Salt Lake Telegram | 1918-01-22 | Page 8 | Letter Shows Success of Branch Bank Move

lErrER S SUCCESS OF BRANCH BANK MOVE 11 j The The Salt Lal Lake e Clearing House as association as- as l of which W. W W. W Armstrong pr president of the Copper National bank is president today made public e letter forwarded to L. L H. H Farns Fame x worth James Pingree and Heber J. J Grant the committee which took to San San- Francisco the petition for the theo location o in Salt Lake Lak of a branch of oC UIO tho tho federal reserve bank The Tl letter gives in details the conditions con- con ns previously published in part agreed t upon by local banking lions insisted upon by the governor Twelfth federal bank banI r r. the reserve conditions include the tho i These pay pay- of a certain sum per ier annum to the U branch bank to conduct of all clearing house 9 and that each nonmember of off 1 house f cle clearing house agree to maintain Ui the branch bank a deposit bal bal- equal to 10 p per r cent of the banks bank's demand deposits t d 3 per per- percent cent of its tIme ume and savings d deposits V pi Armstrong who has just returned re- re turned d. d from a trip till to San Francisco a today that all the details of esthe es- es fJ hinl lne the branch in Salt Lake I 1 ld be attended to by the Twelfth J district t. t bank and that he he hoped to tolie lie Se pee the branch bank banle opened here hered d six weeks iL n