Evening journal., 1914-02-20
LAST NOTICE
TO THE BANKS
All Must Signify Intent to
Join Federal System by
Monday
l7O HAVE NOT
YET SENT WORD

WASHINGTON, Feb. 20.-Finai
warning has boon sent out TO the l7O
national banks OF the United states
which have failed 10 signify their iu-
tention TO enter the new Federal
banking system that application for
membership must be made by Febu-
AIRY 23 or banks must prepare 10 go
into liquidation within 10 months
The reserve bank organization
committee az the same time took
steps 20 learn from the Attorney
General of every State whether State
banks under their laws can subscribe
10 stock IN the reserve banks. an
action which is essential 10 member
bership in the new Federal system.
The warning 10 tho national banks
signed by NJ. G. Elliott secretary of
the committee, was as follows
The organization committee has
ruled that under provisions OF the
Federal Reserve act all national
banks are required 10 accept same
and to notify the organization COM
nlittee to this effect on or before
February 2S and failing TO do so
shall go into liquidation not later
than December %. 1914. whether
national banks failing 10 give no.
ticc required on or before February
-3 can under any circumstances be
permitted 10 enter the system later
has not been officially passed upon.
but the unanimous ruling of the or
Kanization committee is that no ma
tional bank can claim this privilege
as Of right after date mentioned. Ma
tlonal banks representing over IS per
cent of the entire national banking
capital of the United States have al
ready given notice of intention 10
accept the provisions of tho new law.
You are requested 10 notify the or
ranization committee Immediately II
IL Is the desire of your bank to ac-
cept the provisions Of the Federal
Reserve act"
NcAdoO Asks Information.
Secretary McAdoO's telegram TO
the State Attorney Generals said:
Tho reserve bank organization
committee viii be obliged II YOU will
inform the committee whether, under
the laws OF your state. Il Is permits
sible for state banks desiring TO en-
Ter the new system TO subscribe TO
stock of the Federal reserve banks.
Legislature next meets and whether
or not Il Is probable that at that
time legislation giving such permis-
sion Will be enacted. Prompt and
fun reply by mail will be much sp-
prcciated"
With the return here Of the Fed
eral reserve bank organization COM
mittoe. composed Of Secretaries Nc
AdOo aud Houston, after an extended
tour of the country, interest was re-
vived in the question Of the location
of the regional reserve banks pro-
vided for under the new currency
law. On this point the committee
was emphatic that there would be no
decision until after Il had made a
thorough study OF the data gathered.
The members of the committee
were az their desks yesterday beam
ing with optimism regarding the
financial situation of the country and
highly gratihed with the results Of
their trip They declared they found
practically unanimous sentiment
among bankers and business men
that the Currency bill would benefit
business conditions and, furthermore,
that the measure was a great step In
advance.
Much Data To Go Over.
The committee had before IL a
Noluminous mass of Information
gathered on the needs and desires OF
bankers and business men of all sec
lions regarding the location Of tho
reserve banks n viii now go ovcr
the data, but Tho selection Of The
Federal reserve cities and definition
OF reserve districts viii not be made
until after all phases of tho prob
lcm have been considered
Secretary McAdoo expressed the
hope that the new systom would he
in operation next fall. adding that II
IL should not be. the resources Of the
Treasury would again be placed al
be disposal Of tho business interests
" the country.