The Washington times., 1914-01-10
HEARINGS ON BANK
HERE NEXT MONDAY
Clearing House Committee
Making Effort to Obtain
Support of Commissions.

Interest in the new currency law
will shift from Boston to Washington
Monday when Secretaries McAdoo and
Houston, comprising the organization
committee, will begin hearings here
looking to the establishment Cf a Fed
eral reserve bank in this District.
The special committee of the Wash
ington Clearing House, having in
charge the preparation of Washington's $
arguments for selection as a regional
before the two Federal secretaries
Tuesday, but this date has not yet been
definitely determined, according to y
G. Ciapham, chairman OF the commit
tee The Washington hearings are
scheduled for January y to l6. Mr..
Clapham said this afternoon that the
committee is still waiting on the de-
partment for advice as to the exact
time for appearing before the organiZa-
tion committee.
The Commissioners of the District Of
Columbia this afternoon decided to lend
their active support to the effort to
have Washington named as one of the
cities for regional reserve bank.
The action was determined upon at an
informal meeting of the board, which
followed visit to Commissioner Oliver
P. Newson of a delegation of bankers
representing all banking interests in the
city of Washington. 1t included the fol-
lowing bank presidents: \. G.: Clap
ham, of the Commercial National Bank;
Jonn Pool, Of theN Federal National;
George White, of the National Metro
politan; W. T. Galliher, of tbs American
National, and B. T. Saul, of the Home
Savings Bank; H. H. Mckee, cashier
Of the National Capital Bank, was also
present.
Initiative in the movement was taken
by the Clearing House Association,
which represents all of the national
banks of the city. but they were au-
thoriZed TO speak also for the Bankers
Association. which embraces all of the
banks. trust companies, and savings in
stitutions in Washington. They stated
that the Board of Trade. the Chamber
Of Commerce. and the Retail Merchants
Association Joined with them in the
appeal for the assistance of the Com
misSioners.
Following the meeting of the board
the following statement was issued from
Commissioner Newman's office:
In response TO request from the
Washington Clearing House Association
the Commissioners have decided TO join
in the effort to bring about the estab-
HShment of a United States regional
reserve bank in the District of COlum-
bla. The Commissioners were informed
by comm ttee of the Clearing House
Association today that not only that
body, but also the Bankers Association
of the city, embracing all the banks and
trust companies in Washington, and the
three trade organizations, the Chamber
of Commerce, the Board of Trade and
the Retail Merchants Association, have
Joined in the effort to get a regional
reserve bank for the National Capital.
In view of this fact, and in view of
the further fact that the Commissioners
We're impressed with the desirability of
Washington as a regional reserve city
as explained by ihe committee from the
Clearing House Association. the Com
missioners are glad to add their efforts
to those of the other interests Of the
city now engaged n the undertaking.
In response to the suggestion OF the
Clearing House Association the Com
missiCners Will be represented b. one
or more of their number in the hear
l.g' to be given Tuesday in the Office
the organization committee acting un-
Ger the authority Of the new currency
law, and will recommend to the com
mittee the establishment of regional
reserve bank in Washington.
A special committee Of the Bankers
Association of the District of Columbia
composed of B. F. Saul, president of
the Home Savings Bank; Charles J. Bell,
president OF the American Security and
Trust Company, and Robert y. Harper,
president OF the District National Bank,
will appear at the hearings before the
organization committee to assist the
Clearing House committee. The new
committee was created at a meeting of
the association held Friday afternoon
at the Willard.
A meeting OF the special committee
OF the Chamber of Commerce Ia assist
the bankers will be held this afternoon.
John JOY Edison. president of the Wash
ington Loan and Trust Copany. Is chair
man Of the committee. The other men,
bers are D. J. Callahan, president of
the chamber, and D. J. Kaufman.
The executive committee Of the Board
OF Trade has the matter in charge for
that organization.
Washington's arguments are now in
good order for presentation to the Or
ganization committee, and local bankers
are confident that their case will he IA
Vorably considered when the committee
meets next week.