davidaulloa/AmericanStories huggingface dataset:
Eastern Utah advocate. [volume] (Price, Utah) 1895-1915, 1914-01-01
FEDERAL RESERVE BOARD.
Seven Members. Five % Whom Are TO
Get $4,000 q Year Each.

Scc 40 \ fcdcnl reserve board n
hereby created. which shall consist of
seven members Including the sccre
tary % the treasury aud the cumptrol.
Ter ~ the currency. who shall be- mem
beers "a unlcio. ana i've members ap
pointed by the president ~ the Unit
cd states 10y and with the advice aud
consent ~ the senate IN selecting the
ave nppolntite members ~ the federal
reserve board not more thnn one Of
whom shall be- sele'ted from any one
federal reserve district. the president
shall have iur rcfmrd 20 fair repre-
scntltiUu The different geographical
divisions OF The cuGItrl The i've uitm-
hcrs of the federal reserve board ap
pointed bl the irv-ldrnt mud confirmed
~ aforesaid shul dpvote their entire
time "a the husluir's NJ the federal ~
serve biHrd md sluli each receive an
annual salary Of 81 ON together with
nciunl nrocwari travelling expenses.
aud the comptroller ~ the currency
~ ex 1iirie member ~ the federal re-.
serve ianrd. shall In addition 60 the
salary now paid him M comptroller Of
the car. rucy. rc,clve the sum 10 STH0
annually Tor BIZ services ~ q member
OF mid bnnrd The members ~ said
hoard The secretary ~ The TREASURY,
the nrrslant s,srrtary Of the treasury
md the comptroller ~ the currency
fhali be- Ineligible during the time they
nrc Ia oihce and Tor tvn years thereaft
or 90 hold amy office. position 90 en-
ployment IN any member bank. or
the dive memlerS thus appointed by
the president ut ieust two shall be
persons experienced in banking or
finance one shall be designated by
the president o. serve Tor two. une Tor
four, one Tor six, one for eight. one
for ten. aud thereafter each member
so appointed shall serve Cor term Of
trn years unless souner removed for
Eastern Utah advocate. [volume] (Price, Utah) 1895-1915, 1914-01-01
RAINING RESERVE BANKS.
To Take Title o. Principal City In Re.
servs District.


ssrvs District
The said committee shall supervise
the organization In each Of the cities
designated Of federal reserve hank.
which shall Include In lts title the
name OF the city In which n n stunt.
cd. a. Federal reserve Rank Of chi
cago"
Under regulations 90 be prescribed by
the organization committee every ma.
tional banking association IN the Unit
cd States n hereby required aud every
eligible hank In the United States and
every trust company within the bis.
trict OF Columbia II hereby authorized
20 signify In writing within sixty days
after the passage OF this act IT, &C
ccptnnce o. the terms and provisions
hereof
when the Organization committee
shall have designated the cities In
which fcdenl reserve banks are 10 bc
organized and Fixed the geographical
limits Of the federal reserve districts
every national banking association
within that district shall be- required
within thirty days after notice from
the organization committee 10 sub
scribe 90 the capital stock u such f,Si'
oral reserve bank In n sum equal 10 q
per cent ~ the paid up capital stock
and surplus OF such hank
ANY national bank failing 20 signify
Its acceptance of the terms Of this act
within the sixty days aforesaid shall
cease 10 net nS reserve agent upon
thirty days notice Ia be given within
the discretion of the said organization
committee or OF the federal reserve
board
should ans national banking associi-
tion IN the United States now organ
he'd fan within one year after the pa =
sage ~ this act 10 become a member
bank under the provisions he-einbefore
stated or fail a. comply with any OF
the provisions ~ this net applicable
thereto all Of ihr rights privileges and
franchlseS 81 such association granted
90 II under the national hnuk ACT or un
der the provisions ~ this act shall be-
thereby forfeited
No Individual. comrin, rhip or cor
poratlon other thnn lnrmhcr hnns
OF lts district shall be- permitted o.
subscribe Tor or 20 bold "a ANY time
more than SiOm0 par value ~ sio'i
h any federal reserve hank Snch
stock shall be- known ms public stock
aud may be transferred on the bnoks
OF the federal reserve bank 10y the
chairmnn ~ the board of directors of
such bank
should the subscription ~ stock BY
banks aud the public be inadequate
the government itself may subscribe
for stock. Stock not held by member
banks shall be voted by Glass G direc
tOrs only
Eastern Utah advocate. [volume] (Price, Utah) 1895-1915, 1914-01-01

cause by the president. OF the Eve
persons thus appointed one shall h.
designated By the president rs gov
ornof aud one rs vice governor ~ the
federal reserve buard The governor
of the federal reserve board. subject 20
it, supervision. shall he the acting ex
ecutive officer
The federal reserve board shall have
power to levy -einiunnunlly upon the
federal reserve hanks IN proportion to
their capital stock and surplus an NJ.
sessmeut sufficient 20 pay IT, estimated
EXPENSES and salaries Of its members
md employees Tor tho half year sue
reeding the levying OF such assessment
together with any deficit carried for
ward from the preceding half year
The FIRST meeting ~ the federal re-
serve board shall be held IN Washing
ton. District Of Columbia. NJ soon as
may he after the passage ~ this act NJ
date to BE- fixed 10y the reserve bank
ORR nizatiDn committee The secretary
81 the treasury shall be OF ofiicio chair
nan ~ the federal reserve board. NJ
memlier ~ the federal reserve boari
shrll BE- nm officer ~ director ~ any
hlnk. banking Institution. trust com
pny or federal r,serve hank nof hp'd
stuck IN any hank hunking institution
pr trust COMPANY. aud before entering
upon his duties ~ u member ~ the
federal reserve board he shall certify
under oath ~ the secretary Of the
treasury that he has complied with
tbs requirement whcue, or vacah.
Is shail occur otlssr than by expiration
Of term among the six members " the
federal rcser,e board appointed by the
president as above provided. success
sor shall he appointed by the president.
with the advice and consent Of the
senate. a. flll such vacancy
Tue president shall have power to
nll all vacancies that may happen on
the federal reserve board during the
recess ~ the senate by granting com.
missions which shall expire thirty days
after the next session u the senate
convenes
Eastern Utah advocate. [volume] (Price, Utah) 1895-1915, 1914-01-01

dD To permit or on the affirmative
vote Of ut least Eve members Of the
reserve board 10 require federal re-
serve banks 10 rediscount the discount
cd paper Of other federal reserve
banks az rates Of interest 20 be fixed
by the federal reserve board
tcl To suspend for period not ex
ceeding thirty days. and from time 70
time 10 renew such SUSPENSION for re
RODS not exceeding fifteen days. any
reserve requirement. specified IN this
act: Provided. that II shall establish a
graduated tax upon the amounts 10y
which the reserve requirements u this
act may ~ permitted 10 fall below
the level hereinafter specified and
provided. further. that wher, the gold
reserve held against federal reserve
notes falls below 20 per centum the
federal reserve board shall establish
graduated tax Of not more than per
ccutum upon such deficiency until the
reserves fall to 32is per ccutum. aud
when said rcserte falls below 32ii
per centum. tax az the rate incrcas
lngly Of not less fhan ~ Ter cenium
upon each ~ pc. -entum or Fraction
thereof that such reserve falls below
32is per ccntum. 'rhe tax shall be- paid
by the reserve bi nix. but the reserve
bank shall add an amount equal to
said Tux to the rutcs " interest and
discount Fixed by the federal reserve
board
tdi t. supervise md regulate through
the bureau under the charge Of the
comptroller ~ the currency the issue
and retirement " federal reserve
notes. and 20 prescribe rules and regu.
lnti0ns under which such notes may
be- delivered by the comptroller TO the
federnl reserve agents applying there
Tor
tei To add 60 the number Of cities
classified A. reserve and central re-.
serve cities under existing law In
which national banking associations
are subject 20 the reserve require
ments set forth In section 20 of this
act or TO reclassify existing reserve
and central reserve cities or 90 terml.
nate their designation as such.
~ To suspend or remove any oflcer
or director ~ any federal reserve
bank. the cause ~ such removal 10 be
forthwith communicated In writing by
the federal reserve bonri to the re
moved officer or director aud to said
hank
ca To require the writing OF 81
doubtful or worthless assets upon the
hooks and balance sheets ~ federal
reserve banks
(hl To suspend. for the violation OF
any % the provisions Of this act. the
operations Of any fedcrnl reserve
bank, 60 take possession thereof. nd.
minister the aame during the period Of
suspension and when deemed advisa.
bic To- llquIdate or reormnize such
bank
~ To require bonds OF federal to
serve agents. 90 make regulations for
the safeguarding Of all collateral
honsls, federal reserve notes. uiuncy or
PROPERTY ~ aus Mini drifislird In the
Continued on page seveul
Eastern Utah advocate. [volume] (Price, Utah) 1895-1915, 1914-01-01

shall cxtablish branch banks within
the federal reserve district In which
Il l. located aud may do W In the dis
trict Of any federal reserve bank
which may have been suspended
such branches shall be operated by
board Of directors under the rules aud
regulations approved by the federal
reserve board Directors of branch
banks shall possess the same qdalli
cations ~ directors Of the federal ~
serve banks. -Four of aid director.
shall be- selected by the reserve bank
and three by the federal reserve board.
and they shall hold Office during the
pleasure. respectively. Of the parent
bank aud the federal reserve board
The reserve bank shall designate one
u the directors ~ manager
Sec 4. sss Upon the hlh 81
certificate with the comptr Ter of the
currency /. the -uid federal To-.
serve bank shall become u body ror
porate aud ~ such and IN the name
designated In such organization Get
tihcate shall have power
First To adopt and use a corporate
seal
second. To have succession Tor n b.
Rod Of twenty years from H., orRaniEa
ton unless u II sooner dissolved by nm
act of congress or unless its franchise
becomes forfeited by some violation Of
law.
Third make contracts
Fourth To sue aud be sued. com.
plain aud defend In any court of law
or equity.
Firth. TO appoint by ~ board Of
directors. elected ~ hereinafter pro.
vlded. such officers as are not other
wise provided Tor IN this act. to define
their dutie. require bond. Of them and
az the penalty thereof. 10 dismiss such
officers ~ amy ~ them M may be ap.
pointed by them nj pleasure and to ap
point others o. Oh their places.
sixth. TO prescribe by its board Of
directors bylaws not Inconsistent with
law regulating the manner In which IT.
general business may be conducted
aud the privileges granted 60 II by law
may be exercised aud enjoyed
Seventh To exercise by IT, board 81
directors or duly authorized officers or
agents all powers specifically granted
by the provisions ~ this act aud such
incidental poWe Hs shall be- ne estnry
10 carry on the business OF banking
within the limitations prescribed by
this act
Eighth upon deposit with the trenr
urcr Of the United states OF any bonds
OF the United States In the mnnner
pro, lded by existing law relating a.
national banks to receive from the
comptroller uf the currency circulating
notes Ia blank. Registered ana counter
signed M pro, ldcd 10y law. squat n
amount a. the par value Of the bands
~ Deposited such notes a. he issued
under the same conditions and prov
sioiir pf law which relate Ia the ls-nr
~ rlruniing NOTES of national hanks
secured hS lond- 90 the rnlted Slulc-
h,nrlnp the linulutlnH privilege. eS
CIT thu the issu. nf such notes shall
not be- limited a. the amount ~ the
cupilnl sturk ~ such federal reserve
uauk
liui uu fedviul RESERVE lmuk shall
transact nny misiners except such ~
h la, ldenmi mud necessarily prclimi
rnry tn H. organization until Il has
been authorized ly the comptroller ~
/ the currency Ia commence business un'
der the provisions ~ this act
Eastern Utah advocate. [volume] (Price, Utah) 1895-1915, 1914-01-01
CLASSES OF DIRECTORS.
Board Of Mine to Control Each Reserve
Bank.

Every federal reserve bank shall be-
conducted under the supervision and
fontrol OF board OF directors.
Such board Of directors shall be Sc
iected ~ hereinafter specified aud shall
consist OF nine members, holding ONCE
for three years aud divided into three
Glasses. designated Ms Glasses A. u
aud 4.
Glass A s..all consist of three mem
beers. who shall be- chosen by and be
representative Of the stock holding
banks
Glass u shall consist OF three mem
her. who at the time Of their election
shall be- actively engaged Ia their dis
trigt IN commerce. Ia agriculture or In
sume other Industrial pursuit
Gins, shall consist Of three mem
ben. WIN shall he designated 10y the
federal reserve hoard When the nee
essary subscriptions Ia the capital
stock have breu nbtunrd 10. the OF
ganlzntion Tor any federal reserve
bank the federal reserve board shall
appoint the Glass e directors ana shall
designate me ~ such directors AZ
chairman Of the board 20 be- selected
Pending the designation OF such chair
man the organization rommittee shall
Eastern Utah advocate. [volume] (Price, Utah) 1895-1915, 1914-01-01
RESERVE BOARD POWERS.
Has Controlling Hand or Banking Of
the Nation.

Sec ~ The federal reserve board
shall be- authorized aud empowered.
Ca To examine at H. discretion the
accounts. books and a1nir Of each
federal reserve bank and ~ each mon.
her bank and 90 requirv such state.
ments aud reports M u may deem
necessary. The said bpard shall pub
lish once each week statcmsnt show.
ms the condition ~ each federal ~
serve bank ana n consolidated state
ment for MI fcdeuil reserve banks
such statements shall show IN detail
the assets aud liabilities ~ the federal
reserve banks. single and combined.
and shall furnish full Information re-
gardlng the character Of the money
held NJ reserve and the amount nn.
TURF and matnrltiea Of the paper and
other Investments owned or held By
federal reserve banks.
Eastern Utah advocate. [volume] (Price, Utah) 1895-1915, 1914-01-01
Division Of Earnings.

Sec. :. After all necessary expenses
OF n federal reserve bank have been
paid or provided for. the stockhold-
err shall be- entitled 10 receive an
annual dividend OF per centum on
the paid In capital stock. which divl.
dsnd shall be cumulative. After the
aforesaid dividend claims have been
fully met all net earnings shall be paid
20 the United States ne franchise
Tux. except that one-half Of such net
earnings shall be- paid into n surplus
fund until II shall amount 60 40 per
centum ~ the paid In capital stock Of
such bank.
The net earnings derived BY the Unit
cd stntc- from federal reserve banks
shall. IN the discretion Of the secretary I,
be used a. supplement the gold reserve
held against outstanding United States
notes. or shall be applied 60 the ~
cnction Of the outstanding bonded In
dcbtcdncss 81 the United states. Re
serve banks shall not be taxed except
upon real estate.
Section amends the existing bank
Ing laws. 10 that stockholders owning
81 per cent Of the stock OF banks other
than national banks can convert their
organizations into national banks
Section describes how state hanks
may become members of reserve banks.
Eastern Utah advocate. [volume] (Price, Utah) 1895-1915, 1914-01-01

Kinds
Al The Advocates-Advt- Publishing Co-Advt
Eastern Utah advocate. [volume] (Price, Utah) 1895-1915, 1914-01-01

twas of those rackng medical examn.
atoms and the Professor had just asked of class
how much OF certain deadly drug the proper pre-.
scripion.
Ten grains, sir
Fifteen minutes later the pupil raised his hand and
asked permission to change his answer.
Its too late late to change the dose replied the
professor Your patient has been dead for minutes"
great many buyers of Lumber and Building Mater.
ial will feel like this pupil after putting lot of material
into their buildings because it cheap" After their
buildings begin to fall to pieces in short time they wish
they could have changed the dose and used material
When you build make quality your motto and LET
us supply with the material that will insure you lasting
satisfaction.
Our prices higher than Others but our quality is
Eastern Utah advocate. [volume] (Price, Utah) 1895-1915, 1914-01-01

UVH"HEFl IH' -
Rotary Of agriculture and the comp.
troller of the currency, acting NJ the
reserve bank organization committee.
shall designate not less than eight nor
more than twelve cities 20 be known ~
federal reserve cities. and shall divide
the continental United States. exclnd.
ina Alaska. into districts. each district
10 contain only one Of such federal re-
serve cities
Eastern Utah advocate. [volume] (Price, Utah) 1895-1915, 1914-01-01

TiIE federal reserve act Ia now a
part Of the law of the land
with President Wilson's sigma
ture O. the new Glass-Owen
currency reform bill the country looks
forward 20 the practical working out
OF the act The law Is In part NJ fol.
lows:
An act TO provide for the establish
ment Of federal reserve banks 10 fur.
nish an elnsti currency. 10 afford
Eastern Utah advocate. [volume] (Price, Utah) 1895-1915, 1914-01-01

means ~ redlls.
counting CONNER.
cial paper. TO -
tnbllsh n more 81.
fective super
vision of banking
In the unfted
states and Tor
other purposes
That the short
title o. this act
shnll be the fed
errl reserve act"
Sec. 2 A. soon
a. practicable the
secretary Of the
Eastern Utah advocate. [volume] (Price, Utah) 1895-1915, 1914-01-01

exercise the powers and duties apper.
tanning to the Office OF chairman IN the
organization Of such federal reserve
bank
No senator or representative In cor.
gress shall be a member OF federal re.
serve board or an officer or director
OF federal reserve bank
No director of Clnss y shall be- an
officer director or employee of any
bank
No director Of Glass G shall be 10
officer director. employee or stock
holder Of any bank
Glass g directors shall be appointed
BY the federal reserve board They
shall have been for at least two years
residents Of the district for which
they are appointed. one OF whom
shall be slgnntcd by said board AZ
chairman OF the board of directors Of
the federal reserve hank ana rs fed.
crni reserve agent" lie shall be y
person " tested banking experience.
aud IN addition 10 his duties M chair
man Of the board Of directors % the
federal reserve bank be shall be re-
quired to maintain under regulations
to be established by the federal reserve
board local Office of said board on
the premises Of the federal reserve
bank.
Sec. g The capital stock Of each fed.
eral reserve bank shall be divided Into
shares Of 500 esch.
Eastern Utah advocate. [volume] (Price, Utah) 1895-1915, 1914-01-01
RESERVE BANK BRANCHES.
Regional Institutions Empowered q
Establish Sub Banks.

No federal reserve bank shall con-
mence business With subscribed cap.
itai less IN amount than S3,O00O00.
See. o Each federal reserve hank
Eastern Utah advocate. [volume] (Price, Utah) 1895-1915, 1914-01-01

Rubber stamps OF every descrip-
ton sold by The Advocate Publish
ing Co.--Advt.
Arizona republican., 1914-06-02
WORLD of SPORT
CATION LOSES FIRST ENCOUNTER WITH CURL
Boy Wonder Downed by 42 Points in Long Handicap at 18.2 Balk
 Line; Must Win Tonight

BING.
 Just like that. Marcus Cation, premier boy billiardist of the south west, received the first defeat Ot his later years at the hands of Curl last night in the first match of their 1S2 balk line tournament, which is run ming at the St Elmo all this week. Cation was playing for 200 points against Curl's fifty, and the challen- ger ran out with the champion lin- gering around the 14S mark.
 Curl played a .very consistent game. and astOnished everybody with a high run of twelve and an average of two flat. Cation, who has been training with Prof" Bauer. was considerably lamed up in the ankles as result of a ten-mile run taken at too sharp q pace and too early in the training season. This was partly the cause of his defeat, as he was not able to play in his usual form.
 Cation had high runs of 5S and 47, but they availed him nothing.
 Tonight he will have to make PAP to his opponents 50, as they are playing for a thousand points to two fifty in blocks of 200 each for the handicap man.
Arizona republican., 1914-06-02
HUERTA WANTS ELECTIONS
ASSOCIATED PRESS DIsPATCH1

MEXICO CITY. June 1.-Huerta according to persons close to him. has proposed elections for president and vice president. senators, deputies and state governors to be held on July ,, as decreed by congress. He is desirous these elections be free and legal, the constitutionalists having the right to exercise supervision of those portions of the republic now con- trofied by the government and gov ernment agents the same right to su = pervise the retyrns from those parts of the country now in the hands of the conStitutionalists.
 Huerta, according to the same au- thority, has made solemn promises to hand over the executive power tC the president thus elected. He ob- jects to the appointment of a new provisional president because this would cause the impairment of tht national sovereignty.
Arizona republican., 1914-06-02
YACHT TRIALS START
 TODAY FOR CUP RACE
Three Month Tuning Period Starts Today-Resolute, Defiance and
 Vanitie are Contenders
ASSOCIATED PRESS DISPATCH

ASSOCIATED PRESS DlSPAIChJ
 NEW YORK, June 1.-The three month period of tuning up and trial races for the three yachts, candidates for the position of Americas cup de- fender, begins on Tuesday, with the races of the New York Yacht club off Glen Cove, Long Island. Between June 2 and August 22, no less than forty five days of racing are scheduled for the Resolute, Defiance and Vanitie. Dur ing the month of June the races in which the cup defense candidates will compete are considered in the light of practice and tuning up contests, but beginning early in July the cup com mittee will consider each race in which these three yachts appear as trial events and the showing made from day to day will have a direct bearing on the final selection of the yacht which will oppose Sir Thomas Lipton's Sham rock ", off Sandy Hook in September.
 The two principal features of this long schedule are the round robin ser ies off Newport July to 15 and the final trial contests over the same course August Is to22 In the July ser ies each yacht will race in turn against the others while in August races each days contest will be a three-yacht race. In case, however. the cup com mittee should reach a decision regard ing the best boat of the trio at any time previous to August p, it is expected that the remaining dates will be can celled in order that the cup defender may have more time for dry docking overhauling and other final prepara- tions for the international regatta of Sandy Hook scheduled to start on Sep tember 10.
Arizona republican., 1914-06-02

the constitutionalists army will be the provisional president of the Mexican republic while the elections are peins verified and constitutional order re- stored to the country. They point out the fact that conquerors are not usu- ally wont to permit the conquered to dictate the terms of peace, which is practically what is being asked of them bv the commission. The constitution alists are especially caustic in their comment on the proposal of the com mission to take up the agraran ques- ten. and propose some form of settle ment. They declare that this is purely an internal problem and that they Will