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At a special meeting or LIAO federal Reserve board neld in line office ()I no board on Tnursday, January lb, 1.V20, at 3-20 P.M., PRESENT: The Mr. Mr. Mr. Mr. Mr. Governor Strauss Miller Hamlin Moeuleapan Cnapman, Secretar . business was presented and disposed of as follows: Telegram dated January lbtn from uue Uovernor, federal lieserve bank of Atlanta, advising taw, tine rulton Superior Court nad issued an order Ciuints tile federal lieserve banK of Atlanta to snow cause on January 24t4i may a temporary injunction auould not issue against it restraining it irow employing an, metnod of collecting OneckS drawn againgt petitioners or any otner yank nereafter becoming a plaintilf tutu, would prove emuarrassing, annoying or expensive to Sucn uanks; from collecting sucn Queen in any except tne usual and orderly manner now employed among corresponding uanks and clearing 'Louses, and from interfering witn any *Juan yanks in cnarging, collecting or retaining tne usual and customary rate of excnange cnarges now in effect uetween corresponding uanks and clearing nouses. After discussion, on motion duly seconded tne uovernor was autnorized to send to uovernor Wellborn tne following telegram: -2"Liuggest that Randolph ask Judge Ellis at once to modify the order by vacating restraint until case can ue heard on its merits, pointing out that Dank mint oe liable for neavy damages to memuer banks sending checks 60 it.. wnicn your bank would us unaule to collect even by presentation at tne counter. Attorney General nas already ruled that you cannot collect uy sending to banks wnich will charge exchange. Effect of failure to present would release endorsers. Injunction appears to restrain une nolder of a check from demanding payment in won. Please take immediate action and at least nave court define its meaning more clearly and to compel plaintiffs to make adequate bond to cover all damages which :&aty arise. This telegram is seat after consultation with Solicitor General King. Keep board fully informed as Attorney General may be asked GO appear." On motion duly seconded it, was voted to make special order business at the meeting of tne board GO be neld at 11 A.M. on Friday., January loth, tne election of directors on benalf of tne board of tile Oklahoma braucn of tne eederal Reserve Bank of Kamsas City. At 3-30 P.M., the meeting adjourned. Secretary. Approved:
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