The Richmond Virginian. (Richmond, Va.) 1910-1920, 1913-12-27
Organization Committee OF
Federal Reserve System Will
Sit in Various Cities Until
March.
Politics Will Not Enter into
Selection. Say McAdoo and
Houston After Meeting of
Committee. Atlanta to Be
Visited.

lSlLC0s
WASHINGTON, Dec, 26,-The or
eAnization committee of the federal re-
serve system provided for by the
GIass-owen currency law, consisting
of Secretary of the Treasury McAdoo
and Secretary of Agriculture Houston
today Issued statement setting forth
their plans for the next two months.
The statement is as follows:
THE committee decided to forward
hmm ediately tn every national. State
hank and trust company "a copy of
the federal reserve act, together with
the form Of application for member
ship In the federal reserve system.
Under the provisions Of the cur
rency act. all national banks are re-
auired to signify their acceptance OF
ITS terms and provisions on or before
February ~. 1914. and all eligible
State banks and trust ompar1ies are
permitted to signify their acceptance
within the same time,
In Important Cities.
ut was determined that the or
Canization committee VIII nave
hearing In various important cities IN
the country for the purpose OF secur-
ing the views of bankers and business
men as to the divisions OF the country
into federal reserve districts and the
marathon In each district of the head
Office Of the federal reserve banks
~
federal reserv act.
The following cities VIII be VISITED
.Sew York. Boston. Chicago. 81.
r.ouis. Denver Seattle. Portland. ore.'
San Francisco. Los Angeles, Houston.
Tex: New orleans, Atlanta, Cincinnati
end Cleveland.
s.rs will not be possible for the com
sns.sse IN hold sessions in any other
cities, but ample opportunity VIII s~
given for representatives OF various
sections Of the country. il must not
be Inferred that the committee mas
deterrz upon any one OF these
cities for the location of federal re-
serve hanks: they have been CHOSEN
a. nfaces for holding sessions Of the
COMMITTEES solely because OF their &C
feasibility and convenience.
..rhe committee viii be at the GUS
tam house In New York city on jahu-
sry end and 3rd: in Boston. January
sth and sth. and return to New ORR
S.,r adaitionaI sessions on the sth and
OH rho committee will sit IN Wash
snrton from January 18th to lTth- IN
elusive. in Chicago, January i"tn'
goth and 21st: st. Louis, January
End. esrd and 24th: Denver. january
18th. Hearings for the other CITIES
will be held between January zsth ano
March list Wherever possible 'ne
hearings Will he held In government
Information DESIRED.
The statement further says that the
rnmni,tee desires to be informed par
ksen,arlv on the following points
whirh are considered primary factors
In determining the boundaries OF the
proposed districts and the location OF
federal reserve banks:
.Eirxt Geographical convenience
.n,cb involves transportation facili
IVES. second. industrial and COM
merctal development and needs oi
ZACH section; third the established
cr.tom and trend of business as de-
Welcomed hy the present system OF bank
Exchanges and checking accounts
"Polnical considerations, the
.sroent continues, will not be per
determtning these important ques-
.ion. The claims of all cities VIII be
considered upon their merits IN view
~ ali the facts which will be develop
"a thr ,ueh the investigations
..The committee will, from time 10
,ime. make announcements concern
ing its procedure 49,. "a
the liking Of boundaries for each re-
.nrv. dfetrtct as n matter OF mucn
more irnportance than the designation
81 the reserve cities themselves.
The designation of the cities VIII
"a 1 secondary problem to be solved
,fter. the boundaries have been nAeu
80 n will be comparatively easy
..a. VI mobllize the resources 81
zach district at the reserve city once
N. t.rritory from which this city can
draw has been determined.
THE ten districts, which may be re-
,ardaa ar the possible units OF the
aew system are:
probable Selections.
rnA Nav England district dominatec
naa,ct.llv nv Boston; the Eastern dis.
,rirt. dominated by New York; the
sa,,tr.a.fern district including Pitts
nvrv philadelphia. Baltimore anc
Wilmington; Southern district, domi'
,ated by Atlanta. Another southern
I, ,trict with New Orleans or Houston
rexas. AZ central point; dstric'
sc-.irated nv Chicago; district domi-
E.staa by ST. Louis; q district domi'
,ated by Denver; Northwestern dis
trtrt dominated by Seattle and Port
and: southwestern district domi'
aated by San Francisco and Los An
xeles :,
Arguments have been received a.
ne treasury department favoring th'
.ntt,nr sout Of two districts around
Kansas City and the twin cities. st
paui and Minneapolis. as centers.
me number Of applications for in
.ornpration papers received at tn
sreaXury department today was no
,onslderabie This was due to the an
aouncement that applications IN ordel
N r,,lnli the requirements Of the law
must he made in a set form prescribed
~ the organization committee. TIL.