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IA a called meeting of the Aderal deserve Board, held in the office of the Vice-lovernor of the Board, at 11 a.m., Tuesday, izst 7, 1917, PRLS;ZT: Vice Csovernor :a.. arburg, presiding, L:r. Hamlin, 4.11en, Lssistant Secretary. Delano, ,Aller, Er. ,.arburg presented a relaest from the Hibernia Bank & Trust Company, of ITew Orleans, that authority be given to the Federal deserve Bank of .Atlanta to certify daily to the nbernia Bank its reserve balance zith the Federal eserve Branch of i:ew Orleans. It was stated that the Hibernia Bank had applied to enter the Federal deserve System; that the law of Louisiana reires that a reserve be mintained of 20;;, "6d of which shall be on the premised of the bank", and that the fact that the Mbernia Bank will be revired to keep 10,1 reserve with the Federal eserve Bank of Ltlanta was a hardship which now stood in the way of their entry into the System.. the To meet this situation, State Banking Commission has signified its willingness to consider us cash "on the iremises of the bank" a certificate of deposit issued by the Reserve bank payable to or r11 upon presentation of the certificate. The Vice-Gov- ernor presented an amended form of certification prepared by Counsel, and upon motion it was resolved to send the following telegram: A.th reference your.letter August third Board wishes to cooperate to enable State banks in Louisiana to join pending securing of necessary amendments of State Legislation at the next session of Legislature. Board is willing to authorize you to make certification suggested by Hibernian Bank provided however certification be amended as follows, (q.uote) tie hereby certify that the Triberniu Bank and Trust Company has deposited in this bank the sum of blank dollars which is payable to the Hibernia Bank and Trust Company on demand in lawful money of the United States on presentation of this certificate properly indorsed (end quote). This no doubt will be quite satisfactory to the Hibernia Bank. The request of the Federal Reserve s.ent at Rich- mond, for shipment of notes, as follows, by registered mail, having been presented, it was approved by the Board:,_ Total 4460,000 320,000 320,000 %;;1,100,000 LTr. 1:iller called attention to a letter received from the Federal Reserve Bank of an Francisco, relc,tive to the selection of managers for branch banks, and this was discussed and ordered circulated. memorandum from the Uhief of Division of Reports and Statistics, asking one additional temporary employee to prepare matter for the Federal Reserve Bulletin, was presented and sach employee authorized for a period of two weeks at .13.00 per diem. This is an addition to the authorization made on 2.ugust 6. The minutes of the Executive Oommittee meeting held on August 6, 1917, were presented, and the action therein taken approved by the Board. Mier stated that he anticipated leaving :ashiriston on Augast 11, for five weeks absence, and on his return trip would visit branches and banks in the Pacific Northwest. Tris expenses, other than his ordinary travel to and from ,;ashinLrton, were authorized to be paid by the Board. .1t 11.30 a.m. the Board adjourned. k)aairman. Secretary.
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