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At a meetirE of the Federal 24eserve
Board,.11014- 111 the office of the Governor at
11100 A. M. Thursday, September 14, 1916,

arbur,

Govec:i: Fording, presidi
1..1r. Miller,

Mr.

Mr. Allen, becretar
.;arburg. stated tit hr. Joy had
.

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requested that the data aud notations presented
by nim in ccmTiection with Clayton .Act applications be recorded as confidential. .
Mr. hiller for the Committee en staff,
reported that an 'extra steuorz=2Ther had been
assigned by the PecreUrul s office to Counsel's
office

and recommended that the request for

an adJitional 7.vermanent anointment await the
retnrn of :11-. Lolaro, illairman of the Comnittee.
lettr froll the Fed:3ral Reserve Agent
at ainneapolis recLuosting a(:Troval Of a rate of
4:) on fifteen cl.P.,y raper was preseted and the
oroved by. tiAe Board.
rate was a -




966




Consideration was given to a proposed
statement for the press in connection with the
?( work on the Clayton Act applications, during the
discussion of which Mr. .illiams asked to have
it recorded that his understanding o.k* t_

.ords

"standard collateral" (contained in the resolution adopted by the Board setting forth the
principles to be followed in acting upon applicaticns) would be construed to mean bonds, stocks,
and such securities, and that he would not have
voted for the resolution had he understood any
other construction would be placed upon these
words.

Mr. Miller stated that he agreed with

this construction.
Applications under the Kern amendment
to the Clayton Act, which were approved at the
last meetinc subject to re-opening for discussion
by any member voting in the affirmative, were
taken up for discussion.
Mr. Miller made a motion that the

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X,

4NC,A
: ‘)
)
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following aprlications be reconsidered by the
Board:
J. Chapman,

Baltimore,

National 73ank of Commerce,
Continental Trust Company,
Park Bank,

Baltimore,
Baltimore,
Baltimore,

C• Alcmicion,
Baltimore,
Thor
ntonRollins, Baltimore,

National Bank of Commorce,
Continental Trust Company,

Baltimore,
Baltimore.

taWrason

?it

Baltimor,

liams B. Hurst,Baltimore,

Merchants-Mechanics Nat. Bk., Baltimore,
Mercantile Trust and DeBaltimore,
posit Company,

°rCe Cater,

Baltimore,

Baltimore,

National xchange Bank,
Continental Trust Company,

Baltimore,
Baltimor2,

Baltimore,

b Epstein,

Citizens' National Bank,
Mercantile Trust and Deposit Company,

National Lmchange Bank,
Continental Trust Company,

Baitimore,
Bait imoro,

Baltimore,

This motion was unanimously carried.
Mr. Miller made a motion that the applications listed next above be refused.

This

motion vas unanimously carried.
Mr. Miller made a motion thlt the applications from San Francisco and California
wnich were approved in yesterday's meeting sub'
ject to re-oreni2 , be reconsidered.




This motion
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was lost, M. Williams and Mr. Miller voting
"Yes" and. Mr. -Warburg and Governor Harding
voting "No"

Secretary.

JLPPROVED
:

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