The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
a meeting of the Executive Jommittee of the Federal deserve Board held in the office of the Vice Governor on .;ednesday, May 23, at 12 noon, rburg, presiding, Mr. uillis, Secretary. Mr. Delano, Mr. Miller, uarburg presented the question of some announcement regarding the proposed branch at Baltimore, stating that Federal deserve Agent Hardy had imiuired whether the facts in the matter should be given out in Baltimore or not, and that notwithstanding no such statement had been authorized, publications had been made in a Baltimore newspaper with reference to the subject. After discussion it was agreed to give out at 4 p.m. today a statement substantially as follows, first telegraphing it to Yr. Hardy: The Federal deserve Board has had under consideration the approval of a plan submitted by the Federal Reserve Bank of aichmond to establish a branch in Baltimore. It has informally reached agreement that it will take favorable action upon the proposal, but has deferred forma decision until such time as it is advised of the action of Congress with reference to the amendments to the Federal Aeserve 2,ct now pending before that body, inasmuch as these amendments have a direct bearing upon the case of other cities, the establishment of branches in which is under consideration.. Mr. ,i'arburg presented a letter from 11r. John L. G„irdin, of the 7ation-1 iity Punk of Mew York, with reference to the L:panish '41,:change situation. It was ,..s.reled to refer the letter to •ssistant secretary of the Treasury Jrosby for consideration vith the proper persons. Mr...arbarg stated thA the principal purpose of the meeting was that of considering the ,uestion of a day to day rate, effective at the ?ederal eserve Bank of New York in accordance with the request made to the Board by that bank nlittte. nd by the Board referred to the 11xecative 3om- 7e stated that the plan would be to fix a flexible rate of from 2,1 to 4:), the actual charge to be varied from day to day in accordance with the judgment of the officers of the bank. The purpose was to provide for the restoration of the proceeds of the sale of short tern certific tes to the banking cornmunity, Lnd thereby to avoid the withdrawal of such funds while at the same time eliminating the difficulties of the present method in which the funds were restored to the market by desirmatin.g. banks as depositaries of the lovernment on behalf of the 7ederal :eserve Bank of Mew York. General discussion of the principles underlying the proposed establishment of a short term or call vte ensued but no de- On motion, at 1.15 p.m. the meeting <Adjourned. APEIOVED: `-ie cm 1, jhaiman.
@FedFRASER