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509 S-57 Reg. T-64 INTERPllliTATION OF LAW OR. REGULATION (Copies to be sent to all Federal Reserve banks) TELEGRAM December 28, 1937. (Addressed to a Federal Reserve bank) Retel Docember 23 If customer having special omnibus account under section 4(b) of revised Regulation T is incorporated securities firm, securities and short sales of officers, directors or stockholders thereof need not be denied loan value or oxclucled from the account as thoso of a "partner". (Signed) S. R. Carpenter CARPENTER