DISTRICT NO. 12.-The States of California, Washington, Oregon, Idaho, Nevada, and Utah, and all that part of Arizona not included in district No. 11, with the city of San Francisco, Cal., as the location of the Federal reserve bank. This district contains 514 national banks which have accepted the provisions of the Federal reserve act. The capital stock of the Federal Reserve Bank of San Francisco, on the basis of 6 per cent of the total capital stock and surplus of the assenting national banks in the district, will amount to $7,825,375; and if there be added 6 per cent of the capital stock and surplus of the State banks and trust companies which have applied for membership up to April 1, 1914, the total capital stock will be $8,115,494. The committee was impressed with the growth and development of the States of Idaho, Washington, and Oregon, but on the basis of 6 per cent of the capital stock and surplus of national banks and State banks and trust companies which have applied for membership, that section could not provide the $4,000,000 minimum capital stock required by the law. With the continued growth of that region it is reasonable to expect that in a few years the capital and surplus of its member banks will be sufficient to justify the creation of an additional Federal reserve district, at which time application may be made to the Congress for a grant of the necessary authority. It is no part of the duty of the organization committee to locate branches of the Federal reserve banks. The law specifically provides that "each Federal reserve bank shall establish branch banks within the Federal reserve district in which it is located." All the material collected by the committee will be placed at the disposal of the Federal reserve banks and the Federal Reserve Board when they are organized and ready to consider the establishment of branch banks. Reference is made to the map of the districts and to Tables A, B, C, D, E, and F, hereto attached. WASHINGTON, D. C., April 2, 1914. W. G. McADOO, D. F. HOUSTON, JNO. SKELTON WILLIAMS, Reserve Bank Organization Committee. INDEX. Act of- Page. June 20, 1874, partly repealed..... May 30, 1908, extended until June 30, 1915.. Alaska, National Bank of, not required to join Federal reserve system. Assistant Secretaries of Treasury not permitted to take office with member bank for two years after retiring.. Bank, definition..... Bank examiner: No loans or gratuity to be extended to, by a bank. Salaries fixed by Federal Reserve Board... 41 44 41 32 25 42 41 Board, definition of.. Bank reserves, requirements concerning Circular No. 1. Duties and powers of organization committee... 25 40, 41 63-65 65-68 Circular No. 3. Request for information regarding condition of nonreserve city 68 Circular No. 4. Report of the gold-fund preliminary commission. 70-72 72, 73 74-77 77-79 Circular No. 7. Draft of a system of uniform accounting for the banks.. 79-119 119-165 Circular No. 9a. Procedure in convention of directors and officers of Federal re- 165-167 Circular No. 10. Transfer of reserves to Federal reserve banks.. 9, 167 Circular No. 11. Convention of officers and directors, Federal reserve banks, Oc- 167-176 Circular No. 12. Stock subscription of member banks.. Circular No. 11a. Definition of duties of Federal reserve agents and deputy 176-178 178-182 Circular No. 12a. Supersedes Circular No. 12... 180-182 Circular No. 13. Discount policy of Federal reserve bank at outset.. 9, 182-185 Prevailing at different centers, as reported to Federal Reserve Board.... 204, 205 Comptroller of the Currency: To appoint bank examiners and authorize examinations.... To have dies prepared for engraving reserve notes.... Not permitted to take office with member bank for two years after retiring. 9 41 38 32 Constitutionality, one section shall not impair another.... 44 Cotton-fund plan.... 14 Cotton-loan fund, plan and subscription agreement.. 14, 206-209 Currency situation, at the time of opening of the Federal reserve banks. Discount rates, tabulation of, for all Federal reserve banks (Exhibit M). Division of Audit and Examinations, functions of. (See Federal Reserve Exhibit A. Act creating Federal reserve system... An act to amend section 27, Federal reserve act. Exhibit E. Exhibit F. Page. 25-44 44 45, 46 46-54 54-57 Cirulars and regulations of the Federal Reserve Board. 57-184 185 Exhibit G. Officers and directors of Federal reserve banks and their salaries. 185-190 190-192 Exhibit J. Federal reserve notes received, issued to Federal reserve agents, Initial reserve payments, manner in which made, and composition of 200-202 Exhibit M. Changes in discount rates of Federal reserve banks. 203 Form of accounts for use of........... Exhibit N. Cotton loan fund.......... Exhibit O. Decision of the reserve bank organization committee. Federal advisory council: In relation to the board..... Organization of, and members of.. Powers of... Federal reserve agent, definition of duties of. Relations to the Federal reserve banks and to the Federal Reserve Board.. 206-209 210 20-34 185 34 176-178 102 7 Application for, to be filed with Comptroller of the Currency. Board of directors, composition and mode of selection of.... Capital stock, increase and decrease.. Changes in discount rates of.. May reduce liabilities for outstanding Federal reserve notes. May substitute collateral held by agent.. Members of, not more than one to be selected from any one district. Net balances due to and from other Federal reserve banks.. No Member of Congress shall be a director of.. Shall not pay out notes issued by another Federal reserve bank under Shall not start with less than $4,000,000 of subscribed capital. Shareholders' responsibility... State banks and trust companies may become members of. 34-36 195, 196 Page. 79-119 119-165 29 38 37 36 36 167-200 26 Federal reserve banks-Continued. To bear expense of engraving dies.. To deposit with the Treasury a redemption fund of at least 5 per cent.. To maintain reserve in gold or lawful money of not less than 35 per cent of Transfer of reserves to.. United States may be allotted stock... Federal Reserve Board: Circulars and regulations issued by. See Circulars; Regulations. Discount policy.. 204, 205 Division of Audit and Examination, organization and functions of.. 21, 50-54 Members of, ineligible for employment in any member bank for two years No Member of Congress may be a member of. No member of, shall hold stock or be an officer of any bank. Send out forms for information regarding condition of banks in nonreserve 68-70 Status of, defined by Attorney General... 54-57 To consist of seven members.... To order examination of reserve banks at least once a year, etc. 41, 42 To report annually to the Speaker of the House of Representatives. Vacancies filled by President.. 32 32 Federal reserve districts, number of.. Federal reserve notes: Amounts and denominations issued to Federal reserve agents... Redeemable in gold at the Treasury Department at Washington, and in 25 194, 195 Gold reserve with Secretary of the Treasury, forms of accounts. Government deposits with reserve banks... Government may issue one-year gold notes for 2 per cent bonds. Member bank: 103 38 36 39 42 Definition.. 25 Initial reserve payments made.. 200, 201 No extra fee, etc., may be paid an officer or employee of. Failing to join the Federal reserve system within one year after the passage Foreign branches... 42, 43 Of Alaska, may remain outside the Federal reserve system. Stockholders are individually responsible for debts, etc.............. Note issues, reserve notes to reserve banks... 46 43 42 |