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A meeting of the executive committee of the Federal Open Market Committee was held in the offices of the Board of Governors of the Fed eral Reserve System in Washington on Monday, February 28, 1938, at 3:30 p.m. PRESENT: Mr. Mr. Mr. Mr. Mr. Eccles, Chairman McKee Ransom Sinclair Martin (alternate for Mr. Harrison) Messrs. Davis, Szymczak, McKinney and Day, Members of the Federal Open Market Com mittee. Mr. Mr. Mr. Mr. Mr. Mr. Morrill, Secretary Wyatt, General Counsel Goldenweiser, Economist Williams, Associate Economist Dreibelbis, Assistant General Counsel Burgess, Manager of the System Open Market Account Mr. Carpenter, Assistant Secretary of the Board of Governors of the Federal Re serve System Upon motion duly made and seconded, and by unanimous vote, the minutes of the meeting of the executive committee of the Federal Open Market Committee held on December 13, 1937, were approved. Reference was made to the actions of the members of the executive committee on January 17 and 28, and February 9, 1938, in increasing on each of those dates the authority of the Federal Reserve Bank of New York to make shifts of securities in the System Open Market Account by an amount not to exceed $50,000,000 of purchases and a like amount of sales or redemptions, which resulted in an increase to $250,000,000 in the aggre gate of the authority granted to the Federal Reserve Bank of New York by 2/28/38 -2 the executive committee to make such shifts in the System account. It was pointed out that since the last meeting of the executive committee a total of $212,406,000 of shifts had been made in the account pursuant to the policy of making such shifts as were necessary in the practical administration of the account, and that the additional authority granted by the members of the executive committee was for the purpose of author izing these shifts. Upon motion duly made and seconded, and by unanimous vote, the actions of the members of the executive committee in granting the additional authority to the Federal Reserve Bank of New York were approved, ratified and confirmed. Mr. Burgess reviewed briefly the transactions which had been effected in the System Open Market Account since the meeting of the executive committee on December 13, 1937, and up to the close of busi ness February 28, 1938. Upon motion duly made and seconded, and by unanimous vote, the transactions in the ac count during the period covered by Mr. Burgess' review were approved, ratified and confirmed. Thereupon the meeting recessed with the understanding that another session would be held on March 1 following the session of the full Committee on that date. Secretary. Approved:
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