The Richmond Virginian. (Richmond, Va.) 1910-1920, 1914-05-05
PRESIDENT NAMES
BOARD Of RESERVE,
NOW UP TO SENATE
Five Members Chosen Who
Will Have Complete Con-
trol-Baltimore Expected to
Fight Richmond.

WASHINGTON April 4.-President
Wilson has completed his selection for
the federal reserve board and unless
some of these decline mem heI ship the
five nominations will be sent t. The
senate this week, Four NJ the mon
TO whom the president is understood
to have rendered places on the board
are:
Richard olney. of Roston former
secretary of state who has been Of
fercd the cha rmanship
Paul M. Warburg. IF Kuhn, Lecb &
Company. of New York.
W r. e Harding. preSider. ~ The
First National bank. Of birmingham,
Ala.
Harry A. Wheeler. president If the
Union Trust company. II Chicago. and
former head Of the national chamber
of commerce.
The identitsf af the fifth man. whc m
President Wilson has selected. has not
leaked out. 1t was stated euthori-
tatively. though. that thus Inembe- will
come from the Far West. either Cal
ifornia or Oregon. ard that his selec-
ton will undoubtedly be a compile ta
surprise.
A Californian in the house tonight.
who admitted he had not been taken
into the presidents confidence said ne
het.fe9 that If a banker from mis-
state were chosen he would come from.
the following list:
Frank b Anderson. presidsn. OF the
Bank x ..iitornia: Richard - Welsh,
secretary - the California Banktrs'
associa ia. Herbert Fleisbacke., e he
London Paris National bank, and I. W.
Heilman. IL. All OF these nttn are San
Francis
report here tonight, which bore
out the unofficial statement that the
western representative would cause
surprise. was TO the effect that he
would not be a banker. but probably
q student OF economic questions, with
academic experience.
The question of greatest interest In
connection with the presidents choice
now. aside from the identity of the
western member, relates to Mr.. Olney $
attitude toward the offer.
Strong doubt existed In the minds Of
many persons at the capital tonight
that Mr.. Olney will accept.
Mr.. Olney was visited in Boston last
week by Colonel E. NJ House, of Texas
who informed him of the president s
desire 10 name him chairman of the
board, He consented to take the prof
fer under consideration. but his final
answer has not yet been sent to the
Mfr. olnev. II he accepts, will repre-
sent New England on the board. Mr..
warhurg will represent the East. Mr..
Harding the South: Mr. Wheeler the
Middle West and the fifth member will
represent the Far West.
The president. under the provisions OF
the CLASSIC Owen currency law. is EN-
powered to select the Ave members
of the board aside from the secretary
of the treasury and the comptroller
of the currency, with due considera =
tion TO geographical. financial and
commercial requirements
The men appointed by the president,
with Secretary McAdoo and Comp
trolier Of the Currency John Shelton
Williams. Will have tremendous power
In their hands. They will have the
power OF fixing discount rates in the
various districts. and may order the
transfer of reserves from one section
to another.
Probably the nrst big task which
will devolve upon the board will be
to review the selections of reserve
districts and cities announced by the
organization committed, An attempt
{ConttnueH on Eecord Paeel