Evening star., 1922-03-26

der the provisions o. section 513S OF
| the Revised Statutes, If each were or
| ton; plus the amount of capital of
| the parent bank. No such branch
shall be established in any city, town
| or village in which neither state
| banks nor trust companies may law
| fully establish branches"
The McFadden Measure.
House bill 1906. to amend section
10 Of the federal resera act. to read
Section 10-That the Federal Re
serve Board shall consist of seven
| members, including ta~ undersecre-
tary of the Treasury. via shall be a
member ex officio. and SIX members
appointed by the President by and
with the advice and consent of the
Senate. Each member appointed by
the President shall serve twelve
years. unless sooner removed by the
President for cause: Provided. how
ever, that the term of the present
members of the board and any sue
ceSsor appointed to fill any vacancy
in an office created under the terms
of this section as it was originally
| enacted, shall expire as heretofore
that the additional appofltive member
| provided for in this section shall be
appointed to serve until August 10.
1892, and thereafter his successor
| shall be appointed for a term of
twelve years. In selecting the ap-
pointive members of the Federal Re-
serve Board not more than one shall
be selected from any federal reserve
district. and at least three of whom
shall be persons experienced in bank
have due regard to a fair representa-
tion of the different commercial. in
dustrial and geographical divisions.
The six members appointed by the
President shall receive a salary an
nually of $4,000, plus travelling ex-
penses.
1.-The undersecretary Of tie Treas
ury. as ex off1cio member Of the Fed
eral Reserve Board, shall, in addition
to his salary as underSecretary. re-
ceiye for his services as a member Of
said board an additional salary at a
rate per annum such that the aggre-
gate salaries paid him shall equal but
not exceed $4,000 per annum."
Provision is then made for the cleo
tion Of officers, housing Of the board
eral reserve banks. but limits the
amount that may be used FOR the
purchase Of a site or the erection of
building or vaults to s3.000.000.
Title to property to rest in the United
States. but there shall be no ap-
Congress for such Ifoperty" An
audit of salaries and expenses of the
system by a certified accountant and
submission of them by the reserve
board to the Speaker of the House is
provided for.
Section 324 of the revised statutes
Of the United States. creating a bu
reau of the Department of the Treas
ury, and sections 325-326, relating to
the appointment of a controller of
the currency to act as chief of the
bureau. are hereby repealed, and all
4 u I,a sy,o
on the controller of the currency or
the bureau of which he is designated
as chief officer, in respect to federal
reserve notes. circulating notes Of
national banks and federal reserve
banks are hereby transferred to the
Federal Reserve Board, except that
the power and duties heretofore con-
ferred or imposed on the controller
Of the currency. or the bureau Of
,, which he is designated chief officer.
in respect to federal reserve notes
and circulating notes of national
banks and federal reserve notes are
transferred to the Secretary of the
Treasury.
Federal reserve notes shall be held
subject to the order of the Federal
Reserve Board for delivery. The
' Federal Reserve Board may exercise
the powers and duties hereby trans
ferred to it under such rules and
regulations as it may prescribe
through its executive officer. the gov
ernor, the several federal reserve
agents or through such other Off
GERS or employees as it may appoint
and designate for the purpose. The
Secretary of the Treasury shall pre-
pare notes suitable for circulation as
national bank notes and federal re-
serve notes form or forms as he may
determine. and shall provide for the
issue and redemption of such circu-
lating notes. and under such rules
and regulations as he may prescribe.
.All acts of the Federal Reserve
Board in the performance OF the
powers or duties transferred to it
under the terms of this act shaii
have the same force and effect as
acts heretofore performed by the
controller of the currency or the bu-
reau of which he is designated chief
officer"
Increase Capital Stock.
The International Exchange Bank
has increased it's authorized capital
stock from 100000 to $150.O0O and
will sell the new stock up to April 10
surplus. After April Is the officials
propose to ask SIS share.
Local Issues Firm.
The features of the week on the
local Stock Exchange have been the
strength in Potomac Electric general
6s and Washington Gas, with ad-
vances to SSs4 for the former and So
for the latter.
other securities were steady and
without much change one way or the
other.
Stock Exchange Dinner.
Next Saturday evening the Wash
ington Stock Exchange will give its
annual dinner at the New Willard.
All previous efforts of the ex-
change at entertaining will be out
classed and novelties are to be ex-
pected. - a..
Weekly Debts.
! The Federal Reserve Board reports
the volume Of business for the week
ending March Is by total debts to
| Individual accounts reported for their
| members by 166 leading clearing
with ss.SO1 100000 for the previous
week, and s7,676.659, 900 for the week
Of March 23. 1921.
Washington, D. c.. debts were $44..
ETC. 900, as compared with $41.857,0 900
for the previous week. and $35.040.000
Hnr week ended December %, 1921.
Potomac Electric Power Company.
The permanent bonds of the Poto-
mac Electric are now ready for de-
livery in New York City.
4 a