Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1914-11-15
REDISC0UNT RATE FOR
THIS DISTRICT, 6 PER CENT
Banks Official Family Comfort
ably Settled in WelI-Ar-
ranged Quarters.
HAS s,,ooo,ooo IN VAULTS
Opening Brings to elimination Cam
paign Which Stirred City
to It's Depths.

Richmond's Federal Reserve Bank
one OF the Twelve Institutions distrlb-
uted over the United States to admin
istrate the new currency system-will
open It's doors at o'clock Tomorrow
morning, and with it's opening this city
VIII take rank as one OF the country's
major reservoirs OF capital and cen
tres of finance.
In the highest degree significant as
the opening. Of the Fifth District
Richmond. the new bank Will open its
doors with a total absence of anything
approaching formality. There will be
assembled at the banking house, the
board OF directors and an unofficial
delegation from the city's banking and
commercial life. There will be floral
offerings bringing the good wishes OF
the state and national banks This
Will be the extent of the ceremony.
FIX UPON PER CENT
As RATE OF RIsDISCOUNT
The Federal Reserve BOARD yestcr-
day fixed per cent as tho rate OF re-
discount to he charged by the Rich
mond bank for rediscounting CONNER
cial paper for member banks. The
same rate Is fixed for tho reserve banks
In Boston, Cleveland. Chics so and ST
Louis. and is TO be the same for paper
OF all maturities
Other reserve banks will observe the
following rates oflrcd!scount
New York and Philadelphia, 5:i-2 per
cent on: bills and notes having maturi-
tics of not over thirty days. and per
cent on all papers having longer ma
turity. t..f,.s; fs-Tt,
Atlanta, Minneapolis Kansas City,
Dallas and San Francisco, per cent
on bilis running not longer than thirty
days, and 6l-2 per cent on bills OF
longer maturity
The Law permits the individual re-
serve banks 10 change tho rate of
rediscount at any time with the ap-
proval OF tha Federal Reserve Board.
per cent. rcdiscount rate for this
district was suggested by the board OF
directors of the Richmond bank, and
the adoption OF the boards suggestion
was received by the local authorities
yesterday with satisfaction
The fixing OF the rcdiscount rate
was ono of the most important pre-
iiminary acts OF the board" said Gov
ernor George j. Seay. yesterday. Re-
discounttng Is to be one OF the banks
chief functions, and nm equitable rate
is OF the first Importance
FEDERAL RESERVE BOARD
ISSUES STATEMENT
The Federal Reserve Board In wa sb
tngton last night made this announce
ment: X,
After full consideration OF the facts
in the. situation. the board felt it in
cumbent to adopt a moderate and con-
servative policy at the outset, in view
or the fact that exact conditions to
which the banks will be subjected in
operations cannot be precisely fore
told 1t was felt adoption OF rates of
rediscount which would adequately
safeguard the resources OF the various
institutions would be the wisest policy
at the beginning. The banks have the
right. with tho approval of the board.
at any time, TO change the rates, and
the present rates are, therefore, to be
regarded as provisional and subject to
revision The board expects to be gov
crned entirely by experience"
HIRING TO RIPE FRUiTIoN
REMARKABLE CAMPAIGN
While the opening of the Richmond
RESERVE Bank will lack every element
Of picturesqueness, it Will bring to
ripe fruition campaign which stirred
the city to its depths as no other civic
movement has done for generation
The memory OF the strenuous days OF
last winter, whcn-scvery commercial,
social and professional organization
in the city was bending its efforts to
place Richmond's claim to the bank
before the Washington authorities, will
clothe the occasion with Significance
which every citizen of Richmond will
feel. .tl
At 11oo East Main Street. where the
Richmond Reserve Bank will make jts
temporary home. workmen were busy.
yesterday putting the finishing touches
on the decorations and furnishings
The banking house was the former
home of the Richmond Trust and Saw
inss Company, and was already
equipped with good vault. The en-
tire interior has been renovated
BANK's OFFICIAL FAMILY
MOVES TO PERMANENT QUARTERS
The reserve banks official family.
which has, for the past several DAYS
been occupying temporary quarters in
the Mutual Building, moved into tho
new quarters late yesterday afternoon
and began the task of placing things
In order for to-morrows opening A
squad of adding machines lined up
against tho east wall OF tho large cen
tral space behind the gratings, and
stacks of ledgers and account books
piled high on the desks, augured we'll
for lthe volume OF business that tho
banks directors expect.
To. the right Of entrance is located
the private Office of Governor George
j. Seay, who will. be the administra.
tive head OF the institution. AT the
extreme rear Is the private Office of
Chairman William Ingle, of the board
ofdirectors. AS Federal reserve agent.
he is required by tho reserve act to
maintain an Office on the premises. The
entire west side of the banking room
Is given mp to5a long passageway,
upon which open the windows OF tho
accounting: paying and receiving de-
partments. -s
Pedestrians IN the banking district
-