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1245 A, meeting of the Board of Governors of the Federal Reserve Systelawas held in Washington on Thursday, August 26, 1943, at 11:00 a.m. PRESENT: Mr. Mx. Mr. MX. Mr. Eccles, Chairman Ransom, Vice Chairman Szymczak Draper Evans Mr. Mr. Mr. Mr. Morrill, Secretary Bethea, Assistant Secretary Carpenter, Assistant Secretary Clayton, Assistant to the Chairman The action stated with respect to each of the matters herein- art referred to was taken by the Board: The minutes of the meeting of the Board of Governors of the Reserve System held on August 25, 1943, were approved unanimously. Memoranda dated August 11, 1943, from Mr. Goldenweiser, Director the Division of Research and Statistics, recommending that the basic 431. RanlesY 'Wood and Sohn M. Crawford, junior economists in that biirietorl, be increased from 3,200 to 3,800 per annum each, effective 414%4hr 1, 1943. Approved unanimously. Letter to the board of directors of "The Hamler State Bank", 4411111$31. n , b '"utto, stating that, subject to conditions of membership nunto 3 contained in the Board's Regulation H, the Board approves N 1411110 tor ttle a application for membership in the Federal Reserve System and IpproPriate amount of stock in the Federal Reserve Bank of Ojeveiema. 246 8/26/43 -2Approved unanimously, together with a letter to Mr. Fleming, President of the Federal Reserve Bank of Cleveland, reading as follows: . 5" "The Board of Governors of the Federal Reserve Sysami --e'oves the application of 'The Rainier State Bank', -P tecer2 Ohio, for membership in the Federal Reserve Sys12, sub ject -7tter whi _, to the conditions prescribed in the enclosed ca you are requested to forward to the Board of Directar ors of the institution. Two copies of such letter 0J1, also enclosed, one of which is for your files and the Other of which you are requested to forward to the Super÷. ndent of Banks for the State of Ohio for his informa-ion_ th "It is assumed that you will follow the matter of ore,bank's bringing into conformity with the provisions slio aw and the Board's regulations, the savings account . , 1 °11 Page 16 of the reoort shi; of examination for member_ Letter to Honorable Preston Delano, Comptroller of the CurretleY '' l aadlng as follows: re "Referring to our letter of April 3, 1943, and your Ply . .ftA_eril 7, 1943, with regard to the fora of guaralltee used in connection with Regulation V loans Id -Ldentified by the words '(Form of 6, 1943P, warr !is enclosed which the letter a herewith a copy of DePertiaent is prepared to send to the Federal Reserve cilia -8 with reference to this subject. The Navy Department ter the Maritime Commission are also prepared to send letthe :to the Federal Reserve Banks in form identical with enclosed except for the necessary appropriate changes. . " 'flew oi the fact that the enclosed letter ctemegre 8 an additional provision in the form of guarantee scrirent to be used uniformly in cases of the kind deadvi ed in the letter, it will be appreciated if you will the us as Promptly as possible whether, in your opinion, °rrc 'of guarantee agreement as modified by the letter e4c1 : teri:ated herewith, will comply with the definition of the 5200 unconditional' as used in exception 10 to section (If the Revised Statutes which was issued by you on ,Lu 18 2 1942. Except for the respects indicated in the ' 4- 8/26/43 ed letter, the form of guarantee agreement used will be 4-uhat identified by the words '(Form of Aril 6, 1943)'." Approved unanimously. Thereupon the meeting adjourned.