Evening star. [volume] (Washington, D.C.) 1854-1972, 1902-07-02
INCREASE IN BANKS
STATEMENT BY THE CONTROLLER
OF THE CURRENCY.
Growth Of the Volume Of Business
and the Extent Of Cir
culation.

The conroller of the currency has issued
| the following statement relative to the or
| ganization of national banking associations
during the fiscal year ended June 30:
During the year ended June 80, 1902. there
were added to the system 43I national bank
| ing associations with aggregate authorized
capital stock of $40. 407 900. and with bond
deposit as security for circulat ton of &c.
012. $50. Organizations effected under the
act of March IA. 1900 1. e., with capital
stock of less than $4,000 Tin large major
ity Of cases. the capital being S25OO0) num-
bered 273 with authorized capital stock of
S.247, 600, the average capital Of these as
sociations being approximately s26,540 In
cluded in the total number of organiza-
lions are 1854 banks with total capital OF
$23, 100000 the individual capital ranging
upward from minimum of $4,000
Increase of Banks.
In connection with the foregoing it may
be stated that since the passage of the act
Of March IA, 1900. there have been Crgan-
lied 1,O61 banks with aggregate capital of
$62, 349, 600 and with bond deposit of s15.
442, 800. Banks of the smaller class were
organized to the number of 1902 with cap
tai of s1S, 40i.U00 and to the number of $50
OF the larger class with aggregate capital
of S43, 935, 900.
During the fiscal year in question the net
increase of national banking associations
was but 36S three assoc atoms failed and
were placed in the charge of receivers ana
Sixty-SiX closed by voluntary liuuidat ton.
Since the establishment of the system there
have been organized G.325 banks of which
4,546 are in active operation; 1892 pia ced
in voluntary liquidation, and 3S7 in the
charge of receivers
Increased Circulation.
While the records show that the author
lied capital stock of the national banking
associations has increased during the year
from s647 ,666695 to 1854, Osl 6g5. or s36, $685.
600. there has been reduction during that
period on bonds on deposit as security for
circulation of S9,055, TOO. Circulation Sc
cured by bonds has decreased in the sum
of $751; 81, or from $323, 800 ,6S3 to $314,-
1881. Circulation outstanding secured
by lawful money deposited with the treas
urer of the United States on account OF
tailed and liquidating banks and those re-
ducing their circulation has increased from
SIS. SOL, SOB to s42, 433, $50. or $12 5s1, TT.
which has resulted in net increase Of
outstanding issues secured both by bonds
and lawful money of 2,929, 903.
The material changes in denominations
OF notes outstanding are confined to the
SIS and to the los and 2Os During the
past year notes of the denomina tions of Sc
Ooo: $40 notes have increased from S1:3,-
1888 20 to SAB SS3,37O, and SOS from S1O1,-
212,70O to $1O7. 4SS, 120.
OF the bonds on deposit to secure cir
culating notes aggregating $317, 163, $50 z
per cent consols of 1880 amount to $685.
0oS,2OO, or over 961a per cent Of the total
deposits.
Increased Volume Of Business
In connection with the changes hereinbe-
fore noted attention is directed to the ma
terial increase in volume of business of
ma tional banking association as shown by