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FED ERAL R E SE R V E BANK OF NEW YORK r C ircu la r N o . 3 6 6 1 * 1 L F e b ru a r y 26, 1951 J REGULATION W CONSUM ER C R E D IT Designation o f A u tom obile A ppraisal Guides To Lenders, A utom obile Dealers, and Certain Others in the Second Federal R eserve D istrict Concerned with R egulation W : In order to facilitate the operations o f automobile dealers who must comply with General Ceiling Price Regulation, Supplementary Regulation 5 (GCPR, SR 5), setting retail prices for new and used automobiles, and with Regulation W , the Board of Governors o f the Federal Reserve System has made the following designation o f issues o f appraisal guides fo r the pur poses o f Part 4 of the Supplement to Regulation W relating to calculation o f down payments fo r automobiles: D uring any period in which any regulation prescribing any price ceiling on automobiles under the Defense P roduction A ct o f 1950 is based on a p rice listed in an issue o f an appraisal guide specified in such regulation, such specified issue is hereby designated fo r the purposes o f P a rt 4 o f the Supplement to Regulation W in the areas fo r which the particular issue o f the appraisal guide is to be used under the price regulation. This designation is in addition to previous designations by the B oard fo r the purposes o f Part 4 o f the Supplement to Regulation W , and is subject to all the conditions that apply to such previous designations. A m ong other conditions, “ the average retail valu e” to be used fo r purposes o f Regulation W shall not include any added value fo r a radio or heater. In the covered by Regulation Regulation event a publisher o f an appraisal guide reprints an issue o f an appraisal guide that is the above designation and such reprint is issued after the period fo r which the original W designation was effective, the substance o f the above designation fo r the purposes o f W shall be prom inently stated in the reprinted issue. The previous designation made by the Board of Governors of interest to persons in this district is contained in our Circular No. 3588, dated September 14, 1950. Additional copies o f this circular and o f Circular No. 3588 will be furnished upon request. A llan S proul, President. FE D E RA L RESERVE BANK O F N EW YORK February 26, 1951. To all M em ber Banks in the Second F edera l R eserve D is tr ic t: It is with deep regret that I have to inform you of the death today o f L e w is H. B row n , a Class B director o f this Bank since January 1, 1947. Mr. Brown was Chairman of the Board, Johns-Manville Corporation, New York, N. Y. R obert T. S tev en s, Chairman of the Board.
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