The Washington times., 1914-05-16
BANKERS W|LLF|G
FOR RESERVE BERTH
Compromise Is Declared Out OF
the Question-Fear WASH
ington Will Lose Place.

With no apparent possibility Of a COM
promise. representatives of the member
barl:s of the Federal F.eserve Bank OF
Richmond located in this city. Will go
II the conference at Hichmond Monday
morning divided into two distinct
camps and champIoninG two candidates
for membership on the directorate or
the regional bank.
Following the failure of the local
bar kerS to agree at the meeting OF IN"
representatives of the member banks IN
tbs city held yesterday afternoon. sup
pcrters of both Cuno II. Rudolph and
Ticker X. Sands. the two men placed
in nomination for Endorsement by the
loo al institutions, declared this mornlnS
that they not only would not consider
con- Lromise but would 20 to Richmond
ami fight for their respective choices
Rival Claims Offered.
Tt the meeting yesterday both Mr..
Rudolph and Mr. Sands were nominated
70 rthe tentative Endorsement. which is
the extent 10 which member bank repre-
sentativeS can go until the electors nave
been chosen by the directorates of the
individual banks.
Mr.. Rudolphs friends contend that as
merchant in this city. later as Dis
trict Commissioner, and at present as
president of one of the large local banks
ne is well known through the Fifth
reserve bank district and, IL selected,
would go upon the board as Wash
ingtonian.
MIR. Sands supporters. on the other
hand, assert that none but a man who
enjoys personal acquaintanceShip
throughout the territory of the South
can hope to be elected director, OF
the regional bank. Mr. Sands. they
port out, was for years a banker in
Richmond. serving in an official CapaC-
ity with the First National Bank OF
that city. the National Bank Of Eir-
ginrd and the Bank of Richmond. Later
he was in the banking business in New
York for two years, coming to Wash
ington in 1911.
Washington May Lose.
At a recent meeting Of the Washing
ton Clearing House Association Mr..
Rudolph's name was put before that
body, and the announcement was made
that he would receive the support of
the banks holding membership in the
association. Yesterday. however, friends
of Mr. sands sent Out letter to all
The banks in the first group in the
Fifth reserve district soliciting .oteS
in his behalf.
This action incemsed Mr. Rudolph's
friends, with the result that at the
meeting yesterday personalities ar. said
to have been INDUCED IN and the meet
ing adjourned without acton being
taken ana WIN no Qdle LOT luTttltT
meeting set.
1t was thought that the Washington
ians would meet in Richmond early
Monday morning before the convcninS
OF the general conference and Cndedvor
to settle their differences and possibly
indorse a dark horse" This morning.
however. il was said that neither side
would consider Il compromise. but put
forth their respective candidates. The
result, bankers not pledged particu-
iarly 10 either candidate say. will be
that Washington will not succeed in
procuring a member of the director
ate of the reserve bank.
Trading on the Washington Stock En-
change today was fairly acti:c Tut de-
void OF feature. The demand for Wash
inGton Railway rnd Electric preferred
stock continued good, with the price
slightly easier than that which pre-
vailed yesterday. Sixty-six shares sold
at So. the high price of yesterday, after
which go shares were disposed OF at
prices which scaled down fraCtiOnallv 20
81. The bid price was then lowered TO
SSn. and the asking price to $j. One
broker came on the floor for 100 shares
at S3. but found no offerings.
Continental Trust Company made
sharp advance. The last sale WAS
made at 117lH. When the call was made
today. however. 10 shares sold AT -.
ana the hld price was raised to 10
Washington Gas Stock struck the
lowest level since 1911. only five shares
were traded in. bringing -. Capital
Traction was inactive. The - shares
sold brought 80. the price commanded
at the last sale of yesterday. The
bid price however. was lowered :, of
point to 9s. The bond sales consisted
OF one sl.O1D Capital Traction ) at lo1I4:
Washington Railway and Electric
s. 600 at 81. and $40 AT &'9i. and
500 worth Of Washington, Alexandria
and Mount Vernon 5S at s..