Brownsville herald. [volume] (Brownsville, Tex.) 1910-current, 1914-12-29
COMPTROLLER OF
CURRENCY URGES
NEW BANK LAWS
In Annual Report Covering Beginning Of
Transition from Old Law to Federal Re-
serve System Ne Recommends Several
Amendments.
WOULD REQUIRE UNIFORM BYLAWS
FOR ALL NATIONAL BANKS
Says That Many Bank Directors Fail TO
Direct and Says That Any Director Who
Falls to Attend Majority OF Meets
Should Not be Eligible Again.
(By Associated Prcss.)

Washington, ID. G., Dee. 29.-Comp-
troller Williams OF the currency bureau
submitted his annual report 10 congress to-
day. IL covers the beginning of the transi-
ton from the old national banking system
to the new federal reserve system. as we'll
a. the operation of more than 1000 national
bank, which have become part Of the new
hystem smcc his last report was made.
Aside from reviewing the provisions Of
the new ban& law and the steps by which
1t was put into operation, the comptroller
makes some recommendations for new
legislation. They are:
An amendment TO require uniform nv
laws for national banks. In hat conner-
ton the comptroller declares many bank
directors fail 10 direct and says any dircc-
tor who does not attend a majority of
board meetings in n year should be ineligi-
bile for reelection.
And amendment to permit signatures on
national bank notes 10 be printed instead
of made with pen and ink. which would
permit the bills to be washed "nd restored
Ia circulation.
That national banks b. required Ia limit
ih,jr deposits 70 ten times their combined
capital and surplus.
That the comptroller be empowered to
resnove. with the approval of the secretary
at the treasury, any director or officer of
= 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 ~ recover
for the results OF any maltsa~ancr in office.
OF the federal reserve act and what il j.
expected TO accomplish tor The finance and
commerce of the country the comptroller
saws:
"The federal reserve act D. designed moi
only Ia cure weaknesses and defects II the
currency system under which We have
struggled, and sometimes %,vareercd. IN the
past, a. We have outerown the conditions
aud passed beyond the circumstance which
II was especially provided ~ meet. hui ~
oilcr to the people ~ this rouutry man,
new advantages and opportunities. while
emancIpating business from many evils.
difficulties and problems with which II ha>
been buriencd and from which u has found
no escape
Al some length the comptroller r%rrount-
the activities ~ governmental agencies ~
abb the financial and business world durin.
the stress al the outbreak of the European
var. Tie covers practically the same
ground a. secretary MrAdoo dad ~ hi
recent report "a congress. Tho remainder
~ The comrircllcr's report II gwen over
Z" statistics.
There we're d.7G5 banks reporting 10
state and federal %ofiieer> IN the United
States AT the close of business on June 20.
Those hanks, including all kinds, had az
errgate resources Of SaG.97l .39s. 03l show
ing nm increase ~ more than Il 100 .O00. 600
ip the year. There were 772 more hanks
reporting than the year previous. The
hanks showed loans and discounts aelount-
ug 10 sl5.2ss. 357 PSI with individual de
posts subject 10 cheek without notice
amounting 70 Sa.539,573.744 They held
gold coin and gold certificates totalliny
morr than sal2, 900. 200. Within the wear
ended October 3l..l9lI. the comptroller
says. 3ls applications were received from
persons wishing 10 organize national banks.
OF thes 30 were approved.