The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1914-01-03
WANT SOUTHERN
MEN ]. TO CONTROL
SOUTHERN FUNDS
Grave Danger if Old
Channels Of Trade
Are Reversed.
CAROLINA BANKS
PREFER RICHMOND
Natural Trend Toward New
York Makes Richmond Logi-
cal Place for Southern Fed
eral Reserve Bank-Com-
nittee Forms Effective
Organization.

Tne organization of the banking.
commercial and civic forces OF Rich
mond To place before the government
the claims of Richmond as the logical
location for one \of the Federal re-
serve banks WAS perfected at Il meet
ing OF the Joint committees at the Busi-
ness Mems Club yesterday afternoon.
Colonel John B. Purcell. president Of
the First National Bank, was made
general chairman; P. Walford, Jr.,
secretary of the Business Mems Club.
was made recording secretary and
tregsurer, and George c. Gregory was
retained executive secretary. Mfr.
Gregory Is to give his entire time to
tho movement throughout the contest,
and VIII open offices at the Business
Mems Club this morning. Arrange
rnents were made for committees TO
visit the commercial organizations OF
tho cities of Virginia and the Caro-
linas
VIII he Heard I'm Washington.
Acting Chairman o. j. Sands read 4
reply from Secretary of the Treasury
William G. McAdoo. stating that the
organization committee would hold
preliminary hearings in Washington
from January II to January II, prior
to making an extended Western trip.
II was announced by the organization
committee in Washington last night
that the claims OF Philadelphia and
pittsburgh for Federal rcserve banks
wonld be heard at the Treasury Depart
mept on January Ie, and that the
claims OF Washington, Baltimore, Rich
mond and Wheeling, w Va, would
be heard between January II and 16.
frior TO the general meeting yestcr-
nay afternoon. meeting of the Clear
ing House Association OF Richmond
was held. at which The following com
Az Ufs
In connection with the com mites from.
commercial associations:
.Janes S- Boyd. president of the
tlanters National: Q. j. Sands, nresf4
Gent OF the American National: Thomas
branch MoAdams. cashier OF the Mcr-
shants Nationd; Il, L. Beniss presi-
aent OF the Richmond Trust and saw
lnss Company and Colonel John r
Purcell, president of the First National
Bank.
Get Executive Secretary.
Messrs. Sands, Jackson and Kaufman
were appointed committee to select a
suitable man for executive secrct,ry
several members taking the ground
that such campaign as is protected
would require the constant mainte-.
nance or central office In charge of "a
shhIui director The committee report
ca the selection of Mr.. Gregory, which
was approved
Mr. MoAdams reported on confer
snces with the executive officers of the
state bankers Association by long dis
tance telephone. President Holdness.
OF Tarboro, n. c., was strongly in favor
or Richmond AS the logical point for
ne central bank serving Virginia and
the Caroiinas. and has called meeting.
OF the executive committee of the North
Saronna Bankers Association for next
week to act on the subject The South
Carolina association has already in
uorsed Colum bia, and President VIII
manson said 1T was not probable that
further action would be taken SO long
as Columbia Is in the field! Mr.. Nc
Adams said he did not think the bank
ers of the Carolinas fully realized the
danger they wero I'm of having their.
entire channels OF trade reversed bv
being attached to some bank to the
south OF them. Several of the West vir-
Sinia banks have indorsed Cincinnati
but reported that there would be no
s conflict between-a reserve bank located
& there and one In Richmond leaving the
railway schedules to determine the nat
ural dividing line.
Montague Aids Movement.
President Peters, as chairman of n
committee to wait on Congressman A
J Montague, reported n most favorable
conference with the Representative of
this district, and introduced the former
Governor.
you have effected an extraordinary
. organization" said Mr., Montague You
= have tapped the sources Of influence NV
services are unreservedly at the COM
mand of this committee in securing the
success of this movement, as believe
Richmond is the logical and proper
place.
Il advise an early preliminary con-
ference with the Secretary OF the
Treasury and Secretary OF Agriculture
to lot them have Richmond in mind.
Mems minds are like blotting paper
H they will absorb while the-InI< is fresh,
but after it has had time to dry, the
biotter does not take the Ink readily.
4 We want Richmond included = In the
& first tentative list, and will present
tho figures and fhcts to show that 1T
should remain I'm the final list.
Praises Secretnry Houston.
In this you must not overlook the
Secretary of Agriculture, Mr. Houston,
stwho Il may say without rejecting on
any one, is n man of mentality equal
TO that. OF any man IN Mr.. Wilson's
Cabinet. 1t is advisable to have this
organization committee stop here and
see Richmond. Mr.. McAdoo has been
< here but i do not recall whether Mr.
z Houston has In recent years. We may
also have a Comptroller of the Cur
4 srency by the time the organization COM
mfttce goes on its trip. The sooner
you make your impression the better.
don't know what kind of fight Bal
3 sttmore will make for this bank. but on
< the Atlantic seaboard the trend of
finance and commerce is ,northward.
!. Il do not see what territory, Baltimore
K could drew from, rs every bit north OF
Il Will want to be AFFILIATED with New
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