The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1914-06-13
RESERVE
BOARD SELECTED
Thomas B. Jones. Chicago Law
yer, Named by President
as Governor.
OTHERS ALREADY CHOSEN
Treasury Officials Still Hope to
Have Banks in Operation
by August /.
OTHERS ALREADY CHOSEN

Washington. June l2-Thomas r.
Jones. a Chicago lawyer. former trus-
tee Of Princeton University and per
sonal friend Of President Wilson has
practically bccn selected for governor
Of the Federal Reserve Board. II was
said unofficially to-day that his nomi-
nation would go to the Senate on Mon
dav.
With tho nomination OF Mr.. Jones.
the names OF Paul NJ Warburg. OF New
York; w. Z. @ Harding. of BirminG-
ham. Ala; a. q. Miller. of san Fran
cisco. and T.. c. Simmons. of st. Louis.
to be members of the board are cx-
pcctcd TO go to tho Senate. Secretary
McAdoo and Comptroller OF Currency
Williams VIII he cX-oilicio members.
1t was definitely stated 1T the White
House that the President formally
would announce the personnel OF the
board ON Monday.
Mr. Warburr and Mr.. Harding are
bankers; Mr.. Miller Is an economist
and at present Assistant Secretary of
the Interior: Mr.. Simmons IL a mer-
chant. Mr.. Jones Is not only Il law
YER but student and expert in
;inancc.
HOPE TO HAVE BANKS IN
OPERATION BY AUGUST
Treasury Department officials were
still Of the opinion to-day that it will
bc possible To have the twelve Federal
Reserve banks in operation by August
!. although they say the demand for
money to move crops has not been
such as would suggest any great strain
10 b" relieved by the reserve banks.
Practically the remainder OF June
VIII he required for the election of
directors of the Federal reserve banks.
Banks that are to become members OF
Tescrve banks. now are balloting for
the directors Of the y and Il classes.
Each reserve bank viii have three
directors OF Glass y and three Of Glass
y. all named by electors selected by
the various member banks. Three di-
'cctUrs in Class { are then to he dcs-
lgnated By the Federal Reserve Board
and must be men with banking eXpc-
-icncc.
Tn" organization committee has not
made any call upon member banks as
yet Tor the official 90 per cent OF their
subscriptions of the capital stock OF
tho reserve banks To which they wish
TO belong. Such a call hardly will be
made until after the Federal Reserve
Board is confirmed by the Senate and
takes up it's work in Washington.
DETAIL WORK AWAITS
FEDERAL RESERVE BOARD
Much detail work awaits the Fed
eral Reserve Board after II assumes
office. Secretaries and assistants to
the members must be selected. and a
complete system OF reports for the
reserve banks must be worked out.
1T Is pointed out by Secretary Nc
Adoo and Comptroller OF the Currency
Williams that the Federal reserve
banks will in no sense be general
banks. and consequently their func-
tions will DE wholly unlike those of
the ordinary city banks
one of the first duties which will
fall upon the directors of the twelve
Federal reserve banks will be the es-
adjustment of branches necessary to
accommodate" the business of the va
rious districts. Branches will he oper-
ated by directors named by the main
banks and .he Federal Reserve Board
NO limit has been placed upon the
number Of branches. which each Fed
cral reserve bank may establish.