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3 9 5 X-7894 C O P Y May 14, 1934 CURTISS BOSTON WILLIAMS CLEVELAND STEVENS CHICAGO McCLURE KANSAS CITY CASE NEW" YORK HOXTON RICHMOND WOOD ST. LOUIS WALSH DALLAS AUSTIN PHILADELPHIA NEWTON ATLANTA PEYTON MINNEAPOLIS NEWTON SAN FRANCISCO Trans No. 1996 Referring Board's telegram April 28, 1934, to Newton, San Francisco, (X-7885) re authority of member banks to purchase corporate stocks solely upon order and for account of customers, Federal Reserve Board has reconsidered question and is of opinion that there is no prohibition in the Federal statutes against banks buying or selling corporate stocks solely upon order and for account of customers. You will understand that Board's ruling is applicable to State member banks only and you are authorized to advise them accordingly. (Signed) Chester Morrill MORRILL
@FedFRASER