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841 X-1710. FEDERAL RESERVE BOARD STATEMENT FOR THE PRESS* Release f o r morning papers, Monday, November 3* 19^9* The Federal Reserve Board makes the following announcement with r e f e r e n c e to the h e a r i n g held i n Washington on October 21, 1919* regarding the establishment of a branch Federsl Reserve Bank by the Federal Reserve Bank of Kansas City i n the southern t e r r i t o r y of the Tenth Federal Reserve District. "The Federal Reserve Board has considered the b r i e f s and oral arguments presented by the r e s p e c t i v e p e t i t i o n e r s i n the matter of the establishment of a branch Federal Reserve Bank i n the southern p o r t i o n of the Tenth Federal Reserve D i s t r i c t by the Federal Reserve Bank of Kansas City, and has reached the following conclusions: ^While the p o r t i o n of the d i s t r i c t t r i b u t a r y to these c i t i e s i s being well served i n the matter of rediscount f a c i l i t i e s by the Federal Reserve Bank of Kansas City, i t i s the opinion of the Board, however, that a branch with l i m i t e d powers i n the m a t t e r of r e d i s c o u n t s , the a c t i v i t i e s of which should be devoted mainly to the forwarding and r e c e i p t of currency and to t r a n s i t operations, would be a convenience to the member banks and to the p u b l i c i n the t e r r i t o r y served by such branch, and would increase the e f f i c i e n c y of the t r a n s i t system* I n view of the proximity of Wichita to Kansas City, i t i s m a n i f e s t t h a t a branch l o c a t e d a t t h a t p o i n t would not give any appreciable a d d i t i o n a l f a c i l i t i e s i n t h i s r e s p e c t to the more remote p o r t i o n s of the D i s t r i c t ; and the Board w i l l t h e r e f o r e d i r e c t the Federal Reserve Bank of Kansas City to e s t a b l i s h a branch a t e i t h e r Oklahoma City or Tulsa, In view of the t e c h n i c a l n a t u r e of t r a n s i t o p e r a t i o n s , the Board has requested a r e p o r t from the Federal Reserve Bank of Kansas City, giving an a n a l y s i s of the source, volume, and d i r e c t i o n of outgoing business, and the volume and d i r e c t i o n of incoming b u s i n e s s , together with a complete a n a l y s i s of a l l mail schedules with r e f e r e n c e to the t e r r i t o r y t o be served by a branch l o c a t e d i n one or the other of these two c i t i e s * The Federal Reserve Bank of Kansas City has t h e r e f o r e been d i r e c t e d to transmit to the Board, n o t l a t e r than November 25, 1919* the i n f o r m a t i o n c a l l e d f o r , i n order t h a t a d e c i s i o n may be reached as to the proper l o c a t i o n of & branch#
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