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Show 8MS NOTIFIED TO BE READY WITH GUSH Treasury Department Hopes for Quick Organization of Reserve Institutions. WASHINGTON, April S BanUs apply-lug apply-lug for membership must take the next step preliminary to the organization of tile new federal reserve banking system. Comptroller of the Currency YvilliamH tonight forwarded to every one of the national and Ktatc banking houses and trust companies which have applied for membership n loiter telling of tho division divi-sion of the country Into twelve rcservo districts and Informing each bank to which district It will belong. With this notice, M. C. Elliott, secretary secre-tary to the reserve banK organization committee, sent a form on which banks shall signify th0 amount of their subscription, sub-scription, and also a letter calling attention atten-tion to the hiw which provides for a tl per cent subscription of a bank's combined com-bined capita! and surplus. Treasury officlnls were hopeful tonight that tho appeal for prompt action would meet with a resppnsc from the banks. It will take about five days for banks on tho Paclrtc coast to get the subscription subscrip-tion blanks and letters and as much time for an answer to como to Washington. Wash-ington. It is possible that the way will be cleared for tho organization of the first bank in the east wHhln a week. Under the law banks have thirtv dors after notice to subscribe, but officials do not believe that this time limit will be taken advantago of by many Institutions, Insti-tutions, since banks which intended to enter the system have been preparing for this step .for the last few months. |