Evening star. [volume] (Washington, D.C.) 1854-1972, 1914-01-16
QUAKER CITY ASKS
FOR RESERVE BANK
Philadelphia Financiers Cite
Value of Institution in Their
Metropolis.
PITTSBURGH'S CLAIMS
ALSO ARE CONSIDERED
Nearly 1890 Concerns Over United
States Apply to Enter New
System.

fhllauelphia; and Pittsburgh bankers
appeared before the federal bank or
ganfzation committee here today to
urge the claims of their cities for re-
gional reserve banks. L. l.. Rue. chair
man of the Philadelphia Clearing
House. was selected to speak first for
Philadelphia Cleveland bankers who
will appear before the committee next
week were present today following the
arguments presented for other cities
The Philadelphia delegation came out
strongly against a great bank III New
York. Mr.. Rue agreed with Secretary
McAdoo's suggestion that foreigner
would not look to the strength OF the
New York bank so much as to the
healthy condition OF the entire sys-
TEN.
Answers South's Argument.
Mr.. Rue replied to the argument of the
Richmond delegation that 4 district
should be carved out of the states south
of the Potomac, because directors of re-
serve bank from northern states would
not understand the granting OF credits
on cotton. tobacco and peanuts He de-
clared that the branch banks would take
care OF the granting of credits and that
the headquarters should be located where
its management would come in the closest
touch with commerce.
Charles II. Harding. Joseph Wayne,
Joseph Moore. jr., and J. r. McAllister
also appeared on behalf of Philadel-
ph1a business men and bankers. Gov,
Charles X. Miller of Delaware also adj
vocated the selection of Philadelphia.
Appear for Pittsburgh.
Appearing for Pittsburgh were Charles
Mcknight president of the Pittsburgh
clearing house; William ii. Stevenson.
president of the Pittsburgh Chamber OF
Commerce. and Representative James
F. Burke.
Mr.. Pue urged the selection OF Phiia-
delphia for a district to consist of south
ern New Jersey, Pennsylvania. Della
ware and eastern Maryland He sug-
gested that all Maryland. Virginia. North
Carolina and West Virginia might b.
added. In addition to Philadelphia lac
urged the selection of nine other reserve
oank cities-Boston. New York, Chicago.
Atlanta New Orleans, Minneapolis, St
Louis, Denver and San Francisco.
Mr.. Rue declared state banks in his
region would not join the system II
headquarters were in Washington, be-
cause the trend of business was not
toward Washington. For the same rea-
son he objected to Pittsburgh and Bal
tinore.
Mayor Baker of Cleveland was with
the delegation from that city.
B. H. Minch, on behalf of southern
New Jersey banks. asked for the selcc-
ton of Philadelphia. So did Montgomery
Evans of Morristown, y. j.; H. s. White
men of Clearfield, Pa: J. e. Carter If
Lancaster. Samuel McCracken of Wilkes
Barre and w. II. Painter of Williams
port
Reasons why Charlotte, n. G.. should
H. ,h, rn,- 81, cd.
serve bank in South Atlantic states were
advanced today by a delegation from
Charlotte The district proposed would
consist of Virginia, North Carolina, South
Carolina, Georgia, Florida, eastern Ten
nessee and southern West Virginia. The
delegation urged that Charlotte's central
location made it admirably suited for
reserve bank.
Charles A. Bland. mayor of the city:
W. c. wilkins and II. NJ. Victor were the
speakers.
Nearly $500 banks have made legal ap-
plication for membership in the new fed
eral reserve system. and officials estimat-
ed that today's applications will swell the
number to more than 1000. Yesterday
$40 banks applied.
Bank at Richmond, Va, Urged.
bia be part of the suggested federal bank
icSclNS tiSliICl, Will IhlCliiiiollu. ' d. ts
bank center. was made by George J.
Seay. spokesman for Richmond at the
hearing yesterday before the orsaniza-
ton committee.
Bankers from Virginia, North Carolina,
South Carolina and southern West Nir-
ginia united in the request to locate
reserve bank in Richmond. a delega-
ton of bankers from Wheeling, W. Va.
beaded by w. b. Irvine, asked that
Wheeling be placed in a district with a
reserve bank at Pittsburgh.
Virginia went on record as the first
state to formally request the location of
a reserve bank within her borders.
Through Safe Senator Saunders and
Gov. Mann. the state legislature pre-
scented resolutions asking the committee
to locate a bank at Richmond.
The Richmond bankers and business
men suggested that the district. with
Richmond as headquarters. should con
sist OF Virginia, North Carolina, South
Carolina, Georgia, Florida, southern West
Virginia, eastern Kentucky and eastern
Tennessee.
trict of Columbia might well be added.
R. q. Rhett of Charleston, S. c., speak
ing as chairman of bankers delegation
ern Georgia might be excluded because
of its borrowing needs, from the district
and that Maryland might be added. He
said from 20 to SO per cent of the bank
ers of his state preferred the location OF
the reserve bank at Richmond, as COM
pared with Richmond, and passibly % per
cent preferred Richmond Ia Washing