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FEDERAL RESERVE BOARD WASHINGTON X—7731 ADDRESS OFFICIAL C O R R E S P O N D E N C E T O T H E FEDERAL RESERVE BOARD December 21, 1933. SUBJECT: Annual Review of Outstanding Clayton Act Permits. Dear Sir: The l a s t paragraph of the Board's l e t t e r of May 1, 1933, X-7426, on the subject of procedure with regard to v i o l a t i o n s of the Clayton Act, reads as follows: "The Board suggests 'diet each Federal Reserve Agent adopt the practice of making a review during the course of each year of the outstanding Clayton Act permits issued to applicants in his d i s t r i c t ; and of submitting to the Board his recommendation i n each case in which in h i s opinion the public interest requires the revocation of a permit e f f e c t i v e either immediately or at the time of the next annual e l e c t i o n of directors, together with h i s recommendation in each case in which he f e e l s that there i s ground for doubt under the Board's instructions as t o the action which should be taken. n I t w i l l be appreciated i f you w i l l advise what procedure you have adopted and rrhat progress you Lave made i n carrying out the Board's suggestion. Very truly yours, % xMLlte-V Z D Chester Morrill, Secretary. TO ALL P. R. AG-ESJTS.
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