The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1914-09-28
WILL ANNOUNCE CLASS
DIRECTORS THIS WEEK
Final Step in Formation OF Federal
Reserve Banks About to
He Taken.
ExPECT PROMPT ORGANIZATION
Fifth District Bank VIII Probably
Open I'm October With Abont Forty
iHmployes-Scvernl Locations Arc
ider Consideration.

'iIder Consideration.
| Unofficial reports from Washington
/ promise the announcement OF the Class
( 9 directors of tho new reserve banks
for this week, and with 1t the be-
ginning OF the preliminary work by tho
boards OF directors OF the seperatc re-
serve districts looking to the early cs-
Establishment OF the banks
J George j. ScaE, or this city, one OF
N-ihc Class II directors OF the Fifth Re
servo District. said Yesterday that
while he had no official Information TO
that effect. II was his belief tina, the
appointment OF Glass & directors would
not bc deferred longer than this week
| The Federal Reserve Board, le said.
has had mass OF ds;ail To dispose Of
since It's organization. and is now ncor-
ing the end of-its preliminary tasks
The appointment Of tho three Class
9 directors viii complete the board or
directors Of nine members which Will
manage the reserve bank that will H..
located In Richmond Six Glass \ aud
class u directors were elected several
| months ago - the result % nomina-
tons decided upon at Il district con
vent!or held In Richmond
CLASS & DiRECrnnS WILL
VIZ NAMED THIS WEEK
IL rs conhd"ntly expected that tho
week. shortly after their announce
mcnt tho Federal Reacrve BoarC viii
call = meeting OF the board Of dircc-
| tors Of the FiGth Reserve District ha,,;
Ia be HELD ia Richmond or II some
point in the district that NAV III. ,,ra
iSnated. The hoard viii Al This meet,
ing enec, aii oreaui2.tion and take III.
, FIRST steps towards the establishment
of the Richmond bank
Among the preliminary tasks TIM.
have engaged the Reserve BOARDS at
;ention during thc past several yerks
is the formulation OF "a Uniform plan OF
Organization which viii be followed by
each OF the twelve reserve banks This
: uniform plan OF government vii! h.
laid before tho board OF directors al lis
hrst meeting. and will form the basis
or the local organization.
The three class G directors ,ha. re-
main TO be appointed viii be selected
by the Reserve Board from the distric,
az large Their appointment IS not a
subject for local reco .n!nendatlo;l. and
no !ntimation has been given as 70 what
men t." board mas In mind. The dtrec-
tors may come from Any walk OF l,tc.
one ~ them, however. IN required by
IN" reserve act to lac a person OF tested
banking experience" who viii be dcsiQ-
mated AS chairman OF the ioard OF di-
rcctors OF the Federal Ecserv. Bank
ana rs Federal reserve agent"
In addition TO his duties as chair
man OF the board 90 directors" the act
continues. he sha!! be required 10
maintain, under regulations to he cs-
tablishcd by the Federal Reserve Board.
q FOCAL office of said board on the prom
is"s OF tho Federal reserve bank He
shall make reports 10 the Federal re
serve Board, and shall act as .ts ON
cial representative for rho performance
OF the functions conferred upon ii by
this act. one OF the directors of class
I. VINO shall be- a person OF tested banl>>
ing experience, shall be appointed by
the Federal Reserve board deputv
chairman and deputy Federal reserve
agent 10 exercise the powers OF the
chairman OF the board ana l'cde.al re-
serve agent in case Of absence Or dis
ability q: his principal"
Inc section here quoted Indicates That
two OF the class & directors Will lie
chosen from thc banking profession.
and that only one Will he taken from
Industry 1T large. OF the six directors
already elected. three are bankers and
three from business and agricultural
pursuits.
While the &C, empowers The boards
OF directors. subject 10 the approval
OF the Federal Reserve Board TO pro-
Flde compensation for It's members, II
is not believed that the dlrectorships
VIII hc made full-timc positions The
board Will hold several protractcd sit
after that sit periodically in the Same
manner as directors of other banks
In" actual business OF administration
VIII be carried Oh under tho direction
OF paid officers
II is confidently believed that the
Richmond bank will he In operation
before the end OF next month. Vi the
class = directors are named early this
week. rs is expected, there is a prob
ability of the banks beginning bust
ncss by October 10. An opening date
later in the month, however. is re-
Sardcd as more probable.
Tho bank, it is stated, Will begin
business with about fifteen depart
mcnts and VIII employ ~ the begin
ming about forty men. y large number
o. applications fo.' positions in tho
bank have been received hy Individual
members of the board OF directors.
;naH% Of them from employees of Rich
:uond banks
Until the board is complete ana or
saniZed for business the question OF
officers and employees rs well as OF the
location OF the bank must remain pend
ing. several We'll located buildings are
~ ocfiVc competition. The selection
o! any building as the homo Of the
bank Will III al likelihood he temper
AIRY. IL is regarded rs probable that
after establishing definitely tho needs
of the reserve banks. the Treasury
Department will provide them with
permanent homes.
Raids Alleged -.H'iud TiEcr."
y South Richmond police :rc kccpins "A
strict watch FOR bootiegGers and other