Evening star. [volume] (Washington, D.C.) 1854-1972, 1914-05-04

President Wilson has selected Richard
Olney, former Secretary of State in the
Cleveland administration, 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 MIR Olney. word of his
acceptance is being awaited today, but
friends here are inclined to believe he
will not decline. Mr.. Olney was offered
the enthusiastically to Great Britain by
President Wilson early last year, but ex-
pressed an unwillingness to leave the
country on account of his business in
terests He is being strongly urged by
friends of the President to accept this
place, which the President has spoken
of as equal in importance to place on
the bench OF the Supreme Court Of the
United States. Mr.. Olney. though seven
ty eight years old, is active and has had
a long experience in the business and
financial world. which the President and
his advisers believe would especially be
adapted for the head of the reserve
board.
Mr.. Warburg Accepts.
Nj. Warburg, who was connected with
Kuhn Loeb & Co, has been offered
membership on the board and has ac-
cepted Formal announcement Of his
selection as well as the other three men,
bers Of the board, besides 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 1t is understood that a
southern banker is to be one of the three.
but no intimation has come as yet as to
his identity.
Official Washington as well as banking
circles generally are awaiting the an
nouncement of the full personnel of the
federal reserve board with intense inter-
est, as it formally will set in motion the
December % last. With the selection OF
the twelve regional reserve banks the
organization of the board has been the
most vital step in the operation of the
new currency law The banks are being
organized and the expectation of Off
cials is that within another month the
entire system will be in full swing al
though there are certain transitions
which will occupy greater length of
time.
Salary to Be $4,000.
The complete board will consist Of
seven members at salaries of $4,000 a
year each. The Secretary Of the Treas
ury and the controller of the currency
are ex-ofticto members, and the five other
members are to be appointed by the
| President. The law stipuIates that the
members should be appointed with refer
| ence to the geographical. commercial
| and financial divisions of the country"
With Mr.. Olney representing New Eng
| land and Mr.. Warburg New York, il
was expected that the other members to
be selected would represent the south.
the middle west and the far west The
appointees viii serve ten years
senator owen. who piloted the cur
! rency bill through the Senate. conferred
with the President today about selections
| for the board He said that he did not
| discuss individuals, but rather talked
| over the general banking viewpoint he
| believed should be held by the men to be
selected. senator owen said that the re-
! manning appointments would be made
| from q list of l47 men now before the
| President. These We're taken after con-
/ Sideration of "A much larger list
| Two other names which, it is report.
| ed. are to appear on the federal reserve
board list are Harry A. Wheeler, vice
president of the Union Trust Company
| of Chicago and president of the Ma.
tional Association of Commerce. and w
! g. r. Harding of birmingham, Ala
! MIR Wheeler is a republican and it i.
understood that the President intend:
| To have the board a bipartisan one
Mr.. Olney Simply Smiles.
| BOSTON, May 4.-Richard Olne,
! smiled when Informed today that Pres
! ident Wilson had selected him for gov
( eruor of the federal reserve board. bu
declined to comment on the announce
4 ment or indicate whether he would ac
I cept. Mr. Olney is in his seventy -nintl
/ year. and though vigorous and active
| was influenced by his advanced years a.
! well as by his business interests to de.
cline the diplomatic Office rendered him
year ago.
I Mr.. Warburg Accepts.
! NEW YORK. May 4.-Mr. WarburE i.
regarded as one of the foremost bankers
! in this country. He is a brother-in- law
of Jacob II. Schiff, senior partner OF
Kuhn. Loeb & Co. Mr.. Warburg's ap.
pointment was received with general sat
isfaction in the financial community
EOther than to confirm his acceptance Mr.
Warburg declined to discuss his appoint