The evening times. [volume] (Washington, D.C.) 1895-1902, 1900-03-08

\ NEW YORK March ST the Currency
/ bill becomes a law, it will require only
/ 50 600 actual cash to start national
bank. That country banks in Che South
! and West are preparing TO change from
| State TO national banks. when the Cur
! rency bill becomes a law, is clear from
/ adyices that have reached local bankers
/ in the past few days Such banks would
/ not have so much difficulty in keeping
! their circulation out as the large national
| banks here might have. There are also
| indications that the provision for allowing
1 the organization OF small national banks.
with $25, eco capital Will be taken advant
! age Of by many persons.
II was said by one local bank officer
! yesterday that he thought there might be
as many 1900 national bank charters
! applied for under the new law. He point
! ed out that a very small amount OF actual
/ capital might be made sufficient to start
! a bark. TO live OF die as might happen.
/ With only $4,000. he laid, three men could
/ start bank II they could arrange to Dor
/ row So. 900. the money TO be paid back in
the form Of circulation that the bank
would issue.
Leaning money in this way would re-
! quire no risk. All one would have 10 do
. would be TO secure s. 600 Of the new ,
per cent refunding bonds which could be
obtained at prevailing quotations for about
S267JO. He would send these bonds. rep
/ resentiug the capital OF the bank. 10
! Washington. circulation for the full amount
| being Immediately taken out by them The
amount which would have 10 be left with
81 ion, a
be per cent. or 81 $50 making the total
/ actual amount Of cash supplied by the
banks organizer tied up in the enterprise
but $3.50.
There has been talk that the larger To-
| cal State banks were likely 70 take out
national charters, but the provision in the
| State law. that allows banks 10 establish
| branches. is likely to act as a check upon
! such q change certainly in the case Of
some OF the banks. The associated ma
tional banks Of this city have a combined
I circulation Of SIS ga 300 while their total
capital is So .00G eco /, was the opinion
| OF several bank officers yesterday that
/ under the Currency Law one-haif Of the
/ local banks would ultimately Increase their
circulation TO the full amount Of their
I capital.
HoS much the general expansion WilI be
has been the subject Of much argument
One % the best known bankers in the city
! expressed the opinion that the increase
Z IN the amount Of circulation in the near
future would not amount 90 500 GOO 600
/ The process. he thought would be gradu-
I ated. occupying all the spring and much OF
1 the summer. and by that time. with the
I demands OF business and the needs q the
| inter or for m)ney 10 move the crops all
the notes Issued would find ready employ
( ment
The money market has been sitter in
Z the past two days. rejecting continued
I drains upon local resources as the -esult
OF heavy payments OF customs and inter
nal revenue receipts into the Treasury and
the enlargement OF the banks loans 10
country banks. Call money was quoted
on the New York Stock Exchange yester-
day at 10 IL per cent with Z per cent
Z as the ruling rate. Suggestions by bank
{ ing interests are understood 10 have been
/ made 10 the Treasury Department that IL
! would be well for the Government 10 allow
! internal revenue money 10 remain with
I the banks designated as special depositO-
| ries when the new Law goes into effect