8
pa:.:
THURSDAY, JANUARY 1, 1314.
i . . - - - - -
! m'tte- pha'd trtvo e d iMi o 1 U-Zk rr. :
THE
st a :t- i. -s m ! t t " :-i ' r.u- ' :. " - ' :" ' ; ' " : " -
!: r . : - ' - : I -' , L..: . : - ' ; ' - ' " " '- " ' 1 ' " - ; '
s! ':;.; f ! - 1 ' !. r.-.i.'v t . tlio I--:- ; 1... n..-; : .I , . : .Vm ' - '" :. - ' " :
of .::-.:'..'::::- -r :. .:. :..-! 1 , r .;; "f ' t , i - -i-r i. : '- " ' :
l.c:!ri!i-: r .::;: i:::. : . v-- ; C !'" " ' " ' '.- -- If " ' ' " ! ":
c-: t t'nit t!:.' is f -i -h i. -t i- j ly t!. f- "-r r-- r'- t- t I. T T "'-"! !r - ! :
n t ! , t 1' ""'f i; 1 :...: b'.( f'r it l"-: :r" .:. r. T " ' ' ' '' '
':.;..:.;! X -ji -f .-,:: I r,-: : s :s . T :v ..-:r: t r,." v. ti r . - ,: i:i : V! -ni r--r-.-
M '. !i z i K I 4 a ft
t "I ' a J J -j I l; ! i - - i L. a viiw.-..'uv ...... .j-
:
At
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i
Vitally Important Changes Made
: In the Banking Methods of the
Nation.
Entire Act Designed to Strengthen
Currency System, Making It
: More Elastic to Prevent Finan
cial Panics.
Eight to Twelve Federal Reserve
Banks to Be Established, Un
"i der Control of Federal Reserve
Board of Seven Members.
,
FEATURES OF NEW LAW.
The new federal reserve act pro
. vldes
A federal reserve board composed
of the secretary of the treasury,
comptroller of tho currency and five
members, at a salary of $12,000
a year, to designate not lees than
eight nor-more than twelve reserve
districts, each with a federal re
serve bank.
Xational banks must and other
banks may subscribe to the stock
of reserve banks. If the stock sub
scription is inadequate stock may
, be offered" to the public
Of sine directors of each reserve
bank three are to be dfsisnated by
the federal board, three chosen by
member banks representing .three .
banks and three chosen by member
banks representing public Interests
of district.
Stockholders are to receive divi
dends up to C per cent.
Reserve banks are to rediscount
paper of other reserve banks.
Employees of tho federal board
are not protected by 'lie civil serv
ice at time of appoln'-ment.
The government Is to make deix9
its in federal reserve banks, -which
are empowered to discount notes,
etc.. arising from actual transac
tions. Circulating notes are to be issued
by federal reserve banks and circu
lated by the member banks.
Every ivsderal reserve bank must
maintain reserves In cold or law
ful i.ioney of not leas than 40 per
cent.
The amount of gold In each fed
eral reserve bank, together -with the
amount deposited by It with the
treasury, shall equal 40 per cent of
the federal reserve notes in actual
circulation.
Federal reserve notes shall be se
cured by commercial paper of pre
scribed character and maturity.
Not less than 5 per cent gold for
redemption of federal reserve notes
must be maintained on deposit in
the treasury by each federal re
serve bank.
Xational banks not situated in re
serve or federal reserve cities may
make loans on farm lands.
National banJVs may establish
branches in foreign countries.
Members of concress rnay not be
oaicers or directors of member
banks.
bunHLiibi
- , a
Nb.- ... '. .
KfgH : a.; - !
fci vfv r ydy r . v ".-3 U
t" -.v!.i
hoj-.r-l of :;:- tr.r f -! U h i:
Ccmmcrc,
cf tiV2
f'MMirs- such
::'-:!t::i. uuth'-rlvi'sr :i
j iS ii; :-f-: n-r i-'-:y ;r l-
! i -. -v r ) i:s v.i.'.'i it
i-.-.'ii v.-X:-.-Tl7..-d y x: ;: r .:
the I r M-; . f i;.;s :i. t.
i:vt r ; f--;2-.-i r--! -
Sublect
f rl.'-rlption t t!:' ::! tr.! o.
! t'..-.t rii-td-r H :u-.r Ux:w with tl.o
ivi 'i.'iv of tb; n'-t..
Wiir.?! tl; ? r..i:;:!:v.::u .irr.n?::it f
"1 s''-; ;r: - ! Vy t!':' :i'-t f-
i "...
t
Photos of AViison nnd Owen 1:13, by
American lYt-ss Association.
President Wilson Represcntstivs Car
ter Glass (left) ar,d Senator Hcbert
L. Owen (right) authors of the bill.
the districts shall hv niTort;onf;! with
due regard to the conwi.u iice v.. !
custoniary course of busiurs
"S III: :
shall iii.t iic'-esnrl!y y colornihior.s
with any state or stntos. Tti- dntri ts
thus creatitl may be rendjusto.I an 1
new districts may from time- t ti ac
fbe created by the fc-ioral ivsorve
loard, not to exceed twelve iu a!;
Such districts shall be ki.wn as f.I
eral rivne districts and m:v b.-
desicrnateil by number. A majcr'ty -f
the organization e:.u::itte: sl'.ai! con-
stirute a tjuerum with a":tl:r;ty t - a-t. I
Said organization nvmr.i't'.v ."!;. '!! bt
authorized to er.i!..v counsel i 1 r.
pert aiI. to take test::i:::. to s.'ti-l
for persons and papers, to ad:.i:r.i"
oaths and to make such i:vvesilaii ?
as may 1k deemed ik-ccssj rv lv f!i
i . l . . ! V J s . '.-ik ''.! have ?!'
tor
I r i 4 '
t-
d c-:--.! -.1 r t!:-
re-
eases ui
ti.'U. i t
a iiiem
of this
paled :
. t : ::
; ; :" : t . f .if
....- I : design.' t''d P !! !. CT 1-' !T S' S.
t:v he aa a 1 1 c i -irr .u'.it- v '".''. i
iiicicnpiiafice or icla- j rh !! s; e: i . cy fi-.e t!:" r.'me o.
Mi -h federal v ' r e ban'-. t:.- T- t ri
t )'-i.;l it t!s ::rrief ov t ldch
th otier.it: cis f siivb ffleral reserve
bank arc to be carried o;;. the ity
li;e failure t'. i" i:.e
uti.K-r ll.e 1 :vvi.vi..f
vy dire -t.r w!k parti, i-.nl'-d
ta the sa.ii-.e shall
" , ,7 i'i bis persoi.al cr bili-
;:;,-': y r.-r ac uaa.as wl.I- l;
'iiiU.li , , , , ,
cr p
a;. t f a i I :Ire--...rs.
Tke 1 ' :.r 1 f d.:-. : : -I.. Ii b -rf"-:.,
the .'a. us'..a'.!y a : a: a i- t':--
o::Ice ef d!:--.-t"r ! ii z ';
ii-.i.s ;"i 1 all s:ch d::tl-- :- " ' I r -
! ' ' 'd i V 1.1 'V.
...1 !...! -!,::'. r:d;:.!::Ster t! if
fa:s 4,f sci I f.-.b 'y : a 1 iaa -r-
tpuiy a:.d wltl.'-at ai . ia
favr i.f : ; :aat ar: n. . r ba'.k
r b -.-d.s aad s!.:.ll. s-.b. !. t. fc- J-r.
vi -;;. s ,f law and tlte n'.-:,s !' :h-
fvdv ral !.-. rve b -ard. xt'-t. ! ch
. i . e ,-..-.-. .
i..-. : :." II- a; !
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r 1 ;-r
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t'
. . -or 1 a!!!; su.-n :.
ia i.ts :in I aci-nii'.i:. n'at: as ; tr. "'
Fab-'v and r. asoiad I y na
1 .. !
f. r-; r, U,;ir-I a I" d
x. ..f . I r 1 i :i t.. ; r i-d--H
, f the b- I -t: r 1 U-
sli di ia il. r- '.a.r r rt- t '- 1-.-r.l
r rv- L.arl a! 'I.d! .-t r
;. , .: i : :' r "
. . . . ,,; t ... f .: t . : ' -r. '
... .. ;; j y tl.'s . 1 ' ' r. -a . .
-a a. a 'a! a. , ; . a-..t a d i I'.v'l hv
f: ' ! a! ! - -M- t-r.-l : d t I
i.. -at!.-;, bv th- f- d r I r.--r. .-In:', t
v. :.; ;, x .: ? f t
r, . ; .f i " i a . '. u .. i ". b- a p-r-
! ....a ..f t.-t- d I'-ak. . ::;-r..-.. .-. .....
r . - t if k
-at , ' r ' '
-r . V . r -a
f-b r- rv
r r
if - r . --
: t .- -
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a
, f f ; ! ; r. - ' """7 f
... t, f . -"! r f :
; r- . :; ? f . X-'-r- ! "
t, i:----t
... - . a r- !:-: n '
b--k.
t. it i iaa
X
vu:l b-r '.:. :adas an 1 d-i..a-ad -I j fiI r...,.-, ..
i-,'.u-r m -.:.:!" bai.ks. j , , . : , ,.; ,
and f- -.1 r
THREE CLASSES
,i aaie ..a-tainetl ia tan
an il x c'ia.i.'li.
i:; ;. .!i sha il not ta. t-.e a way
y i ev aa;nai sa .1
its s.ocLh'ddcrv: -r .
y linbdltv "! p'-aady v.hi h
li.'i n ncia:.. ia a..; a.. (
a Mbas. i':a;iai; bv bank- I - '
. a i r ,,n ..... i rt
er n i a e '1' ! a a i a
c: (lie ..r-aaia iiaai
Ich at t i pi c. j.b' th
d rcrn.vl t !c vl'.c. i'
ev,-nt t!ie said "'a..
ia a v. 'air'.- " :.:::;
a t !. -vl,. J I ; i
s:.'-a ra ; a at par :
. ' ::.,!; la :a1 f.- b ra !
;..
ve i-
a- i'
a .i I:
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and si
n.t'.a : .'u. t-fC'-.rircis : ; c: e. ,
r t'a a a na n.'-
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a id I
a-a j
aad
I
.-a I i
th.- an
OF DIRECTORS i ;r -
..: ;. 1 by : a.- f.-b-n! r- r-.
a. v !- r- :-a 1 - ry
r; . T. . r t!.- 1 a-d
: j at i-i r-' e '.
DIVISION' CF EARV.GS
CF RESERVE EiK3
Fi:-h b"ard of Ii;-.--t.r s'a s.. I
l.-;-..-d :is li.-r inafb-r s:-- d.-i ar-l s-ai.i j
e.-:;-i.-t f nine !:c tab a-. 1. . I -. -:h.- .
far th:
;.cr rs and ;
d--':a:iat.d a
.; th..--,
A. il
a ! I . i., .
A
an ' ' '.
(anas A shad e -i'd-t a three r.
hiv -a a ah . hal! be .-h . n by : . .
re r - ca
ta- .a ..
.f n . a; r--'v- 1 ' " I ","
e t .a-a.bdity of I r..x- ,.. ; j ,.r ; -, r . ;. ! f -r. th- ' - -
f. r r n a: .
,.. - a '. t !-
A?-- - v -
n . . i , f t : " r--; -'- f " " r r . ? s ". r '?".: ' -, ! r I
s ' ' i a : ; -1 ! t ' 'r ', d ;.i- a a ' '..
-, . : ... r !-. I r le f a. t : t f ' -t r . ; . f r : h r
. f-- ?
- ia r
s t :-v, !-.
il r.--.-rv-e b.rk r.--. ad .'.a.d.
h -; t ..ay i t! - ; i ! ia a, ""il '
: '1 jtr. :: i
-a ! da d '
! a
.i :
d r. -
T hi fa- ! ' ' '
4 ; . r . : 'r a -
ve td tae
f f
I -i
-
Caes It had e--a:-t -i t:a-.-a a c: i
i . la at the ti a- f th Ir .
a;. .1 : rtd .-'y : a" ' - d In X'.
t:a t ia c.aan..av. a..ri. a.t a'- . r n
.a' .-r i.id.:-:n..l p..r ::-
- C h.-d: n.::-, a .1 thr--- t :..
i ... , v si.-a: 1 d.-a- :t -d ? y
! .::,; r be.-r rd. X.d.a th :
sa f.-i ; taais . t -aaa.
L'H e ! .-. n ..' taia d 1 .. t
ta a f.-r r ay b- 1 r
4
ra ; n;
1 r
I a :
I
. t
V :
aiu cumiiuiiee m cieieriii:inn:i trie r i . ., .. , , . . ..a ...
serve districts and in dei.rnati::.tr til .-i V,,. 't,,' ! - '
cities within such districts where -1 .'.. . , -; ''.. ;. ',-' v e'r i L
federal reserve banks s-hall be sever ' i . .. ' " "i V ,
i-a
1
ly lK-ated. The said eommlttet? .-dn' V . i, - . 'Vv...a- ! t- j-tr-' v--
, . ... Tt(.s.-!c slia.i oe l.7:0a . p.. .a. --. ... j -
supervise the orannzation in each i lnav j,,. t:,iIisfl.iTed on the bc-ks l v Iv(,,stc,,,;a
the emes desicnatel of a federal f t,.w ft.,u.;.n, r,,,:a L. l.ar.k br-ih--
serve bank which shall include in c, ;iSrmau (f the board of din-tor.; cd , -livm o. m ai. ... a- ..aiA.a o.- it
title the name of the city in whhf ... ,,x I i-"..
ban!, the f-deral r- rv.
a; InL ih - C... .S C i!."' I is i.td -
d. -1 ::. te . ' s'l
i ;a .an. a .
4 je.n,! :...r,--...
I At : :.: -: i ..
I;
I
HEREWITH is presented In full
the new federal reserve net.
The currency bill was signed
by President Wilson uf te many
months of consideration by conirress.
It Is the second bi piece of federal
legislation under the present adminis
tration, the tariff act 5eing the first
The new law Is as follows:
An act to provide for the establish
ment of federal reserve banks, to fur
nish an elastic currency, to afford
means of rjdiscoantins commercial pa
per, to establish a more effective su
pervision of banking In the United
States and for other purposes..
Be it enacted by the senate and
bouse of representatives of the United
States of America in congress assem
bled. That the short title of this act shall
be the "federal reserve act-
Wherever the word "bank" is used
In this act the -word shall be held to
include state bank, banking associa
tion and trust company, except where
national banks or federal reserve
banks are specifically referred to.
The terms "national bank" and ''na
tional banking as&oeis tion used in
this act shall be held to be synony
mous and interchangeable. The term
"member bank" shall be held to mean
any national bank, state bank, or bank
or trust company which has become a
member of one of the reserve banks
created by this net. The term "board"
Bhall be held to mean federal reserve
board; the term "district shall 1
held to mean federal reserve district:
, the term "reserve bank shall be held
to mein federal reserve bank.
."ay. X i ' ,. n a :.;
hace cf d-d: buslne- i of ca h bank
- i t.:-'ca;!:a- sa. h ceriirK-at". and 'f ; :i
t I... ... . ,1 a.. I. ...... t:-' w-.- ''...I
is situated, as "Fed oral Reserve III ' ;,,,,,, .. .aa-.t a,--s ! a:il sade in which sail bai '" ti !
banks and the public- to th- stack at ba.it -d. the. una. .ant of ca, a..l t ' -said
f-deral n-trvc baa' s. -r nay : and the t-a:ab a r .d s.a.r. s int v. i : h
or mere of t!a nn ia ;h- j :d-aa at i the saa-e is .divide!, t! i.a
of the cr..: uia.ati' n a-aa. a e, in-a.
tieient t pn :-!e i be aaaan.t -f c: ;h
tat required tl-etei-ar. t a a: i i.i . j i . hanks w:.n:h laive f-a.-:a.. t
event the s dd (-ra.Ia ata.a .;. : . 1 1 ' ca;:i d s: . -k '-' s. ii iv- b:al ra
idndl abet to t! f IddK ! Slat s;: '.. : .:, , y.. Ii;a.ih-i- : f -h .a- - s"a-
anonnt of :-ai-l sto.-k as sa: i nn.nni r:!.-'d b- e-a-!i. a.. l t!'e fa t that the
tee sh-.'.l ib-te:-::due. S-d.l United '-date; ;,vni;n..,;.; t t:.;nb.. to enable ;h-.e
stock shall b ! aid f r at jair out of :. i;k . (.x.0;:lin- s:T!..e. ami all bank
any money in the treasury not ot'aea- T n-eh hav!? n'as.-r:! .-d or may there
wise ar.ropriated ami shad be lad r v,.j..:(.r!;i0 to lUo t a-i:al st5 k
by the secretary : -aary a..d (.r ,..1 fc,,,.r:!l r,S(,rvo hank. t avail
sed uf f.,r the benet.t of the I n;t- , . ,,(.;u. , vt of thl. :1d vanta-cs ..f tliU
t-d States in stn h naitnn-r. a.t sm a ,
times and at s-nh price n-t less i ha n ..aniaaiba! cerdlicate shall
par as th, utary w too t:can-, , p,f,,., :; Jada of
fcl CU 4k-Un-;,li'j 1 s.cae cart of .vo-ml or notary pnbb,
i a' slaul be. ti-eda r with the ac
SUoSCnlDED Cf r ST.L . kn..w:..n't:n :;t thereef. a-uhenb-at-l
, ir-r- r,r' t;' ?,': "f 5 ,'"-5;t "r r,!t;!r-'
Ml LKO I ce.vwJ.ui... i:- -is-i.bdt-d p t'e -a nytn.'.h-r of the
rer..-y. vah . s'.ndl II! e. ic-"d a:;.!
Stock not held by member banh.; ; c. 'cf-diy aa rvc. th, s: lae ia Lis of-
shall net be entitled f votd.g pever ia ' Ih.-e.
the hands! -f its holders. I i
The federal resirve board is l.e-eby i pEOEiAL RESEHVc:
erapowere 1 to a. a ;t. and prammaaiT'. . n,T,.,.0 pn'S'CCC
traiisfei's of said stock.
No federal reserve bar.!; shall com
mence baldness with a nid. scribed cap
ital less tha:t s4.iaa.fcit. The or-.-ue
Izatloa of reserve distrb.-ts ai d fed- p;
era! reserve e:t;es s!ian nat ne ".
FEDERAL RESERVE
DISTRICT SCHEME
Sec. 2. As soon as practicable the
secretary of the treasury, the secretary
of agricultnre r.nd the comptroller of
the currency, acting as "the r?serve
bank orgaaizatloti committee. shall
designate not less than eight nor more
than twelve cities ito be known a Td
eral reserve cities, and sliall divide the
continental United States, excluding
Alaska. Into districts, each district to
contain only one of such federal reserve
cities. The determination of said organ
ization committee shall not be subject
to review except by the federal reserve
board when orrnnf7.: Provided, That
of Chicago."
Under regulations to be prescrib
the organization committee ever
tional banking association in the
ed States is hereby required and
,.':.: 1 . T . i. ; . . t - , ... . I '
nismit; u.tii. iu ti.e Liiueu p-tar
every trust coir.pan.r within tb
. . . jm . V I.. . : . i . i. . . 1-1
to signify iu writing within si:;-v
after the passage of this ac t itsi,t
a nee of tlie terms and provisk f rv
of. When the organization c'
shall have designated the '!J
which federal reserve banks 1 1
organuzed and Cxed the ge'l-:i'':ii
lindSa of the federal reserve r!cts
every national banking ..atini
withtn each district .shall I bdin-.l
within thirty days after n f"'''"'
the organization committee ti 'ri't
t the capital stock of sucdJ
serve bank in a sum i-r.' t; I"r
cent of the paid up cr.
suridus of such bank, one-1 rf t !('
subscription to be payabiJ' c:i11 '
the organization commit: 'r
federal reserve board. o:i ?il within
three montkaud one-si:'--111 s'x
months thereafter, and t remainder
of the subscription or an art there f
shall be subject to eaU cn deemed
necessary by the fedora lrrve l"ard,
said payments to be in j or f'1-J ('er
tificates. j
The shareholders of federal re
serve bank shall be Ijf individually
responsible, equally ratably aad
not one for another. I all contracts,
debts and engagemeu of sa.ch bank
to the extent of thejmount of their
subscriptions to suedl ook at the p:-r
value thereof in addip to the amount
subscribed, whether"1 subscriptions
have been paid up i hole or in pan.
under the provision" this act.
IF NATIONAL F.NKS
FL TO ACCEPT
"Any national tk fading to signify
Its acceptance ofiae terms of tins act
Within tl.e slxt.vilays aforesaid shall
cease te ac t as reserve agent upon
thirty djys" not? to be gien within
the dis-f-tion eithe said orgaaiaatio:
commit'te or
board.
Shouil any
:...- T r
, ira..:!: f th.e h a: I t ! e s. h
li a la - the d--"igna X ', : f u ii ' '
m a a. th-.; rg.i::'r:Ui--n eon e si a a j
... .. 1
t-.' l :?t- It.e ;-via 1 c .. a, a
taiaing b ti.e e.Ii e of 'a a a in
f such f-dcrai :a-
.t
-r- ! ah ;.!:;!:
t: c r-f -.'.! :.k.
-. r t - f . .
i f, h :- j r. r.
duty d tl
-.--s A. !d a:. 1 C r
the ..:-aa!drain n .
?e.'.e tiani.
sea.' f-r or i .'pre
a T'.ve ;n -'.
of a f- i -ra
i ..,..-ve bo.'rd or an :!'. r or dire t 1
t ? a f.'de.-al ! : ve 1 ana.
tp, Iy 1 -: n f 'a ' of t h
cf o.'i e fh.dl .via- in ':
f-,e 1-t of J r:-:;rr I'-ar
d.u-- of s !. r. - si'.-. ' e v ! t r:a
- f o.h e h:a
' ea. rs f.-.aa s
i.-rai ,.f ,. ' shall . s: at '. of S
tbr..' years fr n.i '-a d d ;-. T
X - d n '
t;- 1 ! V
b- I J:ia '
1 f ta r '-;-!'-
, :... rf t'-- T' " "
- r-." '' r " h ' '
,.' r ,, --r V' I ,t
f. ! r-rv. I e ': ! d
" , - ; i ., r -. r-"-r:
:':!-. g. ?' e
.'.'. d. -I r'.-'- -
1:.' .-f : - " -b .- - I ' : " r '
r - . ?h r- : ' '
r - h : d 1
, r I'. l -'-tl r----". -
....
-,. t
l . I
r- I 1
i
T '
- t' -I -" rr '.-! -
vb. ! .-! - U t- r ' y ' '
lank ch'-cn
b
a : r- i : t .-
;.ars. Via-a:.-"-- that may 'r.-seve-:d
:. of J;-- . f f.
-.d n- -rv.. I - r.ay 1 a'u-1 In t
t I C t o i - a . . s
raa- r. r
t. '"I f
a .
t h a! .a - i: e i::.. i; rt-d t- r.-s n r il
. f th.-:r ;
Ulor. the f.!b:g f such certificate
with the c "-o tr.cler of the currency
las afar, said the s: i 1 fed ral reserve
II be ' me a bohy earparate
uch and iu the name dos'g-
atlan ca-tiacate
Ne d.re.tvr of Cl.rs It shul be na
. . . .1 . 0 . -
ca. cr. tare. ;- r e:..; .-.. cb ui .
I ank.
e director of '!:.-s C Khali b- an
. '!', di:'i" tor. .aaa. e -e er si-.
I a ; r of r.v.y bat !:.
i : -t -'-s i f 'i..-s A a: 1 ("lass Ii i
s!; d be choa-n in tb.e f.-b i. d.g n-.an-:a-r:
'J ho c!;a:rnian cf tke be .rd -f d.ree
t a-- of t!:e fed.-r.d n-rrv- 1 at.k f the;
diMrlet iu w.b-a the bank is situated! STOCK ISSUES AND
cr pending the a; p.dntai.-i.i . f sit b
ch drn.ai! tl:-.' orga:.i:ati. n . -. :a:.dt!.-e
sh :il elasify tie- i.e t:.b r banks cf tl e
di-iai- t into t!:a.-. g- ta r d i.;-oijp ..r i
idans. ilach group s! a:'.I c aai.u as
nearly as may be !.- tl i"d : the .aa;
-f.ire nand-er of ti.e m-n.b r 1 aid.
of the dbtr;. t anl shail c a .-: as
ntaily as may be f banks 'f aaar
cr-il iiiaad en The groups hali U-
I ! d rr- I r f ' ':
"A-t -r k f---r t -
in hi'' rf fr.y f"X- ' '
Satf rr rrg-.r -;. r t ' r
'-i-r rf irr T f T''" t '
... cf sf, a - j . -t'.- g --:-- - -!
b. 1 -b-rt f" I: t-
: r i."; n --
dc-'gmiled 1-y naial rs by tl
e l:a;r-
stnu-d as t-namgtng the pioeni sa.. , natcd in a naa org-
ef reserve ' ities and central reserve 1 ;n..d havi- av. a'-
eitls. : -ept in so fa.r t: this a.t ! bii-s' -'fn : d'a't anl use a c-urpenu.
changes tic s-taount of reserves that , si ..!
Second.- To h.-.v
"ein. The or- i ,,' tw t:.v um;'.' the:-.', its
s-a for a p -
: h'.a-
dl-aoiv-a 1 y an
ation i
Ized fa
sage o
bank
the pr
thereto
franchi
to It u:
der th.;
thereb-i
with o
ever. 1
f-fthe sael organiatitaia
i the federal reserve
.tional baidiing ass v-i-
nj the Ulited States now nrgan-
withii cue year after the pas
this a.t to become a member
fail 'to comply with any ef
ision-i of this act applicable
may be carried v.ith approved
serve agents ! -a,f d l
gai ira.iti n eotr.r..iU-e ; h:di have p v- t;..,. t,..;,.
er ta appoir.t suc'i asaistauts and in- aet (,f congress , r iitdes its fr.-.tn hbe
(t:r such expenses in carry'::::: out the ( hegomes forfeit 'd by seme i-.hitiou ef
provisions of tins act as it sua.: oecm j.uv
Third. To make c infracts.
r.eiri In To sue ami In- sued, eotn-
necessary. am! such e::pnis".s shad be
payable by the treasurer of the T'uib
ed States i:yon vouchor approved bj
the secretary cf t'a- treasury, and the
flU-i of $p .!,.:' i. or s namh tl.-reof
as may be i.e .. ry. is b'-aeby appr
priat,.. out of a ay moneys in the 1 r as
ury net t.-'rw!s. appr.'priatc-.l fi-r tl.e
paytaent .f stn.-h .-ancnaes.
Brarch C":fS.
Sec. o. I"! a fab-ral fe-arvj tit:k
ah.all efd'lbh o.-.iinai b i nl.s wi: hi a t be
feder :! res-rve ib--:ri t i:i vchivh it a
located :: :vl may do st ia the aai-at
of nn.v fe-b.-r.-.l reserve bank a" h h
plain ami defetib ia any .-oart or l-ev
rr c pnty-
Uifth. T. a: '.r.t by i s b -.r-1 of
directors such oi l' :s an I : pi e eys
as :ire m-t ot a r'vi-v ! r . i-b I i'-T ia
! this i.( f. te ia- t a :: aa. .
-.,:. Is c-f Thi-:a a: .1 ha the ; map.,
thereof and b uN. as.-. : t pa--a- ne t-uch
otiicers or ca:' ' .y- .
.s.,:h.- be i - - by i-s : d ;
direct ar l-l.iv.s :: t !!i -aa-'. tc: t v Ih
aw rcg-a.latlug th" !....'.:: r ia w hh i: ?:
er.-a-e-a.! i i:da.a n ay ha c- I., a :
and the pfivih-g--
At a regularly called nteeti; f the
board f dint-tors ef each t... :..b r
bi:ik ia tlie d.-tri'-t it shadi ! t by
billet a district rc-ere cleat, r a: d
sin il certify Ids name b th- ; ! a ru an
of t'-ie b ard ef directors ef t'a.e fixb-r.it
reserve bank of the dbirb t. The ca.i.r
I niu shall make Ibts of th" .bstrlct
r....rvc ele t' rs thus na:.a-.l by banks
i i eatli of H e aforesaid three ,ar a; s
and shall trananht one a t t-. c.e It
e.-ct-.f ia each gr--a:..
lhl'-li I a. n.ber bank shall b" permit
te.l to nominate to the ch.d.ru.a a
candidate for director of !..- A aad
v.e candidate f.-r di."e.t- r of l
The candidate s lamdn t.- t hd! !
listed bv th" cb-.Irr a::i in Ih-ating I y
whom nominated. I " ' t id i:-t
shall, withhi fifteen days x f ter I: -cc-u
p'.ati- n. be fnrni-In d by ti e cb iir
ma. n to each ei -i t ar.
Ilwry eiecte.r y!:.i'l nithlu lift -.'a
days after the re -.h; t of the sil d-t
eertify b the c!i.nra..in his fr-t. (
on 1 and other ohtie-s of a !l:- e. r
b'-a-i A and I'lass I, n -; e-t'. iy v u
B p-e".i; t-i.: a! ballet oa a fata tu--t
:-' e.l by tie- . laiirna : of the I o . f
direct;'-, of tie- f daral rer.rve b..i k
of tie., d; trict. h t-'e-et-.r -:: a! ne k-
a .ss op; e-:e ti e tmn.. of t' t'a t.
-(a nd a-al otb.-r '!,.Ov f. r a d : . t r
ef dy.ss A ni 1 for a da. t r f Ti -1",.
tut f'aall i..t Mte n .re ti. ::i o..e
-V C!: - :fi-.l:.t. e.
t!. i r '.- te :-'.'g
r-.i. f T f'.' v.- rf t' ' - "
nrT-; r-i? ! t'.r , ---
r f . r i - ' - f ;. ' '" "
b r. I r. g a 1 '. r.. ' i t ' ' "
CHANGE OF CAPITAL - -r-:r rf r
rT rr-I i" .1 r "t, ;l ; i-. . g . -d.trh-r.
" ": rr- r :r .. r ' r
P.v. The r-r--d.;! r f rv!i f. r-.-a" i'.r r f t' r-. - -. I'--
f- rrd i-.erv bank sb.d 1 dlvi 1"! vl ! b -..-..-. T!; ? -M r t. .
!. t . s'a r. -s of : a da Tl; .t- . vt r .t I In r- .r-v"i - :'
st. a: bag ' a; i'.-.t ' ti ... pn. Ja .a i , ' .. t '..
cras.xl fr.-r t tln-e t tl a - i.
banks Jncre's,. th-ir ca; .'a! rx-
s- !
a I roj pit ?-f--'', r a i
sur, !us r as ad lib -t ai bark b. . ri f ,. , f ,? t'
k or f - .
d th r.r: I nay l .! -I a
n.-nl.r t ':.' re-l : ti ir ra; ml
f-t k r sarj b n r . ei. t 1 tm -a-
.1
't-.. t"'T th r e '- ? "1
f),. ,f f, r1.:..j .-rj-'i ! IT
d ar- s . f th- r-ib-d - if .-r :.'! the
ti a- : .
i' S r. ! t r ' - g. r r -
f'-b ml r-s.Tvo l.ir.h ty n ru
ber irl.s shiil ia t ! traa-f..-I t.,, - - f-'d-: .''
r h.vp ( l.oe at.xL l.-n a ne -r re A -. A mi
?.-?r.k m ri : .M ca;i:.u rr f, t, r
s::r;.'e.. Jr shall ttr a;-. n :".--'.' .-'.. . --
f.-r r.'i a IVri-.ia! am r.t 'f r-i-. t : ,n r-. "
.-'!; (f t!" fi-a-r.;! r--.-r-. n ;
its iharrt -j : d t p r re-t a a r t
i
r r
-1 .1- I ? - "-J - - " -
" i ' I ! it . r i
ta -.: . : i:
. . -,o r.- if f -1 .: e
r.r
. I - . -
-i r-f- "t s-
scri;'ei t t I'ed l". th laii.re" r ti'.r t! ie-:v Tv
rj b-1 f -r r.rig!r..il ;'- , ar v m ir k ra-r ' t-
. - : ' ...r. .p.. r.
; 1 i n. r ! :
of th- f r-e-.- b-. r I. A b-r.k- ....
r.pp!y!r-g f r f".k la t- !-r-.I r."T" , r-. r r
lank t.t a. ! ' """ sfr-r th. "rrm.Ui- ,
-? n'-s -ri' " f r
. . . .
k .ft'-
r'. i or : - I-. j'- -r!
t-- -h ?' .Ta. - . f rv- .: .'.
fn i to- .
a: no;.,t f X '
ml n-M h b-i'k -p: il f f-f f ... !"- ;-! s--" tV1 .--
. 'r f----.i f tl " ; lid n; ml : -ek -.;..- r. . : r-a f -- -
rtn 1 :-,! i of ei! f ; :.:t b.r.k. b-L-diag a
p -.-. ing f ' r i' p-- v i'-a o-.- r-..t ;.'
I -if ef 1 :) a l"'r.l f-e.
the p.-: ; . i of tt .. a '.- '. v.
n 1 r.
- J
r r; ; a ' e .
m: -' ' :-- a ' .
-s-m : . i
'. -a! r ,a. . m a : !
t.t r 1 "-a
mnv have been su.n.mled. t-n
... . . . .. . ! l-.e; v ! e t.i"e; '.-( I I'ji'i
a.nta i t it by law ! ch-aae o
la.
v.-tts . :mt bt t
. : nast
"'4:' "l" "a" 'V o. ..... ;,v e of ' VottS .ami ta l m . c (
nf i!ir..f,.r i-k.'.-t i-e'e .-a,.l r.--ai!-i. ! 01 ' ' 1 - - .- ... ..... t ..a. .... ir ..
II ..r ti rfMita ttHvtte"s nnd !. . - i. .. .i .. r. . i - directors O? OitlV au..a.i-.ca :. ii.-- -
s of such association granted
er tli? imtional bank act or nn-
provlsions of this act shall be
forfeit rsl. Any noncompliance
violation of this act shall, how
determined and adjudged by
any coirt of the United States of com
petent
for th
I.....1 l.-,.,...tnr.. , f I .,...1. l...,,K. e,..il i ":uh :ai '..ei.- .v-
i-:i.l. 'i.i-..iei)i .. .til- il i'ii :n-i -ii.il' ' . , (
IiV the provm-.ojt oi taa a-a a. a: s.- a
losses the s-tr.'.e 'ju ditieations ni ibi-
ro.'-tors
feleral reserve banks
Foul of s-ii 1 d'ee- tars stadl !-e selected
ty the reser-e bank and three by the
fc-br-ra! reserve board, and they shall
i- .11 ...Tr .1....:.. . .1. . . 1 ... . ...
. iiai.i ii i,r lo.i aia . : o : oa-i.i a. ioi'-- -
jurisdiction in a suit brought i H,... ,,. . , .... ... t .1T,a ter.
nurriose in the district or ter
ritory in which such bank is located,
under direction of the federal reserve
Vnrd. by the comptroller of the cur
.ency In his own name before the asso
ciation shall be declared dissolved. In
pra I re--e- e le .:;: 1
Iteservo !,- k va. :!t designate one ..t
the directors as manager.
Fcjlcrr.l nc.;ervc Bar.ks.
Sec. 4. V.diea the organization com
'nenbmta! po'.vers as shall be nee e-ary
to carry on the I a die's ef brni.'r.g
vithiu tic lhmmth.::s prescribe I by
tM a- t.
ITigid!: Uf on d.-t.ir t It!: t'a tn-i:
c.-a.idsto have a maj a.ty r a.i I.. -voi.'S
in tho ta-sf .-.dumn then th.-r -hall
U- add.ed t' C'-taer the votes ca-t
l.y the el-et ors far sta b car: '.; bib's in
the so -.cd c..a an to the votes ea-t
for the several carnl dat-s hi the f rs
c.derc.ti. If r.t.y ca-.di !ae theti have a
v.r i -rite ef th id ;,--. vt rg bv add
, r a,' T'l.'r.. i Sf -It s of -in" 's
I.,. lag t'.g:T i r ne- n; : a.n x
cf tin- United States bi the ;a M.M.a
prcvid'ab bv i -isdag law r bdiu-g to
1 rait mm: i bank- t re vive frn-i toe
cotuptmlh r ef tie eurreney c r'-ad irir g
rados In bhtnk. rcglstenHl am oee.l.ter-,
Figned Jis provided by law, ep.:al in
ctii'ecs he h.iil b" t'.--cbl f- 1 i 'c'iii!
If mi ea ::!!.!::! !r:ve a i ia.; -;v ..:
(HK-f.rs vot'.i-g wh.-a. tin' t:r -t an! s--c
rnJ eh.dc.'s sb.d! l:ave 1 e. t a 1 1. d th -a
th- votes cast in the third .-. Wni.n for
! k ''' h '. e . -, i ' "
f -!t !'' on aa t f t ' 1: '
.. it.i'. st - k 1 f .!: t--r t it k r on ...
r.r.-o.:-- .f ' .. j- --- . pt r- :': a
T-T of ta- - r " " k -. t' f -. - ! .f dl 1 r -i. -'- X 7 r
ri- t -rs ' ' 'I e- e T t -- t n .e;;... ,, f - r . ;
i-.'-ti a t . p .. a ..f v... oTf::.'! I "'' ; a.-'
!rl e.ei, .y. mat pd b :d 'r ijn'.f C
wlmm -Vl.-) a ,:..:;!. - t S.mIC t-C
h . t th-'
I'- x . ! o.
- . . . "-. a I I
j : - -'-.
" r ' ' f ' -
red'.c.s it
d
ii.Mi cLv o c fo 3 r. .
r ? . a- a re rt. .. - f !" a ; . a -1
eldlrrx n the oab.d of - 1 f.-'. -.
ro.irv l ':rV. rnd v? a a n.-ra.
r,-a.-...---,r- n-.-; c';.'
I'.l lil ..'IUL . I. . , . . -
. . , . . a e - . . 1 . -ar .
r-m-rder nil -f V t.-a -
.- f..'.- r... th- trd star, rf't-
' tl W of a . .!' -iT og ; T-I
f-.-n !
r c-
ttp t-ntk a-t t-" rd'-e-
5TO.'k iVb'rr1; t''-n T ' rf
e-b In o'tl er ei.. tk. ,'.-.- f-r-rUiler.-I
s'.ah 1 n"iv'.I ri !
re rf la r
. - -t
... I
ra'ntx-r ! va -
r:rnt th. r f r. lai l-r r.-rai
p.. p-e-.crib.l by tti- f-..-rr! r.-s--""'"
Jxnr.l. sum i'1 ' r-h p.; " ;
subsrlptloiis fi tb nHrrrxi e.rrTjdr
t!-in t t' " r. ... - r ' re-
, n .. - ; ' - g - --j - - . , .
ti f '-.--, s r f ' f.r'-- -i..-T
'..in! f-r i' r t t"
'! f ' - I r t s . : - 'x (
f . m- ' w ' i ..
-ni rr r: r d . ' r ' t ! '
i. hi tx T - . , . ,
', x,,i . rr. dtxr or fh '..ex,. r-,rT tw-.-'
r i
i !
ixaies are KeasonaLIc
-
- I
