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9241 Minutes of actions taken by the Board of Governors of the Pederal Reserve System on Monday, June 16, 1947. PRESENT: Mr. Mr. Mr. Mr. Mr. Mr. Eccles, Chairman Szymczak Draper Evans Vardaman Clayton Mr. Mr. Mr. Mr. Carpenter, Secretary Sherman, Assistant Secretary Morrill, Special Adviser Thurston, Assistant to the Chairman Minutes of actions taken by the Board of Governors of the ecier,s1 Reserve System on June 13, 1947, were approved unanimously. Letter to Mr. WYsor„ Federal Reserve Agent of the Federal Re-. r3°I've Bank of Richmond, reading as follows: "In accordance with the request contained in Mr. Leach's letter of June 12, 1947, the Board of Governors approves, effective July 1, 1947, the payment of salaries to the following members of the Federal Reserve Agent's staff at the rates indicated: Baltimore Branch Annual Salary Title "Name Federal Reserve Agent's Eugene L. Shipley $4,080 Representative A. A. Stewart, Jr. Federal Reserve Agent's 4,200" Representative Approved unanimously. Letter to Mr. Weigel, Assistant Vice President of the Fed. era] Reserve Bank of St. Louis, reading as follows: "The Board of Governors approves the changes in the personnel classification plan of the Federal Reserve Bank of St. Louis, consisting of the establishment of the following positions, as submitted with Your letter of June 9, 1947: 925 6/16/47 -2- "Department Personnel Budgets, Operations Analysis and Planning Bank Relations Title of Position Chief Analyst Maximum Annual Salary $3,840 Assistant Manager Manager 4,000 4,740" Approved unanimously. Letter to the board of directors of "The Nassau Union Bank", Glen Cove, New York, stating that, subject to conditions of membernumbered 1 to 3 contained in the Board's Regulation H, the 13° Pci approves the bank's application for membership in the Federal Reserve System and for the appropriate amount of stock in the Federal Reserve Bank of New York. Approved unanimously, for transmission through the Federal Reserve Bank of New York. Telegrm to Mr. Volberg, Vice President of the Federal Re°erve Bank of San Francisco, reading as follows: "Relet June 7. In view your recommendation Board approves establishment and operation of branch in Sunnyvale, California, by American Trust Company, San Francisco, California, provided such branch is established within six months from May 15, 1947, as required by State authorities, and With understanding that Counsel for Reserve Bank will review and satisfy himself as to the legality of all steps taken to establish branch." Approved unanimously. Letter to Mr. Vergari, Assistant Vice President of the FedReserve Bank of Philadelphia, reading as follows: 926 6/16/47 -3- "This refers to your letter of April 1, 1947 and the enclosed copy of a letter from Radio Corporation of America inquiring whether television sets are 'listed articles' under Regulation W, - specifically, whether they are included in the classification /Radio receiving sets, phonographs, or combinations.' The inquiry relates to sets which are not combined with a radio receiver designed to receive standard broadcasts, or with a phonograph mechanism. "The Board concurs with your view that such sets are listed articles since they are designed for consumer use as receiving sets for radio waves. It makes no difference whether the receiver is designed to detect and reproduce video or audio modulation of the radio frequency carrier. "As you know, an answer to your letter was delayed Pending the outcome of your request that Radio Corporation of America furnish you with further information as to the basis for the ruling of the Bureau of Internal Revenue that such sets were not to be taxed as radio sets. This information was received with Mr. Kress's letter of Jane 2, 1947, enclosing a copy of the memorandum which the Corporation submitted to the Bureau. The memorandum traces the legislative history of the Provision of the Internal Revenue Code and shows that When the provision was first enacted in 1932 Congress was seeking subjects which were best able to bear new taxes; that television, which was still in the experimental stage, was obviously not one of these; that in several subsequent revisions of the language of the statute no attempt was made to include television; and that in June 1939 Deputy Commissioner Bliss issued a ruling that television was not included. None of these considerations affects the interpretation of the list of articles in Regulation W." Approved unanimously. Secretary. Chairman.
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