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deposited as collateral for the emergency currency originally issued and securities subsequently substituted for those withdrawn from time to time was $907,883,168, Of the total volume of securities $651,146,090 was commercial paper, $79,352,121 State and municipal bonds, $171,375,863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: 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: 63 $161,810, 525 States.... 440 Eastern States...1, 657 162 Southern States.. 1, 545 779 Middle States.. 2, 074 207 Western States...1, 290 90 Total, United $202, 263, 156 $63,072, 238 131,827,416 7,538 1,363 1,784, 470, 591 2, 230, 588, 239 736, 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 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 $15,862,717.73. 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. Total... Capital less than $50,000..... 539 $14,307,500 1,031 $27,312,000 1,918 $49, 335, 500 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: * 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 the 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, 7424°-FI 1915-9 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. 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. The income, including $3,687,564.41 seigniorage realized by the Treasury from the Mint Service, totaled $4,262,896.32. Income and expenses are itemized below: INCOME. Mint charges on bullion...... Proceeds of stock medals and proof coins sold........ Charges for manufacture of special medals.. Charges on foreign coinage executed. Charges for work done for other institutions, etc..... Receipts from special assays of bullion and ores.. Surplus bullion recovered....... Gain on bullion shipments to refineries.. Less contra losses.... Proceeds of proof gold and silver formerly on inventory... Commission on telephone calls............... Proceeds of sale of old material. $340, 595. 93 3, 589.85 9, 924.96 146, 099. 67 5,579. 54 2, 749. 15 49, 296. 31 $182.30 26.37 Proceeds of sale of by-products.... 155.93 1, 660. 73 1.37 727.27 14,951. 20 575, 331.91 Seigniorage on subsidiary silver coinage... Seigniorage on minor coinage-nickel.. Seigniorage on minor coinage-bronze.. Total...... $1,862, 088.97 3,687, 564. 41 4, 262, 896. 32 |