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a meeting of the Federal Reserve 3oLrd
held in the office of the 3oard at 12 noon, on
2riday, October 6, 1916,

Governor Harding, presiding, :Jr. Miller,
iVarburg,
Er. Delano,

Hamlin,
Mr. 1illis, Secretary.

1:r. Elliott, Counsel.
On motion the reading of the minutes was
dispensed with.
A request from Hr. S. H. Ward, Vice President
of the I4.itioLal 3ank of Commerce of New York, for a
hearing with respect to his status under the Clayton
Act, having been presented, it was agreed that the date
be set for 10:00 A. IL. on Thursday, October 12th, and
:Jard notified accordingly by Counsel.
A draft of a definition of the term "private
banker" having been presented to the Board, it was, on
motion approved, and the Executive Committee was authorized
to distribute it to newspapers for use on the morning of
Saturday, Octaer 7th.
The question of publishing the decisions arrived
at with respect to the enforcement of the Clayton Act,




032




was referred to the Executive Comnittee with power
to act.
The question of preferential voting for
directors of Federal Reserve banks was presented to
the Board and an opinion of Counsel read.

After dis-

cussion the matter was laid on the table for the present.
A report of the Committee on Ilember and State
Banks, authorizing the granting of fiduciary powers to
the First National Bank of Gardner, Massachusetts,
having been presented, the same was, on motion, approved.
A report of the Committee on Member and State
Banks, authorizing the issue of eight shares of stock in
the Federal Reserve Bank of San Francisco to the J2'irst
national Dank of Lemanda Park, California, having been
presented, was, on motion, approved.
Mr. Hamlin submitted to the Board a report on
behalf of the committee in charge of the appeal of certain
banks for transfer to the Chicago District, recommending
that the appeal be granted in so far as relates to the
banks located in Wisconsin, but denied as to banks located
in Michigan.

After discussion the report of the Committee
was made the regular order of business for Thursday,
October 12th, and was ordered distributed to members
of the Board.
The Committee on the enforcement of the Clayton
Act reported in accordance with previous request of the
Board all those of its finds in which it was felt that
clear cases had been made, and the Board proceeded to
the consideration of the same.
On motion it was voted that the application of
all directors in Albany, New York, covered in the report
of the Committee, be denied.

Mr. Hamlin was recorded as

not voting.
On motion it was voted that all applications of
directors in Los Angeles, Burbank and Pasadena, California,
be granted on condition that a general cautionary letter
be written to Federal Reserve Agent Perrin informing him
that the Board regards most of these cases as on the border
line of doubt.
On motion the remainder of the report of the Committee was then adopted.

Mr. Miller was recorded as ap-

proving the action but as expressing doubt with reference
to the de3ision in the case of Mr. J. J. Mitchell of Chicago,




1034




and hence as not voting on his case.
The Board then proceuded to the discussion
,
of the applications of directors in . ;ashington, D.
which were still pending, with the following result.
On motion it was voted that the application of
Mr. drank B. Noyes with respect to the 2ederal rational
Bank and the American Security & Trust Company be denied.
On motion it was voted that the application of
B. Gourley, of Paterson, New Jersey, as to the
2irst Yational Bank and the Hamilton Trust Company,'cc
granted.
It was announced that Mr. '7. J. Flather had 7:it'lldrawn his application as to the Eiggs rational Bank and
the limerican Security & Trust Company, it being his intention to resign from the directorate of the latter institution.
Counsel of the Board presented a sul.:plementary
report favoring the granting of certain additional a:Tlicb.
tions in ':;ashington, and on motion, this report and the
applications to which it related, were accordingly approved
as follows:R.

Dora as to tne Lincoln National Bank, the

Union Savings Bank and the rorth Capital Savings Bank.
Floyd E. Davis as to the Lincoln National
Bank, the Washington Loan & Trust Company and the Bank
of Commerce & Savings.
Albert Carry as to the National Capital Bank,
the East Washington savings Bank and the American savings
and Trust Company.
Thomas 7. Smith as to the National Capital Bank,
the it:ast Washington Savings Bank and the Washington Loan
and Trust Company.
The Committee on Staff having reported in favor
of the transfer of Mr. A. S. Fowler to the Filing Division of the Secretary's office, the report was, on motion,
approved.
The Committee on Audit & Examination having reported in favor of certain increases in the salaries of
National bank examiners, the report was on motion, approved.
Mr. Hamlin was on motion authorized to address the
Massachusetts State Board of Trade on matters relating to
banking.
On motion at 1:30 P. M. the Board adjourned.

A7:?2OVED:




Secretar-.


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102