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Minutes of actions taken by the Board of Governors of the Federal Reserve System on Friday, July 13, 1951. PRESENT: Mr. Martin, Chairman Mr. Evans Mr. Carpenter, Secretary Mr. Sherman, Assistant Secretary Mr. Kenyon, Assistant Secretary Telegrams to the Federal Reserve Banks of Boston, New York, Cleveland, Richmond, Atlanta, Chicago, St. Louis, Kansas City, Dallas, /11c1 San Francisco stating that the Board approves the establishment without ehatge by the Federal Reserve Bank of San Francisco on July 10, by the Federal Reserve Banks of Atlanta and St. Louis on July 11, and by the Reserve BallicS of New York, Cleveland, Richmond, Chicago, St. Louis, Kansas City, and Dallas on July 12, and by the Federal Reserve 411:k of Boston today, of the rates of discount and purchase in their eieting schedules. Approved unanimously. Menlorandm dated July 12, 1951, from Mr. Margot, Director, tivi Of International Finance, recommending that the resignation of Itarri 8°11 Parker, Economist in that Divis ton, be accepted to be effective, ac c°rdance with his request, at the close of business July 20, 1951. Approved unanimously. Memorandum dated July 11, 1951, from Mr. Sloan, Director of the .01 EXaminations, recommending the appointment of Miss Elizabeth A. 40 13°g. ac a 3tenographer in that Division, on a temporary indefinite , 7/13/51 -2- ban", with basic salary at the rate of *2,610 per annum) effective an of the date upon which she enters upon the performance of her duties aftel. having passed the usual physical examination, and subject to the n°mPletion of a satisfactory employment investigation. Approved unanimously. Memorandum dated July 11, 19511 from Mr. Young) Director of the r)ivisicn of Research and Statistics) recommending the appointment of MI" Doris June Toothman as a Clerk-Typist in that Division, on a tempoindefinite basis, with basic salary at the rate of $2,450 per annum, rteetive as of the date upon which she enters upon the performance of her duties after having passed the usual physical examination, and stbj"tt° the completion of a satisfactory employment investigation. Approved unanimously. Memorandum dated July 11, 1951) from Mr. Bethea, Director of the 04 J-71sion of Administrative Services) recommending increases in the annual salaries of the following employees in that Division, ' • errective July 221 1951: Name Cookrey Pet . C 148 1,.11cY -eita Title Clerk-Stenographer Clerk-Typist Approved unanimously. • Salary Increase To From $750 $2,7175 2,650 2,450 7/13/51 -3Memorandum dated July DivIsion 9, 1951, from Mr. Leonard, Director of the of Bank Operations, recommending increases in the basic annual salaries of the following employees in that Division, effective July 22, 1951: R Name . ..._ ----, E. Sherfy Mar garet K. Ball , zivel '- Yll Bryan Salary Increase To From Title $4,-To $4775 Analyst 4,075 Statistical Assistant 3/950 Bank4,075 3,950 Member Supervisor : Statement Unit Approved unanimously. Letter to Mr. McCormick, Federal Reserve Agent of the Federal Reserve Bank of Richmond, reading as follows: "In accordance with the request contained in Mr. Shepherd's letter of July 9, 1951, the Board of Governors 1.1)Proves the appointment of Mr—Morriss Barret, jr., as Alternate Assistant Federal Reserve Agent, at his present ,74.nalarY of $3,060.00 per annum, to succeed Mr. J. Gillette lurner. "This approval is given with the understanding that MI% Barret will be placed upon the Federal Reserve Agent's payroll and will be solely responsible to him during a vacancy in the office of the Agent, to the 1,;881-stant Federal Reserve Agent, and to the Board of jrelrernors, for the proper performance of his duties. not engaged in the performance of his duties as Al J.ternate Assistant Federal Reserve Agent he may, with he approval of the Federal Reserve Agent or, during a Iracancy in the office of the Federal Reserve Agent, et the Assistant Federal Reserve Agent, and the President, erform such work for the Bank as will not be inconsstent with his duties as Alternate Assistant Federal Reserve Agent. "It is noted in your letter that the appointment of Barret as Alternate Assistant Federal Reserve Agent 1111 become effective on the date he executes the usual ' ' z 7/13/31 ft oath of offic Governors e' which will be forwarded to the Board of Approved unanimously. Letter to 4r. Denmark, Vice President of the Federal Reserve Btnk °r Atlaat reading as follows: "In accordance with the request contained in your letter of July 10, 19511 the Board approves the designaspecial examiner for the tion of R. DeZtt Adams as 1"iral Reserve rank of Atlanta. "Appropriate notations have been made in our l'eoords of the names to be deleted from the list of 8pecj ss tant examiners." Approved unanimously. Letter to the Presidents of all Federal Reserve Banks, reading ae roil° "An Inquiry has been received concerning the aPplication of Regulation W to the following situation whtch arose in connection with a Registrant dc)ing business on a nation-wide basis: "The Registrant sells both new and used articles , -Listed in Group B and proposes to apply as down payexit on a new article the full payment previously re"tved by him for the earlier cash sale of A used sjticle of the same kind to the Sane customer. The -nstalment sale of the new articlel together with the return to the Registrant of the used article, would `2,..e2ur within 90 days after the cash sale of the used '.ft 7 icle. Instalment sales of new articles are expected result from instructions given by the Registrant to IYIll'ellEtsers of used articles in the use of such articles. the view that the retu "In such a case, the Board is of constitute a clearly would rtl of the used machine ‘rado-in under section 6(j) and should be treated 110cOrdingly for the purposes of the applicable provision the Supplement to the regulation. On the facts as ' ove ll stated, the cash payment for the used article "would have to be deducted from the 'bona fide cash purchase price' of the new article) and the required down payment on the new article would have to be obtained in cash on the basis of the resulting 'net price' after such deduction. The foregoing conforms with the principles stated in paragraph (53) of W-97 (Regulation W SerVice 982)." Approved unanimously. Secretary.
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