The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1914-10-06
SEAY |SIELECTED!
ASGOVERNOR OF
RESERVE BANK
Fifth District, at Richmond,
First i'm United States
to Organize. {
JAMES a. MoNcURE5ls
NAMED AS SECRETARY
William Ingle, of Baltimore,
Chairman of Board, Made Fed
eral Reserve Agent.
sEAY ON ADVISORY COUNCIL
banking House Leased at HOO East
Main Street-Will Open by
November I.
sEAY ON ADVISORY COUNCIL
banking House Leased at HOO East
Main Street-WiIl Open by
November 4.

Main Street-WiIl Open by
November I.
First of the twelve districts to nom
inate it's Glasses A and directors, tho
Fifth Reserve District of the Federal
reserve system yesterday sustained its
record for leadership by perfecting a
preliminary organization OF Its bank
Ing machinery: and engaging quarters
in which the Richmond bank will be
located.
from Baltimore by Chairman William
Inglc. OF the board OF directors, on Sat
urday evening, eight OF the nine mem
bers OF the board gathered In Rich
mond yesterday morning for the frRt
meeting OF the body since 1t was corh :
,pleted by the appointment Of the Class
g directors last week. Waldo New :
conner. OF Baltimore. was the only mem-
bsr absent. ,
FIFTH DISTRICT BANK
IS FORMALLY ORGANIZED
The board convened in the directors
room Of the Richmond Trust and Saw
%ings. Company at IL o'clock in the
morning, and within an hour sent the
following telegram to Charles s. Ham
lin. governor of the Federal Reserve
Board: ~
October 8, 1914
The Federal Reserve Board. Wash
ington, ID. C..;Charles S. Ham
lin. Governor:G
We have the honor to announce
that the Federal Reserve Bank OF
Nchmond has been duly organized
by the adoption Of bylaws, cleo
ton of George J. Seay as gov
!: ernor. appointment Sof James A.
Moncure rs secretary the election
s OF an executive committee. con
sisting of William InHle. Federal
governor, and Colonel John r.
Bruton. Glass a director. 3aTempor-
SsY-hry5 offico has ;haensss secured at
illoe East Main Street. Rirhnioud.s,1
ls7Governor eieorgesJ.- -seay--was eltct-=
cd member of advisory scoupcil.a 81
Respectfully.
WILLIAM lNGLE.
Federal Reserve Agent.
SI;-Ai's POSITION
THA-r OF FPREsIDENT
The selection oflHir.S Seay for the i'm
portant yDosition cf governor of the
bank--an' office corresponding TO the
presidency of ordinary tbanks-gaYe TO
the Richmond director the highest ad-
ministratfvc position in the Ngift of the
Fifth Reserve District. with William
Ingie, of Baltimore chairman OF the
board of directors. anq MIR. Seay, gov
ernor of the bank Itself the posts of
first Importance, II was conceded are
reau:tably divided between the two
cities that were foremost In the con-
test to be designated the sea, Of the
reserve bank.
Mr.. Seay's designation as the dis
trict member of the Federal advisory
council was regarded by many as an
honor comparable to his election as
governor. With eleven other coun-
q cilors similarly elected by the other
Q ftyN TO a fzr
Nisory council which is charged with
tie duty OF comforting periodically with
the Federal Reserve Board, in Wash :
ington, about the administration and
government of the entire reserve sys-
tenn. The conferences are required by
the reserve act to bc held at least four
times year.
TEMPORARY QUARTERS
LEASED by DIRECTORS
The temporary office of the Richmond
bank. at 1903 East Main Street, will
IL lis believed. admirably meet the needs
of the institution for the present 1t
WAS formerly tho home of the Rich
mond Trust and Savings Company, and
IS located In the heart of the banking
district
Although the site for the bank has
been selected and it's directing officer
chosen. there remain many details
which will have to be adjusted before
the bank can open for business These
have TO do with the employment of an
office force. the furnishing of the bank
ing-house, and the installation of the
accounting system and Its requisites
that Will be used by the institution.
The details of further organization
were referred to the newly elected ex
ecutive committee, which consists OF
William 1ngle. chairman of the board
OF directors and Federal reserve agent;
George j. Seay. Governor of the bank,
= n oh I ID
son, NJ c., Glass a director. Tho com
mittee Will meet at the call of the
chair within the next few DAYS.
M0NCURIs HONORED WITH
POSITION OF SECRETARY
James a. Moncure. of this city, who
was last week named by the Federal
Reserve Board. n Glass G director, and
deputy Federal reserve agent, was
given an additional honor Yesterday by
the board of directors. which elected
him secretary Of the bank. The di-
rectors adopteds also, at their initial
meeting. set of by-laws.S the pro-
visions of which have not yet been
made public. While the duties of sec
retary Of the bank remain to be more
fully defined. 1t is understood. that tho
position will be one of administrative
Importance.
Following the meeting at which the
preliminary organization of the Rich
mond bank was effected, the directors
we're given luncheon in the Flemish
Room of the Jefferson Hotel by the
local banking colony Besides repre-
scntatives from practically every bank
In the. city. there were present to honor
the, directors Governor, Stuart, Mayor
Ainslie. and number of other promi- :
nent citizens.
GOVERNOR AND MAYOR
50 WELCOME NEW INSTITUTION
PRESIDENT IL. L, Bemiss. OF the Rich
mond Trust and Savings Company, pre-
sided as toastmasteE He presented for
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