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M I N U T E S O F M E E T IN G o f th e F E D E R A L A D V IS O R Y C O U N C I L M a y 1 9 *2 0 , 1 9 3 0 MINUTES OF MEETING OF THE FEDERAL ADVISORY COUNCIL May 19, 1930. The second statutory meeting for 1930 of the Federal Advisory Council was convened in Room 736 of the Mayflower Hotel, Washington, D. C., on Monday, May 19, 1930, at 10:15 A.M., the President, Mr. Wetmore, in the Chair. Present: Mr. Mr. Mr. Mr. Mr. Mr. Mr. Mr. Mr. Mr. Mr. Mr. District No. District No. District No. District No. District No. District No. District No. District No. District No. District No. District No. Secretary Herbert K. Hallett William C. Potter Howard A. Loeb Harris Creech John Poole Frank O. Wetmore Walter W. Smith George H. Prince Walter S. McLucas B. A. McKinney F. L. Lipman Walter Lichtenstein 1 2 3 4 5 7 8 9 10 11 12 Absent: Mr. J. P. Butler District No. 6 On motion, duly made and seconded, the minutes of the Council meeting of February 17-18, 1930, copies of which had been previously sent to the members, were approved. The Chairman stated that the Secretary had been duly notified that Mr. L. L. Rue had resigned on account of ill health as representative of District No. 3, and that Mr. Howard A. Loeb had been appointed in his place. Upon motion, duly made and seconded, it was unanimously voted that the Chairman write to Mr. Rue expressing the regrets of the members of the Council that he is retiring and wishing him a speedy restoration of health. Dr. E. A. Goldenweiser, Director of the Division of Research and Statistics of the Federal Reserve Board, presented an interesting survey of business conditions. A discussion took place on “the question of relations with the Bank for International Settlements and the authority and responsibility of the Federal Reserve Bank of New York and the Board in the premises.” This question had been submitted by the Federal Reserve Board to the Council in a letter of May 6, 1930 of Vice Governor Platt. It was voted to postpone an expression of opinion until the views of the Federal Reserve Board had been heard. The meeting adjourned at 3 P.M. to reconvene at 9:30 A.M. on May 20 in the Federal Reserve Board Room, Treasury Building. WALTER LICHTENSTEIN, Secretary. 1 MINUTES OF JOINT CONFERENCE OF THE FEDERAL ADVISORY COUNCIL AND THE FEDERAL RESERVE BOARD May 20, 1930. At 9:30 A.M. a joint conference of the Federal Advisory Council and the Federal Reserve Board was held in the Federal Reserve Board Room, Treasury Building, Wash ington, D. C. Present: Members of the Federal Reserve Board: Governor Roy A. Young; Vice-Governor Edmund Platt; Mr. John W. Pole, Comp troller of the Currency; Messrs. C. S. Hamlin, A. C. Miller, G. R. James, and E. H. Cunningham; also E. M. McClelland and J. C. Noell, Assistant Secretaries to the Board; E. A. Goldenweiser, Director, Division of Research and Statistics, Federal Reserve Board; E. L. Smead, Chief of Division of Bank Operations; and S. R. Carpenter, Assistant to the Secretaries to the Board. Present: Members of the Federal Advisory Council: Mr. F. O. Wetmore, President; Mr. B. A. McKinney, Vice-President; Messrs. H. K. Hallett, William C. Potter, H. A. Loeb, Harris Creech, John Poole, W. W. Smith, G. H. Prince, W. S. McLucas, F. L. Lipman, and Walter Lichtenstein, Secretary. The Bank for International Settlements was discussed, Governor Young presenting the views of the members of the Federal Reserve Board on the subject. A discussion of business conditions took place. The meeting adjourned at 11:30 A.M. WALTER LICHTENSTEIN, Secretary. 2 MINUTES OF MEETING OF FEDERAL ADVISORY COUNCIL May 20, 1930. At 11:35 A.M. the Federal Advisory Council met alone in the Federal Reserve Board room. Present: Mr. F. O. Wetmore, President; Mr. B. A. McKinney, Vice-President; Messrs. H. K. Hallett, W. C. Potter, H. A. Loeb, Harris Creech, John Poole, W. W. Smith, G. H. Prince, W. S. McLucas, F. L. Lipman, and Walter Lichtenstein, Secretary. It was voted to request the President of the Federal Advisory Council to inform the Federal Reserve Board that the Federal Advisory Council believes it is desirable, in order to promote the trade of the United States and assist in finally liquidating the effects of the war, that the Federal Reserve Board cooperate as far as possible in carrying out the provisions of the so-called veto clause of the Statutes of the Bank for International Settlements. The plan submitted by the Federal Reserve Bank of New York to the Federal Reserve Board seems to the Council to be entirely feasible. Mr. McKinney was not voting. The meeting adjourned at 12:25 P.M. WALTER LICHTENSTEIN, Secretary. 3
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