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X-7363 TELEGRAM FEDERAL RESERVE BOARD WASHINGTON March 13, 1933. Young - Boston Harrison - Hew York Fancher - Cleveland Seay - Richmond TRANS. 1644 Black - A t l a n t a McDougal - Chicago Martin - S t . Louis Geery - Minneapolis Hamilton - Kansas City McKinney - D a l l a s Calkins - San Francisco Board has r e p l i e d t o inquiry r e c e i v e d from another Federal Reserve Bank that i n view of Regulation No. 20 of the Secretary of the Treasury a u t h o r i z i n g Federal r e s e r v e banks to perform usual and normal "banking f u n c t i o n s , the only r e s t r i c t i o n s upon advances which may be made i n accordance w i t h the p r o v i s i o n s of s e c t i o n 10(b) of the Federal Reserve Act, as amended, are those found i n that r e g u l a t i o n , i n the terms of the law i t s e l f , and i n the Board's telegram of March 10, Trans. 1611; except that i n case of advances to member banks which have not been granted l i c e n s e s t o perform t h e i r u s u a l banking f u n c t i o n s such advances must comply with the r e s t r i c t i o n s and condit i o n s prescribed i n r e g u l a t i o n of Secretary of Treasury l e t t e r e d G. MORRILL
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