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290 A meeting of the Lxecutive Committee of the Federal Reserve Board vlas held in Washington on Friday, Day 12, 1933, at 4:30 p.m. PRESENT: Mr. Mr. Mr. Mr. Miller, Presiding Hamlin James O'Connor, Comptroller of the Currency Mr. Liorrill, Secretary Mr. rIcClelland, Assistant Secretary Mr. Harrison, Assistant to the Governor ALSO PRESENT: Mr. 11, R. Black, Governor designate of the .2'ederal Reserve Board. There was submitted for the consideration of the Cow..littee a clrat of a Proposed telegram to Governor Harrison, as Chairman of the Open Ilarket polic Y Conference, in regard to the resolution adopted by the conrereno 6 °I1 APril 22, 1933, which authorized the executive committee of the e°nrerenoe, subject to the approval of the Federal Reserve Board, to ake Purchases of Governmant securities up to a total of 01,000,000,000. The Secretary reported that he had just learned that the Secretary the Trea3urY had left ',Iashington for New York and would not return next earlY Stated week. In the discussion which ensued Lal. Miller and ir_r. that the matter had been discussed with the Secretary of the Tr(3aaury and that he had stated that he favored action by the Board authc)1*Iz jalc," the executive comrdttee of the Open Market Policy Conference to 111%CeeCI With the proposed purchases of Government securities. 1\tl'ther 111' Mr• After cussion, and amendment of the proposed teleg7am, upon motion Elaralin, the Secretary was directed to send the telegram to Governor lial'risoh, in the follcy,linc, form: aid "The Federal Reserve Board has given careful conto the resolutions adopted at the mcetirc on 4)111 22, 1933, of the Open Market Policy Conference, ' "n erat 5/12/33 "and has requested me to advise you that it authorizes the executive conrdttee of the conference to proceed With it proposed purchases of United States Government securities up to an aggregate of .1,000,000,000. In granting this authority the Board will expect to be kept informed currently by the executive conndttee of its program of Purchases and as to any developments in the situation which may affect the application of the program. The Board will have the whole matter of open market policy Under constant review, and will advise the committee of c .Aces to be made in the program in order more fully to adJust it to the requirements of the national situation." Thereupon the meeting adjourned. Secre ary. %roved: Chairman, Executive Committee.
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