Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1913-08-25
CONFERENCE IN CHICAGO RE-
SOLVES THAT WILSON MEAS.
uRE BE AMENDED.
TO SEND COMMITTEE TO
WORK FOR ALTERATIONS
While Bankers Favor Only One Re.
serve Bank, They Will Agree 70 Es.
tabIishmsnt Of Fivs-Peiiey Of CO.
operation Instead Of Antasonism
Wins in Final Session Of Conferences.

Chicago. Aug. 25.-The currency
conference. called by the American
Bankers Association to consider the
Glass-Owen bill now before congress
Saturday tremendously finished Its
labors at the Hotel La Sale by unan-
tmously adopting resolutions calling
for important changes in the measure.
and authorizing the appointment of
committee Of seven to present them at
Washington.
The personnel of :he cor,miti.e is as
follows:
James B. Forgan. president First
National Bank Of Chicago.
George NJ. Reynolds. president Cont
nenta; and Commercial National EaHk.
E. ]. Hill, vice president National
Bank of Norwalk. Conn.
r. F. Maddox, vice president Ameri-
lean National Bank, Atlanta, Ga.
Sol Wexler, vice president Whitney
Central National Bank. New Orleans.
Joseph Chapman. vice president
Northwestern National Bank, Mime
apolis.
Fes,us J. Wade, president Mercantile
National Bank. St. Louis.
Tho the bankers-Hho represented
forty-seven sta:es-iAve no nope tnas
their suggestions " iii be embraced iH
toto by congress, they do think they
will win many notifications. The con-
iicting Chicagoans-George M. Rey-
nolds and James b. Forgan-agreeo
upon it, and Mr.. Reynolds summed up
the general opinion when he termed
it:
IAN able, dignifled, and courteous Set
Of recommendation which will encour-
age further attempts at legislation on
the part of the bankers
Aarss to Five Reserve eanks.
AS forecast by the Reynolds address
of Friday, the committee held to the
plan of one central reserve bank, but,
realizing that this recommendation
would fail, named as an alternate not
more than Ave reserve institutions, as
against the even dozen provided in the
bill.
It was also provided that national
and state banks and trust companies
may subscribe to reserve bank Stock
eliminating the compulsory feature o.
the Glass bill. 1t was later explained
by committeeman that II the currency
plan worked out well the state banks
and trust companies would desire to
support it, and that only the nationa,
banks were legally amenable to the
law. This wording was sort OF evil
dence OF good faith without commit
ting the banks to anything.
Other Changes Suggested.
In this same connection alterations
to he ~ ho
banks should subscribe to the reserve
institutions. The bill provides 20 per
cent Of the unimpaired capital, and this
was reduced to 10. Likewise the bill
provided that one-f fourth of the amount
should be paid in cash and like
amount within sixty days. This was
second half being payable within sixty
days Of previous notice instead Of after
the original subscription. The amend
ment is regarded as being stronger than
the bills provisions.
The directors OF the reserve banks
| were divided into three classes by the
trainers Of the bill: A. consisting Of
three representatives Of the stockhcld-
ing banks: B. three members repre-
senting public interest of that reserve
district: and C. three members to be
designated by the federal reserve board.
The latter are recommended to be legal
residents OF the district in which the
reserve bank is located. The commit
tee struck out the provision permitting
the reserve board to remove any class
B director at its discretion. It also
believes that one Of the class c men
! should be delegated as federal reserve
- al
rectors.
| Stock Subscription Details
| Similar changes to those made in the
stock subscription We're fou1.1 in regard
to the increase u capital Of banks hold
| ing stock in the reserve banks. II the
bankers idea is adopted the banks will
subscribe for additional stock in the
reserve institution at the rate of 10 per
cent of its capital increas. rather than
20, and will pay so per cent on pur-
chase. the remainder to become a la
bility
| Five per cent dividends to stockhold
ers in the reserve banks was not con-
sidered sufficient, and it was made
per cent on the paid in capital, and
cumulative.
The committee struck out entirely
what Mr.. Forgan termed the death
warrant section. This provided that
any national banking association which
should fail to comply with the act with
in one year should be dissolved. It was
also recommended that doubtful banks
should be permitted to apply at any
time after the acts passage, and not be
limited to one year.
This was regarded as something OF 8
concession to the radicals, as any ma
tional bank must comply with the act
J. II passed, Irrespective Of the personal