New Britain herald., 1914-05-05
President Names Board.

Washington, May 5.-After four
 m onths of waiting while President Wilson carefully sifted hundreds Of names, the business and financial world today learned definitely that the fol- lowing men had been chosen for the federal reserve board which will put into operation the nations new currency system:
 Richard Olney of Boston, former secretary of state and attorney gen eral of the United States under Pres ident Cleveland.
 Paul M. Warburg, of New York, member of Kuhn, Loeb & Co.,, and lifelong student of foreign banking systems.
 w. F. C.. Harding. president First National bank of Birmingham, Ala, and one of the leading bankers of the south.
 Harry A. Wheeler, vice-president and director of the Union Trust Co. of Chicago and until recently presi- dent of the United States Chamber of Commerce.
 Dr. Adolph Caspar Miller, profess sor of finance at the University of Cal ifornia and now assistant to Secretary Lane of the interior department; 9 political economist and writer on economics and finance.
 Ex-Omcio Officers. These men, together with w. C.. McAdoo, secretary of the treasury, John .Skelton Williams, comptroller of the currency, who are ex-officio members, have been selected to com pose the federal reserve board. White House officials declined to say when the nominations would be sent to the senate as they were await ing today further word from MT. Olney as to his acceptance. It was feared by persons close to the White House that he would not accept on account of his advanced years MT. Olney had been chosen for governor of the board and it is not known as yet who would be substituted for him. The four other men, it is under stood have all accepted.
 Original Idea Followed. The personnel follows the presidents S original idea of securing two bankers, a business man, an economist and stu dent of finance, and a lawyer and
 business man.
 The declination of Mr. Olney, which
 
 ceived some time today, would mean the selection of another man who had combined legal and business train ing. Under the new currency law ap- pointive members of the board are to devote all their time to the board s l business. Their salaries are $12,000 a year. The law creating the board nrovidpS that none of the mem he rS Shall be an officer or director of l any bank, banking institution or trust l company" Duties of Board. 1 The board is authorized to examine | the affairs of each federal reserve bank and each member bank and to re- quire necessary reports. The board must publish weekly statements of the | condition of federal banks It may | require the elimination of doubtful | or worthless assets from books of 1 federal reserve banks, and it may suspend for statutory violations opera tions of any federal reserve bank. A l feature of the new currency system is the creation of a federal advisory | council, members of which are ap- l pointed by directors of each federal 1 reserve bank. The council is to act l in an advisory capacity, drafts and 1 bills of exchange arising out of actual commercial transactions upon the en- dorsement of any of its member banks, with a waiver of demand notice and
 protest. The board is empowered to determine the character of such | paper" eligible for discount.