The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1914-01-16
RICHMOND URGED 1
/ FORFEDERAL BANK /
BY THREE STATES
Strong Presentation Of
Claims Before Organ
ization Committee.
IN DIRECT LINE OF
TREND OF TRADE
More Than $50 Prominent Bank.
ers and Business Men of Vir-
ginia, North Carolina and
South Carolina Join in
Advocating Selection
of This City.
BY LOUIS I. JAFrE.

Washington. January 15.-United in
tho conviction that Richmond, OF all
the cities mentioned for reserve bank
preferment. can best serve their fnan-
cial needs. the bankers Of Virginia and
North and South Carolina Joined to-
day In asking the national organiza-
tlon committee to locate in that city
one OF the regional reserve banks pro-
vided for by the new currency act
Such bank, according to the claims
presented to the committee. would
serve n reserve district comprisinr-
Virginia, North and South Carolina,
Georgia the southern half of Florida,
the eastern half of West Virginia, and
the far eastern sections OF Kentucky
and Tennessee.
100 strong, presented a well-knit argu-
ment for the selection of Richmond.
rather than city to the North or
south, dwelling with emphasis upon
the honogeneity Of interests the cs-
tablished trend of trade, and the init
mate commercial bonds which unite
virginia and the two Carolinas and
demand the preservation OF that rela-
tfonship IL tho business of the three
States is to he guarded against seri-
GUS disturbance.
without exception, every speaker
warned the organization committee
that TO hitch any of the states to n
reserve city to the south would be To
The objection to afiiiation with II re-
serve city north OF Richmond was
hardly less pronounced
Distinguished Delegation.
The delegation that appeared to-day
before Secretary McAdoo and Secretary
Houston to press Richmond's claims
was the largest that has been heard
by the committee since 1t began its
sittings In Washington. 1t numbered
hve times the strength of the dele
n hao,
Baltimore's behalf and was four times
rs large as the party that appeared
before the committee on the day be-
fore to present tho claims of Washing
inEton itself.
The gathering was distinguished In
character as we'll as In size 1t in
cluded the heads of Richmond's larg-
est banking and manufacturing insti-
tutions and the leaders in it's com
merco and its professions. From North
carolina came delegation headed by
President Holderness of the State
Bankers Association South Carolina
sent committee OF bankers headed by
former Governor Ansel
Four Governors Present
In the delegation that crowded to
the doors the Office of Assistant Secre-
tary of the Treasury John Shelton
Williams, were four Virginia Cover
nors--Senator Swanson and Congress-
man Montague, both onc-time execu-
tive of the state; Governor Mann and
Governor elect Stuart. Congressman
carter Glass, stanch supporter of
Richmond in the reserve bank rivalry.
kept careful tab on the hearing, and
Senator Martin occupied a scat close
to the witness chair.
The North Carolina delegation clus-
tered warmly around Joscphus Dant-
els, of Raleigh. Tho Secretary OF the
Navy sat through. the early part of the
hearing
terest In the presentation. Later in
the afternoon he held an Informal re-
ceptlon In his offices, greeting old
friends from his own State, as we'll as
from the other States represented in
tho Richmond delegation.
McAdoo Makes Restrictions.
The office OF John Shelton Williams
In which the hearing was held, was
large enough to accommodate only about
two-thirds of the party that was pres
ent I'm Richmond's interest. The over
now crowded around the two doors
and marked time in the hall within
hearing distance.
Secretary OF the Treasury McAdoo
raped the meeting to order at $3.50
o'clock in the afternoon and outlined
briefly the character of the testimony
the organization committee would adj
NIT as competent in the reserve bank
contest. 1t particularly objected. he
y
advised speakers to go light on patri-
otism and local pride. Most OF tho
speakers that addressed the committee
are patriots, and II patriotic reasons
are to govern. q reserve bank would
have to be placed In every city In tho
country.
The organization committee, said
Mr.. McAdoo, Is well-informed on the
question of transportation facilities
and Is familiar with the comparative
financial Importance Of the rival cities.
1t desired. particularly. he said. to be-
informed OF Richmond's peculiar abil-
ity to serve the proposed reserve dis
trlct, Its relation to ii from the Wow
point OF established trade conditions,
and the reasons. why 1t could serve the
district better than other cities seek.
Ing the reserve bank.
Asks Pointed Questions.
With the restrictions thus laid down
Secretary McAdoo called upon George
j. Seay, first on the list OF Richmond's
speakers Mr.. Seay spoke from care
fully tabulated synopsis. taking up
successively the trend OF business and
the currents OF exchange which flow
to Richmond as a natural clearing,
point. it's accessibility from every
point in the proposed district. and it's
close afiliation with the territory it g
proposes TO serve as q regional reserve
city
Secretary McAdoo interrupted frc-
quently. asking pointed. questions to-
bring out more sharply Mr.. Seny's
claims. Most frequently he asked IL
the claim just submitted would not APP
ply with equal force to reserve hank s
located, for example. in Baltimore or
Washington.
He was ably seconded in bis cxarn 9s
ination BY Secretary of Agriculture 4