The Richmond Virginian. (Richmond, Va.) 1910-1920, 1915-01-07
baltimore PROTEST
Continued from First Page.)

more business with the section of the
country located in the Fifth Banking
District than Baltimore"
Baltimore Talks Size.
That Baltimore, five times as large
as Richmond is resting her chief
claim upon her size was the declara-
ton of Mr.. Page in opening argu-
ment for Richmond. He contended
supporters of Baltimore have lost
sight of the, fact that the Reserve
Act is intended TO break up the CEN
tralization of the reserves. which the
location of the Reserve Bank in
Baltimore cannot advance. Figures
showing Richmond has made greater
financial advance In ten years than
has Baltimore were submitted
I'VE have disproved," said Mr..
Hunton, that Baltimore Is the choice
OF q majority OF the banks in the
district. We have shown that Rich
mond had n better freight rate with
the South than Baltimore. and there
| is left only one peg for Baltim ores
original argument, and that is its
size.
Bankers Arc Business Men.
Now. It's size would count If Bal
timore possessed the other considera-
tons which are necessary in the de-
tSTfnlndiiOfl Oh IL fSesSTNe bdHk we
show by our brief that Richmond
National Banks do FIVE times more
business with the Fifth District States
than do the Baltimore National
Banks. Is 1t any wonder. then, that
| the banks of the Carolinas and Vir-
GINA voted for Richmond
And, gentlemen, the bankers know
what they are doing. They are hard
headed business men. They are not
~. .~vxxk
| of them voted for Richmond because
they do business with the Richmond
banks The Federal Reserve System
| is a banking system and 1t is extreme
| ly important that the wishes OF the
bankers who do business with the Re-
serve Bank should be recognized in
| locating the reserve reservoir.
| What are the great crops of the
Fifth District? They are cotton. to-
/ bacco and peanuts. Richmond is the
! center OF these great crops and 1t
knows their financial needs. Rich
mond is more intimately in touch with
tcotton production than Baltimore, and
| during the present crisis. when cot
/ ton acreage must be reduced, she Is
| In better position to use her personal
Influence to have this acreage re-
| duced."
/ Mr.. Hunton- declared that people Of
/ this country do not realize how great
/ has been the development of Rich
mond in the last. decade. He gave
/ figures proving development, and re-
sorted to the use of the writing or his
torians to show that but three or
four decades ago part of Richmond
was in ashes There are no ashes
now" he declared. Richmond Is a
modern American city and IL is the
natural business. industrial and finan~
tcial center of the territory comprising
the Fifth District"
BaItimore's Contentious.
/ Messrs. Markell and Cooke, pre-
senting Baltimore's protest, followed
closely the argument set forth in Bal
timore's brief,
/ It was pointed out that the last
census shows for Baltimore s26G.213,-
1924 OF manufactured products On a
year, against s47.S57.9S5 for Rich
mond: that Baltimore has silT,0oo.-
| coo In exports. so per cent more than
Phila delphia.
The brief pointed the large pre-
! ponderanco in bank resources for Bal
/ timore. showing that Baltimore has
ES2,0t1. Ar 900 in bank clearings
wear. against SAIL, 507 900 for Rich
/ mond; that Baltimore has $29T ,S64,-
SIT in all bank resources. against
! s74,s64. or for Richmond and against
/ s255,0350l6 for the whole State Of
/ Virginia
! The Baltimore Argument did not
/, explain away the fact that nearly so
per cent of the banks of the Fifth
District preferred Richmond over
/ Baltimore as center, The argu-
n.ent OF Baltimore entered into per-
+ sonalities and sought to make capt.
! tai of the fact that John. SHELTON Will
4 liams. comptroller Of the currency,
and member of the organization COM
mittee is Il citizen Of Richmond.
/ There is little doubt to the final de-
cision of the board. Those VINO heard
| the able presentation of the Richmond
I lawyers today have no fear as To the
| outcome There is not chance that
/ the board will change its decision in
/ favor of the Monumental City, In the
opinion of those who have been
! watching the controversy closely