Show DEMOCRATS APPROVE E I If f GOVERNMENT CONTROL OF RESERVE BOARD BOARO r Bill Amended However to o Re Require Require Require Re- Re quire Geographical Distribution Distribution Distribution tion of Appointments v WASHINGTON 1 ASHI July 11 TIle The The advy ad- ad W vy ministration plan for tor a a. government govern govern- mont ment controlled federal reserve board to administer the entire banking system tent tem provided for tor In the Glass currency 1 bill lull was Indorsed toda today practically without amendment b by the Democratic I members of or the tue louse House banking banking- an and currency committee If After ACler some discussion slon thc they agreed on art the proposed salary of or a year ear for each member of or the tho board rile bill was amended however cr to provide that the four tour members of the board to b be appointed b by the President ent Should be bo distributed geographically g I throughout tho the country and to require that thc they should devote otc all of their theli time to their duties on the board hoard Adjournment Ad Ad- was talc taken n until Monday I Th The conference considered tho tito On which state banks may become banks members of the regional reserve e and antI the division of or earnings caminer The Tile pro- pro prof f limiting shareholders to an annual annual annual an- an nual cumulative dl dividend nd of 5 per cent Aras as approved K It was waif n agreed that alt all the tile net list earnings earn earn- ings inga of the thc reserve banks banks- above c the 5 cent cumulative f dividends to tho tue stockholders should be Le paid to the tile United nit d States government o the 20 O per percent percent percent cent surplus of each bank hanl T remaining the thie property ot or tho tile government o so flO o as asto asto to to J put tho the stockholding banks at al aU on an equal al IJ basis S S of J I |