Full text of Minutes of the Board of Governors of the Federal Reserve System : Meeting Minutes, October 3, 1916, 2:10 PM, Volume 3, Part 2

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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.