The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1913-12-24

FIRST STEP n ORGANIZATION
win Be the Selection Of Fed
/.
eral Reserve Cities.

Applications for Membership
Coatia1e TO Pour In.
Washineton,Dec. z4.-With all the
power Ct q laMss IRISH from the pen Of
President wileds. behind them. secre-
tary McAdoo and Secretary Houston
today began working out the details
Of tho nations new financial system.
The two cabinet members. acting a.
an organization COMMITTEES. will deter
mine the important preliminary
moves to the actual installation OF the
machinery that Is to operate. the fed
eral reserve system. Although the
law provides that the two secretaries
shall join with the comptroller Of the
currency in the preliminary work OF
reorganization. the office Of comptrOl-
Ter IL vacant and 1t has been decided
that the two secretaries, constituting
a majority OF the committee. may go
ahead. Later the members Of the
federal reserve board of seven will be
named by President Wilson. The Sec
rotary of the treasury and the new
comptroller will be members of that
body and tho other Ave will be chosen
from private life.
If President Wilson finally has
made his election for those fve places
it IL not known in Washington. The
first step to be taken by the secre-
taries will be the selection Of cities
where federal reserve banks, the
backbone Of the system. are to be To-
Gated. The law provides for not less
than eight and not moro than IL.
The organization committee Is en-
powered to employ counsel and sum-
mon witnesses and papers, to go deep
ly into the location of the reserve
banks. Its decision is not subject to
review by the federal reserve board.
It IL possible that before the ques-
ton of cities is dec ded. the organiza-
ton committee win visit cities sug-
gested and base its report on informa-
ton gained at first hand. Cities that
can hardly be kept on a tentative list
would include New York, Chicago. st.
Louis. San Francisco and New Or
leans. with Denver, Atlanta and Seat
tie or Portland near the top. Phila-
delphia, Baltimore, Washington. Bos-
ton and several Others are asking for
designation.
The organization committee is em-
powered toy pre6efibe regulations for
membership in the system. Applica-
lions from all over the United States
have been flowing into the treasury
for several days.
An unusual flood, however. arrived
today and one ~ Hhe frat duties of
the committee will be the promulga-
ton of rules for their acceptance. Ma
tional banks have sixty days in which
to file applications, but under the law
can remain in existence for one year
without joining the system :.
viii Mark Out Districts.
Secretary McAdoo said he expected
To hnc formal in ca1oNffnU fod.
eral reserve cities tomorrow.
I'VE expect to consider the problem
in the light of what will most benefit
the entire country and local interests
will probably outline the districts first
and then choose the cities in each
district where the federal reserve bank
will be located"
Mr.. McAdoo did not know. he said,
whether there would be eight or
garded as one OF the most perplexine
before the organization committee. He
expressed satisfaction with the way in
which the banks have responded to
the law.
"The law has been accepted" he
said. ''in . thoroughly patriotic man
ner. I have never had any doubt, and
have none now, that mfnt Of the ma
tional banks Of the couU ~ will enter
the new system. I believe It will prove
est thing that has happened to the
country in many years."
Many applications have come from
individuals, for positions ON the fed
eral reserve board, but Mr.. McAdoo
said he had not looked them over, and
indicated that they were likely to re-
ceive scant consideration.
Hundreds Of kilograms and letters Of
congratulation on the signing of the
currency bill poured into the White
49,
tary Tumulty reached his desk he
found 1t impossible to read all the ex-
pressions OF opinion from bankers,
commercial and industrial leaders. and
professional men Of prominence in all
parts of the country. Many of the tele-
speech last night had vitalixed the cur
rency measure and commended his
Characterization Of the attitude Of the
leaders toward the day of concession
and accommodation" between business
and the government an the censtitu-
ton Of peace.
Applications for Membership.
Applications for, membership came
today from banks in st. Joseph. Mo-,
Pittsburg. KAN; Muskogee. Ok: Ard
more, Ok: Jefferson City, Mo-; Seattle,
Cleveland, Denver, Trenton. N. J.,
North Adams, Mass. New Orleans.
Portland. Ore. st. Louis, San Francis
CO, Roswell. N. M. Marietta, O.. Nam
chester. N. H.. Peoria. Pomona. Cal.
Poughkeepsie. N. T.. Palous. wash,
Roanoke, Va, Richmond, Ind.
All the national banks Of Cincinnati
and all the clearing house banks OF
Cleveland applied.
Steal an Empty Safe.
GAINESVILLE, N. z. Dec. zl.-BurElars
pried open the back door OF the Lacka-