The Birmingham age-herald., 1914-12-30
WILLIAMS SUBMITS ANNUAL CURRENCY TOCONGRESS
Comptroller of Currency Outlines Developments Following Inauguration
 of New System

Washington, December 29-Comptrol Ter Williams of the currency bureau
 submitted his annual report to Congress today. It 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
 which it was put into operation, the comptroller makes some recommenda- tions 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 a ma jority of board meetings in a year should be ineligible for reelection. An amendment toa permit signatures on national bank notes to be printed instead of made with pen and ink. which would permit the bills to be washed and restored to circulation That national banks be required to illlit tHtlI QcPOsltS tO iV iiihCo thtii
 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 national bank guilty of violating any of the more inportans provisions of the bank law and direct that suit be brought against them in name of the bank to recover for the results of any malfeasance in office. Of the federal reserve act and what | it is expected to accomplish for the finance and commerce of the country, the comptroller says:
 "The federal reserve act Is designed not only to cure weaknesses and de- fects of, the currency system under which we have struggled and some times staggered, in the past. as we have outgrown the conditions and passed beyond the circumstances which it was especially provided to meet. but to offer to the people of this country many | new advantages and opportunities | while emancipating business from many l evils. difficulties, and troubles with which it has been burdened and from which 1t has found no escape" At some length the comptroller Ter counts the activities of governmental agencies to aid the financial and busi- ness world during the stress at the out break of the European war. He covers practically the same ground as Sccre- 1 tary McAdoo did in his recent report to Congress. The remainder of the comptrol1er's report is given over to | statistics.
 l There were 26.765 banks reporting to state and federal officers in the United I States at the close of business on June 1 90. Those banks. including all kinds. | had aggregate resources of $26a71, 1884, | 031, showing an increase of mere than 1 s1, 200, 100000 in the year There were l 772 more banks reporting than the year previous.
 The banks showed loans and dis l counts amounting to $15,2S8.s57. 28d,
 with individual deposits subject to check without notice amounting to $9, 1 53s573,744 They held gold coin and | Cold certificates totalling more than | e91 2.O00. 900.
 1 Within the year ended October 3l, :, 1914 the comptroller says. 319 applica- tfons were received from persons wish l ing to organize national banks. Ol 1 these 226 were approved.