Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1915-01-07
BALTIMORE GIVEN
HEARING BY BOARD
Presents Its Protest Against
Richmond as Federal Re-
serve Centre.
FINAL DECISION RESERVED
Leigh R. Page and Eppa Hun
ton, Jr., Defend Selection
of This City.
Especial to The Times Dispatch ]

Especial to The Times Dispatchl
WASHINGTON. January G-After
several hours OF argument by repre-
sentatives OF Baltimore banks, which
location of the Fifth District bank at
Richmond instead Of Baltimore. the
Federal Reserve Board late to-day took
the protest under consideration with
out comment. 1t is undy stood no i'm
mediate action Will he taken.
PRONUNCIATION OF detailed regulations
for operation of the reserve system.
management Of the cotton loan fund.
ana other pressing matters. ii is said.
VIII delay decision on the protest
Attorneys for Baltimore interests
opened their arguments by asking that
Secretary MCAdoo and Comptroller
Williams. cx-ot'icio members of the
board. be excluded from the hearing.
Williams and Mc.Adoo were members
Of the organization committee which
chose richmond against Baltimore
No action on the request was taken.
PAGE AND HUNTOS LOOK
AFTER INTERESTS OF RICHMOND
Attorneys Leigh Il. Page and Eppa
Iiunton, Jr., of Richmond, defended
that city's right to the Federal re-
serve bank against the mass of sta
tistics and a flood of oratory presented
by the representatives o: Baltimore.
Mr.. Page was the first to speak for
Richmond. He declared that the Vir-
ginia city had been selected by the
Federal Reserve Board purely upon it's
merit. He said that Richmond was in
closer touch with the great cotton, to-
bacco and other great industries in the
flfth District. and that no favoritism
mad been shown In selecting Richmond
as the seat Of this great banking in
stitution.
Mr.. Hunton said that they had dis
proved the contention OF Baltimore that
the Monumental City was the choice
of majority of the banks in the dis
trict.
Attorneys Charles Markell and Yer
non Cook. who represented Baltimore.
made I, detailed analysis OF the com
parison between Baltimore and Rich
mond in their arguments. They de-
clared that it is hardly possible that
the organization committee itself real
ized the preponderance of Baltimore
commercially over Richmond.
There Is believed To be no doubt as
TO the final outcome. Richmond is sure
to keep the Federal reserve bank. I'm
the opinion of those close to the board.
BALTIMORE RAISES CLAIM
on THREE CONSIDERATIONS
Mr. Hunton contended that baltimore
based It's claim for the bank upon three
Observation-Disclosures preferential
freight rates and n poll of the banks
ilo prelaced his remarks with the
statement that Richmond comedies the
commercial preponderance of Raltt-
more In many respects. but that n ma
tority of the banks, as shown bv the
poA taken by the Comptroller of the
Currency. favored Richmond, and that
richmond has better freight rate
from the South than baltimore. He
said, therefore. Baltimore has left only
one claim, and that was population.
Mr. Hunton contended that Balti-
more. while possessing the population
consideration. did not possess the
other considerations which had to be
recognized in the selection of reserve
banks He declared that Richmond Is
the centre OF the production OF the
three great crops OF the Fifth District
cotton. tobacco and peanuts. He
then added that Richmond knew best
the financial needs of these crops
Mr. Hunton also opposed baltimore
on Its geographical location, in respect
TO the whole country as well rs to
the district. He said If the bank were
placed at Baltimore, it would be In
proximity to Philadelphia and New
York, and the Eastern Atlantic Coast
would have three banks within
stones throw of each other, while the
south would have only one, the one at
we have disproved the claim that
Baltimore is the choice of a majority
or tho banks in the district" said MIR.
Huhton. we have shown that Rich
mond has n better freight rate with
the south than Baltimore, and there
Is left only one peg for Balt.inore's
original argument, and that Is its size.
Now, its size would count If Baltimore
possessed the other considerations
which are necessary In the location Of
a reserve bank. We show by our brief
that the Richmond national banks do
live times moro business with the Fifth
District States than do the Baltimore
national banks. Is it any wonder then
that the banks Of the Carolinas and
Virginia voted for Richmond?
KNEW WE'LL
WHAT THEY WE'RE DOING
And. gentlemen, these bankers
Know what they are doing They arc
hard-headed business men. They are
not controlled by sentiment The ma
>ority OF them voted for Richmond be-
cause they do business with the Rich
nond banks. The Federal reserve sys-
TEN is banking system, ana it is
extremely important that the wishes
Oh the bankers who do business with
thc reserve bank should be recognized
IN locating the district reservoir.
What are the great crops or the
Flfth District--cotton. tobacco and pea
nuts. Richmond is tho centre of these
great crops and 1t knows their hnan-
cial needs. Richmond is more inti-
mately In touch with cotton production
Than Baltimore. and during the pres
ent crisis. when cotton acreage Is too
great. she is in better position to uso
her personal influence to have this
acreage reduced"
MIR. Hunton then recited figures
showing the enormous percentage in