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A rfk,etin,(7 of the Federal Reserve Board was held in the office el the rederal Reserve inoard on Wednesday, February :11st, at 12:00 a.m. 1RE:1.2,TT: Vice Governor Platt Mr. Hamlin Mr. Miller Mr.'1;Titchell Crissinger Mr. 1-Texton, Secretary The minutes of the meetin7 of the Federal Reserve Board held on Flebruar;7 20th rere-. read and on not ion aporoved. . The 'Vice Govc-rnor reported the reserve positions of the several Federal Reserve banks as at close of business February 19th. Memorandum dat ed. February 2oth, from the Secretary of the Board, submitting replies from all FeCoral Reserve banks except St. Louis, to the lioz.rdts circular letter X-3629, dated February 2, 1923, subject, "Open 1Tarket Purchases 1-,y Federal Reserve Banks". Ordered circulated. / lip n motion, the Board approved the bond of "t!,ssistant Pec:eral Reserve ' lgent in an : ,)nercr,eney" Mr. 1"m-drop, at the Pittsburgh Branch of the Federal neServe Bank of Cleveland in the *mount of ?',50,000. Letter dated February lbth, from the Federal Reserve Agent at San h*P•ri transmitting with favorable recorzrenth Ulm, the application of the Pacific Southwest "rust and savings rank of Los ,^,np,eles, to establish a 13/*4111, on 'lest the .v icinity o leo 1)treet between 'Normandie Avenue and r'estern Avenue, in "rest l'ico Street and South Hobart Boulevard, Los .1nPel es. Approved, Mr. Crissinver votiik; "no". Telegram dated February 20th, from the Chairram of the Federal 2/2 1 /L3 k leserve Fnk of Ltlanta as follows: "Buildinc; Corrznittee previously authorized y our P.00rd po'er to act, has obtal.)- d exact cost of additional third story Cor—tittee unanimously recommended z..dditional contract ' 74cks02-11rille to coma ete third story of buildin (7, includinc- elevator and architect's fees 919.00 making grand total of cost of building, vaults and land "28Z,741. voted to let additional contract on this basis, su.b,lect r.)..lp royal -,,oederal '2eserve Poard." 7pon rf.otion the SecretPry was instructed to advise 1"r. FcCord that the Poard interposes no objc•cti on to the erection of a three-etory building as planned by the Board of Directors of the Federal 7eserve Bank of litlen.ta, with the distinct und er standing that the total cost for build. vaelts and real estate shall not be in excess of '282,741. The Vice ",ovcrner re:erred to a lctter dated February 17th, addressed to hira b7 Lr. :::2\ some, Federal Reserve A-ent at Dallas, in which 11r. rersome ad718ed tict be should. like, as coon as practicable, to be relieved of his tem11°1'arY duties as Federal '-).eserve ,1,7ont and Chairman Of the Federal r?eserve Tank of ')allas. of the Board of Directors .• • uL)on motion, the Committee on romimtion of Class "C" Directors was rea -uested to report with referoade to the appointrent at Dallas, and the matter was ordered docketed as special onier business for the meetinc: to be held next Friday, February 2r(.1. at 11:00 a.m. 1:ernoranclum dated Fetruanf 20th, from the Chief of the Division of Thram1114t1 on5, transmitting a report of exianination of the International Acceptance — of york City as of close of business, Sept aril er 26, 1922. Ordered circulated. i:emoranditm dated Februar:,- 30th, from the Chid' of the Division ofaminationi trtristnit ting a report of examination of the Federal International (11' 1.°11; Orleans as of close of business, October 14, 1922. Ordered circulated. anking company 1121/23 Memorandum dated. ?ebruary Dth, from the Chi ef of the Division of '1,3'amin ti on transmi tt AL; the r eo rt of' exariaiL:ti -sn + oral '30 erv e Tank at `;t. Louis, inclai,inT. its branches, as at the close of business T)ecomber 1922• • It —as note, that on 2,-1 ;11.t 1, 1922, a Currency 2Lr-,sort or at the louis- Ville Branch ras found to be short in his account %;17-1)0, that restitution mode to the bon(3 in.: corn )sny by the nr.Y1 11° Prosecution 7"1S" -c-2 cc ntrilut od instit.uted. and the members ofh is fz..mily, and that It was also noted that the "r,a k had in July 2OO each to the oyl,crses of six emolovoes 7+hr atteuder, the c onvention of the :_meric- n Institute of Par.lcinv; hold at.2oattlo, —as'ainoton. uoor, motion, the L.;ecr,,-tary was instructed to inquire of the 41edcra1 -1osorve Bank if the inc ident of the defalcation at tho ouIsvill e Brunch had been reported to the Department 0.4if e-'11 tine vith the advice tint sach report should be made. ?he L;ecrotary was also in st ructed to +-1,6vi se the. Reserve 'alik of '4-it. Louis that t he contril ution to the exp ens es of the six employees who vent to the cony en tion at 2e: t tie v ithout -authority of law unless pr evi otz ly sub mi tt ed to and +c-i) iroved by the "1,1eo er al Beserve PoE_ rd. The Vice lovf-rno r stated that he had received a telephone communication er cim::. trip ase, Deputy governor of the 2ederal T'eserve o:‘nk of ew York, advis- th• t the Board of Directors of that bank had unanimously voted to increase the di scount rate upon all clasocs of paper l'rom 4'7 to 4?(, effective at the el° se f Pus mess today, subject to the review and determinationof' the 71'eera1 •i)eserve Poard. 2 submitted by the Board Bon motion the rate of 4-•:;', Of Directors of the Federal Be serve Bank of .17evs, York was approv Telegram dated relorunry 21st, from the Chairman of the T''edPrpl Deserve 111.11-11'' Boston, advising that at a moetin 02 of the Board of Directors, it \q-..s '?et9d that the rodi scount rate be 21?,- ," For all classes and maturities, effective i''ebrut5ry 2, 19:_ subject to the review aid determination of the Pederal Res- 3 P..." Mr. Miller moved tliz.•.t this m:-Tt ter be laid on the table. 1.1r. motion beinp; put by the chair was lost; MT. T'iller a Mr. • Cris sing er vat in "aye"; r. plat t, Mr. 'Hamlin and. Mr. Mitchell vot inrr "no". The Vice Governor then put the quast ion o f aporoval of the action of the Board of Directors of the Federal "Reserve Bank of Bo-ston in vot ing that the rediscount rate be 4-;:;. for all classes and maturities of paper, effective February 23rd. Approved, Mr. Miller and Mr. Crissinfer voting "no". Mitchell read to the Board a letter which he had recently wri tten to the ellai lzin of the 2ederal Reserve Bank of Minneapolis with res .ect to the new 1,uild.111Z for that Bank, and especially with ret, )ect to the provis ions made for vault eatistruction. Noted. with approval. f;) s op cormr27,11f, 110. 'elted ?ebrua—Lz, 21st, Recomrien,ling action on applications for changes in stock as set forth in tlie Amdliary Minute Rook of this date. Approved. meetin7 adjourned at 1:10 p.n. secretvry. Vice o 'ye rno r.
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