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Ge A meeting of the Board of Governors of the Federal Reserve System was held in Washington on 1Nednesday, January 18, 1939, at 10:30 a. m. PRESENT: Mr. Ransom, Vice Chairman Mr. McKee Mr. Draper Mr. Morrill, Secretary Mr. Bethea, Assistant Secretary Mr. Carpenter, Assistant Secretary Mr. Clayton, Assistant to the Chairman Mr. Wyatt, General Counsel MT. Paulger, Chief of the Division of Examinations Mr. Dreibelbis, Assistant General Counsel Mr. Chase, Assistant Counsel ALSO PRi!]SENT: Mr. Theodore 16rancis Green, Chairman of the board of directors of the Morris Plan Company of Rhode Island Mr. Howard E. Gladding, Secretary and General Manee;er of the Morris Plan Company of Rhode island Mr. Henry C. Hart, of Counsel for the Morris Plan Company of Rhode Island In accordance with the action taken at the meeting of the Board On becenber 21, 1938, arrangements had been made with Mr. Theodore Inelra • s Green, Cnairman of the board of the Morris Plan Company of hod, T ' - 8-Land, to discuss with the Board the nosition taken in his letter of INovember 23, 1938, with respect to the application of the nroVtain -`'n2 of the Clayton Act to his company. tinder date of January 12, 19391 ldr. Chase had prepared e memorandum relatinri, to this matter, e°Pies of which had been furnished to the members of the Board. Mr. Green stated that he and the other representatives of the Morri,4 -'1.an Company of Rhode island who were present were of the opinion .67 1/18/39 -2- that the Board should rule that the company was not a bank within the meaning of the Clayton Act. Amemorandum of the points raised during the ensuing discussion of this question has been placed in the Board's At the conclusion of the discussion, upon inquiry, Mr. Green stated that all of the directors of the Morris Plan Company of Rhode Island who would be affected by the Boara's decision in this matter (with the exception of one who was not able to continue because he was aerlring on the boards of two commercial banks) had evidenced a willingness to continue to serve and that they would be reelected at the annual stockholders meeting which 20, 1939, uld be held on Friday, January and that they would not resign until such action become necessary to comply with the law and the provisions of the Board's regulations. Mr. Green was advised that the matter would be given further consideration by the Board. Thereupon the meeting adjourned. Apr) ved: Vice Chairman.
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