The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1919-12-18
MAY BE DISCONTINUED
Assuage Feelings Of Kansas
City Governors Who OPP
posed Contention.
VOTE IS ADVERSE TO TULSA
Poll of Bankers FaVOrs Com
petitor; Howard Not Dis
appointed by Action.
Worlds Washington Bureau.
ln.l HuIidInI

u.
Post Bulldog
WASHINGTON, Dec. l7.-Okla-
homa city today won what started
out AS "A contest between it and Tul-
sa for federal reserve branch
bank, but oklahoma city did not
get 4 branch bank. II got depot
| Tor forwarding money on to reserve
! banks, so the oklahoma city victory
/ is u hull The so-called branch bank
VIII carry no deposit accounts. All
money received by 1t must be sent
ont the same day, even II II has to
use the telegraph TO do 80. Member
banks may entirely ignore its exist
ence II they 80 desire 1t is without
any powers that the other branch
banks have.
| The federal reserve board admits
| that IL cannot serve eastern Okla
/ hOma. The board admitted that the
+ plan under which 1t is startin gout Is
so weak that 1t may be discontinued
at any time,
Congressman Howard, who la
bored hard to tako the bank TO
Tulsa under che original plan. was
lille disappointed that the sort Of
bank given oklahoma did not go To
Tulsa
Evidently the federal reserve
board attempted to asSuago the feel
ings OF the Kansas city bank gov
crnors who opposed the creation OF
any sort OF bank for II created
something that Is not "A bank at all
and which has little opportunity to
grow into one.
The location was made on a poll
OF Oklahoma bankers who were fav-
orable To oklahoma city.
The functions Of me new bank viii
be to expedite shipments Of currency
and TO provide better facilities for
lntrastate clearing OF checks, the
board having decided that discount
facilities accorded by the Kansas
city bank were ample.
The bank viii have five dircctors,
three appointed by the Kansas City
bank and two by the federal reserve
board
An outline Of the powers OF the
new branch was Issued by the board
as follows.
THE branch bank will receive de
posts from member banks but Will
carry no deposit hCcounls All
amounts rccciEcd ON deposit will bc
tranmittcd daily 10y telegraph or
Otherwise to the federal reserve bank
OF Kansas city for Credit 20 the ac-
counts OF the dcposing banks. and
each member bank IN TIA" territory
assigned 10 the branch wherever To-
Gated, may. at It's option. make re-
mittHnCcs Of currency ana check di-
rect TO the federal reserve bank ~
Kansas City The branch will carry
no government deposits. but will re
deem treasury certificates. pay gov
cTnment checks and viii close out
balances daily with the head otfs'e.
The branch will carry no earning a.
sets; Application for loans Of dis
counts from member banks ana Of
fcrs for sale OF mail transfers, bank |
erq' ncceptances and bills OF OK
change htigiblc for purchase by fod- |
oral reserve banks viii be trans |
mittcd 10 the federal reserve bank |
OF Kansas city for final action. I'm |
m media'e credit, however may hc
given In cases where II becomes nee |
ess.ary for member banks to rcdis- |
count 10 order 20 meet clearing house |
debit balances unexpected defiC- !
iencies IN reserves and any other |
case where quick arrangements are /
n eccsary, all actual rCdiscuunting |
operations. however, 10 be made AZ !
the head office. Interest being |
charged from the date tho notes /
were received hy tho branch. I'm /
cases whore notes are secured hy /
-nited states obligations tho hr1uohi
may. by authority NJ the federal re.
CONTINUED OV PAGE THIRTY