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t 761 FEDERAL RESERVE BOARD WASHINGTON X-3S55 Octobe~ SUBJECT: 11, 192}· Re-put"cha.se by Federal Res~rve l3anks of Secul'ities and Bar>.ke:rs' Acceptances und e~ so-called ~e-pu:rchase a.g~eemen t ., Dea.~ Si~: Ce~ta.in questions h~,ve a.l"isen a.s to the p~opl'iety and legality of "';he p~a.ctice enga.ged in by the Fede:ral Re- se:rve Banks in pu~0:1asing Gove~nme~t secul'i ties and a.cceptances f~om membe~ and nonmembe~ banks, and stock, bond and a.cceptance broke~s, unde~ a.g~eements p~oviding tha.t the selle~s of J:bese secu.Tities OX" a.cceptances will :t'.'e-purcha.se the same f~om the FedeJOal Resel've Banks within a. specified ;pe:riod of timeIn conside~ing these questions it is veX";y desi~able tha.t the Bo9.rd have. before it copies of the a.g.reem:mts used by the Federal Resene Eanks in o:t'.'de~ tha.t it ma.y be p~ope~ly informed a.s to the details of the transa.ctions. You a.~e ~equested, therefo~e, to fu"t"ni~h the Boa-X"d with a. fom of any such repuTcha.se a.g:reeme:1t which your bank is now using or which it may ha:ve used he:•·etofo:.-e .. Very truly youl' s, Wa.l tel' L. Eddy, Secretary# TO GOVERNORS OF F .R. BANKS
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