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This newspaper page contains 10 articles. Subscribers can read the full text of each article.
Newspaper
Long Branch Daily Record
Location
Long Branch, New Jersey, United States of America
Date
Dec 23, 1913
Page
12
The article discusses President Wilson signing the federal reserve act, creating eight to twelve federal reserve cities and districts, authorizing branch banks, and outlining corporate structure, director roles, and capital stock. It notes dividends, federal vs national banking powers, and conversion mechanisms for state banks into national banks within the new system.
The act directs the organization committee to designate cities for federal reserve banks and require national banks and trust companies to accept terms within sixty days. Banks must subscribe to 6 percent of paid capital within thirty days of notice, or lose status as reserve agents, with penalties for noncompliance. Public stock limited to ten thousand par value per holder, voting by member banks.
A historical notice asserts that instrumental banks may establish sub banks and that no federal reserve bank shall engage in business with subscriptions below three million dollars. It outlines authority and capitalization thresholds for federal reserve related branches.
The text outlines a federal reserve bank governance plan with nine directors serving three-year terms, divided into three classes. Class A comprises three members representing stockholders, Class B three members, and Class C three members designated to the Fed Board. Elections and designations occur as subscriptions to capital stock are obtained, with eventual appointment of class directors and designation of officers and committees.
The act establishes a seven member Federal Reserve Board including the Treasury secretary and the comptroller of the currency ex officio, plus five presidential appointees. Appointees must reflect regional diversity, serve full time, and earn 12000 dollars yearly with travel expenses. the comptroller earns 7000 dollars for board service. Terms range ten years, with staggered starts, and governance includes a governor and vice governor. The secretary of the treasury chairs the board ex officio, and no member may hold or seek banking leadership positions while serving. The board may levy semiannual assessments on Federal Reserve Banks to cover expenses. The first meeting is in Washington, D C, after the act’s passage.
The passage states that upon vacancy on the Federal Reserve Board, a successor shall be appointed by the president with Senate consent. The president may fill recess vacancies by granting commissions valid for thirty days after the next Senate session convenes.
The act grants the federal reserve board power to audit each federal reserve bank, publish weekly condition statements, set rediscount rules, and adjust reserve requirements with graduated taxes. It outlines supervision of note issuance, city classifications, officer removal, asset write offs, bank suspensions, and appointment of staff. A federal advisory council is created to advise on board representations.
The proposed plan outlines federal reserve bank authority to receive deposits, discount notes, and engage in open market operations. It details discount limits, acceptances, gold reserves, and currency issuance, with sections on member bank supervision, loan rules for farms, and foreign exchange operations. It also covers collateral, bond purchases, and transitional provisions for national banks under the new system.
Sec 22 prohibits any bank officer director or employee from offering loans or gratuities to a bank examiner. Violators face misdemeanor charges with up to one year in jail or fines up to $5,000 or both. Inspectors accepting gifts face similar penalties. Section 24 addresses stockholder liability for centerts and debts.
A Canadian Northern train from Duluth to Winnipeg derailed near Lorette Manitoba after a broken rail. Two hundred passengers escaped through windows as five cars and a baggage coach overturned. Flames destroyed three day coaches and the passenger baggage car before fire crews stopped the blaze.
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