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Reproduced from the Unclassified I Declassified Holdings of the National Archives DECLASSIFIED Authority E .6 . U35fc v CONFIDENTIAL A m eetin g o f th e Open Market Investm ent Committee and th e G overn ors C on feren ce w ith th e F ed era l R eserv e Board was h e ld in W ashington at 9 :3 0 a . ra* on F rid a y , November 1 6 , 1 9 2 8 , PRESENT: G overn or Young, M e s sr s, Hamlin, M i l l e r M cIn tosh , James, Cunningham, P l a t t and Eddy G overn ors H arding, N o r r is , F aneher, S eay, B la ck , McDougal* B ig g s , G eery, T a l l e y and C a lk in s Mr. McGarrah, A c tin g Chairman' Mr. H a r r is o n , A c tin g S e c r e t a r y . The s e c r e t a r y d i s t r i b u t e d t o ea ch member o f th e F e d e ra l R eserv e B oa rd , a cop y o f th e r e p o r t o f th e Open M arket Investm ent Committee as approved b y th e C on feren ce o f G overn ors t o g e t h e r w ith c o p ie s o f t h e p r e lim in a r y memorandum d a te d November 14 and th e form a l r e p o r t o f th e s e c r e t a r y o f th e com m ittee d a ted November 12* Upon th e re q u e s t o f th e a c t in g chairm an, th e s e c r e t a r y rea d th e r e p o r t o f com m ittee* In th e en su in g th e d is c u s s io n i t was p o in te d out t h a t in su b sta n ce th e r e p o r t in v o lv e d a co n tin u a n ce o f th e p re se n t p o l i c y o f t h e System , e x c e p t th a t in th e even t o f a p o s s i b l e em ergency th e System s h o u ld be prep a red t o pu rch ase governm ent s e c u r i t i e s in o r d e r t o a v o id an a c u t e c r e d i t s t r in g e n c y . T h is p r o p o s a l in v o lv e d no more than a ren ew al o f th e recom m endation co n ta in e d in th e l a s t r e p o r t o f th e com m ittee d a ted August 13 and approved b y t h e F ed era l R eserv e Board* I t was th e o p in io n o f th e com m ittee t h a t w h ile th e r e had b een no o c c a s io n t o e x e r c i s e th e em ergency a u t h o r i t y g ra n te d in A ugust, and w h ile a t th e moment t h e r e appeared t o b e a tem porary p e r io d o f ea se in money r a t e s , n e v e r t h e le s s in view o f th e a p p roa ch in g demands f o r cu r r e n c y Reproduced from the Unclassified I Declassified Holdings of the National Archives DECLASSIFIED Authority E . 6 . U3Slo 2 / f f o r h o lid a y p u r p o s e s , w h ich n o r m a lly r e s u l t in an e q u iv a le n t easp a n sio a o f F e d e ra l R e se rv e c r e d i t , and th e u n c e r t a in t y o f th o p r e s e n t c r e d i t s i t u a t i o n , th e com m ittee sh ou ld have t h e same emer g e n c y a u t h o r it y t h a t was g ra n te d t o i t in August when we were a p p ro a ch in g t h e u s u a l s e a s o n a l demand f o r c r o p m oving pu rp oses* The m eetin g a d jou rn ed a t I 0 i3 0 a* m0 G eorge L, H a r r is o n , A c tin g S e c r e ta r y *
@FedFRASER