The Richmond Virginian. (Richmond, Va.) 1910-1920, 1914-05-24
BANK CONFERENCE
REPORT SENT OUT
RICHMOND MEMBER BANKS OF
RESERVE BANK GO
OVER DETAILS,

All Of the Richmond banks which
are members Of the federal reserve
bank fer district No, &, allotted 10
Richmond were represented yesterday
at a meeting held in the directors
room OF the First National bank.
George J Seay, who has taken such
an active interest In securing the re-
serve bank for Richmond. was also
present and the establishment of the
reserve bank here was Interestingly
discussed.
1t was ordered that the report of
the meeting held the first of last
week be printed and a copy sent %
every member hank in the district. A
detailed account Of the meeting held
at ihe jefferson hotel is given in
this report and "a number of sugges-
lions added relative to the election
Of the directors who are 10 govern
the new bank to he established here
In part the report SAYS;
Therefore, It Is now urged upon
All member banks that they III once
hold meetings Of their boards of di
rectors for the purpose nf nomt
mating directors. and at the same time
eleC,ing one Of their own officials as
~ elector who shall vote upon the
nominees for directors, as required
in the act. ga as To be prepared To i'm
mediately forward the names of elec-
tors and nominees when the pre-
sCribed forms are received from the
organization committee. which We
advised will not be later than the
2srd.
in the election OF district reserve
electors by the boards of directors
Of the member banks the federal
reserve act requires that ii shall, he
done by ballot.
Every member bank is required
by the act to elect district reserve
elcctor and permitted To nominate a
director"
The classification of member banks
for district No. S by the organiza-
tiou committee Is as follows
Group No. I. aggregate capital and
surplus Of each member bank. s14o.-
coo or more.
Group No. ?. aggregate capital and
surplus of each member bank less
than $4,000. but more than 500.
coo
Group No. 3. aggregate capital and
surplus of each member bank. $50. 600
or less
The nan~s recommended by the
18th were as follows:
Glass A-Group /, Waldo Newcom-
or Of Baltimore group . Colonel ]
r, Brutop. Of Wilson. n c., group 3,
Edwin Mann. Of Bluefield, w. Va.
Glass B-Group ] George j. Seay,
~ Richmond: group ?, d. r. Cocker,
of Hartsville. s. G. group :, James
r Oyster. Of Washington.
TNhe following state ment marks the
concluding Of the report
1T is clear that there Is no dis
tinction In dignity or responsibility
between the directors Of different
groups All are Of the same honor
and position.
To facilitate and hasten the es-
Enlistment of the federal reserve
banks it is essential that every mem
Der IN any district should act and
act with the utmost promptness in
the nomination of directors and cleo
ton Of electors, The organization
committee has announced that one
bank ready for the opening will not
! be held back by reason of delay in
other districts. and there may we'll be
a spirit of emulation in the endeavor
, to nut the hret bank in operation,
with the further practical advantage
Of giving the district which acts with
the greatest promptness the earliest
use of the credit facilities of the
bank