New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-05-05
Totals $3.50 90 $50 S32 69s 20 s26 O34 III SO 664 454
THE NET SAVING IN INTEREST.
Regarding the exchanges Of bonds Mr. Brosius


says:
The net saving shown by this statement rep
resents the difference between the amount Of
interest the Government will pay upon the
bonds refunded TO the date of their respective
maturlties and the amount Of interest the Gov
eminent would have been obliged to pay had
not the bonds above described been thus re-
funded
bonds exchanged is 0O20 100. The Treasurer
has already made full settlement for bonds
amounting to SOB 800, and of the premiums
paid and TO be paid S26 III the Treasurer
has already paid 2J,923, 1}2, leaving unpaid
only about $4,000 OF the $500 OPT $50 bonds
exchanged S4S,J1S,000 were from institutions
or private persons other than National banks.
The Secretary of the Treasury assures me that
the Department has been able to exchange
promptly all bonds offered for that purpose. but
the permanent per cent bonds not yet
ready for delivery owing to the pressure Of
work in the Bureau of Engraving and Printing
growing out of the demand for National bank
plates and new National bank currency Tenn
porary bonds. however. have been issued in &C
cOrdanCe with the plan laid down in the circu-
lars of the Department
The amount Of United States notes redeemed
in gold out of the reserve fund was So 1873 299
AS these redemptons occurred from day to day
the reserve fund was replenished from the gen
eral fund as the law provides. The amount Of
redempttOns much larger than il would have
been but for the fact that under the new law
currency certificates no longer availa BILE for
bank reserves. and several millions of these GER
thcates were turned in for United States notes.
tifcates. The amount of Urea sury notes can
celled in the period was S4,36l 900; the amount
of standard silver dollars coined was S.. 49,
and Of subsidiary silver 81, 1890 40.
NEW NATIONAL BANKS
Mr. Brosius also shows. by States the num-
Der of applications approved for the organiza ton
of National banks. and the number of such
banks organized between March Il and May l..
The total number Of applications approved for
banks with a capital Of less than $4,000 each
1856, and for banks with capital Of $4,000
or more each, forty-eight. The total capitaliza-
ton of the former was S5.OIJ,OOO and of the
latter SJ,3O0.OOO. The appliCa lions came from
thirty-eight States and Territories. The highest
number from any State was twenty, from Iowa
the next, nineteen, from Pennsylvania; the next.
seventeen, from Nebraska Texas furnished
fourteen applications, Minnesota fourteen I'LL
nois twelve. Oklahoma eleven, North Dakota ten,
Ohio nine New-York eight. Kansas seven. The
total number of new National banks organized
in the same period, with capital Of less than
$4,000 each. was thirty-two, with a total CAPT
tai of SSSO,OO0, and the number with a capital Of
$50 900 more each eighteen with total
capital of 81 800 600.
The total number of preliminary bank appl-
cations on file with the Controller OF the Cur
rency April 80 $50 OF these sos were
for banks. and 3S2 for the conversion Of
State banks into National banks.
INCREASE OF CIRCULATION
On March II the total amount Of bonds on
deposit TO secure circulation aggregated S244
611,570, while April 80 the amount
S26S 400 240 an increase in the period Of S23.
includes twos to the amount Of S202 1873 600
This shows how large amount OF the
bonds exchanged for old is deposited to
secure bank currency.
The bond secured circulation March IA
amounted TO S216314 1874, and April 80 to
S246O6I 162, increase in the period OF
S29, 693,36S This increase in circulation ex-
ceeds by about 100000 the increase of bonds
deposited in the period, showing that a portion
of the increase is due TO circulation taken out
on bonds already deposited under the provisions
Of the new law authorizing circulation equal 10
the par value Of bonds deposited.
AS an indication Of the amount of currency
the National banks may issue in the near
future. as gathered from their expressed inten-
ton. Mr. Brosius presents some figures compiled
by William c. Cornwell, president of the City
National Bank OF Buffalo from the answers
received by him from three thousand National
banks in response to certain questions. The
estimate, which is given in considerable detail
Is total increase of about S122 100000 within
a year, OF which about -ninths will be I'M
mediate. 1t is also estimated that IS per cent
OF banknote circulation is easily kept out while
il per cent Is quickly returned TO the banks.