Harrisburg telegraph. [volume] (Harrisburg, Pa.) 1879-1948, 1914-04-03
NEW RESERVE BANKS
READY FOR BUSINESS
[Continued from First PageJ


banks in the twelve districts would
Immediately begin preparing for the
establishment of their reserve banks.
Every bank. under the law, must be-
cent. of its capital and surplus to the
stock of its reserve bank within thirty
days after notification
1 Must Subscribe $4,0OO,0O0
|, In accordance with the law, as soon
as the member banks in a district
have subscribed the minimum amount
OF stock for reserve bank--s4, ,000,-
00O--five banks will be designated to
execute the formal certificate of or
ganization.
I After its reception here the reserve
bank will become a corporation and
entitled to begin business.
The next step will be the selec-
ton of boards of direc tors for the re-
serve banks. There will be nine di-
rectors for each bank, three to be ap-
pointed by the Feueral Reserve Board,
which itself is yet to be FAMED by
1 -
the member LanhS In each district.
| No Retrencimcnt Likely
| Although the teueral Reserve Board
| is to choose three directors in. each
reserve bank and appoint O reserve
agent for each bank, who Is to act as
It's mouthpiece, the organization COM
mittee may perfect the organization
o a reserve bank for all practical
purposes before the reserve board is
| tQnnnjntpd q a
committee will exercise this author
ity to launch the system as soon as
possible.
n the opinion of officials here the
transfer of money from member banks
in payment of their subscriptions to
reserve banks will be accomplished
without disturbance to business and
| without any curtallment of credit or
| retrenchment in loans or discount
The law gives nearly a year to the
tanks for the payment of one-half OF
their total subscriptions, and 1t was
believed that this time would prove
su1ncient in every case.
Country Districted
The twelve dIsLrlcts and the twelve
cities selected for the location of the
| federal reserve banks are as follows:
District No. MAINE, New Hamp-
| shire, Vermont, Massachusetts, Rhode
Island and Connecticut. with the city
| of Boston as the location of the fed
eral reserve bank.
| District No. a. New York, with
| New York city as the location of the
federal reserve bank.
District No. 3-New Jersey, Della
| ware and all that part of Pennsyl.
vania located east of the western
boundary of the following counties:
| Mexican, Elk, Clearfield, Cambria and
bedford, including Harrisburg and the
! surrounding towns with the federal
reserve bank in the city of Philadel-
phia.
District No. 4-Ohio, all that part
of Pennsylvania lying west of District
No. B; the counties of Marshall, OHIO.
Brooke and Hancock in the State of
West Virginia, and all that part of
Kentucky located east of the western
boundary of the following counties:
Boone. Grant, Scott, Woodford, Jessa-
mine, Garrard, Lincoln, Pulaski and
McCreary, with the city of Cleveland,
Ohio, as the location of the federal
reserve bank.
District No. 5--District of Columbia,
Maryland, Virginia, North Carolina,
South Carolina and all of West Vir-
ginja except the counties of Marshall,
Ohio, Brooke and Hancock, with the
federal reserve bank located in the
city of Richmond, Va.
District No. G. Alabama, Georgia
and Florida, all that part of Ten
nessee located east Of the western
boundary of the following counties:
Stewart, Houston, Wayne, Humphreys
and Perry: all that part of Mississippi
located south of the northern boun-
Diary of the following counties: Issa-
quena, Sharkey, Yazoo, Kemper, Madi-
son, Leake and Neshoba; and all of
the southeastern part of Louisiana
located east of the western boundary
of the following counties: Pointe
Coupee, 1berville, Assumption and Ter
rebonne, with the city of Atlanta, Ca,
as the location OF the federal reserve
bank.
District No. Iowa, all that part
northern boundary of the following
counties: Vernon, Sauk, Columbia,
Dodge, Washington and Osaukee; all
of the southern peninsula of Michigan,
viz: that part east of Lake Michigan;
all that part of Illinois located north
of line forming the southern boun-
larry of the following counties: Han
Christian. Shelby, Cumberland and
Clark; and all that part of Indiana
north of line forming the southern
boundary of the following counties:
Vigo, Clay, Owen, Monroe, Brown,
Bartholomew. Jennings, Ripley and
ohio, with the federal reserve bank
located in the city of Chicago, Ill.
District No. 8-Arkansas. all that
part of Missouri located east of the
western boundary of the following
counties: Harrison, Davies, Caldwell,
Ray Lafayette, Johnson. Henry,
st. Clair. Cedar, Dade, Lawrence and
Barry; all that part of Illinois not
included in District No. Z; all that
part of Indiana not included in Dis
trict No. Z; all that part of Kentucky
not included in District No. 4; all that
part of Tennessee not included in Dis
trict No. g.; and all that part of
Mississippi not included in District
No. 6. with the city of st. Louis, Mo-,
as the location of the federal reserve
bank.
District No. s--Montana. North Da-
kota, South Dakota, Minnesota, all
that part of Wisconsin not included
In District No. z; and all that part of
Michigan not included in District
No. z, with the city of Minneapolis,
Mimi. as the location of the federal
reserve bank.
District No. 10--Kansas, Nebraska
Colorado, Wyoming, all that part of
Missouri not included In District No. 8;
all that part of Oklahoma north Of a