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Minutes of actions taken by the Board of Governors of the Federal Reserve System on Wednesday, May 11) 1949. PRESENT: Mr. Mr. Mr. Mr. McCabe, Chairman Eccles Szymczak Draper 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 ederai Reserve System on May 10, 1949, were approved unanimously. Memorandum dated May 9, 1949, from Mr. Young, Associate Di- rector of the Division of Research and Statistics, recommending an e)ctensicm of approximately one week in travel time for Randall W. IP t4my / an economist in that Division, who was authorized by Board aetion on March 22, 1949/ to travel to Europe. Approved unanimously. Memorandum dated May 6, 1949, from Mr. Leonard, Director of the Di vision of Bank Operations, recommending the appointment on a -anent basis of Mrs. Pearle E. Randour, a clerk in that Division, lth bft, . ' sic salary at the rate of $2,724 per annum, effective May 11, 1949, Approved unanimously. the M emorandum dated May 9, 1949, from Mr. Bethea, Director of sion of Administrative Services, recommending that the resigIlation op - Fred Jones, a laborer in that Division, be accepted to be 49 -2- e ffective, in accordance with his request, at 1:15 a.m., May 6, 1949. Approved unanimously. Letter to Mr. Creighton, Chairman of the Federal Reserve Bank of Boston, reading as follows: "The Board of Governors approves the payment of salaries to the following officers of the Federal Reserve Bank Of Boston for the period May 1, 1949, through April 30, 1950, at the rates indicated, which are the rates fixed by the directors as reported in your letter of May 2, 1949: Annual Salary Name Title 425,00 Joseph A, Erickson President 18,000 William Willett First Vice President 16,000 Ellis G. Hult Vice President 12,000 Earle 0. Latham Vice President Alfred C. Neal Vice President and 12,000 Director of Research Carl B. Pitman 16,000 Vice President Oscar A. Schlaikjer Vice President and 16,000 General Counsel Roy F. Van 11,000 Amringe Vice President It_c_A)ert B. Harvey 11,000 Cashier tllsgar R. Berge Secretary and Assist10,000 ant Counsel John J. Fogg 10,000 Auditor Edward A. Davis, Jr. Assistant Vice Presi9,000 dent Dana D. Sawyer Assistant Vice President8,500 L°uis A. Zehner Assistant Vice Presi9,000 dent ,I-mo 0. Adam 7,250 Asitan Cashier rrank C. 8,000 Assistant Cashier Gilbody 1,!, 01ward R. Murphy 7,500 Assistant Cashier 7,250 '.:4wardlIT. O'Neil Cashier Assistant ,)ohn J. Rock 7,250 Assistant Cashier taliot S. Boardman 7,200P Budget Officer Approved unanimously. 5/11/49 -3Letter to Mr. Diercks, Vice President of the Federal Reserve Bank of Chicago, reading as follows: "In accordance with the request contained in your letter of May 6, 1949, the Board approves the designation of Robert Joseph Hochstatter as a special assistant examiner for the Federal Reserve Bank of Chicago." Approved unanimously. Letter to Mr. Hill, Vice President of the Federal Reserve Bank of Philadelphia, reading as follows: "Reference is made to your letter of May 2, 1949, submitting a letter dated April 221 19491 addressed to the Federal Reserve Board, c/o Federal Reserve Bank of Philadelphia, Philadelphia, Pennsylvania, by the Curwensville State Bank, Curwensville, Pennsylvania, signifying its intention to withdraw from membership in the Federal Reserve System and a photostat copy of the supporting resolution adopted by the Board of Directors of the institution at a meeting held on April 11, 1949. „ "It is noted that your counsel is of the opinion at the subject bank's letter and accompanying resoluappear to comply with the pertinent provisions of iegulation H, and you assume that the six months' waiting Period will run from April 251 19491 the date of your re!eipt of the bank's letter giving notice of its intention withdraw from the System. The Board of Governors conin your conclusion as to the effective date of the months' notice and requests that you so advise the member bank. "It is assumed that the institution wishes to continue interruption its status as an insured bank and at the ,_,Proper time will make application to the Federal Delt Insurance Corporation for acceptance as an insured nmember bank." v r T Approved unanimously. Letter to Mr. Hill, Vice President of the Federal Reserve 84111( of Philadelphia, reading as follows: 5/11/49 -4- "In accordance with the request contained in your letter of May 61 1949, the Board approves the appointment of Joseph McFarland Case as an assistant examiner for the Federal Reserve Bank of Philadelphia. Please advise us of the date upon which the appointment is made effective." Approved unanimously. Letter to the American Auto Appraisal, 194 Grove Avenue, Detroit 31 Michigan, reading as follows: "Thank you for sending us copies of the May-June issue of the American Auto Appraisal. "It is observed that the information pertaining to Regulation W in the Guide states that 1938 model used cars are subject to the appraisal guide provisions of Part 4 of the Supplement to the regulation. In accordance with the statement mailed to you on January 27, 1949, 1938 model automobiles were released from the appraisal guide Provisions effective April 11 1949. The maximum credit value applicable to cars of this model is now 66-2/3 per cent of the cash price. A copy of the statement of JanuarY 27 is enclosed for your information. nrhile the Board feels that the information pertainto 1C Regulation 1V appearing in the designated guides should be consistent with the terms of the regulation, the inconsistency in this case would not lead dealers and Others extending instalment credit to violate the regulation. Therefore, so far as the Board is concerned, a correction of the statement in your book may await the printing of the next edition." Approved unanimously. Letter to the Presidents of all Federal Reserve Banks, trig as follows: oTize have been forwarded to you today under separate: copies of form F.R. 107b to be used by State member banks in submitting their reports of earnand dividends for the six months ending June 301 1949. = vivo "The form is the sane as the one used for the calendar year 1.948 except for clarifying changes in terminology made at the suggestion of some of the Reserve Banks; the term 'valuation reserves' has been substituted for 'reserve accounts' in items 4 and Sy and corresponding changes have been made in the note at the bottom of the form and in Section D. Approved unanimously, with the understanding that the letters yould not be sent until the forms are printed and packaged. APPrOved
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