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X-8089 FEDERAL KE S E R V E B 0 AR D STATEMENT FOR THE PRESS For immediate r e l e a s e . ' October 22, 1934, DIVIDENDS OR INTEREST ON SECURITIES CARRIED IN RESTRICTED NEW ACCOUNTS Ruling No. 30 i n t e r p r e t i n g R e g u l a t i o n T• The F e d e r a l Re- serve Board has been aslced' whether under R e g u l a t i o n T, a broker may permit a customer t o withdraw cash d i v i d e n d s or i n t e r e s t r e c e i v e d by t h e broker on s e c u r i t i e s c a r r i e d f o r t h e customer i n a r e s t r i c t e d new a c c o u n t . In r e p l y t h e Board a d v i s e s t h a t f o r t h e purposes of R e g u l a t i o n T such withdrawal of i n t e r e s t or d i v i d e n d s i s t o be c o n s i d e r e d as n o t d i f f e r e n t from any o t h e r withdrawal of cash and t h e r e f o r e may not be p e r m i t t e d i n such account except i n compliance w i t h the p r o v i s i o n s of s e c t i o n 4 ( d ) of t h e R e g u l a t i o n .
@FedFRASER