New Britain herald., 1914-05-04
Former Secretary of State Nanel
 for Federal Reserve Position.
WARBURC CHOSEN AS MEMBER
Official Washington Awaiting An nOuncernent of Full Personnel of Council Which Will Set in Motion the New Currency Law.

son has selected Richard Olney, secre- tary of state in the Cleveland admins tration, to be governor of the federal reserve board, and Paul Warburg of New York, to be member of the board.
 Although the president has offered the governorship to MT. Olney, word of his acceptance was being awaited today, but friends here were inclined to believe he would not decline. MT. Olney was offered the ambassadorship to Great Britain by Presid ent Wilson earlly last year, but expressed an un- willingness to leave the country on account of his business interests. He is being strongly urged by friends of the president to accept this place, which the president has spoken of as of equal importance to a place on the bench of the supreme court of the United States
 Has Business Experience.
 MT. Olney, though seventy-eight years old, is active and has had a, long experience in the business world and finance which the president and his advisers believe would especially be adapted for the head of the reserve board.
 MT. Warburton, who was connected with Kuhn, Loeb and company, has been offered membership on the board and has accepted. Formal an- ncuncement of his selection as well as the other members of the board, be- sides the governor is expected to be made within the next two or three days, as offers are being made to the men whom the president has selected. It is understood that a southern banker is to be one of the three, but no intimation has come as yet as to his identity.
 Full Personnel Awaited.
 Official Washington as we'll as bank ing circles generally are awaiting the announcement of the full personnel of the federal reserve board with intense interest as it formally will set in motion the new currency law which was signed December 28, last. With the selection of the twelve regional re- serve banks the organization of the board has been the most vital step ir. the operation of the new currency law. The banks are being organized and the expectation of officials Is that within another month the entire system will be in full swing, although there are certain transactions which will occupy a greater length of time. The complete board will consist of seven members. at salaries of $12,000 a year. The members of the treasury and the comptroller of the currency are ex-officio members, and the five other members are to be appointed by the president. The law stipulates that the members should be appointed with reference to the geographical, com mercial and financial divisions of the country"
 Will Serve Ten Years. With MT. Olney representing New England and MT. Warburg, New York, 1t was expected that the other mem bers to be selected would represent the south, the middle west and the far west. The appointees will serve ten years.
 Conference Is Held. Senator Owen conferred with the president today about selections of the board. He said that he did not dis cuss individuals but rather talked over the general banking viewpoint l he believed should be held by the men to be selected. Senator Owen said that the remaining appointments would be made from list of 147 men now before the president. These | names were left after consid iteration of g. much larger list.