Albuquerque morning journal., 1913-12-27

Iav aosHiHa JOURNAL SPECIAL LEASED wiREl
Washington. Dee 26.-The organl-
zauon committee which is to launch
the new federal reserve banking sys-
TEN for the ration, announced to-
night lbs plan of action for marking
out boundaries Of reserve districts
and the selection of federal reserve
cities. Public hearings viii De held
In fourteen large cities OF the coun-
New York, Boston Chicago, ST.
Louis Denver Seattle, Portland, ore
sea- F,aucisco. Los Angeles Houston
Tex. New orleans. Atlanta, Cincm-
natl and Cleveland.
Although these cities are Lhe oni
ones 90 be visited, il was announced
that the advantages of many others
would be considered and many hans
ors ANA others Interested In cilies nW
named in tug Hst would be heaft.
The cwo cabinet officers composites
ihe committee viii spend practicallN
80 Of the next two months IN th.s
work and expect to conclude ther
labors within thc time allowed ap
ranks IN which Go announce their
intention or beeomins members ot
tae system. Gt viii not begin hear
ings until next week Secretary Ne
tdoo left his office today suffering
from slight fever, and che other
committeeman. Secretary Houston, de-
lided 10 abandon the tasN until MI
McAdoo's recovery
1t was said tonight that the hard
fight Mr.. McAdoo made 10 aid in per-
lecting the currency law had told
upon aim. He was a constant adviser
Of both the senate and house com
mittees and shouldered much Of the
burden Of representing President VIII
son i'm executive consideration Of the
bin. His illness is not believed to be
serious, but ne is not expected to re-
turn to his desk for several days.
The committees announcement
follows
"a meeting Of the majority mem
bers Of the sederal reserve organiz3-
ton committee consisting'of the sec
ictary Of the treasury and the Sec
retary Of agriculture, was held today
The committee decided to Tor
ward Immediately to every national
and state bank and trust company .
copy of the federal reserve act, to-
gether with the form of application
for membership in the federal reserve
system.
Under the provisions of the fed
eral reserve act all national banks
are required TO signify their accept
ance of its terms and provisions on
or before February %. 1914, and all
eligible state hanks and trust COM
panies are permitted to signify their
acceptance within the same time
ct was determined that the organ
sation committee would have hear
ings in various important cities in the
country for the purpose Of seeurins
the views OF bankers and business
men as to the division of the country
into federal reserve districts, and tha
location in each district Of the head
office Of the federal reserve banks
which are to be established under the
federal reserve act.
III win not ue possible for the COM
liiltee to hold sessions in any Other
cities, but ample opportunity VIII De
given for representatives OF various
sections of the country contiguous tc
these cities to appear before the con
mittee and present their views 4
must not be inferred that the com
nittce has determined upon any ono
OF these cities as a location for ms
federal reserve banks: they have been
chosen as places for holding sessions
Of the committee solely because %
their accessibility and convenience
The committee will sit at the GUS
tom house in New York CITY, Januai )
. and 8 in Boston, January and 9
and return ) New York for addi-
tional sessions on the Sth and 9th
ahe committee will sit in Washington
from January II to II; in Chicago
January ls, 20 and III st. Louis
January 22 % and "a; Denver, Jan
uary %. Hearings for the othel
cities will be held between January
2S and March l. Wherever possible
the hearings will be held in govern
ment buildings
Tho committee desires To be J."
formed particularly upon the follow
lhg points, which are considered pii