Evening star. [volume] (Washington, D.C.) 1854-1972, 1914-10-20
Secretary McAdoo Expects
Currency System to Be
Ready by November is.
TALKS TO THE DIRECTORS
AT MEETING HELD TODAY
Officers Of Banking Institutions and
Others Confer With the Federal
Reserve Board.

That Monday. November Is. would
probably be opening day for the federal
reserve banks, when the new currency
system will be put into operation, was
announced by Secretary McAdoo of the
treasury Department today at the con-
ference of directors and officers of the
federal reserve banks with the federal
reserve board. He does not expect the
reserve banks to be completely ready
for business on that day, but ready to
undertake some part of the labors that
fall to them.
Eighty-one directors and officers of
the twelve federal reserve banks met
with seven members of the federal re-
srve board and eight members of the
advisory committee of experts who
nave submitted a plan of preliminary
organization. The conference assembled
IN the rooms Of the controller of the
currency: The Secretary Of the Treas
ury presided. The occasion was first a
get together and get acquainted
meeting, and then a discussion of prob
!ems OF organization confronting the
board and the banks in putting the new
currency system into operation.
Washington Director Present.
J. F. Oyster. class B director. repre-
senting Washington on the board OF
directors of the federal reserve bank
OF the fifth district, located at Rich
mond. was present. Other members of
the Richmond board of directors in at
tendance were William Ingle of Balti-
more. federal reserve agent and chair
man Of the board of directors; James
A. Moncure of Richmond. deputy fed
of the board; M. F. H. Gouvenour of
Wilmington, N. c.; Waldo Newcomer
of Baltimore; John F. Bruton of Will
son. N. c.: Edwin Mann of Bluefelds,
w. Va; George J. Seay of Richmond.
Va, governor of the federal reserve
bank, and D. R. Croker of Huntsville,
S. c.
The meeting was called at 10 o'clock.
An address of welcome was made by
the Secretary of the Treasury. Charles
S. Hamlin. governor of the federal re-
serve board, then presented to the at
phases of the subject of organization
of the new currency system, dealing
with details.
To facilitate the work of the COM
mittee to be taken up upon the adj
journment of this meeting, it was an
under various headings, assigning one
or more members of the federal re-
serve board or some specified expert to
cooperate with the committee selected
from among the delegates.
Committee Assignments.
The following are the subjects and
committee assignments:
Committee on legal matters and pro-
cedure-First, by-laws: acting with
Hamlin; second, other legal points and
Gov. Hamlin; second, other legal forms;
acting with Solicitor Elliott.
Committee on office quarters, equip
ment and personnel; acting with
Messrs. Delano of the federal reserve
board and Ralph Dawson. Topics to be
taken up by this committee-Of1ce
quarters, vault space, organization of
staff and matters affecting officers and
directors. including compensation of
directors and members Of advisory
council.
Committee on rediscount, including
definition of commercial paper and con-
sideration of credit bureaus; acting
with Messrs. Warburg and Harding and
Joseph A. Broderick.
Committee on duties of federal re-
serve agents, including under this
heading the auditing of reserve banks,
note issues, the clearing of national
currency; acting with Controller of the
Currency Williams, Mr. Miller and Ed
mund d. Fisher.
Committee on accounting and statis-
tics-Under this topic the committee
will consider books and forms, state
ments to be forwarded to the federal
reserve board, etc: acting with Secre-
tary Willis, Andrew Benton, C. c. Rob-
inSOn and Harry E. Ward.
Committee on domestic exchange
(transit and clearing): acting with
Messrs. Harding, Ward and Howard
Wolfe.
Committee on bonding of federal re-
serve agents, members of their staff or
other officers of the reserve banks: act
ing with Controller Williams and AS
sistant Secretary Allen.
Committee on mechanical devices;
acing with Mr.. Delano and Mr.. Ward
in connection with the keeping of ac-
counts and statistics.
Secretary McAdoo's Address.
In his address of welcome Secretary
McAdoo said it is the hope of the fed
eral reserve board to put the new cur
rency system in operation by Monday,
November 16. No elaborate system, he
was expected at the moment
of opening. but it will be necessary to
prepare to receive reserve deposits
from the banks and to have rediscount
ready for such part of the
reserve as would be paid by the banks.
In this connection the Secretary of the
far as possible by offering the facilities
Of the various Subtreasuries and the