Evening star. [volume] (Washington, D.C.) 1854-1972, 1913-12-27
DECIDE HOW BANKS
MAY Join SYSTEM
CONTINUED from First page.)

Louis January %. % and "a. and Denver.
January 20. Hearings for the other
cities will be held between January IS
and March l. Wherever possible the
hearings will be held in government
buildings.
1.-THE committee desires to be informed
particularly upon the following points,
which are considered primary factors in
determining the boundaries of the pro-
posed districts and the location of the
federal reserve banks:
Information Desired.
First Geographical convenience.
which involves transportation facilities
and rapid and easy communication with
all parts of the district.
Second. Industrial and commercial
development and needs of each section.
which involves consideration OF the
general movement of commodities and
of business transactions within the
districts and the transfer of funds and
exchanges of credits arising therefrom.
Third. The established custom and
trend of business, as developed by the
present system of bank reserves and
checking accounts. In laying out the
districts and establishing the head
quarters for reserve banks every ef-
fort will be made to promote con-
venience and normal movements OF
trade and commerce.
Political considerations will not be
permitted to influence the comm ttee
il determining these important ques-
tons. While the committee apprei 4
ates the local pride and sentiment
which are prompting many critics u
urge their claims, the committee never
theless must appeal to the PATRIOTISM
of the country to assist IL In arriving
at sound conclusions through con,
sideration of fundamental and vital
factors. Purely local sentiment ana
pride must yield to the common sooo
IN order that the system itself may ac-
complish the purposes for which 1t Was
designed, namely, to secure to the DUST
ness of the country the elastic system
of credits and the stability OF conan
tons SO long imperatively demanoeo:
1.-The committee will not, therefore. be
able to receive delegations ura ng the
claims of particular cities for pre1ef ence
as the headquarters Of the reserve banks;
The claims of all cities Will be cons dered
upon their merits In view OF All tue Aacls
Wnlcn VIII be ueve-opeu throuon Inc N
vesti atoms The purpose 81 he COM
mittee is to go about this work in q thor
0.SIl. tsl&li1sst 49, 1Ats'.s. ssh
to accomplish it at the earliest possible
nomen. 0s. without b!s4te t4as 1, "a i
only after full consideration of the needs
of every section of the country.
Deemed Quickest Way.
"The work will Of necessity be ardu-
Gus, and the committee mas detern.Airu
upon these public hearings as the quick
est and most direct method of obtain ne
the necessary Information to enable it to
arrive at prompt and satisfactory con-
illusions.
1.-The committee will, from time to time,
man announcements concerning It's pro-
cedure."
AppAcations for membership in the new
system are pouring in with the regularity
of clock ticks. The desk of George r.
, Cooksey, Mr.. McAdoo's private secretary,
is pIIeu loot WILL e 5 hiiQ teie-
grams from banks.
The estimate is that close to LOCO banks
and trust companies have applied for
membership. There are few sections
ana lever large Giles mat nave not l.
least one representative in the long list.
If the estimate is correct nearly one
seven.n o 1..t nationa4 .anks nave dsk-
ed to become members in the system.
With the law on the statute books only
a few days and Christmas day interven-
ing, Secretary McAdoo is well pleased
with the response from the country.
The following additional Virg mia banks
have applied for admission to the federal
reserve system: First National Bank OF
Pearisburg, American National Bank OF
Richmond, the National Exchange Bank
of Roanoke and the Planters National
Bank of Richmond.