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136
Ameeting of the Executive Cornmittee of the Federal .eserve .3pard was
held in the office of the Federal iies,erve 3oard on 'Jednesday, AuE;ust 31, 1927
at 12:45 p.m.
Governor Crissinger
James
Lr. Canuinfjiam
2.:cIntosh
Noell, 1.sst. Secretary
The Governor stated that he had called the meeting for the purpose of
-e l)ortiaL. telephone ,conversations this morning with the Chairman of the board
of directors of the Federal .eserve Bank of Chicago and with :a'. Simpson,
Class 0 director of the bank, rearding the action of the board of directors
at its mooting on .4-lur,;ust 26th in voting to continue the bank's present re(liscount rate of 4 percent and the action of the Board's Executive Committee
Yest:arda-, ia votia
that the action of the Chicago directors be not approved.
Ile stated that Y.r. Heath had intimated that a reduction in the Chicago bank's
rate mi{'.:ht be made in the near future and had iaciaired whether it would be
agreeable to the --',oard if the question was voted on at a meeting of the bank's
executive committee scheduled to be held on September 9th, with the understand-that the present rate of 4 percent would be continued until that time.
Discussion ensued, durinfl; which it was su 'ested that any change to
be raacl
44d.
Chicap bank should be made next Friday, September
.
in the rate of ,the
The Governor was authorized to so advise the Chairman of the Chicago
barik over the telephone.
2he meetin-2 adjourned at 1:00 p.m.
..:ssistant „;ecreta
4pproved:
@FedFRASER