Show Comptroller Lacey Report on Banking Associations Asso-ciations WASHINGTON Doo 2Tho annual report of Comptroller of the Currency Lacoy shows that during the year ending October 31 193 new banking asoclations were organized with an aggregate capital of SO700000 thus exhibiting a growth largely in excess of tho annual average aver-age of past years Fortyone associations went into voluntary liquidation and twentyfive became Insolvent leaving the number of gain for the twelvemonths twelve-months 1S7 with a capital of 2135r > JCOO THE NUMBER OF BANKS IN OPERATION was 3694 having a capital stock of 084755843 Bonds deposited to secure circulation 5153113 15213 830 Bank notes outstanding J1713i588 including in-cluding 35420731 represented by lawful money deposited for their redemption Of now associations asso-ciations ninetyone were located west of the Mississippi river and ninetyfive In the southern states The increase well distributed however how-ever new banks having beon organized In fortyone states In the number of failures the present exceeds any previous joar Six banks which wero closed during tho year were restored by voluntary I volun-tary contribution of the stockholders Tho affairs af-fairs of 10 insolvent banks have been closed at an average expense of 928 per cent with an average dividend to creditors of 7417 per cant Attention is called to the need of legislation more clearly defining THE DUTIES OF DIRECTORS Also to tho need of some further restriction upon accommodations which may bo lawfully afforded to officers and directors alordod ofcers by way of loans and discounts The comptroller discusses tho causes of the monetary stringency of 1860 and the issue of clearing house loan certificates in New York Philadelphia and Boston The failures recorded re-corded aro looked upon as the result of tho collapse col-lapse of the speculative spirit which has been generally prevalent for tho past live years and were greatly aggravated by the monetary stringencies experienced by most of the nations lations with which we sustain commerclrl re |