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92 724 ) . FEDERAL RESERVE BOARD WASH I N GTO N Uctober 21, 1921. LI ;D ULI FOR GOVIRIIUR HARDING: Please call a meeting of the Board for 10:30 this morning. A special meting of the Federal Reserve Board was held. in the "'floe of the Board on Friday, October 21, 1921, at 10:30 a.m. PRESENT: Governor Harding Mr. Hamlin Mr. Miller Mr. Mitchell Mr. Cris singer Mr. Hoxton, Secretary. Minutes of the meeting of the Board. held October 20th were read 411/4 on motion approved. The Governor reported the reserve positions of the several Fedreserve banks as at close of business October 19th, and. the status ' l ecliscounts between the Federal reserve banks as of the same date. The Governor reported rediscount transactions, menb er bank prokissory notes secured by Government obligations, rate 6%, as follows: DatJ . Oct, 19 oct, 19 (let, n °et•" 19 20 Bank redi scounting Richmond Minneapolis Dallas Minneapolis Atlanta With New York New York Boston Nav York Bost on Amount ,'„4310,000,000 2,000,000 500,000 1,000,000 1,000,000 Mat uri tiep 11-15 days 1-15 11 11-15 " 1-90 (comtl) 1-90 (com'l) Draft of letter dated. October 21st, prepared for the signature or "overnor Harding, and. addressed. to Mr. Sherri' Smith, Vice President Ott - Chase National Bank of New York City, advising that if a National taint in good faith charges off, as worthless, stock which it holds in a ol*eign banking corporation, under the terms of Section 25 of the Feder- , t 'serve Act, that the stock so charged off shall not be counted when Oollas daring the limitation required by the Act of an aggregate of 10,c.'1, Of the Paid in capital and surplus of the stockholding National Rank. App ro ved. Governor Harding submitted. to the Board correspondence had v:ith the F * ederal Reserve Bank of Kansas City. with reference to the continuous of the First State Bank of -orth Bend, :Tel). to comply with the conimposed upon it at the time of its admission to membership in the Reserve System. Thereupon the Board conducted a lierinP. : in the case ofthe First State Bank of North Bend, Neb., and upon motion, duly made and ecc) the following resolution was unanimously adopted: t." WHER - EAS, it appears to the Federal Reserve Board from a °°/1sideration of the evideree and information received by it, that the First State Bank, North Bend, Nebraska, has failed to comply with the ovisions of Section 9 of the Federal Reserve Act and that said bank has failed to comply with the refNlations of the Federal Reserve Board made pursuant to the Provisions of that section, NOW, THM170R.2, B24. IT TESOLTO, that the Federal Reserve D, -u°ard require and direct the First State Bank, North Bend, Nebraska, t tirlder the terms of Section 9 of the Federal Reserve Act as amended the Act of Oune 21, 1917, to surrender its stock in the Federal Reserve Bank of Kansas City and to forfeit all rights and, privileges °is rrembershi:) as of the date on which .otice of this action on the Part of the federal Reserve Board is received by said bank. Draft of letter dated October 20th, piepa.red for the signature of 11°r Harding, and addressed to till.; Federal Reserve Agent at San Francisco, IMP; that he change his practice with reference to the custody of e°11a t era ' pledged to secure Federal Reserve notes, and directin that he 4 4111'1C.0 to retain the custody of such paper. either personally or through 4 reDr eseritive, until such time as it shall be reasonably necessary to Cleit r it to the Federal Reserve Bank for collection. Approved. '70r4 -3- IIIi1PORTS OF COMMITTEE NO. 1: Dated October 20th, Recommending changes in stock at Federal :Reserve Banks, as set forth in the auxiliary minute book as of this date. Appro ved. Dated October 20th, 'Reconztending refusal of the application of Mr. Roland R. Marchant to serve at the same time as director of the rational Bank of Baltimore, and as director of the Baltimore Commeial Bank, both of Baltimore, Md. Approved. At tvelve o'clock noon the meeting adjourned. Secretary.
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