New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-12-18
RANKS WANT MONEY
MEASURES ENACTED
Feel Further Opposition Is
Useless, SO Would See
New system Established.


,oo,riss Of the practical certainty that
o.. administration currency measure will
y. raesed I'm it's present form, the New
vor, national banks are anxious that
congress put the bill through at the
.,rrisst possible moment This sentiment
60 freely expressed IN the financial dis
,rfrt Yesterday by officials Of leading
banks.
There has yet been no definite decision
coached by the National City Bank re-
.arJ.ug it's attitude to the proposed fed
,-.i reserve system. one of the officers
...i5 Yesterday that as the bill allows the
t.rl,s sixty days 10 become member
.t the SYSTEM there is still plenty Of
,t,,. Il, consider this question. 1t is the
-,rerai apiui0u. however, that few Of the
ftg Wall Street banks will relinquish
tbeir national charters despite their oppo-
.i,ior 10 the Oweu-Glass bill.
Wall Street heard yesterday through
washington dispatches that Paul War
bvrg. of Kuhn. Loeb & Co, was likely
On be chosen 10y President Wilson as 4
member of the Federal Reserve Board,
lint there was a disposition to discredit
This report ON the ground that the ad-
,riristr7tioa will steer clear Of Wall
street iu IT'S appointments. II is felt by
bankers however. that Mr. Warburg
would De an excellent choice because of
his wide knowledge Of international as
well as domestic banking.
REGARDING the effect of the currency
bin on the money market, bankers are
now Of the opinion that the new system
can be introduced without any great dis
turbauce. IL was pointed out that the
owen bill made ii possible for bank TO
secure a loan II necessary from its fed
eral reserve bank upon the pledge OF
securities I'm case such temporary as
sistarce should be needed This provision
NJ the BILL il was suggested, could be
svaired Of should such accommodation be
found necessary during the period OF re-
adjustment when the machinery Of the
now system was being installed.
one banker. however, who has very
pronounced views on the owen bill said
that both Senator Root and James a
Forrau. the Chicago banker were right
the one in predicting am initiation of A,sov'-
.tul and the other a contraction OF
a. Inoa0.b i'm our currency by its passage
without amendment lie asserted that the
contraction would take place, first, owing
t1 the calling in of loans by the banks 10
adjust themselves to the new system. ana
that after this period Of readJustmeht
big initiation would follow
Aclus on the theory that the passage
of the new law Will force many interior
hanks TO change their New York CORE
s,,rserts. several state banks and trust
COMPANIES have begun an active canvass
for these accounts. Section 80 of the owen
fi1 stimulates hat no member bank shall
extend directly or indirectly the dement, oI
this system TO a nou-memher tank, except
.7 written permission of the Federal ne
serve Board. under penalty OF SUSPENSION
The Corn Exchange Bank, in a letter
signed rv President Walter L. FreW' So
r,itfrg business from interior banks caHs
attention IN this feature of the bill in lhe
following manner:
"Ir This bin becomes a law and contains
fr-s. provisions and YOU decide not 10
f.su the federal reserve system. the heces-
.ff, Of changing your New York reserve
s.,o.ftory will become imperative. and II
be- fr view Of this contingency that TINS
note is written.
..V-a do not desire YOU 90 construe ms
as q solicitation Of your business at TINS
time. as we do not desire 10 interfere
with our ne.ghbors' business; nut u 'o"-
cross masses "a measure Of this character
and your present correspondent becomes
.r.rtifed with the federal reserve system