Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1915-04-18
SEAY ANNOUNCES PLAN
FOR CLEARING CHECKS
VIII BE Put Into Operation in Mod.
flied Form on
May 10.
BANK STATEMENT is ISSUED
Total Resources of Richmond Fed.
eral Reserve Bank Are Placed at
S16,430, observation-disclosures for All
Banks in System.

announcement was made yesterday
oE Governor seay, OF the Richmond
reserve Bank. OF the collecting and
tearing plan which hos just been sub
mitted to, tho member banks of this
district
The plan provides for intradistrict
collecting only but after 1t has been
fuly developed an intradistrict plan
VIII be put into effect.
According 10 tho notification which
mas been sent to all tho member banks
IN this district n bank In order to avail
'tseif OF the privileges OF the plan must
PASS certain resolutions dran Of
which is suggested by Governor Seay.
ne resolutions must be passed by the
BOARD of directors and should be for
warded TO the Richmond Reserve Bank
not later than May Is.
10 bank can withdraw from the sys-
tom without giving thirty days notice
nnd all banhs ia the clearing system
proposed will be required to keep on
deposit with the regional bank here
fund sufficiently large to meet tho
items which Will. under the collections
ana clearing plan, he charged against
H. The amount CT such sum, Governor
aeay says. viii have to be determined
by experience. 1t will be necessary for
each member bank taking advantage
deposit SO that Its regular reserve bal
Rnce may not be In any way impaired
The plan guarantees that no eS-
change charges will be assessed or
paid by the reserve bank. but the bank
reserves the right to charge a nominal
zee later II 1t be found necessary. Mem
Der banks VIII not be required to join
the system, but since collections and
c!earings within tho district will be
moro chcaply and expedltiously mado
under the plan proposed. II is expected
that many OF the member banks will
avail themselves OF tho privilege Of
fered.
SEtY ISSUES STATEMENT OF
RESERVE; BANKS CONDITION
with over s4.sio.ooo In reserve notes
IN circulation and with loans and
discounts amounting 10 $G.S46445.4S
outstanding. tho total resources OF the
Richmond Reserve Bank nre put at
sl5,43o.a5s.6l in the weekly statement
issued by Governor George Seay yes
terday.
Ecdiscounts for the week amounted
TO sI2l.ls5.57. Total rcdiscounts since
the bank opened amount to SI4,76l, 900
Tho weekly statement In detail follows:
Resources.
Cold coin and cert,a-
Gates ................S s529,Tl7 so
Legal tender notes sill
yer certificates and sub
sidiary coin ........ 2s,a0s so
Total cnsh...........s s.55s.sc7 80
Bills discounted and
loans ................ s,s4e,445 4s
Investments ........... 1000 90
All other resourccs. o3aS6 SO
Total resources. 3I5.43o,s5s 6l
Liabilities.
Reserve deposits ....s 7.s3o,Ss9 81
Due to other Federal re-
serve banks. ........... 5ol.l2s 10
Federal reserve notes in
circulation ....... is4O.os5 %
Capital paid in. ......... 2,2le,266 63
All other liabilities 39044 So
! Total liabilities sl542o259 81
Gold reserve agalns, all
liabilities ......... 65 per cent
Cash reserve against all
liabilities after setting
| aside 80 per cent sold
reserve for Federal re-
serve notes In c!rcula-
ton so per cent
Total amount OF bills
discounted for one week
ending April Is. l9l5.S 72lls5 81
CONSOLIDATED STATEMENT
ISSUED FOR RESERVE BANKS
Discounts and loans maturing within
thirty days In the hands OF the Federal
! reserve banks increased during the past
| week ABOUT SS,OVO,uOU, according TO the
statement OF the banks condition Fri
! day. issued yesterday by the Federal
q Reserve Board in Washington 1t
shows:
Resources:
Gold coin and certificates. ,2s7,2os.-
= ool
Legal tender notes. silver certificates
and subsidiary coin. s2s.sso.ooo
Total, $266,566,Oo0.
Bills discounted and loans:
Matur!ties within thirty DAYS. sl3
s6S,00o.
Maturities within sixty days, ,l4,-
22l,n00
Other. s7,8o3,o30.
Total s35.916.00o
Investments, s23.303.0oo
Due from other Federal reserve
banks: items in transit. s5.3l5.O00
All other resources. Sl0,0S0,0O1
Total resources, s34l,179,Oo0
Liabilities:
capital paid In. $36.201,o 900
neseive deposits, s2s4.154,o0o
federal reserve notes In circulation
'not liability. $10.767.oO0
81 other liabilities. $4,000.
Total liabilities. $341,179.000.
Gold reserve against net liabilities,
10" per cent
- Cash reserve against net liabilities
|s9 per cent
Cash reserve against liabilities after
setting aside 40 per cent gold reserve
against net amount or Federal reserve
notes In circulation. 9O8 per cent