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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, May 3, 1937, at 2:45 p.m. PRESENT: Mr. Mr. Mr. Mr. Eccles, Chairman Harrison, Vice Chairman Broderick McKee Mr. Sinclair Messrs. Ransom, Davis and Szymczak, Members of the Federal Open Market Committee Mr. Morrill, Secretary Mr. Goldenweiser, Economist Mr. Dreibelbis, Assistant General Counsel Mr. Carpenter, Assistant Secretary of the Board of Governors Mr. Piser, Senior Economist in the Division of Research and Statistics of the Board of Governors The minutes of the meetings of the executive committee on March 13, 15 and 22-23, 1937, were presented and discussed. Upon unanimous until the committee motion duly made and seconded and by vote, action on the minutes was deferred session of the meeting of the executive to be held on May 4. Reference was made to transactions in the System open market account since the last meeting of the Federal Open Market Committee on April 3-4, 1937, and Mr. Harrison reviewed briefly the transactions which had been effected in the account since the submission by the New York bank of the last weekly report as of April 28, 1957. Upon motion duly made and seconded and by unanimous vote, the transactions in the account since the period covered by similar action taken by the full Committee at its meeting on April 3-4, 1937, were approved, ratified and confirmed. -2 5/3/37 There followed a general discussion of operations in the System open market account, at the conclusion of which the meeting was re cessed to reconvene again on Tuesday, May 4, 1937. Secretary. Approved : Chairman.
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