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A meeting of the Federal Reserve 3oard was held in the Office of the Governor at 11:00 a.m. on 7ednesday, November 12, 1924. PRESENT: Governor Orissiner Yr. Platt Er. Hamlin Er. Taller Er. James Er. Cunningham Yr. Eddy, secretary. PIMSITTT ALSO: :Fr. Fr. Fr. Fr. Yr. Harding ) Strong ) Norris ) rerthers of Opdh Larket Iffvestment Vancher ) Committee for the Federal Reserve EbDougal) System. The Governor stated that the purpose of the meeting was to consider the following recommendations made by the Open Earket Investment Committee for the Federal Reserve System: "1. That the committee continue to make such temporary sales and purchases from the special account as are necessary to stabilize money conditions at tax periods. 2. That any purchases of government securities or acceptances be distributed as recently on the basis of estimates of deficiencies of earnings of the twelve reserve banks. 3. That the committee be authorized by the Governors Conference to commence as soon as practicable to exchange certificates maturing after December 31, 1925 for shorter term certificates. 4. That action on the recommendation of the Advisory Council relative to the purchase of foreign bills be deferred until such time as We may be in a position to knovrmore about the development of conditions relating to foreign exchanges; and that the System make no purchases of such bills until that • time. That the committee be given authority (a) to replace the 365,000,000 of December maturities to such extent as may be advisable in consideration of market conditions at that time; and 5. 181 —2— (b) to offset the export or earmarking of gold for foreign account to such extent as may be advisable in consideration of rarket conditions, but not to exceed 0100,000,000. 6. That the committee be authorized to sell investments in the special account in order to reduce that account to the amount of 0500,000,000, as rapidly as money conditions make it practicable." The foregoing recommendations of the (ben larket Uommittee were considered separately and all of them unanimously approved by the members Of the Federal Reserve Board present. Er. Cunningham stated that he voted Iii the affirmative on the recommendations, with the understanding that he mould not stand committed to approving of the continuance of the authorities granted the committee after January 1, 1925. An understanding was reached between the Board and the members Of the committee that a meeting of the committee will be held some time during December, 1924, on a date to be fixed by the Governor and the Chairman of the Oomittee. The meeting adjourned at 1:05 p.m. Secretary.
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