Show t BANKING ANIN SYSTEM IS 15 NOW NO IN OPERATION N Nr r- r Opening of 01 Reserve Banks Marks Ne New Hew ot Era in American Finance After months of work on the part of of the federal reserve ho board rd and preparation preparation prep prep- by bythe the banks which will wUl be members of the new system the twelve federal reserve banks open opened d Ir d doors or to business Monday Their v t entrance into the field of discount m marks th the first great change in the tha 1 banking systems of this country in 3 fifty 3 years oars ears since the national bank J was conceived and called into being after the civil war i The twelve banks designed to take care of the commercial needs of the entire nation are located in Boston New York Philadelphia Richmond Atlanta Cleveland Chicago Minneapolis Minneapolis Minne Minne- apolis St. St Lous Kansas City Dallas and San Francisco I For the present the operators of the banks will be limited largely to the rediscounting of notes drafts and bills bUls of exchange e but as experience Is gained steps to have them exercise exer cise their other functions under the currency act will be taken The system starts on its missi mission n with member banks Their authorized capital is put at i of which sixth one has been dall- dall aU I is in their Jures tures ures for the cash reserves in all twelve banks has not been accurately computed but the estimate puts the amount at close to under the law from the present res re's reserve reserve re- re s 's serve agent agents of member banks The Ther r F form formal form l ca call l at opening sent out Monday b by Secretary of the TreasUry Treas- Treas rury Ury ry McAdoo waa largely a matter i- i o of fo form m. m 5 3 Secretary McAdoo said l Monday MARKS NEW ERA EltA The opening of these thee banks marks a new naw era in n the history of business and finance in this country It is believed believed believed be be- that they will put an end to the annual anxiety from which th the country ha- ha f for r th the past gen on 01 about insufficient money and credit to move nove the he crops each year and will wu give such uch stability to the banking b siness that th the extreme fluctuations in interest rales t s and available credits have charac charac- r tet zed ba banking kiD I in the past will be destroyed permanently The federal reserve provide for a of credits based based upon a commercial paper thus thu at last securing to o the country an adequate supply of the necessary credits to me meet t the letmate legitimate legitimate let let- mate demands o of business as they de do The supply will be absolutely re responsive e e to the dem demand nd and thus business will be free from restrictions limitations and injuries from which it has as suffered d in iii the past because it has not been able to receive at the time when most needed the crt dit fa facilities fa- fa which were essential to its regular and proper development The Thee whole country is to tobe be congratulated |