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A special meeting of the Federal Reserve BoLrd was held in the office of the Board on Friday, Janw2ry 7th. at 12:05 p.m. PRESENT: Governor Harding Mr. Platt Mr. HaMlin Mr. Miller Mr. Wills Mr. Hoz:ton, Secretary. PRESENT ALSO: Mr. Logan. Minutes of the meeting of the Board held January 6th Were mad and, on motion, approved, as amended. Minutes of the meeting of the Executive Committee held January 6th were read, and the action of the Committee set forth therein ratified. The Governor reported the reserve positions of the several Fedeml Reserve Banks as at close of business January 5th, and the status of rediscounts between tho Federal Reserve Banks as of the same date. The Governor reported rediscount transactions, member bank promissory notes secured by Government obligations, rate and 7% on commercial paper, as fDllows: Date Jan. 4 Jan. 5 Jan. 6 Jan. 6 Jan. 6 Jan. 6 Bank redis13ith counting Cleveland Atlanta Dallas Cleveland Atlanta Philadelphia Richmond Boston Cleveland Kansas City Dallas Cleveland Amount 2,900,000. 4,500,000. 3,000,000. 5,000,000. 3,003,442.50 7,000,000. raturities 11 te 1S days 12 to 13 " 11 to 15 " Ilenorandum dated January 7th, from Mr. D. C. Tills, in behalf of the Executive Committee, presenting a report regarding certain recommendations Pg salary adjustments for the year 1921 submitted by nine of the Federal Reserve Banks. Approved. Verorandum dated January 7th, from the General Counsel, submitting draft of amendment to the Board's regulations regardtug shipping documents accompanying drafts presented for acceptance to member banks covering export and inport transactions, the proposed amendment being drawn after consideration of facts presented by the Deputy Governor of. the Federal Reserve Bank of New York in his letter of December 30th. Referred for consideration and report, o Messrs. Hamlin, Wills and Logan. Memorandum dated January 6th, from the General Counsel, regarding the right of the Federal Reserve Board to authorize Federal Reserve Banks to purchase in the open market bankers' acceptances with maturities in excess of three months; the mem- orandum being the comments of the General Counsel on a letter of December 30th from the Deputy Governor of the Federal Reserve Bank of New York. Ordered redocketed as unfinished business. Applications dated November 8th and November 29, 1920, from the First National Bank of Boston, and the National Bank of 22 Commerce of New York, for permission to accept drafts drawn upon them by banks or bankers located in Australia, New Zealand, and Other Australasian dependencies, for the purpose of furnishing dollar exchange. Approved. Letter dated January 6th, from the Governor of the Federal Reserve Bak of Richmond, enclosing draft of bill presented to the legislature of North Carolina, authorizing banks to make exchange charges upon items drawn won themselves and sent to them for remittance. Referred to General Counsel. Letters dated January 6th, from the Assistant Secretary of the Treasury, enclosing Department Circular No. 223, dated January 6, 1921, discontinuing the United States Sub-Treasury at St.Louls at the close of business January 8, 1921, and a letter addressed to the Governor of the Federal Reserve Bank of St.Louis, relating to the as of coin and currency functions by the St.Louis Bank January 8, 1921. Noted. REPORTS OF COVEITTM NO. 1: Dated January 6th, 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. 23 -4- Dated January 6th, Recommending certain action to b taken. by the Board upon applications for fiduciary powers, as set forth in the auxiliary minute book as of this date. Apo iv ved. approval of a salary of '',3,000 Recommending Dated January 6th, to be paid to 7r. Thomas F. Kane, rational Bank Examiner in the Fifth Federal Reserve District. Approved. Dated January 6th, Recorrnending the approval of the reappointment in the Examining Force of :7r. Arthur J. Schopp, as Stenographer, at a salary of n2,100 per annum. Approved Dated January 7th, The Clayton Act Committee reported that a rehearing had been held in the case of certain persons who had applied for permission to serve as directors in more than one bank in Denver, Colo., and that the Committee was now ready to recommend that the said applications, formerly disapproved at the meeting of the Board on Dec. 29, 1920, be approved, in so far as mie concerned the following applicants: I7essrs. J. C Mitchell, M. W. Ga.no, K. C. Schuyler, C. Mac.k. Wilcox, J. B. Grant, Finlay L. :.!acFarland, E. T. Wilson. E. S. Kessler, James Ringold, A. C. Foster, Albert A. Reed, S. IT. Hicks and. H. C. James. Approved. At 12:30 p.m. the meeting adjourned. Secretary. Approved:
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