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315 A meeting of the Federal Reserve Board was held in the office of the Board on Wednesday, April 20, 1921, at 11:10 a.rn. PRESENT: Governor fTanling i'latt rr. Hamlin Mr. Miller Mr. 7.oxton. Secretary. Minutes of the meeting of the Board held April 19th were read aa-id on mot ion approved. The Governor reported the reserve positions of the several Federal Reserve banks as at close of business April 18th. end the status of rediscounts between the Federal Reserve banks as of the 881110 date. The Governor reported rediscount transactions, member bank Plomissory notes secured 1 - lovernment obligations, rate 7 :, as follows: Date Bank red.' scounting With Amount Maturities ñl,000,000 11-15 clays 5,000,000 11-15 days April 18 Dallas Boston 11Pri1 18 Richmond Mew York Menorandum dated April 18th, from Mr. Emerson, enclosinp..: Posed draft of letter to the :iecretary of the Treasury regarding adirancernents to the Fiscal Aent of the Federal Reserve Board. .Appro ved. 1:emorandum dated April 19th, from the General Counsel, requosjnr authority to employ Yr. Joseph Hurley as law clerk, and • file clerk in the office of the General Counsel, at an annual salary of .000. Approved, upon recommendat ion of the Law Commit tee. Letter dated April 18th, from the Chairman of the Federal Reserve Bank of Chicago, commenting upon the organization of the Federal Reserve Bank of Chicago with reference to the handling of credit matters. -oted. Letter dated April 18th, from the Chairman of the Federal Rescrve Bank of Chicago, suggesting the impropriety of Federal Reserve banks atteuptiiir; to induce member banks to sell Government securities in order to reduce borrowings. noted. Letter dated April 18th,. from the Chairman of the Banking and Currency Committee of the House of Representatives, requesting, for the benefit of said Committee, copies of correspondence which has passed between the Federal Reserve Board and Mr. John Shelton W illiams since December 1, 1020. Referred to Governor Harding. Letter dated April 19th, from the Director of the Division °f Analysis (r: Research, with mference to his proposed plan to 'ray -3- *3..1 further the foreign service of the Division by means of contributions from those Federal Reserve banks Which are interested in the Subject. Upon motion, Crovernor Harding was requested to niivise Dr. Willis that the Board has not at all made up its mind as to the desirability of establishing such service, and that no authority in the nEtter will be granted without the approval of the Bulletin Committee. qovernor Hardily seated that the Board had. yesterday discussed, but had not settled, the question as to thether individual credit should. be given for articles cc4ntributed to the Federal Reserve Bulletin by members of the staff of the 2iederal Reserve Board. The members of the Bulletin Committee were in accord in the belief that while the Board should be advised of the identity of persons contributing to the Bulletin, that individual credit should not be published, and. it \vas the sense of the meeting that the practice of ?;ivinc; credit throw:h the publication of names should be discontinued after a certain date to be set by the Bulletin Committee. Er. EUler submitted a copy of a letter addressed 117 him to the Director of the Division of Analysis & Research, suggesting tile general form and trend_ of the editorial comment to appear in the next issue of the Bulletin. :Toted. :11-.1PORTS OF COLIIIITME M. 1: Dated April 19th, Recommending changes in stock at 7.t.)aural. )1erve banks as set forth in the auxiliary minute book as of this date. Approved. 38 -4- Dated April 14th, Recormending qpproval of the admission. of state institutions, subject to the conditions stated in the individual reports attached to the applications, as set forth in the auxiliary minute book as of this date. Approved. At 12:45 p.m. the meetin,-: adjourned. C C re tar I.
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