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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 Federal Reserve System in Washington on Monday, March 15, 1937, at 7:00 p.m. PRESENT: Mr. Eccles, Chairman Mr. Broderick Mr. Ransom (alternate for Mr. McKee) Mr. Harrison Mr. Martin (alternate for Mr. Sinclair) Messrs. Szymczak and McKinney, Members of the Federal Open Market Committee Mr. Morrill, Secretary Mr. Goldenweiser, Economist Mr. Williams, Associate Economist Mr. Dreibelbis, Assistant General Counsel Mr. Burgess, Manager of the System Open Market Account It was agreed that the only action necessary at this time was a renewal of the authority granted to the Federal Reserve Bank of New York and that, in view of the action taken by the full Committee increasing the authority of the executive committee to make shifts in the System account into longer term securities, the authority granted to the New York bank to make such shifts should be enlarged for the same reasons as prompted the action of the full Committee. Accordingly, upon motion duly made and seconded, and by unanimous vote, the executive committee direct ed the Federal Reserve Bank of New York, until the next meeting of the executive committee, superseding all previous authorizations, (1) to replace maturing securities in the System Open Market Account by pur chases of like amounts of bills or of notes maturing within two years, (2) to make such shifts of secur ities in the account as may be necessary in the prop er administration of the account, up to an aggregate of $50,000,000, into other Government securities hav ing maturities within a range of one year from those of the securities sold, (3) to make such other shifts (which may be accomplished when desirable through replacement of maturing securities) of securities in the account as may be necessary in the proper administration of the account, up to an aggregate of $100,000,000, into other Government securities having maturities which are not within a range of one year from those of the securi ties sold, (4) upon approval by a majority of the members of the executive committee, which might be obtained by telephone, telegraph or mail, to make such other shifts as might be found to be desirable and advisable within the limits of the authority granted to the executive com mittee by the Federal Open Market Committee, and (5) to permit such fluctuations, up to a limit at any one time of $25,000,000, in the amount of holdings of Government securities in the System Open Market Account between weekly statement dates as may be desirable for the prac tical administration of the account in making shifts be tween and replacement of securities pursuant to the au thority granted by the executive committee. Thereupon the meeting adjourned. Secretary. Approved: Chairman.
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