Evening journal., 1914-05-12
UNION BANK Will
AID new SYSTEM.
Is One OF Five Institutions
in This District to Expe-
dite Banking Plan
EXPECT RESERVES TO
OPEN BY AUGUST ]

The Union National Bank Of this
city yesterday was designated to
execute organization certificates for
the several Federal reserve banks.
This Is one of the final steps in the
establishment of the new banking
system.
The Union Bank Is the only bank in
Delaware designated to execute or
ganization certificates in the Third
Federal Reserve district of which
Philadelphia is the regional bank
centre. John H. Dandy Is president
of Union Bank and Senator Willard
Salisbury is a director of It, The
Central National Bank and the Ma
tional Bank of Delaware also are part
of the new Federal reserve system IN
this city.
Other banks designated in the Phil
adelphia district follow:
Pennsylvania-Philadelphia Nation
al Bank, of Philadelphia; Bank Of
North America, of Philadelphia.
New Jersey-First National Bank,
Of Jersey City; Essex County Nation
al Bank, OF Newark
In statement ACCOMPANYING the
list of banks designated the organiza-
tion committee says.
The execution of this certificate
Will practically complete the incor-
poration Of each Federal reserve bank,
and when filed with the Comptroller
Of the Currency, the election of direc-
tors may be Immediately proceeded
with. The board of each bank will
consist Of nine directors, six of these
are elected by ballot by the subscrib-
ing banks and three are appointed by
the Federal Reserve Board. When
this board has been organized the
Comptroller of the Currency will is
sue his certificate or charter author
izing the Federal reserve banks To
begin business.
To Organize at Once.
"ln order 10 expedite the incorpora-
tion and organization OF the several
/ Federal reserve banks, the secretary of
| the committee has telegraphed each
bank designated asking that a special
meeting be called at once for the pur-
| pose of passing a resolution authorizing
ITS officers to execute the organization
certificates. Arrangements have been
made with each of the designated banks
to have their representatives meet in
the Office of the president of the Clear
ing House Association of each Federal
reserve city as soon as the resolution
mailed to each bank has been passed by
its board Of directors.
I'm the meantime the certificate of
organization has been prepared by the
committee for eacR Federal reserve
bank and will be mailed at once TO the
president of the Clearing House Asso.
citation in each Federal reserve city. [,
be held by him until the representa-
tives of the designated banks can b,
convened.
by the end OF the month It Il
hoped that the committee will receiv
nominations for Glass A and Glass !
directors, and the names of the dis
trict reserve electors elected by tn
subscribing banks so that the vot
may be taken early in June. Forms
for the use in reporting election O
district reserve electors and the nom
mating of candidates will be mailei
to the several banks as soon as tn
organization certificates have beel
received and filed. Every effort 4
being made by the committee to ex
pedite this election so that the boar
of directors of each Federal reserv
bank may be organized in ample tim
to elect officers, select employees AM
banking quarters and to place tn
banks in actual operation by Au
gust l."