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Upon call of the Governor a special meeting of the Federal Reserve Board was held in the Office of the Governor on Saturday, October 10, 1925 at 10:50 a.m. PRESENT: Governor Crissinger Mr. James Mr. Cunningham Mr. McIntosh Mr. Eddy, Secretary The Governor presented a telegram, dated October 9th, from the Secretary of the Federal Reserve Bank of Cleveland, advising of the action of the board of directors in voting to establish a rediscount rate of 3/4 per cent on all classes of paper of all maturities, effective the first business day following that on which approved by the Federal Reserve Board. The Governor stated that he had discussed the matter over the telephone with the Governor of the Federal deserve Bank of New York, who had expressed the opinion that the increase would be inadvisable for the same reasons stated in connection with the recent recommendation of the board of directors of the Federal lieserve Bank of Boston. After discussion, it was, upon motion, voted to lay the above recommendation on the table. The meeting adjourned at 11:00 o'clock.
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