The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1914-01-16
custom. whose questions followed the

I .
Houston, whose questions followed tn
samc general lines
Both of them asked repeatedly In til
course OF the afternoons testimony I
the financial needs of tho territor,
designated as peculiarly tributary t,
Richmond could not be served as wei
by branch reserve banks located In tn,
important cities OF the States includct
IN the group. ms 1t could BY head
quarters bank located In Richmond.
President G.. NJ. Darlington, OF the
Richmond Chamber of Commerce. pro,
scented 4 brief review OF tho city's
commercial financial growth In the
last decade. Vice President w. T.
Reed OF tho Chamber of Commerce,
followed with presentation of Rich
mond's case from the standpoint OF
the commanding tobacco industry. The
testimony was pursued by President
) c. Mitchell. OF the Medical College
of Virginia. who emphasized Rich
mond's intimate acquaintance with tho
industries and financial needs OF the
tributary territory and her growing
jmportance as the focus OF the districts
commerce.
CIty's Financial Resources.
President - j. Sands. OF the Amer!-
can National Bank. summed up Rich
iuond's financial resources, dwelling
particuiarly upon her already estab-
lishcd position as the most convenient
clearing point for the two Carolinas
and the eastern portions of West Nir-
tinia and Tennessee.
North Cardinals preference for
Richmond was presented In unqunli-
tod terms by President George y.
tenderness, %! the North Carolina
Bankers Association: ]. Elwocd Cox
of High Point. president of the Com
mcrciai National Bank OF that city;
Colonel John T. Burton, of Wilson;
Joseph 6. Brown president Of the Citi-
IONS National Bank, Raleigh, and ~.
y. cooper OF Henderson.
For the Clearing House Association
and Chamber OF Commerce, OF Green
VILE :. -, appeared former Governor
NJ. +. Anscl. who presented formal
resolutions from both bodies. declaring
Richmond 10 be the logical location
for a reserve bank to serve that sec
ZION Of the State r. @ Rhett, presi-
dent of the Peoples National Bank, Of
Charleston. :. c.. reported that the
lunkers of his city favored u reserve
district which conforms closely to tho
model district mapped out by Rich
mond
While tho bankers Of South Caro-
lima would indorso Columbia as their
irst choice said Mr.. Rhc,t, 50 per cent
OF thcm would prefer Richmond to
Baltimore az the location for the re-
serve city that Is to serve them. Fully
90 per cent OF them, he said would
prefer Richmond to Washington, South
Carolina bankers wero convinced. he
reported, that ii would bo detrimental
10 their best interests TO be cour@od
With a reserve bank situated 10 The
west or south of them.
Tendency Toward Richmond.
George :. Wallace, Of huntington
W Va, said that. while much of his
state comes naturally within the imam
cial influence OF Cincinnati, the trade
uf the southeastern portion OF tho
state is flowing III increasing volume
TO Richmond. Richmond he said, il
she is not already. would in a short
time be the natural clearing point for
his section of the State. and, therefore.
the logical choice for the location Of
q regional reserve bank.
To each speaker Secretaries McAdoo
and Houston submitted practically the
same questions AS far as the drift
OF the Interrogation could be deter
mined, ii appeared to point TO n desire
10 clear UP ii possible the relative ad-
vantaEes OF Baltimore. Washington
and Richmond as tho location for
reserve bank TO serve that portion OF
The South Atlantic scaboard included
between the Potomac River and the
Gulf. There was no in,imation that
the bank VIII go 10 one OF the three
cities named. but no other cities were
named as possible rivals.
The two committeeman took pains
10 assure themselves OF the desire OF
Virginia and the two Carolinas to be
included together IN any reserve dis
lrict that may be formed On this
Ioint the speakers were as QUO There
was unanimous sentiment also
"sainsl being made tributary TO q re-
servo city located IN the South
ITO connect US with a city 10 the
south OF us said Colonel 8ru,on, Of
wilson, would be 70 do violence 10
our established currents OF trade--it