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or THE


Office Correspondence

•Rofl.-rri of Governors


Date—May ?<?,
Subject I

"Ralph A. Yonng

As background for Board discussion of Regulation W
policy at its meeting on May 31st, there is attached a staff
analysis of the current situation in the durable goods markets.
The memorandum "was prepared by the Business Conditions Section
of the Division of Research and Statistics, under the supervision of Mr. Clayton Gehman.
Following a recent House Banking and Currency Committee
discussion of the consumer durable good.s situation, Mr. Hallahan,
Clerk of that Committee, addressed to Chairman Martin on May l8th
a Committee request for such information as the Board might have
at its disposal on market conditions in the household durables
area. This request followed upon a preceding one from Congressman
Patman relating to conditions in the new and used car market.
If there is no objection by the Board, it is suggested
that the attached memorandum, with some technical revisions and
excluding the strictly confidential supplement on retail automobile sales and stocks, be made available for the confidential
information of the members of the House Banking and Currency Committee .