Evening star. [volume] (Washington, D.C.) 1854-1972, 1913-12-30
Light Sought on Requirements
of the New Currency
System.
RUSH OF APPLICATIONS
FROM NATIONAL BANKS
Committee to Locate Reserve Insti-
tutions Soon Starts Its
Tour of Country.

At the rate OF a thousand day. COM
munications are coming into the Treas
ury Department. addressed to the fed
eral reserve bank organization commit
tee, relating to various phases of the
newly enacted currency law. and the
putting OF its provisions into effect
These are letters and kilograms. Further.
there Is q steady stream OF visitors. maxi
ing Inquiry along some line of the law,
or filing applications of some sort.
The letters and kilograms are of varied
import. Some are applications for adj
mission of banks in the federal reserve
system; others ask information for lit
erature and blanks. or give promise of
later action. Then there are communica-
tons setting forth claims of cities to be
regional bank centers. and any number
OF applications have been received for
employment in the bureau to be estab-
l.shed for the administration of the law.
In clerical capacities, as officials and
even for the membership on the federal
reserve board.
Representative Phil Campbell of Kansas
Kansas City as a regional reserve Gen.
ter. In the absence OF the Secretary OF
the Treasury. who is still confined to
his home with a slight attack of grip, ne
did not present his arguments. Kansas
City's claims will be entertained at the
hearing to be held probably in st. Louis.
Banks Seek Applications.
Applications from banks continue to
rush into the Treasury Department. With
those received yesterday afternoon and
today the total is more than a thousand.
There are more than 1000 national banks
in the United States. All banks, including
the national banks, state banks, trust
companies. savings banks and even
private banking institutions. number
nearly $1,000.
When the reserve bank organization
committee begins it's tour OF the coun-
try 1t will hold hearings morning and
afternoon six days week. make 500
mile railroad jumps over night, and IN
the odd moments aboard trains Will
boil down testimony taken at hear
ings.
The committee has less than two
months to complete its work. in which
1t will visit fourteen cities. and spend
week or more in Washington giving
hearings.
Hearings to Be Held.
Hearings by the organization commit
tee preliminary to the demarkation of
reserve bank districts and location Of re-
serve bank centers will not begin until
Monday. January 5. postponement made
necessary owing to the indisposition of
Secretary McAdoo Of the Treasury De-
partment. Friday of this week had been
the day set for the first hearing.
The organization committee will sit in
New York for the first hearing. remain
ing in session there from Monday through
Thursday. January and 10 hearings
will be held in Boston. The organiza-
ton committee will then return to Wash
ington.
1t had been planned to sit two days
In New York. beginning Friday, then
in Boston for two days. with return
to New York for a further two-day
session. The dates Of the trip to the
west as announced, have not so far
been changed
McAdoo Advised to Rest.
Although Secretary McAdoo, who is
suffering with a slight attack of grip.
shows steady Improvement, Surgeon
General Blue of the. public health serv-
ice has advised complete rest of five
days before he takes up the strenuous
work ahead Of him in helping to put
the currency law into operation.
Mr. McAdoo will spend the rest of the
week in the country, returning to Wash
ington Sunday. He will then prepare for
his trip to New York, perhaps making
the journey Sunday night or on an early
train Monday morning. There will be
no session of the organization committee
during this rest period, and Secretary
Houston of the Department OF Agricul-
ture, his associate on the committee, will
take no action.
Path Not to Be Smooth.
There are indications that the path
which the two cabinet officers are to
travel in locating the federal reserve dis
tricts and cities will not be smooth.
About the time Representative James
Francis Burke of Pittsburgh called at
the Treasury Department to say that
Pittsburgh is in the race for a reserve
bank and is anxious to have hearing
word reached official ears that some cities
which have been considered for banks
are not anxious to be SO honored.
Mr.. Burke arranged for his hearing.
But officials were wondering just what
would happen when the committee en-
counters bankers and business men in