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Show I BAHKS MUST DEPOSIT I RESERVES IH HARD CASH H Transfers to 'Open New System Can H Not Be Made by Means of H Drafts or Checks H Washington, , Oct. 28. The federal H reservo board tonight notified all H banks that are members ot tho new HJ system that gold or lawful money B must ho used In making the transfer B or reserve, deposits from the present H banks to tho federal reservo banks. H Thls step is designed to fill the J vaults ot tho twelve reservo banks H with money nt onco nnd will permit ra9KlMBWiiiucssa the ready use of federal notes to member banks. Tho board announced also thaMhls order will apply to subscription to be ma9e to the capital stock ot reserve re-serve banks by the member institu tlons, the first Installment 'of which Is due on November 2. Tho transfer of reserves will begin after the secretary sec-retary of tho treasury makes formal notification of tho opening of the twelve banks November 16. "The federal reserve board appeals to tho patriotic spirit of all member banks, largo nnd small," said tho board in its announcement, "to do their utmost In facilitating the different di-fferent work now thrown upon tho MMnMSHBBBBBHEBBBBl officers of the newly created reserve re-serve 'banks and to do all in their power to secure for the now system tho greatest possible success from the beginning." No compilation as yet has been rIt-on rIt-on by the department showing the exact amount of money to be transferred trans-ferred . |