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FEDER At REs E R v E :s O.A STATEMENT FOR THE PRESS. RD X-2001 For immediate release. Jlugus t · 2 6,1920 In view of conflicting interpretations of the attitude of the Federal-Reserve System with respect to credit, Governor Barding this afternoon stated that the Federal Reserve Board. and the Federal Reserve :Sanks are adhering consistently to the policies outlihed on frequent .occasions during the past year, and there is little to say except to reiterate statements already mad.e. The Federal Reserve :Board has never undertaken to classify any business or industr,y as essential or no~essential, and does not intend to do so • . Iii a statement( published immediately after. the conference last Mey- with members of the Federal Advisory Council and the banker directors of the Federal Reserve Banks the policies of the Federal Reserve System were fully explained. The Board is convinced that these policies are wise I< and salutary, and is confident that results will demonstrate their soundness • .. . \I
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