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A meeting of the executive committee of the Federal Open Market Committee was held in the offices of the Board of Governors of the Federal Reserve System in Washington on Monday, January 25, 1943, at 10:10 a.m. PRESENT: Mr. Mr. Mr. Mr. Mr. Eccles, Chairman Sproul, Vice Chairman Szymczak Draper Alfred H. Williams Mr. Morrill, Secretary Mr. Carpenter, Assistant Secretary Mr. John H. Williams, Associate Economist Mr. Wyatt, General Counsel Mr. Dreibelbis, Assistant General Counsel Mr. Rouse, Manager of the System Open Mar ket Account Mr. Clayton, Assistant to the Chairman of the Board of Governors Mr. Thurston, Special Assistant to the Chairman of the Board of Governors Mr. Piser, Chief, Government Securities Section, Division of Research and Statistics of the Board of Governors Mr. Berntson, Clerk in the Office of the Secretary of the Board of Governors Messrs. McKee, Ransom, Evans, Gilbert, Young, and Leedy, members of the Federal Open Market Committee Messrs. Paddock, Fleming, McLarin, Davis, and Day, alternate members of the Federal Open Market Committee Messrs. Leach and Peyton, Presidents of the Federal Reserve Banks of Richmond and Minneapolis, respectively Mr. Sienkiewicz, Secretary of the Presidents' Conference Mr. Edmiston, Assistant Vice President of the Federal Reserve Bank of St. Louis 1/25/43 -2 Upon motion duly made and seconded, and by unanimous vote, the minutes of the meeting of the executive committee of the Federal Open Market Committee held on De cember 14, 1942, were approved. Upon motion duly made and seconded, and by unanimous vote, the transactions in the System account during the period from December 14, 1942, to January 23, 1943, in clusive, as reported daily by the Federal Reserve Bank of New York to the members of the executive committee, were approved, ratified, and confirmed. Thereupon, the meeting recessed to reconvene following the meeting of the Federal Open Market Committee. Secretary. Approved: Chairman.