The Richmond Virginian. (Richmond, Va.) 1910-1920, 1915-04-18
RESERVE BANK FIGURES
REFLECT IMPROVEMENT
Resources Of Federal Institution ut
Richmond Now Nearly Fifteen
and Half Million Dollars.
APPROVAL BY MEMBERS ASKED
Governor Seay Issues Notice That
Resolutions Necessary TO Entering
New Uearings System Should BE In
Hand Here BY May Is.

Rejecting vast Improvement In the
Firth Federal Reserve District. since
the establishment OF the regional re-
serve bank system. Is the regular
weekly report of condition of the
Federal Reserve Bank at Richmond
for this district. for the week Just
ended. The resources OF the Rich
mond Federal Reserve Bank. &C
cording to the statement. now total
near fifteen and half million dol
lars, with outstanding rediscounts for
member banks totaling ss.846. A45.4S,
and with total OF nearly five mil
lion dollars in reserve notes III cir
culation.
Bills discounted for member banks
during the last week came from all
sections of the distri.t and al the
rate of about 100 a day. for All ag
gregate rediscount Of nearly three
quarters OF a million dollars. These
figures show just how useful the
Richmond Federal Reserve Bank il
proving itself 10 the district. which
comprises the States Of Maryland. the
virginias. the Carolinas and the Dis
trict OF Columbia.
That the usefulness OF the Rich
mond institution Is to he greatly
broadened within the next few weeks
is certain, because of the fact that
il Is now ready TO put into opera
ton a system OF clearing and collect
ing for member banks. as provided
for In the currency act authorizing
the reserve banks.
Notice Sent Out.
Governor S~ay yesterday sent out
10 all member banks the official an
nouncement of the plan to be pur-
sued in acting as clearing house fer
the member banks. and while NOM
Der banks. are not required TO Join
In the movement for having their
clearing done by the central hank OF
the district the advantages offered
them In the new system are such that
g ma iority. perhaps all OF the MEM
her hanks will avail themselves Of
the privilege offered, Ciearings by
the Federal Reserve Bank Will be
more expeditiously and more econom-
icRily made than now
According 10 the notification which
has been sent to all the member
banks In this district bank ia or
der to avail itself OF the privileges OF
the plan must pass certain resolu
tons. draft ~ which Is suggested
by Governor seay. The resolutions
must be passed by the board OF d.
rectors and should no forwarded to
the Richmond Reserve Bank not later
than May l5,
No bank can withdraw from the
system without giving thirty days no.
tice. and all banks in the clearing
system proposed will be required 70
keep on deposit with the regional
bank here fund sufficiently large to
meet the items which will. under the
collections and clearing plan be
charged against il. The amount of
auch sum. Governor Seay says, Will
have TO be determined by experience
II will he necessary for each member
bank taking advantage of the plan
70 keep such fund on deposit so
that it's regular reserve balance may
not be In any way impaired.
The plan guarantees that no ex-
change charges will be assessed or
paid by the reserve bank hn: the
bank reserves the right to charge a
nominal fee later II II be found neces-
Mry.
The weekly report OF the condition
OF the Federal Reserve Bank here.
as issued yesterday, is as follows
Resources
Gold coin and certifi-
Gates -. .......-s S.52a.7t7.5o
Legal tender notes. sill
yer certificates and
subsidiary coin ... 29,209. so
Total cash ....s s.55s.9 2T.s0
Bills discounted and
loans 80. ....,.... es4e.445.4s
Investments ... 1000. 90
All other resources 49,. 23,es6.S3
Total resources .,,..st5, 400, 35s.61
Liabilities.
Reserve deposits .....s 1.s50,s3a
Due 10 other Federal
reserve banks ... 50t123Ia
Federal reserve notes
in circulation .. As4o.0s6,on
Capital paid in ...., 2.21a,266.s3
All other liabilities 39.044S5
Total liabilities ....s15. $50. 25e. 81
Gold reserve against all
liabilities ... a., 60 per cent
Cash reserve, against
ali liabilities after
setting aside 40 per
cent. gold reserve for
n 49,