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a meeting of the Executive Committee of the ?ederal Reserve Board held in the office of the Governor of the Board at 2.50 p.m., August 9, 1917, PRESENT: Governor Harding, presiding, r.'darburg, Mr. Delano, rx. 11en, Lssistant Secretary. Consideration having'been given to the proposed rental of space for the use of the 7ederal Reserve Board in the iletropolitan National Bank Building, Delano offered the following resolution: Resolved, that acting under authority conferred by the Federal Reserve Board at its meeting today, the Executive Committee hereby authorizes and empowers the Governor of the Board to execute a lease on behalf of the Board for one-half of the fifth floor of the National lietropolitan Bank Building for a period of two years, at a rate of approximately one dollar per square foot, with renewal privilege, the Board to pay the cost ,of removing and replacing such partitions as may be disturbed. This resolution was adopted. Upon a favorable report of the 'jommittee on Investments, the Executive Committee approved the application of the Citizens National Bank of New York for perMission to accept drafts or bills of exohulge to the amount of its capital and surplus. The following resolution affecting the powers of member banks to accept to 100'1; was unanimously adopted: BL IT RLSOLTO, that any member bank which has heretofore applied for and received permission of the Federal Reserve Board to accept drafts Lnd bills of exchange in an amount not to exceed one hundred per centum of its capital and surplus, be, and it is hereby authorized and empowered under the authority of the Let of Jane 21, 1917, to accept up to one hundred per cent drafts or bills of exchange drawn upon it having not more than six months' sight to ran, exclusive of days of grace, which grow out of transactions involving the importation or exportation of goods or which ,row out of transactions involving the domestic shipment of goods, provided shipping documents conveying or securing title are attached at the time of acceptance; or which are secured at the time of acceptance by a warehouse receipt or other such document conveying or securing title covering readily marketable staples• The authority herein granted shall be effective from this date, subject, however, to revocation by the Board at any time, upon ninety days' notice, as to any or all of the banks which are subject to the provisions of this resolution. RIZOLVED, further,that a copy of this resolution be sent to each bank which has heretofore been granted permission by the Board to accept such drafts and bills of exchange to an amount not to exceed one hundred per centum of its capital and surplus. .Adjourned. LPPROVLD: secretary. Jhairman.
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