T EST G R
I
I
ORTH CAROL IN A
Li u A
PAGES TODAY
Greater C h'.'a r 1 ..ti e ' s
me
e w s p a
THE
FA'S
NE.WS
MEWS- N I G H T
-Ij id
per" . HyillUlM
Established : Daily, 188S
in fierce Night Attac
Repeated Attacks On
Federal Stionghold
Result
Losses in Killed and Wounded
Amount to 4,500 Wildest
Rejoicing in Juarez at News
of Victory of Villa's Rebel
Forces.
Mexican Representatives at
Washington Still Claim That
Report is Error and That
Federals Won Signal Victory
Last Might.
Atfeciated Press.
Torreon, Mevico, April 3. Torreon,
;::?- n "ith victims of a six-day battle,
was irciipied by Villa's rebels last
v:.zl:i iiile the federals fled. The cap
t -e marks the climax of the first
( anrt aign of the revolution to oust Vic
tcriano Huerta from Mexico City. It
ui .--; the constitutionalists virtual con
trc! over the whole northern tier of
Mexican states.
F;ghtmg Continuous Since Last Friday.
ti e fighting began last Friday and
tvj:s almost continuous. At first Villa
attempted assaults on the strong fed
eral petitions in daylight, but these
; -:?ved costly so the day was spent
Petitions were taken and lost time
d time again. Several night attacks
tu t ie federals scurrying from strong
sitions. but at daybreak the cap
rs p.'ould be compelled to abandon
em because of the strength and ac
iracv of the enemy's artillery fire,
vcl: of which was said to have teen
rect'd by French and German gun-
"l.500 Killed; 4,500 Wounded.
Looses have not been compiled, but
General Villa estimates his own losses
rt I '' killed and 1,500 wounded, and
federal loss at 1,000 killed and 2,
mounded, with an unknown number
of prisoners.
Villa believes the federals, whom his
r-avalr- is pursuing to the south, forms
' :t remnant of the Huerta force:
wLost loss he says probably is close
to being total. All the subordinate
tr.cra7s have not yet reported, how
ever and until they do just how many
were captured can not be accurately
stated.
The battle line was four miles long
and the field was outlined by three
great hills formed like a carpenter's
square at either end of which lay the
to-a-ns of Gomez Palacio and Torreon
10,000 Men Figure In Battle.
There were about 10,000 men in each
array. The federals had fortified the
kills ith rifle pits, treanches and barb
wire entanglements. The nature of the
found made it difficult to recover the
mounded and many of them died of
thirst and hunger or lack of attention
where they fell. Automobiles were em
ployed in rescue work but they could
not ascend the hillsides.
Fiercest Fighting In Hills.
Some of the fiercest fighting occurr
ed in the hills south of Gomez Palacio
west of Torreon. It raged furiously in
the Canon de Hauache, where the fec'4
f-rals made their last desperate stand
snd from which they finally fled follow
ed by a column of Villa's horse.
Twice the rebels took two of the
tills, only to lose them but all the
time the attack grew more menacing
?3 Villa's men, fighting from all sides
oxcept the west, drew the circle closer
abo'it the enemy.
Fighting lr the Streets.
A hundred small encounters occurr
ed intermittently in the streets or ov-'-r
the possession of some favored
:ouse roof. The roar of cannon was
almost continuous. Both sides used ar
mored trains. These, with big guns
mounted, would suddenly appear
n round the elbow of one of the hills,
discharge a broadside, then retire.
Early in the attack on Gomez Pa
iacio the trains ventured out at the
?aae time and a lively duel ensued.
It was like a "naval engagement" on
land.
The federals used huge rockets
'r ich were shot to a great height, ex
ploding in the air and letting down a
ifcil of buckshot.
Rain Relieves Suffering.
On the fourth day of the fight the in-c-iise
suffering from heat and thirst
- as relieved by a rain thought to
1 ave been brought on by the heavy fir
ng. During the battle scouts brought
"Old that federal reinforcements from
Monterey were approaching on the
'-a st. General Herrara was sent out
inst them and later reported that
had sent them scurrying into the
Tcrreon Clinches Position of Consti
tutionalists. Juarez, Mexico, April 3. With the
' -apture of Torreon by' the rebels last
night constitutionalists now control an
immense wedge-shaped portion of
.Mexico, with the point resting on Tor
"eaij, soo miles south of here and the
1op extending along the American
horder from Nogales, Ariz., to a point
itist west of El Paso, Texas. At Piedras
Xegras, across from Eagle Pass, there
i a federal garrison but it is not men
acing. The states subject to rebel arms
;;'e Chihuahua, Sonora (except the
i ort of Guaymas), most of Coahuila.
Jnrar,go and Sinaloa.
''ssterday's victory was said to make
'- capture of Saltillo and Monclovia.
Sunday 1910..
Takes Torreo
In Victory
in Coahuila and Monterey, key to the
state of Nuevo Leon, assured.
Main Federal Force Wiped Out.
The main federal force accord ins: tn
Villa's report to General Carranza; was
wiped out by death, wounds, capture or
flight at Gomez Palacio and Torreon.
Mazatlan, the federal port in the state
of Sinaloa, by the release of the vet
eran rebel army at Torreon, also is in
a precarious state.
Villa's Rise In the World.
Thus by his successful campaign
of the last month General Francisco
Villa has practically assured rebel con
trol of the vast territory of the north
ern states of Mexico and gained for
himself the reputation of being the
foremost soldier of the country. It
was only a little more than a year ago
that he started out from a village
near here with two companions, six
horses, seven dollars in money and a
meagre supply of beans, coffee and
sugar. The horses at the time were
not paid for and Villa's first act upon
capturing this city three months ago
was to repay the liveryman from whom
the horses were "borrowed."
Federalists Will Report to Tampico.
General Pablo Gomez for months has
harrassed the federal forces at Mon
clovia and Monterey and now that the
Torreon army is loosed, strategists
here assume that the federals will
evacuate these points and attempt to
retreat to Tampico, seaport of the state
of Tamaulipas.
The state is sprinkled with rebel
troops all along the line of retreat,
which makes it evident that the federal
garrisons already are threatened, with
capture by immensely superior num
bers. A railroad runs from Torreon to
the city of Durango which is held by
rebels "and the overland journey from
that point to Mazatlan lies though a
country which is agriculturally rich
and well watered. It would be a pleas
ant march for an army fresh from the
horrohs of hunger and thirst in the
dessert. .
Juarez Goes Mad With Enthusiasm for
Villa.
Interest here today was divided in
speculation as to Villa's future move
ments and the effect if any the
trinmnh would have in Washington.
Never in all its dramatic history since
the Madero revolution m 1910 nas Jua
rez gone so nearly mad with enthus
iasm as it did when a messenger ran
through the streets last night shrieking
that Torreon had xalien. twayea uy
elation, men embraced each other
thev met. Bells in the 400-
year-old mission of Guadelupe were
set ringing louder and taster man mey
have rung for religious purposes. Khaki
clad rebel soldiers woke from their
sleep in the town's many barracks to
cheer Then, stirred by a common im
pulse," their rifles were turned loose
into the air. For a time inhabitants of
El Paso supposed Juraz was again suf
fering from one of its periodical at-
Finely dressed officials, high in the
Carranza administration, threw their
arms around soldiers in the streets and
shouted their delight. The municipal
band hastilyrouted from their beds
paraded through the streets playing
the national hymn and serenaded Car
ranza until the constitutionalist chief
tired of the music. In the gambling
hall conducted by Villa's agents for tie
benefit of the rebel treasury all play
ceased while gamblers and gamekeep
ers and spectators alike shouted their
3y' Viva Villa! Viva Villa!
Through it all only one name was
heard above all others. It was
"Viva Villa.' Common soldiers mingled
freely with the highest official; of the
rebel government in a cabaret resort
, .r. is tn HHnir to the glory
ana were - - - -
of the insurgent arms Practically the
onlv place open in me V "
drSksP might be bought, this caberet
was crowded to the doors with civ
and military men of all ranks In all
stages of dress, for the hour was late
they crowded in to embrace friends
and toast the conquering general.
When the shooting and celebration
began hundreds of Huerta sympathiz
ers n El Paso awoke and made a
rush for the internationa 1
thinking that by some unexpected
Soke of fortune federal forces were
auackinl Juarez. ?f they turned bak
fall of Torreon was the cause. Kebel
the s-.ructures saw the proceeo "
bowled taunting insults at the Huer.
taByT o'clock in the. morning the eg
Mexican Embassy Claims Victory for
Federals.- .
Washington, April 3 -The Mexican
embassy here today still claimed vie
tory for the federal forces at Tqrreon.
Charge Algara today gave out this
statement: - ; , . he
"An racial dispatch signed or tne
secretary of foreign affairs, . . Senor
Lopez Portillo y Rojas, has just been
received at the embassy giving an ac
count of the crushing defeat, of tne
rebel forces under Villa at Torreon.
CHARLOTTE, N N, FRIDAY EVENING, APRIL 3,
General Maas, who left . Saltillo sev
eral days ago with large reinforce
ments has arrived at Torreon. Gen
eral De Moure's column has reached
San Pedro de Las Clonias, where a
decisive defeat was administered to
the rebel forces sent out to oppose
his advance. The government has
also succeeded in raising a loan of
over 50,000,000 pesos whic'. will ma
terially assist in its tireless efforts to
wards pacification.
TURE OF-
HN LINO KEY NOTE
POLICY OF 0. $.?
By Associated Press.
Washington, April .Announce
ment of the prospective departure from
Vera Cruz of John Lind, President
Wilson's Tiprsnnal rpnrespntntivp rpviv
fed interestt today in the future' trend
of the Washington government's Mex
ican policy.
For several weeks officials here have
pointed to the battle of Torreon as
likely to furnish an index of the future
but the result as well as its effects on
the military or diplomatic situation as
respects the strength of the two fac
tions is still a matter of some uncer
tainty. .
Lind May Never Return.
While the president has said Mr.
Lind would return to Vera Cruz after
he had obtained a rest many observers
think he never will go back as there
has been a disposition for many weeks
on the part of the Washington govern
ment to refrain from dirtomatic activ
ity, while the contending military forc
es struggled tor supremacy in Mexico.
That this position will be continued in
definitelv is nrobable unless iniurv to
foreigners or some other unlooked for
emergency causes embarrassment.
Benton and Vergera Cases Lost
Sight of..
In the attention that has been con
centrated on the battle at Torreon, the
Benton and Vergera cases have been
practically lost sight of , but" there is
every indication ' that' with the bat
tle over and when another readjust
ment of roilitarv forces caused further
information will be sought from both
constitutionalist and federal chiets as
to the course they intend to pursue in
satisfaction of injuries inflicted by
ther subordinates.
No Change In American Policy.
Administration officials are emphatic
i n their declarations that Mr. Lind's
movements at present mean no change
in the American policy, unarge u -Shaughnessy
will continue at Mexico
Cit yto conduct any routine business
that may arise.
No Recognition of Huerta.
Reference bv Huerta in his message
to congress Wednesday to the action
of the United States in connection with
the proposed reassembling of the
Haeim conference did not imply in
the view of officials here any recogni
tion of Huerta.
Huerta said in his message, "The
United States has been so good as to
invite me, through his excellency, Pres
ident Wilson, to organize m common
aroorii thfi nrenaratory work for the
approaching peace conference at the
Hague."
Pbmlanation of the statement is
fmmrt in the fact that to remove what
appeared to be a purely technical ob
stacle to the execution ot original pians
for the reassembling of the conference,
Rerretarv Bryan sent a note to Ameri
can diplomatic officers in every coun
try which was a party to tne original
Hague conference, suggesting mat
their eovernments designate the ad
ministrative council of the permanent
court of arbitration at tne Mague as
members of a special committee to
arrange the program for the third meet
ing.
This note was printed and a copy
in the ordinarv and routine way de
livered to the Mexican foreign office.
ESTIMATE LOSSES
AT ST. AUGUSTINE
St. Augustine, Fla., April 3. Insur
ance adjusters today are hard at work
estimating the loss in yesterday's fire
which thev believe will be $750,000 as
stated, with about one-third covered by
insurance. The militia which has been
on guard since early yesterday was
dismissed this morning as there was
no looting and no attempt at it.
Miss Alice M. Smith, of Amherst..
Nova Scotia, who was so seriously in
jured, will recover, the. surgeons an
nounce today. The owners of the five
hotels destroyed are preparing to re
build. Instead of the frame structures
modern concrete houses will be erect-
eThe work of cleaning up the ruins is
oing ahead rapidly. The only thing
that saved the city from utter, de
struction was the fact that the wind
was blowing off shore. The firemen
confined the blaze, to one square wide
and the fire burned out when it reach
ed the water front. The city vote J
"wet" in the election yesterday.
IS DEPAR
INSURANCE MEN
& THE WEATHER. i
Forecast for North Caroline;:
'if
0
Fair, colder tonight, probably
frost in west portion and ia low
place:? in central portions; Sat
urday, fair. Gentle northwest
breezes.
WW. ' V. ,r .. -. -'. -. r. 0 r. ,m,.".o
- -w-se '4 i" - .-r -. r -. c r -i
BARRETT OFFERS
SUBSTITUTE F
E DOCTRINE
By Associated Press.
Philadelphia. Pa., April 3, Interna
tional relations and obligations of
the United States is the general topic
under discussion at the meeting - of
the American Academy of Political
and Social Science which began here
today.
John Barrett, director general of
the Pan-American Union, presided at
the opening session. He declared the
time had come for a "Pan-American
policy" as a substitute for the Mon
roe doctrine.
"By that," he said. "I mean a poli
cy acceptable to and approved by all
the American republics, a policy be
longing to each and all on the same
basis of attitude and action."
Leopold Graham, New York, pre
senting the Latin view of the Mon
roe doctrine, said that the doubts
and suspicions of the Latin republics
as to the ultimate aims of the United
States are accentuated by the "exten
sion of the Monroe doctrine to ends
never contemplated by its anthor."
PREMIER ASOUITR
S RECIPIENT OF
GREAT DVAT1
By Associated Press.
Washington, April 3. Big legislative
issues temporarily were shelved by
the senate today to resume the con
test over confirmation of Winthrop M.
Daniels of New Jersey, intimate friend
of President Wilson, nominated for
interstate commerce commission.
Senators Cummins and LaFolIette
and others who are figghting the con
firmation have made it clear there is
nothing personal in their attack but
they believe Mr. Dar-'els' decisions as
a member of the New Jersey public
utilities commission show he held un
sound economic views, particularly as
they might affect future physical val
uation of railroads. Friends of Mr.
Daniels, including Chairman New
lands and Senator. Pomerene of the
interstate commerce committee who
conferred with President Wilson, were
prepared to argue with their col
leagues today that what Mr. Daniels
had done in constructing a state law
should not be held as influencing his
views or opinions in- a federal office
where, they contend, the statutes and
economic situation are different. The
president wants Daniels confirmed.
HEALTH OF DOWAGER
EMPRESS OF JAPAN
GROWS WORSE
By Associated Press.
Tokio, April 3. The condition of
health of the Dowager Empress Haru
ko of Japan has grown worse. She is
suffering from angina pectoris.
T
I am the ever, ready
Want to help you in
meeting today's needs
of business and the
household.
IAMAVi!ANXD,J; -
Copyright, 19U, H r De Forest Porfer.y'
PAGE 8 ONE-CENT-A-WORD
NUF CED :
MONRO
?I j , it JfJ
1914.
eserve
Op
eranons i
CITT SOLICIT
RESIGNS POSIT
-ALDERMAN STAYS
!
Alderman W. F. Buchanan of the
third ward sent in to Mayor Bland yes
terday afternoon his resignation from
the board of aldermen, but, at the
earnest solicitation of his constituency
in the ward and members of the board
of aldermen, withdrew it today. His
son. City Solicitor Carey P. Buchanan,
also wrote out today his resignation
as city solicitor to take effect on May
1. In addition to this step, Mr. W. H.
Williams of the law firm of Williams &
Deaney,. has let it be known that he is
a candidate for the solicitorship. Mr.
W. M. Wilson is also understood to be
a candidate.
All these sudden shifts of the wind
have rocked the boat in local politics
today in an unusual degree and prom
ise to furnish material for political
gossip for many days to come. The
various incidents also have to do with
the mayoralty fight, which, although
the election is a year off, has already
begun with Aldermen T. . Kirkpatrick
and C. E. Mason as the candidates so
far announced. .
Alderman Buchanan is understood
to have handed in his resignation be
cause he believed his presence on
the board would jeopardize the posi
tion of his son, Mr. C P. Buchanan,
as city solicitor. This view of the sit
uation was forced on the alderman
from the third ward as the result of
the fact that, although the city solici
tor is elected for a term of tv& years,
another man, Mr. Wilson, was a can
didate for the place and had expecta
tions of being elected to it wlicu the
board of aldermen selects several,
other officials at the first of May.
Whether the board had any such plans
is, of course, not revealed, but it is
said that rathe than permit the pos
sibility of the appearance of too
many in one family having such a
large part in the official life of the
city, Alderman Buchanan .decided to
resign and consequently did so yes
terday afternoon, but was induced, by
the earnest solicitation of his constitu
ency, members of the board, Mayor
Bland and others to withdraw it.
It has been the custom to elect the
city solicitor for a period of two years,
as is the' case with the city attorney.
Mr. Buchanan was elected to the posi
tion of .city solicitor last May and
might naturally expect, . his friends
say, that he would hold office until
the expiration of the two-year term a
year hence. The early throwing down
of the gauntlet in the mayoralty race,
however, and the alignment of mem
bers of the city's official family on one
side or the other has forced a division
inside the board of aldermen, it is
said, with reference to the solicitor
ship. Since Mr. Wilson's friends have
mentioned his name as a good man
for the solicitorship they seem to
have forced the issue inside the ranks
of the aldermen, in spite of the fact
customarily the city solicitor would
serve out the two-year term. At any
rate there has been much talking dur
ing the last two days. In addition to
that there has been a caucus of the
forces aligned on each side of the
question, if reliable witnesses are
correctly reported,' and the battle
seems ' likely to be kept Up until the
next mayor is elected. ( .
Mr. Williams a Candidate.
Hardly had Mr.' C. P. Buchanan
written his resignation today before
it was announced that Mr. W. H. Wil
liams of the law firm of Williams &
De aney would be a candidate for the
place. His entrance into the ring
therefore brings another participant
into the arena and presents the pros
pect of a fight still further drawn out,
in which Mr. Wilson and he and, may
be others yet, will engage. The posi
tion of Mr. C P. Buchanan is under
stood to be that he did not desire the
position of city solicitor again and
did not expect to be a candidate but
resents it. that a candidate should be
brought out against him in the face of
the precedent that - the position has
heretofore been held for a period of
two years.
Mr. Buchanan has. been practicing
law for about two years and received
notification of his successful passing of
the state board several months before
attaining his majority, and was sworn
in for the practice of law at the local
bar the day after his twenty-first birth
day. His ability as a solicitor has
been recognized by many as very
marked and the large per cent of con
victions at the recorders court would
seem to indicate that he has not been
too lenient in prosecution. Mr. Wil
liams and Mr. Wilson also are both
recognized as well suited for the posi
tion and the friends of each will likely
put a strong fight for their man.
The central fact in the whole situa
tion, as judged by those near the
heart of the situation, is that it is in
reality the alignment of forces that
will be found opposed to each other
when the fi&ht for the mayor's place
begins in earnest. The action of the
board of aldermen In accepting or re
jecting Alderman Buchanan's resigna
tion would have taken place next Mon
day night. The board will probably
pass on the resignation of the city
solicitor at that time instead. The
next developments in the situation will
be watclied with interest.
1
Price:
Banks
Formal Notice Sent
To National Banks Of
Selected District s
SOUTHERN GROSS
WITH WHOLE CREW
MAY BE LOST
By Associated Press.
St. Johns, N F., April 3 Appre
hension grew here today that the
sealing steamer Southern Cross went
down with all on board during the
blizzard off Cape Race Tuesday.. She
carried a crew of 170 men and wae
heavily loaded with 17,000 seal skins,
trophies of the hunt in the gulf of
St .Lawrence.
Hope for the safety of the vessel,
based on a dispatch from Sydney, N.
S., which stated that a wireless mes
sage had been received here report
ing the arrival of the Southern Cross
was dissipated before noon when the
government declared the Sydney re
port untrue.
i.he government has instituted an
extended search for the missing ves
sel. The Reid Newfoundland. Compa
ny's steamer Kyle was chartered for
the purpose and will sail at midnight.
The American cutter Seneca, which
is doing iceberg patrol duty several
hundred miles off the southern coast
was asked to help.
The sealer Bellaventure with her
cargo of dead, in blocked in the ice
100 miles north of here and cannot
arrive before Sunday. She went to
the aid of her sister sealer, the New
foundland, when 120 hunters from the
latter were caught by the storm
Tuesday and were unable to regain
their ship. The Bellaventure. the Ste
phano and the Florizel picked up
many bodies and a number of surviv
ors. It is known that . fifty-eight lives
were loet and some 60 men are not
accounted for. It is believed that it
is scarcely possible that the latter
could have survived long exposure on
the ice floes.
City Stirred Over Disaster.
It has been many years since this
city has 'been so stirred over an
ocean disaster. Hundreds of people
roamed the streets all night besieg
ing the newspaper offices, the tele
graph stations, the government cham
ber and the Grenfell Institute, where
the survivors will be housed but news
was meagre while no list of dead was
available. Many in the crowd were
relatives or intimate friends of those
who sailed a month ago on the New
foundland. NEGOTIATIONS ON
FOR SAL EOF M. & M. T. CO.
By Associated Press.
New York, April 3. Officers of the
New Haven Railroad system admit
ted today that negotiations for the
sale of the Merchants & Miners
Transportation Company to the Mer
cantile Trust Company of Baltimore,
were under way but they said that
the price of the property and other
details had not been settled.
SENATE SHELVES
b ISSUES FOR
NIELS FIGHT
By Associated Press.
London, April 3. Premier Asquith
received a great ovation when he de
parted from London today for his con
stituency of East Fife, Scotland. He
is to deliver a speech to his constitu
ents there tomorrow in spite of the
decision of the unionists not to oppose
his election. At every train stop the
premier received addresses from Lib
eral Associations expressing the wish
that "the electors of last Fife will
send you back to parliament with
redoubled authority to maintain tradi
tions of the army, authority of the
crown and power of theJpeople."
Kermit Roosevelt's
Birth Certificate is
Wanted in Madrid
By Associated Press.
New York, April 3. Charles Weeks,
town clerk of Oyster Bay, has sent to
Madrid the birth certificate of Kermit
Roosevelt required of resident foreign
ers by Spanish law before a marriage
can be performed.
Kermit Roosevelt, at present with
his father in South America, will upon
his return be married to Miss Belle
Wyatt Willard of Virginia, daughter
of the ambassador to Spain.
The certificate states that Kermit
RnAsevelt was born October 10. 1S89.
Daily 2c; Sunday 5c.
emn
Richmond and Atlanta Among
Cities Getting Appointments
as Centers of Rerserve Bank
Districts Charlotte Loses
Fight For Bank.
Next Step is Selection of Nine
Directors for Each Reserve
Bank, Three Appointed by
Reserve Board and Six Se
lected by District Banks.
By Associated Press.
Washington, April 3. Although var
ious steps must be taken before tha
new federal reserve banking system,
begins operation, treasury officials ex
pected today that the twelve regional
reserve banks would open for business
within three months and that the rev
olutionary change in the nation's finan-,
cial machinery would be established
within that time. With ths designation
of the reserve centers the organiza
tion committee took the first decisive
sep toward perfection of the sy-r.Jwn.
The cities named are: Richmond, At
lanta, Boston, New York, Philadel
phia. Cleveland, Chicago, St. Louis,
Minneapolis, Kansas City, Dallas and
San Francisco.
The first work today was official m
certification to Comptroller of the Cur-'
rency Williams, of the selections and
Mr. Williams began notifying 7,548
national and. state, banks which have
applied for membership. It was the
general expectation that member
hanks in the twelve districts would
immediately begin preparing for .the.
establishment of their reserve banks,
Every bank must begin payment of a
subscription of six per cent of its cap
ital and surplus to the stock of its re
serve bank within thirty days aftei
j notification. '
' In accordance with the law, as sooc
as member.banlss,in. a district have
subscribed the minimum amount of
stock for a reserve bank $4,000,000
five banks will be designated to ex
ecute the formal certificate of organ
ization. After its receipt here the re
serve bank will become a corporation
and entitled to begin business. 1
The next' step will be the selection
of boards of directors for the reserve
banks. There will be nine directors for
each bank, three to be appointed by
the federal reserve board which is yet"
to be named by President Wilson, and
six selected by member banks in each
district.
Although' the federal reserve board,
is to choose three directors in each re
serve bank and appoint a reserve
agent for each bank who is to act as
its mouthpiece, the organization com
mittee may perfect the organization of
a reserve bank for all practical pur
poses before the reserve board is ap
pointed and it is believed that the com
mittee will exercise this authority to
launch the system as soon as pos
sible. In the opinion of officials here the
transfer of money from member banka
in payment of their subscriptions to
reserve banks will be accomplished
without disturbance to business and
without, any -curtailment of credit ol
retrenchment in loans or discount. Tb
law gives nearly a year to the bank?
for the payment of one-half of their
total subscriptions and it was believed
that this time would prove sufficient in
every case. ... ,
Washington, April 3. Formal notift
cation of the decision of the federal
reserve organization committee desig
nating cities in which reserve banka
are to be established under the new
currency system and fixing the geo
graphical limits of the districts, waa
forwarded today to each national bank
and eligible institution. Inclosed were
blank forms of resolutions to be
adopted -by directors of the banks au-
thorizing a subscription to the capital(
stocks of-the federal reserve banks ln;
their respective districts.
According to the act creating the
new banking system every national
banking association shall be required
within 30 days after notice from the
organization committee to subscribe to
the capital stock of its reserve bank
"in a sum equal to six 'per cent of
the paid up capital stock and sur
plus of such bank."
The law stipulates that one-sixth of
the subscription shall be payable on
call of the organization committee or
of the federal reserve board; one-sixth
within three months and one-sixth
within six months thereafter, and the
remainder of the subscription, or any
part of it, shall be subject to calj
when deemed necessary.
With the completion of necessary
formalities and the appointment of
members of the federal reserve board
the ta3k of organizing the nevr sys
tem will practically have been con
cluded and the system put . pon an
operating basis.
Keen disappointment was apparent
today among members of congress
representing cities whose applications
for reserve banks were denied. The
federal reserve board will have power
to .revise the list of cities but officials
here do not think such action will be
considered.
District No. 1, Boston Reserve
(Continued on Page Nine.)
n $ months