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

Washington. May 4-Richard Oiney'
Of Boston. has been selected by the
President to be the governor OF the
Federal Reserve Board.
Paul NJ. Warburg. of Kuhn, Loep q
Co. New York; Harry \ Wheeie''
vice president Of the Union lIus'
Company, Chicago, and president OF tNe
National Chamber of Commerce. and
w. C. p. Harding, president ol the
First National Bank of Birmingham
have been selected as other members
of the board. The member from the
West Coast section is Dr.. A. {. Miller
of San Francisco. Members OF the
hoard will serve ten years, at S12,oOo
year.
Mr. OInev is an old line Democrat
and served in Cleveland's CABINET as
Attorney General and Secretary OF
State. Mr.. Warburg is understood TO
be a Democrat. as is Mr.. Harding. MT.
Wheeler is Republican. The full
board will consist of seven members
and il is the Presidents idea to nave
n non partisan in character and mdue
IN of men of the calibre required Tor
Judges Of the United States Supreme
Court. Senator Owen, who orarteu
the bill creating the rcsrve board Is
authority that the President has 1t
names before him from which TO Sc
lect the additional members.
Earlier in his administration Mr..
Wilson offered Mr.. Olney the position
Of Ambassador to the Court OF St
James's.. a place he declined on ac-
count of his years and a desire to re-
main in touch with his business inter-
ests.
So far as is known Mr.. Warburg has
not officially accepted. though there is
no doubt but that he will do so. In
order to qualify he will have TO retire
from his firm and numerous director
ates he now holds.
The selection Of the members Of the
Federal Reserve Board sets in motion
the new currency law which was en-
acted lust before Christmas. The re-
gional banks for which the new law
provides are now being organized, and
II Is expected here that the law will be
in full swing within month.
Mr.. Olney. who is now in his seventy
eighth year, is a native OF Massachu-
setts, and is best known as CleVelands 8
secretary of state in the troublesome
Venezuelan incident days. He had pre-
viouslv served in the Cabinet OF Mr.
Cleveland as attorney general, and IN
that position declared himself as in
favor of settling labor disputes by ar
bitration. His only other pubic ONCE
WAS one wear in the lower branch Of
the Massachusetts Legislature. AS
LAWYER he has long been one OF the
most prominent in the East, speciallz-
ing in corporation law and the care OF
estates He has never been very friend
" with the Bryan wing of the Demo
cratic party.
Mr.. Warburg is forty-six years old
and a native Of Hamburg, where his
family have been prominent as bankers
for more than a century. He studied
banking in his native land, England
and France. and in the early @s
made several business trips TO the
United States. He married a daughter
Of Solomon Loeb. one Of the founders
of the firm which he later Joined. He
has written extensively on currency
matters and is credited with having
been the real author Of the Aldrich
bill.
Mr. Wheeler is one Of the best known
commercial bankers in the country,
and though a Republican In politics he
has not been especially prominent. As
nresident Of the National Chamber OF
commerce he is known from coast TO
coast.
MFR. Harding is one OF the more
nrominent Of the younger banking ele-
ment in the new South. and has been
active in the commercial affairs of the
birmingham district. He is a close
friend of Representative Oscar \. Tn
derwood After the death Of Senator
Johnston he was a candidate for the
annointment which went to Frank ?.
Glass. only to be rejected by the SEN
ate He is about fifty years old.
Dr Miller is forty-eight years old and
holds a professorship in finance in the
University Of California. Since coming TO
Washington he has been an intimate ad-
wiser of Secretaries McAdoo and Houston
of the organization committee OF the Fed
eral Reserve Board.
Members of the Senate we're non
Continued on page 5. column