Requirements for Traders in Securities Washington, Sept. 27.
in requirements for traders in securities were fixed by the Federal Reserve Board at from 25 to 45 por cent. of current prices in a formal announcement issued to-day.
The majority of stocks fall within the lower limits of the new regulations and therefore will require but 25 per cent. margin, it was stated.
'AS a result of the decision reached by the Federal Reserve Board and the Securities Exchange Commission carlier this week, the margin regulations will not become effective until October 15, instead of October 1, as originally scheduled, thereby afford-Ing brokers and operators an opportunity thoroughly to familiarize themselves with the requirements, Reporis from New York indicated that Wall Street generally was Weakness of Yen in New York New York, Sept, 28.
The weakness of yen on the foreign exchange market to-day followed lower Shanghai advices, while increased import bills and reports that the damage caused by the typhoon was larger than was thought were also held responsible. It ig rue moured that Japan will shortly find it necessary to arrange finances for the purchase of the Chinese Eastern Rallway.—
Reuter. clined to characterize the requirements as "liberal".
Mr. Joseph B. Kennedy, chalrmar of the Securities Exchange Commi sion, said that other regulations designed to carry out the intent of the National Securities Exchange Act of 1994 {0 curb speculation will not be made public unfit Late in October.
These regulations include control '4a Over stock market short selling, floor selling, put and calls, and straddles.
The foregoing phases of price manipulating, despite the delay in suance of formal regulations, will be outlawed after October 1, Mr. Kennedy said.
Text read from the printed page and cleaned; old type leaves the occasional error.