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A meeting of the Executive Committee of the Federal Reserve Foard was held in the office of the Board on Tuesday, November 21st, at 11:00 a.m. PRESENT: Vice Governor Platt Yr. Hamlin Mr. Mitchell Mr. 'Holton, Secretary.. The Vice Governor reported the reserve positions of the several Federal Reserve banks as at close of business November 15, 16, 17 nnd 18. The bond of Mr. William B. Newsome, Federal Reserve Agent of the 7edera1 Reserve Bank of Dallas, in the amount of ?100,000. Approved. The bond of Yr. William H. White, Assistant Federal 'reserve Agent of the Federal Reserve Bank of Chicago, in the amount of $50,000. Approved. Memorandum dated November 18th, from the Chief of the Division of Ballk)erations, recommending for use durin,, the year 1923, certain modifications in the present form 38, covering the reports of Federal Reserve Ipallks in the matter of the classification of discounted and purchased bills, 8414 recommendation being the elimination of detailed information regarding the indorsements on purchased bills. Approved. Memorandum dated November 18th, from General Counsel, requesting the 44hority to renew the subscription of Counsel's office to the Corporation Company's Congressional Service, at a cost of $75. Approved. Memorandum dated November 21st, from General Counsel, requesting authollitY to expend f44.50 for the purpose of subscribing to the Congressional 11/21/22 -2- Record for use in Counsel's office. .Approv ed. Telegram dated November 17th, from the Assistant Federal Reserve Agent at San Francisco, advising of the failure of the Payette ".r.T'at tonal Bank, Payette, Idaho, and setting forth the amount owed by the failed rational bank to the FeLkeral Reserve Bank of San Francisco, and the amount Of collateral held by the Federal Reserve Rank of San Francisco to liquidate the indebtedness of the Payette National Bank. • Not ed. Letter dated November 14th, from the Chairman of the Federal Reserve Bank of Atlanta, requesting approval of the Federal Reserve Board, of an aMendment to Section III of Article II of the By-laws of the Birminctam branch, said atendment having been adopted by the Board of Directors of the Birmingham branch and. approved by the Board of Directors of the Federal Reserve Bank of Atlanta. Approved. Letter dated November 16th, from the Chairman of the Zederal Reserve Bank of Richmcmd, advising that the Board of Directors of that be.nk.has reelected Mr. H. B. Wilcox and Mr. C. G. Osburn as directors of the Baltimore bralich for the year 1923, and has recommended that the Federal Reserve 33°ard re-appoint Messrs. 'Valdo Newcomer and William Ingle as directors of the branch for the year 1923, said designation and said recommendation be1115'; in accordance with the Board's letter of November 7, 1922, X-3556. 1 No ted. ) 11/21/22 -3- Letter dated November 14th, from the Secretary of the Federal Res°I've Bank of Cleveland, transmitting the regtlar semi-annual dividend teeolution passed by the Board of Directors of the Federal Reserve Bank of Cl eveland, at a meeting held on November 10th. , subject to the approval of the 11‘ederal Reserve Board, said resr_lution aeclaring a dividend for the six months Period ending December 31st, 1922, at the rate of 6% per annum on the paid in eaPital stock, payable on the 30th day of December to all stockholders of the bellk as shown by the books of the bank on that date. Approved. Letter dated November 16th, from the Chairman of the Federal Reserve 13allit Of hiladelphia, enclosing copy of resolution of the Board of Directors of that bank, declaring a six months dividend for the period ending December al, 1922, at the rate of 6% per annum payable cri the 30th da:r of December, 192 to all stockholders of that bank as shown on the books on that date. Approved. Letter dated November 14th, from the Chairman of the Federal Pes'rve Of Atlanta, transmitting a copy of the resolution of the Board of Direct0ts Of that bank, subject to the approval of the Federal Reserve Board, deCia a dividend for the six months period ending December 31, 1922, at the te-te of 6% per annum on the paid in capital stock, payable the 31st day of beeenter, 1922, to all stockholders of the bank, as shown on the books of tlie bank on that date. Appro ved. 4 11/21/22 -4- Letter dated November 16th, from the Chairmrn o: the Federal Reserve Bank of Richmond, transmitting copy of a resolution passed by the poard Of Directors of that bank, subject to the approval of the Federal Reserve Board, declaring a dividend for the six months period endi_ng December 31, 1922, at the rate of 6% per annum on the paid in capital stock, payable on the 31st day of December, 1922 to all stockholders of the bank, as shown Ot the b oks of the bank on that date. Approved. Letter dated November 13th, from the Assistant Federal Reserve Agent at San Francisco, transmitting with favorable recommendation, the applicaingeles, to tion of the Pacific Southwest Trust and Savings Bank of Los , establish three branches in Los Angeles, it being underst ad that these branches are three of the twenty-five paying and receiving station locations tor which blanket aoplication has been tentatively approved by the Board, ana it being noted that with the approval of these branches, twenty-three °f the twenty-five will have received the Board's formal approval. Approved. The Vice Governor submitted the Report of.Jxamination of the Federal Ileserve Bank of Richmond as of October 28th, 1922. The Secretary was instructed to advise the Chairman of the Federal Reserve Bank of Richmond of the receipt and consideration of the report by the Federal Reserve Board, and thereafter to circulate the report among the members of the Board. Letter dated November 16th, signed by the Chairman of the Federal Reselbve Ba :col* Atlanta, the Governor of the Bank and one of the directors, 141'. 1..!cCrary, recommending a modification in one of the conditions of member- -5- 11/21/22 lb ship imposed upon the rerchants and 2anners Bank of Roanoke, Alabama. Approved. Letter dated November 17th, from the ComptrAler of the Currency, per annum to be paid to 1 recommending the approval of a salary of .3,600 L7r• Perr 7 L. Idleman, National Lank..aminer in the Twelfth Federal Ireserve District. Approved. Letter dated 'November 16th from the Comptroller of the Currency, rticommending the approval of a salary of 13,000 per annum to be paid to Gail 17 Crossen, National Tank =miner in the Sixth Yeeera.1 Reserve District. Approved. 11 0'rr,,s OF COTTITTEE TTO. 1: pat ed Novenber 16th, 17th, 18th, 20th, Nov emt.er 8th, pat ed November 16th, Dated November 16th, Recommending ch&-nges in stock at Federal Reserve TiLinks, as set forth in the Auxiliary li.nute Rook of this date. Approved. Recommending action on application for fiduciary powers as set forth in the Auxiliary Ninut Book of this date. Act ion ordered deferred. Recommending action on application for admission of state bank, subject to the conditions stated in the individual reports attached to the applic: t ion, as set forth in the Auxiliary Minute Book of this date. AL)proved. Recommending approval of the application of Mr. George A. Caldwell to serve at the same time as director and Vice President of the Bigelow State Bank of New York City and as director of the Gotham National ank of New York City. Approved. At 11:50 the meeting adjourned. Secret: ry. Vice Governor.
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