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879 Minutes of actions taken by the Board of Governors of the Federa'l Reserve System on Sunday, May 30, 1948. °reel%rier The Board met in the Hotel at White Sulphur Springs, West Virginia, at 9:30 a.m. PRESENT: Mr. Mr. Mr. Mr. Mr. Mr. Eccles, Chairman pro tem. Szymczak Draper Evans Vardaman Clayton Mr. Carpenter, Secretary This meeting of the Board was held in accordance with the clec 1 reached at the meeting yesterday morning. Mr. Eccles stated that yesterday he received a wire from 4r°111) President of the Federal Reserve Bank of New York, teztcii 4 as follows: I do not favor proPvse "Quite apart from fact that mistake ,4 action now, think it would be personal -(31 'You to force it under today's circumstances." 14 the discussion which followed, the members of the Board et*eecl that thttt he the language used in Mr. Sproul's telegram indicated 148.e laboring under a misapprehension, in view of the fact t1140- the Proposed action had been the subject of discussion since kreh 8 flutber of meetings and there were other members of the 31(1krd eAdition to Mr. Eccles who felt strongly that a decision be reached promptly. There was a further discussion of the problem of increas11, Nii rese I've requirements of member banks in central reserve cities Ett the 844rt °4clusion of which the Secretary was requested to prepare 0f motion along the lines discussed for consideration by 611'd following the morning session of the Conference of Chair4 01, t he Federal Reserve Banks. 880 513o/48 -2Thereupon the meeting recessed and reconvened at 1:10 p.m. 114111111e same attendance as at the morning session except that kessrs. Thurston, Assistant to the Board, Vest, General Counsel, Et4cic'viasend., Associate General Counsel, were also present. The draft of motion prepared by the Secretary in accordance with the discussion at the morning session was read and, after further discussion, upon motion by Mr. Vardaman, it was voted that •the meeting be adjourned and that a meeting of the Board be called to convene in the Board Room in Washington at 9:30 a.m. daylight saving time on Tuesday, June 1, 1948, Which is the regular meeting day of the Board in Washington, for the purpose of acting on the matter under discussion. This motion was adopted in the light of the Chairman's request and in spite of commitments of three members of the Board to be outside of Washington at that time and also in the light of the opinion of the members present that if the Board does not act early next week it will be too late to take action to become effective during the early part of June. On this action Messrs. Eccles, Draper, Evans, Vardaman, and Clayton voted "aye" and Mt. Szymczak voted "no" for the reason that he was of the opinion that action Should be deferred until a meeting of the Board at which the Chairman could be present. The Secretary was requested to advise Chairman McCabe by wire of the action of the Board as set forth above. Thereupon the meeting adjour. joee le 1 id' 01100 64 /JAL.4.-111111 Secretary. 41 ) 10U 4 Crve Chairman pro tem.
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