The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
FEDERAL RESERVE BANK OF DALLAS Dallas, Texas, March 9, 1933. To the Bank Addressed: Supplementing our circulars of March 6, 7 and 8, 1933, there are quoted below, for your information, certain additional regulations issued by the Secretary of the Treasury under authority conferred upon him by proclamation of the President of the United States declaring bank holiday: “ Regulation number 5, dated March 6, 1933, is not to be interpreted as permitting any banking institution to accept payment of any obligation not solely owned by it in any form which is not authorized by the person entitled to the proceeds unquote desig nated as interpretation number 4.” “ Regulation number 10 issued under the President’s proclamation is interpreted to authorize payments for fertilizer and for vegetable and agriculture seeds for spring plant ing, where such payments are absolutely necessary and where the seed and/or fertilizer are for immediate use unquote designated as interpretation number 5.” “ Food or feed products as used in regulation 6 may be construed as including whole grain if such grain is intended for processing or consumption in the immediate future, unquote designated as interpretation number 6.” “ Release of funds for purchase of cotton where absolutely necessary to maintain op eration is interpreted as ‘Necessary current expenditures for the purpose of maintaining employment and for other similar essential purposes’ as used in regulation 10. Designated as interpretation number 7.” Yours very truly, Governor. This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)
@FedFRASER