Evening star. [volume] (Washington, D.C.) 1854-1972, 1902-10-03
INCREASE IN BANKS
THIRTY-EIGHT ORGANIZED IN
SEPTEMBER.
Since the Passage Of the Banking Act
Of March ID, 1900, 1,179 Associa-,
tons Have Been Formed.

The number of national banking associa-
tions was increased during the month Of
September by the organization of thirty
eight banks, with aggregate capital stock
of $3.O3OCOO. bonds being deposited thereby
as security for circulation to the amount Of
$780, $50. Fourteen of the associations, with
capital Of s.. 425.O0O. were with individual
capital stock of $4,000 or over. and twenty
four with capital Of s6O5, 900, banks of the
class authorized by the amendment Of
March ii, 1900.
The number of conversions of state into
national banks during the month was
seven, Of which four, with aggregate CAPT.
tai of S105 600, were Of the smaller class,
and three. with capital of s675,O00 of the
larger. Five of the associations, of which
three were organized with the minimum
amount Of capital stock, viz, $4,000, and
two with $4,000 capital each, were banks
organized to succeed state or private banks
placed in liquidation for that purpose
Banks Of primary organization numbered
twenty-six, of which nine, with aggregate
capital of $1,650,0O0, were of the larger
class, and seventeen, with a total capital
of $425,O00, of the smaller class.
Increase in Banks.
From March IA, 1900, to September 30.
1902, there were added to the system l. 179
associations with aggregate capital stock
Of s6S, So. 800, Of which 7s5 with capital Of
500, $50, 500 were Of the smaller class, and
1874 with total capital Of s47725,0cO, with in
dividual capital of $4,000 over. Included
in the total number of organizations are 1913
banks with capital of $11 ,365, 900, which
were converted from state institutions.
There were organized as successors to state
or private banks placed in liquidation for
the purpose 356 associations, with total
capital of s2O,510,OOO The resulting num-
Der Of primary organizations is go, the ag
gregate capital being SIG. $50. SEQ.
The total number OF national banking as
the system is CAB, of VIII ch 4,651 were in
operation September 20. National banks t :,
the number of 1,4O5 have been placed in
voluntary liquidation and 3S7 in the charge
Of receivers.
Bank Capital Stock.
The authorized capital stock Ct banks on
September 80 was Sill, 167, 695, showing an
increase in number of banks since March
IA, 1900, of 034 and in capital stock of
1914, $50, 600.
During that period bonds on deposit as
security for circulation increased from
S244 ,611570 to 1896, O52.77O; circulation Sc
cured by bonds from $2l6,374, 795 to 1925.
S43,144, or a total increase of $107, ass, 349.
The amount of circulation outstanding Sc
cured by deposits of lawful money on ac-
count of insolvent and liquidating associa-
tlonS ana tnOSe reducing their circulation
increased during the period from S3S 027. 935
to SAB, $50, 454. The total national bank cir
culation outstanding amounts to 1896 $685.,
59S. The changes In circulation by denomi-
nations are as follows:
Notes of the denomination of So which
amounted March 13, 1900, to S79,31O no.
have been reduced to $57. 947 625; so notes
increased from $7937S, 100 to S14S.379 49,
and $50 notes from S5S,770,6eO to $40, 6S1,-
400. In round numbers notes of the de-
nominations of $50 and 500 have been in
creased from S11, 100000 to S15, 100000 and
from s24,000,000 to 1893 ,0OO,0 900, respectively.
The reduction of the issues of notes of the
denomination of S. and increase in the
$40 and 500 are due to the restriction pla ced
upon the issue Of So notes by the act Of
March IA, 1900