The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1914-04-16
Convincing Claim Has
Proved Selection Was
Logical and Wise.
AUSTIN AND CONAN
SEND TELEGRAMS
After Exhaustive Examination of
Data Submitted, Widely Known
Statisticians Say Richmond
Is Logical Point for Re-
serve Bank of This
District.

Til. designation of Richmond an the
location for a Federal reserve bank
WAS approved yesterday by two OF the
most widely known banking experts
IN this country-Charles a. Conant OF
New York. and @. =. Austin, former
chief OF the United States Bureau OF
Statistics. and now private consult
ing stat!s.iclan OF Washington Each
man has made IA careful anaysis OF the
hsures compiled for tho use Of the or
ganlzation committee in Washington.
Mr. Austin reports as his conclusions:
when compared with the facilities
"nIch any other city u; the area could
oncr. consider the final determination
OF mo area and the selection OF Rich
cal and wise conclusion. and belicv.
~ VIII be so recognized when subjected
10 we test OF business operations un-
der tho new law"
Mr.; Conant reported: "Richmond has
hhn1ninG.ng .h1,' ,, claims under any. reason
Scrvc banks or the south"
Mr' CVhaht is ,he author OF Il NUM-
pr pr VI noons on bankine. which are
been called into consultation by several
countries In connection with CURRENCY
Iesislat!on. and has devised and in,
stated new financial systems for SOW
.r4i OF the south American republics
rs a consulting expert on banking b..
stands az The very top OF the proies-
sought I:Apcrt Advice
,..nr, ~ ,ht i oeiE'nnlmr OF The nght for
tlNe committee headed bv oliver T.
Sands, retained Mr.. Couunt, regarded bv
thc committee as one Of the leading eN-
perts In banking ana currency matters
IN ne world. to come here nnd ad-
Nisc the committee as 10 whether he
thought Richmond WAS properly located
ana whether the committee was justi-
ned In making an effort TO secure one
Of me bank I, was fell that. HE
pensive ono. requiring much time and
EFFORT on the part OF busy men. Be-
,orG under,aking IT these men wished
10 kno" from one familiar with ,f.
ncw currency law In its every phase.
and with the nndcrlNins principles oS
banking. whether they were justified
In making such ;,n effort. Mr. conamt
spent several days in Richmond study
ini the proposition. and finally made
committee In tho matter OF compla-
tion of data.
Asked for CIenr Cut Opinion.
n view OF tho protest that has been
raised In some quarters al tho action
OF the organzation committee in desig
mating Richmond. and the cfori thut
is being made in tn" United states
senate TO have the question Tcopemvi !.
i;,sn haisman ,,. Ssnds. OF thS sM@suitye co,n
yesterday to Mr. Conant at his New
York Office:
tatlon TO come 10 Rich.nond aud advise
with us as TO the matter of having tho
organization committee select this city
as the location for one OF the reserve
banks.
After looking over the field exam
ing the data. etc. YOU concluded thar
.,nd you wrote an arg euncht IN supFcr'
az your views. Now that some OF the
disappointed cities are making claims
az undue political influence and favorit
Ism, strong statement from an un
biased. disintercstcd expert VIII be OF
interest and value. VIII YOU please let
ha u n
Neniencc?'
Had Convincing Claims.
Tho following reply was received
from Mr. Conant:
Oliver ]. Sands. president.
American National Eank. Richmond:
Richmond. in my opinion. presented
strong and convincing case in favor
OF location fov reserve bank under
the new banking law. she showed ade-
quatc capital and accessible tributary
territory for reserve district. rapid
growth in resources in recent years,
indicating further growth in the future.
lccatiou much more convenient to
nearly all southern points than amy city
north of the Potoamc. facilities Tor
communication by water and railway
within few hours and without risk OF
interruption By accident. . large vol
yme of loans to Southern banks. gen
crt,l support by banks of tributary ter
Iitorv. ana conformity with the re
tliirencnts OF tile law that the districts
should he "apportioncd "ith due re-
gard to. convenient and cnstGln,2;rE
us stated To the organization commit
tee, that the entire territory northeast
OF the Potomac should constitute
district with u strong bank at New
York AS the centre. but Richmond had
convincing claims under any reasonaolc
apportionmcnt as one OF the reserve
(Sigmod) CIIAS. a. CONANT.
Come Here with Open Mind.
NJ. Conants judgment IN pahhinS
and currency matters has been accept,
ed by the government OF III" United
Stutes I'm the establishment OF the
banking systems TO come OF the de-
p.ndencics nf this country. ana he mas
been employed by several foreign GOV
crnments to install banking systems.
The visit Mr.. Conant paid here at the
request of the executive committee OF
tn. local regional bank organization
was the first time ne had eyer been
in Richmond. To the knowledge of
members of the committee he aid not
have q personal acquaintance IN Ken,
that would make him favorable TO
HichmoEd. and any fee or charge he was
to make for his services was not CON
ditioned upon his making favorable
Mr. Sands also tclegraphed yester-
day to o. =. Austin. for fifteen years
chief Of the United States Bureau OF
StaidS Rational GeograpEic Geo. ap society, and a
private and consulting statistical eX-
pert. Mr.. Austin was also retained
tv the executive committee In the
preparation OF the brief for this city.
and has since made most critical
examination of the data submitted by
the various claimants before the or
Like Mr.. Conant. Mr.. Austin had no
)ocnl interest In Richmond, and ap-
preached the subject as distinter-
cssed expert. In fact, some members
that mistake had been made In re-
nt- Mi