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87,7 Minutes of actions tOcen by the Board of Governors of the Peti Ell Reserve System on Saturday, May 29, 1948. The Board met 4the Greenbrier Hotel at White Sulphur Springs, West Virginia, 10:00 PRESENT: Mr. Mr. Mr. Mr. Mr. Mr. Eccles, Chairman pro tem. Szymczak Draper Evans Vardaman Clayton Mr. Carpenter, Secretary This meeting was held in accordance with the action taken themeeting on May 27, 1948, for the purpose of giving further 'atlon to the question of an increase in reserve require0 r Zember t banks in central reserve cities. When, at the Of May 27, 1948, this meeting was called it was hoped 1,114tal1 Zembers of the Board would be at White Sulphur Springs 1.the l)111-130se of attending the Conference of Chairmen of the : 'ketie rEt1 Reserve Banks. However, word had been received from 441 4l'a41 11144IL McCabe that he had developed a virus infection and veell ordered by his doctor to remain in bed for at least after his fever left and that, therefore, he would lpe able to come to White Sulphur Springs for the meeting Qrthetoard during the three days that the other Board mem) 1 N t0 be there in connection with the Chairmen's Con- 5129/48 c i -2Mr. Eccles stated that a request had been received from r1441 McCabe that, in the circumstances, the Board defer act104 Qt. the increase in reserve requirements of member banks in al reserve cities until his return to Washington next week. The matter was discussed in the light of the feeling of oke °t the members of the Board that action should be taken Drot, ' 1.,Y to be effective in June and in the light of Chairman 14eNci, -vets request. At the conclusion of the discussion the meeting adjourned the understanding that another meeting would be held tomorrow 14)11114 4't 9:30 a.m. for further consideration of the matter. hairman pro tem.
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