The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1914-05-05
WILSON SELECTS
RESERVE BOARD
Olney, Warburg, Wheeler, Hard
ing and Miller Picked for
Important Posts.
POLITICS is NOT CONSIDERED
President Guided Only by De
sire to Secure Very Best
Men Obtainable.
POLITICS is NOT CONSIDERED

Washington. May a.-President VII
son tonight had selected the fve men
who. together with the Secretary of
tho Treasury, ". G. McAdoo and the
Comptroller of the Currency, John
Shelton Williams are to compose the
Federal Reserve Board.
All OF those selected had not yet 40
cepted. so formal announcement will
not be made for another day or two.
The men TO whom the President has
offered places are:
Richard Olney. OF Boston, Mass,
former Secretary OF State under Presi-
dent Cleveland. to be governor of the
board.
Paul Moritz warburg. of New York.
member of tho banking firm of Kuhn.
Loeb & Co
Harry ~. Wheeler. Of Chicago. vice
president OF the Union Trust Company,
of Chicago. and former president and
organizer OF the United States Cham
Der OF Commerce.
w. F. Il. Harding. of Birmingham.
Ala, president of the First National
Bank OF Birmingham, and one of the
leading bankers of the South.
DR.. Adolph Caspar Miller. OF San
Francisco. now assistant to secretary
Lane. OF tho Interior Department,
formerly member of the faculty of
Leland Stanford University, Is an
economist and authority on finance.
The nominations will be sent to the
Senate In a few days. AS vet Messrs.
Olney and Harding have not Indicated
whether or not they will accept
MUST SET IN MOTION
NEW CURRENCY SYSTEM
Upon the new board will devolve
tho task of setting in motion the bank
ing system of the country. through
the twelve regional reserve banks al
ready selected Thnv "a Wil1 l.
tute the governing board. which is
given wide power to regulate the
twelve banks and Issue currency. The
President had told his friends that he
regarded the membership OF the board
equally important as that OF the Su-
preme Court OF the United States.
The President Is very anxious that
Mr. Olncy accept, and had personal
representative In Boston to-day urging
him to do so. The Impression among
many persons here, however. was that
Mr. Olney would decline. as nc. did
the ambassadorship to Great Britain
on account of his age.
Should Mr.. Olncy decline, II is be-
lieved Mr.. Harding or Mr.. Warburg
will be chosen to head the board. but
this Will not be determined until def
mite word comes from the first choice
While the White House didn't make
any announcement, persons close to
the President confirmed the names of
tho first four men above mentioned
and discussed freely the principles
which had guided the President In
making his choice. lie selected men
from New England. New York. the
Middle West and South and Pacific
Coast. they said, so as to conform with
the provisions OF the new law which
specify that no two members OF the
board shall come from the same re-
;iOnal reserve district.
POLITICS DOES NOT
FIGURE IN SELECTIONS
Tho President. according to those
who were In his confidence when he
made his selections, was guided by no
political considerations. seeking to get
the best bankers and business men
available White House officials did
not know the politics OF the men men
toned except that Messrs. Olney and
Harding were Democrats, and they be-
lieved Mr.. WarburG was a Republican.
Mr.. Wheeler is a Republican and close
friend OF former President Taft.
An apparently authentic report was
in circulation late in the day that VIII
liam Denman. of San Francisco, a
the Pacific Coast member, but this
was denied by White House officials.
MIR. Olney was particularly desired
for tho position of governor OF tho
board because of his legal training and
his familiarity with the business world
iic 10 ScNcHty -elSnl years Olu, ana was
Attorney-General OF the United States
from 1893 to 1895. and then Secretary
of State until 1897.
MIR. Wheeler is forty-nine years old.
He has been banker most of his life.
He has been general secretary OF the
Chicago Association Of Commerce, was
appointed by President Taft in 1911 81
member OF the commission on second
class mail matter. and has been presi-
dent of the Credit Clearing House of
Chicago.
MIR. Harding Is hfty years old. and is
lookcd upon rs one of the leading
bankers of the South. Ho is II man or
large income. and some OF his friends
here doubted whether he would sever
connection with his bank. the First
National OF birmingham, which Is me-
.cessary under the law. In order to ac-
ccpt the $4,000 post.
iaul MoritZ Warburg is forty-flvo
years old. was born at Hamburg. Ger
many. and after graduating from the
university there received busincsn
training with Hamburg commission
nrm In lSsS he entered his fathers
banking firm, NJ. NJ. Warburg a Co
founded In 1898 by his great-grand-
father To study the rudiments of bank
Ing. In 1901 he became a member of
TN. Municipal Council of Hamburg.
taking an active part in the creation Of
the League OF German Banks and
Bankers He moved to New YorIt In
1902 to become n partner in the arm OF
Kuhn. Loeb X Co.
New York Bankers Pleased
New York. May 4.--I.ocal banks .n
day strongly indorsed the appointment
or Richard NJ. Olney as governor OF tho
reusrai reserve Board. and Paul NJ.
Warburg as member OF the board.
There. seemed, however. to be a be.
lief In important. banking circles that
Mr. olileS would decline. owing to his
advanced age, and the fact that last
year he refused tho ambassadorship to
a. Bartou Hepburn. chairman OF the
Chase National Bank, and a high an
thority on banking matters, said:
Il hope the reports of the appoint
lent men for the POSITIONS
MIR. Olney DOsSesses grant aAiItt,.