The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1914-10-22
FEDERAL RESERVE
BANKS Will Open
ON NOVEMBER 50
Representatives of Twelve
Regional institutions
Vote for This Date.
REFUSE TO SUPPORT
PROPOSAL OF M'ADOO
Secretary Of Treasury Wants
System Inaugurated by
November 16.
EARLIER TIME MAY BE NAMED
Southern Bankers Particularly Anx-
ious to Start as Soon as
REFUSE TO SUPPORT
PROPOSAL OF M'AD00
EARLIER TINE MAY BE NAMED
Southern Bankers Particularly Anx-
ious to Start as Soon as
Possible.

WASHINGTON, October 21.-Direc-
tors and governors OF the twelve Fed
erai reserve banks to-day refused to
support the proposal OF Secretary Nc
Adoo to open the new banking yvgtem
for business on November Is. BY
vote OF 81 to SO. they recommended that
the opening be set for November 30.
The action has no binding effect upon
the reserve board or upon Mr.. bic
Adoo. for the currency act gives tho
secretary authority to open the banks
when he believes they are ready to do
bunipcss. II was evident to might that
menbers.of- the board were not pleased
With the recommendation OF the banks,
an! 1t Is possible n meeting or tho
board within the next few days will
develop suffcient sentiment to bring a
vote asking the secretary To name q
date earlier than November 30.
Discussion OF the opening date was
taken up Immediately after the bankers
returned from the White House. where
President Wilson declared his belief
that the best thing for the country was
to open the banks at the earliest pos
sibie date.
Speeches were made at the confer
enfe by men representing every one OF
the twelve banks, No sectional differ
encc of opinion was apparent but the
smaller OF the reserve banks reported
that they were more nearly prepared to
open on the 16th than those In New
York. Chicago. st. Louis and other
larger cities
PHYStCALLY IMPOSSIBLE
H. ,js TO DE READY IN TIME
The argument against opening on
hesss.isths: was lnrgely that 1t was
to. ge. ready! In.severai instances tho
directors have not yet chosen their
governors. and in many cases quarters
have yet to be selected.
= Some of the Southern bankers were
particularly anxious for an early open
ing, because of the assistance the Fed
eral banks might give In taking care
OF the cotton crop.
1t was said tonight the directors
would go homo tomorrow and begin
work preliminary to opening. If the
reserve board later finds that there is
every reason to believe simultaneous
opening on November 16. or November
20 can be accomplished in spite Of opin-
ions to the contrary. expressed here
to-day the date will be fixed. The
board already has voted to open all the
hanks at the same time. but 1t Is possi-
BILE that this decision Will be changed
II any special reasons are discovered to
make opening on the part of the banks
before the rest, desirable. ~
Tho conference to-day devoted much
time to hearing reports of committees.
The one I'm charge of a definition of
commercial paper, regarded by many
bankers as of first Importance, recon-
mended In a7general way broad def
milton of such paper. but decided to
continue It's work further.
CONFIDENCE TO RESTORE
BUSINESS PROSPECTS,
Confidence. is the only thing needed
to restore. business prosperity. 5Presi-
dent Wilson to-day told directors of
the Federal reserve banks, who he
received ut the, White House The; Pres
ident declared he thought these men
were moro nervous than was n necessary.
For my own part" said the Presi-
dent. Il believe that the best thing that
the banks at the earliest possible date;
otherwise we should seem to doubt
their efficacy, Otherwise. we should
seem TO discredit in,part the very thing
chat we are undertaking.
For my feeling about the present
situation Is this: the only thing lacking
Is confidence. The circumstances of
the world are extraordinary. but we
ought not to allow our mental atti-
tude to be extrao dlnary. We are more
nervous than there is'cause for. and IL
we go about business as If nothing
were happening, business will take care
of us as we take care of 1t. This is my
conviction. =.
"1 will not again use the word
psychology but there is n psyche
logical element. there is state OF mind
involved in thls thing. which it would
be very useful II we were to correct.
and the way to correct 1t with others,
Is 10 correct4it in, ourselves-to feel
thar there. is nothing to wait for In
putting business upon the footing 1t
is to remain, I hope for great many
years to come.
"I3ut when started out did not ex-
pect to say these things; merely ex.
pectad to tell you how sincerely gratl-
fled i am to have. the opportunity of
meeting ,you and Of telling you how
congratulate the country upon being in
the; hands, in the matter banking. Of
such body of men,"