The star-independent. [volume] (Harrisburg, Pa.) 1904-1917, 1914-12-29
Comptroller Williams
Submits His Annual
Reportto Congress on
Financial Conditions
NEW LEGISLATION
is RECOMMENDED
Suggests Uniform Bylaws for National
Banks, to Compel Directors to At
tend Majority of Board Meetings i'll
Year or Be Ineligible for Reelection
By associated Press,

Washington, Dee. '29.-Comptroller
Williams, of the Currency Bureau. sub
mitted mis- annual report to Congress to-
day. 1t covers the beginning of the
transition from the old national bank.
ing system to the new federal reserve
system, as well as the operations of
more than 1000 national banks which
have become part of the new system
since his last annual report was made
Aside from reviewing the provisions
of the new bank law and the steps by
winch it was put into operation, the
Comptroller makes some recommenda-
tiors for new legislation. They are:
An amendment to require uniform by.
laws for national banks. In that con-
nection the Comptroller declares many
bank directors fail to direct and SAYS
any director who does not attend ma
lority of board meetings in year
should be ineligible for reelection.
Washing of Bank Bills
An amendment TO permit signatures
on national bank notes to be printed in.
sted of made with pen and ink,
which would permit the bills to be
washed and restored to circulation.
That national banks be required to
limit their deposits to ten times their
combined capital and surplus.
That the Comptroller be empowered
to remove, with the approval of the
Secretary of the Treasury, any director
or officer of a national bank, guilty of
violating any of the more important
provisions of the bank law and direct
that suit be brought against them in
the name of the bank TO recover for the
results of any malfeasance in office.
OF the Federal Reserves act and
what it is expected to accomplish for
the finance and commerce of the country
the Comptroller says:
Curing Weaknesses of System
The Federal reserve act is designed
not only to cure weaknesses and defects
OF the currency system under which we
have struggled, and sometimes stagger-
ed, In the past, as we have outarown the
conditions and passed beyond the cir
cumstances which it was especially pro-
vlded to meet, but to offer to the people
OF TINS country many new advantages
and opportunities, while emancipating
business from many evils, difficulties
and troubles with which it has been
Iburdened and from which it has found
no escape
At some length the Comptroller re-
counts the activities Of governmental
agencies to aid the financial and bust
ness world during the stress at the out
break OF the European war. He covers
practically the same ground as Secre-
tary McAdoo did in his recent report to
Congress. The remainder of the Comp.
troller's report is given over to sta
tiStics.
26,I65 Banks Doing Business
There were 26,765 banks reporting
to State and Federal officers in the
United States at the close of business
on June so. Those banks. including all
Kinds, had aggregate resources of S26,-
81 ,39S,031, showing an increase of
more than $1,000, 100000 in the year.
There were 7T2 more banks reporting
than the year previous. The banks
showed loans and discounts amounting
to S15, ,2SS, 81, ,2S4 with individual de-
posts subject to check without notice
to $9,539,573,744. They
held gold coin and gold certificates to-
falling more than s912, 100000. Within
the year ended October 81. 1914, the
Comptroller says, 10 applications we're
received from persons wishing to or.
2anize national banks. OF these 226
were approved.