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A meeting of the Executive Committee of the Federal Reserve Board was held in the office of the Governor at 11:45 a. m., on Thursday, August PRESENT: Er. Hamlin, presiding Er. Warburg Er. Harding Er. Allen, Secretary. Mr. Warburg reported the result of a conference with Representative Limn as to amendments to the Federal Reserve Act. On motion of Er. Harding it was voted that the Board send out from Washington, under the frank, a copy of the "par list" to each national bank, State bank and trust cmpaay in the United States. In this connec- tion the Secretary was authorized to contract for outside assistance in addressing the envelopes, and to wire each Federal reserve, bank of the action taken. On motion of Er. Warburg it was vet- 818 -ell that the members of the Board present in Washington on August 8, 1916, should be constituted a committee to hold a hearing on the petition of the Wisconsin and Michigan banks which desire to be transferred from District No. 9 to District No. 7. It was agreed that the record of the hearing should be transmitted to Ir. Delano and lir. Warburg, and that no action should be taken thereon until they should be heard from. The Secretary was authorized to pur1 chase a Rand. & McNally's Bankers' Directory for the use of the Committee on Clearings. A letter replying to a question as to the Clayton Act, sent to the Deputy Federal Reserve 24;e/it at New York, was authorized to be sent to the eleven other Agents. The Board approved a letter drawn by Dulany to the Federal Reserve Agent at Richmond, ruling that a Class "A" director in rt) (.1 a Federal Reserve Bank may, under the Clayton Act as amended, be a director, officer or employee of a member bank and not more than two other banks which are not in substantial competition, provided the consent of the Federal Reserve Board is first obtained. On the recommendation of Mr. Harding, as chairman of the Committee on Member and State Banks, the following applications for stock in Federal reserve banks were approved: DISTRICT No. 6. City National Bank Shares. Sylacauga, Ala. 30 Junction, Texas Hansford, Texas 18 18 DISTRICT No. 11. First National Bank First National Bank On the recommendation of lar. Harding, as Chairman of the Committee on Member and State Banks, the following applications for the surrender of stock in Federal reserve banks were approved& -DISTRICT No. 1. Shares. Wakefield National Bank Wakefield, Lass.120 DISTRICT No. 8. First National Bank Canton, Missouri 18 The adjournment was at 12:00 noon. APPRCATM: Chairman.
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