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2774 A meetinz of the wederal Reserve Board was held in El.shincton on 11114%day) September 13, 1934, at 10:30 a. m. PRESENT: Mr. Mr. Mr. Mr. Mr. Thomas, Vice Governor Hamlin Tames Szymczak O'Connor Mr. Morrill, Secretary Mr. Bethea, Jissistant Secretary Mr.arpenter, Assistant Secretary Mx. Wyatt, General Counsel Mr. 3mead, Chief of the Division of Bank Operations Director of the Division Goldenweiser, Mr. of Research and Statistics Mr. Parry, Assistant Director of the Division of :zesearch and Statistics Er. DuBois, Assistant counsel Yr. Dembitz, (Junior 2esearch Assistant, Division of Research and Statistics ALSO PRESENT: Mr. Joseph P. Kennedy, Chairman, Securities and Exchange Commission Mr. Andrew Stewart, of Haskins & Sells, Certified Public Accountants, New York, New York Mr. Mr. Mr. Mr. Yr. Mr. Mr. Mr. Mr. Richard 711itney, President of the New York Stock Exchange E. H. H. Simmons, ex-President of the New York Stock Exchange Roland L. Redmond, of counsel for the New York Stock Exchange L. Randolph Mason, of counsel for the New York Stock Exchange Henry Alexander, of counsel for the New York Stock Exchange Gilbert, of Y. P. Morgan Parker S. Co., New York, New York Gayer G. Dominick, of Domonick & Domonick, New York, New York Henry W. Brower, of Laidlaw & Co., New York, New York Warren A. Lamson, of Lamson Bros. & Co., Chicago, Illinois Whitney stated that, if agreeable to the Board, he would reth 6 P°14tS contained in the memorandum, submitted with his letter (41 SeDt eber 12, 1934, which comments on the September 5 draft of regula 2775 9/13/34 -2ti15/1 PrePared by the Board's staff, with regard to the extension and ilttilitellanee of credit by brokers, dealers, and members of securities ex°14463, following which statements would be made by others expressing thej ()Pinion, based on their practical experience, as to the effect of the, vroposed regulation on transactions of the type conducted by their 4813"tive concerns. It°1134 be Vice Governor Thomas indicated that this procedure satisfactory to the Board, and, in accordance therewith, state- ete Were made by Messrs. Whitney, Daminick, Brower, Lamson, Simmons, 411bert, and Redmond. Following Mr. Whitney's statement Mr. O'Connor left the meeting beeellae of another engagement. At the conclusion of the meeting, La% Whitney stated that he and attorile , "for the New York Stock Exchange had been. working on a text of 4€44.41011 which they would be prepared to submit to the Board, not later t11411t rrow, for consideration if the Board desired to receive it. 118 stated that the Board would be pleased to receive the suggested Mr. Nulation. 4 complete verbatim stenographic record was made of the meeting, (Ir cf which will be found in the Board's files. Thereupon the meeting adjourned. err-L0J-e_ Secretary. 441.01 .ea: Vice Governor.
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