Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1914-11-17
TWELVE FEDERAL
BANKS ARE OPEN
kilograms Continue to Arrive All
Day to McAdoo from Gov
ernors and Agents.
OVER MILLION IN ST. LOUIS
ChicnEo's Celebration of what Paul
WRrbourR Calls "FinnncIaI
Fourth of July" SedateIy
Observed.

WASHINGTON. Nov. l6-Although the
twelve federal reserve banks only began
business today the federal reserve board
already has before it plans for widening
their field of operations and increasing
their store of cash
kilograms began to reach the Treasury
department shortly after Secretary Nc
Adoo issued his formal announcement to
the banks to open their doors. They con-
tinued TO arrive all day long, governors
and federals reserve agents of all the
banks telegraphing their congratulations
and their promises of cooperation in
making the system success. No definite
data of the business done was available
tonight, but Secretary Willis telegraphed
each bank for an account of its rediscount
business for the day and expected to be
able to lay a report before the board to-
morrow.
Has Not Reached Decision.
The board may not be willing to draw
any definite plans from one days busl-
ness, but the first week may have a ma
; terial effect and may result in augment
! ing the cash of the banks by more than
/ $3.50 900, 600. The board has under consid-
Grafton the deposit of a large part of the
/ loose cash now in the treasury and the
transfer of most of the government funds
now deposited in national banks. Secre-
tary McAdoo has power to make these
changes, but so far has not reached a
decision.
If the first weeks rediscount business
shows that the rserve banks can use more
cash. however, the board probably VIII
! suggest the adoption of the plan. It
has been reported to the board that there
is about $llOOOO,OO in the treasury avail
able for thus purpose and that about
So, 100000 of the S79OOO,OOO now in the banks
I on deposit for the government could he
I transferred.
The board tonight made public a cir
cular defining time deposits as including
any deposit subject to check on which
/ the bank has the right by written con-
| tract with the depositor at the time of
/ deposit to require not less than thirty
days notice before any part of it may be
! withdrawn.
over Million Dollars.
! ST. LOUIS, Nov. l6-"Deposits of re-
serves in the St Louis federal reserve
bank on this opening day were probably
in excess of $lOCOOOO," said G. Il. French
cashier late this afternoon. 1T Is impos-
/ sble to give the exact amount for it has
I not all been counted. The amount counted
is $7S7, 600 OF the deposits probably 30
per cent is in gold and if the gold ce.-
tificates be included the gold deposits
are probably so per cent. We estimate
, that between 100000 and Sl4,00O.nO VIII
be received in the first instailment Of re
serves
: IA. 4. Bank opens.
/ KANSAS CITY, Nov. 16-With the in
/ terror of the bank decorated with flowers
| bearing the cards of bankers and bust
ness men throughout this section the
/ Kansas city federal reserve bank opened
/ today. The colorado National bank Of
Denver was the first depositor with
$3.50 90.
Despite the fact that the callo TO tho
SH member banks directing them to send
their gold reserves was sent out today a
number OF banks anticipated it and sent
in amounts aggregatng $4,000 according
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