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a re.11.1r meeting of the 'ederal .eserve Board held in the office of the Board on .1riday, January 11, at 11.30 a. PRE611:T: Harding, presiding., . 'arburc7,., :Ir. Delano, . . Hamlin, L:ecretary. The minates of the meeting of the Board held on January 9 were read and, on motion, approved. The minates of the meetinss of the Lzeoative L;ommittee field on January lu and 11, were presented and, on motion, approved, and tau action therein set fort-r1 ratified. Governor arding presented a memorandum from Governor c:ord of :tlanta re the time of maturity of member bank notes falling due on legal holidays. also an opinion of Jounsel with reference thereto. The matter, aas referred to the 3overnor. for consultation with Auasel. Governor Harding read a letter fro 71 the ;;ecretary of ; the Board to pass on applications for the the Treasury akin: iL:L,ue of new secaritiev, and a proposed press statement on the sabject. The matter aas referred to the Ixecutive Jom- mittee for reply with advice of Jounsel. Jovernor Harding read a memorandum of counsel re the bill proposed by 71r. Strauss for the sale of silver, which Was referred to Committee o. 3. 4, letter from Federal Reserve 41,;.ent Ramsay of Kansas City relative to taking over the duties of his office, was read and referred to Committee ro. 1 for report as to audit of agent's accounts. 7pon recommendation of the Secretary, his de ignation as acting Fiscal 4,gent was, on motion, ordered terminated. 41 letter from !Ir. R. H. Treman informing the Board of the designation of the Bank of Japan as correspondent and agent of the Federal Reserve Bank of New York, was read and the action taken approved. letter from the Federal Reserve Bank of Philadelphia regarding the acceptance of reports of State examinations, was read and noted. The Secretary of the Board gave notice of the acceptance of directorships by Messrs. Peabody and Clarke. Jpon recommendation of the Comptroller of the Currency the reduction of the capital stock of the First National Bank of lalveston, Texas, from 1,i300,000 to ,X00,003, was approved. Lpplications of the National Bank of Tacoma, Tacoma, ;lashinf;ton, and the Eorthaestern Ilational Sank of 1.Iinneapo1is, for power to purchase stock in the imerican'..oreign Banking Corporation, were, on recommendation of Committee o. 2 ap- proved. Upon recommendation of Committee 7:7o. 2, the following named institutions were admitted to the Federal deserve system on conditions named by the Board In each case: . Enterprise state Bank, Enterprise, Oregon. San Fernando Valley Savings Bank, an Fernando, Calif. Farmers and I.:erchants Bank, Odessa, ,lash. Tekoa State Bank, Tekoa, .;arain.n;ton. Lierchants Bank, Port Townsend, ew Bern Banking & Trust 3ompany, :VAT Bern, .C. 4idrian State C.Aavings Bank, 4drian, I- orthern javings Sank, 2argo, J. Dak. Beacon Trust Company, Boston, :'ass. The Farmers &. :,:echanics State Bank, Childress, Tex. Dearborn State Bank, Dearborn, Mich. Jackson tate Savings Bank, Jackson, Commercial Savins Bank, Idrian, On motion, it was voted that a special meeting to consider salaries at Federal deserve banks be called for 5.30 p.m. this day. The Secretary of the Board h:vins asked permission to accept an invitation to address the convention of the Eational .Association of Boot and Shoe - lanufacturers on January 16, such Permission was, on motion, ranted. The proof of the annual report of the Board was taken up for consideration, disassed 4nd a fresh :pi:ley proof ordered. 1r1-2; stated the facts regarding certain proposed financing of the .;estin aoute Company and presented paners relating thereto. The matter referred to Delano and Cr. Euler as a special committee. On motion, 12.55 p.m. the Board adjourned.
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