NET RESULT OF ORGANIZATIONS, LIQUIDATIONS, ETC., DURING PAST YEAR. In addition to the capital of new banks organized during the 12 months ended October 31, 1917, 165 of the banks organized prior thereto increased their capital during the period by $23,854,990, making the gross increase for the year $35,444,990, while 14 banks reduced their capital by $898,000. Taking into consideration reductions of capital, voluntary liquidations, and failures, the net increase in capital was $18,999,490, the authorized capital stock of all banks at the close of the year standing at $1,096,637,865. NATIONAL BANKS ORGANIZED SINCE 1900. Since March 14, 1900, the date of the act authorizing the organization of banks with minimum capital of $25,000, charters have been granted to 5,830 associations, with authorized capital of $377,522,800, of which 3,721, with aggregate capital of $97,030,000, were organized under the act of that date, generally with individual capital of $25,000, although a limited number of banks were organized with capital in excess of $25,000, but all less than $50,000. The average capital, however, of banks of this class was slightly in excess of $26,000. During the same period 2,109 national banks were organized under the act of 1864, the aggregate capitalization being $280,492,800 and the individual capital $50,000 or over-the approximate average being $133,000 each. STATE BANKS CONVERTED INTO NATIONAL. Further classifying these banks, it appears that 1,019 were conversions of State banks, capital $75,120,300; 1,688 reorganizations of State or private banks, capital $123,637,000; and 3,123 with capital of $178,765,500, primary organizations. In the following table will be found a classification of banks organized from March 14, 1900, to October 31, 1917, based upon capital stock, together with the number of banks and their reported capital on September 11, 1917, by States and geographical divisions. Summary, by State, geographical divisions, and classes, of national banks organized from Mar. 14, 1900, to Oct. 31, 1917, and the paid-in capital stock of all reporting national banks on Sept. 11, 1917. Summary, by State, geographical divisions, and classes, of national banks organized from Mar. 14, 1900, to Oct. 31, 1917, and the paid-in capital stock of all reporting national banks on Sept. 11, 1917. Grand total.. 3,218 80,450,000 503 16,580,000 2, 109 280, 492, 800 5,830 377, 522, 800 7, 638 1,090, 318,000 The number and capital, by classes, of conversions, reorganizations, and primary organizations, are shown in the following table: Summary, by classes, of national banks organized from Mar. 14, 1900, to Oct. 31, 1917. Number of national banks organized in each month from Mar. 14, 1900, to Oct. 31, 1917. Months. 1900 1901 1902 1903 1904 1905 1906 1907 1908 1909 1910 1911 1912 1913 1914 1915 1916 1917 Total. 40 34 50 6 35 41 56 46 30 50 51 50 47 40 42 58 43 36 20 23 38 31 27 33 57 21 32 36 20 29 36 54 32 398 412 492 515 460 486 462 490 323 320 291 206 186 167 200 138 122 39 19 16 10 12 16 16 10 14 16 9 15 25 25 12 15 15 11 13 15 23 8 15 6 24 6 6 6 14 14 13 14 11 14 21 27 16 24 9 10 13 162 Number and classification of national banks organized during the year ended Oct. 31, 1917. CHANGES OF TITLE AND LOCATION OF NATIONAL BANKS. Under the law, any national bank, upon authorization by shareholders representing two-thirds of the stock and with the approval of the Comptroller of the Currency, may change its corporate title, or its location to a place not exceeding 30 miles distant, within the same State. Nine changes of this character occurred during the past year, a list of the banks concerned being submitted herewith. Changes of corporate title and location, 1917. No. 10130 1290 6380 The Peopies National Bank of Perry, Iowa, to "The Perry National Bank". Feb. 23 Mar. 1 The Morgan County National Bank of New Decatur, Ala., to "The Morgan County The First National Bank of Fort Wayne, Ind., to "The First and Hamilton National 10423 371 The Central National Bank of New Decatur. Ala., to "The Central National Bank of The First National Bank of Columbia, Pa., to "The First-Columbia National Bank". 3732 The German National Bank of Hastings, Nebr., to "The Nebraska National Bank of Hastings". 11 6931 The First National Bank of Yorkville, S.C., to "The First National Bank of York". 10765 The Farmers National Bank of Hutchinson, Kans., to "The American National Bank of Hutchinson". CHANGE OF CHARTER NUMBER. On April 11, 1917, the Comptroller of the Currency authorized a change in the charter number of The First National Bank of Geneva, Ohio, from 2719 to 153, which was the original charter number of the bank. INCREASE IN NUMBER OF RESERVE CITIES. By the act of December 23, 1913, section 11, paragraph E, the Federal Reserve Board was authorized to designate additional reserve cities, and during the past year the following cities have been so designated: Tulsa, Okla., on June 9, 1917; Ogden, Utah, on July 11, 1917; and on October 31, 1917, the cities of Buffalo, N. Y., Toledo, Ohio, Peoria, Ill., Memphis, Tenn., Grand Rapids, Mich., and Oakland, Cal., were so designated to become effective on January 1, 1918. Including the three central reserve cities of New York, Chicago, and St. Louis, but not including the six cities designated as reserve cities effective January 1, the total number of reserve cities is 57. FOREIGN BRANCHES OF NATIONAL BANKS. Under section 25 of the Federal Reserve Act, as amended, the Federal Reserve Board has authority to approve the application of any national bank possessing a capital and surplus of $1,000,000 or more to establish branches in foreign countries or dependencies or insular possessions of the United States for the furtherance of foreign commerce, and to act, if required to do so, as fiscal agents of the United States Government. The Federal Reserve Board also may approve the application of any national bank possessing a capital and surplus of $1,000,000 or more to invest an amount not exceeding in the aggregate 10 per cent of its paid-in capital and surplus in the stock of any banks or corporations incorporated under the laws of the United States or any State thereof and principally engaged in international or foreign banking, or banking in any of the dependencies or insular possessions of the United States. The business of such international corporations must be conducted upon conditions and under regulations prescribed by the Federal Reserve Board. The Federal Reserve Board has authorized The National City Bank of New York to establish the following foreign branches and subbranches: Branch at Buenos Aires, Argentine Republic. Subbranch at Montevideo, Uruguay, Branch at Rio de Janeiro, Brazil. Subbranches at Santos, Sao Paulo, Pernambuco, Para, and Bahia, Brazil. Branch at Habana, Cuba. Subbranches at Santiago, Matanzas, Cienfuegos, Guantanamo, Camaguey, Cardenas, Manzanillo, Cuba; Kingston, Jamaica; and Santo Domingo, Santo Domingo. Branch at Valparaiso, Chile. Subbranches at Antofagasta and Santiago, Chile. Branch at Genoa, Italy. Subbranches at Turin, Milan, Venice, Florence, Rome, Naples, and Palermo, Italy. Branch at Petrograd, Russia. Subbranches at Moscow, Odessa, Warsaw, Riga, Baku, Astrakhan, Vladivostok, Sebastopol, Helsingfors, and Vilna, Russia. Branch at Lima, Peru. Subbranches at Payta, Callao, and Mollendo, Peru. Branch at Caracas, Venezuela. Subbranches at La Guayra, Porto Cabello, and Maracaybo. Under like authorization The Commercial National Bank of Washington, D. C., has established branches at Panama City, Panama, and Cristobal, Canal Zone. The Federal Reserve Board has also authorized The First National Bank of Boston, Mass., to establish a branch at Buenos Aires, Argentine Republic. The following table shows the principal assets and liabilities of these branches. It will be noted that the reports are for June, 1917, in all cases except for the branches at Bahia, Brazil, Buenos Aires, Argentine, and Petrograd, Russia, the report for Bahia being for September 11, 1917, that for Buenos Aires, July 31, 1917, and that for Petrograd, March 5, 1917. Condition of foreign branches of national banks on June 20, 1917. Aggregate. 1 Report for Sept. 11, 1917. 6,922 1,043 15,752 1,283 13,366 2,294 6,887 2,307 11,060 5,116 5,384 |