The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
R ep rod uced from the U ncla ssified / D e cla ssified H o ld in g s o f the N a tio n a l A rch ive s d e c l a s s if ie d Au*orit y d c D a k a m a e ' \ \ MINUTES OF THE MEETING OF EXECUTIVE COMMITTEE OF THE FEDERAL OPEN MARKET COMMITTEE H M D AT WASHINGTON, B. C., _______ MAY 23, 1934 the meeting was called to order at 10:15 a. m., the following being present: Governor Harrison, chairman, Governors Young, Horris, and Schaller and Deputy Governor Burgess, secretary. Governor Black was also present ©i© secretary presented a report of operations which was carefully reviewed. There ensued a discussion of the proper balance of maturities in the System account* was called to the reduction in yield on the securities in the account and the need of some of the Reserve banks for additional earnings, I SJ There was discussion as to whether some shift into longer maturities might exert a wholesome influence toward a reduction in the long term rate of interest^/ Question was also raised whether there was a possibility of a purchase of govern ment securities from the Federal Reserve System by the Treasury for the account of the stabilization fund. These questions were discussed wholly tentatively without any conclusion being reached. At 18:20 Secretary Morgenthau, Under Secretary Coolidge, Dr. Viner, and Mr. Bell, joined the meeting. There ensued an extended informal discussion with regard to Treasury financing on June 15* The meeting adjourned at 1:30 p* su W* Randolph Burgess, S e c re to ry 4 3 3 3, 3 - <5. -1