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Annual Report of the Comptroller of the Currency 1885 ANNUAL REPORT OF THE COMPTROLLER OF THE CURRENCY TO THE FIRST SESSION OF THE FORTY-NINTH CONGRESS OP. THE U NITED S TATES. DECEMBER

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Text of Annual Report of the Comptroller of the Currency 1885 ANNUAL REPORT OF THE COMPTROLLER OF THE...

  • ANNUAL REPORT

    OF THE

    COMPTROLLER OF THE CURRENCY

    TO THE

    FIRST SESSION OF THE FORTY-NINTH CONGRESS

    OP. THE

    U NITED S TATES.

    DECEMBER 1, 1885.

    WASHINGTON: GOVERNMENT PRINTING OFFICE.

    1885.Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

  • TREASURY DEPARTMENT, Document No. 760,1st ed.

    Comptroller of the Currency

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

  • TABLE OF CONTENTS.

    f A full index will be found at page 247 of this volume.]

    REPORT. Page.

    Report submitted for consideration of Congress 5 National banks organized during the year, with their location by States, capital, and circulation.. 5 National banks organized since the establishment of the system 6 National banks closed since the establishment of the system 6 National banks extended during the past year 6 Effect of the act of July 12,1882, as to minimum of bonds deposited 6 Increase of small banks 7 Extension of the corporate existence of national banks 7 Amendments in the act for the extension of corporate existence suggested 8 Circulation 13 Changes in bonds since November 1,1884 14 Contraction of national-bank circulation 14 Measures for the increase of profit on national-bank circulation suggested 16 Reduction of tax on circulation recommended 16 Safety-fund system 17 Circulation based on silver ID Increase in silver certificates and standard dollars 20 Effect of the present law authorizing the coinage of the silver dollar 20 Bank-note issues of other conntries - 20 Bank-note issues of England, Scotland, Ireland, Canada, English Australasian colonies, France,

    Germany, Austria, Belgium, Netherlands, Denmark, Norway, Sweden, Russia, Switzerland, Italy, Spain, Portugal, and Japan 21

    Amount of interest-bearing funded debt and the amount held by the national banks as security for circulating notes 31

    Comparative statements of the national banks for eleven years 34 Resources and liabilities of national banks on October 1, 1885, classified as to city and country

    banks 35 Twenty-five States having the largest national banking capital 36 Redemptions of national bank-notes 36 Nation al-bank failures 38 Taxation 41 State taxation of national banks 4J Loans and rates of interest 47 Dividends and earnings W Transactions of the New York Clearing House 51 Transactions of clearing-houses in other cities 54 Clearing-house certificates 54 Reserve 5€ Denominations of paper circulation of the United States - 58 Denom inations of notes of the Imperial Bank of Germany and the Bank of France 60

    4 Distribution of coin and paper currency 62 Specie in bank and in the Treasury of the United States 65 Estimated amount in the country 66 Specie in Bank of England 68 Specie in Bunk of France and proportions Of gold and siTveTft*^. 68 Number, en pi till, and deposits of State and(a

  • 4 CONTENTS.

    APPENDIX. Page.

    Names and compensation of officers and clerks 75 Expenses of the office . . 76 Synopsis of judicial decisions 77 Banks, the corporate existence of which was extended prior to November 1, 1885 107 Banks, the charters of which expire during 1886 107 Number, capital, bonds, and circulation of national banks 108 Numbers and denominations of national-bank notes issued, redeemed, and outstanding 109 Losses to holders of notes of insolvent national banks if notes had been unsecured except by first

    lien on general assets, and if issue had been permitted to various percentages of capital 110 Percentage of circulation unredeemed at the expiration of three years from date of voluntary

    liquidation 114 Percentage of circulation unredeemed at the expiration of six years from date of voluntary

    liquidation 115 Principal liabilities and resources on October 1,1885, by States and reserve cities, arranged in

    eight principal divisions 116 Number of banks with capital over $150,000 and with capital under $150,000 120 Number of banks, with capital and minimum of bonds required, increase of circulation if au-

    thorized to par value 122 Monthly and yearly increase and decrease of »national-bank circulation 124 Average prices of United States bonds and interest realized thereon to investors, annual profit

    on national-bank circulation 125 Circulation issued and legal-tender notes deposited to retire the same 126 Banks in voluntary liquidation under sections 5220 and 5221 Revised Statutes of the United States. 127 Banks in liquidation under sections 5220 and 5221 Revised Statutes of the United States, for the

    purpose of organizing new associations „ 135 Banks in liquidation under section 7, act of July 12, 1882 137 Banks in liquidation under section 7, act of July 12,1882, succeeded by associations with same or

    different title 138 Banks in the hands of receivers 139 Classification of the loans and discounts of national banks 144 Dividends and earnings of national banks 146 Clearings and balances of the banks in New York City, by weeks 154 Lawful money reserve of the national banks 156 Number of State banks, trust companies, savings banks, and private bankers, with average

    amount of capital, deposits, and investments in United States bonds 160 Capital and deposits of State banks, private bankers, t rust and loan companies, and savings

    banks 168 Resources and liabilities of State banks, savings banks, and trust companies at various dates . . 174 National-bank and legal-tender notes outstanding at various dates 181 Abstract of resources and liabilities of national banks for each year from 1863 to 1885 182 Abstract of reports of the condition of the national banks during the past year 20 0 General index 247

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

  • EEPORT

    THE COMPTROLLER OF THE CURRENCY.

    TREASURY DEPARTMENT, OFFICE OF COMPTROLLER OF THE CURRENCY,

    Washington, December 1, 1885. I have the honor to submit for the consideration of Congress, in com-

    pliance with section 333 of the Eevised Statutes of the United States, the twenty-third annual report of the Comptroller of the Currency. During the year ending November 1, 1885, one hundred and forty-five banks have been organized, with an aggregate capital of $16,938,000; circu- lating notes have been issued to these new associations amounting to $4,274,910* The following table gives the number of banks organized in each State and Territory during the year ending November 1, 1885, with their aggregate capital and circulation:

    States and Territories. No. ofbanks.

    1 1 1 1 10 2 6 1 1 1 1 2 2 1 7 2 3 2 3 7 4 10 11 3 6 1 17 14 4 2 1 2 1 11 1 2

    145

    Capital.

    $100, 000 50, 000 100, 000 150, 000

    1, 685, 000 150, 000 800, 000 210, 000 50 000

    400^ 000 125, 000 250, 000 150, 000 50, 000

    500, 000 300, 000 550, 000 100, 000 250, 000

    1, 550, 000 1, 050, 000 2, 508, 000 1, 865, 000 150, 000 350, 000 75, 000 965, 000 710, 000 275, 000 300, 000 200, 000 160, 00U 50, 000 560, 000 50, 000 150, 000

    16, 938, 000

    Bonds de- posited.

    $25, 000 13 000 25, 000 37, 500

    790, 000 65, 000

    182, 500 50, 000 12, 500 50, 000 50, 000 7L,000 55, 000 12, 500

    128, 000 80, 000 140, 000 25, 000 155, 000 546, 000 675, 000 312, 000 365, 500 65, 000

    164, 500 19, 000

    241, 300 180, 000 69, 000 62, 500 50,000 40, 000 12, 500 140, 000 12, 500 37, 500

    4, 959, 300

    Circulation issued.

    $22,500

    22, 500 33, 740 711,000 58, 500 164, 240 45, 000

    45, 000 45, 000 18, 900 49, 500 11, 240

    115,190 72, 000

    126, 000 22, 490

    139, 500 491, 400 607, 500 280, 780 328, 880 58,490 136, 780 17,100 217,120 148, 390 11, 250 56, 250 45, 000 36, 000 11, 250 81,420 11, 250 33,750

    4, 274, 910

    Maine New Hampshire Vermont Massachusetts .. New York New Jersey Pennsylvania... Delaware Maryland Virginia North Carolina . Georgia Florida Mississippi Texas Arkansas Kentucky Tennessee Missouri Ohio Indiana Illinois Michigan Wisconsin Iowa Minnesota Kansas Nebraska Oregon Colorado Utah Montana Wyoming Dakota Washington California

    Total

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

  • 6 REPORT OF THE COMPTROLLER OF THE CURRENCY.

    These banks are located by geographical divisions, as follows: East- ern States 4 banks, with capital of $400,000; Middle States, 20, with capital of $2,895,000; Southern States, 21, with capital of $2,425,000; Western States, 76, with capital of $9,473,000; Pacific States, 8, with capital of $725,000; Territories, 16, with capital of $1,020,000.

    Since the establishment of the national banking system, on February 25,1863, there have been organized 3,406 national banks. Of these 432 have gone into voluntary liquidation for the purpose of winding up their affairs; 79 have gone into voluntary liquidation for the purpose of reor- ganization; 64 are in liquidation by expiration of their charter, of which number 38 have been reorganized; and 104 have been placed in the hands of receivers for the purpose of closing up their affairs; leaving the total number in existence 2,727, on November 1,1885, which is the largest num- ber that has been in operation at any one time.

    The corporate existence of 864 national banks expired during the year ending November 1, 1885, of which 801 have been extended under the act of July 12, 1882. Forty-eight have permitted their corporate exist- ence to expire, and are in liquidation under section 7 of said act (32 of which have been succeeded by other banks located in the same pl

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