The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1905-03-05
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Globe Special Washington Service


Globe Special Washington Service
1417 G Street
WASHINGTON, March 4.-Enter-
prise in the organization of new ma
tional banks was more marked than
usual in February. A greater number
of banks We're organized than in any
February since the new banking law
was enacted, with the exception of
1903. The whole number last month
was Al, as against 80 in February of
last year, 90 in 1903, % in 1902, and 81
in 1901.
Special activity was shown In the
west, where many banks with the min
imum capitalization allowed by law
were organized in small cities and
towns. The largest bank authorized to
begin business during the month was
the National City bank of Troy, N V
with capital of 100000. The total
capitalization of all the new banks in
FEBRUARY was $2355,000, and the whole
number of banks was widely distribut-
ed over the country. No new associa-
lions were organized, however, on the
Pacific coast
The geographical distribution was
as follows: New England, 8 with a
combined capital of $550,000; middle
states, z with a combined capital of
$4,000; southern states, with a
combined capital of 1855, 200, and west
ern states, % with a combined capital
of 100000.
OF the II new national banks organ
lied in February, 1 has a capital of
100000, capital of 100000, 1 a cap
1tal of 100000 2 a capital or 500. 600.
l a capital of 100000, a capital of
$4,000, a capital of $4,000, capt.
tai OF $4,000, capital of $4,000,
and 10 capital of $4,000.
NIL Of
IA, 1900, and from that date until JAN
81 of this year, there were chartered
1,5OI banks, with aggregate capital of
$39,257,5OO. During this period SIS
banks, with a combined capital of $685.
1880, were organized under the act
of June 3, 1864.
Over 1000 New Ones
This gives the total number organic
ed during the period in question as
1872, with a combined capital of $135.-
4O5,300. The bonds deposited by these
associations in contemplation of the is
sue OF charters aggregated $33,640,40
approximately 20 per cent of the cap
1tal stock. The number and capital of
banks of primary organization was
l,295 and $6S,351,500, respectively; re-
organizations, 767 and $49,144,OOO; con-
versions, 260 and $17,909,S00.
While a large number of small coun-
last month, there was a strong tenden-
cy toward consolidation in the larger
cities Eleven banks went into volIn-
tary liquidation in February, and of
these nearly every one consolidated
with another banking institution in
the same city; the others are making
preparations to reorganize. The char
tiers of two national banks expired dur
ing the month.
There viii be large number of new
banks ready to begin business this
month, in all probability, for SO appli-
catlons nave been approved by the
comptroller of the currency. Nothing
remains but for these banking asso-
cations to begin business, all the pre-
unlnary steps having been taken AS
In the case of the banks which began
business in February, the associations
winch are expected to open in March
are widely distributed over the coun-
Try out special activity is noticed in
the western states. Four applications
are also pending for permission to
convert state and private banks into
natonal institutions, and all of these
will probably be granted.
Inc net Increase in the number of
national banks organized between
March ID, 1900, and Jan. 81 of this year
was 1866, or from 3,617 to 1852. Dur
ing this period the capital stock was
increased in the sum of $175251 24O
or from $616,30S,095 to 1871 1858, 1895.
The amount of bonds deposited as Sc
curity for circulation amounted on the
earlier date to $244, $50, and on Jan.
81 last to $439,529,O40, an increase of
$lS4,9l7,47O. The increase in circula-
tlon secured by bonds was from $216.-
of4,f95 to 435,807, 901, or S2I9,433 LOG.
The total amount of circulation seE
cured by bonds and by deposits of law
Iul money IN 1900 was $254,402,73O, and
on Jan. 81 of this year had increased
TO $46I422,S53, resulting in a net in
crease o. oank notes in circulation of
$21S,02O,123.
Share of the Northwest
OF the forty-ene national hanks
which began business last month. one
was in South Dakota and one was in
Minnesota. These were the First Ma
tlonal bank of Vienna, S. D., with
capital of $4,000, and the First Ma
uonal bank of Goodhue, Mimi. with
the same capital
NO less than five applications were
approved in February, besides those
which actually began business in that
month in the states of Minnesota
North and South Dakota. These an
proved applications are as follows:
Union National bank of Minot. N u
capital $4,000; First National bank of
Portland, N. D., capital $4,000; First
National bank of Hannah N D.. Cant
tai $4,000; First National bank of
Chsholm, Mimi, capital $4,000. and
the Farmers National bank of Blue
Earth, Mimi, capital $4,000. An an
pllcat1on to convert the Griggs County
state bank of Hannaford, n. D.. into
the First National bank of Hannaford
win capital of $4,000. was approved
Inv fhn