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FEDERAL RESERVE BANK OF NEW YORK r Circular No. 1 4 3 4 T L October 9, 1934 J INTERPRETATION OF REGULATION T RULING NO. 8 To National Securities Exchanges in the Second Federal Reserve District: For your information I quote below the text of a telegram which I have received today from the Federal Reserve Board: 1 ' In answer to inquiries as to the nature of an account which may be designated as an 'old account' pursuant to section 7(a) of the Board's Regulation T, Board has advised that the account to be designated as an 'old account' shall include all financial relationships existing between a creditor and a customer at the opening of business on October 1, 1934, except that those relationships which may be recorded separately in other special accounts in conformity with sections 3(b), 3(c), 3(d), 5(b), and 6 need not be included in such old account. The adjusted debit balance of such old account and the maximum loan value of the securities therein must be calculated in accordance with section 3(f) of the regulation as if it were a combined account, except that the old account shall not affect or be affected by the status of any other special account or of any new account established for such customer.'' Additional copies of this circular will be furnished upon request. J. H. CASE, Federal Reserve Agent.
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