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304 A meeting of the Federal deserve Board was held in the office of the FE4sral deserve Board on Monday, November 19, 1928 at 3:30 p.m. PdESENT: Governor Young Mr. Platt Mr. Miller Mr. James Mr. Cunningham Mr. McIntosh Mr. Eddy, Secretary Mr. McClelland, Asst. Secretary The Governor reported receipt of telephone advice that the Federal Res"Bank of New York is taking over from the Bank of England today and tomorrow ell 438.800,000 of government securities and that arrangements have been made for ' the sale in the open market between now and Viednesday of *320,800,000 of securities. He stated that the New York bank will negotiate with the Treasury De- 1°Iltment in an effort to turn over some securities and, if unsuccessful in that 4tter2 Will dispose of the remaining .18,000,000 as rapidly as possible. In 44 effort to offset an addition to the market supply of money due to the above t141114action he stated that the Mew York bank has cabled to the Bank of France 44is1ng that if that institution wishes to draw down balances from its correspondents for the purpose of earmarking, to the extent of, say, ,25,000,000, It would be advantageous to the New York bank at this time. He stated that 14/ acti0n by the Board is necessary at this meting. Due to the contemplated absence of two or three members of the Board 4411111g the week, it was agreed that action on the report of the Open Market illVestment Committee, submitted at the meeting on November 16th, be deferred 4/4 consideration of other matters, except of those of a routine nature, be 15°5tPoned until the first of next week. The meeting aurned at 4:00 p.m. ()Governor
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