The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-11-17
Asks Report on Business.


- ernl Reserve Hoard telegraphed the banks.
requesting that they report to him as soon
us possible upon the business done by them
during the day. No such reports We're re-
ceived In time 10 We given out FOR puhlica-
ton tonight.
The kilograms from the banks We're
received as the board was in session this
afternoon. passing on important matters
relating to the opening of the BANKS. These
are the approval Of "A form Of weekly
statement from the banks and the fixing
Of salaries for officials Of the banks. An
puuncements are expected on these mat
ters for tomorrow.
The official announcement Of he open
ing was. conveyed in this telegram hv
Secretary McAdoo TO all the member
banks:
Whereas the necessary provisions OF
tho act of Congress approved December
h23, 1913. and known as the Federal re-
sserve act. have been complied with and
n certificate authorizing the Federal re-
serve bank of ----- to commence
business has been executed and delivered
by the Comptroller ~ the Currency to
said banks
Nov, therefore. in accordance with
section - Of saId act you ar" hereby
notified thai sad bank has been es-
tablished and opened for business. ana
dhRt the reserve requirements prescribed
by said section together with other pro-
visions of the Federal reserve act per-
tanning 20 matters of opera lions Of said
Federal reserve bank and its members.
as defined hv the act referred to. from
and after this date shall become es-
fectve
For your information and guidance
there IL enclosed an approved form for
computation Of reserve, under the pr
Visions az said act. and copy ~ sec
sion ~ of said act relating 20 and de
filming suCn reserve r-uu.rrmruts'
When III, notices were. signed s,lr-
grams like the following were sent at
once to each of the reserve banks
sFederai RcScrrc Bank Of -:
THE Comptroller of the Currency at
the close Of business on November "a.
having executed the certificate authoriz-
ing the Federal Reserve Bank 81 ----- 70
commence business. | have This morning
signed the announcements To- he mailed
90 all member banks OF the ts'thl ehU-nt
% your bank and this viii bee suur ,u-
fhority t. place ia the mail copies Of the
announcement sent YOU for this purpose
Notes OF Artistic Design.
The designs of the new Federal reserve
notes, just authorized, are believed by the
board TO he the most practical and artistic
designs ever placed on American currency
The law provides that the new currency
shall be issued in denominations OF s.,
$40, $40. $50 and 500 The portraits en-
graved on the faces OF the various de-
son; $50. Cleveland; $50, Grant; 800
Franklin.
= Aside from the beauty and artistic fea-
tures on the reverse side Of the note issues
the designs are said 10 AFFORD the greatest
possible protection against counterfeiting
The designs on the backs are: 81, on left
representing the discovery Of America by
columbus on right. landing uf the Pill
Crims ON Plymouth Rock. on the $40 are
typical scenes Of agriculture and manu-
faCture on the left. harvest scene and a
modern factory on right. The 500 note has
scenes Of transportation on land and water
and in the air, tngra wings Of q modern
railroad train AN automobile and an aero
plane ON lDft an ocean liner in New York
harbOr with New York skyline and statue
OF Liberty in background on rlgh,
A symbolical picture across the $50 note
represents America presiding over the
Panama Canal, in the centre an allegori-
cal hgurr OF woman with ocean views
on either side on the left "A picture Of a
merchant steamer on the right that OF A
battleship. on the 500 note IL an ale
gorical picture covering the entire back OF
the note, composed OF central group rep
Tesentng America seated with figures on
each sid" showing peace and plenty: on
the left figure of Labor bearing tho h.r-
vest; on the rigAt a tgurr reureseutlng
Mercury suggesting the distribution Of
the harvest.
The Federal Reserve Board made Duhlic
To-day regulation 40. :, which def mes
time deposits and savings accounts Hero
Is the regulation:
section ~ "f the Federal reserve act
Demand deposits within the meaning ~
thls act shall comprise all deposits MAYA
Ole within thirty days, and time deposits
shall comprise all deposits payable after
thirty ~ ana an savings accounts
and certificates or deposit which ar sub
je"t 20 nor i"s4 than thirty days notice
before payment