The Bridgeport evening farmer., 1914-05-05

w-zF,suxfou May 5-After four months of waiting while President wilson carefui1y sifted hundreds or nar.1es3 the business and financial --r--1a- fo<5r learned definitely that the foFIo5r1nx rnen had been chosen for ff,e federal reserve hoard which will 4,rsf into operation the nations new currency system. State and Attorney General of tne United States under President Cleve- P1u1 M. warburs, of New York. ,aer7ber af Kuhn. Loeb & Company, znd nnssong studsnf of foreign bslz1<- W P G Harding, president First a1atdoual Bank of Birainsnsms aAla-s aol one Of the leading bz.nl<ers of <'1s south s. Harry A. wheeler, vdce-presddent and director of the Union Trust Conxa1ay of Chicago, and recently president of the United States Chamber of Com naerce-
 pr. Adolph Caspar Miller, professor nf finance at the University of Cali fornaa and now assistant to Secretary Eane off the Interior Departments Do1ft1czl economist and writer on eco nuznfcs and finance
 Ex-OFFTCHO MRGBERS.
 These men, together with w. G. Me Adoo Secretary of the Treasury, John Ekslton Wz11ams, comptrOiler of fne currency, who are eH-omcio mernoers, have been selected 70 conpose Ine federz1 reserve board -. white House officials decf1ed to Say when the nominations WoussaS be sent no tho Senate as they were awaiting kodax further word from MT sOiney as 4o his acceptance- It was feared by ,,ersor,s close to the White House that be would mt accept on account of his alsvznced years MT O1ney had been chosen for governor of the board and n fs noe known as yet who sVculd sz1b-- EfffMfg him
 The four other men, il Is undeTEpOcds have all accepted
 The personnel follows fhe Presid enf's original idea of securing two bankers, h busfnesxnan, an economist and stu dent of finance, and a lawyer and bas- kuessnan-
 The deczinataon of Mir. Olney, which rt was believed would be formally re cefved some time today, would mean khe selection of another man who had Ing
 WHozE TIME DEMANDED.
 Under the new currency law, ap- pofnffve members of the board are to devo1e aIT their time to the boards business Their salaries are SIP o40 a year The law creating the board pro- v1des that none of it's members shall
  banking institution, trust company or federal reserve bank nor hold stock 1n any banking institution or trust company
 The board is authorized to examine fine affairs of each federal reserve bank and each member bank and to re- uxare necessary reports. It must pub fish weekly statements of the condf- ffon Of federal reserve banks. Ii may require the elimination of doubt fu1 or worthless assets from books o1 federal reserve banks and it may sus- pend for statutory violations opera lions of any federal reserve bank
 FEATURE OF SYSTEM
 feature of the new currency sys- 4em Is the creation of a federal ad- ~zsory council. members of which are appointed by directors of each federal reserve bank The council is to act sn an advisory capacity to the federal reserve board Reserve banks are empowered to discount notes drafts and bills of exchange arising out o1 actual commercial trahsacffons upon the endorsement of any of it's mem her banks with a waiver of demand notice and protest
 The board is empowered to determ- sne the character of such paper. eIig. fhle for discount.