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Show RESERVE BANKS MAY DO BUSINESS ABROAD WASHINGTON. Feb. 16. Whether federal fed-eral reserve banks shall establish agencies agen-cies abroad probably will be considered by the federal reserve board upon the return of Benjamin Strong, Jr.. governor of the New York reserve bank, who sailed for Europe two weeks ago. In addition to making a general investigation inves-tigation of financial conditions. Mr, Strong is looking over thr? field with the view to the possibility of locnting agencies agen-cies of the New York or other banks In European capitals. Some members of the reserve board are convinced that at the end of the war there will be such an economic change that millions of the gold which the United States has piled up In tho last eighteen months will flow toward Europe unless something Is done to prevent it. European agencies of reserve banks, thev think, would be able to control or check thfs tendency by purchasing quantities of European commercial paper for use In offsetting debts which economists expect the United States to Incur for European products. During the world war the stock of gold In the United States has increased several sev-eral hundred million dollars and Is the greatest ever possessed by any nation of the world. |