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1490 A meeting of the Board of Governors of the Federal Reserve SYst was held in Washington on Tuesday, November 2, 1937, at 11:30 Et• PRESENT: Mr. Szymczak Mr. McKee Mr. Davis Mr. Mr. Mr. Mr. Morrill, Secretary Bethea, Assistant Secretary Carpenter, Assistant Secretary Clayton, Assistant to the Chairman Consideration was given to each of the matters hereinafter reref, ' 1‘eci to and the action stated with respect thereto was taken by the ELt Telegram to Mr. Sargent, Secretary of the Federal Reserve Bark or 4/1 prancisco, stating that the Board approves the establishment 41t11°4t change by the bank today of the rates of discount and purchase 14 it8 existing schedule. Approved unanimously. Letter dated October 4, 1937, from the "Central Hanover Bank Trust CampanY", New York, New York, requesting approval by the of its application to establish and maintain a branch in the q tY of London, England, at Nos. 6 and 7 Princes Street, and letter clEit ecl October 71 1937, from Mr. Gidney, Vice President of the Federlg II"erve Bank of New York, recommending that the application be E1DProved. The following order was adopted by unanimous vote: 1491 11/2/37 nurtn,,, mu.hEAS, Central Hanover Bank and Trust Company, New New York, has made application to the Board of Govruc'rs of the Federal Reserve System, under date of October : tl; 1937) Pursuant to the provisions of Sections 9 and 25 of 4 148 Federal Reserve Act, for permission to establish a branch In the City of London, England, at Nos. 6 and 7 Princes Street; and ‘j1: 2 c44 "WHEREAS, it appears, upon consideration of said applitsl:'40n and information submitted in connection therewith, it may properly be approved: "NOW, THEREFORE, IT IS ORDERED that the said applicat. alion to establish a branch in the City of London, England, all NO8. 6 and 7 Princes Street, be and the same is hereby °ved, such branch to be operated and maintained subto the provisions of Sections 9 and 25 of the Federal brserve Act; upon condition, however, that unless such 01!Tch is actually established and opened for business on ue'r°re March 1, 1938, the approval hereby granted shall matically terminate." In connection with the above matter, the following letter to Mr. Gidney, Vice President of the Federal Reserve Bank of New York, was also approved unanimousl cati "The Board of Governors has today approved, the appli°n of 'Central Hanover Bank and Trust Company' for per1„Zsion to establish a branch in the City of London, EngC s4d, to be located at Nos. 6 and 7 Princes Street. There Boainciosed herewith a certified copy of an order of the arerd of Governors approving such application, which you requested to transmit to Central Hanover Bank and Trust 0ompany. pro "Your attention is called to the fact that the apmen"' 'anted by the Board of Governors for the establishla t of this branch will be terminated unless the branch 1, established and opened for business on or before March thel?38. Please advise the Board of the date upon which °ranch is opened for business. ltit_ "It will be appreciated if you will advise the Supeaeti7ndent of Banks of the State of New York of the Board's 0n in the premises." Thereupon the meeting adjourned.
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