Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1914-10-16
FEDERAL RESERVE
BANK HERE OPENS
NEW OFFICE TODAY
Next Month Will See En-
tire System in Operation.
Call Issued for First Capt.
tai Stock Subscriptions.

Temporary offices of the Federal Reserve
Bank of Philadelphia, in the Lafayette
Building, were opened today, Charles j.
Rhoads, governor of the new bank, as
suming charge of them. One of the rooms
has been fitted up as the office of Mr..
Rhoads and Richard l.. Austin, Federal
reserve agent and chairman of the board ;
another as the board room, and third
for stenographers and as a waiting room.
1t is expected that the local regional re-
serve bank, as well as the other II new
institutions. will be in operation by No
vember Is, although this has not been
definitely decided upon by the Federal
Reserve Board.
CALL FOR SUBSCRIPTION.
After a meeting of the Federal Reserve
Board. held in Washington yesterday, it
was announced by Secretary of the Treas
ury McAdoo that the board had decided
to issue a call for the first instalment
or subscriptions 10 the capital stock of
the regional reserve banks. The pay
ments are due November q
Under this call the institutions In Dis
trict No. 3, the Federal Reserve bank Of
which will be in this city, will pay in
2oS2'i22. The 80 national banks in this
city will contribute 1922, ,l5O of this amount
The first instalment is one-sixth of the
entire amount which the banks in the
district will subscribe to the new banks
stock the total amount being sl2, 4s4 s92,
as based on the figures shown for the
capital stock and surplus of the banks as
of the last call OF the Comptroller of
the Currency for condition.
There are 1856 banks In the district and
they have combined capital stock and
surplus of S2OS,2iS, ,2Oi, Under the new
law the banks must subscribe TO 8 per
cent. OF this amount Another sixth Is
payable within three months. and another
within six months. The remainder win
be called when deemed necessary by the
Federal Reserve Board.
Final details for the opening of the
new banks will be worked out at a
meeting of the directors OF all the in
stltutIons with the Federal Reserve
Board in Washington on next Tuesday.
Mr.. Rhoads said that II was very un-
likely that any definite action would be
taken regarding a permanent site for
tho regional bank OF this city until I
after the meeting of the directors with /
the Federal Reserve Board. Several /
sites have been suggested. said Mr.. |
hhoads, but 1t is felt that a site should 1
not be selected hastily, as a more ad- |
santageous one may be overlooked. All |
ot the directors of the local Institution /
viii probably attend the meeting IN
W Washington.
MEETING NEXT TUESDAY.
The American Bankers Association has
10 send committee to Wash
ngton 70 urge upon the Federal Reserve
3oard changes which Il contends would
make membership In the new banking !
ystem more attractive 70 state institu-
ions
Examination OF applicants by regional
'ank officials and permission 10 continue
business along present lines are the main
lIoposals Several speakers during The
ssociation's convention al Richmond.
"a, urged that state banks defer enter
ng the reserve system until chase sere
aade In the Law.