Norwich Bulletin Newspaper, December 25, 1913, Page 8

3 4% 4 _EF FEMUHES OF GURRENCY BII.I. \ organizations into nnuonnl bsnk& Section 9 describes how state banks y become members of reserve banks. Eight to deve Rme Banks to b. Bhbluhed in Vanmu ; fEDERAL RESERVE BOARD. ‘Wifl}Blnk()flioenuMQlenCnmmalOfl:eme e ,\_:‘ HE federal reserve act is pow a ‘part of the-law of the:land. ‘With President Wilson's signa- ‘ture to thie new Glass-Owen purrency reform Blll the country leoks forward ‘to the practical working out ct. The law is in part as fol- M act to provide for the establish- mc "ot lfiefll reserve banks to. fur- with an” slastic currency, to afford 3 of redis fa lte United States and for flfle ¢f this act ahatl be the “fed- -I'rme aet.” Ses. ‘2. As soon q pmclienble the t of the treasqry, the sec- 1 of “agricultnre and the comp- of the currency, acting as “the mhnk organization committee,” shali designate not less than eight por mope than twelve cities to be known as reserve cities. and shall divide @ 1913, by American Press Association. THE PRESIDENT. eg;nl the continental United States, exclud- | ng Ateska into districts, each district bo comtatn ouly one of such federal re- serve cities. NAMING RESERVE BANKS. Yo f-h Title of Principal City In Re- - serve District. ‘ TWe said committee shall supervise lfie 'mmuon in- each of the cities fesignated of n federal reserve bank, mehieh shall fnctade in . its title the !fl.-g.“flefleml Reserve Bank of Chi- Uldet mlluons to be prescribed by .g mnhltlon committee every na- tlonal ‘banking association in the Unit- | ‘@d States 13 hereby required and every hak in the United States and every . t'rv:t company within the Dis- m*—irx #n writing within sixty days nfter passage of this act its ac- m of the terms and provisions Whea tha.»lrgnintim committee shall haye designmated the cities In wblci federal reserve banks are to be "Hmits ot the federal reserve districts every mtxonal within that district shall be required *itqh thirty dawe after notice from thia ‘orginization - committee to sub- | to the capital stock of such fed- eral reserve bank in a snm equal to G f'u' cent of the paid up capital stock lndmm' of puchk bank. Any national bank fafling to signify fts aceeptance of the terms of this act wl ithe sixty days aforesaid shall *‘e‘ fo_act.as a reserve agent upon thirty days’ aotice to be given within the dlscretion of the said organization m’gm cr..of the federal reserve " 8hrouid any _ann-\' banking associa- tion™in the United .States now organ- tred il within one year after the pas- ‘sage of this act to become a member Satk nnder um provisions einbefore viated or fail to comply with anr of the ‘provisions. of thiz act applicabic Mo an of the righis, privileges and f?!bflllsu of such association granted & i apder the nationa! bank act or un- der the provisions of this act shall be heneby forfeited. Vo"hdivuduai’ copartnership or cor- pbraflon other than a member bank of ifs district shall be permittad to ihbsq'lhe for Qgr to hold at any time faore-than 310000 par value of stock hs -\in' federal reserve bank. Such - known as pubiic stock and may be transfetrred on the books ot ‘the federdl reserve bank by the chairman of the board of directors of fach bank. 1d the subscription of, stock by bagks and ‘the public be nadequate "le Kovernment itself may subscribe Por’ stock. Stock not lield by member bunitd shall be voted by Class C direc- £4rs oniy, RESERVE BANK BRANCHES. Regional Institutions Empowered to Estabiish ‘Sub-Banks. Né ‘federai ressrve meuce business th a subsg Ita! ‘less in amoutit than $3,000,000. fibearing the cirenlating privilege, i I A ; bank. | i i 1¢) | transact any business wmame of the city in which it is situat- | i | the currency to ¢ | banking association | i | | all ‘com- | bed cap- : — ‘becomes forfeited by some violation of law. i Third.—To make contracts. Fourth.—To sue and be sued, com- plain and defend, in any court -ot hw or equity. Fifth.—To appoint by its board of directors, elected as hereinafter pro- vided, such officers as are not other- | wise provided for in this act, {o define their duties, require bonds of them and fix the penaity thereof, to dismiss such officers or any of them as may be ap- pointed by them at pleasure and to ap- point others to fill their places. | Sixth.—To prescribe by its board of | directors bylaws not inconsistent with | law regulating the manner in which its general business may be conducted i and the privileges granted to it by law may be exercised and enjoyed. Beventh.—To exercise by its beard of directors or duly authorized officers or agents all powers specifically granted by the provisions of this act and such incidental powers as shall be necessary to carry on the business0f banking within the limitations prescribed by this act. Eighth.—Upon deposit with the treas- urer of the United States of any bonds of the: United States in the manner provided by existing law relating to mational banks to receive from the compiroller of the currency circulating i notes in blahk, registered and counter- signed as provided by law, equal in { amount to the par value of the bonds so deposited, such notes to be issued { under the same conditions and provi- | sions of law which relate to the issue | of circulating notes of national banks secured by bonds of the United States ex- cept that the issue of such notes shall not be limited to the amount of the capital stock of such federal reserve reserve bank shall xcept such as is incidental and - necessarily prelimi- But no federal i nary to its organization until it has { been authorized by the comptroller of mmence business un- der the provisions of this act. | CLASSES OF DIRECTORS. M!(}Il bia fs hereby anthorized | Board of Nine to Control Each Reserve Bank. Every federal reserve bank shall be conducted under the supervision and control of a board of directors. Such board of directors shail be se- lected as hereinafter specified and shall ! for three years and divided into three fl‘m sod _Sxed (the. geograplical .Iclnuses, designated. as Classes &B and C. Class A sha!l consist of three mem bers, ‘who shall be chosen by and be representative of the stock holding | banks. :- Class B shall consist of three mem- i bers, who at the time of their election { shall be actively engaged in their dis- ; trict in commerce, in agriculture or in ! pome other industrial pursuit. Class C shall consist of three mem- bers, who shall be designated by the federal reserve board. When the nec essary subscriptions to the capital | stock have been obtained for the or | ganization for any federal reserve bank the federal reserve board shall appoint the Class C directors and shall destgnate one of such directors as chairman of the board to be selected. Pending the designation of such chair- man the organization committee shall exercise the powers and duties apper- taining to the office of chairman in the organization of such federal reserve bank. No senator or represeniative in con- gress shall be a member of federal re serve board or an officer or a director of a federal reserve bank. No director of Class B shall be an officer, director or employee of any bank. No director of Class C shall be an officer, director, employee or stock- holder of any bank. Class C directors shall be appomtcvl | by the federal reserve beard. They shall have been for at least two years residents of the district for which they are appointed, one of whom shall be designated by said board as chairman of the board of directors of the federa! reserve bank and as “fed- eral reserve agent.” [Ie shall be a person of tested banking experience, ;nnd in addition to his duties as chair- | federal reserve bank he shall be re- ! quired to maintain under regulations | to be established by the federal reserve | board a local office of sald board on | i the premises of the federal reserve nian of the board of directors of the | R date to be fixed by the reserve ban: 4 = | srganization committee. consist of nine members, hoiding office | | 8even Members, ‘Five of Whom Are to Superv-e Bmkmg Business of Country—Tampering Get $12,000 a Year Each. Sec. 10. A federal reserve board is hereby created, which shall consist of" seven members, including the secre- tary of the treasury and the comptrol- lcr of the currency, who sball be mem- bers ex officlo, and five members ap- | pointed by the president of the Unit- ed States, by and with the advice and consent of the senate. In selecting the five appointive members of the federal reserve board not more than one of whom shall be selected from any one federal reserve district, the president shall have ‘due regard te a fair repre- sentation of the different geographical divisions of the country. The flve mem- bers of the federal reserve board ap- pointed by the president and confirmed as aforesaid shall devote their entire time to the business of the federal re- serve board and shall each receive an actual necessary traveling expens: and the comptroller of the currency as ex officio member of the federal re- serve board, shall in addition te the salary now paid him as comptroller of the currency, receivg the sum of §7,000 annually for his services as a member of said board. A The members of said board, the secretary of the treasury, the assistant secretary of the treasury and the comptroller of the currency shall be ineligible during the time they are in office and for two years thereaft- er to hold any office, position or em- ployment in any nfember bank. Of the president at least two shall persons experienced in banking finance. One shall be designated by the president to serve for two, one for four, one for six, one for eight, one for ten, and thereafter each member ten years unless sooner removed for cause by the pr lflont Of the five persons thus flppulutnd one shall be designated by the president as gov ernor and one as vice governor of the federal reserve board. The governor of the federal reserve board, subjeet to its supervision, shall be the ucnng ex- ecative officer. The federal reserve board shall have power to levy semiannually upon the federal reserve hanks in proportion to their capital k and surplus an as. sessment sufficient to pay Its estimated expenses and salaries of its membersy and employees for the half year suc- . ceeding the levying of such assessment. together with any ward from the preceding half year. The first meeting of the federal re- | serve board sha!ll be held in Washing- ton, District of Columbia, as soen as may be after the passage of this act at The secretary 8f the treasury shall be ex officio chair- | under oath to the secpetary | this requirement. ! ey shall occur other than by expirati i convenes. man of the federal reserve hoard. No | member of the federal reserve hoard | shall be an officer or director of any bank, banking institution, trust com- pany or federal reserve’bank nor hold stock in any bank, banking institution or trust company, and Before entering apon his duties as a member of the federal reserve board he shall certify of the has cogvplied with Whenever a vacan- a treasury that he of term among the six members of the federal reserve board appointed by the president, as above provided, a succes- | sor shall be appointed by the president, | with the advice and consent of the senate, to fill such vacancy. The president shall have power to fill all vacancies that mlay happen on the federal reserve board during the {recess of the senate hy granting com- | | missions which shall expire thirty days after the next session of the senate RESERVE BOARD POWERS. Has Controlling Hand on Banking of the Nation. Sec. 11. The federal reserve board shall be authorized and empowered: (a) To examine at its discretion the accounts, books and affairs of each ber bank and to require such state- ments and reports as it may deem necessary. Ing the condition of each federal re- serve bank and a consolidated state- ment for all federal reserve banks. Such statements shall show in detail the assets and liabilities of the federal reserve banks, single and combined, and shall furnish full information re- garding the character of the money held as reserve and the amount, na- ture and maturities of the paper and other investments owned or held by | federa] reserve banks. (b) To permit or on the affirmative vote of at least five membhers of the reserve board to require faderal re- serve banks- to rediscount the discount- annual salary of $12,000, together with l the five members thus appéinted by | so appointed shall serve for a term of { | | | 1 4 ments thereto or any rule or regulation deficit carried for- [ The said board shall pub- ! { lish once each week a statement show- | !lauons under wmch such notes my be delivered by the comptroller to the | federal reserve agents applying there- for. (e) To add to the number of cities clasgifled as reserve and central re- serve cities _under existing law 1in which natlonal banking ‘associations are subject to the reserve require- ments set forth in section 20 of this act, or to reclassify existing reserve and central reserve citles or to termi- nate their designation as such. (f) To suspend or remove any officer or director of any federal rveserve bank, the cause of such removal to be forthwith communicated in writing by the federal reserve board to the re- moved officer or divector and to said bank. (8 To require the writing off of doubtful or worthless assets upon the books and balance sheets of federal reserve banks. (h) To suspend. for the nolutmn of any of the provisions of this act, the operations of any federal reserve bank, to take possession theréof, ad- | minister the same ‘during the period of suspension and when deemed advisa- ble to liquidate or reorganize such bank. | () To require bonds of federal re- ! serve agents, to make regulations for the safeguarding of all collateral, bonds, federal reserve notes. money or property of any Kind deposited in the hands of such sgents, and said board shall perform the duties, functions or services specified in this act and to make all rules and regulations neces- sary to enable szid board effectively to perform the same. { () To exercise general supervision over said federal reserve banks. (k) To grant by special permit to na- tional banks applying therefor, when not in contravention of state or local law, the right to act as trustee, ex ecutor, administrator or registrar of stocks and bonds under such rules and regulations as the eu;d board may pre- /scribe. To employ such attorneys, ex- perts, assistants, clerks or other em- ployees as may be deemed necessary to properly conduct the business of the board. All salaries and fees shall be fixed in advance by said board and shall be paid in the same manner as | the salaries of the members of s !board. All such attorneys, experts, tants, clerks and other employees shall be appointed without regard to the provisions of the act of Jan. 16, 1883 (volume 22, United States stat- { utes at large, page 403), and amend- ; made in pursuance.thereof. | Seetion 12 er .a federal advisory councii, consisting of one member |from each federal reserve district, | which is "mpme"ed to -confer with the feders e board and make j represents rarding the business | |of the board. | | RESERVE BANK POWERS. Functions of the New Re- gional Institutions. 13. Any federal reserve bank receive from any of its member Principal may banks and from the United States de- | P s of current funds in lawful mon- ey, national bauk not federal reser ber banks. or solely payable upon presentation exchange purposes may receive from other federal reserve banks deposits of current funds in lawful money, national bank notes or checks and drafts upon seolvent mem- | ber or other federal reserve banks payable upon presentation. Upon the indorsement of any of its member banks, with a waiver of de- | mand notice and protest by such bank, i any federal reserve bank may dis- | count notes drafts and bills of ex- z out of actual commer- ions—that is, notes, drafts | and bills of exchange issued or drawn for agricultural, industrial or commer- cial purposes or the proceeds of which bave been used or are to be used for ! such purposes, the federal reserve board to have the right to determine or define the character of the paper thus eligible for discount within the | meaning of this act. Nothing in this i act contained shall be construed to prohibit such notes, drafts and bills of for tural products or other goods, wares | | or merchandise from being eligible for | | such discount, but sueh definition shall | not include notes, drafts or bills cov- ering merely investments or issued or trading in stocks, | vestment securities except bonds and notes of the governmentof the United States. Notes, drafts and bills admit- ted to discount under the terms of this paragraph must have a maturity at | the time of discount of not more than | ninety days. provided that notes, | drafts and bilis drawn or issued for i agricultural pr | stock and having a maturity not ex- ceeding six months may be discounted in an amount to be limited to a per- { countries, ap { lecting bills of exchange, { and sell with or without iexchan ,secured by staple agricul- | federal reserve bank and of each mem- | ks b L e rilanded & 8 drawn for the purpose of carrying or | bonds or other in-| poses or based on live | ‘than one-half of its"pald wp capital stock and surplus, J Open Market Operations. Sec. 14. Any federal reserve bank may, under rules and regulations pre- scribed by the federal reserve board, purchase and sell in the open market at home or abroad, either from or to | domestic or foreign banks, firms, cor- porations or individuals, cable trans- fers and bankers’ acceptances and bilis of exchange of the kinds and ma- turities by thbis act made eligidle for rediscount with or without the indorse- ment of a member banlk. Every federal reserve bank shall have power: (2) To deal in gold coln and bullion at home or abroad, to make loans thereon, exchange federal reserve notes for gold, gold goin or gold cer- tificates and to contract for loans of gold coin or bullion, giving therefor, when necessary, acceptable security, including the hypothecation of United States bonds or other securities which federal reserve banks are authorized ¢o hold; \ (b) To buy and sell at home or abroad bonds and notes of the United States and bills, notes, revenue bonds and warrants with a maturity from date of purchasing of not exceeding six months, issued in anticipation of the collection of taxes or in anticipation of the receipt of assured revenues by any state, county, distriet. political subdi- vision or municipality im the conti- nental United States, including irriga- tion, drainage and reclamation dis- tricts, such purchases to be made in accordance with rules and regulations prescribed by the federal reserve board; (¢) To purchase from member banks and to sell, with or without its in- dorsefnent, bi out of commercial transactions as ' herelnbefore defined: (@) To establish from fime to time. subject to review and discount to be charged by the federal reserve bank for each <3 of paper, which shall be fixed with a view of ac- commodating commerce and busin Y (e) To establish accounts with other federal reserve ban for exchange purposes and, with the consent of the federal reserve board, to open and maintain banking accounts in foreigm oint correspondents and such countries 2stablish agancies in wheresoever it my deem best for the purpose of purchasing, selling and col- and to buy its indorse- ment through such correspondents or agencies, bills of exchange arising out of actual commercial transactions which have not more than ninety days to run and which bear the signature of two or more responsible parties. Sectidn 15 provides that moneys held in the gemeral fund of the United States treasury. except the 5 per cen- tum fund for the redemption of out- standing national bank notes and the funds provided in the act for the re- demption of federal reserve notes, may be deposited in federal reserve banks which shall act as fiscal agents | 1 and that the funds of the Philippine Islands, the postal savings and any other government funds must be de- | posited in federal reserve banks. notes or checks and drafts upon mem- | Section 18 provides for the issuance | of federal reserve notes to federal re- | serve banks, redeemable in gold on de- mand at the treasury department or in gold or lawful money at any fed- eral reserve bank. under section 13. shall have a ed for rediscount Federal reserveé banks gold reserve of 40 pev federal reserve notes and shall main- tain in the United States treasury in gold a reserve of not 1 than 5 per cent of the federal reserve motes for their redemption. Section 17 repeals A.l“fi requiring na- tional banks fo dopv government bonds with the United S Section 12 vrevides a plan for retir- ing the 2 per <ent bonds on which the present currency is based. Under the plan $25,000,000 worth of these bonds will be purchased each year, beginning two years after the system is placed in operation, by the new reglonal banks | from member bar On one-half of its holdings each regional bank may is- sue currency. The remainder will be bonds or 8 per cent one year treasary notes, which the banks must agree to renew each year for thirty years. Section 19 describes how member banks shall establish and maintain re- serves. Rection 21 provides for the examina- tion of each member bank by the comptroller of the currency at least twice a yéar, for a special examination of member banks when desired by federal reserve banks and for a spe- clal examination of any federal re- serve bank mpon the appiication of ten member banks. PENALTY FOR DISHONESTY. s of exchange arising | soctation not situated 1n & central - reserve city may make ioans secur- ¥ ed by improved and unencumbered farm land situated within fts fed- eral reserve district. but no such loan ghall be made for a longer time then five years nor for an amount exceeding B0 per centum of the actual value of the property offered as security. Any such bank may make such loans in an aggregate sum equal to 25 per eentum of its capital and surplus or to one- third of !ts time deposits, and such banks may continue hereafter, as here- tofore, to recelve time deposits and pay interest on the same. The federai reserve board shall have power from time to time to add to the list of cities in which national banks shall not be permitted to make loans secured upon real estate in the man- ner described In this section. Section 25 duthorizes national bank- ing associations possessing a capital and surplus of $1.000.000 or mere to es- tablish foreign hranches under the di- rection of the I reserve hoard. Section 26 iotises the secretary of the treas: to strengthen the gold reserve by bhorrewing gold on Untted or hy seiling them. extends from June 80, Jpne 30, 1915, the life of an act authoriz ‘national currency as sociatious. the is additional | natione! bani ou and the cre commis- ation of a { sion It certain United Ntates banking -muuns amended by an act of May 30, 1905, subject to wash amendments or mae ations as are contained in the new currency law. It amends ‘the Max 50. 1908, in re- gard to the tion: of circulating nn)[m held by banking asso atheryise than of the court the remair determination | of the federal reserve board, rates of | | = 1' BRIEF STATE NEWS I cent of their | ates treasurer. | per cent thirty year | Falls.—The Beacon Falls oe company’s factory closed night for three days. Beacon Rubber Wedne: Waterbury.—Robert H. Gulliver, a | student at_ine Pennsylvania school o | finance, is the holidays with his parents, «d Mrs. H. S. Gulli | ver, of Walnut street. i Tracy.—Thd siate public utilitie | eomr »n hag approved the plans of the Connecticut company for a new | trestle bridge to span the Quinnipiac | river on Oalk street, Tracy. | Stamford. — Prasecuting Attorney | Phillips has asked the council to en |act an ordinance regulating public Complaints have been made o r dancing in the armory and | here. | Hartford.—The class of 1914, training | school for nurses, of St. Francis' hos- | pital will be graduated Tuesday even- De at 8 o'clock, at 1as’ Rt. Rev, John J. Nilan, | bishop of tford, will preside. | Suffield.—Mrs, Mary Shea, who be- came a member of Sacred Heart Ro | man Catholic church when it junded more tha st week, aged who were \rrls;m.xil\ church are living. 30 yeéars aga, Only two others members of the | Rockuville. of the Rockv ciation has J. Coole: he banquet committes le Business Men's asso- nized by electing Fred man and Sherwood (' Cummings secretary. The commlittes decided to appropriate $100 to the speakers’ committee. The banquet will be held prior to Feb. 24, The coliateral se- | curity shall be notes and bills accept- | New Haven.—More than 400 young | sters of the St. Francis orphan asylum were made happy the other afternoon when, through the courtesy and kind- s of Svlvester Poll, the entire wadeville bill which is being played at Poli's theatre was presented in the assembly hall of the institution BULLETIN'S PATTEHN SERVICH | bank. centage of the capital of the federal Sec. 5. The capital stock of each fed- | eral reserve bank shall be divided into shares of $100 each. Tampering With Bank Examiners Made Criminal Offense. See. 22, No member bank eor any | Soc. 3. Each rOGeml eserve bnuh .l“ embllsk branch banks within | ed paper of other federal reserve | reserve bank. to be ascertained and | banks at rates of interest to be fixed | fixed by the federal reserve board. by the federal reserve board. biacouniing Acceptances board of directirs uander the rule,x and ers shall i annual dividend of 6 per centum on the federn be entitled to receive an act: Provided, that it shall establish a graduated tax upon the amounts by pot more than three months and In- | shall be deemed guilty of a misde- | | | | | or | the federal rekerve district.in) wm,-b | (¢) To suspend for a period not ex- 5 | e Bl ot L emplives tRRsEaP §f 16 located and tuy"lo so in the els” | Division of Earnings. ceeding thirty days, and from time to | ARY federal reserve bank ‘:"’;dd’“' | :fi,‘lf ’h:,e,e,;:e, e fodn g ey of sany federal restrverhank ‘ Bec. T. After allinecessary expenses | time to renew such suspension for pe. | COURt 8cceptances which are based on | grant any gratuity to any bank ex- | A BFECOMING YOUTHFUL DESIGN. which may hav Blon. {of a federal reserve bank have been E riods not exceeding fifteen days, any I:E:st‘::b;rf;g::tO:fe;::;:a:gg ::'-h'i!cok; | aminer. ~Any bank officer, director AT 5 > v e - | Teserve requirement -specified in this | 3 S i 5 8 g i | Costume for Misses and Small Women, Buch branches 1" be ope paid or previded for, the stockhold | q ¥ ed in this lllmve a maturity at time of discount of | OF employes violating this provision | B B L ettt : | | regularions .i(:prmefl by reserve . hoard. m shatf possess the same qualifi 5 ag directors of the federal Te bankg. Four of said directors Directors of brau M thev shall heid oflfib during the Mre mpe-‘the]y, a; (fne parent bank and the federal reserve boatrd. The reserve bank shall desigmate one of tha directors ds maiag Sec. 4. * ¥ * Upoh ths (flgbf“‘ certil te with the cot pt;‘oller of the emrrancy * * * the said ' federal re- sem bank. lhn!l*vbecqpie body cor- hsl agd as such nd’ in the mame ed in sm:h orgammuol cer- tifieat l.l" have mu— m-lro dépi and use a cowporate —Po have sarcsssion for @ Pe- #iod of twesty yoars from its organiea- 7 % 3 ' be selected by the reserve bani . [fhiree by the Pederal Teserve board, G R SRR S RG it is seoner .dissolved by an | eamwEems AT nh-JL. feanchine | the paid in capital stock, which. divi- deld shall be cumulative. After the agorelmd dividend claims have been ‘fully met all net earnings shall be paid ‘to ‘the United. States as a franchise tax, except that one-half of such net earnings shall be paid into a surplus fund until it shall amount to 40 per centum of the paid in Luplta] stock of such bank. ,The net earnings derived by the Unit- | per centu ed States from foderal reserve banks shall, in the discration of the secretary, be used to supplement the gold reserve beld against outstanding United States | « najes, or. shzil be applied to the re- duction of ihe outstanding bonded in- debtedness of the United States. serve hanis shail nat be raxed execept upon real estate. Bection ‘8 amends the existing bank- ing laws, so that stockholders owning Re- | which the reserve requirements of this act may be permitted to fall below the level hereinafter specified; and provided, further, that when the gold | reserve held against federal reserve notes . falls below 40 per centum, the federal reserve board shall establish a graduated tax of not more than 1 per centum upon such deficiency until the reserves fall to 3214 per centum, and when said reserve falls below 32% , a tax at the rate increas- ingly of mot less than 174 per cenfum upon each 2% per centum or fraction thereof that such i ve falls below 1% per centun shall be | by the reserve the reserve bank shall add amouut equal to an said tax to thie rates of interest and discount fixed board. (d) To supervise and regulpte throngh the bureau under the ‘chuq,o of the by the federa! reserve | 51 per cent of the stock w banis other | comptrolier of the enrrency the issne than ntmmal banks can copvert their !and retirement of f{ederal reser motes. and e Bresering wules und reses dorsed by at least one member bank. The amount of acceptances so dis- counted shall at no time exceed one- half the paid up capital stock and sur | plus of the bank for which the re- { discounts are made. The~ aggregate of such notes and | bills bearing the signature or indorse- ment of any one person, eompany or 'firm or corporation rediseounted for :nny one bank shall at no time exceed | 10 per centum of the unimpaired capl- tal and surplus of said bank, but this ;r»mlvm il not apply to the dis- {eount of bills of exchange drawn in { good faith against” actually existing | values. Any member bank may accept drafts or bills of exchange drawn upon it and growing of transactions in- volving the importation or exportation of goods having not more than six months sight to run, but no hank shall accept such bills to an amount equal at time in the aggragate to mora 3 out any ! meanor and shall be imprisoned not | | exceeding one year or fined not more | than $5,000, or both, may be fined a fur- | ther sum equal to the money so loan- ed or gratuity given. Any examiner aecepting a loan or gratuity from any bank examined by him er from an officer, director or employee thereof shall be deemed guilty of a misde- meanor and shall be imprisoned not exceeding one year or fined not more than $5,000. or both. Section 23 provides that- national bank stockholders shall be responsible for all contracts, debts and ments of their banks to the amount of their stock at par value in addition to the amount invested in such stock. If they transfer their stock within sixty days before the failure of their banks they shall be liable to the same extent in case the transferee fails to | meet such liaBility. Loans on Farm Lands. Sec. 24. Auv ua ‘ukiug This model was used for & simple party frock made of blue crepe de { chine. Brocaded silk in Perstan tomes | forms the girdie, whlle shadow lace and net frills add a neat touch to meci and sleave finlsh. The design is sull- bie for serge, albatross or ocashmere. j It will also lend itself equally wel l velvet, charme or satin. The drop shoulder and voke effect are good styie | The pattern 1s eut in four s 3 and 18 vears. It re- of 44-Inch material H of this {llustration mafled | to any address on receipt of 10 cents in’ | silver or stamps. Order through The Bulletin Company, 1 Pattern Dept.,, Norwich, Conn. Information for Roosevelt, Professor Taft, having siucceded in | shedding 69 pounds avoirdupels, says, 'he is as hard as pails, can walk or play golf all day, and loves every- body. South Amerjcan Dpapers to | which T, Roosevelt is a subseriber | please copy.—Manchester Union. | . Both. Were Victims. As we understand it, that awfnl, awful school. boavd has treated poor Mayor Harrisen even worsethan it hai Mrs, Younge—Chicage Inu