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A meeting of the executive committee of the Federal Open Mar ket Committee was held in the offices of the Board of Governors of the Federal Reserve System in Washington on Tuesday, November 30, 1937, at 10:30 a.m. PRESENT: Mr. Mr. Mr. Mr. Mr. Eccles, Chairman Harrison, Vice Chairman McKee Ransom Sinclair Messrs. Davis, Szymczak, McKinney, Martin and Day, Members of the Federal Open Market Committee Mr. Mr. Mr. Mr. Morrill, Secretary Wyatt, General Counsel Dreibelbis, Assistant General Counsel Burgess, Manager of the System Open Market Account Mr. Carpenter, Assistant Secretary of the Board of Governors of the Federal Re serve System Upon motion duly made and seconded, and by unanimous vote, the minutes of the meeting of the executive committee held on November 9, 1937, were approved. Reference was then made to the action taken at the meeting of the executive committee on November 9, 1937, in directing the Fed eral Reserve Bank of New York to increase during the succeeding two weeks the amount of Government securities held in the System open market account by $50,000,000. It was stated that when $37,825,000 of securities had been purchased in accordance with this authority it was agreed by the members of the executive committee by telephone that, in view of market conditions, no additional securities should 11/30/37 -2- be acquired. Mr. Burgess then outlined the other transactions which had been effected in the System open market account since the meet ing of the executive committee on November 9 and up to and including November 29, 1937. 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 executive committee at its meeting on November 9, 1937, up to and including November 29, 1937, were approved, ratified and confirmed. Upon motion duly made and seconded, and by unanimous vote, it was decided to recommend to the full Committee that, in view of the fact that circumstances had changed very considerably since the meeting of the Federal Open Market Committee on June 9, 1937, when the executive committee was requested to study the proposed plan for purchases of Treasury bills by the Fed eral reserve banks, the matter be laid on the table. Thereupon the meeting recessed to reconvene following the meeting of the Federal Open Market Committee. Secretary. Approved:
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