The Richmond Virginian. (Richmond, Va.) 1910-1920, 1914-04-05
RICHMOND WELL
RECOGNIZED AS A
BANKING CENTER
Financiers In the District Al
most a Unit In Preference
For 1t.
Ranking Fifth In
the Coast States
Leads the Southern States In
the Aggregate of Its Bank
ing Capital-What
1t Means

The selection OF Richmond as one
of the cities In which the federal re-
serve banks will be located came as
the result Of a publicity campaign.
conducted on high plane by a com
Snittee representing the city's banks.
commercial and mercantile organiza
lions. This committee submitted to
the reserve bank organization com
mittee that Richmond is a natural
and logical banking and commercial
center and that a wide territory could
b served more promptly and with
fewer branches from Richmond than
any other point In the Southeastern
section.
An elaborate booklet was issued,
containing maps diagrams etc,
showing Richmond's unrivaied geo
graphical position, her facilities OF
communication. convenience of loca-
ton and accessibility. The diversity
Of industries and agriculture and
great growth of this section and the
wishes and views of those engaged in
banking and commerce In this dis
tfict were shown. and backed up
strongly with statistical facts
Poll of the Banks.
In poll OF the banks OF the sew
eral States Richmond was the tirst
choice OF sac out of total OF la2S
institutions. 404 out OF 437 Virginia
banks 3T2 out OF 48s North Carolina
banks. So South Carolina hanks and
~ banks in the southern part OF West
Virginia voted for Richmond as tirst
choice. In South Carolina. where Co.
lumbaa was opposing Richmond. I.2
banks voted for Richmond "a second
choice.
1t was shown tho reserve bank or
gAni1aflon committee that Virginia
ranks fifth in the ffteea Atlantic
coast States In national banking Inn
portAnce. that Virginia ranks eighth
among twenty-six States this side OF
the Mississippi river, and leads the
Southern States In aggregate national
hank resources OF $lss.oo0.00 The
bankers. firms and corporations in
North Carolina. South Carolina, West
virgtniR and Eastern Tennessee ia
vorfng Richmond as the location for
the reserve bank rendered splendid
yATvtce to the local committee In the
campaign which has been waged dur
ting the past three months
The Richmond District
Tho district will be designated az
District No. s, an d,he official an
nouncement shows that It's limits will
% n pouOWB.
'sDastr1ct No. 6-The District Of CO.
lun1biA and the States OF Maryland.
Virginia, North Carolina. South Caro-
Tina and all of West Virginia. except
the counties Of Marshall. Ohio. Brooke
and Hancock, with the federal reserve
hank located In the city OF Richmond.
Va
This district contains ATS national
banks, which have accepted the pro-
vtstons OF the federal reserve act The
capital stock OF the Federal Reserve
Bank OF Richmond. on the basis of
viz per cent Of the total capital stock
Rnd surplus of tho asserting national
banks in the district viii amount to
Se,3o3,s6a: and If there be added six
Der cent OF the State banks and trust
! companies. which have applied for
membership UP TO April /. 1914, the
total capital stock will be ss.543.2S1."
Banks In the District
The area OF this district Is i73.s1S
square miles and its population s.51s,-
3f9 The oofnb ined capital and sur
plus OF the AIS national banks in the
district is 3105.064,4a3, and their s
per cent subscription will be $6.303.-
1S1, Besides the ATS national hanks
that have applied from the States in
this district for membership in the
federal reserve hank-~to be located
II Richmond---there are nine State
hanks and trust companies that had
applied for such membership up to
yesterday This would swell the total
number Of national banks. State banks
ma trust companies applying for adj
mission 10 the federal reserve hank
tnx eyStem for the Fifth district up
70 4SA institutions. with a total cap
ital and surplus OF $109,054.683. and
would increase the per cent sub
bcriptions to. stock in the proposed fed
eral reserve bank at district to &c.
Factors That Decided
There were many factors entering
Into the selection. Only six OF these
factors were disclosed by the commit
foe last night. These six factors were.
III First-The ability of the member
hanks within the district to provide
the minimum capital OF $4,000. 900 re-
quired for the federal reserve bank.
on the basis of s per cent of the cap
itai stock and surplus of member
i hanks within the district.
Second---The mercantile, industrial
and financial connections existing In
\ each district and the relations between
the various portions OF the district
I and the city selected for the location
/ Of the federal reserve bank
Third---The probable ability of the
federal reserve bank In each district,
after organization and after the pro-
4 vfdons Of the federal reserve act shall
\ have gOne into effect, to meet the le-
Gttimate demands of business. wheth-
er normal or abnormal. In accord
ance with the spirit and provisions OF
the federal reserve act.
FourthThe fair and equitable d.
vision Of the available capital for the
federal reserve banks among the dis
& k8fcta created. ~
leiftl1-The general roographzca1