Federal Reserve Bank of New York , Federal Reserve Bank of New York. Liberty Loan Committee and Strong, Benjamin, 1872-1928 "Address at Saratoga Springs, before the first general convention of the Bankers of the State of New York." June 24, 1915, https://fraser.stlouisfed.org/title/1317/item/473677, accessed on May 12, 2025.

Title: Address at Saratoga Springs, before the first general convention of the Bankers of the State of New York

Date: June 24, 1915
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image-container-0 Tovbe released on next . m _ ? Thursday, June 24th. |$j \ ^J T ' This is the first general convention of the bankers of the State of_Kew York since the es tablishment o f the Federal Reserve System, and, therefore, the first opportunity to address all of the bankers o f the state in regard to the work which has been done by the Federal Reserve Bank and in regard to some of the larger aspects of the system. Your President has asked me to refer to our plan for collecting checks and to the new regu lation regarding state banks, but I want f ir s t to b r ie fly review some of the work that has been ac complished by the bank since its organization last November. On October 26th, 1914, it was decided by the Secretary of the Treasury that the situation brought about by the war in Europe necessitated the immediate organization of the Reserve Banks, and November 16th was fixed as the date when they
image-container-1 should open for business. On November 2nd, $ 3 ,3 2 1 ,9 5 0 . of gold was received from the member banks of this district in payment of the first in stalment of our capital. On the morning ox the 16th of November, an organization, largely temporary, consisting of seven o fficers and eighty-five clerks had been assembled, and on that day $ 9 9 ,6 1 1 ,6 7 0 of re serves were transferred to the bank by 'iiie member banks. We had been successful in renting satisfact ory offices already equipped with the furniture and fixtures necessary for our accommodation* Our tem porary organization has since been gradually conver ted into a permanent organization, consisting now of five officers and fifty-two clerks, including stenog raphers, messengers, watchmen and porters. Two additional instalments of capital have "been received, making the present paid in capital $ 9 ,9 6 1 ,6 5 0 , being 50$ of the statutory amount. Recip rocal accounts have been established with the other eleven reserve banks for the purpose of handling in
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Date: June 24, 1915
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