The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1913-12-28
ASKING
|R[SERVE BANKS
/ WILL BE HEARD
Committee to
,dyise Clearing Associations
nd Boards of Trade of the
Time for Argument.
HAVE NOT
BEEN WORKED OUT
e Decision as to Number of
Reserve Districts, Matter
Depending Somewhat on
Tour of the Country.

WASHINGTON. Dec. 27.-Thc fed.
N reserve bank organization commit.
tonight supplemented its plan for
&aiing federal reserve cities with an
fdeial announcement pointing the
for all cities to present their
1ms for banks. Before the commit.
eonsistiDg of Secretary of the Treas
McAdoo and Secretary of Agricul-
3 Houston, starts upon its tour of
country, il will advise clearing house
tciations and boards OF trade 10
q cities that are in the field for
..rve bank when they can be heard.
|hly fourteen cities in addition to
Ebington will be visited, but it was
understanding tonight that my
aud any community can be beard
ONE pcint on the trip around the
atry which has been mapped out.
iIthOugh details for the hearings
|g not been worked out. it is prob
that the claims Of Baltimore, Phila.
hia and Washington will be heard
J Pittsburg and Louisville will
an opportunity in Cincinnati.
Worth, Texas, which is in the
will be allowed to argue in Hous.
bod ST. Paul and Minneapolis in
pgo. Information the committee
.ures will be useful in determining
boundaries of the reserve districts.
1nber Not Fixed.
4 Was said that neither cabinet of
D on the organization committee had
'efmined upon the number Of reserve
Enets and cities. The trip to be
ksu Is almost as much for this pur-
as for actually locating the cities
defining the districts.
H6cials of the treasury today praised
decision Of the committee to work
tte district limits and cities by
16c hearings,
ibc eonmittec took It's first formal
b Today when it made official an
'neemcnt OF the procedure to be fol-
I'd by banks which wish to make
= application for membership in the
system. In accordance with this
pneeneut every bank desiring mem
Qgt its board of directors, pass
||ntion certifying it's desire TO enter
Ystcm. 1t provides for the full |
PIance OF the terms of the law and
ssses the intention of the board to
eIlbe, on behalf OF the bank for
In The proper federal reserve bank. |
'e Ming OF this form will be the |
yep OF bank toward membership. |
'll have nothing further TO do to-
= coming into the system until the |
mzation committee announces the |
iapllleal limits OF its district and |
pty where it's reserve bank is to be |
Elthin thirty days after such an
'eement bank must take the sec
Mep that will bind it TO tho fed |
syetem. 1t must begin to put up |
Money for stock in the district fed |
reserve bank. Each bank entering
subscribe to stock In the federal
equal to q per cent Of its paid
spIai and surplus, but not all of
sQm is to be paid al once.
,99fnlal application from banks con-
70 reach the treasury today, but
ss we're surprised when they re-
leiegrams from several individ-
VINO wished to subscribe for stock
H:eTye banks. The law provides
Nviduals may subscribe, but if |
pa1ks continue to come in there
oe.nttlc stock left when their time
Sielary McAdoo s illness was dag
IN iIoday as grippe, but Surgeon
Rupert Blue of the public
service. who is attending him,
p'o patient was much better.