Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1914-02-19
Bank Organization Committee
Returns From Tour of Goun-
Try and Reports Good Condi-
tons Everywhere
.FINANCIERS PREDICT
SUCCESS OF SYSTEM
Secretaries McAdoo and HouS-
ton Find Great Evidences of
Economic Strength in All
Sections Of Nation.

Washington. Feb. t8.-The federal
reserve bank organization committee,
back In Washington, after five
weeks trip through the country. In "a
statement issued tonight, announced
that Ne selection Of federal reserve
citics and definition Of reserve districts
would not be made until careful con
.Blderadon had been given 20 the in
formation accumulated on the trip.
The statement said the committee,
Secretaries McAdoo and Houston,
found the country prosperous and
learned that bankers and business
men ARE greatly Interested IN the new
banking system ana confident Of its
fuccoH
In supplemental statement, Mr.
McAdoo asserted nc hoped the new
system would be established in timo
to take care of crop moving contln-
gencies next year. but that II It were
not, the treasury department would
stand ready To place IT'S funds again
NJ the disposal OF business men.
Bankers Optimistic.
The committees statement in part
said
I'm every section Of the country, the
committee has found q practically
unanimous conviction among bakers
and business men that the currency
law Will bring about most beneficial
changes In the business OF the coun-
try The committee was pre-
scented everywhere with overwhelming
evidence Of the enormous economic
strength of the country and Of the
rapid progress OF every section. The
fact that the nations banking re-
sources aa whole made enormous
advances every twelve or fifteen
years approximately doubling In each
such period, was made evident, white
this Is true Of the country as a whole,
u was shown chat certain sections are
advancing with more rapid strides
than othore and that the country rs
Fundamentally exceptionally sound and
strong economically The facts and
figures submitted 90 the committee In
every unrt of the country show amnz-
ms growth and strength and disclose
condition OF financial, INDUSTRIAL
commercial ana agricultural sound
ness and prosperity that leaves no
doubt as TO the future,
Present system Not Good
THE committee was Impressed by
The frank admission of bankers
throughout the country that the pres
emit banking system not only en-
coumges but actually has created
striking artificial conditions of bank
ng With practical manimity the
opinion WIS expressed that the new
measure viii restore normal eondi-
lions with great resulting benefits,
That the present system not only FUR
nwhes mo- protection IN tunes Of real
atrinecncy, hut also even ia times OF
great prosperity especially when Their,
are hoVniepua crops makes 1t impos
sihle to meet the condition and thai
there has been presented the singular
contradiction of having bankers
thrown into tear of panic hy the cmcr
4. gonnN 81 Wealth The bankers Wer,
unanimously of the opinion that The
establishment of this reserve system
i M ili fft tHiI'l INNhN hHt TT H7iffttf m
peril ami that IL win relieve them oI
apprehension and distress IN those cir
oumstauees and give confidence ant
stability to things generally
Nearl, Al National Hanks in.
Already practically all the capita
represented M Tho national banks
has eome n number of state hank
have applied Tor national charters an,
many have applied for membership IA
the federal reserve system. In ever,
state In the union which the commit
tee has visited 10 has heard expression
from governor banking commission
ers and others to the effect that wher'
there IS amy lcgal disability agains
subscription hy state banks that dis
ability would bo removed and the fur
/ thor eNpross.o u that state hanks whlel
were eligible would very genemll
seek 10 enter the system