This section is from the book "Money And Investments", by Montgomery Rollins. Also available from Amazon: Money and Investments.
Every national bank is required to render a report of its financial condition to the Comptroller of the Currency at least five times a year. The Comptroller issues " calls " for these reports without previous notice and may do so at any time. The condition of the banks on some given day previous to the issue of the "call," and not after, is secured. He may also "call" for a special report whenever he sees fit.
See National Bank Notes.
See " United States Depository/'
The Comptroller of the Currency, with the approval of the Secretary of the Treasury, appoints a suitable person, or persons, to make an examination into the affairs of every national bank, who shall have power to make a thorough examination into all the affairs of the bank, and shall make a full and detailed report of the condition to the Comptroller.
1 "There has been but one exception to this rule, that having been made in connection with the conversion, in 1864, of The Bank of North America, Philadelphia. This was the first organized bank in the United States, and the first which had any direct relation to the Government of the United States. When conversion was effected, favourable consideration was given to the request of the directors and other officers to become a national bank without change of title." - Letter received by the writer from the Comptroller of the Currency, dated May 7, 1906,
Among the various restrictions surrounding the subject, there is one fact always to be borne in mind by all parties in relation to such a transaction, viz., that national banks are, by law, prohibited from loaning to any one person, firm, or corporation, more than one-tenth of its (the bank's) actually paid in capital stock and surplus, but in no event to exceed 30% of the capital. The discount of bills of exchange drawn against existing actual values, and the discount of commercial or business paper actually owned by the person negotiating the same, not to be considered in the amount of such a loan.
See "National Bank Call." National Debt. In this country, all outstanding obligations of every kind of the United States Government; not only the bonds of the Government, but such other indebtedness as paper money, which the Government promises to pay, less the amount of gold in the Treasury available for the payment of the same. (See "United States Public Debt.")
See " Gold Banks."
This is issued by the United States Weather Bureau of the Department of Agriculture, weekly, from April first to the close of September. From October to March inclusive it is issued monthly. It was formerly known as the "Weather-Crop Bulletin," but early in 1906 was changed to the above title.
The Bulletin no longer gives information regarding crops, as formerly, but devotes its attention to meteorological conditions.