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A meeting of the xecut lye rcnImittee of the Federal Reserve Board was held. in the office of the Board on Tuesday, October 17th, 1922 at 11:00 a.m. PR&ENT: Vice Governor Platt Mr. Hamlin Mr. Mitchell Mr. Hoxton, Secretary. The Vice Governor reported the reserve positions of the several l`aederal Reserve banks as at close of business October 10, 11, 12, 13 and 14, 1922. Letter dated October 11th, from the Assistant Federal eser ve Agent at Bo ston, enclos in g with favorable recommendation, the applicat ion of the State Street Trust Company at Boston, Massachusett s, for authority to accept drafts drawn to create Dollar cchange by banks or bankers in those r(*eiga countries desimated by the Federal Reserve Board.. Approved. Letter dated October 6th, from the Assistant Federal Reserve Agent at Sall Francisco, transmitting, with favorable recommendation, the .applicr ti on °t the Mercantile Trust Company to establish branch agencies at 506-508 Castro Street, and at 1501 Haight Street, in the city of San Francisco. Approved. Letter dated October 9th, from the Assistant Federal Reserve Agent at Sell ?rano isco, transmitting, with favorabl e recommend at ion, the application °t the pacific southwest Trust and Savings Bank, to establish a branch in the Illeinity of Tenth Street and Norton Avenue, Los Angeles, California at a loc ation to be selected, it being noted that this branch agency is one of the tWentY-five locations for which blanket application has been tentatively ap111‘"ed by the Board. Approved. :-? 10/17/22 -2- IJ Letter dated October 9th, from the Assistant Federal Reserve Agent at Sat Francisco, transmitting, with favorable recommendation the application Qf the Pacific Southwest Trust and Savings Bank, to establish a branch it the vicinity of North Lake and Mariposa Streets, Altadena, California. Approved. Letter dated October 14th, from the Railway Loan Advisory Committee Of the Federal Reserve Board, recommending approval of the form of obligation submitted by the Seaboard Bay Line Company for a loan of 4134,400,000 14 four parts, the carrier electing at this time to take over the fourth Pert in the amount of :!.a,100,000, under. the provisions of Section 210 of the Transportation Act, 1920, as amended. Approved. Matter referred to Mr. Mitchell for report at the Board meeting of October 10th, 1922, namely, a letter dated October 3rd, from the Assistant Pt/4ra' Reserve Agent at San Francisco, transmitting, with favorable recom1442:dation, the application of the Pacific Southwest Trust and Savings Bank (If Los Angeles to establish five branches in the city of Long Beach, CalifOl.riias Upon motion of Mr. Mitchell, the application was approved. Memorandum dated October 11th, from the Comptroller of the Currency, reecNnmending approval of the application of the Farmers National Bank of for authority to reduce its capital stock from W,000 to Le4isburg, N. C" 14 1000, provided the entire reduction is applied to the Allen stock and the 131‘"eeds are used to remove losses and doubtful assets. Approved. 10/17/22 -3- Letter dated October 13th, from hr. J. IT. Case, Deputy orovernor Of the Federal Reserve Bank of New Yorl- , enclosing for the approval of the Pederal Reserve Board, a copy of the proposed agrement, amended, between the Federal Reserve Bank of New York and de iTeJerlandsche Bank of Amsterdam, it being noted that the changes which have been made occur in Articles 10 and 12 of the agreement. Approved. Yeinorandum dated October 17th, from the chief of the Division of •xaniination, recomrrnaing the appointment of i,:r. J. Robb, as Assistant Pe,keral Reserve 7,3caminer, at a salary of .',3600 ner annum, effective as of October 16th, 1922. Approved hemorandum dated October 11th, from hr. Stewart of the Divi- sion of Analysis and Research, advising of the resimation of hiss Ruth ['e terson effective October 15th, 1922, and recommend in the apoointment of l'is s Dorothy TD,rovin to fill the vacancy at the salary hiss Peterson has been -ovanbcr 16th, 1922. )er annum, effective as of ' hemorandum dated Cctober 16th, from the Assistant Secretary of the advising of the resignation of hiss 2. petty Stewart, effective at the close of business Octobor 15th, 1922, and requesting authority to employ lieu of :-iss Stewart, a Comptometer operator at a salary ranging from r-u0 to 13 per annum. Approved. 10/17/22 1113P07ITS OF COTZIITT.11 NO. 1: Dated October 12th, 1Gth, Recommending as set forth Approved. Recommend ing as set forth Approved. Dated October 13th, May 22nd., changes in stock at Federal Reserve banks In the auxiliary minute book of this date. action on applications for fiduciary pa- era, in the auxiliary minute book of thi s date. At 12:3D the meeting adjourned. %Toyed:
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