The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1914-05-27
WILL ORGANIZE
IN THREE WEEKS
Preliminary Details for Federal
Reserve Bank Are Being
Rapidly Arranged.
WILL NEED MANY CLERKS
Some Speculation as to Banking
House to Be Selected for
Regional Institution.
WILL NEED MANY CLERKS


Within less than three weeks. be-
licvcs George G. Gregory. secretary OF
the local reserve bank committee. the
machinery Of the Richmond reserve
hank will he complete. and the way
will he clear for the immediate busi-
ness Of finding n home for the ins'i
tuition and organizing its corps "t
clerks and officers. The statement Is
Daged on III. best information obtain
able from Washington. and is be
lieved to bc accurate.
The Immediate organization func-
tions OF tho member banks We're com
plctcd on May Is. when Il convention
of delegates from the iIG banks OF the
lifth Reserve District nominated siN
directors for election TO tho board OF
nine members, which will direct the
i.ichinond reserve bank ON tho same
duy i've banks designated by the or
ganization cominlttec executed - Ger
tincate or organization, which wac ilcd
with the Comptroller Of the Currency.
The filing Of the certificate gave the
Islchmond institution official corporate
existence.
WILL. ISSUE FORMS
FOR OFFICIAL BALLOT
Preliminary blanks Will be sent OUT
ly the organization committee TINS
week TO all the member banks OF the
rifth Reserve District. On these
blanks the banks will report the names
az the men chosen by them as
district reserve electors and their nomi-
nccs for directors OF Class \ and Glass
II: When the preliminary bianla have
.n been received. the organization
committee will prepare preferential
ballots One form Will bc sent 10 ALI
banks in Group J.. another form IL the
banks in Group H.. and sull another
form TO all the bunks in Group ~.
In each case the form VIII i5ive
nf all tl, banks In the group, the
names Of their electors, Aad the names
Of the men they have nominated Tor
the'two directors To be elected by them
rs Il group The ballots w!n be voted
by the electors, who VIII Indicate their
selections for first, second and third
choice, In order that a deadlock naH
be avoided. The two men receiving -
majority Of the votes OF tho electors
Ia each group viii he declared. re
spcctively, the Class y and Class -
directors OF that proup. Each OF tho
three groups viii thus elect one Class
\ and one Class Il director, making the
necessary sis.
Tie ballotinr just indicated will take
about two weeks. The direction ami
supervision OF this work will com
pietc the labots Of the organization
committees 3y or before that time tho
Federal Reserve Board should lac in
office. and IT. first duty VIII be 10 APP
point the three Class = directors, thus
completing the board OF nine members
required by The Federal reserve act.
NEARLY READY Now
TO HEGIN BUSINESS
As soon ~ the complete board ~
directors for tho Richmond reserve
hank has been chosen. that body will
proceed at once 10 elect the president
OF the Fifth Distric, Federal Reserve
TANK. engage . clerical force. and ilnd
quarters for the Institution. liz the
Will make the irst call for the pay
nent OF subscriptions 10 the stock Of
hc reserve bank. aud thc money Will
bc provided with which the bank will
begin business.
In local banking circles there is much
speculation concerning the personnel
Of the clerical force which the reserve
bank VIII employ. II is believed that
the institution Will begin business with
staff OF between nifty and 100 men.
and that Il number Of the men will be
drafted from local banks. Several ar
plications for positions in tho bank
have been received by officers of tn.
local reserve bank committee.
y number OF possible locations for
the ncw bank are available. 1t is be-
l'cved that the board OF directors VIII
prefer a location convenient to the
post office, since much OF the banks
business vii! he done through the
medium of the mails. \ vacant banl,
building within "a block of the post
office has been suggested as a possible
choice More than :: dozen buildings
on Main Street, between Fifth and
Twelfth Streets, are regarded as suit
able.
DIGEST OF CONVENTION
SENT no MEMBER hanks
The local reserve bank committee
has mailed to every member bank in
the district u digest of the work and
recommendations OF last weeks con
Vontlon with request that the board
OF directors OF the separate banks If
thcy have not already doEe so, meet as
carly AZ possible to decide upon dig
trict reserve electors and nominees for
the directorshps Most of the banks
1t ia believed, have already complied
with this advice
Tho banks have been asked to yotc
for the directors agreed upon bv the
convention. 1t is regarded as certain
mat the conventions nominees Will be
elected. These are:
Group I.-Class y. Waldo Newcomer.
president National Exchange Bank
Baltimore; Glass Is, George j. Seay.
Richmond.
Group lI.-Class y, Colonel John Il.
Bruton. president, First National Bank
Wilson, N. c.. Glass B, ID. r. Coker
lIartsvillc. S. C.
Group III-Class y. Edwin Mann.
president. First National Bank. blue
Held, w. Va: Glass B. James f.. Oyster.
Washington. ID. c.