Full text of Federal Reserve Bank of New York Circulars : 1476. Interpretation of Regulation T, Ruling no. 38

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FEDERAL RESERVE BANK
OF NEW YORK

/•Circular No. 1 4 7 6 "I
L November 14, 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. 38 Interpreting Regulation T.
In response to several inquiries, the Federal Reserve Board rules that interest
and cash dividends on securities in any restricted account may, at the option of the
creditor, be paid to the customer if they are paid on the same day on which, in
accordance with the creditor's usual practice, they are credited to the customer's
account. This ruling applies to interest on coupon bonds as well as to interest on
registered bonds and cash dividends on stocks.

Additional copies of this circular will be furnished upon request.




J. H. CASE,

Federal Reserve Agent.