The Fargo forum and daily republican. [volume] (Fargo, N.D.) 1894-1957, 1913-12-27
TO HOLD
SERIES OF
. HEARINGS
Will Outline District and
Then Hold Public Hearings
. in IA Cities
N'ADOO Home With FEVER
More Than 1000 National
Banks Signified Intention
of Coming in

Washington, D. c.. Dec. 27.-With
dts plans decided upon for choosing
the cities for the new federal reserve
banks, the federal bank organization
committee turned it's attention to the
perfection of the formal application
blanks, which will be used by the in
stitutions seeking membership.
Although more than 1000 letters
and kilograms, expressing the inten-
tions Of banks to enter the system,
have been received at the treasury de-
partment, every bank will be required
to fill out through it's proper officials,
legal application which can be kept
in the treasury archives.
The organization committee which
is to launch the new federal reserve
banking system for the nation last
night announced it's plan Of action for
marking out boundaries Of reserve
districts and the selection of federal
reserve cities. Public hearings will
be held in fourteen large cities of the
country-New York, Boston, Chicago.
Denver, Seattle, Portland, Oregon,
San Francisco, Los Angeles, Houston,
Texas, New Orleans Atlanta, Cincin-
matt and Cleveland.
Although these cites are the only
ones to be visited, it was announced
be considered and bankers and. others
interested in cities not named in it's
list would be heard, The two cabinet
officers composing the committee will
spend practically all of the next two
months IN this work and expects to
conclude it's labors about the time all
national banks are given in which to
announce their intention of becoming
members of the system. 1t will not
begin hearings until next week.
Secretary McAdoo left his office yes
terday, suffering from a slight fever
and the other committeeman, Secre-
tary Houston, decided to abandon the
1ask until Mr.. McAdoos recovery. It
Mas said last night the hard fight Mr..
-V&nAdoo made to aid in perfecting the
Afrency law has told upon him. He
was q constant adviser of both the
senate and house committees and
shouldered much of the burden of
representing President Wilson in
executive consideration of the bill
when it was yet, in congdess. His
illness Is not believed to be serious,
but he is not expected to return to
his desk for several days.
The committees announcement fol-
lows: .~r
"a meeting of the majority of the
members of the federal reserve
organization committee, consisting Of
the secretary of the treasury and the
secdetary Of agriculture, was held to-
day
THE committee decided to forward
immediately to every national and
state bank and trust company copy
OF the federal. reserve act. together
with the form of application for mem
bership In the federal reserve sys-
TEN. Ar.. -...
Under the provisions Of the federal
reserve act all national banks are re-
quired to signify their acceptance of
Its terms and provisions on or before
Feb. 20, 1914. and all eligible state
banks and trust companies are per-
n1itted to signify their acceptance
within the same time.
1T was determined the organization
committee will have hearings in vari-
Gus important cities in the country
for the purpose of securing the views
of bankers and business men as to the
Waswision of the country into federal
sreserve districts and the location in
each district of the head office of the
federal reserve banks which are to be
established under the federal reserve
act.
1T will not be possible for the COM
1nittee to hold. sessions in any other
CltleS, Dur ample opportunity Will be
given for representatives of various
sections of the country contiguous to
these cities to appear before the COM
mittee and present their views. 1t
must not be inferred that the COM
rlittee has determined upon any one
of these cities as a location for the
federal reserve banks; they have been
chosen as places for holding sessions
OF the committee solely because or
their accessibility and convenience.
THE committee will sit at the
custom house In New York City Jan.
"a and 8: in Boston on Jan 5 and 6,
and return to New York for additional
sessions on Jan. and 81 The COM
esnittee will sit in Washington from
Jan. u to liz, in Chicago Jan. 10, 90
and 21; ST. Louis Jan %, % and "a;
Denver Jan, 26 Hearings for the other
cities will be held Jan. % and March
!. wherever possible the hearings
will be held in government build
ings. 5
The committee desires to be In
formed particularly upon the follow
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