Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1920-11-28
federal Reserve Bank Will
Take Over Other Finan-
cial Institution.
BRANCH AT BALTIMORE
WILL BE BROUGHT HERE
Government TO Profit by Large
Savings in Interest and
Transfers.
BUSINESS SHOWS EXPANSION
Working Force to Number $50 Em-
ploycs,. With 10000 Checks
Handled Daily.

Merging OF the functions a. tho
,nited States subtrcasurics located
the various sections Of the coun-
y with the Federal reserve systen,
'!!l bring TO Richmond another large
government financial institution when
ne baltimore subtreasnry w!.i he
ombincd with the reserve bank IN
hio city. Plans FOR merging tho ac-
iy!tics OF the two banking houses
we're announced yesterday BY Gov
snor George i. Scay. The United
states subtrcasurics Will cease 20.
lnct!on on June 20. 1921.
To meet tho demands OF its remark
,blc expansion. "a six-story annex TO
he Sew Federal Bank Building. now
n the course OF construction "a. Ninth
nd Franklin Streets, VIII be erected
n the near future. The addition wi!i
acupy a lot &c by 40 feet on Eighth
nj FRANKLIN Streets.
Immense Saving.
Necessary preparations iavc been
.de in the r"w bank for tho de-
artmcn. which Will take over the
ubtreasury activities. This IS cx-
'ectcd to save thousands OF dollars
transfers. OF government; funds
through this territory heretofore have
been made through Baltimore OF di-
ect!y with Washington. frequently
I'eccss:tatinI tho loss ot :, day or
more Will. IN transit. This :neant
nc loss OF interest for tina, time on
normous amounts The sub,rcasury
department. under tho Federal re-
! eiyc Bank also Is expected 20 sim
|,lify operations in handling tren.ury
|noney. There liz adequate vault
pace for tho safe keeping of the
uHds. protected by tho mos; APP
3rov<d plans OF modern invention.
Concerning the annex Governor
ieay issued the following statement:
The new building OF tho bank was
designed IN 1917. 10 provide FOR
lorce which i; wns thought might al
!mately be several hundred and sill!
cave room for expansion. The rapid
| " and extent OF tho growth OF Tho
Institution. due to operations arising
| rom wartime activities. Coud not
lave been forcsecn. Tho fierce has
ldrcady grown TO $50, and. while ;hs
building would accommodate that
humber. little room would he left
| or expansion
Enormous Growth.
The work OF the bank. especially
. certain departments, has grown
ormously during the pas, year.
|tction facilities. The Reserve Banl;
aa tecn gradually increasing the
umber oc state banks on which /;
| ;atc banks In Virginia ana North
[aroiina have been added during the
ear TO the list Of banks on which
elections arc made at par. APP
fortunately 100000 checks are now
ometimcs handled on a single day.
his collection system will next be
stcnded to South Carolina. Tho en-
: iro Fifth Distric; will thea have
Ieen brought under the par coiiec-
on system. This extension OF the
election system has cntaiicd n very
arge increase in the working force.
D. nd the employees in that part OF the
ank alone number I73. During the
resent calendar year the bank has
dded l75 employees to it's force. In
rcases from this particular cause
! ill approach an end when South
:arolina is brought into the col!ec-
lion system.
at IS now the purpose OF the bank
erect tho annex. which will be OF
mplc construction. six etories in
eight. so that it may be completed
bout tho time its new building Is
uished.
This six story building will avoid
ny possibility of congestion in the
CIV building, and Will provide for
my growth which can be anticipated
;ut TO provide for growth in the
ar off future, which cannot be fore.
cen. the building will be so con-
|tructed that as many additional
tories can be added as may be need
Id. In general appearance the build
Ing will harmonic with the main
Iank building"