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A meeting of the Federal Reserve Board was held in the Office of the Board on Monday, January 17th, at 2:50 p.m. PRESENT: Mr. Mr. Mr. Mr. Hamlin, presiding Miller Wills Hoxton, Secretary. PRESENT ALSO: Ur. Logan, General Counsel. Minutes of the meeting of the Board held January 13th were read, and on motion, approved, as amended. Minutes of the meeting of the Board held January 14th were read, and on motion, approved. Letter dated January 13th, from the Chairman of the Federal Reserve Bank of Richmond, making recotmendations as to adjustment of salaries, in accordance with the anniversary, or semi-anniversary adjustment of salaries which has previously been authorized for that Bank. Approved, upon recommendation of Messrs. Platt Letter dated January 10th, from the Chairman of the Federal Reserve Bank of Dallas, transmitting recommendations of the Board of birectors of that Bank relative to salary adjustments for the year 1921. Referred to Messrs. Platt and Wills. Letter dated January 12th, from the Atlantic national Bank of New York, requesting permission to accept drafts or bills Of exchange drawn upon it, having not longer than three months .47 -2- sight to run, exclusive of days of grace, drawn by banks or bankers in Australia, New Zealand and other Australasian dependencies for the purpose of furnishing dollar exchange. Aoproved. Letter dated January 13th, from the National City Bank of New York, requesting nission to accept drafts or bills of exchange drawn upon it, having not longer than three months Sight to run. exclusive of days of grace, drawn by banks or bankers in Australia, New Zealand, and other Australasian dependences, for the purpose of furnishing dollar exchange. Approved. Letters dated January 13th, 14th and 15th, from the Assistant Federal Reserve Agent of the Federal Reserve Bank of New York, transmitting applications from the following banks to accept drafts or bills of exchange dra.vm on them by banks in Australia. Now Zealand, and other Australasian dependencies, for the purpose of furnishing dollar exchange: The Chemical National Bank, New York Guaranty Trust Company, New York National Park Bank, New York Columbia Trust Company, New York Lincoln Trust Company, New York. Approved. Mr. Logan called the attention of the Board to the fact that arrangements had. been made for a hearing tomorrow relative to the request of the Federal Reserve Bank of Kansas City, that the -3- Bank of Goltry, Oklahoma, and the Farmers State Bank of Allen, Yebraska be reouired to sever their connection with the Federal Reserve System. 1"r. Hamlin was desinated and directed by the Federal Reserve Board to conduct the hearing at 11 a.m. on January 18, 1921, at which the Board has by its letter of December 29, 1920, requested the Farmers State Bank. Allen, Nebraska, to appear by its duly appointed representative or representatives, to show cause why that Bank should not be required to surrender its stock in the Federal Reserve Bank of Kansas City, and to forfeit all rigtits and privileges of membership in the Federal Reserve System; and Nr. amlin was directed to hear the testimony presented at that hearing and to transmit to the • Board a copy thereof, together with such exhibits as may be offered. Ni'. Hamlin was designated and directed by the Federal Reserve Board to conduct the hearing at 11 a.m. on January 18, 1921, at which the Board has by its letter of December 16, 1920, requested the Bank of Goltry, Goltry, Oklahoma, to appear by its duly appointed representative or representatives, to show cause why that Bank should not be required to surrender its stock in the Federal Reserve Bank of Kansas City, and to forfeit all rights and privileges of membership in the rederal Reserve System; and Hamlin was directed to hear the testimony presented at that hearing and to transmit to the Board a coy thereof, together with such exhibits as may be offered. REPORTS OF CMMITTlilE NO. I: Dated January 13th, 14th, 15th, 17th, Recommending admission of State institutions as set forth in the auxiliary minute book as of this date, subject to the conditions stated in the individual reports attached to each application. Approved. Dated JanuLry 13th, Recommending certain action to be taken by the Board upon applications for fiduciary powers, as set forth in the auxiliary minute book as of this date. Approved. .1 -4- Dated January 13th, Recommending changes in stock at Federal Re15th, serve Banks. as set forth in the auxiliary minute book as of this date. Approved. Dated January 17th, Recomnending that authority be given to certain National Banks to purchase stock in corporations organized under the op -called 747e Act, as set forth in the auxiliary minute book as of this date. Approved. Dated January 13th, Recommending approval of appointment of Miss Dorothy Deeds as Additional Stenographer in fice of the Statistician, at a salary the of :!2.500. per annum. (Approved.) Dated January 14th, Recommending refusal of the application of Mr. Charles T. Crocker to serve at the sane time as director of the Crocker National Bank, and the Mercantile Trust Co., both of San Francisco, Approved. Dated January 14th, Recommending approval of the application of Tr. Frank C. Munson to serve at the sane time as director of the Bank of New York, New York City, and the Brooklyn Trust Co., Brooklyn, N.Y. Approved. Dated January 11th, Recommending approval of the application of Yr. L. W. Duncan to serve at the sane time as director of the First National Bank of Haskell, Okla., as director of the Farmers National Bank of Ft.Gibson, Okla., and as director and officer of the First National Bank of 7.uskogee, Okla. Approved. Dated January 11th, Recommending approval of the application of Mr. W. P. Patillo to serve at the sane time as director of the Fulton National Bank of Atlanta, and of the Continental Trust Co. of Atlanta, Ga. Approved. Dated January 13th, Recommending refusal of the application of Mr. James Bentley to serve at the sane time as director of the Northern National Bank, Toledo, and the Commerce Guardian Trust Savings Bank, Toledo, Ohio. Approved. Dated January 13th, Recommending refusal of the apolication of Mr. E. H. Close to serve at the sage time as director of the Northern National Bank and of the Commerce Guardian Trust fiz Savings Bank, both of Toledo, Ohio. Approved. 49 -5- Dated January 11th, Recommending refusal of the application of Mr. H. C. Truesdall to serve at the same time as director of the Northern National Bank, and of the Union Savings Bank, both of Toledo, Ohio; also of the Morris Plan Bank, Toledo. Approved. Dated January 13th, Recommending refusal of the application of Mr. John A. Garver to serve at the same time as director of the Chemical National Bank of New York City, the National City Bank of New York City, and the New York Trust Company of New York City. Approved. Dated January 14th, Recommending approval of the application of Mr. John A. Coe to serve at the same time as director of the Citizens National Bank of Waterbury, Conn., and the Torrington National Bank, Torrington, Conn. Approved. At 3:15 p.m. the meeting adjourned. Secretary.
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