The Richmond Virginian. (Richmond, Va.) 1910-1920, 1915-01-08
SAI|SF|EOR|CHMOhO
WILL RETAIN BANK
LOCAL BANKING AND BUSINESS
INTERESTS SEE CITY,s PRES.
TIGE INCREASED.
BALTIMORE THE LOSER
COMPTROLLER OF CURRENCY WILL
LIAMs AND OTHERS OF oRGANI-
WITH RESERVE BOARD.

That Richmond's position as the f.
nanciai coed p2eScial and industrial
center IT the Fifth Reserve District
has ss~s siren hened by the pro-
tegs OF Baltimore and that city's APP
peatfar tie removal OF the Federal
Rss,<ye Bank from Richmond to the
Monumental City Is the opinion Of
argument Of counsel IN the eharing of
Baftfmore'e appeal before the Fed
eral Reserve Board at Washington.
Richmond bankers and business
m0. who returned yesterday from
WAshfngeco. after having heard the
presentation OF argument on the Bal
timorc brief By Attorneys Markell
and Cooke and that Of Attorneys Eppa
Hunton ard Leigh r. Page OF this
city on the w$ohrneud reply. declared
that the anticipate ne change III the
location of the r~5sra: Pfsarve Bonk
for the fifth district
Richmonfs standing Proven.
The argument St .s ssid. proved
conalua.yely ali that the original Rich
mond brief essayed to show ard that
the reply OF Richmond to Baltimore
convincingly showed the Federal Re-
serve Board that the orsa ntzatiG&n
committee of the reserve bank system,
composed OF Secretaries Houston and
MCAubo ana ApIDpIEOItSI .oA currency
Williams. did nor err in selecting Rich
mond instead OF Baltimore or any
other point In he fifth district.
Word was received here from Wash
fngton yesterday that the Federal Re
serve Board. which has the case under
advisement has decided that Ii is not
improper, as centended by baltimore,
for the members OF the organization
committee to vote with the rest Of
IN - AVa if@-
position OF the fefth district Reserve
Bank question.
Richmond bankers and business in
teresss are satisfied that the finding
or the board vii. confirm the action
OF the organization committee and
that Richmond viii remain the place
OF the Federal Reserve Bank, IL fs
also declared that Richmond's new
victory In the case will more firmly
establish In the eyes of the nation
that Richmond Is a great financial
center, one with which the five States
embraced In the fifth district can
best On business with
Pcrro--.dng Functions Wen
That Richmond Is pre-eminently
the uo{n. In the fifth district at which
the Federal Reserve Bank should Dc
located is shown by a comparison or
the figures showing the work done
by the twelve banks OF the system
Since tho opening Of the banks No
vemher ig the Richmond Bank has
continuously aveaged In its proper
ton of gold reserve against all liabfB-
ties higher than the other eleven.
The rediScount business done for
Iaamher banks IN the ftth district by
the Richmond Reserve bank since the
establishment of the system has to-
tailed more than 81 400. 600. This fig
ure. In proportion TO the resources OF
the Richomnd Reserve Bank. Is Jar
ger than that shown by any other OF
the twelve banks. showing that the
hauys in this district are making
greater use OF their central lnstftu-
ton than are the banks In any other
district.
At the meeting OF the directors
OF the Fifth District Bank held here
Yesterday IL was decided to recon-
mend 10 the Reserve Board far-
Their reduction OF one-half OF O. lie per
cent In the dediscount 20 and II
ia expected announce tie
rrada In few DAYS rate
has again bee lowereo In
creasing the usefulness o...,.e tnSti-
tuition.