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3:36 e Board Upon call of the Governor, a special meeting of the :Federal aeserv , where was held in the office of the Chamber of Commerce of the United States the Board was in session with the Governors of the Federal ,:eserve banks, on 2bursday, April 4, 1929 at 3:J0 o'clock p.m. R.-tE3=: Governor Young Mr. Platt Mr. Hamlin Yr. James :..ir. Cunningham McClelland, Asst. Secretary the Federal AOThe Governor presented a telegram from the Chairman of today adopted a serve Bank of Boston, advising that the Executive Committee l esolution, similar to that passed by the board of directors of the bank on ' Larch 27th, establishing a rediscount rate of Ey, provided, however, that if n of the change in the rate shall not the Federal deserve Board's determinatio taken have been obtained by the close of business on April 10th, the action ed rate shall not be established shall be considered rescinded and the propos Executive Comwithout further consideration by the board of directors or the Mittee of the bank. established by Mr. Platt moved that the rate of 6-j; e Bank of Aeserv the Executive Committee of the Federal be apties maturi Boston on all classes of paper of all proved, effective tomorrow, Lnril 5th. "That the Federal Mr. Hamlin moved, as a substitute, the Federal deserve that Aeserve Bank of Boston be advised ive Committee Execut the Board has received the advice that of 6d, and rate ount redisc of that bank has established a and durreview under that the Board is taking the matter to be bank the of rate ing the interim has determined the 5." put by the Chair, 1.7.r. Hamlin's substitute notion, being was carried, Mr. Platt voting "no". communicated with both The Governor stated that he had be recorded as opposed to d Miller and Mr. Pole who desire 4/4/29 -2to the approval of a 6 rate at this time. The Governor then advised that he had received word from the Federal Reserve Bank of New York that the directors of the bank have again voted to establish a rediscount rate of 61, on all classes of paper of all maturities, subject to review and determination by the Board, with the understanding how- ever: that their action is predicated upon approval or disapproval by the Federal Reserve Board today. Lr. Platt moved approval of the rate of 6;; established by the directors of the New York bank, effective tomorrow, April 5th. L:r. Cunningham moved, as a substitute, "That the Federal Reserve Bank of New York be advised that the Federal Reserve Board has received the advice that the directors of that bank have established a rediscount rate of E6, with the understanding, however, that their action is predicated upon approval or disapproval by the Federal Reserve Board today, and that the Board disapproves the action of the New York directors, and has determined that the rate of the bank be 57)." L:r. Cunningham's substitute motion, being it by the Chair, was carried, Ir. Platt voting "no". The Governor stated that Llessrs. Lliller and Pole also wished to be recorded as disapproving the establishment of the 6,; rate. The Governor then presented a telegram dated April 4th from the Chairman of the Federal Reserve Bank of Chicago, advising that the Executive Committee of the bank, under authority of the board of directors, today voted to estab1 a rediscount rate of k; on all classes of paper of all maturities, ef" 11 feotive era]. the first business day following that on which approved by the Fed- Reserve Board, but requesting immediate action by the Board. estab1:r. Platt moved approval of the rate of E6 bank, Chicago the of Oommittee Executive the lished by 5th. April tomorrow, effective 338 01•11, Ex. Cunningham moved, as a substitute, "That the Federal Reserve Bank of Chicago be advised that the Federal Reserve Board has received the advice that the Executive Committee of that bank has established a rediscount rate of 6/:), with the request that immediate action be taken thereon by the Federal Reserve Board, and that the Board disapproves the action of the Executive Committee of the Chicago bank and has determined the rate of the bank to be 5,1." Mr. Cunningham's substitute motion, being put by the chair, was carried, Mr. Platt voting "no". The Governor stated that Messrs. Miller and Pole also wished to be recorded. as disapproving the establishment of the 6;0 rate. The meeting adjourned at 3:30 p.m. Assistant Secretary. A pproved:
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