Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1913-08-27
BANKERS URGE
MANY CHANGES
Adopt Resolution to Impress
Congress on Currency Bill.
MAIN POINTS ARE AGREED ON
A. Barton Hepburn of New York
Names Committee to Direct Cam
paign at Washington-Asks
Five Reserve Banks.

Chicago, Aug. 25-The currency
conference, called by the American
Bankers association to consider the
Glass-Owen bill now before congress,
tremendously finished it's labors at
the Hotel La Sale by unanimously
adopting resolutions calling for impor-
tant changes in the measure, and au-
thorizing the appointment of com
mittee of seven to present them at
Washington.
The personnel of the committee is
as follows:
James B. Forgan, president First
National bank of Chicago; George M.
Reynolds, president Continental and
Commercial National bank; E. J. Hill,
vice-president National bank of Nor
walk, Conn; r. F. Maddox, vice-presi-
dent American National bank, Allan
ia Ga; Sol Wexler, vice-president
Whitney National bank, New
Orleans; Joseph Chapman, vice-presi-
dent Northwestern National bank,
Minneapolis; Festus J. Wade, presi-
dent Mercantile National bank, st.
Louis.
Trip to Washington Waits.
None of the seven was named def
nitely as chairman, but it is expected
the head will be assumed by Mr.. For
gan as first on the list and also as
vice-chairman of the currency com
mission of the bankers association.
Neither was the time for the confer
ence at Washington fixed.
Though the bankers-who repre-
scented AZ states-have no hope that
their suggestions will be embraced in
toto by congress, they do think they
will win many notifications. The
conflicting Chicagoans-George M.
Reynolds and James B. Forgan-
agreed upon it, and Mr.. Reynolds
summed up the general opinion when
he termed it:
"An able, digniffied, and courteous
set of recommendations which will en-
courage further attempts at legisla-
ton on the part Of the bankers"
Forces of Cancellation Win.
Chairman A. Barton Hepburn of
New York reminded the delegates
not alter the bill, and urged a large
attendance at the national convention
of the American Bankers association
at Boston on October g. At that time
he expected the Glass bill would still
be before congress.
Agree to Five Reserve Banks.
AS forecast by the Reynolds ad-
ho1 10 &hn IL
of one central reserve bank, but, real
iZing that this recommendation would
fail, named as an alternate not more
than five reserve institutions, as
against the even dozen provided in
the bill
1t was also provided that national
and state banks and trust companies
may subscribe to reserve bank stock,
eliminating the compulsory feature of
the Glass bill.
In this same connection alterations
were made in the amounts of stock
the banks should subscribe to the re-
serve institutions. The pill provides
20 per cent. of the unimpaired CAPT.
tai, and this was reduced to 10.
Change Reserve Board Personnel.
Radical changes in the personnel Of
the federal reserve board were fore
cast by the Reynolds address of Fri
day, and the committees report amply
fulfilled expectations.
The board, as before, will comprise
seven members, and the secretary Of
the treasury will retain an ex-officio
membership. The secretary of agri-
culture and the controller of the cur
rency are eliminated, however.
Instead of four members being Sc
lected by the president, he is allotted
three, and the remaining trio are to be
chosen by the directors of the federal
reserve banks.
All state banks which accept mem
bership must use the word national in
connection with their corporate name.
The Glass bill provides that all
money now in the national treasury
shall be distributed among the re-
serve banks within year of the acts
passage.