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F e d e r a l of R S e s e r v e t . L b a n k ou is March 27, 1936. SU PPLE M E N T T O R E G U L A T IO N T To m em bers o f National Securities Exchanges, to brokers and dealers w ho transact business in securities through such members, and to the m em ber and nonmember banks, in D istrict N o. 8: T he Board of Governors of the Federal Reserve System has ap proved and adopted the enclosed supplement to Regulation T. It is effective April 1, 1936, and supersedes on that date, the supple ment which became effective February 1, 1936. Respectfully, J O H N S. W O O D , Federal R eserve A gent. Note: The cncloscd supplement applies to the extension and maintenance of credit by brokers and dealers, and members of national securities ex changes, and is being sent to banks merely for their information.