Full text of Mimeograph Letters and Statements of the Board : Copy of Telegram From Secretary Morrill re Deposits in Special Trust Account Are Subject to Reserve Requirements, Number X-7386, Volume 38, Page 101

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X-7S86

TELEGRAM

FEDERAL OBSERVE BOARD
14.SHIHGT01T
March 12, 1933

Bailey

- Minneapolis.
Your wire March 9 t h .

Deposits r e c e i v e d "by member

banks i n s p e c i a l t r u s t accounts under a u t h o r i t y of Regulation
JTo. 7 of the Secretary of the Treasury i s s u e d March 6, 1933,
pursuant t o the P r e s i d e n t ' s Proclamation of that d a t e , are
subject to the reserve requirements prescribed by S e c t i o n 19
of the Federal Reserve A c t .




Morrill.