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Annual Report of the Comptroller of the Currency, Volume 1 1893

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Text of Annual Report of the Comptroller of the Currency, Volume 1 1893

Annual Report of the Comptroller of the Currency, Volume 1 1893OF
WASHINGTON: GOYERNIENT PRINTING OFFICE.
TREASURY DEPARTMENT,
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TABLE OF CONTENTS.
Page. Jieport submitted to Congress 3 Number of national banks in operation 3 llesources, liabilities, surplus, undivided profits, and circulation outstanding 3 Nat ional banks organized during the year 3 National banks whose corporate existence was ex fended 3 National banks which suspended business 3 National banks which resinned business 3 National banks organized, receiverships, voluntary liquidations, corporate extensions and expi-
rations 4 'Resources and liabilities of national banks on five dates during year 4 (,'omparison with previous year 5 Effect of monetary stringency during the year 0 Contraction in volume of money 0 Changes in number, capital, and circulation of national banks during the yea:1, etc 7 Policy of Comptroller relative to organization of national banks 7 Banks other than national 7 Suspension of national banks 10 .Resumptions 10 Analysis of suspensions and resumptions 10, u Dividends to creditors, and assessments upon shareholders of national banks 13 Suspension and resumption of banks other than national 13-15 Clearing-house loan certificates 15-17 Lawful money reserve 1 ?-] 9 Amendments to present law recommended 19-24 Currency legislation 24 Conclusion 25
A P P E N D I X .
Names and compensation of officers and clerks 29 Expenses of the Bureau for the fiscal year 30 Digest of national-bank decisions :;] National banks organized, in liquidation and in operation, with capital, bonds, and circulation
issued and redeemed and outstanding on October 31, 1893 70 Number and capital, by States, of national banks organized during the year ended October 31, 71 Number of national banks in each State in operation on October 31, 1893 71 Classification and number of national banks passed out of the system since February 25,18G3... 71 Number and authorized capital of national banks organized and closed, annually, 1863 to 1893 .. 72 Number and capital, by States, of national banks whose corporate existence was extended
under act of J u l y 12, 1882 72 Number, capital, and circulation of national banks, whose corporate existence will expire
annually from 1894 to 1903 7;j Title, capital, and circulation of national banks, expired during the past year, succeeded b\
other associations with, same or different title 7:; Number, capital, and circulation, by States, of national banks extended during the year ended
October 31, 1893. 73 Title, date of expiration, capital, bonds, and c i rcu la t ion-^ associations whose corporalr
existence will expire during the year ending Octob.er 31,1 >$i.. t 74 Title, date of suspension, capital, and circulation of national banks placed in the ham!;- of
receivers during the year ended October 31, 1893 , 75,70 I
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II CONTENTS.
Page. Title, date of closing, capital, and circulation of associations which went into voluntary liquida-
tion during the year ended October 31, 1893 : 77 Title, capital, dates of suspension and resumption of national banking associations which sus-
pended business during the year ended October 31, 1893 78 Title, capital, and date of suspension of national banks in the hands of examiners at the close
of the year ended October 31. 1893 79 Number, and capital, by States, of national banks which suspended, resumed, and failed, and
were placed in charge of examiners during the year ended October 31, 1893 80 Authorized capital stock, bonds on deposit, circulation secured by bonds, lawful money deposit
to secure circulation, and circulation outstanding, on the first day of each month from January, 1872, to November, 1893 81-84
Changes in capital, bonds, and circulation of national banks by geographical divisions 85-89 Changes in national-bank circulation during each of the years ended October 31, 1886. to 1893,and
the amount of lawful money on deposit at the close of each year 90 Additional circulation issued and lawful money deposited from June 20, 1874, up to October 31,
1893 91 National-bank circulation outstanding and bonds on deposit on October 31, 1893 92 Profits on national-bank circulation upon a deposit of 2, 4, and 6 per cent bonds 93 Quarterly changes of national-bank circulation from January 14, 1875, to October 31, 1893 94 National-bank notes issued, redeemed, and outstanding in each year from 1864 to 1893 95-97 National gold bank notes issued, redeemed, and outstanding October 31, 1893 98 National-bank notes issued during the year ended October 31. 1893, and total amount issued,
redeemed, and outstanding 98 Monthly statement of "additional" circulation issued from 1883 to 1893 98 Amount by denominations of national-bank notes issued, redeemed, and outstanding since the
organization of the system and the amount outstanding on October 31, 1893 99 Incomplete national-bank currency issued by the Bureau during the year ended October 31, 1893 99 "Additional circulation''issued and retired during the year ended October 31, 1893, and total
amount issued and retired since June 20, 1874 100 National-bank notes received monthly for redemption by the Comptroller and the redemption
agency during the year ended October 31, 1893, and total amount received since approval of the act of June 20, 1874 101
National-bank notes received and destroyed yearly at this Bureau since the establishment of the system 101
Amount of tax on circulation, cost of redemption, assessment for plates and examiners' fees, during the year ended June 30, 1893, and annually 1883 to 1893 102
Title, capital, and bond deposit of national banks without circulation 102 Amount and kinds of bonds on deposit to secure circulation and amount owned and held by
national banks for other purposes on June 30, 1865 to 1893 103 Amount and kinds of bonds on deposit to secure circulation of national banks on October 31,
1882 to 1893, inclusive 103 Interest-bearing bonded debt of the United States from 1865 to 1893 104 Market price of United States bonds by weeks during the year ended October 31, 1893 105 Investment value of United States 4^ and 4 per cent bonds each quarterly period from January,
1885, to October, 1893 100 Number'and capital of national banks, by States, amount of United States bonds held on Octoiber
3, 1893, minimum required, and excess held on that date and on September 30, 1892 107,108 Number and capital of national banks, by States, with capital of $150,000, under and over, and
increase or decrease during the year 109-112 Resources and liabilities of national banks from 1864 to 1893, inclusive 113,114 Resources and liabilities of national banks in reserve cities, etc.. on October 3, 1893 115 Highest and lowest point reached, principal items of resources and liabilities of national banks
since 1866 110 Percentages of loans. United States bonds and specie, to aggregate funds of national banks, 1880
to 1893 110 Classification of loans by national banks at similar dates during the past five years 117,118 Classification of loans by national banks in New York City for the past eight years 119 Classification of loans by national banks in the reserve cities and States on October 3, 1893 119,120 Amount and kind of coin and coin certificates held by national banks in 1888 to 1893, inclu-
sive 121-128 Total amount of coin and coin certificates held by national banks on or about September 30,
1889 to 1893 129, 130 Changes in deposits and reserve of national banks since June 20, 1874, and average for past
twenty years 130.131 Classification of the lawful money reserve of national banks on October 3, 1893 132.133
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CONTENTS. Ill
Page. Aknpunt of deposits arid reserve required and held by national banks on date of eaeli call during
the year ended October :i 1803 134 Liabilities and reserve required and held by national banks on three dates in 1888 to 1893 135-137 Number of banks, net deposits, reserve required and held by national banks from October 5,
1887, to October 3, 1893 138,139 Number of national banks, reserve required and held, classification of reserve, by geographical
divisions, from March 7, 1884 to October 3, 1893 140-149 Average weekly deposits, circulation and reserve of national banks in New York City, from
September 3, 1887 to November 4. 1893 150 Movement of the reserve of national banks in New York City during October, from 1878
to 1893 151 Earnings and dividends of national banks from September 1. 1892 to September 1, 1893 152-159 Ratios of dividends and earnings to capital and to capital and surplus, by States and reserve
cities, from March 1, 1881), to September 1, 1893 160,161 Earnings and dividends of national banks and ratios of, to capital, etc., geographically arranged,
from September, 1884 to September, 1893 162,163 National banks in voluntary liquidation under sections 5220 and 5221. Revised Statutes.United
States 164-175 National banks in voluntary liquidation under section 7, act of July 12, 1882, succeeded by
associations with similar titles 176 National banks in voluntary liquidation for the purpose of reorganization 177,178 National banks in voluntary liquidation under section 7, act of July 12, 1882 179 National banks placed in the hands of receivers since organization of system 180-191 Capital, surplus and undivided profits, and other liabilities of national banks which failed during
the year ended October 31., 1893 192-194 Receiverships closed during the year ended October 31, 1893 194 Dividends paid, to creditors of insolvent national banks during the past year 195,196 Inactive receiverships 196 Insolvent national banks, assets, collections, disbursements, expenses of receiverships, divi-
dends paid, etc.. 1864 to 1893 198-213 Clearings and balances, New York Clearing House Association, for years ended October 1, 1892,
and 1893 214 Transactions of the New York clearing house from 1854 to 1893, inclusive 215 Clearing-house transactions of the Assistant Treasurer, United States, at New York, for the
year ended October 1, 1893 215 Comparative statement of exchanges of the clearing houses of the United States for the
months of October, 1893, and 1892 216 Comparative statement of exchanges of tlie clearing houses of the United States for the weeks
ended October 28, 1893, and October 29, 1892 217 Comparative statement of exchanges of the clearing houses of the United States for the years
ended on September 30. 1893, and 1892 218 Abstract of reports of condition, etc., of State banks, loan and trust companies, savings and
private banks 219-246 Reports of condition of the National Savings Bank, the National Safe Deposit Savings and
Trust Company, the Washington Loan and Trust Company, and the American Security and Trust Company, of "Washington, D. C 247-251
Condition of the Canadian banks 251 Aggregate resources and liabilities of the national banks from 1863 to 1893 253 Summary of the state and condition of national banks on dates of report during the past year.. 4 General index 329 Report of each, national bank at close of business October 3,1893 Yol. u
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EE PORT OF
TREASURY DEPARTMENT, OFFICE OF THE COMPTROLLER OF THE CURRENCY,
Washington, December 4, 1893. SIR: In compliance with law I have the honor to herewith submit
for the consideration of Congress the annnal report of the Comptroller of the Currency. It covers the year which ended October 31,1893, and is the thirty-first report made since the organization of the Bureau.
The records of the Bureau show that at the close of the year the total number of national banks in active operation was 3,796, with an authorized capital stock of $683,598,120, represented by 7,450,000 shares, held by 300,000 shareholders.
On October 3, the date of their last report of condition, the total resources of the 3,781 banks then in operation was $3,109,563,284.36, of which their loans and discounts aggregated $1,843,634,167.51, and money of all kinds in bank $369,862,636.97. Of their liabilities $1,451,- 124,330.50 represented individual deposits, $339,153,447.54 surplus and net undivided profits, and $182,959,725.90 circulating notes outstanding. The total amount of circulation of national banks, October 31, as shown by the books of the office, was $209,311,993, a net increase during the year of $36,886,972 and a gross increase of $40,775,165 on circulation secured by a deposit of bonds.
During the year 119 banks were organized in thirty-two States and Territories, with a capital stock of $11,230,000. Of these 44, with a capital stock of $5,135,000, are located in the Eastern States, 41 west of the Mississippi River, with a capital stock of $2,340,000, and 34 in the Central and Southern States, with a capital stock of $3,755,000.
The number of banks whose charters w ere extended was 40, dis- tributed throughout twenty-five States, with a capital stock of $5,046,000, and circulation to the amount of $1,585,925. The charters of 4 expired, but in each instance the banks were succeeded by new associations.
Within the same period 158 banks suspended, with a capital stock of $30,350,000. Of this number, however, 86^ with a capital stock of $18,205,000, resumed business. The number which passed into the hands of receivers was 65^ with a capital stock of $10,935,000. On October 31 seven remained in the charge of examiners, with pros- pects of speedy resumption. Forty-six banks, with a capital stock of $5,735,000, went into voluntary liquidation.
By comparing the foregoing synopsis of the history of the banks for the year ended October 31, 1893, with that of the year ended October 31, 1892, as the same is set forth in the Comptroller's Eeport for that year, the following changes are noted: The number of banks organ- ized decreased 44? receiverships increased 48, voluntary liquidations
3
REPORT OF THE COMPTROLLER OF THE CURRENCY.
decreased 7, corporate extensions decreased 47, and expirations ofcojfr porate existence decreased 7. The total gain in the number of active banks was 8.
The varying condition of the banks throughout the year appears from the following abstract of the reports of condition, made in response to the five calls required by law.
SUMMARY OP THE STATE AND CONDITION OP EVERY NATIONAL BANK REPORTING DURING THE YEAR ENDED OCTOBER 3, 1893.
RESOURCES. .
circulation U. S. bonds to secure
deposits U. S. bonds on hand . Stocks, securities, etc Due from reserve
agents Due from national
niture, and fixtures Other real estate and
mortgages owned . Current expenses and
taxes paid Premiums on U. S.
bonds Checks and other cash
items Exchanges for clear-
banks Fractional currency,
nickels, and cents . Specie Legal-tender notes .. TJ. S. certifs. of de-
posit Five per cent redemp-
tion fund Due from Treasurer
other than 5 per cent fund
Total.
LIABILITIES.
Capital stock paid in. Surplus fund Undivided profits . . . National-bank notes
outstanding State-banknotes out-
standing Dividends unpaid .. . Individual deposits . U.S. deposits Deposits of U. S. dis-
bursing officers Due to other national
banks Due to State banks
and bankers Notes and bills re-
discounted Bills payable Liabilities, other
Total
$2,166,615,
166,449,
206,463, 850.00
1, 268,405.0c
208,341,816.42 90, 935, 774. 00
14, 675, 000. 00
3,830 b a n k s .
J u l y 12, 1893.
3,807 b a n k s .
172,412, 550. 00
150,747, 862.
174, 312,119.
12,130, 000.
7,467, 989.
1, 556, 891.
3, 480, 349, 667.19 3,459, 721, 235. 78 3, 432,176, 697.25
689, 698, 017. 239, 931, 932. 114, 603, 884.
145, 669, 499. 00
4, 034, 240.
688, 642, 245, 478, 3
, 876. 00 , 362. 77
151, 694,110.00
075. 392.
1,751,439,374. 762.
176, 588, 050.00
149, 690, 701.
159, 352, 677.
27, 211, 234.
685,786, 718. 56 249,138, 300. 30
93, 944, 649. 72
166, 901, 054.
501 75, 075. 50 75, 072. 50 19 2, 579, 556. 38 3, 879,673. 50 1 4 1 , 749,930, 817. 5111, 556, 761, 230.17 17 9, 657, 243.49 10, 379, 842. 66
14, 021, 18,180,
125, 979,422.16
18, 953, 306. 98 29,940, 438.56 21, 066,737.01 21, 506, 247. 53! 31, 381, 451.27 27, 426, ttff. 54
3,051,379.82! 28,689,265.68 31,632,35^.16
14,8.16; 000. 00' 2,700,950. 00
148,509,950.46
158,499,644.28
94,740,014.97
182, 959,725,90
226,423,979.06
122,891,098.21
3,480, 349, 667.19 3,459, 721, 235. 78'3,432,176, 097. 25J3, 213, 261, 731. 94 3,109, 663,284.3
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KEPORT OF THE COMPTROLLER OF THE CURRENCY. 5
A comparison of the figures of 1893 with those of 1892 in the foregoing- table will indicate to what extent ami in what respect the national- banking interests of the country suffered from the severe and unu- sual monetary stringency which characterized the greater portion of the past year. Compari »; their aggregate resources or liabilities on October 3, 1893, with tho, of September 30, 1892, it is found they were $400,531,613 less, being but $3,109,563,284 on the former date as against $3,510,094,897 on the latter, the highest point ever reached in the his- tory of the national-bank system. This unparalleled shrinkage in lia- bilities is accounted for by a decrease between the dates mentioned in the following items, viz: Capital stock $8,032,077, individual deposits $314,298,653, and bank and bankers' deposits $181,338,125. An increase is shown in circulation outstanding to the amount of $39,536,428, in liabilities of all kinds for money borrowed $54,464,628, and in surplus and undivided profits $9,701,265.
Not less marked is the decrease in the items making up the resources of the banks. It shows as follows: Loans and discounts, $327,406,926; stocks, securities, etc., $5,965,564, and due from banks and bankers, $132,054,654. Cash of all kinds on hand increased $21,991,191, includ- ing $8,410,815 in gold, and United States bonds held for all purposes increased $40,601,250. These figures illustrate the far-reaching effect of the year's financial depression and show that when panic-stricken deposi- tors withdrew their money the banks of necessity, to meet the sudden and extraordinary demands made upon them, called in their loans and discounts, supplementing such amounts by borrowed money and the ad- ditional circulation which they were able to procure from the Govern- ment through a deposit of bonds.
A closer examination of the figures contained in the reports of condi- tion made to the Comptroller shows this shrinkage to have occurred chiefly between May 4 and October 3,1893. Within this period of five months $298,806,487 of individual deposits and $79,313,076 of bank deposits, a total sum of $378,119,563 was withdrawn from the banks. To meet this withdrawal loans and discounts were reduced to the amount of $318,767,691; amounts due from banks and bankers, $51,198,856, and stocks, securities, etc., $2,177,912, and to provide against further danger of withdrawals of deposits, which strongly menaced them, the banks between the same dates increased their liabilities for money borrowed in various ways $36,615,092, and through the taking out of additional circulation $31,265,616, of which amount $27,888,905 was taken out between July 12 and October 3, 1893.
The cash resources of the banks, which on May 4,1893, amounted to $343,901,803, were $32,559,267 less on July 12, but between that date and October 3 increased $59,520,1-0, amounting at the last-named date to $369,862,637, the largest sum ever held by them. This was accumu- lated in the face of continued heavy withdrawals of deposits and is the most practical demonstration chat could be had of the solvency of the banks as a whole and their ability in an emergency to rapidly con- vert their assets into cash.
It is unnecessary to here enter upon a further or more specific analy- sis of these tables. They comply in detail with the requirements of the law, and show u a summary of the state and condition of every asso- ciation from which reports have been received the preceding year, at the several dates to which said reports refer, with an abstract of the wholeamount of banking capital returned by them, of the whole amount of their debts and…