Norwich bulletin., 1914-10-29
Gold or Money
 for Reserve Banks
TO FILL VAULTS OF 12 WITH
 MONEY AT ONCE
TO MAKE NOTE ISSUES
Banks Members of New System Re- quested to Ship Their Own Gold Only Gold or Lawful Money For Subscriptions.

Washington, Oct 2s-The federal reserve board tonight notified all banks that are members of the new sys- tenn that gold or lawful nancy must be used in making the transfer of re- serve deposits from the present banks to the federal reserve banks This step is designed to fill the vaults of the twelve reserve banks with money at once and will permit the ready is- sue Of federal reserve notes to mem Der banks.
 The board announced also that this order will apply to subscriptions to be made to the capital stock of reserve hanks by the member institutions, the flrst installment of which is due on l November 2. The transfer of reserves will begin. after the secretary of the treasury makes formal notified of the opening of the twelve banks Novem- Der 16.
 To Facilitate Work. The federal reserve board appeals to the patriotic spirit of all member banks large and small,- said the board | in its announcement. "to do their ut | most in facilitating the difficult work | now thrown unon the officers of the newly created reserve banks and to | do all in their power ta secure frf the new system the greatest possible success from the beginning" | No compilation as yet has been giv-
 en by the department showing the
 exact amount of money to be trans | ferred.
 Boards Announcsnent. I The boards announcement in part
 'The secretary of the treasury hay | ing advised the federal reserve board that formal notice of the establish ment of the several federal reserve
 banks will be given to all member banks on November 16 1t is necessary " thai aIT9nQ1nQnfS 10 da F<N,-
 the transfer of required reserves by
 the member banks to their respective federal reserve banks on that date 1t
 is the desire of the board to arrange nrst fnstallment in such a manner as . tp create the least possible disturb
 ance to business conditions in any city or section
 5 Drafts for coiTsctfon Only. tl Tt is, of course clear that if the ! banks in non-reserve cities under
 take, to make the necessary deposit
 of reserves with their federal reserve r bank by remitting checks or drafts g on barks in reserve cities (which 3 checks or drafts can be received by si the federal reserve bank for collec-
 tion only) there may result an un-
 necessarily heavy withdrawal of funds : from the banks in reserve cities. Ir } the same manner if banks in reserve e cities, make remittances of checks oI drafts on banks in central reserve
 cities an unnecessary burden may bt
 placed upon the latter.
 i, Banks to Ship Their Own Gold. ef 'eThe deposits of reserves with fed eral reserve banks must be made 1T
 gold or lawful money. and in order that
 the withdrawal of funds from the vaults of member banks may be as 2 nearly uniform as possible, and SC | Il iefT f06 fr rn1in -.,-@fr lar section or sections of unnecessary
 burden, the federal reserve board
 urges all banks to ship from theil { own vaults gold or lawful money. The ] federal reserve banks have been au- 3 thorized to assume and pay the ex- 3 press charges involved in making suct
 shipments.
 The foregoing suggestions also ap- . ply to payments on account of the first l installnent of capital stock due No- | yeu1hPr 2"