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ho At a regular meeting of the Federal Reserve' Board held in the office of the Board on Thursday, February 11 at 11.00 a. m. PREI-47.17.T: Mr. Hamlin, presiding, Mir. Harding Mr. Delano Mr. Miler Mr. Warburg Er. Willis, Jecretary. The reading of the minutes of the preceding meeting was dispensed with. The draft of a proposed circular on acceptances was taken up and after further revision was approved. An opinion of Counsel with reference to the probleM California raised by the action of the Banking Commissioner of regarding the treatment of national banks which advertise salr" ings departments was taken up for consideration and read to the Board. After discussion it was voted thnt.the Jecretary of the Board reply to the first four questions of the Commissioner of Banking in substance as suggested by Counsel, loand state that the whole matter would be referred to the cal Federal Reserve Agent with the request that he consult further with the Commissioner. On motion the ap ,lication of the 2ederal Reserve Bank of Richmond, dated February 10th, for .200,000 in Fed-- 111 eral reserve notes, was approved'on recommendation of the Committee on Issue and Redemption, as follows: Fifty dollar notes ,i200,000 A letter from Counsel with reference to the bestowal of power to act as trustee, executor, etc., by national banks was presented to the Board and various other suggestions respecting the contents of the circular referring to that subject were taken under advisement. On motion at 1.30 p. m. the Board adjourned to meet at 3.00 p. m. today. Secretary. . APPROVLID: Chairman.
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