PREFACE. It is the purpose of this Digest of Rulings of the Federal Reserve Board to present in convenient and accessible form the gist of the various rulings of the board and the opinions of its counsel and related matters which have been from time to time published in the Federal Reserve Bulletin. In this respect it is supplementary to the IndexDigest of the Federal Reserve Bulletin, compiled by Hon. Charles S. Hamlin, member of the Federal Reserve Board, which was published in 1921, 1922, and 1923, and which furnishes a complete source of reference to all matters published in the Bulletin, 1914-1922, inclusive. This Digest of Rulings is confined to rulings of the Federal Reserve Board, opinions of its counsel, and similar matters, such as court decisions, opinions of the Attorney General, and rulings of the Comptroller of the Currency; but in addition to being an index to these sources, it furnishes a digest or abstract of each ruling or opinion. Necessarily, however, the limitations of space in a work of this sort preclude the digests from being more than their name implies, and while the endeavor has been made to include within each digest the salient facts and the conclusion predicated thereon which are contained in the apposite ruling, much of the detailed discussion and reasoning leading to the conclusion has been omitted. For a comprehensive understanding of the entire scope of the various rulings, therefore, recourse should be had to the full text thereof as published in the Federal Reserve Bulletin. The greater part of the rulings and opinions which have been published and which are digested herein, relate primarily to and are interpretative of the various provisions of the Federal reserve act. There are, however, a number of rulings dealing with questions arising under certain sections of other acts of Congress, which affect the operation of the Federal reserve system, such as the Clayton Antitrust Act, the farm-loan act, and the national-bank act. All these sections are reprinted in full, in addition to the complete text of the Federal reserve act and the regulations of the Federal Reserve Board. The Digest also contains a reprint of the Federal reserve act as originally enacted December 23, 1913, followed by a composition showing by italics and canceled words the textual changes made in the original act by all amendments thereto. There is also published a nontechnical summary of all these amendments showing the purpose and effect of the changes made. For convenience of reference and because this seemed to be the most logical order, the rulings are numbered and arranged according |