The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
371 Upon call of the Governor a special meeting of the Federal Reserve 8°ard was held, in the office of the Board on Thursday, April 22, 1926 at 313° P.m. PRESENT: The Chaiman GoverLor Crissinger Mr. Platt Mr. Hamlin Llr. James Mr. Noe11, Asst. Secretary Mr. McClelland, Asst. Secretary The Governor stated that the meeting had. been called by him to conicier a request received over the telephone from the Federal deserve Bank o liew York for approval of the action of the board of directors of the barlic taken today in voting to reduce their rediscount rate on all classes 0r Paper of all maturities from 4% to * 172, effective at opening of business toill°r1"ext morning April 23rd. Governor Crissinger stated that the New York 1)4111c "lad commmicated with four other Federal Reserve banks and advised that two of them rather felt their rate should. be lowered to 3: 1.---i/a 1 also, 17hile the other two were of the opinion that their rate should remain at the, Present level of 4;0 at least for awhile. He stated that the Uew York baro). 17as anxious to have the matter disposed of by the Board this afternoon. The Chaiiman stated that he knew of no objection to the action of the d irectors of the Federal Aeserve bank or to the Board's approving the (14utlon recommended by them. Governor Crissinger thereupon moved that the Board approve for the Federal Reserve Bank of New York a rediscount rate of 3i/o on all classes of paper of all maturities, effective tomorrow, April 23, 1926. 372 4/22/26 -2- During the discussion which followed, all members of the Board exIliessed themselves as favoring the reduction except Mr. Platt who stated lie add not see any reason for making the reduction right at the present time, Following the discussion, Mr. Hamlin seconded Governor Orissinger's motion, which was then put by the Chair and unanimously carried. Mr. Platt stated that he would not vote against approving the reion, but he thought it premature. Moriey He stated that the present ease in the market is due to the recent purchase of some „:65,000,000 of short time e" '"Ilment securities, coming on top of a considerable release of loans on t°°:It exchancri,e collateral. Tet ?he indications, he stated he believed, are not s'ufficiently clear that a reduction of rate is desirable and action might bette-r have been deferred another week or two. Upon motion by Mr. Hamlin, the Governor vias authorized to advise the Federal aeserve Bank immediately of the Board's approval of the action of their directors. The meeting adjourned at 4:00 p.m. ieF AOLI°rddligilk% 97 : 10) e Chairman. Asst. Secretary.
@FedFRASER