OCR Text |
Show ORGANIZE BftHKS BY - CHOP Mil TIME PLAN TO PUT NEW CURRENCY SYSTEM IN OPERATION DURING DUR-ING SUMMER MONTHS. It la Hoped to Demonstrate How Easily Eas-ily the Reoerve System Will Take Care of a situation Which Has Caused Financial Worry. Washington. Evory offort will be oxorted by thu federal resurvu bank organization committee to have all banks expedite the formal steps necessary to put tho new currency system In operation. ' Mombers of the committee apparently appar-ently have no expectation that there will be any financial crisis to face ru (lulrlug thu assistance to hanks which the reservo system will provide, but tliey nro anxious to havo the twelve reservo hanks In tho flekl by crop j moving tlmo next rail. They hope tc ' be able to demonstrate how easily ( and quickly tho reservo system wll take caro or n situation which In previous pre-vious years has caused financial worry wor-ry and which lust full led to direct loans from tho United States trensurj to national banks In tho farming ru glens. Thu committee has worked at ful j speed on Its part of tho prollmlnnrj work, and Tuesday tho formal notlct I was sent to tho 7,548 banks which I ask entrance to thu system, of tho lo- I cation of reservo banks and tho limits of reservo districts. With tho notices will go blanks on which bankB iiiubI ipply for subscriptions for stock h 'tho respective reservo banks. Thlrt , da s aro allowed for banks to make tho first payment or tho required ( per cent or their capital and surplus President Wilson probably will iianie the llvo members or tho redorat iresorvo board ho 1b entitled to np .point by tho tlmo tho bankB and tht Ml reserve bank charters havo beep j(J granted to them. Tho reserve board II will nnme three directors or each ru ml servo hank, and with this task per- I ft! formed tho banks will bu ready tc operate. all |