compcurr_1925

ANNUAL REPORT OF THE

Comptroller of the Currency

DECEMBER 11, 1925

WASHINGTONGOVERNMENT PRINTING OFFICE

1926

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TREASURY DEPARTMENTDocument No. 2965

Comptroller of the Currency


TABLE OF CONTENTS

PageSubmission of the reports._- .... _ . . - - . 1General conditions . - _ . . 1Legislation recommended ._ . - . . . _ 1National bank failures . 5Bank failures other than national- 8Public debt, United States bonds, national bank, and other circulation

June 30, 1925 8United States circulation bond transactions year ended October 31,1925. 9Redemption of national and Federal reserve bank circulation June 30t

1925_ . . . . ... . . 11National banks of issue April 6, 1925 . 12Profit on national bank circulation 12Organization and liquidation of national banks year ended October 31,

1925, and since establishment of the system 13Domestic branches of national banks, list of - 14National banks, with number of additional local offices and dates of ap-

proval of their establishment, October 31, 1925..-- - 16Condition of national banks at date of each report called for during year

ended October 31, 1925 . . . . . . . . 19Condition of national banks September 28, 1925:

Comparison of principal items of resources and liabilities of 20Principal items of resources and liabilities of, by States 22

National bank liabilities on account of bills payable and rediscounts sinceDecember 31, 1924 . 24

Loans and discounts of national banks June 30, 1925:Statement relative to - . . 25Classification of, for the last three fiscal years . 25Classification of, by reserve cities and States 26Comparative statement of, for the last three fiscal years, banks in

central reserve and other reserve cities, all reserve cities and else-where.. 32

Comparative changes in demand and time deposits, loans and discounts,United States Government and other bonds and securities7 and theamount of lawful reserve of national banks since June 30, 1921 32

United States Government securities held by national banks in reservecities and States June 30, 1925:

Classification of, by reserve cities and States 33, 34Investments of national banks:

Comparison of, years ended June 30, 1924-25 36United States Government, domestic, and foreign bonds, securities, etc.,

owned by national banks June 30, 1925:Classification of, by reserve cities and States . 37

Savings depositors and deposits in national banks June 30, 1925:Statement showing, by reserve cities and States, number of banks

reporting savings deposits, number of banks maintaining separatesavings departments, number of sayings depositors, amount ofsavings deposits, and average rate of interest paid . 42

Per capita individual and savings deposits in all reporting banks June 30,1925:

Statement showing, by States, approximate population, individualdeposits, per capita individual deposits, savings deposits, and percapita savings deposits . - _-_ 44, 45

Earnings, expenses, and dividends of national banks, year ended June 30,1925:

Statement relative to 46Comparison of, years ended June 30, 1924-25 . . 47Abstract of, by reserve cities and States, June 30, 1925 48Abstract of, by Federal reserve districts, June 30, 1925 56

in


TV CONTENTS

Page.National bank investments in United States Government and other

bonds and securities, etc., loans and discounts and losses charged offon account of bonds and securities and loans and discounts, yearsended June 30, 1918 to 1925 58

Number of national banks, capital, surplus, dividends, net addition toprofits, and percentage ratios, years ended June 30, 1914 to 1925 58

National banks classified according to capital stock June 30, 1925:Statement relative to and classification of 58

National bank examiners, list of October 31, 1925 59Convictions of national bank officers and others for violations of the

national banking laws during the year ended October 31, 1925, list of__ 65, 66Federal reserve system:

Statement relative to, year ended October 28, 1925 69Resources and liabilities of, at end of each month, November, 1916 to

1920, and October, 1921 to 1925 70Principal assets and liabilities of Federal reserve banks at the close

of each month from January 28, 1921, to October 28, 1925 71Percentage of bills discounted secured by United States Government

obligations to total bills discounted and purchased by Federalreserve banks at the end of each month, year ended October 31,1925 72

Federal reserve bank discount rates in effect October 31, 1925 72Discount rates prevailing in Federal reserve bank and branch cities, weeks

ended October 1.5, 1924, and September and October 15, 1925 73Rates for money in New York:

Range of, monthly in the year ended October 31, 1925__ 74, 75Comparison of range of, annually from January, 1916, to October 31,

1925 - 76New York clearing house:

Transactions of, year ended September 30, 1925 77Clearing-house associations in the 12 Federal reserve bank cities, and else-

where year ended September 30, 1925 77Banks, other than national, June 30, 1925:

State (commercial) banks, statement and summary relative to 77Loan and trust companies, statement and summary relative to 79Principal items, of resources and liabilities of loan and trust companies

in June of each year, 1914 to 1925 81Stock savings banks, statement and summary relative to 81Mutual savings banks, statement and summary relative to 83Depositors and deposits in mutual and stock savings banks, by States,

June 30, 1924 and 1925 85-87Number of sayings banks (mutual and stock), number of depositors,

amount of individual deposits, and average amount due each de-positor in years ended June 30, 1914 to 1925 88

Private banks, statement and summary relative to 88All reporting banks other than national, statement and summary

relative to 90Resources and liabilities of each class of 92Principal items of resources and liabilities of, on or about June 30,

1920 to 1925 , 92Resources and liabilities of all reporting banks, June 30, 1925:

Statement relative to, and abstract by States 93, 94Condensed statement of 104Individual deposits in, classification of 105Years ended June 30, 1920 to 1925 106Assets and liabilities of, including Federal reserve banks 106Cash, classification of, held by_ 107

Money in the United States:Stock of, June 30, 1925, statement relative to 108Stock of, years ended June 30, 1914 to 1925 108United States circulation statement, July 1, 1925 109

Imports and exports of merchandise, gold and silver, calendar years 1914to 1924, and from January 1 to September 30, 1925 110

Banking power of the United States, June 30, 1925:Classification of 110, 111


CONTENTS

Banks in the District of Columbia:Number, capital, individual deposits, and aggregate resources of,

June 30, 1925 111Earnings, expenses, and dividends of banks other than national in,

statement relative to and comparison of, in years ended June 30,1924-25 . 112,113

Building and loan associations in the District of Columbia:Statement relative to, in the year ended June 30, 1925- 113Number of, loans, installments on shares, and aggregate resources,

years ended June 30, 1909 to 1925 114Building and loan associations in the United States:

Statistics relating to, in. the year 1924-25 114,115Monetary stocks in the principal countries of the world:

Statistics relating to, at the end of the calendar year 1924 115Federal land banks, condition of, September 30, 1925 120Joint-stock land banks, condition of, September 30, 1925 121Federal intermediate credit banks, condition of, September 30, 1925 122National agricultural credit corporations:

Provisions of the law authorizing incorporation of 123Report of first association organized 127

United States postal savings system:Statistics relating to activities of, years ended June 30, 1924-25 127

School savings banks:Statistics relative to, in each State, in the school year 1924-25__ 132

Savings banks in principal countries of the world:Statistics relative to, as of various dates 133

Resources of leading foreign banks of issue:Statement relative to, on or about June 30, 1925 136

Expenses of the Currency Bureau:Summary of, in the fiscal year ended June 30, 1925 137


APPENDIX

Digest of decisions relating to national banks . * _ ^ 141

TABLES

No. 1. Comptrollers and Deputy Comptrollers of the Currency 183No. 2. Names and compensation of officers and clerks in the office of the

Comptroller of the Currency, October 31, 1925 183No. 3. Number of national banks organized since February 25, 1863;

number passed out of the system, and number in operationOctober 31, 1925 1 185

No. 4. Authorized capital stock of national banks on the 1st day of eachmonth from January 1, 1914, to November 1, 1925, bonds ondeposit to secure circulation, circulation secured by bonds, law-ful money on deposit to redeem circulation, and national-banknotes outstanding : : 186

No. 5. National banks reported in liquidation from November 1? 1924, toOctober 31, 1925, names (where known) of succeeding banksin cases of succession, with date of liquidation and capital 188

No. 6. Capital stock, surplus, undivided profits, and aggregate resourcesof national banks consolidated under act of November 7, 1918,for year ended October 31, 1925, as shown by their last reportsof condition prior to consolidation 192

No. 7. National banks consolidated under act of November 7, 1918, theircapital, surplus, undivided profits, and aggregate assets, yearended October 31, 1925 . 193

No. 8. Number and capital of State.banks converted into national bank-ing associations in each State and Territory, from 1863 toOctober 31, 1925 193

No. 9. Conversions of State banks and primary organizations as nationalbanks since March 14, 1900, to October 31, 1925 194

No. 10. Number of national banks increasing their capital, together withwith the amount of increase monthly, for years ended October31, since 1921 _" 194

No. 11. Number and authorized capital of national banks chartered andthe number and capital stock of banks closed in each, yearended October 31, since 1913, with the yearly increase or de-crease 194

No. 12. Number of national banks organized, consolidated under act ofNovember 7, 1918, insolvent, in voluntary liquidation, and inoperation on October 31, 1925 195

No. 13. Changes of corporate title of national banks, year ended October31,1925 196

No. 14. Changes of title incident to consolidations of national banks, yearended October 31, 1925 197

No. 15. National banks chartered during the year ended October 31, 1925_ 197No. 16. National banks, by States and geographical divisions, organized,

failed, and reported in voluntary liquidation during the yearended October 31, 1925 202

No. 17. Number and classification of national banks chartered monthlyduring the year ended October 31, 1925 203

No. 18. Classification of national banks, by reserve cities and States,according to capital stock, June 30, 1925 204

No. 19. United States bonds on deposit to secure circulating notes ofnational banks in years ended October 31, from 1900 to 1925-_ 214

No. 20. Profit on national-bank circulation, based upon deposit of $100,000United States consols of 1930, etc., for each month during theyear ended October 31, 1925 215

No. 21. Investment value of United States bonds and Panama Canalbonds, 4's of 1925 and 2's of 1930 216

No. 22. United States bonds, monthly range of prices in New York, No-vember, 1924, to October, 1925_ 216

VI


APPENDIX VII

PageNo. 23. Number, capital stock, and circulating notes outstanding of na-

tional banks in each State issuing circulation, and number andcapital stock of banks not issuing circulation, December 31,1924, and April 6, 1925 - 213

No. 24. Number, capital stock, and circulating notes outstanding of na-tional banks in each Federal reserve district, issuing circulationand number and capital stock of banks not issuing circulation,December 31, 1924, and April 6, 1925 220

No, 25. National-bank notes issued, redeemed, and outstanding, by de-nominations, and amounts, on October 31, in each year from

. 1914 to 1925, inclusive 222No. 26. National-bank currency issued to banks monthly, from November

1, 1924, to October 31, 1925, and since 1863 223No. 27. National-bank notes received monthly for redemption by the

Comptroller of the Currency, during year ended October 31,1925" 223

No. 28. National-bank notes received at Currency Bureau and destroyedyearly since establishment of the system 224

No. 29. National-bank notes issued and destroyed, etc., account of active,insolvent, and liquidated banks, years ended October 31, 1914to 1925 224

No. 30. Amount, denomination, and cost of national-bank currency re-ceived from Bureau of Engraving and Printing, year endedOctober 31, 1925 225

No. 31. Vault account of currency received and issued by Currency Bu-reau during the year, and the amount on hand October 31, 1925_ 225

No. 32. Vault account of currency received and destroyed during yearended October 31, 1925 225

No. 33. Amount of currency received for redemption, by months, duringthe year ended June 30, 1925, and counted into the cash ofthe National Bank Redemption Agency 225

No. 34. Amount of currency received by National Bank RedemptionAgency for redemption during year ended June 30, 1925, fromprincipal cities and other sources 226

No. 35. Classification of national and Federal reserve currency redemp-tions, the amount of each class redeemed, the rate per $1,000,and the amount assessed on account of expenses, year endedJune 30, 1925 ' 226

No. 36. Cost of redemption of Federal reserve and national currency foryear ended June 30, 1925 226

No 37. Taxes assessed on national-bank circulation, years ended June 30,1864, to 1925; cost of redemption 1874 to 1925; cost of platesand examiners' fees, 1883 to 1925 227

No. 38. Federal reserve notes outstanding according to weekly statement(amount issued by Federal reserve agents to the banks, less"unfit" notes returned for redemption), amount secured bygold, and amount secured by commercial and other eligiblepaper, from Movember 5, 1924, to October 28, 1925 228

No. 39. Federal reserve notes printed, issued to banks, retired, and de-stroyed since organization of the banks, with the balance invaults and amount outstanding October 31, 1925 229

No, 40 Aggregate amount of Federal reserve bank notes printed, issued,canceled, and redeemed, by denominations, since the inaugu-ration of the Federal reserve system, and amount on hand andoutstanding October 31, 1925 230

No. 41. Taxes assessed on Federal reserve bank currency, cost of redemp-tion, and cost of plates for years ended June 30, 1915, to 1925 230

No. 42. National banks in charge of receivers year ended October 31,1925, capital and surplus at date of organization and at dateof failure, causes of failure, dividends paid while solvent, andcirculation outstanding, etc 231

No. 43. National banks in charge of receivers year ended October 31,1925, dates of organization, appointment of receiver and closing,with amounts of nominal and additional assets, amounts col-lected from all sources, loans paid, and losses on assets, etc _ 240


VIII APPENDIX

PageNo. 44. National banks restored to solvency after having been placed in

charge of receivers 260No. 45. Dividends paid to creditors of insolvent national banks during

the last year, with the total dividends in each case, up toNovember 1, 1925 261

No. 46. Dates of reports of condition of national banks from 1914 to 1925- 266No. 47. Condition of foreign branches of National City Bank and Chase

National Bank, New York, N. Y., and First National Bank,Boston, Mass., June 30, 1925 267

No. 48. Number, capital stock paid in, circulation outstanding, andaggregate assets of national banks at date of each report fromJanuary 13,1914, to September 28,1925, money in the UnitedStates, etc 271

No. 49. Abstract of resources and liabilities of national banks in NewYork, in the two central reserve cities, in other reserve cities,elsewhere, and the aggregate, at close of business Septem-ber 28, 1925 272

No. 50. Classification of loans by national banks in central reserve cities,etc., at date of midsummer report, June 30, 1920, to June 30,1925 274

No. 51. Classification of deposits of national banks in reserve cities andStates, at date of each report during year ended September 28,1925 277

No. 52. Cash in vaults of national banks in reserve cities and States, at dateof each report during year ended September 28, 1925 293

No. 53. Circulation of national banks in reserve cities and States, at dateof each report during year ended September 28, 1925 301

No. 54. Gold, silver, coin certificates, legal tenders, and other currencyheld by national banks at date of each report from January 13,1914, to September 28, 1925 305

No. 55. Specie held by national banks in the city of New York at date ofeach report from January 13, 1914, to September 28, 1925 308

No. 56. Reserve held by national banks at date of each report fromSeptember 11, 1917, to September 28, 1925 310

No. 57. Reserve computation of national banks in reserve cities andStates at date of each report during year ended September 28,1925 1 311

No. 58. Aggregate resources and liabilities of national banks at date ofeach report from January 13, 1914, to September 28, 1925 319

No. 59. Abstract of reports of condition of national banks in reservecities and States at date of each report during year endedSeptember28, 1925 333

No. 60. Abstract of reports of condition of national banks in each Federalreserve district at date of each report during year ended Sep-tember 28,1925 449

No. 61. Classification of loans, investments, and deposits of nationalbanks in June of each year, 1914 to 1925, inclusive 457

No. 62. Principal items of resources and liabilities of national banksarranged alphabetically by counties in each State, April 6,1925 460

No. 63. Principal items of resources and liabilities of national banksarranged alphabetically by counties in each State, by Federalreserve districts, April 6, 1925 520

No. 64. Abstract of reports of savings and State banks in the District ofColumbia at date of each report during year ended Septem-ber 28, 1925 584

No. 65. Abstract of reports of loan and trust companies in the District ofColumbia at date of each report during year ended Septem-ber 28, 1925 585

No. 66. Principal items of resources and liabilities of each savings andState bank in the District of Columbia, September 28, 1925__ 586

No. 67. Principal items of resources and liabilities of each loan and trustcompany in the District of Columbia, September 28, 1925 588

No. 68. Principal items of resources and liabilities of loan and trustcompanies in the District of Columbia on or about October 1,1914 to 1925 589


APPENDIX IX

PageNo. 69. Principal items of resources and liabilities of savings and State

banks in the District of Columbia on or about October 1,1914 to 1925 589

No. 70. Summary of resources and liabilities, receipts and disbursementsof building and loan associations in the District of Columbiafor the six months' period ended on or about December 31,1924 . 590

No. 71. Summary of resources and liabilities, receipts and disbursementsof building and loan associations in the District of Columbiafor the six months' period ended on or about June 30, 1925 591

No. 72. Abstract, by States, of resources and liabilities of State (commer-cial) banks, June 30, 1925 592

No. 73. Abstract, by States, of resources and liabilities of loan and trustcompanies, June 30, 1925 600

No. 74. Abstract, by States, of resources and liabilities of stock savingsbanks, June 30, 1925 608

No. 75. Abstract, by States, of resources and liabilities of mutual savingsbanks, June 30, 1925 .---.-.-.- - 6 1 2

No. 76. Abstract, by States, of resources and liabilities of private banks,June 30, 1925 616

No. 77. Abstract, by States, of resources and liabilities of all reportingbanks other than national, June 30, 1925 620

No. 78. Abstract, by States, of resources and liabilities of national banks,June 30, 1925 628

No. 79. Aggregate resources and liabilities of State (commercial) banks,June, 1921 to 1925 636

No. 80. Aggregate resources and liabilities of loan and trust companies,June, 1921 to 1925 636

No. 81. Aggregate resources and liabilities of stock savings banks, June,1921, to 1925 637

No. 82. Aggregate resources and liabilities of mutual savings banks, June,1921, to 1925 637

No. 83. Aggregate resources and liabilities of private banks, June, 1921 to1925 638

No. 84. Gold, silver, etc., held by banks other than national, June, 1914to 1925, inclusive 638

No. 85. Chartered banks of Canada, condition of, September 30, 1925 639No. 86. Chartered banks of Canada, monthly statement showing principal

items of resources a id liabilities, year ended September 30,1925 639

No. 87. Comparative statemen; of the transactions of the New YorkClearing House in ea( h year ended September 30, 1854 to 1925_ 640

No. 88. Comparative statemen of the clearings, etc., of the New YorkClearing House, year i ended September 30, 1925 and 1924 641

No. 89. Exchanges, balances, percentages of balances to exchanges, andpercentages of funds ised in settlement of balances by the NewYork Clearing House in each year, 1893 to 1925, inclusive 641

No. 90. Comparative statement, of the exchanges of the clearing housesof the United States for years ended September 30, 1925 and1924 642

No. 91. Comparative statement of transactions of clearing-house associa-tions in the 12 Federal reserve bank cities and in other citieswith transactions of $1,000,000,000 and over in years endedSeptember 30, 1925 and 1924 1 645

No. 92. Number and liabilities of State, private and national banks, whichfailed in each State, year ended June 30, 1925 646

No. 93. Number, assets, and liabilities of State (commercial) savingsbanks, loan and trust companies, private and national bankswhich failed in years ended June 30, 1914, to June 30, 1925- __ 648

No. 94. Showing individual statements of resources and liabilities ofeach national bank (States, Territories, and towns arrangedalphabetically) at close of business September 28, 1925, isomitted from this report and published as a separate table.


REPORTOF THE

COMPTROLLER OF THE CURRENCY

TREASURY DEPARTMENT,OFFICE OF THE COMPTROLLER OF THE CURRENCY,

Washington, December 11, 1925,DEAR SIR: I have the honor to submit the following annual report,

in accordance with the provision of section 333, of the United StatesRevised Statutes, covering activities of the Currency Bureau, in theyear ended October 31, 1925. This is the sixty-third report madeto the Congress since the organization of the bureau.

GESTEEAL CONDITIONS

The continued upward trend of business, generally, is reflected inthe increasing volume of clearings, rising to over $505,299,000,000in the year ended September 30, 1925, about $62,605,000,000 higherthan during the prior year. In the same period loans and discountsof national banks increased from $12,210,000,000 to $13,134,000,000,total loans and investments from $17,844,000,000 to $19,105,000,000,and aggregate resources from $23,323,000,000 to $24,570,000,000.From statements relative to State incorporated banks, an evengreater development is shown.

The gross earnings of national banks in the year ended June 30,1925, were $1,124,000,000 and exceeded by $49,000,000 gross earn-ings for the prior year, net earnings, after payment of all expenses,were $365,000,000 compared with $343,000,000 in the precedingyear, total losses charged off were $141,000,000, a reduction of$6,000,000 and net addition to profits, after charging off ail losses,amounted to $224,000,000 exceeding by $28,000,000 the amount in1924. Dividends declared by these banks to the amount of $165,-000,000 exceeded the amount in the previous year by $1,000,000and were equal to 6.63 per cent on their capital and surplus.

kECHSLATIQIff RECOMMENDEDIn the last two annual reports of the Comptroller of the Currency

my predecessor strongly recommended certain amendments to thenational banking laws, the purpose of which was to improve theoperating powers of national banks in several particulars to the endthat the national banking system might be able to meet the modernrequirements for banking services. These recommendations formedthe substance of the bill H. It. 8887, Sixty-eighth Congress, second

1


2 REPORT OF THE COMPTROLLER OF THE CURRENCY

session, which passed the House by a large majority but whichfailed to be reached in the Senate.

The principal features of this bill and the reasons in detail whyeach proposed amendment is necessary are set forth in the reportsof the Comptroller of the Currency for 1923 and 1924. I mosturgently recommend the prompt reintroduction and enactment ofthis legislation.

The bill as it passed the House contained certain provisions (em-bodied in sec. 9) which in effect would prohibit the further spreadof State-wide branch banking within the Federal reserve system.Under them it would be unlawful for State member banks to estab-lish branches outside of the city in which the parent bank is located,and nonmember banks having such outside branches *could becomemembers only upon the condition that they relinquish such branches.These provisions follow the recommendations made by the Comp-troller of the Currency for the past two years. These recommenda-tions were based upon the assumption, in the first place, that State-wide branch banking is wrong in principle and that as a nationalpolicy the national banks should not be permitted to engage therein,and in the second place upon the absolute necessity of protectingthe national bank members of the Federal reserve system from theencroachment of this form of branch banking within the Federal re-serve system itself. With this position I am in complete accord.The national banks in those communities where State member banksof the Federal reserve system are now engaged in state-wide branchbanking have found themselves in an intolerable situation. Thisform of branch banking in the United States is a recent developmentand has made headway in only a few localities. The enactment ofthe provision above referred to would have a strong tendency towardrestoring the equilibrium between the State and national bankswithin the Federal reserve system in branch banking territory andwould undoubtedly have the further effect of preserving the stabilityand permanence of the Federal reserve system itself.

I t is a misnomer to call this bill a branch banking bill. Themeasure proposes to amend the national banking laws in some 18particulars, only 4 of which relate in any way to branch banking.The other provisions of the bill, such as the authority to lend one-halfof the savings deposits upon the security of first mortgages upon im-proved real estate, the authority to hold their charter powers for anindeterminate period subject to the will of Congress, the regulationof the investment security business, and other provisions of thismeasure will enable the national banks to carry on a modern bankingbusiness along the lines already approved by many State laws. Theamendments proposed in the bill have had a most thorough and expertinvestigation and analysis and have been reduced to the minimum.They are based upon sound principles of banking. Their enactmentinto law would enable all national banks to meet more readily thecompetition from State banks and trust companies which have fora number of years had the authority to do what it is now proposed toconfer upon the national banks. This proposed legislation has theapproval generally of the banking fraternity.

Apart from the question of the restrictions upon branch bankingproposed by section 9 of the House bill, which section was strickenout by the Senate Committee on Banking and Currency, that com-


REPORT OF THE COMPTROLLER OF THE CURRENCY 3

mittee in reporting the bill to the Senate proposed a number of valu-able amendments to the House measure. While practically no newsubstantive legislation was proposed in these amendments, theynevertheless had the effect of giving greater clarity and precision tothe provisions of the bill. The Senate committee also restored tothe bill a number of proposed provisions which would penalize thecommission of crimes against member banks of the Federal reservesystem and against national banks in particular. These provisionswere included in the bill as reported to the House but were strickenout on the floor. I t is recommended that serious consideration begiven to the question of including these criminal provisions in the bill.

The need for the immediate enactment of this proposed legislationis greater now than ever. Not only has there been a continuance ofserious withdrawals, but many national banks have become restiveon account of being compelled to operate under certain archaic pro-visions of the national bank act. They prefer to remain nationalbanks, but in the final analysis the attractiveness of a modern Statecharter may prove controlling. The number of losses of nationalbanks to the various State systems within the past two years is formid-able enough to arouse the serious attention of the Government of theUnited States. Many of these banks had been in the national sys-tem for more than 50 years.

From October 21, 1923, to October 17, 1925, 166 national banksleft the national system to engage in the banking business underState charter. These carried with them total resources of $566,600,-000. They include 25 national banks in California, with total re-sources of $136,000,000; 9 national banks in Illinois, with totalresources of $128,000,000; 6 national banks in New York, with totalresources of $121,000,000; 8 national banks in Ohio, with total re-sources of $54,000,000; 25 national banks in Oklahoma, with totalresources of $10,000,000; 13 national banks in Pennsylvania, withtotal resources of $22,000,000, and a scattered number of banks inall of the other States.

In comparison with these figures consideration may properly begiven to the question of the conversion of State banks, into nationalbanks during the last two years. The total number of such conver-sions was 113, with total resources of $245,000,000. The number ofnational banks entering the State systems being 166, with total re-sources of $566,600,000, there was a net loss to the national systemin numbers of 53 banks and a net loss in resources of $321,600,000.However, of these State banks converting into national banks at-tention must be called to the fact that 64 of them, with total resourcesof $38,000,000, were located in the State of Texas. They convertedinto national banks en masse in order to escape the operations ofthe State guaranty of deposit laws. This is an abnormal develop-ment and should the State law be favorably amended, undoubtedlymany of these banks will return to the State system. Outside ofTexas, only 49 State banks during the past two years converted intonational banks. These had total resources of $207,000,000; 4 ofthese were banks in New York Citv, with total resources of $131,800,-000. Deducting the resources of the 4 New York banks and theTexas banks the aggregate resources of converting State banks inall other parts of the Union were $74,800,000.


4 BEPOET OF THE COMPTROLLER OE THE CURRENCY

The above figures, however, do not tell the whole story. I t is awell-known fact that many other national banks are anxiously awaitingthe enactment of such a bill as that which failed at the last session ofCongress. If they can not at this time obtain some such amendmentsto their charter powers as are therein proposed there will be a stillgreater exodus from the national system.

Although the total resources of national banks has steadilyincreased year by year and the condition of individual national banksis strong, nevertheless the relative increase in total resources ofnational banks has been slowly falling off year by year as comparedwith the resources of the State banks and trust companies, In thelast annual report of this office my predecessor called your attentionto the fact that during the 40-year period, ending with the fiscal year1924, the total resources of national banks had fallen from 75 percent of the total banking resources to about 47 per cent. The totalbanking resources of State and national banks, exclusive of savingsbanks, at the present time are about $52,057,000,000, of which about$24,351,000,000 are in the national banks and $27,706,000,000 arein the State banks and trust companies which are engaged in thecommercial banking business in competition with national banks.In addition the savings banks have total resources of about$10,000,000,000, but these figures are not included in this comparison.The percentage, therefore, of the resources of the national banks tothe total resources of all banks engaged in carrying on the business ofcommercial banking has during the past year dropped a fractionbelow 47 per cent.

These facts present a serious situation for the consideration of theCongress and I am directing your attention thereto at this timechiefly for the purpose of showing that the adverse conditions ofnational bank operations, as to which my predecessor so urgentlyrecommended remedial legislation, are becoming daily accentuated.The national banking system is a time-honored Federal instrumen-tality. The charter powers of 'the individual national banks arederived solely from the Congress. Twice in the history of the UnitedStates, namely, immediately after the Civil War and immediatelypreceding the World War, the Federal Government was able toenforce a banking policy at a time of great financial stress through itsauthority to use the national banking system as an instrument forthe public benefit. The individual national bank is always ulti-mately able to take care of itself in meeting the competitive condi-tions due to more favorable State laws by giving up its nationalcharter and going into the State system. But the gradual loss ofnational banks and the consequent decrease in relative resources ofthe national banking system is of primary concern to the NationalGovernment, not only because the national banks form the logicaland permanent basis of the Federal reserve system but also becauseonly through the national banking system can there be maintainedthroughout the United States a standardized system of banking sub-ject to the visitorial powers of the Federal Government and sub-servient at all times to the will of the Congress.



NATIONAL BANK FAXLTJEESThe number of national bank failures during the current year shows

a considerable decrease from that of last year. During the comp-troller's report year ended October 31, 1925, 98 national banksbecame insolvent as compared with 138 national banks for the yearended October 31, 1924. The last half of the present report year hasshown a decided decrease in the number of failures compared withthe first half, the proportion being 35 to 63. Nine of these failedbanks have been succeeded by new national bank organizations thatpurchased their assets and assumed the payment to creditors of partor all of their liabilities, The total amount of assets of the 98 insol-vent banks was $47,837,945. Only one of these failed banks hadtotal assets as high as $3,400,000, and only 15 had assets in excess of$1,000,000. The aggregate capitalization $6,420,000, was distributedas follows: Thirty-eight at $25,000 each, 37 at from $25,000 to$50,000, 12 at $100,000, and 11 in excess of $100,000, namely, 3 at$150,000, 6 at $200,000, 1 at $250,000, and 1 at $400,000.

It will be observed that a large majority of these failures were smallbanks and that the total assets of all were materially less than assetsof any one of many of the urban national banks. Seventy-one of theseinsolvent banks were located west of the Mississippi River, 51 ofwhich were in the grain country north of Kansas and 20 in the cattlecountry of the Southwest. There were 15 failures in the three Statesof North Carolina, South Carolina, and Georgia. The remaining 12failures were in various other States.

While unfavorable agricultural conditions have contributed in alarge measure to the closing of a number of these banks, still it mustbe borne in mind that the greater number of failures occurred wherethe territories have had too many banks per capita and where toomany bank charters were issued during the boom period of the warand immediately after peace was declared. Not only was thereinsufficient business for the support of these banks but their organiza-tion resulted in hazardous and unwarranted competition.

Upon an analysis of the cause of these failures, it appears that 49were due to economic conditions, crop failures caused by drought,and the fall in market prices for livestock. Thirty-nine were causedby inexperience and mismanagement by officers and directors andonly 10 by the defalcation of an officer or employee of a bank. Thefirst two named causes might be consolidated and attributed tostrong competitive banking without the proper banking experienceand banking ability, for, after all, the fact remains that there aremany solvent banks remaining in these territories where the failureshave been most prolific and that such banks are in charge of and havebeen managed by capable and experienced men who, under the strong-est pressure of competition, have been able to loan and invest thebank's funds without incurring disastrous losses.

Economic conditions in the territories where the largest numberof failures have occurred are much improved and the banking in-dustry is rapidly adjusting itself to normal conditions. It is believedthat the experience gained by bankers in the past 10 years will be ofgreat value to the banking business of the future and out of it willcome better qualified bankers, more conservative management, andgreater safety to depositors.


6 BEPORT OF THE COMPTROLLER OP THE CURRENCY

In the year ended October 31, 1925, 98 national banks, with aggre-gate capital of $6,420,000, were placed in charge of receivers. Thedate each bank was authorized to commence business, date of appoint-ment of the receiver, the capital stock, and the circulation outstand-ing at date of failure are shown in the appendix of this report.

From date of the first failure of a national bank in 1865 to October31, 1925, the number of banks placed in charge of receivers was 947.Of this number, however, 61 were subsequently restored to solvencyand permitted to resume business. The total capital of all insolventbanks at date of failure was $119,300,920, while the book or nominalvalue of the assets administered by receivers under the supervisionof the comptroller aggregated $614,982,469 and the total cash thusfar realized from the liquidation of these assets amounted to$282,989,284. In addition to this, there has been realized from assess-ments levied against shareholders the sum of $31,418,330, making thetotal cash collections from all sources $314,407,614, which have beendisbursed as follows:In dividends to creditors on claims proved, amounting to

$327,253,141, the sum of $188, 697, 889In payment of secured and preferred liabilities 84, 967, 657In payment of legal expenses incurred in the administration of

such receiverships 6, 940, 375In payment of receivers' salaries and other expenses of receiver-

ships 15, 449, 753There has been returned to shareholders in cash 4, 141, 830Leaving a balance with the comptroller and receivers of_~ 14, 210, 110

Assets have been returned to agents for shareholders, to be liqui-dated for their benefit, having a nominal value of $16,000,653.

The book value of the assets of the 318 national banks that are stillin charge of receivers amount to $218,927,454. The receivers hadrealized from these assets at the close of business on October 31, 1925,the sum of $79,649,962 and had collected from the shareholders onaccount of assessments levied against them to cover deficiencies inassets the further sum of $6,692,124, making the total collected fromall sources in the liquidation of active receiverships the sum of$86,342,086, which amount has been distributed as follows:Dividends to creditors (to Sept. 30, 1925) $28, 907, 387Secured and preferred liabilities paid 37,607,818Legal expenses J 897, 790Receivers' salaries and all other expenses of administration 4, 368, 981Amount returned to shareholders in cash 350, 000Leaving a balance with the comptroller and the receivers of 14, 210, 110

Receiverships of 17 national banks were closed during the year,making a total of 629 closed receiverships.

Collections from the assets of the 629 national banks, the affairsof which have been finally closed, amounted to $203,339,322, andtogether with the collections of $24,726,206 from assessments leviedagainst shareholders make a total of $228,065,528, from which onclaims aggregating $205,263,410 dividends were paid amounting to$159,790,502.

Average rate of dividends paid on claims proved was 77.84 percent, but including offsets allowed, loans paid, and other disburse-ments with dividends, creditors received on an average 84.24 percent.

Expenses incident to the administration of these 629 truststhatis, receivers7 salaries and legal and other expensesamounted to$17,123,357 or 4.32 per cent of the nominal value of the assets andDigitized for FRASER

http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF THE COMPTROLLER OF THE CURRENCY

7.50 per cent of the collections from assets and from shareholders.The outstanding circulation of these banks at the date of failurewas $31,133,466, which was secured by United States bonds on depositin the Treasury of the face value of $33,478,100. The assessmentsagainst shareholders averaged 52.03 per cent of their holdings, whilethe collections from the assessments levied were 48.87 pjer cent of theamount assessed. The total amount disbursed in dividends duringthe current year to the creditors of insolvent banks was $15,073,057.

In the table following is summarized the condition of all insolventnational banks, the closed and active receiverships being shownseparately:

Items

Total assets taken charge of by receivers...Disposition of assets:

Collected from assetsOffsets allowed and settledLoss on assets compounded or sold under order of court.Nominal value of assets returned to stockholdersNominal value of remaining assets.

Closed receiv-erships, 629 i

$396, 055, 015

203, 339,32235,923, 977

140,791,06316,000,653

Total. 396,055,015Collected from assets as aboveCollected from assessments from shareholders..

Total collections..Disposition of collections:

Secured and preferred liabilities paidDividends paidLegal expenses _Receivers' salary and other expensesAmount returned to shareholders in cash.Balance with comptroller and receiver

Total-Capital stock at date of failure _United States bonds held at failure to secure circulating

notesAmount realized from sale of United States bonds held to

secure circulating notes _Circulation outstanding at failure_A mount of assessment upon shareholdersClaims proved __.

203,339, 32224, 726, 206

228,065, 528

47,359,839159,790, 5026,042, 58511,080, 7723,791,830

228,065, 5282 97, 225,920

33,478,100

35,120,71231,133,46650, 591, 240205,263,410

Active receiv-erships, 318

$218, 927,454

79, 649, 96214,129, 73413,854,637

111, 293,121

218,927,454

79,649,9626, 692,124

86, 342,086

37,607,81828,907,387

897, 7904, 368, 981350,000

14, 210,110

86,342,086

22,075,000

13,323,010

4,433,46711,697, 85219, 320,000121,989, 731

Total, 947

$614, 982, 469

50,053,711154,645, 70016, 000, 653

111, 293.121

614,982,469

282,989, 28431,418, 330

314,407, 614

84,967, 657188, 697, 8896,940,37515,449, 7534,141, 83014,210,110

314,407,614

119,300,920

46,801,11039,554,17942,831, 31869, 911, 240

327,253,1411 Includes 61 banks restored to solvency. 2 includes capital stock of 61 banks restored to solvency.

Statistics relative to the capital, date of appointment of receiver,and per cent of dividends paid to creditors of 13 insolvent nationalbanks, the affairs of which were closed during the year ended October31, 1925, appear in the following table:

Title

Mount Vernon National BankFirst National BankCommonwealth National BankEmmetsburg National BankFirst National Bank .Farmers National Bank .Fi92. 4975.

100. 104.

1 Includes 100 per cent of interest.

fi774fi2fif 2Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

8 REPORT OF THE COMPTROLLER OF THE CURRENCY

BANK FAILURES OTHER THAN NATIONAL

In the fiscal year ended June 30, 1925, information was receivedfrom the banking departments of the several States, with respect tothe failure of 440 State and private banks, with liabilities of$118,728,046. These figures show a reduction in the number offailures, as compared with the year ended June 30, 1924, of 337banks, and a reduction in the amount of liabilites of $104,459,954.

Statistics relative to the failure of banks other than national andnational banks in each State, in the year ended June 30, 1925, andfor years ended June 30, 1914 to 1925, are published in the appendixof this report.

PUBLIC DEBT, UNITED STATES BONDS, NATIONAL BANK,AND OTHER CIRCULATION

In the table following relating to the public debt of the UnitedStates on June 30, 1925, and Government bonds on deposit with theTreasurer of the United States on the same date, it will be observedthat the total net public debt was $20,439,234,256.19, all of whichwith the exception of $228,328,005 is interest bearing. The netdebt is shown to be less by $738,811,015 than at the close of the priorfiscal year.

By reason of the call for redemption at maturity (February 1 last)of the outstanding 4 per cent loan of 1925 amounting to $118,489,900,bonds eligible as security for national-bank circulation were reducedin amount to $674,625,630, consisting of $599,724,050 consols of 1930and $74,901,580 Panama Canal 2's. Of these bonds the Treasurerheld as security for national-bank circulation $665,061,330, as securityfor public deposits $495,500, and for postal savings $213,700. Thisleaves only $8,855,100 bonds of these classes held otherwise than bythe Treasurer as security for circulation and deposits.

National-bank circulation outstanding at the close of the fiscalyear aggregated $733,366,074, of which $660,501,393 was secured bybonds and $72,864,681 secured by lawful money held by the Treas-urer of the United States to provide for the redemption of the notesof banks retiring circulation and on account of those in liquidation.The combined paper currency, United States notes, Federal reservebank and national bank notes amounted to $5,585,944,967, the issuesof national bank notes representing approximately 14 per cent, Federalreserve notes 35 per cent, legal tenders 6 per cent, and gold and silvercertificates 45 per cent. The aggregate stock of money was $8,-221,000,000, hence the paper currency, excluding the coin certificates,was 36.9 per cent of the total circulating medium.

The paid-in capital of the national banks in existence at the closeof the last fiscal year was roundly $1,376,000,000, and as the amountof bonds eligible as security for circulation had been reduced to some$674,625,000, it is evident that the amount of national bank circula-tion issuable has been reduced to approximately 50 per cent of themaximum amount authorized by law, the paid-in capital stock beingthe measure of that maximum. This condition has resulted in thereduction in the percentage of currency-issuing banks from 90 in 1924to 85 in 1925.


BEPOET OF THE COMPTROLLER OF THE CURRENCY 9

Statements hereinbefore referred to relative to the public debt andsecurities held in trust by the Treasurer of the United States are asfollows:

Statement of the public debt of the United States, June 80, 1925DETAILS OF INTEREST-BEARING DEBT

Bonds eligible as security for national-bank circulation:2 per cent consols of 1930 $599, 724, 050. 002 per cent Panama Canal loan of

. 1916-1936 48, 954? 180. 002 per cent Panama Canal loan of

1918-1938-.... . . . . 25, 947, 400. 00Other bonds, etc.:

3 per cent Panama Canal loan of 19613 per cent conversion bonds of 1946-47 i2J j^ per cent postal-savings bonds (first to twenty-eighth

series)First Liberty loan, 1932-1947, 3J^, 4? and 4>i per cent-Second Liberty loan, 1927-1942, 4 and m per cent___Third Liberty loan, 1928, 4M per centFourth Liberty loan, 1933-1938, 434 P ^ centTreasury bonds, 1947-1952, 4 34 per centTreasury bonds, 1944-1954, 4 per cent__.Treasury notes, 1925-1927 (including adjusted service

series)Certificate's of indebtedness. 1925-26 (including adjust-

ed service series) _ _Treasury (war) savings securities, series 1921-1923 (in-

cluding thrift and Treasury savings stamps, unclassi-fied sales, etc.) . . __

$674, 625, 630. 0049, 800? 000. 0028, 894, 500. 00

11, 995. 880. 001, 951, 519, 650. 003, 104, 558? 750. 002, 885, 377, 350. 006, 324, 481; 200. 00

763, 948, 300. 001, 047, 088, 500. 00

2, 404, 241, 400. 00

578, 685, 000. 00

385, 690, 091. 35

Total interest-bearing debt outstanding 20, 210, 906, 251. 35Matured debt on which interest has ceased 30, 242, 930. 26Debt bearing no interest-. _ 275, 122, 993. 12

Total gross debt 20, 516, 272, 174. 73Matured interest obligations, etc_ 142, 941, 522. 28

Balance held by Treasurer of the United States, etc_20, 659, 213, 697. 01

219, 979, 440. 82

Net debt, including matured interest obligations, etc_ 20, 439, 234, 256. 19

United States Government securities held in trust IJune SO, 1925

Treasurer of the United, States,

Issues

Consols, 1930Panama 2's ._. _

TotalOther bonds, notes and certificates _

Total _

To securenational bank

circulation

$591,157,95073, 898,380

665,056,3305,000

665,061,330

To securepublic

deposits

$433,50062,000

495, 50046, 760, 650

47, 256,150

To securepostal-savings

funds

$170,200, 0043, 500.00

213,700. 00141,139, 485. 86

141,353,185.86

Total held

$591, 761, 650, 0074,003,880. 00

665, 765, 530, 00187,905,135. 8fl

853,670,665.86

TTHITED STATES CI&CULATIOBOND TRANSACTIONSIn the year ended October 317 1925, the withdrawal of bonds held

by the Treasurer of the United States in trust as security for nationalbank circulation amounted to $109,401,560, of which $89,820,310


10 REPORT OF THE COMPTROLLER, OF THE CURRENCY

were 4 per cent bonds of 1925? which, were called for redemption inFebruary last. The withdrawals by reason of liquidation of banksamounted to $16,222,750, and on account of banks placed in chargeof receivers $3,358,500. Bonds held by the Treasurer in trust assecurity for circulation were augmented to the extent of $35,743,800on account of deposits made by newly organized banks and by thoseincreasing their circulation, The transactions of the year by monthsin each account named are shown in the following statement:United States bonds deposited as security for circulation by banks chartered and by

those increasing their circulation, together with the amount withdrawn by banksreducing their circulation, and by those closed, during each month, year endedOctober 31, 1925

Date

1924NovemberDecember

1925January. . . .February -MarchApril - -MayJune _-.JulyAugustSeptember-.,October... -

Total . . -

Bondsdepositedby bankscharteredand thoseincreasingcirculationduring the

year 1

$1, 952,0001,714,100

2, 252,9001, 532, 7503,112, 5008,815, 5001,675, 3002, 396, 2002,003, 5507, 347, 5001,024, 0001,912, 500

35, 743, 800

Bondswithdrawnby banksreducing

circulation

Bondswithdrawnby banks inliquidation

$3,171,6007, 661, 280

6, 535, 50059, 214, 2003, 215, 0001, 977, 2501, 401, 7501, 986, 0001,168, 0001, 433, 3501, 251, 500805, 000

89,820, 310

$265,00075,000

2,128,000157,000762, 500

6, 305,000537,7506,500

387, 7505, 273, 250

40,000285,000

16, 222,750

Bondswithdrawnby banks ininsolvency

$722,500

31, 250390,000470,000131, 250243, 250845, 250287,00058,000

180, 000

3, 358, 50*3

i Includes $2,535,000 deposited by 33 of the 251 banks chartered during the year.

Monthly statement of capital stock of national banks, national bank notes, andFederal Reserve Bank notes outstanding, bonds on deposit, etc.

Authorized capital stock of national banks..Paid-in capital stock of national banks

Nov. 2, 1925

$1,381,978, 2151, 381,321, 609

Oct. 1, 1925

$1, 381, 983, 2151,381,186,036

Increase ordecrease since

above date

Increase of authorized capital stock-Decrease of authorized capital stock _Increase of paid-in capital stockDecrease of paid-in capital stock

$5,000135,573

Nov. 1, 1924

$1,335,766,2151,335,105. 913


above date

$46,212.00046, 215, 096

National bank notes outstanding secured by UnitedStates bonds.- ._ _.

National bank notes outstanding secured by lawfulmoney. _ _

Total national bank notes outstanding

Nov. 2, 1925

$662, 538, 48351,264,261

Oct. 1, 1925

$661,380, 32056, 543, 569

713,802,744 717,923, 889

Nov. 1, 1924

$735, 602, 43538,679,189

774,281, 624


EEPOBT OF THE COMPTEOLLEB OF THE CUBEENCY nMonthly statement of capital stock of national banks, national bank notes, and

Federal Reserve Bank notes outstanding, bonds on deposit, etc.Continued

Increase secured by United States bonds..Decrease secured by United States bonds_Increase secured by lawful moneyDecrease secured by lawful money

Net increase.,Net decrease .


above date

$1,168,163

5,279,308

4,121,145


above date

$73,063,95212,585,072

60,478,880

Federal reserve bank notes outstanding secured by UnitedStates bonds _. .

Federal reserve bank notes outstanding secured by lawfulmoney

Nov. 2, 1925

Total Federal reserve bank notes outstanding. _.$6,582,2036,582,203

Oct. 1, 1925

$6,815,5236,815,523

Increase secured by United States bonds..Decrease secured by United States bonds_increase secured by lawful moneyDecrease secured by lawful money. __

Increase ordecrease since decre:above date

$233,320Net increase..Net decrease. 233,320

Nov. 1, 1924

$9,134,1709,134,170

Increase orsase since

above date

$2, 551,9

2, 551, 967

Kinds of bonds on deposit

United States consols of1930 (2 per cent)

United States Panama of1938 (2 per cent)...

United States Panama of1933 (2 per cent) . . . .

On depositto secure

Federal re-serve bank

notes

On depositto securenational

bank notes

J$591, 792,15048,622,66025, 770,320

Total- . I 666,185,130

National-bank notes of each denomi-nation outstanding

Federal re-serve bank

notes ofeach de-

nominationoutstanding

One dollar _____Two dollars.,.Five dollars-_.Ten dollarsTwenty dollarsFifty dollarsOne hundred dollarsFive hundred dollarsOne thousand dollarsFractional parts _

Less iTotal-

Total.

$341,447162, 894

134,091, 605298,974,200232,411,390

25,466, 75024,987, 500

87, 50021,00061,118

716,605, 4042,802, 660

713, 802, 744

$3,313, 6121,307,8761,071,935

341,840515, 44031,500

6, 582,203

6, 582, 203

1 Notes redeemed but not assorted by denominations.

REDEMPTION OF NATIONAL ADO) FEDEEAL EESEEVE BAHKOIECULATIOjf

In the year ended June 30, 1925, national-bank notes, Federalreserve notes, and Federal reserve bank notes aggregating $1,869,-091,049 were redeemed at the United States Treasury at an aggregateexpense of $608,406. Included in these redemptions were Federal


12 REPORT OF THE COMPTROLLER OF THE CURRENGT

reserve notes amounting to $1,312,361,850; Federal reserve banknotes redeemed on retirement account in the amount of $3,420,137;an4 national-bank notes to the amount of $553,309,062, the latteramount including $65,558,260 redeemed on retirement account.

The average expense per $1,000 for the redemption of Federalreserve notes was $0.46, for Federal reserve bank notes $1.33, andfor national-bank notes $0.83.

Statements showing the amount of the various issues of bankcurrency received monthly for redemption in the year ended June 30,1925, the source whence received, and the classification of redemp-tions, with the cost per $1,000 for each class redeemed, are pub-lished in the appendix to this report.

NATIONAL BANKS OF ISSUE

On April 6, 1925, the number of reporting national banks was8,016, with capital stock of $1,361,444,000, of which number 1,147banks, with capital of $232,521,000, were not taking advantage ofthe provision of the national bank act, authorizing the issuance ofcirculating notes collateraled by deposits of United States bonds.

The circulating note liability of 6,869 banks of issue, on thedate indicated, amounted to $649,447,000, or an average of $94,548per bank.

On December 31, 1924, the number of national banks was 8,049,with capital of $1,334,836,000, of which number 986 banks, withcapital of $189,372,000, were not banks of issue. The liability forcirculating notes outstanding of the 7,063 banks of issue on thisdate amounted to $714,844,000, or an average of $101,210 per bank.

The reduction in the amount of national bank circulation outstand-ing between December 31, 1924, and April 6, 1925, due principallyto the calling for redemption by the Secretary of the Treasury of4 per cent bonds of 1925, in the early part of the current year, was$85,397,000, and the reduction in the number of banks of issue inthe period stated was 194.

Tables showing the number of national banks, the capital, theamount of circulation outstanding, as well as the number of banksnot issuing circulation, with the amount of capital, in each State andFederal Reserve District, are published in the appendix of thisreport.

PBOFIT ON NATIONAL BANK CIRCULATION

The reduced profit on national bank circulation is reflected inthe relatively high cost and nearing maturity date, 1930, of the 2per cent consols as shown in the computation of the GovernmentActuary of the profit on the issuance of circulation secured by theconsols. In November, 1924, the cost of $100,000 consols was$103,989, the highest figure of the year. Upon deposit with thedepartment of that amount of bonds a bank is entitled to receivea like amount of circulating notes. As a redemption account of5 per cent is required the amount of loanable funds on this accountwould be reduced to $95,000, which loaned at 6 per cent wouldproduce $5,700. Adding to the latter amount $2;000 interest on


REPORT OF THE COMPTROLLER OF THE CURRENCY 1 3

the bonds measures the gross receipts. By deducting from this$7,700, the tax on circulation, expenses of redemption, etc., and thesinking fund to provide for the liquidation of the premium paidfor the bonds, the net receipts are shown to be $6,503.10. Withthe cost of the bonds invested otherwise, and at 6 per cent, thereceipts would be $6,239.34, or less by $263.76 than the net receiptsfrom the circulation; hence, there would be a profit on circulationunder these conditions of 0.254 per cent. By October, 1925, thebond cost had been reduced to $103,659, and thereby resulting inan increase in the profit on note issues to 0.442 per cent.

In the year the cost of 2 per cent Panama Canal bonds droppedfrom $103,473 to $101, resulting in a calculated increase in the profiton circulation secured by these bonds from 0.699 to 1.001 per cent.Elsewhere in this report will be found the computations of theActuary showing the profit on national bank circulation based uponthe deposit of $100,000 United States consols of 1930, and 2 percent Panama Canal bonds at the average net price monthly duringthe year ended October 31, 1925. Incidentally, there also appearsa statement showing the monthly range of prices in New York fromNovember, 1924, to October, 1925, inclusive, of bonds eligible assecurity for national bank circulation, and also the investmentvalues of the consols and Panama Canal bonds based upon theaverage price net quarterly, January to October.

0BGAinZATI0 AHD LIQUIDATION OF HATTOBTAL BA2TKS*

From the date of the establishment of the national banking systemup to and including October 31, 1925, there have been authorizedto begin business 12,841 national banking associations, of which3,837 were voluntarily closed to discontinue business or amalgamatedwith other banks, State or national, together with those consolidatedwith other national banking associations under authority of the actof November 7, 1918. Exclusive of banks which failed but sub-sequently restored to solvency the loss to the system by banksliquidated through receiverships was 886, the number of thesereceiverships being a fraction less than 6.9 per cent of the totalnumber of banks organized. As a result of liquidations and failuresthe number of national banking associations in existence at the closeof the current year stood at 8,118.

In November, 1914, when the Federal reserve banks began theiroperations, there were in existence 7,578 national banks with capitalof $1,072,500,000. Since that date the net increase in the number ofbanks was 540 and an increase in capital of $309,500,000. Thecapital of the banks in existence on October 31, 1925, was roundly$1*382,000,000. In this 11-year period 2,189 banks were charteredwith capital of $217,000,000. During this period, however, 1,653associations were closed voluntarily or otherwise.

In the current year applications to organize national banks and toconvert State banks into national banking associations were receivedto the number of 372, with proposed capital stock of $42,092,200.Of the applications pending 247 were approved, 85 rejected and 42abandoned. National banking associations to the number of 251,with capital of $26,040,000, were authorized to begin business, ofwhich 3 were located in the New England States, 52 in the Eastern,


1 4 EEPOET OF THE COMPTROLLER, OF THE CURRENCY

115 in the Southern, 32 in the Middle Western, 25 in the Western,and 24 in the Pacific States. The greatest activity as indicated bythe number of banks organized was in the following States: NewYork 17 banks, New Jersey 26, Pennsylvania 8, Texas 94, Missouri8, and California 19. In other States the number ranged from 1 to 7banks. It further appears that of the total number of charters issued86 were the result of conversions of State banks, 25 reorganizations ofState or national banks, and 140 primary organizations. In thisconnection it is of interest to note that the organization of 19 bankswas incident to the reorganization of liquidated national bankingassociations; 9 to succeed failed national banks, acquiring incidentallytheir assets and assuming the liabilities to depositors and othercreditors, and 8 organized in localities where failures had occurred, toenable the communities to have necessary banking facilities,

In the year in question 30 national banking associations wereconsolidated into 15 under authority of the act of November 7, 1918,the capital of the consolidated banks being $33,810,000. In someinstances there were reductions in capital and in others increases,but the net result by reason of consolidations was an iricrease incapital stock of $990,000.

The voluntary liquidation of 123 associations represented a capitalof $14,467,500, while the capital of the 98 insolvent banks was$6,420,000. The net result of the changes hereinbefore mentionedwas an increase for the year in the number of active banks by 20,and in capital stock of $46,212,000, It appears that during thoyear 203 banks increased their capital in the aggregate sum of $43,410,-000. Of this number 85 banks effected the increase by stock divi-dends, the amount of the increase in this manner being $7,680,300.

DOMESTIC BRANCHES OF FATX0AL BAHKS

Under authority of section 5155 of the Revised Statutes of theUnited States the following national banks, formerly State banks,continue to operate the branches indicated:California:

Bank of California, National Association, San Francisco; capital, $3,500,000.Branch at Portland, Oreg.; capital, $300,000.Branch at Seattle, Wash.; capital, $200,000.Branch at Tacoma, Wash.; capital, $200,000.

Louisiana:Calcasieu National Bank of Southwestern Louisiana, Lake Charles; capital^$1,000,000.

Branch at De Quincy; capital, $40,000.Branch at Jennings; capital, $120,000.Branch at Kinder; capital, $30,000.Branch at Lake Arthur; capital, $40,000.Branch at Oakdale; capital, $120,000.Branch at Sulphur; capital, $40,000.Branch at Vinton; capital, $50,000.Branch at Welsh; capital, $60,000.

Massachusetts:Federal National Bank of Boston; capital, $1,500,000.

Four1 branches in Boston, with capital-of $50,000 assigned to each,Safe Deposit National Bank of New Bedford; capital, $500,000.

Branch in New Bedford; capital, $50,000.1 One of which was acquired by consolidation under act Nov. 7,1918.



Michigan:City National Bank of Battle Creek; capital, $500,000.

Branch in Battle Creek; capital, $25,000.National Union Bank of Jackson; capital, $400,000.

Branch in Jackson; capital, $100,000.Mississippi:

Pascagoula National Bank of Moss Point; capital, $75,000.Branch in Pascagoula; capital, $25,000.

New York:Chatham Phoenix National Bank & Trust Co., New York; capital, $13,-

500,000.Thirteen branches in the city of New York, with capital of $100,000

assigned to each.Public National Bank of New York; capital, $4,000,000.

Five branches in the city of New York, with capital of $100,000assigned to each.

Seaboard National Bank of the city of New York; capital, $5,000,000.Two branches in the city of New York, with capital of $100,000 assigned

to each.North Carolina:

American Exchange National Bank of Greensboro; capital, $750,000.Branch in Greensboro; capital, $150,000.

Farmers National Bank & Trust Co. of Winston-Salem; capital, $300,000.Branch in Winston-Salem; capita,!, $50,000.

Oregon:First National Bank of Milton; capital, $50,000.

Branch at Freewater; capital, $10,000.Washington:

Dexter Horton National Bank of Seattle; capital, $2,200,000.Two branches in Seattle, with capital of $50,000 assigned to one and

$200,000 assigned to the other.Wisconsin:

American National Bank of Milwaukee; capital, $1,000,000.Two branches in the city of Milwaukee, with capital of $50,000 assigned

to each.Under the consolidation act of November 7, 1918, converted State

banks having branches were consolidated with the following banksand the branches continued:California:

The First National Bank of Lemoore; capital, $150,000,Branch at Stratford; capital, $25,000.

District of Columbia:The Riggs National Bank of Washington, D. C ; capital, $2,500,000.

Four branches in the city of Washington, with capital of $10,000 as-signed to each.

Georgia:The Fourth National Bank of Atlanta; capital, $1,200,000.

Three branches in the city of Atlanta, with capital of $50,000 assigned toeach.

Branch at Decatur; capital, $25,000.Atlanta & Lowry National Bank, Atlanta; capital, $4,000,000.

Two branches in Atlanta, with capital of $50,000 assigned to each.Massachusetts:

The Atlantic National Bank of Boston; capital, $5,000,000.Three branches in Boston, with capital of $100,000 assigned to each.

The First National Bank of Boston; capital, $20,000,000.Seven branches in Boston, with capital of $50,000 assigned to each.

Chapin National Bank of Springfield; capital, $500,000.Two branches in Springfield, with capital of $50,000 assigned to each.

Michigan:Grand Rapids National Bank of Grand Rapids; capital, $1,000,000.

Nine branches in the city of Grand Rapids, with capital of $10,000assigned to each.


16 REPORT OF THE COMPTROLLER OF THE CURRENCYNew Jersey:

Union Trust & Hudson County National Bank, Jersey City; capital,$750,000.

Branch in Jersey City; capital, $50,000.Branch at Bayonne; capital, $50,000.

New York:National Commercial Bank & Trust Co. of Albany; capital, $1,500,000.

Branch in Albany; capital, $100,000.American Exchange-Pacific National Bank, New York; capital, $7,500,000.

Six branches in the city of New York, with capital of $100,000 assignedto each.

Chase National Bank of New York; capital, $20,000,000.Seven branches in the city of New York, with capital of $100,000

assigned to each.East River National Bank of the city of New York; capital, $2,500,000.

Two branches in the city of New York, with capital of $100,000 assignedto each.

Mechanics & Metals National Bank, New York; capital, $10,000,000.Twelve branches in the city of New York, to which is assigned $50,000

capital each to eight, and $100,000 each to four of the branches.National City Bank of New York; capital, $50,000,000.

Three branches in the city of New York, with capital of $100,000assigned to each.

South Carolina:The Peoples National Bank of Charleston; capital, $1,000,000.

Two branches in Charleston, with capital of $200,000 assigned to oneand $100,000 assigned to the other.

Tennessee:Unaka & City National Bank of Johnson City; capital. $400,000.

Branch in Johnson City; capital, $25,000.Virginia:

First National Bank of Abingdon; capital, $200,000.Branch in Abingdon; capital-, $25,000.

Peolpes National Bank of Leesburg; capital, $100,000.Branch at Upperville; capital, $10,000.

Seaboard National Bank of Norfolk; capital, $1,000,000.Branch in Norfolk; capital, $50,000.

National hanks, with number of additional local offices and dates of approval of theirestablishment, October SI, 1925

Location

California:CrockettFresnoHuntington ParkInglewood.Long BeachLos Angeles

Do

Do _

Do

Do

Title of bank

First National BankFirst National Bank in FresnoNational Bank _ - -First National BankCalifornia National BankFirst National Bank __ _ . _ _ _ .

Commercial National Trust & Savings Bank

Merchants National B a n k . . . . . . . . . . . . . . . . . . . . .

Pacific National Bank _

United States National Bank

Num-ber ofaddi-tionaloffices

112111

16

4

8

7

Date ofapproval of

establishmentof additional

offices

Nov. 28,1923Dec. 19,1923May 3,1924Mar. 7,1923Nov. 8,1923July 1,1922June 13,1922Oct. 31,1923Jan. 29,1924June 4,1924Dec. 18,1924Mar. 24,1925July 22,1925Oct. 20,1925Aug. 1,1922Oct. 11,1922Mar. 15,1924June 4,1924Feb. 5,1924Jan. 3,1925Jan. 8,1925Oct. 16,1925Mar. 1,1924July 29,1924Nov. 21,1924Aug. 3,1925


REPORT OF THE COMPTROLLER OF THE CUREEHCY 17National banks, with number of additional local offices and dates of approval of their

establishment, October 81, 1925Continued

Date ofapproval of

establishmenof additional

offices

California C ontinued.AlhambraBakersfieldOaklandPasadenaSacramentoSan DiegoSanta Cruz

District of Columbia:Washington *_.

Do.DoDo

Georgia:Atlanta .

Kentucky:Louisville

Do.Do

Maine:Portland-_

Maryland:Baltimore.

Do

First National Bank _ ._.First National Bank in Bakersfield.Central National Bank _Pasadena National Bank _California National BankUnited States National BankFirst National Bank

Second National BankDistrict National BankFranklin National Bank _.Lincoln National BankAtlanta & Lowry National Bank.

Citizens Union National BankLouisville National BankNational Bank of Kentucky.Chapman National Bank

Do-Do

Massachusetts:AdamsBoston _

Citizens National BankDrovers & Mechanics National Bank..Farmers & Merchants National Bank..Merchants National BankFirst National BankAtlantic National Bank..

Do I Citizens National Bank..Do Federal National Bank-.Do.Do-Do .

FitchburgMaidenNew Bedford..PalmerSpringfieldWellesley

Michigan:Detroit

DoFlintJacksonLudingtonMuskegonSaginaw

Nebraska:South Omaha_

DoNew York:

Buffalo..

DpFlushingIthacaNew York

Do

First National BankNational Rockland BankNational Shawmut Bank .Safety Fund National Bank_First National BankMerchants National Bank...Palmer National BankChapin National Bank.Wellesley National Bank

First National Bank in Detroit_.National Bank of Commerce..First National BankPeoples National BankFirst National Bank__Union National BankSecond National BankLive Stock National Bank.Packers National Bank

Community-South Side National Bank.

Manufacturers & Traders National Bank.Flushing National BankFirst National BankBronx National Bank

Capitol National Bank..

Nov. 22,1922Nov. 18,1922

/May l',1923\Aug. 25,1924Dec. 30,1922Dec. 4,1922Sept. 22,1922Nov. 20,1922

(July 20,1922^Aug. 15,1922[Nov. 28,1923Dec. 18,1922Nov. 18,192-1July 29,1924June 17,1925fAug. 18,1922[Feb. 11.1925Aug. 1,1922

Dec. 18,1924Apr.Aug.JuneSept.Apr.

1,19252,19221,19256.19229.1923

Dec.Aug.Jan.Mar.Jan.[Jan.Oct.

UulyJune

/Dec.\Feb.Jan.Feb.Nov.MayJan.

/Nov.\Mar.

7,192323,19222, J9243,3923

18,192418,192416.192428.19256,19253,192328,192530,192417,192528.192422.192510,192418.192230.1923

(Jan. 2,19244 Apr. 7,1924[June 14,1924.July 19,1922Dec. 15,1923Nov. 22,1922Sept. 8,1922Jan. 23,1924Jan. 13,1923

Dec. 3,1923Jan. 18,1924Aug.Jan.

i M a r .Mar.

[Sept.Dec.JulyNov.July[Jan.Apr.[Aug.

18,192218.19232,1925

11,192523,192521,192218,19259.1922

17.19249.1923

28,192318.1925

i Established under authority of the Millspaugh Act, Apr, 26,1922


18 REPORT OF THE COMPTROLLER OF THE CURRENCYNational banks, with number of additional local offices and dates of approval of their

establishment, October 81, 1925Continued

Location

New YorkContinued.New York Chase National Bank_

Do -- Chemical National Bank..

Title of bank

Do I East River National Bank.

Do -I First National Bank of the City of Brooklyn..Do Hamilton National Bank-Do Harriman National Bank.Do Mechanics & Metals National Bank.Do-I - National American Bank.i)oZIIIIIIIIIIIII-Do-_

Do..Do..

Do..

Do.

..Do.

Troy__ ._WatertownYonkers

National Bank of Far RockawayNational Butchers & Drovers Bank-National City Bank.

National Park BankOzone Park National Bank..

Public National Bank.

Richmond Hill National Bank....Rockaway Beach National Bank.Seventh National Bank..Manufacturers National BankJefferson Co. National BankFirst National Bank _

Do. ! Yonkers National Bank & Trust Co.North Carolina:

Greensboro. _Ohio:

Cleveland...ColumbusFindlayLockland

Pennsylvania:Altoona...Chester

DoJohnstownMcKees Rocks.Philadelphia-

DoDoDoDoDoDoDoDoDoDoDo

ReadingWilliamsport.York

American Exchange National Bank

Brotherhood of Locomotive Engineers Co-Opera-ativo National Bank.

City National BankAmerican-First National BankFirst National Bank

.do...do.

Pennsylvania National Bank.First National Bank

do-do.

Broad Street National BankCentral National BankCorn Exchange National BankDrovers & Merchants National Bank.Fourth Street National BankFranklin National BankNorthern National BankOverbrook National BankPhiladelphia National BankSouthwark National BankTenth National Bank

Reading National Bank

West Branch National Bank..York National Bank

Num-ber ofaddi-tionaloffices

Date ofapproval of


offices

1 Aug.12 Apr.

IfJan.i Jan.

9 l-JMayJune

I Sept,Julyroot,\Oct.Apr.JulyApr.Sept.May

(Oct.I Jan.jMar.iMar./Mar.\Oct.

Feb.(JulyAug.Dec.Feb.Jan.JulyDec.May.Oct.

/Aug.\Nov.Mar.

19

Sept.Nov.Oct.rApr.[Juneroct.[Sept.

31,192528.192318.192416.192528,192527,192523,192519,192429, 1 92430.192428,192315.192114.19254,19256.192426.192330.192413.192525,192519,192416,19245.192518.192229.19228,192228.192326.192131.192431,192419.192523,1925

1,192228.19248.19249.192519,192313.19228,192517.192524,192226,1925

July 24,1922Sept. 8,1922Mar. 17,1925Jan. 2,1923Nov. 28,1923

JuneSept.MayApr.Oct.

TJuly[Sept.Nov.JulyJulyJan.Aug.JulyApr.Sept.Apr.Mar.Mar.

(Aug.{Feb.IMar. :Aug.July

12,192522,192224,192428.192424,192225.192230.192513.192324,192218,192218.192417, J9-28,19-252, ifc'.V,2,19J4

30. !*"']18.1/.^3, iO2:;

24, 1;'J15, i9-4

31,192?25, i&?


BEPOR.T OF THE COMPTEOLLEK OF THE CURRENCY 19

National banks, with number of additional local offices and date of approval of theirestablishment, October 81, 1925Continued

LocationNum-ber ofaddi-tionaloffices

2

1

119Z13

114o

1

Date ofapproval of


on

Aug.

Dec.

Oct.Jan.

/Feb.Ung.JulyMayJan.Apr.July

/July\Feb.July

ices

30,192215,192329,19253,1924

20,19241,19248,19255,19259,1923

29,192420,192221,19222,1924

19,1922

South Carolina:Charleston

GreenvilleTennessee:

Chattanooga...KnoxvilleNashville

DoDo

Virginia:Charlottes ville.NorfolkRichmond

DoDo - -

Bank of Charleston, National Banking Associa-tion.

Norwood National BankFirst National BankCity National Bank._ __American National Bank _Broadway National BankFourth and First National BankPeoples National Bank... _Virginia National BankAmerican National BankMerchants National BankPlanters National Bank _

CONDITION" OF UATIO^AL BAHKS AT DATE OF EACH EEPOETCALLED FOE DUEIFG THE YEAE

Under authority of section 5211, Revised Statutes, national bankswere called upon to submit four reports of condition during the yearended October 31, 1925, as of various dates specified by the comp-troller.

The resources and liabilities of reporting banks at the date of eachreport during the year are shown in the following statement:

Abstract of reports of condition of national banks on dates indicated[In thousands of dollars]

Loans andcounts) i__

Gverdrafts.

RESOURCES

discounts (including redis-

Customers' liability account of acceptances-United States Government securities

owned Other bonds, stocks, securities, etc

Total loans and investmentsBanking house, furniture, and fixturesOther real estate ownedLawful reserve with Federal reserve banks.Items with Federal reserve banks in pro- j

cess of collection ____Cash in vault. . . _Amount due from national banksAmount due from other banks, bankers,

and trust companiesExchanges for clearing houseChecks on other banks in the same place.-IOutside checks and other cash itemsRedemption fund and due from TJ. S. j

TreasurerOther assets _ _ .._

Oct. 10,19248,074

banks

Total.

12,210,14812, 242

145, 666

2, 579,1902, 897,040

17,8U, ^86541, 852107,459

1,303, 631

427,894360,101

1, 412, 807

439,356575, 36053,871

36, 726166,820

J 23,323,061

Dec. 31,19248,049

banks

12,319,6809,802

244, 728

2, 586, 6973, 075,999

18,236,906551, 371108,966

1,394, 386

486,933409, 566

1,349,859

431, 043996, 61585, 22570, 635

36, 310223,466

24, 381, 281

Apr. 6,19258,016

banks

12,468, 83611,410

240,962

2, 614,1853,139,255

18,47A, 648564,103112,481

1, 273, 274

411, 539361, 671

1,192,049

395, 655665, 28867, 70854,541

33,120226, 386

23, 832, 463

June 30, Sept. 28,19258,072 19258,085

banks I banks

12,674,0679,352

176,583

2,538,767 I3,193, 677

13,134.46114, GOO

201, 083

2, 512, 0253, 242, 620

18,590,446585,267 I111,191 i

1,326,864 I

486, 787359, 605

1,096, 768

403, 366988, 29480, 72769,517

33,038238,993

24, 350,883

19,105,089593,178114, 677

1, 324, 326

456, 656362, 341

1,120, 925

393,869733,81658, 32654,094

32,876219, 346

24, 569, 527

1 Includes customers' liability under letters of credit.Digitized for FRASER

http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

20 REPORT OF THE COMPTROLLER OF THE CURRENCYAbstract of reports of condition of national banks on dates indicatedContinued

[In thousands of dollars]

LIABILITIES

Capital stock paid inSurplus fundUndivided profits, less expenses and taxes

paid __Reserved for taxes, interest, etc., accrued..National-bank notes outstanding _.Due to Federal reserve banksAmount due to national banksAmount due to other banks, bankers, and

trust companiesCertified checks outstandingCashier's checks outstandingDemand depositsTime deposits (including postal savings)...United States deposits

Total depositsUnited States Government securities bor-

rowed.Bonds and securities (other than United

States) borrowedAgreements to repurchase United States

Government or other securities soldBills payable (including all obligations rep-

resenting borrowed money other thanrediscounts)

Notes and bills rediscounted (includingacceptances of other banks and foreignbills of exchange or drafts sold with in-dorsement).

Letters of credit and travelers' checks out-standing

Acceptances executed for customers and tofurnish dollar exchange less those pur-chased or discounted __.

Acceptances executed by other banksLiabilities other than those stated above...

Total..

Oct. 10,19248,074

banks

1,332,5271,074,268

556,792

723, 53027,342

1, 338,309

1,933, 857147, 404217, 231

9, 795, 5805,460,677

188,398

19,108,798

28,729

3,581

123,611

170,419

6,135

140, 57418,43535, 662

23, 323,061

Dec. 31,19248,049

banks

1,334,836

442,48460,784

714,84433,188

1, 239, 923

2, 029, 671184, 363415, 260

10, 363, 2505, 581, 287

153, 266

20, 000,208

3,405

202,304

196,396

6,124

235, 23226,56440, 290

24, 381, 281

Apr. 6,19258,016

banks

1,361,4441,106, 544

490, 45760,224649, 44729, 323

1,147, 628

1,839,935197, 508204,447

9,923, 2435, 785, 211255, 652

19,882,947

21,747

3,821

219,198

226,597

6,537

232, 76129,50241,237

23, 832, 463

June 30,19258,072

banks

1,369,4351,118,928

481,71160, 078

648,49430, 740

1,028,168

1,827, 492224, 089336,167

10,430, 2545,924, 658

108,101

19,909,669

21,684

3,530

3,413

245,107

233,874

12,127

164,56928, 77349,471

24,350, 863

Sept. 28,19258,085

banks

1,375,0091,125,495

543, 56469, 792

649, 22131,820

1,068, 420

1,766, 708251, 505214, 594

10,427,5445,994, 374

175, 097

19,930,062

24,479

3,976

4,057

316, 627

245,537

9,065

191, 87328, 54252, 228

24, 569, 527

CONDITION OF NATIONAL BANKS SEPTEMBER 28, 1925

The resources of 8,085 national banks September 28, 1925, amountedto $24,569,527,000, and exceeded the resources of 8,074 banks Octo-ber 10, 1924, by $1,246,466,000.

Comparison of the principal items of resources and liabilitiesfollows:

RESOURCES

Loans and discounts aggregated $13,134,461,000, and exceeded theamount in October, 1924, by $924,313,000. The percentage of loansand discounts to total deposits was 65.90, compared with 63.90 inOctober, 1924.

United States Government securities held by these banks to theamount of $2,512,025,000, declined since October, 1924, $67,165,000,and other bonds, stocks, and securities, etc., amounting to $3,242,-620,000 were increased in this period $345,580,000.

Banking houses, furniture and fixtures valued at $593,176,000 ex-ceeded the amount a year ago by $51,324,000, and other real estate


REPORT OF THE COMPTROLLER OF THE CURRENCY 2 1

owned to the amount of $114,677,000 showed an increase of $7,218,000in the year.

Balances due from correspondent banks and bankers, includinglawful reserve and items in process of collection with Federal reservebanks of $1,780,992,000, aggregated $3,295,786,000, and showed areduction in the year of $287,902,000. Cash in vault of $362,341,000exceeded the amount a year ago by $2,240,000.

LIABILITIES

Paid-in capital stock of $1,375,009,000 exceeded the amount ayear ago by $42,482,000, and surplus and undivided profits of$1,669,059,000 were $37,999,000 more than a year ago.

Liabilities for circulating notes amounted to $649,221,000 and were$74,309,000 less than at the corresponding period in 1924.

Deposit liabilities aggregated $19,930,

Documents

compcurr_1925