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X-7952 FEDERAL RESERVE BOARD STATEMENT FOR THE PRESS For r e l e a s e i n morning papers of July 7, 1934. M-embtcpswtp IB FEDERAL RESERVE SYSTEM OF TRUST COMPANIES DOING- SUBSTANTIALLY H BANKING BUSINESS O During the past several years the Board has taken the p o s i t i o n that i t would not admit to membership i n the Federal Reserve System trust companies which do s u b s t a n t i a l l y no commercial banking business, but r e c e n t l y i t reviewed the question and decided that i t should give consideration to applications for membership from trust companies of t h i s type. Accordingly, the Federal Reserve Agent at each of the Federal reserve banks has been requested to inform any trust company i n h i s d i s t r i c t that may have been advised that i t would not be admitted to membership because i t was doing s u b s t a n t i a l l y ho commercial banking business that the Board w i l l give consideration to i t s application for membership i f i t desires to f i l e one.
@FedFRASER