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335 Upon call of the Governor, a meeting of the Federal Reserve Board was held, in the office of the Governor on Tuesday, November 9, 19 26 at 2:30 p.m. MESE-41T: Governor Crissinger 1.1r. Hamlin Mr. Miller Mr. Janes Mr. Cunninftam Mr. Eddy, Secretary P.:ESENT ALSO: Mr. Winston, Undersecretary of the Treasury. Mr. ":/inston discussed with the Board such plans as the Treasury has 1/1 mind for meeting obligations maturing December 15, 1926, and. stated that the Treasury operations at that time would. have no bearing on the proposal 11184e bY the Open Market Investment Committee in its report to the Governors' °°4ference now in session that "it may be desirable to purchase up to 100 1l1ion of seau.rities during the coming six weeks, to be sold. again at such tinle as credit conditions appear to make that course desirable." During the discussion which then ensued. Mr. Winston left the room. Mr. Hamlin moved that the suggestion of the Open Market Investment Committee be approved. Mr. McIntosh then entered the meeting. During further discussion which followed of the Corinittee's suggestion, 4411er moved as a substitute for lir. Hamlin's motion "That the Board advise the Open Market Investra3nt Committee that it sees no occasion at the present time for a change in the amount of the System's Special Investment Account, as approved by the Board on September 10, 1926, which approval fixed. the amount of the account at from 200 million to 225 million dollars, and that the Committee be advised that it is understood that it shall have authority to replace those investments now in the account which mature December 15, 1926." 336 11/9/26 -2- Mr. Miller's substitute motion, being put by the Chair, was carried, the members voting as follows: Governor Crissinger, "aye" Mr. :liner, "aye" Mr. Cunningham, "aye" 11r. Ilointosh, Yr. Hamlin, "no" Mr. James, "no" At this point, Mr. Platt aatered the meeting, and upon being advised Of the action of the Board, requested that he be recorded as voting in the rlegative on '12ir. Miller's motion. The meeting adjourned at 3:10 p.m. 711 1
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