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meeting of the Executive Committee of the Federal aeserve ,loard was held in the office of the Vice Governor on Thursday, May 17, 1928 at 2 10 "PdE3EN2: Vice Governor Platt Mr. Hamlin Mr. Miller Yr. McIntosh Mr. Eddy, Secretary Mr. McClelland, Assistant Secretary The Vice Governor stated that just before 2:00 o'clock he \:as adOver the telephone by the Deputy Governor of the Federal _ieserve Of Ilaw Yolk that the board of directors of the bank at its meeting tod,_ voted to establish a rediscount rate of 4 1/2,; on all classes of 1311130/, ()f all maturities, effective the first business day following that h aPproved by the Federal deserve Board. He stated that Mr. Case sted advice of the Board's action before 2:00 o'clock if possible. 1:r. Hamlin moved that the Board approve the rediscount rate of 4 l/2, on all classes of paper of all maturities established by the directors of the New York bank, effective tomorrow, May 18th. , 1:r. Hamlin's motion being put by the Mair was carried, A4r. McIntosh not voting. The Vice Governor then presented the matter approved by theExecu- tive ftlittee on initials yesterday, namely, telegram dated May 16th from thecha. 111man of the Federal lieserve Bank of Philadelphia advising that the d Of ,at0 Of A girectors of the bank on that day voted to establish a rediscount r 1/2;; on all classes of paper of all maturities, effective the bus iness day followim^ that on which approved by the Federal • eserve The rate of 4 1/2/, ,7 on all classeso paper of all ties established by the Phi adel directors, today, Lay 17th, 08811 informally approved effect upon motion ratified, Secret Vi e-Governor.
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