Full text of Mimeograph Letters and Statements of the Board : Statement for the Press re Statement of the Federal Advisory Council on Speculation, Number X-6238, Volume 30, Page 145

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X,..6236"

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STATEMENT FOR THE PRmS

For immediate release:
,Friday, February 15, 3:00 P,M.
The Federal Advisory Council at a preliminary

meetin~

yesterday made the following minute, Which was delivered to the
Federal Reserve Board.at the regular quarterly meeting of the
Council and the Board this m,ornipg_:
11 The Feder~l Advisory Council approves the action
of the Fed.eral Reserve :Board :in instructing the Fed.eral Re,sel'V$ Bar.ks to prf;'vent, as far as possible, the
diversion of. Federal reserve funds for the purpose of
carrying lo:ms ba3ed on securities. The Fed.eral Advisory
Council t!V-t$.~est.s that all the member banks in each district
be asked d il•ec tly by the Fedel'al Reserve Bank of the district to coo:perate ill order to a"ttailt' the end desiredo.
The Council believes beneficial results cari be ~tta.ined
in this manner. 11