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Reproduced from the Unclassified I Declassified Holdings of the National Archives
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MINUTES OF THE MEETING OF THE OPEN MAMET INVESTMENT COMMITTEE
FOR THE FEDERAL RESERVE SYSTEM, HELD AT THE FEDERAL RESERVE
___________ BOARD, WASHINGTON D« C.« NOVEMBER 10. 1923._________

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P resen t:
Governor Strong, Chairman
Governors Fancher, McDougal and Norris
Mr, W* B. Matteson, Secretary of the Committee
Also present:
Dr* Adolph C* M iller of the Federal Reserve Board
Mr. George L* Harrison, Deputy Governor of the Federal
Reserve Bank of New York
Governor Strong presented his report as Chairman of the committee

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to the joint corference - November I923j (copy attached).

The report which

contained a review of the performances of the present committee and its
predecessor covering the period from January 1, 1922, to the present time,
was discussed at length by the members of the committee and Dr* Miller, and
its contents met with the approval of a ll present; WHEREUPON, on motion,
duly made and carried, it was voted that the report be accepted.
The report of the secretary was also presented and, on motion,
was accepted.
o

The chairman reported that the Federal Reserve Board had advised
the committee of the request of the Federal Reserve Bank of Boston to the
Board for its approval of the purchase of $15,000,000 or §20,000,000 of
government securities; the chairman stated that the New York bank had turned
over $10,000,000 of acceptances to the Federal Reserve Bank of Boston, and
no action was thought necessary with regard to the application.
The meeting thereupon adjourned until Tuesday morning, November 11
at 10 a. m. when it reconvened in Governor Crissinger1* office at which
a ll members of the committee were present, also Governor Crissinger and




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Reproduced from the Unclassified I Declassified Holdings of the National Archives
d e c l a s s if ie d

Authority E .6 . [R SIc

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Messrs. Hamlin, P la tt, James and Cunningham o f the Federal Reserve Board#
The chairman’ s report was f u lly discussed and i t was decided to report to
the jo in t conference that the committee’ s report contained important sug­
gestion s regarding p o lic y which the Board desired to study, and at the re­
quest o f the la t t e r it was decided that another meeting o f the committse
would be held in about a fo rtn ig h t; a ll o f which was reported to the confer­
ence by the chairman# ,




The meeting then adjourned*
(Signed)

7/. B* Matteson
Secretary#