Full text of Mimeograph Letters and Statements of the Board : Statement for the Press re Federal Advisory Council Conference with the Federal Reserve Board in Washington, February 21 and 22, 1921, Number X-3052, Volume 14, Page 189

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x 3052

Statement f o r the p r e s s .
For r e l e a s e i n t h e morning p a p e r s of F e b r u a r y 2 1 ,

3-921.

The f o l l o w i n g s t a t e m e n t i s i s s u e d by t h e F e d e r a l A d v i s o r y
C o u n c i l a t t h e c o n c l u s i o n of i t s s t a t u t o r y m e e t i n g w i t h t h e F e d e r a l
R e s e r v e Board i n Washington, February 2 1 and 2 2 , 1 9 2 1 :
"A s t a t u t o r y m e e t i n g of t h e F e d e r a l A d v i s o r y C o u n c i l was
h e l d Monday and Tuesday, February 2 1 s t and 22nd i n c o n f e r e n c e
w i t h the Federal Reserve Board.
" T h i s b e i n g the f i r s t m e e t i n g of the y e a r the o r g a n i z a t i o n of the C o u n c i l was a s f o l l o w s :
P r e s i d e n t , Mr. L. L. Rue, P r e s i d e n t P h i l a d e l p h i a
N a t i o n a l Bank, . P h i l a d e l p h i a .
V i c e P r e s i d e n t , Mr. P . M. Warburg of New York.
E x e c u t i v e Committee: M e s s r s . L . L. Rue, P . M.
Warburg, P h i l i p S t o c k t o n , J . J . M i t c h e l l ,
F . 0 . Watts and E . F . Swinney.
"Mr. Rue has b e e n V i c e P r e s i d e n t of t h e C o u n c i l s i n c e
i t s i n c e p t i o n i n 1 9 1 4 . Mr. James B . Forgan of Chicago has
b e e n i t s P r e s i d e n t u n t i l t h i s y e a r when he d e c l i n e d r e e l e c t i o n
t o t h e C o u n c i l and Mr. M i t c h e l l of Chicago was c h o s e n a s h i s
s u c c e s s o r on t h e C o u n c i l by t h e F e d e r a l R e s e r v e Bank of C h i c a g o .
"The p e r s o n n e l of the C o u n c i l i s a s f o l l o w s :
•Federal
Federal
•Federal
Federal
•Federal
Federal
Federal
Federal
Federal
Federal
Federal
Federal

Reserve
Reserge
Reserve
Reserve
Reserve
Reserve
Reserve
Reserve
Reserve
Reserve
Reserve
Reserve

Bank
Bank
Bank
Bank
Bank
Bank
Bank
Bank
Bank
Bank
Bank
Bank

of
of
of
of
of
of
of
of
of
of
of
of

B o s t o n - Mr. P h i l i p S t o c k t o n
New York - Mr. P . M. Warburg
P h i l a d e l p h i a - Mr. L. L. Rue
C l e v e l a n d - Mr. C. E . S u l l i v a n
Richmond - Mr. J . G. Brown
A t l a n t a - Mr. E . W. Lane
Chicago - Mr. J . J . M i t c h e l l
S t . Louis - Mr. F , 0 . Watts
M i n n e a p o l i s - Mr. C. T . J a f f r a y
Kansas C i t y - Mr. E . F . Swinney
D a l l a s - Mr. R . L. B a l l
San F r a n c i s c o - Mr. A. L. M i l l s

•Not present at t h i s meeting.
"The C o u n c i l had two e x t e n d e d s e s s i o n s w i t h t h e F e d e r a l
R e s e r v e Board a t w h i c h g e n e r a l b u s i n e s s and f i n a n c i a l c o n d i t i o n s
were f u l l y d i s c u s s e d , t h e S e c r e t a r y of the T r e a s u r y t a k i n g p a r t i n
the d i s c u s s i o n .




X 3c5?
-2-

"The C o u n c i l p a s s e d recommendations on the s e v e r a l t o p i c s
s u b m i t t e d b y t h e F e d e r a l R e s e r v e Board and d i s c u s s e d o t h e r
t o p i c s t h a t were s u g g e s t e d .

"The Council gave i t as i t s view t h a t t h e s i t u a t i o n does
n o t w a r r a n t any r e d u c t i o n of t h e d i s c o u n t r a t e s a t t h i s t i m e .
" I n a d d i t i o n t o i t s recommendations t o t h e Board, the
C o u n c i l a g a i n went on r e c o r d as f a v o r i n g t h e a b o l i s h m e n t of t h e
o f f i c e of t h e C o m p t r o l l e r of t h e Currency and the t r a n s f e r of
i t s f u n c t i o n s t o t h e F e d e r a l R e s e r v e Board. The C o u n c i l
e x p r e s s e d i t s e l f a l s o as f a v o r i n g t h e c r e a t i o n of t h e o f f i c e of
u n d e r - s e c r e t a r y of t h e t r e a s u r y t o be i n c h a r g e of f i s c a l m a t t e r s
and t o t a k e the p l a c e of the S e c r e t a r y of t h e T r e a s u r y o© the
F e d e r a l R e s e r v e Board, t h e Governor of t h e Board t o be t h e c h a i r man of t h e Board and t o be e l e c t e d by t h e a p p o i n t i v e members.
"Mr. P a u l W. Warburg, t h e n e w l y e l e c t e d V i c e P r e s i d e n t ,
p r e s i d e d o v e r t h e C o u n c i l a t i t s s e s s i o n s , Mr. Rue, the P r e s i d e n t ,
having been detained i n P h i l a d e l p h i a by i l l n e s s . "

February 2 2 , 1 9 2 1 .