Quiero saber acerca de...

FEDERA
1934

VOLUME 12

< /lT0

NUMBER 20

Washington, Wednesday, January 29, 1947

TITLE 12 BANKS AND
BANKING
Chapter II Federal Reserve System Subchapter A Board of Governors of the Federal Reserve System
Part 220Credit by B rokers, D ealers and M embers of N ational S ecurities E xchanges loan values
for and,, short accounts
sales
in
This amendment is issued pursuant to the Securities Exchange Act of 1934, particularly section 7 thereof. Its purpose is to change loan values and margin requirements in order to carry out the purposes of the act in the light of present economic conditions.
1. Effective February 1, 1947, 220.8
11 F. R. 790 of this part the Supple ment is hereby amended to read as follows:
220.8 Supplement a Maximum loan value for general accounts. The maximum loan value of a registered se curity other than an exempted secu rity in a general account, subject to 220.3, shall be 25 percent of its cur rent market value.
b Maximum loan value for special ists accounts. The maximum loan value of a registered security other than an exempted security in a specialists ac count, subject to 220.4 g, shall be 50
percent of its current market value.
c Margin required for short sales in general accounts. The amount to be included in the adjusted debit balance of a general account, pursuant to 220.3
d 3, as margin required for short sales of securities other than exempted securities shall be 75 percent of the cur rent market value of each such security.
d Margin required for short sales in specialists accounts. The amount to be included in the adjusted debit balance of a specialists account, subject to 220.4
g, as margin required for short sales of securities other than exempted securi ties shall be 50 per cent of the current market value of each such security.
The notice and public procedure de scribed in sections 4 a and 4 b of the Administrative Procedure Act, and the thirty day prior publication described in section 4 c of such act, are imprac ticable, unnecessary and contrary to the
public interest in connection with this amendment for the reasons and good cause found as stated in 262.2 e 11
F. R. 177 A-513 of this chapter of the Boards Rules of Procedure Part 262.
Sec. 3 -a and b, sec. 7 a, b, c and d, sec. 8 a, sec. 17 b and sec.
23 a , 48 Stat. 881, 886, 888, 897, and 901, sec. 8, 49 Stat. 1379; 15 U. S. C. 78c-a> and b, 78g-a, b, c and d, 78hal, 78q-b, 78W -a seal
B oard of G overnors of the
F ederal R eserve S ystem , S. R. Carpenter,

Secretary.

F. R. Doc. 47-831; Filed, Jan. 28, 1947;
8:49 a. m.

P art 221Loans by B anks for the P ur pose of P urchasing or Carrying R egis tered S tocks loan value of stock
This amendment is issued pursuant to the Securities Exchange Act of 1934, par ticularly section 7 thereof. Its purpose is to change loan values in order to carry out the purposes of the act in the light of present economic conditions.
1. Effective February 1, 1947, 221.4
the Supplement is hereby amended to read as follows:
221.4 Supplementa Loan value of stock. For the purpose of 221.1, the maximum loan value of any stock, whether or not registered on a national securities exchange, shall be 25 per cent of its current market value, as deter mined by any reasonable method.
b Loans to specialists. Notwith standing the foregoing, a stock, if regis tered on a national securities exchange, shall have a maximum loan value of 50
per cent of its current market value, as determined by any reasonable method, in the case of a loan to a member of a na tional securities exchange who is regis tered and acts as a specialist in securities on the exchange for the purpose of fi nancing such members transactions as a specialist in securities.
The notice and public procedure de scribed in sections 4 a and 4 b of the Administrative Procedure Act, and the thirty day prior publication described in Continued on p. 569

CONTENTS
Agriculture Department
See also Farmers Home Adminis tration.
Rules and regulations:
Milk handling in New York metropolitan area___________

Pase
569

Alien Property, Office of
Notices:
Vesting orders, etc.:
Bromm, Gustave----------------- 653
Buckard, Ida________________
651
Costs and expenses incurred in certain court actions:
California, Oregon, Colo 656
rado, and Washington__
Indiana, Ohio, I l l i n o i s , Iowa, and Montana_____
657
New York__________
654
Pennsylvania and Tennes see ___________________
653
Geibel, Katharina__ ._____ 656
Griepenkerl, Johanna______
652
653
Grossklaus, Charles________
Ingersoll-Rand Co_________
656
Katagiri, Chibaku__________
651
Knack, August_____________
656
Still, Dr. Carl, and Mrs. Hanna . S till_________________
650
Trowitz, Anna Louise_______
652
Zim, Camillo______________
657
Civil Aeronautics Board
Notices:
Railway Express Agency, Inc., and Northwest Airlines, Inc.:
hearing___________________

644

Civilian Production Administra tion
Notices:
Consent orders:
Hess, Willard F___________
648
Kasden Fuel Co_________
648
Rules and regulations:
Automobiles and trucks, export L-352: Revocation of Int. 1
2 documents___________ 638,639
Iron and steel M-21, Revoca tion of Dir. 12, 14-17 ____
639
Use and effect of symbol CXS
M-21, Dir. 10_______
639
Lumber, hardwood flooring and millwork L-359__________ 636
Plywood, softwood L-358_ 634
Coast Guard
Rules and regulations:
Inspection and certification;
equipment installations on vessels during World War II__
567

640