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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 Wednesday. March 20,
1940, at 10:00 a.m.
PRESENT :

Mr.
Mr.
Mr.
Mr.

Eccles, Chairman
Harrison, Vice Chairman
McKee
Draper
Mr.
Mr.
Mr.
Mr.
Mr.
Mr.
Mr.

Morrill.. Secretary
Carpenter, Assistant Secretary
Wyatt, General Counsel
Goldenweiser, Economist
Williams, Associate Economist
Dreibelbis, Assistant General Counsel
Rouse., Manager of the System Open
Market Account
Mr. Thurston, Special Assistant to the
Chairman of the Board of Governors
Messrs. Szymczak, Ransom, Davis, Sinclair,
Parker, Schaller and Day, Members of the
Federal Open Market Committee
Messrs. Young, Fleming, Martin and Peyton,
Alternate Members of the Federal Open
Market Committee
Messrs. Hamilton and Gilbert, Presidents
of the Federal Reserve Banks of Kansas
City and Dallas, respectively
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 De
cember 13., 1939, were approved.
Bef ore this meeting there had been distributed to the members
of the Federal Open Market Committee a report prepared at the Federal
Reserve Bank of New York covering operations in the System Open Market

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3/20/40

Account during the period from December 13, 1939,
inclusive,

to March 16, 1940,

and Mr. Rouse discussed the important points of this report.

He also stated that there had been no transactions in

the System ac

count since the period covered by the report.
Upon motion duly made and seconded,
and by unanimous vote, the transactions
in the System account for the period since
that covered by similar action at the meet
ing of the executive committee on December
13, 1939, to and including March 19, 1940,
were approved, ratified and confirmed.
The meeting then recessed,

to reconvene following the meeting

of the Federal Open Market Committee.

Secretary.

Approved:
Chairman.