New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-05-06

have been suggested as possibilities for
| the board. but il is believed the President
will choose a business man with legal
training The other four members OF the
board selected by the President are
Paul NJ Warburg. of New YORK Dr.
Adolph Caspar Miller of San Francisco
Harry A. Wheeler. of Chicago. and W. T.
| G. Harding Of Birmingham Ala.
Mr.. Olney in a letter TO President VIII
son formally declined the proposed ap-
pointment.
Under the new currency law the Presi-
| dent is ito have due regard for fair
representation of the different CONNER
cial industrial and geographical divi-
sions of the country"
In selecting Mr.. Olney's successor the
President Is free to choose from DISTRICT
No. /. New England; District No s..
comprising New Jersey, Delaware and
Eastern Pennsylvania; District No. =
Ohio. Western Pennsylvania, West Nir-
ginia and Kentucky; District NO. o.
Maryland, Virginia. District of Column
bla and North and South Carolina Dis
trict No. s. Arkansas, Missouri, Indiana,
Tennessee and Mississippi; District No.
O. Montana, North and South Dakota
Minnesota. Wisconsin and Michigan'
District No. 10 Kansas. Nebraska. Colo
RADIO and Wyoming. and District No. H.
Texas. New Mexico. Oklahoma, Arizona
and part Of Louisiana.
National bank subscribers to the stock
Of federal reserve banks tonight num-
bered SSH, an increase of ISL for the day
The total amount of subscriptions was
se0.1S4,300. Only three days remain Tor
the remaining 1883 banks in the system
to file their subscriptions
Warburg's Appointment Praised.
Paul NJ Warburg, of Kuhn, Loeb d
Co, yesterday signihed acceptance of his
appointment to membership in the Fed
eral Reserve Board. While the act does
not make 1t incumbent upon Mr.. War
burg to retire from his firm. 1t is his IN
tention TO do so as soon as he can make
the necessary arrangements. lie will
also sever connection with banking insu-
tut.ons eligible to membership in the re-
serve system. such as his directorships in
the National Bank Of Commerce, the
Title Guarantee and Trust Company and
the United States Mortgage and Trust
Company.
Mr.. Warburg has been citizen OF the
United States for FIVE years and has
never before held public office. To all
inquiries yesterday regarding plans for
putting into operation the machinery Of
the new currency law he said that. being
only one Of seven on the board he could
not act In the role Of prophet
Bankers Yesterday continued their ex-
pressions Of approval Of the personnel OF
the Federal Reserve Board as made pub
lie to date
81 consider the appointments by Presi-
dent Wilson excellent" said Frank A
Vanderlip. president Of the National City
Bank Il don't think they could have
been better have known all the men
for years, and have the highest respect
for their ability. Mr.. Harding is one Of
the best posted and most efficient bank
ers Of the South. and DO not know of a
man better equipped with banking knowl-
edge
/ In Mr. Warburg we have a man OF
sound judgment and with a thorough
knowledge Of the banking situation. I
have the highest regard for his ability"
Charles d. Norton, vice-presldent OF
the First National Bank. said lie knew
Harry Wheeler. OF Chicago, and A. c.
Miller, Assistant Secretary OF the IN
terror.
In my opinion. they are very good
men" he added.