The Richmond Virginian. (Richmond, Va.) 1910-1920, 1914-11-17
Fifth District Federal Reserve
Bank Is First to Notify Sec
rotary MAdoo
To Observe Usual
Hours of Banking
Doors Open From ....e O'clock
in Morning Til wo O'clock.
Member Banks Of District
Work Rapidly

Business was done yesterday. and
considerable business al that Tor the
first day. by the Federal Reserve Bank
of the Fifth Reserve District. more
than a halt~miiilon dollars having been
Two million dollars la the new Reserve
Bank notes we're also received from
She Treasury Department Governor
George J Seay. Reserve Agent VIII
liam fnglc, chairman of the board Of
directors and Others associated with
the Operation OF the bank we're busy
throughout the day Reu into the night
Mich work has Been going on for
seyavai VI eehs In the of''ce OF tbs got
eruor and the reserve agent ia the
Mutual Building, ard II WILL continue
f3r about a week in tina new horne
Of THE Reserve Bank. which began
actual operations yesterday After the
frat rush CT business Is over, and the
operations have ssttled down into the
ua +u~e ef routine. the bank operatives
will work much AZ those tn other
banks do. going 70 Their work At
O'Clock IN the morning and continuing
on the Job until .he days work Is
done.
tsuaf Banking ueurs.
Banking hours observed will be from
A. NJ To r. NJ The working at
night during the last few weeks 10
what made the Richmond Reserve Bank
ready fos business yesterday. II con-
sribused TO the distinction that comes
10 Richmond hteh has been hrst in
every stage ~ the development OF the
system that has just gone into opera
tlorr---ef being the nrst OF the twelve
Regional Banks to notify Secretary OF
n. Treasurer MeAdoo that Il was open
fcs business.
This notice was sent to Secretary
McASoo yesterday morning Immediately
after Gov srnar S~ay and Chairman
Ingi. threw open the doors ~ l1es
-r-.rxt Main Street at o'clock. and in u
few minutes there came from Secretary
IcAdoo a eongratulatorY telegram.
Later during the day Chairman Ingie
acknowledged the receipt OF s2,eee.oeV
~ 1esorve Bank rotes. which came 70
Richmond from the Treasury Depart
Merit. at Washington.
There followed during the day an
exchange of greetings by the twelve
Reserve Banks, and scores of kilograms
came hourly from member banks in the
With the Richmond. District. The
Richmond banking tnterests. presidents,
directors. cashiers and other offscials
OF Richmond national state and saw
inEs banking houses. visited the rev
institution during the day and ex-
tended their greetings and their con-
FrAsuiatiors To the officers and 'srec-
tors Of thu Federal Reserve Bank.
A Air OF Juhilatfon.
On the desks of the governor and
the chairman were large bouquets ot
flowers. which had been sent in by
local bankers While there was an
air Of tutiiation, an air of appreciation
Of The fact that Richmond has rea-
itxsd the recognition OF the financial
OF one Of the country's twelve great
financial commercial and Industrial
subdivisions, there was an activity on
the part of the ofsicers and employees
OF the Reaerve Bank that showed bus
mess was being transacted.
Though the operation OF the system
was not made effective until the OFFICIAL
order was sent to the twelve Reserve
District centers by Secretary McAdoo
yesterday morning. and II was not ex-
rected there would be any great amount
Of business transacted during the first
day, the Richmond Reserve Bank re-
ceived approximately $500, 900 in de-
posits from the member banks This
shows that the Reserve Bank in Rich
mond Is not alone. that there. is life
In the member banks and that the
In being FIRST has reached the member
banks in ,he Fifth District and has
likewise moved them. The result of the
Arst days business has been very graft
fyina III ,tbc men connected with the
Rfchrnona E-setve Rank. who for the
last sey~ eeks have been work
ing night day that the Fifth Dis
trict Institution might be ready for
the opening
Member hanks were not required to
rat their reservs under way to the
Rexerve Bank centers until the notice
came that the reserve banks were Oman
and ready for business. Member hanks
IN the Fifth district. by anticipating
the offcial order and starting to send
IN their deposits SO that they would
reach Richmond by time the notice was
given shaved their confidence in the
Richmond bank and in the system
which marks new era In banking
tenn Of the nation.
EiGhf Million Reserves.
There are to be received ms deposits
bye the local Reserve Bank from the
member banks some $S.Cc0.o0o of their
reserves. The member banks have al
ready paid to the Richmond Reserve
I tank the required one sixth OF their
fubscripeion to the Federal Reserve
Rank capital. and when the Reserve
Bank announced to Washington that 1t
was ready Tor business IT had IN ITS
vaults this hrst payment, nearly ST.
100, 900 In gold and gold certificates.
II was stated last night that all the
n. zoo, 600 in deposits from member
lConttnusd on second Paes.)