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Federal reserve bank O F DALLAS Dallas, Texas, June 2 9 ,1 9 4 9 To A ll Member Banks in the Eleventh Federal Reserve D istrict: The following statement by the Federal Open Market Committee o f the Federal Reserve System has been given to the press fo r immediate release: “ The Federal Open Market Committee, after consultation with the Treasury, announced today that with a view to increasing the supply o f funds available in the market to meet the needs of com merce, business, and agriculture, it will be the policy o f the Com mittee to direct purchases, sales, and exchanges o f government securities by the Federal Reserve Banks with primary regard to the general business and credit situation. The policy o f maintaining orderly conditions in the government security market and the con fidence o f investors in government bonds will be continued. Under present conditions the maintenance o f a relatively fixed pattern o f rates has the undesirable effect of absorbing reserves from the mar ket at a time when the availability o f credit should be increased.” V ery truly yours, R. R. GILBERT President This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)
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