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c' "I) A meeting of the Federal Reserve Board was held in the office of the Psderal Reserve Board on Thursday, May 16, 1929 at 11:30 a.m. PRESENT: P.,iES:2;112 The Chairman Governor Young Yr. Platt Mr. Hamlin Ur. Miller James Mr. Cunningham Mr. Pole Mr. McClelland, ,tsst. Secretery Dr. Goldenweiser Dr. Goldenweiser reviewed Federal Aeserve policy and banking developments (111ring the last several years, particularly during 1929 and from February 6th to date, following which the Board engaged in a general discussion regarding the success of the policy which the System has been pursuing and the advisability or necessity of supplementing that policy by increases in the discount rates Of the Federal Reserve banks. The Governor was called from the room and upon his return reported teleP4On5 advice from the Governor of the Federal Reserve Bank of New York that the board of directors of that bank today unanimously voted to establish a redis- cunt rate of 6 with the understanding, however, that their action is predi- cated upon approval or disapproval by the Federal Reserve Board today. The Governor moved that the rate of 6% established by the New York directors on all classes of paper of all maturities be approved, effective tomorrow, May 17th. Governor Young's motion, being put by the Chair, was lost, the members voting as follows: The Chairman, "aye" Governor Young, "aye" Mr. Platt, "aye" Mr. Hamlin, "no" Mr. Miller, "no" Mr. James, "no" Mr. Cunningham, "no" lir. Pole, "no" 489 6/16/29 The Governor then referred to the action of the Board yesterday in taking Iltder review action of the directors of the Federal Reserve Banks of Boston and Philadelphia in voting to establish rates of for those banks. He moved that the action of the Boston and Philadelphia directors be continued under review. Carried. The Governor then stated that the board of directors of the Federal Reserve Bank of San Francisco is meeting today and may vote to establish a rate of 570 for that bank. Upon motion, the Governor was authorized to approve a rate of 5.,; on all classes of paper of all maturities, if established by the directors of the Federal aeserve Bank of San Francisco. The meeting adjourned at 1:00 p.m. • d:q6,46p Assistant Secretary. 4pProvad: Chairman.
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