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3528 A meeting of the Federal Reserve Board and the Federal Ad75"8OrY Council was held in Washington on Monday, November 19, 1934, at 10,20 a. PRESEETs Mr. Mr. Mr. Er. Mr. Kr. Eccles, Governor Thomas, Vice Governor Hamlin Miller James Szymczak Mr. Morrill, Secretary Mr. Bethea, Assistant Secretary Er. Carpenter, Assistant Secretary Mr. Goldenweiser, Director, Division of Research and Statistics Ir. Smead, Chief, Division of Bank Operations Er. Paulger, Chief, Division of Examinations Mr. Wyatt, General Counsel Messrs. Thomas M. Steele, Walter E. Frew, Howard A. Loeb, Howard Bruce, H. Lane Young, Solomon A. Smith, Walter W. Smith, Theodore Wold, 6. T. Kemper, Joseph H. Frost and M. A. Arnold, members of the Federal Advisory Council from the First, Second, Third, Fifth, Sixth, Seventh, Eighth, Ninth, Tenth, Eleventh and Twelfth Federal Reserve Districts, respectively. Mr. Walter Lichtenstein, Secretary of the Federal Advisory Council. Goveraor Eccles read to the Council the statement with retkrd to the relations between the Federal Advisory Council and the 4doral Reserve Board which was approved at an earlier meeting of the Ped eral Reserve Board this morning, and thirteen copies of the flt tere handed to the Secretary of the Council. Er. Walter 176 Skit h' ?resident of eta4 the Federal Advisory Council, said that the --emett would be considered by the Federal Advisory Council in 3529 11119/34 its -2- separate meeting. Ir. Walter W. Smith referred to the work being done by the SYstera Committee on Legislative Program and to the committee which lakd been app ointed by the Federal Advisory Council to confer with the System Committee and he inquired whether the System Committee cleeired to confer with the Council's committee or with the Council. Goldenweiser stated that Governor Harrison, who is Chairman of the System Committee, had been ill for several days and that it was l'(1rthat reason that no conference been arranged. with the Council's committee had 14r. Walter W. Smith then referred to topics suggested for di"Ilseion by the Council at its meeting, including the question lihe't °Eta be done to change the opinion that banks are not loaning liluch as they should, the industrial loan program, the regulations or the Board with regard to margin requirements, and the question of 1411ang officers and directors of Federal reserve banks more latitude -n connection with matters with which they are in closer touch the-lithe Federal Reserve Board, such as Clayton Act applications, NPPlications for trust powers, etc. 14r. Arnold referred to an article appearing in the newspapers *Ithregard to a plan under which member banks would deposit their bo1A4 s'"‘lige of Gove rament bonds in wpool against which nation-vide trartsters could be coast he made. stated that it would be a great conveniehee to the Pacific banks if their long term Government securi4e43 could be d eposited in the Federal Reserve Bank of New York, 3530 1:04 / 1 44 *ler° they would be easily available for sale or as security for bor°1140 from the local Federal reserve bank. The matters referred to were discussed briefly. Thereupon the meeting adjourned.
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