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Reproduced from the Unclassified I Declassified Holdings of the National Archives DECLASSIFIED Authority E .6 . U25fc V CONFIDENTIAL A m eeting o f th e Open Market in vestm en t Committee w ith th e C on feren ce o f G o v e rn ors was h e ld in W ashington at 4 p , nu on Thursday, November 15, 1928# PRESENT: Mr. McGarrah, A c tin g Chairman. G ov ern ors H ardin g, N o r r is , Fancher, Seay, B la ck , McDougal, B iggs, G eery, T a l l e y anc^ C a lk in s . Mr. H a rr is o n , A c tin g S e c r e t a r y . A t th e r e q u e s t o f th e a c tin g chairman, th e s e c r e t a r y read t o th e con fe r e n c e th e r e p o r t o f th e Open Market In vestm en t Committee, m eeting t o d a y . as approved a t i t s A f t e r d i s c u s s i o n o f th e r e p o r t and th e memoranda, p r e v i o u s l y sub m itte d t o each member o f th e c o n f e r e n c e , on w hich th e r e p o r t was based , VOTED i t was du ly t o a p p rove and a c c e p t th e r e p o r t as th e recom m endation o f th e c o n fe r e n c e t o th e F e d e ra l R eserv e Board* a In c o n n e c tio n w ith th e c o n s id e r a t io n o f th e r e p o r t , t h e r e was an inform a?, d is c u s s io n o f th e m a tter o f buying r a t e s f o r b a n k e r s 1 a c c e p t a n c e s , form al a c t i o n was ta k en , © *V and w h ile no i t appeared t o be th e g e n e r a l sen tim en t o f th e c o n fe r e n c e that i t might be advantageous soon to increase the buying rates fo r b i l l s , es p e c ia lly in view o f the expansion o f the b i l l p o r t f o l io sin ce September in r e la tio n // t o th e n e t in c r e a s e in th e t o t a l volum e o f F ed era l r e s e r v e c r e d i t o u ts ta n d in g . The m eeting a d jo u rn e d t o recon v en e in j o i n t s e s s io n w ith th e Fe <3e r a l R e se rv e B oard. G eorge H a rriso n , A c tin g S e c r e t a r y .
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