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meet' -Ing of the Federal leserve Boara was held in the office of the l'ed•Gral I -eserve Board on iaturdaw, PRESENT: uri1 21, 1928 at 10:20 a.m. Governor Young Mr. Platt Mr. Hamlin Mr. James McIntosh Noell, Lsst. Jecretary Mr. McClelland, LSSt. 3ecretary he Govarnor stated that special order of business for this meeting 4 co, ,,si deration of the telegram received yesterday from the Chairman of the -I al Lieserve Bank of it. Louis, advising that the Executive Com?4it tee Of the bank, under authority of the board of directors, has voted teeetablish a rediscount rate of 4 1/2,, on all classes of gaper of all Irlat4rities, effective the first business day following that on z.A -p- 111116(1 13Y the Federal deserve Board. He pr esented the folio in tot ohairmun of the l'ta°11S t telegram, replyinc- to a 'ire addressed Louis bank this mornin in as to the for the action of his Executive Committee: 41 bills discounted have been showing steady increase, 1) ,elncipally out of it. Louis and Louisville and on 19th had t! i ched "A3,000,000 highest point for many months. Indicaare proportion this rediscounting for purpose protectfunds in New York which otherwise would be withdrawn. reserve was at 52.5 and as it seemed undoubted tendency p; increase rediscounts, thought it time to take action to teoteet our reserve. Boston's raised rate probably not af1.111 t us much but with raised rate at Chicago chances are if er lower rate, some borrowing will beircilmstances we maintain shifted this district." a, ) -Lfter brief discussion, Mr. Hamlin moved that the Board 0:0Pr Ire the rediscount rate of 4 1/21 fixed by the Taecutive c4Iraittee Of the Federal lesorve Bank of 'it. Louis for all sses of paper of all maturities, effective 2lpril 23rd. Carried, Mr. James voting "no.' and Yr. McIntosh 1°t votin. 4/21/28 r. James stated that his reasons for voting "no" On the motion are the same as those set forth in the statement submitted by him at the meeting on kpril 18th following action on an increase in the rate of the Boston Bank. The the Governor stated that he has received a letter from the Chairman of Federal Aeserve Bank of 'Jan Francisco, with further reference to the 41417 of the Governor of that bank for the year 1928. He sugested that the letter be made special order of business fora meeting next Tuesday. Z1r. Platt then left the meeting. The minutes of the meetings of the Board held on April 18th and 19th were read and anproved. The —, "unutes of the meeting of the Executive Committee held on LI pril 20th Were reacl and upon motion the action recorded therein was ratified. The meeting adjourned at 11:00 a.m. Assistant 3ecretary. 41.11prOyed: Governor. 11
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