the returns in denominations of $5. It appears, therefore, that there are good reasons for the issue of a $5 gold certificate. Such an issue will enable the Treasury to respond more fully to the demands for small denominations of currency. The United States bonds pledged as security for the circulating notes of the national banks took on a growth of $26,285,810 during the past fiscal year, and at its close amounted to $686,974,880. The bonds pledged to secure the public deposits in national banks amounted to $51,774,700 on June 30, 1910. The standard silver dollars in circulation on June 30, 1910, amounted to $72,432,514, as against $71,987,900 for the corresponding period in 1909. The amount of these coins shipped to depositors therefor at the expense of the consignee for transportation during the last fiscal year was $14,384,734, as against like shipments of $11,865,180 in 1909. The amount of subsidiary silver coin shipped to depositors therefor at government expense for transportation during the fiscal year 1910 was $43,977,039.70. The average rate for transportation was $1.92 per $1,000. In future, the distribution of these coins to depositors therefor will be at the expense of the consignee for transportation charges. United States notes to the amount of $11,695,012, and Treasury notes for $9,880 were redeemed in gold from the reserve fund during the last fiscal year. The redeemed notes were immediately exchanged for gold, and the reserve was thus kept intact. The Treasury holdings of gold amounted to $1,045,165,485.24 at the close of the fiscal year 1910, and set apart for the respective uses it was held on the following accounts: Reserve fund, $150,000,000; trust funds (for the redemption of gold certificates in actual circulation), $802,754,199, and in general fund (belonging to Treasury), $92,411,286.24. This is not the maximum holdings in our annals, however, but more than is held under single control elsewhere in the world. The available balance in the Treasury at the beginning of the fiscal year was $126,375,428.10. The excess of all disbursements over all receipts for the first half of the year reduced the balance to $77,085,536.92 by January 25, 1910, but a reversal of such conditions in the later months carried the balance upward, and at the close of the year it was $106,894,675.67, a net decrease of $19,480,752.43 during the year. District of Columbia. The net expenditures on account of the District of Columbia for the fiscal year 1910, by warrants paid, were $11,650,496.50. The net revenues deposited in the Treasury by warrants on this account for the same period were $7,409,693.33. The amount of the funded debt retired during the year was $622,050, reducing the annual interest charge by $22,704.82. The total issue of the 3.65 per cent bonds is limited by law to $15,000,000, and of this sum $14,997,300 has now been issued. The bonded debt outstanding June 30, 1910, consists of $9,492,100 bonds bearing 3.65 per cent interest. At the close of the fiscal year 1910 the 10 per cent guaranty fund retained from District contractors amounted to $255,915.70, and is represented by $175,210 in bonds purchased at the request and risk of the contractors and $70,344.29 uninvested cash. Detailed information in regard to the affairs of the District of Columbia will be found in the reports of the District Commissioners and the Treasurer of the United States, ex officio commissioner of the sinking fund of the District of Columbia. COMPTROLLER OF THE CURRENCY. Charters were issued during the fiscal year to 337 national banking associations, with authorized capital of $30,115,000, and included in the number were 69 conversions of state banks, 65 reorganizations of state and private banks, and 203 associations of primary organization. In the same period 125 banks were closed, of which 120 were placed in voluntary liquidation by the shareholders. Generally these banks were placed in voluntary liquidation for the purpose of reorganizing or transferring their business to other national or state banks, as 54 banks were absorbed by or reorganized as state banks, 42 absorbed by other national banks, 5 reorganized as national banks, and 19 discontinued business. In the banks liquidated are included three associations, the corporate existence of which expired by limitation. Over one-third of the banks that liquidated were located in the States of Kansas, Oklahoma, and Texas, wherein state bank guaranty laws are in operation. Of the 9 banks that liquidated in the State of Kansas, 6 were succeeded by state institutions and 3 were absorbed by other national banks. In Texas 8 of the 16 liquidated banks were succeeded by state institutions, 5 were absorbed by other national banks, and 3 liquidated to discontinue business. the 19 banks liquidated in Oklahoma, 13 were succeeded by state banks, 3 were absorbed by national banks, and 3 discontinued business. Of While receivers were appointed for 7 banks, there were but three failures during the year, the capital of the three at date of closing being $250,000, and the aggregate liabilities to depositors and other creditors, exclusive of liability on circulation, $1,166,019. Two of the 3 failed banks have paid dividends, one at the rate of 35 per cent and the other 60 per cent. In two instances receivers were discharged, evidence being submitted of the ability of the banks to pay their creditors in full. In one of these cases the bank resumed business, and in the other voluntary liquidation was effected for the purpose of settling the bank's affairs. The two other receiverships were of banks heretofore placed in voluntary liquidation. In one instance it was deemed advisable to appoint a receiver for the purpose of enforcing a certain liability of the directors and forestall the appointment of a receiver by the state court; and in the other a receiver was appointed to enforce the stock liability by reason of the existence of an unsatisfied judgment. On March 14, 1900, there were in active operation 3,617 national banks, and from that date to July 1, 1910, 4,539 associations, with capital of $284,173,300, were authorized to begin business. During this period, and under authority of the act of March 14, 1900, 2,907 banks, with capital of $75,705,500, were authorized to begin business. These banks generally were incorporated with the minimum capitalnamely, $25,000-but by reason of the organization of a few with capital exceeding that amount, but less than $50,000, the average capital of the banks organized under this act was $26,042. The remaining banks organized during this period-namely, 1,632, with capital of $208,467,800-were incorporated under the act of 1864. Further subdividing the organizations, it is shown that of the 4,539 banks chartered, 634, with capital of $49.325,800, were conversions of state banks; 1,386, with capital of $91,052,000, reorganizations of state and private banks; and 2,519, with capital of $143,795,500, primary organizations. The aggregate capital of the converted and reorganized state and private banks equaled, approximately, the capital of the banks of primary organization. On June 30, 1910, there were in existence 7,170 national banking associations, with authorized capital of $1,000,070,135. During the life of the system 456 banks were organized under the act of 1863, 6,430 under the act of 1864, 10 under the act of 1870, and the remainder, 2,907, under the act of 1900, making 9,803 banks chartered under these various acts. Including with the 515 banks for which receivers were appointed the number subsequently restored to solvency and permitted to resume business or liquidate, receiverships equal 5.2 per cent of the total number of national banks chartered. The percentage of voluntary liquidations is 21.8, and the banks in active operation represent 73.1 per cent of the total number chartered. Comparing conditions on March 14, 1900, with those on June 30, 1910, it appears that there has been a net increase in the number of banks in operation of 3,553, and in authorized capital of $383,762,040. The outstanding circulation of the banks increased during this period from $254,402,730 to $713,430,733, or an increase of $459,028,003. Circulation secured by bonds and by lawful money (the latter deposited by banks going into voluntary liquidation, those reducing their circulation, and on account of insolvent national banks) reached the maximum on April 30, 1910, when it amounted to $713,461,586, but the maximum outstanding on the security of bonds alone was reached on June 30, 1910, when it amounted to $685,517,013. During the current fiscal year, the bond-secured circulation increased $25,843,605, or from $659,673,408 to $685, 517,013. At the close of business on June 30 last the amount of circulation secured by deposits of lawful money was less by $2,332,946 than at the close of the prior year, the result being a net increase during the year of circulation secured by bonds and by lawful money of $23,510,659. The number and capital of national banks organized since March 14, 1900, by states and geographical divisions, together with the number and paid-in capital stock of national banks on June 30, 1910, appear in the table following: SUMMARY, BY STATES, GEOGRAPHICAL DIVISIONS, AND CLASSES, OF NATIONAL BANKS ORGANIZED FROM MARCH 14, 1900, TO JUNE 30, 1910, AND THE PAID-IN CAPITAL STOCK OF ALL Reporting NATIONAL BANKS ON JUNE 30, 1910. 32 47 1,175,000 9 321,000 37 3,635,000 93 21 25 625,000 17 Alabama. Mississippi. Louisiana. Texas.. Arkansas.. Kentucky.. Tennessee.. 2,402,000 56,811,500 1,604 331,371,728 5,131,000 125 14,286, 480 4,320,000 103 9,062,965 27 2,610,000 52 3,265,000 75 7,785,000 18 1,985,000 27 2,210,000 39 4,985,000 570,000 49 4,650,000 91 5,845,000 113 13,185,000 125,000 22 3,950,000 32 4,225,000 42 5,710,000 304,500 32 2,675,000 71 3,704,500 79 8,680,000 6 150,000 2 60,000 19 1,815,000 27 2,025,000 32 3,480,000 11 275,000 211 5,275,000 19 475,000 50 1,250,000 1 30,000 80 2,541,000 17 3,210,000 29 3,515,000 31 8,045,000 129 13,450,000 420 21,266,000 516 43,561,000 30,000 22 1,820,000 42 2,325,000 45 4,155,000 7 230,000 32 5,070,000 89 6,550,000 149 17,579, 950 29 725,000 5 150,000 31 3,385,000 65 4,260,000 99 11,717,500 Southern States. 495 12,375,000 150 4,846,500 473 51,420,000 1,118 68, 641,500 1,448 152, 232, 895 SUMMARY, BY STATES, GEOGRAPHICAL DIVISIONS, AND CLASSES, OF NATIONAL BANKS ORGANIZED, ETC.-Continued. No. Capital. No. Capital. No. Capital. No. Capital. No. Capital paid in. Middle Western States... North Dakota.. South Dakota. Nebraska. Kansas. Montana.. Wyoming. Colorado. New Mexico.. Western States.. Washington... 706 17,650,000 104 3,445,500 405 60,795,000 1,215 81, 890, 500 2,025 268, 413,700 121 3,025,000 7 500,000 137 215,000 9 5,355,000 232 15,200,000 128 4,840,000 207 12, 147, 500 38 1,815,000 54 4,625,000 900,000 30 1,710,000 4,236,000 121 9,954,700 1,275,000 41 2,070,000 225 10,415,000 74 2,481,000 196 14, 150, 0001, 007 35, 056, 000 1, 158 65, 234, 700 11 361,000 34 22 92 125,000 10 575,000 37 70,000 28 3,245,000 26,000 20 130,000 95,000 12 30,000 5 1,435,000 87 22,087, 800 166 24,092, 800 710,000 42 1,480,000 12 1 74 7,036,000 185 44,914, 350 47 2,608, 950 21 2,780,000 12 1,867,000 380,000 13 980,000 50,000 2 100,000 358 34, 883, 800 432 71,711,300 United States.... 2,518 62, 950,000 389 12,755, 500 1, 632 208, 467, 800 4, 539 284, 173, 300 7, 145 989,567, 024 The number and capital of state banks converted, reorganized banks, and banks of primary organization since March 14, 1900, classified by capital stock, are shown in the following table: SUMMARY, BY CLASSES, OF NATIONAL BANKS ORGANIZED FROM MARCH 14, 1900, TO JUNE 30, 1910. No. Capital. No. Capital. No. Capital. No. Capital. 375 $9,893,000 872 $23, 127,000 1,660 $42,685, 500 2,907 634 49,325,800 1,386 91,052,000 2,519 143,795,500 4,539 $75,705,500 208, 467,800 284, 173, 300 |