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20:99 Minutes of actions taken by the Board of Governors of the Reserve System on Friday, December 10, 1948. PRESENT: Mr. Mr. Mr. Mr. Mr. Mr. Mr. McCabe, Chairman Eccles Szymczak Draper Evans Vardaman Clayton Mr. Mr. Mr. Mr. Carpenter, Secretary Sherman, Assistant Secretary Morrill, Special Adviser Thurston, Assistant to the Board 141/1utes of actions taken by the Board of Governors of the "ertil _ eserve System on December 9, 1948, were approved unani- kto Telegrams to the Federal Reserve Banks of Richmond, Chicago, Minneapolis, Dallas, and San Francisco stating that the tn seN 17411.cF"s the establishment without change by the Federal Re44k °f San Francisco on December 7, and by the Federal Re- s Of ilichmond, Richmond, Chicago, St. Louis, Minneapolis, and 1,Et th Oij their 1December 9, 1948, of the rates of discount and purchase exist. ng schedules. Approved unanimously. Nolizte Me111°I'arlda from Messrs. Eccles and Coleman, respectively, N)ic) increases in the basic annual salaries of the following 'ees in the Board Members' Offices, effective December 12, 1948: 12/10/48 -2- or keto 11, Date 12/c 8 -I 7/48 Salary Increase From Designation To $277.48 $3,024.96 Stenographer 3,601.80 Secretary to Mr. 3,476.40 Riefler Name Mrs. Mary Rose Arnold Miss Catherine L. Schmidt Approved unanimously. Merttorandum dated December 1€t 9, 1948, from Mr. Szymczak recommend- 114t Mrs. Elsie M. Carrick, a clerk-stenographer in the Division Or 4 11134e see'rch and Statistics, be transferred to his office as a stenog- /flth /10 change in her present basic salary of $2,874.48 per the effective November 30, 1948. The memorandum also stated that Of Research and Statistics was agreeable to this transfer. Approved unanimously. 1, () Me111°1"anda from the heads of the divisions indicated below, 111111exIcli 4a ppointments to the staff in those divisions, effective r the Or their dates Upon which the appointees enter upon the performance 0_ Uties after having passed the usual physical examination: OSIoN Name A_Bobert J. McKinsey STATISTICS Mrs. Ardith D. Watts IONs '"'"ID Mrs. Charlotte A. Xelly t()1, Title Salary Duration of Appointment Law Clerk 4,103.40 Permanent Clerk 2,498.28 Temp. Ind. Clerk 2,498.28 Temp. (Six Months) Approved unanimously. „ 131-4. axicl or 4. dated December 6, 1948, from Mr. Millard, Direche tqw lslon of Examinations, recommending an increase in the 2,It Ul 12/10/48 -3b4lcsalary of gr in that DiviMrs. Margaret J. Betts, a stenoapher 81°11) fro:11 $2,799.24 to $2,87.8 per annum, effective December 12, 1948. Approved unanimously. ot the 1).MeMorandum dated December 11-t ot 7, 1948, from Mr. Smead, Director 'vision of Bank Operations, recommending that the appointMrs. Maria Jo Peterson, a clerk-typist in that Division, be °4 a permanent basis, effective January 1, 1949, with no 115.11€e Ill/ler present basic salary of $2,284 per annum. Approved unanimously. Melll°randum dated December 10, 1948, from Mr. Nelson, Director the 1)1\riSi0/1 of ilatioxl of mrs Personnel Administration, recommending that the . Helen Braden, a substitute nurse in that Division, becellteci to be effective, in accordance with her request, at the tusiness q%eor December 5, 1948. Approved unanimously. ot tli Mernoraildum dated December 3, 1948, from Mr. Bethea, Director 41 the 1)441°4 of Administrative Services, recommending increases amnual salaries of the following employees in that Dilye December 12, 1948: 411 ' 144 11°Pkill 1)re137.e Title Painter Asst. Supervisor (Cafeteria) Approved unanimously. Salary Increase From To 3,024.96 $3,100.20 2,573.52 2,724.00 fic..4 -4Meinorandunidated December 3, 1948, from Mr. Bethea, Director orthenlivieion of Administrative Services, recommending increases 41tilebasic annual salaries of the following employees in that Dieffect. December 12, 1948: WA1 4. Gperegory e1 riffith s0z1 Dyson ?"1111tira 1,-4'4 M. Ga.rdner j13rown o4 es Wth. w,41e L, che Broadhurst Inihoff Asomos 441/1. Adwell Title Operator (Dup. Dev.) Chief Telephone Opr. Operator (Dup. Dev.) Chauffeur Baker Cook Cook Jr. Supervisor (Cafeteria) Cafeteria Helper Cafeteria Helper Cafeteria Helper Cafeteria Helper Salary Increase To From 377.40 S37E01.80 3,177.44 3,100.20 3,024.96 2,949.72 2,724.00 2,648.76 2,573.72 2,498.28 2,773.52 2,498.28 2,773.72 2,498.28 2,773.52 2,498.28 2,423.04 2,350.00 2,284.00 2,218.00 2,284.00 2,218.00 2,086.00 2,020.00 Approved unanimously. L tt rve e—er to Mr. Stevens, Federal Reserve Agent of the Federal Ilk of New York, reading as fol]ows: accordance with the request contained in your tter Arove °f December 2, 1948, the Board of Governors ap44g, effective November 1, 1948, the payment of Serve-e8 to the following members of the Federal Re1\14111 Agent's staff at the rates indicated: ee Annual Salary Title ‘1. Stryker JN)ii Assistant Federal Reserve $8,135 Agent P. Farnon Alternate Assistant Federal e." Reyriolas 7,348 Reserve Agent Alternate Assistant Federal 4,725 Reserve Agent 11. Lister Alternate Assistant Federal 4,647" Reserve Agent • Approved unanimously. w10/48 Reserv -5- Letter to Mr. Wysor, Federal Reserve Agent of the Federal e 13allk of Richmond, reading as follows: mr "In accordance with the request contained in op * Leach's letter of December 9, 1948, the Board G17ernors approves, effective January 1, 1949, e ort-aYment of salaries to the following members . he Federal Reserve Agent's staff at the rates irldicated: Name Annual Salary Title Head Office SlIelpherd, Robert L. $3,600 Assistant Federal Reserve Agent Baltimore Branch Slaipley, Eugene 5,100 Federal Reserve Agent's L. Representative Stewart, Alfred 5,280 Federal Reserve Agent's A., Representative Jr. Charlotte Branch Elg1D3r) T. Wesley Federal Reserve Agent's 4,44o Representative Gilliam, paw_ Federal Reserve Agent's D. 3,780" Representative Approved unanimously. Telp,_ to Mr. Volberg, Vice President of the Federal Reof San Francisco, reading as follows: /I let November 26, 1948, concerning holding com1/1copriliate status of Escrow & Loan Service Co., 11st--0rated, South Pasadena, California. Please obtain 14110 i°f shareholders of Company, including individual ( Zied $92,500 to Company and are to receive stock rAe7c.'r, together with information whether stock is Nor'°r bene it of or is controlled by others than AgrIell?- shar eholders. In correspondence quoted in Q(41-tr °Pinion, reference is made to 'group' which C°mPanY and Valley National Bank of Alhambra, `qea.-til e ' recent report of examination of that bank in 111 gel-1 s 110 group control. To whom does 'group' refer. 111,Y rIe l, further information is desired concerning q.o42' 4tionships between Company and other organzaParticularly banks and bank holding companies. 1 2104 W10/48 -6"aliltave received letter from W. Cloyd Snyder, Company's aPrneY, urging expedition of this matter. Please E14-Lse him it is receiving consideration and will be ed upon promptly when additional information rep,,,,ved Approved unanimously. Letter to the Presidents of all Federal Reserve Banks reading r 01101.15: ser„."We are in the process of developing a Regulation W se;lee, in loose-leaf style, for the use of Federal Reei%e Bank Persounel and the staffs of cooperating agenl'ho are engaged in the administration of the regu: ri 11. Copies of the Regulation W Service will be 4s; : 13 shed to you for appropriate distribution as soon tile'ileY become available, which we hope will be about l'rst of the year. is -0:211e of the problems of maintaining such a service lag due to the time required for summarizing the ord'Pretations and indexing and printing them. In liseer to Minimize this difficulty and to facilitate the solte°f current 'S' letters pertaining to Regulation W, e'r which may contain matters of general interest, Others ere,,,. information which should be confined to the Fed&zit.° 'eserve Banks and cooperating agencies, and others rr4Ettion for the use of the Reserve Banks only, the N.i., 4,14 Procedure has been adopted. letter1* 'S' letters pertaining to Regulation W, except DarEls intended for more limited use as indicated in 11 be numbered 2 and 3, in the future ordinarily 131Thli;1 !prePared in the form of an interpretation to be in the Federal Reserve Bulletin and in the Register, and may be made immediately available tothe p With of course, the 'S' letter designation These interpretations will be included in the , t :i..400se-Leaf Service and summaries of them in the 1011. W Service. i S' letters pertaining to Regulation W for the 'egillaiTY: of those engaged in the administration of the ,11(10i,-'1,-,On will contain the following notation at the 'he letter: 'Substance of this letter for use of -I've I., ' ' 5allk personnel and cooperating agencies only'. i i 2105 -7"ptch letters will be included in the F. R. Loose-Leaf ice and summaries of them in the Regulation W Service 1. Provisions of F.R.L.S. 03825 should be followed in te ' 01 (3 illg the substance of these letters available to the tl:.7rating agencies; that is, the substance or even tic1„4-4Inguage containing the substance of such interpretataei;'s may be used in replies to inquiries or in stateth-e—s without, however, distribution of the 'S' letters 111.”ives or identification of the language with a par' 14ar 'S' letter. Use "3. 'S' letters pertaining to Regulation W for the Reserve Bank personnel only will contain the folllotation at the end of the letter: 'For use of ve Bank personnel only'. Letters may be included ill j oper"is group because they pertain to Federal Reserve to ;:,/ti°ns only, are of a confidential nature, refer etEX,cific cases where the general principal has been e00 -u previously, or do not relate to the work of the rating agencies. Such letters will be included in : the13 let.-egular F. R. Loose-Leaf Service but not in the Regu1°11 W Service. tollo "For convenient reference all 'S' letters pertaining W will be serially numbered in the same el ' as this letter. feet "The numbering system described will be put into efReellith this letter. All 'S' letters pertaining to W and written since the issuan,-;e of the regu%-1' have been given 'W' numbers as indicated on the ," e ed schedule. The comments in this letter pertainthe use of the letters to be issued in the future tritIv1,12° applicable to the use of the letters as indicated "e attached schedule." Approved unanimously. Let4. ter to Mr. C. G. Frantz, President, The Apex Electrical Company, Cleveland, Ohio, reading as follows: Nriov"We have received your telegram of December 3 inor' sa llg the Board of the current decline in the sales slle€11-rable goods such as household appliances and ticIllsting that the provisions of Regulation W, parthe requirement with respect to down pay'be eased. 12h0A8 -8- zegulation W was designed as a flexible measure with the idea that changes in the down payment and tV:uritY provisions could be adapted, from time to ql , to changing economic and credit conditions. : pa regulation should be viewed, however, as but one t of a broad program designed to prevent economic th ltability to the extent this can be accomplished so °Ilgh monetary and credit measures. For this reatill) decisions to change the provisions of the regula40(4.1 Must be related to the over-all credit and ecoMic situation. We appreciate your sending us this information Et11,1 Y°1-1r views on the regulation. The points you stuse will be considered fully in our continuing clY of the scope and effect of the regulation." Approved unanimously. °1 ' cler prepared in connection with the Board's proceeding 4Rai..4st rnr. ansamerica Corporation under the Clayton Act and reading roil_ 8. Qv/ . "UNITED STA'IES OF AMERICA BEFORE THE tO.APT) — OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM rp MATTER OF °AMERICA CORPORATION "ORDER set cluIT IS HEREBY ORDERED that the list of motions Nr, ?14.1 1 1 for oral argument before the Board on Monkoti ' L ecember 13, 1948, be expanded to include the cilaeall heretofore filed herein by respondent to disfrfY Lawrence Clayton, a member of this Board, or ahlparticipating in the consideration or decision eiTCY flarther matters in connection with the aboveltled case. "BY the Board." 2107 "h0/48 -9Approved. Messrs. Eccles and Clayton did not participate in the consideration of or action on this matter. 4Aroveci: Chairman.
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