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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 Saturday, Sep tember 27, 1941, at 5:40 p.m. PRESENT: Mr. Mr. Mr. Mr. Mr. Eccles, Chairman Sproul, Vice Chairman Ransom McKee Leach Mr. Morrill, Secretary Mr. Carpenter, Assistant Secretary Mr. Wyatt, General Counsel Mr. Goldenweiser, Economist Mr. John H. illiams, Associate Economist Mr. Dreibelbis, Assistant General Counsel Mr. Rouse, Manager of the System Open Market Account Mr. Piser, Senior Economist in the Divi sion of Research and Statistics of the Board of Governors Messrs. Szymczak, Draper, Fleming, Davis, and Peyton, members of the Federal Open Market Committee Messrs. Roy A. Young, Alfred H. Williams, C. S. Young, Gilbert, and Leedy, alternate members of the Federal Open Market Commit tee Messrs. McLarin and Day, Presidents of the Federal Reserve Banks of Atlanta and San Francisco, respectively Mr. Clayton, Assistant to the Chairman of the Board of Governors Mr. Thurston, Special Assistant to the Chairman of the Board of Governors Mr. Sienkiewicz, Secretary of the Presidents' Conference The only matter before the executive committee was the question 9/27/41 of renewal of the instructions to be issued to the Federal Reserve Bank of New York relating to the execution of transactions for the System open market account, and there was unanimous agreement that there was no reason for changing the existing instructions to the Bank. Thereupon, upon motion duly made and seconded, and by unanimous vote, the ex ecutive committee directed the Federal Re serve Bank of New York, until otherwise directed by the executive committee, (1) To make such shifts of securities in the account (which may be accomplished when desirable through replacement of matur ing securities) as may be necessary in the practical administration of the account or for the purpose of exercising an influence toward maintaining orderly market conditions, up to an aggregate of $200,000,000 of pur chases and a like amount of sales or re demptions, provided that in making such shifts the total amount of bonds held in the account be not increased or decreased by more than $100,000,000; (2) To make such outright purchases or sales for the System account as may be necessary for the purpose of exercising an influence toward maintaining orderly market conditions, provided that the total amount of securities in the account be not in creased or decreased through operations under this paragraph by more than 100,000,000; and (3) Upon approval by a majority of the members of the executive committee, which may be obtained by telephone, tele graph, or mail, to make such other shifts or such purchases or sales (which would in clude 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 ex ecutive committee by the Federal Open Mar ket Committee. 9/27/41 -3- Thereupon the meeting adjourned. Secretary. Approved: Chairman.
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