7 1 0 A meeting of the Executive Committee was held in the office of the Board on Monday, January 24th, at 12:10 p.m. PRESENT: Governor Harding Mr. Platt Mr. Hamlin Yr. Miller Mr. 1111s Mr. Hoxton, Secretary. PRESENT ALSO: Yr. Lomn. General Counsel. Letter dated January 22d, from the Chairman of the Feder- al Reserve Bank of New York, enclosing application of Mr. Howard Bayne of the ColuMbia Trust Co., New York, to serve as director Of the Seaboard National Bank of New York. Referred to the Committee on the Administration of the Clayton Act. Telegram dated January 22d, from the National Bank of Takoma, Washington, requesting the Board's permission for the di- rectors of that Bank to serve also as directors of the Army Nation- al Bank of Takoma, Washington, inasmuch as the latter institution has been taken over by the National Bank of Takoma, together with the failed Scandinavian-American Bank of Takoma, Washington. Referred to the Committee on the Administration of the Clayton Act. Letter dated January 22d, from the Chairman of the Feder- al Reserve Bank of Atlanta, transmitting a resolution of the Board Of Directors of that Bank, confirming the views expressed previous- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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710
A meeting of the Executive Committee was held in the
office of the Board on Monday, January 24th, at 12:10 p.m.
PRESENT: Governor HardingMr. PlattMr. HamlinYr. MillerMr. 1111sMr. Hoxton, Secretary.
PRESENT ALSO:Yr. Lomn. General Counsel.
Letter dated January 22d, from the Chairman of the Feder-
al Reserve Bank of New York, enclosing application of Mr. Howard
Bayne of the ColuMbia Trust Co., New York, to serve as director
Of the Seaboard National Bank of New York.
Referred to the Committee on the Administrationof the Clayton Act.
Telegram dated January 22d, from the National Bank of
Takoma, Washington, requesting the Board's permission for the di-
rectors of that Bank to serve also as directors of the Army Nation-
al Bank of Takoma, Washington, inasmuch as the latter institution
has been taken over by the National Bank of Takoma, together with
the failed Scandinavian-American Bank of Takoma, Washington.
Referred to the Committee on the Administrationof the Clayton Act.
Letter dated January 22d, from the Chairman of the Feder-
al Reserve Bank of Atlanta, transmitting a resolution of the Board
Of Directors of that Bank, confirming the views expressed previous-
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7,1
ly by the Chairman to the effect that discount rates in that district
should not be increased upon paper secured by United States Certifi-
cates of Indebtedness, Liberty Bonds and Victory Notes.
Noted.
Letter dated January 22d, from the Chairman of the Federar
Reserve Bank of Atlanta, transmitting a statement of that Bank with
comparative figures of a year ago, and. outlining the policy being
pursued by that Bank with reference to rediscounts, and the methods,induce
being availed of to/its menber banks to liquidate in an orderly man-
ner their indebtedness to the Federal Reserve Bank.
Noted.
Letter dated January 21st, from the Chair of the Federal
Reserve Bank of Atlanta, enclosing a letter of January 13th from
the Chairman of the Board of Directors of the New Orleans Branch to
the Governor of the Federal Reserve Bank of Atlanta, recommending
that the Board reconsider its former position with reference to the
salaries of the Manager of the New Orleans Branch, and the First and
Second Deputy Governors of the prent bank.
Referred to Messrs. Platt and Wills.
Letter dated January 20th, from the First National Bank of
Greenwood, Mississippi, submitting copies of correspondence that has
passed between that Bank and the officers of the Federal Reserve Bank
of St.Louis relative to the rediscount of secured bills of exchange
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arising from transactions in the marketing of cotton.
Referred to Messrs. Platt, Wills and Lo ga.n.
Letter dated January 20th, from the Governor of the Feder-
al Reserve Bank of Dallas, setting forth the unsatisfactory and
unliquid condition in which that Bank finds itself at the present
time, and suggesting that Federal Reserve discount rates should
be adjusted to correspond to the rates which are charged by the
member banks to their customers.
al
Referred to Governor Harding for reply. It wasthe sense of the Board tlfat the Federal Reserve Bankof Dallas should be advised that the condition inwhich it now finds itself constitutes a serious re-flection upon its nanagenent, and that the Board hasin contemplation requiring the Bank to put in a dis-count rate of 6% on Goverment securities and 7% oncommercial paper.
Letter dated January 20th, frcm the Chairman of the Feder-
Reserve Bank of Dallas, submitting certain c or respondence with
reference to a proposed cotton marketing plan.
Referred to General Counsel.
Proposed draft of letter dated. January 20th, to the Presi-
dent of the First Federal Foreign Banking Association, advising the
said. Association that it has not made certain required reports as
to transactions giving rise to its own acceptances, and that certain
National banks have apparently purchased stock in the Associrt ion
without having been authorized to do so by the Federal Reserve Board,
as required by law.
Approved.
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At 1:35 p.m. the met irg adjourned.
Secretary.
Appioved:
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