Business: Rechartering

Secretary of the Treasury Andrew W. Mellon is scarcely a short-sighted man. He is already looking forward to 1935, when the 20-year charters of the Federal Reserve Banks expire. Mr. Mellon pointed out, last week, that the latter institutions can exist only as long as their present charters permit, unless new legislation is enacted; otherwise Banks must close their operations in 1935.

It may seem that 1935 is still rather far off. However, Mr. Mellon has reason to know how slow is the progress of even the most necessary legislation in Washington and doubtless wishes to get a good running start now.

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