Show GOVERN R ACTS TO GET U. U US U.S. S. S BANK i I I I Says Federal Reserve Will WillBe WillBe Till TillI I Be Accepted ted on State II Requirements I I The Tho project for establishing a branch o of the federal rel reserve er e bank in Salt Lake yesterday received substantial impetus when Governor Bamberger or ordered or- or dered dereth the state bank commissioner and ami the state bank examiner to regard cash deposits made with the federal 1 reserve bunk bank as equal to such an amount held In state bank banle vaults Senator W. W W. W Armstrong who i inow is isnow now In San Francisco with a a. commission commission commis commis- sion of Salt Lake financiers working in the Interest of or Salt Lal Lake e as a location hoes loca tion for the time fc federal eral reserve branch has been advised of ot this action b by the governor governor governor gov gov- and It Is expected that no further further further fur fur- ther delay will vilt be bo experienced d in havIng having hav has ing log the city so 50 designated The federal law requires that banks desiring to become members In tho the re reserve reserve reserve re- re serve bank banle deposit an amount of or cash cashIn In proportion to their participation ex ex- ex The state law also ahio requires that state banks hold In their vaults a I. I sum Bum of ot cash as 18 a security for depo i- i tors In view of tho the fact tact that a double deposit has been demanded many of or orthe the banks which otherwise would have o been carl early members in the reserve resor bank have ha been hesitant about associating associating asso asso- elating with the venture Governor Bamberger's mandate remo removes s the necessity ne ne- ne- ne It ce for two distinct deposits and thus eliminates one of or the principal features that up to this time have spelled defeat for the project I T S I I I I I |