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F E D E R A L R E S E R V E B O A R D ou WASHINGTON X-7901 address official correspondence t o the federal reserve board May 25, 1934 Dear Sir: The Board recently considered applications of a member bank under section 32 of the Banking Act of 1933 for permission to act as corresponded bank for certain dealers in securities, in order that the member bank might participate in a syndicate which was being formed to bid for an issue of bonds of a State. After full consideration of the questions of policy involved, the Board decided to issue permits authorizing the member bank to act as correspondent bank for the dealers in question, in connection with dealing in and/or underwriting the following types of securities: obligations of the United States, general obligations of any State or of any political subdivision thereof, obligations issued under the authority of the Federal Farm Loan Act, obligations issued by the Federal Home Loan Banks, and/or obligations issued by the Home Owners Loan Corporation. These are the , securities specifically excepted in section 5136 of the Revised Statutes from the restrictions upon dealing in or underwriting securities, Very truly yours, }Y)(rvujt^ Chester Morrill, Secretary. TO ALL FEDERAL RESERVE AGENTS.
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