The Daily Ardmoreite. [volume] (Ardmore, Okla.) 1893-current, 1914-10-25
WANT RESERVE
BANKS OPENED
NOVEMBER 80
PRESIDENT URGES HASTE -
CONFIDENCE is THE ONLY
THING NEEDED TO RESTORE
BUSINESS.

Washington, Oct. 24.-After a two
hours discussion here today, direc
tors and governors of the twelve
federal reserve banks refused by
two votes to support the proposal of
Secretary McAdoo to open the new
banking system for business Nov. 16.
BY vote of 81 to 80 they recon-
mended that the opening be set for
November 80
This action has no binding effect
upon the federal reserve board or
upon Mr.. McAdoo, for the currency
act gives the secretary authority to
open the banks when he believes they
are ready to do business. 1t was
evident tonight that members of the
board were not particularly pleased
with the recommendation of the
banks and it is possible that
meeting of the board within the next
few days will develop sufficient senti-
ment to bring vote asking the Sec
retary to name an earlier date.
Date May Be Changed.
It was suggested that the close
weight in determining the position
of the federal board though argu-
ments that all the banks must work
in harmony on the eve of launching
the system might prevail against the
desire for an earlier opening.
The discussion of the opening date
was taken up Immediately after the
bankers returned from the wni;e
house where President Wilson declar-
ed his belief that the best thing for
the country was to open the banks
at the earliest possible date.
"Otherwise," the president said, 1--WE
should seem to doubt their effic-
acy. Otherwise we should seem to
discredit in part the very thing that
we are undertaking"
Speeches were made at the con-
ference today by men representing
every one of the twelve banks.
There was no sectional difference of
opinion noticeable, but it was ap-
parent that the smaller of the reserve
banks were more nearly prepared to
open on the 10th than those in New
York, Chicago, st. Louis and other
larger cities. The line of argument
against opening on the 18th was
largely that it was physically impos-
sible for the directors to get ready
in the intervening period.
Some of the southern bankers were
particularly anxious for an early
opening because of the assistance
the federal banks might give in TAX
ing care of the cotton crop.
1t was said tonight that the direc-
tors would go home tomorrow night
and begin the work preliminary to
opening If the reserve board finds
as the weeks go on that there is
every reason to believe that a sim
ultaneous opening on Nov. 10 or
Nov. 20 canCbe accomplished, in spite
of opinions to the contrary, expressed
here today, the date will be so
fixed. The board already has voted
to open all the banks at the same
time, but it is possible that this de-
cision will be changed If any special
reasons are discovered to make
opening of part of the banks before
the rest desirable.
The conference today devoted much
time to hearing reports of commit
tees. The one in charge of defini-
tion of commercial paper. regarded by
many bankers as of first Importance,
did not finish its labors. 1t recon-
mended, in a general way, a broad
definition OF such paper, but decided
to continue its work further.
Confidence is Needed.
Confidence is the only thing needed
to restore business prosperity Pres
ident Wilson today told the directors
who he received at the white house.
The president declared he thought
business men were more nervous
than was necessary.
For my own part" said the pres
ident, 81 belieye the best thing that
can be done for the country is to
open the banks at the earliest pos
sible date; otherwise we would seem
to doubt their efficacy. Otherwise
we would seem to discredit in part
the very thing We are undertaking.
For my feeling about the present