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November 21, 1934. Dear S i r : There I s i n c l o s e d f o r your i n f o r m a t i o n and guidance a copy of t h e t e l e g r a m d a t e d November 15, 1954, from t h e F e d e r a l Reserve Board t o Mr. S a r g e n t A s s i s t a n t F e d e r a l Reserve Agent a t San F r a n c i s c o , r e g a r d i n g t h e i n t e r p r e t a t i o n of t h e term " c a p i t a l s t o c k " a s used i n s t a n d a r d c o n d i t i o n of membership numbered 10 i n connection w i t h s u r p l u s r e q u i r e m e n t s Very t r u l y y o u r s , Chester M o r r i l l , Secretary. Inclosure. TO ALL F . R. AGENTS. 355 COPY X-9026-a TELEGRAM FEDERAL RESERVE BOARD WASHINGTON November I E , 1954. SARGENT - San F r a n c i s c o Your t e l e g r a m November 8 r e Bank , Washington. S e c t i o n 9 of t h e F e d e r a l Reserve Act a s amended p r o v i d e s t h a t f o r t h e purposes of membership t h e terra " c a p i t a l s t o c k " s h a l l i n c l u d e t h e amount of o u t s t a n d i n g c a p i t a l n o t e s and d e b e n t u r e s l e g a l l y i s s u e d by t h e bank and purchased by t h e R e c o n s t r u c t i o n Finance C o r p o r a t i o n . Accordingly t h e Board c o n s i d e r s t h a t t h e term " c a p i t a l s t o c k " a s used i n standard c o n d i t i o n of members h i p numbered 10 r e g a r d i n g s u r p l u s i n c l u d e s c a p i t a l n o t e s and d e b e n t u r e s a s d e s c r i b e d above a s w e l l a s c a p i t a l stock of a l l classes. MORRILL
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