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585 A meeting of the Board of Governors of the Federal Reserve System was held in VCashington on Saturday, March 28, 1942, at 11:30 PRESENT: Mr. Mr. Mr. Mr. Eccles, Chairman Ransom, Vice Chairman Szymczak Draper Mr. Mr. Mr. Mr. The after Morrill, Secretary Bethea, Assistant Secretary Carpenter, Assistant Secretary Clayton, Assistant to the Chairman action stated with respect to each of the matters herein- referred to was taken by the Board: The minutes of the meeting of the Board of Governors of the Feder al Reserve System held on March 27, 1942, were approved unaniinouly. Memorandum dated March 27, 1942, from Mr. Nelson, submitting the r eslgnation of Mrs. Lucy F. Hummer as a stenographer in the ofof riees 0 Governor Draper, to become effective as of the close of busiarch 31, 1942, and recommending that the resignation be ac- ted as of that date. The resignation was accepted. M emorandum dated March 27, 1942, from Mr. Wyatt, General Counsel, the resignation of Miss Amy L. Downing as a stenographer in the Gerleral Counsel's Office, to become effective as of the close of bl<tiess on April 8, 1942, and recommending that the resignation be 13ted as of that date. The resignation was accepted. 586 3/28/42 -2Letter to Mr. Ambrose, Managing Director of the Los Angeles ranch of the Federal Reserve Bank of San Francisco, reading as follows: "Enclosed are copies of a letter received from C. S. rliaker, 4373 South Hoover Street, Los Angeles, and a reP-LY thereto. a "In connection with the detailed questions on rugs cil?'d clocks, it was thought desirable that you communicate X?ectly with Mr. Brubaker since there may be points which _.uld be discussed with him at greater length than is pos' 10011 by correspondence. 4., 'For your information, it is the Board's opinion that i7e size of the rug has no bearing upon whether or not it 146 included within the terms of the regulation. Further! s re, it would appear that the clock which he describes is 2 clearly unsuitable for household or personal use that credit sales would not be subject to the regulation." Approved unanimously. Letter to Mr. L. H. GoldbriP:ht, Jr., Vice President-Treasurer Of the H eating and Plumbing Finance Corporation, New York, New York, readin g as follows: of "Chairman Eccles has asked me to acknowledge receipt u, a copy of a letter dated March 11, 1942, which you sent Abner H. Ferguson, of the Federal Housing Administration It is understood that the 'Summer Plan' will no longer be s Permissible in connection with modernization loans inured_ under Title I of the Federal Housing Act. This is a :It ocel development and you are quite right that it is not 1Xlstent with the present provisions of the Board's Regu15 ,31-°11 W which make possible a deferment of four months and days in the first payment, where seasonal goods arepuroh t:-sed in an off season. These provisions of Regulation e4else written into the original regulation which became ao-lective on September 1, 1941, when war problems were not serious as they are at present. "The Board would be very glad to have your views on j 58'7 3/2a/42 "the possible elimination of the relevant provisions in Regulation L" Approved unanimously. Thereupon the meeting adjourned. Secretary. Chairman.
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