Evening star. [volume] (Washington, D.C.) 1854-1972, 1914-01-03
Give Reasons Why Regional
Reserve Center Should Be
Established Here.
WOULD SERVE DISTRICT
EMBRACING WIDE AREA
American National of This City
Among Eleven to File Correct
Applications.

The American National Bank Of this
city is one of eleven national banks
whose applications to become members
of the reserve bank system. made out on
the blanks provided by the Treasury De-
partment, were first to be filed in due
form prescribed by the reserve bank
organization committee. These eleven
applications were received in this morn
ing's mail, and take precedence as for
NAL applications, meeting all require
ments and exactions of the organization
committee. Applications received in let
ter form will not be regarded as for
mally completed until the prescribed
blanks. properly made out and signed,
are filed as the definite expression of
the purpose of the banks.
The other ten banks are: Fffth-Third
National Bank Of Cincinnati, Ohio; Gar
rett National Bank, Oakland. Mo-; First
National Bank, Keyser, w. Va; Farm
ers' and Mechanics National Bank,
Bank, Holyoke, Mass; Murchison Ma
tional Bank. Wilmington, n. c.; West
Branch National Bank. Williamsport,
Pa: Citizens National Bank, Lewistown,
vus, n. Y. and National Bank of COM
merce, Baltimore.
Would Serve Large Territory.
Should Washington become a regional
reserve bank center N the course of put
ting the new currency law into operation,
there are indications that the reserve
bank established here would serve dis
trict Of wide bounds. containing the cities
I of Philadelphia, Baltimore. Wilmington,
Pittsburgh, Wheeling, Richmond and Nor
folk. Such a district would take in the
states of Pennsylvania. Delaware. Mary
land, West Virginia and Virginia, as we'll
as the District OF Columbia
With the exception of Wilmington and
Norfolk. all these cities present claims to
become the regional bank center of the
district In which they are to be located.
Arguments to support these pretensions
are to be heard by the reserve bank or
ganization committee IN Washington,
January ~ and II.
Philadelphia has been put on the cal
endar for hearing during the morning OF
January Is. Pittsburgh's claims will be
submitted during the same afternoon. The
hearings will be held in the Treasury De-
partment building.
{ Suggestive Of Eligibility.
W nlle IL mas Dcen expressly stated by
the organization committee that the
designation of cities in which the hear
ings would be held was not indicative
Of the cities which would be selected as
regional reserve bank centers. the very
number of the cities where hearings will
be held and their size, geographical sit
uation and financial importance discov-
ers their possibilities and eligibility as
~4lr - o;< oil
has claims to present for selection as re-
serve bank centers.
The arguments that Washington will
present are already we'll defined. AS the
seat Of government, transactions in this
city would give opportunity for closer
observations than would be obtainabie
elsewhere. AS city on the dividing
line between north and south, 1t Is re-
garded as having financial strategic
position that is not to be ignored. The
bigness of its financial affairs. the eX-
tent of it's business into outlying coun-
try. geographical position and other fac
tors will be set forth.
already indicated its desire to have
Washington selected as a regional reserve
bank center. It's arguments Will be pre-
sented in the course of the hearings in
the Treasury building.
Claims of Louisville.
Louisville, KY. has claims to present
why it should be a reserve center Sena-
tor Ollie James has made this konWn at
the Treasury Department, and has been
advised that its arguments can be pre-
sented at the hearings to be held in either
Cincinnati. st. Louis or Atlanta. Louis
willie is not on the itineary of the organ
ization committee.
Milton G. Elliott. secretary pro tem OF
the organization committee, left for New
York on the midnight train. arriving
there early this morning. He is making
headquarters at the subtreasury building.
in Wall street. Mr.. Elliott will spend
the morning making arrangements and
fixing the time when representatives OF
the New York banks will be represented
at the hearings, Monday and Tuesday Of
next week. He will make most of these
arrangements over the telephone, as the
banks have already received due notifi-
cation of the procedure of the committee.
on the return of the committee from
Boston, where it will give a hearing We'd
nesday and Thursday. the hearings will
be resumed in New York city, when near
by banks will be given an opportunity
10 set forth their views. The committee
will then return to Washington.
In addition to Secretary McAdoo of
the Treasury Department and Secretary
Houston of the Agricultural Depart
ment two members Of the organization
committee, and Secretary Elliott, the
party that goes to New York and else
where around the country to hold hear
ings on the currency law will consist
of George H. Cooksey. private secretary
to Mr. McAdoo; w. F. Calender, pri-
vate secretary to Mr.. Houston; Thomas
A. Gray, stenographer. and Fred II.
Stephens, statistician of the Office Of
the controller of the currency.
Committee :, Tour Country.
The organzat committee and those
who accompany it will leave Washing
ton January II, on the western tour of
cities, to hold hearings preliminary to
prescribing the bounds OF federal reserve
bank cities and selection of regional re-
serve bank centers. Three days, Janu-
airy -. 20 and u. will be spent in Chi
cago. with the committee sitting each
day. Thence the committee will proceed
to st. Louis, sitting in that city on jan
uary % and %.
Kansas City will have hearing Febru-
airy "a. Hearings will be held In Denver
January 26. 81 and %. The organization
committee will proceed thence to the
coast. sitting in Seattle January 81 and
February l. A hearing will be held i'm