The Richmond Virginian. (Richmond, Va.) 1910-1920, 1914-11-15
Banking House at 1909 East
Main to Begin Business With
Banks Tomorrow
8 Per Cent Fixed
AS Discount Rate
Recommendation Of Local Di-
rectorate New Currency
System Expected to Prove
of Much Benefit

It's discount rate having been fixed
by the Federal Reserve Board. the
members of the staf with which It
WIN begin work chosen, and the build
ing which IL will occupy made ready.
the Federal Reserve Bank of the Fifth
Hesrve District of the regional bank
system is ready to begin it's work to-
morrow morning at o'clock. The
doors will be swung open by Governor
George J. Seay ana Reserve Agent Will
liam Ing1e at that hour. Everything
will be In its place and every member
Of the stac will be ready, and the
transaction OF business will be taken
UP as soon as ii appears. The bank
will close at r NJ. daily. the Gus
tomary Richmond banking hours, be-
ing observed.
The Federal Reserve Board an
nounced from Washington yesterday
afternoon tho rates of discount for the
twelve Federal Reserve Bank Districts.
That for the Richmond district on all
maturities was placed at 6 per cent,
which Is the figure recommended by
the directorate of the Richmond Re-
serve Bank. The 9 per cent rate was
also applied to the Boston, Cleveland.
Chicago and st. Louis districts on all
maturities. New York and Philadelphia
rates are Ia per cent for bills and
notes maturing In less than thirty days,
I and per cent for paper running
for n longer time. For Atlanta. Min
neapolis, Kansas City, Dallas and San
francisco. the rate is higher, being
fixed at G per cent on paper maturing
In less than thirty days and la per
cent on paper running for longer than
thirty days.
Local Directorate Pleased.
The approval by the Federal Reserve
| Board OF the rate recommended by the
Richmond directors w&S gratifying tn
them. The rate ts subject to change
| at any time by the Federal Reserve
Board upon its own initiative or upon
the recommendation of the local direc-
torate.
Speaking Of the difference i'm rate 8
made for the several districts Governor
Seay said yesterday;
"Richmonds rates have always been
a little higher than those In the North.
We occupy middle grounds between the
rates Of the North and South. That
| is because OF business conditions Pc
culiar to this section
| The Richmond rate will remain as
1t is unless changed by the directors
! of the Richmond Reserve Bank. sub
/ ject TO the approval of the Federal
| Reserve Board. or unless 1t is changed
I by direct action OF the Federal Re-
serve Board.
/ 1T will be readily understood that
| the fixing of the rate was one of the
most important preliminary acts of
the board. Rediscounting is to be one
of the chief functions OF the Regional
| Reserve Bank. No rediscounts could
! be made without discount rate. Now,
however. that the rate has been APP
q al ha1t JttJ1a rSp,ufna n ha DINA
before putting the provisions OF the
/ new system into operation.
Ready For Business.
What the nature of tomorrow's open
/ ing will be remains for the coming OF
/ the cay itself 20 determine. Whether
/ there will be any great mass of busi
ness brought into the new Institution
! by the nearly FIVE hundred member
| banks in the Fifth District. or whether
the day will re one In which the
banks sta r. will take 1t easy and show
/ Observation-Disclosures business men and
others--ahout the newly reftted build
Ing the day will show. But certain Il
is that If any business coming from any
proper source appears II win be taken
care Of for the Richmond bank Is
ready.
The installation Of the last of the
furniture and fixtures In 11oe East
4 Nj Nsu NLTFeL WIS pcIItCtcu yE6LSt0dy
and few bankers and business men
looked In during the day. The work
of remodeling the interior of the build
Ing had been going on for nearly two
weeks and the place Is adapted to the
needs OF the Federal Reserve Bank as
lit will start business. At the business
develops certain changes may be found
necessary. just as additional assistants.
clerks and photographers viii be with
the growth Of the business
The Banks STAFF.
Assisting Governor Seay, Chairman
lngle and others of the directors in
the conduct OF the new banking bust
ness there will be at the beginning
/ the following, whose selection was
recently announced: W. w. billiard,
former teller In the American Ma
tlonal Bank, Richmond; G. v. Black
burn. formerly with the Planters Ma
tional Bank. Richmond; Frank Nc
Cauley, formerly assistant cashier In
the National Bank OF Commerce, Bal
timore: r. J. Goodwin. formerly with
Guarantee Trust Company. Columbia,
S. c.. and Thomas Marshall. Jr.. for
| merly with Union Trust Company,
Washington, and the young women
stenographers who have heen at work
In the ONCE Of the bank executives
during the period OF formation OF tho
institution.
The reserve bank system will do
much to improve local business and
banking conditions and to ralieve the
present financial depression by re-
| iieving the banks OF the territory
served by Richmond a. It's CONNER
cial, Industrial and financial center.
The bank starts tomorrow with APP
proximateiy $1.1oo.ooo tn it's vaults,
/ the amount of the first payment OF
member banks to the reserve hanks
capital Each OF the member banks
Ia required under the act to subscribe
i per cent. OF its combined capital and
surplus to be paid in nix EQUAL in-
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