Evening star. [volume] (Washington, D.C.) 1854-1972, 1913-12-24
Secretaries McAdoo and Hous-
ton Working on Details
of Organization.
FEDERAL RESERVE BANKS
SOON TO BE DESIGNATED
Washington Among the Cities Seek.
ing Favor-Members of Reserve
Board Not Yet Appointed.

with all the power OF a law fresh from
pen ol president Wilson behind them.
secretary McAdoo and Secretary Houston
today began working our details "a ~.
hauoh new financial system.
The two cabinet members acti,..
orsahization committee. will determin.
the important preliminary provay :, ~.
actuai installation of the machinery, mo-
is TO operate the federal rese,.,., -.
although the law provides thar tba ,,.o
secretaries shall Join with tba con,ro,,
VI ihe currency in the preliminary unrl
" reorganization. the office Of controIlar
- Nacaht' and II has been decided thar ths
or eeeIttaries, constituting a majority
- the committee. NAV 20 ahead T.tc-
tne members of the federal rasa,,,e -,
VI seven VIII be named by President WI
ne Secretary OF the Treasury and
.ne new controller will be members rs
.,at pody and the other five viii H.,
W;,s from private life. IL President
wilson fina1ly has made his seIec,ion 60.
Washington Aho"h IN
First Step in Organization.
me hrst step to be taken by the socra.
VIII De the selection of cities wbera
'euei ai reserve banks, the backbone of the
s'e"i' are TO be located. The law nro-
'iues Ior not less than eight and not mora
iah t"eiSe such banks. The oreaniza
oii committee is empowered ia emnIo,-
.ounsei ana summon witnesses and nane-s
- 20 ueepiy into the location of the re-
serve reservoirs - =
Its decision is nor suhiao. =, .
cept Dy the federal reserve board
~ - possible that before the ouestio,
;t. - uecloed the organization COM
ins'lee its rs VIII visit cities suggested and base
hand eeu O. hrst
,iues that can hardly be kent of =
.en.a,IVe @L.e list would include New York.
Giodso, 81 Louis, San Francisco and
NeW orleans. with Denver. Atlanta and
Seattle or Portland, Ore. near The ton
Thiiaoeiphia, Baltimore Washington Ros-
oii ana several others are asking for
Power of the Committee.
Inc organization committee is EN-.
po~ereo 10 prescribe regulations for
eiioership In the system. Appiica-
lis rom al over the United States
oeeh moving into the Treasury
Tor several days. An unusual eaad
arrived today, and one OF
.he nrst duties of the committee win
be the PRONUNCIATION Of rules 60 -
acceptance. National banLs 49,.
udys IN which to file apnIjcatfon ~
uiueI lHe law can remain i'm exisfanaa
oa. sear Witnout joining the system
oScrelary McAdoo said he exnac1aa
10 begin formal work on seIactinp eae,
Ia, al. reserve cities tomorrow.
We expect TO consider the nrabra
~ ~ 'ne nght of what will most benefa.
VIII not be regarded" he said Us US
propaDly viii outline the districts g.,
anu then choose the city in each a.
IriGt wnere the federal reserve hal
Number Not Determined.
Mr.. McAdoo did NOT lnow
mere would be eight or twelve
oistricts That point he regarded - on,
VI .he most perpiexing before the ar.
ganizauon committee. He exnrsssa.
=, aceion with the way in which
the banks have responded To tha Ian
The law has been accented !" ~
III thoroughly patriotic manner
nave never mad any doubt, and have non.
noh"' that most of the national banks az
1ns eoun.Iy VIII enter the new system
: oeheNe ~ VIII prove an unexpected sue
cess and the greatest thing that has han.
peneo 10 the country in many years
Many applications have come fran, -,
oIvlouais Tor positions on the federal re-
serve board, but Mr. McAdoo said ~ ba1
not looked them over and indicata tIa.
they were likely to receive scant consiJs
GRAFTON.
Banks Applying for Membership.
Applications for membership came -
day from banks in Seattle. CLEVELAND
Denver Trenton, n. j.: North Ada,,.
Mass: New Orleans, Portland. Ore s.
Louis San Francisco, Roswell. y A.
Marietta, Ohio; Pittsburg, Kan. Man.
chester, \; H: Peoria. ILL.,: Pomona.
Cal; Poughkeepsie n. Y: ST. Josenb
Mo-: Palouse. Wash: Roanoke Va
Muskogee. Okla; Ardmore, Okla: Jeffer.
son CITY, Mo, and Richmond. Ind