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183 At a meeting of the Federal Reserve Board held in the office of the Chairman on March 12, 1919, at 12:15 PRES:LET: The The Mr. Mr. p.a., Chairman Governor Hamlin Williams Imlay, Acting Assistant Secretary. Morning business was presented and disposed of as follows: Applications of the rational City Bank of New York for orders permitting that Bank to open branches in Australia; British South Africa; Island of Trinidad, West Indies; Island of Jamaica; Island of Curacao, Dutch West Indies; and a subbranch of its Venezuela Branch at Ciudad Bolivar. On motion duly seconded, the following orders were ordered spread upon the minutes of the meeting; In the Latter -of theApplication of THE NATIONAL CITY : BANK OF NEW YORK, for leave to : establish a Branch in Australia.: ORDLR GRANTING L4AVE TO E2TABLISH A BRANCH IN AUSTRALIA. The National City Bank of New York having, on or about March 8, 1919, filed an application witn this Board for the purpose of obtaining authority to establish a Branch, with its main office in the City of Sydney, Australia, and with a sub-branch, agency or office in the City of Melbourne, Australia, if it shall seem advisable to the officers of the Bank, and the said application having been considered; and it appearing that the said application is properly made under the laws of the United States of America and should be granted, Now, therefore, it is ORDERED, that the.said application be and it hereby is approved, and that the said Bank be and it nereby is authorized to establish a Branch, with its main office in the City of Sydney, Australia, and with a sub-branch, agency or office in the City of Melbourne, Australia, if it shall seem advisable to the officers of the Bank. • •• • -of the• : CITY NATIONAL THE of on Applicati RANK OF TEW YORK, for leave to : : establish a Branch in BRITISH SOUTH AFRICA. In the Matter ORDER GRANTING LEAVE TO ESTABLISH A BRANCH • IN BRITISH SOUTH AFRICA. The National City Bank of New York having, on or about March 8, 1919, filed an application with this Board for the purpose of obtaining authority to establish a Branch, with its main office in the City of Cape Town, British South Africa, and with sub-branches, agencies or offices in the cities of Durban,ort Elizabeth and Johannesburg, if it shall seem advisable to the officers of the Bank, and the said application having been considered; and it appearing that the said application is properly made under the laws of the United States of America and should be granted, Now, therefore, it is ORDERED, that the said application be and it hereby is approved, and that the said Bank be and it hereby is authorized to establish a Branch, with its main office in the City of Cape Town, British South Africa, and with subbranches, agencies or offices in the cities of Durban, Port Elizabeth and. Johannesburg, or in any of the said places, if it shall seem advisable to the officers of the Bank. 18L In the Latter -of the Application of THE rATIorAL CITY : BANK OF NEW YORK, for leave to : establish a Branch in the City of POET OF SPAIN, ISLAND OF TRINIDAD, WEST INDIES. ORDER GRANTING LEAVE TO ESTABLISH A BRANCH 1r THE CITY OF PORT OF SPAIE, ISLAND OF TRINIDAD, TEST INDIES. The rational City Bank of New York having, on or about March 8, 1919, filed an application with this Board for the purpose of obtaining authority to establish a Branch, in the City of Port of Spain, Island of Trinidad, West Indies, and the said application having been considered; made and it appearing that the said application is properly should and America of States under the laws of the United be granted, Now, therefore, it is ORDERED, that the said application be and it hereby auis approved, and that the said Bank be and it hereby is Spain, of Port of City thorized to establish a 3ranch in the Island of Trinidad, West Indies. In the Latter -of theApplication of THE NATIONAL CITY BANK OF EE-N xORK, for leave to establish a Branch in the City of KINGSTON, ISLAND OF JAMAICA. : : : : ORDER GRANTING LEAVE TO ESTABLISH A BRANCH IN THE CITY OF KINGSTON, ISLAND OF JAMAICA. The National City Bank of New York having, on or about March 8, 1919, filed an application with this Board a Branch for the purpose of obtaining authority to establish said the and , Jamaica of Island in the City of Kingston, I FiC3 -4-application having been considered; and it appearing that the said application is properly made under the laws of the United States of America and should be granted, Now, therefore, it is ORDERa, that the said application be and it hereby is approved, and that the said Bank be and it hereby is authorized to establish a Branch in the City of Kingston, Island of Jamaica. In the Matter -of the- : : Application of THE NATIONAL CITY : BANK OF rEw YORK, for leave to : Island the in establish a Branch : Indies. of Curacao, Dutch West ORDER GRANTING LEAVE TO ESTABLISH A BRANCH IN THE ISLAND OF CURACAO, DUTCH WEST INDIES. The National City Bank of New York having, on or about March 8, 1919, filed an application with this Board for the purpose of obtaining authority to establish a Branch in the Island of Curacao, Dutch West Indies, and the said application having been considered; and it appearing that the said application is properly made under the laws of the United States of America and should be granted, row, therefore, it is OLDERED, that the said application be and it hereby is approved, and that the said Bank be and it hereby is authorized to establish a Branch in the Island of Curacao, Dutch 7,est Indies. 187 In the :latter -of theApplication of THE VATIOYAI CITY : : BANK OF NE7i YORK, for leave to : establish a sub-branch at CIUDAD BOLIVAR, VENEZUZLA, of its Venezuela Branch. ORDE R. The rational City Bank of New York having, on or about 'March 8, 1919, filed an application with this Board for the purpose of obtaining authority to establish a subbranch, agency or office in the City of Ciudad 3olivar, Venezuela, of its Branch in the Republic of Venezuela, and the said application having been considered; and it appearing that the said application is properly made under the laws of the United States of America and should be granted, Tow, therefore, it is ORDERED, that the said application be and it hereby is approved and that the said Bank be and it hereby is authorized to establish a sub-branch, agency or office in Ciudad Bolivar, Venezuela, of its Branch in the Republic of Venezuela. 11th, .:arch Draft of letter by the Governor dated : addressed to the National City Bank of New York, with reference to the right of branch banks of that Bank doing business in Cuba and other sugar producing countries, to lend money upon the security of sale contracts covering growing sugar crop. Approved. -I S 155 -6At this point (12:415 P.M.) the Board adjourned to its office, there being present, the Governor, Mr. Hamlin, Mr. Williams, and Mr. Imlay, Acting Assistant Secretary. Draft of letter dated March 11th, addressed by the Governor to Mr. R. H. Malone, Director of the Federal Reserve Bank of Kansas City, at Denver, Colorado; and draft of letter dated March 12th, addressed by the Governor to Chairmen of the Boards of Directors of Federal Reserve banks, regarding a circular sent out by a brokerage firm, offering for sale stock in an oil company. Approved as amended. The Governor reported the purchase of special 2;, certificates of indebtedness of the United States for deposit with the Comptroller of the Currency as collateral for Federal Reserve bank notes, as follows: For Federal Reserve Bank of: Cleveland Boston Date Amount Mar.10,1919 4500,000 Mar.11,1919 1,0o0,00U Approved. Letter of March 5th from the Federal Reserve Agent at San Francisco, in re use of by-laws of Spokane Branch as basis for by-laws of other branches of the Federal Reserve Bank of San Francisco. -7Referred to the Executive Committee. Memorandum by the Secretary dated March 10th, in e. re sale of equipment of the Division of Foreign Exchang Approved, subject to the approval of General Counsel. Letter dated March 7th from the Secretary of the the Federal Reserve Bank of Chicago, enclosing letter from re Michigan National Bank, St. Clair Heights, Detroit, in reserve requirements. Referred to the Secretary for procurement of additional information. Memorandum by the Comptroller of the Currency, recommending approval of the application of the Farmers National Bank, Big Sandy, Montana, for permission to reduce its capita/ stock from $50,000 to 425,000. Approved. REPORTS OF COMMITTEE n. 1: Dated March 12th, recommending admission of State institu ry auxilia the tions as set forth in minute book as of this date, subject to the conditions stated in the individual reports attached to each application. Approved. tion Dated March 10th, recommending approval of the applica serve to ion of E. Kent Swift for permiss at the same time as director of the Worcester Bank & Trust Company, ..7orcester, Mass., and of the Nations/ Union Bank, Boston, Mass. Approved. 90 -8Dated March 11th, recommending approval of the application of Charles S. Thomas for permission to serve at the same time as director of the First rational Bank, Youngstown, Ohio; of the Dollar Savings Bank Company, Niles, Ohio; and of the Dollar Savings and Trust Company, Youngstown, Ohio. Approved. Dated March 10th, recommending approval of salary of 4225 per month for Mr. J. C. Galbraith as Assistant Cashier, Federal Reserve Bank of San Francisco. Approved. Letter dated March 6th from the Comptroller of the Currency, requesting approval of increases in salaries of rational Bank Examiners. Approved, as submitted. Letter from Llr. Perrin dated March 6th, advising of the appointment of Yr. J. E. Osmer as Acting Assistant Auditor to fill the vacancy created by the resignation of m. II olman. Noted and approved. Memorandum by Mr. Hamlin dated March 10th, recommending that the Board decline the applications of Messrs. W. Edward Foster, Prank B. Plympton, David A. Pell, Howard D. Terhune, William ::. Johnson, H. M. ,5ogert, Garret G. Ackerson, and John J. Phelps, for permission to serve at the same time as directors of the Hackensack rational Bank -9and the Hackensack Trust Company, both of Hackensack, Eew :4 Jersey. Approved. At 1:05 P.1%, the meeting adjourned. Acting Assistant Se Approved: < Govarno . ;:—'3? :T.
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