The Richmond Virginian. (Richmond, Va.) 1910-1920, 1915-11-06
MILLIONS Of DOLLARS
TO COME TO RICHMOND
Federal Reserve Bank Issues Call
For Payment Of Second INSTALL
ment of Reserves.
SENT TO ALL MEMBER BANKS.
Two Circulars Go Out from Local In
sutution-6econd Lists Electors i'm
Group One and Nominees for
Classes A and Il Directors.

Millions of dollars will shortly be
gin to roll into the vaults of the Fed
'erai Reserve Bank at Richmond, the
call having been issued by Governo:
STAY for the second payment Of re.
serves by member banks in the FIFTH
Federal Reserve District.
Circular No. 80. calling for pay.
ment OF tho second installment OF
reserves to the Federal Reserve Bank
at richmond, signed by Governor
Georg~ j. Seay, and circular No. 81
presenting the list OF electors named
by member banks of group one. TO-
gether with the list of nominees for
class and class h directors, signed
by Chairman William Ingle of the
board, have just been mailed out to
member banks.
The circular on the second INSTALL
ment of reserves shows the next
transfer OF reserves by member banks
VIII have to be made. under provi-
sions of section nineteen Of the Fed.
eral Reserve Act, and the ruling oil
the Federal Reserve Board. on No
vember is. On that date, says the
circular. member banks will be re-
CURED by law to establish. and for
FIX months thereafter to maintain,
reserves in this bank as follows:
Payments To Bc Made.
Banks located I'm reserve cities
AIS OF their total required reserve,
instead of ais as heretofore.
Banks located outside of reserve
or central reserve cities-3-12 Of their
total requ led reserve. instead OF 2-f2
as heretofore.
las well understood. the total re-
serve required to be maintained by
member banks under the act is--ln
the case of banks in reserve cities,
Is Yer cent of demand deposit. 5
Lec cent Of II nc deposits. in the sase
OF country BANKS. z per cent If de-
cosits.
The method Of calculating re-
serves must be that prescribed by the
comptroller. and time deposits must
be determined in accordance with cir
cuiar No. six of the Federal Reserve
Board. dated January is, 1915. copies
of which have been sent to all banks.
.eRemittances of reserve may be
made In gold. gold certificates. or
other lawful money. and in Federal
Reserve notes. and for the convent
ence of members, we Will receive
checks on member banks in any OF
the following Federal Reserve cities !:
Richmond, Philadelphia. New York.
Louis"
Edmund Strudwfck To he Elected
Circular Nc. thlrty-one shows that
on November / 5 there will be mailed
to each elector in this reserve dis
trtct a form Of preferential ballot
providing for the recording OF the
first. second and other choices for
each or the directors to be elected.
The circular presents the names Of
the nominees for the first two classes
of directors and lists the names OF
che electors representing the member
banks OF group one.
For class r. director only one name
appears. that of Edmund Strudw1ck,
OF Richmond. the class nominee.
Henry 3. Wilcox, Of Baltimore. Is the
leading nominee for class 4 director.
Other names appearing in the list for
class director are r. G. Rhett. with
two electors In South Carolina. y.
Beaman, with one eleetor In Virginia,
and Andrew Burke Almoney, with
one director In Maryland.