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1241 At a meeting of the Executive Committee of the Federal Reserve Board held in the office of the Board at 11:00 a. m. on Wednesday, December 8 PREOENT: Mr. Hamlin, I'fresidiug Mr. Miller Mr. Warbur2: Mr.'anis, 6e0r(Aary. • Applications for power to exercise the functions of trustee, executor, etc., were disposed of, upon the recomendation of the Comittee on 3,7.ember and Otate Banks, as fellows: Held. up: First National Bank, Bryant, 3. Dak. First National Bank, Hoquiam, Washington. Refused: First National: Bank, Red Oak, Iowa. First National Bank, Lmerican Falls, Idaho. Granted: First National Bank, Oeattle, Washington. First National Bank, Galveston, Texas. A plan prepared by Mr. 7. 11. Persons, and 'submitted. by Labor Cannissioner Meeker, with reference to the preparation of a "business barometer," was or- 1242 dered returned to Mr. Meeker gith thanks, and with the statement that the Board would be unable to provide funds for it. On motion, upon the recommendation of Er. ics -iarbur, the application of the ;:erchants-idechan National Bank of Baltimore, Maryland, for rower to ns accept bills of exchange growing out of importatio 1 of its capital and sur, and e::portations up to 100; plus, was approved. A report submitted by :a.. 7/arburg proposing Zandt a draft of a letter to be sent to Governor Van of Dallas respecting the question of acceptances from against cotton exports, in reply to an inquiry ved. Governor Van Z.andt, dated December 1, was appro A report from Mr. 'Varhiirg proposing a ia, draft of a letter to Governor 2hoads of Philadelph respecting the prices at which bonds are to be carand ried on the books of reserve banks, was Approved, the letter ordered transmitted accordingly. The Jecretary of the Board presented a reAgents Port of the Committee of Governors and Reserve 1243 ,which recently audited the Gold Settlement Fund. The report was received and ordered filed. . On motion it was voted to inquire of Counsel as to the extent of the liability of the Board as to: (1) The Gold Settlement Fund. (2) The Reserve Agents' Fund. A telegram from Federal Reserve A,1::ent Tenison, respecting the appointment of a deputy Federal reserve agent at Dana's, was read and the ,.>cretary directed to say that the matter is. under consideration. 11r. Hamlin circulated a draft of a letter to O. V. 4ppel ref-arding the interpretation of the Cla7ton Act. The letter was approved and ordered The Governor of the Board submitted a draft of a letter to the .Attorney General of the United itL.te2 relating to the power of the Board in the matter of clearin. The letter was discussed but no action taken. The Secretary of the Board called attention to a conriunication from the exeCntive committee of 1244 Governors as to the time of their meeting in Washington, and was directed to say that December 16 would be the most convenient date for the meeting. ,The Secretary of the Board read a letter ' from Federal eserve Agent Ingle respecting the laundering of Federal reserve notes. It was in- formally agreed that the Board had no objection to such laundering, and the Secretary was directed to advise Yr. Ingle of the cost. On motion at 12:40 p. m. the Committee adjourned to meet on Friday, December 10, at 11 a. m. Socrutary. iftlYPROVEM: Chairman.
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