Full text of Mimeograph Letters and Statements of the Board : Interpretation of Law or Regulation: Securities and Short Sales Need Not Be Denied Loan Value or Excluded From Account as Those of a "Partner" When Customer Is Incorporated Securities Firm, Number S-57, Volume 47, Page 509

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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