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323 4 special meeting of the Executive Committee of the Federal Reserve Board, was held in the office of the Federal Reserve Board on Tuesday, April 17 '1928 at 3:00 PtiESENT: he - Vicee Vice Governor Platt Mr. Hamlin Mr. Miller Mr. James Mr. Noell, Asst. Secretary Yr. McClelland, Asst. Secretary Governor stated that he called the meeting for the purpose "Pr enti es ---ng a telegram dated April 17th from the Chairman of the Federal -va Bank of Boston, advising that the board of directors of that bank ata meeting today voted unanimously to establish a rediscount rate of 41/27004 all classes of paper of all maturities, effective April 18th. Restated that he understood from a telephone conversation with the Govel'ilc)t (3r the Boston bank yesterday that the increase in rate is based 1113°74 a local diar 4 Of Re condition, rediscounts for member banks having increased the past few days with the result that the reserve percent- the Boston bank at close of business last night was down to 56.2. 4180 stated that the directors voted to make the new rate effective toll"f*w Aoril 18th, because of the fact that Thursday, April 19th is a IleliclaY in Massachusetts and the bank will be closed on that date. The 4°vern0r stated that he had seen the Secretary of the Treasury and 1111e8teci that he attend the meeting for the purpose of making a quorum. 4atated that the Secretary is engaged but advised that he might be able t with the Board for a few minutes later in the afternoon. 4144 or 14r° Hamlin stated that he talked over the telephone with the Chairthe Boston bank today and was advised that the earning assets of 324 4/17/28 -2the bank have increased .:A;40,000,000 since Saturday. An informal discussion ensued of the action of the Boston directors both • 34 the light of local -conditions in the First Federal -ieserve District 1111a fram n -,Yetem standpoint based upon conditions throughout the country. Following the discussion the :Issistant Secretary was instructed to aseert ain whether or not the Secretary of the Treasury will be able to binthe ieellre the Committee and reported that it is impossible for Mr. Lellon to his office. He reported to the Board that Mr. Mellon requested that tatter be. put over until tomorrow stating he would attend a meeting at (IhsYhottr fixed. Upon motion, it was then voted to postpone consideration Of the action of the directors of the Boston bank until a meeting tomorrow morning at 10:00 o'clock. The meeting adjournea at 4:20 p.m. Assistant Secrets DDrovecit Vice-Governor. 1
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