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The meeting of the executive committee of the Federal Open Market Committee was reconvened in the offices of the Board of Gov ernors of the Federal Reserve System in Washington on December 1, 1937, at 6:15 p.m. PRESENT: Mr. Eccles, Chairman Mr. Harrison, Vice Chairman Mr. McKee Mr. Ransom Mr. Sinclair Messrs. Davis, Szymczak, McKinney, Martin, and Day, Members of the Federal Open Market Committee Mr. Morrill, Secretary Mr. Wyatt, General Counsel Mr. Goldenweiser, Economist Mr. Williams, Associate Economist Mr. Dreibelbis, Assistant General Counsel Mr. Burgess, Manager of the System Open Market Account Mr. Carpenter, Assistant Secretary of the Board of Governors of the Federal Reserve System Mr. Thurston, Special Assistant to the Chairman of the Board of Governors of the Federal Reserve System The committee agreed that in view of the actions taken at the meeting of the Federal Open Market Committee this afternoon the only action required by the executive committee at this time was to grant to the Federal Reserve Bank of New York the usual authority to replace maturing securities and to make shifts of securities in the open market account. Thereupon, upon motion duly made and seconded, and by unanimous vote, the executive committee di rected the Federal Reserve Bank of New York, until 12/1/37 the adjournment of the next meeting of the execu tive committee and superseding all directions and authorizations given at previous meetings, (1) To replace maturing securities in the System open market account by purchases of like amounts of Treasury bills or Treasury notes matur ing within two years; (2) To make such other shifts of securities in the account (which may be accomplished when desirable through replacement of maturing securi ties) as may be necessary in the practical admin istration of the account, up to an aggregate of $100,000,000 of purchases and a like amount of sales or redemptions; (3) To increase or decrease temporarily the amount of securities in the account between week ly statement dates by not more than $25,000,000 when necessary in making replacements or shifts pursuant to the above provisions of this resolu tion, provided that the amount of securities in the account as of any weekly statement date shall not be changed from that of the preceding weekly statement date except in accordance with the following clause of this resolution; and (4) Upon approval by a majority of the mem bers of the executive committee, which may be obtained by telephone, telegraph, or mail, to make such other shifts or such purchases or sales (which would include authority to allow maturities to run off without replacement) for the account as may be found to be desirable within the limits of the authority granted to the executive committee by the Federal Open Market Committee. Thereupon the meeting adjourned. Secretary. Approved: Chairman
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