New-York tribune., 1900-06-15
a MARVELLOUS SHOWING.
OPERATIONS TO DATE OF THE GOLD
STANDARD LAW
fBT TELEGRAPH TO THE TRIBUNE. !

fBy TELEGRAPH TO THE TRIRUNE.l
Washington, June 1.-THE third month in the
progress Of the most successful refunding opera
ton ever undertaken by any Government ended
to-day and the showing is a marvellous one
At the close of business hours in the National
Treasury last night the books showed that
since March IA, the date af approval of the Gold
Standard act, and under its provisions United
States bonds OF the total par value of S297. .124.-
80. and bearing interest at g. and : per cent,
had been exchanged by the owners-individuals
private corporations and banks-for an equal
amount Of bonds of the United States. bearing
interest at 2 per cent. OF the bonds bearing the
higher rate Of interest, scr. .263. 800 were per
cents S1s3. TO $50 were per cents, and SAC
090,30O were 3 per cents. The proportions OF
each kind held by banks and individuals dn-
cluding private firms and corporations). respec-
lively are shown by the following statement
furnished to The Tribune by the Loans Division
Of the Treasury Department:
REFUNDING OPERATIONS MARCH Il TO
JUNE IA
EXCHANGED BY
Bonds individuals. Banks. Aggregate.
ieosi81s ..o. sesol 800 seose1 800 ss7. .26a. 900
loan u 1907 - AS 121ooo 1855 s4s 25o 1sS ITO $50
1ep4 .--..--e. 1es41s5o % 74s.46o 46.eso.sOo
Totals SO 7s4 $50 s228 858 500 s2s7 124
BANKING FACILITIES INCREASED.
But the country is deriving other great bene-
fits from the operation OF the new law in the
form OF a large increase and wider distribution
Of currency through the organization OF new
banks of issue whose notes are secured by de-
posits Of Government bonds In the three
months. according TO a statement furnished 70
The Tribune to-day by the Controller Of the
Currency, the number of such banks increased
from 361s 3,761: the total capital of the same
he al
amount OF Government bonds deposited to secure
circulation from S244, Gil, $40 to 7040 and
the total amount Of circulating from S216,-
s74 795 TO S26s 372. 705, being a net increase Of
currency in ninety days Of S51. .997, 80.
New banks are being organized daily under the
new law and State banks are being converted
into National banks at a rate which will make
il difficult for agile a statesman as Mr..
Bryan TO keep pace with the money devil"
One Of the most interesting and gratifying feat
ures Of the rapid increase Of banking facilities is
tious throughout the country. OF the prelIm
mary applications filed with the Controller OF
the Currency since March ii 10 organize Ma
tiOnal banks, DOB were for banks with q capital
OF less than $50 600 each. and seyenty-one for
banks with larger capital. There were in ad-
df+ion 4O5 applications for conversion OF State
and private banks into National banks, Of which
$40 were for banks Of & capital of less than
$4,000 each. These 9S1 preliminary applica-
tions represented forty seven States and Terri
tories, and Mr.. Bryan's State Of Nebraska fur
nished no less than forty-two Of them.
In the three months S62 applications for
new National banks were approved, OF which
$50 for banks Of a capital of less than
1000 each, the average being less than $4,000
each OF the latter no lesa than nineteen were
from Nebraska. The total number Of new banks
organized in the same period was 169 Of which
eleven were in Nebraska. the capital OF the
eleven averaging less than $2soOO each. This is
what Mr.. Bryan calls in his loosely fluent way
money trust"