Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1915-11-08
EDMUND STRUDW|CK IS
ASSURED OF ELECTION
Will Succeed George j. Seay as Glass
"B" Director of Federal
Reserve Bank.
NAME WILCOX FOR CLASS "a,
Baltimore Man Will Be Chosen to
Fill Vacancy Caused by With.
drawnl OF Waldo Newcomer-Gov-
crnOr Scay to Speak in Norfolk.

Nominations for vacancies In the
directorate of the Richmond Federal
Reserve Bank, returned to Chairman
OF the board, William 1nglc, by the
group l banks OF the Fifth District,
point to the almost unanimous choice
of Henry II. Wilcox. of Baltimore, and
Edmund Strudwick, of Richmond, az
successors to Waldo Newcomer and
George j. Seay.
Group l comprises Approximately
onc-third of the member banks of the
Fifth Federal Reserve Distric,-rnc
largest in point Of combined capital
and surplus. All OF these have APP
pointed electors and most OF them
have submitted nominees for the two
vacancies. About So per cent have
| nominated Henry l.. Wilcox and Ed
mund Strudwick, and the remaining
II per cent have either nominated
other men or have made no uomiua-
tons at all.
VACANCIES FALL. THIS
YEAR ONLY IN GROUP 1
Since the vacancies this year ran
only in the group class, the electors
from this group alone will participate
in the election. On November 10
Chairman lnglc will mail to each clec-
tor form of preferential ballot pro-
viding for the first, second and othe,
choices for each of the directors to be
elected. Since each clector will vote in
by his bank, the election of Mr.. Will
cox and Mr.. Strudwick is assured
For the Class !; vacancy in the di-
rectorate caused by the withdrawal OF
George i. Scay, who is unable TO serve
further because of his duties as gov.
crnor OF the Richmond Federal Reserve
Bank, Edmund Strudwick is the unani-
nous choice of all the banks submittins
a nomination. In the nominations for
the Class y vacancy there are only four
departures from the unanimous sclcc-
ton OF Mr.. Wilcox. The Second Ma.
tional Bank of Hagerstown. Nd nom
mates for this position Andrew Burke
Almoney; the Virginia National Bank
of Norfolk, dominates y. Beaman. and
First National Bank, of Spartanburg,
S. G., and First National Bank of
sumter, s. c.. nominate II. q. Rhctt.
NEXT TRANSFER or RESERVES
TO BE MADE NOVEMBER 10
The member banks OF the Fifth Dis
trict have been notified by Governor
Seay that under the provisions or
section 10 of the Federal reserve act
ana the ruling of the Federal Reserve
Board. the next transfer of reserves
will have to be made on November l6
RemittanccS for reserves may be
made in gold, gold certificates or other
lawful money, and in Federal reserve
notes. For the convenience of the
serve Bank will receive checks on
member banks located in the following
Federal reserve cities: Richmond. Pail
adelphia. New York. Boston. Cleveland
Chicago and st. Louis. Acceptable
eligible paper. Endorsed by member
banks. will be received to the extent
of one-half of each installmcnt of re-
serves.
The next installmcnt of reserves will
be due on May Ii. 1916 and the final
fourth installmcnt on November lG,
1916. This will complete the trans
fer of reserves from the member to the
Federal reserve banks contemplated by
the Federal reserve act.
Governor Seay. Of the local Federal
reserve bank, Will leave to-day for
Norfolk. where he will address the
Credit Mems Association of that city
tonight on the subject. The Develop
ment Of the Trade Acceptance in this
Country