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Show WORKING ON NEW i LAW DETAILS Secretaries McAdoo and Hous-I Hous-I ton Preparing Currency Machinery Ma-chinery for Operation. j BOARD TO BE NAMED Selection of Cities for Reserve I Banks First Step Tentative Tenta-tive List. Washington. D. C , Dec. 24 With all the power of a law fresh from the pen nf President Wilscn behind them. Secretarv McAdoo and Secretary Houston today began working out de talis of the nation's new financial system sys-tem The two cabinet members acting as an organization committee, will determine de-termine the important preliminary moves to the actual Installation ot the machinery that is to operate the federal reserve system Although the law provides that the comptroller of the currenrv in the preliminary work of reorganization, the office of comptroller Is vacant and It ba6 been decided that the two secretaries, sec-retaries, constituting a majority o" the committee, ma go ahead tater the members of the federal reserve board of seven will be named by President Wilson. The secretary ot the treasury and the Den comptroller will be members of that body and the other five will be chosen from private life If President Wil6on finally fi-nally has made his selection for those five places. It is not known in Wash Ington First Step To Be Taken The first step to be taken by the secretaries will be the selection or cities where federal reserve nanks the backbone of the system, are to be located The law provides for not loss than eight and not more than twelve The organization committee Is empowered to employ counsel and summon witnesses and papers and to go deeply into the location of the reserve reservoirs Its decision Id not subject to review by the federal reserve board. It is possible that before the ques tlon of cities is decided, the organi zatlon committee will visit cities sug, gested and base its report on infor matlon gained at ftrsi hand. Cities that can hardly be kept off a tentative list would Include Now York, Chicago. St. Louis, San Fran-I Fran-I cIsco and New Orleans with Denver, ; Atlanta, and Seattle or Portland, Ore . ' near the top. Philadelphia Balti-I Balti-I more, Washington, Boston and several others are asking for designation Secretary McAdoo said he expected to actually besin formal work of selecting se-lecting federal reserve cities tomor row. ' Wc expect to consider the problem prob-lem Id the light of what will most benefit the entire country, and local 'nterests will not be regarded, said he "We will probably outline tl.e districts and thea choose the cities In each district where the federal reserve re-serve bank will be located." Mr McAdoo did not know, he said, i whether there would be eight or I twelve districts That point rested j as one of tho most perplexing before the organization committee. New York. N Y . Dec 24 Three of the thirty-six national banks in New York have already signified their intention to take out federal char ters under the new currency law. They are the Hanover National, the Goth am National and the National Reserve Re-serve bank Practically all other national insti tutlons of the city and state, It is expected, will take 6lmilar action soon, but some are holdlnc, back petid lng advice from counsel. Others deem definite action unwise uulesi ratified by their stockholders. |