Evening journal., 1914-04-03
wins
A RESERVE BANK
Banking District Comprises
Eastern Pennsylvania, New
Jersey and Delaware
ELEVEN OTHER
CITIES NAMED

serve cities in the list OF - named
under the new currency law by the or
ganization committee. consisting of
Secretaries McAdoo and Houston and
Comptroller Of the Currency Williams.
The full purpose OF the act, aimed to
prevent the boarding of resources in
New York, was realized when Philadel
phia was designated. The territory em-
braccd is such a. to draw as much from
New York as possible. The district
departs greatly from that recommend
cd by the committee OF Philadelphia
bankers, headed by Levi L. Rue.
The district OF which Philadelphia Is
the centre embraces all OF New Jersey
and Delaware, and the eastern section
OF Pennsylvania, the western boundary
being formed by the counties of Nc
koan. tlk, Cleariicld, Cambria and
Bedford. The banks of Wilmington,
Del, advocated Philadelphia as re-
serve centre.
The other reserve centres arc: Bos-
| ton, New York, Cleveland Richmond,
| Atlanta, Chicago st. Louis, Minneap0-
lis, Kansas City, Dallas and San Fran
cisco.
12,OO0,OOO Capital Stock.
In No. 3 district Philadelphia regional
reserve there will be 500 national
! banks and one trust company has ac-
cepted the provisions of the new law.
] The capital stock of the Federal Re-
serve Bank OF Philadelphia, on the
basis OF per cent. of the total capital
stock of the asserting banks is S12,-
] ttrffh "a fpfu aunfful afnTr and
surplus OF the Federal banks OF S216,-
34O,213. The surplus and capital
stock, including the one trust COM
pany which has applied for admis-
sion, is $216,55O,213.
The amount on deposit from all
/ banks and trust companies in Phila-
delphia is given about $173, 100000,
and the amount loaned to all banks
and trust comuanies on bills payable,
rediscounting and direct loans is S6,-
100000
The Philadelphia district covers an
area OF 39,465 square miles and the
population of the district is S,110,217
The other districts follow:
District No. /, Boston Reserve
bank will have capital Of $9,931,740,
/ with 446 national banks as members.
I ASAi ANVly AhNiuNNHf NNN LhbAaiiu
States.
District No. 2, New York. Capital
S20.6 ,616, with AIS national and a
number Of state banks mot given) as
members. Territory, State of New
York.
District No. 4. Cleveland. Capital,
S11 ,62t ,535, with 724 national and sew
eral state banks. Territory. state OF
Ohio, all Pennsylvania lying west Of
District No. 3, the counties of Mar
shall. Ohio, Brooke and Hancock in
West Virginia and all Kentucky east
of the western boundary of the fol-
lowing counties; Boone, Grant. Scott,
Woodford, Jessamine, Garrard, Lin
coin. Pulaski and McCreary.
District No. 8, Richmond. Capital.
S6.543, PSI. with 475 national banks
and a number of state banks and
trust companies. Territory. District
Of Columbia. Maryland, Virginia.
North Carolina, South Carolina and
all West Virginia except those coun-
ties I'm District No. 4.
District No 6, Atlanta Capital,
S4.7O2,7SO, with 372 national banks,
etc
District No. Z. Chicago. Capital,
St3,l51,952. with 9S4 national banks,
etc
District No. 8, ST. Louis. Capital.
$6.2l9,323, with 43i national banks,
etc.
District No. 8. Minneapolis. Capt.
tai. S4,7O2.S64, with 6S7 national
banks. etc.
District No. 10. Kansas City. Capt.
tai. s5.594.916, with S35 national
banks. etc.
District No. II, Dallas. Capital,
s5,634,O91, with 726 national banks,
etc.
District No. f2. san Francisco.
Capital SS,115.524. with 514 national
banks. etc.
Governing Factors.
Among the many factors which gov
cred the committee I'm determining
the respective districts and the selec-
tion Of the cities which have been
chosen we're:
F'irst-The ability Of the member
banks within the district 10 provide
the minimum capital Of S4.OO0,O0O re-
uuired for the Federal reserve bank
on the basis Of per cent. of the cap
ital stock and surplus Of member
banks within the district.
Sccond-The mercantile. industrial
and financial connections existing IN
each district and the relations be-
tween the various portions of the
district and the city selected for the
i location of the Federal reserve bank
Third-The probable ability of the
4 Federal reserve bank in each district
4 after organization and after the pro.
visions OF the Federal reserve aci
shall have gone into effect, to NEE
4 the legitimate demands OF business
4 whether normal or abnormal. in &C
cordance with the provisions Of th'
Federal reserve act
Fourth-The fair and equitable di
4 vision of the available capital fo-
the Federal reserve banks among th
districts created.
Fifth-The general geographical
situation Of the district transporta
B ton lines and the facilities 70
speedy communication between th
Federal reserve bank and all portion
Of the district.
SiNth-lhe population. area an
prevalent business activities Of the dis
trict. whether agricultural, manufactm
ing, mining or commercial. its record q
growth and Development in the past an
it, prospects for the future.
In determining the several district
N the committee has cndcavored 10 follo'
state lines as closely as practicable. an
wherever IL has been found neccssar
n to dcviate. the division has been alon
lines which are believed 10 be most cor
venient and advantageous for the di
j