El Paso herald. (El Paso, Tex.) 1901-1931, 1914-12-29
SAYS DIRECTORS
Do NOT DIRECT
Controller Of Currency Blu
reau Asks Authority to Re-
move Bank Directors.

washington, D. c., Dec. Coon
troIer Williams, Of the currency bu-
reau. submitted his annual report to
congress today. It covers the begin
ming OF the transition from the old ma
IIondL banking system to the new fed
eIdl 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
ASloe from reviewing the provisions
OF the new bank law and the steps by
WhIch II was put into operation, the
Cohuoler makes some Recommended
uons Tor new legislation. They are:
An amendment to require uniform
bylaws Tor national banks. In that
cchheclon he declares many bank di-
Iectors tail to direct and says any
GlIsctor Who does not attend a ma
J0Ilty OF board meetings in a year
shouIo be ineligible for reelection.
An amendment to permit signatures
or national bank notes to be printed
instead OF made with pen and link,
WhICh would permit the bills to be
washed and restored to circulation.
Would Limit Deposits.
4naL national banks be required to
limit their deposits to ten times their
combined capital and surplus.
mat the controller be empowered to
" III the approval OF the SeC-l
retary OF the treasury, any director or
ofticer Of a national bank guilty of
violating any of the more important
provisions of the bank law and direct
mat suit be brought against them in
the name of the bank to recover for
flee
of the federal reserve act and what
II is expected to accomplish for the
finance and commerce of the country
the controller says:
The federal reserve act is designed
not only to cure weaknesses and de-
feets of the currency system under
Whlch we have struggled, and some
tunes staggered, in the past as we
nave outgroWn the conditions and
passed beyond the circumstances which
1t was especially provided to meet,
but TO offer to the people of this
country many new advantages and OPP
portunlties, while emancipating bust
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 re-
counts the activities of governmental
agencies to aid the financial and bust
ness world during the stress at the
outbreak of the European war He
covers practically the same ground as
secretary McAdOo did in his recent re-
port to congress. The remainder of
the controllers report is given over to
statistics.
Bank Resources Heavily Increased.
There were 1876 banks reporting to
state and federal officers in the
United States at the close of business
on June 80. Those banks, incl~ding
all kinds, had aggregate resources of
$26,971, 398,031, showing an increase of
more than $1,000, 00U.o in the year.
There were 772 more banks reporting
than the year previous. The banks
showed loans and discounts amount
ling to $685. 1857, 2S4, with Individual
deposits subject to check without no
tice amounting to S9,539,573,744 They
held gold coin and gold certificates to-
falling more than 1912, 600. Within
the year ended October 81, 1914, the
controller says 319 applications were
received from persons wishing to or
ganize national banks Of these 226
were approved.