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Meeting Minutes, September 12, 1916, 2:30 PM, Volume 3, Part 2

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Meeting Minutes, September 12, 1916, 2:30 PM, Volume 3, Part 2 99'&) At an adjourned meeting of the Federal Reserve Board held in the office of the Board at 2:30 p. on Tuesdv, Septamber 12, 1916, PH3SENT: Governor Harding (presiding) Er. Warburg Yr. Hamlin Ur. Laller Lir. Williams rr. idlen, Secretary. There were also present by invitation Er. Jay Er. Broderick Lr. Dulany Lr. Jacobson On motion of Lr. Hamlin, duly seconded by 2:r. Harding, the applications contained in the tao re- ports of the Committee on the Clayton Act, dated Sept. 7 and Sept. 11, respectively, (see report incorporated in minutes of this morning's meeting) and questioned by Ix. 'Mims were approved with the exception of the applications from Baltimore, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Md., and Cleveland, Ohio, which were referred to Mr. Broderick and Er. Dulany for a report. Mr. Williams did not vote on the following ' applications because he had not sufficient knoaledge of the facts in each case to justify an affirmitive vote:- DISTRICT NO. 3. APPROVAL. S.S.Darmon Phila.,Pa. Southwark Nat.Bk. Phila., Pa. Peoples Trust Co. do DISTRICT NO. 12. APPROVAL. J.L.Flood SanFrancisco Wells Fargo Nevada San J.Henry Meyer do Nat. Bank Francisco, Win.?.Herrin do Union Trust Co. Cal. A.H.Payson do do Charles J.Deering do Wells Fargo Nevada Nat. Bank do Union Trust Co. do Columbia Savings & Loan Society do Isaias N.Hellman do Wells Fargo Nevada I. 4. Hellman,Jr. do Nat. Bank do Union Trust Co. do Farmers & Merchants Los Nat. Bank Angeles George A.Pope do Bank of Cal.,N.A. S.Fr'isco. Mission Savings Bk. do Union Trust Co. do Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Mr. Williams voted in the negative on the following applications: John H. Clapp Washington, D.C. Federal. Nat'1.Bank, J. J. Darlington do Washington, D. C. N. H. Shea do Washington Loan & Trust Co., Washing- ton, D. C. D. J. Kaufman, Washington,D.O. Columbia /Tat'1•Barak, Washington, D. C. Union Trust Co., Washington, D. C. Chas. B. Bailey, Washington,D.C. Columbia Nat'1.Bank, Wm. E. Barker Washington, D. C. John Joy Edson Washington Loan & A. F. Fox Trust Co., Washing- 0_Th08. W. Noyes ton, D. C. L. P. Shoemaker George Truesdell Washington,D.C. Nat'l. Metropolitan Bank, ita.shington,D.C. Washington Loan & Trust Co., Washington, D. C. C. F. Nornent Washington,D.C. Natil.Bank of 'Sash- Daniel Fraser do ington, Washington, D. C. American Security & Trust Co.,Washington, D. C. William V. Cox Brightwood,D.G. Second Nat'l. Bank, Walter C. Glephane Chevy Chase,11d. Washington, D. C. Nat'l. Savings & Trust Co.,Washington, D. C. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Samuel H. Walker, Washington, D. C. Nat'l.Capitol Bank, Lewis Flamer do Washington, D. C. W. P. C. Hazen do East Washington George F. Harbin do Savings Bank, John C. Yost do Washington, D. C. Henry H. McKee Washington, D. C. Nat'1.0apitol Bank, Washington, D. C. East Washington Savings Bank, Jashington, D. C. Chas. W. Fairfax Washington, D. C. Second Nat'l.Bank, Somerset R. Waters do Washington, D. C. 7th Street Savings Bank, Washington, D. C. The general situation in New York City and the policy to be followed in considering the applications therefrom were discussed. A motion was made by Mr. Miller and seconded by Mr. Williams that the a,Tlications of eleven directors of the National City Bank to serve at the same time as directors of the Farmers Loan and Trust Company, both of New York, be denied. The motion was lost. A motion was made by Mr. Warburg that the ap- plications of eleven directors of the National City Bank to serve at the same time as directors of the Farmers Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Loan and Trust Company, both of New York, be granted. A motion was made by Mr. Miller and seconded by Er. gillians that the motion of Mr. Warburg be tabled. The motion of Er. Miller was carried, Er. garburg voting in the negative. Er. garburg's motion was tabled. Et. dillians left the Board room at this point. The applications for permission of the Board under the Kern amendment from the New York District, together with the recommendation of Federal Reserve Agent Jay and the Committee on the Clayton Act were considered one at a time. The following resolution, introduced by Li'. darburg, was passed after deliberation:- RESOLVED, That the following applications in the New York District be granted:- DISTRICT NO. 2. APPROVAL. Janes A. Smith Brooklyn American Exchange New York Nat'l. Bank. Pacific Bank do George Legg New York American Exchange do Nat'l. Bank, ' Pacific Bank do John S. Browning do American Exchange do Nat'l. Bank, kacific Bank do Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 934 W. H. Bennett Brooklyn American xchange Nat'l New YO1 Bank, Pacific Bank do John T. Terry New York American Exchange Nat'l. Bank, do Pacific Bank do *Letropolitan Trust Co. do W. P. Dixson New York American Exchange Nat'l. Bank do Lawyers Title & Trust Co. do (Mr. Willians not voting) Lewis L. Clarke New York American Exchange Nat'l. Bank do Pacific Bank do United States Mortgage & Trust Co. do (Nr.Villiams voting "No" as to US. M. & T. Cod E. G. Snow New York American Exchange Nat'l. (See minutes Board Bank do do Sept. 21 as to two U. S. Mortgage & Trust Co. do Trust Companies) *Broadway Trust Company (Mr. Williams voting "No" as to U.S. M. & T. Co.) do Henry C. Swords New York Bank of New York Fulton Trust Company do (Mr. William not voting) do A. A. Raven Brooklyn Bank of New York Farmers Loan E Trust Co. d° *Metropolitan Trust Co. do (Er. Williams voting "No" as to Farmers L. & T. Co.) do Ogden Mills New York Bank of New York do United States Trust Co. do *Metropolitan Trust Co. do Philip T. Dodge New York Bank of New York - Lawyers Title & Trust Co. d° do Wm. A. Nash New York Corn Exchange Bank Title Guarantee & Trust Co a) *Disapproved. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis WW. H. Nichols 'Brooklyn Cora Exchange Bank New York Title Guarantee & Trust Co. do Clarence R. Kelsey E.Orange,N.J. Corn Exchange Bank do Title Guarantee & Trust Co. do . E. Frau New York Corn Exchange Bank do Bankers Trust Co. do (Mr. Alliams and Mr. Miller voting "No.") Chase National Bank do A. B. Hepburn New York Columbia Trust Company do *Bankers Trust Company do 4. K. Twitchell Brooklyn Chemical National Bank do Bankers Trust Company do Astor Trust Company do (Mr. dilliams and Mr. Biller voting "No" as to Bankers Trust Co.) Frederic d. Stevens New York Chemical National Bank do N. Y. Life Insurance & Trust Co. do (Mrs Jhlliazri not voting) 4. E. Roosevelt New York Chemical National Bank do Union Trust Company do *Hanover National Bank do to Union Trust Co.) • (Mr. William not voting as F. M. Bacon, Jr. New York Citizens Central National Bank do Farmers Loan & Trust Company do (Ir. Williams voting "No.") Wm. G. Besler PlaInfield,N.J. Coal & Iron Natl.Bank do Mechanios'Trust Co. Bayonne,N.J. Erskine Hewitt New York Fifth National Bank New York Metropolitan Trust Company do *Lincoln Trust Co. do (Mr. Villltanu not voting as to Metropolitan Trust Co.) *Disapproved. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis •", ' T. A. Vail Lyndonville Vt. Lyndonville Natl.Bank Lynd01/1ill Vt• As Bostont, f National Shaumut Bank New yo,' Astor Trust Company A. C. James . New York First National Bank New Y'(° do United States Trust Co. do *Hanover Nattl.Bank (MT. Williann voting "No" as to U. S. Trust Co.) do William doodward New York Hanover Nat'l. Bank do Union Trust Company do Colonial Bank (Mr. Williams voting "No" as to Union Trust Co., not voting as to Colonial Bank) do Hanover National* Bank d. V. S. Thorne New York do Fidelity Bank to- rar Mbrristown Trust Co. N. .1° New York Hanover National Bank Now 11151 John J. Riker jte First National Bank *Farmers Loan & Trust Company N do Bank E. G. Merrill New York Hanover National do Union Trust Company (Mr. Williams voting "No.") dO , William Halls, Jr. New York Hanover National Bank ,t Summit Trust Company *Irving National Bank New 1°14 New yoric Wth. Barbour Monmouth County, Hanover National Bank Trust N. J. Lawyers Title & do Company do H. P. Carse New - York Hanover Nat'l. Bank do Greenwich Bark do *Equitable Trust Co. (Mr. Williams not voting as to Greenwich Bank) do J. Kruttschnitt New York Harriman Nat'l. Bank U. S. Mortgage & Trust co (Mr. William voting "No.") *Disapproved. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis „ Edward Townsend New York Importers & Traders National Bank New York Bankers Trust Company do (Messrs. Williams and Miller voting "No.") C. F. Bassett Brooklyn Importers & Traders Nati onal Bank New York Franklin Trust Co. Brooklyn (Mr. dilliars not voting). P. M. Burrell Brooklyn Irving National Bank New York Broadway Trust Co. do F. W. doolworth New York do do T. F. Whitmarah do do do J. Cruikshank Brooklyn do do V. C. Breed New York do do M. N. Belding,Jr.
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