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Reproduced from the Unclassified I Declassified Holdings of the National Archives DECLASSIFIED Authoritya c O f d s r I Q t & e l /' CONFIDENTIAL SUBJECT TO CHANG® MINUTES OF THE MEETING OF THE EXECUTIVE COMMITTEE OF THE FEDERAL OPEN MARKET COMMITTER HELD AT WASHINGTON, D. C. JUNE 19, 1935. £>//*?/3 sT The meeting was called to order in the Federal Reserve Board offices at 10:32 a. m . , there being present: Governors Young, Seay, and Fleming, and Deputy Governors Preston and Burgess, secretary. On motion Governor Young was elected temporary chairman. There was a general discussion of Treasury financing policy* There was also a brief discussion of the possibility of aiding a better distribution of government securities among Federal reserve banks by some adjustment in the amount of Treasury currency allotted to the different banks* The secretary reported that Mr. Staead's office was preparing figures showing the shipment of Treasury currency to each Reserve bank. At 11:00 a. m. the meeting adjourned to the office of the Secretary of the Treasury in the Treasury building, there being present in addition to those listed above: Secretary Morgenthau, Governor Eccles, and Under Secretary Coolidge, and Messrs# Bell, Haas, and Upham. There took place a discussion of the Treasury financing program until September 15, including a discussion of the continuation of financing through offerings of bonds for tenders, the refunding of Fourth 4 l/4 per cent bonds, and the possibility of a note or bond issue for cash subscriptions in July or August as a principal means of securing the necessary amount of cash* The meeting adjourned at 12:00 m* W. Randolph Burgess, Secretary.
