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At a regular meeting of the Federal Reserve Board, held in the office of the Board on Mnday, Decem her 21st at 3:00 p. m. PRESENT: Mr. Hamlin Mr. Warburg Et. Delano Er. Harding Ur. Williams Mr. Miller. The Governor of the Board presided and Mr. H. P. Willis acted as secretary to the meeting. The minutes of the preceding meeting were read and approved. The Governor of the Board called attention to an opinion of the Attorney General with reference to the legal status of the Federal Reserve Board. On motion it was ordered that the Secretary of the Board look into the question of a system of accounting for use by the Board in conducting its own affairs as well as other details in regard to the status of members of the Board as "public officers." A committee report regarding weekly reports by member banks was passed over by unanimous consent and was laid on the table pending the receipt of a final opinion from Counsel. Ni'. Harding presented a redraft of the minutes of Subcommittee B of Standing Committee #3 under date of Friday, December 11th, such redraft expressing certain principles which are to govern with reference to discount operations as to which inquiries have been received. On motion these minutes were approved. The minutes of the meeting of Subcommittee on discounts (Subcommittee B of Standing Committee #31 under date of December 18th were read and approved. A draft of circular and regulations relating to bankers acceptances was taken up, perfected and approved. The Secretary was ordered to have them prepared for transmission to Federal reserve agents. On motion it was voted that the Governor send a telegram to President J. B. Forgan of the Advisory Council inquiring as to the views of the Council with reference to the acceptance question. A draft of a proposed regulation relating to warrants was taken up perfected and approved. The Secretary was ordered to prepare this draft for transmission to Federal Reserve Agents as in the case of acceptances. A memo with reference to appointment of William Imlay as Assistant to Chief of Division of Audit and Ex- a.znination Broderick, at a salary of 42,000 was presented to the Board and approved. On Motion, the application of Federal Reserve Agent Jay for approval of reimbursement of expenses to directors of the New York Bank was approved. On motion, at 5:40 p. in. the Board adjourned to meet at 3:00 p. V6 on Tuesday, December 22d. Chairman