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At a special meeting of the Federal Reserve Board held in the office of the Governor on Saturday, January 13, at 11 a. PRESENT: Mr. Harding, presiding, . Hamlin, Mr. Miller, Mr. nillis, Cecretttry. Mr. Delano, On motion it was voted to refer to the Law Committee the question of trade acceptances given bgainst advertising, and the eligibility of the same for discount at Federal aeserve Banks, the Law Committee to frame a regulation and submit the same. The Secretary of the Board read a letter from Acting Governor Treman transmitting a draft of a letter to be sent by the Federal Reserve Bank of rew York to Federal reserve banks with reference to the proposed. French industrial credit. The letter was discussed and modified, and finally approved as changed. It was agreed that the Governor should telephone Mr. Treman the views of the Board with respect to changes in the letter. Certain proposed matter for the Federal ileserve Bulletin was referred to the Com.rittee on Bulletin. it report of the Committee on Stuff authorizing Mr. .. H. :flasgow, assistant to the Federal Reserve Agent at Lt. Louis, to have charge of the credit files of the Bank: was; on motion, adopted. Mr. Delano reported the receipt of a letter from Assistant Secretary of the Treasury Malburn as to the redemption of unfit notes of Federal reserve banks, and authorizing direct transmission to the Treasury. It was agreed that a circul r of instructions in accordance with the proposed plan be drafted for submission to the Board. On motion changes in stock it Federal reserve banks, daly recommended by the Committee on Member and State B - nks, were approved as follows: Applications for Original Stock. Shares. District No. 2. Verona National Bank 15 15 Pompey's Pillar, 17 Mont. Total 17 32 Verona, N. J. District No. 9. 2irst National Bank AppliwItlons for Surrender of Stock. District No. 2. 765 Buffalo, N.Y. Third National Bank, First Nat'l Bank of LesterJohnson City,NY 42 shire, aed Hook, N. Y. 45 First National Bank, 652 Shares. District No. C. H.Y.Davis National 3ank, Cave City, "Ky. Total 23 23 675 The Committee on Operation reported that the recent action approving the plan for the division of liability for dividends as between the Federal deserve Banks of Dallas and Kansas City, had probably disposed of the vestion raised by the Vice President of the Oklahoma rational Bank in his letter of December 5. The 'Secretary was instructed to advise the Oklahoma rational:Bank that the matter was in process of adjustment. On motion at 11:45 A. LI. the Board adjourned to meet at 11 ie U. on ronday, January 15. ,- ;ecretary. L2PdOVED:
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