Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1916-01-11
lew RECORDS ARE MADE
IN FINANCIAL HISTORY
ms Country's Banking Development
and Growth Never Before
paralleled.
PIiLIAMS MAKES REPORT
aux Deposits Are Increased by Bill
iions Of DOllars--Presents His Side
~ Fight to Prevent Charging OF
Isurious Interest.

WASHINGTON, January lJ.--"Devel
hent and growth never paralleied
( the financial history OF any coun
y is the way John Shelton Williams.
p'mptroller Of tho Currency. describes
N MS annual report 10 Congress the
berauon of the national banks under
charge during the period from Oc-
Eoer, 1911. to November. 1915. the first
AR under the Federal reserve system.
|Ehe report was TO-DAY presented to
S,nErcss.
n Mr.. Williams gives comparative
satcment of the condition OF the ma
Sonul banks TO back up His statement.
lie shows that net resources Of the
|stnks increased III the year sl.743S1s. :
Is; that deposits increased so.0Sl .53o,-
'Tt, and that loans and discounts in
Il eabed ssi',iao,jJ. Available cash in
eased in the same period sSs2 coo. 900,
I'd or November 10. 1915. the reporting
s,tional banks had excess reserves of
Stl.oHe.ooa. Tables show the compare
syc condition OF banks in 1926 and 1919
III September. 1895. there were 3.Tl2
Snorting banks with net deposits Of
os?.3nc.ooo and loans and discounts
III e,4os4o.; while IN November,
US. there were s.si, reporting banks
it'll net deposits Of s9.o7s.i?i4i7 and
ans and discounts Of s7.233.92S &C..
.rIoNAL-BANI1 RESERVES
REACH ENORMOUS TOTAL.
The reserves held by the national
inks November -. 1915" says the
'port. exceeded by s5s7.ooo.ooo Tho
|aeatest reserves ever held at any :imc
Flor TO the passage OF the Federal
serve act. Loans and discounts
amounted 10 more than the total loans
pa discounts Of all banks. including
itional. State. savings and private
inks and loan and trust companies
) late as the year 1907
Mr.. Williams says that the bark
< power" Of the United States--the
,ptal. surplus. circulation deposits.
c.-of all reporting banks, national
|hd otherwise, with an estimate Of
,e figures for nonreporting banks.
mounted In June 1919. to s25. 397. 90,
He. an increase IN a year Of about
.o5i ! 10000. Savings bank dciosit9rs
creased by 1926 during the yea.
hiding last June. with total deposits
III sio97.706. an increase Of sCl,IlI.-
l1o. ZIG average ucDOsIl, however. lie =
eaScd from s+ii.3G 20 si41S3. while
,c number 81 banks Increased from
30 to ".i1s
Thc comptroilers principal rec IN
cndation for Legislation is for an
y pendment to the bank law author
k,tng and directing the Department OF
is,ce TO bring suits against usurcrs
Don information furnished either b.
ne comptroller OF through other
|burces
Other recommends, ions, given under
heading, ITO Prevent Bauk Failure
oppose TO prohibit officers from Dor
living from their own banks, TO pre-
:nt loans to directors, except with the
UoproNal Of tho hoard 10 require Or
I GERS and employees 10 give surety
l,nds. TO limit direct and Indirect loans
9t one individual. firm or corporations
ILL., proven, or limit overdrafts: to re-
llire certificates Of deposit 10 be signed
Is two directors; 10 prevent erasurcs
In the books Of bank; 10 limit IN
3I.rest paid on deposits; to authorize
lac establishment of branches in tho
nitcd States; 10 permit branches in
GIaaska ard insular possessions; 20 i.u-
orize minimum interest charges
hch ordinarily might he usurious-
Iil small loans and 10 authorize
he comptroller TO bring pr"cccding :
IIyains, directors for losses sustained
FIy bank through violation OF the
|G1nk act.