Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1914-10-05
LOCAL LRESER BANK
DIRECTORS TO MEET
FOR ORGANIZATION
Will Get Together This
w e ek on Preliminary
Plans-Rhoades May Be
Governor and Rue Counsel.

Richard L. Austin, president Of the
Girard National Bank, who will be the
Federal reserve agent and chairman Of
the board of directors of the Federal
Reserve Bank of Philadelphia, said to-
day that a meeting of the full board for
| organization will be held some day the
latter part of this week. Mr. Austin
said that he had written to the out-of-
town members of the board respecting
the meeting. and as soon as he hears
from them the date on which the meet
ing will be held will be decided.
One of the members of the board viii
be elected Governor and he will have
complete charge of the institution. In
banking circles the name of Charles j.
RheadS, vice president and treasurer
of the Girard Trust Company, is promi-
nently mentioned. The board may also
elect a Philadelphian as advisory counsel
at this meeting. Levi l.. Rue. president
of the Philadelphia National Bank, who
was prominent in the fight which Phila-
delphia put UP for a bank for this city,
is mentioned as the probable choice OF
the directors.
After the board shall have been or
ganized, as many members OF 1t as pos
sibly can will go to Washington for n
conference with the Federal Reserve
Board, when directors from six other
cities which have already been named
VIII probably De pItStlll. IJlSDShNSiNS it-
ceived in banking quarters here Indicate
that the Federal Reserve Board is de-
sirous of having the conference within
two weeks after organization of the
boards. This is taken to indicate that
1t Is the plan of the Government to place
the Federal reserve banks in operation
by November 1 at least, although no
definite date has been decided upon.
TALK OF NEW BANK SITE.
The question of a site for the bank in
this city will also have to be decided by
the directors, but 1t is understood that
this will not be taken up at the first
meeting for definite action, although
there may be some discussion of the
subject.
Several buildings have been mentioned
as the probable home of the bank, among
them the old Western National, located
in Chestnut street above Fourth, and
also the Subtreasury itself. Bankers are
of the opinion that the bank should be
near the Clearing House and the Sub
treasury as virtually all the business
will be done in the eastern business sec
ton, the larger banks being located there.
The question OF a clerical force will also
be taken up by the BOARD put at some
later meeting.
The Federal Reserve Board during last
week conferred with directors then named
for several of the banks, and this week.
it is understood. other meetings will be
held.
During the conferences last week sew
eral suggestions were made by the board
among them being that each bank should
Re carefully subdiyided into departments
Each department will represent definite
allotment of business. Provision should
be made for proper check on the oper-
atoms of member banks.
An accounting system will be fixed by
the Federal Reserve Board, and the same
system will be used in all l2 OF the Fed
eral Reserve Banks. This system has
already been prepared by a committee
of accountants and Is under considera-
ton by the board.
Mr.. Austin has not resigned from the
presidency of the Girard National Bank.
but he said today that he viii do so
before the meeting of the Federal Re
serve Bank directors, as under the law
he must have no other bank affiliations
nor must he own any bank stock.
The directors of the bank are: Glass
A: Charles J. Rhoads, W. H. Peck
Scranton, and NJ. j. Murphy, Scranton
Glass r; Alba r. Johnson. Edwin s
stuart and George W F. Gaunt, of Null
lica Hin, n. J. Glass c: Richard L.
Austin. George W Norris and George
NJ. la Monte, Bound Brook. n. ],