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FEDERAL RESERVE BANK OF NEW YORK Circular No. 1 4 6 5 T . October 23, 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. 32 Interpreting Regulation T. The Federal Reserve Board has been asked whether, if a confirmation of a transaction has been sent by mail to a customer at his last known address, a demand for margin which appeared not on a separate piece of paper but on the confirmation itself may be considered as having been made in the manner specified in clause 8 of section 3(f) of Regulation T so that the amount of margin demanded may be deducted in computing the adjusted debit balance of the customer's account. In reply the Board advises that such a demand may be considered as a demand made in a " letter'' within the meaning of clause 8 and that accordingly the question should be answered in the affirmative. Additional copies of this circular will be furnished upon request. J. H. CASE, Federal Reserve Agent.
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