The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1912-01-06
ALDRICH BILL,
SAFEGUARDED,
READY FORVOTE
New Provisions Will Proven,
Any Section From Gaining
Control of Immense Reserve.
South's Representation
Largely Ahead of It's
Banking Capital.

Washington. January 5.--The Ma.
tiohal Monetary Commission TO .day
virtually agreed upon n provision
which, II is believed. will have the ef.
rect OF preventing the exercise of un :
Que influence upon tho affairs of tho
proposed national reserve association
ny an individual. corporation or Sec
, ton of the country. This practicaIIv
completed the work OF that body.
Tho great fear from the beeinninr-
OF the commissions labors has been
that the s30.o00,00o reserve which IT
is proposed TO establish Will be con-
trolled by Some financial centre. 1t
Wac at first believed that this danger
has been avertcd by the prohibition
OF the transfer OF stock and by other
restrictions. but lately there was the
apprehension that holding companies
or other corporations. or even indi-
viduals. might gain an undesirab bio
ascendancy through the purchase Of
stock In banks comprising the asso-
citation.
Representatives Vrceland and Weeks
and former Representative Bonynge
especially have pressed this point
and at ;o-day's meeting presented u
proposition which proved acceptable
II would restrict the voting rights of
banks in cases In which individuals or
one of them.
Tho effect of this provision would
DC to limit or prevent voting by banks
owned or partly owned by one stock
| holder or one set of stockholders. It
is IN line with the effort Of the COM
mission to avoid the possibility OF
c"ntralizing the power TO shape the
policy OF the reserve association. 1t
7 also is expected to meet the criticism
that the association might be con-
trolled by such an important centre
as New York City.
south In Strong Position.
The division of the United states into
fifteen branch reserve association d.a-
| tricts also WAS made to prevent cen
tr;llization. AS determined ,hese dts
tr!cts will he distributed as follows:
One in the New England States. two
in the Eastern States OF New York. New
Jersey. Pennsylvania and Delaware
four in the Southern states. extending
from Maryland 20 Texas: four In the
| Middle Western States and four in the
Far Western and Pacific Coast states.
ives. or the Missouri River and north
| of Texas.
| The result Of this distribution will be
| TO give the southern and Western ana
Pacific States proportion OF control
far in excess OF their banking capital.
Tho commission recently made nu-
merous changes In tho composition OF
} the hoard of directors of the reserve
association There arc 20 be seven ca
! ofiiclo members. instead OF six, the Sec
rotary OF Agriculture being added 20
the list; only nine members, instead of
twelve, who are not bankers, the other
three being transferred TO the list to
be chosen by the voting representatives
OF the various districts. which list is
enlarged from twelve 10 hfteeu.
The commission will meet again TO-
morrow 10 add the finishing touches 10
the report. which II is understood will
be In shape for presentation 10 the
two houses of Congress Tuesday. IL
will be presented to the Senate by SEN
ator Burton. of Ohio and in the House
by Representative Vreciand. OF New
York.
In the hope OF eliminating politics
from the question. the bills carrying
the Aldr!ch plan into effect will not
be pressed prior TO the presidential
election or during the present session
of Congress.