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1'2i A meeting of the Board of Governors of the Federal Reserve 83rste waS held in Washington on Tuesday, August 24, 1943, at 10:30 PRESENT: Mr. Mr. Mr. Mr. Mr. Eccles, Chairman Ransom, Vice Chairman Szymczak Draper Evans Mr. Mr. Mr. Mr. The Morrill, Secretary Bethea, Assistant Secretary Carpenter, Assistant Secretary Clayton, Assistant to the Chairman action stated with respect to each of the matters hereined. to was taken by the Board: The minutes of the meeting of the Board of Governors of the l'ecieral s of th Reserve System held on August 2 approved unani1943were , Ilem°randum dated August 23, 1943, from .isi°n tiola: f--.7 Leonard, Director of Personnel Administration, submitting the resigna- Miss Leila McLaughlin as a clerk-typist in the Office of the Adrzinistrator -Lor P the War Loans Committee, to become effective as of thc, el() se of business on August 31, 1943, tor f Mr. Smead, Acting Administra°r the War Loans Committee, having recommended that the resignation be -ecePted as of that date. The resignation was accepted. Letter. L,0 the board of directors of the "United States Trust C°Tarlarl/ of P aterson, New Jersey", Paterson, New Jersey, stating that, 4237 8/24/43 -2- 81thject to the conditions of membership numbered 1 to 6 contained in the 130ard I D H, the Board approves the bank's application for members In the Federal Reserve System and for the appropriate amount of stock 4 4-11 the Federal Reserve Bank of New York. The letter also contained the following Special comment: "It appears that the bank possesses certain powers which 1;e not being exercised and which are not necessarily required r,0,,,the conduct of a banking and trust business, such as the st as surety and to guarantee real estate titles. !t‘j elrys tiI 01 Ze invited to the fact that if the bank desires to mi=ise any powers not actually exercised at the time of admerZ - °n to membership, it will be necessary under condition of Go' .;- rshiP numbered 1 to obtain the permission of the Board of boarelf,nors before exercising them. In this connection, the understands that there has been no change in the scope c)f the co rporate powers exercised by the bank since the date 4-63 application for membership." Approved unanimously, together with a letter to Mr. Sproul, President of the Federal Reserve Bank of New York, reading as follows: pro "The Board of Governors of the Federal Reserve System appajes the application of the 'United States Trust Company of thee!:8On, New Jersey', Paterson, New Jersey, for membership in Oat Reserve System, subject to the conditions prescribed toajle enclosed letter which you are requested to forward to the ' ter (3f Directors of the institution. Two copies of such letoth al'e also enclosed, one of which is for your files and ..he of : 73 °f which you are requested to forward to the Commissioner nicIng & Insurance for the State of New Jersey for his inormation ,• the bn't is assumed that your office will follow the matter of ealditnk's bringing into conformity with the provisions of law Pake'!,! B°ard's regulations the savings accounts listed on u(1 of he report of examination for membership and the : rluiTabTA savi:' of' notice which may be required in connection with lessup deposits withdrawals from accounts with balances of $100.” Thereupon the meeting adjourned. Chairman.
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