The Birmingham age-herald., 1914-03-26
Change Will Not Be Espe- cially Noticeable to the
 General Public
SOME OF EFFECTS
 OF THE NEW LAWS
Sure to Create Great Rivalry Among City Banks for the Banks
 of the Smaller
 Institutions
By HOLLAND

New York, March 25.-(Special)-In all parts of the country the interest in the
 establishment of the new national bank ing and currency system appears to be very great It is partly, however an in- terest stimulated both by curiosity and by doubt
 There is no doubt about the permanent and ultimate advantages which will be created by the new system But there seems to be at present no clear under standing of the manner in which some of the features of the new law will be put Into operation. Curiosity which is natural ana heaithful, although partly sentimen- tai, does exist in many parts of the coun- try, taking the form of asking the ques- tons; "Will there be new bank build ings? Will there be new bank offices i? Will there be visible demonstration of the erect of the law" In some parts of the country the idea seems to prevail that, since there is to be a new banking sys- tenn, there must be new bank buildings s and installments of new office eouip- ments.
 Still there begins to be good understand ing of the fact that so far as visible dem ontsration is concerned nobody will be able to observe in any part of the United states any change. The effect of the change will be brought chiefly to the mo- tlce of those whol have dealings with the banks In the great cities where United States subtreasuries have been esta blished In which much of the fiscal business of the United States has in the past been carried on there are still to be subtreas- | nl 4i- greatly from the work which has been performed by the subtreasuries since they were established in the administration Of Martin Van Buren. In the federal reserve cities, it will be necessary to establish
 banking headquarters for the reserve banks But there are only few of these. and as they are all to be located in very
 large cities the establishment of the banking houses will attract little if any public attention.
 Under the new system the banks for the most part will continoe to do business in the buildings with which in the past they have been identified They will maintain their familiar names: they will retain as far as possible their executive officers and their clerks, and to the cas- ual glance will be carrying on their bus1- ness precisely as they did when the old national banking law was in force There Will De some changes in the appearance of circulating notes and also some in the issuing of bank notes, but these will be very slow and the public will easily be- come familiar with them.
 The Question of Rediscounting
 There seems to prevail in some parts or the country, especially in the south west, the belief that the establishment or the new banking system will make 1t possible to secure what would amount to an almost unlimited rediscounting of commercial paper by the banks. If tha. were possible it would. of course. lecd to the imitation of which so many men of experience were apprehensive when the new banking law was under discussion. But now that bankers themselves have