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1/ ) 368 A meeting of the Federal Reserve Board was held in the office of the Federal Reserve Board on Wednesday, May 4, 1927 at 11:30 a.m. PliESENT: PRESENT ALSO: Governor Crissinger Mr. Hamlin Mr. Miller Mr. James Mr. Cunningham Mr. Eddy, Secretary Mr. McClelland, Asst. Secretary Mr. 3. H. Frost, Director, Federal lieserve Bank of Dallas Mr. Frost referred to the recent action of the loard in voting that the San Antonio Branch should not be opened in temporary quarters, neceseitating the separation of various units in different buildings, and that establishmont should be deferred until permanent quarters are acquired either through purchase or erection by the Federal Reserve Bank. He stated that he wished to make it clear to the members of the Board that the recomt4e1dation of the Dallas directors to house the branch temporarily in separate bllildings was net absolutely necessary, but that it would be practicable, anci is agreeable to him and the other directors of the Frost National Bank °f 3an Antonio, to have the entire branch housed temporarily in their buildfor such length of time as may be deemed necessary to determine whether °r not the branch is to be continued. He stated that the Frost National Bank building is a modern one and will accommodate 175 employees whereas the bealk itself now employs a staff of only 55. He stated that this matter '47°111d probably be discussed at the next meeting of the board of directors °f the Federal Reserve Bank of Dallas and that he wished it understood by the Board in case the Dallas directors should recommend that the branch be °I3enea immediately in temporary quarters in the 2rest National Bank building. Mr. Frost then left the room. 369 1 1 BA/27 -2- Mr. Miller informally presented to the Board manuscript of a study erititled "Money Rates and Money Markets in the United States" prepared by that Blefler of the Division of Research and Statistics. He stated While he had not read the entire article, what he had read lead him to bethat the study is a very valuable one and should be made public. He etated that Dr. Goldenweiser, Director of the Division of Research and Sta tistics, agreed with this View and inquired of the members of the Board Whether in their opinion it would be advisable for the Board to publish ng any 8tadY, crediting it to Mr. Riefler and, of course, disclaimi l'eePonsibility for the statements contained, therein. He stated, however, that he did not request any immediate action by the Board but that the tatter could be considered further at a later date. Mr. Miller stated that Dr. Goldenweiser had also discussed with hit the advisability of eliminating from the Federal Reserve Bulletin the Ile eelled standard text explanatory oi. various charts and tables with ' l elePect to the General financial conditions, but continuing the statistical ' teblee and charts bearing on this subject with certain additions. Mr. Miller litated that he suggested to Mr. Goldenweiser that the forthcoming issue of the Blilletin be revised accordingly and put into galley proof for submission te the Board. Following a brief discussion, the Secretary was instructed to arrange to have Mr. Goldenweiser appear before the Board and discuss the matter as soon as the galley proof of the Bulletin is available.
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