The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1914-10-19
LLICONsUlT5 federal
RESERVE BOARD TUESDAY
Representatives OF Regional Banks
to Hold. Conference I'm
Washington.
sEAY AND MoNcURE no ATTEND
Following This Meeting Prompt Steps
Are Expected in Assembling Staff,
Installing Furniture and Prepar-
ing for Opening of Reserve Bank.

e.
Governor George j. scay and Secre-
District Reserve Bank, will leave for
Washington to-day. where the boards
OF directors of the twelve reserve
banks of the country Will tomorrow
confer with the Federal Reserve Board
upon plans for the early Inauguration
of. the reserve system.
The result of the conference is
awaited with interest in Richmond and
tho. eleven other cities In which rc,-
serve banks will be established. 1t Is
regarded as certain that at to-morrow's
meeting the reserve board and the
conferees will fix denitciy upon the
date for the opening of the banks and
adopt such bylaws and regulations as
the inauguration Tof the system Will
make necessary.
RICHMOND BANK FIRST
TO PEKFl;CT ORGANIZATION
The Richmond Reserve Bank was tho
first OF tho twelve TO perfect n working
organization and notify the Governor
OF the reserve board that II was ready
FOR business. IN his talk to the bank
ers last Wednesday, at the Jefferson
'iptei' boNcEnoE ftuTntjn, OIL the teu-
erai Reserve Board, complimented the
promptness OF the Fifth Reserve Dis
trict board OF directors. II the same
enterprise Is displayed by the boards
or the other districts, he said. the
Opening OF the reserve banks will not
be long delayed. :
In an official statement last Thurs
day, Secretary of the Treasury McAdoo
announced that the banks would be
opened simultaneously. 1t had been
the common belief previous to this an
nouncement that the banks In New
york, Boston. Philadelphia and st. Louis
would begin business in advance OF
the others.
WILL SOON DE READY
TO ASSUME STAFF
After to-morrow's conference. GOV
ernor Seay believes. the board of di-
rcctors or the Fifth Reserve District
VIII be In q position TO begin work on
the task of assembling n STAFF and FUR
nishinS the building mt 1lO9 East Main
Street which will be the temporary
nome OF the bank. The board, last
Friday. made np Inspection of the
building on the northeast corner of
Fifth and Main Streets. presumably for
the purpose Of looking into It's suita-
billy for banking purposes. No an
nouncemept was made after the inspec-
ton.
1t liz understand that there will be
no change for the present from the
plan to establish temporary quarters
ut 1l09 East Main Street. which was
the old home of the Richmond Trust &
Savings Company The board has in
spectcd several other properties. Until
the bank Is In practical operation it's
apacc needs will not ,bc definitely
known. No step will he taken to-
wards erecting or leasing "a permanent
home for the Richmond Reserve Bauk
bag .,tr.. -
COMPTROLLER HAS CALLED
FOR FIRST SUBSCRIPTIONS
The Comptroller of the Currency has
issued q call for the first instalImcnt
of the capital stock subscriptions which
the reserve act requires every member
bank TO make The installment lis pay
able on November 9. This circumstance
and others give support to the belief
that the reserve banks will be I'm, nc.
tual operation by November 10.
The reserve act makes each member
bank liable for subscriptions to the cap
ital stock OF the reserve bank, TO the
extent of per cent of It's combined
capital and surplus. The installment
payable November 2, calls e-sixth of
the total subscription. 1t is stated
that the payment of this installmeut
will cause none OF the member banks
Of the district any Inconvenience.
In the local banking circles a lively
interest Is manifested in the proba bic
make-up OF the reserve bank staff. 1t
& Is understood that the bank will en-
ploy at the outset between thirty and
forty men and women,l and scores of
applications for these positions have
tecn filed with the board OF directors
and Governor Seay. The applications
come from every section OF the Fifth
Reserve District. a considerable num-
Der are from persons at present en-
ployed In local banks