The Fargo forum and daily republican. [volume] (Fargo, N.D.) 1894-1957, 1914-04-03
FEDERAL RESERVE CITIES
Continued From Page one.

ton, oregon, Idaho, Nevada and Utah,
and all Arizona not included in district
No. II.
The organization committee was not
authorized by law to provide for
branch banks of the federal reserve
banks, but the act specifically states
that such banks shall be established
This task will be left to the supervis-
ion of the federal reserve board. yet
to be appointed by President Wilson.
The organization committee announc-
ed that all information it has collected
since !. began it's work last December,
shall be placed at the disposal of the
banks and the board when the estab-
l1shrnent Of branch banks is consider
ed.
In its announcement the committee
called attention to the fact that under
the requirements of the act it could
not find grounds for the establishment
or more than n bank On the Pacific
coast, but held out, the hope that in
the near future another bank would
be authorized by congress and located
somewhere in this section.
The next step to be taken by the
organization committee will be. the
notification to banks. entering the sys-
tenn of the plans for the districts. This
notification will follow the formal GER
~tlhcat1on tomorrow of the committees
"SSAoh I thS SOItpLA UllSE OL the cur
Fency. = Within thirty days after such
NOTICE is received by banks, each must
begin the payment for it's stock in the
reserve bank in its district.
Inc payment of subscriptions by
banks will be spread owe many
months, but in the meantime Presi-
dent Wilson is expected to announce
hve members of the federal re-
serve board. The president said to-
day that as the process of organiza-
ton Will take some time, no -immedi-
etc territory. Montana, North Dakota,
said an announcement may not be
made for at least a month. ...
In reaching it's decision the commit
tee pointed out it visited eighteen
cltles, listened to arguments from re-
p~resentatlVes Of 200 cities, and select
ed its list from among. 81 which
sought reserve banks. Independent in
vest1gations were conducted by the
treasury department and the pre-
ference of every one of the
.7,475 national member banks to be
was asked. The committee took into
consideration the following factors, &C
cord1ng to it's announcement:
The ability of member banks with
IN a district to furnish the necessary
$4,0OO,000 capital for the reserve bank;
the mercantile. industrial and financial
connections in each district and the
relations between various portions and
a reserve city; the probable ability; of
a federal reserve bank to meet the
legitimate demands of business "whe-
Their normal or abnormal the equit-
able division g. Of available capital
among all districts; the general geo
graphical situation of each district
transportation lines and facilities for
speed communication, init: the popu-
lation, area and private business acti-
vities Of the district. j.l
In a supplemental statement the
committee gave the following statis-
tics used in determining the cities and
DISTRICTS. H.
No. 1, area in square miles 66,465;
population 6,557, S41. ~ ~:
No. 2, area in square miles s49,170;
population 9,113,279.. 49, - -
No. 8, area in square miles $685.;
population S,110;217.
No. 4, area. in Quare miles 49,, 995;
population 7,961,022. st :
No; 5. area in square miles ,17S,S1s;
population S,519, 3d. t , :
No. 6, area in square miles 233,S60;
population 6,695,341. ~
No. 7, area in square miles 176, $40;
population. 12,630,383 80.
No. 8, area in square miles 146,475;