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A meeting of the Federal Reserve Board was held in the office of
the Board on Monday, February 13, 1922, at 10:30 a•rn•
PRESENT: Governor Harding
Mr. Platt
Mr. Hamlin
Mr Miller
Yr. Mitchell
Mr. Hoxton, Secretary.
Minutes of the meeting of the Board held February 10th were read
and on motion approved.
The Governor reported the reserve positions of the several Federal reserve banks as at close of business February 9th and 10th.
The Governor submitted a letter from the Secretary of the Treasury, requesting the views of the Federal Reserve Board upon two bills
proposed for submission to the Con7ress of Cuba, known as the rational
Reserve Act and the Cuban Bank Act.
The Governor also submitted draft
or a reply to Secretary Mellon which, after discussion and some amendment, was upon motion approved.
Telegram dated iebruary 10th, from the Federal Reserve Bank of
Cleveland, advising that the Board of Directors of that Bank had, subject
to the review and determination of the Federal Reserve Board, established
a discount rate of
on all classes of paper of all maturities.
Approved.
Letter dated February 11th, from the Chairman of the Federal Reserve Bank of Richmond, submitting for the approval of the Board, certain
salary adjustments at the head office and at the Baltimore Branch.
Referred to Committee on Salaries and Charge Offs.
92
-2-
Letter dated February 10th, from the consultinc, Ixchitect, enclosinn; for a.porova.1 of the Board a bill of ''196.60, received from a firm of
patent attorneys for services undertaken with a view to the protection of
certain processes developed as the result of the recent vault tests.
pp roved.
Letter dated :4'ebruary 3d, from the Chairman of the Federal 'Reserve
Bank of San Francisco, recommending the approval of the application of the
Bank of Italy to take over and operate as a branch the Arst rational Bank
of Paso Robles, California.
Approved.
Letter dated February 6th, from the Director of the Division of
Analysis
riesearch, referrin,-, to his memorandum of January 25th, which
was submitted to the Board on ::'ebtuary 1st, and reciuesting approval of an
investigation in
urope by a member of the staff of the Division of Analy-
sis c!,,- Research, and specifying the maximum expense to be incurred in connection with the investigation.
Approved..
7erno Ian dm dated - ebruary 11th, from the A s si stant Secretary to
clovernor -arding, requesting mthority to transfer to the qold (1-'ettlernent
Fund Division one clerk ( '
1 1650 per annum) ernployed in the ("thief clerk's
Office, and to fill the vacancy thus created in the Chief Clerk's Office
by the anpointment of '7. T. Parris, at salary of '1240 per annum.
Approved.
Letter dated February 10th, from the Comptroller of the Currency,
requesting approval of an increase in the salary of 7ationa1 Bank E,xaminer
Clarence E. Breg, from ';3300 to
4000 per annum, effective February 16th.
Approved.
REPORTS 0
CUVITTEE
ro. 1:
Dated February 10th, Recomrrending changes in stock at Federal Reserve
If
11th, Banks, as set forth in the auxiliary minute book
as of this date.
Approved.
•
At 12:10 p.m. the meeting adjourned.
Sec etary.
@FedFRASER