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FEDERAL RESERVE BANK OF NEW YORK Circular No. 16811 June 26, 1936 J AMENDMENT OF REGULATION T OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. To Members of National Securities Exchanges, Brokers and Dealers in Securities, and Banking Institutions, in the Second Federal Reserve District: For your information we quote below Amendment No. 8 (effective July 1, 1936) of Regulation T of the Board of Grovernors of the Federal Reserve System: Amendment No. 8 of Regulation T—Effective July 1, 1936. Subsection (&) of section 3 of Regulation T is hereby amended by adding at the end thereof a new paragraph reading as follows: '' Notwithstanding any provisions of section 4 of this regulation, the creditor may permit such other member, broker, or dealer to withdraw money or securities from such a special account if such withdrawal, in combination with any other transactions made on the same day and together with demands for additional margin in connection therewith, does not result in any increase of the excess of the adjusted debit balance of the account over the maximum loan value of the securities in the account.'' Additional copies of this circular will be furnished upon request. GEOEGE L. HARRISON, President. FEDERAL RESERVE BANK OF NEW YORK June 30, 1936. Semiannual Dividend GENTLEMEN : The board of directors of Federal Reserve Bank of New York has declared a fortieth dividend, payable June 30, 1936, at the rate of 6 per cent per annum on the paid-in capital stock of the bank, for the period from January 1, 1936, to June 30, 1936, both dates inclusive. $ Your reserve account is therefore being credited today with , the amount of the dividend due you. Respectfully, President.