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X-9005 TELEGRAM FEDERAL RESERVE BOARD WASHINGTON October 27, 1934 WILLIAMS CLEVELAND Referring your l e t t e r of October 19, 1934, which i n quires as to correctness of your conclusion that Joint Stock Land Bank Bonds are not "exempted s e c u r i t i e s " within meaning of S e c u r i t i e s Exchange Act of 1934 and Board's Regulation T thereunder. Board knows of no reason for d i f f e r i n g with your conclusion on question, and suggests that persons inquiring whether s e c u r i t i e s have been designated for exemption by the Secretary of the Treasury or the S e c u r i t i e s and Exchange Commission be referred to those a u t h o r i t i e s , unless you have d e f i n i t e information regarding the security i n question. (Signed) Chester Morrill MORRILL
@FedFRASER