The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1914-11-02
FIRST NOTES COMING
TO BANKS IN SOUTH
Federal Bank Currency for Meeting
Needs OF Cotton Pro-
ducersl
RICHMOND is TO GET SHARE
Money VIII BE Ready for Delivery
To-Day-Quota Probably Com.
pleted by November 1O-Plans
for Distribution Outlined.

WASHINGTON. November 1.-The
first printed Federal reserve notes will
go to the Federal reserve banks at st.
Louis, Dallas. Atlanta and Richmond.
to carry out tho plan adopted by the
reserve board to extend aid to cotton
planters OF the South. supply of
these reserve notes will be ready for
delivery tomorrow, and the Bureau
OF Engraving and Printing will COM
plete this quota OF the entire issue ON
or before November 10.
The superintendent OF Federal reserve
notes among the twelve Federal reserve
banks is not a matter of public In
| formation. As the capital stock or the
various banks Will vnry on basis OF
the total capital and surplus of the
member banks composing the depend
encies OF each Federal reserve bank,
II is TO be assumed that large slice
OF the S200,00o,000 issued Will go to
the Federal reserve bank at New York
City, the supplies for the other banks
tapering OF at the ratio of their finan-
cial Importance. Tho entire issue will
be printed by the Bureau of Engraving
and Printing on or before November
80, and Will be ready for delivery.
None Of the issue, 1t Is anticipated. will
/ be held In storage vault. In fact, the
Federal Reserve Board has now no
! facilities for storing money. and per-
haps has no present need, as the Fed
eral reserve notee will be forwarded
without delay to the reserve banks for
which they have been prepared.
| BASED UPON DEMANDS
OF INDIVIDUAL BANKS
The Issue of the notes is based upon
the demands of each Individual Federal
reserve bank, for which it tenders
proper collateral. as required by the
law. AS the South has the greatest
| need OF money-for relieving the cot
ton situation-zand as the cotton pool
OF S135.00o,000 will give it extensive
securities TO offer In exchange for Fed
eral reserve notes. large part OF the
| iirst issue will undoubtedly drift In
that direction. II Is expected that
$40 100000 in the notes will be in the
vaults OF the four Southern reserve
banks by November |.
IT probably will be full year be-
| fore any Issue or Federal reserve bank
notes is made. In the meantime the
large stock of emergency currency on
| hand will be used i'll redemption OF
| money in circulation. Owing to the
prospective large issue IF emergency
currency. afterward curtailed By the
Secretary OF the Treasury's change of
attitude. big order was given to the
Bureau Of Engraving and Printing.
! This stock will be disposed of before
Federal reserve bank notes get into the
hands Of member banks and the public
NEW RESERVE RATES
HEAD ARTISTIC GLASS
The new Federal reserve notes are
regarded as the most artistic pnper
money ever put into circulation by the
United States: the designs are entirely
the product OF the engrnvers of the
without the aid OF distinguished talent
In the public eye. Every essential fea-
| tnre known for circumventing counter
feitins is incorporated. The Secretary
! OF the Treasury, aided by the director
of the Bureau of Engraving and Prints
! ing, while doing good Job, has been
able to do II cheaply.
III the printing of 100000 sheets Of
bank notes of aggregate face value of
S200.000,00o, it Is probable that the
banks which pay the bill will have
been saved something lik1 $4,000 on n
hood OF 100000.
In printing the Federal reserve notes
on power presses, as authorized by a
decision of the controller of the
Treasury, the cost under. what would
have been tho expense on hand presses
was shaved at least $4,000. And.
whereas bank notes have heretofore
been delivered in sheets to the banks.
requiring tho added expense of about
SO a thousand sheets to them OF cutting
apart before putting the notes into cir
culation, the Federal reserve notes Will
70 tuetiNeieu ~. oHiy SuS opuIt' out
| In sequence order, and fastened in
bands on which the aggregate value OF
the bundle OF currency and the So
uuence numbers wiz be noted.
The Federal reserve notes are to bear
the signatures OF the Secretary of the
Treasury and the Treasurer of the
United States. Tho name or tho reg :
lister of the Unitea States, which has
appeared on United Sthtcs paper cur
rency for half O. century or longer, Will
not be seen for the first time. THIS
Ia an innovation that elves a new
dignity to the paper currency Of the
United States. 49,.
' OF. sixty kinds OF dtes to print as