The sun., 1918-04-30
FINANCE BOARD
NAMED;
SENATE CRITICS
Wilson's Nominations for
Capital Issues Committee
Called Disappointing.
p NEW YORK MEN CHOSEN
Warburg Praised Though Not
Selected-McAdOO's Hand Is
Seen in Making Up List.
Special Desposch to TAs SrN

SPECIAL Deep0sch 20 1HE SCN.
WAsHINoroS, April es.-The names Of
the men selected to form the War
Finance Corporation and the Capital
Issues Committee. which will pass on
all security issues over $4,000. wee
sent to the Senate to-day by President
Wilson. Presumably they were picked
by Secretary McAdoo. who In the rrigi-
nal bill creating the corporation was
to select the directors himself without
the necessity Of confirmation by the
Senate
The directors OF the War Finance
Corporation are william r. G. Harding
Of Alabama. Allen b. Forbes OF New
York. Eugene Meyer. Jr.. Of New York
lima.
The members Of the Capital Issues
Committee are Charles $. Hamlin os
Massachusetts. John SHELTON William 8
Of Virginia, Frederick A. Delano Of ILL.,
nois. James q. Brown OF Kentucky, John
s. Drum Of California. Henry c. Flower
Of Missouri and Frederick II. Golf Of
Ohio.
The nominations. although they in-
clude some members OF the present Fed
eral Reserve Board. have not met with
general approval In fact. some Sena-
tors instrumental In passing the legisla-
tion expressed themselves as. bitterly
disappointed BY the selections as a wnGle
and al a loss to understand why men
Of larger calibre and more strictly rep
resentative OF the banking community
, had not been named
Some Nominees Little known.
Inquiry made by some Senators. as to
the qualifications Of some OF the men
named failed to discover anybody that
lad ever heard Of them
Protests undoubtedly will be made
against the confirmation OF at least some
or the men named by the President. but
1t is scarcely likely that any OF the
nominations will De rejected.
One leading Senator expressed the
view that the men as a whole scarcely
| measured up to even medium ability"
when the tremendous problem before
| them was considered.
Paul NJ. Warburg. chairman OF the
| Capital Issues Committee Of the Federal
Reserve Board. which the committee
named to-day will supersede. was not
named for place on either the direc-
torate or the new committee.
1t was clearly indicated that a nsht
| would be made In the Senate against
his nomination. For this reason u Is
| understood that Mr.. Warburs asked that
his name be not considered by the Pres
ident taking the patriotic view that 1t
would be best In the war situation 10
avoid any issue over the organizati ton.
The Treasury Department made public
| correspondence between the Secretary
and Mr., Warburg showing that his SER
vices to the Reserve Board would be es-
| sentiai at this time and that 1t was not
fea sible to name both the governor and
| vice-governor to the new organization.
The War Finance Corporation Is EN-
| powered to aid business orga anizations
engaged on war work. and for this pur-
pose it has fund OF $500. .O0O, 900 at its
disposal, with a provision for the issue
Of notes to the amount OF 81. 900, 900, 900
To Decide on Essential Issues.
The Capital Issues Committee will
have supervision over and will pass or
| all securities issues OF $4,000 or more
during the period OF the war. The com
| mittee will approve such issues as beine
essential to the conduct OF the war o,
| disapprOve them as non-essential
Every section Of the country Is repre-.
| sented either among the directors or or
| the committee.
Mr.. Harding is governor of the Fed
eral Reserve Board, to which he was
! appointed on its organization. He was
president Of the First National Bank OF
CONTINUED on Tcnth Pa9eD