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1016 , At a special meeting of the Federal Reserve Board held in the office of the Board at 2:10 P. M. on Tuesday, October 3, 1916, PRESENT: Governor Harding, presiding, tr. Warburg, Mr. Delano, Mr. Hamlin, Mr. Miller, Yr. Williams, Mr. Willis, Secretary, and Et. Dulany, Assistant Counsel. The session was devoted to hearing directors of banks who desired to present arguments to show why they should not be compelled to vacate directorships now held by them in order to comply with the Board's action designed to carry out the terms of the so-called Clayton Act. Mr. W. J. Flathor, director in the Riggs National Bank and the American Security and Trust Company, both of Washington, D. C., was first heard. Mr. Alexander Wolfe, director in the Second National Bunk and the Bank of Commerce & Savings, both of Washington, D. C., next presented argument. Mr. John Poole was next heard on behalf of Mr. Frank B. Noyes, a director of the American Security and Trust Company and the Federal National Bank. Mr. H. S. Gatley and nr. LI. B. Rosenberi; were heard on behalf of nr. Gatley, he being the Cashier of the Lincoln National Bank, and a member of its Board of Directors, while at the same time serving as a director in the Bank of Commerce and Savings, of which Mr. Rosenberg is President. On motion at 4:30 P. LI. the Board adjourned. Secretary.