Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1913-12-24

SS0uoSa OF the currency IN tho prellm-
1nAry work Of reorganization. the office
OF comptroller - vacant and It has
besn decided the two secretaries, con-
stitutins majority Of the committee.
may 70 ahead. Later the federal re-
serve board of seven will be named.
The SECRETARY Of the treasury and the
new comptroller viii be members Of
that body and the other hve members
VIII be chosen from private life.
II President Wilson has made his
Selection for these five places it is not
known at 'WaShington.
Cities 70 Be Selected.
Tho drst step to be taken will be
the selection Of cities where the federal
reserve banks are to be located. The
law provides for not less than eight
and mot moro than twelve. The organi-
sation committee = empowered to en-
ploys counsel. summon witnesses and
paperA and TO 60 deeply into the loca-
ton of the reserve banks. This de-
cisi0n = not subject to review by the
federal Esserve board.
e - possible that before the question
& ol ctt3ao 10 decided the organisation
ea raittee win visit cities suggested
& ana ba6o tts report on information
en1ned at 4rst hand
Cites that can hardly be kept OK q
I tonfativo list would include New York.
i Chicago. st. Louis. San Francisco. New
Orleans. with Denver. Atlanta and
Seattle or Portland. Ore. near the top.
Philadelphia, Baltimore, Washington.
Boston and several others are asking
for designations.
Flood Of Applications.
Tho organization committee IL en-
powered to prescribe regulation for
membership In the system. Applica-
tions from all over the United States
have been flowing into tho treasury for
several days. An unusual flood. how
ever. arrived today and one Of the first
duties Of the committee will be the
Dromulgation Of rules for their accept
ance. National banks have sixty days
TO nls applications, but under the law
may remain In business one year with
out joining tho system.
To Pick Reserve Cities Soon.
;eecretary McAdoo said he expected
"a actually begin formal work Of Sc
lccting federal reserve cities tomorrow.
eve expect to consider the problem
in, the light Of what will most benefit
the entire country and local interests
win not bs regarded" said he. I'VE
win probably outline the districts first
ana then choose the cities in each dis
frict whore the federal reserve bank
win be located"
Mr.. McAdoo did not know, he said,
whether there would be eight or twelve
districts. That point he regarded as
one Of the most perplexing. He ex-
pressed satisfaction with the way
which the banks have responded to the
law.
..The law has been expected" he said.
''in Q thoroughly patriotic manner. I
have never had q doubt that most Of
the banks Of the country will enter the
new system. believe It will prove an
unexpected success and the greatest
thing that has happened to the coun-
try In many years.
Many applications have como from
individuals for positions on the fed
! sral reserve board. but Mr.. McAdoo
had not looked them over and indi-
I Gated that they were likely to receive
ocant. .consideration.
Ranks Lining Up.
I'VE do mot propose any grass shall
u sr0w under the feet Of the organiza-
/ ton committee" said Secretary Nc
Adoo. I'VE arc going at these problems
carefully but quickly"
The secretary today received letter
from George n. Reynolds, . Chicago
IbAnket. who had opposed some features
Eo6 The new law. He expressed q de-
Eatre - conform to Its provisions and to
help the administration in every way
to make the new system success. A
8telegram 1fom Jacob II. Schin, a New
York banker. contained congratula-
Ths SECRETARY also received from
Hfe0ident Wilson letter thanking him
{ fe his fco.operation and work on the
noW currency law. Il was similar to
H. letters the president wrote to the
h6adS Of the banking committees in
Applications for membership came
to1Ay hom banks in Seattle. Denver,
Hand. Ore, San Francisco. Roswell,
-. ~ Peoria, NJ, Pomona, Cal, st.
Il S56aph, No, Palouse, Wash, Muskogee,
#QGl Ardmor. Okla. and Jefferson
city No, among other cities.
- - ndeeds Of tele9rams and letters Of
axulations on the signing Of the
= 1aAcy bill poured into tie White
q - o0loes. When Secretary Tumul-
i 1 [Js q ch1d his desk he found It impos-
~ rsad al the expressions Of
ftsm banks. nnanciers and pro-
( :s & ;ss