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Show BANK EXPERTS BEING HEARD McAdoo and Houston Hear Arguments for Location of Regional Banks EIGHT CITIES NAMED Chicago Financiers Want in Their Reserve About One-Fourth One-Fourth of Country. Chicago, Jan. 19 It was suggested as a necessity that Minneapolis or St. Paul should have one of the federal resere hanks, in an address made to Secretaries McAdoo and Houston here todav by George M. Reynolds and James B. Forgan, presidents of the two largest banks In this city. Harry A Wheeler, president of the National chamber t commerce, was anothrr expert heard. All three were asked by Secretary McAdoo to prepare a map showing the idea of each how the banks, with eight as a minimum number, should be distributed. Eight Clt.'es Named. Mr. Reynolds at Secretary Mc-Adoo's Mc-Adoo's request named eu-lit cities In which regional hanks should be located. locat-ed. They were Bos'on. New York, Chicago. San Francisco, Minneapolis or SL Paul, St. Luls. Kansas City and Baltimore or Philadelphia Both Forgan, Reynolds and Wheeler Wheel-er were insistent that the number of regional banks established should be held to eight. Previous to the hearing fifty Iowa bankers who arc here voted to Ye-i Ye-i quest that Iowa be included in the I Chicago territory. Wheeler exhibited a map showlnsr I most of Michigan, part of Ohio part of Missouri and Nebraska, all of Iowa and nearly all of Wisconsin and 111! nois for the Chicago district Mr. Reynolds outlined the Chicago territory as Illinois, Iowa Indiana Wisconsin and southern Mlchiean. He i read a telegram from the Clearing House association of Helena, Mont , urging the location of a regional re-aerve re-aerve at the "Twin Cities." Elastic Territory Ideas-All Ideas-All the Chicago hankers expressed elastic Ideas as to the extent of territory terri-tory to be covered by a Chicago re-serve re-serve bank After Mr Forgan had suggested territon cohering the Da) I kotas, Montaan, part of Kentucky and nm-th up to the Canada line, Mr McAdoo Mc-Adoo said: "Chicago seems to ask for territory covering about one-fourth of the available avail-able capital in the country New fort demands a commanding representation representa-tion and that will leave about one-fourth one-fourth of the country for the other six banks What do you sav to that" 1 Mr For?an said that his ideas were subject to revision, especially as few bankers doubted that the Twin Cities would have a bank. Forgan and Reynolds were asked by Mr. McAdoo to prepare a definition ot "commercial paper," a map suggesting sug-gesting location of all reserve banks tions of the reserve banks, and a plan for clearing house regula-' regula-' It is agreed, I understand " said i Mr McAdoo, "that the reserve association asso-ciation must take an administrative attitude toward commercial paper that will not commit it to any high-bound policy but that will give it a free hand in dealing with different situations." situa-tions." nn- |