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1%, 1 X-8094 FEDERAL U S E E V E BOARD STATEMENT FOR THE PRESS For immediate r e l e a s e • October 23, 1934* DEimiD FOR DMRGIN INCLUDED IN CONFIRMATION OF TRANSACTION. Ruling No. 32 i n t e r p r e t i n g Regulation T. The F e d e r a l Reserve Board has been asked whether, i f a c o n f i r m a t i o n of a t r a n s a c t i o n has been s e n t by mail t o a customer a t h i s l a s t known address, a demand f o r margin which appeared not on a s e p a r a t e piece of paper b u t on t h e c o n f i r m a t i o n i t s e l f may be considered as having been made i n t h e manner s p e c i f i e d i n c l a u s e 8 of s e c t i o n 3 ( f ) of R e g u l a t i o n T so t h a t t h e amount of margin demanded may be deducted i n computing t h e a d j u s t e d d e b i t balance of t h e customer 1 s a c c o u n t . In reply the Board a d v i s e s t h a t such a demand may be considered as a demand made i n a " l e t t e r " w i t h i n t h e meaning of clause 8 and t h a t a c c o r d i n g l y the q u e s t i o n should be answered i n the a f f i r m a t i v e •
@FedFRASER