Full text of Federal Reserve Bank of New York Circulars : 1453. Interpretation of Regulation T, Ruling no. 23

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FEDERAL RESERVE BANK
OF NEW YORK

Circular No. 1 4 5 3 1
October 13, 1934 J

INTERPRETATION OF REGULATION T

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:
Ruling No. 23 Interpreting Regulation T.
In response to an inquiry the Federal Reserve Board has ruled that,
in calculating the net debit balance of an arbitrage account within the
meaning of section 3(d) of Regulation T, both the long commitments
and the short commitments in securities should be taken into consideration.

Additional copies of this circular will be furnished upon request.




J. H. CASE,

Federal Reserve Agent.