New Britain herald., 1914-04-03
RESERVE BANKS Al
 NAMED BY COMM
Twelve Cities Designated E cTd Institutions.
A,o00,oOO FOR MINIMUM
Expected That Business Will l Three Months and Revolt Change Will Take Place i'm Financial Machinery.

Change Will Take Place in
 Financial Machinery.
 Washington, April 3.-A various steps still must be tai fore the new federal reserve ing system begins operation. t officials expected today tn twelve regional reserve banks open for business within three and that the revolutionary in the nations financial ma would be an accomplished fac. in that time.
 With the designation of the centers the organization corl took the first decisive step perfection of the system. Th< named are Boston, New York, delphia, Richmond, Atlanta, land, Chicago, St. Louis, Minn( Kansas City, Dallas and San cisco.
 Official Ceatification Mad}
 The first work today was >certification to Comptroller Currency Williams, of the sell and MT. Williams began the notifying every one of the 7.5| tional and state banks which Ind piled for membership. 1t wi general expectation that n| banks in the twelve districts immediately begin preparatio| the establishment of their \ banks. Every bank, under th must begin payment of a sul tion of six per cent. of its and surplus to the stock of serve bank within thirty dayd notification.
 In accordance with the law, q as the member banks in a have subscribed the minimum al of stock. for a reserve bank 00,000-five banks will be de} ed to execute the formal cert of organization.
 After its reception here tn serve bank will become a co ton and entitled to begin busif
 The next step will be the sel of boards of directors for tl serve banks.
 Stipu1ations of Law.
 The law also stimulates thu sixth of the subscription sha payable on call of the organi committee or of the federal II board; one-sixth within three III and one-sixth within six n thereafter, and the remainder subscription or any part of it be subject to call when deemed essary.
 Cities and Districts.
 District No. l, Boston. R bank will have capital of $' 740,. with 446 national banks as bers. Territory included, New land states.
 District No. 2, New York. C $20,687,616, with 47S national number of state banks (not giv' members. Territory, state of York.
 District No. 5, Philadelphia. ital, $12,993,013, including S0l tional banks and several state ! Territory, New Jersey and Dell and all Pennsylvania. east of Vi boundary of following counties Kean. Elk, Clearfield, Cambria Bedford.
 District No. 4, Cleveland. C' $11,e21,535, with TEA nationa several state banks. Territory, of Ohio, all Pennsylvania lying of District No. 8, the counties of shall, Ohio; Brooke and Hanco, West Virginia, and all Kentucls, of the western boundary of tn lowing counties; Boone, Grant, Woodford, Jessamine, Garrard, coin, Pulaski and Mccreary.
 Richmond Is Fifth.
 District No. 5, Richmond. q, $6,543,281, with 475 national and a number of state bank trust companies. Territory, ID of Columbia, Maryland, Vii North Carolina, South Caroiina all West Virginia, except those ties in District 4.
 District No. 6. Atlanta. c $4,702,7S0, with 372 national ! etc. Territory Alabama. Ge Florida and Tennessee east oi western boundary of the foli counties: Stewart, Houston, W Humphreys and Perry: all Missi south of the north boundary ( following counties: Issaquena, key, Yazoo, Kemper, Madison. ard Neshoba; all the southel part of Louisiana east of the w boundary of the following cou Pointe. Coupee. Iverville, Assun and Terrebonne.
 District No. z, Chicago. c $13,151.92s, with s84 national etc. Territory, Iowa. all wiss south of the northern boundary [ following counties: Vernon, columbia, Dodge. Washington Osaukee, all of the southern ! sula of Michigan, viz: All that
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