Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1901-10-04
EFFECT OF NEW LAW.
Many New Banks Formed in West and
and Standardization Extended.

Many New Banks Formed in West and
and South-circuiation Extended.
Washington, Oct. 4.-The comptroller
Of the currency has caused to be COM
piled a summary Of returns relating to
the organization OF national banks un-
der the provisions of the national cur
rency law, as amended by the act of
March IA, 1900, statistics being brought
down to the close of September, 1901.
During the eighteen and one-half
months ending Sept. 30 there were or
sanized lis banks, with a capital of $780,
5s2, 900. and with a deposit OF bonds as
security for circulation of $40, So, $50.
Included in the number of banks are
4S6. with capital stock of s12.747.000, the
organization of which was effected un-
der the provisions of the amendment of
the act of March Il, with capital of
less than $4,000. Banks with a capital
of $50,000 or over were organized to the
number of 229. the capital being s23.S35,
900. While a limited number of the
banks organized succeeded state or pri-
vate banks placed in liquidation for the
purpose Of reorganization, with capital
of $6,145,0 900, were conversions of state
banks. OF the total number Of CONVEX
sions, sixty-eight were with a capital OF
less than $4,000 and thirty-one with a
capital of $4,000 or over.
In the number of organizations the
middle states lead. with 224, and capi-
tai Of $l2, 055, 600. The southern states are
second in number of organizations,
ramely, III, with a capital of s9,20s. 600.
There We're organized in the western
states ISL banks, with capital of 81, $685.
GOO. In the eastern states 1856, with a
capital of s7,5s9. 900, were organized. In
the Pacific states, including Hawaii,
twenty-five, with a capital Of s1,635,000,
and in the New England states twelve
banks with capital of $1,2O0,0oO.
In point of number of organizations
Texas leads, with ninety banks, followed
by Pennsylvania with eighty: Iowa,
fifty three; Ohio, forty-two; Illinois,
forty; Oklahoma and Indian territories,
thirty-seven each; Minnesota, twenty
eight; New York, twenty-seven; In
diana. twenty-flve; Kansas, twenty one,
md Nebraska, twenty.
With the exception of Vermont. Dis
trict of Columbia, Utah. Nevada and
Alaska, one or more banks have been
OESdHlZeu III every Stdte anu ilelIIlOIy VI
the union.
Notwithstanding the fact that the act
of March IA, 1900, permitted the issue of
notes to the par value OF
bonds deposited, not exceeding the au-
thorzed capital stock. and the reduction
of the semi -annual duty on circulation
secured by per cent bonds, issue OIL
which was authorized by that act, toll
one-fourth of l per cent, the circulation
has exceeded by less than per cent the
amount issuable on the minimum bond
deposit. namely, % per cent of the au-
thorzed capital stock of banks with
capital of s150,000 or less, and $4,000 by
banks with capital exceeding $150,000 In
other words. the banks have deposited
bonds to the amount of a trifle less than
% per cent OF the maximum.
Since March Ia, 1900, the number of
banks in existence has increased from
3,sl7 to 4,254; the capital stock from
$685. SOL ,695: bonds deposited from $244,-
Gil, $50 to $780, 721, $3.50, and calculations Sc
cured by bonds and by lawful money
from s254, 402. $50 to sa5S, S3O547, or net
increase of s104, 427.Sl7.
Count Otto Won Moltke Will soon visit
the United States for the purpose OF
studying American methods of trans
portation by rail and water. He will
visit the principal railroad centers OF
the country. The count, who is nephew