The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-12-28
Will Be Sent to Banks
Seeking Membership
in New System.
FORM APPROVED
BY COMMITTEE
Officials Reiterate That Selection
of Cities for Hearings Does
Not Indicate Choice of Any
of Them as Location
for Federal Re
serve Banks.

Washington. December cT.-With !ts
plans decided upon for choosing cities
for the new Federal reserve banks pro-
vided for in the new currency law, tho
Federal bank organization committee
to-day turned Its attention to the
perfection OF formal application blanks.
which shall be used by institutions
seeking membership.
Although more than 1000 letters and
kilograms expressing the intention OF
banks TO enter tho system have been
received At the Treasury Department,
every bank Will be required TO fiji out
and sign through its proper officers a
legal application, which can bs kept
in tho Treasury archives.
The blank was approved by Sec
rotary McAdoo and Secretary Houston
to-day and sent for Anal approval TO
tho lawyers OF the department. Secre
tary McAdoo was still confined to his
home. suffering from n slight fever.
but is expected TO return TO his desk on
Monday.
The Treasury Department received
many messages to-day from bankers in
cities that were omitted from the list
made public yesterday of places where
the preliminary hearings are TO be
held Officials reiterated that the ae-
lection OF the fourteen big cities for
hearings did not Indicate the positive
choice OF any OF them for the location
OF Federal reserve banks
kilograms received from many sec
tons showed that bankers accepted
tho designations OF the cities for pre-
lirninary hearings as indicative Of the
location OF most OF the new banks
First OhicinI Act.
Tho organization committee to-day
adopted the following resolution, which
IS numbered 80 and IS its FIRST Of
fetal act
Resolved Tha, every national bank
shall submit to it, board of directors
alternative resolutions accepting or re-
jecting the provisions OF the Federal
reserve net. and shall file with this
committee within the sixty days pre-
scribed by the act, the resolution
adopted b. the board as the method
OF signtfying the intention of said bank
N the premises. All other banks
eligible TO membership may use sub
stantially similar form of resolution
Of acceptance, and intention to sub
scribe TO the capital stock OF Federal
reserve banks TO be organized.
These acceptanccs must be filed
with the department on or before Feb
rnary %. which Is HiXty days after
the approval OF the act. The resolu-
tions OF the bank, if the proposals are
accepted, must read:
Whereas. after due consideration at
the terms and provisions Of said act.
1t is the opinion Of the board that said
terms and provisions shall be accepted;
now, therefore be Il.
Resolved, That the cashier OF this
bank be. and he hereby Is, authorized.
empowered and directed to notify the
reserve bank organization committee
OF the acceptance OF this association
OF the terms and provisions of the Fed
eral reserve act, and Of the intention
OF this board TO subscribe, on behalf
or this bank to the capital stock of
Tie Federal reserve bank to be or
Sanized In tho district i'll which this
bank Will he located after the geo.
graphical limits. TO be served by such
federa reserve banks, have been fixed
ny the organization committed"
This resolution must be properly
certified to. showing the date unon
which 1t was adopted. and accompanied
ny formal notice to the committee
OF tho banks acceptance
Hepburn Wants to Enter
a Barton Hepburn, who was one of
the star witnesses before TIL. Seneto
committee when the bill was under Coz
stoeration and who suggested a num-
Der Of amendments that were not
adopted. intends to urge his bank into
the system
Secretary McAdoo to-day received
communication from Mr.. Hepburn, In
officers OF the Chase National Bank
would recommend that 1t enter the new
system.
Other New York national banks that
informally sgnifled their acceptance in
to-day's mail include the First Ma
OF Granville: tho National Bank of
whitehall, the Merchants National
Bank of Elmira; the First National
itank. OF Jefferson; tho Arcadia Ma
tional Bank. OF Newark, NJ Y: the
hudson Falls National Bank and the
First National. of Perry. More than
100 national banks responded to-day.
Treasury officials are delighted over
the prompt and enthusiastic accent
ancc OF so many national banks, even
ncforc they have been officially com
muincated with. Already enough ma
iional banks have signihcd tlrcir IN
tention of entering the new system
These banks include only one or two of
the really large national banks OF the
country.
Officials were surprised when they
received kilograms from several indi-
Viduals. who wished to subscribe for
stock in reserve BANKS one applicant
wanted to get $4,000 worth of stock,
another wanted 10000 worth and an
other $4,000. Tho law provides in GER
tain contingencies that individuals NAV
subscribe. but If the banks continue to
come In there will be little stock left
when their time limit has expired.
Cities to Present Claims.
The organization committee tonight
supplemented Its plan for locating
Federal reserve cities with an unofn-
cial announcement pointing the way
for all cities to present their claims
'or banks. Before the committee, con-
sisting OF Secretary of tho Treasury
McAdoo and Secretary of Agriculture
houston. starts upon its tour of the
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