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Show OGDEN MADE RESERVE SANK CITY IT THE FEDERAL BOARD AFTER A DELAY OF A YEAR Ogden has just bean designated by the department of tho treasury at Washington as a reserve bank city. Although the selection of Ogden as a reserve bank city was made at the request of the members of the Ogden Clearing House association, tho members mem-bers of the association are not displaying display-ing any elation over the fact that their request has been granted. The reason tho clearing house members mem-bers are not delighted that Ogden has been named a reserve bank city is that the designation of the city as a reserve re-serve bank city came just nbout one year too late. It is more than a year ago since the Clearing House association asked to have this city made a reserve bank city. At that time the national banks of a reserve bank city were allowed to carry a large percentage of the cash and securities deposited with them by banks in tho territory surrounding them. It was practically obligatory on tho part of the smaller banks to turn over to tho national banks in the reserve bank cities thousands of dollars dol-lars deposited in their vaults. Had Ogden at that time been named a reserve re-serve bank city thousands of dollars, perhaps millions, would have boon deposited de-posited in her national banks instead of being sent to the reserve banks of Salt Lake. Ogden and Salt Lake would have divided these deposits instead of all of them going to Salt Lake. Nothing was heard of Ogden's application appli-cation to bo named a reserve bank city, and when there was recently passed an amondmcnt to the federal reserve bank act which provided for an immediate transfer of all reserves to federal reserve banks, tho local bankers congratulated themselves on not having been named as reserve bankers. It meant that money and securities se-curities which otherwise would have lo bo turned over for deposit In the federal reserve banks of Salt Lako could be kept in the Ogden banks' vaults. Now, after more than a year, comes the announcement that the treasury department has named Ogden as a reserve re-serve bank city. With the amendment relative to tho transfer of reserves to tho federal rcscrev banks, this means that Ogden national banks will have to turn over a certain percentage of demand and time deposits to the federal fed-eral reserve banks which otherwise might have been kept here. "It was at our own request that we were named a reserve bank city," said James Plngree, president of the Pin-gree Pin-gree National bank, this morning, "so we arc forced to go through with it.' Although just at this time it looks as though we arc getting the short end of the deal, the objectionable amendment amend-ment may be recalled and our being named as a reserve bank city may work out in the long run to our advantage ad-vantage " Members of the! Ogden Clearing House association will meet this afternoon after-noon at -1 o'clock, but whether any action ac-tion will bo taken on this reserve bank city question cannot be foretold. Bankers seemed to be of the general : opinion this morning, however, that there was nothing to be done about j the matter. They had asked to have Ogden named a reserve bank city, and their request was granted although at year or so late so that was all there I was to iL |