The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
Reproduced from the Unclassified I Declassified Holdings of the National Archives — p jpjp • *. mrn- d e c la s s ifie d Authority E.6. U35(j • .A.. MINUTES OF THE MEETING OF THE OPEN MARKET INVESTMENT COMM: FOR THE FEDERAL RESERVE SYTSSmT HELD IN THE FEDERAL RESERVE ~ T 6m ~ R o F APRIL fT."l92S. Present: Governors Strong, Fancher, McDougal, Harding and Norris There were also present: Governors Bailey and McKinney Mr. George L. Harrison, Deputy Governor, Federal Reserve Bank of New York, \$io acted as secretary of the meeting. The Chairman called the meeting to order at 2:00 p. m. 1* The proposed report of the Chairman of the Open Market Investment Committee to the Conference of Governors, which had been distributed informally among the Governors in advance of the conference, was considered by the Committee, and, upon motion of Governor McDougal, it ms VOTED to approve the report as drafted, with the understanding, however, that the paragraph entitled "Future Program" on page 2 be eliminated. 2. Upon motion of Governor Harding, it was then VOTED to be the sense of the Committee that under authority now vested in i t , the Committee should increase its holdings up to approximately $300,000,000 as and when market conditions warrant, it being the b e lie f of the Committee that present and prospective gold movements make this increase ad v isable. * 3. The Chairman referred to the fact that some of the Federal reserve banks at the present time are not earning \ Reproduced from the Unclassified I Declassified Holdings of the National Archives d e c l a s s if ie d Authority £ . 6 . 2 enough to cover th e ir expenses, and i t was accordingly VOTED that the Chairman be authorized to submit to the in d iv id u a l members of the Committee a plan fo r the immediate reapportionment o f the present holdings of the Committee, together with a plan fo r apportioning new purchases by the Committee* 4* The Chairman made a b rie f rep ort to the Committee concerning ce rta in foreig n accounts of the Federal Reserve Lank of New York, and sta ted thst he would la t e r submit proposals fo r the re apportionment of some of these accounts among the several Federal reserve banks, 5. The Chairman reported the proposed action of the d ir e c to r s of the Federal Reserve Lank of Loston to request p a r t ic i pation in the fo re ig n accounts now apportioned among the other Federal reserve bonks, Upon motion of Governor McDougal, i t was VOTED that the p a r tic ip a tio n of the Federal Reserve Bank of Loston should be approved and the accounts reapportioned accordingly* (Signed) George L. Harrison Acting Secretary
@FedFRASER