The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1914-01-02

Washington. January 1.-Prcli,ni-
nary steps taken for the long Western
trip of the reserve bank organization
committee indicate that the trip un-
dertaken will be unique in the history
OF the government. The committee ex-
poets to have an office on wheels for
more than month, and Secretaries Nc
Adoo and Houston will live aboard This
car most OF the time. They will go
over the testimony taken in the twelve
western cities they are to visit and
Keep up with the mass of correspond-
ence forwarded from Washington. Each
secretsr! VIII take his own private
secretary with him. and besides there
VIII be at least four stenoRraphers ],
couple OF messengers and nossih,,. :.
lawyer from the Treasury Department
his VIII make little governments
army only surpassed in trips of this
sort by the suite" that accomnanies
president of the United States
me currency law put 100000 at the
a'sposa! OF the committee. By mali
m ,iit use use ot special car The committees
IApects 10 make the trip more chean
~ than II compelled to use tho ~
uiI'ary means of travel. The plan con
templates the keeping of the records
OF the public hearings up to the min
ute When Washington is reached -,
e, me return trip, 1T is hoped the records
IN such shape that all testimony
can be laid before the Federal Rasar,,s,
board Immediately after that bodv h,s
pecn organized by the President Tha
reserve board has the power to revie,v
the decision of the Organization COW,
ii,t.ee' ,n' ana IL is desired that all facts
...,s I..iuenc.hs the committee to it's de-
cislons be available when district ,Ines
and cities are announced
Inc committee will start out unon
its work on Monday with hearinps ir
New York. 1t is not the. present intan
.,oh 10 make use of the special car on
the tfip 10 New York or on the advance
70 boston. which follows immadiataI
The office on wheels, will not he Co.,
pied until the middle of the month
"hen the committee starts for Cbicago
and the West.
Hush to Join System.
One-Iourth of the national banking
"eailh ol inc country has announced
-. ~ secretary McAdoo It's acceptance of
the new currency law, and annI,ed tor
official admission to the new svstsn,
state banks and trust ,comnan;o
Win heaVy capitalization and rn'
sources are rushing their applica tions
TO become members of the resar,,o
Secretary McAdoo will be back i,
charge on Saturday. From b;e raf,, IA
it Is announced to-day that his rec.,e
.peration is rapid. He will be prenared
to take up in scheduled time the hear
ings of cities clamoring for the re-
gional bank.
The Treasury Department, I'm an Of
fetal statement to- day, announced that
IN the week which has elapsed since
the passage of the currency bill 1t has
received applica ations or notice of In
tenti9n to enter the new currency sys-
tenn from 767 banking institutions,
scattered throughout forty-five States
and having an aggregate capital, ex-
elusive OF surplus. or approximately
$500, ,On0,O00.
Six hundred and ninety-fve appIica-
tions have been received from ma
ttonal banks with an aggregate capital
of about S250.000,000, so>that up to this
time. national banks repres snnting APP
proSilnately one-fourth of the total ma
tional banking capital OF the country
have already siGnified their intention
to enter the system.
Forty-nine State banks and twenty
three trust companies have notified the
department OF their intention to be-
come members. or the SOS national
banks applying for admission, fifty
three are in the New England States:
112 in the Eastern States; 191 in the
Southern States; 227 in the Middle
States; sixty-nine in the Western
States. and forty-thr in the Pacific
States.
OF the national banks applying. six
ty-nine have capital of $1,000, 900, or
more, 142 have q capital OF from $25
600 to 1000 600, e7O have a capital OF
from 100000 to s25O,oOO, and 2l4 have
a capital of less than 100000.
Two of the trust companies applying
lave q capital of s5.OO0,OO0 or more,
and four trust companies have capital
of from 100000 to $5.O00,O 900.