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1998 11 A meeting of the Executive Committee of the Board of Governors of the Federal Reserve System was held in Washington on Tuesday, September 24, 1935, at 2:30 P. m. PRESENT: Mr. Thomas, Vice Chairman Mr. Hamlin Mr. James Mr. Bethea, Assistant Secretary Mr. Carpenter, Assistant Secretary The Committee acted upon the following matters: Letter to Mr. Peyton, Federal Reserve Agent at the Federal Reserve Bank of Minneapolis, reading as follows: "This refers to Mr. Swanson's letter of September 18, 1935, and its inclosures, relating to the application of Minnesota National Corporation for a voting permit entitling it to vote stock of The Minnesota National Bank of Duluth, Duluth, Minnesota "Since it appears that Minnesota National Corporation has been dissolved and that the stock which it formerly owned of he Minnesota National Bank of Duluth has been distributed to its Class B stockholders, the Board will, of course, give no further consideration to the application for a voting permit." T Approved unanimously. Letter to Mr. Austin, Federal Reserve Agent at the Federal Reserve Bank of Philadelphia, reading as follows: "Reference is made to the application of Mr. Charles G. Berwind, Philadelphia, Pennsylvania, dated July 3, 1935, for permission under the provisions of the Clayton Act to serve at the same time as director of The Pennsylvania Company for Insurances on Lives and Granting Annuities, Philadelphia, Pennsylvania, Windber Trust Company, Windber, Pennsylvania, and LcDowell County National Bank in Welch, Welch, West Virginia. "Since the banks involved in Mr. Berwind's application !krs located several hundred miles apart, Mr. Berwind's services to such banks come within the exception in Section 8 of the Clayton Act, as amended by Section 329 of the Banking Act of 1935, relating to banks not located in the same city, town, or village, and therefore are not prohibited by the Clayton 1999 9/24/35 -2- "Act. Please advise Mr. Berwind accordingly. "Copies of this letter are being forwarded to the Federal Reserve Agent at the Federal Reserve Bank of Richmond and the Acting Federal Reserve Agent at the Federal Reserve Bank of Cleveland for their information and records." Approved unanimously. Letter to Mr. Stevens, Federal Reserve Agent at the Federal Reserve Bank of Chicago, reading as follows: "Reference is made to Assistant Federal Reserve Agent Young's letter of August 2, 1935, transmitting the application of Mr. Calvin P. Bentley, Owosso, Michigan, for permission under the provisions of the Clayton Act to serve at the same time as director of The Miami Beach First National Bank, Miami Beach, Florida, as director and officer of Owosso Sav3ngs Bank, Owosso, Michigan, and as director of Citizens Savings Bank, also of Owosso, Michigan. "Since the national bank is located approximately fifteen hundred miles from the Owosso, Michigan, banks, both of which are nonmember institution s, Kr. Bentley's services to such banks come within the exception in Section 8 of the Clayton Act, as amended by Section 329 of the Banking Act of 1935, relating to banks not located in the same city, town or village as that in which such member bank is located and therefore are not prohibited by the Clayton Act. Please advise Mr. Bentley accordingly. "A copy of this letter is being forwarded to Assistant Federal Reserve Agent Clark at the Federal Reserve Bank of Atlanta for his information and records." Approved unanimously. Letter to Mr. Walsh, Federal Reserve Agent at the Federal Reserve Bank of Dallas, reading as follows: "The information submitted in connection with the Clayton Act application of Mr. F. F. Florence for a permit to serve as director ana officer of Republic National Bank and Trust Company of Dallas, as director of Liberty State Bank, both of Texas, and as director of The First National Bank of Waco, Waco, Texas, indicates that the relationships involved ,n:ay be excepted from the prohibitions of section 8 of the k.,layton Act as amended by section 329 of the Banking Act of 9/24/35 -o-- "1935, since it appears that the Waco bank is located 100 miles from Dallas and is therefore not located in a city, town, or Village Icontigous or adjacent thereto' within the meaning of Paragraph (5) of section 82 and since it appears that more than 50 per cent of the stock of the Liberty State Bank 'is owned * * indirectly by persons who own * * * the common stock of' the Republic National Bank and Trust Company of Dallas. "If you find that Mr. Florence's relationships are not prohibited by the Clayton Act, it is suggested that you advise him accordingly. If you are unable, with the assistance of your counsel, to determine whether or not his relationships are prohibited, the Board will be glad to consider the queslon upon receipt of full information, together with an opinion of your counsel." Approved unanimously. Thereupon the meetirg adjourned. Assistant Secretary. Approved : Vice Chairman.
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