The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-12-02
BANKS OF A NATION.
CONCLUDED FROM FIRST PACED


CONCLUDED FROM FIRST PAGE)
report year, 1910 in voluntary liquidation,
closed.
The act of March H. 1900, gave new i'm
petuS to the national banking system, and
from that date to Oct 81, 1901, there were
organized 742 national banking associations
with a capital stock aggregating $39. O29. 500.
and bond deposits to secure circulation of
$u,OZ0,S5O Banks organized included 500
with individual capital OF less than $4,000
chartered under authority of that act. The
capital Of the banks aggregated S13, 19i, 500.
Associations organized with capital $50 900
or over numbered 239, the aggregate capital
being S25 $50. 900. Bonds deposited by the
smaller class amount to $3.50 100 and by the
larger class $6456. $50.
Included in the total number of banks or
ganiZed since March IA were log banks with
a capital OF s.. $50. 600 converted from State
banking institutions under the provisions
OF Section 5l54 of the Revised Statutes of
the United States. OF the conversions,
sixty-nine, with capital of s1,S7O.cOO, were
or the smaller class, and thirty-seven, with
capital of 81. O20 600. banks with individual
capital OF $4,000 or over.
MIDDLE STATES IN THE LEAD.
Geographically. the largest number of
banks chartered during this period were
organized in the Middle States-nameIy. 23O
with aggregate capital of Sl2, ,OOO-161 of
which were of the smaller class and 50 were
with capital of $4,000 or over.
In the Southern States there were or
ganized 17S banks with authorized capital
OF 80 As. 500, classified as follows: lis of
the smaller class with $3.O50,5OO, and 81 of
the larger class with capital of So. 600.
The organizations of the Western States
numbered 157 with capital of s.. OS0. 900, 1874 of
the number with capital So, 900 being of
the smaller class. and % with capital of
$l,6oO.Oo OF the larger class. In number of
organizations the Eastern States are
fourth, but third In order i'm aggregate
amount of capital stock. namely. lSS and
$S.S19Oo0, respectively. In this division 10
banks with capital of 81 $4,000 were OF the
smaller class, and 63 with capital of $6S55, 900
OF the larger.
In the Pacific States. including HAWAII,
IA banks OF the smaller class were organ
lied with aggregate capital of $500 600. and
u Of the larger class with 81 SOC. 600 capital.
There were but II banks organized in the
New England States. namely, 3 each in
New Hampshire Massachusetts and Con-
necticut. in Maine. and in Rhode Island,
their aggregate capital being $1,20OOO0. -Four
OF this number of banks were organized
with individual capital of SIS 900, and s with
capital Of $4,000 or over.
On Feb. 3, 1863. Congress passed an act
entitled An act 10 provide national cur
rency, etc. Section IL of which provides
In part that any association organized
Hereunder shall have succession by the
name designated in its articles of associa-
ton for the period limited therein not
however, exceeding twenty years from the
passage Of this act"
Under this act ASS national banking asso-
Citations were organized, of which 9S were
for a period OF - years only OF the total
number of associations organized prior 10
June g. 1864. in other words under the ACT
OF Feb p. 1853. 20S were cIOsed-f5I by vol
untary liquidation. Il by reason of expira-
ton of corporate existence, 30 by insoiven-
cy, ana py reason or failure TO complete
organization. Sixty OF the banks placed i'm
voluntary liquidation were succeeded bv
new associations. and were consolidated
with other banks: Il OF the Il whose cor
pOrate existence expired by limitation were
reorganized under the same or different
D Ia nrer into a
under this act $50, with capital of $50 $50 300
whose corporate existence was extended
under the provisions or the act OF July u.
1SS2, will reach the termination OF their
second corporate existence during the cal
endar years 1902 and 1903, the number and
capital OF banks expiring in each year be-
Ing as follows: 1902 IS banks capital
s.. 265 600; 1903 2f5 banks. capital 500 5SS 800.
The date OF the first expiration is July IA,
1902.
EXTENSION OF CHARTERS.
The failure by Congress to take timely
action authorizing the extension of the
charters of banks organized under the act
OF Feb. % 1863, necessitated the liquidation
and subsequent reorganization of seventy
seven associations desiring 10 continue in
the system under different charter num-
bers. but with the same or similar titles
The act OF June ,. 1864, repeating the act
OF Feb 5 1853 and re-enacting. with
amendments. the national banking law,
included a provision 20 the effect that any
national bank organized Hereunder shall
have succession by the name designated in
It's organization certificate for period OF
twenty years from its organization" \
national bank under Section 5l35 becomes
a body corporate from the date OF the
execution OF its organization certificate.
the date OF the last Acknowledgement
(where there Is mere than One) being
strued as the date Of the execution Of the
certificate.
During the last session OF Congress the
following bill To provide for the extension
OF the charters OF national banks passed
the House OF Representative. but failed TO
receive consideration In the Senate:
BE II enacted by the Senate and House
OF Representative OF The United States OF
America in Congress assembled. That the
controller OF the currency Is hereby au-
thorized. In the manner provided BY. and