The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1914-04-03
TO Be Il BANKS.

Continued From Page one.l
Kentucky not in district :. Tennessee
not IA district and Mississippi mot In
District No. .. minneapolis. Capital,
-. 1886 with es7 national banks,
etc. Territory, Montana, North Da-
kota, South Dakota, Minnesota, Wis
consin and Michigan not in district Z.
X. G. Takes In Kansas
District No. 10, Kansas City. Cap
ital. $5,5s4.916. with S35 national
braska, Colorado, wyoming. Missouri
not in district 8. Oklahoma, north or .
line forming the southern boundary
Of the following counties: Ellis,
Dewey. Blaine, Canadian Cleveland,
Pottawatomie. Seminole. Okfuskee,
Mcintosh, Muskogee. and sequoyah.
New Mexico north Of a line forming
the southern boundary of the follow
ing counties: Mckinley. Sandova,
Santa Fe. San Miguel and Union.
District No. IL, Dallas Capital. 3d.
634.0s1, with 726 national banks. etc.
Territory. Texas. New Mexico and
Oklahoma not in district 10. Louisiana
not in district 6, and the following
counties in Arizona: Pima, Graham.
Greenlee. Cochise and Santa Cruz.
District No. IL, San Francisco. Cap
ital, $8,116,624, and 514 national
banks. etc. Territory. California
Washington. Oregon. Idaho. Nevada.
Utah and Arizona not included in dis
trict No. IL.
The organisation 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 super
vision OF the federal reserve board. yet
to be appointed by President Wilson.
The ability of member banks within
district to furnish the necessary
$4,000. 900 capital for the reserve
banks: the mercantile. industrial ana
financial connections in each district
and the relations between various
portions and q reserve city, and the
probable ability Of q federal reserve
bank to meet the legitimate demands
of business whether normal or alb
normal the equitable situation avail
able Of each district, transportation
lines and facilities for speedy COM
munication in 1t; the population. arcs
and prevalent business activities OF
the district.
How Apportionment Was Made.
In a supplementary statement the
committee gave the following stalls
tics used In determining the, cities and
No. 1, area in square miles, 66,466;
population. 6.657 .841.
No. 2, area in square miles. 1910;
population. 9,113.279
No. 3, area in square miles, 1855;
population, 8,110.N7.
No. f. area in square miles, 1S3,S95:
population, 1861, or
No. 5, area in square miles, 17S,S1S;
population. 8.51s,31S.
No. 6, area in square miles. 2SS,S60;
population. 6,695,3H.
No. Z, area in square miles, 7s.el0:
population, 1880. 1888.
No. 8, area in square miles, 146,474:
population, 6,726,611.
No. 9, area in square miles, 4S1. $50;
population, 5,7A. 1888.
No. 10. area in square miles, sos. as;
population. $500. $50.
No. II. area in square miles, 404. Sz6;
population, 5.310.b64.
No. IL, area IN square miles, eea,sSs:
population, 5.S09,303. "
. According to.rtliis statement. there
sorts members OF the system. with
total capital and surplus Of 8. 631.-
-648. 1863. Their per- cent. subscrip-
lions would amount to- sos, 1893. 500, ac-
cording to the committees figures.
To Open I'm Three Months.
Although various steps still must be
taken before the new federal reserve
banking system begins operations.
treasury officials expected today that
the twelve regional reserve banks
would open for business within three
months and that the revolutionary
change in the nations financial ma
chinery would be an accomplished
fact within that time. With the des-
ignation of the reserve centers. the
organization committee took the first
decisive step toward perfection of this
system.
The first work today was official
certification by, Comptroller of the
Currency Williams, Of the selections,
and Mr.. williams began notifying
every one Of the 7,548 national and
state hanks which have applied for
membership.
1t was the general expectation that
member banks, in the twelve districts,
for the establishing Of their reserve
banks. Every bank under the law
must begin payment of q eubscrip-
ton OF per cent of its capital and
surplus to the stock OF it's reserve
bank within 80 days after notification.
In accordance with the law as soon as
the member banks in a district have
subscribed the minimum amount of
stock for reserve bank OF, 900
five banks will be designated to ex-
ecute the formal certificate of organ
ization.
bank will become a corporation and
be entitled to begin business.
The Next Step.
The next step will be selection of
boards Of directors for the reserve
banks. There will be nine directors
for each bank, three to be appointed
by the federal reserve board. which
itself is yet to be named by President
Wilson. and six elected by the MEM
Der banks in each district.
Although the federal reserve board
Is to choose three directors, in each
reserve bank and appoint a reserve
agent for each bank, who Is to act as
its mouthptece. the organization COM
mittee may perfect the organisation
of a reserve bank, for all practical
purposes, before the reserve board is
appointed and it Is believed the COM