Arizona republican., 1913-12-21
Both Branches of Congress Get Down to Conference Business and It Soon De velops There Are Many Serious Differences.
THE END IS NOT
 YET IN SIGHT
House Committee Enters Upon It's Work Instructed to Accept Two Senate Amendments Calculated to Aid in Many Ways.
TAssOCIATED PRESS DISPATCH

NEW YORK, Dec 2O.-The task of settling the differences between the house and the senate on the admins
 tration currency bill was taken up in earnest tonight by the democrats of the conference committe of the two houses,
 headed by Senator owen and Repre-
 sentative Glass. Republicans of the committee did not attend. No one can
 predict when an agreement will be
 reached, but Representative Glass flat ly declared that the differences are
 serious and no immediate agreemnt is
 looked for.
 Predictions had been made earlier in the day of report to the senate on Monday. The house conference entered upon the work instructed to accept two senate amendments calculated to aid in great many ways. There was an ef- fort made in the house to have it con cur with all the senate amendments The amendments endorsed by the house are those providing that six months commercial papers shall be eligible for re-discount at federal banks instead of three months paper only. as originally provided in the house bill. and giving national banks the right to make loans on five year farm mortgages up to one third of their time deposits. The sen ate amendment providing for the es- tablishment of q depositors' insurance fund mentioned in the house debate, but it was not included in the instruc- tions
 The house conference, however. held q session before the meeting of the sen ate committee and decided to make a fight against the provision. The reading of the bill was begun by the democratic members of the conference committee after they met. Within an hour serious differences developed. The house mem bers announced their intention of in sisting that the secretary of agriculture and the comptroller of the currency be retained as members of the committee l to organize the new system, as mem bers of the federal reserve board. The senate amendment removed them both The number of regional banks, the house members agreed to accept on the provision that not less ! than eight be created. but insisted that the provision be eliminated fixing the maximum number at twelve. They also announced they will insist on the pro vision that the capital stock of each regional bank be fixed at five per cent l or LHe Cdpltdl or the HdlIoildI DdHkS III ] it's district. instead of six per cent of the capital and the surplus of the banks as provided in the senate bill
 l With the currency bill in it's final | stage in congress informal applications l from national banks to get into the ! system that is to be created under its provision, began to come
 l retary McAdoo Nearly q score of such | applications had been received up to 1 closing time tonight. MT. McAdoo is of the opinion that there will be a greater rush next week
 | Practically every request came by | telegraph one was signed by eleven national banks in Baltimore; another came from Chicago, the third from ] Arkansas, one from Wisconsin. one l from Iowa, one from Virginia and Oth- CTS from different states
 1 No reply has been made by Secretary i McAdoo to the applications and no ac- ! tion will be taken by the treasury de- i partment until the bill is signed by the 1 president It is probable however 1 that other things being equal. the first | application will be first hOnOred, al- ! though no final distribution has been
 i reached. Already Secretary McAdoo is preparing tO begin work on the vast i change in the nations financial system l that the new law will entail He prac 1 tically barerd his doors to callers today
 and had a long talk over the bill with | Charles A. Conant. of New York. an l expert on finance.