The Richmond Virginian. (Richmond, Va.) 1910-1920, 1914-11-22
Original Rates Were Fixed as
Barrier Against Rushing
New System.
REAL OPERATIONS
BEGIN NEXT WEEK.
Next Meeting of Local Dlrecto-
rate Wednesday - Reserve
Bank Notes Artistic and
Practical.

Because next Thursday. the date
Tor *,s next meeting OF the board oil
directors Of the Federal Reserve Bank
At Richmond is Thanksgiving DAY
and legal holiday, the meeting VIII
be held on "Wednesday. Aftert this
meeting = is probable that the rate
Cor redisco-fntirg the paper Of the
member banks in this, the Fifth Re-
ser,e District. will De reduced by the
Federal Reserve Board ~ Washing
bon. which il anticipating recon-
u.e1siatiuus from the several banks OK
the system that the discount rates pe
lowered What recommendation the
local directorate will make remains to
b. developed at the meeting
That the oficia.s Of the Reserve
Board at Washington expect that
within week. soon after the corn
rletion OF thu deposits of reserves by
member banks, the twelve reserv"
banks wt} he IN a position to n. 1rT1-
mend new rates was the lnforna-
tcn from Washington Yesterday, The
rates Of discount, announced last
Monday morning are said to nave
been established purposely as carrier
t. a TOO cary red.scoart!rg q coTu-
Fsegin Real Operations.
VITA the reduction e ts1e red's-
ecuB, rates he real OPERATION az the
rev institutions vii begin, Although
l. had been announced that tho SCOPE
OF the reserve hank operations AT the
opening WOULD include rediscountinz
and acceptance Of deposits, OF checks
drawn by member banks on other
member banks IN their district Or on
Federal reserve hanks, as well as the
acceptance Of deposits Of reserves. u
II fact that the reserve board
limited the @rnrr N the last named
function at tho outset.
The twelve reserve banks altogether
have totaied nnly a few million dol
lars of rediscoun:ing. which sum 's
hardly comparable with wt7at the
hanks will do In a smaller period after
redfscount levels normal to the
financial conditions in the various dis
tricts have been established.
No rediscount!ns has yet been done
a. the Richmond bank. the officials
and members # the institutions staff
having been kept busy since the open
Ing, MONDAY with the receiving ~
reserve deposits. with counting the
money and entering the accounts am
the books
Nearly 81 .000.00o Received.
There have been received from
Ynamher banks in this district ueftr'y
$1,000 900 In deposits The reserves
are still coming IN and tho Richmond
bank force IS working overtime IN
getting ready for the actual rea
counting operations soon to he begun,
TIE Fifth District Reserve Bank s1as
received SO 000.Gbo In the new re-
fe'-ve notes, and the distribution -
the these will he begun as soon as
the rediscount!nc business II taken
up.
The new reserve hank uaf IS are tN
I've denominations from 50 ~ 500.
The DESIGNS used III the akils Of
these notes are gre IN 1si artistic and
practical yet usei. Tho portraits en-
eravsd on -&ae faces Il the various
denominations are as <oli 1ws. Sc.
Lincoln. $40. n sk~ea; SEQ. Cleveland:
$50 Grant. st00. Franklin.
Aside from the beauty and artistic
features on the reverse side Of the
new issues. the designs afford the
greatest possible protection against
counterfe!tinv.
What the Notes Iook Ike.
The designs on ths backs are as
follows:
SIS On the left. ren -ossntati,r RI
the discovery o. America by Column
bus on the rieht. the landing OF the
Pilgrims on Plymouth Rock.
$10--Typical scenes or agriculture
and manufacture, The left repre-
scnts a harvest scene, and the right
q modern factory.
$20--Scenes representing transnor-
tstion on land and on water ant In
the afr On the left OF the nota are
engravings % n modern railroad train
an automobile and an aerorisna and
on TIE RICH. an ocean Nner In New
York harhor. With the New York sky.
line and he atatne OF Liberty In the
backgroun
$5o--A symhoical picture across
the note representing America pre-
siding over the Panama Canal. In
the center Is an aliegorical figure NJ
woman with ocean views on either
side On the left Is the picture Of n
merchant steamer: on the right that
Of hatt'e ship.
Sf00---An alleForical picture cover
Ing the entire hs tx OF the note, COM
posed of central group representing
America seated. with figures on either
side showing Peace and Plenty. On
the let is figure of Labor bearing
the harvest and on the right is
figure representing Mercury. denoting
Me distribution of the harvest.
A Mahogany CaveI.
When the meeting OF he board ls
raped to order by Chairman Ingle
nest Wednesday u will he with a
eav~l whis., has Just been presented
10 him through the Broadway Ma
'c.,ai Bank OF Richmond, by Char. es
" Vaughan. 4 director of that esta b.
Hshment The gavel was made from
one OF the mahogany railway ties laid
by De Lesseps when the French were
attempting to construct the Panama
! Canal.