The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1914-01-16
No Sentiment for DnItimor..

rs il your opinion that tho banking
business of North Carolina would be
bettcr served by reserve bank in
Richnond than by "A bank located, say
In Baltimore or Washington" asked
Secretary Houston
"Cnquest ionably," replied Colonel
Brutou. II think North Carolina would
resent being coupled with Baltimore"
senator saunders, Of MiddleseX, pre-
sentcd 10 the comlnittec 4 set OF reso-
| !ntons adopted by the General AS
sembly OF Virginia. asking that Rich
! mond be designated as the location for
' ome OF ma ne reserve banks iIe was
appoinicd by the Legislature to con-
NrN its Endorsement.
j. W. Norwood, president OF the
N"IWoo" National Bank, OF Greenville.
:. =, reinforced Governor Ansers
Endorsement Of Richmond. AS between
iuciiinohd. Washington and Baltimore
lac SAD. The bankers in his section OF
me state preferred Richmond among
other reasons because II was one bank.
ing day nearer,
ny previous agreement the detailed
! statement of Richmond's case was left
hearing with thirty-tiv minute nd
dress. lie emphasized Richmonds cx.
ceptional transportation facilities and
US aonirabic position as the gateway
10 the South.
providence, it would appear has
I n.ane iHJhmonu natural location for
! one OF these banks said Mr.. Seay
IF that's So" Interrupted secretary
McAdoo, then We might as well quit
this iiniuiry." ~
Inc auu,ence relished the secretary's
TT in.i anu NJ Seay agreed that while
troNiuSnce has been kInd to Richmond.
! 1t might bo well TO continue the re-
citai OF her further advantages.
La Direct Line WIKI ,renJ.
~ ~ q Iact certainly applicable to
| the Atlantic Coast States said Air
SenN. mat the trend Of business. the
course OF commerciai transactions. and
| the currents OF exchange are north
ward. on. IN other words. from the ON =
!,inc' t@Wafus ihe centres OF finance and
i,hnt,ulac'urc. Virginia, occupying the
! position OF the head .! the Southern
I states, places Richmond In direct line
/ WIN that trend. on tho principal avenue
Z oI travel and tTansportatlon
The railway lines from tho South
J come INTO virginia us into Il funnel
/ Richmond being ut tho ;tprX-the one
t ~ v oi fntiway heine Tn" tuho leading
! 70 Washington and points NORTH She
Is natural convcrging point
! The Federal reserve bank OF RicI,-
mond VIII have the most decided nd =
! v"ntaEc over any point in the South
| Atlantic states in clearing between The
! North and the South, ana no other
."cauoh can Offer such practical ad
: NHnta&cS in economy of time. which
according TO the accented adagc is
/ synonymous with money
one DAYS interest on the annual
and southern banks would mean a
handsome pToht To the government
This one advantage alone is Of such
overwhelming Importance that IL tus-
TILES our statement that Providence
has predetermined the matter OF this
location, ana IL remains for as only t.
show tho handwriting on tho wall All
banks know what tho gain Of a bank
ing day means, and Richmond has tina,
advantage over other points north OF
her Ia dealing with the South ana vice
versa"
} MIR. Seay presented table after tail,
, I" snow lnchmoud'S prc-cninCnco as q
money centre, and its COMMANDING po.
Sit!on as lending city to the tori
tory in the proposed district Her con.
tinuod growth as a banking GENRE
he showed, has not boon duo to arm
) fetal influences Not a reserve eli,
under The national banking law. 81,
5 Is nevertheless Il natural reserve citl
~ reason OF her advantageous sltun-
ton as regards the channels 81 trndc
Hearing Nearly Three Hours Long
The hearing consumed Two hours (, n,
:. fprlY-UNc minutes, and was adjournC,
AT b;l6 o'clock. Secretary McAdoo ex
pressed his thanks to the speakers ia
The Information thai they had brou,.b
10 the committee and promised Ia
the facts brought out during the hear
ing VIII be given careful consldora
tion e
secretary Houston wanted il cleor,
understood that the questions uio,
pounded ny tho committee were In N