The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1914-05-05
WILSON NAMES MEMBERS OF
FEDERAL RESERVE BOARD
ALL HAVE NOT ACCEPTED
POSITIONS WHICH HAVE
BEEN RENDERED.
Richard 0lney Named Governor of
Board-All Are Promi-
nent Financiers.

WASH NGTON. u. G. Nav .
President Wilson tonight had selected
the five men who. together with the
Secretary OF the Treasury. W. g. Me
Adoo. and the Comptroller of the Cur
rency. John Skelton Williams, are TO
compose the Federal reserve board
MI OF those selected had not vet ac-
Cepted. so formal announcement will
not be made for another day or two.
Inc men 20 whom the President has
offered places are:
RICHARD olNEY. of Boston. Mass.
lcrmer Secretary of State under
President Cleveland. TO be governor
OF the board.
PAUL NORTH WAR5URo, of New
York. member OF the banking firm
OF Kuhn. Loeb a Company.
HENRY A. WHEELER, of Chicago.
vice president of the Union Trust
company of Chicago. and former
president and organizer of the
United states Chamber of Com.
msrCC.
w. p. c. HARDING, OF Birmins nam.
Ala. president OF the First NaIionai
Bank ol birmingham and one of
The lcadins bankers of the South
Or. a. {. MILLER. of San Franctsco.
a. present assistant TO Secretary
Lane. o: the Interior Denar -rnent:
an economist and an authority ON
finance.
The nominations will be sent to the
senai" IN few DAYS As yet Mcssrs.
Olnoy and Harding have not indicated
whether or not they would accept
viii Start New System.
Upon the new board VIII devolve
the task of setting in motion the bank
ing system OF the country through the
twelve regional reserve banks already
selected. ALSO they will constitute
the governing board. which Is given
Wide powers To regulate the twelve
banks and the issuance of currency.
The president had told his friend that
he regarded the membership of the
board equally as important as that
of the supreme court of the United
States.
The president is very anxious that
Mr.. Olney accept and had a personal
representative with him in Boston 20
day urging him 10 do so. The I'M
preston among MANY persons here.
however. Was that Mr.. Olney would
decline. as he did the ambassadorshi
TO Great Britain. on account OF his
advancing age
should ar. oinsy deelne. ~ il be.
heyed Mr.. HARDING or Mr.. Narburs
will be chosen TO bead the board. but
this will not be determined until def
mite word comes from the first choice.
Friends Confirm Names
While the White House did not
make any announcements. persons
close to the president confirmed the
names OF the first four men above
mentioned. and discussed freely the
principles which had guided the pres
ident in making his choice. He Sc
lected men from New England. New
York. the middle west. south and Pa
Cihc coast. they said. so as 10 con
form with the provisions of the new
law. which specify that no two mem
bers of the board shall come from the
same regional reserve district.
The president. according 10 those
who were In his confidence as he
made his selections. was guided Oy
no political considerations. seeking 20
got the best bankers and business
men available. " hite House officials
did not know the politics of the men
mentioned except that Messrs. Olney
and Harding were Democrats and
they believed Mr. Marburc was a Re
publican Mr. Wheeler Is a Republi-
can and close friend OF Former Pres
ident Taft.