STENOGRAPHERS MINUTES THE RESERVE BANK ORGANIZATION COirjITTEE, •FEDERAL RESERVE DISTRICT DIVISIONS AND LOCATION OF FEDERAL RESERVE BANKS AND HEAD OFFICES." Ihile. Falri^iX-13-liu 1914. Law Reporting Company, Official Stenographers 115 BROADWAY,— NEW YORK TELEPHONE. 2820 RECTOR Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis I i TlSr 39*3 stocks i t l i t&# G •, Fc^ru ry 13th, 1 14. The Or0M!*s&U«9! CemffiUeo w % puf«u»nt te rotioo :' - / . fUSSSSTt Tli# s«orst rr ef tfao fntfw f, Tb« ^*'ir^t"rr Atrler&t rc. The r * 7 troll#r ef the 'Nirrwtoy. IPFfARAir'SS J. r. ft®, PriildCBt ll«d S»* 1 f te F? at try -iwl 8 I I a J §Mdt%0* or. He - i 1 Br.r k# Clsisrir^ 8 upi Aa#eoirttior »r*d (Shrator cf Oonssoro#* ~IU m L. M0CRI» Ex-Pro#io#nt AUssta *rh mb*r of Cfssrsor '6. JOHB £. OTTLST, Tloo-Preslaont Frurtfc Hr* tier* 1 3 n.< Priilatnt ClMrUt Rruie S«9||« i • Aierleoi BwiNr*1 Htodlatlon* BOI FT F. KAIDOI , Vi s# lw rl« i» V a tlm l B I . " . :4 ea-i", r-; -Pr??--i .•* i . ~ » U«*fc«r Currcr.ey t a e | « i l « 9 kmrimm Br^rrt** Digitized for FRASER http://fraser.stlouisfed.org/ . COLES. Tioe-Prs^idor t tr 1 B*r* *i*uTru*it Federal Reserve Bank of St. Louis L b U 3983 Ccr, Cl- *i< f . Utlt R. Preaidar.t Atluts Ch**bar et CHAP. S. BARHCTT, Pr««id«at latlor.al T zr w r *' Onion. eUTBt t . m tO, Pra«i4«»t I t U n U Asrloultttral Varka. O'-CAE S1.8A9, Tic*-Pra*la«r I Fulton B g UW Cotton JUlla. a . S. W K B I W , Pittateur*fc Plate 01 M Co. m r « C '^W , Ifrrnr R«rl lr.*ur-n3« tfmpmny. R. J . ?t .ta im n x * • B-.slnr.d llutusl U f a Bunina* Co*p«f. It r m i SAKDSRS. Ctolrrai ef Jelr.t Com.-11t»e. * . J . ADA MB, Plsdwnt Hot*l, Bir iit«tMa, Ala. i . p . m n m i, e o*. «.c. THOMAS PURBF, «ocmt ry I * . C m . F. D. KoKXULAI, ac f . 1! th f t ., Atlanta, 0 . JOSEPH P. ORAT, 6 T»nr.ih, Q*. KILtiF 8. LAKE, Pro*U«ct Cltisana Feuthanft Bulk. J. H. HARSH, 6C1-S A».Tnjrt aU*.,BlnslnA*a, Alii. 01,1V*-' H. -'MKK, 1 8c. SCth St.,Blr«iir,~b , 1. jr. PORTER, X 9S a * S 4 M rat *»«., u m a tfw , Ala. J. w. DOKmiT. l&Ql Saw** It*., Birr Ala. Digitized for FRASER http://fraser.stlouisfed.org/ w. Sr-.inffc**., Ala. Federal Reserve Bank of St. Louis J. D. H08OTBER6RR. 1013 Cr«so«nt Aw»..Bln&ln«te», AU. B. T. TAYWR, CcltjR&l-, P.C. The South C- rclln* Bunker* A ••eolation; Tte Co limb 1» Clearing Roue* Aoncal' tier; Th« Bar.k cf OcbaHa, C.C. CHARLES 4. 8KTTH. President c: °en*te sad Ct. ( m m r . * . A. JAMES, Oereral A«*e»blT of Scvsth C*rclli,a. C. H. HUPTCW, Chatt»*M»**e, Tear.. ntAVS H. in , Chattanronv, Vim. 3 . P. HASKTRt, Chattaneofp, Tenn. m t m f . w m m t r , M. V, '. irO, PrMldMt First fctlonf l m .n k @f Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis The 8© ©rat ry ef the Treneurys Qer*tl©fBon# fle t w eeae to order* Thl« Ccwettteo la ©h*r*ed with the duty under %tm feaeral Re»em lot ©f diYidin* the country intc n©t 1**# then ©ii$it nor mors than tw©lT© Faderml Beaerv© Dint riots, &&d t© ltcate within each en© cf this e Fed*m l Ree©rr© lank* 1 fh# U « niulr*« the Cw»itte« in —M ay IW« dltiii^R cf the orwtry to ha©# dm nflurt to the ecuf«»i«»oe m d one- t sary tturte of triielneea* Hiat wo desire tr «et those f*ote whioh relate tc the oenvonieno© mid owe ternary ooureo of I jveixeee sad w© are eblifed te aek iwtlenen who appear ¥•«* | fere ua te oenfin© the«eelwee re U r p l y me paeeiale te facte. We are oblisea te exolude or: tory ae far ae preeible, not tt*t we objeot to it, but eimplr beee»®e » • here not tba ■ tine te lis t m te it. There ere a great many people wbe wrj.t tc be ho nr-, sad «« hatre te adhere to the line ae oleaely ae poeeible* Ir thlp ooweotien wo d.eire te ©oil your attention to th© fact that thie ia a Tory eerioua and iapartittt eaonewlo 2ft UiHii* with it, th© Oawaitt©© ia e&li#©d te oeneidar th© q^i«ation in i te bro*daet national a©pa*t, We mmmmt allow looni o©nalA«raU*n® ©f prides or rf proetiai to tmZtmmm the action of th© Coer it tee, And while w© ap. reel- | Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis s m th# notur 1 rlfilry that ixiiti between nriftni cl tie* tc »*o*re the hcner, ®r tc apeak, ef haTinf or# ef these Federal liaecrYn Banite lee*tea within their eerperat# H a & ia § n*T*rthelee* # we deelre rent lessor whe preach the eabjeet te diemite It »ere fren the atma&ffint ef the diatrtefce theneeleea; became the IspertMt thin* le the ImfiMW «et ef the eeuntry late the*e dietrlcte, m d it a yen esnsot X*f rut tori dialttct witheut hnwine iori regard te it* rel? tien- ehlr tc the cthar p»rte ©f the cmntry, *e li> tc Hat* well ! , al*e«t*4 »!•*• u, <t> that aubjact, which •h«'w th*t in tba ala- Iri it ar aalects<-, omnlaerr tl«n h-a IM«B nivcn %t th# psrti- j U « of the rearming** ef the country 1st* aletrict®, te th t the rel* tlen^hiy auiy appear* There »ri « atnsb^r ef eltiee tc be he era hare, *n4 In H A ei these oaeee we Ilka ta have eertain pitlenes eeleot- #4 aa epckeeren fer the cl Viet mad life te hawe the# United ,j « • far a peeetble te ffeMt tfcat will put ia the whel# m m briefly ana eempeetly. I think it weul<i eenre eur purj eee oe^Ur if Atlanta should preeent her caea firat, ac we ehall tell on Atlanta* Kr. Orr$ I k*ll*fe9 ie *t the head ef the list ae represent* in* Atlanta. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis rr/TEMErr or j . r. era. Th© 8©cre4 ry ©* thii Treasury* Hr. Orr, will yeu ©tr t© y«mr n©«©, H c U m i i and ©eoupatlon for the i or it Mr. 0rrt J. K. Orr, Pra©id«nt ©f the ft«d Seal 8h*© Vm&. tery ma C r a n of th© J< list CTm^itiee en Rafi<-n«l Bank©, #£ tfe< " ,*ir. - f* u*?« |ti«©ifttl«ft *nd cf Ccwwra©* Tha Sacra tf ry of th© Traaauryj Tns tanaw th© prelUa a«- frcnU nf th© Comltto©. If you haw© «©•« wl©w« to pr««©ntf »© ©tumid b* rl^d to h< r tb*®, Mr. Orr- *© d#atr*d, *r. S*©r3t»ry, to ©peak Ju«t © word at flrat a© t© th© rorlcc lieelf, **d I *®au*e th? t you wruld Ilk© to know what w© haw© 1b mind lr ad^r©o©lisf ©or fMnvte t© tfer I » a© hp»Ye outlined th© f©¥©n Stato© of T©nn©©©o©# forth mid South Carol lr**, Alabawa, Qm rgb* n rlda ©ad m«©l©©ip] l. Th© Socret ry rf th© fr«.n*uryj If**# you a »&j? Ir. Orr: T©©. Thu SaortVry of tis© Tr©a«uryi It 1© inelndad in thl© IN okT Hr* 0 r 9 § # S | is inolud©d In thl© fcrefc. V© ha©« a &ln©~ print Ju *. ^ irr tiir t* t# uv;8lr« tc ©ay that w© wi#h Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis tc invi te ycur attintion tc tkli rtflos & • ft thrift ftfid ti I ftfu particular fointe ir. relation thereto. if* ha to ‘seen tel4 that there b* *e beer, : rcBerted nose viewe which would ongfeet that ft H«nen&l Ban* should net be [Uoed In thie aeetlon Ileeaiise we are terrene re lait«a4 ef lendero. I tLinX It was Mr - B^rriEnr. who o&ie th’ t a nilllonalro, be ueed te think, wee a nun who h*d ft million dollare, but tfcst he had obanff»4 M e opinion, end it wen 14 be e wsn who oonla ewe e nillie» teller*; end we be wo i^ o n l million dollar banks ir* the ©outre ef thie re in oft* It feae alee keen eeld « i ar a one-crop oi«ti«nfm U In answer to that w© offer you the report* whioh will be pro- Itented later by enr wi treeoee, otaeeinff thfl^t ee pra^tAoelly * tt"Mw •** ~ b,l“ ■ “ *• * nonay crop jraotleally every aenth in the year. Wo eapeot tc prowo by theee witneee • that W !1 *4. X j proeent th- t thie re floe In end of i tee If Jnetifiee, und we I hope in ycur cl in ion will nerit, ft Rerienel Be tv ecaowhere In it© ipeo®rephleel eon ire • Wo eenour fully in an opini©n ex|ieiM4,2 believe, at the ft.