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/67 Upon call of the Governor, a meeting of the Federal :?,eserve Board was held 12 •1 the office of the Governor on Monday, February 20, 1928 at 4:00 p.m. l'AESE:;T: GOvernor Young Mr. Platt Hamlin Miller Lr. Mr. Cunningham 1.1r. ..ddy, Secretary Mr. McClelland, sst. Secretary The Governor stated that he had called the meeting' for the reason that 4141er is leaving torn for an absence of several days, which will result 41110 quorum of the Board being present. Re presented the matter approved on initials today, namely, telegram 4ted 1,y 20th from the Chairman of the Federal 3.eserve Bank of St. Louis actiriv in that the Executive Committee of the bank, under authority of the b°411(1 Of classes directors, today voted to establish a rediscount rate of 4 on all °f paper of all maturities, effective the first business day follow- that on which approved by the Federal Reserve Board. The rate of 4,; established by the Executive Committee of the 3t. Louis bank having been informally approved, effective as at the opening of business tomorrow, iebruayy 21st, was formally ratified, Mr. Cunnindiam not voting. Mr. Cunningham stated that the members of the Board are already familiar with his reasons for not voting on adjustments 1/1 Federal eserve bank rates being made at this time. The Governor then stated that the Federal Reserve Bank of Cleveland is 4e4v th a °nay bank maintaining a rediscount rate of 3 1/2p ana suggested that the Elxe eutive Committee be given authority during Mr. Miller's absence to act 11130/1 Et rate of 4p if established by the directors of that bank. Upon motion, the Executive Committee was authorized to approve a rate of 4p if established by the directors of the Federal 4eserve Bank of Cleveland. 168 2/20/28 Mr. Hamlin then stated that the Board's Counsel has prepared and sulQmitted to the Law Committee draft of a reply to a letter from the Federal deserve Agent at Boston, with respect to the desire of Lee, Higinson and 'Company Of Boston to draw bankers acceptances for the purpose of financing the storage of cotton in Italy. He stated that Counsel is now revising the proposed letter under instructions from the Committee and suggested that the matter be referred to the _-..xecutive Committee with power. Upon motion, Mr. Hamlin's suggestion was adopted. The meeting adjourned at 4;15 p 3ecretary. 413Proved:
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