The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
Upon call of the Governor, a meeting of the Executive Committee of the Federal ieserve Board was held in the office of the Federal deserve Board on Friday, January 17, 1930 at 12:15 p.m. PRESENT: Governor Young Mr. Miller Mr. James Cunningham Mr. McClelland, Asst. Secretary The Governor stated that he had called the meeting particularly to report telephone advice received from Deputy Governor Crane of the Federal Reserve Bank of icew York of arrangements being made by the Argentine Government in this country, as well as in England and France, looking toward the deposit of gold with the central banks, subject to the order of the Argentine Embassy in the respective country, against which currency would be issued ta Argentina. The Governor stated that the matter has not been officially submitted to the New York bank and is merely reported to the Board for its information. He referred, as a precedent, to arrangements for the custody Of Argentine gold at the Federal Reserve Bank of New York made in 1917 and the discussion brought out that the 1917 arrangement was for exchange purposes but that in 1925 Argentine gold was earmarked at the Federal Reserve Bank of lisw York against which currency was issued in Argentina. He then presented letter dated January 15th from the Chairman of the Federal Reserve Bank of Philadelphia, with respect to the action of the directors of the bank in reducing the discount rate to 4 1/2. Noted, The Assistant Secretary then submitted draft of letter to the Chairmen Of the Federal Reserve Banks of New York, Cleveland, Atlanta, Chicago and Dallas, reporting action taken by the Board yesterday on official salaries; 58 -2- 1/17/30 the letter advising, in connection with disapproval of salary increases recommended for the Governors of those banks, that no increase for the Chairman or Goveraor of any Federal aeserve bank received favorable consideration by the Board. After discussion of the form of letter, Which was suggested at the meeting yesterday, it was decided to eliminate the statement that no Governor's or Chairman's salary was increased. The meeting adjourned at one o'clock. Assistant Secretary. Approved:
@FedFRASER