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-ILL W. P. g . HARDING, g o v e r n o r ALBERT STRAUSS. v i c e g o v e r n o r ex-Officio m e m b e r s A D O L P H C. M I L L E R C H A R L E S S. H A M L I N CARTER GLASS SECRETARY OF THE TREASURY CHAIRMAN JOHN SKELTON WILLIAMS COMPTROLLER OF THE CURRENCY F E D E R A L R E S E R V E B O A R J . A . B R O D E R I C K , SECRETARY W . T . C H A P M A N . ASSISTANT SECRETARY w . M. I M L A Y . FISCAL AGENT D a d d r e s s WASHINGTON April 7, 1919. X-1U6U Subjects S e c u r i t y covering Acceptances i n E±cess of 10$ L i m i t a t i o n of Section 13; Section l l ( k ) of the Federal Reserve Act. Dear Sir: I am forwarding herewith for your information copies of two memoranda prepared by counsel, X-l46l (Security covering acceptances in excess of 10 per cent l i m i t a t i o n of Section 13), and X*»l432 r e l a t i n g to the construction of Section l l ( k ) of the Federal Reserve Act and to the release of security against acceptances aggregating ten per cent of the capital and surplus of the accepting bank. These memoranda have been approved by the Federal Reserve Board f o r publication in the April B u l l e t i n . Very t r u l y yours, Governor. (Mimeograph prepared f o r purposes of Record; Typewritten l e t t e r sent to a l l Federal Reserve Agents.) r e p l y FEDERAL t o RESERVE BOARD
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