The Sentinel=record., 1913-11-06
CHAIRMAN OWENS DECLARES IT TO BE EQUIVALENT TO GEN.
 TRIAL BANK PLAN.
ALL DAY SESSION IS HELD
New Scheme Provides for centralixa- ton of One Half of the Reserve to Formerly Planned.

Washington, Nov 5.--An entirely new feature was tentatively written into the administration currenncy bill today by the seate committee after q full day of heated wrangllng. The new plan was characterized by Chair man Owen, chief administration SUD- porter in the committee. as "equiva- lent to a central bank" He said that the committee adjourned with ths matter ..'up in the air"
 The new scheme would provide fer the centralzation of one-half of the reserves to be held hy the regional banks in the proposed new system. This proportion would be placed un- der the complete control of the fed eral reserve board and would be lo- cated in Washington to be admin istered for the aid and convenience of the entire banking system. As finally voted upon the proposition was modification of a plan pro- posed by Senator Reed of Missouri, who suggested 1t as means of com posing the wide difference among members of the committee. Senator Reed and Senator Hitchcock oined with the republicans in voting for the plan, which was opposed by Sen ators Pomerene, Hollis, O'Gorman and Shafroth.
 Senator Owen was plainly agitated over the progress of affairs in the committee today. After the vote on I the Reed proposal he declared that if give nan opportunity he would demon strate that the plan would not work. Senator Reed declared he was willing to be convinced and it was arranged that Senator Owen should make an argument on the point tomorrow.
 This plan would deplete the re- sources of the various regional banks to degree which the supporters of the scheme have not thought of, said Senator Owen after the commit tee adourned tonight.
 T will undertake to show that the regional banks would be hampered and restricted in their rediscount op- eration if this plan prevails. The matter is still pending"
 After the vote on the Reed amend ment the administration forces en- deavored to put through the admin. istration plan for bank control aud ownership of the regional banks, but quit again in a tangled argument. This point will be taken up again to- morrow.
 Talk of possible democratic can GUS to consider the progress being made by the committee quieted down today and members of the commit tee took the position that a caucus would not hasten the disposition of the bill. Administration senators, | however, looked more dubiously than ever on the situation following to- days vote i'll the committee and some action on the part of the White House or senate leaders was ex- | pected.
 President Wilson sent for Senator
 Weeks of Massachusetts, republican member of the banking and currency committee, tonight, and discussed the situation with him for an hour.
 The senator declined to talk of his visit but it is understood he has a compromise plan in which Senator i Smith of Georgia is said to have been endeavoring to interest many demo- crats and which would retain most Of the features of the house bill. It is
 believed the president told Senator Weeks just what parts of the mouse bill he considered fundamental and
 essential and what features of il ho regarded as debatable.