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Minutes of actions taken by the Board of Governors of the Reserve System on Thursday, March 10, 1949. PRESENT: Mr. Mr. Mr. Mr. Mr. McCabe, Chairman Eccles Draper Vard9mAn Clayton Mr. Mr. Mr. Mr. Carpenter, Secretary Sherman, Assistant Secretary Morrill, Special Adviser Thurston, Assistant to the Board Minutes of actions taken by the Board of Governors of the Reserve System on March 9, 1949, were approved unanimously. Letter to Mr. Meyer, Assistant Vice President of the Federal Reterve Bank of Chicago, reading as follows: "Reference is made to the reports on the number, cla 88ification and salaries of employees submitted ' 64 Your letter of January 13, 1949. "A review of the reports indicates that the salale , a s of all employees listed conform to the schedule teroved for the Federal Reserve Bank of Chicago and Detroit Branch under the Plan of Job Classification T'14 Salary Administration, with the exception of the Ilatances referred to below. le "In accordance with the request contained in your ter, the Board of Governors approves the payment of laj ci(e•ries to the following employees at the rates in, 111,cjated, which exceed the maximums for the grades in `"-Ch their positions are classified. Equivalent Name Annual Salary Title Head Office JO}, $3,391 Czajka Window Washer I. NIEC4EtcY Cwynar 3/391 Washer Window Xk 645 20 Machine ein Scrubbing Operator 20645 Struz Metal Polisher • J. Stewart 2,705 Elevator Operator 3/10/49 -2- "The review further indicates that the following employees are receiving salaries below the minimums for the grades in which their positions are classified. however, in accordance with the advice contained in Your letter, it is understood that the salaries paid to these employees will be adjusted to at least the Minimums of their respective grades within a period not extending beyond April 1, 1949. Title "Name Head Office Nils S. Jacobson Examiner Harold L. Noelting Examiner iferbert Sadler Examiner Chas, L. Carter Assistant Examiner Chas. H. Reilly Assistant Examiner Carl F. Spaeth, Jr Assistant Examiner Robert J. Weber Assistant Examiner L C. Francis Fireman Detroit Branch Betty Isola Typist - Savings Bond Teller Romeo D. Marcus Coin Counter Trainee Painter j°8ePh F. Sabo In addition, discrepancies were noted in Schedule A Wh respect to the salary ranges for Walter C. Bloy (Page Merle F. Pratt, and Esmeralda M. Thoman (Page 171). 411e it is assumed that these are typographical errors, , r advice in this connection would be appreciated. et "In reviewing the 1949 report it is noted that a subantial number of positions have been upgraded since the evious report. Our Personnel Department will wish to iel# the reasons underlying this substantial number of 'ngee at some future date." 4 Approved unanimously. Letter to the Presidents of all Federal Reserve Banks, readfollows: vi "The Board's letter of February 211 1949, aded You of the action taken on January 19 to place to : phil a temporary period of 90 days the Republic of the ' da , 110Pines on the list of countries approved for the Of drafts to furnish dollar exchange in accordWith paragraph 121 section 13 of the Federal Re'e Act and the Board's Regulation C. 467 3/10/49 -3- "The Board's letter stated that the temporary action was taken pending a comprehensive investigation to determine whether the listing should be made permanent. However, the member bank interested in the listing has now informed the Board that it desires to withdraw its application for permanent listing. Accordingly, the temporary listing made Janunry 19, 1949, 11 automatically lapse at the expiration of the 90 deY period." Approved unanimously. Letter to the Presidents of all Federal Reserve Banks, readas follows: "In reply to a recent inquiry concerning RegulaW, the Board has issued the following interpretaen which will be published in a forthcoming issue of h Federal Reserve Bulletin. "The Board is of the view that the sale of an auto13(44-le which has been used and driven as a 'demonstrator' .an automobile dealer or salesman constitutes the sale a used automobile for the purposes of Regulation W. view applies even though the automobile has not bee B ll sold previously, and regardless of whether the :le of the demonstrator occurred before or after the ie/tt sUccessive model change for the make of automobile 4.1_1 clUestion. In such a case, Part 4 of the Supplement !_the regulation requires that the down payment or nlum loan value be calculated on the basis of the 1i:reified percentage of the 'appraisal guide value' & el'e such value is lower than the 'cash price'." ' t r J Approved unanimously. Letter to Honorable Raymond Baldwin, United States Senate, Nt clizle as follows: "Thank you for sending us the enclosed letter 4Michael Diana, Service Representative of William ' ren:wards, Inc., Bridgeport, Connecticut, which was bi--Lved with your memorandum of February 18. Mr. la describes conditions he attributes to the efrect °f Regulation W andurges that the regulation and eliminated. rr 1 468 3/10/49 "Regulation W is a flexible measure and the Board Particularly concerned that it be properly adapted to current economic and credit conditions. With this iU mind, the Board is constantly studying conditions it the economy generally as yell as trends in the pro411cti0n and marketing of automobiles and other consulners t durable goods. On the basis of this study and experience in the administration of the regulation since its reinstatement last September, the Board, on March 2, 10unced modification of Regulation WI effective March I, 1949. is "The principal changes resulting from the amendtent are an increase in maximum maturities to 21 months alld a reduction in the minimum down payments on applicee, furniture, etc. to 15 per cent. A copy of the 0 4.ard's statement for the press announcing the modifica'ion is enclosed." r Approved unanimously. Secretary. 441.03„ea: Chairman.
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