Durant weekly news. (Durant, Choctaw Nation, Indian Territory [Okla.]) 190?-1944, 1914-01-02

There may be as few as eight Of these
regional reserve banks and there may
be as many as twelve The aspirins
cities of the country that think they
are financial centers are, of course
hoping for the larger number. If the
board that has this power shall decide
to establish twelve reserve centers
there will be four more cities to be-
come reserve centers than IL there be
only eight of the reserve banks. The
advantage of being a reserve city un-
der the new law is largely in the pres
tage a city may get out of 1t as be-
ing a financial center. In the end
there will be a decided tendency
Throughout the region involved to in
crease the Importance Of cities thu.
are made seats of reserve banks as
actual financial centers.
The bankers and business men Of
those cities that are aspiring to be-
come reserve cities under the new law
have set forth the advantages very ac-
curately. Dallas bankers are sanguine
Of the advantages that will come to
this city under the law. And they are
confident that If the country be divid-
ed iuto twelve regional reserve dis
tricts the geography will point indub-
itably to Dallas as the logical city for
the reserve bank. II is-pointed out
that the States of Texas, Arkansas AMI
Oklahoma, with the possible addition
of New Mexico, will contain more than
one-twelfth of the banking business of
the country and in every other way
meet the requirements of territorial
extent for reserve district. That Dat
las is the financial capital and metrop-
oils of this region is well known. And
that the population of the region is
most dense in an immediate radius
from Dallas of any sized circle that
might be described in that territory is
also admitted.
OF course, the establishment of these
reserve cities will not make barren
desert out of the former financial cen
ters, such as that about Wall str z.
There will continue to be great deal
of money sent to the banks of the
large cities as reserve for the banks
of the rest Of the country. It is nee
essary in doing business to carry re-
serves in the wholesale and manufac-
turing centers. The legal reserve Of
the banks of the South and West will
be carried to a considerable extent in
the reserve banks of their several re-
gions. But there is going. to be a
great deal of commercial reserve in
the old reserve banks.
And whether 1t shall happen that ev-
cry city that ought to be a regional
reserve city shall secure its deserts OF
not, there is much JOY in banking cir
cles all over the country-with the
possible exception of the potential prey
of the chasers after the money devil
Wall street-over the prospect of
flexible currency that will meet the
normal demands of trade. The danger
of panics in this country seems to have
pretty well passed. The people have
refused to become panic-stricken on
recent occasions when the money cen
ters wanted to make them feel that
way-at least the signs of the situation
pointed to that desire on the part OF
the money merchants who held the re-
serves. But the people have not been
able to relieve the stress that actual
demand for credits above the actual
supply brought about. They might re-
fuse to run to their banks and witn-
draw their money. They might even
refuse to be frightened when their
banks we're unable to give them thei:
money because the reserve banks held
It fast. But they could not do business
when the banks would not let them.
Tho regional reserve system may
change this and make the money mar
ket more nearly normal all the time.