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GOVERNOR MILLER: They were very candid in answers to questions. I 

wanted to have a talk with Mr. Norman, and we both stayed behind 

after luncheon, and were joined by the other foreign representatives 

and the officials of the New York Reserve Bank. These gentlemen were 

all pretty concerned with the way the gold standard was working. They 

were therefore desirous of seeing an easy money market in New York 

and lower rates, which would deter gold from moving from Europe to 

this  country.  That  would  be  very  much  in  the  interest  of  the 

international money situation which then existed.

MR. BEEDY: Was there some understanding arrived at between the 

representatives of these foreign banks and the Federal Reserve Board 

or the New York Federal Reserve Bank?

GOVERNOR MILLER: Yes.

MR. BEEDY: It was not reported formally?

GOVERNOR MILLER: No. Later, there came a meeting of the Open-

Market Policy Committee, the investment policy committee of the 

Federal Reserve System, by which and to which certain 

recommendations were made. My recollection is that about eighty 

million dollars worth of securities were purchased in August consistent 

with this plan.

CHAIRMAN MCFADDEN: Was there any conference between the 

members of the Open Market Committee and those bankers from 

abroad?

GOVERNOR MILLER: They may have met them as individuals, but not as 

a committee.