HOUSE BILL.

acting as "The Reserve Bank Organization Committee," shall designate from among the reserve and central reserve cities now authorized by law a number of such cities to be known as Federal reserve cities, and shall divide the continental United States into districts, each district to contain one of such Federal reserve cities: Provided, That the districts shall be apportioned with due regard to the convenience and customary course of business of the community and shall not necessarily coincide with the area of such State or States as may be wholly or in part included in any

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given district. The districts thus created may be readjusted and new districts may from time to time be created by the Federal Reserve Board hereinafter established, acting upon a joint application made by not less than ten member banks desiring to be organized into a new

district. The districts thus constituted shall be known as Federal reserve districts and shall be designated by number according to the pleasure of the_organization committee, and no Federal reserve district shall be abolished, nor the location of a Federal reserve bank changed, except upon the application of three-fourths of the member banks of such district.

The organization committee shall, in accordance with regulations to be established by itself, proceed to organize in each of the reserve cities designated as herein before specified a Federal reserve bank. Each such Federal reserve bank shall include in its title the name of the city in which it is situated, as "Federal Reserve Bank of Chicago," and so forth. The total number of re

nation of said organization committee shall not be subject to review except by the Federal Reserve Board when organized: Provided, That the districts shall be apportioned with due regard to the convenience and customary course of business of the community and shall not necessarily eeineide with the area of-such be coterminous with any State or States as may be wholly or in part-included in any given dis triet. The districts thus created may be readjusted and new districts may from time to time be created by the Federal Reserve Board hereinafter-established, acting upon & joint application made by not less than ten member banks desiring to be organized into a new district, not to exceed twelve in all. The Such districts thus constituted shall be known as Federal reserve districts and shall may be designated by number according to the pleasure of-the-organization committee, and no-Federal reserve district shall-be abolished, nor the location of a Fed eral-reserve bank changed, except upon the application of threefourths of the member banks of such district. A majority of the organization committee shall constitute a quorum with authority to act.

The organization committee shall, in accordance with regulations to be-established by itself, proceed te organize in each of the reserve eities designated as hereinbefore specified a Federal-reserve-bank. Each such Federal-reserve bank shall include-in-its-title the name of the eity in which-it-is-situated, as "Federal Reserve Bank of Chi eage," and so forth. The total

CONFERENCE AGREEMENT.

provided for, to be assigned by the President,] THE SECRETARY OF AGRICULTURE AND THE COMPTROLLER OF THE CURRENCY, acting as "The Reserve Bank Organization Committee," shall designate not less than eight

nor more than twelve cities to be known as Federal reserve cities, and shall divide the continental United States, [including] EXCLUDING Alaska, into districts, each district to contain [one, and] only one of such Federal reserve cities.

The

determination of said organization committee shall not be subject to review except by the Federal Reserve Board when organized: Provided, That the districts shall be apportioned with due regard to the convenience and customary course of business and shall not necessarily be coterminous with any State or States. The districts thus created may be readjusted and new districts may from time to time be created by the Federal Reserve Board,

not to exceed twelve in all. Such districts shall be known as Federal reserve districts and may be designated by number.

A majority of the organization committee shall constitute a quorum with authority to act.

HOUSE BILL.

serve cities designated by the organization committee shall be not than twelve, and the organization committee shall be authorized to employ counsel and expert aid, to take testimony, to send for persons and papers, to administer oaths, and to make such investigations as may be deemed necessary by the said committee for the purpose of determining the reserve cities to be designated and organizing the reserve districts herein before provided.

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Every national bank located within a given district shall be required to subscribe to the capital stock of the Federal reserve bank of that district a sum equal to twenty per centum of the capital stock of such national bank fully paid in and unimpaired, one-fourth of such subscription to be paid in cash and onefourth within sixty days after said subscription is made. The remainder of the subscription or any part thereof shall become a liability of the member bank, subject to call and payment thereof whenever necessary to meet the obligations of the Federal reserve bank under such terms and in accordance with such regulations as the board of directors of said Federal reserve bank may prescribe: Provided, That no

PASSED BY SENATE.

number of reserve eities designated by the organization committee shall be not less than twelve, and the or ganization committee shall be au thorized to employ counsel-and-expert-aid, to take testimony, to send for persons and papers, to adminis ter-eaths, and to make such investigations as may be deemed necessary by the said committee for the purpose of determining the reserve eities to be designated and organ izing the reserve districts herein before provided.

Every national bank locatedwithin a given district shall be re quired to subscribe to the capital stock of the Federal reserve bank of that district a sum equal te twenty per centum of the capital steek of such national bank fully paid-in and unimpaired, one-fourth of such subscription to be paid-in eash and one fourth within sixty days after said subseription—is made. The remainder of the subseription or any part thereof shall become a liability of the member bank, subject to call and payment thereof whenever necessary to meet the obligations of the Federal re serve bank under such terms and in accordance with such regulations as the board of directors of said Federal reserve bank may pre seribe: Provided, That no

Said organization committee shall be authorized to employ counsel and expert aid, to take testimony, to send for persons and papers, to administer oaths, and to make such investigation as may be deemed necessary by the said committee in determining the reserve districts and in determining the cities within such districts where such Federal reserve banks shall be severally located. The said committee shall supervise the organization, in each of the cities designated, of a Federal reserve bank, which shall include in its title the name of the city in which it is situated, as ic Federal Reserve Bank of Chicago.'

Under regulations to be prescribed by the organization committee, every national banking association in the United States is hereby required and every eligible bank in the United States and every trust company within the District of Columbia incorporated under an Act of Congress approved October first, eighteen hunred and ninety-one, is hereby authorized to signify in writing,

CONFERENCE AGREEMENT.

Said organization committee shall be authorized to employ counsel and expert aid, to take testimony, to send for persons and papers, to administer oaths, and to make such investigation as may be deemed necessary by the said committee in determining the reserve districts and in [determining] DESIGNATING the cities within such districts where such Federal reserve banks shall be severally located. The said committee shall supervise the organization [,] in each of the cities designated [,]of a Federal reserve bank, which shall include in its title the name of the city in which it is situated, as Federal Reserve Bank of Chicago."

Under regulations to be prescribed by the organization committee, every national banking association in the United States is hereby required, and every eligible bank in the United States and every trust company within the District of Columbia [incorporated under an Act of Congress approved October first, eighteen hundred and ninety one] is hereby authorized to signify in writing,