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At a meeting of tile rederal Reserve Doard held In tne office of the board on Wednesday, January 21, 192o, at 11-25 A.U., PRESENT: The Mr. mr. Mr. mr. Mr. uovernor Strauss Miller Hamlin Moenlenpaa DeLaMater, Secretary of meeting. Minutes of the meetings of tne joard held on january 20th were read, and on motion approved as amended. business was presented and disposed of as follows: telegram dated January 19th from tile Federal heserve Agent at minneapolis addressed to mr. ADenlenpah, witn invitation to attend tne annual meeting of group one of tile Wisconsin bankers' association at unippewa rails, Wisconsin on Feuruary 23d. Referred to the uovernor and Mr. Moenlenpan. Telegram dated January 19th from the Federal Reserve Agent at Cnicago, witri reference to deposits of gold for capital and reserve by State banks entering tno Federal Reserve System. Referred to mr. Zoenlenpah for reply. Tne uovernor presented draft of a message to be transmitted to Mr. meatn of tie federal Reserve Bauk of Cnicago, for presentation at tne conference of representatives -2of tae clearing nouse associations at icago on January 23d. Referred to tne Governor ror communication of messabe to Er. Reatn. Tae Governor reported to tae board nis conversation uitn tne representatives or tne press on January 20tn with reference to giving out statements covering action by tae Federal Reserve Board, in wnica he advised such representatives tnat tne members of the Board would not discuss action taken by tne Board, nor would tuey answer questions regarding any matters alleged to nave been presented to tae board, but that in all cases wnen a statement was to be made the press notice would appear upon the bulletin board. It was tne sense of tne meeting that no press statement WIWL reJ:erence to dIscount rates should at any time be posted on the bulletin board previous to 4 o'clock P.11. Tne Governor brougnt up tor discussion the following proposed discount rates, which nad been recommended by tne Board of Directors of tile federal Reserve bank of New lork: z' All classes or paper up to 90 days, including loans secured by Liberty bonds and Victory notes and rediscounts of commercial paper Except on notes secured by certificates of indebtedness, member bank collateral notes and customers paper. 4-3/4;6 hankers acceptances bought by member banks and offered for rediscount witn member bank endorsement 5-1/4 Agricultural paper, 91 days to six months... 6% Assistant Secretary Lertingwell was invited to attend trio meeting, and a general discussion ensued. At 1-35 P.M., tile meeting adjourned, to rEwonvene at 2-30 P.M.
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