Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1914-05-12
DESIGNATE BANKS
FOR CERTIFICATION
Essex County National Bank,
of Newark, Named in Dis
triet No. 8.

WASHINGTON, MAY u. - The
treasury department last night made
public the list of banks designated to
execute the organization certificate of
the several Federal reserve banks as
required by the Federal reserve act.
The execution of this certificate will
practically complete the Incorporation
of each Federal reserve bank, and
when filed with the comptroller OF
the currency the election of directors
may be Immediately proceeded with.
The board of each bank will consist
s Of nine directors. Six of these are
elected by ballot by the subscribing
banks and three are appointed by the
Federal Reserve Board. When this
board has been organized the comp
troller of the currency will issue ms
certificate or charter authorizing the
Federal reserve banks to begin busl-
ness.
in order to expedite the incorpora-
ton and organization of the several
Federal reserve banks the secretary
of the committee has telegraphed each
bank designated asking that a spe-
cial meeting be called at once Tor
the purpose of passing resolution
authorizing its officers to execute the
organization certificates. Arrange
tnents have been made with each of
The designated banks to have their
representative meet in the office of
the president Of the Clearing House
Association Of each Federal reserve
city as soon as the resolution mailed
to each bank has been passed by Its
board of directors.
In the meantime the certificate OF
Of organization has been prepared by
the committee for each Federal re-
serve bank and will be mailed at
once to the president of the Clearing
House Association in each Federal re-
serve city to be held by him until the
representative of the designated
banks can be convened.
In the districts in the East and
Middle West the certificates will
probably be executed and returned
TO the committee to be filed with the
comptroller by May IL or Il, and the
western districts should be received
soon after.
BY the end of the month it is hoped
that the committee will receive nom
nations for Class A and Glass = dt-
rectors and the names Of the district
reserve electors elected by the sub
scribing banks so that the vote may
be taken early in June. Forms for
use in reporting election of directors
reserve electors and the nomination
of candidates will be mailed to the
several banks as soon as the organi-
cation certificates have been re
ceived and filed. Every effort is be
ing made by the committee to eNpe-
clite this election, so that the board
OF directors of each Federal reserve
hank NAV be organized in ample time
to elect officers. select employees and
banking quarters, to place the banks
in actual operation by August /.
The list of organization certin-
cate banks follow:
In accordance with section 4 of the
Federal reserve act, the reserve bank
organization committee has deslSnat-
ed the following banks TO execute
the organiza ton certificate of the
sever federal reserve banks;
xffct No. Federal Bank Of
zion: First Bridgeport National
>1sank. Bridgeport Conn: Casco Ma
tional Bank. Portland, Me-: Natlonal
Shawmut Bank, Boston: First Ma
,ional Bank. Concord, y. Il Ma
tional Bank of Commerce, Provi-
tence. r. [.
District Nc. Federal Reserve
Bank of New York: Irving National
Bank, National Park Bank, New
York: National Commercial Bank,
Albany Marine National Bank, Buff
faIo; First National Bank. Syracuse.
Newark Bank Designated.
District No. Federal Reserve
Bank of Philadelphia. Union Ma
tional Bank, Wilmington, Del; First
National Bank. Jersey City. Essex
County National Bank. Newark; Phil