Evening star., 1914-12-29
Controller of Currency Would
Require Uniform Bylaws
for National Concerns.
PRINTED SIGNATURES o..
ON NOTES ALSO DESIRED
Favors Limit on Deposits to Ten
p Times Combined Capital
and Surplus.

Controller Williams Of the currency
bureau submitted his annual report to
Congress today. 1t covers the begin
ming of the transition from the old
national banking 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 re-
port was made.
Aside from reviewing the provisions
of the new bank law and the steps
by which it was put into operation.
dations for new legislation. They are:
An amendment to require uniform
bylaws for national banks. In that
connection the controller declares
many bank directors fail to direct, and
says any director who does not at
tend a majority of board meetings in
election.
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
limit their deposits to ten times their
To Remove Bank Ohicials.
That the controller be empowered to
remove, with the approval of the Sec
retary 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 reserve act and what it
liz expected to accomplish for the finance
and commerce of the country the con-
troller says:
"The federal reserve act is designed
not only to cure weaknesses and defects
of the currency system under which We
have struggled, and sometimes staggere l.
In the past, as we have outgrown the
conditions and passed beyond the cir
cumstances which it was especially pro-
vtded to meet, but to offer to the people
opportun. ties, while emancipating busi-
ness from many evils, difficulties, and
troubles with which it has been bur
dened and from which it has found no
escape"
At some length the controller recounts
the activities Of governmental agencies
to aid the financial and business world
during the stress at the outbreak of the
European war. He covers practically
the same ground as Secretary McAdoo
did in his recent report to Congress. The
remainder of the controllers report is
given over to statistics.
Statistical Information.
There were 26,765 banks reporting to
state and federal officers in the United
States at the close OF business on June
80. Those banks. including all kinds,
had aggregate resources Of s26,s71, ,sss,0S1.
showing an increase OF more than ST.
zoo, ,0OO, 900 in the year. There were 772
more banks reporting than the year-pre-. :.
vious. The banks showed loans and
discounts amounting to sl5.2ss,357 ,2s4,
with Individual deposits subject to check
without notice amounting to $685..
573,744. They held gold coin and gold
certificates totaling more than $912, 900
900. Within the year ended October 81,
1914, the controller says, 319 applica-
tions were received from persons wish
ing to organize national banks. OF these
226 were approved.