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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 . tlanta. 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 19. 7e .ave a brief resme of hi Committee. testimony before the Governor Harding laid before the Board the file of correspondence between the ?lat Top National Bank and himself. 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 m- , 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 qcorgia. 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 eserve The matter gents. 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 eserve 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.