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1272 A meeting of the Board of Governors of the Federal Reserve Systel4Wes held in Washington on Thursday, September 2, 1943, at 11:00 a.m. PRESENT: Mr. Mr. Mr. Mr. Mr. Mr. Eccles, Chairman Ransom, Vice Chairman Szymczak McKee 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'I erred to was taken by the Board: The minutes of the meeting of the Board of Governors of the FedReser„ "e °Ystem held on September 1, 1943, were approved unanimously. 0r Letter to Mr. Gidney, Vice President of the Federal Reserve Bank ) reading as follows: res "Reference is made to your letter'of August 24, 1943, with 00,1113 ,!et to the proposed absorption by the Manufacturers Trust Trj' IlY, New York, New York, of a branch of The Marine Midland C0111PanY of New York. It is understood that the business or bret,:! branch to be absorbed will be cothbined with a nearby Manufacturers Trust Company. ae, 7The Board concurs in your opinion that, since the total eitr8lts to be assumed by the Manufacturers Trust Company to only approximately 0,100,000, the proposed transOn will not result in a change in the general character 14141;:sets of) or broadening in the functions exercised by the kera;acturers Trust Company within the meaning of condition of -rshiP numbered 3 applicable to that institution." Approved unanimously. Letter to Mr. Young, President of the Federal Reserve Bank of reading as follows: 1273 9/2/43 -2"Reference is made to Mr. Diercks' letters of August 16 24, 1943, regarding the proposed plan for the rection in the capital stock of The Bank of Kaukauna, Kaukauna, from a00,000 to 485,000 in connection with the terof the trust created for the benefit of waiving dePositors• As it appears from the information submitted that the : g 1 Plus, undivided profits and reserves carried by the bank co , sufficient to cover the eliminations and disbursements thl.,""Plated under the plan without the proposed reduction, 4* Board does not approve the proposed reduction in capital stockol eald A A .1110.18"t V Approved unanimously. Letter to Mr. Agnew, General Counsel of the Federal Reserve Bank °t Sat pr. Ìncise°, reading as follows: "Mr. or Dreibelbis nas called the substance of your letter ti unAugust 23, 1943, to the attention of the Board. It is illeerstood that from time to time incidental expense will be Fizie , : 1111‘ed in connection with Mr. Leachman's work on the Trans°,matter, such as expense for obtaining certified copies es of Incorporation, other public records, and simi;:f Matters. The Board will appreciate it if the bank will th/ e 811ch expenses and obtain reimbursement from the Board in Of manner and if you will bring this to the attention the a ppropriate operating officers." Approved unanimously. Thereupon the meeting adjourned.