Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1914-05-19
DIRECTORS SOUGHT
FOR FEDERAL BANK
Next Step Following organiza-
ton of District Institution
at Philadelphia.

PHILADELPHIA, May 19.-Oficia
organization of the Philadelphia Fed
eral Reserve Bank took place yester-
day. Its certificate of organization
was forwarded to the Washington
authorities by Joseph Moore, jr., as
president of the Philadelphia Clear
ing House Association.
When President Wilson appoints
the federal reserve board 1t will call
for payments by the 757 banks in dis
trict No. 3 on their respective sub
scriptions to stock of the new bank
1t will start with about sfS,0O0,O00
capital subscribed and twice that
much in deposits.
The organization certificate of the
new bank was signed as follows:
Philadelphia National Bank by L.
L. Rue, president, and H. j. Keser,
cashier
Bank of North America by H. G.
Kitchener, president, and s. D. Jor-
dan, cashier.
First National Bank of Jersey City,
George T, Smith, president. and e. 1.
Edwards, cashier.
Essex County National Bank of
Newark by Charles L. Farrell, presi-
dent, and A. F. r. Martin, cashier.
Union National Bank of Whining
ton by John H. Dandy, president, and
J. Chester Gibson, cashier.
Not a little difficulty is being ex-
perienced in arranging the six out of
nine directorships for the Philadel-
phia Federal Reserve Bank which
will be filled by the member banks.
OF these six, three must be men
actively engaged in commerce, agri-
culture or some other industrial pur-
suit None of these three can be
an officer, director, employe or stock
holder in any bank.
These conditions are making it diff
ficult to get substantial men of af-
fairs to serve For one place Phila-
delphia has recommended Alba B.
johnson, and he will act, feeling it a
public duty But to do so he will
have to leave the boards of the
Fourth Street National Bank, Phila-
delphia National Bank and Pennsyl-
vania Company fer assurances on
Lives and Granting Annuities.
L. L. Rue, E. F. Shanbacker and
Joseph Wayne, jr., are the Philadel-
phia members of a committee which
is working for selection of good men
for the six places in the board to be
filled by the 757 banks There seems
to be common agreement upon
Charles j. Rhodes for one of the
three banker directors and president
of the new bank.
ATLANTA, May 19.-Represen-
tatives of the four banks late yester-
day signed the certificate of incor-
poration for the Federal Reserve
Bank of Atlanta, which will be q
fotf1 4
the United States. The action <as
the first step toward the establish
ment of the local institution.
The First National Bank of Mont
gomery, Ala; the Hibernian National
Bank of New Orleans; the First
National Bank of Jackson, Miss, and
the First National Bank of Chat
tanooga, Tenn, were represented in
the organization meeting.
RICHMOND, May 19.-Delegates
representing a majority of the 476
member banks Of the fifth federal re-
serve district voted late yesterday
to. recommend for election as di-
tectors of the Richmond reserve bank
the following:
Gronp l, Glass A-Waldo New
conner, president; National Exchange
Bank of Baltimore.
Group 1, Glass B-George j. Seay,
business man of Richmond.
Group 2, Glass A-.Col. John F.
Bruton, president; First National
Bank of Wilson, N. C.
Group 2, Glass BID. R. Cocker, mer-
chant and farmer, of Hartsville S.
c.
Group 8, Glass A-Edwin Mann
president; First National Bank of
Bluefield, West Va.
Group 5, Glass B-James F. OYSTER,
wholesale produce dealer, of Wash
tngton, D. G.