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355 S-·9 Reg. Q-31 INTERPlt;ETATION OF LAW OR. F.EGULATION (Copies to be sent to all Federal reserve banks) TELEGRAM June 25, 1937. SCHALLER - CHICAGO MARTIN - ST. LOUIS PEYTON - MINlrEAPOLIS HAMILTON - KANSAS CITY McKillN1Y - DALLAS DAY - SAN FRANCISCO YOUNG - BOSTON lli\RRISON - NEW YORK SINCLAIR - PHILADELPHIA FLEMING - CU.'VELAJ:lD L}~\CH - RICHMOND Nl!!VvTON - ATLANTA ... In response to an inquir,y from a Federal Reserve bank re interpretation of section 3(d) of Regulation Q, Board has reached conclusion that where fifth day of ariy calendar month is Sunday or full holidey, a member ba.nlc may pay in'terest calculated from the first day of month on a savings deposit received on next business day a~ter such fifth day of month. (Signed) Chester Morrill MORRILL > ••~
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