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X-7475 COPY, CURTISS CASE AUSTIN WILLIAMS HOXTOH NEWTON June 22, 1933. BOSTON NEW YOKE PHILADELPHIA CLEVELAND RICHMOND ATLANTA Trans. . STEVENS WOOD PEYTON McCLURE WALSH NEWTON CHICAGO ST. LOUIS MINNEAPOLIS KANSAS CITY DALLAS SAM FRANCISCO Section 19 of Federal Reserve Act, as amended "by Section 11(b) of Banking Act 1933, which a u t h o r i z e s the Board QUOTE to l i m i t "by r e g u l a t i o n the r a t e of i n t e r e s t which may "be p a i d by member "banks on time d e p o s i t s UNQUOTE a u t h o r i z e s Board to f i x maximum r a t e which may not "be exceeded by member banks but does not contemplate t h a t member banks w i l l be r e q u i r e d to pay such maximum r a t e and they could pay lower r a t e s at t h e i r option. Morrill
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