New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-06-17

though these banks will make the re-
demptions. II IS provided that to brlna
about elasticity the board of control 1T
cases OF emergency. may transfer from
one reserve association to another reserve
funds to meet local conditions.
\ fiat tax rate of one-haif of ] per cent
probably will be made on note issues. IL
certain localities national banks VIII De
allowed TO lend money on improved farm
property. Such loans. however, Will be
limited and under strict supervision.
The bill will seek to reduce the amount
Of reserve now held in principal reserve
cities so as TO prevent Objectionable con
centration.'
Liberal Toward National Banks.
The regional reserve banks are to be
the fiscal agents Of the government
These banks. It is stated, will be virtual
sub-treasuries" for their respective To-
calities. The attitude Of the government
toward national banks is 10 he hberalized
and they are 10 have larger snare oil
government deposits.
As previously told in The Tribune a
limited number OF the larger banks viii
be allowed to establish branches abroad
for the more expeditions handling OF for
eign exchange and the promotion OF thi'
country's foreign trade.
There will be no attempt to retire I'M
medately existing banknote circulation
As currency OF this character is re-
deemed it will be retired, and the ne"
issue will take its place. The suhsutu-
ton Of the new currency, issued by the
proposed board Of control Of nine mem
bers. dominated by the government Will
therefore. be gradual
Bankers in the financial district were
unwilling 10 discuss publicly yesterday the
reported provisions Of the currency re-
form bill until they had seen the fun text
The head Of one OF the leading Wal
Street banks stated that what he had
read Of the bill pointed TO an encouraging
solution Of the badly tangled currency
system. but he added that some important
details would probably be disclosed later
which might be even more commendabe
It is hoped that President Wilson vii
give out the new bill to-day so that tht
currency commission OF the American
Bankers Association, which meets in At
| laptic City tomorrow. for the announced
purpose Of discussing the thirty-thre'
questions sent out to bankers by Senator
owen. chairman Of the Senate Committee
ON Banking ard Currency, may include
! the measure in its discussion.
The conference will be attended by inc
following members: A. b. Hepburn, chair
man Of the board OF directors Of me
Chase National Bank, chairman. James
Il. Forgan. president Of the First Nationa
Bank Of Chicago, vice-chairman; MyroI
T. Herrick. president of the Society ioi
| Savings. Cleveland. Festus ). wac,
! president Mercantile Trust COMPANY -
| Louis: Joseph y. Talbert ylce-prefldeh
| National City Bank. New YORK. Seors'
| NJ. REYNOLDS, president Continental ant
Commercial National Bank. Cnlcsgo
| John perrin. Los Angeles; Luther DRAKE
! president Merchants National Bank
| Omaha: Sol. Wexler, ce-presdent Nml
| nev- Central National Bank. Plttsbligh
| T.. T. Swinney, president Frst aqua ~,
Bank, Kansas City. Mo. Joseph a. NC
| Cord, yice-president Third National Bank
| Atlanta; J. r. Sartori. president security
| Savings Bank. Los Angeles, Lew l. rue
president Philadelphia National Banh
| Philadelphia: r. j. Howe. vice preslden
| Princeton Bank. Princeton. y. j., sn'
| Frederick r Farnsworth. secretary oil th'
| American Bankers Association.