The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1914-10-14
CLEARING HOUSE SECTION
DEBA TIES RESERVE ACT
H. Parker willis, Secretary of
Federal Board, Makes
Address.
WILSON ELECTED PRESIDENT
Methods for Collection OF Checks
Under New Banking Act Are
Fully Discussed-Expect All Banks
Eventually to Enter System.

Eventually to Enter System.
The exercise of the clearing house
Junction by the Federal reserve banks
ard the clearing of exchange items be-
tween the reserve banks themselves,
was discussed In the meetings yester-
day. OF the clearing house section. of
the American Bankers Association. The
clearing house section held morning
and afternoon sessions. For several
months this section has had a commit
tee which has been carefully studying
ond considering the subject, and which
has held meetings in conjunction with
tho Federal reserve board. The plan
which Is under consideration to effect
the clearing of items among the twelve
reserve banks. was read from the ten
tative rules and regulations of the Fed
eral reserve board. by Q. Howard Wolf,
secretary of the section and member
Of the committee.
The plan favored. Is that the clearing
should be done by the Federal reserve
board in Washington. and that each
reserve bank should carry there an
amount OF gold sufficient to cover any
PROBABLE balance against IT 1t was
also suggested, that one of the twelve
reserve banks. probably of Chicago or
st. Louis. because of their central loca-
ton. do tho clearing for the other
eleven banks.
The discussion can run to unlimited
length" said Mr.. Wolf. without Il
determination of the question being
reached" III. Parker Willis. secretary
of the Federal Reserve Board. addressed
the meeting OH the subject. Mr.. Willis
without pretending to voice the senti-
mcnts OF the reserve board members
said IT is subject to which they
had been and were giving much at
tention wi2hout having reached any
definite conclusions. The question Il
regarded as one OF utmost Importance
in. the way of. economic achievement,
according TO Mr.. Willis. In none OF
the plans which preceded the one which
was adopted was there -any proposal
that the clearing items or collection OF
checks be taken GU; % the hands OF
the banks, but in the Glass-Owcn
measure this was provided for, and MIR.
Willis thought that IT would ultimately
result in saving that would more
than onset the loss many bankers be-
lieve Will follow it's establishment.
MUST WATT UNTIL ALL
BANKS COME INTO SYSTEM
In as far as exercising any general
clearing house functions are concerned,
the sentiment appeared to be unani-
nous that, although authorized In the
law, 1t could not he undertaken until
| all of the banks, both State and
Il
is decidedly uncertain just when this
will occur. but the financicrs believe
! that 1t VIII be several years.
! The address of Francis Coates. Jr.,
examiner OF Cleveland Clearing House
| Association and Il former bank exam
incr in Virginia, was "a principal zen
ture OF the morning session Of the
clearinghouse section, which convened
at 10 o'clock in the salon at the JEFF
ferson Hotel, with President james X
Ottley, of Atlanta. Ga, presiding.
Prayer was offered by Rev. Frank II.
F! lIcFaden. D. D.. of the First Presby-
I terrain Church.
| In his annual address, the president
| thanked the officers and members OF
| the section for their cooperation in
the work during the past year aud
| spoke interestingly OF the work of the
organization. J. ID. Ayres, chairman
! Of the executive committee. read the
annual report of that body, and q. How
| ard Wolfe, secretary OF tho organiza-
| ton. submitted his annual report
Credits From the Standpoint OF n
Certified Public Accountant" was the
subject of an interesting address by
| Frederick II. IIurdmnn. of New York
| II was ordered that the address he
| printed and that copies DC placed in
the hands of every member of the or
| ganization.
! y general discussion of the rules
/
| ton of the Federal reserve banks, with
| especial reference made to those rcgu-
| lations affecting clearing houses, fea-
turcd Inc afternoon session, which con-
veIcd in the Palm Room at 2:3O o'clock.
I; OFFICERS ARE ELECTED
! AND DULY INSTALLED
! AT tho call of cities by the secretary,
| delegates responded with brief reports.
| and matters of general interest to the
financial world were discussed. The
| following officers were elected and duly
| installed: President, y. Orville Wilson.
State National Bank, st. Louis; vice
president, j. ID. Ayres, Bank of Pitts
! burg, Pittsburg,. Penn; secretary. o.
! Howard Wolfe, Naussau Street, New
| York City. Members Of the executive
| committee to serve for terms of three
| years each, were elected as follows:
| Chairman, John d. Fulton, New Orleans,
la; G. G. Hutchinson, Kansas City, Mo-;
! j ID. Ayres, Pittsburgh, Penn. Other
members of the executive committee,
arc:
Term expiring 1a15.--Lewis l.. Clarke,
/! president American Exchange National
| Bank, New York City; w. ID. Vincent,
cashier Old National Bank, Spokane,
| Wash.
Term expiring 19lG.--John AIcHugh,
president First. National Bank, Sioux
! City. Iowa: Stoddard Jess. vice. presi-
/ dent First National Bank, Los Angeles,
| California.
Ex-ofiicio.-E. r. Fancher, vice prcsi-
dent Union National Bank. Cleveland.
Ohio, term expiring 1911; Charles a.
| Ruggles, manager Boston Clearing
| House. Boston. Mass, term expiring
1915; Ralph Yam Vechten. vice presi-
dent Continental and Commercial Ma
! tional Bank. Chicago ILL.,, term expiring
! 1916
| Predicts Election M Irrfne
/ d Tntn Ir,rin M nananSrn 4 l. C :, II L. 4 :