Show RESERVE DANK BANK IN SALT UK LAKE IS FAVORED Financiers Gathering in San Francisco Approve of Jf Branch Plan II II SALT LAKE CLEARINGS I I clearings 11 II Same day last year II It Weeks Week's clearings II Same week last year Li I I A 4 private telegram ram received in Salt II Lake last night from San Han Francl Francisco co t stated bankers that from interviews t various with cities lN saI sa a I included number d I of in inthe inthe i the Twelfth federal bank tern tern- I tory who have arrived 10 to attend the third Liberty loan loan conference showed a unanimous sentiment in favor of of- establishing establishing lishing in Salt Lake a branch of ot the theS I S Twelfth district bank As exclusively announce announced in last Tuesdays Tuesday's Tues Tues- day days clays s Telegram the formal petition Cot foi the location here of ot such au an Institution TueS 1 had been completed and and be conveyed conveyed conveyed con con- to San Francisco by bv L. L If H. J Farnsworth Karns- Karns arnsworth worth president of ofal Walker l a l' l Bros bankers bank bank- ers era and and who also Is a member of oC the Liberty loan barr advisory advisors committee This petition will be formally presented to J J. J K Lynch governor of the Twelfth reserve bank and by him will be laid before the governors of ot the twelve re reserve reserve reserve re- re serve banks at their n next In Washington When Then in Salt Lake last fall Mr Lynch expressed the belief that a it branch of ot th the reserve bank should be established in Salt SaIt J Lake ake and It is expected expected ex ex- that his recommendation will carry carry carry car car- ry great weight with the governors of the other reserve banks lanks in rendering a decision for or against the project The fact that the Twelfth lf district Is the largest ar In e extent of territory r and d I that Salt Lake Is situated farher from San Francisco than any other city in the district and besides Is an Important financial fi financial fi- fi I ISan center and also the center of ot a large arge and prosperous territory will wiil it is expected result in a favorable decision by the board of governors The various district banks now are payIng payIng paying pay- pay Ing Into the government half halt of their surplus surplus surplus sur sur- plus earnings after meeting their dividend dividend divi divi- requirements The New York re reserve reserve reserve re- re serve bank bani paid the largest amount amount- The total earnings of ot the New NewYork NewYork NewYork York hank bank since its organization have been equivalent to about 7 per cent on stock for the period or 1 Three pet per cent dividends above ha have haab yearly ab been nA paid requirements 31 amountIng amountIng amount amount- 0 n Ing to 19 After Alter paying running expenses a surplus of ot was left According to the law regional banks are required to pay half halt their earned surplus surplus surplus sur sur- plus to the government after 6 per cent cumulative dividends on capital stock paid in In and carr carry the other half to surplus surplus surplus sur sur- plus account until it amounts to 40 per percent percent cent of capital Above that proportion r all surplus earnings must be paid the tho government which is restricted in expenditure of ot these funds to retirement of United States debt and strengthening of ot the gold reserve behind the greenbacks Heretofore the federal reserve banks have not any surplus in weekly statements but on completion of ot payments pay pay- ments to the tho government will show this Item in the balance sheet to indicate the tho amount accumulated toward the maximum maximum maximum maxi maxi- mum surplus |