The Washington times., 1913-12-27
F|N|!Al|N|c|ERS::UN|TE A TO
: GET REGIONAL BANK
washington Now Among Lead
ers in Race for Federal
Institution.

Washington started today among tn.
leaders in the race, of cities seeking tc
win one Of the regional reserve banks
provided for in the new curi ency law.
The Washington Clearing House As.
ISOLATION, the Bankers Association OF
the District Of Columbia. the Washing.
ton Board of Trade, and the Chamber
of Commerce are in the fight to land
one Of the big Federal banks for which
a. score Of other cities are quickly get
ting in the field.
The9e organizations are row arrang-
ing TO prepare their information and
Arguments upon the reasons why Wash-
beton should be selected as the To-
cation of one of the regional banks.
so as to. be ready to present them to
the Secretaries of the Treasury and
Agriculture, when. as the committee OF
organisation, of the Federal banking
system, they hold hearings In this city,
January 1911. -
Committee Meets Monday.
The special committee Of the Clearing
Chaplain. president of the Commercial
National Bank George. w. White, pres
ident Of the National Metropolitan
Bank: W. T. GaIiihsr. president; of, the
American National, Bank; H. II. Nc
Kee, caehier Of the National Capita,
Bank. and John Poole. president OF the
Federal National Bank, has been noti-
fed to meet Monday morning at 10
o'clock to outline its course Of action.
The committee will meet in the Com
merc!al National Bank
Letters were sent out today from the
Clearing House seeretafy reuesting the
presidests Of the Bankers. association.
the Bosrd Of Trade. and .he Chamber
of Commerce to call spscial meetings Of
their several" boards Of directors to
help . tss can Samnsign; cs,,. :, ,ss.. .,....,.
Cuno IL. Rudolph, president OF. the
Board OF Trade, has already Instructed
the executive office OF the board to
cali = meeting. D. j.: Callahan, presi-
dent OF the Chamber or Commerce, said
today he would take action upon re-
House John Poole. secretary OF th>
District Bankers Association. said that
no call Of the association had vet been
ISSUED. but anticipated that B. F. Sahl,
president, would shortly put the matter
before the council Of administration Of
the association.
Concerted Action On.
This concerted action follows the meet
ing Friday AFTERNOON of the Clearing
House Association. at which 1t was
determined to call upon the various
business organizations to assist in pre-
pairing Washington's case for presenta-
ZION to the Federal system committee at
the bearings next month. The associa-
ton also voted. unanimously to rccou,-
mend to. the banks OF the District that
they enter. the Federal system,
A keen fight, between Cincinnati and
OF being regional reserve bank city.
Each thinks. that Il is the most logical
city between New York and ChicaEo,
both Of which are sure of having re-
serve banks, and would best serve the
-territory. Organizations IN
the two cities have gone to .v1rk In
lively fashion. and the pressure ;ras
even been extended to the two Sena-
tors from Ohio. OF these Senator Bur-
ton says he does not think any Senator
that Cincinnati has the. best claim, lin
that II has q subtreasury. Pomerenee,
who was a member of the Banking and
Currency Committee. holds that both
cities should have reserve banks. Such
wall from ufs Pittsburssh sns srei and
Louisville.
Many Statistics Required.
Much Information and many statistics
must be compiled before the hearings
The committee Will require informatioa
upon the following points to guide 1t In
its selection of cities:
L. Geographical convenience which
involves transportation facilities. aid
rapid and easy communication with all
i:arts Of the district.
q. Industrial and commercial develop
msnt and: needs OF each section which
consideration of the general
movement. of commodities and Of bust
ness transactions within the districts
and the transfer IF funds and exchanges
Of credits arising therefrom. -
g. The established custom and trend
Of l.usiness, as developed by the present
systen OF bank reserves and checking
account In having out the districts and
the headquarters for re-
serve banks. every effort will be made
TO- promote business convenience and
normal movements of trade and COM
r1erce.
This given. the committee states that
polifical consider atoms will not be per-
ItfnrRd tndnanra he nho