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133 4'.t a meeting of the i.xecutive Committee of the federal Et:serve Board held in the Board room on September Li, 1J18, at 11 Harding, presiding. Lir. Hamlin Li. Broderick, Secretary. Lorning business was presented and disposed of as fellows: Letter dated September 17th, addressed by the Governor to the Comptroller of the Currency, in re renewal notes of railroad companies. !Toted. Opinion by Counsel, dated September 16th, in re drafts to be.dravn by the international Products CorapLny of row York under credit to be opened by Wm. Schaal & Company for the importation of quebacho extract and meat products from south A-merica. jipproved. Diemorandum by hr. L.lexander ia11, of Detroit, sug6E:sting the establishment of a national bureau for the analysis of credits. Voted that Dr. ;;illis be authorized to Confer with 11r. 4411 and the officers of the federal Reserve Bank at Hew York, to determine whether or not it v,as possible to arrange for a brief trial of the plan suggested. 1338 Lqnopsis of responses received from Federal Reserve Banks to the Board's letter (X-1190) of 3eptember 11, 1918, requesting that Federal Reserve Banks ask member banks to indicate on their reliscount application blanks the rate of interest or discount charged by them on each note or bill offered for rediscount with the reserve bank, or, in the case of purchased paper, exclusive of acceptances, the rate at which the purchase was made by a member bank. Voted to suspend this order with respoot to the 2eserve Banks of Boston, Yew York and Philadelphia until after the forthcoming Liberty Loan Campaign, in view of the uniform stability of interest rate in their territories. Discount rate reports from the Federal Reserve Banks of Boston, rew York, Philadelphia, Cleveland, /Alanta, Yansas City, San Francisco and Chicago. lo changes recommended. Application of the rational City Bank of New York for permission to open a sub-branch, office or agency in Sagua la Gratde, Republic .of Cuba. Approved by full vote of the 1:1xecutive Committee, to be effective upon the sinaan additional'ember of the Board. ture Thvernor Hardinl; reported that the amendments -3- to the Federal Reserve Act heretofore pending before Congress had now been approved by the Conference Committee. Voted that the Governor inform all Federal Reserve Agents of this development and request them to submit recontnendations as to redistribution of their electoral groups in line with the new legislation, and to instruct them to defer elections until further order of the Board. Responses to Board's letter of September 11th (X-1109) requesting reports of appointments at Federal Reserve Banks in excess of :;2,400 per annum, with a list of such employees submitted by the Reserve Bank at New York. New York appointments approved by full vote of the Lxecutive Cannittee, to be effective upon signature by an additional member of the Board. Memorandum dated September 19th, by the Statistician, recommending that, beginning September 2i-Jth, the item "Bills Discounted" appearing in the weekly statement, be divided into two items, viz: Bills Discounted: Paper secured by United States war obligations. 411 other paper The first subdivision to include all . war paper, i.e. both member banks' collateral notes secured by :Liberty k) , bonds and Treasury certificates and ,customers' paper Similarly secured, and the second subdivision to include all other discounted paper whether secured or unsecured, :,emorandum from Counsel, dated 3eptember submitting tentative draft of bill providing for the federal incorporation of banks to engage principally in business of international and foreign banking. Ordered circulated. Lemorandum, dated ',..eptember with reference to suggested method of handling rediscounts between 2edoral Tieserve Banks. 1:eferred to the Governor with power. REnETS OF CO=ITTLE NO. l: Dated :3eptember lath (2 reports) recommending admission of' :;tate institutions as set forth in the auxiliary minute book as of this date, subject to the conditions stated in the individual reports attached to each application. eptember llth,(4 reports) recommending action upon application for fiduciary powers as stated in the auxiliary minute book as of this date. Dated CHANGES 1r STAFF: The follov.ing appointments were approved: Fame alter . 2osition Johnson 6alary .„- tatistical Clerk :4u0 monthly Date Zffective Sopt.:.7.3,1..)18 3 (,) -5_ Division of 2oreiL;n Zachange: 'Tame 031tion Liss Gertrude Buell, Phebe C.Bevins, 6a1ary Lss ..c'ilir4; Clerk, Clork,2orm 114, 7e 2edara1 Deserve 3anlc.s Ct.,11t3 900 Liss Christine G. 2ilin6 Clerk, Confirmation of Cab1es,600 -.;ept.20,118 The -felloing order was directed to be spread upon the mirutes: Hardin, presidin iiIer In the Latter of the L2plication : TO.;t.TAB1I611. -of- LAJB02IN JA'CzUL LA ili..PUBIJC CUBA. .i.„'G.,,rcY a TH.a rATIcri, CITY Oi YODl. for leave to open a sub-branch, aency or office in LaGua la Grande, Republic of Cuba. ************* * • • ••••••••• ******** The Fational City ban,: of rev. York, havin, on or about h;uptember Li, l'zi16, filed an application with this Board for the purpose of obtainin,.; authority to establish in ..Jaua la Grande, i,ept.b.Lia of Cuba, a sub-branch, aLNney "-in office in the City or office of its Branch, with of 7avana, Republic of Cuba, . . the said application hayarin that the said appliin; been considered, aid it cation is properly made undor Lu laws of the United '.ates of 41:derica and should be L;ranted, row, Therefore, it is id application be and it hereby CLaaD, that the is approved and that the aid Bank be and it hereby is auua la Grande, Republic of Cuba, thorized to establish ,in 1342 -6a sub-branch, agency or office of ita Branch, with it main office in the City of Havana. BY THL ZOLIAL RSZ.Llai BOGLED: (Signed) N. P. G. Harding, Governor. (S L) Attest: (Jizned) J.A.Brodurick, Sucretary. (Ur. Villiams, who was not present, subsequently approved the order.) At 12 noon, the meeting adjourned. Secretary. Approved: avernor.
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