The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1914-05-12
ROANOKE BANK NAMED
TO REPRESENT VIRGINIA
First National Designated One of Five
Which VIII Execute Organization
Certificate for Fifth District.
70 COMPLETE INCORPORATION
Every Effort Being Made to End That
Federal Reserve Bank, May Be I'm
Operation by August 1.
Especial to The Times-DIspatch.l ]

Washington, May 1.-THE Treasury
list of banks designated to execute the
organization certificate OF the several
Federal reserves. banks as required oy
the Federal reserve act.
The execution of this certificate Will
practically complete the incorporation
Of each Federal reserve bank, and
when filed with the Comptroller of the
Currency the election OF directors may
be Immediately proceeded with. The
board Of each bank Will consist of nine
directors. six of these are elected by
ballot by the subscribing banks and
three are appointed by the Federal Ro-
serve Board. When this board has
been organized. the Comptroller OF the
Currency will issue his certificate or
charter, authorizing the Federal re-
serve banks to begin business.
In order 10 expedite the inception
and organization of the several Fed
cral reserve banks. The secretary of
the committee has telcgraphed each
bank designated, asking that a SPECIAL
meeting be called At once for the pur
pose OF passing a resolution authoriz-
ing It's officers to execute the organlZa
zion certificate. Arrangements have
been nnde with each of the designated
banks to have its representative meet
in tho office OF the president OF the
clearing house association of each Fed
eral reserve city as soon as the reao-
luton mailed to each bank has been
passed by its board OF directors.
CERTIFICATE PREPARED
FOR EACH RESERVE BANK
In the meantime, the certificate OF
organization has been prepared by tho
committee for each Federal reserve
bank, and Will be mailed at once to
the president Of the Clearing House As
Sn.i1tin m 'oIa
10 be held by him until the represent
tativcs OF the designated banks can be
convened
in the districts In the East and Mid
Ole West the certificates probably Will
be executed and returned to the COM
mittec To be fled with tho comptroller
by May l6 or Il. and the Western dis
trict should be received soon after
At tho end OF the month it is hoped
that the committee Will receive the
nomination of class a and class T. lii
rcctors, and the names OF the district
reserve electors elected by the sub
scribing banks, so that tho vote may
he taken early in June Forms for
use in reporting election OF directors,
reserve electors and the nomination of
candidates VIII be mailed to the several
banks as soon as the organization GER
tihcatcs have been received ana fled
Every effort Is being made by the com
'i'iticc 10 cNpculte tnlS election, that
ihe board of directors OF each Fede raj
reserve bank may bo organized In am
ple time to elect officers, select en-
pioyes and banking quarters to place
the banks In actual operation by Au-
gust l.
III accordance with section OF the
l. ederal reserve act the reserve bank
organization committee has designated
the following banks to execute tho
organization certificate OF tho several
DISTRICT NO. 1.
Federal Reserve Rank of Boston.
Connecticut--First Bridgeport Ma
tiona! Bank, Bridgeport. Conn.
Malne--Casco National Bank, Port
land.
Massachusetts - National Shawmut
New Hampshire--First National
Bank, Concord.
Rhode Island--National Bank of
Commerce, Providence, r. l.
DISTRICT NO. q
New York-Irving National Bank.
National Park Bank. New York; Ma
tional Commercial Bank. Albany; Ma
rine National Bank. Buffalo: First Nn-
tional Bank, Syracuse
DISTRICT NO. ..
Federal Reserve BRnk of Philadelphia.
Delawarc--Union National Bank,
Wilmington.
New Jersey-,I'irst National Bank.