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A meeting of the 13xecutive Committee of the Federal Reserve Poard ras held in the office of the 7oard on Thursday, October 19, 1922, at 11:00 a.m. T: Vice Governor Platt Yr. Hamlin Tr. 77itchel1 I.:r. Poxton, Secretary. The Vice Governor reported the reserve positions of the several e* eral Reserve banks as at close of business October 16th. Letter dated October 13th, from the Assistant Federal Reserve ,!r7ent at 13an Francisco, transmitting Nvit h favorable recorranendat ion, the application Of the Mercantile Trust Comeany of San Francisco, to establish a branch at 11'°arlY, California, it being understood that this branch is to be one of the thilltY service station branches to be established in San Francisco and Berkeley in the Liercantile Trust Company letter of Septanber 20th. Approved. Letter dated October 13th, from the Assistant Federal Reserve Af:ent at star, Francisco, transmitting rit h favorable reco ram end at ion, the application 0r the r.ercItile Trust Company, to establish a branch at ro. 2198 Union Street Ir the city of San p'ranciwo, it being understood that this branch is to be °Ile of the thirty service station branches mentione , in the applicant's letter Of SePtelthtr 20th. Approved. Letter dated October 17th, from the Secretary of the Federal Acht; ss°1'Y Council, advising that the next statutery meeting,7 of the Council Will be held in "ashington, iironday, november 20th, 1922. Noted. Yr. Hamlin advised the Committee that Mr. Purley, file clerk in the °ffice of General Counsel, intends to resign within thirty days, and recomnlellded that 17.r. Wyatt be authorized to employ a law clerk at a salary not to eleeea :2400 nor annum. Upon motion, the Committee approved the recommendation of Yr. Hamlin. The Vice Governor stated that he had received a complaint from Yr. ' a B. Smull, President of the Unitel States Shipping Board Dliergency Fleet 0o).-vvration to the effect that the Yew York Clearing House has construed the 413°51t5 of that corporation as being ordinary comercial deposits, and not trIlited States goVernment deposits, and that the members of the New York el"ne House are, under the rules of the Clearing House, imposing the regular Clearing House charges against outside items deposited by the Emergency Fleet er poration. Referred to the Vice Governor with power. CO:rITTE3 Nted 1)'4eci ro. 1: October 18th, Recommending changes in stock at Federal Reserve banks as set forth in the Auxiliary minute book of this date. Approved. October 17th, Recommending action on applications for fiduciary no‘ers, as set forth in the auxiliary minute book of this date. Approved. October 18th, Recommending action on applications for fiduciary powers, as set forth in the auxiliary minute book of this date. Ordered held. At twelve o'clock the meeting adjourned. Secretary. 1)))rOved Vice Governor.
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