Full text of Minutes of the Board of Governors of the Federal Reserve System : Executive Committee : Meeting Minutes, April 23, 1915, Volume 2, Part 2

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117,3

A meeting of the Executive Committee of
the Federal Reserve Board, was held in the office
of the Board at 11:15 a. in., Friday, April 23, 1915.
PRESENT:
Mr. Delano, ITesiding Mr. lliller,(by invitation)
1;:r. Harding

:r. Allen, Asst. 3ecretary.

The application of the A.::.erican Exchange National Bank of New York City for permission to accept drafts
or bills of exchange drawn upon them, having not more than
six months sight to run, frowing out of transactions involving the importation and exportation of goods, u-r) to
an amount not exceeding the capital and surrilus of the
bank, upon which favorable action was recoi:nended by the
Federal Reserve Bank of New York, was considered and it
Was voted that the aprlication be granted.

It was di-

rected tat this action be reported at the next meeting
Of the Federal Reserve Board for confirmation.
:r. Miller called attention to the provisions
for deferred debit and credit entries in the circular
issued by the Federal Reserve Bank of

an Francisco in

ponnection with its clearing plan and vjas authorized !t-0




11_74




prepare and forward to Federal Reserve Agent Perrin
a letter with the Board's suggestion on this subject.
Upon the suggestion of Lr. Harding, :r. :flier was authorized to take up with Federal Reserve
would
Agent Perrin the question, whether San Francisco
make application for designation as a central reserve
city.

It was understood that a au7-estion was to be

made to :r. Perrin that he sound the sentiment in San
, Francisco in connection with this possible designation.
r. Liiller read a letter to Federal Reserve
the
Agent Perrin in connection with the application of
Ban:: of Commerce ail Trust Company of San Diego, Cal.,
to become a member of the Federal Reserve system.

The

letter su37.ested that further information concerning
this bank be obtained, and was apl,roved.
The meetin!-7 of the Executive Committee adjourned at 1Z:15 p. m.

Assistant Secretary.

Chairman.