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At a regular meeting of the 7edera1 le;,erve Board held in the office of the Board, on Monday, January 15, at 1115 A. l'ALLT: • Uarding, presiding, Mr. Delano, • i‘arburg, Mr. Miller, • Hamlin, Mr.',Allis, Secretary. The minutes of the meetin,;s of the Board held on J:.nuary 11, 12 and 13 were read and, on motion, approved. The 3overnor of the Board read a letter from 7onorable Carter Glass, Chairman of the Banking and Currency Committee of the 7ouse of aepresentatives, naming Thursday, January 18, at 10 M. as the time for a hearing on the Board's proposed amendments to the federal aescrve Act, and inviting such members of the Board as might desire to be present, to attend. _fter discussion, the mattcr of attendance was le:t in the hands of the Governor. Governor Hardini; read a letter from Mr. . 1. Ket- tip,-, director of the Federal Tlescrve Bank of Atlanta, relative to a proposed Increase in salary for Governor McCord of th-t bark. Other salary changes were also discussed. The 4uestion of salary increases at the 7edera1 deserve Bank of Kansas City was referred concurrently to the Connittee on Staff and the Committee on Operation. A letter from Mr. J. L. Cross of the ?ederal se ve Bank of Kansas City stating his transfer from the pay roll of the Board to that of the Yansas City Bank, was read, and the approiriate change in the payroll authord. Changes in discount rates recommended by the ?ederal Heserve Bank of ,Alanta, were approved as follo,s: Commodity paper over 90 days, 3. Commercial paper 60 to 90 days, governor Harding read a brief statement relative to the present status of the Annual Tieport, for the information of the Board. The question of sending a representative of the Board to attend the dinner of the Illinois Bankers Association at Chioao on January 17, was discussed, and the Secretary directed to wire declining the invitation in appropri-te terms, on account of previous engagements. lovernor Harding read a letter from Federal Lent 7i1ls raising certain eserve tion5 relative to the rro- posed amendment abolishing the office of Deputy Aderal 7 serve Agent. :.fter discussion it was agreed that the 3overn- or should inform. the Committees on Banking and Currency that the proposed amendment should provide for a Deputy Chairman of each reserve bank, to be named by the Board. Governor 'larding presented a letter from the Peoples Trust L)avings Bank of Clinton, Iowa, transmit- ting a resolution of their board of directors relative to membership in the system. The matter was referred to the Law Committee and the Committee on L'ember and State Banks concurrently. Governor 'larding read a letter from Federal Reserve Agent .;ellborn as to the State banking situation in Alabama. Papers relating to the liability of the HartfordAetna National Bank of Hartford, Conn., for accrued dividends on stock in the Letna National Bank of Hartford, were referred to the Committee on Law. 4, letter from Governor 2.iken of Boston with reference to the attitude of the Lmerican "rust Company tow rd membership, was read and discussed. The matter WZ12 refer- red to the lovernor of the Board for such action as he might deem best. Mr. 4arburg made a statement with reference to the situation as to foreign branches in South America, and dis- cassion of the various aspects of the foreign branch matter ensued. The whole 4uestion was placed in the hands of the Executive Committee with power to act The Secretary of the Prxird announced the election of Messrs. Norwood, ecord, nd Lyerly as members of the AvisOry Council. Letters from Federal Reserve Agent Wellborn with reference to the appointment of directors and the establishment of salaries at the New Orleans Branch of the Federal aeserve_Bank of Atlanta,were referred to the Committee on Staff. llinates of tc teeting of the Committee on Clayton Act held on January 13, were read and approved, and the action therein taken ratified. Changes in stock, duly recommended by the Committee on Member and State Banks,' were approved as follows: 'pplications for Additional stock. District No. 2. First National Bank First National Bank First National Bank First National Bank Lake Champlain rational Bank National Bank of First National Bank Ticonderog4 National National Bank of Shares. 60 Stamford, Conn. 3 Y.J. 3 Whitehouse Sta.N.J. 1 Farmingdale,N.Y. Zestport,N.Y. Wappensers Falls,N. . Tuckahoe, N.Y. 12 Ticenderoga, N.Y. 15 Stamford, N.Y. Shares. Distri:A No. 2. 3 r.Y. wn Branch, Smithto of National Bank 1 N.Y. Salem, l Bank Peoples Nationa 1 Lake, N.Y. Saranac Saranac Lake N.Y. , Norfolk First National Bank 30 New York, N.Y. Gotham National Bank 300 N.Y. New York, Tank Citizens National 30 Lockport, N.Y. Niagara County National Bank 3 Y. N. son, Ferhonk l Bank Kerhonkson Nationa 6 N.Y. Ithaca, Bunk First National 24 Hoosick Falls, N.Y. First National Bank 3 , N.Y. Hammond Citizens National' Bank 1 N.Y. Gorge, Grand Bank First National 60 N.Y. eur, Gouvern Bank l First rationa 6 Fairport, 'N.Y. Fairport rational Bank 15 N.Y. Delhi, Tank l e Nationa Delawar 6 Corning,.7.Y. First National Bank 3 Castleton, N.Y. National Exchange Bank 9 St. Lawrence County National Bank Canton, N.Y. 2 Barker, N.Y. Somerset NationalBank 4 610 Athens, N. Y. Athens National Bank District No. 6. First National Bank First rational Bank First National Bunk' Florida National Bank American National Bank First National Bank Carlton National Bank First National Bank Macon National Bank Farmers,P-z Lierchants Nat'l Ballk First National Bank First National Bank Maury National Bank First National Bank District No. 9. J.merican National Bank District No. 11. State National Bank On motion z-t 12:25 :--'. Fayette, Jla. Huntsville, Ala. Ozark, Ala. Gainesville, Fla. Pensacola, Fla. Plant City, Fla. Waachala, ?la. Fitzgerald, Ga. 3 0 2 1 6 1 1 3 Rockmart, Ga. West Point, Ga. Biloxi, Miss. Colambia, Tenn. Kingsport, Tenn. 5 6 3 3 12 51 Valley City, N.Dak. 15 15 6 6 662 El Paso, Texas. Total . the Board adjourned. Secretary.
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