Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1915-11-17
ABOLISH OFFICE
OF COMPTROLLER
Advisory Council Makes That
Recommendation to Federal
Reserve Board.
VOTE SAID TO BE UNANIMOUS
Proposal Is Made on Ground
That Office Is No Longer
Necessary.
VOTE SAID TO BE UNANIMOUS

tion OF the office of Comptroller Of the
Currency. which has direct supervision
over the operation of all national banks.
was proposed to-day to the Federal
Reserve Board by the advisory council,
created by the Federal reserve act TO
portance to the reserve banking system.
Tho recon mcHdation was adopted at
meeting attended by nine Of tho
twelve members Of the council. and the
nous. Later ii was discussed briefly
by the board itself. though no action
was taken.
AGREE THAT OFFICE
NOW Is UNNECESSARY
The council -ecently was asked to
submit 10 tho board suggestions as to
legislation TO b" urged upon Congress
ut the coming session, and to this task
II is said the members agreed that
the Office OF comptroller had been made
unnecessary by the establishment Of
bound 10 be duplication of work. since
exam ma tions OF national banks. one OF
tho principal functions of the comp
troller's Office. may be conducted by
agents of the reserve board at the re-
quest OF reserve bank.
An alternate proposal was made that
II the office be not abolished the cx-
animation of member banks. Including
national banks, should be made in the
future exclusively by examiners of the
board. There have been reports for
some time that an effort would be made
TO abolish the office Of comptroller or
to curtail it's power. and il is under
stood that several members of the
board would not he opposed TO such a
change.
The council recommended also amend
mcnt OF the reserve act TO permit mem
ber banks TO subscribe TO tho stock
OF joint branches in foreign countries,
particularly South and Central Amer
lea: TO permit national banks to oper
branches in cities In the United States.
and to permit member anks to count
Federal reserve notes as reserves. Sew
eral other suggestions considered Of
minor importance were advanced.
DISCUSSION OF RESULTS
EXPECTED FROM WAR
There was a general discussion of
requests from the board for opinions
on how 10 reduce the existing over
expansion in loans and how TO guard
against evil effects that may bc en-
pec,ed TO result 10 tho financial inter
csts OF this country following the Eu-
ropean war.
Each of the reserve banks dcsiguates
q member of the council Those at
tending to-day were James i. Forsan,
Chicago; Daniel G. Wing. Boston: w
s. Rowe. Cleveland George j. Seay.
Richmond: Charles y. -Lyerday, Atlanta !;
c. T. Jafrray, Minneapolis: T.. F. Swim
ney, Kansas City; j. Howard Ardrey
DALLAS. and Archibald kains. San Fran.
cisco. j. +. Morgan. of New York
Levi l.. Rueb OF Philadelphia. and
Roila Wells, OF ST. Louis, were not
present.
FAVOR REIMBURSEMENT
OF RESERVE DISTRICTS
Determination of its attitude iowa rd
reduction in the number of Federal
reserve districts has been prepared by
the Federal Reserve Board, hut may
not be taken up for several weeks
After some discussion of the questions
involved to-day, the board decided 10
let the problem wait until every mem
Der could be present,
In the meantime the board will not
take up the appeals of member banks
in various districts for changes in the
location of reserve banks. or in the
lines of the reserve districts, as il is
deemed inadvisable TO pass upon any
of these questions until a general policy
has been agreed upon.
Discussion of a rcadjustment did not
lead to vote. Some members en-
pressed the opinion that the board was
without power to take such action
and IL was said tonight that counsel
for the board had expressed doubt on
the subject. Four of the seven mem
bcrs. however, are understood to favor
readjustmcnt. though none is inclined
to press an opinion on the subject to
the point of causing friction.
RICHMOND LEADS THEM ALL