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323 A rooting of the Federal Reserve Board was held. in the office of the Board on Monday, April 25, 1921, at 12 o'clock noon. PMSMTT: Governor Harding Mr. Platt Mr. Hamlin Mr. Miller Hoxton, Secretary. Reading of the minutes was omitted.. The Governor reported the reserve positions of the several Federal Reserve banks as at close of business April 21st and. 22d and the status of rediscounts between the Federal Reserve banks as °f the same dates. Letter dated April 23d, from the Chairman of the Federal Reserve Bank of Atlanta, advising that that bank is now ready to Proceed with the taking of bids for the excavation for the foundations of the new annex building. Governor Harding was requested. to advise the Federal Reserve Bank of Atlanta that the Board interposes no objection to its taking bids and. letting contracts for foundations. Mr. Hamlin submitted draft of letter, dated April 20th, and addressed to all Federal Reserve Agents, on the subject of the authority of National Banks to guarantee letters of credit and acceptalices and to appoint correspondent banks as agents to issue the same. Approved., ordered. mimeographed and. transmitted. Draft of letter, for the signature of the Governor, addressed to the Chairman of th) Banking and. Currency Committee of the . 324 -2- House of Representatives, with reference to a proposed amendment to Section 19 of the Federal Reserve Act, having particular reference to the deduction from gross deposits of balances due from foreign correspondents for the purpose of reserve calculations. Approved. Governor Harding stated that the Board had not yet acted Upon a recommendation rade by the Federal Advisory council and. by the Governors' Conference to the effect that the Federal Reserve Board shall authorize Federal Reserve banks to purchase acceptances covering import and export transactions, having a maturity of not more than six months. Upon motion, orderQd docketed. as special order business at the TIE etin7 of the Boardtomorrow, _April 26th. Letter dated April 20th, from the Chairman of the Federal Reserve Bank of Boston, transmitting, with favorable recommendation, the application of the International Trust Company, of Boston, 'ass. to establish certain branches. Approved.. Letter dated April 20th, from the Assistant Federal Reserve Agent at Cleveland, advising that the Guardian Trust /3- Savings Bank Of Toledo, Ohio has consolidated with the tional Bank of Commerce Of Toledo, and inquir inr• if the permission granted to the Guardian Trust 9- Savings Bank to accept up to 100; of its capital and. surplus Will be in force with respect to the Comerce Guardian Trust and -3- Savings Bank, without further permission from the Federal Reserve Board. Upon motion, it was determined that as a matter of record and procedure, it will be advisable to have the new institution, the Conwerce Guardian Trust and Savings Bank, apply for permission to accept up to 1002" of its capital and surplus. Letter dated April 21st, from the Chairman of the Federal Reserve Bank of Minneapolis, recommending that the Board waive one Of the conditions of membership previously imposed upon the Mercantile State Bank of P'"inneapolis, and giving reasons tl-Brefor. Approved. Letters dated April 19th, from the Chairman of the Federal Reserve Bank of San Francisco, advising of a certain rearrangement Of personnel affecting two employes in the Federal Reserve Agents Department. Approved. REPORTS OF COIMITT-11.. 1 N. 1: Dated April 23rd, Recommending changes in stock at Federal Reserve banks, as set forth in the auxiliary minute book as of this date. Aprr oved. Dated April 23rd, Recommending action to be taken on applications for fiduciary powers, as set forth in the auxiliary minute book as of, this date. Approved. 325 -4- IN THE M...4.T= OF THE KILGORE STATE MIK, KILGORE, NEBRASICA. Hearing to show cause why the Kilgore State Bank, Kilgore, rebraska, should not be required to surrender its stock in the Federal ,Beserve Bank of Kansas City, and to forfeit all rights and privileges of Inenbership in the Federal Reserve System, held in the office of the Federaa Reserve Board in the Treasury Building. Washington, D. C., at 11 :•••• Li. on April 25, 1921, pursuant to the notice :;iven to the Kilgore tate Bank, Kilgore, Nebraska, dated April 8, 1921. PRES3 IT T : Governor Harding Mr. Platt Mr. Hamlin Mr. Miller Mr. Hoxton, Secretary. 1To one appeared in behalf of the Kilgore State Bank, Kilgore, I\Tebraska, that bank having by resolution of its Board of Directors dated 41'11 15, 1921, waived its right to appear before the Federal Reserve Board pursuant to said notice dated April 8, 1921, and having by -a similar resolution stated that it did not care to appear -before the Federal ii .cieserve Agent at Kansas City, Missouri, pursuant to said. notice, irut pre'erred to cancel its stock in the Federal Reserve Bank of Kansas City. Upon motion duly rfade and seconded the following resolution VlaS Unanimously adopted by those present: W H E R E A 5, it a.,,p3ars to the Federal Reserve Board, from a.consideration of the evidence and information received by it, that the X11;-_i;ore State Bank, Kilgore, Nebraska, has failed to comply with the 13 ,,rovisions of Section 9 of the Federal Reserve Act, and that said bank ' las failed to comply with the regulations of the Federal Reserve Board rnade pursuant to the provisions of that section. NOW, THEREFORE, BE IT RESOLVa, that the Federal Reserve Board fr°quire and direct the Kilgore State Bank, Kilgore. Nebraska, under the tIverills of Section 9 of the Federal Reserve Act, ac, amended by the Act of 21, 1917, to surrender its stock in the Federal Reserve Bank of 'ansas City, and to forfeit all rights and. privileges of membership as (3ii 1, the date on which notice of this action on the part of the Federal eserve Board. is received by said bank. 6 Secretary, F3DE7AL RZSE 77-VE BOARD. bated April 25, 1921. 327 At 1:20 p.m. the meeting adjourned.
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