Full text of Mimeograph Letters and Statements of the Board : Copy of Letter re Views of Federal Reserve Bank of New York on Uniform Meeting Date, Number X-9434, Volume 44, Page 102

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FEDERAL

COPY

RESER~ !ANK .

102

O:F NEW YORK
January 6, 1956.

Sirs=
Your letter (X..9407) of December 27; 1935, was read to our
Board or Directors at its last meeting; and the action of the October
Governors Conference with respect to the

desirabili~

of holding the

meetingf of the boards of directors of the twelve Federal reserve
banks on the same day of the week was considered.

It was the opinion

of our directors that, if a satisfactory un$form meeting day can be
arranged, such an arrangement would promote the better operation.of
the Federal Reserve System, in view of the requirement of the Banking

Act of 1935 which involves the more frequent establishment than in the
past, at some of the Federal reserve banks, ot rates of discount and
. purchase, and in view, also, of the continuing desirability of deVising a schedule of .meetings or directors· or Federal reserve banks which
will not ordinarily conflict with meetings of the Federal Open Market
Committee and other System groups at Washington, D.

c.

The directors further expressed the view that, since a greater
number of beards et directors now meets on Thursday ·than on

rury

other

day, and since the board of directors of this bank is the only board
which meets every week,

-and

a

chang~

in its meeting day, therefore,

would involve proportionately greater changes in the personal arrangementa of the
.•

individual.direct~rs

than would a change at other Federal

reserve banks, it would be appropriate if Thursday could be selected
as the day upon which the boards of directors of the twelve Federal reserve banks should meet.
Respectfully,
(Signed} J. H. Ca..

J. H. CASE,
Chairman.
Board of Gover~ors
of the Federal Reserve System,
Washington, D. C,




c0

p

103

t

FEDERAL RESERVE BANK

X-9434-a

OF NEW YORK

December 28, 1935.

S i r s:
·In behalf of Mr. Case, I wish to acknowledge
receipt of your letter (X-9407) dated December 27, 1935,
concerning the possibility of arranging a uniform meeting date for the boards of directors of the several Federal reserve banks.

This matter will be brought to the

attention of the board of directors of this bank at its
next meeting.
Respectfully,
(Signed) ; ID·ali Sproul
.lll.aa Sproul,
Secretary.

Board of Governors ot tho
Federal Reserve System,
Washington, D, c.