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Annual Report of the Comptroller of the Currency, Volume 1 1919

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Annual Report of the Comptroller of the Currency, Volume 1 1919 ANNUAL REPORT OF THE Comptroller of the Currency TO THE SECOND SESSION OF THE SIXTY-SIXTH CONGRESS OF THE UNITED STATES DECEMBER 1, 1919 (IN TWO VOLUMES) VOL. I WASHINGTON GOVERNMENT PRINTING OFFICE 1920 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis TREASURY DEPARTMENT. Document No. 2861. Comptroller of the Currency. (Vol. 1.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis TABLE OF CONTENTS. Page. Submission of report 7 National banks in the reconstruction period 7 Economic problems needing settlement.. 8 Heavy shrinkage in production of essentials _. 9 Diminished production with price inflation does not enrich a country .. 10 Our colossal foreign trade 10 Foreign balances collectible in goods, not in gold 11 Prosperity to endure must be based on sound principles 12 Bankers' influence may help correct evils and avert perils 12 Meaning of the shrinkage in value of foreign exchange 13 No responsibility on us to maintain parity of gold and paper money of other countries. ' 14 Subordinate Germany's internal debt to obligations due allied nations 15 The banking power of the United States 15 Enormous foreign trade of the United States 16 Merchandise imports and exports from 1914 to 1919 • .. 17 Gold and silver imports and exports from 1914 to 1919 17 Gold, silver, and paper money in the world 17 Nearly 22 J billions of assets in national banks 20 Growth of national banks by five-year periods 21 Vast growth of national banks in 20 years 21 Chart showing ib Enormous growth in resources, deposits, and capital of national banks" 22 Close observance of laws and regulations by national banks 23 National banks' gratifying immunity from failure 23 State bank failures in 1919 23 Chart showing " Increased stability and safety of national banks " 24 Comparative figures of national and State banks 24 Growth of national and State banks for six-year period 24 Many national banks increasing their capital 25 Large number of State banks nationalizing 25 Earnings and dividends of national banks 25 Chart showing "Unprecedented prosperity of national banks " 25 Wider diffusion of the country's wealth and credit 26 Big growth of Middle West. 27 Huge increase in the Southern States 27 Western States gain 500 per cent. 27 Pacific States banks' assets advance 1,340 per cent 27 Growth of 1,000 per cent or more in each of 16 States 28 Largest actual increases 28 Some striking comparisons 28 Number of depositors in our national banks 29 Healthy distribution to investors of Liberty bonds and Victory notes. 33 Location of the country's largest national banks 33 120 banks with over 25 million assets now; 19'such banks in 1899 33 Big banks in 39 cities in every part of the country 34 The West had three big banks in 1899 and 48 in 1919 34 Productivity of loans and bond investments of national banks. 35 Condition of the national banks in each State 35 National and Federal reserve currency issued and redeemed 38 Federal Reserve System 39 Condition of national banks at date of each call during the report year 40 Resources of national banks: Loans and discounts 42 Bills receivable eligible for rediscount with Federal reserve bank 43 Amount and classification of loans by national banks in central reserve cities 50 3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 4 TABLE OF CONTENTS. Resources of national banks—Continued; rage. Three-year comparative statement of loans by national banks in reserve cities and country banks 50 Direct and indirect liability of officers and directors of national banks, June 30, 1919 51 Classification of loans by national banks in New York in June, 1915 to 1919. 53 Overdrafts 53 United States Government securities owned , 53 Other bonds, securities, etc 54 Stocks 54 Investment securities of national banks classified 54 Domestic and foreign securities held by national banks 55 Liberty bonds and U. S. certificates owned, etc., on December 31, 1918, and March 4, 1919 59 Subscriptions by National Banks for Victory Notes, June 30,1919... 62 U. S. war securities owned and held as collateral bv National Banks, September 12,1919 , .V m Classification of Foreign Government bonds owTned by National banks, June 30 70 Bank premises and other real estate owned 1 :.. 70 Due from banks 70 National-bank deposits with Federal reserve banks , 71 Specie, gold and silver certificates 71 Exchanges for clearing house 72 Liabilities: Capital stock, surplus, and undivided profits „ 72 Circulation outstanding ... 72 Due to banks 73 Individual deposits 73 Bonds and money borrowed 73 Bank acceptances 73 Changes by geographical divisions in principal items in reports of condition of national banks 74 Relation of capital to deposits, etc., of national banks 75 Percentage of principal items of assets and liabilities of national banks 75 Reserve 75 Reserve required and held by national banks in Federal reserve cities, etc.. 76 Classification of loans (including paper bought) as shown by reports made by 600 banks located in cities of more than 50,000 population 77 Growth of national banks since 1913 90 Foreign branches of national banks 93 Organization of national banks: National-bank charters applied for, granted, and refused 96 Increases and reductions of capital stock 96 Liquidation of national banks 96 Consolidation of national banks 97 Steady growth in number of national banks 93 National banks organized since 1900 99 State banks converted into national banks since 1900 99 Organization and liquidation of national banks, 1863 to 1919 99 National banks chartered year ended October 31, 1919 103 Number of national banks chartered in each month from March 14, 1900, to October 31, 1919 108 Conversion of State banks and primary organizations as national banks since 1900 109 State banks converted into national banks, 1863 to 1919 109 Classified capitalization of banks by States 109 Expirations and extensions of charters of national banks Ill Reextension of charters 112 Increases and reductions in capital stock of national banks by States ,.. 112 Changes in title of national banks 113 Increasing immunity from failure 114 National banks organized, failed, and liquidated, by States, year ended October 31, 1919 115 Causes of failure, etc 118 Banks' investments in United States bonds 119 Bonds available as security for national-bank circulation 119 Increase, etc., in national-bank circulation 121 Monthly issues of national-bank circulation 121 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis TABLE OF CONTENTS. 5 Page. Denominations of national-bank circulation 122 Vault account of national-bank circulation . 122 Profit on national-bank circulation 123 Redemption of national-bank circulation. 123 Taxes on national-bank circulation 125 Monthly statement relating to bonds on deposit to secure circulation and circula- tion secured thereby. 125 Interest-bearing debt of the United States . 126 Prices and investment value of United States bonds 126 Federal reserve notes 126 Federal reserve bank notes 132 Legislation enacted relating to national banks 135 Consolidation of national banks 135 Denominations of and signatures on national-bank currency 136 Earnings of Federal reserve banks—Discounts for member banks 137 Investments by national banks in stock of corporations engaged in foreign financial operations 138 Loan limit by national banks • 138 Liability limit-of national banks 140 Gold certificates legal tender. 140 Banking corporations authorized to do foreign business 140 Comptroller's recommendations for new legislation 145 Digest of court decisions on national bank cases. 153 Liability of directors of national banks 153 Retention of part of loan as deposit is usurious 155 National bank examinations . 155 National bank examiners 156 National bank officers convicted of criminal violations of law 157 Banks other than national ._„„..• 158 State banks, savings banks, private banks, and loan and trust companies.. 158 State banks. • 161 Mutual savings banks 162 Stock savings banks 165 Mutual and stock savings banks •.. 167 Loan and trust companies. 168 Private banks 169 Abstracts by States of reports of condition of State and private banks 171 Comparative statement of condition of all reporting national and State banks in the United States. 175 Comparison of principal items of resources and liabilities of national and State banks for years 1918-19 •. 176 Summary of combined returns from all banks in the United States and island possessions 179 Comparative statement of resources and liabilities of all national, State, and private banks, 1914-1919 , ISO Growth of all reporting banks, 1863 to 1919, inclusive 186 Individual deposits of all reporting banks 188 Cash in all reporting banks 188 Money in the United States 189 Rates for money in New York 191 Discount rates of the Federal reserve banks 192 Sterling exchange 193 Transactions of clearing house associations 194 Transactions of New York Clearing House 195 United States postal savings system 195 Federal farm loan system 198 Condition of Federal loan banks 199 Farm loan bonds 201 Farm loan associations 201 Joint stock land banks 203 Loans by joint stock land banks, closed, etc 204 Building and loan associations in the United States 205 All financial institutions in the District of Columbia 207 Savings banks in the principal countries of the world 208 A century of banking in the United States 211 Conclusion 211 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis REPORT OF THE COMPTROLLER OF THE CURRENCY. TREASURY DEPARTMENT, OFFICE OF THE COMPTROLLER OF THE CURRENCY, Washington, December 1, 1919. SIR: I have the honor to submit herewith the fifty-seventh yearly report of the Comptroller of the Currency concerning the operations of this bureau for the 12 months ending October 31, 1919, as re- quired by section 333 of the Revised Statutes of the United States.
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