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At a crecial

f the Ader,.1 '.cervc Board

held in the office of the Board on MurA.,y, J, nu-ry
at 3 P.—,

TrardiL3., presiding,
Jr. ,varburg,
r. Delano,

?Ir. Hamlin,
71r. Ville'',
Ur. aillis, secretary.

The minute., of the meeting of the Board of January 15 were read and, on motion, approved.
On motion the minutes of the meeting of the
Board of January 10, previously laid on the table, were
taken up, reconsidered, and adopted.
Governor Harding presented a statement transmit:rve
ted to him by Federal 7cst.

V:'ellborn relative to

the Heard 7ational Bank of Jacksonville, Plorida, in relation to the Federal Tlescri.fl 13nk of


Governor Harding reported that he had appeared
before the Banking and Currency Committee of the 7ouse
of 3epresentatives from ten to one-thirty o'clock that
morning, and 11d arranged to return, on Friday, January

7e .ave a brief resme of hi


testimony before the

Governor Harding laid before the Board the file
of correspondence between the ?lat Top National Bank and

Iis communications with the bank in question

were discussed, and the Secretary .was directed to say to
the Comptroller of the Currency who had -made inquiry in
the matter, that such suggestions as he might have to
make with regard to the handling of this correspondence,
should be presented direct to the Governor himself.
Saturday, January 20, being a holiday by order of
the President, it was, after consultation with the Secretary of the Treasury, nevertheless agreed that the weekly
bank statement should be prepared and issued as usual.
Mr. Warburg reported that the plans for the proposed new building at .iitlanta had been received and considered, and Mr. Delano stated that at his reiaest they
had been checked over by the Supervising Architect of the
Treasury, who thought the cost would be from ,140,000 to
'.A60,000, according to the material used.
On motion the cost of the operation of the Gold
Settlement Fund was ordered charged as an ordinary expense
of the Board, and as such, paid out of the proceeds of its
assessment on the Federal reserve banks.


Lr.Hamlin presented a re,,Jest of the Pittsburgh
CAamber of Commerce for a speaker representing the Board
for their meeting on February 10.

On motion it was voted

to authorize the Governor to acceiit the invitation for that
date if he thinks fit.
Governor Harding lead a letter from Governor Miller
of T(ansas city with reference to the adjustment of the inJividual liability of the southern Oklahoma banks, and asking f')/- approval of an agreement which he had arrived at
with the

i1as Bank.

The matter was referred to the


littee on La',
The Secretary of the Board read a letter from GOVernor

eay with reference to the purchase of French in-

dustrial acceptances.

General discussion of the accept-

ance policy of the Board ensued, but no action was taken./,
The Secretary of the Board read a letter regarding collection charges at L'acon


The matter WU6

referred to the Committee on Clearings.
The Secretary of the Board presented a report from
Federal deserve :.,gent Hardy with reference to the duties
of the assistant to the Federal reserve agent.
was referred to the Committee on Federal


The matter

The Zecretary of the Board presented _a letter
transmitting an opinion of Yr. Mcrab of San Francisco
with reference to the boards of directors of Federal reserve banks._ The matter was referred to the Committee
on Operation.
letter from the Comptroller of the Currency relating to the right of national banks to combine to re,
duce rates on deposits, was referred to the Committee on
, Law.
The question of fiduciary powers for the City
National Bank of ,la, iilabama, was laid on the, table.
The application of the Peoples Trust .& Savings
Bank of Clinton, Iowa, duly recommended to the Board for
approval as having complied with all of the requirements,
was, on motion, approved, and the bank ordered admitted.
A letter from Federal Reserve !gent Jay relative
to the Bank of Montclair of Montclair, 1% J., and stating
the bank's position with reference to certain paper held
by it, .was presented to the Board with the recommendation
that the Bank of, Montclair be informed that the Board has
acted favorably upon its re .uest, and that. it be admitted
to the system.


The Secretary of the Board was directed to give information of these two admissions to the press after suf=
ficient time had been allowed to permit the information regarding them to reach the reserve bunks of which they will
become members.
examination report of the accounts of - ederal
Reserve 'gent Vellborn of .Atlanta, was referred to 1:r.
Delano for the Committee on Operation of the Ltlanta Bank.
report of Governor McCord of the 7ederal


Bank of 4t1anta relative to the 2,tlanta Bank, vas likewise
referred to Mr. Delano on behalf of the -tl-nta committee.
On motion the pur.!hase of r1E3Q,000 of warrants of
the City of Covington, 1y., by the Federal

cserve B,trak

of Cleveland, was approved.
The question of the building for the Federal deserve
Bunk of 4Itlanta was, after discussion, referred to the Committee on Operation of the Ltlanta Bank for further investigation and report.
The special order of the day, discussion of the
Board's annual report, was then taken up, and various modifications introduced into the proof which had been placed in
the hands of members.
On motion at 5.40 P.L. the Board adjourned.

Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102