The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1914-02-28
OVER 4 BILLION IN SYSTEM
THIS Is ESTIMATED CAPITAI or
NATIONAL BANKS.
Membership Now 7.465. Representing
Over M Per Cent of the National
Banks Capital OF Country.

Washington. Feb. 24-Ohicial count
by treasury officials today showed -
ass national banks have applied for
membership In the federal reserve
system; that rs banks have notified
the organization committee that they
will not apply. and ten have not been
heard from.
The capital OF the banks applying
amounts To S1.O545S3.55t. which is
1915 per cent of the capital of all nat
ional banks i'm the country. The
capital of banks not accepting is
placed at $3.50. 600. and that of the
ten not heard from at s5TO.0O0.
In an Official announcement giving
these figures. the reserve bank or
sanization committee tonight said
that although explanations had not
been sent with the notifications of
non-acceptance by the Is. i'm several
instances the records showed that the
banks had arranged some time ago to
NO into liquidation. and one bank had
been absorbed by another. OF the
ten not heard from. two had filed
papers asking permission to liquidate
and three had been too recently or
ganixsd To pass the necessary rcsolu-
hons OF acceptance. so only five are
really considered as being i'm the class
of those yet To respond.
The figures for the state banks and
trust companies have not been tabu-
lated. but sixty such institutions
have asked for approval of their ap-
plicauons and IL was estimated to-
night that their capitalization will be
sufficient to put the total OF all banks
applying TO date beyond the $l.100,-
eoo.eoo mark.
IL Is known that Secretaries Nc
Adoo and Houston and Comptroller
of the Currency j. $. Williams, who
are pleased with the manner in which
the banks have responded.
Figures for the surplus funds OF
banks. which are coming into the
system. were not completed tonight,
but II Is certain that the new system
will be launched with authorized cap
ital or at least 500. 900. 900.
The organization committee is now
working away on the definition OF the
limits OF the reserve districts and the
conclusions are expected In a few
days.
When their report is ready. the
banks will be required To- subscribe 6
per cent of their capital stocks and
surplus TO the stock of the reserve
hank in their districts.
The organization committee tonight
issued gulations for the guidance OF
the Sta banks. which wish to apply
for membership in the system. Such
institutions enter i'm the usual way by
becoming national banks. or they can
apply az State institutions unde- GER
tain conditions. The principal condi-
tions are that applicant banks must
certify their assets and liabilities and
that none is carried at an excessive
value; that they shall file copies of
their charters with dig 1t OF pow
era granted. The organization COM
mittee may require an examination of
an applicant bank by a national bank
examiner to confirm statements made
In the application or may accept "a GER
tihczts from a state examiner. and
only banks which have unimpaired
capital sufficient to entitle admission
to the national banking system shall
be considered eligible. state institu-
tions applying shall be given IA rea-
sonabie time" in which to adjust loans
and investments SO as To conform to
the laws OF the United states.