Albuquerque morning journal., 1913-12-21
rarfsrsaoa May Be DELAYED
to- Days Before Reaching
Settlement of Several Dis
n-ad Points
OMEN MEASURE NOT
APPROVED By GLASS
MIA Initiation Likely to Result
Declares Virginia States
man. if Certain Provisions
Are Retained.

n, sass-ss souHssl srtrisl lrssrr ~ast'
n.arinrrnr. nee 1F-The task af
nnrae ihe differences between the
t,asa ana the senate ln The currency
tm vas taken up in earnest tonight
= democrats az the two houses
,asel hr Senator owen and Repre-
.-rfve Glass The republicans 81
~ committee did not attend. NJ
ss would predict when an agrec-
~vt would be reached ana Repre-
sentative Glass fatty declared that
tss differences were serious ana no
Immediate agreement was looked Tor.
Predictions had been made earlier in
ae say of "a report to the senate on
Monday.
The house conferees entered upon
ths work instructed t0 accept Two
aaaie amendments calculated 10 aid
sx|cultural communities. The .n-
aractions were adopted by the house
aafr an effort 10 approve AN the
anfniments The amendments en-
dased by the house were those pro-
uang that six months commercial
rspef shall he eligible for rediscount
q. ne federal banks instead OF three
months paper only. as originally pro-
rded by the house bin ana giving
uonai banks the right 10 make
loans on five-year farm mortgages up
10 one-ihird Of the ir ume deposit
The senate amendment providins
iaf the establishment Of "a depositors
Insurance fund was mentioned in the
house debate but il was not included
ia the Instructions. The house CON
ierees however held a session be-
fore meeting the senate committee
and decided To make a fight against
the provision. strong support for the
amendment on the floor of the sem
ate Was in evidence during the consid-
Grafton and a fight was predicted if
The conference report eliminated the
provision.
The house conferees were prepared
also TO make "A vigorous fight against
several Of the reserve features
changed By the senate. on this point
representative Glass was emphatic in
debate Of the bill
The bank reserve requirements of
the senate bill" he said, would re
1lt In calamity Under the senate
amendments the total reserve Of the
banks in cash and in credit with the
reserve banks would be less than the
banks al present hold In cash in their
vaults. Within a few months under
these provisions we would have a
great eXpansion--a wild initiation"
The reading Of the bill was begun
by the democratic members Of the
conference committee Immediately af-
Yer they met. Within an hour serious
points Of difference developed. The
house members announced their in
fntion Of insisting that the secretary
OF agriculture and the comptroller /
Of the currency be brought in as
members of the federal reserve board. /
The senate amendment removed them [
from both.
Regarding the number at regional /
banks, the house members do not ac- !
eepi the senate provision that not less I
man eight be created. but insist that I
me provision be eliminated fixing tn /
maximum number al twelve. Thoy (
afo announced ihat they would in
sst on the house provision that the /
capital stock of each bank be fixed /
q per cent Of the capital stock Of /
me national banks instead of 6 per /
cent and surplus Of the banks rs
provided in the senate bill.
senate democratic members Of /
.ae conference committee decided n I
ne night session not to take their
epubliean colleagues into the confer
.hee Senator Crawford one Of the
epuollcan conferees. upon learning
~ nat ne would not participate. lefC
" asaingtoa for his home to spend
~ holidays The house conferees
ssifed 10 have their republican col
sAsle representative HAYES. join in
Ae deliberations.