Democratic Sentinel, Volume 19, Number 48, Rensselaer, Jasper County, 6 December 1895 — REPORTS OF CHIEFS. [ARTICLE]

REPORTS OF CHIEFS.

SECRETARIES REVIEW WORK AND MAKE SUGGESTIONS. Herbert Wants More Battle Ships and' Torpedo Boats Eckels Tells AU About Banks— Lamont Is Pleased with the Condition of the Army. Affairs of a Nation. The total number of national banks organized since June 20, 1803, has been 5,023. There were in active operation on Oct. 31 3,715, with an authorized capital 6tock of $004,130,015, represented by 285,190 shareholders; average number of shares, 2,136; shareholders, 77. The total amount of their circulation outstanding was $213,887,030, of which amount $190,180,061 was secured by United States bonds, and $23,700,069 by lawful money deposited with the Treasurer of the United States. During the report year forty-three banks were organized, located in twenty different States, with an aggregate capital stock of $4,890,000. Of these new banks twenty-eight, with n capital stock of $2,530,000, are in the northern and northwestern section of the country, and fifteen, with a capital stock aggregating $2,300,000, in the south and southwest. The number of banks organized during the year was less than 30 per cent, of ihe yearly average. There was a net increase during the year of $10,779,597 in the a mount of circulation secured by bonds and a gross increase of $G,322,540 in the total circulation. Of the 3,715 banks in active operation, 2,901, with a capital stock of $536,725,832, are in the northern and northeastern half of the country, and 814, with a capital stock-of $126,848,950, in the south and southwest There are 2,611 national banks located east of the Mississippi River, with a capital stock of $527,612,792, and 1,104 west Of the Mississippi, with a capital stock bf $135,901 ,990. The number of banks leaving the system by reason of the expiration of their corporate existence was four. During the

year ending Oct. 31, 1890, the corporate existence of twenty-eight bunks will expire. In the succeeding ten years, from 1896 to 1905, the corporate existence of 889 banks will expire. The number of banks leaving the system during the year through voluntary liquidation was tittyone, having a capital stock of $6,093,100 and circulation of $1,152,000. Receivers for thirty-six banks have been appointed during the year. TJie aggregate capital stock of these banks was $5,235,020 and their circulation sl,-, 003,402. Of these banks, two, with a capital stock of $450,000, were reported last year as being in voluntary liquidation. and nine, with a capital stock of $2,750,000, were of the number of bunks which closed their doors in 1893 and subsequently resumed business, but through continued business depression and the slow character of their assets were unable to meet their obligations, and were thus compelled to go into insolvency. The following amendments to the law are recommended: “1. That the, Comptroller be empowered to remove officers of national banks for violations of law and mismanagement. “2. That loans to executive officers and employes be restricted and made only upon the approval of the board of directors. “3. That the assistant cashier, in the absence of the cashier, be authorized to sign the circulating notes of the bank and reports of condition. “4. That' some class of public officers be empowered to administer the general oaths required by the national-bank act. “5. That bank examiners be required to take an oath of office and execute a bond. “6. That upon a day in each year, lo be designated by the Comptroller, the directors of national banks shall be required to make an examination of the affairs of the banks and submit to the Comptroller a report. •‘7. That the Comptroller be authorized to issue circulating notes to the par value of the bonds deposited by them with the Treasurer of the United States to secure such notes. “8. That the semi-annual tax on circulating notes of national banks be'reduced to one-fourth of 1 per cent, per annum.”