The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1914-04-09
Formal Notice Sent Out
to All Applying for
Membership.
COMMITTEE URGES
2 RO NJ PIT ACTION
Treasury Officials Hopeful That
Appeal Will Meet With Immc-
diatc Response-Initiai Move
to Investigate Selection of
Reserve Cities Made
in Senate.

Washington April s.--Banks apply
ing for membership must take the next
step preliminary to the Organization
OF the new Federal reserve banking
system Comptroller OF tho Currency
Williams Tonight forwarded to every
ono of the national and state banking
houses and trust companies which have
applied for membership a copy OF z
circular letter telling OF the division
Of the country in twelve reserve dis
tricts, and informing each bank to
which district it will belong.
With this notice. NJ. 9. Elliott sec
rct3ry u the reserve bank orraniza-
ton committee sent blank form on
which banks shall signify the amount
OF their subscription, and also a cir
cular letter calling attention to the
la which provides for a subscription
Of { per cent OF "A banks combined cap
ital and surplus.
The cooperation OF applying
banks Mr.. Elliott wrote. will ma
tcTialiy facilitate the organization Of
the Federal reserve banks. and enable
banks TO avail themselves of the ad-
vantagcs OF the Federal reserve sys-
tern by bringing into operation those
provisions of the Federal reserve act
which become effective ana operative
when such Federal reserve banks shall
hsve been organized.
Hope for Prompt Action.
Treasury officials We're hopeful to-
night that tho appeal for prompt ac-
iion would meet with 4 response from
;hc banks
Under tho law. banks have thirty
days after notice TO subscribe. but of
iicials do not believe that this time
limit viii be taken advantage OF by
many institutions, since banks which
intend TO enter the system have been
preparing for this step for tho last
few months
After hot debate between Southern
Senators, the irst move to investigate
the selection OF the twelve regional
reserve cities OF the now banking sys-
tenn was made In the Senate TODAY
Senator Hitchcock, Democrat, intro
ducinr a resolution calling on the or
gani2ation committee for all It's data
and the reasons upon which il based
its conclusions selecting the reserve
districts. Under objection by Senator
Swanson, Democrat, It went over until
Tomorrow
The resolution camc as the sequel to
discussion between Southern Senators
o"er the selections of Atlanta and Dali
las against New Orleans Senator
Ransdoll declared an effort would be
made to ovcrturn the selections by APP
peal 10 the Federal Reserve Board lie
endeaVorcd to have printed I'm the Rec
ord arguments made for New Orlean.
= ..
senator Martin. of Virginia, objected
to ''cluttering up the record with the
claims of all these cities"
'''rhe people of New Orleans have
become hysterical. and are taking
themselves too seriously" asserted
Senator Martin.
Interrupted by Williams.
Spirited controversy among Senator'S
Eansdell. Martin and Hitchcock was
interrupted by senator Williams, of
Mlssissippi
The poor, old. foolish Democratic
party he said. "is going through the
same old game she goes through with
whenever She cones into power. Why.
If the twelve apostles were on this
committee. and settled these reserve
cities with divine inspiration. there
would be some scurrilous criticism
Senator iIoke Smith argued to sup
port the selection OF Atlanta. and. the
incident rested with Senators Swan
son and sheppard. trying To get into
the record arguments for Richmond
and Dallas. Senator Williams object
cd. and Senator Swanson declared he
would read his into the Record later
in the day.
In the House. Chairman Glass, OF
the Currency Committee, defended Sc
lection of tho Federal reserve bank
cities. He resented the suggestion
made in The House yesterday that
Richmond is an "inconsequential mart
OF trade"
He declared Baltimore is the debtor
of Richmond banks, instead OF the
creditor as stated yesterday by Repre-
sentative Linthcum.
Mir. Glass declared talk about politi-
cal and personal consideration dictat
ing selection of reserve cities was
based on myths and whim of disap-
pointed places.