The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1903-12-07

ed In conformity with the provisions Of
section 1854 Of the revised statutes and
the remaining $500. with capital Of
S55l leZ,554, banks Of primary organiza-
ton
The impetus given to the formation Of
national banking associations by the
act of March H. 1900, under authority
of which the banks are organized with
minimum capital Of $4,000. circulating
notes issuable to the par value Of bonds
deposited, and SenIi-annuai duty on
circulation reduced. 1855 associations
with authorized capital of St04 493, 000
have been added to the system. The
organizations during this period repre-
sent approximately one- fourth of the
existence Of-the national banking sys-
tenn Since March "a. and under au-
thOrity of that act. banks with indi-
Vidual capital Of less than S50.000 the
average being approximately S26, COO
have been organized 20 the number Of
1,148, with capital Of SIS. GAS. 600 During
this period, 617 banks, with individual
capital Of S50O00 or over, were organ
lied, their total capital amounting to
S14,545,000. The average capital Of
banks of the larger class is approx
mately $4,000.
Classified by geographical divisions,
the middle western states lead both in
number and capital Of organized banks
--547, and $31 ,666,900, respectively. The
southern states follow second in num-
Der Of organizations, namely. 421. and
capital of $22 POS, 600. In the western
states $50 banks, with capital 7f So, r
100000, were organized; in the eastern
states 325 banks. with 81 ,214, 900 capital;
in the Pacific states 20 banks, with cap
ital Of $3.50 600. and in the New Eng
land states 10 banks, with S3.900000 cap
ital. TWO associations, with aggregate
capital Of S525,000, have been organized
i'm Hawaii. ane one with capital Of
$i00, 900 In Porto Rico.
notwithstanding authority conferred
for the issue Of circulation to the par
value Of bonds deposited, bonds to the
amount Of S25,174S50 only were deposit
ed as security for circulation on the
capital of S104, 493, 000-less than one
fourth Of the amount which might have
been deposited and circulating notes
issued thereon.
During the year ended Oct. 81. 1903,
there were organized 553 associations
with aggregate capital Of $3433S, 500. of
which 343 with capital Of S8S4S, 800 We're
with individual capital Of less than $780,
600 and 30 with capital Of S25.485, 600
with individual capital Of $4,000 or
over A further division shows that
there were 306 associations Of primary
3
49 with capital of Sass, 800, conversions,
and 198 with capital Of So, 470, 000 reor-
ganizations Of state or private banks.
In addition to the augmentation of
capital resulting from the organization
Of national banks during the year there
was an increase in the capital stock
of previously existing associations to
the amount OF $50, 412, 900, banks to the
number of 187 increasing their capital
ST.
of the act Of May 1, 1886. In a number
OF instances Increases Of capital were
effected for the purpose Of absorbing
I the business OF other associations
placed in voluntary liquidation, and to
! provide, in a measure, for the share
holders Of the closed institutions. AS
reports Of proceedings relating to in
/ position IS made Of the additional stock
/ issued, the extent to which sharehold-
Z ers OF banks closed by liquidation par
ticipated in the increase Of capital Of
the absorbing banks cannot be stated
The reduction of capital stock under
I the provisions Of section SAB, United
States revised statutes, amounted to
/ only S2,095,000 and but q associations
were concerned in these changes.
The most notable change effected dur
D ing the past year was the increase OF
I the capital stock Of the National Bank
Of Commerce in New York from S10,-
600 900 to sos, 900. 900, and the cOnsolida-
/ ton with that association, Of the West
ern National bank Of the United States
/ I'm New York, which, prior to its Iiqui-
/ dalton, was capitalized for So, 500, 600
J The National Bank OF Commerce and
I the City National bank of New York
are the only national banking assOcia-
( tions in existence with capital of SIS,
600 600