The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
·'.-1..- FEDERAL RESERVE BOARD WASHINGTON I.!erch 22, 1922. ,, Purchase and Scle of Gove~ent Securities by Federal .Reserve Banks Cutsi:le of their own Districts. EUBJECT: r.:;,.:: ..... -~· .. Paragraph (b) of Section 14 of the Federal Reserve Act, which authoriz as Federal Reserve Bar.k;:; to buy and sell bonds and notes of the Un::.ted Stetes, etc. 1 provi:les thrct such purchases c.nd s2les are "to be ma:le in accordance with ruJ.es and regulations prescribed by the. Federal Reserve Board". By virtue of the authority vested in it and in accordance ;d th a requ3St received from the Trea..::.UlJ Department, vihich is dEJsi.rous that all t1·ansactions in Goverr.illlent securities be made thro,)gh the Federal Reserve B::nk.:.o 1 the Board has n;led ·that \ivhemever any Federal Reserve Bank desires to buy or sell bends, notes 1 or certificates of the United States) or c:ny other GoverrJl'Ilent securities 1 o,;.ts:ldo of its own district} it shall transmit i tG orcter for the purchase or .,de of such securities to the Federal Reberve Bsnk of the di~trict in -;;hich such purchase or sale is to be effected. Very truly yours, G o v e r n o r. GOVERNOH:::' AND .AGENT;:. PLL F. n. BPNKS
@FedFRASER