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309 S-223 Reg. L-14INTERPRETATION OF .LAW OR REGULATION (Copies to be sent to all Federal Reserve Banks) August 12, 194-0 Mr. , President, Federal Reserve Bank of , Dear Mr. In your letter ox July 17, 194-0 you presented the question whether Mr. , Mr. , and Mr. , may continue to serve both The National Bank of and The Trust Company of , in view of the provisions of the Clayton Act. The information which has been submitted to the Board ia to the effect that the trust company does not receive deposits within the meaning of section 3(c) of Regulation L, and that the national bank is not exercising trust powers except that it is trustee under one indenture securing certain debentures all of which are held by the Public Works Administration. In the circumstances, the Board has decided that the relationships described in the first paragraph of this letter are not prohibited by section S of the Clayton Act. Very truly yours, (Signed) Chester Morrill Chester Morrill, Secretary.
@FedFRASER