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5'7 At a regular meeting of the Federal Reserve Board held in the office of the Board at 2.45 p. m. on Friday, July 9, PRESENT: • Er. Hamlin, presiding, Er. Harding Er. Williams Mr. Willis, Secretary. The opinion of Counsel of the Board with referbe ence to the question whether bankers' acceptances may after renewed on expiration, was read to the Board, and Governor discussion the Secretary was directed to my to in Strong that the Board would like to have him present writing a precise case involving the issues he had in mind respecting the renewal of acceptances. The Secre- tary was also directed to say that the Board would be 13, happy to see him in person, but that Tuesday, July would be the first day available for that purpose. On motion Er. Ammon E. Smith was appointed clerk in the Division of Statistics, upon the recommendation of the Committee on Staff, at a salary of 75 per month. to be On motion a proposed draft of a new page prepared added to the Weekly Report was authorized to be undereach week by the Division of Statistics, it being 573. stood, however, that this page at present shall not be authorized for publication. On motion it was also voted that the caption "Net Assets", nay" found on the last page of the Weekly Statement, should be changed to "Carried to Net Assets." On motion at 3.30 p. m. the Board adjourned to meet at 11.00 a. m. on Tuesday, July 13. Secretary. AP WED:
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