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t, 10152 At a special meetinc of the Federal Reserve Board held in the office of the 3oard at 10:30 A. I. on Friday, October 13, 1916, PRUSI;T: Governor Harding, presiding, Mr. Hamlin, Tarburg, Ur. 11111cr, :.%*. Delano, !Ir. Willis, Secretary. Ur. J. L. Van,111en'appeated in the behalf of 71r. H. A. Forman, a director in the I.:urine rational Bank and the Citizens Commercial Trust Company, both of Buffalo. Mr. Van Allen sketched the condition of the two institutions holding that there was no substantial competition between them. At the conclusion of his testimony 1-r. T. A. :',oree, a director in the 7ational Metropolitan sank and the Security Savings & Commercial Bank of '4Ei.shincton, D. C., was heard in behalf of himself. Upon the withdrawal of McKee, executive business was resumed and on motion it was voted to grant Mr. McEee's application, Mr. Hamlin not voting. On motion it was voted to decline the application of Mr. Van Allen on behalf of Yr. H. A. ?orman. A telegram fro'n ;:r. J. S. Rippel, Yawark, Mow Jorsey, with reference to his status under the Clayton .Act el Was read but no action taken. A letter from Governor Aiken of Boston, urging prompt action on the New England cases under the Clayton Act was read and it was agreed that the results of the Board's action be telegraphed at once to all persons who had not yet been notified. The status of the Merchants Loan and Trust Company ' of Chicago under the Clayton Act was given consideration, but no action taken.. The Secretary of the Board read the minutes of meetings as follows:Executive Committee, October 6th. Board Meetings, October 6th, morning and afternoon. Tlearings before Board, October 3, 4 and 5. On motion the minutes were approved as read. A letter from Mr. J. R. Fodder and memorandum of Counsel thereon having been read was on motion tabled until the next Board meeting. Counsel of the Board reported his opinion with reference to the case of Mr. B. A. Eckart in which a trust company is owned by the stockholders of a National bank and on motion it was voted to suspend action on the position of Yr. Eckart, permitting him to continue in the present -105 1 position for one week and to submit the case meanwhile to Consulting counsel for an opinion. A letter from the 7holesa1e Grocers' Association of new Orleans, with reference to the clearing situation in that city, was presented and referred to the Committee on Clearint;. In the case of Mr. Paul Brown and iTr. J. P. Streett, directors of the Mechanics-American National Bank and the Mercantile Trust company, of St. Louis, the decision of the Board was reaffirmed. In answer to a letter from the Barnett national Bar:K, of Jacksonville, relative to the limit of real estate loans, the Secretary was directed to transmit opinions of counsel bearing thereon. The Federal Reserve Bank of 7ow York having transmitted notice of action whereby Governor Strong's compensation should be paid in full to Vovember 1st and thereafter he should be placed on half pay during his absence on leave, the action of the Board of Directors was on motion approved. The report of 1:r. J. A. Broderick, with reference to the conditions at the Federal Eeserve Bank of Atlanta was on motion referred to the u=mittee on Operation of Federal serve Banks. The report relative to the recent audit of the uold Settlement Fund was on motion referred to the Committee on sold Settlement Fund. Applications for stock in Federal Reserve bunks, duly recommended by the committee on Yember and State Banks, wore on motion approved as follows:DISTRICT NO. 2. First National rank, Shtxes. Farmingdale, r. J. 8 DISTRICT NO. 7. Orange city National Bank, Orange City, Iowa, DISTRICT NO. 9. first National Bank, 7endell, TUnn. Farmers National Bank, T'ortland, N. D. 18 17 Dr"TRICT NO. 10. American rational Bank, Augusta, Kansas. 17 The following application for surrender of stock in the iederal Reserve Bank of Atlanta, duly recommended by the Committee on I:ember and State Banks, approved:- Was on motion Shares. Citizens rational Bank, Chattanooga, Tenn. 285 The Secretary of the Board having read the minutes Of a meeting of the Board's Committee on tho Clayton Act, held on the afternoon of October 12th, the same were approved and the action therein takon duly ratified. On motion at 1:10 P. M. the Board adjourned to meet on Tuesday, October 17,,1916.
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