The chronicle=news., 1913-12-23

l
Three fifteenths must be- KEEP, in
the regional reserve bank for The
first year. iucressiax one-iiftcenth b
every six months until il reaches six
nfisenths- For three years the un-
allotted portion VI the reserve may be-
kept in other banks In It's own vaults
or In the regional reserve bank; ar
ter~ard in the latter two places.
Central Nererve City hanks iNew
York. Chicago and II. i>Duis) Total
Reserve Required: Is per cent Of de-
maud and nS. per cent Of time d.. Jos
itx siS-eixh,eenths must be- kept In
ID. banks o~n vaults; seysn-eish-
t-snihs ia the regional reserve banks
and tn. remaining n,e-sishisenths
may be kept In either place III. bank
may choose
These immense funds VI reserves
from member banks together with
so,"snineh, moneys will mak. up The
i.Io.iis Of the regional reserve
hanks Eaei, Of these banks VIII be
administered by = board of nine di.
res'iors. siN OF whom will b. elected
by the bank. aud 'hree appointed Ly
The federal resery. board
The regional hanks may f--Iis-
count that is. my at a dis.ouu,
from iis member hanks s-"psin.
numerical PAPER when the m-tii-
b~r banks desire io .ons.r, these as
s-'s iHtD money. The -Na., terms al
this important osoSSsiDIs as lo the
.harant-r of pAprr upnn -hirh III.
regional reserve hssk, may narai.a
.ash are as fellows
'ti-on the -ndar.rmsat .s any .l
lis ia-ai'~r banks with a waiver al.
demand .f n.ii'- ahi PROTEST lay sn.h
hank. ans federal reei.ahi s-.~rt-
hank mas atss.aai not.-s. drafts AMI
bills "f ~scianx- ari.ies ait al as,.
uai .otssn-srtai transactions. ,ha. IL.
nSs~s. iEig'. aud bii,s Of exchange
Arr issued. drawn f.r ssgicuiiurx!
Industrial .r .ounn.-sri.I purposes or
the I'E,sc.-.is at which aas- h~.n us~L
at are 4. b- usss.i IoF such purpose
the federal sr~~f,. t-sars. q. has- tA.
sishi Is .,-'-rnin. ar define III.
character sf ;h. i.sp-r thu. .iisibi-
for disso~ins Within tbs meaning II
ibis ars
"NoshIas IN tLt. as, ssataihsi
shall is~ Construed ia prohibit .ari
nU-s. draft. aud bills of exchange.
secured BY stable agricultural rrs.
ducts. ar ether eo>,si.. ~sr-. os m-f.
shanai.r tsum being eligible for si.h
di.suua,s bat easa d-tlaI,sos shall
not include hos-s. drafts cr hill.
eoteftns mcsciy iasrssmcats ar L.
ss~d Of drawn fos the purpose of Ca.
syiax ar tssiiss In sso-k,. boad. of
other is,s.sus-at securities. -se.ft
honi. and hss~s of the xossram.hi ~.
the rh:l-i SIair..
''N"s-s. asai's and ssiis admitted
&. aissans' under ,h. ,-sm. oI ,hi.
paragraph mus' hare . maturity a,
IN. iim- of ii.s"sn, Of no, saar- ihaa
>" days. provided ,hs, a.s-.. drafts
fVN 'AHts VNPN" "F h-~~'s sus AEEHa
cultural PURPOSES or Iss-,i Oh IL g
stu-k and having = maturity no, ~.
,~vsitnE siN months. s,as b~ die.
so-sni.J in an sp,oia; in h- iisnit-s!
to = prts-asarv ri the capital Of th-
federal 'r~stoasIs reserve hank. is
he asc-Tiatrcsi sol :it-s! by the fed.
rrai reserve hoard
Ta- rcsi-os! reserve .sass ms.
ais" a,srpuai ''acs -p'anrrs based an
the Importation " ~ .s.'ati1n of
kUv.ls ''
The new treasury notes ~hirh a..
to furnish the elastic" -i.u.ut IL
~. currency system anJ to add -
the '.un,Ty's circulating u,onc, in
time NJ need. will tun- into usr iu
the fo,io~i ing wa
The nu'.'s will b- printed by tn.
government with Li.tinU'iV- styi.
for zach regional t.<-Ty- bank One
Of the ,hsr- directors named for til,
FEDERAL T-s~r, board for arh federal
r-s-r," bank would I.- known a. the
federal reserve agent" for 'hs, bank
and - supply "f the n.'-. will hr
placed in hi. custody
should - regional reserve bank de
sire to pss "u, more money than it,
cash resources viii permit. til. ias