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363 X-903'0" FEDERAL RESERVE BOARD STATEMENT FOR THE PRESS For immediate r e l e a s e . November 24, 1934. The S e c u r i t i e s Exchange Act of 1934 placed a d d i t i o n a l r e s p o n s i b i l i t i e s on t h e F e d e r a l Reserve Board looking toward t h e p r e v e n t i o n of t h e e x c e s s i v e use of c r e d i t f o r t h e purchase or c a r r y i n g of s e c u r i t i e s • The r e s e a r c h and a d m i n i s t r a t i v e work of t h e B o a r d ' s s t a f f i n t h i s connect i o n has been c a r r i e d on i n t h e D i v i s i o n of Research and S t a t i s t i c s . In view of t h e importance of t h i s a c t i v i t y t h e Board has now c r e a t e d a new d i v i s i o n f o r t h i s work which w i l l be c a l l e d t h e D i v i s i o n of S e c u r i t i e s Loans. Dr* Carl E, P a r r y who has been A s s i s t a n t D i r e c t o r of t h e B o a r d ' s D i v i s i o n of Research and S t a t i s t i c s w i l l be t h e Chief of t h e new division. Dr. L a u c h l i n C u r r i e , who has been engaged i n r e s e a r c h i n t h e monetary f i e l d i n the Treasury Department, has been a p p o i n t e d by t h e Board as Ass i s t a n t D i r e c t o r of t h e D i v i s i o n of Research and S t a t i s t i c s , and Dr. Woodlief Thomas, who has been a member of t h e s t a f f of t h e d i v i s i o n , has a l s o been d e s i g n a t e d A s s i s t a n t D i r e c t o r of t h e d i v i s i o n . Under t h e g e n e r a l s u p e r v i s i o n of Dr. E. A. Goldenweiser, t h e D i r e c t o r , i t i s contemplated t h a t t h e work of the d i v i s i o n i n v o l v i n g r e s e a r c h i n t h e monetary f i e l d w i l l come under Dr $ C u r r i e and r e s e a r c h i n banking and b u s i n e s s f i e l d s w i l l come under Dr. Thomas•
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