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359 A meeting of the Executive Committee of the Federal Reserve Board 1148 held in Washington on Thursday, May 25, 1933, at 11:30 a.m. PRESENT: Mr. Mr. Mr. Mr. Black, Governor Hamlin Miller O'Connor Mr. Morrill, Secretary Mr. Carpenter, Assistant Secretary Mr. M.cClelland, Assistant to the Governor. Governor Black stated that Governor Harrison of the Federal Reserve Bsaak Of New York had just advised him over the telephone that the board of clireet°1 ' 8 of the Federal Reserve Bank of New York undoubtedly will take "ti°11 at its meeting this afternoon to reduce the rediscount rate of the 1)4421*°121. 3 per cent to 2 1/2 per cent, effective as of the opening of btlainess OttMay 26) 19" After discussion, Governor Black was authorized, Upon, receipt of advice that the board of directors of the Federal Reserve Bank of New York had taken such action, to state that the Board approves for the New York bank a rediscount rate of 2 1/2 per cent on all rediscounts of eligible paper for member banks under sections 13 and 13(a) of the Federal Reserve Act, and On, advances to member banks under the provisions of the eighth paragraph of section 13, effective as of the opening of business on May 26, 1933. G°78rnor Black reDorted that he had been called over the telephone Rerbert Feis, economic adviser in the State Department, who advised the desil'e of the °' the Bos.rd's Nlbels Or that the services of W. R. Gardner Division of Research and Statistics be made available as a the staff of the American Delegation at the forthcoming Inter- 111;1°11Eti LI°Iletary and Economic Conference in London. All Or the members of the Board were in accord that the wishes of 11le st(lt Goirertio DePartment should be met in the matter referred to, and the V418 authorized to advise Mr. Feis accordingly, at the sane tine 5/25/33 -2- requeSting, however, that the Department address a formal communication l'eee'rcting the matter to the Board for its records. It was also the con- bat, in advising Li'. Gardner that the Board has approved his serving o the staff of the Delegation at the Conference, it should be pointed out thEtt he Will not be undertaking such service as a representative of the Nieral Reserve Board, and therefore should exercise care to avoid any action which ndght be construed as committing the Board in any way. It wez also understood by the Board that, although Mr. Gardner will rertzti„ °n the Payroll of the Federal Reserve Board, reimbursement of his eZPetaec, - In connection with the trip abroad will be arranged by the State Thereupon the meeting adjourned. cA. -WeR— Secretary. 4pDroireci:
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