these evils, I respectfully recommend that the nationalbank act be so amended as to prevent all active salaried officers and
employees of national banks from borrowing money from the banks
by which they are employed.
PENALTIES FOR GRAFTING BANK OFFICERS.
A growing tendency has been manifested on the part of the management of certain banks in this country to depart from the safe and
long-honored, traditions and the primary purposes of legitimate
banking, which is to protect and safeguard deposits, and to extend
credit and lend money safely for the legitimate uses of industry, of
agriculture and commerce, while keeping their resources reasonably
liquid and in motion.
The record shows that bank officers too frequently yield to the
temptation to tie up the funds of commercial banks in experimental
enterprises and in schemes necessitating the use of capital for long
periods for construction work and for capital loans which result in
heavy losses ultimately; and not infrequently the officers of the banks
which participate in these flotations are sensibly or insensibly influenced to approve such loans because of the profits and commissions,
or bonuses, received by them, directly or indirectly, or because of
the opportunity afforded them to acquire securities in the new
enterprises at prices materially below the value at which they are
given to the public.
The law should be strengthened so as to definitely prevent, under
heavy penalty, a salaried officer of a bank from profiting personally
through such control and use or misuse of the funds of the bank.
" SECURITIES
COMPANIES " AS ADJUNCTS
BANKS OFTEN A MENACE.
TO NATIONAL
Some "securities companies" operating in close connection with,
and often officered by, the same men who manage the national
banks with which they are allied, have become instruments of speculation, and headquarters for promotions of all kinds of financial
schemes. Many of the flotations promoted by the "securities corporations" which are operated as adjuncts to national banks have
proven disastrous to their subscribers, and have in some instances
reflected seriously not only upon the credit and standing of the
"securities companies" by which they are sponsored but also in some
cases have damaged the credit and reputation of national banks
with which the "securities companies" are allied.
It has been established clearly by decisions of the United States
Supreme Court that a national bank can not, except as authorized
by the Federal Reserve Act, hold the stock of other national banks
56
REPORT OF THE COMPTROLLER OF THE CURRENCY.
or the stock of other corporations; but these adjunct or auxiliary
companies whose stockholders are identical with the stockholders of
the national banks with which they are connected by various ties and
devices frequently deal actively in stocks, and they also sometimes
acquire the ownership or control of other banks, national and State,
through their stock purchases.
In times of rising prices and active speculation some of these
auxiliary corporations have made large profits through their ventures
and syndicate operations, but their losses in other periods have been
heavy, and they have become an element of increasing peril to the
banks with which they are associated. The business of legitimate
banking is entirely separate and distinct from the kind of business
conducted by many of these "securities corporations/' and it would
be difficult, if not impossible, for the same set of officers to conduct
safely, soundly, and successfully the conservative business of the
national bank and at the same time direct and manage the speculative
ventures and promotions of the ancillary institutions. These
varying institutions demand a different kind of ability and experience
on the part of those who manage them, and the two types of business when combined with one management are likely to be operated
to the advantage of neither.
A national bank lends not only its own capital but the money of its
depositors, and in doing this is not expected to tie up its funds in
long-time and unliquid loans in doubtful ventures. The "securities
companies" theoretically invest and speculate with their own funds—
that is to say, the funds supplied by their own stockholders—not
with the funds of depositors; but as a matter of fact, experience shows
that "securities companies" often draw and absorb large sums oi
money from the allied national banks, and sometimes also borrow
heavily from other national banks which operate other "securities
companies/' and so on, in an endless chain of reciprocal borrowing
and mutual lending for the accommodation of speculative cliques.
These ancillary companies are being used with increasing frequency for promotion of speculation and for dealings in bonds and
stocks, often those of new and unseasoned issues, and which are attended with improper hazard risk, and as a means of enabling banks
to do, indirectly through their instrumentality, things which they
can neither safely nor lawfully do directly.
BANKS EXERCISING TRUST POWERS HAD BEST AVOID
HAZARDOUS CONNECTIONS.
The new and enlarged powers which have been conferred upon
national banks under the provisions of section 11 of the Federal
reserve act, bv which they are given authority to act as executor,
trustee, administrator, guardian, etc., and in other fiduciary capacities, make more than ever imperatively important the safest and
most conservative management and avoidance of the dangers attending speculative ventures and the promotions of new and untried
enterprises.
Many different devices and methods have been resorted to for the
purpose of circumventing the law and
of tying up and aligning with
national bank "securities companies.77 The operations and practices
of these " securities companies" as now conducted are often directly
REPORT OF THE COMPTROLLER OF THE CURRENCY.
57
opposed to the elementary principles of sound banking, and for the
protection of the 500,000 shareholders of the national banks, of their
more than 20,000,000 depositors and of the trust estates committed
to them as executor, guardian, or trustee and otherwise, I recommend
that the Congress enact such protective legislation as the facts, obvious
tendencies, and equally obvious perils of the future so clearly demand.
If the stockholders of national banks desire to invest their funds in
"securities companies" for the purpose of promoting new enterprises or for speculation, these corporations should be operated
separate and apart from the national banks. The certificates of
stock in such corporations should not be tied up with the stock certificates of national banks, and the management of the bank and of
the securities corporation should be entirely distinct, even when the
stockholders of the one are the stockholders of the others.
DESIEABLE THAT ACTIVE OFFICERS OF LARGE NATIONAL
BANKS BE NOT DIRECTORS IF OTHER CORPORATIONS.
The records of this office show that the efncienc}^ and management
of some large national banks have been greatly impaired because
of a lack of proper attention and direction from their active executive officers, whose time, although they receive large salaries, has
been largely diverted from the bank on account of their directorships or trusteeships in various corporations and commercial and
industrial enterprises. The position of important banks has been
jeopardized and grave losses have been sustained because of this
ack of attention from officers whose time has been diverted by other
interests; and sometimes heavy losses have arisen from unjustifiable
loans to companies in which the bank officers were directors and
stockholders. Bank officials should not place themselves in a position where decisions and their judgment may be governed or controlled, consciously or unconsciously, by outside pecuniary interests
rather than by the interests of the banks they are employed to serve.
I therefore respectfully recommend that the national-bank act be
so amended as to prevent the active and salaried executive officers of
national banks, whose resources may be in excess of some reasonable
amount, say $3,000,000 or $5,000,000, from holding positions as
directors, trustees, or officers of other business, industrial, railroad,
or other commercial corporations or associations.
i
SALARIES OF OFFICERS OF LARGE KTATIOHAL BAFKS.
An analysis has been made of the reports received from all national
banks in the United States whose total resources, after deducting
bills payable and rediscounts, amounted to as much as $20,000,000
or more in order to compare the salaries paid by these banks to their
principal executive officers. The accompanying statement shows the
salaries paid to the officers of these banks by groups. These groups
contain all banks in all parts of the country "whose resources come
within the figures mentioned. The classification is not according to
geographical districts, and in listing the banks in eacli respective
group they are not listed alphabetically or according to size.
The figures disclose a very wide variation in salaries paid by different
banks. In some instances large and successful institutions are pay14307°—CUR 1920—VOL 1
5+0
58
REPORT OF THE COMPTROLLER OF THE CURRENCY.
ing comparatively small salaries, and in other cases comparatively
small banks are paying to their executive officers very high salaries.
These inequalities would probably exist to a much less extent if the
stockholders of all banks were informed as to the salaries paid to their
executive officers, but, unfortunately, it is the exception rather than
the rule for the majority of the stockholders of the bank to be informed as to the salaries paid to executives. This condition., however, applies to many other corporations as well as to national banks.
Salaries paid to chairman of board, president, vice president, cashier, and assistant
cashier by all national banks in United States whose net resources, exclusive of bills
payable and rediscounts, were in excess of $20,000,000 on Nov. 15, 1920.
NATIONAL BANKS WITH NET 3RESOURCES OF $100,000,000 OR MORE.
Designation of bank.
President
and chairman of the
board.
2$50,000
2 75,000
3150,000
28 75,000
105,000
3 150,000
2 75,000
3 80,000
2 75,000
2 100,000
2 35,000
3 75,000
2 60,000
3 62,000
3 100,000
2 35,000
s 68,333
2 80,000
A
•R
r,>
T
E
F
G
I
,T
K
T,
M
0
P
Q
R...
sT
•(2)
2 50,000
2 42,000
3 75,000
TT
V
Vice
president. 1
15 $457,500
10 330,000
6 152,000
10 238,000
29 418,500
4 144,000
6 157,000
11 140,100
1ft 247,000
4 113,000
6 111,000
7 126,000
7 143,000
15 178,750
8 159,000
19 274,500
5
82,000
5 115,000
3
52,740
10 244,000
5
66,000
2
20,400
Cashier.
$15,000
12,000
12,500
8,000
8,500
15,000
20,000
12,500
10,000
12,000
10,000
12,000
14,000
25,000
12,000
10,000
10,000
10,000
15,300
18,000
12,000
12,000
Assistant
cashier.
33 $286,900
16 110,000
11
75,700
8
47,000
?9 154,400
5
30,500
5
41,880
5
28,500
57,600
10
7
37,500
49,000
8
10
60,100
90,500
14
6
34,500
66,500
10
11
58,500
3
24,000
8
46,500
17,220
6
48,000
25,200
5
5
29,100
Total
salaries,
aforesaid
officials.
$809,400
527,003
390,200
368,000
686,400
339,500
293,880
261,100
389,600
262,500
205,000
273,100
307,500
300,250
337,500
378,000
184,333
251,500
85,260
360,000
145,200
136,500
NATIONAL BANKS WITH NET RESOURCES OF FROM $75,000,000 TO $100,000,000.
2 $30,000
35,000
36,000
30,000
25,000
50,000
65,000
40,000
A
B
c
D
E
F
G
H
2
6
3
2
2
2
2
3
2
6
5
6
1
9
7
$80,000
54,000
53,800
75,000
68,700
30,000
106,300
80,500
$8,000
10,000
15,000
20,000
15,000
9,000
8,750
15,000
10
5
7
8
13
10
4
8
$50,200
26,000
30,900
47,500
59,300
50,100
20,500
36,000
$168,200
125,000
135,700
172,500
168,000
139,100
200,550
171,500
NATIONAL BANKS WITH NET RESOURCES OF FROM $50,000,000 TO $75,000,000.
2$50,000
2 55.000
i 57,000
36,000
» 28,600
» 25,000
' 42,000
* 50,000
33,000
i 45,000
20,000
» 60,000
25,000
45,000
i 40,000
' 30,000
A
B .
c
D
E
F
G
H
I
j
K
L
M
N
.
.
o
P
1 $16,000
3 108,000
?, 38,500
9 123,000
7 121,000
44,000
4
2
28,000
4
53,500
6
72,600
5
91,500
3
24,500
5
56,500
21,000
2
4
54,100
3
26,000
7
54,108
$12,000
15,000
10,000
6,000
18,000
15,000
12,000
20,000
12,000
8,000
6,000
7,000
11,000
9,500
5,000
4,800
3
6
2
7
7
4
4
3
6
11
3
*4
8
5
9
$14,600
39,700
10,500
36,500
49,000
21,000
23,500
13,500
31,800
45,900
13,440
24," 500'
25,200
17,800
36,000
i Includes "Executive Managers" in banks where there are such officials,
a3 President.
President and chairman.
$92,600
217,700
116,000
201,500
216,600
105,000
105,500
137,000
149,400
190,400
63,940
123,500
81,500
133,800
88 800
124,908
EEPOKT OF THE COMPTROLLER OF THE
59
CURRENCY.
Salaries paid to chairman of board, president, vice president, cashier, and assistant
cashier by all national banks in United States whose net resources, exclusive of bills
payable and rediscounts, tvere in excess of $20,000,000 on Nov. 15, 1920— Continued.
NATIONAL BANKS W I T H NET RESOURCES
President
and chairman of the
board.
Designation of bank.
A
B
~
C.
D..
Dl
E..
F..
G..
H.
I..
J..
K.
L..
M.
N.
O..
OI
P..
Q..
R.
S..
T..
I
2
2 $28,000
33 55,000
55000
2 40,000
3 25.000
3 25; 000
2 30,000
3 27,000
3 37,500
2 25,000
2 25,000
2 21,000
2 18,000
2 25,000
2 36,000
3 40,000
2 12,000
2 16,000
2 25,000
2 25,000
2 18,000
2 35,000
2 15,000
OF FROM §35,000,000 TO §50,000,000.
Total
Vice
president
1
1
2
4
6
2
11
4
5
8
4
2
2
5
2
8
5
1
4
4
4
4
Cashier.
$15,000
18,000
27, 000
69,000
77,400
19,000
84, 00C
4i,000
60,000
G4, 500
45,675
18,000
36,000
69, COO
24,000
87, 500
55.000
6,900
36,000
33,500
42,000
41,000
$12,000
12,000
9,000
7.500
g; 400
7,000
4,500
9,000
10,000
7.009
11,000
9,000
5, GOO
6,000
6,000
9,000
10,GOO
8,625
6,500
5,700
10,000
15,000
Assistant
cashier.
2
5
5
6
7
3
8
6
2
8
4
5
3
6
4
8
4
2
3
5
3
3
$9, GOO
31,500
25, 000
31,200
26,400
19,000
24, 900
32,400
6,000
27,800
14,600
20,799
11,750
28,400
13,500
42,130
21,500
13,550
10, 000
17, 900
12,000
is;ooo
salaries,
aforesaid
officials.
$64,000
116,500
101,000
132,700
137,200
75,000
140,400
119,900
101,600
124,300
92,275
65,799
77,750
137,400
89,500
150,630
102,500
54,075
77,500
75,100
99,000
89,000
NATIONAL BANKS W I T H NET "RESOURCES OF FROM $20,000,000 TO 535,000,000.
B .
C
D
E
F
G
H
I
J
K
L
M
N
o
P .
. ...
;;;;;;;;
;"
...
Q
R
S
T
IT
V
W
W2
. . . .
Fl
Gl
25 000
20,000
25,0G0
15 GOO
22,500
18,000
25,000
47 000
18,000
6,000
15,000
36,000
35,000
30,000
15,000
40,000
24 000
2
CO
2
2
2
3
3
3
2
3
2
2
2
2
2
2
2
s
2
3
2
3
2
3
3
2
2
3
- .
X
Y
Al
Bl
Cl
Dl
El
;
2
2
2
-'
2
2
2
s
a
2
2
s
s
3
2
2
2
...
HI
Jl
. .
Kl
LI
Ml
. .
Nl.. . ..
01
PI
... .
11
Ql
Rl
SI...
2
President.
25,000
30,000
18,000
20,000
20,000
48,334
60,000
18,000
38,000
25,000
25,000
20,000
15,000
9,000
15,000
30,000
28,000
15,000
34,000
20,000
35,000
6,000
21", GOG
34,200
12,000
22,000
25,090
$57,900
23, 500
23,100
24.000
35; 900
61, 000
10, 000
40, 500
25, 500
21,000
20,000
48,000
28.000
48; 700
26,100
29', 300
23,000 ,
31,000
35,000 I
26', 500
12.000
19; 500
32.500 i
34; oco I
8, 750 |
21, 000 !
36,000 !
38,000
50, 000
30, 000
26,000 ;
35,500
9,000
39,000
10,000
24,000 j
4,000 i
29,000
17,200
32,000
39,000
30, 000
20, 000
33,500
12, 000
8,100
3
$G,000
12,000
6,000
5,000
6,000
10,000
•7, 500
8,500
4,500
12,500
7,500
7,200
10.000
7,500
5,000
12,500
10,000
5,000
11,000
10,000
12,000
7, 500
7,000
5,000
8,750
7,500
7,000
10,OCC
6,000
10,000
5,000
7,000
6,000
10,000
9,000
10, 000
S. 000
7,200.
6,000
6,500
6,700
6,500
7,500
7,000
4.000
President ami cia
4
5
5
4
4
S
3
4
3
3
3
6
5
6
4
7
2
2
3
5
3
6
3
3
2
4
5
2
2
2
3
2
5
3
2
1
3
4
3
6
3
6
3
5
3
4
$20,000
22,000
16,200
14,500
15,300
39, 500
11,800
17,500
9,250
15,300
15,600
22,000
25,000
21.900
Hi 300
30,800
14,000
72,000
14, 000
24,000
15,100
23,500
12,800
12,150
13,418
22,200
21,800
7,500
10,000
10, 500
14,400
5,600
20,700
10,000
5, 700
4,500
17,000
20,100
13,500
22,6G0
11,000
30,500
15,000
17,900
10,500
11,900
$95,800
82,500
65,300
68,500
72,200
133,GOO
47,300
91,500
86,250
66,800
49,100
92,200
99,000
113,100
72,400
87,800
87,000
132,000
60,000
85,500
69,100
68,500
62,300
72,150
79,252
103,200
83.300
90,500
95,000
71,500
70,400
61,000
45,700
70,000
55,700
65,500
46', 000
92,100
57,900
95,600
62,500
88,200
75,700
70,900
51,500
49,000
60
REPORT OF THE COMPTROLLER OF THE CURRENCY.
Salaries paid to chairman of board, president, vice president, cashier, and assistant
cashier by all national banks in United States whose net resources, exclusive of bills
payable and rediscounts, were in excess of $20,000,000 on Nov. 15, 1920—Continued.
NATIONAL BANKS W I T H NET RESOURCES OF FROM $35,000,000 TO $50,000,000— Continued.
President
and chairman of the
board.
Designation of bank
TITS
TJ1
VI
Wl
XI.
Yl
Zl..
.
.
$2 35,000
213,000
2 24, 000
2 25, 000
215, 000
217,500
2 20, 000
2 25,000
Vice
president.
2
2
2
3
3
2
3
1
$12,000
20,500
25,000
20,500
18,000
20,000
25,200
5,600
Cashier.
$7,500
7,500
8,000
4,000
7,500
6,000
4,200
8,000
Assistant
cashier.
3
3
5
5
5
1
2
2
$9,500
12,800
25,000
13,000
20,000
4,000
6,000
9,200
Total
salaries,
aforesaid
officials.
$64,000
53,800
82,000
62,500
60,500
47,500
55,400
47,800
a President.
There would seem to be no good reason why national banks should
not be required to mail to all of their stockholder after each annual
meeting, first a condensed statement of the assets and resources of
the bank; second, the profit and loss statement for the year; third,
statement as to the salaries paid to their principal officers; fourth,
total number of employees and the average salary paid to all employees other than the aforesaid officers. The stockholders of the banks,
who are their owners, are entitled to have this information, and I
respectfully recommend to the Congress legislation to this end.
RECOMMENDATIONS OF PREVIOUS YEARS AGAIN URGED.
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
REPORT OF THE COMPTROLLER OF THE CURRENCY.
61
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 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.77
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.
62
REPORT OF THE COMPTROLLER OF THE CURRENCY.
AUTHORITY FOR REMOVAL OF DIRECTORS GUILTY OF PERSISTENT
VIOLATIONS OF THE NATIONAL-BANK ACT.
Fifth. That the Comptroller of the Currency shall be empowered,
after one hearing, with the approval of the Secretary of the Treasury or the Federal Reserve board, as Congress shall deem best, to
require the removal of a director or directors or any officer of a bank
guilty of persistent violations of any of the more important provisions of the act, and to direct that suit be brought in the name of
the bank by the Comptroller 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.
Sixtfi. 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 punisnable with imprisonment, as well
as fine, suits to enforce such penalties, of course, to be instituted by
the Department of Justice in the United States courts.
TO PROVIDE 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 sliould 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
REPORT OF THE COMPTROLLER OF THE CURRENCY.
63
of the legal rate of interest, no similar minimum charge shall be
made the same day to the same customer on any other note, if in
excess of the legal rate. This would prevent a bank from requiring
a customer who might want to borrow $100 for 30 days from giving
20 notes for $5 each, to be charged 25 cents on each note, which
would amount to $5, or 60 per cent per annum for the accommodation.
TO PREVENT OR LIMIT OVERDRAFTS.
Tenth,. That the laws of the respective States in regard to overdrafts be made applicable to national banks in those States, and
that the individual liability prescribed by section 5239, United States
Revised Statutes, shall be made applicable to any violations of this
provision, and also that the officers of the national bank shall be
required to bring before the directors, in writing, at each directors'
meeting, a list of all overdrafts made since the previous meeting.of
the board.
In some States directors, officers, and employees of banks who
knowingly overdraw their accounts are guilty of felony and may be
imprisoned.
TO LIMIT INTEREST PAID ON DEPOSITS.
Eleventh. That the rates of interest which any national bank may
pay on its deposits shall not exceed 4 per cent per annum unless
the highest rate for time 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 Statefixthe
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
TO PREVENT " WILDCAT" BANKING IN THE DISTRICT OF COLUMBIA.
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 m 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.
64
REPORT OF THE COMPTROLLER OF THE CURRENCY.
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 tank engaged in the handling of its money shall
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 before 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
REPORT OF THE COMPTROLLER OF THE CURRENCY.
65
given an appropriate mark of identification. Because of the present
provisions of the law $23,833,190 of unissued currency belonging to
banks whose charters were renewed was destroyed during the three
fiscal years ending October 31, 1920.
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.
66
REPORT OF THE COMPTROLLER OF THE CURRENCY.
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 should apply also
to trust companies and banking institutions doing business in the
District of Columbia. A further limitation based on total resources
would be advisable.
Section 5136, United States Revised Statutes, at present permits a
national bank to invest its funds in a bank building for its own use
but there is no limitation upon the amount of money which a national
bank may tie up in this manner. The records of this office show
various instances where banks have been brought to grief and where
their creditors have sustained serious losses because of the tying up
of an excessive proportion of their resources in elaborate, ostentatious,
and unnecessary bank buildings.
TO AUTHORIZE THE COMPTROLLER OF THE CURRENCY 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 Comptroller of the Currency 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 Comptroller of the
Currency 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.
REPORT OF THE COMPTROLLER OF THE CURRENCY.
67
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
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 recjuire 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 OF $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 hiding places many millions of
dollars of money hoarded in all parts of the country.
68
REPORT OF THE COMPTROI>LER OF THE CURRENCY.
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.
FORM SUGGESTED FOR CERTAIN AMENDMENTS TO BANK ACT.
The following amendments to sections of the national-bank act
would effect the changes noted in the foregoing recommendations,
Nos. 6 and 18. An amendment is also suggested to the consolidation act of November 7, 1918. The proposed new matter in each
section is in italics.
EXTENSION OF CORPORATE EXISTENCE OF NATIONAL BANKING ASSOCIATIONS.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled, That sections 1 to 7,
inclusive, of the Act of July 12, 1882, be amended to read as follows:
" SECTION 1. That any national banking association organized
under the Acts of February 25, 1863, June 3, 1864, and February 14,
1880, or under sections 5133, 5134, 5135, 5136, and 5154 of the Revised Statutes of the United States, or any national banking association, the corporate existence of which may have been extended under the
Act of July 12, 1882, or reextended under the Act of April 12, 1902,
may, at any time within one year next previous to the date of the
expiration of its corporate existence under present law, and with the
approval of the Comptroller of the Currency, to be granted, as hereinafter provided, extend its period of succession by amending its
articles of association for a term of not more than twenty years from
the expiration of the period of succession named in said articles of
association, and shall have succession for such extended period, unless
sooner dissolved by the act of shareholders owning two-thirds of its
stock, or unless its franchise becomes forfeited by some violation of
law, or unless hereafter modified or repealed.
"SEC. 2. That such amendment of said articles of association shall
be authorized by the vote of shareholders owning not less than twothirds of the capital stock of the association, the vote to be taken
at a
meeting of the shareholders duly called by giving thirty days1 notice,
either by publication or by mail, said meeting to be held at any time
within the twelve months next preceding the date of expiration of the
corporate existence of the association under present law; and the board
of directors shall cause such vote to be certified under the seal of the
association, by its president or cashier, to the Comptroller of the Currency, accompanied by an application made by the president or cashier for the approval of the amended articles of association by the
Comptroller; and such amended articles of association shall not be
valid until the Comptroller shall give to such association a certificate
under his hand and seal that the association has complied with all
REPORT OF THE COMPTROLLER OF THE CURRENCY.
69
the provisions required to be complied with, and is authorized to
have succession for the extended period named in the amended articles of association.
"SEC. 3. That subsequent to the receipt of the application and certificate of the association provided for in the preceding section, the
Comptroller of the Currency shall cause a special examination to be
made, at the expense of the association, to determine its condition;
and if after such examination or otherwise it appears to him that said
association is in a satisfactory condition, he shall grant his certificate
of approval provided for in the preceding section, or if it appears that
the condition of said association is not satisfactory, he shall withhold such certificate of approval. The association shall cause the certificate of the Comptroller, issued under this section, to he published in
each issue of some daily or weekly newspaper, published in the city or
county where the association is located, for at least thirty days next
after the issuing thereof; or if no newspaper is published in such city
or county then in the newspaper published nearest thereto, and such
proof of publication shall be furnished as may be required by the Comptroller. Notice and date of extension of the corporate existence of the
association shall be sent by the association to each shareholder of record,
by registered mail, within five days after the receipt of the certificate of
the Comptroller authorizing the extension.
"SEC. 4. That any association so extending the period of its succession shall continue to enjoy all the rights and privileges and immunities granted and shall continue to be subject to all the duties,
liabilities, and restrictions imposed by the Revised Statutes of the
United States and other acts having reference to national banking
associations, and it shall continue to be in all respects the identical
association it was before the extension of its period of succession:
Provided, however, That the jurisdiction for suits hereafter brought
by or against any association established under any law providing for
national banking associations, except suits between them and the
United States, or its officers and agents, shall be the same as, and
not other than, the jurisdiction for suits by or against banks not
organized under any law of the United States which do or might do
banking business where such national banking associations may be
doing business when such suits may be begun: And all laws and parts
of laws of the United States inconsistent with this proviso be, and
the same are hereby, repealed.
"SEC. 5. That when any national banking association has amended
its articles of association as provided in this act, and the comptroller
has granted his certificate of approval, any shareholder not assenting
to such amendment may give notice in writing to the directors,
within thirty days from the date of the certificate of approval, of his
desire to withdraw from said association, in which case he shall be
entitled to receive from said banking association 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 such shareholder,
one by the directors, and the third by the first two; the expenses of
such appraisal to be borne equally by the dissenting shareholder and the
bank; and in case the value so fixed shall not be satisfactory to any
such shareholder, he may 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
70
REPORT OF THE COMPTROLLER OF THE CURRENCY.
committee, the bank shall pay the expenses of said reappraisal, and
otherwise the appellant shall pay said expenses; and the value so
ascertained and determined shall be deemed to be a debt due, and be
forthwith paid, to said shareholder from said bank; and the shares
so surrendered and appraised shall, after due notice, be sold at public
sale, within thirty days after the final appraisal provided in this section : Provided, That in the organization of any banking association
intended to replace any existing banking association, and retaining
the name thereof, the holders of stock in the expiring association
shall be entitled to preference in the allotment of the shares of the
new association in proportion to the number of shares held by them
respectively in the expiring association.
u
SEC. 6. That any association so extending the period of its succession
shall not he required to deposit lawful money for its outstanding circulation by reason of said extension and may continue to issue circulating
notes of the same design as theretofore issued, said outstanding circulation
and notes subsequently issued to be redeemed as provided by existing law.
And any gain that may arise from the failure to present national bank
circulating notes for redemption shall inure to the benefit of the
United States.
"SEC. 7. That national banking associations whose corporate
existence has expired or shall hereafter expire, and which do not
avail themselves of the provisions of this Act, shall be required to
comply with the provisions of sections 5221 and 5222 of the Revised
Statutes in same manner as if the shareholders had voted to go into
liquidation, as provided in section 5220 of the Revised Statutes; and
the provisions of sections 5224 and 5225 of the Revised Statutes shall
also be applicable to such associations, except as modified by this
Act; and the franchise of such associations is hereby extended for the
sole purpose of liquidating their affairs until such affairs are finally
closed. And all laws and parts of laws in conflict with the provisions
of sections 1 to 7, inclusive, of this Act, and the act approved April 12,
1902, be and the same are hereby repealed"
OATH OF DIRECTOR OF NATIONAL BANK.
SEC. 5147. Each director, when appointed or elected, shall take
an oath or affirmation that he will, so far as the duty devolves on him,
diligently and honestly administer the affairs of such association, and
will not knowingly violate, or willingly permit to be violated, any of
the provisions of this title, and that he is the owner in good faith, and
in his own right, of the number of shares of stock required by this
title, subscribed by him, or standing in his name on the books of the
association, and that the same is not hypothecated, or in any way
pledged, as security for any loan or debt. Such oath, or affirmation,
shall be taken before a notary public or other officer having an official
seal and authorized to administer oaths and shalibe immediately transmitted to the Comptroller of the Currency and shall be filed and preserved in his office/or a period of at least ten years. Any^ director elect
who fails to take the required oath or affirmation within^ thirty days next
succeeding his election shall be deemed to have vacated his place, and any
vacancy so created shall be filled by appointment by the remaining
directors as provided by section 511+8, United States Revised Statutes.
REPORT OF THE COMPTROLLER OF THE CURRENCY.
71
CONSOLIDATION OF NATIONAL BANKS.
503a. That any two or more national banking associations located
within the same county, city, town7 or village may, with the approval
of the Comptroller of the Currency, consolidate into one association
under the charcer of either existing banks, on such terms and conditions as may be lawfully agreed upon by a majority of the board
of directors of each association proposing to consolidate, and be ratified and confirmed by the affirmative vote of the shareholders of
each such association owning at least two-thirds of its capital stock
outstanding, at a meeting to be held on the call of the directors after
publishing notice of the time, place, and object of the meeting for
four consecutive weeks in some newspaper published in the place
where the said association is located, and if no newspaper is published in the place, then in a paper published nearest thereto, and
after sending such notice to each shareholder of record by registered
mail at least ten days prior to said meeting: Provided, That the
capital stock of such consolidated association shall not be less than
that required under existing law for the organization ot 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 so consolidated who has not voted for such consolidation may give notice
to the directors of the consolidated association within twenty days
from the date of the certificate of approval of the comptroller that
he dissents from the plan of consolidation as adopted and approved,
whereupon he shall be entitled to receive the value of the shares so
held by him, to be ascertained by an appraisal made by a committee
of three persons, one to be selected by the shareholder, one by the
directors, and the third by the two so chosen; and in case the value
so fixed shall not be satisfactory to the shareholder he may within
five days after being notified of the appraisal appeal to the Comptroller of the Currency, who shall cause a reappraisal to be made,
which shall be final and binding; and if said reappraisal shall exceed
the value fixed by said committee, the bank shall pay the expenses
of the reappraisal; otherwise the appellant shall pay said expenses,
and the value so ascertained and determined shall be deemed to be
a debt due and be forthwith paid to said shareholder from said
bank, and the 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, buti* 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 a ad 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 enjo}7ed by the
national bank so consolidated therewith.
72
REPORT OF THE COMPTROLLER OF THE CURRENCY.
TRUST COMPANIES AND BANKS IN THE DISTRICT OF COLUMBIA.
The Code of Laws for the District of Columbia contains no specific provision for the punishment of criminal violations of the banking laws on the part of officers or employees of trust companies and
banks other than national doing business in the District of Columbia.
In the comptrollers annual reports for the years 1905 and 1906,
attention was called at length to the necessity for legislation regulating banking in the District of Columbia rin order to secure to depositors in banks organized under authorit3 of State laws and doing
ousiness in the District the same measure of protection that is
afforded depositors in banks organized under the national bank act.
In addition to the six trust companies, with deposits exceeding
$55,000,000, there are now 25 banks organized under State and District of Columbia charters and operating in the District of Columbia
having aggregate deposits of nearly $25,000,000. The States under
the laws of which these banks were organized and the number of
banks organized in each State are as follows: Alabama 1, Arizona 9,
Virginia 5, West Virginia 6. Four of the twenty-five banks were
organized under the Code of Laws for the District of Columbia as
amended by the act of June 30, 1902.
I t is therefore recommended that section 713, subchapter X, of the
Code of Laws for the District of Columbia, be amended to provide
that the provisions of section 5209, United States Revised Statutes,
as amended, be made applicable to all banks and trust companies
doing business in the District of Columbia.
In the following table is shown the name of each bank and trust
company in the District of Columbia, together with amount of
capital, deposits, and aggregate assets, on September 8, 1920, and the
name of the State etc., in which each savings bank was incorporated:
Savings banks and loan and trust companies in the District of Columbia.
SAVINGS BANKS.
Name of bank.
Anacostia Bank
Bank of Commerce & Savings
Citizens Sayings Bank
East Washington Savings Bank
Exchange Bank of Washington
Fidelity Savings Co. (Inc.) "The Morris Plan"...
Hamilton Savings Bank
Industrial Savings Bank
McLachlen Banking Corporation
Merchants Bank
North Capitol Savings Bank
Northeast Savings Banks
Northwest Savings Bank
Park Savings Bank
Peoples Commercial & Savings Bank
Potomac Savings Bank of Georgetown, D.C
Security Savings & Commercial Bank
Seventh Street Savings Bank
Bank of the Society for Savings & Loans
Standard Savings Bank
Union Savings Bank
United States Savings Bank
"Washington Mechanics Savings Bank
Washington Savings Bank
Mount Vernon Savings Bank
Total
Capital
stock.
Total deposits.
$25,000
100,000
195,850
100,000
50,000
100,000
95,578
21,198
150,000
300,000
90,000
50,000
50,000
50,000
67,750
100,000
200,000
50,000
83,620
160,330
200,000
100,000
50,000
69,600
160,000
$849,460.56
1,130,432.80
623,908.22
843,326.99
644,933.19
454,612.23
664,259.69
495,159.07
695,098.92
1,433,669.42
919,764. 36
364,515. 55
432,693.56
1,735,483.25
12,756. 92
2,443,135.71
3,133,266. 88
1,155,960.98
231,582.73
190,572.57
1,554,039.43
2,000,869.98
1,025,247.03
451,492.73
1,011,830.59
2,618,926
24,498,073.36
Aggregate
assets.
Incorporated in—
$896,466.30
1,336,480.53
1,010,874.27
1,003,480.78
706,433.19
580,569. 38
869,986.04
523,232.32
932,831.97
2,005,185.70
1,079,637.96
425,029.17
496,892.58
1,897,290.82
87,242.52
2,678,316.81
3,538,326. 24
1,238,498.76
699, 220. 42
502,968. 57
1,907,479.44
2,289,325.34
1,103,082.00
554,138.79
1,216,977.02
W.Va.
Va.
Va.
D.C.
Ariz.
D.C.
Ariz.
B.C.
Va.
Ariz.
Ariz.
Ariz.
Ariz.
Ala.
Ariz.
Va.
W. Va.
W.Va.
D.C.
Ariz.
W.Va.
W.Va.
Va.
Ariz.
W.Va.
29,579,966.92
EEPORT OP THE COMPTROLLER OF THE CURRENCY.
73
Savings banks and loan and trust companies in the District of Columbia—Continued.
LOAN AND TRUST COMPANIES.
Capital
! stock.
Name of bank.
American Security & Trust Company
Continental Trust Company
"
Munsey
Trust Company
. ,
iotaidpT)nsits
deposits.
Aggregate
assets.
i $3,400,000
j 1,000,000
2,000,000
1,000,000
, 2,000,000
| 1,000,000
$23,143,152.35
2,977,559.32
3,889,814.13
9,448,571.81
5,560, 541.08
10,574,280.52
$29,363,993.00
5,240,901.00
6,915,370.00
12,130,819.00
8,319,665.00
13,239,978.00
10,400,000
55,593,919.21
75,210,726.00
!
National Savings & Trust Company
Union Trust Company
_
.,
Washington Loan & Trust Company
Total
T
DUTIES AND LIABILITIES OF NATIONAL-BANK DIRECTORS.
One of the most important factors in improvement of the condition
of national banks in the past few years has been the earnest and
conscientious attention given them by their directors and the aroused
sense among those officers of the real responsibility of their positions.
Apathy and neglect of directors had m the past been responsible
for many bank failures, as the vigilance and fidelity of other directors
kept many other banks safe and sound and steered them clear of
dangers, hidden or visible. As results of neglect of their responsibilities or attempts to evade them, directors and officials of banks
from time to time have been required to restore to banks large sums
lost as an incident of such derelictions.
The Comptroller's Bureau for several years past has made a special
point of informing the directors of national banks of their duties and
responsibilities, and these efforts have found a response so ready as
to prove that the class of men composing bank directorates need only,
as a general proposition, to be reminded of the importance of official
duties to assure their diligence and vigilance.
Three or four years ago national-bank examiners were instructed to
read to the directors of national banks at the time of examination a
circular letter prepared by this office giving extracts from the law
relating to the duties of national-bank officers and directors and
decisions of courts bearing upon their liabilit}^. The effect of this
order has been very salutary and beneficial.
A revised edition of a publication by this office relating to the duties
and liabilities of directors of national banks and members of the
Federal reserve system, and setting forth the provisions of law defining duties of directors and prescribing penalties for neglect of such
duties, has just been prepared by this bureau and is printed as
Appendix: A, Volume I, in the Comptroller's report for this year.
BANK OFFICERS AND EMPLOYEES CONVICTED OF CRIMINAL
VIOLATIONS OF LAW DURING THE YEAR ENDED OCTOBER
31, 1920.
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, 1920. The offenders
convicted include 3 bank presidents, 8 cashiers, 7 assistant cashiers,
and 23 others. Their terms of imprisonment ranged from 1 day to
6 years, with varying fines.
19307°—CUR 1920—VOL 1
6
Criminal cases under the national banking laws resulting in conviction during the year ended Oct. 31,1920.
Name of officer.
LeRoy Watson McKay
W. N. Mason
Charles F. Mclntyre
Howard G. Reese
J. Al Pattison, aided and abettor
of Jerome S. Mann.
H. W. Combs
W. B.Harrod
H. A. Davenport
Aided and abetted by—
TalbotB. Kramer
T. Wilmar Jarvis
James D. Donnelly, jr
H. P. Brown
"...
John D. Keyes..
A. C. Helfrick..
W. Bates Bell
James O. Lawrence..
James Shea..
W.C. Grant.
F. E. Waterhouse.
Wilvan J. Russell.
Paul B. Dickson...
Daniel Bermes
James J. McClelland
John E. Squier
Adolph Klingenstein
James F. Roe, jr
Aided and abetted by—
Gustave Klingenstein..
Raffaele Mazzoni
Adolph G. Quirsfeld...
Maurice H. Cormack...
Position of officer.
Title and location of bank.
Offense.
Sentence.
2 years.
$2,000 fine.
5 years.
Nov. 5,1919
Nov. 7,1919
Nov. 20; 1919
O
$300 fine..
$500 fine..
Nov. 24,1919
Nov. —,1919
O
Bookkeeper
Cashier
Assistant cashier
Note teller.
Cashier
First National Bank, Terre Haute, Ind.. Embezzlement
Parksley National Bank, Parksley, Va.. False entries
Farmers National Bank, Trafalgar, Ind. Embezzlement, abstraction,
and false entries.
Second National Bank, Phillipsburg,N. J. Embezzlement
Misapplication
First National Bank, Linnton, Oreg
Assistant cashier
Teller
Bookkeeper
Fremont National Bank, Canon City, Embezzlement and false en- 2 years.
tries.
Colo.
I 5 years.
First National Bank, Chattanooga, Tenn. Embezzlement
do
! 84 weeks
National Produce Bank, Chicago, 111
Embezzlement and abstracFirst National Bank, Mobile, Ala
tion.
Munsey Trust Co., Washington, D. C... Embezzlement
Conway National Bank, Conway, N. H. Embezzlement and false entries.
Burgettstown National Bank, Burgetts- Abstraction and false entries..
Assistant cashier
town, Pa.
Belleville National Bank, Belleville, Pa. Embezzlement and false enCashier
tries.
Orbisonia National Bank, Orbisonia, Pa. Embezzlement
Fort
Dearborn
National
Bank,
Chicago,
]
Bookkeeper
HI.
! Abstraction
Assistant cashier
National Bank of Commerce, Seattle, ! Misapplication
Wash.
j
do
Santa Rosa National Bank, Santa Rosa, I False entries
Calif.
Employee
National City Bank, Seattle, Wash
•. Embezzlement,
.do..
Assistant cashier
Pana National Bank, Pana, 111
!
and false enBookkeeper
First-Merchants National Bank, Lafay^ Embezzlement
tries.
ette, Ind.
Embezzlement, abstraction,
President
First National Bank, Union, N. J
misapplication, and false
entries.
Cashier
I
do..
General bookkeeper...!
do..
d
Payingltellerb \ k j!
do..
Bookkeeper
do..
Exchange teller.
Employee..
President..
Date of
sentence.
Nov. —,1919
Nov. —,1919
Dec. 2,1919
Do.
93 weeks.
3 years.
Dec.
6 years
$5,000 and costs
Dec.
Dec.
5,1919
13,1919
18,1919
$1,500 fine
9 months, $50 fine.
1 year, $100 fine.
1 day in custody marshal..
4 years
Dec.
26,1919
Dec.
Dec.
1919
Dec. —,1919
Jan.
5 years.
17 months
SI,500 fine and costs.
2 years
5 ye
years
fi
$5,0000 fine..
Feb.
Feb.
(0
C1)
H
w
O
O
i
5,1920
Jan. 31,1920
C1)
H
W
Feb. 9,1920
Feb. 20,1920
Feb. 27,1920
—,1920
-1920
fczS
Q
J
Wilfred BodwellA. R. Lappnow.
C. L. Williams...
F. H. Compton..
Aided and abetted byM. B. Bowling
Charles E. Friend
B. J. Keyes
Fred Stewart
Augustus Schumacher..
W. Harold Benjamin...
William A. Gieseking...
W. Harold Benjamin..
Robert E. Wright...
M. L. Luebben
D. T. Lane
Thornton P. Dugan.
David A. Harkey—
Cashier
Assistant cashiei
Cashier
Bookkeeper....
City National Bank, South Norwalk,
Conn.
First National Bank, Oconomowoc. Wis.
First National Bank, Kusa, Okla
Fourth and First National Bank, Nashville, Tenn.
Bookkeeper.
Cashier
Bookkeeper.
Employee...
Exchange National Bank, Tulsa, Okla.. Embezzlement, misapplication, and false entries.
First National Bank, Worland, Wyo.... Embezzlement
.do.
Merchants & Planters, Sherman, Tex...
Phoenix National Bank, Hartford, Conn. Embezzlement and false entries.
American National Bank, Washington, Embezzlement
D.C.
.do.,
Riggs National Bank, Washington, D. C.
.do..
Exchange Bank of Washington, Washington, D. C.
.do..
.do..
Misapplication and false entries
First National Bank, Sutton, Nebr
do
First National Bank, Hecla, S. Dak
National Tradesmens Bank, New Haven, Embezzlement
Conn.
First National Bank, Tupelo, Miss
.do..
.do.
Note teller.
Employee..
.....do....
President,
.do.
Assistant teller..
Cashier
Embezzlement and false en- 1 year.
tries.
Embezzlement
4 months, $100 fine
Abstraction
lyear, 1 day, $500fine....
3 years and one-half costs..
....do
Mar. 9,1920
Mar. 10,1920
Mar. 15,1920
Mar. 23,1920
1 year, 1 day, one-half costs...
Do.
6 months, $100 fine
Apr. —,1920
May 12,1920
5years
May 31,1920
5 years, $5,000 fine..
June 1,1920
3 years
18 months..
18 months..
.do.
5 years
$500 fine...
4 months..
§
s
June 4,1920
June 11,1920
June 4,1920
June
Aug.
Aug.
Sept.
11,1920
7,1920
27,1920
28,1920
W
m
a
o
5 years, $5,000fine,and costs. Oct.term,1920
i Indictments pending.
O
H
W
H
O
d
a
76
REPORT OF THE COMPTROLLER OF THE CURRENCY.
DIGEST OF COURT DECISIONS IN BANK CASES.
In the appendix of this report will be found a syllabus of the cases
affecting banks reported during the past 12 months.
Special attention is called to the decision of the Supreme Court
of the United States in Evans v. National Bank of Savannah (251
U, S., 108) defining what constitutes usury; decision of the Supreme
Court of the United States in Bates v. Dresser, relative to the degree
of care required of directors and officers of national banks; the decision of the Supreme Court of the United States in Corsicana National Bank v. Johnson, relative to the liability of directors for assenting to excessive loans and the decision of the United States District
Court in Fidelity National Bank and Trust Co. v. Enright, State
banking commissioner, upholding the right of the Comptroller to
permit the use of the words "trust company" as a part of the title
of a national bank which has received a permit from the Federal
reserve board authorizing it to exercise fiduciary powers,
WHAT CONSTITUTES USURY.
The Supreme Court of the United States held in Evans, receiver of
the Citizens & Screven County Bank v. National Bank of Savannah,
251 U. S., 108, that—
under the national banking act, which expressly empowers national banks to discount commercial paper and permits them to "take, receive, reserve, and charge on
any loan or discount made * * * interest at the rate allowed by the laws of the
State * * * where the bank is located, and no more," such banks in discounting
short-time notes in the ordinary course of business may retain an advance charge at
the highest rate allowed for interest by the State law, even though such advance
taking would be usurious under the State law in the cases to which it applies.
To discount, ex vi termini implies reservation of interest in advance.
LIABILITY OF DIRECTORS OF NATIONAL BANKS—DEGREE OF CARE
REQUIRED.
The Supreme Court of the United States in Bates v. Dresser, 251
U. S., 524, held as follows:
1. That directors, serving gratuitously, who were without knowledge of the cashier's
negligence or of the possibility of such a fraud, and who had assurance from the president, as from the bank examiners' reports, were not negligent in accepting the cashier's
statements of liabilities, like his statements of assets, which always were correct,
and were not bound to inspect the depositors' ledger or call in the pass books and
compare them* with it, although there was a by-law, nearly obsolete, calling for examinations by a committee semiannually.
2. That the president, who, besides being a large depositor, was habitually at the
bank, in control of its affairs, with immediate access to the depositors' ledger, and
who had received certain warnings that the bookkeeper was living fast and dealing
in stocks, was guilty of negligence in failing to make an examination.
One who accepts the presidency of a national bank accepts the responsibility for
any losses the bank may suffer through his fault.
LIABILITY OF DIRECTORS FOR ASSENTING TO EXCESSIVE LOAN.
The Supreme Court of the United States held in Corsicana National
Bank v. Johnson, 251 U. S., 68, that where a loan was made by a
national bank to two persons jointly, or in form one-half to each,
but in substance as a single loan, it violated the national bank act
KEPORT OF THE COMPTROLLER OF THE CURRENCY.
77
if in excess of the limit set by Revised Statutes, section 5200. The
court further held as follows:
A director's liability for knowingly participating in the making of a loan in excess
of the limit prescribed by Revised Statutes, section 5200, is not affected by the supposed
standing of the borrowers, the propriety of his motive, the continued prosperity of
the bank, its failure to sue other officers or directors, or to sue him until after a change
in the stockholding interest or control, or by the fact that incoming stockholders
purchased their shares with knowledge of the loan and of his alleged liability and
may profit by a recovery against him.
The liability imposed upon the director under Revised Statutes, section 5239, is direct, not contingent or collateral; the cause of action and the damages are complete
when the money is loaned; and while the damages may be diminished by what the
bank collects from the borrowers, it is not obliged to proceed primarily against them.
The excessive loan being unlawful in toto, the bank's damage in such cases is not
measured by the part in excess of what might have been lent lawfully, but by the
whole amount plus interest and less salvage.
USE OF WOEDS " TRUST COMPANY " AS PART OF TITLE OF NATIONAL
BANK.
When the Fidelity Trust Co. of Kansas City was converted into
a national bank under the title " Fidelity National Bank & Trust
Co.
of Kansas City/' the right to use the words "trust company7' as a
part of its title was disputed by the State bank commissioner of
Missouri, and in a suit brought by the bank against Enright, State
bank commissioner (264 Fed. Rep., 236), the United States district
court held:
Where a national bank has been authorized by the Federal Reserve Board, under
the power conferred by act December 23,1913, section 11, subdivision (k), as amended
by act September 26, 1918, section 2 (Comp. St. Ann. Supp., 1919, sec. 9794), and not
in contravention of the laws of the State, to act as trustee, and in other fiduciary
capacities, and its name as a bank and trust company has been approved by the
comptroller, its right to use the name and to exercise such functions can not be impaired by any action of the State or its officers.
LETTERS OF CREDIT AND GUARANTIES CONNECTED THEREWITH BY NATIONAL BANKS.
The attention of this office has been called to a recent practice of
certain national banks by which letters of credit are issued to their
customers in amounts largely in excess of 10 per cent of the banks'
capital and surplus, with the agreement on. the part of said banks to
accept drafts drawn on the issuing bank to the extent of the credit.
If the drafts drawn and acceptances made are at no time in excess
of the limit prescribed by section 13 of the Federal reserve act, such
transactions may be technically legal, but the practice is attended
with danger.
There is no guaranty that the drafts will be kept within this limit,
and should the customer fail to provide funds to take up the acceptances at or before maturity, which is always possible, especially where
the dealing is with commodities on a fluctuating or falling market,
and the accepting bank would have to protect the drafts by taking
them up, they would become subject to the limitations of section
5200, United States Revised Statutes. In such instances it is possible
that the bank would have to rely on the depreciated commodity
attached to the draft for reimbursement.
If this practice is continued, it is strongly recommended that the
banks should restrict such credits to a gross amount within the legal
78
REPORT OF THE COMPTROLLER OF THE CURRENCY.
limitations prescribed by the Federal reserve act and should require
in addition to the security afforded by the ordinary undertaking and
attached documents such guaranty or collateral as will furnish
unquestionable security in the transaction.
Another and more reprehensible practice has also recently come
to the attention of this office by which certain national banks, in
order to accommodate their customers, request other banks or banking companies to issue letters of credit to the customer for large
amounts, in some cases for millions of dollars, the bank making the
the request either uniting with the customer in the undertaking that
funds will be provided for protection of the drafts drawn by virtue
of the credit on the accepting bank or giving a separate guaranty to
such bank that funds will be so provided and that the customer's
agreement will be faithfully fulfilled and performed at the time and in
the manner provided in his undertaking.
This practice, in addition to the objections heretofore named, is
ultra vires and illegal on the part of the bank making the request and
executing the guaranty. National banks can only exercise the powers
expressly granted by the national-bank act and those necessarily
incidental thereto. (Logan County National Bank v. Townsend, 139
U. S. 67.) They are specifically granted the power to lend money
and accept drafts drawn on them under the provisions and subject
to the limitations provided by section 13 of the Federal reserve act,
but they are not otherwise authorized to lend their credit to another
or to guarantee the undertaking of a customer. Morse on Banking;
section 65, states the doctrine as follows:
Neither as included in its powers nor incidental to them is it a part of a bank'?
business to lend its credit. If a bank could lend its credit as well as its money, it
might if it received compensation and was careful to put its name only to solid paper,
make a great deal more than any lawful interest on its money would amount to. If
not careful, the power would be the mother of panics, and if no compensation was
received, there is the additional reason, if any is needed, that such a power is in
derogation of the rights and interests of stockholders, and at all events could only be
exercised with the consent of all. * * *
This text is fully sustained by numerous court decisions. (Bowen
v. Needles, 94 Fed. 925; Commercial National Bank v. Pirie, 82 Fed.
799; Lewis v. Citizens National Bank, 183 Pac. 34; Bank of Valdosta v. Baird, 165 Fed. 645. See also Thompson on Corporations,
5721.)
In Bowen v. Needles, supra, decided by the Circuit Court of Appeals
of the Ninth Circuit, the court said, in part:
It may be said in general that no banking corporation has the power to become the
guarantor of the obligation of another, or to lend its credit to any person or corporation,
unless its charter or governing statute expressly permits it. * * *
DIRECTORS PERSONALLY REIMBURSE $500,000 IN ULTRA VIRES
TRANSACTION.
Transactions of this character should no longer be engaged in or
permitted by national banks.
In one recent instance a very successful national bank which indulged in this practice now faces a loss of $500,000 or more, which loss,
at the instance of this office, the officers and directors of the bank are
arranging to reimburse to the bank from their own personal resources.
REPORT OF THE COMPTROLLER OF THE CURRENCY.
79
EXORBITANT INTEREST RATES BY NEW YORK BANKS.
RENEWAL RATES FOR HUNDREDS OF MILLIONS OF WALL STREET LOANS
^Y VIRTUALLY ALL NEW YORK CITY BANKS ARE ARTIFICIALLY FIXED
DAILY BY SMALL COTERIE OF STOCK EXCHANGE BROKERS IN SECRET
MEETING—MONEY ENTICED TO NEW YORK FROM THR INTERIOR TO
AID SPECULATION.
During the past year the difficulties of the general business situation have been aggravated by the artificial manipulation of interest
rates by banking institutions in New York City acting in concert
with the so-called informal "money committee" of the New York
Stock Exchange. The effect of these operations and the excessive
interest rates exacted on call loans secured by collateral has been farreaching in disturbing influence both at New York and throughout
the country. Large sums of money needed in the agricultural and
producing sections of the country have been withdrawn from mercantile, industrial, and agricultural uses to loan out in " Wall Street"
at rates fixed by the Stock Exchange " committee," and sometimes at
rates even higher.
This whole subject was discussed comprehensively in several statements given to the press by the Comptroller of the Currency, with
the hope that the evil might be lessened by exposure and warning
during the past few months, and these statements are believed to be
of sufficient public interest to be reproduced and made part of the
permanent record, here.
Toward the end of July there was in financial circles an increasing
feeling of uneasiness, and fears were being expressed that the banks
would be unable to supply farmers and business men with the funds
usually needed at that time to move crops, which, reports of the
Department of Agriculture indicated, were unusually bountiful.
To put the actual facts of the situation before the public and relieve
anxiety as to the probable ability of the banks to meet legitimate
demands, this office under date of July 31, 1920, gave out the following statement:
JULY 31,
1920.
NATIONAL BANKS STRONG AND WELL FORTIFIED—ABUNDANTLY ABLE TO MEET ALL
DEMANDS FOR CROP MOVING OR OTHER LEGITIMATE BUSINESS PURPOSES—LIQUIDATION OF UNESSENTIAL LOANS PROGRESSING—FEDERAL RESERVE BANKS* UNUSED
LENDING POWER, $750,000,000; AND BY REDUCING RESERVE REQUIREMENTS ON
NOTES AND DEPOSITS 1 0 PER CENT THE UNUSED LENDING POWER COULD BE INCREASED, IF NEEDED, TO 2\ BILLION DOLLARS.
Official reports to this office from all national banks under the call of June 30, show
that in 42 of the 66 reserve and central reserve cities of the country there has been a
general tendency toward liquidation and reduction in bank loans since May 4; New
York City national banks, however, increased their loans 1114,010,000; Boston,
$16,284,000; Philadelphia, $15,175,000; Pittsburgh, $6,235,000; Cincinnati, $5,647,000;
Cleveland, $4,263,000; San Francisco, $14,259,000. The aggregate of INCREASES in
the other 17 reserve and central reserve cities which reported increases was $14,847,000.
The reserve and central reserve cities reporting a reduction in loans included
Chicago, $14,528,000; St. Louis, $913,000; Albany, $10,574,000; Washington,
$3,027,000; Richmond, $4,033,000; Atlanta, $1,815,000; New Orleans, $1,698,000;
Dallas, $2,943,000; Milwaukee, $5,554,000; Minneapolis, $6,035,000; Los Angeles,
$7,614,000. Thirty-one other reserve cities reported an aggregate reduction of
$27,920,000.
The reduction in loans in about two- thirds of the reserve cities has naturally been
accompanied by a decline in deposits in those cities, but a large increase of $340,810,000
80
REPORT OF THE COMPTROIJLER OF THE CURRENCY.
of deposits in the New York City banks has more than offset the deposit reduction of
$125,175,000 shown in all other reserve and central reserve cities, so that the net
INCREASE in DEPOSITS in all reserve and central reserve cities, including New York,
since May 4, amounts to $312,647,000. Nearly every reserve city in the South (except
Louisville, in the Central West (except in the Cleveland district), and in the West
and Southwest, show REDUCTIONS in deposits.
Aside from the disturbed and alarming state of affairs in parts of the Old World, for
which, I am convinced, this country's refusal to ratify the Peace Treaty is largely
responsible, there is absolutely no justification for the spirit of pessimism and uneasiness prevalent in business and financial circles in many sections of the United
States to-day.
The action of the Federal reserve banks in restricting extension of credit for unessentials and luxuries and in encouraging increased production of commodities most
needed, has been distinctly beneficial, and has, it is believed, been a material influence
in reducing the high cost of living far and wide. Although the application of the
brakes seems to have had a jarring effect upon some nervous systems, and has occasioned unfounded fears of a money panic and commercial crisis, there are in our
country abundant reasons for confidence and encouragement as to the future.
Those inclined to pessimistic views as to our financial situation probably do not
know, or do not appreciate the immensely significant fact that our Federal reserve
banks have at this time an unused lending power of 750 million dollars, and that if
occasion required the board could, by waiving reserve requirements on deposits and
notes only 10 per cent, increase the unused lending power to 2 | billion dollars, which is
twenty-five times as much as all the national banks of the country (which constitute
a large majority of the membership of the reserve system) were ever borrowing at any
one time on bills payable and rediscounts prior to 1913, the maximum of such borrowings at any time up to 1913 having been only 100 million dollars.
In the face of such figures and facts as these the fear expressed in some sections that
there may not be money enough available to move the crops seems manifestly
absurd. It will be recalled that in 1913, before the establishment of the Federal
reserve system, the stringency and uneasiness which prevailed at crop-moving time
was instantly relieved by the announcement of Secretary McAdoo that the Government was prepared to deposit 50 million dollars of cash in the banks in the South and
West to help move the crops. The Federal reserve banks can, at this time, as I have
shown above, based upon their present gold reserve, supply fifteen times as much as
the 50 million dollars which was so effective in 1913, wholly without waiving or
reducing their reserve requirements.
It is also reassuring to know that this unused lending power of the Federal reserve
banks is twice as great as the aggregate amount of all the emergency currency issued
in 1914, upon the outbreak of the European war, involving the greatest financial
crisis in the world's history. Such figures as these ought to be sufficient to allay fears
entertained by pessimists as to the financial condition of this country at this time.
With a sane settlement of present labor troubles and the restoration of the old-time
efficiency of labor, and the stabilization which it is hoped the forthcoming rate decision
of the Interstate Commerce Commission, together with more scientific administration
and less stock juggling in railroad management will bring about, the business outlook
for this country will be extremely bright.
I will also add that there is not, and has not been, in my judgment, the least justification for the excessive and burdensome interest rates, running up to 10,12, and 15
per cent and higher which have been exacted by some of the banks in New York City,
the principal financial center of our country. New York is the only city of consequence in the world where such interest rates exist and are tolerated. They do not
prevail in London or Paris, Berlin or Rome, Pekin, Hongkong or Tokio, or in any
of the leading cities of our own country, San Francisco, St. Louis, Kansas City, New
Orleans, Atlanta, Dallas, Chicago, Minneapolis, Cleveland, Richmond, Baltimore,
Philadelphia, or Boston.
These excessive interest rates and the publicity given them have increased the
uneasiness in financial circles and have been a contributing cause rather than a consequence of the upsetting of security values, and of the excessive and unjust rates
which corporations and others have been required to pay for money in recent months.
The banks which have charged their customers these excessive rates—at times as
high as 15 per cent or more—have themselves at the same time been liberally accomodated with millions of dollars by the Federal reserve banks at average rates of considerably less than 6 per cent.
REPORT OF THE COMPTROLLER OF THE CURRENCY.
81
Under date of August 10,1920, the Comptroller of the Currency gave
to the press the following supplementary statement relative to excessive rates in New York:
AUGUST 10,
1920.
As there seems to be some confusion in the public mind as to the amount of demand
or call loans in New York City banks which have been and are subject, more or less, to
the excessive and oppressive interest rates which have been exacted from time to time
during the past six or eight months, the following figures may be instructive to the
public:
The total amount of call or demand loans made by all national banks in
New York City as of the date of the last call June 30, 1920, was approximately
$500,000, 000
It is assumed that the amount of money which New York City State
banks and trust companies were lending on call loans, plus demand
loans placed by New York City banks for outside correspondents,
amounted on same date to more than
500,000, 000
Making a total of such demand loans of over
1,000,000,000
The total amount of time loans in all national banks in New York City June 30,1920,
exclusive of "acceptances" was reported at 2,205 million dollars, of which 430 million
dollars were secured by stocks and bonds. The aggregate of the loans (both demand
and time) which the New York City national banks had placed for their correspondent
banks, was reported to this office as of February 1, 1920, at more than 635 million
dollars.
Interest at 1 per cent on $1,000,000,000 of call loans would amount to 10 million
dollars per annum, or about $30,000 per day. Therefore, whenever banks in New York
City raise the rate on all call loans under their control 1 per cent, it adds to the net profit
of the lending banks about $30,000 per day or more.
An advance of 6 per cent in the call rate from 6 per cent to 12 per cent would, therefore, amount to an additional profit to the banks of $180,000 per day; and if the interest
rate on all call loans should be made 16 per cent instead of 6 per cent the increase in
interest charges for each day would be $300,000; while a 20 per cent call money rate
would mean a net profit per day of $600,000, which means enormous earnings to the
lending banks, but a burdensome if not a ruinous exaction upon borrowers.
It is not believed, however, that the interest rates on all call loans in New York City
are affected by the daily changes in the call money rate; but it is unquestionably true
that the change in the call money rate has affected and does affect scores of millions of
dollars of demand loans and has imposed a heavy and wholly unnecessary burden on
legitimate borrowers.
U nquestionably the general banking community of New York deserves the warm
gratitude and admiration of the country for the loyal generosity with which it stood by
and cooperated with the Government in time of crisis. That is history. With the
fading of the appeal of war and danger to our patriotism there has developed, among
some members of that community, a tendency to take advantage of situations to force
inordinate profits for themselves regardless, perhaps, of effects upon the general welfare
of the country.
I do not know yet how many of these cases there are, nor what proportion of the
bankers they represent. I hope they are few by comparison with the great number
of
really farseeing and conservative bankers who realize the sound wisdom of i 'live and
let live " and consistently abstain from snatching all the possibilities of temporary gain #
that may appear. It is my function and duty to use what power is given me to restrain,"
as far as I may within the law, the exaction of improper profits which endanger general
business and which, if unrestrained, would threaten our financial structure.
It is a case of "let the galled jade wince." Bankers who have refrained—and I
know many who have—from extorting exorbitant rates of interest, have no cause for
complaint against what I have said. To the contrary, they have every^ reason, both on
business and ethical principles, to approve. Able and thinking business men know
that exorbitant interest rates mean destruction in the end, to the detriment of all. and
that stability and permanent prosperity can be assured only by fair and reasonable
methods of the financial powers. If the number of those who have yielded to the
temptation to exact unreasonable interest rates be few, as I see some newspapers quote
bankers as saying—and I hope earnestly is true—the opportunity to have the general
body of New York bankers cleared of blame and vindicated before the public should
be welcomed.
82
REPOET OF THE COMPTROLLER OF THE CURRENCY.
I am trying to get the facts and truth and put the reproach for practices which all
admit to be unjust and especially improper in the midst of the process of restoration
and readjustment, where it belongs. I submit that nobody should, or properly can,
object to this.
I will emphasize, in conclusion, what I stated a few days ago, that I am convinced
that the unjustifiable and excessive interest rates maintained in New York City in the
past 10 months covered by my request for data, and which I am informed have in some
cases gone as high as 15 and 20 per cent or more, have been one of the potential causes,
rather than the result, of the unsettling of values in our securities market, and of the
burdensome rates which our railroad and industrial corporations and other concerns
and individuals, of the highest credit, have been required to pay for new capital
essentially needed for the country's development and well-being.
NOTE.—The New York City national banks referred to here are the central reserve
city banks and do not include the outlying districts of Greater New York.
Upon the publication of the foregoing statements some newspapers
raised the question as to whether tlie banks referred to had made loans
for any considerable amount at the exorbitant rates stated and said
various bankers, none of whom permitted their names to be used,
claimed that loans at the high interest rates were exceptional and
rarely made.
On September 11, 1920, the comptroller made public the following
additional statement in regard to interest rates in New York, which
explains itself:
SEPTEMBER 11, 1920.
A leading New York paper, in its financial columns to-day, criticizes the statements
made this week by Senator Owen relative to the excessive interest rates which have
been charged by certain banks in New York City during the past year, and says that
bankers "point out that when Senator Owen charges that 500 million dollars has been
loaned at rates up to 30 per cent he is speaking without the record." Continuing,
the press article says:
" That high figure obtained on the Stock Exchange for about 1.0 minutes one afternoon the middle of last November and probably as much as 1 million dollars was loaned
at that rate."
That criticism by the unnamed "bankers" is misleading, and in justice to Senator
Owen it is proper to say that the Senator's public statements on this subject, as printed
in the press dispatches which have been brought to my attention, are substantially
correct, and in view of actual facts are moderate and conservative.
During the past year the burdensome and oppressive interest rates to which the
Senator refers have been exacted, not in "one or two possible insignificant instances,"
as one New York paper expressed it, and not, as to the "high figure," as another
paper expressed it, *' for about 10 minutes one afternoon the middle of last November," but in thousands of instances, at numerous times, and upon call loans aggregating hundreds of millions of dollars.
The information on this subject called for as of August 5 from all of the New York
City banks has been supplied by nearly all of them and is now being compiled; but
in anticipation of a more complete statement which will be available later, it may be
interesting to the public to know that the amount of demand loans, upon which two
or three of the banks, only (exclusive of various others which were charging the same
rates), were exacting 20 per cent or more per annum interest—in some instances as
' high as 25 and 30 per cent—was—
On November 13,1919, about
$50, 000,000
On November 14,1919, about
40. 000, 000
The new call loans at the rate of 25 per cent per annum made by one of
these banks at the end of 1919, on Dec. 29,30, and 31, aggregated about. 20,000,000
On Jan. 2, 1920, these same two or three banks were lending at 18 per
cent, 20 per cent, and 25 per cent interest about
75, 000,000
On Jan 3,.4, and 5, at 18 per cent interest from $60,000,000 to
70,000 ? 000
On Feb. 6, 1920, at 20 per cent and 25 per cent interest, over
40,000,000
On Feb. 9, 1920, at 20 per cent interest, about
40,000,000
As late as the end of June it appears that interest as high as 14 per cent per annum
was being demanded by these banks on millions of dollars of call loans.
These illustrations are from the official records of only two or three of the thirty-odd
national banks in New York City, but they are sufficient, I think, to show the unfair
BEPOKT OF THE COMPTRCXLLEB OF THE CURRENCY.
83
ness and incorrectness of the criticisms of Senator Owen's just condemnation of the
excessive interest rates which for some time past have been a distinctly disturbing
factor in the business and financial situation.
I am pleased to confirm the statement I made some time ago that although the aggregate amount upon which unjust and oppressive interest rates have at times been
exacted by some banks is very large, a majority of the national banks in New York
City have made a comparatively small proportion of their loans at these indefensible
rates.
To obtain definite and complete reports as to the usage and practices of the New York national banks in the matter of excessive
interest rates, the comptroller, under date of August 5, requested all
central reserve city national banks in New York to send to this
office, under oath, statements showing, by months, the amounts of
money they had loaned from October, 1919, to July, 1920, at rates
in excess of 6 per cent, and up to 15 per cent and more. Each bank
was also requested to answer, under oath, a number of questions in
regard to their loans to regular customers and to others.
Among those questions was the following:
"Has it been the practice of your bank during the past six months
to mark up or down, from day to day according to the fluctuations
of the New York call money market, the interest rates on demand or
call loans secured by bonds or stocks, made to borrowers who are
not depositors in your bank?"
With the exception of two or three qualified answers, practically
every national bank in New York City replied in the affirmative,
namely, that they did change the rate on such loans from day to day
according to the fluctuation in the call money market.
The same inquiry also included the following question:
"How, or on what basis, do you discriminate among borrowers, if
at all, in raising or lowering interest rates on demand or call loans
made to nondepositors, or is it your practice to make rate changes on
all such loans simultaneously?"
The answers of the 31 national banks to the latter Question were as
follows:
Bank No.
1.
2.
3.
4.
5.
6.
7.
8.
9.
10,
11,
12,
13,.
14,,
15.
16.
17.
18.
19.
Changes are made on all in accordance with renewal rate of day.
All changes made simultaneously.
Rates are changed on all loans simultaneously.
Only to loans to brokers, at the rate which is fixed daily by the New York Stock
Exchange.
The * * * bank handles our street call loans, and they mark them according
to market fluctuations.
All changes in rates are made simultaneously.
Changes made simultaneously.
We do not discriminate among borrowers and make rate changes on all such loans
simultaneously.
We generally make rate changes on all such loans simultaneously.
No discrimination.
Do not discriminate.
No discrimination.
No discrimination.
We do not discriminate.
No discrimination.
No discrimination.
Brokers' loans—no discrimination. Rate changes on all such loans simultaneously.
No discrimination. All changes made simultaneously on call loans. We carry
some demand loans for firms or individuals who aro not brokers which do not
follow call rates.
Mark rates to brokers depending on call money rates; treat others as we do our
own depositors.
84
REPORT OF THE COMPTROLLER OF THE CURRENCY.
20. No discrimination. Rates are raised or lowered simultaneously.
21. On street call loans, we follow demand loan rates on New York market. Loans
to others we have not increased above 6 per cent.
22. All call loans to nondepositors at same interest rate. Kate changes on all such
loans made simultaneously.
23. All.
24. Yes.
25. Yes.
26. Yes, in case of call loans or other demand loans, rate is made at the time loan ia
granted.
27. As practically all business is on a straight 6 per cent basis there is no discrimination
as to rates ordinarily except in the cases of loans to New York Stock Exchange
brokers, which are governed according to published daily rate, there being a
few cases where an advance of perhaps one-fourth of 1 per cent or one-half of
1 per cent per annum, paid in consideration of odd lots as collateral and
frequent substitutions.
28. Eliminating bought paper, we make no loans to nondepositors except as such may
result from loans made at the request of the money committee of the Stock
Exchange.
29. We do not discriminate on loans to nonborrowers (stock exchange and bond houses)
who are not depositors. All changes made simultaneously.
30. Do not make practice lending to nondepositors, except to brokers on call.
31. None.
While these reports were coming in from the national banks, the
Comptroller of the Currency addressed certain inquiries to the president of the New York Stock Exchange to determine
on what authority
and by whom the so-called "renewal rate' 7 was established from day
to day, which rate seemed to operate automatically in practically all
the national banks in New York City in raising and lowering the
interest rate charged from day to day on hundreds of millions of
dollars of Wall Street loans, secured by the collateral of bonds and
stocks.
The following letters which passed between the president of the
New York Stock Exchange and the Comptroller of the Currency,
are self explanatory.
TREASURY DEPARTMENT,
Washington, September 2, 1920.
WM. H. REMICK,
Esq.,
President, New York Stock Exchange,
New York City.
DEAR SIR: National Bank Examiner Freeman has written me of his recent conference with yourself and President
, of the
National Bank, concerning
the fixing of rates for call or demand loans in New York City.
According to his report to me, it appears that money brokers, members of the New
York Stock Exchange, meet on the floor of the exchange each morning, compare notes
as to the amount of money which the different banks have authorized to be loaned on
call, make their own estimates of the probable amount which will be required by
brokers to enable them to settle their purchases of the preceding day, and then exercise
their judgment in agreeing upon what the renewal rate on loans shall be for that
particular day. They then make their recommendations to you, as president of the
stock exchange, for the renewal rate.
I understand that under your authority this rate is then posted on the floor of the
exchange at 11 o'clock, and that all banks which do not wish to continue their call
loans at that rate are expected to notify borrowers before 12 o'clock to pay their loans
and obtain their money elsewhere.
The examiner states that you informed him that you do not direct or fix the renewal
rate thus arrived at; that you merely post the rate of the stock exchange; and that the
banking institutions in New York are thereupon generally governed as to the rates on
their demand loans by the notice so posted.
May I respectfully inquire whether the chief national bank examiner is correct in
his understanding of the situation as above set forth?
KEPORT OF THE COMPTROLLER OF THE CURRENCY.
85
May I also ask liuw many money brokers are usually concerned or take part in the
fixing of the rate?
Is the rate fixed on a vote of the majority of these brokers? If not, how is the rate
fixed in the event there should be a disagreement among them and the opinion should
not be unanimous?
Do the brokers engage in the fixing of the rate limit their business to the placing of
loans, or do they also engage in the execution of orders for purchases and sales of
securities?
Are these brokers the representatives of any particular bank or banks; and do the
different banks usually place their loans through any particular broker or brokers;
or is it the custom for the banking institution having funds to lend merely to notify
some stock exchange official of the amount of money which it desires to put out that
day at some particular rate or rates so that the stock exchange official may pass the
order on to the money brokers?
Are records kept by the stock exchange of the amount of money loaned from day
to day, and the rates at which such loans are made?
Your prompt and courteous attention to this inquiry will be much appreciated.
Faithfully, yours,
JOHN SKELTON WILLIAMS.
NEW
YORK STOCK EXCHANGE,
PRESIDENT'S OFFICE,
September 9, 1920.
JOHN SKELTON WILLIAMS, Esq.,
Comptroller of the Currency,
Washington, D. C.
DEAR SIR: Receipt of your communication of September 2 was delayed in reaching
me by reason of absence from the city.
In response to your communication, I beg to advise you that a consultation between
myself or some of the members of the board of governors and those brokers who may
be available and who are more actively engaged as mediums through which banks,
bankers, trust companies, and other lenders of money loan their money upon the
exchange, takes place after the opening of the exchange either by telephoning or
meeting when necessary.
The amount of money needed from day to day is never a known factor at that time.
As a renewal rate is merely an expression of opinion of this coterie of brokers as to
what would be a fair renewal, and as it is not binding either on the lending or borrowing
brokers, there has never been any material divergence of opinion which would give
rise to an arbitrary decision being necessary.
All of the brokers who act as intermediaries in the lending of money execute orders
in securities as well.
The money loaned by the banks usually comes through various brokers and not to
officials of the exchange, but I do not know whether the individual banks confine
themselves to any one broker as an intermediary.
The transactions of the members are not recorded by the exchange.
Very truly yours,
WM. H. REMICK,
President.
TREASURY DEPARTMENT,
Washington, September 10, 1920.
WM. H. REMICK, Esq.,
President New York Stock Exchange,
New York City.
DEAR SIR: I thank you for your letter of the 9th instant in reply to mine of the 2d.
May I inquire whether I am correct in my understanding that, after the renewal
rate for call money is agreed upon by yourself or some other member of the board of
governors and "those brokers who may be available and who are more actively engaged
as mediums through which banks, bankers, trust companies, and other lenders of
money loan their money upon the exchange," this rate is formally posted upon the
floor of the exchange?
May I also respectfully ask how many ol the brokers referred to are usually consulted
in the fixing of the rate?
Yours very truly,
JOHN SKELTON WILLIAMS,
Comptroller.
8G
KEPORT OF THE COMPTROLLER OF THE CURRENCY.
Hon. JOHN SKELTON WILLIAMS,
NEW YORK STOCK EXCHANGE,
PRESIDENT'S OFFICE,
September IS, 1920.
Comptroller of the Currency,
Washington, D. C.
DEAR SIR: I am in receipt of your favor of September 10, and in response thereto
beg to say that the renewal rate is formally posted at the money post of the exchange.
The number of brokers consulted in regard to this question vary from four to eight,
or more.
Trusting that this gives 3^011 the desired information, I remain,
Very truly yours,
WM. IT. REMICK,
President,
TREASURY DEPARTMENT,
CHIEF NATIONAL BANK EXAMINER,
UNITED STATES CUSTOM HOUSE,
Hon. JOHN SKELTON WILLIAMS,
New York, October 4, 1920.
Comptroller of the Currency,
Washington, I). C.
SIR: I called upon Mr. Wm. Remick, president of the New York Stock Exchange,
with further reference to the brokers who fix the rates for call money. He told me that
there is no formal meeting or authorization for the meeting; that any member of the
stock exchange may become a money broker by simply beginning the business—no
formalities are required—and that any member of the exchange may attend the
meetings, but usually there are only four to eight brokers in the conference. He also
said that the meeting of the brokers was merely to obtain an expression of opinion;
that different brokers attended at different times; that no action was taken which would
bind anyone;and that, he repeated, the meeting was purely for the purpose of obtaining
an expression of opinion.
This still seems rather vague to me, but it is apparent that if any more formal action
occurs than Mr. Remick states, he does not desire to disclose the facts.
1 shall make some inquiries among the banks as to the number of money broker?,
and as to what the banks know about the fixing of the call rates and advise you what is
ascertained.
Respectfully,
D. C. BORDEN,
Acting Chief Examiner.
TREASURY DEPARTMENT,
Washington, October 9, 1920.
Mr. WILLIAM H.
REMICK,
President, New York Stock Exchange, New York City.
DEAR SIR: In your letters of the 9th and 13th ultimo you advised me that the
renewal rate for call loans in New York was determined daily through consultation
between yourself or some of the members of the board of governors and a coterie of
brokers more actively engaged as mediums through which the banks loan their funds
on the exchange; and that the brokers thus engaged in fixing the rate were in number
from "four to eight or more."
If you have no objection to doing so—and I assume you have not, as the conferences,
of course, are not secret—I will be obliged if you will give me the names of the brokers,
or the firms represented by the brokers, who usually attend or confer in the fixing of
the renewal rate.
As the fixing of this renewal rate is an important act and has far-reaching consequences, I would be glad to obtain a little more light on this subject.
Respectfully, yours,
JOHN SKELTON WILLIAMS.
Hon. JOHN SKELTON WILLIAMS,
NEW YORK STOCK EXCHANGE,
PRESIDENT'S OFFICE,
October 14, 1920.
Comptroller of the Currency, Washington.
DEAR SIR: I am in receipt of your favor of October 9, and in response thereto beg to
give you below a memorandum of the gentlemen who are consulted most frequently
from time to time in the matter referred to.
Very truly, yours,
WM. H.
REMICK,
President.
REPORT OF THE COMPTROLLER OF THE CURRENCY.
87
(On the bottom of the letter President Remick listed the names of
eight brokers, members of the New York Stock Exchange firms, as
those usually concerned in the fixing of the money rates. These
names are omitted here.)
Having obtained definite and more complete information regarding
the methods used in raising and lowering mterest rates in New YorE
City and of the amount of loans affected by these advances and
reductions, the Comptroller, on October 19, 1920, gave to the press
the following statement:
NEW YORK CALL MONEY RATES HIGHEST IN THE WORLD—UNJUSTIFIABLE INTEREST
EXACTED ON DEMAND LOANS AGGREGATING BILLIONS AN ACTIVE CONTRIBUTING
CAUSE OF EXORBITANT RATES FOR NEW CAPITAL CHARGED CITIES, RAILROADS,
INDUSTRIAL, AND OTHER PUBLIC AND PRIVATE ENTERPRISES AND FOR THE HUGE
SHRINKAGE DURING THE PAST YEAR IN ALL SECURITY VALUES—" RENEWAL" RATES
FIXED DAILY BY SMALL " COTERIE " OF STOCK EXCHANGE BROKERS GOVERN INTEREST
CHARGED ON BROKERS* LOANS IN NEARLY ALL NEW YORK BANKS.
In a statement given to the press on July 31, 1920, I expressed the opinion that
there was no justification for the excessive and burdensome interest rates "running
up to 10,12, and 15 per cent and higher, which had been exacted by some of the banks
in New York City, the principal financial center of our country."
It is no part of my business to discuss now the morality or the ethics of these transactions. It is my imperative duty to take close cognizance of them so far as they may
have effect on the general banking and commercial interest of the country. I realize
clearly the inestimable and indisputable value to our own country and the world of
the great money center popularly known as "Wall Street''; and have no purpose or
wish to stir prejudice against it, or to do or say anything to impair its usefulness or to
injure any institution or individual connected with its activities. I do intend, strictly
in the line of official duty, to put before the public and the newspapers facts of which
both are uninformed and to point out evils already existing and dangers threatened
because of those facts.
In the statement of July 31, I called attention to the fact that New York was the
only city of consequence in the world where such interest rates existed or are tolerated,
and I expressed the belief that the exaction of these rates, and the publicity given
them, had increased the uneasiness in financial circles and had been an active contributing factor rather than a consequence in the upsetting of security values, and that
they had operated to force railroads and industrial corporations to pay burdensome and
costly rates in providing fresh capital for the industries and business of the country.
I also pointed out that the banks which had been charging their customers these
excessive rates, "at times as high as 15 per cent or more, have themselves at the same
time been liberally accommodated with millions of dollars by the Federal Reserve
Banks at average rates of considerably less than 6 per cent."
This press statement was vigorously attacked in the columns of the New York
papers in interviews with various anonymous bankers and financiers who refused,
however, to permit their names to be used. One leading journal, for example, quoted
bankers as saying: "It is unfair to attempt to defame the whole New York banking
community just because of one or two possible insignificant instances of abuse."
Another leading New York paper declared that the high rates quoted on the Stock
Exchange applied only to " a small amount of money relatively speaking."
The investigation which I have made since my public statement on this subject
completely confirms the views expressed and proves that they were, if anything, too
conservative.
In order that the public might be fully informed, and know the exact facts in regard
to the money situation in New York, the national banks in New York City were
requested by the Comptroller of the Currency, under date of August 5,1920, to furnish,
under oath, a report of the number and amount of all demand loans secured by bonds
and stocks made monthly by them between October 1, 1919, and July 31, 1920, upon
which they had exacted interest in excess of 6 per cent per annum. The banks generally, including the largest bank in New York City, complied with the request, but
three banks demurred, claiming that it Would be impracticable for them to furnish
the data called for as to various loans made by them at excessive interest rates by
months as requested. They were, thereupon, requested to furnish information as to
the loans made by them for about eight days in each month since October 1, 1919,
88
REPORT OF THE COMPTROLLER OF THE CURRENCY.
these eight days including, generally, the high money periods in each month. It
should be understood, therefore, that in the statement which follows, threa of the larger
banks have included only a portion, and not all, of their loans made at the high rates.
The banks were requested, in submitting their statements, to count as a new loan
each change in the interest rate on their existing call loans. If a loan, for example,
should be made for $100,000 to a brokerage firm by a certain bank at 10 per cent, and
the rate changed five times in 30 days, this loan Would be regarded as six Ipans with an
aggregate of $600,000. Therefore, these demand loans embraced in this statement
should be considered as running from one day upward. It should also be explained
that, in the case of one of the three banks which reported its loans for only a portion of
the period, call loans are included which were made by this one bank for outside
banks as well as for itself. These outside loans sometimes amounted to more and
sometimes to less than the call loans made by the bank for its own account.
The sworn reports to this office show that during the period from October 1, 1919,
to August 1, 1920, there were made by the national banks in New York City more
than 4,000 loans at rates of 15 per cent, 20 per cent, 25 per cent, and 30 per cent per
annum, and that the amount of these loans, including only a portion of those made
during this period at the above rates in three of the largest banks, aggregated over
$600,000,000.
The records also show that the total loans outstanding upon which interest at 15 to
30 per cent was being charged by a portion of these banks on 42 different days, for
which reports were received from them, aggregated over $1,100,000,000.
It will be
remembered that in my statement of July 31, the banks wTere charged with making
loans at "10 per cent, 12 per cent, and 15 per cent." The actual facts, therefore, in
view of the loans made at 15 per cent, 20 per cent, and 30 per cent, indicate that my
statement was extremely conservative.
The records also show that the amount of loans made during the same period at
rates in excess of 10 per cent and up to but not including 15 per cent amounted to
over $1,400,000,000, there being over 11,000 of such loans.
In addition to the above the aggregate of the loans upon which a portion'of the
banks reported that they were charging, on 81 different days, interest in excess of
10 per cent, and up to but not including 15 per cent, was about $900,000,000. The
"brokers" or "street" loans upon which the New York banks, during the period
referred to, were charging more than 8 per cent per annum and up to 10 per cent,
reach, in the aggregate, some billions of dollars additional in amount and tens of
thousands in number.
It should be understood that these loans (except in the case of one bank) represent
the money loaned by the banks for their own account, and the figures do not include
the loans made for their correspondent banks.
As a result of persistent inquiries among the banks, brokers, and stock exchange
authorities, this office is now, for the first time, able to inform the public as to how
the so-called "renewal" rate is made from day to day in the New York call money
market, and the extent to which this money rate is observed by the New York banks
in making their charges on ordinary Wall Street or brokers' loans.
Under the New York banking law, it is lawful for a lender to charge any rate of
interest which may be agreed upon with the borrower on a demand loan for $5,000 or
more secured by stocks, bonds, or other securities. This provision of the New York
statute enables lenders to escape penalties for usury which exist in most of the other
States.
From information furnished this office, through different sources, it appears that
every business day a coterie of brokers, members of the New York Stock Exchange,
get together for consultation on the floor of the exchange, or by telephone, and determine what, in its view, is the proper rate for the renewal of all street or brokers' call
loans for that day. As soon as" the rate is agreed upon the president of the stock exchange is notified, and the rate is posted on the floor of the stock exchange at, say,
11 o'clock.
This rate is then sent over the "ticker" to all the banks in New York City and these
banks thereupon mark up or down, as the case may be, the rate of interest upon
practically all their Wall Street or so-called brokers' loans. Some banks take the
precaution to notify their customers by card, sent by mail or otherwise, of the change
in interest rate on their loans, while other banks do not. They claim that the posting
of the renewal rate on the floor of the stock exchange serves automatically to raise or
lower the rate of interest on this character of loans, held by all the New York banks,
for themselves or their out-of-town correspondents, and their customers are charged
the rate so posted, unless they make special arrangements with the bank to the contrary, or pay the loan.
KEPORT OF THE COMPTROLLER OF THE CURRENCY.
89
In the questionnaire sent by the Comptroller of the Currency to all the national
banks under date of August 5, 1920, each bank was asked the following question:
"Has it been the practice of your bank, during the past six months, to mark up or
down, from day to day, according to the fluctuations of the New York call money
market, the interest rates on demand or call loans, secured by bonds or stocks, made
to borrowers who are not depositors in your bank? "
In reply to that question every national bank in New York City with two or three
exceptions answered "Yes," and two of these stated that they, too, under certain
conditions, also charged the "call money" rate.
It is fair to say, however, that nearly all of these banks with a few prominent exceptions stated -that it had not been customary with them, in making advances in
rates, to increase the rates on demand or call loans made to their own regular customers who kept deposit accounts with their banks, and that these regular customers
were treated differently from the ordinary brokers or Wall Street borrowers. It is
also worthy of note that demand loans, secured by stocks and bonds, made by banks
to their own officers and to the officers of other banks are also generally exempted
from the high-interest rates.
It is also fair to state that the reports in this office show that despite the huge volume
of loans made at fancy rates, less than one-half of the national banks in New York City,
reported that the demand loans made for their own accounts at rates of 15 per eeat
or more aggregated for each bank over 10 million dollars between October 1, 1919,
and July 31, 1920.
In their reports to this office of September 8, 1920, the national banks of New York
City reported that they were lending on demand, on bond and stock collateral, over
$348,000,000.
The national banks in New York City also reported that on August I, 1920, the
amount of money which they were loaning on demand, on bond and stock collateral,
in New York City for account of customers and correspondents was $524,000,000.
It is fair to assume that the trust companies and State banks in New York City
were lending on demand on stocks raid bonds as much as the national banks.
The stock exchange authorities state that the posting of the "renewal" rate on the
floor of the stock exchange does not make it compulsory with the banks to charge
such "renewal" rate. Attention, however, must be called to the fact that nearly
every national bank in Mew York City has admitted that when the rate is posted the
rates charged on "brokers" or "street" loans are changed to conform to the prevailing
call money rate, and the only alternative for a borrower is to pay his loan or be charged
the posted or current rate. As nearly every bank in New York charges the so-called
"renewal" rate on what are known as Wall Street or "brokers" loans, it would be
vain, obviously, for a borrower to hope to obtain the money in New York at a lower
rate by shifting his loan to some other bank.
Despite the statement of the banks generally that the interest rates on brokers'
loans are raised or lowered simultaneously with, the fluctuations in the New York
call money market, many instances of apparent discrimination were developed which
show wide differences in the rates charged on demand loans equally well secured.
For example, when the "renewal" rate for a certain day within the last 12 months
was posted on the stock exchange at 16 par cent the report of one particular New
York bank showed that on that date this bank was charging on loans for itself and
correspondents :
7 per cent on $4,900,000.
8, 9, 14, and 15 per cent on $1,428,000.
18 per cent on $750,000.
20 per cent on $42,100,000.
25 per cent on $3,550,000.
30 per cent on $900,000.
The coterie of brokers who fix the "renewal" rate which appears to have such
binding force upon the banks in New York City in the case of brokers' loans does not
limit its activities to loans, but these brokers also execute orders for stocks and bonds
on the floor of the exchange. Inquiry of the stock exchange as to the number of
brokers who are usually concerned in the fixing of the money rate brought the reply
that there were, as a rule, "four to eight or more/ 7 the stock exchange being usually
represented by either the president or "one or more'' of its governors in the consultations where the rate is fixed.
On November 10, a year ago, this brokers' committee announced that the renewal
rate on call loans would be 12 per cent. The following day, November 11, they raised
it to 14 per cent. On November 13 the rate was raised to 16 per cent; November 14
it dropped to 14 per cent; on November 21 it was made 8 per cent, although other
loans were made as low as 6 per cent. On December 18 it was 6 per cent; December
19307°—CUR 1920—VOL 1
7+8
90
REPORT OF THE COMPTROLLER OF THE CURRENCY.
23 it was raised to 10 per cent, on the 29th to 12 per cent, on the 30th to 15 per cent,
and remained at that rate until January 5, when it was lowered to 10 per cent. On
January 31 the renewal rate was 12 per cent, the next day, February 1, it was advanced
to 18 per cent, dropped to 14 per cent on February 2, advanced to 17 per cent on February 5, and remained at 17 per cent until February 9, when it was reduced to 14 per
cent. On February 17 it was 6 per cent, raised again on February 26 to 10 per cent,
and continued at 10 per cent until March 4, when it was reduced to 9 per cent. On
April 16 the renewal rate was again 10 per cent. In May the highest renewal rate was
9 per cent. In June the rate was 9 per cent from the 25th to the 30th. July opened
with a 10 per cent renewal rate. It was lowered during the month, but returned
again to 9 per cent on the 16th, 17th, and 27th. It is gratifying to note that since the
publication of the comptroller's statement of July 31 regarding excessive interest rates
the "renewal" rate does not appear to have been advanced again as high as 10 per
cent.
It seems clear from the figures submitted that the amount of demand or call loans
in the national and State banks and trust companies in New York City, plus the loans
placed by them for their correspondent banks, which are effected by the rate fixed by
this committee of the stock exchange, probably exceeds 1,000 million dollars. As I
pointed out in a previous statement, on this basis an advance in the ''renewal'' rate
from 6 per cent to 18 per cent for one day would add $360,000 to the net profits of
the iending banks for that day. In thefirstpart of January of this year, for example,
the 15 per cent ''renewal" rate exacted for six successive days meant, on this basis,
a net interest profit of about $3,000,000 or more for those six days.
The raising or lowering of the "renewal" rate on the exchange is frequently
accompanied by upward or downward movements in stocks and securities, and those
responsible for thefixingof the rate therefore have the opportunity, whether exercised
or not, of profiting largely by operations on the stock market, which is so often and
directly affected lay the call money situation. I do not, of course, undertake to say
that this informal "money committee" does take improper advantage of their foreknowledge, but there are critics who severely censure the existing arrangements.
Certainly all prudent and thinking business men will agree that there is danger in
the concentration of such opportunity and power in the hands of a few persons.
Temptations to use this power for individual profit must arise, and human nature is
not changed by high position in thefinancialworld.
Mr. Lincoln's axiom that God never made a man good enough to be intrusted with
unlimited power over another man may be supplemented with the suggestion that no
four, or six, or eight men are strong and pure enough to be intrusted with unlimited
power over the finances of a great country without direct responsibility and accounting for their acts to the public or some other potent and intelligent authority.
Power tofixmoney rates for all or nearly all of the banks of New York City and to
change them daily is a grip on the heart of our commerce. It permits such interferences as fallible human judgment, whim, or interest may direct with the natural
and orderly movements of money, the life-blood of business. Many of us complain
bitterly when we fear that the two Houses of Congress, State legislatures, or State or
Federal administrators, acting in the open and after debate and public hearings, have
interfered with natural laws of trade. We condemn radical writers and speakers who
advocate such interferences and regard them as public enemies. Yet the matter of
arbitrarily fixing money rates at the money center, possibly reversing the natural
and healthy flow and affecting, directly or indirectly, billions of dollars of security
values and other property, is left to a small and varying number of private citizens
without official responsibility, deciding in a moment and in secret.
The evils and dangers of such methods could be recited indefinitely. They reach
to the remotest corners of the Union and its possessions, and touch harmfully every
class of people. The direct tendency is to reverse one of the fundamental purposes
of the Federal reserve act, which is to promote orderly distribution of money through
the country to meet the needs of commerc and agriculture. Excessive interest rates
offered in New York artificially draw money away from outside communities through
their banks and often leave legitimate enterprises starved or pinched, while feeding
speculative movements which may be adding nothing to real industrial or commercial
wealth.
I reiterate the statement previously made that the excessive rates on call money,
arbitrarily fixed and tolerated in New York, in my opinion, have been a potent
influence in depressing seriously the prices of all investment bonds and standard
shares, the shrinkage in which in the past twelve months has amounted, including
the depreciation in Liberty bonds to several billion dollars.
It is no part of the function of a Government official to moralize on speculative
operations. My attention is demanded when such operations produce conditions
REPORT OF THE COMPTROLLER OF THE CURRENCY.
91
retarding the development of the country and endangering the stability of its business.
Corporations, individuals, and investors generally are drawn away from legitimate
investments in new enterprises and in the shares and bonds of existing enterprises by
the prospect of 10 per cent to 20 per cent interest.
The effect of these rates is seen when the general managers or executives of railroads
or other large corporations visit New York to raise money necessary for the redemption
of retiring loans or for the extension and promotion of new business. The bankers and
bond houses solemnly point to the high rates paid for "call money" and corporations
whose credit abundantly justified a 5 per cent or 6 per cent interest basis, have been
forced to pay 7 or 8 or 10 per cent on loans for one year, three years, or five to ten years;
and are sometimes persuaded by the bankers through whom they obtain the funds
that they are doing well to get money even on such terms, because money on call has
been advanced, often artificially, to 12 or 15 or 20 per cent, for a few days at a time.
The sophistical argument that a high rate for call loans is a justification for a long
time loan at 8, 10, or 12 per cent by a strong and solvent corporation is transparent,
but many excellent corporations have, during the past 12 months, been forced to
accept loans at exorbitant rates of interest for terms of years which will inevitably, in
some cases, prove, a serious embarrassment and handicap in their future operations.
The same cause that cripples and hampers a great railroad system or a municipal
government also deprives and injures or ruins a country storekeepers a small farmer,
or the owner of a large or little manufacturing enterprise.
The argument that these high money rates prevent panics by enticing call money
from banks and others in the interior to New York will not bear analysis. The facts
are that much of the money drawn from the interior and loaned on call in New York
at fancy rates would, but for the temptation of the high rates and the fear which they
instill as to the future of the security market, be used by investors and banks and
corporations who have these idle funds in the purchase of standard railroad and other
bonds; which would thus furnish funds to the New York market normally and
naturally.
The high rates for call money in New York have thus shut off a large part of the
investment demand for securities, which, during the past 12 months, largely because
of these disturbing conditions, have been forced down to the lowest prices reached in
40 years.
It is my belief that if the call money rates in New York had been maintained at
6 per cent or at the maximum rates which are charged in other money centers, as I
believe could have been done with a reasonable degree of cooperation upon the part
of the New York banks, the unprecedented shrinkage in security prices in the past
12 months would not have taken place and the apparent loss of billions of dollars in
values would have been avoided.
My hope for the present is that, with the public in possession of the facts, sentiment
will be strong enough to bring about reforms. Money rates should not be raised or
lowered or manipulated arbitrarily or in secret. New York bankers and financiers
have tremendous responsibilities to the general public, and all can be induced to
realize and respect them, as some honestly and conscientiously do now. Bankers
throughout the country should have impressed upon them that they owe direct and
distinct duties to their customers and communities, in preference to earning excessive
and questionable profits for stockholders and themselves by pouring money into New
York for interest exactions which inevitably must injure or destroy somebody. The
best banking is the broadest and most foreseeing—that based on the conviction that
the real, permanent, stable profit in business is in building up, encouraging, and
developing in their respective spheres; not in starving the productive elements of
communities in the hope of grabbing large profits from the speculative.
Reports showing the extent to which, as referred to in my statement of July 31,
banks in New York City and elsewhere have, during the past year, been obtaining
funds from the Federal reserve banks at rates varying from 4$ to 6 per cent and have
loaned these funds in New York at the excessive rates referred to. running, in some
instances, as high as 20, 25, and 30 per cent, are now being compiled. A statement
concerning these transactions will be made later.
The foregoing was published widely, but no definite or responsible
denial of the accuracy of the comptroller's statements was made.
The newspapers again quoted anonymous "bankers" and other individuals who refused to permit their names to be given as attacking
the statement, but furnishing no evidence whatsoever to support
their assertions.
92
REPORT OF THE COMPTROLLER OF THE CURRENCY.
On October 22, 1920, the Comptroller of the Currency supplemented his statements of October 18 by giving to the press the
following:
BILLION DOLLARS OF NEW YORK LOANS
FIXED—ADDITIONAL EXAMPLES OF
CHARGED—INTEREST AND DISCOUNT
SIX MONTHS ENDING JUNE 30, 1920,
WITH SAME PERIOD IN 1917, IS AN
COLLECTED.
CONSTANTLY AFFECTED BY RATES ARTIFICIALLY
LOANS ON WHICH 20 AND 25 PER CENT ARE
COLLECTED BY NEW YORK NATIONAL BANKS,
WAS ABOUT $100,000,000, WHICH, AS COMPARED
INCREASE OF ABOUT 150,000,000 IN INTEREST
Criticisms on the statement given out by this office for the newspapers of Monday
last seem to me to be rather vague and feeble as well as anonymous. I hoped they
would be strong, illuminating, and constructive. I am constrained to believe that
they do not express the thought of the bankers of the country or of New York, who
certainly are men of ability, with intelligence and courage to speak clearly and frankly
when they wish to speak.
One of the functions of this office is to do all possible to maintain and increase the
good will and confidence of the public in the banks of the country. To that end
continual labor, frequently troublesome to all concerned, has been applied to make
sure that the management and conduct of all banks should be such as to deserve good
will and confidence. Following along that same line, I think it right to reiterate
some expressions included in the statement referred to, but unfortunately omitted
by man^ newspapers which published portions of it. These are, that there is no
purpose in this office to stir or cater to any prejudice against that great and useful
part of our financial system popularly known as "Wall Street"; that there was and is
no purpose to hold up the New York City bankers or any other bankers for special
condemnation. It is my duty to discover and oppose what I believe to be evils and
dangers threatening or impeding the business of the country. There has been no
attack on individuals or individual interests. The criticism from this office has been
against a system and method. The first step toward correction of any wrong must be
discovery and exposure.
Statements of the existence of extortionate interest rates in New York, affecting
the operations of the whole country, made by me some weeks ago, were met by sneering
denials through newspapers. Thereupon it became necessary to present confirmatory
specifications and evidence. This has been done. Anonymous and indefinite
denials are not contradictions. Statements of facts and figures, sworn to by the banks
themselves, can not be met by excited rhetoric or general denunciation, or unsustained
accusation of improper motive.
In my previous statement I showed that the aggregate of these demand or call
loans secured by bonds and stocks handled by the New York banking institutions for
their own account and for account of .their correspondents, upon which interest rates
varying from 7 to 30 per cent have been charged, has probably averaged throughout
the past year more than 1 billion dollars.
The assertion by anonymous critics that the exorbitant interest rates were rare and
applied to insignificant sums will not weigh against official reports made to this office
under oath. We find for example, one national bank declaring that loans made by it
in the period covered by my statement at rates in excess of 10 per cent per annum
aggregated $448,000,000, including $186,000,000 (1,426 loans) at rates of 15 per cent
and over. On a certain day within this period another bank reported that, on loans
for itself and correspondents, it was charging 15 per cent on $55,895,000, and 18, 19,
and 20 per cent on $3,600,000 additional. The same bank admitted exacting on
another day 18 per cent on $57,183,000, 20 per cent on $1,400,000, and 25 per cent on
$14,055,000. On three days early in January the amount on which this bank was
charging 18 per cent, exceeded $63,500,000.
Another New York national bank reported that it was charging on a certain day on
loans made for its account, 16 per cent on $23,500,000, while two days previously it
was loaning at 14 per cent, $27,100,000 and at 16 and 18 per cent $315,000 more;
another day this bank reported that loans at 17 to 20 per cent exceeded $17,000,000.
On December 31 last, the same bank made 11 new loans for over $2,000,000 at 25
per cent, and on January 2 it made 53 new loans aggregating $10,000,000 at 15 per cent,
in addition to some millions already out at 15 per cent.
Still another bank reports that, on a particular date during the past year, it was
charging on loans for its own account, 25 per cent on $2,150,000,13 per cent on $300,000,
15 per cent on $10,900,000. On another date the same bank was charging 22 per cent
on $2,000,000 and 11 to 16 per cent on $8,200,000 additional, with other loans at the
same time bearing 7, 8, 9, and 10 per cent. This particular bank has through this
period been lending, as have other banks, many millions more at exorbitant rates for
KEPORT OF THE COMPTROLLER OF THE CURRENCY.
93
correspondent banks. The foregoing figures relate to only 4 of the 34 national banks
in New York City, and they are matters of record.
It is of interest to the public that most of those New York banks, a few of whose
loans are given above, while lending at these very indefensible rates, sometimes 25
and 30 per cent, were being accommodated at the same time at 4J to 6 per cent by
the Federal reserve bank of New York with sums as great or greater than their loans
recited above. They were, therefore, occasionally charging borrowers 20 to 25 per
cent more interest than the rates they paid the reserve bank.
The amount actually collected for interest and discount by the 34 national banks
in New York City for the six months ending June 30, 1920, exceeded all previous
records, and amounted to approximately $100,000,000, which was nearly $50,000,000^
or nearly 100 per cent, in excess of similar receipts for the corresponding period in
1917.
In February last, the "renewal" rate in New York City for the whole month averaged above 10 per cent. This was more than double the normal average for call money.
While nearly every national bank in New York City has admitted that its rates
on the so-called "street" or "brokers" loans are marked up or down automatically
from day to day according to the fluctuations of the call money rate, yet reports
from some banks show a marked discrimination, and that they exact on some of the
well-secured loans rates considerably in excess of the so-called daily "renewal" rate,
while other banks adhere quite closely to that rate.
As to the large amount of call loans held by national banks for account of correspondents (over $500,000,000) it may be of interest to state that the New York banks,
for their services in handling these loans, make varying charges, sometimes a fractional commission is charged; sometimes in view of the deposit balances carried,
no charge is made, while at other times the New York bank and its outside correspondents divide evenly the interest collected in excess of 6 per cent per annum.
New York, as I have stated before, is the only city of any importance in the world
where such interest rates as these exist or are tolerated. They have, in my opinion,
been most costly to the entire country and can not be justified on any basis of economics
or ethics.
The plainly indisputably proper course is change of policy and reformation of
abuses which have come almost imperceptibly, not loose and wholesale criticism of
the man trying to heave the lead line and give warning of shoals. The point is not the
qualities or intentions of the official, but whether the shoals are there, liy work is to
report them and prove where they are. My strong faith is that the bankers of the
country will find and apply cure for the evil that has been shown. They have on
them now some of the heaviest and most difficult responsibilities which ever rested
on a financial body. The welfare not only of their own country but of the world
depends in a great measure on their wisdom and character. I believe they will meet
the test. The most important part of the comptroller's work is to help them, as he
may. There is no better way to help than to detect and point out obstacles and perils
in their path toward performance of the tremendous work they have to do.
The official records show that the banks that during the past 12
months have been accommodated by the Federal reserve bank of
New York with sums amounting in individual cases to more than
$100,000,000 at one time, have, at the same time, been exacting from
borrowers rates of interest sometimes as high as 15, 20, 25, and 30
per cent per annum. The records also show that banks in many
parts of the country have borrowed large sums from the Federal
reserve banks in their respective districts and have sent these funds
on to New York to be loaned on Wall Street at exorbitant rates.
To illustrate how money during the past year has been drawn
from interior banks to New York City to be loaned in Wall Street
at the higher rates of interest, the following statement is submitted
showing the average amount of money which three of the larger
trust companies in Washington, I). C, were lending on bonds and
stocks in New York City during each of the six months from March,
1920, to August, 1920, both inclusive:
Call loans in Wall Street (average for month).
March
April
May
$10, 550, 000 I June
11, 349, 000 July
10, 353, 000 August
$8,197, 000
7, 448, 000
7, 731, 000
94
REPORT OF THE COMPTROLLER OF THE CURRENCY.
During this period money in Washington for legitimate business,
for the building of homes, and for other purposes for which trust
companies customarily extend credit was scarce and hard to obtain.
The offerings of the high rates in New York simply drew away from
Washington, as from many other cities and towns, the funds which
could have been otherwise used for local development and legitimate
business and enterprise. I t should be added, however, that the
three trust companies which were lending these funds in New York
report that they were not at the same time borrowing from the
Federal reserve bank.
The following figures, however, show how one of the national
banks in Washington was borrowing during the same period large
sums from the Federal reserve bank of Richmond at moderate
rates of interest, 5 to 6 per cent, at the same time that it was lending
millions of dollars in Wall Street on speculative securities at excessive or fancy rates. This bank claims, as an excuse, that its accommodations were gotten from the Federal reserve bank of Richmond
to enable it to subscribe to Government securities without calling
in the demand loans which it was lending in Wall Street and for
which it was receiving the excessive interest rates, the profits from
which it was unwilling to forego.
Borrowings Call loans
from
in'Wall
reserve
Street
bank
(average
(average
for
for
month).
month).
March
April..
May...
$476,000 $2, 580,000
1, 074,000 2,178,000
2,288, 000 3,183, 000
Borrowings Call loans
from
in Wall
reserve
Street
bank
(average
(average
for
for
month).
month).
June...
July....
August
2,693,000
3,199,000
3,373,000
$3,693,000
3,129, 000
1,351, 000
RECOMMENDATION.
If the security for these loans was so precarious as to justify such
rates of interest, no bank had the right to risk on it the money of
its depositors. If the security was good, the rates were cruelly
extortionate, exactions from the necessities of borrowers, demoralizing to business, destructive of values, hindrances to prosperity, and
dangerous to the public peace and welfare.
I respectfully recommend to the Congress the consideration of an
amendment to the National Bank act which shall provide that member banks borrowing from a Reserve bank shall be prohibited from
charging their customers more than a fair and reasonable advance
over and above the interest rate they pay to their Federal reserve
banks.
During the past year, banks borrowing from the Federal reserve
bank at from 5 to 6 per cent have been lending funds to their customers sometimes at from. 15 to 30 per cent—from three to five times
as much as they pay the reserve bank. There can be no possible
excuse for such rates as have been exacted at times during the past
year by banks in New York City. These exorbitant rates have no
parallel in any other civilized country, and can not be defended in
New York.
KEPORT OF THE COMPTKOI^LER OF THE CURRENCY.
95
DIFFICULTY IN GETTING DATA REGARDING HIGH-INTEREST RATES.
It is appropriate, in connection with this vitally important subject, to give a specimen correspondence between the comptroller's
office and an important New York bank and a memorandum of an
official interview with an officer of that bank as illustrative of the
difficulties encountered in securing information necessary for understanding of situations so that dangerous or injurious practices may be
noted and7 if possible^ stopped. For obvious reasons names are
omitted.
Reading of these letters will show that the officials of this bankfailed to comprehend the purport and purposes of the questions asked,
or were determined to evade direct answers as far and as long as
possible. Unhappily, their misapprehensions, or policy, are not
altogether exceptional.
TREASURY DEPARTMENT,
Washington, D. C, August 25, 1920.
•
NATIONAL BANK OE NEW YORK,
New York, N. Y:
DEAR SIRS: I regret that you seem to have found it impracticable, up to this time,
to furnish this office with the information in regard to loans and the rates of interest
thereon requested in the letter from the office of August 5, 1920.
If it is impracticable to furnish at this time the complete data called for in the report
referred to, you are requested to furnish meanwhile a special report giving the following information:
1. Aggregate amount of call or demand loans secured on stock or bonds made initially
by you for^your own bank and for customers or correspondents, on each of the days
named in the table annexed hereto; showing the rates of interest charged for all such
loans when the interest charged exceeded the rate of 6 per cent per annum; giving
the aggregate amount of loans at each particular rate, if different rates of interest were
charged on different loans on same day.
2. Of the aggregate amount of loans made for each day, please show the total amount
for your own bank and total amount for the account of customers or correspondents.
3. Loans already in hank (not made initially on dates given). Aggregate amount of
call loans already in your bank, secured on stock or bonds on each of the dates named
in the annexed table, and the interest rate or renewal rate charged for each day on
said loans, showing on what proportion of said total loans interest was charged at each
different rate of interest on said dates. (This refers to loans on which interest charged
exceeded 6 per cent per annum.)
4. Please also show what proportion of the total call loans referred to in paragraph 3
carried on each date named was for account of your hamk and what proportion was for
account of your customers and correspondents.
5. Please explain precisely what compensation or commission your bank receives
for placing and handling demand or call loans placed by you in New York City on
bond and stock collateral for account of your customers and correspondents.
Respectfully,
JOHN SKELTON WILLIAMS,
Comptroller of the Currency.
NATIONAL BANK,
New York, August 31, 1920.
Hon. COMPTROLLER OF THE CURRENCY,
Washington, D. C.
DEAR SIR: Referring to your favor of the 25th instant, we send you herewith the
special report called for, and remain.
Yours, very truly,
(Signed)
,
1'resident.
96
REPORT OF THE COMPTROLLER OF THE CURRENCY.
TREASURY DEPARTMENT,
Washington, September 1, 19W.
NATIONAL BANK,
New York, N T.
DEAR SIRS: I havp your letter of the 31st ultimo, inclosing statement in response
to my request of August 25, and thank you.
In your statement you report that, of the aggregate amount of call loans already in
your oank on November 12, 1919, secured by stocks and bonds, upon which interest
was charged in excess of 6 per cent per annum, you charged interest upon $4,900,000
of such loans at only 7 per cent, while upon $42,515,000 of loans you charged 15 per
cent, and upon $2,475,000, held on the same day, you charged interest at the rate of
25 per cent per annum. Please advise why there was this discrimination.
In your sworn statement submitted on date of August 19, in response to our letter
of August 5, you stated that it has been the practice of your bank during the past
six months to mark up or down, from day to day, according to the fluctuations of the
New York call money market, the interest rates on all demand or call loans secured
by bonds or stocks, made to borrowers who are not depositors in your bank, and you
also stated that it was the practice of your bank to make changes in interest rates on
all demand or call loans to nondepositors as well as to depositors without discrimination.
I note that, on February 5, 1920, upon $1,415,260 of loans already in your bank on
that date, you charged a rate of 14 per cent, while upon $1,000,000 of similar loans on
the same date you charged 25 per cent, and, upon the same date, on $37,932,000 other
loans of the same character you charged 15 per cent.
I also note that, upon June 30, on loans already in your bank on that date, you
charged 9 per cent on $1,165,350, 10 per cent upon $41,787,023, and 14 per cent upon
$800,000—all loans apparently of the same character.
Are not these varying charges in conflict with your statement that changes are
made simultaneously on all call loans in your bank secured by bonds or stocks according to the fluctuations of the New York call money market?
In your reply I would be obliged if you will give me the names of borrowers, and
the character of collateral, to whom, on November 12, 1919, you loaned $2,475,000 at
25 per cent, and similar information as to those to whom you loaned, on the same date,
$4,900,000 at 7 per cent.
I would also be obliged if you would give me the same information in regard to the
$900,000 loaned by you on November 13, 1920, at 30 per cent, and loans of $250,000
on which you charged on the same date 8 per cent. The loans in neither of these
cases were made initially by you on that date, but all of them are reported by you as
being already in your bank on the dates named.
In response to my question as to the proportion of the total call loans referred to in
paragraph 3 of my letter of August 25 which were being carried on each date named
for account of your bank, and the proportion of total loans which Were carried for
customers and correspondents, you state that on October 8, 1919, the total of such
loans for your own account was, $21,064,000; for customers, $23,318,000; making a
total of $44,382,000.
Please explain why this total does not agree with the amount of call loans already
in your bank, secured by bonds and stocks, which, on page 6 of your statement, you
report as aggregating, on October 8, 1919, $48,777,240 as follows:
At
At
At
At
12 per cent interest
10 per cent interest
8£ per cent interest
7 per cent interest
$3, 300,
44, 366,
410,
700,
000
400
840
000
48, 777, 240
$4, 395, 240
The apparent discrepancy amounting to
Respectfully,
JOHN SKELTON WILLIAMS,
Comptroller.
—
NATIONAL BANK,
New YorJc, September 2, 1920.
Honorable COMPTROLLER OF THE CURRENCY,
Treasury Department, Washington, D. C.
SIR: In reply to your letter of September 1:
The difference in rates is occasioned by the demand and supply of money as well
as the exercise of our best judgment, and are not in conflict with pre sdous statements
REPORT OF THE COMPTROLLER OF THE CURRENCY.
97
for the reason that rates are governed by the rates which prevail at the time loans
are made.
We inclose schedules containing information desired with respect to loans on certain specified dates, excepting item "$4,900,000 at 7 per cent," the detailed memoranda having been destroyed or mislaid.
The difference between figures of total call loans given in reply to paragraphs 3 and 4
of yours of August 25 is that in the former you ask for "loans already" in the bank on
October 8 in excess of 6 per cent, whereas in the latter you ask for the "total call loans "
on that date. As a consequence, loans already in the bank mean at the close of business October 7, whereas the total amount of loans held by us on October 8 is the total
at the close of that day.
Respectfully,
President
Call loans already in the bank Nov. 12, 1919, at 25 per cent.
A
B
C
D
E
F
G
$325,000
300, 000
200,000
100,000
300,000
500, 000
200, 000
B
(Names omitted; all in New York City.)
IT
1
J
K
$100,000
100,000
100,000
250,000
2,475,000'
Call loans already in the bank Nov. IS, 1919, at SO per cent.
A
B
C
D
$100,000
100, 000
100,000
500,000
(Names omitted; all in New York City.)
E
$100, 000
900, 000
Call loans already in the bank Nov. IS, 1919, at 8 per cent.
A
$250, 000
List of loans outstanding Nov. 12 at 7 per cent amounting to $4,900,000 as requested by
the Comptroller oj the Currency in his letter dated Sept. 1, 1920.
(Then followed a list of 23 loans from $100,000 to $1,000,000 each to sundry brokers.)
Brokers' loans (nondepositors) on the date of November 12, 1919, secured by stock
exchange collateral.
Vice President.
TREASURY DEPARTMENT,
Washington, September 8, 1920.
NATIONAL BANK,
New York, N. Y.
DEAR SIRS: I have your letter of the 2d instant.
In our letter of September 1 we called your attention to the wide variation in rates
charged on loans which were "Already in your bank" for November 12, 1919, the
rates varying from 7 per cent to 30 per cent. You had informed us. in response to
our inquiry of August 5, that it was your practice to mark up or down from day to day
according to the fluctuations in the New York call money market the interest rates
on brokers' loans or loans to nondepositors in your bank.
In your letter of September 2, in an explanation of the widely varying rates charged
on call loans which were "already in your bank" on November 12, 1919, and which
were not made that day, you say:
"The difference in rates is occasioned by the demand and supply of money as well
as the exercise of our best judgment, and are not in conflict with previous statements
for the reason that rates are governed by the rates which prevail at the time loans
are made."
May I respectfully submit that if your statement that "rates are governed by the
rates which prevail at the time loans are made" is correct, your previous statement
98
REPORT OF THE COMPTROLLER OF THE CURRENCY.
to the effect that your loans already made to nondepositors are marked "Up or down
from day to day according to the fluctuations of the New York call money market"
should be revised, unless it should happen that all loans made below the renewal
rate are to be understood as being loans to depositors in your bank.
Even should that be true, it is not clear upon what basis your changes are made
when the rates on loans "Already in your bank" vary so widely, as, for example,
on December 31 the rate on $56,000,000 of your loans was marked at 15 per cent, on
$1,400,000 at 20 per cent, and on $12,660,000 at 25 per cent.
In addition to the old loans already in your bank, on that date you made $4,385,000
of new loans at 25 per cent and $965,000 of new loans at 18 per cent.
I, of course, understand how you lend a large amount of new money on a particular
date at varying rates of interest, but I should like to be informed as to the principle
on which you fix the rate on,^ say, $60,000,000 of loans which have been brought over
from previous days at eight or nine different interest rates, as was done on November
13, when you were lending over $54,000,000 at nine different interest rates, 7, 8, 9,
14, 15, 18, 20, 25, and 30 per cent.
Will you not be BO good as to inform me what principles govern you in determining
your judgment in an instance like that, keeping in view your statement that it is
your custom to charge for brokers' loans already in your bank the call-money rate
of the particular day, which I assume means the "renewal" rate for that day and
not the highest or lowest rate for the day.
We note your statement in regard to our request for information as to loans of
$4,900,000 upon which you were charging, on November 12, interest at the rate of
7 per cent, to the effect that the loan card for this loan or these loans has been destroyed
or mislaid.
Although you find yourself unable to advise us of the collateral securing the loan,
I assume that you will be able to furnish this office with the name of maker or makers,
which we will thank you to furnish.
Meanwhile, as throwing light upon the subject, I will be obliged if you will advise
me the reasons which governed you in making the rate of interest on the call loan of
of $250,000 at 8 per cent at the same time that you made the
rate of interest on the $600,000 loaned to
and
30 per cent, neither of
these loans having been initially made on that date, but both having been carried
over from some previous date. These were both brokers' loans, and we had understood from your sworn statement of August 19, 1920, that the rates on brokers'
loans were raised simultaneously without discrimination.
Yours, ver> truly,
JOHN SKELTON WILLIAMS,
Comptroller.
NATIONAL BANK,
New York, September 9, 1920
Hon. COMPTROLLER OF THE CURRENCY,
Washington, D. C.
DEAR SIR: Replying to your favor of the 8th instant, would it not be agreeable to
you, if you are not expecting to visit New York in the near future, to have one of our
officers who is thoroughly familiar with the operation of our loan department call
upon you in Washington at a time which may suit your convenience, when the explanations you desire and the methods we follow can be more clearly set forth than
by correspondence?
Yours, respectfully,
President.
SEPTEMBER 11,
1920.
NATIONAL BANK,
New York, N. Y.
DEAR SIRS: I have your letter of the 9th instant, and will be pleased to see, at the
Treasury, your duly accredited representative at any time, and to receive from him
the explanation which you suggest submitting in connection with the operation of
your loan department. It may be well for you to arrange the appointment by telegraph a day or two in advance.
Meanwhile, I hope it will be agreeable to you to expedite the data heretofore
requested.
Respectfully,
JOHN SKELTON WILLIAMS,
Comptroller.
REFOBT OF THE COMPTROLLER OF THE CURRENCY.
11 WU H 21
99
[Treasury Department, telegram.]
CO NEW YORK, N. Y., 10.56 a. m., Sept. 13, 1920.
COMPTROLLER OF THE CURRENCY,
Treasury Depi., Washington.
Vice president
will call at your office Tuesday morning, September fourteenth, at ten o'clock, if that be agreeable to you.
NATIONAL BANK.
11.33 a. m
MEMORANDUM.
WASHINGTON, September 14, 1920.
Mr.
of the
National Bank, New York, called to-day to explain why it
seemed impracticable for that bank to furnish fully the information called for in special
report of August 5. He stated that, owing to the special manner in which call loan
records were kept, under which in some cases a loan will be made to
by
the national bank, duly entered upon the loan card, subsequently transferred to a
correspondent bank by book entries and also by pencil memorandum on the loan card,
a few days later might be taken back by the national bank for its own account and the
pencil memorandum of transfer erased; it would be impracticable for him to state the
exact amount of call loans and the exact rate of interest charged thereon for particular
days. lie states that the memorandum which he furnished this office under date of
August 31, 1920, shows on page 4 the total amount of all call or demand loans made by
this bank as of the dates indicated for its own account and for its customers, but that
these demand loans include not only the brokers' loans but also all other demand loans
secured by bonds or stocks made on the days specified for the bank and for its customers.
He stated that page 9 of the same statement shows only the total amount of call loans
made to brokers which are substantially all governed by the renewal rate.
In regard to the methods of fixing the money rates on the New York Stock Exchange.
•
— states that it is his understanding and belief that there are seven or eight brokers,
members of the exchange, who meet daily to discuss the money situation and fix a renewal rate for the day; that these brokers, while specializing in loans, he supposes are
also engaged in the execution of orders for securities. It is his understanding that
these money brokers place funds for different banking institutions making the brokers'
loans, that his own bank usually loans the money through one of these houses, but lie
does not know whether the same broker also acts for other banks or not. I asked him
what the effect would be if the same broker should get orders from four different banks
to place a million dollars apiece and the broker should subsequently place the money
at four different rates of interest. He said that he does not know how the loans would
be apportioned in such an event as that, as he had never had that experience, but that
it is the custom of his bank, in placing money, to name the rate at which the broker
shall place it and not leave it to the discretion of the broker.
—
states that when the renewal rate is posted on the exchange it acts, he assumes,
automatically with all the banks and all the borrowers in fixing the rate of interest on
all brokers' loans where there may not be special arrangements, although any bank
has the right, if it is not satisfied with the renewal rate, to call all or any portion of its
loans, and the borrowers also have the right to pay all or any portion of their loans, it
being understood that calls and payments must be made before 1 o'clock, although
there may be exceptions for sufficient reasons as to requiring the transactions to be
closed by 1 o'clock.
•
states, however, that while this applies to the great volume of their brokers'
loans, that there are exceptional cases where brokers' loans are not raised or reduced
upon the posting of the renewal rate, but in the case of these exceptions notices are
always given to the borrowers unless there is a definite understanding with the borrower
that the rate is not to be changed.
states that in addition to the brokers' loans which his bank carries for its own
account and for customers, and which amounted on June 30, 1920, to $48,170,000, his
bank carries what might be called a regular line of demand loans secured by stocks
and bonds made to borrowers other than brokers, the rates upon which are not governed
by the stock exchange renewal rate and which are fixed by the bank at the end of every
quarter—December, March, June, and September—and upon these loans he states the
rate has not exceeded, to the best of his recollection, 6 per cent per annum.
He also states that his impression and belief is that it is the custom of all the banking
institutions in New York to raise or lower the rate of interest upon the so-called brokers'
loans secured by bonds or stock each day as the renewal rate is posted on the exchange.
I informed him that the records of this office, I thought, could confirm his impressions
on this subject as to national banks.
100
REPORT OF THE COMPTROLLER OF THE CURRENCY.
I called his attention to the fact that one national bank has indicated that money for
brokers' loans was being supplied by certain banks upon request or demand from
"the money committee of the stock exchange" from time to time "to relieve the
situation." I asked him what committee of the stock exchange exercised this authority of calling upon the banks for funds, and he advised me that he was not informed on
the subject and that he had never heard of such a committee since the time of the war,
when there was a formal committee of which
was chairman. He says no committee of the stock exchange, in the past year, has called upon his bank to furnish
funds, as far as he knows, although his broker sometimes calls him up and inquires
whether his bank can and will furnish funds to supply an urgent demand. He has
never understood such requests or communications from his money broker as having
any weight or being in any way official.
I asked
why it was that his records show that, on loans already in the bank,
eight or nine different rates of interest were being charged sometimes, calling his attention, for example, to November 6. 7, 12, and 13, December 31, and January 2 and 3.
He stated that he would look up the records and see why these rates should have
varied so greatly, as he assures me he has no reason to doubt that the loans were all
satisfactorily secured.
I mentioned to
that I deprecated the exaction of these high money rates in
the New York market and thought that they had exercised an influence upon the
general situation, and had been an active contributing factor to the great decline which
has taken place in securities values, especially in the past 12 months. I mentioned
to tiim instances of well-informed and eminent bankers who heartily concurred with
these views. I told him that I seriously questioned, in view of the great shrinkage
which had taken place in securities, whether his own institution had, as a net result,
profited by the high interest rates in which it has participated. He replied that he
could very well see the force of the argument.
(Thenext paragraph is omitted, as its publication might disclose the identity of the
bank.)
I stated to
that, under the conditions as they appeared to exist, the posting
of a renewal rate on the stock exchange meant the automatic establishment of that
rate as the renewal rate for the great body of brokers' loans in New York.
replied that, generally speaking, that is correct.
I pointed out, in conclusion, that, under these conditions, it would be virtually
impossible for brokers to borrow elsewhere in New York new money with which to pay
off their loans if they were dissatisfied with the rate.
JOHN SKELTON WILLIAMS,
Comptroller.
The above memorandum was dictate.d in the presence of Mr.
,
vice president of the
Bank, who- after suggesting a few revisions which are included above declared the memorandum to be
correct.
NATIONAL BANK,
Honorable COMPTROLLER OF THE CURRENCY,
New York, September 20, 1920.
Washington, D. C.
SIR: Referring to the question raised by you in the course of our conversation on
September 14 with respect to rates of interest on loans on certain specified dates, we
have to report on November 6, 7, 12, 13, December 29, 30, and 31, 1919, we held
loans not initially made, the rates on which exceeded our renewal rate.
On January 2 and 3,1920, we held no loans the rates on which exceeded our renewal
rate.
Respectfully,
, Vice President.
TREASURY DEPARTMENT,
- Esq.,
Washington, September 22, 1920.
National Bank, New York City.
DEAR SIR: I have your letter of the 20th instant in which you say, "with respect
to rates of interest on loans on certain specified dates, we have to report on November
6, 7, 12, 13, December 29, 30, and 31, 1919, we held loans not initially made the rates
on which exceeded our renewal rate."
I fail to understand the meaning of that statement, and will be obliged if you will
explain the thought intended to be conveyed.
KEPOET OF THE COMPTROLLER OF THE CURRENCY.
101
You also say "On January 2 and 3, 1920, we held no loans the rates on which exceeded our renewal rate."
The statement furnished this office by you some time ago shows that on January 2,
1920, the loans already in your bank, not initially made on the dates given, which
were secured by stocks and bonds, were as follows:
At 25 per cent
$14, 055, 000
20 per cent
1, 400, 000
18 per cent
57,183,000
15 per cent
1, 455,000
Does your statement above quoted, as to January 2 and 3, mean that your only
renewal rate on January 2 was 25 per cent, for you say you held no loans on which your
rate exceeded "our renewal rate;" yet you had loans on that date of $1,400,000 at
20 per cent, $57,000,000 at 18 per cent, and $1,455,000 at 15 per cent.
On that same day the renewal rate on the call money market was 15 per cent and the
market closed at 6 per cent; yet on that day your statement shows you were lending
over $62,000,000 at from 15 to 25 per cent '
I will be obliged if you will make your letter a little more clear.
Yours, very truly,
T. P. KANE, Deputy Comptroller.
TREASURY DEPARTMENT,
Washington, October 25, 1920.
-
NATIONAL B A N K ,
New York City, N. Y.
DEAR SIRS: In connection with correspondence which this office had with you
early in September, you asked permission to send one of your officers to Washington
to explain the call money situation in New York as it related to your bank. Upon
being advised that we would be pleased to have you do so, your vice president,
called at the Treasury on September 14 and described prevailing practices
in some detail.
He stated, inter alia, that it was his understanding that when the renewal rate
fixed from day to day by certain brokers on the stock exchange was posted on the
exchange it acted "automatically" with all so-called "brokers" or "street" loans
already in the banks, and with all the borrowers as fixing the rate of interest for the
day on all such loans where there were no special arrangements to the contrary.
In the report, however, which your bank has furnished, which purports to show
loans held for your own account and for 3^our correspondents on some eighty-odd
days between October 1, 1919, and July 31, 1920, it appears that the so-called "renewal" rate, established as explained by your vice president, was not applied to all
the loans carried by your bank on those particular days, but that on the contrary
the rates charged by you on numerous dates on the larger part of such loans, already
in your bank were greatly in excess of the "renewal" rate, which your vice president
stated it was his understanding was applied automatically by all banks and all such
loans in the absence of special agreement to the contrary.
As examples of wide deviations from what you advised me was the general rule and
practice, I ask your attention to the following:
Your report shows that on October 8,1919, the renewal rate reported was 9 per cent.
On that date you show no loans upon which the renewal rate was charged, but of the
$48,777,000 of loans on hand at that time you report that you charged 7 and 8$ per cent
on $1,110,000, 10 per cent on $44,366,000, 12 per cent on $3,300,000.
The following day the renewal rate was 8 per cent; on that day you charged 10 per
cent on $41,071,000.
Upon the remainder of your loans that day upon which over 6 per cent was being
charged, which amounted to less than a million dollars, you charged 7 per cent and
8J per cent.
On November 7 the renewal rate as fixed was 12 per cent, but on that date your report
shows that you charged 15 per cent on $55,895,000, 17 per cent and 18 per cent on
$1,400,000; 19 and 20 per cent on $2,620,000.
The renewal rate of 12 per cent was only charged on $1,101,000. You also reported
that you had that day $250,000 out at 8 per cent and $4,900,000 at 7 per cent.
On November 10 the renewal rate was only 12 per cent. Upon that date your loans
were marked as follows: 15 per cent on $48,820,000, 19 per cent on $100,000, 20 per
cent on $1,579,000, and the loans over 6 per cent upon which you were charging
less than 15 per cent amounted to $5,150,000 at 7 and 8 per cent.
On November 14 the renewal rate as fixed by the exchange authorities was 14
per cent. Yet on that date you were charging 16 per cent on $1,330,000, 20 per cent
on $36,284,000. 25 per cent on $1,750,000, 30 per cent on $6,000,000.
102
REPORT OF THE COMPTROLLER OF THE CURRENCY.
On January 2, 1920, although the renewal rate on that date was 15 per cent your
sworn statement to this office shows that for that date the loans already in your bank
were marked as follows: 15 per cent (the renewal rate) on $1,455,000, 18 per cent on
$57,183,000, 20 per cent on $1,400,000, 25 per cent on $14,055,000.
While we find occasionally you report outstanding loans marked less than the
renewal rate, yet we find that m the larger number of cases if there is any change
from the renewal rate it is generally an advance materially above the renewal rate
rather than the other way. In fact, the rate charged on the volume of your "brokers''
loans appears to have been above the renewal rate more than ten times as often as it
was below. As it is understood that the variations in rate were not due to the collateral securing them, and as they are all payable on call or demand, I respectfully
ask that you send this office a special report explaining the principle or basis upon
which these discriminations in the rates were or are made, as per section 5211, United
States Revised Statutes.
Vice President
stated that on loans for correspondents your bank, in some
instances; charged a certain percentage of the interest received as the compensation
for handling the loans and collateral, and that in other cases your bank divided evenly
with your correspondent the amount received for interest in excess of 6 per cent
per annum.
In the special report which you have herein been requested to send to this office,
please include a statement showing the highest, lowest, and average rates charged
during the past 12 months on loans made for account of the correspondent or customer
for whom you have placed in this period the largest amount of money on the basis of
dividing with such correspondent the interest charged or collected in excess of 6 per
cent per annum, and also show in the statement the dates, rates and amounts of all
such loans made for account of that customer on which interest at 12 per cent per annum
or more was charged.
Respectfully,
JOHN SKELTON WILLIAMS,
Comptroller.
NATIONAL BANK,
New York, November 1, 1920.
SIR: Please find inclosed special report requested in your letter of October 25.
Respectfully,
(Signed)
,
Cashier.
Honorable COMPTROLLER OF THE CURRENCY,
Treasury Department, Washington, D. C.
NATIONAL BANK,
New York, November 1, 1920.
Special report requested i n letter of Comptroller of t h e Currency d a t e d October 25,
1920.
1. E x p l a n a t i o n of " p r i n c i p l e or basis u p o n w h i c h these discriminations i n t h e rates
were or are m a d e . " W h a t t h e comptroller t e r m s discrimination is t h e exercise of t h e
b e s t business j u d g m e n t of t h e officers of t h i s b a n k . To borrowers of good s t a n d i n g on
satisfactory collateral, money is offered w i t h o u t knowledge who will accept. O n a
given d a y loans are m a d e a t different rates a t different t i m e s d u e to fluctuations i n
t h e money market, d e t e r m i n e d b y s u p p l y a n d d e m a n d .
2. S t a t e m e n t regarding loans for account of customer for whom largest a m o u n t
has b e e n loaned o n " basis of dividing w i t h such correspondent t h e i n t e r e s t charged
or collected i n excess of 6 p e r c e n t p e r a n n u m . " No loans a r e m a d e on t h e above
basis. Assuming request for report has reference t o loans m a d e o n basis of d i v i d i n g
w i t h t h e correspondent t h e excess of s t r e e t renewal rate over 6 p e r cent, t h e n d u r i n g
p a s t 12 m o n t h s t h e highest s t r e e t renewal r a t e affecting such customer's loans w a s
17 per cent; lowest, 5 per cent; average, 8.09 per cent. Street renewal r a t e s of 12 p e r
cent a n d over affecting t h i s customer's loans were: November 6, 7, 8, 9 , 1 0 , 1 7 , 1 8 , 1 9 ,
1919, 12 per c e n t on $6,000,000; November 11, 12, 14, 15, 16, 1919, 14 p e r c e n t , s a m e
a m o u n t ; November 13, 1919, 16 p e r cent, same a m o u n t ; D e c e m b e r 29, 1919, 12 p e r
c e n t on $9,000,000; December 30,1919, t o J a n u a r y 4,1920, 15 per cent, s a m e a m o u n t ;
J a n u a r y 30, 31, February 1, 1920, 12 p e r cent, same a m o u n t ; F e b r u a r y 2, 3, 4, a n d 9,
1920,14 per cent, same a m o u n t ; F e b r u a r y 5 to 8,1920, 17 per cent, same a m o u n t .
I,
, cashier, swear t h e above is true to t h e b e s t of m y knowledge a n d
belief.
TSEALI
L SEAL -J
(Signed)
,
(Signed)
—.
Notary Public, Kings County.
Certificate filed New York County Clerk's; New York County Register's Office.
REPORT OF THE COMPTRO1LLER OF THE CURRENCY.
103
TREASURY DEPARTMENT,
Washington, November 4, 1920.
NATIONAL BANK,
New York City, N. Y.
DEAR SIRS: I have your letter of the 1st instant, inclosing special report in reply
to my request of October 25.
In my letter of the 25th ultimo I had said:
" I n the report, however, which your bank has furnished which purports to show
loans held for your own account and for your correspondents on some eighty-odd days
between October 1, 1919, and July 31, 1920, it appears that the so-called "renewal"
rate, established as explained by your vice president, was not applied to all the loans
carried by your bank on those particular days, but that on the contrary the rates
charged by you on numerous dates on the larger part of such loans already in your
bank were greatly in excess of the "renewal" rate which your vice president stated
it was his understanding was applied automatically by all banks and all such loans
in the absence of special agreement to the contrary.''
I then quoted from your special report of August 25, 1920, showing that although
the renewal rate established from day to day was charged on a portion of the loans
which were already in your bank on certain days, exclusive of new loans made by
you on those days. I frequently noticed upon the bulk of your loans on particular
days you did not mark them up to the renewal rate but you marked them up to rates
greatly in excess of the renewal rates established by the stock exchange for those
particular days.
For example, I called your attention to the fact that in your sworn report of August
25 you had marked over"$36,000,000 of your loans at 20 per cent, $1,750,000 at 25 per
cent, and $600,000 at 30 per cent, although on that very day the renewal rate was
only 14 per cent, and you had informed me that the renewal rate applied "automatically to call loans already in the bank, secured by stocks and bonds'- unless there
should be special arrangements made to the contrary.
In my letter to you of October 25 I had said:
"While we find occasionally you report outstanding loans marked less than the
renewal rate, yet we find that in the larger number of cases, if there is any change
from the renewal rate it is generally an advance materially above the renewal rate
rather than the other way. In fact the rate charged on the volume of your "brokers"
loans appears to have been above the renewal rate more than ten times as often as it
was below. As it is understood that the variations in rates were not due to the collateral securing them, and as they are ali payable on call or demand, I respectfully
ask that you send to this office a special report explaining the principle or basis upon
which those discriminations in the rates were or are made, as per section 5211 United
States Revised Statutes."
It is obvious from the foregoing that the explanation offered in your letter of
November 1, 1920, does not explain the variations to which I referred. In your
special report you say:
*' Explanation of ' principle or basis upon which these discriminations in the rates
were or are made.' What the comptroller terms discrimination is the exercise of the
best business judgment of the officers of this bank. To borrowers of good standing
on satisfactory collateral money is offered without knowledge who will accept. On
a given day loans are made at different rates at different times due to fluctuations in
the money market, determined by supply and demand."
Please note that my inquiry did not apply to new loans made, as you say, "on a
given day at different rates at different times due to fluctuations of the money
market." I have not referred to the loans made during each day, but to the loans
which were already in your bank.
The heading over those loans already in your bank,, as shown on page 6 of your
special report of August 25, 1920, was as follows:
"Loans already in bank (not made initially on dates given). Aggregate amount of
call loans already in your bank secured by stocks or bonds on each of the dates named
in the annexed table, and the interest rate or renewal rate charged for each day on
said loans, showing on what proportion of said total loans interest was charged at
each different rate of interest on said dates. (This refers to loans on which interest
charged exceeded 6 per cent per annum)."
As your special report of November 1 obviously does not apply to the loans about
which I inquired, namely, the loans already in your bank, but appears to refer to
new loans "on a given day," I will thank you to furnish, without unnecessary delay,
the report heretofore asked for concerning the loans already in your bank upon which
interest rates were sometimes charged at rates varying the same day all the way
between 7 and 30 per cent.
104
REPORT OF THE COMPTROLLER OF THE CURRENCY.
On November 14, for example, when the renewal rate was 14 per cent, you charged
on the bulk of your call loans outstanding in excess of 6, 15, 16, 18, and 25 per cent,
and on November 13, when the call money rate was 16 per cent, you marked the
bulk of your loans outstanding in excess of 6 per cent up to 18, 20, 25, and 30 per cent.
In reply to the second inquiry in my letter of the 25 ultimo, you say:
"Statement regarding loans for account of customer for whom largest amount has
been loaned on 'basis of dividing with such correspondent the interest charged or
collected in excess of 6 per cent per annum.' No loans are made on the above basis.
Assuming request for report has reference to loans made on basis of dividing with the
correspondent the excess of street renewal rate over 6 per cent, then during past 12
months the highest street renewal rate affecting such customer's loans was 17 per
cent; lowest, 5 per cent; average, 8.09 per cent. Street renewal rates of 12 per cent
and over affecting this customer's loans were: November 6, 7, 8, 9, 10, 17, 18, 19,
1919, 12 per cent on $6,000,000; November 11, 12, 14, 15, 16, 1919, 14 per cent, same
amount; November 13, 1919, 16 per cent, same amount; December 29, 1919, 12 per
cent on $9,000,000, December 30, 1919, to January 4, 1920, 15 per cent, same amount;
January 30, 31, February 1, 1920, 12 per cent, same amount; February 2, 3, 4, and 9,
1920, 14 per cent, same amount; February 5 to 8, 1920, 17 per cent, same amount."
Please advise me how it was that on November 13, 1919, you divided with one of
your customers the difference between 6 per cent and the street renewal rate for that
day of 16 per cent, when your report to this office of August 25 shows that you had
no loans outstanding on that day whatsoever upon which the rate of 16 per cent per
annum was charged. The total amount of new loans which you made that day at
16 per cent was only $52,112.50, but on the same day the renewal rate was, as you
say, 16 per cent, you were charging 20 per cent on $42,000,000, 25 per cent on
$3,500,000, and 30 per cent on $900,000.
Yours, very truly,
JOHN SKELTON WILLIAMS,
Comptroller.
NATIONAL BANK,
New York, November 10, 1920.
SIR: 1. In your letter of November 4 you request "report heretofore asked for concerning the loans already in" this bank. Paragraph 1 in report November 1 applies
to renewal rate on old loans as well as to rate on new loans. Our renewal rate may or
may not follow the street renewal. If it is unsatisfactory to borrowers on old loans,
they are privileged to borrow from other banks adopting the street renewal rate and
pay our loans.
2. You instruct: ''Please advise me how it was that on November 13, 1919, you
divided with one of your customers the difference between 6 per cent and the street
renewal rate for that day of 16 per cent when * * * you had no loans outstanding "
at 16 per cent. We did so in accordance with agreement with customer, which determined customer's return by street renewal rate, and no other.
Respectfully,
(Signed)
,
Cashier.
Honorable COMPTROLLER OF THE CURRENCY,
Treasury Department, Washington, D. C.
In the above letter the bank takes the position "that our renewal
rate may or may not follow the street renewal."
It must be noted that this statement is not in accord with the
representations of the vice president of the bank, who, in his interview in Washington on September 14, stated plainly that call loans
made to brokers "are substantially all governed by the renewal rate."
In the same interview he said that when the renewal rate is posted
on the exchange he assumed that "it acted automatically with all
the banks and all the borrowers in fixing the rate of interest on all
brokers7 loans where there may not be special arrangements, although
the bank has the right, if it is not satisfied with the renewal rate, to
call in a portion of its loans."
In the same interview the vice president of the bank reiterated his
belief that "it is the custoiti of all the banking institutions in New
York to raise or lower the rate of interest upon the so-called brokers'
REPORT OF THE COMPTlftOUJER OF THE CURRENCY.
105
loans secured by bonds and stocks as the renewal rate is posted on
the exchange."
In the bank's reply of August 5 to the comptroller's inquiry as to
whether there was discrimination among borrowers or whether in
raising or lowering interest rates on call loans made to nondepositors
it was the practice of the bank to make rate changes on all such
loans simultaneously, this bank stated, under oath, " changes made
simultaneously," and that it was the practice of the bank to mark
these loans up or down from day to day according to the fluctuations
of the New York call-money market.
The record seems to show conclusively that despite the statements
quoted above this bank's loans were raised quite arbitrarily; that
changes
were not made "simultaneously"; that there w^as marked
u
discrimination " in the matter of rates among borrowers on equally
good collateral on the same days; that rates far in excess of the
"renewal rate" were frequently exacted on loans aggregating many
millions of dollars; and that frequently at the same time the rates
charged on loans already in the bank varied to such an extent that
while some borrowers were paying 6 per cent others at the same time
were being charged 20, 25, or 30 per cent.
Following the publication by this office of its statements relative
to the methods by which the high rates for call money in New York
were made and maintained, numerous communications loudly condemning the existing practices and calling for reform were received
from various parts of the country.
Typical of these was the following letter received from a New York
business man of responsibility and standing, who in writing, under
date of November 16, 1920, said:
"I hand you a clipping which I detached from the * * * news
ticker yesterday morning at 11.10 a. m. It was put out by the most
responsible financial publicity organization in the United States. It tells
its own story and it is a dirty one. I want to say that I honor you, as
all decent thinking financiers must, in the steps you have taken to correct
what I believe is a great conspiracy. * * *
"I am a Republican, always have been, but I am first, or at least try
to be, an honest business man. The crowd
which determines, and has
done so for months past, what the daily i call rate1 shall be in these great
banking institutions should be investigated, as I am strongly of the
opinion that very much of our financial distress and burden is due to
their machination"
The article from the New York "news ticker" service which was
inclosed in the above letter was as follows:
"It is evident call money market is not being governed by old law of
supply and demand.
"Numerous instances of failure to lend call money below fixed rate
have developed. As an example a manufacturer recently gave instructions to his New York banker to lend something like one half million
dollars at 9pc, rate then ruling on N. Y. Stock Exchange. He was
informed that there were no takers at that figure. Not being familiar
with New York call money market, he asked his banker to lend it at
6pc if that was the best he could do.
"Later on he was told that money could not be loaned unless some
one was willing to come along and pay 9pc. At close of the day not a
dollar had been loaned."
19307°—CUR 1920—VOL 1
8
106
REPORT OF THE COMPTROLLER OF THE CURRENCY.
POSSIBLE REASONS WHY NEW YORK BROKERS BO NOT RESIST HIGH
MONEY RATES.
Some surprise has been occasioned by the omission of stock exchange houses to protest more vigorously against the imposition of
excessive interest rates by banks in New York City; but their silence
may be better understood when we consider that it is not the brokers
who have ultimately to pay the heavy rates, but their customers and
clients for whom they are carrying securities.
Furthermore, it is conceivable that the brokers themselves may
profit
by these high rates, automatically fixed by the stock exchange
11
coterie/7 on brokers' loans, for it is understood that the brokerage
houses generally, if not always, charge their customers, for the use
of the capital of the brokerage firms employed in carrying stocks,
the same rates, or the average rates, which they have to pay to the
banks from whom they borrow.
In other instances the brokerage houses profit from these high
rates when stocks are sold short and when the borrowing rate on
stocks is less than the rates which the brokers receive by lending
the proceeds of the stocks which they sell short.
These two considerations go fax to explain the forbearance displayed 7by the brokers for excessive rates charged by the banks on
brokers loans, although high rates naturally have a tendency to
curtail the volume of their business.
MONEY BATES IN CANADA MUCH BELOW NEW YORK RATES.
In connection with the excessive rates of interest which have
prevailed in New York during the past 12 months and which, as
has been pointed out? have been higher than in any other city in
the world, the following extracts from the reports of the president
and of the general manager of the Bank of Montreal, one of the two
largest, if not the largest bank of Canada, submitted recently at
the one hundred and third annual general meeting of the shareholders of the bank, are instructive:
"As a result of the completion of a successful year's operations,
due in part to the high interest rates for money that have prevailed
outside Canada, where a portion of our reserves are carried, your
directors decided to declare a bonus of 2 per cent, making the distribution to shareholders for the year 14 per cent."
The general manager of the same bank, in his report in comnienting
upon the extra bonus of 2 per cent in addition to the usual dividend,
said:
"Let me make it clear that this result is not the outcome of higher
rates of interest on current loans in Canada.
"The rate of interest to the merchant and manufacturer at home
is about the same as it was before the war. * * *
"The volume of our call loans in New York is governed solely by
our requirements in liquid reserves. We do not increase or diminish
them on account of higher or lower rates, but we have been fortunate this year in that rates have averaged high. * * *
"As comparisons are constantly made between Canada and the
United States owing to general similarity in conditions, one anomally
attracts special attention, viz, that with credit restriction as acute
here as it is across the line, the price of money is materially lower
in the Dominion.
REPORT OF THE COMPTROLLER OF THE CURRENCY.
107
"This condition, in days of world-wide high interest rates, has
attracted much attention in other countries, and is regarded as a
tribute to Canada's good banking system. * * *
"As everyone knows, the connection between the price of money
and the yield on investments is of the closest/'
The concluding paragraph, which suggests that the yield on
investments keeps pace with the rise and fall of rates for money,
means that the prices of securities decline as money rates advance
and is in line with the closing paragraph of the Comptroller of the
Currency's statement of August 10, 1920, quoted on page 82 of this
report, as follows:
" I am convinced that the unjustifiable and excessive interest
rates maintained in New York City in the past 10 months covered
by my request for data, and which I am informed have in some cases
gone as high as 15 and 20 per cent or more, have been one of the
potential causes, rather than the result, of the unsettling of values
in our securities market, and of the burdensome rates which our
railroad and industrial corporations and other concerns and individuals of the highest credit, have been required to pay for new
capital essentially needed for the country's development and wellbeing."
CONDITIONS TJNDEE WHICH CHARTERS ARE GRANTED TO
NEW NATIONAL BANKS.
The excellent record which the national banks have established
in the past few" years in immunity from failure, growth, and ability
to respond effectively to the requirements of business and the financial
needs of the country has increased immensely their prestige and
standing. One of the results has been unusual and increasing
demands for charters for national banks which have come to the
comptroller from every section of the country, despite the fact that
since the inauguration of the Federal reserve system the deposit
balances carried with national banks in reserve cities can be no longer
regarded as a portion of the reserve of the so-called country national
banks.
During the fiscal year ending October 31, 1920, charters were
granted to 361 new national banks, and 27 applications for charters
were rejected. On October 31, 1920, 259 applications for charters
for new national banks were on hand and awaiting the comptroller's
decision.
Since the present comptroller assumed office on February 3, 1914,
up to the 1st of July, 1920, 1,292 charters had been granted to new
national banks. I have the honor of calling attention to the exceedingly gratifying fact that, from the beginning of the present comptrollership and up to July 1., 1920, the record shows that there has
not been a single jailure among the 1,292 national banks chartered during this period.
This immunity from failure is an evidence of the care which is
exercised in the examination of all applications for new national
bank charters, and of the discrimination with which these applications
are passed upon.
When a group of men decide to apply for a charter for a national
bank, they are required, in the first instance, to fill in and file with
Comptroller of the Currency an application in the following form:
Digitized forthe
FRASER
108
REPORT OF THE COMPTROLLER OF THE CURRENCY.
APPLICATION TO ORGANIZE A NATIONAL BANK.
.,19.
To the COMPTROLLER OP THE CURRENCY,
Washington:
SIR: We, the undersigned, prospective shareholders, being natural persons and of
lawful age, intend, with others, to organize a national banking association, under the
title of "The
," to be located at
, county of
,
State of
, with capital of $
, to succeed
the
bank of
Population,
We request that the title be reserved and that the necessary instructions be sent
to
, who is an actual resident of the place
where the proposed bank is to be located.
Signatures of applicants.
Residences.
Business.
Financial Shares to
strength in be subfigures. scribed for.
The signers of this application are known by me to be reputable citizens; the information in reference to their business and financial standing is in my opinion correct,
the statement as to population authentic, and 1 am of the belief that the conditions
locally are such as to insure success if the bank is organized and properly managed.
, Mayor.
Read these instructions
, Judge of Court.
, Postmaster.
carefully.
The name of the place should form a part of the title, thus, "The First National
Bank of A
," but the name of the State should not be included.
Consideration will not be given to an application for a title including the word
"First," if a national bank exists at the given locality; nor to an application for a
title identical with that of a national bank heretofore in existence, nor to one materially
similar to that of a national. State, or other bank existing in the place.
The application must be signed by at least five prospective shareholders, preferably
the proposed officers or directors, and should be indorsed by three prominent persons,
judge of court, postmaster, and mayor, or other public officials.
The correspondent should be a resident of the place where the bank is to be located,
a prospective shareholder, and if possible an officer or director of the proposed bank.
It is not necessary for the applicants to subscribe for the entire issue of stock. Only
the actual number of shares to be held by each should be stated, and each applicant
should be worth financially twice the value of the stock for which he subscribes.
The following shows the national, State, or private banking institutions with which
the applicants are5 or have been, connected either as officers or directors:
Applicant.
(Date)
Institution.
(Signed)
Position.
Period.
Corresvondent.1
i N. B.—The correspondent is requested to furnish, as early as possible, a list of the prospective officers and directors of the proposed organization and a statement showing their previous connection, if
any,
with other banking institutions.
REPORT OF THE COMPTROLLER OF THE CURRENCY.
109
Upon receipt of this formal application, a national-bank examiner
is designated to visit the city or town in which it is proposed to locate
the new bank; and to inform himself as to the character, experience,
and financial standing of the applicants, general conditions of
business, the status of the existing banks, and need, if any, of
additional facilities.
The following is an extract of the standing instructions issued by
the comptroller to national-bank, examiners in regard to such
investigations:
EXAMINATIONS
PRELIMINARY TO GRANTING NEW BANK CHARTERS.
To national-bank examiners:
In making the'preliminaryinvestigations in connection with the organization of a
new national bank, the examiner should report very fully on the character and
standing of the applicants and on the necessity for a hank and need for additional
banking facilities in the community. Sufficient time should be taken to make the
investigation thorough.
The examiner should report on the character, standing, and business of the applicants, and should also advise as to the prospective officers, and others who are expected
to take a prominent part in the organization or management of the bank. If possible,
the examiner should also ascertain the names of the subscribers to the stock so that
he can report to what extent the stock is to be distributed and the general character
of these subscribers.
In cases where there is no existing bank.
If there is no bank at the place, the examiner should endeavor to learn the amount
of business transacted in the village, the approximate value of produce shipped therefrom, the value of the output of mills and factories, and the volume of business done
by the principal merchants during the last year.
The examiner should also ascertain where the business men of the place and the
farmers of the community are now doing their banking business, and to what extent
they would probably do business with the new bank if the charter is granted.
Find out how far the organization of the proposed bank would be a convenience
to the local business people and also to the farmers of the neighborhood; whether
there seems to be a general desire for its establishment and the extent to which local
business men have subscribed for stock.
It is particularly important to find out whether the men who are to manage the
new bank are of good reputation and whether some one of banking experience has
been selected as an active officer.
The fact that the organization of a bank in the place would diminish the deposits
of existing banks located in other villages or towns some miles away, or that there
may not seem to be any immediate prospect of the new bank being a large earner at
once, would not necessarily justify an adverse recommendation. It frequently
happens that a new bank can receive a large amount of deposits which are not taken
from any of the neighboring banks, but represent cash funds held by local merchants
and farmers, or kept with banks in distant cities. The organization of a new bank in
a live growing town should naturally help its business. Farmers will generally prefer
to sell their produce where they can secure banking accommodations.
Organization of a new national bank where there is another bank or banks.
Where the examiner is directed to report on an application to organize a national
bank at a point where there is already a bank doing business, he should thoroughly
investigate the reputation and financial standing of the applicants and the need for
additional banking accommodations. He vshould report on the management of the
existing bank, whether it is satisfactory to the community and, if a State bank, by
whom its stock is owned, if ascertainable; also the average and maximum interest
charged on loans and discounts and the rates paid on time and demand deposits. If
the stock of the local bank is owned by but a few shareholders and largely by nonresidents, and the stock of the proposed national bank is to be widely distributed
among the substantial men of the village and neighboring territory, these facts should
have due consideration.
It may appear on a hasty survey that there is but little apparent need for another
bank in the community, and that the existing bank has but a small line of deposits,
110
REPORT OF THE COMPTROLLER OF THE CURRENCY.
but a thorough investigation may disclose conditions which indicate real need for
another bank.
In all cases the examiner should make a thorough personal investigation, which
generally can not be done satisfactorily in a few hour's. A sufficient deposit is made to
cover an effective investigation and the applicants are therefore entitled to thorough
examinations.
It is also customary for the Comptroller of the Currency to address
a letter to the Congressman in whose district the proposed bank is to be
located, requesting such information as he may give as to the character
of the applicants and the need for additional banking facilities.,
Similar inquiries are also addressed to the Federal reserve agent of
the district and to the State superintendent of banks. Information
is also sometimes sought and obtained from other sources.
When the field examiner makes his report, it is submitted to the
chief examiner of the district, and by him forwarded to the Comptroller of the Currency with the recommendations of the chief examiner,, These reports are then digested in the Division of Organization, of the Comptroller's Bureau, and the results are submitted
to the comptroller for action. With all the facts before him, pro and
con, the comptroller himself, in the case of national banks for
$100,000 capital or more, decides whether or not the charter should
be granted. In the case of. banks with less than $100,000 capital,
the comptroller submits his recommendations to the Secretary of the
Treasury, by whom such applications are then finally passed upon.
When passing upon applications, the following points are considered by the Comptroller, with special care:
1. The character, experience, and financial standing of the proposed
organizers and officers of the new bank.
2. The question as to whether the existing banking facilities are
adequate for the business of the community. In considering this
point, special attention is given to the volume of the deposits of the
local banks. If these deposits amount to more than 10 times the
capital and surplus of these banks, that is regarded as prima facie—
although not conclusive—evidence that there is room for additional
banking capital,
If there seems to be justification for complaints that the local banks
are charging excessive interest rates to their customers or deal unfairly with them in other respects, or if it is shown that there is a
monopoly in the local banking situation and that the existing banks,
either National or State, are controlled by a particular group or set of
men, such considerations are regarded as favorable to the granting of
a new charter.
INCREASE IN NUMBER OF DEPOSITORS IN NATIONAL BANKS.
The number of depositors or deposit accounts in all national banks
increased during the year ended June 30, 1920, 12.50 per cent, the
number of such accounts at the close of the year aggregating 20,520,177. Based upon the estimated population as of June 30, 1920, the
average number of deposit accounts per 1,000 of population was 193,
or one deposit account for every five of our population.
In the following comparative statement the number of deposit
accounts by States on June 30, 1919 and 1920, is shown, together
with the increase and the percentage of increase, also the estimated
population and the number of deposit accounts per each 1,000 of
population:
Ill
REPORT OF THE COMPTROLLER OF THE CURRENCY.
1919 and 1920.
Number of depositors or deposit accounts in national banks June 30,
t
Increase in
Total n u m - Total num- number of Percentage
deposit
of increase
ber of
ber of
accounts
June 30,
deposit
deposit
June 30,
1920, over
accoimts
accoimts
1920, over
June 30,
June 30,
June 30,
June 30,
1919.
1920.
1919.
1919.
States.
Maine
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut
.
Total N e w E n g l a n d
States
New York
New Jersey. . . .
Pennsylvania....
Delaware
Maryland. .
District of Columbia
Total Eastern States
Virginia...
West Virginia
North Carolina..
South Carolina
Georgia...
Florida
Alabama
Mississippi..
Louisiana
Texas
Arkansas
Kentucky . .
Tennessee
Total Southern States...
Ohio
Indiana
Illinois
Michigan,.
Wisconsin
Minnesota
Iowa
Missouri
Total Middle States
North Dakota...
South Dakota.
Nebraska
Kansas
Montana .
Colorado .
New Mexico
Oklahoma
Total Western States....
Washington...
Oregon
Caliiornia.
Idaho
Utah
Nevada...
Arizona
Alaska (member
member banks)
and
Number of
deposit accounts for
each 1,000
of population June
30,1920.
769,000
444,000
352, 000
3,883,000
606,000
1,394,000
250
236
270
155
54
151
16. 87
7,448,000
166
15.70
12.44
9.03
4.85
5.81
1.71
10,485.000
3,198, 000
8,792, 000
225,000
1,460,000
440, 000
165
224
297
120
157
277
543,775
11.11
24,600,000
221
71,313
39,515
39,743
25,053
3,111
24,644
34,784
6,698
24,341
160,465
30,017
42,537
32,184
13.75
12.92
17.29
13.54
1.10
13.95
14.13
7.65
22.17
17.64
24. 22
13.60
10.07
2,316,000
1,473,000
2,576,000
1,690,000
2,909,000
975,000
2,357,000
1,789,000
1,805,000
4,704,000
1,759,000
2 422,000
2,344,000
255
234
105
124
97
206
119
53
74
227
88
147
150
4,336, 957
528,183
J3. 87
29,119,000
149
1.135,311
606,382
1,206,442
437.884
571,823
656,783
588,480
457,890
97,352
37,350
146,751
60,059
64,676
70,278
26,363
64,405
9.38
6.56
13.85
15. 90
12.75
11. 98
4.69
16.37
5,787,000
2 940,000
6,352,000
3 710,000
2,646,000
2 402 000
2,412,000
3,408,000
196
206
190
118
216
274
244
134
5,660, 995
567,234
11.14
29,657,000
191
170, 218
170 743
281,519
357,796
167, 642
62,928
257,365
56,311
444,416
180,512
184,907
297, 489
397, 665
174,148
76,768
303,459
65,165
532,128
10,294
14,164
15,970
39,8P9
6,506
13,840
46,094
8,854
87,712
6.05
8 30
5.67
11.14
3.88
21.99
17.91
15.72
19.74
648, 000
638,000
1,301,000
1,774,000
555,000
196,000
946.000
362,000
2,045,000
279
290
228
224
313
393
320
180
260
1,968,-938
2,212,241
243,303
12.36
8,465,000
261
278,911
226,001
666,148
116, 627
64,985
16,380
39,990
310,887
257,864
780'. 769
138, 81.8
71,855
17,(W9
49;631
31,976
31,863
114,621
22,221
6,870
1,319
9,691
11.46
14.10
17.21
19.05
10.57
8.05
24.23
1,366,000
788,000
3,4S8,0C0
436,000
452,000
77,000
338,000
228
327
224
319
159
234
148
171,382
105,161
90,827
490,536
29,792
168,608
191,797
105,327
95,182
599, 612
32, 694
209,846
20,415
166
4,355
109,076
2,902
41,238
11.91
.16
4.79
22.24
9.74
24.46
1,056,306
1,234,458
178,152
1,495,220
637, 332
2,398, 206
28, 539
216, 528
119, 548
1,729,903
'716,590
2,614, 809
27,156
229,099
121,591
234,683
79,258
216,603
1,383
12,571
2,043
4,895,373
5,439,148
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
589, 785
345, 338
269,563
210,085
280,535
201,371
280,905
94, 220
134,140
1,069 996
153, 933
355,406
351., 680
3,808,774
1,037,959
569, 032
1,059,691
377,825
507,147
586,505
562,117
393, 485
5,093,761
.
noii-
Total Pacific States
Hawaii (nonmember banks)..
Total United States
1
1 Population J u n e
30, 1920.
2,782
2,833
51
1.83
2 90,000
33
1,411,824
1,630,436
218,612
15.48
7,035,000
231
11.61
235,000
26
12.50 106,559,000
193
5,324
5,942
618
18,240,300
20,520,177
2,279,877
Estimated by Government actuary.
2 Includes nonmember banks.
112
REPORT OF THE COMPTROLLER OF THE CURRENCY.
CLASSIFICATION AND NUMBER OF DEPOSIT ACCOUNTS IN NATIONAL
BANKS ON JUNE 30, 1920, BY CENTRAL RESERVE, RESERVE CITIES,
AND COUNTRY BANKS.
The number of deposit accounts held by national banks on June
30, 1920, and a classification of these accounts is shown in the following statement by central reserve, reserve cities, and country banks,
or banks situated outside of the boundaries of the central reserve and
reserve cities:
Number of deposit accounts %n national banks June 30, 1920.
Number of demand
deposit accounts.
Number of time
deposit accounts.
(a)
(d)
(c)
(6)
On which On which On which On which
interest no interest # interest no interest
is allowed. is allowed. is allowed. is allowed.
Total.
CENTRAL RESERVE CITIES.
New York
Chicago
St. Louis
Total
59, 689
20,352
10; 626
200,534
42,215
50,485
128,796
53,886
84,642
31
1
389,050
116,454
145,753
90,667
293,234
267,324
32
651,257
14,305
2,771
11
9,794
35,735
34,414
11,966
43,712
55,211
15,403
55,892
26,701
26,198
751
17,231
15,183
9,410
7 378
16 476
3,862
3,158
1 867
21,274
22,108
2,219
26 590
22,625
2,515
22,918
35,323
3,367
89,987
21 160
11,009
18,381
64 3Q6
42,293
22,166
9,291
8,791
7,224
13,978
30,509
.6,787
3,975
30,326
2,385
2,306
4,158
37 335
2,841
4,121
3
416
55 279
21,050
16 888
20,978
140 079
112,209
45,212
121,591
87 293
24,653
97 909
58,936
45 820
14,124
78,529
32 728
50,429
14 198
65 515
39,549
22,082
8 664
64,396
46 434
22,853
61 769
50,152
26,059
58,255
46,557
10,687
112,728
34 579
23 752
24,167
85 624
78,720
52,501
16,801
22,401
10 558
26,819
105,820
18,720
19,480
68,884
11 142
12,396
18,715
73 576
9,982
20,630
ALL OTHER RESERVE CITIES.
B oston . .
Albanv. 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
Memphis..
Nashville
Cincinnati.
Cleveland
Columbus
Toledo
Indianap olis
Chicago.
Peoria
Detroit .
Grand Rapids
Milwaukee
Minneapolis..
St. Paul
Cedar Rapids
Des Moines. .
Dubuque .
Sioux C i t y . . .
...
22.783
173
4,864
5, 582
39. 326
16,834
2', 427
3,913
1,702
30
978
326
137
837
911
118
....
.
-
....
. . .
.
507
13
153
240
126
291
602
66
9,481
424
1 380
2,063
1 281
657
926
949
711
3 337
. .
530
688
.
Kansas City, Mo
St. Joseph.
Lincoln
Omaha..
Kansas City, Kans
Topcka..
Wichita
Denver
Pueblo
Muskogee
. . . .
. . . .
.
. .
6,990
3,020
32
578
37
483
16,900
534
2,123
4,571
704
255
106
1 261
15
677
18,188
17,690
12,013
5,452
61,220
60,959
30,818
73,792
29,049
9,212
41,023
32,104
19,475
12,534
60,387
17,427
40,511
6,807
47,833
35,447
18,798
6,506
42,398
23,848
11,150
34,710
26,147
21,481
34 056
10,577
35,97-1
21,792
12 295
11,406
5,256
20 600
29,431
27,314
7 478
13,032
3 283
12,358
58,411
11,399
13,382
32,869
8,053
9,835
11,451
S4 980
7,090
15,592
150
3,798
2
1
174
1 331
8
16
5
10
2
1
1 053
122
412
3
45
423
413
1
14
1,118
36
240
REPORT OF THE COMPTROLLER OF THE CURRENCY.
113
Number of deposit accounts in national banks June SO, 1920—Continued.
Number of demand
deposit accounts.
(a)
(&)
Number of time
deposit accounts.
(0
(d)
Total.
On which On which On which On which
no interest
interest
no interest
interest
is allowed. is allowed. is allowed. is allowed.
ALL OTHER RESERVE CITIES—COntd.
Oklahoma City
Tulsa..
Seattle
SpokaneTacoma
Portland..
Los Angeles
.
Oakland .
San Francisco
Ogden.
Salt Lake City
48,057
44,081
88 636
48,407
14,897
93,471
82,021
20,543
91,115
15,013
33,503
887
233
308
39
77
491
1,699
109
3,438
37
185
33,294
29,725
48 744
17,765
7,450
42,689
52,488
17,670
59,271
9,792
19,002
13,876
14,123
39,584
30,603
7,370
50,291
27,834
2,764
27,506
5,184
14,316
Total
168,961
1,605,780
1,233,178
10,697
3,018,616
Total, all reserve cities
259,628
1,899,014
1,500,502
10,729
3,669,873
6,257
18,924
805
49,476
7,127
11,628
62,895
66,390
40,502
198,635
15,607
111,458
119,395
19,052
52,502
274,884
9,137
67,618
3,250
961
1,373
21,338
823
19,142
191,797
105,327
95,182
544,333
32,694
209,846
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
. .
900
94,217
495,487
542,588
46,887
1,179,179
120,412
69,337
202,418
2,594
7,045
536,257
308,986
975,734
17,298
85,527
593,885
320,606
1,173,621
7,134
90,276
31,383
17,661
10,748
130
1,039
1,281,937
716 590
2,362,521
27 156
183,887
401,806
1,923,802
2,185,522
60,961
4,572,091
36, 945
13,335
18,679
3,17S
3,501
3,501
10,152
1,388
2,925
22 770
5,858
6, 997
4,817
279,419
201,260
150,686
123, 634
135,166
89, 985
177,742
77,384
93,797
697,661
118,894
244,653
147,497
184,160
130,034
97,320
56,907
43,951
42,701
46,946
15,448
23,286
40,053
20,510
39, 228
65,185
1,968
709
2 878
1,713
8
6,248
245
8
6 482
7
132
3,125
502 492
345,338
269 563
185,432
182,626
142,435
235 085
94,220
120 016
766 966
145,269
291 010
220,624
134,046
2,537,778
805,729
23,523
3,501,076
48,676
46,450
42 058
8,719
6, 200
3,838
10,987
6,220
463,652
325,186
510,652
97,237
142,128
214,895
282,448
143,592
438,575
193,502
387 604
282,808
334,793
303 861
216,535
37,088
3,385
557
2 367
1,201
3,078
2 968
1,931
697
954 288
565,695
942,681
389,965
486,199
525 562
511,901
187,597
173,148
2,179,790
2,194,766
16,184
4,563,888
1,587
4,092
5,78.5
13,171
1,046
773
2,241
1,350
6,925
98,019
103,979
138,099
268,643
111,247
51,506
162,452
52,802
376,694
80,637
76,011
64,823
71,628
60,137
24,475
54,268
10,564
32,774
269
825
418
1,970
1,718
14
940
449
2,967
180,512
184,907
209,125
355,412
174,148
76,768
219,901
65,165
419,360
36,970
1,303,441
475,317
9,570
1,885,298
114
EEPOET OF THE COMPTROLLER OF THE CURRENCY.
Number of deposit accounts in national banks June 30, 1920—Continued.
Number of demand
deposit accounts.
(a)
On which
interest
is allowed.
(6)
On which
no interest
is allowed.
Number of time
deposit accounts.
(c)
(d)
Total.
On which On which
interest no interest
is allowed. is allowed.
COUNTRY BANKS—continued.
Washington
Oregon
California
Idaho
Utah
Nevada
Arizona
Alaska (member banks)
- .
Total Pacific States
Alaska (nonmember banks)
Hawaii (nonmember banks)
Total (nonmember banks)
2,310
2,368
6,445
2,519
27
23
2,587
105,147
126,915
441,355
103,530
13,999
12,910
39,115
430
50,623
34,708
135,609
32,360
9,313
4,766
7,774
867
402
3,681
439
16,279
843,401
275,153
5,594
9
44
2,029
4,108
365
1,790
2,403
5,942
53
6,137
2,155
8,345
205
158,947
164,393
587,090
138,848
23,339
17 699
49,681
430
1,140,427
Total country banks
856,519
9,349,836
6,481,230
162,719
16,850,304
Total United States
1,116,147
ll,24S,850
7,981,732
173,448
20,520,177
CONDITION" OF NATIONAL BANKS AT THE DATE OF EACH CALL
DUEINO THE REPORT YEAR.
During the year ended October 31, 1920, the Comptroller of the
Currency, in pursuance of the authority granted by section 5211,
United States Revised Statutes, called upon national banks to submit six reports of condition as of various dates.
The condition of these banks as of the date of each call is shown in
the following abstract:
Abstract of reports of condition of national banks in the United States on Nov. 17 and
Dec. 31, 1919, Feb. 28, May 4, June 30, and Sept. 8, 1920.
[In thousands of dollars.]
May 4,
1920—7,990
banks. 2
June 30,
1920—8,030
banks. 3
11,786,227 11,994,523 12,288,582
19,215
16,406
17,044
12,396,900
16,481
Nov. 17, | Dec. 31,
F e b . 28,
1919—7,865 1919—7,890 1920—7,933
backs.
banks.
banks. 1
Sept. 8,
1920—8,093
banks.
RESOURCES.
Loans and discounts
Overdrafts
Customers' liability under letters of credit
Customers' liability account
of acceptances
United States Government
securities owned 4
Other bonds, securities, etc...
Stocks, other than Federal
reserve bank stock
Stock bf Federal reserve banks
Banking house
Furniture and fixtures
Other real estate owned
Lawful reserve with Federal
reserve banks
Items with Federal reserve
banks in process of collection
1
11,560,242
23,116
12,415,762
17,545
4,923
7,690
7,518
5,759
9,218
8,710
343,008
393,552
410,679
425,390
416,417
398,661
2,881,881
1,870,103
2,723,493
1,874,028
2,459,424
1,859,231
2,375,801
1,835,089
2,269,575
1,802,196
2,175,019
1,805,579
51,873
61,426
295,932
38,993
46,355
49,606
61,584
300,394
39,259
43,485
48,646
62, 967
305, 912
40, 908
44,741
48,662
64,153
311,715
42,981
43,975
49,407
65.287
315;735
44,259
44,960
51,732
66,850
322,732
46,394
45,931
1,262,339
1,312,112
1,286,290
1,245,233
1,230,282
456,595
437,860
482,109
493,215
476,375 |
454,726
One report for Dec. 31, 1919, used.
2 One report for Feb. 28, 1920, used.
3 Two reports for May 4, 1920, used.
4 Includes Liberty loan bonds, Victory notes, United States certificates of indebtedness, and all other
issues of United States Government securities.
REPORT OF T H E COMPTROLLER OF THE CURRENCY.
115
Abstract of reports of condition of national banks in the United States on Nov. 17 and
Dec. 31, 1919, Feb. 28, May 4, June 30, and Sept. 8, 1920—Continued.
[Jn thousands of dollars.]
Sept. 8,
June 30,
Feb. 28,
May 4,
Dec. 31,
Nov. 17,
1919—7,865 1919—7,890 1920—7,933 .920—7,990 1920—8,030 1920—8,093
banks.
banks.
banks.
banks.
banks.
banks*
RESOURCES—continued.
Cash in vault:
Gold coin
Silver and minor coins
Clearing-house certificates.
Paper currency
24,336
43,473
10, 859
371,373
21,236
45; 431
10, 878
431, 060
22,234
40,839
10, 862
302, 816
22,357
43,215
10,836
379,875
43,617
9,865
375,337
21,532
22,516
42,350
9,137
397,543
Total cash in vault
450,041
508,605
376,751
456, 283
450,351
471,546
1,433,555
1,350,320
1,296,428
1,121,415
1,072,222
1,110,772
533,669
493,360
960,531
345,961
435,615
316,882
552,052
321,637
766,215
313,451
511,375
102,274
69,010
68,979
78,350
62,829
82,642
65,844
65,289
79,261
64,399
41,516
43,194
38,213
38,902
41,332
45,109
61,949
48,223
203,600
45,681
194,472
48,005
184,017
50,535
180,829
22,038,714 22,196,737
21,885,480
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
Other assets
Total..
829,784
90,190
77,873
38,716
46,913
27,685
22,444,992
22,711,375 21,862,540
LIABILITIES.
1,153,752
902,905
1,158,259
921,335
1,182,082
944,126
1,214,769
960,598
1,224,166
986,384
1,248,271
996,928
437,395
376,707
404,443
437,701
411,525
459.139
60,827
60,780
66,701
71,047
73,545
74,517
45,987
40,127
42,550
43,697
46,343
51,190
19,550
14,257
16,052
19,765
15,375
17,905
680,879
14,268
685,769
12,865
687,575
14,261
688,460
19,039
688,178
19,161
693,270
21,316
1,357,459
1,273,849
1,249,673
1,084,437
1,017,141
1,076,101
1,998,993
296,795
2,062,659
318,828
2,044,459
71,647
1,836,103
165,976
1,807,718
174,802
1,694,249
136,644
215,933
284,645
213,801
169,880
255,486
174,259
9,682,618
9,676,894
9,424,319
9,507,263
9,577,721
9,448,524
404,112
415,285
402,727
389,600
396,910
387,812
79,620
89,946
104,444
113,156
113,900
102,033
41,352
1,166
51,462
Total demand deposits.. 10,260,330
45,954
48,286
33,560
49,447
10,325,162
48,950
1,915
61,834
10,044,189
48,791
2,759
61,859
10,123,428
10,219,824
47,787
1,312
48,168
10,035,636
982,455
1,007,461
1,048,199
1,052,892
1,043,974
7,774
87,430
2,061,883
12,530
85,614
2,153,573
10,889
83,467
2,267,925
12,091
83,243
2,337,275
13,814
84,230
2,418,280
3,139,542 | 3,259,178
3,410,480
3,485,501
3,560,298
Capital stock paid in
Surplus fund
Undivided "profits, less expenses ana 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:
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
Time deposits:
!
975,659
Certificates 0 f deposit
State, county, or other
8,701
municipal deposits
87,684
Postal savings deposits
1,981,641
Other time deposits
Total time deposits
3,053,685
33,527
63,556
116
REPORT OF THE COMPTROLLER 03? THE CURRENCY.
Abstract of reports of condition of national banks in the United States on Nov. 1? and
Dec. SI, 1919, Feb. 28, May A, June 30, and Sept. 8, 1920—Continued.
| In thousands of dollars.]
Nov. 17,
Dec. 31,
May 4,
Feb. 28,
June 30,
Sept. 8,
1919—7,865 1919—7,800 1920—7,933 1920—7,990 1920—8,030 1920—8,093
banks.
banks.
banks.
banks.
banks.
banks.
LIABILITIES—continued.
United States deposits
Total deposits
United States Government securities borrowed 4
Other bonds borrowed
Securities (other than United
States or other bonds) borrowed
Bills payable, other than with
Federal reserve banks
Bills payable with Federal
reserve banks
State bank circulation outstanding
Letters oi'credit and travelers'
checks outstanding
Acceptances
Time drafts outstanding
Liabilities other than those
above stated
270,390
17,467,853
448,863
17,866,413
67, 914
16,965,122
115,200
16,924,543
175,788
17,155,421
53,453
16,751,956
167,328
6,332
182,765
5,547
116,212
5,847
123,243
4,620
130,960
4,608
136,914
3,823
97
31
1,893
1,526
1
56,199
57,177
55,986
98,281
115,457
129,968
1,005,956
881,134
912,095
952,624
876,095
879,368
58
58
58
58
58
6, (344
359,110
11,701
9,088
407,639
5,472
62,419
Total..
Liabilities for rediscounts, including those with Federal
reserve banks
680,476
38, 817
7,498
424,669
1,087 i
26,745
438,430
1,151
28,544 !
31,456
11,149
431,198 !
831 i
25,443
58
8,602
414,583
153
18,835
| 22,711,375
21,862,540 ! 22,038,714
22,196,737 |
21,885,480
973,499
1,096,509 | 1,214,174
1,214,510 I
1,290,304
4 Includes Liberty loan bonds, Victory notes, United States certificates of indebtedness, and all other
issues of United States Government securities.
CONDITION- OF NATIONAL BANKS SEPTEMBER 8, 1920.
In the following pages will be found detailed statements concerning
the resources and liabilities of all National Banks of the United States
as of September 8, 1920.
RESOURCES.
LOANS AND DISCOUNTS.
Loans and discounts (exclusive of paper rediscounts aggregating
$1,290,304,000) were reported by national banks on September 87
1920, at $12,415,762,000. This is the highest point reached since the
beginning of the national banking system, and represents an increase
of $18,862,000 over June 30 last and an increase of $1,330,300,000
over the amount reported September 12, 1919, which at that time
was the greatest amount ever reported. The loans and discounts of
national banks as of the date of each call during the past year have
shown a steady increase, and rose from $11,560,242,000 on November
17, 1919, to the figures shown above on September 8, 1920. The
proportion of loans to total deposits on September 8, 1920, was 74.11
per cent. On September 12, 1919, the ratio of loans to deposits was
66.45 per cent.
The classification of the loans and discounts made by national banks
as of the date of the midsummer call for reports of condition during
the past three years is shown in the following table:
REPORT OF THE COMPTROLLER OF THE CURRENCY.
117
[In thousands of dollars.]
June 29, 1918.
Class.
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 realestate under authority of
section 24, Federal reserve act, as amended
Acceptances of other banks discounted
Acceptances of this bank purchased or discounted..
Total
June 30, 1919.
June 30, 1920.
Amount.
Per
cent.
Per
Amount. cent.
Amount.
Per
cent.
620,765
1,150,073
6.1
11.3
597,560
1,307,787
5.43
11.88
707,229
1,261,984
5.20
9.27
300,212
3.0
317,286
2.88
392,277
2.88
5,297,256
1,428,094
52.3
14.1
5,251,324
2,130,598
47.70
19.35
7,604,971
1,855,906
55.87
13.64
959,904
9.5
1,014,073
9.21
1,390,122
10.21
99,486
1.0
90,658
.82
93,927
.69
85,631
145,182
49,239
.8
93,324
150,849
56,747
.85
1.37
.51
135,902
146,838
22,260
1.00
1.08
.16
h
i
.5
10,135,842 100.0 11,010,206 100. 00 13,611,416 100.00
OVERDRAFTS.
Overdrafts on September 8, 1920, were reported at $17,545,000,
as compared with $15,131,000 on September 12, 1919.
UNITED STATES GOVERNMENT SECURITIES OWNED.
The United States Government securities owned by national banks
on September 8, 1920, totaled $2,175,019,000. The classification of
these securities includes old United States bonds deposited to secure
circulation to the amount of $711,075,000; $1,006,943,000 were Liberty loan bonds and Victory notes, and the remainder consisted of
certificates of indebtedness, war-savings stamps, and thrift stamps.
The amount of all United States securities held September 12, 1919,
was $3,296,593,000. There was therefore a reduction of $1,121,574,000
in the holdings of these securities during the fiscal year. United
States Government securities owned by national banks declined
in volume between each call during the past year. The reduction
between June 30 and September 8, 1920, was $94,556,000.
OTHER BONDS, SECURITIES, ETC.
On September 8, 1920, national banks had investments in miscellaneous bonds and securities (other than stocks) aggregating
$1,805,579,000, which, with the exception of June 30, when such
investments amounted to $1,802,196,000, was the smallest amount
reported during the year. The net reduction, as compared with
September 12, 1919, was $1,016,000.
STOCKS.
The holdings of national banks in stocks, including $66,850,000 of
stock of Federal reserve banks, aggregated $118,582,000. The
amount of stocks held, other than Federal reserve bank stock, showed
a reduction for the year of $416,000, while, as a result of the provi
118
REPORT OF THE COMPTROLLER OF THE CURRENCY.
sion of the Federal reserve act which requires all national banking
associations to subscribe to the capital stock of the Federal reserve
bank in the district in which the banks are established to the extent
of 6 per cent of the paid-up capital stock and surplus of each national
bank, the stock of Federal reserve banks held by national banks has
shown a steady increase during the year, as the number of national
banks has steadily increased. Only 3 per cent of the required subcriptions to the stock of Federal reserve banks has been paid in,
however, the remaining 3 per cent being subject to the call of the
Federal Reserve Board.
National banks are authorized under an amendment to section
25, of the Federal reserve act, approved September 17, 1919,
regardless of their capital and surplus, with permission from the
Federal Reserve Board, to invest 5 per cent of their capital and
surplus in the stock of one or more corporations chartered or incorporated under the laws of the United States, or any^ State thereof,
which may be principally engaged in international or foreign financial
operations, in connection with the export of commodities. The
authority for obtaining this permission was limited to January 1,
1921. By a subsequent amendment to the act, approved December
24, 1919, national banks were permitted to invest in the stock of such
corporations, in accordance with the provisions of the act, up to 10
per cent of the subscribing bank's capital and surplus.
BANK PREMISES AND OTHER REAL ESTATE OWNED.
On September 8, 1920, national banks had invested in banking
houses $322,732,000 and in furniture and fixtures $46,394,000.
Other real estate owned was carried at $45,931,000. The valuation
placed upon banking houses exceeded by $32,824,000 the amount at
which they were carried on September 12, 1919, and an increase was
reported as of the date of each call subsequent thereto during the
year. The increase during this period on account of furniture and
fixtures was $8,875,000; the value of other real estate owned was
reduced $1,882,000, as compared with September 12, 1919.
DUE FROM BANKS.
On September 8, 1920, the lawful reserve maintained with Federal
reserve banks, in accordance with the provision of section 19 of the
Federal reserve act, against deposits, was $1,230,282,000, while on
September 12, 1919, national banks had on deposit with Federal
reserve banks on this account, $1,227,341,000. Items with Federal
reserve banks in process of collection on September 8, 1920, amounted
to $493,215,000, an increase of $115,354,000 over the amount reported
on September 12, 1919.
The net amount due from national banks was $1,110,772,000, and
the net amount due from banks, bankers, and trust companies was
$313,451,000. The net decrease in the amount due from banks and
bankers, including the lawful reserve with Federal reserve banks and
items in process of collection during the year, was $165,158,000.
The total cash in the vaults of national banks on June 30, 1920,
with the addition to the total of the respective amounts shown in
the preceding table, of $34,300,000 in legal-tender notes, $67,256,000
REPORT OF THE COMPTROLLER OF THE CURRENCY.
119
in national-bank notes, and $215,605,000 in Federal reserve and
Federal reserve bank notes, was $450,351,000, while on September
8, 1920, the total cash in the vaults of these banks was $471,546,000.
On the latter date gold coin amounted to $22,516,000, clearinghouse certificates to $9,137,000, silver and minor coins were reported
at $42,350,000, and legal-tender notes were $397,543. The increase
in the total cash between September 12, 1919, and September 8,
1920, was $32,335,000.
EXCHANGES FOR CLEARING HOUSE.
On September 8, 1920, exchanges for clearing houses reported by
national banks amounted to $511,375,000. With the exception of
the amount of such exchanges reported February 28, 1920, this was
the smallest amount held by national banks during the year, being
a reduction since September 12, 1919, of $98,956,000.
LIABILITIES.
CAPITAL STOCK, SURPLUS, AND UNDIVIDED PROFITS.
The aggregate paid-in capital stock of national banks was $1,248,271,000 on September 8, 1920, the greatest amount ever reported.
The increase over the amount reported June 30, 1920, was $24,105,000,
and over the amount reported September 12, 1919, $110,301,000.
The surplus and undivided profits oi these banks aggregated $1,456,067,000 on September 8, 1920, as compared with $1,300,786,000
on September 12, 1919, the increase in the vear amounting to
$155,281,000.
CIRCULATION OUTSTANDING.
The outstanding circulation of national banks reached the highest
point during the year on September 8, 1920, at which time it amounted
to $693,270,000, an increase over the amount outstanding September
12, 1919, of $11,681,000.
National bank circulation outstanding as of the date of each call
during the report year, is shown in the following statement for central
reserve, reserve city, and country banks, and the total for all banks
in the United States:
[In millions of dollars.]
Dates.
Nov. 17,1919
Dec. 31 1919
Feb. 28, 1920
Mav 4. 1920
June 30, 1920..
Sept. 8 1920
New York
City
banks.
37.6
38.4
37.6
38.0
37.0
36.9
New York,
Chicago,
Other
All
and
reserve
reserve
St. Louis city banks. city banks.
banks.
48.7
49. 4
48.9
48.8
47. 8
47.8
170.9
171.8
171.5
170.7
170.9
170.6
219.6
221.2
220.4
219.5
218.7
218.4
Country
banks.
461.3
464.6
467.2
469.0
469.5
474.9
Total
United
States.
680.9
6S5.8
687.6
6S3.5
688.2
693.3
120
REPORT OF THE COMPTROLLER OF THE CURRENCY.
DUE TO BANKS.
The balances with national banks on September 8, 1920, to the
credit of Federal reserve banks, were $21,316,000; the net amount due
to national banks was $1,076,101,000, while the amount on deposit
to the credit of other banks, bankers, and trust companies totaled
$1,694,249,000. Certified checks and cashiers' checks outstanding
were $310,903,000, making an aggregate of $3,102,569,000 due to
banks and bankers. On September 12, 1919, similar items amounted
to $3,490,137,000, the reduction during the year being, therefore,
$387,568,000.
INDIVIDUAL DEPOSITS.
On September 8, 1920, the individual deposits (time and demand)
in national banks were $13,595,934,000, a reduction as compared
with the amount reported June 30, 1920, of $109,391,000, and an
increase over the total of these deposits held September 12, 1919,
of $923,367,000.
Demandand time deposits increased $284,103,000 and $639,264,000,
respectively, during the year. Time deposits increased between the
dates of each call during the year, while demand deposits were
reported in greater volume at the date of each report until February
28, 1920, when they dropped from $10,325,162,000 on December 31,
1919, to $10,044,189,000/ On May 4, 1920, the amount of demand
deposits was in excess of the total reported on February 28 and
September 8, 1920, they were again less than the amount reported June 30, the decrease amounting to $184,188,000.
Postal savings deposits are included in the classification under time
deposits, and are subject to the reserve of 3 per cent as provided by
section 19 of the Federal reserve act.
UNITED STATES DEPOSITS.
Deposits in national banks on September 8, 1920, to the credit of
the United States were only $53,453,000, while on September 12,
1919, these deposits amounted to $518,903,000, a reduction during
the year of $465,450,000. The lowest point for the period was
reached on September 8, 1920, in the holdings of Government funds,
and the next lowest point was February 28, 1920, when these deposits
were $67,914,000. The amounts reported as of the dates of each
of the other calls during the year were, on November 17 and December 31, 1919, $270,390,000 and $448,863,000, respectively, and on
May 4 and June 30^ 1920, were $115,200,000 and $175,788,000,
respectively.
BONDS AND MONEY BORROWED.
The aggregate liability of all national banks on September 8, 1920,
on account of bills payable with Federal reserve banks and with
other banks, and including borrowed bonds and securities, was
$1,150,073,000, while on September 12, 1919, the liability of these
banks on this account was $1,260,341,000, a reduction during the
year of $110,268,000.
In addition to this liability, the contingent liability of national
banks on account of paper rediscounted was $1,290,304,000 on
REPORT OF THE COMPTROLLER OF THE CURRENCY.
121
September 8, 1920. This was the largest amount reported during
the year, and represented an increase over June 30, 1920, of
$75,788,000, and over September 12, 1919, of $849,394,000. The
smallest amount of rediscounts reported at any call during the report
year was $680,476,000, on November 17, 1919, and the liability on
this account was increased materially at the date of each report
subsequent thereto.
BANK ACCEPTANCES.
Bank acceptances were reported September 8, 1920, at $414,583,000
an increase during the year of $91,357,000, but a reduction as compared with the amount reported at the date of each of the three
preceding calls.
TOTAL RESOURCES AND LIABILITIES.
The increase of $270,064,000 in the total resources of national
banks during the year ended September 8, 1920, was distributed
among the various items of the assets and liabilities, the principal
increases being on account of loans and discounts under resources
offset by an increase in aggregate deposits under liabilities.
CLASSIFICATION AND AMOUNT OF XOANS BY NATIONAL BANKS IN THE CENTRAL
RESERVE CITIES, ETC, JUNE SO, 1920.
The character and amount of loans and discounts made by national
banks in the central reserve cities, reserve cities, and country banks,
together with the total loans by all national banks in the United
States, is shown in the following statement:
Total loans on June SO, 1920.
[In thousands of dollars.]
St.
Louis,
On demand, paper with one or
more individual or firm names
(not secured by collateral)
33.036
On demand, secured by stocks
and bonds
355.335
On demand, secured by other personal securities, including mer,804
chandise, warehouse receipts,etc.
On time, paper with one or more
individual or firm names (not
secured by collateral)
1,590.
On time, secured by stocks and
bonds.'
429.
On time,secured by other personal
securities, including merchan164
dise, 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
12,744,244
19307°— CUR 1920—VOL 1
Total
central
reserve
cities.
Total
United
States.
;
34,298 j 14,681 I
82,015 j 195,850
429,364
707,229
|
86,926 • 23;481 j 405,742 j 411,073
385,169
1,261,984
107,677 i 392,277
| 53,966 j 9-202 j 152,032 1 132.568
!
I
!
388,423 103,020 |2,081,945 fe,260,187 3,262,839 ; 7,604,971
651,275
1,855,906
22.697 i 284.053 j 429,446 j 676,623
1,390,122
90,633 I 33.879 j 557/308 ( 647,323
|
73,192
93,927
135,902
146,858
22,260
122
REPORT OF THE COMPTROLLER OF THE CURRENCY.
COMPARATIVE STATEMENT OF LOANS BY NATIONAL BANKS DURING THE PAST
THREE YEARS.
The total of loans and discounts (including rediscounts) by national
banks in the city of New York, in the three central reserve cities, and
all other reserve cities, and by all country banks, as of the date of
each call during the month of June, 1918, 1919, and 1920, are summarized as follows:
[In thousands of dollars,]
Loans.
Banks i n -
New York
Do
Chicago
St. Louis
Other reserve cities
All reserve cities.,
Country
Total United States
June 29, 1918.
June 30, 1919.
June 30, 1920.
Amount.
Per
cent.
Amount.
Per
cent.
Amount.
2,219,496
Per
conL
21.9
2,424,718
22.02
2,744,244
20.16
I 2,876,937
28.4
3,112,777
28.27
3,687,702
27.09
3,128,294
30.8
3,421,041
31.07
4,170,946
30.64
6,005,231
4,130,611
59.2
40.8
100.0
6,533,818 59.34
4,476,388 40.66
10,010,206 100.00
7,858,648
5, 752, 768
57.73
42.27
13,611,416
100-00
10,135,842
RATES OF INTEREST PAID BY NATIONAL BANKS ON DEPOSITS AND NUMBER OF BANKS REPORTING EACH RATE ON MAY 4, 1920.
Rates of interest al- Rates of interest al- Rates of interest al- Rates of interest al- Rates of interest allowed or paid bylowed or paid by
lowed or paid by
lowed or paid by
lowed or paid by
bank. On time debank. On demand
bank. On notes and
bank. On deposits
bank. On bills payposits (other than
deposits (other than
b i l l s rediscounted
of
other
banks.
able since last report.
bank).
bank).
since last report.
5
4 to 5 Over
6 4 to 5
to Over
per up
per
per
6 per cent.
cent.
Over 5 Over
up to
per
6 per cent.
cent.
4 to 5
per
cent.
Over 5 Over 6
up to
per
6 per
cent.
CITIES,
CENTRAL RESERVE CITIES.
New York.
Chicago
St. Louis
Total
H
3i
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 Rod:
Louisville
Chattanooga
:
Memphis
Nashville
,
A
8
3
0
3
1
11
0
5
0
5
1
3
2
1
0
1
1
0
0
0
0
2
0
2
3
5
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
0
0
0
6
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
0
0
0
0
0
0
20
9;
5 |
(J
0
0
34,
0
8
0
2
1
12
9
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
3
o •
7
12
3
7
4
3
2
0
2
2
2
4
0
1
1
4
2
4
2
2
!
2\
25
7
5
0
0
0
8
H3
2
2
2
12
13
13 j
o
>•=}
6
4
1
0
0
2
0
1
1
0
1
3
1
2
4
2
3
4
H
w
O
d
ww
m
o
4,1920—Continued.
RATES OF INTEREST :
to
Rates of interest allowed or paid by
bank. On demand
deposits (other than
bank).
Rates of interest allowed or paid by
bank. On time deposits (other
than
bank).
5
5
6
6 4 to 5 Over
4 to 5 Over
up to Over
up to Over
per
per
per
per
6 per cent.
6 per cent.
cent.
cent. cent.
cent.
Rates of interest allowed or paid by
bank. On deposits
of other banks.
4 to 5
per
cent.
Over 5 Over 6
up to
per6 per
cent.
cent.
Rates of interest al- Rates of interest allowec. or paid by
lowed or paid by
bank On notes and
bank. On bills paybills rediscounted
able since last report.
since last report.
5
5
6
6 4 to 5 Over
4 to 5 Over
up to Over
up to Over
per
per
per
per
6 per
6 per
cent.
cent. Cent. cent.
cent. cent.
o
1-3
CITIES—Continued.
W
ALL OTHER RESERVE CITIES—continued.
o
o
o
0
0
0
3
4
1
o
o
o
0
0
0
0
0
o0
o0
o0
Cincinnati
9
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
4
1
4
1
1
0
0
0
2
o0
o0
o
o
o
. .
0
1
1
o
o
0
o1
...
.
-
...
...
o
o
o
o
o
o
o
o
o
o
0
o
1
1
0
o
o
o
o
o
o
o
5
3
2
2
0
6
1
0
5
3
0
o0
4
1
2
5
0
0
0
o
o
0
0
3
0
0
2
3
0
0
4
5
0
3
2
3
11
0
1
1
0
0
1
2
o0
0
0
o
o
0
0
0
0
0
o
0
0
o
0
o
0
0
0
0
o
o
o
0
o
o
0
o
o
o
o
o
o
0
o
o
0
o0
o
0
o
o
o
o
o
0
o
3
o
o
o
o
o
o
o
o
o
0
0
0
o0
0
o0
0
1
0
0
0
0
0
o
o
1
2
1
4
6
3
n
2
0
1
0
4
3
0
3
0
0
0
0
0
0
5
0
1
3
7
1
4
8
6
6
6
6
3
o
o
0
o
o
o
0
o
o
o
o
o
o1
0
0
0
0
0
0
0
0
0
0
o
o1
o
o
o
o
0
0
0
1
o0
o
o
0
1
...
0
1
0
0
o
0
0
o
o
0
0
0
0
0
0
o
o
1
0
0
o
o
o
o
o
0
n
0
0
0
0
0
0
1
o
o
0
o
o
o
0
0
0
o
o
0
o
o
0
0
0
0
o
o
0
o
o
0
0
0
0
1
3
2
4
o0
0
0
0
o0
1
0
0
0
6
6
0
0
1 !
1
3
1
4
3
0
1
11
2
0
1
0
0
1
1
3
0
0
3
0
1
3
o
1
3
0
0
0
8
2
0
0
2
0
1
5
2
1
0
0
2
1
3
1
0
1
9
0
1
1
3
o
6
1
1
2
1
0
1
1
1
o
0
1
1
0
0
1
0
0
a
o
g
W
o
d
3
Seattle....
Spokane
Tacoma
Portland
Los Angeles
Oakland
San Francisco
Ogden
0 I
0 I
0
0 I
0
0
0
0
1 I
3 i
0
0
0
0
0
o i
Salt Lake City
0
3
0
0
s
2
6
4
6
0
0
0
0
0
0
0
o
0!
0
Total....
162
Total, all reserve cities
0
0
0
1
0
0
0
0
0
4
2
0
2
4
0
0
0
0
0
0
1
0
2
6
9
197
9
231
1
7
37
201
16
238
16
STATES.
H
n
-
_
Virginia
West Virginia
North Carolina
South Carolina
Georgia
Florida
Alabama
Mississippi
Louisiana
Texas
Arkansas
Kentucky
Tennessee
2
]
0
1
0
15
8
•15
Jl
18
Total Eastern States
Total Southern States
H
O
hrj
COUNTBY BA.NK S.
Maine
,
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut
Total New England States
New York
New Jersey
Pennsylvania
Delaware
Maryland
o
!
I
j
j
!
.....|
5
108
it
203
11U
13
52
\
14
0
0
1
0
1
227
70
260
13
4S
190 i
618
26
28
39
29
45
21
41
8
10
279
36
23
45 f
96
71
75
65
40
45
66
23
25
261
65
40
71
630 j
943
12
18
16
57
7
16
W
5 !
7 |
2
10
2
4
O
O
30
0
0
0
0
0
28
3
0
0
1 1
oi i!
0 !
2I
0
0
0
(
0
36
o
it
1
1
9
4
0
51
10
6
17
58
65 '
36
57
1
12;
171
1
0
1
0
0
0
0
0
1
14
0
0
1
0
0
0
0
0
0
0
0
0
0
0
0
0
155 i
91
183
14
42
127 |
485 i
5
90
0
6
27
7
1
2
f,
o
1.
81
3
2
4
119
43
39
38
13
41
16
14
71
36
36
33
497
O
0
0
0
0
0
0
0
0
0
15
6
o
j
1
24
to
RATES OF INTEREST PAID BY NATIONAL BANKS ON DEPOSITS AND NUMBER OF BANKS REPORTING EACH RATE ON MAY 4, 1920 -Continued.
Rates of interest allowed or paid by
b a n k . On demand
deposits (other than
bank).
4 to 5
per
cent.
Over 5 Over 6
up to
per
6 per
cent.
cent.
Rates of interest allowed or paid by
bank. On time deposits (other t h a n
bank).
4 to 5
per
cent.
Over 5 Over 6
up to
per
6 per
cent.
cent.
Rates of interest allowed or paid by
b a n k . On deposits
of other banks.*
Rates of interest allowed or paid by
bank. On notes and
bills redis c o u n t e d
since last report.
5
G 4 to 5
4 to 5 Over
up to Over
per
per
per
6
per
cent.
cent.
cent.
cent.
Rates of interest allowed or paid by
bank. On bills payable since last report.
Over 5 Over C 4 to 5
up to
per
per
6 per
cent.
cent.
cent.
Over 5 Over G
per
up to
cent.
6 per
cent.
H
STATES—Continued.
COUNTRY BANKS—continued.
Ohio
Indiana
Illinois
Michigan
Wisconsin
Minne^o ta
Iowa
Missouri
. . .
. ,
Total M'ddleStiitPs
North Dakota
South Dakota
Nebraska
Kansas . .
Montana
Wyomin "•
Colorado
.
New Mexico
Oklahoma
-
........
. .
.
Total Western Stales
Washington
Oregon
California
Idaho
.
Utah
.
Nevada
1
2
4
0
4
16
3
6
21
13
2
10
418
1
0
2
0
0
o
o1
o
0
1
2
42
39
38
33
63
6
22
17
42
10
6
27
32
11
2
13
2
14
4
6
302
o
i)
14
21
10
0
0
1
0
1
0
1,164
45
2
71
4
87
28
14
0
69
1
5
9
49
r-
13
0
0
1
0
63
6
5
6
1
2
7
1
14
12
2
1
1
85
106
153
184
61
45
121
32
255
46
2
1,C42
262
21
105
35
0
0
2
o
o
0
o
67
65
218
75
14
9
2
2
0
8
1
0
o
o
0
o1
0
0
3
0
1
0
1
0
3
1
0
0
n
0
0
£5
37
417
50
34
45
58
15
6
25
18
184
2
18
435
13
21
46
21
0
2
2
0
173
121
143
44
46
262
304
71
17
4
9
i
6
0
0
o
8
o2
o
o0
c0
o
o
0
o0
o
0
2
0
^
2
1
0
0
0
o
o
0
0
0
6
0
3
0
9
2
50
R
3
81
12
19
30
135
22
0
0
0
0
0
1
0
1
0
1
0
0
1
0
1
0
0
o1
11
6
3
1
14
18
11
13
0
0
0
0
1
1
2
99
G4
51
13
13
0
2
o
0
1
0
0
0
1
0
1
o
0
0
n
n
0
31
4
0
is
3
13
19
18
2
113
78
115
28
23
50
140
34
68
100
581
91
K
3
0
3
1
0
0
1
4
41
26
49
49
84
6
27
11
67
41
13
35
13
35
1
2
3
9
117
19
310
152
2
0
4
6
2
1
0
0
6
2
0
1
16
21
81
24
8
0
2
18
7
5
21
0
0
28
25
5
I
1
9
2
0
o
o
H
O
d
w
Alaska (member banks)
Total Pacific States
Alaska (nonmember banks)
Hawaii (nonmembor banks)
Total (nonmember banks)
Total country banks
Total United S+ates
8
0
-
0
0
0
0
15
0
0
0
0
0
0
0
0
0
0
0
0
0
3
0
2
0
0
0
3
0
2
0
110
2
463
13
1
4
5
130
17
9
153
17
0
c
0
0
0
0
1
3
r,
0
0
0
0
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1,890
103
18
4,437
396
28
376
66
6
51
1, 516
224
404
2,197
291
1,970
104
19
4,599
398
27
396
67
6
60
1,747
261
475
2,435
307
g
1
4
o
H
W
O
o
g
H
8
o
H
W
a
d
to
RATES OF INTEREST CHARGED BY NATIONAL BANKS ON LOANS AND NUMBER OF BANKS REPORTING EACH RATE ON MAY 4, 1920.
to
00
Interest rates charged exclusive of notes upon which interest or discount did not exceed 50 cents.
Item B. Lowest rate charged.
Item A. Highest rate charged.
6 to 8 per
cent, inclusive.
Over 8 10 but
12 per 6 to 8 per
but un- under
12 cent and cent, inder 10
clusive.
per cent. per cent. over.
Item C. Average rate charged.
Overs
10 but
12 per 6 to 8 per
but un- under
12 cent and cent, inder 10 per cent.
over.
clusive.
per cent.
Over 8 10 but
12 per
but un- under
12 cent and
der 10 percent.
over.
per cent.
CITIES.
CENTRAL RESERVE CITIES.
New York
Chicago
St. Louis
Total
10
9
5
1
0
0
8
0
0
13
0
0
4
1
1
0
0
0
0
0
0
0
0
0
19
9
5
0
0
0
0
0
0
0
0
0
24
1
8
13
6
0
0
0
33
0
0
0
0
0
0
0
0
0
11
2
0
0
0
0
0
0
0
0
0
0
0
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 ....
Memphis
Nashville
.
9
1
0
0
2
3
0
0
24
13
13
0
0
0
8
6
0
1
2
1
1
1
1
0
2
0
1
0
0
0
3
2
0
4
1
0
1
0
0
1
1
0
0
0
0
0
2
1
0
0
0
0
0
0
0
0
0
0
13
7
5
0
0
0
0
0
0
0
0
6
0
1
0
3
1
0
0
0
0
0
0
7
4
0
0
0
0
2
0
0
5
3
4
1
1
4
6
0
0
0
0
0
0
0
0
0
0
0
0
0
0
3
2
1
1
0
3
3
2
1
1
5
3
2
2
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
5
4
3
2
2
4
2
4
2
3
8
6
2
2
0
0
0
0
0
0
0
3
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
2
3
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
5
0
0
0
2
0
0
2
3
5
5
4
1
2
2
0
0
0
1
2
4
0
1
4
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
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 Citv
Tulsa
Seattle
Spokane
Tacoma
Portland
Los Angeles.. , ,
Oakland
...
San Francisco..
Ogdcn
Salt Lake City.
Total
Total all reserve cities.
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
7
6
8
4
6
13
2
3
4
6
0
2
3
3
6
In
4
o
0
0
l
4 !
1 i
6\ !
i
4 i
5 !
1
3 |
3 I
'S :
2 <
4 !
8 I
6 i
0
0
0
0
0
o|
«0 !
0I
4
9
2
4
3
7
o
4
7
l
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
n
0
0
0
0
0
0
0
o0
0
0
0
0
0
0
0
o0
0
o
o0
0
0
0
1
0
0
0
0
0
0
0
0
235
259
98 I
fed
o
H
o
hj
H
K
o
hj
D
0
0
0
0
0
0
0
0
0
0
0
0
0
0
o
w
157
301
0
0
163
334
0
0
o
d
to
CD
4, 1920—Continued.
CO
O
Interest rates charged exclusive of notes upon which interest or discount did not exceed 50 cents.
Item B. Lowest rate charged.
Item A. Highest rate charged.
Item C. Average rate charged.
8
Over 8
12 per 6 to 8 per Overun12 per
10 but
6 to 8 per but
12 per 6 to 8 per Overs
10 but
10 but
un- under
under 12 cent and
12 cent and cent, in- but
cent, in- der ununder 12 cent and cent, in- but
der
10
der
10
10
over.
clusive. per cent. per cent.
clusive. per cent. per cent. over.
clusive. per cent. per cent.
STATES.
o
H
O
W
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..
360 I
391
181
784
19
1,453 I
153 |
96
69
74
59
12
76
30
33
6
1
115
792 I
o
o
45
29
30
141
15
48
56
53
48
126
17
60
33
15
137
308
9
4
6
0
1
234
79
365
9
49
361
130
553
10
64
20 I
0
3
8
0
6
31
9
0
1
436
Tl
584 !
182
21
6
1
24
7
12
0
2
87
0
10
11
o
1,118
132
106
78
73
81
43
89
25
32
451
71
100
75
1,356 j
0
0
0
0
0
1
0
0
0
3
1
0
0
72
W
150
115
84
74
78
30
97
30
35
121
30
122
0
0
0
0
10
20
0
0
0
224
40
0
0
0
0
0
0
0
0
0
0
0
180
9
0
0
1,054
294
189 j
Q
d
3
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..
1
2
0
0
1
1
3
0
13
196
3
2
5
3
32
0
0
0
1
6
264
212
285
77
99
266
315
101
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1,786
7
219
47
1,619
0
18
28
29
64
143
0
21
0
2
0
2
1
2
0
4
2
0
0
179
79
143
168
0
26
62
16
265
0
15
42
30
58
143
120
163
225
98
39
101
30
246
337
243
411
107
132
113
340
103
1
0
2
i
2
4
9
0
1
0
0
0
0
0
0
0
0
34
0
0
0
0
0
0
0
0
0
0
0
0
0
1,990
35
o
o
0
0
0
0
0
0
0
0
0
58
76
130
221
17
21
73
8
49
103
45
44
10
53
24
36
11
130
18
8
1
6
75
0
18
25
145
0
0
0
0
0
333
244
441
104
141
277
340
110
0
0
7
25
1
1
0
4
6
1
0
26
1
1
4
42
0
4
16
47
o
0
o
o
rt
1
0
0
W
3
W
j
^
o
hrj
0
0
H
0i ft
te
1
o
n o
305
11
938
175
1,165
46
140
0
653
456
296
Washington
Oregon
,
California
Idaho
Utah
Nevada
,
Arizona
Alaska (member banks)..
21
41
180
0
0
1
0
0
0
0
3
0
0
0
0
0
33
43
67
79
4
20
67
80
0
1
0
0
0
0
0
0
57
71
260
20
13
10
14
54
4
4
0
(i
0
0
h;
H
W
8
7
Total Pacific States
243
0
1
Alaska (nonmember banks)..
Hawaii (nonmember banks).
Total (nonmember banks).
20
0
7
0
1
72
16
9
IS
1
0
0
0
0
0
0
4
0
0
0
0
3
248
64
501
i
4
0
1
1
1
1
0
0
0
0
0
0
0
0
I
22
1
12
238
2
3
0
0
0
0
0
g
0
15
0
1
1
2
1
0
9
3
0
o0o
£!
^
428
113
21
"• o
§
1
3
0
0
1
0
0
H
,s
^
o p:
1
1
2
1
5
0
0
4
0
1
0
Total country banks
4,940
67
2,067
504
5,519
52
216
5,555
898
507
15
C
Total United States
5,199
83
2,165
541
5,682
52
216
5,889
900
507
15
§
oo
132
REPORT OF THE COMPTROLLER OF THE CURRENCY.
CLASSIFICATION OF LOANS BY NATIONAL BANKS IN THE CITY OF NEW
YORK FOR FIVE YEARS, JUNE, 1916, TO JUNE, 1920, BOTH INCLUSIVE.
Of the aggregate of the loans and discounts by all national banks
in the United States on June 30, 1920, 20.16 per cent were made
by banks in the city of New York. The following table gives a
classification of the loans and discounts as of the date of the midsummer call for reports of condition during the past five years:
[In thousands of dollars.]
June 30,
1916—
33 banks.
Classification.
On demand, paper with one or more individual
29,233
or firm names (not secured by collateral)
On demand, secured b y stocks and bonds
On demand, secured by other personal securities, 1 531,580
46,267
including merchandise, warehouse receipts, etc. f
On time, paper with one or more individual or
firm names (not secured by collateral)
574,530
On time, secured by stocks and bonds
On time, secured b y other personal securities,
328,095
including merchandise, warehouse receipts, etc.
61,294
Secured b y real estate mortgages or other liens
874
on realtv . . .
Acceptances of other banks discounted
15,783
Acceptances of this bank purchased or discounted.
1,587,656
Total
June 20,
1917—
33 banks.
June 29,
1918—
49 banks.
June 30,
1919—
31 banks.
Juno 30,
1920—
31 banks.
32,767
581,659
66,660
25,224
445,936
58,516
36,166
454,928
88,455
33,036
355,335
88,864
805,189
1,074,907
954,023
1,590,502
271,780
66,602
767
398,154
92,463
1,016
679,867
109,605
725
429,796
188,164
1,871
63,360
12,680
102,404
20,876
78,830
22,119
50,748
5,928
1,901,464
2,219,496
2,424,718
2,744,244
On September 26, 1918, the law was amended to authorize the
Federal 'Reserve Board to permit banks located in the outlying
sections of central reserve cities to maintain reserves in the amounts
required of other reserve city banks. The necessary authority to
maintain the smaller ratio 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 from 49 to 31
in the number of banks reporting on June 29, 1918, as compared with
June 30, 1919 and 1920.
PAPER ELIGIBLE FOB. REDISCOUNT WITH FEDERAL RESERVE BANKS, HELD BY
NATIONAL BANKS, IN COUNTRY AND RESERVE CITIES, BY GEOGRAPHICAL
DISTRICTS.
Loans eligible for rediscount with Federal reserve banks, as shown by reports of condition
made by national banks at the close of business on June 30, 1919, and June SO, 1920,
with amount of increase during the year.
[In thousands of dollars.]
Geographical location.
New England States:
Reserve city
,
Country banks
Total
Eastern States:
Central reserve city
Other reserve cities
Country banks
Total
June 30,
1919.
June 30,
1920.
Increase.
127,125
135,448
161,723
160,421
34,598
24,973
262,573
322,144
59,571
710,262
243,006
289,776
875,849
367, 862
340,335
165,587
124,856
50,559
1,243,044
1,584,046
341,002
REPORT OF THE COMPTROLLER OF THE CURRKNCY.
133
Loans eligible for rediscount with Federal reserve banks, as shown by reports of condition
made by national banks at the close of business on June 30, 1919, and June 30, 1920,
with amount of increase during the year—Continued.
[In thousands of dollars.]
June 30,
1919.
Geographical location.
Southern States:
Reserve cities
Country banks
Total
Middle Western States:
Central reserve cities
Oth*1 r reserve cities
Country banks
Total
-
Western States:
Reserve cities
Country banks
Total
Pacific States:
Reserve cities
Country banks
Total
Total United States
J u n e 30,
1920.
Increase.
194,101
344,726
236,931
441,772
42,830
97,046
538,827
678,703
139,876
267,432
297 783
359,503
339,051
331 701
423,347
71,619
33 918
63*844
924,718
1,094,099
169,381
96,479
237,928
97,255
241,616
776
3,688
334,407
338,871
4,464
156,455
91,163
174,715
127,419
18,260
36,256
247,618
302,134
54,516
3,551,187
4,319,997
768,810
P A P E R E L I G I B L E F O R R E D I S C O U N T W I T H F E D E R A L R E S E R V E B A N K S NOV. 17, 1919,
AS COMPARED W I T H AMOUNT ON J U N E 30, 1920, CLASSIFIED BY R E S E R V E C I T I E S
AND S T A T E S .
[Held by all national banks.
Nov. 17,
1919.
In thousands of dollars.]
J a n e 30.
1920.
Increase.
Decrease.
Net
increase.
CITIES.
CENTRAL RESERVE CITIES.
751, 924
185,100
83,956
875,849
254,598
84>453
123,925
69,498
497
1,020,980
1,214,900
193,920
193,920
Boston (New England cities>
117,312
101, 723
44,411
44,411
Albany
Brooklyn and lironx
Buffalo
Philadelphia
Pittsburgh
Baltimore
Washington
6,316
8.502
13', 100
183,551
86,220
36 709
10.312
9,701
3,385
11,943
3,441
700
13,800
''10.857
27 306
81,885
31,375
8,301 : : : : . : : : : : : :
344,710
367,862
34,832
35 840
4,400
27 500
12,124
5,438
14 189
21,588
3,792
16,250
1,250
23.261
11,281
3 915
Now Vork
Chicago
St. Louis
Total
ALL OTHER RESERVE CITIES.
Total eastern cities
Rich nn OP d
Charleston
Atlanta
Jacksonville
Birmingham
New Orleans
Dallas
El Paso
Fort Worth
G al veston
Houston
San Antonio
-.
. . .
.
....
31 925
4,850
9
4 500
13,541
4,550
11 926
19,787
3,100
15,729
1,150
21,463
7.783
4 335
5 334
2,011
11,680
450
3 000
1 417
888
2 263
1,801
692
521
100
1,798
3,498
23,152
134
REPORT OF THE COMPTROLLER OF THE CURRENCY.
PAPER ELIGIBLE FOR REDISCOUNT WITH FEDERAL RESERVE BANKS NOV. 17, 1919,
AS COMPARED WITH AMOUNT ON JUNE 30. 1920, CLASSIFIED BY RESERVE CITIES
AND STATES—Continued.
[Held l>y all national banks. In thousands of dollars.]
Nov. 17,
1919.
June 30,
1920.
Increase.
Decrease.
Net
increase.
CITIES—Continued.
ALL OTHER RESERVE CITIES—continued.
W aco
.
.
Little Rock
Louisville
.
Chattanooga
Memphis
.
Nashville
Total southern cities
Cincinnati
Cleveland
Columbus
Toledo
.
Indianapolis
Chicago
Peoria
Detroit
Grand Rapids
Milwaukee
Minneapolis
St Paul
Cedar Rapids
Dos Moines
Dubuque
Sioux City
Kansas City, Mo
St. Joseph.'
Total middle western cities
.
Lincoln
Omaha
Kansas City Kans
. .
Topeka
Wichita
Denver
Pueblo
Muskogee
.
............
Oklahoma City
Tulsa
Total western cities
Seattle
. .
Spokane
Tacorna
Portland
Los Angeles
Oakland
. .
San Francisco
Ogden
Salt Lake City
Total, Pacific cities
....
3,265
1,600
16,100
11,500
6,450
10,709
3,435
1,300
23, 800
12,500
5.627
13,. 858
7,700
1,000
209,928
236,031
29,993
37 604
60,060
5,870
7,500
12,741
C, 278
7,391
22,500
4,200
22 050
23, 400
21,835 ]
2,600
9,650
900
6,651
58,805
3,475
34 471
50,419
8, 935
9, 000
15,463
9,323
0,725
26,535
3,300
12 302
39,350
21,280
520
12.290
850
5 723
67; 277
4,938
170
2,647
3,065
1,500
2,722
3,045
2,334
4,035
15,950
2*64*6*
8,472
1,463
313,510
331,701
45,226
2,500
34,622
3. 200
1.406
7,061
23' 343
1,447
3,250
8,395
7,996
4,150
36,850
1,510
2,916
4,775
26 756
2,142
3,650
8,716
5,790
1,650
2,228
93,220
97,255
10,217
10,000
3,105
29,660
18,895
5,233
62,106
1,900
7,106
24,490
7,705
2,547
31,000
18,715
2,220
79,712
1,275
7,051
24,490
1,510
3 413
695
400
321
1,340
17,606
300
823
2,990
3 133
9,641
27,003
... . _
900
9 748
555
2,080
50
928
27,035
18,191
1,690
2,286
2,206
6,182
4,035
2,295
558
180
3,013
625
55
138,005
174,715
43,436
6,726
36,710
Total, all other reserve cities.
1,216,685
1,370,187
208,115
54,613
153,502
Total, all reserve cities
2,237,665
2,585,087
402,035
54,613
347,422
STATES.
COUNTRY BANKS.
Maine
New Hampshire. . .
Vermont
Massachusetts...
Rhode Island .
Connecticut
. . .
Total New England S t a t e s . . . .
10 882
7,169
6 175
66,244
13 923
33,697
138,090
14 142
7,090
6 430
81,869
14 048
36,842
3 260
15,625
125
3,145
160,421
22,410
79
255
79
22,331
REPORT OF THE COMPTROLLER OF THE CURRENCY.
135
PAPER ELIGIBLE FOR REDISCOUNT WITH FEDERAL RESERVE BANKS NOV. 17, 1919,
AS COMPARED WITH AMOUNT ON JUKE 30, 1920, CLASSIFIED BY RESERVE CITIES
AND STATES—Continued.
[Held by all national banks. In thousands of dollars.]
N o v . 17,
19.19.
J u n e 30,,
1920.
Increase, j Decrease.
Net
STATES—Continued.
COUNTRY BANKS—continued.
New York
New Jersey....
Pennsylvania.,
Delaware
Maryland
Total Eastern States.,
Virginia
West Virginia..
North Carolina.
South Carolina.
Georgia
Florida
.
Alabama
Mississippi
Louisiana
Texas
Arkansas
Kentucky
Tennessee
Total Southern States.
Ohio....
Indiana.
Illinois.
Wisconsin.
Minnesota.
Iowa
Missouri...
!)'.), 271
70 310
S9 359
H 014
9 138
2*."i 398
;,3 761
!5 .,48
,M).;i37
21', 1 00
2U»02
11,1)99
,
0. ".S3
11 <;.~3
110. '07
2<), 177
20, 530
Total Western States.
Washington.
Oregon
California....
Idaho.
Utah
Nevada
231,3'O
18.
43!
231:
7
i
15.
27',
9
23]
126,
Total country banks.,
Total United States..
3,760,88:.
68,937
837
22!
23', 579
1,894
3,340
837
58,346
942 I
423,347
52,565
53,507
3,855
547
365
1,629 L
532
3,387
8,990
573
16,936
241,616
23,540
13,274
10,266
3,668
3,476
58,b7
3 8,22 :•
2,2 '-)
3, 25 ">
4 , 015
128,17[
386
2,533
2,649
4,090
7,093
4.771
4; 029
3,046
197
8,830
16.611
2 1 , *<•'• I
2 0 , .V(.
1,523,22')
69,323 !
17,:;! 1
21,919
36, OH
43,1!) 7
18 4 I')
12 f '")
2K7'<2
10', 7 «i
43; 1 ;:
Total Pacific States..
Decrease.
340,335
386
89
41,; <\
«SS, 75
2;*;. .,s
37, '.'()
41, Mi
70, ..11
Total Middle States.
North Dakota.
South Dakota.
Nebraska.
Kansas
Montana
Wyoming
Colorado
New Mexico...
Oklahoma
1
25,747 I.
4,758 !.
38,729 j .
59,183
370,', •
Arizona
125,018
75,074
128,088
2,628
9,527
510
4,766
290
322
1,725
127,
4,319,(
1
7,001
7,756
234,964
23,274
"211^690
77,887
559,112
755
136
REPORT OF THE COMPTROLLER OF THE CURRENCY.
Classification of rediscounts, together with the total of loans and discounts as shown by
the reports of national banks.
MAY 4, 1920.
[In thousands of dollars.]
Loans and discounts and rediscounts,
Notes
and bills
rediscounted
other
than
with
Federal
reserve
bank
than
bank
acceptances
sold.
Acceptances of
other
banks
payable
at future
date
guaranteed by
indorsement or
other-
168 792
133, 685
52,415
1 045
3,375
73,910
1)320
2,697
18,057
2,408 347
581,067
170,454
2 670,151
719,447
225,566
354,892
4,420
77,927
18,057
3,159,868
3,615,164
43,523
197
21,650
4,280
961
100
8,799
450
76
13
22,677
150
873
365,564
48,490
30,804
35,340
420,949
230,045
99,970
56,666
76,049
14 343
52 804
30,307
19,959
35 482
56,422
' 18,657
39,738
5,344
60 013
23,253
12,008
5,602
46,357
20,961
14,065
30,250
77,157
132,947
35,331
36,965
52,550
22,015
18'. 697
88", 966
16,640
86,320
112,055
68,690
15,725
30.838
4,191
23,492
138,578
19,332
13,691
71,059
6,252
5.177
19,155
63,862
5,252
13,269
32,052
40,952
Notes and
bills rediscounted
with
Federal
reserve
banks
(other
than bank
acceptances
sold).
New York
Chicago
St. Louis
Central reserve cities
Boston.
Albany
Brooklyn and Bronx
Buffalo
Philadelphia.
Pittsburgh
Baltimore.
Washington
Richmond.
Charleston.
Atlanta
Jacksonville..
Birmingham
New Orleans
Dallas
El Paso
Fort Worth..
Galvfiston .
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
Duburiue
Sioux City... .
Kansas City Mo
St Joseph.
Lincoln
Omaha
Kansas City Kans
Topeka
Wichita .
Denver
Pueblo
Muskogee
Oklahoma City ..
TuJsa
..
2,556
5 942
59,324
9 276
15,648
871
8,568
902
2 782
603
7 7«9
5,814
1 042
4,568
5 030
200
556
753
12,984
2,035
1,108
6,805
9 992
29 834
2,039
3 088
9 952
93
8,274
2 654
20,125
37,776
14,270
5,170
5 122
162
4,860
38 744
1,738
3,068
20,474
1 483
.
Foreign Loans and
bills of
discounts
exchange (exclusive
or drafts
of notes
sold with and bills
indorseredis-
ment.
wise.
706
384
212
•
989
21
619
1 629
167
85
241
39
360
100
160
152
543
135
1,672
45
825
429
5,570
250
68
230
2,627
4 636
'614
260
439
412
1,504
1,273
521
10
1,077
244
2 ; 974
637
643
Total loans
and discounts, including rediscounts
and acceptcounted.)
ances.
121
80
435,214
48,490
34,397
41,395
511,749
239,77 L
316,321
57,921
^5,640
15 457
55' 586
30,910
19,959
44,260
62,236
19,720
44,925
5,344
66 672
23,620
12,649
6,596
59,861
23,135
15,173
37,207
87,149
163,324
37,370
40,188
64,174
22,153
18,697
98,065
19,294
106,874
155, 101
83,210
20,963
36,190
4,353
30,979
182,159
21,6S4
17,019
91,972
8,147
5,177
21,570
65,145
5,252
14,346
32,933
44 ; 569
EEPORT OF THE COMPTROLLER OF THE CURRENCY.
137
Classification of rediscounts, together with the total of loans and discounts as shown
showi by
the veporis of national
banks—Continued.
MAY 4, 1920—Continued.
[In thousands of dollars.]
Loans and discounts and rediscounts.
Notes and
bills red iscountcd
with
Federa 1
reserve
banks
(other
than bank
acceptances
Cities and States.
sold).
Seattle. .
Spokane
Tacoma
Portland.
Los \ngeles
.
San Francisco
Ogden...
Salt Lake City
. .
Notes
and bills
rediscounted
other
than
with
Federal
reserve
bank
than
bank
acceptances
sold.
1,560
1,831
.
. . . .
Acceptances of
other
banks
payable
at future
date
guaranteed by
indorsement or
other-
Foreign Loans and
bills of discounts
exchange (exclusive
or drafts of notes
sold with and bills
indorserediscounted.)
ment.
wise.
32
26
191
2,553 ; . .
5,018
2,641
44,169
910
5,317
Totalloans
and discounts, including rediscounts
and acceptances.
3,135
81
1,891
162
397
400
58,793
22,963
8,408
61,536
106,168
17,623
213,014
6,327
21,623
60,411
24,985
8,408
67,224
111,186
20,345
259,236
7,634
27,340
All other reserve cities
488,758
16,537
48,288
28,347
3,617,407
4,199,337
Total all reserve cities
843,650
20,957
126,215
46,404
6,777,275
7,814,501
681
643
668
6,338
1,046
2,581
87
245
63
44
66
50
687
44
3
19
53,415
29,476
26,441
221,490
40,044
128,152
54,183
30,430
27 172
227,966
41 780
130,803
11,957
493
803
66
499,018
512,337
11,761
A\ 140
5,051
14
492
405
160
94
51
80
218
368,516
273,966
544,726
10,289
45,132
380 900
278,441
549 876
10,354
45,704
21,458
790
218
180
1,242,629
1,265,275
10,033
1 563
4,903
2 236
3,560
212
1,921
1,008
4,566
8,515
1,607
1J484
1,738
1 982
10
1 938
882
450
79
154
338
524
593
534
235
161
774
165,562
98 538
112,139
73 051
67,916
39 G20
66,916
32,703
56,075
305,856
46 952
90,277
56,996
178 351
100 111
120,555
76 169
71 926
39 926
68,991
34 120
61 165
314,964
49 093
92 038
58,895
43,346
7,880
1,622
1,212,601
1,266,304
5,972
6,651
7 710
810
2,096
3,023
14 889
804
514
296
754
171
163
850
694
353
50
283 393
167,914
283 434
108 330
141,140
194,301
216 226
54,894
289 92Q
174 861
291 929
109'311
143 399
198,174
231 874
56,051
41,955
3,795
140
1,449,632
1,495,528
COUNTRY BANKS.
Maine
New Hampshire
Vermont
Massachusetts .. .
Rhode Island
Connecticut
Total New England States
New York
New Jersey
Pennsylvania
Delaware
Maryland
.
,
Total Eastern States
Virginia
West Virginia
North Carolina.
South Carolina
Georgia
Florida
Alabama
Mississippi
Louisiana
Texas
...
Arkansas
Kentucky.
Tennessee
.
-
Total Southern States
Ohio... .
Indiana
Illinois
Michigan..
Wisconsin...
Minnesota
Iowa
Missouri
.
Total Middle Western States...
19307°—CUE 1920—VOL 1-
-10
54
175
1 551
24
15
71
42
25
855
6
05
6
138
REPORT OF THE COMPTROLLER OF THE CURRENCY.
Classification of rediscounts, together with the total of loans and discounts as shoivn by
the reports of national banks—Continued.
MAY 4, 1920—Continued.
[In thousands of dollars.]
Loans and discounts and rediscounts.
Cities and States.
Notes and
bills rediscounted
with
Federal
reserve
banks
(other
than bank
acceptances
sold).
Notes
and bills Acceptances of
redisother
counted
Foreign Loans and
banks
other
than
discounts
bills of
payable
at future exchange (exclusive
with
or drafts
of notes
Federal
date
guaran- sold with and bills
reserve
redisteed by indorsebank
ment.
counted.)
indorsethan
ment or
bank
otheracceptwise.
ances
Total loans
and discounts, including rediscounts
and acceptances.
sold.
COUNTRY BANKS—continued.
North Dakota....
South Dakota
Nebraska
Kansas
Montana
Wyoming
Colorado
New Mexico
Oklahoma
Total Western States
Washington
Oregon
California
Idaho
2 166
3,724
4 133
2,671
3 497
822
1 867
2 045
2,219
169
631
193
744
259
40
339
19
385
23
23,144
2,779
2G
705
2 501
4 713
4 850
247
141
676
. . .
Utah.
Nevada
Arizona
Alaska (member bank)
Total Pacific States
13,833
3
10
152
495
629
21
136
124
35
1,400
192
10
Alaska (nonmember banks)
Hawaii (nonmember banks)
Total (nonmember banks)
67 084
80,056
92 520
111,693
68 873
40 703
68 429
27 742
130,534
69 419
84,411
96 846
115 111
72 629
41,565
70 635
29 816
133,161
687,634
713,593
56 348
47 775
226'782
48 929
6 228
9 574
20 728
18
57,053
50 449
232,126
54 408
6 475
9,715
21 563
18
416,382
431,807
593
2,818
593
2,818
3,411
3,411
Total country banks
155,693
17,137
3,001
1,117
5,511,307
5,688,255
Total United States
999,343
38,094
129,216
47,521
12,288,582
13,502,756
J U N E 30, 1920.
New York
Chicago
St. Louis.. . .
...
Central reserve cities
Boston
Albany
Brooklyn and Bronx
Buffalo . . .
Philadelphia
Pittsburgh
Baltimore
Washington
Richmond
Charleston
Atlanta.
Jacksonville
B irmingham
New Orleans
Dallas
El Paso
137,697
162,496
40,900
960
1,645
74,066
1,483
757
9,164
97
2,522,357
566,539
169,541
2,744,244
732,260
211,198
341,093
2,605
76,306
9,261
3,258,437
3,687,702
16,231
2,634
74
24
4,763
97
381,848
37,916
30,593
36,037
436,124
236, 280
99,458
53,639
72,016
13,932
50,989
28,127
21,060
33, 784
53,479
18,758
446,846
37,916
32,513
40,973
504,760
246,636
113,861
55,074
84,386
16,105
58,834
29,273
21,060
42,000
60,379
19, 719
46 133
1,846
4, §12
57,497
9,509
13,251
1,311
11,242
1,907
7,845
1 146
100
250
1,152
124
25
266
6,276
500
7,376
3 740
951
573
3 160
267
1,103
ib
REPORT OF THE COMPTROLLER OF THE CURRENCY.
139
Classification of rediscounts, together with the total of loans and discounts as shoivn by
the reports of national banks—Continued.
JUNE 30, 1920—Continued
[In thousands of dollars.]
Loans and discounts and rediscounts.
Notes and
bills rediscounted
with
Federal
reserve
banks
(other
than bank
acceptances
sold).
Cities and States.
Fort Worth
Galveston
Houston
San Antonio
Waco
Little Rock
Louisville
Chattanooga
Memphis
Nashville
Cincinnati
.
Cleveland
Columbus
Toledo
Indianapolis
Chicago
Peoria
Detroit
Grand K apids
.
Milwaukee
Minneapolis
St. Paul
Cedar Rapids
Des Moines
Dubuque .
Sioux City
Kansas City, Mo
St Joseph
Lincoln
.
Omaha
Kansas Citv Kans
Topeka
"
Wichita
Denver
Pueblo
Muskogee
Oklahoma City
Tulsa
Seattle
Spokane .
Tacoma
Portland
Los Angeles
Oakland
San Francisco
Ogden
Salt Lake City
All other reserve cities
Total all reserve cities
5,036
.-
- --
....
6 059
629
976
916
10 697
2,836
1,138
4,155
3,736
24,512
1,775
2,125
11,183
220
14,042
3,021
27,008
39,045
13,733
3,743
3,909
294
5,650
27,816
1,563
2,298
15.938
995
Notes
and bills
rediscounted
other
than
with
Federal
reserve
bank
than
bank
accept
ances
sold.
Acceptances of
other
banks
payable
at future
date
guaranteed by
indorsement or
otherwise.
Foreign
bills of
exchange
or draft
sold with
indorsement.
412
65
1 611
2,541
135
217
67
151
76
46
1,000
589
1 309
3,803
117
428
205
2,103
3,205
290
206
164
273
38
3 236
70
Loans and
discounts
(exclusive
of notes
and bills
rediscounted
Total loans
and discounts, including rediscounts
and acceptances.
37,086
4,443
57,866
21,493
11,600
4,847
47,619
20,851
13,074
31,452
82,804
137,210
38,062
36,070
53,619
22,662
19,447
89,637
16,101
80,766
106,020
67,836
14,365
29,381
4,020
21,863
139,735
18,829
13,480
70,281
6,330
5,249
19,086
64,164
5,887
12,474
30,256
40,678
68,709
23,119
8,168
63,752
98,554
16,610
227,273
6,079
19,957
45,075
4,508
65,536
22,122
12,778
5,980
58,543
23,733
14,212
36,607
86,540
162,311
39,837
38,195
68,111
22,882
19,447
103,679
19,122
111,615
148,301
81,686
18,536
33,495
4,314
29,616
170,826
20,682
15,984
86,383
7,598
5,249
20,626
69,154
5,887
13,672
32,862
44,651
59,144
26,006
8,168
70,665
107,901
21,374
265,385
7,675
25 93£
1,500
4,990
40
961
1,824
3,973
416
2,784
2,294
9,347
4 764
37,055
1,240
5,652
237
782
356
329
480,514
21,895
34,160
11,473
3,622,904
4,170,946
821,607
24,500
110,466
20, 734
6,881,341
7,858,648
499
949
544
5,665
1,372
3,215
20
180
170
109
54
733
165
177
43
5
17
55,197
30,927
27,458
226,245
39,052
128,419
55,716
32,056
28,172
232,795
40,594
131,882
12,244
533
1,075
65
507,298
521,215
19
103
118
4,50i
1 057
COUNTRY BANKS.
Maine.
Vermont
Rhode Island
Total New England States
i
140
REPORT OF THE COMPTROLLER OF THE CURRENCY.
Classification of rediscounts, together with the total of loans and discounts as shown by
the reports of national hanks—Continued.
J U N E 30, 1920—Continued.
[In thousands of dollars.]
Loans and discounts and rediscounts.
Cities and States.
Notes
and bills AcceptNotes and
redisances of
bills redis- counted
other
counted
other
banks
than
with
payable
with
Federal
at future
Federal
reserve
date
reserve
guaranbanks
bank
teed by
(other
than
indorsethan bank
bank
ment or
acceptances
acceptothersold).
ances
wise.
sold.
Foreign Loans and
bills of
discounts
exchange (exclusive
or drafts
of notes
sold with and bills
indorseredisment.
counted.)
Total loans
and discounts, including rediscounts
and acceptances.
COUNTRY BANKS—continued.
New York
New J e r s e y . . .
Pennsylvania.
Delaware
Maryland
Total Eastern States..
Virginia
West Virginia
North Carolina
South Carolina
Georgia
Florida
Alabama
Mississippi
Louisiana
Texas
Arkansas
Kentucky
Tennessee
Total Southern States
Ohio
Indiana
Illinois
Michigan..
Wisconsin.
Minnesota.
Iowa
Missouri...
Total Middle Western States..
North Dakota.
South Dakota..
Nebraska
Kansas
Montana
Wyoming
Colorado
New Mexico...
Oklahoma
Total Western States
Washington
Oregon
California
Idaho
Utah
Nevada
,
Arizona
Alaska (member bank).
Total Pacific States.
11,855
6,079
4,973
85
824
551
133
199
20
103
"29"
23,816
1,006
444
12,095
1,623
8,547
5,082
5,722
553
3,675
1,304
4,505
18,297
2,398
2,182
1,933
1,831
29
3,031
1,889
1,204
75
220
307
739
706
509
477
248
67,916
11, 265
3,907
5,904
7,194
1,026
3,244
4,506
18,843
1,339
587
140
461
126
191
802
474
323
45,963
3,104
4,465
5,749
4,187
3, 889
6,301
2,103
3,810
3,299
4,942
214
971
180
558
177
254
1,034
28
622
38,745
1,518
3,821
6,346
9,309
469
284
1,198
22, 948
1,835
415
245
3
196
220
381,862
279,993
555,044
10,062
44, 945
394,686
286,401
560,465
10,167
45,872
419
1,271,906
1, 297,591
1,141
165,668
100,545
108,530
72,152
67,083
38,382
66,298
30,863
55,002
296,765
45,051
90,602
56, 845
180,735
102,197
120,374
79,123
74,009
39,109
70,232
32, 474
60,266
315,768
47,958
93,319
59,026
21
20
58
265,
1,358
1,193,7
1,274,590
289,141
169,942
283,566
110,780
140,038
198,139
206,007
52,237
293,693
176,033
291,246
111, 932
143,488
203,447
225,327
53,899
1,449,850
1,499,065
67,023
77,013
88,729
111,027
66, 773
40,772
67, 777
28,133
131,248
71, 702
83,733
93,096
115,477
73,251
43,129
72,621
31,460
136,812
4,038
678,495
721,281
30
473
589
651
55,196
48, 714
223,760
47,381
5,983
9.278
20,354
15
56,754
53,020
230,695
57,341
6,452
9,562
21,644
15
410.681
435,483
148
92
19
REPORT OF THE COMPTROLLER OF THE CURRENCY.
141
Classification of rediscounts, together with the total of loans and discounts as shown by
the reports of national hanks—'Continued.
JUNE 30, 1920—Continued.
[In thousands of dollars.]
Loans and discounts and rediscounts.
Notes and
bills rediscounted
with
Federal
reserve
banks
(other
than bank
acceptances
sold).
Notes
and bills
rediscounted
other
than
with
Federal
reserve
bank
than
bank
accept
ances
sold.
Acceptances of
other
banks
Foreign Loans and
payable
discounts
bills of
at future exchange (exclusive
date
of notes
or draft
guaran- sold with and bills
teed by indorseredisindorsecounted
ment.
ment or
other-
Total loan
and discounts including rediscounts
and accept
ances.
wise.
COUNTRY BANKS—continued.
\laska fnonniemher banks!
Hawaii (nonmember banks)
534
3,009
3,543
3,543
211,632
21,781
1, 954
1,842
5,515,559
5,752,768
1,033,239
46,281
112,420
22,576
12,396,900
13,611,416
Total (nonmember banks)
Total country banks
Total United States
534
3,009
SEPT. 8, 1920.
New York.
Chicago....
St. Louis..
Central reserve cities.
Boston
Albany
Brooklyn and Bronx.
Buffalo
Philadelphia
Pittsburgh
Baltimore.
Washington
Richmond
Charleston
Atlanta
Jacksonville
Birmingham
New Orleans
Dallas
El Paso
Fort Worth
G alveston
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
261,412
130,786
47,007
42,819 |
50 I
200 I
11,817
97
2,442,173
581,790
175,053
2,758,758
712,723
222,260
489,205
43,069 I
11,914
3,199,016
3,693,741
40,624
9,131
2,535
382,398
39,058
30,010
36,337
445,946
248,750
105,606
53,257
77,488
13,987
48,982
26,951
18,917
32.100
55,060
18.101
34,117
4,795
56,422
21,679
11,455
4,871
51,853
20,764
12,419
30,342
88,043
14O',O77
38,507
35,589
55,590
23,107
19,020
91,176
17,220
80,631
108,824
67,741
13,763
27,567
434,688
39,146
32,358
40,982
500,109
257,140
118,899
55,107
88,155
16,692
61,824
28,114
18,917
44,119
65,125
19,898
42,279
4,795
66,502
21,839
14,143
5,591
57,503
23,687
14,462
38,124
91,481
163,082
40,632
37,415
64,698
23,117
19,020
103,901
18,879
108,812
150,348
82,756
17,261
32,499
2,233
4,629
44,308
7,871
13,143
1,750
9,619
2,482
12,237
1,163
.10,920
7,273
1,795
5,450
8,389
160
1,992
712
,215
2,619
1,945
6,757
3,438
22,886
2,125
, 826
. 773
10
12,725
1,659
25,221
38,3""
14,716
2,063
4,932
7,444
519
115
16
2,411
150
223
605
302
2,792
403
100
18
797
606
8
304
98
1,025
435
1,335
2,960
3,167
299
. 135
1,030
142
REPORT OF THE COMPTROLLER OF THE CURRENCY.
Classification of rediscounts, together with the total of loans and discounts as shown by
the reports of national banks—Continued.
SEPT. 8, 1920—Continued.
[In thousands of dollars.]
IiOans and discounts and rediscounts.
Notes and
bills rediscounted
with
Federal
reserve
banks
(other
than bank
acceptances
sold).
Cities and States.
Notes
and bills
rediscounted
other
than
with
Federal
reserve
bank
than
bank
acceptances
sold.
DubuQiiG
Foreign
bills of
exchange
or drafts
sold with
indorsement.
341
Sioux City
Kansas City Mo
St Joseph *
Lincoln
Omaha
Kansas Citv Kans
Topeka
Wichiti
D en ver
Pueblo
--
6,814
31 659
1,100
2 571
15,949
1 257
1 298
2,084
993
Muskosfee
Oklahoma City
Tulsa
Seattle
Tacoma
Portland
Los Angeles
Oakland
San Francisco
Ogden
Salt Lake City
Acceptances of
other
banks
payable
at future
date
guaranteed by
indorsement or
otherwise.
. . . .
4,933
4,549
1,895
4 590
733
2 293
122
299
225
198
244
388
865
330
3,313
2H0
. . .
7 730
40 953
50
13
3,069
255
1,439
8
Loans and
discounts
(exclusive
of notes
and bills
rediscounted).
Total loans
and discounts, including rediscounts
and acceptances.
3 909
20,391
137 819
17,330
12,987
70,073
6,166
5,070
19,999
68,130
6,205
12,388
27,268
40,230
55,403
23,815
7,667
60,748
103:638
18,010
214,140
6,274
18,512
4 250
27,938
171 821
18,552
15 857
86,247
7 621
5,070
21 297
70,458
6,205
13 769
33,066
45,109
57,298
28 405
7 667
64 341
111 636
21,079
256 540
7,460
25,497
6,725
877
309
260
All other reserve cities
467,703
22,339
27,687
8, 859
3,644,692
4,171,280
Total all reserve cities
906,908
22,876
70,756
20,773
6,843,708
7,865,021
601
447
315
3,198
300
73
134
87
73
25
181
17
129
9
17
56,314
31,702
27,950
231,841
40,885
128,312
57,215
32,222
28,399
235,768
41,308
131,569
8,432
692
198
155
517,004
526,481
11,447
6,018
4,189
421
60
25
507
18
232
395,938
287,078
567,189
10,567
46,657
408,373
293,193
571,736
10,661
47,230
85
757
1,307,429
1,331,193
566
167,998
104,758
111, 945
70,940
66,045
37,905
66,040
29,639
53,120
297,418
44,348
92,681
57,161
182,198
105,244
125,942
80,805
76,585
38,598
72,143
33,040
60,891
325,001
49,061
95,138
59,325
1,199,998
1,303,971
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
3,711
160
94
485
88
22,233
689
12,093
1,541
485
. .
79
101
1
11,211
7,573
8,780
2,786
2,292
1,760
607
40
270
662
858
5,796
2,739
6,909
26,446
4,119
2,098
1,942
1,137
90,798
12,389
46
37
4
581
239
222
13
120
37
749
REPORT OF THE COMPTROLLER OF THE CURRENCY.
143
Classification of rediscounts, together with the total of loans and discounts as shown by
the reports of nationa'l banks—Continued.
S E P T . 3, 1920—Continued.
[In thousands of dollars.]
Loans and discounts and rediscounts.
Cities and States.
Notes
and bills Acceptredisances of ;
Notes and
other ;
bills redis- counted
other
banks | Foreign
counted
than
payable
; bills of
with
with
at future • exchange
Federal
date
! or draft
Federal
reserve
reserve guaran- .sold with
banks
teed
by
; indorsebank
(other
indorse- ', ment.
than
than bank
merit
or
bank
acceptance s
otheraccept
sold).
wise.
ances
sold.
Loans and
discounts
(exclusive
of notes
and bills
rediscounted
Total loan
and discounts including rediscounts
and acceptances.
293,418
169,828
282,974
112,266
138,541
194,663
203,142
51,958
298,587
174,983
288,670
113,679
142,736
202,276
224,643
53,325
79 j 1,446,790
1,498,899
69,205
73,884
87; 410
116,343
65,267
40,049
70,094
27,798
135,507
72,168
81,594
92,507
119,752
72,813
43,466
75,935
31,868
143,930
685,557
734,033
55,775
47,839
225,773
47,277
5,846
9,369
19,196
13
59,142
53,508
233,829
57,819
6,519
9,439
22,011
13
411,088
442,280
506
3,682
506
3,682
COUNTRY BANKS—continued.
Ohio
.
[ndiana
Illinois
Michigan
Wisconsin . . . .
Minnesota
Io*wa
Missouri
.
.
Total Middle Western S t a t e s . . . j
North D a k o t a .
South Dakota..
Nebraska
Kansas
Montana
Wyoming
Colorado
New Mexico
Oklahoma
Total Western States.
Washington
Oregon
California
Idaho
Utah
Nevada
Arizona
Alaska (member bank).
Total Pacific States.
4,530
4,788
5,365
1,408
3,726
6,153
20,881
564
260
314
5
469
1,460
617
418
25
45 !
47,850 j
4,107 |
73
2,729
6,812
4,802
2,877
7,322
3,224
4,588
4,006
7,514
234
898
295
512
201
193
1,253
64
909
949
43,874
37
4,801
7,371
9,940
673
70
2,213
28,443
4,559 I
92~'
745
585
602
20 I
123
100
502
2,526
223
Alaska (nonmember banks)..
Hawaii (nonmember banks).
Total (nonmember banks).
Total country banks
Total United States
4,188
4,188
241,630
639
1,760
5,572,054
5,841,045
1,148,538
71,395
22,533
12,415,762
13,706,066
144
REPORT OF THE COMPTROLLER OF THE CURRENCY.
LOANS MADE BY NATIONAL BANKS FOR THEIR CORRESPONDENTS.
MAY 4,1920.
[In thousands of dollars.]
Loans for accounts
of correspondents
made from their
funds.
Secured
by collateral.
Loans for accounts
of correspondents
made from their
funds.
Not
secured
by collateral.
Secured
by collateral.
CITIES.
STATES.
CENTRAL RESERVE CITIES.
COUNTRY BANKS.
New York
Chicago
St. Louis
Total.
598,203
12,306
5,295
615,804
10,496
"**339
10,835
ALL OTHER RESERVE CITIES.
Boston
Albany
Buffalo
Philadelphia
Pittsburgh
Baltimore
Total
Richmond
Atlanta
Jacksonville
New Orleans
Dallas
El Paso
Houston
Louisville
Memphis
Total
Cincinnati
Columbus
Toledo
Peoria
•
Detroit
Grand Rapids....
Cedar Rapids
Des Moines
Kansas City, Mo..
St. Joseph
Total
Lincoln
Omaha
Total
Seattle
Spokane
Tacoma
Los Angeles
Oakland
Total
Grand total
Total, all reserve citie;
38,046
20
16,686
1,895
5,253
23,854
19
1,036
20
200
Maine
Connecticut..
Total New England
States
New York
Pennsylvania..
Maryland
20
30
116
Texas
Arkansas
Kentucky
50
134
Total Eastern States...
"**587
2,421 Virginia
North Carolina.
3, 228 Florida
Not
secured
by collateral.
134
200
146
35
34
31
335
8S
390
2S6
217
Total Southern States.
Indiana
Illinois
,
Michigan..
Wisconsin.
6,806 Minnesota.
Iowa
Missouri...
106
728
10
161
757
Total Middle States...
North Dakota.
South Dakota.
Nebraska
Kansas
Montana
Wyoming
3,923 Colorado
Oklahoma
395
23
12
6
197
225
100
525
100
920
468
2
87
99
Total Western States.
Washington.
Oregon
417 California
101 Idaho
105
413
732
685,4S7
27,657
Total Pacific States
488
63
103
10
355
62
119
16
12
27
5
48
801
22
41
117
7
925
403
23
10
124
63
18
61
57
136
220
272
Total country banks...
1,846
2,075
Total United States...
687,333
29,732
REPOET OF THE COMPTROLLER OF THE CURRENCY.
145
LOANS MADE BY NATIONAL BANKS FOR, THEIR CORRESPONDENTS—Continued.
JUNE 30, 1920.
[In thousands of dollars.]
Loans for accounts
of correspondents
made from their
funds.
Secured
by collateral.
Loans for accounts
of correspondents
made from their
funds.
Not,
secured
by collateral.
Secured
by collateral.
CITIES.
STATES,
CENTRAL RESERVE CITIES.
COUNTRY BANKS.
New York.
Chicago
St. Louis..
.517,597
11,007
4,195
9,226
Total
j 533,399
9,525
"299
ALL OTHER RESERVE CITIES.
Boston
Albany
Brooklyn and Bronx.
Buffalo
Philadelphia
Pittsburgh
Baltimore
Richmond
Atlanta
Jacksonville
New Orleans
Dallas
El Paso
Houston
Louisville
Memphis
Cincinnati
Columbus
Toledo
Peoria
Detroit
Grand Rapids
Cedar Rapids
Des Moines
Kansas City, Mo
St. Joseph
Lincoln
Omaha
Seattle
Spokane
Tacoma
Los Angeles
Oakland
Total
Total all reserve cities.
32,315
20
22,858
1,532
3,781
15
1,025
22G
50
220
105
4,213
68
254
115
129
625
112
180
2
99
57
20
20
1.091
483
1,628
527
275
821
211
90
69
2,757
14
102
1.20
10
365
203
315
16
908
263
258
510
479
322
150
75
448
68,090
12,550
~601yl89
22,075
Maine...
New Hampshire
Vermont
Connecticut
Total New England
States
New York
Pennsylvania.
Total Eastern States...
Virginia
North Carolina
Florida
Texas
Kentucky
Total Southern States.
Indiana
Illinois
Michigan
Wisconsin
Minnesota
Iowa
Missouri
Total Middle S t a t e s . . .
North Dakota
South Dakota
Nebraska
Kansas
Montana
Wyoming
Oklahoma.
Total Western States..
Washington.
Oregon
California
Idaho
Total Pacific S t a t e s . . . .
Total country b a n k s . . .
Total United S t a t e s . . .
Not
secured
by collateral.
20
10
15
65
78
100
"135
135
43
15
150
169
35
363
36
10
78
153
263
1,056
002,545
378
436
60
12
8
165
70
101
16
432
32
12
6
185
3
49
7
14
61
32
43
150
1,547
23~622
AMOUNT OF MONEY LOANED BY NATIONAL BANKS, EITHER BY DIRECT LOANS OR THROUGH BOUGHT PAPER, TO PARTIES WHO KEEP NO
DEPOSIT ACCOUNTS WITH THE BANKS, AND NUMBER OF SUCH LOANS FEB. 28, 1920.
[In thousands of dollars.]
Loans and discounts not secured by
collateral.
Total
number Demand.
of loans.
Time.
Aggregate.
Loans and discounts secured by stocks
and bonds.
Total
number Demand
of loans.
Time.
Aggregate.
Loans and discounts secured by other
personal securities, including merchandise, warehouse receipts, etc.
Total
number Demand
of loans.
Time.
Aggregate.
CITIES,
CENTRAL RESERVE CITIES.
New York
Chicago...
St. Louis
4,685
1,552
9,488
2; 775
130,046
38,268
9,326
116,266
20,926
1,751
212,392
31,838
3,061
309
286
24
19,139
7,904
245
96,126
10,912
1,310
3,116
1,916
168
120,558
35,493
9,158
3,721
1,457
463
598
180
778
Total
6,700
12,431
165,209
177,640
5,423
108,348
138,943
247,291
619
5,630
27,223
32,853
589
582
723
103
11,071
1,343
1,034
364
18,135
2,416
1,807
2,151
2 201
91
25
126
826
26,906
13,727
2; 034
1,213
45,920
14, 905
4,751
9,264
50
35
648
525
73
15,835
12,384
1,000
849
27, 785
12,489
2,944
8,438
42
40
67
61
1,784
526
243
855
15,453
3,911
4,956
1,210
27,357
10, 772
3,483
4,572
1,139
819
701
163
35
14,730
3; 808
4,949
1,120
26,538
10,071
3,320
4,537
26
4,830
1,918
54,343
56,261
3,634
65,889
25,925
91,814
598
98
3,589
1,036
3,699
2,482
2,736
3,687
1,041
3, 714
2,482
2,736
176
1,502
9
3,340
2,100
1,902
848
951
3,404
857
4,291
2,398
ALL OTHER RESERVE CITIES.
Boston
Albany
Brooklyn and Bronx
Buffalo
Philadelphia
Pittsburgh
Baltimore. . . .
Washington
.
254
225
2 145
.
.
Total
Richmond
Charleston.
Atlanta
Jacksonville
Birmingham
New Orleans
Dallas
El Paso
Fort Worth.
Galveston
Houston., „ San Antonio
Waco .
Little Rock
Louisville
Chattanooga
247
642
263
510
93
378
.
.
...
7
90
5
15
31
545
127
16
13
73
603
467
230
186
356
54
2
121
137
53
703
703
1 935
850
586
233
1,495
1,729
'857
1,966
866
599
891
50
235
1,616
1,866
910
891
3,130
3,180
370
370
476
188
•193
178
1
298
33
210
786
406
34
4
2
792
216
39
350
189
59
29
404
15
246
95
145
35
47
227
33
388
787
i, 624
1
27
55
128
92
174
283
2,015
2,298
43
131
342
473
95
2
9
20
16
90
29
30
10
139
301
110
136
266
238
119
9
30
1,696
1.942
656
34
121
1,220
2,024
833
89
121
3,244
25
19
1? 825
55
19
201
796
218
55
177
1
1
22 255
9 820
18
57
583
10
1,146
49
3
81
4
143
486
726
538
283
20
226
1,658
162
1,578
969
114
26
223
129
119
161
543
726
538
866
20
226
1 668
1,308
1,627
972
195
26
227
Memphis
Nashville
Total
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
Total
Lincoln........
Omaha
Kansas City, Kans.
Topeka... „
Wichita
Denver
Pueblo
Muskogee
Oklahoma City
Ttiisa
Total..
Seattle
Spokane
Tacoma
Portland
Los Angeles
Oakland
San Francisco..
Ogden
Salt Lake City.
Total
Total
Total all reserve cities .
22
320
5,714
50
61
652
161
1,054
117
27,425
28,077
2 668
3,394
2,626
843
847
2,828
8,779
2,452
1,353
1,702
8,166
4,034
4,775
5,495
171
80
1,461
1,994
2,640
111
993
51,063
53,640
439
66
1
2
689
1 055
465
617
1,353
1,519
1,187
409
616
2,480
28
10,390
755
1,056
467
617
1,354
1,610
1,187
457
620
2,488
10,611
3,343
2,897
390
8,991
6,237
2,244
14,956
1,023
2,479
3,483
2,897
390
8,991
6,986
3,521
16,969
1,026
2,644
608
607
25
533
1,749
502
879
176
396
140
29 173
108
9G
46
73
207
1,010
1,010
75
834
270
1,387
4,106
595
1,520
1 779
2, 977
3,204
1,725
2 577
1,979
16,149
71
239
81
74
95
87
270
338
73
375
347
48
4
8
221
388
295
1,183
185
2, 732
4,754
539
1,557
718
4,136
7,513
1
91
19
8
11
13
4
80
1?
1,501
5,114
2,138
1,243
98
208
2,287
25
8
32
263
272
47
4,233
9,868
2,677
2,800
816
4,344
2,400
666
1.611
2,821
3,679
3,418
1,890
971
1,023
346
1,574
185
526
683
241
406
83
904
38
160
489
^60
603
267
140
255
93
89
174
28
3,305
2,079
727
438
2,828
8,732
2,452
1,315
1,637
8,102
3,491
4,716
5,495
146
72
1,429
1,731
2,368
38
65
64
543
59
93
40
1,539
503
11,265
366
177
183
13
293
1,645
469
99
592
1,129
363
347
682
367
59
297
235
197
89
547
116
409
100
588
20,199
ion
85
8,934
20
30
91
1,042
702
214
165
198
635
51
391
138
27
167
71
126
171
39
39
645
357
222
SI
17
15
512
17
434
98
188
46
5, 475
749
1,277
2, 013
3
165
4,347
42,560
46,907
1,534
23, ICO
10,438
200,511
210,949
15,059
32,800
22,869
365,720
388,589
20,482
231
1,348
3,749
690
68
1,650
400
1,277
367
3,046
6
1,667
62
30
2,174
42
13
23
19
28
218
400
8,112
430
10,28f
260
141
14
46
56
678
243
302
154
37
05
56
706
243
28C
1
3
14
257
183
420
27
126
312
3,777
4,444
140
312
4,197
4,471
161
17
1,804
1,821
157
260
11
14
253
45,322
1,203
870
827
4,145
99
16,972
841
4,398
99
17,842
96
46
181
207
(37
110
58
86
1
359
53
393
1,891
350
355
3
3,506
239
296
887
614
8,534
1,891
391
355
3
3,517
239
296
894
614
372
239
381
281
449
735
449
851
390
1,028
345
110
736
68
1,650
400
2,944
367
4,687
509
1,153
192
103
1,282
41
11
7
59
Q
50
50
22
12
1,182
13
51
67
24
116
390
498
36
8,593
6,392
1,641
503
1,153
6,122
12,514
1,449
1,071
2,744
3,815
113,556
87,305
200,861
5,689
4,507
40,528
45,035
221,904
226, 248
448,152
6,308
10,137
67,751
77,888
530
309
110
AMOUNT OF MONEY LOANED B Y NATIONAL BANKS, EITHER B Y DIRECT LOANS OR THROUGH BOUGHT PAPER, TO PARTIES WHO KEEP NO
DEPOSIT ACCOUNTS WITH THE BANKS, AND NUMBER OF SUCH LOANS, FEB. 28, 1920—Continued.
[In thousands of d ©liars.]
Loans and discounts not secured by
collateral.
Total
number Demand.
of loans.
Time.
Aggregate.
Loans and discounts secured by stocks
and bonds.
Total
number Demand
of loans.
Time.
Aggregate.
CO
Loans and discounts secured by other
personal securities, including merchandise, warehouse receipts, etc.
Total
number Demand.
of loans.
I
Time.
Aggregate.
STATES.
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
4,250
3,564
1,503
21,049
1,222
7,778
439
209
8,150
733
139
81
129
147
128
517
648
53
4S5
209
280
1,401
1,117
50
614
356
40K
1,918
1,765
103
17,793 1
39,366
9,751
1,622
3,542
5,lfi-4
8,403
5,686
17,577
190
2,179
26,812
26,092
43,311
1,011
5,941
1,264
344
1,544
9
331
455
271
660
6
150
932
232
1,387
1,522
2,182
1
460
7
610
69,132
34,035
103,167
3,492
1,542
3,147
4,689
1,843
3,305
1,246
1,197
793
578
734
551
503
1,743
342
1,176
1,598
863
2,617
588
415
1,054
573
1,343
960
11
2,386
48
1,325
39
2,596
4,643
2,802
1,441
1,073
1,397
1,146
608
452
3,256
638
1,355
1,411
3,459
7,260
3,390
1,856
2,127
1,970
2,489
1,568
463
5,642
686
2,680
1,450
669
893
1,198
3,147
666
4,066
729
1,231
6,200
1,729
1,710
2.494
56
19
83
18
220
22
128
329
51
372
128
71
40
783
462
1,090
1,370
2,128
417
2,124
448
904
6,660
939
903
1,135
839
481
1,173
1,388
2,348
439
2,252
777
955
7,032
l"067
974
1,175
15,609
12,222
22,818
35,040
25,022
1,537
19,363
20,900
2,440
2,783
575
12,498
344
2,933
844
520
376
409
58
489
6,732
3,092
2,725
42,071
11,821
13,977
80,418
83,114
21,573
11,350
65,115
98S
7,219
2,891
1,140
6,956
96
668
36,985
29,765
86,418
1,181
4,417
39,~876~
30,905
93,374
1,277
5,085
8,816
4,234
19,324
160
1,621
18,409
20,406
25,734
821
3,762
117,372
11,751
158,766
170,517
34,155
9,438
14,803
4,830
2,676
4,157
2,748
3,490
2,179
3,749
9,894
3,336
8,035
14,244
115
357
111
42
101
139
163
252
3
958
86
261
109
12,037
12,918
600
4,706
4,135
5,829
6,807
6,753
6,446
17,921
5,797
8,259
7,894
12,152
13,275
711
4,748
4,236
5.968
6,970
7,005
6,449
18,879
5,883
8,520
8,003
100,102
102,799
5,928
4,072
6,816
9,872
2,251
3,535
j
32,474 j
i
32, e
83,579
7,576
3,612
3,101
42,480
11,879
14,466
1,454
1,947
927
3,931
479
1,973
1,810
781
928
8,551
878
4,845
290
c
503
a
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
I\"t' vada
Arizona
. . .
.
27,826
29,266
39,239
20,582
23,059
33,062
25,488
6,903
3,827
699
2,248
612
564
2,310
1,297
613
20,546
22,337
48,467
23,225
415
24,140
22,969
6,944
24,373
23,036
50,715
23,837
979
26,450
24,266
7,557
6,900
3,165
4,910
3-, 486
4,106
3,096
1,143
745
11,661
734
3,116
2,559
830
477
465
292
7,810
4,200
5,722
5,024
4,174
2,722
1,763
684
19.471
4; 934
8,838
7,583
5,004
3,199
2,228
976
2,590
3,439
3,874
3,942
2,705
12,459
3,361
1,660
403
71
304
105
81
1,013
79
87
1,376
2,653
13,766
1,278
2,867
8,966
3,164
1,416
1,779
2,724
14,070
1,383
2,948
9,979
3,243
1,503
205,425
12,170
169,043
181,213
27,557
20,134
32,099
52,233
34,030
2,143
35,486
37,629
8,183
7,166
7,984
7,151
3,725
1,232
1,978
2,191
7,467
518
351
278
227
636
54
55
136
512
5,661
7,398
8,323
7,142
4,195
1,899
4,340
1,743
8,660
6,179
7,749
8,601
7,369
4,831
1,953
4,395
1,879
9,172
701
407
515
456
542
270
630
165
768
66
32
22
48
232
3
100
31
405
528
689
841
738
1,295
948
795
300
1,118
594
721
863
786
1,527
951
895
331
1,523
5,833
3,407
3,930
4,653
2,647
942
2,355
426
9,056
240
106
135
93
245
42
6
90
4,726
4,128
4,886
7,182
3,071
2,252
4,079
500
5,500
4,966
4,234
5,021
7,275
3,316
2,252
4,121
506
5,590
47,077
2,767
49,361
52,128
4,454
939
7,252
8,191
33,249
957
36,324
37,281
3,489
3,720
12,790
2,574
587
397
204
405
799
2,911
'128
12
606
53
9,482
6, 295
39,891
5.648
910
1,846
921
9,887
7,094
42,802
5,776
'922
2,452
974
411
305
2,530
941
142
2,840
37
204
111
1,606
336
5,900
293
362
460
223
1,211
1.647
3'. 901
889
91
84
111
510
505
589
37
15
28
604
1,506
3,106
5,683
i; 135
109
51
614
2,016
3,611
246
181
70
665
194
3,060
286
325
256
112
P. 9 7 9
1,172
124
79
1,218
Total Pacific States
23,761
4,914
64,993
69,907
4,068
4,282
4,898
9,180
7,934
2,288
12,204
14,492
Total country hanks
509,688
36,995
622,683
659,678
96,554
128,282
118,895
247,177
113,478
10,089
110,006
120,155
Total V nited States
542,488
59,864
988,403 1,048,267
117,036
350,186
345,143
695,329
119,786
20,226
177,817
198,043
o
o
w
150
REPORT OF THE COMPTROLLER OF THE CURRENCY.
REDISCOUNTS OF NATIONAL BANKS WITH FEDERAL RESERVE BANKS, CLASSIFIED
BY STATES (COUNTRY BANKS) AND RESERVE CITIES, NOV. 17, 1919.
CITIES.
STATES.
CENTRAL RESERVE CITIES.
COUNTRY BANKS.
New York
Chicago
$47,671,656.39
39,098,903.51
St. Louis
3,895,143.23
Total
90,663,515.03
Maine.....
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut
Total New England S t a t e s . . .
ALL OTHER RESERVE CITIES.
Boston
Albany
Brooklyn and Bronx
Buffalo
Philadelphia....
Pittsburgh
Baltimore
Washington
Richmond
Charleston
Atlanta
New Orleans
Dallas
El Paso
Fort Worth
Houston
Waco
Little Rock
Louisville
Chattanooga
Memphis
Nashville
Cincinnati
Cleveland
Columbus
Toledo
Indianapolis
Chicago
Detroit
Milwaukee
Minneapolis
St. Paul
Cedar Rapids
Des Moines
Dubuque
Sioux Cit y
Kansas City, Mo
St. Joseph
Lincoln
Omaha
Kansas City, Kans
Wichita
Denver
Muskogee
Oklahoma City
Tulsa
Seattle
Spokane
Portland
Los Angeles
Oakland
San Francisco
Ogden
SaltLakeCity
Total
39,393,897.26
2,335,000.00
4,072,861.19
4,479,752.60
58,103,109.16
2,102,185.98
10,930,197.17
35,000.00
2,819,648.03
827,268.94
486,104.38
6,969,140.00
2,718,285.00
493,940.04
624,599.41
2,602,429.74
416,876.92
523,742.25
6,178,305.73
339,879.69
114,583.13
3,530,946.67
7,304,071.46
15,818,605.44
1,299,278.40
1,063,750.00
2,839,808.47
75,000.00
1,840,000.00
318,072.33
15,200,160.00
2,648,500.00
2,767,500.00
263,902.49
45,000.00
2,863,656.19
14,687,960.19
1,107,713.70
2,831,401.92
12,209,611.53
948,774.24
797,431.92
900,000.00
698,737.48
208,944.00
650,440.38
270,000.00
1,338,642.82
800,000.00
1,862,500.00
490,000.00
13,198,806.64
467,792.65
2,568,132.92
260,601,948.46
Total all reserve cities
351,267,651.59
$531,953.60
1,313,584.74
766.134.06
11,257,399.46
1,942.363.23
6,250,547.26
22,061, 9S2.35
New York
New Jersey
Pennsylvania
Delaware
Maryland
Total Eastern States
8,383,303.04
1,403,597.22
3,659,160. V)
44,586.1 i
611,175.80
14,101,822.10
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
3,318,744.73
1,928,716.95
1,050,815.40
1,330,856.09
2,379,785.93
175,564.99
2,376,487.16
598,362.64
720,466.62
6,252,522. !)7
1,289,228.77
1,516,947.02
741,582.15
23,680.081.42
3,815,036743
2,806,596.36
2,664,237.75
618,413.10
1,535,981.15
1,463,838.31
10,173, 752. 59
324,031.83
23,401,887.52
North Dakota
South Dakota
Nebraska
Kansas
Montana
Wyoming
Colorado
New Mexico
Oklahoma
Total Western States
1,030,835.07
3,123,817.13
4,431,526.03
2,299,312.72
968,638. 46
100,470.83
1,928,617.52
1,945,906.14
1,864,622.45
17,693,746.35
Washington
Oregon
California
Idaho
Utah
Nevada
Arizona
Alaska (member banks)
723,507.40
992,509.76
1,659,539.17
867,422.28
116,722.81
330,792.69
Total Pacific States
4,690,494.11
Total country banks
105,630,013.85
Total United States
456,897,665.44
CONDITION OF NATIONAL BANKS SEPTEMBER 8, 1920.
The principal items of RESOURCES and LIABILITIES of all national
banks arranged by States are shown in the following table, as of
September8 7 1920:
Principal items of national hank resources and liabilities on Sept. 8. 1920, arranged by States.
[In thousands of dollars.]
Number
of
Loans, etc.
banks.
States.
Maine
New Hampshire
Vermont
Massachusetts
Rhode Island
...
Connecticut
.
...
Total New England States
New York
New Jersey
.
Pennsylvania
Delaware
Maryland
.
Washington, D. C
.
.
.
.
Total Easter. States
Virginia
West Virginia
North Carolina
South Carolina
Georgia
Florida
Alabama .
Mississippi .
Louisiana
Texas
Arkansas
Kentucky
Tennessee
.
.
-
. . .
Total Southern States
.
.
.
.
63
55
49
159
17
66
United
States
bonds.
Cash.
Capital.
Surplus.
Circulation.
Deposits.
3,580
2,390
2,405
35,281
4,310
9,642
5,354
4,898
4,222
18,873
4,557
12,214
87,782
42,423
36,638
636,529
46,878
157,607
Profits.
Total
assets.l
3
57,245
32,287
28,447
670,607
41,313
131,628
12,047
10,983
7,741
59,348
8,419
34,623
8,249
7,582
4,194
57,675
5,575
19,992
7,045
5,235
5,010
62,305
5,570
21,181
4,297
3,890
2,222
57,083
4,775
14,097
114,320
65,830
55,098
1,051,864
71,266
239,402
409
961,527
133,161
103,267
106,346
86,364
57,GG8
50,118
1,007,857
1,597,786
495
216
853
19
92
15
3,281,193
293,264
1,329,372
10, 668
166 194
55,136
404,369
74,051
304,894
3,224
30,950
19,293
141,224
44,073
187,627
1,324
18 914
9,065
200,717
26,770
127,741
1,535
18,064
244,734
24,914
163,590
1,681
17 774
5,523
174,177
14,972
67,043
870
6,966
i; 949
72,595
14,439
86,208
1,100
9.160
5; 761
2,770,917
4150,374
1 653,244
15,691
171,663
73.061
5,492,735
592,032
2 602,750
22,500
301 815
1,690
5,135,827
836,781
402,227
382,504
458,216
265,977
189,263
5,150,950
9,126,241
168
122
87
82
93
54
102
30
39
561
84
134
98
270,564
105,400
126,223
97,787
138,750
6G, 749
91,207
33,111
105.261
561,350
54,779
152,952
135,767
49,812
23,594
19,098
21,787
21.809
17,505
22,570
6,983
11,602
105,750
11,348
32,780
40,277
23,589
24 512
15,177
9,460
11,230
12,727
15 475
3,214
6,543
90,448
8,871
18,091
18,157
26,782
11,587
12,440
11,890
13,518
6,820
12,295
3,800
8,800
63,832
7,145
17,531
14,559
20,264
7 797
7,479
5,800
11,847
3; 890
7 886
2,593
6,490
39 501
3,368
11,017
8,344
8,306
4,462
3,856
3,744
4,921
2,921
3 886
1,276
3,161
23 442
1,947
5,649
3,686
18,741
9,998
7,533
8,342
10,120
5,499
9,702
2,683
4,425
43,067
3,917
15,735
11,737
237,271
135,717
111,299
81,259
111,218
88,380
100,060
34,651
88,781
515 848
50,313
152,085
132,009
419,484
185 010
183,810
150,393
204 742
124,801
154 364
55.313
154,485
908 610
85,623
246,348
234,205
1,654
1,939,900
384,915
255,494
210,999
136,282
71,257
151,499
1,838,891
3,107,248
1
Includes rediscounts.
a
o
Principal items of national bank resources and liabilities on Sept. 8, 1920, arranged by Stales—Continued.
C7X
to
[In thousands of dollars.]
Number
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
Alaska (n^nTnpmber banks)
Hawaii (nonmember banks)
Total (nonmember banks)
Total United States
-
United
States
bonds.
Circulation.
Total
assets.
of
banks.
Loans, etc.
372
254
484
113
152
336
358
136
631,794
240,188
1,044,843
236,685
251,894
436,207
307,282
466,627
101,270
61,766
103,075
46,718
39,875
42,596
59,471
54,574
91,521
42,353
149,337
33,757
35,329
49,156
30,449
57,495
67,763
29,988
92,561
22,208
23,995
35,699
26,420
47,015
48,940
15,372
64,020
13,142
11,264
21,472
15,510
19,877
30,277
8,922
41,318
9,454
8,458
16,430
8,522
17,482
45,646
26,667
28,536
11,489
14,289
14,429
20,011
22,107
696,438
266,300
913,058
292,192
269,509
387,888
264,132
324,575
1,098,297
431,970
1,679,429
425,378
407,055
657, 499
459,043
7(58,923
~~2/2ftb
3,615,520
509,345
489,397
345,649
209,597
140,863
183,174
3,414,092
5,927,594
3,322
2,890
10,218
9,617
4,029
2,672
9,500
1,782
8,562
2,004
1,924
6,414
4,809
2,671
931
5,242
720
5,408
4,347
4,117
9,721
10,558
4,166
2,240
7,799
2,147
11,428
74,169
75,635
158, 770
163, 951
75,424
46,628
183,488
28,552
258,123
105,857
114,708
293,896
250, 736
112,418
65,246
264,210
46,075
385,792
Cash.
Capital.
Surplus.
Profits.
Deposits.
183
135
188
257
145
47
141
47
356
72,388
81,835
195,287
154,322
73,056
43,517
152,853
31,900
236,701
9,257
8,624
20,787
23,425
8,985
4,767
22,232
3,722
33,544
7,659
9,512
24,660
35,531
11,195
7,904
27,870
4,826
47,065
7,065
6,180
17,125
16, 474
8,505
3,065
12,185
3,304
23,621
1,499
1,041,859
135,343
176,222
97,524
52,592
30,123
56,523
1,064,740
1,638,938
91
90
305
84
28
11
21
1
152,822
118,141
624,677
57,985
39,596
9,465
22,046
13
26,652
19,732
98,740
10,934
11,311
3,113
2,997
24
22,884
18,179
95,981
6,766
3,794
2,117
4,019
116
14,210
11,168
66,005
5,479
4,377
1,460
1,775
25
6,051
5,507
35,330
2,388
2,473
522
1,076
4,071
3,637
25,353
1,454
1,004
333
834
6
6,918
6,559
39,819
3,348
3,287
1,185
1,077
189,392
138, 740
660,926
54,848
34,103
12,471
23,731
205
267,645
198,157
1,092,956
88,451
68,731
17,474
34,802
330
631
1,024,745
173,503
153,856
104,499
53,347
36,692
62,193
1,114,416
1,768,546
2
3
506
3,727
711
1,260
644
1,211
100
650
75
455
46
125
56
444
1,480
3,508
2,077
7,354
5
4,233
1,971
1,855
750
8,093
13,723,611
2,175,019
1,582,318
1,248,271
530
996,928
171
500
4,988
9,431
602, 751
693,270
13,595,934
23,175,784
ft
o
H
O
O
H
REPORT OF THE COMPTROLLER OF THE CURRENCY.
LOANS AND DISCOUNTS AND INVESTMENTS
153
OF NATIONAL BANKS.
On J u r e 30> 1920, i
counts $L3?6j;7,bo7,0C')
and o^her ho K 3 . aik!
curit»e c <s4,> ^ - ^ ? , r 0 j . t h e Twfal oi ^^ cli
,000, ivpie-,0 ltiuc: .7r" (O -v** ' \ " t ' i
i n v e s t m e n t s being ^17
Ltf3r
their r - ^ r c a i * e^set^, x^Lxcb ainoaritec (i
$23,41 !,2.^XUi- ufi iho . ' • -1 a mod.
T
h f i l ' ^ 8fr»<' '^-ii is siaovni the
oi 1< ,viis a^H d i s
rcoiitago of gro^r
i'\ ^' dollars.]
i
l
'i>3,,49
5,0?<.5G3
i 83!s "'75
o 6-1, "73
i,P"J, 141
1, "\y>76
. , o'0
Hev/England States
;-- st^rn States
i ' -.ithern States
iiidd ie \Ye:t jrn States
We?torn States
Paeiric States
Alaska and Hawaii
Total
....
JiJ307 c —CUB 1020—-VOL I1
13,C27,8«i7
11
Per cent of
grcss
| Gross ii earnings
; earnings. 'to total investments.
i. U S , <
Total
investne&ts.
302 0-J2
1 914. •40
509,
943, 0(50
218,
298, 303
2, 572
51,270,541
?, 9S 3. 5J*r
2,405.404 ;
4,g:.,c;828 •'
1. 2-i!i, S05 :
1 3?/J 0B4
6.142
4,186, 465
17,314,362 !
ate.
Division
$74,453 •
423,371 !
161.443 !
9S-2 033
»j,926
85,348
447
1,109,118
5.S8
8. C6
6.70
5.96
7.40
6.43
7.28
6,23
DOMESTIC AND FOREIGN BONDS, SECURITIES, E T C , OWNED BY NATIONAL BANKS, MAY 4, 1920.
[In thousands of dollars.]
Foreign bonds
Domestic securities.
State and
county
bonds, etc.
i
Other
All
public
Claims, JudgRailroad service
other warrants, ments.
bonds. corporation bonds.
etc.
bonds.
Collateral
trust and
ether corporation
bonds.
Bonds of
German or
Austrian
Governments.
Bonds of
Russian
Government.
Bonds of
other
foreign
Governments.
Other
foreign
bonds
and
securities.
Total.
CITIES,
CENTRAL RESERVE CITIES.
New York
Chicago
St Louis
Total
34,836
9,913
4,463
79,322
2 471
4,548
20,347
2,246
1,851
44,184
5,512
4,772
439
2,420
1,101
21,033
4.796
4,055
952
43,793
4,046
2,340
5,388
78
21
321
253,457
31,482
20,369
49,212
86,341
24,444
54,468
3,960
26,841
4,076
50,179
5,787
305,308
1 296
2,290
1,475
727
2,360
2,651
3 808
5 862
1,766
365
1 617
11,191
6,963
1,664
2,628
149
331
3 403
2,487
211
1 093
7,461
15,951
856
3,326
1,336
255
508
10,743
7,780
1,677
63
94
136
61
291
356
5,350
1.400
269
331
3,934
5 373
3', 826
1,194
414
49
284
1,888
847
16(5
955
15
991
968
012
24,386
12,328
3,493
5,996
54,217
61,174
11,545
U,6S2
2,966
2 879
313
41
1,429
191
3 889
2,369
726
1 100
16,092
20,593
1,537
4,570
],138
494
15
980
971
64S
845
46
212
521
980
26
512
111
12
34
43
1
172
4
20
5,333
1 400
ALL OTHER RESERVE CITIES.
Boston
Albany
Brooklyn and Bronx. . .
Buffalo
Philadelphia
Pittsburgh
Baltimore
Washington, D. C
Richmond
- Charleston
Atlanta
Jackson vil 1P
B irmiiiffham
New Orleans
Dallas
El Paso
Fort Worth
Galveston
Houston
San Antonio
W"&co
L i t t l e Rock
Loiiisvillp
ChattanoosTB,
Nashville
Cincinnati
941
184
860
169
17"y
143
OS
1 158
'139
7
76
728
28
268
6S3
5,203
6u
108
35
5
1 954
1 978
258
144
550
185
2,955
09
600
966
41
9
26
94
4
172
7
275
216
655
8
209
463
567
1
663
696
11
3
25
9
39
13
235
103
17
581
124
233
3,445
1 764
199
224
8?450
770
597
326
258
50
9
98
14
1,021
74
7
8
1,752
33
62
1,260
1,547
243
162
<>
125
458
262
15
255
2
14
34
3., 183
4l
11
47
757
168
140
910
1,852
2,314
371
21
i52
534
183
129
8,022
1,096
659
4,953
14,900
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
1,110 !
4,378 !
1,736 i
2,067
760
2,743
647
2,127
1,
1,351
209
492
275
241
2,654
79
110
1,180
1,236
491
249
447 i
293
1,282
313
1,103
1,042
1.354
444
600
72
1,463
1,266
343
1,178
624
1
500
250
89
22
296
104
2,429
581
1,376
587
1,555
493
1,139
539
668
314
1,056
567
102
179
551
2,163
7,376
8,385
4,534
4,022
G, 266
2,251
S;403
3,315
6,564
4,940
4,875
1,077
829
1.803
8,101
706
342
2,419
602
708
1,124
11,092
3; 718
471
6,554
4,157
10,152
2,944
1,722
5,791
4,063
2,026
22,093
631
1,499
,
Total
H
W
8
H
W
O
Total all reserve cities
3
STATES.
COUNTRY BANKS.
Maine
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut
Total New England States.
1,087
843
374
2,929
1,020
2,875
1,856
2,208
7,740
2,075
8 514
:
!
!
I
11,703
2,353
2,983
11,926
3,242
5,912
2,766
1,205 I
2,185
5,067
797
3,107
1,611
485
518
2,225
483
1,024
27,695
8,898
10,722
44,582
9,795
25,552
o
01
DOMESTIC AND FOREIGN BONDS. SECURITIES, ETC., OWNED BY NATIONAL BANKS, MAY 4, 1920—Continued.
[In thousands of dollars,]
Foreign bonds
•Domestic securities.
State and
county
bonds, etc..
Other
public
Railroad
service
b o n d s . corporation
bonds.
AU
other
bonds.
Claims, Judgwarrants, ments.
etc.
Collateral
trust and
other corporation
bonds.
Bonds of
German or
Austrian
Governments.
Bonds of
Russian
Government.
4
Bonds of
other
foreign
Governments.
Other
foreign
bonds
and
securities.
Total.
STATES—Continued.
COUNTRY RANKS—continued.
New
York
\Tew 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
17,563
'.», 165
21,491
6,287
2,642
1.1.327
137
°21
145,46('
110,912
?89,000
5,148
22,434
983
1 47fi
19
!. 318
10,315
9,161
25,444
957
1,095
360
1,355
oo
123
115
1,856
36
2,019
102,413
3,190
1,507
47, 733
2, 868
50,375
21,032
f.72,966
2 257
3 859
'399
642
134
380
986
620
398
662
371
1,135
876
154
158
25
58
228
589
31
1,244
656
58
3
292
118
669
273
2,040
1,398
1.051
' 67
188
7
1
11
16
164
94
13
115
8
8
397
330
314
123
114
84
50
176
13,208
12,180
:y2ir2
2,320
2,317
6,254
5,682
5,069
12,719
13,586
14,350
L>2,778
' 332
1,500
4*,8P6
36,402
84,113
1,035
5,335
23,531
23,561
01.960
l\ 876
6,585
''5,556
14,269
f>7,710
568
4,310
52,546
173,751
117,513
2,361
1 353
1,653
452
707
2,380
1,382
2 791
1 731
1,995
1 188
1,378
957
2, 515
1 760
211
68
142
384
377
449
79
466
101
1 331
224
2,045
2 384
170
304
153
174
335
185
164
359
106
1,016
383
20,328
8,107
7,778
30,771
5,168
13 790
13,289
7,393
6,854
1,219
1,340
8,242
4,845
5,532
3,446
2,704
1,636
677
232
5,014
5,479
9 485
4,943
5,961
1,003
1,177
222
13,363
6,213
8,332
7,166
5,162
3,333
1,459
646
79,824
27,314
33,284
45,674
60S
55
604
770
503
8
12
10
33
44
15
5
944
649
6,274
364
568
199
389
78
63
272
38
27
67
89
12
16,175
646
18,211
834
1,233
4,775
559
521
5,359
3,805
34
38
3
13
372
554
2,121
829
505
52
159
231
725
247
ill
?>, 266
5,161
2,616
7,444
5,382
10
1
3
1,276
457
4,926
10
422
10,790
2,403
74,121
5.854
3,172
4,724
1,452
1,937
103
311
58
40
167
16
67
3
6,087
2,417
3,096
4,729
2,263
2,671
3,462
1,662
3.677
1,125
632
349
658
159
153
73,853
29,276
50,8S2
39, 466
27,109
22,438
9,374
3,471
662
22,244
11,732
255,869
790
154
128
103
836
North Dakota
South Dakota
Nebraska
Kansas
Montana
Wyoming
Colorado"
New Mexico
Oklahoma
....
Total Western States
536
346
507
2,573
2,062
652
2 813
260
3,437
235
280
97
267
87
194
684
94
3
170
87
85
395
144
87
1 436
5
30
129
160
790
163
429
399
342
1 5f)3
'l86
442
2,700
1 478
1,565
'991
1,981
696
i 413
171
4,002
18
218
13,186
1,941
2,563
4,474
14,997
513
3,375
2 218
19 091
'672
160
475
729
607
281
2 506
33
57
229
23
47
414
263
5 740
94
23
15
13
674
262
4 834
208
73
189
333
41
1,774
1,850
1 678
1 726
108
5
570
14
60
106
23
2
26, 720
3,783
6,562
6,614
15
435
39
28
30
65
9
105
126
33
62
27
41
530
18
27
60
39
78
55
1
Total Pacific States
Alaska (nonmember banks)
Hawaii (nonmember banks)
Total (nonmember banks)
i
-
-
—
-
6
9.3
4,930
3 517
23726
5 363
5,421
2 694
9,183
836
8,503
W
&
5
899
364
224
489
569
592
£'ig
31
216
117
3,803
619
43,178
C
12
3
1 33'>
488
3 328
'144
46
94
433
265
715
167
8,969
5,747
^
~
8
9
10
16
64
969
•
Washington
Oregon
California.. .
Idaho
Utah .
Nevada
Arizona
Alaska (member banks)
2
57
!
73
97
°5
"25
-
334
57
7;--S
5
11
34
14
7,711
205
1,129
63
5,480
5
5
2
91
1, 591
38 770
2
3 067
474
1 01S
*
H
M
• *-<*
j 5
• 102
^
59,858
6
103
021
K
%
450
67
95
9
91
5
7
724
c
Total country banks
202,182
241,228
205,914
191,586
48,825
3,236
84,247
159
5,034
107,826
43,723
1,133,960
t"1
Tota" United States
339 682
409,353
285,510
317,726
64,695
3,695
146,210
210
11,165
197,233
59,610
1,835.089
^
(~S
hr
H
HI
01
158
REPORT OF THE COMPTROLLER OF THE CURRENCY.
CLASSIFICATION OF FOREIGN GOVERNMENT BONDS OWNED BY NATIONAL BANKS
ON JUNE 30, 1920,
[In thousands of dollars.]
New England States:
Reserve citv
Country banks
Total
Eastern States:
Centra] reserve city
Other reserve cities
Country banks
Total
Southern States:
Reserve cities.
Country banks
Total
.
Bonds of
German or
Austrian
Governments.
Bonds of
the
Russian
Government.
Bonds of
other
foreign
Governments.
4
2
63
1,441
2,823
13,230
1,188
6,156
6
1,504
16,053
7,344
5
4
80
2,252
1,310
2,503
40,557
12,094
46,300
5,576
3,584
21,794
89
6,065
98,951
30,954
80
299
2.018
8, ISO
825
2,733
379
10,798
3,558
44
18
215
591
4,326
7,906
19,736
582
3,067
12,032
44
824
32,268
15,681
22
70
108
1,421
3,106
947
555
22
178
4,527
1,502
263
65
3, 554
4,309
557
1,353
328
7,923
1,915
5
7
161
9,283
170,527
60,954
5
52
104
2,270
2,001
5,0J2
45 183
30,416
94,928
44*628
161
9,283
170,527
. .
Middle Western States:
Central reserve cities
Other reserve cities.
,
Country banks
.
Total
Western States:
Reserve cities
.
Country banks
Total
Pacific States: ^
Reserve cities
Country banks
Total....
Alaska and Hawaii (nonmember banks')
Grand total
....
-
Other
foreign
bonds
and
securities.
RECAPITULATION.
Central reserve cities
Other reserve cities.
Country banks, Alaska and Hawaii (nonmember banks)
Total
6,! 68
60,954
CLASSIFICATION OF INVESTMENTS MADE BY NATIONAL BANKS.
The total investments of national banks in United States Government securities and domestic and foreign bonds and securities on
June 30, 1920, were $4,186,465,000, a reduction since June 30, 1919,
of $861,056,000. The largest investments of the banks were in United
States Government securities, these investments aggregating $2,269,575,000; the investment in railroad bonds, which ranked next in
volume, amounted to $416,430,000.
REPORT OF THE COMPTROLLER OF THE CURRENCY.
159
A classification of national bank investment in bonds and stocks is
given in the following statement, for the years ended June 30, 1919,
and June 30, 1920:
[In thousands of dollars.]
June 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
I
Collateral trust and other corporation notes issued for not more than one year
nor less than three years' time
I
Foreign Government bonds
„
j
Other foreign bonds and securities
I
Stocks, Federal reserve bank
I
Stocks, all other.
|
Total.
United States bonds (other than Liberty bonds)
Liberty loan bonds and Victory notes
June 30,
1920.
322,984
412,371
275,849
?>06,775
52,334
338,357
416,430
283,118
309,755
67,710
148, 523
193,890
54,312
59,068
49, 503
145,901
179,971
60,954
65,287
49,407
I 1,875,609
1 1,722,394
\ 1,449,518
1,916.890
i8L5,42o
1,454,149
j 5,047,521
4,186,485
Total bonds of all classes
i Includes United States certificates of indebtedness.
DOMESTIC AND FOREIGN SECURITIES HELD BY NATIONAL BANKS.
The amount of domestic and foreign securities held by national
banks at the date of each call, on or about June 30, 1915, to 1920,
both inclusive, are shown in the following table:
[In thousands of dollars,]
June 23,
1915.
Classification.
State, county, and municipal bonds..
Railroad bonds
Other public-service c o r p o r a t i o n
bonds
All other bonds (domestic)
;
Total
Foreign Government bonds
Other foreign bonds and securities
Total
244,473
379,191
220,304
246,630
| 1,090,598
|
'
I
33,787
13,402
47,189
June 30, j June 20, I June 29,
1916.
j 1917.
1918.
315,511 j 320,384
467,291 j 406,135
274,928
295,835
267,337
361,954
301,503
271,998
1,322,240 1,440,591 1,265,854 |
278,180
467,029
June 30, I June 30,
1919.
|
1920.
322,984
412,371
338,357
416,430
275,849
306,775
283,118
309,755
1,317,979 1,347,660
116,768
40,303
284,123
68,486
227,578
56,233
157,071
352,609
283,811 j 248,202 1 240,925
193,890
54,312
179,971
60,954
160
BEPORT OF THE COMPTROLLER OF THE CURRENCY.
BALANCES DUE NATIONAL BANKS FROM FEBEBAL BANKS.
The balances of national banks with Federal reserve banks, including lawful reserve and items in process of collection at the date of
each call subsequent to the passage of the Federal reserve act, are
shown In the following statement:
[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. 7,1910.....
Mav 1,1016
June 30,1916
Sept. 12,1816....
Nov. 17,1916....
Dec. 27,1916
Mar. 5,1917
May 1,1917
June 20,1917....
Sept. n.,1917 1 ..
Nov. 20.1917
Due from
Federal
reserve
banks.
Increase
261,460
290!413
312,' 658
315,409
366,185
403,985
43i;195
428,191
476;103
531,02S
649,171
707,497
750,202
761, 995
S20,584
1,172,810
1.242,819
29,218
22,245
2,751
50,776
37j800
27;210
"H, 912
54,925
118,143
5S;S26
42,705
11,793
58,589
352,226
70,009
Decrease.
Due from
Federal
reserve
banks.
Date.
....
....
265
....
....
....
...
I Dec. 31,1917
i Mar.4,1918
|1 May 10,1918
I June 29,1918
',! Aw:. 31,1918....
jj! Nov. 1,1918
! Dec. 31,1918
Mar. 4.1919
3,004
May 32,1919
June 30,1919
Sept. 12,1919....
Nov. 17,1019
Dec. 31,1919
Feb. 28,1920,...
Mav 4,1920
June 30. 1920 . .
Sept. 8/1920
1,268
1,243;
1', 276!
1,313!
1,307!
1.359!
1,4G6!
1 A2r
1,470
1,496!
1,605!
1,738!
1,768
1,724
1,720'
1,727
1,723
Increase. 1 Decrease,
26,043
25 ,831
*33," 3l5"
37,103
106.914
47,994
25,907
108, 818
133,512
29,993
"*6,"407 j
5*702
44 ,064
44 ,557
3 ,215
3,815
1
The report for Sept. 11,1917, v>ras the first report made after the amendment to the Federal reserve act,
approved June 21,1917, requiring national bank? to carry all of their reserve with Federal reserve banks.
SPECIE AND GOLD AND SILVER CERTIFICATES IN NATIONAL BANKS.
The classification of the coin and coin certificates held by national
banks on June 30? 1919 and 1920, is shown in the following
table, the net decrease during the year being $16,761,000, This
reduction is offset, however, by the increase in the amount due
from Federal reserve banks, during this period, of $230,958,000, as
shown in the preceding statement.
Coravarison of coin and coin certificates held by all national
xoith June S0: 1920.
banks on June SO, 1919,
[In thousands of dollars 1
!
1 June 30, June 30, Increase. Decrease.
1919.
1920.
Gold coin
Gold certificates
Clearing-house certificates
Silver dollars
Silver
certificates
. minor coin
Fractional
silver and
Total
Net decrease
25,893
28,201
10.940
11,025
42,564
31,328
21,532
27,259
9,865
10,424
30,917
33,193
I 149, 951
133,190
I
1,865
4,361
942
1,075
601
11,6-7
18,626
16,701
REPORT OF THE COMPTROLLER OF THE CURRENCY.
161
NATIONAL BANK OHABTEBS APPLIED FOE, GRANTED, AND REFUSED.
Applications for charters for 470 national banking associations
with capita] of $40,720,000 were applied for during the 12 months
ended October 31, 1920, as compared with 422 applications and capital
of $30,932,000 during the previous year.
Of the applications received during the vear 389 with capital of
$33,990,000 were approved, as against 290 and capital of $20,600,000
during the previous year.
T
Of the 470 applications
received duringg the xpast
}
of
pp
p
} ear 27,, capital
p
* al of $8,620,000,
'
3,000, were rejected, and 83, capital
were^ abandoned or action upon them indefinitely deferred. The principal
causes of rejection were lack of demand for additional banking facilities in the various communities or the unsatisfactory financial standing or character of the applicants.
National banking associations to the number of 361, with capital
of $31,077,500, were chartered during the year ended October 31,
1920, as compared with 245 associations, with capital of $21,780,000,
chartered during the year ended October 31, 1919. Of the national
banks chartered during the year just closed only 79 became banks
of issue, and of this latter number 23 were converted from State
banks and 56 were banks of primary organization.
INCREASES AND REDUCTIONS OF CAPITAL STOCK OF NATIONAL BANKS.
In order to meet the constantly increasing demands for additional
capital incident to the growing business of the country there was an
increase in the capital "stock of national banks of $1.04,618,100 on
the part of 608 national banks during the year ended October 31,
1920. In the previous year the increase in capital of existing banks
was $45,145,100, the number of banks concerned in this increase
being 311.
In 1920 there were but four banks which made a reduction in their
capital stock, the aggregate being $300,000. In 1919 the number
of reductions of capital was four, and the aggregate amount of the
reductions was $85,000.
LIQUIDATION OF NATIONAL BANKS.
Exclusive of 17 banks liquidated and absorbed by other national
banks, 67 national banking associations, with capital of $11318O,OOOJ
were placed in voluntary liquidation during the past year, of which
32 were absorbed by State banks and 35 reorganized as State banks.
The year before there were 75 such liquidations with $15,855,000
capital. The number of receiverships was 5^ and the capital involved was only $205,000, or 16/1000 of 1 per cent of the authorized
capital of all national banks on October 3i~, 1920.
CONSOLIDATION OF NATIONAL BANKS.
Under the provisions of the act of Congress, approved November
7, 1918, providing for the consolidation of national banking associations, 80 national banks have consolidated into 39 associations.
During the last year 15 consolidations were effected, with capital of
$30,365,000, surplus $35,248,000, and other undivided profits of
162
REPORT OF THE COMPTROLLER OF THE CURRENCY,
$12,386,628, the number of banks concerned being 30, and their
capital $30,890,000. There was therefore a reduction as a result of
these consolidations of $525,000 in aggregate capital stock. The
total assets of the 15 consolidated banks amounted at the date of
consolidation to $897,654,973.
In the following table the capital; surplus, undivided profits, and
aggregate assets and date of consolidation of each of the 15 consolidated banks are shown:
NATIONAL BANKS CONSOLIDATED UNDER ACT OF NOV. 7, 1918, THEIR CAPITAL,
SURPLUS, UNDIVIDED PROFITS, AND AGGREGATE ASSETS, YEAR ENDED OCT.
31, 1920.
Consolidation
No.
Charter Title and location of banks
No.
State.
Date of
consolidation.
Mont,
1911).
Nov. 20
?50,000'
3.8,000
1020.
Jan. 3
400,000
100,000;
1,052;
Jan. 26
400,000
100,000
30,060J
6,137,520
Feb. 19
1 !0,000
205.000
S0,000i
l,01S, 7IQ
1
25
11036
26
2584
27
2234
28
1861
29
2782
30
345
31
1301
32
11513
33
4248
34
1499
35
1818
36
1250
37
10897
38
10018
39
8108
The First National Dank
of Wol (Point.
i
The Second National Bank
of Danville.
The Mercharts National j
Bank of Mmieie.
The First National Bank
of Newnan.
First National Bank in
Wichita.
Irving National Bank,
New York.
The National Commercial
Bank & Trust Co. of Albany.
First National Bank of Afton.
The City National Bank of
Commerce of Wichita
Fails,
The Chemical National
Bank of New York.
The Merchants & Manufacturers National Bank of
Newark.
The Mechanics & Metals
National Bank of the
City of New York.
First National Bank of
LonTpoc.
First National Bank of
Hayward.
The Capital National Bank
of St. Paul.
Total (15 b a n k s )
!
Til
Ind...
Ga
Kans..
N.Y..
N.Y..
I UnCapital. Surplus. I divided
1,000,000 1,000,0001
Apr. 17
9,000 ; 000 9,000,000;
Apr. 28
1,250,000 2,000,000'
N.Y.. May 29
N.J... May 29
a_ss
52,914]
Feb. 24
N.Y.. May 1
Tex... May 3
Afi
I profits. |
3,077.94*
! 12,534,533
j
25,000
5,000|.
1,000,000
,33f>,039|20G, 602,233
950,27l| 33,758,032
|
30,000
j
700,000;
115,0991 22,338,031
4,500, GOO: 13.500,000!
900,0001201,100,333
1,350,000! l,350,000|
440,449: 18,150,62)
N . Y . . I June 10 .0,000,000 7,000,000! 8,476,1191270,651,574
Calif.
! I
Aug. 5
Calif..
Aug. 5
Minn.
Oct. 13
i
100,000!
40,0001
I
i
100,000;
1,000,000,
40,000 j
200,0001
30,365,0
20,000.
1,093,680
20,000j
1,989,2^3
14.025 15,276,805
, 2-iS, G00J12,3So, 02S;397,054,973
GROWTH IN NUMBER AND CAPITAL OF NATIONAL BANKS.
Notwithstanding the liquidations and the consolidations which
took place there was a net increase in the year ended October
31, 1920, of 257 in the number of national banking associations
and a net increase of $118,810,600 in capital, The authorized
capital stock of the 8,157 national banks in existence at the close of
the year was $1,273,949,765.
From the inauguration of the national banking system in 1863 to
October 31, 1920, national banking associations to the number of
11,864 were chartered, the capital stock at organization being
$1,200,213,482. The total loss to the system in the number of banks
REPORT OF THE COMPTROLLER OF THE CURRENCY,
163
during this period was 3,707, of which 3,150 were closed by voluntary
liquidation or by consolidation with other national banks and
557 were liquidated through receivers.
NATIONAL BANES OBGANIZED SINGE 1900.
The organization of banks with minimum capital of $25,000,
authorized by the act of March 14, 1900, has added to the system
4,158 banks, aggregate capital at time of organization, $108,397,500.
During this period there were also organized 2,442 national banks
with individual capital of $50,000 or more. Their capital at organization aggregated $335,382,800. It is therefore seen that from
March 14, 1900, to October 31, 1920, 6,600 national banking asso
ciations were chartered, with combined capital of $443,780,300.
STATE BANKS CONVERTED OR &EORGANIZED INTO NATIONAL BANKING
ASSOCIATIONS SINGE 1800.
State banks to the number of 1,215 and with capital of $98,237,800
were converted into national banking associations between March 14,
1900, and October 31, 1920. In addition there were 1,613 reorganizations of 1,647 State banks, trust companies, and private banks
and 138 reorganizations of 165 national banks which had voluntarily liquidated for the purpose of reorganizing or the charters of
which had expired by limitation.
The remaining 3,634 of the 6,600 banks chartered during this
period were banks of primary organization.
The capital at date of charter of the converted State banks was
$98,237,800, of the reorganized State and private banks the capital
was $85,317,000, of the reorganized national banks $45,750,000.
The banks of primary organization were capitalized at $214,475,500.
Therefore, of the aggregate capital of $443,780,300 of banks chartered
since March 14, 1900, $229,304,800 was the capital of converted
or reorganized State, private, and national banks, and $214,475,500
entirely new capital, or that resulting from primary organizations.
ORGANIZATION AND LIQUIDATION OF NATIONAL BANKS.
The statistical or report year of the Comptroller of the Currency
terminates on October 31, and the following table contains a statistical annual history from 1863 to 1920, inclusive, of the number of
banks organized each year, and their capital at date of organization,
together with the number and capital of banks closed voluntarily
or by reason of failure, together with the yearly net increase or
decrease in the number of banks and original capital. In the table
the increases and reductions of capital of existing banks are not
taken into account. The table shows that the aggregate capital
at date of organization of the 11,864 national banking associations
to have been $1,200/213,482.
164
REPORT OF TEL COMPTROLLER OF THE CURRENCY.
NUMBER AND AUTHORIZED CAPITAL OF NATIONAL BANKS ORGANIZED AND THE
HUMBER AND CAPITAL OF P - ^ / S S CLOSED IN EACH YEAH ENDED OCT. 31, SINCE
THE ESTABLISHMENT OF T n T :;''TIOKAL, BANKING- SYSTEM, WITH THE YEARLY
INCREASE OR BEORSAfc*J.
I
Organized.
1 nsolvent.
No. I
1864.......
1865.......
1866.......
1867
1868.......
1809
1870
1871.......
1872
1873.,.....
1874..
1875.......
2876
1877
1878.
1879.......
1880
3881.......
1882.......
1883
1884
1885
1886.......
1887
1888
1889
1890
1891
1892..
1893
1S94
1895
1896
...
1897
1898.......
1899...
1900
1901.
1902
1903
1904.
1905
1906
1907.......
1908
1909
1910.......
1911
1912.......
1913
1914
...
453!
.,0U|
ioj
12'
9i
221
170|
175!
68!
71i
1071
29i
28;
38
S6i
227'
262
191
146
174
225)
132
211
307
193
163!
1191
50;
43
28!
44j
56;
78
383
394
470
553!
4311
506|
455
516
326
309
311
2141
188
172
195!
!44i
1916
1917
1918
1919
1920
1
122|
176!
1641
245
361
Capital.
! No.
$16,37S,70i.
7f), 366,950
242.542,9S2
8,515,150
4,260,300
1.210,000
11500,000
2 730 000
19,510,000
18,988,000
6'. 745 J 5001
12'. 104,000
3,189,800
2.589', 000
2, Tib. 000
3 ? 505,000
0,374,170
9.651,0501
30', 038,3001
28,654,3501
16,042. 2301
16,938) 0001
21,358,000
30,516,000
12,053,000
21,240,000
36 ; 250,000
20.700,000
15; 285,000
11,230,000
5,285,000
4,890,000
3,245,000
4,420,000
9,665,000
10.470)000
19) 960,000
21,554,500
31,130,000
34,333,500
21,019,300
33) 532,500
21,413,500
34,967,000
22.823,000
22.830,000
30) 760,000
12,840,000
16,080,000
10,175,000
18,675,000
9,689.500
6', 630,000
11,590,000
13,400; 000
21,780,000
31,077,500
111
11!
121
81
84
SO
149
113
98
83
801
113
82
13.
107
68
1
109
2
99
Cental.
I No.
§330,000
650,000
2.160,000
2. 445,500
3! 372,710
2,550,000
1,450,000
2,180,500
3,524.700
2,795,000
3,820,200
2)565,000
2,539,500
4,237,500
3,750.0001
570) 000!
1,920,000
16,120,000
7,736,000
o,647,250
17,856,590
J.651.100
2.537)450
4)171,000
4)310,COO
.5.050,000
4)485,000
0.157,500
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
',{0,720,000
20, 2S5, 000]
24,409,500
13,223,000
11,745,000
12,415, C00|
14,225,850
29,123, 500
11,010,000
21,605,250
14,571,010
26,487,000!
13,795,0001
14,828.000
14,367)500
16,165,000
31,880,000
23,830,000
Aggregate.
11,864 1,200,213,482 3,150 574,205,160!
g
D eeduct decrease
Net increase
A dd for
banks restored to
solvency
Total net
increase.
8j
j
2
9
25
17
65
21
36
27
33j
12
6
11
3
Capital.
Not yearly
increase
(exclusive of
existing banks
increasing their
capital).
Net yearly
decrease
(exclusive of
existing banks
increasing their
capital).
No. j Capital.
Nc.
134j
450i
$50,000 1 ,007
56!
500,000
1,370,000'..
210, Of'Ol..
50,000! - .
250,OOOJ
159
"i'soti'iooi
158
3,825,000
48!
250,000
641
1,000,000
905, OOO!
3.344.000!
2) 612) oOO!
1,230,000)
700,000
60
1,561,300
146
250,000
220
1,285,000
150
600,000
56
650,000
141
1,550.000
192
90
1,900'. 000!
250) OOOl 168!
750)000
248
3,622.000
127
2.450.000
93
10)910,000!
2.770,000|
5)235,020!
3,805,000!
5.351,500!
l) 200, 000!
850,000
2|
334
1,800,000
344
1.760,000
397
' 450,0001
469
3.480,000!
346
1,535,000
363
2, 035) 000!
366
680,000
425
775,000
222
6,560,000
151
768.500
192
875)000
113
275)COO
97
1,100)000j
86
4,350,0001
61
1,810,0001
48
1,830,000
805,000
1,230,000
62
250,000
94
25,000
135
205,000
257
$16,378,7001
79,366,950!
242.162,982!
7)365,150
730,300
$1,445,500
1,922)710
64,000
18,069,000
15,001,400
253,000
3,700,500
7,283,800
340,200
3,294,500
4,075,000
1,385,000
5,104,170
7,731,050
12,357,000
20,668,350
11,109,980
1,518,590
19,056,900
26,458.550
5,982,000
16,674, OOOl
30,450,000
12,593,000!
6,677,500
5,715,000
7,960,000
6.338,120
4; 405,000
11,090,500
4,044,000
8,715,000
5,685,O5ol
12,379,500
8,490.000
133,500
800,700
7.088,000
7,510.500'
22)447,0001
3,848)000!
7.835,650!
761,500|
1,565,0001
6.625,250
8) 746,010
9,622,000
5,935,500
9,003,000
26
4,007,500
3,015,000
10,125,000
7,042,500
594 96,250,920 8,427 649,950,482
307 120,193,080
8,120 529,757,402
10,535,000
8,157 540,292,402
1 Includes 26 banks with capital of $15,500,000 consolidated under act of Nov. 7, 1918.
2
Includes 15 banks with capital of $9,100,000 consolidated under act of Nov. 7,1918.
3
Includes 37 banks restored to solvency.
Capital.
307 120,193,080
165
REPORT OF THE COMPTROLLER OF THE CURRENCY.
T^UFBER OF NATIOHAL BAHKtt ORGANIZED, IN LIQUIDATION, CONSOLIDATED ITFDEB,
ACT OF NOV. v, 1S1«, INSOLW..MT, AWD IN OPERATION, W I T H AMOUNT OF BONDS ON
DEPOSIT.. AND CJBCTTX<ATTO>7 ISSUED, R E B S E M E B , AND OTTTSTAFXMSSi OST OOT. 31,
1320,
Circulation.
State or Territory.
Con-1
soli- i
dated :
,
Organ- Insol- under liqui-j n ^In
act;
daized.
Nov. tion.
| United
i States ;
bonds on !
I deposit. !
Issued.
Redeemed.
:
Out! standing.
193*8.
Maine.
...I
New Hampshire...
Vermont
Massachusetts
Rhode I s l a n d . . . . . . |
Connecticut
New E n g l a n d
States........
New Y o r k .
....
New Jersey.
Pennsylvania......
Delaware.....-.--.
Maryland..........
District of Columbia
Eastern States.,..
Virginia
West Virginia
North Carolina
South C a r o l i n a . . . .
Georgia. — . . . ,
Florida.......
Alabama
Mississippi, . . . . . . . . .
Louisiana
Texas
Arkansas..........
Kentucky
Tennessee.....
Southern States .
Ohio
Indiana...
Illinois.-.-. — —
Michigan
Wisconsin
Minnesota
Iowa......
Missouri
Middle S t a t e s . . . .
North Dakota
South Dakota
Nebraska.
Kansas.....
Montana
"Wyoming
Colorado..
New Mexico
Oklahoma
63 S5.42"),750 £116,446,380
"
91,i0-%505
55 o,617 "500
"4,193,9-0
49 4, 300,500
160 lft, 63 >, 200
17 4,767, ">00
60
154;
117;
100^
154!
84;
149!
58!
79!
854!
108'
217 i
173
122
87
82
94
5">
101
31
39
565
5 ......
6
1
1
1
10
13
S
2 ......
7
4
34
7 ......
6
8
134 10' 0< »8,' 05 i
9« 1 ^ 0 0 1 , / 5 0
1
16,164,677
l . ' 1 7 > > 3 , ^ l j 86,264,694
23,333, ">09|
855,656
'•*) 513;150
183,269,111i 10,244,139
" " ~ 540
(>1,O ^ i : | 7,216,729
202,6847T53
""21.74697467
11,232,889
8,603,979
(0 3P. 7, ^70! 8,164,775
r,837,17«' 10,279,912
5,379,460
4 "-.748,00
Pi, i / ) , 192 11,298,578
2,095,032
4,965,610
43,770,608
3; 718,400
16,935,766
11,884,749
15977997225
17665 rrr, 073, FOO f
"~378i~Hbl57rnJ
254 27,097,480
486 23,123,71*0
116, 11,709,450
1531 14, ")45,710
340 14,690 W»0
357 20.288,830
136! 2i; 998,850
2,220 180,13(\330 2,033
183 4 , 4 >1,030 "'29;
4,205,300
190 9,794,520
263 10,821,810
146 4,21'2)950
2,310.000
7,«J84)7tO
2,203 000
Western S t a t e s . .
Washington
Oregon
........
California,
Idaho
Utah.....
Nevada...
Arizona
.........
Alaska
Pacific States
Hawaii
Porto Rico
Island possessions
United States
10/9;,CP0
7, ,40,31o
8,100/'(H)
10,3P,l'>0
5,447,750
10, J 61,3*0
2,7i),2"0
4, ~A8,2"0'
44,021,470
?110, "43,84a! $5,902,, 535
85,543,462|
5,563,043
4,304,850
89,889,100
738,991,970 23;52(>;iO9
5,489,623
I37/»91,0")2i
200,r>,434J 13;114,866
54, 451,200
47, 970,710
351, 652,640
20, 593,580
28', 226,850
10, 513,700
8, 272', 540
398//T"
3,109 8,1571712,066) 500 9,325,707.
Exclusive of 37 banks restored to solvency.
2 Includes £1,508,607,50 notes redeemed but not
destroyed.
47,336,030
26,932,024
30,546,229
12,105,842
14,812,107
14.859', 745
20)800,602
19,539,987
186,932,566
4,330,733
4,163,951
10,219,099
11,146,347
3,938,773
2,197,696
7,554,737
2,111,720
13,037,165
58,730,221
57,800,530
6,719,760!
43,128,5501
3,397,000
3,392,000
1,216,510!
1,078,460!
25,000J
49(),4<>7,470j
23°, 749, 3011
" " "
47,780,1571 6,671,043
6,898,886
41,071,824
306', 743,479 44,909,161
17,250,408! 3,343,172
24,965,388! 3,261,462
8,937,321! 1,576,379
7,209,437
1,063,103
11,780
387,000
166
REPORT OF THE COMPTROLLER OF THE CURRENCY.
N U M B E R OF N A T I O N A L B A N K S ORGANIZED, IK V O L U N T A R Y L I Q U I D A T I O N , CONSOLID A T E D U N D E R A C T OF NOV. 7, 1918, I N S O L V E N T , A N D N U M B E R A N D C A P I T A L OF
A S S O C I A T I O N S I N A C T I V E O P E R A T I O N ON J A N . I OF E A C H Y E A R FROM 1864 TO 1920.
Organized,
Year.
179
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
!, 445
2, 498
2,606
!, 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
1864
1865
1866
1867.
1868.
1869.
1870.
1871.
1872.
1873.
1874.
1875.
1876.
1877.
1878.
1870.
1880.
1881.
1882.
1883.
1884.
1885.
1880.
1887.
1888.
1889.
1890.
1891.
1892.
1893.
1894.
1895.
1897
1899.
1900.
1901.
1902.
1903.
1904.
1905.
1906.
1907. . . . .
1908.
1909.
1910.
1911.
1912.
1913.
1914.
1915
1916.
1917.
1918.
1919.
1920.
a n7A
. .
.
.
:
:
'
!
6,566
7,081
7,541
8.027
8'489
8,979
9.302
9,622
9.913
10,119
10.305
10,472
10,672
10.810
10,932
11,126
11,282
11,570
1 Exclusive of 37 banks restored to solvency.
Consoli- j
In volun-j dated
tary liq- (underact
uidation. N o v . 7,
1918.
1
3
10
13
15
15
19
23
34
37
40
50
61
76
81
84
85
87
89
102
104
11
16
29
47
62
77
87
101
118
141
179
211
236
274
308
320
349
429
462
506
57S
611
632
668
804
853
905
975
1,024 i
1,059
1,144
1,207
1,261
1,302
1 '"'51
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
3,042
In active operation.
Insolvent.1
us
27
121
128
138
143
1Q()
180
243
260
294
327
353
368
373
379
386
389
402
422
44:3
447
463
481
484
439
404
501
513
523
539
545
549
551
553
Number.
179
676
1,614
1,646
1,636
1,628
1.619
1,667
1,806
1,949
1,979
2,036
2; 096
2,084
2,078
2,055
2,056
2,094
2,172
2,333
2,550
2,673
2,745
2,888
3.079
3; 158
3,351
3,597
3,700
3,799
3 785
3* 743
3,711
3,668
3,614
3,590
3,606
3.981
4)337
4,756
5,184
5,554
5,898
6,283
6,675
6,889
7,054
7,231
7,340
7,431
7,509
7,593
7,621
7,597
7,688
7,781
7,948
Capital.
S [4,0 tO, 522
13.5.018,874
403; 357,346
420,229,73 J
420,260,790
426,882,611
433,803,311
442, 42 7, OS 1
4C»S,210,336
487", 781,551
499,003, -101
603,347,901
IL155S05
4S5>57,7i'I
471, 60<), 3 %
461,557,515
467,039,084
470, Or;. 135
492, f <7n) 015
.529,910,165
5M',37R,2>\5
555. 8<>5,165
58^726,015
593,2 >i), 035
023,791, 365
665.267,?65
085) "02) 265
69,5,14S, 665
603,353,165
f 70,906, ;;65
6-04,076,915
655,334,015
639, 440, 295
622,482,195
608,588,045
635,309,395
670,164,195
723,416, 695
767,567,095
785,411,335
818,482,075
862,016,775
912,369,775
933,020,275
966,406,925
,014,591,135
1,033,302,135
1,052,880,175
,070,139,175
,074,382,175
1,077,501,375
1,075,733,375
1,097,555,065
1,110,936,165
1,161,439,165
BEPORT OF THE COMPTROLLER OF THE CURRENCY.
167
NATIONAL BANKS CHARTERED DURING THE YEAR ENDED OCT. 31, 1920.
Charter
No.
Title.
11515 First National Bank of Clanton
11613 First National Bank of Haley ville
11835 National Bank of Opelika
11753 Commercial National Bank of Anniston.
11766 First National Bank of Fairfield
11819 First N afcional Bank of Albertville
,
11820 Albertville National Bank, Albertville i.
11846 First National Bank of Russellville
Total (8 banks).
Capital.
$30,000
25. 000
125,,000
300,,000
50 000
25, 000
100, 000
25. 000
680,000
11559 Commercial National Bank of Phoenix.
11663 First National Bank of Casa Grande..
Total (2 banks).
150,000
25,000
175,000
ARKANSAS.
11542
11580
11592
11645
11651
11748
11825
11830
Planters National Bank of Hughes
Farmers National Bank of Clar'ksville
First National Bank of Paris
First National Bank of Pocahontas
First National Bank of Blytheville
First National Bank of Hartford
First National Bank of Lincoln
Farmers & Miners National Bank of Hartford.
Total (8 banks).
30,000
60,000
80,000
50,000
100,000
32,500
25,000
25,000
402,500
CALIFORNIA.
11520
11522
11528
11532
11534
11560
11561
11566
11572
11587
11601
11616
11678
11684
11699
11701
11720
11729
11732
11743
11752
11756
11769
11787
11806
11823
11827
11840
11850
11853
! First National Bank of Pescadero
i First National Bank of Las Altas
,.
Farmers & Merchants National Bank of Blythe
I Farmers & Merchants National Bank of Mountain View
First National Bank of Shatter
Fruit Growers National Bank of Watsonville
First National Bank of Bay Point
First National Bank of Willits
Growers National Bank of Campbell
First National Bank of Huntington Park
First National Bank of Salida
First National Bank of Orange Cove
First National Bank of Geyserville.
Bank of Suisun, National Association, Suisun City (Inc.)
First National Bank of Niland
First National Bank of Downey
First National Bank of Manteca
American Marine National Bank of Los Angeles (P. O. San Pedro Br.).,
First National Bank of Culver City
First National Bank of Centcrville
Farmers & Merchants National Bank of Hay ward2
Farmers & Merchants National Bank of Lompoc 3.
First National Bank of Biola.. First National Bank of Indio
First National Bank of Earlimart
I Golden State National Bank of Anaheim
First National Bank of La Habra
Westwood National Bank, Westwood
i First National Bank of El Segiindo
! American National Bank of Modesto
Total (30 banks).
25,000
25,000
50,000
50,000
25,000
100,000
25,000
50,000
50,000
50,000
25,000
25,000
25,000
100,000
25,000
25,000
50,000
200,000
25,000
100,000
100,000
25,000
25,000
50,000
25,000
75,000
50,000
50,000
25,000
150,000
1,625,000
COLORADO.
First National Bank of Limon
25,000
First National Bank of Peetz
25,000
First National Bank of Keenesburg
25,000
Stock Yards National Bank of Denver.
250,000
Drovers National Bank of Denver
200,000
30,000
First National Bank of Fleming
25,000
First National Bank of Deer Trail
30,000
Limon National Bank, Limon.
200,000
Globe National Bank of Denver
3i Branch at Arab, Ala.
3 Consolidated on Aug. 5, 1920, with First National Bank of Hayward, Calif., under act Nov. 7, 1918.
Consolidated on Aug. 5, 1920. with First National Bank of Lompoc, Calif., under act Nov. 7,1918.
11504
11523
11530
11540
11564
11571
11574
11619
11623
168
REPORT OF THE COMPTROLLER OE THE CURRENCY.
NATIONAL BANKS CHARTERED DURING THE YEAB. ENDED OCT. 31, 1920—Continued.
Charter
No.
I Capital.
Title.
COLOR ADO—continued.
First
First
First
First
11640
11660
nesi
11682
National
National
National
National
Bank
Bank
Bank
Bank
$25,090
25,000
25,000
25,000
of S t r a s b u r g . .
of Springfield.
of Elbcrt
of Aurora
910.000
Total (13 b a n k s ) .
DISTRICT OF COLUMBIA.
Liberty National Bank of Washington
11633
250,000
FLORIDA.
First National Bank of Lake Hamilton..
First National Bank of Lake Worth.....
11703
11716
25,000
30, 000
Total (2 banks).
j
55, 000
GEORGIA.
11597 Second National Bank of Grifiin
11695 First National Bank of Ilartwell
11833 I Liberty National Bank of Codarto wn
100,000
50, 000
-.
ioo;ooo
Total (3 banks).
11508
11556
11578
11600
11609
11636
11721
11736
11745
11794
11821
250,000
First National Bank of Dubois
Parma National Bank, Parma
City National Bank of Jerome...,
First National Bank of Roberts.......
Stockmens National Bank of Nampa..
First National Bank of Mackay
National Bank of Idaho at Pocatello..
First National Bank of Minicloka
American National Bank of Lewiston.
First National Bank of Arco
Nampa National Bank, Nampa
25,000
25,000
30, 000
25,000
75.000
25', 000
200,000
2;-, 000
100,000
50,000
100,000
Total (11 banks).
11507
11509
11516
11596
11602
11610
11662
11675
11679
11715
11731
11737
11754
11774
11779
11780
11845
First National Bank of Oak Park
Flora National Bank, Flora
First National Bank of Walt onville
First National Bank in East St. Louis
First National Bank of Hampshire
Woodstock National Bank, Woodstock.
First National Bank of Cicero
First National Bank of Waddams Grove
Commercial National Bank of Rockford
!Lemont National Bank, Lemont
Security National Bank of Rockford
Albany Park National Bank of Chicago
First National Bank of Okawville
First National Bank of Woodlawn
Farmers National Bank of Viola
Old Exchange National Bank of Okawville
First National Bank of Li vingstok
Total (17 banks).
11671
11782
First National Bank of Converse.
First National Bank of Milroy...
Total (2 banks).
11582 S Rockwell City National Bank, Rockwell City.
11588 Farmers National B a n k of Shenandoah.
11604 First National- Bank
-.
- of- Ogden.
11644 First National Bank of Ashton
11735 Farmers First National Bank of Rake..
Total (5 banks)
680,000
-
100,000
65,000
30.000
400,000
25,000
50,000
150,000
25,000
200,000
25,000
200.000
200,000
50,000
25,000
40,000
50,000
25,000
1,660,000
25,000
50,000
75,000
50,000
100,000
50,000
25,000
25,000
250,000
EEPORT OF THE COMPTROLLER OF THE CURRENCY.
169
NATIONAL BANKS CHARTERED DURING THE YEAR ENDED OCT. 31, 1920—Continued.
Charter
No.
11531
11536
11537
11576
11707
11728
11738
11773
11775
11781
11796
11798
11811
11816
11822
11828
11855
11857
11860
First National Bank of Colony
Farmers National Bank of Mankato.
Farmers National Bank of Parsons
First National Bank of Oswego
Farmers National Bank of Great Bend
First National Bank of Richmond
—
Citizens National Bank of Frankfort
First National Bank of Florence
Exchange National Bank of Clyde
Commercial National Bank & Trust Co. of Emporia.
First National Bank of Holyrood
First National Bank of Louisburg
First National Bank of Hanover.
First National Bank of Valley Falls
First National Bank of Karvcyvillo
Farmers National Bank of Penalosa
First National Bank of Collyer
First National Bank of St. Francis
First National Bank of Kanorado
Total (19 banks)
|
KENTUCKY.
11538
11544
11548
11589
First National Bank of Buffalo
Citizens National Bank of Somerset
First National Bank of Dawson Springs...
Liberty National Bank of Bowling Green.
Total (4 banks).
11521
11541
11621
11638
11650
11669
H795
Capital.
ritle.
'50,000
!
25,000
100', 0(0
25,000
125,000
i,000
Exchange National Bank of Shreveport.
First National Bank of Elton
.*
American National Bank of Homer
Commercial National Bank of Homer...
First National Bank of Oak Grove
American National Bank of Mansfield...
First National Bank of Huston
Total (7 banks).
100,000
50,000
50,000
100'. 000
50^000
50,000
50,000
450,000
MASSACHUSETTS.
11510
11567
11790
11859
Everett National Bank. Everett.
First National Bank of Warren
Haymarket National Bank of Boston.
Oceanic National Bank of Boston.
Total (4 banks).
11547
11549
11586
11802
11813
11843
11852
100,000
oo;ooo
200,000
200,000
550.000
Crystal Falls National Bank, Crystal Falls.
National Bank of Pontiac
\
First National Bank of Howell
Caspian National Bank, Caspian
First National Bank of Blissfield
Greenville National Bank Greenville
City National Bank of Battle Creek........
Total (7 banks).
50,000
200,000
100,000
25,000
m. ooo
so;ooo
250,000
735,000
MINNESOTA.
11550 First National Bank of Motordale
11552 First National Bank of Good Thunder
11563 First National Bank of Pine ]lWe<- !
11575 Farmers National Bank of Kilkenny
11579 American National Bank of XaslrvauV
11581 First National Bank of Pine Vw v
11606 First National Bank of Granada
11608 First National Bank of Mar) > le
11611 First National Bank of Big I <nko
11622 First National Bank of Buhl
11627 Farmers & Merchants National Bi *'k of fvanhce.
11652 First National Bank of For«M u> l«'
11668 Security National Bank of Faribai !*
* On Feb. 24, 1920, title was changed to 'lY.e Firvt National Bank of Kilkenny.
19307°—CUR 1920—VOL 1
1U
25.000
25.000
25.000
L\;,000
25. 000
50,000
25.000
2r>, 000
m.ooo
•r 0*0
200', i 00
170
REPORT OF THE COMPTROLLER OF THE CURRENCY.
NATIONAL. BANKS CHARTERED DURING THE YEAR ENDED OCT. 31, 1920—Continued.
Charter
No.
Title.
Capital.
MINNESOTA—continued.
11685
11687
11709
11710
11717
11724
11740
11741
11761
11770
11776
11777
11778
11810
11815
11818
118-18
11861
31863
Peoples National Bank of Shakopce
First National Bank of Farmington
First National Bank of Rice
Rice National Bank, Rice
Farmers National Bank of Malinomen
First National Bank of Holland.
First National Bank of Menahga
Twin Cities National Bank of St. Paul
First NationalBank of Barnum
Wabash NationalBank of St. Paul
First NationalBank of Rosemount
First NationalBank of Watertown
Minneapolis NationalBank, Minneapolis..
Minnesota NationalBank of Duluth
First National Bank of Warroad
American NationalBank of St. Cloud
Roseau County National Bank of Roseau.
Payday National Bank of Minneapolis
First National Bank of LiUbfork
Total (32 banks).
$25,000
25,000
25.000
25; 000
25,000
25,000
25,000
200; 000
25,000
200, 000
25,000
25,000
200,00!)
600,000
25,000
100,000
30,000
200,000
25.000
2,385,000
MONTANA.
11673
11696
11829
11835
First National Bank of Belt
American NationalBank of Billings.
Total (2 banks;.
Peters National Bank of Omaha
First National Bank in South Sioux City.
Total (2 banks.)
30 100
150, 000
180,000
200, 000
25, 000
225,000
NEVADA.
11784
Farmers & Merchants National Bank of Eureka
25,
,000
NEW JERSEY.
11543
11545
11553
11607
11618
11620
11658
11727
11734
11744
11759
11793
11847
Bogota National Bank, Bogota
Linden National Bank, Linden
Broad Street National Bank of Red Bonk
Memorial National Bank of CoLlinwood (post office, West Collingswood).. Cliffside Park National Bank, Cliffside Park
First National Bank of Roebiing
Beach Haven National Bank, Beach Haven
Hillside National Bank, Hillside (post office, Elizabeth)
Woodstown National Bank, Woodstown
Peoples National Bank of Elizabeth
Citizens National Bank of Ridgewood
Palmyra National Bank, Palmyra
First National Bank of South Plainfieid
Total (13 banks).
25,000
25,000
100,000
50,000
50,000
50,000
25,000
50,000
100, 090
200.000
100^ 000
50,000
30,000
855,000
NEW MEXICO.
11565
11711
11746
50,000
25,000
25,000
First National Bank of Springer.
First National Bank of Loving...
First National Bank of Grady
Total (3 banks).
100,000
NEW YORK.
11511
11513
11514
11518
11583
11603
11626
11639
11649
11655
11656
11657
11686
Tinker National Bank of East Setauket
First National Bank of Afton
Afton National Bank, Afton
Citizens National Bank of Free-port
Evans National Bank of Angola
Peoples National Bank of Lynbrook
Union National Bank & Trust Co. of Albany.
New York National Irving Bank, New York..
First National Bank of Milton.
Richmond Hill National Bank of New York.
Middleville National Bank, Middleville
Hartwick National Bank, Hart wick
National American Bank of New York
25,000
25,000
25,000
100,000
50,000
50,000
250,000
1,000,000
25,000
200,000
50,000
25,000
,000,000
REPORT OF THE COMPTROLLER OF THE CURRENCY.
171
NATIONAL BANKS CHARTERED DURING THE YEAR ENDED OCT. 31, 1920—Continued
Charter
No.
i
11708
11713
11730
11739
11742
11747
11755
117G8
11785
11809
11836
11844
11854
Capital.
Title.
NEW YORK—continued.
Searsdale National Bank, Searsdalo
New York Produce Exchange National 'Bank, Now York (with 9 branches).
Wheatley Hills National Bank of Wcsthury
."
Romulus National Bank, Romulus.
1
Port Leyden National Bank, Port Leyden
American National Bank of Mount Vernon
National Bank of Long Beach.
Community National Bank of Buffalo
First National Bank of New Hartford
South Falisburg National Bank, South Fallsburg
Merchants National Bank of Buffalo
Progress National Bank of New York
,
Peninsula National Bank of Cedarhurst
S".), 000
10), OX)
20) 000
50. «t00
Total (20 banks).
NOKTIl rARQflNA.
25,000
50,000
or/, 000
11557 First National Bank of Murfreesboro
11697 i First National Bank of Mebane
11767 ! First National Bank of Warsaw
Total ( S h a n k s ) .
NORTH DAKOTA
11555 Security National Bank of i-arg<> .. .
11599 I First National Bank of T h o m p s o n . . .
11605 First National Bnnk of Mooivt',:'
11641 N a t i o n a l B ' l n k o j F a . m i n i m i
11665 City N a l i o i v ; Hank: of L i i ' i o n . .
11677
11712
11719
11786
L h ' e Plunk Xai-.iiinl BUMK oi
v
JO, 000"
2.5,01)0
?"/ 'J vi
i\c\\
2~>, v Y)
25,0)')
100,0" i
First Naiional Bank of W ll'on . . .
First N'a.'ionil Bank of Max
Northern National Bank of Vane
Tota] (
11573
11598
11614
11617
11714
11723
11726
11733
11772
11803
11804
11831
11851
11862
Cili:ens National Bank oi BlhiTKtM
First National Bank oi Kansas
Mutual National Bank of Midil]<vort
Harveysburg National Bank, liar.^y.-^b'i:,1;
First Nat iornl Bank in ( arroil (on .."
First National Bank of Antweip
1'poplos Ntuurtivil Bank in I'PII'MOM' •MM1
First National Bank of \Yesi Me van<lriA
First NnUoii'.il Ban'i of Ly;u :i', Mi",
'.
!
|
i
|
[
!
<
;
<
First N a t i o n a l B a n k of KookfM\:
j
Kockfoni Nation-il B a n k , itov'k-'-i'l
|
N a t i o n a l C i t v B a n k & T r u - t Co. ot !*!.uion
j
1
F a r m e r ? Nafioua! Ronk ori '.. Ion
!
Brotherhood oi L o c o m o u e I'nginror^ Co- n })oiat •' ^ i a h o i • i B.mk o f lo*, cian ' . '
Total (14 banks).
'• , " W
2 . ) , J l h)
.V).<H>li
"5,000
l()),t)i)()
1'K/MO
30'), ) j )
2")^)00
i,00(), o()0
l, you, ooi)
OKLAHOMA.
11535
11551
11568
11584
11612
11624
11628
11648
11654
11661
11676
11680
11688
11705
11763
11771
11788
11791
11824
11837
11842
First National Bank of Devol
First National Bank of Hanna
Guaranty National Bank of Porum
American National Bank of Enid
First National Bank of Caney
Picher National Bank, Picher
Tradesmens National Bank of Oklahoma City.
First National Bank of Terral
First National Bank of Davidson
Depew National Bank, Depew
City National Bank of Coalgate
Security National Bank of Lawton
Exchange National Bank of Bartlesville
First National Bank of Chattanooga
First National Bank of Carnegie..".
State National Bank of Comanche
Paden National Bank, Paden
First N ational Bank of Jennings
First National Bank of Paden
Central National Bank of Bartlesville
Commercial National Bank of Durant
T o t a l (21 b a n k s )
I
!
i
i
i
|
;
........
[
I
'
'
25,000
50,000
I
I
!
!
j
I
!
100,000
100,000
25,000
30,000
50,000
25,000
25,000
25,000
100,000
100,000
.....!
!
|
-
25,000
25,000
25,000
200,000
25,000
100,000
250,000
25,000
25,000
1,355,000
172
REPORT OF THE COMPTROLLER OF THE CURRENCY.
NATIONAL BANKS CHARTERED DURING THE YEAR ENDED OCT. 31, 1920—Continued.
Capital.
11691
11758
11801
11807
First National Bank of Madras
First National Bank of Clatskanie
American National Bank of Klamath Falls
Citizens National Bank of Dalles City
Total (4 banks).
$25,000
25,000
100,000
160,000
310,000
PENNSYLVANIA.
11505
11512
11524
11539
11570
11593
11643
11692
11757
11760
11789
11834
11841
11849
Marcus Hook National Bank, Marcus Hook...
Dauphin National Bank, Dauphin
First National Bank of Loysville
Broad Street National Batik of Philadelphia..
Citizens National Bank of Eiwood City
Allenwood National Bank, Allemvood
Picture Rocks National Bank, Picture Rocks.
County National Bank of Lock Haven
First National Bank of Bakei ton
South Side National Bank of Butler
Rebersburg National Bank, Rebersburr...
First National Bank of Volant
First National Bank of Shoernakersvillc.
First National Bank of Sipesdlle
50,000
25,000
25,000
250,000
100,000
25.000
25', 000
250,000
50,000
100,000
25,000
25,000
50,000
25,000
1,025,000
Total (14 banks).
SOUTH CAROLINA.
11562
11704
25,COO
30,000
National Bank of Bowman
First National Bank of Bamberg.
Total (2 banks)
.')5,000
SOUTH DAKOTA.
11506
11527
11558
11585
11590
11637
11653
11689
11812
First National Bank of Eden
First National Bank of Eureka
First National Bank of G arden City
First National Bank of Onida
Security National Bank of Mobridge
Citizens National Bank of Tyndall
National Bank of Commerce of Yankton Farmers National Bank of South Shore. Security National Bank of Emery
25,000
50,000
25,000
25,000
50.000
25'000
50,000
25,000
25,000
300,000
Total (9 banks).
TENNESSEE.
11839
Tennessee National Bank of Johnson City.
200,000
11519
11525
11591
11595
11625
11629
11630
11632
11634
11642
11647
11659
11700
11706
11722
11749
11762
11792
11799
11800
11814
11838
First National Bank of Bertram
First National Bank of Sipe Springs..
First National Bank of Rio Grande..
Perryton National Bank, Perryton...
First National Bank of Caddo
CUy National Bank of Amarillo
Citizens National Bank of Eastland -.
First National Bank of Rice
First National Bank of Roaksprings..
Granger National Bank, Granger.,
First National Bank of White Deer
First National Bank of Necessity
First National Bank of Fabens. I
First National Bank of Quitaque
Southwest National Bank of Canadian...
Dallas National Bank, Dallas
Security National Bank of Wichita Falls.
First National Bank of Falfurrias
First National Bank of Fort Neches
Perry National Bank of Hamilton
First National Bank of Bandera
First National Bank of Mathis
25,000
25,000
25,000
25,000
25,000
100,000
100,000
25,000
35,000
35,000
45,000
25,000
25,000
25'5 000
100.000
Total (22 banks).
500; ooo
400,000
50,000
25,000
100,000
25,000
25,000
1,765,000
REPORT OF THE COMPTROLLER OF THE CURRE^C?.
173
NATIONAL BANES CHARTERED DURING THE YEAR ENDED OCT. 31, 1920—Continued.
Charter
No.
11529
11631
11702
11725
I Capital.
Title.
$30,000
100,000
25,000
50,000
First National Bank of Delta
First National Bank of Brigham Canyon
First National Bank of Myton
Gunnison City National Bank of Gunnison.,
Total (4 banks)
205,000
VERMONT.
11615
Richford National Bank. Rich ford -
50,000
VIRGINIA.
11517 Farmers <fc Merchants National Bank of Charlottesville
11533 Farmers National Bank of Tazewell
11554 First National Bank of Yorktown
11569 Round Hill National Bank, Round Hill
11690 Farmers & Merchants National Bank of Radford (post office, East Radford)..
11694 National Bank of Harrisonburg
11698 First National Bank of Grimdy
11718 Peoples National Bank of Marion
11764 Vienna National Bank, Vienna
11765 First National Bank of Big Stone Gap
11797 First National Bank of Flint Hill
11817 Colonial National Bank of Roanoke
11858 First National Bank of Pennington Gap
Total (13 banks)
"WASHINGTON.
11546
11667
11672
11674
11693
11750
11751
11805
11808
11832
11856
11864
First National Bank of Grand view
First National Bank of Ferndale
First National Bank of Raymond
First National Bank of Selah
Security National Bank of Everett
National Bank of Goldendale
Aberdeen National Bank, Aberdeen.,
Army National Bank of Camp Lewis
First National Bank of Lynden
Metropolitan National Bank of Seattle
Marine National Bank of Seattle.,
First National Bank of Kirkland
Total (12 banks).
I
100,000
100,000
25,000
40,000
60,000
150,000
50,000
70,000
25,000
50,000
25,000
400,000
25.000
|
1,120,000
;
I
|
...
25,000
25,000
100.000
25^000
150,000
50,000
100,000
25,000
50.000
300,000
200,000
25,000
1,075,000
WEST VIRGINIA.
11664. |Bayard National Bank, Bayard
11670 I Hurricane National Bank, Hurricane
Total (2 banks).
11526
11577
11594
11646
11783
11826
First National Bank of St. Croix Falls
First National Bank of Deerfield
Hurley National Bank, Hurley
Oneida National Bank of Rhinelander
Burlington National Bank, Burlington
Pioneer National Bank of Lady smith
Total (6 banks)
11666
11683
First National Baijk of iJ.jnr.. .
Citizens Nation:-1 Bank, (. :;i>:-er
Total (2 bankj;;
'i'otnl I'nited States O I i^
25,000
50,000
75,000
25,000
30,000
50,000
100,000
100,000
50,000
355,000
40,000
100,000
140,000
.077.500
174
REPORT OF THE
COMPTROLLER
OF THE
CURRENCY.
NUMBER OF NATIONAL BANKS CHARTERED IN EACH MONTH FROM MAR. 14, 1900, TO
OCT. 31, 1920.
1900 1901 1902 1903 1901 1905 1906 1907 1908 1909 1910 1911 1912 1913 1914 1915 1916 1917 1918 1919 1920
Months.
January
February..
March
April
Mav.
June
Julv
August
September.
October...
November.
December.
Total
6
46
66
95
46
44
20
25
21
29
36
40
<U
36
31
35
30
54
40
41
27
28
41
50
50
42
^S
50
56
51
47
58
13
36
31
35
42
46
27
32
36
3°>8 412
38
33
54
£0
32
49°
515
45
39
50
42
49
48
97
44
35
36
23
38
43
99
38
32
13
36
45
•to
41
41
43
42
•*o
33
31
41
41
40
42
50
46
5?
55
40
39
46
38
19
23
32
36
39
34
33
21
37
20
14
18
21
18
^8
20
22
26
94
44
9g
32
24
22
23
27
98
29
37
26
91
40
19
12
27
12
18
19
13
39
28
90
21
13
13
15
S
11
11
16
14
19
15
99
14
16
15
20
15
6
14
16
16
16
25
93
14
19
11
13
6
6
9
10
9
10
25
94
21
21
13
23
24
6
14
19
19
9
13
11
9
6
15
12
11
10
_1
Q
9
8
7
16
10
10
10
13
10
5
9
13
14
11
14
91
27
16
24
9
13
12
20
14
11
19
17
11
14
12
14
q
14
14
19
20
5
12
12
*>1
34
40
28
50
31
°S
25
17
20
99
24
r
-0
34
19
U
28
39
-100 486 462 490 3k3 320 291 206 186 167 200 138 122 L94 156 288
294
NUMBER OF NATIONAL BANKS INCREASING THEIR CAPITAL, TOGETHER WITH TKS
AMOUNT OF INCREASE MONTHLY, JAN. 1, 1318, TO OCT. 31, 1920.
1918
1917
1916
1919
192f
Months.
January....
February,.
March
April
Mav. . . .
Juno
12
7 '
August... .
September.
October
November
December..
6 i
Total....
15 i
8 ;
8
3 :
11
S ,
5]
6 i
3 I
No.
Capital.
$500,000
950,000
1,005,000
795, 000
497, 500
140 000
1,240,000
'525,000
352,500
5, 715, 000
2 025 000
1,040,000
No.
No.
Capital.
Capital.
No.
Capital.
10
12
7
$1,875,000
2,970, 000
9S9, 990
•5,770,000
2,090, 000
915,000
1,935,000
2,775.000
185;000
1,285', 000
1 870,000
275, 000
22
24
24
9
13
8
15
16
14
6
10
3
$2,595
1,740
1,415,
535,
990
550
1,810 000
2,285 000
1,759 000
2,700 000
2, 262 100
225 000
23
37
28
25
25
22
54
21
31
32
28
24
$3,693,000
2.125,000
2; 335,000
2,250,000
2,705J000
3 315 000
12,660,000
2,905,000
1,885, 000
8,785', 000
3,270 000
2,015,000
107
50
77
69
49
53
75
36
19
21
$15, 805,000
900,000
615 000
lS; 030,100
084,000
A
69-1 000
4' m5 000
13
515,000
1, 485, ('00
17, 510,000
175
22,934,990
164
18,866 100
350
47,943,000
556
99 333,100
24
19
15
15
13
17
.13
92 I 14,785,000
Capital.
iiiiii
No. !
NUMBER AND CLASSIFICATION OF NATIONAL BANKS CHARTERED DURING THE
YEAR ENDED OCT. 31, 1920.
Reorganizations, j
Conversions.
Pr
™ | { 7 J^" 3 '"' !
Total.
Months.
^ - ;
November...
December
January
February
March
April
May..
June
July
August
September
October
Total
Capital.
|«™-
I
$225,000
!
5
• 12
1,075,000
155,000
'
5
665,000
|
9
;
8 , 3,850,000
1 8 I 500,000
I 13 ; 1,905,000
!
7 i 332,500
1 8 * 575,000
750,000
7
500,000
2
3
475,000
i
87 I11,007,500 i
5
Capital.
1
SI95,000
100,000
3
4
2
3
1
3
2
4
4
250,000
210,000
125,000
165,000
25,000
115,000
50,000
450,000
125,000
32
N
N
b™"|
™"|
1,810,000 | 242
Capital,
Capital.
$785,000
1,420,000
1,020,000
1,005,000
1,580,000
2,255,000
2,035,000
2, 730,000
950,000
1,395,000
1,225,000
1,860,000
28
39
21
?>4
40
28
50
31
28
25
17
20
$1, 205,000
2 595.000
1. 175.000
1, 920,000
5. 640,000
2. 880,000
4 f 105.000
3, 087,500
640,000
2, 195,000
2 175,000
2, 460,000
18,260,000
361
31, 077,500
175
REPORT OF THE COMPTROLLER OF THE CURRENCY.
CONVERSIONS OF STATE BANKS AND PRIMARY ORGANIZATIONS AS
NATIONAL BANKS SINCE 1900.
The number and capital, by classes, of conversions, reorganizations, and primary organizations of national banks, are shown in
the following table:
Summary,
by classes, of national hanks chartered from Mar, 14, 1900, to Oct. 31} 1920.
Reorganizations
from State and
P r iT a a r y o r ga n 1 ?; a private banks and
national banks, j
Conversions
Classification.
c-..a-.ii. ! Num.
ber.
Capital
less than $$50,000.!
pt
,
C
i t l $50000
Capital
$50,000 or over..!!
Total
....
Y;Trt"
708 j 18,700,000
, ,
1,092
509
509 | 79
79, 53
537800
7,800
I 1,215 | 98,237.890
Total.
2S,9*',000
102,12), 000
000
10212
1,751 • 1M
i
['
"){) I
<'M>itJ
o()
to
1
33r»,3 2 Mo
r
2 1 •, >7 > ">'""
NUMBER AND CAPITAL OF STATE BANKS CONVE 11 UD INTO N A T u H A I
ASSOCIATIONS IN EACH S T A T S AND TE?±?J GT1V fVOM 8 ^ T t
C . >1 ^920
State or Territory
Maine
New Hampshire
Vermont.
Massachusetts
Rhode Island
Connecticut
Ol.i ,
*1 ,')•)"». OC
2 .V).")
2 I " " ' . 0 I "M 101
<>~, <>1: 2M) '| \ h - , i ] ^ i i
H> i IT "»")0 I \ t ' ( ,
i
l s ^ V 770 j|
.^..
New England State-,
New York
New Jersey
Pennsylvania
Delaware
Maryland
District of Columbia....
in
14..>
.'">•
It
107
Noith i ak A
,221 572
^ 0 (,00
Eastern States....
4 1 ' I 1! \Sf>') Jl
— _rr=^=r^r=r-r
Virginia
West Virginia
North Carolina
South Carolina
Georgia
Florida
Alabama
Mississippi . . .
Louisiana...
Texas
Arkansas
Kentucky
Tennessee . -
!
21 '
\\ ^
| . <)h>t!do
1SJ ' ( • )
^71 on)
'
v \ o io 11
.
.
Southern States
1J
30
3(>
3b
H(),0(
i ( ili'o»nu
3,.)7"),OO() Idaho
Ne\ adi .
l,.i)2,."00
^ - cna
!.- '207,
— 'C-OO
,VH),000
"SO, 000
100
i u>ted ;
•JO j
2,(-M),'••).)
100
452
000
3 ' 0,
18 442, 000
39
25
96
2G
1
4
880, 000
551, 00!)
20,452, 800
1 080, 000
50; 000
250, 000
191
2,134
i,
27,263, 800
377 457, 928
CAPITALIZATION OF NATIONAL BANKS CIJLSSIEIED BY STATES,
Classification of banks organized since March 14, 1900, based upo—
capital stock, together with the number and capital of national banks
reporting on September 8, 1920, in each State and geographical division, is shown in the table following.
176
REPORT OF THE COMPTROLLER OF THE CURRENCY.
SUMMARY BY STATES, GEOGRAPHICAL DIVISIONS, AND CLASSES, OF NATIONAL
BANKS ORGANIZED FROM MAR. 14, 1900, TO OCT. 31, 1920, AND THE PAID-IN CAPITAL
STOCK OF ALL REPORTING NATIONAL BANKS ON SEPT. 8, 1920.
Capital,
$25,000.
States, etc.
No.
Capital over
$25,000 and
less $50,000.
Capital. No.
New England States:
6 $150,000
Maine
1
100,000
New Hampshire-.
4
5
Vermont
125,000
2
50,000
Massachusetts
Rhode Island...
5
125,000
Connecticut
1
22
550,000
Total
Eastern States:
149 3, 725,000 11
New York
71 1,775,000
9
New Jersey
260 6,500,000 25
Pennsylvania
3
6
150,000
Delaware
5
32
800,000
Mar viand..
Dist. oi Columbia.
53
518
Total
12,950,000
Southern States:
71 1,775,000 1*
Virginia
46 1,150,000 18
West Virginia
27
6
675,000
North Carolina
28
4
700,000
South Carolina
27
675,000
Georgia
15
375,000
8
Florida
Alabama
46 1,150,000 13
4
9
225,000
Mississippi
425,000
1
17
Louisiana
98
287 7,175,000
Texas.
6
45 1,125,000
Arkansas
7
59 1,475,000
Kentucky
9
41 1,025,000
Tennessee
718jl7,950,000 210
Total
MiddleWestern States:
117 2,925,000 23
Ohio
98 2,450,000 19
Indiana
195 4.875,000 26
Illinois
6
22 ' 550,000
Michigan
7
53 1,325,000
Wisconsin
232 5,800,000
Minnesota
127 3,175,000 ?!k
Iowa
40 i, ooo; ooo 16
Missouri
884 22,100,000 145
Total
Western States:
7
161 4,025,000
North Dakota
7
102 2,550,000
South Dakota
106 2,650,000 22
Nebraska . . .
133 3,325 000 14
Kansas
97 2,425, OX) 1"?
Montana
4
20
500, 000
Wyoming
69 1,725,000 16
Colorado
6
New Mexico
31 '775.000
414 10,350', 000 36
Oklahoma
1,133,28,325,000 124
Total
Pacific States:
Washington
Oregon
California
Idaho
Utah
Nevada
Arizona.
Alaska
Total
Island possessions:
Hawaii
Porto Rico.
Total
Grand total
45
43
161
50
10
4
6
1
1,125,000
1,075,000
4,025,000
1,250,000
250,000
100,000
150,000
25,000
3
4
8
Q
Capital.
$30,000
30,000
347,500
270,000
847,000
95, COO
172,000
1,731,500
No.
No.
Capital.
8
2
3
37
1
6
57
$435,000
200,000
200,000
7,250,000
500,000
750,000
9,335,000
Capital.
14
7
8
39
1
11
80
.1585,000
330,000
325,000
7,300,000
500,000
875,000
9,915,000
Capital
paid in.
63 $7 045 000
55
5,235,000
49
5,010,000
161 62,305,000
17
5 570 000
66 21,181,000
411 106,346,000
137 29,245,000
58 4,860,000
249 26,650,000
297 33,317,500 495 200 717 000
138 6, 905,000 216 26,770,000
534 33,997,000 853 127,741,000
245,000
9
19
1.535,000
2,902,000
15 i, 930,666
92 18' 064 000
8 2,425,000
8 2,425,000
15
7,677,000
467 65,110,000 1,038 79,791,500 1,690 382,504,000
104 19,475,000 244 23,203,000 372 67, 763,000
80 11,525,000 197 14,583,000 254 29,988,000
121 17,565,000 342 23,333,500 484 92,561,000
43 12,675,000
71 13,415,000 113 22,208,000
40 4,425,000 100 5,970,000 152 23 995,000
48 8,600,000! 303 15,131,000 336 35,699,000
80 5,070,000' 232 9,085,000 358 26,420,000
54 23,585,000 110 25,095,000 136 47,015,000
570,102,920,000 1,599 129,815,500 2,205 345,649,000
215,000
220,000
780,000
490,000
395,000
145,000
516,000
185,000
1,165,000
4,111,000
110,000
126,000
260,000
295,000
60,000
881,000
75,000
No.
803, 000
608. 000
893!, 500
190,000
220,000
731,000
840,000
510, 000
4,795,500
320 8,000,000 ~ 2 7
—:.
3
National b a n k s
reporting Sept.
8, 1920.
6, 898,500
30,000
75 000
Total organizations.
69 8,020,000 155 10,336,000 168 26,782,000
46 3,715,000 110 5,495,000 122 11,587,000
44 4,385,000
87 12,440,000
77 5,255,000
46 4,925,000
78 5,757,000
82 11,890,000
61 5,825,000 109 7,215,000
93 13 518,000
35 6,225,000
6,855,000
54
58
6,820,000
49 4,760,000 108 6,319,500 102 12 295 000
28 2, 565,000
41 2,915,000
30
3, 800,000
33 5,410,000
51 5,865,000
39
8 800'000
189 25,415,000 574 35,763,500 561 63,832,000
43 3,320,000
94 4,637,500
84
7 145 000
38 5,595,000 104 7,300,000 134 17,531,000
44 5,205,000
94 6, 500,000
98 14,559,000
725 85,365,000 1,653 110,213,500 1,654 210,999,000
541,000
630,000
195,000
132,(300
715.000
255, 000
409, 500
125,000
30,000
3,173,500
192.500
230,000
270, 000
1
3
Capital, $.50,000
and over.
15
20
40
45
28
16
44
15
92
1,050,000 183 5,290,000 183
1,300,000 129 4,070,000 135
3,595,000 168 7,025; 000 188
3,610,000 192 7,425,000 257
2,390,000 137 5,210,000 145
40 1,845,000
1,200,000
47
4,160,000 129 6,401,000 137
52 1,860,000
47
900,000
8,015,000 542 19,530,000 356
315 26,220,000 1,572 58,656,000 1,495
94 6,880,000
46 5,645,000
79 3,906,000
3? 2,705,000
166 31,497,800 335 35,782,800
88 3,830,000
29 2,285,000
9 1,475,000]
21 1,785,000
9 1,225,000
13 1,325,000
12
980,000
800,000
19
50,0001
2
75,000
1
54,563,
800
304 45,682,800 651
3
1
650,000
100,000
1
4
750,000;
7
725,000
100,000
825,000
7,065,000
6,180.000
17,125,000
16,474,000
8,505,000
3,065,000
12,185,000
3,304,000
23,621,000
97,524,000
91
90
305
84
28
11
21
3
14,210,000
11,168,000
66,005,000
5,479,000
4,377,000
1,460,000
1.775,000
125,000
633 104,599,000
3
650,000
3
650,000
3,598 89,950,000 560 18,447,500 2,442 335.382,800 6,600 443,780,300 8,09111,248.271,000
177
EBPOBT OF THE COMPTROLLER 03^ THE CURKENCY.
EXPIRATIONS AND 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 316 banks with capital of $24,517,000
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 35 banks with
capital of $8,432,100, 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 3,817 and under the act of 1902, 1,353.
In the coming fiscal year the charters of 289 banks, with capital
of $20,846,500, will expire for the first time, and 62, with capital of
$10,642,900, for the second time. A list of banks concerned in the
extensions during the report year ending October 31, 1921, will be
found in volume 2.
NUMBER OF NATIONAL BANKS IN EACH STATE THE CHARTERS OF WHICH WERE
EXTENDED UNDER ACT OF JULY 12, 1882, TO OCT. 31, 1920.
State or Territory.
Number of
banks.
Maine
New Hampshire Vermont
Massachusetts
Rhode Island
Connecticut
New E n g l a n d
States
New York
New Jersey
Pennsylvania
Delaware
Maryland
District of Columbia
Eastern States
Virginia
West Virginia...
North Carolina..
South Carolina..
Georgia
Florida
ate or Territory.
8"? !| Aiabama
Aiabama
60 S Mississippi
i i i
50 j Louisiana
Arkansas..
|j K e n t u c k y
!', Teniu-ssoV61L
ill
465
19
68
11
1,026
! Num- !!
her of ; I
! banks. \\
25
II
17
-0^
S
ji
I
i;
ji
|!
Number of
banks.
State or Territory.
Mon ; .;na
Wyoming
Colorado
New M e x i c o . .
Oklahoma
20
13
SO
8
47
..
Western States
24
23
38
8
9
1
5
1
|i "Washington..
Southern States.,
'! Oregon
Ohio
Indiana.
Michigan
Wisconsin
Mirmo-ota
Iowa.
Missouri
Middle States
North Dakota..
South Dakota..
N ebraska
li
]19 !!
•m :j
<S2 ;i
79 i
70 |
California.
Idaho,
rtah....
Nevada.
Arizona.,
Alaska...
Pacific Stales..
1,111
30
26
101
111
109
Hawaii.
Island possessions
United States
!
I
178
REPORT OF THE COMPTROLLER OF THE CURRENCY.
REEXTENSION OF NATIONAL BANK CHARTERS.
Number of national banks in each State the charters of which were reextended under the act
of July 12, 1882, as amended Apr. 12, 1902, to Oct. 31, 1920.
Number of
banks.
State.
Maine
New Hampshire
Vermont,...
Massachusetts
Rhode Island
Connecticut
..
New England States.
New York
New Jersey
Pennsylvania .
Delaware
Maryland
District of Columbia.
373
..
Ohio
Indiana
Illinois . .
Michigan
Wisconsin
Minnesota
Iowa.
Missouri..
484
16
11
8
9
4
1
8
1
23
15
Southern States
198
56
181
14
32
3
Eastern S t a t e s . , . . .
Virginia
West Virginia..
North Carolina
South Carolina. .
Georgia
Alabama
Louisiana
Texas
Arkansas
Kentucky
Tennessee
37
34
101
24
65
.
Number of
banks.
State.
i
North Dakota
South Dakota
Nebraska
Kansas
Montana
Wyoming
Colorado
New Mexico
..
Middle States
2
2
fj
1
9
3
Western States
102
94
46
87
21 |
23
18
50
11
Number of
banks.
State.
32
\
\
9
1
Washington
Oregon
California
Utah
Pacific States
12
United States
1,353
350
CHANGES IN CAPITAL STOCKS OF NATIONAL BANKS.
[n 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, 1920:
NATIONAL B A N K C A P I T A L S T O C K I N C R E A S E S A N D R E D U C T I O N S ,
Increases.
Reductions,
States.
No. Amount.
Vermont
Massachusetts
Connecticut
Total New England States
New York
New Jersey
Pennsylvania
Delaware
Maryland
Total E a s t e r n
States
N o . Amount.
4 1 £215 ono
2
4
5
125.000
8,350,000
875,000
15
9,565,000
35
23
45
5
34,415,000
3,050,000
5,735,000
105,800
1,889,300
111
45,195,100
22
5
23
16
19
8
11
2
7
45
10
10
10
2,435,000
370,000
2,435,000
1,940,000
2,160,000
665,000
685,000
125,000
795,000
3,575,000
944,000
975,000
1,150,000
Total Southern
188
States
18,254,000
Virginia
West Virginia
North Carolina
South Carolina
Georgia
Florida
Alabama
Mississippi
Louisiana
Texas
..
Arkansas
Kentucky
Tennessee
Increases.
Re( I actions.
States.
1
1
$125,000
1
125,000
3 1,600,000
1
75,000
4 1,675.000
1
1
25,000
25,000
No.
Amount
21
15
31
11
21
22
16
7
$2,570,000
1,220,000
8,250,000
2,235,000
1,670,000
1,085,000
1,030,000
330,000
Total Middle
144
States
18,390,000
Ohio
Indiana
Illinois
Michigan
Wisconsin
Minnesota
Iowa
Missouri
5
North Dakota..
8
South Dakota
Nebraska
10
Kansas
11
Montana
Wyoming
1
Colorado
8
New Mexico
4
Oklahoma
41
Total Western
States
91
Washington
IF
Oregon
6
California
32
5
Idaho
3
Utah
Total Pacific
59
States
Total of United
608
States
N o . Amount.
125,000
225,000
530,000
1,155,000
100,000
50,000
305,000
200,000
3,210,000
5,900,-000
875,000
649,000
4,820,000
195,000
775,000
7,314,000
104,618,100
22
$125,000
2
125,000
8 1,950,000
i 2 reductions aggregating $1,525,000 incident to the consolidations of national banks under the act of
Nov. 7,1918.
Incident to the consolidations of national banks under the act of Nov. 7,1918.
Digitized for *FRASER
REPORT OF THE COMPTROLLER OF THE CURRENCY.
179
CHANGES OF TITLE OF NATIONAL BANKS.
During the last year 40 national banking associations were authorized to change their corporate titles, or titles and locations under the
act of May 1, 1886.
The following is a list of the banks involved in the changes, with
date of approval indicated:
CHANGE OF CORPORATE TITLE OF NATIONAL BANKS, YEAR ENDED OCT. 31, 1920,
No.
Title and location.
6604
The OKI National B a n k of Oshkosh, Wis , to " T h e Old ComnuM \A Nat ion u Ban 1 , of
Oshkorih"
T h e BCA erly HiJls National Bank, Beverly Hills, Calii., 1 >' T i v !• i;>4 N.u '<>• A B;nsk oi
Beverly H i l l s "
.'
Tho Biiirill National Bank of Ellsworth, A! \ , M " T h e L i b e - t y iSali -.ill u.. i- ut I ' A worth"
."..
T h e Powder Rh , T National Biiiw of Bioadus, Mont, t o '-"'lie FJ I ivi<\, 11' B;"i., oi
Broadus '
i
T h e First Nai ional Bjiik oi Nott h Yakiuui, "W <^h , u> " Fi V N<:( '(>nai J ' - T U oi > a k u a i' :
( n a m e of place changed t o Y-A inia) . .
The Citizens National Bank of ('reen^ ood, Ark., t o ' Firs, N.i' hrj-n Bans, m (>]eiorA ood "
The N a t i o ' i d B a n k of Polouso, "Wash., to " T h e F a r n u r s Ni'tioi>«i) haul; of P i l o u - • " . . .
T h e Firs' N:ifi( n i l B a n k of liau.-fori, '.V\., t o "The r i r s i N r t i o n J Bank of ^ v i& n"n
11461
3804
11418
3355
109R3
9499
10S71
Date.
Nov.
1
Nov.
8
Nov. 15
Nov. 24
Do.
Dec. 6
Dec. 10
Do,
5309 j The Fin.t Na'ioiial B a n k oi JUdgcneld, C^iui., to •
C o m p a n y oi R i d g e l i e l d "
4510 T h e North'.vi'steni National B'ink of Sioux C u y , Iowa, ic
>,\ 'ion.J
y
The :v-;j'l"'i Ncticnai IKu.k orOilundo, FUi., to-'i<>r^ NnHoiul
Bap
^ in Orhiulo"... J
The Mor.JiiiuLt, Nilionsil Bunk oi MilLmk, S. Dak., (o " r Ihc Fain'-'-- inii'< >- " lv-vs
i
NaiLorul BcjnK of Ahlba»:lv "
10034 The Cif'zoiis National B.MI! of Storm ]^k", Iowa, to '' V\i? ('LMzei.j F:<> A .wUnn i! B ink
of Si orm I /ake'
10220 Tho Central Te\p; Kvhaiifjo Nat ion ll Bank of Waco, r lV\., to " Vh<-V'nlnl N\ f.oaal
Bank of M'aoo"
2863 The National biuik oi I'lyr'a, Ohio, to " First National Bank in 1( U'viv "
F'•>b
7538 The Oland Nation.d Bank of ^ iti. 111., to "The V irst Nat'onal \h\i\K oi V\"ilt "
I 'eb.
710 The First and Security National dank of Minneapolis, Minn., to " First National Bank
1'eb.
in Minneapolis"
."
11575 The Fanners National Bank of Kilkenny, MiiD , to ' 'The Fir^t Nat'o 'al i^jiicof Kil1'cb.
kenny "
6229 The National Bankofi'ratt Kaiv. , to " I'lrst- National Bank in Prait ''
7667 The Antlers NaWoiial Bank,' Anilcrs. Okla , to "The Vii^ry National Bank of A n t l e r s " . . Ifir
2338 The National Bank of Coluihous (»a., ^o "The First National Bard; oi Columbus''
3757 The C j n o r National Bank of St.. Llo^na. Cnlif., to " T l u First Na-i »-ial Bank oi St.
1 relena "
5785 The Plattsburg National Bank, Plattsburg, N. Y., to " Flattsburg National Bank and
May
Trust Company " . . .
2456 The Santa Barbara County National Bank, Santa Barbara, Calif., to "County National
Mav
Bank and Trust Company of Santa Barbara "
-\
1. .
6961 The Bessemer National Bank, Bessemer, Ala., to "First National Bank in Bessemer".. May
8307 The National Bank of Harper, Kans., to " First National Bank in Harper "
June
7571 The Merchants National Bank of Sallisaw, Okla., to "First National Bank in Sallisaw". June
10139 The National Bank of Commerce of Sioux City, Iowa, to "The Toy National Bank of
Sioux City "
- July
5494 The Shepherd National Bank of Lovington, 111., to "The First National Bank of LovingJuly
ton"
10075 T h e F a r m e r s National B a n k of K a w City, Okla., t o " F i r s t National B a n k in K a w C i t y " . July
8983 The First National B a n k of E l m Grove, W . Va., t o " T h e First National B a n k a n d T r u s t
July
C o m p a n y of E l m Grove "
2655 T h e First National B a n k of Corning, N . Y., t o " F i r s t National B a n k a n d T r u s t C o m p a n y
Aug.
of Corning "
I'
'.
Do.
10669 The Wall National B a n k of Worden, 111., to " T h e First National B a n k of W o r d e n "
6258 T h e Bartlesville National B a n k of Bartlesville, Okla., t o " F i r s t National B a n k in BarAug.
tlesville "
Aug.
9096 T h e National F a r m e r s B a n k of Wa r r e n, 111,, t o " F i r s t National B a n k in W a r r e n "
9389 T h e Chehalis National B a n k , Chehalis, W a s h . , t o " F i r s t National B a n k in C h e h a l i s " . . . Sept,
6236 T h e City National B a n k of Johnson City, Teim., t o " T h e U n a k a a n d City National B a n k
Sept.
of Johnson City "
1998 | T h e First National B a n k of Grand R a p i d s , Wis., t o " T h e First National B a n k of WisSept.
consin R a p i d s " ( n a m e of Place changed t o Wisconsin R a p i d s )
7296 |The Pingree National B a n k of Ogden, U t a h , t o " T h e N a t i o n a l B a n k of Commerce of
Oct.
I Ogden "
4694 ! T h e Merchants National B a n k of Eagle Grove, Iowa, t o " F i r s t National B a n k in Eagle
Oct.
|
Grove " .
10069
8693
5
ti
21
24
13
22
29
10
25
1
3
17
29
10
14
17
4
U
23
25
26
180
REPORT OF THE COMPTROLLER OF THE CURRENCY.
CHANGES OF TITLE INCIDENT TO CONSOLIDATIONS OF NATIONAL
BANKS.
In the consolidation of national banks under the act of 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 the titles of the banks consolidating
and also the new titles of the consolidated banks are given:
Merchants National Bank of Muncie, Ind. (4852), and Union National Bank of
Muncie, Ind. (2234), consolidated under the charter of the latter, with title: The
Merchants National Bank of Muncie.
The National Bank of Commerce of Wichita, Kans. (5169), and The Kansas National
Bank of Wichita, Kans. (2782), consolidated under the charter of the latter, with title:
First National Bank in Wichita.
The Union National Bank & Trust Co. of Albany, N. Y. (11626), and The National
Commercial Bank of Albany, N. Y. (1301), consolidated under the charter of the
latter, with title: The National Commercial Bank & Trust Co. of Albany.
The Afton National Bank, Afton, N. Y. (11514), and The First National Bank of
Afton, N. Y. (11513), consolidated under the charter of the latter, with title: First
National Bank of Afton.
The National Bank of Commerce of Wichita Falls, Tex. (10547), and The City
National Bank of Wichita Falls, Tex. (4248), consolidated under the charter of the
latter, with title: The City National Bank of Commerce of Wichita Falls.
The Manufacturers National Bank of Newark, N. J. (2040), and The Merchants
National Bank of Newark, N. J. (1818), consolidated under the charter of the latter,
with title: The Merchants & Manufacturers National Bank of Newark.
The Farmers & Merchants National Bank of Lompoc, Calif. (11756), and The First
National Bank of Lompoc, Calif. (10897), consolidated under the charter of the latter,
with title: First National Bank of Lompoe.
FAILURES AND SUSPENSIONS OF NATIONAL BANKS.
Five national Lanks with aggregate capital of $205,000 were placed
in charge of receivers during the year ended October 31, 1920. The
date that each bank was authorized to commence business, date of
the appointment of the receiver, the capital stock, and the circulation outstanding at date of failure are shown in the following table:
Title and location of bank.
First. National Bank, Bluffton, Ohio
First National Bank, Newman, Calif
First National Bank, Judsonia, Ark
First National Bank, Eureka, S. Dak
First National Bank, Fairfield, Idaho
Date of
Date of
business.
of receiver.
Charter
No.
i
|
'
5626
9760
10439
11527
10162
Nov.
May
Sept.
Nov.
Mar.
19,1900
25,1910
2.1913
28,1919
20,1912
Nov.
Jan.
June
Aug.
Aug.
Circulation
Capital outstandstock.
ing at
date of
failure.
17,1919 $50,000
31,1920
50,000
29,1920 I 30,000
20,1920 T 50,000
26,1920 i 25,000
$46,700
12,500
28,200
5,850
On October 31, 1918, 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 31, 1920, there were only 30
national banks in receivers' charge.
The total amount of dividends in liquidation, paid between October 31, 1913, and October 31, 1920, to the depositors and other,
creditors of insolvent national banks was $22,064,161.15. 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 would
be $55,923,687.15.
REPORT OF THE COMPTROLLER OF THE CURRENCY.
181
The receiverships of four national banks, which had failed in previous years, were finally closed during the year ended October 31, 1920.
In three cases dividends of 100 per cent and interest were paid and in
the other case a dividend of 85 per cent.
The first failure of a national bank took place in 1865; from that
date until the close of business on October 31, 1920, the number of
such banks placed in charge of receivers was 594. Of this number,
however, 37 were subsequently restored to solvency and permitted
to resume business. The total capital of these failed banks was
$96,250,920, while the book or nominal value of the assets administered by receivers under the supervision of this bureau aggregated
$405,761,489, and the total cash thus far realized from the liquidation
of these assets has amounted to $208,376,193. In addition to this
amount, however, there has been realized from assessments of
$51,241,240 levied against stockholders the sum of $24,780,026, making the total cash collections from all sources $233,156,219, which
have been disbursed as follows:
In dividends to creditors on claims proved, amounting to $212,366,597
the sum of
T
$164, 005, 490
In payment of loans and other disbursements discharging liabilities of
the bank other than those of the genera] creditors. .\
47, 276, 592
In payment of legal expenses incurred in the administration of such
receiverships
6, 095. 882
In payments of receivers' salaries and other expenses of receiverships.. 10, 676,155
There has been returned to shareholders in cash
3, 789, 079
Leaving a balance with the Comptroller and the receivers of
1, 313, 021
Total
233,156, 219
In addition to the funds thus distributed there had been returned
up to the close of business on October 31, 1920, to agents for shareholders, to be liquidated for their benefit, assets having a nominal
value of $15,818,008.
The book or nominal value of the assets of the 30 national banks
that are still in charge of receivers amounted to $45,117,916. The
receivers had realized from these assets at the close of business on
October 31, 1920, the sum of $25,364,935, and had collected from the
shareholders on account of assessments levied against them to cover
deficiencies in assets the further sum of $1,967,295, making the total
collections from all sources in the liquidation of current or active
receiverships the sum of $27,332,230, which amount has been disbursed as follows:
Total assets taken charge of by receivers
$45,117, 916
Dividends to creditors (to Sept, 30, 1920)
19, 891, 418
Loans paid and other disbursements discharging liabilities of the bank
other than those to the general creditors
4, 506, 239
Legal expenses
665, 412
Receivers' salaries
430, 502
All other expenses of administration
526, 911
Amount returned to shareholders in cash
28, 621
Leaving a balance with the Comptroller and the receivers of
1, 283,127
Total
27, 332, 230
The collections from the assets of the 564 national banks, the affairs
of which have been finally closed, amounted to $183,011,258, and,
together with the collections of $22,812,731 from assessments levied
against the shareholders, make a total of $205,823,989, from which,
182
REPORT OF THE COMPTROI^LER OF THE CURRENCY,
on claims proved aggregating $186,819,017, dividends amounting to
$144,114,072 were paid.
The average rate of dividends paid on claims proved was 77.14 per
cent, but, including offsets allowed, loans paid, and other disbursements with dividends, creditors received on an average 83.71 per cent.
The expenses incident to the administration of these 564 trusts—
that is, receivers' salaries and legal and other expenses—amounted to
$15,149,212, or 4.20 per cent of the nominal value of the assets and
7.36 per cent of the collections from assets and from shareholders.
The outstanding circulation of these banks at the date of failure was
$28,613,029, which was secured by United States bonds on deposit in
the # Treasury of the face value of $30,864,800. The assessments
against shareholders averaged 51.30 per cent of their holdings, while
the collections from the assessments levied were 48.40 per cent of the
amount assessed. The total amount disbursed during the current
year to the creditors of 16 of the insolvent banks in the 24 dividends
declared was $2,542,040.93.
In the table following is summarized the condition of all insolvent
national banks, the closed and active receiverships being shown
separately:
Items.
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
$405,761,489
25,364,935
4,236,711
4,674,917
10,841,353
360,643,573 \ 45,117,916
208,376,193
36,783,033
129,738,126
15', 818,008
15,046,129
405,761,489
25,364,935
1,967,295
208,376.193
24,780^ 026
27,332,230
233,156,219
42,770,353
144,114,072
5,430,470
9,718,742
3,760,458
29,894
4,506,239
19,891,418
665,412
957,413
28,621
1,283,127
47,276,592
164,005,490
6,095,382
10,676,155
3,789,079
1,313,021
205,823,989
27,332,230
233,156,219
91,870,920
30,864,800
4,380,000
3,565,000
96,250,920
34,429,800
32,716,165
28,613,029
47.134,290
186; 819,017
3,518,443
3,522,220
4,106,950
25,547,580
36,234,608
32,135,249
51,241.240
212,366,597
Dividends paid.
Legal expenses
Receivers' salaries and other expenses
Amount returned to shareholders in cash.
Balance with the comptroller or receivers.
Total-
Capital stock at date of failure
!
United States bonds held at failure to secure circulating notes. -1
Amount realized from saie of United States bonds held to j
secure circulating notes.
.<
Circulation outstanding at failure
Amount of assessment upon shareholders
Claims proved
1
$360,6-13,573 | $45,117,916
J 183,011,258
! 22,812,731
| 205,823,98
Disposition of collections:
Loans paid and other disbursements
2
Total, 594.
183,011,258
32,546,322
125,003,209
15,818,008
4,204,776
Total
Collected from assets as above
Collected from assessment upon shareholders
Total collections
Closed reActive receiverships, ceiverships,
564.1
I
30 >
Includes 37 banks restored to solvency.
Includes capital stock of 37 banks restored to solvency.
The affairs of four insolvent banks were closed during the year ended
October 31, 1920, and in the accompanying table appears information
relative to the capital, date of appointment of receiver, and per cent
of dividends paid to creditors:
REPORT OF THE COMPTROLLER OF THE CURRENCY.
183
Closed receiverships, year ended Oct. SI, 1920.
Location.
Title.
First National Bank
American National Bank
Williamstown National Bank
Citizens National Bank
1
2
Date receiver
appointed..
j Aug.
ilmon, Idaho.. ! Apr.
-...I Fort Smith, Ark
1 Nov.
j Williarnstown, W. Va..
Pineville, W. Va
• ..--! July
Capital.
8,1911
1,1916
23,1916
10,1917
$50,000 i
200,000 I
30,000
50,000 |
Per cent
dividends
paid to
creditors.
1 100
85
2 100
2 100
With 37.90 per cent of interest due.
With interest in full.
CAUSES OF NATIONAL B A N K F A I L U R E S .
Two hundred and twenty-eight, or over one-third, of the 594
failures of national banks were attributable to criminal acts. In 51
of the 228 instances defalcation of officers WD.I the C^IFO, in 128 fraudulent management, and in 49 the banks we v wrecked h\ c<i^!uWs o}subordinate officers. * r 'ilantul J'^i.s -ih t n i-, loa i -s In C M V ^ of th<statutory limit—were the principal causes i !' 114 of the hrii'ires. fn
62 of the 114 instances ovec'ssive lonns w ei c mnd^ to officers and
directors and in 52 to others 0 u\ of!>ecr^ '»mi diivctois, Dcprc. iation in the value of assets wvs tiie asci ibed c --A ~e of S3 of t' c *:iilu/cv.
Injudicious or careless banking was Uh c:. .t • w
or nearly onofourth of the total mnnhrr, «:»)tl t'*io v^ i.-ii^
ascribed to insolvency of 'ai-*xe (. »1>:'w^, *sr1 *11,^ " n
uidit/ oi a.^ers ;
etc.
In the following tabl^, aro shown the i:;;iahoi nd pcic< ii
»l
failures from principal causes sine** inan^ui -I «on
national
system.
Principal causes of failure of national ba-ul'S in past 57 years.
Number. | Per cent.
Involving criminal actions
Defalcation of officers
Fraudulent management
Wrecked by cashier
Wrecked by defalcation bookkeeper
Wrecked by assistant cashier.,
Involving unlawful acts
,
Excessive loans to officers
Excessive loans to others
Depreciation of assets
Securities
Realestate
General stringency money market
Failure of large debtors
Injudicious banking
Closed by run or in anticipation
No record of cause
Total.
,
„
228
38.4
111
19.2
83
14.0
12
139
9
9
2.0
23,4
1.5
1.5
51
128 I
46 j
i j
2
62
52
19
14
50
100.0
184
REPORT OF THE COMPTROLLER OF THE CURRENCY.
NATIONAL BANK FAILURES SINCE INAUGURATION OF THE SYSTEM.
The following table shows the number of national bank failures
for each fiscal year ending October 31 since the inauguration of the
national banking system in 1863. It also shows the total capital of
the banks that failed during each fiscal year, and also the total resources of all the national banks of the country at the time of the
June call in each year.
The column on the right shows the percentage of the capital stock
of the failed national banks to the total capital of all national banks,
as reported at the time of the June call each year during the period
between 1864 and 1920.
An examination of this table shows that the largest number of
national bank failures took place in the year 1893, when there were
65 such failures.
The only fiscal years in which there were no failures were the years
1870, 1871, and 1881, but in 1870 and 1871 the resources of all
national banks were only about 7 per cent of what they are now
and in 1881 their resources were about one-tenth of their present
resources.
In the fiscal year ended October 31, 1919, there was only one
national bank failure; but this bank paid its creditors 100 cents on
the dollar before the close of the fiscal year, and there was therefore
not a dollar's loss to any national bank depositor in that year.
In the fiscal year 1893, the capital of the national banks which
failed amounted to $10,910,000. This was the largest reported for
any year, and was equal to 1.591 per cent of the total resources of all
national banks at that time.
The percentage of capital of failed national banks to the total
capital of all national banks for the fiscal year 1920 was only 0.017
per cent—seventeen one-thousandths of 1 per cent. This means
that the percentage of the capital of the failed banks to the total
capital of all national banks in operation in 1893 was more than
ninety times as great as the percentage of the capital of the failed
banks to the total capital of all national banks for the fiscal year
ended October 31, 1920.
The average percentage of the capital of failed national banks to
the average capital of all national banks for the past 57 years, since the
beginning of the national banking S3^stem in 1863 to the present time,
has been two hundred and fifty-two thousandths of 1 per cent (0.252).
As the percentage for the past fiscal year was only 0.017 per cent, or
seventeen one-thousandths of 1 per cent, we find that the average
percentage of capital of failed national banks to the total capital of
all national banks during the 56 years prior to 1920 was about
fifteen times more than the percentage for the fiscal year which has
just closed.
REPORT OF THE COMPTROLLER OF THE CURRENCY.
185
NATIONAL BANK FAILURES, BY YEARS, 1864 TO 1920, SHOWING, EACH YEAR, NUMBER
OF FAILURES, CAPITAL OF FAILED BANKS, CAPITAL AND TOTAL RESOURCES
OF ALL NATIONAL BANKS, AND PERCENTAGE OF CAPITAL OF FAILED BANKS
EACH YEAR, TO TOTAL CAPITAL OF ALL NATIONAL BANKS.
Failed banks
Years ended Oct. 31 —
Total resources
all national '
banks on or
Total capital about June 30.
stock.
Number of
i failures.
1804..
1865..
1866..
1867..
1868..
1889..
1870..
1871..
1872..
1873..
1874..
1875..
1876..
1877..
1878..
1879..
1880..
1881..
1882..
1883..
1884..
1885..
188S..
1887..
1888..
1889..
1890..
1891..
1892..
1893..
1894..
1895..
1898..
1897.,
1898..
1899..
1900.,
1901.,
1902.
1903.
1904.
1905.,
1906.,
1907..
1908.,
1909.
1910.
1911..
1912.,
1913.,
1914.
1915.
1916.
1917.,
1918..
1919.,
1920.
$50,000
500,000
1,370,000
210,000
300,000
1,806,100
3.825, 000
' 250,000
1,000,000
965,000
3,344,000
2,612, 500
1,230,000
700,000
6
11
3
5
9
10
14
8
3
11
4
9i
25
17 :
65 ;
21 i
36 j
27
38
7
12
!
!
i
!
12 I
20 i
24 !
9
6 ';
3 I
8 !
6 j
21 !
14 |
13 i
7!
Total, 57 years
!
594
Average per year
|
10.4
19307°—em 1920—VOL .1
1,561,300
'250,000
1.285,000
' 600,000
650,000
1,550,000
1.900,000
250,000
750,000
3,622,000
2,450,000
10,910,000
2,770,000
5,235,020
3,805,000
5,851,500
1,200,000
850,000
1,800,000
1.760,000
' 450,000
3,480,000
1,535,000
2.035,000
' 680,000
775,000
6.560,000
'768.500
875,000
275,000
1,100,000
4.350,000
1)810,000
1.830,000
' 805,000
1,230,000
250, 000
25,000
205,000
$252,273,804
1,126,455,482
1,476,395,208
1,494,084,526
1,572,167,076
1,564,174,411
1,565,756,910
1,703,415,336
1,770,837,269
1,851,234,860
1,851,840,914
1,913,239,201
1,825,760,967
1,774,352,834
1,750,464,707
2,019,884; 549
2,035,493,280
2,325,832,701
2,344,342,687
2,364,833,122
2,282,598,743
2,421,852,016
2,474,544,482
2,629,314,022
2,731,448,016
2,937,976,370
3,061,770,826
3.113,415,254
3,493,794,587
3,213,261,732
3,422,096,423
3,470,553,307
3,353,797,076
3,563,408,054
3,977,675,445
4,708,833,905
4,944,165,624
5,675,910,043
6,008,754,976
6,286,935,106
6,655,988,687
7,327,805,875
7,784,228,113
8,476,501,435
8,714,064,400
9,471,732,663
9,896,624,697
10,383,048,694
10,861,763,877
11,036,919,757
11,482,190,771
11,795,685,157
13,926,868,000
16,151,040,000
17,839,502,000
20,799,550,000
22,196.737,000
Capital stock
of all national
banks on or
about J u n e 30.
$75,213,945
325, 834,558
414,270, 493
418,558,148
420,105,011
422,659,260
427,235, 701
450,330, 841
470,543,301
490,109,801
491,003,711
501,568,563
500,393, 796
481,044,771
470,393,366
455,244,415
455,909, 565
460,227,835
477,184,390
500,298,312
522,515, 996
526,273,602
539,109,291
565,629,068
588,384,018
605,851,640
642,073,676
672,903,597
684,678,203
685,786, 718
671,091,165
658,224,179
651,144,855
632,153,042
622,016, 745
604,865,327
621,536,461
645,719,099
701,990,554
743, 508,048
767,378,148
791,567,231
82o,129, 785
883,690,917
919,100,850
937,004,036
989,567,114
1,019,633,152
1,033,570,675
1,056,919,792
1,058,192,335
1,068,519,105
1,066,049,000
1,082,779,000
1,098,556,000
1,118,603,000
1,224,166', 000
Percentage of
capital stock of
failed national
banks to capital of all
national banks.
0.015
.121
.327
.050
.071
.384
.780
.051
.199
.193
.695
.555
.270
.154
.327
.050
.246
.114
.121
.274
.323
.041
.117
.538
.358
1.591
.413
. 795
.584
.926
.193
.141
.290
.273
.064
.468
.200
.257
.082
.088
.714
.082
.088
.027
.106
.412
.171
.171
.076
.114
.023
.002
.017
9(3, 250, 920
1,688,613~:
33
670,789.6*5
.252
186
REPORT OF THE COMPTROLLER OF THE CURRENCY.
NATIONAL BANKS ORGANIZED, FAILED, AND REPORTED IN VOLUNTARY LIQUIDATION DURING THE YEAR ENDED OCT. 31,1920.
Organized.
Voluntarily liquidated, including those consolidated
with other banks.
Failed.
States.
Num- Authorized Number. capital.
ber. Capital.
Maine
Vermont
Massachusetts
Total New England
States
New York
New Jersey
Pennsylvania
Maryland
District of Columbia
Total Eastern States.
Virginia
West Virginia.
North Carolina
South Carolina
Georgia
Florida
\labama
M ississioT) i
Louisiana
Texas
Arkansas
Kentucky.
Tennessee
Total Southern States
Ohio
Indiana
Illinois
Michigan
Wisconsin .
Minnesota
Iowa,
Missouri
Total Middle Western States
North Dakota
South Dakota
Nebraska
Kansas
Wyoming
Colorado
New Mexico
Oklahoma
Total Western States
1
4
Gross
assets.
$50,000
550,000
600,000
1
$60,000
$936,964.51
550,000
3,420,540.09
4
610,000
4,357,504.60
250,000
11 4,626,000
13 1,120,000
75,000
3
125,000
2
55,000
3
250,000
2
55,000
680,000
8
150,000
1
50,000
1
50,000
1
1 1,000,000
275,000
2
450, (XX)
7
<>2 1,765,000
402, 500
8
275,030
4
200,000
1
1
75 5,452,500
1
14 1,900,000
2
75,000
17 1,660,000
7
735, 000
6
355,COO
32 2,365, 000
250,000
5
1
83 7,340,000
9
375,000
9
300,000
2
225,000
19
750,000
180,000
2
2
140,000
910,000
13
100, -300
3
1,355,000
21
80 4,335, 000
30,000
240,277.99
50,000
581,329.01
1
50,000
581,329.01
1
50,000
975,249. 05
I
i
1
50,000
975,249.05
1
1
64 4,095,000
2
75,000 1,710,872.70
Total United States..
361 31,077,500
5
205,000 3,507,728.75
1
700,685. 42
552,382.51
636,912. 57
27,053,165.53
2,881,825.30
1,433,747.41
2
75,000
9
880,000
2
5
300,000
1
7,997,859.26
50,000 1,226,028.98
25,000 484,843. 72
4,692,987.05
22 2,780,000
45,949,565.05
950,000
75,000
350,000
50,000
200,000
25,000
75,000
35,000
13,400,975.67
1,019,234.04
3,976,651.77
883,793. 60
2,222,918.41
1
120,976.77
1
1,023,517.00
361,190.89
18 1,760,000
23,009,258.15
7
2
3
1
1
1
2
1
392,286. 44
1,027,522.37
1,295,302.87
1
2
1
25,000
75,000
200,000
1
13
100,000
480,000
18
880,000
1
75,000
839,693.74
7 3,850,000
100,000
1
50,000
2
48,890,656.81
1,858,578.68
198,574.46
11 4,075,000
51,787,503.69
3
1,673,120.28
5,479,792.46
9,868,024.42
84 14,730,000 221,680,731.35
For one bank figures used are those reported for last call prior to liquidation.
For two banksfiguresused are those reported for last call prior to liquidation.
For four banksfiguresused are those reported for last call prior to liquidation.
86,708,875.44
$30,000 $240,277.99
12 1,075,000
4
310,000
30 1,625,000
11
680,000
4
205,000
1
25,000
2
175,000
1
Gross assets.
3
54 9,255,000
Washington
Oregon
California
Idaho
Utah
Nevada
Arizona
Total Pacific States..
32
Capital.
6 4,325,000 1 79,690,128.84
50,000 1 1,579,494.52
1
25,000 i i 865.555.22
1
225,000
4,573,696.86
3
26 7,125,000
855,000
13
14 1,025,000
1
Number.
REPORT OF THE COMPTROLLER OF THE CURRENCY.
187
BANK INVESTMENTS IN UNITED STATES GOVERNMENT SECURITIES.
In June, 1920, United States securities to the amount of $3,680,294,000 were owned by national banks, Federal reserve banks, and
State banks, the amount owned by each class of banks being as
follows: National banks, $2,269,575,000; Federal reserve banks,
$336,240,000, and State banks $1,074,479,000. At the same time
the national banks held as security for loans $885,772,000 and Federal
reserve banks $1,294,892,000 of these securities. Hence the total
amount owned and loaned on was $5,860,000,000, or nearly one-fourth
of the interest-bearing debt of the Government.
UNITED STATES BONDS ELIGIBLE AS SECURITY FOR NATIONAL BANK CIRCULATION.
In 1913 United States bonds eligible as security for national bank
circulation amounted to $913,317,490, but under authority of the
Federal reserve act of December 23 of that year 2 per cent- gold bonds
to the amount of $56,256,500 were converted into $28,894,500 3 per
cent 30-year bonds and $27,362,000 3 per cent 1-year Treasury
notes, both without the circulation privilege. In this period 3 per
cent circulation bonds of 1908-1918 to the amount of $63,945,460
became due and were called for redemption, thus reducing the amount
of bonds eligible as security for circulation by $120,201,960.
United States bonds now outstanding and eligible as security for
national bank circulation amount to $793,115,530, consisting of
$599,724,050 consols of 1930, $118,489,900 4 per cents of 1925, and
$74,901,580 Panama Canal 2 per cents.
On October 31, 1920, the Treasurer of the United States held in
trust as security for national bank circulation $712,066,500 of these
bonds, of which $570,372,500 were consols of 1930, $68,578,000 4 per
cents of 1925, and$73,116,000 Panama 2 per cents. On the date
named the circulation outstanding secured oy United States bonds
amounted to $704,732,185. The difference between this amount and
the sum of the bonds held as security for circulation is accounted for
by the fact that some additional currency is due to the banks, and
certain bonds are held by the Treasurer on account of banks which
have gone into liquidation, lawful money not having been deposited
to retire the circulation, and the bonds consequently not having been
withdrawn.
In addition to the bonds on deposit to secure national bank circulation the Treasurer holds bonds of these issues to the amount of
$17,150,200 as security for Federal reserve bank notes and $2,634,700
to secure public deposits. The total amount of these bonds held by
the Treasurer for the purposes here indicated is $731,851,400. There
are, therefore, $61,264,130 additional of the outstanding Government
issues that might be acquired and deposited as security for national
bank circulation.
In the last }rear the office transactions in bonds available for circulation totaled $44,762,040, of which $14,258,800 were withdrawals
and $30,503,240 deposits as security for circulation. With these
changes there has been a net increase between October 31, 1919, and
October 31, 1920, of $16,244,440 in the amount of bonds deposited
as security for national bank circulation.
188
REPORT OF THE COMPTROLLER OF THE CURRENCY.
The transactions montluV from November, 1919, to October 31,
1920, 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 withdrawn by banks reducing their
circulation and by those closed, during each month, year ended Oct. SI, 1920.
Pate.
November
December.
January
February..
March
April
May
June.......
July
August
September.
October....
1920.
Total 1 . . . .
1
Bonde deposited by
all banks
Bonds i Bonds
Bonds
chartered withdrawn I withdrawn withdrawn
and those by banks by banks by banks
increasing reducing j in liquid a- in insolcirculation circulation.
vency.
tion.
during the
vear.
$3,Oil, 240 j
| 2,556,250
$512,000
895,000
$125,000
500,000
2,149,500
2,943,450
3,144,050
3.037, 250
3,561,250
2,689,400
1,591,250
2,004,500
1,562,000
2,253^ 100
467,500
996,500
407,300
325, 250
1,650,000
515,000
118, 250
165, 000
523,900
1,725,600
703,300
413,750
1,360, 000
494, 200
475,000
518, 750
30,503,240 j 8,301,300
$400,000
180,000
12,500
275, 000 I
200,000
300,000 j
5,365.000
592,500
Includes; $3,115,000 deposited by banks chartered during the year.
PROFIT ON NATIONAL BANK CIRCULATION.
The profit on national-bank circulation is measured by the difference between the amount of interest received on the bonds deposited
and on the currency received and loaned, and the expenses incident
to issuing the notes; that is, the tax, cost of redemption, and the
sinking fund to provide for premium paid for the bonds bought
above par.
Consols of 1930 were not quoted in the last report year (Nov. 1,
1919, to Oct. 31, 1920) until March, 1920, the average net price then
being 101. In June the price was 100.750, in October 101.125.
Panama Canal 2 per cents in November, 1919, were quoted at
99.125. These bonds were not again quoted until June, 1920, when
they were held at 100.750. In October these bonds were at par.
During the past 12 months the 4 per cents of 1925 ranged from a
maximum of 106.276 in March to a minimum of 104.750 in June,
closing in October last at 105.717.
In Volume 2 of this Report appears in detail the computation of
the actuary of the Treasury of the profit on circulation in amounts
and per cents per $100,000, based upon the average monthly net
prices of each of these three classes of bonds from November, 1919,
to October, 1920.
REDEMPTION OF NATIONAL BANK NOTES.
In the 12 months ended October 31, 1920, national-bank notes to
the amount of $443,238,758 were received for redemption at the
National Bank Redemption Agency, Treasury Department. This
amount included $19,303,400 notes in good condition for further circulation which after redemption were returned to the banks of issue.
Under the law the expense of the redemption of circulation is charged
189
BEPORT OF THE COMPTROLLER OF THE CURRENCY.
to and paid by the banks annually. In the year ended June 30, 1920,
the expense of the redemption of national-bank notes averaged $0.93
per $1,000 redeemed.
In addition to national-bank notes there was received at the
Treasury for redemption during the year $213,001,110 Federal
reserve bank notes and $284,999,477 Federal reserve notes, or total
receipts of $941,239,345., The total cost of redemption of these
notes was $974,053.11; the average cost per $1,000 for the three
classes of issues being $0.83. The cost per $1,000 of Federal reserve
bank notes was $1.15, and for Federal reserve notes $0.40.
In the following statements are shown, first, the monthly receipt
for redemption of each and all classes of bank currency, and, second,
the principal sources of receipt. It is explained that the difference
of $20,912,950 between the totals of the two statements is due to the
fact that that amount was on hand and not reported as a cash receipt
prior to November 1, 1920.
In addition to the receipts accounted for in the following monthly
statement the National Bank Redemption Agency advises that there
was received during the year direct from Federal reserve banks and
branches canceled Federal reserve notes
amounting to $1,722,882,472
which were not "counted into cash'7 and therefore not included in
the statement of receipts.
Bank currency received for redemption, by months, from Nov. 1, 1919, to Oct. 31, 1920,
National-bank Federal reserve Federal reserve
notes.
bank note?.
notes.
November.
December..
r
Total.
1919.
$31,422,691
31,029,555
$14,592,748
18,810,062
$21,243,870
20,213,115
S67,259,309
70,052,733
51,114,557
20,768,673
25,851,052
55,408, 706
38,244,893
41,826,834
40, 856, 860
41,468,314
32,317,245
32,939,378
21,628,329
17,140,127
23,884,405
25,999,580
15,036,732
16,237,184
14,718,427
14,676,708
14,139,637
16,13?;, 171
24,879,405
15,079,100
16,840,593
35,226,780
25,166,865
25,190,290
24,205,590
24,203,360
26,066,557
26,683,052
97,622,291
52,977,900
66,576,050
116,635,067
78,448,490
83,254,309
79,780,878
80,348,383
72,523,440
75,760,495
443. 238,758
213,001,110
284,999,477
941,239,345
1920.
January
February..
March
April..*
May
June
July
August
September.
October
Total..
Principal sources of bank currency received for redemption for the year ended Oct. 31, 1920.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Cincinnati
Baltimore
New Orleans
Other sources
Total
$36, 610, 098
148,818, 692
87,561,704
14,350,024
17,289,871
16,495,241
72,369,783
31,455,130
5,573,463
14,606,306
18,584,164
10,675,176
60,599,018
12,289,709
8,789,599
364,258,417
920,326,395
190
REPORT OF THE COMPTROLLER OF THE CURRENCY.
Statement of national bank currency issued to banks from, Nov. 1, 1919, to Oct 31, 1920.
Issued on i
on
account of j Issued
bonds.
redemptions, j
Date.
November
December
January
February
March
April
May
June
July
August
September
October
1919.
1920.
I
I
!
]
Total
$38,265,450
35,363,700
$2,948,010
2,566,980
17,118,760
24,543,030
53,171,910
43,838,790
44,390,210
35,229,640
39,500,790
31,423,610
29,810, 400
7,537. 770
2,242,530
2, 858,950
2, 571,800
3,092,590
3, 182,700
2,393,800
1,555,350
1,861,150
1,521,710
29, 057,140
400,194,060 j
Total
issued.
Grand total
issued.
$41,213,460 $8,910,874,035
37,930,680 8,948,804,715
19,361,
27,401,
55,743,
46,931,
47,572,
37,623,
41,056,
33,284,
31,332,
36,594,
1,968,166,005
i, 995,567,985
1,051,311,695
1,098,243,075
1,145,815,985
1,183,439,425
1,224,495,565
», 257,780,325
>. 289,112,435
>'. 325,707,345
55,852,710 i 456,046,770 ! 9,325,707,345
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-bank circulation from Jan. 14, 1875, to Oct. 31,
1919, and quarterly increase or decrease for the year ended Oct. 31, 1920.
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
1908
1909
1910
1911
1912
1913
1914
1915
....
Issued.
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
$255,600
18 107 436
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
33,011 051
35,284,247
27 586 734
26,441,867
20 246 418
342,807,533
Increase.
$281,980
3,634,784
3,631,602
20,159,036
1,466,732
18,672,172
733,062
1,242,167
33,488,687
8,226,072
21,871,008
17,594,900
3,912,434
85,108,325
107,148,673
20,752,676
39,702,509
37,601,393
68,021 224
59,029,521
28,323,519
61,248,086
34,071,148
24 090 330
14,612,704
11 160 415
10,768, 730
367 517 442
Decrease.
$5 213,741
20,635,555
„
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
2,117,775
7,605 773
315,322,858
REPORT OF THE
COMPTROLLER OF THE
CTJRREXCY.
191
Yearly increase or decrease in national-bank circulation from Jan. 14, 1875, to Oct. 81,
1919, and quarterly increase or decrease for the year ended Oct. 31, 1920—Continued.
Retired.
Issued.
Date.
1916
1917
1918
1919
Increase.
$10,593,700
22,749,150
26,227,740
29,660,850
$59,026,803
37,211,370
18,781,552
24,864,635
$8,431,700
4,796,215
.
1,985,481,027
7,757,520
8,523,340
7,317,450
5,458,830
1,468,876,005
4;665,275
6,099,100
5,465,550
3,564,615
1,118,934,044
3,092,245
2,424,240
1,851,900
1,894,215
Total
Surrendered, to this office and retired from
Jan 14 1875 to Oct. 31 1920.
2,014,538,167
1,488,670,545
1,128,196,644
Total
From Nov. 1, 1919, to Jan. 31,1920
From Feb. 1,1920, to Apr. 30,19'>0
From May 1, 1920, to July 31,1920
From Aug. 1,1920, to Oct. 31,1920
.
DENOMINATIONS
1.548,494,107
OF NATIONAL-BANK
$48,433,103
14,462,220
985,512
602,329,022
59,823,562
59,823,562
2,014,538,167
Grand total
Decrease.
1,128,196,644
662,152,584
CIRCULATION.
At this time the issues of national-bank currency are confined to
notes of the denominations
of .$5, S10, $20, $50, and $100, and while
issues of l's, 2's, ;500 ; s, and 1,000's are authorized, designs for plates
of the l ' 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, 1920, are shown:
National-bank notes outstanding Oct. 31, 1920.
$341,906
163,288
125,659,460
305,429,590
243,445,080
29 862 000
30.542.700
J
87,500
One dollar
Two dollars
Fivedollars
dollars
Ten
Twenty dollars
Fifty dollars
One hundred dollars
Five hundred dollars,
1
VAULT
Denomination.
Amount.
Penominatioi
One thousand dollars
Fractional parts
Less J
Amount.
$21 000
59,800
Total
735 612 324
3,062,695
Total..
732 549 6C>9
Notes redeemed but not assorted by denominations.
ACCOUNT
OF NATIONAL-BANK
CIRCULATION.
At the close of the year October 31, 1919, national bank circulation to the amount of $297,145,200 was held in the vaults of this
office. During the year ended October 31, 1920, there was received
from the Bureau of Engraving and Printing $488,720,800, making
the total to be accounted for $785,866,000. 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
amounting to $456,046,770, and there was withdrawn from the
vaults on account of liquidations and expirations of charters
$5,456,670, making total issues and withdrawals of $461,503,440.
192
REPORT OF THE COMPTROLLER OF THE CURRENCY.
On October 31, 1920, the amount of currency in the vaults was
therefore $324,362,560 or $27,217,360 more than on the corresponding
date in 1919.
INTEREST-BEABING DEBT OF THE UNITED STATES, JUNE 30, 1920.
Interest ! Amount outrate. ! standing.
!
Consols of 1930
Loan of 1925
Panama Canal loan of 1916-1930
PanamaCanalloan of 1918-1938
Panama Canalloan of 1961
Conversion bonds of 1946-47
First Liberty loan.
First Liberty loan converted
First Liberty loan converted
.Second Liberty loan
Second Liberty loan converted
Third Liberty loan
Fourth Liberty Joan
Victory Liberty loan
Victory Liberty loan
Certificates of indebtedness
War savings certificates, series 191S, 1919 HIKI 1920
Postal savings bonds (first to eighteenth "eries>
Per cent.
2
4
2
2
3
3
f
Jl
4^
Various.
4
S599, 724, 050
118,489,900
48.954,180
25,947,400
50,000,000
28,894,500
1,410!, 074,400
65; 803.050
476', 581 i 350
240,003,250
3,085,303,750
3,662,715,800
6,394,354,500
3,427,909,700
818,395; 650
2,768,925, 500
827,419,021
11,539,360
24,061,095,361
Total..
INVESTMENT
VALI'E
OF
UNITED
STATES
BONDS.
Based upon the average price flat for the quarters ended January,
April, Juty, and October, 19207 the rates of interest realized by investors in various classes of United States bonds, have ranged as
follows: Consols of 1930, 1.918 to 1.945; 2 per cent Panama Canal
bonds, 1.916 to 2; 4 per cents of 1925, 2.589 to 2.708; 3 per cent
Panama bonds, 3.548 to 3.709; and 3£ per cent Liberty bonds, 3.544
to 4.049 per cent. The prices and rates realized on each class of
bonds, quarterly, are shown in the table appearing in volume 2
of this report.
UNITED STATES BOND MARKET QUOTATIONS.
The Actuary of the Treasury has compiled for publication in volume
2 of this report a statement relating to the range, monthly, November, 1919, to October, 1920, of prices in New York for registered
4 per cents of 1925, Consols of 1930, Panama 2 per cents, 1916-1936,
Panama 3 per cents of 1961. coupon 4 per cents of 1925, 2 per cents of
1930, and 3^ per cent Liberty bonds.
FEDERAL RESERVE NOTES.
In the weekly statements issued by the Federal Reserve Board,
in addition to showing in detail the assets and liabilities of the
Federal reserve banks, 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.
The volume of Federal reserve notes outstanding, having passed
the $3,000,000,000 mark early in November, 1919, steadily increased
EEPORT OF THE COMPTROLLER OF THE CURRENCY.
193
up to the end of the year. During the month of January, 1920, there
was a falling off of about $60,000,000, followed by a comparatively
steady increase up to October 29. 1920, when the figures reached a
high point of $3,666,170,000.
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 Dec. 5, 1919, to Nov. 26, 1920.
[In thousands of dollars.,]
Bate.
1919.
Dec. 5
12
19
26
Federal
reserve notes
outstanding.
Amounts
secured
by gold.
Amounts
secured by
commercial :
and other
eligible.
paper.
3.108.377
3,148,740
3,220,560
3,292,098
1,172.191
1,188; 343
1,201,654
1,240,032
1,936,186
1,960,397
2,018,906
2,052,066
3,291,342
3,244,314
3,177,290
3,146,156
3,130,783
3,139,652
3,187,974
3,221,789
3,254,806
3,270,721
3,281,343
3,292,819
3,289,312
3,307,064
3,327,614
3,326,948
3,335,140
3,326,186
3,340,477
3,344', 705
3,354,194
3,359,493
1,205,596
1,209', 508
1,136,326
1,126,261
1,119,426
1,116,427
1,121,757
1,150,798
1,145,479
1.138,690
1/142,576
1,161,695
1,186,829
1,169,137
1,173,125
1,170,313
1,150,658
1,137,928
1,121,311
1,115,902
1.098,824
I', 112,040
2,085,746
2,034,806
2,040, 964
2,019,895
2,011,357
2,023,225
2,066,217
2,070,991
2,109,327
2,132,031
2,138,767
2,131,124
2,102,483
2,137, 927
2,154,489
2t156,635
2,184', 482
2,188,258
2,219,166
2,228,803
2,255,370
2,247,453
1920.
Jan.
Feb.
Mar.
Apr.
May
2
9
16
23
30
6
13
20
27
5
12
19
26
2
9
16
23
30
7
14
21
28
Federal
reserve notes
outstanding.
Date.
Amounts
secured
by gold.
Amounts
secured by
commercial
and other
eligible
paper.
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
3,377,189
3,376,028
3,375.826
3,396,168
3,419,457
3,454,488
3,450,964
3,434,186
3,425,788
3,438,500
3,450,969
3,462,875
3,471,731
3,501,897
3,549,041
3,581,625
3.586,497
3,603,149
3,625,726
3,642,707
3,663,725
3,666,170
3,659,448
3,660,033
3,657,488
3,653,281
1,110,864
1,103,751
1,161,784
1,150,175
1,146,944
1,145,102
1,152,875
1,160,215
1,153,712
1,150,343
1,164,562
1,164,264
1,154,684
1.132,219
1,147,239
1,237,942
1,211,619
1,180,393
1,142,412
1,169,038
1,203,240
1,175,118
1,152,346
1,177,689
1,205,746
1,197,681
2,266,325
2,272,277
2,214,042
2,245,993
2,272,513
2,309,386
2,298,089
2,273,971
2,272,076
2,288,157
2,286,407
2,298,611
2,317,047
2,369,678
2,401,802
2,343,683
2,374,878
2.422,756
2)483,314
2,473,669
2,460,485
2,491,052
2,507,102
2,482,344
2,451,742
2,455,600
A gradual increase during the year is noted in the proportionate
amount of notes secured by commercial and other eligible paper,
there being $1,910,928,000, or about 62 per cent of the total outstanding, thus secured on November 28, 1919, whereas the amounts
so secured had increased to $2,455,600,000, or more than 67 per cent
of the total, on November 26, 1920.
Up to October 31, 1920, Federal reserve notes to the amount of
$8,914,980,000 were printed, $8,142,400,000 of which were shipped or
delivered to, or upon the order of, the Federal reserve agents, and
$772,580,000 held in the reserve vault available for shipment as
required.
During the year ended October 31, 1920, Federal reserve notes to
the amount of $1,703,397,500 were returned to this office for destruction as " unfit for circulation/' making, with prior returns, a total of
$3,697,643,815 mutilated notes returned for redemption and destruction to October 31, 1920.
Detailed information relative to issues and redemptions of Federal
reserve notes, by banks and denominations, is given in the following
tables:
Statement of Federal reserve notes, by denominations, printed, shipped to Federal reserve agents and United States subtreasuries, since inauguration
Federal Reserve System, and on hand in reserve vault Oct. 31, 1920.
Bank.
Boston:
Printed
Shipped
On hand
New York:
Printed
Shipped
On hand
of
thousands.
Five
thousands.
Ten
thousands.
$8,800,000
2,800,000
$39,200,000
15,600,000
$14,000,000
4,000,000
$20,000,000
8,000,000
$810,140,000
726,400,000
1,200,000
6,000,000
23,600,000
10,000,000
12,000,000
83,740,000
165,600 000
152,800,000
236,800,000
201,800,000
44,800,000
24,800,000
121,600,000
82,800,000
26,000,000
6,000,000
56,000,000
16,000,000
2,568,960,000
2,333,300,000
Fives.
Tens.
Twenties.
Fifties.
One
hundreds.
•3143,420,000
13G,000,000
$278,440,000
270,000,000
$226,880,000
225,600,000
$45,400,000
31,600,000
$34,000,000
32,800,000
7,420,000
8,440,000
1,280,000
13,800,000
491,080,000
469,900,000
802,120,000
784,120,000
624,960,000
592,080,000
Five
hundreds.
One
Total.
21,180,000
18,000,000
32,880,000
12,800,000
32,000,000
20,000,000
38,800,000
20,000,000
40,000,000
235,660,000
Philadelphia:
Printed
Shipped
On hand
136,520,000
127,180,000
206,800,000
197,360,000
270,240,000
270,240,000
51,400,000
51,400,000
44,000,000
36,000,000
11,600,000
1,600,000
14,800,000
10,000,000
4,800,000 """*
24,000,000
769,360,000
G8S; 580,000
9,340,000
9,440,000
8,000,000
10,000,000
10,000,000
10,000,000
24,000,000
80,780,000
Cleveland:
Printed
Shipped
On hand
96,680,000
87,920,000
155,360,000
150,480,000
293,760,000
290,640,000
124,200,000
123,000,000
36,400,000
36,000,000
5,400,000
3,600,000
6,000,000
4,400,000
4,000,000
2,000,000
8,000,000
4,000,000
729,800,000
702,040,000
8,760,000
4,880,000
3,120,000
1,200,000
400,000
1,800,000
1,600,000
2,000,000
4,000,000
27,760,000
Richmond:
Printed
Shipped
On hand
78,880,000
77,560,000
109,040,000
106,680,000
131,440,000
128,640,000
40,400,000
37,200,000
31,600,000
23,600,000
11,600,000
1,600,000
13,200,000
3,200,000
8,000,000
2,000,000
8,000,000
4,000,000
432,160,000
384,480,000
1,320,000
2,360,000
2,800,000
3,200,000
8,000,000
10,000,000
10,000,000
6,000,000
4,000,000
47,680,000
Atlanta:
Printed
Shipped
On hand
91,880,000
84,040,000
131,640,000
123,560,000
174,560,000
160,560,000
20,600,000
20; 200,000
23,600,000
23,600,000
6,800,000
6; 800,000
14,800,000
8,S00,000
2,000,000
4,000,000
469,880,000
427,560,000
7,840,000
8,080,000
14,000,000
400;000
6,000,000
2,000,000
4,000,000
42,320,000
Chicago:
Printed
Shipped
On hand
214,100,000
204,500,000
386,160,000
374;040,000
498,160,000
477,840,000
106,000,000
96,200,000
64,800,000
55,600,000
15,000,000
7.800,000
22,400,000
13,200,000
10,000,000
2,000,000
8,000,000
1,324,620,000
1,231,180,000
9,600,000
12,120,000
20,320,000
9,800,000
9,200,000
7,200,000
9,200,000
8,000,000
8,000,000
93,440,000
H-*
?P
3
W
o
r
o
Bt. horns:
Printed
Shipped
On hand
105,260,000
100,760,000
127,480,000
126,320,000
127,440,000
127,440,000
21,800,000
17,800,000
11,600,000
10,400,000
5,000,000
1,800,000
6,000,000
3,200,000
4,000,000
2,000,000
8,000,000
4,000,000
416,580,000
393,720,000
4,000,000
1,200,000
3,200,000
2,800,000
2,000,000
4,000,000
22,860,000
4,500,000
1,160,000
Minneapolis:
Printed.
Shipped
On hand
61,600,000
58,200,000
72,480,000
(54,880,000
63,120,000
58', 640,000
4,600,000
3,000,000
6,400,000
5,200,000
1,600,000
600,000
7,200,000
1,200,000
217,000,000
191,720,000
3,400,000
7,600,000
4,480,000
1,600,000
1,200,000
1,000,000
6,000,000
25,280,000
Kansas City:
Printed
Shipped
On hand
94,120,000
85,500,000
88,120,000
82,120,000
99,840,000
90,960,000
11,200,000
8,400,000
12,000,000
9,600,000
4,000,000
1,000,000
4,000,000
1,200,000
313,280,000
278,780,000
8,620,000
6,000,000
8,880,000
2,800,000
2,400,000
3,000,000
2,800,000
34,500,000
Dallas:
Printed . .
Shipped
On hand
56,920,000
48,180,000
78,720,000
72,880,000
76,800,000
70,720,000
9,800,000
6,800,000
9,600,000
6,400,000
3,000,000
800,000
6,000,000
2,000,000
6,000,000
12,000,000
258,840,000
207,780,000
8,740,000
5,840,000
6,080,000
3,000,000
3,200,000
2,200,000
4,000,000
6,000,000
12,000,000
51,0f>0,00i'
228,000,000
228,000,000
34,800.000
San Francisco:
Printed
Shipped
On haT'd
,
114.840.000
111', 460,000
125,320,000
122,000,000
34;ooo;ooo
49,200,000
48,800,000
11,000,000
7,000,000
17,200,000
11,600,000
12,000,000
6,000,000
12,000,000
8,000,000
(504,360,000
576,860,000
800.000
400,000
4,000,000
5,600,000
6,000,000
4,000,000
27,500,000
3,380,000
•i, 320,000
Vault balance:
Total printed
Total shipped
1,685,300,000
1,591, 200,000
2,561,680,000
2,474,440,000
2,815,200,000
2,721,360,000
635,800,000
582,400,000
500,000,000
492,800,000
128, (500,000
CO, 200,000
272,400,000
152,000,000
96,000,000
24,000,000
160,000,000
44,000,000
8,914,980,000
8,142,400,000
Total on hand
94,100,000
87, 210,000
93,840,000
53,400,000
67,200,000
68,400,000
120,400,000
72,000,000
116,000.000
772,580,000
C
pi
p
Hi
H
o
CD
Or
Federal reserve notes,by denominations,
1
Bank.
1
Boston:
Issued
Retired.
Outstanding
New Y ork:
Issued
Retired
5's.
issued through the Federal reserve agents to thebanks, since inauguration of Federal reserve system, also amounts
retired and outstanding Oct. SI, 1920.
10's.
20's.
50's.
100's.
500's.
1,000's.
5,000's.
10,000's.
Total.
$122 506 600
82,871,845
$250,005,600
141,668,530
§192,608,200
70,251,980
$26,402,000
10,636,400
$26,802,300
9,615,400
$1 400 000
382,000
»i4 non ooo
7,332,000
S900,000
510,000
$2,000,000
1,020,000
8636,624,700
324,288,155
39,634,755
108,337,070
122,356,220
15,765,600
17,186,900
1,018,000
6,668,000
390,000
980,000
312,336,545
456,990,350
322,684,920
752,207,800
475,956,980
578,918,400
290,458,820
146,802,450
63,001,700
188,814,000
80,564,900
19,800,000
1,599,500
72,800,000
5,598,000
2,000,000
10,000
8,000,000
410,000
2,226,333,000
J,240,284,820
134,305,430
276,250,820
9SK 459,580
83,800,750
108,249,100
18,200,500
67,202,000
1,990,000
7,590,000
986,048,180
117,282,700
81,057,995
186,094,800
120,201,690
269,180,200
143,146,560
43,490,000
12,407,450
29,550,000
8,366,600
800,000
61,000
3,600,000
481,000
649,997,700
365,722,295
36,224, 705
65,893,110
126.033,640
31,082,550
21,183,400
739,000 |
3,119,000
284,275,405
86,045,000
51,209,270
148,090,000
82,331,190
286,840,000
128,128,460
119,600,000
39,897,750
33,450,000
7,567,900
1,800,000
51,000
2,500,000
85,000
400,000
600,000
679,325,00
309,270,570
Outstanding
34,835,730
65,758,810
158,711,540
79,702,250
25,882,100
1,749,000
2,415,000
400,000
600,000
370,054,430
Richmond:
Issued
Retired
Outstanding
99,504,300
74 061 275
143,947,700
105,281,160
175,179,400
118,846,400
47,887,200
29,526,650
32,602,000
21,901,200
831,500
628,000
4,650,000
3,076,000
550.000
500) 000
1,170,000
1,060,000
506,322,100
354,880,685
25,443,025
38,666,540
56,333,000
18,360,550
10,700,800
203,500
1,574,000
50,000
110,000
151,441,415
110,898,050
81,489,770
160,003,300
115,727,570
217,735,480
143,802,800
22,848,450
12,025,900
28,776,900
13,244,400
6,320,000
2,854,000
11,600,000
5,569,000
558,182,180
374,713,440
29,408,280
44,275,730
73,932,680
10,822,550
15,532,500
3,466,000
6,031,000
183,468,740
192,790,050
112,988,405
346,300,000
168,777,780
446,400,600
172,925,640
75,600,250
24.913.800
38,800,100
6,363,500
5,800,000
124,500
11 200 000
191,000
2,000,000
1,118,891,000
486,284,625
79,801,645
177,522,220
273,474,960
50,686,450
32,436,600
5,675,500
11,009,000
2,000,000
632,606,375
Outstanding.
Philadelphia:
Issued
Retired
Outstanding
H
O
Cleveland:
Issued
Retired
Atlanta:
Issued
Retired
Outstanding
o
....
Chicago:
Issued
Retired
Outstanding
o
hrj
H
W
St. Louis:
Issued
Retired
Outstanding
102,852,950
70,138,765
129,982,940
84,028,320
135,392,160
76,789,980
18,250,050
9,025,500
11,600,000
5,900,200
1,100,000
175,500
2,240,000
489,000
300,000
150,000
450,000
210,000
402,168,100
246,907,265
32,714,185
45,954,620
58,602,180
9,224,550
5,699,800
924,500
1, 751,000
150,000
240,000
155,260,835
Minneapolis:
Issued
Retired
Outstanding
55,987,000
38,552,610
70,090,000
43,204,520
61,255,000
27,236,400
2,775,000
1,014,850
4,250,000
1,199,300
290,000
3,500
1,350,000
409,000
195,997,000
111,620,180
g
K
17,434,390
26,885,480
34,018,600
1,760,150
3,050,700
286,500
941,000
84,376,820
g
Kansas City:
Issued
Retired
Outstanding
a3,144,000
56,381,555
82,370,000
50,209,840
95,354,000
48,267,380
11,140,000
7,399,500
8,070,000
1,875,600
• 600,000
17,000
800,000
11,000
281,478,000
O
164,161,875
bj
26,762,445
32,160,160
47,086,620
3,740,500
6,194,400
583,000
789,000
117,316,125
H
47,815,000
30,214,825
87,140,900
55,963,450
82,428,600
46,611,180
9,195,650
4,682,050
11,280.000
6', 527; 100
430,000
37,000
1,815,000
845,000
144,880,605
17.600.175
31,177,450
35,817,420
4,513,600
4,752,900
393,000
970,000
95,224,545
Dallas:
Issued
Retired
Outstanding
240,105,150
g
g
HH
San Francisco:
T^.ued
Retired
Outstanding
10,600,000
9,230,000
567 800.000
276,691,73
H
W
2
345,000
1,370,000
291,108,270
E
135,555,000
26,683,000
12.050.000
6,725,000
22,8f>0,000
11,930,000
8,063,223,930
4,399,706,245
h^
108,872,000
5,325,000
3,663,517,685
|l
112,080,000
68,547,780
121,240,000
65', 357', 800
231,180,000
102,656,200
31,200,000
9,505,. 450
43,100,000
12,397,000
3,500,000
845,500
9,000,000
2,597,000
5,900,000
5,555,000
43,532,220
55,882,200
128,523,800
21,694,550
30,703,000
2,654,500
6,403,000
1,587,896,000
I', 070; 199,015
2.477,473,040
1,508,708,830
2, 772,172,040
1,369,121,800
555,191,050
224,037,000
457,095,300
175,523,100
42,671,500
6,778,500
517,696,985
968,764,210
1,403,350,240
331,154,050
281,572,200
35,893,000
RECAPITULATION.
Total issued
Total retired
Total outstanding
10,890,000
O
d
CD
Mutilated Federal reserve notes, by denominations, received and destroyed since organization of banks and on hand in vault Oct. 31, 1920.
OO
Bank.
5's.
10's.
20's.
50's.
100's.
500>S.
1,000's.
5,000's.
10,000's.
Total.
Received for destruction:
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
$79,963,645
312,551,870
78,109,395
50,125,070
50,175,675
43,896,320
109,408,455
62,296,015
33,550,210
52, 778,555
24,478,325
63,804,330
$134,897,330
469,820,8S()
113,958,7E0
78,685,060
65,226,460
58,468,270
162,490,380
74,263,880
33,979,720
43,978,140
32,973,850
61,256,600
$67,362,380
279,541,720
128,111,460
122,112,860
68,740,900
56,441,820
164,083,240
63,721,220
20,481,500
37,317,380
27,648,680
90,721,000
$7,240,150
58,999,100
12,336,550
35,129,600
15,651,750
2,893,550
24,923,100
5,137,250
647,050
1,460,900
1,818,450
6,102,450
$6,419,200
52,558,700
8,036,000
4,937,600
5,789,100
1,739,100
6,370,000
1,891,000
772,200
1,388,400
998,900
6,095,300
$82,000
1,600,500
61,000
51,500
28,000
4,000
124,000
75,500
3,500
17,500
17,500
46,003
$1,234,000
5,603,000
481,000
86,000
227,000
44,000
191,000
149,000
17,000
11,000
161,000
97,000
$10,000
10,000
T o t a l received
T o t a l destroyed
961,137,865
960,760,165
1,329,999,3(J0
1,329,664,700
1,126,284,160
1,125,992,560
172,339,900
172,283,900
96,995,500
96,973,100
2,111,000
2,110,500
8,301,000
8,294,000
25,000
25,000
450,000
450,000
3.697.643,815
3', 696^ 554^ 015
377, 700
334,600
291,600
56,000
22,400
500
7,000
0
0
1,089,800
Balance on h a n d
$20,000
410,000
10,000
10,000
5,000
$297,228,705
1,181,095,770
341,094,195
291,127,720
205,848,885
163,487,060
467,590,175
207,543,865
89,451,180
136,951,875
88,096,705
228,127,680
1
o
o
o
NOTE.—During the year burned, badly mutilated, and fractional parts of Federal reserve notes amounting to $33,570 have been identified, valued, and the bank of issue
determined.
H
H
a
1a
<
REPORT OF THE COMPTROLLER
OF THE
199
CURRENCY.
FEDERAL 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 "An act to conserve the gold supply of the
United States/ 7 etc., approved April 23, 1918, and commonly known
as the "Pittman Act," the Secretary of the Treasury was authorized
to withdraw silver certificates from circulation and to melt or break
up and sell as bullion not more than 350,000,000 standard silver dollars
held as security therefor. Under authority of this act about 260,000,000 silver dollars were melted and sold to December 31, 1919.
In order to prevent contraction of the currency Federal reserve
banks were authorized to issue Federal reserve bank notes (including denominations of SI 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, 1920, are shown in the following tables:
Statement showing the total amount of Federal reserve bank notes, by denominations,
issued to Federal reserve banks upon the deposit of securities under the provisions, of the
act of Apr. 23, 1918,
Bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total
Ones.
Twos.
SI2, 788,000
33,944,000
19,196,000
13,900,000
10,524, 000
12,388,000
27,608,000
9', 056,000
6,012,000
6,688, 000
6, 432,000
8,076,000
$6,728,
13,272,
4,664,
4,080,
1, 736,
1,656,
7,344,
2, 512,
1,648,
1, 792,
1,368,
2,304,
166,612,000
19, 104,000
Fives.
920,000
620,000
420,000
319,000
Tens.
il, 440,000
626,666*
700,000
500,000
820,000
340,000
500,000
500, 000
960,000
1,000,000
40,250,000
3,400,000
Total.
$21,436,000
59,276,000
30,280,000
23,299,000
12,260,000
15,664,000
39,612,000
17,068,000
8,480,000
12,820,000
8,300,000
10,880,000
259,375,000
200
REPORT OF THE COMPTROLLER OF THE CURRENCY.
Total amount of Federal reserve bank currency printed by the Bureau of Engraving and
Printing, issued, and on hand, from the inauguration of the Federal reserve system to
OcL 31, 1930.
Bank.
Boston:
Printed
Issued
On hand
Tens
Twenties. Fifties.
Total
$? 9,00, 000
2, 180, 000
4*>0j 000
48, 908, 000
264 000
20,000
512, 000
228 000
85,888 000
85,400 000
Philadelphia:
Printed
Issued
On hand
41,324 000
40,992 000
•?,?. 536
000
18 824, 000
Richmond:
Printed
Issued
On hand
149 4 9 4j 000
119, 504, 000
22, 920,000
18, 160,000
560, 000
360, 000
176 000
8, 320 000
000 000
440, 000
240, 000
332 000
184, 000
1 320 000
440, 000
240, 000
2 516 000
31.248 000
30,712 000
- ?,8S 000
056 000
11 720,000 ? 000 000 ? 000 000
10 340 000
^4 ^ 6 000
48 108 000
536 000
232 000
1 380 000 2, 000, 000 2, 000, 000
11
11
4 368 000
368 000
21,692 000
21,688 000
4 000
Atlanta:
Printed
Issued
On hand
Chicago:
Printed
Issued
On hand
3?rj 000,000 $?J 000, 000
13, 840 000 1, 440, 000
3, 712, 000
488 000
Cleveland:
Printed
Issued
On hand
25,208 000
24,524 000
51,100 000
50,784 000
3 500,000
3 500 000
•
3 584 000
3 584 000
—
6 148 000
400 000
30 360 000
26 056 000
400 000
400, 000
4 304 000
000 ?, 400, 000
6 640 000 ?,
4 740 000
160, 000
360 000
400 000 40
000
...1 33 368 000
900 000 1 960 000 2 240 000 2, 400, 0001 9 184 000
14 10? 000
14 192 000
—
..
240 000
4 896 000
644 000
344 000
11,700 000
11.700 000
Q44 000
2 152 000
5 460 000 ?, 680 000
3 320 000
792 000
2 140 000 2 680 000
3 S56 000
3 856 ooc
' 87 0f)9 000
. . . . . . . 8 6 976 000
16 600 000 3 800 000 1 600 000
16 600 000 3 800 000 i 6C0 000
21.084 000
20,440 000
16,384 000
15.848 000
...|
61, 684.000
59 168,000
400 000
316 000
Minneapolis:
Printed.
Issued
On hand
...
4
684 000
St. Louis:
Printed
Issued
On hand
7 5?0 000 1 000 000
200 000 1 000,000
480 000
480 000
320 000
14 360 000 ' 5 040 000 3 600,000
14.360 000 5 040 000 3 600 000
536 ,000
316 000
?00, 000 3R 5?4 000
200, 000 34 216 000
1 308 000
99
784 000
17 172 000
5 612 000
43 240-000
42 704 000
536 000
14,332 OOf
i 14,256 ooc
3 080 000
2 040 000
4 140 000 ! o 400 000 ? 000 000
2 140 000 2 400 000 2 000 000
76 000
1 040 000
2 000,000
17,712 ,000
16,224 ,000
4 768 ,000
4 032 ,000
660,000 I 960 000 1 360 000
4 280,000
33 460 ,00(,
?4 536 ,000
1.488 000
736 000
3 380 ,000! 1 960 000 1 360 000
8 924 ,000
San Francisco:
Printed
issued
On hand
Recapitulation:
Total printed
Total issued
Fives
$31,012 000 $16,208 000
30,784, 000 15, 944, 000
New York:
Printed
Issued
On hand
Kansas City:
Printed
Issued
On hand
Dallas:
Printed
Issued
On hand
Twos
< »nes
95? 000
22 836 000
3 116 ,000
368,684 .000 99 ,424 ,000 120 , 120 ,000 '24 040 000 14 080 000 2, 600 000 628 S48 ,000
363,352 000 j 9 2 .120 ,oco S 6 000 ,000 |14 040 000 7 .840 000
200 000 563 ,552 ,000
|
Total on hand
5.332 000
7 ,304 ,000
34.120 .ooojio 000.000 6 240 000] 2 400 000 65 396,000
201
REPORT OF THE COMPTROLLER OF THE CURRENCY.
Total amount of Federal reserve bank currency issued, redeemed, and outstanding
the inauguration of the Federal reserve system to Oct. SI, 1920.
< nes.
Bank.
Boston:
Issued
Redeemed
Outstanding
New York:
Issued
Redeemed
Outstanding
Philadelphia:
Issued
Redeemed
Fives.
Tens.
Twenties.
$30,784,000 $15,944,000 $2,180,000
18,267,672 9,461,728 1,876,600
12,516,328
6,482,272
43,196,192
303,400
.-
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..
Recapitulation:
Total issued
Total redeemed
Total outstanding
Total.
19,302,000
119,504,000
67,198,000
265,100
52,306,000
40,992,000 11,176,000 7,000,000
24,871,028 5,803,622 6,299,350
59,168,000
36,974,000
16,120,972
5,372,378
700,650
22,194,000
30,712,000
16,762,070
7,056,000 10,340,000
4,034,630 4,946,800
48,108,000
25,743,500
13,949,930
3,021,370 5,393,200
22,364,500
21,688,000
11,816,510
4,368,000
2,147,490
26,056,000
13,964,000
9,871,490
2,220,510
12,092,000
24,524,000
13,610', 780
3,584,000 4, 740,000
1,853,620 2,172,200
360,000
206,400
$160,000
54,400
33,368,000
17,897,400
10,913,220
1,730,380 2,567,800
153,600
105,600
15,470,600
50,784,000 14,192,000 16,600,000 3,800,000 1,600,000
684,480
30,028,590 7,915,710 6,716,340 2,114,080
86,976,000
47,459,200
39,516,800
20, 755,410
6,276,290 9,883,660 1,685,920
915,520
20,440,000
14,503,848
4,896,000 7,200,000 1,000,000
3,090,302 4,312,350
820,000
480,000 $200,000 34,216,000
4,400 22,907,200
176,300
5,936,152
1,805,698 2,887,650
303,700 195,600 11,308,800
11,700,000
6,791,990
2,152,000 3,320,000
827,500
1,443,010
17,172,000
9,062,500
4,908,010
708,990 2,492,500
8,109,500
15,848,000
9,306,400
6,541,600
14,256,000
7,221,780
7,034,220
16,224,000
7,478,388
8.745.fil2
180,000
3,856, (XX) 14,360,000 5,040,000 3,600,000
1,741,800 8,823,030 4,317,530 2,517,840
42.704,000
26,706,600
722,470 1,082,160
15,997,400
2,040,000 2,140,000 2,400,000 2,000,000
1,258,220 1,446,970 1,596,090 1,247,740
22,836,000
12,770,800
2,114,200 5,536,970
781,780
693,030
803,910
752,260
10,065,200
4,032,000 4,280,000
2,014,162 3,557,450
24,536,000
13,050,000
2,017,838
11,486,000
722,550
363,352,000 92,120,000 86,000,000 14,040,000 7,840,000 200,000 563,552,000
202,862, 864 52,095,636 53,466,540 10,229,000 4,680,760
4,400 323,339,200
160,489,136 40,024,364 32,533,460 3,811,000 3,159,240 ! 195,600 240,212,800
1
19307°—-cm 1920—voi. 1
7,492,658 1,352,050
Fifties.
$48,908,000
29,606,000
85,400,000 18,824,000 13,840,000 $1,440,000
42,203,808 11,331,342 12,487,950 1,174,900
Outstanding
Cleveland:
Issued
Redeemed
Outstanding
Twos.
from
14
202
REPORT OF THE COMPTROLLER OF THE CURRENCY.
NATIONAL, FEDERAL RESERVE NOTES, AND FEDERAL RESERVE BANK
NOTES, YEAR ENDING OCT. 31, 1920.
Notes printed and delivered by the Bureau
of Engraving and Printing
Notesissued
Notes redeemed
Excess of notes issued over amount redeemed during the year
Excess of notes redeemed over amount
issued during the year
Notesin the vault Oct. 31,1920
Reduction in notes in vault
Increase in notes in vault
Notes outstanding Oct. 31,1920
Increase in notes outstanding:
Decrease in notes outstanding
National
bank notes.
Federal I
Federal
bank j Grand total.
reserve notes. reserve
notes.
$488,720,800
456,046,770
444,337,378
$2,109,640,000
2,422,956,000
1,703,397,500
11,709,392
719,558,500
324,362,560
772,580,000
152,040,000
27,217,360
732,549,629 3,663,517,685
10,155,304 j
704,817,310
$201,520,000
$2,799,880,800
239,260,000
3,118,262,770
268,690,000 j 2,416,424,878
731,267,892
29,430,000
50,216,000
15,180,000
240,212,800
"27," 774," 666'
29,430,000
1,147,158,560
167,220,000
27,217,360
4,636,280,114
714,972,614
27,774,000
PERCENTAGE OF PAPER SECURED BY GOVERNMENT WAR OBLIGATIONS TO TOTAL
BILLS HELD BY THE FEDERAL RESERVE BANKS ON THE LAST FRIDAY OF EACH
MONTH DURING 1920.
[In thousands of dollars.]
Bills discounted
secured by
Government war
obligations.
1920.
Jan.30
Feb. 27..
Mar. 26..
Apr. 30..
May 28..
June 25..
! 1,457,892
1,572,980
1,441,015
1,465,320
1,447,962
1,277,980
Bills discounted
secured by
Government war
obligations.
Total dis- i Percentage
of
war
paper to
total bills
held.
2,735,670
2,984,878
2,901,109
2,942,318
2,938,031
2,830,979
53.3
52.7
49.7
49.8
49.3
45.1
1920.
July 30....
Aug. 2 7 . . .
Sept. 24...
Oct. 2 9 . . . .
Nov. 2 6 . . .
Dec.—....
1,241,017
1,314,830
1,220,423
1,203,905
1,192,200
Total dis- Percentage of
counted
war
and purchased
paper to
paper
total bills
held.
held.
2,836,935
2,989,092
3,012,088
3,099,672
2,983,133
43.7
44.0
40.5
38.8
40.0
FEDERAL EESERVE SYSTEM.
The following table shows the development year by year of the
Federal reserve system from its inauguration on November 16, 1914,
to November 26, 1920:
[In thousands of dollars.]
Nov. 27, Nov. 26, Nov. 24,
1915.
1916.
1914.
ASSETS.
Gold lawful money
- . 227,840
34,630
Other
Bills discounted and bought
7,383
United States securities
Municipal warrants
Due from Federal
banks—net
Uncollected items
All other assets
Total
reserve
. .
321,068
37,212
48,973
12,919
27,308
19,176
459,935
17,974
122,593
50,594
22,166
15,414
14,053
43,263
3,121
165
4,633
270,018 485,342 735,060
Nov. 16,
1917.
Nov. 22,
1918.
Nov. 28,
1919.
Nov. 2i),
1920.
1,584,328
52,525
681,719
241,906
1,273
2,060,265
55,992
2,078,219
177,314
27
2,093,641
66,025
2,709,804
314,937
2,023,916
171,364
2,983,133
320,614
428,544
22,111
3,012,406
819,010
28,700
5,219,527
1,013,426
32,208
6,230,041
709,401
36,152
6,244,580
80,025
1,134
113,174
87,001
81,087
98,157
99,020
164,745
15,909
1,734,691
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
18,050
54,846
55,711
66,691
249,268
15,000
397,952
26,319
637,072
218,887
2,700
13,385
14,296
270,018
4,159
485,342
1,028
634
735,060
1,501,423 1,718,000 1,943,232
1972,585 12,555,215 12,852,277 3,325,629
8,000
240,437
4,383
3,012,406
1 In actual circulation.
80,504
620,608
50,867
5,219,527
256,793
214,610
861,436
582,442
50,058
107,534
6,230,041 6,244,580
REPORT OF THE COMPTROLLER OF THE CURRENCY.
203
In addition to the 12 Federal reserve banks located in Boston,
New York, Philadelphia, Cleveland, Richmond, Atlanta, Chicago,
St. Louis, Minneapolis, Kansas City, Dallas, and San Francisco,
branch banks 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, and Nashville;seventh district, Detroit;
eighth district, Louisville, Memphis, and Little Rock; tenth district, Omaha, Denver, and Oklahoma City; eleventh district, El Paso
and Houston; and twelfth district; Portland, Seattle, Spokane, Salt
Lake City, and Los Angeles.
Statement showing the condition of the 12 Federal reserve banks at the close of each month
from June 29, 1917, to Nov. 26, 1920,
[In millions of dollars.]
Assets.
Year.
Gold.
Liabilities.
Other
currency.
Bills
discounted
and
bought,
United
States
securities.
Aggregate
assets.
Capital.
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
40
52
53
49
50
54
50
400
334
302
410
575
962
956
71
77
78
95
110
89
107
2,053
2,021
2,058
2,195
2,528
3,105
3,101
57
58
59
59
63
69
70
1918.
Tan. 25
Feb 21
Mar. 29
Apr 26
May 31 . .
June 98
Julv 26
Aug 30
Sept 27
Oct. 25
Nov. 29
Dec 27
1,727
1,772
1,816
1,827
1.918
i',949
1,974
2,014
2,021
2,045
2,065
2,090
56
60
58
64
58
57
55
53
51
53
55
56
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
3,170
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
Se^t. 26.
Oct. 31
Nov 28
Dec. 26
2,112
2,123
2,142
2,169
2,187
2,148
2,095
2,067
2,118
2,138
2,094
2,078
68
66
68
71
67
68
66
69
70
68
66
57
1,882
2,157
2,134
2,136
2,173
2,123
2,243
2,178
2,225
2,523
2,710
2,780
295
183
201
219
229
232
239
27!.
278
301
315
300
5,075
5,207
5,230
5,253
5,322
5,288
5,366
5,436
5,632
5,939
6,230
6,325
1920.
/an. 30
Feb 27
Mar. 26
Apr 30
May 28
June 25
July 30
Aug. 27
Sept 24
Oct. 29
Nov. 26
2,013
1,967
1,935
1,937
1,953
1,969
1,978
1,972
1,990
2,003
2,024
61
116
122
134
139
139
151
156
162
165
171
2,736
2,985
2,901
2,942
2,938
2,831
2,837
2,989
3,012
3,100
2,983
304
294
290
294
306
352
325
301
298
296
321
6,074
6,416
6,048
6,050
6,114
6,075
6,033
6,179
6,312
6,342
6,245
....
'
Surplus.
Gross
deposits.
Circulation.
1,484
1,425
1,393
1,425
1,606
1,957
1,771
510
536
585
707
856
1,065
1,254
1
1
1
1
1
1
1
1
1
1
3
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
81
81
81
82
83
83
83
85
85
86
87
87
23
23
49
49
49
49
81
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
2,780
2,580
2,606
2,667
2,708
2,688
2,676
2,698
2,800
2,895
3,008
3,109
3,319
88
91
91
92
94
95
95
97
97
98
99
120
120
120
120
120
120
165
165
165
165
165
2,740
2,911
2,542
2,526
2,542
2,473
2,408
2,448
2,477
2,418
2,333
3,101
3,257
3,249
3,252
3,286
3,302
3,312
3,404
3,494
3,566
3,648
204
REPORT OF THE COMPTROLLER OF THE CURRENCY.
DISCOUNT RATES OF FEDERAL RESERVE BANKS.
Discount rates for each of the 12 Federal reserve banks approved
by the Federal Reserve Board up to November 26, 1920, are shown
in the following table:
Discount rates approved by the Federal Reserve Board up to Nov. 26, 1920.
Paper maturing within 90 days.
Bankers'
acceptances
maturing
within
3 months.
Secured by —
Federal reserve
Boston
New York
Philadelphia...
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco..
Treasury ;
certifi- |
cates of !
indebted-!
ness, i
Liberty
bonds~
and
Victory
notes."
5i :
5$ 1
6 !
6
6
6
6
2
5|
5*
6
6
6
f.
6
b\
bl
e
5i
6
5i
6
e
bi
t
Trade
acceptances.
All
other.
7
6
5!
7
7
6
6i
6
6
6
7
7
6
6
6
7
7
6
7
6
6
6
Agricultural and
live-stock
paper
maturing
after 90
but
within
180 days.
7
6 '
•5i
of
6
6
6
5*
6
5i
oi
6
7
6
6
6
7
7
6
7
6
6
6
'Discount rate corresponds to interest rate borne by certificates pledged as collateral, with minimum of 5
per cent in the case of Philadelphia, Atlanta, Kansas City, and Dallas, and 5£ per cent in the case of Cleveland, Richmond, Chicago, and San Francisco.
25^ per cent on paper secured by 51 per cent certificates and 5 per cent on paper secured by 4f and 5 per
cent certificates.
NOTE.—Rates shown for St. Louis, Kansas City, and Dallas are normal rates, applying to discounts not
in excess of basic lines fixed for each member bank by the Federal reserve bank. Rates on discounts in
excess of the basic line are subject to a i per cent progressive increase for each 25 per cent by which the
amount of accommodation extended exceeds the basic line.
BATES FOR MONEY IN NEW YORK.
Call loans on the New York Stock Exchange as reported by the
Commercial and Financial Chronicle ranged from 2 to 30 per cent in
November, 1919; 5^ to 25 per cent in December; 6 to 20 and 6 to 25
per cent in January and February, 1920; 6 to 15 per cent in March
and April; 6 to 12 per cent in May, and 6 to 15 per cent in June.
July, 7 to 11 per cent; August, 6 to 10 per cent; September 6 to 9 per
cent; and in October the range was from 6 to 10 per cent.
Time loans in November and December, 1919, ranged from 6 to 7
per cent, rose to 7 to 8 per cent in January, and to 8 to 8J per cent in
February, and continued at the latter range until July, when the rate
for that month and August was 8 to 8f per cent. In October the
range was 7f to 8 per cent.
Choice double name commercial paper was held at 5J to 6 per cent
in November, 5f to 6 per cent in December, 6 in January, increasing
fractionally by months to Juty, when the range was 7f to 8 per cent.
The rate was 8 in August, 7 | to 8 per cent in September, and 8 in
October.
Prime single name paper rates conformed to the rates for double
name paper during the entire period, and good single name paper
was only fractionally higher than prime.
205
REPORT OF THE COMPTROLLER OF THE CURRENCY.
The range monthly for each class of paper during the year ended
October 31, 1920, is shown in the following table:
Range of rates for money in the New York market, year ended Oct. 31, 1920.
[Reported by the Commercial and Financial Chronicle.]
1919
Character of loans.
Call loans, stock exchange:
Range
Time loans:
60 days
90 days
4 months
5 months
,
6 months
Commercial paper:
Double names:
Choice 60 to 90 days..
Single names—
Prime, 4 to 6 months
Good, 4 to 6 months.
1920
No- | Devember. I cember.
January. February. March, j April.
2 to 30
to 25
6 to 20 ! 6 to 25
to
to
to
to
to
7
7
7
7
7
6
6
6
6
6
to
to
to
to
to
7
7
7
7
7
6
6
6
6
6
7
7
7
7
7
5i to 6
5 | to 6 j
5i to 6
5 | to 6
5 | to 6
6
to
to
to
to
to
8 to
8 to
8 to
8 to
8 to
8
8
8
8
8
6 to 15 6 to 15
8
8
8
8
8
to 8J
to 8|
to 8|
to
to
6 to 6| 64 to 7 . 6 | to 7
6 to 6i
6 to 6 | 6i to 7
6 to 7 H to 7
6J to 7
6 | to
1920
Character of loans.
Call loans, stock exchange:
Range
Time loans:
60 days
90 days
4 months
5 months
6 m onths
Commercial paper:
Double names—
Choice 60 to 90 days..
Single n a m e s Prime, 4 to 6 months.
Good, 4 to 6 months.,
6f to
6f to
7 to 7;
8 to 8J
206
REPORT OF THE COMPTROLLER OF THE CURRENCY.
CHANGES IN THE PRINCIPAL ITEMS OF ASSETS AND LIABILITIES OF
NATIONAL BANKS AT THE DATE OF EACH CALL, NOV. 17, 1919, TO
SEPT. 8, 1920.
The following statement discloses the principal items of assets and
liabilities of national banks at the date of each call, arranged geographically by States, also the total for the United States:
CHANGES IN VOLUME OF PRINCIPAL ASSETS AND IN DEPOSITS, BY GEOGRAPHICAL
DIVISIONS, 1919-1920.
[In thousands of dollars.]
: Bonds, etc.!
Loans j (including |
(including all issues of!
overdrafts U.S.Gov-l
and reernment I
discounts). securities j
Cash
and cash
items.
Demand
deposits. 1
Time
deposits.
; and stocks)'
New England States:
Nov. 17,1919
Dec. 31,1919
Feb. 28,1920
May 4,1920
June30,1920
Sept. 8,1920
Eastern States:
Nov. 17,1919
Dec. 31.1919
Feb. 28,1920
May 4,1920
June 30,1920
Sept. 8,1920
Southern States:
Nov. 17,1919
Dec. 31, 1919
Feb. 28,1920.....
May 4,1920
June 30,1920
Sept. 8,1920
Middle Western States:
Nov. 17,1919
•.
Dec. 31,1919
Feb. 28,1920
May 4,1920
June 30,1920
Sept. 8,1920
Western States:
Nov. 17,1919
Dec. 31,1919
Feb. 28,1920
May 4,1920
J u n e 30,1920
Sept. 8,1920.
Pacific States:
Nov. 17,1919
Dec. 31,1919
Feb. 28,1920
May 4,1920
June 30,1920
Sept. 8,1920
Alaska and Hawaii (nonmembcr banks):
Nov. 17,1919
Dec. 31,1919
Feb. 28,1920
May 4,1920
June 30,1920.
Sept. 8,1920
'
914,024
963,458
961,342
947,913
968,449
961, 527
322,183
317,234
300,767
306,408
302,092
293,059
80,168
83,337
46,936
64,672
75,405
61,401
801,187
791,165
770,410
798,884
816,467
794,875
173,801
180.561
192; 503
202,091
210,783
221,188
4, 642,457
! 4,848,145
4,866, 828
4,986,807 t
; 5,077,508 I
5,135,827 |
2,305,195
2,153, 048
2 003,907
1,981,730
1,914,050
1,865,760
862,600
997,868
469,082
621,236
844, 706
590,684
4,340,834
4,458,737
3,888,390
4,129,702
4,432,015
4,174^ 963
993,346
1,016,228
1,049,094
1,094,239
1,119,313
1,172,122
1,704,707 I
1,768,664 S
i 1,826,275 |
1,899,646l
! 1,898,775
!
1,939,900 :
564,444
601,652
567, 695
538,643
509,629
508, 740
125,010
137,691
95,042
103,598
100,453
102,882
1,464,135
1,542,741
1,517,134
1,456,115
1,374,364
1,346,981
419,649
435,003
472,178
493,837
504,732
511,370
3,128,573 | 1,088,131
3,277,571 ; 1,047,535
1 3,468,992 j 1,021,202
3,637,270 !
970,292
3,623,778 !
943,050
3,615,520 I 920,455
\
941,199
247,025
252,231
965,049
226,661
1,001,471
219,312
1,022,968 I
216,764
I 1,026,141 |
1,041,859 I 214,839
245,360
286,526
218,751
227,159
230,947
235,373
2,455,247
2,418,131
2,478,661
2,414,236
2,415,295
2,420,716
923,136
945.562
967, 406
1,017,957
1,031,628
1,039,112
57,579
61,174
52,488
54,477
51,017
52,664
807,827
813,697
823,847
789,295
758,631
761,331
287,887
292,370
301,754
316,317
323,828
322,335
335,641
331,352
307,483
304, 613
298,308
293,748
76,339
86,441
63,924
70,284
70,459
66,372
900,195
900,319
847,486
867,355
849,058
843,389
255,269
269,283
275,676
285,456
294,607
293,445
2, 664
2, 659
2, 553
2,707
2,572
2, 579
832
1,015
997
1,177
1,190
773
3,633
3,845
3,709
3,697
4,284
4,284
597
535
567
583
610
726
1,447,888 10,773,058
1,654,052 10,928,635
947,220 I 10,329,637
1,142,603 I 10,459,284
1,374,177 10,650,112
1,110,149 ! 10,346,539
3,053,685
3,139,542
3,259,178
3,410,480
3,485,501
3,560,298
!
|
1
1
j
!
929,651 !
950,567
981,953
1,021,119
1,029,676 i
1,024,745 j
3,223
3,316
3,386
3,439
3,570
4,233
Total United States:
Nov. 17,1919
Dec. 31,1919
Feb. 28,1920
May 4,1920
June 30,1920
Sept. 8,1920
12,263,834
12,776', 770
13,110,247
13,519,162
13,627,897
13,723,611
4,865,283
4,708,711
4,430,268
4,323,705
4,186,46o
4,099,180
1 Certified checks and cashier's checks outstanding included.
207
REPORT OF THE COMPTROLLER OF THE CURRENCY.
RELATION OF CAPITAL OF NATIONAL BANKS TO DEPOSITS, ETC.
The variation in the proportion of the (a) capital of national banks
to individual deposits, (b) capital to loans, (c) capital to aggregate
resources, and (a) capital, surplus and profits to deposits, and (e) cash
on hand and amounts due from Federal reserve banks to individual
deposits, from 1915 to 1920, as of the date of the call immediately
following the midsummer call for reports of condition from national
banks is shown in the following table:
Items.
Sept. 2,
1915.
Sept., 12,
1910.
Sept. 11,
1917.
Aug. 31,
1918.
Sept. 12,
1919.
Sept. 8,
1920.
Capital to individual deposits
$1.00-$6. 3211,.. 00-,f7. 91 $1:. 00-19. 15 $1.. 00-$9. 53 $1;. oo-$n.14 $1.. 00-110.89
Capital to loans
1.00-- 6.32 1.00- 7.42 1.00- 8.46 1.00- 9.16
1.00- 9.95
1.00-11.47 1.00-13.50 1.00-15.17 1.00-16.39 1.00- 9.74 1.00- 17.53
Capital to aggregate resources
1.00- 18.98
Capital and surplus and other
profits to individual deposits
1.00- 3.23 1.00- 3.99 1.00- 4.56
1.00- 5.19
1.00- 4.51
1.00- 5.03
Cash on hand and balances with
Federal reserve bank to individual deposits
1.00- 5.53 1.00- 6.14 1.00- 6.62
1.00- 6.20
1.00- 6. 27
1.00- 6.19
P E R C E N T A G E OF T H E P R I N C I P A L I T E M S OF A S S E T S AND L I A B I L I T I E S OF N A T I O N A L
BANKS.
In the following table the percentages of loans and discounts of
national banks, of United States bonds, capital, surplus and profits,
and individual deposits to aggregate resources are shown as of the
date of the Fall reports of national banks during the years 1910 to
1920, inclusive:
Items.
1910
1911
1912
1913
1914
1915
Loans and discounts, including
rediscounts
United States bonds
Total
Capital
Surplus and profits
Deposits (individual)
Total
. . .
P.cL
55.6
7.5
P.cL
P.cL
55.1
7.1
P.ct.
56.7
7.3
P.ct.
55.7
6.8
P.cL P.ct. P.cL
54.5
7.4
55.0
6.4
54.5
5.1
63.1
61.9
62.2
64.0
62.5
61.4
10.2
8.9
52.4
9.9
8.7
52.9
9.4
8.7
53.8
9.7
9.1
53.0
9.2
8.8
53.5
8.7
8.3
55.1
71.5
71.5
71.9
71.8
71.5
72.1
1
1916
1917
1918
1919
1920
P.ct. P.ct.
54.1 51.3
13.2 U5.3
P.cL
55.2
6.9
59.6
62.1
67.3
66.6
72.5
7.4
7.3
58.6
6.5
6.9
60.9
5.9
6.7
56.3
5.3
6.0
58.6
5.7
6.7
62.1
73.3
74,3
68.9
69.9
74.5
62.6
9.9
Percentage based on all issues of United States Government securities.
BESEBVE.
The reserve held by national banks with Federal reserve banks as
of the date of each call during the report year, commencing with the
call of November 17, 1919, classified by central reserve cities, other
reserve cities, and country banks, and the total reserve held by all
national banks in the United States, including nonmember banks in
Alaska and Hawaii, is shown in the following table. The percentage
of reserve held and the amount of reserve in excess of the required
amount is also given.
Section 19 of the Federal reserve act requires national banks, in
central reserve and reserve cities and banks outside of central reserve
or reserve cities, commonly referred to as country banks, to maintain a
reserve against demand deposits, with the Federal reserve bank of the
district in which the bank is established, of 13 per cent in central
208
REPORT OF THE COMPTROLLER OF THE CURRENCY.
reserve city banks, 10 per cent in reserve city banks, and 7 per cent
in country banks and a reserve against time deposits, regardless of the
situation of the bank, of 3 per cent.
By reference to the following table it will be seen that the aggregates of the reserves held by national banks in the central reserve and
other reserve cities, and by country national banks, were all, with but
one exception, in which a deficiency of $1,976,000 on June 30, 1920,
was reported by other reserve city banks, in excess of the legal requirements at the date of each call during the year.
[In thousands of dollars.]
Date of call.
Per
Amount
Amount cent
of exof
of reserve reserve
cess
held.
held. reserve.
RESERVE CITIES.
Central reserve cities:
Nov. 17,1919
Dec. 31,1919....
Feb. 28,1920
May 4,1920
June 30,1920
Sept. 8,1920
Other reserve cities:
Nov. 17,J919....
Dec. 31,1919
Feb. 28,1920....
May 4, 1920
June 30,1920
Sept. 8,1920
Total reserve cities:
Nov. 17,1919
Dec. 31,1919
Feb. 28,1920....
May 4,1920
.Tune 30, 1920
Sept. 8,1920
! COUNTRY BANKS—COn.
468,157
485,206
455,494
463,451
459,881
431,492
13.74
14.20
13.35
13.71
13.36
13.15
25,238
40,960
12,015
23,869
12.426
4; 846
372,732
387,614
389,109
370,232
353,658
360,942
10.20
10.72
10.57
10.30
9.94
10.02
7,256
25,890
21,049
10,633
11,976
647
840,889
872,820
844,603
833,683
813,539
792,434
11.91
12.41
11.91
11.95
11.62
11.51
32,494
66,850
33,064
34,502
10.450
5,493
38,199
39,440
39,593
40,521
42,032
42,294
7.34
7.49
7.53
7.45
7.66
7.63
1,747
2,564
2.788
2; 429
3,637
3,475
108,048
111,855
110,456
111,321
116,733
124,255
7.47
7.63
7.58
7.34
7.54
7.67
6,821
9,252
8,497
5,165
8,354
10; 894
90,049
96,431
94,281
87,867
84,859
83,211
7.58
7.68
7.55
7.40
7.57
7.50
6.934
8,550
6,902
4,699
6,390
5.547
COUNTRY BANKS.
New England States:
Nov. 17,1919
Dec. 31,1919
Feb. 28,1920
May 4, 1920
June 30,1920
Sept. 8,1920
Eastern States:
Nov. 17,1919....
Dec. 31,1919
Feb. 28, 1920....
May 4,1920
June 30,1920
Sept. 8,1920
Southern States:
Nov. 17,1919....
Dec. 31,1919
Feb. 28,1920....
May 4, 1920
June 30,1920
Sept. 8.1920
Amount
of excess
reserve.
Batft of call.
Deficit,
Middle Western States:
Nov. 17,1919
Dec. 31.1919
Feb. 28,1920
May 4,1920
June 30,1920
Sept. 8, 1920
Western States:
Nov. 17,1919
Dec. 31, 1919
Feb. 28,1920
May 4, 1920
June 30,1920
Sept. 8.1920
Pacific States:
Nov. 17,1919.
Dec. 31. 1919
Feb. 28. 1920
May 4. 1920
June 30,1920
Sept. 8, 1920.
Non member
banks
(Alaska and Hawaii):
Nov. 17, 1919.
Dec. 31. 1919
Feb. 28,1920
May 4,1920........
June 30,1920
Sept. 8. 1920..
Total country banks:
Nov. 17, 1919
Dec. 31,1919
Feb. 28. 1920
May 4,1920
June 30,1920
Sept. 8, 1920
Total United States:
Nov. 17,1919
Dec. 31,'1919
Feb. 28, 1920
May 4,1920..
June 30,1920
Sept. 8. 1920.
99,326
102,672
109,160
106,034
104.295
105.346
-.33 I
'.44
'.28 I
'.42
'.40
'.45 I
4,474
(>, 050
4,223
6,033
5, 701
6,304
50,732
52,338
53,277
51,117
49,680
48,364
'.53 j
'.71 !
'.61 I
'.58
.69
.49
3,565
4,800
4,241
3,910
4,478
3,173
35,096
36,556
34,920
35,666
34,095
34,378
.43
'.62
'.46
54
.52
7.47
2,042
2,963
2,170
2,560
2.375
2,180
63.31
88.76
45.39
35.99
42.78
36.00
1,485
1,671
1,259
941
1,210
1,026
2 2,143 i
*2,190 i
a 1,879 !
ai,614 ;
2 1,863 :
2 1,757 I
423,593
441,482
443,566
434,140
433,557
439,605
I
I
!
!
7.49
7.62
7.52
7.45
7.57
i 7.57
27,068
35,850
30,080
25,737
32,145
32,599
264,482
314,302
288,169
267,823
247,096
232,039
I 9.94
I 10.25
! 9.91
! 9.90
! 9.80
; 9.71
59,562
102,700
63,144
60,239
42,595
38,092
* Cash in vault and net amount due from approved reserve agents.
RESERVE REQUIRED AND HELD BY NATIONAL EANKS IN RESERVE CITIES, ETC.
The amount of net deposits upon which reserve required to be held
by national banks in the central reserve cities of New York, Chicago,
and St. Louis, and banks in other reserve cities and in country banks,
and the total for all banks in the United States at the date of each
report since November 17, 1919, together with the amount of reserve
REPORT OF THE COMPTROLLER OF THE CURRENCY.
209
required, the amount held, the percentage and the excess amount held,
are shown in the following table:
Reserve required and held by national banks, together with the excess or deficit,
1919-20.
[In thousands of dollars.]
Amount
on which
reserve is
computed.
Date.
New York:
Nov. 17,1919
Dec. 31,1919
Feb. 28,1920
May 4,1920
June 30,1920
Sept. 8,1920
Chicago:
Nov. 17,1919
Dec. 31,1919
Feb. 28,1920
May 4,1920
June 30,1920
Sept. 8,1920
St. Louis:
Nov. 17,1919
Dec. 31,1919
Feb. 28,1920
May 4,1920
June 30,1920
Sept. 8,1920
Other reserve cities:
Nov. 17,1919
Dee. 31,1919
Feb. 28,1920
May 4, 1920
June 30,1920
Sept. 8, 1920
Country banks:
Nov. 17,1919
Dec. 31,1919
Feb. 28, 1920
May 4, 1920
June 30,1920
Sept. 8, 1920
All national banks:
Nov. 17, 1919
Dec. 31,1919
Feb. 28, 1920
May 4,1920
June 30,1920
Sept. 8,1920
...
Reserve held.
Reserve
Amount.
Per cent.
Excess
held.
637,121
625, 902
577, 209
600, 596
699, 426
523, 830
342,826
341,367
335,037
338,078
350,926
328,098
365,866
379,801
346,010
357,721
363,387
332,620
13.87
14.47
13.43
13.76
13.46
13.18
23,040
38,434
10,979
19,643
12,461
4,522
600, 112
617, 732
662, 153
622,635
595, 640
604, 686
78,014
80,305
86,080
80,942
77,433
78,609
79,075
83,003
86,060
81,984
78,701
78,693
13.18
13.44
13.00
13.17
13.21
13.01
1,061
2,-698
169, 837
173, 646
172, 017
22,079
22,574
22,362
20,562
19,096
19,939
23,216
22,402
23,41823,746
17,793
20,179
13.67
12.90
13.61
15.01
12.11
13.16
1,137
1172
1,056
3,184
i 1,303
158 171
146,895
153, 379
120
1.042
1,268
84
240
654, 763
617, 243
365,476
361,724
368,060
359,599
355,634
360,295
372,732
387,614
389,109
370,232
353,658
360,942
10.20
10.72
10.57
10.30
9.94
10.02
7,256
25,890
21,049
10,633
» 1,976
659 634
396,525
405,632
413,486
408,403
401,412
407,006
423,593
441,482
443,566
434,140
433,557
439,605
7.49
7.62
7.52
7.45
7.57
7.57
27,068
35,850
30,080
25,737
32,145
32,599
1,204,920
1 ,211,602
1,225,025
1 ,207,584
1 ,204,501
1 ,193,947
1,264,482
1,314,302
1,288,169
1,267,823
1,247,096
l,232 ; 039
9.94
10.25
9.91
9.90
9.80
9.71
59,562
102,700
63 144
60,239
42,595
38,092
680
595
556
602
598
989
342
954
! 5. 790,791
| 5: 902 221
829J197
729 489
808 806
721
825
994
806
727
467
314
198
588
792
693,655
647
> Deficit.
CLASSIFICATION OF LOANS MADE AND DEPOSITS IN
NATIONAL BANKS AS OF JANUARY 31, 1920, IN RESERVE
CITIES AND CITIES OF 50,000 OR MORE POPULATION.
The classification of loans and deposit balances, of 595 national banks
in reserve and other cities, haying a population of over 50,000, indicating the amount which national banks in each city have loaned
and the amount on deposit with these banks to the credit of other
national and State banks, in each geographical section, are shown
in the following table.
The total amount of loans to banks and to individuals who keep
deposits with the banks, and the direct loans to individuals and
otters who keep no deposit accounts with the banks, are also shown:
Classification of loans (including paper bought) made by 595 national banks in the cities indicated, as of Jan. 31, 1920, 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.
[In thousands of dollars.]
Loans placed for account of correspondents.
Cities.
and
Num- Direct
indirect
ber of loans
made
banks. to banks.
Rediscounts,
made to
banks.
1
Boston, Mass.
Bridgeport, Conn
Brockton, Mass
Cambridge, Mass
East Cambridge, Mass
Fall River, Mass
Hartford, Conn
Holvoke, Mass
Lawrence, Mass
Lowell. Mass
Lynn, Mass .
Manchester, N. H
New Bedford, Mass
New Haven, Conn
Providence, II. I
Portland, Me
Roxburv, Mass
Somerville, Mass
Springfield, Mass
Water bury, Conn
Worcester Mass
Total Northeastern States..
Albany, N. Y
Altoona, Pa .
Ailentown, Pa
Baltimore, Md
Brooklyn and Bronx, N. Y
Buffalo, N. Y
12
3
2
1
1
4
4
3
1
4
4
4
2
7
4
3
1
4
3
10 225
75
50
127
12,460
10
Bills reloans Direct loans Securities,
ceivable Direct
etc., purindivid- to individ- chased
purchased to
from
uals, etc., uals, etc., banks with
from or
keep who keep 1 agreement.
discounted who
for banks. deposit. no deposit. 1 to resell.
358
12
21
193
20
15
50
100
381
2
74
10,740
12.606
3
2
3
13
5
3
151
36
5,101
721
120
2
751
331,410
16,371
6,235
1,003
371
12,259
26,168
7,034
1,064
4,897
G, 993
3,629
11,574
23,173
21, 501
9,946
8,174
307
18,936
7,432
13,200
39,546
296
1,414
19
547
3 053
10,406
2,115
151
2,487
5 099
1,907
1.851
1^023
14,520
3,034
3,615
1,082
7,411
1,520
8,735
531,677
109,831
25,597
2,669
8,948
90,753
24,173
31,992
19,524
409
2,750
10,068
7,312
3,537
for
Total loans Placed for Placed
national
and
national banks
outdiscounts. banks in
side of
reserve or reserve
and
central
central
reserve
reserve
cities.
cities.
Other
loans.
394,360
16,764
7,699
1,022
918
15,312
36,929
9,149
1,215
7,384
12,092
5,729
13,445
24,211
36,021
13,221
11,789
1,389
26,728
8,952
21,935
2 900
13.232
85
55
3
666,264
3,357
146
45.308
3,078
11,844
106,643
31,485
35,651
358
207
91
656
to
o
o
Placed for
correspondent State
banks and
trust companies.
o
o
17,317
1-=!
o
!
10
372
25
o
I
13,312
17,327
20
1,697
20
3,591
8
60
2,568
10
65
a
Samden, N. J
Elizabeth, N. J
Erie, Pa..
Harrisburg, Pa
Hoboken,N. J
Jersey City, N. J
Johnstown, Pa
Newark, N. J
New York, N. Y.i
Passaic, N. J
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
Utica, N. Y.
Wilmington, Del
Washington, l>. C...
Wilkes-Barre, Pa
Yonkers, N.Y
Total Eastern States
Atlanta, Ga
Birmingham, Ala
Charleston. S. C
Chattanooga, Tenn
Covington, Ky
Dallas, Tex....
El Paso, Tex
Fort Worth, Tex
Gal veston, Tex
Houston, Tex.....
Jacksonville, Fla
Louisville, Ky
Memphis, Tenn
Mobile,Ala
Nashville, Tenn
New Orleans, La
Norfolk, Va
Richmond, Va
San Antonio, Tex
Waco, Tex
Total Southern States
1
3
3
3
2
3
4
7
3
1
3
32
18
g
2
4
3
3
20
9
161
202
119,751
74,441
15,019
22,715
4,410
2 340
241
25
85
873
35
582
8
125
14
626
35
3
3
14
2
4
2
191
153,989
78,514
4
2
858
220
9
348
471
39
41
139
5
3,837
581
4
15
640
12
288
841
2
6
1,225
493
4
1
5
2
4
2,3^5
121
58
2,771
843
1,210
3,201
203
218
496
124
34
156
1,440
1 087
4,400
9,269 i
530,932 |
274 1
130
6
389
172
302
40
81
19,629
5,966
2,073
536,592
134
725
1,565 f
168
2
728
15
29,627
34,039
29 019
70,216
15,348
10,712
2 919
' 50
16 344 ;
1 534
'835
6 186
3 803
1,298
627
1,229
2,294
1 918 '
2,328 :
1,463
3,426
5,182
5 806 !
339 !
8,252 :
1,562 s
2,304 !
1 066 !
9,811
3,806 I
464 I
19
63,164
930
27,234
27,414
1,598
630,291
427
. . ..
1 229
...
..
1,269
3, 790,481
74
25
15
. . .
10,362
4 441
10.271
3 273
11,713
10,226
13,688
61,576
2,489,670
2,334
8,605
502 105
217,883
16,676
32 875
2,801
23,125
7,680
21,058
13, 771
17,684
4 377
57,802
8 948
3,528
51 427
20 945
14,752
22 575
5,726
60,812
19 307
42,640
4,568
58 237
27,102
58 599
13,494
8,474
34,170
38,626
31 379
85,163
21,031
11,464
21
Central reserve city banks only. Other reserve city banks in Greater New York included in Brooklyn and Bronx.
22,297
20
1,847 •
43 912
16 862
12 572
21 461
4 497
53,707
16 945
38,656
3,078
53,239
21,207
48 455
12 910
2
238
27,234
97 833 l
35 390 i
4,026 i
2 452 i
625 !
8,447 i
1,185 i
7 718 '
3 324 :
779,858 j
144
918
2,918 i
1,577 I
2,708,355
625
130
2
8
4 f
97!
1 640 I
15,287
84
1,310
10,338
4 344
8,622
1 268
7,212
7,308
12,111
52,105
1,699,996
2,040
6,758
376 057
177,135
12,530
30 423
2,176
13,954
6.495
13 340
10,308
16,949
2 812
39 865
7'414
2,693
20
1,056
50
128,818
94,215
200
311,763
W
j |
20
7 641
14,855
O
S
. ..
Q
Hrj
H
*
c
Jr!
H
h:
130,555
105,535
329,511
600
14
245
1 333
i,994
372
[3
32
H
ffi
ferj
1
O
<3
W
283
180
2,364
1 190
1 249
1,309
^
^
1,473
3,376
6,316
^
O
Classification of loans {including paper bought) made by 595 national banks in the cities indicated, as of Jan. 31, 1920, showing separately loans made
to banks and bankers, loans made to borrowers who keep deposit accounts with the lending banks, loans made to those who keep no deposit accounts,
and loans placed for account of correspondents—Continued.
to
to
[In thousands of dollars.]
Loans placed for account of correspondents.
and
Num- Direct
indirect
ber of loans
made
banks. to banks.
Cities.
Rediscounts,
made to
banks.
Bills reloans
ceivable Direct
individpurchased to
uals, etc.
from or
keep
discounted who
for banks. deposit.
Direct loans Securities,
etc., purto individ- chased
from
uals, etc., banks with
who keep agreement,
no deposit. to resell.
for
Total loans Placed for Placed
national Placed for
and
national banks
correspondoutdiscounts. banks in
ent State
side of
reserve or reserve
banks and
and
central
trust
comcentral
reserve
panies.
reserve
cities.
cities.
Other
loans.
j
o
H
O
6
Akron, Ohio
Canton Ohio
Cincinnati, Ohio
Cedar Rapids Iowa
Chicago, 1112
Cleveland, Ohio .
Columbus .Ohio
Dayton Ohio
Des Moine^, Iowa
Detroit Mich
Dubuquc Iowa
Duluth Minn
East St Louis 111
Evansville Ina
Fort Wayne, Ind
Gary Ind
Grand Rapids. Mich
Indianapolis, Ind
Kansa City Mo
Milwaukee Wis
Minneapolis Minn
Peoria 111
St. Joseph Mo
St. Louis Mo
St. Paul,Minn
Sa^inaw Mich
RioiiT Oitv Towa
Snrinafield Til
South Bpnd Tnd
Terre Haute, Ind
0
2
7
2
23
6
S
6
3
3
4
2
3
3
2
3
6
16
4
4
4
5
. , . ..
6
3
100
115
2,92*
1 283
23,438
1,546
1,120
43
2,498
761
72
354
30
699
904
37
87
1,750
5,528
736
0 804
135
744
9,715
4,544
1,237
140
21
25
36,398
3,764
2 743
1,156
5,242
2,982
4,189
5
9,052
18,549
7,727
72,519
6 285
537,157
122,300
26,286
14,904
16,915
70 695
2,790
28,629
1,618
8,629
9,159
879
12,817
48,606
88,551
72,436
116 403
JO, 783
9,412
168.262
54,320
5,717
12,093
30
4,879
396
751
1 198
9,605
639
96
224
917
22,031
1,595
6 084
15
208
73
284
47
30
26
419
8,143
531
1 446
35
693
1*458
661
406
300
20
10
1,205
35
201
13
152
64
32
5
2,414
2,925
7,520
562
8 701
78,239
1,660
18,187
6,878 . . . . . . .
360
4,998
7 807
. ..
959
7,829
15
1,178
4,885
55
2,279
158
4,168
4,087 . . .
65
14,421
709
11,642
53
204
8 226
3,977
3,288
427
17.624
11,056
196
335
3, lift
566
I 105
1,386
200
1,915
543
6,390
10
16,512
4 752
2,562
fi.70S
194
133
21,459
10,967
86,419
18,927
672,130
149,062
34,380
15,317
27,211
S5.3S2
3,836
37,236
2,912
14,704
12,453
1,146
17,103
54,927
170,262
89,162
143,578
18,648
19,379
VWV7,176
74,966
6,463
25,991
5 047
3,919
6,320
H-i
274
2,568
2,402
38
305
98
45
o
w
o
H
&
10
34
725
91
1,534
120
3,605
505
70
418
782
2,20r
223
1,191
w
o
w
Toledo, Ohio.
Youngstown, Ohio
Total M. Western States...
Denver, Colo ..
Kansas Citv Kans
Lincoln Nebr
Muskosee Okla
Oklahoma City Okla
Omaha Nebr
Pueblo Colo
Topeka Kans
Tulsa Okla
Wichita, Kans
Total Western States
Los Angeles, Calif
Oakland, Calif
Ogden Utah
Salt Lake Citv Utah
Portland Oreg
San Francisco, Calif
Seattle Wash
Spokane Wash
TftRoma, Wash.
4
3
217
133
24
188
156
70,744
35,381
7
2
4
4
7
9
2
4
7
4
787
309
254
36
209
4,388
32
30
98
1,392
500
65
364
2,028
46
502
50
6,547
8
2
4
6
3
9
7
3
1
1,024
' 17
195
1,073
1,139
2,218
434
452
34,562
19,864
3,527
1,981
90,440
1, 610,717
245,831
46,945
2,218
9,027
10,806
15,953
56,961
2 650
2,457
35,990
10,182
8,522
1,152
916
1,413
3,169
3,749
2 629
1,125
3,525
1,727
275
409
2,251
6,209
2,552
4,555
175
3,394
29,201
40
679
1,568
5,447
6,744
53,820
193,189
27,927
684
303
34
244
689
2,751
3,777
128
313
264
88.897
13', 387
5,612
18,457
45,931
182,901
44 573
18,078
5,385
10.427
3', 763
1,264
4.892
12,681
26,780
7,328
5,989
1,015
319
363
193
77
230
493
3,946
40
38,330
22,206
39,959
2, 097,018
583
3,307
65,868
7,623
15,252
13,111
24,311
96,736
5 397
4,291
41,083
20,109
185.
175
181
o
293,781
185
305
181
H
145
235
315
616
947
4,870
100,915
17,201
7,717
25,557
62,770
216,818
55 837
25,325
6 ..400
83
83
75
1,065
3,144
49
255
5,550
10, 414
130
O
o
372
1, 500
40
284
641
40
8'3 5
2, 153
88
Tofal Pacific States
43
6,552
8,239
1,939
423,221
74,139
158
4,292
518,540
1, 685
1,572
3, 291
Total United States
595
268,201
147,450
164,310
6, 003,781
1,300,550
33,947
78,136
7, 996,375
138, 838
129,652
367, 040
74
' 191
81
156
50
43
10,740
153,989
19,629
70,744
6,547
6,552
12,606
78,514
5,966
35,381
6,744
8,239
751
15,287
2,073
90,440
53,820
1,939
531,677
708,385
536,592
1, 610,717
193,189
423,221
109,831
779,658
63,164
245,831
27,927
74,139
656
27,234
1,269
3,946
684
158
3
27,414
1,598
39,959
4,870
4,292
?
666,264
790,481
630,291
097,018
293,781
518,540
3, 357
130, 555
1, 473
1, 583
185
1, 685
13,312
105,535
3,376
5,550
305
1,572
17, 327
329, 511
6, 316
10, 414
181
3, 291
595
600
268,201
232,455
147,450
115,015
164,310
126,924
003,781
4, 682,175
1,300,550
1,240,889
33,947
12,640
78,136
75,874
7, 996,375
6, 485,972
138, 838
51, 672
129,650
68,666
367, 040
166, 155
35,746
32,435
37,386
1, 321,606
59,661
21,307
2,262
1, 510,403
87, 166
60,984
200, 885
RECAPITULATION.
New England States
Eastern States.
Southern States
Middle Western States
Western States
Pacific States..,
Total United States
Total loans Dec. 31,1918...
Increase..
Decrease
2
fi
5
Includes central reserve and other reserve city banks in Chicago.
to
CO
All
loans made by the 595 national banks in the cities indicated, as of Jan. 31, 1920, arranged according to location of borrowers in each geographical
division.
to
TOTAL OF LOANS AND DISCOUNTS.
[In thousands of dollars.]
Cities.
Number
of banks.
Boston, Mass
Bridgeport, Conn
Brockton, Mass
Cambridge, Mass
East Cambridge, Mass.
Pall River, Mass
Hartford .Conn
Holy oke^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...
12
3
2
1
1
4
4
3
1
4
4
4
2
5
Total New England States.
Albany,N.Y
Altoona, Pa
Allentown, Pa
Baltimore, Md
Brooklyn and Bronx, N.
Buffalo, N. Y
Camden, N. J
Elizabeth, N.J.
Erie, Pa.
Harrisburg, Pa.
New
England
States.
Eastern
States.
Southern
States.
Middle
Western
States.
Western
States.
Pacific
States.
Alaska,
insular
possessions,
and other
foreign
countries.
307,675
16, 459
7,126
978
898
14,326 '
29,786 ;
8 788
1,118
6,512
10,012
4,522
12,432
23,409
27,012
11,946
9,937
1,364
21,871
8,338
15, 790
26, 795
10
288
25
20
587
2,974
914
27
459
954
825
662
603
3,959
615
1,119
25
2,029
255
4,727
11,427
60
66
39,688
235
159
30
1,004
27
355
2,443
100
60
334
708
327
312
165
3,093
432
350
14
175
10
5
433
18
24
50
32
10
31
5
419
32
251
114
1,665
250
1,107
220
10
11
190
10
95
3
89
91
394,360
16,764
7.699
1,022
918
15,312
36,929
9,149
1,215
7,384
12,092
5,729
13,445
24,211
36,021
13,221
11,789
1,389
26,728
8,952
21,935
74
540,299
47,172
15,017
51,783
4,611
4,513
2,869
606,264
3
2
3
13
1,378
41,443
2,836
10,205
93,806
27,300
32,450
10.043
4,411
10 163
202
167
480
6,833
548
95
318
2,039
75
600
5,767
1,720
2,017
5
10
231
116
7
130
10
50
30
70
95
io
45,308
3,078
11,844
106,643
31,485
35,651
10,362
4,441
10,271
3,273
4
3
1
4
3
2
3
3
393
230
1,352
230
1
3,168 1
15
201
25
8
9
1,045
128
108
750
3,189
3,132
2,454
33
19
10
17
O
Grand
total.
450
14
222
io
150
40
50
20
io
10
15
60
50
285
809
31
O
w
o
o
K!
Hoboken, N. J
Jersey City, N. J . . .
Johnstown, Pa
Newark, N. J
New York, N.Y.i..
Passaic, N. J
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
Utica,N. Y
Wilmington, Del...
Washington, D.C..
Wilkes-Barre, Va-..
Yonkers.N. Y
Total Eastern States.
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, Tenn
Mobile, Ala
Nashville, Tenn
New Orleans, La
Norfolk, Va
Richmond, Va
San Antonio, Tex..
Waco, Tex
Total Southern States.
Central reserve city banks only.
505
37
'""hih
105,009
36
50
8,061
2,318
447
28
30
829
80
173
203
90
755
40
140
191 |
122,931 | 2,906,621
4
2
345
523
2
12
5
4
2
6
3
4
10,203
10,187
13,626
56,120
1,746,379
2,182
8,253
431,560
198,264
14,884
32,484
2,635
17,195
7,142
20,412
13,060
17,58"
4,107
52, 966
8,597
2,951
109
20
510
233
3,607
781
602
13
1.133
'272
165
1,000
228
3, 411
2,200
36
1,145
3
\
2
4
7
8
6
205"
25
581
423
6,827
1,977
163
81
2,197
24,619
40
175
250
2
665
45
45
250
42,230
33
10
868
54
75
26
211
34,166
2
6
100,815
770
82
95
362
497
5
94
13
161
40
22
1,777
20
140
62
3,915
291,988
59
282
32,861
15,108
862
243
116
2,223
310
316
321
95
157
1,999
166
245
22
30
212,329
364,406
44,576
36,043
4,641
534
40
250
1,789
814
345
206
80
671
1,342
3 510
'501
10
157
10
30
3
100
745
10
242
j
43
558
169,083
22
10
27,623
1,560
308
2
2,001
83
127
91
42,814
18,929
14,110
22,180
3,924
58,403
16,826
41,744
3, 463
57,138
21,814
52,656
12,957
6,196
33,484
35,496
XQ, 056
76,285
18,622
11,170
578,273
548
10
10
42
5
168
15
20
54
75
130
153
857
515
25
150
25
40
6'U
2,103
900
1,816
305
95
21,308
103,575
21
93
275
35
1
100
125
131
25
127
5
2 277
893
6f>4
11.713
10,226
13,688
61,576
2,489,670
2,334
8,605
502,105
217,883
16,676
32,875
2,801
W
g
S
2
S
23,125
^
7,6S0
o
21,058 fcrj
13,771
17,684
H
4,377
W
57,802 fel
8,948
3,528
g
3,790,481
.....
51,427
20,945
g
i-ri
H
W
14,752
22,575
5* 726
60,612
19,307
42,640
4,568
58,237
27,102
58,599
13,494
8,474
34 170
38,626
31 379
2
C
E
S
^
O
hxj
H
W
fj
O
d
W
85,163
£
11,464
*
630,291
^
21,031 P5
Othor reserve city banks in Greater New York included in Brooklyn and Bronx.
to
All loans made by the 595 national banks in the cities indicated, tfs of Jan. 31, 1920, arranged according to location of borrowers in each geographical
division—Continued.
to
H
TOTAL OF LOANS AND DISCOUNTS—Continued.
[In thousands of dollars.]
Cities.
Akron, Ohio
Canton, Ohio
Cincinnati, Oh i o
Cedar Rapids, Iowa..
Chicago, 111.2
Cleveland, Ohio
Columbus, Ohio
Dayton, Ohio
Des Moines, 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,Ill
St. Joseph, Mo
St. Louis, Mo.
St. Paul, Minn
Saginaw, Mich
Sioux City, Iowa
Springfield, 111
South Bend, Ind
Terre Haute. Ind
Toledo, Ohio
Youngstown, Ohio...
Total Middle Western States..
Number
of banks.
2
7
2
23
~6
8
6
I
3
\
3
3
3
6
16
4
6
4
4
5
6
2
6
2
3
3
4
3
156
New
England
States.
55
15
170
683
8,623
102
484
5
Eastern
States.
Southern
States.
Middle
Western
States.
140
614
652
1,696
834
2,672
415
9,132
680
108
74
231
13.167
319
18
463
60
31,620
50
1
140
175
85
95
642
1.464
49
25
16
70
58
20,004
9,599
77,104
15,610
561,396
145,421
32,790
15,193
26,440
81,452
3,775
32,823
2,731
13,906
12,133
1 143
16,824
53,724
90,705
85,009
125,056
14,283
13,784
156,653
58,287
6.355
16,671
4,734
3,734
6,179
37,453
20,544
14, 778
73,839
77,052
1,761,515
303
288
23
5
16
3
40
108
74
813
55
580
293
1,854
45
1,107
1,114
2,869
2,183
36,869
3,339
1,001
95
76
2,880
26
2,401
199
271
167
35
6,111
160
22,782
103
84
23
253
303
81.
116
594
20
Western
States.
Pacific
States.
Alaska,
insular
possessions,
and other
foreign
countries.
53
4
75
260
26,124
9,292
89
10
10
159
28
20
15
5
5
145,437
20,557
3,840
2.1
73
48
31
11,456
40
434
49
8
73
1,529
30
3
7
12
5
107
63,946
657
16,553
386
4,625
7,109
13,910
100
1,617
668
325
110
202
775
1,936
200
42
1,880
57
322
35
111
1
15
403
101
737
154
33
103
o
Grand
total.
21,459
10,967
86,419
18,927
672,130
149,062
34,380
15,317
27,211
85,382
3,836
37,236
2,912
14,704
12,453
1,146
17,103
54,927
170,262
89,162
143,578
18,648
19,379
207,176
74,966
6,463
25,991
5,047
3,919
6,320
38,330
22,206
2,097,018
n
w
o
p
P
t1
H
1 >en ver, Colo
Kansas City, Kans —
Lincoln, Nebr
Muskogee, Okla
Oklahoma City, Okla..
Omaha, Nebr
Pueblo, Colo...
Topeka, Kans
Tulsa, Okia
Wichita, Kans
165
1,136 i
68
55
Total Western States.
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..
15
150
576
150
80
305
180
465
2,436
463
370
100
410
2,380
1,863
868
570
939
520
46
4
6,270
6,418
4,021
818
650
7,024 |
Total United States..
19, 686 i
178
72
30
96
2,092
607
25
129
370
1,383
247
281
25
858
777
167
785
3,140
1,636
1,009
51
392
135
4,675
638
325
494
955
61,770
6,454
15,171 :
12,540 I
22,071 i
89,222
4,319
3,837
39,914
17,362 |
10,310
272,660 |
3,941
773
220
346
3, 757
10,763
2,510
1,414
250
116
90
305
831
317
600
458
685
23,974 |
951 j
20
32 !
65,868
7,623
15,252
13,111
24,311
96,736
5; 397
4,291
41,083
20,109
13
1,641
115
2,896
32
293,781
95,186
15,167
23
100,915
17,201
7,717
25,557
62,770
216,818
55,837
25,325
6,400
7,021
23,966
48,750
195,584
46,739
20,828
5,500
438
813
.1,074
225
3,402 I
458,741 i
2,573
518,540
H
W
H
d
g
7
595
687,694 ! 3,074,373
890,793
2,233,356 j
472,963 j
523,643 |
113,553 !
74
191
81
156
50
43
540,299 I
47,172 i
122,931 I 2,906,621 |
24,619 I
2,197 |
73,839
14,778 I
2,436 i
465 j
19,686 I
7,024 i
15,017
212,329
578,273
77,052
4,982
3,140
51,783
364,406
21,368
1,761,515
10,310
23,974
4,611
44,576
2,277
145,437
272,660
3,402
4,513 !
36,043 I
893
20,557 i
2,896 I
458,741 I
103,575
664 !
3,840
32
2,573
666,264
3,790,481
630,291
2,097,018
293,781
518,540
595
600
687,694
565,819
3,074,373
2, 625,751
890, 793
749,245
2,233,356 j
1,672,923 J
472, 963
348, 662
523, 643
443,235
113,553 i
80,337 i
7,996,375
6,485, 972
448,622
141,548
560,433
124,301
0,408
33,216
1,510,403
,996,375
RECAPITULATION.
New England States....
Eastern States
Southern States
Middle Western States..
Western States
Pacific States
Total United States
Total loans Dec. 31,1918.
Increase.
121,875 I
2
Includes central reserve and other reserve city banks in Chicago.
^
s Decrease.
to
Deposits held Jan. 31, 1920, by the 595 national
banks in the cities indicated for the credit of other banks, State and national, and trust companies,
arranged by geographical divisions.
to
I—I
GO
- BALANCES TO CREDIT OF CORRESPONDENT BANKS.
[In thousands of dollars.]
Number
of 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
.
...
. .
...
.
.
.
.
i
....
2
74
Total New England States
Albany N Y
Altoona, P a . Allentown, Pa.
Baltimore Md
Brooklyn and Bronx N Y
Buffalo N Y
Camden, N. J
Elizabeth, N. J
Erie Pa
Harrisburg P a .
Hoboken, N. J
12
3
2
1
1
4
4
3
1
4
4
4
2
5
7
4
3
1
.
. . .
...
.
3
2
3
13
5
3
3
1
3
New
England
States.
59,426
1,368
430
18
76
1 038
1,667
81
146
531
216
1 506
619
730
1 742
1,568
254
204
769
693
1,328
Eastern
States.
4,860
153
Southern
States.
4,397
2
460
315
397
Middle
Western
States.
8,228
Western
States.
1,260
Pacific
States.
2,543
Alaska,
insular
possessions,
and foreign
countries.
4,224
8i
26
14
46
28
10
37
12
1
23
1
460
17
897
25
38
6
Total.
84,938
1,523
430
18
76
1 506
2,008
478
146
545
290
1 516
619
767
1 767
1 570
292
204
1,252
693
2,250
74,410
7,642
4,399
8,366
1,260
2,581
4,230
102,888
3,491
14,134
8
209
23,525
3,310
2 683
316
92
539
497
1,612
54
1,258
47
261
57
19,302
9,196
2,297
52
233
139
26
463
152
1
1,098
99
s
209
35,594
3,311
4 270
316
92
638
49 7
Ml2
w
O
o
o
d
o
Jersey Citv, N. J
Johnstown, Pa
Newark N J
New York, N. Y.i
Passaie, N J
Paterson N J
Philadelphia, Pa .
Pittsburgh, P a . . .
Reading Pa
Rochester N Y
Schenectady, N. Y . .
Scranton Pa .
Syracuse N Y
Trenton, N. J..
Troy N Y
Utica, N Y . .
Wilmington, D e l . . .
Washington D C
Wilkes-Barre Pa
Yonkers N. Y.
3
4
7
31
1
3
32
16
.
5
3
3
14
. .
86
45
2
. . .
Total Southern S t a t e s . . . .
1
8,879
160
3
2
4
. .
Total Eastern States
Atlanta Ga
Birmingham, Ala
Charleston, S. C . . .
Chattanooga Tenn
Covington Ky
Dallas, Tex. .. . .
El Paso Tex.
Fort Worth, Tex .
Galveston, Tex
Houston, Tex.
Jacksonville, F l a . . . .
Louisville Ky
Memphis, Tenn
Mobile, Ala
Nashville Tenn
New Orleans, La
Norfolk, Va
Richmond Va
San Antonio, T e x . . .
Waco Tex
44,400
.
. . .
.
. . . .
1,857
121
2 561
299,618
144
1 653
108,362
64,977
251
1,606
55
2 075
316
602
1,545
850
329
4,371
333
105
159,024
135
164,625
10,011
10,203
12,051
13,804
36,358
17
47,297
145,029
648
878
2,405
1,178
6,581
1,344
27
539
169
24
10
1,733
178
4
191
57,214
538,656
190,226
195,583
38,010
4
2
5
2
3
5
4
5
2
6
3
4
3
1
5
2
4
7
8
6
12
790
15
200
109
30
9
301
20,555
5,347
4 859
6 649
123
35 094
1 816
23 912
1,456
25,260
9 546
21,531
3,711
694
11,412
13 884
6,572
39,807
6,571
3 481
81
100
156
63
25
5
443
6
73
1
119
114
5,868
8,101
242,280
29
110
51,956
153,782
1,225,427
5
21,501
5,362
5,059
6 650
152
38,068
5,412
26 066
1,530
26,269
9,621
24,576
3,917
699
11,419
15,489
6,689
46,45?
6,727
3,481
2,355
801
1.952
199
2 675
120
46
51
571
25
337
70
98
302
653
3
2,602
206
5
433
53
651
10
4,247
146
5,807
3,254
1,857
121
2,718
896,351
144
1,653
148,937
92,544
'251
1,630
55
2,085
316
602
1,631
850
329
7,062
337
105
1,350
w
i
o
o
H
O
o
q
265,139
Central reserve banks only. Other reserve city banks in Greater New York included in Brooklyn and Bronx.
CD
Deposits held Jan. 31, 1920, by the 595 national banks in the cities indicated for the credit of other banks, State and national, and trust companies,
to
to
arranged by geographical divisions.
o
BALANCES TO CREDIT OF CORRESPONDENT BANKS—Continued.
[In thousands of dollars.]
|
Number
j of b a n k s .
Cities.
Akron Obio
Canton, Ohio
Cincinnati, O h i o . . . .
Cedar Rapids,
Iowa. .
Chicago, 1112
Cleveland, Ohio.
Colnrnhiis Ohio
Dayton. Ohio
Des Moines Iowa
Detroit, Mich
Dubuque, Iowa
Duluth, Minn.
East St Louis 111
E vans vi lie Ind
Kort Wayne Ind
Gary Ind
Grand Rapids, Mich
Indianapolis, Ind
Kansas City Mo
Milwaukee, Wis
Minneapolis, M i n n . . .
Peoria, 111
St. Joseph, Mo
St. Louis, Mo
St. Paul, Minn
Saginaw Mich
Sioux Citv Iowa
Springfield, 111. . .
South Bend, I n d . . .
Terro Haute Ind
Toledo, Ohio
Youngstown, Ohio
,
New
England
States.
Eastern
States.
1 Southern
States.
,,
7
..
..
1
11
528
17,643
23
6
S
6
3,372
28
10
12,422
3,426
155
14,038
5S8
45
3
3
4
5
242
62
18
1,355
..
Total Middle Western States
3
6
16
4
6
4
25
7
106
;>
6
306
1,569
71
12,093
10
14
45
29,177
24
g
9
38
3
4
ir>6
22
3,7.57
IS,517
75, 1*3
Middle
Western
States.
402
J. 502
22', 840
17,133
262,347
46,069
8,855
393
17 620
18,274
2,081
3,734
1,467
2 348
2,500
318
4,144
20,371
31,624
28,844
30,526
6,340
9,018
50,815
16.293
1>>75
7' 768
909
354
897
9,540
917
027.824
Western
States.
Alaska,
insular
possessions,
and foreign
countries.
Pacific
States.
558
212
21,697
729
3.788
'479
269
6
412
15
342
78,835
134
16,600
6
3,677
60
1,465
20
72
171
375
7,230
8,074
9,697
99
1.497
2,366
200
431
272
23,066
123
36
8
<3
585
10 ISO
51
2U
155,061
32.180
6,517
O
Total.
402
1,502
41,800
17,405
340,730
51,442
9,065
393
17,664
19,272
2,098
4,667
1,485
3,703
2' 500
318
-1,144
20,475
126,432
29,219
48,980
6,340
16,392
91,638
28,811
1,575
!7 999
947
354
897
9,773
917
919,339
W
I
W
a
Denver C o l o . . .
Kansas Citv Kans
Lincoln Nebr
Muskogee Okla
Oklahoma City Okla
7
2
. .
.
.
...
Omaha Nebr
Pueblo Colo
Topeka Kans
Tulsa O k l a . . . .
Wichita, Kans
Total Western States
Los Angeles, Calif.
Oakland Calif
Ogden Utah
Salt Lake City, Utah
Portland, Oreg
San Francisco Calif
Seattle, Wash
Spokane, Wash
Tacoma, Wash
.
.
.
328
15
2,224
552
686
210
43
7
9
2
4
7
4
78
50
82
184
4
1,149
487
2,264
4
..
58
336
17,409
3,800
6,740
4,378
13,186
40,385
3,237
2,106
7,698
11,888
6
19
29
2
1,699
6,353
1,199
14
3
18
19,125
4,165
6,772
4,423
16,296
48,972
3,281
2,106
11,138
12,985
25
331
3
788
4,376
9,373
110,827
3,796
21
129,263
8
24
113
113
126
145
4
6
3
9
7
14
1,360
336
219
686
53
1,287
190
28,505
3,183
1,758
6,157
11,045
77,408
12,810
8,081
29,026
3,187
1,977
6,843
11,236
89,749
14,553
8,808
"717
691
41
291
3
Total Pacific States
Total United States
113
4
4
3
678
7
124
7,995
1,176
957
46
1
H
HI
965
43
717
770
404
1,812
3,246
149,904
9,491
166,344
595
136,280
574,474
516,868
847,205
314,211
243,971
175,391
2,808,400
74
74,410
57,214
100
3,757
82
7,642
538,656
8,101
18,517
788
4,399
190,226
242,280
75,183
4,376
770
404
8,366
195,583
4,247
627,824
9,373
1,812
1,260
38,010
5,807
155,061
110,827
3,246
2,581
51,956
3,254
32,480
3,796
149,904
4,230
153,782
1,350
6,517
21
9,491
102,888
1,225,427
265,139
919,339
129,263
166,344
595
600
136,280
160,335
574,474
722,317
516,868
356,103
847,205
830,424
314,211
300,519
243,971
248,876
175,391
233,203
2 808,400
2,851,777
24,055
147,843
160 765
16 781
13 692
5
4,905
57,812
H
O
RECAPITULATION.
New England States
Eastern States
Southern States...
Middle Western States
Western States..
Pacific States.. .
Total United States
.
Total loans, Dec. 31, 1918
Increase
Decrease
8
191
81
156
50
43
717
!
43,377
3
o
d
Includes central reserve and other reserve city banks in Chicago.
to
222
REPORT OF THE COMPTROLLER OF THE CURRENCY.
GROWTH OF NATIONAL BANKS SINCE PASSAGE OF THE FEDERAL RESERVE ACT, IN RESERVE CITIES AND ELSEWHERE IN THE COUNTRY.
The principal items of the assets and liabilities of national banks
as of the date of each call, during the fall of each year, commencing
with October 31, 1913, are shown in the following summary.
On account of the reduction in the proportion of lawful reserve
required, by the Federal Reserve Act, to be held by national banks,
the total cash reported as of September 8, 1920, was $469,862,000
less than the amount held October 31, 1913.
Material increases are noted in the combined surplus and profits,
which amounted to $1,599,679,000 on September 8, 1920, as compared with $1,007,578,000 on October 31, 1913. In this period capital stock increased from $1,059,403,000 to $1,248,271,000.
The total deposits, which amounted to $16,751,956,000 on September 8, 1920, show an increase of over 100 per cent during this
period. Loans and discounts, including overdrafts and rediscounts,
which amounted to $6,288,338,000 on October 31, 1913, increased to
$13,723,611,000 on September 8, 1920. Of this latter amount,
$1,148,538,000 represented rediscounts with Federal Reserve Banks.
Principal items of assets and liabilities of national banks, 1913-1920.
[In thousands of dollars.]
Date.
Central
reserve city
banks.
Other
reserve city
banks.
Country
banks.
Aggregate.
LOANS AND DISCOUNTS.
[Including overdrafts and rediscounts.]
649,905
702,882
870,810
383,982
871,016
127,062
637,689
174,877
3, 290,182
3, 207,278
3, 309,886
3, 676,511
4, 277,234
4, 100,180
4; 759,664
5, 853,271
6, 288, 338
6, 363, 435
7, 241, 140
8, 403, 655
9, 797, 784
10, 111, 113
11 541, 503
13, 723,611
85,478
81,802
76,510
53,953
873,431
572,660
727,609
339,433
187,783
196,955
193,328
175,530
521,248
629,870
966,506
553,343
527,264
516,321
507,927
494,990
959,504
1, 263,738
1, 602,478
1, 282,243
800, 525
795, 078
777, 765
724, 473
2, 354 183
2, 466, 268
3, 296, 593
2, 175, 019
207,335
230,281
285,736
345,693
405,830
311,025
313,161
284,125
251,802
317,478
324,254
402,420
427,400
410,632
411,046
374,574
647,950
722,164
733,832
961,843
1, 073,552
973,413
1, 082,388
1, 146,880
1, 107, 087
1, 270, 443
1, 343, 822
1, 709, 956
1, 906, 782
1, 695, 070
1 806, 595
1, 805, 579
1, 348,251
1, 453,275
2, 060,444
2, 343,162
2 649,534
2 883,871
3 144,150
3 695,463
Oct. 21,1913...
Dec. 31,1914..
Nov. 10,1915-Nov. 17,1916-.
Nov. 20,1917..
Aug. 31,1918..
Sept. 12,1919..
Sept. 8,1920...
1
1
1
2
2
3
3
4
UNITED STATES GOVERNMENT SECURITIES.1*2
Oct. 21,1913....
Dec. 31,1914...
Nov. 10,1915...
Nov. 17,1916...
Nov. 20,1917 3..
Aug. 31,1918...
Sept. 12,1919...
Sept. 8,1920....
OTHER BONDS.
Oct. 21,1913...
Dec. 31,1914..
Nov. 10,1915..
Nov. 17,1916..
Nov. 20,1917..
Aug. 31,1918..
Sept. 12,1919..
Sept. 8,1920...
STOCK IN FEDERAL RESERVE BANKS.
14,139
Nov. 10,1915..
29,200
10,178
53, 517
Nov. 17,1916..
54, 126
14,367
29,252
10,507
Nov. 20,1917..
55, 698
10,941
15,210
29,547
Aug. 31,1918..
57 259
16,690
29,050
11,519
Sept. 12,1919..
60, 473
12, 763
17,172
30,238
Sept. 8,1920...
66, 850
19,198
33,290
14,362
i Includes Liberty loan bonds, Victory notes, United States certificates of indebtedness, war-savings
and thrift stamps, and all other issues of United States Government securities.
a Prior to Sept. 12,1919, this item read "United States bonds."
3
Includes Liberty loan bonds and United States certificates of indebtedness.
REPORT OF THE COMPTROLLER OF THE CURRENCY.
223
Principal items of assets and liabilities of national banks, 1918-1920—Continued.
[In thousands of dollars.]
Date.
Central
reserve city
banks.
Other
reserve city
banks.
133,560
211,776
234,067
488,006
515,918
576, 944
554,140
59,992
73,459
194,654
389,899
441,465
600, 48S
679,147
67,908
80,951
220,450
364,914
350,334
427, 770
490,210
261,460
366,186
649,171
1,242,819
1,307,747
1,605,202
1,723,497
242,575
185,319
210,470
285,619
247,365
213,861
230,307 I
47,188
586,462
444,400
708,259
788,380
685,801
601, 253
667,586
174,158
710,834
529,271
684,494
944,767
S37,018
712,682
809,783
92,105
1,539,871
1,158,990
1,603,223
2,018,766
1,770,184
1,527,798
1,707,676
313,451
380,796
264,340
445,632
358,231
118,588
87, 693
97,231
256,236
203,357
204,843
217,978
118,695
99,677
116,355
121,555
304,374
267,010
269,905
282,064
248,837
176,676
225,625
251,918
941,408
734,706
920,380
858,273
516,120
364,136
439,211
471,546
Country
banks.
Aggregate.
DUE FROM FEDERAL RESERVE BANKS.4
Dec. 31,1914..
Nov. 10,1915..
Nov. 17,1916..
Nov. 20,1917.
Aug. 31,1918..
Sept. 12, 1919..
Sept. 8,1920...
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..
Sept. 8,1920...
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...
Sept. 8, 1920-...
98,073
AGGREGATE ASSETS (INCLUDING REDISCOUNTS).
2,485,195
2,599,688
3,684,992
4,176,732
5,247,833
4,995,053
5,844,951
5.965,698
Oct. 21,1913
Dec. 31, 1914
Nov. 10,1915
Nov. 17,1916
Nov. 20,1917
Aug. 31,1918
Sept. 12,1919
Sept. 8,1920
3,102,543
3,154,413
3,644,370
4,469,025
5,419,224
5, 728, 724
6,912,648
6, 983,850
5, 713,820
5,602,985
5,906, 969
6,923,002
8,133,353
7,922,969
9,298, 727
10,226,236
11,301,558
11,357,086
13,236,331
15,568,759
18,800,410
18,646,746
22,056,326
23,175,784
CAPITAL STOCK.
Oct. 21, 1913...
Dec. 31, 1914..
Nov. 10, 1915..
Nov. 17, 1916..
Nov. 20, 1917..
Aug. 31, 1918..
Sept. 12, 1919..
Sept. 8, 1920.-.
182,650
175,900
177,290
182,650
188,200
189,850
200,550
228,170
263,018
280,963
283,311
281,736
293,686
315,763
324,328
353,543
613,735
609,088
608,048
606,730
610,321
596,226
613,092
666,558
1,059,403
1,065,951
1,068,649
1,071,116
1,092,207
1,101,839
1.137,970
1,248,271
225,640
225,359
234,091
252,157
293,167
323,358
381,633
436,133
254,142
262,985
268,115
279,097
315,246
354,422
396,672
453,979
527,796
520,517
537,908
559,520
603,456
565,321
641,973
709,567
1,007,578
1,008,861
1,040,114
1,090,774
1,211,869
1,213,101
1,420,278
1,599,679
163,959
222,655
172,078
157,166
159,986
172,766
172,791 |
170,609 !
486,142
538,308
477,754
461,098
463,134
451,805
460,047
474,910
727,079
848,807
713,466
665,259
669,662
674,201
681,589
693,270
SURPLUS AND OTHER PROFIT?.
Oct. 21,1913
Dec 31,1914
Nov. 10,1915
Nov. 17,1916
Nov. 20,1917
Aug. 31,1918
Sept. 12,1919
Sept. 8, 1920
CIRCULATION OUTSTANDING.
Oct. 21,1913..
Dec. 31,1914..
Nov. 10,1915.
Nov. 17,1916..
Nov. 20,1917..
Aug. 31,1918..
Sept. 12,1919..
Sept. 8,1920...
76,978
87,844
63,634
46,995
46,542
49,630
48,751
47,751
* Includes items with Federal reserve bank in process of collection.
224
REPORT OF THE COMPTROLLER OF THE CURRENCY.
Principal items of assets and liabilities of national banks, 1^13-1920—Continued.
fin thousands of dollars.]
Central
Other
reserve city reserve city ,
banks.
! banks. !
Date.
Country
banks.
Aggregate.
DUE TO ALL BANKS.
965,229
878,377
1.467,834
i;553,234
1,373,243
1.349,552
1,600,195
1,361,572
Oct. 21,1913...
Dec. 31,1914..
Nov. 10,1915..
Nov. 17,1916..
Nov. 20,1917..
Aug. 31,1918..
Sept. 12,1919 &
Sept. 2,1920...
918,624
755,368
972,339
1,363,209
1,298,390
1,214,721 I
1,455,080
1,342,989
297.183
236;026
269,501
432,312
435,884
321,663
434,862
398,008 |
2,181,036
•1,869;771
2,709', 674
3,348,755
3,107,517
2,885', 936
3,490,137
3,102,569
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 6.
Sept. 8,1920....
992,365
175,524
618,422
960,715
789,524
290,436
695,597
508,519
1,304,136
1,415,490
1,660,375
2.015,366
2,646,858
2,646,452
3,203,295
3,002,659
2,683,682
2,604,461
2,793,046
3,347,997
3,972,572
3,665,444
4,371,544
4,577,911
4,980,183
b,195,475
6,071,843
7,324,078
9,358,954
8,602,332
10,270.468
10,089;039
15,113
17,922
39,781
76,272
121,917
133,055
172,993
192,969
157,588
171,037
215,739
287,922
362,742
409,557
502,924
620,606
1,012,091
982,263
1,120,436
1,452,252
1,797,206
1,854,879
2,245,117
2,746,723
1,184,792
1,171,222
1,375,956
1,816,446
2,281,865
2,397,491
2,921.034
3,560.298
1,972,707
2,071,823
3,126,037
3,590,221
4,284,684
3,773,043
4,468,785
4,063,060
2,380,348
2,341,895
2,848,453
3,666,497
4,307,990
4,270,730
5,161,299
4,966,254
749
S,386
871
10.619
66; 447
161, 495
149,104
494, 725
2,551
6,732
4,292
14,407
95,041
246,318
160,606
526,588
13,216
20,469
37, 725
23,528
So,725
195,328
131,200
268,991
16,516
35,587
43,888
48,554
247,213
603,141
440.910
1,290,304
7,249
5'. 860
3,407
336
174,188
272,923
348,283
401,614
14,315
15,374
5, 424
2,383
94,791
195,752
409,980
280,322
62,380
75,622
51, 736
22,398
83, 753
222,189
306,343
327,400
83,944
96.856
60,576
25.117
352; 732
690,864
1,064,606
1,009.336
34,611
15,283
20,583
12, 647
1,186
1,652
592
.252
', 239
'1.52
463
580
75,741
31,372
39,688
24, 785
9,911
8. 602
TIME DEPOSITS.
Oct. 21, 1913...
Dec. 31,1914..
Nov. 10,1915.
Nov. 17,1916..
Nov. 20,1917..
Aug. 31,1918..
Sept, 12,1919..
Sept. 8,1920...
TOTAL DEPOSITS.
Oct. 21, 1913...
Dec. 31, 1914..
Nov. 10, 1915..
Nov. 17, 1916..
Nov. 20, 1917..
Aug. 31, 1918..
Sept. 12,!, 1919..
Sept. 8, 1920...
3,992,
3,822.
4,182;
5,232.
6,205,
5,841,
7,051, 498
7,722, 642 !
346,011
,23o,468
157,473
489.279
798;336
,885,759
,681,582
751,956
NOTES AND BILLS REDISOOUNTED.
Oct. 21, 1913
Dec. 31, 1914
Nov. 10, 1915
Nov. 17, 1916
Nov. 20, 1917
Aug. 31,1918
Sept. 12, 1919
Sept. 8, 1920
BILLS PAYABLE.
Oct. 21, 1913...
Dec. 31,1914..
Nov. 10, 1915..
Nov. 17, 1916..
Nov. 20, 1917..
Aug. 31, 1918..
Sept. 12, 1919..
Sept. 8, 1920...
LETTERS OF CREDIT.
Oct. 21, 1913
Dec. 31, 1914
Nov. 10, 1915
Nov. 17, 1916
Nov. 20, 1917
Aug. 31, 1918
Sept. 12, 1919
Sept. 8, 1920
!
!
|
1
1
!
i
'
40,208 I
14,837 |
17.866 !
11.480 i
8', 262 !
6,370 i
& Includes certified checks and cashier's checks outstanding heretofore included in individual demand
Digitized forCeFRASER
Certified checks and cashier's
checks now included in due to all banks.
REPORT OF THE COMPTROLLER OF THE CURRENCY.
225
Principal items of assets and liabilities of national banks, 1913-1920—Continued.
fin thousands of dollars.]
Date.
Other
Central
reserve city j reserve city
banks.
banks.
banks.
I Aggregate.
ACCEPTANCES.
Oct. 21,1913...
Dec. 31, 1914..
Nov. 10, 1915..
Nov. 17,1916..
Nov. 20, 1917..
Aug. 31, 1918..
Sept. 12, 1919..
Sept. 8, 1920...
16., 634
57'. 171
76', 373
125,347
160,864
242,313
10.004
35,393
66,241
109,947
150,046
159,649
170
5,667
11,031
8,478
12,316
12,621
26,808
98,231
153,645
243,772
323,226
414,583
DOMESTIC BRANCHES OF NATIONAL BANKS.
Under the national-bank act it is lawful for any bank or banking
association organized under State laws, and having branches, the
capital being joint and assigned to the parent bank and branches in
definite proportions, to become with the approval of the Comptroller
of the Currency, a national banking association and to retain and
keep in operation such branches.
Under no other circumstances may national banks operate branches,
except under the consolidation act of November 7, 1918, where a
State bank, having branches, is converted into a national banking
association and subsequently is consolidated with another national
bank, the latter may continue to operate the branches of the bank
which it has absorbed, as it is provided in the consolidation act that
"all rights, franchises, etc., of the bank so consolidated shall be
deemed to be transferred to and vested in such consolidated bank,
and the latter shall hold and enjoy the same and all rights of property,
franchises, etc., in the same manner and to the same extent as was
held and enjoyed by the national bank so consolidated therewith/'
The following banks were formerly State banks and converted
into national banking associations, the operations of their branches
being continued: •
Alabama:
Albertville National Bank; capital, $100,000.
Branch at Arab, Ala.; capital, $25,000.
California:
First National Bank of Bakersfield; capital, $400,000.
Branch at Taft; capital, $50,000.
Branch at Wasco; capital, $25,000.
Branch at Maricopa; capital, $25,000.
Branch of California National Association, San Francisco;
capital, $8,500,000.
Branch at Portland, Oreg.; capital, $300,000.
Branch at Seattle. Wash.; capital, $200,000.
Branch at Tacoma, Wash.; capital, $200,000.
226
REPORT OF THE COMPTROLLER OF THE CURRENCY.
Louisiana:
Calcassieu National Bank of Southwestern Louisiana, Lake
Charles; capital, $750,000.
Branch at De Quincy; capital, $21,000.
Branch at Jennings; capital, $105,000.
Branch at Kinder; capital, $30,000.
Branch at Lake Arthur; capital, $33,000.
Branch at Oakdale; capital, $60,000.
Branch at Sulphur; capital, $21,000.
Branch at Vinton; capital, $45,000.
Branch at Welch; capital, $60,000.
Michigan:
City National Bank of Battle Creek; capital, $250,000.
Branch in Battle Creek; capital, $25,000.
National Union Bank of Jackson; capital, $400,000.
Branch in Jackson; capital, $100,000.
Mississippi:
Pascagoula National Bank of Moss Point; capital, $75,000.
Branch at Pascagoula; capital, $25,000.
New York:
Chatham & Phoenix National Bank of New York; capital,
$7,000,000.
Twelve branches in the city of New York, with capital of
$100,000 assigned to each.
Public National Bank of New York; capital, $2,000,000.
Five branches in the city of New York, with $100,000
capital assigned to each.
North Carolina:
American Exchange National Bank, of Greensboro; capital,
$400,000.
Branch at South Greensboro; capital, $50,000.
Oregon:
First National Bank of Milton; capital, $50,000.
Branch at Freewater; capital, $10,000,
Washington:
Union National Bank of Seattle; capital, $600,000.
Branch at Ballard; capital, $50,000.
Branch at Georgetown; capital, $50,000.
Under the consolidation act of November 7, 1918, converted State
banks having branches were consolidated with the following banks
and the branches continued:
New York:
National Commercial Bank & Trust Co. of Albany; capital,
$1,250,000.
Branch in Albany; capital, $100,000.
Irving National Bank, New York; capital, $12,500,000.
Eight branches in the city of New York, with capital of
$100,000 assigned to each.
Mechanics & Metals National Bank, New York; capital,
$10,000,000.
Nine branches in the city of New York, to which is assigned
$50,000 capital each to seven, and $100,000 each to two
of the branches.
REPORT OF THE COMPTROLLER OF THE CURRENCY.
227
Virginia:
First National Bank of Abingdon; capital, $200,000.
Branch at Abingdon; capital, $25,000.
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 the branches of each of these two banks 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.—Barranquilla, Bogota, Medellin.
Cuba.—Artemisa, Bayamo, Caibarien, Camaguey, Cardenas,
Ciego de Avila, Cienfuegos, Colon, Cruces, Cuatro Caminos,
and Galiano, subbranches; Guantanamo, Habana, Manzanillo, Matanzas, Nuevitas, Pinar del Rio, Placetas del
Norte, Remedios, Sagua la Grande, Sancti Spiritus, Santa
Clara, Santiago, Union De Reyes, Yagaujay.
Italy.—Genoa.
Peru.—Lima.
Porto Rico.—San Juan, Ponce.
Siberia.—Vladivostok.
South Africa.—Cape Town.
Spain.—Barcelona, Madrid, Trinidad (Port of Spain).
Uruguay.—Montevideo, Calle Rondeau, subbranch.
Venezuela.—Caracas, Ciudad Bolivar, Maracaibo.
Russia.—Moscow, Petrograd (temporarily closed).
In the following table the principal items of assets and liabilities of
foreign branches of the National City Bank of New York and the
First National Bank of Boston are shown as of June 30, 1920:
Condition of the foreign branches of the National City Bank, New York, N. Y., and First National Bank, Boston, Mass., on June 30, 1920.
[In thousands of dollars.]
Loans
and dis- ofLetters
credit
counts
and
includaccepting over- ances.
drafts.
Cuba:
Artcmiso,2
Bayama .
Cai'oarian
...
Camagucy
Cardenas
Ccigo do Avila
Cienfuegos . . . .
....
. . . .
Colon
Cruues
Cuatro Caminos
(ruantanamo . .
Habana
Habana sub-branch (Jaliano Street
Manzanillo
Matanzas
. Nucvitas
Pinar del Rio
Placetas del Norte
Remedios .
Sasrua La Grande
Sancti Spiritus
Santa Clara
Santiago de Cuba 3
Union de Reyes
Nasruaiav
Brazil:
Bahia .
Recife Pernarabuco
Porte Allegre
Rio de Janeiro
Santos.
.
.
Sao Paulo
Colombia:
Bogota.
. .
Barranquilla.
.
Medellin
•226
1,658
1 089
1,193
158
897
2,659
295
50
242
329
40,405
625
396
2 415
172
257
209
219
2 760
579
574
1 977
325
328
1,351
2,469
1,704
14,892
3,288
12,256
900
1,092
Bonds.
Furniture and
fixtures
and real
estate
owned.
Due
from
home
office.
Due
from
branches.
5
Due
from
other
banks.
Checks
and cash
items.
241
23
29
32
1
10
I
47
2
1
282
6
21
114
1,463
108
3
650
8
723
7
207
1
3
1
3.815
' 443
60
1,627
1,424
1
(i
10
26
147
335
6
6
327
60S
2
152
28
500
o
120
4
481
253
4 6J6
244
231
815
122
2,996
3,644
1,143
6
12
fcO
to
00
RESOURCES.
137
28
307
122
85
53
3
261
46
1
822
li
594
19
15
Cash.
100
64
93
156
82
130
273
75
IS
33
246
2,081
28
109
211
30
43
82
52
105
101
105
318
06
46
Interest
earned
but not
collected.
Aggregate.
Other
assets.
2
572
1.747
1,217
3
1
1,383
522
10
6
4,587
4.97
88
933
575
50,394
1,098
571
2,638
239
456
044
607
2,865
1,292
685
2,506
423
877
1
1
1,035
17
58
46
8
IS
3
4
6
4
1
603
1,796
' 472
3,482
798
1,611
•VI
14
20
788
216
1
5,513
2,319
24,075
8,201
15,605
1,473
64
15
227
8
13
1,125
Venezuela:
Caracas.,
Ciudad Bolivar .
Maracaibo.
Argentina:
Buenos Aires
Rosario
Belgium:
Antwerp
„
Brussels
( bile:
Santiago
Valparaiso
Porto Rico:
Ponce
San Juan
Spain:
Barcelona
Madrid
Uruguay:
Calle Rondeau
Montevideo
Africa, Cape Town
Ttaly, Genoa
Peru, Lima
Trinidad, Port of Spain
,
.
24 608
2 330
1,237
1 939
256
3 368
874
475
.. .
First National Bank of Boston, Mass.: Argentina,
Buenos Aires
699
2,730
31
393
678
57
700
25
9
2
85
20
74
2
4,36]
35
574
205
2
1
137
96
135
4
3
R
2
*, 761
286
3,033
• 294
2,089
9,236
454
379
1,366
365
26
23
1,625
12
38,342
5,277
2,040
2,151
13
332
24
33
7
16
60
48
2,439
3,073
1,217
2,300
59
48
29
931
4
37
9
2,605
4,753
6
54
55
6
490
43
857
10
6
3S5
4,831
2,122
61,835
.142
133
4
109
120
10
3,826
2,607
222
16
3
46
44
45
433
87
2
o
13
121
163
4
358
18
846
349
2,183
472
1,052
22,028
190
450
101
5
6
7
1,590
7
527
54
888
1
25
143,740
Includes certified checks and checks on own bank outstanding.
Sept. 8,1920, figures used.
3 May 4,1920, figures used.
* Includes due from home office.
8
295
388
Total
1
2
1
4
3,520
87
1,421
19
14,484
155
622
7
4,760
483
185
1
51
365
4
190
1
35
265
7
9
44,285
4,899
18,089
181
2,906
297
1,078
97
84
907
3,916
429
5,673
2,499
334
H
W
3,336
234,311
o
27,147
p
20
24
Includes due to head office.
Includes collections due from foreign banks, home office, and branches.
Includes $407,000 of United States deposits.
H
O
H
H
O
d
Kj
to
to
Condition of the foreign branches of the National City Bank, New York, N. Y., and First National Bank, Boston, Mass., on June 30. 1920—Contd. to
CO
LIABILITIES.
o
[In thousands of dollars.]
Profits,
including
amount
reserved
Capital. for taxes
and interest
accrued.
Cuba:
Artemisa , .
Bayama2
Caibarian
Camaguey
Cardenas
Ceigo de Avila
Cienfuegos
. . .
5
27
13
26
1
4
56
1
Colon
Cruces
Cuatro Caminos
GiiantaTiamn
Habana
Habana, sub-branch, Galiano Street
Manzanillo
Matanzas
Neu vitas
Pinar del Rio
Placetas del Norte
Remedios
Sagua La Grande..
Sancti Spiritus. . ..
Santa Clara
Santiago de Cuba3
Union de Reyes
Naguajay
Brazil: J *
'
Bania
Recife Pernambuco
Porte Allegre
Rio de Janeiro
Santos
Sao Paulo
Colombia:
Bogota
Barranquilla
Medellin
Due to Due to Due to
other 1
home
office. branches. banks.
1,114
119
77
163
Time
drafts of
IndiBills
this b a n k vidual
outdeposits. payable.
standing.
28
4
24
9
49
6
22
52
25
1,000
2
4
454
10
9
34
19
33,714
1,330
1
2
34
2,433
442
5
28
3
86
4
4
1,000
39
270
9
683
409
753
3,975
6,035
704
526
1,064
93
795
374
s 2,718
1,096
87"
2
4
1,493
4
3
10
4
4
211
789
7
5
3
789
34
2
687
472
537
2,103
218
207
7
19
61
539
593
755
1,271
472
862
4,384
444
63
915
548
11,882
1 075
559
1 258
234
449
431
602
390
1 284
235
1,684
Letters
of credit
and
acceptances.
Interest
and dis- Other
count
collected liabilities.
but not
earned.
8
Rediscounts.
1
6
120
5
8
2
1 062
1
4
8
6
1
2
2
3
1
3
5
386
875
272
679
47
2,362
4,531
1,804
649
3,152
603
14,531
689
6,049
9
2
5
82
6
64
736
239
213
24
3
109
3,588
22
28
2
3
52
Venezuela:
Caracas
Ciudad Bolivar
Maracaibo
Argentina:
Buenos Aires
Rosario
Belgium:
AntwerD
Brussels
Chile:
Santiago
Valparaiso
Porto Rico:
Ponce .
.San Juan
Spain:
Barcelona
Madrid
Uruguay:
r!aUe Rondeau
Montevideo
Africa Cape town •
Italy Genoa
Peru Lima
Trinidad, Port of Spain
959
Total
First National Bank of Boston, Mass.; Argentina,
Buenos \ires
*
140
14
30
59
7,126
1,369
866
6
22
1
3
22
3
1,491
2,548
23
14
8
9
12
41
20
698
245
2,283
14
1
18
27
244
103
1,941
1,460
442
1
708
397
70
98
191
518
800
1,537
341
43
61
30
58
107
1,737
12
2
7
67
111
1,086
1 043
657
996
2
1,861
1
211
7,145
1,864
55,003
1,000
278
792
17,278
24,051
4,096
3,073
281
13
18,020
13,561
115,539
3,073
2,205
319
21,278
1,486
110
311
1 892
28
27
2
772
200
3
10
113
7,109
38
2,159
501
3,274
32
i 1,908
1,011
106
386
17
500
397
1,000
973
58
5,851
441
1,197
54
1
1,810
439
25
...
1
6
25
125
6
985
245
64
170
1
2
1,267
95
859
97
7
3
12
126
26
2
7
ft
H
3
1
304
10,S26
6,894
B
ft
o
a
to
CO
232
REPOKT OF THE COMPTROLLER OF THE CURRENCY.
BANKS OTHER THAN NATIONAL.
8TATE BANKS, SAVINGS BANKS, PRIVATE BANKS, AND LOAN AND TRUST
COMPANIES.
With the exception of a few private banks in States where such
banks are not under the supervision of the banking departments,
returns have been received through the courtesy of the officials of
State banking departments throughout the United States and are
herewith presented. The combined statements of State banks,
savings banks, private banks, and loan and trust companies, to the
number of 22,109, as of June 30, 1920 (or the dates nearest thereto),
indicate an increase in the number of such banks, including scattered
returns from private banks not under State supervision, of 771 banks
over the number which reported on June 30, 1919.
The aggregate resources of these banks on June 30, 1920, amounted
to $29,667,855,000, an increase during the year of 12.46 per cent,
or $3,287,355,000.
The combined capital and surplus June 30, 1920, was $2,902,435,000,
while the capital and surplus on June 30, 1919, amounted to
$2,628,530,000.
The assets and liabilities of these 22,109 banks on June 30, 1920,
were reported as follows:
Summary of reports of condition, of 22,109 banks other than national, June 30, 1920.
RESOURCES.
Loans and discounts:
Secured by farm lands
Secured by other real estate, including mortgages owned
Secured by collateral other than real estate
Loans not classified
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 fixtures
Other real estate owned
Due from banks
Checks and other cash items
Exchanges for clearing house
Cash on hand:
Gold coin
Gold certificates
Silver coin
Silver certificates
Legal-tender notes
National-bank notes
Federal reserve notes
Nickels and cents
Cash not classified
Total
Other resources
Total resources
$27,413,000
2, 300, 283. 000
-3, 618. 305^ 000
11. 225,090, 000
$17,171,091,000
92, 705,000
1. 074,479, 000
304, 326. 000
728, 262. 000
246,195. 000
4. 847^ 798, 000
T7.T7.T7.
7,201,060,000
503,197,000
92, 825,000
2. 712,040,000
450, 257,000
83. 695; 000
12, 683, 000
4. 804,000
14. 793, 000
13,186,000
98, 703,000
9,492,000
37, 375,000
2, 524,000
432,467,000
7T...77T777...
626,027. 000
734, 9581 000
29. 667, 855. 000
REPORT OF THE COMPTROLLER OF THE CURRENCY.
233
LIABILITIES.
Capital stock paid in
$1,478,473, 000
Surplus
1,423, 962, 000
Undivided profits, less expenses and taxes paid
429,473, 000
Due to banks.
864, 282, 000
Individual deposits:
Individual deposits subject to check without
notice
6.101, 655, 000
Demand certificates of deposit
892, 016, 000
Certified checks and cashiers' checks
84, 574, 000
Savings deposits or deposits in interest or savings" department
7,493,015,000
Time certificates
.. 1, 566, 587, 000
Dividends unpaid
13, 486, 000
Postal savings deposits
16,133, 000
Deposits not"classified
7, 526, 906, 000
Total
Notes and bills rediscounted.
Bills payable, including certificates of deposit representing money
borrowed...'
'
\
Other liabilities
Total liabilitie
..
23. 694, 372, 000
284, 746, 000
794, 046, 000
698, 501, 000
29, 667, 855, 000
The resources and liabilities of eacli class of reporting banks, other
than national, on June 30. 1020, are shown in the following table:
(j±, (
} ;n
d />
ii ' ,
(u ' 'rust
fit
<>• \i<)l
ni£ hoi
(
*i
± I'UIC
i
1
i J i i <
v f . o . i » nl
'•in
<* o *
i ( ,
i
r <
T
u
L(
c
i m ( s
v
i
^
t
A
>
i.087 : > o c k
(
)
»i i <
t
a
i.
f>
-
! 1 <i
4,S3G
oo,215
55,668
M(>,017
1,508,413
. .
H e u'fC-
'
LIABILITIES
'
IT I sl^pi
iC1 ill.
f r j , \de r?.r^fit5".""!!!!!!!!!" *! 1!'!
" V
T
G t 1 iv in^jdc» osits
JWc riid bil'-rcdiscounted
Lil'«-ruable
« xber ijt/ilitit,
! i Mi
1
,,r.] ( \oi7
1,506,413
12o
"id 36f/
j h
.•J95
r
10
<\ sC()
69,183
39,422
13,247
841
38
1,349,625
1,726
52
24,029
8,250
v ,<;7t_,
">1M ( j ( l ^
1^ nies
10807°—CUR 1920—VOL 1
^22 ? .7 l
-»3(, G.»
()
l?f»
S73,03.")
234
REPORT OF THE COMPTROLLER OF THE CURRENCY,,
Resources and liabilities of 22,109 State, savings, and private banks and loan and trust
companies, June 30, 1920—Continued.
[In thousands of dollars].
1,408 loan
and trust
companies.
799 private
banks.
Total, 22,109
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
,
$4,601,508
1,902,075
163,233
26,609
878,692
$128,915
32,191
4,046
7,720
29,467
$17,263,796
7,201,060
503,197
92,825
2,712,040
193,615
148,455
405,831
1,463
6,480
2,344
533,952
626,027
731,958
8,320,018
212,626
29,667,855
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
475,745
509.929
102,194
424,542
4,095
6,085,675
3,673
146,546
214,144
353,475
13,334
13,046
3,458
2,139
169,573
1,639
5,870
3,438
1,478,473
1,423,662
429,473
864.282
13,486
23,664,753
16,133
284,746
794,046
698,501
Total liabilities...
8,320,018
212,626
29,667,855
Total resources.
LIABILITIES.
101
28
FIVE-YEAR STATEMENT, PRINCIPAL ITEMS OF ASSETS AND LIABILITIES
OF REPORTING BANKS, OTHER THAN NATIONAL.
The principal items of resources and liabilities of all reporting
banks, other than national, as of June 30, 1920, compared with
similar information on or about June 30 of each of the preceding
four years, are shown in the following statement:
Consolidated returns from State, savings, private banks, and loan and trust companies,
[In thousands of dollars.]
Items.
Loans1
Bonds
Cash
Capital
Surplus and undivided profits
Deposits (individual) *
Resources
1
Including overdrafts.
1916
1918
$10,164,481
4,443,610
666, 515
1,129,052
1,376,792
14,730,102
18,344,370
2
$11,674,130
4,990,752
749,791
1,191,421
1,484,875
16,768,060
20,836,357
$12,426,598
5,784,381
513, 869
1,253,032
1,509,328
17,750,105
22,371,497
1919
$14,061,
7,177,
572,
1,318,
1,653,
21,727,
26,380,
1920
$17, 263,796
201,060
626,027
478,473
853,435
664,753
667,855
Postal Savings deposits n o t included.
STATE BANKS.
Of State banks doing a commercial business returns were received
from the State banking departments of the several States showing
their condition on or about June 30, 1920, to the number of 18,195.
The aggregate assets of these banks amounted to $14,009,781,000,
and the combined capital paid in $920,211,000.
REPORT OF THE COMPTROLLER OF THE CURRENCY.
235
Because the banking departments of some States do not compile
returns received from the State banking institutions, separately
by classes of banks, and have therefore been unable to supply this
information, it has been necessary to include in this report with the
returns from State commercial banks information with reference to
certain other classes of banks, principally so-called savings banks
and trust companies.
Of the aggregate assets of these State banks, $8,875,085,000 were
invested in loans and discounts, classified as follows:
Secured by farm lands
Secured by other real estate (including mortgages owned)
Secured by collateral other than real estate
Not classified
Overdrafts amounted to $88,3^5,000.
$12,455, 000
463, 348, 000
1, 247, 649, 000
7,151, 633, 000
Of the total investments amounting to $2,226,916,000, $413,278,000
were invested in United States bonds and other United States securities. State, county, and other municipal bonds were reported at
$78,252,000. Separately classified railroad bonds and bonds of other
public service corporations (including street and interurban railway
bonds) amounted to $52,257,000, and investments not classified
were $1,683,129,000.
Banking houses, including furniture and fixtures, represent an
investment of $262,042,000, while other real estate owned" amounted
to $42,961,000.
The amount due these banks from other banks was $1,549,571,000.
Checks and other cash items were reported at $275,311,000, and
exchanges for clearing house aggregated $57,536,000.
The total cash in the vaults of State banks amounted to
$393,935,000, of which approximately $8,000,000 was in gold coin
and gold certificates, and $18,000,000 in silver coin and silver certificates. The remainder consisted principally of legal-tender notes
and cash not classified.
Resources not classified amounted to $238,099,000.
The capital stock paid in was $920,211,000, or an average of
approximately $50,500 per bank. Surplus was $527,019,000 and
undivided profits $222,599,000.
The total deposits, other than bank deposits, which amounted to
$436,644,000, aggregating $10,892,866,000, were distributed as
follows:
Individual deposits 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
Dividends unpaid
Postal savings deposits
Deposits not classified
$3, 408,130, 000
648,009,000
56, 678,000
2,118, 558, 000
1, 317, 716,000
9,126,000
10, 705,000
3, 323, 944,000
Notes and bills rediscounted were $136,365,000; bills payable,
including certificates of deposit representing money borrowed,
totaled $549,608,000; and liabilities not specifically characterized
amounted to $324,469,000.
236
REPORT OF THE COMPTROLLER OF THE CURRENCY.
COMPARISON OF CONDITION OF MUTUAL SAVINGS BANKS IN THE
UNITED STATES IN JUNE, 1919 AND 1920.
In June, 1920, there were 620 mutual savings banks reported in
operation in the United States, all of which, except 24, are located in
the New England and Eastern States. The aggregate assets of institutions of this class were $5,619,017,000, of which those of the New
England and Eastern States amounted to $5,451,130,000, or 97 per
cent of the total. The business of these banks, as measured by the
volume of their assets, increased net, since June, 1919, $447,466,000,
or approximately 9 per cent.
Loans increased some $255,000,000 and investments in bonds, etc.,
about $225,000,000. In the same time, individual deposits increased
$435,732,000 to $5,186,845,000, and in the same period the surplus
and profits were increased $24,088,000 to $422,521,000, a margin of
protection to depositors of about 8 per cent as reported b}^ the excess
of the assets over liabilities.
The investments of the mutual savings banks amounted to $2,716?282,000, and were classified as follows: United States bonds, $369,592,000; State, county, and municipal bonds, $186,186,000; railroad
bonds, $531,107,000; bonds of other public service corporations
(including street and interurban railway bonds), $104,757,000, end
miscellaneous stocks and bonds reported amounted to $1,524,640,000.
Deposit accounts in these banks numbered 9,445,327, and the
average rate of interest received or credited on those accounts was
approximately 4 per cent. The average deposit balance was $549.14,
as against $530,92 in 1919.
Evidence of the general patronage of these mutual savings banks,
notably in the Northeastern and Eastern States, is shown in the
number of depositors and in the volume of the average deposit
accounts. In these two geographical divisions are located nearly
one-third (roundly 32,000,000) of the population of continental
United States, and it appears that one person in less than four has a
savings account, with an nxtrngQ credit of over $550.
The number of mutual savings banks, the number of depositors,
total deposits, and the average amount due each depositor from 1009 to
1920 are shown in the following statement:
T
1909
1910
1911
1912
1913
1914
1915.....
1916
1917
1918
1919
1920
1
Dividends unpaid not included.
>e posits.
042
638
635
r.-jo
023
634
630
622
622
c:
622
620
7,204,
7,481,
7,690'.
7,851',
8,101,
8,277,
8,307,
8,592,
8,935,
9,011,
8,948,
9,445^
$3,144, 584,874
3.360, 563,842
3, 460,575,072
3.008, 657, 828
3, 769,555,330
3,915, 626,190
3,950, 666,362
4,180, 976,600
4,422, 489,384
1 4, 422096,393
3
1 4,751. 113,000
1 5,186' 845.000
I Average
; to each
depositor.
1435. 66
449.17
449.95
459.62
465.31
473.05
475.53
487.30
494.96
490.72
530.92
549.14
THE NUMBER OF MUTUAL SAVINGS BANKS IN EACH STATE, NUMBER OF DEPOSITORS, AND THE AVERAGE AMOUNT DUE EACH DEPOSITOR ON
JUNE 30, 1919 AND 1920, ARE SHOWN IU THE FOLLOWING TABLE.
Number of mutual
savings banks, number of depositors, aggregate deposits, and average deposit account, hy States,
June SO, 1919, and June ,50, 1920.
1919
Number of
banks.
44
4a
20
.196
15
SO
Maine
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut
Total New England States
New York
New Jersey 4
Pennsylvania
Delaware
Maryland
Total Eastern States
Ohio
Indiana
Wisconsin
Minnesota
Total Middle Western States
Washington (total Pacific States';
Total United States
1
In thousands of dollars.
2
Generally.
depositors.
1920
Deposits, 1
235/277
215,028
118,267
2,391,066
166,885
704,179
Average
t o each
depositor.
N u m b e r of
banks.
Depositors. Deposits. 1
Average
to each
depositor.
97.253
110/241
59,784
1,089,550
101,419
387,646
$413.35
512.68
505. 50
455. 67
f>07. 72
550. 49
43
45
20
196
r
1 i
80
255.277
227,087
122,126
2.600,640
179, 573
717,405
103,473
118,734
64,757
1,188,828
113,200
415,585
$405.34
522.87
530. 25
457.13
630.38
579. 29
3,830,702
1,845,893
481.86
399
4,102,108
2,004,577
488.67
141
27
10
17
3,579, 057
374,839
543, 204
5 45,555
264,940
2,179,034
173, 756
279,235
17,422
116,086
608.83
463. 55
514. 05
382.43
438.14
141
27
10
2
17
3,770,482
382,407
544,753
44,000
275,442
2,398,329
193,021
292,074
18,738
123,536
636.08
504.75
536.16
425.86
448. 50
197
4,807,595
2,765,533
575. 24
197
5,017,084
3,025,698
603.09
3
5
9
110,235
35,093
11,326
s 134,000
65,395
14,602
3,212
46,721
23
08
60
66
6
9
110,149
32.707
13,787
145,914
68,558
15,914
4,422
55,463
622. 41
486. 56
320. 74
380.11
24
290,654
129,930
447.03
23
302,557
144,357
477.12
593.
416.
283.
348.
1
19, S57
9,757
491.36
1
23,578
12,213
517. 98
622
8,948,808
4,751,113
530.92
620
9,445,327
5,186,845
549.14
3
Approximately.
O
&
H
O
*4
400
5
Per cent
rate of interest paid.
< Includes 1 stock savings bank.
i Estimated.
3.94
*4
4.33
M.50
4
4
2
W
O
O
g
24
3.50
3 to 4.25
4
3.50
4
4
4.2
4
5
P
S
o
s
o
d
w
3
o
j
Co
238
REPORT OF THE COMPTROLLER OF THE CURRENCY.
STOCK SAVINGS BANKS.
Statistics with reference to so-called stock savings banks submitted for the current year are incomplete, on account of the fact
that such banks are regarded as commercial banks in a number of
the States, and the returns have therefore been included in the
summaries furnished this office relative to State banks.
The number of such banks June 30, 1920, shown by the returns
from seven States and in the District of Columbia were 1,087,
compared with 1,097 in 1919, and the aggregate assets were
$1,506,413,000, or $225,159,000 more than the assets reported on
June 30, 1919.
Returns from stock savings banks in the following States were
included with State bank returns: Maryland, Georgia, Mississippi,
Louisiana, Michigan, Minnesota, North Dakota, Nebraska, and
Kansas, and one bank in New Jersey was reported with mutual
savings banks. The number of banks and the number of depositors
is thus materially reduced in this compilation. The individual deposits in these banks, however, increased in the year ended June 30,
1920, from $1,151,464,000 to $1,349,625,000, and the average amount
to the credit of each depositor rose from $463 to $680. The prevailing rates of interest credited to savings accounts by these banks
appear to be 3 and 4 per cent.
Number of stock savings banks, number of depositors, aggregate deposits, and average deposit account, by States, June SO, 1919, and June SO, 1920.
1919
States.*
New Hampshire
District of Columbia
Florida
Michigan
Iowa
Kansas
Wyoming
Oregon
California.
Arizona
Total United States
1
Average to Per cent
to N u m b e r of
Number of Depositors. Deposits. 2 Average
each
each
rate of inDepositors. Deposits. 2
banks.
banks.
depositor.
depositor. terest paid.
11
24
3
4
926
1
3
2
120 '
3
29,308
4 134, 860
4 6,931
4 28, 734
« 905, 970
4 744
^ 3,318
4 1,291
1,368,388
< 6,529
11
24
2
714,908
3,109
•1370. 44
152. 37
214. 40
231. 99
432.14
396. 51
492. 16
353. 21
522. 44
476.18
106
3
1,097 j 2,486,073 i 1,151,464
463 16
1,087
No separate returns received from stock savings banks in any other States.
10,857
20,549
1,486
6,666
391,505
295
1,633
456
* In thousands of dollars.
31,431
82,974
2,920
12,450
23,482
960
$396.11
283.00
328. 77
3 4.00
3 3.00
4.00
934
< 992, 484
428,891
432.14
4.00
3
2, 647
4 6, 243
853,530
10, 000
1, 770
2,205
875, 951
3,916
668. 68
353. 20
1,026. 27
39.1.60
4.00
3.00
M.OO
4.00
1,349,625
OS1.*. SJ
3. 78
1,982,229
3
O
O
H
W
fed
Q
O
o
Generally.
4 Estimated.
o
o
to
CO
240
REPORT OF THE COMPTROLLER OF THE CURRENCY.
Loans and discounts by stock savings banks on June 30, 1920,
aggregated $978,047,000, 'of which amount $453,795,000, including
mortgages owned, were secured by real estate other than farm land;
$5,518,000 were secured by collateral other than real estate, and the
remainder of the loans were not classified. Overdrafts were $436,000.
The aggregate investments of these banks were reported at
$323,596,000, classified as follows:
United States bonds
$33, 986, 000
State, county, and municipal bonds
847, 000
Railroad bonds
3, 825, 000
#
Bonds of other public-service corporations (including street and interurban railway bonds)
1, 727, 000
Not classified
283, 211, 000
Banking houses and furniture and fixtures owned amounted to
$32,277,000 and other real estate was valued at $5,555,000.
The amount due from banks was reported at $70,783,000; checks
and other cash items, at $1,956,000; and exchanges for clearing house,
$2,880,000. Total cash held in the vaults of these banks was
$35,215,000, of which $16,000 was in gold certificates, $59,000 in
silver coin, $622,000 in legal tender notes, and cash not classified
was $34,518,000. Other resources totaled $55,668,000.
The capital stock paid in was $69,183,000 and surplus and undivided profits amounted to $52,669,000.
The total deposits, including $841,000 balances due to other banks
and postal savings deposits of $1,726,000, were $1,3.52,230,000.
Deposits other than the above items were classified as follows:
Individual deposits subject to eh eck \\ ithcut notice.
Demand certificates of deposit
Certified checks and cashiers' checks
Savings deposits, or deposits in interest or savings department.
Time certificates of deposit
Dividends unpaid.....
Deposits not classified
$869, 941, 000
176, 000
147, 000
2, 796, 000
1, 672, 000
38, 000
474, 893, 000
Notes and bills red iseoun ted and bills payable amounted to
$24,081,000, and other liabilities were §8, 250,000.
MUTUAL AND STOCK SAVINGS BANKS.
The number of savings banks, depositors, amount of deposits and
the average amount due each depositor from 1.820 to 1920, together
with the average per capit.a in census years from 1890 to 1920 are
shown in the following table:
241
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, 1835, 1840,
1845, and yearly to 1920, and average per capita in the United States in the years given.
Average
Year.
Banks.
Depositors.
Average per capita
due eacli in the
depositor. Tutted
j deposits.
States.
1820.
1825.
1830.
1835.
1810.
1815.
1816.
1847.
1848.
1819.
1850.
1851.
1852.
1853.
1851.
1855.
1S56.
1S57.
1 j
2 2'2
23J
21",
25.'
1850.
5,iS,
622,
t, >,^
6)t",
7s7,
278
28 >
2 V)
2 V3
^>) >
Sol-
7u
$1,138,576
2,537,082
6,973,304
10,613,726
14,051,520
21,506,677
27.374.325
dl,o27,170
33 087 488
3> 073,02*
ti 131,130
)0 157/IS
V tw',4)3
72 313 (6°6
77 t2s *06
si 2 ) 07t>
8.635
16^931
38,035
60,058
78,701
145,200
158,709
187,739
199, 764
217,318
251, 3". 1
277, l*s
308 ; 8(>3
3)5,538
»to, 176
H I , 602
187,086
10), !2s
10
15
36
52
61
70
74
76
83
00
108
128
HI
i
9«'
10S,VS A7
12* 657 901
H) 277 5(u
l,fi,72« Ss_
810
r
\5l>
S71)
1S7
(
>i^
ho
s->7!or'«)
r
! i
!""• "
•
1
*« » " i 1
!,»t) ( / - ;
i
. / / ,
i<\ > )
2 >t) ?i~) ""12
2 J > ^ S ), 4' 1
2 2 61 » ' 2
>76 0 L 5
i
iJS,230
12 > < l bS
$131.80
149. 8i
1,83.09
176.72
178. 54
168.77
172.48
168 i6
165 ( 1
172
1^2
1')?
1 »7
, r .,
I'^M!".!!!"."..'"'.".'.".I;".".; " . " " ! ! " . " . " . ' "
I Ml
i ,)o 2 ' 7
1,05"
1 , s l !,(»-,
l'.'fi'i
(
.(il7
1-8* S'.i
07 ( !
<sS7
1,{XJ2
i.007 !
i . 036 I
1903
1001
1:115
1006
1007
10iiS
lv'(H*
10L(t
101J
10] 2
1,078 |
1,157 ;
1,237 !
1.319 j
1^11")!
1, 153 |
1, 7t>;j
!,750 i
I.SSI •
l. »,-22
7 (K55 228
7 n> H3
i, O'Mi, 229
S 027 192
S, ss Sll
S, "i05, 818
S, M l , W>3
0 112,908
),7ft,6l7
10, 010, 304
J.'.:'
1>), ? / > , ( f 36
11-13
'
I
'
1 , 8 7 > ->.«>
".(»,,
' i
>, 2')i M:^
, , „ * > , 716
", «> V -7,M8
0,107,0^3
t»3r,723
0, U>'., 672
'\»
^7
>1
' •)
1 )
211
75
7
W '
)
<
i i
.
(i
> )
>)
i
1
)
'-i
)2 ,
i
/"'Wsr
lt/J.")
1896
1 H;7
1>'^
isn
UiM>
1001
I('O2
1 87
-J ) ( *
^ ^2 (
21' ( -
> - <71
> , ,
_
..
,8
i 6
-i
s?
io; j i
L9 »
200
2)1
P0(>
21"
» i
I s ' »'J
.54
.82
2 " , >) ' 1 »2
> 7-1 m ,
i
IS1. ;
SO. 12
•
2
/
}^
7s)
7 i
! )
s'o
,,,;
)0
03
i V 27.'
O ) )
1
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3,
3,
3,
4,
4
4;
4',
('
<' w
7 > 0^ )
1
9 J
"I
,
J
690,'
660,
713,
070,
212,
451
727'
" » l ' >8(
(
177, 2 t !
2 0 1 , S15
i 7 8 , 611
2i^ 119
!
37 198
078, 945
553, 945
405, 710
486, 246
583, 598
818, 522
403, 950
T>
J72 s
j t
i )'
)!
2
p;
2 ; 750
2 935
(h,»
, 2 )l
3, 18w,
0!
2 i
[')•)
12
7
'18
i2 >
1 ?
2,
<> 2 ,
2 Ti
2> 6^
2)
£
2* 5')
^7 (7
1) 21
1J
,)0
i
„ !
<"
81'
>2
52
17
a 13
42. 87
41 84
41. 75
45. 05
44. 82
46 53
4 8 56
3M
SO
r
^^
31
i
7<)
429. 64 l
420.47
420 45 ;
445 20
430 09
444.72
439 07
3
242
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, 1885, 1840,
1845, and yearly to 1920} and average per capita in the United States in the years given—
Continued.
Average
Year.
Banks.
Depositors.
Deposits.
Average per capita
due each in the
depositor. United
States.
2,100
2,159
622
1,242
622
1,185
62.3
1,194
622
1,097
620
1,087
1914
1915
1QicfMiitualsavings banks
iyiD
\Stock savings banks
/Mutualsavings banks
i1Q17
y1
'\Stock savings banks
ofMutualsavings banks
i q ,XO
1 Stock savings banks
/Mutualsavings banks
i1Q1Q
yiy
lStock savings banks
1Q<>n/Mutual savings banks
± y ^ s t o c k s a v i l l g s banks
1
$11.109,499
11,285,755
8,592, 271
2,556,121
8,935, 055
2,431,958
9,011,464
2,368,089
8,948,808
2,486,073
9,445,327
1,982,229
$4,936,591,849
4,997,706,013
4,186,976,600
i 901,610,694
4,422,489,384
995,532,890
4,422,096,393
i 1,049,483,555
14,751,113,000
1
1,151,464,000
15,186,845,000
i 1,349,625,000
$444.35
442. 83
487. 30
352. 72
494.96
409. 35
490. 72
443.17
530.92
463.1(3
549.14
680. 86
S49.85
49.91
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 coiamercial banks, and the
returns therefrom are combined with the latter, which accounts for the relatively small amount of deposits reported for stock savings banks since 1915 •
LOAN AND TRUST COMPANIES.
Returns were received in this office with reference to the condition
of 1,408 loan and trust companies, on or about June 30, 1920.
Their aggregate assets amounted to $8,320,018,000, compared with
assets of $7,959,996,000 on June 30, 1919. While reports received
show that the resources of these institutions have increased $360,022,000 during the past year and a slight increase in the number of
such banks, the number of these institutions and their assets probably increased more than these figures indicate, for information relative to trust companies has been included with the returns from State
banks in summaries submitted by the banking departments of several of the States.
Of the loans and discounts, aggregating $4,598,819,000, $3,358,000
were secured by farm land; $468,197 by other real estate, including
mortgages; $2,168,103,000 by collateral other than real estate; and
unclassified loans totaled $1,959,161,000.
Overdrafts were reported to the amount of $2,689,000.
The loan and trust companies had invested in United States bonds
and other Government securities $249,249,000; State, county, and
municipal bonds were held to the extent of $37,438,000.
Railroad bonds amounted to $164,000,000, and bonds of other
public service corporations, including street and interurban railway
bonds, aggregated $115,972,000, whne investments in miscellaneous
stocks and bonds not classified amounted to $1,335,416,000.
The amount invested in banking houses, furniture, and fixtures
was $163,233,000, and other real estate owned was $26,609,000. Balances with other banks were $878,692 and checks and other cash
items and exchanges for clearing house totaled $193,615,000.
REPORT OF THE COMPTROLLER OF THE CURRENCY.
243
Cash on hand to the amount of $148,455,000 was classified as
follows:
Gold coin
Gold certificates
Silver coin
Silver certificates
Legal tender notes
National bank notes
Federal reserve notes
Nickels and cents
Cash not classified
....
$4, 988,000
3,265,000
3, 704,000
5, 825, 000
16,416,000
6, 339,000
28, 898,000
1,407,000
77, 613,000
Resources not specified were $405,831,000.
The capital stoclc paid in was $475,745,000, and the surplus was
$509,929,000, while undivided profits were $102,194,000.
Of the total deposits held by loan and trust companies, amounting
to $6,517,985,000, $424,542,000 was credited to the accounts of other
banks. Postal savings deposits were $3,673,000 and other deposits
were classified in the following order:
Individual deposits 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
Dividends unpaid
Deposits not classified
-
$1, 771, 994,000
202, 398,000
27,476, 000
1,141, 307, 000
201, 808, 000
4, 095, 000
2, 740, 692, 000
Loan and trust companies had rediscounted their notes and bills
to the amount of $146,546,000, and the bills payable of these institutions, including certificates of deposit, representing borrowed money,
aggregated $214,144,000.
Liabilities other than the foregoing amounted to $353,475,000.
PRINCIPAL ITEMS OF RESOURCES AND LIABILITIES OF LOAN AND TRUST COMPANIES, 1914 TO 1920.
The number of trust companies and information with reference to
the principal items of assets and liabilities on or about June 30 of
each year since 1914 are shown in the following table:
[In millions of dollars.]
Year.
1914
1915
1910
1917
1918.
1919
19°0
Number,
1,564
1,664
1,606
1,608
1,669
1,377
1,408
Investments.
Loans.'
2, 905. 7
3,048. 6
3,704. 3
4,311.7
4,403. 8
4,091. 0
4,601. 5
1
1,261.3
1,349.6
1,605. 4
1,789. 7
2,115. 6
2,069. 9
1, 902. 1
Capital.
462.2
476.8
475.8
505. 5
525.2
450. 4
475.7
Surplus
and
profits.
564.4
577.4
605.5
641.8
646.9
588.6
612. 1
All
deposits.
4,289. 1
4,604. 0
5, 732. 4
6, 413. 1
6,493. 3
6,157. 2
6. 518.0
Aggregate
resources.
5,489.5
5,873.1
7,^28.2
7,899.8
8,317.4
7. 959. 9
8,320.0
Includes overdrafts.
PRIVATE BANKS.
A reduction in the number of reporting private banks on or about
June 30, 1920, from 1,017 with assets of $266,122,000, to 799 banks
having resources of $212,626,000, is accounted for by the difficulty
experienced by this bureau in obtaining from private banks and
244
REPORT OF THE COMPTROLLER OF THE CURRENCY.
bankers, in the States of Texas, Illinois, Michigan, and Iowa, where
such banks are not under State supervision, individual reports
of condition when called for and which are needed for a complete
compilation of statistics with reference to these banks.
Loans and discounts of private banks were $127,661,000; classified
as, secured by collateral other than real estate, $11,566,000; secured
by farm lands, $5,455,000; and loans made upon the security of
other real estate were $10,126,000. Loans not classified totaled
$100,514,000. Overdrafts were $1,254,000.
The investments of these banks were: In United States bonds and
other Government securities, $8,374,000; State, county and municipal
bonds, $1,603,000; railroad bonds, $353,000. Bonds of other public
service corporations, including street and interurban railway bonds
were reported at $459,000, and investments not classified were
$21,402,000, the aggregate of these investments being $32,191,000.
Banking houses, furniture and fixtures owned were carried at
$4,046,000, and other real estate owned was reported at $7,720,000.
The amount due these banks from other banks was $29,467,000,
and checks and other cash items were held to the extent of 11,156,000.
Exchanges for clearing house were $307,000.,
Total cash in vaults classified as follows, amounted to $6,480,000:
Gold coin.
Gold certificates
Silver coin
Silver certificates
Legal-tender notes
National-bank notes
Federal reserve notes
Nickels and cents
Gash not classified
$219, 000
27. 000
327, 000
48, 000
1, 738, 000
166, 000
175, 000
43/000
3, 737, 000
Resources not enumerated were $2,344,000.
The paid-in capita] was $13,334,000, surplus was $13,046,000
and undivided profits, $3,458,000. Of the total deposits reported,
amounting to $171,841,000, t i m e certi fl ca tes of d eposits were
$44,932,000, individual deposits subject to check, were $44,852,000,
demand certificates of deposit $37,879,000, and other deposits
exclusive of $2,139,000 due to banks, were as follows:
Certified checks and cashiers' checks
Savings deposits, or deposits in interest or savins^ department
Dividends unpaid
Postal-savings-deposits
Deposits not classified
$253, 000
12, 814, 000
101^ 000
28. 000
28, 848. 000
Notes and bills were rediscounted to the extent of $1,639,000; bills
payable, including certificates of deposit, representing borrowed
money, were outstanding to the amount of $5,870,000, and other
liabilities were $3,438,000.
CONDITION OF ALL BANKS, OTHER THAN NATIONAL, IN THE CONTINENTAL UNITED
STATES AND ISLAND POSSESSIONS ON OR ABOUT JUNE 30, 1920.
The number of banks other than national in each State and
island possessions, on or about June 30, 1920, and their resources and
liabilities are shown in the following table:
Abstract of reports of condition of 22^109 Stale, savings, at A private banks, and loan and trust companies, sliovAng their condition at the close of business
on June 80, 1920.
EESOURCES.
[Tti thousands of dollars.]
I
Overdrafts.
Maine
New Hampshire.
Vermont
Massachusetts
Rhode Island
Connecticut
Total New England State"
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.
1
Other
real
estate
owned.
84,458
68,370
97,876
1,382,769
150.653
276,599
28
458
43
200
718 I 2,060,725
828
585
176
695
28
190
30
4,068,744
294,380
948,247
33,285
182,567
59,519
858
55
515
70
136
29
5,586,742
1,663
3,571,694
148,972
129,066
216,885
155,688
264,537
68,790
95,080
134,079
2i4,839
273,952
134,365
148,732
175,935
206
484
856
2,756
1,109
100
196
4,967
1,260
1,670
370
1,039
'80S
23,092
26,449
17,241
15,828
26,788
15,997
12,379
23,570
43,521
27,785
14,282
31,802
24,326
4,060
6,058
5,559
3,287
7,546
3,612
2,800
2,375
8,159
10,699
3,593
4,710
5,906
1,128
988
1,047
783
1,810
934
1,444
221
1,096
1,895
762
166
976
2,190,920
15,821
303,060
68,364
13,250
98
70
59
306
31
154
1,684 |
323
218
536
379
645
212
251
324
229
1,026
404
450
448
!
I
I
j
5,445
Includes due from banks in mutual savings banks.
Investments.
j Banking
I house,
furniture,
j and
j fixtures.
99
139,992
68,855
30,537
613,820
144,209
264,285
1,522
1,134
801
23,152
3,513
6,105
1,989
300
169
2,122
241
905
1,261,698
36,227 j
5,726 |
2,023.586
450,705
864,865
36,508
173,483
22,547
96,189
14,230
54,814
1,509
6,890
9,310
ExI me from j and other changes
for
banks. | cash
i Items. clearing
house.
7,945
4,373
5,779
118,141
22,728
13,073
121
3,034
141
2,636
12,374
2,072
Cash on
hand.
2,965
825
1,113
24,657
8,153
i 17,533
I
| Aggregate
resources
Oilier
and
resources. liabilities.
9,781
17,032
2,602
35,762
4,771
60,771
248,751
160,889
139,026
2,216,289
336,524
642,107
172,039
5,932
14,446
55,246
130,719
3,743,586
7,101
2,260
21,376
613
1,956
703, 850
61,185
169,931
9,683
27,860
7,018
311,817
4,322
4,764
167
1,074
1,027
9,257
376
139
444
102,672
14,842
43,753
1,798
1
9,966
2,687
325,540
6,058
20,369
343
1,036
694
7,640,357
848,037
2,137,891
84,352
405,107
103,963
182,942 ( 33,994
979,527
323,171
10,216
175,718
354,040 11,219,707
16,343
23,816
32,008
17,078
43,568
21,238
18,136
27,880
51,420
55,925
24,477
22,970
30,374
1,403
835
2,855
1,166
2,953
1,218
634
48
1,125
4,727
1,216
1,082
5,300
385,233
24,562
924
412
6,183
8,387
4,718
5,772
6,846
3,083
6,826
4,231
5,285
3,663
6,868
14,634
3,953
6,598
4,978
1,647
1,208
1,592
2,562
3,911
407
398
3,325
182
15,491
1,129
8,468
10,099
201,569
195,536
284,889
203,155
359,048
116,527
136,352
200,540
364,653
406,786
184,147
225,567
258,702
77,455
50,419
3,137,471
w
O
H
O
*j
H
w
K
O
o
g
3
w
o
B
to
Abstract of reports"ofcondition of'22,109 State, savings, and private banks, and loan and trust companies, showing their condition at the close of business t o
on June 30, 1920—Continued.
RES OURCES—Continued.
[In thousands of dollars.]
States.
Ohio
Indiana
Illinois
Michigan
Wisconsin
Minnesota
Iowa
Missouri
. .
Total Middle Western States
North Dakota
South Dakota
Nebraska
Kansas.
,
„
Montana
Wyoming
Colorado
. . .
New Mexico
Oklahoma
Total Western States
Washington
Oregon
California
.
Idaho
Utah
Nevada
Arizona
Alaska
Total Pacific States
.
.
..
.. .
775
803
1,130
588
825
1,184
1,405
1,516
828,218
330 530
1,262,566
417,078
348,836
397,378
649,346
587, 691
973
821
2,119
1,852
1,053
1,465
967
1,151
8,226
4,821,643
10,401
1,504,164
717
558
1 008
1,100
286
113
262
76
611
123,407
158,173
259.922
260', 399
88 596
24,853
74,867
20,004
141,162
1,151,383
640
1,063
2.323
1,473
438
281
194
84
534
8,654
5,317
12,289
24,494
11,617
1,816
18,295
1,429
19,237
7,030
142,183
91,657
815,211
49 283
67,252
15,551
40 924
3,547
203
373
812
87
737
185
278
15
1,225,608
31,250
34,493
68,327
40
134,070
22,109
17,171,091
4,731
307
187
420
141
105
23
67
15
Hawaii
Porto Rico
Philippines
17
13
10
2
Investments.
Loans and
discounts.
1,265
Total island possessions
Total United£States
Overdrafts.
Number
o/banks.
Estimated.
288,275
110,629
280,347
498,196
82,446
71,432
56.510
116,329
Banking
house,
furniture,
and
fixtures.
29,886
11,861
24,774
19,145
9,062
9,805
16.634
14,182
Other
real
estate
owned.
Due from
banks.
131,631
58,254
2 221,789
88,228
56,062
45,222
1,932
102,437
135,349
6,870
2 178
3,746
1,309
1,038
2,349
1.646
2,086
21,222
4,098
4,342
6 598
6,240
3 539
512
2,641
544
3,263
2 270
631
715
1,218
1 570
114
374
271
405
11,917
30,394
44 617
52,631
13 819
4 576
18,354
2,900
39,700
103,148
43,161
22,027
341,552
7,860
13,569
2,877
8,082
1,603
31,777
7,568
2 591
967
5,339
509
1 011
168
2,690
440,731
46,747
1,960
534
51,778
7,096
2,832
6,637
54,272
16,565
92,705
7,201,060
ExChecks
changes
and other
for
cash
clearing
items.
house.
1,468
3 204
2 46,876
6,694
3,616
2,800
61
9,879
15,483
52
13,694
2,542
7
Cash on
hand.
34,819
12 994
2 47,479
27,652
11,246
12,492
18,595
21,577
74,598
802
147
290
2,025
622
345
1,239
291
817
31,778
218,908
6,578
1,990
39,510
33,477
17,787
123,670
7 033
10,282
3,027
11 215
1,288
820
423
5,539
553
453
83
1,700
1,108
10,188
166
4
6,105
4,936
44,269
1 635
1,285
987
2 859
753
10,687
207,779
8,037
13,753
62,829
699
565
527
349
27
2
11,545
8,980
22,474
1,041
5,567
896
1,686
543
6,030
7,978
14,407
1,791
503,197
378
42,999
2,712,040
7,379
3,125
28,415
92,825
450,257
83,695
626,027
6.232
2,184
31,866
1 679
2,156
532
1,879
219
102
705,555
2
983
16
991
700
53
3 Includes Libertv bonds held as cash reserve.
186,854
2,231
2,709
3 11 655
2 8,914
3 623
837
4,091
707
4,743
Other
resources.
6,354
5 409
3,656
164
1,734
3,496
76,560
11,506
Aggregate
resources
and
liabilities.
1 343 977
535 880
1 893 404
1,074,012
517 635
546 439
822,258
866,838
108,879 7,600,443
404
154 423
4,913
208,672
5 610
344 019
1,503
358,897
545
124 369
592
33 926
397
120,452
108
26,354
1,060
211,912
15,132 1,583,024
1,273
237,745
694
142,156
23,914 1 402,360
73
68 712
418
97,863
223
23,686
65 237
25
7,722
26,620 2,045,481
1,305
729
47,115
49,149
61,901
58,865
217,377
338,143
734,958 29,667,855
Abstract of reports of condition of 22,109 State, savings, and private banlcs, and loan and trust companies, showing their condition at the close of business
on June 30, 1920—Continued.
LIABILITIES—Continued.
[In thousands of dollars.]
Capital
stock
paid i n .
States.
Maine
New Hampshire - . .
Vermont
Massachusetts
Rhode I s l a n d . . .
Connecticut
Total Eastern States
Virginia
. .
West V i r g i n i a . . . .
North Carolina
South Carolina
Georgia
Florida - Alabama
Mississippi...
.
Louisiana
Texas
.
Arkansas
Kentucky
Tennessee
13 373
7,541
4,259
52,098
8,692
17,717
333
28,968
1,774
3,420
74,996
165,755
103,680
35,366
...
201 361
477,710
30,223
37,030
134 397
205 689
5,012
4,146
17,780 -—20,936
12,895
5,679
. .
400,802
...
.
. . .
. . .
.
. . . .
.
.
.
.
.
.
-
. . . .
- -
. . .
.
.
.
Total Southern States
. .
Due to
banks.
3 629
4,405
7,262
107,728
16,686
26,045
,
New v o r k
New Jersey Pennsylvania..
Delaware
.
Maryland. District of C o l u m b i a . . . .
Undivided
profits,
less
expenses.
4 904
2 005
2,116
44,825
9,050
12,096
.
TotalNew England States
Surplus
fund.
.
22,819
16,087
20,904
17,244
34,583
8,714
11 842
13,206
21 625
48 175
15,605
20,386
20,507
271,697
752,056
12 457
9,929
8,781
7' 528
17,032
2,596
4 823
8,412
11 206
14 257
6,045
10,535
12,263
125,864
871
Dividends
unpaid.
4
• 58
968
21
228
Deposits.
218,795
146,222
123.562
1,892; 226
294,779
574,465
1,279
3,250,049
10,029
48,539
2,176
12,832
2,965
409,194
7,425
24,788
666
5,321
831
76,541
448,225
4,429
4,789
6,128
5,250
12,174
1,603
4,506
3,311
6'718
8,021
3,151
5,991
2,728
3,590
12 808
3,020
16,460
3,383
3 326
5, 409
25 536
13,857
6,723
1,910
66,071
98,750
Notes
Postal- and bills
Bills
savings
redisdeposits. counted. payable.
*839"
564
802
3,194
93
27,454
1,237
20,520
426
5,696
309
Other
liabilities.
3,179
716
106
40,663
4,532
2,131
1,403
28,658
31,073
51,327
743
1 818
113
300
147
6,064, 881
741, 644
1,622,880
68, 850
334,128
78,260
2 335
338
100,760
3,115
21,444
453
2,921
153
109,789
12,657
46,279
2,175
7,447
1,553
276,662
5,171
29,722
761
3,442
1,142
3,121
8,910,643
2,673
128,846
179,900
316,900
527
346
273
243
457
199
4
61
679
141,969
155,470
204,956
144, 336
235,358
98,448
102,565
139,557
245,309
287,363
122,782
170,879
180,470
4,734
1,134
7,407
4,076
16,549
9,106
3,226
22,214
18,331
21,461
1,256
7,686
25,469
16,752
28,332
20,889
5,959
34,142
2 800
965
1,418
3,127
4,974
328
303
2,245
13,616
6,763
1,515
7,075
11,320
214,823
56,449
127
2,916
2,229,462
38
38
1,297
2,870
23 212
18
7,272
2,832
71,401
to
Abstract of reports of condition of 22,109 State, savings, and private banks, and loan and trust companies, shoiuing their condition at the close of business
to
o?i June SO, 1920—Continued.
OO
LIABILITIES—Continued.
[In thousands of dollars.]
Stales.
Ohio
Indiana
Illinois
Michigan...
Wisconsin..
Minnesota..
Iowa
Missouri....
Total Middle Western States.
North Dakota...
South Dakota...
Nebraska
Kansas
Montana
Wyoming
Colorado
New Mexico
Oklahoma
Total Western States..
Washington.
On
jregon.
California.
Idaho
Utah..
Nevada
Arizona
Alaska
Total Pacific States.
Hawaii
Porto Rico
Philippines
Total island possessions.
Total United States
Capital
stock
paid in.
02,760
39,723
118,930
55; 210
33,836
•34,322
55,173
02,460
Surplus
fund.
I UndiI vided
Due to
profits,
banks.
less
expenses.
38,777 I
"459,420
'~2~747l7tTi
"127435"
12,027
25,752
28,398
12,000
3,045
9,951
3,135
14,841
4,343~!
4,057 i
7,943
13,995
3,840
1,164
4.097
9,979
84,188
5,285
8,152
3,678
3,736
655
4,521
3,948
9,988
14,855
8,212
69,485
17,057
8,591
10.791
26
31,196
57,120 !
1.5,616
75,300
37,124 i
11,090 !
14,688
24,461
3,254
Dividends
unpaid.
850
310
1,980
1,305
402
Deposits.
1,132,771
407,317
1,838
1,458,125
873, 413
448, 565
461,146
676,351
635,432
23*'
2,656
251
4,970 I 6,093,120 |
• « ; & "
11 000
5,112
1,715
1,037
1,410 I
268 !
2,001 i
2,038
8,369
8, 844
2,799 !
646 !
1,774 I
99 i
390 ;
11,168 j
27 I
Notes j
Postalbills j Bills
savings and
redis- | ] ay able.
deposits. counted,
j
122,725
165.132
28i; 339
291,934
89,101
26,297
99,902
19,837
169,869
4,768
18,395
9,375
75,338
34,218
7,344
1*5 "i 18.632
45', 166
103 I
58,250
25,879 [ 266,718_
11,077
1,782
12,281
5,557
329
7,594
4,092 I
"ll
642
696 1
8,387 I
7,664
9,092
17,870
14,602
1,737
1,977
965
2,074
Other
liabilities.
22,597
37,598
58,119
28,729
3,026
1,738
8,467
25,557
185,831
278
"i,*o*70
312
364
102
318
36.028
7,970
5,687
19 235
1,119
3,219
196
2,178
122
218
1,266,196
178
104
68
197, 483
108,064
1,204,028
46,791
70,633
20,368
53,290
6,541
768
667
5,044
130
242
109
39,726
308
6,960
13,257
205
4,758
41,011
68
36
570
28
85
1,106
7.306
1,054
1,062
3,111
5; 227
1,707,198
52,159
44,239
111,687
45,974
674
208,085
113
1,106
2,844
1,451
988
45,918
48^357
,423,962
429,473
884., 2S2
13.486
23,664,753
16,133
284,746
794,046
698,501
43,625
28.971
5,430
3,455
38 683
1,509
3,262
456
2,233
152
65,180
2,499
2,548
14 194
619
1,901
376
1,336
162
2'6,635
2,112
833
4,361
67
69
15,599
6,393
6,774
67,058
4,082
2,970
10,627
6,004
5,483
2,967
2,165
2,325
26,361
414
4,902
503
2,464
90
31,630
303
1,810
731
36,670
249
REPORT OF THE COMPTROLLER OF THE CURRENCY.
COMPARATIVE STATEMENT OF THE CONDITION OF A l l
REPORTING NATIONA1 AND STATE BANKS IN THE UNITED
STATES.
The increases in the principal items of resources and liabilities of
banks under State supervision as compared with similar information
with reference to national banks for the years 1919 and 1920 are
shown in the following table:
Corn miratIre statement f<f the urnvlpal itans of resources and liohUilus
national hanks, 1919-W.
of State and
[In thousands of dollars.]
- bar-V.s
National banks.
1920
mlxT of banks
Increase
Percentage of increase
l'L',109 \
771 !
S14.(i:>i.7OO |
increase
Percentage of increase.
A fregate resources
Increase
Percentage of increase.
An depositsfr
Increase
Percentage of increase.
Capital
Increase
Percentage of increase.
Surplus and profits
Increase.
Percentage of increase.
7,785
3.61 !
* $26," 380," 500 'j
"$21," 744*666"
11,653,400
$17,263,796 j
$3'. 202, 096
22. 77
$29,667,855
$3/287,355
12.
$24,558,654 |
$2,814,654 I
12.94 |
$1,478,473 |
1159,673
12.11
$1,853,435
$200,035 i
12.10 i
*$11,024,300 I
3 $21, 234,900
$15,924,900
$1,118,600
1,354,400 !
8,030
245
3.15
$14,101,537
$3,077,237
27.91
£23,411,253
$2,176,353
10, 25
$17,155,421
$1,230,521
7.73
$1,224,166
$105,566
9.44
$1,533,172
$178,772
13. 20
!
v
Includes overdrafts.
* Include? rediscounts.
* Includes individual deposits, due to banks, dividends unpaid, postal savings, and United States deposits.
V< indicated in the above statement, the number of banks other
f .*M. national increased. 77] during the past year, and the percentage
! increase vv as 3.01. v tiile the number of national banks increased
i LII in^ tlie year 245, the percentage of increase being 3.15.
The resources of State banks, pavings banks, private banks, and
~<\\ i.nd trust companies <>n June 30, 1920, amounted to $29,667,Soo.OoO. ^\ liile t^e reborn c ^ of national banks, including rediscounts,
"vcie $23,411,253.000,
tlie percentage^ of increase being 12.46 and
10.2-j, respecth e]y.
Loans and discounts, including overdrafts, were reported by all
i'i/jks other than national to amount to $17,263,796,000, an increase
< vtr tlie preceding year of 22.77 per cent, while loans and discounts
<"f national banks, indadii,^ overdrafts and rediscounts, amounted to
114.101,537,000, in increase over the returns as of June 30, 1919, of
«1 per cent,c
prop :- ^
:.!j reporting banking institutions during
•-('•I in the ti emendous increase in deposits,
id»;d ^uoiit^,
the aggregate deposits of all
it* -t l fr- m .V37
f668,911,000 on June 30?
J
11,71 ^.070 «'0c < J *i ( i'Jt M 20? capital stock increased
250
REPORT OF THE COMPTROLLER OF THE CURRENCY,
from $2,437,365,000 to $2,702,639,000 in this period, and surplus
and profits advanced $378,800,000.
PRINCIPAL ITEMS OF RESOURCES AND LIABILITIES OF THE 22,109 REPORTING BANKS
OTHER THAN NATIONAL IN THE UNITED STATES AND ISLAND POSSESSIONS, AND
8,030 NATIONAL BANKS, ON JUNE 30, 1920, TOGETHER WITH THE GRAND TOTAL, ARE
SHOWN IN THE FOLLOWING STATEMENT:
StafemeiU of the principal items of resources and liabilities of SO,139 batiks (national and
State) in ilia United States and island possessions June 30, 1920,
[Tn thousands of dollars.]
i 22,109 report- 8,030 national
ling State, etc.,
banks, Juno
banks, June
20, 1920.
30, 1920,
Total. GO, 130
banks.
RESOURCES.
Loans and discounts
Overdrafts
Investments
Banking house, furniture, and
Other real estate owned.... „
Due from banks
Checks and other cash items
Exchanges for clearing house
Cash on hand.
Other resources
Total resources
.*
.
fixtures
!
17,171,091
92,705
7,201,060
503,197
92, 825
2,712,040
' 450,257
83,695
626,027
734,958
i 14,085,056
16,481
4,186,465
359,994
44,980
3,121,201
157,611
766,215
450,351
222,919
,256,147
109,186
11 .387,525
863,191
137,785
5 , 833,241
607,868
840,010
1 ,076,378
' 957,877
29,667,855
23,411,253
53 ,079,108
1,478,473
1,423,962
429,473
16,133
284,746
794,046
698,501
1, 224,166
986,384
546,7&8
688 ; 178
2, 844,020
33,560
2 14,018, 810
175,788
83,243
1, 214,516
991,552
604,248
3, 708,302
47,046
37, 683,563
175,788
99,376
1, 499,262
1. 785,598
1, 302,749
29,667, 855
23, 411,253
53, 079,108
LIABILITIES.
Capital stock paid in
Surplus..
Undivided profits
National-bank circulation
Due t o banks
Dividends unpaid
Deposits
United States deposits
Postal savings deposits
Notes and bills re discounted
Bills payable
Other liabilities
Total liabilities
!
1
Includes rediscounts.
Include?, certified, checks a:vi •
....
864,282
13,486
23,664,753
702,839
410,346
K976,261
688,178
>.' cheeks oui.slandiiu'.
COMPARISON OF THE PRINCIPAL ITEMS OF RESOURCES AND LIABILITIES OF NATIONAL BANKS AND •OTHER REPOBTING STATE BANKS
FOB THE YEABS 1920 AND 1919.
The principal items of resources and liabilities of State, savings,
private banks, and loan and trust companies on June 30, 1920, compared with similar information as of June 30, 1919, and like data
with reference to national banks; also the comparative growth in the
resources of these institutions during the past five years, is shown
in the following: statement:
REPORT
» •./>. Hiraiive slaiemeiJ
O." T H E '„ C r P ' < ± X ) L L L ^
UV Zd^
oj ilr n v / ' ' / / ' ^ ( ^ J / > v. o/*f^, 7, ' V
I L" 7.7
,
'..*,
*
',
^
_r
t
> rp' -> ;,
SAVINGS, /NT PRiv*" «." F BAISTTS a £"I» 1 Oa'N AN'D
'7n roiii n d s o."
reserve
ba.nks.
22,109:
21,338!
1920
1919.
771 1
Increase
Per cent of increase
3.81
17.171.091
13.981^458
3,189,633 |
22.81 i
' 1.352,449
1 1,189', 900
182,549
24,553,854 ^ 29.687,855
21,744,046 1 28'. 380,529
3 ; 814,608 : 3,287,326
15.60
12.94
12.46
Per cent of "Cash in vault and due from Federal reservo banks" to 5ia!I deposits" :
1920
1919
,
5.51
5.3S
STATXO1TAL BANKS ,':
8,030
1920
1919
7.. 785
Increase
245 I
Per cent of i n c r e a s e . . . .
~~37l5~i
12,398,900 :
10,574,838 i
2,177,693
1,920,839 !
1,822,062 |
256,854
"17T23"
17,155,421
15,924; 865
22,196,73?
20,789,550
1,230,556
1,397,187
7.73 I
I3T37"
Per cent of "Cash in vault and due from Federal reservs banks*' to "all deposits"'. 1
1020
1819
12. 69
12.06
T O T A L N A T I O N A L , S T A T E , S A Y I N G S , A N D P R I V A T E B A N K S , A N D L O A N A2TD T R U S T
COMPANIES.
1920.
1919
Increase
Per cent of increase
30,133
29,123 I
29,537.991 j
24,558.296 |
1,018
5,011,695
3.49
20.41
1.530,142 ;
•', 090,739 I
439,403 I
14T22~
41,714,075
51,864,,592
37,668,911
47,180,079
4,045,164 j
4,684,513
!o774~i
JTw
P e r cent of " C a s h in v a u l t a n d d u e from F e d e r a l reserve b a n k s " t o "all d e p o s i t s " ;
1920
1919
8Ai
8.21
1
Includes balances due from Federal reserve banks to State banks and trust companies, members OS:
Federal
Reserve System.
2
Rediscounts not included with loans or aggregate resources.
Comparative
statement of growth in resources of nation-al and
tions for 5-year period.
B, s m co^c n a t4i o n b n ' ,ji'n«"0 W"
Re ouic T 5 joral banks Ju *" «?% 13j.
State banlcin-/
institu-
11 73 , 6
Ino-eise V *b pei ' n
H""^ T - u>
t "te banket, Pis ^ulu-'i*. ^
Re^o \i\,c ^ ot* oankiu ^ f at*o " >
nics and 'l
^^ b ' 7 , Q 5
V 0 4 *'
252
REPORT OF THE COMPTKOIXER OF THE CURRENCY.
Of the total cash and the amount due from Federal reserve banks
reported by these banks on June 30, 1920, aggregating $3,530/142,000,
$1,352,449,000 was reported by banks other than national, and the
amount held by national banks, including lawful reserve with the
Federal reserve banks and items in process of collection, was
$2,177,693,000. The amount of cash in vault and due from Federal
reserve banks, as reported by national banks, was therefore $825,244,000 in excess of the amount reported by banks other than national.
TZATIQ-NAL FEDERAL RESERVE, STATE BAHKS, TRUST COMPANIES, AHD PRIVATE BANKS.
On June 25, 1920, the paid in capital stock of the twelve Federal
reserve banks was $94,506,000 and their aggregate resources $6,074,596,000, while on June 27, 1919,, the paid in capital stock amounted
to $82,764,000 and resources were $5,288,008,000, the capital stock
having increased during this period 2.10 per cent, and the resources
14.87 per cent.
Including the assets of the twelve Federal reserve banks, the resources of all reporting banks in the United States on June 30, 1920,
were $59,153,704,000, being $6,250,249,000, or 11.81 per cent greater
than the total resources a year ago.
The principal items of resources and liabilities of the 8,030 national
banks,'22,109 reporting banks other than national, and the twelve
Federal reserve banks, on or about June 30, 1920, are shown in the
following table:
STATEMENT OF THE PRINCIPAL ITEMS OF RESOURCES AND LIABILITIES OF 30.151
REPORTING BANKS, INCLUDING THE FEDERAL RESERVE BANKS, IN THE UNITED
STATES, AND ISLAND POSSESSIONS, JUNE, 1920.
[In Thousands of dollars.]
30,139 report- 12 Federal reing banks
serve banks
June 30, 1920. June 25, 1920.
RESOURCES.
Leans and discounts
Overdrafts.
Investments
Banking house, furniture, and fixtures .
Other real estate owned
Due from banks
Checks and other cash items
Exchanges for clearing house
Cash on hand.
Other resources
Total resources..
LIABILITIES.
Capital stock paid in
Surplus
XTndivided profits
National bank circulation
Federal reserve note circulation.
Due t o b a n k s . . . . ,
Dividends unpaid
Deposits
United States deposits.
Postal savings deposits
Hotes a n d bills rediscounted
.
Bills payable
Other liabilities
Total liabilities..
J
«31,256,147
109,186
11,387,525
863,191
137,785
5,833,241
607.868
2, 630,979
Total, 30f151
banks.
2,108,605
6,590
34,087.126
109,186
11,739.821
876;683
137,785
6,595,875
607,868
849,910
3.184.983
' 964:467
53,079,108
6.074,596
59,153.704
2,702,639
2.410.346
976,261
688 178
94.506
120;120
2,797,145
2,530,466
976.261
688,178
3,302,322
6.090,230
' 47,046
37,760,155
189,977
99,378
1.499.262
I', 785'. 598
i;387j688
849 ^ 910
1.076'. 378
'957:877
3,708.302
47. 046
37,683,563
175.788
99', 376
1.499'. 262
i;785' 598
1.302;749
53,07&,108
352.296
13, 492
1 762.634
3,302,322
2 2,381,928
76,592
14,189
S4; 939
6.074.5&6
59,153.704
Uneoilectcd items, due from other Federal reserve barks, and •' per cent redemption fund.
* Due to members, reserve account, and deterred availability items.
£
Ijocludes rediscounts, acceptances, anu ir-u-rcst earned but not collected reported by n&tional bants.
EEPORT OF THE COMPTROLLER OF THE CURRENCY.
253
SUMMARY OF THE COMBINED KETUKNS FEOM ALL REPORTIMG BANKS IN THE UNITED STATES AND ISLAND POSSESSIONS, JUNE 30, 1920.
The condition of all reporting banks in the United States and island
possessions, including 18,195 State banks. 620 mutual savings banks,
1.087 stock savings banks, 1,408 loan and trust companies, 799 private
Thanks, and 8,030 national banks, on June 30, 1920, or the nearest dates
thereto, is shown in the following summary:
of rfports
condition of banlcs in the United
si/ms, on June SO, 1920.
tex and island posses-
[In thousands of dollars.)
RESO1TF.CES.
Loans and discounts;
Secured by farm lands
27,413
Secured by other real estate (including mortgages owned)
2.530,112
Secured by collateral other than real estate
8,518, 594
Loans cot classified
20,180,028
Total
31.256,147
Overdrafts
109,186
Investments:
United States bonds
3,344,054
State, county, and municipal bonds
642,683
Railroad bonds
1,144; 692
Bonds of other public-service corporations (including street and inter-urban railway bonds)
529,313
Not classified
5,726,783
Total
Backing house (including furniture and fixtures)
Other real estate owned
Due from banks
Checks and other cash items
Exchanges for clearing house
Cash on hand:
Gold coin...
Gold certificate?
Silver coin
Silver certificates
Legal-tender notes
National-bank notes
Federal reserve notes
2v ickels and cents
Cash not classified
T otal
Other resources
T otal resources
LIABILITIES.
Capital stock paid in
Surplus....
Undivided profits (less expenses and taxes paid)
National-bank circulation.
Due to banks
Individual deposits:
Individual deposits 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
Dividends unpaid
Postal savings deposits
Deposits not classified
11,387,525
863,191
137,785
5,833,241
607,868
849,910
34,215
41,928
58,410
44,103
133,003
76,748
252j 980
2,524
432.467
- -.
2,702,639
2,41d,346
976.261
688,178
3.708,302
15, 679.376
1'. 288,926
514.862
7, 493; 015
2, 619,479
47.046
99.376
110. 087,905
Total
SISores and bills r ediscounted
Tidled States deposits
-3]1]£' payable ('including certificates of deposit representing money borrowed).
O?k er liabilities
;
Total liabilities
li.ciudfcs 32^;;37,27f; time- ctj><>sits OJ: open iK-coui t IJJ
1,076,378
957,877
53,079,108
37.829,885
1,499,262
175.788
1,785,5981,302,749
53,078,1 OS
jai banks.
254
REPOBT OF THE COMPTROLLER OF THE CURRENCY,
ASSETS AND LIABILITIES OF ALL REPORTING BANKS IN
EACH STATE,
In the following table the assets and liabilities in detail of ail
reporting national and other banks, based upon returns for June 30,
19207 are shown for each State and geographical division of the
country.
As will be noted, reports were received from 30,139 banks (8,030
national, and 22,109 State, savings, loan and trust companies, and
private), and that the assets aggregated $53,079,108,000, an increase
for the year in number of banks of 1,016 and in total assets of
$5,463,661,000.
Comparing these returns with those of 1919, substantial increases
in resources are shown for the several geographical divisions, as
follows:
Northeastern States
Eastern States
Southern States.
Middle States
Western States
Pacific States.
Island possessions
The average increase for all divisions slightly exceeding
.
Per cent.
9. 99
5. 06
22. 70
14. 28
11. 67
17. 80
24. 65
11.00
Loans and discounts of the above banks aggregated $31,256/147,000,
an increase for the year of $5,954,770,000, while investments ID
bonds and other securities amounted to $11,387,525,000, or about
$842,000,000 less than in 1919.
Available cash resources consisted of $1,076,378,000 cash in vault,
$849,910,000 exchanges for clearing house^ $607,868,000 checks and
other cash items, and $5,833,241,000 due from banks, the aggregate
being $8,367,397,000 as against a total of $8,283,576,000 in 1919.
Of the liabilities of the banks, the paid-in capital amounted to
$2,702,639,000, surplus $2,410,346,000, and other undivided profits
$976,261,000, a grand total of $6,089,246,000. The aggregate of
these items for June 30, 1919, was $5,445,248,000, or less by $643,998,000 than in June, 1920.
Individual deposits amounted to $37,683,563,000, plus postal
savings of $99,376,000 and plus amount due shareholders on account
of dividends due and unpaid of $47,046,000, an aggregate of
$37,829,985,000. Add to this latter sum United States deposits of
$175,788,000, and the amount due to banks of $3,708,302,000, and
it will be shown that the grand total of deposit liabilities of the banks
amounted to $41,7.14,075,000, a sum greater by $4,045,164,000
than was reported in June, 1919.
Liabilities on account of bills payable amounted to $1,785,598,000,
notes and bills rediscounted to $1,499,262,000, an aggregate of
$3,284,860,000 borrowed money, being an increase of $984,369,000
over the corresponding date in 1919.
Condensed statement, by Slates, of assets and liabilities of all reporting banks of the United States in June, 1920.
[Includes State banks and national banks, j
Resources (in thousands of dollars).
Popula!
1
tion (ap''\nproximate). Number Loans and j Overor banks, discounts.' drafts.
wif
States, etc.
'
'
Bar'n, ,
'.JJ'1,1, I
"mi I
'
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' ^
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j
c t itp
'
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t
I
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,
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1 i
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I .
I
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t
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(
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47^
7
t>H)
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(Ki«
0(0 '
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, , s 00 )
Hi j
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J
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•
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v
I
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ill
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tJ
J
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,
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,
cdii
l
t
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(.00 0 0 0 I
0
l
, "( 2, ( C ) I
- 2 ) , 000
1
4b() 0 0 ) '
A\
1
«
i r,. ,
I On. ^ '
| < M i e i 1 *v'
\}'
0 \ 1 lO
14 \, 000
I/1 ' o0 I
/ ' ,
"nk-,
|
'ii n i t i o n il }>^ k^
a U < )VCiHlTHiit PCc'
,i s . I
_t
4, i
ft
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2
Condensed statenwnt, by States, of assets and liabilities of all reporting banks of the United States in June, 1920—Continue*'].
Resources (in thousands of dollars).
Population (approximate)
States, etc.
Ohio
Indiana
Illinois . . .
Michigan...
"Wisconsin.,
Minnesota.
Iowa
Missouri
5 787 000
2 940*000
6 532 000
3 710 000
2 646 000
2 402 000
2' 412' 000
3.408,000
. . .
Total Middle Western States.. 20.S37,000
648, 000
638 000
1,301,000
J,774,000
North Dakota..
•South Dakota
Nebraska
Kansas
Montana
Wyoming
Colorado
No\v Mexico
0 klahoma
' r>oo. 0 0 0
196', 000
946, 000
362', 000
2, 045; 000
Total Western States.
Washington
Oregon
California
Idaho.
Utah..
Nevada
Arizona
Alaska
Total Pacific States
Hawaii
F orto Rico
Philippines.
Totalisland possessions.
Total United States
Number Loans and
of banks. discounts.
1.145
1,057
1,610
700
076
1,464,557
576,693
2,368,814
656,264
607,744
841,807
962,548
1,055,453
!.;>i5
1', 763
"1', 652
!0,4ls
8,533,880!
*
!
7.035,000
235,000
1.265,000
9.250,000
1,375
1,205
3,171
2,004
1,292
2.211
I'. 578
1 \ 625
14.461
Investments.
Banking
house,
furniture,
and
fixtures.
206' 653
49,378
21,751
46,141
25,844
14,953
20,204
24,044
22,930
2,447,214
225,245
505,918
202,937
490,534
599,283
158,879
151,235
Other
real
estate
Due
from
banks.
287,294
10,260
112,266
3,062
498,122
4,846
148,037
2,412
110,528
1,902
140,921
4,062
56,963
3,1 r»
255,723
4, 108
33,797 1,610,154
Checks
and
I changes ; Cash on j Other reother
I for clear-1 hand. ! sources.
cash
items. I ing house.
5 ; 869
7.089
53^ 048
N,153
5,855
8,104
2,565
12.574
103,257 |
27,921
59,957
26,424
2,163
83,361
39,349
35,620
18,458
19,736
4,843
22,414
8,500
25, S(>7
! 767
30,207
14,333
117,334 j 303,586 j
9,713
7,027
17,09S
1.713
2, 676
5.288
77'. 664
13', 030
134,209
2,422,242
960' 61 7
3.601,784
1,497; 788
928,408
1,201,746
1.287,916
U616,636
2,180,659 j
0,824
319,912
63,437
3,124
884
1,195
1,654
2,281
199
799
650
1.291
12,077
491,301
16,126 j
12,666 |
70,303
18,560
394
277
723
222
133
33
295,377
219,564
1,470,947
107.212
107! 626
25 351
62,947
4; 102
375
579
2,036
196
908
202
316
15
94,585
53,252
518,390
22,902
28,259
7,262
12.643
2; 559
10,861
6,744
51,820
3,605
4,475
975
2.557
'261
3,939
1,524
8,697
983
1,200
209
108
127
76.480
46,241
297,819
17,402
19', 573
5,992
17,297
1,657
1,911
1,189
13,655
1,033
672
123
388
198
5,309
3', 274
31.389
'226
,544
1,5
76
153
4
8,555
62,326
3,029
2,103
1,443
4,084
1,131
1.887
2.293TT26
-34727T
34.493
6S',327
1,627'
739,852 [
81,298 j
16,787
482,4b i
~Ts~169~
1,98'
534
51,778
87851
2,832
6,637
761T
565
527
349
27
2
lXW
~V039~
1,041
5,567
896
1,686
543
3,125
94, ! ?;0
6,696
7,978
14,407
29,081
502,207
1,851
1,084
342,006
42,518 2,499,597
274 I '156,862
606 i
166,966
2*4
41,917
72
100,561
28
10, OS 2
16, 717 3.820,202
,833,241 I 607,868
849,9L0
196,295
242 782
455,' 963
409,903
162,565
68,262
223,419
51,769
369,701
898
604
1,196
1,349
431
160
403
123
959
8,465, 000
1,366.000
7SS, 000
3,488.000
436^ 000
452,000
77,000
338,000
90,000
Overdrafts.
10,750,000
t
809
305
986
980
644
315
402
i 15
238
22,
18.
39;
56,
27,
9
65
74,
6. 731
7'. 046
13,279
11,052
6,358
1,624
5,870
1.355
10', 122
137,091
54,299
18,324
1,860
378
31,256,147
109,186
11,387,525
863,191
137,785
20,857
44,013
98,056
99, 781
27,005
14,273
61,316
9,114
116,886
1. 123
'677
2,09/
3,318
1,182
707
3,377
626
3,019
202
1.276
•i.054
l',090
304
120
2,279
' 19 !
3.322 I
3,831
4,337
15,503
14,356
6.308
2^147
10,616
1; ."29
11,676
5,223
0, 099
2, 021
838
726
863
231
1,836
256,309
325,836
638, !97
602,067
234,707
98,089
374,372
71.600
593,388
3,194,865
8,980
22,474
44,1 90
,076,378
1,711
729
47,115
69, 218
58,865
217,377
49,555
345,460
53,079,108
L i a b i l i t i e s ( i o Un.ir.-.jndf. of d o l l a r s ) .
1
Llal?;-\ e t c .
paid in.
i
11,919 ,
7.2fo
7.12!
p
fund.
I
l T ndi\ idcd
b:.nk
1'nilrd
bank.1-.
..[..jo ,
^2. 479 '
-1.1S3
Ts.MO
3 if
971
1, 904
129, 904
i 019
K h o d e lpland
'0. 117 '
'U\
sO,i
>o"».'i.il*
• >«•. M 2
I'/ 12'^
'"^..0'.2 i
i~
,...:.;,
722.121
'«1.7' w
'
1'«•,:»<»? |
?:t!:?.",:*
7'\:*RS
11.171
3i^,3is
i:.is.i
MO, i:;7
:;,02i
— -1 _ 111
">.»wii
District, of ( olunibj i .
2i '.002
....
s5.]37
1,090
742
7 7 ? , 11.2
1 201
M oos
n,:,i i
;~,l>hS
'( 12t« i
l.\ 2 1 ^ J
AVr.M Vircmin
J"-'nutb ('prolinrt
S.'.Oh
0, *."1
S.79O
-"^,031
Florida
A lahama
(>.3S9 I
17.*>09 ,
"•"pxak". "
A1 k m i M -
4.077
5,470
23,774
-\t>40
4,400
I! l,' 1 •'•'»
22. «.SS
;;.\oii
,<U)4 !
''1,417 !
'.'Vhf. '
2'>0,07i
(
2.77:.
2,542.471
U
S07 '
9, 00;J '
j ^ •"» 1 2
772
'
,420
21.'
1,1:.::
10.2S1
S,301
i,441
10.'
3j.'
lo.
:, 772
.,'^94
r. 020
., 274
f. 792
"_VJ;1S"|""I.^7"1«HW
C> 9O'> I 9 213 SOS
...•.7;-.
.; 1 ^ : 4 1 3
317,172
. S7."> ,
I.V.I1-,
1.93.-. ! 3,23.1,091
I".^ 1 ' ,>'.,7:.7
MM",
'"S
199
r>0|) S 9 9
1.722 i
M.90K ! M. 1O2.:>>21
1.C47 •
'771 •
r>77
73S
1,000 |
35s!
331
241
1, 132
1.512
251
370. 220
2S0.»,01
317,352
230,742,
351,O2'2
S').S'.."l
0
l1
9 M
"'MO
1
1
1.02.. ;
(.27 !
1 ; 130 !
iw'.rvr,
j
1
|
!
S7S
.010
7.").*)
r.
^21
I!
ti
100, 417r
(\ ()0. )
2-"3
IT
7.17!:;n
205, 111
170,199
.140,959
N2X,
319,131
lt'.),:«
32 !
'*• 1
.09,")
1,71
. 7.">7
iO.Sl.i
3-W>
j:;i.3(Hi
l!
i.".R,88."i
^210
ps.411
9.KIS
7, HO i
S.098 j
I
230 I
7ii ;
!.77h,<iR«.) I
M«>t
and
304. W
3.
;;_
1MS0 |
iM.839 '
I ' d . i i!-
unpaid.
TO."
1
215 j
•Ml 1
1.300 |
174
t.301 i
S7<) '
i.4.31 I
.">'>7
107.
:»7:'> i
312. 327
•y:'3
M>,
is.
Si
'>.') I
1. .-)SS
.M)..~.33
'.Wl
2i.^
2S
M
'••>
. ::,',o
1r.\ 90S
107 ,7M
,<i:i
20. .V2h
337
1(>
! 107
. S92
7.017
3
?•")
-V
7X1
1 >,
1( 1
.i.'^hi
32,171
19,25!
13."20
31.320
i'M
V23?
50
113
5M
100
A\
1^1
33, >S8
203
30, 4?i
3>i,
(M^°
:)<\
S77
172
2S, 240
21, 074
2.I"
44,413 '
11,312 i
1*>, ''7.3
1L350 '
3,112
230,o7tf i
;;«i\
(
(> )
094
023
1 '^,^01
5s!
•»*J.
r
2 i.
\0 n\.>
r
?. 472
4 _ A,".%
5,9 i A
7] 90.',
^
?, <V37
l^,37^
K^.TiGI
^
^"
1,sy1
io,43i
In. 791
r°
r:
t*"
to
Conaensed statement, b / States, of assets and Liabilities of ah reporting banks of the United States m June, .1920- -Continued.
to
OO
Liabilities (in thousands of do lars).
;
States, etc.
Ohio.
Indiana
Illinois
Michigan
Wisconsin .
Minnesota
Iowa
130 132
69,420
204,997
77,325
54,404
69,646
81,518
109.400
Total Middle Western States
\orth "Dakota.. . .
South Dakota
Nebraska
K.ansas
Montana
Wyoming
Colorado
New Mexico
Oklahoma . ..
Total Western States
Washing! on
Oregon
California
Idaho
Utah
Nevada
Arizona.
1
% {asks
Total Pacific States
Hawaii
...
Porto Rico
Phi Untunes
.'
Total island possessions
Total United States
... .
Undi- National
bank
circulation.
penses.
•sa-1 e l
\ Capital
! stock
paid in.
'
!
i
i
:
i05.849
30.445
138,564
50,149
22,022
35,962
39,742
58.018
796,842 j
480,751
254,410
20*455
6,110
22,111
6,435
37,681
7,612
6.964
18.135
'-'3 471
7*857
3.776
13.590
2,701
11.751
1,815
8.347
17.008
9 520
4,141
1.872
O',321
910
(>, 726
218,195
95,857
30,942
21,112
151,585
10,478
12,153 !
3,113
5,480 !
780
235,649
11,381
8,937
74,574
3.814
5,648
'976 !
3.303
227
5,171
3,948 !
9,9J8
4,361
!
19 ; 375
18,834
42,627
i
19,107
2,702,039 |
I
48.373
20.757
73,239
25,354
14,732
19,817
20,781
31,363
Due to
Dividends
unpaid.
Individual
deposits.
United
States
denosits.
Postal
savings
deposits.
453,467
324, Mo
O
279
503
534
142
1,221
46
252
6,461
10,812
22,973
7,258
C>, 478
2.357
10,476
4,023
21,728
14,735
12,421
20,392
22,899
18,892
2,848
0,344
2,511
11,542
349
469
£
S
783
130
2,636
7,324
3,014
92,566
112,584
10,874
^
2,039
283
8,747
87
52
190
243
319
3,477
1,811
7,198
337
564
298
124
96
4,880
17,612
59,158
16,734
8,046
284
1,290
90
10,391
6,884
30,567
11,685
12,545
30
3,209
6.804
5', 814
59,884
580
5,983
699
280
H
cq
Pd
11,960
13,905
108,094
75,311
1,798
29
85
80,0G5
—
i, 587
988
8 443
2 1S6
4,719
3 476
1 572
1,696
607
10,305
967,986
12,672
9,516,198
33,004
7,307
18,299
57,034
20,284
6,432
4,708
24,146
2,295
49,240
195,745
45
79
350
180
52
366
123
595
194,042
245,110
446,902
451.983
164,846
73,756
279,419
50,128
437,707
229
394
616
1.498
'194
137
1,827
157
2,272
50, 660
4,329
4,080
9,584
10,503
4,107
2,239
7,768
2,141
11,258
56,009
2,144
2,343,893
5.555
5,696
37,936
1,913
3.064
605
2,063
206
6,864
6,510
41.710
3; 318
3,276
1,186
1,080
57
552
292
1,573
175
130
79
49
388,450
249,546
1,874,358
103,863
106,330
32,604
79,592
8,002
108,860 |
57,098
64,001
30,872
17,509
152,307
3,869
9,175
1,793
3,846
293
219,664
2,850
2,842,745
2,560 i
833 :
* 1,168
1,062
468
385
4,758
41,011
84
36
570
1,798
114
175,788
99,376
i
354
7,754
5,341
468
46,154
690
55,665
44,239
111,687
211,591
2,410,340
U76, 201
G88,178
3,708,302
47,046
37,683,563
3,111
Q
H
76,203
1,814,942
674,942
2,375,526
1,162,025
719,022
864, 870
948,951
955,920
!
;
^
\A
^
481,240
2 102
802
4,821
1 918
944
SI 5
486
784
i
i
Other
liabili1 ties.
53,599
46,790
106,517
37,603
5,965
12,828
11,547
49,737
121,842
41,948
368,610
40,766
42,004
87,569
53,520
211,727
;
Bills
payable.
37,242
21,549
121,184
57,149
17,531
34,385
74,857
89,570
45,070
26,588
28,006
11,284
14,003
14,092
19,929
22,032
180,004
;
Notes
and
bills
rediscounted.
5 078
1,050
4,651
4 870
1,910
f.012
223
1,517
20,011
10
49 570
24,140
173,950
'>5,809
34,2S9
61,4 £4
H
rr!
rl
^
2,597
M
•.• 9 0 7
1
r,y-j_
%^,
)—i
92
1,10(5
303
1.S10
731
2,844
48,493
1,499,262
1,785,598
1,302.749
1,108
r>
^1
45,918
r1
V^
#
&
d
W
fej
G
K<
STATEMENT OF RESOURCES AllD LIABILITIES OF AIL REPORTING BANKS, 1915-1920,
The principal items of resources and liabilities of all banks, other than Federal Reserve Banks, for the six years
915 to 1920 are shown in the following statement:
Classification.
1315 (27,062 banks).
1916 (27,513 banks).
1917 (27,923 banks).
1918 (28,880 banks). I 1919 (29,I?3 banks), j 1320 (30,139 banks).
BESOTTRCES.
Loans and discounts
Overdrafts.....
Bonds, stocks,, a n d other securities.
Bi*e from other b a n k s a n d b a n k e r s .
Real estate, furniture, etc. 1
Checks a n d other cash items 3 - . Cash on h a n d
Other resources
Total.....
$15.. 722,440,177.20
36,232,421.03
5,881.931,375.3?
3,233;942,829.39
793,404,941.00
376,875,161.00
1,457,702,138.31 I
301,600; 634.2G |
517,811,605.164.40
3 820,594,228,088.91 s$22,514,602,064. 81
38,210', 536. 02
' 60,334,533.39
47.199,175.92 I
9,741,653,241.78
8,003; 819", 982.90
6,796,569,640.68
5,136;603,795.91
4,793,167,182.83 !
4,032,125,378.52
909,183,095.52
'862,967,207.32 !
' 826,641,738. 73 j
683,078,124.4?
758;691,432.29 |
770,424,724.08 i
896,570,423.03
1,502,502,076.00
1,486,118,321.95
784,413,235.56
564,188,012. OS
503,542,144. 55
*$25,301,377 000
94,293,000
1.2,229,528,000
5.865,414,000
'936,707,000
1,420,809.000
997.353,000
v09;966;000
37,126,763; 138,31 I
40,726,438,514.47
47.615,4477 000
2,x. j , 101, 115.96 i
1 849,693, 074.48 i
564,337, 993.50
076,216, 000. 00
1.81
23,690,
"> T73 714,074.98
U 087, 526. 37
39', 457, 000.00
* 4S<* SOS, 918.33
•509.431, 106. 50
2.274,200, 153.48
i;945,543, 680. 73
674; 190, 643.25
660,431,,000,00
4,585,, 947. 01
26,289", 70S, 159.14
101.873, 406. 56
132;965, 000.00
3,913,944, 423.51
l ' 129,320, 724. 63
2,351,587, 558.45 I
2.034,764, 173.59 !
'684,259, 780.74 j
681,631, 000,00 !
33;012. 097. 79
27,808.472; 756.43
H4; 892, 459.19
1,037,787, 000. GO
3,595', 082. 370.24
2,384:968, 411.04
2.437.365.000
3/i8li994',000
' 825,883', 000
677.162,000
35;997,000
33,065,051,000
'110,583; 000
586,793.000
3,890,487,000
3,824'. 126. GOO I
.-,•271,937,696.93
37,126,763,138.31 j
40,728; 438,514.47
47,615,447,000
27,804,129,677 5t, i
2-11,2.17,696. S3
2.162,84l,C6S b
l!732,918,047 0 I
'639,777,328.68 I
722,703, MS. oC
4,241,913 3*
19,135,380,200 4» '
59,7.1,1UJ.^ i
48,964,'J5.J 51
95*.147,000
"CO 1J*6 00T
'
l
P
1 \) j
<•""» 010
' 7 31 ^ & ^
V
V "
Oft"
LIABILITIES.
C a p i t : ! stock paid iii.
3v-piUS iv.7:l
Otli'wjndividcd profits
Circulation (-national b a n k s ' ) . . . .
Bivid 3nds \uipaid
fniii^idiiil deposits
I <.s1,: l-'Jiviners deposits
'(Ju-i'^u S t a t e s deposits
Ban : c other oanks and b a n k e r s . .
Cfch-r liabilities
'.Total-.
27.804,129 (."/
OiO
OUO
OOC
oOO
r^ng
'fiO
< JO
1
Includes real estate owned other than banking house.
Includes exchanges for clearing house.
- includes rediscounts of national banks.
* Includes rediscounts, acceptances, and mteivst carnal but not r
2
CD
260
REPORT OF T H E COMPTROLLER
OF T H E
CURRENCY.
GROWTH OF ALL REPORTING BANKS,
Principal
iUm* of r( sources and liabilities of national.. State,
savings,
[From 186-3 to 1S72, inclusive, data from various sources: from 1573
[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.
Banks.
.1 ~1 ,466
f 31 ,089
467
,294
,634
,636
,640
,619
Real
Over- j Invest- j
r
'*
s
648.6 i
70.7
362 5
550. 4
588. 5
655.7
686. 4
161
715.9
831.6
|853 i
871.5
,968 !
439.6
983 !
565. 6
,336 I
747. 6
,448 :
726.8
720.5
,384 !
,229 i
560.9
,335 !
506. 9
,355 i
661.6
,427 i
900.6
,572 i
049.1
,835 ;
232.1
113 ;
259.1
,350 I
270.7
,
,378 ;
455.6
2,4938. 9
170 j
2,
9157.0
,647 i
3,1469. 6
,203
3,4
,999
^3 4.4
3,8024.1
641
33S j 44,0
, 3329. 5
, 361.1
492
4,
508
07S. 1
4,0
818
262.0
4,2
469
244.3
4,
457
208. 6
4,
485
632. 6
4,6
732
152.1
51
382
625. 2
406
387. 9
424
145. 4
684
688. 0
850 |
930. 9
, 971. 2
410 j
905 I 8, S27.6
9,8
746 !
697.8
10,6380.1
346
10,3
303. 5
491 i 11,3
113459. 4
095 | 12,4
, 98'?. 7
392
195 f 12, $92.1
13,'8
993
568. 3
14,5288.4
15,2722.5
062
513 ! 15, 811.6
923 ! 17,8954. 2
880 ' 20,9
22; 514.
o
6
; 301. 4
123 ;6 25,'3
139 e 3 l 2256. 1
:
1894
1895
i
'
1896
•
!
Gn
%\^
f u
• j
;
| Cheeks ,
e
and
fixtures.
180.5 . . .
SI
1890
1891
1892
1897
1898
1899.......
1900
1901
1902.......
1903
1904
1905
1906
1907
1908.......
1909
1910
1911
1912
1913
1914
1915
1916
1917
1918
1919.......
1920
Loans.
and dis| counts.
0.2
.2
.4
.5
.3
'.&
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
7.6
6.9
6. 9
7. 4
19.6
25. 4
32.5
37.6
43. 7
50.9
51.1
5ij. 0
66.2
66. 1
57. 9
69.7
62. 4
63.7
61. c
58. C
51.1
36. 2
38.2
4 7.2
60. 0
91.8
109. 2
93.4
406.6
467.6
446.5
442.9
416.4
404.7
440.3
437. S
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. 1
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
5.5S4-9
5,^81.9
6, 796.6
8'. 003. s.
9,741.6
12. 229. 5
1L387.5
]1
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
1,001.0
' ^
bar
Vv:
Vggre^% j Cash on Other
regate reanc1
'
cash 1 !. Bhand
sources. sources.
items. I
/>QcTi
96.9
33.3
5.1
103.0
41.3
110.7
96.1
102.0
128.3
123.1
124.2
107.6
161.6
109.4
91.6
143.2
115.2
144.0
102.0
182. 6
123.9
193.6
84.8
195.0
115.2
198.2
96.2
194. 7
77.8
186.2
106.4
204. 0
102.2
248.8
143.5
346.1
174.4
307.1
197.8
137.1
323.7
294.2
109.2
355. 8
188. 6
349. 8
144.2
421.6
145.2
439.1
91.1
513. 8
115.9
531.5
102.1
96.4
530. 4
684.4
107.2
549. 2
124.5
705. 9
78. 4
714.4
96.5
644.9
119. 8
781.4
132.1
925.0
125.6
1, 203.1
300.1
234.7
1; 272. 8
1, 448. 0
463. 5
1, 561.2
320.0
1, 570. 6
286.0
\'} 812.9
231.5
373.4
1, 982.0
2 029.2
445.2
2 135. 6
411.1
2 236.3
350.9
9 562.1
437.9
<>' 393. 0
620. 5
2' 788. 8
422. 7
9 / 848. 0
430. 1
426. 9
2! 776. 6
872.7
521.0
2]
376.9
3, 233.9
4. 032.1 ! 770.4
b 793.2 ! 76«. 7
5 i 136.6 ! 683.1
5. 865.4 1 ,420.S
5, 833.2 . 457. 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
6S9.0
631.1
531.9
628. 2
687. S
723.3
749.9
807. 5
848.1
857.3
990.6
994.2
1.016.5
i; 113. S
1,368.3
1,452.0
1, 423.8
1,554.1
1,572.9
1,560.7
I', 639. 2
1.457.7
j ' , 486.1
1; 502.5
' 896.6
997.3
1.076.4
60.2
1,191.7
.5
2.4
3.0
3.2
2.9
5.8
5.9
6.2
6.7
16.2
20.5
46.5
54.4
56.2
51.2
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
I'll. 4
193. 6
150. 5
165. 8
218. 4
274. 4
301.6
509. 5
564. 2
784.4
770.0
957. 9
252.3
1,126.5
1,476.4
L, 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 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
f, 2 4 5 . 4
% 192 3
7,290.6
?,609.5
",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
53.'079.1
Includes exchanges for clearing house.
Includes figures for 1,400 State banks yii<l 06 iv.viioiiai banks.
From Homan's Bankers" Almanac.
* National banks.
1
include ir;een;p]eie returns ir<aa State Lank3 ^'iih
K umber of national bai;k-~ <jniy; but aim
pei vision.
arned
Vnt not collected reported. Ly national ):-an>:s.
es redisc<>u
1
5
(•!'(-:
261
REPORT OF THE COMPTROLLER OF THE CVRKEXCY.
1B€3 TO 1920,- INCLUSIVE.
1
private banks, loan and. trust comparrifxfrnh-
P6S to 1920.
c(replied from reports obtained by :he Comptroller of the Currency.)
t? dollars.]
Liabilities.
!
In
dn Hied
1 i
fi r d
r
!
P c dl '
in ( d
Mi J, i ^ 1 r »tt
df po r^ i e n o it
1
1
1
f
(
1
1
1
id
dcx>c it
1
11
Otlei
liabih Year.
ties !
1
I
f
M
1
7
>
1
/]
.5
f 1
?
I
•* 1
t f
4 >i
lol
2-i 2
2 ( l •*
2
214
- }2
2ir^
260
27f
86 2
Q7 -{
8
(
7
8
,8 f
s
'At (!
442 7
'pi
00
<n
79
>9
)7
8
1
2
8
0
"7
78
l')2
109
Hi
00
101
-i
0
1
8
1
3
126
126
111
1 :>4
0
0
4
r
!J8 8
491
7
(tf 8
(8(
1 0 , 0
7
21
HJ
L
72 0
1 9 2
1 J8 4
l >9 (
IJJ 1
1
67
(i
>?1 9
,7 C
Ok
CO" i
0" ^ !
2 (_
i
L
J
>6 J 4
;S1 S
7> i
2<> 8
61 C 4
(87 0
781 (
"
8
(
1 201 f
7
2
1 (
1 f <'( 9
1 " ,
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282
EEPOIIT OF THE COMPTROLLER OF THE CUREENCY.
INDIVIDUAL DEPOSITS IN ALL .REPORTING BANKS,
The individual deposits m all reporting banks in the United States
and island possessions on June 30, 1920, were $37,683,563,000. These
deposits on June 30, 1919, amounted to $33,065,051,000. The percentage of increase during the year was 13,97 per cent.
Of the total individual deposits the amount subject to check without notice was $15,679,376,000 and savings deposits totaled
87,493,015,000. The classification of savings deposits, however, has
particular reference to banks other than
national. Deposits in
national banks are classified as "time' 7 and "demand 7 ' and no
information, with reference to strictly savings deposits in these
banks, is available, A classification of individual deposits in all
reporting banks is shown in the following table:
Individual deposits in each class of hanks June 50, 1920,
[In thousands of dollars.]
Number of
banks.
Individual
deposits
subject to
check
notice
Demand
certificates
of
deposit.
18, 195
1, 087
620
i , 408
799
3.4.08, 130
863. 941
6, 738
1,771, 994
44, 352
648,009
176
3,554
202,398
37,870
56,678
'147
20
27,476
253
22,109 |
8,030 I,
6,101,855
9 ; 577,721
892,016
SS6;910
84,574
430,288
15,679,376
1,288,928
514,862
State banks
Stock savings banks
Mutual savings banks
Loan and tru^t companies.
Private banks
Certified
checks and
cashiers'
checks.
l _
Total
National banks..
.10,130
Grand t o t a l .
Sayings
deposits.
Time
certificates
of deposit.
Deposits
not
classified.
Total,
S t a t e banks
Stock savings banks
Mutual savings banks
Loan, and t r u s t companies..
Private banks
2.118,558
' 2,796
4,217,540
1,141,307
12,814
1,317,716
1,672
459
201,808
44,932
3,323,844
474,883
95S,534
2,740,692
28,843
10.873,035
i;349,625
5.186,845
6.085,675
169,573
Total
National b a n k s .
7,493,015 |
1,566,587
1,052,892
7,526,906
2 2,560,999
23,664,753
i 14; 018,810
7,493.015
2,618,479 j
10,087,905
37,683,563
Grand t o t a l .
1
0
Does not include United States and postal savings deposits or dividends unpaid.
Includes $2,337,275, time deposits on open account.
CASH
ALL BEPOBTIBTG BARKS.
On June 30, 1919, the national banks of the country had
$450,351,000 cash in their vaults, and all reporting banks other than
national had $626,027,000, making a grand total of $1,076,378,000.
The total cash holdings of the 12 Federal reserve banks on June 25,
1920, amounted to $2,108,605,000, which added to the above amount
makes the total cash holdings of all these banks $3,184,983,000.
The total cash, held by all reporting banks, including the Federal
reserve banks, on June 30, 1919, was"$3,213,609,000; the reduction
during the year, theiv^oro, was $28,626,000.
b a n k s , b j u k s o i h e r ihar
J U ' M I M I *>nd ' i . ^ T < d " : v . ! I C ^ T U 1 ' " i i ^ k - K .
|]
TT
r
s h o w n in ; h o ' n
)\ "oe; ^ i ^ :
ta*e, oic .
banks.
Gcki com..
Geld C3i t'ficatoc . . . . . . .
Sliver coin
Silver certii jates
Legal-tender notes
K t i l b U
Fedoralreserve nct^js J
Sickels and. csnts
Casl\ not classiilc 'J.
fU, 532
- 3 7 124
- 431 617
Total
Cash in Federal reserve banks (June 25, 1920; •
Gold coin i»nd certifjcates (reserve)
.'.
Legal-tender note:", silver, etc, ^reserve • ...
459,351
30, ni?
34, 300
67. 258
? 5 bC5
:
f
i
'<
'
4.804
11,793
13,180
J8.703
0.49L
37.376
2. 524
4J2.467
Grand total.
,ta,
30.1J11
^k
11,215
4I',923
58'. 410
44' 103
133.003
76,748
232.980
2 524
432,467
1,076,378
1,963,375
139,320
3,134,9S3
1
2
s
Includes 12 Federal reserve banks
Includes clearing-house certificates.
Includes nickels and cents.
< Includes Federal reserve bank !ioi> •,.
UNITED STATES POSTAL SAVINGS SYSTEM,
The Postal Savings System, is io. operation throughout the continental United States and in the island possessions, Returns received
through the office of the Third Assistant Postmaster General, Post
Office Department, show total deposits on June 30, 1920, to the
amount of $139,208,954. The balance to the credit of depositors
on June 30? 1919, was $167,323,260 and the withdrawals during the
year amounted to $149,255,892, leaving a net balance to the credit
of depositors on June 80, 1920, of $157,276,322, The net increase
in deposits during the year was $2,518,832, The number of depositors on June 30, 1920. was 508,508, a decrease during the year
of 57,001, and the amount due each depositor was S309,29? an
average gain of $13.41,
The aggregate assets of the svstem. on June 30, 1920, were S163,064,171.56 compared with $173,353,650.59 on June 30,^1919. ^
The following statement shows by States and Territories the
balance to the credit of depositors on June 30, 1919 and 1920, the
deposits during the year and the withdrawals, etc*
United Slates Postal Savings System•.
States.
Balance to
the credit of
depositors
June 30, 1919.
Deposits.
Withdrawals.
Balance to
the credit of
depositors
June 30, 1920.
ID crease in
balance to
the credit of1
depositors.
to
Savings cards and
stamps.
Sold.
Amount at
interest in
Redeemed. transit items. 1
Tl]iftrft,t
Amount
of
j Interest paid deposit?
depositors.
surrendered for
bonds.
o
United States
$167,323,260.00;$139,208,954.0) $149,255,892.00|$157^
Alabama
Alaska
Arizona
Arkansas,
California
Connectie!; i
4
Delaware
District of Colrmbia
Florida
Georgia
Hawaii
!
Idaho
Illinois
I 11
Indiana
2
Towa
;
Kansas
j
Kentuck y
i;
Louisiana
Maine
!
Maryland
I
Massachusetts
Michigan
Minnesota
Mississippi.,
Missouri.
2
Montana
i
Nebraska
,
Nevada
j
New Hampshire
Ne"W Jersey
j 7
New Mexico,..,
•
New York
i 58
North Carolina
|
North Dakota
j
Ohio
: 9
Oklahoma
!
Oregon,
i 2
PennsT J v ania•. , . . „ . . . . , . , 20;
Forto R i c o . . . . . . . . . . . . . . . .
549,
395.
286;
133.'
2,961
i, 098;
;,i69;
437,
454;
[,m.
00
00
00
00
00
ooi
00!
OOi
00
88
00
.00
00
,00
00
00
00
00
00
.00
00
00
00
00
00
00
00
00
128;
72;
265.
7,13];
1,244;
263.
390!
410;
342]
265,
364;
1,065;
;
48:
>, 274;
693:
319
380;
>,667;
52;
'"34;
9;
>, 104;
288;
, 857;
;,47i;
00
00
00
,00
00
, or
.00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00:
00!!
oo
ooj 1
00!
536,483.00
440,342.00
381,387.00
116,962.00
442.591.00
419,359.00;
908,449.00
485,391.00
525,871.00
006,747.00
196.127.00
66; 247.00
393,305.00
772,823.00
974,319.00
399,806.00
431,252.00
416,340.00
335,632.00'
317,295.00
441,332.00
,417,470.00:
782,105.00'
059,075.00^
72,151.00!
207,851.00 i
150,465.00
400,180.00
511;172.00
487,458.00:
442'405.00 1
96,937.00,
,777,570.001
36j 098.00!
28,111.00:
,927,713.00
287,590-00i
} 153 ; 134. 00
, 108,' 997, OOS
206.734.00!
508,748.005
484,311.00
374,760-00!
190,540.00
3,419,871.00|
1,617,322.00!
3,646,063.00;
388,870.00'
437,990- 00
795,468.00:
131,986.00,
38,267.00;
320,621.00!
10,419,179.00i
1,740,474.00
387,673.00
722,983.00
492,633.00
390,543.00
377,538.00
336,827.00
5,071,276.00
6;290,239.00
2,320,158.00
81,414.00
2,983,290.00
1,001,709.00
388,489.00
377,759.00
564,599.00
6,404,504.00
62,660.00
65,865,838.00
42,571.00
11,374.00
7,121,271.00
292,900.00
2,279,897.00
17.063,594. OOI
136,226.00!
13 092.00
- 4 4 955.00
—94 643.00
16;',405.00
—478; 238.00
320; 654.00}
- 7 3 9 . 100 00
858.00
128.00
53 \ 707.00
—67. 415.00!
418.00!
- 1 2 8 ; 182.00|
—641. 602.00!
700' 521.00l
928.00|
-40] 705.00j
.816.001
—5, 196.00!
948.00J
—5l' 007.00 i
240.00
-1,352^ 527.00
-1,390, 795.00
- 5 6 9 ; 099.00
67' 107.00
- 4 5 6 . 967.00
- 8 1 , 040-00
- 1 3 1 , 079.00|
—94', 297.001
— 774, 508.00
—44, 039.00
7,436, 567.00
26.50|1
.10
15.00.
i;
!5.70
317. io;
297.00!
1,212.60'
'214.401
265.30i
59.30'
10.40!
.901
15. OOi
1,053.60!
133.801
53.90!
26.30J
163.70;
9.60!
51.30!
119.00
3,353.30
298.40
99.30
44.90
179.10!!
53-40
40. 90
11.20
416.90!
3,906.601
5.301
31,750.80
009.00
15.90
.60
- 1 8 ! 191.00i
-2,823, 446.00|
720.90
1, 230.00
21.40
—296, 062.001
112.70
-3,637, .119.001 5,234.20
847.001
30.
18,820.30
22. OOi
1.00
6.00
8.00
379.00
445,577.381
399,349.20;
263,621.02!
10,431.31'
10,780.28
7,652.89
3,732.33.
68,722.31i
33. 725. 94 i
76,881.3!i
Si 058.53!
12,040.17!
1?; 589.58!
3,445.93!
839.31!
8,285.281
204,297.82
39,85.3.23!
S, 907.96!
15'. 516.251
10'. 182. 671
8,022.40;
9.050.131
7' 288.70j
107; 7«.37|
142.571.90'
50,986.75|
2,136.811
57; 840.22;
22,656.05;
7,884.67!
9,140.41!
13,354.14|
165.498.36!
2,564,405.01)
1 211 509.80 i
2.728^634.25!
'3U,474.27|
336,273.17j
401.00
61.00
706,706.10|
114,924.171
4.00
5.00
37'. 248.95!
7.00
260,969.15]
559.00
8,277,544.11;
1,'{52, 722.411
130.00
307.873.15
50- 00
607,569.07
32.00
409.850.791
187.00
11.00
326;444.27
47.00
327,102.21
131.00
265,785.79
3,339.00 3, 765,869.25
321.00 5,022,035.85
94.00
1,817,760.16
43.00
73,909.02
191.00
2,432,689.35
44.00
692, 886. 26
42.00
292,188.21
10.00
298,713.10
391.00
474,793.12
3,800.00 5,210,435.08
5.00
52,120.12
'"ij744.'6o1
30, 730.00 54,563,132.47 1,258,384.06!
25.00
939.0J.I
39,858.06
422.54!
8.379.59
730.00 5,101',
154,350.90i
682.07
15.00
6,450.061
267,520.61
132.001 1,815,199.141
49', 781.47|
374,148- (Hi
4,924.001 13,643,355-56
1,237.53
17, .936.00'
85,341.82
317.00
740.00
222.00
5,311.521..
6.277.56!..
7; 419.56!..
2.6;; 1.78| 1.320.00
63,315.32! 4,600.00
3 l.o 25.52! 1.000.00
63',803. 51!1
500.00
4.660.62 ..
7,021.381 ii.'oso.'oo
-S011.50!
380-00
2 595. 46i
000.00
223.38;
7,666.381
165,595.78! 13,300.00
460- 00
37,802.161
1,500.00
9,352.54
1,800.00
12.700.58
6', 926. 741 1,260.00
5,234.441.
6,366.66!
20.66
4.545.58!.
98,805.321 i, 500." 00
.113,286.801 5,840-00
45,052.10
5,100.00
1,592.541 1,000.00
43,359.741 12,320.00
25, i n . 00! 7,540.00
000.00
6,670- 28|
7,458. 90 1,000.00
.IO,266.6O|.
500.00
99,882.201
1,846.46 .
733,885.40 "28," 260." 66
562, 68|.
690. 78i.
160,291.641 20,780.00
200.00
4,937.70
39,433.2S 19,300.00
294,412.98 23,940.00
755.48!
w
w
n
9
H
b
w
o
o
O
Rhode Tsland..
t;oijih Carolina
Houth Dakota.
Tennessee.....
Texas
Utali
Vermont
Virginia
Washington...
West Virginia.
Wisconsin
Wyoming
1,380, 051.00
51 , 93. 00
1 , 096.00
280, 262.00
7S«, 624.00
1,.SI 3, 3.1.8.00
90, 554.00
002, 406.00
5,168, 900.00
606, 712.00
2.988^ 07.00
3 7 1 , 02/). 00
l,2l,P00|
15,500.00
17,508,00
2X6,072.00
719/27S. 00
714,017.00
33,306.00
723,371.00
3.800,686.00
326,604.00
1,616,980.00!
209,899.00'
1,283,.".05. Of)
3o, 73.). no;
269,H51.OO!
763, 4 12.00i
1.303,083.00!
71,569.00!
980,327.001
1,298,118.00J
524,S58.00|
2,150,060.00!
369,626.00;
1,367,
47
.869.00
296 , 680. 00,
779 ,490.00
721 ,282.00
291.001
(iio, , 450.00J
1,671: 438.00!
40Sj 488.00
. 627. OO;
.293.00;
jr.. 11 x.
- 1 1 . 131.
y 036.
—3S, 263.
256, 956.
19" 162.
-198, 251.
0S0.
-159'
1 A miuus (—) sign denotes decrease.
2 no,
7 ; 00,
>.3(J
;. 60|
1.301
:. 20
.. 101
i. 10!
'.50.
SI. 00,
II 00
13.00;
J^9 0O
17 00
19 00
Kio on
23.00
fO 506,59i
J'MMI 52|
71
637,707. 69,
591.133.
12, 113.
IS,",, SOL
"::iriS«"!i.
1.9 i 2,516.
161,737.
1,071. >\
KM).
1. -.00
22.131.57
1,372.35'
11,660.93'
101,726.31
:>,\[ 133.06
211.21 . . .
1,N60.
163.60
121.06 l2.'i()0.
!66. 4 1
,.
1, 100.
H
o
H
w
H
H
Ot
266
REPORT OF THE COMPTROLLER OF THE CURRENCY.
Comparison of the assets an.cl liabilities of the Postal Savings
System for the years titled June 30, 1919, and June 30, 1920, is
shown in the following statement:
Balance, sheet shaving comparaluehi the resources and liabilities of the Postal Savings
System on June 30, 1920, and June 30, 1919, the increase or decrease in each item during
the period reported, and vela ted data.
Items.
"iino 30, 1920.
;
RESOURCES.
Working cash:
j
j
Depository b a n k s . . . . . . j$124,146,727.34:
Postmasters
j
219,153. 79]
$135,732,031.9->
—111, 585 ,304. 61
282,490.04)
63 ,331. 25
-j$136,014,521 9<
•'$124,365,836.13
- 11 648, 635.86
Special funds:
Treasurer of the i 'nited
StatesReserve fund
Bond p u r c h a s e
fund
Returnable deposits fund
Late postmasters'
balance fimd
', 093,230.21 i
|
7,739,438.67;
72, 800.00
10,911.00;
|
061.53!
7,781,991.21i-
Accounts r ecci vablc:
Accrued intere s t on
bond investments
Due from discontinued
depository banks
Due from late postmasters
Investments:
86,573,420
United
States Postal Savings
2i per cent bonds....
14,000,000
United
States Third Liberty
Loan 4J per cent
bonds
11,000,000 U n i t e d
States Fourth Liberty Loan 4J per cent
bonds.
Increase ( —
Decrease (— ).
Juno 50, 1919.
352. 246. 97
7,740,468.17
336,186.72
0.33
i. 77
!
23.326.92
i
-
41,158 46
+
70, 80000
-f
10, 44303
-
+
41, 523. 04
+
_
16,060 25
h 44
16, 75498
8,571.94.
377,574.221-
561. 53
344,760.43+
32,813.79
4-
1,284,820.00
| 10,524,800.00 j
30,533,720.00. —
— j 29,253,900.00; +
1,284,820. 00
G, 573, 420. 00
j
13,440,50100
5. 23S, 600. 00
13,440,500.00
10, 524,800.00
173,353,650. 59' — 10,289,479.03
163,064,171.50;
LIABILITIES.
Due depositors:
O utstanding p o s t a l
savings certificates..
Accrued interest due
on outstanding postal savings certificates
Outstanding savings
cards and stamps
Unclaimed deposits
' 270,322.00
167,323,260.00
1,450,975.21
2,541,926.15|
59,119. 90;
10.00!
56,096,90;
10.00
159,789,427.11 •
Accounts payable:
Due Postal Service
Earnings held to meet
maturing
interest
charges and losses
— 10,0-16,938. 03
87,950. 94
-I-
5,783.54
3,268,960.91
! 163,064,171.56
3,023.00
169.921,293.05
339,413.35!—
3,092,944.191 +
! 173; 353,650. 59!—
10,131,365.94
333,629.81
176,016.72
10,289,479.03
REPORT OF THft (COMPTROLLER OF THE CURRENCY.
267
Statement of vateresi-evvnino, r<>*ov:-ces and liabilities June 30, 1920. crytaparcd -with June
30, 1919.
It,ms.
Working cash:
Depository banks
Investments.."
Tun, 30, 1920.
J , m , 30, 191ft.
| ^
^
(tV.
i
:
!
$124,140,727.34,
§135,732,031.95
j -$11,585,304. 61
30,538.720.00!
29,253,900. 00i
-f 1,284,8m 00
;
-'
j •$ir)4,r).«L">,447.34i-i SHU,085,931.05 .
.
. .
||
LiABTi.rrrr.H.
Duo depositors:
Outstanding p o s t a l
savings certificates.. f
;
•,
|
j 157,27G, 322. 00!
Excess of liabilities
j
10,300,484.61
i
|
! 167,323,2fiO. 00 — 10,046,938.00
2,590,874. 06
'•
2,337,328. 05
253,516.61
Condition of the Postal Savings Bank of Manila, Philippine Islands, as of June 30, 1920.
[in pesos.]
RESOURCE'^.
Loans and discounts:
Secured by other real estate (including mortgages
owned)/.
!.
.'
.......
All other loans
Total
Investments:
United States bonds
State, county, and municipal bonds
Railroad bonds
Total
Cash, on hand:
Not classified
Total
Other resources
2. 862, 364. 20
242, 430. 00
3.104. 794. 20
350, 000. 00
460, 000. 00
828, 875. 50
i, 638, 875. 50
150, 518. 79
150, 518. 79
1. 820, 584. 13
Total resources
6, 714. 772. 62
LIABILITIES.
Capital stock paid in
Deposits:
Individual deposits subject
notice
Total
Other liabilities
Total liabilities
Rate of interest paid on deposits
Number of savings depositors.
50. 225. OS
to check
without
6, 560, 63 L 51
6, 560, 631. 51
103. 916. 03
6, 714. 772. 62
..per cent, 2\
99.126
FEDERAL FAB-M LOAH SYSTEM,
At the close of the year ended October 31, 1920, statements of
the 12 Federal land banks show that the assets of these institutions
have increased to $376,399,471, the principal assets being loans,
including accrued interest, of $356,072,902 United States Government bonds and securities $5,601,455, and cash on hand and due from
banks $7,172,552.
The capital of these banks is $24,550,051, of which the national
farm loan associations contributed $17,620,891, the Government of
the United States $6,832,680, and borrowers through agents and
individual
subscribers $96,480. These banks have accumulated a
268
REPORT OF THE COMPTROLLER OF THE CURRENCY.
reserve fund of $766,900. The hanks' liability on account of fariB
loan bonds authorized is $334,050,000.
The net earnings of these banks to October 31,1920, were $4,032,112,
from which, in addition to the reserve mentioned, dividends were paid
to the amount of SI,136,770, leaving the net undivided profits on hand
$2,022,095.
The original subscription to capital stock of these banks by the
United States Government was $8,892,130, of which $2,059,450 has
been retired.
The condition of these banks at the close of the year is shown in
the following statement:
Consolidated statement of condition 4>f the 12 Federal land banks at the close of business
'Oct. .?/, 1920.
ASSISTS.
Net mortgage loans (unpaid principal)
Accrued interest on mortgage loans (un collected)
United States Government bonds and securities
Accrued interest on bonds and securities (imcolleoted)
Other accrued interest
Farm loan bonds on hand (unsold)
i'ash on hand and in banks
Accounts receivable
Delinquent amortization payments
Banking house
'.. .*
Furniture and fixtures
Other assets
$349, 597, 495. 50
6,475,406. 5>>
5, 493, 998. 65
107,456. 54
98, 091. 52
6, 534,100. 00
7,172, 552. 28
42, 642. 28
324, 907. 43
158, 053. 8'5
158, 979. 55
235, 786. 95
Total assets
376, 399,471.11
LIABILITIES.
Capital stock:
United States Government
National farm loan associations
Borrowers through agents
Individual subscribers
•
$t>, 832. 680. 00
17, 620, 891. 00
78, 430. 00
18, 050. 00
Total capital stock
Reserve (from earnings)
Farm loan bonds authorized
Accrued interest on farm loan bonds (miniatured)
United States Government deposits
Bills payable (money and bonds borrowed)
Accounts payable (deferred payments on loans in process of closing).
Reserved for interest on farm loan bonds (matured but not paid)."!..
Other liabilities
Undivided profits
Total liabilities
24, 550, 051.00
766, 900. 00
334, 050! 000. 00
7, 632, 202/64
5, 950, 000. 00
750, 000. 00
41, 226. 78
92, 581. 46
544,413. 92
2, 022, 095. 31
376, 399,471.11
MEMORANDA.
Net earnings to Oct. 31, 1920
Less dividends paid to Oct. 31, 1920
Carried to reserve account to Oct. 31, 1920
Carried to suspense account to Oct. 31, 1920
Carried to undivided profits Oct. 31, 1920
4,032,112. 15
1,136, 770. 66
$766, 900.00
106, 346.18
2, 022'. 095. 31
Total reserves and undivided profits Oct. 31, 1920
2, 895, 341. 49
Capital stock originally subscribed by United States Government...
Amount of Government stock retired to Oct. 31, 1920
8, 892,130. 00
2, 059,450. 00
Capital stock held by United States Government (let. 31, 1920
6, 832, 680. 00
REPORT OF THE COMPTROLLER OF THE CURRENCY.
269
•The number and amount of loans closed by the Federal land hunks
in each district and State are shown in the following table:
Loan* made by the 12 Federal land haul's, in each Staff, and district, fmio
to Oct. SI, 1920.
District and State.
[Number.
St. ring field:
Maine..
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut
NeAv York
New Jersey
782
198
409
'oo
495
1,773
3-08
Total
Baltimore:
Virginia
Maryland
Delaware
Pennsylvania,..
West Virginia..
Total.
Columbia:
N orth Carolina
South Carolina
Georgia
Florida
Total.
Louisville:
Tennessee.
Kentucky.
Indiana. T..
Ohio
Total.
New Orleans:
Alabama...
Louisiana...
Mississippi..
Total
St. Louis:
Illinois
Missouri
Arkansas
|
|
!
Amount.
$1,954,900
' 427) 000
1,051,500
1,939,00')
'163,250
1,525,550
5,439,740
District and State.
21,588,200
15.285,900
6,040.100
6,418)600
Total
10,600
49,332,800
Omaha:
Iowa
Nebraska
South Dakota.
Wyoming
3, 380
3,310
1,932
584
24,112,350
15,107.790
8)204)950
1,422,100
Total.
9,212
48,847,190
Wichita:
Kansas
Oklahoma...
Colorado
New Mexico.
3,807
3,151
2 987
2,197
14,899,200
6,965,500
0.023.700
3,591,200
13,548,345
3,126
290
22
1,325
797
N, 603.933
1,030,100
84, 700
3,511,200
1.403,550
5,500
11,093,483
3,108
2,202
1)609
1,800
5,917.700
0,020)510
4,572,335
3.295,970
8,839]
20,406,515
Total..
2.830
1)952
3.240
'819
7.606,700
5)737,800
11,430,900
2,872)700
Berkeley:
California
Utah
Nevada
Arizona
Total
12,202 I 31,479,600
Houston:
Texas.
13,777
40,722,666
13,777
40,722,666
3,449
2,019
02
284
11,550,800
6,108,900
228.200
745)800
Total
5,SH
18.639,700
Spokane:
Idaho
Montana
Oregon
Washington.
3, 458
4,008
3, 789
5.577
10.945.395
11)320^490
11,399,680
12,390,170
X,8U i 27,l»5l,J00
Total
2,305
3,477
b,.314
Amount.
0,559
4,363
2,311
3,427
4,770
S,55\,\70 i
5,871,O<>5 '
11,JS'>.?"0 «
I
n , 8 3 2 i %> e i i , ; o
Number.
St. Paul:
North Dakota
Minnesota
Wisconsin
Michigan
1,040)200
1.523
3,r>9
organization
!
j
!
17,432! 46,055.735
9,809,205
10. "92,4<>0
10'. 210. "10
Total.
K K C A P I T U LA TIO N.
District.
Springfield
Baltimore
Columbia
Louisville
New Orleans
St. Louis
St. Paul
Number.
45 770
o. 500
S) 839
8, 841
15. 832
12, 096
16, 660
District.
$13,548,345
14,693,483
20,400,515
27,054,100
25.811,705
30)642,175
49.332,800
Omaha
Wichita
Houston
Berkeley
Spokane
LOAN
Total
Number.
Amount.
9,212 $48,847,190
12,202 31.479.600
13,777 40,722,666
5,814 18,639,700
17,432 46,055,735
131,035 367,834,014
BONDS.
Two classes of bonds have been issued by the Federal land banks,
namely, 4* and 5 per cent, the aggregate being $334,050,000, of which
$2-37,550,000 bear interest at the rate of U per cent and $96,500,000
&t the rate of 5 per cent.
270
REPORT OF THE COMPTROLLER OF THE CURRENCY,
In the following table is shown, by districts, the amount of these
bonds authorized, on hand, and outstanding on October 31, 1920:
Farm, loan bonds, -issued bt/ the l.' Federal lavs! haul's. authorized, on hand, find outstanding
Oct. 51, 19?0.
er cent oorvi?.
Location
of banks.
Springfield.
Baltimore .
Columbia..
Louisville N. Orleans.
St. L o u i s . .
St. P a u l . . .
Omaha
Wichita.-.
Houston...
Berkeley. .
Spokane...
Author-
cent bonds.
Autho;- ' hand
Out- j AuthorOn hand ; ' >ut(unsold). I si; a sic1 ing. ized. ; (nnstanding.
izod.
• soldi. '
' i
On hand j
Out(unsold). | standing
500,000
750,000
427,000
913,300
000,000
849,050
773,200
764,200
913,800
599,850
750,000
245,500
'.jo 000,000!$1; "J00. 000 $2,
7,o00,000l $2,000, 000|?o,50(\ 000^5, 000,000:
750, 0001 8,750. 000' 4, 000,000
| 4,000,000) 13', 500,000 '
9,500,00()j
000|
5,
750,000
5323,0001
5,427,000; 18, 7-50,000
13,000,000
...jisjooo,
7*n nnn
. . . j 9,750,000 24, 750,000
15,000,000J
806, 700! 14,19;:,300: 9, 750,000
250,000
000
9,
13,750,000!
|
9,250,000
000,000
...113,750,
18,000,000
110,000,000
150, 950 17, 849, 050110, 000,000!
000,000
500,0001
20010,
34,000,000j 1,676,
6; 800
32,323,
50,000110,450,000
500,000
800 3 2 3 2 3
36,750,000
;5,800136,01-v 200i 7, 750,000
7,750,000
500,000
22,000,000
•" 200! 21,96M,800! 5, 950,000
| 5,950,000
36'
950,000
2(>,250,000l
150J26.249, 85011, 350,000
11,350,000
600,000
12,000,000
. . J12', 000, 0001 4, 750,'300
4,750,000
750,000 . .
29,800,000
700! 29', 79", 30012, 450,000
1,80012,448,200
250,000
Total. 237,550,000; 6,lo9,000:23l,390;700!9f>,500,000i 374,*00J96,125,200J334,O50,0O0| 6,534,100 327,515,000
FARM LOAN ASSOCIATIONS.
By reference to the following table it will be noted that 4.139 farm
loan associations have been organized, 163 canceled, leaving in
operation 3,976, the number organized, canceled, and in operation
in each State being shown in the following table:
Farm loan associations origindlii chartered, number canceled, and number ojierating in
the several States at the close of business Oct. 81, 1920.
Connecticut.
15
Maine
17
Massachusetts (3 canceled •
18
New Hampshire
7
New Jersey
17
New York'
48
Rhode Island
2
Vermont11
Total, first district
Operating
135
132
Delaware
Maryland
Pennsylvania (1 canceled)
Virginia
West Virginia (1 canceled). .
Total, second district
Operating
Florida (1 canceled)
Georgia (2 canceled)
North Carolina ((> canceled).
South Carolina (3 canceled).
Total, third district
Operating
2
17
47
79
27
„.
172
170
70
83
130
* 101
384
372
REPORT OF THE COMPTROLLER OF THE CURRENCY.
Indiana
Kentucky (8 canceled)
Ohio
". / .
Tennessee (9 canceled)
271
..
-
Total, fourth district
Operating
338
321
Alabama (2 canceled)
Louisiana
Mississippi
110
72
142
Total, fifth district
Operating
324
322
Arkansas (10 canceled)
Illinois (7 canceled)
Missouri (5 canceled)
139
126
150
Total, sixth district
Operating
415
393
-
Michigan (2 canceled)
Minnesota (3 canceled)
North Dakota (3 canceled)
Wisconsin..
.
121
150
175
88
-
Total, seventh district
Operating
534
526
Iowa
Nebraska (3 canceled)
South Dakota (2 canceled)
Wyoming
».
Total, eighth district
Operating
Colorado (26 canceled)
Kansas (2 canceled)..'.
New Mexico (24 canceled)
Oklahoma (6 canceled)
Total, ninth district
Operating
141
134
82
24
381
376
..
...
Texas (18 canceled)
..„.,.
-
Total, eleventh district
Operating
Total, twelfth district (operating)
Operating
.....,.,
342
o24
Arizona (1 canceled)
California (13 canceled)
Nevada
Utah (1 canceled).
Idaho
Montana
Oregon (1 canceled)
Washington
132
132
82
122
468
410
342
Total, tenth district.
Operating.
95
84
44
115
9
115
5
62
191
176
,
75
133
01
156
455
454
272
REPORT OF THE COMPTROLLER OF THE CURRENCY.
SUMMARY.
Springfield (3 canceled)
Baltimore (2 canceled)
Columbia (12 canceled)
Louisville (17 canceled)
New Orleans (2 canceled)
St. Louis (22 canceled)
St. Paul (8 canceled)
Omaha (5 canceled)
Wichita (58 canceled)
Houston (18 canceled)
Berkeley (15 canceled)
Spokane (1 canceled)
135
172
BS4
338
324
415
534
3S1
4t>8
342
191
455
Grand total
Canceled
Operating
4.139
163
3. 976
JOINT STOCK LAND BANKS.
While 31 joint stock land banks have been chartered; only' 25
were doing business at the close of the year ended October 31, 1920,
the charters of six having been surrendered during the past year.
The aggregate assets of the 25 banks on that date amounted to
$99,865,634, the principal items being mortgaged loans, amounting, including accrued interest uncollected, to $79,022,000, United
States bonds and other securities $3,643,000, cash on hand and in
banks $1,805,000.
The capital of these joint banks was $7,951,000, surplus $80,750,
reserve $167,566. 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. 31, 1920.
ASSETS.
Net mortgage loans (unpaid principal)
Accured interest on mortgage loans (uncollected)
United States Government bonds and securities
Accrued interest on bonds and securities
Farm loan bonds on hand (unsold)
Cash on hand and in banks
Accounts receivable
Delinquent amortization installments
Banking house
Furniture and
fixtures
Other assets
Total assets
$77, 766,162. 00
1, 256, 281. 40
3. 642, 680. 62
61, 316. 29
14,440, 969. 00
1, 805, 247. 83
84. 223. 01
100.47S. 60
247, 000. 00
31, 858. 95
429! 417. 01
99, 865, 634. 76
LIABILITIES.
Capital stock paid in
Surplus paid in
Reserve (from earnings)
Farm loan bonds authorized
Accured interest on farm loan bonds (unmatured)
Bills payable (money and bonds borrowed)
Accounts payable
Reserved for interest on farm loan bonds (matured but not p a i d ) . . . .
Other liabilities
Undivided profits
Total liabilities
7, 951,000.00
80, 750. 00
167, 566. 22
74, 763, 500. 00
1, 752,176. 60
14, 232, 329. 78
316, 338. 70
43, 220. 00
473,187. 55
85, 565, 91 ,
99, 865, 634. 70
273
REPORT OF THE COMPTROLLER OF THE CURRENCY.
The distribution of loans made by these joint stock land banks is
own in the following statements both as to number and amounts:
Loans h;/ joint stock land hanhs closed, from onjanization to Oct. "1, 1920.
Number.
"i W - ^ ' I K P ( m
1
(u?
•»<
11} } i
i « i
s
L
,
1 o\
Iowa:
i
1,835,200
244
2,131,622
1,239,150
.
.
.
.
971
3,370,772
9~>7
47
5,348,169
345,895
—Indianapolis. Inri.:
1V klaVR
1,004
5,694,064
295
826
4,602,975
13,912,900
1,121
18,515,875
456
603
5,34 o.TOO
4,345,200
1,059
9,690,900
82
.76,500
1,358,000
89
1,434,500
11
129,000
1,000,000
77
1,129,000
340
363
5,103,300
4,016,5.50
703
9,119,850
304
371
2,297,300
1,561,900
675
3,859,200
34
195
323,850
1,429,500
229
1,753,350
200
12
1,695,250
163,150
212
1,858,400
212
2,863,800
212
2,863,800
Montana
268
1,035,700
Total
268
1,035,700
Tola]
i
159
_ ( l i a t W o n , W. ^ f;.:
a
in I
U, 133,400
701,800
ti
f(t?l
r
Amount.
- i — < r1 ( r c o , 111.:
Jf,
?
lot-*!
" »t i \ — ^ a h n a . K a u s . :
fi.^- ^ij'iu—Meiiiphis, T e n n . :
l < nrf "^(.f
' '
- ) ^1T>1 1
Total
Ark a n < a <—Memphis, Terui.:
TcBncjt;^ee .
-
Tot? ]
Liriicohi—Lincoln, Nebv.:
J().wa.
N^lyrp^ka.
.
.
. . . .
.. .
Total
B&ixk ers—Milvvaukee. \Y Is,:
Minnp^ota
. . .
.
Total
First—Fort W a y n e , I n d . :
lEdiai'ift
.
Total
First—Mirmeapolis, Minn.:
Minnesota
. . . .
I(nva
Total
JlliJDoi-—Montieello, 111.:
Illinois
Iowa.
Tota)
..
.
.
.
.
.
Montana—Helena, Mont.•
I<I&1JO
274
REPORT OF THE COMPTROLLER OF THE CURRENCY.
Loans by joint stock land banl's closed, from orga'irlzution to Oct. SI, 19*20—Continued.
Number.
Fremont—Fremont, Nebr.:
Iowa
Nebraska
Amount.
$1,001,045
825,540
Total.
.1,826,585
1——
JOD7T STOCK 1AXQ BAXKS.
Des Moines—Dos Moines, Iowa:
Minnesota
Iowa
390,500
1,250,800
1,641,800
Total.
First Texas—Houston, Tex.:
Texas
Total
"
Peters—Omaha, Nebr.:
Iowa
.
.
Nebraska
. . . .
Total
Central Iowa—Des
Moines, Iowa:
M! innec>o t a
Iowa
Total
Virginia-Carolina-—Norfolk, Va.:
Virginia .
North Carolina
Total
Southern Minnesota—Redwood Falls, Minn.:
Minnesota
South Dakota
Total
Total
Total
California—San Francisco, Calif.:
California
Oregon
Total
Lafayette—Lafayette, Intl.:
Indiana
Illinois
Total
Grand total
1,794,239
1,794,239
21
120
314,900
1,508,000
111
1,822,900
18
67
302,900
1,079,100
85
1,382,000
12
93
113,500
554,150
105
687,650
149
07
1,803,600
1,051;150
246
2,854,750
...
Dallas—Dallas, Tex.:
Oklahoma
Texas
San Antonio—San Antonio, Tex.:
Oklahoma
Texas
155
155
.
.
.
--
208
2,315,446
208
2,315,446
2
99
15,500
995,940
101
1,012,440
78
38
1,031,000
506,200
116
1,537,200
115
1,376,900
115
1,376,900
S.295
80,392,021
BUILDING AND LOAN ASSOCIATIONS I F THE UNITED STATES.
A statement relating to the number, membership, and assets of
the building and loan associations of the United States in each State
for the years 1919-20, submitted to this office by Mr. H. F. Cellarius,
secretary United States League of Local Building and Loan Associations, shows that the volume of business transactions exceeds
BEPOKT OF THE COMPTROLLER OF THE CURRENCY.
275
all previous records and that "the associations have met the responsibilities which new and changed
conditions imposed upon them
in the most satisfactory manner.17
The number of the existing associations is stated at 7,788, the membership 4/289,326, and the aggregate assets $2,126,620,390. By comparison of the returns for the current year with those of 19*18-19,
it appears that there has been an increase of 304 in the number of
associations, 277,925 in membership, and $228,276,044 in assets.
The States in which the principal increases in assets were reported
are shown, as follows: Pennsylvania, §45,797,507; New Jersey, $29,961,166: Ohio, $21,919,165; Massachusetts/ $14,674,966; Indiana,
$13,754,315; New York. $11,241,143: Nebraska, $8,616,514; Illinois, $8,538,598; Oklahoma, $8,284,097: Wisconsin, $8,196,696;
Louisiana, $6,927,612; Kansas, $4,952,839; Michigan, $4,484,317;
and Missouri, $4,117,960.
The following table shows, by States, the number of associations,
total membership, and total assets for States in which accurate
statistics are compiled by State supervisors, the figures given being
those shown by their reports for the fiscal year ending in 1919. The
data for
other States are consolidated under the heading, ' "Other
States,'1 and the figures given are estimated:
Statistics for 1919-20—Buihf
Number
; of associations.
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
IS
19
20
21
23
24
25
27
28
29
30
31
32
33
34
36
36
38
39
40
Pennsylvania
Ohio.:
New Jersey 2
Massachusetts
Illinois
New York
Indiana
Nebraska
Michigan
Maryland 2 ... California
Louisiana
Missouri
Kansas.
Wisconsin
Kentucky
District of Coluin bia
North Carolina
Oklahoma
Arkansas
Iowa
Washington
West Virginia
Minnesota.
Colorado
...
Maine
Rhode Island
Connecticut
South Carolina
i Oregon
Alabama 3
New Hampshire
South Dakota
Tennessee.
North Dakota
Texas
Montana
New Mexico
Arizona
Vermont
Other States
Total
1
2
3
>.339
'692
841
190
670
74
69
«:-90
85
65
169
86
86
119
20
141
58
44
64
40
50
63
37 j
38 '<
22 i
129 i
9 ;
8 i
!
1!
25 |
4
S
243
7,788
aq a,v? inn > ,i^ u, < ,,\
m
(
,354,161
262,000 |
252,500
208,999 |
210,701 I
112,868 !
92.099 i
87,963 '
38,228
62,906
59,280
75,859
67,848
67,000
44,249
53,121.
28,468 :
26,692 :
40,500
47.365 i
25,990 :
23,600 !
18.000 |
1 oi 484 i
12,870
16,500
14,950 i
11.100 !
10.460
9,109 ^
6,345 =
5,050 !
5,835 i
7,665 |
7,376 I
3,355 !
2,870 !
927 !
238,607 i
iota
ioo : * ) / , >07
«1,47S ,03
10**, 270,03?
S54,876,U0U
128,251,005
100,259,014
94,223,198
65,768,060
42,408,116
41,782,242
38,374,332
34,514,331
33,378,449
33,110,230
31,562,084
30,457,286
27,545,933
23,452,771
17,418; 801
14;753,804
14,310,487
13,334,753
9,874,565
9,624,190
9,071,034
8,050,930
7,129,893
5,960,065
5,445,944
4,571,389
4,257,463
4,112,444
3; 906;372
3,111,234
2,911,970
2,658,000
2,567,197
j,387,867
1,080,524
411.003
119,161', 167
4,289,326 j 2,126,620,300 j
Decrease.
New Jersey figures as of May 1, 19L9.
No statistics compiled for 1919; data oi tax commission for 1918 used.
Increase
in membership.
cl
' mix i-
Ihlj, 7* , 0*
( (
" 2 1 > tl ), J65
29, 961,166
14, 674,96b
8,538,598
11, 241,143
13, 754,315
8,616,514
5,484,318
l 253,333
>
6,927,512
4, 117,960
4, 952,839
8,196,695
2 017.740
3;295". 249
3,999,771
8,284,097
2, 519.196
l'924', 732
3,047,438
983,776
734,169
1 247,062
799,762
752,424
710,065
926,643
373,306
110,748
1 IS,479
5,759
14,776
.12,500
8,888
12,283
8,505
9,534
1 2, 181
12, 540
4.133
11,180
13,455
3,731
5'. 293
13', 12]
8', 668
5,306
5,060
7, 423
2,460
1,800
2,517
427
665
!, 500
!', 450
806
429,745
302,536
41,053
467
48*
1447
173,043
472,361
1 66,86]
277,825
58.948
10, 832;833
134
1,935
1 160
470
137
10,937
276
REPORT OF THE COMPTROLLER OF THE CURRENCY.
AND LOAN ASSOCIATIONS IN THE DISTRICT OF COLUMBIA.
The number
g
Columbia for the years ended June 30 from 1909 to 1920, the amount
of their Joans, installments on shares, and the aggregate resources are
shown in the following; table:
Number
of associations.
<J
M
.
.
.
"11
912
**I3
*4I4
**17
<*19
**20
.
19
19
20
20
20
20
19
19
20
20
21
Installments
on shares.
511. 587
415, 832
965, 220
004, 700
398, 010
IS 582. 156
19 524. 065
20, 186, 662
20 951, 089
21' 567'. 904
23 654. 000
27 398.000
S13
14
14
16
17
$11,920,357
13,213,644
13,324,217
14.529,977
16,453.044
17,113,899
17,866,337
IS, 668, 808
19,413,266
20.252,005
22,463,000
25.373,000
Aggregate
resources.
$14,393,927
15,250.731
16,017.405
17.100.293
18,438.294
19,029'. 260
20,655', 614
21,6ii; 007
22,264.005
23,215.027
25. 699. 000
29.322,O0C
It appears by reference to the preceding statement that the number of these institutions has remained practically the same subsequent,
to if arch 4, 1909, when they were placed under the supervision of the
Comptroller of the Currency. The amount of loans, however, and
aggregate resources have increased over 100 per cent, the aggregate
resources of these associations on June 30, 1920, being $29,322,000,
compared with $14,393,927 on June 30, 1909. Loans were reported
on June 30, 1920, to'the amount of $27,398,000, while on June 30,1909.
loans were $13,511,5S7.
FINANCIAL INSTITUTIONS IN THE DISTRICT OF COLUMBIA.
On June 30, 1920, there were 66 banks or institutions doing a banking business in the District of Columbia, under the supervision of the
Comptroller of the Currency, consisting of 15 national banks, 6 loan
and trust companies, 24 savings banks, and 21 building and loan
associations. The aggregate resources of these institutions were
$244,512,000. The increase in the number of institutions during the
year was 2, and in the resources $8,226,000. The capital stock of these
institutions increased from $19,956,000 on June 30,1919, to $20,572,000
«>n June 30, 1920, while the individual deposits increased from
$165,764,000 to $177,35S.000.
The following table shows the number of banks, capital, individual
deposits, and aggregate resources, by classes, on June 30, 1920:
Number.
National Vanks.
Loan and trust companies...,.
Savings banks
Jbrilding and loan association*
Total.,
Capital.
Individual
deposits. 1
Aggrega te
resources.
$7,677,000
10,400.000
2,495,000
$73,536, 000
54.591, 000
23,606 000
2
25, 625, 000
$111, 380 000
20,572,000
177,358 000
244, 512 000
'- A mounts due to ba.i:ks, cashiers" (-hecks, and certified checks not included.
'* Share mvme-nts raair-Jy.
929 000
28, 881 000
29, 322^000
REPORT OF THE COMPTROLLER OF THE CURRENCY.
277
EARNINGS, EXPENSES, AND DIVIDENDS OF SAVINGS BANKS
AND TRUST COMPANIES IN THE DISTRICT OF COLUMBIA.
In the 12 months1 period ended June 30, 1920, the gross earnings
of the savings banks and trust companies in the District of Columbia were $5,975,000, compared with $4,684,000 for the year ended
June 30, 1919, while the net addition to the profits of these banks
during the year was $1,665,000, or $407,000 more than was added
to their profits during the preceding year. The total dividends declared during the year were $929,000, compared with $881,000 during
the preceding year.
The following statement shows in detail items in connection with
the operation and earnings of these banks during the years ended
June 30, 1919 and 1920:
Earnings, expenses, and dividends of savings banks and trust companies in the District of
Columbia for the fiscal years ended June SO, 1919 and 1920.
[In thousands of dollars. 1
June 30,
1919—
30 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
(d) Other earnings
Total.
Net earnings during the year
Recoveries on charged-off assets.
Total.
Expenses paid:
(a) Salaries and wages
(h) Interest and discount on borrowed money
(c) Interest on deposits
(d) Taxes
(e) Contributions t o American National Red Cross..
(/) Other expenses
Net earnings during the year
Total.
Losses charged of!:
(a) OJI loans and discounts
(b) On bonds, securities, etc
(c) Other losses
Net addition to profits during the year.
Total.
Total dividends declared.
June 30,
1920—
29 banks.
24,560
10,892
881
25,551
11,135
929
3,732
4,920
30
114
S30
95
927
4,684
5,975
~l,660~
61
32
1,721
2,272
942
35
1,176
1,196
1.472
312
6
533
463
0
552
72
1,660
2.240
4,684
5,975
51
327
85
1,258
47S
1,721
2,272
881
~929
41
ss
SAVINGS BANKS IN THE PKINCIPAL 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
forFRASER
the rear 1920.
Digitized for
Savings banks, including postal savings hanks: Number of depositors, amount of deposits, average dej>os-its }>vr deposit account and per inhabitant,
specijied coantries.
by
[Compiled b y t h e Bureau of Foreign a n d Domestic Commerce, r>r]>ar(;inent of Commercv, fnjiii official r e p o r t s of t h e respective countries.]
Country.
Date of
report.
Population.1
j
Average
Average- deposit
deposit
per inaccount. habitant.
Number of j
depositors, j
•gani/ation.
1
Argentina.
Austria.
Belgium
Bulgaria
chilo.
Denmark 2.
Egypt
Finland
Oct. 18,1917
574,000
28, 763,000
7, 571,000
JDec.
r.ccdo./.
31,1912
n
4, 338,000 Dec.
946,000 Dec.
2 921,000 Mar.
12 751,000 Dec.
3 301,000 (Dec.
France.
AlgeriaTunis..
. Jermanv 3 ..
39, 602,000 /
Hungary
21, 410,000
,", 564,000
l ' 953,000
60, 715,000
Italy
30, 740,000
Japan..,
50, 350,000
.Formosa
Chosen
Luxemburg
Netherlands
.Dutch East Indies *
Dutch Guiana
Dutch West Indies
Norway
Rumania
Russia 5
3, 671,000
17, 413,000
268,000
6, 779,000
47, 204,000
89,000
57,000
o 629,000
866,000
178, 905,000
31,1913
31.1917
31,19]]
31,1918
31,1918
31,1918
31,1915
31.1916
do
\Dec. 31,1918
Dec. 31,1913
Dec. 31, 1918
Dec. 31,1916
(Dec. 31,1909
^ Dec. 3 \\ 1917
[Dec. 31,1913
/Dec. 31,1917
\Dec. 31,1918
(Dec. 31,1916
\Mar. 31,1918
/Dec. 31,1912
\Mar. 31,1918
Mar. 31,1919
Mar. 31,1914
/Dec. 31,1917
IDec. 31,1918
(Dec. 31,1914
\Dec. 31,1918
Dec. 31,1915
Dec. 31,1916
Dec. 31,1917
July 1,1910
Mar. 1,1917
Postal savings banks
(-ommunal and private savings banks
Postal savings banks, savings department..
Postaisavings banks, check department...
Government savings banks
rornmunal and private savin us hanks
Postal savings banks.
Public savings banks
Communal and corporate savings banks
Postaisavings banks
Private sayings banks
Postal savings banks
Private savings banks
Postal savings banks
Municipal savings banks
Postal savings banks
Public and corporate savings banks
Communal and private savings banks
Postaisavings banks, savings department..
Postaisavings banks, check depart men!
Communal and corporate savings banks
Postal savings banks
Private savings banks
Postal savings banks
Private sayings banks
Postal savings banks
.do.
State savings banks
Private sayings banks
Postal savings banks
Private savings banks
Postal savings banks
do
.do..
Communal and private savings banks
Government; savings banks
State, including postal savings banks
.-
212,881
4,385,064
2,405,584
150,240
3.01:}, 290
49, 79-i
312,462
X79<659
!, 550^ 252
211,970
383,164
85, 538
1,922, 365
0,694,385
20,440
1,883
27,205,927
l, (49,25f
1,069,878
25,030
2,639,201
0,273, 500
9,705,600
15,900,650
8,065
350,093
1,382,378
76,808
538,986
1,816,735
5, 740
166,438
10,750
4,580
1,432, 127
21S,690
12,488,000
$4,187,248
1, 291,011,227
57,235,850
418,823,510
204;147, 391 j
11,854,503 j
8,797,065 j
58,181,780
:;;?'), 802,359
4,497,331
6;), 436,208
2,986,873
501,352,006
311,070,533
1,098.288
!,489;629
;, 105,989,882
428,023,004
58,261,000
23,286,942
662,072, 859
070,635,473
99,759, 850
217,861,104
172,732
2,510,603
7,152,459
12,597,471
61,278,066
97,185,649
889, 304
5,405, 936
332,579
97, 253
333,437,909
11,616,820
'.133,233.000
$19.67
294. 42
22. 93
.7S7. 70
67. 75
238. 07
28. !6
00. 14
1SL22
34.92
74. G-1.
46*! 47
53. 73
783. 66
.187. 68
372. 44
51.40
908. 58
250. 86
106.90
10. 29
13.70
21. 42
7.17
5.17
164.01
113.69
53. 49
154.93
32. 48
30 94
21. 23
232. 83
53.12
170.82
$0.49
44.89
1.99
14.56
20.96
: 57
2'03
1.4.
to
^
74
114.96
35
21.04
.90
14.93
7. 85
. 20
.76
76. 53
I •). 9i)
2. 72
1.09
.18.02
i8.25
•;.77
3. 87
.05
.68
.41
47.01
9.04
14.34
.02
.11
3.74
1.71
126.85
1.69
11.92
20,500,000 ||Dec% 31,1918
Spain 6
Sweden
Switzerland
United Kingdom 7
British Tndia s
Australia
New Zealand
5,814,000
3, 880,000
42,279,000
244,268,000
5,274,000
1,174,000
Canada 9
I 'iiion of South Africa
British West Indies
British colonies, n. e. s . . . .
S, 361,000
7,144,000
i;836,000
28,370,000
Total, foreign countries..
United Slates
933, 280,000
i K pco an\
A)O, ONS. uuu
9,250,000
Philippines
I0
Grand total
i
....do
.-.do..
Dec. 31,1915
/Nov. 20,1917
\Dec. 31,1917
Mar. 3i;i919
Mar, 31,1920
/Dec. 31,1918
\Mar. 31,1920
/Mar. 31,1919
\Mar. 31.1917
Mar. 3L1919
.1917-18
! 1917-18
Private sayings banks.
Postal savings banks
Communal and trustee savings banks..
Postal savings banks
7
Communal and private savings banks
Trustee savings banks
Postal savings banks
do
Government and private savings banks
Postal savings banks
Private sayings banks
Postal savings banks
Dominion Government savings banks
Postal savings banks
Government and post-office savings banks..
....do.....
S
|
(June 30,1920 { Postal savings svstem... „
jl /^E_s dt i0m a t e d \\| Mutual and stock savings banks
! \June 30,1920 7 "
[
I 1,048,213,000 ;
8C0,321
262,780
2,108,880
644, 624
2,025,491
2.046,996
15', 215,824
1'. 677,407
3'. 076, 747
590,195
95, 472
116,541
30,277
306.103
89,567
279,635
128,875,444
11,140,676
435'140.980
20,025; 350
297,428, 628
254,758,195
989,174, 810
61,072.871
633,419', 022
162,629', 305
17,314,496
41,654,920
13,633.610
33,933;496
6', 242,420
17,205,547
118. 76
42.40
205. 53
31.07
146. 84
124. 45
65. 01
36. 41
205. 87
275. 55
131.36
357. 50
450. 30
110. 86
69.70
61. 53
G. 29
. 54
7-1. 84
3.44
76.66
6.03
23. 40
.25
120.10
138. 53
14. 75
4.98
1.63
4. 75
3.40
.61
134,274,864 16,427,452,376
' 508,508
157,276,322
11,427,556
6, 536,470,000
3,280.315
99,126
122. 34
309.29
571.99
33. 09
17. 60
1.49
61. 85
.35
158.05
22.00
146.310.054
23,124.479,013
1
The figures of population are for the nearest, date to which the statistics of savings banks relate.
- Exclusive of 3,113 deposits of $551,787 in savings banks in Faroe Islands and 202,710 savings deposits of 854,580,017 in ordinary banks.
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.
•> The total is exclusive of $769,307,000 worth of securities held by the savings banks to the credit of depositors.
£ The peseta has been converted at the rate of 23.95 cents.
? Exclusive of Government stock held for depositors, amounting 10 $734,760,760 in the postal savings banks and to $75,287,135 in the trustee savings banks
s
Exclusive of the population of the feudatory Staxes.
9
Exclusive of savings deposits in chartered banks and special private savings banks.
^information from Bureau Insular Affairs, War Department.
O
h:
O
O
O
3
4
O
5
a
280
REPORT OF THE COMPTROLLER-"OF THE CURRENCY.
STERLING EXCHANGE.
From the following statement compiled by the Commercial and
Financial Chronicle of New York, it will be noted that rates for
bankers' 60-day sterling bills quoted at 395f to 414 in November,
1919, dropped to 315 to 347 in February and closed at 336 to 34S| in
October, 1920. Sight exchange rangecf from 399f to 416J in November, 1919, dropped to 318 to 349| in February, rose to 388J to 399J
in June and in October, 1920, were 340-J- to 351*.
Cable transfers in November, 1919, were 4004- to 417; in February
310 to 350*; in June 3S9 to 400, closing in October at 341J to 352|.
Kates and ranges by months during the year are shown in the
following table:
Actnnl rates—Banker*' sfcrlin*/ bills.
I >ate.
Cable transfers.
GO d a y .
Sigh
395| to 414
399£ to 4161
365} to 399-J
400£ to 417
366 to 400-3
34C-1
315
336f
372J
378
383v
366|
350*
339|
336
349
318
840-2375
38O-\
3881370
353?343^r
340-i
349-1319
341§
375'2381-i
389
370|
3541
344}
341}
1919
November
1920
Tamiarv
February
March
M a v -.
TuiiV
Tulv..
Arjru-^t
•September
October
1o 3732
to 347
to 3921- i
to 4041
to 387J |
to 397.\ j
to 3941- j
to 369 !
to 353 !
to 348$
to
to
to
to
to
to
to
to
to
to
379
349-2
395V
406-23921
3991
396
372!3571351-J-
to 380
to 3502to 396f
to 407-J
to 393
to 400
to 39fif
to 373
to 358
to 352*
TRANSACTIONS OF CLEARING-HOUSE ASSOCIATIONS.
Through the courtesy of W. J. Gilpin, manager, New York Clearing
House Association, the Comptroller is enabled to present in volume 2
of his report a comparative statement for the years ended September
30, 1919, and 1920, of the transactions of the clearing houses of the
country.
Clearing-house associations to the number of 199 are in existence,
an increase in the year of eight, and the volume of transactions during
the last year reached $462,920,250,000, exceeding by $75,553,577,000
the transactions of the prior year. From the returns it appears that
over 81 per cent, some $378,110,000,000, of the clearings of the
country were effected through the clearing houses of the 12 Federal
reserve cities. It is also noted that over 75 per cent of the increase
in clearings was in these cities.
In addition to the 12 Federal reserve bank cities, there are 19
other cities in which the transactions of the clearing houses exceeded
$1,000,000,000, the aggregate amounting to $429,557,933,000, or over
92 per cent of the total transactions of the year.
A statement of the volume of the transactions in each of the 31
cities and in all other cities combined in 1919 and 1920, with the
amount of the increases, stated in thousands of dollars, is subjoined:
THK
Cc -tf<;r'>>o,i of lh
nsacting?
(i
f. .10. t°f .
(fi'I
281
Cl'RKENt Y.
,,/' rJt
Federal
rt
O0 la the
r
l ij'.
Increase.
N'fev- York. X. Y
.P.
CIe~» eland, Ohio..
Richmond. V n . . .
Chic ..po. Ill
ST. U n i s MO
Miri.tiipolis. Minn
K;.T-a? City, Mo
i*,i, I r s i v i s c o . Calif
T o t a l 12 FcdiTril H'-w c t*,.nk c'n<v^ ..
O ' I P fiiie-:
i'tn-oit^Mieh."'
ti .ltJraort 1 , Md.i
Los Av+pr-le^, (\ilil. 1 .
Ciiicir,n<_,ti, Ohio'- "
.
. . .
I."C. 'ion el Federi]Jrrj>et\ t >);ink l-innch.
NEW YOBK CLEAKING HOUSE.
In. 1920 the New York Clearing House reached the sixty-seventh
year of its existence. From a comparative statement submitted
by Manager Gilpin of the New York Clearing House Association of
the transactions for the year ended September 30, 1919 and 1920,
it appears that while the membership has been reduced during the
last year from 60 to 55 the combined capital of the member banks
rose from $220,350,000 to $261,650,000.
The average daily clearings of the association during the lastrear were $830,060^031 and the aggregate $232,338,249,466, an increase over 1919 of $37,635,000,000. The per cent of balances to
clearings was 9.99. By reference to the comparative statement of
the transactions of all clearing houses of the country for 1919 and
1920, appearing in volume 2 of this report, it will be seen that the
clearings in New York amounted to over 54 t>er cent of the total
clearings of the country,
Transactions of the Assistant Treasurer of the United States with
the New York Clearing House during the current year were as follows:
Exchangee received from the clearing house
Balances received from the clearing house.
Total exchanges and balances
Exchanges delivered to the clearing house
Balances paid to the clearing house
Total exchanges and balances.....
........
11)807°—en;
IJfjn—VOL
1
19
.•
$569. 477. 562
120. 748,081
690. 225, 643
599. 243, 850
90, 981. 792
090, 225, G43
LIBEETY LOAN BONDS. VICTORY NOTES, AND CERTIFICATES OF INDEBTEDNESS OWNED AND HELD AS COLLATERAL BY NATIONAL BANKS
FOR LOANS, ETC., DEC, 31, 1919.
•00
to
United States Liberty bonds.
Owned, all
issues.
Held as collateral for loans
made.
United States certificates of indebtedness.
United States Victory notes.
Owned and fully
paid for.
Balance due on
Victory notes
subscribed for
but not fully
paid.
Held as collateral for loans
made.
Held as collateral for loans
made.
Owned.
o
H
O
hrj
H
CITIES.
CENTRAL RESERVE
W
CITIES.
ft
New York...
Chicago
St. Louis,....
8128,410,126.39
7.675,789.93
2,721,816.12
Total.
ALL OTHER RESERVE CITIES.
Boston
Albany
Brooklyn and Bronx
Buffalo
Philadelphia
Pittsburgh
Baltimore
Washington
$50,775,282.00 J
8,419,300.09 !
914,031.27 I
8228,554.18
505,131.50
138,807,732.44
274,215,820.93 |
66,108,079. 90 !
793,685.08
2,481,806.19
1,824,400.00
1,090,400.50
818,158.92
15,201,098.01
27,400,900.48
7,792,902.00
0,440,148.10
37,887,063.46
3,039,700.00
5,128,362.50
4,359; 688.22
87,349,000.58
28,118,520.34
10,421,321.20
3,158,458.82
528,350.00
309,300.00
349,355.63
894,088.22
0,84S;334.52
9,382,399.12
2,651,753.35
1,455,055.11
4,050.00
45,000.00
00,003.12
120,439.41
110,201.50
37,417.76
5,382, 900.21
3,358, 492. 75
423, 700.00
1,502, 851. 83
550, 832.71
438, 100.00
2,745, 133.50
i,634, 700.00
2,430, 250.00
' 338,920.78
4.546. 009.54
2; 319;950.00
1,010' 217,50
•124;200.00
1,938, 525. OS
11,811,064.00
1,900,269.00
3,683,161.00
2,004,443.20
1,125,000.00
1,622,250.00
1.640,400.00
' 212, 400.00
1,346,240.00
24,393.00
1,299,663.37
437,325.00
276,775.00
193,274.97
3,969,286.31
092,
1.882,
'893,
1,105,
328,
009,
1,023,
245.
1,367',
82,
1,370,
90,
208,
215,
988
$137,287,000.23 j .$1;X), 088,750.00
10,727,525.05 i 32,188,000.00
5,017,874.23 |
6,449,500.00
153,032,400.11 ; 188,720,2-50.00 j
ii,208,380.00
3,754,937.50
781,500.00
6
15,744,817.50
H
|
i
j
<
:
3,385.00
13,469.00
340,828.30 I
238. 20
96,734.00
40,803.27
11,997.90
181,437.50
7,408,374.28
1,260,300.00
500,035.00 i
1,581,050.00 !
28,399,103.01 j
5,780,180.00
1,505,503.05 I
'492,060.89 j
10,514,120.00
1,709,500.00
1,248,000.00
1,140,000.00
34,414,450.00
15,811,500.00
15,407,000.00
2,147,500.00
3,896,250.00
120,750.00
1,568,617.00
49,500.00
165,000.00
570,575. 00
253,300. 00
976, C
000.00
150, C
000.00
17,180, i.500.00
3,350,(000.00
2,947,C000. 00
GO
1,230, 500.
£
17,833,(600.00
245, 000.
f
no
3,950,C
20, C
5.437,5
880, C
912,5
29i',450.00
500. 00
593,720.53
53,950. 00
55,950.00
7,550.00
795', 429. 07
i
|
I
!
!
!
I
120, C
1,111,C
8888888
Richmond
Charleston
Atlanta
Jacksonville
Birmingham
New Orleans
Dallas.
El Paso.
Fort Worth
Gal vest on
Houston
San Antonio
Waco...
Little Rock
Louisville
$215,580,259.58 i
43,589,551.05 j
15,040,015.70 I
1,876,000.00
~2s6,66o.66
1,359,500.00
199,000.00
25,000.00
103,000.00
20,000.00
140,000.00
2,500.00
98,500.00
1,889,000.00
125,000.00
100,000.00
2,600.00
105,000.00
°+°
" (
( 1
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LIBERTY LOAF EOFDS, VICTORY MOTES, AND CERTIFICATES OF INDEBTEDNESS OWNED OR, HELD AS COLLATERAL BY NATIONAL BANKS
FOR LOANS, ETC, DEC. 31, 1919— Confirmed.
T'nitcd Slates Liberty bonds.
^
in
Owned, all
lssucs
-
i n i l e d Slates eei
edt
Tinted States Victory notes.
i
i Balance duo on
! Held as eollat- I ,v
~, i , u ! Viciorv notes
!
,f }
| O w n * am, fully
Sllbsorfborl for
pald fon
j
made."
but not fully
paid.
d
{
I HoM as eollat- j
| c r a l for loans
'
made
to
00
les ofindH'l-
V"
Q
. nod.
i 1 leid as eollat11
. for loans
made.
O
H
O
i
STATES
COUNTRY BANKS.
Mai iKNew Hampshire..
Vermoni
Massachusetts
Rhode Island
Connecticut
^,001,411.00
1,663, 532. 30
2.089.2:28.82
is; 551.481..59
1, 904, 509. ] S
]:V. 320,827.58
Total New England States
Virginia
West Virginia
North Carolina
South Carolina
Georgia
Florida
Alabama
Mississippi
Louisiana
Texas
Arkansas
Kentucky
Tennessee
'
Total Southern States
?11,010.35
(if), 216. 16
10,926. 17
05,020. 21
7.030.00
34,728.47
$307 650 "'>;•!
473.'.333. 81
157.022.38
2.897'. 044.93
' 438. 400. 00
1,592,411.89
•?2, :^27,000. oo
2. 231, TjOO.no
1,084,500.00
12,607,500.00
1,509,000.00
7.001,000.00
97,868. 12
7,500.00
44.523,990.62
38,265,557. 87
13,341,424.11 I
219,840.69
5.956,763.27
26,763,500. 00
113,368.12
15,678,629. 45
14,270,966.62
34.229,818:9.'!
'549.792. 50 j
2.628, 768. 53 !
489,991.54
705.091.23
678,653.3J
4', 500. 00
22,611.00
6, 473, 800. 81
4.068,918.28
5.146,172.13
'167, 250 00
338,502. 31
26,949,834.00
15,933,500.00
29,109,846.00
575,000.00
838,000.00
246,000. 00
144 ,,000.00
513,000.00
i
24,065.197.19
16,637^ 558. 53
31.201,618.74
745,286.91
2,196,393.60
j
172,395,303. 58
74,846.055.00 I
67,357,976.03 I
1,900,847.08
16,194,643. 53
73,406,180.00
903,125.00
j
.'..,'
I
!
|
j
I
I
!
j
.i
j
j
14,311,512.08
8,954, ,%S. 92
8.519.040. 78
7,887, 204.09
5.536,198. 23
5,753,553. 61
5,218', 831.38
o\ 399^ 105.24
3,156,431.92
19,372,227. 49
3,982,643.53
7,735,277.91
4,340,347.93
53. 837. 81
30,318.73
24,455.85
39.313.00
22", 573. 69
1.190.00
W, 523. 70
14.672.00
6,950, 000.00
2,381, 875. 00
3,842. 900.00
2', 61(h 000.00
2,837, 750.00
3,570, 000.00
2,457, 070. 47
1.417, 500.00
2,097, 000.00
24,950, 540.30
1,933, 624. 60
3,059', 949. 60
1.876, 991.00
60,000.00
81,000.00
916,000.00
75.800.00
3,000.00
56,275. 54
13,443.00
69,654.00
39,587.00
2,407,205.09
' 965, 066. 32
983.986. 50
756^310.00
752,266.09
190, 475. Q0
177,166.53
250,359.34
247; 370.00
671,554.80
137,049.41
127,453. 64
481.219.60
375,814.32
8,447,482.32
59,985,200.97
1,321,200,00
i
j
j
Total Pastern States
5002,351.02 !
1,240,132.91 I
535'. 595. 42
1,978,062.60 !
1.235'. 501. 41 I
A, 449; 780. 00 j
42.085,230.74
31', 242, 487. 90
87,377,020.98
1, 413,762. 71
7.276,801.25
j:
New York
New Jersey
Pennsylvania
Delaware
Mar viand
SI,005, 105.50 !
2', 387. 302. 42
.1.244,283. 55
10,306,588. 11
3'. 069. 884. 00
10'. 292, 004. 29
97.166.043. tl
8,281,186.61
5.86M25.72
5,503, 208.61
3,316,159.16
2.582,293.38
1,630,194.12
1.251,404.77
1.515.441.75
i; 557; 093.36
3,664,370.83
1,074,741.29
4', 076,332.10
2,248, 682.98
42,562,531.68
4,658,040.18
2. 795, 503. 66
2.589, 255. 08
3,621,365.12
1,901,490.19
1.893,991.39
L 808,070. 84
977. 425. 00
1.0'59. 815. 00
4,782^ 304.36
1.573,923.33
2; 480,970. 74
1,685,275.00
31,827,429.89
H
425. 00
w
n
w
100,000.00
CJ
65,200.00
18,200.00
1,000.00
1,000. Of)
Tnejilivi
Illinois
!
, j
'M
Wisconsin
Minnesota
'
'1(»- .'MV. 01
>f. ;
( -qr,
o t , :;,>n. o,
ix , ( i n ,0
s 60") 190 ,',(i
10. iO2,62ti.:>7
10. ">33. 7xs, OH
• » q-,(; 007 Of!
•{
TnialMJ.HIrSis.lo-
,
IO.~»,
072' 1^2 3X
41N,
160. 1.">
202 X | •). XX
342^ 101. 79
i . 29I.3.Y2. 7i
2.m. 727. 7 1
N o r t h I»ak<»1a. .
•»
Nebraska.
Montana
Wvorniuc
Colorado
-.
.
.
Npw MoMCO
Oklahoma
0H0 :>13 02.-.H.; |Os. m
012, ixi.:;7
10, 107,rtt:!..>
1,
\ i o ' l ! 10X.HX
1,370,0:^.00
1\
% lhl,377.39
073 1 11,72
i:» 1.626. 2.">
\\ 26.'», 171.0:{
1, 7XX,O.",7. 12
(>10 167 10
100 'iS'i t)X
1, 0r».063. 70
1
1,
!, fi.Vi,721.
\V3>,hin"ion
- 'rpcron
Utah
71"). 022. 51
N
T o t a l Pacific ^ talc \ la^ka f'nonmom bor b° nk^ •
H a w a i i ' Jioiiujpiii! >or b;1 n k ^
T o t a l ( n o n r a e m - o r b<nk- •
T o t a l c o i m l r y l>aiik<.. .
Total ruit(Mlst..|r-
7:>3,00 1 ..7!
i w, :>xo. 00
1 102 027.23
9.686, 1 on. no
H,-)7» ,oi:>. 71
317 36! 90
7X1 0M
26(- xoo.no
IO" ,sou.;>.>
^.72 01
:'9 800 00
362 ,760.20
'JX 002 no
. 20.'). On
10 3^2. 01
10 6.V>. 00
14,3X0.00
10. 00
,"ix; rao. 10
1 _ 73;,
,_i1o^1
4:., 642. 96
ifi 17.-.. i;>
;
'•2ii'ooi :^o
i'>7 XO7 1:?
120 027. 10
117
39,306. 46
i 2 . W9.960. M
10.600. 017. •"!
314,90;? 60
1(i 921 13
:>n; 600.00
32 "0° 00
2") 000 00
;'ii ' 220! 00
26 42."). o n
29 . .")00. 00
I ,: jnn.no
".710. 909. 70
702. 121.67
67,.V21. W
.^.600. 00
2 ' 7 , 9'-3.H;2.01
169.0M,02i.X9
3.X27,464.2I
. 721. 72
; ] o i , j x o ; i x 2 . nx
7.071,879.03
26v. 7^.3 ,im.7»
Nl|Vf
s 19, o-")r>. 76
<!•;.
M.010, 906.68
2 xti", 1 11. 00
2,'-U7, 000 09
1 OH.09
2|070! 29V. 00
X16
00
2 910
2 077 ^11.00
671.00
2,4fi«,
262, :.oo. 00
1 *2\ :>09. 00
?2.*<>,
M
C
mo 000. 0(5
v.n. ')o
Of Ml 00
900, on
11' son no
•£
3,977. 3U).OO
v :,n.t i l : ; 00
i«;0 00
• , ; T O ; : .')00. 00
2.">0, 000 on
000. on
!0i . 000.00
H
h- 1
H
• on no
'..»«i no
."00 00
p-
x >o. m
C
1 i : 2:»o. m
',00 90
•{ nun 00
.^1 >, O:K>. fin
2 0 0 , 060 00
e
•w:>, 7"»0. 00
21.:?-?, Ml 0.00
•>
;300 00
I ' M . J0x,2.">7. v<3
i 72,2x1. 1;,
W) 00
163 ] 700.' 20
i JisiOlO*. i."»
26:>.,O26.X1
O/
5 0.970,1 77. 31
5X,032. 10
1 0:',2 711. It
1, 2XS. 777. 79
1X4 670. 00
nno on
'-00 00
000. 00
10\' 2 <0 00
i ?•.%, 49.1 on
2'%'-. ."i00 00
009 00
1 ' , 000. on
x 01 i
i 1 ' l 1 7 ' •9!'. i?
600 ,'481.6:;
77 006.7X
4,299.86
°~i'l 771 (47
4h,3.")0. 00
i 128 006 '>fi
* 710. ^".
1V
1S7' 307. X0
r,2,520. 10
39,83X. 13
2,860.00
202 207.90
219.920.00
too. 00
1, M , 7 1 0 . ' i
36 :>90 ;{0(>. 91
99 i .")13 7 s
091 171.62
,^H-: 776 70
:'.r,o':;2:<.' !.">
i;
"22 23">. 10
297. 167. X0
1. VI n. 00
M X , 2 ; ; 3 . 91
/Vrizona
Alaska 'member bank-'1
I, ISO 091. l.~>
(>'"»'. 072. :)6
1 V / 1 2 , 1M2.20
(
19 1 f>2 101 ",;
\ 207, K ' - . n i
31,6.»6.OS2.O:\
!6
671, 12v Ifi
101 162.^4
(VI' o->-; <r'I 7 T, i 1 1 - 00
"/ ")SS' ! I 9 99
2 , 9 ( ) ( > . . V C K 1!
Tow a
*
.) 921 : ; , , . .19
I *)2s !'/;'• 00
Oh
H
000 00
000 00
000.00
,')61.(M
291.290. 7 1.").!^ 1
1
^ ,
5! V>i
7!9 ; 93M ;
"
*
•
"
00
286
REPORT OP THE COMPTROLLER OF THE CURRENCY.
LIBERTY LGAET BONDS, VICTORY NOTES, AND CERTIFICATES OF INDEBTEDNESS
OWNED AND HELD AS COLLATERAL B Y NATIONAL BANKS FOR LOANS, E T C . ,
J U N E 30, 1920.
[In thousands of dollars.]
t
United States Liberty | United States Victory | United States certifiloan bonds.
|
notes.
j cates of indebtedness.
Hold as
collateral
for loans
made.
Held as;
collateral
for loans
made.
Owned
and
fullv paid
for.
97,886
5, 420
1,813
160,309
37,342
11,186
46,340
7,071
457
114,642
10,171
3,295
138, 839
17,589
2/218
l,91f
1,72>
105,119
208,837
53, 868
128,108
158,646
4,015
Owned.
Held as
collateral
for loans
made.
Owned.
CITIES,
CENTRAL RESERVE CITIES.
New York
Q
t
TNI;<!
.
Total
ALL OTHER RESERVE CITIES.
Boston.
1,922
14, 496
117
4,863
16, 753
7S0
Albany....
Brooklyn and BronxBuffalo
Philadelphia.
Pittsburgh
Baltimore..
W&shine-ton..
2,237
1,730
806
14,071
25,0o5
7,579
6,414
2,848
3,576
2,944
56,025
23,484
8,290
3,103
471
388
2^3
5,406
8,293
2,233
702
524
450
1,119
18,463
6,042
908
601
633
895
668
19,159
5,436
3,142
4,549
1,583
Richmond...
Charleston...
Atlanta
Jacksonville
Birrni n irharn.
New Orleans
Dallas
El Paso.
Fort Worth.
CT al veston
Houston....
San Antonio. .
Waco
Little Rock..
Louisville.
Chattanooga.
Memphis.. .
Nashville....
4,576
1,727
233
1,832
1,315
375
5,590
1,633
1,729
346
5,102
2,497
1,147
533
2,005
1,514
1,772
11,893
7,635
1,814
3,075
1,805
1,223
1,878
2,132
1,447
41
1,721
485
245
J67
3,137
868
580
2,126
141
1,517
304
500
171
393
859
201
889
122
998
119
148
71
835
334
390
1,092
2,685
521
912
166
69
540
352
72
298
6
481
114
80
39
964
347
240
436
1,199
100
1,137
291
2,817
735
1,771
150
1,375
2,674
252
152
50
642
928
2
1,590
110
1,573
1,013
3.335
1,889
1,800
1,916
6,859
8 3*>8
2/725
3,599
3,535
1,153
537
5, 220
892
4,015
5,957
5.056
361
1, 271
527
1,114
5, 208
661
160
238
372
312
384
662
187
2,503
176
4,164
70
395
500
% 112
127
3^9
1.818
176
1,010
2,945
3,535
895
2.193
2,941
429
459
6,019
335
1,530
2,039
1,973
504
825
100
232
4,869
377
209
706
. . .
..
.
.
.
Cincinnati
Cleveland
Columbus
Toledo
Indianapolis
Chicago
. . .
Peorici
"Detroit
Grand Rapids
- .
Milwaukee
Minneapolis
St. Paul
Cedar Raoids
Des Moines
Dubuc/ue
Sioux Oitv
Kansas City, Mo
St Joseph
I inoolu
ITan^as City Kari3
Topeka
Wichita
Denver
Pueblo
Oklahoma Citv
Tulsa
1...
6,503
911
l!<lSG
3 <*42
547
5 02S
ijl!,
3,793
-S22
9
134
735
737
QJ7
1 936
720
714
1I411
300
3,219
283
521
347
2 711
64
175
454
244
143
55
298
94
260
276
374
244
467
423
758
239
73
1,234
93
708
2,674
709
58
1,179
56
75
818
91
34
635
118
22
o7
38
60
3 04
21.1
180
i n
0
S
I
10
221
95
409
50
I
80
n
m
2
l.vi
81
108
25S
24"
202
51
74
605
22
0,2S0
163
75
94
460
1
5
21
Vr
u!
,: * :\i
fill
\.
LIBERTY LOA: ^NDS. V T C I OKY JJO'T, - i.i'i> -:}<aixiF-wV-£:s 1 0^ TJ^_ »-1 & TpJ : E : R ,;-i
OWNED A^TD HLLO ^ » (J^LIATERAu *T' Ti* flJI^A^ 'J^ITi:
'OF ,CO « , JCiV ,
JUNE 30, lo*>o- c,nt a l l !
L
l !
111
0
CITIES—Continue-'!.
.ALL OTHER RESERVE CITIES
continued
1
.7*4 •
i,-U7
5
" • ' )
1,'W." '
:.:,' '
! . ! . " •
L24M •
JT)
N e t - >,il
,''">
\O
1')
~ i
6
21
:
'•>"! !
To.i!
ll\ iMlui
M
!• IM
6,508
JT '">
10,613
-.ik'*
f( 1 v v
'I , ! ! ' ' h i
,N1O * a* HOl'T
1. *« •
15
' ')
) 0
1. 17". i
\ 1 il ta>
Ml i s s . p )i
•-cur iciv
<> i
ToL
1,648
288
REPORT OF THE CO\fPTROJXEIl
OF THE
CURRENCY.
LIBERTY LOAN BONDS, VICTORY NOTES AND CERTIFICATES OF INDEBTEDNESS
OWNED AND HELD AS COLLATERAL BY NATIONAL BANKS FOR LOANS, ETC.,
JUNE 30, 1920—Continued.
[In thousands of dollar?.]
\od Stales Libert\
loan bonds.
Held as
collateral
for loans
made.
T'nited States Victory
notes.
Owned
and
fully paid
for.
Held as
collateral
for loans
made.
Tinted States cert if
cites of indebtedncs
Owned.
Reid as
collateral
for loans
made.
STATES—Coni inuod.
COUNTRY BANKS -00111 inuod .
2.940
3,147
4.355
North Dakota..
South T a kola..
Montana
CoioradoT.".".
New Mexico.
Oklahoma. Total Western States....
Wa^hinjrt on
Oregon
California
Idaho
Vtah
Nevada
Arizona
Alaska (member banks)
3^287
1,623
4.262
1,163
10.755
966
1,217
1,432
1,972
'838
487
1.082
377
1,107
1.108
642
1.313
1.324
418
496
1.049
190
2.536
37.654
9,478
9,076
2,078
8,969
5.47S
4,641
19.S51
4.2 SO
S14
S«4
1,185
23
1,220
1.317
8 062
1,270
160
264
328
4
1,728
1,140
5,740
1.760
198
292
226
260
184
1,406
316
22
29
61
1
2.475
1,314
12,625
11.084
2,279
12,201
Total Pacific States
Alaska (nonmember b a n k s ) . . .
Hawaii (normn.ember banks). .
604
70
Total Vnited States
i
4 86.^82 I
203,656
778,361 !
646,043
607
1,309
479
1,283
936
291
1.212
131
2,721
935
293
125
36
T ot a \
(nonrn em ber
1 >anks)
Total country banks. - -
343
234
283 I
306 !
127 I
91 I
526
53
115
144.*3S
6
38,630 j
149.917
225,56S I
4C(i.l73
EXAMIFATIOHS OF JSTATIOHAL-BANK BRANCHES IN FOREIGN
COUNTRIES.
During the past }-ear the Comptroller's Bureau, tiirou^.b its examiners, has examined"foreign branches of our national banks in Europe.,
in South America, and also in Cuba.
In the early part of the year a national-bank examiner and his
assistant made examinations of the foreign branches of our national
banks in Brussels, Paris, Barcelona, Madrid, and Genoa, Italy. In
the summer the chief national-bank examiners of the New York
Federal reserve district and the Boston Federal reserve district were
sent to South America.
The chief examiner of the New York district conducted the examinations on the east coast of South America, at Buenos Aires, Once,
Rosario (Argentina), Montevideo and Rondan (Uruguay), Porto
Alegre, Santos, Sao Paulo, Rio de Janeiro, Bahia, Pernambiico
(Brazil).
The chief examiner of the Boston district conducted the examinations on the west coast, including the banks at Santiago, Valparaiso
REPOKT OF THE CCOiriTOLLEE. OF THE CUEEE.NCY.
289
(Chile). Lima t,Pen;O. Bogota, iledelliano, Bai'anquilla ((.\>lombia\
Caracas. Maracaibo (Venezuela^. Fort of Spain (TrimdadV
In the autumn national-bank examiners visited Cuba for the
examination of national bank branches at Artemis a, Cardenas,
Galiano, Habana. Matanzas, Pmar del Rio, Sagua Grande, Santa
Clara. Union de Reyes, Cuat.ro Caminas Remedior. Cruces, Bayamo,
Calibarien, Camaguey. Oiego de Avil&, Okmfiiegos, ('(don, Quantanamo, Manzanillo. Kuevitas, Placet as del Xorte. Saricti Spiritus,
> a n t i a go, Y a gu a j a y.
In the early part of the year national-bank examiners made examinations of the two national banks in Honolulu, Hawaii, and another
examiner went to Alaska, for the examination of the national banks
in June.au and Fairbanks.
NATIONAL BANK EXAMINEES.
The following is a. list of the examiners in the service on October
i,1920:
( 'HIKK
E X VUIN K R S .
iderai Reserve District—
Xo. 1—- Daniel C. Mullen ey, Boston, Mass.
Xo. 2—Sherrill Smith, Xew York. X. Y.
Xo. o—Stephen L. .Xewnhara, Philadelphia. Pa,
Xo. 4—William J. iSchechior, Cleveland. Ohio.
Xo. 5—James K. Doughtor., Richmond. Ya.
Xo. 6—.T. William Pofe, Atlanta, Ga.
Xo. 7—Silas II. L. Cooper, ChicaLro. JTL
Xo. S-—John S. Wood, St. Louis, Mo.
Xo. 9—-.Fred Brown, Minneapolis, Minn.
XCJ. 10 — Luther K. Roberts, Kansas Cilv, Mo.
Xo. .1 1—Richard It. Collier! Pallas. Tex.'
Xo. 1L' -Horace R. (iaiiher. San Francisco. Calif.
S T I'KK VISINT,
K X A M I \ K K > .
ctioral Reserve District- Xos. 1 and 2---E. A\'illey SI earns. Xew York. X. Y,,
X'os. 3 and 4—CHiver W. Birckhead. Waehington, D. C.
Xos. 5 and 6—R. Gordon Finney. Ei<'hmond, \'a.
Xos. 7 and 9—Joseph L. Kennedy. Sheldon. Iowa.
" ^. 8 and 10—.E. II. Gouirh, Bonnvillc Ind.
Xo. 11—David Murphy, Mexia. 'Pex.
alii'.
Xo. 12—Harry L. Machen, I.os .Angeles. Ca
ASSIGN KP AS CHIEF.
KXAM]\IN(i
I'WISIOX.
COMPTROLLER'S OF1TCE.
1
Henrv B. J>avenport, Washington, I . ( .
Firrt District.
M or win s. Bean, Manchester, X. 11.
Harold W. Black, Boston, Mass.
George M. Coffin, Xew Haven. Conn.
Thomas A. Cooper, Augusta, Me.
| Michael J. Hurley, Montpelier, Yt.
j Edward F. Parker. Boston, Mass.
| Herbert W« s^-ott,'Boston,'Mass.
William Z. Hayes, BuiYalo, X. Y.
Kuseell T. August, Xew Y(>rk, X. Y.
i'harles F. Horn, Xew York, X. Y.
Daniel C. Borden, Xew York, X. Y.
Burdett Kelly. Xew York, X. Y.
Ralph W. By ere?, Xewark, X. J.
Benjamin Marcuse. Xew York, X. Y.
Milton E. I>onongh;i Ithaca, X. Y.
Jame.? B. Pimsten.. jr., Xew York, X. Y. William F. Mitchell. Kingston, X. Y,
Frank L. Xorris, Xew York, X. Y.
Hairy L. George, Albany, X. Y.
290
REPORT OF THE COMPTROLLER OF THE CURRENCY.
Third District.
William B. Baker, Philadelphia, Pa.
John W. Barrett, Johnstown, Pa.
John A. Best, Wilkes-Barre, Pa.
Charles V. Brown, Philadelphia, Pa.
Kinzie B. Cecil, Philadelphia, Pa.
C
hl H
P h i l d l h i Pa.
Charles
H. Ch
Chapman, Philadelphia,
George C. Oongdon, Williams port, Pa.
Edward I. Johnson, Philadelphia, Pa.
| W. Morris Lammond, Lancaster, Pa.
| Carl M. Sisk, Douglasvilie, Pa,
j Vernon G. Snyder, Simbury, Pa,
S Summers,
S
C l i l Pa,
P
IG
George S.
Carlisle,
Fourth District.
George E. Armstrong, Cleveland. Ohio.
Albert B. Camp, Toledo, Ohio.
John B. Chenault, Maysville, Ky.
Sidney B. Congdon, Cleveland, Ohio.
Dan H. Cooney, Cleveland, Ohio.
Nathan S. DuBois, Pittsburgh, Pa.
A. Burton Faris, Cincinnati, Ohio.
Edward C. Haneke, Lima, Ohio.
J. Francis Miller, Wilkinsburg, Pa.
Robert Montgomery, Wheeling, W. Ya.
Edwal F. Shively, Cleveland, Ohio.
George H. Smith, Pittsburgh, Pa.
Thomas C. Thomas, Columbus, Ohio.
Fifth District.
Ashley E. Bing, Raleigh, N. C.
Roger E. Brooks, Washington, D. C.
William B. Cloe, Huntington, W. Va.
John W. Dalton, Charlotte, N. C
Thomas II. Davis, Richmond, Va.
William P. Folger, Richmond, Va.
Lawrence W. Hoffman, Richmond, Va.
Oscar K. LaPvoque, Marion, S. C.
Charles A. Stewart, Washington, D. 0.
James Trimble, Washington, D. C.
D. Robertson Wood, Martinsburg, W. Va
Sixth District.
John C. Borden, Knoxville, Term.
Charles E. Boyd, Mobile, Ala.
Thomas E. Fletcher, Cordele, Ga.
James L. Griffin, Atlanta, Ga.
Reginald M. Hodgson, Atlanta, Ga.
W. Waller McBryde, Chattanooga, Ten;
William C. Roberts, Jacksonville, Fia.
George M. Trammell, Atlanta, Ga.
John K. Woods, Birmingham, Ala.
Seventh D is fric t.
J. Harvey Beall, Des Moines, Iowa.
William P. Funsten, Davenport, Iowa.
Nels E. Haugen, Des Moines, Iowa,
Ben Hayes, Milwaukee, Wis,
Robert C. Houston, Marion, Ind.
John C. McGrath, Indianapolis, Ind.
Charles R. Mertens, Shelbyville, 111.
William G. Minor, Cannelton, Ind.
Paul Partridge, Peoria, 111.
Ellis D. Robb, Waterloo, Iowa.
John T. Sawyer, jr., Milwaukee, Wis.
Clarence F. Smith, Chicago. 111.
Robert K. Stuart, Chicago, 111.
Robert C. Willians, Chicago, 111.
Eigh th D is trie t.
Eugene II. Gough, Boon ville, Ind.
William R. Parker, St. Louis, Mo.
Richard L. Hargreaves, San Francisco, | John C. Peightel, Seymour, Mo.
Calif.
Frank T. Ransom, Memphis, Teim.
Ben M. McPike, St. Luois, Mo.
Hal Woodside, Kirkwood, Mo.
William M. Morgan, Louisville, Ky.
William R. Young, Hot Springs, Ark.
Ninth District.
Christopher H. Anheier, ^Minneapolis,
Minn.
W'ard M. Buckles, Helena, Mont
William P. Dougherty, Minneapolis,
Minn.
Peter J. Lorang, Minneapolis, Minn.
Leland L. Madiand, Billings, Mont.
Bert K. Patterson, Minneapolis, Minn.
Wm. A. Regan, Fargo, N. Dak.
Mervale D. Smiley, Sioux Falls, S. Dak.
Arthur B. Smith, Fargo, N. Dak.
John II. Smith, Minneapolis, Minn.
Harry W. Walker, Huron, S. Dak.
Irwin I). Wright, Fargo, N. Dak.
REPORT OF THE COMPTROLLER OF THE CURRENCY,
291
Tenth District..
Henry C. Bergman, jr., Coifeyville, Kans. < ' . n uOi\ u n 1 ^ , ^!3*">r* j ' K Arthur R. Bradley, Kansas City, Mo.
j t» a» i1^ *1 i\H lei' in, ( i p a ' i , .."t>r
L. Oscar Challman, Cheyenne, Wyo.
j V ill *M ^i I» J\ L'ui^i- •
V •>
Roy A. Cooper, EdmondL Old?..
^\»s " S i u l [LisUh(_r \ e b i
Sherwood Crocker, Denver, Colo.
Mrr. i< ^ u o ^
)H V t i - -,
Charles H . Filson. Guthrie, Okia.
<> i
r
George W. Good ell, Denver, Colo.
»> \»i •> M . ' ^ , J (
>
Eleventh Div:;i>>l.
Clarence E Bre^, Cl P- ,, ^\ Henry F . ] >v evi.- Ci "Ur-o, TV
William E. U m t , SJ> ^ J P , V N
H o b i n M . Johns i, M x io'i ! I ' ^
Stanlev A. Lo» °*r^oi 7>.?4J>, \ L *.
M. x .^ir-v H M , ' a. - K Ai- 'i •
' : i r M i.ish* M D a l l ^ '
J " - ' ;•<,•'
"\
'r v
V.L
^ r\U iiip^*-, ' ^ \ . "V >
.lit
TL MI •-> > <\Uui '' »\
«.
H a r r y E . A l b p ' t , "Poit'and.')»••.,
, " » i 1 vi r v »> «i • . « « ; < i / r
W i l l i a m M . G r a i O ^ e a n F&r!x, < alii 1
\ i u i l ^ " t\i IM-S , ,v J» I H I . ' < > « J «r
A r t h u r L . J a i i C f . J ^ ' )\ me a u C'alu
i t '= M h ^ 1 ' » ' ; . ^ 1^ <^ •
E d w a r d S. .Ternc^.p, l ^ v s n o r J i l
' I J T U T? .. \ N>i 1 ak '
M a r t i n McT e m Sv a i t l e , W ao1)
<>-< i 'i l o m p t o i (,%o \i.* v '*'c^, ' M I I
C h a r l e s I I . M a r t i n , b a r l ? r a n ' '**' o, C a l l '
Mi
' V i l i e , ^ • ^ i >a,if ^ * t th
CONCLUSION.
I n s u b m i t t i n g l l i i s , t h e F i i ' t y - o i ^ n r u A h r i a a l R e o o r i 01 i h o B u n - a u
of t h e C o m p t r o l l e r of t h e C i i r r e u v w tin.-! (!ir- ;^cv( v i\ti\ a i i d iri-t finrr.ioi
r e p o r t of t h e p r e s e n t iiir!um!>onl oi i<\^ .)f r u-e, .1 i.- \ v i i h a f e e l i n g of
d e e p g r a t i f i c a t i o n a m i t l u u i k f u l n o s N l i n v I ^IiL*^<*t j i t i o m i o u r o (.ho
s t r e n g t h a n d s o u i v i n e s s , t ! i e etlicieiu-i- ^n-,1 p r o v e d ; . ; - ; cf t!:^ i ^ T - e
t h a n 8 , 0 0 0 n a t i o n a l h a n k i n g t H s o u i a t i ^ i - n o v ; Mii;U^ j i^.o :-0[M" i r^:-Ii^:
of t h i s b u r e a u .
T h e p a s t s e v e n y e a r s h a v e b e e n , i n I U JLU*" 1 ^ of j ^ >jn^ ,cul
c\rr*nt
of i n t e r e s t s i n v o l v e d , t h e m o s t m o m e » n - i-, '4 d < n.u«vl i n i h ' Ju-f >^y
of t h i s R e p u b l i c ,
W e h a v e ha«l t o ft* * s a d u> s o l ^ ^10 m l i o H M
u n p r e c e d e n t e d p r o b l e m s , a n d t i e 1 'i7)]^<)«;' u r < i l . i i n c i a l M i u n ' M v i T
of t h e c o u n t r y h a s b e e n s u b j e c t e d . 0 ?»
>« v\a\ ^trni«i . a i ^ U I F i j s i .
I t h a s b e e n t h e d u t y of o u r c o u n t r v v ,»L; a . ^ o h , 1 v> i m t j a c e l l i ^ v u 1,
a n d i n c a r r y i n g o u t t h e p r o g r a m v h iHi « J I ' i»iip«> - »d i.poii i . \\< s f i a , ^
o v e r c o m e s u c c e s s f u l l y d i f f i c u l t i e s t i v i l -» TUP 4
»^o ^1 tih-i >^ i ^ < i / m o u n t a b l e a n d w e h a v e m e t e v n y i i o i;<"-t^ KU ui M.. 1 n a d * * t o«ui d o .
Our Federal reserve
financial
a n d >>;u> a n g , ; t ^ . t i Ipuu^i«o:i'e<l i n
1 9 1 4 , h a s b e e n of i n e s t i m a b l e v a i n o ; a . n v ' t l ^ n , u ^ a i d , i «-1 - \ \ I i^li
w e h a v e s o s u c c e s s f u l l y a c c o m p l i ^ b e d >v, u«<( h ^^ ' e e p imj»o^-r» u*
T h e r e c o r d s s h o w t h a t a m a j o n t v oi L^ I j i ^ e t ^ b ^ n d ^ , placLvl b y
o u r G o v e r n m e n t i n financing t h ^ \\ J!> tm • ' d n p ' i ^ 1 ) 1 o ft : h r * ^ n ffie
n a t i o n a l b a n k s of t h e c o u n t r y ; a»:d ' ,i Ji'i*;^ i !» < , r / i . d ilu i i ^ ^ h o »
a b l y a n d w i t h s u c h s p l e n d i d efllcion^ 1 '
w i-1 , \
!i * v hf(Mi i i u p * ^ s i b l e h a d i t n o t b e e n f o r t h e s t r e v \ i n ^i d .> )a L :< K i ^ i h o n ' o i ^ ' u a n d
g o o d m a n a g e m e n t , of t h e b a n k s w ^ u < *>' I^d ,-* >*-} >rm nuV\ ii\ t h ^ s e
great undertakings.
I n t h e earlier d a y s of ui\ p.i«*so'ii Hd/:ji ( «is;nn" : .'.i I' w*ai. "ound t i i a t
m a n y i r r e g u l a r a n d di'n"" rous [ . L K ' H O ^
!»,I>: -•'•'.)',':• up '5 id mutiny
292
REPORT OF THE COMPTROLLER OF THE CURRENCY.
loose and careless methods were in vogue. The Comptroller's
Bureau addressed itself earnestly to the correction of existing abuses,
and to the installation of many important and necessary reforms
which have now been largely accomplished, not without some friction
here and there and some resentments from a few bankers who were
found to be incorrigible; nut it is a deep gratification to be able to
report that with these really inconsiderable exceptions the bankers
of the country have adopted and approved or have acquiesced cheerfully in the reforms which have been promulgated and insisted upon,
and in most cases they now frankly and cheerfully admit their usefulness, importance, and need.
COMMENDATION' FOI: BANK OFFICERS AXB DIRECTORS..
It would be unfair not to give to the officers and directors of the
Rational banks a high meed of praise for the splendid and increasing
cooperation which they have given to this office in curing many
evils or weaknesses in the management of banks which at one time
existed and in establishing the reforms which have aided in bringing
these banks to their present unprecedented condition of strength, of
efficiency, and of prosperity; and it is a great pleasure to be able, in
this closing report, as has already been done in other reports, to
make this cordial acknowledgment.
Tliere are printed in this volume three charts which show graphically the growth, the safety, and the great increase in earnings of
our national banks during the past seven years as compared with the
preceding 40 or 50 years.
From the first of these charts it will be observed that our national
banks have grown more, both in deposits and total resources, in
the past seven years than in the preceding half century.
The second chart shows the greatly increased immunity from
failure of our national banks. It is encouraging to find that, despite
the unprecedented shrinkage in values which took place during the
past fiscal year and the great strain upon our banks and all business
interests, the proportion of the capital of banks which failed in the
year 1893 (when the strain was hardly comparable to that of the
past }^ear) to the total capital of all the banks in operation at that
time was about 100 times greater than the proportion of capital of
failed banks to the total capital of ail banks in the fiscal year just
closed.
In the matter of profits accruing to the banks, the third chart
referred to informs us that the net earnings of the national banks
made an actual increase in the six years from 1914 to 1920 of
$132,812,829, as compared with the total increase for the 44 preceding years, from 1870 to 1914, of $91,052,053.
BANK EXAMINERS IX TWO HEMISPHERES.
Our examiners have made during the past year approximately
15.000 examinations of national banks in this country, Hawaii, and
Alaska, and their branches in Europe, South America, and Cuba.
In addition to these examinations the national banks were required
to submit to this bureau six times during the year detailed reports
of their condition, including full statements of their status and opera
REPORT OF THE CO.MPTEOLLO OF THE CURRENCY.
293
lions. Approximately 65.000 reports of condition ft ml statements as
to earnings and dividends, and special reports showing geographical
distribution of loans and deposits, etc., were received by the Comptroller. These reports were all carefully analyzed and abstracted
in the statistical department of; the bureau and condensed statements
fend digests were from time to time prepared and given to the public.
In addition to the import ant duty of supervising and examining
all national banks in the United States, including Alaska and Hawaii,
and their branches in Porto Rico, and in 13 foreign countries in both
hemispheres, the Comptroller of the Currency through this bureau
lias supervision also over the issue and redemption of all national bank
notes, of all Federal reserve notes, and of a;l Federal reserve bank
notes.
•5.534
MILLION DOLLAKS OF (VRRENCY ISSUED AND REDEEMED IN
"1 920.
During the year ended October 31, 1920, the amount of such
currency issued through (his bureau aggregated S3.118,262.770
and the amount of this currency redeemed for the same period was
$2.4.16.424,878. The grand total of all currency issued and
redeemed through the bureau during the fiscal year as shown in
detail in tables contained herein aggregated $5,534,687,648.
EXPRESSION OF APPRECIATION FOR FIDELITY AND EFFICIENCY OF
STAFF OFFICERS AND EMPLOYEES.
In conclusion, I desire to make special acknowledgement to
Deputy Comptrollers Thomas P. Kano and Willis J. Fowler for the
very large part which they have taken in the successful administration of this bureau during the past seven years. Their experience,
their skill, and their unfailing devotion to duty have been invaluable
in securing the results obtained, and I earnestly renew the recommendations which I have made in previous years that their salaries
be materially increased so as to be more commensurate with the
excellent and skilled services which they render. Much credit is
also due to the chiefs of divisions of the bureau, and to the rank
and file of our employees, whose fidelity and zeal and. energy I
gratefully acknowledge.
To the chief national-bank examiners of the 12 examining districts, and to the field examiners and to their assistants also, belongs a
large share of the credit for the notable advance and the improvement which has taken place in the operation and management of
the banks under their supervision during these past several years.
Their task has not been easy. The faithful and efficient performance
of their duties has involved much wear and tear upon mind and
body and many real sacrifices. Their work has been done with
exceptional thoroughness, tact, and courage. The high reputation
which our examiners generally have established for themselves is
indicated by the recognition which they are constantly receiving
from the leading and most successful banks throughout the country,
both national and State, who, in acknowledgment of their skill
character, and ability, have made heavy drafts upon our force of
examiners by selecting them for positions of official importance
and dignity at salaries much above those paid by the Government.
294
REPORT OF THE COMPTROLLER OF THE CURRENCY.
The records, in fact, show that the resignations of examiners in
the past few years, for the purpose of accepting higher positions
elsewhere, amount in number to more than 100 per. cent of the
examiners in the service at the beginning of the present administration, and the condition and management of the many banks in
which former national-bank examiners are now holding responsible
and important offices suggests that practice is following precept in
their new executive positions.
CONTEXTS OF VOLUME
2.
In Volume II of this report will be found complete statements
of the condition of each national bank in the United States as of
the call of September 8, 1920; a digest of legal decisions affecting
national banks; a list of the employees of the Comptroller's Bureau";
further information concerning State banks, savings banks, trust
companies, and private banks; and much additional general statistical data relating to banks and banking.
Respectfully submitted.
JOHN SKELTON
WILLIAMS,
Comptroller of the Currency,
To the SPEAKER OF THE HOUSE OF REPRESENTATIVES.
E'KB inn
DUTIES AWB LIABILITIES OF BIBEOTOBS OF NATIONAL
BANKS AND MEMBER BANKS OF THE FEDERAL RESERVE
SYSTEM,
PBOYISIONS OF LAW DEFINING DUTIES OF DIRECTORS AND PRESCRIBING PENALTIES FOE NEGLECT OF SUCH DUTIES,
A P P O I X T M E N I1 A N 1>
t'< > V ii K •• O r
i > 1K K*
P)!iS.
1
( S E C . 5136,
, U . S. I t . S. • Fifth, T o e *ci <>r a p p o i n t -Jinvtoi's, and
i
b d
di
i
president, vice pp r i d
by its
board
off directors
to appoint
a pr
cashier, and other officer.-., define ih^ir d'lil^s. require hondf' of tUem.
and fix the penalty th.eivoi\ clisiaiss i^-u \>. ofCrers r^> ,<nv n\ tiicai A>.
pleasure, ana appoint others to iiil tii^ii1 plitres.
Sixth. To prescribe, by it.s board o^ ^IITXUH-S. "hy-lnws not incoasistent with law, rognlariijg the mariib- * in wlii':]? h s sio^k shall be
transferred, its directors elected or aj;|'-»Iiit^d, ?is oilloers appointed,
its property transferred, its general MiiMib-1^- conducted, and the*
privileges granted to it by law exercised and {'iijmvi.
Seventh. To exercise by its board of ciirecrors, or diUy «iuthorized
officers or agents, subject to law, all su^h "uicideiual powers as shall
be necessary to carry on ; lie business ol baiikiug: by discoiiiiting an.-'I
negotiating promissory rotes, drafts, hiils of (K<chvd)gi\ and oilier
evidences of debt; by receiving deposits: hy huyuijj; aud helling
exchange, coin, and buliioir. by loailing money on poisons! secuiiiy;
and by obtaining, issuing, and '-irculuting notes according' to the
provisions of this title.
NUMBER AND ELECTION OF DIRECTORS
TERM OF OFFICE.
(SEC. 51457 XT. S. li, S.) The affairs of each association shall be
managed by not less than five directors, who shall be elected by the
shareholders at a meeting to be held at any time before the association is authorized by the Comptroller of the Currency to commence
the business of banting, and afterwards at meetings to be held on
such day in January of each year as is specified therefor in the articles
of association. The director;1 shall hold office for one year, and until
their successors are elected ami harr* <p dined.
QL UNIFICATIONS
(JT 1 1 ) I R E <
r
iOB<.
(SEC. 5146, U. S. R. S,) Every di/reijr miuu, during his whole
term, of service, be a citizen of the United Slates, and at least threefourths of the directors must have u'v:i».r>d in t!*e State, Territory, or
District in which the a,ssociatlm is !• cjit'1^ 'or A,1 least one year
immediately precedin2; the 1 r ek^*ti >,,, \\ui in• 1 s' h^ -eside 1 \is therein
295
296
REPORT OF THE (/OMrTKOLLER OF THE CURRENCY.
during their continuance in office. Every director must own, in his
own right, at least ten shares of the capital stock of the association of
which he is a director unless the capital of the hank shall not exceed
twenty-five thousand dollars, in which case he must own in his own
right at least five shares of such capital stock. Any director who
ceases to he the owner of the required number of shares of the stock,
or who becomes in any other manner disqualified, shall thereby
vacate his place.
OATH HEQUIRED FROM PIREOTORS.
(SEC. 5147, U. S. R. S.) Each director, when appointed or elected,
shall take an oath that he will, so far as the duty devolves on him,
diligently and honestly administer the affairs of such association,
and will not knowingly violate, or willingly permit to be violated,
any of the provisions of this title, and that he is the owner in good
faith, and in his own right, of the number of shares of stock required
by this title, subscribed b}^ him, or standing in his name on the
books of the association, and that the same is not hypothecated,
or in any way pledged, as security for any loan or debt. Such oath,
subscribed by the director making it, i\nd certified by the officer
before whom it is taken, shall be immediately transmitted to the
Comptroller of the Currency, and shall be filed and preserved in his
office.
VACANCIES, HOW FILLED.
(SEC. 5148, U. S. R. S. Any vacancy in the board shall be filled
by appointment by the remaining directors, and any director so
appointed shall hold his place until the next election.
LIMIT OF LIABILITIES TO AN ASSOCIATION OF ANY PERSON, FIRM, OR
CORPORATION FOR MONEY BORROWED- THE DISCOUNT OF BILLS OF
EXCHANGE, ETC., NOT MONEY BORROWED.
(SEC. 5200, U. S. R. S.) The total liabilities to any association of
any person or of any company, corporation, or firm for money
borrowed, including in the liabilities of a company or firm the liabilities of the several members thereof, shall at no time exceed 10
per centum of the amount of the capital stock of such association,
actually paid in and unimpaired, and 10 per centum of its unimpaired
surplus fund: Provided, however, That
(1) the discount of bills of exchange drawn in good faith against actually existing
values, including drafts and bills of exchange secured by shipping documents conveying or securing title to goods shipped, and including demand obligations when
Becured 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 marketable
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.
REPORT OF THE COMPTROLLER QM THE CURRENCY.
297
T'.c- t o t a l liabilities tu i ' n ;it-c?o<-int 1T»I . of ,my person <>>* <vf ur>\
< ' ]p< r>itiop, or »ir*n, or < OPIJ>;:I>\ , or \\\c s e v c n l nieinbois theie<>f
yn Ti wiy iioip or IKJ.OS )Mvtr ba^co or disc Oiinied by ^iwli r-^social ion
a i d fe« ured V, !>^iu!s. poir-- ( r <'eru?i<-aies of i n d e b t e d n e s s as
u* s ribetl in \4) hereof s h a l not e^-eed l e v e p l to t h e e x t e n t pe*''.<]ued bv m l e s one! rc^i;l;itioji3 prescribed by t h e ('<'nipt roller <f
Aie C u r r e n c y , v, i t h t h e * t p p : v ^ l < f t h e fiecretaiy <">f t h e r iVeasnry)
}0 p^x1 < ci.tiiin oi rwh <\ipit:d i-U.ck i»iict rifirphis f u i h! of mifh asso( Lhi'rOii aiui t h e ioivd Jiahiliiier t o a n y j»sso('alien of a n y peivoa or
o[ hiiy ( oi-poratior., o r t.rm, or v<»i)ipain, n r ihc s r ^ c j a l m e m b e r s
t l i c ^ f for m o n e y ])Oi\*o^ ed ijiriuding 1 tJie liabilities u p o n n o t e s
^e ! t .( v1 in t h e m a n n e r deb» ribe«l im lor (3^ hereof, e x c e p t t r a i ^ a c t i o n s
*i , t'2), and (4», shall jr,*t at a n y l i m e e\('eed 25 'per ceniuin of t h e
. iiV'iiPt f-i t h e as^oriHlion's p;sU!-J:I ant 1 u u i i n p a i i e d c")|>ital stock
ic<(\ -urf>lut-. T h e exception m a d e u n d e i (3> hereof ^-ual jiot apply
1' tf e iK'le^ of a n y one p e r s o n . o > r p o r a n o p , •"" h r m oi e e m p a n y , or
-t
e several momhe^s t h o r o f f^r 'nore t h a n r \x in<-ntas i!i any coni-ev 'Jtn u t w e h e m o n t h s .
I'EPOSITS
WITH
XONMEMBER BANKS SUBJECT TO
FEDERAL RESERVE ACT).
LIMIT
(SEC.
19,
Xo member bank shall keep on deposit with any State bank or
trust company which is not a member bank a sura in excess of ten
per centum of its own paid-up capital and surplus, No member
bank shall act as the medium or agent of a nonmember bank in
applying for or receiving discounts from a Federal reserve bank
under the provisions of this act, except by permission of the Federal
Reserve Board.
DIVIDENDS AND SURPLUS
FUND.
(SEC. 5199, U. S. I\. S.) The directors of any association may,
semiannual!}^ declare a dividend of so much of the net profits of the
association as they shall judge expedient; but each association shall,
before the declaration of a dividend, carry one-tenth part of its net
profits of the preceding half year to its surplus fund until the same
shall amount to twenty per centum of its capital stock.
"WITHDRAWAL OF CAPITAL PROHIBITED—-DIVIDEND NOT
NET PROFITS—BAD DEBTS DEFINED.
TO
EXCEED
(SEC. 5204, U. S. R. S.) No association, or any member thereof,
shall, during the time it shall continue its banking operations, withdraw; or permit to be withdrawn, either in the form of dividends or
otherwise, any portion of its capital. If losses have at any time
been sustained by any such association, equal to or exceeding its
undivided profits then on hand, no dividend shall be made; and no
no dividend shall ever be made by any association, while it continues
its banking operations, to an amount greater than its net profits
then on hand, deducting therefrom its losses and bad debts. All
debts due to any association, on which interest is past due and
unpaid for a period of six months, unless the same are well secured,
and in process of collection, shall be considered bad debts within
ll.)3OTn—tTK 102o—voi. 1
20
298
REPOBT OF THE OOMPTBOLLEB OF THE CUKEENCY.
the ixieaning of this section.. But nothing in this section shall prevent the reduction of the capital stock of the association under
section fifty-one hundred and forty-three.
PENALTY FOR VIOLATION OF PROVISION'S OF THIS TITLE--—VIOLATION,
HOW DETERMINED—LIABILITY OF DIRECTORS FOB VIOLATION.
(SEC. 5239, IJ. S. R. S.) 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 violation 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.
PENALTY FOR FALSELY CERTIFYING CHECK,
(SEC. 5208, U. S. R. S.) It shall be unlawful for any officer, director,
agent; or employee of any Federal reserve bank, or of any member
bank as defined in the act of December twenty-Third, nineteen
hundred and thirteen, known as the Federal reserve a?t, to certify
any check drawn upon such Federal reserve bank or member ba;ik
unless the person, firm, or corporation drawing the check 7--is on
deposit with such Federal reserve bank or member hunV ai thetime such check Is certified, an amount of money not.r Jess than t!ie
amount specified in sue a check. Any check so ecrtt itvl Vv n civly
authorized officer, director, agent, or employee sluJU hv ;i :<>;vod a ad
valid obligation against such Federal reserve bank or member ba:ik;
but the act of any officer, director, agent, or employee of airy suoh
Federal reserve bank or member bank in violation of thi? section
shall, in the discretion of the Federal Reserve Board, rmbjfc-t s-ioh
Federal reserve bank to the penalties imposed by section olevui,
subsection (h), of the Federal reserve act, and shall subject RUCII
member bank if a national bank to the liabilities and proceedings
on the part of the Comptroller of the Currency provided for h\ section
fifty-two hundred and thirty-four, Revised Statutes, >»-M1 t.-«idl,
In the discretion of the Federal Reserve Board, subject any other
member bank to the penalties imposed by section mac cf said
Federal reserve act for the violation of any of the provision** of s«id
act. Any officer, director, agent, or employee of any Federal
reserve bank or member bank
who shall willfully violate die provisions of this section, or w n o shall resort to any device, or receira
any fictitious obligation, directly or collaterally, in order to ^v.'.do
the provisions thereof, or who shall certify a check befocc the amoiut
thereof shall have been regularly entered to the credit of the dn.vvor
upon the books of the bank, shall be deemed guilty of af inisyJcTbeoiior
and shall, on conviction thereof in any district court J the United
States, be fined not more than $5,000, or shall be iin^/if-oned for not
more than five year?, or both, in the discretion of the court..
EEPORT OF THE COMPTROLLER OF THE CURRENCY.
PENALTY FOR EMBEZZLEMENT, MAKING FALSE ENTRIES
REPORTS, ETC.
299
IN BOOKS,
(SEC. 5209, U. S. R, S.) Any officer, director, agent, or employee
of any Fcdoial reserve bank, 01 of any member bank as defined in
ihe act of D v c r i b e ; twenty-third. nin< tcer h i n g e d mid thirteen,
k ^ o c n as Llio Fedeifl restive acl ; who embezzler-, abstracts, or w i l fully misapplies Dry of the moneys, fuiJ:;. o1 credits o^ tneh federal
reserve bank ^r metnbo bank, or \V!KI v^Ithovt ^uth^iU^ from ihc
directors of sucli Fedi,i.ai reserve tw 5 k, cr member b u l k , vsuc^ or
puts in circulation any of th<*, noUw o'" F.aJh. Federal r e s ^ v o bi *~A or
n e m b c r bon*. or v h c , without SUM nithi^'ty, is^res iv D i t J forih
ntiy certificate of deposit, d r a w any ortW or bill <«f o e h a n ^ o ,
makes ^vj acceptance, assigns ° m aoie, 8;- A<i, di^u, bill of oxdhsr.;«»,
1L-O \ r 't»^e, ] r J g m e n \ or decree, '»r vvrho m *,ko«= '- ny i'a1^1 entry in
ttny bock, sc\ oi*t, or siiitcnieni uf siic»t Fcdcui 1 •vs^iv^ bt.nk or •.lumber 'unl "vvit1^ nil em I; nny «.,\s<, io Injure or J?!.*a:'u ,-'v»h l^^derii'
io?2r , o bank or tjeor*]1.. r bunk o^ : in otlui oO*npuny, body po'iile
or coffcrat*\ or any '^t'i^Jdnal pcit 'i , OT * ? d t v l r - *.nj ofTic^r r,f
s, a* Vedevi ] -* - ^ r w , !^ ,> L ^?- m o n b a - S>^nl «>:fciioI r, r r : ollcj oi the
Cui rt«'tcy, ('t any «r/ .-t r r t^urr IJOL ai»ifoI)iLra to jxa/r^Lif tlu, ..fill.,
iu-1 -?» n. "HV'J in' ^esexvo ^ n k or iv «ibe^ b a ! . oi Lho ^'
poivr FoHi-i. and ' . \ ^ i \ ect^h c\; ct# ;* a&tfO'i^l Oijni.irj^
who, \ . i ' l i Lik^ l i . e p i to dch«*-i^ ^r . n j u u f i n l u ^ z k ? obpirnotr.,
pti f .)": s, u? v/'lifdJly i^'^app'le," r L y '>! i ! s e 'UCH^VG, fuijJ-, c r ?ir- ;ts
oi n ; s iri>f:i, 'iii' 1 (/", Oi, 3jev^cv. \v'«('; TT:».fi il^3 i^k>r% a'ds r
J\if..
T
tr 3' fifi^e', nire^..>x. .'C.c^iL, < rn|Juyc , or '(%ccS'^ ' ^
:y w"0 7 jr'in
,;i firs x c a o n rlui'l ]»;» «Jors ^ d gnlil 7 CL a ."ii"*n r^ti:i f . , f* d u*^ii
convictio'' lOi-icoL i-i \ i - y dish'^jt couii oi dv: \J J i s t t . ' ^ s ] r l ]
liian livro ycai'o, oi bo1"'! in tlie di. r - . t i ^ n ui t'±o f^u^J
A n y F e d e r a l r e s e r v 'i^oi.tj o / \»<y a f e n t u" % iii t ik'ye.j o." r.i-vii
Feck "d r e s e r v e age^i or of "Ai^ Ffdi-^ii J l c & t ^ o J^o^rJ, wi^o om-
b
"
l^1!
'
l
Jd
fi
H
< cikJ*i iP3 ini "d^fced : "»i° I'IU'O or »vitlii,vi, co^ipHmg writh o* in
i-Uil'.> v c: f« o p e n s i o n s of ,b° Fc(!ciai r.s^i-'i u./i issut'^ Ji. O'JI.4
n ***-"ulaticr t,A)y FcH^ial i\3e;> r r «ui?s shall !"•• ^t ; i ! »y ol i\ IMLSleiij-caor a,ti'i jpo""i -JOI victim In aiyv aiptrici court o[ the United
tf.tes bl'nll be liat-d not n o r e th'Ui Sr ; 000 or iripii«oi)i»(3 \ ^ r«ot
ijfre tliim "fise ved""s, o1" boll:, in t l r di^cr^t'on of if e court.
iaH ^ t unLi T ^u' Tor a:\sr? »tu»naJ oai<k, ^. aiij
y P^JIIO i* V J !
diy JMM^ >l OGI ^ie-s
o^p
*« * icik*j a
.* in woriioction with t-ny -uL^t'oL to any i x l U h i l ofi»*
Tt sha'i nlso be unlan r fal iur a^j co'pooa^Jo ^ h u t e - -Jo uakv
Jcntial and vico pres^ru tiitl PIM r (i? JJ V K^cjo-cinai^vi*
C p
is to be vot^d r cr c* n r olecf : oa by aijj/ SL"tolo^i»i^u< ol, 1^ i t c i
Fi« tes Sc?iatq^ Every corporaJou nliicii LiJi p aLo .mj * ou. iouLion in violation of ilro foregoing f i ; H o i r s^°ll oc ?ul j^ot .'^ it Jne
not evceediiigfi^ thoiu:.ad dollsn % ai d c»;or^ ^ili^or oT-dirccto"»'o«9t.tny
800
REPORT OF THE COMPTROLLER OF THE CURRENCY.
corporation who shall consent to airy contribution by the corporation
in violation of the foregoing provisions shall upon conviction be punished by a line of not exceeding one thousand and not less than two
hundred and fifty dollars, or by imprisonment for a term of not more
than one year, or both such line and imprisonment in the discretion
of the court.
LOANS TO BANK EXAMINERS PROHIBITED.
>5EC. 5, Act Sept. 26, 191S.' That section twenty-two of the
Federal reserve act. as amended by the act of June twenty-first,
nineteen hundred and seventeen, be further amended and reenacted
to read as follows:
(a) No member bank and no officer, director, or employee thereof
shall hereafter make an}7 loan or grant any gratuity to any bank
examiner. Any bank officer, director, or employee violating this
provision shall be deemed guilty of a misdemeanor and shall be imprisoned not exceeding one year or fined not more than $5,000, or
both; and may be fined a further sum equal to the money so loaned
or gratuity given.
Airy examiner accepting a loan or gratuity from any bank examined
by him or from an officer, director, or employee thereof shall be
deemed guilty of a misdemeanor and shall be imprisoned one year
or fined not more than $5,000, or both, and may be fined a further
sum equal to the money so loaned or gratuity given, and shall forever
thereafter be disqualified from holding office as a national bank
examiner.
BANK EXAMINERS FORBIDDEN TO PERFORM ANY SERVICE FOR COMPENSATION FOR ANY BANK OR OFFICER, OR TO DISCLOSE INFORMATION
ABOUT BANK WITHOUT PERMISSION OF COMPTROLLER,
(b) No national bank examiner shall perform any other service
for compensation while holding such office for any bank or officer,
director, or employee thereof.
No examiner, public or private, shall disclose the names of borrowers or the collateral for loans of a member bank to other than the
proper officers of such bank without first having obtained the express
permission in writing from the Comptroller of the Currency, or from
the board of directors of such bank, except when ordered to do so by
a. court of competent jurisdiction, or by direction of the Congress
of the United States, or of either House"thereof, or any committee
of Congress, or of either House duly authorized. Any bank examiner
violating the provisions of this subsection shall be imprisoned not
more than one year or fined not more than $5,000, or both.
PENALTY FOR OFFICER, DIRECTOR, OR EMPLOYEE RECEIVING ANY F E E
OR COMMISSION FOR MAKING LOANS, ETC.
(c) Except as herein provided, any officer, director, employee, or
attorney of a member bank who stipulates for or receives or consents
or agrees to receive any fee, commission, gift, or thing of value
from any person, firm, or corporation, for procuring or endeavoring
to procure for such person, firm, or corporation, or for any other
REPORT OF THE COMPTROLLER OP THE CURRENCY.
801
lorivon. firm, or corporation, any loan from or the purchase or discount
• f any paper, note, draft, check, or bill of exchange by such member
bankVhail be deemed guiHy of a misdemeanor and shall be imprisoned
:,('{ more \h<\n une year or lined not more than $5,000, or both.
T\ j:< HAMv o r on SALE TO DIRECTORS OF SECURITIES, ETC., J.JV BANK,
• '/) Any meiiiber bank may contract for. or purchase from, any of
ii> directors or from any linn of which any of its directors is a member,
•j-'iy securities or other property, when (and not otherwise) such
r'Urohiise is made in the regular course of business upon terms not
IL->S favorable to the bank than those offered to others, or when
-'K'h purchase is authorized by a majority of the board, of directors
Ri-t interested in the sale of such securities or property, such aur]LoilLy to be evidenced by the affirmative vote or written assent of
-.leu directors: Provided, timcever. That when any director, or firm
of Vv hicli any director is a member, acting for or on behalf of others,
-CJU securities or other property to a member bank, the Federal
Kt:->er\e JBo<*rd by regulation may, in any or all cases, require a full
di-closure to be made, on forms to be prescribed by it, of all coroniiwons or other considerations received, and whenever such director
or iirm, acthig in his or its own behalf, sells securities or other property to
the bank the Federal Reserve Board, by regulation, may
T-e({uiile a fY*?l disclosure of all profit realized from such sale.
Any member bank may sell securities or other property to any of
its directors, or to a firm of which any of its directors is a member,
in the regular course of business on terms not more favorable to
Mich director or firm than those offered to others, or when such sale
is authorized by a majority of the board of directors of a member
bunk to be evidenced by their affirmative vote or written assent:
P/ttndHL h(xr( rtr, That nothing in this subsection contained shall be
Cuihtrued as authorizing member banks to purchase or sell securities or other property which such banks are not otherwise authorzed by law to purchase or sell.
PAYMENT OF INTEREST ON DEPOSIT TO DIRECTORS TO BE AT A KATE
NO GREATER THAN PAID TO OTHER DEPOSITORS.
{() No member bank shall pay to any director, officer, attorney,
or employee a greater rats of interest on the deposits of such director,
officer, attorney, or employee than that paid to other depositors on
similar deposits with, such member bank.
PENALTY
FOR VIOLATION OF PROVISIONS OF SECTION 22 OF FEDERAL
RESERVE ACT.
Y) If the directors or officers of any member bank shall knowingly
violate or permit any of the agents, officers, or directors of any member bank to violate an}' of the provisions of this section or regulations of the board made under authority thereof, every director and
officer participating in or assenting to such violation shall be held
liable in his personal and individual capacity for all damages which
the member bank, its shareholders, or any other persons shall have
sustained in consequence of such violation.
302
REPORT OF CUE COMPTROLLER OF THE CURRENCY.
LOANS OF TRUfei' FUNDS TO DIRECTORS, ETC., PROHIBITED.
Section Ilk of the Federal reserve act provides that it shall be
unlawful for national banking associations to lend any officer, director,
or employee any funds held in trust under the powers conferred by
that section, and that any officer, director, or employee making
such loan, or to whom such loan is made, may be fined not more than
$5, 000 or imprisoned not more than five years, or may be both fined
and imprisoned in the discretion of the court,
INTERLOCKING
DIRECTORATES—"WHEN FORBIDDEN (ACT
1914, AS AMENDED BY ACT MAY 15, 1916).
OCT. 15,
(SEC, 8.) That from and after two years from the date of the approval of this act no person shall at the same time be a director or
other officer or employee of more than one bank, banking association,
or trust company organized or operating under the laws of the United
States, either of which has deposits, capital, surplus, and undivided
profits aggregating more than §5,000,000; and no private banker or
person who is a director in any bank or trust company organized and
operating under the laws of a State, having deposits, capital, surplus,
and undivided profits aggregating more than $5,000,000, shall be
eligible to be a director in any bank or banking association organized
or operating under the If ws of the United States, The eligibility of
a director, officer, or employee under the foregoing provisions shall
be determined by the average amount of deposits, capital, surplus,
and undivided profits as shown in the official statements of such
bank, banking association, or trust company filed as provided by law
during the fiscal year next preceding the date set for the annual election of directors, and when a director, officer or employee has been
elected or selected in accordance with the provisions of this act it shall
be lawful for him to continue as such for one year thereafter under
said election or employment.
No bank, banking association, or trust company organized or operating under the laws of the United States, in any city or incorporated
town or village of more than two hundred thousand inhabitants, as
shown by the last preceding decennial census of the United States,
shall have as a director or other officer or employee any private banker
or any director or other officer or employee of any other bank, banking association, or trust company located in the same place: Provided} That nothing in this section shall apply to mutual savings
banks not having a capital stock represented by shares: Provided
further. That a director or other officer or employee of such bank,
banking association, or trust company may be a director or other
officer or employee of not more than one other bank or trust company
organized under the laws of the United States or any State where the
entire capital stock of one is owned by stockholders in the other:
And provided further. That nothing contained in this section shall forbid a director of class A of a Federal reserve bank, as defined in the
Federal reserve act, from being an officer or director, or both an officer
and director, in one member bank: And provided further. That nothing in this act shall prohibit any officer, director, or employee of any
member bank or class A director of a Federal reserve bank, who shall
first procure the consent of the Federal Reserve Board, which board
REPORT OF T H E COMPTROLLER OF T H E CURRENCY.
808
fc h e r e b y a u t h o r e d , ai u «'•» t r e t ? n t ^ a i i v i ) l i o k t , fA < v * o \ o
s u c h c o n s e n t , f r o m b e i n g aL offi ot d h \ eto 1 *, * e * r » t l o y i x ^f n o t
iiLOie t h a n , tvvo o t h e r b a i i k b , b ( m i iri<-> <i~Toclotioi oi *'".is* c o m p a r e s ,
w h I h o r c ^ a i d z ^ d ir*c!/i t h e h~n * *,r I v I r u " J . S \ i« o <». a n y S ^ ' o , :i
suer. * J u * Lank, b m k r i o ass'
n o r , vi " u^
omf; < i* ir ^ 1 ,*L
s u i °{'»nii it ^ i n p e f i t ' t 1 " v "t f . s ^b ,.LC*. 3* oi b ^i^
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Uir* r«ejfc<">.*. ' o p l ^ x D g l i i ' i i . ' 1 r hi! * IKH^ ° l e c i o d it-> ^ e ] n ^ A d««0'- d
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is i ^ v ora? i ^ i ^ b a n k o r \L> a d« p d h ' « ^ ' ) ^ n» " i 1 ^ * cr*}
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a ^ e n t , 01 e m p l o y e e ot ar j »neirrb<ki hrJiL ^ •• \y. \vrit'« t l i e J v f c » v * i i cf t h e
FedeiCwi EeoC-rv r ( f>oa^d 7 b o -f ' i ^ e c t o r o • cilw
<*f.r*>ic^, P J r:i <,v ^ n
:
p k y e j of p n r ^ a , i i k o r ( o - » p u i r t ' « i i < ! ' ^ i U , ^^ > i ^ ^r]K \ t i d u i x ^ r
t h t la^v^ of e k e U n i ^ - r Sifju^. a r <^f j si^ > t o t ^ f h i*^^1 a^M >,r'\' 1^ J ( ;
e n ^ a ^ c d i a i r r t o : n ^ h o « i a i 01 ' V i c i ^ i i b t : ^ ] rt^i\ r i v n k i i i \ *:i ^ r ' ^ p ^ ^ d -
s o r iii H U ^ L r»«»^ ^ : i n i ( \ v ( H \ - u l a . o»> ^c^-.i/*\° J I I
t11^ * ' j p j a l f;tocl of v , L V b j r ( - h rr ^m^e*' U:t^:' s.hn 1 ' ' M V i p ~ ^ - l e I
w:»!v J4-V»el ^ ^ u b j ^ L 1 i o tl^op'*! ' ^ i ? n ^ • , ' f * e r t i ' > ' S *>f -b " a i f r p ; j ; ^v^J
15 '"-I .* "V,*;
Wlion a bank is oryonized tlie b ^ v o' ctiroj; v.r^ f-hovld a*lo, c by
la>"s and send n cepv to tlie Comptroller o'r ill*-1 f V:rope^;. ^Sco.
5136, F H E . 8.) ThV following is s^iimitU v.! f: a -vkera? fona that
may b^ modiGed in any ii:')iiTi"^ de^n?< d ^s.p^ie^ 1 ", "hir no + in °^i.~
flirt v i t h Jaw u* Uu* 'UT^clo^ (*I
OC'P^1:
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Bih^'is
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uuL]
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t-u>ifli:'ng
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*. T l i e r e g a l i a . ^ ' u r ' aioe i t ', '.. tKt oii^'v^ioldt^? <./ T. 1 I K U : ^ ^ \ t i n
e l e c t i o n of d ' r e r l o r r c^al) b r j i r i o at '*u I* d k i n g L'ui-^- «MI •* ho J a ^ . F«iJira*y cT e a c h
y e a r pro^Hded *n t l t ^ in tic l^^ o* as^o-'i^/t % hetAvc^n 1?° h^-ii111 <»f so a n d 1 01 ^ : . l J </
304
Ki>:rORT OV T H K tmirTROLLER OP THE CURRENCY.
IT shall be the duty of the hoard of directors, within env- month prior to the time of said
election, to appoint three shareholders to he judges of said election, who shall hold
and conduct the same, and who shall, after the election has heen held, notify under
their hands the cashier of this hank of the resu t thereof and the names of the director?
elect.
SEC. 2. The cashier, upon receiving the returns oi the judges of the elections a?
aforesaid, shall cause the same to be recorded upon the minute book of the bank, and
shall notify the directors elect of their election and of the time at which they are
required to m eet at the banking house of the bank for the purpose of organizing the new
board. If at the time fixed for the meeting of the directors elect there is not a quorum
in attendance, the members present: may adjourn from time to time until a quorum
is secured, and no business shall be transacted prior to taking the oath of office as
prescribed by law.
SEC. 3. If, for any cause, the annual election of directors is not held on the date
fixed in the articles of association, the directors in office shall order an election to be
held on some other day. of which special election notice shall be given in accordance
with the requirement? of section 5140. United States Revised Statutes, judges appointed, returns made and recorded, and the directors elect notified, according to the
provisions of sections one and two of these hv-laws.
SEC. 4. The officers of this bank shall be a president, vice president (who shall be
members of the board of directors^, cashier, and such other officers as may be from
time to time required for the prompt and orderly transaction of its business, to be
elected or appointed by the board of directors, by whom their several duties shall be
prescribed.
SEC. 5. The president shall hold his office for the current year for which the board
of which he shall be a member was elected, unless he shall resign, become disqualified,
or be removed; and any vacancy occurring in the office of president or in the board
c>f directors shall be rilled by the remaining members.
SEC. 6. The cashier and the subordinate officers and clerks shall be appointed to
hold their offices, respectively, during the pleasure of the board of directors.
SEC. 7. The cashier of this bank shall be responsible for all the moneys, funds, and
valuables of the bank, and shall give bond, with security to be approved by the board,
in the penal sum of ——• dollars, conditioned for the faithful and honest discharge of
his duties as such cashier, and that he will faithfully apply and account for all such
moneys, funds, and valuables, and deliver the same to the order of the board of directors of this bank, or to the person or persons authorized to receive them.
SEC. 8. The president of this bank shall be responsible for all such sums of money
and property of every kind as may be intrusted to his care or placed in his hands by
the board of directors or by the cashier, or otherwise come into his hands as president,
'Mid shall give bond, with security to be approved by the board, in the penal sum of
—-— dollars, conditioned for the faithful discharge of his duties as such president, and
that he will faithfully and honestly apply and account for all sums of money and other
property of this bank that may come into his hands as such president, and pay over
and deliver the same to the order of the board of directors, or to any other person or
persons authorized by the board to receive the same.
SEC. 9. The teller'shall be responsible for all such sums of money, property, and
funds of every description as may from time to time be placed in his hands by the
cashier, or otherwise come into his possession as teller; and shall give bond, with
security to be approved by the board, in the penalty of
dollars, conditioned for
the honest and faithful discharge of his duties as teller, and that he will faithfully
apply, account for. and pay over all moneys, property, and funds of every description
that may come into his hands, by virtue of his office as teller, to the order of the board
of directors aforesaid, or to'such person or persons as may be authorized to demand and
receive the same.
SEAL.
SEC. 10. The following is an impression of the seal adopted by the board of director?
o! this bank:
f Impression!
\ of seal. J
CONVEYANCE OF REAL ESTATE.
SEC. II. All transfers a-nd conveyances of real estate shall be made by the association, under seal, in accordance with the orders of the board of directors', and shall be
*igrsed by the president or cashier.
?,i:iJ0.KT L'Y I K E O^IPTKOLLER CF TiiE CrF.F.l-XCY.
sC
OF
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stock to
S E C . I S . T h i s b a n k s l i ; J i !••"> vy-'riie'l f o r l".ijsin< i ?s f r ^ n i - — - o ' c l o c k a . m . t o
' • ' c l o c k p . Lu. c»f er»rh d a y of t r e ^ o a r . px-'£]'«ti; -.r S T L ^ C I J ? / ^ a i . d d a y s l v c o w n i ^ e d ) y
t h e l a w s of t h i s S t a t e a s h o l i d a y s .
PIT^ECTOHS* MEirriNH'.S.
*• r«^ ] i 'l',)p i < - p i k , T n e e t i . . ^ ? o ' t h f IMM7«1 of i ] > i a T oi.- s h a l l } e h ^ M o n t h e - — cf
<« r i : o n t b
V h ^ - a T i y recruit - M.cet.nL 1 " ( » ( t h o l . ^ a f l of d i r s ^ t o r b ful 1 ^ u p v n a h o l i d a y ,
tr_* i ^ e e b i L ? s h a l l }•(- h e l d O K t A I I o t i i o r c l a v u« t h e so^iro 1 i n ; v r » r e \ » ^ i ^ ) \ d e s i i r u a t e .
^; * c ? J oeiiiiL'p LiTt.y 1 ^ C«°1JC 1-y t h e ]>re r -i iv ' i t . < ii&Lier. o r fit t h ' ' o o ^ u e y t of t h r e e
' ^iC v o dr*t'"uf'r&
DI«COUNT COMMITTEE.
l
^
"^. L"hcro chall l^c a c^uiKiittee, to bo 1 "own a? tlie diccouiit coinmittee, confr.&^LC ri the p^epident. cashier, nnd
directors appointed by the l»oard every
T< i»L,he. u continue to act un il s icceede-b -WHO -.hall have p.ver 10 discount and
i>i"< Last bills. 7jote^.1 and other evidences cf debt, and to 1 uv and sell bills of exi«o'i<:*t ai.d vltf sha !. at each regular ri"»eating c>i the b »ard of directors, submit in
»r.* hL a lepcit of all bills, in-io^ r and other c\iden^es of debt discounted and purpK,tr . by them for 1he }>aiil< si> e their h.si iepor» Tl e board of directors shall
] 7"» * e or disapprove th^1 report o: tho «*iscourii comniittr^, such aoiion to be recorded
liie rnviiuc 1 of the mpetiiiS:
MINT. PE BCok.
^ M li I no oiiram/dtion pipor^ of this 'K.nk. the leruniS of the judges of the elec' v.i ^ the Tproceediiige of all regular and ppecial meetings of the directors and of the
<=?rj« choidfc 's. Lhc by-laws and ary a me-id men te thereto and reports of the committees
•. re^tois- eh'H be recorded ii ihe iniiiutc book, and the minutes of each meeting
c
i.« . ] c g'irr.e \ by tVu presideir4 a?'i atte^^el bv the < a^hie*.
TRANSFERS OF STOCK.
Sr»- l". Vho stock of this bank shall be assignable and transferable only on the
v ivS of this bank s-ubject to the restrictions and provisions of the national banking
J.^« airi a transfer book shall be provided in ^vhich all assignments and transfers of
'•'(i K &hall 1 c made.
Si-» IS. Transfers of stock shall not be suspended preparatory to the declaration
c
a ^*, fj-iid^. i nd. unless an agreement to the contrary shall be expressed in the assign•i/'Li^ dividends «h'\U be paid to the shareholders in whose name the stock shall
s«r d at the date ot the declaration of dividends.
;SL<r If*. Certificates of stock, signed by the 'president aiid cashier, may be issued
< Sijuailuiolders. and the certificates shall state upon the face thereof that the stock is
• omin&hl' only upon the books of the bank: and when stock is transferred, the
< t *"r<tCF then'of shcdl be rettirned to the bank, canceled, preserved, and new cer-
*n< «:<Mi c urd.
EXPENSES.
(
^^ < Jt». All *\\o (\u rent expenses of the bank shall be paid by the cashier, who shall
f * i- c 4 x jr oi.th- oi of t< ner if req uired. make to the board a detailed statement thereof.
CONTRACTS.
Ric. 21. All contracts, checks, drafts, etc.. and all receipts for circulating notes
Ttceived from the Comptroller of the Currency shall be signed by the president or
fci
308
REPORT OF THE COMPTROLLER OF THE CURREITCYo
EXAMINATIONS,
SEC. 22. There shall be appointed by the board of directors a committee of
members, exclusive of the president and cashier, whose duty it shall be to examine
every six months the affairs of this bank, count its cash, and compare its assets and
liabilities with the accounts of the general ledger, ascertain whether the accounts are
correctly kept, and the condition of the bank corresponds therewith, snd whether the
bank is in a sound and solvent condition, and to recommend to the board such, changes
in the manner of doing business, etc., as shall seem to be desirable; the result of •which
examination shall be reported, in writing to the board at the next regular meeting
thereafter.
SEC. 23. The board of directors shall have power to change the form of the books
and accounts when doomed expedient and define the manner in which the affairs of
the bank shall be conducted.
QUORUM.
SEC. 2-i. A majority of all the directors is required to constitute a quorum to do
business. Should there be no quorum at any regular or special meeting, the members
present may adjourn from day to day until a quorum is in attendance. In the absence
of a quorum no business shall be transacted,
CHANGES IN BY-LAWS.
SEC. 25, These by-laws may be changed or amended by the vote of a majority of
the directors,
EXAMINATION BY Dt.SECTORS.
In connection with the annual or semiannual examinations made
by examining committees or by accountants at the instance of the
board of directors, the following suggestions are made as to the general
points that should be covered:
(1) The cash should be counted and the total compared with the
books of the bank, Cash items should be carefulfy scrutinized, and
any improper items, such as unposted checks held for the purpose of
not showing overdrafts, and other items that can not be readily
converted into cash, should be reported.
(2) The bonds and other securities of the bank should be examined
and those not on hand should be verified by reference to the receipts
of the parties with whom they are deposited and if the receipts are
old they should be verified by correspondence. The market value
and the amount at which carried on the books in the aggregate
should be shown, and any stocks held by the bank should be listed,
with a statement showing the reason the securities were taken by the
bank.
(3) The notes should be carefully checked and their total compared with the general ledger. The genuineness, value, and security
of each note, and of any collateral thereto, should be carefully determined, and any losses ascertained, or probable, in the judgment of
the committee, should be noted. The liabilities of each of the larger
borrowers and loans to affiliated interests should be aggregated and
carefully considered. The report should also show the general character of the loans—whether well distributed; the general character
of the collaterals; whether corporations in which officers or directors
are interested borrow to an undue extent; also any large liabilities
of the officers or directors. It should also be shown whether all
paper claimed by the bank as its own property, including collaterals,
is properly indorsed or assigned to it, and all mortgages recorded,
Any loans exceeding 10 per cent of the capital and surplus of the
bank should be reported. The signatures of all note makers and
indorsers should be carefully scrutinized, and any erasures and alter
BEPOET OF T H E COMPTROLLER OF T H E CURRENCY.
807
ations or any Indications of manipulation should be carefully investigated and reported to the full board. All overdue paper should be
liruxl and comment undo as to it*- olkctibiliu
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h e v e x p v . i i - 5 8 ' " c ^ :rui^,
s i t l i • * i ^ v*
t h e f - L ' i : ^ e s n o • J ^ l s ^ t> J ^ t«* • < J i i ^ p •«'«. % ^ t e .
OL J I O T v» r i 1 T , V ^ u n t
,L^ c o 7 i - - ( » • , : : - \
in^kitio - !ogiti'»iaJj r
(•
(lu) Iho
p
.
pi j
] ^ ^ hiu
-i?UiL
* ^eU 5 -- *
i
|
r.^iti ILI • L o ^ c ' o M o ^ ' l i b " b ' nAc : ^ e i c d ' o d .
( L I ) AxT\ ! i . b J l t y o l h e b a n k I ' M I K / ' V A C ' .»J i \> . 1 S H I 1 ^ ' . ^ n
a n d t h e ' ) ' : o | ) ' \ a u t L o '*' , : M U I 1 ! L O u r '« - - L > " i ^ i s I L ' « S )i H V « *'^g .c-.
ta'iie 1
T h e t o t I u n ' \ i u i Oi A * r e ^ c ^ f 'id^-iil'i-4
f ^ i . t ' i,*«
fi
:
o l i O ^ ' J i i ,L " f y j ^ \ ^ ^- ' h ob o a u l .
L''!>I " i
:"'>i*u
^-,'V'V. «
o t b 3 r b i u i h i o^ cr'il^* 1 . ie Q of (*epo^it
T
3re_p r tf u J j w ' i i « : ' k < j - ) o rt b s 1 1 * ' ? u f i i i ' " j ^ » ' i i n ^ u
.-'i.^x*'
that
I " ^ p o m r , h e T *• *" e e . 1
> e ( \ d * u-* U ' ^ " 1 ! 1
x ' 1 1 j ' " 1 ; (i'^i'
ci \ c»^« ove o('
r|1
_ r c p o r , olit'Uld
' A * fnvAnin
*« c m p l e l » . • »t m e ! »1 * h :
a s f i t h {•^•'! U a b ' b ^ i o h . - i t ^ u b j . i L
v « h . i r - : i J d i 1 I - > •- u '*, ! , k i . L f ' 1 ^ ' J i h f k j*-<V> : : L " 1 1 1
^ |Vl ** ' ^ x * ' t ' U ^ • i o * L i b e < L a ' l «
i. ^ \ - /
thel
« u » *,si 1 ^ ' i i i o x ^ .
> L T O s h o u l d i s o t^ I P . Ui'»» 1 < d ( - o : j l \ I n i t a J »i ! ' u l o a r 0 ^ i i K h t h o dliivioio i_< .{ > c \ \ ^ : i b l ^
M O»
p o - o i , ' * ' 1 t i ' O r e a l \ till i
A < U a e / i u ml . - h o c J c ' T J L O LA I J U ^ ( » I .*«I.'1,
o p i n K . n r t t h e c u n i i i i ' t - ' - . " i l t ^ 1 ' n . M > ^ ^t,s
. n u - t » i - ^ u i ' - i x «>
]
b i T ' ! •.
OKM-
308
EEPOET OF THE
COMPTROLLER OF THE
CURRENCY,
"t i^ ~Ul'(>rr thai there are few instances where the examining
ee can n d , .f They will take the necessary time, cover these
*><>int> P:lly a=i(l satisfactorily.
Vn exaTinnation twice a year, along the lines indicated, by a comT
,L ;;t-( of the directors who will give sufficient time to the work to
make u thorough and complete, can not fail to be of great benefit to
; ] l concerned, and this the directors owe to the shareholders who
;_• At- 7. lac eel them in their positions of trust.
S complete report of each examination should be preserved in t h e
:ih i - yx the bank and be accessible to the bank examiner when
i:~; n Uiirg the bank.
<*"KLTUU
LIABILITY
OF
DIRECTORS
FOR MAKING
REPORT.
AND
PUBLISHING
FALSE
Under the- decisions of the, Supreme Court of the United States in
Thomas r. Taylor (224 U. wS., 73) and of the United States Circuit
Court of Appeals in Chesbrough et al v. Woodworth (195 Fed. Rep.,
875\ when the Comptroller of the Currency has notified directors to
collect or charge off certain assets it is a warning that those assets are
doubtful, and to disregard such a notice and represent the assets in
a statement to be good is a violation of law and renders the directors
making the statement liable for damages to one deceived thereby.
The Circuit Court of Appeals in the latter case held that while the
duty of charging off such worthless paper was that of the board of
directors as an entity, and in such matter the board had a reasonable
discretion, yet when the duty existed and was wholly unperformed
an individual director who is engaged generally in the performance of
his functions may be personally liable because of his participation in
the failure to act by failing to make reasonable personal efforts to
induce the proper action.
In the case referred to (Chesbrough et al. v. Woodworth) the plaintiff bought stock in the bank in reliance 7upon a false report of its
condition and had suffered damage thereb} . He was held to have a
right of action against any officer or director who knowing its falsity
had authorized such a report. The court held that the measure of
the plaintiff's recovery would be the difference in the fair valuation
of his stock if all of the paper had been of a character entitling it to
be reported as assets and that sum which would have been a fair
minimum valuation if the directors in the exercise of due care and
good faith had charged off the books and not reported so much of the
paper as they knew or had good reason to believe was not good and
collectible.
LIABILITY
OF DIRECTORS FOR MISMANAGEMENT—DEGREE
REQUIRED OF DIRECTORS.
OF
CARE
The Supreme Court of the United States has held (Briggs v. Spaulding, 141 U. S., 132) that directors of a national bank must exercise
ordinary care and prudence in the administration of the affairs of a
bank, and this includes something more than officiating as figureheads. They are entitled under the lav/ to commit the banking
noisiness, as defined, to their duly authorized officers: but this does
absolve them from the duty of reasonable supervision nor
REPORT OF THE COMPTROLLER
OF THE CURRENCY.
Hi l\)
c ii£:it 1hry to be permitted to be shielded from liability because of
•vT;.yLt o; knowledge of wrongdoing, if that ignorance is the result of
LT< -s inattention.
it was further held in the same case that the degree of care required
of directors of corporations depends upon the subject to which it is
to be applied, and each case is to be determined in view of all the
circumstances; that the directors of a corporation are not insurers of
rLt- fidelity of the agents whom they appoint and they can not be
held responsible for losses resulting from the wrongful acts or omissions of other directors or agents unless the loss is a consequence of
their own neglect of duty.
The United States Supreme Court in a decision rendered June 9,
1019, in the case of Bowerman v. Hamner. held that a director who
had never attended a meeting during five years' connection with the
bank, and who lived 200 miles from the place where the bank was
located, was liable for mismanagement because he did not exercise
;he diligence which a prudent man would usually exercise in ascertaining the"condition of the business of the bank or a reasonable control
HIK: supervision over its affairs, and that he could not be shielded
ivvm 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.
LIABILITY OF DIRECTORS FOR ASSENTING TO EXCESSIVE LOANS.
The United States Circuit Court held (Rankin v. Cooper et al., 149
Fed. Rep., 1010) that it is the duty of directors of a national bank to
exercise reasonable control and supervision over its affairs, and to
use ordinary care and diligence in ascertaining the condition of its
business, which is such care as an ordinarily prudent and diligent man
would exercise in view of all the circumstances; and that where the
directors of a national bank became aware through the report of a.
committee of their number, and also by notices sent them individually
by the Comptroller of the Currency, that the bank had been making
excessive loans to its president and to other persons, firms, and
corporations with which he was associated, but took no effective
steps to reduce such loans, or to prevent their increase, which continued until the bank became insolvent, they will be held jointly and
severally liable for all losses which the bank sustained through subsequent transactions, and which could have been prevented by a proper
discharge of their duties.
The United States Circuit Court has held (Witters, Receiver, etc.,
v. Sowles et al., 31 Fed. Rep., 1) that under Revised Statutes, section
5200, directors of a national bank who make or assent to the making
of a loan to any one person of a sum exceeding the legal limit become
personally and individually liable for all loss sustained thereby; but
where the borrower in such a case is also one of the directors he is
not so liable, but simply as a debtor to the bank.
The United States Circuit Court of Appeals in McCormick v. King
et al., 241 Fed. Rep., 737, held that directors responsible for excess
loans were liable not only for the excess of such loans above the legal
limit, but for the entire loss thereon with interest, and this case was
affirmed by the Supreme Court of the United States on June 9, 1919,
in Bowerman v. Hamner.
INDEX.
ACCEPTANCES.
(See B a n k acceptances.)
ACTIVITIES OF CURRENCY B U R E A U :
Page.
Under administration of present Comptroller.
„.
291
ALL REPORTING B A N K S :
J
( omitiiaiL c s a on ( it + of t n c p u n a p a l items of resources a n d liabilities, 1910 a n d 1S20
--.)•), 251
( ovnpj, i11 ( * ito T r e u , j iov t h (f i L 5-ycar period, 1915-1920
. . . 251
T
S u m i m ^ i c JV^ I I l i e u ii , i ne \),1920
2fr:
As-, f a t'
)ih ic t i , m e j « . h H a l e , Time30, 1920
25
• ^ o i r u CJ d h d ) ' u u , o f , l ^ \ c i r s 1915-1920
259
0
' h ' i , JH J 1«.J
208
1 Qi idt 1 dcijoiits «", i a ° * '020, (Ossification of
262
« li i i L * 0, l'2ft, cVsif< J i P cl
..
202-263
A\r» V.OAII'NT
(Steal o L o n ^ t ^
~ acted relating t o national banks; Comptroller.; rec-ommendad i ( 02' <-x JI \ ]c i^-iiioi )
1
( on , it ol
"OT l i i d d a n
i*
..,...„.
51
r
i J ot able u i i t n i"l 1 * 1 to n >f i n relief i n emergency "by use of other t h a n eligible naprr or
I l cd States Lond
,
,52
\ a n o il nai 1 o m t i i si ulr i> v i o \ from their own banks
54
r f
IV' a n u s [or ci unf ] M ' I \ ofi ^
, . . . 55
Des« ai k t h
c t i \ e fc i s c ' l ^ J U I K n a l b a n k s b e not directors i n other corporal lor:.;
57
^ i i ' i c it J ^ ' C ^ of ^ ^ e » \ t ' o a ban 1
57
f
+
' "-ice i ii JC ( ;ir»pa'ij.<
n m
1 a ional b a n k s often a menace
5>
n
T
Vi v
vis iy t n i ' n
oi «fi be t iM)id hazardous connections
56
s*jhii< f e
i (O o^ c si ( n IK ° i ch irtrc s m a d e b y b a n k s borrowing from t h e Federal reserve
Nil
, . . U4
v y,. v\
i i ' n
( s ( ( / > '>(
si c m d f o r e i g n s e c u r i t i e s . )
i'
i
f, fj n f m i it K / C U I i i e^tors in this country
13
<• s- i A - (S( at o I il a t ( '
,.' il banks.)
IP o i l i (i icVu cd lion sh -M >u 'dei ol insolvent national banks
1 -0 r*-:].
i •>
o NU[ N U i/Mi
( (e<i'<- ( o n d i t i o n of n a t i o n a l b a n k s . )
1(
<
( o i r x • i < f, ) v ^ u
i ' ) i 1 r .°0
30
1
i-,1" i
ii>\ n < r c \ i h M
i-'dcc 2
( i n i i n i ^ - \ e \ r p ^ n o d i m I K)0
27
(
h(
njce l n l
2:5
\
T i n
l°2o -7 iiarod \iM» Alarch t, 1919
15
v
v"
\
i
r
T
i ^
n i t f f <• i i i< n \ ( t
\2\
\ i
i 1 b iv
f
s 1
[
» iMv ( L >.< r ( ^ <?' /so i ^ i i U i oi ^ e b a n k note>; i ( I c 1 ' { ' ^ p \ n~>
, i"
-ir
N i^i u l , ! cd^To' i u c J o s, -» 11 F e d e i a l rcs^r^^ i Vank i s <"' , p r . n t o '
d I J ^ I*-* vcai en * d ( H i
i, 1 ">20 .
T
v\
CUII
1)'
(i
f
C
f
L \ \ v ^
v s c o ^ \ x Trri o
; tire
! 1
'
rT
ilsp"-
^
o
r
i
'
"»' 'tj^^ie^ ej ort
i
73
K £ S
*
r
i
V I O N S oy L A W :
T
11 i I ~1 ;1( ^
5
c \
M f r
!
74
^
) f'Tftip
Oi \ K U
" ' M I
'
vT
(ANTED
BY NATIOXAL
EANKS.
74
('-.vr
fl^o
F
Cori(l!t!0 s of
U M )
v
>^ » N r ' ' a i l l
NPI )
1
«
» ' o ^ i i ^ u 1 l{i a i l l ' L j
H-12
K
J
h „v
i { ^ i i) *•> \ I I
("•^ " a t i o r i l o a n k s : F e d e r a l r e s e r v e b a n k - : -j:ui B a n k - ; o t h e r t h a n
1
812
I^DEX.
H A N K S OTHER THAN NATIONAL:
1 ,,«•.%
A b s t r a c t of reports of ci.fuliti«~>r= i;f, b y Si a t e - , .tune VXK \\y20.
C o m p a r a t i v e s t a t e m e n t of, w i t h national b a n k s . Hnu-Hi2n
C o n s o l i d a t e d r e t u r n s , J u n o , 1<*U> t o 1020
F a i l u r e s of, fiscal year N o v e m b e r 1. i!'b;>, t o N o v e m b e r i. Uc'c.
P r i n c i p a l i t e m s of resources a n d liabilii les, 1 -i i (j a in: J v2< >
Resources of, c o m p a r e d w i t h n a t i o n a l b a n k rc^oim-es. . i m u \ bM •.-non
Resources a n d deposits, increase ir<, c o m p a r e d w i t h n a t i o n a l b a n k - , T.HJ ; : - M JMXI
Resources a n d liabilities of each class, J sine 30, 1920
S u m m a r y of c o m b i n e d r e t u r n s on J u n e '•)(), U'20
BILLS TAYABLE. (See also Condition of mil ional bank.-.)
A m o u n t of, national banks, date of each report during the year
Total of. a n d rediscounts, including deposits. November 15, 1V20
BONDS, SECURITIES, ETC., OWNED BY NATIONAL BANKS.
i",
"i
24i\ ^ v
"*
j : -2
-'
:?
(Sec oho Condition of naiional banks )
Comparison of amount of, during t ho year
r< 7
B O N D S AND MONEY B O R R O W E D BY NATIONAL HANKS,
(.SVV- ^/M, Coridlriov) <.f natioraA b a n > . O
Comparative statement of, for tlie year
] .0
BORROWERSL ' La< e d m coi 1 j m ^-pu ific 1 o n u p a l 101
1 o i i^ h\ i a t i o n . i l na])K^ t o , M t ( Kiin* t< lof I H O J
L o a n s ) i v jvatK lull }>anks t o o1l)« i b a n k ^K^\a\
»
J *NK^
IIDJ\f
(^u.
\M>JO\\
National b a n k -
»f
2
v
.
] i l< l I R i ^ ^ i I
I • < -» i
»
<
. i t
folios,
»
\ssOU^ii(,Ns.
(t
(
(
( < n d i t K n oi i n [)i t n c t of ( o l u m b i a , ( O i-i )2<)
^tcUi^tic-idati^.c t o . JII Hie I m u d ^ u i
\TAA\rih
i ^<( oho ( o-»ir])ti ollf r - ] ( o i n ) i
"'
ndiiinis i
n d i b / t i o n of i t c o n n m n d i d
.
.
'
\ u>\
M * >ney r a t e s m u c h be) o w N e w Y o i k ?-ai es
J i.*«3
C A P I T A L STOCK O F N A T I O N A L H A N K S :
1 :
iy
A m o u n t of. a s s o c i a t i o n s chart e r e d i n e a c h Si ai e ycai' e n d e d <.>ci i.-bc; : , I, .1 20
1G7
Increases and reductions, by States, e i c , year ended October 3]. iwc
161, ITS
Number of national banks increasing with amount of incica^e monthly. .'January U il'lG, to
October 81, 1920
174
Percent age of, to aggregate resources, 1910-1920
207
Relation of, to deposits, etc
207
CAPITAL, SURPLUS, AND UNDIVIDED PROFITS OF NATIONAL BANKS.
( \ « also Capital siook of national
bank<.)
Comparative statement of, for the repoiM year
Diagram relat ive to
CASH IN BANKS. (Sec also Condition of national l>ank- )
A m o u n t of each kind in national and State banks June 3u, l^2o
Amount of, in ail rcporiine; banks, 1,S«>3-J920
In national banks in eacli State, September s, 1920
( r.NTRAL BANKS IN FOREIGN COUNTRIES:
Resources of, July 1, 1020
CERTIFICATES OF DEPOSIT. (Sec alvo Condiiion of naiional bank*. >.
National b a n k
CERTIFICATES O F INDEBTEDNESS OF T H E U N I T E D >TATES.
(Sccateo
2.o3
200
i.:»0
2*3
113
(Sec 1 ibiTiy loan bonds, etc., Victory
notes, and Certificates of indebtedness.)
ORANGES OF TITLE OF NATIONAL BANKS:
Incident to consolidations
Lists of associations concerned in. year ended October :•>!, 1 !l2U
CHARTERS OF NATIONAL BANKS.
119
Face 2
I -SO
179
Organization of national \-,v. k<.)
Conditions under which granted
Extensions of
N u m b e r of, applied for, granted, and refused
CIRCULATION OF NATIONAL RANKS. (Sec atso National bank circulation.)
Outstanding at date of each report during t h e year., b y reserve cities, etc
CLEARING HOUSE. (Sec also Clearing-house association-.)
Exchanges for, in national banks
)C7
177
101
139
119
C L E A R I N G - H O U S E ASSOCIATIONS:
Comparison of transactions of. in t h e 12 Federal reserve bank cities and ''!-«: v. h o e , iyHi-20
New York association's transactions
Transactions of Assistant Treasurer of ihe Uniied -tates at. No w York with
Ci EARING,0:, (fee Clearing-house a->oeiaiions.)
COIN AND COIN CERTIFICATES. (>>'. Cash in banks; Monty in the I'mit »I —
. i -'i: * — . i
281
280
2H]
INDEX.
COIN AND OTHER MONEY INT THE UNITED STATKS.
313
(See Money in the United States.)
COMMODITIES:
Page.
Deflation in prices of, becomes world-wide
Shrinkage estimated
7
7
COMMERCIAL AND FINANCIAL CHRONICLE:
Rates for money reported by
Sterling exchange rates report ed by
205
280
COMPTROLLER'S RECOMMENDATIONS FOR NEW LEGISLATION.
(See ul<o Amendments.)
Allowing banks to deduct United states bonds from taxable asset s
Assessment of penalties for violations of law by directors.
Authorizing comptroller to proceed against directors for losses resulting from violations of law..
Authorizing special interest charges on small loans
Authorizing national banks to establish branches in the United •'••tafes and insular possessions
Authorizing Comptroller of the Currency 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 ban ks
Providing penaltj' for making excessive loans
Preventing delay in taking oath by directors
Providing that suits against usurers be brought by Department o 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 b a n k . . .
Providing punishment for breaking and entering into national bank for purpose of theft, e t c . . . .
Providing for vacations and rotation of bookkeepers, et c
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 tin- United ;fates Treasury
Standardization of by-laws
Surety bonds
67
62
61
62
6o
66
67
60
63
63
66
60
61
62
62
63
63
6\
04
65
6->
66
62
66
6!
66
07
64
61
CONCLUSION:
Recommendations relative to salaries of officers of the bureau
Reference to officers and employees of the Currency Bureau and c vaminin.ir force
293
291
CONDITION OF NATIONAL KANKS:
Assets and liabilities at date of each report, year ended September s, 1920
Bills receivable eligible for rediscount with Federal reserve bank..
Loans and discounts classified
I •rincipal items of resources and liabilities of, by States
1 1 •»
132
12i
150
CONSOLIDATION OF NATIONAL BANKS:
Changes in capital, surplus, and undivided profits, extent of
Changes of title incident to
Consolidated banks under act of November 7, 1 9 i s . . . .
Provisions of act of November 7, 1918, relative to
161
ISO
162
161
CORRESPONDENCE :
Relative to interest rates by New York national banks
79
CORRESPONDENTS:
Loans placed for account of, by 595 national bunks in principal cities January 31, 1920
210
CRIMINAL VIOLATIONS OF LAW:
Bank officers convicted of
73
CREDITORS OF INSOLVENT NATIONAL RANKS.
{See a?fto Failure, of narional banks.)
Claims of, and dividends paid to
,
181
CURRENCY B U R E A U :
Responsibility of
D E B T OF THE UNITED STATES.
- 293
(See Interest-bearing debt of the United states.)
DEPARTMENT OF JUSTICE:
Convictions of national bank officers for violations of law reported b y . . .
73
DEPOSIT ACCOUNTS:
Demand, time, and interest bearing, in national banks, number of
Number of, exceeds all records
Comparison of, 1919 and 1920
19B070 — CUR 1920—VOL 1
21
11.2
l
110
314
INDEX.
Page.
DEPOSITS. (See also Condition of national banks; Deposit accounts; banks other than national, etc.)
Classification of individual, in all reporting banks June 30, 1920
262
DEPOSITS IN NATIONAL BANKS:
Balances of corporal ions, firms, etc., November 15, 1920
Credited to other banks
Demand, time, and interest-bearing, June 30, 1920
Demand and time, at date of each report during year
Dormant, legislation relative to, recommended
Guaranty of
Held January 31, 1920, by 595 national banks in reserve and other cities
November 15, 1920
Postal savings
Relation of, to capital
United States
DEPOSITS WITH FEDERAL RESERVE BANKS.
'.
33
218
112
115
67
20-67
218
17
120
207
120
(See also Reserve.)
National bank, amount and changes quarterly from December, 1914, to September, 1920
DEPOSITORS IN NATIONAL BANKS. (See also Deposits in national banks.)
Classification of those engaged in specified occupations
Number of accounts of, classified, Jutie 30, 1919 and 1920
160
31
110
DIAGRAMS:
Exhibiting growth in resources, deposits and capital of national banks
Reduction of bank failures
N et earnings of national banks
Face 2
Face 2
Face 2
DIGEST OF COURT DECISIONS IN BANK CASES:
Liability of directors of national banks
What constitutes usury
Liability of directors for assenting to excessive loan
Use of words "trust company" as part of title of national bank
DIRECTORS. (See also Exhibit "A.")
Duties and liabilities of
70
76
76
77
73,295
DISCOUNT:
Rates approved by Federal Reserve Board up to November 26, 1920
204
DISTRICT OF COLUMBIA:
Building and loan associations in, 1909-1920
Earnings, expenses, and dividends of saving banks and trust companies in
Number, capital, deposits, and aggregate resources of financial institutions in
Legislation recommended relative to criminal violations of law by banks 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 1913
276
277
276
72
39-50
180
DOMESTIC BRANCHES OF NATIONAL BANKS:
List of
225
DOMESTIC AND FOREIGN SECURITIES HELD BY NATIONAL BANKS:
Amount held May 4, 1920
Classification of amount held in 1915 to 1920
154
159
D U E FROM BANKS TO NATIONAL BANKS:
Comparative statement of, during the report year
115-118
EARNINGS OF NATIONAL BANKS:
Diagram exhibiting
Disposition of, years ended June 30. 1919 and 1920
Dividends paid
Gross and net
EMPLOYEES OF CURRENCY BUREAU.
Face 2
39-50
45-50
39-50
(See Currency Bureau.)
EUROPEAN COUNTRIES. (See also Japan; World's War.)
Demand for American products by
Exports, American products to
Exports and imports annually, 1914 to 1920
3
3
14
EXCESSIVE PROFITS:
Vain efforts to maintain
EXAMINATIONS. (See National bank examinations.)
EXCHANGES. (See Condition of national banks; Clearing house associations.)
6
EXHIBIT " A " : .
Duties and liabilities of directors
.295
EXPORTS AND IMPORTS:
Merchandise, gold and silver, 1914-1920
3-14
INDEX.
315
E X P I R A T I O N S A N D E X T E N S I O N S O F C H A R T E R S OF NATIONAL B A N K S :
Page.
E x p i r a t i o n s 1920, 1921
177
E x t e n s i o n s , b y S t a t e s , 1882 t o 1920
177
R e e x t e n s i o n s , 1902 t o 1920
17S
E X P I R A T I O N S O F C H A R T E R S . (See E x p i r a t i o n s a n d e x t e n s i o n s of c h a r t e r s of n a t i o n a l b a n k s . )
F A I L U R E O F NATIONAL B A N K S :
Associations organized, l i q u i d a t e d , a n d failed, b y S t a t e s , year e n d e d October 31, 1920
ISO
Causes of failures
IS3
C o m p a r a t i v e s t a t e m e n t r e l a t i v e t o assets, etc., of el osed a 11d active- receiverships, from 1 X6f> 1 o 192!) 1S2
Diagram relative to
Dividends t o creditors a n d expenses of receiverships
List of, during fiscal year ended October 31, 1920
Near zero
N u m b e r a n d assets of associations in charge of receivers
N u m b e r of associations restored to solvency
Receiverships closed during t h e year ended October 31, 1920
Since inauguration of the system
Face
2
1st
i so
2
ISO
ISO
1X3
1*4
FALSE FINANCIAL STATEMENTS TO NATIONAL BANKS:
Legislation recommended relative to punishment for
65
FARM LOAN ASSOCIATIONS. (See Federal F a r m Loan System.)
FARM LOAN BONDS. (See Federal F a r m Loan System.)
FEDERAL FARM LOAN SYSTEM:
Bonds issued, etc
Condition of, year ended October 31, 1920
Farm loan associations
J oint-stock land banks
FEDERAL RESERVE AGENTS. (Sec Federal reserve banks; Federal Kivservo. System.)
FEDERAL RESERVE BANKS.
270
267
270
272
(See also Federal Reserve System.)
Assets and liabilities of, in November, 1914 to 1920
202
Bills discounted and purchased bills held
202
Bills discounted secured by Government war obligations
202
Discount rates of, up to November 20, 1920
204
Liability to member bunks November, 1914 1920.
202
Location of branches of
203
Capital of
202
Circulating notes, secured b y gold, etc
193
Condition of, monthly, June, 1917, to November, 1920
'... 203
National bank deposits with, on various dates, 1914 to 1920
160
Notes and bills rcdiscounted with, by national banks November 17, 1919, May 4, June 30, and
September 8, 1920
137-143
Percentage of war paper to total bills held
202
FEDERAL RESERVE BANK NOTES:
Issues of, by denominations, to each bank, u p to and including October 31, 1920
Printed, issued, and on hand, by denominations, for each bank, t o October 31, 1920
Redemption of, year ended October 31,1920
FEDERAL R E S E R V E B O A R D .
199
200
202
(See also Federal Reserve System.)
Discount rates approved by
204
FEDERAL RESERVE NOTES:
Amount outstanding and amount secured by gold and other securities, weekly, December f>, 1919,
to November 26, 1920
193
Printed, shipped, and on hand, by denominations, for each bank, to (>etober 31, 1920
194
Redemption of, year ended October 31, 1920
202
FEDERAL R E S E R V E SYSTEM.
(See aho Federal reserve banks.)
Branches of Federal reserve banks
Conditions of Federal reserve banks, monthly, June, 1917, to November, 1920
Development of Federal reserve banks November, 1914 to 1920
Inestimable value of
203
203
202
291
FOREIGN BALANCES:
Our huge credit balances abroad
Impossibility of settlement of, in gold
12
13
FOREIGN BANKING:
Principal central banks
Turning of the tide in Japan
2t>
l
FOREIGN BRANCHES OF NATIONAL BANKS:
Location and condition of
FOREIGN COUNTRIES. (See Central banks in and savings banks in principal countries .of tluworld.)
93
316
INDEX.
FOREIGN GOVERNMENT BONDS:
Page.
Owned by national banks June 30, 1920
158
FOREIGN SAVINGS BANKS:
Statistics relative to
27 7
FOREIGN TRADE:
Exports and imports, 1914 to 1920
Favorable balance
L4
12
1
GlLPIN, W . J-, MANAGER OF NEW YORK CLEARING HOUSE:
Clearing house transactions reported by
2 so
GOLD:
Exports of
Imports of
Output in 1919 and 1920
Stock of, in the world
14
L4
23
24
GROWTH OF ALL REPORTING BANKS, 1863 TO 1920:
Principal items of resources and libilities of National, State, and private banks
260-261
GROWTH OF NATIONAL BANKS:
Comparison of, in respect of number and assets
In number and capital
Quinquennially, 1900-1920
Seven-year comparison by States
Since passage of Federal reserve act
1-2
162
27
30
222
GUARANTY OF DEPOSITS:
Legislation recommended relative to
IMPORTS. (See Exports and imports.)
20-67
INFLATION:
Currency —
With reduced production bring hard times..
INSOLVENT NATIONAL BANKS. (See Failure of national banks.)
INTEREST. (See also Deposits in national banks; Interest-bearing debt of the United States: Bates
for money.)
Comptroller's recommendations relative to, on small loans
Deposit accounts bearing
Exorbitant rates by New York banks
Limitation on deposits recommended
Hates of, paid by national banks on deposits May 4, 1920
Rates of, charged by national banks on loans May 4, 1920
Recommendation relative to suits against usurers
Recommendation to authorize special interest charges for small loans
10
62
112
79
63
123
128
62
62
INTEREST-BEARING DEBT OF THE UNITED STATES, JUNE 30, 1920:
Amount and rate of interest on outstanding issues
„..
192
Comparison of amount invested in, June. 1919 and 1920
Domestic and foreign, owned by national banks in June 1915-1920
ISSUES AND REDEMPTIONS. (See Federal reserve bank notes; Federal Reserve Notes; National
bank circulation.)
159
159
INVESTMENT SECURITIES OF NATIONAL BANKS CLASSIFIED:
JAPAN:
Economic conditions in
JOINT-STOCK LAND BANKS. (See also Federal Farm Loan System.)
Condition of, October 31,1920
Loans made by
LEGISLATION ENACTED. (See also Legislation enacted relating to national banks.)
Conditions under which any private banker, officer, director, or employee of a member bank,
etc., may be an officer, director, or employee of another bank
Discounts for member banks
-
3
272
273
51
51
LEGISLATION ENACTED RELATING TO NATIONAL BANKS:
For what demands national bank notes may be received
LEGISLATION RECOMMENDED. (See also Amendments.)
National banking laws
LETTERS OF CREDIT. (See Condition of national banks.)
Guaranties connected therewith by national banks
Directors personally reimbursed $500,000 in ultra vires transaction
51
51
77
78
LIBERTY LOAN BONDS, VICTORY NOTES AND CERTIFICATES OF INDEBTEDNESS:
Amount owned and loaned on by national banks December 31, 1919, and June 30, 1920
282
Owned and held as collateral for loans by national banks, by reserve cities and States, December
31, 1919, and June 30, 1920
282
LIQUIDATION OF NATIONAL BANKS. (See also Voluntary liquidation.)
Number and capital of the associations liquidated during the year
163-165
IlNDIiX,
317
LOAN AND TRUST COMPANIES:
Page.
Bonds and other investments
242
Comparative statement of principal items of assets and liabilities, 1914-1920
243
Deposits in, classified
243
District of Columbia
72
Summary, principal items of
242
LOANS AND DISCOUNTS OF NATIONAL BANKS, (Sec also Flanks other than National.)
All loans made by 595 national banks in certain cities January ;;;], 1920
210
At the date of each call during report year
114
Classification of, June, 1918,1919, 1920
117
Classification of, in central reserve cities, etc., June 30, 1920
121
Classification of, in New York City during past five years
132
Comparison of, during report year
116
Comparative statement of, during past three years
122
Comparison of, eligible for rediscount with Federal reserve banks November 17. 1919, and
June 30, 1920
133
Comparison of, with State banks, 1919-20
249-251
Distribution according to occupation of borrowers November 15. 1920
*.
32.36
Either by direct loans or through bought paper to parties who keep no deposit accounts with the
bank and number of such loans February 28, 1920
148
Eligible for rediscount with Federal reserve banks June 1919-20
132
Geographical distribution according to location of borrowers January 31, 1920
214
Growth of, since passage of Federal reserve act
222
Made for account of correspondents May 4 and June 30, 1920
144-145
On September 8 and June 30,1920
152-153
Percentage of, at date of fall report each year 1910 to 1920, inclusive
207
Plus United States securities, November 15, 1920
.
16
Rates of interest charged on. May 4, 1920
128
Rediscounted with Federal reserve banks November 17, 1919, May 4, June 30, and September
8, 1920
136-143
Secured by Liberty loan bonds, Victory notes, and certificates of indebtedness, Dec-ember 31,
1919, and June 30, 1920
282-288
LOANS AND DISCOUNTS AND INVESTMENTS OF NATIONAL BANKS..
(Sec also Condition of National
banks.)
Percentage of, to aggregate assets, June 30, 1920
1-53
MINT, DIRECTOR OF:
Stock of money in the world reported by
MONETARY STOCK. (See Stock of money.)
23
MONEY IN THE UNITED STATES:
Amount of each kind, including amount in Treasury, in Federal reserve banks, and in circulation July 1, 1914-1920
18-19
Coin, including other, 1892 to 1920
22
In banks
22
In circulation
22
In Treasury
22
MUTUAL AND STOCK SAVINGS BANKS:
Deposits and depositors in, 1820 to 1920
. 241
MUTUAL SAVINGS BANKS:
Bond investments of
Comparison of, 1919-20
Deposits and average deposit, 1909 1920
Depositors and deposits in, by States, 1919-1920
Depositors in, 1909 to 1920
Summary of principal items on June 30, 1920
.'
236
236
236
237
236
236
NATIONAL-BANK CIRCULATION:
Denominations of, out standing October 31, 1920
Deposits and withdrawals, monthly and during the year, on account of
Monthly issues on bonds and issues on account of redemptions year ended October 31, 1920
Principal sources of receipts for redemption year ended October 31, 1920
Profit on
Redemptions of monthly, year ended October 31, 1920
United States bonds on deposit to secure, and circulation outstanding, by States, year ended
October 31, 1920
Vault account of
Yearly increase or decrease, in 1875-1920
NATIONAL-BANK CURRENCY. (Sec National-bank circulation.)
191
188
190
189
188
189
165
191
190
318
INDEX.
NATIONAL-BANK EXAMINATIONS:
Page.
N u m b e r of, during past year
Of branches, in foreign countries
NATIONAL-BANK
292
2*8
EXAMINERS:
A p p r a i s e m e n t of work of
Chief e x a m i n e r s
E x a m i n a t i o n s m a d e by
Field e x a m i n e r s
NATIONAL BANKS. (See also Condition of national banks: Organization of national banks.)
At h i g h e s t p o i n t
Capitalized for less a n d over $50,000 by S t a t e s , organized since 1900
Domestic branches, list oi
Failures of, n e a r zero
Foreign branches, list of
N u m b e r of, organized a n d closed years e n d e d October 31, 1*63-1920
N u m b e r of, organized, closed a n d i n operation J a n u a r y 1, 1864-1920
Seven-year comparison b y Slates
NATIONAL A^TD F E D E R A L R E S E R V E
1:93
289
292
2S9
1
176
225
2
227
101-165
166
29
CURRENCY:
Tssued, redeemed, a n d o u t s t a n d i n g year e n d e d October 31, 1920
Security deposited for
Vault account of
202
1ST
191
NATIONAL, STATE, AND PRIVATE BANKS:
Condensed s t a t e m e n t of, b y States
Tn six-year period
Resources a n d liabilities of, 1915-1920
255
29
259
N A T I O N A L , F E D E R A L R E S E R V E , S T A T E , AND P R I V A T E B A N K S :
S u m m a r y of t h e principal assets a n d principal liabilities of. J u n e , 1920
N E W LEGISLATION. (See Comptroller's recommendations for now legislation.)
NEW
.
252
YORK:
Olassification of loans by national b a n k s in, 1910-1920
E x o r b i t a n t interest rates by N e w Vork b a n k s .
Rates for money in
R e c o m m e n d a t i o n relative thereto
Transactions of clearing house of
132
79
204
94
280
O B S E R V A N C E O F LAW AND REGULATIONS B Y NATIONAL B A N K S :
Evidenced b y growth, increased earnings, a n d i m m u n i t y from failure
OFFICERS OF NATIONAL BANKS:
Salaries of
.
,
292
57
ORGANIZATION OF NATIONAL BANKS:
Associations organized, closed, and number and capital of those in active operation January 1,
1864-1920.
166
Conversions,reorganizations, and primary organizations with capital less and more than $50,000,
March 14,1900, to October 31, 1920
175
Effected since 1900
163
G rowth in number and capital
162
List of associations in each State chartered year ended October 31,1920
16/T
Monthly s t a t e m e n t relative t o , March, 1900, to October 31,1920
N u m b e r a n d c a p i t a l of associations organized a n d closed a n n u a l l y , 1863-1920
N u m b e r a n d classification of, b y m o n t h s , year e n d e d October 31,1920
N u m b e r of association organized a n d closed i n each S t a t e iip t o October 31, 1920
S t a t e b a n k s converted or reorganized a s , since 1900
S t a t e b a n k s c o n v e r t e d i n each S t a t e , 1863-1920.
S u m m a r y , b y S t a t e s , of associations chartered March 14, 1900, t o October 31, 1920, a n d paid-in
c a p i t a l , S e p t e m b e r 8,1920
O V E R D R A F T S . (See also Comptroller's r e c o m m e n d a t i o n s . )
A m o u n t of, i n n a t i o n a l b a n k s i n September, 1919, a n d 1920
P A P E R C U R R E N C Y . (See also Money i u t h e U n i t e d States.)
Stock of, a n d specie i n principal c o u n t r i e s of t h e world
PER
174
164
174
165
1.63
175
176
117
24
CAPITA:
Money i n U n i t e d States
Money i n p r i n c i p a l countries of t h e world
Deposits i n savings b a n k s i n principal countries of the world
IS-19,22
24
27S
POPULATION:
P r i n c i p a l countries of t h e world
U n i t e d S t a t e s by S t a t e s , 1920 ( a p p r o x i m a t e )
278
255
P O S T A L SAVINGS B A N K S :
Foreign
278
INDEX.
PRINCIPAL ITEMS OF ASSETS AND LIABILITIES OF NATIONAL HANKS:
319
Page.
Comparison of, by geographical divisions during the year
Growth of, 1913-1920
Percentage of, to aggregate resources, 1910-1920
September 8, 1920, by States
PRIVATE
206
222
207
Ul
BANKS:
Summary of condition of, June 30, 1920
PRODUCTION AND PRICES. (See World War's).
243
PRODUCTION OF ESSENTIALS.
(See World's War.)
RATES FOR MONEY IN N E W YORK. (See also New York.)
Range of, year ended Oct. :tt, 1920
204
RATES IN CANADA:
. Much below New York rates
106
RECEIVERS OF NATIONAL BANKS. (See Failure of national banks.)
REDEMPTIONS. (See Federal reserve bank notes; Federal Reserve Notf\s; National bank circulation.)
REDISCOUNTS. (See also Condition of national banks.)
Liabilities of national banks on account of
1M-143
REEXTENSIONS OF CHARTERS. (See Expirations and extensions of charters of .national banks.)
RESERVE. (See Reserve of national banks.)
RESERVE OF NATIONAL BANKS:
Required and held
208-209
RESOURCES OF NATIONAL BANKS. (See Assets of national banks: Condition of national banks;
Diagrams.)
SAVINGS BANKS. (See Mutual savings banks; Postal savings banks: Stock savings banks.)
In the District of Columbia
72
SAVINGS BANKS IN PRINCIPAL COUNTRIES OF THE WORLD:
Depositors, and deposits in
277
SECURITIES OF NATIONAL BANKS:
Purchase from other banks with agreement 1 o resell (Jan. :>1, 1920)
212
SILVER:
Exports of
lin ports of
Stock of, in the world
14
14
24
S ELVER CERTTFICATES:
Redemption of
199
SUVVER DOLLARS:
Issue of Federal reserve notes authorized to prevent contraction of currency
Melted and sold
199
199
SPECIE AND GOLD AND SILVER CERTIFICATES:
Amount of, held by national banks in June, 1919and 1920
115,160
STATE BANKS:
Classification of deposits in
Comparison of with national banks
Source of information relative to condition of
Summary of principal items of resources and liabilities June 30, 1920.
235
27,29,249
235
234
STATE BANK FAILURES:
Number of, by States, in 1920
28
STERLING EXCHANGE:
Range of rates, monthly, N ovember, 1919, to October, 1920
Stocks:
Investments in, by national banks, year ended Sept. 8,1920
STOCK OF MONEY. (See also Money in the United States.)
Principal countries of the world
United States
-
280
114-117
24
22
STOCK SAVINGS BANKS:
Bond investments of
Deposits in, classified
Depositors and deposits in, 1919-20
Summary of principal items on June 30,1920
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 also Changes of title of national banks.)
Words "Trust Company" in
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
240
240
238-239
240
Face
2
77
187
192
320
INDEX.
UNITED STATES BONDS—Con Untied.
Page.
Deposited and withdrawn, etc., as security for circulation, monthly, year ended October 31,1920. 191
Market quotations
192
Price and investment value of
192
UNITED STATES CERTIFICATES OF INDEBTEDNESS. (See Liberty loan bonds, Victory notes, etc.)
UNITED STATES POSTAL SAVINGS
SYSTEM:
Comparison of assets and liabilities of Postal Savings System
263,266
Summary, by States, of postal savings business year ended June 30, 1920
264
UNITED STATES GOVERNMENT SECURITIES. (Seealvo Condition of national banks: 'Bank;- other than
national, and Liberty loan bonds, Victory notes, etc.)
National and other bank, investments in
187
Owned by national banks September 8, 1920
117
USURY AND USURERS. (See Digest of bank decisions; Comptroller's recommendations.)
VICTORY NOTES. (See Liberty loan bonds and Victory notes, etc.)
VIOLATIONS OF LAW. $See alto Comptroller's recommendations.)
Convictions for criminal violations of national banking laws
G2
V O L U N T A R Y LIQUIDATION O F N A T I O N A L
BANKS:
N u m b e r a n d c a p i t a l of, a n n u a l l y , 1S63 t o 1920
N u m b e r a n d c a p i t a l of b a n k s placed i n , d u r i n g Ine year
WAR
164
161,16"), 1S6
TAPER:
P e r c e n t a g e of, t o total bills held b y Federal reserve b a n k s
_
202
W E A L T H AND C R E D I T :
O u r h u g e credit balances a b r o a d
E c o n o m i c c o n d i t i o n s i n this c o u n t r y c o m p a r e d w i t h conditions in J a p a n
12-14
3
WORLD:
Conditions subsequent to the armistice
Gold in, reported and estimated
Money in principal countries of
Population of principal countries of the
3
23
24
278
WORLD'S W A R :
Ret rospect a n d outlook at home at id abroad
Turn of the tide
Vain efforts to maintain excessive profits
Deflation becomes world wide
Shrinkage estimated at 12 to 18 billions
Pvcmcdies for ills, a pathway to prosperity
Inflation with reduced production bring hard times
Paving the way for a new advance
2
3
0
7
7
9
10
11
@FedFRASER