Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1900-11-26

WASHINGTON, u. u, NOVEMBER %.
The annual report of Charles u.
Dawes, Comptroller of the Currency,
,or the year ended October 81, 1900, has
been prepared for transmission to Con-
gress.
The report starts with summary OF
the reports made during the year by
the national banks in response to the
call of the comptroller, which shows
the aggregate resources of the 3,S71 ma
tional banks reporting on September
5. 1900, to be s5,04S, 1873, 1929. Be-
tween the September call of 1899 and
1900 loans and discounts increased
s170OOS, 39146 The loans and dis
counts on September 5. 1900, We're ST.
ESQ, 1853 64257, and individual deposits
were s2,5OS. 248,557.53
The capital stock of national banks
reporting on September was $685.
2a9 900.
In the review of the operations OF
national banks under the currency
act of March IA, 1900, the report shows
that out of approximately one thous-
and informal applications for author
ity to organize national banks, filed
in anticipation of and a, a result OF
the law, 500 have been made formal
and have been approved by the comp
troller between March IA and October
81, 1900. From the 500 formal appli-
cations came 34S actual organizations
of banks between March IA and Octo-
be; 81. Of these 34S banks actually
organized, 249 were banks OF less than
$4,000 capital, representing a total
capitalization of $6,575,o00, and SO were
banks which could have been organized
under the old law with an individual
a total capitalization of $lO,90o,0o0.
The bonds deposited to secure circu-
lstion by these new institutions be-
tween March Ia and October 81 was
$5,34S, 200, or only about 80 per cent.
of the maximum which might have
been deposited.
The total increase in the circulation
secured by government bonds of all ma
tional banks in the system since March
IA, 1900, has been $S2, 454,270. The
total outstanding circulation on De-
tober 81, 1900, was 1881, 613,26S, of
which s32, ,204 is secured by lawful
money and is in process of retirement.
he total bond-secured circulation on
October 81, 1900, was s29S,S29,064.
On October 81, 1900, there were 1885
national banks in operation, with a
combined capital of 1852 ,502,S95. The
combined resources of the national
banks being over 5,000,000,000, is
greater than at any time heretofore.
In complying with the requirements
OF section 1873, providing that the comp
troller shall suggest amendments for
the improvement of the banking law,
he first calls attention to the fact that
uEder section / of the act of July ~,
1882, under which extension of ma
tional bank charters may be granted
by the comptroller, he is limited by
the act to one extension of twenty
years duration.
Under this section the charters of
1877 national banks were extended for
a term of twenty years from the date
OF expiration of their first charter.
The first of the extended charters
will expire on July IA, 1902 and the
others will follow in due course. The
comptroller then says;
Without additional legislation au
thorizing a further extension, bank
desiring to continue in business under
the national system whose corporate
existence has been once extended will
be compelled to go into liquidation at
the expiration of the period of its ex-
tension and reorganize as a new asso-
citation,
This course will render necessary the
complete winding up of the affairs of
the expiring bank, the retirement of
its circulation, the withdrawal of it's
bends, and the issuing of a new certifi-
cate of authority by the comptroller,
With distinctively new title and char
ter number, as is at present the case
with an entirely new organization.
While the reorganized association
might continue to be in all respects
the same bank, with practically the
same stockholders, directors and, Off
GERS, the legislation hereinafter rec
commended would render unnecessary
these steps, which would be attended
with inconvenience both to the bust
ness public and the banks.
| therefore respectfully recommend
an amendment to section of the act
of July u, 1882, authorizing the comp
uoller of the currency to extend for a
further period of twenty years, under
the conditions and limitations impos-
ed by said act the charter of such ex-
,0ir;po