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Summary, by States, geographical divisions, and classes, of national banks organized

from Mar. 14, 1900, to June 30, 1915, and the paid-in capital stock of all reporting national banks on June 23, 1915Continued.

Capital
$25,000.

Capital over
$25,000 and
less than
$50,000.

Capital $50,000 Total organi-
and over.

zations.

National banks reporting June 23,

1915.

States, etc.

No. Capital. No. Capital. No. Capital. No. Capital. No. Capital paid in.

Western States:

North Dakota..
South Dakota..
Nebraska.
Kansas.
Montana..
Wyoming.
Colorado
New Mexico..
Oklahoma..

132 $3,300,000 7 $215,000 11 $600,000 150 $4, 115,000 153

75 1,875, 000 4 120,000 16 1,100,000 95 3,095, 000 111
104 2,600,000 20 715,000 39 3,395, 000 163 6,710,000 212
99 2,475,000 11

390,000

32 2,500,000 142 5,365,000 215 29 725,000 6 195,000 17 1,540,000 52 2,460,000 64 13 325,000 1 40,000 12 675,000 26 1,040,000 331 55 1,375, 00011 361,000 38 3,310,000 104 5,046, 000 122 25 625,000 41 125,000 111 625,000 40 1,375,000 38 374 9,350,000 32 1,040,000 72 5, 455,000 478 15,845,000 351 906 22,650,000 96 3, 201,000 248 19, 200,000 1,250 45,051,000 1,299

$5,600,000.00

4,847,500.00 15, 645,000.00 12, 497,500.00

5,510,000.00 1,900,000.00 10, 490,000.00 2, 140,000.00 15,182,500.00

Total.

73,812,500.00

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Grand total.. 3,012 75,300,000 476 15,655,000 2,000 264, 447, 800 5, 488 355,402,800 7,605 1,068,519, 105.00

A very large proportion of the United States bonds bearing the circulation privilege are owned by national banks and have already been deposited by them with the Treasurer of the United States as security for their circulating notes. As the amount of such bonds is limited, it is evident that any material increase in the circulating medium based on such collateral is impossible.

This handicap has been recognized for many years and as a temporary relief from these conditions the act of May 30, 1908, was passed by Congress and a plan adopted to work out a more elastic currency system. This act, as amended December 23, 1913, and August 4, 1914, provided for the organization of currency associations and that the member banks should be allowed to issue circulation equal to 125 per cent of their combined capital and surplus, provided the surplus was 20 per cent of their capital. The act rendered available, under the direction and control of the Secretary of the Treasury, as a basis for additional circulation any securities, including commercial paper, held by a national banking association. No circulation was issued under authority of this act prior to August 4, 1914.

On or before July 1, 1915, provision had been made for the retirement of all of the $382,502,645 of emergency currency with the exception of $200,000 issued to a bank which afterwards became insolvent.

The first issue.of this currency was made on August 4, 1914, to banks in the city of New York; the largest amount issued in any one week was for that ended August 15-$67,978,770; the maximum

amount outstanding at any one time appears to have been $363,632,080, on October 24, 1914; the largest amount retired in any one week was $45,144,798, which was redeemed during the week ended December 12, 1914.

Emergency currency was issued to 1,363 banks in 41 States. The only States in which emergency currency was not issued were Maine, Vermont, Rhode Island, Delaware, South Dakota, Montana, Wyoming, Idaho, and Nevada.

The State in which the largest amount of emergency currency was approved for issue was New York, which amounted to $156,539,960. The next largest amount was in Massachusetts, $28,674,500. Illinois came next, with $27,825,000. The next largest amount was to Pennsylvania, $24,451,750. The only other States to the banks of whicho as much as $10,000,000 emergency currency was approved for issue were Texas, $18,136,300; Missouri, $13,173,000; California, $13,110,250; and Minnesota, $12,416,500.

Emergency currency authorized for issue by geographical divisions to the banks in operation on October 31, 1914, was as follows: The New England States received $30,277,500, issued to 63 of the 441 banks; the Eastern States $191,777,710, issued to 162 of the 1,658 banks; the Southern States $61,030,255, issued to 779 of the 1,564 banks; the Middle States $81,414,900, issued to 207 of the 2,084 banks; the Western States $6,081,200, issued to 90 of the 1,297 banks; and the Pacific States $15,862,650, issued to 62 of the 529 banks.

Of the emergency currency the issuance of which was approved, 57} per cent was secured by commercial paper, 14 per cent by State and municipal bonds, 28 per cent by miscellaneous securities, and approximately one-half of 1 per cent by warehouse receipts.

There were 45 national currency associations organized throughout the country, and 41 of these made application for emergency currency

The market value of all securities deposited as collateral for the emergency currency originally issued and securities subsequently substituted for those withdrawn from time to time was $907,883,168. Of the total volume of securities $651,146,090 was commercial paper, $79,352,121 State and municipal bonds, $171,375,863 other securities, and $6,009,094 warehouse receipts.

The authorized capital stock of national banks at the close of business each month, August, 1914, to June, 1915, together with circulation outstanding secured by United States bonds, miscellaneous securities, and lawful money in retirement account, is shown in the following table:

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The number of national banks that reported September 12, 1914, and the total number of banks in each division that made application for additional circulation based on deposits of miscellaneous securities, etc., by geographical divisions, are shown in the following table:

Geographical

divisions.

Number of national banks

Additional circulation

available.

Now England
States..

440 63 $161, 810,525 $202, 263, 156 363,072,238 $139, 190,918 $30, 277,500 $108, 913, 418
Eastern States...1,657 162 674,301,019 842, 876, 275 214, 297, 711 628, 578,564 191, 777, 710 436,800, 854
Southern States.. 1,545 779 271,063, 930 338, 829,912 141, 122, 063 197, 707,819 61,030, 255 136, 677, 594
Middle States.. 2,074 207 436, 637,892 545, 797,361 196, 948, 290 348, 819, 074 81, 414, 900 267, 434, 174
Western States... 1,290 90 107,919,365 134,899, 207 55, 406,350 79, 492,857 6,081, 200 73, 411, 657
Pacific States.. 527 62 131, 827,416 164,784, 270 65,322, 947 99, 461,323 15, 862, 650 83,598, 673
Hawaii (island
possessions).... 5

910, 444 1, 138, 055
516, 250 621, 805

621, 805 Total, United

States.. 7,538 1,363 1,784, 470,591 2,230,588, 239736, 685, 849 1, 493, 902,390 386, 444, 2151, 107, 458, 175

In connection with the statistics submitted relative to the organization, capital, and circulation of national banks since 1900, it is interesting to note the increase in the banking business generally, as evidenced by the reports of condition of February 13, 1900, the date of the call immediately preceding the legislation authorizing the incorporation of banks with a minimum capital of $25,000, etc., and those for June 23, 1915. The total assets of banks increased from $4,674,910,713.09 to $11,795,685,156.88, loans from $2,481,579,945.35 to $6,659,971,463.44, paid-in capital stock from $613,084,465 to $1,068,519,105, outstanding circulation from $204,912,546 to $722,703,856.50, and individual deposits from $2,481,847,035.62 to $6,611,281,821.90, which latter amount includes $90,386,673.34 United States and postal savings deposits.

Comparison of returns for June 30, 1914, with those of June 23, 1915, shows an increase in the number of reporting banks on the latter date of 80 and in loans and discounts of $229,902,248.97. Specie held decreased $113,043,598.62 and legal-tender notes $66,250,146. Investments in United States bonds, including premiums, decreased $15.562.717.73. The increase in other bonds, securities, etc., was $118,364,578.50 and in stocks $50,978,509.87. Of the liabilities of the banks, capital stock increased during the past year $10,326,770, surplus and undivided profits $45,322,100.26, individual deposits $252,202,718.84, which does not include United States or postal savings deposits. The aggregate resources increased in the sum of $313,494,386.28.

The number and capital of State banks converted, reorganized banks, and banks of primary organization since March 14, 1900, classified by capital stock, are shown in the following table:

Summary, by classes, of national banks organized from Mar. 14, 1900, to June 30, 1915.

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Capital less than $50,000....
Capital $50.000 or over..

Total....

539 $14, 307,500 1,031 $27,312,000 1,918 $49, 335, 500 3,488 $90, 955, 000 394 55, 227,800 618 93,075,000 988 116, 145,000 2,000 264,447,800 933 69,535,300 1,649 120, 387,000 2,906 165, 480,500 5,488 355, 402, 800

The number of banks and the bond and circulation accounts on March 14, 1900, and June 30, 1915, together with the increase between these periods, are shown in the accompanying table:

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7,539

Number of banks....

3,617

7,614
3,997

75 Authorized capital.

$616,308,095 $1,074, 239, 175 $1,076,301, 175 $459, 993, 080 $2,062,000 Bonds on deposit..

244, 611,570 740, 796, 910 736, 024, 190 491,412,620 1 4,772, 720 Miscellaneous securities on deposit, issue value..

* 719, 561 2 719,561 1 719, 561 Circulation, on bonds..

216,374, 795 735,528, 960 725,313, 141 508,938, 346 10,215,819 Circulation, on miscellaneous securlties.

: 719, 561 1 719, 561 : 719,561 Circulation, on lawful money. 38, 027, 935 15, 142, 939 93, 240, 891 55,212,956 78,097, 952 Total circulation..

254, 402, 730 750, 671, 899 819,273,593 564,870, 863 68,601, 694

1 Decrease.
: Authorized by act of May 30, 1908, as amended Dec. 23, 1913, and Aug. 4, 1914.

Reserve cities.

By the act of December 23, 1913, the Federal Reserve Board was authorized to designate additional reserve cities, and during the past year the following were so designated: Birmingham, Ala., and Charleston, S. C., to become effective November 12, 1914, Chattanooga, Tenn., March 5, 1915, and Nashville, Tenn., March 22, 1915. Including thé 3 central reserve cities, the total number of reserve cities is 56.

MINT SERVICE.

Operations of the mints. The following mint service institutions were operated during the fiscal

year 1915: Coinage mints at Philadelphia, San Francisco, and Denver; assay office at New York, which has a large trade in bars of fine gold and silver; mints at New Orleans and °Carson City, and assay offices at Seattle, Boise, Helena, Salt Lake City, and Deadwood, these being bullion-purchasing agencies for the large institutions Refineries were operated at the New York, Denver, and San Francisco institutions.

The original deposits of gold at the mint service offices during the fiscal year amounted to $166,175,438, an increase of $19,878,883 over the deposits of last year.

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The coinage of the year amounted to $46,086,458.90, of which $40,533,317.50 was gold, $3,353,032.50 was silver, $1,718,776.95 was nickel, and $481,331.95 was bronze. This amount includes $30,000 in $50 pieces, $25,000 in $2.50 pieces, and $5,500 in $1 gold pieces; also $30,000 in silver half-dollar pieces struck at the San Francisco mint for the Panama-Pacific International Exposition.

There were also coined at the Philadelphia Mint 368,050 gold pieces, 10,765,400 silver pieces, and 11,024,300 nickel pieces for Cuba; 5,000 gold pieces and 859,425 silver pieces for Costa Rica; 2,500,000 silver pieces for Ecuador, and 9,208,000 nickel pieces for Salvador. The mint at San Francisco coined for the Philippine Islands 1,870,000 silver pieces and 500 bronze pieces.

The seigniorage on United States coinage executed totaled $3,687,564.41, of which $1,862,088.97 was on subsidiary silver coins and $1,825,475.44 was on minor coins.

The amount of silver purchased during the fiscal year was 3,395,694.87 fine ounces, costing $1,736,599.16, at an average price of 51 cents per ounce, fine. There were also received 491,021.14 fine ounces of United States mutilated silver coins, valued at $678,792, and Philippine silver coins for recoinage containing 136,247.17 fine ounces at a cost value of $89.032.55.

Stock of coin and bullion in the United States. On December 31, 1914, the stock of domestic coin in the United States was $2,252,316,331, of which $1,500,743,924 was gold and $568,271,663 was silver dollars, and $183,300,744 was subsidiary silver coin.

The stock of gold bullion in the mints and assay offices on the same date was valued at $304,354,958, and the stock of silver bullion was 6,291,673 fine ounces.

Production of gold and silver. The production of the precious metals in the United States during the calendar year 1914 was as follows: Gold, $94,531,800, and silver, 72,455,100 fine ounces.

Industrial arts. The amount of gold consumed in the industrial arts during the calendar year 1914 was $42,728,893, of which $34,621,619 was new material. Silver consumed amounted to 29,233,117 fine ounces, of which 22,474,787 fine ounces was new material.

Exports of gold coin. The net exports of United States gold coin for the fiscal year 1915 were $23,445,028.

Appropriations, expenses, and income. Amounts appropriated for the fiscal year 1915 totaled $1,147,771.68, which, together with unexpended balances of permanent appropriations amounting to $12,700.13 and reimbursements within the service and from other Government services of $161,604.17, aggregated an available total of $1,322,075.98.

The total expenses chargeable to appropriations were $1,149,376.92; those chargeable to income were $7,553.90; aggregate, $1,156,930.82.

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