The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1914-01-02
Has Suggestions to Give
Committee at Confer
ence To-Day.
SEEK HELP FROM
CARTER GLASS
Virginians and Carolinians Urged
to Stand Together for Great
Step in Advancement of
Commercial and Business
Conditions--May Open
Washington Office.

Enthusiastic co operation in the plan
60 have ono OF the regional reserve
banks TO DO established under the new
4 currency Law, located In Richmond. was
promised yesterday by Congressman
Andrew Jackson Montague. AL u Joint
meeting OF committees representing
bankers and commercial organizations
on Wednesday,. comrnittee headed
by President II. Leo Peters. OF the
Common Council. was appointed TO get
in touch with Congressman Montague.
. Mr.. Peters saw Mr.. Montague yester
day. and received assurances OF the
@arInest support.
He seemed to me 10 bc very much
aroused over the far-renchng import
ance OF this movement for Richmond"
Baid Mr.. Peters II will call n meeting
of nay committee for noon Friday. at
the Business Mems Club. TO meet MIR.
e Montague and discuss the matter He
has several practical suggestions TO
make. that VIII greatly aid Richmond
In this fight. am certain from my
talk with him that he is as much en-
thused any one over the prospect
of securing one of these banks for
Richmond, and that ne will do every
thing in his power to bring 1t about"
VIII Meet This Afternoon.
The general committee will meet this
afternoon ut 5:30 o'clock at the Bust
ness Mems Club to further perfect
plans for campaign to show the ad-
Saptnges Richmond mas 10 ofIcr In the
matter OF lccation, train service. bank
ing capital and natural trend OF trade.
IL Is expected that a committee will
be appointed TO go to Washington to-
morrow and secure the interest OF John
: SlSeltcn Williams, Assistant Secretary
OF the Treasury, and former prcsi-
dent of u Richmond bank. Persistent
report in Washington has coupled the
name OF Mr.. Williams with the position
OF Comptroller of the Currency. The
currency law. makes the Comptroller OF
the Currency an oiiicio member Of
the governing board Of lhe Federal
reserve banks, and also makes him n
member, with the Secretary of the
Treasury and the Secretary OF Agri-
culture, of the organization committee
which will select the initial locations,
subject to confirmation, and will at
tend TO other details OF putting the
new law into effect.
Can Provide the Capital.
The new law provides, among other
things, that the capital OF the regional
reserye banks is TO be made up of
subscriptions on the part of member
& banks, OF 10 per cent OF their own CAPT
tai stock. IT has been announced that
III making out the regions. or dis
trtcts to he served by each bank IL is
Tho idea of the organization committee
that each should have y capital Of not
less, than S4.000.000. That amount, 1t
is stated. can be readily. subscribed by
the national and State banlSs of Vir-
ginia and the Carolinas expecting to
come under the provisions OF the new
s law. while unless the natural currents
of trade are reversed. II will be diff
fcu]t to get together sufficient member
I.n,, ,IKe
ing to Atlanta to put up anything like
that amount Of capital. The same con-
dition would apply TO regional bank
( in Washington. unless Its district were
extended far into tho territory which
would naturally do business with New
York.
Writes to Congressmen.
Secretary G. =. Walford. Jr of the
Business Mems Club wrote yesterday
8 on the part of that institution to the
ten congressman and two Senator's
from Virginia. putting them on notice
: that Richmond is in the fight to secure
one of the twelve regional banks, and
Informing them that Richmond con-
siders it's claim fully justified by the
facts and figures presented, and that il
counts on their support. Many OF the
committees appointed are actively at
work, and will have progress to report
at the genera! meeting this afternoon.
Some we're handicapped by the fact
that yesterday was q holiday, but not
swithstanding, that hundreds Of let
s ters went out last night to influential
people in three States enlisting their
Is cooperation. A conference will be
held at the Chamber of Commerce this
morning In regard to securing the as
sistance of commercial bodies in the
three States. An important meeting OF
3 the Clearing House Association is also
called for to-day the results of which
meeting will be reported to the general
h.Conlni this afternOOD
May Open washington Headquarters.
.E One matter to be taken UP by the
y general committee this afternoon is the
suggestion of Captain John I.andstreet
that headquarters be opened at once
a committee of Richmond business mc1.
Kept constantly there TO furnish all
Information needed on the subject OBJ
jection has been made that this
ssmacks somewhat OF political methods, |
and ihe organization committee has
made 1T plain that II desires to locate |
the regional banks where they will |
serve best the. interests OF the whole
country, regardless of politics. Cap
tain Landstreet insists that he has no |
Sdesiresto make this a political bureau
or to bring undue pressure on mem
aters OF the organization committee |
political or otherwise. 1t is proper. i
however, no contends, that Richmond
put tho whole country on notice that |
tits lin this fight to stay--that IL has
the Sfacts and figures to- back Its claim |
that it Is tho proper location, and that |
these facts and figures should DC al
ways avnilnble,g i'll the hands of live |
g,pen from Richmond who will not
hesitate to let;then be known when
Continued On Second Page =