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208 A meeting of the Federal Reserve Board was held in the office of the Pederal Reserve Board on Wednesday, March 3, 1926 at 10:35 PRESENT: PRESENT ALSO: aon• Governor Crissinger :1:r. Hamlin " Mr. Miller Mr. Cunningham Mr. McIntosh :Ir. Eddy, Secretary Yr. McClelland, Asst. Secretary Er. W. W. Stewart Goldenveiser, Asst. Director of the Division of Research & Statistics. The Governor stated that the purpose of the meeting was to discuss with Stewart, who prior to January 31st was Director of the Board's Division of Research and Statistics, the first draft of the Board's Annual :leport for the year 1925, mimeographed copies of which were distributed among the members of the Board several days ago. Mr. Stewart stated that the report had been prepared in consultation 711th the Governor and that he desired to have any suggestions or corrections the members of the Board night care to make which could be incorporated in the draft before it is sent to the printer for galley proof, after which the Board will have further opportunity for revision. He stated that he clesired particularly criticism of the content and general structure of the rePort, Thereupon ensued a discussion of various portions of the report cl:"Iewhich Mr. Platt entered the meeting. Dr. Goldenweiser presented re71sion of' ,pages 8 and 9 and of Pages 19 and 20 which were approved. 4 1ler pointed out various sections with respect to discount rate ktd. 0„ market policy to which he dissented and stated that if the report vere adopted in its present form he might wish to file a memorandum of his eritioisms. tr‘ 209 V3/26 -2- On motion made by Mr. Hamlin the Board ordered that the report, as amended, be sent to the printer for galley proof, and Governor Crissinger requested Mr. Miller to prepare and submit to the Board for consideration a statement for inclusion in report along the lines of his - suggestian made at this meting that loans by member banks in the call loan market might properly be regarded as the secondary reserve of those banks, and as such the Federal Reserve Board might recognize the principle that under certain conditions member banks should draw an this so-called secondary reserve before approaching the Federal reserve banks for credit. The meeting adjourned at one o'clo a. Secretary Approved: Govern°
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