Evening Republican, Volume 18, Number 273, Rensselaer, Jasper County, 18 November 1914 — MAY WIDEN SCOPE OF FEDERAL BANK [ARTICLE]

MAY WIDEN SCOPE OF FEDERAL BANK

Mew System Went Into Efleet Only Monday—McAdoo Plans For Larger Work. Washington, Nov. 16,—Although the twelve federal reserve banks •began 'business only today, the federal reserve board, already has before it plan® for widening their field of operations and increasing •their store of cash* Telegram® began to reach the •treasury department shortly after Secretary McAdoo issued formal annouhlcemeiit to the banks to open .their doors. They continued to arrive all day long, governors and federal reserve agents of all the banks telegraphing their congratulations and their promises of cooperation in making the system a sutCesfe.

The board may not be willing to draw any definite plans from one day’s business but the first week may have a material effect and may result in augmenting the cash of the bank® by more than $150,000,000. The o'jcials here have under consideration the deposit of a large pant of the loose cash now in the treasury and the transfer of most of rile government fund's now deposited in national 'banks. Secretary McAdoo has power to make these changes but so far has not roadbed a decision. If the first week’® rediscount business shows that the reserve banks can rise ’more dash, the board probably will suggest the adoption of the pl*an fc