819.51/968: Telegram
The Secretary of State to the Chargé in Panama (Flexer)
65. Your 123, November 4, 1 p.m. The Department of State has signified to the Federal Reserve Board that it perceives no objection to the approval by the Board of an application by the Chase National Bank for permission to establish a branch in Balboa Canal Zone. This application was recommended for approval by the Federal Reserve Bank of New York, the Governor of the Panama Canal and the Secretary of War.
The Governor of the Panama Canal and the Secretary of War have also recommended that an application received by the former from the National City Bank of New York for permission to establish branches at the Atlantic and Pacific sides of the Canal Zone be approved, and the Department has informed the Federal Reserve Board that it sees no objection to such approval upon receipt of the application by the Board.
The Department is informed that the Federal Reserve Board in its session this morning granted formal approval to the Chase National Bank to establish a branch in Balboa Canal Zone as a subsidiary of the existing Cristobal branch.