The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1913-12-27
Public Hearings Will Be
Held in Fourteen Big
Cities of Country
POINTS OF VANTAGE
TO BE CONSIDERED
Committee to Visit Several Cities a, I'd
to Take Petitions From Others
Desiring Reserve
Banks

Washington. December 26--The or.
organization committee which Is to
launch the new federal reserve bank
Ing system for the nation tonight an
nounced its plan of action for mari
ing out boundaries of reserve districts
and the selection of federal reserve
cities Public hearings will be held in
IA large cities of the country: New
York. Boston, Chicago, ST Louis, Den
yer. Seattle. Portland. Ore, San Fran
cisco Los Angeles, Houston. Tex New
Orleans, Atlanta, Cincinnati and Cleve-
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 cities not
named In it's list would be heard The
two cabinet officers composing the
committee will spend practically all of
the next two months in this work, and
they expect to conclude their labors
about the end of the period that is
given all national banks in which to
announce their intention of becomir &
part of the system. It will not begin
hearings until next week
Secretary McAdoo left his office to-
day, suffering from a slight fever, ard
the other committeeman, Secretary
Houston, decided to abandon the task
until Mr. McAdoo's recovery. 1t was
said tonight that the hard work Mr.
McAdoo did to aid In perfecting the
currency law has told upon him He
was constant adviser of both the Sem
ate and House committees and shoul-
dered much of the burden of represent
ing President Wilson in executive con.
sideration of the bill when it was III
Congress. Hill illness is not believed
to be serious and he is not expected
to return to his desk for several days
The committees announcement fol-
lows
Majority Members Meet
"A meeting of the majority of the
members of the federal reserve organi-
zatfon committee, consisting OF the
Secretary of the Treasury and the Sec
retary of Agriculture. was held to-
day.
The committee decided to forward
bank and trust company copy of the
federal reserve act, together with the
form of application for membership in
the federal reserve system.
Under the provisions of the federal
reserve act all national banks are re-
CURED to signify their acceptance of lis;
terms and provisions on or before Feb
ruary IL, 1914, and all eligible state
banks and trust companies are per-
mitted to signify their acceptance with
in the same time.
ut was determined that the organ
izatfon committee will have hearings
in various important cities in the
country 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 Ioca-
ton in each district of the head office
of the federal reserve banks which are
to be established under the federal re-
serve act
1T will not be possible for the COM
mittee to hold sessions in any other
cities, but ample opportunity will be
given for representatives for various
sections of the country contiguous to
these cities to appear before the COM
mfttee and present their views 1t must
not be inferred that the COMMITTEES has
determined upon any one of these cities
as a location for the federal reserve
banks; they have been chosen as places
for holding sessions of the committee
slosely because of their accessibility
and convenience.
Meets January 2 and 3
THE committee Will sit at the GUS
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