Santa Fe new Mexican. [volume] (Santa Fe, N.M.) 1898-1951, 1913-12-27
BANKS MUST APPLY ON
PRESCRIBED FORMS
APPLICATION FOR MEMBERSHIP IN FED
ERAL RESERVE BANKING SYSTEM
MUST Be IN FORM OF RESOLUTION
PASSED BY DIRECTORS and FOR
wARDED TO WASHNGTON.---HOW RE-
SERVE CITIES WILL Be SELECTED.

Washington, D. c., Dec. 27.--The
method to be followed by nationa
banks in making application for ad
mission to the new federal reserve
banking system was determined on to
day by Secretaries McAdoo anC
Houston, constituting the organization
committee. 1t was decided to require
each bank through its board Of dire"
tors to pass a formal resolution, pre-
scribed by the federal committee
which will constitute legal applica
ton for stock in the new regional
banks.
Within sixty days each bank is di-
rected to submit it's directors alterna-
! tive propositions, rejecting or accept
ing the resolution prescribed by the
federal organization committee. If the
resolution is adopted, it will be for
warded to Washington by the cashier
of the bank as the formal application
of the bank for entry in the system.
With its plans decided on for choos-
ing cities for the new federal reserve
banks. the federal bank organization
committee today turned it's attention
to the perfection of formal application
blanks, which shall be used by insti-
tutions seeking membership.
Officials reiterated that the selection
of the fourteen cities for hearings did
not indicate the positive choice OF any
of them for the location OF reserve
banks.
The committees announcement
follows:
"a meeting of the majority mem
bers of the federal reserve organlZa-
ton committee, consisting OF the sec
retary of the treasury and the Sec
retary Of agriculture, was held today.
"The committee decided to for
ward Immediately to every national
and state bank and trust company a
copy of the federal reserve act, to-
gether with the form of application
for membership in the federal reserve
system
Under the provision of the fed
eral reserve act, all national banks
are required to signify their accept
ance of it's terms and provisions on
or before February %, 1914, and all
eligible state banks and trust com
panies are permitted, to signify their
acceptance within the same time.
''Tt was determined that the organi-
zation committee would have hear
ings in various important cities in the
for the purpose of securing
The views of bankers and business
men as to the division of the country
INTO federal reserve districts, and the
ccation in each district of the head
office of the federal reserve banks |
which are to be established under the |
ederal reserve act.
ut will not be possible for the com |
nittee to hold sessions in any other
titles, but ample opportunity will be
given for representatives of various !
sections of the country contiguous to
hese cities to appear before the COM
nittee and present their views. 1t
must not be inferred that the com
nittee has determined upon any one
# these cities as location for the
ederal reserve banks; they have been
hosen as places for holding sessions
# the committee solely because OF
heir accessibility and convenience.
''The committee will sit at the Gus
ON house in New York City. January
and 3: in Boston, January and 6
nd return to New York for addi
ional sessions on the Sth and 9th
he committee will sit In Washington
rom January 12 to II; in Chicago, |,
anuary 10. 20 and 81: st. Louis,
anuary %. % and "a Denver, Janu.
ry 26. Hearings for the other
=