The Washington times., 1914-05-19
TO ELECT
REGIONAL DIRECTORS

The certificate of organization Of the
Federal Reserve Bank Of Richmond VI as
received by Comptroller of Currency
Williams, member of the organiza: :ion
| committee, this morning. Preparations
are eing made for the mailing this week
of ballots to all the banks in the Federal
Reserve Association for the election Of
Class A and Class B directors for each
OF the twelve districts. The Class c
directors cannot be named until the
Federal reserve board has been con-
iirmed.
While the representatives of the
Washington member banks OF the Fed
eral reserve bank of Richmond regret
their inability to secure the nomination
of local banker as a Class 4 director
at the conference in Richmond yester-
day, they are highly gratified at the
nomination of James F. Oyster, of this
city, as a Glass B director. This par
ticular class is to be constituted of men
from commercial, agricultural or in
dustrlal life. who are not connected with
banking institutions.
The washington member banks all be-
long to group l, a classification based
on capital and surplus. and composed
of institutions having more than $4,000
capital and surplus. The local delega-
ton certified to the organization COM
mittee of the conference the names of
Cuno II. Rudolph and James F. Oyster
as its candidates. Each of the States
in the Fifth district, however. had rep
resentation in all three groups and
nominated as class 4 and class B can
didate in each group. These with the
District candidates placed thirty-two
candidates in the field for the six posi-
tions to be filled upon the directorate.
The fact that the Washington delega-
tion had not been unanimous in select
ing Mr.. Rudolph was known to the rep
resentatives OF other communities, and
is said to have effected his changes of
nomination. When the ballot was cast
Mr. oyster. who had received the unani-
nous support of the Washington repre-
sentatives, was nominated as class b
director, but Mr.. Rudolph was defeat
ed.
The six men nominated are: Group
l, Glass A-Waldo Newcomer. of Bal
timore; Class B. George ]. Seay. of
Richmond. Group 2, Glass A-Coi. John
F. Bruton. of Wilson, n. c.; Glass b.
d. r. Coker, of Hartsville, S. G. Group
3, Glass A-Edwin Mann. Bluefield. w:
Va; Class B, James F. Oyster, Wash
ington.
These nominees will be elected by
electors chosen by the directorates of
the member banks. But with the ballots
which will be sent out by the organiza-
llOn committee VIII go a lelIcr eA-
planning to the directors of the banks
that the electors chosen are morally
bound to cast their votes for the ticket
named
The six candidates were selected by a
committee of eighteen composed of
three representatives from each Of the
five States and the District. The lat
ter was represented on the committee.
by William T. Galliher. George W.
White, and II. II. Mckee.
A rally in Capital Traction was the
feature of a session of light and dull
trading on the Washington Stock Ex-
change today. Traction stock was car
ried below par last week for the first
time. since 1853. When this stock was
called today, a quotation lot sold at
100. a full point above yesterdays
price. The bid and asked figures were
then raised from 9Sss and SA to 100
and 100h.
An odd lot of six shares of Wash
lngton Gas sold at 7724. an advance of
z of a point above yesterdays price.
The only other sale made from the
stock list was five shares of Lanston
Monotype, which borught SGh. Trad
ing in bonds was confined to 5000
worth of Potomac Electric consolidated
IS at 995s, and one $1,000 Washington
Railway and Electric at 81