Arizona republican., 1913-12-20
Galleries Ring With Cheers as Measure Upon Which
 Congress Has Been Work ing for Months Is Given
 Approval at Night Session
BY FlFTY-FOUR
 TO YHIRTY-FOUR
Measure Will Now Go to Conference Committees of Both Senate and House and Probably Reach the
 President Monday Night
ASSOCIATED PRESS DISPATCH

ASSOCIATED PRESS DISPATCH1 WASHINGTON. Dec 19.-The ad- ministration currency reform bill proposing the revision or the finan- cial system Of the United States and creating regional reserve banks to act as strengthening elements in the banking and financial world, passed the senate tonight by a vote of fifty four to thirtN-four The forces that had fought together for improvement and amendment of the measure to the last, Were divided when the final vote came.
 Senator Hitchcock who had led the opposition to the bill returned to the democratic ranks and Senator Weeks. one of the leaders of the republican side with five other republicans and Senator Poindexter progressive voted for the passage of the measure. Wide differences exist between the form of legislation which was passed by the senate tonight. and the bill that passed the house several months ago. The democratic leaders have partly adjusted these differences, however. and it was predicted to- night that the bill would be com pleted by the conference committee. and sent to the president for his sig nature by Monday night.
 The adoption of the administration biH known as the owens bill. fol- lowed upon the formal defeat by forty-four to forty-one of the Hitchcock biH'' which had been en- dorsed by Senator Hitchcock. five republican members and an evenly divided senate committee which pass ed on the legislation The senate had previously rejected. without a roll call, the central bank bill offered as a substitute by Senator Burton.
 Throughout the afternoon when the vote on the bill was momentarily eX- pected, Mrs. Wilson and friends from the White House were interest ed spectators of the senate proceed ingS. Mrs. Wilson stayed in the pri- vate gallery until seven o'clock, but left before the bill had passed The galleries and floor of the senate were crowded throughout the day and the passage of the measure which has held congressional attention for many months was greeted with unchecked applause from the galleries. To hasten the final enactment of the bill. which is expected to reorganize and give balance to the commercial and financial conditions, the senate named tonight it's conference commit tee which will work with the house committee to compose the differences between the two bills. The house will name it's conference committee tomorrow.
 Many of the chief points of diff ference between the house and sen ate are the following: The house provides twelve regional banks, the senate for from eight to twelve" discretion being left to the federal reserve board. The senate added a provision creating a fund to guaran- tee deposits of failed banks that are members of the reserve association. The house limited the rediscount of commercial paper at regional banks to that of maturity in ninety days; the senate provided that 1SO day agricultural paper could be accepted under certain limitations. The gold reserve required of regional reserve banks against circulation notes was placed B 1-3 per cent by the house and al forty per cent by the senate Banks will be permitted to loan on five year farm mortgages by the senate bill; on one year mort gaEes by the house
 The house adjourned tonight to ten o'clock tomorrow morning. instead of until noon, as usual, so as to reject formally the senate amendments to the bill. and pave the way for i'm mediate action by the senate when that body convenes at noon. The conference of the two houses probab- ly will be at work within a few min utes after the senate meets.