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ANNUAL REPORT OF THE
Comptroller of the Currency
DECEMBER 2, 1929
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON: 1930
For sale by the Superintendent of Documents, Washington, D. C. - - Price $1.25 (Cloth)
TREASURY DEPARTMENT
Document No. 3018
Comptroller of the Currency
CONTENTS
Page
Submission of the report
Legislation recommended:
Amendments to national bank act
Amendments to the laws of the District of Columbia
Branches:
Statement relative to
Domestic branches of national banks—
Table showing, by States, number and manner of acquisition of
branches during year ended October 31, 1929
Table showing, by States, number and class of branches closed
during year ended October 31, 1929
Organization and liquidation of national banks, year ended October 31,
1929, and since establishment of system
National banks in the trust field:
Statement relative to
•
Fiduciary activities of, in 1929, segregated according to capital- __„_
Fiduciary activities of, by Federal reserve districts, June 29, 1929-_
National-bank failures:
Statement relative to
.
Financial operations of division of insolvent national banks from
September 30, 1928, to September 30, 1929
„..
Capital, date of appointment of receiver, and per cent dividends paid
by insolvent national banks, the affairs of which were closed during
year ended October 31, 1929
Bank failures other than national, year ended June 30, 1929
.
National-bank circulation:
Statement relative to
~
Bond transactions relative to, year ended October 31, 1929
Statement of capital stock of national banks, national-bank notes,
and Federal reserve bank notes outstanding, bonds on deposit, etc.,
November 1, 1929
Redemption of national and Federal reserve bank circulation, year ended
June 30, 1929
National banks of issue
Condition of national banks at date of each report called for during year
ended October 31, 1929
Principal items of resources and liabilities of national banks, October 4,
1929, by States
.
National-bank liabilities on account of bills payable and rediscounts at
date of each call during year ended October 31, 1929
Loans and discounts of national banks:
Classification of December 31, 1928, and June 29, 1929-_Classification of, by reserve cities and States, June 29, 1929--.,
Comparative statement of, for the last threefiscalyears, in central reserve and other reserve cities, all reserve cities, and elsewhere-Comparative changes in demand and time deposits, loans and discounts,
United States Government and. other bonds and securities, and the
amount of lawful reserve of national banks since June 30, 1925
United States Government securities held by national banks June 29,
1929:
Classification of, by reserve cities and States
Investments of national banks:
Comparison of, June 30, 1928, and June 29, 1929
United States Government, domestic, and foreign bonds, securities, etc.,
owned by national banks June 29, 1929:
Classification of, by reserve cities and States
ni
1
1-10
10, 11
11
12, 13
13, 14
15, 16
16-18
19, 20
21
22-25
25, 26
26, 27
28
28
29
29, 30
30
30, 31
31
32, 33
34
35
36-39
40
40
41-43
43
44-47
IV
CONTENTS
Per capita individual and savings deposits in all reporting banks June 29,
1929:
Statement, by States, showing approximate population, individual
deposits, per capita individual deposits, savings deposits and per
capita savings deposits
„
Savings deposits and depositors in all reporting banks, according to class
of banks, June 29, 1929
Earnings, expenses, and dividends of national banks:
Comparison of, years ended June 30, 1928 and 1929
Abstract of—
By reserve cities and States, year ended June 30, 1929
By Federal reserve districts, year ended June 30, 1929
National-bank investments in United States Government and other bonds
and securities, etc., loans and discounts, and losses charged off on account
of bonds and securities and loans and discounts, years ended June 30,
1918 to 1929
Number of national banks, capital, surplus, net addition to profits, dividends and percentage ratios, years ended June 30, 1914 to 1929
National banks classified according to capital stock, December 31, 1928:
Number, loans and discounts, bonds and securities owned, aggregate
resources, capital, surplus and profits, and total deposits of
National-bank examiners, list of, November 1, 1929
Convictions of national-bank officers and others for violations of the
national banking laws during the year ended October 31, 1929, list of_.
Federal reserve banks:
Assets and liabilities of the 12 Federal reserve banks combined, as of
the last weekly statement date in October, 1920 to 1929
Principal assets and liabilities of the 12 Federal reserve banks combined, on the last weekly statement date in each month, from
January, 1925, to October, 1929
Percentage of bills discounted secured by United States Government
obligations to total bills discounted and purchased by Federal
reserve banks at the end of each month, year ended October 31,
1929
Federal reserve bank discount rates in effect November 1, 1929, date
established, and previous rate with respect to all classes and maturities of eligible paper
Discount rates prevailing in Federal reserve bank and branch cities
on bulk of loans of each class made by about 200 representative
banks during week ending the 15th of the month, October, 1928, to
October, 1929
Rates for money in New York:
Range of, monthly in the year ended October 31, 1929__
„__
Comparison of range of, annually from January, 1920, to October,
1929
.
New York clearing house:
Statement relative to transactions of, year ended September 30, 1929.
Clearing house associations in the 12 Federal reserve bank cities and
elsewhere:
Statement relative to transactions of, year ended September 30, 1929_
Banks other than national, June 29, 1929:
List of officials of State banking departments and number of each class
of banks under their supervision from which reports of condition
were received
State (commercial) banks—
Summary of resources and liabilities of, and comparison with
June 30, 1928
Loan and trust companies—
Summary of resources and liabilities of, and comparison with
June 30, 1928
Principal items of resources and liabilities of, in June of each
year, 1914 to 1929
Stock savings banks—
Summary of resources and liabilities of, and comparison with
June 30, 1928
_
48, 49
50-55
56
57-66
67, 68
69
69
69, 70
70-75
75-79
80
81
82
82
82-84
85
86
87
87
87-89
90,91
92,93
94
94-96
Banks other than national, June 29, 1929—Continued.
Mutual savings banks—
Page
Summary of resources and liabilities of, and comparison with
June 30, 1928
96-98
Depositors and deposits in mutual and stock savings banks, byStates, June 30, 1928 and 1929
98-100
Number of savings banks (mutual and stock), number of depositors,
amount of individual deposits, and average amount due each
depositor in years ended June 30, 1914 to 1929
101
Private banks—
Summary of resources and liabilities of, and comparison with
June 30, 1928
101-103
All reporting banks other than national—
Summary of resources and liabilities of, and comparison with
June 30, 1928
103-105
Resources and liabilities of each class of
«
106
Principal items of resources and liabilities of, on or about June 30,
1925 to 1929
„
106
National banks, June 29, 1929:
Summary of resources and liabilities of, and comparison with June 30,
1928
."
107, 108
Banks, all reporting, June 29, 1929:
Summary of resources and liabilities of, and comparison with June 30,
1928
109-111
Abstract of resources and liabilities of, by States
. _.
111—119 t
Individual deposits in, classification of
120
Resources and liabilities of, years ended June 30, 1925 to 1929
121
Principal items of resources and liabilities of, in the continental United
States, as compared with similar data for member banks of the
Federal reserve system
„
121
Money in the United States:
Stock of, years ended June 30, 1914 to 1929.
122
Circulation statement of United States money, June 30, 1929
123
Imports and exports of merchandise, gold and silver, calendar years
1914 to 1928, and from January 1 to September 30, 1929
.
124
Banks in District of Columbia:
Number, capital, individual deposits, and aggregate resources of,
June 29, 1929
125
Earnings, expenses, and dividends of, other than national, six months
ended December 31, 1928, and June 30, 1929, and comparison of, in
years ended June 30, 1929 and 1928
125, 126
Building and loan associations in the District of Columbia—
Number of loans, installme nts on shares, and aggregate resources,
years ended June 30, 1909 to 1929
I
126, 127
Building and loan associations in the United States:
Statistics relating to, by States, year ended 1928
127
Mortgage loan investments held by, in 1927 and 1928, by States
128
Failures of, each year 1920 to 1928
.
128
Monetary stock of principal countries of the w^orld:
Statistics relating to, at the end of the calendar years 1927 and 1928. 129-137
Federal land banks, condition of, September 30, 1929
138, 139
Joint-stock land banks, condition of, September 30, 1929
140, 141
Federal intermediate credit banks, condition of, September 30, 1929
142
National agricultural credit corporatio ns
143
United States postal savings system:
Statistics relating to activities of, years ended June 30,1928 and 1929_ 143-147
School savings banking:
Statistics relative to, in each State, in school years 1927-28 and 192829-__„_„
„
.
148
Savings banks in principal countries of the world:
Statistics relative to, as of various dates-._«_.
.
149-151
Resources of leading foreign banks of issue:
Statistics relative to, on or about June 30, 1929_m
152
Expenses of the Currency Bureau:
Summary of, in the fiscal year ended June 30, 1929
„153
VI
CONTENTS
APPENDIX
Page
Digest of decisions relating to national banks
157-226
TABLES
No. 1. Comptrollers and Deputy Comptrollers of the Currency
227
No. 2. Names and compensation of officers and clerks in the office of the
Comptroller of the Currency, October 31, 1929
227-229
No. 3. Number of national banks organized since February 25, 1863,
number passed out of the system, and number in existence
October 31, 1929
229
No. 4. Authorized capital stock of national banks on the 1st day of each
month from January 1, 1925, to November 1, 1929, bonds on
deposit to secure circulation, circulation secured by bonds, lawful money on deposit to redeem circulation, an'd national-bank
notes outstanding
230
No. 5. National banks reported in liquidation from November 1, 1928, to
October 31, 1929, the names (where known) of succeeding banks
in cases of succession, with date of liquidation and capital-_ 231-237
No. 6. Capital stock, surplus, undivided profits, and aggregate resources
of banks consolidated under act of November 7, 1918, as
amended February 25, 1927, for the year ended October 31,
1929, as shown by their last reports prior to consolidation. _ 238-243
No. 7. National banks consolidated under act of November 7, 1918, their
capital, surplus, undivided profits, and aggregate resources,
year ended October 31, 1929
244, 245
No. 8. State banks and national banks consolidated underact of February 25,1927, their consolidated capital, surplus, undivided profits, and aggregate resources, year ended October 31, 1929
246, 247
No. 9. Number and capital of State banks converted into national banking associations in each State and Territory from 1863 to October 31, 1929
248
No. 10. Conversions of State banks and primary organizations as national
banks from March 14, 1900, to October 31, 1929
248
No. 11. Number of national banks increasing their capital, together with
the amount of increase monthly for years ended October 31,
since 1924
249
No. 12. Number and authorized capital of national banks chartered and
the number and capital stock of banks closed in each year ended
October 31, since 1913, with yearly increase or decrease
249
No. 13. Total number of national banks organized, consolidated under act
of November 7, 1918, insolvent, in voluntary liquidation, and
in existence on October 31, 1929
250
No. 14. Changes of corporate title of national banks, year ended October
31, 1929
251, 252
No. 15. Changes of corporate title incident to consolidations of national
banks, and of State banks with national banks, year ended
October 31, 1929
253, 254
No. 16. National banks chartered during year ended October 31, 1929._ 254-258
No. 17. National banks chartered which are conversions of State banks
during year ended October 31, 1929
258
No. 18. National banks, by States and geographical divisions, organized,
failed, and reported in voluntary liquidation during year ended
October 31, 1929
259
No. 19. Number and classification of national banks chartered monthly
during year ended October 31, 1929
.
260
No. 20, Principal items of resources and liabilities of national banks
classified according to capital stock, December 31, 1928
260-268
No. 21. United States bonds on deposit to secure circulating notes of
national banks in years ended October 31, 1900 to 1929
269
No. 22. Profit on national-bank circulation, based upon deposit of $100,000
United States consols of 1930, etc., at the average net price,
monthly, during year ended October 31, 1929
270
No. 23. Investment value of United States bonds—Panama Canal bonds
and 2's of 1930
271
No. 24. United States bonds (circulation)—Monthly range of prices in
New York, November, 1928, to October, 1929, inclusive.
271
CONTENTS
VII
Page
No. 25. Number, capital stock, and circulation outstanding of national
banks issuing circulating notes, together with, number and
capital stock of national banks not issuing circulating notes,
June 29, 1929, by reserve cities and States
272, 273
No. 26. National-bank notes issued, redeemed, and outstanding, by denominations and amounts, on October 31, each year, 1918 to
1929
274
No. 27. National-bank currency issued to banks monthly from November
1, 1928, to October 31, 1929, and since 1863
275
No. 28. National-bank notes received monthly for redemption during
year ended October 31,1929
275
No. 29. National-bank notes received at currency bureau and destroyed
yearly since establishment of system
276
No. 30. National-bank notes issued and destroyed, etc., account of active,
insolvent, and liquidated banks, years ended October 31, 1914
to 1929
276
No. 31. Amount, denomination, and cost of national-bank currency received from Bureau of Engraving and Printing, year ended
October 31, 1929
277
No. 32. Vault account of currency received and issued by currency bureau
during year and amount on hand October 31, 1929
277
No. 33. Vault account of currency received and destroyed during year
ended October 31, 1929
_"
277
No. 34. Amount of currency received for redemption, by months, from
July 1, 1928, to June 30, 1929, and counted into the cash of the
National Bank Redemption Agency
278
No. 35. Amount of currency received by National Bank Redemption
Agency for redemption in year ended June 30, 1929, from
principal cities
.
278
No. 36. Cost of redemption of national-bank notes during year ended
June 30, 1929
,
278
No. 37. Classification of Federal reserve currency redemptions, amount redeemed, number of notes, cost of redemption per 1,000 notes,
and amount assessed upon Federal reserve banks, year ended
June 30, 1929
1
279
No. 38. Taxes assessed on national-bank circulation, years ended June 30,
1864 to 1929; cost of redemption, 1874 to 1929; and assessments for cost of plates, etc., 1883 to 1929
280
No. 39. Federal reserve notes outstanding according to weekly statements (amount issued by Federal reserve agents to Federal
reserve banks, less "unfit" notes redeemed), and collateral
security therefor, from November 7, 1928, to October 30, 1929. _ 281
No. 40. Federal reserve notes, segregated by series, printed, shipped, and
canceled, issued to banks, retired, and destroyed since organization of the banks, with balance in vaults and amount outstanding October 31, 1929
282-284
No. 41. Aggregate amount of Federal reserve bank notes printed, issued,
canceled, and redeemed, by denominations, since inauguration
of the Federal reserve system, and amount on hand and outstanding October 31, 1929
284
No. 42. Taxes assessed on Federal reserve bank currency, cost of redemption, and cost of plates, years ended June 30, 1915 to 1929
285
No. 43. National banks in charge of receivers during year ended October
31, 1929, capital at date of organization and at date of failure,
causes of failure, dividends paid while solvent, and circulation
outstanding, etc
286-299
No. 44. National banks in charge of receivers, dates of organization,
appointment of receivers, and closing, with amounts of nominal and additional assets, amounts collected from all sources,
loans paid, losses on assets, expenses of receiverships, claims
proved, etc., to October 31, 1929
300-331
No. 45. National banks restored to solvency after having been placed
in charge of receivers
332, 333
No. 46. Dividends paid to creditors of insolvent national banks during
year ended October 31, 1929
.
333-338
VIII
CONTENTS
Page
No. 47. Dates of reports of condition of national banks from 1914 to
1929
339
No. 48. Condition of foreign branches of National City Bank and Chase
National Bank, of New York, N. Y., and- First National Bank
of Boston, Mass., on June 29, 1929
340-345
No. 49. Number, capital stock paid in, circulation outstanding, and
aggregate resources of national banks at date of each report
from February 21, 1921, to October 4, 1929, money in the United
States, June 30, each year, etc
346
No. 50. Abstract of reports of condition of national banks in the central
reserve cities of New York and Chicago, in other reserve cities,
and elsewhere, October 4, 1929
347
No. 51, Abstract of reports of condition of national banks in central reserve and other reserve cities and country banks at date of
each call during year ended October 31, 1929
348-351
No. 52. Classification of amounts "due from" and "due t o " banks reported by national banks, according to reserve cities and States,
at date of each call during year ended October 31, 1929
352-367
No. 53. Classification and demand and time deposits in national banks,
according to reserve cities and States, at date of each call
during year ended October 31, 1929
„___ 368-383
No. 54. Classification of bills payable and rediscounts of national banks
according to reserve cities and States, at date of each call
during year ended October 31, 1929
_'
384-393
No. 55. Classification of cash in vaults of national banks, according to
reserve cities and States, at date of each call during year ended
October 31, 1929
1
394-397
No. 56. Gold and silver coin, certificates, legal tenders, and other currency held by national banks at date of each report from
February 21, 1921, to October 4, 1929
398
No. 57. Gold, etc., held by national banks in the central reserve city of
New York at date of each report from February 21, 1921, to
October 4, 1929
399
No. 58. Reserve computation of national banks, according to reserve cities
and States, at date of each call during year ended October 31,
1929
400-415
No. 59. Abstract of reports of condition of national banks, at date of each
report from February, 1920, to October, 1929
416-425
No. 60. Abstract of reports of condition of national banks, according to
reserve cities and States, at date of each call during year ended
October 31, 1929
427-543
No. 61. Abstract of reports of condition of national banks in each Federal
reserve district at date of each call during year ended October
31, 1929
544-549
No. 62. Classification of loans and discounts of national banks according
to reserve cities and States December 31, 1928
550-553
No. 63. Classification of United States Government securities owned by
national banks, according to reserve cities and States, December
31, 1928
554,555
No. 64. Classification of investments of national banks, according to reserve cities and States, December 31, 1928
556-559
No. 65. Principal items of resources and liabilities of national banks according to counties in each State, by Federal reserve districts,
March 27, 1929
561-625
No. 66. Abstract of reports of earnings, expenses, and dividends of national
banks, according to reserve cities and States, for the six months
ended December 31, 1928
626-637
No. 67. Abstract of reports of earnings, expenses, and dividends of national
banks, by Federal reserve districts, for the six months ended
December 31, 1928
638,639
No. 68. Abstract of reports of earnings, expenses, and dividends of national
banks, according to reserve cities and States, for the six months
ended June 30, 1929
640-651
No. 69. Abstract of reports of earnings, expenses, and dividends of national
banks, by Federal reserve districts, for the six months ended
June 30, 1929
„
652, 653
CONTENTS
IX
Page
No. 70. Abstract of reports of savings and State banks in the District of
Columbia at date of each report during year ended October 31,
1929
.
654
No. 71. Abstract .of reports of loan and trust companies in the District of
Columbia at date of each report during year ended October 31,
1929
655
No. 72. Principal items of resources and liabilities of each savings and
State bank in the District of Columbia, October 4, 1929
656, 657
No. 73. Principal items of resources and liabilities of each loan and trust
company in the District of Columbia, October 4, 1929
No. 74. Principal items of resources and liabilities of savings and State
658
banks in the District of Columbia on or about October 1, 1914
to 1929
659
No. 75. Principal items of resources and liabilities of loan and trust companies in the District of Columbia on or about October 1, 1914
to 1929
659
No. 76. Individual statements of resources and liabilities of the 22 building and loan associations in the District of Columbia, June 30,
1929
660, 661
No. 77. Summary of resources and liabilities, receipts, and disbursements
of building and loan associations in the District of Columbia
for the six months' period ended on or about December 31, 1928_
662
No. 78. Summary of resources and liabilities, receipts, and disbursements
of building and loan associations in the District of Columbia
for the six months' period ended on or about June 30, 1929
663
No. 79. Abstract, by States, of resources and liabilities of State (commercial) banks June 29, 1929
664-671
No. 80. Abstract, by States, of resources and liabilities of loan and trust
companies June 29, 1929
672-679
No. 81. Abstract, by States, of resources and liabilities of stock savings
banks June 29, 1929
680-683
No. 82. Abstract, by States, of resources and liabilities of mutual savings
banks June 29, 1929
684-687
No. 83. Abstract, by States, of resources and liabilities of private banks
June 29, 1929
688-691
No. 84. Abstract, by States, of resources and liabilities of all reporting
banks other than national June 29, 1929
692-699
No. 85. Abstract, by States, of resources and liabilities of national banks
June 29, 1929
700-707
No. 86. Aggregate resources and liabilities of State (commercial) banks,
June, 1925 to 1929
_._
_'
708
No. 87. Aggregate resources and liabilities of loan and trust companies,
June, 1925 to 1929
708
No. 88. Aggregate resources and liabilities of stock savings banks, June,
1925 to 1929
1
709
No. 89. Aggregate resources and liabilities of mutual savings banks, June,
1925 to 1929
:
709
No. 90. Aggregate resources and liabilities of private banks, June, 1925 to
1929
710
No. 91. Gold, silver, etc., held by banks other than national, June, 1914
to 1929
710
No. 92. Statement of resources and liabilities of the chartered banks of
Canada, September 30, 1929
711
No. 93. Summary of the principal items of resources and liabilities of the
chartered banks of Canada, monthly, year ended September 30,
1929
711
No. 94. Comparative statement of the transactions of the New York
Clearing House in each year ended September 30,1854 to 1929_ 712, 713
No. 95. Comparative statement of the clearings, etc., of the New York
Clearing House, years ended September 30, 1929 and 1928
713
No. 96. Exchanges, balances, percentages of balances to exchanges, and
percentages of funds used in settlement of balances by the
New York Clearing House in each year ended September 30,
1893 to 1929
713, 714
No. 97. Comparative statement of exchanges of clearing houses of the
United States, years ended September 30, 1929 and 1928---- 714-717
X
CONTENTS
Page
No. 98. Comparative statement of transactions of clearing-house associations in the 12 Federal reserve bank cities, and in other cities
with transactions of $1,000,000,000 and over, in years ended
September 30, 1929 and 1928
718
No. 99. Number and liabilities of State, private, and national banks which
failed in each State during the six months ended December 31,
1928
719
No. 100. Number and liabilities of State, private, and national banks
which failed in each State during the six months ended June 30,
1929
720,721
No. 101. Number and liabilities of State, private, and national banks
which failed in each State during the year ended June 30,
1929
722,723
No. 102. Number and liabilities of State, private, and national banks
which failed in years ended June 30, 1914 to 1929
724
No. 103. Statements of resources and liabilities of the individual national
banks (States, Territories, and towns arranged alphabetically)
at close of business December 31, 1929. {Omitted from this
report and published as a separate table.)
REPORT
OF THE
COMPTROLLER OF THE CURRENCY
TREASURY DEPARTMENT,
OFFICE OF THE COMPTROLLER OF THE CURRENCY,
Washington, December 2, 1929.
SIR: I have the honor to submit the following annual report in
accordance with the provisions of section 333 of the United States
Revised Statutes, covering activities of the Currency Bureau, in
the year ended October 31, 1929. This is the sixty-seventh report
made to the Congress since the organization of the bureau.
LEGISLATION RECOMMENDED
Amendments to the national hank axt
The experience of the postwar period has been of sufficient duration
to permit a comprehensive appraisal of the effect of the new economic
and social conditions upon our system of banking, Briefly stated, it
may be said that banking is following in the wake of the trend of
business in general toward larger operating units with stronger capital
funds and more experienced and highly trained management. The
natural result has been that the larger cities are being favored with
banking organizations of great financial stability with the capacity
to render a better and more diversified type of service.
In the principal cities, therefore, in various parts of the country,
there have grown up through mergers and. through increases in the
variety and volume of business banking institutions which for strength
of capital and management technique were unknown in the pre-war
period. There have been no failures of any of these types of metropolitan banks. They are giving the general public a safer and higher
type of banking service than has hitherto been known. Their stability rests upon the great diversity of banking business to which they
have access and to the further fact that they are able to secure the
most highly trained and experienced talent. These banks comprise
both unit and branch banking institutions.
The aggregate of all the banking resources in the United States is
about $72,000,000,000, held by a little more than 25,000 banks (as of
June 29, 1929), but 250 banks hold resources to the aggregate amount
of approximately $33,400,000,000.
While the largest and strongest banks with the bulk of the banking
resources are in the large cities, about three-fourths of all the banks
in number are in the smaller towns and cities and may be classed as
2
REPORT OF THE COMPTROLLER OF THE CURRENCY
country banks. It is these banks which serve directly the agricultural communities. ^ They operate with small capital funds and are
very much limited in their ability to employ a trained management.
The economic developments of the postwar period have had the effect
of decreasing the opportunities of these banks to operate with profit
and it is this situation to which I should like to direct your most
serious consideration.
We are faced with the fact that during the 9-year period from
July 1, 1920, to June 30, 1929, inclusive, about 5,000 banks,
nearly all in the agricultural communities, closed1 their doors and
tied up deposits of approximately Sl^OOjOOOjOOO. These failures
have not been limited/ to any one section of the country, although
they have been most prevalent in the agricultural districts. Up to
November 1, 521 banks with deposits of about $200,000,000 had suspended during the year 1929. The number of failures by States
during the fiscal years ending June 30, 1921 to 1929, inclusive, is as
follows:
State
and
private
Maine .
New Hampshire
Vermont
Massachusetts
Rhode Island _
Connecticut
-
._
_
„_'
•
.
Total New England States
New Jersey
Pennsylvania
.-
Maryland
District of Columbia
. . .
-
__ .
._ _. . . .
.__.-_._._.--.
--.
. _.
-
„_
._
._..
- -
„
Total Eastern States
Virginia
West Virginia
North Carolina
South Carolina
Georgia
Florida
Alabama
Mississippi .
Louisiana
Texas
Arkansas
Kentucky
Tennessee
J.
._ -
- --
--
-_
-__
.
- _
.
,
.
•
Total Southern States
Ohio
Indiana
Illinois
Michigan
Wisconsin
Minnesota
Iowa
Missouri
_
.
._
__
-
Total Middle Western States
...
._
_
.
.
_.._
National
3
1
1
15
1
2
1
1
1
23
3
10
2
26
5
11
1
1
1
41
16
29
21
98
170
293
110
22
40
33
178
80
40
56
2
4
12
21
12
13
4
S
1
39
8
1,170
122
28
78
68
63
57
320
386
241
8
13
13
g
68
81
5
1,241
188
3
North Dakota ._
.
385
South Dakota
51
264
Nebraska
_
„
279
28
Kansas
12
182
55
Montana—
- _
. 136
11
Wyoming
52
i These figures embrace only those banks which actually went into the hands of receivers* They do not
include about 500 banks which suspended business but were later reopened after reorganization} often
resulting in depositors and shareholders voluntarily suffering some loss.
REPORT OF THE COMPTROLLER OF THE CURRENCY
State
and
private
Colorado
New Mexico
Oklahoma
Total Western States
Washington..
Oregon
California
Idaho
Utah
Nevada
Arizona
.
-
-
....
.„.
.....
._-....__...„
Total Pacific States
The Territory of Hawaii.
Total United States
„..„
_
National
60
40
174
16
20
53
1,572
=====
41
36
13
305
48
]3
2
27
25
4
180
63
8
7
16
3
1
4,228
697
As will be observed from the foregoing table the failures of State
chartered banks greatly outnumber those of the national banks, but
small national banks have not been immune to the conditions which
are causing the failures of small country banks generally. As an
illustration of the wide scope of this economic condition, it may be
said that in seven States over 40 per cent of all the banks in existence
in 1920 have failed and in six States between 25 and 40 per cent.
In 26 States, or more than one-half the total, over 10 per cent of the
banks that were in operation in 1920 have since failed. When it is
considered that no important failures have occurred among banks in
the larger cities, the ratio of failures in the country districts is even
higher.
We have here, therefore, a strong contrast between city and country
bank operations. Whereas the depositor in a large city bank, whether
a wage earner or a business man, has had full protection, the depositor
in the small country bank has suffered severely from the inability of so
many of these banks to meet their deposit liabilities. The farming
communities have not been afforded the protection for their savings
which has been available to depositors in the large cities.
It is cause for immediate concern that the operating conditions
faced by the country banks show no prospect of improvement underthe present system. There are many country banks now operated
at a loss and many others operating upon earnings insufficient to
justify their capital investment. There is not available to me the
earning statements of State banks, but taking the national banks as
an illustration and the year 1927 as a typical year (later earning
figures not being compiled) 966 national banks operated at a loss and
an additional 2,000 earned less than 5 per cent. These constituted
about 38 per cent of all national banks in the United States.
Comprehensive study of the banking situation for the past nine
years clearly indicates that the system of banking in the rural communities has broken down through causes beyond the control of the
individual banker or the local community. These causes are of a
basic nature and have many ramifications throughout the great
economic and social changes which have occurred in the United
States since 1914. I shall not attempt in this report a detailed analysis
of this situation except to say that the economic movement away from
4
REPORT OF THE COMPTROLLER OF THE CURRENCY
a large number of independent local utility and industrial operating
units toward a stronger and more centralized form of operation in
the large cities has curtailed the opportunities of the country bank for
diversity and extension of business while broadening these opportunities for the large city bank.
Any attempt to maintain the present country bank system by force
of legislation in the nature of guaranty of deposits or the like, would
be economically unsound and would not accomplish the purpose
intended. If in the free course of business the country bank can not
successfully operate as an independent banking corporation, affording
ample protection to its depositors and its stockholders, the obligation
and responsibility is upon the Government of the United States, at
least so far as the national banks are concerned, to set up a system of
national banking which will insure the rural communities against the
continuing disastrous effects of local bank failures.
There have been no general financial panics in this country since
the war—thanks to the Federal reserve system. Any bank can have
access, directly or indirectly, to the benefits of the Federal reserve
system to the extent of its sound commercial and business loans and
the decline of the country banks has taken place notwithstanding the
valuable assistance rendered by the Federal reserve system. A Federal
reserve bank is not charged with the responsibility of preventing
bank failures. It is beyond the power of the Federal reserve system,
as it is beyond the power of any governmental agency, to stand between
these banks and insolvency.
In the absence of legislation to remedy the conditions above
described, private enterprise has within recent months^ undertaken to
meet the economic situation presented by the growing isolation of the
country banks. Local holding companies have been formed in many
sections of the country for the purpose of bringing together a number
of banks into a single operating group. The usual procedure is for
the holding company, a State corporation, to purchase a majority
of the stock of several banks, one of which would be a large city bank
which in effect becomes the parent bank of thegroup. Themanagement
personnel of the central bank becomes in practice the responsible
management for the entire group. Through such a group system it
appears to be possible to make a close approach to a form of branch
banking whereby each operating unit leans for support upon the
central bank, or upon the holding company, and receives the benefits
of its moral and financial support; its prestige and good will; its extension of the wider type of banking service; and the benefits of its
highly trained management.
This holding-company movement is of such recent development
that complete statistics are not yet available as to the number of
companies in operation or the number of banks taken over. It
appears that in many cases some of the most responsible bankers and
business men of the community have been instrumental in the organization of these holding companies and this it would seem is a sufficient
indication of the seriousness of the purpose behind the movement.
However, these holding companies are attempting to do under the
sanction of existing laws, which are crudely adapted to the purpose,
what should be made possible in a simpler manner by new legislation.
If branch banking were permitted to be extended from the adequately
REPORT OF THE COMPTROLLER OF THE CURRENCY
5
capitalized large city banks to the outlying communities within the
economic zone of operations of such banks, there would be no logical
reason for the existence of the local holding company and it would
give way to a system of branches operated directly by the centra!
bank of the group.
These conditions would seem to warrant a further amendment of
section 5155 of the Kevised Statutes of the United States as amended
by the act of February 25, 1927 (U. S. Code, title 12, sec. 36), known,
as the McFadden Act, to permit national banks, with the approval
of the Comptroller of the Currency, to establish branches within the
trade areas of the cities in which such banks may be situated. These
trade areas may in some cases be coextensive with Federal reserve
district lines; in other cases they may be of a more limited extent,
but in my judgment they should not extend beyond Federal reserve
district boundaries, except to take care of a few exceptional cases
where a trade area may extend from one Federal reserve district
into another, nor should a bank be permitted to establish a branch
in another city in which there is a Federal reserve bank or a branch
thereof.
Under such a system of branches there would gradually be extended
to the agricultural communities from the large city banks a safe and
sound system of banking which would render remote the possibility
of bank failures. There would, however, be no compulsion upon
unit banks to enter a branch organization. The two systems of
banking—unit banking and branch banking—would no doubt
operate side by side for an indefinite length of time; that is to say,
there would be in every rural section some unit banks well organized,
competently managed and held in high esteem by the community,
which would continue to operate advantageously.
These suggestions for branch banking are made not with the
intention primarily to deal with the question of the decline in the
number of national banks through defection from the national to the
State systems, but rather as a, remedy for what appears to be a serious
and fundamental weakness in our systems of banking both national
and State. Such a grant of power to the national banks would,
however, give them such an outstanding operating advantage that it
would seem reasonable to expect that the exodus of banks from the
national system would practically cease and that many now under
State supervision would return to the national charter which they
have forsaken.
Any such legislation, based not upon the theory of equalizing the
national with the State bank charter powers but giving a real advantage to the national charter, would be fully justified under existing conditions which seriously jeopardize the maintenance of the
national banking system. The State legislatures have for years
given to the State banks operating advantages which the national
banks did not possess and it is in this situation that we find the
motive for the abandonment of national charters. There is appended
hereto a list of 127 large national banks which have within the past
10 years given up their national charters for the purpose of operating under State charters.
REPORT OF THE COMPTROLLER OF THE CURRENCY
Name and location of bank
State
Capital
Resources
$1,000,000
3,000,000
600,000
300,000
2,000,000
$27,053,000
49,942,000
8,358,000
6,985,000
20,224,000
Year ended Oct. 81,1920
Third National Bank of Atlanta
Merchants National Bank of the City of New YorkSecurity National Bank of Los Angeles
:..
Farmers National Bank of Fresno
Mercantile National Bank of San Francisco
Georgia
New York.
California—
do
do
Year ended Oct. 81,1921
National Reserve Bank of Kansas City
Midwest National Bank & Trust Co. of Kansas C i t y Lincoln National Bank of Rochester
First National Bank of Cleveland
Union National Bank of Newark
Union Commerce National Bank of Cleveland-_
Canal-Commercial National Bank of New Orleans
National Bank of Commerce of Toledo
Central National Bank of St. Louis
National Commercial Bank of Cleveland
Liberty National Bank of New York
National Bank of Commerce of Kansas City
Union National Bank of Pasadena
Ridgewood National Bank, Ridgewood
National Bank & Trust Co. of Pasadena
Missouri
do
New York-.
Ohio
New Jersey,.
Ohio..
Louisiana...
OhioMissouri. _.
Ohio
New York..
Missouri-_California,.
New York..
California. _
1,000,000
11,534,000
1, 000,000
12, 542,000
1,000,000 22, 272,000
2, 500,000 101, 524, 000
1, 500,000
31,372,000
4,000,000
78, 323,000
11, 863, 000
500,000
1,000, 000 16,781, 000
27, 629,000
1, 000, 000
14, 765, 000 •
1, 500, 000
5,000, 000 121, 642,000
68, 613, 000
4,000,000
5,404,000
375,000
9, 224,000
300, 000
5,490,000
300,000
do
do
do
New York
do
Virginia
9,771,000
500, 000
6,717,000
300,000
2* 127,000
400,000
1, 000,000 21, 776,000
2, 000, 000 76,135,000
15, 854,000
1,000,000
Year ended Oct. 81,1922
First National Bank of Fresno
First National Bank of Berkeley
First National Bank of Bakersfield
Atlantic National Bank of the City of New York
Bank of New York National Banking Association
National State & City Bank of Richmond
-
Year ended Oct. 81,1928
Merchants National Bank of San Diego.
Lowry National Bank of Atlanta
Irving National Bank, New York
Bank of North America, Philadelphia
Merchants National Bank of San Francisco
First-Second National Bank of Akron
_
Importers and Traders National Bank of Now York
Merchants National Bank of Raleigh
_
Luzerne County National Bank of Wilkes-Barre
Battery Park National Bank of New York
American National Bank of San Francisco
_
Ninth National Bank of Philadelphia
California
Georgia
New York
Pennsylvania
California
Ohio.
New York
North Carolina..
Pennsylvania...
New York
California
Pennsylvania-__
250,000
1,000,000
12, 500,000
2, 000,000
1, 500,000
1, 500,000
1, 500, 000
300,000
400,000
1, 500, 000
2,000, 000
500.000
5,108,000
21, 350,000
297,935,000
31, 490, 000
15,052,000
22,603,000
43, 550,000
5, 576, 000
5, 018, 000
12, 962, 000
25,623 000
14, 527,000
Year ended Oct. 81,1924
Fourth National Bank of Cincinnati
Wells Fargo National Bank of San Francisco
National Exchange Bank of Baltimore
Lafayette National Bank of Buffalo,
Continental National Bank & Trust Co. of Kansas CityNorthern National Bank of Toledo..
Long Beach National Bank, Long Beach
Second National Bank of Toledo
Corn Exchange National Bank of Chicago
Ohio
California..
MarylandNew York.
Missouri
Ohio.
California..
Ohio
Illinois
12,418,000
500,000
6,000,000 93,806,000
1, 500,000 17, 532,000
1,000,000
9,128,000
500,000
C, 499,000
1,000,000
15,692,000
200,000
7,112,000
1,000,000
16,477,000
5,000,000 132,302,000
Year ended Oct. 81,1925
First National Bank of OaklandFifth National Bank of the City of New York
Gotham National Bank of New York.
National Union Bank of Boston
California
New York
do._
Massachusetts. .
1,000,000
1, 200,000
1, 500,000
1,000,000
11,953,000
25,302,000
19,371,000
17,129,000
New York
do._
Indiana
Virginia..South CarolinaRhode Island...
New York
New Jersey
New York
Connecticut
New York
New Jersey
New York
do
....do
2,000,000
1, 500,000
250,000
1,000, 000
250,000
1, 250, 000
200,000
150, 000
600, 000
1, 000, 000
300, 000
700, 000
1, 250, 000
1, 000,000
2,000,000
61,935,000
25,778,000
5,433,000
17,547,000
7,085,000
20, 871,000
9, 862,000
7,198, 000
8, 007, 000
17, 714, 000
6, 655,000
6, 653,000
19,821,000
12, 576, 000
14,447,000
_
Year ended Oct. SI, 1926
Manufacturers & Traders National Bank of Buffalo
Coal & Iron National Bank of the City of New York
First National Bank of Hammond
Planters National Bank of Richmond
Norwood National Bank of Greenville
National Exchange Bank of Providence
First National Bank of Jamaica
City National Bank of Plainfield.State National Bank of North Tonawanda
Phoenix National Bank of Hartford
National Exchange Bank of Lockport
Second National Bank of Hoboken
First National Bank & Trust Co. of Utica
National American Bank of New York
National Butchers & Drovers Bank of the City of New
York.
REPORT OF THE COMPTROLLER OF THE CURRENCY
Name and location of bank
Capital
State
Resources
Year ended Oct. 31,1927
American Exchange-Pacific National Bank of New York...
First National Bank of Albany
West Branch National Bank of Williamsport
Citizens National Bank & Trust Co. of Cincinnati
Fifth-third National Bank of Cincinnati
Merchants & Manufacturers National Bank of Newark
Commercial National Trust & Savings Bank of Los Angeles.
Griswold National Bank of Detroit
American National Bank of Newark
__
Franklin National Bank in New York
New York.,
.doPennsylvania.
Ohio
doNew Jersey...
California
Michigan
New Jersey...
New York
$7, 500, 000 $264,212,000
600, 000
15,154,000
500,000
9, 657,000
2,000, 000 20, 330,000
3, 000, 000
53, 527, 000
1. 350, 000
20, 458,000
2, 000, 000
25,116,000
2, 000, 000
22, 733, 000
500, 000
17, 662,000
800,000
7, 263,000
Year ended October SI, 1928
Union National Bank of Philadelphia._„
...—»->.City National Bank of Holyoke
„
National Bank of Commerce in Chicago.
National Bank of Commerce in Philadelphia
Hamilton National Bank of New York
Bronx National Bank of the City of New York
First National Bank of Bangor
„
_.
Liberty National Bank of Covington
First National Bank in Columbus—_
Massasoit-Pocasset National Bank of Fall River
___
United Capitol National Bank & Trust Co. of New York
Flushing National Bank, Flushing
National Bank of Rochester
Broad Street National Bank of Philadelphia
National Bank of North Philadelphia
National City Bank of Los Angeles
Pennsylvania..
Massachusetts.
Illinois..
Pennsylvania..
New Y o r k . . . . .
do
Maine
Kentucky..
Ohio.
Massachusetts.
New York
do...
„
....do
Pennsylvania-.
do
California
1,000,000
500,000
800, 000
500,000
1, 500, 000
300,000
400,000
350,000
500,000
650, 000
5, 000,000
200,000
1,200, 000
500,000
700, 000
1,000, 000
New York
..—do
Virginia
California
Pennsylvania...
Maryland
Texas
.
California
New York
California
New Jersey
Michigan
New York
do_.
do
do
Maine
Kentucky..
Michigan.
New York
.....do
Missouri
doPennsylvania...
New York
doConnecticut
Ohio
Texas
OhioNew York
North Carolina.
.....do
1,000,000
1,500,000
2,000.000
4,000,000
400,000
1,000, 000
1,000, 000
200,000
25,000, 000
250,000
300,000
800,000
10,000, 000
300,000
400,000
6,000,000
400,000
750,000
2,000,000
200,000
11,000, 000
1, 700, 000
2,000, 000
1,000, 000
1,000,000
500,000
1, 000, 000
200,000
1,000,000
1,000,000
1,200,000
750,000
1,000,000
1,000,000
1,000,000
23, 044, 000
5, 893,000
7, 717,000
10,732,000
19,216,000 i
9,986,000 i
8,308,000 :
5,676, 000 i
14,071, 000
6,752,000 ]
53,144,000 =
5,070, 000
22,558, 000 !
12, 293, 000 ;
6,872, 000
10, 898, 000
Year ended Oct. 31, i
First National Bank of Brooklyn
Seventh National Bank of New York.—
American National Bank of Richmond
Merchants National Trust & Savings Bank of Los Angeles. _
Northern National Bank of Philadelphia
National Union Bank of Maryland at Baltimore
Mercantile National Bank in Dallas.-..
„
First National Bank of Long Beach
National Bank of Commerce in New York
First National Trust & Savings Bank of Whittier
Bloomfield National Bank, Bloomfield
Old National Bank of Grand Rapids
Hanover National Bank of the City of New York.,
Third National Bank of Syracuse
Liberty National Bank & Trust Co. of Syracuse
Chemical National Bank of New York
Chapman National Bank of Portland
Louisville National Bank & Trust Co,, Louisville
Merchants National Bank of Detroit
_..
Arcadia National Bank & Trust Co. of Newark..
Seaboard National Bank of the City of New York
Merchants-Laclede National Bank of St. Louis
State National Bank of St. Louis
Tenth National Bank of Philadelphia
Community National Bank of Buffalo.....
_
Fordham National Bank in New Y o r k . . . . . .
*.___
Thamet National Bank, Norwich
„_
Norwood National Bank
City National Bank of San Antonio
National City Bank of Akron
_
National Bank of Niagara & Trust Co., Niagara Falls
Citizens National Bank of Raliegh.
Murchison National Bank of Wilmington
American National Bank & Trust Co. of Greensboro
_
City National Bank & Trust Co. of Bridgeport
Connecticut.
23,025,000
14, 524, 000
21,774,000
164,645,000
10,256,000
11,052,000
13,950,000
6,916, 000
684,456,000
5,639,000
7,457,000
16,666,000
209,026,000
5, 508,000
5,002,000
233,708,000
9,750, 000
14,679,000
26,780,000
5,666,000
286,954,000
23,751,000
21.667,000
10,746,000
23, 596,000
5,616,000
5,218,000
5,157,000
14,040,000
15,461,000
13,492,000
8,679,000
12, 285,000
11,297,000
18, 351,000
Recapitulation by years
Number
1920
1921
1922
1923
1924
1925
5
15
6
12
9
4
79003°—30
Capital
Resources
$6,900,000
24,975,000
5,200,000
24,950,000
16, 700,000
4,700,000
$112, 562,000
538,978,000
137,380,000
500, 794,000
310,956,000
73,755,000
2
Number
1926
1927..
1928
1929
Capital
15 $13,450,000
10 20,250,000
16 15,100,000
35 82,850,000
Total-
127
215,075,000
Resources
$241,582,000
456,112,000
222,230,000
1,966, 789,000
4, 561,148, 000
8
REPORT OF THE COMPTROLLER OF THE CURRENCY
Many smaller national banks during this period also relinquished
their charters to go into the State system, but the foregoing list includes
only banks of the metropolitan class.
Following the approval of the McFadden Act (act of February 25,
1927) several large State banks were converted into national banks,
but this gain has been far more than offset by the recent great loss of
national charters. Boards of directors of banks and their stockholders,
in giving consideration to the question of whether the corporation
should operate under the national or the State charter, are not moved
by questions of sentiment or patriotism. The fact that a national
bank is an instrumentality of the Federal Government designed to
fulfill* certain public purposes does not seem to be considered an
operating advantage to the bank. The corporation must in the nature
oi the case be moved almost solely by consideration of the most profitable use of the capital invested in the enterprise. In other words,
the question of the choice of charter presents to the corporation a
business proposition. In the history of banking in the United States
since 1863 banking corporations have switched from State to national
and from national to State charters as the business advantages lay
with the one or the other. From the standpoint therefore of the
operating banker the grant of the wider branch banking powers to
national banks would be considered by him as an invitation to enlarge
the sphere of his business operations to the greater advantage of his
stockholders.
The Government of the United States, as distinguished from the
national banking corporation, would be concerned primarily with the
question of strengthening the national banks as Federal instrumentalities and with the establishment of a sound system of banking
throughout the United States. Under the existing trend with the
operating advantage in favor of the State banks the development is
in the direction of 48 separate and distinct systems of commercial
banking each under the supervision, control, and direction of a
separate State government with a corresponding disappearance of
the national banks from thefield.^
It has been said that this situation does not present any cause for
concern for the reason that the Federal reserve system which embraces
State banks in its membership has made the national banking system
unnecessary. The Federal reserve act, however, did not set up a
system of banks in the United States. It did set up a system of coordination of bank reserves and a flexible currency, which operate
advantageously for all banks. The approach to equalization between the State and national banks afforded by the Federal reserve
system does not involve a rearrangement of charter powers but an
extension of the privileges tod the benefits of the Federal system to
State chartered banks. If therefore, in addition to these privileges
which they derive from the Federal Government, they secure from
their respective legislatures charter powers giving them certain
operating advantages over national banks, the Federal reserve
system thus becomes indirectly the means of forcing national banks
to take out State charters.
The announced legislative policy of the so-called McFadden Bank
Act of February 25, 1927, was parity between the national and State
systems. The purpose of the bill was to make the charter powers of
KEPOKT OF THE COMPTROLLER OF THE CURRENCY
9
national banks approximately equal in operating advantage to
those of the State banks. Nearly three years of operation under that
act has demonstrated that it has failed of its purpose in this respect.
The theory of parity between the two systems of banks is, in my
opinion, economically unsound. Commerce is interstate and is
recognized by the Constitution of the United States as being fundamentally a national question. One of the primary purposes of the
national bank act of 1863 was to establish a sound and uniform system
of commercial banking throughout the country in order that commercial transactions growing out of the production, the manufacture,
and the transportation of goods and commodities from one section
of the country to the other might not be hampered by local banking
legislation but should have access to a system of banks operating
under Federal authority and supervision under a single set of rules
and regulations and statutory enactments in order that the free flow
of commerce should not be embarrassed by a multiplicity of restrictions having their origin in local political conditions.
The proposal for the extension of branch banking which is here
made would have the direct effect of establishing a strong system of
banks in the rural districts and indirectly it would lead to the gradual
restoration of the national banks as the primary system of commercial
banking in the country.
While it would seem to be to the interest of the local bank holding
companies to convert their groups of banks into branches after the
enactment of legislation as above outlined, there might possibly still
remain in operation some of these local companies and some of a
wider regional operation. In view of the fact that such companies
are outside of all jurisdiction of the Federal Government and that
they would be in a position to dictate the policies and .operations of
such national banks as they controlled through stock ownership,
I further recommend to the^ Congress an amendment to the national
banking laws which will bring the operations of such bank holding
companies under some degree of Federal supervision where they own
the majority of the stock of more than one national bank and a
further amendment to safeguard the additional shareholders' liability
which each such bank holding company incurs through the ownership
of the shares of national-bank stock.
Under the present law it is necessary for a national bank, in order
to exercise fiduciary powers, to obtain a permit from the Federal
Reserve Board. The trust department of a national bank is developing into one of the most important branches of its business. Trust
companies exercise their fiduciary powers by direct grant of charter
power from State legislatures; national banks should have a similar
grant from Congress.
I, therefore, recommend that the law be so amended as to provide
that the exercise of fiduciary powers shall be one of the corporate
powers of a national banking association subject to the existing
limitations in regard to State law, etc., now contained in paragraph
(k) of section 11 of the Federal reserve act.
I renew the recommendation made in my annual report to the
Seventieth Congress that the law be amended to give the comptroller
supervision over the national banking associations going into voluntary liquidation. Under the present law, the comptroller's authority
10
REPORT OF THE COMPTROLLER OF THE CURRENCY
is limited to the appointment of a receiver, provided a bank in
liquidation should prove to be insolvent. The reports of the liquidating agent are not required under the law, although they are
frequently furnished voluntarily. At present the liquidation of a
national bank may be carried on for a period of time and later prove
to be insolvent, necessitating the appointment of a receiver. Creditors who have been settled with prior to such appointment may thus
obtain preference over other creditors. It is believed that it would
be a step forward if the liquidating agent of a national bank were
made subject to the comptroller; be required to give bond and to
render reports in the same manner as is required of a receiver until
the affairs of a liquidating bank are finally closed.
It is again recommended that a law be enacted making it a criminal
offense to maliciously or with intent to deceive, make, publish, or
circulate any false report concerning any national bank or any other
member of the Federal reserve system which imputes insolvency or
unsound financial condition, or which may tend to cause a general
withdrawal of deposits from such bank or may otherwise injure the
business or good will of such bank.
Amendments to the laws of the District of Columbia
I renew the recommendations made to the Seventieth Congress
that the following laws be enacted:
1. Giving the comptroller the right and power to make regulations
governing savings banks or trust companies doing a banking business
in the District of Columbia with a penal provision for the enforcement of such regulation; the regulations to be limited so that they
shall not in any case place restrictions upon such banks which are
not placed upon national banks.
2. Prohibiting the use of the word "bank" or the words "trust
company" by any firm, copartnership, company, or corporation
doing business in the District of Columbia and not doing a banking
or fiduciary business under the supervision of the Comptroller of the
Currency and providing in the event such title shall be used by a
firm, copartnership, company, or corporation doing a banking or
fiduciary business, it shall be subject to the approval of the Comptroller of the Currency.
3. The corporations with their principal place of business outside
of the District of Columbia may not establish offices in the District
of Columbia and do a fiduciary business without the permission of
the Comptroller of the Currency and without complying with the
general conditions of the corporation laws of the District which
have been enacted for the protection of those who do business with
corporations with their principal place of business in the District.
While the building and loan associations in the District of Columbia
are examined and supervised by the Comptroller of the Currency,
there is no provision of law which prohibits any building and loan
association from organizing and doing business in the District of
Columbia regardless of its merits. I recommend that a law be passed
which would prohibit any building and loan association from doing
business in the District of Columbia or maintaining an office in the
District of Columbia without first securing the approval of the
Comptroller of the Currency and that any violation shall constitute
11
REPOBT OF THE COMPTROLLER, OP THE CURRENCY
a penal offense and be punishable in the same manner as now provided
by the act of April 26, 1922, entitled " An act regulating corporations
doing a banking business in the District of Columbia.77
BRANCHES
In the comptroller's report for the year ended October 31, 1927,
the statement was made that under the provisions of the act of
February 25, 1927, the Comptroller of the Currency had approved
the establishment of new city branches to the number of 127. In
the year following 103 new city branches were authorized and during
the year ended October 31, 1929, the number authorized was 89.
Of the 319 local branches authorized by the comptroller 75 have been
discontinued leaving the total of city branches now in operation
authorized by the comptroller under the provisions of the McFadden
Act as 244.
During the past year 2 branches were added to the system through
the conversion of a State bank and 82 branches were added through
the consolidation of State banks with national banks. These additions, together with those branches in the system under date of
October 31,1927, less 104 branches dropped through action of directors
and shareholders or liquidation of national banks makes a total of
1,061 branches in existence in the national banking system as of
October 31, 1929, summarized as follows:
Classes
Statutory-!^
Additional offices, c branches
Millspaw Act
0 branches
Totals
Closed
Authorized
In
In
opera- exist- during
year
tion
ence
Feb.
Oct. ended Share25,1927 31,1928 Oct. holders
31,1929
202
5
469
162
168
6
187
2
82
372
992
173
165
1
89
1
during the year ended
Oct. 31,1929
Total
in
existVolun- ence
Direc- Lapsed tary
Oct.
tors
liqui- 31,1929
dation
44
5
10
17
427
243
142
6
244
6
11
86
1,061
1
I
25
12
REPORT OF THE COMPTROLLER OF THE CURRENCY
Table showing number and manner of acquisition of branches of national banks during the year ended October SI, 1929
Branches authorized during
the year ended Oct. 31,
1929
Charter
No.
Title and location
By conversion
or by
Undaer consoliTotal
act Feb. dation number
25, 1927 under
act Feb.
25, 1927
ARIZONA
3728
First National Bank of Arizona at Phoenix
CALIFORNIA
5927
3538
12545
2491
7632
Citizens National Trust & Savings Bank of Los Angeles
Merchants National Trust and Savings Bank, Los Angeles.
Seaboard National Bank of Los Angeles
Security-First National Bank of Los Angeles
United States National Bank of Los Angeles
DISTRICT OF COLUMBIA
3425
5046
National Bank of Washington
Riggs National Bank of Washington.
5045
1559
9617
Fourth National Bank of Atlanta.
Atlanta and Lowry National Bank, AtlantaFulton National Bank of Atlanta.
S550
Bishop First National Bank of Honolulu...
HAWAII
MASSACHUSETTS
200
322
643
11903
5155
First National Bank of Boston.
Second National Bank of Boston
Atlantic National Bank of Boston...
Boston National Bank
National Shawmut Bank of Boston.
7589
10527
8703
8148
Old-Merchants National Bank and Trust Co. of Battle Creek.
First National Bank in Detroit
National Bank of Commerce of Detroit
Capital National Bank of Lansing
MICHIGAN
NEW JERSEY
374
1182
9912
3709
First National Bank of Jersey City
_
Hudson County National Bank, Jersey City
._
New Jersey NationalBank & Trust Co. of Newark.
Broad Street National Bank of Trenton
NEW YORK
149
5337
13193
13292
2370
10778
13027
9955
12892
13260
12900
658
1461
11034
13045
653
First National Bank & Trust Co. of Elmira
,
Merchants National Bank and Trust Co. of Elmira
Bank of America National Association, New York
Brooklyn National Bank of New York
_
,
Chase National Bank of the City of New York
Chatham Phenix National Bank & Trust Co., New York.
Claremont National Bank of New York
_
Harriman National Bank and Trust Co. of New York
Lafayette National Bank of Brooklyn in New York
Lefcourt National Bank and Trust Co. of New York
Melrose National Bank of New York
_
,
Nassau National Bank of Brooklyn in New York
,
National City Bank of New York
Public National Bank & Trust Co. of New York
Seward National Bank and Trust Co. of New York
,
First National Bank & Trust Co. of Yonkers
16
13
EBPORT OF THE COMPTKOLLEB OF THE CUBBENCY
Table showing number and manner of acquisition of branches of national banks during the year ended October 81, 1929—Continued
Branches authorized during
the year ended Oct. 31,
1929
Charter
No.
By conversion
or by
Under
consoliact Feb. dation
25,1927
under
act Feb.
25, 1927
Title and location
Total
number
OHIO
32 Second National Bank of Cincinnati.
PENNSYLVANIA
352
723
13180
3604
542
Sixth National Bank of Philadelphia
..-».
Central National Bank of Philadelphia
City National Bank & Trust Co. of Philadelphia
Commercial National Bank and Trust Co. of Philadelphia-...
Corn Exchange National Bank and Trust Co., Philadelphia.,
1606
7848
13349
First National Bank of Chattanooga
Hamilton National Bank of Chattanooga
Union Planters National Bank & Trust Co. of Memphis
3
1
1
1
10
TENNESSEE
WISCONSIN
First Wisconsin National Bank of Milwaukee
2
Totals
84
173
Table showing number and class of branches of national banks closed during the year
ended October 31, 1929
Branches closed
Branches under
act of Feb. 25, 1927
Charter
No.
Title and location
Manner of closing
State
bank
branches
in operation
Additional Branches Feb. 25, Total
1927,
authoroffices
which
ized
which
were consince
became
branches Feb. 25, verted
or con1927
Feb. 25,
solidated
1927
CALIFORNIA
2491
Merchants National Trust and Voluntary liquidation.
Savings Bank of Los Angeles.
Security-First National Bank of 1 board of directors
and 1 resolution of
Los Angeles.
shareholders and 2
lapsed.
1928
Farmers & Merchants National LapsedBank of Washington.
5161
Louisville National Bank and Voluntary liquidation.
Trust Co., Louisville.
3538
DISTRICT OF COLUMBIA
NEW JERSEY
374 First National Bank of Jersey City. Reissued
12255 Journal Square National Bank of Board of directors..
Jersey City*
2 !
36
4
14
REPORT OF THE COMPTROLLER OF THE CURRENCY
Table showing number and class of branches of national banks closed during the year
ended October 81, 1929—Continued
Branches closed
Branches under
act of Feb. 25, 1927
Charter
No.
Title and location
Manner of closing
State
bank
branches
in operAddiation
tional Branches Feb. 25, Total
offices
author1927,
which
ized
which
became
since
were conbranches Feb. 25, verted
Feb. 25,
1927
or con1927
solidated
NEW YORK
11768
5137
923
11844
2370
1499
1352
9955
658
733
1461
12123
12284
12122
Community National Bank of
Buffalo.
Merchants National Bank and
Trust'Co. of Elmira.
First National Bank of Brooklyn,
New York.
Seventh National Bank of New
York.
Chase National Bank of the City
of New York.
Chemical National Bank of New
York.
Hanover National Bank of the
City of New York.
Harriman National Bank and
Trust Co. of New York.
Nassau National Bank of Brooklyn in New York.
National Bank of Commerce in
New York.
National City Bank of New York.
Seaboard National Bank of the
City of New York.
National Bank of Niagara and
1
Trust Co. of Niagara Falls.
Liberty National Bank and
Trust Co. of Syracuse.
Voluntary liquidation.
Lapsed
Voluntary liquidation.
do
Reissued
Voluntary liquidation.
do
10
Board of directors—
Reissued
Voluntary liquidation.
Reissued
Voluntary liquidation.
,-do.
do
NORTH CAROLINA
10112
1766
American National Bank and
do
Trust Co, of Greensboro.
Citizens National Bank of Raleigh. Board of directors..
PENNSYLVANIA
3423
11476
4192
Tenth National Bank of Philadelphia.
Commercial National Bank and
Trust Co. of Philadelphia.
Drovers and Merchants National
Bank of Philadelphia.
Northern National Bank of Philadelphia.
Voluntary liquidation
Board of directors
Voluntary liquidation
do
TENNESSEE
1606
150
First National Bank of Chattanooga.
Fourth and First National Bank
of Nashville.
Reissued
Board of directors..
VIRGINIA
6229
American National Bank of Richmond.
Total (29 banks)
Voluntary liquidation.
26
45
104
REPORT OF THE COMPTROLLER OF THE CURRENCY
15
ORGANIZATION AND LIQUIDATION OF NATIONAL BANKS
There were 7,506 national banking associations in existence at the
close of the current year, October 31, 1929. This number was less
by 201, or 2.67 per cent, than the number in existence at the close of
the preceding year on October 31, 1928. The decrease in aggregate
resources as evidenced by the last call, October 4, 1929, compared
with aggregate resources on October 3, 1928, was $1,001,170,000, or
about 3.58 per cent.
This office has during the past year continued to exercise its policy
of extreme care in granting charters for national banks, based primarily
on the needs of the community for additional banking facilities.
During the current year 42.43 per cent of the number of applications
received for the establishment of new national banks were approved,
as compared with 39.6 per cent the previous like period, 44 per cent
the year prior thereto, and 52 per cent the year 1926.
In other words, despite the fact that the number of applications
received remains about the same, the number approved by this office
is constantly becoming smaller and in the current year a less number of
applications was approved than has been approved any year during
the past 12-year period, except last year when the number approved
was 103 against 129 for the current year.
Up to and including October 31, 1929, there have been authorized
to begin business 13,390 national banking associations, of which 4,643
were voluntarily closed to discontinue business or amalgamate with
other banks, State or National, including those consolidated with
other national banking associations under authority of the act of
November 7, 1918. Exclusive of banks which failed but were subsequently restored to solvency, the loss to the system by banks
liquidated through receiverships was 1,241, the number of these
receiverships being a fraction less than 9.26 per cent of the total
number of banks organized.
In November, 1914, there were in existence 7,578 national banks
with capital of $1,072,492,175. Since that date the net decrease in
the number of banks was 72, but there was an increase in capital
of $613,759,490. The capital of the banks in existence on October
31, 1929, was $1,686,251,665. In this 15-year period 2,738 banks
were chartered with capital of $354,630,300. During this period,
however, 2,810 associations were closed voluntarily or otherwise.
Applications to organize national banks and to convert State banks
into national banking associations were received in the current year
to the number of 304, with proposed capital stock of $68,880,000. Of
the applications pending 129 were approved with proposed capital
stock of $26,690,000, 120 rejected with proposed capital stock of
$34,955,000, and 50 abandoned with proposed capital stock of
$6,630,000. National banking associations to the number of 141,
with capital of $38,195,000, were authorized to begin business, of
which 5 were located in the New England States, 32 in the Eastern,
31 in the Southern, 31 in the Middle Western, 22 in the Western,
and 20 in the Pacific States. The greatest activity as indicated by
the number of banks organized was in the following States: New
York, 21 banks; Texas, 11; California, 10; Florida, 9; Minnesota, 7;
Illinois, 6; Nebraska, 6; Missouri, 6; North Dakota, 6; New Jersey,
5; Pennsylvania, 5; Massachusetts, 4; Washington, 4; and South
16
REPOBT OF THE COMPTROLLER OF THE CURRENCY
Dakota, 4. In other States the number ranged from 1 to 3 banks.
It further appears that of the total number of charters issued, 23,
with authorized capital of $7,620,000 and resources aggregating approximately $98,216,821, were the result of conversions of State
banks—4, with capital of $375,000, reorganizations of State banks,
and 114, with capital of $30,200,000, primary organizations. The
business of 16 State banks with capital of $1,002,500 and assets
aggregating approximately $14,001,432 was purchased by national
banks. Conversion of 1 State bank into a national association
brought into the system 2 branches.
In the year in question 96 national banking associations were
consolidated into 46 under authority of the act of November 7, 1918,
the capital of the consolidated banks being $291,864,075. In some
instances there were reductions in capital and in others increases, but
the net result by reason of consolidations was an increase in capital
stock of $66,856,883.
During the current year there were 34 consolidations under the act
of February 25,1927, authorizing the consolidation of 35 State banks
with national banks—the aggregate capital of the consolidating State
banks being $43,055,000. These banks also brought 82 branches into
the national system and assets aggregating approximately $841,146,433.
The voluntary liquidation of 221 associations represented a capital
of $98,267,500, while the capital of the 79 insolvent banks was
$6,575,000. The net result of the changes hereinbefore mentioned
was a decrease for the year in the number of existing banks by 201,
but there was an increase in authorized capital stock of $66,662,550.
It appears that during the year 335 banks increased their capital in
the aggregate sum of $181,730,125. Of this number 80 banks effected
the increase by stock dividends, the amount of the increase in this
manner being $20,793,750.
Of the 221 banks reported in voluntary liquidation, 75, with capital
of $6,415,000, were acquired by other national banks, 139, with
capital of $91,672,500 and resources of $2,022,391,164, entered the
State banking system, and 7, with capital of $180,000 and resources of
$1,010,031, quit business.
NATIONAL BANKS IN THE TRUST FIELD
The development of trust operations by national banks was
evidenced by continued and substantial progress throughout the
Nation during the past year. The statistics for this function compiled as of June 29, 1929, revealed that 2,442 national banks had
received authority to exercise trust powers, with a combined capital
of $1,218,049,515, representing 32.4 per cent of the number and
74.8 per cent of the capital of all banks in the national banking
system.
Trust departments had been established by 1,734 of these banks
and 75,988 trusts were being administered with individual trust
assets aggregating $4,237,648,663. Seven hundred and thirty-six of
these banks were also acting as trustees for bond and note issues
aggregating $7,370,154,456.
Compared with October 3, 1928, these figures represent a net increase in the number of national banks authorized to administer
trusts under section 11 (k) of the Federal reserve act of 69, or 2.91
REPOET OF THE COMPTROLLER OF THE CURRENCY
17
per cent; an increase in the number operating trust departments of
149, or 9.40 per cent; an increase in the number of trusts being
administered of 12,212, or 19.15 per cent, and an increase in individual
trust assets of $940,338,544, or 28.52 per cent.
The growth in the fiduciary activities of the banks in the national
banking system and the increasing popularity with the public of this
important department of national bank operations are even more
impressive when comparisons are made with the activities of national
banks in this field just three years ago. In June, 1926, national
banks numbering 2,026 had authority to exercise trust powers, with
1,104 actively engaged in administering trusts. These banks were
then acting in a fiduciary capacity for 26,053 trusts, with individual
trust assets of $922,328,677, and were acting as trustees for bond
and note issues aggregating $2,463,553,316. The figures compiled
as of June 29, 1929, represent for the 3-year period an increase
in the number of national banks authorised to administer trusts
of 416, or 20.53 per cent; an increase in the number of banks operating trust departments of 630, or 57.07 per cent; an increase in
the number of trusts being administered of 49,935, or 191.67 per
cent; an increase in individual trust assets of $3,315,319,986, or
359.45 per cent; and an increase in the volume of bond and note
issues outstanding for which these banks were acting as trustees of
$4,906,601,140, pr 199.17 per cent.
As the activities of national banks have grown, so have the earnings
that these banks have reported from this source. For the fiscal year
ended June 30, 1929, trust department gross earnings aggregating
$20,583,000 were reported, as compared with $16,165,000 in 1928,
$10,811,000 in 1927, and $8,255,000 in 1926. ^
Another phase of fiduciary activity which is gaining in popularity
is the creation of insurance trusts. While the administration of this
type of trust is a comparatively recent development in national bank
trust departments, yet on June 29, 1929, 118 national banks were
administering 271 insurance trusts representing the proceeds of insurance policies aggregating $11,384,632. Some indication of the place
this type of trust will make for itself in the future operations of national banks is evidenced by the fact that 558 trust departments now
hold 9,505 trust agreements which name those banks trustees in the
future of the proceeds of insurance policies with a present face value
of $375,524,409, an amount aggregating more than one-third of the
total individual trust assets under administration in 1926 by the 1,104
national bank trust departments then in operation.
National banks with authority to exercise trust powers have shown
continued interest in the privilege afforded them to include the words
"trust company" in their titles. While only 101 were operating with
trust in their names in 1927, the number has increased to 302 since
that time, and this method of informing the public of their authority
to engage in trust functions is becoming general in many sections of
the Nation.
A recent analysis developed that of the 7,536 national banks in
operation, 2,442, or 32.4 per cent, had authority to exercise trust
powers; 2,839, or 37.7 per cent, had capital sufficient to entitle them
to apply for permission to exercise trust powers under section 11 (k)
of the Federal reserve act, and 2,255, or 29.9 per cent, were ineligible
18
REPORT OF THE COMPTROLLER OF THE CURRENCY
to receive permission to engage in trust operations because their
capital was less than that required by the laws of the States in which
they were located for competing State institutions to receive like
powers.
The accompanying recapitulation segregates national banks into
six classes according to capital and gives detailed information relating
to their fiduciary activities, following which is a table showing consolidated figures by Federal reserve districts.
Fiduciary activities of national banks in 1929 segregated according to capital
Banks
with
capital
of $25,000
Per
cent
Banks
with capital over
$25,000 to
$50,000
1,734
25
1.44
109
',615
$625, 000
3, 506, 744, 230
8, 522,124
18,035, 531
210, 541, 642
493, 805,136
212, 286
30,162
3,922
97, 685
34, 604
.01
.35
.02
.05
.01
5, 208, 528
28, 025
270,148
973, 267
338, 877
.15 31, 548,125
829, 629
.33
103, 480
1.50
.46 4, 452, 272|
3, 206, 948j
.0'
.90 104, 652,034;
9.73
1.171,870!
.57
1, 008, 506J
2.12
7, 650,167!
. 65
8. 651, 910)
4, 237,648, 663
378, 659
.01
6,818,845
.16 40,140,454!
. 95 123,134,48',
Private trust accounts
Private trust accounts, income
Court trusts (executor, etc.)
Court trusts (executor, etc.) income.
Other liabilities
2, 404, 561, 306
18,947, 833
856,009,162
16, 246,143
941,884, 219
15, 314
630
313, 493
21, 724
27, 498
2,136, 638
28,137
3, 458, 589
77, \ "'
1,117, 485
14, 507,963
167,018
.15
.40 20, 890, 297
.48
453, 676
.12 4.121, 5001
Total..
Trustee for bond issues.
Individual trusts being administered
Corporate trusts being administered
Number of national banks administering insurance
trusts
Number of insurance trusts being administered (included in private trust totals)
'____
Volume of assets represented by insurance trusts being
administered (included in private trust totals)
Number of banks holding insurance trust agreements
not yet operative
Number of insurance trusts for which banks have been
named trustees but which have not yet become operative (not included in private trust totals)
Pace value of insurance policies held under above
agreements (not included in private trust totals)
4, 237, 648, 6631
378, 659
7,370,154,456!
69,003'
Total
Number of national banks administering trusts
Combined capital of national banks administering
trusts
($1,
.06 $5, 315,000
Per
cent
Banks
w i t h capital over
$50,000 to
$100,000
6.29
Per
cent
Banks with
capital over
$500,000
Per
cent
418
248 14.30
52 $40, 690, 000
;749,130, 300 72.82
ASSETS
Investments
Deposits in savings banks
Deposits in other banks
Deposits in own banks
Other assets
Total.
z. y; 337, 957, 017
I. 64 1,027,166,
3,
240 86.32
13. 7i
1, 676, 837 19.68
4, 785, 601 56.16
2, 329, 888 12. 92
5. 59
14, 319, 58" 79.40
3. 63 13, 917, 527 6.61 183, 450, 724 87.13
1. 75 30,214, 652 6.12 451, 358,145 91.40
2.90 386,095, 9211 9.11 3, 681,080, 297
:6. 87
2.15 191,635, 752 7.97 2,144, 495, 75'
3, 357, 530 17.72
5.35
14. 380, 329
6.72 135, 694, 275 15. 85
>38,120, 111
3, 057, 850 18.82
9.69
11, 060, 076
1.19 52, 350, 514 5. 56
73,024,024
89.19
75.90
74.55
68.08
92.69
2.90 386, 095, 921
86.87
LIABILITIES
66, 776J
9,212
.14
.01
.02
6, 818, 845
40,140, 454|
3,446,95l|
.051 33,195, 8951
650
47
77\~
.51
3,983
383
2.44
2.79
.44
51, 769, 882
1. 014,189
57, 532, 397
1, 574, 821
11, 243,198
. 95 123, 134, 487
.45
5.97|
4.16
57, 561, 743
10, 96:
86(
.78 219,093,176
16.42
9.40
9.113,681,080,29:
2.S
14, 756 22.10
1,479 16. 00
118
7
5.93
23 19.49
3:
271
10
3.69
50 18.45
75 27.68
$11,384, 632
558
9,505
16
$375,524,409
$403,338
27.12
$194,599
1.71
8.25
$2, 095,917 18. 41
1.08
47
8.42
121 21.68
192 34.41
.17
512
5.39
861
.11 $3,023,270
$939,349
.80 $19,324, 484
9.06
1,778 18.70
\ 056, 787, 688
36, 352 54.44
6, 435
69.85
56
47.46
136
50.18
$8,154, 767
71.63
192
34.41
6,338
5.15 $66, 765,693 17.78 $286, 007,624 76.16
Fiduciary activities of national banks in 1929 segregated according to capital—Continued
Total
Banks
Banks
Banks with
Banks with
Banks
Banks with
capi- Per with capiwith
Per with
Per capital over Per capital over Per capital over Per
tal
over
tal
over
cent
$200,000 to cent
$100,000
to
cent
capital cent $25,000 to cent $50,000
cent
$500,000
to
$500,000
of $25,000
$200,000
$100,000
$50,000
Number of national banks authorized to exercise fiduciary powers but not administering trusts
708
253
47 6.64
152 21.47
Combined capital of national banks authorized to exercise fiduciary powers but not administering trusts. $189,361,900 $1,175,i,000 .62 $7, 325, 000 3. 87 $24,152, 000
Total number of national banks authorized to exercise
fiduciary powers
2,442
671
72 2.95
261 10.69
Combined capital of national banks authorized to exercise fiduciary powers
$1, 218,049,515 $1 800,000
15 $12, 640, 000 1. 04 $64,842, 000
Number of national banks having sufficient capital to
apply for permission to exercise fiduciary powers at
beginning of 1929
.
20.64
778
972 34.24
National banks having authority to exercise fiduciary
powers which have amended their titles to include
the words "trust company" Oct. 15,1929
58
.66
5 1.
302
35.73
141 19.91
70 9.89
45
6.36
12.75 $24, 465, 400 12.92 $25,542, 500 13.49 $106,702,000 56.35
27.48
670 27.43
5. 32 $112, 912, 230 9.
475 19.45
293 12.00
&170, 022,985 13.96 $855,832,300 70.26
27.40
320 11.27
128 4.51
19.21
97 32.12
83 27.48
55
1.94
57 18.87
Fiduciary activities of national banks by Federal reserve districts as of June 29, 1929
Number
authorized to
Federal reserve districts exercise
fiduciarypowers
Number
Number of individual
exercising fidu- trusts
being
ciary
powers administered
Assets of
individual
trusts
Number
of corporate
trusts
being
administered
Bond issues
outstanding
where bank
acts as
trustee
I Number Number
Number Number Volume of j of banks of insurance
of banks of insur- assets of
holding
ance
adminisinsurance I insurance trust
trusts
agreetering
trusts I trust
being
ments
insurunder
agreeadminis- adminisnot yet
ance
ments
tered
operatrusts
tration
not yet
tive
operative
Face value
of insurance
policies held
under trust
agreements
not yet
operative
Trust department
gross earnings for fiscal year
ending
June 30,
1929
C
o
Boston
New York....
Philadelphia..
Cleveland
^Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
{San Francisco
231
362
290
159
193
146
386
151
109
198
101
118
Total...
2,442
166
274
244
130
146
96
270
99
48
107
60
94
4,584
8,780
10,178
6,754
3,597
3,039
9,219
2,115
978
3,838
818
12,876
$287,264,324
1,226', 979,151
176,954,884
234,267,293
198,306,728
134,388,716
646, 270,959
51,741,796
36,678,949
254,479,123
95, 225,575
895,091,165
456 $440,646,059
2,227 4,737,986,887
102,847,115
379
156,461,300
814
94, 355; 216
278
143,845,760
547
800,122,060
1,540
49,382? 799
325
194
17,068,971
80,943,398
535
67,219,333
249
679, 275, 578
1,668
1,734
68,776
4, 237,648,663
9,212
7,370,154,456
118
271
$2,625,909
1,032,344
2, 509,970
737,710
311, 746
778,496
1,820,143
30,051
41,261
562,378
19,108
915,516
825 $43,532,087
1,269
80,175,742
678 34,685,792
52,051,262
1,125
430 18,142,990
636 23,556,159
37,401,686
1,277
335 13,415,795
82
3,169,225
14,594,239
1,020
7,485,379
219
47,314,053
1.609
$1,877,000
8,417,000
846,000
1,074,000
611, 000
581,000
2, 211,000
327,000
115,000
753,000
348,000
11,384,632
9,505 375,524,409
20,583,000
558
3,423,000
o
O
22
REPORT OF THE COMPTROLLER OF THE CURRENCY
NATIONAL BANK FAILURES
During the past year receivers were appointed for 79 national
banks. Of this number, 72 were failures and 7 appointments of
receivers were made in order to enforce stock assessments necessary
to be paid under contract to succeeding institutions which purchasea
the assets of the bank, sold under a guarantee from stockholders,
paying creditors in full. Of the 72 actual failures, two were restored
to solvency, leaving 70 to be liquidated by receivers. This compares
with 54 actual failures for the previous year, 2 of which were restored
to solvency, and the appointment of receivers for 7 banks to enforce
stock assessments. The capitalization of the 79 banks, for which
receivers were appointed during the past year, was $6,575,000, compared with the capitalization of the 61 banks, for which receivers
were appointed during the previous year, of $4,135,000.
The total of assets of the 79 banks for which receivers were appointed during the past year, including additional assets acquired
after suspension, was $62,612,500. Stock assessments in the amount
of $5,440,000 had been levied as of September 30, 1929, by the comptroller against the shareholders of these banks.
The records of the division of insolvent national banks of the
comptroller's office do not show as a failure the suspension of the
First National Bank of Lagrange, Tex., with assets of $1,213,812.02.
The suspension occurred April 30, 1929, and the bank remained in
the hands of an examiner in charge until May 20, 1929, on which date
it resumed business.
During the past year, two banks, each with assets of over
$12,000,000, became insolvent, and receivers were appointed. Immediately arrangements were made with local institutions for the
purchase, at par and interest, of such of the assets of the failed banks
as were considered acceptable to the purchasing bank. The results
were that in the first institution 50 per cent was made immediately
available to its creditors, and in the second 60 per cent was immediately paid, thus relieving the local financial situation at once.
Since such sales of assets, funds have been accumulated for payment
of additional dividends of 25 per cent to the creditors of the firstmentioned bank who received a first dividend of 50 per cent, and
funds have been accumulated for payment of additional dividends of
30 per cent to the creditors of the second-mentioned bank who received a first dividend of 60 per cent, thus assuring the payment of
75 per cent and 90 per cent, respectively, to the creditors of these
banks within 12 months after their failure. This new method of
liquidation has been followed in several smaller failures, and has
proved most effective in relieving at once the acute financial situations which follow bank failures.
From the date of the first failure of a national bank in the year
1865 to October 31, 1929, 1,313 national banks were placed in charge
of receivers. Of this number, 72 were restored to solvency and permitted to resume business, leaving 1,241 to be administered by receivers. Of these so administered, 426 (26 less than reported at the
close of 1928) are still in process of liquidation and 815 have been
entirely liquidated and the trusts closed.
The capital of the 1,313 insolvent national banks at the date of
failure was $143,670,420. The capital of the 72 banks that were
REPORT OF THE COMPTROLLER OF THE CURRENCY
23
restored to solvency was $12,180,000. The capital of the 426 banks
that are still in receiverships is $32,524,500, and the capital of the
815 banks that have been completely liquidated was $98,965,920.
The book value of the assets of the 1,241 administered receiverships, including assets acquired after suspension, aggregated $853,993,969, in addition to which there were levied against shareholders
assessments aggregating $92,315,740. Total collections by receivers
to September 30, 1929, from these assets, including offsets together
with collections from stock assessments, amounted to 56.01 per cent
of the total of such assets and stock assessments. The disposition of
such collections was as follows:
Collections:
Collections from assets, including offsets
Collections from stock assessments
Total
$485, 442, 981
44, 614, 817
.
.
Disposition of collections:
Dividends paid to creditors on claims proved aggregating
$464,838,227
Payments to secured and preferred creditors, including offsets
allowed and payments for the protection of assets
Payment of receivers' salaries, legal and other expenses. _„__
Cash returned to shareholders
Cash balances with the comptroller and receivers
Total
530, 057, 798
279, 772, 948
200, 336, 130
33, 259, 329
4, 167, 798
12, 521, 593
530, 057, 798
In addition to this record of distribution there were returned to
shareholders, through their duly elected agents, assets of a book value
of $16,211,624.
The 426 banks that were as of October 31, 1929, still in charge of
receivers and in process of liquidation had assets, including assets
acquired subsequent to their failure, aggregating $339,517,557. The
capital of these banks was $32,524,500, and there had been levied
by the Comptroller of the Currency to September 30, 1929, stock
assessments against their shareholders in the amount of $28,924,500.
The collections from these assets, including offsets together with
collections from stock assessments, amounted to 52.24 per cent of
such assets and stock assessments as shown by receivers' last quarterly
reports under date of September 30, 1929. The disposition of such
collections was as follows:
Collections:
Collections from assets, including offsets
Collections from stock assessments
-
Total
192, 487, 610
Disposition of collections:
Dividends paid to creditors on claims proved aggregating
$189,388,731
Payments to secured and preferred creditors, including offsets
allowed and payments for the protection of assets
Payment of receivers' salaries, legal and other expenses
Cash returned to shareholders
Cash balances with comptroller and receivers
Total
79003°—30
$178, 488, 168
13, 999, 442
.....
3
86, 493, 085
82, 323, 457
10, 799, 475
350, 000
12, 521, 593
192, 487, 610
24
BEPORT OF THE COMPTROLLER OF THE CURRENCY
From the date of the first failure of a national bank in 1865 to the
close of October 31, 1929, 887 receiverships were liquidated and the
trusts closed, or the affairs thereof restored to solvency. Included in
this number are the 72 banks restored to solvency (2 in 1929) and 103
that were liquidated during the year 1929. These 815 banks had
assets, including assets acquired subsequent, to their failure, aggregating $514,476,412.^ The capital of these 815 banks was $98,9&5,92(>
and there were levied by the Comptroller of the Currency stock
assessments against their shareholders in the amount of $63,391 f240.
The collections from these assets including offsets, together with collections from stock assessments as shown by receivers' final reports,
amounted to 58.41 per cent of such assets and stock assessments.
The disposition of such collections was as follows:
Collections:
Collections from assets, including offsets
Collections from stock assessments
Total
$306, 954, 813
30, 615, 375
--
337, 570, 188
Disposition of collections:
Dividends paid to creditors on claims proved aggregating
$275,449,496
193,279,863
Payments ta secured and preferred creditors, including offsets
allowed and payments for the protection of assets
118, 012, 673
Payment of receivers' salaries, legal and other expense
22, 459, 854
Cash returned to shareholders
3, 817, 798
Total
337, 570, 188
The average percentage of dividends paid on claims proved against
the 815 receiverships that have been finally closed, not including the
72 restored to solvency, which paid creditors 100 per cent, was 70.19
per cent. If offsets, loans paid, and other disbursements were
included in this calculation, the disbursements to creditors would
show an average of 79.13 per cent.
Expenses incident to the administration of the 815 closed trusts
such as receivers' salaries, legal and other expenses, amounted to
$22,459>854, or 3.88 per cent of the book value of the assets and stock
aissessments administered, or 6.65 per cent of collections from assets
and stock assessments. The assessments against shareholders
averaged 64.05 per cent of their holdings and the total collections
from such assessments as were levied were 48.2$ per cent of the
amount assessed. The outstanding circulation of these closed
receiverships was $38,060,477,. secured by United States bonds on
deposit with the Treasurer of the United States of the par value of
$40,506,920.
During the year ended October 31, 1929, 103 receiverships were
closed in addition to which 2 banks were restored to solvency. The
total assets ol the 103 receiverships, including assets acquired subsequent to suspension, aggregated $44,924,790. The capital of these
banks was. $5,225,000, and the total assessments against shareholders
levied by the Comptroller of the Currency aggregated $5,225,000.
The collections from these assets including offsets, together with
collections from stock assessments as shown by receivers' final
reports, amounted to 54.72 per cent of such assets and stock assessments. The disposition of such collections was as follows:
REPORT OF THE COMPTROLLER OF THE CURRENCY
Collections:
Collections from assets, including offsets
Collections from stock assessments
.
Total
.
„
25
$24, 911, 473
2, 532, 490
27, 443, 963
Disposition of collections:
Dividends paid to creditors on claims proved aggregating
$25,714,590
12, 653, 830
Payments to secured and preferred creditors, including offsets
allowed and payments for the protection of assets
12, 561, 313
Payment of receivers' salaries, legal and other expenses
__. 2, 224, 420
Cash returned to shareholders
_.
4, 400
Total
27, 443, 963
The average percentage of dividends paid on claims proved against
the 103 receiverships that were finally closed in the year ending
October 31, 1929, not including the 2 banks restored to solvency
which paid creditors 100 per cent, was 49.2 per cent. If offsets, loans
paid, and other disbursements were included in this calculation, the
payment to creditors would show an average of 65.86 per cent.
Expenses incident to the administration of these 103 trusts, such as
receivers' salaries, legal, and other expenses, amounted to $2,224,420,
or 4.43 per cent of the book value of the assets and stock assessments
administered, or 8.1 per cent of collections from assets and stock
assessments. The assessments against shareholders averaged 100
per cent of their holdings and the total collections from such assessments as were levied were 48.46 per cent of the amount assessed.
The financial operations of the division of insolvent national banks
from September 30, 1928, to September 30, 1929, were as follows:
Collections:
Cash on hand Sept. 30, 1928
Collections during the year, including offsets
Total
-
59, 961, 568
Disposition of collections:
Dividends paid-_„
Secured and preferred claims paid
Expensespaid
„
Returned to shareholders in cash
Cash on hand
Total
$13, 158, 682
46, 802, 886
28, 939, 840
15, 863, 280
2, 632, 455
4, 400
12,521,593
-
— _ 59, 961, 568
26
REPORT OF THE COMPTROLLER OF THE CURRENCY
Closed receiverships,
8151
Items
Total assets taken charge of by receivers
$514, 476,412
Disposition of assets:
Collected from assets and offsets allowed
306,954,813
Loss on assets compounded or sold under order of court_.
191,309,975
Book value of assets returned to shareholders
16,211,624
Book value of remaining assets
(2)
Total
514,476,412
Collected from assets and offsets as above..
306,954,813
C ollected from stock assessment
30,615,375
Total
337, 570,188
Disposition of collections:
Dividends paid
__
_
193,279,863
Secured and preferred liabilities paid, including offsets
118,012,673
Receivers' salary, legal, and other expenses
22,459, 854
Amount returned to shareholders in cash
_
3,817,798
Balance with comptroller or receivers
_
Total..
337,570,188
!
Capital stock at date of failure..
_
111, 145,920
United States bonds held at failure to secure circulating notes. _ 40,506,920
United States bonds held to secure circulation sold and circulation redeemed
40,506,920
Circulation outstanding at failure.—
38,060,477
Amount of assessment upon shareholders
63,391, 240
Claims proven
_
275,449,496
Active receiverships,
426
Total, 1,241»
178,488,168
45,049,709
115,979,680
339,517,557
178,488,168
13,999,442
192, 487,610
485,442,981
236,359,684
16,211,624
115,979,680
853,993,969
485,442,981
44,614,817
530,057,798
86,493,085
279,772,948
82,323,457
200,336,130
10,799,475
33,259,329
350,000
4,167,798
12,521,593
12,521,593
192,487,610
32, 524, 500 >143,670,420
17, 458,390
57,965,310
9,820,950
16, 720, 990
28,924, 500
189,388, 731
50,327,870
54,781,467
92,315,740
464,838,227
1
Does not include 72 banks restored to solvency.
a Accounted for in final settlement with creditors or charged off as loss by order of court.
* Includes capital stock of 72 banks restored to solvency.
Statistics relative to the capital, date of appointment of receiver,
and per cent of dividends paid to creditors of 105 insolvent national
banks, the affairs of which were either closed or restored to solvency
during the year ended October 31, 1929, appear in the following table:
Title
Location
Date receiver
appointed
Capital
Per cent
dividends
paid to
creditors
National Bank of Abbeville
Abbeville, S. C
Feb. 7,1925 $75,000
92
Adrian, Minn
First National Bank
_
Aug. 16,1926
35,000
53.5
Ainsworth, Nebr
National Bank of Ainsworth
Feb. 27,1929
35,000 1100
Alexander, N. Dak___.
First National Bank
Apr. 15,1924
25,000
26
Allendale, S. C
Do
Dec. 3,1924
50,000
19.7
Ardmore, Okla
State National Bank of Ardmore
Mar. 4,1922 200,000
49.2
Balaton, Minn
First National Bank
Feb. 29,1928
25,000 «13.67
Barnesville, Ohio
National Bank of Barnesville
Nov. 14.1923 100,000
54.1
Barnwell, S. C
First National Bank
Dec. 3,1924
50,000
33.9
Do
Basin, Wyo
June 14.1924
35,000
75.5
Beach, N. Dak..
Do
Jan. 24,1924
50,000
33
Do
Beaver Creek, Minn.
Sept. 20,1924
30,000
22.7533
Peoples National Bank
Bennetsville, S. C
July 27,1926
50,000
35.5
First National Bank
Bridgewater, S. Dak.
July 18.1924
25,000
72.2
Do
Buena Vista, Ga
Jan. 26.1925
50,000
49
Do
Brandon, Minn
Nov. 11.1926
25,000
64.6
National Bank of Carlsbad
Carlsbad, N. Mex
Feb. 6.1924 100,000 8 18.5
First National Bank
Carlyle, Mont
Jan. 7,1927
25,000
111. 5
Do
Carnegie, Pa
May 12,1925 100,000
83.9
Do
Carthage, S. Dak
Feb. 12,1924
25,000
18.4
Do
Castlewood, S. Dak...
Feb. 19,1924
25,000
31.9
Commercial National Bank of Charles- Charleston, S. C
Feb. 7.1925 200,000
27.8
ton.
First National Bank
Clarkston, Wash
Feb. 12,1924
50,000
83.5
Corydon National Bank
Corydon, Ind
Mar. 8,1922
125,000
75
Chase County National Bank
Cottonwood Falls, K a n s . Feb. 6,1928
100,000
100
First National Bank
Creston, Iowa
Dec. 12,1925
50,000 2 37.125
Do
Deap River, Iowa
Mar. 25,1926
25,000
99.5
First National Bank of Las Vegas
East Las Vegas, N . Mex. May 4,1925 200,000 2 73.25
First National Bank
Apr. 1,1927
Fairfax, S. C
50,000
26.542
National Security Bank of Fairfax
Oct. 1,1926
.do.
25,000
54.75
Farmers and Merchants National Bank. Fairbury, Nebr.
Mar. 15,1924
60,000
66.3
1
Restored to solvency.
2 Receiver appointed to levy and collect stock assessment covering deficiency in value of assets sold.
3 Principal and interest paid in full.
27
REPORT OF THE COMPTROLLER OF THE CURRENCY
Title
First National Bank
Do_
Do
First National Bank of Gilmore
First National Bank
Do
_.
Do
Do
Do
Do
_.
Howard National Bank
First National Bank
Do
Do
Citizens National Bank
First National Bank
Laurens National Bank
Lehigh National Bank
First National Bank
_.
Do_
Do
:
Do
Llano National Bank
First National Bank
Farmers National Bank of Louisburg..
First National Bank
National Bank of Luverne
First National Bank
Western National Bank
Farmers National Bank of Manor
First National Bank
Do
Do
Do
Do
_
Do
Neoga National Bank
First National Bank
Farmers National Bank of Newport
First National Bank
„..
Do.....
Do—..
Osceola National Bank
Payette National Bank
._._
First National Bank
Do
First National Bank in Pocahontas
First National Bank
__
Do_
_
Do
Citizens National Bank of Roswell
First National Bank
Do
_
-.
Do
_
Do
Do
National Bank of Commerce
First National Bank
__
Do
_„
Sterling National Bank
Story City National Bank
First National Bank
...,-.
Do
American National Bank..,
„__„___
First National Bank
Do
_
Do
Black Hawk National Bank
Citizens National Bank
National Bank of Wessington Springs..
First National Bank
Do
Do
Do
1
2
Location
Fairview, Mont
Fort Sumner, N . Mex__
Galva, Iowa
Gilmore City, Iowa
Glenwood, Minn
Golva, N. Dak
Hampton, Ga
Hannaford, N. Dak
Harlowton, Mont
Hayden, Colo.
Howard, S. Dak
Independence, Iowa
Ingomar, Mont
Intake, Mont.
Julesburg, Colo
,
Lake Preston, S. Dak
Laurens, S. C
,
Lehigh, Okla
,
Lemmon, S. Dak_
Lingle, Wyo___
Lincoln, Ark
,
Lineville, Iowa
Llano, Tex
Lorena, Tex
,
Louisburg, N. C
Lumberton, N. C
Luverne, Minn
Mclntosh, S. Dak
Mitchell, S. Dak
Manor, Tex._
Milburn, Okla
Moore, Mont
Morristown, S. Dak
Mountainair, N. Mex___
Montpelier, Idaho
Muldrow, Okla
Ncoga, 111
New Hampton, Iowa
Newport, Ark
Oak Grove, La
Oktaha, Okla
Oldham, S. Dak
Osceola, Iowa
Payette, Idaho
Pleasantville, Iowa
Plenty wood, Mont
Pocahontas, Iowa
Poison, Mont.._
Rexburg, Idaho
Ronan, Mont
Roswell, N . Mex
Roundup, Mont
St. Anthony, Idaho
St. James, Minn
St. John, Wash
Salem, S. Dak
Shawnee, Okla
Spirit Lake, Iowa
Spring Hope, N. C
Sterling, Colo
Story City, Iowa
,
Sylvester, Ga
„,
Tabor, IowaThree Forks, Mont
University Place, Nebr_,
Warroad, Minn
Wapanucka, Okla
Waterloo, Iowa
Wayne, Nebr
Wessington Springs, S
Dak.
Wilder, Idaho.
Wimbledon, N. Dak
Winifred, Mont
Winter Garden, Fla
.
Date receiver
appointed
Capital
Nov.
Feb.
Mar.
Jan.
July
Mar.
Jan.
Dec.
Mar.
June
Sept.
July
Aug.
Apr,
June
Mar.
Feb.
Nov.
Apr.
Mar.
Feb.
Apr.
Apr.
Jan.
May
Aug.
Dec.
Mar.
Feb.
Nov.
Oct.
Dec.
May
Nov.
Mar.
Oct.
Jan.
Dec.
Dec.
May
May
Jan.
Apr.
Dec.
Feb.
Mar.
Jan.
Mar.
Aug.
Feb.
Nov.
Apr.
Mar.
Nov.
Feb.
Jan.
Apr.
Aug.
Jan.
Dec.
Jan.
Jan.
Sept.
Oct.
Dec.
Feb.
Mar.
Feb.
June
Feb
$40,000
25,000
50,000
25,000
35,000
25,000
50,000
25,000
50,000
25,000
25,000
100,000
25,000
25,000
25,000
25,000
50,000
35,000
50,000
25,000
25,000
25.000
50,000
30,000
25,000
50,000
25,000
25,000
100,000
40,000
25,000
25,000
25,000
30,000
50,000
25,000
25,000
50,000
50,000
50,000
25, 000
25,000
25,000
75,000
25,000
50,000
75,000
25,000
50,000
25,000
200,000
50,000
50,000
50,000
40,000
25,000
100, 000
50,000
50,000
150,000
40,000
50,000
25,000
25,000
40,000
25,000
25,000
200,000
60, 000
25,000
Nov.
Apr.
Oct.
July
8,1923
26,1924
0,1928
18,1926
14,1926
18.1924
27.1925
10.1926
7,1923
16,1926
1,1923
5,1928
14.1922
7.1926
12,1924
28,1924
15,1928
8.1923
2,1925
19.1924
9.1927
9,1927
18.1923
23.1928
22.1925
4.1925
31.1925
1.1924
27.1924
26.1926
31.1927
20.1923
24.1924
2.1922
13.1925
24,1927
21.1925
9.1926
21.1926
13,1922
26,1926
3.1925
22,1925
13.1922
21.1925
31,1924
30.1926
22,1924
11.1924
9,1924
16.1923
5.1923
4.1924
30.1926
7.1924
16.1925
28.1924
25.1927
7.1925
11.1922
3.1927
15.1925
14,1927
29.1923
29.1926
9.1924
2.1925
13.1925
2.1926
23.1926
22,1926
23,1925
15,1925
25.1929
25,000
25,000
25,000
50, 000
Per cent
dividends
paid to
creditors
a
12.1
60.35
98, 505
54
CO. 2
3.03
14.5
56.8
8.2
* 79,717
1
52.5
54.2
31.15
3 104.94
1.8
62.2
22.5
20
66
43.4
<100
47
69.31
43.65
14.1
47.6
3 105.404
17
53.5
14.5
14.3
59.5
55.5
60
2 59.4
77
38
67.5
64.18
37.1 /
47
38.3
12.5
23.6
28
9.6
31.5
18.3
17.2
19.75
89.9 /
95.5
40
48
2 85.7
83
30.7
102.8
23.5
«44.107
15.3
56
38.8
6.75
2 75.57
89.3
3108.415
74
69.5
22.3
uoo
Restored to solvency.
Receiver appointed to levy and collect stock assessment covering deficiency in value of assets sold.
'Principal and interest paid in full.
* Dividends paid by purchasing bank.
28
REPOET OF THE COMPTROLLER OF THE CURRENCY
BANK FAILURES OTHER THAN NATIONAL
Information furnished by the banking departments of the several
States discloses that during the fiscal year ended June 30, 1929, there
were 482 failures of State and private banks, with liabilities aggregating $134,605,000, as compared with 413 failures in the previous year,
with total liabilities of $125,784,000.
Tables showing the number of failures and liabilities of banks other
than national and national banks in each State, for the 6-month
periods ended December 31, 1928, and June 30, 1929, together with
similar figures for the year ended June 30, 1929, are published in the
appendix of this report. The appendix also includes a table showing
the number and liabilities of State and national bank failures as of
June 30 each year, 1914 to 1929, inclusive.
NATIONAL-BANK CIRCULATION
Although a reduction of $679,000,000 was made during the fiscal
year ended June 30,1929, in the interest-bearing debt of the United
States, bonds eligible as security for national-bank circulation on
June 30, 1929, aggregate^ $674,625,630, the same as on June 30 of
the year previous, comprising $599,724,050 consols of 1930; $48,954,180 Panama Canal 2's of 1916-1936, and $25,947,400 Panama Canal
2's of 1918-1938. On June 30 of the currentyear the Treasurer of
the United States held as security for national-bank circulation
$591,819,100 of consols and $74,380,040 Panama Canal 2's, a total
of $666,199,140, representing 98.75 per cent of the aggregate of circulation bonds outstanding.
The circulation of national banks outstanding on June 30 this year
amounted to $704,294,442, of which amount $662,773,570 was secured by bonds, and the remainder, $41,520,872, was secured by
lawful money held by the Treasurer to provide for the redemption of
the notes of banks retiring their circulation and on account of associations in liquidation.
In the year ended October 31, 1929, the withdrawal of bonds held
by the Treasurer of the United States in trust as security for nationalbank circulation amounted to $46,680,800. The withdrawals by
reason of liquidation of banks amounted to $29,185,580, and on
account of banks placed in charge of receivers $1,802,760. Bonds
held by the Treasurer of the United States in trust as security for
circulation were augmented to the extent of $46,248,460 on account
of deposits made by newly organized banks and by those increasing
their circulation. The transactions of the year by months in each
account named are shown in the following statement:
REPORT OF THE COMPTROLLER OF THE CURRENCY
29
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 81, 1929
Bonds
deposited
by banks
chartered
and those
Increasing
circulation
during the
year
Date
Bonds
withdrawn
by banks
in
liquidation
Bonds
withdrawn
by banks
in
insolvency
1928
November
December
January
February
March
April
May
June
_
July
August
September
October.
Bonds
withdrawn
by banks
reducing
circulation
,
$1, 410, 000
1,096, 500
$580,000
634,100
$490, 000
832, 500
1, 972, 510
2,003, 750
5,370, 000
5, 085, 500
4,481, 259
3,905,000
4,672, 700
7,832, 500
4, 787, 750
3,631,000
870, 750
1,810,000
2,660, 450
2, 636, 250
1,070, 000
2, 213, 500
422,100
1,508, 750
812, 500
474, 060
628, 760
1, 248,000
2,191, 250
2, 716, 250
3, 299, 500
972, 500
4, 042, 700
5, 721, 500
3,720, 760
3, 321, 860
i 46, 248,460
15, 692, 460
29,185, 580
$125,000
1929
__
_
,
_
Total
319,500
142,500
100,000
753,000
145, 010
25,000
192,750
1, 802,760
i Includes $2,765,000 deposited by 30 of the 141 banks chartered during the year.
Statement of capital stock of national banks, national-bank notes, and Federal reserve
bank notes outstanding, bonds on deposit, etc.
Authorized capital stock of national banks
Paid-in capital stock of national banks
_
_
N o v . 1, 1929
Oct. 1, 1929
$1,686, 251, 665
1,685,918,429
$1, 676, 066,015
1,675, 565,794
Increase or
decrease since
above date
Increase of authorized capital stock
Decrease
authorized
capital
stock
Increase ofofpaid-in
capital
stock.
Decrease of paid-in capital stock
«
$66,662, 550
67,524,666
$661,822,047
$652,823,980
$662,705, 675
38, 506,768
38, 564,685
37,446,779
700,328,815
691, 388, 665
700,152,454
_
_
^..
__
_.
Net increase
Net decrease
Federal reserve bank notes outstanding secured by
United States bonds
Federal reserve bank notes outstanding secured by lawful money
Total Federal reserve bank notes outstanding
Increase or
decrease since
above date
10,352,635
Increase or
decrease since
above date
Increase secured by United States bonds
Decrease secured by United States bonds.
Increase secured by lawful money....
Decrease secured by lawful money
$1,619,589,115
1,618, 393,763
$10,185,650
_
National-bank notes outstanding secured by United
States bonds, old and new series.-..
National-bank notes outstanding secured by lawful
money, old and new series—
Total national-bank notes outstanding, old and
new series
._.
N o v . 1, 1928
Increase or
decrease sinca
above date
$8,998,067
$883,628
1,059,989
57,917
8,940,150
176,361
$3, 557, 901
$3,557,901
$4,049,608
3,557,901
3,557,901
4,049,608
30
REPORT OF THE COMPTROLLER OF THE CURRENCY
Statement of capital stock of national hanks, national-bank notes, and Federal reserve
bank notes outstanding, bonds on deposit, etc.—Continued
Increase or
decrease since
above date
Increase secured by United States bonds
Decrease secured by United States bonds
Increase secured by lawful nloney
Decrease secured by lawful inoney
Net increase
Net decrease
--
$491,707
_
Total
666, 736,100
491,707
Federal reNational bank notes of serve
each
denomination notes ofbank
each
outstanding
denomination outOld series New series standing
On deposit
to secure
Kinds of bonds on deposit nationalbank notes
United States consols of $592,721,100
1930 (2 per cent).
United States Panama of 48, 444, 240
1936 (2 per cent).
United States Panama of 25,570,760
1938 (2 per cent).
Increase or
decrease since
above date
One dollar
Two dollars
Five dollars
Ten dollars
Twenty dollars
Fifty dollars
One hundred dollars...
Five hundred d o l l a r s One thousand dollars..
Fractional parts
Total...
Less i
Total
$340,906
162, 548
119, 641, 300 $35,160, 305
234,906, 660 49, 771, 460
194,196, 210 18, 571,160
25,498,950
1,495,450
23, 629,900
874, 700
87, 500
21,000
61, 554
2
598, 546, 528 105,873, 077
4, 090, 790
594,455, 738 105, 873, 077
$2,074,934
639,792
488,590
143,005
196, 530
15,050
3, 557,901
3, 557,901
i Notes redeemed but not assorted by denominations.
REDEMPTION OF NATIONAL AND FEDERAL RESERVE BANK
CIRCULATION
During the year ended June 30, 1929, national-bank notes, Federal
reserve notes, and Federal reserve bank notes aggregating $1,768,912,111.50 were redeemed in the United States Treasury at a total
expense of $514,963.62.
Redemptions include Federal reserve notes amounting to $1,282,667,215; Federal reserve bank notes received from all sources,
$443,487; and national-bank notes of $485,801,409.50, the latter
amount including $23,903,249.50 redeemed on retirement account.
National-bank notes were redeemed at an average cost of 95 cents
per $1,000; Federal reserve notes received from sources other than
the Federal reserve banks, 81 cents per 1,000 notes; canceled and
other Federal reserve notes received direct from Federal reserve banks
and branches, 39 cents per 1,000 notes redeemed; and redemption on
account of Federal reserve bank notes at the rate of $1.27 per 1,000
notes.
Statements showing the amount of national-bank notes, Federal
reserve notes, and Federal reserve bank notes received monthly for
redemption in the year ended June 30, 1929, the source from which
received, and the classification of redemptions, together with the
rate per $1,000 of national-bank notes redeemed, and the rate per
1,000 notes of Federal reserve and Federal reserve bank notes
redeemed, are published in the appendix of the report of the Comptroller of the Currency.
NATIONAL BANKS OF ISSUE
Of the 7,536 reporting national banks on June 29, 1929, there were
6,071 banks with capital of $1,324,743,000 issuing circulating notes,
and on the date indicated the amount of notes outstanding aggregated
REPORT OF THE COMPTROLLER OF THE CURRENCY
31
$649,452,000. The 1,465 banks which did not exercise the circulation
privilege had capital stock paid in amounting to $302,632,000.
A table disclosing, according to reserve cities and States, the
number of national banks issuing circulation, their capital, amount of
circulation outstanding, together with the number of associations
not issuing circulation and their capital on June 29, 1929, is published
in the appendix of this report.
CONDITION OF NATIONAL BANKS AT DATE OF EACH REPORT
CALLED FOR DURING THE YEAR
Under authority of section 5211, Revised Statutes, national banks
•were called upon to submit four reports of condition during the year
ended October 31, 1929, as of various dates specified by the comptroller.
Summaries of resources and liabilities of reporting banks on the date
of each report during the year, together with summary for October 3,
1928, are shown in the following statement:
Abstract of reports of condition of national banks on dates indicated
[In thousands of dollars]
Oct. 3,
Dec. 31,
Mar. 27,
June 29,
Oct. 4,
1928—7,676 1928—7,635 1929—7,575 1929—7,536 1929—7,473
banks
banks
banks
banks
banks
RESOURCES
Loans and discounts (including rediscounts)!
14,894,361
15, 279,631
11, 638
Overdrafts
15,606
United States Government securities
owned
3,012, 584
3, 008,723
Other bonds, stocks, securities, etc., owned. 4,104,022
4,118, 595
Customers' liability account of acceptances429,034
531, 305
Banking house, furniture and fixtures
730,182
732, 455
123,050
122, 773
Other real estate owned
_.._
Reserve with Federal reserve banks
1,467, 535
1,496, 316
388,129
364, 281
Cash in vault
3,114, 097
4,184, 693
Due from b a n k s . . .
116,187
Outside checks and other cash items
99, 213
Redemption fund and due from United
33, 261
33,426
States Treasurer
._
_-...
Acceptances of other banks and bills of ex222, 508
change or drafts sold with indorsement..
329, 764
Securities borrowed
18, 545
20,472
Other resources
_
295, 205
217, 045
Total
_
28, 925,480 30, 589,156
LIABILITIES
Capital stock paid in
„
Surplus fund
Undivided profits—net.
Reserves for dividends, contingencies, etc..
Reserves for interest, taxes, and other expenses accrued and unpaid
National-bank notes outstanding
Due to banks (including certified and
cashiers' checks and cash letters of credit
and travelers' checks outstanding)
Demand deposits..
Time "deposits (including postal savings)...
United States deposits.
Total deposits
Agreements to repurchase United States
Government or other securities sold
Bills payable and rediscounts..
_
Acceptances of other banks and bills of exchange or drafts sold with indorsement...
Acceptances executed for customers.. _
Acceptances executed by other banks for
account of reporting banks
Securities borrowed
Other liabilities
Total
14,849, 926
12, 257
14,801,130
10,193
14, 961,877
15, 533
3, 096,760
3,973, 995
472,486
726, 267
126,903
1,404, 528
363, 491
3,385, 661
72, 290
2,803,860
3,852, 675
397,333
747,684
2, 704,874
3,741, 014
484,728
746,419
121,684
1,320,427
347,362
2,970,190
69,921
1, 344,951
298,003
2, 569, 098
70,095
32,786
32,740
32,854
247,867
35,425
221,270
164,866
20,186
208, 575
188,925
21, 929
196, 573
29,021, 912
27,440, 228
27, 924,310
1, 615,744
1,450, 499
549, 624
58, 055
1, 616, 476
1,490,146
491, 681
85,360
1, 633, 271
1, 528, 326
538, 744
67, 271
1, 627, 375
1,479, 052
487,504
80, 832
1,671,274
1, 515, 241
555,873
61,759
81,464
66,609
650,405
80, 700
647,848
73, 968
649,452
86,475
641,104
3, 507, 932
11,073,155
8,310,891
113,333
28, 005, 311
4, 073, 551
11, 780, 721
8,306,938
186,170
2, 548,482
10, 504, 268
8,317,095
228, 243
21,598,088
2,829,960
10, 568,012
8,301, 751
202,274
24,347,380
3,498, 397
10,934, 994
8,166, 596
272, 893
22, 872,880
35, 591
707,581
75,165
785, 309
53, 451
703, 812
49, 660
714, 507
41,690
657, 572
222, 508
420, 754
329, 764
524, 725
247,867
473, 509
164, 866
392, 623
188,925
479,931
26,133
18, 545
85,123
23,248
20,472
82,416
20,918
35, 425
117, 890
18, 648
20,186
83,467
20, 618
21,929
79,922
28, 925, 480
30, 589,156
29,021, 912
27,440, 228
27,924,310
1
Includes customers' liability under letters of credit.
21,901,997
Principal items of resources and liabilities of national banks, October 4, 1929
CO
to
[In thousands of dollars]
Loans and
Num- discounts,
ber of including
overbanks
drafts i
States, etc.
Maine
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut
New York
New Jersey.
Pennsylvania
_
Delaware. _
Maryland..
.
District of Columbia
79,504
47,357
43,420
886, 264
33,765
198, 290
323, 659
19, 527
65, 613
2,678
3,034
1,357
41,189
8-15
12, 815
381
1, 288,600
528, 706
61, 918
560
299
856
17
82
12
3,078,307 1, 275,908 99,114
605, 732
301,449 40,902
964,183 114,096
1, 679,092
9,188
13,820
1,104
161, 585
78,007
8,936
34, 875 12,172
99,019
56
46
154
10
62
Total New England
States
I
Total Eastern States._
Virginia
West Virginia
North Carolina
South Carolina
Georgia
Florida
Alabama
Mississippi
Louisiana
Texas
Arkansas
Kentucky
Tennessee
160
116
67
52
79
53
107
35
34
619
73
138
100
Total Southern States. 1,633
Investments
Heal
estate,
furni- Cash in
ture,
vault
and
fixtures
63, 746
27, 553
Due from
banks,
including Aggregate
reserve
assets
and other
cash items
1,869
1,664
1,027
13, 690
1,196
5,016
13,040
10,326
7,157
226,406
4,587
38,788
24,462
161, 248
90,241
82,184
1,603, 371
60, 326
321, 991
Capital
7,220
5,500
5,260
94,688
4,520
20,912
NaSurplus tionalbank
and
undivided notes
outprofits
standing
Due to
banks a
13,398
9,581
6,188
117, 883
7,753
32, 628
4,850
4,685
4,295
19, 318
3,799
9,698
2,916
4,429
1,698
147,446
1,516
14, 668
172, 673
300, 304
2, 319, 361
138,100
187,431
46, 645
39, 261 1, 289,956
15,047
84,181
40,105
372, 768
454
2,362
3,433
42,100
3,202
25,608
6, 313,091
1,053,060
3, 222, 388
27,003
295,439
176, 737
385,988
56, 283
163, 535
1,629
14, 559
10, 775
577, 767
82, 579
364, 274
3,782
23,498
11,701
66,437 1,040, 866
19, 344
22,947
251, 736
81, 286
445
995
29,042
7,320
14,160
4,759
5, 637, 555 2, 663, 610 276, 324 101, 502 1,816,975
11,087, 718
632,769
62, 879
38, 343
22,076
24,742
35, 747
71,991
45, 348
19, 225
15, 353
207,485
23, 512
65, 642
43,486
14, 735
11,092
8,825
7,234
10, 309
9,840
10, 565
3,454
9,410
47, 612
3,504
8,191
16, 264
2,220,888 | 675,829
161,035
254, 588
128, 296
98,978
71,295
174, 618
89, 503
151, 291
57, 656
89,479
643, 335
55,963
186,150
219, 736
5,684
4,023
3,253
2,240
5,284
5,874
4,941
1,814
2,067
20, 335
2,142 I
4,097
4,969
45, 522
19, 565
18,667
16,495
54,881
30,725
38,652
15,822
24,833
232,441
19,058
34, 225
60, 636
386, 693
203,019
153, 735
122, 927
282, 659
209, 890
254, 719
98, 729
147, 886
, 162, 023
104, 712
301, 882
347, 675
68, 723 I 611,523 | 3, 776, 549
29,393
13,845
11, 700
9,450
19,405
14,960
18,070
5,425
9,800
83,160
6,915
19,021
24,464
265,6
Demand
deposits,
including
United
States
deposits
Time
deposits
Bills
payable and
rediscounts
40,542
19,502
645,039
24, 207
145,103
91, 791
22,326
42, 658
404, 268
15,971
89, 774
3,048
2,951
2,001
38,558
1,926
6,554
911, 377
666,788
55,038
2,481,741 1, 204,987
351, 616
490,044
1,076,868 1,137, 786
10,126
9,432
96, 673
114, 308
79,647
49,170
59.973
19,766
82,268
528
7,680
3,827
1,063, 601 183, 744 1, 355, 593 4,096, 671 3,005, 727 174,042
19,024
10,171
7,042
5,642
7,630
4,370
13,165
2,978
6,151
42,801
3,787
15,009
14, 323
23,381
7,231
7,786
9,361
33, 256
16,167
14,078
6,448
18, 660
135, 273
11,072
19, 748
37,464
247, 762 I 152,093
339,925
28, 786
16, 407
11,927
7,158
20,128
12, 565
19, 621
5,277
7,307
69, 515
5, 546
20,097
23,428
121, 509
69, 683
48. 255
36,669
113, 876
78,136
99, 346
37, 503
66, 544
592,116
41,448
103,419
111, 043
146,489
76, 376
51, 554
49,927
81, 655
74,478
67,926
33,463
21,161
196, 590
32,183
96,376
109, 217
13,744
7,555
13,028
3,588
4,184
3,860
16,806
6,866
9,956
27,548
3,397
21,889
24,137
1, 519, 547 1,037,395 156,558
Ohio
Indiana.
Illinois
Michigan
Wisconsin
. _.
[Minnesota
Iowa
_
_
Missouri
_
Total Middle Western
States
North Dakota _ _
.
South Dakota
Nebraska
Kansas
Montana _ __
_
Wvoming
Colorado
New Mexico
Oklahoma.™
Total Western StatesWashmgton___
_
Oregon
California
Idaho
Utah
Nevada
Arizona
Total Pacific States. __
Alaska (nonmember banks).
The Territory" of Hawaii
(nonmember bank).-
321
221
484
130
157
269
259
129
496,252
256,005
935,540
394, 256
308,355
369,917
190,608
314, 837
221,033
114, 509
316,062
151, 231
120,361
196, 648
100,150
121, 630
39,807
20, 882
53, 548
28, 727
18,964
14, 584
16,814
11,136
15,307
11, 282
21, 244
9,327
8,021
8,870
7,365
5,812
108, 693
57, 625
261, 543
88, 229
72,861
111, 103
58, 518
115, 646
899,818
465,345
1, 636, 505
677, 517
534,103
716,489
374, 855
575,143
58,150
32, 682
98, 420
32, 290
32, 895
38,445
22, 580
34,675
69, 664
28, 639
94, 645
42, 540
30,131
30,978
14,973
26,489
35, 417
21,411
35, 396
16, 032
15, 842
14,033
13, 767
9,466
46, 676
30,083
176, 532
33, 664
46,183
90,312
39, 332
111, 709
356, 049
183, 037
695, 929
268, 804
187,410
252,022
144,028
254, 200
283, 632
149, 708
447, 632
265, 280
201,163
240, 297
133, 527
111, 263
29,595
14,495
24,444
11,297
11,616
36,353
4,709
20,418
1,970
3, 265, 770
1,341, 624
204, 262
87,228
874, 218
5, 879, 775
350,137
338,059
161, 364
574,496
2, 341,479
1, 832, 502
152,927
122
92
159
248
67
25
120
28
300
45,412
38,442
137,953
133, 241
48,845
20,878
134, 205
18,112
213,055
27,496
26,694
54,914
70,940
30, 857
11,877
75, 898
10,917
123,061
4,511
3,318
8,352
10,615
3,625
1,264
7,475
1,525
15,494
1,993
1,626
3,492
5,001
2,503
996
5,692
950
6,493
16, 816
12, 715
54,206
49, 268
19, 294
9,208
59,044
5,851
90, 358
96, 712
83,008
259, 358
269,944
105,269
44,297
282, 964
37,439
450,006
5,590
4,390
14, 250
17,802
5,240
2,270
12,600
2,060
26,330
3,404
3,323
9,977
13,176
5,134
2,445
13, 756
1,402
13, 241
3,090
1,858
6,997
9,400
2,331
1,456
4,290
1,236
6, 379
5,030
4,869
48, 853
27,530
7,079
3,252
24, 763
1,576
47, 933
39,681
38, 070
112,962
140, 879
46,102
20, 658
132, 747
21, 266
234,083
38,863
29, 716
56, 703
58,000
38,519
13, 701
90,035
8,233
108, 562
699
422
7,357
3,967
513
493
3,968
1,338
12,739
1,159
790,143
432,654
56,179
28; 746
316, 760
1, 628, 997
90, 532
65,858
37, 037
170, 885
786,448
438, 332
31,496
108
94
210
43
20
10
14
177, 531
102,125
1, 384. 611
25, 815
33,470
12,147
15,873
94, 261
89,961
565, 200
11, 591
14, 314
5,567
11, 710
11,019
7,531
83,246
2,247
1,741
1,078
1,200
5,734
4,258
23,157
921
604
542
821
60, 617
38,944
305,436
8, 422
13,169
4,197
4,881
352,467
243, 649
2,422, 664
49, 087
63,468
23, 594
34, 799
23, 690
13, 245
143, 938
2,730
3,650
1,500
1,950
14, 232
10,852
133, 851
1,761
2,240
915
1,755
11, 329
5,283
37, 298
1,370
2,230
1,190
1,027
32,210
18,447
145,471
2,891
13,105
1,793
1,222
162, 552
103,080
756,108
23,148
25, 877
9,559
17, 583
101, 599
90,491
1,084,056
16, 252
14, 109
8,579
10,999
2,608
1, 273
79,620
486
958
499
1, 751, 572
792, 604
108,062
36, 037
435, 666
3,189, 728
190, 703
165, 606
59, 727
215,139
1,097, 887
1, 306, 785
84, 961
16
4
2,277
1,823
150
446
1,052
5,751
275
261
60
52
3,154
1,933
1
20, 605
9,038
173
2,218
4,040
36, 431
3,150
2,536
434
1,197
13, 723
12,289
2,550
5
22, 882
10,861
323
2, 664
5,092
42,182
3,425
2,797
494
1,249
16, 877
14,222
2,550
Alaska, a n d H a w a i i . 7,473
14,977,410
6,44.5,888
868,103
347,362
4, 360, 533
27,924, 310
1, 671, 274
2,071,114
641,104
2, 829,960
10, 770, 286
8,301, 751
657,572
Total (nonmember
banks)
Total United States,
1
Includes also customers' liability under letters of credit, but not acceptances of other banks and bills of exchange or drafts sold with indorsement.
* Includes certified and cashiers' checks, dividend checks, and cash letters of credit and travelers' checks outstanding.
CO
CO
34
KEPORT OF THE COMPTROLLER OF THE
NATIONAL-BANK
LIABILITIES ON ACCOUNT
AND REDISCOUNTS
CURRENCY
OF
BILLS
PAYABLE
Liabilities of national banking associations for money borrowed on
account of bills payable and rediscounts at the date of each call since
October 31, 1928, are shown in the following statement:
Total borrowings of national banks on account of bills payable and rediscounts at
date of each call since October 81, 1928, according to geographical location
[In thousands of dollars]
New
England
States
Middle Western
Eastern Southern Western
States
States
States
States
Pacific
States
Total
Dec. 31,1928:
Bills payable
Rediscounts
24,928
35,840
397,675
44,035
51,141
32,611
88,247
66,709
8,738
10,387
22,107
2,891
592,836
192,473
Total
60,768
441,710
83,752
154,956
19,125
24, 998
785,309
41,076
16,260
57,336
287,795
36,299
54,940
• 39,908
94,317
57,411
9,522
6,165
55,286
4,833
542,936
160,876
324,094
94,848
151,728
15,687
60,119
703,812
39,235
29,506
281,863
38,392
61,830
72,104
60,419
67,476
13,795
16,485
27,410
5,992
484,552
229,955
68,741
—
31,054
23,984
320, 255
133,934
127,895
30,280
33,402
714,507
139,639
34,403
75,891
80, 667
74,006
78,921
.14,992
16,504
76,872
10, 639
412,454
245,118
55,038
174,042
156,558
152,927
31,496
87, 511
657, 572
Mar. 27,1929:
Bills payable
Rediscounts
Total
June 29,1929:
Bills payable
Rediscounts
_
Total
Oct. 4, 1929:
Bills payable.
Rediscounts
.
Total
Total borrowings of national banks on account of bills payable and rediscounts at
date of each call since October 31, 1928, according to central and other reserve
cities and country banks
[In thousands of dollars]
Dec. 31,1928:
Bills payable
Rediscounts
Total
Mar. 27,1929:
Bills payable
Rediscounts _
-
..
.
-_
.
Central
reserve
cities
Other
reserve
cities
Country
banks
284,017
47,883
154,995
73,201
153,824
71,386
592,836
192,473
331,903
228,196
225,210
785,309
135,030
20,482
232,334
69,481
175,572
80,913
542,936
160,876
Total
155,512
291,815
256,485
703,812
June 29,1929:
Bills payable
Rediscounts
150,403
30,192
190,922
119,978
484,552
229,955
Total
180, 595
143,227
79,785
223, 012
310,900
714,507
32, 734
22,475
214,710
116,225
165,010
106,418
412,454
245,118
55,209
330,935
271,428
657,572
Total
Oct. 4, 1929:
Bills payable
Rediscounts
„
. .
Total _
•
. ... _
KEPORT OF THE COMPTROLLER OF THE CURRENCY
35
LOANS AND DISCOUNTS OF NATIONAL BANKS
The statement following shows a classification of loans and discounts reported by national banks as of December 31, 1928, and June
29, 1929:
Classification of loans and discounts as of December SI, 1928, and June 29, 1929
[In thousands of dollars]
Dec. 31, 1928
Class
Amount
Acceptances of other banks, payable in United States
Notes, bills, acceptances, and other instruments evidencing
loans payable in foreign countries
Commercial paper bought in open market
Loans to banks and trust companies
Loans secured by United States Government and other securities (exclusive of loans to banks)
Real estate loans, mortgages, deeds of trust, and other liens
on real estate:
On farm land
_
On other real estate
._._„
._.
All other loans, including reporting banks' own acceptances
purchased or discounted
„__.„
Per
cent
June 29, 1929
Amount
94,693
0.62
91,006
61,256
301,231
402,268
.40
1.97
2.63
39,339
195,666
365,009
5, 527,327
36.18
5,113,792
0.61
.27
1.32
2.47
34.55
309,863
983,698
2.03
6.44
308,785
1,104,220
2.09
7.46
51.23
100.00
7,599,295
49.73
7, 583,313
15,279,631
Total
i
135,603
Loans secured by United States Government obligations
Total loans eligible for rediscount with Federal reserve banks. 3,008, 653
100.00
14,801,130
Per
cent
102,672
2,974,308
Loans and discounts of national banks June 29, 1929 1
[In thousands of dollars]
Notes, bills,
Acceptances acceptances,
and other
Commerof other
cial paper
banks, pay- instruments
evidencing
bought
in
able in
loans, payopen
United
able
in
market
States
foreign
countries
Cities
Loans to
banks and
trust companies
Loans secured by
United
States
Government and
other securities
(exclusive
of loans
to banks)
Memoranda
Real estate loans,
mortgages, deeds of
trust, and other liens
on real estate
On farm
land
All other
loans,
including
reporting
banks' own
acceptances
purchased
On other
or disreal estate
counted
Total
Loans se- Total loans
cured by eligible for
rediscount
United
with
States
Federal
Governreserve
ment
bank
obligations
g
1
•3
W
CENTRAL EESEBVE CITIES
New York
Chicago
Total central reserve cities
49,176
291
13,218
2,863
4,646
2,157
131,710
18,825
1,350,647
210,198
40
462
16,188
2,609
867,320
281,716
2,432,945
519,121
19,006
2,467
360,279
100,336
1,560,845
502
18, 797
1,149,036
2,952,066
21,473
460,615
227,756
32,129
15,485
4,638
168,896
136,966
37,778
44,550
14,665
3,391
30,776
12,802
9,329
7,827
6,900
28,229
3,370
9,518
5,039
36,402
10,503
1,682
247
33,547
2,989
16,140
3
41,010
755
1,987
579
15,978
3,361
1,126
2,186
32
703
1,354
1,101
1,992
719
369
2,005
443
535
252
1,629
2,176
613
252
175
423
922
246, 766
23,221
13,706
871
258,645
83,934
44,155
45,684
15,947
11,158
31,394
32,083
19,277
39,127
21,301
56,439
12,163
37, 217
9,085
43,374
25,973
6,099
2,966
28,241
7,151
36,536
556,941
57,112
31,178
6,088
491,411
235,431
87,422
95,156
35,376
15,370
67,657
50,070
33,769
51,333
30,534
89,717
16,454
48,737
14,498
84,767
40,697
11,792
3,696
66,445
12,052
56,617
3,509
134
59
1
2,162
1,905
1,001
293
192
200
396
221
61
46
59
710
47
132
25
438
123
314
4
543
295
416
96,383
7,448
4,131
585
114,448
52,723
18,943
11,092
6,525
3,150
22,198
16, 515
8,527
15,077
6,400
26,828
6,115
16,024
3,359
16,193
9,473
4,950
450
12,300
1,787
12,625
49,467
16,081
6,803
150,535
1,003
5,835
13,674
557
20,894
450
18
3,108
10
11
5,193
1 460
39,573
9,700
4,352
1,092
3,963
103
3,201
3,610
1,136
3,579
1,247
1,465
68
964
62
1,929
996
93
60
3,707
1,306
2,800
OTHER RESERVE CITIES
Boston
Albany
Brooklyn and Bronx
Buffalo
Philadelphia
Pittsburgh
Baltimore. __
.
Washington
Richmond
Charlotte
Atlanta _
Savannah
Jacksonville
Birmingham
New Orleans
Dallas
El Paso.
Port Worth
Galveston
Houston
San Antonio
Waco.._.
Little Rock
Louisville.. .
Memphis
Nashville
.
__ _
__ .
1,504
769
53
1,332
32
10
396
707
2
30
415
220
2,180
27
790
1
659
546
160
17
57
814
155
690
658
50
140
15
89
473
12
81
637
220
484
3
204
674
435
171
90
133
219
o
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
St. Louis
Lincoln
Omaha
Kansas City, Kans.
Topeka
Wichita
Helena
Denver
Pueblo
Muskogee
Oklahoma City
Tulsa
Seattle
Spokane..
Portland-__
Los Angeles
Oakland...
San Francisco
Ogden
_
Salt Lake City
Total other reserve cities—.
Total all reserve cities
75
83
31
488
1,737
3,392
118
304
2,017
83
948
10
681
162
799
594
807
"38
74
1,119
522
4,968
5.550
1,015
3,522
57
231
1,206
75
111
747
534
110
200
1,168
560
2,898
938
2,330
406
6,401
493
3,719
4,217
2,023
1,144
2,104
36
1,010
3,806
1,818
9,113
1,955
5,060 |
845 i
206
3,428
172
957
59
25
1,549
288
301
1,565
1,111
1,312
150
4,214
75
707
32,344
32,194
18, 648
4,383
11,759
30,206
19
260
1,512
5,719
1,306
311
715
8,821
158
17,010
28, .179
3,236
39,982
12,913
9,502
71,251
5,188
P 4,235
91,375
33,646
4,574
14,152
3,936
10,016
61,472
6,303
55,107
9,891
34,063
4,986
5,616
9,978
2,543
76,797
6,062
44,361
31,393
27,459
6,692
7,065
514
2,223
18,352
1,235
101,053
4,850
14,835
921
2,655
4,562
1,788
28,800
2,410
1,335
8,770
24,073
26,218
5,771
11,053
135,213
5,754
148,340
1,196
7,955
180
154
65
1,128
2,250
182
125
162
44
142
79
21,448
118
55,157
240
140
108
584
1,372
342
1,018
3,344
169,833
844
159,722
36
297
16,118
237,616
3,559
10,595
16
45
662
352
519
575
418
904
227
110
87
4&
2S4
438
941
3,249
1,717
427
786
1,008
552
559
772
49
5,569
28
110
757
124
319
2,242
2,955
35,089
41,996 I
43,121
8,336
33,467
181,163
52,914
69,356
50,998
7,930
56,614
55,363
20,757
191,454
13,004
147,639
129,500
64,855
13,725
24,904
5,456
16,512
83,151
14,645
177,872
17,785
58,681
8,004
9,050
19,647
4,643
71,568
5,458
5,238
46,227
68,091
71, 595
17,392
52, 701
513,167
22,984
611,076
5,232
19,847
1,449
367
4,323
189
2,089
559
74
2,287
21
534
1,134
11,959
260
133
134
51
1,394
228
779
124
446
140
163
1,185
3
1,230
14
11
293
430
785
127
652
1,118
8
2,578
1
41
6,820
12,336
9,019
1,002
15,812
7,281
8,435
12,169
2,804
29,181
32,381
31,431
1,610
7,621
1,584
6,025
30,313
7,197
63,711
6,200
16,322
1,980
4,823
5,408
1,200
17,648
2,883
1,587
11,114
7,554
14, 546
3,012
11,969
36,316
4,077
79,318
2,439
3,625
26
375
291
861
458
2,399
394
3,003
2,630
126
153
16, 768
65,437
174,249
1,797,755
88,473
494,823
2,467,078
5,115, 355
50,599
1, 013, 002
32,849
72,240
324,784
3, 358, 600
88,975
513, 620
3,616,114
8,067,421 I
72,072
1,473,617
10,772
i A similar table as of Dec. 31,1928, appears in the appendix of this report.
1,964
537
3
O
CO
Loans and discounts of national banks June ,
CO
00
1929—Continued
[In thousands of dollars]
States and Territories
Notes, bills,
Acceptances acceptances,
and other
Commerof other
instruments cial paper
banks, pay- evidencing
bought
in
able in
loans, payopen
United
able
in
market
States
foreign
countries
Loans to
banks and
trust com-
Loans secured by
United
States
Government and
other securities
(exclusive
of loans
to banks)
Real estate loans,
mortgages, deeds of
trust, and other liens
on real estate
On farm
land
All other
loans,
including
reporting
banks'own
acceptances
On other purchased
or disreal estate
counted
Total
Loans se- Total loans
cured by eligible for
United
rediscount
States
with
GovernFederal
ment
reserve
obligations
bank
COUNTRY BANKS
Maine
New HampshireVermont
Massachusetts
Rhode Island
Connecticut
Total New England States.
New York
New Jersey
PennsylvaniaDelaware
Maryland
Total Eastern States.
Virginia
West Virginia...
North CarolinaSouth Carolina..
Georgia.
Florida
Alabama
Mississippi
Louisiana
Texas
Arkansas
Kentucky
Tennessee
Total Southern States.
1,411
311
70
12,785
1,766
102
183
93
50
~~62'
26,558
16,044
8,723
114,802
12,895
99,744
1,622
519
1,462
1,046
199
617
37,196
4,189
21,109
38,717
25,993
28, 557
130,430
14,646
79, 781
76,242
45,087
42, 725
296,627
33, 752
642
553
199
845
333
851
7,369
2,127
3,853
12,209
7,135
7,849
42,666
5,442
22,552
347
23
17,341
1,217
278,766
5,465
75,843
318,124
697,126
3,423
97,853
674
3,072
2,460
194
5
521
7,032
7,225
11,374
170
814
443
1,306
2,546
10
115
237,107
185,614
277,877
3,581
11,147
8,456
2,507
13,869
999
2,782
77,714
72,935
125,757
1,321
5,504
341,197
322,842
492,811
6,995
45,178
672,817
595, 506
927,215
13,076
65,553
1,504
1,199
3,660
33
260
131, 738
96,566
113,145
2,417
10,197
720
26,615
4,420
715, 326
28, 613
283,231
1,209, 023
2,274,167
6,656
354,063
157
1,339
392
206
1,136
568
2,537
1,512
539
119
6,588
1,247
690
1,838
4,421
1,253
2,897
1,094
750
1,286
1,261
853
894
1,788
999
186
2,836
47,345
35,089
15, 568
16,969
6,664
12,438
10,853
3,880
3,044
2,580
15,141
13,033
8,513
11,472
46,417
7,266
27,043
23,722
6,339
1,262
2,881
3,078
3,617
1,547
4,204
4,206
4,305
11,550
3,315
6,192
2,467
4,148
5,454
1,707
6,754
3,191
7,022
4,335
148,315
80,902
81,650
51,045
37,510
31,880
73,598
36,495
37,663
213,563
32,848
73,457
85,273
220,354
129, 795
107,102
76,366
51,689
63,724
99,547
56,277
58,255
299,452
50,694
114,610
120,613
796
1,642
878
495
256
307
413
86
209
1,367
273
729
269
55,813
19,014
29,169
27, 539
20, 334
14,241
33,949
16,275
12,391
125,158
19,980
18,871
36. 732
18,711
20,518
274,242
54,963
75,354
984,199
7,720
429,466
13
6,219
1,336
150
95
11,173
1,803
49
1,791
67
1,619
25
20
97
3,78$'
1,446,478
Ohio . Indiana
Illinois
Michigan _
.
Wisconsin
^ Minnesota
_
© Iowa
g Missouri
__
_
Total Middle Western States
Q North Dakota
T South Dakota
Nebraska _
1 Kansas
rf5* M o n t a n a
Wyoming-_
_
__
Colorado
New Mexico
Oklahoma
Total Western States
122
335
1,192
258
1,634
106
1,333
298
421
974
80
58
5,278
62
30
514
106
209
10
80
1,555
3,673
10, 608
2,719
5,409
6,029
3,591
2,373
1,772
2,172
2,631
694
722
526
596
872
74,401
41,938
59,131
46,913
48,068
32,487
16,634
10,154
13,850
11,493
15,905
5,934
7,019
14,090
12,906
2,987
28,599
17,678
13,400
25,921
10,901
8,924
5,671
5,210
194, 232
121,864
218,812
86, 391
89,574
74,686
83,259
40,300
314,952
200,127
321, 759
168,888
163,327
137,057
124,000
62,274
3,745
2,641
1,083
542
524
955
506
283
45,065
47, 713
82,650
24,089
42,812
43,604
47,229
15,022
1,832
35,957
9,985
329,726
84,184
116,304
909,118
1,492,384
10,279
348,184
531
2,048
2,017
4,240
1,133
120
1,921
236
4,110
474
713
207
531
285
611
159
85
425
3,354
5,180
4,767
12,742
14,954
4,325
11,241
1,269
13,565
6,193
2,865
2,691
5,261
1,601
1,076
2,976
538
3,590
2,280
1,187
737
2,354
1,051
788
1,701
1,654
3,231
30, 715
24,928
47, 707
73,167
25,807
13,856
32,583
14,101
64,374
43,609
36,951
58,640
98,465
44,831
20,776
50,581
18,150
89,509
78
100
41
453
89
94
255
65
489
17,573
16,330
25,245
42,184
13,251
9,580
18,954
7,277
39,454
64
__.
Washington
Oregon
»
California
Idaho
Utah
Nevada
Arizona. _
Total Pacific States. __
Alaska (nonmember banks)
The Territory of Hawaii (nonmember
banks)
267
214
1,193
64
16, 356
3,490
71,397
26, 791
14,983
327, 238
461,512
1,664
189,848
786
881
272
269
31
21
1,577
1,375
3,130
1,057
140
93
87
150
3,310
2,863
9,894
1,580
653
760
734
2,440
1,743
17,339
565
402
887
892
50,230
33,919
103,199
15,097
4,430
5,488
4,896
76,944
45,927
172,995
24,283
6,975
11,817
17,183
145
150
419
93
5
12
31
21,545
13,196
28,301
10,374
2,130
2,130
3,014
19,794
545
272
13
590
100
31
44
18,430
5,032
39,074
5,565
1,490
3,516
10,232
3,025
65
7,829
545
83,339
617
50
Total (nonmember banks)
Total country banks__._
Total United States
24,268
217,259
356,124
855
80,690
125
285
1,149
2,176
2
587
2,271
332
1,089
3,742
1
617
50
2,396
617
2,238
5,918
3
587
30,767
6,490
123,426
40,225
1, 755,192
219,810
590,600
3, 967,199
6, 733, 709
30,600
1,500, 691
91,006
39,339
195,666
365,009
5,113,792
308, 785
1,104,220
7,583,313
14,801,130
102,672
2,974,308
CO
CO
40
EEPORT OF THE COMPTROLLER OF THE CURRENCY
COMPARATIVE STATEMENT OF LOANS AND DISCOUNTS, INCLUDING REDISCOUNTS, MADE BY NATIONAL BANKS DURING LAST
THREE FISCAL YEARS
The percentage of loans and discounts of national banks in the
central reserve cities of New York and Chicago, to the total loans and
discounts of all national banks on June 29, 1929, together with similar
information in relation to banks in other reserve cities, etc., is shown
in the following statement, compared "with like information for the
fiscal years ended June 30, 1927, and 1928:
[In thousands of dollars]
Loans
June 30, 1928
June 30,1927
Banks in—
Amount
-
Per cent
Amount
June 29, 1929
Per cent
Amount
Per cent
2,348, 645
16.83
2, 782, 766
18.37
2,432, 945
16. 44
} 3,030,532
4,645,101
21.72
33.28
3,581,788
5,038,894
23.65
33.27
2,952,066
5,115,355
19.95
34.56
All reserve cities States (exclusive of reserve cities)
7,675,633
6,280,063
55.00
45.00
8,620,682
6,524,313
56.92
43.08
8,067,421
6, 733,709
54.51
45.49
Total United States
13, 955,696
100.00
15,144,995
100.00
14,801,130
100.00
New York
Do
Chicago
.-..Other reserve cities __-.
COMPARATIVE CHANGES IN DEMAND AND TIME DEPOSITS,
LOANS AND DISCOUNTS, UNITED STATES GOVERNMENT AND
OTHER BONDS AND SECURITIES, AND THE AMOUNT OF RESERVE OF NATIONAL BANKS WITH FEDERAL RESERVE BANKS
SINCE JUNE 30, 1925
The amount and percentage of increase or reduction of demand
and time deposits, loans and discounts, United States and other bonds
and securities owned, and reserve of national banks with Federal
reserve banks on June 30 of each of the last five years, are shown
in the following statement:
[In thousands of dollars]
Per
cent
increase
Per
cent
increase
Per
cent
increase
Per
cent
increase
June 30, June 30, or de- June 30, or de- June 30, or de- June 29, or de1925
1926
crease
1927
crease
1928
crease
1929
crease
since
June
30,
1925
Demand deposits
Time deposits
Loans and discounts 1.
United States and
other bonds, stocks,
etc
Reserve with Federal
reserve banks.:
1
since
June
30,
1926
since
June
30,
1927
since
June
30,
1928
10,430,254 10,:
I, 778, 603 +3. 34 10,923, 729 +1.35 11,003, 795 +0. 73 10,504, 268 -4.54
5,924, 658 6,313,809
" '
+6. 57 7,315,624 +15. 87 8, 296,638+13.41 8,317,095 +0.25
12; 674i 067 13,417,674 +5.8713,955,696 +4.01115,144,995 +8.5214,801,130 -2.27
5,730,444 5,842,253| +1.95 6,393,218 +9.43 7,147,448+11..80 6, 656, 535 -6.87
1,326,864; 1,381,171 +4.09 1,406,052 +1.80 1,453,383 +3.37 1,344,951 -7.46
Includes rediscounts and customers' liability under letters of credit.
41
EEPOBT CD THE COMPTROLLER OF THE CURRENCY
UNITED STATES GOVERNMENT SECURITIES HELD BY NATIONAL
BANKS IN RESERYE CITIES AND STATES
The following statement shows a classification of United States
Government securities owned by national banks according to reserve
cities and States, June 29, 1929. (In the appendix of this report
appears also a table which discloses, by reserve cities and States, a
classification of United States Government securities owned by
national banks on December 31, 1928):
United States Government securities owned by national banks June 29, 1929
[In thousands of dollars]
Bonds (including
bonds deposited to
secure circulation)
Cities
Certificates
Treasury- of
indebted- All other
notes
ness
Total
CENTRAL RESERVE CITIES
New York
Chicago---
-
Total central reserve cities...
OXPUB EESERVE CITIES
Boston
Albany
Brooklyn and Bronx
„
Buffalo
Philadelphia
Pittsburgh
Baltimore
Washington
Richmond
Charlotte
—
Atlanta
Savannah
_
Jacksonville
Birmingham
New Orleans
Dallas
El P a s o . . .
Fort Worth
Galveston..
_
Houston
San Antonio
Waco
Little Rock
Louisville.
Memphis
Nashville
Cincinnati
Cleveland.
Columbus
Toledo
Indianapolis
Chicago
Peoria
Detroit.
Grand Rapids
Milwaukee....
Minneapolis
St. Paul
Cedar Rapids
Des Moines
Dubuque
Sioux City
Kansas City, Mo
St. Joseph..
„
St. Louis
_
Lincoln
Omaha..
_
Kansas City, Kans
Topeka—
Wichita..Helena
- «-„---___-„„___
-...
_.
,
_,
,
_.
,
316,364
28,805
121,115
6,543
28, 949
1,164
721
467,149
36, 512
345,169
127, 658
30,113
721
503, 661
82,909
3,618
2,805
640
41,148
51,680
9,316
18, 573
4,606
1,920
12,494
748
11, 649
6,413
2,828
14, 733
2,756
7,477
4,612
16,360
7,367
2,271
796
357
6,118
8,697
502
2,068
316
600
2,402
46
3,135
119
1,137
5,816
1,183
1,485
1,330
1,729
512
1,297
550
6,216
1,571
3,766
93
273
50
2,261
3,443
1,929
2,556
259
300
1,067
936
2,200
10
1,368
6,084
1,288
625
692
2,206
312
268
1,955
100
9,039
1,012
4,770
6,593
10,915
2,683
3,521
8,055
6,852
4,514
16, 669
1,005
9,461
30,398
16, 511
1,376
3,338
868
2,472
6,904
1,258
14,465
.1,730
8,570
2,112
3,816
1,868
857
1,631
1,638
602
917
2,550
606
7,445
6
5,129
4,286
4,357
747
725
684
625
3,856
1,511
2,844
378
319
273
599
303
60
149
2,162
112
1,404
25
732
1,879
595
655
421
573
2,628
2,215
10
427
202
929
488
104
2,498
566
3,016
435
277
707
30
12
17
13
245
31
1,419
15
2,307
2,818
292
15
319
235
342
3
6
52
951
19
148
47
94,042
5,982
3,933
1,047
49, 531
110,326
11,747
23,207
5,201
2,820
15, 975
1,730
17, 044
6,542
5,333
26, 650
5,227
9,600
6,638
20,540
10,303
4,939
665
15,404
4,745
4,882
9,628
14,885
6,835
3,521
10,851
10,289
5,775
24,114
1,447
15,482
37,310
23,318
2,133
4,490
1,754
4,026
11, 590
2,876
19,813
2,726
12,856
2,839
4,840
2,925
947
42
REPORT OF THE COMPTROLLER OF THE CURRENCY
United States Government securities owned by national banks June 29, 1929—Con.
[In thousands of dollars]
Bonds (including
Certificates
bonds de- Treasury of
indebted- All other
posited to
notes
ness
secure circulation)
Cities
Total
OTHER RESERVE CITIES—continued
Denver
Pueblo
Muskogee
Oklahoma City
Tulsa
Seattle
„
Spokane
Portland
Los Angeles
Oakland
___
San Francisco
Ogden
Salt Lake City
14,750
963
1,852
8,737
3,156
19,947
2,000
28, 729
66,228
3,128
168, 532
1,346
2,974
Total other reserve cities...
Total all reserve cities
States and Territories
4,581
590
1,365
4,703
6,759
3,597
1,770
5,846
20,461
18,101
312
1,086
846
68
12
62
428
8,184
11
563
13,282
244
42,883
11
994
238
55
20
906
22
135
812, 760
168,886
116,993
58,162
1,156,801
1,157, 929
296,544
147,108
58,883
1, 660,462
Bonds (including
Certificates
bonds de- Treasury of
indebted- All other
posited to
notes
secure circulation)
COUNTRY BANKS
Maine
New Hampshire
Vermont
Massachusetts „.
Rhode Island
Connecticut
*_
,
Total New England States.
New York
New Jersey
PennsylvaniaDelaware
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..
20,188
1,611
4,223
13,740
10,398
26, 748
4,687
35,138
99,978
3,376
229, 538
1,658
4,195
Total
7,477
9,314
5,075
36, 767
5,510
19,160
2,012
512
315
7,851
691
4,807
303
190
88
1,328
32
1,942
285
9,821
10,167
5,621
46, 655
6,233
26,194
83,303
16,188
3,883
1,317
104,691
59,129
50,113
119,159
1,639
5,799
9,213
13,152
16,653
277
866
5,299
4,763
9,222
37
219
3,472
1,927
6,305
28
671
77,113
69,955
151, 339
2,031
7,555
235,889
40,161
19, 540
12,403
307,993
22,058
14, 358
9,611
8,401
7,913
10,278
11, 531
3,588
1,493
918
740
742
4,227
1,842
786
547
11,551
2,438
729
190
2,452
403
1,975
536
894
2,635
1,128
873
598
17,064
2,273
587
1,732
438
1,652
450
760
108
840
67
80
10
1,342
741
950
345
28, 536
17,906
12,954
10,437
9,657
17,980
15,147
5,617
5,025
70, 295
13,005
16,524
13,798
166,157
29,791
33,150
7,783
236,881
45,314
27,168
50,316
19,511
21,450
20, 555
22,333
13, 600
3,850
4,219
13,045
3,047
3,374
4,620
3,410
2,168
2,239
2,463
5,905
2,573
2,908
4,106
2,703
1,723
913
1,569
1,948
990
1,000
913
636
1,216
52,316
35,419
71,214
26,121
28, 732
30,194
29,082
18, 707
37,733
24,620
9,185
291,785
12,110
3,878
3,870
40,338
7,553
14,258
220, 247
29
151
143
709
REPORT OF THE COMPTROLLER OF THE CURRENCY
43
United States Government securities owned by national banks June 29, 1929—Con.
[In thousands of dollars]
Bonds (including
bonds deposited to
secure circulation)
States and Territories
Treasury
notes
Certificates
of indebted- All other
ness
Total
COUNTRY BANKS—continued
North Dakota
. -_
South Dakota..-.
,
Nebraska
Kansas
. >
Montana,
..
„
,,
Wyoming
Colorado
_-_
New Mexico
Oklahoma
Total Western States
Washington..
Oregon
. .
California
Idaho
Utah
„
Nevada
Arizona-..
._.
Total Pacific States
Alaska (nonmember banks) __
The Territory of Hawaii (nonmember
banks'}
Total (nonmsmber banks)—..
Total country banks „
_
Total United States
_.
6,307
6,933
10,953
17,047
7, 546
4,143
9, 456
3,748
21,146
2,111
2,387
1,340
2,460
2,460
1,635
1,445
1,475
5,890
1,050
1,005
1,283
3,296
2,588
971
1,326
447
2,690
193
141
396
308
1,200
167
247
76
981
87, 279
12, 307
8,980
19, 906
3,368
907
1, 983
3, 662
14,656
1,348
691
2,464
142
35
386
686
51,113
830
21, 203
2,661
1,891
3,439
1,596
146
11
2,574
12, 318
50
3,709
151
299
1,594
110
124
31
1, 243
3, 552
1,426
2, 256
846, 244
2, 004,173
50
157, 444
45::,988
5,752
...j
160
|
160
101, 601
248, 707
9,661
10,466
13,972
23,111
13,794
6,916
12,474
5,746
30, 707
126,847
16,467
11,861
27,403
5,216
1,212
2,411
8,165
72, 735
1,040
38,109 i
1,426
2,466
1,143,398
96,992 j
2,803,860
INVESTMENTS OF NATIONAL BANKS
The tables following disclose a summary of the investments of
national banks in United States Government and other bonds and
securities held June 30, 1928, and June 29, 1929, and a detailed classification by reserve cities and States of bonds and securities other than
United States owned on June 29, 1929. (In the appendix of this
report appears also a table which discloses, by reserve cities and
States, a classification of bonds and securities other than United
States owned by national banks on December 31, 1928):
[In thousands of dollars]
J u n e 30, 1928 J u n e 29, 1929
Domestic securities:
State, county, and municipal bonds
„__
Railroad bonds
_
___
Other public service corporation bonds
All other bonds
Stock of Federal Reserve Bank
Stock of other corporations
Collateral trust and other corporation notes
Municipal warrants..
All other, including claims, judgments, etc
„___...Foreign securities:
Government bonds
Other foreign securities, including bonds of municipalities, etc.
Total
United States Government securities...,
Total bonds and securities of all classes
1
Included with claims, judgments, etc.
-
840,461
681,007
742, 784
, 028, 203
91,126
105,211
135,700
0)
82, 580
296,490
252, 719
757,207
592, 203
694,412
881,355
93, 012
100,459
119,010
81, 888
39,053
244, 269
249,807
4, 256, 281
2, 891,167
3,852,675
2,803,86U
7,147,448
6,656,5S5
United States Government, domestic, and foreign bonds, securities, etc., owned by national banks June 29, 1929
[In thousands of dollars]
Foreign securities
Domestic securities
Total
bonds,
United
Other
stocks,
All
States
securi- allTotal,
foreign
other,
Collateral
Other
bonds
Govern- State,
Stock of Stock of trust and Munici- includ- Govern- securities, ties, etc., and sepublic
ment
county, Railroad service
other
including
other
other
ing
All
other
Federal
curities
ment
pal
securiand
than
bonds reserve corpora- corpora- warrants claims, bonds bonds of
ties
munici- bonds corporation
tions
munici- United
bank
tion
judgpal bonds
States
notes
palities,
bonds
ments,
etc.
etc.
Cities
CENTRAL RESERVE CITIES
New York
.
Chicago
Total central reserve cities.__
467,149
36, 512
42,555
15,464
86,201
3,735
29,814
4,332
47,937
7,173
18,454
2,361
15,217
1,265
26,244
726
3,639
9,635
114
510
26,034
980
23,163
2,319
319,372
48,500
786,521
85,012
503,661
58,019
89,936
34,146
55,110
20,815
16,482
26,970
13,274
624
27,014
25,482
367,872
871,533
94,042
5,982
3,933
1,047
49,531
0,326
11, 747
23, 207
5,201
2,820
15,975
1,730
17,044
6,542
5,333
26,650
5,227
9,600
6,638
20,540
10,303
4,939
665
15,404
7,794
4,845
803
44
11,597
3,403
4,346
883
972
260
979
405
6,163
1,943
1,204
1,816
333
3,501
504
1,698
825
333
8,634
1,036
2,718
304
14,004
26,577
2,774
2,085
1,306
9,943
2,449
3,142
232
15, 736
14,355
2,596
2,478
303
2,932
173
79
5
6,612
11,352
2,262
633
266
3,173
1,065
1,156
214
168
5,264
2,712
1,478
198
104
2
165
148
149
60
6,407
168
1,036
215
3,333
4,679
1,588
579
17
786
217
647
592
685
164
46
101
1,234
147
214
667
62
120
229
711
225
169
379
123
16
160
190
810
80
109
75
1,248
1,761
4,027
68,860
14,771
11,212
1,424
75,989
99, 737
18,870
12,489
5,238
1,653
5,495
2,144
11,387
4,805
1,504
8,622
3,117
6,268
2,964
10,691
3,210
2,234
101
9,880
162,902
20,753
15,145
2,471
125, 520
210,063
30,617
35,696
10,439
4,473
21,470
3,874
28,431
11,347
6,837
35,272
8,344
15,868
9,602
31,231
13,513
7,173
319
3,211
270
300
33
3,732
2,037
507
588
232
117
362
225
202
270
150
534
75
215
90
479
250
63
15
308
11,910
2,069
198
510
168
795
441
13, 791
2,437
2,722
423
13,896
31, 799
3,017
4,858
942
122
1,836
592
2,931
645
39
2,932
413
1,591
1,334
3,634
711
1,240
OTHER RESERVE CITIES
Boston _
Albany
Brooklyn and Bronx
Buffalo
Philadelphia
Pittsburgh
Baltimore
Washington.
Richmond
Charlotte
Atlanta
Savannah
Jacksonville
Birmingham.
_
New Orleans
Dallas
El Paso..
Fort Worth.
Qaiveston
Houston
San Antonio
Waco
Little Rock
Louisville
. ...
_
1,431
2,446
280
185
1,096
1,151
385
295
10
292
111
185
643
52
22
1,065
388
11
10
117
168
30
60
1
154
36
140
239
158
753
55
294
138
21
509
1,266
143
10
340
349
504
1,596
384
347
22
2
3
1
247
101
39
145
116
20
45
I
269
170
537
214
95
255
93
68
163
766
25,284
Memphis.,.. .
NashvilleCincinnati
Cleveland...
Columbus
Toledo
..
Indianapolis
Chicago
Peoria
Detroit
Grand Rapids
Milwaukee
Minneapolis
St. Paul
Cedar Eapids
Des Moines
Dubuque
__.
Sioux City
Kansas City, M o . . .
St. Joseph
St. Louis
Lincoln
Omaha
Kansas City, Kans..
Topeka___
Wichita
Helena
Denver...
Pueblo..
Muskogee
Oklahoma City
Tulsa
Seattle—.
Spokane
Portland..
Los Angeles
Oakland
_.
San Francisco
Ogden
._
Salt Lake City
4, 745
4,882
9,628
14,885
6,835
3,521
10,851
10,289
5,775
24,114
1,447
15,482
37,310
23,318
2,133
4,490
1,754
4,026
11, 590
2,876
19, 813
2,726
12,856
2,839
4,840
2,925
947
20,188
1,611
4,223
13,740
10,398
26,748
4,687
35,138
99,978
3,376
229,538
1,658
4,195
1,634
3,416
5,040
4,172
1,774
144
1,177
8,207
1,228
3,911
99
2,106
450
1,413
2,374
1,565
445
5,635
172
8,483
441
3,379
381
2,973
7,321
6,545
1,955
1,413
10,805
2,723
1,736
321
12, 691
46,617
4,024
43,612
66
1,162
10
534
999
443
977
381
301
3,973
827
749
121
457
7,011
3,094
278
808
479
466
1,954
258
3,729
370
2,870
29
241
20
57
2,439
710
60
51
522
4,012
178
3,764
1,653
24
3,100
182
" 827
233
1,293
3,464
4,263
4,010
266
1,428
6,470
1,871
2,463
571
2,233
5,271
2,186
1,415
2,263
871
1,479
1,955
508
6,910
1,113
1,737
642
478
147
424
797
590
1,793
235
4,075
4,061
106
5,169
57
365
971
43
1,018
3,628
2,767
627
2,119
21,443
169
22,711
317
642
54
329
417
295
311
69
324
308
182
840
63
639
622
318
55
132
30
83
344
61
853
63
248
39
57
111
25
299
52
36
226
284
485
72
317
2,191
116
4,062
29
95
508
1,218
63
1,103
300
1,593
8,199
1,244
1,457
29
1,005
2,366
771
1,704
1,510
716
589
723
133
4,669
413
1,946
69
44
6
1,117
1
109
394
11
871
1,107
207
47
1,014
219
1
32
850
193
37
11,078
60
71
58
109
99
5
5
90
35
97
99
33
85
217
8
41
44
1,138
47
198
116
6
38
1,503
113
14
125
309
2,191
354
1,225
159
183
24
12
70
30
26
41
359
224
47
25
209
180
262
874
4,962
804
61
119
1,257
1
1,480
18
192
1,437
619
862
48
1,219
2,040
565
455
97
157
1,613
1,223
5
296
2,261
6,779
15,088
11,414
9,891
1,527
8,095
32,357
6,651
11,455
1,130
7,988
25,514
8,607
5,382
9,070
3,748
4,159
17,970
1,718
39,948
3,761
12,443
1,165
4,484
7,708
1,075
19,948
5,314
2,297
15,648
13,366
13, 715
2,128
28, 019
83,198
4,654
144
1,956
94
85
100
156
828
40
1,630
1,115
97
5,418
'"55"
160
42
155
568
117
355
471
331
1,085
485
3,254
2,354
117
6,350
170
492
55
1,175
5,077
174
110
309
283
1,326
118
7,006
11,661
24, 716
26,299
16,726
5,048
18,946
42,646
12,426
35,569
2,577
23,470
62,824
31,925
7,515
13, 560
5,502
8,185
29,560
4,594
59, 761
6,487
25, 299
4,004
9,324
10,633
2,022
40,136
6,925
6,520
29,388
23, 764
40, 463
6,815
63,157
183,176
8,030
323, 866
2,833
9,272
24
1,159
873
317
810
144
666
40
1,016
12
118
680
124
14
203
24
44
52
1
419
111
4
179
5
7
8
10
995
38
1,216
121
3
10
17
230
220
358
1,166
569
154
67
215
1,726
563
212
177
75
509
413
295
2,310
612
1,071
222
489
184
626
279
656
126
Total other reserve cities.
1,156,801
263,2Q9
114,149
110,417
211,420
29,379
53,353
35,151
16, 539
9,877
44,116
45,310
932,920
2, 089, 721
Total all reserve cities
;1,660,462
321,228
204,085
144,563
266, 530
50,194
69,835
62,121 I 29,813
10, 501
71,130
70, 792 1,300,792
2,961,254
o
Ox
United States Government, domestic, and foreign bonds, securities, etc., owned by national banks June 29, 1929—Continued
[In thousands of dollars]
Foreign securities
Domestic securities
States and territories
United
Other
All
States
foreign
other,
Other
Collateral
Govern- State,
securities,
includpublic
Stock
of
trust
and
Stock
of
Govern- including
ment
county, Railroad service All other Federal other
ing
other Municipal
ment bonds of
securiand
bonds reserve corpora- corpora- warrants
claims, bonds
ties
munici- bonds corporamunicition
tion
tions
judgbank
pal bonds
palities,
bonds
notes
ments,
etc.
etc.
Total
bonds,
stocks, Total,
securibonds
ties, etc., all
and seother
curities
than
United
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
9,821
10,167
5,621
46,655
6,233
26,194
3,646
639
502
4,565
386
2,126
6,393
2,431
2,782
17,886
1,719
11,756
104,691
11,864
42,967
77,113
69, 955
151,339
2,031
7,555
35,773
39, 579
30,642
607
3,383
78,940
55,345
113,566
1,304
5,960
307,993
109,984
28,536
17,906
12,954
10,437
9,657
17,980
15,147
5,617
5,025
70,295
13,005
16,524
13,798
3,774
1,035
4,155
5,720
440
13,029
6,577
8,331
1,727
10,143
5,024
2,094
6,308
236,881
68,357
5,377
1,056
3,021
8,750
591
4,680
1,266
2,395
10,940
921
4,282
54,216
17, 203
23,024
132,825
13,487
47,249
582
22,777
24,484
288,004
2,068
2,995
877
97
95
704
1,875
2,292
2
264
31,371
16, 650
35,016
614
2,678
41, 282
15, 788
33,980
346
3,508
384, 799
239, 825
502, 506
7,394
39,315
22,736
6,132
5,137
86,329
94,904 1,173,839 1,481,832
1,663
355
1,322
16
30
115
254
26
46
508
177
261
88
175
361
237
284
17
220
3,787
659
639
1,211
1,348
426
16
241
156
360
661
683
170
1,142
329
752
655
1,687
1,678
247
419
414
1,746
920
456
176
1,344
691
2,136
707
1,705
1,352
444
155
324
954
1,331
536
41
817
311
1,413
682
25,306
21,434
10,720
14,526
4,835
29,212
20,126
14,035
4,538
32, 220
10, 569
24,696
15, 794
53,842
39,340
23,674
24,963
14,492
47,192
35, 273
19,652
9,563
102,515
23,574
41,220
29,592
8,116
6,939
12,621
10,065
228,011
464,892
40
258
164
116
2,340
321
522
2,266
497
1,501
3,773
832
1,113
142
80
294
2,292
9,408
415
318
260
1,728
289
1,310
71,388
4,320
3,721
9,982
271
97,798
53,934
123, 570
1,758
9,885
83,275
44,788
139,072
2,085
11,904
3,726
3,365
7,621
123
415
2,825
3,022
3,964
55
317
7,037
2,484
11,906
403
255,115
286,945
281,124
15,250
10,183
1,589
2,150
284
320
334
2,911
1,932
459
112
1,793
536
3,346
2,859
3,707
496
876
905
2,040
2,190
561
261
1,902
697
4,797
783
8,008
8,737
2,594
5,291
1,252
4,215
5,198
2,516
599
8,053
1,890
8,043
3,435
1,338
765
649
441
417
577
668
334
313
2,202
314
715
1,158
968
425
872
202
3,028
111
116
873
529
118
156
16,446
22,074
59,831
9,401
9,044
18,250
6,850
6,251
45,500
6,136
12,661
12,715
3,958
6,046
605
177
5,117
176
24
80
64,037
27,370
28,645
179,480
19,720
73,443
461,912
309,780
653,845
9,425
46,870
Ohio...
.
Indiana
Illinois...
MicMgan
Wisconsin
Minnesota
Iowa
Missouri
_
_ .
Total Middle Western States.
North Dakota
South Dakota
Nebraska. __Kansas
Montana «
Wyoming
Colorado
New Mexico
Oklahoma
-- _
.
.
__ _
Total Western States
Washington
Oregon
California
Idaho .
Utah
Nevada .
Arizona.
_
'
_
Total Pacific States
Alaska (nonmember banks)
The Territory of Hawaii (nonmember banks)
_
52,316
35,419
71,214
26,121
28,732
30,194
29, 082
18, 707
30,399
7,705
26,586
24,176
12, 552
18,337
4,221
7,832
11,558
9,160
8,612
7,402
5,530
8,108
3,722
1,600
11,181
16, 704
20, 885
20,423
20.14S
10,024
8, 055
3,808
27,004
14, 777
28, 615
23,280
19,138
18,100
10, 081
4,508
2,100
1,222
1,958
923
890
853
736
408
1,042
757
1,144
364
563
241
673
72
1,750
2, 586
4,606
1,298
3,091
2,072
561
144
429
202
6,429
232
205
8,209
742
266
797
747
4,451
216
•638
850
2,275
234
8,427
3,876
6,198
5,566
4,583
4,641
2,562
872
11,317
3,343
6,797
5,767
3,793
3,767
2,115
1,235
106,004
61,079
116,281
89, 647
71,131
75,202
35, 743
20,979
158,320
96, 498
187, 495
115, 768
99,863
105,396
64,825
39,686
291, 785
131,808
55, 692
111, 228
145, 503
9,090
4,856
16,108
16, 714
10, 208
36, 725
38,134
576, 066
867,851
9,661
10,466
13,972
23,111
13, 794
6,916
12,474
5,746
30, 707
2,821
5,162
1,614
12, 668
3,152
1 529
5,008
1,852
19, 933
1,040
856
1,060
431
1,713
635
1,549
369
446
2,792
2,053
1,258
850
2,622
411
2,765
452
994
4,814
4,499
2,892
3,074
3,805
1,776
5, 377
2,108
3,558
252
207
361
609
224
117
322
95
556
87
47
63
255
146
19
455
61
115
56
160
292
181
144
216
176
127
828
809
487
2,460
1,374
751
1,222
32
6,416
648
473
409
499
268
278
566
80
1,323
1,199
705
1,329
1,255
1,393
111
931
73
1,002
1,780
771
1,248
451
878
218
518
146
499
16,317
15, 742
11,013
22, 733
15, 719
5 845
18,929
5,444
34, 969
25, 978
26, 208
24 985
45,844
29, 513
12 761
31,403
11 190
65, 676
126,847
53, 739
8,099
14,197
31, 903
2,743
1,248
1,352
14,379
4,544
7,998
6,509
146, 711
273, 558
16, 467
11,861
27,403
5,216
1,212
2,411
8,165
11,824
6,669
35, 297
1,898
265
1,567
1,328
4,892
699
3,079
407
75
252
229
5,383
1,855
11,257
460
118
228
281
6,898
2,298
12, 571
1,063
304
475
761
449
286
992
118
36
64
69
204
46
892
84
12
134
615
50
782
100
10
1
10
1,579
2,004
510
1,213
31
9
1,006
310
229
326
179
47
51
2,862
1,135
1,806
423
74
220
68
2,195
577
1,698
237
22
127
20
37, 211
15,848
69, 210
6,182
994
3,077
3,823
53 678
27, 709
96, 613
11, 398
2 206
5,488
11, 988
72, 735
58,848
9,633
19, 582
24, 370
2,014
1,372
1,568
6,352
1,142
6, 588
4,876
136, 345
209, 080
1,040
70
123
175
252
26
23
101
43
813
1,853
1,426
1,309
43
2,094
3,520
454
88
200
2,466
1,379
166
175
706
200
26
111
2,907
5,373
Total country banks
1,143, 398
435, 979
388,118
549,849
614, 825
42,818
30, 624
56,889
52, 075
28,552
173,139
179, 015 2, 551,883
3, 695, 281
Total United States
2,803,860
757, 207
592, 203
694,412
881,355
93,012
100, 459
119, 010
81,888
39, 053
244, 269
249,807 3,852, 675
6, 656,535
Total (nonmember banks). _ _
101
43
48
EEPOBT OF THE COMPTROLLER OF THE CUBBENCY
PER CAPITA INDIVIDUAL AND SAVINGS DEPOSITS IN ALL REPORTING BANKS
Statement showing the population, amount of individual deposits,
per capita individual deposits, amount of savings deposits, and per
capita savings deposits reported by all banks in each state, the District of Columbia, Alaska, and insular possessions follows:
Per capita individual and savings deposits in all reporting banks June B9t 1929
Population
(approximate)
States and Territories
Maine
New Hampshire
Vermont
Massachusetts
Khode Island—
Connecticut
Total New England States...
New York
New Jersey
Pennsylvania- >
Delaware
Maryland
_
District of Columbia
,
,
Total Eastern States
Virginia....
West Virginia
North Carolina
South Carolina
Georgia
Florida
Alabama
Mississippi
Louisiana. _
Texas
Arkansas
Kentucky
Tennessee
_
Total Southern States
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
1
2
Savings
deposits a
607. 56
674.23
900. 25
719.72
736.45
$315,421,000
236,098,000
210,665,000
2,658,208,000
353,940,000
883,361,000
8,185,000 | 6,443,580,000
787.24
Per capita savings deposits
$399.77
515.50
590.10
626.20
512.96
536.67
4,657,693,000 |
569.05
11,695,000 14,429,968,000 1,233.86
576. 69
3,930,000 2, 266,407,000
494.59
9,790,000 4,842,085,000
551.70
137,925,000
250,000
474.18
775,282,000
1,635,000
444.43
244,434,000
550,000
6,727,939,000
1,233,347,000
2,668,743,000
60,881,000
485,931,000
95,032,000
575.28
313.83
272.60
243.52
297.21
172. 79
814.94
11,271,873,000
404. 74
27,850,000
,
Per capita individual
deposits
$394,230,000
278,262,000
240,701,000
3,821,582,000
496,608,000
1,212,197,000
789,000
458,000
357,000
4,245,000
690,000
1,646,000
_
Individual
deposits i
22,696,101,000
450,764,000
2, 555, 000
328,230,000
1, 680, 000
331,700,000
2,980,000
166,018,000
1,855, 000
305,146,000
3,160,000
305, 769, 000
1,335, 000
252, 670, 000
2,560,000
211,244,000
1,795,000
382,014,000
1,945, 000
5,400, 000 1,016,978,000
197,428,000
1,910, 000
433,726,000
2, 545, 000
408,943,000
2,490, 000
176.42
195. 38
111.31
89. 50
96.57
229.04
98.70
117. 68
196.41
188. 33
103. 37
170. 42
164. 23
4, 790, 630,000
243,784,000
161, 546,000
154,482, 000
84,827,000
142,161,000
121,858,000
112,235,000
98, 345,000
130,143,000
211,130,000
73,060,000
146,993,000
172,723,000
95.41
96.16
51.84
45.73
44.99
91.28
43.84
54.79
66.91
39.10
38.25
57. 76
69.37
57.54
148. 73
1,853,287,000
6, 655, 000 2, 555,167,000
824,951,000
3,175,000
7, 360,000 3, 586, 939,000
4, 542, 000 1,977,359, 000
902,489,000
2,955, 000
888,408,000
2,700, 000
816, 646,000
2, 535, 000
3,490,000 1,092,148, 000
259. 83
487. 36
435. 35
305. 41
329. 04
322.15
312. 94
1,385,964, 000
404, 770,000
1,470, 694,000
1, 095, 609, 000
529,102, 000
505,639, 000
480,844,000
373,938,000
208. 26
127.49
199. 82
241.22
179.05
187. 27
189.68
107.15
33,412, 000 12, 644,107, 000
378. 43
6,246,560,000
18a 96
670,000
702,000
1, 405,000
1,848, 000
715, 000
235, 000
1,080,000
400,000
2, 415, 000
120, 003,000
146, 876,000
385, 568, 000
410,404, 000
156,101,000
59, 489,000
277,498,000
42,042, 000
422, 230, 000
179.11
209.23
274. 43
222. 08
218. 32
253.14
256. 94
105.11
174.84
64,062, 000
65,272,000
163,033,000
103,087,000
71, 508,000
24,422,000
112,279, 000
10,457, 000
85, 641,000
95.61
92.98
116.04
55.78
100.01
103.92
103.96
26.14
35.46
9,470, 000
2, 020, 211, 000
213. 33
699, 761,000
73.89
32,210,000
Includes postal savings, Christmas savings, and other savings reported in column 4*
Represents deposits evidenced by savings pass books and time certificates of deposit. (Does not include
postal savings or Christmas savings accounts.)
REPORT OF THE COMPTROLLER OF THE CURRENCY
49
Per capita individual and savings deposits in all reporting banks June 291 1929—
Continued
Population
(approximate)
States and Territories
Washington
Oregon
California
Idaho
Utah
Nevada*
Arizona
-
>.-
.
»_
Total Pacific States
Alaska
The Territory of Hawaii
Porto Rico
Philippines
-
Total possessions
Total United
possessions
States
_
and
Individual
deposits
Per capita individual
deposits
Savings
deposits
Per capita savings de«
posits
1,580, 000
890,000
4,605, 000
532,000
528,000
80,000
445, 000
$440,817,000
259,941,000
3,279,097,000
83,212,000
131,460,000
43,257,000
90,857,000
$279.00
292. 07
712. 07
156. 41
248. 98
540. 71
204.17
$204,812,000
118,421,000
1,904, 709,000
31,872,000
73,641,000
23,281,000
34,437,000
$129.63
133.06
413.62
59.91
139.47
291.01
77.39
8,660,000
4,328,641,000
499.84
2,391,173,000
276.12
91,000
320,000
1,400, 000
11,250,000
12, 335,000
83,392,000
35,494,000
83,290,000
135. 55
260. 60
25.35
7.40
5,347,000
34,473,000
14,021,000
24,132,000
58.77
107.73
10.02
2.15
13,061,000
214, 511,000
16.42
77,973,000
5.97
132,848,000
53,137,781,000
399.99
27,198,320,000
204.73
Savings deposits and depositors in all reporting hanks in the United States and possessions, according to class of banks, on or about June 29, 1929
[Deposits in thousands of dollars]
State (commercial) banks
State or Territory
Deposits
evidenced
b y savings
pass books
Maine
New Hampshire
Vermont
Massachusetts
Rhode Island....
Connecticut _ _
Total New England
States
_ _
New York..
New Jersey
Pennsylvania
Delaware
Maryland—
District of Columbia
Total Eastern S t a t e s Virginia
West Virginia
North Carolina
South Carolina
Georgia
Florida
Alabama
Mississippi
Louisiana
Texas
Arkansas
.__„
Kentucky.
Tennessee—
Total Southern States-
2,673
T i m e certificates of
deposit
276
Deposits
Total
savings
Depositors 2 bevidenced
y savings
deposits i
pass books
Time certificates of
deposit
109,940
1,882
102
69,878
235,373
159,987
148 140
48,146
7,710
2,949
Private banks
Loan and trust companies
6,248
fi. SSfi
Deposits Time cerTotal
evidenced tificates
of
savings1 Depositors ? by
savings
deposit
deposits
pass books
111, 822
102
69,878
283,519
167,697
154 996
441 1QO
7,167
405,472
162, 788
509,934
188, 286
7,167
2,673
276
2,949
. 6,248
723,318
64,696
788,014
1,707,670
7,167
' 426,158
38,096
234,837
7,476
87,793
27,230
815
20, 391
273
453,388
38,911
255, 228
7,749
87,793
1,098,021
97,307
571,921
15, 990
250, 308
797,535
524,143
804,309
18,824
102,808
27,169
82,906
12,560
75,612
222
1,389,304
1,189,351
1,893,193
52,136
210,431
121,188
5,008
1,310
2,304
13
1,666
880,441
536, 703
879,921
19,046
102,808
28,835
2, 274,788
172,966
2,447,754
4,855,603
8,622 |
794,360
48, 709
843,069
2,033, 547
70,959
57,740
58,337
27,790
36, 729
23,876
44,011
33,953
83, 722
11, 746
27,137
62,139
43,539
30, 725
27, 530
38, 540
11,571
26,090
4,872
36,859
101,684
85,270
96,877
39,361
62,819
28, 748
44,011
64,322
109,297
32,598
43,865
62,139
80,398
3 191, 781
2.19,402
317,307
108,635
151,733
65,051
3 110,028
3 76,241
3 167,444
46,818
75,926
288,917
3 153,137
581,678
269,711
851,389
30,369
25,575
20,852
16, 728
1,972,420
7,167
18, 583
5
81,148
5,161
4,562
18
8,640
90,871
237
3 641
366
525
366
749
778
3,285
540
35
3,825
35
17,028
3,746
1,466
5,212
18,447
224
16,531
4,786
4,786
21,317
21,317
18, 583
5,021
1,310
2,3C9
237
16,531
Total
savings Depositors 2
deposits 1
52,055
52,055
Or
O
Ohio
Indiana
Illinois
]VIichijjan
Wisconsin
Minnesota
Iowa
Missouri
Total Middle Western
States
North Dakota
South Dakota
Nebraska.
Kansas
.
-
TVvoniincr
Color&do
New Mexico
Oklahoma
Total Western States..
Washington
Oregon
Idaho
Utah
Nevada
Arizona
Total Pacific States
Alaska
The Territory of Hawaii
Porto Rico
Philippines
Total possessions
Total United States
and possessions
881,474
^ 52,531
959,115
716,851
152,473
50, 326
27,371
* 151, 712
134,274
55,666
184,223
105,465
162,238
137,931
70, 767
2,342,562
1,015,748
3171, 731
108,197
3,857,030
1,143,338
822,316 3 2,195, 224
929, 715
314, 711
281,451
188,257
109, 698
98,138
«170,675
151, 712
2,991,853
850,564
3,842,417
2,471
4,543
13,029
10,363
18,910
5,716
8,417
1,162
5,248
25,913
32,438
96, 536
40,185
14,796
5,884
5,677
821
14,421
28,384
36,981
109,565
50,548
33,706
11,600
14,094
1,983
19,669
69,859
236,671
306,530
325,687
42,665
24, 354
12,915
8,791
55, 580
33,145
149,071
93,864
8,624
29,207
8,302
21,340
7,799
5,349
771
4,507
16,423
34,556
9,073
25,847
35,880
103, 392
8 12,479
47,154
134,492
40,132
174,624
441,840
3,207
27,008
12,953
17,235
498
6,458
1,068
6,897
3,705
33,466
14,021
24,132
5,350
137, 729
54, 752
374,169
60,403
14,921
75,324
572,000
4,635,318
1,460,984
6,096,302
15,409,828
2,027
688
2,715
9,084
1,165
«11
5,066
6,231
11
4,100
3 12
514, 781
7,805
17,127
24,932
33,614
950
3,219
18
470
488
210
2
34
103
121
105
155
19
19
54
713
767
633
27,394
19,324
46,718
162,148
8 279,277
3,756
18, 595
3,914
< 121, 730
3,922
6,305
2,454
7,678
24,900
6,368
121, 730
20,351
59, 298
18.907
8136,948
10,058,086
233,423
45,985
279,408
22,943
35,945
95,299
29,361
3 71,630
16,148
3 20,941
3,520
29,900
541
1,069
367
658
908
1,727
168
1,163
1,331
428
11,897
1,091
726
245
12,623
1,336
3 29,596
2,607
14, 766
3,159
17,925
36,800
231
231
879
1,016
121
1,000
1,016
14, 572
3 1, 705
1,895
352
2,247
16,277
226
226
226
226
292,170
3,556,891
*2 Excludes postal savings and Christmas savings accounts, etc.
Represents number of savings pass book accounts.
4,900
6,473
13,775
3 6,643
118,732
3,264,721
2,570
2,032
7,470'
8,505
33,304
85,428
7,183,186
3
Estimated.
* Includes time certificates.
S
77
346
Savings deposits and depositors in all reporting banks in the United States and possessions, according to class of banks, on or about June 29,1929-
Continued
Ox
to
[Deposits in thousands of dollars]
Stock savings banks
State or Territory
Maine
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut
Total New
States
Deposits
evidenced Time cerof
by savings tificates
deposit
pass books
Total
savings Depositors
deposits 1
Deposits
evidenced Time cerof
by savings tificates
deposit
pass books
113,402
» 215,759
98,576
2,035,257
167,949
624,832
..
.......__
__.
Deposits
Time cerTotal
2 evidenced
of
savings Depositors by
savings tificates
deposit
deposits *
pass books
113,402
215,759
98,576
2,035,257
167,949
624,832
225,782
334,930
127,961
2,973,468
196,386
904,981
223,342
215,759
168,454
2,270, 630
330,609
780,139
Total
savings Depositors2
deposits i
48,146
7,986
6,856
225,224
215,861
168,454
2,318,776
338, 595
786,995
631,254
334,930
290,749
3,483,402
390,920
1,364,754
1,882
102
I
a
o
England
3, 255, 775
3,255,775
4, 763,508
3,988,933
64,972
4,053,905
6,496,009
4,463,046
173,723
« 440,727
24,641
95
4,463,046
173,818
440,727
24,641
194,199
5,116,151
460, 525
542,029
47,691
325,148
5,691,747
762,072
1,482,177
50,941
884,800
48,030
110,149
13,470
96,008
495
4,422
5,801,896
775, 542
1,578,185
51, 436
384,800
52,452
7,684,624
1, 792,693
3,011, 705
115,817
785,887
251,257
5,296,336
95
5,296,431
6,491,544
8,419,767
224,544
8,644, 311
13,641,983
71,196
57,740
58,337
27,790
36,953
41,506
44, OU
36,505
83, 722
15,031
30,725
27,530
38,540
11,937
26, 615
9,745
192,422
219,402
317, 307
108,635
152,511
121,036
8
110,028
3 81,971
2167,444
63,846
75,926
288,917
»153,137
2. AS2. .582
•
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 all banks other than national
Mutual savings banks
_
24,800
24,800
40,349
194,199
20,861
2,756
23,617
130,069
45,661
2,756
48,417
170,418
1,099
87
1,186
3,930
2,552
439
2,991
8 5,730
„
Total Soutkern States..
3,651
526
4,177
- —
9,660
27,137
62,139
43,539
36,859
101,921
85,270
96,877
39, 727
63, 568
51,251
44,011
67,313
109,297
36,423
43,900
62,139
80,398
605,608
276,489
882,095
30,808
25,575
21,392
16,763
3
c
Ohio
Indiana
Illinois
Michigan
Wisconsin __
Minnesota
Iowa
Missouri
Total Middle Western
States...
North Dakota
South Dakota
Nebraska
Kansas
Montana
Colorado
New Mexico _ _
Oklahoma
Total Western States __
Washington
>
Oregon
California
Idaho
Utah
Nevada
Arizona
Total Pacific States
Alaska
The Territory of Hawaii
Porto Rico
Philippines
Total possessions
Total United States
and possessions
17,755
824
18,579
19,179
147,688
99,587
247,275
428,229
165,443
100,411
265,854
447,408
2,593
400
2,993
12, 298
2,593
400
2,993
12, 298
453
876,077
621
1, 587, 274
333
24,234
4,830
63, 562
» 4,288
679
905, 594
1, 655, 745
107
7 876,077
346
23,901
4,830
904,915
104,037
24,156
429
349
104,466
24, 505
128,496
8 39,563
8,550
71,794
3
8, 550
71, 797
20,968
141, 063
208,537
781
209,318
330, 090
53, 739
53,739
93, 074
75, 527
75, 527
69,869
129, 266
=
162,943
j
i
129, 266
—
:
1,122,263
104,772
1,227,035
2,295,529
8,889,914
: : : : : : : : : : : : :
S76
8,890, 790
11, 748,085
988,081
164,147
959,115
736,633
164, 779
140, 715
180,138
273,453
139,603
95, 792
184,223
106,977
166,160
144, 239
177,874
1,127,684
259,939
1,143,338
843,610
330,939
284,954
358,012
273,453
2,484,833
s 497,214
3,857,030
2,223,487
971,034
481,812
560,934
« 307,635
3,607, 061
1,014,868
4, 621,929
11,383,979
3,012
5,630
15,622
10,533
18,944
5,716
20, 314
2,253
5,248
26,280
33,566
96,936
41,451
14,917
5,884
6,403
1,085
14,421
29,292
39,196
112,558
51,984
33,861
11,600
26,717
3,338
19,669
23,893
39,374
107,597
29,866
3 71,976
16,148
» 50, 537
6,127
29,900
87, 272
240,943 |
328,215
375,418
96,404
24,461
951, 604
8,624
53,987
14,148
21, 340
13,146
9,137
7,799
5,803
771
4,507
109,550
33,598
951,604
16,423
59,790
14,919
25,847
242,145
94,485
1, 657,143
35,880
181, 526
s 18,472
47,154
1,170, 568
41,163
l r 211, 731
2, 276,805
3,207
27,008
12,953
17, 235
498
6,684
1,068
6,897
3,705
33,692
14,021
24,132
5,350
137, 729
54, 752
374,169
60,403
15,147
75, 550
572,000
17,939,610
1,878,126
19,817,736
36,798,776
1
2
Excludes postal savings and Christmas savings accounts, etc.
Represents number of savings pass book accounts.
*Estimated.
«Includes business of 11 guaranty savings banks and savings departments of 11 trust companies*
6 Includes 1 stock savings bank with capital stock of $10,200.
* Includes savings business of departmental banks.
Or
CO
Savings deposits and depositors in all reporting banks in the United States and possessions, according to class of banks, on or about June 29, 1929—
Continued
[Deposits in thousands of dollars]
National banks
State or Territory
Deposits
evidenced Time cerof
by savings tificates
deposit
pass books
Maine
New Hampshire.
Vermont
Massachusetts. _.
Rhode Island
Connecticut
Total New England
States
New York
New Jersey
Pennsylvania
Delaware
.
Maryland
District of Columbia..
Total Eastern States...
Virginia
West Virginia
North Carolina
South Carolina
Georgia
Florida
Alabama
Mississippi
Louisiana—
Texas
Arkansas
Kentucky
Tennessee...
Total Southern States..
87,554
17,982
40,558
311,711
13,681
85,126
2,643
2,255
1,653
27,721
1,664
11,240
Total
savings Depositors
deposits l
90,197
20,237
42,211
339,432
15,345
Total all reporting banks
All banks other than national
165,417
50, 772
83,953
714,643
13,321
182, 639
Deposits
evidenced Time cerof
by savings tificates
deposit
pass books
Total
savings Depositors
deposits i
Deposits
evidenced Time cerof
by savings tificates
deposit
pass books
210, 665
2,658, 208
353,940
883,361
48,146
7,986
6,856
1, 210, 745 3,988,933
64,972
4,053,905
6,496,009
4, 545, 545
112,148
4, 657,693
7, 706,754
110,149
13,470
96,008
495
7,684,624
1,792,693
3,011,705
115,817
785,887
251,257
6,550,665
1, 205,900
2,430,907
60,169
481,808
177,274
27,447
237,836
712
4,123
8,729
6,727,939
1, 233,347
2,668,743
60,881
9, 597,705
2,794,485
5,002,001
127,822
952,128
335,732
1,882
102
310,896
233,741
209,012
2,582,341
344, 290
865, 265
4,525
2,357
1,653
75,867
9,650
18,096
225,224
215,861
168,454
2,318,776
338,595
786,995
223,342
215,759
168,454
2,270,630
330,609
780,139
631,254
334,930
290,749
3,483,402
390,920
1,364,754
Total
savings Depositors3
deposits *
315,421
796,671
385,702
374, 702
4,198, 045
404,241
1, 547,393
556,612
47,176
603,788
858,918
443.828
948,730
9,228
97,008
38, 273
67,125
13,977
141,828
217
4,123
4,307
926,043
457,805
1,090, 558
9,445
101,131
42,580
1,990, 296
12,005
166, 241
84,475
5,691,747
762,072
1,482,177
50,941
384,800
48,030
4,422
5,801,896
775,542
1,578,185
51,436
384,800
52,452
2,395,985
231,577
2, 627,562
5,167,890
8,419,767
224,544
8,644,311
13,641,983
10,815,752
456,121
11,271,873
18,809,873
104,926
55,784
34,921
38,406
66,578
60,398
59,174
20, 572
15,696
143,363
18,673
45,834
53,598
36,937
20,492
22,684
6,694
12,015
10, 209
9,050
10,460
5,150
31,344
10,487
39,020
38,727
141,863
76, 276
57,605
45,100
78,593
70,607
68,224
31,032
71,196
57,740
58,337
27,790
36,859
101,921
85,270
96,877
39,727
63,568
51,251
44,011
67,313
109,297
36,423
43,900
62,139
80,398
3 192,422
219,402
317,307
108,635
152, 511
121,036
3 110,028
81,971
3167,444
63,846
75,926
288,917
3153,137
176,122
113, 524
41,506
44,011
36,505
83,722
15,031
27,137
62,139
43,539
30,725
27,530
38,540
11,937
26,815
9,745
174,707
29,160
84,854
92, 325
284,055
164,467
134,141
81,633
248,508
178,357
146,479
46,194
31,700
316,308
44,512
117,976
151,610
103,531
101,904
103,185
57,077
99,418
158,394
45,810
107,973
97,137
67,662
48,022
61,224
18,631
38,630
19,954
9,050
41, 268
30,725
52, 736
27, 250
39,020
75,586
243,784
161,546
154,482
84,827
142,161
121,858
112, 235
98,345
130,143
211,130
73,060
146,993
172,723
476,477
383,869
451,448
190,268
401,019
299,393
256, 507
128,165
199,144
380,154
120,438
406, 893
304, 747
717,923
253,269
971,192
1,945,940
605,606
276,489
882,095
2,052, 582
1,323,529
529,758
1,853,287
1,913,081
1,001,792
25, 575
21,392
16,763
Ox
s
Ohio
Indiana
Illinois
Michigan..
Wisconsin..
Minnesota.
Iowa
Missouri. __
Total Middle Western
States...
I
North DakotaSouth Dakota...
, Nebraska
or Kansas
Montana
Wyoming
Colorado
.
New Mexico. __
Oklahoma
Total Western States..
Washington..
Oregon
California
Idaho
Utah
Nevada
Arizona
Total Pacific States
Alaska
The Territory of Hawaii
Porto Rico
Philippines
Total possessions
Total United States
and possessions
184,933
86, 775
234,358
217, 327
136, 576
140,366
61,853
64, 539
73,347
58,056
92 998
34, 672
61, 587
80,319
60,979
35,946
258,280
144,831
327,356
251,999
198,163
220, 685
122,832
100,485
563,022
283, 676
938, 742
592 864
,
511,987
495,744
218,626
272,589
,
164,147
959,115
736, 633
164, 779
140, 715
180,138
273,453
1,126, 727
497, 904
1,624,631
3,877, 250
3, 607,061
1,014,868
34,770
26,076
50,475
51,103
37,647
12,822
85, 562
7,119
65,972
3,012
5,630
15,622
10, 533
18,944
5,716
20,314
2,253
5,248
26, 280
33, 566
96,936
41, 451
14, 917
5,884
6,403
1,085
14,421
22,643
18,079
31, 550
31,510
15, 550
4,965
15,158
3,496
27, 661
139,603
95,792
184, 223
106, 977
166,160
144, 239
177,874
1,127,684
259, 939
1,143,338
843, 610
330, 939
284,954
358,012
273,453
2,484,833
2 497,214
3,857,030
2, 223,487
971,034
481,812
560,934
3 307,635
1,173,014
250,922
1,193,473
953,960
301,355
281,081
241.991
337.992
4, 621, 929 11, 383,979
4, 733, 788
29,292
39,196
112,558
51, 984
33,861
11, 600
26, 717
3,338
19,669
23,893
39,374
107,597
29,866
3 71,976
16,148
50,537
6,127
29,900
15,139
13,627
34,547
30,126
41,041
13, 573
90,718
5,876
43, 559
212,950
153,848
277, 221
141, 649
227, 747
224, 558
238,853
35,946
1,385,964
404,770
1,470,694
1, 095, 609
529,102
505,639
480,844
373,938
3,047,855
780,890
4,795,772
2,816,351
1,483,021
977, 556
779,560
580,224
1, 512, 772 6, 246, 560 15, 261, 229
371, 546
51,003
38,283
145,094
102,916
47,552
21,492
175,155
11,622
116,508
709,625
87,272
240,943
328, 215
375,418
411, 555
699,761
1,085,043
81, 572
73,529
897,948
10,228
11,142
7,995
7,183
13,690
11, 294
55,157
5,221
2,709
367
1,407
95,262
84,823
953,105
15,449
13,851
8,362
8,590
233,777
189,960
1,993,360
29,945
37,262
9,367
17,075
96,404
24,461
951,604
8,624
53,987
14,148
21,340
13,146
9,137
7,799
5,803
771
4,507
109, 550
33, 598
951,604
16,423
59, 790
14,919
25,847
242,145
94,485
1,657,143
35,880
181, 526
18,472
47,154
177,976
97, 990
1,849, 552
18,852
65,129
22,143
28, 523
26,836
20,431
55,157
13,020
8,512
1,138
5,914
204, 812
118, 421
1,904,709
31,872
73,641
23,281
34,437
475,922
284,445
3,650,503
65,825
218,788
27,839
64,229
1,089, 597
89,845
1,179,442
2,510,746
1,170, 568
41,163
1, 211,731
2,276,805
2,260,165
131, 008
2,391,173 |
4,787,551
1,448
411
194
370
1,642
781
2,542
2,601
3,207
27,008
12,953
17, 235
498
6,684
1,068
6,897
3,705
33,692
14,021
24,132
5,350
137, 729
54, 752
374,169
4,655
27,419
12,953
17, 235
692
7,054
1,068
6,897
5,347
34,473
14,021
24,132
7,892
140,330
54, 752
374,169
1,859
564
2,423
5,143
60,403
15,147
75, 550
572, 000
62, 262
15,711
7,973
577,143
6, 089,637
1, 290,947
7,380,584 15,427,339 17,939,610
1,878,126
19,817, 736 36,798, 776 24, 029, 247
3,169,073
27,198,320
52,226,115
12,127
7,997
18,925
19, 593
22, 097
7,857
70,404
3,623
38,311
200,934
170,612
48,923
51,645
128,486
72,961
30,467
10,849
21, 561
4,581
42,082
64,062
65,272
163,033
103,087
71,508
24,422
112,279
10,457
85, 641
74,896
77,657
252,691
132,782
119, 528
37,640
225, 692
17,749
146,408
* Excludes postal savings and Christmas savings accounts, etc.
a Represents number of savings pass book accounts.
8 Estimated.
Or
56
REPORT OF THE COMPTROLLER OF THE CURRENCY
EARNINGS, EXPENSES, AND DIVIDENDS OF NATIONAL BANKS
A comparative statement of the earnings, expenses, and dividends
of national banks for fiscal years ended June 30, 1928 and 1929, and
statements showing the capital, surplus, and the earnings, expenses,
etc., of these associations in reserve cities and States and Federal
reserve districts June 30, 1929, follow. (Similar tables for the
6-month periods ended December 31, 1928, and June 30, 1929, are
published in the appendix of this report.
EarningSj expenses, and dividends of national banks for the fiscal years ended
June 80, 1928 and 1929
[In thousands of dollars]
June 30, 1928 June 30, 1929
(7,691 banks) (7,536 banks)
Capital stock...
Total surplus fund
Dividends declared
_
Gross earnings:
Interest and discount on loans
_
Interest (including dividends) on investments
Interest on balances with other banks
Domestic exchange and collection charges
Foreign exchange department
__.
Commissions and earnings from insurance premiums and the negotiation
of real-estate loans
Trust department
Profits on securities sold
Other earnings.
Total
Expenses paid:
Salaries and wages
Interest and discount on borrowed money
Interest on bank deposits.Interest on demand deposits
..
Interest on time deposits
_
Taxes
,
Other expenses
Total. _
Net earnings
.,
Eecoveries on eharged-off assets:
Loans and discounts
Bonds, securities, etc
Allother
_
Total...
Losses and depreciation charged off:
On loans and discounts
On bonds, securities, etc
On banking house, furniture, and fixtures
On foreign exchange
Other losses
Total.
Net addition to profits_.__
_
_.
1,593,856
1,419,695
205, 358
1, 627,375
1,479,052
222, 672
817, 231
311,338
26,601
17,325
13,437
894,032
320,416
22,862
18,069
12,439
16,165
59,328
81,982
896
20,683
35,085
100,103
1,344,406
1,424,485
262,609
18, 612
57,282
129,005
271,805
35,548
46,462
126,742
281,012
65,967
159,346
68,750
155,405
957,661
386, 745
437, 603
19, 519
7,329
9,621
18,149
7,828
423, 214
473,246
92,106
29,191
18,150
181
13,428
86,815
43,458
25,132
240
15,797
153,056
171,442
270,158
301,804
Abstract of reports of earnings, expenses, and dividends of national banks for the year ended June SO, 1929
[In thousands of dollars]
Gross earnings
Number of
banks
Location
Maine.
_ . .. .
New Hampshire
Vermont-.*
Massachusetts
Boston Rhode Island
Connecticut-.
Total New England States
New York 1
Brooklyn and Bronx _
Buffalo
New York CityNew Jersey
Pennsylvania
Philadelphia
Pittsburgh
Delaware
Maryland...
Baltimore
Washington, D. C
„
Total Eastern States
Capital
Surplus
Capital
and surplus
Commissions and
earnings
Interest Inter- Domesin(includ- est on tic ex- Foreign from
surance Trust Profits
Interest ing
Other Total
divi- balon
change
premiexchange
and dis- dends)
ances and col- depart- ums and depart- securi- earn- gross
count
with lection
ings earnings
on
ties
ment
the
negoon loans investment
other
sold
tiation of
ments banks charges
real
estate
loans
53
56
46
145
10
10
64
7,220
5,500
5,260
29,038
56,350
4,520
22,502
6,815
5,147
3,429
28,403
42,680
5,135
21,317
14,035
10,647
8,689
57, 531
99,030
9,655
43,819
4,417
2,604
2,436
17,254
32,010
1,923
11,653
3,551
1,380
1,489
9,608
5,917
972
3,807
76
59
36
206
967
25
175
28
36
28
191
102
12
99
1
2
1
15
559
5
21
384
130, 390
113,016
243,406
72,297
26, 724
1,544
496
604
523
15
3
21
299
820
30
11
17
75
7
12
66, 520
7,050
750
280,425
55, 501
96, 248
37,750
28,450
1,629
5,659
8,700
10, 775
67, 705
3,765
325
357,025
56,819
157,905
87,912
39,450
2,482
8,301
8,200
8,825
134, 225
10,815
1,075
637,450
112, 320
254,153
125, 662
67,900
4,111
13, 960
16, 900
19,600
39,852
2,155
766
129,030
32.807
52,716
27,480
13,269
681
3,908
5,411
5,718
27,640
833
278
44,290
16,604
34,160
6,379
10,779
605
2,497
1,430
1,366
654
19
10
556
330
1,055
553
365
11
53
92
124
426
5
5
21
18
3,214
6,544
231
419
168
60
7
28
38
31
40
78
797
153
1,833
599,457
798, 714
1, 398,171
313,793
146,861
3, S22
4,632
7,673
164
29,643
Virginia 2
116
13,835
West Virginia
- .
68
13, 065
North Carolina
5
1,800
Charlotte
._.
* Includes 2 banks in reserve city of Albany.
21,952
11, 322
7,838
2,100
51, 595
25,157
20,y03
3,900
15,907
7,770
7,037
1,018
2,407
1,497
79.1
139
274
196
201
12
232
64
360
12
11
5
_
58
18
16
202
1,073
30
581
410
184
143
1,169
1,366
118
491
181
267
152
1,444
5,428
95
971
8,722
4,550
4,301
30,089
47,422
3,180
17,798
1,978
3,881
8,538
116, 062
402
7
7,556
451
736
207
145
8
4
15
98
3,897
87
134
5,110
1,894
4,257
610
1,603
68
322
102
55
1,792
232
32
22, 503
1,848
2,620
1,225
1, 285
15
97
642
589
74, 695
3,356
1,225
218,803
54,205
96,054
37,419
27,659
1,395
6,911
7,746
7,987
26
9 ; 629
18,139
32,880
537,455
4
273
105
44
11
111
136
19
6
791
556
590
74
20,010
10, 329
9,042
L275
11
13
2
16
6
3
2 Includes 3 banks for Dec. 31,1928, and but 2 banks for June 30,1929, in reserve city of Richmond.
Abstract of reports of earnings, expenses, and dividends of national banks for the year ended June SO, 1929—Continued
00
[In thousands of dollars]
Gross earnings
Number of
banks
Location
South Carolina
Georgia 3
Atlanta
Florida
Jacksonville
Alabama
Birmingham.
Mississippi4
Louisiana
Texas.
Dallas
El Paso
Fort Worth
Galveston...
Houston
San Antonio
Waco
Arkansas 5
Kentucky __ . .
Louisville
Tennessee 6
Nashville .
_
•.
. . __
Total Southern States
Ohio 7...
Cincinnati
Cleveland.,.
Columbus
.
__
Capital
Surplus
Capital
and surplus
Interest Inter(includ- est on
Interest ing
divi- baland dis- dends)
ances
count
with
on
on loans investother
banks
ments
Commissions and
earnings
from inDomestic exForeign surance Trust Profits
on
change exchange premi- depart- securiand col- depart- ums and ment
ties
the negolection
ment
sold
tiation of
charges
real
estate
loans
53
77
3
52
3
103
3
35
33
584
6
3
5
4
10
7
4
73
135
3
94
5
9,550
12,005
6,400
10,690
4,500
13,570
4,450
5,425
9,750
45,585
13,150
1,600
4,450
2,150
9,650
5,950
1,650
6,915
13, 521
5,500
15,139
5,825
5,386
8,841
5,650
7,610
2,250
8,728
4,550
3,964
5,327
25,249
4,700
1,000
2,600
850
6,440
2,320
440
3,519
10,345
4,750
8,888
5,135
14,936
20,846
12,050
18,300
6,750
22,298
9,000
9,389
15,077
70,834
17,850
2,600
7,050
3,000
16,090
8,270
2,090
10,434
23,866
10, 250
24,027
10,960
4,989
7,108
3,960
5,095
2,215
6,941
3,227
4,043
5,594
24,854
6,167
1,174
3,265
1,176
5,446
2,744
786
4,123
6,935
4,149
8,617
3,366
1,020
658
1,001
2,058
1,290
1,436
413
920
570
3,251
1,691
296
606
346
1,362
309
256
903
1,727
1,199
1,157
301
360
102
399
297
59
184
69
122
133
1,302
199
48
149
51
218
103
32
184
256
67
286
104
289
465
197
207
190
222
106
214
146
1,032
231
51
102
74
146
32
52
167
52
8
228
168
1, 648
265, 768
171, 754
437, 522
147,706
27,604
5,407
5,047
310
5
3
5
40,000
8,300
5,500
5,000
32,056
5,600
4,350
5,350
72,056
13,900
9,850
10,350
20,024
3,066
3,754
2,963
7,824
1,379
1,221
864
628
110
34
86
232
43
8
16
1
1
2
220
1
79
33
153
2
1
1
3
28
76
45
70
81
76
66
163
18
13
33
167
22
17
7
58
29
11
29
68
40
65
17
541
20
1,593
19
33
22
3
3
231
104
223
132
2
Total
Other
gross
earnings earnings
459
416
451
611
372
490
309
235
885
1,577
528
87
485
75
730
418
96
228
444
153
725
497
7,436
8,852
6,080
8,422
4,255
9,640
4,501
5,626
7,429
32,152
9,220
1,680
4,642
1,736
8,030
3,635
1,223
5,697
9,660
5,803
11,119
4,463
1, 757 12, 282
201,957
1,521
399
333
1,407
31, 321
5,293
5,838
5,633
243
57
2
70
53
81
214
72
9
69
84
18
4
42
1
52
176
187
41
10
839
159
243
162
Indiana.__.
Indianapolis
Illinois
_
Chicago, Cent. Res
Chicago, other Res
Peoria
Michigan s_
Wisconsin
Milwaukee
*
__
Minnesota
Minneapolis
St. Paul..._
Iowa9
Des Moines
Sioux City
_
Missouri..
Kansas City
St. Joseph
St. Louis.
__
Total Middle Western States
North Dakota
—
South Dakota- _
Nebraska
Lincoln
.
Omaha
Kansas10.—
_—
Topeka
Wichita.
._
Montana11.
Wyoming12
_
Colorado ..
.
,
Denver
New Mexico
__
Oklahoma
Muskogee
__
Oklahoma City
Tulsa
—_
Total Western States
220
4
445
12
26
4
133
151
6
263
6
3
256
4
5
111
9
4
10
25,283
7,650
38,960
45, 750
6.900
2,575
31,890
18,875
13,400
18,775
12,900
5,850
18,080
2,950
2,050
9,010
8,050
1,100
19,850
15,067
3,150
25,385
34,800
3,310
3,475
29,270
11,198
7,900
9,197
7,840
4,750
8,327
1,450
600
4,153
3,329
950
8,591
40, 350
10,800
64, 345
80, 550
10, 210
6,050
61,160
30, 073
21, 300
27,972
20, 740
10,600
26,407
4,400
2,650
13,163
11,379
2,050
28,441
1,995 | 348,698
230,098
578, 796
2,516
2,181
4,113
590
2, 550
6,846
465
1,300
2,877
1,661
4,471
4,675
1,058
4,363
295
1,320
2,650
7,906
6,596
11, 588
2,140
7.750
20,843
1,915
3,700
8,182
3,931
11,821
9,975
3,118
17,828
1,195
7, 520
8,100
134,108
125
93
147
4
7
238
5
4
69
25
115
6
28
293
3
7
4
5,390
4,415
7,475
1,550
5,200
13, 997
1,450
2,400
5,3Q5
2,270
7,350
5,300
2,060
13,465
900
6,200
5.450
1,173 |
90,177
43,931
4,186
817
7,608
8,150
2, 091
528
6,979
4,732
1,055
4,245
2,849
1.525
3,049
310
333
1,223
1,171
211
3,408
372
100
658
707
75
40
552
340
103
569
237
161
393
17
60
166
212
50
296
160
31
397
1,061
55
68
276
175
77
454
650
175
225
22
38
50
84
19
197
206,982
65, 764
5,966
4,513
1,850
3,376
2,587
4,521
938
3,480
7,733
471
1,172
3,738
1,564
4,310
4,489
1,477
R.2fifi
429
3,089
3,823
1,124
1,136
929
195
1,145
2,055
422
512
1,396
551
1,803
2,015
428
2,865
230
1,412
1,000
121
133
180
31
146
424
41
81
206
103
308
175
71
550
22
250
208
255
133
83
17
202
163
12
49
121
30
71
1
55,463
19, 218
3,050
1,869
12, 706
3, 092
20, 446
41, 383
3,135
1.210
22, 383
9,653
7,400
9,514
7,104
3,769
9,850 [
1,353
933
4,107
5,276
959
12, 902
38
457
25
100
42
12
12
22
16
8
11
321
3
150
595
19
649
250
150
77
452
425
124
182
12
14
161
8
17
86
150
2
122
1,120
324
1,611
9,978
619
110
3,234
754
943
843
309
264
940
249
103
288
387
74
1,039
19,307
4,464
31,644
64,407
6,166
2,040
34,236
16,159
9,727
16,152
11,251
5,932
14,728
1,975
1,492
5,950
7,605
1,318
18,203
505
3,514
4,898
26,849
320,841
79
70
29
4
15
45
93
40
6
18
11
29
2
3
54
229
2
7
7
43
17
26
41
1
14
49
52
83
82
1
36
7
19
93
408~
289
357
130
769
713
48
228
326
108
436
.486
164
719
46
469
754
5,413
4,456
6,139
1,311
5,776
11,164
1,006
2,085
5,885
2,417
7,069
7,553
2,182
12,910
766
5,384
5,937
445
682
6,450
87,453
8
92
1,430
12
78
7
14
4
75
24
1
7
23
266
87
19
4
89
2
1
1
2
6
1
18
46
6
2
10
2
16
260
a Includes 1 bank in reserve city of Savannah.
4 Includes 1 bank in reserve city of New Orleans,
s Includes 1 bank in reserve city of Little Rock.
«Includes 1 bank in reserve city of Memphis.
* Includes 2 banks in reserve city of Toledo.
•9 Includes 2 banks in reserve city of Grand Rapids; also 3 banks for Dec. 31,1928, and but 2 banks for June 30,1929, in reserve city of Detroit.
Includes 2 banks in each reserve city of Cedar Rapids and Dubuque.
i° Includes 2 banks in reserve city of Kansas City.
« Includes 2 banks in reserve city of Helena.
M Includes 2 banks in reserve city of Pueblo.
148
69
172
1,442
29
7
275
50
11
75
15
O
3
o
o
3
o
o
CO
Abstract of reports of earnings, expenses, and dividends of national banks for the year ended June SO, 1929—Continued
[In thousands of dollars]
Gross earnings
Location
Washington"
Seattle
Oregon
Portland.
California *«
Los Angeles
San Francisco
Idaho
Utah is....
Salt Lake C i t y Nevada
Arizona
Total Pacific States
Alaska—nonmember
The Territory of Hawaii—nonmember..
Total noTiTTiP.Tnhp.r hanlrs
Total United States
Number of
banks
Capital
Surplus
Capital
and surplus
Interest Inter(includ- est on
Interest ing
divi- baland dis- dends)
ances
count
on
with
on loans investother
ments
banks
Commissions and
earnings
from inDomestic exForeign surance Trust Profits
on
change exchange premi- depart- securiand col- depart- ums and ment
ties
lection
ment . the negosold
tiation of
charges
real
estate
loans
100
6
86
7
197
8
6
43
16
4
10
14
12,090
11,500
6,145
7,000
25,445
44,000
76,000
2,730
1,550
2,100
1,500
1,950
5,161
4,000
3,129
3,550
11,872
29,000
59,250
1,152
543
1,040
625
1,155
17,251
15,500
9,274
10,550
37,317
73,000
135, 250
3,882
2,093
3,140
2,125
3,105
6,392
4,237
3,377
2,880
13,261
23,951
37,193
1,885
927
1,231
816
1,214
2,862
1,935
1,222
3,040
4,553
5,559
12,956
588
188
425
223
453
248
222
151
126
684
762
568
89
36
46
48
57
326
91
153
212
131
164
48
13
20
11
61
497
192, 010
120,477
312,487
97,364
34,004
3,037
4
2
275
600
172
890
447
1,490
168
259
80
161
14
22
22
8
86
1
72
11
207
1,331
1
43
7
26
7
5
1,449
1,750
83
29
34
3
2
1
5
2
6
875
1,062
1,937
427
241
36
63
5
2
7,536
1,627,375
1,479,052
3,106,427
894,032
320,416
22,862
18,069
12,439
896
T5
1
Other
earnings
Total
gross
earnings
O
2
3
17
4
22
853
300
314
334
1,378
2,336
6,684
188
45
152
119
214
10,938
7,550
5,199
6,733
20,848
34,872
64,342
2,813
1,213
1,893
1,235
2,054
3,422
5,664
12,917
159,690
2
3
61
37
150
336
691
2
64
187
1,027
103
138
13
102
266
1,826
967
2
1
2
231
306
29
26
440
100
4,479
i
20, 583 35,085 100,103 1,424,485
Q
13
14
w
Includes 4 banks for Dec. 31,1928, and but 2 banks for.June 30,1929, in reserve city of Spokane.
Includes 2 banks in reserve city of Oakland.
Includes 2 banks in reserve city of Ogden.
J
Abstract of reports of earningsf expenses, and dividends of national banks for the year ended June SO, 1929—-Continued
[In thousands of dollars]
Expenses
Location
Maine
New Hampshire
Vermont
Massachusetts . . . _ . _
Boston.- .
...
Rhode Island
.
Connecticut
Total New England States
New York
Brooklyn and Bronx
Buffalo...
New York City
New Jersey.:..
Pennsylvan ia
Philadelphia
_ .
Pittsburgh- •Delaware
Maryland..
. _
Washington, D. C
„
Total Eastern States
Virginia
West Virginia
North Carolina
„
„
Charlotte ._
South Carolina..
.
Qeofpia
.Atlanta
Florida
Jacksonville
_
„
Interest
Salaries and dis- Interest Interest
de- Interest
on time
and
count on on bank on
mand deposits
wages borrowed deposits deposits
money
._
_ _.
...
Net earnings and recoveries
Taxes
Total net
Recov- Recovearnings
Total
eries on eries on All other and reOther expenses
Net
loans
bonds, recover- coveries
expenses
earnings and dis- securipaid
on
ies
counts ties, etc.
chargedofi assets
1,134
959
717
5,079
7,489
436
3,383
151
176
88
682
1,538
86
418
48
50
24
344
2, 077
26
141
474
306
129
2,945
6,760
493
1,759
3,610
743
1,484
8,221
6,981
659
3,884
399
262
349
1,186
J925
148
1,243
736
618
334
3,156
3,704
296
1,760
6,552
3,114
3,125
21,613
29, 474
2,144
12,588
2,170
1,436
1,176
8,476
17,948
1,036
5,210
47
28
26
187
449
13
137
32
44
4
145
1,677
27
310
21
20
16
79
227
10
58
2,270
1,528
1,222
8,887
20, 301
1,086
5,715
19,197
3,139
2,710
12,866
25, 582
4,512
10,604
78, 610
37,452
887
2,239
431
41,009
12, 544
781
199
37,443
10,123
16,304
8,] 92
4,132
253
1,095
1,424
1,804
1,266
153
36
5,522
1,597
1,858
1,611
1,057
37
138
326
192
605
49
14
13,041
170
396
1,561
2,022
5
42
342
189
4,990
340
29
32,878
4,313
3,578
5,772
5,119
143
185
828
741
24,699
556
426
14,305
16,486
31, 265
4,320
4,141
339
2,734
1,278
1,319
2,870
53
61
7,648
2,317
4,788
1,610
1,225
64
373
596
715
6,977
820
169
23,290
5,496
8,238
4,036
2,692
115
505
854
757
53,951
2,752
934
134,127
40, 502
66, 423
25,102
20,388
856
5,072
5,648
5,717
20, 744
604
291
84, 676
13, 703
29,631
12,317
7,271
439
1,839
2,098
2,270
474
15
2
2,440
266
288
336
59
516
437
2
1,727
218
456
200
314
22
77
1
555
246
292
117
29
4
26
158
49
22,171
621
293
89, 398
14, 433
30, 665
12,970
7,673
465
1,967
2,287
2,368
92,294
13,791
18,436
58,916
101,868
22,320
53,947
361,572
175,883
3,982
3,531
1,915
185,311
3,698
2,047
1,973
265
1,367
1,973
1,111
2,079
992
857
284
597
88
221
267
246
233
165
382
157
228
11
308
151
223
126
237
954
484
349
38
265
304
569
534
353
5,188
2,887
2,324
313
2,009
1,937
997
2,070
989
l,0S9
777
465
67
412
625
338
347
202
1,935
1,139
1,229
181
1,032
1,259
824
1,260
6S8
14,103
7, 775
7,165
963
5,814
6,516
4,308
6,649
3,576
5,907
2,554
1,877
312
1,822
2,336
1, 772
1,773
679
182
74
143
5
95
112
3
S
1
110
31
GO
20
11
42
34
2
598
2
25
31
48
• 29
315
'42
6,202
2,662
2,081
317
1,979
2,493
1,803
% 686
713
c
g
I
g
3
Abstract of reports of earnings, expenses, and dividends of national banks for the year ended June SO, 1929—Continued
to
[In thousands of dollars]
Net earnings and recoveries
Expenses
Location
Interest
Salaries and dis- Interest
and
count on on bank
wages borrowed deposits
money
Interest
on dedeposits
Interest
on time
deposits
Taxes
Total
U trier expenses • JNet
expenses
paid
earnings
Recoveries on
loans
and discounts
24
29
32
157
10
201
43
11
7
5
16
57
2
39
40
2
18
28
2,918
1,606
1,761
2,177
12,955
3,371
616
1,598
479
2,257
1,353
392
1,587
2,934
1,854
2,919
1,573
3,999
235
1,576
63,286
266
21
74
42
229
30
283
1,380
12
14
464
139
130
109
1
3
1
59
82
18
27
10
78
85
272
24
3
62
60
10
324
74
16
1
391
130
70
8,678
1,831
1,247
2,279
5,112
1,607
9,628
32,235
1,629
783
9,169
5,149
3,005
2,137
716
1,258
1,612
8,164
1,676
391
839
226
1,642
737
196
1,244
1,986
1,039
2,301
747
576
366
270
420
482
380
20
156
67
178
101
&20
104
199
623
346
168
81
86
89
252
641
546
58
333
178
498
124
39
210
107
466
386
246
453
295
261
688
2,404
900
114
462
202
665
125
98
365
413
379
446
197
1,858
729
1,225
910
2,655
997
224
555
330
1,357
613
276
1,289
2,483
798
2,959
767
569
353
556
598
2,327
564
78
227
98
521
280
75
247
720
223
664
366
1,254
424
683
881
4,288
941
209
659
118
1,024
499
144
772
962
567
1,189
463
6,928
2,969
4,342
5,361
20,961
6,004
1,094
3,231
1,269
5,885
2,479
848
4,231
6,870
4,095
8,291
2,954
2,712
1,532
1,284
2,068
11,191
3,216
586
1,411
467
2,145
1,156
375
1,466
2,790
1,708
2,828
1,509
171
39
294
92
1,544
108
15
177
7
94
140
14
81
98
57
69
12
Total Southern States..
42, 416
7,434
6,163
12, 317
38,789
12,788
24, 574
144,481
57,476
Ohio
_
Cincinnati
Cleveland
T ..
Columbus
_.
Indiana
Indianapolis..Illinois
„__.
Chicago, Cent. Reserve...
Chicago, other Reserve
Peoria..
_
Michigan
__
Wisconsin
Milwaukee
6,113
883
1,016
983
4,088
918
7,268
8,417
1,644
363
5,905
3,360
1,974
622
150
280
202
403
14
515
1,741
64
251
277
143
303
362
324
515
3,380
21
114
519
254
467
2,273
613
699
608
980
412
1,109
10,225
311
81
3,127
627
890
8,298
740
1,525
293
5,111
468
7,717
3,400
1,477
353
7,957
4,494
1,212
2,308
511
297
104
1,584
384
1,821
975
77
134
2,355
625
228
3,235
328
735
914
2,033
367
3,763
5,760
995
230
5,204
1,809
1,645
23,100
3,502
4,695
3,407
14, 561
2,887
22. 708
33; 898
4,589
1,275
25,984
11,339
6,932
8,221
1,791
1,143
2,226
4,746
1 577
8,936
30,509
1,577
765
8,252
4,820
2,795
Alabama
Birmingham
Mississippi
Louisiana
Texas
_
Dallas.
El Paso
Fort W o r t h . .
Galveston
Houston
San Antonio.
Waco
Arkansas
Kentucky. __
Louisville- _
Tennessee
Nashville
917
170
516
Total net
Recovearnings
eries on All other and rebonds, recover- coveries
securiies
on
chargedties, etc.
off assets
6
3
26
7
19
4
4
3
2
1
1
6
87
4
Minnesota Minneapolis
St. Paul
Iowa
Des Moines
Sioux City
Missouri
Kansas City
St Joseph
St. Louis
.
.
109
382
92
177
119
31
159
292
12
576
_.
60, 534
.
.-
-
-
Total Middle Western States
North Dakota
South Dakota
Nebraska
Lincoln
Omaha
Kansas
Topeka
Wichita
Montana
Wyoming
Colorado
Denver
-.
3,305
2,407
1,120
3,078
443
371
1,445
1,652
323
3,458
> ._
-
_
-
--
-
_~
Oklahoma
Aluskosfefi
Oklahoma City
Tulsa
Total Western States
-
-
Washington
Seattle
Oregon
Portland
_.._-«___
California
Los Anseles
San Francisco
-- -- Idaho
Utah
Salt Lake City
Nevada
--.
Arizona
Total Pacific States
-- -- --
-
Alaska—nonmember
--The Territory of Hawaii—nonmember
Total nonmember banks
„
___
Total United States
294
1,089
364
411
166
152
172
846
190
1,131
481
913
610
635
241
55
353
858
47
2,401
5,299
1,628
998
4,532
115
258
1,236
351
198
1,909
921
632
58
616
69
39
373
322
62
1,371
1,798
1,280
722
1,623
220
231
810
922
202
1,758
12,207
8,331
3,964
11,072
1,373
1,137
4,548
5,243
1,034
12, 599
3,945
2,920
1,968
3,656
602
355
1,402
2,362
284
5,604
320
229
121
286
65
18
85
93
15
304
175
89
4,533
3,202
2,098
4,127
673
375
1 512
2,483
299
6,172
7,543
11, 745
28,549
59, 569
15, 866
36, 579
220, 385
100,456
4,620
1,117
1,633
107,826
1,215
1,073
1,434
308
1,243
2,778
250
392
1,116
528
1,677
1,635
504
3,476
166
947
1,288
65
22
141
32
264
172
11
27
27
25
122
86
21
113
5
95
85
54
78
131
131
552
305
83
178
95
63
140
284
20
174
33
376
348
128
161
139
114
511
514
150
102
186
152
280
698
102
969
50
448
880
1,786
1,187
1,527
95
436
1,925
64
264
1,543
494
1,567
1,607
344
1,737
143
946
557
190
124
236
36
182
648
27
127
177
122
538
396
122
684
39
253
289
740
620
702
161
1,070
1,484
138
325
601
257
842
917
294
1,826
103
575
1,162
4,178
3,265
4,310
877
4,258
7,826
723
1,415
3,745
1,641
5,166
5,623
1,407
8,979
539
3,640
4,607
1,235
1,191
1,829
434
1,518
3,338
283
670
2,140
776
1,903
1,930
775
3,931
227
1,744
1,330
119
137
300
25
137
477
14
100
391
83
341
86
66
664
13
58
115
1
4
1
7
1
24
125
222
39
30
758
12
183
26
8
72
40
24
113
2
79
14
1 379
1,457
2 352
'498
1,710
4,586
309
954
2,565
874
2 393
2 067
868
4,720
242
1,888
1,460
20,028
2,659
1,960
1,386
1,462
5,548
8,045
13,914
690
251
431
237
525
1,313
3,045
135
582
26
234
400
814
1,781
56
126
130
42
18
4,344
5,584
16,222
2,449
925
1,110
1,657
4,448
9,836
16,569
679
261
314
302
323
4,190
11,817
3,126
171
1,771
30,322
1,489
927
648
820
2,800
4,993
8,874
362
140
197
143
288
62,199
7,695
5,127
3,675
4,718
15,466
26,601
49,192
2,080
940
1,334
810
1,399
25,254
306
211
237
284
962
988
2,721
158
83
104
77
130
6,261
3,243
2,423
1,524
2,015
5,382
8,271
15,150
733
273
559
425
655
34
1
28
27
75
119,037
144
159,346
598
40, 653
135
294
429
437,603
110
78
33
69
93
1,700
204
7
9
2
2
33
2,340
3,578
2 641
1 734
2,200
5,991
10,199
15,779
811
291
571
462
784
21,681
41
103
191
139
149
89
441
228
66
69
8
7
34
95
1,516
37,108
69
159
228
271,805
114
50
71
43
224
127
1,607
17
28
27
14
2,322
•
6
6
19
19
35,548
46,462
543
472
197
218
1,084
1,798
3,726
118
51
131
9
101
8,448
12
50
62
126, 742
38,873_
60
49
109
281,012
19
11
30
65,967
201
397
986,882
168
39
4
33
1
4
4
25
13
1
8
7
77
11
3
12
359
2
1
3
1
1
532
19
3
19
3
18,149
7,828
100
14
5
152
5
2
21
24
45,041
157
294
451
9,666
473,246
CO
Abstract of reports of earnings, expenses, and dividends of national banks for the year ended June SO, 19%9—Continued
[In thousands of dollars]
Ratios
Losses and depreciation charged off
On
banking
On
On loans bonds,
On
house,
and dis- securities, furniforeign
counts
exchange
ture, and
etc
fixtures
Location
Maine.
. New Hampshire
Vermont
Massachusetts
Boston
_ ._
>.
Rhode Island.
Connecticut
Total New England States
New York
Brooklyn and Bronx
Buffalo
_
New York City
New Jersey
Pennsylvania
Philadelphia
.
Pittsburgh
Delaware
Maryland"
Baltimore
Washington, D. C
Total Eastern States.
Virginia
West Virginia
North Carolina
CharlotteSouth Carolina
Georgia
_
Atlanta .
Florida
Jacksonville
AlabamaBirmingham
Mississippi
..
..—
..
-
>
..
_
-
— .
___.
...
_
_
216
165
235
1,652
4,045
50
513
6,876
229
12$
75
1,133
10,390
342
669
12,963
57
103
37
443
571
49
453
1,713
3,477
424
23
9,332
2,226
2,824
1,793
192
30
822
188
435
21,266
2,635
43
77
6,711
1,288
2,189
338
970
43
200
48
50
14,592
1,011
25
22
3,768
738
1,677
125
173
9
40
54
86
7,628
1,653
1,172
542
2
605
801
136
2,358
391
747
164
906
482
101
40
7
185
40
39
100
17
156
5
82
241
170
87
9
25
62
304
206
44
76
1
76
.
1
6
7
123
30
1
154
5
1
Other
losses
Net
Total
addition
losses to profits
charged
ofl
25
23
8
164
708
9
78
1,015
528
416
355
3,398
15,714
450
1,713
22,574
354
20
1
1,792
367
349
2,098
26
2
80
88
30
5,207
7,477
512
123
21,726
4,619
6,969
4,355
1,361
84
642
378
601
48,847
128
85
47
3
65
217
23
441
13
80
28
68
2,504
1,528
716
21
880
1,125
502
3,105
465
1,059
198
1,133
Dividends
Dividends to
dends to capital
capital» and surplus w
Divi-
Net adNet ad- dition to
dition to profits to
profits to capital
capital is and surplus »
981
650
525
3,628
7,632
491
2,327
16,234
Per cent
13.59
11.82
9.9S
12.49
13.54
10.86
10.34
12.45
Per cent
6.99
6.11
6.04
6.31
7.71
5.09
5.31
6.67
Per cent
24.13
20.22
16.48
18.90
8.14
14.07
17.79
14.14
Per cent
12.41
10.44
9.98
9.54
4.63
6.59
9.13
7.57
14,694
109
170
67,672
9,814
23,696
8,615
6,312
381
1,325
1,909
1,767
136,464
8,114
134
89
38,862
6,968
13,845
7,655
3,143
216
812
1,436
1,221
82,495
12.20
1.90
11.87
13.86
12.55
14.38
20.28
11.05
13.26
14.35
16.51
11.33
13.76
6.05
1.24
8.28
6.10
6.20
5.45
6.09
4.63
5.25
5.82
8.50
6.23
5.90
22.09
1.55
22.67
24.13
17.68
24.62
22.82
22.19
23.38
23.41
21.94
16.39
22.76
10.95
1.01
15.81
10.62
8.74
9.32
6.86
9.30
9.27
9.49
11.30
9.02
9.76
3,698
1,134
1,365
296
1,099
1,368
1,301
17
419
248
1,859
1,408
628
3,580
2,158
1,490
250
810
1,131
928
862
948
1,996
636
646
12.08
15.60
11.40
13.89
8.48
9.42
14.50
8,06
21.07
14.71
14.29
11.91
6.94
8.58
7.13
6.41
5.42
5.43
7.70
4.71
14.04
8.95
7.07
6.88
12.48
8.20
10.45
16.44
11.51
11.40
20.33
tt 3.92
5.51
13.70
31.64
11.58
7.17
4.51
6.53
7.59
7.36
6.56
10.79
"2.29
3.67
8.34
15.64
6.69
1,742
1,112
867
5,489
'4,587
636
4,002J
18,435
jLouisians..
Texas
..
Dallas
El Paso
Fort Worth..
Galveston
Houston
San Antonio.
Waco
._
Arkansas
Kentucky
Louisville
Tennessee..
Nashville
Total Southern States
Ohio....
49
275
147
99
57
39
59
20
14
40
90
134
81
58
131
539
73
18,785
2,416
2,728
1,849
41
211
658
1,259
636
2,333
3,897
196
27
2,576
818
282
1,493
804
318
2,579
482
91
579
634
73
620
CincinnatiCleveland..
Columbus.
Indianapolis
Illinois...
Chicago, Cent. Res_
Chicago, other Res..
Peoria.
Michigan
Wisconsin
M il waukcc. _.
Minnesota..
Minneapolis..
St. Paul
Iowa
Des Moines
___
Sioux City
Missouri
Kansas City..
St. Joseph
St. Louis.
Total Middle Western States
North Dakota.
South Dakota _
Nebraska
Lincoln . . .
Omaha
Kansas
Topeka....
Wichita.. „
399
1,891
454
97
349
87
355
191
129
645
646
177
622
266
-
1,081
76
187
, 518
271
52
630
1,379
172
7
569
348
357
306
67
230
184
67
1,153
29
48
40
2
45
35
7
76
52
18
160
17
66
40
81
111
13
55
119
22
138
39
10
93
111
36
456
22,436
7,140
7, 512
582
689
1,044
201
269
1,434
72
116
101
79
159
23
238
159
14
42
52
75
45
9
84
253
28
305
« Capital and surplus as of June 30,1929,
1,531
6,096
2,668
372
1,086
811
1,717
996
229
771
2,027
1,503
1,928
1,193
1,113
5,148
1,618
51
624
148
932
464
146
704
1,700
1,127
1,665
792
2,937 j 26,873
57
11.42
11.29
12.30
3.19
14.02
6.88
9.66
7.80
8.85
10.18
12.57
20.49
11.00
13.60
7.38
7.26
9.06
1.96
8.85
4.93
5.79
5.81
6.99
6.75
7.12
11.00
6.93
7.23
15.70
13.37
20.29
23.25
24.40
14.47
17.79
16.74
13.88
11.15
14.99
27.33
12.74
.20.48
10.13
8.61
14.95
14.31
15.40
10.37
10.67
12.04
10.95
7.39
8.49
14.66
8.02
10.89
13.70
8.32
36,413
31,665
11.91
7.24
3,510
194
428
1,395
2,275
697
4,134
5,781
510
92
4,720
1,617
887
2,265
950
3,726
3,309
583
118
798
897
115
1,225
5,168
1,637
819
884
2,837
910
5,494
26,454
1,119
691
4,449
3,532
2,118
2,268
2,252
w 1,628
818
90
257
714
1,586
184
4,947
4,163
1,148
468
621
2,306
640
4,329
13,127
622
564
4,006
2,150
1,172
2,755
1,319
810
985
56
99
748
1,886
155
3,640
10.41
13.83
8.51
12,42
9.12
8.37
11.11
28.69
9.01
21.90
12.56
11.39
8.75
14. 67
10.22
13.85
5.45
1.89
4.83
8.30
23.43
14.09
18.34
5.78
8.26
4.75
8.00
5.71
5.93
8.73
16.30
6.09
9.32
6.55
7.15
5.50
9.85
6.36
7.64
3.73
1.27
3.74
5.68
16..57
7.56
12.80
=!=
12,92
19.72
14.89
17.68
11.22
11.90
14.10
57.82
16.22
26.83
13.95
18.71
15.81
12,07
17.46
< 27.83
4.52
3.05
12.54
7.92
19.70
16,73
24.92
7.17
11.78
8.31
8.54
7.03
8.43
8,54
32.84
10.96
11.42
7.27
11.74
9.94
8.11
10.86
115.35
3.10
2.05
9.70
5.42
13.94
8.97
17.39
40, 226
3,081
-, -—
993
258
1,027
184
1,720
472
329
96
662
71
2,232
386
121
7
469
6
67,600
47,769
13. 70
8.25
19.39 - r
11.68
386
307
342
697
153
652
1,573
122
212
5.70
7.75
9.32
9.87
12.54
11.24
8.41
8.83
3.88 |
5.18 !
6.01 i
7.15 1
8.41
7. 55 |
0.37 I
5.73 1
7.16
9.73
8.45
10.90
20.15
16.82
12.96
20.21
4.88
6.52
5.45
7.90
13.52
11.29
9.82
13.11
188
1
10
180
358
7
477
63
29
9
335
221
218
318
43
6
420
95
4
57
24
3
25
391
76
20
39
385
2
663
113
49
1,240
220
49
147
36
3,172
126
• 6
13
69
128
3
124
646
6,859
703
244
512
168
540
357
163
816
907
351
991
380
1(59
1,04S |
2,354
188
485
*? Deficit.
r-zz
O
Ox
Abstract of reports of earnings, expenses, and dividends of national hanks for the year ended June 80, 1929—Continued
[In thousands of dollars]
Ratios
Losses and depreciation charged off
On
banking
On
On loans bonds,
On
house,
and dis- securities, furniforeign
counts
ture, and exchange
etc.
fixtures
Location
Montana—
- _Wyoming
Colorado
Denver
New Mexico
Oklahoma . _
Muskogee
Oklahoma City
Tulsa
.
.
.
_.
Total Western States
Washington
Seattle
Oregon
Portland
...
California
Los Angeles . .
San Francisco ._ _.
Idaho
Utah
.
.
.
Salt Lake City
Nevada
Arizona..
„ ._
*..„-.
.
_.
Total Pacific States.
„
Alaska—nonmem ber
T h e Territory of Hawaii—nonmember_
Total nonmembor banks
Total United States .
\
1,076
192
1 008
353
382
1,576
35
102
299
58
48
194
218
90
259
31
110
27
9,430
87
•
58
Other
losses
Total
losses
charged
off
Net
addition
to profits
1,302
342
81
44
176
61
46
378
2
13
17
785
596
2,544
71
312
377
1,263
532
906
1,282
272
2,176
171
1,576
1,083
DiviNet adDividends to dition
to
dends to capital profits
capital and sur- capitalto
plus
Net addition to
profits to
capital
and surplus
567
267
787
761
241
1,751
109
1,275
486
Per cent
10.69
11.76
10.71
14.36
11.70
13.00
12.11
20.56
8.90
Dividends
Per cent
6.93
6.79
6.66
7.63
7.73
9.82
9.12
16.95
6.00
Percent
23.81
23.44
12.33
24.19
13.20
16.16
19.00
25.42
19.87
Per cent
15.44
13.53
7.66
12.85
8.72
12.21
14.30
20.96
13.37
108
153
78
331
3
87
34
1
1,850
1,790
1
2,298
15, 369
14,953
10,302
11.42
7.68
16.58
11.15
982
296
578
517
1 595
1,262
2,104
311
48
77
146
71
328
109
145
' 839
435
689
1,381
220
6
141
88
23
158
58
107
110
596
562
1,954
54
21
30
28
65
14
152
66
111
17
266
209
303
61
10
19
4
34
1,620
529
941
1,483
2,892
2,722
.5,756
646
85
267
264
193
1,958
2,112
793
717
3,099
7,477
10,023
165
206
304
198
591
1,616
2,967
552
892
2,778
15,713
8,733
208
113
206
122
163
13.36
25.80
8.98
12.74
10.92
35.71
11.49
7.62
7.29
9.80
8.13
8.36
9.37
19.14
5.95
8.45
7.44
21.52
6.46
5.36
5.40
6.56
5.74
5.25
16.20
18.37
12.90
10.24
12.18
16.99
13.19
6.04
13.29
14.48
13.20
30.31
11.35
13.63
8.55
6.80
8.30
10.24
7.41
4.25
9.84
9.68
9.32
19.03
7,987
4,402
3,743
14
1,252
17,398
27, 643
34,063
17.74
10.90
14.40
8.85
32
3
15
80
8
10
5
2
60
95
97
199
73
71
26.54
11.83
KU3
4.77
35.27
33.17
21.70
13.35
35
95
18
86,815
43,458
25,132
240.
7
155
296
144
16.46
7.43
33.83
15.28
15,797
171,442
301,804
222,672
13.68
7.17
18.55
9.72
Earnings, expenses, and dividends of national banks, by Federal reserve districts, year ended June SO, 1929
[In thousands of dollars]
NonDistrict District District District District District District District District District District District
Grand
No. 2
No. 1
No. 3
No. 4
No. 5
No. 6
No. 7
No. 9
No. 11 No. 12 member
No. 8
No. 10
total
banks
(772
(371
(686
(704
(490
(366
(960
(474
(891
(678
(493
(7,536
(6
l
banks) banks) banks) banks) banks) banks) banks) banks)
banks) banks) banks)
banks) banks)
Capital
Surplus
Capital and surplus..
Gross earnings:
Interest and discount on loans
Interest (including dividends) on investments
_
Interest on balances with other banks
Domestic exchange and collection charges.!
Foreign exchange department.
•
Commissions and earnings from insur- !
ance premiums and the negotiation of
real-estate loans
Trust department
Profits on securities sold
----Other earnings
Total,.
Expenses paid:
• Salaries and wages
Interest and discount on borrowed money.
Interest on bank deposits
Interest on demand deposits
Interest on time deposits
Other expensesTotal
Net earnings.
„.
Recoveries on charged-off assets:
Loans and discounts
Bonds, securities, etc
All other
Total .
400,519
471, 288
871,807
121,482
221,545
343,027
125,005
140,348
265, 353
91,357
72,509
163,866
198,433
71,037
66, 668
50,883
87,486
1,503
3,837
33,193
1,142
487
831
34,602
1,996
567
277
10,858
1,286
1,047
41
1,877
3,737
8,199
11
8,417
10,896
26,339
5
846
3,905
3,181
11
1,074
4,481
6,383
611
973
3,761
111, 799
343,545
114,627
116,059
69,466
18,462
3,031
2,676
12,570
24,419
4,249
10,132
59,345
8,177
13,892
41,952
54, 264
12,463
20,254
2,846
3,241
11,013
28,772
6,481
11,496
13,486
2,656
1,617
3,780
17,651
4,394
7,533
75,539
226,078
84,103
36, 260
117,467
36,838
31,956
864
2,048
428
3,155
2,606
1,177
582
582
433
637
576
230
39,600
124,405
38,434
126,257
108,304
234,561
25,507
1,515
478
602
19,477
3,637
1,828
9,015
27,374
5,726
10, 732
i Includes nonmember banks of Alaska and the Territory of Hawaii.
80,015
57,193
137, 208
190,165
129,251
319', 416
45, 569
121,327
8,993
1,584
1,859
300
32, 909
2,940
2,345
1,575
4
581
594
4,484
60,045
33, 710
93, 755
84,422
40, 967
125,389
90,270
46,332
136,602
37,717
33,871
51,824
12,159
1,154
762
14,910
1,597
1,912
106
17,056
2,849
1,426
17
197
2,211
2,296
19,201
35
327
1,007
2,548
475
115
2,689
66
753
656
5,885
1
348
225
4,383
3,421
5,663
12,863
2
2
64
187
20,583
35,085
100,103
185,001
55,801
56,263
80,532
67,506
158,891
1,027
1,424,485
13,623
2,841
1,610
3,743
13,289
4,139
8,150
33,528
4,305
6,236
17,945
30,891
7,502
21,605
11,193
1,979
2,501
4,183
10, 678
3,662
5,887
11,660
725
2,045
2,736
14,682
2,504
6,581
18,549
1,493
3,894
5,984
12,352
4,085
10,943
15,095
1,531
2,563
5,362
7,835
4,518
8,573
36,905
2,321
4,340
8,397
38,696
6,214
21,585
228
6
19
62
109
30
144
271,805
35,548
46,462
126,742
281,012
65,967
159,346
51,117
47,395
122,012
40,083
40,933
57,300
45,477
118,458
18,349
16, 573
62,989
15, 718
15,330
23,232
22,029
40,433
429
437,603
590
102
475
867
61
872
2,755
541
1,130
901
333
291
1,475
239
324
2,574
163
1,613
2,233
43
380
1,497
531
2,314
19
18,149
7,828
19,516
18,373
67,415
17,243
17,368
27,582
24,685
44,775
451
473,246
I
191, 360
120,122
311,482
875
1,062
1,937
1,627,375
1,479,052
3,106,427
49,450
96,942
427
894,032
8,732
2,244
1,877
33, 770
3,016
1,409
1,724
241
320,416
22,862
18,069
12,439
expenses, and dividends of national banks, by Federal reserve districts, year ended June SO, 1929—Continued
(In thousands of dollars]
NonDistrict District District District District District District District District District District District member
No. 10 No. 11 No. 12 banks
No. 6
No. 9
No. 2
No. 5
No. 7
No. 8
No. 1
No. 4
No. 3
(678
(493
(366
(645
(891
(772
(490
(474
(960
(371
(686
(704
(6
banks) banks) banks) banks) banks) banks) banks) banks) banks) banks) banks) banks) banks)
Losses and depreciation charged ofE:
On loans and discounts.
On bonds, securities, etc.
On banking house, furniture and fixtures.
On foreign exchange
Other losses
. .
13,977
3,560
2,951
44
1,898
3,314
1,005
^596
1
493
5,454
990
3,6.4
516
6,086
579
1,001
6
959
7,185
8,631
22,430
5,409
23,159
15,072
12,331
11,521
0,742
9,946
44,985
27,530
16.00
5.67
23.60
12.06
5.68
18.53
12.61
7.03
13.50
12.43
7.25
12.18
8.36
8.73
7.53
7.10
6,829
12,517
1,684
7
1,011
14,917
10,936
5,478
123
2,484
4,054
2,059
1,256
9
2,383
4,583
3,686
1,387
23
561
4,883
1,101
685
22,048
33,938
9,761
10,240
Net addition to profits—
17,552
Total dividends declared since June 30,1928. _ 15,854
90,467
52, 585
28,673
19,443
12.56
6.76
13.90
13.13
6.03
22.59
7.48
10.38
Total
Ratios:
Dividents to capital 2
...per cent..
Dividends to capital and surplus 2_ _do
Net addition to profits to capital 2_ _do
Net addition
to profits to capital and
surplus 2,
per cent.* Capital and surplus as of June 30,1929
Grand
total
(7,536
banks)
86,815
43,458
25,132
240
15,797
7,027
769
999
1
1,426
7,957
4,390
3,736
14
1,245
35
95
18
1,025
7,699
1,771
1,697
1
1,789
11,124
12,957
10,222
17,342
155
171,442
11,834
8,815
6,244
6,936
14, 625
11,104
14,463
9,719
27,433
34,003
296
144
301,804
222,672
14.48
8.62
23.66
13.44
8.64
18.04
11.55
7.40
10.40
13.15
8.86
17.32
10.77
7.11
16.02
17.77
10.92
14.34
16.46
7.43
33.83
13.68
7.17
18.55
14.08
11.60
6.66
11.66
10.59
8.81
15.28
9.72
7
i
3
i
i
o
<3
3
S
KEPORT OF THE COMPTROLLER OF THE CURRENCY
69
National-bank investments in United States Government securities and other bonds
and securities, etc., loans and discounts (including rediscounts), and losses charged
off on account of bonds and securities, etc., and loans and discounts, years ended
June 80, 1918 to 1929, inclusive
fin thousands of dollars]
Percentage of losses
charged off—
Year
ended
June
30—
United
States
Government
securities
Other
bonds
and securities
Total
bonds
and securities,
etc.
Loans and
discounts
(including
rediscounts)
Losses
charged
off on
bonds
and securities,
etc.
Losses
charged
off on
loans
and discounts
1918
1919.......
1920..
1921
1922.......
1923..
1924
1925
1926
1927
1928
1929
2,129,283
3,176,314
2, 269> 575
2,019,497
2,285,459
2, 693,846
2,481, 778
2, 536,767
2,469,268
2, 596,178
2,891,167
2,803,860
1,840,487
1,875,609
1,916,890
2,005,584
2,277,866
2,375,857
2,660, 550
3,193,677
3,372,985
3,797,040
4, 256, 281
3, 852, 675
3,969, 770
5,051,923
4,186, 465
4,025,081
4,563.325
5,069; 703
5,142,328
5, 730,444
5,842, 253
6, 393, 218
7,147,448
6,656,535
10,135,842
11,010, 206
13, 611,416
12,004, 515
11,248,214
11,817, 671
11, 978,728
12, 674,067
13,417, 674
13,955, 696
15,144,995
14,801,130
44,350
27,819
61, 790
76,179
33,444
21,890
24, 642
25,301
23, 783
27, 579
29,191
43,458
33,964
35,440
31,284
76,210
135, 208
120, 433
102,814
95, 552
93, 605
86,512
92,106
86,815
On bonds
and
securities
to total
bonds and
securities
owned
On account
loans and
discounts
to total
loans and
discounts
1.12
.55
1.48
1.89
.73
.43
.48
.44
.41
.43
.41
.65
0.34
.32
.23
.63
1.20
1.02
.86
.75
.70
.62
.61
.59
Number of national banks, capital, surplus, net addition to profits, divide?ids, and
ratios, years en'ded June SO, 1914 io 1929
[In thousands of dollars!
Ratios
Number of
banks
Capital
Surplus
Net addition
to
profits
Dividends
1914
1915
1916
1917 . _
1918
„
1§19
1920
1921.
1922.
1923_._
1924
1925
1926_.
1927 .
..
192«
1929
7,453
7, 560
7,571
7,. 589
7,691
7, 762
8,019
8,147
8,246
8,238
8,085
8,070
7,978
7,798
. 7,691
7,536
1,063,978
1,068,577
1,066,209
1,081,670
1,098,264
1,115, 507
1, 221,453
1,273, 237
1,307,199
1,328,791
1,334,011
1,369,385
1,412,872
1,474,173
1, 593,856
1,627,375
714,117
726, 620
731,820
765,918
816,801
8€9,457
984, 977
1, 026, 270
1, 049,228
1,070,600
1, 080, 578
1,1I8»953
1,198,899
1, 256,945
1,419, 695
1,479, 052
149, 270
127,095
157, 544
194, 321
212,332
240, 366
282, 083
216,106
183, 670
203,488
195,706
223.935
249,167
252,319
270,158
301,804
120,947
113, 707
114, 725
125, 538
129,778
135,588
147,793
158,158
165,884
179,176
163, 683
165,, 033
173, 753
180, 753
205,358
222,672
NATIONAL
BANKS
Year ended
JuneSfr—
CLASSIFIED
Dividends
to capital
Net addition to
Diviprofits
dends
to
capital
To capTo cap- ital
and
and
ital
surplus
surplus
Per cent Per cent Per cent Per cent
8.39
14. 03
11.37
6.80
11.89
10.63
6.33
14.78
10.76
6.38
10.52
17.96
11.61
6.79
11.09
19.33
11.82
6.78
12.11
21.55
12.15
6.83
12.78
23.09
12.10
6.70
9,40
16.97
12.42
6.88
7.79
14.05
12.69
7.04
8.48
15.31
13. 4S
7.47
8.11
14.67
12.27
6.78
9.00
16.35
12.05
6.63
9.54
17.63
12. 30
6.65
9.24
17.12
12.26
6.62
8.96
16.95
12.88
6.81
9.72
18.55
13.68
7.17
ACCORDING
TO CAPITAL
STOCK
The recapitulation following concerns tables published in the appendix of this report in relation to the number of national banks in
reserve cities and States on December 31,1928, classified according to
capital stock, with amount of loans and discounts, bonds and securities
owned, aggregate resources, paid-in capital stock, surplus and undivided profits, and total deposits.
70
REPORT OF THE COMPTROLLER OF THE CURRENCY
National banks classified according to capital stock December 81, 1928
[In thousands of dollars]
Number of
banks
Capital of less than $50,000
Capital of $50,000 but less than
$200,000
Capital of $200,000 but less
than $500,000
Capital of $500,000 but less
* than $1,000,000....
Capital of $1,000,000 but less
than $5,000,000
Capital of $5,000,000 but less
than $25,000,000
Capital of $25,000,000 but less
than $50,000,000
Capital of $50,000,000 or more..
Total United States
Loans
and
discounts
Bonds
and
Aggregate Capital
securities
owned
Surplus
and undivided
profits
Total
2,158
463,531
283,518
912,195
57, 615
52,348
779,030
4,062
2, 719,841
1,780,862
5, 519,769
325,7<57
383,744
4,434,786
927
2,143,882
1,182,327
4,080,436
230,566
274,089
3,347,622
249
1,250, 674
599,389
2,337,702
140,480
151,039
1,886,269
205
3,162,580
1,212,011
5,848,063
320,448
355,739
4,792,317
27
2,835,648
1,072,359
5,695,528
231,600
402,826
4,439,222
4
3
1,155, 635
1, 547,840
110,000
153,692 1,799,357
200,000 208, 350 2,867,877
7,127, 318 30, 589,156 1, 616,476 1,981,827 24,347,380
7,635 15,279,631
307, 622
689, 230
2,461,947
3, 733, 516
There are also published in the appendix tables showing by months
the profit on. national bank circulation based upon a deposit of $100,000
United States consols of 1930, and Panama Canal bonds at the average
net price during the year ended October 31, 1929. These tables are
supplemented by others showing the investment value of circulation
bonds quarterly, and the monthly range of prices in New York in the
year ended October, 1929.
NATIONAL BANK EXAMINERS
The following is a list of the examiners in the service on November
1, 1929:
ASSISTANT CHIEF NATIONAL BANK EXAMINERS
Office Comptroller of the Currency, Washington, D. C.
Denton, F. R.
Hodgson, R. M.
McBryde, W. W.
Smith, C. F.
DISTRICT CHIEF NATIONAL BANK EXAMINERS
[By Federal reserve districts.]
F.R.
Disk
No.
1
2
Name
Address
3
4
Williams, F. D
Reeves, Owen T., jr
Newham, Stephen L
Taylor, William
5
Byers, R. W . - .
6
Robb, E. D_
7
Leyburn, A. P
8
Wood, John S
_.
9
Wright, Irwin D
_
10
Roberts, L. K
11 Collier, Richard H
12 Harris, Thomas E
_..__
_
Federal Reserve Bank Building, Boston, Mass.
525 Federal Reserve Bank Building, New
York, N. Y.
1500 Walnut St., Room 1503, Philadelphia, Pa.
715 Federal Reserve Bank Building, Cleveland,
Ohio.
National Metropolitan Bank Building, Washington, D. C.
608 Fourth National Bank Building, Atlanta,
Ga.
164 West Jackson Boulevard, Room 1209, Chicago, 111.
1310 Federal Commerce Trust Building, St.
Louis, Mo.
1334 First National Soo Line Building, Minneapolis, Minn.
800 Federal Reserve Bank Building, Kansas
City, Mo.
1706 Republic Bank Building, Dallas, Tex.
1103 Alexander Building, San Francisco, Calif.
REPORT OF THE COMPTROLLER OF THE CURRENCY
71
NATIONAL BANK EXAMINERS
F. R.
Dist.
No.
3
10
Address
Allanson, E. A
Allen, E. F
5
Amrhein, Joseph A
9
Anderson, 0. A
2
4
5
3
12
6
7
2
Ash wood, Cecil
Austin, James W
Bailey, J. L.~
Baker, W. B
Baldridge, William H
Basham, A. A
Baugh, G. W
Beaton, Otis W
10
9
10
Becker, E. J-Bina, J. C
..Bishop, R. O
2
Black, H. W—
4 I Bleakley, B. J
3 Boysen, Alfred
7 Bryan, Charles A
7
6
12
4
-
—
.
Burk, Lysle S.
Byrne, J. J
Carter, Aubrey B. (U)--Chorpening, I. I
Clarke, Addison A
2 Clarke, F. S
1 Coffin, George M. (EEC)
12 Coffin, G. S
12 Cooke, A. J.
6
6
7
5
2
3
5
12
Cottingham, T. J
Cunningham, F. F
Cutler, W. A
„
Dalton, John W
Dann, R. G
Davenport, H. B
Davis, Thomas H
Donahue, C. A
10 Donahue, W. H
7 Donovan, Leo D
1 Dooley, Thomas E
9 Dougherty, J. M
7 Dye, Sam W8 Elkins, Lewis R
11 Embry, Jacob
79003°—30
6
1500 Walnut Street, room 1503, Philadelphia,
Pa.
800 Federal Reserve Bank Building, Kansas
City, Mo.
910 Virginia Railway & Power Building,
Richmond, Va.
9 Midland National Bank Building, Billings,
Mont.
Statler Hotel, Buffalo, N. Y.
715 Federal Reserve Bank Building, Cleveland.
Ohio.
Post-office box 1185, Huntington, W. Va.
1500 Walnut Street room 1503, Philadelphia.
Pa.
403 Empire State Building, Spokane, Wash.
Post-office box 940, Knoxville, Tenn.
3111 Jackson Street, Sioux City, Iowa.
525 Federal Reserve Bank Building, New
York, N. Y.
Post-office box 186, Clinton, Okla.
4532 Grand Avenue, Minneapolis, Minn.
800 Federal Reserve Bank Building, Kansas
City, Mo.
525 Federal Reserve Bank Building, New York,
N. Y.
Post-office box 421, Wheeling, W. Va.
Post-office building, Wilkes-Barre, Pa.
164 West Jackson Boulevard, room 1209,
Chicago, 111.
309 Federal Building, Des Moines, Iowa.
Post-office box 741, Montgomery, Ala.
185 Treasury Department, Washington, D. C.
638 H. W. Hellman Building, Los Angeles,
Calif.
715 Federal Reserve Bank Building, Cleveland
Ohio.
General delivery, Kingston, N. Y.
Care of First National Bank, Putnam, Conn.
1103 Alexander Building, San Francisco, Calif.
638 H. W. Hellman Building, Los Angeles,
Calif.
608 Fourth National Bank Building, Atlanta,
Ga.
Post-office box 822, Nashville, Tenn.
Post-office box 527, Rock Island, ill.
Post-office box 958, Charlotte, N. C.
Post-office box 442, Utica, N. Y.
Post-office box 61, Lancaster, Pa.
Post-office box 1162, Columbia, S. C.
638 H. W. Hellman Building, Los Angeles,
Calif.
Post-office box 1546, Muskogee, Okla.
164 West Jackson Boulevard, room 1209,
Chicago, 111.
273 Grand View Terrace, Hartford, Conn.
1334 First National Soo Line Building, Minneapolis, Minn.
215 Central National Bank Building, Peoria, 111.
214 Federal Building, Evansville, Ind.
1706 Republic Bank Building, Dallas, Tex.
72
REPORT OF THE COMPTROLLER OF THE CURRENCY
National Bank Examiners—Continued
F.K.
Dist.
No.
Address
525 Federal Reserve Bank Building, New
York, N. Y.
Post-office box 1828, Atlanta, Ga.
Evans, Clyde J
Post-office box 506, Richmond, Ky.
Fans, A. B
519 Bedell Building, San Antonio, Tex.
Foster, Charles W
Francis, C. C__
___ 525 Federal Reserve Bank Building, New
York, N. Y.
Post-office box 574, Hutchinson, Kans.
Fraser, J. A_
205 Governor Street, Providence, R. I.
Freeman, O. M
French, H. S
__ 164 West Jackson Boulevard, Chicago, 111.
Post-office box 592, Indianapolis, Ind.
Fuller, Harry R
715 Federal Reserve Bank Building, CleveFulton, Ira J
land, Ohio.
Care of division of insolvent national banks,
Garrett, Robert D
office Comptroller of the Currency, Treasury
Department, Washington, D. C.
715 Federal Reserve Bank Building, Cleveland,
Gaskell, George It
Ohio.
Gilbert, H. B
Post-office box 318, Wichita Falls, Tex.
Post-office box 226, Provo, Utah.
Glazier, Charles A
Goodhart, R. W. (REC) Care of division of insolvent national banks,
office Comptroller of the Currency, Treasury
Department, Washington, D. C.
Gray, W. M. (JG)
514 Post-office Building, Portland, Greg.
Federal Reserve Bank Building, Boston, Mass.
Green, A. W
Green, Charles W-.--__- Post-office box 334, Cumberland, Md.
1310 Federal Commerce Trust Building, St.
Harrison, H. G
Louis, Mo.
Hartman, Charles H
1500 Walnut St. room 1503, Philadelphia, Pa.
Hauschild, L. P
Post-office box 473, New Castle, Pa.
Hawkins, J. W
Post-office box 1471, Abilene, Tex.
Hedrick, Gilbar C
1706 Republic Bank Building, Dallas, Tex.
Hewitt, Roland B
800 Federal Reserve Bank Building, Kansas
City, Mo.
Hooker, Robert K
1310 Federal Commerce Trust Building, St.
Louis, Mo.
Hooper, Marshall..
522 Central Building, Seattle, Wash.
405 Federal Reserve Bank Building, Detroit,
Hopkins, R. L
Mich.
Horton, B. E
Post-office box 1584, Waco, Tex.
Hotchkin, Paul L
326 Ten Eyck Street, Watertown, N. Y.
Huck, William F
306 Dakota Bank Building Aberdeen, S. Dak.
Hurley, Michael J
Federal Reserve Bank Building, Boston, Mass.
Hutt, William E
L - Sherman, Tex.
Isaac, John
Federal Reserve Bank Building, Boston, Mass,
Johnson, C. E. H
164 West Jackson Boulevard, room 1209,
Chicago, 111.
Joseph Edw. M
547 Cherry Street, SE., Grand Rapids, Mich.
National Metropolitan Bank Building, WashKane, Thomas F
ington, D. C.
Kane, W. W
207 Federal Building, Louisville, Ky.
Ketner, John H
406 Carsonia Avenue Pennside, Reading, Pa.
Laird, H. A
309 Federal Building, Des Moines, Iowa.
Lamb, Ernest
Post-office box 667, Greenville, Tex.
Lamm, R. Foster,
1124 North Olive St. Santa Ana, Calif.
Lammond, W. M
Post-office box 1364, New Orleans, La.
Lanning, L. C
525 Federal Reserve Bank Building, New
York, N. Y.
Lanum, Harry L
Post-office box 463, Columbus, Ohio.
Erdman, M. E
6
4
11
2
10
1
7
7
4
11
12
9
12
1
5
8
3
4
11
11
10
12
7
11
2
9
1
11
1
7
7
5
3
7
11
12
REPORT OF THE COMPTROLLER OF THE CURRENCY
73
National Bank Examiners—-Continued
F.R.
Disk
No.
12
2
6
Address
Lifeey, W. P..
Lilly, John F_
Linden, C. C
Lorang, P. J_.
Luiken, John B_
Luscombe, A. P__
10 ! Lyon, C. W
Lyons, Gibbs (U).
9
Lytle, Frank S-
1
McCall, W. P . .
McCans, A. B_
2
3
9
12
5
2
12
10
McGinnis, F. J_.
McLaren, D. D_
McLean, C. H _ .
McMullan, J. R_
Machleid, C. J_
Madland, L. L.
Male, W. N - _ .
Mann, Stuart H_
Medill, George L_
Miller, P. V
3
10
8
12
5
1
2
Mooney, R. E
Morgan, C. E
Motter, Charles WMurphy, Daniel F«.
Neill, Robert
10
9
Nelson, F. S_
Nelson, Nels.
7
4
5
Nolan, W. R
Norman, Louis A . . .
Ockershausen, F. C.
O'Connor, T. J
12
1
10
11
11
12
7
Palmer, R. E. A.
Parker, Edw. F_.
Penn, D. V
Peterson, F R_.
Pierce, W. W
Price, A. E__
Quinn, Henry F_
10
Rafter, Charles 1
Post-office box 442, Albany, Ga.
Care of LaFayette Hotel, Little Rock, Ark.
326 Yates Building, Boise, Idaho.
525 Federal Reserve Bank Building, New
York, N. Y.
720 Bell Building, Montgomery, Ala.
525 Federal Reserve Bank Building, New
York, N. Y.
800 Federal Reserve Bank Building, Kansas
City, Mo.
Care of division of insolvent national banks
office of Comptroller of the Currency,
Treasury Department, Washington, D. C.
1334 First National Soo Line Building, Minneapolis, Minn.
Federal Reserve Bank Building, Boston, Mass.
525 Federal Reserve Bank Building, New
York, N. Y.
1500 Walnut Street, room 1503. Philadelphia,
Pa,
201 Security National Bank Building, Sioux
Falls, S. Dak.
638 H. W. Hellman Building, Los Angeles,
Calif.
National Metropolitan Bank Building, Washington, D. C.
184 Atlantic Avenue, Lynbrook, N. Y.
522 Central Building, Seattle, Wash.
800 Federal Reserve Bank Building, Kansas
City, Mo.
1310 Federal Commerce Trust Building, St.
Louis, Mo.
Post-office box 32, Altoona, Pa.
800 Federal Reserve Bank Building, Kansas
City, Mo.
Post-office box 1092, Louisville, Ky.
1103 Alexander Building, San Francisco, Calif.
Post-office box 332, Raleigh, N. C.
31 Hubbard St. Manchester, N. H.
525 Federal Reserve Bank Building, New
York, N. Y.
202 Federal Building, Grand Island, Nebr.
1334 First National Soo Line Building, Minneapolis, Minn.
Post-office box 536, Waterloo, Iowa.
Post-office box 1058, Pittsburgh, Pa.
National Metropolitan Bank Building, Washington, D. C.
525 Federal Reserve Bank Building, New
York, N. Y.
522 Central Building, Seattle, Wash.
Federal Reserve Bank Building, Boston, Mass.
Post-office box 1091, Oklahoma City, Okla.
Care of Federal Reserve Bank, Houston, Tex.
Post-office box 556, Corsicana, Tex.
1103 Alexander Building, San Francisco, Calif.
319 Citizens National Bank Building, Decatur,
111.
Post-office box 296, Salina, Kans,
74
REPORT OF THE COMPTROLLER OF THE CURRENCY
National Bank Examiners—Continued
F.R.
Dist.
No.
Address
5
Ramsdell, P. C
3
Ransom, F. T
2
Rasinussen, Frank E...
7.
2
10
11
10
4
12
1
Reimers, D. H. (JG)-.
Robinson, H. P
Roetzel, G. F
Roots, J. O
Ross, M. A
Rossman, Richard
Rummel, John T
Ryan, Frank J
Rial, B. P. (JG) (U)—.
7
4
Sanders, J. L
Schechter, W. J
Schofield, John W. (U)
Sedlacek, L. H
9
9
12
2
Sevison, Henry
Shapirer, Leo
Shea, L. A
2
2
11
3
4
3
4
Sheehan, W. F
Shroyer, R. R
Sibley, W. L
Siebert, J. H
Sims, M. H
Smith, George F
Smith, George H
5
Snapp, John W
3
Snyder, Vernon G
9
Stevens, L. T
«...
Stewart, Adelia M
5
2
12
5
10
3
2
7
4
12
12
7
9
Stewart, Charles A
Stewart, H. E
Stobie, Charles A
Stokes, H. F. (JG)
Stout, C. L
Stover, L. W
Strong, J. M
Stuart, Robert K
Swensen, Loren T
Taylor, O. C
Tolton, A. F
Utt, J. F
Van Brunt, L. J
,
National Metropolitan Bank Building, Washington, D. C.
1500 Walnut Street, room 1503, Philadelphia,
Pa.
525 Federal Reserve Bank Building, New
York, N. Y.
213 Federal Building, Des Moines, Iowa.
525 Federal Reserve Bank Building, New
York, N. Y.
Post-office box 1091, Oklahoma City, Okla.
Post-office box 1062, Austin, Tex.
Post-office box 508, Norfolk, Nebr.
Post-office box 1058, Pittsburgh, Pa.
1103 Alexander Building, San Francisco, Calif.
Federal Reserve Bank Building, Boston, Mass.
Division insolvent national banks, office of
Comptroller of the Currency, Washington,
D. C.
Post-office box 592, Indianapolis, Ind.
Post-office box 1058, Pittsburgh, Pa.
1539 Hay worth Avenue, Hollywood, Calif.
1334 First National Soo Line Building, Minneapolis, Minn.
309 Torrey Building, Duluth, Minn.
1103 Alexander Building, San Francisco, Calif.
525 Federal Reserve Bank Building, New York,
N. Y.
Do.
Do.
Post-office box 1223, Shreveport, La.
Post-office box 491, Williamsport, Pa.
No. 10, 5527 Center Avenue, Pittsburgh, Pa.
Post-office box 981, Harrisburg, Pa.
Apartment 702-A, Penn Albert Hotel, Greensburg, Pa.
National Metropolitan Bank Building, Washington, D. C.
Post-office box 231, Sunbury, Pa.
4929 Pleasant Avenue South, Minneapolis,
Minn.
Room 217, Treasury Department, office Comptroller of the Currency, Washington, D. C.
Post-office box 97, East Falls Church, Va.
525 Federal Reserve Bank Building, New
York, N. Y.
Post-office box 313, Honolulu, Hawaii.
National Metropolitan Bank Building, Washington, D. C.
Post-office box 197, Cheyenne, Wyo.
7040 Ruskin Lane, Philadelphia, Pa.
525 Federal Reserve Bank Building, New York,
N. Y.
906 Michigan Avenue, Evanston, 111.
715 Federal Reserve Bank Building, Cleveland, Ohio.
1103 Alexander Building, San Francisco, Calif.
1107 A. Mattei Building, Fresno, Calif.
Sheridan Apartments C-2, Fort Wayne, Ind.
18 Magill Block, Fargo, N. Dak.
REPORT OF THE COMPTROLLER OF THE CURRENCY
75
National Bank Examiners—Continued
F.R.
Dist.
No.
8
9
7
7
Name
Address
Von Arb, E. A
Von Birgelen, F. M
Walker, Harry W
Wanberg, J. F . _ .
520 East Sixth Street, Centralia, 111.
103H Fourth Street, Bismarck, N. Dak.
Hotel Witter, Wisconsin Rapids, Wis.
__ 164 West Jackson Boulevard, room 1209, Chicago, 111.
Post-office box 621, Cincinnati, Ohio.
4 Ward, M. M
525 Federal Reserve Bank Building, New
2 Watts, John L
York, N. Y.
506 California Building, Denver, Colo.
10 White, 0. W
1706 Republic Bank Building, Dallas, Tex.
11 Whitehurst, W. M
514 Post Office Building, Portland, Oreg.
12 Wilde, Max C
800 Federal Reserve Bank Building, Kansas
10 Williams, E. L
City, Mo.
638 H. W. Hellman Building, Los Angeles,
12 Williams, T. B
Calif.
Room 202, Treasury Department, office of
Wilson, C. F_—
Comptroller of the Currency, Washington,
D. C.
2 Wilson, E. B
„___„ Post-office box 607, Albany, N. Y.
Post-office box 589, Danville, 111.
7 Wilson, George R
11 Witt, G. T
_. Post-office box 1224, Amarillo, Tex.
Pulaski National Bank Building, Pulaski, Va.
5 Wood, D. R
1248 Washington Avenue, Springfield, Mo.
8 Woodside, Hal
1334 First National Soo Line Building, Min9 Wray, H. L___
neapolis, Minn.
514 Post Office Building, Portland, Oreg.
12 Wright, E. M
407 Central State National Bank Building,
8 Young, William R
Memphis, Tenn.
(REC)=Acting as receiver of a national bank.
(JG)=National bank examiner, ] unior grade.
(U)=Unassigned.
CONVICTIONS OF NATIONAL BANK OFFICERS AND OTHERS FOR
VIOLATIONS OF THE NATIONAL BANKING LAWS DURING THE
YEAR ENDED OCTOBER 31, 1929
Information furnished by the Department of Justice relative to
convictions during the year ended October 31, 1929, of officers and
employees of national banks, and others, for violations of the national
banking laws, is shown in the following statement:
Criminal cases under the national banking laws resulting in conviction during the year ended October SI, 1929
Position
Name of officer and others
Adams, James B
Alloway, B. L
Baker, Silas L_.
Barker, B. C__.
Bartlett, R. P . .
Baugh, Roy O_.
Teller
Note teller and general manager.
Cashier
Bookkeeper
Director
Receiving and paying teller.
Bookkeeper
Teller
Beekman, Howard F
Bench, Joseph H
Bibb, George
Bookkeeper
Black, Bradshaw Hamildo
ton.
Bonchetti, Ferruccio
Manager foreign department.
Bostwick, James Emery.. Employee
Braden, Grover J
Brown, Guy W__.
Brown, Jesse
Brown, W. L
Caldwell, Jess M .
Canning, Frank._
Coleman, D. R...
Cooper, S. C.
Cotter, E. V..
Cotter, Mae..
Crombie, John C
Dean, William M
De Arment, R. Gordon
Clerk
.1
Vice president.
do
Cashier
Teller
Assistant manager..
Bookkeeper .
Teflerlllllll
Dennis, Glenn F__
Dillon, J. C__.
Clerk
Teller
Receiving and paying teller.
Cashier and vice
president.
Collector
Bookkeeper* _____
Dodson, J. S
Eckman, P. F
President
Teller.....
Denman, William C_._
Title and location of the bank
Sentence
Date of sentence
First National Bank, Nanticoke, Pa
Mar. 12,1929
Baldwin National Bank, Baldwin, N. Y
Apr. 16,1929
Misappropriation and misapplica- 1 year, on probation.
tion.
False entries and embezzlement. _. Suspended
_„.
Misapplication and false entries... 4H years
First National Bank, Earlville, N. Y
_
$100 fine.
do
Commercial National Bank, Muskogee, Okla...
12
months
First National Bank, Rice, Tex
2 years
City National Bank, Knoxville, Tenn
First National Bank, Montclair, N. J
Abstraction
._
___ 5 years
Bank of Italy National Trust & Savings Asso- Abstraction and false entries
2H years...
ciation, Selma, Calif.
15 months..
First National Bank, El Paso, Tex
1 year
Brotherhood National Bank, San Francisco, False entry
Calif.
Embezzlement..
First National Bank, Bridgeville, Pa
3 years
Bank of Italy National Trust & Savings Asso- Abstraction
3 months...
ciation, Los Angeles, Calif.
Los Angeles First National Trust & Savings Embezzlement..
2 years
Bank, Los Angeles, Calif.
3 years
Fayette City National Bank, Fayette City, Pa.
3 years, on probation
.do.
4 months and $300 fine
First National Bank, Lawrenceville, Ga__
Aider and abettor.
5 years
National Bank of Commerce, Shawnee, Okla__.
3 years
Embezzlement.,
First National Bank, Garfield, N. J
3 years, on probation
do
,
Bank of Italy National Trust & Savings Association, Escondido, Calif.
3 years
First National Bank, Crosbyton, Tex
1 year and 1 day
First National Bank, Murphysboro, HI
Aider and abettor-.
30 days in jail; 2 years on
do
probation; probated to
L. Glenn.
18 monthsUnited States National Bank, Portland, Oreg..
2 years
_
Embezzlement
First National Bank, Montgomery, Ala
Embezzlement, misapplication, 3 years
First National Bank, Sharon, Pa
and false entries.
Misapplication, embezzlement, 1H years.
National Bank of Auburn, Auburn, N. Y_.
and false entries.
lyear
____._.
First National Bank, Brownsville, Tex
5 years, sentence SllSFirst National Bank, Mullen, W. Va
Dended.
2 years, on probation
Misapplication..First National Bank, Casa Grande, Ariz._
15 months
Citizens & Southern National Bank, Atlanta, Embezzlement. -.
Apr.
Mar.
June
May
11,1929
5,1929
17,1929
28,1929
Dec. 17,1928
Mar. 14,1929
Jan.
July
5,1929
2,1929
July
9,1929
Mar. 4,1929
Feb. 25,1929
May 7,1929
Do.
Apr. 3,1929
Nov. 30,1928
Jan. 7,1929
May 18,1929
O
o
g
I
June 10,1929
Mar. 28,1929
Do.
Nov. 23,1928
Dec. 7,1928
Nov. 15,1928
Do.
Dee. 10,1928
June 19,1929
Mar. 7,1929
Mar. 23,1929
I
3Sstil, jr., Wallace..-j President
Fellman, Warner P
Pro-assistant cashier.
Fernald, Lewis..
...... Assistant cashier.
Cashier....„
Ficklen, Fielding H . .
Fisher, H. A_.
— President
Teller..
Fisher, Virgil T - .
Flint, Curtis E____.
.. Cashier...
Forbes, W. L
_ President
Cashier.
Furness, George B.
do...
Garrison, O. H
National Bank of Commerce, Shawnee, Okla_>,
Bank of Italy National Trust & Savings Association, San Rafael, Calif.
Citizens National Bank* Baker, Oreg ._
National Bank of Wilkes, Washington, Ga.
First National Bank, Menasha, Wis
Wyoming National Bank, Casper, Wyo.._.._...
First National Bank, Hynes, Calif
......
First National Bank, Kosse, Tex
..
Gentry, Archie
Goddard, William
__..
Godfrey, S. G
Greenshield, James Stuart.
Hacker, Alfred George
Hamilton, J. B
Hamilton, William L
2 years and $100 fine..
1 year and 1 day.—..
7 years..
1 year and 1 day.-...
2 years, on probation.,.
False entries..
11 months....
False entries and false report$1,500 fine..
Embezzlement and false entries. _. 1 year and 1 day..
False entries, misapplication, and 3 years.-...—...
abstraction.
do...
do
10 years and $10,000 fine.,
City National Bank, Knoxville, Tenn
Embezzlement
„._
Cavalier County National Bank, Langdon,
$500 fine
,
N. Dak.
Anglo & London-Paris National Bank, San Conspiracy and false entries..
7 years and $5,000 fine....
Francisco, Calif.
North Syracuse National Bank, North Syracuse,
4 years, on probation
N. Y.
13 months... „
First National Bank, Ryder, N. Dak
......
Embezzlement
4 years
....
First National Bank, Toledo, Oreg
First National Bank, Detroit, Mich
do
$200
fine
...—...
1 year and 1 day
First National Bank, Sanford, Fla.__......_.__.
.do.
.do.
First National Bank, Central City, Ky__
Abstraction
Bank of Italy National Trust & Savings Asso- Abstraction and false entries
1 year
......
......
ciation, Woodland, Calif.
City National Bank, Knoxville, Tenn
Embezzlement
_
5 years, on probation
Old Citizens National Bank, Zanesville, Ohio... Embezzlement, misapplication, 18 months, on probation.
and false entries.
National Bank of Commerce, Eldorado, Ark_
2 years and $100 fine.
do..
.do.
Aider and abettor..
Deseret National Bank, Salt Lake City, Utah... Misapplication
5 years
City National Bank, Bridgeport, Conn
$1,500* fine.........
Bank of Italy National Trust & Savings Asso- Embezzlement and false entries. 3 years, on probation.....
ciation, Maryyille, Calif.
National Shawmut Bank, Boston, Mass
10 years......
Misapplication..................
Cashier.
do.._
do...
Hanson, J. Walter...
Harmon, Raymond..
Bookkeeper
President
Assistant cashier.
Transit clerk..
Bookkeeper..,
Harmon, Thomas C
Haun. Floyd E
Hazlett, L. C
Paying teller.,.
Vice president _.
Receiver
„..
Hoegsberg, Knudt B.
BookkeeperCashier
Bookkeeper
Cashier.
_
Assistant cashier
Clerk.
Teller
....
Teller, Woodland
branch.
Paying and receiving teller.
Bookkeeper
Hollister, M. W
_
Holm, Holbert O_
Holman, V. L..._
Hopkins, John A.
Huff, H. C
Hurst, Ted
Hyde, C. T
Jenkins, Audrey D_
Jennings, William . .
Jewell, Alvin
.„
King, Sidney Ralph.
Knudson, Oscar
Exause, Frank J......
Lane, Riley T
._
La Place, Basil E
Employee..
Collection teller.
Receiving teller
Teller
Manager auto loan
department.
First National Bank, Murphysboro, 111
Chase County National Bank, Cottonwood,
Kans.
National Bank of Commerce, Eldorado, Ark
First National Bank, Sardis, Ohio.
First National Bank, Cheraw, S. C
South Pasadena National Bank, South Pasadena, Calif.
National State Bank, Newark, N. J.
,
First National Bank, Wetonka, S. Dak
City National Bank, Bridgeport, Conn
Merchants National Bank, Omaha, Nebr.
Virginia National Bank, Petersburg, Va_.
Misapplication and false entries-..
Embezzlement..
___
Accepting commissions on loans...
Abstraction and misapplication*..
Misapplication
..„
__*
Misapplication, false entries, and j
false repot ts.
Misapplication
|
Aider and abettor..
Misapplication and false entries.._
Misapplication
18 months
5 years, on probation
.
$1,000 fine.....
$.1,750 fine. ———_.
3 years..
_
10 months
5 years, en probation......
1 year and i day
Nov. 19,1928
Dec. 22,1928
Feb. 15,1929
Mar. 16,1929
May 16,1929
Deo. 4,1928
June 10,1029
Nov. 21,1928
2 years-..
$250 fine-
Mar. 28,1929
Mar. 6,1929
Apr.
July
Dec.
Dec.
15,1929
10.1929
4; 1928
3,1928
O
May 6,1929
Apr. 29,1929
Feb. term,
1929.
Jan. 31,1929
Feb. 27,1929
Do.
Dec. 10,1928
Jan. 14,1929
Jan. 15,1929
1
July 17,1929
Apr.
May
Nov.
June
May
Feb.
15,1929
17,1929
19,1928
10,1929
6,1929
2S1929
Dec. 10,1928
July 10,1929
Apr. 15,1929
Do.
Feb. 11,1929
Feb.term,1929
May 13,1929
May 27,1929
O
a
Criminal cases under the national banking laws resulting in conviction during the year ended October 81, 1929—Continued
Name of officer and others
Position
Linn, Benj. H
Logue, J. A
Lott, Zona E
McHenry, Louis H
MeKean, J. S
Cashier,
.do..
Teller..
do...
Clerk...
McMiUin, J. Edward
Teller...
Marter, Alexander B_
Matheny, S. C
Mistier, Albert A
Myers, Leslie L
EmployeeTeller
_,o
Clerk and bond
teller, CaliforniaMontgomer y
Branch.
Cashier
Teller
Nelson, Lloyd
Nolte, F. R
O'Neil, James B
Patrick, Arthur E
Pinkard, R. T
Putnam, F. R
Raborn, Robert Ross.
Read, Elbert A
Read, Thomas H
Reese, Carroll L
Renfrow, Raymond-..
Renick, Arthur C
Rhodes, Allen H
Riphahn, James Joseph
Robertson, George C . . .
Ross, Ernest L_
Sanders, J. B.__
Sanford, R. R__Scott, Arthur VSchweer, H. F
Schweer, L. H
Seeders, Paul D
Title and location of the bank
First National Bank, Parshall, N. Dak
Embezzlement and false entriesFirst National Bank, Jackson, Miss
Fourth National Bank, Atlanta, Ga
Abstraction
First National Bank, Detroit, Mich
Embezzlement
National Bank of Huntington Park, Huntington Park, Calif.
First National Bank of Lawrence County, New Embezzlement and abstraction..
Castle, Pa.
Misapplication.. _
National Security Bank, Philadelphia, Pa
Embezzlement
Seaport National Bank, Houston, Tex
Bergen National Bank, Jersey City, N. J
Bank of Italy National Trust & Savings Asso- Embezzlement..
ciation, San Francisco, Calif.
First National Bank, Milroy, Ind
Peoples First National Bank of Charleston,
Charleston, S. C.
do
First National Bank, Los Angeles, Calif
Farmers National Bank, Chandler, Okla
President...
Bookkeeper.
First National Bank, Ferrum, Va
Cashier
Morris National Bank, Morris, Minn_
National Bank of Commerce, Eldorado, A r k —
First National Bank, Shenandoah, Iowa
Vice presidentPresident
-do.
Bookkeeper
Lindsay National Bank, Gainesville, Tex
do
Stockyards National Bank, Kansas City, Mo.-.
Cashier
First National Bank, Mount Hope, W. Va
Bookkeeper
Bank of Italy National Trust & Savings Association, Oakland, Calif.
First National Bank, Madison, Wis
Teller
Montgomery County National Bank, CherryPresident
vale, Kans.
Employee foreign de- First National Bank, Boston, Mass
partment.
President
Chase County National Bank, Cottonwood,
Kans.
Bookkeeper
First National Bank, Orange, Tex
Anglo & London-Paris National Bank, San
Assistant cashier.
Francisco, Calif.
President..
First National Bank, Denton, Tex
Cashier...
do
Teller—..
Bank of Italy National Trust & Savings Association, Alhambra, Calif.
Offense
Misapplication..
Sentence
4
00
Date of sentence
$100 fine
5 years.
1 year and 1 day
60 days.
3 years, on probation
Nov.
May
Apr.
Nov.
May
14,1928
9,1929
6,1929
10,1928
18,1929
1 year
May 25,1929
3 years
5 years, suspended.
1 year.
5 years .
Oct.
Apr.
May
Jan.
31,1929
9,1929
22,1929
23,1929
False entries .
Feb. 19,1929
2 years, on probation 5 June 5,1929
years.
4 years
Dec. 17,1928
$1,000 fineMay 13,1929
60 daysNov. 27,1928
Feb. 12,1929
$1,000
fine
Apr. 15,1929
2 years and $100 fine
Jan. 26,1929
$3,000 fine
Do.
2 years
May 23,1929
$150 fine
Feb. 27,1929
5 years
Nov. 28,1928
3 years, on probation..
May 25,1929
Embezzlement..
do
18 monthg..
5 years
Nov. 12,1928
Dec. 3,1928
18 months...
Apr. 1,1929
Embezzlement
^
False entries and misapplication.
Embezzlement
False entries
Aider and abettor
Misapplication
and false entries..
sapp.
Abstraction..
Conspiracy
False entries and misapplication.
do
Embezzlement—.
$250 fine
Mar. 6,1929
3 years
4 years and $2,000 fine
4 years.
.do.
18 months..
Apr. 12,1929
Jan. 16,1929
Jan. 10,1929
Do.
May 13,1929
3
O
O
g
Seth, Mrs. Catherine Bates
Shepherd, John
Shickley, Wayne Byron.-.
Shultes, F. A
Spencer, James A
Starns, Spencer
„
Bookkeeper,
.do.
Teller
_.
President
__
Assistant cashier.
Cashier
Stockard? W. A___
Stockwell, V. A . . .
Strauss, Frank L .
Sullivan, P. D____
PresidentCashier.. _
.do
.-do..
Toner, Fred A
Veeck, William J_
Teller...
Cashier.
Vierieh, Henry F
Waller. O. W ._
Warfield, Ralph L
Savings teller
Cashier
Clerk
Welling, I. T
Vice president and
cashier.
Bookkeeper
Cashier
West, R. A___
Westerberg, Edward R
Whaley, T. W
Woodward, Mae
Wycott, Harold H_
Young, R. H
Youpe, John,_,«___.
..do..
Bookkeeper.
_. Cashier
.do..
Teller
Ashland National Bank, Ashland, Ky
Lindsay National Bank, Gainesville, Tex
First National Bank, Thermopolis, Wyo
First National Bank, Bonners Ferry, Idaho
Misapplication and false entries...
First National Bank, Dillwyn, Va
Van Zandt County National Bank, Wills Point,
do
„
Tex.
j
First National Bank, Rice, Tex
First National Bank, Bassett, Nebr.
j
Orrville National Bank, Orrville, Ohio
\
First National Bank, Mullen, W. Va
Merchants National Bank, Omaha, Nebr
Farmers & Merchants National Bank, Boonville, Ind.
First National Bank, Fontana, Calif
First National Bank, Leesburg, Fla
Bank of Italy National Trust & Savings Association, San Francisco, Calif.
Carolina National Bank, Darlington, S. C
3 months
2 years
10 months
m years
5 years, on probation
3 years
12 months..
2 years
do..
5 years, sentence suspended.
Embezzlement and false entries... 1 year and 1 day
2 years, suspended 5 years.
Embezzlement.
False entries
Abstraction
Dec.
May
Nov.
Nov.
Feb.
Apr.
12,1928
20,1929
15,1928
20,1928
4,1929
22,1929
June
Jan.
Mar.
June
17,1929
11,1929
27.1929
19,1929
Do.
I 2 years, on probation
I 1 year and 1 day.
! 2 years, on probation
Jan, 21,1929
Apr. 9,1929
I 8 years
Dec. 3,1928
| $124.75 fine
_
Fort Worth National Bank, Fort Worth, Tex...
National Bank of North Hudson, Union City, Misapplication
I 5 years
N. J.
First National Bank, Kosse, Tex
Misapplication, false entries, and | 1 year and 1 day
false reports.
I
_
18 months
National Exchange Bank, Steubenville, Ohio..
Embezzlement and false entries...| 3 years
Croghan National Bank, Croghan, N. Y
2 months and $150 fineFirst National Bank, Lawrenceville, Ga
Phillipsburg National Bank & Trust Co., Phil- False entries and abstraction
2 years, on probation
lipsburg, N. J.
8
Jan. 31,1929
Apr. 8,1929
Nov. 6,1928
Nov. 26,1928
i
Nov. 21,1928
July
July
Apr.
Mar.
11,1929
12,1929
3,1929
25,1929
a
r
CO
FEDERAL RESERVE BANKS
Assets and liabilities of the 12 Federal reserve banks combined, as of the last weekly statement date in October, from, 1920 to 1929
,
[In thousands of dollars]
Oct. 29,1920 Oct. 26,192l|Oct. 25,1922 Oct. 31,1923 Oct. 29,1924 Oct. 28,1925 Oct. 27,192P Oct. 26,1927;Oct. 31,1928 Oct. 30,1929
s
ASSETS
Gold reserves
___
Other cash reserves
__
Nonreserve cash
_
I
Bills discounted
_
Bills bought in open m a r k e t
United States G o v e r n m e n t obligations.
Other bills a n d securities
Uncollected items
_
All other assets
Total.
2,003,320
164,718
0)
2, S01, 297
298,375
296, 371
"742," 976" I
34,550
6,341,607 i
2,786,239 I
150,909 !
0)
!
1, 308, 749 j
62,316 I
190,946
10
540,067
55,679
5,094,915
469.399
257,691
408, 636
27
653,483
63,931
3, 111, 078
80,067
39,152
883, 800
204, 698
91, 837
317
611,271
69,047
3,043,826
87, 768
42,300
222, 565
215,404
584, 200
2,007
611, 709
87,490
2,782, 549
110,511
52,932
589,994
328, 7.17
324, 757
6,619
684,027
80,317
5,065,095
5,091,267
4,897,269
4,960,423
3,085,093
126,835
0)
Total .
1
Not shown separately prior to 1923.
2, 956, 552 2,641,096
131,900
135,793
56,874
61,137
932,271
402, 398
301, 111
440, 376
510, 630
227,099
620
3,730
694S 479
688,277
73,497
70, 213
3,020,951
156,057
85,276
991,038
339,885
292,6S8
25,131
772,955
70,382
5,017,063
5,130,015
5,198,038
5,754,363
j
LIABILITIES
Federal reserve notes in circulation.
Federal reserve bank notes in circulation—net liability.
Deposits:
Member bank—reserve account
Government
Other
Deferred availability items
Capital paid in
„
Surplus
„
All other liabilities
2,323, 327
130, 750
52,841
631,923
307, 541
300,174
2,500
693, 558
74,449
3,351,303 !
214,961 |
2, 408,779
88,024
2,298,536
37,995
2, 224,865
523
1,766,622
1,694,771
1, 730,511
1,702,999
1,709,816
1, 805, 661
18, 754
21, 307
571,807
97,753
164, 745
95,318
1, 669,059
46, 624
22,873
466,044
103,007
213,824
76,681
1,799,931
23,659
18,180
539,773
106,277
215,398
25,346
1,895, 265
40,334
23,061
555,914
109, 726
218,369
23, 210
2,162, 347
28, 266
27, 351
566, 510
111,953
220,915
13,305
2,227, 212
38, 670
31,382
617, 350
116, 602
217,837
16, 599
2, 216, 896
38, 546
25, 689
2,351,870
19, 294
32,287
646, 615
131,293
228, 775
16,882
2,370,988
20,498
27, 536
655, 508
145,878
233, 319
34,495
2,651,608
18,967
25,896
714,209
167,025
254,398
42,068
6,341, 607
5,094,915
5,065,095
5,091, 267
4,897,269
4,960,423
5,017,063
5,130,015
6,198,038
5,754,363
124, 392
220, 310
22, 254
o
O
EEPOKT OF THE COMPTROLLER OF THE CURRENCY
81
Principal assei8 and liabilities of the 12 Federal reserve banks combined, on the
last weekly statement date in each month, from January, 1925, to October, 1929
[In millions of dollars]
Jan. 28..
Feb. 25..
Mar. 25.
Apr. 29...
M a y 27..
June24_.
July 29...
Aug. 26 _.
Sept. 30..
Oct. 28...
Nov. 25..
Dec. 30...
274
434
378
400
414
455
468
580
633
590
G25
750
317
307
267
278
242
210
202
268
329
359
363
394
365
344
349
349
325
330
332
343
325
332
377
989 2,939
1,130 I 2,894
1,041 2,867
1,028 2,851
1,054 2,838
1,034 2,811
1,021 2,791
1,126 2,762
1,257 % 760
1,250 2,783
1,326 2,746
1,501 2,704
Jan. 2 7 . .
Feb. 24..
Mar. 31.
Apr. 28..
May26_.
June 30..
July 23...
Aug. 25..
Sept. 29.,
Oct. 27...
Nov. 24..
Dec. 29..
449
540
632
514
474
515
521
571
717
632
C28
711
295
304
250
199
239
249
211
255
276
308
341
379
365
331
330
389
395
385
369
321
302
300
300
317
1,119
1,185
1,226
1,114
1,119
1,158
1,106
1,150
1,298
1,242
1,271
1,410
2,801
2,767
2,767
2,797
2,816
2,835
2,851
2,841
2,807
2,823
2,830
2,815
1927
Jan. 28.
Feb. 23..
Mar. 30.
Apr. 27..
M a y 25..
June 29..
July 27..
Aug. 31-.
Sept. 28.
Oct. 26...
Nov. 30.
Dec. 28..
365
398
456
444
429
477
398
401
430
402
477
609
302
280
237
242
236
216
169
185
242
301
355
386
303
305
353
318
322
376
335
473
494
511
548
603
972
985
1,049
1,006
989
1,071
954
1,059
1,168
1,215
1,381
1,599
2,967
2,983
3,022
3,041
3?012
3,021
3.023
2,998
2,989
2,957
2,805
2,739
1928
Jan. 25.
Feb. 29...
M a r . 28..
Apr. 25..
M a y 29..
J u n e 27..
July 25..
Aug. 29..
Sept. 26..
Oct. 3 1 . .
Nov. 28..
Dec. 26...
385
493
524
709
944
1,032
1,025
1,039
1,011
932
990
1,168
347
344
346
366
304
223
169
184
263
440
482
489
441
408
386
305
219
212
208
209
229
227
229
232
1,174
1,245
1,257
1,381
1,468
1,468
1,402
1,433
1,508
1,603
1,706
1,899
821
952
1,024
975
988
1,017
1,076
974
944
991
436
334
208
141
118
83
75
157
264
340
202
166
170
150
145
150
147
145
152
293
1,467
1,463
1,410
1,281
1,259
1,262
1,308
1,292
1, 375
3,083
3,030
3,008
2,993
2,982
2,959
2,937
2,866
2,893
2.861
2, 822
1,684
1,729
1,709
1,684
1,671
1,634
1,598
1,616
1,685
1,695
1,732
1,835
2,172
2,208
2,119
I 2,135
I 2,138
j 2,140
! 2,153
j 2,183
2,210
2,227
2,220
2,309
2, 953
2,917
2,920
2,954
2,975
2,980
2,999
2,978
2,937
2,954
2, 958
2,944
1,667
1,679
1,656
1,662
1,673
1,697
1,671
1,693
1,718
1,731
1,774
1,857
2,217
2,203
2,215
2,203
2,195
2,229
2,205
2,204
2,249
2,217
2,202
2,264
2,272
2,262
2,323
2,242
2,243
2,260
2,261
2,258
2,330 i
2,281
2,262
2,346
3,133
3; 183
3.207
3; 178
3,184
3,181
3,146
3,126
3,093
2,940
2.862
1 ? 888 j
1,708 ;
1,711 I
1,718 i
1,706
1,703
1,662
1,676
1,706 i
1,703
1,717
1,813
2,192
2,168
2,274
2,270
2,268
2,342
2,282
2,299
2,337
2,352
2,379
2,432
2,245
2,215
2, 328
2,314
2,326
2,399
2,330
2,341
2, 390
2,404
2,413
2,473
2,819
2,808
2,760
2,723
2, 607
2,583
2,604
2,619
2,633
2,641
2,600
2,584
2,988
2,974
2,931
2,8S6
2,757
2, 738
2,761
2,765
2, 771
2,773
2,722
2,689
1,585 I
1,588 i
1,567
1, 573
1,593
1,605 !
1,607 I
1,651 !
1,682 !
1,710 I
1,768 i
1,911 i
2,355
2,375
2,357
2,417
2,357
2,345
2,300
2,269
2,316
2,371
2,361
2,409
2,402
2,426
2,404
2,4.75
2,408
2,382
2,346
2,325
2,366
2,419
2,411
2,455
2,667
2,687
2,709
2,799
2,824
2,896
2,924
2,962
2,998
3,021
2,835
2,844
2,879
2,973
2,970
3,073
3,109
3,149
3,162
3,177
1,645
1,654
1,653
1,653
1,654
1,658
1,779
1,829
1,838
1,880
2,391
2,367
2,332
2,290
2,286
2,344
2,355
2,306
2,364
2,652
2,437
2,413
2,383
2,350
2,331
2,420
2,398
2,348
2,446
2,696
2,265
2,270
2,184
2,187
2,202
2,210
2,201
2,237
2,268
2,297
2,291
2,357
1
3,141
1929
Jan. 30.
Feb. 27...
Mar. 27..
Apr. 24...
M a y 29..
J u n e 26...
July 3 1 . . .
Aug. 2 8 . .
Sept. 25..
Oct. 3 0 . . .
1 Includes (in addition to bills discounted and bought and United States securities) municipal warrants,
Federal intermediate credit bank debentures, and foreign loans on gold.
82
BEPORT OF THE COMPTROLLER OF THE CURRENCY
Percentage of bills discounted secured by United States Government obligations to
total bills discounted and purchased by Federal reserve banks at the end of each
month, year ended October 81, 1929
Date
Nov. 30
Dec. 31
1928
..„..—
1929
Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Discounted bills Total holdings
secured by
of discounted
United States and
purchased
Government
bills
obligations
$735,746,000
659,216,000
499,662,000
600,707,000
676,295,000
516, 526,000
583,932,000
574,606,000
592,783,000
517,531,000
457,871,000
525,686,000
Percentage of
discounted bills
secured by
Government
obligations to
total holdings
of discounted
and purchased
bills
$1,475,014,000
1, 545, 536,000
46.7
42.7
1,245,205,000
1,302,184,000
1,294,734,000
1,113,037,000
1,184,646,000
1,118, 741,000
1,150,281,000
1,222, 534,000
1, 251,029,000
1,354, 691,000
40.1
46.1
52.2
46.4
49.3
51.4
51.5
42.3
36.6
38.8
Federal reserve hank discount rates
The discount rates of each of the 12 Federal reserve banks in effect
November 1, 1929, the date established, and the previous rate with
respect to all classes and maturities of eligible paper are shown in
the following statement:
Rates on all classes and maturities of eligible paper
Federal reserve bank
Boston
New York....
PhiladelphiaCleveland
Kichmond
Atlanta
Chicago
St. Louis
MinneapolisKansas City..
Dallas
San Francisco
Rate in
effect on
Nov. 1
Date established
July
Nov.
July
Aug.
July
July
July
July
May
May
Mar.
May
Previous
rate
19,1928
1,1929
26,1928
1.1928
13,1928
14,1928
11,1928
19.1928
14S1929
6.1929
2,1929
20.1929
Discount rates prevailing in Federal reserve bank and branch cities
In the table following, prepared by the Federal Reserve Board and
published in the Federal Eeserve Bulletin for November, 1929, the
rates shown are those at which the bulk of the loans of each class
were made by representative banks during the week ending with
the 15th of the month. Rates reported by about 200 banks with
loans exceeding $7,500,000,000:
FEDERAL RESERVE BANK CITIES
Month
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Min I p
] |f "
Kansas
City
Dallas
San Francisco
Prime commercial loans
1928—October
November..
December—
1929—January
February. _
March
April
May
June
July
August
September..
October
534-6
5H6
534-5M
5H6
5*4-6
5
5^-6
514-6^
5H-6
5^-6}
534-7
6 -63>
6 -6}
5
5H-6
5
5}
53*
534-6
434-5M
5M6
o
H3
5M-6
6
5M-6
5M-6
534-6
o
Loans secured by prime stock-exchange collateral
1929—April
May
June
July
AugUSt-.;
September..
October
5M-6
5%6
6
6 -6%
6 -7
6 -7
6 -7
6 -7
634-7
6 -7
534-7
6 -6^
6
6
6 -7
5H-7
6 -7
6 -7
6 -7
6 -7
6 -7
6
6
6
6
-7
-7
-7
-7
6 -W%
6 -6M
6
6 -7
6 -7
6 -K
6 -634
6 -6M
6 -7
6 -6
6^-7
6
6
6
6
6
6
6
-7
-7
-7
-8
-8
-8
-8
6
6
6
6
6
-7
-7
-7
-7
-7
6
6
6
6
6
6
6
-6}
-7
-7
-7
-7
-7
-7
6
6
6
6
6
6
6
-6
-6K
-6K
-6H
-6K
6
Loans secured by warehouse receipts
1929—April
May
June
July
August
September..
October
6
6
6 -7
6 -7
6
6
6
6
6
6 -7
6
6
6
6
6 -7
6 -7
6> -7
6 -7
6 -7
o
Interbank loans
1929—April
May
June
July
August
September-.
October
534-6
3^
5H-6
6
5<£6
534-6
5^-6
534-63'
6
534-6
5M-6
6
6
6
6
6
6
6
534-6
o
5^6
534-6
534-6
00
CO
FEDERAL RESERVE BRANCH CITIES
Loans secured by prime stockexchange collateral
Prime commercial loans
Loans secured b y warehouse
receipts
Interbank loans
City
August,
1929
Buffalo
Cincinnati-.
Pittsburgh
Baltimore
Charlotte .
Birmingham
Jacksonville ._
Nashville.
New Orleans
DetroitLittle Eock
LouisvilleHelena
DenverOklahoma City
Omaha
El Paso
Houston
San Antonio
Los Angeles
Portland
Salt Lake City
Seattle
Spokane
_ .
September,
1929
6 -6K
6
5M-6
6
6
6
6
6
6
6
8
6
._ _>
-634
6
6 -8
6
6 -7
6
6
6 — 63^
6M-7
6 -7
6
5M-6
5J4-6
6
6 -7
6 -6H
6
6 -7
6 ~6//£
6
8
6
6
6 -8
6
6 -7
6
6
6
6
6 -7
2
October,
1929
6
-614
6
5^-6
534-6
6
6 -8
6
6
6 -7
6 -634
6
8
6
6 -7
6
6 -8
6
6
8 —$/£
6 -7
6
6^-7
August,
1929
6
6^8
5^-6
6
6
6 -7
6 -7
6
6^-7
6 -%y2
6 -8
6
8
6 -7
7 -8
6 -7
6 -8
6 -7
6 -8
63^-7
6 -7
7
6 -7
634-7
September,
1929
6
6 -8
6
6
6
6 -7
6 -8
6
634-7
6>^-7
6 -8
6
8
7 -8
634-7
6 -8
634-7
6 -8
634-7
6 -%y>
7~
6 -634
634-7
October,
1929
6
6 -8
6
6
6" -8
6 -7
6 -8
6
634-7
634-7
6-7
6
8
634-7
8
6 -7
6 -8
6 -7
6 -8
6 -7
6 -7
6 -7
6 —634
6 -7
August,
1929
6
6 -7
6
6
6
6 -7
6 -8
534-6
6 -7
6 -8
6
7 -8
6 -8
6 -8
6 -7
8 '
6 -7
6 -8
6 -7
6 -7
7
7
7
September,
1929
6
6 -7
6
6
6 -7
6 -7
6 -8
534-6
6 -7
6 -7
6 -8
6
7 -8
6 -8
6 -8
634-7
7 -8
6 -7
6 -7
7
634-7
7
October,
1929
August,
1929
6
634-7
6
6
6 -8
6 -8
6 -8
534-6
6 -7
6^-7
6 -8
6
7 -8
6 -8
8
634-7
7 -8
6
h%-7
5^-6
6 -8
6 -7
6 -7
7
634-7
7
6
6
6
5^-6
/2
6
6
6
6 -8
6
6
6
6
534-6
6
6
6 -7
6
6
6
September,
1929
6
6
6
6
6
53^-6
6 -6H
6 —6^
6
6- 8
6
6 —634
6
5H-6
6
6 -7
6
6
6
6
October,
1929
6
6 -7 '
6
8
6
6 -634
6 -§y2
6
6
6 -8
6
6 ~6/^
6
6
6 -7
6
6
6
6 -6>£
o
I
o
E3
85
BEPOKT OF THE COMPTROLLER OF THE CURRENCY
BATES FOR MONEY IN NEW YOBK
The range of rates for various classes of paperin the New York money
market in the year ended October 31, 1929, together with information
in relation to the range of rates in New York since 1920, is shown in
the following statements furnished by the Financial and Commercial
Chronicle:
Rates for money in New York
192S
Call loans, stock exchange:
Range.. . „ . _ _ _
Time loans:
60 days«_->
.
...
90 days
4 months
5 months
6 months .
.
Commercial paper:
Choice* 4 to 6 months
Good, 4 to 6 months
.
,
1929
November
December
6 -10
6 -12
6 -12
6 -10
694- 7
6M-7
6*4- 7
7 - 8
7*67*27*47*27^-
7*,f- 794
6*6- 7
7
7
7
7
-7%
- 7%
-7%
- 7%
January February
8
7%
7%
7M
734
March
7*2- 7%
7*2- 734
7*4- 7%
5*4- 5*4
5M- 6
5*2- 5 ^
5?4- 6
April
6 -20
6 -15
7%7%794734-
8*4- 9
8*4- 9
8 - 9
8 -9
8 - 9
8*4
8
8
8
694- 6
4
694- 6
6 -6*4
1929— Continued
May
Call loans, stock exchange:
Range
__...
Time loans:
60 days
90 days
4 months.
6 months
6 months
Commercial paper:
Choice, 4 to 6 months
Good, 4 to 8 months
._
June
July
6 -15
6 -10
6 -15
8*4- 9H
8H- 934
834- 9
8 8 -
7H- 8
7H- 8
7W 8
7*4-!
7H7*47*47*4-
6
6*4- !
6}4- 6*4
6
_j 6H
August
September
October
6 -12
6 -10
5 -10
894-9
894-9
894- 9
8%9*i
9
SH
Wi
8%
6-6*4
6*4
6*4- m
894- 9*4
8 % - 9*4
894- 9*4
6*4- 9*4
7 -9*4
7 -9*4
7 -9*4
7 -9*4
6 -6*4
6*4- &H
6 -6U
6*4- 6*£
Rates for sterling bills
[Range for month]
Sight
November..^
December
-
January.._
February
March......
April
May
June..
JulyAugust.....
September
October
-
1928
2
1
4.84M6 -4.84 ?42 4.84 Me-4.85M«
4." 84^6 -4.851*16 4.85
-4.85i*l9
1929
4 84942
4 84^(§
4 8491s
4.84%
~
.»
.'...
-.
—.
i Cable transfers
4 84*i 2
4. 84942
4. 84%a
4.84*18
4. 8491«
-4.843*42
-4,85516
-4.85*4
-4.86*6
-4.85*16
-4.84%
-4. 85*4
-4.84%
-4.85*4
-4. 87%
4. 842%2-4. 85*4
4.8434 -4.8694
4.85*16-4.85%
4.85*16 - 4 . 8 5 %
4.842^2-4.85%
4.8434 -4,85*18
4.84*3^-4.851^3
4.84 2 *&2-4.85M s
4! 84*942-4.'85^
4.85^2 -4.88*4
Comparison of the range of rates for call loans, 60-day time loans, and choice commercial paper loans in New
York annually for 1920 to 1929 is shown in the statement following:
Range of rates for money in New York annually, 1920 to 1929
1922
1921
1920
1924
1923
Range
Range
Range Range
Range Range
Range Range
Range Range
High Low for Defor
High Low for DeHigh Low for Defor
for
High Low for Defor
for
High Low for DeJanuary
cember
cember January
cember January
cember January
cember January
Call loans
__
Time loans (60 days)____
Commercial paper
(choice)
6-20
7- 8
6
25
8%
5
7
8
6
6 -7
7 -7H
6 -8
6 -7H
9
7H-S
8
1925
4^-6
5 -5H
5
3 -6
6
5 -5H
2H ZH-5H
ZH
4^-5
6
bH
ZH 4&4H
4^-4%
5H
1927
1926
2 i5
ZH-6
4^-5
4^-5
1928
6
5
2
2 2 -3^4
5
3
1
I
1929
Range
Range
Range Range
Range Range
Range Range
Range Range
or
High Low for DeHigh Low for Ocfor
for
for
High Low for Defor
High Low for DeHigh Low for DeJanuary
tober
cember January
cember January
cember January
cember January
Call loans
Time loans (60 days)
Commercial paper
(choice) _
2 -5H
ZH-ZU
6
5
2
4 -6
4^-5
6
3 4^-6
ZH 4^-4%
4 -5
ZH
4 -4H
m
ZH
4 -4H
5
4 -5H
ZH 4 -4*4
3H-4
12
7%
ZH 6 -12
4H 7 - 8
5H
ZH 5H-5H
6 -12
7^-8
20
6 5 -10
6H 6 H - 9 H
5
6-6K
H
Cl
KEPORT OF THE COMPTROLLER OF THE CURRENCY
87
NEW YORK CLEARING HOUSE
The figures compiled and furnished by Mr. Clarence E. Bacon,
manager, New York Clearing House Association, for the year ended
September 30, 1929, disclose there were 24 banks comprising the
New York Clearing House Association with capital of $617,125,300.
Clearings amounted to $456,937,947,313, an increase in the year of
$88,020,290,766, and balances reported aggregating $50,462,034,307
showed an increase in the year of $11,459,347,232. The average
daily clearings amounted to $1,508,046,031 and the average daily
balances $166,541,367. The percentage of balances to clearings was
11.04.
CLEARING-HOUSE ASSOCIATIONS IN THE 12 FEDERAL RESERVE
BANK CITIES AND ELSEWHERE
Clearing-house transactions in the 12 Federal reserve bank cities
during the year ended September 30, 1929, aggregated $597,688,785,000, and exceeded by $92,141,261,000 the amount reported in the
previous year. The ratio of clearings by banks in the 12 Federal
reserve bank cities was 83.74 per cent of the total clearings of all
banks in 244 reporting cities in the United States, in comparison with
a ratio of 82.37 per cent reported for 235 cities last year.
Clearings of banks in 26 other principal cities, each of which had
clearings in excess of $1,000,000,000, amounted to $80,469,530,000,
and showed an increase of $5,759,885,000 in clearings reported for
the same cities in the preceding year. The total clearings of the
244 cities reporting to the New York Clearing House Association in
the current year aggregated $713,762,335,000, as compared with
$614,219,137,000 reported by these cities in the preceding year.
Tables showing the following information are published in the
appendix of this report: Comparative statement of transactions of the
New York Clearing House, annually since 1854; comparative statement of transactions of the New York Clearing House in years ended
September 30, 1929 and 1928; exchanges, balances, and percentages
of balances to exchanges, etc., by the New York Clearing House,
annually since 1893; comparative statement of the exchanges of clearing houses of the United States by pities, for years ended September
30, 1929 and 1928, and comparative statement of transactions of
clearing-house associations in the 12 Federal reserve bank cities and
elsewhere, in years ended September 30, 1929 and 1928.
BANKS OTHER THAN NATIONAL
Through the cooperation and courtesy of officials of banking departments of the various States, Alaska, and insular possessions, the
comptroller is enabled to present in this report, as required by section
333, Eevised Statutes, statistics in relation to each class of reporting
banks other than national.
79003°—30
-7
Officials of State banking departments and number of each class of banks under their supervision in June, 19291 from which reports of condition
were received
00
00
Banks
States, etc.
Names of officials
Loan
State
trust
(com- and
compamercial)
nies
Titles
Stock
savings
Mutual
savings
Private
Total
s
3
o
Maine _ _
. .
New Hampshire
Vermont
Massachusetts
Rhode Island
._
Connecticut
Total New England States
New York
... . „ .
New Jersey
Pennsylvania
Delaware
_
Maryland...
District of Columbia
Total Eastern States
Virginia...
_.
West Virginia
North Carolina
South Carolina
Georgia
Florida
Alabama
.__
Mississippi.
Louisiana
Texas
. . . .
Arkansas
Kentucky
Tennessee
Total Southern States
John G. Smith
Arthur E. Dole
Robert C. Clark
Roy A. Hovey
_.
George H. Newhall..Lester E Shippee
Joseph A. Broderick__
Frank H. Smith.
Peter G. Cameron
Harold W. Horsey....
George W. Page
Joseph Button
II A. Abbot
John Mitchell
Albert. S. Fant
A. B. Mobley
Ernest Amos
D. F. Green
J. S. Love
J. S. Brock
James Shaw
Walter E. Taylor
_ 0. S. Denny
H. L. Grigsby
Bank commissioner
. do
Commissioner of banking and insurance
Commissioner of banks
State bank commissioner
48
15
39
101
11
98
33
52
19
196
9
75
17
81
67
58
297
23
190
3
312
384
17
716
236
35
271
6
113
144
199
417
26
26
7
150
27
9
2
14
49
6
31
22
579
268
728
34
153
29
661
819
23
202
86
1,791
3
320
194
355
170
344
202
244
299
193
730
347
434
391
3
do
Superintendent, banking department
_
Commissioner, department of banking and insurance..
Secretary, department of banking
State bank commissioner
... do _
__ Commissioner of insurance and banking
Commissioner
of banking
.
Chief State bank
examiner
State bank examiner
Superintendent of banks
Comptroller, State of Florida
Superintendent of banks
do
State bank commissioner
Commissioner, department of banking
Commissioner, State banking department
Commissioner, department of banking
_. Superintendent of banks
,
317
194
355
169
340
151
244
292
193
710
346
434
391
4,136
1
1
4
50
1
7
20
1
50
8
29
4,223
o
3
o
3
Ohio
Indiana
Illinois
„.—_
Michigan
Wisconsin
Minnesota
Iowa Missouri
.
„„_„ «.
E.H.Blair
Luther
F. Symons.. _
Oscar Nelson
R. E. Reichert
C. F. Schwenker."-,~
A. J. Veigel
L. A. Andrew
,._
S L. Cantley
Superintendent of banks
„.„.
Bank commissioner
-. .
«
Auditor of public accounts
Commissioner, State banking department
-~_~
Commissioner of banking
__, .
Commissioner of banks
„ „
Superintendent, department of banking .
Commissioner of finance _
.
-
6,010
Total Middle Western States
North Dakota
South Dakota
Nebraska
Kansas
Wyoming
Colorado
New Mexico
Gilbert Semingson . .
F R Smith
George W. Woods
H. W. Koeneke
Arthur J Lochrie
John A. Reed
Grant McFerson.- _
C. G. Shull „
State bank examiner.. . . ,_ ._ __ _ _
Superintendent of banks
Secretary, bureau of banking
Bank commissioner
„_
..
Superintendent of banks
Stata bank examiner.. _
State bank commissioner
. _.-„
State bank examiner
Bank commissioner
_ . _ __
»
- _.
-
.
Total Western States
Oregon
California
H C. Johnson
A. A. Schramm .
Will C Wood
Nevada
Arizona
W . H . Hadiock
E . J. Seaborn
J . B . Button
Idaho
Utah
E. W. Porter
Supervisor of banking
Superintendent of banks.
.
do
Commissioner, department of
finance
State bank commissioner
,
State bank examiner.. . . . . . - _
„— Superintendent of banks
_ _ ___.
_ _ ..
Total Pacific States
Alaska. _
The Territory of Hawaii
Porto Rico
Philippines
643
487
1,314
585
785
779
332
1,085
W . G. Smith
Secretary, territorial banking board _
Governor of Hawaii
Treasurer « ._
__„__ .
Insular treasurer
„
-
305
296
675
809
128
62
144
28
342
3
5
158
24
16
16
13
105
332
60
112
42
1
706
762
1,314
648
807
800
1,063
1,191
251
7,291
36
3
6
5
67§
19
679
i
308
303
688
330
129
62
157
30
342
8
2,349
5
2
17
4
i
13
1
2,789
39
228
137
194
94
78
22
32
5
4
30
1
19
4
2
3
1
785
45
24
13
10
18
12
11
63
11
14,437
1,608
18
5
238
142
244
94
85
25
32
1
6
860
13
21
18
12
.
Total possessions...
Total United States and posses-
64
747
611
391
17,794
CO
CO
90
BEPORT OF THE COMPTROLLER OF THE CURRENCY
State (Commercial) Banks
The statements following show a summary of the resources and
liabilities of State (commercial) banks on June 29, 1929, and a comparison of these items with the amounts reported as of June 30, 1928:
Summary of reports of condition of 14,48? State (commercial) banks in the United
States and possessions at the close of business June 29, 1929
[In thousands of dollars]
RESOURCES
Loans and discounts (including rediscounts):
Real estate loans, mortgages, deeds of trust, and
other liens on real estate—
On farm land
.
799, 745
On other real estate
912,256
Loans secured by United States Government and
other bonds, stocks, and securities (exclusive of
loans to banks)
1, 839, 344
Loans to banks
4, 999
Commercial paper bought in open market; acceptances payable in United States; and notes, bills,
and acceptances payable in foreign countries
674, 052
All other loans
_..
-..
6, 131, 327
Total.....
—.
10, 361, 723
Overdrafts
38,016
Investments:
United States Government securities
_„._ 571, 806
State, county, and municipal bonds
318, 325
Railroad and other public service corporation bonds. 161, 642
Stock of Federal reserve banks and other corporations
38, 792
Foreign government bonds and other foreign securities31, 583
Other bonds, notes, warrants, etc
1, 962, 524
Total
Banking house, furniture and
fixtures
Real estate owned other than banking house
Cash in vault:
Gold coin
Gold certificates
All other cash in vault
Not classified
„
_-_-_
6, 409
5, 678
133, 437
168, 473
Total
Reserve with Federal reserve banks or other reserve agents
Other amounts due from banks
Exchanges for clearing house and other cash items
Other resources (including securities borrowed, acceptances of other
banks and bills of exchange or drafts sold with indorsement, and
customers' liability on account of acceptances)
Total resources
3, 084, 672
464, 469
152, 629
-------
313,997
866, 173
903, 315
298, 859
340, 462
16, 824, 315
LIABILITIES
Capital stock paid in
_
Surplus
Undivided profits—net
Reserves for dividends, contingencies, etc
Reserves for interest, taxes, and other expenses accrued and unpaid _.
Due to banks (demand balances)
Certified and cashiers' checks (including dividend checks), and cash
letters of credit and travelers' checks outstanding
1, 155, 878
804,400
237, 422
56, 054
41, 554
649, 980
113, 219
KEPORT OF THE COMPTROLLER OF THE CURRENCY
91
Demand deposits (other than bank and United States):
Individual deposits subject to check
5, 756, 067
State, county, and municipal deposits
516, 534
Certificates of deposit (other than for money borrowed)
__ 149, 237
Other demand deposits._„__...._
93, 425
Total
_
m m r r i T e, 515,263
Time deposits (including postal savings):
State, county, and municipal deposits
_
33, 890
Deposits of other banks
--._
1, 598
Other time deposits—
Deposits evidenced by savings pass books
4, 635, 318
Certificates of deposit (other than for money
borrowed)
„
__ 1, 460, 984
Time deposits, open accounts; Christmas savings accounts, etc
151, 662
Postal savings deposits
15, 004
Total
. . . . 6, 298, 456
United States deposits (exclusive of postal savings)
7, 310
Deposits not classified
.
_ __..
2, 742
Total deposits
_
13, 586, 970
Bills payable and rediscounts „
454, 842
Agreements to repurchase United States Government or
other securities sold
„__
3, 148
Acceptances executed for customers and to furnish dollar exchange-.
44, 279
Other liabilities (including securities borrowed and acceptances of
other banks and bills of exchange or drafts sold with indorsement),
....
439, 768
Total liabilities-.
16, 824, 315
Resources and liabilities of State (commercial) banks in the United States and
possessions June 29, 1929, compared with June 8G, 1928
[In thousands of dollars]
June 29,
1929
Number of banks.,.
June 30,
1928
Increase
14,437
15,078
10,361,723
38,016
3,084, 672
464, 469
152,629
313, 997
9,450,337
34, 535
3,542,177
458,961
145,434
367, 270
911,386
3,481
866,173
903,315
802,255
63, 918
215,437
366, 019
16, 291,003
83,422
641
RESOURCES
Loans and discounts (including rediscounts)
,
Overdrafts
„ ...
.
....
Investments
Banking house, furniture and fixtures _
__.._....
Real estate owned other than banking house
Cash in vault
„
._ __.
Reserve with Federal reserve banks or other reserve
agents.
Other amounts due from banks
Exchanges for clearing house and other cash items
Other resources
______
Total resources
340, 462
16, 824, 315
457, 505
5,508
7,195
53,273
5,263
~25~557
533,312
LIABILITIES
Capital stock paid in..
Surplus
_
„
Undivided profits—net
„_„
Reserves for dividends, contingencies, etc
Reserves for interest, taxes, and other expenses accrued
and unpaid
Due to banks
....
Certified and cashiers' checks and cash letters of credit
and travelers' checks outstanding.
Demand deposits
-- ,
Time deposits (including postal savings)
United States deposits
Deposits not classified
Total deposits..
Bills payable and rediscounts
Agreements to repurchase securities sold
Acceptances executed for customers
_
Other liabilities
Total liabilities....
1,155,878
804,400
237, 422
56,054
41, 554
64.9,980
113, 219
6, 515, 263
6, 298,456
7,310
2,742
13, 586, 970
454, 842
3,148
44, 279
439, 768
16,824, 315
1,051,182
737,475
104,696
66,925
285,926
49,104
513,947
109,940
6,130, 757
6, 228, 713
7,855
365, 665
13,356, 877
399, 365
136,033
3,279
384, 506
69, 743
460,178
230,093
55, 477
27,017
16, 291,003
533,312
545
362,923
92
BEFOET OF THE COMPTROLLER OF THE CURRENCY
Loan and trust companies
Tho statements following show a summary of the resources and
liabilities of loan and trust companies on June 29, 1929, and a comparison of these items with the amounts reported as of June 30, 1928:
Summary of reports of condition of 1,608 loan and trust companies in the United
States and possessions at the close of business June 29, 1929
[In thousands of dollars]
RESOURCES
Loans and discounts (including rediscounts):
Real estate loans, mortgages, deeds of trust, and
other liens on real estate—
On farm land
„
739,316
On other real estate
„ 659,935
Loans secured by United States Government and
other bonds, stocks, and securities (exclusive of
loans to banks)
4, 186, 117
Loans to banks
1., 632
Commercial paper bought in open market; acceptances payable in United States; and notes, bills,
and acceptances payable in foreign countries
1, 727, 677
All other loans
---.„
— 1, 997, 202
Total
.
.9, 311, 879
Overdrafts
.
7, 585
Investments:
United States Government securities
364, 380
State, county, and municipal bonds__„
153, 746
Railroad and other public service corporation
bonds
457,276
Stock of Federal reserve banks and other corporations
109,484
Foreign government bonds and other foreign securities. _'
.
35, 066
Other bonds, notes, warrants, etc
2, 301, 721
t Total
Banking house, furniture and
fixtures
Real estate owned other than banking house._ Cash in vault:
Gold coin..Gold certificates
.
Ail other cash in vault
Not classified..-.
.
-_
4, 043
4, 258
61, 746
86, 533
Total
Reserve with Federal reserve banks or other reserve agents.»
Other amounts due from banks
Exchanges for clearing house and other cash items
„
Other resources (including securities borrowed, acceptances of other
banks and bills of exchange or drafts sold with indorsement, and
customers' liability on account of acceptances)
~
Total resources
3, 421, 673
385, 112
68, 221
_.
156,580
923, 415
553, 577
594, 823
732, 310
16, 155, 175
LIABILITIES
Capital stock paid in
Surplus
.
Undivided profits—net
Reserves for dividends, contingencies, etc
„.»»
Reserves for interest, taxes, and other expenses accrued and unpaid.. Duetto banks (demand balances)
Certified and cashiers' checks (including dividend checks), and cash
letters of credit and travelers' checks outstanding
-_.._..
941, 333
1, 454, 504
208, 632
9, 958
24, 394
792, 134
350, 881
BSPORT OD THE COMPTROLLER OF THE CURRENCY
93
Demand deposits (other than bank and United States):
Individual deposits subject to check
6, 408, 059
State, county, and municipal deposits..
248? 301
Certificates of deposit (other than for money borrowed)
108, 066
Other demand deposits
.
193, 603
Total
___-_.„
„_„__._„„„
6, 956, 032
Time deposits (including postal savings):
State, county, and municipal deposits
„_„
39, 525
Deposits of other banks
50, 031
Other time deposits—
Deposits evidenced by savings pass books- _.
3, 264, 721
Certificates of deposit (other than for money
borrowed)
292, 170
Time deposits, open accounts; Christmas savings accounts, etc
„
329, 705
Postal savings deposits
13, 380
Total
„„__„___
..... ..
_„
__„„_ 3, 989, 532
United States deposits (exclusive of postal savings) „__„„ „ _ _
44, 134
Deposits not classified
„__„
.
13, 985
Total deposits
-___
.
..... .
12, 146, 698
Bills payable and rediscounts437, 992
Agreements to repurchase United States Government or other securities sold
_._ _„
.
2, 669
Acceptances executed for customers and to furnish dollar exchange. .
12, 942
Other liabilities (including securities borrowed and acceptances of
other banks and bills of exchange or drafts sold with indorsement) _
916, 053
Total liabilities
.
.
„____ .
16, 155, 175
Resources and liabilities of loan and trust companies in the United States and
possessions June 29, 1929, compared with June SO, 1928
[In thousands of dollars]
June 29,
1929
Number of banks
„
-
!
1,608
June 30,
1928
Increase Decrease
1, 633
25
RESOUECES
Loans and discounts (including rediscounts)
._.....— 9,311,879 8,298,341 ,013,538
5,138
Overdrafts
„
7,585
2,447
Investments._
.....
_.—...
- . - - 3,421,673 3,874, 652
333,652
51,460
Banking house, furniture and
fixtures
_.—_. --- 385,112
88,056
Real estate owned other than banking house
—_
-68,221
151, 571
5,009
Cash in vault
— _ . 156,580
819,697 103,718
Reserve with Federal reserve banks or other reserve agents._
923,415
510,014
43, 563
Other amounts due from banks. _
_
553,577
551, 587
43, 236
Exchanges for clearing house and other cash items
594,823
598,188 134,122
Other resources.
.
732,310
16,155,175 j 15,230,896 924, 279
Total resources........_.
.........
452,979
19,835
LIABILITIES
803,328 138,005
Capital stock paid in
.._..........—
941,333
1,085,968 368,538
Surplus
._„...-_1,454,504
Undivided profits—net
208,632
Reserves for dividends, contingencies, etc
9,958
27,446
215, 538
Reserves for interest, taxes, and other expenses accrued and
unpaid.—.-...
._——....
24,394
816,443
Due to banks
792,134
Certified and cashiers' checks and cash letters of credit and
11,995
338, 886
travelers' checks outstanding
._.
350,881
52,175
6,903, 857
Demand deposits--.,
__
_
._..
6,956,032
31,663
3,957,869
Time deposits (including postal savings) _
__..__.__
3,989,532
15,432
28, 702
United States deposits
-.
44, .134
1,208
12, 777
Deposits not classified
13,985
88,164
Total deposits
„_.._
. , . . . 12,146,698 12,058, 534
349,926
Bills payable and rediscounts.
437,992
Agreements to repurchase securities sold
._
2,669
Acceptances executed for customers
12,942 ' 717,602 214,062
Other liabilities
„
916,053
Total liabilities
„...„.......„—
~i67l557l7if 15, 230, 896 924, 279
24,309
94
KEPORT OF THE COMPTROLLER OF THE CURRENCY
Principal items of resources and liabilities of loan and trust companies in June of
each year, 1914 to 1929
The principal items of resources and liabilities of loan and trust
companies for years ended June 30, 1914 to 1929, inclusive, are shown
in the statement following:
[In millions of dollars]
Year
1914
1915
1918
1917
1918
19191920
1921
1922
1923
1924
1925 •
1926.
1927
1928
1929
Number
— _.
1,564
1,664
1,606
1,608
1,669
1,377
1,408
1,474
1,550
1,643
1,6Gi
1,680
1,656
1,647
1,633
1,608
Investments
Loans l
2,905. 7
3,048. 6
3,704. 3
4,311. 7
4,403.8
4,091. 0
4,601. 5
4,277.1
4, 345.4
5,064.1
5,299. 0
6,126. 6
6,757. 5
7,483.3
8,303. 5
9,311. 9
Capital
1,261. 3
1,349.6
1,605.4
1,789. 7
2,115. 6
2,069. 9
1,902.1
1,942. 6
2,311.1
2,423. 8
2, 748. 4
2,801. 3
2,806. 8
3,498.8
3,874. 7
3,421.7
482.2
476.8
475.8
505.5
525.2
450.4
475. 7
515.5
532.3
591. 4
621.0
643.4
673.0
745.6
803.3
941.3
Surplus
and profits
564.4
577.4
605.5
641.8
646.9
588.6
612.1
649.5
680.2
739.9
813.2
882.2
994.2
1,128. 0
1,301. 5
1,663.1
Total
deposits
Aggregate
resources
4,289.1
4,604.0
5,732.4
6,413.1
6,493. 3
6,167.2
6,518. 0
6S175. 0
6,861. 2
6,831. 0
7,785. 3
9,465. 6
9,839. 4
11,333. 0
12,058. 5
12,146. 7
5,489.5
5,873.1
7, 028. 2
7,899. 8
8, 317.4
7,959. 9
8,320.0
8,181.0
8, 533. 8
9,499. 2
10, 323.8
11, 565. 6
12,205.2
13,994.8
15,230.9
16.155. 2
* Including overdrafts.
Stock savings banks
The statements following show a summary of the resources and
liabilities of stock savings banks on June 29, 1929, and a comparison
of these items with the amounts reported as of June 30, 1928:
Summary of reports of condition of 747^ stock savings banks in the United States at
the close of business June 29, 1929
[In thousands of dollars]
RESOURCES
Loans and discounts (including rediscounts):
Real estate loans, mortgages, deeds of trust, and other
liens on real estate—
On farm land
.
On other real estate
Loans secured by United States Government and
other bonds, stocks, and securities (exclusive of
loans to banks)
Loans to banks
Commercial paper bought in open market; acceptances payable in United States; and notes, bills,
and acceptances payable in foreign countries
All other loans...
Total
Overdrafts
Investments:
United States Government securities
State, county, and municipal bonds
Railroad and other public service corporation bonds.
Stock of Federal reserve banks and other corporations
Foreign government bonds and other foreign securities
Other bonds, notes, warrants, etc
Total
2, 938
582, 623
16, 516
179
2, 286
421, 783
1, 006, 325
230
101, 396
5, 399
12, 384
1,859
1,653
259, 571
382,262
EEPORT OF THE COMPTROLLER OF THE CURRENCY
Banking house, furniture and
fixtures
Real estate owned other than banking house—»„
Cash in vault:
Geld coin
_.---_--__._„„_
Gold certificates--... — .
—
„
All other cash in vault
..____....-_
Not classified.,
.
._
„
.
.
43, 502
21, 270
41
1, 500
8, 353
7, 451
Total
____„
„
Reserve with Federal reserve banks or other reserve agents
Other amounts due from banks
_ _ _. „
Exchanges for clearing house and other cash items
,_
Other resources (including securities borrowed, acceptances of other
banks and bills of exchange or drafts sold with indorsement, and
customers' liability on account of acceptances)
Total resources
..
95
._..
17,345
16, 888
93, 960
6, 060
2, 003
1, 589, 845
LIABILITIES
Capital stock paid in
.
„-_____
Surplus
..
Undivided profits—net
Reserves for dividends, contingencies, etc_,
„
„
Reserves for interest, taxes, and other expenses accrued and unpaidDue to banks (demand balances)„„„
Certified and cashiers* checks (including dividend checks), and cash
letters of credit and travelers' checks outstanding
Demand deposits (other than bank and United States):
Individual deposits subject to check
.
128, 738
State, county, and municipal deposits
87, 520
Certificates of deposit (other than for money borrowed)
_-_
..........____.
3? 386
Other demand deposits
_._
___
126
Total
......
.
._.„
Time deposits (including postal savings):
State, county, and municipal deposits .
„
.
106
Deposits of other banks
„
.
Other time deposits—
Deposits evidenced by savings pass books
1, 122, 263
Certificates of deposit (other than for money
borrowed)
.
104, 772
Time deposits, open accounts; Christmas savings
accounts, etc__
.
"
2, 118
Postal savings deposits
969
62, 487
40, 513
13, 624
1, 062
1, 570
8, 107
372
219, 770
Total
.
1, 230, 228
United States deposits (exclusive of postal savings)
5, 381
Deposits not classified
.
165
Total deposits
.
.
.
1, 464, 023
Bills payable and rediscounts
.
5, 336
Acceptances executed for customers and to furnish dollar exchange. _
. 54
Other liabilities (including securities borrowed and acceptances of
other banks and bills of exchange or drafts sold with indorsement).
1, 176
Total liabilities
„
1 589 845
96
REPORT OF THE COMPTROLLER OF THE CURRENCY
Resources and liabilities of stock savings hanks in the United States June 29, 1929,
compared with June SO, 1928
[In thousands of dollars]
June 29, I June 30,
1929
1923
747 |
Number of banks.
Tri
Decrease
44
791
RESOURCES
Loans and discounts (including rediscounts)
Overdrafts
_
Investments
_
_
Banking house, furniture and fixtures
Real estate owned other than banking house
Cash in vault
Reserve with Federal reserve banks or other reserve agents..
Other amounts due from banks
_.
Exchanges for clearing house and other cash items..
Other resources
Total resources
1, 006, 325
230
382, 262
43, 502
21, 270
17, 345
16, 888
93,960
6,080
2,003
43,644
1, 049,969
207
427,987
45, 791
23, 335
19,912
27,917
87, 864
20,149
4,066
23
45,725
2, 289
2,065
2,567
11,029
14, 089
2,063
1,589,845 j 1,707,197
-I
Jl
117,3-52
LIABILITIES
Capital stock paid in...
_._.
Surplus....
Undivided profits—net
Reserves for dividends, contingencies, etc
Reserves for interest, taxes, and other expenses accrued and
unpaid
Duo t o banks
__„
_.
Certified and cashiers' checks and cash letters of credit and
travelers' checks outstanding
Demand deposits
_
_
Time deposits (including postal savings).
United States deposits
>
„___.
Deposits not classified..
„___
Total deposits
__.
__.
Bills payable and rediscounts.Agreements to repurchase securities sold
Acceptances executed for customer
Other liabilities
„.._„
Total liabilities
62,487
40, 513
13, 624
1,062
6,391
1,959
17, 099
843
1, 570
8,107
10,995
2,888
372
219, 770
1, 230, 228
5,381
165
1,464, 023
5, 336
461
215, 206
1, 345,996
343
16
1,573,017
3,141
54 I
4,584
'I'oss'
149
115,768
~108~9§4
2,195
2,590
1,352
1,707,197
117, 360
1,176 I
1,589,845
Mutual
68,878
42, 472
savings banks
The statements following show a summary of the resources and
liabilities of mutual savings banks on June 29, 1929, and a comparison
of these items with the amounts reported as of June 30, 1928:
Summary
of reports of condition of 811 m,utual savings banks in the United States
at the close of business June 29, 1929
[In thousands of dollars]
RESOURCES
Loans and discounts (including rediscounts):
Real estate loans, mortgages, deeds of trust, and
other liens on real estate—
On farm land
.
4, 631, 396
On other real estate
683, 623
Loans secured by United States Government and
other bonds, stocks, and securities (exclusive of
loans to banks)
48, 143
Loans to banks
25
Commercial paper bought in open market; acceptances payable in United States; and notes, bills,
and acceptances payable in foreign countries
10, 770
All other loans
427, 532
Total.
__„
„
5, 801, 489
REPORT OF THE COMPTROLLER OF THE CUBBENCY
97
Investments:
United States Government securities
.
177, 759
State, county, and municipal bonds
„
509, 382
Railroad and other public service corporation bonds- 1, 175, 490
Stock of Federal reserve banks and other corporations
_
77,501
Foreign government bonds and other foreign securities
._
64,518
Other bonds, notes, warrants, e t c . .
1, 771, 120
Total
Banking house, furniture and
fixtures
Real estate owned other than banking house
Cash in vault:
Gold coin
...
.
Gold certificates
.
All other cash in vault._.
___
Not classified.--^-..--------
...
...._._
.
.
„_-__
3, 775, 770
110, 269
23, 059
....
1, 083
598
4, 750
25, 064
Total
_
„
..
..
Reserve with Federal reserve banks or other reserve agents
....
Other amounts due from banks
Exchanges for clearing house and other cash items__„
Other resources (including securities borrowed, acceptances of other
banks and bills of exchange or drafts sold with indorsement, and
customers' liability on account of acceptances)
...
Total resources.--.
-
31,495
35, 986
150, 137
5, 946
72, 301
10,006,452
-
'
•
'
—
LIABILITIES
Surplus
.—. . . . —
Undivided profits—net
....
Reserves for dividends, contingencies, etc
.
.
_.
Reserves for interest, taxes, and other expenses accrued and unpaid.
Due to banks (demand balances)
.
..
Certified and cashiers' checks (including dividend checks) and cash
letters of credit and travelers* checks outstanding
„__-___
Demand deposits (other than bank and United States):
Individual deposits subj ect to check
..
18, 085
State, county, and municipal deposits_„
....
250
Certificates of deposit (other than for money borrowed)
.
.
50
Other demand deposits
. . ..
80, 088
823,693
147, 725
13, 527
1, 229
182
Total..-.--Time deposits:
State, county, and municipal deposits .
.
243
Other time depositsDeposits evidenced by savings pass books. __._- 8, 889, 914
Certificates of deposit (other than for money
borrowed)
— _. —.
876
Time deposits, open accounts; Christmas savings accounts, etc_--_--_
12, 093
98,473
Total
.— — .
-------Deposits not classified
„
. . . . ._____.
_-..___-.Total de-posits
....
„
Bills payable and rediscounts
Other liabilities (including securities borrowed and acceptances of
other banks and bills of exchange or drafts sold with indorsement)-
8, 903, 126
1, 519
9, 003, 346
1, 366
Total liabilities
........
————....
46
15, 566
- - - 10, 006, 452
98
REPORT OF THE COMPTROLLER OF THE CURRENCY
Resources and liabilities of mutual savings banks in the United States June
compared with June 80f 1928
29,1929,
[In thousands of dollars]
June 29,
1929
Number of banks_
June 30,
1928
Increase Decrease
611
616
5,801,489
3S 775,770
110, 269
23,059
31,495
35,986
150,137
5,946
72,301
5, 511,918
3,750,591
100, 716
14,600
31,162
210,698
1,726
68,748
4,220
5,553
10,006,452
9,688,159
318, 293
823,693
147,725
13, 527
851, 590
RESOURCES
Loans and discounts (including rediscounts)
Investments
Banking house, furniture and fixtures
Eeal estate owned other than banking house
Cash in vault
Reserve with Federal reserve banks or other reserve agents.
Other amounts due from banks
Exchanges for clearing house and other cash items
Other resources
„.-_-....
Total resources..
289,571
25,179
9,553
333
60, 561
LIABILITIES
Surplus
Undivided profits—net
.
Reserves for dividends, contingencies, etc
Reserves for interest, taxes, and other expenses accrued
and unpaid._
Due to banks
_
„
Certified and cashiers' cheeks and cash letters of credit and
travelers' checks outstanding
Demand deposits.„..»
_
Time deposits
Deposits not classified._.
•-Total deposits
Bills payable and rediscounts
Agreements to repurchase securities sold
Acceptances executed for customers.
Other liabilities
Total liabilities
1,229
182
46
98,473
8,903,126
1,519
9, 003, 346
1,366
148, 586
27,897
13,895
204
22
174
6,962
8, 665,803
58
8,673,201
540
128
91, 511
237,323
1,461
330,145
14,242
1,324
9,688,159
318, 293
15, 566
10,006,452
Depositors and deposits in mutual and stock savings hanks
Statements showing information relative to the number of mutual
and stock savings banks in each State, the number of depositors,
the amount of individual deposits, the average amount due each
depositor, and the average rates of interest paid by banks in each
State, June 30, 1928 and 1929, with similar information for each
year 1914 to 1929, follow:
Number of mutual savings banks, number of depositors, individual deposits and average deposit account^ by States, June SO', 1928 and 1929
1929
1928
States
Number
Depositors
of banks
Deposits
Average
d u e each
depositor
Average
rate of interest paid
Number Depositors
of banks
Deposits
Average
1 due each
depositor
Average
rate of Interest paid
S
1-3
Maine
New Hampshire __
Vermont
Massachusetts
Rhode Island
Connecticut
-
-.
.
...
-
Total New England States.———
New York
New Jersey
Pennsylvania
Delaware.
Maryland
-
_
._
_
-
-
Total Eastern States
Ohio
Indiana
Wisconsin
Minnesota..-
-
-
-
_-
-
Total Middle Western States
Washington
California
_
—
Total Pacific States
._
$113,602,000
2 208,044,000
97,336, 000
1,955,956,000
166,866,000
608,986, 000
85
53
19
196
11
75
229,367
i 364,663
i 140, 742
2,931,837
234,441
887,667
389
4,788,717
3,150,850,000
657,97
149
27
»10
2
14
4, 938, 635
473, 796
653, 021
47,480
351,406
43 301,347, 0C0
255,028, 000
429,629,000
24,399,000
187, 575,000
870.96
538. 27
657.91
513. 88
533.78
202
6,464,338
5,197,978,000
804.10
3
5
6
5
» 123,054
1 39,4S6
19, 553
140,023
97,290,000
24,181,000
7, 692,000
69,594,000
790.63
612. 39
393. 39
497.02
19
322,116
198,757,000
617.04
i
84. 923
72; 049
50,416,000
74,822,000
593. 67
1,038.49
$495.55
570. 51
691. 59
667.14
711.76
686.05
Per cent
4.00
3.79
4.50
4.71
4.36
4.60
4.17
3.16
2.38
4.00
4.00
4. CO
4.50
3.30
4.00
5.00
4.00
33
52
19
196
9
75
225, 782
334,930
127,961
2,973,468
196, 380
904,981
384
4, 763, 508
3, 266,838,000
685.80
150
27
39
2
14
5,116,151
460, 525
542, 029
47. 691
325,148
4,463,046,000
267,167,000
447? 124,000
24, 641,000
194,199,000,,
872.34
580.14
824.91
516.68
597.26
202
6,491, 544
5,396,177,000
831.26
3
5
8
5
128,486
1 39, 563
20,968
141,063
104,4C6,000
24,505,000
8, 550,000
71, 797,000
812.99
619. 39
407. 76
508.97
19
330,090
209,318,000
634.12
5
1
93,074
69, 869
53, 739,000
75, 527,000
577. 38
1,080.98
$113,402,000
2 215, 759,000
98,813,000
2,042, 506,000
169, 300,000
627,058,000
$502. 26
644.19
772.21
686.91
862.08
692.90
6
156,972
125, 238,000
797.34
6
162,943
129, 266,000
793.32
616
11,732,143
8, 672, 823,000
739.24
611
11, 748, 085
9,001, 599,000
766.22
Per cent
4.00
4.08
4.17
4.74
4.34
4.75
1 Estimated.
2 Includes savings of 11 trust companies and 11 guaranty savings banks.
lj
O
4.00
3.97
3.96
4.50
4.00
4.00
4.00
3.00
3.75
g
o
p
4.75
4.25
•
Total United states
o
•
—
•
^ Includes returns of 1 stock savings bank.
CD
Number of stock savings banks, number of depositors, individual deposits and average deposit account, by States, June SO, 1928 and 1929
1929
1928
States
New Jersey
...
District of Columbia
«.
..
__ _
Total Eastern States
Florida
Mississippi
Number Depositors
of banks
, .
.
Total Southern States.
Michigan
Iowa
Nebraska
Oregon
California
Utah
Nevada
40,965
120,142
$26, 607,000
38,037,000
$649. 51
316.60
23
161,107
64, 644, 000
401.25
3
8
6.477
1 21, 549
1, 676, 000
5, 576, 000
258.76
258. 76
11
28,026
7,252,000
258. 76
23,102
1, 292,953
18,710, 000
365,673,000
809.89
282.82
1,316,055
384,383,000
292.07
708
„
.
-
1
Per cent
3.00
3.50
4.00
3. 50
4.00
Deposits
Average
due each
depositor
1
22
40,349
130,069
$25,546,000
40,519,000
$633.13
311.52
23
170,418
66,065,000
387.66
1
7
3,930
i 5, 730
1,210,000
3, 708,000
307.89
647.12
8
9,660
4,918,000
509.11
3
676
19,179
428,229
18,605,000
383,274,000
970.07
848.32
679
447,408
381,879,000
853. 54
Average
rate of interest paid
4.00
4.00
O
14, 533
4,193, 000
288. 52
4.00
13
12,298
4,012,000
326.23
4.00
> 28,708,000
3
1,044,337,000
23,270,000
4,431,000
248.88
664.88
370.97
1,137.61
3.26
4.00
4.00
4.00
1
19
3
1
621
1, 587,274
63, 562
14,288
493,000
'963,444,000
24, 273,000
4,914,000
793.88
606.98
381.88
1,145.99
3.00
4.00
4.00
4.00
*
3,655,745
993,124,000
599.81
2,295, 529
1,449,998,000
631.66
36
1,752,694
1,100,746,000
3, 272,415
1, 561, 218,000
628.03 477. 08
* Includes savings of 104 commercial banks.
-!
747
3
Includes savings of departmental banks.
o
3.50
3.50
115, 347
1, 570, 724
62, 728
3,895
791
3
Per cent
4.00
3.50
2
30
3
1
Total United States
Average
rate of in- Number Depositors
terest paid of banks
13
Total Pacific States
i Estimated.
Average
due each
depositor
1
22
704
Total Middle Western States
Deposits
o
EEPOKT OF THE COMPTROLLER OF THE CTJKKENCY
101
Number of savings banks (mutual and stock) in the United States, number of depositors, amount of individual deposits, and average amount due each depositor
in years ended June 80, 1914, to 1929, inclusive
[For prior years, see annual report for 1920, vol. 1, pp. 236-242]
Year
Banks
1914—Mutual savings banks...
Stock savings banks
191.5—Mutual savings banks...
Stock savings banks
1916—Mutual savings banks...
Stock savings b a n k s . . . . .
1917—Mutual savings banks...
Stock savings banks. .__.
1918—Mutual savings banks...
Stock savings banks
1919—Mutual savings banks...
Stock savings banks
1920—Mutual savings banks
Stock savings banks
1921—Mutual savings banks...
Stock savings banks
1922—Mutual savings banks...
Stock savings banks
1923—Mutual savings banks...
Stock savings banks
1924—-Mutual savings banks...
Stock savings banks
.
1925—Mutual savings banks...
Stock savings banks
1928— Mutual savings banks...
Stock savings banks
1927—Mutual savings banks...
Stock savings banks
1928—Mutual savings banks...
Stock savings banks.
1929—Mutual savings banks,..
Stock savings banks..
631
1,466
630
1,529
622
1,242
622
1,185
1.194
'622
1,097
620
1,087
623
978
619
1,066
618
15O29
613
990
611
972
620
904
618
843
616
791
611
747
Depositors
8,277,359
2,832,140
8, 307, 787
2, 977, 968
8, 592, 271
2, 556,121
8, 935,055
2,431, 958
9, 011, 404
2, 368, 089
8, 948, 808
2,486,073
9,445,327
1,982,229
9,619, 260
1,118,583
9,6,55,881
2,883,136
10,057,436
3,282, 897
10,409,776
3, 562,017
10,616,215
4,040, 312
11,053, 888
4, .107,913
11,337,398
3,476, 873
11,732,143
3,272,415
11, 74S, 085
2,295, 529
Deposits
$3,915,555,286
1,018,330,071
3,950, 585,631
1,046,098,917
4,187,916,941
901,936,188
4,422,489,344
996,165,031
4,422, 092,991
1, 049, 694,890
4, 751,300,000
1,152,127,000
5,186,952,000
1,351,242,000
5,575,147,000
442,851,000
5,779,506,000
1,401, 742,000
C, 288, 551,000
1, 609, 358, 000
6,693,246,000
1, 746, 609, 000
7,146, 951, 000
1,918,230,000
7, 577, 504, 000
2, 021, 614, 000
8, 077, 099, 000
1,661,803,000
8,672,823,000
1, 561,218, 000
9, 001, 599,000
1,449,998,000
Average
due eaoii
depositor
$473.04
359.56
475.53
351.28
487.40
852.85
494.96
409.61
490. 72
443. 27
530.94
463.43
549.16
681.68
579.58
395.90
598. 55
486,19
625.26
490. 22
642.98
490. 34
673. 21
474. 77
685. 51
492.13
712.43
477.88
739.24
477.08
766.22
631. 66
Private banks
The statements following show a summary of the resources and
liabilities of private banks on June 29, 1929, and a comparison of
these items with the amounts reported as of June SO, 1928:
Summary of reports of condition of 891 private banks in the United States at the
close of business June 29, 1929
[In thousands of dollars]
KESOURCES
Loans and discounts (including rediscounts):
Real estate loans, mortgages, deeds of trust, and other liens
on real estate—
On farm land
„-„.«_„_-_„__..__„
7, 641
On other real estate
„ ,..--.
7, 755
Loans secured by United States Government and other
bonds, stocks, and securities (exclusive of loans to banks) - 6, 751
Loans to banks
____
„____.,
„„_„
279
Commercial paper bought in open market; acceptances payable in United States; and notes, bills, and acceptances
payable in foreign countries
„„
1, 599
All other loans
__~„ — . „ — — - . 69, 698
Total
Overdrafts.
.
....
„
.
.
.._ — . — . — -
93,723
833
102
REPORT OF THE COMPTROLLER OF THE CURRENCY
Investments:
United States Government securities
State, county, and municipal bonds
Railroad and other public service corporation bonds
Stock of Federal reserve banks and other corporations
Foreign government bonds and other foreign securities
Other bonds, notes, warrants, etc_„
Total
Banking house, furniture and
fixtures
Real estate owned other than banking house
Cash in vault:
Gold coin
...»
Gold certificates
„
All other cash in vault
Not classified
„
„_„„_
3, 678
2, 053
1, 025
3, 746
454
16, 870
27,826
3, 418
6, 798
„
40
49
1, 153
1, 266
Total
Reserve with Federal reserve banks or other reserve agents
Other amounts due from banks
Exchanges for clearing house and other cash items
Other resources (including securities borrowed, acceptances of other
banks and bills of exchange or drafts sold with indorsement, and
customers' liability on account of acceptances)
Total resources
^
2,508
4, 787
12, 349
1, 078
3, 170
156, 490
LIABILITIES
Capital stock paid in
.
Surplus
„
„
Undivided profits—net
„
Reserves for dividends, contingencies, etc
.
»._
Reserves for interest, taxes, and other expenses accrued and unpaid.-_
Due to banks (demand balances)
Certified and cashiers' checks (including dividend checks), and cash
letters of credit and travelers' checks outstanding
Demand deposits (other than bank and United States):
Individual deposits subject to check
47, 721
State, county, and municipal deposits
3, 691 •
Certificates of deposit (other than for money borrowed)
2, 747
Other demand deposits
2, 199
9, 905
9,536
2, 479
50
61
2, 862
362
Total
„ ——
56,358
Time deposits (including postal savings):
State, county, and municipal deposits
„
126
Deposits of other banks
10
Other time deposits—
Deposits evidenced by savings pass books
27, 394
Certificates of deposit (other than for money borrowed) _ 19, 324
Time deposits, open accounts; Christmas savings
accounts, etc
2, 296
Postal savings deposits
30
Total
49,180
United States deposits (exclusive of postal savings)
1, 044
Deposits not classified
1, 710
Total deposits
_*
___. 111, 516
Bills payable and rediscounts
16, 660
Agreements to repurchase United States Government or other securities
sold
.._
46
Acceptances executed for customers and to furnish dollar exchange
19
Other liabilities (including securities borrowed and acceptances of other
banks and bills of exchange or drafts sold with indorsement)
_ 6, 218
Total liabilities
_«_
156, 490
KEPOET OF THE COMPTKOLLER OF THE CTJKEENCY
103
Resources and liabilities of private banks in the United States June 29, 1929, compared with June SO, 1928
[In thousands of dollars]
Number cf banks_
June 29,
1929
Juneo 30,'
10O
1928
391
404
93, 723
833
27,826
3,418
0, 768
2,508
4,787
12,349
1,078
3,170
86,507
389
28,959
3,347
6,862
2, 817
2, 588
13, 287
867
3, 211
_
TIncrease
Decrease
RESOURCES
Loans and discounts (including rediscounts) „
Overdrafts
Investments
„
Banking house, furniture and fixtures
Real estate owned other than banking house
Cash in vault
„.__
———
Reserve with Federal reserve banks or other reserve agents
Other amounts due from banks
_____
Exchanges for clearing house and other cash itenas,.__-._
Other resources,.,
-
_.
Total resources..
7,216
444
71
2,199
156, 490
148, 834
7,656
9,905
9,536
2,479
50
8. 278
8,329
1, 627
1,207
1, 775
8.15
1,422
1,440
153
46,074
43,090
209
10, 284
6,090
I, 044
1,133
64
309
"938
LIABILITIES
Capital stock paid in
__
......
Surplus
_
_
Undivided profits—net
_
»
Reserves for dividends, contingencies, etc
__
Reserves for interest, taxes, and other expenses accrued and
unpaid
„
«
Due to banks
„.._«
Certified and cashiers' checks and cash, letters of credit and
travelers' check outstanding._.__.„_...
-„..«.
_
Demand deposits.
_-„_...
.__,„_.„
Time deposits (including postal savings)
_...__United Statesdeposits___._—————.____
Deposits not classified.—_~
.
__-Total deposits
______>.—
_.
Bills payable and rediscounts.
Agreements to repurchase securities sold
_.
Accep lances executed for customers _
_
Other liabilities
„
__»-_
Total liabilities.
—...
61
2,862
362
56,358
49,180
1,044
1,710
111,516
16,660
46
19
6,218
21, 422
112,161
II, 989
156,490
148,834
19, 712
645
4,671
19
6,302
7,656
All reporting hanks other than national
The statements following show a summary of the resources and
liabilities of all reporting banks, other than national, on June 29,
1929, and a comparison of these items with the amounts reported
as of Juno 30, 1928:
Summary of reports of condition of 17,794 State {commercial), savings, private banks,
and loan and trust companies in the United States and possessions at the close of
business June 29, 1929
[In thousands of dollars]
RESOURCES
Loans and discounts (including rediscounts):
Real estate loans, mortgages, deeds of trust, and
other liens on real estate-—
On farm land
...
— .._.-.—
On other real estate-__._._--_-__
_Loans secured by United States Government and
other bonds, stocks, and securities (exclusive of
loans to banks)
.
Loans to banks.Commercial paper bought in open market; acceptances payable in United States; and notes, bills,
and acceptances payable in foreign countries
All other loans
_-Total
Overdrafts
79003°—30
...
.
8
„
6, 181, 036
2, 826, 192
6,096, 871
7, 114
2, 416, 384
9, 047, 542
— . 26, 575, 139
46,664
104
REPOET OF THE COMPTROLLER OF THE CURRENCY
Investments:
United States Government securities
1, 219, 019
State, county, and municipal bonds
988, 905
Railroad and other public service corporation
bonds
1, 807, 817
Stock of Federal reserve banks and other corporations
-_231,382
Foreign government bonds and other foreign
securities
133, 274
Other bonds, notes, warrants, etc
6, 311, 806
Total
Banking house, furniture and
fixtures
Heal estate owned other than banking house
Cash in vault:
Gold coin
--Gold certificates
All other cash in vault
.--.
Not classified
...
-_-
10, 692, 203
1, 006, 770
271,977
11, 616
12,083
209, 439
288, 787
Total
521,925
Reserve with Federal reserve banks or other reserve agents
1, 847, 249
Other amounts due from banks
_
1, 713, 338
Exchanges for clearing house and other cash items
906, 766
Other resources (including securities borrowed, acceptances of other
banks and bills of exchange or drafts sold with indorsement, and
customers' liability on account of acceptances)
1, 150, 246
Total resources..-44, 732, 277
LIABILITIES
Capital stock paid in
_
„..
2, 169, 603
Surplus
„
3, 132, 646
Undivided profits—net
--_
609, 882
Reserves for dividends, contingencies, etc
80, 651
Reserves for interest, taxes, and other expenses accrued and unpaid- _
68, 808
Due to banks (demand balances)
1, 453, 265
Certified and cashiers' checks (including dividend checks), and cash
letters of credit and travelers' checks outstanding
._464, 880
Demand deposits (other than bank and United States):
Individual deposits subject to check .
12, 356, 670
State, county, and municipal deposits
856, 296
Certificates of deposit (other than for monev
borrowed)
_,
263, 486
Other demand deposits
_-__
369, 444
Total
„
.
' 13, 845, 896
Time deposits (including postal savings):
State, county, and municipal deposits
„.
73, 890
Deposits of other banks
51, 639
Other time deposits—
Deposits evidenced by savings pass books
17, 939, 610
Certificates of deposit (other than for money
borrowed)
1,878, 126
Time deposits, open accounts; Christmas savings accounts, etc
497, 874
Postal Savings deposits
29, 383
Total
„
.
„
20, 470, 522
United States deposits (exclusive of postal savings)-.57, 869
Deposits not classified
20, 121
Total deposits
36, 312, 553
Bills payable and rediscounts
916, 196
Agreements to repurchase United States Government or other securities sold_____-___5, 863
Acceptances executed for customers and to furnish dollar exchange. _
57, 294
Other liabilities (including securities borrowed and acceptances of
other banks and bills of exchange or drafts sold with indorsement) - 1, 378, 781
Total liabilities
44, 732, 277
REPORT OD THE COMPTROLLER OF THE CURRENCY
105
Resources and liabilities of State {commercial), savings, private banks, and loan and
trust companies in the United States and possessions June 29, 1929, compared
with June SO, 1928
[In thousands of dollars]
June 29,1929 June 30,1928 Increase
17,794
18,522
26,575,139
46,664
10,692,203
1,006, 770
271,977
521, 925
24,897,072
40,269
11,624,366
942,467
278,287
572,732
2,178,067
6,395
1,847,249
1, 713, 338
906, 766
1,150,246
1,652,457
1,730,441
789,766
1,038, 232
194,792
44, 732,277
43,066,089
1,666,188
2,169,603
3,132,646
609,882
80,651
1,931,666
2,725,834
237,937
406,812
G68,924
90,417
1,453,265
1,343,011
110,254
464,880
13,845,896
20,470, 522
57,869
20,121
36,312,553
916,196
5,863
57,294
1,378, 781
449,614
13,302,856
20,241,471
36,900
399,938
35,773,790
764,961
15,266
543,040
229,051
20,9G9
1,200,914
241,024
43,086,089
1, 666,188
Number of banks..
Decrease
RESOURCES
Loans and discounts (including rediscounts)
Overdrafts
Investments
__.__
.
Banking house, furniture and fixtures
Heal estate owned other than banking house
Gash in vault
Eeserve with Federal reserve banks or other reserve
agents
.
Other amounts due from banks
.
Exchanges for clearing house and other cash items.....
Other resources
Total resources.,
Capital stock paid in
Surplus
...._-.
Undivided profits—net
Reserves for dividends, contingencies, etc
Eeserves for interest, taxes, and other expenses accrued
and unpaid
.
Due to banks._
Certified and cashiers' checks and cash letters of credit
and travelers' checks outstanding
Demand deposits
_
Time deposits (including postal savings)
United States deposits
„
Deposits not classified
Total deposits.
Bills payable and rediscounts.-Agreements to repurchase securities sold-..
Acceptances executed for customers
Other liabilities.
Total liabilities.
_.
_
-
:,
732. 277
932,163
64,303
6,310
50,807
17,103
117,000
112,014
379,817
538, 763
151,235
106
BE PORT OF THE COMPTROLLER OF THE CURRENCY
The resources and liabilities of each class of reporting banks, other
than national, June 29, 1929, are shown in the following table:
Resources and liabilities of 17,794 State {commercial) banks, loan and trust companies, savings banks, and private banks, June 29, 1929
pn thousands of dollars]
14,437
1,008
loan and
State
trust
(commercial) banks companies
747 stock
savings
banks
611
mutual
savings
banks
391
private
banks
Total,
17,794
banks
10,361,723
38,016
3,084,672
9,311,879
7,585
3,421,673
1,008,325
230
382,262
5,801,489
3, 775, 770
93,723
833
27,826
26,575,139
46,664
10,692,203
464,469
385,112
43,502
110,269
3,418
1,006,770
152, 629
313, 99?
68,221
156, 580
21,270
17,345
23,059
31,495
2,508
271,977
521,925
866,173
903,315
923,415
553,577
16,888
93,960
35,986
150,137
4,787
12,349
1,847,249
1, 713,338
340,462
594.823
732', 310
6,060
2,003
1, 589,845
5,946
72,301
10, QQ6,452
1,078
3,170
156,490
906,766
1,150,246
44, 732, 277
941,333
1,454, 504
208,632
62,487
40, 513
13,624
823, 693
147, 725
9, 905
9, 530
2,479
2,169,603
3,132, 646
009,882
9,958
1,062
13, 527
50
80,651
24,394
792,134
1,570
8,107
1,229
182
61
2,862
1,453,265
350,881
6,956,032
372
219,770
46
98,473
362
56,358
13,845,896
3,989, 532
44,134
13,985
12,146, 698
437,992
1,230,228
5,381
165
1,464, 023
5,336
8, 903,126
1,519
9,003,346
1,366
49,180
1,044
1,710
111, 510
16, 660
20,470, 522
57,869
20,121
36,312, 553
916,196
15, 566
46
19
6,218
10,006,452
156,490
5,863
57,294
1,378,781
44,732,277
RESOUBCES
Loans and discounts (including
rediscounts)
Overdrafts
Investments
Banking house, furniture, and fixtures
Real estate owned other than banking house
Cash in vault
Reserve with Federal reserve banks
or other reserve agents
Due from banks
Exchange for clearing house and
other cash items
Other resources
Total resources
16,824, 315
LIABILITIES
1,155,878
Capital stock paid in
804,400
Surplus
237,422
Undivided profits—netReserves for dividends, contingen56,054
cies, etc
Reserves for interest, taxes, and
other expenses accrued and unpaid
41, 554
Due to banks.Certified and cashiers' checks and
cash letters of credit and travel113, 219
ers' checks outstanding6, 515,263
Demand depositsTime deposits (including postal
savings)
6, 298,456
7, 310
United States deposits
„
2,742
Deposits not classified
Total deposits
13, 586, 970
Bills payable and rediscounts
454,842
Agreements to repurchase securi3,148
ties sold
_.
44, 279
Acceptances executed for customers.
439, 768
Other liabilities
18,824,315
Total liabilities
2,669
12,942
916, 053
16,155,175
54
1,176
1,589,845
Principal items of resources and liabilities of all reporting hanks other
than national on or about June 807 1925-1929
The principal items of resources and liabilities of reporting banks,
other than national, for years ended on or about June 30, 1925, to
1929, are shown in the statement following:
Principal items of resources and liabilities of State {commercial), savings, private
banks, and loan and trust companies
[In thousands of dollars]
Items
l
Loans
„
Investments
Cash
Capital
Surplus and undivided profits
Deposits (individual)
Resources
1 Including overdrafts.
1925
1926
1927
1928
21, 073,990
9, 669, 669
591, 681
1,800,276
2, 580,134
30,411, 030
37, 706,174
22, 623,107
9, 972,888
636, 569
1,860,431
2, 858, 653
31, 789, 884
39, 577, 738
23,348,344
10,861, 875
643,692
1, 902, 325
3,130, 367
32, 893, 201
41, 550, 615
24,437, 341
11, 624,366
572,732
1,931, 666
3, 394,758
33,944, 265
43, 066, 089
1929
26, 621,803
10, 692, 203
521,925
2,169,603
3, 742, 528
34, 316,418
44, 732,277
REPORT OF THE COMPTROLLER OF THE CURRENCY
107
NATIONAL BANKS
The statements following show a summary of the resources and
liabilities of reporting national banks on June 29, 1929, and a comparison of these items with amounts reported as of June 30, 1928:
Summary of reports of condition of 7,586 national banks in the United States and
possessions at the close of business June 29, 1929
[In thousands of dollars]
RESOURCES
Loans and discounts (including rediscounts):
Real estate loans, mortgages, deeds of trust, and
other liens on real estate—
On farm land
._._„
308, 785
On other real estate
1, 104, 220
Loans secured by United States Government and
other bonds, stocks, and securities (exclusive of
loans to banks).
-.._..„
5, 113, 792
Loans to banks.__
365, 009
Commercial paper bought in open market; accepttances payable in United States; and notes, bills,
and acceptances payable in foreign countries
328, 011
All other loans
„
„
7, 583, 313
Total
„
„„
__„_„
r r m r r m u , soi, 130
Overdrafts
_„.-_-__,
..____„-._„„_.....
10, 193
Investments:
United States Government securities
,
2, 803, 860
State, county, and municipal bonds
.
__.
757, 207
Railroad and other public service corporation
bonds
1, 286, 615
Stock of Federal reserve banks and other corporations
„
...
193,471
Foreign government bonds and other foreign securities
494, 076
Other bonds, notes, warrants, etc
.
1, 121, 306
Total
.
__.
„_-._ 6, 656, 535
Banking house, furniture and fixtures
747, 684
Real estate owned other than banking house
118, 839
Cash in vault:
Gold coin
.
15, 237
Gold certificates
35, 669
Ail other cash in vault
.
.
247, 097
Not classified
„__.
None.
Total
ZZ7Z
298,003
Reserve with Federal reserve banks or other reserve agents
1, 344, 951
Other amounts due from banks
~
. . 1, 854, 187
Exchanges for clearing house and other cash items
„
785, 006
Other resources (including securities borrowed, acceptances of other
banks and bills of exchange or drafts sold with indorsement, and
customers' liability on account of acceptances) ._„
823, 700
Total resources
27, 440, 228
LIABILITIES
Capital stock paid in..»
1, 627, 375
Surplus.
„
1, 479, 052
Undivided profits—net
._
487, 504
Reserves for dividends, contingencies, etc
80, 832
Reserves for interest, taxes, and other expenses accrued and unpaid.
73j 968
National-bank circulation
649, 452
Due to banks (demand balances)
2, 175, 932
Certified and cashiers7 checks (including dividend checks) and cash
letters of credit and travelers' checks outstanding
„
372, 550
108
BEFOBT OF THE COMPTROLLER OF THE CURRENCY
Demand deposits (other than bank and United States):
Individual deposits subject to check
9, 071, 077
State, county, and municipal deposits
1, 104, 247
Certificates of deposit (other than for money borrowed)
149, 107
Other demand deposits
179,837
Total
——
10, 504, 268
Time deposits (including postal savings):
State, county, and municipal deposits
344, 493
Deposits of other banks
81, 446
Other time deposits—
Deposits evidenced by savings pass books
6, 089, 637
Certificates of deposit (other than for money
borrowed)
1, 290, 947
Time deposits, open accounts; Christmas savings accounts, etc
^
422, 003
Postal savings deposits
__.
.
88, 569
Total
8, 317, 095
United States deposits (exclusive of postal savings)
228, 243
Total deposits
21, 598, 088
Bills payable and rediscounts
714* 507
Agreements to repurchase United States Government or other securities sold
49, 660
Acceptances executed for customers and to furnish dollar exchange392, 623
Other liabilities (including securities borrowed and acceptances of
other banks and bills of exchange or drafts sold with indorsement) _
287, 167
Total liabilities
.
- - - 27,440,228
Resources and liabilities of national banks in the United States and possessions
June 29, 1929, compared with June 30, 1928
[In thousands of dollars]
June 29, 1929 June 30, 1928 Increase Decrease
Number of banks
_
7,536
7,691
14,801,130
Loans and discounts (including rediscounts) _
10,193
Overdrafts
6, 656, 535
Investments
747,
684
Banking house, furniture and fixtures __
118,839
Real estate owned other than banking house
298,
003
Cash in vault
_
Reserve with Federal reserve banks or other reserve agents. 1, 344,951
1,854,187
Other amounts due from banks
785, 006
Exchanges for clearing house and other cash items
823,700
Other resources
27,440, 228
Total resources
15,144,995
10,138
7,147,448
721, 229
125, 680
315,113
1, 453, 383
1,885,967
963, 332
740,954
155
RESOURCES
343,865
55
26,455
490,913
6,841
17,110
108,432
31, 780
178,326
82,746
28,508,239
1, 068,011
LIABILITIES
Capital stock paid in
Surplus
>.
Undivided profits—net
Reserves for dividends, contingencies, etc
Reserves for interest, taxes, and other expenses aocrued
and unpaid
National-bank circulation
Due to banks
Certified and cashiers' checks and cash letters of credit
and travelers' checks outstanding
Demand deposits
Time deposits (including postal savings)
United States deposits
Total deposits
Bills payable and rediscounts
Agreements to repurchase securities sold
Acceptances executed for customers
Other liabilities
Total liabilities
1,627,375
1,479,052
487,504
80,832
1, 593,856
1,419,695
557,437
33, 519
59,357
10,899
73,968
649,452
2,175,932
83, 753
649,095
2,738,017
357
372,550
10, 504, 268
8,317, 095
228, 243
21, 598, 088
714, 507
49, 660
392,623
287,167
414,971
11, 003,795
8,296,638
185,016
22, 639,337
801,185
20,457
42,327
763,881
34,431
27,440, 228
28,508,239
1,068,011
9,785
582,085
42,421
499,527
1,041, 249
86, 678
REPORT OF THE COMPTROLLER OF THE CURRENCY
109
ALL REPORTING BANKS IN THE UNITED STATES AND POSSESSIONS
The statements following show a summary of the resources and
liabilities of all reporting banks in the United States and possessions
on June 29, 1929, and a comparison of these items with the amounts
reported as of June 30, 1928:
Summary of reports of condition of 25,880 reporting hanks in the United States
and possessions at the close of business June 29, 1929
[In thousands of dollars]
RESOURCES
Loans and discounts (including rediscounts):
Real estate loans, mortgages, deeds of trust, and
other liens on real estate—
On farm iand.___-_
On other real estateLoans secured by United States Government and
other bonds, stocks, and securities (exclusive of
loans to banks)
„___
Loans to banks.
„
Commercial paper bought in open market; acceptances payable in United States; and notes, bills,
and acceptances payable in foreign countries „
All other loans
.
6, 489, 821
3, 930, 412
11, 210f 663
372, 123
2, 742, 395
16, 630, 855
Total
_„
41, 376, 269
Overdrafts.. _
„_„
.
56,857
Investments:
United States Government securities
4, 022, 879
State, county, and municipal bonds._„
1, 746, 112
Railroad and other public service corporation
bonds..
„_„_____„
3, 094, 432
Stock of Federal reserve banks and other corporations....
._
424,853
Foreign government bonds and other foreign
securities
„
627, 350
Other bonds, notes, warrants, etc „
7, 433, 112
Total
...
__.__..____„__ 17, 348, 738
Banking house, furniture and
fixtures
_.~
1, 754, 454
Real estate owned other than banking house
390,816
Cash in vault:
Gold coin
.______„„
26, 853
Gold certificates-....
47, 752
All other cash in vault
.
.
456. 536
Not classified,
..
...
288, 787
Total
.._.._
-..-Reserve with Federal reserve banks or other reserve agents
Other amounts due from banks
Exchanges for clearing house and other cash items
Other resources (including securities borrowed, acceptances of
other banks and bills of exchange or drafts sold with indorsement, and customers' liability on account of acceptances)
Total resources..._„_
....
—-.._.
819, 928
3, 192, 200
3, 567, 525
1, 691, 772
1, 973, 946
— 72, 172, 505
LIABILITIES
Capital stock paid in_
- — 3, 796, 978
Surplus
.
—
4, 611, 698
Undivided profits—net
....
1, 097, 386
Reserves for dividends, contingencies, etc-_.
161, 483
Reserves for interest, taxes, and other expenses accrued and unpaid- 142, 776
National-bank circulation
,„„,
...
649, 452
110
REPORT OF THE COMPTROLLER OF THE CURRENCY
Due to banks (demand balances)
3, 629, 197
Certified and cashiers' checks (including dividend checks), and
cash letters of credit and travelers' checks outstanding
837, 430
Demand deposits (other than bank and United States):
Individual deposits subject to check
21, 427, 747
State, county, and municipal deposits
1, 960, 543
Certificates of deposit (other than for money
borrowed)
„
412, 593
Other demand deposits
549, 281
Total
24, 350, 164
Time deposits (including Postal Savings):
State, county, and municipal deposits
418, 383
Deposits of other banks
133, 085
Other time deposits—
Deposits evidenced by savings pass books
24, 029, 247
Certificates of deposit (other than for money
borrowed)
3, 169, 073
Time deposits, open accounts; Christmas savings accounts, etc
919, 877
Postal Savings deposits
.
117, 952
Total
United States deposits (exclusive of Postal Savings)
„
Deposits not classified
Total deposits.
Bills payable and rediscounts
.
Agreements to repurchase United States Government or other
securities sold
Acceptances executed for customers and to furnish dollar exchange
Other liabilities (including securities borrowed and acceptances of
other banks and bills of exchange or drafts sold with indorsement) _
Total liabilities
.
28, 787, 617
286, 112
20, 121
57, 910, 641
1, 630, 703
55, 523
449, 917
1, 665, 948
72, 172, 505
REPORT OF THE COMPTROLLER OF THE CURRENCY
111
Resources and liabilities of all reporting banks in the United States and possessions
June 29> 1929', compared with June SO, 1928
[In thousands of dollars]
June 29,1929 June 30,1928 Increase Decrease
Number of banks-
-
25,330
26,213
883
RESOUKCES
Loans and discounts (including rediscounts)
Overdrafts»Investments
Banking house, furniture and
fixtures
-...
Real estate owned other than banking house.-.
Cash in vault
Reserve with Federal reserve banks or other reserve agents.
Other amounts due from banksExchanges for clearing house and other cash items
->.
Other resources
Total resources
——
39, 542,067 1,834,202
41,376,269
6,450
50,407
56,847
18,771,814
1,423,076
17,348,738
1,663,698
90,758
1,754,454
403,967
13,151
390,816
887,845
67,917
v 819,928
3,105,840
86,360
v-3,192,200
48,883
v-3, 567, 525 3,616,408
61,320
> 1, 691, 772 1,753,098
1,973,946
1,779,186
194,760
72,172, 505
71, 574, 328
598,177
LIABILITIES
Capital stock paid in__..._
—————.
Surplus
„
„.„._..-__—
Undivided profits-—net
•
Reserves for dividends, contingencies, etc
Reserves for interest, taxes, and other expenses accrued
and unpaidNational oank circulation
Due to banks
._.
Certified and cashiers' checks and cash letters of credit
and travelers' checks outstanding
Demand deposits-_
Time deposits (including postal savings)
—
United States deposits
Deposits not classified
—
Total deposits
Bills payable and rediscounts__-_—
Agreements to repurchase securities sold _
„ Acceptances executed for customers.
_._.
Other liabilities
——
Total liabilities
~_
—
3, 796,978
4,611,698
1,097, 386
161,483
142,776
649,452
3,629,197
3, 525, 522 271,456
4,145, 529 466,169
1, 310,114
91,531
649.095
4,081,028
357
451,831
837,430
24,350,164
28,787, 617
286,112
20,121
57, 910, 641
1,630, 703
55, 523
449, 917
1,685, 948
864, 585
24,306,651
28,538,109
222,816
399,938
58,413,127
1, 566,146
1,964, 795
206, 593
72,172, 505
71,574, 328
>8,177
27,155
43,513
249, 508
63,295
379,817
502,486
64, 557
The table following shows the population of each State, number of
reporting banks, resources and liabilities, a classification of loans and
discounts, investments, cash and demand and time deposits, June
29, 1929, with a recapitulation by classes of banks:
Assets and liabilities of all reporting banks in the United States, Alaska, and insular possessions June, 1929 {includes national^ State {commercial)
banks, loan and trust companies, savings and private banks)
Resources (in thousands of dollars)
States and Territories, etc.
Maine...
New Hampshire
Vermont
Massachusetts
Rhode Island..
Connecticut
_.
Total New England States
New York
New Jersey
Pennsylvania
Delaware
_
Maryland
District of Columbia
_.
Total Eastern States
Virginia
West Virginia
North Carolina
South Carolina
Georgia
Florida
Alabama
_.
Mississippi
Louisiana
Texas
_
Arkansas
Kentucky
Tennessee
Total Southern States
Ohio
Indiana
Illinois
Population
(approximate)
Number of
banks
789,000
458,000
357,000
4, 245,000
690,000
1, 646, 000
134
123
104
452
33
254
Loans and
discounts Over(including drafts
rediscounts)
230,177
157,702
161,977
2,946,957
306, 618
916, 344
152
25
77
498
25
246
Investments
206, 685
154, 755
94, 556
1,309, 315
226,912
439,178
Banking
house,
furniture
and
fixtures
Real
estate
owned
other
than
banking
house
76, 326
5,305
33, 352
1,641
969
6,606
13, 744
425
8,278
5,951
4,859
3,299
Lawful reExchanges
serve with
Other
for clearFederal
re- amounts
Cash in serve banks
ing house Other revault
due
from
and
other
sources
or other
cash
banks
reserve
items
agents
5,272
2,209
2,194
25, 726
7,135
12,476
5,356
3,642
2,895
134, 356
20,264
43, 682
15,974
9,073
9,749
129, 322
8,027
28, 821
638
43,722
2,584
8,110
1,132
421
4,408
111, 552
7,111
4,991
200,966
56,930
129, 615
Total resources
473,228
334, 643
286,399
4,791,518
584,406
1,495,478
8,185,000 i 1,100 4, 719, 775
1,023
2, 431,401
129,092
31, 663
55, 012
210,195
1,141 12, 275,476
567 1, 654,010
1,589 3,197,991
119,279
51
515, 771
235
194,252
41
6,249
220
839
45
105
79
4,281,441
795,291
2, 595,747
48, 527
329,193
61,637
339,499
90, 861
215,083
4,809
24, 529
22,991
14,240
52, 833
1,288
5,592
122,478
29, 683
79, 863
1,648
8,409
5,642
1,050,949
91, 727
325, 528
7,764
47,289
9, 307
571,145 1, 054, 326 1,094,310
96, 535
19,104
73,961
107, 614
243, 575
761
570
5,064
16, 550
10, 594
35,159
25,642
7,489
2,428
20,804,553
2,865, 632
6,905,979
189,755
993,191
331,797
7,537
8, 111, 836
697,772
84,963
247, 723
1, 532, 564
977,120
1,185,136
1, 289,477
32,090,907
236
146
253
221
406
61
187
1,050
871
2,624
258
587
98,236
69, 038
54, 834
42,142
56, 772
121, 396
57, 508
53, 912
81, 219
272,162
43, 767
125, 698
75,147
19, 799
18,736
21, 857
7,396
6,490
6,692
4,262
5,566
8,999
5,349
5,070
2,620
5,247
8, 353
8,867
7,641
3,541
6,632
11,013
7,498
4,374
6,995
26, 600
4,752
45,900
13,157
21,865
20, 692
30,506
57,513
28,221
10,431
48,182
138, 577
14,452
49, 418
66,156
5,765
2,844
6,587
1,867
5,126
3,679
3,591
1,533
10, 726
16,704
1,269
5,607
9,313
11,092
2,354
15, 503
22,008
15,073
29,934
39, 686
3,867
29,316
9,373
11, 863
25, 611
16, 602
97,849
27, 636
12, 313
11, 334
1,656
5,280
3,271
2,652
4,065
14, 572
12,845
1,808
22,212
21,211
667,612
440,223
495,243
225, 578
454, 386
418,127
377,962
277,294
558, 655
1,445,406
269, 338
685,024
577,612
7,729
1,151, 831
241,974
86,241
113,214
S30, 457
545,070
74, 611
105,987
6,892,460
440
2,152
684,920
225, 769
966,968
113,141
40,868
112,727
21,367
11,126
20,337
27,677
59,445
215, 050
19,994
214,045
112,199
94,469
413,440
10,090
7,374
115,513
60,645
137,074
68,353
3, 314,080
1,234,844
4,922,404
11, 695,000
3,930,000
9,790,000
250, 000
1, 635,000
550,000
27,850,000 I 3,624
17,956,779
2, 555, 000
1, 680,000
2,980,000
1, 855, 000
3,160, 000
1, 335,000
2, 560, 000
1, 795,000
1,945,000
5,400, 000
1,910,000
2, 545,000
2.490,000
484
310
428
223
424
257
350
334
226
1,353
420
572
490
456, 668
288,455
335,289
138, 630
296, 438
190,008
249,171
167, 329
344, 816
814, 387
164,168
434,008
355,979
32, 210, 000
5, 871
4, 235, 2
6,655,000
3,175,000
7,360,000
1,029
986
1,801
2, 029,499
670,053
2,949,424
14,911
16,464
12,201
29,425
50,043
7,262
13, 615
3,966
10,829
7,536
7,965,672
4,542,000
2,955 000
2,700,000
2, 535, 000
3,490,000
781
964
1,072
1, 328
1, 325
1, 537, 868
' 675,824
540,965
592, 973
834, 374
599
492
560
581
772
540,037
276, 682
374,172
216, 260
340, 641
78,882
29, G31
19,170
30,494
32,180
10, 546
11,071
1.2, 585
29,152
12,120
30,985
17, 563
22, 784
17, 844
19, 643
183, 346
76,016
80,656
22,017
34,449
58j 955
44,203
106, 965
96,885
185,120
47 $45
11,903
12, 669
6,215
12,. 112
15,952
4,040
7,045
2,087
15, 695
33, 412, 000
9, 286
9, 830, 980
6, 276
3, 625,449
457,093
128,304
262,430
795, 573
1,112,238
223,781
310,891
16,753,013
_ .
670, 000
702, 000
1,405,000
1,848, 000
715,000
235, 000
1,080, 000
400,000
2, 415, 000
4.33
396
846
1,077
198
87
278
58
649
83,046
95,157
291, 605
295,440
94, 015
40,190
171,157
25,907
261, 748
145
199
532
589
227
155
223
25
473
31,494
40,499
93, 640
117, 258
56, 360
18,113
94, 044
14,756
147, 676
5, 201
5,163
12, 998
16, 586
4,660
1,923
8,112
1,613
16, 552
5,331
5,134
9,946
5,563
2,524
671
2,291
415
2,689
3,690
3,384
10,446
10,498
4,632
1,949
7,328
1,437
7,420
9, 681
3,919
14,126
14,443
4,548
2, 204
24, 699
1,934
24,535
7,434
21,647
69,870
69,425
22,633
8,915
31,852
4,578
75, 282
763
1,147
5,221
3,713
551
421
5,878
254
5,596
466
965
2,201
5,168
336
152
727
338
1,050
147, 251
177,214
510, 685
538, 683
190,486
74, 693
346,309
51, 257
543,021
Total Western States
9, 470, 000
4S 022
1, 358,265
2,568
613,840
72,808
34, 564
50, 784
100,089
311, 636
23, 542
11,403
2,579,499
1, 580? GOO
890, 000
4, 605, 000
532, 000
528, 000
80, 000
445, 000
344
235
455
137
105
35
46
285, 861
145,268
2,411, 227
48,411
121, 626
30,705
54,182
180
178
2,100
83
345
114
32
159,498
114,157
994,143
28, 743
35, 753
9,667
30, 397
14, 623
10,067
115,846
3,355
3,637
1,736
2, 111
1,422
1,761
13,550
1,122
1,974
889
1,916
8,707
6,501
44,945
2,084
1,825
1,519
3,070
42, 981
20,190
138, 751
3,393
5,794
1, 067
9,942
41, 504
22,445
278, 960
12,469
18,660
6,926
4,040
8, 210
5,296
105,060
580
2,368
276
1,034
7,456
2,085
65,372
181
2,459
831
591
570,442
327,948
4,169,954
100, 421
194,441
53, 730
107,315
8, 6G0,000
1, 357
3,097, 280
3,032
1, 372, 358
151,375
22,634
68,651
222,118
335,004
122,824
91,000
320,000
1,400, 000
11, 250, 000
17
23
18
12
6,074
69, 361
52, 519
49., 890
25
1, 928
657
26,082
5, 009
24, 863
5,487
6,664
319
946
1, 549
1,526
108
834
568
937
1,238
4,817
2,903
13,156
Total possessions.
_„. 13,061,000
Total United States and
possessions—
___ -132,848, 000
70
177,844
28, 692
42, 023
4,340
2,447
22,114
25, 330
41, 376, 269
56, 857
J7, 348, 738
1,754,454
390,816
Michigan-Wisconsin
Minnesota.
Iowa
Missouri
_ ._
„._
„
Total Middle Western
States
„
-.
North Dakota
South Dakota .
Nebraska
Kansas.. >
Montana..
Wyoming
Colorado
New Mexico
Oklahoma
_
Washington
Oregon
_.
California
Idaho
Utah
... ...
Nevada.
Arizona«.._
Total Pacific States.
Alaska™
The Territory ofHawaii.
Porto Hieo
Philippines. _.
2 505 0^5
1,147,485
1,127,571
1 014,508
1,487,106
78,975
5, 524,251
1,051
1,834
10, 516
5,418
17,725
88
1.729
2,704
427 •
81
7,539
3,523
36,455
14, 77G
122,686
75, 328
153,913
1,204
35, 493
4,948
47, 598
366, 703
819,928
3,192, 200
3, 587,525
1,691, 772
1,973,946
72,172,505
153
RECAPITULATION
National banks
State (commercial) banks
Trust companies
Stock savings banks
Mutual savings bank? •.,• -
Private banks
Grand total
.
__.
833
6, 656, 535
3, 084, 672
3? 421, 673
382,262
3, 775, 770
27,826
747, 684
464,469
385,112
43, 502
110, 269
3,418
118, 839
152, 629
68,221
21,270
23,059
6,798
298, 003
313, 997
156, 580
17, 345
31,495
2,508
1, 344, 951
866,173
923,415
16,888
35, 9SG
4, 787
1,854,187
903,315
553, 577
93,960
150,137
12, 349
785,006
298,859
594,823
6,060
5,946
1,078
823,7G0
340,462
732,310
2,003
72, 301
3,170
27,440,228
16,824, 315
16,155,175
1, 589,845
10,006,452
156,490
58,857
17,343, 738
1, 754,454
390,816
819, 928
3,192., 200
3, 567, 525
1, 691, 772
1,973,946
72,172,505
7. 536
14, 437
1,608
747
611
391
14, 801.130
10, 361, 723
9, 311, 879
1, 006, 325
5S 801,489
93, 723
10,193
38,015
7,585
230
25, 330
41,376,269
Assets and liabilities of all reporting banks in the United States, Alaska, and insular possessions June, 1929—Continued
Liabilities (in thousands of dollars)
States and Territories, etc.
Reserves
for
UndidiviCapital
vided dends,
stock Surplus profitsconpaid in
net
tingencies,
etc.
Maine
13,876 20,286
New Hampshire
6,630 21,469
Vermont
_
15,263
8,086
Massachusetts
143,678 222, 709
Rhode Island
34, 847j
14,390
Connecticut
48,033 94,877
Total New England States 234,693 409,451
New York
870,020:1,875,506
New Jersey
141,374 174,042
Pennsylvania
378,267 723,625
10,800 14,730
Delaware
40,663 73,911
Maryland
24,880 20,173
District of Columbia
l L 486 1 004!2,881, 987
Total Eastern States__
Virginia
__.
59,316 39,067
West Virginia
_
33, 552 25,999
North Carolina
37,335 26,654
South Carolina
18,927 10,180
Georgia
40,479 26,279
Florida
31,132 18, 766
30,131 21,176
Alabama..
16,473 10, 505
Mississippi
_
34,218 21,330
Louisiana
121,216 55,654
Texas..
9,522
21, 719
Arkansas
49, 775 35,451
Kentucky
44,099 33,009
Tennessee
Total Southern States
538, 372 333,592|
18,817
4,631
8,201
156,369
10, 764
56,153
254, 935
106, 259
53,669
160,158
6,240
16, 533
6,556
349,415
11,966
0,320
8,815
3,644
10, 935
6,972
10,355
3,318
8,137
30, 5S3
4,682
9,270
3,677
121,674
622
8,425
305
13,214
313
721
23,600
18,667
10,783
1,211
1,696
1,162
40,408
3,832
650
616
216
336
1,058
2,791
192
3,550
371
15, 552
Reserves
for
Nainterest,
tional
taxes,
bank
and
cirother
expenses culation
accrued
and
unpaid
462
123
669
8,289
6,578
5,424
21,545
18,131
6,772
8,872
26
4,556
805
39,162
1,274
1,751
2,987
880
2,268
1,349
1,081
660
1.883
2,870
468
1,141
1,057
19,669
Certified
and
Agree- Acceptcashiers'
Time dechecks,
BiUs ments
ances
Deto
posits United posits
and cash
payable
exeOther
repur- cuted
Due to letters Demand (includ- States
not
and
liabilchase
ing
debanks of credit deposits
classiredisfor
ities
Postal
posits
and
fied
counts securicusties
travelers'
sold tomers
checks
outstanding
77,884' 316,346
311
4,364
1,668
237,487
40,775
5531
863
3,501
4,
29, 504 211,197
129! _
813
1,279
4,304
21,858 1,088, 551 2, 733,031 17,117
19,157 149,867
624
3,799
1,167
132,193 364,415
5,441
891, 382 3,728
9,754 17,181
6,550 320,815
46,552 181, 633
32,91! 1,689, 722 4, 753,858 22,462 2,217
L, 388,936 510, 730 7,115,480 7,314.488 40,027
67,138 1.
22,835 33,682
14,802 956, 765 1,309,642 9,913 2,846
82,25G
37,843 2,104,567 2, 737,518 55,128
74,997
62,928
65
2,638
1,008
322
7,399 42,196
1,200 279,123 496,159 5,665
4,891 14, 701
1,565 142, 732 101, 702 3,711
185, 527 1, 775,017 566, 462 10,673,664 12,022,437 114,509 2,846
199, 535 251,229 2,932
19,679 29, 520
3,461
164,176 164,054
544
10,323
9,786
3,279
173,618 158,082 1,1
6,338
8,142 26,373
73,008
1,221
93, 010 2,529
5,811
8,296
157,550 147, 596 7,587
1,829
7,750 27, 707
168,633 137,136 2,245
3,840
4,791 26,728
138,061 114, 609 3,258
1,105
13,638
8,414
110,400 100,844
1,442
8,502
3,006
713
3,372 250,450 131, 564 3,539
6,207 43,846
16,351 770, 715 246, 263 20,379
44,136 101,926
160
121,392
3,410
76,036
3.883 16,478
545
212, 594 221,132 1,182
8,461
15; 248 23,116
2,276 219, 716 189,227 1,783
14, 738 24,268
1711
157,352 354,960
56,385 2,759,848 2,030,782 49,072
13,115
4,897
5,885
73,205
67,981 36, £
5,646
4,006
150
32, 991
128,875 36,826| 79,001
431, 554
106 242,779
72,029
190 2,240
187,125
l; 14,242
4,036
15, 340
238
6,021
195
716,105
504 259,499
32,146
973
15,065
385
40,141
781
7,296
175
72
701
18,353
55
7,230 2,590
153 1,498
33,118
24
15,858
2,438
27,584
22, 720 2,172 4,758
113
4
10,052
130
32,107 1,111
544
20,228
281,898 6,596 12,081
594
764
38, 323
223
6,850
47,383
804, 732
57,942
112,718
10, 754
8,512
2,703
997,361
12,682
1,724
3,140
313
4,457
6,364
605
5,213
23,029
2,712
842
70,756
22,619
154,456
Ohio
Indiana
Illinois
_.
Michigan.....
Wisconsin
Minnesota. __
Iowa
Missouri
Total Middle
States
191,153 151,399
78,417 44, 744
333, 507 223,286
129, 774 116, 240
69, 676 37,315
61,488 34, 549
67,258 30, 096
108,247 61, 782
Western
1,039, 520
North Dakota..
South Dakota..
Nebraska
Kansas
___
Montana
Wyoming
Colorado.
New Mexico._.
Oklahoma
Total Western States
Washington
Oregon
California...
Idaho.Utah
Nevada
Arizona
Total Pacific States
9,411
11,137
11, 647
32,316
40,950
11,365
4,285
18,123
3,240
33, 412
166, 475
13,101
20,489
5,201
2,935
11,897
1,453
36, 532
21, 061
234,134
5,912
11,921
3,437
6,026
j 319,023
15, 509
9,650
159,363
2,259
6,254
1,166
3,784
197, 985
4, 693
4,626
10, 657
75, 052
54,524 9,812
774
22,304
74, 752 41,130
842
39,031
20, 656 2,221
14,375 2,259
12, 787 V"
29, 685 4,150
2,004
795
24,396
8,425
4,803
2,148
1,177
982
124, 795
38, 919
383,861
58,927
16,119
46, 212
15,991
74, 578
14,404
45, 579
14,121
35,973
21,834
35,949
9,765
102, 619
44, 730 164,156 875,490
268,114
62, 680
1,106
1,646
4,756
8,177
3,140
1,039
5,901
253
5,078
134
106
1,760
527
110
121
198
71
586
48
101
1,066
462
449
69
1,332
18
93'
31,096
5,922
4,723
53,120
749
1,579
723
1, 554
68,370
10,829
3,214
i,r~~
2,640
5,374
7,068
9,565
2,311
1,485
4,403
1,253
6,673
25, 911
7,701
2,638
19,031
984
38, 926
3,613
4,482 37,857i
151,794
1,580
431
6,093
1, 7 "
940
27
20
36, 228
' 991 11,453
452 5,222
15,461
5,110 34, 984 197,224
2,891
253
If""
14,837
723 2,233
1,981
95
M?4J
2,063
63
270,
685
7,687 57,
Alaska
375
440
915
The Territory of Hawaii
809
2,247
7,282
10,284
Porto Bico
76
789
2,663
8,453
Philippines. _
3,884
371
3,835
13,239
Total possessions
, 32, 891 j 14,220
4,8
Total United States and
possessions
i3, 796,978|4, 611,698)1,097, 38G| 161,483
8j
441
4,473
579
58
450
116
4,283
7,851
7,368
5,501
508
19, 618
142, 776j 649,452 3, 629,197
6,2311 1,107,304' 1,447,863
6,964] 414,310 410,641
47,975 2,000,315 1,586,624
17,158 861,368 1,115,991
6, 737 361,249
541, 240
11, 628 358.974 529,434
3,048 32< 819 491, 827
10, 902 699,880 392,268
81,536
58, 579
94, 765
57,482
26,456
12, 017
11,913
42,830
7,649!
3,136:
12, 560:
6,1731
4,345i
1,979
4,391
24
1,738
180
19
4,308 41,590
1, 598 8,344
8
1,561
33 1,213
57
92,075
133,228
17,386
12
793
67,506
9,015
1,503
2,229
18,755
55,270
341, 697
110,643 6,128,219 6,515,888
45,219!
385, 578
6,208
69, 264
71,473
167, 548
115, 596
77, 601
26,325
119, 403
12,143
125, 589
784,942
169!
607
1,083
2,013
443
86
494
134
794
2,814
2,424
11,815
7,470
2,498
2,006
3,200
1,024
13.665
155
37
39
3,955
5,823
46, 916
5,191
4,720 229,027 211, 790 5,146
3,037 136,039 123,902
363
32,226 1, 207,801 2, 071,296 40,332
48823
34, 389
895
83
75, 548
55, 912
1,364
31
23,830
19,427
99
1,163
38,762
52,095
197
1,249
44, 654 1, 749,124 2,579,517! 46,251
5,756
6, 9931
42,857
949
3,2421
145
220
936
64
39,060
4,769
536
46,309
50
19,857
443
242
CO, 162
198 40, 080
72,206
2, 752
6,719
1, 698
11,169
3,814
134
1,884
6.816
37, 704
46,404
50, 739
1,111
75,403
1,294
3,163
218, 020
4,529 294,808
1,030
78, 500
33,164
533
3,864 158,095
29,899
520
8,439 296, 641
24,483 1,235,269|
105
811
467
501
1,884
6,446
39,270
16,411
52,191
114,318
44,1221
19,083
31,099
1007l93i
392
2,165
219
2,776
837,430 24,350,164 28, 787, 617 286,112
10,190
2,072
1,174
1,444
4,690
20,1211, 630, 703
141
204
660
26
591
261
4,231
137
57
58
3,948
227
61
907
6,441
55, 523 J 449,917 1, 665,948
BE CAPITULATION
National banks
1,627,3751,, 479,052 487, 504
State (commercial) banks
1,155, 878 804, 400 237, 422
Trust companies
941,333 1,,454,504 208, 632
Stock savings banks.
40, 513
13, 624
62,487
Mutual savings banks
823, 693 147, 725
9, 536
Private banks
__
2,479
9,905
Grand total.
3, 796, 978 4,611, 698 1,097,386;
80,832
58,054
9,958
1,062
13, 527
50
161,483
649, 45i 2,175, 932|
649, 980j
41,554
792,134
24,394
8,107
1,570
182
1,229
2,
61
142,776 649,452 3, 629,197J
372, 550 10, 504,;,268 8,317,095 228, 243
113, 219 6, 515, 263
7,310
350, 881 6, 956,032 3, 989, 532 44,134
372
219, 770 1, 230, 228 5,381
98,473 8,903,12G
46
56,358
362
49,180
1,044
2,742
13, 985
165
1,519
1,710
837,430 24,350,164 28, 787, 617 286,112
20,1211, 630, 703J
7.14, 507
454, 842
437, 992
1,366
16, 680
49, 660 392,623
3,148 44,279
2,669 12,942
54
287,167
439,768
916,053
1,176
15, 566
46
19
6,218
55, 523, 449, 917 1, 665, 948
Assets and liabilities of all reporting banks in the United States, Alaska, and insular possessions, June,
1989—Continued
[In thousands of dollars]
Investments
Loans and discounts
States and Territories, etc.
On farm
land
Maine
N R W TTflrnpsVn're
Vermont
Massachusetts
Rhode Island
Connecticut
_.
Total Eastern States
Virginia
West Virginia
North Carolina
South Carolina
Georgia
..
Florida
Alabama
Mississippi
_
Louisiana
Texas
... . . . .
Arkansas
Kentucky
Tennessee
_ _
.
Total Southern States
United
States
Government
securities
State,
county,
and municipal
bonds
30,917
24,125
12,679
171,475
66,901
66,013
12,792
8,598
41.650
299, 785
6,726
26, 229
68,489
87,324
10,004
582,257
102,622
209,471
6,017
10,129
3,820
55, 786
610
59, 772
15,435
8,944
14,640
27,162
5,970
63,001
1,060,167
136,134
135,152
332,058
43,092
66, 504
21,231
178
23,133
1,954
124,807
52,921
84,984
960
9,252
2,686
3,171,664
115,469
965,972
13,613
57,584
13,108
73,035
15,635
11,763
172,850
44,083
14,692
7,369
2G, 354
90, 820
78, 206
13-8,834
487, 613
28,922
24,379
25, 795
5(58,042
12,895
229,386
463
93
60
21,077
350
368
1,705
6,799
70
35,908
1,074
40,922
30,155
43,769
853,804
147,198
197,286
1, 611,826
829,196
890,420
22,411
52,788
1,313,134
372,110
395,780
3,730,921
108,779
16,515
__
3,288
2,782
150
97,223
348,908
351, 279
24, 957
22,435
29,982
4,774,483
458, 742
1,389, 830
65,637
125,484
84,469
132,603
2,747
51,819
XO
4,467
1,161
2,244,453
52,606
24,144
170
838
1,579
1,295, 793
682,228
1,364,404
25,217
359, 765
76,911
555,224
141,456
518,360
6,320
65, 025
26,969
84,020
134,470
206,341
6,459
25, 704
1,823
- 3, 862,435
874, 784
6,898,645
192,807
3,804,318
1,313,354
458,817
1,570,553
156,092
275,610
4,337,410
6,364
1,262
2,896
3,078
4,218
1,559
4,285
4,206
4,305
32,329
24,117
6,282
2,819
12,509
10,853
4,583
3,044
32, 250
11,940
4,867
5,454
2,076
30,879
3,443
7,197
5,680
62,010
35,089
18,959
16,969
50,242
24,470
20,860
8,513
18,372
156, 534
7,513
60,590
42,851
8,384
1,253
3,000
1,094
7,561
2,422
4,840
1,854
2,141
8,057
1,059
3,893
6,942
2,265
436
226
1,136
1,442
5,945
3,303
756
931
34,145
6,598
1,395
2,030
365,136
239,562
305,625
113,309
200,725
143,672
211,016
146,546
316,991
552,443
121,438
354,651
295, 657
4,750
1,035
12,828
5,720
4,663
36,365
8,520
8,331
4,041
33,633
5,024
2,413
11,358
134,775
522,972
52,500
60,608
3,366,771
6,057
5,857
780
1,196
2,920
6,293
5,155
1,020
373
10,739
1,233
11,152
2,515
55,290
3,824
1,733
2,342
1,313
5,797
3,817
1,341
450
1,447
9,952
642
1,296
1,649
35,603
3,513
3,030
693
574
1,399
2,917
2,474
992
217
5,387
1,077
3,549
2,191
28,013
46,351
33,609
13,792
20,103
10,237
20,716
17,637
34,120
56,249
39,305
13,718
64,823
34,009
97,720
33, 741
23, 774
24,399
13,236
31,756
51,288
22,381
8,999
18,892
173,146
22,073
42,460
23,425
489, 570
3
_
Foreign
Stock of
Railroad
Other
and other Federal re- government bonds,
serve banks bonds and
public
notes,
other forand other
service
warrants,
eign secorporation corporaetc.
curities
tions
bonds
All o t h e r
loans i
150, 796
69,922
1, 462
21, 388, 830
199
617
Total New England States
New York
New Jersey
__
Pennsylvania
,.
Delaware
Maryland.
_
District of Columbia ,
Commercial paper
bought in
Loans on
open marsecurities
(exclusive Loans to ket; and
banks
bills, acof loans
ceptances,
to banks)
On other
etc.,
real estate
payable
Heal estate loans,
mortgages, deeds
of trust, and other
liens on real estate:
• 7,142
2,323, 790
138,681
302,634
284,471
798,859
20,997y
148,495
15,097
404,674
Oliio-..—..
Indiana.
IllinoisM i c h i g a n . ____
_„..„
__ . _ _ . . „ . . . -
_
__
Wisconsin
_
Minnesota.
_
Iowa
„_._..
Missouri
Total Middle Western States
North Dakota __
South Dakota
Nebraska
Kansas
Montana.— ., . _
_
Wyoming
Colorado.
New Mexico..
__..__
_
Oklahoma
Total Western States
Washington
Oregon. _
California
_
Idaho.
Utah...
.. . .
Nevada
Arizona._
___
Total Pacific States
Alaska
The Territory of Hawaii
Porto Rioo.
685,637
11,501
16,627
6,902
60,820
45,104
17,128
3,411
717,130
-_
_ _
„__
_..
Philippines.Total possessions
Total United States and possessions
6,193
8,688
18,188
6,033
1,666
3,001
8,925
1,000
4,059
37,447
18,393
310,918
556,556
68,743
11,068
8,728
11,600
1,023,453
57, 753
2,280
1,187
5,873
23,609
6,987
2,107
3,951
2,325
5,295
53, 614
3,496
7, 221
89, 284
5, 589
13,046
3,305
2 ? 885
124,806
3,800
13,323
930,486
565
31,4S1
5,781
7,937
993,373
10, 314
4,883
2,954
1,173
12,494
3,359
4,191
18,151
21, 217
6,489,821
161,970
53,697
1,367,698
170,820
153,103
91,339
33,435
128, 794
2,160,856
3,354
40, 253
28, 966
20, 880
16, 742
5,784
67,998
1,684
47,743
233, 404
7,072
2,173
4,502
21,862
7,588
5,456
6,766
4,932
15, 609
6,802
22,083
9,105
22, 209
7,42S
7, 076
15, 346
92, 222
73,787
474
713
8,173
5,010
457
625
1,175
85
2; 287
18, 999
50,419 ' 2,006
22,825
1,313
328, 381
5, 763
5,565
277
28,647
1,374
5,465
134
44
30,906
472, 20S
10, 911
125
26. 386
595
113
3,688
1,959
593
2,078
12. 363
140, 039
5,830
196
2,853
538
5,676
170,166
4, 523
8,654
15,838
1,557
1,260
4,936
385
37,153
32,158
708
785
432
891
3,560
5,668
3, 930, 412 11, 210, 663
372,123
2, 742,395
1,235,200
575,158
1, 210,236
786, 897
365,493
409,260
621,674
659, 614
5, 763, 532
70,1'52
42, 238
218,042
99, 869
62,333
28,477
86, 255
20,275
196, 688
824, 329
221, 617
91,932
1, 041, 495
34,858
45,818
11, 084
12, 025
1, 458,829
3,991
19,140
39, 585
37, 226
99.942
16, 630, 855
216, 284
69,125
310,187
51, 725
67,419
124,689
71,445
52, 986
963, 860
11, 643
18, 790
42, 789
45, 279
23, 743
9,012
39,668
8,019
59, 068
258, 011
47, 902
52,194
477,874
12,105
12,137
3,091
15, 604
620, 907
1,606
2,654
241
566
149,322
8, 882
163,921
29, 286
30, 713
25,416
10,106
22.122
439, 788
2,821
7,557
8,239
37,805
6,106
2,324
13, 508
2,279
34,874
115, 513
28,223
27, 758
51,807
SO, 297
77,337
31,374
18,384
16, 874
282,054
3,832
4,006
15,117
1,690
11, 519
1,567
10,846
1,109
3,460
5, 067
13,881
26,156
129, 550
5,118
5,719
2,386
5,114
1S7, 924
573
6,318
2,488
250
9, 629
53,146
16,493
13, 653
28,449
2,002
5,343
834
2,329
69,103
1,072
2,463
20
564
4,119
4, 022, 879
1, 746,112
2.803, 860
571,806
364, 380
101, 396
177, 759
3, C78
4, 022, 879
757, 207
318. 325
153, 746
5, 390
509, 382
2, 053
1, 746,112
8,834
3,174
14,992
11,274
5,500
2,275
3,169
19,155
68, 373
339
254
866
1,129
1,476
153
1,232
159
1,347
6,955
1,386
833
12,412
510
4,063
198
69
19, 471
1,607
137
481
24,689
8, 796
26, 634
12,163
23,372
13, 633
6,175
6,424
115, 786
2,979
2,142
11, 549
2,034
2,570
629
4,184
230
2,999
29, 316
7,495
9,282
18,955
2,656
1,810
585
88
40, 871
489
2,103
10
257,568
103,034
405,427
405,292
72,341
176,885
106,981
223,080
1, 755,608
9,880
7,750
15,080
29,321
10,946
4,428
24,606
2,960
45,928
150,899
72, 341
12,039
326, 903
6,352
6,681
2,573
7,193
434, 082
1,269
9,718
2,591
4,803
2,225
2,602
18, 381
3, 094,432
424,853
627,350
7,433,112
1, 286, 015
161, 642
457, 276
12, 384
1,175, 490
1,025
193,471
38, 792
109,484
1,859
77, 501
3,746
424,853
494, 076
31,583
35,066
1,653
64, 518
454
1,121, 306
1, 962, 524
2, 301, 721
259, 571
1, 771,120
16,870
7,433,112
RECAPITULATION
National banks
State (commercial banks) _
Trust companies._ _ ___„._«_„.
Stock savings banks
Mutual savings banks.™
Private banks
Grand total
_
1
. __.
308,785
799,745
739, 316
2,938
4,631,396
7,641
1,104,220
912, 256
659.935
562,623
683 623
7,755
5,113, 792
1,839,344
4,186,117
16, 516
48,143
6,751
365,009
4,999
1,632
179
26
279
326, 011
674,052
1, 727, 677
2,286
10, 770
1,599
7, 583, 313
6,131,327
1,997, 202
421, 783
427.532
69, 698
6,489,821
3, 930,412 11, 210, 663
372,123
2, 742, 395
16, 630,855
3, 094,432
Includes $9,047,542,000 reported for banks other than national, a part of which should probably be classified elsewhere in the schedule.
2 Includes all real estate loans, $1,187,414,000, in mutual savings banks, heretofore reported with loans on other real estate.
»Includes bonds and mortgages, $3,216,225,000, in mutual savings banks, heretofore reported with loans not classified.
627, 350
Assets and liabilities of all reporting hanks in the United States, Alaska, and insular possessions} June,
1929—Continued
00
[In thousands of dollars]
States and Territories, etc.
Maine
New Hampshire
Vermont..Massachusetts
Rhode Island
Connecticut
Gold
coin
,
Total New England States.
New York
_
New Jersey
Pennsylvania
Delaware
Maryland..._
District of Columbia
Total Eastern States
Virginia
_._.
West Virginia
North Carolina
South Carolina
Georgia
Florida
Alabama
Mississippi
Louisiana..
.
Texas
Arkansas
Kentucky
Tennessee
Total Southern States
Other time deposits
State,
Postal
county, Deposits
Other
Time de- Savings
demand and mu- of other Evidenced Certifi- posits,
open deposits
deposits nicipal
banks by savings! cates of
accounts,
deposits
pass books deposit Christmas
savings, etc.
State,
Individual
Gold All other
clas- deposits county, and
certifi- cash in Not
municipal
sified
subject to
cates
vault
deposits
check
90
122
74
407
447
776
151
293
84
1,415
862
1,106
1,291
1,794
753
9,239
5,826
10,594
1,283
14,665
72,886
35,154
28,422
1,040, 546
121,331
277,978
2,077
2,058
276
20,883
7,273
19,402
1,916
3,911
29,497
19, 688
1,576,317
51,969 | 34,411
1,G54
1,534
5,189
78
377
110
3,740
8,789
6,012
3,284
48
216
2,663
27,012
22,137
71,390
1,522
7,816
2,869
85,623
8,342 21,012
365
308
273
189
164
145
92
134
143
304
556
149
199
300
66
260
114
319
860
1,128
214
272
310
216
241
203
3,927 3,597
132, 746
85,623
4,201
3,843
2,217
3,302
6,176
4,627
3,498
4,048
6,562
24,612
4,263
2,838
3,479
4,562
5,115
13
9
5,681
3,501
73,475
Time deposits
Demand deposits
Cashi
2,139
1,453
10
13,936
10
9,477
27,025 I
443
93
56
6,749
5,570
854
13,765
310,896
233,741
209,012
2,582,341
8,642
344, 290
865,265
85"
227
8,954
4,545,545
4,525
2,357
1,653
75,867
9,650
18,096
413
833
426
56,344
4,604
6,184
112,148
68,804
4,642
19,227
371,610
144,813
88,009
14,907
10, 065
41,456 195,098
18, 318 84,131
17,700 12,048
13
162
120
49
872
6,116
49, 217
16,416
9,769
94
2,937
500
81,816
1,9C6
1,953
6, 550,665
1, 205,900
2,430,907
60,169.
481,808
86,303
177,274
27,447
237, 836
712
4,123
8,729
436,289
56,445
49,938
1,880
4,487
5,798
9,668,173
629,408
78,479 297, 604
78, 933
88,464 10,815, 752
456,121
554,837
180,479
150,549
136,665
67, 781
152,200
120, 783
128,315
75,433
222,732
657,118
84,288
205,024
210,031
2,391,398
9,530
9,049
28,949
4,898
3,805
42,871
8,426
34,554
6,966
91,140
31,477
7,038
8,516
287,219
9,333
1,180
5,327
304
1,377
164
1,074
148
1,368
13,112
5,140
397
842
39,766
193
3,398
2,677
25
168
4,815
246
265
19,384
9,345
487
135
327
41,465
3,649
60
2,382
67,662
48,022
61,224
18,631
38,630
19,954
9,050
41,26S
30,725
52,736
27,250
39,020
75,586
529,758
3,602
1,880
447
955
3,595
717
657
1,194
217
7,860
2,073
71,011
3,050
6,507,316
709,503
1, 986,810
59,915
135,740
3
5,485
4,367
782
2,110
796
13,186
3,579
13,958
6,094
337
8,878
1,454
994
1,081
22,002
280
2,452
12,887
62,550
2,749
40
78
22
362
31
2
1,252
50
250
1,980
519
319
4,865
176,122
113,524
93,258
66,196
103,531
101,904
103,185
57,077
99,418
158,394
45,810
107,973
97,137
1,323,529
236
50
301
1,528
7,115
73
55
332
28,330
"
116
546
409
1,103
1,501
4,431
213
61
123
3,291
623
157
248
12,82 2
Ohio.
CO
I
„.„
„.
Indiana
_
-—.__
Illinois
__
„
Michigan
Wisconsin
____„
„
_
Minnesota
__,
Iowa
_
_
Missouri
Total Middle Western
States
.
North Dakota..
South Dakota
Nebraska
,
Kansas.
Montana
— .
Wyoming
..__
Colorado
New Mexico
Oklahoma
_
Total Western States—....
Washington
Oregon..
_
California
Idaho
„_„_..
Utah.
Nevada
„
_
Arizona
Total Pacific States
Alaska
The Territory of Hawaii
Porto Rico.
_
Philippines
_..
Total possessions.
Total United States and
possessions
835
2,923
372
388
367
430
987
1.018
2,736
1,068
2,032
675
1,102
430
11,094
7,418
53, 786
6,827
15,092
7,171
5,462
4,707
6,100
75
63
793
783
124
147
1,342
10,048 111,557
1,447
76
1,200
179
9,456
197
9,266
449
1,889
259
1,658
144
5,250
736
1,220
149
4,622
400
3,593 2,589 I 36,008
262"
4,512
196
353
3,001
189
978 2,990
40,964
60
50
740
273
235
1,317
123
619
777
174
55
2,841
2,223 4,334 I 54,152
178
24
1,036
65
178
4,574
301
2,186
416
208 1,643
11,305
53,856
18,406
22, 718
51
14, 571
10,850
14,273
134,725
2,092
1,942
2,360
2,200
8,594
3,737
2,958
13
1,234
7,942
19,101
847,641
359,479
1, 870, 999
665, 528
284, 304
293,847
290,815
672,804
212,005
22,547
2,022
55,172
76,853
15,161
6,756
12,567
7,561
25, 111
19,983
6,205
74, 555
599
12, 718
1,299
857
25,435
780
41,796
5,920
6,840
3,429
100
7,961
5,285,417
502,836 I 198,639
43,321
56,151
175,407
222,097
56,426
24,004
140,398
21,621
241,829
981,254
172,495
107,820
1,026, 675
35,128
49,078
16,831
45,207
1,453, 234
5,466
23,644
11,196
31,648
71,954
4,520
16,393
28,386
53,787
18,706
7,850
11, 525
6,774
48,589
196,530
51,402
23,294
158,159
12,525
5,479
2,329
6,503
259, 691
925
8,184
3,783
19,998
32,890
2,495
2,788
13,655
13,537
2,992
1,204
4,031
1,462
3,991
,155
2,979
3,274
5t599
955
741
249
79
13,876
141,327
403
71
572
5,387
376
106
2,141
42
2, 232
11,330
2,151
1, 651
17,368
215
614
18
306
22,323
307
422
1,267
1,125
123
8,207
92,261
2,508
2,011
624
227
4
132
2,981
262
11, 692
20,441
516
1,127
135, 653
260
773
3
3,143
141,475
42
4,362
4,554
67,939
44,432
61,185
45,653
20,138
18,658
456,536
288, 787 21,427,747
247, 097
133,437
61, 746
8,353
4,750
1,153
456,536
168,473
86,533
7,451
25,064
1,266
9,071,077
5,756,067
6,406, 059
128,738
18,085
47, 721
1,104,247
516, 534
243,301
87,520
250
3,691
288,787
21,427,747
1,960, 543
1,960,543
412, 593 549,281
8,958
418,383
1,129 1,173,014
446
250,922
11, 769 1,193,473
64
953, 960
301,355
26
281,081
8,400
241, 991
703
337,992
1,833
212,950
153,848
277, 221
141, 649
227, 747
224,558
238,853
35,946
24,370 4,733,788 1,512,772
105
15,139
48S 923
13,627
51, 645
4
34,547
128,486
30,126
72,961
10
41,041
30,467
13,573
10,849
90,718
21,561
5,876
4,581
43,559
42,082
288,
206
166
411,555
177,976
350
26,836
97,990
20,431
~5,~705" 1,849, 552
55,157
18,852
13,020
65,129
8,512
22,143
173
1,138
28,523
5
5,914
131,008
6,236 2,260,165
4,655
692
27,419
7,054
30
12,953
1,068
17,235
6,897
15,7111
62,262 1
30
133,085 24,029,247 3,169,073
34,064
59,088
12,809
4,050
4,684
2,190
6,174
126,497
635
401
2,743
9,228
46
400
801
271
23, 216
37,741
833
1,222
23, 231
130
641
74
26,174
5,244
372
2,950
8,566
919,877
v
l,271
1,207
3,277
1,589
1,222
7.282
7, £90
2,362
26,200
1,954
3,785
1,148
3,044
6,043
1,371
3,342
1,117
5,029
26,833
5,272
3,139
1,998
2,127
490
299
1,134
14,459
500
13
136
4,017
4,666
—
W
H
117,952
^
RE CAPITULATION
National banks
State (commercial) banks
Trust companies
Stock savings banks.
Mutual savings banks
Private banks
_
_
Grand total.———
15, 237
6,409
4043
41
1,083
35, 669
5,678
4,258
1, 500
598
49
47,752
i All cash in national banks included in first three columns.
149,107
149, 237
108, 066
3,388
50
2, 747
412,593 I
179,837
93,425
193,606
126
2,199
549,281
344,493
33,890
39,525
106
243
126
418,383
81,446
1,598
50,031
6, 089,637
4,635,318
3,264,721
1,122,263
8,889,914
27,394
10
133,085 24,029,247
1,290,947
1,460,984
292,170
104, 772
876
19,324
3 S 169,073
422, 003
151,662
329, 705
2,118
12,093
2,296
919,877
15,004
13,380
30
117,952
120
REPORT OF THE COMPTROLLER OF THE CURRENCY
Individual deposits in all reporting hanks
A classification of the individual deposits in each class of reporting
banks follows:
Individual deposits in each class of banks June 29, 1929
[In thousands of dollars]
Demand deposits
Number of
banks
State (commercial)
Loan and trust companies
Stock savings banks
Mutual savings banks
__.,
Private banks
Total
National banks
Grand total
14,437
1,608
747
611
391
.
Individual
deposits
subject to
check
5, 756, 067
6, 406, 059
128, 738
18,085
47, 721
State,
county, Certifi- Other
and mu- cates of demand
nicipal deposit deposits
deposits
Total
516, 534
248,301
87, 520
250
3, 691
149, 237
108,066
3,386
50
2,747
93,425
193, 606
126
80,088
2,199
17, 794
7,536
12,356, 670
856, 296
9,071,077 1,104, 247
263,486
149,107
369,444 13,845, 896
179, 837 10, 504, 268
25, 330
21,427, 747 1,960, 543
412, 593
549, 281 24, 350,164
6, 515, 263
6, 956,032
219, 770
98,473
56,358
Time deposits
State,
county,
and
municipal deposits
S tate (commercial)
33,890
Loan and trust companies- 39,525
106
Stock savings banks
243
Mutual savings banks
126
Private banks
73,890
Total
344,493
National banks
Grand total
418, 383
Time
deposits, Postal
Deposits
Depos- evidenced
open
ac- savCertifiits of by sav- cates of counts,
ings
other ings
deposChristpass
deposit
banks
mas sav- its
books
ings, etc.
Total
Total
individual deposits
4,635,318 1,460,984
3,264, 721
292,170
1,122, 263
104,772
8, 889,914
876
27,394
19,324
151,662
329,705
2,118
12, 093
2,296
15,004
13,380
969
51,639 17,939,610 1,878,126
81,446 6,089, 637 1, 290,947
497, 874
422,003
29,383 20, 470, 522 34, 316,418
88, 569 8,317, 095 18,821,363
1,598
50,031
10
133,085 24, 029, 247 3,169,073
30
6, 298, 456 12,813,719
3, 989, 532 10, 945, 564
1, 230, 228 1,449, 998
8,903,126 9,001,599
105, 538
49,180
919, 877 117,952 28, 787, 617 53,137, 781
BEPORT OF THE COMPTROLLER- OF THE CURRENCY
121
Resources and liabilities of all reporting banks, June SO, 1925-1929
The resources and liabilities of all reporting banks for the five
years 1925 to 1929 are shown in the following statement:
[In thousands of dollars]
1925 (28,841 1926 (28,146 1927 (27,061 1928 (26,212
banks)
banks)
banks)
banks)
Classification
1929 (25,330
banks)
RESOURCES
Loans and discounts (including rediscounts)------33,883,733
Overdrafts
50,259
Investments
15,400,113
Real estate, furniture,
etc.1.
1,736, 585
2
Due from banks _
— . . . 6, 774, 392
Checks and other cash items3
2,181,137
Cash on hand
_.
951,286
Other resources
__.. 1,079, 532
Total..—
36,233,490
49,470
15,815,141
1,851,967
6, 769,061
2, 037, 561
996, 520
1,140,152
37,270, 378
43,450
17,255, 093
1,979, 578
6,900,402
2,181,167
1,007,896
1,494, 594
39, 542, 067
50,407
18,771,814
2,067,663
6,722,248
1,753,098
887,845
1,779,186
41, 376,269
56,857
17,348,738
2,145,270
6,759,725
1,691,772
819,928
1,973,946
62, 057,037
64,893, 362
68,132, 558
71, 574,328
72,172, 505
3,169,711
3,173, 334
1,007,439
(4)
« 60,078
3,273,303
3.471,968
I) 063,171
17,275, 928
20,833,394
147,220
8,656,620
51, 982, 932
925,276
1,089, 773
« 64,618
651,155
4,330, 605
655,649
18,837,016
24,267,084
187,827
5, 778,196
54,056,377
1,023,794
1,288,976
3,376,498
3, 764, 527
1,131,206
(4)
« 70,326
650, 946
4,289, 337
1,119,943
23,855,131
26,381, 693
194,024
895, 730
56,735,858
829, 508
1, 573, 689
3,525,522
4,145,529
1,226,361
(*)
»83,753
649,095
4,081, 028
6 864, 585
24, 306,651
28, 538,109
222,816
399,938
58,413,127
1,566,146
1,964,795
3,796,978
4,611,698
1,097,386
161,483
142,776
649.452
3, 629; 197
«7 837,430
24,350,164
28,787,617
286,112
20,121
57,910,641
1,630,703
2,171,388
62,057,037
64,893, 362
68,132, 558
71, 574,328
72,172,505
LIABILITIES
Capital stock paid in
Surplus fund
Undivided profits
—
Reserves for dividends, contingencies, etc_
Reserves for interest, taxes, etc., accrued.National bank circulation
Due to banks
Certified and cashiers' checks outstanding
Demand deposits
,.
Time deposits
_-United States deposits
Deposits not classified
Total deposits
Bills payable and rediscounts
Other liabilities
Total liabilities
4,370,909
1
2 Includes banking house and other real estate
3 Includes reserve with Federal reserve banks.
owned.
Includes exchanges for clearing house.
* Included with undivided profits.
fi
6 Reported separately by national banks only.
Includes dividend checks outstanding.
i Includes letters of credit and travelers' checks sold for cash and outstanding.
> Principal items of resources and liabilities of all reporting banks in continental
United States, as compared with similar data for member batiks of the Federal
reserve system, on or about June 29, 1929
Member banks
Items
Loans 3.__
Investments
Cash
CapitalSurplus and undivided profits
Deposits (individual). _.
Aggregate resources
1
2
All
reporting
banks: 1
25,260
banks (000
omitted)
Per cent
8,707
to all
banks (000 reporting
omitted)
banks l
_ $41,226, 590 $25, 658, 491
17, 306, 715 10,052, 470
797, 814
433,491
2, 646,928
3, 764, 087
3, 533,142
5, 691, 082
52, 923, 270 31,139, 669
71,805,802 45,908,001
Exclusive of banks in Alaska and insular possessions.
Included in all reporting banks in column 1.
8 Including overdrafts.
62.24
58.08
54.33
70.32
62.08
58.84
63.93
Per cent Mutual
Private
savings2
to all
banks: 2
banks:
reporting
1
391
banks
banks,
611 banks
(000
except
(000
omitted)
mutual
omitted)
savings
and
private
72.62
74.45
56.75
70,51
75.05
71.07
74.47
$5,801,489
3,775,770
31,495
971,418
9,001, 599
10,006,452
27,826
2,508
9,905
12,015
105, 538
156,490
122
REPORT OF THE COMPTROLLER OF THE CURRENCY
MONEY IN THE UNITED STATES
Statements showing the stock of money in the United States in the
years ended June 30, 1914 to 1929; the classification of money in
circulation June 30, 1929; and imports and exports of merchandise,
gold, and silver in the calendar years 1914 to 1928 and the nine
months ended September 30, 1929, follow:
Stock of money in the United States, in the Treasury, in reporting banks, in Federal
reserve banks, and in general circulation, years ended June SO, 1914 to 1929
Year ended
June 30—
general circulation, exCoin and other Coin and other
Held by or for In clusive
of amounts held
Coin and money in Treas- money in report- Federal reserve
by reporting banks and
other
banks and agents
ing banks 2
ury as assets 1
Federal reserve banks
money
in the
United
Per Amount
States
Per
Per
Per
Per
Amount cent
cent Amount cent Amount cent capita
Millions Millions
1915
1916
1917
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
3,797. 8
4,050. 8
4,541. 7
5,678. 8
6,906.2
7,688.4
8,158.5
8,174. 5
8,276.1
8, 702.8
8,846. 5
8,303. 6
8,429. 0
8 667 3
8,118.1
8, 538.8
338.4
348.2
299.1
269.7
363.5
585.1
490.7
463.6
406.1
386.5
359.4
363.8
353.2
350.9
351.3
373.1
8.91
8.60
6.59
4.75
5.27
7.61
6.01
5.67
4.91
4.44
4.06
4.38
4.19
4.05
4.33
4.37
Millions
1,630.0
1,447.9
1,472. 2
1,487.3
882.7
981.3
1,047.3
926.3
814.0
777.1
900.8
938.3
975.2
985.1
866.5
799.1
42.92
35.74
32.41
26.19
12.78
12.76
12.84
11.33
9.84
8.93
10.18
11.30
11.57
11.36
10.67
9.36
Millions
383.6
593.3
1,342. 7
2,061.0
2,226.7
2, 200. 2
2,799. 9
3,406.8
3,493. 0
3,637. 8
3,124. 6
3,190. 5
3,465.1
2,970.2
3,419.4
Millions
9.45
13.06
23.64
29.84
28.96
26.97
34.25
41.16
40.14
41.12
37.63
37.85
39.98
36.59
40.04
1,829.4
1,871. 7
2,177.1
2,579.1
3,599.0
3,895. 3
4,420. 3
3,984.7
3,649. 2
4,046. 2
3,948. 5
3,876. 9
3,910.1
3,866. 2
3,930.1
3,947. 2
48.17
46.21
47.94
45.42
52.11
50.67
54.18
48.75
44.09
46.49
44.64
46.69
46.39
44.61
48.41
46.23
18.47
18.58
21.25
24.76
33.99
36.70
41.25
36.87
33.25
36.36
35.04
33 98
33.82
33.03
33.18
32.93
1 Public money in national-bank depositories to the credit of the Treasurer of the United States not
included.
2 Money in banks of island possessions not included.
NOTE.—Population estimated at 108,087,000 in 1921, 109,743,000 in 1922, 111,268,000 in 1923, 112,686,000 in
1924,114,104,000 in 1925, 115,614,000 in 1926, 117,034,000 in 1927, 118,455,000 in 1928, and 119,878,000 in 1929.
Kind of money
Gold coin and bullion
Gold certificates
Standard silver dollars
Silver certificates
Treasury notes of 1890
Subsidiary silver
Minor coin
United States notes
Federal reserve notes
Federal reserve bank notesNational-bank notes
Total June 30, 1929__
Comparative totals:
May 31,1929__.-_
June 30,1928 7
Oct. 31, 1920
_.
Mar. 31, 1917.—
June 30, 1914
Jan. 1, 1879
__
1
2
3
Total amount1
Circulation statement of United States money June 30, 1929
Money held in the Treasury
Money outside of the Treasury
Population
Amount
Reserve
In circulation
of conheld in trust
against
Held for
Held by
tinental
against gold
United
Federal
Federal
United
and silver
States
All
other
reserve
reserve
Total
Total
States
certificates notes (and banks
money
Per
and
banks and
Amount
(esti(and Treas- Treasury
capita
agents
agents*
mated)
ury notes
notes of
of 1890)
1890)
$677,493,652 $368,488,444
$1,
$4,324, 350,860 $3, 278,368, 764 $1,384,335,199 $156,039, 088 $1, 562,425, 579 $175,568,898045,982,096
449,341,260 934,993,939
384,335,199
Kl,384,335,199)
"470,"037,"392 IIIIIIIII
7,874,240
539,960.849
43,684,250
488,402,359
51, 558,490
18,364,967
4 (468, 753,942)
81,680,867 387,073,075
468,753,942
< (1,283,450)
1, 283,450
1,283,450
304,187,449
17,619,764 284, 226,000
301,845,764
2,341,685
2,341,685
120,640,035
115, 209, 931
118,637, 569
2,002,466
3,427,638
2,002,466
346,681,016
262,188,339
344,409,975
2,271,041
82,221,636
2, 271,041
2,194,970,415
193,862, 295
1,108,120
501,140,879 1,692, 721,416
1,108,120
3,711,131
3,615, 511
88,154
7,466
88,154
3,622,977
704,294,44r
15,303, 625 688,990,817
15,303,625
36,178,605 652,812,212
8,538, 796,197 3, 789,886, 214 1,854,372,591 156,039,088 1, 562,425,579 217,048,956 6,603,282,574 1,856,986,007 4,746,296,567
8,390,727,470 5 3,768,401,722
8,118, 090, 754» 3,725,649,727
8,479,620,824 8 % 436,864,530
5, 396, 596, 677» 2,952,020,313
3, 796,456,764 6 1,845,575,888
1, 007, 084,483 6 212,420, 402
1,880,217,316
1,986,761,140
718,674,378
2,681,691,072
1, 507,178,879
21, 602,640
156,039,088 1, 506, 523,279
156,039,088 1, 387, 650,413
152,979,026 1, 212,360,791
152, 979, 026
150,000,000
100, 000,000
225, 622.039 6, 502, 543, 0641, 764,907,133 4,737,635,931
195,199, C~" 6,379, 202,167 1, 582, 575,9104, 796,626,257
352,850,336 6,761,430, 672 1,063, 216,060 5,698, 214, 612
117, 350, 216 5,126, 267,436 953, 321,522 4,172,945,914
3,458,059,755
188,397,009 3,458,059,755
816, 266, 721
90,817, 762 816, 266, 721
$3.08
7.81
.36
3.23
.01
2.S7
.96
2.19
14.13
.03
5.45
39.62 119,788,000
39.59
40.52
53.01
40.23
34.92
16.92
119,669,000
118,364,000
107,491, 000
103, 716,000
99,027,000
48, 231,000
Includes United States paper currency in circulation in foreign countries and the amount held by the Cuban agency of the Federal Reserve Bank of Atlanta.
Includes money held by the Cuban agency of the Federal Reserve Bank of Atlanta.
Does not include gold bullion or foreign coin other than that held by the Treasury, Federal reserve banks, and Federal reserve agents. Gold held by Federal reserve banks
under
earmark for foreign account is excluded, and gold held abroad for Federal reserve banks is included.
4
These amounts are not included in the total since the money held in trust against gold and silver certificates and Treasury notes of 1890 is included under gold coin and bullion
and standard silver dollars, respectively.
* The amount of money held in trust against gold and silver certificates and Treasury notes of 1890 should be deducted from this total before combining it with total money
outside of the Treasury to arrive at the stock of money in the United States.
« This total includes $15,724,715 of notes in process of redemption, $168,415,543 of gold deposited for redemption of Federal reserve notes, $13,157,972 deposited for redemption of
national-bank notes, $1,950 deposited for retirement of additional circulation (act of May 30, 1908), and $7,459,992 deposited as a reserve against postal savings deposits.
7 Revised figures.
NOTE.—Gold certificates are secured dollar for dollar by gold held in the Treasury for their redemption; silver certificates are secured dollar for dollar by standard silver dollars
held in the Treasury for their redemption; United States notes are secured by a gold reserve of $156,039,088 held in the Treasury. This reserve fund may also be used for the redemption of Treasury notes of 1890, which are also secured dollar for dollar by standard silver dollars held in the Treasury. Federal reserve notes are obligations of the United States and
a first lien on all the assets of the issuing Federal reserve bank. Federal reserve notes are secured by the deposit with Federal reserve agents of a like amount of gold or of gold and
such discounted or purchased paper as is eligible under the terms of the#Federal reserve act. Federal reserve banks must maintain a gold reserve of at least 40 per cent, including
the gold redemption fund which must be deposited with the United States Treasurer, against Federal reserve notes in actual circulation. Lawful money has been deposited with
the Treasurer of the United States for retirement of all outstanding Federal reserve bank notes. National-bank notes are secured by United States bonds except where lawful moneyhas been deposited with the Treasurer of the United States for their retirement. A 5 per cent fund is also maintained in lawful money with the Treasurer of the United States for
the redemption of national-bank notes secured by Government bonds*
8
o
I
o
3
H
O
3
to
CO
Circulation statement of United States money June 80, 1929
Kind of money
Gold coin and bullion
Gold certificates
Standard silver dollars
Silver certificates
Treasury notes of 1890
Subsidiary silver
Minor coin . .
_
United States notesFederal reserve notes
Federal reserve bank notes
National-bank notes
Total June 30, 1929
Comparative totals:
May 31, 1929___»
June 30,19287
Oct. 31f 1920
Mar. 31,1917
June 30,1914
Jan. 1, 1879.
Money held in the T r e a s u r y
Money outside of the Treasury
Population
Amount
Reserve
In circulation
of conheld in trust
against
Held for
Held by
tinental
against
gold
United
1
Federal
Federal
United
Total amount
and silver
States
All other
reserve
Total
Total
reserve
States
certificates
notes (and banks
money
Per
and
banks and
Amount capita
(esti(and TreasTreasury
agents
agents J
mated)
u r y notes
notes of
of 1890)
1890)
3 $4,324,350,860 $3,278,368, 764 $1,384», 335,199 $156,039, 088 $1, 562,425,579 $175,568,898 $1,045,982,096 $677,493,652 $368,488,444 $3.08
4(1,384,335,199)
449,341,260
7.81
1,384,335,199
934,993,939
539,960.849
470,037,392
7,874, 240
.36
51, 558,490
43, 684,250
488,402,359
18,364,967
^ (468, 753, 942)
81,680,867
3.23
468,753,942
387,073,075
< (1,283,450)
.01
1,283,450
1, 283,450
304,187,449
2.S7
301,845, 764
284, 226,000
17,619, 764
2,341, 685
2,341,685
120,640,035
.96
118,637,569
115, 209, 931
3,427,638
2,002,466
2,002,466
346,681,016
2.19
344,409,975
262,188,339
82,221, 636
2,271,041
2,271,041
2,194,970,415
501,140,879 1,692, 721,416 14.13
1,108,120
1,108,120 2,193,862, 295
3,711,131
.03
3.622,977
3,615,511
7,466
88,154
88,154
704,294,442
5.45
688,990,817
652,812,212
__
36,178,605
15,303,625
15,303,625
8, 538, 796,197 « 3, 789,886,214 1,854,372, 591 156, 039, 088 1, 562,425, 579 6 217,048,956 6,603,282,574 1,856,986, 007 4, 746, 296,567 39.62 119,788,000
8,390, 727,470
8,118, 090, 754
8,479,620,824
5, 396, 596, 677
3, 796,456,764
1,007, 084,483
5 3,768,401,722
» 3,725,649,727
s 2, 436,864,530
« 2,952,020,313
» 1,845,575,888
« 212,420,402
1,880,217, 316
1,986,761,140
718,674, 378
2,681,691, 072
1, 507,178,879
21,602,640
156,039, 088 1, 506, 523,279
156,039,088 1, 387, 650,413
152,979, 026 1, 212,360,791
152,979,026
150,000,000
100,000,000
225, 622.039
195,199,086
352, 850,336
117, 350,216
188,397,009
90,817,762
6, 502, 543, 064 1, 764,907,133 4, 737, 635,931
6, 379, 202,167 1, 582, 575,910 4, 796,626,257
6,761,430,672 1,063, 216,060 5,698, 214,612
953,321, 522 4,172,945,914
5,126, 267,436
3,458,059,755
3,458,059,755
816, 266, 721
816, 266, 721
39.59
40.52
53.01
40.23
34.92
16.92
119,669,000
118,364,000
107,491, 000
103, 716,000
99,027,000
48, 231,000
i Includes United States paper currency in circulation in foreign countries and the amount held by the Cuban agency of the Federal Reserve Bank of Atlanta.
Includes money held by the Cuban agency of the Federal Reserve Bank of Atlanta.
Does not include gold bullion or foreign coin other than that held by the Treasury, Federal reserve banks, and Federal reserve agents. Gold held by Federal reserve banks
under
earmark for foreign account is excluded, and gold held abroad for Federal reserve banks is included.
4
These amounts are not included in the total since the money held in trust against gold and silver certificates and Treasury notes of 1890 is included under gold coin and bullion
and standard silver dollars, respectively.
6 The amount of money held in trust against gold and silver certificates and Treasury notes of 1890 should be deducted from this total before combining it with total money
outside of the Treasury to arrive at the stock of money in the United States.
« This total includes $15,724,715 of notes in process of redemption, $168,415,543 of gold deposited for redemption of Federal reserve notes, $13,157,972 deposited for redemption of
national-bank
notes, $1,950 deposited for retirement of additional circulation (act of May 30, 1908), and $7,459,992 deposited as a reserve against postal savings deposits.
7
Revised figures.
NOTE.-—Gold certificates are secured dollar for dollar by gold held in the Treasury for their redemption; silver certificates are secured dollar for dollar by standard silver dollars
held in the Treasury for their redemption; United States notes are secured by a gold reserve of $156,039,088 held in the Treasury. This reserve fund may also be used for the redemption of Treasury notes of 1890, which are also secured dollar for dollar by standard silver dollars held in the Treasury. Federal reserve notes are obligations of the United States and
a first lien on all the assets of the issuing Federal reserve bank. Federal reserve notes are secured by the deposit with Federal reserve agents of a like amount of gold or of gold and
such discounted or purchased paper as is eligible under the terms of the*Federal reserve act. Federal reserve banks must maintain a gold reserve of at least 40 per cent, including
the gold redemption fund which must be deposited with the United States Treasurer, against Federal reserve notes in actual circulation. Lawful money has been deposited with
the Treasurer of the United States for retirement of all outstanding Federal reserve bank notes. National-bank notes are secured by United States bonds except where lawful moneyhas been deposited with the Treasurer of the United States for their retirement. A 5 per cent fund is also maintained in lawful money with the Treasurer of the United States for
the redemption of national-bank notes secured by Government bonds*
S
3
O
O
s
o
3
8
cj
3
a
to
00
124
REPORT OF THE COMPTROLLER OF THE CURRENCY
Imports and exports of merchandise, calendar years 1914 to 1928, inclusive, and
from January 1 to September 80> 1929
Imports of
merchandise
Total, 15 years and 9 months.
Excess of
exports over
imports
$3,113,624,050
3, 554, 670,847
5,482, 641,101
6,226,255,654
6,149, 241,951
7,920,425,990
8,228,016,307
4,485, 031,356
3,831,777,469
4,167,493,080
4,590,983,845
4,909,847,511
4,808,660,000
4,865,375, 000
5,128, 356, 000
1 3,849,218,000
$1,324,348,049
1,776,074,152
3, 091, 005, 766
3, 273,789, 699
3,117,937, 230
4,016,061, 058
2, 949, 534, 817
1,975,883,786
719,030,636
375,427,117
981,021, 268
683, 258, 248
377, 772, 000
680,633,000
1, 036,912, 000
1487,335,000
54,445,594,337 81,311,618,161
26,8(36,023,824
$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, 278,481,490
2, 509,147, 570
3,112, 746,833
3,792,065,963
3,609,962,579
4,226, 589,263
4,430,888,000
4,184, 742,000
4, 091,444,000
i 3,361,883,000
1914
1915
1916
1917
1918
,
1919
1920
1921-.
,
1922
1923
1924
,
1925__
1926.1927
1928__
1929 (9 months).
Exports of
merchandise
* Preliminary, subject to correction.
Gold and silver imports and exports in period indicated
GOLD
Imports
1914
1915
1916
1917
1918
1919
1920
1921
1922
1923
1924
1925
1926
1527
1928
__
„
t
1929 (9 months). _ .
Total, 15 years and 9 months
Exports
Excess of
exports over
imports
$57,387, 741
461,954,590
685,990,234
552,454,374
62,042,748
76,534,046
417,068,273
691, 248, 297
275,169,785
322, 715,812
319,720,918
128, 273,172
213,504,000
207, 535,000
168,897,000
255,195,000
$222, 616,156
31,425,918
155,792,927
371,883,884
41, 069,818
368,185, 248
322,091, 208
23,891,377
36,874,894
28,643,417
61,648, 313
262,639,790
115, 708, 000
201,455,000
560,760, 000
9,942, 000
$165,228, 415
4,885,690,990
2,814,627,950
983,109, 235
$25,959,187
34,483,954
32,263, 289
53,340,477
71,375,699
89,410,018
88, 060,041
63, 242,671
70,806,653
74,453,530
73,944,902
64, 595,418
69,596,000
55,074,000
68,117,000
48,914,000
$51,603,060
53,598,884
70, 595,037
84,130,876
252,846,464
239,021,051
113,616, 224
51,575,399
62,807, 286
72,468, 789
109,891,033
99,127, 585
92,258,000
75, 625, 000
87,382,000
61,047,000
$25,643,873
19,114,930
38,331,748
30,790,399
181,470,765
149,611,033
25,556,183
983,636,839
1,577, 593,688
615, 608, 229
291,651,202
134,366,618
391,863, 556
Excess of
imports over
exports
$420, 528, 672
530,197,307
180, 570,490
20, 972,930
94,977,065
667,356, 920
238,294,891
294, 072, 395
258,072,605
97, 796, 000
6,080,000
245, 253,000
3, 054,172, 275
SILVER
1014
1015.
1916
1917
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
„
,.
„_ ..
1029 (9 months)
Total, 15 years and 9 months
35,946,131
34, 532,167
22,662, 000
20, 551,000
19, 265, 000
12,133, 000
$11,667, 272
7,999, 367
1,984, 741
21,651,380
125
REPORT OF THE COMPTROLLER OF THE CURRENCY
BANKS IN THE DISTRICT OF COLUMBIA
A classification of banking associations in the District of Columbia,
together with capital, individual deposits, and aggregate assets, June
29, 1929, follows:
Number
National... _„_.,
Loan and trust companies
Savings banks
Building and loan associations
Individual
deposits i
Capital
$10, 775,000
11,400,000
2, 705, 000
Total
$121,824,000 $173,822,000
82,091,000
110,622,000
40, 519, 000
47,353, 000
2
65, 964,000
58,916,000
24, 880, 000
63
Aggregate
assets
303,350,000 I
397,761,000
1
Amounts due to banks not included.
2 Snare payments mainly.
E&mings, expenses, and dividends of hanks other than national in the
District of Columbia
The following statement shows comparative figures concerning the
earnings, expenses, and dividends of banks other than national in the
District of Columbia for the years ended June 30, 1929 and 1928:
Earnings, expenses, and dividends of trust companies and savings banks in the
District of Columbia
[In thousands of dollars]
6 months ended Dec.
31,1928
6 months ended June
30,1929
Year
Year
ended ended
June
June
30, 1928,
7 trust 22 sav- 29 total 7 trust 22 sav- 29 total 30,4929,
29
29
ings
comings
companies banks banks panies banks banks banks banks
Capital stock
Total surplus fund
Dividends declared
„
m
Gross earnings:
Interest and discount on loans....
Interest (including dividends) on
investments
Interest on balances with other
banks
Domestic exchange and collection
charges.
Foreign exchange department
Commissions and earnings from
insurance premiums and the
negotiation of real-estate loans..
Trust department.
Profits on securities sold
Other earnings
Total
-
„_
Expenses paid:
Salaries and wages
„
Interest and discount on borrowed money
Interest on bank deposits
Interest on demand deposits
Interest on time deposits.—
Taxes.
Other expenses
_
Total
11,400
8,964
612
2,649
1,827
192
14,049
10, 791
804
11,400
9,468
648
2,705
1,880
125
14,105
11,348
773
14,105
11,348
1,577
13,990
10, 588
1,480
1,975
966
2,971
1,981
1,026
3,007
5,978
5,410
628
235
863
507
238
745
1,608
1, 454
74
32
106
68
28
96
202
229
5
10
16
2
21
12
6
8
18
1
24
9
45
21
34
26
26
272
73
451
24
50
272
106
550
10
317
61
289
32
33
99
3,514
1,437
4,951
741
377
4
19
414
425
376
291
11
14
55
344
82
218
2,270
1,101
42
317
77
387
92
589
183
937
106
650
318
931
3,247
16
98
1,457
4,704
9,655
9,158
1,118
784
381
1,165
2,283
2,206
15
33
469
769
458
509
10
25
339
447
336
305
14
11
51
329
84
236
24
36
390
776
420
541
39
69
859
1,545
878
1, 050
14
81
772
1,453
776
993
3,371
2,246
1,106
3,352
6,723
6,295
126
REPORT OF THE COMPTROLLER OF THE CURRENCY
Earningsy expenses, and dividends of trust companies and savings banks in the
District of Columbia—Continued
[In thousands of dollars]
6 months ended Dec.
6 months ended June
30, 1929
Year
Year
ended ended
June
June
1929, 30, 1928,
7 trust 22 sav- 29 total 7 trust 22 sav- 29 total 30, 29
29
ings
comings
companies banks banks panies banks banks banks banks
31, 1928
Net earnings
- _ _ _
Recoveries on charged-off assets:
Loans and discounts
.._
Bonds, securities, etc
All other
Total
,
Losses and depreciation charged off:
On loans and discounts
.
On bonds, securities, etc
On banking house, furniture, and
fixtures
On foreign exchange
^.
Other losses
Total
Net addition to profits
1,244
336
1
32
1
7 1
1
1
1,580
1,001
351
1,352
2,932
2,863
8
33o
1
35
12
11
1
44
12
36
56
20
69
58
36
100
24
1,278
345
1,623
1,049
407
1,456
3,079
3,023
24
14
56
65
16
89
30
24
25
111
45
135
70
224
100
28
84
30
11
41
125
175
8
183
10
13
23
206
219
87
107
13
125
269
117
386
89
180
269
655
551
1,009
228
1,237
960
227
1,187
2,424
2,472
Building and loan associations in the District of Columbia
The resources of the 22 building and loan associations operating
in the District of Columbia under the supervision of the Comptroller
of the Currency on June 30, 1929, totaled $65,964,000 and exceeded
by $6,109,000 the resources of a like number of associations on June
30 a year ago.
The loans, which aggregated $63,566,000, showed an increase in
the year of $6,061,000. Installment payments on shares increased
also from $53,738,000 to $58,916,000.
Fifteen of the associations operated on the permanent plan, 6 on
the serial plan, and 1 on the terminating plan. The total membership was 71,205, as compared to 66,219 members a year ago, and of
the total in the current year the numbers borrowing and nonborrowing
were 19,428 and 51,777, respectively.
Number
of associations
Years
June 30—
1909
1910
1911
1912
1913
1914
1915
1916
1917
1918
1919
1920
1921
3922
1923
1924
1925
1926
1927
1928
1929
_
„
.
.
„.
22
19
19
20
20
20
20
19
19
20
20
21
24
22
23
23
24
22
22
22
22
Loans
$13,511,587
14,415,832
14,965,220
16,004,700
17,398,010
18,582,156
19, 524,065
20,186, 662
20,951. 089
21,567,904
23. 654, 000
27. 398,000
29,520,000
33,233,000
36,157,000
38,968,000
42,482,000
46,781,000
50,940,000
57, 505,000
63, 566,000
Installments
on shares
$11,996,357
13,213,644
13,324,217
14, 529, 977
16,453,044
17,113,899
17,866, 337
18, 668, 808
19,413, 268
20, 252, 005
22, 463,000
25,373,000
27,593,000
30,506,000
32,858,000
35,452,000
38,653,000
42,794,000
47,887,000
53,738,000
58,916,000
Aggregate
resources
$14,393,927
15,250,731
16,017,405
17,100,293
18,438,294
19,029,260
20, 655, 614
21, 611, 007
22, 264,005
23, 215,027
25, 699, 000
29, 322, 000
31,683,000
34,879,000
37, 589,000
40,467,000
43,977,000
48,573,000
43,829,000
59, 855,000
65,964,000
REPORT OF THE COMPTROLLER OF THE CURRENCY
127
The foregoing statement discloses the number of building and loan
associations in the District of Columbia, their aggregate loans,
installments paid on shares, and total resources on June 30 of each
year 1909-1929. ^ Summaries of the resources and liabilities of the
individual associations for the six months ended June 30, 1929,
together with consolidated statements of assets and liabilities and
receipts and disbursements for the six months ended December 31,
1928, and June 30, 1929, are published in the appendix of this report.
BUILDING AND LOAN ASSOCIATIONS IN THE UNITED STATES
Statistics relative to building and loan associations in the United
States have been obtained through the courtesy of Mr. H. F. Cellarius, secretary United States League of Local Building and Loan
Associations, with headquarters at Cincinnati, Ohio, and are published in the following statements:
Number of building and loan associations, total membership, and total assets, etc.,
for the year ended in 1928, by States
States
Pennsylvania
Ohio
New Jersey
M assachusetts...
Illinois
New York
_.„..
Indiana
California.
Wisconsin,
Maryland *
Louisiana
Missouri...
Nebraska.. „
Michigan
Oklahoma.-.-.
Kansas
Washington _ .
Texas..
Kentucky
North Carolina
District of Columbia.
Virginia4
Colorado
Iowa__
Utah.__.
Arkansas
West Virginia_..
Minnesota.-™.
Alabama
_
Rhode Island
__
Oregon
South Carolina4
C onneeticut
Florida. _.
~
Maine
Montana. _
Mississippi
Tennessee
Delaware
-New Hampshire
Wyoming
North Dakota
South Dakota
New Mexico
Georgia
Idaho._.
Vermont
Arizona.-.,
Nevada
Total....
1
Total assets
Increase in
assets
1, 753,253 $1,340, 056, 344 $94, 068,391
2, 452, 025 1, 237, 520, 617 2 202, 091, 300
1, 250, 000 1,032,429, 080 » 146, 261, 555
512, 714
516,138, 388
38,133, 241
873, 000
419, 927, 785 31, 829, 954
577,121
401,460, 686
51, 927,054
440,168
298, 282, 407
24, 042, 303
323,160
297,189,401
55, 392, 654
296, 973
251, 619,119
34, 055,126
330,000
210, 000, 000
12, 073, 820
193, 359
186, 892, 047
19, 854,458
241,680
179, 628, 005
6,185,367
250, 000
161,398, 928
15, 839, 528
212, 329
142, 638, 654
14,293, 314
216,131
130, 612,128
8,134, 697
211,820
126,114, 205
14, 672, 956
312, 872
115, 925, 233
20,402,112
165, 780
113,034, 389
11, 928, 494
154, 700
97,438, 412
4,009, 520
108,170
95, 009, 520
6,172, 282
68, 543
63,363, 948
4,850, 330
60, 800
55,000, 000
7, 077,200
131, 528
49, 553, 846
2, 785, 488
67, 088
46, 282, 496
8,400, 951
127, 026
45, 652, 812
4, 040,180
66, 688
39,870, 217
3, 575, 413
66,170
39, 703, 679
4,316. 306
83,090
36, 738, 928
38, 750
27, 797, 944 18 15,803, 000
3, 080, 877
37, 769
25, 716, 657
3, 054, 558
50, 700
24, 968, 215
1, 000, 000
30, 000
24,000, 000
1,974, 639
30, 808
22, 589,054
16,000
21, 603, 363 * 19, 236, 917
1,432, 537
28, 673
20, 981, 542
2,047, 358
44, 500
18, 384, 866
2, 617,102
26, 600
18, 035, 002
3,236, 521
19, 950
12,363, 630
1, 615, 444
18, 650
11,827,813
1,104, 931
16,483
11, 502, 362
i 1, 866, 395
21,077
11,271, 058
1, 610, 278
19,000
10,469, 619
743, 926
12, 679
6, 240, 941
338, 861
7,600
4,172, 351
1,454, 001
12, 054
3, 954, 001
1,056, 990
6,300
3, 795, 742
5,149
3,286, 276
469, 267
802, 783
5,500
2, 744, 802
1,475
847, 835
324,121
4,272
812
1,561
226
916
313
402
206
186
1,210
105
241
84
72
88
151
73
162
155
232
22
87
67
74
24
74
62
80
42
8
37
145
39
71
36
26
52
39
44
28
13
20
23
18
34
13
11
6
4
12, 666 11,995, 905
Decrease.
« Increase from May 31, 1927, to Dec. 31, 1928.
8 Increase from June 30, 1927, to Dec. 31, 1928.
Total
membership
Number
of associations
4
8, 016,034, 327
837, 471, 876
Increase in
membership
* 22,851
169,332
83, 020
15,494
12,000
21.879
35; 647
61, 928
35, 288
2, 709
12,375
14,419
5,555
31,321
17, 620
44,468
20,400
12,800
6,170
4,775
4,500
11, 897
14,039
34,105
7,959
5,970
2,134
1 15, 950
3,332
6,000
2,000
1 13, 696
1 12, 500
1507
3,000
4,800
5,175
900
39
1 5,046
2,200
4,974
450
5,554
1, 600
691
1,100
575
659, 644
Estimated.
* Assets, 1927, $21,245,032; actual increase, $6,552,912.
128
REPORT OF THE COMPTROLLER OF THE CURRENCY
Mortgage loan investments of building and loan associations, by States
Total mortgage loans
outstanding
Increase of
mortgage
loans outstanding
over previous year
States
1927
Per cent
mortgage
loans to
assets,
1928
$24,318,425
C1)
0)
2,447,468
$1,684,136
$763,
332
266,310,898
220,214,633
46, 096,265
20,978,101
19,167,623
1,810,478
10.197,113
8,859,210
1,337, 903
60,222,013
54,192,283
6,029, 730
17, 500, 795 2 17,622,028
35,122,823
3,313, 640
3S0,365,096
25,850,036
364,515,060
941, 389
3,412,094
2,470,705
21,814,246
270,981, 555
249,167,309
42, 594,603
1,863,014
40, 731, 589
105,611,662
4,910, 508
100,701,154
11,805,178
95.313,114
83,507,936
11,620,851
174,862,061
163,241,210
1,113, 762
19,842,888
18, 729,126
480,109, 722
32,438,003
447,671, 719
11,357,815
129,008, 767
117,650,952
3,116,420
30,061,785
26,945, 365
2, 376,468
16,429,885
14,053,417
15,996, 272
160,104,264
144,107,992
1,714,709
16,072,136
14,357,427
2 891,277
137, 500,496
138,391,773
296,727
796,900
500,173
979,228
11,000,311
10,021,083
971,081,756 130,240,655
840,841,101
3, 593,275
391,261
3,202,014
42,066, 877
367,081,909
325,015, 032
5,669, 545
82, 500,000
88,169, 545
9, 010,131
7,520, 715
1,489,416
940,272, 346 1,110,090, 000 169,817,654
13,425,131
120,341,040
106,915, 909
22,000, 000
18,101,888
3,898,U2
L, 120, 549,419 1,250,000, 000 129,450, 581
24, 026,119
20,831,425
3,194, 694
5,406,355
4,535, 000
871, 355
11,293,052
8,373,088
2, 919,964
96,047, 589
84,992,075
11,055, 514
40,288,018
32,667,956
7,620,062
3,182,351
2,684,216
498,135
91,576,271
80,476,271
11,100,000
34, 566, 509
32, 589,171
1,977,338
242, 564, 784 31, 595,774
210,969,
010
10,115,956
C1)
385,277,085
346,333,702
2 1,695,362
Alabama
Arizona
California
Connecticut
-.
Delaware
District of ColumbiaFlorida
Georgia
I linois
Idaho
Indiana
Iowa...
Kansas
Kentucky
Louisiana
Maine.M assachusetts
Michigan
Minnesota
Mississippi.......
Missouri
Montana
Nebraska
Nevada
New Hampshire
New Jersey
New Mexico
New York
North Carolina
North Dakota
Ohio
Oklahoma
,
Oregon.
,
Pennsylvania
Rhode Island
South Dakota
Tennessee
Texas
Utah
Vermont
,
Washington
West Virginia
Wisconsin
Wyoming
Other States
Total
6,584,818,419
7,336,124,154
2
i Included in other States.
87.5
89.2
89.6
92.9
86.4
95.0
81.0
84.0
93.0
89.7
90.9
92.0
84.0
97.8
93.6
94.4
93,0
90.5
81.9
91.1
89.0
87.4
85.2
94.0
95.7
94.0
86.1
91.4
92.8
86.1
89.8
92.1
88.0
93.3
93.5
86.6
91.4
85.0
88,3
97.0
79.0
87.1
96.4
89.8
91.5
751,305, 735
91.5
Decrease.
Failures of building and loan associations, 1920-1928
Total
number
of associations
1920
1921
1922
1923
1924 —
1925
1926 -.
1927
1928
Total -
8,633
9,255
10,009
10,744
11,844
12,403
12, 628
12,804
12,666
.
Estimated
loss
Per cent
of loss
to total
resources
2
6
4
9
18
26
12
21
123
$506
91? 547
158,674
132,612
398,245
500,000
380,725
1,013,000
668,000
0.00002
.0032
.0047
.0034
.0084
.0090
.0060
.0141
.0071
121
3,243, 309 —
Total resources Number
failed
$2, 519,914,971
2,890,764,621
3,342, 530,953
3,942,939,880
4,765,937,197
5, 509,176,154
6,334,103,807
7,178,562,451
8,016, 034, 327
1
Located as follows: Florida, 1; Illinois, 1; Kentucky, 1; Missouri, 2; Ohio, 2; Pennsylvania, 15; and
South Dakota, 1.
MONETARY STOCK OF PRINCIPAL COUNTRIES OF THE WORLD
The following statement, furnished by the Mint Bureau, shows the monetary stock of the principal countries of
the world at the end of the calendar years 1927 and 1928:
Monetary stock of principal countries of the world, end of calendar year 1927
[The compilations have been made from such data as are available—avowedly incomplete. T h e amount of gold a n d silver in circulation in many countries is not obtainable, and in some countries t h a t held b y private banks can not be given.
For the United States the figures given cover all domestic gold and silver coin, b u t only such bullion and foreign coins as are owned by the Government and Federal reserve
banks. All foreign coin which comes into possession of the Government is converted into bullion.]
O
o
[Stated in United States money (000 omitted), except paper stock, which is stated in monetary unit of issuing country (000 omitted)]
Gold stock
Monetary unit
Country
North America:
United States
Canada
Mexico 3
_
British Honduras
Costa Rica
Cuba4
Dominican RepublicGuatemala- _
Haiti
Honduras
—
Newfoundland
Nicaragua
„
Panama 7
Salvador
Monetary
standard
Gold—
—do
—do
,~do.
do
..do
...do
.-do . . .
do
—do ._
_~do—..
—do
do
-.do.....
Name
United
States
equivalent
Dollar
do.
Peso
Dollar
Colon
Peso
Dollar
Quetzal
Gourde
Lempira
Dollar
Cordoba...
Balboa
Colon.......
$1.00
1.00
.4985
1.00
.25
1.00
1.00
1.00
.20
.50
1.00
1.00
1.00
.50
Per capita
In banks
and public
Metallic treasuries,
stock
including
unclasthat held In circusified
abroad in
lation
trust—set
aside or
"earmarked"
Total
$4,379, 268
2 178,129
16,683
90
$4,379,268
178,129
16,683
90
$1,101
1,400
37,105
129
4,393
125
40
1,000
10
332
5,059
$37,105
129
2,993
125
40
? 1,000
322
5,059
Silver
stock
$845,245
27,105
7,783
195
363
12,085
807
1,295
30
500
7 2,300
365
584
Paper
circulation, in
Population
monetary (thousands)
unit of
issuing
country
i 5,377,085
331,189
3,220
614
21,000
228,572
• 1,310
10,557
16,201
6 630
8 185
5,254
18,117
120,013
9,519
15,048
48
472
3,568
1,022
2; 454
2,550
740
268
650
500
1,680
O
O
Unclassified
$0.07
Gold
Silver
$38.49
18.71
1.11
1.87
$7.04
2.85
.52
4.06
.77
3.38
.79
.52
.01
.67
8.58
.56
1.17
10.40
.13
1.79
.05
.05
3.73
.66
3.00
Paper
44.80
34.79
.21
12.79
44.49
64.06
1.28
4.30
6.35
.85
.69
8.08
1
o
t-l
t1
fel
16.78
Footnotes at end of table.
to
Q
Monetary stock of 'principal countries of the world, end of calendar year 1927—Continued
o
[Stated in United States money (000 omitted), except paper stock, which is stated in monetary unit of issuing country (000 omitted)]
Monetary unit
Country
Monetary
standard
Gold
Virgin Is! ands
British West Indiesdo
Barbados
Jamaica
Trinidad
...do
Dutch West Indies. ...do
French WTest IndiesGuadeloupe
...do
Martinique 4 . . .
do
South America:
Argentina
...do
Bolivia
do
Brazil..
do
Chile
...do
do
Colombia
Ecuador
. . do
Guiana—
...do
British..
do
Dutch
do
French
...do
Paraguay
do
Peru
do
Uruguay 7
. do..
Venezuela
Europe:
do
Austria10
Belgium 10
...do
. . do
Bulgaria
Czechoslovakia
Danzig
Gold....
Name
United
States
equivalent
Franc
$.193
Pound
do
do
Guilder or
florin.
4.8665
4.8665
4. 8665
.402
Franc
do
.193
.193
Peso
Boliviano
Milreis
Peso
do
Sucre
.9648
.3893
.5462
.1217
.9733
<» .2000
Dollar
Guilder.
Franc
Peso
Pound
Peso . - . .
Bolivar
1.0138
.402
.193
.9648
4. 8665
1. 0342
.193
Schilling
Belga
Lev
Krone
Gulden
.1407
.139
.193
.2026
.195
Gold stock
In banks
public
Metallic and
treasuries,
stock
including
unclas- that held In circusified
abroad in
lation
trust—set
aside or
"earmarked"
Per capita
Paper
circulation, in Population
monetary
(thousands) Ununit of
clasissuing
sified
country
Silver
stock
Total
Gold
Silver
Paper
$88
$67
«500
25
$3.52
$2.68
20.00
891
8
891
1
791
5,253
230
84
266
5,626
3,312
164
858
391
58
.02
15.36
.92
13.43
3.96
.02
.31
14.38
57.10
299
299
54
33,245
34,000
230
240
1.30
.24
1,349,445
39,556
8*3,004,864
252,978
2,322
46,370
7 9,517
41,316
9 166
10,647
2,599
40,543
4,025
7,283
2,000
$2
$86
8
$1,660
475,447
8,568
100,770
9,811
19,962
2,046
122
475,447
8,568
100,770
9,933
19,962
2,046
717
86
7 94
86
94
7 203
334
7 194
21,490
69, 510
15,000
21,490
69,510
15,000
5,171
9,000
11,883
99,878 "
9,261
Viii"
3,476
11,883
99,878
9,261
_„
32,804
2
1,950
1,529
2,920
* 11,400
192,712
6,036
71,787
62,500
307
143
47
1,000
5,500
1,720
3,089
1,005,315
2,153,910
3,726,972
8,417, 263
36,008
6,700
7,932
5,597
14,388
400
$6.92
2.28
44.65
3.29
2.48
2.46
2.74
1.02
.57
1.30
.08
.60
2.00
.66
2.34
4.13
3.72
40.41
4.85
3.01
2.91
1 77
12.59
1.65
.02
.62
4.87
144. 54
141.67
126. 74
15.22
74.11
62.85
6.37
20.65
4.98
20.42
242. 55
192.71
1.09
41.73
20.23
150.04
271. 54
665.88
585.02
90.20
Denmark M
Estonia
Finland12
Fiance
Germany 7
Gibraltar
Great Britain and
Irish Free State.
Greece10
Hungary
„._.
Iceland
_ _
Italy"
Latvia
Lithuania
Netherlands
_
—do
— do
d o "
do
—do
—do
do
—do
—do.
___do
do
..do
.do
Norway
Poland
„
—do
Portugal i0
_ -do
Rumania
Russia 15
—do
Spain
—do
Sweden
—do
Switzerland"
do
Yugoslavia 10
Asia:
British North Borneo. —do
do
Ceylon 7
Silver
China *
Gold
Cyprus Island
Federated
Malay Gold....
States.
India, British
, . do
Indo-China, French... Silver...
J a p a n , i n c l u d i n g Gold
Chosen, Taiwan,
Kwantung.
Nether land East In- —do
dies.
Palestine _
...do „ _
Silver
Persia 7
Gold
Philippine Islands
do
Sarawak
do
Siam
Straits Settlements
...do
do
Syria
Africa:
Silver
Abyssinia
Gold....
Algeria
_„
-_ do
Belgian Congo
...do
Dahomei7
Footnotes at end of table.
Crown
Mark..
Franc
Reichsmark.
Pound
do
Drachma
Pengo
Krone
Lira
Lat
Litas . .
Florin
or
guilder.
Krone. .
Zloty.
Escudo
Leu
Chervonetz.
Peseta
Krona___ _
Franc.
Dinar
Dollar
Rupee
Dollar
Pound
Dollar
48,776
201
7,979
799 627
424,760
761,819
761,819
334,400
H 14,707
34,432
603
239,180
4,570
105
160,836
14, 707
34,432
603
239,180
4,570
105
180,836
1,467
7,009
»18,205
4,632
1,350
47,856
.268
.1122
1. 0805
.193
5.1455
.193
.268
.193
.193
44,641
39,587
9.267
29', 006
97,039
502,302
61,882
83.470
17,133
44,641
39,587
9,267
29,006
97,039
502,302
61,882
83,470
17,133
.5678
.365
15
15
15,674
.193
.1749
.268
.193 — —
.193
.10
.402
292
.365
(18)
.402
ThalarL. . .
Franc
do—.
.„
292
— —
2,789
29,589
6,185
17,709
146,989
22,128
16.01
1.34
1.49
1.63
.66
22.70
10.16
21.08
1.30
.69
118. 64
.36
39.54
.11
296.16
.11 1,187.32
.71
189. 91
5.98
86.43
.15
231. 72
3.06
.25
436.42
2,472
62,471
390,097
474
258
5,125
442,000
317
1,325
1, 826,424
129,902
1, 831,981
318,942
13, 734
107,677
718
240
1,732, 770
212,231
71,640
71,640
159,818
351,181
51,718
2,920
32,726
18, 786
88
23,711
12,824
2,000
ie 116,403
118,015
7 156
130,853
140,627
7,675
887
10,000
11,922
600
9,939
935
3,000
750
1, 355, 310
124,619
59,106
10,100
6,065
15,000
1,000
3,044
1,638
1,638
21,458
15, 521
3,959
13,160
119,097
29,626
(18)
.193
.193
.193
330,900
1,170,034
1,831,770
21,026,263
104,404
132, 225
4, 202,441
8 950
526, 236
12,131
917,393
5,743,389
3,391
857,374
1,930
10,647
685
2,025
480,299
3,044
15. 73
101.92
35.10
425. 63
1.61 1,374. 52
2.74
87.37
8.89
10.21
6.90
.85
.45
2.47
.59
6.27
119,097
(18)
.25
14.03
.18
2.25
19.52
6.78
2.16
4.04
6.28
5.86
2.44
.05
21.09
5, 690,845
486,754
7,325
18, 775,000
77,753
480, 299
4. 8665
.50
5678
.4428
.5878
3.860
"160
494,140
3,475
1,115
3,558
40,960
62,592
18
48,408
6,825
8,522
98
40, 799
1,870
2,286
7,626
17,334
4985
Guilder
354,178
39,142
7 22
1,514,407
66,190 56,300, 610
171,931
5,468,946
4.8665
5678
Pound.. _
Kran
Peso
Dollar
Tical
Dollar _„..
Pound-
2,948
48,776
201
7,990
799, 627
424,760
11
(18)
Rupee
Piaster
Yen
do
.268
.268
.0252
.193
.2382
4. 8665
4.8665
.22
.82
2.68
.24
2.26
.18
12.18
.88
1.49
.37
5.43
5.75
2.54
5.72
6.27
21.95
.92
.83
1.38
.25
1.75
3.09
6.79
3.29
3.27
L57
.15
2.38
13.71
2.25
11.64
9.90
.26
13.16
150.40
2.56
2.12
.07
223.46
8.31
59.11
9.87
2.55
833.82
57.11
76.30
460.18
41.58
42.26
112.42
Monetary stock of principal countries of the world, end of calendar year 1927—Continued
CO
to
[Stated in United States money (000 omitted), except paper stock, which is stated in monetary unit of issuing country (000 omitted)]
Monetary unit
Country
Africa—Continued.
Egypt
Eritrea
_
French Equatorial
Africa.
Gambia. _
Gold Coast
Guinea, French
Ivory Coast
Kenya Colony
and
Uganda.4
Madagascar
Morocco
Nigeria
Nyasaland..
Portuguese
East
Africa.7
Portuguese West
Africa.
Reunion Island 20_. - . .
RhodesiaNorthern
Southern. __
Senegal
Sierra Leone
Somaliland—
British.
French
Italian
.....
Monetary
standard
Name
United
States
equivalent
Gold.
-. do
—do....
Pound
Lira
Franc
$4.9431
.193
.193
. do
—do__._
__do
do
—do
Pound
do
Franc.
do
Shilling
4.8665
4.8665
.193
.193
.2433
Franc
.
do .
Pound
._do
Escudo .
.193
.193
4.8665
4.8665
1.0805
do
1.0805
do
—do
do
—do
...do
do .
-do
Franc
.193
Pound
—do
Franc
Pound
4.8665
4.8665
.193
4.8665
—do
—do
—do
Rupse
Franc
Rupee
.365
. 193
.365
. do
—do._
do
do
Per capita
Gold stock
Metallic
stock
unclassified
In banks
and public
treasuries,
including
that held In circuabroad in
lation
trust--set
aside or
"earmarked"
Silver
stock
Total
$18,459
$18,459
1
1
Paper
circulation, in Population
monetary (thousands) Ununit of
clasissuing
sified
country
1
1
$27,850
1,692
881
6
19,004
30
$2,658
102
195
$58
146
160
341
3,437
1,598
2
560
22
1,460
2
24
1,460
438 '
730
107
329
191
191
1,863
27,522
28,000
14,169
450
3,125
166
1,690
27,123
119,441
40,450
210
2,300
2,020
1,656
5,765
296,853
447,237
224
104,897
3,621
5,557
18,475
1,176
3,120
81,232
4,150
39,900
174
35
900
439,472
155
931
808
1,225
1,541
300
4,410
2,000
344
65
1,000
©
s
Gold
Silver
$1.30
$1.96
3.76
Paper
1.94
8.96
• .43
3.29.
.01
$0.47
.13
.11
.18
1.36
.80
.74
13.42
72.12
7.02
i
8
81.98
80.48
.01
33.62
19.57
3.22
229.31
.03
1.81
.47
.90
.07
2.94
.96
1.86
.04
1.11
358.75
.10
.87
67.84
2,00
g
O
Sudan, Anglo-Egyp- _._do
tian.
Tanganyika
do
Tunis
do
Union of South Africa
do
Zanzibar
do
Oceania:
do
Australia
New Zealand
...do
Fiji Islands
Society Islands
do
...do
Total
Pound
Shilling
Franc
Pound
4.8665
Pound..
do
do
Franc
4.8665
4.8665
4.8665
.193
130
130
8,415
4,874
. 2433
.193
4.8665
.365
42,021
130,983
38,282
16,339
58,360
105,119
105,119
431
431
13,154
407
293
9, 654,709
55,495
9, 710, 204
51,994
6, 570
6,235
1,450
164
28
21.01
26.40
1,845,053
.16
973
4,183,029
.02
4,350
2,160
7,659
197
19,960
286,203
6,475
8,254
7 239, 654
9,503
7.62
1.30
.05
1.12
1.89
110. 95
1.24
1.72
2 06
8.34
4.53
16.86
2.62
5.93
5.26
2.27
1
1C
Includes gold and silver certificates (representing coin and bullion held in trust in
Stock in national bank.
the2 treasury) redeemable on demand.
" Monetary standard not established.
12 On Bee. 24, 1927.
Including some silyer.
13
Exclusive of Spanish bank notes.
3 Figures for 1925.
14
Includes that held abroad.
« On June 30, 1927.
« On Jan. 10,1928.
* United States Government and bank notes.
" On Jan. 1,1928.
s In United States dollars.
78 Last year's figures or figures of previous years.
"18 Incomplete.
Newfoundland
government
notes
only.
Fluctuates with the price of silver.
8
* Paper milreis.
i« On Mar. 20, 1927.
0
20 June 30,1928.
Including minor coin.
NOTE.—Figures given represent each country's stock at the end of the year, except when otherwise indicated. Population figures are from the Commerce Yearbook, 1928. Blanks
indicate no figures available, rather than no stock. Gold reported held abroad but not reported as set aside or "earmarked," not included in the above figures (presumably reported
by tha country having actual possession).
B
712.85
3
n
O
3
3
a
00
00
Monetary stock of principal countries of the world, end of calendar year 1928 (subject to revision)
CO
IStated in United States money (000 omitted), except paper stock, which is stated in monetary unit of issuing country (000 omitted)
Gold stock
Monetary unit
Country
Monetary
standard
North America:
United States
Gold....
Canada 3
—do
Mexico
__. ...do
...do
British Honduras
do
Costa Rica . . .
...do
Cuba*
Dominican Republic. ...do
Guatemala
...do
Haiti 6
.do . .
Honduras 6
.do . . . .
Newfoundland 6_
...do
Nicaragua...
...do
do
Panama 6
Salvador . ._
...do
.do
British West Indies...do
Barbados
do
Jamaica 6
Trinidad
.do . .
Dutch West Indies.... . . . d o . . . . .
French West Indies—
.do
Guadeloupe
..do
.
South America:
...do
Argentina.
...do
Bolivia
.do
Brazil
Chile
—do
...do
Columbia
...do
Ecuador
Name
United
States
equivalent
Dollar
do
Peso
Dollar
Colon .
Peso
Dollar
Quetzal
Gourde
Lempira
Dollar
Cordoba
Balboa
Colon
Franc
$1.00
1.00
.4985
1.00
.25
1.00
1.00
1.00
.20
.50
1.00
1.00
1 00
.50
.193
Pound
.do . .
. .do
Guilder
Franc
.do
Peso..
Boliviano...
Milreis......
Peso
do
Sucre
Per capita
In banks
public
Metallic and
treasuries,
stock
including
unclas- that held In circusified
abroad in
lation
trust—set
aside or
"earmarked"
Total
$4,141,421
U60,855
22,956
$4,141,421
160,855
22,956
4.8665
4.8665
4.8665
.402
.193
.193
.9648
*°. 365 ---------.5462
.1217
.9733
".2000
6,546
90
2,466
125
40
1,000
$17, 241
100
10
5,059
86
2
8
23,787
90
2,566
125
40
1,000
10
6,059
88
1,047
8
1,047
296
965
296
965
618,931
"7,475
148,591
7,363
24,271
18
1,124
618,931
7,475
148, 591
7,485
24,271
1,124
122
Paper
circulation, in Population
monetary (thousands) Ununit of
clasissuing
sified
country
Silver
stock
$849,995 i 5,215,307
349,870
27,738
12,765
202
546
363
24,138
8,413
54,176
240
«1,551
1,312
9,935
30
16,201
500
•630
2,300
7 185
440
6,031
8 90
18,117
6.»500
69
120,013
9,519
15,048
48
472
3,568
1,022
2,454
2,560
740
268
650
500
1,680
25
1
791
5,253
155
94
321
5,626
5,298
24
6 17
898
6
9 517
i*. is 497
Gold
Silver
$34.51
16.89
1.52
$7.08
2.91
.84
4.21
.76
2.35
.23
.53
.01
.67
8.58
.67
.18
6.67
.08
1.04
.05
.05
3.73
Paper
43.45
36.75
11.37
51.13
15.18
1.51
4.05
6.35
.85
.69
9.27
.02
3.01
3.52
~~~2.~7(r
10.79
20.00
164
858
391
68
.02
18.05
.92
13.43
2.67
.02
.37
14.38
91.34
38,488
41,720
230
240
1.28
4.02
.10
167.34
173.83
« 1,349,445
44,204
3, 379, 026
351, 506
56,183
"37,434
10,647
2,599
40, 543
4,025
7,283
2,000
58.13
2.87
3.66 """"."6l*
1.86
.22
1.31
3.33
.26
.56
126.74
17.01
83.34
87.33
7.71
18.72
,
3
Guiana—
British...,
Dutch e
French
Paraguay •
Peru
D
Uruguay
2
Venezuela
0 Europe:
1
Albania
b
Austria1618 8
D
Belgium .!
Bulgaria..
-.
C zechoslo vakia
Danzig 18
Denmark
Estonia
Finland.
France22
Germany
Gibraltar e.
Great B r i t a i n and
Irish Free State
Greece
Hungary..
Iceland
ItalyLatvia
Lithuania
Netherlands
..do..
.do..
..do..
..do..
..do..
..do..
..do..
..do...
...do...
...do...
...do...
(21)
Gold..
...do...
...do...
...do...
...do...
...do...
...do...
..do..
..do..
..do..
.do..
.do..
_do_.
.do..
Norway
_do_.
Poland 27
..do..
Portugal
..do..
Rumania
_do_.
..do..
Russia 28
_do_.
Spain 29
.
..do...
Sweden 29
..do...
Switzerland 6
...do—
Yugoslavia i
Asia:
| ...do...
British N. Borneo
....do...
Ceylon
Silver.
China 30
Gold..
Cyprus Island
.do.
Fed. Malay States
...do...
India, British
Silver..
Indo-China, French...
Japan, including Cho- G o l d sen, Taiwan, Kwantung.
Footnotes at end of table.
Dollar...
Guilder .
Franc...
Peso.
Pound..
Peso
Bolivar.
205
334
194
1.0.138
.402
4.8665
1.0342
.193
19,938
69, 557
7,818
Franc
Schilling....
Belga
Lev
Krone..
Gulden.
Krone.
Crown
Mark
Franc
Reichmarks.
Pound
.193
.1407
.139
20.0072
.0298
.195
.268
23,743
125,574
9,442
8,607
1
.....do
Drachma...
Pengo
Kron<
Lira
Lat...
Litas
Florin
or
guilder.
Krone
Zloty.
Escudo
Leu
Chervonetz.
Peseta
Krona
Franc
Dinar
4.8665
25. 0130
.1749
DollarRupee _
Dollar..
Pound.
DollarRupee. _
Piaster..
Yen
19,938
69,557
7,818
1,575
2,920
11,400
192, 712
6,122
72,484
89,196
307
143
47
1,000
5,500
1,720
1,000
174 1,067,363
2, 302,332
«283
4,173, 017
3,654
12 12, 542,908
39,416
1,950
360, 200
2,153
40,346
6
6 22 1, 513, 213
" 28, 706 63,915, 593
5, 647, 237
207, 926
2U60
1,000
6,700
7,932
5,597
14,388
400
3,475
1,115
3,558
40,960
62,592
18
7,224
5,171
6 9, 000
61
7,672
1, 253, 500
629, 731
23,743
125,574
9,442
8,607
1
46, 298
61
7,672
1, 253, 500
629, 731
772,722
7,321
35,169
601
265,732
4,584
3,427
174,692
250,000
66
2,456
26.0526
.193
.10
.402
772,722
7,321
35,] 69
601
265,732
4,584
3,427
174,692
.1122
1.0805
.193
5.1455
.193
.268
.193
.193
45,429
47,761
9,267
30,327
91,886
493,807
63,259
92,906
17,566
45,429
47,761
9,267
30,327
91,886
493,807
63, 259
166,164
17, 566
1,876
9,139
996
653
.5678
.365
14
.0252
23.0392
.2382
4.8665
73, 258
a1)
.4985
134,717
"903
37,905
123,999
~I23,~999
12,945
140, 235
766
158
1, 671,482
529, 254
~529,~254
6 212, 231
14
(31)
4. 8665
.5678
.365
19 5,382
4,632
1,350
47,195
292
292
22,042
.60
2.00
.67
2.34
4.13
3.62
40.44
2.53
1.31
3.01
2.91
3.54
15.83
1.68
.59
13.32
.05
2.15
30.60
10.06
.03
.65
4.87
.62
.01
.70
3.32
5.13
20.42
242.55
192. 71
1.11
42.14
28.87
1.00
159.31
290. 26
745.58
871. 76
98.54
103.66
36.18
425.30
, 560.44
90.22
8.89
420,841
5, 689,550
513,461
8,053
17, 295,393
77, 653
84,774
870,588
48,408
6,825
8,522
96
40,799
1,870
2,286
7,626
15.96
1.07
4.12
6.26
6.51
2.45
1.50
22.91
5.16
.01
.29
315, 500
1,394,284
1,976,184
21,211,000
182,110
4,377,167
546,013
952, 697
5, 528,170
2,789
29,589
6,185
17,709
146,989
22,128
16. 28
1.61
1.49
1.71
.62
22.31
10.39
41.97
1.33
.67
.31
.16
.03
.67
6.08
.14
9.57
113.12
47.12
319. 51
, 197. 75
1. 23
197.81
89.68
240. 64
420.07
2,383
57,417
561,430
412
8,472
1,891,023
141,875
1, 773,499
258
5,125
442,000
317
1,325
318,942
20, 698
83,458
.38
2.52
.31
2.41
.12
5.24
6.34
2.54
9.23
11.20
1.27
1.30
6.39
5.92
6.85
21.25
3,959
13,160
.92
$1.08
.13
2.47
.59
6.18
833. 63
60.25
83.88
423. 91
41.52
37.08
114.16
Monetary stock of principal countries of the world, end of calendar year 1928 (subject to revision)—Continued
CO
O
[Stated in United States money (000 omitted), except paper stock, which is stated in monetary unit of issuing country (000 omitted)]
Monetary unit
Country
Monetary
standard
Asia—Continued.
Netherlands E. Indies. Gold—
Palestine..
do
Persia6.
Silver
Philippine Islands
Gold—
Sarawak
_ .. do
Siam
—do.—
Straits Settlements
—do—
Syria
-.do
„
Turkey..
...do
Africa:
Abyssinia
Silver
Algeria
Gold—
Belgian Kongo
—do
Egypt
—do .
Eritrea •
._._ —do_.__
French
Equatorial
do
Africa.
French West Africa
do
do
Gambia
—do
Gold Coast
Kenya Colony and —do
Uganda.33
Madagascardo
Morocco
—do
Nigeria
—do .
Nyasaland
—do
Portuguese East —do
Africa.
Metallic
stock
United unclasStates
sified
equivalent
Name
Guilder
Pound
Kran.—
Peso..
Dollar . .
B a h t or
tical.
Dollar
Pound
Lira
Thalari
Franc
do
Pound
Lira_
Franc
In banks
and public
treasuries,
including
that held In circuabroad in lation
trust—set
aside or
"earmarked"
Per capita
Total
$0.402
4 8665
$68,264
$68, 264
%
.5678
.4424
3,518
3,518
.5678
3.860 ~"$6~746~
4.400
1,630
1,630
Silver
stock
$160,119
6 2,920
32, 726
19,089
32 96
8,038
12, 763
22,043
_.
do
.0392
.0278
4.9431
.0526
0392
8,955
1,948
17,693
1,948
17 693
0392
4 8665
4.8665
.2433
Pound
do
Shilling
Franc
do
Pound
do
Escudo
Gold stock
_
.0392
.0392 4.8665
4.8665
1.0805
28,231
1,692
20,042
--
3,119
3,119
118
438
42
160
438
3,593
1,605
Paper
circulation, in Population
monetary (thousands) Ununit of
clasissuing
sified
country
Paper
Gold
Silver
51,718
887
10,000
11,922
600
9,939
$1.32
.29
$3.09
3.29
3.27
1.60
.16
.81
6.89
2.25
11.64
10.98
146,931
8,610
153, 749
935
3,000
13, 650
1.74
13.65
157.14
2.87
11.26
1,324
1,777,481
157,587
30,398
2.17
.13
293.07
10. 50
2.14
<28,000
10,100
6,065
15,000
14,169
450
3,125
622,467
191
1,797
30,451
4,901
210
2,300
5,765
294,051
709,065
227
3,621
5,557
18,475
1,176
3,120
356, 545
2,000
116,403
130,912
129,068
75, 712
$2.25
1.47
.13
1.24
1.99
3.76
12.98
8.96
3.49
.56
.13
.14
.19
1.36
127.01
.91
.78
5.28
81.21
127. 59
.01
24.26
Portuguese West
Africa.
Reunion Island 6
RhodesiaNorthern
Southern
Sierra Leone6
Somaliland—
British
French 6
Italian6
Sudan, Anglo-Egyptian
Tanganyika
Tunis6 . .
Union of South Africa
Zanzibar
Oceania:
Australia.. .
New Zealand
6
Fiji Islands
.
Society Islands
Total. _.
do
do . .
__.do . . Franc
-.do
—do.....
do
do
do
do
do
do
do
do
do
.do
do
do
...do
1
1.0805
69,172
4,150
16.67
.0392
39,900
174
229.31
787
925
107
122
953
155
931
808
1,541
.04
1.04
475
750
4,410
2,000
344
65
1,000
2.93
3*233
9,844
239,654
9,656
2,799
6,475
4,350
2,160
7,659
197
45, 645
6,521
6,235
1,450
164
28
20.73
24.37
1,858, 703
.11
Pound
do
do
4.8665
4.8665
4.8665
16
842
Rupee
Franc.
Rupee
Pound
.365
.0392
.365
191
Shilling
Franc
Pound
Rupee
Pound
do
-do
Franc
40
842
191
1,863
4.8665
.2433
.0392
4.8665
.365
4.8665
4.8665
4.8665
.0392
24
70
33, 516
19
129, 297
35, 342
33, 074
70
8,896
4,637
66, 590
16,389
550
108, 433
108,433
431
431
973
10, 526,952
4,170,183
18, 952
202,382
10, 402, 779
Includes gold and silver certificates (representing coin and bullion held in trust in
the treasury) redeemable on demand.
2 Including some silver.
8
In Mexican banks on Apr. 30,1928.
4
On June 30,1928; national coin and United States bank notes in Government treasury
and in banks.
* United States Government notes.
6
Last year's figures or figures of previous years.
7
Newfoundland Government notes only.
8
I n Banco Nacional; paper currency of the United States circulates.
8
I n United States dollars.
10
New monetary unit established July 11, 1928.
" On May 31,1928.
" N e w monetary unit established Mar. 19, 1927.
*3 Exclusive of the gold held abroad.
i* Including nickel.
" On Nov. 27, 1928.
" Stock in National Bank.
124,173
.84
1.14
.07
.13
1.18
.10
1.39
2.18
67.84
2 00
1 86
.01
1.37
1 06
8.69
2.14
2.79
17.39
7.32
4 50
2.62
5,93
5.66
2.24
676.85
" Exclusive of 1-schilling and U-schilling coins.
is On Dec. 25, 1928.
19
Including some minor coin.
20 New monetary unit established Nov. 28, 1928.
21 Monetary standard not established; stabilized rate indicated.
22 On Dec. 28,1928.
23 New monetary unit established June 24, 1928.
24
Exclusive of Spanish bank notes.
26 New monetary unit established M a y 14, 1928.
26
New monetary unit established Dec. 22, 1927.
27 On Dec. 26, 1928.
28 On Jan. 1, 1929.
2« On Dec. 29,1928.
30
Incomplete.
si Fluctuates with the price of silver.
32 Including notes.
33 On June 30, 1928.
34
I n banks and Government treasury,
NOTE.—Figures given represent each country's stock at the end of the year, except when otherwise indicated. Population figures are from the Commerce Yearbook, 1928.
Blanks indicate nofiguresavailable, rather than no stock. Gold reported held abroad but not reported as set aside or "earmarked," not included in the abovefigures(presumably
reported by the country having actual possession).
3
.04
2 26
110 95
1.26
14.21
i
3
o
3
3
a
138
REPORT OF THE COMPTROLLER OF THE CURRENCY
FEDERAL LAND BANKS
The statement following shows the condition of the 12 Federal
land banks September 30, 1929, compiled from their reports to the
Federal Farm Loan Board:
Consolidated statement September SO, 1929, compiled from reports to the Federal
Farm Loan Board
ASSETS
Gross mortgage loans
$1, 308, 756, 254. 50
Less payments on principal
105, 383, 571. 68
Net mortgage loans
1, 203, 372, 682. 82
Less principal of delinquent installments.
882, 200. 09
United States Government securities. .
17, 267, 933. 33
Bonds of other Federal land banks
Other securities
"Cash deposits for matured or called bonds
Cash on hand and in banks
Accounts receivable:
Tax advances
Other
Notes receivable, etc.:
Notes.
Purchase money, first mortgages..
Purchase money, second mortgages.
Real estate sales contracts
Total
Less reserves for purchase money
mortgages and/or contracts
Delinquent amortization installments:
Less than 30 days
...
30 to 60 days
60 to 90 days..
_
90 days and over
-
....
921, 996. 35
359, 255. 10
17, 267, 933. 33
5, 771, 039. 38
4, 181, 108. 07
18, 775. 00
8, 317, 683. 35
1, 281, 2^1. 45
122, 527. 95
5, 012, 714. 61
1, 028, 958. 07
7, 225, 095. 89
13, 389, 296. 52
•
Total
Less partial payments
Less reserves for delinquent installments
.
2, 101, 711. 66
3, 628, 928. 30
284, 315. 47
2, 185, 584. 76
21, 845, 348. 11
313, 821. 38
Real estate owned:
Owned outright
Real estate subject to optional
sales contracts
17, 035, 072. 96
Total
Less reserves for real estate
Sheriffs' certificates, judgments, etc.
(subject to redemption):
(a) Foreclosures under first mortgages
(6) Foreclosures under installments
or second mortgages
(c) Banks' mortgages on property
covered by (6)
11, 287, 584. 86
624, 892. 21
311, 247. 60
491, 465. 14
2, 201, 323. 35
Interest accrued:
Mortgage loans
Other
___
$1, 202, 490, 482. 73
1, 159, 028. 07
22, 159, 169. 49
318, 375. 67
17, 353, 448. 63
8, 750, 214. 47
8, 603, 234. 16
4, 648, 989. 02
283, 472. 38
1, 357, 831. 90
6, 290, 293. 30
REPORT OF THE COMPTROLLER OF THE CURRENCY.
Spokane participation certificates
Less reserves for Spokane participation certificates
„
Banking house
Furniture, fixtures, equipment, etc
Prepaid or deferred expenses.
Other assets
Total assets
139
$2, 799, 850. 18
2, 799, 850. 18
.
,
„
$2, 879, 784. 07
255, 777. 47
577, 222. 45
428, 659. 10
1, 292, 969, 026. 28
LIABILITIES
Farm loan bonds (unmatured)
Less held by banks of issue.
1, 183, 619, 880. 00
2, 489, 140. 00
Sold subject to repurchase agreement
(6, 822, 500. 00)
Farm loan bonds matured or called
Notes payable, etc
„_.„
Dividends declared but unpaid
.
Matured coupons on farm loan bonds
Due borrowers
.
Accounts payableInterest accrued:
Farm loan bonds
17, 559, 854. 48
Other
415, 887. 73
Advance installment payments (partial and interest portion
full)—.
Other liabilities
—...
Spokane participation certificates , _
Deferred income
Capital stock:
United States Government
325, 983. 00
Individual subscribers
345. 00
Individual subscribers through
Porto Rico branch
670, 270. 00
National farm loan associations
64, 573, 115. 00
Borrowers through agents
133, 485. 00
Legal reserves
Other reserves
Undivided profits
Total liabilities
—
1, 181, 130, 740. 00
18, 775. 00
700, 000. 00
1, 087, 227. 86
822, 789. 84
669, 638. 03
799, 801. 73
17, 975, 742. 21
1, 394, 115. 66
539, 382. 52
2, 799, 850. 18
1, 759, 568. 83
65, 703, 198. 00
12, 734, 458. 66
41, 000. 00
4, 792, 737. 76
1, 292, 969, 026. 28
140
REPORT OF THE COMPTROLLER OF THE CURRENCY
JOINT STOCK LAND BANKS
The statement following shows the condition of the 49 joint stock
land banks September 30, 1929, compiled from their reports to the
Federal Farm Loan Board:
Consolidated statement September 80, 1929, compiled from reports to the Federal
Farm Loan Board *
ASSETS
Gross mortgage loans
$637, 098, 072. 39
Less payments on principal
43, 277, 696. 29
Net mortgage loans
593, 820, 376. 10
Less principal of delinquent installments
432, 488. 75
Less reserves for mortgage loans—foreclosures pending
644, 122. 35
United States Government securities
Less sold under repurchase agreement
Other securities
Cash deposits for matured or called bonds
Cash on hand and in banks
Accounts receivable:
Tax advances
Other
$5, 670, 921, 88
,
367, 345. 87
103, 799. 30
Notes receivable, etc.:
Notes..
Purchase money, first mortgages.^
Purchase money, second mortgages _„..
Real-estate sales contracts.™
Total
Less reserves for purchase money mortgages and/or contracts
294, 914. 21
2, 266, 374. 43
1, 505, 788. 21
3, 753, 002. 54
7, 820, 079. 39
Delinquent amortization installments:
Less than 30 days
30 to 60 days
._.
60 to 90 days--90 days and over
_
Total
Less partial payments
Less reserves for delinquent installments
425, 098. 14
163, 462. 91
253, 652. 83
1, 160, 490. 41
2, 002, 704. 29
200, 534. 47
Interest accrued:
Mortgage loans
Other
_.
Real estate owned:
Owned outright
Less mortgages not assumed
Total
Real estate subject to optional sales
contracts-..,
Total
Less reserves for real estate
242, 391. 98
660, 186. 32
10, 669, 203. 51
64, 362. 96
5, 670, 921. 88
137, 023. 65
2, 500. 00
7, 118, 480. 16
471, 145. 17
7, 577, 687. 41
1, 141, 983. 50
10, 733, 566. 47
13, 210, 018. 41
„._
13, 210, 018. 41
719, 096. 21
13, 929, 114. 62
564, 472. 25
* Joint stock land banks In receivership are not included 4n this statement.
$592, 743, 765. 00
13, 364, 642. 37
REPORT OF THE COMPTROLLER OF THE CURRENCY
Sheriffs' certificates, judgments, etc. (subject to redemption):
(a) Foreclosures under first mortgages.
(b) Foreclosures under installments or
second mortgages. _„
..
(c) Banks' mortgages on property covered by (&)_
„
Total.___.._„
.-_.„-.
Less reserve for sheriffs' certificates___.
141
$3, 208, 030. 13
328, 425. 90
2, 435, 569. 47
5, 972, 025. 50
476, 635. 32
$ 5 j 495> 3 m 1 8
Banking house
_
._.-.--37, 035. 84
Furniture, fixtures, equipment, e t c . .
108, 225. 42
Prepaid or deferred expenses
345, 372. 61
Other assets
.
.
276, 055. 89
Deficit (Chicago, Des Moines, First Carolinas, Oregon, Washington, Southern Minnesota, Tennessee)
1, 780, 080. 72
Total assets.
.
.....
647, 003, 876. 27
LIABILITIES
Farm loan bonds (unmatured)
Less held by banks of issue
_..
585, 449, 900. 00
7, 714, 900. 00
577,735,000.00
Sold subject to repurchase agreement__
(1, 557, 500. 00)
Farm loan bonds matured or called
„.
6, 600. 00
Notes payable, etc
2, 644, 185. 00
Mortgages assumed on real estate owned
„
17, 405. 98
Dividends declared but unpaid..
81, 302. 39
Matured coupons on farm loan bonds._-„.„
„
1, 243, 996. 65
Due borrowers
...„
.
275, 694. 36
Accounts payable
._-.
110, 216. 17
Interest accrued:
Farm loan bonds
._..
9, 346, 010. 01
Other
.
....
13, 350. 21
—
9, 359, 360. 22
Advance installment payments (partial, and interest portion
full)
.
672, 885. 42
Other liabilities..
„
73, 126. 86
Deferred income
^
1, 295, 459. 16
Capital stock paid in
41, 744, 310. 24
Surplus paid i n . . .
1, 575, 059. 00
Surplus earned
2, 520, 190. 38
Legal reserves
-_4, 926, 784. 99
Other reserves...
.-_
337, 909. 58
Undivided profits
.
2, 384, 389. S7
Total liabilities
647, 003, 876. 27
142
REPORT OF THE COMPTROLLER OF THE CURRENCY
FEDERAL INTERMEDIATE CREDIT BANKS
The statement following shows the condition of the 12 Federal
intermediate credit banks September 30, 1929, compiled from their
reports to the Federal Farm Loan Board:
Consolidated statement September 30, 1929, compiled from reports to the Federal
Farm Loan Board
ASSETS
Loans...
Discounts
United States Government securities.
Less sold under repurchase agreement
$249, 562. 50
—
Debentures of other Federal intermediate credit banks
Other securities-....
Cash on hand and in banks
4, 947, 876. 06
Less cash held as collateral.
143, 009. 51
Accounts receivable
Notes receivable, etc
Interest accrued:
Loans and discounts
Other
_
_.
..-
312, 132. 52
74, 018. 09
„
Furniture, fixtures, equipment, etc
Prepaid and deferred expenses
Other assets
Capital callable from U.S. Treasury...
Deficit (Columbia)
___....
Total assets.
$16, 860, 478. 15
55, 343, 053. 97
249, 562. 50
4, 683, 983. 72
50, 010. 00
4, 804, 866. 55
64, 323. 45
88, 792. 95
386, 150. 61
14, 739. 09
97, 326. 70
89, 587. 61
30, 000, 000. 00
844, 351. 74
113, 577, 227. 04
LIABILITIES
Federal intermediate credit bank debentures
(unmatured)
$44,625,000. 00
Less held by banks of issue
Loans discounted with banks other than Federal intermediate
credit banks...
Discounts rediscounted with banks other than Federal intermediate credit banks
Due borrowers..
Interest collected not earned
Interest accrued:
Federal intermediate credit bank debentures
530,317.24
Other....
-..
Other liabilities.
Capital:
Paid in
Callable from United States Treasury
Surplus (earned)
Keserve for estimated losses and contingencies
Other reserves
Undivided profits
Total liabilities-.
44, 625, 000. 00
2, 000, 000. 00
2, 354, 447. 54
191, 874. 14
625, 355. 86
530, 317. 24
67, 017. 07
30,000,000.00
30, 000, 000. 00
_
_
60, 000, 000. 00
1, 799, 708. 06
819, 344. 79
22, 417. 28
541, 745. 06
113, 577, 227. 04
REPORT OF THE COMPTROLLER OF THE CURRENCY
143
NATIONAL AGRICULTURAL CREDIT CORPORATIONS
Under the provisions of the act of March 4, 1923, United States
Revised Statutes, National Agricultural Credit Corporations may be
formed for the purpose of providing credit facilities for the agricultural and livestock industries of the United States. The Pacific
National ^Agricultural Credit Corporation of Fresno, Calif., is the
only such corporation now in existence. It is authorized to transact
business within the States of California, Arizona, Nevada, Oregon,
Utah, Idaho, and New Mexico.
A statement of the resources and liabilities of the Pacific National
Agricultural Credit Corporation of Fresno, Calif., as of the close of
business on October 4, 1929, appears below:
EESOURCES
Cash on hand and in banks
United States bonds
Loans
Furniture and
fixtures._„
Accounts receivable
Other assets
____„__
Customers funds held in trust._„
$33, 618. 65
261, 073. 01
2, 664, 339. 53
2, 117. 28
504. 06
16, 804. 93
80, 951. 55
„..„
3, 059, 409. 01
LIABILITIES
Capital stock___
___-Surplus
Undivided profits
Discounts
_._.
Inspection deposits
Reserve for taxes
Other liabilities
Undistributed trustee funds
___
„
„
500, 000. 00
85, 000. 00
.
3, 498. 26
2, 369, 719. 76
„__
562. 50
_,
2, 979. 50
„_„„__.
16? 697. 44
~_-80, 951. 55
.
.
3, 059, 409. 01
UNITED STATES POSTAL SAVINGS SYSTEM
The tables following, compiled by the Third Assistant Postmaster
General, under whose supervision the system operates, disclose comparative statements of the resources and liabilities of the postal
savings system for the years ended June 30, 1928 and 1929, together
with a summary of the postal savings business for the fiscal year
ended June 30,1929, by States. (The total number of depositors on
June 30, 1929, was 416,584, an increase of 4,334 in the year, and the
average amount on deposit per depositor was $368.82, compared to
$369.06 a year ago.)
Comparative balance sheet for June SO, 1929, and June SO, 1928
Items
June 30,1929
Working cash:
Depository banks.
Postmasters.....
$127,491,263. 27
345,487.01
- $127,836,750.28
Special funds:
Treasurer of the United S t a t e s Reserve fund
Miscellaneous (working) funds
$118,492,184. 57
567, 716.85
Increase
Decrease
c
$8,999,078. 70
$119,059,901.42
$222,229.84
8,776,848.86
£J
H3
O
7,459,986.92
1,449,971.26
Accounts receivable:
Accrued interest on bond investments
Due from discontinued depository banks..
Due from late postmasters
Investments, carried at cost price:
United States bonds—
Postal savings 2^'s
Fourth Liberty 4&'s.
June 30,1928
287,004.01
15.22
40,496.00
Par value
$11,147,620
16,676,750
11,147,620.00
14,516,329.13
8,909,958.18
327,515.23
25,663,949.13
6,444,665.56
1,314,002.28
369,003.67
12,110.57
54,450.95
10,624,260.00
23,220,860.36
27,824,370
7,758,667.84
81,999.66
12,095.35
13,954.95
H
g
108,049.96
^
8,~7G4,~53T23
8,181,171. 23
&
p
F
435, 565.19
523,360.00
13,845,120.36
161,099,254.81
162,738,172.82
1,015,321.36
135,968.98
1,151,290.34
1,638,918.01
LIABILITIES AND SUBPLTJS FUNDS
Due depositors:
Outstanding principal, represented by certificates of deposit
Accrued interest on certificates of deposit
Outstanding savings stamps
__
....I
Accounts payable: Due Postal Service—interest and profits
Total liabilities
_
Surplus funds: Interest and profits (undistributed earnings) subject to future
allocation of maturing interest charges
__
!
153,644,529.00
4,353,571.05
57,438.50
158,055, 538. 55
4,446,745. 44
162,502,283.99
152,143,349.00
4,128,936. 20
57,672.00
1,501,180.00
224,634.85
C
•
"
-
^
233.~50
^
156,329,957.20
4, 542, 592.99
1, 725, 581.35
160,872, 550.19
1,629,733.80
O
W
~95~847~55
235,888.83
226,704.62
9,184.21
162,738,172.82
161,099,254.81
1, 638,918.01
fe|
Comparative statement of interest-earning resources and interest-bearing liabilities for June 80, 1929, and June 80, 1928
Items
June 30,1929
June 30,1928
Increase
Decrease
RESOURCES—INTEREST EARNING
Working cash: Depository banks, per balance sheet
Investments, carried at cost price, per balance sheet
$127,491,263.27
25,663,949.13
$153,155,212.40
$118,492,184. 57
33,845,120.36
$8,999,078. 70
$152,337,304.93
817,907.47
153,644, 529.00
152,143,349.00
1,501,180.00
489,316.60
-193,955.93
683,272.53
$8,181,171.23
o
LIABILITIES—INTEREST BEARING
w
Due depositors: Outstanding principal, represented by certificates of deposit,
per balance sheet
Excess of interest-bearing liabilities.
fei
Comparative statement of interest and profits for the fiscal years ended June 80, 1929, and June 80, 1928
Items
Credits:
Interest on bank deposits
Interest on bond investments
Miscellaneous receipts
Profit realized on sale of in vestments.
Debits:
Interest credited to depositors
Allowances to postmastersLosses by fire, burglary, etc
Erroneous payments, uncollectible items, etc..
Miscellaneous Josses
Final adjustment, previous year
Excess of income.
Fiscal year, 1929
$3,192,466.59
988,148,26
$2,915,849.05
1,395,969.47
18.21
264.63
1,473,593.77
Fiscal year, 1928
$5,654,473.25 |
Increase
$4,311,836. 73
246.42
1,473,593. 77
1,342,636. 52
2,720,896.47
44, 111. 63
-252.40
3,545.00
193.34
9,184.21
-1,013.56
853.92
761.16
2,691.08
193.34
2,876,795.00
21,~l49.~46
Decrease
2,741,886.29
85,791.96
1,569,950. 44
1,306,844.56
3O
F
$276,617. 54
2,765,008.10
2,777,678. 25
o
$407,821.21
11,965.25
o
Summary of postal-savings business for the fiscal year ended June SO, 1929, by States
States
United States..
Alabama
Alaska
Arizona
Arkansas
California.
Colorado
Connecticut
Delaware
District of Columbia.
Florida
Georgia
Hawaii
Idaho
IllinoisIndiana
Iowa__
Kansas
.
Kentucky
Louisiana
Maine
Maryland
Massachusetts
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska.
Nevada
_._
New Hampshire
New Jersey..L
New Mexico
New York
North Carolina
North Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
Balance to
the credit of
depositors
June 30,1928
Balance to Increase in
credit of balances to
Deposits * Withdrawals the
depositors the credit of
June 30,1929 depositorsa
$152,143,349
$115,901,304
$114,400,124
$153, 644, 529
$1,501,180
355,135
704,365
1,281, 970
597,295
3,165,254
3,880,436
1,256,961
106,154
361,247
6,038,135
1,288,862
21,505
2,757,062
6,861,211
1,134,888
8.324,547
3,288,258
267,197
384,277
132, 655
152, 011
6,407,355
2,114,289
7.375,548
117,413
5,183,199
6, 294,396
719,324
361,868
340,257
297, 416
415, 340
1,281,439
567,668
2,881,692
2,806,550
681,727
54,366
301,542
10,819,059
2,233,853
24,957
2,286, 236
3,714,697
1,211,989
6, 024, 369
2, 656,101
188, 215
255,875
62,488
95,814
3,430,190
1,433,525
5,655,416
62,588
3,818,729
4,376,435
1,363, 718
342,769
126,032
1,751,736
1,230, 249
19,450,316
534, 217
1,686,638
1,726,410
4,828, 721
3,164,971
4,647,712
324,103
432,033
1,192,720
490,932
2,933,372
2,836,649
820,528
61,318
294,228
8,957,965
1,526, 080
328,448
687.672
1,370,689
674,031
3,113,574
3,850,337
1,118,160
99,202
368,561
7,899,229
1,996,635
19, 979
2, 613,850
6, 582,946
1, 509,907
8,249,346
3,563, 791
234,861
362.673
112,387
117,427
6,190,599
2,095,622
8,241,537
109, 595
5,265,426
6,181,292
1,343, 703
390, 695
299, 691
2,102, 766
1, 538,403
28,093, 883
542,402
2,156, 277
2,972,358
5, 606,876
3,802,736
8,513,663
- 2 6 , 687
-16,693
88,719
76,736
-51,680
-30,099
-138,801
-6,952
7,314
1,861,094
707, 773
- 1 , 526
- 1 4 3 , 212
- 2 7 8 , 265
375,019
-75,201
275,533
-32,336
-21,604
-20,268
-34,584
- 2 1 6 , 756
-18,667
1,543,375
32,223,493
389,830
1,635, 747
3,042, 209
5,014,072
3,356,391
9,400,371
2,429,448
3,992,962
836,970
6,099, 570
2, 380, 568
220, 551
277,479
82,756
130,398
3,645,946
1,452,192
4,789,427
70,406
3,736, 502
4,489,539
739,339
313,942
2,034,999
1,235,221
23,579,926
381,645
1,166,108
1,796,261
4,235,917
2, 718,626
5,534,420
-7,818
82,227
-113,104
624, 379
28,827
-40,566
-283,263
-4,972
-4,129, 610
152, 572
520, 530
-69,851
592,804
446,345
Savings stamps
Sold
Redeemed
$27, 529. 50 $27,763.00
4.60
.50
39.80
3.00
279. 00
202.50
821. 40
10.60
124.50
219. 50
102.50
7.00
73.00
646.00
74.20
53.80
219. 20
91.10
17.10
27.90
51.20
952. 70
148.60
277.00
19.40
136.40
75.80
86.20
2.10
135. 70
1, 628. 70
10. 50
5, 257.40
18.30
26.60
286.80
146.20
165. 80
1,360.10
7.00
1.00
46.00
12.00
290.00
206.00
840.00
13.00
124. 00
185. 00
86.00
3.00
66.00
1,049. 00
77.00
49.00
218.00
67.00
4.00
44.00
43.00
1,059. 00
146.00
258.00
21.00
118.00
62.00
76.00
2.00
138.00
1, 713.00
3.00
5,188.00
22.00
33.00
265.00
148.00
137.00
1,362.00
Amount at
interest in
banks
June 30,1929
Amount
Interest repaid ofitsdepossurceived from Interest
depositors rendered
banks
for bonds
$127,639, 412. 52 $3,192,466. 59 $2, 540,373.25 $2,074,800
276, 029. 28
530,015. 62
1,118,461. 34
653,993. 39
2, 305, 780. 26
903,267.10
73, 704. 95
332,709. 54
7,549,434. 79
1,896,206.81
19,346.91
2,177,037.11
4.980,659.94
1,350,676.80
7,960,841.09
3.373,971.95
189,835. 44
304,662. 38
95,891. 66
94, 501. 70
4, 494,460.45
1, 620,120.01
102, 611.48
4,891,433.69
6,058, 053.07
1, 218,310.31
306,234.87
251, 695.66
1,536,466.93
1,135,392.37
19,121,914.16
472,940.04
2,028,721.07
2,457, 305. 78
5,396, 532.05
3,382, 231.45
6,456,348.49
7,347.32
13,676.87
27.401.14
15,357. 00
61, 254. 60
82,033.06
21,052. 57
1, 796.92
8,357.37
158,338. 07
40,719.12
497.16
57,418.12
128,891. 28
29,309. 31
207,051. 99
82,467. 93
5,060. 92
7,699.17
2,631. 42
2, 287.41
115, 071. 05
41,004.70
195, 797.40
2, 738.97
124, 579.38
157,149.95
22,575. 78
7,478.23
5,744.41
41, 630.24
28.784.15
518,372.26
9,912.90
45,775.37
60, 745. 37
133, 098. 51
80,914.11
170,124.44
5,973. 31
12,940. 99
19,254. 25
7,833. 26
53,471.50
63,309.88
22,036.49
1, 558.08
5,082.22
68,417. 23
18,801. 38
195. 61
41,104. 52
122, 649. 91
18,172.14
119, 299.14
46, 913. 77
5,538. 09
6,801. 34
2,230. 38
3,873. 06
112,113. 07
38,654. 57
107,010. 74
1,725.83
79,618.30
93,580.41
10,564.05
5,983.09
5,394. 69
48,612.37
21, 559.96
666,446.33
4,837.08
20,494.12
51,245.59
70,127. 27
50,993.70
168.741.88
1,500
14,020
32,500
34,200
14,160
66,960
10,980
11,720
44, 020
81,460
298,360
160,820
40
2,400
1,020
30,000
226,700
5,000
92,520
137,900
41, 980
5,000
200
16,860
12, 320
9,960
23,700
152,060
80,100
78,440
41,160
Porto Rico
Rhode Island
South Carolina
South Dakota
Tennessee
Texas
Utah....
Vermont
Virginia.
Virgin Islands
Washington
West Virginia
Wisconsin...
Wyoming
„
„
__
_
...
J^_.V.
__
153,072
490,001
1,279,377
4,088,073
487,457
3,735,456
626, 604
63,992
219,463
9,486
6,874,064
495, 582
1,399,657
1,956,474
209,839
250,671
1,357,602
3,376,275
579,234
3,547, 554
399,862
31,801
254,697
29,657
4,406,778
681,215
832,220
1,452,134
221,394
318,087
1,109,664
3,062,856
459,735
3,054,734
410,497
41,551
219,804
16,392
4,433,877
317,503
780,376
1,518,527
141, 517 [
422,585
1,527,315 I
4,401,492
606,956
4,228, 276
615,969
54,242
254,356
22,751
6,846,965
857,874
1,447,446
1,895, 556
-11,555
-67,416
247,938
313,419
119,499
492,820
-10,635
-9,750
34,893
13,265
-27,099
362,292
47,789
-60,918
12,803.00 12,769.00
257.90
225.00
13.00
17.30
71.00
88.50
28.00
23.80
161.00
146.50
1.00
.60
1.50
1.00
37.00
65.10
.40
104.20
96.00
36.80
32.00
80.30
52.00
100.90
96.00
132,486.48
302,033.51
1,358,720.57
3,808,025.20
558,183.64
3, 606,163.96
455,897.12
50,167.92
193,646.05
3,279.18
8,325.05
32,406.23
92,495.01
14,805.54
84,661.40
11,504.93
1,427.28
4,560.36
5,506, 222.56
643,979.98
1,226,874.06
1,413,983.92
139,841.83
11,239.96
30,002. 75
35, 771.10
2,490.64
8,999.22
17,288. 65
56,060.39
8,037.69
52,939.59
10,421.08
1,331.98
3,652. 57
166.80
116,740.63
7,310.83
23,412. 78
28,360.80
2,500
17,700
41,000
23,420
91,740
T026
H
27,-766
2
3,800
13,640
31,140
g
^
Q
1
These totals include the amount of $3,454,892 transferred between depository offices,
s A minus sign (—) denotes decrease.
I
3
o
148
REPORT OF THE COMPTROLLER OF THE CURRENCY
SCHOOL SAVINGS BANKING
Statistics relative to school savings banks in the various States and
the District of Columbia for the school years ended 1928 and 1929,
with comparative yearly totals beginning with the school year ended
1920, are shown in the following table:
School savings by States, 1927-28 and 1928-29
[Compiled by the Savings Bank Division of the American Bankers Association]
Number of
schools
Number participating
Net savings
Deposits
States
1927-28 1928-29 1927-28
Alabama
Arizona
Arkansas
California
Colorado
C onnecticut
Delaware
District of Columbia
Florida
Georgia
Hawaii
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine..
Maryland
Massachusetts..
Michigan
Minnesota.
Mississippi
Missouri
Montana..
_.
Nebraska
Nevada
,
New Hampshire.
New Jersey
New York
North Carolina..
Ohio...
Oklahoma
Oregon
Pennsylvania
Rhode Island . . .
South DakotaTennessee
Texas
Utah
Vermont
Virginia
Washington
West VirginiaWisconsin
Wyoming
Total.
73
30
7
2,463
25
28
651
705
63
50
35
98
36
11
513
533
287
291
. 223 203
| 72
78
55
' 114
16
374
288
105
120
956 1,130
440
909
532 1,431
• 8
8
140
141
1
8
51
2
91
57
747
631
1,358 1,315H
37 -•70
754
816
65
69
112
121
2,187 2,054
326
328
55
57
94
69
101
125
18
18
18
31
83
89
266
262
169
92
317
1
58
31
103
34,325
2,130
334,078
4,764
104,806
20,759
1927-28
1928-29
1928-29
1928-29
1927-28
$133,840.39 $190,095. 07 $101,804.38
62,610.14
1,519.38
8,110. 22
8,976. 62
1,341,038. 37 1,761, 277. 56 800,108.78
13,206. 60
578
817, 395. 42 1, 032,170. 94 433,517.04
126,896
213,889. 35 216, 645.33 39,653. 51
31, 694
37, 726
11,056
2,124
$86,018.47
41,443. 63
474.31
976, 632.11
7,223. 63
472, 308. 25
10, 583.16
50,409.30
50, 409. 30 58, 644.19
19, 632. 64
1,405.32
80,452.19
185,962.36 29,187.93
39,352.48
11, 768.80
11, 768.80
5,365.89
5,365. 89
149,184 138,979 1,208,831.34 1,977,470. 94 170, 553.11 935,817.78
670,026.16
706,824. 74 130, 330. 74 172,320.00
89,341 81,204
66, 991 430,394.04
444, 227.80 84,176. 67
72, 508. 51
60,286
179,200.82 222,404. 52 57, 701. 90
52,957.82
10,328 34,905
9,433 257,294. 58
57, 793.91 164,806.24
12,187.15
25, 739
1,319
14,451.16
5,733.07
92, 977. 06
118,486. 70 150,014. 00 83,340. 05
30,075
24,867
42,885
60", 531 146, 248. 65 299,144. 56 111, 318.87 169,472.84
809,034. 92
198, 409 217,337 1,462,451.83 1,479,423. 54 711,959.18
959, 243.44 187, 535.33 244, 513. 44
833,481.38
135,002 148,125
162,892 155, 275 676,864. 80 699,360. 75 201,648. 73 324,232. 23
11, 593.82 19, 715. 30
22,080. 00
3,617. 37
2,491
1,985
8,474 349,363. 60 379, 504.11 100,686. 23
75,410. 77
53,164
29, 655.18
8,383.42
17, 788. 75
3,264
3,077
29,655.18
242,094.42 209,614. 27 27,676. 27
28,083
27, 5951
41,177.81
233.81
551.19
496.54
104
289
168.77
7, 561. 92
15,169. 92
27,465. 55
5, 588
3,559
17,387. 23
205,122 228,855 1, 733,865. 51 2, 094, 937. 23 589, 718. 23 693,070.09
368,216. 94 2,917, Oil. 85
861, 453 878,400 4,480,045. 91 841,605.19 2,868,216.
60, 649. 54 95; 383. 77 13, 947. 69
16,984
28,861
33,963. 50
478,813.
53 502,324, 61
236, 380 321, 529 1,821,075.78 1,997, 634. 52
24,063
106, 682. 61 121,062.02 69, 798.40 107,415.82
17,926
67,117 320,465.49
59,674
359, 708. 21 110,754.83
99,907. 06
569,122 550, 002 4,386, 564. 32 4, 313, 716. 43 897, 632. 78 817,034.11
987,982.42 995,271.11 129,261.11
102, 265 106,886
75, 061.99
95,406.48
14,079
108,185. 76 44,324.68
12,181
37,838.90
37,002
31,925 203,235.59
194,450.76 25,157. 51
26,032.14
26,129
38,461 245, 554.47 260,451. 07 199,886.00
159,629. 77
6,2031
25,461.14
29,644.87 12,951.37
8,350
12,100.94
7,250.12
8, 505.47
9,959. 94
623
4,213
8,692.04
34,007
34,024 200, 090.24 210,231.42 133, 284. 92 137,493.33
122,959 123,080 1,004, 532. 69 909,833. 70 269,625.34
109,551.03
42,992
19,587 227,130.01
110,485.72 81,066.31
28,729.60
75, 797
83,788 627, 650.17 731,204. 65 93,005.94
125,562.64
395
800.00
1,000.00
6,436
16,134
39,486
5,538
17,335
53, 534
58,644.19
85,844.89
181,149.19
13,83515,597^ 3,980,237 4,222,935 26,005,138.04 28,672,496.00 9,476,391.3210,539,928.46
TOTAL, UNITED STATES
Number
of schools
1928-29.
1927-28
1926-27.
1925-26.
1924-25.
1923-24.
1922-23.
1921-22.
1920-21.
1919-20.
15, 597^!
13,835
12, 678
11,371
10,163
9,—
4,785
3,316
2,736
Number
participating
Deposits
4, 222, 935 $28, 672,496. 00
3,980, 237 26,005,138.04
3, 742, 551 23, 703,436.80
3,403, 746 20,469,960. 88
2,869,497 16,961,560.72
2,236,326
14,991, 535.40
1,907,851
10,631,838. 69
1,295, 607
5, 775,122.32
802,906
4,158,050.15
462, 651
2,800,301.18
Net savings
$10, 539,928.46
9,476,391. 32
9,464,178. 93
8, 770,731.05
7,779,992.55
8,556,991.27
REPORT OF THE COMPTROLLER OF THE CURRENCY
149
SAVINGS BANKS IN PRINCIPAL COUNTRIES OF THE WORLD
Statistics compiled by the finance and investment division of the
Bureau of Foreign and Domestic Commerce, Department of Commerce, relative to savings banks, including postal-savings banks, in
the principal countries of the world, on specified dates, supplemented
by information obtained from reports received in the currency bureau
from other sources, are shown in the statement following:
Savings banks, including postal-savings banks, number of depositors and amount of deposits, by specified countries
Country
Population1
Argentina
10,647,000
Australia
6,235,000
Austria
Belgium. _
Bolivia
Brazil
Bulgaria
Canada
Chile
-
China
_
Colombia
Costa Rica
Cuba.
Czechoslovakia
Danzig
Denmark
Ecuador. _
Egypt
Estonia
Federated Malay StatesFinland
France
Germany
Greece,.Guatemala
„
Honduras.-.*
Hungary
India
Italy
'.
Japan
Latvia
Lithuania
Mexico
6,700,000
7,932,000
2,599,000
40,543,000
5,597,000
9, 519,000
4,025,000
442,000,000
7, 283,000
472,000
3, 568, 000
14, 388,000
386,000
3,475,000
2,000,000
14,169,000
1,115, 000
1, 404, 000
3, 558, 000
40,960, 000
62,592,000
6,825,000
2,454,000
740,000
8, 522,000
318,942,000
40,799,000
83,458,000
1,870,000
2, 286,000
15,000,000
Number
of banks j Date of report
reporting
Form of savings bank
Commercial, governmental, mortgage, and postal
_
Savings banks (includes savings bank department of Commonwealth Bank).
May 31,1929 State savings banks
June 30,1929 Commonwealth savings banks
Mar. 31,1929 Postal and savings banks
June 30,1929 Savings banks
and mortgage
Jan. 1,1926 Commercial
Dec. 31,1924 Federal4
June 30,1929 Postal savings banks
_
May 31,1929 Government and postal savings
Dec. 31,1928 Commercial, national savings banks, savings bank of public employees, savings banks of the railroad employees, and savings
department of the Caja de Credito Popular.
Dec. 31,1926 Post-office savings bank
Dec. 31,1928 Commercial and mortgage
Jan. 1,1926 Governmental
Dec. 31,1928
May 31,1929 Savings banks
do
_
Dec. 30.1928
doJune 30.1929
Jan. 1,1926 Private and trustee
(May 31,1929 Post-office and commercial banks.
- .-[JDec, 31.1927 Post-office savings banks.__
iDec. 31.1928
.do..
Dec. 1,1928 Governmental-_
_
Dec. 31,1926 Government savings. __
June 30.1929 Postal, savings, cooperative
_
Mar. 30,1929 Savings banks
June 30,1929
Dec. 30,1928 Postal savings banks...
I0
12 Jan. 1,1926 Communal, commercial, and private —
Dec. 31.1928 Commercial
May 31.1929 Postal savings banks
Mar. 31,1928 Post-office savings banks
_-.
May 31,1929 /Postal
\Others_
r
do.
Savings
banks
100 [
do
Postal-savings banks
Dec. 31,1927 Postal, governmental, municipal, private, and commercial..
"504 Jan. 1,1926 Governmental, private, and mutual
(»)
Number of
depositors
Ox
O
Deposits *
$763,123,650
£216,300,000
Dec. 31,1928
Mar. 31,1929
£168,898,691
£48,124,152
8,465
785,796
51,695
9,699
827
7,494
$219,700,000
651,700,000
1,441,839
48,212,260
4,341,600
1,486,454,400
31,006,185
«8,096,118
31,774,255
7,511,629
25,316
t 45,324,818
524,070,000
7,797,000
532, 798,000
309,930
£E3,900,000
8£E2,063,050
£E2,213, 666
$16, 523, 700
9
3,616, 790
107, 575,000
399,600,000
1,965, 600,000
3,322,700
» 1,772,447
2,071
873,322
95,091,000
12 326,668,000
"*2,"606,"000'
700,024,000
571,532,000
13 1,326,519,000
ti 1,918,195,000
$24,318,000
4,126,057
o
s
o
o
I
338,397
353,487
3
o
4
Netherlands...
New Zealand.
..v
co
©
§
0
1
03
o
I
i
£
Nicaragua
North Ireland *6_-.
Norway
Palestine
Panama
Peru
Poland..
Portugal
Salvador
Siam
South Africa
Spain____
_.
Sweden
Switzerland
Uruguay
United Kingdom..
Foreign countries, total...
United States and possessions..
Philippines
Grand total..
7,626,000
A p r . 30,1929
1,450,000
650,000
1, 256, 000
2, 789, 000
852,000
500,000
5, 500, 000
29, 589, 000
6,185,000
1, 680, 000
\ 939, 000
7, 659, 000
22,128, 000
6,088, 000
3,959, 000
1,720, 000
45, 435, 000
/ M a r . 31,1928
\ M a r . 31,1929
J u n e 30,1929
1, 327,068,000
121,598,000
11,250,000
1,459,916,000
/Postal
(Others
Private savings banks
Post office and savings banks..
....do
June 30,1929
Jan. 1,1926
.do.
(20)
Savings banks
„
Commercial
Federal and commercial
_.
Dec. 31,1927 Savings and commercial.....
Mar. 31,1929 Postal-savings banks
33 Jan, 1,1926 Postal, governmental, private, and commercial 1
18
( )
Mar. 31,1927 Treasury-savings bank
_
June 30,1929 Postal-savings banks
do
-.._
Mar. 31,1929
.do..
do.
June 30,1929 Cantonal banks
Dec. 31,1927 Governmental
June 30,1929 Savings, postal, trustee savings..
/Postal-savings system
i 1,358 June 29,1929 \Mutual and stock
Postal—.
1
2,055
.
166,694
"804,725
136,000,000
98,000,000
£7,657,407
£48,644,217
£57,700,000
5,651
83,642
$491,302,000
12,350,000
3,047,559
5,381,655
91,596,800
36,291,185
13,649
_....|
i
!
42,386,212
416,584
14,043,614
310,001
i» 2,266,643
32,495,000
35,427,000
830,615,300
331,008,000
41,548,343
1,778,980,000
153,644,529
10,451, 597,000
4,016,767
57,156, 411
12 Source: Commerce Yearbook, 1928, Vol. II—Foreign Countries, pp. 678-679.
For Latin American countries, conversions have been made at the average rate for the year covered by the report; in the case of European countries, conversions have been
made
at the average rate for the month given as the date of the report.
3
Including the Hobart and Launceston trustee institutions.
4 Commercial banks may accept savings deposits only on special authorization,
s Yuan; "Big dollar" accounts.
8
"Small coin" accounts.
7 One bank not reporting.
6 Not including 1927 dividends.
•10 Figures given in Straits Settlement dollars.
In addition, 5,660 time depositors.
» In addition, $1,983,680 in time deposits.
12
Rupees.
J
3 Yen
" There are no savings banks in Mexico. An amendment to the banking law in August, 1928, permitted certain types of banks to open savings departments. Postal savings
inaugurated in February, 1928, figures not available.
i« 1928.
*176 Deposits included with the United Kingdom.
Includes only 22 private banks and 9 commercial banks.
18 No savings banks in Salvador.
is Ticals.
20 Figures cover only the Bank of the Republic and its dependency, the National Savings Bank and discount department.
** Refers to mutual and stock savings banks only.
O
i
i
o
3
o
152
BEPORT OF THE COMPTROLLER OF THE CURRENCY
RESOURCES OF LEADING FOREIGN BANKS OF ISSUE
The total resources of 39 foreign banks of issue converted at the existing rate of exchange on or about June 30, 1929, were $17,896,953,000.
Total resources of 34 foreign banks of issue on or about June 30, 1929*
were $16,913,081,000 in comparison with resources of $15,534,420,000
reported by the same foreign banks on or about June 30, 1928.
The statement below, prepared by the Federal Eeserve Board,
shows with reference to the 39 banks of issue, the eountry of each
bank, the date of the bank's statement, and its total assets in local
currency and in dollars at the current rate of exchange.
Total assets of principal banks of issue about June SO, 1929
(In thousands of local currency and of dollars)
Country
Austria
Belgium.
Bulgaria
Czechoslovakia
Danzig
Denmark
Egypt
England
„
Estonia—
Finland
„
France. _
Germany,
Greece
Hungary
Italy;
Latvia.
_
Lithuania
Netherlands.
Norway
Poland
Portugal
Rumania
Russia
Spain
SwedenSwitzerland
„
Yugoslavia...
Chile
_„__
Colombia
Peru...
Uruguay.
Japan.
JavaSouth Africa-
Date
„
_
Total for 34 banks
Albania.
_
Australia
_
_
Brazil
Ecuador
Mexico
___.
Total for 39 banks-
June 30
June 20
„___ June 30
do.
June 29
...do
June 30
June 26
„
„. June 30
_ June 29
June 28
June 29
June 30
—do—.,
do.
.1 June 26
June 30
July 1
June 29
June 30
June 26
June 30
July 1
June 28
June 29
„__„ ...do
I June 30
I __do.__.
„___ L__do
L__do..._
July 31
June 29
do.
June 28
June
July
June
June
...do
30
1
29
30
Total
Total assets»
Rate of
of the bank exchange: assets l of
of issue in into dollars the bank of
issue in
on given
local curdollars
date
rency
Local currency
Schilling.
Belga...
Lev
Crown..
Gulden.
Krone:...
Egyptian pound
Pound
Kroon.
Markka
Franc
Reichsmark.
Drachma....
Pengo...
Lira.
Lat._
Lita
Florin....,
Krone
Zloty
Escudb..
Leu
Chervonetz
Peseta__
Krona
Franc
Dinar.
Peso
do...
Libra
Peso..
Yen
Florin
Pound
Franc
Pound
Milreis
Sucre
Peso
1,389,248
2,701, 523
9, 368,133
58, 393
472, 299
64,710
3 508,983
61, 518
2, 774,498
84, 704,459
6, 418, 795
10,148,770
717,507
22, 756,263
254,333
180,806
912,492
490,838
2, 206, 202
4,150, 462
30, 379,188
475, 568
6, 095, 203
878, 703
1,063, 597
8, 504, 582
643,036
73, 389
7,526
197,416
2, 327, 555
381, 666
18,862
j
'
'•
i
—|
85,114
83,878
4,122, 713
55, 099
126, 540
0.140509
.138802
.007227
. 029609
a . 194661
. 206355
4. 972461
4. 847794
2 .267990
. 025135
. 039146
. 238315
. 012922
. 174268
.052328
2.192950
2.10000
. 401503
. 266438
.111855
. 044860
.005934
5.1500
. 141500
. 192419
. 017567
. 120388
.966200
4. 00000
. 988789
. 437016
. 400500
4.849402
2.19295
4.848885
. 118618
.2000
. 479580
192,392
374,977
67,703
259,037
11, 367
125, 799
321, 768
3 2, 467,445
16, 486
69, 737
3,315,841
1,529,695
131,142
125,039
1,190, 790
49,074
18,081
366, 368
130, 778
246, 775
186,190
180, 270
2,449,175
862,471
235, 491
204, 656
149, 400
77,414
70,908
30,104
195, 203
1,017,179
152, 857
91,469
16, 913,081
16,423
406, 715
489,028
11,020
17,896,953
is In the compilation of total assets certain contra accounts have been omitted.
Par of exchange, as no quotation for date given is available.
' The increase of total assets of the Bank of England from £283,684,000 ($1,383,189,000) on June 27,1928, to
£508,983,000 ($2,467,445,000) on June 26,1929, is largely due to the amalgamation of the Government currency
note accounts with those of the Bank of England on November 22,1928. See Federal Reserve Bulletin for
December, 1928, p. 847.
153
REPORT OF THE COMPTROLLER OF THE CURRENCY
EXPENSES OF THE CURRENCY BUREAU
By reference to the table following, showing in detail expenses
relating to the maintenance of the Currency Bureau for the fiscal
year ended June 30, 1929, it will be noted that the aggregate expenses
were $6,331,765.07, of which $1,177,718.87 was paid from appropriations and $5,154,046.20 reimbursements by the banks. The salary
rolls aggregated $533,201.89, of which $250,126.34 was paid from
appropriations and the remainder from funds reimbursed by the banks.
Taxes paid by national banks on circulating notes issued amounted
to $3,441,152.95, Deducting from this amount the expenses of the
bureau paid from congressional appropriations, $1,177,718.87, leaves
the net income to the Government on account of the tax on circulation
at $2,263,434.08.
Expenses incident to maintenance of Currency Bureau and net income derived by
Government from taxes on national-hank notes, fiscal year ended June SO, 1929
Expenses
Expenses repaid from ap- imbursed by
propriation
banks
Salaries:
Regular roll, including retirement deductions
National currency reimbursable roll, including retirement
deductions
_
Federal reserve issue and redemption division, including
retirement deductions
Insolvent national-bank division, including retirement
deductions.
Total salaries
„
General expenses:
Printing and binding
_
Stationery
_
Amount expended for light, heat, telephone, telegraph,
furniture, labor-saving machines, etc., partially estimated
_
„
.
Special examination of national banks, repairs to macerator, etc
_
Total general expenses
_
_
„...
Currency issues:
National-bank notesPaper...
.
Printing, etc..
Plates (reimbursed)
Federal reserve notes—
Paper
Plates, printing, etc..
Total currency issues
Expenses on account of national-bank examining service paid
by banks
_
----Postage on shipments of national-bank notes
Postage on shipments of Federal reserve notes
Insurance on shipments of national-bank notes
„
Insurance on shipments of Federal-reserve notes
Total expenses paid from appropriations..
Total expenses reimbursed by banks
Total expenses..
Total expenses
$250,126.34
$51, 540.11
50,663.98
180,871.46
$533, 201.89
23, 7G4. 88
6, 712.82
4, 609. 08
2, 062.92
3,329. 73
4, 254. 60
802.10
45, 536.13
112. 083. 00
780, 900. 00
35,028.00
341, 927. 00
1, 767, 262. 00
3, 037, 200. 00
2, 409, 858.47
83, 323.99
115, 257.10
18,954.89
88,432. 60
2, 409, 858. 47
83, 323. 99
115, 257.10
18, 954.89
88, 432. 60
1,177, 718.87
5,154, 046. 20
6,331, 765.07
I
Tax paid by national banks on circulating notes
Total expenses of Currency Bureau paid from congressional appropriations-,
Net income to Government from taxes on circulation
,
$3,441,152. 95
1,177,718.87
2,263,434.08
Respectfully submitted.
J. W. POLE,
Comptroller of the Currency.
To the SPEAKER OF THE HOUSE OF REPRESENTATIVES.
APPENDIX
155
DIGEST OF DECISIONS BELATING TO NATIONAL B A M S
T H E FOLLOWING FEDERAL CASES WERE REPORTED IN VOLUME
136 U. S. (1 CASE) VOLUME 277 U. S., VOLUMES 29 TO 33 FEDERAL
REPORTER, SECOND SERIES WITH ONE CASE FROM VOLUME 164 N. E.
REPORTS AND ONE FROM 233 N. Y. SUP.
I N ADDITION TO THE CASES REFERRED TO THERE HAVE BEEN
ADDED REFERENCES TO A NUMBER OF DECISIONS OF STATE COURTS
AND A F E W FEDERAL DECISIONS OF PARTICULAR INTEREST TO
BANKS, FOR THE PERIOD FROM NOVEMBER 1, 1928, TO OCTOBER 15,
1929, WHICH WERE FURNISHED THIS OFFICE BY M R . THOMAS B.
PATON, THE GENERAL COUNSEL FOR THE AMERICAN BANKERS ASSOCIATION.
AFFILIATED CORPORATION
CROSS R E F E R E N C E :
DIVIDENDS—
DIVIDEND DECLARED FOR THE PURPOSE
AFFILIATED CORPORATION
Page
OF ORGANIZING AN
166
BRANCH BANKS
BRANCH BANKS IN UNITED STATES
BRANCH BANKS IN FOREIGN COUNTRIES
CROSS REFERENCES:
FOREIGN BANKING CORPORATIONS
EXCHANGE
*
157
157
168
167
BRANCH BANKS IN UNITED STATES
Foreign national hank maintaining in State, office soliciting business and gathering
information, held not "doing business" therein and not subject to State court's
jurisdiction nor suable by nonresident {12 U. S. C. A. sec. 2J+, subd. 7; General
Corporation Law, sec. ^7),
(City Court of N. Y. 1929.) National bank having its principal place of
business in California, and whose main business under 12 U. S. C. A.,
section 24, subdivision 7, was discounting and negotiating of commercial
paper; receiving deposits, buying and selling of exchange, coin, and bullion,
loaning money on personal security, and obtaining, issuing, and circulating of notes, none of which functions were performed by it in Newr York,
where it maintained office, solicited business, and gathered information,
held "not doing business" in New York so as to be subject to service of
process on its vice president in charge of New York office nor subject to
suit by nonresident under General Corporation Law, section 47. (Raiola
v. Los Angeles First Nat. Trust & Savings Bank, 233 N. Y. S. 301.)
BRANCH BANKS IN FOREIGN COUNTRIES
Mere bookkeeping entry of bank does not constitute
"payment."
(N. Y. App. 1928.) While entry upon books of bank in many cases may
evidence completed transaction or transfer and thus constitute "payment/'
mere bookkeeping entry itself is not payment. (Sokolofr* v. National City
Bank of New York, 250 N. Y., 69; 164 N. E., 745.)
Action—Court must look through forms of business transactions to determine exact
facts involved.
(N. Y. App. 1928.) Court must look through the form of transactions and
business communications to determine the exact facts involved. (Ib.)
157
158
REPORT OF THE COMPTROLLER OF THE CURRENCY
Order of defendant7s Russian bank to Russian State Bank to debit its account transferring credit to third party and bookkeeping entry debiting depositor's account
held not "payment," where order was not carried out and defendant sought to
countermand.
(N. Y. App. 1928.) Order of defendant's Russian bank to Russian State
Bank to transfer certain sum in rubles to credit of third party, debiting
defendant's account, which order was communicated in accordance with
depositor's request, and was accompanied by bookkeeping entry by which
depositor's account was debited, held not to constitute payment by
defendant's branch bank, where credit was never established and money
never transferred, and defendant's branch bank countermanded its order
db.)
Defendant's Russian bank, whose order on Russian State Bank to transfer credit to
third party, following depositor's orders, was not carried out, should notify depositor that account was replenished.
(N. Y. App. 1928.) Where defendant's Russian bank, in accordance with
depositor's instructions, ordered Russian State Bank to transfer credit to
account, of third party, debiting defendant bank, and order was not carried out and transfer of credit never made, defendant b?aik was under
duty to explain the matter to its depositor, who made subsequent demands
for payment, and should have notified depositor of situation. (Ib.)
Contracts—Allowance must be made, in connection with requirements of performance of contracts, for local conditions created by revolution.
(N. Y. App. 1928.) In determining rights and liabilities under contract,
proper allowance must be made for turbulent and confused conditions
following revolution, with respect to requirements of performance. (Ib.)
Failure of depositor to make demand on defendant''s Russian bank for payment of
deposit, immediately prior to commencing suit, held not fatal, where revolution
intervened in which bank was taken over by Soviet Government.
(N. Y. App. 1928.) Failure of depositor to make demand on defendant's
Russian bank before commencement of suit to recover amount of deposit
held not to preclude recovery, where depositor, after having ordered
transfer of credit, had made repeated demands, which were refused on
account of the attempted transfer, and where revolution intervened, in
which bank was taken over by Soviet Government, and where bank had
failed to notify depositor that his account had been replenished by failure
of State bank to transfer credit to third party as directed. (Ib.)
Bank is not in default as to depositor until it refuses to pay account on demand.
(N. Y. App. 1928.) There is implied contract on part of bank to keep
deposit until called for, and bank is not in default except on refusal to
pay amount of account on demand. (Ib.)
Depositor need not demand payment of deposit, as condition to suit against bank,
where demand would be futile.
(N. Y. App. 1928.) Where bank has disclaimed liability for deposit, or for
any other reason demand would be futile, demand need not be made for
amount thereof as condition of suit against bank. (Ib.)
Cessation of business operations is breach of bank's contract to pay money deposited
on demand.
(N. Y. App. 1928.) When bank ceases to do business, with result that depositor who desires to withdraw his money can not make demand and
can not draw upon his account, bank's contract to pay amount of deposit
on demand is broken. (Ib.)
Breach of contract with depositor by cessation of operations of defendant's Russian
bank held not excused, for impossibility of performance, by fact that bank was
seized by Soviet Government.
(N. Y. App. 1928.) Breach of contract of defendant's Russian bank with
depositor, resulting from cessation of business which precluded demand
and withdrawal by depositor, held not excused, on ground of impossibility
of performance, by fact that the breach was not willful and that the property of the bank was seized by Soviet Government, since seizure and
nationalization of banks in Russia was not an act of government, on
account of failure of United States to recognize Soviet Government. (Ib.)
REPORT OF THE COMPTROLLER OF THE CURRENCY
159
Depositor's damages against defendant bank for breach of contract by Russian branch
held value of rubles on deposit at time bank ceased to function, measured in dollars
in place where remedy was sought.
(N. Y. App. 1928.) In action by depositor against defendant bank for
breach of contract by Russian branch thereof, which was taken over by
Soviet Government, contract to pay money on demand was broken as of
date when branch bank ceased to function, and measure of damages of
depositor was value, as of that date, in Petrograd of rubles on deposit,
measured in dollars in New York City, where remedy was sought. (Ib.)
Interest on deposit from time of bank's breach of contract with depositor held properly
determined according to legal rate in place where depositor sought recovery.
(N. Y. App. 1928.) In action by depositor against bank for breach of
contract by Russian branch thereof to hold deposit subject to demand,
interest from time of defendant's breach of contract was properly allowed
according to legal rate in place where recovery was sought, since arrangement between bank and depositor regarding interest ceased when contract
was breached. (Ib.)
Bank held not relieved from liability to depositor in defunct Russian branch thereof
for value of rubles deposited, by provisions of Russian Code.
(N. Y. App. 1928.) Bank conducting banking operations through Russian
branch held not relieved from duty to pay depositor value of rubles deposited at time of breach of contract by Russian branch by cessation of
operations, by Russian Code requiring that everf one shall be obligated
to compensate for damage and losses caused by his action or neglect,
unless compelled thereto by law or by government, or necessary selfdefense, or unavoidable circumstances. (Ib.)
COLLATERAL SECURITIES
CROSS REFERENCES:
WAREHOUSEMEN
:
Page
210
Bills and notes—City bank reacquiring notes from country banks on maker's insolvency, held holder or transferee with original rights restored.
(U. S. C. C. A. 1929.) Where city bank held notes secured by collateral,
but had invested money of correspondent country banks in such notes,
and on learning of maker's insolvency, with authority of country banks,
took back notes with collateral and held them as its own, city bank held
to be holder or transferee of all notes, with original powers and rights
restored to it, on reacquiring them. (Fidelity-Philadelphia Trust Co.
et al. v. Philadelphia-Girard Nat. Bank. 33 Fed. Rep. (2d series) 649.)
Bankruptcy—Rights of city bank holding bankrupt's notes were not fixed under
Stale insolvency law by execution of assignment for creditors, so as to prevent
reacquisition of notes from country banks. (Act Pa. June 1+, 1901, P. L. 4@4>'
Pa. St. 1920, sec. 710 et seq.; Bankr. act [11 U. S. C. A.].)
(U. S. C. C. A. 1929.) Rights of city bank, holding notes of insolvent
broker secured by collateral, and of other creditors, did not become fixed
the instant broker executed deed of assignment for benefit of creditors
by force of act (Pa. June 4, 1901, P. L. 404; Pa. St. 1920, sec. 710 et seq.),
so as to prevent city bank from reacquiring notes from country banks after
notice of insolvency, since insolvent, being broker, was subject to national
bankruptcy act (11 U. S. C. A.), which suspended or superseded State
act as to preferences, and acts of parties were not unlawful because
made so by assignment at common law. (Ib.)
Bankruptcy—Insolvency
established by assignment for creditors did not make
equity in pledged collateral trust fund for creditors.
(U. S. C. C. A. 1929.) Insolvency, when established and made known by
assignment for benefit of creditors, did not fix rights of all creditors,
including banks holding notes secured by collateral, and make all assets,
including insolvent's equity in pledged collateral, trust fund for creditors.
(Ib.)
160
REPORT OF THE COMPTROLLER OF THE CURRENCY
Bankruptcy—Circuit Court of Appeals had jurisdiction of appeal taken October
14 from order rendered September 17, on opinion handed down on August 29,
directing allowance of claims as secured.
(U. S. C. C. A. 1929.) Where opinion of the district court, holding that
order of referee in bankruptcy disallowing claims of petitioners as secured
creditors should be reversed, was handed down August 29, and order based
thereon was rendered September 17, appeal to Circuit Court of Appeals
from such order taken on October 14, was timely, and gave latter court
jurisdiction of appeal. (Cory v. Hamilton National Bank et aL, 31 Fed.
Rep. (2d series) 379.)
Corporations—Corporation's pledge of bonds as collateral for short-term notes indorsed by its president and held by banks controlled by him held not fraudulent.
(U. S. C. C. A. 1929.) Corporation's pledge of its bonds as collateral
security for its short-term notes held by banks controlled by its president,
who had personally indorsed such notes, who was secured on his indorsement by mortgage on corporation's property, and who was thereupon
released from liability on his indorsement, held not to establish actual
fraud, nor constructive fraud,
under Kentucky law, though at the time
its financial condition wras unsatisfactory, and though it subsequently
became a voluntary bankrupt. (Ib.)
Corporations—Insolvent corporation can not give security to director for preexisting
debt by way of preference.
(U. S. C. C. A. 192S0 Without regard to the 4-months' bankruptcy limitation, an insolvent corporation, knowing that it can not prosecute its
business and without hope of recovering from its financial embarrassments, can not give security to a director for preexisting debt by way of
preference. (Ib.)
Corporations—Corporation may give security to director for preexisting debt, in
absence of insolvency or intent to defraud or delay other creditors.
(U. S. C. C. A. 1929.) In absence of insolvency, or of intent to hinder or
delay its other creditors, corporation may lawfully, subject to 4-months'
bankruptcy limitation, give security to a director for a preexisteng debt,
even though in the end it does thereby effectuate a preference. (Ib.)
Corporations—Corporation's president and general manager
held authorized to
pledge corporation's bonds for antecedent indebtedness; ilto fund an indebtedness.>f
(U. S. C. C. A. 1929.) Where corporation issued bonds to fund preexisting
indebtedness exceeding authorized bond issue, primary purpose being
to obtain a better interest rate and an extension, president of corporation,
who under by-laws was chief executive officer and general manager of
company, held authorized to pledge such bonds as collateral for such indebtedness, though words " t o fund an indebtedness" ordinarily connotes
conversion of a heterogeneous floating indebtedness into a long term
obligation. (Ib.)
Evidence—Parol evidence was admissible to show that directors authorized president
to pledge corporation's bonds to secure antecedent indebtedness.
(U. S. C. C. A. 1929.) Parol evidence was admissible to show that directors
authorized president to pledge corporation's bonds to secure antecedent
indebtedness, if they could not be sold. (Ib.)
Corporation, by accepting benefit of its president's pledge of its bonds to secure its
antecedent debtsy with knowledge of facts, ratified pledge.
(U. S. C. C. A. 1929.) Pledge by corporation's president of corporation's
bonds for its antecedent debt, if not authorized in advance, was ratified
when corporation, with knowledge of transactions, accepted benefit of
renewals of such indebtedness, extended on sole security of pledged bonds,
and continuously recognized validity of pledges, even as late as filing of
its schedules in bankruptcy. (Ib.)
Corporations—That corporation's president pledged bonds authorized to be sold
held not "diversion" thereof, where bonds proved unsalable.
(U. S. D. C. 1927.) That president of corporation pledged corporation's
bonds, authorized for purpose of sale to satisfy corporation's floating
indebtedness, to that extent, held not to constitute "diversion" thereof
REPORT OF THE COMPTROLLER OF THE CURRENCY
161
from purpose for which issuance was authorized, where bonds proved to
be unsalable, except at a sacrifice, and possibly not even on that basis.
(In re Federal Coal Co., 31 Fed. Rep. (2d series) 375.)
Corporations—Corporation's president held authorized, to pledge corporation's
bonds as collateral for its floating indebtedness, evidenced by short time paper
indorsed' by him.
(U. S. D. C. 1927.) Where corporation issued its bonds for purpose of
satisfying part of its floating indebtedness, most of which was due to
banks on short time paper, which, bore its president's personal indorsement, president being secured by unrecorded mortgage on corporation's
realty, held that president, who under by-laws was chief executive officer
and general manager of company, had power to pledge bonds as collateral
security for such indebtedness when bonds proved unsalable. (Ib.)
Evidence—It ivas immaterial that corporation's minutes did not show president's
authority to pledge bonds, parol evidence being admissible.
(U. S. D. C. 1927.) It was immaterial that corporation's minutes did not
disclose that authority had been given to its president to pledge corporation's bonds as collateral security for corporation's floating indebtedness,
but parol evidence was admissible to establish such fact. (Ib.)
Corporations—Corporation in financial difficulties held authorized to pledge its
bonds as collateral for floating indebtedness in absence of proof of insolvency,
(U. S. D. C. 1927.) Corporation held authorized to pledge its bonds as
collateral security for its floating indebtedness, in absence of evidence
that at time of pledge it was insolvent, where it was not so regarded by
its principal owners, who were handling its affairs, and it was intending
and expecting to continue in business, though it was then in financial
difficulties. (Ib.)
Corporation's pledge of bonds as collateral for notes, indorsed by its president and
held by banks controlled by him, held not fraudulent.
(U. S. p . C. 1927.) In absence of showing of bad faith, corporation's
pledge of its bonds as collateral security for its short term notes, held
by banks controlled by its president, who had personally indorsed such
notes, who was secured on his indorsement by mortgage on corporation's
property, and who was thereupon released from liability on his indorsement, held not violative of Kentucky Statutes, section 1906, as being
fraudulent transfers, even though at time corporation's financial condition was unsatisfactory, but not hopeless, and though it subsequently
became a voluntary bankrupt. (Ib.)
COLLECTIONS
Bank receiving for collection and credit deposit certificate indorsed to it and crediting
account of sender held not merely collection agent.
(U. S. C. C. A. 1929.) Where interest-bearing certificate of deposit was sent
by one bank to another for collection and credit, indorsed to collecting
bank, which immediately credited account of first bank with amount of
certificate, including accrued interest, collecting bank, which became insolvent, was not acting merely as collection agent. (Ashley State Bank of
Ashley, N. Dak., v. City Nat. Bank of Bismarck, N. Dak., et al., 32 Fed.
Rep. (2d series) 166.)
Insolvent bank's deposit balance in Federal reserve bank could be applied on checks
sent through latter for collection, and accepted by former. {12 U. S. C. A., sees.
248{m)r 860> 461-464; Federal reserve act, sees. 16, 19.)
(U. S. C. C. A. 1929.) Insolvent bank's reserve deposit balance in Federal
reserve bank, in account maintained under Federal reserve act, section
19 (12 U. S. C. A., sees. 461-464), could be applied on checks drawn on
insolvent bank, which Federal reserve bank had received for collection
under clearance and collection system established under Federal reserve
act, section 16 (12 U. S. C. A., sees. 248 (m), 360), where checks had
been forwarded to insolvent bank under agreement, and accepted bysuch bank, and charged to accounts of drawers. (Federal Reserve
Bank of Richmond v. Early, 30 Fed. Rep. (2d series), 198.)
162
REPORT OF THE COMPTROLLER OF THE CURRENCY
Reserve bank held unauthorized to set off against insolvent bank's stock liability balance due on checks sent for collection. {12 U. S. C. A., sec. 288.)
(U. S. C. C. A. 19^9.) Federal reserve bank held not entitled to set off
balance due from insolvent bank on checks sent through reserve bank for
collection against insolvent bank's stock liability under 12 U. S. C. A.,
section 288, notwithstanding that insolvent bank had accepted checks
sent for collection and charged them to accounts of drawers, since demands, to be set off against each other, must be mutual, and reserve bank
was not owner of checks, but merely agent for collection. (Ib.)
CONSOLIDATIONS
CROSS REFERENCE:
TAXATION—
Page
TAXATION OF CONSOLIDATING BANKS
207
DEPOSITS
GENERAL DEPOSITS
APPLICATION OF DEPOSIT ON NOTE
DEPOSIT OF TRUST FUNDS
DEPOSIT OF STATE FUNDS
DEPOSIT OF COUNTY FUNDS
DEPOSIT OF CITY FUNDS
CERTIFICATE OF DEPOSIT
CROSS REFERENCES:
INSOLVENCY AND RECEIVERS—
RIGHTS OF PERSONS MAKING DEPOSITS AFTER INSOLVENCY
DEPOSIT OF STATE FUNDS
SURETY ON BOND TO SECURE UNITED STATES DEPOSITS
SURETY ON BOND TO SECURE STATE DEPOSITS
SURETY ON BOND TO SECURE COUNTY DEPOSITS
OFFICERS—
REPRESENTATION OF BANK BY OFFICERS—
LIABILITY OF BANK WHERE OFFICERS PARTICIPATED IN
SCHEME TO DEFRAUD DEPOSITOR
162
162
163
173
164
165
166
172
173
174
174
175
186
GENERAL DEPOSITS
Money deposited in bank becomes property of bank, and debtor and creditor relationship arises.
(U. S. D. C. 1928.) The general rule is that money deposited with a bank
does not continue to be the property of depositor, but it becomes property
of bank moment it is deposited, and depositor becomes creditor of the bank,
and no trust exists in such cases. (Lebanon Iron Co. et al. v. Donnelly &
Co. (Inc.), 29 Fed. Rep. (2d series) 411.)
APPLICATION OF DEPOSIT ON NOTE
Bankruptcy—Bank could apply bankrupt corporation1 s checking balance to indebtedness on note, on basis company was insolvent, though debt was not due.- (Bankr.
act, sec. 68a; 11 U. S. C. A., sec. 108 (a).
(11. S. C. C, A. 1929.) Bank held entitled to apply bankrupt corporation's
checking balance, accumulated in usual course of business, to its indebtedness on recently renewed note, on learning that it was diverting insurance
money, which it had promised to use for rebuilding its plant, to other
purposes, upon basis that corporation was insolvent, though debt was not
due; right of set-off being preserved as to provable debts, whether due or
not, under bankruptcy act, section 68a, 11 U. S. C. A. section 108 (a).
(Rupp. v. Commerce Guardian Trust & Savings Bank, 32 Fed. Rep. (2d
series) 234).
Bankruptcy—Bank could not apply on depositor's debts sums taken with such intent
after application of checking balance thereon.
(U. S. C. C. A. 1929.) Bank, applying balance of bankrupt corporation's
checking account on note to bank, held not entitled to apply to such note
and other notes sums subsequently offered for deposit, but taken with
intention of so applying them, regardless of bankrupt's purpose. (Ib.)
REPORT OF THE COMPTROLLER OF THE CURRENCY
163
Banks waived banker's liens on bankrupt's deposits by agreeing to transfer of deposits
to credit of committee appointed to manage bankrupt's affairs.
(U. S. C. C. A. 1928.) Banks held not authorized to credit deposits on notes
which they held against bankrupt, where, on creation of committee to
manage affairs of bankrupt company, deposits no longer remained subject
to check of company; banks having waived banker's liens by agreeing to
transfer of deposits, notwithstanding bankruptcy act, section 68 (11 U. S.
C. A., sec. 108). (First Nat. Bank of Waco et al. v. Sheehy in re South
Bros. Trunk Co. 29 Fed. Rep. (2d series) 400.)
Bank has right to apply deposit to payment of depositor's matured indebtedness to it.
(U. S. D. C. 1928.) By virtue of the right of set-off, when depositor becomes
indebted to bank, and debt becomes due and payable, bank has right to
apply any deposits to payment of depositor's indebtedness. (Lebanon
Iron Co. et al. v. Donnelly & Co. (Inc.), 29 Fed. Rep. (2d series) 411.)
Bank held entitled to charge against receivers1 general deposit receivers' certificate
held by it at maturity thereof.
(U. S. D. C. 1928.) Where receivers in active conduct of corporation's
business made general deposit in bank in which proceeds of business were
deposited, bank, on maturity of receivers' certificate held by it, had right
to charge certificate to receivers' account, in absence of any restriction in
certificate taking it out of general rule. (Ib.)
Bankruptcy—Bank may offset its loan against insolvent borrower's deposit,
either
by bookkeeping entry or by accepting insolvent's check, without acquiring u preference."
(U. S. D. C. 1927.) Generally a bank may offset amount of its loan against
deposit standing to credit of an insolvent borrower, and if, instead of
making a bookkeeping entry to show offset, bank accepts insolvent's
check against his own account in payment of the loan, such mere change
in form does not make transaction a " preference." (Murray v. Corn Exchange Bank, 31 Fed. Rep. (2d. series) 373). (Affirmed by" U. S. C. C. A.
(no opinion rendered) in 31 Fed Rep. (2d series) 375.)
Bankruptcy—Bankrupt's payment of notes held by bank with checks, after creditors' committee directed him to cease paying debts, held not preferential.
(U. S. D. C. 1927.) Where, on direction of creditors' committee to make no
further payment of insolvent's debts, except for current running expenses,
insolvent notified bank not to pay any notes which might be presented for
payment, and thereafter made deposits in bank account under supervision of creditors' committee, and subsequently paid its notes held by bank
with checks on said account, about two weeks before filing bankruptcy
petition, held, that such payments to bank were not preferential, on theory
that accumulation of funds in deposit account was improper, where bank
was not represented at meeting of creditors. (Ib.)
Bankruptcy—Bank, holding bankrupt's notes amply secured, held not required to
protect general creditors as against owners of collateral in receiving payment of
notes.
(U. S. D. C. 1927.) Where bankrupt's notes held by bank were amply
secured by collateral belonging to third persons, it was not bank's duty
to protect bankrupt's general creditors at expense of owners of collateral,
by refusing to accept payment of notes by checks drawn on bankrupt's
account in ordinary course of business about two weeks before bankruptcy
petition was filed. (Ib.)
DEPOSIT OF TRUST FUNDS
Guardian and ward—Special deposit became deposit of B., as guardian of minors,
covered by indemnity bond, where certificate of deposit was indorsed to minors
through guardian.
(U. S. C C A . 1929.) Special deposit in bank in name of deceased's estate
became deposit of B., as guardian of minors, and was covered by indemnity
bond guaranteeing repayment of deposits of B. as guardian, where court
of ordinary rendered judgment setting off such item to minors, and title
became vested by such judgment, and certificate of deposit was indorsed
to minors through their guardian. (Independence Indemnity Co. v.
Barber et al., 30 Fed. Rep. (2d series) 753.)
164
REPORT OF THE COMPTROLLER OF THE CURRENCY
Guardian and ward—Savings account became deposit of B., as guardian of minors\
covered by indemnity bond, where representatives of deceased's estate notified bank
to transfer account.
(U. S. C. C. A. 1929.) Savings account standing in name of deceased
became deposit of B., as guardian of minors, and was covered by indemnity
bond guaranteeing repayment of deposits of B. as guardian, where court
of ordinary rendered judgment setting off such item to minors, and title
vested by such judgment, and representatives of deceased's estate notified
bank to transfer savings account to B. as guardian, although no change
was made. (Ib.)
Guardian and ward—Where bond guaranteed repayment of deposits by guardian,
it was immaterial how disputed items were carried on bank's books.
(U. S. C. C. A. 1929.) Where indemnity bond was given to guarantee repayment of deposits of B., as guardian of minors, and disputed items were
deposits of guardian, it was immaterial how they were carried on books
of bank. (Ib.)
Surety can not claim subrogation, and compete with secured creditor in distribution
of insolvent debtor's assets, until creditor is paid.
(U. S. C. C. A. 1929.) As respects right to participate in receiving dividends
from defunct bank, surety can not claim subrogation, and compete with
secured creditor in distribution of assets of insolvent debtor, until creditor
is paid in full. (Ib.)
DEPOSIT OF COUNTY FUNDS
Bankruptcy—Pro rata distribution of dividends on debts existing at time of bankruptcy only is required.
(U. S. C. C. A. 1929.) Law requires pro rata distribution of dividends on
such debts only as existed at time of bankruptcy. (Burnett et al. v. Bank
of Duncan, 30 Fed. Rep. (2d series) 52.)
Bankruptcy—Action of bank officer and county treasurer in depositing misappropriated county funds to personal account did not create "overdraft" when
accounts were adjusted, authorizing bank's claim against officer's estate in
bankruptcy.
(U. S. C. C. A. 1929.) Action of bank officer and county treasurer in crediting to his personal account at bank funds which he had misappropriated
from county, and for which county's claim against officer's estate in
bankruptcy was properly allowed, which funds were transferred to officer's
account as treasurer, and charged back against his personal account when
defalcations were discovered, did not create an " overdraft," authorizing
bank's claim therefor against officer's estate in bankruptcy, since to allow
claim would in effect allow a double filing on the same debt, (Ib.)
Bankruptcy—County's participation in audit of accounts of bank officer and county
treasurer did not preclude claim against officer's estate in bankruptcy for misappropriation of funds.
(U. S. C. C. A. 1929.) County, by participating in audit of books of bank
officer and county treasurer misappropriating funds of county, held not
concluded by finding of auditors that an overdraft existed in bank officer's
personal account as regards right to assert claim for misappropriated
funds against officer's estate in bankruptcy. (Ib.)
Fund deposited in bank becomes property of bank.
(U. S. C. C. A. 1929.) Fund deposited in a bank becomes property of a
bank, and a transfer from one account to another in no way affects the
ownership of the fund. (Ib.)
Georgia statute declaring property of county depository bank bound for payment of
liabilities arising from breach of bond declares a lien. {Laws Ga. 1915, p. 233.)
(U. S. D. C , 1929.) Laws of Georgia, 1915, page 233, providing that property of county depository bank shall be bound for payment of all liability
arising from breach of bond, declares a lien. (In re Blalock et al., 31 Fed.
Rep. (2d series) 612.)
BEPORT OF THE COMPTROLLER OF THE CURRENCY
185
Statute should not he given apparent literal meaning leading to unreasonable, extraordinary, unjust, or absurd consequences.
(U. S. D. C , 1929.) While court has no power of legislation, and must give
natural meaning to plain language of statute, notwithstanding resulting
hardship, the general assembly's real intention should be sought, and
statute interpreted according to its real, rather than apparently literal,
meaning, which would lead to such unreasonable, extraordinary, unjust,
or absurd consequences as could not have been intended by legislature.
(Ib.)
Bank held entitled to first claim or lien on choses in action pledged to it for money
advanced to bankrupt county depository. {Laws Ga. 1915, p. 2S3.)
(U. S. D. C , 1929.) Bankrupt county depository's correspondent bank held
entitled to first claim or Men on all notes, accounts, and choses in action,
pledged to it for money advanced to depository, as against county's
claim under Laws Georgia, 1915, page 233, whether correspondent bank
had title to or merely a lien on such choses, in view of Laws Georgia,
1924, page 133 (Park's Ann. Civ. Code Supp. 1926, sec. 4270 (4)), declaring
holder of lien, arising either from contract or by implication of law, a
holder for value to extent thereof. (Ib.)
State highway department held entitled to prior payment from assets of bankrupt
county depository, except as to property pledged to correspondent hank. %Bankr.
act, sec. 64b (5) (7); 11 U. S. C. A., sec. 104 (b) (5) (7).)
(U. S. D. C , 1929.) State highway department held entitled to priority of
payment out of assets in hands of trustee for bankrupt county depository
bank under the prerogative right of preference recognized by the common
law of Georgia, except as to property pledged to correspondent bank, in
view of act May 27? 1928, section 15, 11 U. S. C. A., section 104 (b) (7),
defining term "person" in bankruptcy act, section 64b (5), 11 U. S. C. A.,
section 104 (b) (5), as including the United States and the several States
and Territories thereof. (Ib.)
DEPOSIT OP CITY FUNDS
Reference—Referee's' findivigs and conclusions are conclusive, in absence of motion
for new trial, if reference was made under Kansas law, but not if made under
common law. '{Rev. St. Kan., 1928, 60—2924.)
(U. S. D. C.r 1928.) In absence of motion for new trial, referee's fact findings and conclusions of law are conclusive on court, which can not hear or
consider exceptions thereto, under Kevised Statutes Kansas, 1923, 60—
2924, if reference was made under Code of such State, but, if made under
common law, court must rule on exceptions and declare law of case in
judgment. (City of Parsons v. Fidelity & Deposit Co., Same v. Nat'l.
Surety Co., 29 Fed. Rep. (2d series) 417.)
Depositaries—City depository is liable for any neglect of duty causing loss to city,
as in paying out money in unauthorized manner. (Rev. St. Kan., 1923,13—2107.)
(U. S. D. C , 1928.) City treasurer's deposit of city's moneys in depositories
duly selected by city commissioners, as provided by Revised Statutes Kansas, 1923, 13—2107, establishes ordinary relation of debtor and creditor between depository and city, and depository is liable on its contract and any
statutory bond given by it for any neglect of duty occasioning loss to city,
as in failing to pay out money due it in manner provided by law. (Ib.)
Depositaries—City depository, paying in unauthorized manner money employed to
discharge city's- valid debts is protected, but has burden of proof. (Rev. St. Kann
1923, 13—-2107.)
(U. S. D. C , 1928.) City depository, paying out in manner not authorized
by Revised Statutes Kansas, 1923, 13—2107, city money employed to
discharge valid and due debts of city, would be protected, as such payment
would be simply damnum absque injuria; but burden of making such proof
would rest on depository. (Ib.)
«
Municipal corporations—Sureties on city treasurer's bond are not liable for losses
caused by commissioners' failure to take bonds from depositories. (Rev. St. Kan,,
1923, 18—2107.)
(IT. S. D. C , 1928.) Sureties on bonds, given by city treasurer under
Revised Statutes Kansas, 1923, 13—2107, are not liable for loss of city's
moneys because of city commissioners' failure to take bonds from depository banks, as required by such act. (Ib.).
166
REPORT OF THE COMPTROLLER OF THE CURRENCY
CERTIFICAT B OF DEPOSIT
Bank was precluded from setting up CQ lier's lack of authority to issue certificate
of deposit as against bona fide holder w% hout notice of irregularity.
(U. S. C. C. A., 1929.) Bank was precluded from claiming want of authority
of cashier to issue certificate of deposit on ground that no deposit had in
fact been received, as against holder in due course of certificate without
notice that there was any irregularity in issuance of certificate, notwithstanding the fact that cashier fraudulently abused his authority in wrongfully issuing certificate without receiving deposit. (People's Bank of
Keyser, W. Va., v. International Finance Corporation, 30 Fed. Rep. (2d
series) 46.)
Batik's certificate of deposit constitutes in effect a promissory note.
(U. S. C. C. A., 1929.) A certificate of deposit issued by a bank constitutes
in effect a promissory note. (Ib.)
DIVIDENDS
STOCK DIVIDENDS
DIVIDENDS DECLARED
CORPORATION
Page.
166
FOR PURPOSE
OF ORGANIZING
AN
AFFILIATED
166
STOCK DIVIDENDS
Stock dividend on trusteed stocks is an accretion of capital and not income.
(U. S. Sup. 1890.) Under a will bequeathing stock in a corporation and
Government bonds, in trust to pay " t h e dividends of said stock and the
interest of said bonds as they accrue" to a daughter of the testator "during
her lifetime, without percentage of commission or dimunition of principal,"
and directing that upon her death " t h e said stocks, bonds, and income
shall revert to the estate" of the trustee, "without incumbrance or impeachment of waste," a stock dividend declared by a corporation which
from time to time, before and after the death of the testator, has invested
accumulated earnings in its permanent works and plant, and which, since
his death, has been authorized by statute to increase its capital stock, is
an accretion to capital, and the income thereof only is payable to the
tenant for life. (Gibbons v. Mahon, 136 U. S. 549.)
Courts—Pennsylvania rule relating to apportionment of stock dividends between
life tenant and remaindermen is a rule of property binding on Federal courts.
(U. S. D. C. 1929.) Rule followed by Pennsylvania courts that stock dividends must be apportioned between life tenant and corpus of trust, by
giving the corpus sufficient to keep intact the value of the shares of stock
as they were at time trust began and by giving rest of dividend to those
entitled to income, is a rule of property binding on Federal courts in a
case involving a trust under a will probated in Pennsylvania. (Pierrepont v. Fidelity-Philadelphia Trust Co. et al., 32 Fed. Rep. (2d series)
608.)
DIVIDEND DECLARED FOR THE PURPOSE OF ORGANIZING AN AFFILIATED CORPORATION
Internal revenue—Dividend declared by national bank, to be applied to purchase
stock in trust company organized to transact business in which bank could not
engage, held taxable "income."
{Revenue act 192 4, sec. 203 (c), (h); 26 U. 8.
C. A. sec. 934 (c), (h); National banking act; 12 U. S. C. A. sees. 21-200.)
(U. S. C. C. A. 1929.) Ten per cent dividend, declared by national bank, to
be applied to purchase of stock in trust company to be organized to
transact business in which bank could not engage under national banking
act (12 U. S. C. A. sees. 21-200), held taxable "income," as against contentions that by reason of trust under which trust company's stock was
placed, taxpayer received nothing in nature of income, and that transaction
constituted reorganization* of national bank, within revenue act 1924,
section 203 (c), (h), 26 U. S. C. A. section 934 (c), (h). (Lonsdale v.
Commissioner of Internal Revenue, 32 Fed. Rep. (2d series), 537.)
Internal revenue—Substance, not form, should control in applying sixteenth amendment and income tax laws. (Const. Amend. 16.)
(U. S. C. C. A. 1929.) Substance, and not form, should control in application of constitutional amendment 16 and income tax laws enacted
under it. (Ib.)
REPORT OF THE COMPTROLLER OF THE CURRENCY
167
EXCHANGE
CROSS REFERENCE:
BRANCH BANKS IN FOREIGN COUNTRIES
Page
157
Whether drawer bank was negligent with reference to drawee's payment of drafts
on unauthorized indorsements of payee's agent was question of fad.
(U. S. C. C. A. 1929.) Even if drawer bank owed drawee bank any duty
to object to payment of drafts bearing unauthorized indorsements by
payee's agent similar to indorsements on drafts on which drawer sought
to recover from drawee, which paid them on such unauthorized indorseaents, whether drawer was negligent with reference thereto was a question
of fact. (Continental Nat. Bank & Trust Co. of Chicago v. Olney Nat.
Bank, 33 Fed. Rep. (2d Series), 437.)
Appeal and error—District court's determination of fact question, where jury was
waived, could not be reviewed on appeal.
(U. S. C. C. A. 1929.) District court's determination of question of fact,
where jury was waived, was not open for reconsideration by Circuit
Court of Appeals. (Ib.)
Drawer bank owes drawee bank no duty with reference to indorsements.
(U. S. C. C. A. 1929.) Drawer bank owes drawee bank no duty with
reference to indorsements. (Ib.)
Draft, drawn to order, is not payable at all, until properly indorsed by payee.
(TJ. S. C. C. A. 1929.) A draft, drawn to order, is not payable at all until
it is properly indorsed by payee. (Ib.)
That checks received for drafts were worthless held not to defeat drawer bank's rights
to recover from drawee bank for paying drafts on unauthorized indorsements of
payee's agent.
(U. S. C. C. A. 1929.) That drawer bank issued drafts to payee's agent
for agent's worthless checks held not to defeat its right to recover from
drawee bank for paying drafts on said agent's unauthorized indorsements.
(Ib.)
Bills and notes—Intention of drawer determines whether drafts are payable to bearer,
because made to living person not intended to have interest therein. {Negotiable
Instrument Law III. sec. 9.)
(TJ. S. C. C. A. 1929.) Negotiable instrument law, Illinois, section 9 (CahilTs
Rev. St. 1927, ch. 98, par. 29), provides that instrument is payable to
bearer when it is payable to order of a person known by drawer or maker
to be fictitious, or of a living person not intended to have any interest in
it, held, that it is intention of drawer, and not intention of one who procures drafts to be issued, and who was neither drawer, drawee, nor payee,
which determines whether instrument is payable to bearer, because
payable to living person not intended to have interest in it. (Ib.)
Bills and notes—Drawer's intention respecting interest payee was to have in drafts,
as to whether drafts were payuble to bearer, held fact question. (Negotiable
instrument law, III., sec. 9.)
(U. S. C. C. A. 1929.) What was drawer's intention with reference to
interest, if any, that payee was to have in drafts obtained from drawer
by payee's agent, on issue whether such drafts were payable to bearer
under negotiable instrument law, Illinois, section 9 (Cahill's Rev. St.
1927, ch. 98, par. 29), because payable to order of living person not
intended to have any interest in the drafts, was question of fact. (Ib.)
Interest—Interest is allowable ivithout agreement on money advanced, on money
due on settlement of account, on money received to another's use and retained
without owner's knowledge, and on money unreasonably withheld. (Interest
act, III., sec. 2.)
(U. S. C. C. A. 1929.) Under interest act, Illinois, section 2 (Cahill's Rev.
St. 1927, ch. 74, par. 2), interest is allowable without agreement on money
lent or advanced for the use of another, on money due on settlement of
account from day of liquidating accounts between parties and ascertaining
balance, on money received to use of another and retained without owner's
knowledge, and on money withheld by an unreasonable and vexatious
delay of payment. (Ib.)
79003°—30
12
168
REPORT OF THE COMPTROLLER OF THE CURRENCY
Interest—Whether drawee hank was liable for vexatious delay in refusing to pay
to drawer amount of drafts paid on unauthorized indorsements held fact question.
(Interest actr III., sec. 2.)
(XL S. C. C. A. 1929.) Wliether drawee bank, found to be liable to drawer
bank for paying drafts on unauthorized indorsements of payee's agent,
was liable for interest under interest act, Illinois, section 2 (CahilFs Rev.
St. 1927, ch. 74, par. 2), as for vexatious delay, presented a question of
fact. (Ib.)
Qefendant, issuing letter of credit to plaintiffs, held estopped to claim variance in
shipping documents accompanying drafts, where reason previously assigned
for nonpayment was pending injunction.
(U. S. C. C. A. 1928.) Defendant, issuing letter of credit authorizing
plaintiffs to draw on bank against bills of lading, held estopped to assert
that descriptive terms used in invoices and shipping documents varied
from those called for by letter of credit, where plaintiff had refused payment on sole ground of pending injunction, with result that plaintiff
was led to assume that the shipping documents were in proper form.
(Lamborn et al. v. Cleveland Trust Co., 29 Fed. Rep. (2d series) 46.)
Estoppel—One assigning reason for conduct may not alter position to other party's
injury after situation has changed.
(U. S. C. C. A. 1928.) One who has given a reason for his conduct touching
a matter in controversy will not be permitted, after the situation of the
parties has changed, to change his position on the matter to the injury
of the other party by assigning a different reason. (Ib.)
FOREIGN BANKING CORPORATIONS
CROSS REFERENCES:
BRANCH BANKS—
BRANCH BANKS IN FOREIGN COUNTRIES
Page
157
Federal Reserve Board must exercise discretion respecting approval or disapproval
of articles of association of foreign banking corporation; "approved.99 (12
U. S. C. A.y sees. 611-681.)
(D. C. App. 1929.) Federal reserve act, section 25 (a), added by act December 24, 1919 (12 U. S. C. A., sees. 611-631), authorizing organization of
corporations to engage in international or foreign banking, but providing
that association formed thereunder shall not become body corporate until
articles of association and organization certificate have been approved by
Federal Reserve Board and after board has issued permit to it to begin
business, imposes duty on Federal Reserve Board of exercising its judgment
and discretion with respect to approval or disapproval of such articles;
word " approved" importing exercise of judgment and discretion, and
power to approve ordinarily implying power to disapprove. (Apfel et al.
v. Mellon et al., Federal Reserve Board, 33 Fed. Rep. (2d series) 805.)
Statutes—Consistent use of term in certain sense in statute in pari materia is persuasive as to its meaning.
(D. C. App. 1929.) The consistent use of the same term in certain sense in
statutes in pari materia is persuasive that it was used in same sense in
statute being construed. (Ib.)
Mandamus—Mandamus does not lie to control Federal Reserve Board's discretion
in refusing to approve articles of incorporation of foreign banking corporation.
(12 U. S. C. A., sees. 611-631.)
(D. C. App. 1929.) Mandamus will not lie to control the exercise of Federal
Reserve Board's discretion in refusing to approve articles of incorporation
and organization certificate to permit relators to begin business as a body
corporate for purpose of engaging in business of international or foreign
banking under Federal reserve act, section 25 (a), added by act December
24, 1919 (12 U. S. C. A., sees. 611-631). (Ib.)
BEPOBT OF THE COMPTROLLER OF THE CURRENCY
169
FORGED OR ALTERED PAPER
Insurance—Forged signature, below signature of maker of note, held not signature
of "indorser" within hankers' blanket forgery policy.
(U. S. D. C. 1928.) Forged signature, appearing below name of maker on
note, which recited, "I, we, or either of us, promise to pay," held on its
face signature of joint maker, under negotiable instruments law Pennsylvania section 17 (Pa. St. 1920, sec. 16004), and can not be held under
any consideration to be that of "indorser," within provision of bankers'
blanket forgery insurance policy covering forgery of signature of indorser
of checks, drafts, notes, or trade acceptances. (Grange Trust Co. of
Huntingdon, Pa., v. American Surety Co. of New York, 30 Fed. Rep.
(2d series) 445.)
Insurance—Intention of all parties that signature in place for makers' signatures is
indorsement can not affect liability of forgery insurer.
(U, S. D. C. 1928.) Though a signature on face of note at place provided
for makers* signatures may be held to be an indorsement, it must be
shown that it was intention of all parties that said signature was intended
as an indorsement, and such understanding between parties can not affect
liability of insurer under bankers' blanket forgery insurance policy. (Ib.)
Insurance—Provision of policy insuring against forged indorsements could not be
interpreted to cover forgery of name of maker or accommodation maker of note.
(U. S. D. C. 1928.) Provision of bankers' blanket forgery and alteration
insurance policy, insuring trust company against loss from forged indorsements on checks, notes, and drafts, could not be interpreted to cover the
forgery of name of maker or accommodation maker. (Ib.)
Evidence—Parol evidence is inadmissible to show that forged signature under signature of maker of note is indorsement. (Negotiable instruments act, Pa., sec. 17
(Pa. St. 1920, sec. 16004).)
(U. S. D. C. 1928.) Parol evidence is not admissible to establish that forged
signature below that of maker on note is a forged indorsement, under
negotiable instruments act, Pennsylvania, section 17 (Pa. St. 1920, sec.
16004), providing that, where instrument containing words " I promise to
pay" is signed by two or more, they are deemed to be jointly and severally
liable. (Ib.)
Bills and notes—Liability on notes bearing forged indorsements arose on implied
warranty of genuineness.
(U. S. C. C. A. 1929.) Liability of bank exchanging Victory notes with
forged indorsements for coupon bonds arose upon an implied warranty
of the genuineness of notes, and was not conditioned upon either demand
or giving notice after discovery of the forgeries. (Ladd & Tilton Bank
v. United States, 30 Fed. Rep. (2d series) 334.)
United States—Government's failure to notify bank exchanging Victory notes with
forged indorsements after discovery of forgery held defense under circumstances.
(U. S. C. C. A. 1929.) Where Government, after discovering forgery of
indorsements on Victory notes for which it had theretofore exchanged
coupon bonds, failed to notify bank effecting exchange of such forgeries
for period of approximately 19 months, resulting in injury to bank by
reason of insolvency and liquidation of bank from whom it had received
notes, the Government's failure to give timely notice of forgery constituted
a defense, notwithstanding that right of action rested on implied warranty.
(Ib.)
United States— United States suing to recover money paid on forged instrument is
subject to same rules applicable to litigants generally.
(U. S. C. C. A. 1929.) Though statute of limitation does not run against
right of action in favor of Government, nevertheless, where right of action
is for recovery of money paid on forged instrument, United States is
subject to same rules as litigants generally. (Ib.)
Bills and notes—One liable on forged instrument may defend on ground that delay
in notice or demand after discovery of forgery has worked injury.
(U. S. C. C. A. 1929.) Though mere right of action is not affected by delay
in demand or notice, defendant, otherwise liable because of money or
170
REPORT OF THE COMPTROLLER OF THE CURRENCY
property obtained on forged bill, note, or other instrument, may defend
on ground that delay in notice or demand after discovery of forgery has
worked injury. (Ib.)
Costs—Government witnesses held entitled only to traveling expenses necessarily in"
curred within district. (28 U. S. C. A. sec. 6O4.)
(U. S. C. C. A. 1929.) Government witnesses held not entitled, under Revised Statutes, section 850 (28 U. S. C. A., sec. 604), to recover traveling
expenses except those necessarily incurred for travel and maintenance
within district. (Ib.)
INSOLVENCY AND RECEIVERS
Page
ALL ASSETS OF INSOLVENT BANK PASS TO RECEIVER
ACTIONS BY RECEIVERS
ACTIONS AGAINST RECEIVERS:
JURISDICTION
RIGHTS OF PERSONS MAKING DEPOSITS AFTER INSOLVENCY
PREFERENCES BETWEEN BANKS
DEPOSIT OF STATE FUNDS
SURETY ON BOND TO SECURE UNITED STATES DEPOSITS
SURETY ON BOND TO SECURE STATE DEPOSITS
SECURITY ON BOND TO SECURE COUNTY DEPOSITS
^
STATE NOT ENTITLED TO PRIORITY UNDER COMMON LAW
DEPOSITS OF PUBLIC MONEY EXCEEDING STATUTORY LIMIT IS A TRUST
FUND
BANKS' TRANSFER OF ASSETS TO SECURE SURETIES
ACTIONS AGAINST SHAREHOLDER'S AGENT
INSOLVENT JOINT STOCK LAND BANK
INSOLVENT STATE BANK
INSOLVENT PRIVATE BANK
CROSS REFERENCES:
COLLECTIONS—
APPLICATION OF INSOLVENT BANK'S DEPOSIT WITH FEDERAL
RESERVE BANK ON CHECKS SENT FOR COLLECTION
OFFICERS, CIVIL LIABILITY OF—
RECEIVER'S SUIT AGAINST DIRECTORS
SHAREHOLDERS—
ASSESSMENT OF SHAREHOLDERS
ALL ASSETS OF INSOLVENT BANK PASS TO RECEIVER
170
170
172
172
173
173
174
174
175
175
176
177
177
177
178
179
161
191
202
When national bank becomes insolvent and is taken over'by comptroller and placed
in receiver's hands, its assets pass to receiver's control.
(U. S. C. C. A. 1929.) When national bank becomes insolvent and is taken
over by comptroller of currency and placed in hands of a receiver, all its
assets pass to control of the receiver. (Anderson et al. v. Cronkleton,
32 Fed. Rep. (2d series) 170.)
ACTIONS BY RECEIVERS
Action—Action
by or against receiver to establish demand is one at law.
(U. S. C. C. A. 1928.) An action by or against a receiver to establish a
demand is an action at law, rather than in equity. (Dykes v. Widdows
et al., 31 Fed. Rep. (2d series) 745.)
On petition for rehearing—Receiver, in action against him on claim, was entitled
to set-off or counterclaim by reason of claim against plaintiff's assignor. (Equity
rule 30.)
(U. S. C. C. A. 1929.) Under equity rule 30, providing that an answer
may contain, without cross-bill, a set-off and counterclaim which might
be the subject of an independent suit in equity, receiver for insolvent bank
was entitled, in action against him on a claim, to set-off or counterclaim
by reason of claims of bank against plaintiff's assignor, so as to enable
court to pronounce a final judgment in the same suit. Petition for rehearing denied (Dykes v. Widdows et al., 31 Fed. Rep. (2d series) 745.)
REPORT OF THE COMPTROLLER OF THE CURRENCY
171
Appeal and error—Nonjoinder of parties appellant is jurisdictional question, which
will be considered, though not raised by counsel.
(U. S. C. C. A. 1929.) The question of lack of joinder of parties appellant
is jurisdictional, and will be considered, though it has not been raised bycounsel. (Federal Intermediate Credit Bank of Omaha v. L'Herisson
(two cases), 33 Fed. Rep. (2d Series) 841.)
Appeal and error—Judgment against both answering and defaulting defendants
held several in nature, so as to authorize appeal by answering defendant alone.
(U. S. C. C. A. 1929.) Judgment against two defendants, one of whom made
default, held essentially several in its nature, though joint in form, so as to
authorize appeal by answering defendant alone. (Ib.)
Appeal and error—Appellate court will not reverse judgment in law action, tried
without jury, for error of fact, such as finding contrary to weight of evidence.
{28 U. S. C. A. sees. 773, 875, 879.)
(U. S. C. C. A. 1929.) When action at law is trial to Federal court without
a jury, the questions open for review in appellate court are limited by
Revised Statutes, sections 649, 700, 1011 (28 U. S. C. A. sees. 773, 875, 879),
and appellate court will not reverse judgment for error of fact, such as
finding contrary to weight of evidence. (Ib.)
Appeal and error—Party urging lack of substantial evidence to support findings and
judgment must move for judgment on such ground, request such declaration of law,
or take equivalent step, secure ruling, and take exception.
(U. S. C. C. A. 1929.) Party seeking review of question whether record
contains any substantial evidence to support findings and judgment
against him must move for judgment in his favor on such ground, request
declaration of law to that effect, or take some other equivalent step, secure
ruling by trial court, and take exception thereto. (Ib.)
Appeal and error—Party desiring review of admissibility of evidence should object
or offer proof at proper time on trial, state ground therefore, and secure ruling.
(U. S. C. C. A. 1929.) Party desiring review of question of admissibility
of evidence should make objection or offer proof at proper time on the
trial, state the ground therefor, and secure a ruling of the trial court.
(Ib.)
Courts—Assignments of error relating to admissibility of evidence must conform to
court rules. (Circuit Court of Appeals rules 11, 24--)
(U. S. C. C. A. 1929.) Assignments of error relating to the admissibility
of evidence must conform to Circuit Court of Appeals, rules 11, 24. (Ib.)
Evidence in national bank receiver's action for conversion of notes held to support
finding that they were transferred to defendant bank to secure notes discounted by
corporation.
(U. S. C. C. A. 1929.) In national bank receiver's action against Federal
credit bank for conversion of collateral notes, evidence held sufficient to
support trial court's finding that alleged collateral agreement was made,
and that notes belonging to insolvent bank were turned over to defendant
for purpose of securing notes discounted by corporation with defendant.
(Ib.)
Evidence held to support finding that national bank was insolvent to knowledge of
Federal credit bank at time of transferring notes to latter as security for notes discounted by corporation.
(U. S. C. C. A. 1929.) In national bank receiver's action against Federal
credit bank for conversion of collateral notes, evidence held sufficient to
support trial court's finding that national bank was insolvent to defendant
bank's knowledge at time of turning over notes to defendant as security
for notes discounted with latter by corporation. (Ib.)
National bank can not lend credit to another.
{12 U. S. C. A. sec. 24--)
(U. S. C. C. A. 1929.) Under Revised Statutes, section 5136 (12 U. S. C. A.
sec. 24), a national bank, even though solvent, can not lend its credit to
another. (Ib.)
172
KEPOBT OF THE COMPTROLLER OF THE CURRENCY
Insolvent national bank can not pledge assets as collateral to another's debt. (12
U. S. C. A., sec. 91.)
(U. S. C. C. A. 1929.) Under Revised Statutes, section 5242 (12 U. S. C. A.
sec. 91), a national bank can not pledge its assets while involvent as
collateral to the debt of another. (Ib.)
"Insolvency" within statute prohibiting transfer of insolvent national bank's assets,
consists in inability to meet obligations in ordinary course of business as they
accrue. (12 U. S. C. A. sec. 91.)
(U. S. C. C. A. 1929.) ''Insolvency" within Revised Statutes section 5242
(12 U. S. C. A. sec. 91), prohibiting transfers of national bank's assets after
commission of act of insolvency or in contemplation thereof with view to
preference of one creditor, consists in inability to meet obligations in
ordinary course of business as they accrue. (Ib.)
Deposit of collections by credit corporation held not trust fund, left in bank in consideration of its transferring notes belonging to it to another bank as security for
notes discounted with latter by such corporation.
(U. S. C. C. A. 1929.) Deposit in national bank of collections made by
credit corporation held not a trust fund, left in bank in consideration of
its turning over notes belonging to it to Federal credit bank as security
for notes discounted therewith by credit corporation, where collections
were not traced into assets of depository bank on date of collateral agreement and no specified minimum amount of cash was shown to be on hand
therein from time collections were made until date of such agreement.
(Ib.)
ACTIONS AGAINST RECEIVERS
JURISDICTION
District Court of district in which a national bank is located held to have jurisdiction
of a suit by stockholders, on a cause of action inuring in the bank, to enjoin the
Comptroller and his receiver (Judicial Code, Sec. 2^ subd. 16, and section 4-9
(Comp. St. Sees. 991, 1031).
(U. S. D. C. 1926.) Judicial Code, Section 24, subdivision 16, and section
49 (Comp. St. Sees. 991, 1031), giving District Courts jurisdiction of suits
by national banks to enjoin the Comptroller or any receiver, and providing that such a suit shall be in the district where the bank is located held
to extend to a suit by stockholders of an insolvent national bank, on
behalf of themselves and all other stockholders, to enjoin the Comptroller
and his receiver from making an alleged collusive compromise of a suit
against the directors. (Wegman et al. v. Hulse et al. 13 Fed. Rep. (2d
series) 206.)
When demand on directors not necessary.
(U. S. D. C. 1926.) Where interests of directors are antagonistic, demand
on them is not necessary, as preliminary to suit by stockholders. (Ib.)
Suit by stockholders against Comptroller and receiver of national bank held to involve
Federal question.
(U. S. D. C. 1926.) A suit by stockholders of an insolvent national bank,
to enjoin the Comptroller and receiver from making an alleged collusive
compromise of a suit against the directors, held to involve a Federal question, and within the jurisdiction of a Federal court, regardless of citizenship of parties. (Ib.)
RIGHTS OF PERSONS MAKING DEPOSITS AFTER INSOLVENCY
Depositor may reclaim deposit received by hopelessly insolvent bank with knowledge
of insolvency.
(U. S. D. C. 1928.) Where bank is hopelessly insolvent and receives deposit
with knowledge of insolvency and fails, there is such fraud on depositor
that he may rescind contract of deposit and reclaim amount deposited, or
its proceeds, if traced into assets of bank going into hands of receiver.
(Holloway v. Dykes, 29 Fed. Rep. (2d series) 430.)
REPORT OF THE COMPTROLLER OF THE CURRENCY
173
Whether title to check deposited in bank passes to bank depends on intention of
partieSf which may be ascertained from course of conduct.
(U. S. D. C. 1928.) Whether title to check passes to bank in which it is
deposited must be determined by ascertaining intention of parties, butsuch intention may be ascertained from consideration of course of conduct
or ordinary course of business. (Ib.)
Where depositor received credit in amount of checks deposited with privilege of
checking against it, intention may be implied that title to deposited checks passed
to bank.
(XL S. D. C. 1928.) Where depositor has ordinarily received credit in
amount of checks deposited with privilege of checking against it, it may
be implied from circumstances that it was intention that title to deposited
checks passed to bank. (Ib.)
Depositors of checks for collection in bank known by officers to be insolvent may
recover proceeds collected by receiver.
(U. S. D. C. 1928.) Where customer of bank deposits checks for collection
when bank is insolvent and known to be so by officers, and such checks
are not collected when bank closes doors, they remain property of depositors, though indorsed to bank without qualification, and on subsequent
collection by receiver proceeds may be recovered by depositors. (Ib.)
PREFERENCES BETWEEN BANKS
Assignments—Bank's delivery of currency held not equitable assignment, entitling
lending bank to preference on borrowing bank's insolvency, where latter's financial
condition was not made known.
(U. S. C. C. A. 1929.) Bank's delivery of currency to another bank in return
for draft drawn on third bank held not to constitute equitable assignment,
so as to give the lending bank preferred claim for currency delivered, on
insolvency of borrowing bank, where borrowing bank's financial embarrassment was not made known to the lending bank. (Scharnberg et al.
v. Citizens' Nat. Bank of Spencer, Iowa, et al. 33 Fed. Rep. (2d series)
673.)
Assignments—Single party's knowledge does not warrant inference of intention of
both that check shall be paid from particular fmid.
(U. S. C. C. A. 1929.) Intention on part of both parties that check shall be
paid out of particular fund can not be inferred from knowledge of one of
parties. (Ib.)
Lending bank} to establish preferred claim, must prove borrowing bank was insolvent,
and that insolvency was known to its officers.
(U. S. C. C. A. 1929.) Bank transferring currency to borrowing bank in
return for draft on third bank, to establish a preferred claim under trust
fund theory, on ground of fraud of borrowing bank, was required to prove,
not only that the borrowing bank at the time of receiving the funds was
insolvent, but that its insolvency was known to its officers. (Ib.)
Preferred claim against borrowing bank was properly disallowed, where its officers
at time of loan were attempting to negotiate loan from Federal reserve bank.
(U. S. C. C. A. 1929.) In suit by lending bank to establish preferred claim
against borrowing bank for amount of loan, finding of trial court that
preference under trust fund theory was not established was proper, where
officers of borrowing bank at the time were attempting to negotiate a
loan from the Federal reserve bank, since this fact was inconsistent with
knowledge on their part that bank was insolvent, though they segregated
deposits received on day of procuring loan. (Ib.)
DEPOSIT OF STATE FUNDS
National bank held trustee ex maleficio of deposits of State funds by bank's president,
exceeding statutory limit, so that Stale may follow such deposits after'bank's insolvency and take in preference to other creditors. (Rural credits act S. Dak.)
(U. S. D. C. 1927.) Where president of bank as treasurer of State rural
credit board made deposits in his bank exceeding those permitted by statute, Revised Code, South Dakota, 1919, section 10170, and section 10150
174
REPORT OF THE COMPTROLLER OF THE CURRENCY
et seq., bank became trustee ex maleficio as to excess deposits, for use
and benefit of State, and on its insolvency, such deposits may be followed
by State and taken in preference to other creditors, especially in view of
section 10167. (State of South Dakota v. Fiman, 29 Fed. Rep. (2d
series) 770.)
Estoppel—State can not be estopped by unauthorized acts of agents or officers (Rev*
Code, S. Dak., 1919, sec. 10170).
(U. S. D. C. 1927.) State can not be estopped by unauthorized, illegal, or
fraudulent acts of its agents or officers any more than it, through its officers,
can ratify such unauthorized, wrongful or illegal acts, such as deposit of
funds in bank in amount exceeding statutory limit under Revised Code,
South Dakota, 1919, section 10170. (Ib.)
States—State is not liable to individuals for misfeasance, laches, or unauthorized
exercise of power by officers or agents.
(U. S. D. C, 1927.) Whether transaction is private or governmental
function, State does not hold itself liable to individuals for misfeasance,
laches, or unauthorized exercise of power by officers and agents; but individuals as well as courts take notice of extent of authority conferred by
law on person acting in official capacity. (Ib.)
State of South Dakota may, in exercise of sovereign prerogative, enforce against bank
receiver preference to funds held in trust for it.
(U. S. D. C. 1927.) Under statute providing that common-law rules are
enforced, except where they conflict with will of sovereign power, State
of South Dakota may enforce preference as against receiver of bank to
funds held in trust for it, in exercise of its sovereign prerogative. (Ib.)
SURETY ON BOND TO SECURE UNITED STATES DEPOSITS
Surety held entitled to priority against assets of insolvent bank for amount paid
United States on depository bond (31 U. S. C. A. sees. 191, 193).
(U. S. D. C. 1929.) Under the express provisions of Revised Statutes sections 3466, 3468 (31 U. S. C. A. sees. 191, 193), surety on bond of bank to
secure United States deposits is entitled to priority of claim against assets
of insolvent bank in amount paid by it on such bond. (National Surety
Co. v. Oswego State Bank of Oswego, Kans., et al., 33 Fed. Rep. (2d
series) 221.)
SURETY ON BOND TO SECURE STATE DEPOSITS
Surety on insolvent bank's bond to pay State treasurer's deposits held not entitled
to dividends, equal in percentage to amount paid other creditors, under indemnity
contract.
(U. S. C. C. A. 1929.) Surety paying State treasurer amount of insolvent
bank's bond for payment of treasurer's deposits held not entitled, under
indemnity contract, to payment of dividends-by bank's receiver to amount
equal in percentage to that paid other creditors; treasurer's deposit being
only debt, payment of which discharged bank's obligation to surety as
well as to treasurer. (Fouts v. Maryland Casualty Co., 30 Fed. Rep.
(2d series) 357.)
Law requires pro rata distribution of dividends only on debts existing when insolvent
bank was suspended.
(U. S. C. C. A. 1929.) The law requires pro rata distribution of dividends
on such debts only as existed at the time of insolvent bank's suspension.
(Ib.)
Principal and surety—Bank's agreement to indemnify surety on its bond for payment of State treasurer's deposits added nothing to bank's obligations or surety's
rights.
(U. S. C. C. A. 1929.) Bank's agreement to indemnify surety on its bond for
payment of State treasurer's deposits did not obligate bank any further,
nor give surety any greater rights, than law would have done in absence
of such agreement, with possible exception of attorney's fees and expenses;
there being implied obligation, in absence of contrary agreement, that
principal will indemnify surety against loss. (Ib.)
REPORT OF THE COMPTROLLER OF THE CURRENCY
175
Courts—Holdings that surety on bank's bond for payment of deposits can not recover
from receiver on bank's indemnity agreement held not obiter dicta.
(U. S. C. C. A. 1929.) Circuit Court of Appeals' holding that surety on
insolvent bank's bond for payment of State treasurer's deposits could not
recover from receiver on indemnity agreement with bank, and Supreme
Court's holding that filing of similar claim against bank would result in
double proof detrimental to its other creditors, held not obiter dicta; it
being both proper and necessary to ascertain what rights surety had in
reaching conclusion as to whether it had certain right. (Ib.)
Courts—United States Supreme Court dicta are very persuasive.
(U. S. C. C. A. 1929.) Dicta of the United States Supreme Court are very
persuasive. (Ib.)
Subrogation—Until payment of general creditors, surety on bank's bond to pay
State treasurer's deposits held entitled only to subrogation to treasurer's rights
against bank's receiver.
(U. S. C. C. A. 1929.) Where bank had agreed to indemnify surety against
loss on its bond for payment of State treasurer's deposits up to amount
which surety paid treasurer, the only right which surety had, until general
creditors were paid, was to be subrogated to the treasurer's rights against
the bank's receiver, and to receive all dividends payable to the treasurer,
over and above amount added to surety's payment on bond, necessary
to satisfy his claim. (Ib.)
SURETY ON BOND TO SECURE COUNTY
DEPOSITS
A surety for part of an indebtedness does not, through the expedient of taking a
separate indemnity agreement from the debtor, equip himself to compete with the
secured creditor in the distribution of the debtor's assets when the debtor becomes
insolvent and the surety's obligation has been paid.
»
(U. S. Sup. 1928.) A surety company went on the bond furnished by a
bank to secure repayment on demand of the deposits of a county treasurer
up to a specified amount, and, as part consideration for executing the bond,
took the bank's agreement to indemnify it for any liability it might thereby sustain or incur. The bank became insolvent while holding deposits
of the treasurer exceeding the amount of the bond, and the surety, having
paid that amount, sought to participate pro rata with him and his surety
in the distribution of surplus assets of the bank, basing its claim on the
indemnity agreement. Held—
1. That a former judgment denying the surety the right to be subrogated
to the creditor's claim and remedies against the debtor until the creditor
had been paid in full, did not bar the surety's claim under the indemnity
agreement.
2. That the indemnity claim should not be allowed. A surety for part
of an indebtedness does not, through the expedient of taking a separate
indemnity agreement from the debtor, equip himself to compete with the
secured creditor in the distribution of the debtor's assets when the debtor
becomes insolvent and the surety's obligation has been paid (18 F. (2d)
707, reversed). (Jenkins, Receiver, et al. v. National Surety Co., 277 U. S.
258.)
/
STATE NOT ENTITLED TO PRIORITY UNDER COMMON LAW
Appeal and error—State, suing insolvent bank's receiver on trust theory, can not on
appeal claim right of preference in distribution.
(U. S. C. C. A. 1928.) Where State sues receiver of insolvent bank on trust
theory, it is not entitled to claim on appeal right to preference in distribution. State of South Dakota v. Fiman, 29 Fed. Rep. (2d series)
770 affirmed. (Fiman et al. v. State of South Dakota, 29 Fed. Rep. (2d
series) 776.)
Statutes governing national banks held superior to claimed right of State of South
Dakota to preference in payment of debts due it, owing to adoption of common
law.
(U. S. C. C. A. 1928.) State of South Dakota, having adopted common
law of England, is entitled to priority of payment of all debts due it out
176
BEPORT OF THE COMPTROLLER OF THE CURRE3SFCT
of debtor's property as general rule; but national bank act (12 U. S. C.
A. sees. 21-200) constitutes complete code of laws for organization, control, and dissolution of national banks, and is necessarily superior to claimed
right of State to preference by reason of common law. (Ib.)
DEPOSIT OF PUBLIC MONEY EXCEEDING STATUTORY LIMIT IS A TRUST FUND
Deposits of public money exceeding statutory limit, made by bank president as agent
of State, held trust funds belonging to State. (Laws S. Dak., 1917, ch. 333.)
(U. S. C. C. A. 1928.) Where president of national bank, as agent of State,
deposited State funds in bank exceeding limit prescribed by statute
(Laws S. Dak., 1917, ch. 333), funds so deposited held to be trust funds
belonging to State, notwithstanding bank acted illegally for long period
of time, with knowledge of State officials. (Ib.)
State, showing deposits in insolvent bank were held in trust, must show receiver has
fund in which deposit is included.
(U. S. C. C. A. 1928.) Where it was shown that bank held certain deposits
of State money in trust, State, to regain its funds, must show that receiver
of bank as such has in his hands common fund in which such deposit is
included. (Ib.)
Showing that bank receiver has common fund, in which trust fiend is included,
raises presumption that bank in expending funds did not use trust fund, and makes
prima facie case for claimant.
(U. S. C. C. A. 1928.) Showing that bank held certain deposits in trust,
and that receiver has common fund in his hands, in which deposit is included, raises presumption that bank in expending funds expended its
own and not trust fund, and therefore prima facie showing is made, entitling claimant to preference, unless overcome by proof of receiver. (Ib.)
Where trust funds hdd by bank are traced into certain fund, entire fund becomes
one for payment of trust.
(U. S. C. C. A. 1928.) Where insolvent bank held deposits of State money
exceeding statutory limit as trust fund, State having traced such funds
into certain fund or property, the entire fund or property becomes one
for payment of trust. (Ib.)
Confusion of goods—Where wrongdoer knowingly mingles property with property
of another, such other may claim whole mass or follow its proceeds.
(U. S. C. C. A. 1928.) General rule is that, where wrongdoer knowingly
mingles property of another with his own in such manner that it becomes
indistinguishable, true owner may claim whole mass, or, if it has been
disposed of, may follow it or its proceeds as long as he can trace them,
for purpose of fastening equitable lien on property of which he has been
dispossessed. (Ib.)
Trusts—Commingling of trust funds in particular fund creates equitable lien on
entire fund in favor of cestui.
(U. S. C. C. A. 1928.) Where it was shown that trust funds held by bank
were commingled in particular fund, equitable lien arose in favor of cestui
que trust on entire fund. (Ib.)
State's general deposit of trust fund, having been reduced to amount in vault when
bank closed, must be considered part of general fund on which State had lien.
(U. S. C. C. A 1928.) Where State made deposit in national bank of funds
exceeding statutory limit which were held in trust, but which went into
general account, such general deposit and fund, having been reduced to
amount of cash in vault at time of closing bank, must, in absence of contrary proof, be considered part of general fund on which State had lien.
(Ib.)
National bank receiver takes assets in trust for creditors subject to defenses available
against bank.
(U. S. C. C. A. 1928.) Receiver of insolvent national bank stands in place
of bank, taking assets in trust for creditors subject to claims and defenses
that might have been interposed against insolvent corporation- (Ib.)
REPORT OF THE COMPTROLLER OF THE CURRENCY
177
State, claiming bank held funds in trust, may trace funds into accounts of correspondent banks and treat them as separate accounts from general cash assets of bank.
(U. S. C. C. A. 1928.) Where State claimed as against receiver of national
bank that deposits exceeding statutory limit were held as trust funds, it
may be permitted to trace its funds into accounts of correspondent banks,
and treat them as separate accounts from general cash assets of bank.
(Ib.)
Estoppel—State held not estopped by unauthorized acts of officers from claiming
unlawful deposits were trust fund.
(U. S. C. C. A. 1928.) State held not estopped by unauthorized or fraudulent acts of its officers from claiming that deposits of State money in
insolvent bank exceeding statutory limit were held in trust. (Ib.)
State's prior right to unlawful deposits in insolvent bank held not defeated on ground
•allowance would be inequitable and unjust to creditors and depositors.
(U. S. C. C. A. 1928.) State's prior right to funds in insolvent bank, which
had been deposited unlawfully and were held in trust, held not defeated
on ground that allowance would be inequitable and unjust to creditors
and depositors of bank, since creditors can not complain if that is returned
to State to which neither bank nor receiver ever had any just title. (Ib.)
One claiming bank held trust fund must show fund increased bank's present assets
and may be taken without impairing creditors' rights.
(U. S. C. C. A. 1928.) One of the prime requisites of right to follow and
regain trust funds is showing that trust fund has increased present assets
of bank, and that it may be taken therefrom without impairing rights of
creditors. (Ib.)
BANK'S TRANSFER OF ASSETS TO SECURE SURETIES
Bank's transfer of assets to trustee to secure sureties on bonds executed by bank held
invalid where made in contemplation of insolvency. (National banking act,
sec. 52 (12 U. S. C. A., sec. 91).)
(U. S. C. C. A. 1928.) National bank's transfer of notes to trustee to
secure sureties on bonds of bank for city, county, and school district
deposits, made in contemplation of insolvency and with view to prevent
the application of the bank's assets in the manner prescribed by statute,
held invalid, under national banking act, section 52 (12 U. S. C. A., sec. 91),
requiring trustee to account to bank's receiver for all of bank's assets
received by him under trust agreement, under 12 U. S. C. A., sections 193,
194. (Parks et al. v. Knapp, 29 Fed. Rep. (2d series) 547.)
ACTIONS AGAINST SHAREHOLDERS AGENT
Director, unlawfully purchasing stock for bank, could not recover against innocent
shareholders purchase price from assets remaining after creditors were paid.
(U. S. D. C. 1928.) Where bank director, together with other officials, purchased certain stock for the bank, in violation of law, forbidding bank to
purchase and hold its own shares, he was not entitled as against innocent
shareholders to recover from remaining assets the amount advanced by
him as purchase price of shares standing in his name after insolvency of
bank, notwithstanding the purpose of making purchase of stock was toget rid of president and liability of bank for payment of his salary. (Rust
v. MacLaren, 29 Fed. Rep. (2d series) 288.)
INSOLVENT JOINT STOCK LAND BANK
Judgment—Decision in prior case, involving same questions and subject matter
and substantially same parties, is not technically res judicata, where dismissal was
without prejudice.
(U. S. C. C. A. 1929.) Decision of Circuit Court of Appeals in prior case,
involving same subject matter and questions and substantially the same
parties, is res judicata; but where court modified its affirmance, by providing that dismissal was to be without prejudice, such decision can not
technically be regarded as res judicata. (Krauthoff v. Kansas City Joint
Stock Land Bank of Kansas City, Mo. et al, 31 Fed. Rep. (2d series) 75.)
178
EEPORT OF THE COMPTROLLER OF THE CURRENCY
Receiver of joint-stock land bank, appointed under Federal farm loan act, has power
to assess stockholders. (12 U. S. C. A., sees. 192, 961, 963.)
(U. S. C. C. A. 1929.) Receiver appointed for joint-stock land bank by
Federal Farm Loan Board, pursuant to Federal farm loan act (12 U. S.
C. A., sees. 961,963), has power to make assessment against stockholders
similar to power of comptroller, under national banking act (12U.S.C.A.,
sec. 192), to make assessments against stockholders of bank. (Ib.)
Receiver of joint-stock land bank has right to possession of assets pledged for payment
of bonds, though debt for which assets were pledged has not been paid. (Federal
farm loan act, sec. 29; 12 U. S. C. A., sec-961.)
(U. S. C. C. A. 1929.) Receiver appointed for joint-stock land bank, under
Federal farm loan act, section 29, 12 U. S. C. A., section 961, has right to
possession and control of assets which are pledged to the payment of farm
loan bond, even prior to time when debt for which such assets were
pledged has been paid. (Ib.)
One purchasing bonds after appointment of receiver for joint-stock land bank can not
question appointment or seek appointment of court receiver.
(U. S. C. C. A. 1929.) Plaintiff, purchasing farm loan bonds after Federal
Farm Loan Board had appointed receiver for joint-stock land bank for
sole purpose of bringing lawsuits and attracting legal business, is in no
position to question appointment of such receiver, or seek the appointment of a receiver by the court. (Ib.)
INSOLVENT STATE BANK
Bank commissioner of Oklahoma, in taking over assets of failed bank, took them
subject to rights of creditors.
(U. S. D. C. 1929.) Bank commissioner of Oklahoma, in taking over assets
of a failed bank, occupies position analogous to that of receiver or trustee
in bankruptcy for benefit of creditors of bank, and takes the assets subject
to rights of its creditors. (United States Fidelity & Guaranty Co. v.
Ottawa County Nat. Bank, 32 Fed. Rep. (2d series) 368.)
Surety, paying claim of United States against failed bank, was entitled to priority
as to assets transferred to another bank assuming liabilities to unsecured depositors.
(81 U. S. C. A., sees. 191, 198).
(U. S. D. C. 1929.) Under Revised Statutes, sections 3466, 3468 (31 U. S.
C. A., sees. 191, 193), charging assets of insolvent principal with payment
of claim of United States and granting priority therefor, surety having
paid sums due United States by failed bank, was entitled to priority as
against assets transferred by State banking commissioner to another bank
in consideration of its assumption of the liabilities of failed bank to its
unsecured depositors, regardless of liability of banking commissioner to
the United States, under Revised Statutes, section 3467 (31 U. S. C. A.,
sec. 192). (Ib.)
Surety, paying claim due United States, was entitled to pursue assets of failed bank
on theory of trust. (31 U. S. C. A., sees. 191, 193.)
(U. S. D. C. 1929.) Surety, having paid claim due United States by failed
bank and becoming entitled to priority by virtue of Revised Statutes,
sections 3466, 3468 (31 U. S. C. A., sees. 191, 193), was entitled to
pursue assets of failed bank on the theory of a trust. (Ib.)
Trusts—Persons coming into possession of trust property with notice of trust are
considered as trustee.
(U. S. D. C. 1929.) All persons coming into possession of trust property
with notice of trust will be considered as trustee, and bound with respect
to special property to execution of trust. (Ib.)
Surety, paying deposit of county treasurer, was entitled only to share pro rata in
assets of failed bank with unsecured depositors.
(U. S. D. C. 1929.) Surety, paying deposit of county treasurer in failed
bank, was entitled only to share pro rata in assets of failed bank with
unsecured depositors. (Ib.)
REPORT OF THE COMPTROLLER OF THE CURRENCY
179
INSOLVENT PRIVATE BANK
Principal and surety—Where bankrupt partnership bank executed bond, individual
partners who obligated themselves personally and secured nonmember cosureties
owed obligation of indemnity to such nonmember sureties, and were not entitled
to contribution against them.
(U. S. D. C. 1929.) Where bankrupt partnership bank composed of many
individuals executed bond to public officials signed by partnership, and,
in addition, individual partners obligated themselves personally to pay
bonds and secured cosureties, nonmembers having no primary obligation
for debt, individual partners owed obligation of indemnity to nonmember
sureties, and were not entitled to contribution against them, regardless
of whether individual partners be called sureties or principals, since,
independent of subrogation arising as to principals, partners signing bonds
are debtors to nonmembers' sureties. (In re J. H. P. Davis & Co,, 30
Fed. Rep. (2d series), 937.)
INTEREST AND USURY
Usury—"Usury"
is interest in excess of legal rate.
(U. S. C. C. A. 1929.) "Usury7' is interest in excess of legal rate charged to
a borrower for the use of money. (Medical Arts Building Co. v. Southern
Finance & Development Co. et al., 29 Fed. Rep. (2d series), 969.)
Usury—Essential requirement in regard to usury is that broker's compensation
must come wholly from borrower.
(U. S. C. C. A. 1929.) An essential requirement in determining whether
there is usury is that compensation of broker in effecting the transaction
must come wholly from the borrower, and not from the lender. (Ib.)
Usury—Usury generally requires intent to exact more than legal maximum for use
of money.
(U. S. C. C. A. 1929.) In order to constitute usury, there generally must
exist an intent to exact more than the legal maximum for use of money.
(Ib.)
Usury—Usury is special defense, and one urging it has burden of proof.
(U. S. C. C. A. 1929.) Usury is a special defense, and the burden is cast
upon one urging it to prove plea of usury after prima facie case is made by
introduction of instrument. (Ib.)
Usury—Facts necessary to constitute usury must be established by preponderance of
evidence.
(U. S. C. C. A. 1929.) It is incumbent on one urging defense of usury to
establish the facts necessary to constitute usury by a preponderance of
the evidence. (Ib.)
Usury—Sale of second bond issue at discount held not to constitute loan at usurious
interest.
(U. S. C. C. A. 1929.) Sale of second bond issue at discount, in accordance
with agreement to that effect with broker effecting sale thereof, held not
to constitute a loan at usurious interest, in view of evidence establishing
that there was no intention to evade usury laws by carrying out transaction in such manner. (Ib.)
Usury—Burden to make out usury is on party asserti?ig it.
(U. S. D. C. 1929.) Burden to make out usury is strongly upon the party
asserting it. (In re Mansfield Steel Corporation, 30 Fed. Rep. (2d series),
832.)
Usury—fourt must not decree forfeiture for usury, where transaction is susceptible
of an innocent construction.
(U. S. D. C. 1929.) Where transaction is susceptible of an innocent construction and can only be held usurious by wresting it from relation to
other facts or by imputing to the facts a meaning which they can not
reasonably bear, court must not decree a forfeiture, but uphold contract.
(Ib.)
180
REPORT OF THE COMPTROLLER OF THE CURRENCY
Usury—Test of usury is whether performance of contract will result in greater return
to lender than lawfully allowed and was such result intended.
(U. S. D. C. 1929.) Test of usurious contract is, Will its performance
result in producing to lender a greater return for the use of the amount
loaned than is allowed by law, and was that result intended? (Ib.) ,
Usury—Expenses incident to making loan is not compensation for use of money
loaned as regards claim of usury.
(U. S. D. C. 1929.) Expenses incident to making loan and furnishing
lender satisfactory security for its repayment can not be considered compensation for use of money loaned as regards claim of usury. (Ib.)
Usury—Transaction for loans in Canadian money then subject to discount and
receipt therefor of promissory notes payable in United States held not to result
in usury, where maximum state rate of interest was charged (Comp. Laws Mich.
1915, sees. 5997, 5998).
(U. S. D. C. 1929.) Transaction whereby lender made loans in Canadian
money which at time was at a discount in United States, but legal tender
at par for payment of debts in Canada, and who received therefor promissory notes payable in United States, held not shown to result in usurious
interest in violation of Compiled Laws of Michigan, 1915, sections 5997,
5998, where maximum rate of interest permitted thereby was charged.
(Ib.)
Usury—In suit to recover penalty, claims for interest paid more than one year
previous were barred, and plaintiffs could not avoid bar by pleading later discovery
of usury (St. CaL, 1919, p. 83).
(U. S. D. C. 1928.) In suit to recover treble interest for usury, under
Statutes of California, 1919, page 83, claims for interest paid prior to one
year before filing bill were barred, and plaintiffs could not avoid bar by
pleading later discovery of usury, since statutory period is not, strictly
speaking, a statute of limitation. (Kurzman et al. v. Commercial Credit
Co., 33 "Fed. Rep. (2d series), 358.)
Usury—Statutory period within which action to recover penalty for usury may be
brought is not affected by rules as to tolling (St. CaL, 1919, p. 83).
(U. S. D. C. 1928.) Statutory period of one year within which action for
recovery of treble interest for usur}^ may be brought, under Statutes of
California, 1919, page 83, is not, strictly speaking, a statute of limitations,
but creates cause of action for certain period, extinguishing it absolutely
at the end of the period, and statute is not affected by general rules as to
tolling of statute of limitations. (Ib.)
JURISDICTION
CEOSS REFEBENCES:
B K A N C H BANKS—
BRANCH BANKS IN UNITED STATES
Pag©
157
Suit brought by Federal Intermediate Credit Bank to collect promissory notes is a
suit arising under the laws of the United States.
(U. S. Sup. 1928.) A suit to collect promissory notes exceeding the jurisdictional amount, brought by a Federal intermediate credit bank chartered under the act of March 4, 1923, is, because of the plaintiff's Federal
incorporation, a suit arising under the laws of the United States and within
the jurisdiction of the district court under Judicial Code, section 24 (1).
(Federal Intermediate Credit Bank of Columbia, S. C , v. Mitchell et al.,
277 U. S., 213.)
Jurisdiction not affected by act of February 13, 1925, as all stock in bank is owned
b"i the United States.
(U. S. Sup. 1928.) Such jurisdiction is not affected by section 12, act of
February 13, 1925, since ownership by the United States of all of the
plaintiff's capital stock brings the case within the proviso of that section,
(Ib.)
REPORT OF THE COMPTROLLER OF THE CURRENCY
181
United States district courts have jurisdiction of suits brought by or against corporations under an act of Congress.
(U. S. Sup. 1928.) Section 201 (c) of the act of March 4, 1923, supra, in the
provision that each such bank "for purposes of jurisdiction shall be
deemed a citizen of the State where it is located," governs the places where
suit may be brought against such banks, but is in nowise inconsistent with
the general rule that district courts have jurisdiction of suits brought by
or against corporations organized under an act of Congress on the ground
that they are controversies arising under Federal law. (Hermann v.
Edwards, 238 U. S. 107, distinguished.)
In the absence of enactments plainly expressing that purpose, Congress
will not be held to have intended to restrict that jurisdiction. (21 F.,
2d, 51, reversed.) (Ib.)
Action against national bank must be brought in place tvhere its bank is "located"
(12 II. S. C. A. sec. 9Jh)
(City Court of N. Y. 1929.) Under 12 U. S. C. A., section 94, providing
that actions against national banks may be had in any district court of
United States within district in which bank may be established, or in State
court in county or city in which bank is located having jurisdiction in
similar cases, action against a national bank must be brought in the place
where its bank is "located," which is the place specified in its organization
certificate. (Raiola v. Los Angeles First National Trust & Savings Bank,
233 N. Y. S., 301.)
Courts—Decisions of Federal courts construing Federal statute are controlling on
State courts.
(City Court of N. Y. 1929.) The decisions of Federal courts construing
Federal statute are controlling on State courts, where meaning of Federal
statute is to be ascertained. (Ib.)
LOANS
Drains—Bank, making loan to drainage district, acquired rights of lender, though
transaction was evidenced by instrument other than note (Comp. Gen. Laws, Fla.,
1927, sec. 1460).
(U. S. C. C. A. 1929.) Bank, loaning money to drainage district, acquired
rights of lender intended to be conferred by Compiled General Laws,
Florida, 1927, section 1460, though transaction was represented by district's
indorsement and transfer of certificate of deposit to bank, instead of by
execution of notes. (Hemphill v. Florida National Bank of Jacksonville
et al., 30 Fed. Rep. (2d series), 892.)
Bank loaning money to drainage district to meet its interest payments due bondholders, could, as against bondholders, apply on indebtedness district's deposit,
representing taxes levied (Comp. Gen. Laws, Fla., 1927, sec. 1^60.)
(U. S. C. C. A. 1929.) Bank, loaning money to drainage district, to be used
with other funds to make up required amount of interest on district's
bonds, and to be repaid from incoming taxes levied by district, held
entitled, as against bondholders, under-Compiled General Laws, Florida,
1927, section 1460, to apply on indebtedness deposit to credit of district,
representing money derived from taxes levied for payment of district's
obligations. (Ib.)
NEGOTIABLE PAPER
Bills and notes—Purchaser for value of negotiable jpaper transferable by delivery takes
good title, notwithstanding previous theft or fraud of vendor.
(U. S. C. C. A. 1929.) Purchaser for value of negotiable paper transferable
by delivery, properly indorsed, takes good title thereto, even though paper
has been stolen, or vendor thereof acted fraudulently in connection with
the sale. (Pridgen v. Baugh & Sons Co., 30 Fed. Rep. (2d series), 353.)
182
EEPORT OF THE COMPTROLLER OF THE CURRENCY
Bonds—Creditor to whom bank delivered negotiable bonds, with instructions for
payment of draft from proceeds, took bonds as purchaser in due course, where
notice of defect was not shown.
(U. S. C. C. A. 1929.) Creditor of bank to whom bank turned over plaintiff's bonds with instructions to sell them and pay draft out of proceeds of
sale, remitting remainder to bank, was bona fide purchaser for value in
due course of bonds, where there was no showing that creditor took with
notice of defect in bank's title. (Ib.)
Bonds—Owner of bonds, which bank delivered to creditor for payment of debt, had
burden to show that creditor took with notice.
(U. S. C. C. A. 1929.) Owner of bonds deposited in bank for safekeeping,
and delivered by bank to its creditor for sale, and payment of draft with
the proceeds, had burden of proof to show that creditor of bank acted in
bad faith, or had notice of defect in bank's title, and creditor was not required to show that it was purchaser for value. (Ib.)
Bonds—Creditor of bank, sued by owner of bonds which creditor received from
bank for application on draft, was not required to prove debt was vjorth amount of
bonds transferred.
(U. S. C. C. A. 1929.) Creditor of bank, taking bonds deposited by
plaintiff, for sale thereof and application of proceeds for payment of draft,
held not to have burden to show that debt on account of which proceeds
were applied was actually or reasonably worth amount of bonds or proceeds
therefrom, in suit by owner of bonds. (Ib.)
Bonds—Preexisting debt held valuable consideration for transfer of negotiable bonds
(negotiable instruments act; C. S. N. C. sec. 3005).
(U. S. C. C. A. 1929.) Preexisting indebtedness held to constitute valuable
consideration for transfer of negotiable bonds, so as to make purchaser
thereof holder in due course, under negotiable instruments act (C. S.
N. C. sec. 3005.) (Ib).
Bills and notes—Drawer's blank indorsement of draft gave collecting bank no right
to sue drawee before acceptance.
(U. S. C. C. A. 1929.) Drawer's indorsement in blank of draft delivered to
bank for collection gave latter no right of action against drawee prior to
acceptance thereof. (In re J. H. Jackson Co. (Inc.); ex parte Whiton;
33 Fed. Rep. (2d series), 81.)
Bankruptcy—Letter of hypothecation gave bank no right in draft before drawer's
adjudication in bankruptcy, where not then accepted.
(U. S. C. C. A. 1929.) Where draft, indorsed in blank by drawer and
delivered to bank for collection, had not been accepted by drawee at time
of drawer's adjudication in bankruptcy, drawer's letter hypothecating
all drafts, checks, etc., received by bank from drawer as security for
latter's obligations to bank, gave latter no right in draft prior to such
adjudication. (Ib.)
Letter pledging bills of lading, received by bank from depositor, as security for latter's
obligations, was valid and affected all future transactions in reliance thereon.
(U. S. C. C. A. 1929.) Letter of hypothecation, pledging bills of lading
"now or hereafter received" by bank from or for depositor as security for
all of latter's obligations to bank, was valid and affected all future transactions between bank and depositor in reliance thereon. (Ib.)
Bankruptcy—That transfer of bill of lading to bank as security might work preference was immaterial, unless bank had reasonable cause to believe transferor
insolvent. (Bankr. act, sec. 60 (b), 11 U. S. C. A., sec. 96 (&).)
(U. S. C. C. A. 1929.) That transfer of bill of lading to bank as security for
all of transferor's obligations thereto might operate as preference in
favor of antecedent claim, contrary to bankruptcy act, section 60 (b),
11 U. S. C. A. section 96 (b) by reason of transferor's insolvency, was immaterial, unless bank had reasonable cause to believe at time of transfer
that transferor was insolvent. (Ib.)
REPORT OF THE COMPTROLLER OF THE CURRENCY
183
Bankruptcy—Vendor's lien on goods covered by bill of lading transferred to bank
held not affected by transferor's subsequent adjudication in bankruptcy.
(U. S. C. C. A. 1929.) Adjudication in bankruptcy did not affect vendor's
lie'TJj- held by bank as security for bankrupt's obligations to it under agreement of hypothecation, pursuant to which bill of lading covering goods
subject to lien was transferred to bank before filing of petition; bank having right to hold draft, to which bill was attached, turn over goods to
drawee on payment thereof, surrender bill of lading, and hold proceeds
as security. "(Ib.)
Bills and notes—Evidence established thai note sued on was given for accommodation of another, and not for bank, whose receiver could recover thereon.
(U. S. C. C. A. 1929.) Evidence that L was indebted to bank in an amount
of above the legal limit, and that bank in attempt to reduce such indebtedness sold some of L's notes to defendant, and that defendant in
negotiating loan from bank turned back L's note to bank and gave his
note payable to bank for excess over limit of L's indebtedness, which
thereupon entered on its books, as bills receivable, notes given by L and
note of defendant, held to establish that defendant's note was given for
the accommodation of L, and not for the bank, which in suit by its
receiver could recover thereon. (Fenno v. Schulenberg, 32 Fed. Rep. (2d
series), 168.)
Bills and notes—To whom maker of paper loaned his credit is always question of fact.
(U. S. C. C. A. 1929.) It is always a question of fact, to whom did the
maker of paper loan his credit? (Ib.)
Bills and notes—Defense of accommodation is available only against party accommodated.
(U. S. C. C. A. 1929.) Defense of accommodation is only available as
against the party accommodated, the one to whom the credit is loaned.
db.)
Bills and notes—Knowledge of bank suing on note that it was given for accommodation of another held no defense.
(U. S. C. C. A. 1929.) Where all facts connected with transaction were fully
known to maker executing note for accommodation of another, knowledge of bank suing on note of character of transaction constituted no
defense. (Ib.)
Bills and notes—Note executed to bank for accommodation of another held supported
by consideration.
(U. S. C. C. A. 1929.) Note executed by maker to bank for the accommodation of another held supported by consideration, where bank would
not have taken up note of such other held by maker and included in
settlement with such other if maker had not given to bank note executed
for accommodation of such other. (Ib.)
Bills and notes—Bank crediting payee with amount
of draft checked out before
bank received notice of defect in payee's title held uholder for value in due course"
(Rev. Gen. St., Fla., 1920, sees. 4698, 4732).
(TL S. C. C. A. 1929.) Where draft, indorsed by payee, "Pay any
bank, banker, or trust company, or order," was forwarded to plaintiff
bank with request for immediate credit, and on such credit being given
amount of draft was withdrawn by payee's checks before notice of any
defect in payee's title was received by plaintiff held, that plaintiff was
"holder for value in due course," though amount so credited to payee
was subject to be charged back to it in case of dishonor, under Revised
General Statutes, Florida, 1920, sections 4698, 4732, notwithstanding
words "Cash item. Present and collect," on draft. (American Fruit
Growers (Inc.), v. Chase Nat. Bank of City of New York, 30 Fed. Eep.
(2d series), 936.)
Contracts—One for tvhose benefit contract is made may sue thereon in assumpsit
in his own name.
(U. S. C. C. A. 1929.) Person for whose benefit a contract is made may sue
thereon in assumpsit in his own name, although the engagement is not
directly to or with him. (Millett v. Omaha Nat. Bank, 30 Fed. Rep.
(2d series), 665.)
79003°-
184
REPORT OF THE COMPTROLLER OF THE CURRENCY
Money received—Assumpsit lies where one person has received money or its equivalent, which in equity and good conscience belongs to another.
(U. S. C. C. A. 1929.) Action of assumpsit lies where one person has received
money, or its equivalent, under such circumstances that in e ^ i t y and
good conscience he ought not to retain it but should pay it over to another,
db.)
Assignments—Assignee of note held entitled to recover as against assignor's agent
payments made by maker to agent before note's maturity.
(U. S. C. C. A. 1929.) Bank as assignee of note held entitled to recover as
against another bank, as assignor's agent, to which maker made payments
on note before maturity, amount of such payments, under rule that person
for whose benefit contract is made may recover in his own name where
money or its equivalent in equity and good conscience belongs to him.
(Ib.)
Set-off and counterclaim—Claim of assignee of note against insolvent bank, as
assignor's agent, for payments made thereon, held proper subject of set-off in suit
by receiver of insolvent bank to recover deposit.
(U. S. C. C. A. 1929.) Claim of assignee of note for payments received on
note by insolvent bank as agent of assignor held proper subject of set-off,
in suit by bank's receiver to recover sum on deposit with assignee bank,
since set-off could be interposed either in law or in equity. (Ib.)
Bills and notes—Whether note was sold or paid held question of fact, depending on
intent, in suit to compel transferor to indorse note. (Burns' Ann. St. Ind. 1914,
sec. 9089wl.)
(U. S. C. C. A. 1929.) Whether holder of note, transferring it without
indorsement, received payment from plaintiff as purchase price of note,
or as payment and discharge of same, held a question of fact, depending
on intention of parties, and particularly on intention of transferor, in
suit to require him, under Burns' Annotated Statutes, Indiana, 1914,
section 9089wl, to indorse note. (Lowish v. First National Bank of
Marietta, Ohio, 31 Fed. Rep. (2d series), 408.)
Bills and notes—In suit to compel transferor to indorse note, evidence held to warrant finding that plaintiff paid, but did not purchase, note (Burns' Ann, St. Ind.
1914, sec. 9089wl.)
(U. S. C. C. A. 1929.) I n suit to compel transferor of note to indorse same,
under Burns' Annotated Statutes, Indiana, 1914, section 9089wl, evidence held to warrant finding that plaintiff had paid money to defendant
as payment of obligation evidenced bv note, and not as purchase price.
ab)
Appeal and error—Error can not be predicated on dismissal of bill, without permitting rebuttal evidence, where record does not show character of rebuttal to be
offered.
(U. S. C. C. A. 1929.) Error can not be predicated on the dismissal of
plaintiff's bill before close of defendant's evidence, without permitting
him to offer evidence in rebuttal, where the record does not indicate
what, if any, material rebuttal evidence would have been available, had
the case been reopened. (Ib.)
Bills and notes—Evidence held to shoio lack of delivery. (Negotiable instruments
act, Ohio, sec. 16.)
(U. S. C. C. A. 1929.) In action against estate of deceased maker of note
by alleged accommodation indorser, to recover sum alleged to have been
paid on note by plaintiff, evidence held to show that as between immediate
parties, maker and plaintiff, there never was a delivery of the note within
meaning of negotiable instruments act, Ohio, sec. 16 (Gen. Code, Ohio,
sec. 8121), for purpose of giving effect to it as a negotiable instrument,
and hence verdict was properlv directed for the defendant. (Gill v. Smith
31 Fed. Rep. (2d series) 396.)"
REPORT OP THE COMPTROLLER OF THE CURRENCY
185
Bills and notes—In action against maker by alleged accommodation indorser, verdict held properly directed for defendant on ground that plaintiff never paid note as
accommodation indorser.
(U. S. C. C. A. 1929.) In action against estate of deceased maker of note
by alleged accommodation indorser, to recover money alleged to have
been paid by plaintiff in satisfaction of judgment on such note, evidence
held to show that plaintiff never paid any money as accommodation
indorser, and hence verdict was properly directed for defendant. (Ib.)
Judgment—Record in another case, to which plaintiff ivas stranger, not tending
to show payment by plaintiff in satisfaction of judgment on note, held properly
excluded,
(U. S. C. C. A. 1929.) In action against estate of deceased maker by
alleged accommodation indorser, to recover money alleged to have been
paid by plaintiff in satisfaction of judgment on note, record of court
in another case, offered by plaintiff to show payment by him in satisfaction
of judgment on note, held properly excluded, where plaintiff was not party
to such suit, and there was nothing in record to indicate that payment
was made out of any fund in which plaintiff had interest. (Ib.)
Evidence—Refusal to permit plaintiff to state whether he paid part of judgment
held proper, where question was for court under the particular facts.
(U. S. C. C. A. 1929.) In action against estate of deceased maker by
alleged accommodation indorser, to recover sum alleged to have been paid
in satisfaction of judgment on note, refusal to permit plaintiff to answer
question whether he paid part of judgment on note was proper, wrhere
question whether receipt of money by judgment creditor under the
particular facts constituted payment was matter to be determined by the
court. (Ib.)
Bills and notes—Payee's failure to escrow, for payment of note, land acquired
under foreclosure, was at most breach of contract not relieving of liability.
(U. S. C. C. A. 1929.) Where payee of note agreed that it would, on obtaining title to certain land through foreclosure of mortgages, escrow such land
as security for payment of note subject to any interest it might have therein
on account of mortgages and costs and expenses of foreclosures, its failure to
fulfill such agreement did not raise "estoppel, " b u t was at most breach'of
contract which would not relieve makers from liability on notes. (Burlington Savings Bank of Burlington, Vt., v, Rockwell et al., 31 Fed. Rep. (2d
series), 27.)
"Estoppel" arises where one induces another to believe certain facts and the other
acts thereon to his prejudice.
(TJ. S. C. C. A. 1929.) "Estoppel" arises where one by his conduct induces
another to believe the existence of certain state of facts and the other acts
thereon to his prejudice, in which case former is estopped as against latter
to deny that such state of facts existed. (Ib.)
Specific performance—Uncertain but partly executed contract by payee of note
to escrow certain land as security for payment should be enforced as far as possible.
(U. S. C. C. A. 1929.) Contract by payee of note that, as soon as it obtained
title to certain lands through foreclosure of mortgages, it would escrow such
lands as security for payment of note subject to its own interest therein,
though manifestly uncertain and probably not enforceable as executory
agreement, should be enforced as far as possible, in view of part execution
by parties. (Ib.)
Equity should require payee of note to perform agreement to escrow lands acquired in
foreclosure to secure payment of note.
(U. S. C. C. A. 1929.) Where payee of note failed to fulfill agreement
to escrow certain lands as security for payment subject to its own interests
in land, which was acquired by foreclosure of mortgages and invoked
aid of equity, court should require it to do equity by complying with
agreement and should order accounting. (Ib.)
186
REPORT OF THE COMPTROLLER OF THE CURRENCY
OFFICERS
CROSS REFEKENCES:
DEPOSITS—
ISSUANCE OF CERTIFICATE OF DEPOSIT BY CASHIER WITHOUT
AUTHORITY
PAGE
166
REPRESENTATION OF BANK BY OFFICERS
Bank was liable where officer participated in scheme to defraud depositor, though
bank did not profit,
(U. S. C. C. A. 1929.) Bank was liable where vice president participated in
scheme to defraud depositor in violation of bank's duty to receive and keep
depositor's money faithfully for his benefit, even though bank did not
profit on transaction. (National City Bank v. Carter 31 Fed. Rep.
(2d series) 25.)
Bank was liable though officer participating
knowledge thereof for private purposes.
in scheme to defraud depositor acquired
(U. S. C. C. A. 1929.) Bank was liable where vice president participated
in scheme to defraud depositor in violation of bank's duty to receive
and keep depositor's money faithfully for his benefit, even though vice
president acquired his knowledge of scheme in course of conversations
with disreputable persons for his private purposes. (Ib.)
Depositor could recover from bank whose officer participated in scheme to defraud him,
where depositor's imaginary illegal transaction, wherein he supposedly permitted
another to speculate in his name, was completed before bank's participation.
(U. S. C. C. A. 1929.) Depositor was not precluded from recovering against
bank whose vice president participated in scheme to defraud depositor
under doctrine "ex dolo malo non oritur actio," where any improper
subjective mental state on depositor's part was implanted there by fraud of
bank's coconspirators, and therefore parties were not in pari delicto, and
depositor's wrong, if any, consisted in imaginary transaction in which
depositor permitted another to speculate in his name, and this transaction
was supposedly completed before bank assisted coconspirators in getting
money from depositor and running off with it. (Ib.)
Agreement of cashier, personally buying stock of bank, to take care of its transfer,
involves no conflict between interests of himself and bank, so as to prevent it binding
bank.
(U. S. C. C. A., 1928.) Even though sale of stock in a bank, transfer of
which its cashier agreed with the seller to take care of, was to him individually, general rule that corporation's officer can not act for it in a matter
in which he is personally interested, and hence can not bind it by contract
with others in which he has a personal interest, where his and its interests
may conflict, has no application, as no conflict between their interests
could be involved in the transfer of the stock on the books. (Dellert v.
Stallman, 29 Fed. Rep. (2d series), 236.)
Persons who had sent certificates of stock in national bank and power of attorney
properly indorsed to bank for sale, and were paid by bank, held not liable for
subsequent assessment, though transfer was not made on books; "owner." \l2
U. S. C. A., sees. 63, 64.)
(U. S. C. C. A., 1928.) Where persons owning stock in national bank, on
direction of its cashier and his agreement to take care of its transfer,
known by the president, sent the certificates of stock and power of attorney, properly indorsed, to the bank, either for delivery on a sale to the
cashier personally, or to be sold for account of the owners, and bank, on
receipt thereof, paid for it, such persons were not liable for subsequent
assessment by the Comptroller of Currency against them, on the theory
that they were "owners" within the meaning of 12 U. S. C. A., sections
63, 64, though no transfer was made on the books. (Ib.)
Bank, receiving certificates of stock and paying for them without demand for transfer
stamps, held under no less obligation to make transfer on books because of absence
of stamps. {26 U. S. C. A., sec. 901[8].)
(U. S. C. C. A., 1928.) Bank, receiving certificates of stock and power of
attorney properly indorsed, though the certificates did not bear stamps, as
REPORT OF THE COMPTROLLER OF THE CURRENCY
187
provided by revenue act of 1924, title 8, Schedule A, paragraph 3 (26
TJ. S. C. A., sec. 901(3)), having paid for the stock without demand for
stamps, was under no less obligation to make the transfer effective and
protect the seller. (Ib.)
OFFICERS, CIVIL LIABILITY OF
Page
DEGREE OF CARE REQUIRED OF DIRECTORS
LIABILITY OF DIRECTORS FOR ASSENTING TO EXCESSIVE LOANS
RECEIVER'S SUIT AGAINST DIRECTORS
LIMITATION OF ACTIONS
LIABILITY OF DIRECTORS OF STATE BANK TAKING DEPOSITS WITH KNOWLEDGE OF INSOLVENCY
187
190
191
194
194
DEGREE OF CARE REQUIRED OF DIRECTORS
Intentional violation of national banking laws must be shown, in order to justify
recovery against bank directors. (National bank act; 12 U. S. C. A., sec. 21
et seq.)
(U. S. C. C. A., 1928.) In a suit against bank directors, based solely on a
violation of duty imposed by the national bank act (12 U. S. C. A., sec. 21
et seq.), it is not enough to show a negligent violation of the act, but in
effect an intentional violation must be shown in order to justify recovery.
(Gamble v. Brown et al., 29 Fed. Rep. (2d series), 366.)
National bank directors are required to use degree of care which ordinarily prudent
men would exercise under similar circumstances. {National bank act; 12 U, S,
C. A., sec. 21 et seq.)
(U. S. C. C. A., 1928.) National bank act (12 U. S. C. A., sec. 21 et seq.)
does not relieve directors from common-law duty to be honest and diligent,
and the degree of care required in such respect is that which ordinarily
prudent men would exercise under similar circumstances. (Ib.)
National bank directors are liable for loss resulting because of failure to hold meeting
to ascertain whether notes were transferred to bank.
(U. S. C. C. A., 1928.) Where directors of national bank, by failure to hold
meeting in order to ascertain whether notes had been transferred pursuant
to agreement for purchase of assets of trust company, made it possible for
bank officer personally interested in items transferred to abstract certain
notes therefrom and conceal shortage, they were liable for resulting loss.
(Ib.)
Directors of national bank were liable for loss made possible by neglect in failing to
appoint auditing committee.
(U. S. C. C. A., 1928.) Directors of national bank were liable to the bank
for losses made possible by their neglect in failure to appoint a committee
to examine or audit the affairs of the bank, in accordance with the provision of by-laws requiring directors to appoint committee to exercise
supervision over business and to examine the affairs of the bank every
three months. (Ib.)
Director of experience both as lavjyer and bank director held negligent, with other
directors, for failure to appoint auditing committee.
(U. S. C. C. A., 1928.) Bank director, having experience both as a lawyer
and director for period of years, and a member of the discount committee
of the bank, held negligent, in common with other members of the board
of directors, for failure to appoint committee to examine or audit affairs
of bank in accordance with requirements of by-laws. (Ib.)
Director, declining to qualify and serve as such, held not liable for negligence of board,
before election of successor, in failing to appoint auditing committee. (12 U. S.
C. A., sec. 71.)
(U. S. C. C. A. 1928.) Bank director, declining to qualify and not serving
as such, or taking any part whatever in activities of board of directors,
held not liable for negligence of board, before his successor was elected, in
failing to appoint committee to audit and examine affairs of bank, notwithstanding Revised Statutes, section 5145 (12 U. S. C. A., sec. 71), to
effect that bank directors hold office for one year and until successors are
elected and have qualified. (Ib.)
188
REPORT OF THE COMPTROLLER OF THE CURRENCY
Bank director, voluntarily remaining in office, though of advanced age, held liable for
board's negligence in failing to appoint auditing committee.
(U. S. C. C. A., 1928.) Bank director, voluntarily remaining in office and
thereby retaining responsibilities to corporation, held liable for negligence
of board in failing to appoint committee to audit and examine affairs of
bank, notwithstanding that infirmities of advancing age made it inconvenient or difficult for him to perform duties of a director. (Ib.)
Liability as surety or indorser can not be included in determining total liability of
any person to national bank. (12'U. S. C. A., sec. 84-)
(U. S. C. C. A., 1928.) Liabilities incurred as surety or indorser for money
borrowed by another can not be included in determining whether total
liability of such person to national bank exceeded one-tenth of its capital
stock and surplus, in violation of Revised Statutes, section 5200. (12 U. S.
C. A., sec. 84.) (Ib.)
National bank may take note secured by deed of trust as security for loan.
C. A., sees. 24, 29.)
(12 U. S.
(U. S. C. C. A., 1928.) Revised Statutes, sections 5136, 5137 (12 U. S. C. A.,
sees. 24, 29), forbidding national bank to hold possession of real estate
under mortgage, do not prohibit the taking of a note secured by deed of
trust as security for loan. (Ib.)
Directors, participating in excessive loan, were liable to bank for resulting loss, irrespective of supposed value of security. (12 U. S. C. A. sees. 84, 93.)
(U. S. C. C. A. 1928.) Under Revised Statutes section 5239 (12 U. S. C. A.
sec. 93), directors of national bank, participating in loan in excess of
amount permitted by section 5200 (12 U. S. C. A. sec. 84), were liable to
bank for loss resulting in transaction, irrespective of supposed value of
security at time of making loan. (Ib.)
Directors, failing to exercise ordinary diligence in examining notes transferred in
purchase of assets of trust company, were liable for resulting loss.
(U. S. C. C. A. 1928.) Where directors failed to exercise ordinary diligence in examining notes transferred to bank pursuant to purchase of
assets of trust company, they were responsible for losses occurring by
reason of worthless notes, which ordinarily careful investigation would
have shown to be worthless. (Ib.)
Director, not having knowledge of excessive loan, was not liable for resulting loss.
(12 U. S. C. A. sec. 84.)
(U. S. C. C. A. 1928.) Bank director, without knowledge that loan was in
excess of 10 per cent of capital and surplus of national bank, in violation
of Revised Statutes section 5200 (12 U. S. C. A. sec. 84), was not liable
to bank for resulting loss, in that the law expressly provides that only
those knowingly participating therein are liable. (Ib.)
Directors held responsible for improvident loans during period when there was no
discount committee, as required by by-laws.
(U. S. C. C. A. 1928.) Board of directors held responsible for improvident
loans during period when there was no discount committee, or report of
discounts to board of directors, in accordance with requirements of bylaws. (Ib.)
Directors were liable for loss through embezzlement and fraud by officer, by reason
of failure to require indemnity bond.
(U. S. C. C. A. 1928.) Bank directors were liable to bank for loss through
embezzlement and fraud of officer thereof, by reason of failure to require
an indemnity bond conditioned on faithful performance of duties as
officer of the bank. (Ib.)
Courts—Federal court in equity case is bound by provisions of equity rule with
regard to amendments as interpreted by Federal courts. (Equity rule 19; 28
U. S.C. A. sec. 724.)
(U. S. C. C. A. 1928.) Federal court In an equity case is bound with regard
to amendments by the provisions of equity rule 19, as interpreted by
Federal courts, rather than by decisions of State supreme court, without
regard to 28 U. S. C. A. section 724, relating to conformity to practice in
State courts. (Ib.)
REPORT OF THE COMPTROLLER OF THE CURRENCY
189
Courts—Amendment to billy in order to m,ake pleadings correspond with proof, after
testimony was closed. held properly permitted. (Equity rule 19.)
(U. S. C. C. A. 1928.) Under equity rule 19, amendment of pleadings, to
make them more closely correspond with proof, after the testimony was
closed, held within discretion of court, there being no indication that defendants were taken by surprise or deprived of opportunity to make
defense, (Ib.)
Directors, failing to require bond from officer, were liable for loss by reason of fraudulent conversion of bank's m,oney.
(IJ. S. C. C. A. 1928.) Failure of directors to require indemnity bond from
officer of bank made them liable for loss by reason of fraudulent conversion of bank's money, since, in case surety bond had been required, right
of action would have existed against surety to recover amount converted.
(Ib.)
Directors were liable for failure to exercise due diligence in verifying credits transferred by trust company on purchase of its assets.
(U. S. C. C. A. 1928.) Where bank directors failed to exercise due diligence in verifying credits offered by trust company after purchasing
assets thereof, they were liable for loss resulting by reason of false credits
accepted in transaction, since ordinary business caution required investigation of nature of assets, and particularly credits offered in exchange for
assumption of liabilities of trust company. (Ib.)
Directors were not liable for loss on note irregularly discounted, but approved by
board of directors within 80 days.
(U. S. C. C. A. 1928.) Where note was discounted without seeking approval
of discount committee or board of directors, but was believed by all parties to be good, and was approved by the board of directors within 30
days after issuance of certificate of deposit therefor, the directors were
not liable for loss by reason of payee's failure, after certificate of deposit
had been assigned to holder in due course. (Ib.)
Agreement between receiver of insolvent bank and certain directors not to sue such
directors did not release other directors from liability for negligence.
(U. S. C. C. A. 1928.) Agreement between receiver of insolvent bank and
certain directors, consisting of a covenant not to sue such directors in
consideration of payment of certain amount, held not to release the other
directors from liability for negligence, on the theory that they were all
liable as joint tort-feasors, since a covenant not to sue one joint tortfeasor does not amount to a release.
(Ib.)
Each director is liable in personal and individual capacity for failure to perform
statutory or common-law duty.
(IT. S. C. C. A. 1928.) Each director of bank is liable in his personal and
individual capacity, and may be sued alone or jointly with other directors,
whether his liability is based on a failure to perform a statutory or a
common-law duty. (Ib.)
Directors are entitled to proportionate credit for certain amounts paid by other
directors under agreement with receiver.
(U. S. C. C. A. 1928.) Where receiver for insolvent bank entered into
agreement with certain directors not to sue them in consideration of their
paying certain amount, other directors are entitled to proportionate credit
against amounts for which they are liable. (Ib.)
Bank directors held liable for interest on amounts found due from date of institution
of suit against them by receiver.
(U. S. C. C. A. 1928.) Where bank directors had learned generally of insolvent condition of bank on date they directed it to be closed, but did
not know extent of their liability for negligence, but had ample opportunity for investigation during period of more than 30 months before closing
of bank and institution of suit against them by receiver, they were liable
for interest on amounts found due from date of institution of suit. (Ib.)
190
REPORT OF THE COMPTROLLER OF THE CURRENCY
LIABILITY OF DIRECTORS FOR ASSENTING TO EXCESSIVE LOANS
Evidence—Court takes judicial notice of banking situation and method of its conduct prior to deflation period commencing in 1920.
(U. S. D. C. 1929.) Court will take judicial notice of banking situation arid
method and manner of its conduct prior to deflation period, which commenced about the year 1920. (McRoberts v. Spaulding et al., 32 Fed. Rep.
(2d series) 315.)
Bank directors are not liable for lawful loans made in good faith, though making was
error in judgment. {12 U. S. C. A. sec. 93.)
(U. S. D. C. 1929.) Bank directors are not liable, under Revised Statutes
section 5239 (12 U. S. C. A. sec. 93), for lawful loans made in good faith,
though making thereof was an error in judgment. (Ib.)
Question of improvident loans is what directors, sought to be held liable, think in
making loans, and method and motive controlling their actions. {12 V. S. C. A.
sec. 93.)
(U. S. D. C. 1929.) Question of improvident loans is not what some one
else might think about loan, but what directors, sought to be held liable,
under Revised Statutes section 5239 (12 U. S. C. A. sec. .93), think in
making loans, and method and motive by which they were controlled in
their actions. (Ib.)
Director having no knowledge of excessive loan, and no knowledge of facts putting
him on inquiry, can not be held for resulting loss. {12 U. S. C. A. sees. 8^, 93.)
(U. S. D. C. 1929.) Where bank director has no actual knowledge that loan
is excessive under Revised Statutes section 5200 (12 U. S. C. A. sec. 84),
and has no knowledge of facts which would put him on inquiry, he can
not be held for resultant loss under Revised Statutes section 5239 (12
U. S. C. A. sec. 93). (Ib.)
Directors are not constructively chargeable with knowledge of cashier, to whom business has been intrusted by directors who have acted with proper precaution.
(U. S. D. C. 1929.) Bank directors are not constructively chargeable with
knowledge of cashier, to whom business of bank has been intrusted by
directors who have acted with proper precaution. (Ib.)
Absence of improper motive on bank directors' part is no defense to action for violation of statute relating to excessive loans. {12 U. S. C. A. sees. 84, 93.)
(U. S. D. C. 1929.) Absence of any improper motive, or desire for personal
profit on bank directors' part, is no defense to an action, under Revised
Statutes section 5239 (12 U. S. C. A. sec. 93), for violation of section 5200
(12 U. S. C. A. sec. 84), relating to excessive loans. (Ib.)
Where renewal note is given for amounts already owed, court, in determining bank
directors' liability, should look beyond giving of notes to find out real transaction.
{12 U. S. C. A. sec. 93.)
(U. S. D. C. 1929.) Where several loans are made to an individual, arid
later these notes are taken up and a new note given constituting renewal
for amounts already owed, court in determining liability of bank directors,
under Revised Statutes section 5239 (12 U. S. C. A. sec. 93), should look
beyond giving of notes to find out what was real and true transaction.
(Ib.)
/ / money in bank was misapplied without directors1 knowledge, subsequent "renewals" of such paper with interest added were not new loans.
(U. S. D. C. 1929.) Where money in bank is misapplied without knowledge
or approval of directors, subsequent renewals of such paper, upon which
nothing was added but accrued interest, would not amount to new loan
for borrowed money, since "renewal" is not a loan, but is an extension of
time for payment. (Ib.)
Anyu rediscount purchased
by bank upon which borrower was primarily liable is
money borrowed73 within statute relating to excessive loans. {12 U. S. C. A.
sec. 84.)
(U. S. D. C. 1929.) Any rediscount purchased by bank, upon which a
borrower was primarily liable, must be considered as money borrowed
within meaning of Revised Statutes section 5200 (12 U. S. C. A. sec. 84),
REPORT OF THE COMPTROLLER OF THE CURRENCY
191
relating to excessive loans; phrase '''money borrowed" meaning when the
borrower receives money over which he exercises dominion and which he
expressly or impliedly promises to return. (Ib.)
Bank directors held personally liable to receiver for loans knowingly made in excess
of statutory limit, with interest from date of loans. (12 U. S. C. A. sees. 84, 93.)
(U. S. D. C. 1929.) Where capital stock was $100,000 and surplus was
$100,000, bank directors held personally liable under Revised Statutes
sections 5200, 5239 (12 U. S. C. A. sees. 84, 93), for loans made to borrower
in excess of $20,000, with interest on each item from date loans were
made. (Ib.)
Bank directors held liable for loans exceeding statutory limit made after knowledge
that loans exceeded limit. (12 U. S. C. A. sees. 84, 93.)
(U. S. D. C. 1929.) Bank directors held personally liable under Revised
Statutes section 5239 (12 U. S. C. A. sec. 93), for loans in excess of limit,
under section 5200 (12 U. S. C. A. sec. 84), made after directors had
knowledge that loans to such borrower aggregated more than $20,000,
where capital stock was $100,000 and surplus was $100,000. (Ib.)
Where loans to husband and wife together exceeded limit, but separately did not,
directors were not liable. (12 U. S. C. A. sees. 84, 93.)
(U. S. D. C. 1929.) Where loans to husband and wife together exceeded
limit, under Revised Statutes section 5200 (12 U. S. C. A. sec. 84), of
$20,000, where capital stock was $100,000, and surplus was $100,000, but
loans to each did not exceed $20,000, and loans to wife were made in good
faith upon her security, directors were not personally liable under section
5239 (12 U. S. C. A. sec. 93). (Ib.)
Bank directors having no notice of excessive loans to borrower held not personally
liable. (12 U. S. C. A. sees. 84, 93.)
(U. S. D. C. 1929.) Bank directors having no notice of excessive loans,
which were excessive under Revised Statutes section 5200 (12 U. S. C. A.
sec. 84), to borrower, held not personally liable under section 5239 (12
U. S. C. A. sec. 93). (Ib.)
Bank director purchasing borrower's note for bank, when loans to him exceeded
statutory limit, held personally liable. (12 U. S. C. A. sees. 84, 93.)
(U. S. D. C. 1929.) Where capital stock was $100,000 and surplus was
$100,000, bank director purchasing for bank note of borrower, who was
indebted to bank in sum of $20,000, held personally liable to receiver
under Revised Statutes section 5200 (12 U. S. C. A. sec. 84), relating to
excessive loans, and section 5239 (12 U. S. C. A. sec. 93), relating to
directors' liability. (Ib.)
RECEIVER'S SUIT AGAINST DIRECTORS
Limitation of actions—Four-year limitation period under Georgia law applies to
receiver's suit against directors of insolvent national banking association for
accounting. (12 U. S. C. A. sec. 93.)
(XL S. D. C. 1929.) Four-year period of limitation prescribed by Georgia
law applies to suit against directors of national banking association by
receiver for accounting, after association's failure, under 12 U. S. C. A.,
section 93. (Anderson v. Gailey et al., 33 Fed. Rep. (2d series) 589.)
Limitation of actions—Each act of misconduct by directors of national bank creates
separate cause of action in bank and action for making excessive loans accrues
when loan is made. (12 U. S. C. A. sees. 84, 93.)
(XL S. D. C. 1929.) Each act of misconduct of directors of national banking
association creates separate cause of action in bank against directors who
participated, as regards limitation on accounting suit against directors by
receiver of insolvent national banking association under 12 U. B.C. A.,
section 93, and in case of excess loans under 12 U. S. C. A., section 84,
right of action accrues as soon as the loan is made and the bank parts with
its money. (Ib.)
192
REPORT OF THE COMPTROLLER OF THE CURRENCY
National bank may not receive paper representing excess loans, and such paper left
is salvage merely. {12 U. S. C. A. sec. 84-)
(U. S. D. C. 1929.) National bank has no right to receive paper given for
excess loans in violation of 12 U. S. C. A. section 84, and if such paper is
left among the assets of the bank by the directors it is only in the nature
of salvage. (Ib.)
Directors of national bank handling paper representing excessive loans owe due diligence. {12 U. S. C. A. sec. 84.)
(U. S. D. C. 1929.) Bank directors in handling paper representing excessive
loans in nature of salvage under 12 U. S. C. A./section 84, owe due diligence
as in handling of all bank's business. (Ib.)
Limitation of actions—Clear misconduct of bank officers gives rise to cause of action
immediately. {12 U. S. C. A. sec. 93.)
(U. S. D. C. 1929.) Acts of clear misconduct on part of directors of national
bank, as in making loan to insolvent person or buying and not promptly
reselling bank's stock, give rise immediately to cause of action in behalf of
bank, its stockholders, and creditors under 12 U. S. C. A., section 93, but
some neglects are not actionable until damage ensues, and as to these
statute does not begin to run until there is a right to sue. (Ib.)
Equity—Items of account barred at law are also barred in equity.
(U. S, D. C. 1929.) Where items of an account are barred by statute of
limitations at law, they are also barred in equity. (Ib.)
Equity—Suit by receiver of insolvent national bank against directors for accounting
based on negligence as to loans and excessive loans was barred where causes of
action were barred at law. {12 U. S. C. A. sees. 84, 93.)
(U. S. D. C. 1929.) Suit by receiver of insolvent national banking association against directors for accounting under 12 U. S. C. A., section 93, based
on negligent act of directors, especially in making excessive loans contrary
to 12 U. S. C. A., section 84, and in negligently handling loans, held barred,
though forum was in equity, where causes of action were barred at law.
(Ib.)
Limitation of actions—Limitation generally runs in favor of bank directors during
their continuance in office.
(U. S. D. C. 1929.) As regards liability for misconduct, directors of national
bank are in position of agents or mandataries, and limitation generally
runs in their favor during their continuance in office. (Ib.)
Limitation of actions—-No judicial exceptions to statute are implied, unless suit is
legal impossibility.
(U. S. D. C. 1929.) Where suit is a legal impossibility, judicial exceptions
to statute of limitations are implied, as where there is no competent plaintiff or defendant or no forum to sue in, but no exceptions are implied where
suit may be brought. (Ib.)
Corporations—Directors against whom corporation proposed bringing suit may not
vote on that question.
(XJ. S. D. C. 1929.) On consideration in directors' meeting of suit by corporation against some of directors, directors against whom suit was proposed would not be qualified to vote. (Ib.)
Single stockholder may assert national bank's right to accounting against directors
after exhausting corporate remedies. {12 U. S. C. A. sec. 93.)
(U. S. D. C. 1929.) Action may be maintained against directors of national
bank, under 12 U. S. C. A., section 93, in behalf of bank and stockholders
by assertion of corporation's right in court by single director or stockholder, if majority of directors are sought to be proceeded against, action
can not be procured by reference to stockholders or election of new directors and corporate remedies are thus exhausted. (Ib.)
REPORT OF THE COMPTROLLER OF THE CURRENCY
193
Limitation of actions—That national bank directors, sought to be sued for accounting,
were in control, did not prevent limitation from running in their favor, where
there was no fraudulent concealment of cause of action. (12 U. S. C. A. sees. 84f
93.)
(U.S. D. C. 1929.) Fact that directors of national bank sought to be sued
for accounting in behalf of bank and stockholders and creditors, under 12
TJ. S. C. A., section 93, constituted majority of board and dominated it,
did not prevent limitation from running in favor of directors, where there
was no fraudulent concealment of cause of action and cause of action was
not brought for fraud, but for making excess loans contrary to 12 U. S. C. A.,
section 84, and negligently handling loans. (Ib.)
Limitation of actions—Where cause of action is fraud, limitation begins only when
fraud is discovered by complainant, or could have been discovered by ordinary diligence. (Civ. Code, Ga. 1910, sec. 4380.)
(U. S. D. C. 1929.) Where cause of action is itself fraud cognizable in
equity limitation begins to run only when fraud is discovered or could by
ordinary diligence have been discovered by complainant under Civil Code,
Georgia, 1910, section 4380. (Ib.)
Limitation of actions—Statute postponing limitation until discovery of fraud applies,
where cause of action was fraudulently concealed, provided there was actual moral
fraud. (Civ. Code, Ga., 1910, sec. 4380.)
(U. S. D. C. 1929.) Civil Code, Georgia, 1910, section 4380, providing that
period of limitation shall run only from time of discovery of fraud, where
defendant has been guilty of fraud by which plaintiff has been debarred
or deterred from his action, applies where existence of cause of action was
fraudulently concealed, though in such case fraud must be actual moral
fraud and not merely constructive. (Ib.)
Limitation of actions—Cause of action against directors of insolvent national bank
for accounting, for making excess loans and handling loans negligently, was not
based on actual fraud, so as to postpone limitation. (12- U. S. C. A. sees. 86, 93;
Civ. Code, Ga., 1910, sec. 4380.)
(U. S. D. C. 1929.) Suit by receiver of national banking association in
behalf of bank, its stockholders, and creditors against directors for accounting under 12 U. S. C. A., section 93, for misconduct of directors in
making excessive loans contrary to section 86, and in negligently handling
loans did not involve cause of action based on actual fraud, such that limitation in favor of directors would be postponed until time of discovery of
fraud under Civil Code, Georgia, 1910, section 4380. (Ib.)
Limitation of actions—Failure of directors of national bank to do more than make
minutes of excessive loans and enter loan transactions on records did not constitute
fraudulent concealment of cause of action against them, so as to postpo7ie limitation. (12 U. S. C. A. sees. 84, 93; Civ. Code, Ga., 1910, sec. 4380.)
(U. S. D. C. 1929.) In suit by receiver of national banking association, in
behalf of stockholders and creditors, against directors of bank for accounting under 12 U. S. C. A., section 93, for acts of negligence in making
excessive loans contrary to section 84 and in negligently handling loans,
failure of directors to do more than make, truthful minutes and enter
transactions on records of bank, with respect to loans in which they were
not interested, did not constitute fraudulent concealment of cause of action
so as to postpone running of limitation until time of discovery of fraud,
under Civil Code, Georgia, 1910, section 4380; position of director in this
respect being no more confidential than that of attorney at law or other
agent. (Ib.)
Limitation of actions—Where action is based on agent's neglect limitation is immediately set in motion, though special damage and plaintiffs knowledge of unskillful
act are delayed. (Civ. Code, Ga., 1910, sec. 4380.)
(U. S. D. C. 1929.) Where unskillfulness and neglect of agent constitute
cause of action, the unskillful act itself sets the limitation in motion and
not the occurrence of special damage, and ignorance of agent's unskillfulness on part of plaintiff is not important; Civil Code, Georgia, 1910, section
4380, postponing limitation until discovery of fraud being inapplicable.
db)
194
REPORT OF THE COMPTROLLER OF THE CURRENCY
Limitation of actions—Suit against directors of insolvent national bank for accounting
was barred, so far as based on excessive loans or loans to insolvent persons made
over four years before suit, and as to renewals of loans to insolvents. {12
U. S. C. A. sec. 84, 93.)
(U. S. D. C. 1929.) Suit by receiver of insolvent national banking association in behalf of stockholders and creditors against directors for accounting
under 12 U. S. C. A., section 93, held barred in so far as it involved negligence of directors in making excessive loans contrary to section 84 or
making loans to insolvent persons more than four years before suit was
brought, and recovery was also barred as to renewals where debtor was
insolvent at time of renewal. (Tb.)
Limitation of actions—Suit against directors of insolvent national bank for accounting
held not barred as to loans in which directors were beneficially interested. {12
U. S.C. A. sees. 84, 93.)
(U. S. D. C. 1929.) Suit by receiver of insolvent national banking association
in behalf of stockholders and creditors against directors thereof for accounting under 12 U. S. C. A., section 93, for excessive loans in violation of
section 84 and negligent handling of loans, was not barred in so far as
transactions took place within four years before filing of suit, and in so
far as directors were beneficially interested in loans. (Ib.)
Loans in which national bank's directors were beneficially interested should be closely
looked into in suit against directors for accounting. {12 U. S. C. A. sec. 93.)
(U. S. D. C. 1929.) Loans made by national bank where directors were
beneficially interested in loans should be closely looked into in suit against
directors in behalf of stockholders and creditors for accounting under 12
U. S. C. A. section 93. (Ib.)
Limitation of actions—Suit against directors of insolvent national bank for accounting
held not barred as regards continuing negligence of directors in failing to resell bank
stock. {12 U. S. C. A., sec. 93.)
(U. S. D. C. 1929.) Suit by receiver of insolvent national banking association against directors thereof for accounting in behalf of stockholders and
creditors under 12 U. S. C. A., section 93, held not barred as to continuing
negligence of directors in failing to resell bank's stock so long as it was
salable without committing fraud on purchaser. (Ib.)
LIMITATION OP ACTIONS
Liability of bank director to shareholders for negligent acts was barred after affairs
of bank had been fully administered and creditors paid.
(U. S. D. C. 1928.) Where shareholders made no complaint relative to
negligence of director in administration of affairs of bank until after
affairs of bank had been fully administered, creditors all paid, and cost of
administration met, any liability existing by reason thereof was barred
on ground of laches. (Rust v. MacLaren, 29 Fed. Rep. (2d series), 288.)
Equity—Facts found by master, and not excepted to, must be regarded as true on
exceptions to report.
(U. S. D. C. 1928.) Facts found by master from proofs taken which were
not excepted to must be regarded on exceptions to report as the true facts
of the case. (Ib.)
LIABILITY OF DIKECTORS OF STATE BANK TAKING DEPOSITS WITH KNOWLEDGE
OF INSOLVENCY
Liability of directors of State bank taking deposits with knowledge of insolvency.
(U. S. Sup. 1928.) A State statute making a bank director individually
liable for deposits, the receipt of which by the bank was assented to by
him with knowledge that it was insolvent, and which provides that his
failure to examine the bank's affairs to learn of its condition shall charge
him with knowledge of its insolvency, and that in suits against him for
such deposits the fact of insolvency when the deposits were received shall
be prima facie evidence that the director both knew of the insolvency and
assented to the deposits, held consistent with due process of law. The
statute might have made directors liable to depositors in every case. By
accepting the office they assume the risks it imposes. (122 Kans. 675,
691, affirmed.) (Ferry v. Ramsey et al.: Harris, executor, v. Ramsey et aL,
277 U. S., 88.)
KEPORT OF THE COMPTROLLER OF THE CURRENCY
195
OFFICERS, CRIMINAL LIABILITY OF
Page
W I L L F U L MISAPPLICATION OF F U N D S
AIDERS AND ABETTORS
WILLFUL
195
198
MISAPPLICATION OF FUNDS
Fictitious transactions amounting to additional loan to insolvent customer without
additional security held "misapplication"
of bank's funds.
(12 U. S. C. A.
sec. 592.)
(U. S. C. C. A. 1929.) Where vice president of bank, believing that insolvent
customer, who owed large amount to bank inadequately secured, could
borrow money elsewhere, released warehouse receipts for cotton held
by bank as collateral, which customer attached to drafts, so as apparently
to evidence sales of cotton, and then discounted drafts and credited
customer's account with proceeds, which customer immediately disbursed
to meet checks, and thereafter drafts came back without being discounted,
result being that customer's indebtedness to bank was greatly increased
without giving additional security, held, that transaction constituted a
"misapplication" of bank's funds, within 12 L). S. C. A. section 592.
(Robinson v. United States, 30 Fed. Rep. (2d series) 25.)
Bank officer's loan to insolvent customer without knowledge of superiors and without
additional security constitutes misapplication of bank's funds.
(12 U. S. C. A.
sec. 592.)
(U. S. C. C. A. 1929.) When a subordinate bank officer, without the knowledge or approval of his superior officers or directors, makes a loan to
insolvent customer, who owes indebtedness to bank in an amount more
than bank ever expected to be able to collect, without any additional
security, he thereby misapplies funds of bank, within 12 U. S. C. A. section 592. (Ib.)
Inference of intent to defraud, bank COM not be avoided, where bank officer intentionally
misapplies bank's funds by obtaining money by false pretense. (12 U. S. C. A.
bee
OK/K/.)
(U. S. C. C. A. 1929.) When a bank officer, who misapplies funds of bank
intends the misapplication, and for that purpose gets money out of bank
by any kind of false pretense, inference of intent to injure or defraud
bank, in violation of 12 U. S. C. A. section 592, can not be avoided. (Ib.)
That loan on fictitious security might be collectible did not prevent transaction being
misapplication of bank's funds.
(12 U. S. C. A. sec. 592.)
(U. S. C. C. A. 1929.) That loan made by vice president of bank on fictitious
security might be good and collectible did not prevent transaction from
being a misapplication of bank's funds by fraud and deceit, in violation
of 12 U. S. C. A. section 592. (Ib.)
Criminal law—Trial errors should be disregarded by appellate courtf where verdict
of guilty was plainly only verdict which jury could rightly render.
(U. S. C. C. A. 1929.) Where verdict of guilty of offense charged was plainly
only verdict which jury could rightly render, appellate court may and
should disregard errors in procedure and evidence at trial, and rulings
of court in connection with charging jury. (Ib.)
Intent to deceive responsible bank officers as to character of paper carried as bank
asset constitutes uintent to defraud," though no pecuniary injury to bank is
intended.
(12 U. S. C. A. sec. 592.)
(U. S. C. C. A. 1929.) The intent to deceive higher officers of bank as to
character of paper, which is being carried as a bank asset, constitutes
"intent to defraud" the bank, within 12 U. S. C. A. section 592, making it
an offense to misapply funds of bank, even though pecuniary injury to
the bank is not intended and does not occur. (Ib.)
Word "funds" in statute denouncing misapplication of bank's funds, might include
both money and ucreditsy" if they were not specified. (12 U. S. C. A. sec. 592.)
(U. S. C. C. A. 1929.) The word '-'funds," in 12 IT. S. C. A. section 592,
making it an offense to misapply "money, funds or credits" of bank, is an
inclusive one, and might include both money and credits, if they were not
specified; "credits" referring to obligations or debts of others to the bank.
(Ib.)
196
REPORT OF THE COMPTROLLER OF THE CURRENCY
Substitution of nonequivalent collateral for valuable collateral on substitution of
new paper for matured paper constitutes misapplication of bank's funds, (12
U. S. C. A. sec. 592.)
(U. S. C. C. A. 1929.) If on the substitution of new paper for matured paper
held by bank, valuable collateral is surrendered, and nonequivalent
security substituted, the funds of the bank are misapplied, in violation
of 12 U. S. C. A. section 592. (Ib.)
Whether vice president's acceptance of insolvent customer's renewal paper of same
value as that which matured constituted willful misapplication of bank's funds
held jury question. {12 U. S. C. A. sec. 592.)
(U. S. C. C. A. 1929.) Where there was evidence that responsible managers
of bank fully understood that customer was insolvent and deliberately
entered on policy of cooperating with him in extending indebtedness,
and even making new loans for purpose of minimizing bank's inevitable
loss, and that vice president knew of policy and was authorized to some
extent to carry it out, held, that vice president's action in extending time
to customer by accepting new paper of same character and value as that
which had matured was not a willful misapplication of funds or credits
of bank as matter of law, in violation of 12 U. S. C. A. section 592, but it
was a question for jury to determine. (Ib.)
Criminal law—After trial court has ruled that certain theory of defense vnll be utterly
rejected, counsel are under no obligation to go further to point out distinctions.
(U. S. C. C. A. 1929.) When trial court makes ruling which is right in general
way, but which counsel thinks not applicable for special reasons, it may
be duty of counsel to present to court the precise distinction on which
they depend, but after court has ruled that a certain theory of defense
will be utterly rejected, counsel are under no obligation to go further. (Ib.)
Criminal law—Reversible error having been found as to five out of nine counts on
which sentences were concurrent, sentences on affirmed convictions will be
reversed and case remanded for resentencing.
(U. S. C. C. A. 1929.) Where defendant was convicted on each of nine counts
of indictment, and sentenced to same term of imprisonment on each count,
sentences to run concurrently, and to pay a fine on each count, and appellate
court found no error as to the four counts, and reversible error as to the
five counts, held that convictions on said four counts will be affirmed, but
sentences thereon will be reversed, and case remanded for resentencing.
(Ib.)
Indictment and information—Indictment is sufficiently certain if it contains every
element of offense charged and apprises defendant of what he must meet.
(U. S. C. C. A. 1928.) True test of sufficiency of indictment is not whether
it might possibly have been made more certain, but whether it contains
every element of offense intended to be charged, and sufficiently apprises
defendant of what he must be prepared to meet, and, in case other proceedings are taken against him for similar offense, whether record shows
with accuracy to what extent he may plead former acquittal or conviction. (Olmstead et al. v. United States, 29 Fed. Rep. (2d series), 239.)
Indictment charging misapplication of national bank's funds by honoring insolvent's
checks against fictitious credit held sufficient as against demurrer. {12 U. S. C. A.
sec. 592.)
(U. S. C. C. A. 1928.) Indictment, under Revised Statutes, section 5209
(12 U. S. C. A. sec. 592), charging that president and director, having
control of national bank's business, misapplied bank's funds and credits
in specified sum, with intent to defraud bank by converting them to use
of corporation, which had no credit on bank's books, except a fraudulent
and fictitious credit, when said defendant knew corporation was insolvent,
and charging corporation's president with aiding and abetting, held
sufficient as against demurrer. (Ib.)
Indictment against president for misapplying national bank's funds need not allege
manner in which he came into control of bank's business. {12 U. S. C. A. sec.
592.)
(U. S. C. C. A. 1928.) Indictment, under Revised Statutes, section 5209 (12
U. S. C. A. sec. 592), charging misapplication of national bank's funds by
its president having control of its business, held sufficient, as against
demurrer, without charging manner in which he came into control. (Ib.)
REPORT OF THE COMPTROLLER OF THE CURRENCY
197
Indictment charging president's misapplication of national bank's funds was not
required to allege he acted without directors' knowledge or consent. (12 U. S. C. A.
sec. 592.)
(U. S. C. C. A. 1928.) Indictment, under Revised Statutes, section 5209 (12
U. S. C. A. sec. 592), against president of national bank for misapplying
bank's funds, was not required to allege that, in misapplying funds of the
bank, he acted without knowledge or consent of directors. (Ib.)
Indictment for misapplication of national bank's funds by honoring corporation's
checks against fictitious credit imported knowledge thai credit was fictitious. (12
U. S. C. A. sec. 592.)
(U. S. C. C. A. 1928.) Indictment, under Revised Statutes, section 5209
(12 U. S. C. A. sec. 592), charging that president of national bank, with
intent to injure and defraud bank, feloniously misapplied specified sum of
bank's funds by turning over said funds to a corporation on its checks,
when he knew that no such sum stood to its credit, except a false, fraudulent, and fictitious credit, imported knowledge that said corporation's
credit was in fact fictitious. (Ib.)
Indictment and information—If defendants desired greater certainty as to character
of misapplication of bank's funds charged in indictment, they should have asked
for it by special demurrer or bill of particulars. (12 U. S. C. A., sec. 592,)
(U. S. C. C. A. 1928.) Where indictment, under Revised Statutes, section
5209 (12 U. S. C. A. sec. 592), for misapplication of national bank's funds,
alleged all elements of offense, and clearly specified mariner in which misapplication was made, defendants, if they desired greater certainty as to
charge, should have asked for it by special demurrer or demand for bill
of particulars. (Ib.)
Whether defendant, charged with misapplying bank's funds, acted in good faith in
relying on alleged anticipated proceeds of trade acceptances to meet corporation's
fictitious checks, held jury question. (12 U. 3. C. A. sec. 592.)
(U. S. C. C. A. 1928.) In prosecution under Revised Statutes, section
5209 (12 U. S. C. A. sec. 592), against president and director of national
bank for misapplication of bank's funds by honoring checks of insolvent
corporation against fictitious credits created by depositing fictitious checks
on distant banks, and against president of such corporation as aider and
abetter, whether defendants acted reasonably and in good faith, in relying
on alleged anticipated proceeds from trade acceptances to meet such fictitious checks, held question for jury. (Ib.)
Criminal law—Any error in overriding objection to question held not reversible, where
question was not answered, and no specific objection was taken to subsequent
question.
(XL S. C. C. A. 1928.) Any error in overruling objection that question called
for contents of written instruments on theory that such instruments were
in defendants' possession, and hence not available to government, held
not prejudicial, where question was not answered, and no specific objection
was taken to subsequent question, which added little to what had already
been testified to without objection. (Ib.)
Government must make case within indictment charging misapplication of national
bank's funds, but need not establish in full every allegation thereof. (12 U. S. C.
A. sec. 592.)
•*'
(XL S. C. C. A. 1928.) Government must make a case within the scope of
indictment charging misapplication of national bank's funds, in violation
of Revised Statutes, section 5209 (12 U. S. C. A. sec. 592), but this does
not require it to establish in full every allegation therein contained. (Ib.)
Large withdrawals of national bank's funds through fictitious credits would make
prima facie case of misapplication of funds. (12 U. S. C. A. sec. 592.)
(U. S. C. C. A. 1928.) If president of national bank and president corporation knowingly adopted scheme whereby, through fictitious credits, large
sums were withdrawn from bank for benefit of corporation, and this deceptive course was persistently pursued, a prima facie case of misapplication
of bank's funds, within Revised Statutes, section 5209 (12 U. S. C. A.
sec. 592), was made out, even if corporation, though operating at loss and
nearly insolvent, was not wholly insolvent, or though some wholly inadequate security was given bank. (Ib.)
198
REPORT OF THE COMPTROLLER OF THE CURRENCY
National bank's directors, stockholders, and depositors have right to have bank's
funds loaned and paid out openly, in accordance with banking pr actice.
(U. S. C. C. A. 1928.) It is the right of directors, stockholders, and depositors of national bank to have bank's funds loaned and paid out openly in
accordance with banking practice, and not under cover of misleading
subterfuge, regardless of whether corporation receiving such moneys was
insolvent. (Ib.)
Instruction, in considering intent in misapplication of bank's funds to corporation,
to consider corporation's financial standing and defendants' reasonable belief
in respect thereto, held sufficiently favorable. (12 U. S. C. A. sec. 592.)
(U. S. C. C. A. 1928.) In prosecution, under Revised Statutes, section 5209
(12 XL S. C. A. sec. 592), against president of national bank, for misapplication of bank's funds by honoring corporation's checks against
fictitious credits, and against corporation's president as aider and abetter,
instruction that, in considering defendants' intent to defraud bank, jury
should consider financial standing of corporation and its president and
defendants' reasonable belief in respect thereto, held as favorable as
defendants could ask. (Ib.)
That actual deposits exceeded amount specifically charged as misappropriated by
fictitious credits created no presumption that checks were paid out of actual deposits,
question being for jury. (12 U. S. C. A. sec. 592.)
(U. S. C. C. A. 1928.) In prosecution under Revised Statutes, section 5209
(12 U. S. C. A. sec. 592), against president of national bank for misapplication of bank's funds by means of fictitious credits extended to corporation, fact that corporation's real deposits exceeded misapplications
specifically charged in indictment did not create legal presumption that
checks counted on as means of unlawful diversion were payable and paid
out of such actual deposit, but it was question for jury. (Ib.)
That checks referred to in indictment for misapplication of bank's funds by fictitious
credit were honored by cashier's checks held not to create variance. (12 U. S. C. A.
sec. 592.)
(U. S. C. C. A. 1928.) In prosecution, under Revised Statutes, section 5209
(12 U. S. C. A. sec. 592), against president of national bank for misapplication of bank's funds by honoring checks against fictitious credit,
fact that some of checks referred to in indictment by means of which funds
were withdrawn from bank were honored in first place by issuing cashier's
checks, held not to create a variance. (Ib.)
Indictment and information—Indictment need not negative all possible defenses, nor
set forth merely evidentiary facts.
(U. S. C. C. A. 1928.) It is not necessary in an indictment to negative all
possible defenses, or to set forth merely evidentiary facts. (Ib.)
There is no presumption that directors authorized bank officer to issue cashier's
check without consideration from his issuance thereof. (12 U. S. C. A. sec. 592.)
(U. S. C. C. A. 1928.) There is no presumption, arising from fact that a bank
officer knowingly issues a cashier's check without consideration, that
directors authorized illegal transaction because Revised Statutes, section
5209 (12 U. S. C. A. sec. 592), makes it offense for anyone without
authority of directors to issue a bill of exchange, which includes cashier's
check. (Ib.)
Court will not presume national-bank directors authorized performance of criminal
act by officer.
(U. S. C. C. A. 1928.) Court will not presume that board of directors of
national bank authorized performance of a criminal act by officer thereof.
(Ib.)
AIDERS AND ABETTORS
Embezzlement—If party gave note believing it would be discounted and because it
was unsatisfactory gave one afterwards paid, no criminal intent to aid and abet
bank cashier in converting bank's funds could be inferred. (12 U. S. C. A.
sees. 501, 591, 592.)
(U. S. C. C. A. 1929.) If defendant, in prosecution for aiding and abetting
misapplication and converting of funds of bank to use of bank's cashier,
in violation of Revised Statutes, sections 5208, 5209 (12 U. S. C. A. sees.
REPORT OF THE COMPTROLLER OF THE CURRENCY
199
501, 591, 592), gave company note in belief that it would be discounted,
and when advised that first note was not satisfactory, immediately gave
note indorsed by another, who afterwards paid note, no criminal intentcould fairly or properlv be inferred. (Quig v. United States, 33 Fed.
Rep. (2d series) 820.)
Criminal law—District attorney's opening statement thai indictment for converting
hank's funds was against defendant and cashier pleading guilty and who would
tell truth, and that parties pleaded guilty to indictments, held error, requiring
reversal. (12 U. S.C. A. sees. 501, 591, 592)
(U. S. C. C. A. 1929.) In prosecution for aiding and abetting bank cashier
in misapplying and converting to other's own use of money of bank in
violation of Revised Statutes, sections 5208, 5209 (12 U. S. C. A. sees.
501, 591, 592), statements of district attorney that indictment was
against defendant and cashier, and that the cashier pleaded guilty and
was sentenced to penitentiary and was present to do right thing by telling
truth about matter, and that parties were arraigned and both pleaded
guilty to two indictments, and that defendant made settlement and took
release from bank, held prejudicial, requiring reversal. (Ib.)
Criminal law—Indictments of separate offenses two years before trial for aiding
and abetting bank cashiers conversion of funds held inadmissible. (12 U. S. C. A.
sees. 501, 591, 592.)
(U. S. C. C. A. 1929.) In prosecution for aiding and abetting bank cashier
in the misapplication and conversion of funds of bank in violation of
Revised Statutes, sections 5208, 5209 (12 U. S. C. A. sees. 501, 591, 592),
indictments offered in evidence against defendant and cashier of separate
and distinct offenses committed some two years prior to trial of case
held inadmissible. (Ib.)
Criminal lavj—Where offense appears to be one of series, evidence of prior offense
may be shown as bearing on intent.
(U. S. C. C. A. 1929.) In some rare cases, such as passing of counterfeit
money, where offense for which defendant is bemg tried appears to be
one of series of offenses of like character, evidence of offense may be
shown, but solely for purpose of bearing on intent with which particular
act was committed for which defendant is being tried. (Ib.)
Embezzlement—Evidence sustained conviction of defendants for aiding and abetting
teller in abstracting funds from bank with intent to injure and defraud bank.
(U. S. C. C. A. 1929.) Evidence held to sustain conviction of defendants
of aiding and abetting teller of bank, a member of the Federal reserve
system, in abstracting funds to the amount of a cashier's check from such
bank with intent to injure and defraud the bank. (Morgan v. United
States, Hust v. Same, 31 Fed. Rep. (2d series) 385.)
Auditor's testimony as to knowledge of signatures of officers attached to stock certificate authorized certificate's admission in evidence.
(U. S. C. C. A. 1929.) Auditor's testimony that he had been auditor of
bank since 1916, and that he knew signatures of officers attached to stock
certificate, and that they were genuine, authorized admission of certificate in evidence. (Ib.)
Auditor of Federal reserve bank held competent to testify of his own knowledge that
hank from which funds were taken was member of Federal reserve system.
(U. S. C. C. A. 1929.) Auditor of Federal reserve bank since 1916, who
knew signatures of officers attached to certificate transferring to bank
involved shares of stock of Federal reserve bank, could testify of his own
knowledge that bank from which funds were taken was a member of the
Federal reserve system, as against contention that his testimony and
certificate were not the best evidence. (Ib.)
Embezzlement—Finding that bank from which funds were abstracted was member
of Federal reserve system held warranted.
(U. S. C. C. A. 1929.) Evidence held to warrant finding that bank from
which defendants were charged with aiding and abetting teller in abstracting funds therefrom was a member of the Federal reserve system.
(Ib.)
79003°—-30
14
200
REPORT OF THE COMPTROLLER OF THE CURRENCY
Affidavit showing that priest administered sacrament of communion to juror apart
from rest of jury during deliberations, not showing injury, did not require new
trial
(U. S. C. C. A. 1929.) Affidavit showing that during deliberations priest
administered sacrament of communion to juror in room *shut off from
presence of other jurors, but not shown to have influenced jury in their
deliberations, held not to require new trial, though action of bailiff in
permitting practice was to be condemned. (Ib.)
Asking jury whether defendant's counsel wanted Government to caU defendants to
stand, and that law did not permit, held not comment on failure to testify, but
any prejudice removed by instruction.
(IT. S. C. C. A. 1929.) Remarks of Government's attorney during argument, asking jury whether defendants* counsel wanted Government's
counsel to call defendants to stand before jury and ask them a certain
question, but that the criminal laws did not permit it, held not comment
on failure of defendants to testify; but, if improper, prejudice was removed by court's instruction to jury not to consider statements at all.
(Ib.)
ORGANIZATION
Corporations—Subscriber for stock as trustee without cestui que trust is personally
bound.
(IT. S. C. C. A. 1929.) Subscriber for stock as trustee only in case where
there is no cestui que trust is personally bound therefor, in that in such
case there can be no trustee. (Stewart v. Ahern, 32 Fed. Rep. (2d series)
864.)
REPLEVIN
Replevin—Defendant may defend on ground
that third person is entitled to chattel
without connecting defendant with latter7s title ($ivil Practice Act N. Y. Sec. 1093).
(IT. S. D. C. 1929.) Under civil practice act New York section 1093, defendant in action to recover personal property or its value may defend
on the ground that third person is entitled to the chattel without connecting defendant with latter's title. (Banque De France p. Equitable Trust
Co. of New York. Same v. Chase Nat. Bank of City of New York, 33
Fed. Rep. (2d series), 202).
Pleading—On motion to strike out defenses to action to recover personalty, averment
that property is not property of plaintiff is regarded as admitted.
(U. S. D. C. 1929.) In action to recover gold in possession of defendant,
averment that shipment is not property of plaintiff is to be regarded as
admitted by plaintiff on motion to strike out defenses. (Ib.)
Pleading—In action to recover gold confiscated by Soviet state bank, defendant1 s
allegations as to de facto Soviet Government held not to be stricken.
(U. S. D. C. 1929.) In action by Banque of France to recover gold in defendant's possession, alleged to have been illegally confiscated by State
Bank of Soviet Union, defendant's allegation of existence of de facto
government of Union of Soviet Socialist Republics existing to exclusion of
any previous government overthrown thereby should not be stricken; the
defendant being entitled to show any circumstances under which Soviet
Government might acquire title to property in dispute. (Ib.)
International law—Refusal of recognition of foreign government will not affect
private rights of citizens dependent upon proof of existing conditions in such state.
(U. S. D. C. 1929.) The refusal of the political department to recognize a
foreign government should not be allowed to affect private rights which
may depend upon proof of existing conditions in such state, justice requiring that effect should be given by our courts to those acts of such
government upon which rights of citizens depend, provided that in so
doing judicial department does not encroach upon or interefere with
political branch of government. (Ib.)
Evidence—Law of foreign nation is matter of proof.
(U. S. D. C. 1929.)
The law of a foreign nation is a matter of proof.
(Ib.)
REPORT OF THE COMPTROLLER OF THE CURRENCY
201
International law—Recognition of foreign government validates all acts of such
government from time it existed.
(U. S. D. C. 1929.) Recognition of a foreign government, either de jure or
de facto, validates all acts of such foreign government from the time it
existed. (Ib.)
Pleading—In action by Banque of France to recover gold confiscated by Soviet State
Bank of Russia, defense of recognition of Soviet by French Republic held not to
be stricken.
(U. S. D. C. 1929.) In action by Banque of France to recover from defendant
gold confiscated by Soviet State Bank of Russia, defense that French
Government has recognized Soviet Government of Russia, and that
plaintiff's claim must be presented through its own government, notwithstanding that United States has not recognized present government of
Russia, held not to be stricken on motion of plaintiff. (Ib.)
Pleading—In action to recover from defendant gold seized by Soviet State Bank of
Russia, defense that bank is part of Soviet Government should not be stricken,
since it raises question of jurisdiction.
(U. S. D. C. 1929.) In action by Banque of France to recover from defendant gold seized by Soviet State Bank of Russia, defense that state bank
is part of Soviet Government should not be stricken, since, notwithstanding Soviet Government of Russia has not been recognized by- United
States, defense involves political question as to who is sovereign de facto
or de jure in Russia of which the court is without jurisdiction. (Ib.)
International law—Where plaintiff's pleading shows that property sought to be
recovered from defendant is claimed by foreign government, ivant of jurisdiction
appears without suggestion through State Department.
(U. S. D. C. 1929.) Where plaintiff's cause of action rests upon a pleading
showing that one claimant of property sought to be recovered is a foreign
government, there is no necessity for that fact to be made known to court
by formal suggestion to State Department, but the court's want of jurisdiction is matter apparent from issues as framed by pleading. (Ib.)
Replevin—In action to recover personalty based on wrongful detention, demand or
refusalt or facts showing wrongful withholding without demand, must be alleged.
(Civil Practice Rules New York, rule 271.)
(U. S. D. C. 1929.) A demand must be alleged in an action based merely
on wrongful detention of chattel as well as refusal to turn over chattel, or
there must be an averment of facts which show wrongful withholding
of property without demand, in view of Civil Practice Rules New York,
rule 271. (Ib.)
Replevin—Demand and refusal are prerequisite to action for recovery of chattels
against innocent bailee of one who received chattels unlawfully.
(U. S. D. C. 1929.) In action to recover personal property, demand and
refusal must be made before action brought, although bailee has received
chattel from one who received it unlawfully, where bailee came into
possession innocently. (Ib.)
Replevin—Trover and conversion—Refusal to deliver chattels to plaintiff, of such
character as not to indicate conversion, can not be basis of action for conversion or
replevin.
(U. S. D. C. 1929.) Demand for possession of chattels and refusal of defendant
to deliver them over is merely evidence of conversion, so that, if defendant's refusal is of such character as not to indicate conversion, it can not
be the basis of action for conversion or replevin. (Ib.)
Pleading—Defense that plaintiffs demand for return of chattel did not afford defendant reasonable opportunity for investigating claim of title held not subject to
be stricken.
(U. S. D. C. 1929.) In action by Banque of France to recover from defendant
gold confiscated by Soviet State Bank, defense that plaintiff's demand
preliminary to suit did not afford defendant reasonable opportunity to
investigate and determine facts relative to plaintiff's claim of ownership,
held well pleaded and not subject to be stricken. (Ib.)
202
REPOET OF THE COMPTROLLER OF THE CURRENCY
Pleading—Bailee's allegations thai subsequent to plaintiffs demand defendant had
returned chattels to bailor should be stricken as constituting no defense.
(U. S. D. C. 1929.) In action by Banque of France for recovery of gold
confiscated by Soviet State Bank, defendant's allegations that, subsequent, to plaintiff's demand, defendant returned property to its bailor,
must be stricken, since such allegations constitute no defense. (Ib.)
SHAREHOLDERS
Page
ASSESSMENT OF SHAREHOLDERS OF NATIONAL BANKS
ASSESSMENT OF SHAREHOLDERS OF JOINT STOCK LAND BANKS
ASSESSMENT OF SHAREHOLDERS OF STATE BANKS
CROSS REFERENCES:
ORGANIZATION—
SUBSCRIBER TO STOCK AS TRUSTEE WITHOUT CESTUI QUE TRUST
IS PERSONALLY BOUND
ASSESSMENT OF SHAREHOLDERS OF NATIONAL BANKS
202
204
204
200
One making gift to himself of national-bank stock as trustee for minor children held
not subject to stockholder's liability thereon. (12 U. S. C. A. sees. 62, 64, 66.)
(U. S. C. C. A. 1929.) One making a gift of national-bank stock to himself
as trustee for minor children, in good faith and without knowledge of
bank's failing condition, held not subject to stockholder's liability for
assessment, under 12 U. S. C. A. sections 62, 64, since section 66 provides
that persons holding stock as trustees shall not be personally subject
to any liability as stockholders, but that estate shall be liable. (McNair
v. Darragh, 31 Fed. Rep. (2d series) 906.)
Courts—National-bank shareholder's statutory liability for assessment held not
barred by State statute relating to claims against estate. (12 U. S. C. A. sees.
63, 66; Gen. St. Minn. 1923, sees. 8811, 8812.)
(XL S. C. C. A. 1929.) Liability for assessment against shareholder of
national bank, under Revised Statutes, sections 5151, 5152 (12 U. S. C. A.
sees. 63, 66), a statutory liability, held not barred by General Statutes
of Minnesota, 1923, sections 8811, 8812, where receiver of bank did not
know of shareholder's death until too late to file claim prior to closing of
estate. (Gilbertson v. McCarthy et al., 32 Fed. Rep. (2d series) 665.)
Person, recognizing ownership of shares recorded in his name, was liable for assessment after bank's insolvency.
(U. S. D. C. 1928.) Where shares stood on records of bank in the name of
person, who by his own acts and conduct recognized his ownership thereof,
he was liable on bank's insolvency for assessment as between himself and
creditors of bank extending credit on the assumption of his ownership
of the stock. (Rust v. MacLaren, 29 Fed. Rep. (2d series) 288.)
Estoppel.—Person, admitting ownership of shares, and paying assessment after
insolvency, could not thereafter question liability.
(U. S. D. C. 1928.) Where person recognized ownership of bank shares
recorded in his name, and paid assessments thereon after bank's insolvency, he could not thereafter question his liability on ground that he
was not in fact the owner of the shares, since assessment should have been
contested on such ground before payment. (Ib.)
Comptroller's levying of assessment is judicial determination of necessity of assessment and can not be collaterally attacked.
(U. S. C. C. A. 1928.) Levying of assessment by comptroller against
stockholders of insolvent national bank is judicial determination by him
of necessity of such assessment, and it is conclusive and can not be collaterally attacked. (Collins v. Caldwell, and three other cases, 29 Fed.
Rep. (2d series) 329.)
Letter to comptroller, in which person assessed as stockholder stated herself to be
owner of stock, held conclusive, though stock stood in deceased husband's name.
(U. S. C. C. A. 1928.) Letter to comptroller from person assessed as stockholder of insolvent national bank, in which she stated herself to be owner
of stock, held conclusive, in absence of contrary proof, notwithstanding
that shares stood in name of deceased husband. (Ib.)
REPORT OF THE COMPTROLLER OF THE CURRENCY
203
Widowj acquiring national-bank stock under husband's will,
held properly assessed
as stockholder, though stock did not stand in her name; u shareholder:" (12 U. S.
G. A., sec. 63.)
(U. S. C. C. A. 1928.) Widow, who became owner of stock in national bank
under last will of her deceased husband, held properly assessed as stockholder on bank's insolvency, notwithstanding that her name did not
appear on books of bank as owner of stock, since real owner of shares
may in every case be treated as " shareholder," within Revised Statutes,
section 5151. (12 U. S. C. A. sec. 63), for purposes of assessment.
(Ib.)
Receiver .of insolvent national bank need not exhaust remedy against transferees
before holding one transferring stock within 60 days before bank's failure liable
for assessment. (12 U. S. C. A. sec. 6/h)
(IT. S. C. C. A. 1928.) Person who had been owner of national-bank stock,
and who had made transfer within 60 days before failure of bank, was
liable for assessment, under 12 U. S. C. A., section 64, and her liability
was primary, so that receiver was not required to exhaust remedy against
transferees. (Ib.)
Courts.—Service must be made on comptroller in district where stockholders, sued
for assessment, impleaded comptroller.
(U. S. C. C. A. 1928.) Where suit was not brought by national bank to enjoin
any action of comptroller, it was essential, in cross-bills by stockholders
against whom assessment was sought to be enforced and who impleaded
the comptroller, that service be made on him in the district. (Ib.)
Comptroller's assessment on national-bank stock is judicial determination of necessity
therefor, and amount assessable, which is conclusive upon shareholders.
(U. S. C. C. A. 1929.) Action of comptroller in ordering assessment on stock
of national bank is judicial determination of necessity therefor, and of
amount assessable against each shareholder, which is conclusive upon
shareholders and not subject to appeal or collateral attack. (Chase v.
Hall, 30 Fed. Rep. (2d series), 195.)
Note given by insolvent bank for assumption of its liabilities by another bank represents engagements for which stockholders are responsible.
(U. S. C. C. A. 1929.) Note given by insolvent bank to another bank assuming its liabilities to depositors, to make up deficiency between amount
of assets transferred to the other bank and amount of liabilities transferee
bank assumed, represents contracts, debts, and engagements of insolvent
bank for which stockholders are responsible. (Ib.)
That assessment was for paying judgment obtained on note given by insolvent bank,
in consideration of another bank's assumption of liabilities, was no defense to
stockholders.
(TJ. S. C. C. A. 1929.) Assessment against stockholders of national bank
could not be avoided by stockholders because of fact that assessment was
given to pay judgment obtained by another bank on note which the insolvent bank gave together with assets, in consideration for other bank's
assumption of liabilities to depositors. (Ib.)
That stockholder was induced by national-bank officers7 fraud to buy stock is no
defense to receiver's action to recover assessment (12 U. S. G. A. sec. 64.)
(U.' S. C. C. A. 1929.) That stockholder was induced by fraud on part of
officers of national bank to buy stock is no defense to action brought by
receiver to recover an assessment legalry made against stockholder under
12 U. S. C. A. section 64. (Anderson et al. v. Cronkleton, 32 Fed. Rep.
(2d series), 170.)
Constitutional law—Courts can not change plain wording of statute.
(XL S. C. C. A. 1929.) Courts can not change the plain wording of a statute.
(Ib.)
204
REPORT OF THE COMPTROLLER OF THE CURRENCY
National-hank stockholders were liable under statute to those who were creditors when
they purchased as well as to those becoming creditors thereafter. (12 U. S. C. A.
sec. 64.)
(U. S. C. C. A. 1929.) National-bank stockholders were liable under 12
U. S. C. A., section 64, as to those who were creditors when they became
stockholders, as well as to those who became creditors thereafter. (Ib.)
National banks are quasi public institutions established by, and subject to, regulatory
laws of Congress.
(U. S. C. C. A. 1929.) National banks are quasi public institutions established by, and subject to, the regulatory laws of Congress. (Ib.)
ASSESSMENT OF SHAREHOLDERS OF JOINT-STOCK LAND BANKS
Federal Farm Loan Board held authorized to make assessment against stockholders
of insolvent joint-stock land bank and enforce their personal liability; "execution";
"administration"; "direction and control" (12 U. S. C. A. sees. 812, 881 (i),
(j), 6P, 651.)
(U. S. C. C. A. 1928.) Federal Farm Loan Board held authorized to make
assessment against stockholders of insolvent joint-stock land bank and to
enforce personal liability of stockholders under 12 U. S. C. A., section 812;
powers of board not being limited to those enumerated in section 831 plus
supervisory powers set out in clauses (i) and (j), in view of sections 641,
651, 961, 963, since "execution" within section 651 means putting into
force, "administration" within section 641 means act of administering,
especially direction or oversight of any office, service, or employment,
and "direction and control" import authority to command what shall be
done and require obedience. (Greene v. Wheeler, 29 Fed. Rep. (2d series),
468.)
Receiver of joint-stock land bank may maintain action to enforce stockholders1 liability
for assessment made by Federal Farm Loan Board. (12 U. S. C. A. sec. 812.)
(U. S. C. C. A. 1928.) Receiver of joint-stock land bank held to have legal
right to maintain action against stockholders to enforce liability for assessment made by Federal Farm Loan Board under 12 U. S. C. A. section 812.
(Ib.)
Statutes—Words of statute must be interpreted, to effectively accomplish purpose of
statute, if reasonably possible.
(U. S. C. C. A. 1928.) While court can not read into statute language or
purposes not there Jx>und, such interpretation must be given to words
employed, if it can reasonably be done, as will effectively accomplish
purposes of statute. (Ib.)
ASSESSMENT OF SHAREHOLDERS OF STATE BANKS
Assessment of stockholders of insolvent State banks under laws of State of Georgia.
(U. S. Sup., 1928.) The law in Georgia by which the superintendent of
banks may issue executions against stockholders of insolvent banks who,
after notice from him, neglect to pay assessments on their stock, and which
makes such executions liens on their property from date of issuance, is
consistent with due process of law, since the stockholders are given
opportunity to raise and try in court every possible defense by filing
affidavits of illegality.
The fourteenth amendment is not concerned with the mere form of the State
procedure. If the debtor does not demand a trial, the execution does not
need the sanction of a judgment.
The stockholders, by becoming such, assumed the liability imposed by the
statute. (164 Ga., 350, affirmed.) (Coffin Bros. & Co. et al. v. Bennett,
277 U. S. 29.)
REPORT OF THE COMPTROLLER OF THE CURRENCY
205
TAXATION
Page
FEDERAL TAXATION
TAXATION OP CONSOLIDATING BANKS
TAXATION UNDER DISTRICT OF COLUMBIA
CITY TAXATION..
FEDERAL TAXATION
205
207
207
208
f
Internal Revenue—Bank making good its letter' of credit, and selling goods covered
at loss} held not entitled immediately to charge off loss as worthless debt; "ascertained" {Revenue act, 1918, sec. 234 (a) (5).)
(U. S. C. C. A. 1929.) Where bank A, on bank B's irrevocable guaranty of
payment for buyer's account of specified quantity of sugar purchased
through M, and at M's request, issued its letter of credit to seller, and
after it refused to accept B's attempted revocation of the guaranty was
compelled to sell sugar at loss in making good its letter of credit, when
B refused drafts covering price, held, that it was not justified in immediately charging off said loss under revenue act, 1918, section 234 (a)
(5), 40 Stat. 1078, as having been "ascertained" to be a worthless debt,
in absence of proof respecting the financial responsibility of B and M,
who were liable to it, and where it subsequently recovered full amount of
its claim, with costs, in subsequent action against A and B. (American
Trust Co. v. Commissioner of Internal Revenue, 31 Fed. Rep. (2d series),
47.)
Internal Revenue—Debt can not be written off as worthless for income-tax purposes
merely because it is doubtful; "ascertained." (Revenue act, 1918, sec. 234 (a) (5).)
(U. S. C. C. A. 1929.) Under revenue act, 1918, section 234 (a) (5), 40
Stat. 1078, authorizing corporation, in computing its net income for
taxation, to deduct debts ascertained to be worthless and charged off
within taxable year, a debt can not be written off as worthless merely
because it is doubtful, but reasonable and intelligent effort must be made
to determine its value, and circumstances thus discovered must be such
as reasonably to generate belief that it is in fact worthless; "ascertain"
meaning to find out, to make reasonably certain, but the ascertainment
need not be absolute, and final judgment and return nulla bona are not
always prerequisites. (Ib.)
Internal Revenue—Regulation authorizing banks to charge off debts as worthless
for income-tax purposes is held unavailable, in absence of specific order or general
rule authorizing it. (Revenue act, 1918, sec. 234 (a) (5).)
(U. S. C. C. A. 1929.) Internal Revenue Regulation 62, article 151 (Comm.
Reg. 8226-2 C. B. 116), providing that debts charged off by banks or
other corporations, in obedience to specific orders or in accordance with
general policy, of supervisory Federal authorities, shall be presumed worthless for income tax purposes, held not to support deduction from bank's
gross income under revenue act, 1918, section 234 (a) (5), 40 Stat.
1078, in absence of showing of specific order by public authority to charge
off such item as worthless, or evidence of any rule, regulation, or general
instructions authorizing it. (Ib.)
Internal revenue—Court can substitute its judgment for that of tax authorities in
rejecting deduction only if there is failure to exercise real discretion or error of
law. (Revenue act, 1921, sec. 234 (a) (4) (5).)
(U. S. C. C. A. 1928.) If Commissioner of Internal Revenue and Board of
Tax Appeals exercised their discretion to reject taxpayer's claim to deduction for losses under revenue act, November 23, 1921, section 234 (a)
(4) (5), 42 Stat. 254, and Treasury Regulations of 1922, articles 151, 155,
on legal and reasonable grounds, Circuit Court of Appeals could not substitute its discretionary judgment for that of the tax authorities; but, if
there was a failure really to exercise discretion, or error of law in its exercise, court must grant relief. (Rhode Island Hospital Trust Co. v. Commissioner of Internal Revenue, 29 Fed. Rep. (2d series), 339.)
206
BEPOET OF THE COMPTROLLER OF THE CURRENCY
Internal revenue—Taxpayer's rights were not destroyed because it erroneously
sought deduction for bad debts and also addition to reserve for bad debts. (Revenue
act, 1921, sec. 234 (a) (4) (5).)
(U. S. C. C. A. 1928.) That taxpayer originally sought a deduction from
profits tax and also an addition to its reserve for bad debts, under revenue
act, November 23, 1921, section 234 (a) (4) (5), 42 Stat. 254, and Treasury
Regulations of 1922, articles 151, 155, to only one of which it was entitled,
did not destroy its real rights; taxpayer's rights, under conditions here
disclosed, not being determinable on merely technical grounds. (Ib.)
Internal revenue—Disallowing addition to reserve for bad debts for profits tax as
result of "guesswork " held not justified. (Revenue act, 1921, sec. 234 (o) (4) (£)•)
(U. S. C. C. A. 1928.) Taxing authorities' disallowance of trust company's
addition of $200,000 to its reserve for bad debts, for purposes of profits
tax, under revenue act, November 23, 1921, section 234 (a) (4) (5), 42
Stat. 254, and Treasury Regulations of 1922, articles 151, 155, on ground
that such amount was determined by "guesswork" held not justified
under the evidence that year in which addition was made was one in which
banks generally faced very dangerous conditions, calling for extraordinary
precautions, and that trust company at that time held about $23,000,000
in short-time notes. (Ib.)
Internal revenue—Honest judgment of bank officials as to bank's profits for profitstax purposes must be given substantial, if not controlling, weight.
(U. S. C. C. A. 1928.) Though the honest judgment of bank officials as to
amount of profits made is not expressly made by statute prima faci6
evidence for profits-tax purposes, it must, in absence of any indication of
tax-dodging intent, be given very susbtantial, if not controlling, weight.
(Ib.)
Internal revenue—Trust company's losses over period of years held not proper test
of reasonable reserve for bad debts during year involving unusual conditions.
(Revenue act, 1921, sec. 234 (a) (4) (5).)
(U. S. C. C. A. 1928.) Determination of Board of Tax Appeals that evidence
did not warrant exercise of discretion favorable to claim of trust company
for deduction for losses and bad debts for profits-tax purposes under
revenue act, November 23, 1921, section 234 (a) (4) (5), 42 Stat. 254, and
Treasury Regulations of 1922, articles 151, 155, because there was no
evidence respecting losses over a period of years on which to predicate a
reasonable reserve for bad debts, held erroneous as matter of law, where
unusual conditions confronting banks generally during taxable year involved called for unusual measures. (Ib.)
Internal revenue—That corporate notes unexpectedly liquidated for larger sum
than holder believed possible when it filed profits tax return, held not controlling
on question of reasonableness of bad debt-deduction. (Revenue act, 1921, sec. 23%
(a) (4) (5).)
(U. S. C. C. A. 1928.) Where evidence clearly warranted trust company in
considering its original investment of $98,000 in corporate notes as worth
no more than $10,500 when it filed its profits-tax return for 1921, and
claimed deduction for bad debts under revenue act, November 23, 1921,
section 234 (a) (4) (5), 42 Stat. 254, and Treasury Regulations of 1922,
articles 151, 155, fact that such notes, through reorganization of corporation under Federal receivership and special State legislation ultimately,
but unexpectedly, liquidated for over $41,000 in 1925, had no controlling
weight. (Ib.)
Internal revenue—Where taxpayer maintained reserve for bad debts, profits-tax
deductions should be charged as addition to reserve. (Revenue act 1921, sec. 234
(a) (4) (5); Treasury Regulations of 1922, arts. 151, 155.)
(U. S. C. C. A. 1928.) Where taxpayer had "heretofore maintained reserve" for bad debts subsequent deduction for bad debts, as matter of
technically correct form, should have been charged as an addition to
reserve for bad debts, under revenue act, November 23, 1921, section 234
(a) (4) (5), 42 Stat. 254, and Treasury Regulations of 1922, articles 151,
155. (Ib.)
REPORT OF THE COMPTROLLER OF THE CURRENCY
207
Internal revenue—District court can not review Internal Revenue Commissioner's
determination on application for refund through special assessment.
(U. S. D. C. 1929.) The district court can not review determination of
Commissioner of Internal Revenue on application for refund through
special assessment, whether such determination be for or against claimant.
(National Park Bank of New York v. United States. 33 Fed. Rep. (2d
series) 1006.)
Mandamus—Commissioner of Internal Revenue's refusal to consider application
for special assessment for tax refund is reviewahle through mandamus in District
of Columbia.
(U. S. D. C. 1929.) Refusal of Commissioner of Internal Revenue even to
consider application for a special assessment by taxpayers seeking refund
of alleged overpayment of taxes is reviewable through mandamus proceedings in District of Columbia. (Ib.)
TAXATION OF CONSOLIDATING BANKS
Internal revenue—State
banks amalgamated to form new bank and said new bank
held not u affiliated corporations'' for tax purposes. (Revenue act, 1918, sec.
HO (b).)
(D. C. App. 1929.) Where two State banks were amalgamated into new
bank under agreement providing that stock of new bank was to be paid
for by old banks transferring to new bank approved tangible assets at
certain rate, that old banks were to retire immediately from banking
business, liquidate their remaining assets, and procure dissolution of
charters within five years, and that for purpose of agreement stockholders
of each old bank should appoint trustees, to whom they were to transfer
all their stock, trustees to vote stock as necessary to carry out agreement,
and to distribute new stock to stockholders of old banks, held, that old
banks and new bank were not "affiliated corporations," for tax purposes,
within revenue act, 1918, section 240 (a) (b), 40 Stat. 10825 and Regulations 45, T. D. 3146, articles 631, 633. (Lafayette-South Side Bank v.
Commissioner of Internal Revenue. 33 Fed. Rep. (2d series) 646.)
Internal revenue—Good will of two banks transferred to new bank held not "invested
capital1' for tax purposes. (Revenue act, 1918, sees. 325 (a), 326 (a), subsec. 4.J
(D. C. App. 1929.) Where two State banks amalgamated by transferring
their assets, including good will, to new bank, under written agreement
providing that no valuation should be placed on good will transferred, and
that no stock was to be actually issued therefor, held, that value of good
will could not be included in the "invested capital" account of the new
bank, under revenue act, 1918, sections 325 (a), 326 (a), subsection 4 (40
Stat. 1091, 1092). (Ib.)
Internal revenue—Good will of old banks transferred to new bank held not part of
"paid-in surplus" for tax purposes. (Revenue act, 1918, sec. 326 (a), subsec. 3.)
(D. C. App. 1929.) Where two State banks amalgamated by transferring
their assets, including good will, to new bank under written agreement
providing that no valuation should be placed on good will transferred, and
that no stock was to be actually issued therefor, held, that good will did
not constitute part of "paid-in surplus," under revenue act, 1918, section
326 (a), subsection 3 (40 Stat. 1092), for tax purposes. (Ib.)
TAXATION UNDER DISTRICT OF COLUMBIA
District of Columbia—Act taxing 7iational bank's gross earnings held inapplicable
to interest on tax-exempt Government bonds. (Act July 1, 1902, sec. 6, par. 5,
32 Stat. 619, as amended by act March 3, 1917, 39 Siat. 1047; act April 24, 1917,
sec. 1; 31 U. S. C. A. sec. 746.)
(Dist. Col. C. A. 1929.) Act July 1,1902, section 6, paragraph 5, 32 Stat. 619,
as amended by act March 3, 1917, 39 Stat. 1047, imposing tax on gross
earnings of national»banks in District of Columbia in lieu of all other taxes
on personal property thereof, does not apply to interest on Government
bonds and other evidences of public debt, exempt from taxation under act
April 24, 1917, section 1, 31 U. S. C. A., section 746, and other acts providing for bond issues. (District of Columbia v. Riggs National Bank,
30 Fed. Rep. (2d series), 873.)
208
KEPORT OF THE COMPTROLLER OF THE CURRENCY
District of Columbia—Whether Congress may repudiate tax exemptions need not be
considered in national bank's action to recover taxes paid on interest on Government bonds. (Act April 24, 1917, sec. 1; 31 U. S. C. A. sec. 746; act July 1,
1902, sec. 6, par. 5; 32 Stat. 619, as amended by act March 3,1917, 39 Stat. 1047.)
(Dist. Col. C. A. 1929.) Whether Congress may repudiate exemptions from
taxation in act April 24, 1917, section 1, 31 U. S. C. A., section 746, and
other acts authorizing issuance of Government bonds within District of
Columbia, need not be considered in national bank's suit against District
to recover taxes paid on interest on such bonds, under act July 1, 1902,
section 6, paragraph 5, 32 Stat. 619, as amended by act March 3, 1917,
39 Stat. 1047, there being nothing indicating such intention in language of
either taxing act or bonding acts. (Ib.)
District of Columbia—Tax exemptions in bonding acts must be construed to limit
power under earlier act to tax national banks' gross earnings. (Act April 24> 1917,
sec. 1; 31 U. S. C. A. sec. 746; act July 1, 1902, sec. 6, par. 5, 32 Stat. 619.)
(Dist. Col. C. A. 1929.) Act April 24, 1917, section 1, 31 U. S. C. A., section
746, and other acts exempting bonds issued thereunder from taxation,
having been passed long after act July 1, 1902, section 6, paragraph 5, 32
Stat. 619, imposing tax on gross earnings of national banks in District of
Columbia, exceptions or exemptions in bonding acts must be construed
to limit taxing power under earlier act. (Ib.)
District of Columbia—Statutes exempting bonds issued thereunder from taxation held
applicable to District of Columbia, as well as States. (Act April 24,1917, sec. 1;
31 U. S.C. A. sec. 746.)
(Dist. Col. C. A. 1929.) Act April 24, 1917, section 1, 31 U. S. C. A., section
746, and other acts exempting both principal and interest of bonds issued
thereunder from all taxation, except estate or inheritance taxes, imposed
by the United States, its possessions, or any State or local taxing authority
apply to the District of Columbia, as well as the States, and place a
limitation on Congress, as well as State legislatures. (Ib.)
CITY TAXATION
Courts—Suit to enjoin city officers from collecting national bank tax held not one for
%
presentation to statutory court of three judges. (Laws N. Y., 1923, ch. 897; Rev.
St. sec. 5219, as amended by act March 4, 1923 [12 U. S. C. A. sec. 548]; Const.
Amend. 14; Judicial Code, sec. 266 [28 U. S. C. A. sec. 380].)
(U. S. D. C. 1928.) Suit to enjoin receiver of taxes of the city of New York
and the city collector from collecting a tax on national bank stock, in
accordance with Laws of New York, 1923, chapter 897, on the ground
that such statute was in violation of Revised Statutes, section 5219, as
amended by act March 4, 1923 (12 U. S. C. A., sec. 548), and Constitutional Amendment 14, held not to present a proper case for consideration by statutory court of three judges, under Judicial Code, section 266
(28 U. S. C. A., sec. 380); the officers referred to in such law being appointed by comptroller of the city, and having no duties except in collecting taxes levied by city assessing officers. (Public Nat. Bank of New
York v. Keating, receiver of taxes, et al., 29 Fed. Rep. (2d series), 621.)
TRUSTS
CROSS REFERENCE:
DEPOSITS—
DEPOSIT OF TRUST FUNDS
Page
163
Sales—Conditional seller, by permitting buyers to use as their own proceeds of
property sold, waived any right in or lien on proceeds.
(U. S. C. C. A. 1929.) Where buyers of equipment under conditional sales
contract, after adding certain features, resold equipment, and received and
used proceeds as their own property, with knowledge, consent, and approval of conditional seller, who, because it considered buyers to be in
good financial condition, did not take assignment of contracts from subsequent purchasers, though buyers were ready and willing to make such
assignments, held that seller waived any right in or lien on proceeds, and
was in position of creditor of buyers on their bankruptcy. (In re Hollins
& Arrouez Electric & Engineering Co., Allis-Chalmers Mfg. Co. v. Moore
et al., 31 Fed. Rep. (2d series), 50.)
REPORT OF THE COMPTROLLER OF THE CURRENCY
209
Trusts-—One claiming lien on fund on theory that trust funds have been wrongfully
mingled therewith has burden of tracing trust moneys into such fund.
(U. S. C. C. A. 1929.) One claiming lien against a certain fund with which
trust funds have been wrongfully mingled has burden of proof to trace
trust moneys into such fund, and, if he is unable to identify the funds as
representing proceeds of his property, his claim must fail. (Ib.)
Trusts—Lien on theory of tracing trust funds can not be impressed on property not
enhanced or augmented thereby.
(U. S. C. C. A. 1929.) Lien on theory of tracing trust funds can not be
impressed on property which is not shown to have been enhanced or
augmented by the unlawful application. (Ib.)
Corpus of trust fund held not part of decedents estate subject to estate taxf notwithstanding reserved right to appoint remainderman by will and revoke trust with
trustee's consent; ugeneral power of appointment."
(Taxing act, February 2J+,
1919, sec. 402, 402 [e].)
(U. S. C. C. A. 1928.) Corpus of trust fund held not part of decedent's net
estate subject to estate tax, within taxing act February 24, 1919, section
402 (40 Stat. 1097), notwithstanding that decedent had reserved power to
appoint remainderman by will, to and among his issue, and to revoke'trust
with trustee's consent, since "general power of appointment" in subdivision (e) contemplates power with no restrictions. (Farmers' Loan &
Trust Co. v. Bowers, collector of internal revenue, 29 Fed. Rep. (2d
series), 14.)
Trusts—Power to revoke trust is not property right.
(XL S. C. C. A. 1928.) Power to revoke trust is not property right, nor an
interest in property. (Ib.)
Trusts—Title passes and remains fixed, for purpose of t?*ust, notwithstanding right
to revoke.
(U. S. C. C. A. 1928.) Title passes to donee, and remains fixed for purpose
of trust, notwithstanding right to revoke, and until such right is exercised
estate exists by virtue of transfer. (Ib.)
Trusts—Power to revoke trust is not transferable or descendible.
(U. S. C. C. A. 1928.) Power to revoke trust is not transferable or descendible, nor may it be alienated or passed by will, since it is personal to holder.
(Ib.)
Trusts—Absolute power to revoke trust is equivalent to general power to appoint.
(U. S. C. C. A. 1928.) Absolute and unconditional power to revoke trust is
treated as equivalent to general power to appoint. (Ib.)
Drawing check on trust fund and depositing it in same bank to trustee's personal
credit is not misappropriation, nor notice to bank of such purpose.
(XL S. C. C. A. 1928.) In absence of statute making it so, drawing of
check in due form on trust fund and depositing it in same bank to personal
credit of trustee is neither conversion or misappropriation of fund, nor
notice to bank of any such purpose. (Maryland Casualty Co. v. City
National Bank, 29 Fed. Rep. (2d series) 662.)
Trustee's payments to bank from account in which trust funds were commingled with
private funds held not notice of intention to misappropriate trust fund.
(U. S. C. C. A. 1928.) Where trust funds are commingled with private
funds in personal account of trustee, bank is not bound by its knowledge
of that fact to look to manner of their disbursement, and trustee's payments to bank were not notice to it of his intention to misappropriate
trust funds. (Ib.)
Surety, paying county trustee's shortage, could sue bank for funds traced to its possession, or aiding in misappropriation, without seeking to surcharge settlement.
(U. S. C. C. A. 1928.) Where there was no controversy as to fact and
amount of county trustee's shortage, which was not discovered till after
settlements were made, county could, without seeking to surcharge settlements, sue bank for wrongfully aiding in misappropriation, or for such of
its funds as it could trace to possession of bank, and surety, which paid
shortage, is entitled to subrogation to that right. (Ib.)
210
REPORT OF THE COMPTROLLER OF THE CURRENCY
Estoppel.—County, approving reports and settlements because of trustee's misrepresentations, held not estopped to recover funds from bank.
(U. S. C. C. A. 1928.) That commissioners of county made periodical
reports on trustee's account, on which settlements were made, did not
constitute estoppel, barring recovery from bank of county's funds traced
to its possession after trustee's shortage was discovered, where reports and
settlements were approved by county because of trustee's fraudulent
misrepresentations. (Ib.)
Surety, paying county trustee's shortage, may recover from bank trust funds traced
to its possession.
(U. S. C. C. A. 1928.) Surety, having paid shortage of county trustee, held
entitled to recover from bank any trust funds traced into its hands, as
against contention that bank's title to funds paid to it by trustee was
complete, under negotiable instruments act of Tennessee. (Acts 1899,
ch. 94.) (Ib.)
Where trust and personal funds are commingled in personal account, check for
personal obligation is presumably payable from trustee's own money.
(U. S. C C A . 1928.) Where trust funds have been commingled with
personal funds in personal account, law presumes that drawer of check
for personal obligation against account intends to make payment out of
his own money. (Ib.)
To determine amount of trust money in joint account on given date, minimum balance between such date and date of deposit is amount identifiable as trust fund.
(U. S. C C A. 1928.) When trust money has been deposited in joint
account, and it must be determined how much remains on given date,
minimum balance existing between that date and date of deposit is amount
remaining and identifiable as trust fund, since, when trust fund has been
reduced, subsequent deposits of personal funds, without intention to
restore trust fund, are not to be applied to such restoration. (Ib.)
Perpetuities—Validity of trust in lands under rule against perpetuities was determined by law as it existed prior to donor's death in States in which lands were
located.
(U. S. D. C 1928.) Validity of trust covering New York and Pennsylvania
lands, as regards rule against perpetuities, was determined by common
law prevailing in the respective States prior to the death of the donor.
(Carnahan et al. v. Peabody et al., 29 Fed. Rep. (2d series) 412.)
Perpetuities—Gift, on distribution of property after termination of 90-year trust,
held void under rule against perpetuities.
(U. S. D. C 1928.) Gift under instrument placing donor's property in trust
with his partner for period of 90 years, "after which time said estate,
together with the accumulations therefrom, shall be given to and divided
between the descendants of my two brothers," held void under rule
against perpetuities, because intentionally suspending vesting of remainder
for arbitrary 90-year period. (Ib.)
Trusts—Rule requiring application of donor's intention to trust overrides rules of
construction.
(U. S. D. C. 1928.) Rule requiring interpretation of trust according to
donor's intention overrides all rules of construction. (Ib.)
Perpetuities—Trust fails where only purpose is accumulation for ultimate donees
prevented from taking by rule against perpetuities.
(U. S. D. C 1928.) Where only purpose of trust is accumulation for ultimate donees who are prevented from taking by rule against perpetuities,
gift in trust fails. (Ib.)
WAREHOUSEMEN
. Warehousemen—Evidence sustained finding that pledgee took warehouse receipt for
value in good faith, in replevin action by carrier to recover goods wrongfully
delivered.
(U. S. C. C. A. 1928.) In action by initial carrier, as assignee of draft and
bill of lading, against pledgee of warehouse receipt, to recover possession
REPORT OF THE COMPTROLLER OF THE CURRENCY
211
of goods wrongfully delivered, evidence held to sustain finding that defendant took warehouse receipt for value in good faith and without
notice. (Southern Pac. Co. v. Bank of America, 29 Fed. Rep. (2d series)
465.)
Replevin—Plaintiff's
another has title.
recovery in replevin depends on right to possession, though
(U. S. C. C. A. 1928.) Replevin is possessory action in which recovery
depends upon right to possession, and plaintiff having right to possession
may prevail, though title is in another. (Ib.)
Warehousemen—Initial carrier taking assignment of bill of lading issued by it,
after connecting carrier's wrongful delivery to warehouseman, held not entitled to
replevin goods as against bona fide pledgee of warehouse receipt.
(U. S. C. C. A. 1928.) Initial carrier issuing bill of lading, of which it subsequently took assignment together with draft, after connecting carrier's
wrongful delivery, held not entitled to replevin the goods as against bona
fide pledgee of warehouse receipt issued by warehouse company to which
goods were delivered, since connecting carrier was plaintiff's agent and
defendant had superior right of possession. (Ib.)
Warehousemen—Initial carrier can not question possession of warehouseman, or
good-faith holders of warehouse receipt, after connecting carrier's wrongful delivery
to warehouseman.
(U. S. C. C. A. 1928.) Initial carrier is not entitled to question right of
possession of warehouse company, or persons taking warehouse receipt in
good faith and without notice, after connecting carrier's wrongful delivery
to warehouse company, since delivery of possession was plaintiff's
delivery. (Ib.)
Appeal and error—Assignments for benefit of creditors—Proceeding against debtor's
assignee for distribution of fund is equitable, and reviewing court may consider
sufficiency of evidence.
(U. S. C. C. A. 1929.) Proceeding by creditors for equitable distribution of
fund in hands of debtor's assignee is properly instituted in court of equity,
and reviewing court is not precluded from considering sufficiency of evidence to support findings or judgment. (McDonnell v. Bank of China
et al., 33 Fed. Rep. (2d series) 816.)
Pledges—To constitute "pledge," pledgee must have possession and property must
be under creditor's control.
(U. S. C. C. A. 1929.) It is essential, to constitute a "pledge," that the
pledgee have possession of the thing pledged and that the property be
under power and control of the creditor, (Ib.)
Warehousemen—Transaction whereby debtor executed note and deposited flour as
collateral security constituted pledge, irrespective of whether property could be
identified.
(U. S. C. C. A. 1929.) Transaction whereby debtor executed note to warehouse company and deposited bags of flour as collateral security constituted pledge, where warehouse company had possession thereof, irrespective of whether property could be identified, or was part of general
mass at time pledge was made. (Ib.)
Warehousemen—Warehouse company, while retaining note, could not assert right
to flour as pledgee, as against holders of warehouse receipts.
(U. S. C. C. A. 1929.) Warehouse company, while it held note of pledger,
could not assert right as pledgee in any of flour deposited with it as collateral security, as against holders of warehouse receipts, where there was
not sufficient flour in storage to meet demands of all. (Ib.)
Warehousemen—Insolvent warehouse company, after transfer of right in flour
pledged to it, held property as agent or bailee.
(U. S. C. C. A. 1929.) Insolvent warehouse company, taking pledge of
flour in storage as collateral security for note, held flour as agent or bailee
for one to whom it transferred its rights as pledgee. (Ib.)
212
REPORT OF THE COMPTROLLER OF THE CURRENCY
Warehousemen—Where insolvent warehouse company made assignment, holder of
receipt covering pledged flour could participate with holders of warehouse receipts
in proceeds of flour without identifying pledged flour.
(U. S. C. C. A. 1929.) Where insolvent warehouse company, having sufficient flour in storage to satisfy outstanding warehouse receipts made
assignment of its property, holder of receipt covering flour pledged to
warehouse company was entitled to participate in proceeds of sale of
flour with holders of warehouse receipts, though pledged flour could not
be identified. (Ib.)
Warehousemen—Where insolvent warehouse gave receipt for flour pledged to it,
question whether flour of certain brand came into possession of assignee of warehouse
should be determined before entering final decree for distribution of proceeds of
flour.
(U. S. C. C. A. 1929.) Question whether flour of a certain brand came into
possession of assignee of insolvent warehouse company must be determined
before entering final decree for distribution of proceeds of flour among
holders of warehouse receipts, where certain flour was pledged to warehouse, and warehouse gave receipt for it and transferred its rights therein
to bank. (Ib.)
DECISIONS OF STATE COURTS
Mr. Thomas B. Paton, general counsel of American Bankers7 Association, furnishes the following decisions of State courts of particular
interest to banks for the period from November 1, 1928, to October
17, 1929, from the following reporters:
Atlantic Reporter 143, 144, 146, 147.
Northeastern Reporter 99, 146, 164, 165, 166, 167.
Northwestern Reporter 221, 222, 223, 224, 225, 226.
Pacific Reporter 270, 271, 272, 273, 274, 275, 276, 277, 278, 279, 280.
Southern Reporter 118, 119, 120, 121, 123.
Southeastern Reporter 144, 145, 146, 147, 148.
Southwestern Reporter (2d) 9, 10, 11, 12, 14, 15, 16, 17, 19.
New York State 231, 232, 233, 234, 236.
Ohio State reports 86.
Five additional decisions are taken from the New York Law
Journal.
In addition reference is made by Mr. Paton to Federal decisions in
the following reporters:
Supreme Court Reporter 49.
Federal Reporter (2d) 28, 29, 30, 31, 32, 33, 34.
These decisions are arranged in accordance with the treatment of
the subject with which they are connected in Paton's Digest.
The abbreviation " P . D . " refers to Pa ton's Digest to which the
various decisions have been allocated.
ACCEPTANCE AND CERTIFICATION
Necessity of acceptance in writing citing
Paton's Digest opinion 15. Bank of Magazine v. Friddle, 14 S. W. (2d)
(Ark.) 238. P. D. 15.5.
ACCEPTANCE AND CERTIFICATION. Interpleader between holder and drawer of
certified check who claims no consideration. Greenberg v. World Exchange
Bank (by Noonan, J.). The New York Law Journal, page 1714, January
11, 1929. P. D. 45.1.
ACCEPTANCE AND CERTIFICATION.
REPORT OF THE COMPTROLLER OF THE CURRENCY
213
ACCEPTANCES—TRADE
NEGOTIABILITY WHERE STATEMENT I S THAT " obligation of the acceptor hereof
arises out of the purchase of goods from drawee." Court notes that supreme
court refused a writ of error from case holding that negotiability was not
affected. Arrington v. Mercantile Protective Bureau, 15 S. W. (2d) (Tex.)
663. P. D. 168.
ACCEPTANCES—TRADE—NEGOTIABILITY. Effect upon negotiability of: "The
obligation of the acceptor arises out of the purchase of goods from the
drawer."
"The only reasonable conclusion to be drawn from the face of these trade
acceptances is that their execution completed the contract between the
parties and that the promise to pay was unqualified. We therefore conclude
that the language of the obligation is no more than a statement of the consideration, or a reference to the origin, of the transaction, and did not
destroy the negotiability of the instruments."
Lane Co. v. Crum, 291 S. W. 1084, distinguished. "There is added in
the reported case the additional language, 'maturity being in conformity
with the original terms of purchase.'"
*
*
*
*
*
*
*
"In the instant case the trade acceptances represent an unqualified promise to pay a certain sum at a certain time; in the reported case, the trade
acceptances represent a promise to pay, qualified by an existing contract
between the parties. We conclude, therefore, that the reported case is not
contrary to the holding in the instant case." American Exchange National
Bank v. Steeley, 10 S. W. (2d) 1038 (Tex.). P. D. 168.
ADMINISTRATION
DEATH AND DECEDENT'S ESTATE.
administrator.
OF ESTATES
Authority of foreign corporation to act as
280 P. (Nev.) 321. P. D. 1719.
BOOKS, INSPECTION OF
CONFIDENTIAL NATURE OF BANK RECORDS.
" A S to the records of the accounts,
the deposit and withdrawals, * * *. There is an implied obligation, as
I see it, on the bank, to keep these from scrutiny until compelled by a court
of competent jurisdiction to do otherwise."
*
*
*
*
*
*
*
"If the prosecutor can inspect the accounts of all policemen and their
wives, what is to prevent him from making any investigation into any
account of other individuals or classes which it may strike his fancy to
delve into? The right of personal privacy would be gone, and the public
would lose confidence in the institutions to which they intrusted their
assets " Brex v. Smith, 146 Atl. (N. J.) 34. P. D. 565.5.
BRANCHES
FOREIGN NATIONAL BANK MAINTAINING IN STATE, OFFICE SOLICITING BUSINESS
AND GATHERING INFORMATION, HELD NOT "DOING BUSINESS" THEREIN
AND NOT SUBJECT TO STATE COURT'S JURISDICTION NOR SUABLE BY NONRESIDENT (12 U. S. C. A. SEC. 24, SUBD. 7; GENERAL CORPORATION LAW,
SEC. 47.) (City Court of N. Y. 1929.) National bank having its principal
place of business in California, and whose main business under 12 U. S. C, A.
section 24, subdivision 7, was discounting and negotiating of commercial
paper; receiving deposits, buying and selling of exchange, coin, and bullion,
loaning money on personal security, and obtaining, issuing, and circulating
of notes, none of which functions were performed by it in New York, where
it maintained office, solicited business, and gathered information, held
"not doing business" in New York so as to be subject to service of process
on its vice president in charge of New York office nor subject to suit by
nonresident under General Corporation Law, section 47. (Raiola v. Los
Angeles First Nat. Trust & Savings Bank. 233 N. Y. S. 301.) P. D. 498.5.
214
KEPORT OF THE COMPTROLLER OF THE CURRENCY
CHECKS
CHECKS—CHECKS PAYABLE TO DRAWEE B A N K — E F F E C T OF SUCH ORDER.
"The
checks upon the bank, signed by the president and treasurer of the plaintiff
in error, to pay to the order of the bank definite sums, were authority to
the bank to pay to itself such sums, and were not authority to the bank to
pay such sums to any one else, and therefore, with respect to the amount
in which the sums of such checks exceeded the obligations of the plaintiff in
error to the bank, the bank still occupied the position of debtor to the plaintiff in error, and its duties with reference to such excess were the duties
imposed by its implied contract with the plaintiff in error to pay only upon
the order of the president and treasurer." Damascus Mfg. Co. v. Union
Trust Co., 164 N. E. (Ohio) 530. P. D. 1149.
CASHIER'S CHECK LOST IN GAMBLING.
Validity in hands of holder in due
course. Manufacturers' & Mechanics' Bank of Kansas City v. Twelfth
Street Bank, 16 S. W. (2d) (Mo.) 104. P. D. 1163.1.
PAYMENT—AMBIGIOTJS CHECK PUTTING
DRAWEE
BANK
IN DILEMMA.
The
court said: " B y drawing these checks in the manner in which they did, thus
rendering it uncertain from their terms whether they were for the benefit of
the Manual Arts Co. of J. B. Tailer, and then delivering them into the
possession of the latter, the respondents placed it in the power of Tailer to
mislead the bank in paying the money to him. In such a case the plaintiffs
should suffer for the wrongful acts of Tailer."
" I t is well settled that, where an instrument is uncertain as to its terms,
it is to be construed most strongly against the party thereto who caused
such uncertainty to exist." Couture v. Ocean Park Bank, 270 Pac. (Calif.)
943. P. D. 1209.1.
CHECKS WITHOUT FUNDS. Payment of Check before trial. Postdated Checks.
People v. Weaver, 274 Pac. (Calif.) 361. P. D. 1260.
PERSONAL USE OF FIDUCIARY CHECKS. Liability of bank where fiduciary draws
check to himself personally and deposits it in his personal account, misappropriating proceeds by paying bank and otherwise. Maryland Casualty
Co. v. City National Bank, 29 Fed. (2d) 662. P. D. 1332.5.
CHECKS WITHOUT FUNDS.
Kentucky 1928 and 1926 statutes held unconsti-
tutional. Element of intent to defraud omitted. Imprisonment for debt.
"The act is a declaration by the commonwealth to one party to a contractual
transaction, whereby he had incurred a debt to the other, that unless he
pays that debt he shall be arrested, tried, convicted, fined, and imprisoned
at hard labor; and this obviously not for any taint of criminality in the
transaction out of which the debt arose. For this default, unless it is purged
by paying, before conviction, his debt to the prosecuting party, and the
accrued costs of putting this coercion upon him, the debtor may be imprisoned. There is no pretense of punishing him for giving the paper if
the preliminary notice or demand shall have the desired effect of extorting
the money he owes. If this fails he may be branded a felon under the guise
of punishing an act which is not criminal and which does not involve abstract criminality or the taint of moral turpitude, and which might up to
the very moment of conviction have been shorn of even its factitious criminality by the payment of the obligation." Burnam v. Commonwealth,
15 S. W. (2d) (Ky.) 256. Ward v. Commonwealth, 15 S. W. (2d) (Ky.)
276. P. D. 1260.3.
CHECJKS WITHOUT FUNDS CRIMINAL LIABILITY OF CORPORATE OFFICER.
" When a
corporation issues its check in payment of a corporate debt owing to the payee,
which check is not honored for lack of funds or credit, none of the officers
who signed it in their representative capacity may be prosecuted under section
1292-a of the penal law, because none of them can be regarded as either a
maker, drawer, utterer, or deliverer of the check." People v. Fleishman, 232
N. Y. S. 187. P. D. 1271.1.
FIDUCIARY CHECKS. Payment of personal debt to drawee bank. Charge to
fiduciary account of check signed in individual name. Paying cash to
fiduciary on bearer check. Checks paid after notice of a misapplication.
Massachusetts Bonding & Ins. Co. v. Standard Trust & Savings Bank, 166
N. E. (111.) 123. P. D. 1307.1.
RE POUT OF THE COMPTROLLER OF THE CURRENCY
215
Instrument made payable to "A, trustee" received in payment of personal debt
of A in violation of trust. Notice of defect from form of instrument. Owens
v. Nagel, 165 N. E. (111.) 165. P. D. 1307 Section 4 (2).
FIDUCIARY CHECKS. Draft by agent payable to bank other than drawee.
Deposit of proceeds in personal account. Misapplication of trust funds in
such account. White-Dulany Co. v. Craigmont State Bank. 279 P. (Idaho)
621. P. D. 1307, section 5.
PERSONAL U S E OF FIDUCIARY CHECKS.
Liability of depository bank, which
credits to drawer's agent proceeds of check payable to such bank. Such
check as order on depository to place proceeds to drawer's credit. W. L.
Chase & Co., Inc., v. Norfolk Nat. Bank of Commerce and Trusts, 145 S. E.
(Va.) 725. P. D. 1330.6.
PERSONAL U S E OF FIDUCIARY CHECKS.—Fiduciary's check to personal order
deposited to his individual account and misapplied. Oregon statute. New
Amsterdam Casualty Co. v. Robertson. 278 Pac. (Oreg.) 963. P. D. 1331.5.
OVERDRAFTS
" When a bundle of checks is presented through a clearing house, all must be paid
or none. The payer bank is not entitled to select checks for payment, if
funds to pay all are insufficient." Louisville & N. R. Co. v. Federal Reserve
Bank of Atlanta, 10 S. W. (2d) 683. P. D. 3751.5. (Inconsistent with
opinions in digest.)
" Checks must be paid in the order in which they are presented. No payee has a
right to demand that his check be given priority over a check that came in
for payment earlier." Louisville & N. R. Co. v. Federal Reserve Bank of
Atlanta, 10 S. W. (2d) 683. P. D. 3754.5.
FINALITY OF PAYMENT OF CHECK GENERALLY.
A check was paid notwithstand-
ing a stop order. The reason was statements over the telephone by the bank
to the holder. " I t elected to pay the check, and the transaction is closed.
When the check was paid it became dead to the commercial world, mere
evidence of a past transaction or indebtedness that had become extinguished
by payment. The payment, under the circumstances, was purely a voluntary act on the part of the bank, and it can not recover the funds so paid out
from the original payee, Russell, or anyone else." Huffman v. Farmer's
National Bank of Cross Plains, 10 S. W. (2d) (Tex.) 753. P. D. 3764.6.
CHECKS
STOPPING PAYMENT OF CHECK.
EQUITABLE PURCHASER.
A drawee bank felt
bound by statements over the telephone to the holder and consequently
refused to obey a stop order. The court held the payment purely voluntary
so as not to give the drawee any rights over against the parties to the check.
Huffman v. Farmers' National Bank of Cross Plains, 10 S. W. (2d) (Tex.) 753.
P. D. 4519.5.
STOPPING PAYMENT. Protection of bank by stop-payment agreement. Gaita v.
Windsor Bank, 167 N. E. (N. Y.) 203. P. D. 4463.5. (This decision goes
very far in protecting the bank.)
COLLATERAL
PLEDGE AND COLLATERAL. Negotiability of collateral note with acceleration
provisions, etc. City National Bank v. Roberts, 165 N. E. (Mass.) 470.
P. D. 3826.5.
Right of transferee of note to hold collateral for general indebtedness of party of
original note to it. Suggestion that collateral note form include provision
protecting transferee in this respect. Stover Bank v. Welpman, 19 S. W.
(2d) (Mo.) 740. P. D. 3891.8.
Loan of credit pledge of collateral for benefit of third person—Transfer of assets
of insolvent national banks. Federal Intermediate Credit Bank of Omaha
v. L'Herisson, 33 F. (2d) 841. P. D. 736.5.
79003°—30
15
216
REPORT OF THE COMPTROLLER OF THE CURRENCY
PLEDGE AND COLLATERAL. Pledge for general indebtedness of pledgor—Inclusion
of obligation on which he is jointly liable with another—Right of transferee
of note and collateral to hold collateral for general indebtedness of pledgor
to him. 34 F. (2d) 334, modified in other respects, 34 F. (2d) 344. P. D.
3891.9.
Note extra copy filed under 3816, with notation that form should specifically include joint obligation of pledgor.
COLLECTIONS
COLLECTION. California bank collection statute construed. Anthony v.
Crocker First National Bank, 272 Pac. (Calif.) 767. P. D. 1416.4.
Construction of Georgia statute giving priority for unpaid collection items.
Kuniansky v. Mobley, 146 S. E. (Ga.) 898. P. D. 1416.4.
Application of collection agreement to deposit of public funds. Shambaugh v.
City Bank of Elm Creek. 226 N. W. (Nebr.) 460. P. D. 1446.10.
Collection " credited subject to final payment." What constitutes final payment?
Haas v. Opelousas St. Landry Bank & Trust Co., 119 So. (La.) 372. P. D.
1447.
Bank as holder in due course for value of item deposited for collection when it
permits the depositor to withdraw the credit. Bath National Bank v. Ely N.
Sonnenstrahl, 164 N. E. (N. Y.) 327. P. D. 1461.
Liability for default of correspondent—Massachusetts rule in Louisiana.
(Listed as outstanding case because P. D. lists Louisiana under New York
rule.) Haas v. Opelousas St. Landry Bank & Trust Co., 119 So. (La.) 372.
P. D. 1471.
Forwarding direct—Bank draft in payment—Custom—Banking customs generally—Collection agreement—charging item back; deposit by public
officer—statutes affecting collection. Adams County v. Meadows Valley
Bank, 277 Pac. (Idaho) 575. P. D. 1471.7,
Liability of bank for selecting Federal reserve bank as correspondent in view of
practice of latter to forward direct. " I t would be too strong a thing to say
that a national bank is guilty of negligence in clearing through a Federal reserve
bank, particularly when the testimony of the officers of the national bank
showed that such officers were not advised as to the particular method
employed by the Federal reserve bank in making collections." Louisville
& N. R. Co. v. Federal Reserve Bank of Atlanta, 10 S. W. (2d) 683. P. D.
1481.6.
Compare last paragraph of 1481a. How can a national bank disavow knowledge
of practice of Federal reserve bank to forward direct?
FORWARDING DIRECT. Distinction between sending to drawee bank and to
bank at which item is made payable. Garrett v. Merchants' Bank & Trust
Co., 118 So. (Miss.) 540. P. D. 1483.7.
FORWARDING DIRECT—NEGLIGENCE. Collection bank not liable for forwarding
direct where drawee bank did not have sufficient cash to pay check after
paying checks previously presented. Louisville & N. R. Co. v. Federal
Reserve Bank of Atlanta, 10 S. W. (2d) 683. P. D. 1483.8.
RECEIPT OF DRAFT OR CASHIER'S CHECK IN PAYMENT—EFFECT OF CUSTOM.
"The great mass of business to-day is transacted on exchange, and not
with actual money. To require a collecting bank which, for the accommodation of a patron, has undertaken to collect for him a check or other
commercial paper which he has left with it for that purpose, to accept
nothing but legal tender, otherwise to assume all hazard attending the
collection, would place not only on the bank, but on business generally, a
requirement attended by great inconvenience and delay, and accompanied
by greatly increased expense of collection. It would be impracticable and
not in harmony with the trend of modern business. The custom prevailing
among banking institutions of transacting business by means of checks,
credits, and exchanges is of such general and universal nature that courts take
judicial notice thereof. Hilsinger v. Trickett, 86 Ohio St. 286, 99 N. E. 305,
Ann. Cas. 1913D, 421." Cattaruza v. First National Bank of Williamson,
146 S. E. (W. Va.) 393. P. D. 1554.4.
REPORT OF THE COMPTROLLER OF THE CURRENCY
RECEIVING DEAFT IN PAYMENT.
Custom.
217
Ignorance by depositor of custom.
Humble Oil & Refining Co. v. Wichita State Bank & Trust Co., U S . W.
(2d) (Tex.) 644. P. D. 1554.4.
ACCEPTANCE
OF DRAFT
IN LIEU
OF CASH.
Authorizing
statute.
North
Carolina. M. C. Braswell (Inc.), v. Citizens' National Bank of Raleigh,
148 S. E. (N. C.) 236. P. D. 1557.3.
ACCEPTANCE OF DRAFT IN PAYMENT AS AUTHORIZED BY STATUTE.
Risk of
payment of draft on holder or on drawer. Morris v. National Bank of
New Bern, 148 S. E. (N. C.) 253. P. D. 1568.2.
WHAT CONSTITUTES PAYMENT OF CHECK BY DRAWEE BANK.
Marking "paid,"
charging to drawer's account and sending of remittance draft. Insufficiency
of cash on hand and on deposit with drawee of draft to pay check or draft.
Insolvent drawee bank. Moore & Dawson v. Highway Engineering &
Construction Co., 144 S. E. (N. C.) 692. P. D. 1573.
AMOUNT OF WRONGFULLY DISHONORED CHECK AS TRUST FUND.
HOW far is
ruling dependent on minority rule that there is a trust fund when drawee
bank collects check upon itself? Johnson v. Farmers' Bank of Clarksdale,
11 S. W. (2d) (Mo.) 1090. P. D. 1589.1.
COLLECTION OF CHECK BY DRAWEE BANK FROM ITSELF.
vency. Kansas.
P." D. 1589.5.
Trust fund on insol-
Griffith v. Burlington State Bank, 277 Pac. (Kans.) 42.
TRUST FUND WHERE ITEM PAID BY CHECK ON COLLECTING BANK.
Trust fund
relation prior to remittance. Trust fund where collection by drawee bank.
Sinclair Refining Co. v. Tierney, 270 Pac. (N. Mex.) 792. P. D. 1589.5.
CHECK FOR DEBTOR BALANCE ON CLEARING AS PREFERRED CLAIM.
Farmers'
Bank of Bowling Green v. Cantley, 16 S. W. (2d) (Mo.) 642. P. D. 1590.
Trust fund where collecting bank received payment in checks upon itself received in clearings. Bauck v. Veigel, 225 N. W. (Minn.) 916. P. D. 1595.6.
TRUST FUND ON INSOLVENCY. Tracing trust fund. People's State Bank of
Le Roy v. Burlington State Bank, 277 Pac. (Kans.) 39. P. D. 1610.3.
Liability of collecting bank dependent upon actual damage resulting from negligence. Louisville & N. R. Co. v. Federal Reserve Bank of Atlanta, 10
S. W. (2d) 683. P. D. 1619.3.
COLLECTION. Federal reserve bank as collection agent. Checks forwarded
directly to drawee bank and charged to drawer's account. Charging
amount to drawee's reserve account with Federal reserve bank. Set-off
by Federal reserve bank of amount due by drawee bank against proceeds of
its stock in the Federal reserve bank. Federal Reserve Bank of Richmond,
appellant, v. Thos. A. Early, receiver of the Farmers and Merchants National
Bank of Lake City, appellee. No. 2750. Circuit Court of Appeals for the
Fourth Circuit. P. D. 1127.1 on page 872. 30 F. (2d) 198. Reported in
the United States Daily, March 2, 1929, page 3216. P. D. 1127.1 on page
872.
COLLECTION. Independent legislation. Minnesota. Provision that depository
bank becomes agent for collection. Binding effect of statute upon public
officer as depositor. Schram v. Askegaard, 34 F. (2d) (Minn.) 348. P. D.
1416.4.
CONTRACTS
ARBITRATION. Power of municipal, quasi-municipal, and private corporations
to agree to arbitrate. Attitude of courts toward arbitration. "Where a
corporation, whether public or private, is not expressly prohibited from
submitting certain matters of this kind to arbitration, and where such
corporations have the power to sue and to be sued, arbitration may be
resorted to. Such arbitration provisions in a contract are in harmony with
the modern tendency of the law which is designed to avoid as much as possible
litigation in courts; and they also serve the purpose of procuring a speedy
determination when litigation results. Arbitration should therefore be
encouraged, rather than discouraged." In re Lower Baraboo River Drainage Dist., 225 N. W. (Wis.) 331. P. D. 1627.
218
REPORT OF THE COMPTROLLER OF THE CURRENCY
CORPORATION
CORPORATION. Affiliated institutions. Notice to corporation as notice to
affiliated institution.
Filing of by-law requiring countersignature to
corporate check. "Having thus enjoyed the advantages and benefits of
the identity of stockholders and unity of ownership, they ought not to be
heard to assert the corporate fiction of their separate entity to the disadvantage of a customer whom they had thus invited to disregard the fiction."
Damascus Mfg. Co. v. Union Trust Co., 164 N. E. (Ohio) 530. P. D. 1654.5.
DEPOSITS
DEPOSITS. Deposits outside of bank. Receipt by bank officer who makes passbook entry in compliance with usual practice. Liability of bank for robbery
before deposit taken to bank. Effect of statute prohibiting receipt of
deposits outside of bank. Wellston Trust Co. v. American Surety Co. of
New York, 14 S. W. (2d) (Mo.) 23. P. D. 1778.5.
PERSONAL. Liability of bank officer who induces depositor not to withdraw
by fraudulent oral statement as to bank's solvency. Smith v. Vandiver,
147 S. E. (S. C.) 645. P. D. 1781.4.
PUBLIC FUNDS. Power of depository State bank to pledge assets to secure.
Recovery of collateral by receiver of insolvent bank. Applicability of
defense of ultra vires where transaction fully executed. Farmers' State
Bank v. County of Marshall, 221 N. W. (Minn.) 242. P. D. 1804.
PUBLIC FUNDS. Power to pledge assets to secure and to secure deposits generally
(valuable collection of authorities). Pledge of assets left for safekeeping;
rights as between owners of negotiable paper and pledgee. Commercial
Guaranty State Bank v. City of Longview, 11 S. W. (2d) (Tex.) 217. P. D.
1804.5.
DEPOSITS
IN T W O NAMES.
ULTIMATE
TITLE.
SURVIVORSHIP.
follow rule of Garland's Appeal, 126 Mo. 84, 136 A. 459.
144 Atl. (N. H.) 848. P. D. 1832.5.
DEPOSITS IN TWO NAMES.
CREATION OF JOINT TENANCY.
Refusal
to
Burns v. Nolette,
Revocation by deposi-
tor of interest of other person in whose name also deposit is made. New York
statutes. Moskowitz v. Marrow, 167 N. E. (N. Y.) 506. P. D. 1845.2.
DEPOSITS
IN T W O NAMES.
ULTIMATE
TITLE
IN SURVIVOR,
"or."
"The
word 'or' " in title to bank account "negatives the idea of joint tenancy,"
with its resultant title in survivor. Boyle v. National Union Bank of Dover,
144 Atl. (N. J.) 10. P. D 1850.2.
DEPOSITS
SET-OFF. Outlawed note held by bank. Michigan statute. Merritt v. Peterson, 222 N. W. (Iowa) 853. P. D. 4321.1.
DEPOSIT BY COMMISSION MERCHANT. Implied notice of third person's ownership
of deposit. Gillen v. Wakefield State Bank, 224 N. W. (Mich.) 761. P. D.
4358.5.
SAFE DEPOSIT AND SAFE-KEEPING.
Liability of bank' for misappropriation by
cashier. "We recognize that the result of this decision is to put a very
considerable burden upon banks in the conduct of their business. However,
banks hold very responsible positions of trust, and it is not expecting too
much of them to protect in every reasonable way the property of their
customers committed to their care. They select their own servants and
officers, and the law holds them responsible for the acts of their agents within
the range of their authority. The bank may, and usually does, protect
itself by bonding its employees. But it should do more. I t should very
carefully supervise such agents and make frequent inspection, full and
complete, to guard against dishonesty or carelessness of its agents. The
bank should also understand that an agent not only has the authority
actually given him under the resolutions of the directors, but the bank may
be bound, under some circumstances, by the agent's apparent authority.
In no other way may a confiding public be protected." Stevenson v.
Columbia Bank of Lodi, 221 N. W. (Wis.) 753. P. D. 4225.
REPORT OF THE COMPTROLLER OF THE CURRENCY
219
CERTIFICATE OF DEPOSIT
DEPOSITS IN TWO NAMES. Application of statute where certificate of deposit
recites deposit by one person, payable to himself and another. Such deposit
as creating merely an agency to withdraw revocable by death. " There is a
distinction between those in which the account was opened or placed in the
names of the depositor and another and those in which a person other than
the original owner was merely authorized to draw on the deposit. Cases
discussing the effect of a joint deposit in the names of the original owner and
another generally refer to those in whose names the account appears on the
books of the bank as joint tenants or tenants in common of the fund. An
interesting collection of decisions on this subject appears in the annotation
subjoined to Parrish v. Merchants & M. Sav. Bank, L. R. A. 1917C, 548, 550.
In our case these decisions are not controlling for the reason that the deposit
was made in the name of only one person."
This decision raises question: Shall recommended draft of deposit in two names
statute be modified? A form which would include the certificate of deposit
in this case (and also deposits payable to more than two persons) reads:
"When a deposit, including a deposit evidenced by a certificate of deposit,
has been made or shall hereafter be made in any (specify institutions)
transacting business in this State payable to either of two persons or to any
one of more than two persons, with or without a reference to the survivor
or survivors in either case, such deposit * *. * may be paid to either or
any of said persons whether the other or others be living or not * * * #»
This form .also specifically mentions certificates of deposit which avoids any
doubt as to the application of the statute to such instrument. Jones v.
Fullbright, 148 S. E. (N. C.) 229. P. D. 1089.1.
Application to payee of certificate of deposit of rule that bank must know
signature of customers, citing Paton's Digest, Opinions 1095, 1096, 2305,
2304a and 2305a. Moler v. State Bank, 223 N. W. (Minn.) 780. P. D.
1095.5.
FORGED OR ALTERED PAPER.
ALTERED AND RAISED PAPER.
Negligence of drawer; addition by employee of
initial of payee; negligence of bank in paying employee without inquiry as
to identity of payee. Gutfreund v. East River Nat. Bank, 167 N. E. (N. Y.)
171. P. D. 323.6.
ALTERED AND RAISED PAPER. Negligent execution facilitating alteration. Position that former conflict of authority was resolved by section 124 of negotiable
instruments act providing that "when an instrument has been materially
altered and is in the hands of a holder in due course, not a party to the
alteration, he may enforce payment thereof according to its original tenor."
Recovery by holder in due course according to original tenor, notwithstanding
negligent execution. The court said: "Unless the statute is given this
construction it fails of its dominant purpose—to establish a uniform rule of
liability—and ceases to be a uniform negotiable instrument act." Laseter
v. Hill, 118 So. (Ala.) 252. P. D. 328.
ALTERED AND RAISED PAPER.
Manifest alteration.
Recovery by holder in due
course on note as altered. Payee's name erased. Making interest payable
from date instead of from maturity. " I , we, or either of us added." Filling
blanks. Saxon v. Me Gill, 16 S. W. (2d) (Ark.) 987. P. D. 366.
FORGED PAPER. Application of forged and raised check state requiring notice
or suit within stated time to forged indorsement. Atwell v. Mercantile
Trust Co. of California, 272 Pac. (Cal.) 799. P. D. 2033.
Recovery of money paid on unauthorized indorsement; clearing house rule as to
effect of indorsement; application of forged and raised check statute to
forged indorsement. Merchants' National Bank of Los Angeles v. Continental National Bank of Los Angeles, 277 Pac. (Cal.) 354. P. D. 2201.6.
Instrument payable to "estate of
," as payable to bearer. Hansen v.
Northwestern Nat. Bank of Minneapolis, 221 "N. W. (Minn.) 873. P. D.
2263.6.
220
REPORT OF THE COMPTROLLER OF THE CURRENCY
Fraudulent issue by cashier of certificate of deposit. Estoppel of bank. Recovery by good faith holder of nonnegotiable certificate of damages incurred.
"They were forgeries of no value as commercial paper in any body's hands
whether holders in due course or otherwise. The bank is not liable on the
certificates, but is liable for the damage done by them." (Quoted from
p. 943.) Citizens' State Bank v. Security Bank of Tyndall, 222 N. W.
(S. Dak.) 932. Bank of Avon v. Smith, 222 N. W. (S. Dak.) 936. Menno
State Bank v. Security Bank of Tyndall, 222 N. W. (S. Dak.) 938. Schelske
v. Smith, 222 N. W. (S. Dak.) 941. Tripp v. Smith, 222 N. W. (S. Dak.) 943.
Yankton College v. F. R. Smith, 222 N. W. (S. Dak.) 946. P. D. 2311.
WHAT CONSTITUTES FORGERY.
Signature purporting to be that of agent or
officer, but unauthorized. Forgery insurance. Dexter Horton Nat. Bank
of Seattle v. United States Fidelity & Guaranty Co., 270 Pac. (Wash.) 799.
P. D. 2404.1.
FRAUD AND CRIMES. Robbery with -dangerous weapon. Virginia statute upheld which provides death penalty or in discretion of jury 8 to 18 years
imprisonment.' Brookman v. Commonwealth, 145 S. E. (Va.) 358. P. D.
2366.1.
INSOLVENCY AND RECEIVERS
INSOLVENT NATIONAL BANKS
JURISDICTION
Suit in State court brought against national bank, which thereafter failed can not
be removed to Federal court where plaintiff does not join receiver nor seek
any relief against him. Such suit will not affect receiver^ possession of
property claimed by another. Barons v. First National Bank of Plainville,
Kans., 28 Fed. (2d) 615. P. D. 1606.5.
INSOLVENT STATE BANKS
STATE BANKING DEPARTMENTS.
Liability of examiner and his surety for not
discovering and reporting insolvency of bank. State v. Turner, 17 S. W.
(Mo.) 986 P. D. 1023.9.
INSURANCE
ROBBERY INSURANCE. Deposit received outside of bank in violation of express
statutory prohibition. (Surety company might contest its liability on the
ground that its rates were fixed on the basis of legal practices only and that
it knew that banks could not legally send messengers after deposits. Shall
we ask American Surety Co. whether case has been appealed?) Wellston
Trust Co. v. American Surety Company of New York, 14 S. W. (2d) (Mo.)
23. P. D. 2847.3>i
SIGNATURE. "Per
," as forgery. Bank of Detroit v. Standard Ace.
Ins. Co., 222 N. W. (Mich.) 134. P. D. 2859.8.
LIFE INSURANCE TRUST
INHERITANCE T A X
A transfer of property, formerly consisting of proceeds of life insurance, by a
trust agreement intended to take effect at or after the death of the donor,
constitutes a taxable transfer within the meaning of the transfer inheritance
tax act, P. L. 1909, p. 325, and amendments. Fagan v. Bugbee, Comptroller (N. J. Sup., 1928) 143 Atl. Rep., 807. P. D. 2871.5%.
INSURANCE TRUST. Inheritance tax where insurance made payable to trustee
with right to revoke or alter trust instrument. In re Haedrich's Estate,
236 N. Y. S. 395. P. D. 2871.5>i
INTEREST AND USURY
INDUSTRIAL LOAN DEPARTMENTS.
Usury.
Although not directly involved,
decision is valuable one on question of usury in connection with industrial
loan department. A savings society loaned $300 for one year and retained
$30, paying over $270. The borrower purchased a 4 per cent installment
certificate for $300 payable in 10 equal monthly installments of $30 each.
The transaction was upheld. Simpson v. Smith Sav. Soc, 12 S. W. (2d)
890. P. D. 2834.7.
REPORT OF THE COMPTROLLER OF THE CURRENCY
Small loan law—constitutionality.
So. (La.) 317. P. D. 2871.6,
INTEREST AND USURY.
221
State v. Hill, 123
Validity. Application to national banks. Effect of existing contract to pay higher rate.
Holland v. Nakdimen, 9 S. W. (2d) (Ark.) 307. P. D. 2875.6.
STATUTE LIMITING RATE OP INTEREST ON BANK DEPOSITS.
JURISDICTION
Action against national bank must be brought in place where its bank is "located."
(12 U. S. C. A. sec. 94.) (City court of N. Y. 1929.) Under 12 U.S. C. A.,
section 94, providing that actions against national banks may be had in any
district court of United States within district in which bank may be established, or in State court in county or city in wThich bank is located having
jurisdiction in similar cases, action against a national bank must be brought
in the place where its bank is "located," which is the place specified in its
organization certificate. (Raiola v, Los Angeles First Nat. Trust & Savings
Bank. 233 N. Y. S. 301.)
COURTS. Decisions of Federal courts construing Federal statute are controlling
on State courts. (City court of N. Y. 1929.) The decisions of Federal
courts construing Federal statute are controlling on State courts, where
meaning of Federal statute is to be ascertained. (Ib.)
NOTE.—Decision is contra to P. D. 757.
LOST OR STOLEN PAPER
LOST OR STOLEN PAPER. Blank' Traveler's checks stolen. Liability of drawee
to holder in due course. City National Bank of Galveston v. American
Express Co., 16 S. W. (2d) (Tex.) 278. P. D. 3148.1.
MORTGAGES AND LIENS
Rights and liabilities of trustee of deed of trust.
Release of security while obligations outstanding. Protection by indemnity
to trustee issuing duplicate bonds. Harvey v. Guaranty Trust Co., N. Y.
L. J., April 25, 1929, page 450. P. D. 3194.2.
CHATTELS. Indebtedness secured. Specific note mentioned. General clause
extending security to liability "now existing." Other existing notes not
included. "Irrespective of stereotyped or general printed provisions
appearing in a contract, the literal or sweeping terms of a contract may
never prevail over what appears to the court to be the rational and general
intent of the parties thereto." The warning from this decision and the
similar one of St. Lucie County Bank & Trust Co. v. Aglin, 114 So. (Fla.
1927) 438, is not to put too much trust in printed forms. To remove doubt
as to enforcement they should be short, clear, and in ho way inconsistent
with the words written in. First Nat. Bank of Ardmore v. Gillam, 273 Pac.
(Okla.) 261. P. D. 3206.1.
CHATTEL MORTGAGES. Holder in due course of note as subject to defenses
to chattel mortgage securing it. Singer v. National Bank & Investment Co.,
118 So. (Ala.) 561. P. D. 3321.1.
FEDERAL TAX LIENS. Notice of Federal tax lien duly filed and recorded
operates as lien on bank deposits of taxpayer, although bank is not served
with notice. Memorandum 5432, General Counsel, Bureau of Internal
Revenue. U. S. Daily, January 11, 1929. P. D. 3346.4J4
MORTAGES AND LIENS.
NEGOTIABLE PAPER
BONDS. Negotiability. Compliance with statutory requirements. Express
statement of negotiability. Reference to extrinsic instrument. "Subject
to." Construction in favor of negotiability. Acceleration provisions.
Option to redeem. Payable to bearer or, if registered, to registered holder.
Provision for sinking fund. Enoch v. Brandon, 164 N. E. (N. Y.) 45.
P. D. 3434.
Purchaser of several notes of a series, some of which are overdue. Status as
holder in due course of unmatured notes. Hobart M. Cable Co. v. Bruce,
274 Pac. (Okla.) 665. P. D. 3648.1.
222
REPORT OF THE COMPTROLLER OF THE CURRENCY
NOTES AND ACCEPTANCES PAYABLE AT BANK
Court assumes without discussion
that same rules apply as to certification of check. Greenberg v. World
Exchange Bank (By Noonan, J.) The New York Law Journal, page 1714,
January 11, 1929. P. D. 3742.1.
Release of maker where bank at which note payable fails after maturity and
before note is presented. Federal Intermediate Credit Bank v. Epstin,
148 S. E. (S. C.) 713. P. D.3743.
CEHTIFICATION OF NOTE PAYABLE AT BANK.
HOLDER IN DUE COURSE
Bank crediting instrument as deposit as holder "for value"; where depositor
executes note to bank. Colorado Nat. Bank v. Western Grain Co., 118 So.
(Ala.) 588. P. D. 2443.5.
Bank credit as " value." Withdrawal of account after maturity and after giving
of renewal note. New Jersey Title Guarantee & Trust Co. v. McGrath,
224 N. W. (Mich.) 755. P. D. 2444.6.
OFFICERS
Regulation by State banking
department of personnel of bank. Notice by bank department forbidding
"any party to enter into the bank in an executive capacity" without approval of department. (Court assumes notice valid; bank's capital was
impaired.) [Participation by banks in selection of State banking board, see
Nebr., 1923, c. 191, page 438.] Killeen v. Doran, 226 N. W. (Nebr.) 435.
P. D. 762.7>i
Liability of bank directors for embezzlement by bank officers. Degree of care
required. Sternberg v. Blaine, 17 S. W. (2d) (Ark.) 286. P. D. 779.5.
BANK OFFICERS, DIRECTORS, AND EMPLOYEES. National banks. Director's
liability. Detailed consideration of many phases of director's liability.
Gamble v. Brown, 29 Fed. (2d) 366. P. D. 797.5.
BANK OFFICERS, DIRECTORS, AND EMPLOYEES.
BONDS OF OFFICES
Fidelity insurance. Time of "loss"; concealment of loss by manipulation of books. American Surety Co. of New York v. North Texas
National Bank, 14 S. W. (2d) (Tex.) 88. P. D. 2835.7.
FIDELITY BOND. "A bond for the faithful performance of the duties of a cashier
of a bank is a security for competent skill and ordinary diligence, as well
as for integrity in the discharge of the duties of the office. And, in an
action upon such bond, an allegation that the cashier, as such, has received
money for which he has not accounted, is a sufficient assignment of a breach."
Sparta State Bank v. Myers, 165 N. E. (Ind.) 439. P. D. 2842.1.
"Securities blanket policy"; covering loss from having "taken" forged collateral
during term of policy does not cover loss upon forged security taken before
such policy takes effect although forgery not discovered nor loss realized
until thereafter. Kimbell Trust & Savings Bank v. Hartford Accident &
Indemnity Co., 164 N. E. (111.) 661. P. D. 2859.2.
FORGERY POLICY. Unauthorized indorsement of corporate name by officer followed by his own name as officer as forgery. Schramm v. Metropolitan
Casualty Insurance Co. of New York, 231 N. Y. S. 554. P. D. 2859.9.
INSURANCE.
LIABILITY FOR EXCESS LOANS
Effect of lack of knowledge. Imputation of knowledge. Amount of liability. Amount of liability on renewal excessive loan. Nature of renewal as new loan or merety extension
of time. Accrued interest as making renewal note excessive. What constitutes "money borrowed." Husband and wife as one borrower. Loan to
A for benefit of B. Disregard of small amount of excess. McRoberts v.
Spaudling, 32 Fed (2d) 315. P. D. 801.4&
DIRECTOR'S LIABILITY FOR EXCESS LOANS.
REPORT OF THE COMPTROLLER OF THE CURRENCY
223
PRESENTMENT, PROTEST, AND NOTICE
PRESENTMENT, PROTEST, AND NOTICE.
Time for presentment of check.
Holding
check for next day's clearing. George H. McFadden Bros. Agency v.
Keesee, 16 S. W. (2d) (Ark.) 994. P. D. 3973.2.
Necessity of presentment on next business day where check delivered in place
where drawee located; payee's bank located in another place. Circuitous
routing. Mclntyre v. Live Stock Shipping Association, 11 S. W. (2d) (Mo.)
77. P. D. 3973.3.
Promise to pay at future date on presentation of demand note as dishonor, requiring immediate notice of dishonor as condition to nondischarge of indorser. Bredow v. Woll, 143 Atl. (Conn.) 849. P. D. 4116.2.
SHAREHOLDERS
BANK STOCK AND STOCKHOLDERS.
Double liability.
Decrease of liability by
reduction of capital stock. Mitchell v. Banking Corporation of Montana,
273 Pac. (Mont.) 1055. P. D. 839.
TAXATION
FEDERAL TAXATION
Exemption of building and loan associations from Federal income tax. Liberal
construction of such exemption. United States v. Cambridge Loan &
Building Co., 49 S. Ct. 39. P. D. 4571.
Income tax charging off doubtful claims as bad debts. American Trust Co. v.
Commissioner of Internal Revenue, 31 Fed. (2d) 47. P. D. 4582.1.
DISTRICT OF COLUMBIA
Gross earnings tax on District of Columbia banks does not include income from
tax-exempt Federal securities. District of Columbia v. Riggs National
Bank, 30 F. (2d) 873. P. D. 4625.3.
STATE TAXATION
FLORIDA
STATE TAXATION OF NATIONAL BANKS.
Florida constitutional amendment of
1924. As amended in 1924, section 1 of article 9 of the Florida Constitution,
reads in part as follows: " T h e legislature shall provide for a uniform and
equal rate of taxation (except that it may provide for special rate or rates
on intangible property, but such special rate or rates shall not exceed 5 mills
on the dollar of the assessed valuation of such intangible property, which
special rate or rates, of the taxes collected therefrom, may be apportioned by
the legislature, and shall be exclusive of all other State, county, district, and
municipal taxes;) * * * ."
The court said: *' The amendment is not self-executing or mandatory, but
merely confers upon the legislature permissive authority to provide for special
rates of taxation on intangible property, though the amendment contains a
mandatory limitation as to special rates of taxation when such special rates
are duly provided for on intangible property. Therefore, until the legislature
does duly provide for special tax rate or rates on intangible property, the
organic general rule of uniformity and equality in the rate of taxation of all
property, real and personal, including intangible property, remains in force.
When, however, the permissive authority conferred upon the legislature is
exercised and provision is duly made by the legislature for special rates of
taxation on intangible property, the rate or rates ' shall not exceed 5 mills
on the dollar of the assessed valuation of such intangible property/ even
though the tax rate on other classes of property be greater. * * *.
"The legislature has not exercised the permissive authority conferred upon
it to provide for special rates of taxation on intangible property; therefore
the statute requiring all public stocks or shares in all incorporated or unincorporated companies to be assessed as other personal property, is the controlling law when applied as the constitution requires." Porter v. First National
Bank of Panama City, 119 So. (Fla.) 130. P. D. 4664.
224
REPORT OF THE COMPTROLLER OF THE CURRENCY
State taxation of national banks. Discrimination. Practice in Florida of
exempting other moneyed capital. Roberts v. American National Bank of
Pensacola, 121 So. (Fla.) 554. P. D. 4664.5.
State bank stock. Discrimination. Folsom v. Bank of Greenwood, 120 So. (Fla.)
317. P. D. 4665.4.
COLORADO
TAXATION. STATE. Industrial banks. Collins v. First Industrial Bank, 276
Pac. (Colo.) 988. P. D. 4616.6.
KANSAS
State taxation of national banks. Illegality of Kansas tax. Mandamus denied
to city seeking to compel county treasurer to transfer to it proceeds of illegal
national bank tax. City of Topeka v. Boyd, 272 Pac. (Kans.) 124. P. D.
4664.
KENTUCKY
Partial exemption of bank stock from local taxation. Jones v. Citizens' Bank
of Hartford, 15 S. W. (2d) (Ky.) 468. P. D. 4617.
MISSOURI
State taxation of bank stock. Discrimination. "There is no justification for
assessing bank stock on the one hand at full value and all other property on
the other at less than its real value. The assessor is commanded to value
and assess all property according to its true value in money, and the State
board of equalization to determine as to each class of property its true value
in money. If these plain mandatory provisions are violated through discrimination as between the different classes of property, the power of correction
does not lie with the county board of equalization. The taxpayer who suffers
from such discrimination must find relief in a court of equity. Boonville
National Bank v. Schlotzhauser, 317 Mo. 1298, 298 S. W. 732, 55 A. L. R.
489." State ex rel. Thompson, State auditor, et al. v. Dirckx, county clerk,
11 S. W. (2d) 38. P. D. 4664. (Mo.)
Discrimination against stock of banks and trust companies. Remedy by injunction. "Appellant's grievance is not that its property was overvalued but
that it was discriminated against through the undervaluation and omission
in part of other property subject to taxation. Had it at any time before the
tax books were delivered to the collector filed complaint with the State tax
commission, that body in the proper exercise of its jurisdiction would have
granted a hearing and would have heard evidence with respect to the valuation complained of, and if the charges contained in the complaint had been
found to be true the valuations placed on its property would have' been
lowered, or that on other property raised, the property omitted from the
assessment roll would have been placed thereon, and the discrimination complained of thereby removed. The remedy provided by statute is adequate,
certain, and complete. To permit taxpayers throughout the State who feel
aggrieved through alleged discriminatory assessments of their property to
stand silently by until after the taxes have become due and are pressed for
collection and then resist their payment by injunction would produce an
intolerable condition." Brinkerhoff-Faris Trust & Sav. Co. v. Hill, 19 S. W.
(2) (Mo.) 746. P. D. 4682.7.
MONTANA
Invalidity of tax on State bank stock at higher rate than permissible on national
bank stock. "That Congress may not interfere with the taxation of property
which it is the exclusive right of the State to tax will not be questioned.
The difficulty here arises chiefly upon the requirements of the State constitution. It requires the taxation of all property not exempt, and that the
tax must be uniform upon the same class of subjects. The congressional
requirement we are considering is not inconsistent with our constitutional
provision requiring uniformity. It is thus our own fundamental law, acting
coordinately with the law of Congress, which compels the State to tax State
as well as national bank shares upon the same basis." State ex rel. Conrad
Banking Corporation of Great Falls v. Mady, 272 Pac. (Mont.) 691. P. D.
4623.3.
REPORT OF THE COMPTROLLER OF THE CURRENCY
225
National Bank making voluntary payment of tax and not filing claim for refund
in accordance with State statutory provisions is barred from recovering tax.
First Nat. Bank of Plains v. Sanders County, 279 Pac. (Mont.) 247. P. D.
4682.
NEW YORK
INCOME TAX. Procedure on changing from old system to income basis. Foreign
banks. People Royal Bank of Canada v. Loughman, 236 N. Y. Sup. (Can.)
110. P. D. 4625.3.
State taxation of national banks. Morris Plan banks as competing institutions.
People ex rel. Morris Plan Co. of Buffalo v. Burke, 234 N. Y. S. 608. P. D.
4668.3.
Inheritance tax where deposit made in trust. N. Y. L. J. June 15, 1929. P. D.
4710.10. Cf. N. Y. L. J. 5/10/29, p. 740. Matter of Jurist, 157 N. Y. S.
141, 156 N. Y. S. 825, 132 App. Div. 465.
OKLAHOMA
BANK STOCK. Procedure for recovery. Protest of First National Bank of Guthrie, 276 Pac. (Okla.) 766. P. D. 4682.5.
OREGON
State taxation of national banks. Income tax. Referendum.
v. Hoss, 278 Pac. (Oreg.) 580. P. D. 4625.3.
Oregon.
State
PENNSYLVANIA
Inheritance tax. Reciprocity. Effect of New York decision as to constitutionality. Commonwealth v. Farmers' Loan & Trust Co., 147 Atl. (Pa.) 71.
P. D. 4702.7.
SOUTH DAKOTA
State taxation of national banks. Appeal from Security National Bank v.
Twinde, 217 N. W. (S. Dak.) 542 by the bank dismissed "for the reason that
the judgment of the State court sought here to be reviewed was based on a
non-Federal ground adequate to support it." 49 Sup. Ct. 81.
Recovery of taxes paid by national bank was denied by South Dakota Supreme
Court because they were paid without protest. P. D. 4664.
State taxation of national banks. Rights of national bank to recover refund of
tax on shares. Fiman v. Hughes County, 225 N. W. (S. Dak.) 711. P. D.
4682.6.
TENNESSEE
1929 Income Tax law of Tennessee construed. Income tax on tax exempt
securities. Shields v. Williams, 19 S. W. (2d) (Tenn.) 261. P. D. 4701.5.
WASHINGTON
Discrimination against bank stock. Where an objection to a tax on bank stock
"presents an intentional refusal to follow the constitutional requirement
that all property shall be taxed equally, the property owner has the right to
allege fraud therein and apply directly to the courts for relief/' Allegation
was that bank stock was assessed at 50 per cent of value while property
generally was assessed at not over 44 per cent. Yakima Valley Bank &
Trust Co. v. Yakima County, 271 Pac. (Wash.) 820. P. D. 4664."
Credits may be exempted from taxation. State ex rel. Egbert v. Gifford, 275
Pac. (Wash.) 74. P. D. 4690.5HState taxation of national banks. Discriminatory taxation generally. Trust
companies, mutual savings banks, building and loan associations, loan and
investment companies and investment bankers. Washington. National
Bank of Commerce of Seattle v. King County, 280 P a c (Wash.) 16. P. D.
4664.5.
226
REPORT OF THE COMPTROLLER OF THE CURRENCY
State taxation of bank stock. Deduction in assessing shares of bank's nontaxable securities. Washington. Spokane & Eastern Trust Co. v. Spokane
County, 280 Pac. (Wash.) 3. P. D. 4643.5.
Discrimination against stock of banks and trust companies. Remedy by injunction. Yakima Nat. Bank v. Yakima County, 280 Pac. (Wash.) 25.
P. D. 4682.7.
WAREHOUSES AND WAREHOUSE RECEIPTS
Application of negotiable instruments act to warehouse receipts. Does Georgia need warehouse receipts
act with its recommended amendments? Maryland Casualty Co. v. W. T.
Johnson Co., 145 S. E. (Ga.) 766. P. D. 4716.
NEGOTIABILITY OF WAREHOUSE RECEIPTS.
DEFINITIONS OF LEGAL AND BANKING TERMS
Deposit v. loan. Shaw v. McBride, 9 S. W. (2d) (Tex.) 410. P. D. (Fefs.)
TRUSTS
Liability of bank lending money and making investments for customer. Farmers
& Merchants' Bank of Elkton v. Wisdom, 10 S. W. (2d) (Ky.) 846. P. D.
513.5.
Transfer by bank or trust company of securities owned by it to itself as trustee.
Kelly v. First Minneapolis Trust Co., 226 N. W. 696 (Minn.) P. D. 532.
Trust company may not as fiduciary purchase securities owned by it. In re
Security Bank & Trust Co., 224 N. W. (Minn.) 235. P. D. 532.
Purchase by trustee of securities from itself. Apportioning mortgage investment to trust estates. Participation certificates. The New York Law
Journal, page 2173, August 29, 1929. P. D. 532.
Succession by national bank to trust powers of State institution consolidated
with it. California statute providing for transfer of trust powers. Person
appointing bank or trust company as having in mind the full scheme for
substitution of trustees prescribed in that act. In re Barnett's Estate, 275
Pac. (Calif.) 453. P. D. 680.
National banks. "Trust company" as part of name. Confusion with State
institution with similar name. [(1) Middletown Trust Co., and (2) Middletown National Bank & Trust Co.] Injunction. Middletown Trust Co. v,
Middletown Nat. Bank. 147 Atl. (Conn.) 22. P. D. 681.1.
Tracing trust funds. (Most carefully worked-out opinion considering detailed
transaction.) Gering v. Buerstetta, 223 N. W. (Nebr.) 625. P. D. 948.3.
227
REPORT OF THE COMPTROLLER OF THE CURRENCY
TABLE N O . 1.—Comptrollers and Deputy Comptrollers of the Currency, dates of
appointment and resignation, and States whence appointed
No.
Date of
resignation
Date of
appointment
Name
State
COMPTROLLERS OF THE CURRENCY
McCulloch, Hugh
Clarke, Freeman
Hulburd, Hiland R
Knox, John Jay
Cannon, Henry W
Trenholm, William L
Lacey, Edward S
Hepburn, A. Barton
Eckles, James H
Dawes, Charles G
Ridgely, William Barret
Murray, Lawrence O
Williams, John Skelton
Crissinger, D. R .
May
Mar.
Feb.
Apr.
May
Apr.
May
Aug.
Apr.
Jan.
Oct.
Apr.
Feb.
Mar.
May
Dec.
Nov.
_..
__..
Dawes, Henry M
Mclntosh, Joseph W_.
Pole, J. W
9,1863
21,1865
1,1867
25,1872
12,1884
20,1886
1,1889
2,1892
26,1893
1,1898
1,1901
28,1908
2,1914
17,1921
1,1923
20,1924
21,1928
Mar.
July
Apr.
Apr.
Mar.
Apr.
June
Apr.
Dec.
Sept.
Mar.
Apr.
Mar.
Apr.
Dec.
Nov.
8,1865
24,1866
3,1872
30,1884
1,1886
30,1889
30,1892
25,1893
31,1897
30,1901
28,1908
27,19131
2,1921
30,1923
17,1924
20,1928
Indiana.
New York.
Ohio.
Minnesota.
Do.
South Carolina.
Michigan.
New York.
Illinois.
Do.
Do.
New York.
Virginia.
Ohio.
Illinois.
Do.
Ohio.
DEPUTY COMPTROLLERS OF THE CURRENCY
Howard, Samuel T
Hulburd, Hiland R
Knox, John Jay
Langworthv, John S
Snyder, V. P
Abrahams, J. D
Nixon, R. M
Tucker, Oliver P
Coffin, George M
Murray, Lawrence O___
_
Kane, Thomas P
Fowler, Willis J
Mclntosh, Joseph W
Collins, Charles W
__
Stearns, E. W._.
_
Await, F. G
Gough, E. H
Proctor, John L
i Term expired.
_
_
May
Aug.
Mar.
_. Aug.
Jan.
Jan.
Aug.
Apr.
Mar.
Sept.
June
July
May
July
Jan.
July
July
Dec.
9,1863 Aug. 1,1865
1,1865 Jan. 31,1867
12,1867 Apr. 24,1872
8,1872 Jan. 3,1886
5,1886 Jan. 3,1887
27,1887 May 25,1890
11,1890 Mar. 16,1893
7,1893 Mar. 11,1896
12,1896 Aug. 31.1898
1,1898 June 27.1899
29,1899 Mar. 2,19232
1,1908 Feb. 14,1927
21,1923 Dec. 19,1924
1,1923 June 30,1927
6,1925 Nov. 30,1928
1,1927
6,1927
1,1928
2
Died Mar. 2,1923.
New York.
Ohio.
Minnesota.
New York.
Do.
Virginia.
Indiana.
Kentucky.
South Carolina.
New York.
District of Columbia.
Indiana.
Illinois.
Do.
Virginia.
Maryland.
Indiana.
Washington.
TABLE N O . 2.—Names and compensation of officers and clerks hi the office of the
Comptroller of the Currency* October 81, 1929
Name
Quinn, Edmund F
Herndon, John G
Yeatman, John P
Avery, Antoinette
Kane, William A
Gross, Clyde E
Burton, Russell O
Schreiner, Edmund E .
Thompson, George
Fuller, Jane L
Johnston, Edna E
Marble, George R
Frye, Ruby M
Reese, William H
Wilson, Gordon K
Offutt, William F
Bock, Carl
Verrill, Harry M
Pennock, Caroline L__.
Ellis, HarrieB
Buell, WillardE
Herndon, John W
Tucker, Samuel M
Hanlon, Margaret T _..
Lewis, John O
Murphy, Maud V
O'Mara, Vera L
Tylor, Gertrude
Whelan, MarjorieB...
B asinger, Walter S
Lo velly, Laura F
Bentley, Thomas B
Jones, Nell H
Jones, Margaret E
O'Brien, May F
.
Reed, S. E_
Moyer, Aita T
Trumbull, Annette
Designation
Senior administrative officer
Senior administrative assistant..
.do
_do_
_do.
Administrative assistant _ _
Junior administrative assistant..
.do
_do.
,_do.
_do.
_do.
_do.
.do.
Principal clerk _
do
do
Senior clerk
.doPrincipal clerk.
do.__
do.___
Senior clerk
.do
_do.
_do.
Senior clerk-stenographer..
do
doClerk..
do.
do.
do.__
do.__
Clerk.
C lerk-stenographer..
do
Salary
$4,800
3,500
3,500
3,200
3,200
3,100
3,100
3,100
2,700
2,700
2,600
2,600
2,600
2,600
2,600
2,500
2,500
2,400
2,400
2,400
2,300
2,300
2,300
2,200
2,200
2,200
2,200
2, 200
2, 200
2,100
2,100
1,920
1,920
1, 920
1,920
1,920
1,920
1,920
228
BEPORT OF THE COMPTROLLER OF THE CURRENCY
TABLE NO. 2.—Names and compensation of officers and clerks in the office of the
Comptroller of the Currency, October 81, 1929—Continued
Designation
Name
Wright, Nellie K
Pumphrey, Carrie B
Friedrichs, Minna K
Hunt, Hermon
Jump, Mollie C
Andrews, Ettie F___
Hiileary, Rua
Trussell, Olga M
Harris, John E
Clagett, Dorothy L
_
Wigginton, Norval P
Deal, Jessie F
Heizer, Helen V
Heizer, Nannie B
Munnerlyn, Joseph A
Nolan, Lida A
Smith, Helen M
Young, Grace E
Bales, Anna S
Barry, Gertrude I
_
Brumbaugh, Delia L
Buckley, Regina C
:
Chisholm, Elizabeth._
_
Colburn, Nellie A
Crocker, Henry A. D
Dailey, William.
Erickson, Bertha V
Hopkins, Edna I
McCrone, Clara O'B
McKinney, Elva L
Magruder, Edith P
_
Nichols, Sada C
._
_
Schiller, Ernestine II
Vernon, Josephine
.__
Walker, Johanna S
Weeks, Katherine
Dodge, Victor H
Horsey, Olga S
Mortimer, Mary H
Jamieson, William G
Beall, Clara M
Haley, John R
Jorgenson, John A
Kelly, George
Murphy, Clara M
Baldwin, Wallace N
Burlingame, Delia J
Hewson, Ella
Lowell, Harriet P
Haymon, N. Mabel
Israel, Frank T
Quackenbush, Dorothy
Tschiffely, Lacey B. R
Haygood, Ethel
_.
Sazama, Alice R
Stafford, Catherine M__
Dyson, Aline
Easterday, William A
Barksdalc, George T
Bayliss, George F_
Corley, Virginia C
Hueter, Marion R
Mallet, Katherine H___
Lonergan, Bertha M
Persons, Mabel E
_
Gorham, W. Abbott
Glenn, Frances Moncure.
Mueller, Pauline
O'Donnell, Josephine A__
Canavan, Josephine M
Elmore, Annie L
_
Frock, Annie C
Harleston, Catherine
Kellam, Margaret M
Smith, Charles A
Smith, ClaraE
Watts, Metta F
Taylor, Mathilda S
Wood, Kathleen
Chamberlain, Robert J
Kemether, Eva C
Wilson, Mildred C
Parsjons, Edith N
Chiles, Charles R
Keim, Charles C
_
_..
_..
_.
__
__
_._
C lerk-stenogra pher._
d
Assistant clerk
do.
do..
Clerk..
do.
do..
Clerk-stenographer _
do
Assistant clerk
.do
..
.do.
_do.
_do_
_do.
-do.
_do.
_do.
-do.
_do_
.do.
-do.
_do_
_do.
..do.
..do..
_do.
_do.
-do.
_do.
_do_do.
_do_
.do.
Assistant clerk-stenographer.
do
.do.
Senior operator, office devices.
Head typist
Junior clerk
_do.
_do.
_do.
_do_
.do
do
do
Assistant clerk,
.do
.do.
_do.
Assistant clerk-stenographer.
Assistant clerk-stenographer..
do..
Senior stenographer
Junior mechanic
Assistant clerk (temporary).
do
do
o.
.do..
Senior stenographer.
do
do..
_ Junior clerk.
do
.do..
_do_.
.do..
.do.,
.do..
_do_.
_do_.
.do_do_.
.do.
Junior operator, office devices,
do
do..
Senior typist.
Underclerk
do.
Salary
$1,920
1, 920
1,920
1,920
1,920
1,860
1,860
1,860
1,800
1,800
1,800
1,800
1,800
1,800
1,800
1,800
1,800
1,800
1,740
1,740
1,740
1,740
1,740
1,740
1,740
1,740
1, 740
1,740
1, 740
1,740
1,740
1,740
1,740
1, 740
1,740
1, 740
1, 740
1,740
1,740
1, 740
1,740
1,740
1. 740
1,740
1, 740
1,740
1,740
1,740
1,740
1,680
1,680
1,680
1,680
1,680
1,680
1,680
1, 680
1,620
1,620
1,620
1,620
1, 620
1,620
1,620
1,620
1,620
1,620
1,020
1,620
1,560
1. 560
1, 560
1,560
l,560T
1,560
1, 560
1, 560
1,560
1,560
1,560
1,560
1,560
1,560
1,560
1,560
229
REPORT OF THE COMPTROLLER OF THE CURRENCY
TABLE NO. 2.—Names and compensation of officers and clerks in the office of the
Comptroller of the Currency, October 31, 1929—Continued
Designation
Name
Croson, Maud B
Dillon, Minnie L
White, Grace N
Wolfe, Alice M.
Ridgeway, Rose C
Cook, George M__
Dillard, John
Marks, Grace
Brown, Edith L
Burns, Edna C
Chandler, Margaret M
Davis, Mary A
Dickhaut, Mary E
Dodge, Annie E
Hunt, Laura V
Judge, Clara W
Jurden, Helen K_.
Long, Rosa A
McCarthy, Marie E
McFadden, Arthur M
Ortman, Margaret L
Sneed, Wynona G
Tinkler, Edna M_
_
Worrall, Marie E
McDonald, Sibyl S
Curtin, Anna E
Dowden, Eleanor C
DuRant, Anna K
Dutrow, Mary H
Diivall, Grace N
Haley. Mary C
Hatter, Madeline B
Mennel, Theresa
Miller, Bellum
Reese, Aline
Roberts, Victoria
Settle, May C. W
Sheward, Adelaide H
Simms, Harry E
Blount, Joseph T
Carroll, John I
Cover, Thomas A
Holland, Thomas
Jones, George S
Minis, Alvin E
Taylor, John H
Mann, Harry Cv
Conley, Marga et J
Degen, Mary J
DuBusky, Rosa A
Gervais, Gladys E
Huntt, MetaB
Jar vis, Nona T... _ _ _
Moore, Ellen R
Mundie, James F
Steele, Erne
_.
Williams, FlorentineHill, Edgar W
Poles, James
Thompson, Frank
Barrett, Lester J__
Berkeley, Guy H_
Scott, Edward_L__
Waple,
vv ayjiKT't James
>) cuimol x\
Moss,
Cooper,Benjamin
Mary B _F
Taylor, Mary F.
Junior clerk.
do
do~.
Junior operator, office devi
Senior typist
Undereferk
|
do.
do
Junior clerk__
Junior clerk (temporary)
do.
|
do.
do
|
do
i
do
do
_do_.
.do..
do
Salary
$1, 500
1, 500
1,500
1, 500
1, 500
1, 500
1, 500
1,500
1,500
1, 440
1, 440
1, 440
1,440
1, 440
1, 440
1, 440
1, 440
1,440
1, 440
1,440
1, 440
1, 440
1, 440
1, 440
1,440
1,440
1, 380
1,380
1,380
1,380
1,380
1, 380
1,380
1, 380
1,380
1, 380
1,380
1,380
1,380
1, 380
1, 380
1,380
1, 380
1, 380
1, 380
1,380
1,320
1, 260
1, 260
1, 260
1,260
1, 260
1, 260
1, 260
1, 260
1,260
1, 260
1, 280
1, 260
1,260
1, 200
1,200
1, 200
1, 200
1,200
540
540
!
.do
Underclerk
_—do
do—-
._
.do
.do
do
do
do
Messenger
d
do
do
do
do
| Underclerk
! Underclerk (temporary)
|
do
j
do.
Underclerk
Underclerk (temporary) „
do
do
Underclerk
Underclerk (temporary) _.
.do_.
| Messenger..
Junior laborer
do
Messenger
do
Messenger (temporary) _
.doMinor mechanic
Minor domestic attendant
do
TABLE N O . 3.—Number of national banks organized, since February 25, 1868,
number passed out of the system, and number in existence October 31, 1929
Under act of Feb. 25, 1863..
Under act of June 3, 1864
Under gold currency act of July 12, 1870
Under act of Mar. 14, 1900___
Total number of national banks organized
Number reported in voluntary liquidation
Number passed into liquidation upon expiration of corporate existence
Number consolidated under act of Nov.
7, 1918
Number placed in charge of receivers l
Total number passed out of the system
Number now in existence
1
Exclusive of those restored to solvency.
456
8,255
10
jM>69
4,167
208
268
1, 241
—
13,390
3 §§4
7, 506
230
REPORT OF THE COMPTROLLER OF THE CURRENCY
TABLE NO. 4.—Authorized capital stock of national banks on the first day of each
month from January 1, 1925, to November 1, 1929, United States bonds on
deposit to secure circulation, circulation secured by bonds on deposit, the amount
of lawful money on deposit to redeem circulation, and national-bank notes outstanding, including notes of national gold banks
[For prior years see annual reports 1920 and 1927]
Circulation
United
bonds
secured
Authorized States
on
deposit
by United
capital stock
to secure
States
circulation
bonds
Lawful
money on
deposit to
redeem
circulation
8,060
8,078
8, 068
8,066
8,084
8,103
8,112
8,117
8,115
8,120
8,118
8,114
1,339, 093, 715 731, 613, 630
1,342, 563, 715 725,171, 780
1, 356, 043, 715 666, 943, 330
1, 359, 768, 715 665, 608, 330
1, 369, 553, 715 666, 010, 330
1, 372, 738, 715 665, 502, 880
1, 376, 973, 715 665, 061, 330
1, 377,358, 715 665, 227,130
1. 379, 623, 715 665, 810,130
1, 381, 983, 215 665, 542, 630
1, 381, 978, 215 666,185,130
1,380,743,215 666, 087, 630
727,175, 641
722,092, 263
663, 324, 911
661, 613, 281
661,397, 558
661, 293, 895
660, 501, 393
660, 341,413
662,186, 083
661, 380, 320
662, 538, 483
662, 622, 888
44, 871,176
47, 748,139
100, 532, 366
93, 597,406
86, 028, 261
78, 275, 574
72, 864, 681
66, 214, 271
61, 476, 914
56, 543, 569
51, 264, 261
48,127, 556
January
February..
...
March
April
_
_
May
June
_
July....
August—.
September
October
November
December
8,092
8,077
8,070
8,059
8,054
8,043
8,038
8,031
8,025
8,018
8,008
7,985
1,385, 648, 215 666, 273,130
1, 392,178, 205 665, 363, 590
1,397,304, 455 665, 235, 640
1, 400, 003, 655 665, 568,140
1, 418, 643, 655 665, 686,140
1, 420, 271,155 665, 465,140
1, 420, 087, 405 665, 616, 390
1, 422, 654, 905 665, 941, 890
1, 422, 749, 905 665, 889, 940
1, 421,369, 905 665,830, 440
1, 422,132, 405 665, 492, 880
1, 413, 850, 405 666, 278,180
658,362, 223
661, 298,333
661, 244, 347
661,016, 470
661, 664, 478
660, 677,175
660, 986, 560
661, 434,195
659, 760, 467
660, 555, 797
661, 742, 830
662, 764, 613
46,194, 204 704, 556,427
45, 050, 979 706, 349,312
45, 059,372 706, 303, 719
44, 211, 319 705, 227, 789
42, 519, 201 704,183,679
42, 697, 987 703, 375,162
41, 682, 684 702, 669, 244
40, 714, 779 702,148,974
39, 768,777 699, 529, 244
39,178,467 699. 734, 264
38, 971, 702 700; 714, 532
37, 927, 974 700, 692, 587
1927
January
February. _
March
April—-.
May
_
June
July
August—
September
October
November
December.
7,972
7, 950
7,927
7,894
7,863
7,845
7,844
7,842
7,831
7,833
7,832
7, 833
1, 417,160, 405 666, 211, 440
1,421,452, 905 664, 503, 940
1, 445, 067, 905 666,138, 640
1, 474, 432, 905 665, 641, 990
1, 470, 085, 905 665, 724, 930
1, 474, 055, 905 667, 095, 680
1, 481, 279, 615 666, 991,130
1, 485, 989, 615 667,156, 290
1,486, 712, 615 667,143, 790
1, 500, 437, 615 666, 985, 790
1, 502, 697, 615 666, 873, 290
1, 521, 797, 615 666, 830, 210
661, 046, 465
657, 364, 790
660,366, 240
661, 673, 603
662, 238, 833
663,156, 720
661, 288, 545
661, 550, 768
663, 747,178
662, 742, 593
663,167, 030
663, 340, 675
36, 721, 464
37, 856, 759
36,825,184
38, 251,364
39, 074, 404
42, 777, 217
42, 857, 722
42, 967, 269
41, 052, 614
40, 537, 019
39, 825, 664
39, 060, 424
697, 767, 929
695, 221, 549
697,191, 424
699, 924, 967
701,313, 237
705, 933, 937
704,146, 267
704, 518, 037
704, 799, 792
703, 279, 612
702, 992, 694
702, 401, 099
7,821
7,810
7,793
7,783
7,761
7,748
7,745
7,723
7,717
7,716
7,707
7,705
1, 537, 432, 615 667,127, 710 662, 380, 082
1, 541, 562, 615 666, 230, 710 659, 332, 017
1, 542, 207, 615 667, 011, 210 661, 481, 322
1, 564, 712, 615 666, 866, 710 662, 412, 992
1, 585, 632, 615 666,196, 460 661,127, 660
1,585,547,615 667,491, 900 661, 522, 450
1, 598, 007, 615 665, 658, 650 658, 732, 988
1, 610, 676, 615 686, 643, 200 658, 463, 423
1, 614, 656, 615 666, 732, 700 660, 518,182
1, 620, 279,115 667, 318, 040 660, 463, 912
1, 619, 589,115 667,168, 440 662, 705, 675
1, 630, 507,448 667, 508, 440 663, 931, 957
38, 623, 507
38, 407, 517
38, 250, 372
36, 802, 227
38, 814, 509
39, 757, 992
40, 887, 664
38, 926, 224
38,299, 802
37, 688, 747
37,446, 779
36, 248, 802
701,003,589
697, 739, 534
699, 731, 694
699, 215, 219
699, 942,169
701, 280, 442
699, 620, 652
697, 389, 647
698, 817, 984
698,152,659
700,152,454
700,180, 759
7,687
7,666
7,643
7,628
7,601
7, 599
7,587
7,565
7,539
7, 521
7,506
1, 636,452, 948 667, 013,340
1, 639, 865, 948 667, 486, 340
1, 670, 265, 948 666, 432, 090
1, 659. 418,448 666, 630, 890
1,625,654,448 6G6, 221, 390
1, 626, 902, 040 666, 233,140
1, 635, 308, 915 666,199,140
1, 669, 218, 815 666, 407, 040
1, 679, 991, 015 666, 864, 280
1, 676, 066, 015 667, 093, 770
1, 686, 251, 665 666, 736,100
35, 877, 502 698, 782,129
34, 822, 732 697, 278, 219
35, 231, 759 694, 883, 339
36, 750, 627 698, 675,099
38, 720, 772 702,085, 289
39, 651, 731 702, 979, 934
41, 520, 872 704, 294, 442
39, 707, 550 697, 471, 993
38, 652, 573 687, 950, 563
38, 564, 685 691, 388, 665
38, 508, 768 700, 328, 815
Date
Number of
banks
1925
January
February.March
A priL __
May
_
June
July_._
August.__
September..
October
November. __
December
___
1926
1928
January
February. _
_
March
April—
_
May.
_
June......
_
July
August
September
October..
November
December
_.
_
_
1929
January.
February
March
April—
May
June
July
August
September..
October
November
662, 904, 627
662, 455, 487
659, 651, 580
661, 924,472
663, 364, 517
663, 328, 203
062, 773, 570
057, 764, 443
C49, 297, 990
652, 823, 980
661, 822, 047
NOTE.—Notes redeemed b u t not assorted not included in circulation outstanding.
N O T E . — N e w series of notes included since July.
Total
nationalbank notes
outstanding
772,046,817
769, 840,402
763, 857, 277
755, 210, 687
747, 425,819
739, 569, 469
733, 366,074
726, 555,684
723, 662,997
717,923,889
713,802,744
710,750,444
REPORT OP THE COMPTROLLER OF THE CURRENCY
231
TABLE N O . 5.—National banks reported in liquidation from Novetnber 1, 1928, to
October 31, 1929, the names, where known, of succeeding banks in cases of succession, with date of liquidation and capital
Bate of
liquidation
Name and location of bank
The First National Bank of Mounds, Okla. (6263), succeeded by First State Bank
of Mounds
The First National Bank of Boothbay Harbor, Me. (5598), absorbed by Augusta
Trust Company, Augusta, Me
The First National Bank of Boley, Okla. (12012), absorbed by The Farmers and
Merchants Bank of Boley
.
The First National Bank of Burlington, Colo. (11455), absorbed by Stock Growers
State Bank of Burlington
The First National Bank of Brooklyn, New York,* N. Y. (923), succeeded by First
Bank of Brooklyn, which merged with Manhattan Company
First National Bank in Burbank, Calif. (12435) absorbed by Bank of Italy National
Trust & Savings Association, San Francisco, Calif
__
The Liberty National Bank of Pawhuska, Okla. (11314), absorbed by The American National Bank of Pawhuska.._._
__
The First National Bank of Jennings, Okla. (11791), succeeded by First State Bank
of Jennings.
The First National Bank of Jerome, Idaho (9680), absorbed by The First Security
Bank of Jerome
_._
The First National Bank of Junction, Texas (10845), absorbed by Junction State
Bank, Junction
The Seventh National Bank of New York,* N . Y. (11844), absorbed by Municipal
Bank and Trust Company of New York
The Milnor National Bank, Milnor, N . Dak. (8264).._
The First National Bank of Grady, N . Mex. (11746)
The First National Bank of Addington, Okla. (10001), absorbed by The Waurika
National Bank, Waurika, Okla
The Citizens National Bank of Hemingford, Nebr. (12495), absorbed by Farmers
State Bank of Hemingford
The First National Bank of McAllen, Tex. (11175), succeeded by The First National
Bank in McAllen
The First National Bank of Sardis, Ohio (7711), absorbed by The Union National
Bank of Sistersville, W. Va
_
_
The First National Bank of Bassett, Nebr. (11426), absorbed by Bassett State
Bank, Bassett
'The American National Bank of Richmond, 3 Va. (5229), succeeded by American
Bank of Richmond to be consolidated with American Trust Company under
title of American Bank & Trust Company of Richmond
First National Bank in Hailey, Idaho (12832), succeeded by First Security Bank of
Hailey '1
The Shidler National Bank, Shidler, Okla. (12177), succeeded by American
Exchange Bank, Shidler
Merchants National Trust and Savings Bank of Los Angeles,* Calif. (3538),
absorbed by Bank of America of California, Los Angeles
The First National Bank in Eureka, Kans. (12457), absorbed by The Citizens
National Bank of Eureka
The Farmers and Merchants National Bank of Ron3, Okla. (10172), succeeded by
The First State Bank, Roff
1928
Oct. 25
Capital
$25,000
Oct.
31
50,000
July
3
25,000
Oct.
22
30,000
Nov. 22
1,000,000
Nov. 9
50,000
Oct.
23
100,000
Oct.
5
25,000
June 26
50,000
Oct.
40,000
20
Dec. 15
do.
Nov. 28
Dec. 10
1, 500,000
30,000
25,000
25,000
Dec. 12
25,000
May 26
50, 000
Nov. 24
25,000
1927
Feb. 18
30,000
1928
Dec. 29
2,000, 000
Dec. 20
50,000
1928
Dec. 31
..do
25,000
4,000, 000
Sept. 8
50,000
Dec.
25,000
31
The National Globe Bank of Woonsocket, R. I. (1423), absorbed by Rhode Island
Hospital Trust Company, Providence, R. I
The First National Bank of Hazard, Ky. (8258), absorbed by The First National
Bank in Hazard...
,._-_
1929
Jan. 12
100, 000
Jan.
8
100, 000
The Wylie National Bank, Wylie, Texas (12583), absorbed by Wylie State Bank,
Wylie—
1928
Dec. 21
25,000
The National Bank of Unionville, Mo. (3137), succeeded by National Bank of
Union ville
_
The Farmers National Bank of Vinton, Iowa (5088), succeeded by The Farmers
National Bank in Vinton
„
1929
Jan. 1
50,000
Jan. 10
65,000
, absorbed by The First
1928
Dec. 20
50,000
The First National Bank of Raymond, Minn. (8050), absorbed by Farmers State
Bank of Raymond
1929
Jan. 14
25, 000
The City National Bank of Granbury, Texas
National Bank of Granbury...:
The First National Bank of Higgins, Texas (8179), absorbed by The Citizens
1928
25, 000
National Bank of Higgins
Dec. 17
1
With
2
branches
in
New
York
City.
2
With 2 branches in New York City.
3
With 5 branches in Richmond.
4
With 36 branches in California, as follows: Los Angeles, 29, and 1 each at San Bernardino, Riverside,
Redlands, Vernon, Huntington Park, Bell, and Glendale.
79003°—30
16
232
REPOBT OF THE COMPTROLLER OF THE CURRENCY
TABLE NO. 5.—National banks reported in liquidation from November 1, 1928, to
October 81, 1929, the names, where known, of succeeding banks in cases of succession, with date of liquidation and capital—Continued
Name and location of bank
Date of
liquidation
The First National Bank of Mount Pleasant, Texas (4722), succeeded by The First
National Bank in Mount Pleasant..
_
1929
Jan. 15
The First National Bank of Mountain Home, Idaho (6521), succeeded by First
1928
Security Bank of Mountain Home
_
Dec. 24
The First National Bank oi Stonewall, Okla. (7054), absorbed by The Stonewall
State Bank
_
Dec. 31
The First National Bank of Gotebo, Okla. (10389), absorbed by Bank of Gotebo___ Dec. 27
Capital
$75,000
100,000
35,000
25,000
The First National Bank of Crestline, Ohio (5099), succeeded by First National
Bank in Crestline
1929
Jan. 21
75,000
The City National Bank of Tip ton, Iowa (6760), succeeded by Tipton National
Bank, Tipton
_
1928
Nov. 10
50,000
The Little Neck National Bank of New York, N. Y. (12512), absorbed by Manhattan Company, New York
1929
Jan. 26
100,000
The Watkins National Bank of Lawrence, Kans. (3881), absorbed by The Lawrence
National Bank, Lawrence.
-
1928
Dec. 12
100,000
The First National Bank of Winnebago City, Winnebago, Minn. (5406), succeeded
by the First National Bank of Winnebago
The First National Bank of Berthoud, Colo. (8033), absorbed by The Berthoud
National Bank, Berthoud
First National Bank of Olyphant, Pa. (8806), absorbed by Miners Savings
Bank of Olyphant, which is to change its title to Miners Savings Bank & Trust
Company..
The Pacific National Bank of Boise, Idaho (10083), succeeded by First Security
Bank of Boise
The First National Bank of Detroit, Texas (4682), succeeded by The Planters National Bank of Detroit
The First National Bank of San Pedro, Calif. (7057), absorbed by Bank of Italy
National Trust and Savings Association, San Francisco, Calif_
_
1929
Feb. 1
50,000
Jan. 21
25,000
4
250,000
Jan. 30
300,000
Jan. 14
100,000
Jan. 24
200,000
1928
Dec. 29
25,000
The First National Bank of Siloam Springs, Ark. (9871), succeeded by The First
National Bank in Siloam Springs
_
The First National Bank of Foraker, Okla. (10356), succeeded by First State Bank,
Foraker_.
1929
Jan. 21
50,000
Jan. 19
25,000
The First National Bank of Wellington, Texas (8102), succeeded by The First
National Bank in Wellington.--
1928
Dec. 26
50, 000
The First National Bank of Santa Rosa, Calif. (12201), absorbed by Bank of
America of California, Los Angeles, Calif
The First National Bank of Caddo, Texas (11625)
The American National Bank of Lebanon, Tenn. (5754), succeeded by American
Bank and Trust Company of Lebanon
_
The First National Bank of Prairie Grove, Ark. (8030), absorbed by Farmers State
Bank of Prairie Grove
_
The First National Bank in Cumby, Texas (12719), absorbed by First State Bank
in Cumby
_
_
The First National Bank of San Saba, Texas (7700), absorbed by the San Saba National Bank, San Saba
.
5
The Northern National Bank of Philadelphia, Pa. (4192), absorbed by Ninth Bank
and Trust Company, Philadelphia._
__.
The First National Bank of Olustee, Okla. (9960), absorbed by Farmers State
Bank, Olustee
The Marine National Bank of Pittsburgh, Pa. (2237), absorbed by The Third
National Bank of Pittsburgh
The First National Bank of Mount Vernon, 8. Dak. (7582), succeeded by The
First National Bank in Mount Vernon
•__
The First National Bank of Horatio, Ark. (10447), absorbed by Bank of Horatio-.
The Citizens National Bank of Martinsville, Ind. (4964), absorbed by The First
National Bank of Martinsville
.The Merchants National Bank of Asbury Park, N . J. (10932), succeeded by Merchants Trust Company of Asbury Park
The National Union Bank of Maryland at Baltimore, Md. (1489), absorbed by
Baltimore Trust Company, Baltimore
First National Bank of Granite Falls, Minn. (8416), absorbed by Granite Falls
Bank, Granite Falls....
The First National Bank of Rice, Tex. (11632), absorbed by First State Bank,
Rice
_
« With 1 branch in Philadelphia.
1929
Feb. 6
Feb. 16
100,000
25,000
Jan.
7
100,000
Jan.
8
25,000
Jan. 22
50, 000
The First National Bank of Braggs, Okla., (10437)
_
Feb.
Feb. 15
60, 000
Mar. 4
400,000
Jan. 17
25.. 000
Feb. 26
300, 000
Feb. 28
Mar. 1
50,000
25,000
Feb. 25
100,000
Mar. 11
400,000
Mar. 12
1,000, 000
Mar. 4
25, 000
Feb. 16
25,000
REPORT OF THE COMPTROLLER OF THE CURRENCY
233
TABLE NO. 5.—National banks reported in liquidation from November 1, 1928, to
October 31, 1929, the names, where known, of succeeding banks in cases of succession, with date of liquidation and capital—Continued
Name and location of bank
The First National Btink of Sand Springs, Okia. (12079), succeeded by First State
Bank of Sand Springs
_
The City National Bank of Decatur, Tex. (5665), absorbed by The First National
Bank of Decatur
The First National Bank of Poultney, Vt. (2545), succeeded by First National
Bank in Poultney
_
_
The Citizens National Bank of Norfolk, Nebr. (3741), absorbed by Nebraska State
Bank of Norfolk
The First National Bank of Westerville, Ohio (7671), absorbed by Bank ol" Westerville County, Westerville
The First National Bank of Pompeys Pillar, Mont. (10922)
Mercantile National Bank in Dallas, Tex. (12707), absorbed by Mercantile Bank
and Trust Company of Texas, Dallas
The First National Bank of Long Beach, Calif. (5456), absorbed by Bank of America of California, San Francisco, Calif
The First National Bank of Auburn, Calif. (9227), absorbed by Bank of America
of California, San Francisco, Calif
The First National Bank of Exeter, Calif. (9370), absorbed by Bank of America
of California, San Francisco, Calif
The First National Bank of Chino, Calif. (10271), absorbed by Bank of America
of California, San Francisco, Calif
New First National Bank in Visalia, Calif. (12678), absorbed by Bank of America
of California, San Francisco, Calif
First National Bank in South Pasadena, Calif. (12797), absorbed by Bank of America of California, San Francisco, Calif
__.
City National Bank of Spokane, Wash. (12418), absorbed by The Old National
Bank and Union Trust Company, Spokane
The Security National Bank of Alexandria, S. Dak. (10187), absorbed by First
National Bank in Alexandria
The First National Bank of Fullerton, N . Dak. (11217), absorbed by Farmers
State Bank of Fullerton
The Bushwick National Bank of New York, N . Y. (12419), absorbed by Globe
Exchange Bank, Brooklyn, N . Y
The First National Bank of Kosse, Tex. (9205), succeeded by The Kosse National
Bank of Kosse
National Bank of Commerce in New York, 6 N . Y., (733), absorbed by Guaranty
Trust Company of New York
The Caddo National Bank, Caddo, Okla., (7368), absorbed by Atoka State Bank
Atoka, Okla.
__
The First National Bank of Valley Mills, Texas (9148), succeeded by The First
National Bank in Valley Mills
p a t e of
liquidation
Capital
1929
Feb. 6
$50, 000
Feb. 19
50, 000
Mar, 5
50, 000
Jan. 18
100, 000
Mar. 15
Mar. 19
25, 000
25,000
1
1, 000, 000
Mar. 1
200, 000
Feb.
Jan.
8
50,000
...do
50,000
Feb. 14
25, 000
8
100,000
Jan. 16
100, 000
Mar. 19
200,000
Jan.
30,000
Mar. 14
Apr.
1
Mar. 27
25,000
200, 000
50,000
Apr,
5
25,000,000
Apr.
2
25,000
.__do
50,000
The First National Bank of Casa Grande, Ariz. (11663), absorbed by Arizona
Southwest Bank, Casa Grande
1928
Dec. 5
25,000
The Liberty National Bank of Tahlequah, Okla. (12089), absorbed by Liberty
State Bank, Tahlequah
The First National Bank of Rhorne, Texas (10509), succeeded by The First National
Bank in Rhome
The Broadway National Bank of Richmond, Va. (10344), succeeded by Broadway
Bank & Trust Company of Richmond
L
First National Trust and Savings Bank of Whittier, Calif. (5588), absorbed by
Bank of America of California, Los Angeles, Calif
Anadarko National Bank, Anadarko, Okla. (5923), absorbed by Anadarko Bank
and Trust Company, Anadarko
The Sonoma County National Bank at Petaluma, Calif. (9918), absorbed by Bank
of America of California, Los Angeles, Calif
The Bloomfield National Bank, Bloomfield, N . J. (4056), absorbed by Bloomfield
Trust Company, Bloomfield
The First National Bank of Arlington, S. Dak. (5916), succeeded by First National
Bank in Arlington
The Kenwood National Bank of Chicago, 111 (11999), absorbed by The Hyde ParkKenwood National Bank of Chicago
The First National Bank of Electra, Texas (10050), succeeded by The First National
Bank in Electra
The Old National Bank of Grand Rapids, Mich. (2890), absorbed by Kent State
Bank, Grand Rapids
..
The First National Bank of Florence, S. Dak. (10774), absorbed by The First
National Bank of Waiertown, S. Dak
The Hanover National Bank of the City of New York, 7 N . Y. (1352), absorbed by
Central Union Trust Company of New York, N . Y
The Farmers National Bank of Ludlow, Mo, (8657), succeeded by the Ludlow
National Bank, Ludlow
First National Bank at Turlock, Calif (11124), absorbed by Bank of America of
California, Los Angeles, Calif
,
The First National Bank of Paris, Tenn. (9334), absorbed by First State Bank &
Trust Company of Paris
7
6
With 11 branches in New
With 1 branch in New York City.
1929
Mar. 28
40,000
Apr.
5
25,000
Apr.
9
300,000
Feb. 11
250,000
Mar. 1
25,000
—do....
400,000
Apr. 15
300,000
Mar. 4
50,000
Apr. 20
300,000
Apr. 15
100,000
Apr. 22
800,000
9
25,000
Apr. 23
10,000,000
Apr. 15
60,000
Feb. 13
75,000
Apr. 17
York City.
50, COO
Apr.
234
REPORT OF THE COMPTROLLER OF THE CURRENCY
TABLE N O . 5.—National banks reported in liquidation from November 1, 1928, to
October 31, 1929, the names, where known, of succeeding banks in cases of succession, with date of liquidation and capital—Continued
Name and location of bank
Date of
liquidation
The First & Citizens National Bank of Smithfield, N. C. (10502), succeeded by
First-Citizens Bank and Trust Company, Smithfield..._
1929
Apr. 25
$175,000
First National Bank in Temple, Okla. (11384), succeeded by First State Bank in
Temple
_
1928
Dec. 31
25,000
Capital
The State National Bank of Terrell, Tex. (12733), succeeded by the State National
1929
Bank in Terrell.__
__. Apr. 18
200,000
The Third National Bank of Syracuse, N. Y. (159), absorbed by First Trust and
300,000
Deposit Company, Syracuse
_
_
Apr. 27
The Liberty National Bank and Trust Company of Syracuse,8 N . Y. (12122), ab400,000
sorbed by First Trust & Deposit Company, Syracuse
__do
The State National Bank of Bonham, Tex. (12699), absorbed by State Bank &
200,000
Trust Company, Bonham
_
Apr. 25
The First National Bank of Equality, 111. (6978), succeeded by Equality State
35,000
Bank, Equality
_
Feb. 26
The Chemical National Bank of New York,9 N. Y. (1499), succeeded by Chemical
Bank and Trust Company, which is to consolidate with U. S. Mortgage and
6,000,000
Trust Company, New York
__
_
May 2
The Chapman National Bank of Portland, Me. (4868), succeeded by Chapman
400,000
Bank & Trust Company..
__
_
May 1
Farmers National Bank of Fairfax, S. Dak. (12325), succeeded by The Farmers
50,000
Apr. 26
National Bank of Fairfax.
_
The First National Bank of Aurora, Oreg. (11975), absorbed by Aurora State Bank,
Mar. 23
25,000
Aurora
The American National Bank of Ardmore, Okla. (12053), succeeded by The AmeriApr.
2
300,000
can Bank and Trust Company of Ardmore
The Louisville National Bank and Trust Company, Louisville,10 Ky. (5161),
750,000
succeeded by The Louisville Trust Company of Louisville
_ May 15
The First National Bank of Big Sandy, Tenn. (13077), absorbed by Peoples Union
May 16
25,000
Bank & Trust Company, Camden, Tenn
_
_
The Planters National Bank of Detroit, Tex. (13259), absorbed by Citizens State
May 13
25,000
Bank of Detroit
The National City Bank of Tampa, Fla. (10958), absorbed by The First National
May 7
500, 000
Bank of Tampa
The First National Bank of Tarboro, N . C. (8356), succeeded by The Edgecombe
May 23
100,000
National Bank of Tarboro
The Merchants National Bank of Detroit, Mich. (10600), absorbed by The Dime
May 27
2,000,000
Savings Bank of Detroit, which is to change its title to Bank of Michigan._
The First National Bank of Morrilton, Ark. (10434), absorbed b y Peoples Bank
May 13
50,000
& Trust Company of Morrilton..
The First and Security National Bank of Valley City, N . Dak. (11417), succeeded
...do,..-.
100,000
by The National Bank of Valley City..
The Security National Bank of Lawton, Okla. (11680), succeeded by the Security
100, 000
June 3
Bank & Trust Company
_
The Orangeburg National Bank, Orangeburg, S. C. (10674), absorbed by the
200,000
Jan. 8
Edisto National Bank of Orangeburg..
_
The First National Bank of Rowlett, Tex. (12654), absorbed by First National
25,000
June 6
Bank of Garland, Tex
The First National Bank of Benjamin, Tex. (7669), succeeded by First State Bank
50,000
Apr. 25
and Trust Company of Benjamin
_._
The Frontier National Bank of Buffalo, N . Y. (13085), absorbed by Liberty Bank
200,000
June 10
of Buffalo
First National Bank in Georgetown, Del. (13278), succeeded by Georgetown Trust
50,000
June 11
Company, Georgetown
The First National Bank of Pequot, Minn. (11267), absorbed by Farmers State
25,000
June 5
BankofPequot
25,000
June 12
National Bank of Wehrum, Pa. (12602)
Citizens National Bank of Vicksburg, Miss. (7507), absorbed by The First National
100,000
May 23
Bank of Vicksburg
.
_
Arcadia National Bank and Trust Company of Newark, N . Y. (6802), succeeded
200,000
June 15
by Arcadia Trust Company of Newark.
The Seaboard National Bank of The City of New York," N . Y. (12123), succeeded
June 18 11,000,000
by The Seaboard Bank of The City of New York
The First National Bank of Geyserville, Calif. (11678), absorbed by Bank of
25,000
Feb. 6
America of California, Los Angeles, Calif
__
The Bristol National Bank, Bristol, Conn. (2250), absorbed by Bristol American
200,000
June 21
Bank and Trust Company, Bristol
1
50,000
The Milton National Bank, Milton, W. Va, (12765), absorbed by Bank of Milton_. June 28
The Merchants-Laclede National Bank of Saint Louis, Mo. (5002), absorbed by
Mississippi Valley Trust Company, St. Louis, which changed its title to Missis1, 700, 000
June 29
sippi Valley Merchants State Trust Company
The State National Bank of St. Louis, Mo. (5172), absorbed by Mississippi Valley
Trust Company, St. Louis, which changed its title to Mississippi Valley Mer2, 000, 000
chants State Trust Company
_.
8
With 1 branch in Syracuse.
io With 6 branches in Louisville.
» With 7 branches in New York City.
u With 3 branches in New York City.
REPORT OF THE COMPTROLLER OF THE CURRENCY
235
TABLE N O . 5.—National banks reported in liquidation from November 17 1928, to
October SI, 1929, the names, where known, of, succeeding banks in cases of succession, with date of liquidation and capital—Continued
Name and location of bank
Date of
liquidation
The Vienna National Bank, Vienna, Va. (11764), succeeded by Vienna Trust
1929
Company, Vienna
_
June 29
The Tenth National Bank of Philadelphia, 12 Pa. (3423), absorbed by Integrity
Trust Company, Philadelphia
•_
July 1
T
The Broadway National Bank, of Paterson, N. J. (12726), succeeded by Broadway
Bank & Trust Company, Paterson
.
._.do
The Central National Bank of Lincoln, Nebr. (8885), absorbed by The First
National Bank of Lincoln
_. June 21
The First National Bank of Libby, Mont. (9594), absorbed by First State Bank of
July 1
Libby..
The First National Bank of Forrest City, Ark. (10550), absorbed by Bank of East
era, Ark., Forrest City
May 6
The Powell National Bank, Powell, Wyo. (10565), succeeded by Park County
Bank, Powell
Feb. 2
The Farmers National Bank of Yale, Okla. (10722)
_. May 21
The First National Bank of Carterville, Mo. (4475), absorbed by Webb City Bank
of Webb City, Mo
June 29
The National Bank of New Berne, N . C. (1632), succeeded by The First National
Bank of New Bern
July 17
The First National Bank of Brookville, Ohio (9553), absorbed by The Citizens
State & Savings Bank of Brookville, which changed its title to the Brookville
State Bank
July 22
The Jackson National Bank, Jackson, Minn. (6992), succeeded by The Jackson
National Bank in Jackson
July 9
The Oklahoma National Bank of Hastings, Okla. (12150), succeeded by The Oklahoma State Bank, Hastings
May 29
The Potomac National Bank, Potomac, 111. (6824), absorbed by Goodwine State
Apr. 23
Bank of Potomac
The First National Bank of Underwood, N . Dak. (11272), absorbed by Security
State Bank, Underwood
July 22
The First National Bank of Ault, Colo. (8088), absorbed by The Farmers National
Bank of Ault
Apr. 29
The Vermilion National Bank, Vermilion, S. Dak. (7352), succeeded by The First
National Bank and Trust Company of Vermilion
Aug. 1
The First National Bank of Morgantown, Ind. (7652), succeeded by First State
Bank, Morgantown
...do
The First National Bank of Vermilion, S. Dak. (4603), succeeded by The First
...do
National Bank and Trust Company of Vermilion
The Merchants National Bank of Fargo, N. Dak. (8170), succeeded by The Merchants National Bank and Trust Company of Fargo
July 26
The Colton National Bank, Colton, Calif. (8608), succeeded by The Citizens
National Bank of Colton
July 24
The College National Bank of Berkeley, Calif. (11495), absorbed by American Trust
Company, Berkeley
-_
-.
_. July 27
The Community National Bank of Buffalo," N . Y. (11768), absorbed by Liberty
June 10
Bank of Buffalo...
The American National Bank of Okmulgee, Okla. (12048), absorbed by The Central
July 30
National Bank of Okmulgee
•_
(),
The Fordham National Bank in New York,, N . Y. (12825),
absorbed byy Bronx
County
Trust
Company, New
York
July 31
C
t
Tt
C
N
Y k
First
irst N
National
a t i o a l Ba
Bank iin Escondido,
c o d , Calif. (13029), absorbed by Security Trust &
Savings
Bank
Calif
S i
B k off San
S Diego,
Di
Clif
June 1
The First National Bank of Bement, 111. (4829), absorbed by the State Bank of
June 29
Bement.
The National Bank of Wheaton, Minn. (8993), absorbed by The First National
Bank of Wheaton
Aug. 6
The First National Bank of Wellston, Okla. (9983), absorbed by The Wellston
July 22
National Bank, Wellston
The First National Bank of Cooperstown, N. Dak. (5375)/succeeded by The First
Aug. 9
National Bank in Cooperstown..
The Thames National Bank, Norwich, Conn. (657), succeeded by The Thames
Aug. 2
Bank, Norwich
_
_.
.
The Dakota National Bank of Aberdeen, S. Dak. (8642), absorbed by The First
June 24
National Bank of Aberdeen
___
The Peoples National Bank of Ypsilanti, Mich. (12436), absorbed by The First
Aug. 10
National Bank of Ypsilanti
_
The Union National Bank of Neodesha, Kans. (13033), absorbed by The First
June 8
National Bank of Neodesha
The First National Bank of Bainbridge, Pa. (9264), absorbed by Elizabethtown
Trust Company, Elizabethtown
.. Aug. 5
The First National Bank of Deer Creek, Minn. (7268), succeeded by First National
Aug. 7
Bank in Deer Creek
The Norwood National Bank, Norwood, Ohio (8505), absorbed by Norwood-Hyde
Apr. 22
Park Bank & Trust Company, Norwood.-The Yuma National Bank, Yuma, Ariz. (9608), succeeded by Yuma Valley Bank, June 22
Yuma
12 With 1 branch in Philadelphia.
13 With 7 branches in Buffalo.
Capital
$25, 000
1,000,000
200,000
200,000
40,000
50,000
40,000
25, 000
50,000
250,000
25,000
80,000
25,000
30,000
25,000
25,000
50,000
50,000
75,000
100,000
50,000
200,000
1, 000, 000
200, 000
500, 000
50,000
50,000
25,000
25, 000
50,000 1,000,000
50, 000
100, 000
50,000
25, 000
25,000
200,000
150, 000
236
REPORT OF THE COMPTROLLER OF THE CURRENCY
TABLE NO. 5.—National banks reported in liquidation from November 1, 1928, to
October 31, 1929, the names, where known, of succeeding banks in cases of succession, with date of liquidation and capital—Continued
Name and location of bank
Date of
liquidation
Farmers & Merchants National Bank, of Jamestown, N. Dak. (10495), succeeded
1929
by The National Bank and Trust Company of Jamestown
Aug. 13
The First National Bank of Ryan, Okla. (5800), succeeded by the First State
Bank of Ryan
__
_
July 19
The Northfield National Bank, Northfield, Minn. (5895), succeeded by Northfield
National Bank and Trust Company, Northfield__
_
_
Aug. 15
The City National Bank of San Antonio, Texas (5217), succeeded by City Central
Bank & Trust Company, San Antonio...
_
Aug. 29
The Oklahoma National Bank of Skiatook, Okla. (10464), succeeded by The Oklahoma First National Bank of Skiatook.
_
Aug. 5
The National City Bank of Akron, Ohio (6763), absorbed by The First Trust &
Aug. 31
Savings Bank, Akron.
_
^The First National Bank of Highland at Monterey, Va. (9043), absorbed by CitiSep. 2
zens Bank of Highland—
The First National Bank of Spiro, Okla. (9275), absorbed by Farmers State Bank
Aug.
26
Spio
off Spiro
The
h Oakmont
Ok
National Bank, Oakmont, Upper Darby, Pa. (12858), absorbed by
Sep.
3
89th Street Terminal Title and Trust Company, Upper Darby
Addison National Bank of Chicago, 111. (13119), absorbed by Citizens State Bank
...do
of Chicago
National Bank of Niagara and Trust Company of Niagara Falls," N. Y. (12284),
Aug. 31
absorbed by Niagara Falls Trust Company, Niagara Falls
The First National Bank of Willmar, Minn. (6151), absorbed by Bank of Willmar. Sep. 7
The First National Bank of Grundy Center, Iowa (3225), succeeded by First Trust
Aug. 27
& Savings Bank, Grundy Center
The Painesville National Bank, Painesville, Ohio (2842), succeeded by The PainesSept. 10
ville National Bank and Trust Company, Painesville
The Citizens National Bank of Raleigh," N. C. (1766), succeeded by Citizens Bank
of Raleigh
_. Sept. 21
The Murchison National Bank of Wilmington, N. C. (5182), succeeded by The
Murchison Bank of Wilmington.
_
...do
The First National Bank of Wetumka, Okla. (5935), absorbed by The National
Bank of Commerce of Wetumka
Mar. 11
American National Bank <& Trust Company of Greensboro,16 N. C. (10112), succeeded by American Bank and Trust Company, to be succeeded by North
Sept. 21
Carolina Bank and Trust Company
The First National Bank of Rocky Mount, N. C. (10630), succeeded by The Bank
...do
of Rocky Mount
The First National Bank of Chesaning, Mich. (11454), absorbed by Chesaning
Sept. 23
State Bank.
_
The First National Bank of Helena, Ark. (3662), absorbed by The Interstate
May 28
National Bank of Helena. __
The First National Bank of Roanoke Rapids, N. C. (5767), absorbed by Roanoke
Bank
& Trust
Rosemary,
NN. CC
*
Aug. 30
B
k &
T t Company,
C
R
The City National Bank and Trust Company of Bridgeport, Conn. (921), succeeded by The Bridgeport City Bank, Bridgeport
Sept. 20
The First National Bank of Charles City, Iowa (1810), absorbed by Security Trust
& Savings Bank, Charles City
•
Sept. 28
The First National Bankof Rockwell City, Iowa (5185), absorbed by Union State
Bank, Rockwell City
Sept. 26
The First National Bank of Amboy, Minn. (9775), succeeded by The First N ational
Bank in Amboy
Aug. 5
The First National Bankof Loogootee, Ind. (7241), succeeded by The Union Bank,
Loogootee
July 13
The First National Bank of Savage, Mont. (11032), absorbed by The Sidney National Bank, Sidney, Mont
_
Oct. 1
The Brookings National Bank, Brookings, S. Dak. (13181), succeeded by Brookings County Bank, Brookings
Sept. 19
The Drovers and Merchants National Bankof Philadelphia,u Pa. (11476), absorbed
Oct. 11
by The Bankers Trust Company, Philadelphia __
The First National Bank of Lake Benton, Minn. (4509), absorbed by The National
Oct. 9
Citizens Bank of Lake Benton__
_
The First National Bank of Taloga, Okla. (7019), succeeded by the Dewey County
Aug. 12
State Bank of Taloga...
The First National Bank of Versailles, Mo. (7256), succeeded by The First National
Oct. 7
Bank in Versailles
_
_
The American National Bank of Little Falls, Minn. (4655), succeeded by The
Aug. 1
American National Bank in Little Falls
The First National Bank of Kenton, Term. (10404), succeeded by Kenton BankingSept. 12
Company, Kenton.
_
The First National Bankof Brooksville, Fla. (9891), succeeded by the First NaOct. 16 |
tional Bank in BrooksvilleThe First National Bank of Mason, Ohio (7403), absorbed by The Mason Bank,
Oct. 19 j
Mason_
•
The First National Bank of Dillon, S. C. (10908), absorbed by Bank of Dillon
May 21 i
• With 1 branch in Greensboro.
i* With 1 branch in Niagara Falls.
With 1 branch in Philadelphia.
" With 1 branch in Raleigh.
Capital
$50,000
50,000
100,000
1,000,000
25,000
1, 000, 000
25,000
25,000
25,000
200,000
1, 200,000
100,000
50,000
150,000
750,000
1,000,000
40,000
1,000,000
262,500
50,000
200, 000
100,000
1,000, €00
100,000
50,000
50,000
25,000
25,000
50,000
1,000,000
25,000
25,000
30,000
100,000
25,000
50, 000
25,000
100, 000
KEPORT OF THE COMPTROLLER OF THE CURRENCY
237
TABLE N O . 5.—National banks reported in liquidation from November 1, 1928, to
October 81, 1929, the names, where known, of succeeding banks in cases of succession, with date of liquidation and capital—Continued
Name and location of bank
The Citizens National Bank of Harrison, Ark. (12291), succeeded by The Citizens
Bank and Trust Company, Harrison
_
The Quinlan National Bank, Quinlan, Tex. (12761), succeeded by The Security
State Bank, Quinlan
_
The First National Bank of Springfield, Minn. (8269), absorbed by Farmers State
Bank of Springfield._.
_
__
The First National Bank of Skiatook, Okla. (9969), succeeded by The Oklahoma
First National Bank of Skiatook
The First National Bank of Driggs, Idaho, (10278) succeeded by First National
Bank in Driggs
Total (221 banks).
Date of
liquidation
1929
June #0
Oct.
Capital
$50, 000
9
25,000
Oct. 22
40,000
Aug. 5
25,000
Oct. 15
50,000
98, 267, 500
TABLE N O . 6.—Capital stock, surplus, undivided profits, and aggregate resources of banks consolidated under act of November 7, 1918, as
amended February 25, 1927, for the year ended October 31, 1929, as shown by their last reports prior to consolidation
Closing banks
Charter
No.
Oxford Bank and
i rusi uo., Jtrniiadelphia.
Peoples State Bank
r\f Q i "1111 *\ r oTI
OI
otllllvaXl*
6533
1928
7,362
12686
State
T i t l e a n d location
Pa
Capital
$500,000
Continuing banks
Surplus
$500,000
Undivided
profit
$46,176
Aggregate
resources
$9,600,829
Charter
542
Title and location
Corn Exchange Naft ll A
OTnian il
Ind
Wis
Second
Savings
Bank Ward
of Milwaukee.
The First National P a
Bank of Cambridge
Springs.
The Farmers & Me- D . C . . .
chanics National
Bank of WashingCobbs Creek Title Pa
and Trust Company of Philadelphia.
The First National N . C.__
Bank of Rocky
Mount.
New England Na- Mo
tional Bank and
Trust Co. in Kansas City.
First Trust and Sav- Ind
ings Bank of La
Porte.
The Exchange Trust A r k _ . . .
Co., Little Rock.
The Citizens Trust
Co., Allentown.
Pa
The State Savings
Bank of Lapeer.
Mich_.
125,000
18,705
1,664,458
5392
1,000,000 3,000,000
769,844
43,644,858
64
125,000
75,000
75,000
20,971
1, 204,159
9430
252,000
350,000
60, 342
4, 708,244
5046
125,000
35,000
39,932
1,767,806
13180
150,000
125,000
33,145
1,845,703 10630
1,000,000
500,000
157,868
16, 667,386
11344
100,000
100,000
43,289
2,662,396
377
100,000
100,000
32,104
1,578,459
3300
500,000
750,000
234,451
4,736,642
6645
45,000
40, 000
20,494
1,346,397
1731
I J OTl'L*'
XS8II1J£
Capital
Surplus
Undivided
profit
Aggregate
resources
of
Date of Date
reports consolidation
1928
$2,700,000 $7,800,000 $1,046,305 $91,180,408 Oct. 3
1928
Nov. 1
QTiH
cLDG
Trust Co., Philadelphia.
The National Bank
oi ouiiivan.
First Wisconsin National Bank of Milwaukee.
The Springs National
Bankof Cambridge
Springs.
The Riggs National
Bank of Washington, D. C.
City National Bank
& Trust Company
of Philadelphia.
The National Bank
of Rocky Mount.
150,000
6,000,000
50,000
28,789
1,703,621 _ do___ _
4,000,000 1,218,313 134,973,576
do
Nov. 19
Dec 15
50,000
50,000
49,357
1,213,744
...do
Do
2, 500,000
2,000,000
441,186
51,538,850
...do
Do.
1, 000,000
1,000,000
27,698
6,980,355
...do.
Dec. 28
200, 000
100,000
13,050
2,378,074
Fidelity
National
Bank and Trust
Co. of Kansas City.
The First National
Bank of La Porte.
The Exchange National Bank of Little Rock.
2,000,000
500,000
646,440
250,000
100,000
30,635
2,962,043
Oct. 3
Do.
300,000
200,000
19,337
5, 544,224
Dec. 31
Do.
The Merchants National Bank of Allentown.
The First National
Bank of Lapeer.
400,000
1,400,000
194,858
8,642,112
75, 000
75,000
13,719
Dec. 31
36, 290,042 ...do
Dec. 31
Do.
1929
do
Jan. 7
1,080, 381 ...do
Jan. 15
CO
00
4805
The National Bank
of Urbana.
The Frackelton State
Bank of Petersburg.
The Gar field National ±*ank of the
City of New York.
1146 The Mad River National Bank of
Springfield.
The Chattanooga Savings Bank and
Trust Co.
The Milton National
Bank, Milton.
Rawson State Bank
Chicago.
3738 The Lockwood National Bank of San
Antonio.
Lincoln Trust Co. of
New Jersey.
United States National Bank of McMinnville.
10026 The National City
Bank of Seattle.
11856 The Marine National
Bank of Seattle.
The Hamilton Trust
& Savings Bank of
Chattanooga.
Griswold-First State
Bank, Detroit.
The American Exchange Bank, Portland.
3052 Phoenix National
Bank and Trust Co.
of Lexington.
2020 The Merchants National Bank of St.
Paul.
L i b e r t y Central
T r u s t Co., St.
Louis.
Security Trust & Savings Bank, Los Angeles.
2598
Ohio...
Ill
N. Y.__
Ohio...
Tenn
Pa
Ill
916 The Champaign Na-
200, 000
40,000
100,000
10,000
8,112
519,472
3043
1,000,000 1,000,000
900,166
22,090,256
2370
866, 556
300,000
60,000
3,963
2,994,406
238
1,000,000
500,000
247,094
8,848,326
1606
100,000
100,000
103,347
873,608
253
4,000,000 5,500,000 1,859,674 104,364,057
8
200,000
340,000
64,046
3,525,526
5179
600,000
400,000
414,676
8,904,089
374
50,000
50,000
15,090
1,023, 268
3857
500,000
100,000
245,223
5,866,161
300,000
100,000
54,760
469,101
500,000
91,514
4,411,953
7848
Mich... 2, 500,000 2, 500,000
170,021
46,620,060
8703
200,000
50,000
33,267
1,000, 000
500,000
120,959
Minn.
2,000,000 2, 000,000
405,084
Mo...
3,000,000
Tex.._.
N. J..__
Oreg...
Wash..
Wash..
Tenn...
Oreg...
\ 4375
3,407,036 12557
8, 583, 257
906
50,405, 043
203
1, 350,000 39,346, 978
170
tional Bank of Urbana.
The First National
Bank of Petersburg*
The Chase National
Bank of the City
of New York.
The First National
Bank and Trust
Co. of Springfield.
The First National
Bank of Chattanooga.
The First National
Bank of Milton.
The First National
Bank of Chicago.
The Frost National
Bank of San Antonio.
The First National
Bank of Jersey
City.
The McMinnville
National Bank McMinnville.
The National Bank
of Commerce of Seattle.
The Hamilton National Bank of
Chattanooga.
The National Bank
of Commerce of
Detroit.
Portland National
Bank, Portland.
The First and City
National Bank of
Lexington
The First National
Bank of St. Paul.
First National Bank
in St. Louis.
Calif._ 12, 000,000 3, 000, 000 6,120, 315 281, 655, 520 2491 Los Angeles-First National Trust & Savings Bank, Los Angeles.
200,000
100, 000
111, 230
100,000
75,000
26,000
1, 645, 216...do»
Jan. 17
do
Jan.
23
60,000,000 60,000,000 17,490,815 1.421.090.732 ___do
Jan.
26
111, 455 10,702,278 ...do
Feb.
1
Feb.
2
886,133
1,000,000
600,000
1,250,000
1,250,000
232,812
23,513,122 ...do
200,000
200,000
25,963
1,952,059 ...do
Do.
20, 000,000 15,000,000 6,801,873 365, 766,914 ...do
Feb.
11
500,000
364, 782 22, 777,648 ...do
Feb.
16
1,500,000
172, 593 27,056,882 ...do
Feb.
18
1,000,000
1, 000,000
75,000
20,671
1,346,185 ...do
Feb.
19
1,000,000
1,000,000
270,423
28,298,442 ...do
Feb.
23
1, 500,000
600,000
122,680
21,505,631 ...do
Feb.
26
2, 500,000
3,000,000
Feb.
28
200,000
20,000
30,341
3,077,415 ...do
800, 000
400,000
50,000
6,480,075 ...do
2,000, 000 2,005,980
70,232, 729 ....do
75,000
3,000,000
902, 251 57,831,960
do
10,000,000
5,000,000 2,169, 309 160,095,094 ...do
13, 750,000
1929
8, 000,00010, 073, 806 342,961,842 Mar. 27
Do.
Mar.
j
2
Mar. 23
Do.
Mar. 30
TABLE N O . 6.—Capital stock, surplus, undivided profits, and aggregate resources of banks consolidated under act of November 7, 1918, as
amended February 25, 1927, for the year ended October 81, 1929, as shown by their last reports prior to consolidation—Continued
Continuing banks
Closing banks
Charter
No.
Title and location
State
12980 Granite National N. Y__.
Bank of Brooklyn
in New York.
Union Trust Co. W. Va.
Charleston.
4412 The Citizens National W. Va.
The Peoples State
Bank of Richmond.
11360 The Liberty National
Bank of Jamestown
N. Y.
9374 American Exchange
National Bank of
Duluth.
Marathon County
Bank, Wausau.
13290 The Citizens National Bank & Trust
Co. of Everett.
10602 Mount Vernon National Bank, Mount
Vernon.
13301 i The Blair National
I Bank of New York.
12970 The Traders National
Bank of Brooklyn
in New York.
The Boone County
Bank of Madison.
Kans...
N. Y._.
Capital
Surplus
$300,000
$75,000
500,000
125,000
10,000
10,000
200,000
Undivided
profit
Aggregate
resources
$23,114
$2,319,004
250,000
65,403
3,869,086
125,000
111,614
Char
ter
No.
658 Nassau
National
Bank of Brooklyn.
184,976 11728 The First National
50,000
9,310
1,183,806
Minn.. 2,000,000 1,000,000
550,188
15,956,087
2,634,923
Bank of Richmond.
National
B ank of Jamestown.
9748 American
3626 The First National
Bank of Duluth.
Undivided
profit
Aggregate
resources
Date of
reports
11,668,523 _._do
500,000
1,500,000
25,000
3,000
26
_do._
200,000
250,000
82,435
5,636,150 ..do_.
2,000,000
1,500,000
960,249
207,998
24,366,919 ...do
5, 312,515 _do_.
200,000
100,000
12,969
4744 American
400,000
300,000
Wash.
100,000
20,000
5,259
1,382,096 11693 The Security Nation-
150,000
37,500
Wash..
50,000
10,000
2,076
N. Y...
200,000
N. Y...
500,000
250,000
50,291
The Skagit National
___do
50,000
10,281
844,215
12154
10,000
Bank, of Mount
Vernon.
[The Bank of America
< National Associa- >25,000,000 35,000,000 3,364,385 384,607,480 _._do
3,155,703 13193 [ tion, New York.
W. Va.
100,000
28,373
3,309
606,404
12043 Tulsa National Bank
Tulsa.
Okla._.
750,000
200,000
25,223
7,649,607
Madison National Bank, Madison.
5171 The First National
10019 The Ottawa County
National Bank of
Miami.
Okla-_,
150,000
30,000
21,695
2,956,916
5252 The First National
National
Bank of Wausau.
Surplus
1929
$1,500,000 $1,500,000 $721,713 $27,259,620 Mar. 27
(The Charleston NaBank, >
I Charleston.
• 3236 < t i o n a l
3,376,012
Capital
Title and location
12,008
1,979,185
al Bank of Everett.
0)
_do..
Date of
consolidation
1929
Mar. 30
Do.
Do.
Apr. 13
Apr. 18
Apr. 20
Do.
V
848,441
6510 The
Co., of Tulsa.
Bank of Miami.
May 20
—do..
100,000
90,000
5,168
2, 500,000
750,000
113,567
33,543,249 ...do..
100,000
25,000
43,991
1,896,755 ...do..
959,992
May 4
May 31
June 22
Do.
The Nassau National N. Y...
Bank of Brooklyn
in New York.
The Northwestern N.Dak.
National
Bank of
Grand Forks.
The American Na- Va—__
iionai
uanK
721,713
27,259,620
13193
200, 000
50,000
15,511
2,934,827
2570
300,000
200,000
2,290
3,026,320
11817
100,000
20,000
36,269
2,104,359
512
N. Y_- 10,000,000
500,000 9,459,326 172, 523,744
1461
111
1,000,000
359,000
The Bank of America National Association New York.
The First National
Bank of Grand
Forks.
The Colonial National Bank of
Roanoke.
The First National
Bank of Joliet.
The National City
Bank of New York.
01
Roanoke.
The Commercial
Trust and Savings
Bank of Joliet. .
The Farmers' Loan
State Bank, New
York.
Teter State Bank,
Chicago.
The Northampton
Trust Co.of Easton.
The Farmers National Bank of Nokomis.
The Bank of Reedy..
The Cartersville National Bank, Cartersville.
The First American
Savings Bank, Limited, Honolulu.
The Bank of Bishop
and Co., Limited,
Honolulu.
The Army National
"Ranlr nf Rphnfipirl
B
arracks, Honolulu.
The Fidelity National Bank of Spokane.
The Southwark National Bank, Philadelphia.
The National Bank
of Granville at Oxford.
The Colonial National Bank of Norfolk.
1
1,700,000 1,500,000
111
4,848,461
.do
700,000
300,000
115,482
5,473,877
June
1,000,000
250,000
155,863
18,355,017
do
13331 The First National
Trust and Savings
Bank of Spokane.
Manayunk15,106, 881 3(504 T h e
Quaker City National
Bank of
Philadelphia.
.5885 The First National
1,885,510
Bank of Oxford.
200,000
200,000
133,024
2, 372,094
75,000
3,300
183
467,492
W. Va.
25,000
13,000
1,022
132,321
100,000
20,000
17,019
791,875
200,000
100,000
68,569
3,157,975
2,000,000 1,250,000
261,011
100,000
140,000
28,672
2,280,991
Wash..
500,000
100,000
21,552
5,690,286
Pa
500,000
850,000
65,640
N . C__.
152,600
75,000
8,124
Va
475,000
(i)
| June 27
29
100,000,000 100,000,000 11,246,473 1,423,593,549 Mar. 27
500,000
125,000
38,926
T h e First National
Bank of Hawaii, at
Honolulu.
Pa
New national bank did not report prior to consolidation.
50,000
7,000,000
4605
do
200,000
The National Bank
of the Republic,
Chicago.
1171 The First National
Bank of Easton.
1934 The Nokomis National Bank, Nokomis.
10285 The First National
Bank of Reedy.
4012 The First National
Bank of Carters1 ville.
26, 712,089
111
Ga
34,340,925 35,000,000 3,364,385 384,607,480
1, 500,000 3,045, 635 162,937,196 June 29
400,000
400,000
135,258|
100,000
20,000
421
25,000
25,000
100,000
55,000
750,000
75,209
i
5, 453, 711 ...do
June
98
June
29
Do
Do.
July
1
Do.
781,3121...do
July
8,100
322,677 . . . d o
July
3
62,401
1,296,300 . . . d o
July
5
7,410,283 . . . d o
July
6
July
9
2
I
24,966,495 • 5550
98851 The Virginia
1
National Bank of Norfolk.
1,000,000
2, 576,800
231,439
16,709,730
..do..
July
13
100,000
100,000
76, 792
1,767,608
..do.,
July
15
500,000
100, 000
58, 522
6,347,213
.do..
July
30
tsD
TABLE N O . 6.—Capital stock, surplus, undivided profits, and aggregate resources of banks consolidated under act of November 7, 1918, as
amended February 25, 1927, for the year ended October 81, 1929, as shown by their last reports prior to consolidation—Continued
Closing banks
Charter
No.
5083
891
12082
2525
13027
5137
Title and location
State
Guaranty Trust Co.
o ewar .
Citizens State and
Trust Bank, Edwardsville.
The Vinita National
Bank, Vinita.
American Bank and
Trust Co., Philadelphia.
The National Park
Bank of New York.
The American National Bank of Stillwater.
The Third National
Bank of Pittsfield.
N. J.__.
$500,000
Surplus
$187,500
Undivided
profit
$123,040
Aggregate Charter
resources No.
$2,505,991
9912
Ill
100,000
Okla...
Pa
55,000
5,500
500,000
600,000
70,000
N. Y._. 15,000, 000 20,000,000
1,179,371
11039
222
655,620
4704
187,288
5,994,263
723
4,500,805 265,653,302
2370
5,828
50,000
10,000
863
769,241
5206
Mass—
125,000
125,000
154,516
1,846,205
1260
The Claremont Na- N. Y.T_
tional Bank of New
York.
Merchants Trust and Mich_.
Savings Bank, Battle Creek.
The Merchants Na- Ni Y...
750,000
148,397
4, 629,276
13260
250,000
125,000
87, 540
4,481,017
7589
250,000
250,000
79,312
4, 752,225
149
400,000
200,000
175,631
4,685,336
4398
JTJ <"?• \ 1 IY
Title and location
New Jersey National
j39XLJv
Okla...
y l y ) 1 1 r%\
4125
Capital
Continuing banks
cinci
Capital
Surplus
$2,650,000 $1,000,000
Aggregate
resources
Date of
reports
Date of
consolidation
$355,080 $28,412,208
1929
June 29
1929
Aug. 1
Undivided
profit
J. r u s e
Co. of Newark.
The Edwardsville
National
Bank,
Edwardsville.
The First National
-t>£u_LK o r v m i L a .
The Central National Bank of
Philadelphia.
The Chase National
Bank of the City of
New York.
The First National
Bank of Stillwater.
The Pittsfield National Bank &
Trust Co., PittsThe Lefcourt Normandie National
Bank of New York.
The Old National
Bank and Trust
Co. of Battle Creek.
The Second National
100,000
60,000
1,500,000
80,000,000
100,000
45,751
12,000
5,190
5,000,000 1,003, 689
2,972,348 . . . d o
Aug. 15
1,191, 702 . . . d o
Aug. 17
40, 706,135 . . . d o
Aug. 23
61,000,000 20, 846, 265 1,106,810,203
do
Aug. 24
75,000
15,000
1,830
1,003, 722 . . . d o
Aug. 29
300,000
300,000
121,512
5,254,169 ___do
Aug. 31
2,000,000
1,000,000
424, 561
15, 761, 758 . . . d o
Do.
500,000
700,000
23,161
13,099, 542 . . . d o
Do.
503,301
12, 625,824 . . . d o
Sept. 14
329,454
7, 974,237 _._do
Sept. 17
400,000
600,000
dX-lvt
Trust Co. of Elmira.
The Union National
Bank of Muskegon.
Mich_\
The Hackley National Bank of Muskegon.
400,000
400,000
i
3
400,000
Des Moines Savings Iowa_._
Bank & Trust Co.,
Des Moines.
2583 The Des Moines Na- Iowa.__ 1,000,000
iivjidi
150,000
159,644
7,176, 536
Wis
200,000
126,260
16, 519,828
200,000
143,815
7,817,874
N. Y...
500,000
250,000
53, 292
11, 970, 743
N. Y.._
100,000
50,000
687
522,295
Mass_._
500,000
500,000
110,410
9, 493,291
109,405
J
500,000
500,000
459,338
600,000
500,000
278,489
15,409,053 ...do
1,000,000
1,000,000
479,571
16,844,442 Oct.
100,000
200,000
96, 764
4,032,972 .__do__._ Oct. 14
200,000
125,000
61,275
3,017,466 ...do
Oct. 15
7595 < National Bank of } 1,500,000
1. 500,000
473,543
34,478, 723 ...do
Oct. 21
(The Dexter Horton
< National Bank of } 3,000,000
1, 500,000
886, 725
45,008,701 ...do
Oct. 31
457 The First National
1J
(The First National }
1 Bank of Yonkers.
4907 The Springfield Naf 1 f\ T1 Q 1
I I U 11 di 1
Second National N . Y_._
Bank and Trust Co.
of Oswego.
10955 The North Brook- Mass___
field N a t i o n a l
Bank, North Brookfield.
10165 The Second National Mass___
296
JDCIIIK OI ±>8Xr6.
800,000
19,080,483 . . . d o . . . .
9,872,161
do,™
Sept. 20
Sept. 27
Bank of Racine.
Ridgewood Trust Co_ N . J_
4229 The Seattle National
Bank, Seattle.
2783 The First National
Bank, of Seattle.
300,000
(The Iowa National
of Des i 1,200,000
[ Moines.
[ 2307 •I Bank
x>anK, sJGo
Moines.
1802 Manufacturers N a tional Bank and
Trust Co. of Racine.
The Yonkers Trust
Co., Yonkers.
13239 The Bryn MawrNepperhan National Bank of Yonkers.
2435 The Chapin National
Bank of Springfield.
]
150,000
75,000
44,021
3,494, 710
150,000
150,000
188,362
3, 850,962
50,000
12,500
13,278
713,855
25,000
25,000
10,920
435,205
Wash..
2,000,000
500,000
462,695
30, 242,808 1
1.000,000
250,000
240,278
19,828, 715
35 State banks
50 national banks
43,055,000 20,897,873 22, 201, 223 841,146,433
37, 359,600 32, 664,697 10,072,492 591, 810,186
County 1
I Worcester.
Wash..
J 1 2 8 0 ( Seattle.
4
I
Oct. 11
TJ Q Tl l r
J 3 Ot IX Jb.)
Springfield.
5205 The First National
Bank of Ridgewood.
255 The First National
Bank of Oswego.
[Worcester
Sept. 30
j
(76 national banks) _ 407,975,925 374,939, 300
a
442,515 6,833,430,951
cj
Hi
co
244
REPORT OF THE COMPTROLLER OF THE CURRENCY
TABLE NO. 7.—National banks consolidated under act of November 7, 1918, their
capital, surplus, undivided profits, and aggregate resources, pear ended October 81,
1929
Consoli- Charter Title and location of bank
dation No.
No.
257
9430 The Springs-First Na-
tional Bank of Cambridge Springs.
258 5046 The Riggs National
Bank of Washington.
First National
260 10630 The
Bank
of
Rocky
Mount.
261 11344 Fidelity National Bank
and Trust Company
of Kansas City.
State
Pa
Date of
consolidation
192*
D e c . 15
D. C_._ __.do_
N. C.._ Dec. 31
Mo
___do
Capital
Surplus
Undivided
profits
Aggregate
resources
$100,000
$50,000
$35,000
$2,114, 705
3,000,000
2, 750,000
580,415
57, 974,981
262, 500
100,000
37,500
4, 010, 494
3,000,000
950,000
51, 827,438
192<
266
916 The
268 ' 2370
269
238
271
253
273
5179
275
3857
276
4375
280
906
281
203
284
658
285
3236
287
9748
288
3626
290 11693
291 12154
292 13193
294
5171
295
5252
296 13193
297
2570
298 11817
303
1934
306,
555
Champaign Na- Ohio... Jan. 17
200,000
2, 460, 572
150,810
300,000
tional Bank of Urbana.
The Chase National N. Y.._ Jan. 26 61, 000, 000 61,000,000 19,067,309 , 021, 111, 899
Bank of the City of
New York.
The First National Ohio... Feb. 1
600,000
1, 000,000
13, 236,132
119, 326
Bank and Trust Company of Springfield.
2, 900,173
First Milton National Pa
Feb. '?
300,000
40, 305
300,000
Bank, Milton.
23, 339, 541
The Frost National Tex
Feb. 16
800,000
1, 200, 000
467,635
Bank of San Antonio.
United States National Oreg___ Feb. 19
75,000
2, 306,195
21,177
125,000
Bank of McMinnville.
32, 875, 410
The National Bank of Wash.. Feb. 23
2, 500,000 1,-900,000
554, 807
Commerce of Seattle.
First National Bank Ky...._ Mar. 2
800,000
1, 000,000
14, 008, 044
342,702
and Trust Company
of Lexington.
5,000,000 4,000,000 1, 570, 521 110,176, 562
The First National Minn_. Mar. 23
Bank of Saint Paul.
1, 700,000 1, 700,000
28, 785, 398
The Nassau National N. Y.._ Mar. 30
700, 410
Bank of Brooklyn in
New York.
The Charleston Na- W. Va, ...do. .... 1,000,000 1,000, 000
17, 972, 743
302,987
tional Bank, Charlestons
American
National N. Y___ Apr. 13
300,000
300,000
6, 608, 497
19, 552
Bank of Jamestown.
First and American Minn_- Apr. 18 3,000,000 2,000,000 2,002,120
38,674,180
National Bank of
Duluth.
Citizens Security Na- Wash._ Apr. 20
3, 340, 054
20,000
200,000
5,436
tional Bank of Everett.
The Skagit National .-do.... May 4
1, 644, 503
20,000
100,000
Bank of Mount Vernon.
The Bank of America N. Y_._ May 20 34, 340,925 35, 500,000 3,088,046 339, 503, 307
National Association,
New York.
The First National Okla.__ June 22
2, 500,000 1,000,000
42, 603, 303
378, 494
Bank and Trust Company of Tulsa.
4, 610, 373
The First National —do .._ June ?4
250,000
50,000
67,847
Bank of Miami.
The Bank of America, N. Y... June 27 35,775,300 35, 500,000 5, 657, 283 369,148, 058
National Association,
New York.
First National Bank of N.Dak. June 28
400,000
7,099, 379
100,000
53, 654
Grand Forks.
The Colonial-American Va
8, 673, 202
500,000
102, 790
June 29 1,000, 000
National Bank of
Roanoke.
The Nokomis National Ill
25,000
75, 000
1,147, 551
July 2
633
Bank, Nokomis.
The First National Ga
July 5
50,000
200,000
2,079, 394
22,055
Bank of Cartersville.
Bishop First National
July 6 3,150, 000 1, 880,000 438, 364 41,115, 475
Bank of Honolulu.3
1
2
Also includes a State bank.
Also includes 2 Territorial banks.
REPORT OF THE COMPTROLLER OF THE CURRENCY
245
TABLE N O . 7.—National banks consolidated under act of November 7, 1918, their
capital, surplus, undivided profits, and aggregate resources, year ended October 31,
1929—Continued
I
Consoli- Char
da- ter Title and location of bank
tion No.
State
No.
307 13331 The
308
3604
309
5885
310
9885
313
4704
315
2370
316
5206
317
1260
318 13260
320
149
321
4398
322
2307
323
457
324
653
325
4907
327
255
328
7595
329 11280
First National
Trust and Savings
Bank of Spokane.
Commercial National
Bank and Trust Company of Philadelphia.
The First National
Bank of Qranville at
Oxford.
The Virginia National
Bank of Norfolk
The First National
Tiank of Virrita
JLJ CVJLLXV. \JX V i"LLXuc*#
The Chase National
Bank of the City of
New York.
The American-First National Bank of Stillwater.
The
Pittsfield-Third
Trust Company.
The Lefcourt National
Bank a±">d Trust Co
of New York.
First National Bank
and Trust Company
of Elmira.
The Hackley Union National Bank of Muskegon.
lowa-Des Moines National Bank and
Trust Company,
Des Moines.1
First National Bank
and Trust Company
of Racine.
The First National
Bank and Trust
Company of Yonkers.1
The Springfield Chapin
National Bank and
T r u s t Company,
Springfield.
First and Second National Bank and Trust
Company of Oswego.
Worcester County National Bank of Worcester.
First Seattle Dexter
1 I
v-v
Y*
4" f\ T"l
H O I lOD
Surplus
Undivided
profits
Aggregate
resources
1929
Wash.. July 9
$500,000
$50,000
$14,119
$5, 355, 564
July 13
2, 000,000
2,000,000
793,711
31, 270, 562
N. C . . . July 15
200,000
200,000
52,376
3, 556, 997
July 30
600, 000
200,000
712,342
80, 000
20,000
Pa
Va
Okla... Aug. 17
6,627,149
1, 755, 845
N. Y.._ Aug. 24 105,000, 000 105,000,000 31, 937, 500 1, 289, 464, 221
Okla... Aug. 29
125, 000
25,000
6,942
1, 594, 960
Mass... Aug. 31
450,000
450, 000
283, 270
6, 546, 389
2, 857, 200
1,000, 000
564, 955
19, 635,817
Sept. 14
1, 237, 500
1, 237, 500
313,140
18,182, 708
Mich... Sept. 17
600,000
600,000
735, 390
11, 797, 320
Sept. 20
2, 000, 000
1, 000, 000
531, 971
42, 475,001
Wis_.._ Sept. 27
1,000,000
700,000
380, 463
17, 536, 745
N. Y___ Sept. 30
1,000,000
1, 000,000
613, 792
28, 431, 980
Mass___ Oct. 11
1, 500, 000
1, 500, 000
428, 071
26, 601, 504
N. Y.._ Oct. 15
400,000
300,000
226,156
7, 097, 077
Mass... Oct. 21
1, 535, 650
1, 500,000
501,142
36, 718, 544
Wash.. Oct. 31
8,000, 000
1, 600,000
400,000
103, 700, 278
N. Y.._ ...do
..do
Iowa
"^To "f"l i"\Tl o l
Also includes a State bank.
Capital
IN ottlOIlal
Bank, Seattle.
Total (46 banks)
1
Date of
consolidation
291, 864,075 270, 652,000 74, 322, 518 3,909, 696, 231
TABLE NO. 8.—State banks and national banks consolidated under act of February 25, 1927, their consolidated capital, surplus, undivided
profits, and aggregate resources, year ended October 31, 1929
Title and location of State bank
Oxford Bank and Trust Company,
Philadelphia.*
Peoples State Bank of Sullivan
Second Ward
Savings Bank of Milwaukee.2
Cobbs Creek Title and Trust Company of Philadelphia.
First Trust and Savings Bank of La
Porte.
The Exchange Trust Company, Little.
Rock.
The Citizens Trust Company, Allentown.
The State Savings Bank of Lapeer
The Frackelton State Bank of Petersburg.
*
The Chattanooga Savings Bank and
Trust Company.
Rawson State Bank, Chicago
Lincoln Trust Company of New Jersey.
The Hamilton Trust
& Savings Bank
of Chattanooga.3
Griswold-First State Bank, Detroit *.
The American Exchange Bank, Portland.
Liberty Central Trust Company, St.
Louis.
Security Trust & Savings Bank, Los
Union Trust Company, Charleston 6_ _
The Peoples State Bank of Richmond.
Marathon County Bank, Wausau
The Boone County Bank of Madison. _
The Commercial Trust and Savings
Bank of Joliet.
The Farmers' Loan State Bank, New
York.
Charter
No. of
national
bank
Title and location of national bank
542
Corn Exchange National Bank and
Trust Company, Philadelphia.
5392 The National Bank of Sullivan._.
64 First Wisconsin National Bank of
Milwaukee.
13180 City National Bank & Trust Company of Philadelphia.
377 The First National Bank of La Porte..
State
Date of
consolidation
50,000
5,000,000
25,000
1,991,979
1,125,000
1,000,000
186,810
9, 783,958
300,000
200,000
100,000
5,656, 564
50,000
400,000
100,000
197, 432
6,936,679
100,000
1929
Jan. 7
1,000,000
2,000, 000
361, 808
13,000,819
600,000
M i c h . Jan. 15
Ill
Jan. 23
120,000
200,000
120,000
20,000
27,858
750
2,375, 429
1,374, 678
45,000
100,000
2, 500,000
1, 500,000
821,166
31,068, 680
1, 250,000
111
Feb. 11 24,000,000 20,000,000 5, 323, 587 445,033, 926
200,000
26, 633, 580
N.J_._ Feb. 18 1,600,000 1,600,000
Feb. 26 2,000,000 1,000,000
442, 914
24, 371, 598
Tenn.
Feb. 28 5,000,000 6,000,000 1,077, 296 108,669,131
Mich.
400,000
80,000
6,267, 299
26,558
...do
Ore_._
Mar. 23 11,000,000 5, 000,000 4, 287,868 192,413,897
Mo
Mar. 30 30,000,000 15,000,000 8, 733, 500 619,131,186
Calif. _
1,000,000 1,000,000
...do
17,972,743
302,987
W.Va.
25,000
327,198
...do
5,000
187, 348
300, 000
Kans Apr. 20
600, 000
7,826,014
10,
000
150,000
100,000
1,461,
549
Wis___ May 31
250,000
250,000
20,980,904
W.Va June 29 1,040,000
111
110, 000,000 100,000,000 25,260,406 1, 669,890,689
N.Y. —do
4,000,000
600,000
500,000
Pa
12557
170
2491
3236
11728
4744
6510
512
1461
First National Bank in St. Louis
Los Angeles-First National Trust &
Savings Bank, Los Angeles.
The Charleston National Bank,
Charleston.
The First National Bank of Richmond.
American National Bank of Wausau..
The Madison National Bank, Madison.
The First National Bank of Joliet
The National City Bank of New York.
$333,333
3, 212, 584
177, 261,961 3,000,000
P a . - _ Dec. 28
The Merchants National Bank of
Allentown.
The First National Bank of Lapeer...
The First National Bank of Petersburg.
The First National Bank of Chattanooga.
The First National Bank of Chicago-.
The First National Bank of Jersey City.
The Hamilton National Bank of Chattanooga.
The National Bank of Commerce of
Detroit.
Portland National Bank, Portland,._.
7848
$95,780,946
I n d . . . Dec. 31
6645
8703
$800,613
150,000
9, 000,000
A r k . . . ...do
8
374
Increase in
authorized
capital
Undivided
profits
I n d . . . Nov. 19
Wis__. Dec. 15
The Exchange National Bank of Little
Rock.
1606
Surplus
1928
Pa- — Nov. 1 $3,033,333 $8,000,000
3300
1731
3043
Capital
T e n n . Feb.
2
125,000
2,500,600
200,000
1,000,000
16,250,000
375,000
200, 000
40,"600
10,000,000
301
Teter State Bank, Chicago
The Northampton Trust Company of
Easton.
304 The Bank of Reedy
306 The First American Savings Bank,
Limited, Honolulu.
The Bank of Bishop 7and Company,
Limited, Honolulu.
311 Guaranty Trust Company of Newark..
302
©
CO
co
I
312
314
319
322
324
326
Citizens State and Trust Bank, Edwar dsville.
American Bank and Trust Company,
Philadelphia.s
Merchants Trust and Savings Bank,
Battle Creek.9
Des Moines Savings Bank
& Trust
Company, Des Moines.6
The Yonkers
Trust
C
o
m
pany,
Yonkers 610
Ridgewood Trust Company
4605
1171
10285
The National Bank of the Republic of Ill
Chicago.
The First National Bank of Easton.__ Pa
The First National Bank of Reedy
The First National Bank of Ridgewood.
2, 000,000
1, 000, 000
189,415,263
3, 000, 000
600,000
600,000
430,129
7, 874,915
200,000
3
35, 000
35,000
432, 784
10,000
6
3,150, 000
1, 880,000
438, 364
41,115,475
2, 550, 000
Aug. 1
2,800,000
1,000,000
597,011
30, 233, 803
150,000
Aug. 15
200, 000
100,000
Aug. 23
1, 700, 000
5, 900, 000
Aug. 31
1, 000,000
1, 000,000
Sept. 20
2, 000, 000
1
do
W.Va. July
fThe First National Bank of Hawaii, }
6 5550
I at Honolulu.
J
9912 New Jersey National Bank and Trust N. J._.
Company of Newark.
11039 The Edwardsville National Bank, Ed- Ill
wards ville.
723 The Central National Bank of Phila- Pa____
delphia.
7589 The Old National Bank and Trust Mich.
Company of Battle Creek.
2307 The Iowa National Bank of Des Iowa_.
Moines.
653 The First National Bank of Yonkers.. N. Y__
5205
10, 000, 000
July
July
Sept. 30
N. J... Oct. 14
100, 000
1, 286, 995
44, 589, 631
200,000
164,814
18,197, 516
500,000
1, 000, 000
531, 971
42,475,001
ii 200,000
1, 000,000
1,000,000
613,792
28,431,980
300,000
400, 000
400, 000
301,445
7, 573,009
300,000
i
48, 578, 333
n 200, 000
3
r
Total (35 State banks with 34
national banks).
227,478, 333 183, 290, 000
55,980,401 3, 901, 735, 634
.48, 378,333
With 4 branches in Philadelphia.
With 2 branches in Milwaukee.
With 3 branches in Chattanooga.
With 16 branches in Detroit.
With 48 branches in the State of California.
This consolidation also includes a national bank.
With 5 branches in the Territory of Hawaii, 1 at Waialua in the city of Honolulu, 1 at Hilo, Co. of Hawaii, 1 at Kealakekua, Co. of Hawaii, 1 at Waimea, Co. of Kauai,
and 1 at Lanai, Co. of Maui.
With 1 branch in Philadelphia.
With 1 branch in Battle Creek.
With 2 branches in Yonkers.
Decrease in capital.
I
3, 964,245
o
248
REPORT OF THE COMPTROLLER OF THE CURRENCY
TABLE N O . 9.—Number and capital of State banks converted into national banking
associations in each State and Territory from 1863 to October 81, 1929
Capital
State or Territory
Maine
New Hampshire
Vermont
Massachusetts.
Rhode Island.
Connecticut
State or Territory
$4, 605, 000
2, 595, 000
2, 029, 990
72, 691, 200
16, 717, 550
18, 932, 770
New York.
New Jersey
Pennsylvania.
Delaware
Maryland
District of Columbia
Virginia
West Virginia
North Carolina.
South Carolina
Georgia.
Florid?
Alabama
Mississippi
Louisiana
Texas
Arkansas
Kentucky
Tennessee.
Number of
banks
Capital
Ohio
Indiana
Illinois
Michigan...
Wisconsin. Minnesota..
Iowa
Missouri
24
27
41
26
36
113
43
49
Middle Western States__
North Dakota
South Dakota
Nebraska
Kansas
Montana
Wyoming
Colorado
New Mexico
Oklahoma
359 | 44,325,800
Western States
Washington.
Oregon
California
Idaho
Nevada
Arizona
576 | 25, 512, 000
Southern States
83
49
$2, 890, 000
1,908,000
5, 630, 000
3, 020, 000
3, 620, 000
7, 471, 000
2,185, 000
17, 601, 800
82 I
83
37
9
35
67
30
113
26
1
2, 735, 000
1, 675, 000
4, 090, 000
4,182, 000
1, 485, 000
320, 000
2, 755, 000
400, 000
7, 870, 000
6, 300, COO
1, 951, 000
45, 272,800
1, 080; 000
50, GOO
300, 000
Pacific States._
242 ; 54,953,800
United States..
2,598 : 482,706,228
TABLE N O . 10.—Conversions of State banks and primary organizations as national
banks from March 14, 1900, to October 81, 1929
Conversions of
State banks
Classification
Number
Capital less than $50,000
Capital $50,000 or over
Total
Capital
Reorganizations
from State and
private banks and
national banks
Number
Capital
Primary organizations
Number
Capital
Total
Number
Capital
884 $23, 538, 300 1,150 $30,467,000 2,635 $67, 955, 500 4, 669 $121,960, 800
795 179, 947, 800
731 115, 620, 000 1,931 286, 715, 000 3, 457 582, 282, 800
_
1,679 203, 486,100 1,881 146, 087, 000 4, 566 354, 670, 500 8,126 704, 243, 600
249
REPORT OF THE COMPTROLLER OF THE CURRENCY
TABLE N O . 11.—Number of national banks increasing their capital, together with
the amount of increase monthly for years ended October 31, since 1924
1925
Months
Number
Nov
Dec
Jan
Feb
Mar
Apr
May
June
Julv
Aug
Sept
Oet
8
13
21
19
18
22
12
22
26
13
14
15
Total. __
1
1926
Capital
$590,
3, 287,
2, 000,
14, 687,
2, 950,
7, 220,
1, 465,
3. 570,
2,185,
2,160,
2, 240,
1, 055,
Number
000
500
000
500
000
000
000
000
000
000
000
000
203 143, 410, 000
210
1 Of these cases, 85 were effected
23 Of these cases, 67 were effected
Of these cases, 73 were effected
* Of these cases, 77 were effected
* Of these cases, 80 were effected
Number
Capital
9
24
31
28
17
25
11
15
28
8
7
7
2
1927
$1,255,000
4, 850, 000
6, 030, 000
6, 081, 250
4,120, 000
18, 060, 000
1, 485, 000
1, 918, 750
3, 057, 500
1, 360, 000
435, 000
787, 500
2
49, 440, 000
Capital
238
Number
$170,000
3, 640, 000
4, 032, 500
29, 900, 000
11, 505, 000
2, 820, 000
4, 575, 000
6,913,710
5, 775, 000
2, 163, 000
12, 950, 000
1, 740, 000
6
20
35
22
22
23
15
21
35
17
11
11
3
1928
3
86,184, 210
1929
Capital
Number
6
9 $18, 655, 000
23 16, 780, 000
41
6, 760, 000
26
4, 715, 000
28 15,170, 000
31 23, 297, 500
12
1, 250, 000
26 19, 335, 000
25 14, 345, 000
12
1, 910, 000
16
5, 635, 000
19
3, 700, 000
4
268
4
131,552,500
21
34
42
33
34
°4
37
28
27
14
35
Capital
$953,
8, 248,
11, 288,
32, 875,
22, 662,
5, 401,
15, 922,
19, 707,
36, 632,
14, 877,
2, 602,
10, 555,
333
000
000
000
500
000
592
500
500
200
500
000
« 335 s 181, 730,125
wholly or in part by stock dividends aggregating $7,680,300.
wholly or in part by stock dividends aggregating $8,846,400.
wholly or in part by stock dividends aggregating $6,776,350.
wholly or in part by stock dividends aggregating $16,809,000.
wholly or in part by stock dividends aggregating $20,793,750.
TABLE N O . 12.—Number and authorized capital of national banks chartered and
the number and capital stock of banks closed in each year ended October 31, since
1913, with the yearly increase or decrease
Closed
Chartered
Year
No,
1917
1918
1919
1920
1921
1922.
1923.
1924.
1925_
1926.
19271928.
1929
Capital
Consolidated
under act
Nov. 7, 1918
No.
195 $18, 675,000!
144 9,689, 500L
122 6,630,000|.
176 11,590,0001.
164 13,400,000
245 21. 780, 000J 26
361 31, 077, 500! 15
169 20, 005, 000| 24
232 24, 890, 800 21
190 30, 522, 500 19
135 21. 375, OOOJ
251 26; 040, 000
160 29, 705, 000
135 43, 570, 000
113 2G, 160, 000
141 38,195, 000
1
2
Loss to
capital
In voluntary
liquidation
No.
113
82
135
10'
• $3, 220, 000
84
i 1, 650, 000
93
i 850, 000
1 3, 275, 000 103
i 2, 575, 000 121
1 1, 255, 000 155
i 1, 660. 000 123
1 4, 455, 010 153
i 3, 407, 000 165
1
6, 857, 500 156
l 4, 780, 075| 221
Capital
Insolvent
No.
$26, 487,000
13, 795, 000
14. 828, 000
14, 367, 500
16,165,000
16, 380, 000
14, 730, 000
37, 075, 000
18,910, 000
39, 290, 000
40, 745, 000
14, 467, 500
28, 668, 300
37, 495, 000
27, 381, 000
98, 267, 500
Capital
Net yearly
Net yearly
decrease
increase
(exclusive of
(exclusive of
existing banks existing banks
decreasing
increasing
their capital) their capital)
No.
Capital
No. | Capital
$9,622, 000
21 $1L, 810,000
14 1, 830, 000
5, 935, 500
26 9, 003, 000
13
805,000
4, 007, 500
7 1, 230, 000 " 6 2
3,015, 000
94
2
250, 000
1
25, 000 135 $2,155, 000
5
205, 000 257 14,492, 500
19, 790, 000
34 1, 870, 000
18
31 2, 015,000
77
690, 800
3 14, 747, 500
53 3, 405, 000
174130, 260, 000
138 9, 635,000
3,492,"566
98 6, 420, 000
114 8,820,810
91 5,412, 500
176 4,439,000
13, 8, 257, 000
61 4,135, 000
125 11, 743, 500
2
79 6, 575, 000
3 20l|70, 707, 575
Amount of capital stock reductions incident to consolidations.
Includes 2 banks with an aggregate capital of $85,000 restored to solvency. Also includes 6 banks with
an aggregate capital of $635,000 which had been placed in voluntary liquidation by their shareholders
prior to Nov. 1, 1928.
s There was a decrease of 201 banks, considering the 2 banks restored to solvency and the 6 banks which
were in voluntary liquidation.
250
REPORT OF THE COMPTROLLER OF THE CURRENCY
TABLE N O . 13.—Total number of national banks organized, consolidated under
act of November 7, 1918, insolvent, in voluntary liquidation, and in existence on
October 31, 1929
Organized
States, Territories, etc.
Maine
New Hampshire
Vermont
. _
M assachusetts
Rhode Island
____
Connecticut
.__
113
_ _ _ _
_
Total New England States.New York
New Jersey
Pennsylvania
Delaware
Maryland
District of Columbia.. _
_
Total Eastern States.,
Virginia
West Virginia
North Carolina
South Carolina
Georgia
_
. ,
Florida
Alabama _
Mississippi
Louisiana
Texas
Arkansas
Kentucky
Tennessee
Total Southern States
_
__
Ohio
Indiana
IHinois
Michigan
Wisconsin
Minnesota
_
_
Iowa
Missouri
_
Total Middle Western States
_
Insolvent
1
1
1
12
2
4
4
7
16
2
6
803
21
947
382
1,154
30
128
30
40
12
26
74
77
355
65
119
. .
Consolidated
under
act Nov.
7, 1918
In liqui- In existdation
ence
59
53
13
23
174
51
47
56
46
153
10
62
35
367
380
1
4
52
10
55
1
2
4
294
59
215
12
43
10
561
301
858
17
82
12
2,671
83
124
633
1,831
236
164
130
113
170
121
164
69
86
1,058
125
232
195
12
4
4
5
5
1
1
2
12
1
7
5
8
9
18
22
23
29
15
4
8
70
15
6
11
54
34
42
34
63
32
42
29
42
353
35
81
80
162
117
66
52
79
59
107
35
34
623
74
138
99
2,863
59
238
921
1,645
637
19
40
258
403
717
268
242
457
504
7
5
3
5
5
4
28
39
18
14
68
98
145
189
117
66
114
* 143
320
223
484
130
157
270
259
276
8
18
119
131
3,504
56
323
1, 151
1,974
249
206
361
436
190
57
205
78
718
2
1
1
4
7
68
62
50
49
63
12
29
24
57
54
51
151
135
57
20
53
26
352
125
92
159
248
68
25
120
28
302
Total Western States
2,500
20
414
899
1,167
Washington
Oregon
_
California
Idaho
Utah
Nevada
Arizona
Total Pacific States.
209
139
497
108
13
1
32
14
25
274
2
3
58
30
244
38
12
4
12
106
94
216
43
107
398
504
1
4
1
North Dakota
South Dakota
Nebraska
Kansas
Montana
Wyoming
Colorado
New Mexico
Oklahoma
_. __
___ _
__
_ . . _
_
_
_.
Alaska
The Territory of Hawaii
Porto Rico__
_
Total Alaska and insular possessions
Total United States, Alaska, and insular possessions
38
2
3
12
2
16
30
1,037
28
5
20
10
15
6
1
1
4
1
12
1
6
5
13, 390
268
4, 375
7,506
1,241
REPORT OF THE COMPTROLLER OF THE CURRENCY
251
TABLE NO. 14.—Changes of corporate title of national banks, year ended October 31 y
1929
Charter
No.
10112
12351
8704
7668
12418
13241
2340
Title and location
Date
American Exchange National Bank of Greensboro, N. C, to "American National Bank
and Trust Company of Greensboro"
_
United States National Bank of Kenosha, Wisconsin, to "United States National Bank
Trust Company of Kenosha"
_
_
The First National Bank of Beverly, N. J., to " First National Bank and Trust Company
of Beverly "___
_
The City National Bank of Corpus Christi, Texas, to "The City National Bank and
Trust Company of Corpus Christi"
The Brotherhoods Co-Operative National Bank of Spokane, Washington, to "City
National Bank of Spokane"___
The Needham National Bank for Savings and Trusts, Needham, Mass., to "Needham
National Bank"
The First National Bank of Milford, Delaware, to " The First National Bank and Trust
Company of Milford"
1928
Nov. 1
The Peoples National Bank of Irvington, New Jersey, to "The Peoples National Bank
& Trust Company of Irvington"
11082 The Peoples National Bank of Hamtramck, Michigan, to "The First National Bank of
Hamtramck"_.
__
___
2899 The Penn National Bank of Reading, Pa., to " Penn National Bank and Trust Company
of Reading"
2900 The Farmers National Bank of Boyertown, Pa., to "The Farmers National Bank and
Trust Company of Boyertown"
_
5876 The First National Bank of Chicago Heights, Illinois, to " The First National Bank and
Trust Company of Chicago Heights"
9343 The American National Bank of Danville, Virginia, to "American National Bank &
Trust Company of Danville".
.13253 The Ashland-69th National Bank of Chicago, Illinois, to " The South Ashland National
Bank of Chicago"
7011 The First National Bank of Plainfield, Indiana, to " The First National Bank and Trust
Company of Plainfield"
__.
13185 The Pelham National Bank and Trust Company of Philadelphia, Pa., to " Tulpehocken
National Bank and Trust Company of Philadelphia"
4425 The Joplin National Bank, Joplin, Missouri, to "The Joplin National Bank and Trust
Company"
-.
5594 The Commercial National Bank of St. Joseph, Michigan, to "The Commercial National
Bank and Trust Company of St. Joseph"
5216 The First National Bank of Sehuylkill Haven, Pa., to "The First National Bank and
Trust Company of Schuylkill Haven"_
13045 The Seward National Bank of New York, N. Y., to "The Seward National Bank and
Trust Company of New York"
_._
12609 First National Bank of Glen Rock, N. J., to "Glen Rock National Bank"
The Central National Bank of Attica, Indiana, to "The Central National Bank and
Trust Company of Attica"
3755
National Exchange Bank in St. Paul, Minn., to "The Empire National Bank of St.
Paul"
12922
The Citizens National Bank of Lehighton, Pa., to "Citizens National Bank and Trust
Company of Lehighton"
6531
The City National Bank of Gloversville, N. Y., to "City National Bank and Trust
Company of Gloversvilie "
9305
The National Bank for Savings in Los Angeles, Calif., to "The Western National Bank
in Los Angeles"
13187
The Monroe County National Bank of East Stroudsburg, Pa., to "Monroe County
National Bank and Trust Company of East Stroudsburg"
5578
The Wernersville National Bank, Wernersville, Pa., to "The Wernersville National
Bank and Trust Company"
8131
The Farmers National Bank of Fort Gibson, Oklahoma, to "First National Bank in
Fort Gibson "
8079
The First National Bank of Roscoe, N. Y., to "The First National Bank & Trust Company of Roscoe "
8191
The National Bank of Germantown, Philadelphia, Pa., to "National Bank of Germantown and Trust Company, Philadelphia"
546
The Security National Bank of Faribault, Minn., to "The Security National Bank and
Trust Company of Faribault"_
11668
The Citizens' National Bank of W^aynesboro, Pa., to " Citizens National Bank and Trust
Company of Waynesboro"
5832
The First National Bank of Griffin Corners, Fleischmanns, N. Y., to "The First
National Bank of Fleischmanns"
8847
The Hyde Park National Bank of Chicago, 111., to " The Hyde Park-Kenwood National
Bank of Chicago"
13235
The First National Bank of Ann Arbor, Mich., to "The First National Bank and Trust
Company of Ann Arbor"
2714
The First National Bank of Mount Joy, Pa., to "The First National Bank and Trust
Company of Mount Joy"
667
The First National Bank of Brockwayville, Pa., to "The First National Bank of Brockway "
5497
The First National Bank of Bradentown, Florida, to "The First National Bank of
10245
Bradenton"
The First National Bank of Sherman, Calif., to "West Hollywood First National
11025
Bank" to conform to change in name of the district in which the bank is located
12876
Do.
Nov. 15
Nov. 20
Dec. 1
Dec. 28
Dec. 31
1929
Jan. 9
Jan. 11
Jan. 12
Do.
Do.
Do.
Do.
Jan. 15
Do.
Jan. 17
Jan. 18
Jan. 19
Jan. 21
Jan. 22
Jan. 25
Jan. 31
Feb. 1
Feb. 5
Feb. 11
Feb. 15
Feb. 18
Mar. 19
Mar. 20
Mar. 21
Mar. 22
Apr. 1
Apr. 8
Apr. 19
Apr. 20
Apr. 23
Apr. 24
Apr. 25
Apr. 29
252
EEPOKT OF THE COMPTROLLER OF THE CURRENCY
TABLE N O . 14.—Changes of corporate title of national banks, year ended October 31,
1929—Continued
Charter
No.
13141
3393
S249
12014
11909
13016
6587
1249
12613
11873
12055
11655
1743
7038
1380
7958
12518
12857
3598
11931
1178
1392
3069
12771.
3491
2468
4495
13003
13215
13007
292
3326
6094
1946
13098
4385
474
13276
6077
Title and location
T h e Roslyn National Bank, Roslyn, Pa., removed from Roslyn, Montgomery County,
to Glenside, Montgomery County, a n d title changed to " T h e Keswick National
Bank of Glenside "
_
T h e Minnehaha National Bank of Sioux Falls, S. D a k . , t o " T h e First National B a n k
and T r u s t C o m p a n y in Sioux F a l l s "
_
_
T h e Citizens National B a n k of Higgins, Texas, t o " First National B a n k in Higgins"
T h e City National Bank of Hackensack, N . J., t o " T h e C i t y National B a n k and T r u s t
C o m p a n y of Hackensack "
T h e Palisades P a r k National Bank, Palisades Park, N . J., t o " T h e Palisades P a r k
National B a n k & T r u s t C o m p a n y "
Brotherhood National B a n k of San Francisco, Calif., t o " C i t y National B a n k of San
Francisco"
T h e First National Bank of Huntington, New York, t o " First National B a n k and Trust
Company of H u n t i n g t o n "
T h e First National Bank of New Canaan, Conn., t o " T h e First National B a n k & T r u s t
C o m p a n y of N e w C a n a a n "
Brotherhood Co-Operative National B a n k of Portland, Oregon, t o "Brotherhood
National B a n k of Portland "
T h e California National Bank of Long Beach, Calif., t o " California First National B a n k
of Long B e a c h "
T h e Public National B a n k of Houston, Texas, t o " T h e Public National B a n k & T r u s t
Company of Houston "
T h e Richmond Hill National Bank of N e w York, N . Y., to " T h e Richmond National
Bank of New Y o r k "
T h e National Security Bank of Philadelphia, Pa., t o " T h e National Security B a n k a n d
Trust Company of Philadelphia"
T h e Farmers and Merchants National B a n k of Reno, Nevada, t o " First National B a n k
in R e n o "
_
T h e Merchants National Bank of Poughkeepsie, N e w York, t o " M e r c h a n t s National
B a n k & Trust C o m p a n y of Poughkeepsie"
_
T h e First National Bank of West Minneapolis, Minn., to "First National Bank of Hopkins," to conform to change in name of place in which t h e bank is located
Security National Bank of West Minneapolis, Minn., t o "Security National Bank of
H o p k i n s , " to conform to change in name of place in which the bank is located
New First National Bank in Lemmon, S. Dak., t o " First National Bank in L e m m o n "
T h e First National B a n k of West Newton, Newton, Mass., t o " First National B a n k of
Newton"
_
T h e Farmers National Bank of Arlington, Texas, t o " T h e First National B a n k of
Arlington"
T h e Citizens National Bank of Fulton, N . Y . , t o "Citizens National Bank a n d T r u s t
C o m p a n y of Fulton "
T h e Oneida National Bank of Utica, N . Y . , t o " T h e Oneida National B a n k a n d T r u s t
Company of U t i c a " .
T h e Whitney-Central National Bank of New Orleans, La., t o " Whitney National B a n k
of New Orleans "
Labor National B a n k of Newark, N . J., to " U n i o n National Bank in N e w a r k "
T h e Northwestern National Bank of Philadelphia, Pa., t o " T h e Northwestern National
Bank a n d Trust C o m p a n y of Philadelphia"
T h e Briggs National Bank of Clyde, N . Y., t o " T h e Briggs National Bank & T r u s t Comp a n y of C l y d e "
T h e First National Bank of Walton, N . Y., t o " T h e First National B a n k a n d T r u s t
C o m p a n y of W a l t o n "
T h e Tioga National Bank of Philadelphia, Pa., to " T h e Tioga National B a n k a n d Trust
C o m p a n y of Philadelphia"
T
T h e Point Pleasant Beach National Bank, Point Pleasant Beach, N . J., to " P o i n t
Pleasant Beach National Bank a n d Trust C o m p a n y "
T h e First National Bank of La Crescenta Valley a t Verdugo City, Los Angeles County,
Calif., t o "Crescenta-Canada National B a n k a t Montrose," Los Angeles County,
Calif
T h e First National Bank of Baldwinsville, N e w York, to " T h e First National Bank
and Trust C o m p a n y of Baldwinsville"
T h e Aberdeen National Bank, Aberdeen, South Dakota, to "Aberdeen National Bank
& Trust Company"
T h e National Exchange Bank of Carthage. Carthage, N . Y., to " T h e National Exchange
Bank & Trust C o m p a n y of'Carthage"
T h e Third National Bank of Scranton, Scranton, Pa., to " T h i r d National Bank a n d
Trust Company of Scranton"
T h e West Side National Bank of Denver, Denver, Colo., t o " T h e National City Bank of
Denver.
T h e First National Bank of Muskogee, Okla., to " T h e First National B a n k a n d T r u s t
Trust Company of Muskogee"
T h e First National Bank of Greenfield, Mass., to " F i r s t National B a n k & T r u s t Comp a n y of Greenfield"
T h e South Oklahoma National Bank of Oklahoma City, Okla., to "Oklahoma National
Bank of Oklahoma C i t y " . T h e Nazareth National Bank, Nazareth, P a . , to " T h e Nazareth National Bank and
Trust C o m p a n y " .
_
_
_
__.
Date
192S
Apr. 29
May 1
Do.
May
6
May 15
Do.
May 16
May 17
June 4
June 10
June 13
June 15
June 22
June 24
July
1
Do.
Do.
Do.
July 15
Do.
July 22
Aug. 1
Aug. 2
Do,
Aug. 3
Aug. 9
Do.
Aug. 20
Aug. 22
Aug. 31
Aug. 31
Sept. 3
Sept. 3
Sept. 16
Sept. 16
Sept. 30
Oct.
1
Oct.
1
Oct. 23
EEPOET OF THE COMPTROLLER OF THE CURRENCY
253
TABLE N O . 15.—Changes of corporate title incident to consolidations of national
banks, and of State banks with national banks, year ended October SI, 1929
Peoples State Bank of Sullivan, Ind., and The National Bank of Sullivan (5392), consolidated under the
charter of the latter with title: Peoples National Bank and Trust Company of Sullivan.
The First National Bank of Cambridge Springs, Pa. (6533), and The Springs National Bank of Cambridge Springs (9430), consolidated under the charter of the latter with title: The Springs-First National
Bank of Cambridge Springs.
The First National Bank of Rocky Mount, N. C. (7362), and The National Bank of Rocky Mount (10630),
consolidated under the charter of the latter with title: The First National Bank of_Rocky Mount.
First Trust and Savings Bank of La Porte, Ind., and The First National Bank of La Porte (377), consolidated under the charter of the latter with title: First National Bank and Trust Company of La Porte.
The Citizens Trust Company, Allentown, Pa., and The Merchants National Bank of Allentown (6645),
consolidated under the charter of the latter with title: The Merchants-Citizens National Bank and Trust
Company of Allentown.
The Frackelton State Bank of Petersburg, 111., and The First National Bank of Petersburg (3043), consolidated under the charter of the latter with title: The State National Bank of Petersburg.
The Milton National Bank, Milton, Pa. (711), and The First National Bank of Milton (253), consolidated under charter of the latter with title: First Milton National Bank.
United States National Bank of McMinnville, Oreg. (9806), and The McMinnville National-Bank,
McMinnville (3857), consolidated under the charter of the latter with title: United States National Bank of
McMinnville.
The American Exchange Bank, Portland, Oreg., and Portland National Bank, Portland (12557), consolidated under the charter of the latter with title: The American National Bank of Portland.
Phoenix National Bank and Trust Company of Lexington, Ky. (3052), and The First and City National
Bank of Lexington (906), consolidated under the charter of the latter with title: First National Bank and
Trust Company of Lexington.
Security Trust & Savings Bank, Los Angeles, Calif., and Los Angeles-First National Trust & Savings
Bank, Los Angeles (2491), consolidated under the charter of the latter with title: Security-First National
Bank of Los Angeles.
Granite National Bank of Brooklyn in New York, N. Y. (12980), and Nassau National Bank of Brooklyn (658), consolidated under the charter of the latter with title: The Nassau National Bank of Brooklyn
in New York.
Peoples State Bank of Richmond, Kans., and The First National Bank of Richmond, Kans. (11728),
consolidated under the charter of the latter with title: The Peoples National Bank of Richmond.
American Exchange National Bank of Duluth, Minn. (9374), and The First National Bank of Duluth
(3626), consolidated under the charter of the latter with title: First an d American National Bank of Duluth.
The Citizens National Bank & Trust Company of Everett, Wash. (13290), and The Security National
Bank of Everett (11693), consolidated under the charter of the latter with title: Citizens Security National
Bank of Everett.
The Boone County Bank of Madison, W. Va., and The Madison National Bank, Madison (6510), consolidated under the charter of the latter with title: Boone National Bank of Madison.
The Northwestern National Bank of Grand Forks, N. Dak. (11142), and The First National Bank
of Grand Forks (2570), consolidated under the charter of the latter with title: First National Bank of
Grand Forks.
The American National Bank of Roanoke, Va. (10532), and The Colonial National Bank of Roanoke
(11817), consolidated under the charter of the latter with title: The Colonial-American National Bank
of Roanoke.
The Northampton Trust Company of Easton, Pa., and The First National Bank of Easton, Pa. (1171),
consolidated under the charter of the latter with title: First National Bank and Trust Company of
Easton.
The First American Savings Bank, Limited, Honolulu, The Bank of Bishop and Company, Limited,
Honolulu. The Army National of Schofield Barracks, Honolulu (11050), and The First National Bank
of Hawaii, at Honolulu (5550), consolidated under the charter of the latter with title: Bishop First National
Bank of Honolulu.
The Southwark National Bank, Philadelphia, Pa. (560), and The Manayunk-Quaker City National
Bank of Philadelphia (3604), consolidated under the charter of the latter, with title: Commercial National
Bank and Trust Company of Philadelphia.
The National Bank of Granville at Oxford, N. C. (8996), and The First National Bank of Oxford (5885),
consolidated under the charter of the latter with title: The First National Bank of Granville at Oxford.
Citizens State and Trust Bank, Edwardsville, 111., and The Edwardsville National Bank, Edwardsville
(11039), consolidated under the charter of the latter, with title: Edwardsville National Bank and Trust
Company.
The American National Bank of Stillwater, Okla. (12082), and The First National Bank of Stillwater
(5206), consolidated under the charter of the latter with title: The American-First National Bank of
Stillwater.
The Third National Bank of Pittsfleld, Mass. (2525), and The Pittsfield National Bank & Trust Company, Pittsfield (1260), consolidated under the charter of the latter with title: The Pittsfield-Third
National Bank and Trust Company.
The Claremont National Bank of New York, N. Y. (13027), and The Lefcourt Normandie National
Bank of New York (13260), consolidated under the charter of the latter with title: The Lefcourt National
Bank and Trust Co. of New York.
Merchants Trust and Savings Bank, Battle Creek, Mich., and The Old National Bank and Trust
Company of Battle Creek (7589), consolidated under the charter of the latter with title: Old-Merchants
National Bank and Trust Company of Battle Creek.
The Merchants National Bank and Trust Company of Elmira, N. Y. (5137), and The Second National
Bank of Elmira (149), consolidated under the charter of the latter with title: First National Bank & Trust
Company of Elmira.
The Union National Bank of Muskegon, Mich. (4125), and The Hackley National Bank of Muskegon
(4398), consolidated under the charter of the latter with title: The Hackley Union National Bank of
Muskegon.
I>es Moines Savings Bank & Trust Company, Des Moines, Iowa, The Des Moines National Bank,
Dec Moines (2683), and The Iowa National Bank of Des Moines (2307), consolidated under the charter
of the latter with title: lowa-Des Moines National Bank & Trust Company, Des Moines.
Manufacturers National Bank and Trust Company of Racine, Wis. (1802), and The First National
Bank of Racine (457), consolidated under the charter of the latter with title: First National Bank and
Triist Company of Racine.
The Yonkers Trust Company, Yonkers, N. Y., The Bryn Mawr-Ncpperham National Bank of Yonkcrs
(13239), and The First National Bank of Yonkers (653), consolidated under the charter of the latter with
title: The First National Bank & Trust Company of Yonkers.
254
REPORT OF THE COMPTROLLER OF THE CURRENCY
TABLE N O . 15.—Changes of corporate title incident to consolidations of national
banks, and of State banks vnth national banks, year ended October 81, 1929—Con.
The Chapin National Bank of Springfield, Mass. (2435), and The Springfield National Bank, Springfield
(4907), consolidated under the charter of the latter with title: The Springfield Chapin National Bank and
Trust Company.
Ridgewood Trust Company, N. J., and The First National Bank of Ridgewood (5205), consolidated
under the charter of the latter with title: First National Bank and Trust Company of Ridgewood.
Second National Bank and Trust Company of Oswego, N. Y. (296), and The First National Bank of
Oswego (255), consolidated under the charter of the latter with title: First and Second National Bank and
Trust Company of Oswego.
The Seattle National Bank, Seattle, Wash. (4229), The First National Bank of Seattle (2783), and
The Dexter Horton National Bank of Seattle (11280), consolidated under the charter of the latter with
title: First Seattle Dexter Horton National Bank.
TABLE N O . 16.—National banks chartered during the year ended October 81, 1929
13358
13359
Woodlawn-American National Bank of Birmingham, Birmingham.
Leeds-American National Bank of Leeds, Leeds
Total (2 banks).
__
$100,000
50,000
150,000
ARIZONA
13262
First National Bank in Prescott, Prescott
100,000
ARKANSAS
13274
13280
First National Bank in Siloam Springs, Siloam Springs
50,000
100,000
First National Bank in McGehee, McGehee
Total (2 banks)
150,000
_
CALIFORNIA
13312
13332 Winter National Bank, Winter
First
National
Bank
of
Loma
Linda,
Loma Linda
13335
13338 Arcadia National Bank, Arcadia
San
Jose
National
Bank,
San
Jose
13340
13348 First National Bank in Yreka, Yreka
13356 Beverly Hills National Bank & Trust Co., Beverly Hills
13368 Citizens National Bank of Cqlton, Colton
13375 Mechanics & Merchants National Bank of Vallejo, Valleio
13380 First National Bank of Pacific Grove, Pacific Grove
Salinas National Bank, Salinas___
__.
50,000
50,000
50,000
500,000
50,000
150,000
50,000
100,000
100,000
250,000
1,350,000
Total (10 banks)
DELAWARE
13278
First National Bank in Georgetown, Georgetown i.
50, 000
FLORIDA
13300 West Palm Beach Atlantic National Bank, West Palm Beach
13309 Polk County National Bank in Bartow, Bartow 2
_.
13320 First National Bank of Brooksville, Brooksville
13352 Palmer National Bank and Trust Company of Sarasota, Sarasota__
13370 Florida National Bank at Lakeland, Lakeland
13383
13388 American National Bank in Winter Haven, Winter Haven
13389 Barnett National Bank of Deland, Deland
13390 Florida National Bank at Bartow, Bartow
Barnett National Bank of Cocoa, Cocoa
Total (9 banks)
100,000
200,000
50,000
100,000
1C0.000
100,000
100,000
100,000
50,000
900,000
_
IDAHO
13267
13288
First National Bank in Driggs, Driggs
First National Bank in Coeur d'Alene, Coeur d'Alene
Total (2 banks)
1
Placed in voluntary liquidation June 11, 1929.
2
Receiver appointed June 28, 1929.
25,0G0
100,000
125,000
REPORT OF THE COMPTROLLER OF THE CURRENCY
255
TABLE N O . 16.—National banks chartered during the year ended October 81, 1929—
Continued
Charter
No.
13253
13258
13311
13372
13373
13382
Title
Ashland-69th National Bank of Chicago, Chicago 3
Security National Bank of Do^vners Grove, Downers Grove...
Peoples National Bank & Trust Co., of Chicago* Chicago
Standard National Bank of Chicago, Chicago. __
_"_
Citizens National Bank of Chicago Heights, Chicago Heights.
Terminal National Bank of Chicago, Chicago
Total (6 banks).
13305
13317
13378
13329
13347
$200,000
100,000
1,000,000
300, 000
200,000
750,000
2, 550,000
Old National Bank of Bluff ton, Bluffton...
First National Bank in Bluffton, Bluffton.
Franklin National Bank, Franklin
100, 000
100,000
50, 000
250,000
Total (3 banks).
13263
13321
Capital
Farmers National Bank in Vinton, Vinton
Central National Bank & Trust Co., of Des Moines, Des Moines..
Total (2 banks).
First National Bank in Cimarron, Cimarron_
Girard National Bank, Girard
75,000
250,000
325,000
25, 000
30,000
55,000
Total (2 banks)
LOUISIANA
13345
Lafourche National Bank of Thibodaux, Thibodaux.
13252
13283
133S6
13387
Newton National Bank, Newton
Cohasset National Bank. Cohasset
Second National Bank of Barre, Barre
North Brookfield National Bank, North Brookfleld.
50,000
MASSACHUSETTS
200,000
50,000
50,000
25,000
325,000
Total (4 banks).
13307 City National Bank & Trust Co., of Niles, Michigan
13328 American National Bank of Grand Rapids, Grand Rapids _
Total (2 banks).
150,000
500,000
650,000
MINNESOTA
13255 First National Bank of Winnebago, Winnebago
13269 Jackson National Bank in Jackson, Jackson —
13297 First National Bank in Moorhead, Moorhead.13303 First National Bank in Deer Creek, Deer Creek
13342 First National Bank in Amboy, Aniboy..
13350 Northneld National Bank & Trust Co., Northfield—
13353 American National Bank of Little Falls, Little Falls.
Total (7 banks).
13S13 First National Bank of Lexington, Lexington.
13264 South Side National Bank of St. Louis, St. Louis...
13268 National Bank of Unionville, Unionville
13270 Vandeventer National Bank of St. Louis, St. Louis.
__.
13293 Ludlow National Bank, Ludlow
13367 First National Bank in Versailles, Versailles
13376 Plaza National Bank of St. Louis, St. Louis
Total (6 banks)
-3 Title changed to "The South Ashland National Bank of Chicago."
25,000
40,000
100,000
25,000
25,000
100,000
100,000
415,000
50, 000
200,000
40,000
250, 000
25, 000
30, 000
300, 000
845, 000
256
IlEPORT OF THE COMPTROLLER OF THE CURRENCY
TABLE N O . 16.—National banks chartered during the year ended October 31, 1929Continued
MONTANA
13384
National Park Bank in Livingston, Livingston..
$100, 000
NEBRASKA
13271 First National Bank of Lyman, Lyman...
13281 Wakefield National Bank, Wakefield
13316 First National Bank of Minatare, Minatare
13322 Nebraska National Bank of Minden, Mmden..-.
13333 Continental National Bank of Lincoln, Lincoln.
13339 First National Bank of Oakdale, Oakdale..
Total (6 banks) .
25, 000
25, 000
25, 000
40, 000
200, 000
25, 000
340, 000
NEW JERSEY
13265 Woodridge National Bank, Woodridge
13337 Central National Bank of Leonia, Leonia
13363 Asbury Park Nationa 1 Bank & Trust Co., Asbury Park
13334 Bergen County National Bank of Ilackensack, Hackensack.
13369 First National Bank of Sayreville, Sayreville
Total (5 banks) _
50. 000
100, 000
300,000
200,000
100, 000
750, 000
NEW YORK
13250
13254
13260
13289
13292
13295
13296
13301
13304
13310
13314
13319
13326
13327
13330
13334
13336
13360
13365
13377
13579
Commercial National Bank & Trust Co. of New York, New York.
Straus National Bank & Trust Co. of New York, New York
_.
Lefcourt Normandie National Bank of New York, New York
Hamilton County National Bank of Wells, Wells
Brooklyn National Bank of New York, New York
Sterling National Bank & Trust Co., of New York, New York
National Bank of Queens County in New York,
New York
Blair National Bank of New York, New York 4
Kingsboro National Bank of Brooklyn in New York, New York...
Harbor National Bank of Port Washington, Port Washington
Nanuet National Bank, Nanuet
Central National Bank of Yonkers, Yonkers
Roslyn National Bank & Trust Co., Roslyn
Broadway National Bank & Trust Co. of New York, New York...
First National Bank & Trust Co. of Rochester, Rochester
National Bank of Bayside in New York, New York
Fort Greene National Bank in New York, New York
Washington Square National Bank of New York, New York
First National Bank of La Fargeyille, La Fargeviile
Southside National Bank of Elmira, Elmira
Newtown National Bank of New York, New York
_
000, 000
000,000
000,000
50, 000
500, 000
500, 000
500,000
200, 000
500,000
50,000
50,000
350, 000
100, 000
000,000
000,000
200,000
500, 000
500, 000
25,000
100,000
200,000
20, 325, 000
Total (21 banks).
NORTH CAROLINA
13298
13306
First National Bank of New Bern, New Bern &__.
Edgecombe National Bank of Tarboro, Tarboro..
150, 000
50,000
200, 000
Total (2 banks).
NORTH DAKOTA
13323 Merchants National Bank & Trust Co. of Fargo, Fargo
13324 National Bank of Valley City, Valley City
13344 National Bank & Trust Co. of Jamestown, Jamestown
13357 Red River National Bank & Trust Co. of Grand Forks, Grand Forks..
13362 First National Bank in Cooperstown, Cooperstown
13385 American National Bank & Trust Co. of Valley City, Valley City
Total (6 banks).
13256
13273
13318
West Toledo National Bank of Toledo, Toledo..
First National Bank in Crestline, Crestline
Painesville National Bank & Trust Co.._
..
Total (3 banks).
250,000
100,000
100, 000
200, 000
50,000
100,000
800,000
200,000
70,000
250,000
520,000
* Consolidated on May 20, 1929, with The Bank of America National Association, New York, under act
of Nov. 7, 1918.
« Receiver appointed Oct. 26,1929.
EBPORT OF THE COMPTROLLER OF THE CURRENCY
257
TABLE N O . 16.—National banks chartered during the year ended October 31, 1929—
Continued
Charter
No.
Capital
Title
OKLAHOMA
13276 South Oklahoma National Bank of Oklahoma City, Oklahoma City 6
13355 First National Bank in Pawhuska, Pawhuska
13361 Oklahoma First National Bank of Skiatook, Skiatook
$100,000
100,000
25, 000
Total (3 banks) _
225, 000
13294 Central National Bank of Portland, Portland
13299 Citizens National Bank of Portland, Oreg., Portland.
13354 National Bank of Commerce of Astoria, Astoria
!
200,000
200, 000
100, 000
Total (3 banks).
500, 000
PENNSYLVANIA
Peoples National Bank of Souderton, Souderton
North Broad National Bank of Philadelphia, Philadelphia
Lehigh National Bank of Philadelphia,
Philadelphia
Lawrence Park National Bank 7
Citizens National Bank & Trust Co, of Blossburg, Blossburg-
13251
13325
13341
13371
13381
100. 000
250, 000
200, 000
50, 000
125, 000
Total (5 banks)
725, 000
SOUTH DAKOTA
First National Bank in Mount Veraon, Mount Vernon
First National Bank in Arlington, Arlington
Farmers National Bank of Fairfax, Fairfax
First National Bank & Trust Co. of Vermilion, Vermilion.
13282
13286
13302
13346
!
j
!
_
.-
Total (4 banks)
_
25,000
25,000
25,000
|
109,000
j
175,000
TENNESSEE
Union Planters National Bank & Trust Co. of Memphis, Memphis s
13349
3, 500, 000
First National Bank in Mount Pleasant, Mount
Pleasant..
Planters National Bank of Detroit, Detroit 9
Pecan Gap National Bank, Pecan Gap
First National Bank in Valley Mills, Valley Mills
13277 First National Bank in Farmersville, Farmersville
13279 Kosse National Bank of Kosse, Kosse
13284 First National Bank in Electra, Electra
13285 First National Bank in Khome, Ilhome.
13287 j State National Bank in Terrell, Terrell
13291 ! Pampa National Bank, Pampa
13315 I First National Bank of Edinburg, Edinburg
75, 000
25, 000
25, 000
35, 000
25, 000
25, 000
100, 000
25, 000
100, 000
50. 000
50, 000
13257
13259
13266
13272
Total (11 banks).
!
535, 000
VERMONT
100, 000
13261 | First National Bank in Poultnoy, Poultney
|
VIRGINIA
13275 j Citizens National Bank of Front Royal, Front Koval
13343 j Colonial National Bank of Norfolk, Norfolk ">
j
Total (2 banks)
_
_J
_.._ j
60, 000
475, 000
5S5, 000
WASHINGTON
13290 I Citizens National Bank & Trust Co. of Everett, Everett*
13331 First National Trust & Savings Bank of Spokane, Spokane....
13351 American National Bank of Port Townsend, Port Townsend.
.3374 ! Stan wood National Bank, Stanwood..
1
Total (4 b a n k s ) . . .
100, 000
200, 000
50, 000
50, 000
400, 000
6 Title changed to " Oklahoma National Bank of Oklahoma City."
7 P. O. Erie, Pa.
8
With 2 branches in Memphis.
9
Placed in voluntary liquidation on May 13, 1929.
10
Consolidated on July 30, 1929, with The Virginia National Bank of Norfolk under act Nov. 7, 1918.
11
Consolidated on Apr. 20, 1929, with the Citizens Security National Bank of Everett under act Nov. 7,
1918.
258
REPORT OF THE COMPTROLLER OF THE CURRENCY
TABLE N O . 16.—National banks chartered during the year ended October 81, 1929—
Continued
Charter
No.
Title
Capital
WISCONSIN
13308
13366
First National Bank of Soldiers Grove, Soldiers Grove _
University Avenue National Bank of Madison, Madison
__.
Total (2 banks)
$25,000
100,000
125, 000
Total United States (141 banks)
_
38,195,000
TABLE N O . 17.—National banks chartered which are conversions of State banks
during the year ended October 81, 1929
Charter
No.
Title and location
State
Approxisur- ApproxiDate of Authorized mate
plus and
capital
charter
undivided mate assets
profits
13264
1928
South Side National Bank of St. Louis___ M o . . . Dec. 7
$200,000
$146,207
$2,963,194
13270
1929
Jan. 2
M o A r k . . . Feb. 11
Wash. Mar. 7
250,000
24,308
1,0S0,428
100,000
100,000
26, 658
25, 965
716, 491
1,452,181
Texas Mar. 8
Oreg.. Mar. 19
Mich_ Apr. 1
50,000
200, 000
150,000
12, 239
262, 639
73, 721
1, 220, 290
4, 735, 814
1, 902, 333
13280
13290
13291
13299
13307
13308
13311
13317
13321
13322
13326
13329
13331
13333
13338
13347
13348
13349
13354
13363
13374
The Vandeventer National Bank of St.
Louis.
The First National Bank of McGehee
The Citizens National1 Bank & Trust
Company of Everett.
The Pampa National Bank
The Citizens National Bank of Portland.
The City National Bank and Trust Company of Niles, Michigan.
The First National Bank of Soldiers
Grove.
Peoples National Bank and Trust Company of Chicago.
First National Bank in Bluff ton
Central National Bank and Trust Company of Des Moines.
The Nebraska National Bank of Minden.
The Roslyn National Bank & Trust
Company.
The First National Bank in Cimarron...
The First National Trust and Savings
Bank of Spokane.
The Continental National Bank of Lincoln.
San Jose National Bank
The Girard National Bank _ _
The Beverly Hills National Bank and
Trust Company.
Union Planters National 2Bank & Trust
Company of Memphis.
The National Bank of Commerce of Astoria.
Asbury Park National Bank and Trust
Company.
The Stanwood National Bank-Total (23 banks)
25,000
4,340
212, 876
Apr. 13
1,000, 000
749,107
17,037,002
Ind
May 9
Iowa.. May 15
100,000
250, 000
50,000
346, 260
487, 549
9,453, 656
Nebr.. — d o
N. Y__ May 20
40,000
100,000
11,127
205, 888
461,998
1, 832, 972
Kans.. May 21
Wash. May 25
25,000
200, 000
12, 524
20, 000
299, 697
220, 000
Nebr.. June 1
200,000
256,451
5, 776,985
Calif.. June 12
Kans July 1
Calif.. July 2
500,000
30, 000
150,000
52,464
25, 345
63, 311
2, 069, 314
340, 089
1, 261, 550
37, 789, 591
—do
111
9
3,500,000
5, 221, 623
Oreg._ July 23
100,000
28,124
972, 637
N . J . . . Aug. 10
300,000
462, 394
5,185, 235
T e n n . July
Wash. Sept. 19
50,000
32,466
744, 939
7,620,000
8,113,161
98, 216, 821
1
Consolidated on Apr. 20,1929, with the Citizens Security National Bank of Everett under act Nov. 7,
1918.
2
With 2 branches in Memphis.
REPORT OF THE COMPTROLLER OF THE CURRENCY
259
TABLE NO. 18.—National banks, by States and geographical divisions, organized,
failed, and reported in voluntary liquidation during the year ended October 31,
1929
Failec I
Organized
State
N u m - Authorized Number
capital
ber
Maine
Vermont
Massachusetts
Rhode Island
Connecticut
1
4
Total New England
States
Voluntary liquidations
Assets
Capital
$100, 000
325, 000
5
425, 000
__
21
5
5
1
20, 325, 000
750, 000
725, 000
50, 000
1
1
$50, 000
80, 000
$1, 337, 720
714, 785
Total Eastern States..
32
21, 850, 000
2
130, 000
2, 052, 505
2
535, 000
2
200, 000
1
1
3
6
3
12
2
1
New York
New Jersey
Pennsylvania
Delaware
Maryland
Virginia __
West Virginia
North Carolina
South Carolina
Georgia
Florida
Alabama
Mississippi
Louisiana
Texas
Arkansas
Kentucky
Tennessee
9
2
1
1
11
2
900,
150,
50,
50,
535,
150,
000
000
000
000
000
000
40, 064,040
28 63, 575, 000 1, 576, 098, 007
645, 677
3, 375, 000
450, 000
850, 000
200, 000
36,190,691
4, 885, 377
15, 935, 978
2, 664, 516
56 11, 862, 500
132,632,309
150, 000
50, 000
718,182
103, 751
33, 647, 057
1, 310, 300
* 805, 921
3, 200, 363
257, 177
820, 885
2, 819, 330
3, 565, 171
402, 317
31
5, 680, 000
25
1, 665, 000
13,181, 464
6
4
6
2
1
800, 000
175, 000
340, 000
55, 000
100,000
8
275, 000
1, 742, 586
4
1
1
165, 000
60, 000
25,000
1
50, 000
_
3
225, 000
1
25, 000
Total Western States..
22
1,695, 000
16
600, 000
4
3
10
2
1
400, 000
500 000
1, 350, 000
125, 000
100, 000
1
2, 475, 000
2, 800, 000
25
7
2
4
3
1
115, 000
165, 000
415, 000
25, 000
50,000
475, 000
370, 000
50, 000
38,195, 000
7
15 58, 600, 000 1, 517,156, 509
900, 000
3
13, 568, 611
8 3, 025, 000
33, 858,936
1
50, 000
461, 982
1 1, 000, 000
11, 051, 969
4, 388, 828
2, 980, 000
20
900, 080
27,152, 365
100, 000
3
4
4
1
1
3
8
1
141
100, 000
2, 200, 000
550, 000
33
Total United S t a t e s -
1
3
1
520 000
250, 000
2, 550, 000
650, 000
125, 000
415, 000
325, 000
845,000
Total Pacific States...
$10,893,946
1,117,649
2
3
3
6
2
2
7
2
6
Washington.._
Oregon
California
Idaho
Arizona
$450, 000
50, 000
24, 726,902
191, 205
41,187,245
1,815,890
3, 500, 000
North Dakota
South Dakota
Nebraska.
Kansas
.
Montana
Wyoming
Colorado
New Mexico
Oklahoma
2
1
2, 350, 000
50, 000
3, 637, 500
300, 000
6, 070, 000
Total Middle Western States..
Gross assets
4
1
8
2
1
Ohio
Indiana
Illinois
Michigan. . _
Wisconsin
Minnesota
Iowa
Missouri
Capital
25, 000
i 59, 021
90, 000
991, 923
250, 000
2, 726,105
350, 000
2,826,962
650, 000 2 10, 850, 898
1,180, 000 313, 869, 420
150, 000
1, 265, 221
85, 000
235, 574
31
Total Southern States.
Number
8
3
5
4
1, 525, 000
175, 000
615. 000
2, 950; 000
27, 741, 538
1, 768, 929
6, 923, 067
44, 703, 455
13
5
6
670, 000
315, 000
3, 890, 000
7, 952,120
4, 051, 778
46, 878, 391
44 10,140, 000
140, 019, 278
207, 769
7
9
4
3
3
1
3
1
29
380, 000
430, 000
355, 000
200, 0G0
90, 000
40, 000
80, 000
25, 000
1, 415, 000
6, 062, 536
5, 009, 887
4, 355, 646
1, 573, 656
428,603
188,125
438, 924
62,171
12, 575, 879
4, 653, 202
60
3, 015, 000
30,695,427
1, 000, 000
9, 964, 923
I
1
100, 000
100, 000
796, 904
1,141, 613
1
1
17
5
2
200, 000
25, 000
5, 925, 000
550, 000
175, 000
2, 982, 325
219, 592
191, 767, 983
6, 906,164
2, 481, 069
3
1, 200, 000
11, 903, 440
26
6, 875, 000
204, 357,133
5
6
1 , 288, 367
697, 843
113, 043
603, 594
79 6, 575, 000 65, 437, 668
221 98, 267, 500 2,123,866,194
1 Includes one bank with capital of $25,000 and assets of $59,021 previously reported in voluntary liquida2 Includes one bank with capital of $100,000 and assets of $190,795 previously reported in voluntary
liquidation.
s Includes one bank with capital of $100,000 and assets of $220,360 previously reported in voluntary liquidation and one with capital of $50,000 and assets of $403,545 restored to solvency.
* Includes 2 banks with capital aggregating $110,000 and assets of $239,860 previously reported in voluntary liquidation.
«Includes one bank with capital of $300,000 and assets of $357,386 previously repoited m voluntary
liquidation.
«Includes one bank with capital of $35,000 restored to solvency.
260
KEPORT OF THE COMPTROLLER OF THE CURRENCY
TABLE N O . 19.—Number and classification of national banks chartered monthly
during the year ended October 31, 1929
Reorganizations
Conversions
Primary organizations;
Total
Months
Number
November..
December. _
January
February._
March
April
May
June
July...
August
September.
October
Number
Capital
Number
Capital
$200,000
250,000
100,000
350, 000
1,175, 000
715,000
700, 000
3, 780, 000
300, 000
50,000
$25,000
7, 620.000
375,000
Total-
Capital
$12,025, 000
330,000
340, 000
300, 000
5,175, 000
450. 000
4,875, 000
1, 875, 000
650, 000
1, 030,000
1, 300, 000
1,-850,000
50,000
200, 000
100,000
23
Capital
114
30, 200,000
$12,025,000
555. 000
590,000
450, 000
5, 525, 000
1,625, 000
5, 590, 000
2, 575. 000
4, 630, 000
1, 330, 000
1, 350,000
1, 950, 000
38,195, 000
141
TABLE N O . 20.—Principal items of resources and liabilities of national
classified according to capital stock, December 31, 1928
banks,
CAPITAL STOCK OF LESS THAN $50,000
[In thousands of dollars]
Cities, States, and Territories
Bonds
Num- Loans and and
secu- Aggregate Capital
ber of
rities
resources
banks discounts owned
Surplus
and undivided
profits
Total
deposits
COUNTRY BANKS
Maine
New Hampshire
Vermont
Massachusetts
_ _
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
Louisiana
Texas
Arkansas._
Kentucky
Tennessee
Total Southern States
Ohio
Indiana
Illinois
Michigan
Wisconsin. .
Minnesota...
Iowa
Missouri
Total Middle Western
States
1
5
3
5
4
124
1,021
985
873
845
130
751
623
456
669
353
2,229
1,792
1,607
1,846
25
135
75
125
100
66
139
106
164
94
252
1,803
1, 533
1,257
1,503
18
3,848
2,629
7,827
460
569
6,348
110
30
199
3
21
32, 612
11,670
46, 832
585
6,479
34, 796
6,137
49, 905
555
6,492
76,194
20, 427
111, 165
1,281
14, 674
2, 845
770
5,155
75
560
5,978
1,642
11,184
100
1, 251
63, 936
17,068
89, 028
1, 024
12,112
363
98, 178
97, 885
223, 741
9, 405
20, 155
183,168
38
38
5
6
15
4
23
6
197
30
30
24
10, 783
9,927
6, 973
1,292
2,595
676
4, 634
3,031
29, 809
4, 618
9,657
5, 183
3, 593
3, 173
122
323
623
265
1, 467
128
7,910
1,477
3,988
1,906
17, 291
16, 588
1,505
2,146
4,569
1,292
8, 746
1,800
58, 362
9, 055
17,018
9,393
1,034
1, 065
155
165
435
115
630
150
5,422
775
805
635
1, 043
1,034
75
287
59
689
37
3,207
398
1,153
515
14, 220
13,199
1,186
1, 726
3,446
964
6, 709
1, 573
47, 576
7,457
14, 273
7,667
416
87,178
24, 975
147, 765
11, 386
8, 579
119,996
74
71
130
22
35
15o
87
32
15, 996
13, 570
24, 498
4, 8S0
7,155
33, 274
18, 727
6,031
9. 486
6, 825
15, 752
2,827
5,231
24, 028
8, 005
2,812
30, 782
25,177
49, 038
9,148
14, 656
71, 535
33, 907
11,677
2,013
1, 895
3, 590
630
925
4,123
2, 490
870
2,293
1,523
2,712
331
504
2, 594
1, 495
505
24, 395
19, 903
39, 550
7,707
12, 582
61, 344
27, 524
9,724
606
124,131
74, 966
245, 920
16, 536
11, 957
202, 729
261
REPORT OF THE COMPTROLLER OF THE CURRENCY
TABLE N O . 20.—Principal items of resources and liabilities of national hanks,
classified according to capital stock, December 31, 1928—Continued
CAPITAL STOCK OF LESS THAN $50,000—Continued
[In thousands of dollars]
Cities, States, and Territories
N u m - Loans and
ber of discounts
banks
and secu- Aggregate Capital
rities
resources
owned
Surplus
and undivided
profits
Bonds
Total
deposits
COUNTRY BANKS—continned
North Dakota
South Dakota
Nebraska
Kansas
-_.
Montana
Wyoming
Colorado
._
New Mexico
Oklahoma
Total Western States
Washington
.. _
Oregon
California
Idaho
Utah
—
Nevada
Arizona
Total Pacific States
99
57
54
111
36
8
56
10
196
18, 515
11, 908
12, 791
21, 241
4,624
1,787
9,982
2,316
42, 352
7,788
4,461
4,243
7,760
3,180
1,325
4,777
782
30, 803
33,946
21, 463
21, 403
38, 037
10, 814
4,633
20, 227
4, 215
76, 795
2,540
1,520
1,460
2,933
955
230
1,505
260
5, 065
1,618
877
1,087
1,750
293
218
815
174
2,198
27, 942
18,187
17, 219
31,147
9,225
4,062
16, 847
3?674
91,012
627
125, 516
65,119
231, 533
16, 468
9, 030
219,315
5,812
3, 744
8,828
3,560
1, 217
1.285
'234
4,647
3.040
6,493
2,220
246
902
396
12, 779
8, 947
20, 704
7,713
1,797
2,663
806
770
700
1,145
505
100
90
50
363
363
877
244
108
92
11
11, 345
7, 606
18, 053
6 764
1, 453
2,424
729
29
26
45
19
4
3
2
Total United States _
128
24, 680
17,944
55, 409
3,360
2,058
48, 374
2,158
463, 531
283, 518
912,195
57,615
52, 348
779, 930
37
350
45
83
21
41
92
19
154
20
683
4,843
650
2, 571
1,669
1,370
2,543
802
2, 515
1,311
CAPITAL STOCK OF $50,000 BUT LESS THAN $200,000
OTHER RESERVE CITIES
Philadelphia
Dallas
Waco
Chicago
Minneapolis- _
St. Paul
Topeka
Denver
Pueblo
Muskogee
_.
_.
Total all reserve cities
419
2,425
286
1,078
301
493
718
440
1,044
429
325
1,300
311
1,017
474
856
1,272
261
1, 085
690
1,031
5, 561
900
2,814
1, 895
1,529
3,088
930
2,872
1,546
125
150
100
100
100
100
250
100
100
100
7, 633
7,591
22,166
1,225
27, 285
32, 565
28,163
76, 334
2, 211
15, 732
35, 250
23, 741
21, 516
62, 002
1, 215
14,071
70, 237
68. 619
56, 611
160, 902
4,189
35, 043
2,970
4,115
3, 385
8,473
520
2,245
862 !
18, 957
COUNTRY BANKS
Maine
New Hampshire.._
Vermont
Massachusetts,._
Ehode Island
Connecticut
_
Total New England States.
New York
New Jersey
Pennsy vlania
Delaware
„
Maryland-__
i\
307
183
495
11
50
Total Eastern States
Virginia
West Virginia
North Carolina
South C arolina
Georgia..
Florida
Alabama
Mississippi
Louisiana
Texas
39
45
37
87
1,046
_
_
95
65
45
33
50
40
58
25
17
344
6,206
3,862
13, 762
535
3, 893
58, 025
52, 222
45, 108
129, 518
2, 686
26,473
182, 290
157,795 ! 395,601
21, 708
33,848 I 314,032
260, 803
172,351
418,155
6,550
44, 730
245, 281
119, 905
332, 841
6, 629
37, 249
574, 334
338, 161
870, 696
15, 067
92, 014
25, 657
15, 995
43, 620
866
4,072
43,113
24, 278
94, 642
1.771
7,654
902,589
741,905
1, 890, 272
90, 210
73, 315
53, 040
39, 377
20, 270
28, 236
26, 333
35, 234
25,167
7, 687
163, 381
17, 511
16, 762
7,110
6, 326
10, 756
16, 604
11, 242
11, 386
3,168
54,945
7,700
109, 025
5,185
84, 799
4,308
61, 502
2, 810
35, 523
4, 520
50. 843
3, 275
53, 290
4,840
60, 160
2, 450
47, 525
1, 400
16, 442
306,180 I 25, 448
477, 322
282, 542
654,175
11, 410
75, 051
171, 458 1,500,506
7,718
6r000
3,686
2,023
4,048
3,142
4, 816
2,279
1,008
19, 841
84, 719
66, 567
50? 210
28, 788
37, 434
47, 657
43, 465
391 058
12, 912
245, 897
262
REPORT OF THE COMPTROLLER OF THE CURRENCY
TABLE N O . 20.—Principal items of resources and liabilities of national
banks,
classified according to capital stock, December 31, 1928—Continued
CAPITAL STOCK OF $50,000 BUT LESS THAN $200,000-Continued
[In thousands of dollars]
Cities, States, and Territories
Bonds
Num- Loans a n d and
secu- Aggregate Capital
ber of discounts
rities
resources
banks
owned
Surplus
and unTotal
divided deposits
profits
COUNTRY BANKS—continued
Arkansas
Kentucky
_
Tennessee
_
Total Southern States
Ohio
Indiana ~
Illinois
Michigan
Wisconsin
Minnesota - _
Iowa__
Missouri
Total Middle
States
..
_
37
91
59
18, 573
62, 583
36, 982
7,085
25,818
10, 749
35,673
109, 732
60,119
2,740
7,466
4,454
1,922
7,443
3,111
29,240
87,066
47,404
959
590,178
199, 462
1,035,813
76, 596
67,037
820,417
179
113
273
84
82
93
158
67
113, 000
72, 035
173, 460
62,045
56, 838
46, 809
80, 633
32, 311
67, 062
34, 846
108, 701
53, 689
47,142
44, 448
40, 750
17,405
218, 723
133, 749
343, 687
137, 272
124, 588
115,130
153, 885
63, 581
14, 932
9,693
20, 793
7,405
6,575
6,380
10, 600
4,885
16, 699
8,433
23, 758
6,283
6,256
4,657
6,379
3,673
170, 254
105, 384
276,168
115, 309
105,182
98, 857
127, 727
50, 648
1,049
637,131
414, 043
1, 290, 615
81, 263
76,138
1,049, 529
31
37
89
116
23
15
51
16
105
20, 282
20, 629
44, 813
57, 827
14,110
13,045
26,071
10, 229
37,318
15, 626
18, 095
19,066
29,094
9,987
9,099
20,148
7,113
28,945
45, 714
49, 890
79, 775
115, 509
31, 632
28, 622
61,102
23, 629
119, 557
2,175
2,625
5,690
7,950
1,925
1,280
3,595
1,150
7,300
1, 552
1,801
4,136
5,368
1,428
1,642
2,312
668
2,355
40, 211
43, 544
62, 286
95, 207
27,726
24,400
52, 046
21,165
81, 496
483
244, 324
157,173
555, 430
33, 690
21, 262
448, 081
56
56
112
22
10
5
10
28,567
29,309
62, 929
14, 423
5,806
5,651
6,016
27, 038
19,144
39, 707
6,477
2,280
1,343
3,927
69, 662
63, 293
127, 852
28,172
9,984
9,164
14,117
4,170
4,220
8, 750
1,550
700
510
800
2,368
2,642
5,812
791
295
440
413
60, 809
54, 275
108,139
24, 870
8,502
7.895
12, 010
271
152, 701
99, 916
322, 244
20, 700
12, 761
276, 500
4
2,186
1,848
5,138
275
206
4,575
1
809
1,129
2,490
100
172
2,189
5
2,995
2,977
7,628
375
378
6,764
Western
North Dakota
South Dakota.
_
Nebraska
Kansas
Montana
Wyoming
Colorado
New Mexico
Oklahoma
Total Western States
Washington
Oregon.
_
California
__
Idaho
Utah
Nevada _
Arizona
Total Pacific States
Alaska (nonmember banks)
The Territory of Hawaii (nonmember bank)
Total (nonmember banks).
Total country banks
4,051
2, 712, 208 1, 773, 271
5, 497, 603
324, 542
382, 882
4, 415, 829
Total United States
4,062
2, 719, 841 1, 780, 862
5, 519, 769
325, 767
383, 744
4, 434, 786
CAPITAL STOCK OF $200,000 BUT LESS THAN $500,000
CENTRAL RESERVE CITIES
Chicago
173
Central reserve cities...
173
475
13, 537
6, 268
52, 282
4,346
• 8, 930
12,825
1,271
8,483
497
8,830
2,843
9,162
3,084
24, 669
2,832
2,219
4,248
273
2,856
321
5,801
482
200
37
660
200
37
660
2,000
950
3,575
500
800
1,075
300
800
200
600
200
1, 616
491
10, 798
600
1,110
1,626
60
1,770
56
747
128
22, 778
8,815
72, 339
7,144
11,150
17,382
1,610
8,892
497
17,201
3,529
OTHER RESERVE CITIES
Brooklyn and Bronx.
Buffalo
Philadelphia
Pittsburgh
Baltimore....
Washington
Richmond
Charlotte...
Birmingham
_
El Paso
Fort Worth
_
27,960
11,447
91, 712
14, 325
21, 727
2,111
13, 582
976
18, 769
4,270
EEPOKT OF THE COMPTROLLER OP THE CURRENCY
263
TABLE NO. 20.—Principal items of resources and liabilities of national banks,
classified according to capital stock, December 31, 1928—Continued
C A P I T A L STOCK OF $200,000 B U T LESS T H A N $500,000—Continued
[In thousands of dollars]
N u m - Loans and Bonds
ber of discounts and secu- Aggregate
rities
resources
banks
owned
Cities, States, and Territories
Capital
Surplus
and undivided
profits
Total
deposits
OTHER RESERVE CITIES—COntd.
Galveston
Houston
San Antonio
W P co
Little Rock
Nashville
Cincinnati.—
Indianapolis
Chicago _ _
Peoria
Milwaukee
Minneapolis
St. Paul
Dubuque
Sioux City
Kansas City, Mo
St. Joseph
St. Louis
Lincoln
Omaha
Kansas City, Kans.
Topeka
Wichita
Helena
Denver
Muskogee
Oklahoma City
Tulsa
Seattle
Spokane
Portland
Los Angeles
Ogden..
__
__
_
_
All other reserve cities
Total all reserve cities
2
3
2
2
1
2
2
1
24
1
3
2
2
1
4
3
3
4
3
3
1
1
2
2
1
1
2
2
1
1
2
2
1
7,929
5,997
3,897
4,541
3,113
5, 757
6,423
3,284
42, 248
4,496
4,210
1,126
9,218
2,200
10,052
6,693
12,160
5,368
6,847
7,231
1,423
1,521
2,004
5,617
1, 767
2,104
3,994
6,164
1,363
503
1, 242
1,611
1,907
2,676
1,852
2,562
2,983
648
879
6,248
1,115
37,683
1,649
2,134
2,396
5,766
2,951
5,926
4,065
3,501
7,186
2,175
4,325
938
2,031
917
2,104
284
2,103
4,958
2,474
1,047
2,219
3,186
924
212
13,485
11,469
8,421
10,414
5,544
8,655
15,479
6,445
98,060
7,941
8,081
4,505
21,131
6,019
22, 724
14, 719
21, 771
16,228
12, 456
14, 712
3,231
4,738
4,037
10,004
2,715
5,700
12,461
11,652
3,247
3,407
5,956
3,270
3,083
400
850
550
550
300
600
600
400
5,450
300
600
400
650
200
1,050
700
600
1,050
700
8,50
200
200
400
450
250
300
500
450
200
200
400
500
250
623
235
221
347
219
446
1,353
195
3,923
895
169
127
604
333
662
475
750
380
380
374
80
134
119
518
118
129
135
177
86
76
120
122
51
128
304,122
178,064
6*17, 623
32,100
33, 578
518,999
129
304,295
178, 539
618, 521
32, 300
33, 615
519,659
12
6
38,063
9,628
8,488
102,809
7,754
49,090
29, 515
4,410
5, 579
61, 540
6,141
22, 885
75, 938
17,192
16, 253
190, 780
15, 511
83,497
3,325
1,250
1,300
9,740
'750
5,082
5,621
2,647
1,359
14, 355
1,650
5,982
62,097
11,561
12,253
156, 895
11,853
66, 580
11,913
9 682
6,106
8,951
5,025
7,078
12,643
5 447
84,119
6 497
7,076
3,688
19 488
5,268
20, 041
13, 206
19,958
13, 978
10,990
11, 525
2,756
4,270
3,517
8,830
2 151
4,921
11,804
10,604
2, 755
2,909
5,234
2,624
2,608
COUNTRY BANKS
Maine.
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut
__ ___
39
2
21
Total New England States.
85
215,832
130,070
399,171
21,447
31, 614
321,239
87
64
102
3
4
238, 980
167, 750
265, 024
5,292
13,007
151,951
79, 224 '
172, 733
3,308
3,657
447, 629
289,863
509, 985
10,624
19,019
20, 540
16,025
25,250
663
902
29, 732
21,079
58, 961
1,647
1,642
377,891
232, 755
402, 838
7,633
15, 789
260
690,053
410, 873
1,277,120
63, 380
113,061
1,036, 906
16
10
11
11
11
8
19
10
5
44
8
10
8
44, 416
29, 461
22, 637
20, 561
16, 973
9,819
24,408
27, 527
7,816
84, 757
19,075
19, 695
13,115
10,822
8,044
3,962
6,329
3,775
6,269
11,531
8,273
1,383
25, 905
9,585
5,300
4,170
65, 550
46, 727
35, 222
34,195
26,975
21,923
44,588
47,181
13,839
157,659
36, 575
30,920
23,100
4,400
2, 654
2,525
2,650
2,600
2,050
4,800
2,610
1,200
10,350
2,250
2,375
1,950
5,077
4,219
2,146
2,066
2,114
1,479
2, 500
2,299
712
7,997
1,675
2,143
1,003
48, 557
36, 577
28,192
27, 573
19,756
16,945
31,149
40,048
10, 925
133,276
31, 508
23,803
17, 770
171
340, 260
105, 348
584,454
42,414
35,430
466,079
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
79003°—30
18
264
REPORT OF THE COMPTROLLER OF THE CURRENCY
TABLE N O . 20.—Principal items of resources and liabilities of national
classified according to capital stock, December 81, 1928—Continued
banks,
CAPITAL STOCK OF $200,000 BUT LESS THAN $500,000—Continued
[In thousands of dollars]
Cities, States, and Territories
N u m - Loans and
ber of discounts
banks
Bonds
and secu- Aggregate Capital
rities
resources
owned
Surplus
and undivided
profits
Total
deposits
COUNTRY BANKS—continued
Ohio
Indiana
Illinois
_
Michigan
Wisconsin
Minnesota
Iowa
.
M issouri
Total Middle
States
50
25
35
15
24
13
12
8
104,100
50, 501
70, 370
45, 762
49, 502
23,114
27, 487
15, 740
56,315
24,673
47, 746
31,488
32, 577
16,841
14, 591
11, 474
197,086
93, 533
145,830
91, 802
102,092
51, 292
56,985
34, 953
13,125
6,325
8,675
4,250
6,225
3,000
3,400
1,900
15,041
4,097
9,100
5,178
5,184
1,830
2,270
1,310
153,480
76,986
118, 862
77, 539
85,191
44, 383
48,103
30,435
Western
182
386, 576
235, 705
773, 573
46,900
44,010
634,979
North Dakota
South Dakota
Nebraska _
_ __
Kansas
Montana
Wyoming
._
Colorado
New Mexico
.
Oklahoma
Total Western States
3
2
2
10
9
3
7
2
9
7,396
3,466
2,641
21,840
28,527
6,934
13, 673
6,308
11,821
5,395
4,269
1,149
9,995
17,692
3,474
7,157
3,183
8,238
17,213
11,401
5,172
42,063
59,467
13, 571
27,833
12,197
26, 246
700
450
500
2,200
2,000
800
1,600
650
2,050
427
503
174
1,833
2,090
448
972
301
805
15, 733
10, 322
3,717
35,165
53,669
12,105
23, 830
10, 546
23,061
47
102, 606
60, 552
215,163
10,950
7,553
188,148
Washington
Oregon
California
Idaho
Nevada
Arizona
Total Pacific States
10
6
30
3
1
3
15, 727
12, 695
55,499
9,151
1,245
9,943
13, 285
36, 726
5,842
22, 779
26,686
105, 228
5,744
i 20,727
2,060 . I 4,242
7,623
22, 732
2,550
1,250
7,400
975
200
800
1,514
1,174
5,017
462
45
594
30, 353
18, 778
88, 413
18,449
3,743
20,876
53
104, 260
61,240
212,434
13,175
8,806
180, 612
Total country banks.
798
1,839, 587 1,003, 788
3,461,915
198, 266
240, 474
2,827, 963
Total United States
927
2,143,882 1,182, 327
4,080, 436
230, 566
274,089
3, 347,622
CAPITAL STOCK OF $500,000 BUT LESS THAN $1,000,000
CENTRAL RESERVE CITIES
New York City_
Chicago
Central reserve cities
5,471
3, 702
1,712
529
9,173
2,241
0,119
15, 781
25, 299
38,059
9,227
18,976
8,966
2,603,
10,026
4,380
9,814
6,542
18, 473
4,454
5,553
19,849
8,474
10, 565
9,123
11, 723
2,984
6,626
7,356
17, 283
6,057
4,785
1,721
1,606
3,850
1,927
7,036
1,779
9,370
5,527
14,897
1,500
500
914
107
6,442
4,540
2,000
1,021
10,982
10,952
26,410
38,311
71,999
19, 632
33, 616
12, 741
6,468
20, 635
8,378
22,808
12, 645
38,067
5,638
12,904
32,161
17,176
20, 997
19, 507
17, 258
1,000
3,500
2,000
2,950
1,400
2,050
1,000
500
1,250
750
1,000
1,100
1,250
600
500
1,700
500
1,300
1,050
800
254
1,608
2, 959
6,262
1,288
2,322
1,546
154
629
327
1,199
584
2,089
163
1,322
2, 505
1,977
998
2,203
1,190
8,482
20,272
31, 270
56,006
15,152
27,700
8,531
5,328
18, 260
6,828
17,177
9,935
31, 216
4,812
9,850
25,176
12, 518
17,940
15,001
14,407
OTHER RESERVE CITIES
Boston
_
Brooklyn and Bronx
Philadelphia
Pittsburgh
Baltimore
Washington.
Charlotte
_
Dallas...
_
Fort Worth
Galveston
Houston
San Antonio
Louisville
Nashville
Cincinnati
_
Columbus
Toledo
Chicago
Peoria
_
_
Grand Rapids
...
_
12, 705
112
4,051
4,786
6,054
7,343
6,957
1,948
REPORT OF THE COMPTROLLER OF THE CURRENCY
265
TABLE N O . 20.—Principal items^ of resources and liabilities of national banks,
classified according to capital stock, December 31, 1928—Continued
CAPITAL STOCK OF $500,000 BUT LESS THAN $1,000,000—Continued
[In thousands of dollars]
Cities, States, and Territories
Bonds
Num- Loans and and
secu-l Aggregate
ber of discounts
rities
resources
banks
owned
Capital
Surplus
and undivided
profits
Total
deposits
OTHER EESEKVE CITIES—COntd.
Milwaukee
Minneapolis.
Cedar Rapids
Des Moines
Dubuque
Kansas City, Mo
St. Joseph.-.
St. Louis
Lincoln
Omaha
Kansas City, Kans...
Topeka
Denver..
Pueblo
Muskogee
Oklahoma City
Tulsa.
Seattle.
Spokane
Portland
Los A.ngeles
San Francisco
Ogden__
_
Salt Lake City
.._
._
_
_
._
__
All other reserve cities
84
Total all reserve cities
6,449
6,999
13,411
2,655
3,471
24, 783
4,474
8,660
7,776
8,953
6,091
4,908
16, 392
3,953
3,120
14, 795
5.129
8,596
3.130
4,155
2,130
518
4,318
19, 697
1,796
3, 544
8,383
2,940
2,489
6,194
1, 354
10, 647
2, 371
947
2,854
6,287
11, 696
5,188
3,285
11, 781
721
4,020
1,183
1. 601
1,767
1,319
2,289
10, 256
428, 569
12,032
13, 660
31,138
7,358
7,662
41, 352
8,243
24, 019
14, 094
13,111
12, 384
15, 630
36, 433
20, 377
8,145
38,861
8,229
17,182
6,041
8, 771
5,021
2,418
10,461
41,964
1,800
800
750
750
1,000
1,050
500
500
1,850
500
1,000
500
500
500
500
500
2,100
953
388
860
207
110
1,713
504
1,014
301
685
323
626
2,139
1,023
172
685
203
643
126
297
141
50
106
1, 250
8,951
11, 669
27,812
5,362
6,848
33, 997
7,110
19, 613
12, 470
8,930
10, 711
13, 708
32,412
18, 317
6, 952
35,920
7,456
15,358
4,899
7,923
4,269
1,628
9, 223
37,031
500
500
1,100
500
500
2,350
500
211, 878
852,889
47, 250
46, 098
704,430
437, 742
214,119
867, 786
49, 250
47,119
715,412
12,140
3,977
55,167
14, 568
42, 232
2,951
1,295
25, 832
7,498
16,864
17, 569
6,136
93,549
26, 571
73,105
1,200
500
4,800
1, 850
4,750
1,292
381
7, 211
2,619
6,491
14, 207
4,264
76, 532
19, 292
59, 365
128,084
54,440
216,930
13,100
17,994
173, 660
70,535
75,839
113,746
33, 274
46. 681
60, 226
119, 787
147, 227
203, 200
7, 350
7,830
11, 600
11, 438
20, 576
96, 734
119,666
158, 228
260,120
140,181
470, 214
26, 780
41,007
374, e
24, 450
24, 912
21,995
8,719
3, 286
9,829
17,447
2,043
2,626
17, 795
10,381
17, 234
21, 559
6,766
6,997
8,614
5,538
139
5,888
4,256
543
824
10, 467
5,913
4,210
3,269
39,014
39, 245
41,880
20,133
4,132
19,961
28, 800
3,592
5, 970
35, 948
20,080
26, 645
33, 732
3,700
2,500
3,450
1,500
500
1,900
1,250
500
600
2,800
1,000
2,600
1,350
1,978
3,678
1,944
433
640
1, 265
1,461
238
350
2,036
1,257
1,915
1,338
27, 991
27, 776
32,158
17,000
2,526
15,235
20, 796
2,721
4,718
28, 555
16,819
18, 920
25, 437
182, 276
63,224
319,132
23, 650
18, 533
240, 652
36, 560
39,164
39,418
40, 761
38, 813
6,079
16,110
65,295
82, 278
82, 425
73, 768
69, 539
11, 732
3,350
5,200
5, 500
3,700
4,300
1,100
5,162
4,735
3, 554
3, 774
4, 649
707
51, 661
66, 662
70, 340
59, 873
57, 659
9,262
22, 581
315,457
COUNTRY BANKS
Maine
Vermont
Massachusetts
Rhode Island
Connecticut
_
Total New England States
New York...
New Jersey
Pennsylvania
Total Eastern States
Virginia
West Virginia
North Carolina
South Carolina
Georgia
Florida
Alabama
Mississippi
Louisiana
Texas
_
Arkansas..
Kentucky
Tennessee. _
_
._.
_
Total Southern States
Ohio
Indiana
Tllinois
Michigan...
Wisconsin
Minnesota
Total Middle
States
_
42
_
Western
200, 795
25, 762
24,193
21,596
17,116
2,927
107, 704
385, 037
23,150
266
REPORT OF THE COMPTROLLER OF THE CURRENCY
TABLE N O . 20.—Principal items of resources and liabilities
of national
banks,
classified according to capital stock, December 31, 1928—Continued
CAPITAL STOCK OF $500,000 BUT LESS THAN $1,000,000—Continued
[In thousands of dollars!
Cities, States, and Territories
Bonds
Num- Loans and and
secu- Aggregate Capital
ber of discounts rities
resources
banks
owned
Surplus
and undivided
profits
Total
deposits
COUNTBY BANKS—continued
2
4
1
9,815
25,239
3,484
4,797
11,182
997
17,723
45,918
6,891
1,000
2,350
700
804
2,014
196
15, 711
39,479
5,330
Total Pacific States.-
7
38, 538
16,976
70,532
4,050
3,014
60, 520
The Territory of Hawaii (nonmember bank)
1
3,119
2,745
8,071
500
791
5,940
1
3,119
2,745
8,071
500
791
5,940
161
812, 932
385, 270
1,469,916
91, 230
103, 920
1,170, 857
249
1, 250, 674
599, 389
2, 337, 702
140, 480
151,039
1, 886, 269
Washington
California
Nevada
Total (nonmember banks).
Total country banks
Total United States
CAPITAL STOCK OF $1,000,000 B U T LESS T H A N $5,000,000
CENTRAL RESERVE CITIES
New York City
Chicago
Central reserve cities
104,123
36, 684
24,125
6,682
176,113
61,012
14,000
4,350
11,877
2,048
134, 600
51,053
12 i 140,807
30, 807
237,125
18, 350
13,925
185, 653
119,693
43, 281
18,108
14, 668
222, 884
72, 241
77, 614
63, 605
38,070
62, 579
50, 338
31, 353
53, 274
30, 530
61, 386
7,885
39,144
9,504
71, 585
30, 935
7,457
57, 637
11, 756
41, 782
8,116
61, 817
30.103
52, 810
6,498
57, 486
12, 292
14, 333
60,127
63, 615
18, 873
6,539
50, 949
61.104
40, 824
14,546
55, 826
28,466
27, 324
23, 894
3, 213
6,311
53,945
30, 394
24, 941
24, 701
9,782
24, 957
4,306
30,904
10, 660
6,104
28,114
3,469
11, 674
3, 656
26, 405
6,721
3,392
21,081
6,333
6,275
4,109
28, 623
11, 910
18, 787
3,761
11, 832
2,264
6,922
28,084
24,158
7,300
1,435
23, 512
14, 668
22, 961
11, 559
31, 996
13, 633
204,017
85, 328
27, 577
24, 857
373,485
134, 559
150, 258
118, 292
58,422
121,078
77, 614
85, 001
81,824
56, 005
121, 602
9,000
3,500
1,500
1,000
15,908
6,000
7,500
7, 650
4,000
6,200
4,000
4,500
4,250
2,800
8,000
1,000
3,000
1,000
7,000
3,000
1,000
5,000
1,000
4,125
1,000
4,800
3, 300
7,250
1,125
4,500
1,000
2,000
5,000
5,000
2,200
1,000
4,000
6,700
3,600
2,000
3,750
3,000
16, 524
6,858
2,244
1,228
38, 932
13, 306
10, 067
7,377
4,579
7,288
3,887
3,228
6, 607
2,930
4,836
233
2,711
244
5,171
1, 752
295
4, 341
1, 001
4,830
943
5, 366
4,178
5, 977
1,179
5,958
709
1,480
3,688
6,846
1, 212
69
5,546
4,545
2,275
1,376
5,218
155, 785
68,148
20,079
20, 360
289, 548
101, 267
121, 789
93, 283
47,462
104, 510
69, 519
72,044
61, 677
40, 897
99, 516
14, 341
66,483
12, 578
117, 831
46, 518
12, 212
73,129
25,394
49, 503
10,447
91, 783
47, 636
85, 319
11,145
72, 371
18,941
20,089
104, 043
105, 275
30,427
8,221
97, 717
83, 893
82,049
35, 424
111, 535
54, 309
OTHER RESERVE piTIES
Boston
Albany
Brooklyn and Bronx
Buffalo
Philadelphia
Pittsburgh
Baltimore
Washington
Richmond
Atlanta
Savannah
Jacksonville
Birmingham
New Orleans
Dallas.
El Paso. ___
Fort Worth..._
Galveston
Houston..
San Antonio...
Waco
Louisville
Memphis
Nashville—
Cincinnati
Cleveland
Columbus
Indianapolis
Peoria
Detroit
Grand Rapids
Milwaukee..
Minneapolis
St. Paul
Des Moines
Sioux City
Kansas City, Mo
St. Louis
Omaha
Wichita..
Denver
Oklahoma City
16, 911
74, 466
16,197
138,918
52, 963
14, 499
99, 347
27, 556
64, 285
15, 307
120, 753
58, 581
104, 225
14,157
88, 651
21, 802
27, 592
117, 681
120, 638
35, 321
10, 614
109, 979
100, 058
93, 991
39,169
120, 964
58, 284
REPORT OF THE COMPTKOLLEE OF THE CURRENCY
267
TABLE N O . 20.—Principal items of resources and liabilities of national banks,
classified according to capital stock, December 31, 1928—Continued
CAPITAL STOCK OF $1,000,000 BUT LESS THAN $5,000,000—Continued
[In thousands of dollars]
Bonds
N u m - Loans and and secuAggregate
ber of
rities
resources
banks discounts
owned
Cities, States and Territories
Capital
Surplus
and undivided
profits
5,500
8,290
2,500
5, 50011, 000
2,200
1,000
3,746
3,934
816
5,445
13, 042
2,736
319
93,324
116, 986
28,401
108, 111
212, 633
33,892
7,786
Total
deposits
OTHER RESERVE CITIES—COn.
Tulsa
Seattle _
Spokane
Portland
Los Angeles
Oakland
San Francisco
___
3
5
2
2
5
2
1
53,175
57, 949
20, 414
39, 258
139, 581
23, 221
6,144
19, 672
39,181
5, 525
56, 547
49, 453
8,715
1,717
103,171
137, 598
35, 073
122. 818
253, 837
41, 550
11,631
All other reserve cities
123
2, 221, 375
846, 880
4,188, 506
209,148
237, 959
3, 455, 630
Total all reserve cities
135
2, 362,182
877, 687
4, 425, 631
227, 498
251, 884
3, 641, 283
__
4
1
7
53, 893
9,245
91, 544
32, 741
6,829
22, 413
101, 978
18,149
146, 941
5,000
1,500
10, 400
8,513
2,947
15, 861
82, 341
12,016
113,100
Total New England States.
12
154, 682
61, 983
267,068
16, 900
27, 321
207, 457
_ __
3
8
6
28, 540
157,163
58, 007
21, 850
63, 936
51,821
58,320
267, 291
127,313
3,400
13,900
7,250
3,381
17,937
14, 679
49, 455
213, 624
.123,742
Total Eastern States
17
243, 710
137, 607
452, 924
24, 550
35, 997
386, 821
6
1
3
2
4
2
3
2
1
3
70,319
11, 063
19, 912
25, 753
29, 524
19, 291
37, 512
12,161
6,069
35, 910
14, 797
1,977
4,142
8, 271
18,094
9, 465
4,554
5, 715
1,547
6,738
108,145
16,588
39, 543
46, 750
60, 414
36, 678
54, 044
23, 857
8,583
57,106
8,500
2,000
3. 000
2,500
4, 400
2,000
3,600
2,000
1,000
3,750
7,166
1,094
2,461
2,093
4,057
2,276
1,712
1,110
621
2,693
79,036
11, 701
28,768
37,273
49, 314
31, 248
46, 419
18, 460
6,178
46, 904
27
267, 514
75, 300
451, 708
32, 750
25, 283
355, 301
5
2
1
3
41,493
21,104
8,297
25, 874
14,157
7,485
5,791
15, 334
74,323
37, 229
17,675
50,141
6,500
2,000
1,250
5,000
5,066
1,731
1,818
4,251
56, 691
28, 528
14,153
38, 996
11
96, 768
42, 767
179,368
14, 750
12,866
138, 368
1
2
9, 429
28, 295
4,763
11, 904
17,563
53, 801
1.000
3,000
586
1,802
15,015
48,072
71,364
4,000
2,388
63, 087
__.
._
COUNTRY BANKS
Massachusetts
Rhode Island
Connecticut
New York _ _
New Jersev__
Pennsylvania
Virginia
West Virginia
North C arolina. _
South Carolina
Florida __
Alabama
Louisiana
Texas
Kentucky
Tennessee
_
Total Southern States
Ohio
Indiana
__
Michigan
Minnesota
_ _
Total Middle
States
Western
Washington
California
Total Pacific States
3
37, 724
16, 667
Total country banks
70
800, 398
334, 324
1, 422, 432
92, 950
103, 855
1,151,034
Total United States
205
3,162, 580 1,212,011
5, 848,063
320, 448
355, 739
4,792,317
CAPITAL STOCK OF $5,000,000 BUT LESS THAN $25,000,000
CENTRAL RESERVE CITIES
New York..
Chicago
Total central reserve cities.
10
1,012, 746
417,066
468, 503
50, 434
2,350, 236
651, 713
61, 500
26, 500
205, 801
33, 594
1, 765, 984
528, 933
1,429,812
518,937
3,001,949
88, 000
239, 395
2, 294, 917
268
REPORT OF THE COMPTROLLER OF THE CURRENCY
TABLE N O . 20.—Principal items of resources and liabilities of national
classified according to capital stock, December 31, 1928—Continued
banks,
CAPITAL STOCK OF $5,000,000 BUT LESS THAN $25,000,000-Continued
[In thousands of dollars]
Cities, States, and Territories
Bonds
Num- Loans and and
secu- Aggregate Capital
ber of discounts rities
resources
banks
owned
Surplus
and unTotal
divided deposits
profits
OTHER RESERVE CITIES
Boston
Philadelphia
Pittsburgh
Dallas
Cincinnati
Detroit
Milwaukee..
Minneapolis.
St. Louis
Los Angeles
San Francisco
._
_.
Total other reserve cities...
Total United States
224, 371
177,953
114,657
41, 534
32, 347
102, 502
122,150
50,207
144,994
196, 818
198,303
41,520
50, 878
177,130
9,185
10, 567
29, 423
18, 482
33, 951
47,912
74, 628
59, 746
401, 339
360, 842
367, 578
68, 684
59,103
183, 457
179,517
116, 662
250,319
349, 576
356, 502
21,350
14,000
19, 500
5,000
6, 000
7,500
9,000
5,500
20,000
13, 750
22, 000
16,688
40,138
25, 404
4,253
5,586
12, 323
6,973
5,607
11,226
17,486
17, 747
291,419
279, 329
293, 226
53, 522
46, 397
151,032
145,170
96, 779
205, 826
308,078
273, 527
1,405,836
553, 422
2, 693, 579
143, 60ft
163, 431
2,144, 305
2, 835, 648 1, 072, 359
5, 695, 528
231, 600
402, 826
4, 439, 222
C A P I T A L S T O C K O F $25,000,000 B U T L E S S T H A N $50,000,000
CENTRAL RESERVE CITIES
New York Citv
Chicago
Central reserve cities
2
1
570, 269
381, 940
137, 875
108, 872
1, 360, 326
651,852
50, 000
35,000
85, 680
35, 578
970,179
535, 359
3
952,209
246, 747
2,012,178
85,000
121, 258
1, 505, 538
OTHER RESERVE CITIES
Boston
Total United States
1
203, 426
60,875
449, 769
25,000
32, 434
293,819
4
1,155,635
307, 622
2, 461, 947
110, 000
153, 692
1, 799, 357
154,477
2,165, 649
C A P I T A L S T O C K O F $50,000,000 OR MOPvE
CENTRAL RESERVE CITY
New York
_
2
1,135, 933
416,758
2, 892, 908
1
411, 907
272, 472
840, 608
50,000
53, 873
702, 228
3
1, 547,840
689,230
3,733,516
200, 000
208,350
2, 867, 877
150,000
OTHER RESERVE CITIES
San Francisco
Total United States
REPORT OF THE COMPTROLLER OF THE CURRENCY
269
TABLE NO. 21.—United Stales bonds on deposit to secure circulating notes of national
hanks in years ended October 81, 1900 to 1929
United States bonds held as security for circulation
NumYear ber of
!
banks 2 per cent consols
1900__. 3,871
$1, 019, 950
Consols of 1930,
270, 006, 600
1901_.. 4,221
12, 500
Consols of 1930,
316, 625, 650
1902._. 4,601
320, 738, 000
1903.__ 5,147
376, 003, 300
1904-_ 5,495
416, 972, 750
1905_._ 5, 858
483,181, 900
6,225
492,170, 650
1906_.
1907.
1908_.
6,620
6,873
532, 543, 550
4 per cent bondg
3 per cent
Consols of 1907, j i T
.
,100 ! Loan o t
L o a n of 1895,
jj I per cent,
l
$7, 756,
7, 503, 350
Consols of 1907, j
6.032,000 !
3, 983,
L o a n of 1895,
i
II
2,911,100 |
! Consols of 1907,
11
8, 248, 450 J
6, 056,
1 L o a n of 1895,
|
2, 208, 600 1
Consols of 1907, |
2, 979, 200
1, 797,
L o a n of 1895,
1, 410,100 I
Consols of 1907, !
5, 857, 500 |
1, 922,
L o a n of 1895,
|
1,791,600 i
Consols of 1907, J
4, 050, 350 '
2, 215,
L o a n of 1895,
4, 465, 000
Consols of 1907,
25,124, 650
3, 273,
L o a n of 1895,
4, 602,100 j
/ L o a n of 1895,
6, 490,
1
10, 732, 900
554,700,700 I
14, 960, 450
5 per cent bofrds
bond
1912...
1913_.
1914..
1915_.
1916..
1917..
1918-.
1919-.
1920_.
1921_.
1922,.
1923..
1924,.
1925..
1926_.
1927..
1928,
1929_.
7,218
7,331
7, 428
7,514
7,578
7,632
7,608
7,671
7,765
7,900
8 ; 157
8,179
8,262
8,264
780
268,900
720
1,100,900
338, 352, 670
580
718, 650
382, 726, 830
8,118
7, 832
7,707
7,506
21,022, em
22,854, 300
26, 817, 000
35, 302, 700
34, 699, 300
32, 304, 800
26, 214,400
34, 743, 900
50, 240, 800
58, 055, 050
68, 578, 000
77, 257, 400
82, 509, 900
85, 823, 150
76, 687, 050
329, 833, £
940
426, 544, 790
540
493, 912, 790
(2 per cent Panama Canal,
14, 482, 080
700 \
(
080
17, 245, 380
38, 558, 680
13, 936, 500
Certificates of indebtedness 3 per
cent.
2 per cent 1936
and 1938, Panama Canal,
76,178, 680
78, 420, 480
80,110, 040
81, 258, 460
81,701, 240
81, 971, 820
81, 614, 420
78, 068, 660
71, 466,140
72, 324, 800
72, 672, 060
73,116,000
73, 732, 140
73, 656, 840
73, 937, 380
74, 069, 640
74, 392, 980
74, 352, 980
74, 290, 840
74,471, 740
74, 015, 000
539, 653, ISO
567, 011, 910
f
I
10, 468, 520
(4 per cent loan 3 per cent 19081918,
573,328,450 U of 1925,
14, 575, 560
(
15, 463, 050
580, 145, 400
593,006, 600
601, 762, 600
604, 264, 950
606,622, 300
600, 678, 600
567, 690, 250
555, 514, 950
561, 848, 600
565,094, 950
570, 372, 500
576, 522, 950
581,493, 950
586,801, 800
589,086, 200
591, 792,150
591,139, 900
592, 582, 450
592, 696, 700
592, 721,100
Loan of 1904, 5 }
per cent,
[$301,123, 580
$1,293,000 |
580
!
1909__. 7,025
Total
15, 337, 540
18,199,380
20,419, 220
22,245,100
21, 447,180
20,377, 720
15,984, 680
17, 715, 220
32,240
632, 624. 850
679, 545, 740
694, 926, 070
714,170, 320
730, 257, 280
743, 513,990
744, 740,600
734,975, 540
687,957,990
679, 440, 210
684, 446,440
695, 822,060
712,066, 500
727, 512,490
737, 660, 690
746, 562, 330
739,842, 890
666,185,130
665,492, 880
666,873, 290
667,168, 440
666, 736,100
TABLE NO. 22.—Profit on national bank circulation, based upon a deposit of $100,000 United States consols of 1930 and Panama Canal bonds,
at the average net price, monthly, during the year ended October 81, 1929
CONSOLS OF 1930
Receipts
Date
November
December.
January
February
March
April
May
June
July
August
September
October
Cost of
bonds
Circulation obtainable
Profit on circulation
in excess of 6 per
cent on the investrh#nt
Deductions
Interest
on circulation
Gross
Interest
on bonds per cent receipts
redemption fund
Net
receipts
"^ax
Expenses
Sinking
fund
Interest on
cost of
bonds at 6
per cent
Total
Amount
Per cent
1928
$100. 826
100.845
$100,000
100,000
$2,000
2,000
$5,700
5,700
$7,700
7,700
$500
500
$62. 50
62.50
$580. 78
634. 07
$1,143. 28
1,196. 57
100. 789
100. 844
101. 031
101. 442
101. 615
101. 470
101. 558
102. 048
102. 250
102. 250
100,000
100,000
100,000
100, 000
100,000
100, 000
100, 000
100,000
100, 000
100, 000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
5,700
5,700
5,700
5,700
5,700
5,700
5,700
5,700
5,700
5,700
7,700
7,700
7,700
7,700
7,700
7,700
7,700
7,700
7,700
7,700
500
500
500
500
500
500
500
500
500
500
62.50
62.50
62.50
62.50
62.50
62.50
62.50
62.50
62.50
62.50
634. 46
730. 80
966. 55
1,409.96
1, 579.11
1, 437. 34
1, 534. 86
2,017. 58
2, 216. 59
2, 233. 25
1,196. 96
1, 293. 30
1, 529. 05
1, 972. 46
2,141. 61
1,999. 84
2,097. 36
2, 580. 08
2, 779.09
2, 795. 75
$6, 556. 72 $6, 049. 56
6, 503. 43 6, 050. 70
$507.16
452. 73
0.503
.449
6, 503. 04
6, 406. 70
6,170. 95
5, 727. 54
5, 558. 39
5, 700.16
5, 602. 64
5,119. 92
4, 920. 91
4, 904. 25
6, 047. 34
455. 70
6,050. 64
356.06
6,061. 86
109. 09
6,086. 52
-358. 98
6,096. 90
-538. 51
6,088.20
-388. 04
6,093.48
-490. 84
6,122. 88 -1,002.96
6,135. 00 -1,214.09
6,135. 00 - 1 , 230. 75
.452
.353
.108
-.354
-.530
-.382
-.483
-.983
-1.187
-1.204
$6, 030. 00 $1,056. 01
6, 030. 00 1,055. 31
1.051
1.050
1929
:
P A N A M A 2'S, 1916-1936
1928
November
December
$100. 500
100.500
$100,000
100,000
$2,000
2,000
$5,700
5,700
$7, 700
7,700
$500
500
$62. 50
62.50
$51. 49
52.19
$613.99
614.69
$7,086. 01
7,085. 31
100. 500
100. 563
100. 813
101. 250
101. 327
101. 000
101.164
102. 029
102. 250
102. 250
100,000
100, 000
100, 000
100, 000
100, 000
100, 000
100, 000
100,000
100, 000
100,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
5,700
5,700
5,700
5,700
5,700
5,700
5,700
5,700
5,700
5,700
7,700
7,700
7,700
7,700
7,700
7,700
7,700
7,700
7,700
7,700
500
500
500
500
500
500
500
500
500
500
62.50
62. 50
62.50
62.50
62.50
62.50
62.50
62.50
62.50
62.50
52.91
60.41
88.46
137. 92
148. 50
113. 52
134. 05
237.10
266.81
278. 83
615. 41
622.91
650.%
700.42
711. 00
676. 02
696. 55
799.60
829.31
841. 33
7,084. 59
7,077. 09
7, 049. 04
6,999. 58
6,989. 00
7, 023. 98
7, 003. 45
6, 900. 40
6, 870. 69
6, 858. 67
1929
January
February
March
April
May
June
July
August
September
October
6, 030. 00
6,033. 78
6,048. 78
6, 075. 00
6, 079. 62
6,060. 00
6,069. 84
6,121. 74
6,135. 00
6,135. 00
1,054. 59
1,043. 31
1,000. 26
924. 58
908. 38
963. 98
933. 61
778. 66
735. 69
723.67
1.049
1.037
.995
.913
.897
.954
.923
.763
.720
.708
to
o
3
271
REPORT OF THE COMPTROLLER OF THE CURRENCY
TABLE N O . 23.—Investment value of United States bonds—Panama Canal bonds,
and 2's of 1930
Panama Canal bonds, 2 per cent bonds of 1930
2's of 1916-1936
Date
Average
price, net
1929
January..
100. 5000
101. 2500
101.1635
102. 2500
April
July
October _.
1
Negative yield.
Rate of
Rate of
interest
Average
interest
realized by price, net realized by
investors
investors
Per cent
1.929
1.817
1.823
1.649
100.
101.
101.
102.
7885
4423
5577
2500
Per cent
1.338
0.492
0)
0)
TABLE NO. 24.— United States bonds (circulation)—Monthly range of prices in
. New York, November, 1928, to October, 1929, inclusive
Coupon
bonds
2's of 1930
Date
2's of 1930
Panama 2's
of 1916-1936
1928
November:
Opening..
Highest..
Lowest __.
Closing. _.
December:
Opening..
Highest..
Lowest. _.
Closing...
January:
Opening
Highest....
Lowest
Closing
February:
Opening..
Highest
Lowest
Closing
March:
O pening
Highest
Lowest
Closing
_•
April:
Opening
_
Highest
Lowest
Closing
May:
Opening
Highest
Lowest
Closing
June:
Opening.. _
Highest
*.
Lowest
Closing
July:
Opening..
Highest
Lowest
Closing..
August:
Opening.._
Highest
Lowest
Closing
September:
Opening..
Highest
Lowest
Closing
October:
Opening
Highest
Lowest
Closing
Registered bonds
%
100
101%
O1M
100
Not quoted.
do
.do..
.do..
100
100
100
100
_do_.
_do_.
.do..
_do_.
99%@101M
100 ©101" '
99%@101%
100 ©101%
_do_.
.do..
_do_.
_do_.
100
4
100
101%^
100
©
100 ©101%
100
100
100
101%
_do_.
.do..
_do_.
.do-
1929
,
__
___
_do_.
_do__do_.
100^© 102
100%© 102%
-do..
.do..
_do_.
_do_.
101
@y2
100%© 102%
101 ©102
_do__do_.
101 ©102
101 ©102
100%@102
101 @102
_do_.
_do_do_.
_do_.
100%@101%
10C)%©101%
100%@101%
100M@101%
101 ©102
101M@102
101 ©102
101%© 102^
.do_.
-do_.
_do_.
_do_.
101%© 102^
100%@101%
11%@02^
._do_do..
_do_.
_do-
,
__
_
._do_.
,.do_do_.
_do_.
_
._
..
100
101VM103
101YM103
101 ^©103
..do..
-do..do..
..do..
272
REPORT OF THE COMPTROLLER OF THE CURRENCY
TABLE N O . 25.—Number, capital stock, and circulation outstanding of national
banks issuing circulating notes, together with the number and capital stock of
national banks not issuing circulating notes, June 29, 1929, by reserve cities and
States
[In thousands of dollars]
June 29, 1929
Banks issuing circulation
Cities
Number
of banks
Capital
Banks not issuing
circulation
Circulation out- N u m b e r
standing of banks
Capital
CENTRAL RESERVE CITIES
New York
Chicago
Central reserve cities.
..
...:
.
17
265, 025
7, 500
272, 525
33,926
6,198
40,124
5
2
6
2
19
9
6
10
1
5
3
9, 850
3, 500
3, 700
550
29, 300
24, 850
8,300
10, 075
I, 000
1,800
6,400
3,612
1,238
1,199
550
5,544
14, 546
3, 555
4,891
1, 00Q
1,440
2,486
3
3
1
6
2
3
3
7
6
4
4, 500
4, 450
2,800
13,150
1, 300
2, 700
1, 400
6,900
3, 950
1,650
941
4,331
2,800
5, 561
799
2,549
1, 331
5,294
3,740
1,630
3
1
4
5
3
4
1
4
19
4
1
1
5
6
2
2
2
2
5
4
3
5
1
3
2
4
5, 500
1,000
5,225
8,300
5,500
4,500
500
7, 650
5,000
2,575
7,500
1,000
13, 200
12,900
5, 500
1,100
1,700
700
2,050
3, 550
900
13, 550
300
3,100
950
950
3,972
50
4,327
2,239
3,600
1,817
496
3,829
2,875
1,839
3,432
892
4,258
2,909
597
998
554
397
1,072
950
338
2,634
199
1,144
800
598
2
2
2
2
1
4
5
2
3
4
2
6
2
2
241
450
1,050
600
800
1,000
5,450
11, 000
2,000
5, 700
37, 500
2 200
76,000
750
1,100
402, 425
200
648
400
748
72
616
4,634
1, 995
2,510
4,027
1,494
19 409
743
1,023
154,372
258
674.950
194,496
15
2
•
6
10
16
15,400
38, 250
53, 650
5
46, 500
OTHER RESERVE CITIES
Boston
Albany
Brooklyn and Bronx
Buffalo
Philadelphia
Pittsburgh
_
_
Baltimore
Washington
Richmond
Charlotte
Atlanta
Savannah.
Jacksonville
Birmingham. _
New Orleans
Dallas
El Paso
Fort Worth
Galveston
HoustonSan Antonio
Waeo_
Little Rock _
Louisville
Memphis
Nashville ...
Cincinnati
Cleveland
.
Columbus
Toledo
Indianapolis.
Chicago
Peoria
Detroit- . .
Grand Rapids
Milwaukee
_.
Minneapolis
St. PaulCedar Rapids
Des Moines _
Dubuque..
_
Sioux City
Kansas City, Mo.
St. Joseph
St. Louis
Lincoln
Omaha
Kansas City, Kans
Topeka
Wichita _
Helena
Denver
Pueblo--.
-..
Muskogee
Oklahoma City __
Tulsa
Seattle .
Spokane.
_
Portland. _
Los Angeles
__
Oakland
San Francisco.
Ogden
Salt Lake City
All other reserve cities
Total all reserve cities.
-.
_
..
._
_ __ ._
_
_
_.
_ ._
__
.
__ . . .
_
_._ ___ .
._
.
_
9
1
11
2
1
2
1
3, 350
200
8,450
3,600
400
700
3,000
1
4,000
1
2
1
3
1
300
1,750
750
2, 750
2,000
I
400
1
600
1
1
500
200
7
1, 900
1
1
1
5,000
500
200
1
350
2
1,250
5
1
5
3
4
4,500
200
6,300
1,250
2,100
1
4
500
2,400
4
4,250
1
6
100
5,200
1
500
4
4
1,300
6,500
2
j 1,666
103
119
124, 750
178, 400
REPORT OF THE COMPTROLLER OF THE CURRENCY
273
TABLE N O . 25.—Number, capital stock, and circulation outstanding of national
banks issuing circulating notes, together with the number and capital stock of
national banks not issuing circulating notes, June 29, 1929, by reserve cities and
Slates—Continued
[In thousands of dollars]
June 29,1929
Banks issuing circulation
Cities
Banks not issuing
circulation
Circulation outstanding
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
North Dakota
South Dakota
Nebraska
___
Kansas
Montana
Wyoming
Colorado
New Mexico.
Oklahoma
Total Western States
Washington.
Oregon.
California. .Idaho
Utah
Nevada
--Arizona
Total Pacific StatesAlaska (nonmember banks)
The Territory
of Hawaii banks)
(nonmember bank)
Total (nonmember
Total country banks
Total United States..
6,920
5,175
5,135
21,913
4,520
17, 838
___
-
47, 885
41,940
89,983
1,604
V2C7
186, 619
23,723 !
13,325 j
10,872 ;
7,700 I
6,840 |
5,640 ;
11,385 •
4, 550 '<
6,750 i
34,283 i
5,085 i
12,746 :
14,004 :
18, 679
10, 323
6, 702
5.811
5, 264
3, 850
9,307
3, 006
3,407
23, 232
3, 883
11, 276
10, 361
38,380 !
21,713 j
33,520 |
16,545
16, 375
16, 605
13, 875
8,115
4, 480
2,870
6,960
10, 862
3,465
1,915
4,475
1. 425
8, 205
7,620
4,655
16, 410
1,910
550
1,460
1, 625
4,824
2,712
10,054
1,389 I
467 |
1,194
1,025
302,632
TABLE N O . 26.—National-bank notes issued, redeemed, and outstanding, by denominations and amounts, on October 81, each year 1918 to 1929
[For prior years see annual report 1920]
1918....
Issued
Redeemed
Outstanding
Issued
Redeemed
Outstanding. _.
Issued
Redeemed
Outstanding. _.
Issued
Redeemed
Outstanding...
Issued
Redeemed
Outstanding
Issued
Redeemed
Outstanding
Issued
Redeemed
Outstanding
Issued
Redeemed
Outstanding
Issued
Redeemed
Outstanding. __
Issued
Redeemed
Outstanding
Issued
Redeemed
Outstanding
Fives
Tens
Twenties
Fifties
One
hundreds
23,169,677
22,827,605
342,072
23,169,677
22,827,605
342,072
23,169,677
22.827, 771
341,906
23,169, 677
22,827,833
341,844
23,169, 677
22, 827,833
341,844
23,169, 677
22,827,833
341,844
23,169,677
22, 828, 230
15,495,038
15,331,646
163,392
15,495,038
15,331,646
163, 392
15,495,038
15,331,750
163, 288
15,495,038
15,331, 848
163,190
15,495,038
15,331,848
163,190
15, 495, 038
15,331,848
163,190
15,495,038
15,332,144
162, 894
15,495,038
15,332,144
3,499,038,440
3,208,165,630
290,872,810
3, 652,918,890
3,370? 458, 290
282,460, 600
3,863,905,000
3,558,475,410
305,429, 590
4,141,546,970
3, 826V 073,620
315, 473,350
4, 395,016, 970
4,072,078,350
322,938, 620
4,647,494,460
4,323,779,650
323,714,810
4, 894,019,390
4, 568, 745,090
325,274,300
5,114,836, 580
4,815,862,380
298,974,200
5,340,485,100
5,049,077,890
291,407, 210
5,561,933,120
5, 275, 212,710
286, 720,410
5, 797,444,520
5, 516,163, 930
281,280, 590
2,046, 661,760
1,798,100,720
248,561,040
2,134, 771,820
1,900, 338,700
234,433,120
2,256, 285,520
2,012,790,440
243,445,080
2,415, 643,670
2,173, 273,160
242, 370, 510
2, 561, 245,350
2,312,253,700
248,991,650
2, 705, 631, 630
2,456, 824, 520
248,807,110
2, 847,074,790
2,599,117,260
247,957,530
2,975,540,250
2,743,128,860
232,411,390
3,105, 239,610
2,880,562,880
224,676,730
3, 229,043,170
3,003, 520,200
225, 522, 970
3,363,413,040
3,139, 679, 780
223, 733,260
300.579,200
270; 694, 800
29,884,400
311,156,350
280, 299,900
30,856,450
321,370,450
29i, 508,450
29,862,000
332, 564,950
304,103,200
28,461, 750
342, 216,050
315,487,700
26,728,350
353,112,650
325,072,850
28,039,800
362,802,750
335, 219,000
27,583,750
370,484,550
345,017,800
25,466,750
378,354,750
354,890,850
23,463,900
388,738,350
363,835, 500
24,902,850
399, 609,450
374,357,700
25, 251, 750
427, 777,200
393, 559,500
34,217,700
435, 249,100
402,042, 300
33, 206,800
442, 267,100
411, 724,400
30,542,700
449,880, 500
421,019,300
28, 861, 200
456,449,900
429,753, 200
26,696, 700
463,738, 500
436,442, 500
27, 296,000
470,320,400
443,579,000
26,741,400
475,441, 600
450,454,100
24,987,500
480,688,400
457,586,000
23,102,400
487, 610,800
464,120,600
23,490, 200
494, 877,700
471,314,100
23, 563,600
12,289,500
12,201, 500
88,000
12, 289, 500
12.201, 500
88,000
12, 289,500
12.202, 000
87,500
12,289,500
12,202,000
87,500
12, 289, 500
12,202,000
87, 500
12,289, 500
12, 202,000
87, 500
12, 289, 500
12, 202, 000
87,500
12,289, 500
12,202,000
87,500
12,289,500
12,202,000
87,500
12, 289, 500
12,202,000
87,500
12,289,500
12, 202,000
87,500
7,454,000
7,433,000
21,000
7,454,000
7,433,000
21,000
7,454,000
7,433, 000
21,000
7,454,000
7,433,000
21,000
7,454,000
7,433,000
21,000
7,454,000
7,433,000
21,000
7,454,000
7,433,000
21,000
7,454,000
7,433, 000
21,000
7,454,000
7,433,000
21,000
7,454,000
7,433,000
21,000
7,454,000
7,433,000
21,000
8,512,922,475 260,155,140
7,790,844,446
722,078,029
8,869,660, 575 356, 738,100
8,145,816,836
723,843, 739
9,325,707,345 "456,"046,"770
8, 590,154,821
735, 552, 524
9,929,009,045 603,301,700
9,181,460,551
747, 548,494
10,498,453,185 569,"444,"l46
9, 732,302,886
766,150, 299
11,068,309, 255 569, 856,070
10, 292,084,386
776,224,869
11, 618,808,165 550,498,910
10,840,981,084
777, 827,081
12,110,919,115 492,110,950
11,394,374,829
716,544,286
12, 620,383,475 509,464,360
11,916, 714, 539
703,668,936
13,126,515,015 506,"l3l,"540
12,419, 560,424
706,954, 591
13, 669,428,485 542,"9l3,"470
12,964,460,404
704,968,081
12,289,500
12,202, 000
87,500
7,454,000
7,433,000
21,000
14,081,124,465
13,482, 639,491
598,484,974
411,695,980
105,877, 265
4,190
105, 873, 075
105,877,265
341,447
23,169,677
22,828,230
341,447
23,169,677
22, 828, 230
341,447
23,169,677
22.828, 230
341,447
23,169, 677
22, 828,230
341,447
15,495,038
15,332,144
162,894
15,495,038
15,332,144
162, 894
15,495,038
15,332,144
162,894
23,169,677
22,828, 771
340,906
15,495,038
15,332,490
162,548
3,671,900,460
3,552, 259,160
119,641,300
5,973,600,340
5, 738,693,680
234,906,660
3,464,377,800
3, 270,181, 590
194,196, 210
410,619,750
385,120,800
25,498,950
502, 217,900
478, 588, 000
23,629,900
NEW SERIES
35,161,935
1929. _ „ Issued
Redeemed
1,630
35,160,305
Outstanding
NOTE 1.—First issue Dec. 21,1863; first redemption Apr. 5,1865.
49,772,020
560
49,771,460
18, 571,160
"18," 571," 160"
1,496,450
1,000
1,495,450
875,700
1,000
874, 700
1921..
1922..
1923._
1924..
1925..
1926..
1927..
1928...
Issued during current
year
Twos
2,180,457,660
2,062,530,045
117,927,615
2, 277,156,200
2,134,883,895
142,272,305
2,383,521,060
2,257,861,600
125, 659,460
2. 530,964,740
2, 399,196,590
131,768,150
2, 685,116,700
2,544,935,255
140,181,445
2, 839,923,800
2,692,170,185
147,753, 615
2,986,182,620
2, 836, 525,360
149,657,260
3,116,207,920
2,982,116,315
134,091,605
3,257,207,400
3,116,801,545
140,405,855
3,400,781,360
3, 255,076,040
145,705,320
3, 555,675, 560
3, 405,149,520
150, 526,040
1920..
One thouFive
sands
hundreds
Ones
Year
Total
8
O
O
O
a
OLD SERIES
1929....
Issued
Redeemed
Outstanding
NOTE 2.—Gold notes included since 1915.
N O T E 3.—Fractions and nonassorted notes not included.
3
REPORT OP THE COMPTROLLER OF THE CURRENCY
275
TABLE N O . 27.—National bank currency issued to banks monthly from November 1,
1928, to October 81, 1929, and since 1863
Issued on
bonds
Total issued
$40,611,330
39,949,410
$1, 335, 370
996, 500
$41,946, 700
40, 945, 910
$13,711,375,185
13, 752,321,095
46,512. 750
41,743,920
47,652, 550
28,956,000
22,485,480
22, 284, 570
41,086,220
67,836,855
47,167, 490
43,422,550
1, 392, 500
1, 236, 590
4,164, 240
3,108,350
2, 612, 320
2,965,980
1,118, 620
2, 527,840
3, 635, 720
2, 770, 310
47, 905, 250
42,980, 510
51,816, 790
32,064,350
25,097.800
25, 250,550
42, 204,840
70,364,695
50, 803, 210
46,192, 860
13,800,226,345
13,843, 206,855
13,895,023, 645
13,927,087,995
13.952,185, 795
13, 977,436,345
14,019,641,185
14,090,005,880
14,140,809,090
14,187,001,950
489,709,125
27,864, 340
517, 573, 465
Grand total
issued since
1863
1928
November
December
January
February
March
April
May
_
June___
July
August.
September. __
October
Issued on
account of
redemptions
1929
_
__.
Total
TABLE N O . 28.—National-bank notes received monthly for redemption during year
ended October 31, 1929 l
Received by the Comptroller of the Currency
Month
November
December
January
February..
March
„
April—
May___
June____
July___
August.
September
October
From national
banks in connection with
reduction of
circulation
and replacement with
new notes
From the redemption agency
Total
For replacement with
new notes
1928
1929
Total
__
Received from June 20,1874, to Oct. 31,
1928
:
Grand total,
$1, 350
7,250
$39, 973,450
40, 511,110
$1, 943,595
1, 825, 960
$41, 918,395
42, 344, 320
650
17, 500
8,550
3,300
.5, 600
1,430
9,800
8,050
1,827
5,740
47, 347, 230
43, 277,000
45, 733,980
27,087,160
22,921,170
22, 617, 253
46, 458, 380
76,477, 360
43, 840, 540
35,058, 520
2, 061, 280
2, 080, 890
2, 282, 500
1, 563, 700
1, 276, 386
1, 317, 359
2,560/669
3, 399,155
3, 52i; 890
2,189, 300
49,409,160
45, 375,390
48,025,030
28,654,160
24, 203,156
23, 936,042
49,028,849
79,884,565
47,364, 257
37, 253,560
26, 022, 684
517, 396, 884
71, 047
491, 303,153
58, 800, 893
11, 005, 319, 222
1, 741, 946, 917 12, 806, 067,033
58,871,940
11, 496, 622, 375
1, 767, 969, 601 13, 323,463,917
i Notes of gold banks not included in this table.
Retirement
account
276
REPORT OF THE COMPTROLLER OF THE CURRENCY
TABLE NO. 29.—National-bank notes received at currency bureau and destroyed
yearly since establishment of the system
Amount
Date
P r i o r to N o v . 1, 1865
D u r i n g t h e y e a r e n d e d Oct. 31—
1866
1867
1868
1869.
.
1870
1871
1872
_
1873
1874.
1875
1876
1877_
1878
1879 .
1880
1881
1882
_____ __
1883
1884
1885
1886
1887
1888
1889 __
1890
1891
1892
1893
1894
1895
1896
1897
1898
1899
1900
____
1901
$175,490
1,050, 382
3,401,423
4, 602, 825
8, 603, 729
14, 305, 689
24, 344,047
30, 211, 720
36,433,171
49,939, 741
137, 697, 696
98, 672, 716
76,918, 963
57,381, 249
41,101,830
35, 539, 660
54,941,130
74,917, 611
82,913, 766
93,178,418
91,048, 723
59,989, 810
47, 726, 083
59, 568, 525
52, 207, 627
44,447,467
45,981,963
43, 885, 319
44,895,466
62,835, 395
46,997, 527
53, 613, 811
83,159,973
66, 683, 467
59, 988, 303
71,065, 968
90, 848,100
Date
Amount
During the year ended Oct.31—Con.
1902.
1903
1904
1905
1906
1907
1908
1909
1910
1911
1912
1913
1914
1915
1916
1917
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
__
__
_
_
_ _
_ _
Total
Additional amount of insolvent and
liquidating national-bank notes
destroyed
Gold notes
_
Grand total_ _
$107, 222, 495
140, 306, 990
167,118,135
195,194, 785
191,102,985
197, 932, 847
231,128,140
326, 622, 845
359,496, 000
409,835, 965
428, 399,608
426, 282, 840
435, 904, 280
362, 551,125
351,374,597
298,468,107
236, 296, 660
330,106, 555
424, 542, 837
570, 887, 902
537,153, 570
542,194, 707
522. 241, 817
470. 950, 865
487, 254, 340
475. 920, 522
bli, 236, 465
492,160, 200
12,187,162, 967
1, 291, 982, 482
3, 390, 560
13, 482, 536, 009
In addition, $46,115 destroyed in transit.
TABLE N O . 30.—National-bank notes issued during each year 1914 to 1929, na-
tional-bank notes of active, insolvent, and liquidated banks destroyed, total destructions for each year, and percentage of destructions to issues
[For prior years, see annual report, 1920]
Destroyed
Year ended
T
A
O c t . 31—
1914
1915
1916
1917
1918
1919
1920
1921
1922
1923
1924
1925..
1926
1927
1928
1929 1
$818,227,830
364, 049, 710
356, 300, 750
325, 570,430
260,155,140
356, 738,100
456, 046, 770
603, 301, 700
569, 444,140
569, 856, 070
550,498,910
_ 492,110, 950
509,464, 360
506,131, 540
542, 913, 470
517, 573, 245
i New series included.
Insolvent
Active banks and liquidated banks
$435,904,280
362, 551,125
351,374,597
298, 468,107
236, 296, 660
330,106, 555
424, 542, 837
570, 887,902
537,153, 570
542,194, 707
522, 241, 817
470, 950, 865
487, 254, 340
475, 920, 523
517, 236, 465
492,160, 200
$20,248,418
342, 807,352
59,026, 804
38,901, 595
20, 238, 717
24,864, 635
19, 794, 540
20,417, 025
13, 688, 630
17, 586, 750
26, 654, 568
82,442, 855
35, 085, 342
26, 925, 355
27, 663, 505
26, 022, 684
Total
$456,150,698
705,358, 657
410.401,401
337, 369, 702
256, 535, 377
354,971,190
444, 337, 377
591,304,927
550, 842, 200
559, 781, 457
548, 896, 385
553, 393, 720
522, 339, 682
502, 845, 878
544,899, 970
518,182, 884
Total outstanding
Per cent
destructions,
active
banks to
Percent
destructions to
issues
53.27
99.59
98.62
91.68
90.83
92. 53
93.09
94.62
94.33
95.14
94.86
95.70
95.64
94. 03
95.27
95.08
55.75
193. 75
115.18
103. 62
93.61
99. 5C
97.43
98.01
96.73
98.23
99.73
112.45
102. 52
99.35
100. 36
100.11
issues
$1,121,468,911
781, 268,793
726,069, 290
716, 276, 375
721,471,137
722, 394, 325
732, 549, 629
743, 288,847
760, 679,187
772, 606, 269
774, 281, 624
713, 802, 744
700, 714, 532
702,992, 694
700,152, 454
700, 328, 815
REPORT OF THE COMPTROLLER OF THE CURRENCY
277
TABLE N O . 31.—Amount, denomination, and cost of national bank currency
received from Bureau of Engraving and Printing, year ended October 31, 1929
OLD
S T Y L E , 4-SUBJECT S H E E T S , S E R I E S OF 1902
Denominations
Amount
Cost of
Cost of paper printing,
etc.
5,5, 5,5
10, 10, 10, 10...
10, 10, 10, 20__.
50, 50, 50, 100..
$102, 262, 540
22,153, 360
206, 716,100
14, 656, 250
$38,195. 06
4,137.14
30, 8&3. 39
437. 93
$277, 898. 45
30,100. 88
224, 700. 40
3,186. 27
Total-_.
345, 788, 250
73, 653. 52
535, 886. 00
NEW
Total cost
$316, 093.
34, 238.
255S 583.
3, 624.
51
02
79
20
609, 539. 52
S T Y L E , 6-SUBJECT S H E E T , S E R I E S OF 1929
5
10
20
50
100
Total--
506,859, 960
64,570. 52
$159,135. 28
155, 218. 54
47, 907. 40
2, 039. 56
682. 27
304, 983. 05
Total amount and cost of both series
858, 648, 210
138, 224.04
900, 869. 05
$28,153. 22
27, 400.29
8,475. 48
360. 83
120. 70
$116,016,000
226, 321, 080
139, 705, 680
14, 869, 200
9, 948, 000
$187, 288. 50
182, 678.83
56, 382 88
2, 400. 39
' 802. 97
1, 039, 093. 09
429, 553. 57
TABLE NO. 32.—Vault account of currency received and issued by currency bureau
during the year and the amount on hand October 31, 1929
OLD SERIES
National bank currency in vaults at the close of business Oct. 31, 1928
__ $191,484, 780
National bank currency received from Bureau of Engraving and Printing during the year
ended Oct. 31, 1929
345, 788, 250
Total to be accounted for
Amount issued to banks during the year
Amount withdrawn from vaults and canceled
.
$411,696,200
106,325,530
Total withdrawn
537,273,030
518,021,730
Amount in vaults at close of business Oct. 31,1929
__
19, 251,300
NEW SERIES OF 1929
National bank currency in vaults at the close of business June 20, 1929
National bank currency received from Bureau of Engraving and Printing during the year
ended Oct. 31, 1929
Total to be accounted for
Amount issued to banks during the year
Amount withdrawn from vaults and canceled
Total withdrawn. _
506.859,960
$105, 877, 265
_
506,859,960
_
_ 105,877,265
Amount in vaults at close of business Oct. 31, 1929
Add "Old series"
Total amount in vaults
400,982,695
19,251,300
__ 420,233,995
TABLE N O . 33.—Vault account of currency received and destroyed during year
ended October 81, 1929
Amount in vault of redemption division of currency bureau awaiting destruction at close of
business Oct. 31, 1928
$4,876,790.00
Amount received during year ended Oct. 31, 1929
_._
_ 517,396,884.00
Total
Withdrawn and destroyed during year
Balance on hand in vault Oct. 31, 1929
NOTE .—Notes of gold banks not included in this table.
_
.
522,273,674.00
518,182,884.00
4,090,790.00
278
REPORT OF THE COMPTROLLER OF THE CURRENCY
TABLE N O . 34.—Amount of currency received for redemption, by months, from
July 1, 1928, to June 30, 1929, and counted into the cash of the National Bank
Redemption Agency
Federal
reserve United States
National-bank reserve
bank Federal
notes
notes
currency
notes
1928
July
August
September
October
November
December
January
February
March
April
May
June
$45,
46,
43,
46,
41,
40,
1929
54,
43,
41,
25,
24,
29,
Total
00
50
00
00
00
00
$48, 900. 00
47, 040. 00
28, 420. 00
30, 302. 00
28,148. 00
45, 066. 00
304,929. 00
705, 612. 00
589, 464. 00
605, 222. 00
645, 067. 00
036, 394. 00
41, 535. 00
24, 327. 00
38, 042. 00
21, 860. 00
31,797.00
44, 994. 00
299,
707,
039,
233,
337,
094,
910.
560.
090.
947.
043.
000.
481, 598, 238. 50
430, 431. 00
$1, 568,405. 00
1,473, 395. 00
• 1, 509, 320. 00
1, 747, 725. 00
1, 446, 220.00
1, 496, 435. 00
Total
$11,187. 63 $46, 928, 402. 63
15, 015.14
48, 243, 010. 64
15, 843. 69 44, 592, 673. 69
9, 395. 71 48, 021, 369. 71
13, 862.12
42, 825, 273.12
14, 047. 71 41, 649, 548. 71
1, 965, 960. 00
1, 540, 985. 00
1, 936, 440. 00
1,908, 890. 00
1, 533, 850. 00
1,109, 565.00
15, 347. 57
13, 576. 40
9, 658. 72
12, 261. 55
9, 828. 53
8, 295. 44
19, 237,190. 00
148, 320. 21
56, 327, 771. 57
45, 284, 500. 40
43, 573, 004. 72
27, 548, 233. 55
26, 220, 542. 53
30,199, 248.44
501,414,179. 71
TABLE N O . 35.—Amount of currency received by National Bank
Redemption
Agency for redemption in year ended June 30, 1929, from principal cities
Boston
$33,107, 366. 50 Kansas City
$10,641,000.00
New York
78,558,800.00 Dallas
14,241,400.00
Philadelphia
36,349,698.23 San Francisco
17t 827, 680. 00
Cleveland
23,983,200.00 Cincinnati
_
12,332,000.00
Richmond.-.
__ 23,947,500.00 Baltimore...
_._ 7, 006,130. 00
Atlanta
13, 370, 500. 00 New Orleans
7, 628, 600. 00
Chicago
46,893, 307. 50 Other sources
150,537,622.16
St. Louis
13, 644, 241. 50
Minneapolis
11,367,400.00
Total
501,436,445.89
NOTE.—The difference of $22,266.18 between the totals shown by this table and Table No. 34 represents
the net adjustments for overs, shorts, and spurious issues found in remittances received.
The total amount of currency of all issues received by the National Bank Redemption Agency and
counted into cash from June 30, 1874, to June 30, 1929, exclusive of deductions for shortages and spurious
issues, is $18,067,828,375.69.
TABLE N O . 36.—Cost of redemption of national'bank
June 30, 1929
notes during the year ended
Amount of expenses5
Office Treasurer Office CompU.S.
troller of
(N. B, R. A.)
Currency
Redeemed out of 5 per cent fund, unfit for use:
Salaries
.
___
___
Printing, binding, and stationery._
Contingent expenses
Express charges
Insurance
__
Postage
_ __
Total
Redeemed on retirement account:
Salaries
Printing, binding, and stationery
Contingent expenses
.
Express charges
Insurance
Postage..
Total. __
_
...
_ . ._ _
_
Aggregate
$255,840.88
4, 725. 31
3,838.13
99.98
17, 403.12
11,878. 24
$48,967. 76
685. 32
442.46
18,004. 76
81,694. 09
$304, 808. 64
5,410.63
4, 280. 59
99.98
35, 407. 88
93, 572. 33
293, 785. 66
149, 794. 39
443, 580. 05
13, 239. 78
244. 54
198. 62
5.17
900.61
614. 70
2, 534. 08
35.47
22.90
15, 773. 86
280. 01
221. 52
5.17
900.61
614. 70
15, 203. 42
2, 592. 45
17, 795. 87
308,989. 08
152, 386. 84
461, 375.92
Amount
redeemed
Redeemed out of 5 per cent fund, unfit for use
Redeemed on retirement account
Total
_
Total
$461, 898,160. 00
23,903, 249. 50
485,801, 409. 50
Rate per
$1,000
$0.96034166
. 74449571
Amount of
expenses
$443, 580. 05
17, 795. 87
461,375.92
KEPORT OF THE COMPTROLLER OF THE CURRENCY
279
TABLE N O . 37.—Classification of Federal reserve currency redemptions, the amount
redeemed, number of notes, cost of redemption per 1,000 notes, and amount assessed
upon Federal reserve banks, year ended June 80, 1929
Office
Office
Treasurer
CompU. S. (N. troller of
B. R. A.) Currency
Federal reserve notes:
Received from sources other than Federal reserve banks—
Salaries
Printing, binding, and stationery. _
Contingent expenses
_
_
TotalReceived direct from Federal reserve banks and branches, canceled and c u t Salaries
_
Printing, binding, and stationery.
Contingent expenses—
Total..-.
_
Federal reserve bank notes:
Received from all sources—
Salaries
Printing, binding, and stationery.
Contingent expenses
Express charges
Insurance
Postage
Total
Total amounts assessed against Federal reserve issues..
Amount in
dollars
Federal reserve notes:
Received for redemption from sources other
than Federal reserve banks and branchesReceived direct from Federal reserve banks
and branches, canceled and cut
Federal reserve bank notes: Received from all
sources
Total
79003°—30
$19,713,815
1, 262,953,400
Total
$1,295.63
23.93
19.44
$1,295.63
23.93
19.44
1,339.00
1, 339. 00
50,922. 09
236. 54
773.16
50,922.09
236.54
773.16
_| 51,931.79
51,931.79
195.16
3.60
2.93
.08
12.94
63.54
$38. 27
.04
.35
278. 25
38.66
53, 549. 04
Number of
notes
1,651,960
133, 248,913
233.43
3.64
3.28
.08
12.94
63.54
316.91
53, 587. 70
Rate per
1,000 notes Assessment
$0. 81055485
$1, 339. 00
.38973518
51,931. 79
443,487
248, 830
1.27360045
316.91
1, 283,110, 702
135,149, 703
. 39650621
53, 587. 70
280
REPORT OF THE COMPTROLLER OF THE CURRENCY
TABLE N O . 38.—Taxes assessed on national-bank circulation, years ended June 80,
186/j. to 1929; cost of redemption, 1874 to 1929; and assessments for cost of plates.
etc., 1883 to 1929
Year
1864-1882.
1874-1882.
1883
18S4
1885
1886
1887
1888
1889
1890
1891
1892
1893
1894
1895
1896
1897
1898
1900.
1901.
1902.
1903.
1904_.
1905190619071908..
1909.
1910.
1911.
1912.
1913.
1914.
1915.
1916.
1917.
1918.
1919.
1920.
1921.
1922.
1923.
1924.
1925_
1926.
1927.
1928.
1929.
Semiannual
duty on
circulation
Cost of
redemption
of notes by
the United
^tates
Treasurer
Assessment for
cost of
plates,
new
banks
AssessAssess- ment for
ment for
cost of
plates,
cost of
addiplates,
tional
extended
or dubanks
plicate
Assessment for
adding
signatures
to plates,
etc.
$52, 253, 518. 24
3,132, 006. 73
3,024, 668. 24
2, 794, 584. 01
2, 592, 021. 332, 044, 922. 75
1, 616,127. 53
1,410,331.84
1, 254, 839. 65
1, 216,104. 72
1,331,287.26
1,443,489.69
1,721,095.18
1, 704, 007.69
1, 851, 676. 03
2, 020, 703. 65
1,901,817.71
1,991,743.31
1,881,922.73
1, 599, 221. 08
1, 633, 309.15
1, 708,819. 92
1, 928, 827. 49
2,163,882.05
2,509,997. 80
2, 806, 070. 54
3,090,811.72
3, 190, 543. 04
3,463, 466. 68
3, 567, 037. 21
3, 690, 313. 53
3, 804, 762. 29
3,889,733.17
* 3, 901, 541.18
2,977, 066. 73
3, 744,967. 77
3, 533, 631. 28
3,656, 895. 34
3,627, 060. 80
3, 706, 901.15
3, 8CG, 590. 02
3, 941, 461.17
4. 030, 336. 30
4, 063, 708. 32
3,661,819.45
3, 277. 512. 90
3, 253| 461. 97
3, 234, 240. 29
3,441,152. 95
T o t a l - . . 184,092,011.58
$1,971, 587.10
147, 592. 27
160,896. 65
181,857.16
168, 243. 35
138,967. 00
141,141.48
131,190. 67
107,843. 39
99, 366. 52
100, 593. 70
103, 032. 96
107,445.14
100, 352. 79
114,085.63
125, 061. 73
125,924.35
121, 291. 40
122,984. 76
146, 236.18
153, 796. 33
174, 477. 62
219,093.13
247, 973. 26
250, 924. 24
233, 650. 52
270, 840. 21
396, 743. 15
484, 093.10
443, 380.12
505, 735. 21
517,842.93
529, 013. 36
498, 328.60
450,150. 22
420,100. 42
412, 785.92
528, 424. 24
974,058.11
1,115,146.00
2
594,168. 70
514,598.55
527, 979. 90
459, 790. 43
494, 470. 91
467,411.42
465, 080.16
461, 375. 92
17,177,186.91
$25,980
18, 845
13,150
14,810
18, 850
14,100
12,200
24,175
18, 575
15, 700
14, 225
4,050
4,950
5, 450
3,050
5, 275
8,200
29,200
85, 975
43, 200
54, 475
45,500
47, 825
,54,150
76, 275
48,450
31, 475
55,125
27, 875
22, 740
28, 560
11, 560
16, 660
10, 085
9, 200
16, 770
15, 600
31,850
31,070
18, 244
23, 464
18, 756
12, 682
22,948
22, 618
20, 890
15,792
1,170,599
$34,120
1,950
97,800
24, 825
1, 750
3,900
575
725
7,200
8,100
5,200
4, 375
6,875
3, 750
1,700
1, 775
2, 850
15, 050
13, 500
14,425
40, 325
12,600
64,800
31,450
12, 975
10. 025
10,800
17, 500
22, 375
28,190
19, 805
8, 500
13, 855
9,700
6,000
11,120
15, 340
28,990
82,160
52, 780
5, 850
3, 556
4,456
763, 597
Total
11,175
3,420
6,460
9,100
7, 590
20, 770
12,670
17,226
25, 262
31, 388
4,404
30, 564
37, 924
21, 728
17, 914
$493.00
841. 00
773. 00
591. 00
1, 610. 00
1,110. 00
1, 229. 89
1, 322. 30
$52,253, 518. 24
1,971, 587.10
3,339, 699.00
3, 206, 359.89
3,087,391.17
2, 799, 899. 68
2, 204,489. 75
1, 775, 269. 01
1,554, 297. 51
1, 387, 583. 04
1,341,246.24
1,455, 680. 96
1,565, 947. 65
1,836,965. 32
1,816,185.48
1,974,961. 66
2,150, 515. 38
2,034, 792. 06
2,124, 084. 71
2,049,157. 49
1,844, 932. 26
1,844, 730. 48
1, 978, 097. 54
2, 206, 020. 62
2, 524, 480. 31
2,846, 522. 04
3,128,971. 06
3, 420,126. 93
3, 629, 561.19
3,970,184. 78
4, 060, 667. 33
4, 251,108. 74
4, 377,945. 22
4,445,106.53
7,418,626. 51
4,218,322.99
3,975, 451. 70
4,106, 671. 26
4.194, 015. 04
4, 762, 569. 26
5, 047, 636. 02
4, 624, 372. 87
4, 600, 351. 85
4,646,161. 22
4,143, 742. 88
3,827,105. 81
3, 782, 525. 39
3, 743,168. 34
3, 937, 557.17
275, 000
7,970.19
203, 486, 364. 68
$4,130
6,975
6,300
J
T a x collected on additional circulation under act M a y 30, 1908.
2
Average cost per $1,000 for national-bank notes redeemed in 1924, $0.96; in 1925, $0.83; in 1926, $0.94;
in 1927, $0.93; in 1928, $0.86; and in 1929, $0.95.
Reduced-size notes, series of 1929:
Assessment for cost of logotypes, new b a n k s . .
_
Assessment for changing signatures on logotypes, etc
Total
$3,930.00
54.00
-_
3,984.00
EEPOKT OF THE COMPTROLLER OF THE CURRENCY
281
TABLE N O . 39.—Federal Reserve notes outstanding according to weekly statements
{amount issued by Federal reserve agents to Federal reserve banks, less "unfit"
notes redeemed), and collateral security therefor, from November 7, 1928, to October SO, 1929
[In thousands of dollars]
Date
Nov. 7-.
Nov. 14..
Nov. 21..
Nov. 28..
Dec. 5 . . .
Dec. 12..
Dec. 19_.
DUG. 26..
Jan. 2 . . .
Jan. 9___
Jan.16..
Jan.23..
Jan. 30. _
Feb. 6___
Feb. 13..
Feb. 20__
Febi 27_.
Mar. 6__.
Mar. 13..
Mar. 20..
Mar. 27..
Apr. 3___
Apr. 10..
Apr. 17..
Apr. 24..
May 1__.
May 8__
Mav 15..
May 22..
May 29-.
June 5__.
June 12..
June 19 _.
June 26..
July 3._.
July 10—
July 1 7 July 24..
July 31..
Aug. 7__
Aug. 14 _.
Aug. 21 _.
Aug. 28..
Sept. 4__
Sept. 11..
Sept. 18.
Sept. 25.
Oct. 2 . . .
Oct. 9 . . .
Oct. 16—
Oct. 23..
Oct. 30..
1928
1929
Federal reserve notes
outstanding
Collateral security
Gold
Eligible paper
Excess collateral
2, 092, 964
2,100, 096
2,106, 530
2,127, 569
2,181, 319
2, 242, 825
2, 287, 442
2, 324, 837
1,134, 989
1,172,075
1,125, 095
1,148, 031
1,150, 080
1,172, 296
1, 268, 645
1,171, 408
1,356, 716
1, 277,031
1, 250, 537
1,417, 062
1,444, 684
1,443,842
1,350, 802
1, 588,168
398, 741
349, 010
269,102
437, 524
413,445
373, 313
332, 005
434, 739
2, 279, 292
2, 242, 652
2,181, 955
2,123,450
2, 079,166
2, 064, 014
2, 054, 225
2, 050, 766
2, 056, 354
2, 067, 202
2, 049, 241
2, 049, 516
2, 050, 747
2, 063, 606
2, 073, 281
2, 068, 041
2, 061, 652
2, 058,127
2, 080, 884
2, 064, 923
2, 066, 064
2, 073,818
2, 084, 542
2,113, 431
2,143, 564
2,191, 297
2, 260, 078
2, 359, 532
2, 395,112
2, 365, 637
2, 339, 911
2, 338, 779
2, 342, 280
2, 326. 383
2, 32i; 828
2. 356, 589
2, 356, 970
2, 327, 717
2, 302, 346
2, 311,482
2, 313, 223
2, 322,130
2, 311, 361
2, 329, 300
1, 233, 332
1, 219,166
1,196, 417
1, 223, 392
1, 207, 793
1,192, 665
1, 214, 425
1, 207,199
1,167, 630
1,183, 910
1, 213, 407
1,300, 876
1, 271,104
1, 235. 237
1, 275, 428
1, 288, 060
1, 279, 901
1, 317, 449
1, 309, 905
1, 329,117
1, 318, 551
1, 315,181
1, 303, 555
1, 318, 782
1, 367, 581
1, 372, 441
1, 380,112
1,439, 492
1,494, 374
1, 504, 983
1, 479, 499
1, 485, 822
1, 553, 821
1, 561, 563
1, 565, 163
1, 540, 669
1, 560, 899
1, 546, 555
1, 529, 345
1, 541, 345
1, 506, 735
1,547,526
1, 546, 526
1, 543, 841
1, 562, 351
1,314, 853
1, 262, 034
1,197, 449
1, 217, 957
1, 220,038
1, 244,987
1,175, 606
1, 240,409
1, 256,975
1,183, 273
1,130,676
1,178,876
1,150, 767
1,074,128
1,085,927
1, 070, 905
1,106, 891
1, 076,961
1, 017, 200
999,891
1,057, 853
1, 050, 631
1, 010, 892
1, 015, 461
1, 063,446
1,164, 330
1,170,445
1,104,651
1, 079, 006
1,102, 295
1,096,477
1, 068, 611
1,062, 853
1, 058, 868
1,144,105
1,113,638
1,091, 297
1,123, 854
1,178, 936
1,116, 534
1,143, 047
1, 083,125
1, 275, 869
516, 391
291, 367
276,496
297,391
346,584
405,187
332,039
351,685
373,683
347, 439
382, 036
399,233
322, 398
276, 275
305, 946
289,154
366, 213
305, 982
281, 394
252, 378
299, 216
269, 644
216, 243
239,478
244, 590
284, 364
250,405
203,913
218, 352
241, 883
243, 520
280,152
298, 033
302, 203
328,185
317, 567
310,135
350, 853
408, 799
310, 046
368,443
318, 290
490, 410
TABLE NO. 40.—Federal reserve notes, segregated by series, printed, shipped, and canceled, issued to banks, retired, and destroyed since
organization of the banks, with the balance in vaults and amount outstanding October 81, 1929
fcO
VAULT BALANCE OCTOBER 31, 1929, 1914-1918 SERIES
Fives
Tens
Twenties
Fifties
One hundreds
Five hundreds
to
oo
One thousands
Five thousands
Ten thousands
Total
o
Total printed . .
Total shipped and canceled
Total on hand
$5,370,100,000 $5,978,520, 000 $6,092, 240, 000 $1,283,800,000
5, 321, 360, 000 5, 974, 400, 000 6,032, 000,000 1, 245,800,000
48, 740, 000
4,120, 000
60,240, 000
38,000, 000
$884,400, 000 $173,000,000 $333, 600,000 $108,000,000 $184,000,000 $20,407.660,000
856,800, 000 132, 200, 000 274, 800, 000 76, 000, 000 184,000, 000 20,097, 360,000
27, 600, 000
40, 800, 000
58,800,000
310, 300,000
32, 000,000
o
•3
VAULT BALANCE OCTOBER 31, 1929, 1928 SERIES
Total printed.
Total shipped and canceled
Total on hand
$852, 540, 000 $1, 024, 680, 000 $1,038, 720, 000
443, 660, 000
610, 200, 000
556, 000, 000
408,880, 000
414,480, 000
482, 720, 000
$236,400,000
114,400,000
$33, 600, 000
30,000, 000
$3,185,940, 000
1,754,260,000
122, 000,000
3,600,000
1, 431, 680,000
o
C O M B I N E D VAULT BALANCE OCTOBER 31, 1929, BOTH SERIES
Total printed
Total shipped and canceled
Total on hand..
$6, 222, 640, 000 $7, 003, 200, 000 $7,130, 960, 000 $1, 520, 200, 000
5, 765, 020, 000 6, 584, 600, 000 6, 588, 000, 000 1, 360, 200, 000
457, 620, 000
418, 600, 000
542, 960, 000
160,000,000
$918,000, 000 $173, 000, 000 $333, 600, 000 $108,000, 000 $184, 000, 000 $23, 593, 600,000
886, 800,000 132, 200, 000 274, 800, 000 76, 000, 000 184, 000, 000 21,851, 620, 000
31, 200, 000
40,800, 000
58,800, 000
o
S
1, 741, 980,000
32, 000, 000
H
W
O
ISSUED, R E T I R E D , AND OUTSTANDING OCTOBER 31, 1929, 1914-1918 SERIES
Total issued
Total retired
$6, 026,487, 250 $6, 962,927, 040 $7,083,453,040 $1,450, 610,050 $1,071,862,800 $160, 062,500 $397, 940,000 $47,975, 000 $90,600, 000 $23,291,917, 680
5, 802,124, 225 6, 619,656, 230 6, 628,049,960 1, 309, 845, 300 910,708,900 124,570, 000 324,725, 000 43, 050, 000 81, 660, 000 21, 844,389, 615
_
Total outstanding
224, 363, 025
343, 270,810
455, 403, 080
140, 764,750
161,153,900
35, 492, 500
73, 215, 000
4,925, 000
8,940, 000
1,447, 528,065
3
o
ISSUED, RETIRED, AND OUTSTANDING OCTOBER 31, 1929, 1928 SERIES
Total issued
Total retired
.
Total outstanding
a
0
$242, 945, 060
2,873,500
$389, 350.120
2,496; 000
$250,900,240
2, 688,500
$31,580,000
37,000
$8,950, 000
$923, 725,420
8,095, 000
240, 071,560
386,854,120
248, 211, 740
31, 543,000
8,950,000
915, 630,420
COMBINED—ISSUED, BETIRED, AND OUTSTANDING OCTOBER 31, 1929, BOTH SERIES
Total issued...
Total retired
Total outstanding.
$6, 269,432, 310 $7, 352,277,160 |$7, 334, 353,280 $1, 482,190, 050 $1, 080,812, 800 $160, 062, 500 $397, 940, 000
5, 804,997, 725 6, 622,152, 230 6, 630, 738,460 1, 309, 882, 300
910.. 708,900 124, 570, 000 324, 725, 000
464,434, 585
730,124, £
703, 614,820
172,307, 750
170,103,900
35,492,500
73, 215, 000
$47, 975. 000
43, 050, 000
4,925, 000
$90, 600, 000 $24,215, 643,100
81, 660, 000 21,852,484, 615
8, 940, 000
2, 363,158,485
MUTILATED FEDERAL RESERVE NOTES, BY DENOMINATIONS, RECEIVED AND DESTROYED SINCE ORGANIZATION OF BANKS AND ON HAND
IN VAULT OCTOBER 31, 1929, 1914-1918 SERIES
$443,353,140 $680,259,180 $496, 045,540
1, 352, 086, 265 1, 653, 792, 260 1,034, 914, 060
493,371, 285
541,734, 510
565,461,900
343, 716, 620 414, 729,420
723, 705, 620
221, 805, 665 259, 616, 000 316, 970, 600
248,152,465
280, 337, 790 283, 038,620
777,112, 345
789,143, 660
856, 013, 740
202,746,050
206,167,700
201, 358, 880
136, 349,050
129,046, 570
109,185,160
211,150, 500
154,446, 510
167, 631,160
134, 097,170
119,413, 820
123, 308,520
418, 224, 920 370, 297,160
612,175,520
Boston.
_.
New York
Philadelphia...
Cleveland
Richmond
Atlanta
__
Chicago
St. Louis
Minneapolis-_.
Kansas City. _.
Dallas
San Francisco..
Canceled
Total received
Total destroyed
Balance on hand.
$46,895, 300
215,246, 900
163,992, 600
268,924,100
75, 248, 700
33, 987, 500
181,814, 900
23,428, 550
5, 861, 250
16, 678,450
9,210, 700
51,764,200
4, 982,165,475 5, 598,984,590 5,489,809, 320 1, 093, 053,150
4, 952,789, 225 5,570,139,140 5, 468, 645,920 1, 089,843, 950
29,376, 250
28, 845, 450
21,163,400
3,209,200
$59,248, 700 $4,479, 500
246,549,400 43, 807, 000
54,301,700
1,957, 500
54,151,900
5, 300, 500
34,319,800
463, 500
33, 223, 900 7, 737, 000
63, 644,500
8, 936, 000
13,799,400
1, 483, 000
8, 089, 000
643, 000
19,599, 200
1,84.3, 000
9,477, 400
842,500
81,139, 300
4. 875,500
$14,639, 000
98, 615, 000
9,149, 000
6,709, 000
5,744,000
22, 584, 000
11, 387, 000
2,826, 000
1,092, 000
2,343,000
1, 574, 000
12,129, 000
$420, 000
795, 000
200, 000
10,000
130, 000
155,000
4, 965, 000
40, 000, 000
82,368,000 188, 791,000 46, 675, 000
81, 934, 500 187, 625, 000 48, 675, 000
433,500
1,166,000
677,544, 200
675, 355,800
2,188,400
$860, 000 $1, 746, 200, 370
2, 770, 000 4, 648, 575,885
1, 829, 968,495
370, 000 1,817,807,160
310, 000
914,488,265
909, 061, 275
2, 688,182,145
652,454, 580
490, 000
390, 266, 030
573, 691,820
397, 924,110
10,510, 000 1,566,080, 600
128, 000, 000
168, 000,000
143, 310, 000 18,302,700,735
143, 310, 000 18, 216, 318,535
86, 382, 200
o
o
g
I
MUTILATED FEDERAL RESERVE NOTES, BY DENOMINATIONS, RECEIVED AND DESTROYED 3INCE ORGANIZATION OF BANKS AND ON
HAND IN VAULT OCTOBER 31, 1929, 1928 SERIES
BostoD
New York
Philadelphia.
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas . _
San Francisco
Total received
Total destroyed
Balance on hand
...
$40,000
90, 500
$60,000
$20, 000
$2, 000
59,000
54,000
174, 000
37,000
28, 000
35,000
162, 000
18,000
16,500
16,000
40,000
2,000
35, 000
5,000
25,000
3,000
9,000
2,000
484, 500
457, 500
315, 000
300, 000
15,000
27,000
1
1
j
!
96,500
94,500
2,000
37, 000
37, 000
$122, 000
90,500
103, 500
105, 000
411,000
57,000
d
8,000
36,000
933, 000
889, 000
44, 000
bo
00
CO
TABLE N O . 40.—Federal reserve notes, segregated by series, printed, shipped, and canceled, issued to banks, retired, and destroyed since
organization of the banks, with the balance in vaults and amount outstanding October 31, 1929—Continued
COMBINED MUTILATED FEDERAL RESERVE NOTES, BY DENOMINATIONS, RECEIVED AND DESTROYED SINCE ORGANIZATION OF BANKS
AND ON HAND IN VAULT OCTOBER 31, 1929, BOTH SERIES
Fives
Total received
Total destroyed
Balance on hand.
Twenties
Tens
Fifties
One hundreds
$4, 982, 649, 975 $5,599,299,590 $5, 489, 905,820 $1, 093, 090,150
4, 953, 246, 725 5, 570, 439,140 5, 468,740, 420 1, 089, 880,950
29, 403, 250
28, 860, 450
21,165, 400
3, 209, 200
$677,544, 200
675, 355, 800
Five hundreds
One thousands
Five thousands
Ten thousands
Total
$82,368, 000 $188, 791, 000
81, 934, 500 187,625, 000
$46.675,000 $143,310,000 $18, 303, 633, 735
46, 675, 000 143, 310, 000 18, 217, 207, 535
1,166,00Q
86, 426, 200
2,188, 400
433, 500
to
9?
I
NOTE.—During the year, badly mutilated, burned, and fractional parts of Federal reserve notes amounting to $20,425—old series, $20,170; new series, $255—have been identified,
valued, and the bank of issue determined.
TABLE N O . 41.—Aggregate amount of Federal reserve bank notes printed, issued, canceled, and redeemed, by denominations, since the inauguration of the Federal reserve system, and amount on hand and outstanding October 31, 1929
VAULT BALANCE OCTOBER 31, 1929
Ones
Total printed
$478,892,000
478,892,000
Total issued and canceled
Twos
$136,232, 000
136,232,000
Fives
$132, 500, 000
132, 500, 000
Tens
$24,040, 000
24,040, 000
Twenties
Fifties
$14, 080,000
14, 080, 000
$2,600,000
2,600,000
$788,344, 000
788,344, 000
Total
ISSUED, REDEEMED, AND OUTSTANDING OCTOBER 31, 1929
Total issued
Total redeemed
Total outstanding.
_
_
__
_.
$478, 892,000
476,817,066
$135,192, 000
134,552, 208
$121, 460, 000
120, 971, 410
$16, 440, 000
16, 296,995
$9, 760, 000
9, 563, 470
$200, 000
184, 950
$761,944, 000
758,386,099
2, 074, 934
639, 792
488,590
143, 005
196, 530
15,050
3, 557,901
a
TABLE N O , 42.—Taxes assessed on Federal reserve bank currency, cost of redemption, and cost of plates for years ended June 80. 1915 to 1929
Semiannual
taxes on circulation
1915
1916
1917
1918
1919 .
1920
1921
1922
1923
1924
1925
1926.
1027....
1928
1929
'"
.
.
$2,325.18 i
3,590.86
38, 750.70
463,195. 96
1, 028, 344. 7G
947, 405. 00
445. 944.01
113', 837.32
2,890.88
_.
.
_
_
.
_
_
Total
.
.
„
Cost of redemption of
notes by the
United States
Treasurer
_
.
,.
. .
3, 041, 284. 67
Assessment for
cost of original
plates
766,030.67 1
Total
2
$1,800.00
2,200.00
$947.93
2,353.41
34, 419. 62
263, 616. 78
243,517.97
145, 890. 53
53, Oil. 08
11, 310. 86
4, 561.17
3,090.09
2, 620.84
403. 48
316.91
Assessment for
cost of additional or duplicate plates
23,810,66
390. 00
28, 200.00
$540.00
720.00
180.00
138, 530.00
88, 270.00
136,570.00
2,140.00
366,950.00
$1, 800.00
5,065.18
5, 258. 79
41,284.11
659, 955. 58
1, 376, 621. 54
1.327,492.97
' 593,974.54
166,848.40
14,201.74
4, 561.1.7
3,090.09
2, 620.84
403.48
316.91
§
o
H3
4,202,495.34
c
to
GO
TABLE N O . 43.—National banks in charge of receivers during year ended October 31, 1929', capital at date of organization and at date of failure, to
causes of failure, dividends paid while solvent, circulation outstanding at date of failure, lawful money deposited with Treasurer of the
00
United States to redeem circulation, and total deposits at date of suspension
Organization
Name and location of bank
Farmers & Drovers National Bank, Waynesburg, Pa
First National Bank, Billings, Mont
First National Bank, Sutton, W. Va.
_.
First National Bank, Uniontown, Pa_
First National Bank, Eureka, S. Dak
First National Bank, Hearne, Tex__
__
First National Bank, Gridley, Calif. _
First National Bank of Ranger, Tex
Corn Belt National Bank of Scotland, S. Dak.
First National Bank of Arabia, Ind
First National Bank of Bridgeport, Nebr
Bannock National Bank of Pocatello, IdahoFirst National Bank, Vale, Oreg
Stillwater Valley National Bank, Absarokee,
Mont
National City Bank, Salt Lake City, Utah—
State National Bank, Ardmore, Okla
Corydon National Bank, Corydou, Ind
First National Bank, Oak Grove, La.__
First National Bank, Ingomar, Mont
American National Bank, Billings, Mont j
Merchants National Bank, Wimbledon, N.
Dak
First National Bank, Mountainair, N. Mex._)
Commercial National Bank, Great Falls, |
Mont
Sterling National Bank, Sterling, Colo
Payette National Bank, Payette, Idaho
Citizens National Bank.. Laurel, Mont
First National Bank, Broadview, Mont
Commercial National Bank, Wilmington,
N. C_
„_'
First National Bank, Winner, S. Dak
Charter
No.
Date
Capital
Total dividends paid
during existence as a
national
banking
association
$150,000 $597, 750. 00
75,000
321, 350. 00
35,000
31, 500.00
60,000 1,308,000. 00
50,000
7, 500.00
50,000
178,000.00
40,000
25, 000
50,250. 00
25, 000
1, 750. 00
25,000
11, 250. 00
25,000
21, 500. 00
50,000
49,000. 00
25,000
20,000. 00
3097
6213
270
11527
4976
11164
8072
11031
9510
9711
6347
8528
Jan.
Dec.
Apr.
Jan.
Nov.
July
Mar.
Jan.
May
July
Feb.
July
Jan.
30,1865
3,1883
7,1902
2,1864
18,1919
5,1894
14,1918
26,1906
28,1917
30,1909
23,1910
15,1902
14,1907
11066
10308
10394
7760
11650
11465
11696
Aug.
Nov.
May
May
Mar.
Aug.
Apr.
11,1917
19,1912
6,1913
23,1905
2,1920
16,1919
5,1920
25,000
250,000
100,000
125,000
50,000
25,000
150,000
14,000. 00
122, 500. 00
70,000. 00
216,250. 00
8917 Sept. 17,1907
11329 Apr. 3,1919
30,000
30,000
15,000. 00
4,500.00
10530
11972
8075
8716
10809
Apr. 20,1914
May 2,1921
Jan.
9,1906
May 3,1907
Nov. 26,1915
200,000
150, 000
50,000
35,000
25,000
106,000.00
12176
11119
Apr. 17,1922
Dec. 15,1917
200,000
30,000
2, 500. 00
76,750.00
7,700.00
11,500.00
9,000.00
Failures
Capital
Receiver
appointed
Apparent
cause
of
failure
$200,000
150, 000
50, 000
100,000
50,000
50,000
40,000
200,000
25,000
25,000
25,000
100,000
50,000
M a y 18,1921
June 11,1921
Nov. 15,1921
A
A
B
A
B
C
C
BC
A
B
AC
C
C
25,000
250,000
200, 000
125, 000
50,000
25,000
150, 000
Jan. 30,1922
Feb.
3,1922
Mar. 4,1922
Mar. 8,1922
M a y 13,1922
Aug. 14,1922
Sept. 23,1922
AB
C
C
A
AC
Dec.
July
Aug.
Jan.
Aug.
Jan.
Jan.
Mar.
Mar.
Apr.
12,1906
2,1910
29,1914
19,1915
20,1920
21,1921
29,1921
2,1921
28,1921
5,1921
Lawful
money
deposited
Total
Circulation
outstanding deposits at
at date of date of suspension
failure
o
$100,000.00
37,500.00
50,000.00
100, 000. 00
10,900. 00
36,000. 00
22,400. 00
24, 600. 00
20,600. 00
11,700. 00
11,600. 00
$100, 000. 00 $1,047, 580
37, 500. 00 1,908,841
50,000. 00
364,021
100,000. 00
1, 452, 581
823,254
10.900.00
128, 566
36; 000.00
210,855
22,400. 00
1, 283, 599
264, 775
24,600. 00
24,796
20, 600. 00
112,121
11, 700.00
842, 093
11,600. 00
122,449
C
170, 037
1,383,447
975,659
984,671
32,062
174,230
499,259
c
243,300. 00
99,995. 00
125,000. 00
243,300.00
99,995. 00
125,000. 00
C
C
10,000.00
10,000. 00
60,490
205,020
Dec. 9,1922
Dec. 11,1922
Dec. 13,1922
Jan.
4,1923
Jan. 30,1923
BC
C
A
C
177,600.00
177,600.00
71,700.00
33,900.00
71, 700.00
33,900.00
1,067,638
475,881
201, 514
215,807
74,657
200,000 ' Jan. 31,1923
__do_
30,000
AC
A
91,500.00
18,400.00
91,500.00
18,400.00
1, 991,806
186,104
25,000 Oct. 27,1922
30,000 Nov. 2,1922
200,000
150, 000
75,000
35,000
25,000
O
c
i
3
First National Bank, Wessington Springs,
S. Dak
First National Bank, Harlowton, Mont
First National Bank Eoundup, Mont
First National Bank, Gregory, S. Dak
Llano National Bank, Llano, Tex
First National Bank, Hock River, Wyo
First National Bank, Joseph, Oreg
Peoples National Bank, Salisbury, N. O
First National Bank, Sapulpa, Okla
Howard National Bank, Howard, S. Dak___
First National Bank, Wells, Minn
First National Bank, Mitchell, S. Dak
Cavalier County National Bank, Langdon,
N. Dak
American National Bank, Three Forks,
Mont
.
Lehigh National Bank, Lehigh, Okla
City National Bank, Coalgate, Okla
First National Bank, Grey Eagle, Minn
First National Bank, Fairview, Mont
Union National Bank, Beloit, Kans
Texas County National Bank, Guyrnon,
Okla
National Bank of Barnesville, Ohio
,
Citizens National Bank, Roswell, N. Mex___
First National Bank, Lancaster, Minn
First National Bank, Turtle Lake, N. Dak._.
First National Bank, Forsyth, Mont
Condon National Bank, Condon, Oreg
First National Bank, Moore, Mont
Merchants National Bank, Man dan, N. DakFirst National Bank, Webster, S. Dak
Sioux Falls National Bank, Sioux Falls, S.
Dak
First National Bank, Beach, N. Dak
National Bank of Carlsbad, N. Mex
Dakota National Bank, Dickinson, N. Dak_.
First National Bank, St. John, Wash
First National Bank, Warroad, Minn
First National Bank, Brookings, S. Dak
First National Bank, Ronan, Mont
First National Bank, Clarkston, Wash
_
First National Bank, Carthage, S. Dak
First National Bank, Onida, S. Dak
Commercial National Bank, Miles City,
Mont
,_
Nowata National Bank, Nowata, Okla
„
First National Bank, Castlewood, S. Dak.._
First National Bank, Sidney, Mont
Stockmens National Bank, Fort Benton,
Mont
_
8446
9270
9165
8600
5853
11342
8048
9076
5951
10780
4669
2645
Sept.
Oct.
May
Feb.
June
Apr.
Dec.
Mar.
Aug.
Aug.
Dec.
Feb.
25,1902
27,1908
22,1908
22.1907
5,1901
24,1919
11,1905
10.1908
19,1901
13,1915
12,1891
8,1882
75, 250. 00
18, 500. 00
34, 750. 00
89, 490. 00
105, 000. 00
25,000
50, 000
25,000
25,000
25,000
25,000
25,000
100,000
25,000
25,000
50,000
50,000
32, 000. 00
136, 000.00
177, 550. 00
2, 500.00
213, 750. 00
167, 500.00
50, 000
50, 000
50, 000
50,000
50, 000
50,000
25, 000
100, 000
100, 000
25, 000
100, 000
100,000
Feb. 5,1923
M a r . 7,1923
Apr. 5,1923
Apr. 12,1923
._—do
June 14,1923
.—.do
July
July
Sept.
Oct.
Oct.
3,1923
30,1923
1,1923
22,1923
23,1923
Jan. 28,1908
25,000
52,000.00
25,000
10996
5755
11676
8729
12015
6701
Apr.
Feb.
Mar.
May
Aug.
Mar.
30,1917
14,1901
10,1920
28,1907
26,1921
24,1903
40,000
25,000
50,000
25,000
40, 000
25,000
4,000.00
99, 250.00
149,875.00
25,000 _—do
35,000 Nov. 8,1923
50, 000
do
25, 000 . . . . d o
40,000 . . . . d o
50,000 Nov. 13,1923
12179
6621
6777
11356
8821
7320
8261
8539
10604
6502
Mar.
Jan.
Apr.
May
June
June
Mar.
Jan.
Aug.
Nov.
21,1922
29,1903
20.1903
14,1919
8,1907
10.1904
26.1906
7,1907
24,1914
19,1902
25,000
100,000
50,000
25,000
25,000
50, 000
50,000
50,000
50, 000
25, 000
5,000.00
133,000.00
373, 500.00
5,000.00
30,125.00
136, 500.00
12, 500.00
22,750.00
5,000.00
32, 500.00
25,000 — d o
_.
100,000 Nov. 14,1923
200,000 Nov. 16,1923
25,000 Nov. 19,1923
25,000 Nov. 21,1923
75,000 Dec. 18,1923
50,000
do.
25,000 Dec. 20,1923
50,000 Dec. 26,1923
25,000 Jan. 2,1924
2823
Nov.
May
July
Mar.
Mar.
Aug.
Nov.
Aug.
Mar.
Mar.
Jan.
14,1882
8,1903
4,1905
11,1918
4,1920
15,1883
31,1910
16,1903
20,1916
17,1920
50r 000
25, 000
30, 000
50.000
40, 000
25,000
50,000
25,000
25, 000
25, 000
25, 000
240, 500.00
52, 500. 00
142, 900. 00
68, 000. 00
16,000. 00
150,000 Jan. 24,1924
50, 000 .....do
100, 000 Feb. 6,1924
50,000 Feb. 7,1924
40, 000
do.
25,000 Feb. 9,1924
270,
22,
38,
23,
ioo; ooo
5015
6367
6000
9904
A u g . 15,1895
July 23,1902
Oct. 2,1901
Dec. 23,1907
80, 000
25, 000
25, 000
25,000
| 4194
Dec. 24,1889
100,000
9075
7663
11172
11815
6742
10833
11585
38, 650.00
500. 00
250. 00
500.00
500. 00
250,
25,
25,
50,
000
000
000
000
j
802,000.00
200, 000
c
A
A
AC
C
C
AC
A
AC
Oct. 29,1923
do
do.
25, 000
50, 000 Feb. 12,1924
25, 000 .....do
_.
25, 000 .....do
277,000. 00
112,000. 00
42, 500. CO
103, 250. 00
AC
C
C
Feb. 15,1924
Feb. 19; 1924
.....do
Feb. 26,1924
....do.
A
C
C
c
A
BO
B
B
C
AC
C
A
C
c
A
O
AC
c
c
c
A
AB
A
C
C
A
A
C
c
A
C
39, 300.00
12,100.00
24,400.00
25,000.00
4,800.00
13, 700.00
24, 300.00
92,800.00
44,900.00
39,300.00
12,100.00
24,400.00
25,000.00
4,800.00
13,700.00
24,300.00
92,800.00
44,900.00
96,400.00
99,000.00
96,400.00
99,000.00
336, 320
334,115
487, 252
176, 708
271, 311
158, 539
141, 638
893, 613
688, 227
143, 305
745,030
562, 553
22,900.00
22,900.00
353,645
11,050.00
11,050.00
24.000.00
6; 200.00
49,300.00
24,000.00
6, 200.00
49,300.00
63,477
159,610
158,720
90,443
146, 213
545,591
98, 800.00
188, 200.00
24, 700. 00
9, 700.00
33, 700.00
11,800. 00
24,100. 00
25, 000.00
24, 700.00
98.800.00
18S; 200.00
24, 700.00
9, 700.00
33, 700. 00
11, 800. 00
24,100. 00
25,000. 00
24, 700.00
173, 519
877,090
497,195
179, 618
134,961
352,127
121,155
144,127
315, 054
224, 512
74, 250. 00
24, 300.00
11, 800.00
47,100.00
74, 250. 00
24,300.00
11, 800.00
47,100.00
98, 500. 00
5, 950. 00
50,000. 00
25,000.00
24, 700.00
98. 500. 00
5,950. 00
50, 000. 00
25,000. 00
24, 700.00
1, 514,456
389,152
446, 659
176, 986
98, 542
159,329
623,164
102, 643
188,453
228, 933
112,045
98, 500.00
16, 797. 50
24, 600.00
39,000.00
98, 500.00
16, 797. 50
24; 600.00
39,000.00
1, 588, 243
459, 448
164, 542
395,764
190,795.00
190,795.00
467,119
O
g
w
o
fcO
to
TABLE NO. 43.—National banks in charge of receivers during year ended October SI, 1929\ capital at date of organization and at date of failure, 00
causes of failure, dividends paid while solvent, circulation outstanding at date of failure, lawful money deposited with Treasurer of the oo
United States to redeem circulation, and total deposits at date of suspension—Continued
Organization
Name and location of bank
First National Bank, Fort Sumner, N. Mex.
Wells National Bank, Wells, Minn
..„.
First National Bank, Gering, Nebr
Western National Bank, Mitchell, S. Dak_._.
First National Bank, Coalgate, Okla
First National Bank, Mclntosh, S. Dak
First National Bank, St. Anthony, Idaho
First National Bank, Huron, S. Dak
Farmers & Merchants National Bank, Fairbury, Nebr
_.,
.
First National Bank, Golva, N . Dak
First National Bank, Lingle, Wyo
Torf ington National Bank, Torrington, Wyo.
First National Bank, Poison. Mont
Merchants National Bank, Crookston,
Minn..
First National Bank, Lake Preston, S. Dak__.
First National Bank, Plenty wood, Mont
First National Bank, Sterling, Colo
First National Bank of Fergus County, Lewistown, Mont
First National Bank, Alexander , N . Dak
First National Bank, Pilger, Nebr__.
National Bank of Commerce, Shawnee,
Okla
__
_..
Citizens National Bank, Hankinson, N . Dak.
First National Bank, Carlsbad, N . Mex
Farmers National Bank, Burlington, Kans__.
Drovers National Bank, East St. Louis, 111...
First National Bank, Sehuyler, Nebr
First National Bank, Morristown, S. Dak
City National Bank of Huron, Huron,
S. Dak
Citizens National Bank, Julesburg, Colo
First National Bank, Basin, Wyo
Total dividends paid
during existence as a
national
banking
association
Failures
Apparent
cause
of
failure
Lawful
money
deposited
Circulation
outstanding
at date of
failure
Total
deposits at
date of suspension
Charter
No.
Date
8617
6788
8062
7455
5647
9283
5764
2819
Feb. 28,1907
Apr. 6,1903
Dec. 28,1905
Sept. 12,1904
Dec. 8,1900
Oct. 16,1908
Dec. 31,1900
May 19,1882
$25,000
30, 000
50,000
50,000
25,000
25,000
25,000
50,000
$45, 500.00
75,000.00
59, 750.00
126, 221. 00
175,850. 00
32,076.84
207,625.00
166,350.00
$25,000
75,000
25,000
100,000
100,000
25,000
50,000
65,000
Feb. 26,1924
do.
do
Feb. 27,1924
do—
Mar. 1,1924
Mar. 4,1924
Mar. 14,1924
C
C
A
O
C
C
$5,850.00
74, 300. 00
11, 500.00
93,400.00
27,300.00
23,300. 00
47,600. 00
29,000.00
$5,850.00
74,300.00
11, 500.00
93,400.00
27,300.00
23,300.00
47, 600.00
29,000.00
$79,155
931, 958
265, 790
289, 727
493,803
103,496
236,777
1,099,420
10340 Feb. 8,1913
11346 Apr. 14,1919
11231 Aug. 19,1918
11309 Feb. 3,1919
9449 Mar. 26,1909
60,000
25,000
25,000
35,000
25,000
23,400.00
Mar. 15,1924
Mar. 18,1924
Mar. 19,1924
.do.
Mar. 22,1924
A
A
C
C
C
59,400.00
59,400.00
8,750.00
26,250.00
60,000
25,000
25,000
35,000
25,000
24,700.00
24, 700.00
223,363
50,234
54,763
67,468
114, 786
3262 Oct. 25,1884
10758 July 24,1915
10438 May 12,191B
5624 Oct. 29,1900
75,000
25,000
25,000
25,000
155, 250.00
22,500.00
22,500.00
342,986.05
75,000
25,000
50,000
100,000
Mar.
Mar.
Mar.
Apr.
A
A
C
C
74, 200.00
24, 200.00
6,250.00
98,300.00
74,200.00
24,200.00
6,25a 00
98,300.00
1,170,960
275,947
243,877
712,005
7274 May 9,1904
11297 Jan. 22,1919
5937 Aug. 2,1901
100.000
25,000
25,000
485,000.00
1,000.00
77,75a 00
300,000
25, 000
50,000
Apr. 12,1924
Apr. 16,1924
Apr. 22,1924
AC
C
C
124,500.00
24,400.00
48,600.00
124,500.00
24,400.00
48,600.00
2,866,963
202,272
Aug.
Jan.
May
Sept.
Apr.
Sept.
May
18,1923
18,1906
19,1900
10,1903
30,1913
4,1882
11,1910
100,000
30,000
25,000
25,000
200,000
50,000
25,000
31,900.00
430,000.00
81,750.00
57,000.00
214, 750. 00
12,500.00
100,000
30,000
100,000
55,000
200>000
50,000
25,000
Apr. 28,1924
Apr. 30,1924
May 14,1924
May 21,1924
May 22,1924
May 24,1924
do.
B
C
A
C
C
C
A
100,000.00
30,000.00
24,597. 50
49,300.00
100,000.00
30,000.00
24,597. 50
49,300.00
47,200.00
25,000.00
47,200.00
25,000.00
936,087
206,864
361,326
316,452
433,685
524,922
98,667
8781 June 3,1907
9603 Sept. 29,1909
10858 May 15,1916
50,000
25,000
25,000
44,750.00
55,125. 00
17,500. 00
25,000
35,000
June 12,1924
June 14,1924
D
C
C
39,000.00
24,000.00
33,800.00
39,000.00
24,000.00
33,800.00
164,286
174,795
12441
8084
5487
6955
10399
2778
9817
Capital
Capital
Receiver
appointed
24,1924
28,1924
31,1924
5,1924
c
c
822
824
827
830
832
835
837
839
843
846
847
850
851
855
856
857
858
859
880
881
882
884
868
867
870
872
873
874
877
878
879
881
882
8S4
885
886
887
888
892
893
894
895
Citizens National Bank, Worthington, ;
Minn
5910
National Bank of Commerce of Rochester,
8111
N. Y
8139
Weiser National Bank, Weiser, Idaho.
1800
First National Bank, Cheyenne, Wyo
First National Bank, Bridgewater, S. Dak___ 6925
9210
First National Bank, Harrington, Wash
7133
First National Bank, Eexburg, Idaho
448
First National Bank, Putnam, Conn
9321
First National Bank, Beaver Creek, Minn
7629
First National Bank, Ozark, Ala
7081
First National Bank, Ulen, Minn._
8338
First National Bank, Alma, Wis
Merchants National Bank, Grinnell, Iowa—- 2953
3197
First National Bank, Algona, Iowa
11084
First National Bank, Boise City, Okla
First National Bank, Allendale, S. G
__ 11111
11287
First National Bank, Barnwell, S. C
5971
First National Bank, Center, Tex
Farmers National Bank, Dodge Center,
6623
Minn
9289
First National Bank, Torrington, Wyo
Parkesburg National Bank, Parkesburg, P a . . 2464
10256
First National Bank, Oldham, S. Dak
11431
First National Bank, Spring Hope, N . C
Stockmans National Bank, Columbus, Mont- 11220
2995
First National Bank, Alexandria, Minn
9982
First National Bank, Townsend, Mont
11385
First National Bank, Rigby, Idaho
6180
First National Bank, Sylvester, Ga
5898
First National Bank, Salem, S. Dak
Jefferson County National Bank, Rigby,
Idaho
"_.... 11458
7841
Neoga National Bank, Neoga, 111
First National Bank, Excelsior Springs, M o . . 7741
|Logan County National Bank, Sterling, Colo_ 7973
7963
' First National Bank, Buena Vista, Ga
10089
First National Bank, Hampton, Ga
10130
Perry National Bank, Perry, Iowa
Farmers National Bank, Hempstead, Tex_._ 4905
3421
National Bank of Abbeville, S. C
Commercial National Bank, Charleston, S. C. 10543
7253
First National Bank, Quincy, Fla
National Bank of Commerce, Pierre, S. Dak- 4279
Black Hawk National Bank, Waterloo, Iowa_ 6854
10570
First National Bank, Atwater, Minn
6583
First National Bank, Renville, Minn
8486
First National Bank, Idabel, Okla
6564
First National Bank, Pleasantville, Iowa
6950
First National Bank, Wapanucka, Okla
11264
First National Bank, Matoaka, W. Va
June
7,1901
Feb.
Feb.
Dec.
Aug.
July
Jan.
Mar.
Jan.
Feb.
Dec.
May
Apr.
May
Aug.
Nov.
Jan.
Sept.
1,1906
19,1906
29,1870
3,1903
10,1908
19.1904
23,1864
4,1909
13.1905
12,1903
16.1906
28.1883
22.1884
30,1917
30.1917
9,1919
10.1901
Feb.
Oct.
Feb.
Aug.
May
July
June
Jan.
June
Mar.
July
4,1903
6,1908
27,1880
30,1912
6,1919
12.1918
9,1883
31,1911
13.1919
11.1902
.5,1901
30,000
25,000
50,000
25,000
50,000
50,000
60,000
50,000
30,000
25,000
25,000
June
July
May
Oct.
Oct.
July
Jan.
Apr.
Oct.
May
May
Feb.
Apr.
June
Dec.
Dec.
Aug.
Aug.
Nov.
9,1919
11,1905
5,1905
11,1905
12.1905
13,1911
2,1912
15,1893
16, 1885
5, 1914
4, 1904
13,1890
17.1903
15,1914
19,1902
10.1906
2.1900
8.1901
7,1918
50,000
25,000
25,000
50,000
25, 000
30, 000
50,000
50, 000
50, 000
200, 000
50, 000
75, 000
100.000
25,000
25, 000
25, 000
25, 000
25, 000
25,000
25,000
421,059
18, 000. 00
18,000.00
1, 500,000
75,000
200,000
25,000
50,000
50,000
150,000
30,000
35,000
25,000
25,000
100,000
50,000
25,000
50,000
50,000
50,000
June 21,1924
June 23,1924
July 9,1924
July 18,1924
Aug. 6,1924
Aug. 11,1924
Aug. 13,1924
Sept. 20,1924
Oct. 23,1924
Oct. 28,1924
Nov. 7,1924
Nov. 12.1924
Nov. 24,1924
Nov. 25,1924
Dec. 3,1924
do
do_
A
C
C
C
C
C
AB
C
A
A
A
C
A
AB
AC
AC
B
459,897. 50
64,100.00
190,600.00
6, 200. 00
19, 200. 00
50,000. 00
50,000. 00
25,000.00
32,400. 00
24,700.00
24,995. 00
100,000. 00
49,600. 00
10,000. 00
9, 600. 00
48,800. 00
48,900.00
459,897.50
64,100.00
190,600.00
6,200.00
19,200.00
50,000.00
50,000.00
25,000.00
32,400.00
24.700.00
24,995.00
100, 000. 00
49,600. 00
10,000.00
9, 600. 00
48,800.00
48,900.00
198,498
574,356
4,498,121
228,891
198,499
215,772
1,478,076
114,075
158, 618
197, 067
203, 589
998, 975
656,090
136, 521
185,016
96, 628
245,341
Dec. 9,1924
Dec. 16,1924
Dec. 26,1924
Jan. 3,1925
Jan.
7,1925
do.
Jan.
8,1925
do
29, 500. 00
6,100. 00
42, 600. 00
25,000. 00
59,400. 00
12,500. 00
59,400.00
12,500.00
Jan. 12,1925
Jan. 15,1925
Jan. 16,1925
AB
C
AB
C
A
C
A
C
C
C
A
29, 500. 00
6,100.00
42, 600. 00
25,000.00
264,600.00
26,000.00
4,800.00
49,000.00
114,000.00
30,000
50,000
50,000
25,000
50,000
50,000
60,000
50,000
80,000
50,000
25,000
29,300.00
24,500.00
29,300.00
24,500.00
611,756
254, 693
329,404
250,588
264,867
137,464
843,235
80,721
466, 517
63, 269
158,184
12,500.00
17,000. 00
147,000. 00
70,100. 00
27, 200. 00
54, 250. 00
133,000. 00
209, 500. 00
140,000. 00
127,000.00
139,048. 00
145, 600.00
31,000. 00
88, 000.00
99,000. 00
23, 750. 00
82, 250. 00
16, 250. 00
50,000
25,000
25, 000
150,000
50,000
50, 000
75,000
50,000
75, 000
200, 000
100, 000
100, 000
200,000
25,000
25, 000
80, 000
25, 000
25, 000
50,000
Jan. 17,1925
Jan. 21,1925
Jan. 24,1925
Jan. 26,1925
do.
D
A
B
C
C
24,700. 66
25,000.00
100,000. 00
48,400. 00
20,000.00
72, 300. 00
49,197. 50
16,850. 00
24,700.00
25,000. 00
100,000. 00
48,400. 00
20, 000. 00
72, 300. 00
49,197. 50
16, 850. 00
79, 500. 00
189,800. 00
10, 000. 00
24, 600. 00
79, 500. 00
189, 800. 00
10, 000. 00
24, 600. 00
50,500.00
500,000 1, 222,500.00
50,000
118, 584.67
100,000
949,000.00
25,000
86,750. 00
50,000
46, 500. 00
50,000
120, 500. 00
100,000
814,000.00
25,000
36, 500. 00
25,000
85,737. 22
25,000
42, 500. 00
25,000
52, 500. 00
50,000
422, 500. 00
50,000
142,750. 00
25, 000
6,000.00
50,000
20,000.00
50,000
7,000. 00
30,000
31,000. 00
43,500.00
90,000.00
171,865.00
31,750.00
9,000.00
25,000 June 19,1924
c
do
11,1925
do
Feb. 13,1925
Feb. 14,1925
.do.
Feb. 18,1925
Feb. 21,1925
Mar. 2,1925
Mar. 3, 1925
Feb.
AB
A
C
C
A
A
D
BC
C
A
A
C
B
!
1
24, 700. 00
5, 550. 00
50, 000. 00
24, 700. 00
5. 550. 00
50,000.00
123, 243
212,086
508, 452
81, 597
33, 214
645, 627
177, 720
413, 542
1, 003, 982
348, 67]
683, 098
3
o
488, 436
400, 700
264, 653
213, 392
161,142
571,934
00
to
TABLE N O . 43.—National banks in charge of receivers during year ended October SI, 1929, capital at date of organization and at date of failure,
causes of failure, dividends paid while solvent, circulation outstanding at date of failure, lawful money deposited with Treasurer of the
United States to redeem circulation, and total deposits at date of suspension—Continued
Organization
Name and location of bank
City National Bank, Clarksville, Tex
First National Bank, Montpelier, Idaho
First National Bank, Lemmon, S. Dak
Commercial National Bank, Greenville, Tex.
Georgia National Bank, Athens, Ga
Osceola National Bank, Osceola, Iowa
First National Bank, Wimbledon, N. Dak__
First National Bank, Hedrick, Iowa
First National Bank, Jasper, Minn
First National Bank of Las Vegas, East Las
Vegas, N. Mex
First National Bank, Conyers, Ga
Hugo National Bank, Hugo, Okla
First National Bank, Carnegie, Pa
Burgettstown National Bank, Burgettstown,
Pa
First National Bank, Selma, N. C
First National Bank, Madison, S. Dak
Farmers National Bank, Louisburg, N. C
First National Bank, Florence, S. C
First National Bank, Clear Lake, S. Dak____
First National Bank, Crandon, Wis
City National Bank, Hugo, Okla
First National Bank, Springer, N. Mex
Merchants National Bank, Detroit Lakes,
Minn
First National Bank, St. Cloud, Minn
First National Bank, Abercrombie, N. Dak_
First National Bank, Wausa, Nebr
First National Bank, Redwood Falls, Minn.
First National Bank, Lumberton, N. C
First National Bank, Lake Park, Minn
Globe National Bank, Denver, Colo
First National Bank, Warren, Minn
First National Bank, Winifred, Mont
Charter
No.
10643
7381
9269
7510
6525
6033
6712
5540
6523
Date
Oct. 8,1914
Aug. 9, 1904
Oct. 16,1908
Capital
Total dividends paid
during existence as a
national
banking
association
Nov. 24,1904
Oct. 14,1902
Oct. 8,1901
Feb. 7,1903
Aug. 11,1900
Oct.
7,1902
$25,000
25,000
25,000
100,000
100,000
25,000
25,000
25,000
25,000
2436 Aug. 25,1879
11255 Sept. 3,1918
7747 Apr. 11,1905
4762 M a y 16,1892
50,000
75,000
50,000
50,000
2408
10739
3149
10260
9747
6357
9387
12136
11565
Jan.
May
Mar.
Aug.
Mar.
June
Mar.
Feb.
Oct.
25,1879
7,1915
29,1884
1,1912
23,1910
28,1902
16,1909
10,1922
18,1919
50,000
30,000
50,000
50,000
100,000
25,000
25,000
100,000
50,000
444,500.00 !
11,400.00 !
216,355.00 I
11,000. 00
167,000. 00
65,000. 00
49,125. 00
8122
2790
8419
9994
5826
7398
7143
11623
5866
11006
Feb. 9,1906
Sept. 25,1882
Aug. 25,1906
Mar. 27, 1911
Mar. 11,1901
July 21,1904
Feb. 10,1904
Feb. 5,1920
May 18,1901
May 17,1917
50,000
50,000
25,000
50,000
25,000
25,000
25, 000
200, 000
25,000
25,000
$95,000. 00
75, 250. 00
35, 750. 00
158, 000.00
716, 000. 00
15, 000. 00
39, 500. 00
51, 750. 00
94,600. 00
Failures
Capital
$200, 000
50,000
50,000
150,000
400,000
25,000
25,000
25,000
30,000
Receiver
appointed
Mar.
Mar.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
May
9,1925
13,1925
2,1925
6,1925
17,1925
22,1925
23,1925
24,1925
1,1925
506, 500. 00 I 200,000 May 4,1925
75,000 May 12,1925
do
145,100.00
200,000
466, 750.00 i 100,000
9, 500. 00
100,000
30,000
50,000
25,000
150, 000
25,000
50, 000
100, 000
50,000
May 14,1925
May 16,1925
May 21,1925
May 22, 1925
do
May 25,1925
May 29, 1925
June 5,1925
June 15,1925
110, 500. 00
401, 000. 00
11, 750. 00
87, 500. 00
94, 550. 00
72, 250. 00
33, 500. 00
66,000. 00
81, 250. 00
8,000. 00
60,000
250,000
25, 000
75,000
70,000
50, 0C0
25, 000
200, 000
50,000
25,000
June
June
June
July
July
Aug.
Aug.
Oct.
Oct.
Oct.
22,1925
24,1925
30,1925
9,1925
29,1925
4,1925
24,1925
1,1925
10,1925
15,1925
Apparent
cause
of
failure
C
C
c
BC
C
A
C
D
C
AC
C
C
A
A
C
AC
A
A
C
A
C
C
C
A
C
C
A
A
A
AB
C
C
Lawful
money
deposited
Circulation
Total
outstanding deposits at
at date of date of suspension
failure
$11, 800. 00
25, 000. 00
149, 995. 00
200, 000. 00
25, 000. 00
25,000. 00
19, 800. 00
29, 500. 00
$11, 800. 00
25, 000. 00
149,995. 00
200, 000. 00
25,000. 00
25, 000. 00
19, 800. 00
29, 500. 00
$108, 596
335, 821
418, 423
638, 350
1, 200, 239
129, 258
161, 727
147, 483
374, 936
200, 000. 00
27, 700. 00
24, 200. 00
95,000. 00
200, 000. 00
27, 700. 00
24, 200. 00
95, 000. 00
828, 256
133,181
968, 533
1,448, 397
98,400. 00
8, 800. 00
30, 895. 00
23, 200. 00
124, 000. 00
25, 000. 00
45, 200. 00
98, 400. 00
8, 800. 00
30,895. 00
23, 200. 00
124,000. 00
25,000. 00
45, 200. 00
1, 698, 546
181, 216
399, 861
76, 255
1,137, 989
384,311
350,144
235, 854
150,655
56, 700. 00
56, 700. 00
24,100. 00
50,000. 00
24, 400. 00
46, 600.00
25,000. 00
24,100. 00
50,000.00
24, 400. 00
46, 600. 00
25,000.00
24, 600. 00
24,600. 00
491, 438
1, 682, 525
224, 370
511,612
377,128
392, 492
309, 344
4,020, 485
382, 775
62, 483
O
o
o
o
First National Bank, Hallock, Minn
' 6934
First National Bank, Buffalo, Minn
11023
Manilla National Bank, Manilla, Iowa
6041
Loveland National Bank, Loveland, Colo.__ 8116
12024
Winner National Bank, Winner, S. Dak
Muskogee Security National Bank, Muskogee, Okla
12277
First National Bank, Forest City, Iowa
4889
Davenport National Bank, Davenport, Wash- 7527
First National Bank, Pasco, Wash
9265
First National Bank, Howard, S. Dak
6585
Gregory National Bank, Gregory, S. Dak___ 9377
First National Bank, Sac City, Iowa
4450
First National Bank, Brooklyn, Iowa
3284
Warren National Bank, Warren, Minn
11286
First National Bank, Covington, Ga
8945
First National Bank, Delano, Minn
9903
First National Bank, Creston, Iowa
2586
Farmers & Merchants National Bank, Cannon Falls, Minn
! 6704
Farmers National Bank, Lake Preston, S. I
Dak
{ 10773
First National Bank, Jefferson, Iowa
I 8262
Drovers National Bank, Denver, Colo
11564
First National Bank, Rifle, Colo
6178
Home National Bank, Cleburne, Tex
10411
Security National Bank, Mason City, lowa- 10428
Glasgow National Bank, Glasgow, Mont
8655
National Bank of Luverne, Minn
8977
First National Bank, Greensboro, Ga
6967
Broadway National Bank, Denver, Colo
12250
First National Bank, Tama, Iowa
1880
First National Bank, Waukon, Iowa
4921
First National Bank of Gilmore, Gilmore 6611
City, Iowa.
First National Bank, Pocahontas, Iowa
12544
Cando National Bank, Cando, N. Dak
7377
First National Bank, Ada, Minn
5453
National Bank of Wessington Springs, S. 12620
Dak.
Farmers National Bank, La Moure, N. Dak__ 9714
First National Bank, Estherville, Iowa
4700
Stockmans National Bank, Brush, Colo
8520
Liberty National Bank of South Carolina at j
Columbia, S. C.
First National Bank, Kiefer, Okla_____
_ 12239
First National Bank, Marion, N. Dak..
9161
Spirit Lake National Bank, Spirit Lake, Iowa- 8032
6705
First National Bank, Deep River, Iowa
9530
First National Bank, Blue Mound, 111
10928
First National Bank, Intake, Mont
10683
First National Bank, Frankfort, S. Dak
Aug.
June
Nov.
Feb.
Sept.
5,1903
7.1917
12^ 1901
14,1906
20,1921
25,000
25, 000
25, 000
100, 000
60,000
84,450. 00
14,000. 00
41,875. 00
133,000.00
60, 000
50,000
25, 000
100, 000
60,000
Oct.
Oct.
Oct.
Oct.
Oct.
Nov. 8,1922
Feb. 20,1892
Dec. 22,1904
Aug. 22,1908
Nov. 29,1902
Mar. 23,1909
Oct.
6,1890
Dec. 22,1884
Dec. 28,1918
Oct. 28,1907
Nov. 23,1910
Oct. 22,1881
100,000
50,000
100,000
25,000
25, 000
50,000
50, 000
50, 000
30, 000
40,000
25,000
50,000
12,000. 00
84, 250. 00
175, 000. 00
60, 000. 00
85, 250. 00
77, 477. 35
208, 500. 00
211, 750. 00
6, 400. 00
46, 000. 00
15, 500. 00
370, 000. 00
200, 000
75,000
100, 000
50, 000
50,000
50, 000
50, 000
50, 000
50, 000
50, 000
25,000
50, 000
Nov,
Nov.
Nov,
Nov.
Nov,
Nov,
Dec.
Dec.
Dec.
Dec.
Dec.
Feb.
14,1903
25,000
25,000.00
25,000
July
Mar.
Dec.
Dec.
June
July
Feb.
Dec.
Aug.
Aug.
Aug.
Apr.
Dec.
20,1915
26.1906
18,1919
5.1901
7,1913
16,1913
19.1907
4,1907
1,1903
10,1922
5,1871
22,1893
2.1902
25,000
50,000
200, 000
25,000
150, 000
100, 000
25,000
25, 000
25,000
200, 000
50,000
50, 000
25, 000
5, 250.00
66,000. 00
16,000.00
92, 750. 00
54,000. 00
614, 500.00
104, 250.00
15,000. 00
49.000. 00
28; 000. 00
213,450. 00
226, 500. 00
27, 500. 00
25,000
50,000
200, 000
50, 000
100, 000
100, 000
75, 000
25, 000
50,000
200, 000
75,000
100,000
25,000
May
July
Apr.
Nov.
12,1924
16,1904
13,1900
17,1924
75, 000
25, 000
25, 000
25, 000
74, 000. 00
93, 750. 00
75, 000
25, 000
50,000
25,000
Mar.
Jan.
Dec.
Feb.
1,1910
23,1892
22,1906
10,1910
50,000
50, 000
35,000
100,000
51,000. 00
291, 750. 00
66,500.00
166,312. 50
50,000
100, 000
35, 000
500,000
July
Apr.
Dec.
Mar.
Aug.
Nov.
Dec.
15,1922
30,1908
12,1905
14,1903
19,1909
29,1916
26,1914
25, 000
25,000
50, 000
25,000
25, 000
25, 000
25,000
62,000.00
101,000.00
28, 750.00
21, 750. 00
2, 000. 00
16, 250. 00
25,000
25,000
50, 000
25, 000
25, 000
25, 000
25,000
16,1925
17,1925
20,1925
22,1925
24,1925
7,1925
14,1925
17,1925
21,1925
24,1925
25,1925
2,1925
4,1925
5,1925
8,1925
Dec. 12,1925
do__
17,1925
do
Dec. 23,1925
Dec. 24,1925
.do.
Dec. 28,1925
Dec. 29,1925
.do.
Dec. 31,1925
Jan.
9,1926
Jan. 16,1926
Jan. 18,1926
do_._
do._.
Jan.
Feb.
Feb.
Feb.
30,1926
6,1926
10,1926
23,1926
Feb. 25,1926
Feb. 27,1926
Mar. 1,1926
Mar. 4,1926
Mar.
Mar.
Mar.
Mar.
Mar.
Apr.
Apr.
13,1926
19,1926
23,1926
25,1926
27,1926
7,1926
12,1926
C
AB
AB
C
c
c
AB
C
C
C
C
C
C
c
c
c
D
C
A
A
C
A
C
c
c
c
c
c
c
c
c
c
c
24, 600. 00
34, 600. 00
18,450.00
100, 000. 00
24, 600. 00
34, 600. 00
18, 450. 00
100,000.00
350, 058
668, 508
127,950
490,791
71,852
73,997. 50
23,100. 00
42, 800. 00
12, 500. 00
48, 500. 00
47,700. 00
14, 700. 00
25,000. 00
40, 000.00
6, 250. 00
73,997. 50
23,100.00
42,800.00
12, 500.00
48, 500.00
47,700.00
14,700. 00
25, 000.00
40,000.00
6, 250. 00
2,122, 111
507, 347
451,757
375,645
360, 599
290, 520
520, 572
633, 005
341, 515
168, 630
262,155
9, 600. 00
9, 600.00
333, 877
12,100. 00
200, 000. 00
24, 500. 00
12,100.00
200, 000. 00
24, 500.00
97, 900. 00
50. 000. 00
6,050. 00
97, 900.00
50, 000.00
6,050.00
49, 297. 50
93, 200.00
6, 200.00
49, 297. 50
93, 200.00
6, 200.00
24, 300.00
6, 500. 00
24, 500. 00
24, 300.00
6, 500. 00
24, 500.00
377, 430
301,119
452, 241
79, 917
48, 700. 00
97,000. 00
9, 800. 00
48, 700.00
97, 000. 00
9,800. 00
192, 334
382, 589
261, 882
453,008
12,000.00
45, 200. 00
24, 600. 00
24, 200.00
167,604
110, 573
570,110
84,039
89,022
15, 381
235, 288
A
c
c
c
D
AB
A
A
A
AB
C
C
12, 000. 00
45, 200. 00
24, 600. 00
24, 200. 00
134, 245
306,880
1, 208, 552
318, 602
115, 739
944, 632
187,074
523,153
171, 465
2, 318, 247
894, 382
739, 072
201, 056
g
i
E
3
o
to
O
TABLE NO. 43.—-National banks in charge of receivers during year ended October 81,19®9> capital at date of organization and at date of failure,
causes of failure, dividends paid while solvent, circulation outstanding at date of failute, lawful money deposited with Treasurer of the to
United States to redeem circulation, and total deposits at date of suspension—Continued
Organization
Name and location of bank
Moline National Bank, Moline, Kans
First National Bank, Fulton, Mo
_
First National Bank, Shenandoah, Iowa
First National Bank, Cambridge, Iowa
First National Bank, Oktaha, Okla___
Citizens National Bank, Wayne, Nebr
First National Bank, Noblesville, Ind
First National Bank, Jonesboro, Ark
First National Bank, Hayden, Colo.-..
First National Bank, Barnsdall, Okla
Palm Beach National Bank, Palm Beach,
Fla.
First National Bank, Benson, Minn_
De Smet National Bank, De Smet, S. D a k .
First National Bank, Milford, Iowa
First National Bank, Dinuba, Calif
First National Bank, Glenwood, Minn
Whitbeck National Bank, Chamberlain, S.
Dak.
First National Bank, Cumberland, Iowa.,Guthrie County National Bank, Panora,
Iowa.
First National Bank, Royalton, Minn
First National Bank, Pepin, Wis._>
First National Bank, Woonsocket, S. D a k Peoples National Bank, Bennettsville, Si C
First National Bank, Eldorado, 111
First National Bank, Adrian, Minn
First National Bank, Colman, S. Dak
First National Bank, Waubay, S. Dak
First National Bank, Akron, Colo...
Oakes National Bank, Oakes, N . Dak
National Farmers Bank, Owatonna, Minn_
Anamoose National Bank, Anamoose, N.
Dak.
First National Bank, Veblen, S. Dak
_
Charter
No.
Date
Capital
Total dividends paid
during existence as a
national
banking
association
Failures
Capital
Receiver
appointed
Apparent
cause
of
failure
Lawful
money
deposited
Circulation
outstanding
at date of
failure
Total
deposits at
date of suspension
$258, 931
277, 896
G90, 033
391,138
25, 182
502, 030
272, 920
419, 317
126, 025
294, 947
433, 771
31.1906
7,1906
5,1877
25.1907
13,1911
28.1908
1,1893
20,1905
16,1913
17,1919
6,1924
$50, 000
50,000
50,000
25,000
25, 000
60,000
50,000
100,000
25,000
25,000
50,000
$80,000. 00
116,000.00
417,000. 00
61,800. 00
23,000.00
91,860. 00
132,687. 50
206,000.00
15,000.00
2,000.00
1,000.00
$50,000
100,000
50,000
80,000
25,000
60,000
62,500
100,000
25,000
25,000
50,000
Apr.
Apr.
May
May
May
June
June
June
June
June
July
12,1926
24,1926
13,1926
22,1926
26,1926
2,1926
3,1926
4,1926
16,1926
22,1926
2,1926
BC
C
C
AB
C
C
A
C
A
A
C
6154 Feb. 24,1902
5355 May 1,1900
5539 Aug. 3,1900
9158 May 12,1908
7742 Apr. 11,1905
Nov. 14,1908
25,000
25,000
35,000
25,000
50,000
50, 000
48,250.00
154,875. 00
120,400. 00
52,000. 00
28, 350.00
111, 500.00
25,000
50,000
35,000
200,000
35,000
50,000
July 6,1926
do
July 8,1926
July 9,1926
July 14,1926
do_
AB
C
D
C
A
A
23, 800. 00
24, 000. 00
9, 800. 00
10,000. 00
23, 800. 00
24,000. 00
9, 800. 00
10, 000. 00
7326 June 17,1904
July 9,1884
25,000
50,000
66, 750.00
273,900.00
25,000 July 22,1926
do
50,000
C
C
5, 950. 00
5, 950. 00
49,100.00
149, 410
387,988
9,1903
7,1915
6,1901
21,1915
17,1904
7,1905
20,1903
31.1902
4,1907
21.1903
29,1893
24,1909
25,000
25,000
25,000
50, COO
25,000
35,000
25,000
25,000
25,000
25,000
80,000
25,000
37,500.00
15, 500. 00
98,050. 00
27,400. 00
75,250.00
49,000. 00
62,400.00
42, 500.00
129,250.00
26,000.00
199, 200. 00
41, 750. 00
25,000
25,000
50,000
50,000
50,000
35,000
25,000
25,000
40,000
25,000
75,000
25,000
11,600.00
49,100.00
34,997. 50
24, 500.00
6, 250.00
19,800. 00
24, 500.00
74,550.00
24,400.00
334, 020
251, 640
195, 852
209, 970
285,868
256,949
262,019
171, 508
282, 358
216,250
1,446,671
84,022
Aug. 16,1910
25,000
46,975.00
40,000
9, 700.00
141,176
8369 Aug.
8353 Aug.
2363 May
9014 Oct.
10015 May
9244 Aug.
Mar.
Dec.
10730 Apr.
11460 Sept.
12600 Nov.
6731
10725
5946
10743
7539
7960
6688
6124
8548
6988
4928
9390
Apr.
Apr.
Aug.
May
Dec.
Oct.
Feb.
Jan.
Feb.
Mar.
May
Mar.
do
July
July
July
Aug.
Aug.
Aug.
Aug.
Aug.
Sept.
Sept.
Sept.
23,1926
23,1926
27,1926
6,1926
16,1926
19,1926
20,1926
26,1926
4,1926
10,1926
18,1926
do
$50,000.00
97, 700. 00
78,700. 00
6, 250.00
60,000. 00
49, 000.00
40,000.00
c
c
c
A
AB
C
C
c
c
c
AC
AC
C
$50,000.00
97, 700. 00
20,000. 00
78, 700. 00
6, 250. 00
60,000. 00
49, 000. 00
40,000. 00
15,000.00
34,997. 50
6,250. 00
19,800.00
292, 337
351, 858
411, 089
230. 596
162; 551
3
o
g
a
O
o
3
Farmers National B a n k in Lidgerwood, N . 12743
Dak.
Farmers & M e r c h a n t s National Bank, Mer- 10352
ced, Calif.
National Security B a n k , Fairfax, S. C
12668
First National B a n k , Lake Norden, S. D a k . 10714
First National B a n k , Fulda, M i n n
6054
First National B a n k , Bos well, Okla
7651
National B a n k of Franklin, Franklin, T e n n . 1834
Farmers & M e r c h a n t s National B a n k , Lake
City, S. C
. . 10681
C i t y National Bank, Bismarck, N . D a k
9622
American National Bank, Atoka, Okla
8994
England National Bank, Little Rock, Ark__ 9037
First National Bank, Broken Bow, Okla
10424
First National Bank, H a w o r t h , Okla
10500
First National Bank, Clearbrook, M i n n
11392
First National Bank, Toledo, Iowa
6432
First National Bank, Gonvick, Minn___
j 10830
First National Bank, Kingsburg, Calif
8409
First National Bank, Brandon, M i n n
10862
First National Bank, Milbank, S. D a k
6473
First National Bank, Armstrong, Iowa
5442
Citizens National B a n k , Spencer, Iowa
6941
First National Bank, Wilder, Idaho
10909
First National Bank, Detroit Lakes, Minn._ 3426
First National Bank, Terril, I o w a .
_, 10238
Citizens National Bank, P e t t y , Tex
10847
Farmers National B a n k , Manor, Tex
7146
Clarinda National B a n k , Clarinda, Iowa
3112
First National Bank, M a r k e d Tree, Ark
11122
First National Bank, St. James, M i n n
4859
First National Bank, Leeds, N . D a k
6312
Farmers National B a n k , Brookings, S. Dak-_ 6462
First National Bank, Alta, Iowa_
7126
First National Bank, Elkton, S. D a k
6368
Planters National B a n k , H o n e y Grove, T e x . . 4112
First National Bank, N e w H a m p t o n , I o w a . . 2588
First National Bank, Hannaford, N . D a k _ _ . 7727
First Nati onal B ank, M alvern, Iowa
2247
First National Bank, Stanley, N . D a k
9472
First National Bank, Haleyville, Ala
11613
National B a n k of Oakesdale, Oakesdale,
Wash
9150
Farmers National B a n k , Newport, Ark
108G7
First National Bank, P l a t t s m o u t h , Nebr
1914
First National Bank, Adair, Iowa
8699
First National Bank, University Place, N e b r . 7737
Story City National Bank, Story City, Iowa. 10222
Citizens National Bank, Ortonville, M i n n . . . . 6747
First National Bank, Collinsville, Okla. ._. 6965
Citizens National Bank, Royal, Iowa
10395
First National Bank, Carlyle, M o n t
10934
M a y 11,1925
25, 000
25,000
Sept. 21,1926
280,454
Jan.
4,1913
100,000
100,000
Sept. 23,1926
1,128,135
Mar.
Mar.
Dec.
Feb.
May
23,1925
3,1915
14,1901
16,1905
25,1871
25,000
25,000
25, 000
35,000
60,000
18.250.00
84, 562. 50
75,447.00
592,150.00
25,000
35,000
25,000
50,000
100,000
Oct. 1,1926
Oct. 5,1926
Oct. 7,1926
Oct. 8,1926
Oct. 18,1926
C
A
C
C
B
Dec.
Nov.
Dec.
Feb.
July
Mar.
June
Aug.
Feb.
Sept.
May
Oct.
May
Aug.
Sept.
Dec.
July
Oct.
Feb.
Dec.
Dec.
Jan.
June
Aug.
Jan.
July
Aug.
May
Apr.
Feb.
June
Feb.
26,1914
12,1909
26,1907
6,1908
3,1913
13,1914
30,1919
19,1902
23,1916
14.1906
31,1916
16.1902
1,1900
11.1903
23.1916
21,1885
17,1912
15,1914
6,1904
26,1883
17.1917
30,1893
9,1902
29,1902
21.1904
19.1902
14,1889
3,1880
21.1905
9,1875
15,1909
9,1920
100,000
50, 000
25,000
100,000
25, 000
25,000
25,000
50, 000
25,000
25,000
25, 000
25,000
50,000
50. 000
25,000
50,000
25, 000
50,000
25,000
50,000
25, 000
50,000
25,000
50,000
50,000
25,000
75,000
50,000
25, 000
50, 000
25, 000
25,000
82,000. 00
23, 500.00
27,125. 00
283,000. 00
42,000.00
11, 250. 00
5, 250. 00
225,375.00
20,850. 00
68. 500. 00
21, 500. 00
118, 797. 39
89, 500.00
175, 750. 00
1, 250.00
218, 000. 00
29, 250. 00
33,100. 00
87, 000. 00
206,817. 64
14,600. 35
162,000. 00
35, 000. 00
83, 050. 00
111, 500. 00
47, 250. 00
272,250. 00
167, 250. 00
64,000. 00
272,000. 00
27,000. 00
6,000.00
100,000
50,000
25,000
300,000
25,000
25,000
25,000
85,000
25, 000
50,000
25,000
50, 000
50,000
100, 000
25, 000
50, 000
25,000
37,000
40,000
50,000
50,000
50, 00p
25, 000
50,000
50,000
25, 000
100,000
50,000
25, 000
50,000
25, 000
25, 000
do
do
Nov. 1,1926
do
Nov. 2,1926
do
do
Nov. 3,1926
Nov. 5,1926
Nov. 9,1926
Nov. 11,1926
Nov. 15,1926
Nov. 17,1926
Nov. 19,1926
Nov. 22,1926
Nov. 23,1926
....do
Nov. 24,1926
Nov. 26,1926
Nov. 29,1926
Nov. 30,1926
.—.do
Dec. 1,1926
Dec. 3,1926
... do
__.
do
Dec. 6,1926
Dec. 9,1926
Dec. 10,1926
C
A
C
D
A
C
Apr.
June
Pec.
Apr.
Apr.
Jane
Apr.
Mar.
Apr.
Nov.
25, 1908
6,1916
12,1871
29.1907
17,1905
24.1912
18.1903
20,1911
10.1913
23,1916
25, 000
50,000
50,000
25, 000
25, 000
40, 000
25, 000
25,000
25, 000
25,000
33, 250. 00
21,000.00
276, 000. 00
51, 427. 38
56, 600. 00
22,000. 00
54, 500. 00
25, 500. 00
19, 750. 00
25,000
50, 000
50, 000
35,000
40, 000
40, 000
25,000
25,000
35, 000
25, 000
Dec. 21,1926
.....do
.._. do
Dec. 27,1926
Dec. 29,1926
Jan. 3,1927
Jan. 4,1927
Jan. 5,1927
.....do
.
Jan. 7,1927
.—_do
Dec. 15,1926
Dec. 17,1926
96,600.00
30,680
236, 796
325, 328
264,025
468,950
97,600.00
49,400.00
23, 600.00
719,644
849,178
88,780
5,950.00
5,950.00
24, 300. 00
83,800.00
24,400.00
24, 750. 00
25, 000. 00
33, 500.00
24, 300. 00
83,800.00
24,400.00
24, 750. 00
25,000.00
38, 500.00
49, 500. 00
49, 295. 00
97, 796
88, 516
110, 669
419,005
165, 807
440,180
135, 748
332, 973
267, 387
466, 656
114, 062
708, 512
279, 722
60,141
91, 871
599,132
107,658
469, 278
128, 672
986,711
453, 681
244, 641
213,872
24, 500.00
49,400.00
c
c
c
A
AC
AC
C
AC
C
A
AB
C
C
A
C
24, 600. 00
24, 750. 00
48, 300. 00
50, 000.00
c
A
C
C
C
43, 200. 00
24, 600. 00
c
D
C
A
C
A
A
C
AB
AC
A
C
AB
C
c
c
35,000.00
24, 500.00
24, 750.1)0
49, 500. 00
48, 300. 00
50, 000. 00
24, 700. 00
49, 200. 00
48, 695. 00
25, 000. 00
18,400. 00
43, 200. 00
24, 600. 00
12, 500. 00
6,250. 00
25,000.00
_
48,600. 00
48, 600. 00
8, 750. 00
29, 600. 00
29; 600. 00
15, 400. 00
6, 500. 00
23, 700. 00
143,183
231, 793
196, 761
135,382
92,829
265, 200
287, 703
198, 284
151,441
216, 383
285, 030
302, 024
177, 897
24, 880
TABLE NO. 43.—National banks in charge of receivers during year ended October 81, 1929, capital at date of organization and at date of failure, to
causes of failure, dividends paid while solvent, circulation outstanding at dale of failure, lawful money deposited with Treasurer of the
United States to redeem circulation, and total deposits at date of suspension—Continued
Organization
Name and location of bank
1083
1084
1085
1087
1088
1089
1090
1091
1092
1093
1094
1095
1096
1097
1098
1099
1100
1102
1103
1104
1105
1106
1107
1108
1109
1110
1111
1112
1113
1114
1115
1116
1119
Monticello National Bank, Montieello, Ind_.
First National Bank, Cardwell, Mo
_.
First National Bank, Nevada, Iowa
First National Bank, Renwick, Iowa
First National Bank, Moulton, Iowa
.
First National Bank, Delano, Calif
National Bank of Jersey ville, Jersey ville, IU._
First National Bank, Argyle, Minn._ . . .
First National Bank, Boyceville, Wis
Citizens National Bank, Commerce, Tex...
Citizens National Bank, Lone Oak, Tex
First National Bank, Beardsley, Minn
Farmers National Bank, Red Lake Falls,
Minn
___.
First National Bank, Biggsvilie, 111
First National Bank, Edgeley, N. Dak
Farmers National Bank of Lidgerwood,
N. Dak
First National Bank, Britt, Iowa . .
First National Bank, Montevideo, Minn
Peoples First National Bank, Olivia, Minn..
First National Bank, Lincoln, Ark
First National Bank, Clinton, Minn
Citizens National Bank, Albert Lea, Minn .
First National Bank, Marengo, Iowa
First National Bank, Allegan, Mich
First National Bank, Rolette, N. Dak....
Farmers & Merchants National Bank,
Mount Morris, Pa
First National Bank, Rush City, Minn
Central National Bank, Marietta, Ohio
American National Bank, Stigler, Okla—
First National Bank, Belle Plaine, Iowa
First National Bank, Dunbar, P a . . .
Exchange National Bank, Leon, Iowa
First National Bank, Hartley, Iowa
Charter
No.
6172
11919
2555
7988
5319
9195
4952
5907
11128
12778
12760
7438
Date
Mar.
Jan.
Aug.
Nov.
Apr.
July
Mar.
June
Dec.
June
May
July
10,1902
15,1921
3,1881
24,1905
5,1900
1,1908
31,1894
18,1901
8,1917
10,1925
18,1925
7,1904
Capital
Total dividends paid
during existence as a
national
banking
association
Failures
Capital
Receiver
appointed
Jan. 7,1927
Jan. 8,1927
Jan. 10,1927
Jan. 13,1927
Jan. 14,1927
do
Jan. 15,1927
Jan. 18,1927
do
Jan. 20,1927
do
Jan. 21,1927
D
C
C
C
C
AC
AB
C
AB
AC
C
C
$48,600.00
5,000.00
15, 300. 00
$25, 000
50, 000
50,000
25,000
25,000
25,000
50, 00O*
25, 000
25,000
50,000
25,000
25,000
$88, 000.00
4, 000. 00
287, 250. 00
15, 250. 00
111, 100. 00
69, 500. 00
97, 500. 00
112, 500. 00
4, 750. 00
J u l y 19,1910
Apr. 10,1883
Aug. 29,1905
25,000
50,000
25,000
16, 500. 00
230, 000. 00
170, 050. 00
25,000 Jan. 24,1927
50,000 Jan. 31,1927
85,000 ._._ do
A
D
AC
8230
5020
6860
9063
11825
7161
6128
2484
1829
7866
Apr.
Aug.
May
Feb.
July
Feb.
Jan.
May
May
July
30,1906
13,1895
25,1903
25,1908
27,1920
13,1904
22,1902
25,1880
11,1871
24,1905
35,000
50,000
30,000
25,000
25,000
25,000
50,000
50,000
50,000
25,000
67, 250. 00
172, 250. 00
77, 000. 00
40,000. 00
8, 500. 00
70, 250. 00
110, 000. 00
277, 500.00
272, 050. 00
18,000. 00
50, 000 Feb. 1,1927
50, 000
do
50,000 Feb. 5,1927
25,000
do
25,000 Feb. 9,1927
25, 000 Feb. 10,1927
50, 000 Feb. 18,1927
65,000 ...__do
50, 000
do
25,000 Feb. 19,1927
C
AC
AC
AB
C
AC
C
BA
C
6983
6954
5212
7432
2012
7576
5489
4881
Sept.
Aug.
May
Sept.
May
Jan.
June
Feb.
22,1903
1,1903
29,1899
14,1904
31,1872
20,1905
20,1900
22,1893
25,000
25,000
100,000
25,000
50,000
50, 000
35, 000
50,000
29,000. 00
64, 500. 00
245,000.00
12, 500. 00
369, 800. 00
61, 000. 00
Feb. 21,1927
do
Feb. 24,1927
Mar. 1,1927
Mar. 3,1927
Mar. 7,1927
Mar. 9,1927
Mar. 22,1927
A
AC
C
C
AC
A
C
AC
9837
3003
7914
37, 000. 66
198, 450. 66
$50,000
50,000
75,000
25, 000
35,000
100,000
50, 000
50,000
25,000
50,000
25,000
25,000
25,000
50,000
300, 000
25,000
60, 000
50,000
35,000
75,000
Lawful
money
deposited
Apparent
cause
of
failure
6,250. 00
96,400. 66
Circulation
Total
outstanding deposits at
at date of
date of susfailure
pension
$48, 600.00
24, 997. 50
$37, 397
273, 261
86, 793
162, 500
554, 394
373, 698
131,176
172, 278
79, 333
79, 914
252,056
24, 700. 00
15, 300. 00
48,600. 00
123,428
50,835
273,196
44, 300. 00
29, 495. 00
6, 250. 00
11, 600. 00
20, 000. 00
49, 397. 50
49,600. 00
46, 900. 00
12, 500. 00
708, 295
626, 407
296, 939
76, 455
162, 825
887, 404
755, 896
581, 948
153, 926
24, 500. 00
48, 400. 00
296, 700. 00
24, 500.00
59,100. 00
48,100. 00
34, 500. 00
49, 600.00
310,148
359,940
1,957,190
276, 557
805,991
366, 597
327, 595
, 275,645
73,300. 00
6, 250. 00
33,800. 00
96,400. 00
24,400. 00
24, 700. 00
D
296,700. 00
24, 500. 00
10,000. 00
34, 500. 00
18, 500.00
First National Bank, Norway, Iowa
United States National Bank, Dinuba, CalifFirst National Bank, Lepanto, Ark
Provident National Bank, Waco, Tex
First National Bank of Benson,, Hollsopple,
Pa
First National Bank, Sheldon, Iowa
American National Bank, Green City, Mo_.
First National Bank, Columbia City, Ind.__
First National Bank, Fairfax, S. C
First National Bank, Lake Worth, Fla
First National Bank, Lake Mills, Iowa
First National Bank, Lineville, Iowa
First National Bank, Bend, Oreg
New First National Bank in Lamberton,
Minn
First National Bank, Dubois, Idaho
First National Bank, Biwabik, Minn
City National Bank in Kearney, Nebr
Laurel National Bank, Laurel, Nebr
Farmers & Merchants National Bank,
Aleester, S. Dak
First National Bank, Grafton, N. Dak
First National Bank, Chowchilla, Calif
Merchants National Bank, Greene, Iowa
First National Bank, Kennebec, S. Dak
First National Bank, Medaryville, Ind
First National Bank, Spencer, Iowa
First National Bank, Farmersville, 111
First National Bank, Lamberton, Minn
Peoples National Bank, Waukon, Iowa
First National Bank, East Grand Forks,
Minn
Fayette City National Bank, Fayette City,
Pa
First National B ank, Webster, Pa
National Bank of Fayetteville, Fayetteville,
N. C
First National Bank, Bishop, Calif
Citizens National Bank, Waynesburg, Pa
First National Bank, Sheridan, Ind
First National Bank, Spirit Lake, Iowa
First National Bank, In wood, Iowa
First National Bank, Tabor, Iowa
Farmers National Bank, Odell, 111
Central National Bank, Kearney, Nebr__—_
City National Bank of Kearney, Kearney,
Nebr
First National Bank, Mallard, Iowa
First National Bank, Bancroft, Iowa
,
First National Bank in Sallisaw, Okla_
,
First National Bank, Muldrow, Okla.
National Bank of La Grange, La Grange, IncL
7287 May 23,1904
9156 May 2,1908
11322 Mar. 19,1919
4309 Mar. 31,1890
25, 000
26, 500. 00
25,000
52,000. 00
35,000
3, 500. 00
300,000 1, 320, 000. 00
25, 000 Mar. 23,1927
50,000 Mar. 25,1927
do
35,000
300,000 Mar. 26,1927
C
AC
C
D
13,1907
2,1904
3,1917
19,1920
21,1898
23,1904
25,000
50,000
25,000
50,000
25,000
30,000
50,000
25,000
25,000
20, 625. 00
293, 500.00
60,834.41
171,000.00
8. 500.00
36, 500.00
33,000. 00
42,250.00
75, 260.00
75,000
150,000
45,000
100,000
50,000
100,000
50,000
25,000
100,000
Mar. 28,1927
Mar. 29,1927
Mar. 31,1927
.do.
Apr.
1,1927
Apr.
2,1927
Apr. 8,1927
Apr. 9,1927
Apr. 29,1927
A
C
C
AC
D
C
AC
C
AC
13,1925
27,1919
2,1907
3,1926
21.1911
25,000
25,000
25,000
150,000
40,000
1,250. 00
33,097. 87
25,000
25,000
25,000
150,000
65,000
Apr. 30,1927
May 5,1927
May 10,1927
May 14,1927
do
C
C
AB
A
C
Dec.
Nov.
Mar.
June
Sept.
Jan.
May
Feb.
30,1915
14,1882
29,1917
23,1903
20,1911
23,1907
26,1888
4.1911
2,1904
May 1.1912
25,000
50,000
25, 000
50,000
25,000
25,000
60, 000
25,000
25,000
50,000
43, 750. 00
296, 500. 00
2, 750, 00
82,000. 00
27, 000. 00
27, 000. 00
295, 700. 00
11,875. 00
96,250. 00
50,000
50,000
25, 000
50,000
50,000
25,000
150, 000
25,000
50,000
125,000
May
May
May
June
June
June
June
June
July
July
C
AB
AC
A
C
A
AC
C
D
E
Sept. 7,1891
50,000
138,000.00
50,000 July 28,1927
May 16,1903
6937 June 20,1903
75,000
25,000
161,250. 00
43,125.00
75,000
do
25,000 Aug. 8,1927
100,000 Aug. 12,1927
50,000 Aug. 15,1927
500, 000 Aug. 17,1927
75,000 Aug. 18,1927
50,000 Aug. 25,1927
50, 000 Sept. 6,1927
25, 000 Sept. 14,1927
25, 000 Sept. 21,1927
50, 000 Sept. 30,1927
AB
A
A
C
A
D
D
AC
D
D
D
100,000
do __
25, 000 Oct. 3? 1927
50,000 Oct. . 20,1927
50, 000 Oct. 24,1927
25,000
do__
100,000
D
C
A
AC
A
BC
7935
3848
8570
7132
10979
11716
5123
7261
9363
June
Feb.
Feb.
Feb.
Apr.
Apr.
Feb.
Apr.
Jan.
12844
11508
8697
13013
Oct.
Oct.
Apr.
Dec.
Mar.
10818
2840
10978
6880
10098
8537
3893
10057
7221
10207
23,1905
5677
10999
4267
5296
4758
7304
4609
9624
6600
Dec.
Nov.
Jan.
Apr.
June
May
July
Nov.
Jan.
12,1900
21,1916
15,1890
2,1900
7,1892
23,1904
1,1891
29,1909
3958
10562
5643
7571
9975
4972
Dec.
May
Nov.
Jan.
Mar.
July
26,1888
19,1914
10,1900
3,1905
25,1911
12,1894
29, 200. 00
175, 500. 00
50, 000
25, 000
126,000. 00
50,000 1, 565, 000. 00
45,000
190,171. 50
50, 000
185, 333. 44
25,000
121, 000. 00
50,000
94, 750. 00
25,000
19, 250. 00
50,000
117, 500. 00
100,000
25, 000
50,000
50, 000
25,000
50,000
20, 500. 00
95, 000. 00
95,000. 00
56,250. 00
201, 750. 00
17,1927
25,1927
28,1927
4,1927
20,1927
24,1927
25,1927
29,1927
6,1927
19,1927
25,000.00
24, 500.00
170, 735
443, 221
108, 211
50,000.00
50,000.00
43, 597.50
24,400.00
99,000.00
43, 597. 50
94. 200.00
196, 240
777, 551
239,124
1,010,867
24,300.00
32, 300.00
49,497. 50
24,300.00
12,500.00
1,358,878
358,762
205,239
1,264,073
25,000.00
25,000.00
24,700.00
90,800.00
40,000.00
203,614
121,571
317,100
1,868,476
524,225
49,600.00
49,600.00
6,100.00
24,700. 00
6,100. 00
24,300. 00
24,990.00
123,200.00
22,400. 00
40,000. 00
396,354
866,808
215, 524
232,155
76, 692
63,445
855, 375
94, 295
1, 781, 000
529, 744
37,497.50
481, 789
69,400.00
24,100.00
1,781,014
283, 727
49,000. 00
1,909,559
763,199
4,080,072
275,000. 00
22,400. 00
40,000.00
25,000.00
182,242
220,000
48,800.00
24,400.00
50, 000. 00
48,800. 00
24,400. 00
49,300.00
180, 561
180,859
394,568
161, 965
530,086
TABLE N O . 43.—National banks in charge of receivers during year ended October 31, 1929, capital at date of organization and at date of failure,
cav-ies of failure, dividends paid while solvent, circulation outstanding at date of failure, lavrful money deposited with Treasurer of the
United Stages io redeem circulation, and total deposits at date of suspension—Continued
Organization
N^ame and location of bank
1172
1173
1174
1175
1176
First National Bank, Swea City, Iowa
First National Bank, Milburn, Okla
First National Bank, Havelock, Iowa
National State Bank, Stockton, Kans
National Bank of West P a l m Beach, West
Palm TiMoh, Fla,
1177
First National Bank, New Cumberland,
W. Va
First National Bank, Rofl, Okla
First National Bank, Checotah, Okla
First National Bank, Hope, N. Dak
First National Bank, Manning, S. C
National Bank of Bowman, Bowman, S. C_.
First National Bank, Abingdon, 111
First National Bank, Wynot, Nebr
American National Bank, Sallisaw, Okla..
New Georgia National Bank, Albany, Ga.__
First National Bank, Minnewaukan, N. DakFirst National Bank, Greenville, Tex
First National Bank, Mullens, W. Va
First National Bank, Hanna, Okla
_.
First National Bank, Lisbon, N. Dak
_
First National Bank, Delta, Utah___
_
First National Bank, Lorena, Tex____
First National Bank, Plainville, Kans
First National Bank, Laurel, Nebr
Chase County National Bank, Cottonwood
Falls, Kans
First National Bank, Derby, Iowa
Laurens National Bank, Laurons, S. C
First National Bank, La Porte City, Iowa.__
Citizens National Bank, Shelbyville, III
Astoria National Bank, Astoria, Oreg_First National Bank, Balaton, Minn
Farmers National Bank, Phillipsburg, Kans.
First National Bank, Galva, Iowa
1178
1179
1180
1181
1182
1183
1184
1185
1186
1187
1188
1189
1190
1191
1192
1193
1194
1195
1196
1197
1198
1199
1200
1201
1202
1203
1204
Total dividends paid
during existence as a
national
banking
association
Receiver
appointed
Apparent
cause
of
failure
$25,000
25,000
25,000
50,000
Oct. 29,1927
Oct. 31,1927
Nov. 5,1927
N o v . 14,1927
C
AC
A
AC
100,000
N o v . 18,1927
AC
40,500.00
117,250.00
41,200.00
50,000
30,000
50,000
50,000
50,000
25,000
75,000
25,000
30, COO
200,000
25,000
150,000
25,000
25,000
50,000
30,000
30,000
50,000
40,000
N o v . 21,1927
do
Dec. 1,1927
Dec. 12,1927
Dec. 14,1927
Dec. 16,1927
Dec. 17,1927
Dec. 27,1927
Dec. 30,1927
Jan.
4,1928
Jan.
6,1928
Jan. 11,1928
Jan. 16,1928
do
Jan. 21,1928
Jan. 23,1928
do
do
Feb. 2,1928
B
AC
A
C
C
C
D
AC
C
AC
C
D
A
C
C
D
C
C
AC
307,250.00
890.53
48,000.00
183,250.00
13,250.00
297,354.16
36, 750.00
32, 725.00
32,250.00
100,000
50,000
50,000
75.000
50,000
200,000
25,000
50,000
50,000
Feb. 6,1928
Feb. 10,1928
Feb. 15,1928
do
Feb. 21,1928
Feb. 24,1928
Feb. 29,1928
Mar. 2,1928
Mar. 6,1928
A
C
A
AC
C
AC
D
BC
D
Charter
No.
Date
5637
9920
7294
8274
Oct. 24,1900
Jan.
3,1911
Apr. 30,1904
May 22,1906
$25,000
25,000
25,000
50,000
12930
Apr. 27,1926
100,000
6582
5417
5128
5893
11155
11562
3377
8335
12555
12863
5500
2998
12270
11551
3669
11529
8621
7313
9793
Dec.
May
May
June
Feb.
Dec.
Aug.
May
June
Dec.
July
June
Nov.
Dec.
Mar.
Nov.
Mar.
June
May
9,1902
28,1900
23,1898
17,1901
23,1918
3,1919
5,1885
11,1906
12,1924
22,1925
9,1900
30,1883
3,1922
8,1919
30,1887
17,1919
15,1907
17,1904
19,1910
40,000
25,000
50,000
25,000
25,000
25,000
50,000
25,000
30,000
300,000
25,000
50,000
25,000
25,000
50,000
30,000
30,000
50,000
40,000
73, 350. 00
100, 050. 00
234, 600. 00
171, 269. 84
20,500.00
8,000.00
382.613.66
24,000.00
2764
10848
10652
4114
7396
4403
6840
10776
10501
June
Mar.
Oct.
Aug.
Aug.
Aug.
Apr.
Aug.
Mar.
21,1882
23,1916
22,1914
12,1889
1,1904
9,1890
30,1903
18,1915
23,1914
50,000
25,000
50,000
50,000
50,000
50,000
25,0C0
25,000
25, GOO
Capital
Failures
$51, 750,00
43, 750. 00
47,250. 00
102, 750.00
90,000. 00
84,250.00
512,750.00
3,250.00
188, .500.00
Capital
Lawful
money
deposited
$16,25a 00
Circulation
outstanding
at date of
failure
Total
deposits at
date of suspension
$24,600.00
16,250.00
25,000. 00
48,900.00
$364,021
71,645
71,865
260,504
324,846
30,000.00
8,200.00
50,000. 00
30,000.00
49, 300. 00
50,000.00
25,000.00
8,200.00
10,000.00
138,545.00
197,997. 50
24,745.00
138,545.00
49,500.00
49,500.00
7,500.00
7,500.00
25,000.00
19,750.00
50,000.00
19, 750.00
75,000.00
50,000.00
41,050.65
41,050.00
550,834
103,478
233,446
256,286
190,793
36,915
90,077
355, 504
721,845
172,443
185, 768
30,241
453,777
18,886
61,947
110,055
6,101
224,990
193,892
158.755
166; 044
54,934
2,242,061
25,015
156,494
First National Bank, Ashton, Idaho
New First National Bank in Springfield, Mo.
First National Bank, Greenfield, Iowa..
First National Bank, Carrington, N . Dak._.
First National Bank, Osborne, Kans
First National Bank, Toronto, S. Dak
First National Bank, St. George, S. C_
First National Bank, Rolfe, Iowa
Commercial National Bank, Statesville, N.C
First National Bank, Bristow, Okla
First National Bank, Stewardson, 111
First National Bank, Avoca, Minn
First National Bank, Rice, Minn
American National Bank, Sarasota, Fla
First Citizens National Bank, Mount Sterling, Ohio
First National Bank, Moweaqua, 111
First National Bank, Marshalltown, Iowa...
First National Bank, Arcadia, Ind
Peoples National Bank, Independence, Iowa.
First National Bank, Independence, Iowa...
First National Bank, Calexico, Calif
First National Bank, Denton, Tex
First National Bank, Plain view, Nebr
Lake County National Bank, Madison, S.
Dak
Security National Bank, Fargo, N . Dak
Citizens National Bank, Woonsocket, K, I_.
First National Bank, Dublin, Ga
First National Bank, Aledo, 111
First National Bank, Wesley, Iowa__Carolina National Bank, Darlington, S. C__.
First National Bank, Farmland, Ind
Lamar National Bank, Lamar, S. C
Hartington National Bank, Hartington,
Nebr.._
First National Bank, Cheraw, S. C
First National Bank, Dunn, N . C
Farmers National Bank, Wakefield, Nebr...
Fourth National Bank, Macon, Ga
First National Bank, Eichland Center, Wis_.
First National Bank, Garner, Iowa
First National Bank, Warren, Ind..
First National Bank, Covington, Ind
Cass County National Bank, Casselton,
N. Dak
First National Bank, Benson, N . C
Peoples National Bank, Middletown, DeL_.
First National Bank, Fort Lauderdale, Fla_.
First National Bank, Mena, Ark
First National Bank, Lewisville, Ohio
I First & Moorhead National Bank, Moor1 head, Minn
10269
12770
5334
5551
3319
6381
12233
4954
9335
6260
9438
11224
11709
12751
Sept.
June
Apr.
July
Jan.
July
June
Apr.
Dec.
Apr.
May
July
Apr.
Apr.
3,1912
6,1925
23,1900
6,1900
5382
7739
411
9488
2187
3263
9686
2812
9504
10636
11555
970
6374
7145
5457
9999
6504
11080
28,1885
8,1902
5,1922
24,1894
26.1908
29,1902
14.1909
31.1918
1,1920
7,1925
35,000
125,000
25,000
25,000
50,000
25,000
50,000
50,000
100,000
25,000
25,000
25,000
25,000
100,000
24,900. 00
3, 750. 00
129,250.00
128,861.40
367,500.00
71,290.00
16,000.00
120,000.00
145, 500.00
202, 500. 00
43, 750.00
15,250.00
50,000
125,000
50,000
50,000
50,000
25,000
50,000
50,000
100,000
50,000
25,000
25,000
25,000
100,000
Mar. 10,1928
Mar. 17,1928
Mar. 21,1928
Mar. .26,1928
Mar. 30,1928
Apr. 3,1928
do
do
Apr. 19,1928
Apr. 25,1928
May 1,1928
May 5,1928
May 12,1928
May 15,1928
C
AB
C
C
AB
C
AC
C
B
BC
AB
C
C
C
May
Apr.
Apr.
July
July
Oct.
Jan.
Oct.
July
16,1900
8,1905
25.1864
8,1909
30,1874
27,1884
27.1910
30,1882
27,1909
50,000
25,000
50,000
25,000
50,000
100,000
25,000
50,000
40,000
210,185.00
79, 500.00
839,000. 00
15,000. 00
356,000.00
607,000.00
112,250.00
259,056.00
50,000.00
85,000
75,000
200,000
25,000
75,000
100,000
300,000
50,000
40,000
May 19,1928
May 23,1928
June 11,1928
July 3.1928
July 5,1928
do.
July 24,1928
Aug. 15,1928
Aug. 22,1928
AB
C
AC
A
D
D
C
B
C
Oct.
Nov.
Jan.
May
Jan.
June
Apr.
Oct.
Sept.
2,1914
25.1919
19.1865
3,1902
24,1904
26,1900
14.1911
1,1902
5,1917
75,000
100,000
100,000
50,000
25,000
25,000
50,000
25, 000
25, 000
114,000.00
380,500.00
461,000.00
76,300. 00
37,250. 00
98, 500. 00
32,100. 00
4, 000. 00
75,000
100,000
100,000
200,000
50,000
25,000
100, 000
40,000
25,000
Aug.
Aug.
Sept.
Sept.
Sept.
Oct.
Nov.
Nov.
Nov.
29,1928
30,1928
18,1928
24,1928
27,1928
12,1928
2,1928
3,1928
9,1928
C
C
AB
AC
A
F
B
D
C
5400 May 21,1900
9342 Feb. 4.1909
Mar. 24,1904
Mar. 24,1911
8365 Aug. 2,1906
7901 Aug. 7,1905
4810 Aug. 24,1892
7930 May 0,1905
9860 Sept. 9.1910
40,000
25, 000
25, 000
40, 000
250, 000
30, 000
50,000
25, 000
50, 0.00
73, 200. 00
54, 500. 00
75,300. 00
75, 000. 00
701, 000. 00
87, 300. 00
150, 000. 00
24, 000.00
80,500.00
40,000
50, 000
50, 000
50, 000
500, 000
50, 000
50,000
25,000
70,000
Nov. 13,1928
Nov. 14,1928
do
Nov. 21,1928
Nov. 26,1928
.do.
Dec. 4,1928
Dec. 7,1928
Dec. 8,1928
A
B
A
A
A
A
D
A
AC
11,1904
16,1924
2,1883
20,1921
29,1904
9,1907
25,000
100, 000
80, 000
50, 000
50,000
25, 000
85, 250. 00
18,000. 00
208, 400. 00
61, 000. 00
119,000.00
25, 250. 00
25, 000
50, 000
80, 000
100, 000
50, 000
25, 000
Dec.
Dec.
Dec.
Dec.
A u g . 13,1881
50, 000
172, 500. 00
150,000
Dec. 24,1928
7142
12614
3019
12020
7163
2569
Jan.
Dec.
June
Sept.
Feb.
Dec.
10,1928
11,1928
14,1928
15,1928
do
Dec. 19,1928
C
A
A
C
A
A
28, 950. 00
24, 995. 00
24, 700. 00
49,450.00
24,300.00
12,150.00
98,200.00
25,000.00
25,000.00
6,500.00
95,850.00
65,050.00
100,000. 00
24, 450
120,732
494,778
317, 471
325, 911
284,378
205,349
271,852
165,909
910,884
548,130
396, 622
209, 916
177,691
462,489
68,847. 50
49,050.00
49,750.00
25,0Q0.00
65,050.00
735,997
341,086
1,619,996
173, 740
37,500.00
39,700.00
10,741
280,677
267,232
65,000.00
100,000.00
100,000.00
100,000.00
40,000.00
24,600.00
85, 500.00
465,247
1,029,992
1,077,615
893,686
457, 596
155,474
600, 598
25, 000.00
139, 968
25, 000. 00
50,000.00
40,000.00
50, 000.00
49,300.00
384,810
253,116
274, 774
461, 419
7, 690, 486
804,491
24, 995.00
185,804
25, 000.00
50, 000.00
50, 500.00
269, 217
137,330
425,318
24,450.00
210,288
109,995.00
1,896,450
TABLE N O . 43.—National banks in charge of receivers during year ended October 31, 1929, capital at date of organization and at date of failure, to
CO
causes of failure, dividends paid while solvent, circulation outstanding at date of failure, lawful money deposited with Treasurer of the
oo
United States to redeem circulation, and total deposits at date of suspension—Continued
Organization
Name and location of bank
1254
1255
1256
1257
1258
1259
1260
1261
1262
1263
1264
1265
1266
1267
1268
1269
1270
1271
1272
1273
1274
1275
1276
1277
1278
1279
1280
1281
1282
1283
1284
1285
1286
1287
Charter
No.
Exchange National Bank, Denton, Tex
2949
First National Bank, Frisco, Tex
6346
First National Bank, Kingsbury, Tex
10266
First National Bank, Coleridge, Nebr__
9796
Exchange National Bank, Spokane, Wash__ 4044
First Exchange National Bank, Coeur
d'Alene, Idaho
_
7120
First National Bank, Wagener, S. C
10485
Minneapolis National Bank, Minneapolis,
3731
Kans.
__
__ _
5616
First National Bank, Melvin, Iowa
4221
First National Bank, Manchester, Iowa
Citizens National Bank, Hope, Ind
. _ 5726
10826
First National Bank, Avon Park, Fla
10512
First National Bank, Punta Gorda, Fla
10467
First National Bank, Bixby, Okla
First National Bank, Brunson, S. C _ . . . ._ 10832
Carlton National Bank, Wauchula, Fla_ __ 10691
3053
First National Bank, Rockford, Iowa
8992
National B ank of Ains worth, Nebr
11173
First National Bank, Erskine, Minn
6286
National Bank of Larimore, N. Dak
First National Bank, Denton, Mont _____ 10819
First National Bank, West Alexandria, Ohio. 11733
7934
First National Bank, Sandersville, Ga
13059
National Bank of Emmetsburg, Iowa
10914
First National Bank, Waverly, Va
First National Bank, Sanborn, N. Dak___ __ 8448
6016
Peoples National Bank, Adena, Ohio
Reed City National Bank, Reed City, Mich. 12474
5541
First National Bank, Ruthven, Iowa
12090
First National Bank, Sebring, Fla
9811
First National Bank, Lakeland, Fla
12983
First National Bank, Auburndale, Fla_
National Exchange Bank, St. Paul, Minn... 10940
9453
First National Bank, Shinnston, W. Va
Date
Capital
Total dividends paid
during existence as a
national
banking
association
Failures
Capital
$24,097. 50
24, 550.00
6, 250.00
39,350. 00
980,800.00
$437,125
60,490
38, 205
150, 689
7,254,185
100,000
50,000
Jan. 19,1929
Feb. 9,1929
AC
C
100, 000. 00
6, 250.00
1,018,391
51,273
60,000
25,000
50,000
30,000
100,000
50,000
25,000
25,000
50,000
50,000
35,000
25,000
25,000
25, GOO
40, 000
50, 000
60,000
25, 000
25, 000
50,000
25,000
25,000
100,000
100,000
50, 000
300,000
90,000
do
Feb. 12,1929
Feb. 13,1929
Feb. 15,1929
Feb. 18,1929
do
Feb. 20,1929
do
Feb. 21,1929
Feb. 23,1929
Feb. 27,1929
Mar. 2,1929
Mar. 5,1929
do
Mar. 13,1929
Mar. 14,1929
Mar. 15,1929
Apr. 2,1929Apr. 10,1929
Apr. 13,1929
May- 2,1929
..—do
May 4,1929
May 15,1929
do
May 16,1929
May 22,1929
A
A
A
B
C
C
A
C
A
O
C
60, 000.00
12, 500. 00
39,447. 50
29,450.00
16,250.00
22,000.00
6, 050. 00
16,400.00
525,118
121, 291
558, 579
313,914
345,432
455, 591
181,685
81,197
411, 262
154,787
218,872
135, 516
163,618
84,143
359,956
231,649
691,652
$259,056.00
31,250. 00
26, 500.00
64, 600.00
2, 720,000.00
$100,000
25,000
25,000
40,000
1,000,000
Jan. 14,1904
Feb. 11,1914
100,000
25,000
71,000.00
25,484. 00
June
Oct.
Jan.
Feb.
Feb.
Apr.
Dec.
Mar.
Jan.
July
Jan.
Apr.
May
Jan.
May
Aug.
Apr.
Oct.
Oct.
Aug.
Dec.
July
Dec.
June
Aug.
Jan.
June
60,000
25,000
50,000
25,000
25, 000
25,000
25,000
25,000
50,000
50,000
35,000
25,000
25,000
25,000
40,000
42, 000
60,000
25,000
25,000
25,000
25, 000
2.5,000
50, 000
50,000
50, 000
300, 000
45, 000
231, 600.00
32, 500. 00
146,000. 00
123,000.00
104,000.00
49,375.00
22,500.00
8,083.33
39,000. 00
172, 500.00
68,950.00
10,000.00
48,500. 00
14, 250.00
18,000.00
154,880. 00
123, 750. 00
Total
deposits at
date of suspension
C
C
AC
AC
A
$50,000
25, 000
25, 000
40, 000
100,000
65,000. 00
86,687. 50
6, 000.00
62,125. 00
33, 500. 00
206, 000.00
3, 000.00
Circulation
outstanding
at date of
failure
Lawful
money
deposited
26,1928
31,1928
10,1929
12,1929
18,1929
M a y 7,1883
July 2,1902
Aug. 15,1912
M a y 18,1910
M a y 4,1889
14,1887
9,1900
17,1890
7,1901
10,1916
6,1914
1,1913
7,1916
7,1915
18,1883
2,1908
22,1918
26,1902
8,1916
10,1920
15,1905
5,1927
2,1916
12,1906
8,1901
8,1923
7,1900
27,1921
9,1910
17,1926
10,1917
14,1909
Receiver
appointed
Apparent
cause
of
failure
Dec.
Dec.
Jan.
Jan.
Jan.
12, 500.00
35,000.00
25,000.00
21,500.00
24,450.00
$1, 200
c
A
A
B
A
C
AC
A
C
A
C
AC
C
c
AB
AB
24,450
25,000.00
25,000.00
25,000.00
|
7, 000.00
60,358
498, 265
212,659
194, 631
390,452
1, 907, 518
289,053
44,400.00
840,213
3
o
o
1288
1289
1290
1291
1292
1293
1294
1295
1296
1297
1298
1299
1300
1301
1302
1303
1304
1305
1306
1307
1308
1309
1310
1311
1312
1313
First National Bank, Anefca, N. Dak
Rosedale National Bank, Rosedale, Miss
First INational Bank in Langdon, N. Dak
First National Bank, Mayville, N. Dak
Polk County National Bank in Bartow, Fla_..
East Alabama National Bank, Eufaula, Ala__
National Bank of Newberry, S. C
South Pasadena National Bank, South Pasadena, Calif
First National Bank, McHenry, N. Dak
First National Bank, De Land, Fla
First National Bank, Sanford, Fla
First National Bank, Dahlgren, 111
First National Bank, St. Augustine, Fla
First National Bank, Winter Garden, Fla___
Miners National Bank, Blossburg, Pa
First National Bank, Drayton, N. Dak
First National Bank, Maquon, 111
Henry National Bank, Abbeville, Ala
First National Bank, Moultrie, Qa
First National Bank, Montezuma, Iowa
First National Bank, Eldorado Springs, Mo.
First National Bank, Delta, Colo
Farmers National Bank, Red Oak, Iowa
Taylorville National Bank, Taylorville, I1L_
First National Bank, Taylorville, 111
First National Bank, New Bern, N. C
Total..
T
11311 Feb. 18,1919
12073 Nov. 11,1921
13053 Mar. 9,1927
3673 Apr. 4,1887
13309 Apr. 1,1929
3622 Dec. 23,1886
1844 May 6,1871
•25, 000
85, 000
50,000
50,000
200,000
59, 000
50, 000
~228~o66~66"
12852
8124
9657
3798
7750
3462
11389
5007
6225
8482
10959
7565
2961
10055
5467
6056
8940
3579
100,000
25,000
50, 000
50, 000
25, 000
50, 000
25,000
50, 000
25, 000
35, 000
25, 000
25, 000
50, 000
50, 000
30, 000
60, 000
150, 000
75, 000
150, 000
13298
Nov.
Feb.
Jan.
Apr.
Apr.
Feb.
June
June
Mar.
Nov.
Feb.
Dec.
May
June
May
Nov.
Apr.
Oct.
Mar.
17,1925
1.1906
5,1910
19,1887
25.1905
16,1886
20,1919
6,1895
22,1902
10.1906
21,1917
19,1904
21.1883
30,1911
22,1900
9,1901
6.1907
9,1886
18,1929
25, GOO
85,000
50,000
50,000
200, 000
100, 000
100,000
June
June
June
June
June
July
29,000. 00
85, 500.00
241, 225. 00
51, 700. 00
807, 900. 00
8, 500. 00
127, 500. 00
88, 500. 00
18, 900.00
19, 500. 00
8, 000 00
191, 000. 00
66, 500. 00
156, 000. 00
67, 200. 00
186, 000.00
657, 290. 00
100,000
25,000
100, 000
150, 000
30,000
130, 000
50,000
50, 000
50, 000
35, 000
50, 000
100,000
50,000
50,000
50,000
60,000
150, 000
200,000
150, 000
July
July
July
July
July
July
25,376,000 62,153,157.03
37,834,500
8, 500. 00
286, 380. 00
705, 500.00
3,1929
10,1929
14,1929
25,1929
28,1929
1,1929
do
AC
A
C
A
C
B
A
2,1929
3,1929
12,1929
15,1929
22,1929
25,1929
do.
July 30,1929
Aug. 12,1929
Aug. 14,1929
Aug. 16,1929
Aug. 27,1929
Sept. 16,1929
Sept. 23,1929
Sept. 25,1929
Oct. 14,1929
Oct. 18,1929
do
Oct. 26,1929
A
C
AC
C
C
AC
C
A
C
C
A
C
A
AC
B
A
AC
AC
A
25,000.00
70,45a. 00
98,600.00
100,000.00
29, 250.00
130, 000.00
48, 700.00
49,000.00
49,997. 50
23,400.00
16, 850. 00
185,954
71,761
164,094
163,380
1,046,039
414,340
1,108,313
704,440
46,763
1, 255,287
1, 713,486
156,711
1, 649,312
292,099
1,167, 522
156, 539
127,145
196, 597
48,850. 00
49, 050.00
49, 600. 00
58,900. 00
75,000. 00
98, 550. 00
23, 900.00
496,376
315,831
457,455
401,608
11, 794, 550 19, 658, 982. 50
232,886,651
o
S
o
A—Incompetent management.
B—Dishonesty.
C—Local financial depression from unforeseen agricultural or industrial disaster.
D—Receiver appointed to levy and collect stock assessment covering deficiency in value o fassets sold.
E—Temporary suspension to adjust settlement on adverse judgment.
F—Information not available.
3
o
fcO
CO
CO
300
REPORT OF THE COMPTROLLER OF THE CURRENCY
TABLE N O . 44.—National
banks in charge of receivers, dates of
organization
. assets, amounts collected from all sources, loans paid and other disbursements,
remaining assets returned to shareholders October 31, 1929
Title and location of banks
469
513
549
554
593
598
600
606
611
612
619
620
633
643
645
649
650
652
655
656
658
660
663
664
665
667
669
670
671
672
675
679
680
683
687
689
691
696
703
708
709
710
711
713
714
715
716
719
720
722
723
724
727
738
739
740
743
744
746
748
751
752
754
755
756
757
760
761
762
763
Farmers & Drovers National Bank, Waynesburg, Pa_First National Bank, Billings, Mont
__
First National Bank, Sutton, W. Va
First NaMonal Bank, Uniontown, Pa
First National Bank, Eureka, S. Dak
First National Bank, Hearne, Tex
First National Bank, Gridley, Calif.
First National Bank, Ranger, Tex
Corn Belt National Bank, Scotland, S. Dak
First National Bank, Ambia, Ind
First National Bank, Bridgeport, Nebr
Bannock National Bank, Pocatello, Idaho
First National Bank, Vale, Oreg
Stillwater Valley National Bank, Absarokee, Mont.
National City Bank, Salt Lake City, Utah
State National Bank, Ardmore, Okla
Corydon National Bank, Corydon, Ind..
First National Bank, Oak Grove, La
_
First National Bank, Ingomar, Mont
American National Bank, Billings, Mont
Merchants National Bank, Wimbledon, N. Dak
First National Bank, Mountainair, N. Mex.
Commercial National Bank, Great Falls, Mont
Sterling National Bank, Sterling, Colo
Payette National Bank, Payette, Idaho__
Citizens National Bank, Laurel. Mont__
First National Bank, Broadview, Mont
_.
Commercial National Bank, Wilmington, N. C
First National Bank, Winner, S. Dak
1
First National Bank, Wessington Springs, S. Dak
First National Bank, Harlowton, Mont
First National Bank of Roundup, Mont
First National Bank, Gregory, S. Dak__
Llano National Bank, Llano, Tex
First National Bank of Rock River, Wyo
First National Bank, Joseph, Oreg
Peoples National Bank, Salisbury, N. C
First National Bank, Sapulpa, Okla
Howard National Bank, Howard, S. Dak
First National Bank, Wells, Minn
First National Bank, Mitchell, S. Dak
Cavalier County National Bank, Langdon, N. Dak
American National Bank, Three Forks, Mont
Lehigh National Bank, Lehigh, Okla
City National Bank, Coalgate, Okla
First National Bank, Grey Eagle, Minn
First National Bank, Fairview, Mont
Union National Bank, Beloit, Kans
Texas County National Bank, Guymon, Okla
National Bank of Barnesville, Barnesville, Ohio
Citizens National Bank, Roswell, N. Mex.
.._
First National Bank, Lancaster, Minn.
. .
First National Bank, Turtle Lake, N. Dak
First National Bank, Forsyth, Mont
Condon National Bank, Condon, OregFirst National Bank, Moore, Mont
Merchants National Bank, Mandan, N. Dak
First National Bank, Webster, S. Dak
Sioux Falls National Bank Sioux Falls, S. Dak
First National Bank, Beach, N. Dak
National Bank of Carlsbad, Carlsbad, N. Mex
Dakota National Bank, Dickinson, N. Dak
First National Bank, St. John, Wash_
First National Bank, Warroad, Minn
First National Bank, Brookings, S. Dak
First National Bank, Ronan, Mont
First National Bank, Clarkston, Wash
First National Bank, Carthage, S. Dak___ _
First National Bank, Onida, S. Dak
Commercial National Bank., Miles City, Montana
Capital
Receiver apDate of organ- stock
at
pointed
ization
suspension
Jan. 30,1865
Dec. 3,1883
Apr. 7,1902
Jan. 2,1864
Nov. 18,1919
July 5,1894
Mar. 14.1918
Jan. 26.1906
May 28,1917
July 30.1909
Feb. 23.1910
July 15,1902
Jan. 14.1907
Aug. 11,1917
Nov. 19,1912
May 6,1913
May 23,1905
Mar. 2,1920
Aug. 16.1919
Apr. 5.1920
Sept. 17.1907
Apr. 3.1919
Apr. 20.1914
May 2.1921
Jan. 9,1906
May 3,1907
Nov. 26.1915
Apr. 17,1922
Dec. 15,1917
Sept. 25.1902
Oct. 27.1908
May 22,1908
Feb. 22.1907
Jan. 5,1901
Apr. 24.1919
Dec. 11.1905
Mar. 10.1908
Aug. 19,1901
Aug. 13.1915
Dec. 12,1891
Feb. 8,1882
Jan. 28.1908
Apr. 30.1917
Feb. 14.1901
Mar. 10.1920
May 28,1907
Aug. 26.1921
Mar. 24.1903
Mar. 21.1922
Jan. 29,1903
Apr. 20.1903
May 14.1919
June 8,1907
June 10.1904
Mar. 26.1906
Jan. 7,1907
Aug. 24,1914
Nov. 19.1902
Nov. 14.1882
May 26.1909
July 8,1903
Mar. 4,1905
Mar. 11.1918
Aug. 4.1920
Nov. 15.1883
Aug. 31.1910
Mar. 16.1903
Mar. 20.1916
Jan. 17.1920
Aug. 15,1895
$200,000
150,000
50,000
100,000
50,000
50,000
40,000
200,000
25,000
25,000
25,000
100,000
50,000
25,000
250,000
200,000
125,000
50,000
25,000
150,000
25,000
30,000
200,000
150,000
75,000
35,000
25,000
200,000
30,000
50,000
50,000
50,000
50,000
50,000
50,000
25,000
100,000
100,000
25,000
100,000
100,000
25,000
25,000
35,000
50,000
25, 000
40,000
50,000
25,000
100,000
200,000
25,000
25, 000
75,000
50,000
25,000
50,000
25,000
150, 000
50,000
100,000
50,000
40,000
25,000
100,000
25,000
50,000
25,000
25, 000
250,000
Dec. 12,1906
July 2,1910
Aug. 29,1914
Jan. 19,1915
Aug. 20,1920
Jan. 21,1921
Jan. 29,1921
Mar. 2,1921
Mar. 28,1921
Apr. 5,1921
M a y 28,1921
June 11,1921
Nov. 15,1921
Jan. 30,1922
Feb. 3,1922
Mar. 4,1922
Mar. 8,1922
M a y 13,1922
Aug. 14,1922
Sept. 23,1922
Oct. 27,1922
Nov. 2,1922
Dec. 9,1922
Dec. 11,1922
Dec. 13,1922
Jan. 4,1923
Jan. 30,1923
Jan. 31,1923
do
Feb. 5,1923
Mar. 7,1923
Apr. 5,1923
Apr. 12,1923
Apr. 18,1923
June 14,1923
do
July 3,1923
July 30,1923
Sept. 1,1923
Oct. 22,1923
Oct. 23,1923
Oct. 29,1923
do
Nov. 8,1923
do
do
do
Nov. 13,1923
do
Nov. 14,1923
Nov. 16,1923
Nov. 19,1923
Nov. 21,1923
Dec. 18,1923
do.__. .
Dec. 20,1923
Dec. 26,1923
Jan. 2,1924
Jan. 24,1924
do._
Feb. 6,1924
Feb. 7,1924
do
Feb. 9,1924
do__ _ ..
do
Feb. 12,1924
do.... .
do
Feb. 15,1924
REPORT OF THE COMPTROLLER OF THE CURRENCY
301
appointment of receivers, and closing, with amounts of nominal and additional
losses on assets, expenses of receiverships, claims proved, dividends paid, and
Book value of assets at date of
suspension
Estimated
good
Estimated
doubtful
Estimated
worthless
$814,783 $2,013,406
1, 087, 304
505,016
310, 050
80,899
1,080,785
2,388, 710
750,777
192,169
84,309
273, 349
133,615
27, 037
741,218
1,864,464
217,255
198,069
91, 391
38, 298
91, 326
72,899
678,103
735, 340
29,968
286, 691
101,355
139, 877
2,146, 734
1,367, 227
640, 092
913, 996
930,940
394, 591
39, 333
75, 957
48, 652
137, 880
165, 067
270, 200
57,132
118, 292
308, 039
22, 802
447, 804
1,189, 442
241,183
463, 971
63, 743
123, 049
63, 740
102, 694
40, 657
74, 842
926, 972
1, 226,912
141, 052
149, 236
106, 852
223, 691
81, 571
90,142
213, 681
112,832
45, 299
257,777
112, 936
172, 844
94, 366
122, 998
108,961
114, 303
478,878
255, 458
219, 280
566, 071
75, 257
150, 855
166,679
652,820
458,659
846, 395
404, 632
171, 990
38, 395
50, 025
79, 658
149, 623
107, 244
103, 050
13, 849
57, 799
47, 361
74, 354
321, 654
169,837
180, 421
48, 653
457, 554
53, 910
123, 511
847, 636
89,131
156, 379
95, 358
41, 582
242, 350
299,147
103, 031
103, 632
46, 657
138,147
45, 048
175, 697
125, 681
113, 962
1, 748, 843
746, 250
297,840
160, 685
731, 798
220, 201
17, 446
153, 683
100, 653
67,235
117, 758
102, 560
337, 212
428, 037
30, 884
155, 788
98, 887
170, 037
58, 572
165, 098
69, 633
79, 432
806, 234
946, 948
Additional
assets
received
since
date of
suspension
including
dividends
paid and
recovered
$130,499 $2,068, 291
663,169
552, 201
62,100
27, 210
1, 037, 383
47,999
181, 021
32,303
144, 913
98, 333
372,056
157, 392
264, 810
86, 842
50, 999
78,983
18, 935
68, 464
34, 264
72, 210
307, 421
273, 383
76,745
63, 407
14, 313
26, 057
80, 930
913, 517
26, 058
110, 496
351, 628
143, 691
19, 564
28, 686
119, 042
13, 588
309, 219
104, 959
21, 981
31,804
802
17, 432
424, 765
236, 246
270, 603
260? 556
168, 413
51, 287
205, 526
21, 638
39. 793
10, 763
548, 872
236,703
53, 935
41, 615
382,175
83, 405
405, 582
71, 269
451, 201
176, 026
63,798
14,450
141,127
155, 586
66, 034
58, 272
138,678
44, 975
575, 563
66, 313
235, 987
142, 726
65, 710
31, 211
297, 201
107, 077
57, 902
69, 624
54, 696
72, 404
33,574
48,143
86, 078
8, 649
76,102
83, 450
60, 287
4,731
171, 967
22, 599
229, 459
233, 227
54, 570
71, 243
520, 999
171, 274
672, 204
85, 426
77, 025
46, 976
84, 886
43, 687
140,196
49, 892
75, 577
32, 522
53, 270
37, 243
211, 368
61, 448
74, 918
55,163
458, 547
310,071
96, 317
62,169
215, 322
140, 663
91, 909
82, 454
47, 400
26, 317
40, 291
30, 983
381, 524
179, 599
34, 080
20, 298
15, 439
30, 362
129,011
34, 986
54, 917
25, 053
677,140
185, 645
Progress of liquidation
to date of this report
Total assessment
of shareholders
Total assets Cash coland stock lected from
assessments
assets
Cash collected from
stock
(J.1 V IClcHQo assessment
paid and
recovered
including
$200,000
150, 000
50, 000
50, 000
50, 000
40, 000
200, 000
25,000
25, 000
25, 000
100,000
50, 000
25, 000
250, 000
200, 000
125, 000
50, 000
25,000
150, 000
25, 000
30,000
200, 000
150, 000
75,000
35, 000
25,000
200,000
30, 000
50, 000
50, 000
50, 000
50, 000
50, 000
50, 000
25, 000
100, 000
100, 000
25, 000
100, 000
100, 000
25, 000
25, 000
35, 000
50, 000
25, 000
40, 000
50, 000
25, 000
100, 000
200, 000
25, 000
25, 000
75, 000
50, 000
25, 000
50, 000
25, 000
150, 000
50, 000
100, 000
50, 000
40, 000
25, 000
100, 000
25, 000
50. 000
25, 000
25, 000
250, 000
$5, 226, 979 $1, 604,125
2, 957, 690
1, 913, 668
530, 259
438,805
4, 554, 877
3, 519, 484
1, 206, 270
834,692
650, 904
369. 201
730,100
287, 393
3,157, 334
1, 539,158
570, 306
288,036
242, 088
111,534
295, 699
121,194
2, 094, 247
1, 040, 468
506, 811
203, 949
306, 602
170, 783
4, 758, 408
3, 201, 443
1, 890, 642
869, 345
1, 945, 850
1, 297, 928
213, 540
56, 385
344,162
117,742
999, 445
251, 762
254, 209
101, 344
379, 075
139, 255
2, 498, 257
1, 019, 242
1, 386, 313
481, 027
481, 492
180, 811
428, 598
151,167
191, 055
59, 468
3,139, 459
636, 629
415, 838
212, 082
846,123
368, 420
698, 564
175, 641
1, 003,740
316, 821
431, 324
127,353
632, 493
133, 968
391, 670
124, 488
431,917
216, 495
1, 476, 212
683, 636
1, 264, 064
354, 210
348, 033
151, 124
1, 323, 777
558, 867
1, 532, 580
792, 313
728, 722
302, 765
195,137
57, 003
359, 008
128, 716
419, 846
124, 322
161, 666
42, 524
356, 281
110, 516
1, 004,177
397, 337
379, 887
259, 408
1, 303, 737
498, 471
1, 928, 777
916, 796
394, 511
173, 879
290, 513
154, 834
346, 582
806, 585
364, 762
197,674
300, 317
159, 624
543, 561
253,176
394, 724
156, 664
3, 413, 711
1, 678, 017
667, 011
302, 570
1, 407, 984
622, 326
395, 492
127, 544
281, 605
172, 735
316, 592
141, 037
1, 426, 372
529,320
119, 400
266, 050
364, 725
183, 635
412, 667
168, 952
254, 035
127, 467
2, 865, 967
1, 407, 273
$149,320
7,594
25,180
28,750
36, 046
20,001
17,835
15,794
19, 266
3,500
40, 510
16, 714
3,625
193,109
77, 967
36, 945
14, 095
4,913
58, 775
12, 449
10, 797
181, 264
76,132
42,001
3,900
12, 500
107,425
14, 000
4,803
32,177
18, 994
445
11,712
25, 057
11,192
68,322
42, 548
14, 378
29, 260
40, 950
5, 508
9,129
6,191
5, 885
7,800
23,900
29,579
23, 471
98, 450
47, 490
6,300
4,563
32, 391
38,776
13, 611
8,657
8,950
52,188
15, 223
38, 257
21, 530
19,000
16, 793
100, 000
4,724
32, 228
11, 420
12, 022
126, 884
469
513
549
554
593
598
600
606
611
612
619
620
633
643
645
649
650
652
655
656
658
660
663
664
665
667
669
670
671
672
675
679
680
683
687
689
691
696
703
708
709
710
711
713
714
715
716
719
720
722
723
724
727
738
739
740
743
744
746
748
751
752
754
755
756
757
760
761
762
763
302
REPORT OF THE COMPTROLLER OF THE CURRENCY
TABLE N O . 44.—National banks in charge of receivers, dates of organization,
assets, amounts collected from all sources, loans paid and other disbursements,
remaining assets returned to shareholders October 31, 1929—Continued
Progress of liquidation to date of this report
Disposition of proceeds
of liquidation
Loss on
Secured and
reTotal col- assets
com- Remaining Remaining Assets
to Dividends preferred
lected from pounded
Offsets
or uncollected uncollected turned
liabilities
shareallowed
all sources sold under
stock
paid
including
and settled including
assets
assessment holders'
order of
offsets
paid
agents
offsets
court
469
513
549
554
593
598
600
606
611
612
619
620
633
643
645
649
650
652
655
656
658
660
663
664
665
667
669
670
671
672
675
679
687
696
703
708
709
710
711
713
714
715
716
719
720
722
723
724
727
738
739
740
743
744
746
748
751
752
754
755
756
757
760
761
762
763
221,864
12, 908
330, 370
96, 311
20,192
31, 356
277, 594
54, 217
38,132
12, 812
94,441
16, 654
7,809
150, 944
117, 925
81, 093
37, 995
12, 860
13, 493
14,180
18, 923
206, 283
28,136
10, 594
9,078
835, 550
22, 552
24, 848
25, 042
51, 297
20, 300
159,195
57, 925
8,741
111,677
238, 671
5,005
64,520
53, 302
12, 348
10, 960
1,818
14, 528
1,778
9,453
69, 443
45, 670
120^ 973
89, 219
25, 431
9,169
42, 092
11,103
9,538
22, 487
17, 076
385, 902
22, 278
131, 967
10, 519
10, 932
29, 603
44,200
10, 086
10, 839
19,426
3,371
131, 009
$2, 299, 771 $2, 756,181
156, 690
2,143,126
16, 811
476, 893
3,849, 854
199,167
182,447
959, 753
190,498
425, 439
370,851
339, 250
569,835
1, 834, 587
83, 566
358, 047
168, 932
67, 422
137, 506
34, 425
1,175, 419
661, 605
237, 317
234, 716
182, 217
46, 847
3, 545,496
315,870
703, 372
1, 065, 237
1, 415, 966
441, 829
69,160
108,475
135, 515
188, 560
324, 030
28,815
127, 973
113, 685
190, 897
168, 975
1, 406, 789 1, 040, 791
707,192
605, 253
197, 545
250, 948
116, 912
165, 661
81, 046
39, 663
1, 579, 604 1, 217, 597
248, 634
148, 535
398, 071
172, 173
232, 860
447, 881
387,112
585, 622
220, 826
304, 875
289, 330
207, 470
159, 257
236, 428
88, 874
863, 635
501, 662
635, 429
560, 600
170, 507
166, 904
652, 647
213, 053
886, 565
261, 572
320, 621
155, 525
77, 092
102,174
136, 725
193, 474
144, 735
74, 212
52, 102
92, 364
143, 869
196, 312
496, 359
440, 237
328, 549
47, 693
717, 894
584, 293
1, 053, 505
722, 762
205, 610
15, 623
168, 566
10, 031
421, 065
144, 462
247, 553
51, 360
182, 773
106,155
284, 320
16, 765
182, 690
75, 952
314, 581
2,116,107
292,163
340, 071
553, 691
792, 550
159, 593
36,897
202, 667
57, 938
187, 433
120, 952
673, 520
366, 022
134, 210
111, 564
226, 702
120; 251
199, 798
199, 289
142, 860
27, 601
1,665,166
297, 990
$120, 347
515, 468
11, 735
505, 856
42, 820
21,013
570, 747
119,487
102, 268
197, 733
1,492
56,163
840,151
555, 375
""31,941"
114, 925
57, 846
249, 683
2,669
230, 682
12,845
92, 807
79, 237
10, 583
387, 337
325, 393
233, 084
156, 784
47,160
2,116
154, 578
91, 479
198, 449
54, 625
201,133
120, 032
885, 211
170, 532
$50, 680
142, 406
24, 820
21, 250
13, 954
19,999
182,165
9,206
5,734
21, 500
59, 490
33,286
21, 375
56, 891
122,033
88,055
35, 905
20, 087
91, 225
12, 551
19, 203
18, 736
73,868
32, 999
31,100
12, 500
92, 575
16,000
45,197
17,, 823
31,006
49, 555
38, 288
24, 943
13,808
31, 678
57,452
10, 622
70, 740
59, 050
19,492
15,871
28, 809
44,115
17, 200
16,100
20, 421
1,529
1,550
152, 510
18, 700
20,437
42, 609
11, 224
11, 389
41, 343
16, 050
97, 812
34, 777
61, 743
28, 470
21, 000
8,207
"386,"830'
70, 596
779, 695
20, 276
17, 772
13, 580
12, 978
123,116
$754,094
258, 322
34,453
1, 030, 259
249, 535
310, 592
240, 222
1,457, 449
173, 601
88,643
65,115
917, 594
182, 726
144, 327
., 049, 903 2, 306, 738
391,131
552, 575
714, 560
591, 682
15, 954
76,133
1,286
119,181
108, 889
114,163
286, 325
398, 788
315, 362
665, 621
463,157
63,642
46, 454
225, 746
54,034
47,400
33, 695
164, 881
15, 320
36,195
369, 370
138, 108
96,762
253, 671
33, 525
64, 343
92, 272
70, 464
30, 405
29, 874
411, 264
117,144
21, 366
168,749
156, 410
10, 047
4, 507
8, 726
9,964
27, 587
220, 755
117, 845
492, 352
179,101
44,110
50, 089
109, 373
90, 294
81,186
117, 576
59, 050
763,159
137,453
160, 691
79, 028
106, 836
60, 580
148, 394
47, 962
146, 865
44, 953
37, 700
751,674
107,800
93,173
906, 944
423,011
101,878
128, 680
53, 723
1, 018, 046
146, 686
307,255
138, 724
261,832
117, 209
213,471
127, 423
184, 864
334, 704
408, 472
126, 472
326,720
519, 783
239, 716
54, 514
113, 764
111, 051
18, 726
99, 847
171,878
169,155
200, 736
823, 724
134, 673
69, 793
239, 603
123,124
80, 783
77,338
67,830
943, 273
167, 333
590, 691
39, 942
79, 913
92,849
443, 380
68,063
48, 980
126, 801
85, 532
674, 998
REPORT OF THE COMPTROLLER OF THE CURRENCY
303
appointment of receivers, and closing, with amounts of nominal and additional
losses on assets, expenses of receiverships, claims proved, dividends paid, and
Disposition of proceeds of liquidation
Cash advanced in
protection
of assets
$80, 582
236, 226
2, 812
437, 202
117, 960
14, 281
2,580
1, 596
39, 943
966
1,130
1, 331
656
1,287
6,986
14, 359
55, 666
654
55
16, 318
1,456
6,864
29, 276
3,914
8, 237
4. 780
726
1.706
21,195
7,699
1,854
3.132
5.147
19
1,132
216
1,005
3, 229
36, 517
95,137
6^049
281
720
934
24
6,147
1, 294
554
98
1, 517
8,979
1, 831
1,324
1,452
11,917
2,1C7
23, 761
4, 363
283
723
53
7,434
15, 745
422
194
1,794
1, 811
59, 039
Receiver's
Cash in
Amount
salary,
h a n d s of
returned
legal, and comptroller to shareother
and
holders
expenses
receiver
in cash
$129, 463
206, 930
85, 355
211, 527
117, 952
33, 461
34, 983
98, 421
68,136
27, 944
22, 581
79, 598
28, 433
25, 075
119, 512
107,172
54, 058
15, 734
14, 993
74,135
11, 898
32, 743
64, 071
40, 220
44, 071
21, 842
16, 332
118, 480
28, 143
44, 212
27.939
29, 876
18, 6C9
20, 921
28, 157
20, 734
52, 397
71, 957
22, 669
51, 393
88, 746
44, 226
12, 531
18,173
18, 145
15, 924
16,411
60, 075
29, 349
24, 252
50, 582
20, 018
27, 518
25, 782
26, 276
19, 352
56, 612
23, 510
187, 989
30, 922
40, 885
30, 765
15, 865
26, 570
53, 069
17, 763
30, 663
26 250
13, 524
103, 573
$49, 307
42, 860
38,911
155, 245
11,149
3,463
15.011
51,375
22, 333
3,979
14, 985
12, 015
10,182
11,528
62, 357
$350, 000
10, 525
6, 819
37,128
j
16,359 1
10, 265
187, 701
19,085 1 38, 905
7,073
20, 353
740
64, 265
34, 627
69, 268
26, 489
30, 630
6,093
6,554
37, 504
10, 906
5,292
12,187
44, 476
6,535
20, 877
30,193
197, 925
9,135
12, 932
4,293
75,882
...
Amount of
claims
proved
$1, 570, 643
1, 850, 300
350,153
1, 395, 758
801,165
115, 777
436, 733
L 230, 346
343, 954
94, 800
112, 324
1, 002, 909
306, 584
104. 326
1, 422, 933
793 695
952, 760
41, 708
128, 586
507, 795
170, 564
253. 125
1,463.173
449, 779
185. 297
281, 433
111, 002
1,636 133
186, 2.59
595, 923
419, 180
459 598
247 864
162, 364
169, 314
129,096
814, 350
458, 830
260, 580
731 291
730, 740
437,177
51 240
250, 452
174, 886
99, 640
i 87, 325
605, 574
188, 555
904, 862
977, 079
170, 357
133,215
398, 532
121,511
140,900
328, 749
222, 055
1, 904, 291
374, 978
868, 639
174, 953
98, 788
144,132
976, 211
151, 969
163, 780
224, 715
112, 992
1, 500,110
Dividends
(per cent)
75
75
90
100
55
42
10
17
15
50
30
12,5
5
Interest
dividends
(per cent)
Date finally
closed or
restored
16.12
_.
67
49.2
75
38
F e b . 14, 1929
Aug. 30,1929
J u n e 1,1929
Dec. 15,1928
20
14.3
25
30.7
47
M a r . 31.1929
J u l y 31, 1929
Sept. 30, 1929
15
18
14.5
17.2
M a r . 5,1929
F e b . 28,1929
43.4
15
10
50
20
8.2
20
20
Oct. 31, 1929
15.3
1.8
5
10
12.1
35
62.5
54.1
18.3
20
35
25
65
53. 5
35
25
40
33
18.5
45
95 5
38.8
15
31. 5
83.5
18.4
...
30
50
M a r . 26,1929
J u l y 20,1929
M a r . 31,1929
Nov.
1,1928
Oct. 31,1929
J u n e 30,1929
Oct. 25,1929
Dec. 31,1928
Aug. 31,1929
M a r . 22,1929
Oct. 31,1929
Dec. 20,1928
M a r . 30,1929
Oct. 31,1929
469
513
549
554
593
598
600
606
611
612
619
620
633
643
645
649
650
652
655
656
658
660
663
664
665
667
669
670
671
672
675
679
680
683
687
689
691
696
703
708
709
710
711
713
714
715
716
719
720
722
723
724
727
738
739
740
743
744
746
748
751
752
744
755
756
757
760
761
762
763
304
REPORT OF THE COMPTROLLER OF THE CURRENCY
TABLE N O . 44.—National
banks in charge of receivers, dates of organization,
assets, amounts collected from all sources, loans paid and other disbursements,
remaining assets returned to shareholders October 31, 1929—Continued
I
Title and location of banks
764 Nowata National Bank, Nowata, Okla
765 First National Bank, Castlewood, S. Dak
770 First National Bank, Sidney, Mont
771 Stockmens National Bank, Fort Benton, Mont
772 First National Bank, Fort Sumner, N. Mex
773 Wells National Bank, Wells, Minn
774 First National Bank, Gering, Nebr
_
775 Western National Bank, Mitchell, S. Dak
776 First National Bank, Coalgate, Okla
777 First National Bank, Mclntosh, S. Dak
780 First National Bank, St. Anthony, Idaho
781 First National Bank, Huron, S. Dak.
782 Farmers & Merchants National Bank, Fairbury, Nebr.
783 First National Bank, Golva, N. Dak__
784 First National Bank, Lingle, Wyo__.
_
785 Torrington National Bank, Torrington, Wyo
787 First National Bank, Poison, Mont
789 Merchants National Bank, Crookston, Minn
794 First National Bank, Lake Preston, S. Dak
796 First National Bank, Plenty wood, Mont
__.
797 First National Bank, Sterling, Colo
799 First National Bank of Fergus County, Lewistown,
Capital
Date of organ- stock
at
ization
suspension
Receiver appointed
Aug. 23,1902
Oct. 2,1901
Dec. 23,1907
Dec. 24,1889
Feb. 28,1907
Apr. 6,1903
Dec. 28,1905
Sept. 12,1904
Dec. 8,1900
Oct. 16.1908
Dec. 31,1900
May 19,1882
Feb. 8,1913
Apr. 14,1919
Aug. 19,1918
Feb. 3,1919
Mar. 26,1909
Oct. 25,1884
July 24,1915
May 12,1913
Oct. 29,1900
May 9,1904
Feb. 19,1924
Feb. 19,1924
Feb. 26,1924
do_.
$25,000
25,000
50,000
200,000
25,000
75,000
25,000
100,000
100, 000
25,000
50, 000
65,000
60,000
25, 000
25,000
35, 000
25,000
75, 000
25,000
50, 000
100, 000
300,000
....do.
....do
.do.
Feb. 27,1924
do
Mar. 1,1924
Mar. 4,1924
Mar. 14,1924
Mar. 15,1924
Mar. 18,1924
Mar. 19,1924
do
Mar. 22,1924
Mar. 24,1924
Mar. 28,1924
Mar. 31,1924
Apr. 5,1924
Apr. 12,1924
Mont.
First National Bank, Alexander, N. Dak
Jan. 22,1919
25,000 Apr. 15,1924
First National Bank, Pilger, Nebr.
_.._
Aug. 2,1901
50,000 Apr. 22,1924
National Bank of Commerce, Shawnee, Okla.
Aug. 18,1923
100, 000 Apr. 28,1924
Citizens National Bank, Hankinson, N. Dak
30, 000 Apr. 30,1924
Jan. 18,1906
First National Bank, Carlsbad. N. Mex
100,000 May 14,1924
May 19.1900
Farmers National Bank, Burlington, Kans
55, 000 May 21,1924
Sept. 10.1903
Drovers National Bank, East St. Louis, 111
200,
000 May 22,1924
Apr. 30,1913
First National Bank, Schuyler, Nebr
50,000 May 24,1924
Sept. 4,1882
do-_
First National Bank, Morristown, S.1Dak
25,
000
May 11,1910
do
City National Bank, Huron, S. Dak.
June 3.1907
June
12,1924
Citizens National Bank, Julesburg, Colo
25,
000
Sept. 29,1909
First National Bank, Basin, Wyo
35, 000 June 14,1924
May 15.1916
June
19,1924
Citizens National Bank, Worthington, Minn
25,
000
June 7.1901
National Bank of Commerce, Rochester, N. Y
Feb. 1,1906 1, 500, 000 June 21,1924
June
23,1924
Weiser National Bank, Weiser, Idaho
75,
000
Feb. 19,1906
First National Bank, Cheyenne, Wyo
200, 000 July 9,1924
Dec. 29,1870
July
18,1924
First National Bank, Bridgewater, S. Dak;
25,000
Aug. 3,1903
First National Bank, Harrington, Wash.
50, 000 Aug. 6,1924
July 10,1908
First National Bank, Rexburg, Idaho
50,000 Aug. 11,1924
Jan. 19.1904
First National Bank, Putnam, Conn
150, 000 Aug. 13,1924
Mar. 23,1864
First National Bank, Beaver Creek, Minn
30, 000 Sept. 20,1924
Jan. 4,1909
First National Bank, Ozark, Ala
35,000 Oct. 23,1924
Feb. 3,1905
First National Bank, Ulen, Minn
25, 000 Oct. 28,1924
Dec. 12,1903
First National Bank, Alma, Wis
25, 000 Nov. 7,1924
May 16,1906
Nov. 12,1924
Merchants National Bank, Grinnell, Iowa_._
100,000
Apr. 28.1883
First National Bank, Algona, Iowa
50, 000 Nov. 24,1924
May 22.1884
Nov.
25,1924
First National Bank, Boise City, Okla
25,000
Aug. 30.1917
First National Bank, Allendale, S. C
50,000 Dec. 3,1924
Nov. 30.1917
do.
First National Bank, BarnweU, S. C
50,000
Jan. 9,1919
First National Bank, Center, Tex
50,000
do
Sept. 10.1901
Farmers National Bank, Dodge Center, Minn.
30,000 Dec. 9,1924
Feb. 4r1903
First National Bank, Torrington, Wyo
50, 000 Dec. 16,1924
Oct. 6.1908
Parkesburg National Bank, Parkesburg, Pa
50,000 Dec. 26,1924
Feb. 27,1880
First National Bank, Oldham, S. Dak
25,000 Jan. 3,1925
Aug. 30,1912
First National Bank, Spring Hope, N. C
50,000
May 6,1919
Jan. 7,1925
Stockmens National Bank, Columbus, Mont
50, 000
July 12.1918
.do.
First National Bank, Alexandria, Minn
60,000 Jan. 8,1925
June 9,1883
First National Bank, Townsend, Mont
50,000
Jan. 31,1911
do
First National Bank, Rigby, Idaho
80,000 Jan. 12,1925
June 13,1919
First National Bank, Sylvester, Ga_._
50,000 Jan. 15,1925
Mar. 11.1902
First National Bank, Salem, S. Dak..
25,000 Jan. 16,1925
July 5,1901
Jefferson County National Bank, Rigby, Idaho *
50,000 Jan. 17,1925
June 9,1919
25, 000 Jan. 21,1925
Neoga National Bank, Neoga, 111
July 11.1905
25,000 Jan. 24,1925
First National Bank, Excelsior Springs, Mo
May 5,1905
Logan County National Bank, Sterling, Colo
150, 000 Jan. 26,1925
Oct. 11,1905
First National Bank, Buena Vista, Ga...
50,000
do
Oct. 12,1905
1
Receiver appointed to levy and collect stock assessment covering deficiency in value of assets sold.
803
804
806
807
810
812
813
814
815
816
818
819
822
824
827
830
832
835
837
839
843
846
847
850
851
855
856
857
858
859
860
861
862
864
866
867
868
869
870
872
873
874
875
877
878
879
305
REPORT OF THE COMPTROLLER OF THE CURRENCY
appointment of receivers, and closing, with amounts of nominal and additional
losses on assets, expenses of receiverships, claims proved, dividends paid, and
Book value of assets at date of
suspension
Progress of liquidation
to date of this report
Additional
assets
received
since
date of
suspension
including
dividends
paid and
recovered
Total assessment
of shareholders
Total assets Cash coland stock lected from
assessments
assets
Cash collected from
stock
assessment
1 Estimated
good
Estimated
doubtful
Estimated
worthless
$288, 368
168,897
470,454
252,126
85, 609
393, 700
50, 628
196, 375
463,871
59, 230
193, 783
938, 783
162, 379
22,914
47, 111
48, 570
58, 400
752, 444
79, 237
133, 898
269, 033
1,473,857
$240,028
53,246
32,690
798,011
61, 865
901, 924
253, 229
509,732
345, 544
103, 589
206,458
851, 487
91, 506
76, 454
52, 914
46, 686
109, 949
557, 258
109, 207
191, 366
566, 659
2,307, 203
$115,811
64,991
290,148
453,156
20,170
15, 871
113, 727
261,195
161, 521
48, 945
218, 988
265, 511
148, 925
35, 842
67, 224
50, 498
51, 548
344, 707
201,387
58, 241
282, 733
833, 221
$183, 593
28,971
113,369
88, 330
10, 855
87, 529
46,988
236, 483
73, 757
33, 032
151,403
358, 092
41, 832
7, 753
8,903
39, 582
56,161
118,272
18, 266
55. 406
56, 625
339, 934
$25,000
25,000
50,000
200, 000
25,000
75,000
25,000
100,000
100,000
25,000
50,000
65,000
60, 000
25, 000
25, 000
35, 000
25, 000
75, 000
25,000
50, 000
100,000
300,000
$852,800
341,105
956, 661
1, 791, 623
203, 499
1, 474, 024
489, 572
1, 303, 785
1,144, 693
269, 796
820, 632
2, 478, 873
504, 642
167, 963
201,152
220, 336
299, 058
1, 847, 681
433,097
488,911
1, 275, 050
5, 254,215
$373,834
164, 582
546, 528
824, 843
103, 308
807,931
155, 564
691,490
461, 864
104,194
421, 656
1,052, 798
265, 654
58, 394
77, 020
86, 550
124, 899
1,102,411
189, 798
130, 924
618,411
2, 445, 985
$22,630
11,912
23,803
114,990
14,835
23,560
8,540
48, 436
11,179
5,500
25,186
20, 664
33, 652
2,157
7,178
16, 830
12,155
17, 829
2, 845
18,004
30, 270
168, 808
764
765
770
771
772
773
774
775
776
777
780
781
782
783
784
785
787
789
79-4
796
797
799
98, 263
116,055
498, 560
61,532
229,143
187,375
365, 514
183,098
10, 602
112, 856
138,972
449, 972
107. 787
691, 804
218, 309
351r033
331, 264
100, 832
87, 299
74,016
264, 224
97,130
71, 372
77, 534
164, 452
164,900
109, 728
21,989
46,870
130,141
18,146
256, 842
59, 618
35, 907
38, 377
52, 738
25, 000
50.000
100', 000
30, 000
100, 000
55, 000
200, 000
50,000
25,000
345, 407
425,913
1,442, 897
314,595
1, 349,161
597, 836
1,116, 906
767,639
298,900
127, 571
129, 371
697, 427
147, 787
559,014
290,189
549, 293
334, 684
127,125
9,1
@FedFRASER