Albuquerque morning journal., 1913-12-27

mary factors D. determining boundn-
rics of the proposed districts and the
location of ths federal reserve banks
"Frst- Geographical convenience.
which involves Transportation facili-
les and rapid and easy communico-
dou with an parts of the district
second Industrial and commcc-
clal development and needs of each
acctiol which involves consideration
of the general movement of commod-
hies and of business transactions
within the districts and the transfer
W fgud. and ,NchWpes Of credits
arising therefrom
Third The established custom
ana ucnd of business ass developed
by the present system of bank re-
serves and checking accounts. IT,
aAins ont thr district and cs'1b-
ishlHs the aead9udrters for reseiV
banks every effort will be made g.
promote business convenience and
itrmM movements OF umIo and eor.-
iaerec.
"PoIuta1 considerations VIII ag,
rc permitted tc Influence the com
mlttec in Determining these impur-
tInt Wcstiors while the commit
too appreciates the local pride ana
sentiment wh,ch are prompting MANY
cities Is urge their claims, the coln-
nittec. nevertheless, must appeal t'
the patriotism of the country 90 as
sist il I'm arriving at sound conclusions
throueh consideration Of fundamenGl
and vital factors Surely local senti-
ment ana pride must yield to the COM
mon good in order that the system
itself may accomplish the purposes
for which It was designed. namely, to
secure to the business Of the country
the elastic system of credits and the
stability of conditions so long inn
perath ely demanded.
"The committee. therefore will he
able To receive delegations urging tho
claims Of particular cities for prefer
ence as the possessors Of the reserve
leans. The cllims Of Oh cities will be
considered upon their merits in view
of all the facts which will be deVel-
oped through the Investigations. The
purpose of tho committee is TO SO
about this work in q thoroughly prac-
ucal and buslncsslike way, to accom-
pllsh it at the earliest possible mo-
lmcnt. but without undue haste ard
only after full consideration Of the
needs Of every section of the coun-
try
"1he work viii Of necessity ho
arduous. and the committee has de-
ltermned upon these public hearings
as the quickest and most direct
method Of obtaining the necessary in
formation to enable it to arrive at
prompt and satisfactory conclusions
"The committee win, from time to
time make announcements concern
ing its procedure
Applications for membership w
the new system poured in today and
the desk Of George K. Cooksey, Mr.
McAd3cs prvate secretary was
piled "a foot high with letters and tel
eerams from tanks. The estimate
tonight was that about goo banis
and trust companies have applied fot
membership. and there are few sec
tions and fewer large cities that have
not at least one representative IN the
long list If the estimate is correct.
nearly one-seyenth of the national
tanks have asked to become menl-
bers Of the system With the law On
the statute books only @ few days
and Christmas day intervening sec,
rotary McAdoo was well pleased to-
night with the response from tae
country
New applicants tonight included
Modesto, Califa Cedar Rapids, lowo'
Boone. Iowa, and Pueblo. Colo
IT is understood by the officials here
that the elaborate welcome accorded
TO Senor de la Barra by the populace
Of Toxic was particularly designed to
express the dissent Of one of the Ja-
panese political factions from the Of
ficial reception planned by the gov
eminent
In his capacity Of special envoy
from Mexico to acknowledge the par
ticipation Of Japan in the Mexican
centennial. diplomatic etiquette pro-
vides for certain formal functions IN
honor Of senior de Ia Barra. The ia
panese government, it was explained
today. had adhered strictly to the reg