Rensselaer Union, Volume 6, Number 44, Rensselaer, Jasper County, 23 July 1874 — Hew National Banks. [ARTICLE]

Hew National Banks.

Since the adjouriment of Congress, says a Washington dispatch, already about thirty applications tor bank charters Under the —new law have been tiled with the Comptroller of the currency. The majority of these come from Illinois, Wisconsin, Indiana, Kansas and lowa, with a few from the Southern Slates. The ' amount applied tor is slav'd to be in the neighborhood of three millions-. It will take from sixty to ninety days to get these new banks hi running order, and the Comptroller estimates that there will not be more than five millions of additional banking capital available for business purposes by the time that Congress reassembles. Nine banks have sent in Kga! tenders with which to redeem their bonds, nending tlie cancellation of a part of their currency to tho amount of $1,000,000. Of this amount, Moses Taylor’s City National Rank of New York contributes $248,000. This bank has had no circulation, however, the amount in bonds having been required of it to secure depositors. Ot these nine banks ihci'-o m-c three lii New York City; two in Chicago, viz: the Commercial and Mechanics’; one in Lapsing anil one in Grand Rapids, Mich.; one in Fort Wayne, Inti., and one in Columbia, S. C. These banks do not contemplate giving np their charters, and are only returning such surplus capital as they cannot advantageously invest in business. —lnter Ocean.