The Washington times., 1914-04-05
FINANCIAL NEWS

While no official statement has yet
been forthcoming from the Clearing
, House Committee, 1t Is generally under
stood that the individual members Of
! the committee which represented WASH
ington banking and financial interests
in their fight to have one of the
twelve reserve banks located here. will
! lodge no protests against the selections
/ Of the organization committee.
Keenly disappointed, to be sure. were
the Washington financiers when 1t be-
came known that the best the organ
ization committee could do for the
| city would be to place a braAch bank
here. But no disposition to enter a
| large amount Of protest has yet de-
veloped. Neither 10 such thing ike
ly, unless. the local bankers, aiter
watching protests from other cities
that by taking similar steps they may
secure on the banks.
Tho feeling is generally held by
Washington bankers, however, that II
will be useless waste Of energy TO pro
test against the twelve cities aiready
! designated. As stated in The Times
yesterday, only the most optimistic OF
the cities which feel themselves signted
| by the organization committee, can
hope to gain anything by formally pro- pro-
8.
| obtain, at the most, will be posslpIe
change in the boundary lines OF the
reserve districts.
There is no doubt but that a bank
will be established In washington. II
| is almost sure, also, that one WASH
| inston man will be named as director
Of the reserve bank for this district
| which will be located in Richmond.
It is entirely too early now to at
tempt to forecast the possible identity
Of the Washington man who may thus
| be honored. II is pointed out, how
ever. that owing to the extremely high
grade of financiers-men Of experience
means. and ability-which Washington
possesses, II will be but a matter or
| selection, as there are q score or more
suitable for the position.
In the meantime: Washinkton -
peciaIiy those cities which are difsatls-
| fed with the selections or the organiZa-
ton committee, and Is waiting for the
actual creation OF the reserve banks
and the several branches The local.
financial men are preparing to help the
organization committee in every way
possible, and it is hardly probable that
any complaint will be registsNa,, even
though they were disappointed WI en-
the list Of twelve cities did not in
clude the name Of Washington.
Money conditions showed practically
no change during the week. The call
rate continued to be quoted from D
to 6 per cent, but accommodations were
more free than Of late. While at this
time, the supply Of money Is not over
abundant. in a week or so the supply
is expected to increase. and the rates
consequently win come down. This
opinion Is held by number Of Wash
ingtcn bankers.
Plans for the formal opening of the
new Exchange Bank of Washington,
at Twentieth street and Pennsylvania
avenue northwest. which is expected
to be April IA, have been completed.
Officials Of the bank are preparing to
friends and customers of the institu-
ton.
To aid Southern merchants and manu-
facturers to extend their trade with
Central and South American countries
and the West Indies. particularly in
the new fields to be opened when the
Panama canal lie in operation. President
EsaI h. HsEsSs has the AsSaa
Great Southern railway and the
Mobile and Ohio railway have appoint
ed a South American agent to nave
charge Of this work. Charles Lyon
Chandler. who has been South .lmeri-
can commercial expert in the consular
bureau of the State Department, has
been placed In charge OF this work.
tanooga, Tenn.
Formal application of the Franklin
National Bank OF Washington for a
national bank charter has been filed
with the Comptroller Of the Currency,