Rock Island Argus., 1914-08-11
RESERVE BOARD
BEGINS ITS WORK
New Body Has Its First Session
Banks May Be Organized
Under Act by October /.

Washington. Aug. 1.-THE federal
reserve board. controlling the federal
banking system of this country. was
organized officially yesterday when its
members took the oath Of Office in the
presence Of Secretary McAdoo of the
treasury department and other Off
cials Of the government.
The board members will meet Presi-
dent Wilson Thursday afternoon and
learn from him his views on emerg-
ency situations, receive suggestions
and begin active work in organizing
the reserve banks for the 81 reserve
districts.
Members OF the board are Charles
s Hamlin. designated governor or eN-
ecutive officer by President Wilson:
Frederic A Delano. similarly desig-
mated vice governor; w p. G. Hard
ing. Paul ". Warburg and Adolph c.
Miller. Secretary McAdoo and Comp
troller OF the Currency John Ekelton
Williams are members OF the board
by virtue Of their offices, Secretary
McAdoc being chairman.
Following Introductory and welcom-
ing speeches by Secretary McAdoo and
Mr. Hamlin. the board received re-
ports from the organization committee
announcing election of directors of the
reserve banks, representing the stock
holders OF the member banks and the
industrial and commercial interests of
the district served by the bank.
For the federal reserve bank OF Chi
cago the stockholders directors.
known officially as class a, are George
VI. Reynolds. Chicago; ]. b. F'organ,
Chicago, and L l. Johnson, Waterloo.
Iowa. The industrial directors. not
connected with rhe banks in an Off
cial capacity. known as class b. are
Henry B. Joy. Detroit. Mich; VI. B.
Hutchinson, Ottumwa, Iowa, and A. II.
Vogel. Milwaukee.
The three remaining directors for
each of the reserve banks are TO be
selected By the federal reserve board
This will be one of the first matters
taken up by the board when il meets
for active work next Thursday
Leaving the meeting of the reserve
board, Mr.. Delano. adopting the slogan
, Of the Chicago Herald, SAID: "All we
have 10 do at the present time is to
sit tight and not rock the boat"
war tax is necessary. The finances Of
the country are in excellent shape
Business is in first-class condition. If
II was not for the war in Europe this
country would be facing a season OF
great prosperity / do not apprehend
there will be Any business depression.
or any situation where the war shall
embarrass us
Our great crops are coming on at
fortunate time and they will help re-
;isv the situation in ever way. There
will be found a way TO ship the crops
10 market. That situation will adjust
itself or be adjusted before there is a
waste OF TIE crops, and the products OF
tne soil will get to the markets where
they are wanted and are needed"
Governor Hamlin of the board said:
We shall do our utmost to work
ou- successfully the important prob
lens before US. We take this trust as
a sacred trust, which We pledge our
every energy and effort TO work out
for the benefit of the whole people" -
Secretary McAdoo said the Euro
pean situation as regards finance is
well in hand, and that future compii-
cations can cause no uneasiness be
cause Of the organization of the fed
eral reserve board to take over man
agement OF such matters. He said the
federal reserve banks should be organ
lied by Oct. 1.
Special rates on the ladies' and chill
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