Full text of Minutes of the Board of Governors of the Federal Reserve System : Meeting Minutes, August 26, 1943, Volume 30, Part 3

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

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.