The Lancaster news. [volume] (Lancaster, S.C.) 1905-current, 1914-02-20
NOT READY TO NAME
THE RESERVE CITIES
The Bank Organization Commit
tee is Back i'm Washington.
THE COUNTRY is PLEASED.
Committee Found General Satisfac-
tion With New Banking Law
Throughout Country.

Throughout Country.
Washington Feb. 1S.-The Federal
reserve bank organization committee
back in Washington after five
weeks trip through the country. nj a
statement tonight announced that its
selection Of Federal reserve cities and
definition OF reserve districts would
not be made until it had carefully
considered information accumulated
on the trip. The statement said the
committee found the country pros
porous and learned that bankers and
business men are confident OF the sue
cess of the new banking system.
In a supplemental statement Secre-
tary McAdoo said he hoped the new
system would be established in time
to take care of crop moving contin-
! gencies next year, but that IL 1t were
not, the Treasury Department would
stand ready to place its funds again
at the disposal of business men.
The committees statement in part
follows:
I'VE have spent practically from
the fourth of January TO the present
time in hearing the views Of business
men and bankers on the problem of
dividing the country into not less
| than eight nor more than IL districts
and of locating in each district the
main office of Federal reserve bank
OF the two questions, the division OF
the country into districts is the more
important and difficult The commit
tee asked those who appeared before
1t to direct their attention to these
two problems. A great many able and
impartial business men and bankers
have submitted their best informa-
tion and opinions and always in a
spirit OF great fairness.
"The committee has held hearings
in 1S cities and has heard from every
community of consequence in the sec
tions OF the country 1t has visited.
I'm every section OF the country the
committee has found a practically
unanimous convention that the cur
rency bill will bring about most bene-
! fetal changes in business. The COM
mittee was presented with overwhel-
ming evidence of the enormous econo
mic strength Of the country and OF
the rapid progress OF every section.
The fact that the Nations banking
resources as n whole, made enormous
advances every IL or 1 8 years, ap-
| DIOAlIldlely uOuDllHS III edCn SuCn
period. was made evident; while this
IS true of the country as a whole. ii
was shown that certain sections are
advancing with more rapid strides
than others, and that the country is
| fundamentally exceptionally sound
and strong economically. Facts and
! figures in every part of the country
show amazing growth and strength
and disclose a condition of financial
industrial commercial and agricultur-
al saunders and prosperity that
/ leaves no doubt as to the future.
"The committee was impressed by
the frank admission of bankers that
the present banking system not only
encourages, but actually has created
artificial banking conditions. With
! practical unanimity, the opinion was
expressed that the new measure will
restore normal con editions with great
/ resulting benefits; that the present
! system not only furnishes no protec-
| tion in times of real stringency, but
also even in times of great prosperity
makes 1t impossible to meet the con-
ditions; and that there has been pre-
sented the singular contradiction of
B having bankers thrown into fear of
panic by the emergency Of wealth.
were Ol IUt
opinion that the establishment of this
reserve system no longer will make
/ our prosperity peril and that II
/ will relieve them of apprehension
and distress in those circumstances
and give confidence and stability to
business generally. The committee has
3 finished its surely in the field II
has yet to make examination OF i'm
portant documents and data and can
OF render any decision until IL has
thoroughly examined this material.
ALREADY practically all capital
represented by the National banks
has come in. A number OF States
banks have applied for National char
ters and many have applied for me
mbersip in the Federal reserve sys-
tenn. In every State the committee has
visited IT has heard expressions from
Governors, banking commissioners
and others to the effect that where
there is legal disability against sub
i scription by State bank, that disabil-
ity would be removed and the futher
expression that eligible State banks
J very generally would seek to enter
J the system.
The committee is gTatified with the
results of it's trip"