Norwich bulletin., 1913-12-27

cisco, Los Angeles. Houston, Tex, New Orleans. Atlanta, Cincinnati and C1eve- land
 Although these cities are the only ones to be visited, it was announced that the advantages of many others would be considered and that bankers and others interested in the cities not named Tn this list would be heard.
 Hearings to Begin Next Week.
 The two cabinet officers composing the committee, will spend practically all of the next two months in this work and expect to conclude their la bors within the time all national banks are given in which to announce their intention of becoming members of the system. The committee will not be- gin hearings until next week Secre- tary McAdoo left his office today suf- fering from a slight fever and the other committeeman, Secretary Hous- ton, decided to abandon their task un- til MT. McAdoo's recovery. His illness is not believed to be serious. but he is not expected to return to his desk for several days.
 The committees announcement fol- lows In part:
 Under the provisions of the federal reserve act all national banks are re- quired to signify their acceptance of it's terms and provisions in or before
 
 banks and trust companies are per m1tted to signify their accordance within the same time
 Tt was determined that the organ fzation committee will have hearings in various i'm portant cities in the coun- try for the purpose of securing the views of bankers and business men as to the division of the country into federal reserve districts and the To- cation in each districts Of the head office of the federal reserve banks which are to be established under the federal reserve act.
 Dates Assigned for Hearings.
 Tt will not be possible for the com m1ttee to hold sessions in any other cities, but ample opportunity will be given for representatives of various sections of the country contiguous to these cities to appear before the com naittee and present their views. It must not be inferred that the commit tee has determined upon any one of these cities as a location for the fed eral reserve banks; they have been of the committee solely because of their accessibility and convenience.
 The committee will sit at the GUS tom house at New York on Jan. and 3, at Boston on Jan. and and return to New York for additional ses- sions on the sth and sth The com n1ittee will sit in Washington from Jan. 12 to 1T; in Chicago Jan. 19, 20 and 21; St. Louis, Jan. g, B and 24; Denver, Jan 20. Hearings for the other cities will be held between Jan 2s and March l. Wherever possible the hearings will be held in govern ment buildings,
 Character of Information Sought.
 "The committee desires te be in- formed particularly upon the follow ing points, which are considered pri- mary factors in determining the boun- daries of the proposed districts and the location of the federal banks:
 First - Geographical convenience, which involves transportation facili- ties and rapid and easy eoHnmuniea- tien with all parts of the district
 Seeend-IndustTial and commercial development and needs of each sec tion, which involves consideration of the general movement of commodities and of business transactions within the districts and the transfer ef funds and exchanges of credits arising there from
 "Third-The established custom and trend of business, as developed by the present system of bank reserves and checking accounts. Tn laying out the districts and establishing the head quarters for reserve banks every eff. fort will be made to promote business