The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-12-06
FEDERAL BANK
CHANGES MADE
UNDER So ACT
Drastic Shakeup Within
Reserve System Is
Under Way.
BY RICHARD L. GRIDLEY


WASHINGTON, Dec. ga drastic
shakeup in personnel of the Federal
Reserve System under the 1885
banking act giving the Administra-
ton new control powers was under
way today.
The retiring Federal Reserve
Board, which ends its duties Feb. /,
ordered terms of Office of the pres
ent chairman at each of the II
Federal Reserve Banks to expire
March l, thus giving the new board
a chance to appoint its selected Of
ficers.
At the same time, it retired as
Glass c directors, Owen D. Young
in the Federal Reserve Bank Of
New York; James Simpson in the
Federal Reserve Bank of Chicago
and E. r. Brown in the Federal Re-
serve Bank of Dallas. These Off
Gals have served in excess of the
six-year term fixed as maximum for
this office.
Evansville Man Reappointed
Two other Glass C directors, E. S.
Burke Jr., of Cleveland and j. r.
Stanley of Evansville, Ind, we're re-
appointed as Glass G directors. They
have not yet completed six years OF
successive service.
The banking act of 1885 estab-
lished a new Federal Reserve Board
of seven members to replace the
present board of eight members.
The new board, to be known as the
Board of Governors of the Federal
Reserve System, is to have wider
power over operation of the Federal
Reserve Banking System
1t will appoint as Glass G direc-
tors, three of the nine directors of
each of the Federal Reserve Banks.
The position of governor of each of
the banks will oe abolished and a
new position of president created.
Eccles Likely Choice
He will be selected by directors of
the bank on the approval of the
new board of governors at Wash
ington. The latter board will name
the chairman of the board of direc-
tors of the II banks.
Thus, the Administration through
the newly formed Board of Cover
nors of the Federal Reserve System
is given added powers over manage
mont n t4@ ri
measures are contained in other Sec
lions of the banking act.
President Roosevelt recently said
he would nominate Mariner S.
Eccles, youthful and progressive
Utah banker and present head of
the board, to the position as chair
man of the new board. The other
six vacancies have not been filled
and it was believed only few Of
the present board members would
be selected to head the new board.
Four Vacancies Not Filled
Under the old boards policy to
refrain from appointments extend
ing beyond it's own term, eight pres
emit regional bank board chalrmen
had their terms cut off March /.
Four vacancies are not to be filed.
Terms extended until March q, 1
are those of F. H. Curtiss of the
Federal Reserve Bank of Boston; j.
H. Case, New York; R. L. Austin,
Philadelphia; w. w. Hoxton, Rich
mond; E. M. Stevens, Chicago; j.
S. Wood, st. Louis; J. N. Peyton,
Minneapolis, and G. G. Walsh,
Dallas.
Named as deputy governors until
March l when they presumably be-
come vice presidents were Allen
Hollis, Boston; E. S. Burke Jr.,
Cleveland; F. A. Delano, Richmond;
w. H. Kettig, Atlanta; Paul billiard,
st. Louis; H. P Clark, Minneapolis;
E. P. Brown, Kansas City; S. B.
Perkins, Dallas, and w. N. Moore,
San Francisco.