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22Q " meeting of the Federal Reserve Board was held in the office of the Fec/eral deserve Board on Jednesday, : 7, 1926 at 4;50 p.m. :larch , 1?AJENT: sAvernor Young Lr. Platt 1- :;r. Hamlin :ir. Cunn in y;harn :r. kidy, 'Secretary ,sst. 3ecretary TheGovrnor stated that at held 11:00 o'clock today the Board was to have ahearing for the purpose of showing cause why the Farmers State Bank 3t, 4Ward, i- ebraska, should not be required to surrender Its stock in the iederal Serve Bankof Kansas City, and to forfeit all rights and priv- ges o' i membership in the Fedecal Jeserve System.' No one having appeared on behalf of the Farmers State Bank of St. '4-11411(1•1 4eorve euraska, at the hour fixed for said hearing before the Federal Board, under the terms of Section 9 of the Federal deserve 2,ct, or since that 1, 'lour; and it appearing to the Federal .Reserve Board that the rmers State Bank of $t. 1.1ward, 2ebraska, has failed to comply with Sai(i the provisions of 30c in that it has failed tion 9 of the Federal deserve to Irlaintain With the Federal eserve Bank of Kansas City the reserve reGuired 13 the provisions of the e(ieral deserve.et; in that in violation of the '-etal 4eserve Act it has kept on deposit with a bank not a member of the "erztl 4eserve 41-4 811tP1s; capital System a balance in excess of 10,, of its paid up and in that in violation of the provisions of the Federal des- el*ve 41-et it reeuired by has made new loans while the reserve balance it is the Fe'leral ,leserve .c.t to maintain was deficient; oi)°11 motion duly made and seconded, the f ollouing resolution 411aturalj IlslY adopted: 221 3/7/28 ati "Aereas, it appears to the Federal Aeserve Board, from a consider11 of the evidence and Information received by it that the 7armers ;Late Bank of t. Cdaard, ::ebrask...1, has failed to comply with the provi11s m2 ef 3e ion 9 or the Federal eserve LCt in that it has failed to :11tain With the Federal „ieserve 7iank of ansas City the reserve re4i Fedralth Aeserve ,ct; in that in violation of the provisions ef f?d- bY Federal be Federal heserve ,,ct it has kept on deposit with L. bank not a nem°f the Federal serve :3ystem a balance in excess of 10, of its paid tlpiecaPital and surplus; and in that in violation of the provisions of the reserve balance it.3ecteral :eserve ,,ct it has made ne%: loans is required by the Federal :teserve _let to maintain was deficient; (raj_ Therefore, Be It Aesolved, that the Federal aeserve Board rethere and. i:dward, 'Iebraska, ,under direct the zarmers 3tate Bank of as amended, to sur,ct Aeserve Federal the l idterrIls of iection 9 of feiter its stock in the Federal leserve Bank of Fansas City and to forin the Federal 4,eserve.3ystem all rj-fhts and privileges of membership as ef the date on which notice of this action on the part of the -, zeder., 41 .teserve Board is received by the said bank." The meeting adjourned at 5:05 o c,lock. -',ecretaryl
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