OCR Text |
Show FEDERAL RE3ERVE BOARD GOVERNOR Richard Olnsy, Ex-Secretary Of State In Cleveland Administration, Selected For the Position Washington, May 4 President Wilson Wil-son has selected Richard Olnoy, former for-mer secretary of state in the CIovo-land CIovo-land administration to be governor of the federal reserve board and Paul Warburg of Now York to bo u member mem-ber of tho board. Although the president has offered tho governorship to Mr. Olnoy word of his acceptance uas being nwaltnd today but friends wero Inclined to think ho would not decline. Mr. Olnoy Ol-noy was offered tho ambassadorship to Great Britain by President Wilson early last year, but expressed unwll-llngness unwll-llngness to leave tho countryon account ac-count of his business Interests. Although Mr. Olnoy Is 78 ycais old, ho Is active and has had n long experlonco In tho business world nnd llnnnco which tho president and his advisers bollovo would especially bo adapted for tho head ot tho reserve board, Mr. Warburg, who was connected with Kuhn, Loob & Co., has -iccept-cd membership ot hlB selection, ns well as the other thred members of tho bo.ud, bosido tho governor, h ox-pectud ox-pectud to bo made within th'j nett two or threo days. It Is understood that a southern banker Is to bo vne of tho threo, but no Intimation has como as yet as to his identity. The complete board will constat ot seven members at salaries ot 12,-000 12,-000 a year. The secretary of the treasury, and the comptroller of the currency are exofflclo members and the Ave other members are to be op- jJM 'pointed by the president. ABl With Mr. Olney representlns NewIlM England and Mr. Warburg, New York V 'it was expected that the members to I be selected would represent tho I south the middle west and tho far I west. The appointees will servo fen I years. I Senator Owen, who piloted the cur- I rency bill throng the senate, confer- I red with tho president today about I selections for tho board. He said ho I did not discuss Individuals hut rather I talked over the general banking view point he believed should b-j held by the men to bo selected. Senate 0v- en said the remaining appointments I would be made .from a list ot 147 I men now beforo the president. I i m |