Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1918-07-15
COMMITTEE IS NAMED
ON CAPITAL ISSUES
permanent Organization Effected for
Fifth Federal Reserve
District.
CALDWELL HARDY CHAIRMAN
WcIl-known Richmond Bankers, To.
gctlIcr With Men From All Over
the District, Arc Appointed to
Scryc-Outlinc OF Duties.

Permanent organization OF tho Fifth
District Committee Oh Capital Issues
"aS announced in Washington ycster-
dag u? Charles S. liamlin, chairman
of the capitai Issues Committee. aion
with the committees for each OF the
twelve Federal reserve dis.ricts. This
organization replaces the Temporal;
committee that has been serving tin.
richmond district Since February. All
continents were made. Chairman Ham
I'm said. with view of Obtaining tho
widest possible representation. bo,h
geographically and with respect TO tho
many interests concerned.
As announced in Washington. the
Richmond reserve district committee is
as follows:
Caldwell HARDY. chairman of tho
board OF the Richmond Federal re
serve Bank. chairman; George J. Seay.
governor OF the reserve bank. vice
chairman; r. J.. Bemiss. Herbert ".
Jackson. John VI. Miller, Jr.. S. 7. Nor
gan, Frederick W. Scott and Coleman
Workman. Of Richmond: John L. DICK
:nson. Charleston. w. Va; John Joy
Edison. Washington: +. II. Fries. Char
lesion. s. c.: Il. Ii. Gr!swold, Jr., Bal,:-
more: George a. Holdcrness. Tarboro.
" c.: John =. Law. Spartanburg. S. T.;
waldo Newcomer. Baltimore: r. c.
Rhett Charleston. S. c. and Z. L.
Thompson. Of Washington.
tsNEt IL MIISTEE
OF NOT MORE THAN SEVEN
An executive committee of not more
than seven members OF the district
committee residing within reach Of the
Richmond reserve bank will meet
regularly to consider applications re-
ierred 10 II by the Capital Issues Com
mittee in Washington.
Chairman Hamln. reviewing ths
work OF the Capital Issues Committee
SAID that there had been n very Wild.
range OF applications. the applicants
coming from every field OF Industry.
rs we'll as from public utilities AMI
municipal interests Every section OF
the country IS listed among the ap-
p!icat!ons received
Since the Capital Issues Committee
was rcorgan.zcd ia May in conformity
with the act OF Congress creating it
Chairman liamlin said. Hundreds OF
app!!cat lions from both public and pri-
Nate corporations have been acted
upon. With the help OF the old dis
trict subcommittee. the issuance and
sale OF millions OF dollars Of securities
for purposes regarded as not contrl-
buting TO the prosecution or the war
have been postponed for the period OF
tho war. Issues which meet 4 real
military or economic necessity have
been encouraged. The effectiveness a..
tho war program depends not ouly.
upon the nations military strength.
but upoa a sound economic rcadjusi-
u rcaGlUs;ncnt that viii release work.
crs and raw materials FOR war indus
tries 10y curta!linS uncsscntia! opera
toas.
The ohjcc; OF the Capital Issues
Committee in passing upon ali issues
OF new securities TO determine their
compatibility with the national inter
est is TO secure the posiponcmcnt uuti!
after the war o: the use Of capital,
materials and labor. in order TO rivc
the right OF way to the government
financial requirements and 20 the pro
ductiCn ot war necessities.
The district committees. whose an
pointments are announced, VIII here
after act definitely upou all appiiCa
tons 10 issue securities amounting -
100000 or less, and in advisory capa-
City TO the main committee at WASH
ngton In the matter of applications
involving larger amounts. The Capt.
tai Issues Committee also has tho bcne-
tit Of the advice OF all otter depart
ncn;s and branches OF the government.
Including the food. fuel and railway
administrations. the War Industries
Board and other agencies having know
ledge OF tho requirements o. csscntia!
War industries"