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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 Fed- eral Reserve System in Washington on Monday, October 18, 1943, at 10:10 a.m. PRESENT: Mr. Mr. Mr. Mr. Mr. Eccles, Chairman Sproul, Vice Chairman Ransom Evans Paddock Mr. Morrill, Secretary Mr. Carpenter, Assistant Secretary Mr. Goldenweiser, Economist Messrs. John H. Williams, MacKenzie, Bryan, and Wheeler, Associate Economists Mr. Dreibelbis, Assistant General Counsel Mr. Rouse, Manager of the System Open Market Account Mr. Clayton, Assistant to the Chairman of the Board of Governors Messrs. Piser and Kennedy, Chief and Assistant Chief, respectively, of the 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. Szymczak, McKee, Draper, McLarin, and Day, members of the Federal Open Market Committee Messrs. Leach, Young, Davis, and Peyton, alternate members of the Federal Open Market Committee Messrs. Alfred H. Williams, Leedy, and Gilbert, Presidents of the Federal Reserve Banks of Philadelphia, Kansas City, and Dallas, respectively Mr. Hays, First Vice President of the Federal Reserve Bank of Cleveland -2- 10/18/43 Messrs. Sienkiewicz, Edmiston, and Upgren, Vice Presidents of the Federal Reserve Banks of Philadelphia, St. Louis, and Minneapolis, respectively Mr. Langum, Assistant Vice President of the Federal Reserve Bank of Chicago Messrs. Robb and Rice, Managers of the Research and Statistical Departments at the Federal Reserve Banks of Kansas City and Dallas, respectively Mr. Kincaid, Consulting Economist at the Federal Reserve Bank of Richmond Mr. Dolley, Economic Adviser at the Federal Reserve Bank of Dallas 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 September 7, 1943, were approved. Upon motion duly made and seconded, and by unanimous vote, the transactions in the System account during the period September 7 to October 16, 1943, inclusive, as reported daily by the Federal Reserve Bank of New York to the members of the executive committee, were approved, ratified, and confirmed. Pursuant to the understanding reached at the meeting of the Federal Open Market Committee on June 28, 1943, the members of the executive committee conferred informally on October 13, 1943, and at that time agreed upon a report to be made to the Federal Open Market Committee with respect to the relationship of the Government security dealers to the Government security market. -3- 10/18/43 It was agreed to present the report at the meeting of the full Committee which was to be held immediately following this meeting of the executive committee. Thereupon the meeting recessed to reconvene following the meeting of the Federal Open Market Committee. Secretary. Approved: Chairman.
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