Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1914-11-17
RICHMOND BANK FIRST
TO NOTIFY TREASURY
kilograms Of Congratulation Are
Exchanged With Other Mem
bers of New System.
KEEsEE, ASSISTANT CASHIER
Immense Amount OF Money Hitherto
Held in Reserve Released
for Trade.

with 100000 in crisp new Fed
eral reserve notes ready to be handed
out for accredited commercial paper,
tucked away In it's vaults. and moro
than sf,5oo.ooo in paid-in capital and
rcscrves, the Richmond Reserve Bank
at Q. o'clock yesterday morning threw
Its doors open for business. Shortly
after that hour eleven sister banks in
various parts OF the United States
likewise began operations. inaugural
Ing In the country a now financial
order.
The ceremony of opening the Rich
mond bank was simple in the extreme
Governor George J. Seay and Fed
eral Reserve Agent William Ingle
were mt bank headquarters early In
the morning, and with them the banks
official family. On the wall of Srr.
Scay's private office was hung carly
In the day the framed certificate from
the Comptroller OF the Currency au-
thorizinE the Federal Reuerve Bank
OF District No. to begin business.
BASKEItS AND BUSINESS
MEN ATTEND OPENING
Bankers and business men from tho
hnanciai district crowded around the
entrance OF the reserve bank at 100
East Main street. and invaded its long
business chamber for an inspection
OF The much-heralded newcomer in
the city's banking world At o o'clock
tho bank rolled up it's door and win
DOW shades, revealing trim bank in
ierior differing In no material respect
from the typical State or national In
stitution.
Within few minutes aftor tba bo,-
q uniformed messenger hurried In.
WIN a telegram from Secretary of the
Treasury Mc.Adoo. officially declarinv
The Federal reserve bank open. Gov.
cfnor Schy glanced at the message.
;'nu held the yellow slip at arms
length SO that the assembled crou,l
could sec It.
GoNEf,NoR sEAY ANNOUNCES
FORMAL OPENING
The Richmond Federal Reserve
Hank i. open and ready for business"
nc announced. The ceremony was
over. There ensued an exciting ffteen
ininuten. during which the assembled
citizens shook hands with the officers
OF the bank and with each other. IL
was big moment, and one for which
tho whole city had worked. More Wis
Tors poured In. and congratulations on
the opening of the bank, for the time
being, took precedence over business
Immediately upon tho receipt of Mr..
McAdoo's message Informing Mr. Seay
that he had signed the announcement
or the establishment OF the bank, to be
mailed to all the member banks Of tho
district, Mr., Seay telegraphed tho Sec
rotary OF tho Treasury, officially ap-
prisins him OF the opening.
Tho local bank WAS the first 10
notify Mr.. McAdoo that II had opened
1t sustained Its reputation for prompt
ness gained months ago, when 1t led
the other eloven banks and reserve dis
trlcts In appointing Glass and B
directors and effecting a permanent or
Sanization.
srADOO SENDS MESSAGE
OF CONGRATULATIONS
Hard upon the FIRST message from
Mr.. McAdoo came another from him
addressed to Governor George J. Scay
and Federal Reserve Agent William
Ingle. The message read:
please accept my cordial congratu-
lations upon the opening OF the Fed
eral reserve bank OF your district and
my sincere comm endations upon the ef-
fective work you have done In pre-
pairing the bank for business In tho
short timo allowed for the opening.
II am sure that the Federal reserve
banks will serve great and beneficent
purpose In the future OF our country.
md am sure that this department and
tho Federal Reserve Board may count
upon your loyal cooperation In the
important work and duties which have
been con1ded to you. My hearty good
wishes for your success"
Several imposing floral tributes from
member banks In this city. arrayed on
the desks of Governor Scay and Fed
cral Reserve Agent Ingle impaired to
the. occasion festive air. Congratu-
lations and good wishes delivered in
person, over the telephone and by telc
graph continued to now i'm all tho
morning.
MESSAGES EXCHANGED WITH
OTHER RESERVE BANKS
The Federal reserve bank sister
hood exchanged kilograms of felicita
ton Messages hearing congratula-
\yi
during the day by Mr.. Seay and Mr..
lnglc from the governors of the re-
serve banks in the following cities:
.Iumcs b. McDougal. Chicago; Charles
j. Rhoads philadelphia; Il. II. Fancher,
Cleveland; Benjamin Strong. New York;
Theodore Wold, minneapolis; Oscar
Wells. Dallas: Archibald Kains. San
Francisco: Alfred l.. Aiken, Boston,;
Charles NJ. sawyer. Kansas City:
Joseph 4. McCord. Atlanta, and Rolla
Wells. ST. Louis. Each message was
promptly Acknowledged by the officers
of tho local bank. With reciprocal con-
gratulations. e
At 10 o'clock in the morning Chair
man Tngle called u meeting OF the board
i of directors. The board adjourned after
a session of a few minutes without
transactlng business.
In response to tho request OF the
,Itlchmond Reserve Bank. Comptroller
of tho Currency John SHELTON Williams
transferred yesterday to the custody or
Federal Reserve Agent lngle $4,000. 400
In new Federal reserve currency. The
isnoney is entirely in SIS and $40 de-
nominations, and has been stored in
the vaults Of the bank.
3fUURRENCY READY TO BIZ
ISSUED ON REDISCOUNT PAPER
There Is. oferourse, no way for this
currency TO get into circulation until
IS tContinued ON Eighth paGe.)
y & u. = p y H- "a 2.