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1228 At a meeting of the Lx.ecutive Committee of the Federal Reserve Board held in the office of the Board on July 27, 1916, at 11 7 43w7T: 2., Mr. Mr. Lir. Mr. Harding, presiding Warburg Hamlin Willis, Secretary. Business was presented and disposed of as follows: letter from Governor EcCord re the use of private wires of the Federal Reserve System was read. It was agreed to say that no change can at present be made in existing practice. letter from Governor 'old re use of statements from customers of member banks was read and noted. A letter from the Federal Reserve Bank of it. Louis, requesting an advance of of l on 15 day paper was read and ordered filed pending word from other banks. 'al opinion of Counsel published on page 608, July Bulletin, was discussed and it was agreed to say that the ruling refers in practice only to paper secured by Government bonds or some equally unquestionable collateral held to protect the bank. letter from Governor Wold re an alleged communication from Counsel of the Board as to pending legislation was read and agreed to say in the Bulletin that the House form of the Phelan Bill is all the Board has asked for, except Federal incorporation of foreign banks and branches of national banks 1229 in their oval cities. A letter from the Federal rteserve Bank of New York re a plan to finance certain automobile paper for the "Fiat" Co. was read and referred to Caunittee 14). 2. A memorandum of Counsel re the position of his office under a recent order of the President placing him under the control of the Attorney General was read and letter in accordance therewith was approved with modifications. A letter from Governor 6eay re the eligibility of certain members of his staff for draft was read and it was agreed to certify that the employees are necessary. iLssistIt was voted to require bonds of ;;;a00,000 for ant Federal Reserve Agents at branch banks. re new A letter from Federal Reserve Agent Ramsay building accommodations at Dallas was read. Ramsay re the A letter from Federal Reserve Agent banks was read and expense of examination of incoming state expense might be it was agreed that the initial examination paid by the Reserve Bank. A well re letter from Assistant Secretary Leffing referred to the Gold an additional rupee credit was read and taport Committee. of trade acA memorandum from 1.1r. Tlamlin re a form National Bank of ceptance submitted by the Corn zxchange opinion were approved. Chicago was read and the memorandum and 1230 -3_ RE2OLT Oi COMMITTLE YO. 2: Dated July 26th, recommending admission of State 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. At 12:15 P.M., the meeting adjourned. Secretary. Approved: 14 )
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