Bitter were complaints from brokers last spring when the Federal Reserve upped margin requirements from 45% to 55%. They protested that the requirement was too steep, that it would throttle investment buying along with speculation. Politely the Reserve Board invited the New York Stock Exchange to survey effects of the new ruling. Last week the Exchange completed its report, sent it to Washington without comment. On the basis of three samplings, a month apart, it appeared that about one-third of all margin accounts were "restricted" (i. e., frozen). These restricted accounts also...
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