The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1914-04-03
RIVALS RECOGNIZE
THIS C|TY'S MERITS
Washington Bankers Freely Adj
nit Richmond Is Deserving
of Victory.
SHOWING is REMARKABLE
Campaign of Local Men Far
Superior to That of Closest
Competitors.
rspecialto The Times-Dispatcl..l


Washington, April 2--Richmond is TO
hc the headquarters Of Federal Re-
gional Reserve District No. .. its terri
Tory including Virginia North Carolina,
South Carolina. Maryland. District OF
Columbia and all of West Virginia. eH-
ccpt the Counties of Marshall, OHIO,
Brooke, ana Hancock.
This district contains 40 national
banks, which have accepted the provi-
sions of the Federal reserve act. The
capital stock OF the reserve bank of
Richmond, on the basis OF per cent
of the total capital stock and surplus
OF tho asserting national banks In the
districts. will amount to SG,303,S6S; and
81 there he added per cent of the cap
ital stock and surplus Of the State
banks and trust companies, which have
applied for membership UP TO April l.
1914. the total capital stock VIII be
tG,543,2S1.
Wins Great Victory.
In securing the location OF one OF
the reserve banks. Richmond gained a
,;rcnt victory over Baltimore and Wash
:ngton. each of which made a good
Hght for the reserve bank. But the
dcciaion OF the organization commit
tee IS not surprising. after takint; into
account the great showing made by
the Richmond committee that planned
and carried on the campaign. and Sc
cured the aid of almost every bank In
Virginia, West Virginia and the Caro-
iinas.
There Is no comparison between the
arguments, figures. statistics and in
dorscmentH presented by Washington
and Baltimore with those of Richmond.
When Richmond was given hearing
before the organization committee. the
Richmond delegation stormed the Urea
sury Department over 900 strong, while
the delegation from Baltimore num-
bcrcd only dozen. and that OF Wash
uYton right here on the ground did
not run above twenty.
WASHINGTON bankers, while. of course,
greatly disappointed over not occur
Ing bank freely admit that Rich
inond made a great campaign, and was
deserving of a victory
The committee did not suggest
where the branches OF the Federal re-
serve banks viii be located 1t sets
forth In It's statement that the law
specifically provides that each Federal
reserve bank shall establish branch re-
serve banks within the Federal reserve
district in which 1t Is located"
All the material collected by the
committee VIII be placed at the dig
posal of the Federal reserve banks
and III. Federal Reserve Board when
they are organized and ready TO con-
slider the establishment OF branch
banks.
Congratulations for GInsH.
Representative Carter Glass received
over lvO te!cErams OF congratulations
and thanks during the evening for his
efforts in behalf Of Richmond Comp
troiier o! the Currency John Shelton
Williams also called him on the tele
phone TO congratulate him on Rich
mond's victory
Among the kilograms received was
the following from John X. Branch,
chairman of the Richmond committee
which was organized TO make the cam
paign.
Honorable Carter Glass:
we wish to acknowledge TO you
our debt OF gratitude for the great
work you have done in creating the
currency blu and for your assistance in
bringing the reserve bank TO Rich
mond." G II NJ