The Saint Paul globe., 1901-08-06
UNDER BANKING ACT
SIX HUNDRED AND sIXTY-FIVE
NEW NATIONAL BANKS ARE
FORMED
CAPITAL IS OVER $84,2e7 900
Bonds of New FMS itut on on Depo lit
in Washington More Than $IO.-
600, O,0oO-GeneraI News of
the Capital

WASHINGTON, Aug. 5.-Mr Dawes.
the comptroller of the currency. has is
sued the following statement regarding
the results of the passage of the act of
March H. 1900:
The impetus given to the organization
of national banks by the act which be-
came law on March A. 1860, still con-
tinues.
During the sixteen and a half months
since the passage of the act there have
been organized in the United States 6e5
national banking associations with an ag-
gregate capital of $54, ,267, 600, accompanied
by bond deposit aggregatlug $10,C0S 200.
OF these banks 457 were organized with
capital of less than $4,000, the total
amounting to ST, ,SS2, ,000, and EOS with a
capital of $4,000 or over, the aggregate
amounting to $22, ,3S5, 900. Included in the
total number of organizat ons are ninety
two banks with capital of $3.50, 600 which
were conversions of state institutions,
siXty-three of which were capitalized for
less than $4,000 and twenty-five for $50, =
COO or over
Viewed from a geographical standpoint,
the Middle states lead in the total num-
Der of organizations, namely, pa of
which 154 were with capital of less than
$4,000, and sixty with capital of $4,000
or more. The aggregate capital stock Of
the banks organized in this section was
@11,5S0 coo.
In the Southern states 159 banks We're
organized with aggregate capital of S.
45S,020, 1G3 of which were Of the smaller
and Sc of the larger
The next greatest number of organiza-
tions occurred in the Western states
namely, l35, with aggregate capital of $4,-
SS5,GC0; 113 of these banks were of the
smaller class and % of the larger
In the Eastern states 125 banks with
capital Of $7114,0C0 were organized of
which 20 were with capital OF less than
$4,000 and So with capital of $4,000 or
more
In the Pacific states. including Hawaii,
there were twenty-five organizations with
an aggregate capital of 81, ,635 COO OF this
number thirteen were of the smaller and
nine with capital of $4,000 or more.
The smallest number of organizations
in any geographical division was in the
New England states, namely 101, with
capital of $l,lC0,000 Three banks were or
ganiZed in New Hampshire and Connecti-
cut, respectively, two in Maine, one each
in Massachusetts and Rhode Island Four
Of the number We're Of the smaller class
and six had capital of $4,000 or over.
On March "A, 1900, there were in opera
ton 36l7 banks with a capital of S61G 30S,-
ton, $2H ,611,570; circulation secured by
bonds, $216,97479 bonds secured by law
ful money deposited by banks placed in
voluntary liquidation in the charge of re-
ceivers and those reducing circulation,
$3S, ,027, ,935.
On July 81 the number of banks had
increased to 42l7 capital to 1868 =56,695,
bonds on deposit to secure circulation to
$S29,3l6, AGO. circulation secured by bonds to
1927, ,CS9, ,373, and circulation secured by law
full money to $29, 1850.
The net increase in the number of
banks, capital, etc, during this PERIOD
was as follows: Number Of banks, eco;
capital stock $43, 248 $50; bonds deposited
to secure circulation, $84 736, $50; circula-
tion secured by bonds and by lawfm
money, $101, 75O 173.
OF the aggregate amount Of bonds de-
posted as security for circulation, $32y,-
34S, 430, trife over 96 per cent, l. e., $316,-
O25,150, are 2 per cent of the issue Of 1890
The circulation Of national banking as
sociations reached the maximum on Oct.
%, 1882, namely, 1852, 400, 6J2 which was
$6,247, 500 higher than the amount out
standing on July 81 1901.