Arizona republican., 1917-10-16
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Republican A. p. Leased Wire1

WASHINGTON, Oct l5.-Presdent Wilson tonight sounded call for tEe mobilization of all the nations gold reserves under the supervision of the federal reserve board.
 In a statement to be made public through the board, the president called upon all eligible non member state banks and trust companies to join the federal reserve system without further delay that they may contribute their share" to the consolidated reserves of the country and aid more effectively in "a vigorous prosecution and sue cessful termination of the war Scores of such institutions have flocked to the system within the past three weeks. among them some of the largest trust companies in New York, Philadelphia and other cities. The movement to the federal reserve sys- tenn has lacked only a final impelling force to assume the proportions of a landslide Within less than three weeks resources of such institutions in the system have risen from sl.230, O00,- 900 to more than 2,600, 900 900. Liberty loan financing, the resultant activity in the money markets, the eff feet of the governments huge finan- cial transa ctions upon the bond mar lcets and the stock exchanges of the country have made it imperative, in the view of the administration, for the federal reserve to control not major fraction of the gold reserve of the country but the entire amount. The recent embargo on gold exports has made it highly desirable that this con trol be acquired as speedily as pos sible.
 With the board inactive daily con- trol of the country's huge store of gold at present more than S3000, 900 900. watching every avenue through which it may be lessened and vi3ilant in it's supervision of the country's banking activities, officials believe that the if nancial position of the country may be rendered as nearly impregnable as human skill can make it.
 At present the board controls the activities of institutions representing only one half of the country's total banking resources. The latest report of the comptroller Of the currency places at several millions about six teen billion dollars the resources of the banks within the system Since that report was issued. however. nearly sl.- 500. 600, ,0G0 in resources kaye been added through the acquisition of new members.
 There are. however, between S.0G0 and 9300 eligible banks and trust com papies with resources estimated at fIom twelve 10 fifteen billion dollars. whose activities are entirely beyond the control of the federal government. being governed only hy state laws. The president addressed himself to these institutions.
 His statement says:
 Tt is manifestly imperative that there should be a complete mobiliZa- tion of the banking reserves of the United States. All who are familiar with financial operations must appre- ciate the importance of developing to the maximum our banking power and of providing financial machinery ade- quate for meeting the very great if nancial requirements imposed upon our country by reason of the war.
 "A vigorous prosecution and satisfac- tory termination Of the war will de- pend in no small degree upon the ahil- ity of the government not only to fi- nance itself, but also to aid the gov ernments associated with it in the war which must be kept supplied with mu- nitiOns, fuel and supplies Of all kinds.
 The banking problem involved is one which concerns all banks alike The important functions of the federal reserve banks in the sale of the gov ernment's securities. in receiving and transferring the billions of dollars in volved in supplying credit facilities and in protecting the reserves of the
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