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Minutes of actions taken by the Board of Governors of the
l'ecleral Reserve
System on Friday, May 9, 19)2. The Board net in
executive
session in the Board Room at 10:00 a.m.
PRESENT:
Mr.
Mr.
Mr.
Mr.
Mr.
Mr.
Martin, Chairman
Szymczak
Evans
Powell
Mills
Robertson
The Secretary later was informed that
during the executive session the Board ex)proved a suggestion by Governor Powell that
a photograph of the members of the Voluntary
Credit Restraint Committee and the members
Of the Board, taken on May 2, 19)2, be furnished to each member and alternate member
of the Committee as a token of appreciation
Of his service and in view of the fact that
no dinner or other form of recognition had
been provided, it being understood that the
cost of the 21 pictures, 210, had not been
included in the approved budget of the Board
Members' Offices for the year 19)2.
The f
ollowing additional actions were taken by the Board:
Minutes
Ilederal
of actions taken by the Board of Governors of the
R
,
Re--rve
System on May 8, 19)2, were approved unanimously.
eele ra:s to the Federal Reserve Banks of New York, Cleveisl
hmona
0;atine; that theAtlanta, Chicago, Et. Louis, Minneapolis, and Dallas
Board approves the establishment without change by
13411ks
Ma-Y 8, 19)2, of the rates of discount and purchase
5/9/52
-2in
their existing
schedules.
Approved -unanimously.
Memoranda
recomnending that the basic annual salaries of the
fc'llowing employees be
increased in the amounts indicated, effective
11) 1932:
Date of
Memorandum
Salary Increase
Name and Title
From
To
Memorandum from the Secretary of the Board
Euth Hadley Goodyear,
Secretary to Mr. Murff
$3,660
$3,78
Memorandum from Mr. Vest
)General Counsel
Eunice M. Boyd,
Stenographer
3,415
3,495
2,830
2,950
5,310
5,940
3,110
3,190
3,350
3,1430
4,330
4,620
3/535
3/795
Memorandum from Mr. Young, Director,
Division of Research and Statistics
4/30/52
5/6/52
Gladys M. Davis,
Draftsman
Gerald F. Millea,
Administrative Assistant
Mary R. Carroll,
Clerk
Memorandum from Mr. Marget„ Director,
Division of International Finance
Ann Marie Roberts,
Clerk-Stenographer
Memorandum from Mr. Sloan, Director,
Division of Examinations
. C. Fender, Jr.,
AsfAstant 1,nederal Reserve
Exaniner
Jr.,
Federal Reserve
Examiner
/9/52
of Memorandum
-----_____
Name L.,n(', Title
Memorandum from Mr. Sloan, Director,
Division of Examinations
1. Johnson,
Assistant FederalReserve
Examiner
E. F. Kipfstuhl,
Assistant Federal Reserve
Examiner
E. W. Lyster,
Assistant Federal Reserve
Examiner
R. R. Russell,
Assistant Federal Reserve
Examiner
SalaryInc ease
From
To
1,,
$4 70
$4,870
4162o
4,745
510 o
5,185
3,795
3,920
4,o45
4,20)
3,660
3,785
3,785
3,910
4,58o
41705
orandum from Mr. Leonard, Director,
Division of Bank Operations
4/29/52
David C. Crockett
Analyst
Memorandum from Mr. Allen, Director,
Division of Personnel Adyninistration
5/9/52
FcMahon,
Eliza'heth
Personnel Clerk
Lois L. 'wailer,
Personnel Clerk
Marvaret H. Wolverton,
Personnel Clerk
'proved unanimously.
Memorandum dated My 7, 1952, from Mr. Bethea, Director,
kvisiori or
Administrative Services, recommending that the temporary
413 itittaent
Of Helen
Golway, Cafeteria Helper in that Division
be
e''4-terdeA
011 4 temporary-indefinite basis, with no change in her
"
519152
1)/
-4-
rit basic salary at the rate of
Of her
2,42C, effective at the expiration
Present temporary appointment.
Approved unanimously.
Memorandum dated May
7, 19')2, from Mr. Bethea, Director,
bivis •
1°n of Administrative Services, recomending that the temporary
8.1)Pc)intment of Nlirley S. Corbin, Charwoman in that Division, he
eterlded on a temporary-indefinite basis, with no change in her
Ilresentbasic salary at the rate of :2,11-20, effective at the exDirat •o,
1-- of her present temporary appointment.
Approved unanimously.
Telegram to Mr. Fenner, Chief Examiner, Federal Reserve Bank of
elPhia, reading as follows:
"Reurtel May 9. Board approves designation of R. J.
ip_ucceschi and F. H. Getter as special assistant examiners
or the
Federal Reserve Bank of Philadelphia."
Approved unanimously.
Telegram to Mr. Raisty, Assistant Vice President, Federal Reserve
or
Atlanta, reading as follows:
stated Board
agre,_ Reurlet May 2, 19)2. In view of facts
le
that, where appraised value of improvements and
assd land is 4;298,5oo and appraised value of the leased
srd is 384,250, a first mortgage loan in the amount of
v.23,000 to the holder of the 99-year lease would be in
e°1ation of Regulation Y. This conclusion appears to
bl
fair since, in cases where 'there is borrowing to
1,nance nonresidential construction on leased land', a
ssee-borrower must have an 'equity' in the property
"
5/9/52
-5-
equal to the equity which an owner-borrower would he required to have."
Approved unanimously.
Letters to Mr. Olson, Vice President, Federal Reserve Bank
or
ellies,F0, stating that the Board concurs in the recommendations
or
Bank that no action be taken by the Board concerning reported
71°1at"
lons of Regulation W, Consumer Credit, by the following regist,rezts:
Mr. Henry Conway, doing business as test Town Appliance,
5442 West North Avenue, Chicago, Illinois
Russell S. Proctor, Inc.,
210-1/2 E. 1(,ashington EAreet, Bloomington, Illinois
B. R. Reed,
41 North Wisconsin Street, Llkhorn, Wisconsin
130Pe & Clement Auto Eales,
614 Eighth Avenue, Baraboo, Wisconsin
Joseph L. McCoy, doing Yusiness as Appliance Liquidators,
2208 W. Madison Street, Chicago, Illinois
Approved unanimously.
Letter to Mr. Debus, Cashier, Federal Reserve Bank of Kansas City,
as follows:
Receipt is acknowledged of your letter of April 22,
concerning Albert Bell's Midwest Appliance Company,
:
r fleas City, Missouri, a registrant under Regulation
w e°Inmending that the Board take no action concerning
.101ations reported by your investigators.
The Board concurs in this recommendation."
19
2
Approved unanimously.
V9/52
-6Letter to the Honorable Raymond M. Foley, Ildministrator, Housing
Home Finance
Agency, 1626 K Street, N. W., 'Washington, D. C., reading
e.8 follows:
"In your letter of April 3, 1952, you state that an
urgent need for rent control has developed in certain small
an(1 isolated communities qualifying as critical defense
areas where there
has been a relatively large in-migration
Of defense workers
and military Personnel. Your letter exPlains why the detailed programing of permanent housing under
fl.1b1Jc Law 139
in these cases would be a futile action and
s
leading to the public, and you propose that, to avoid
li
Programing action and still provide the relaxation of
eorfedit controls required by Public Law 96, the provisions
credit
Regulation Y and related credit control regulations be
:12spended for all housing in these areas. Your letter also
that the susnension of credit controls in this type
Of area,
cle
where there is no real prospect of private resi„ntial construction, should have no impact or negligible
i"act on residential construction in the areas, but that
oUld the situation change so that there is a material
e ncrease in construction activity in any such area credit
4°11trols for the area would be restored when defense hous-111g needs are
met.
It is understood that the areas in question would be
desivi 6"ated as critical defense housing areas under the proof section 204 of the Housing and Rent ,.ct of 1947,
amended,
before the suspension of credit controls in any
Such
area becomes effective. The Board is in agreement with
Your
Proposal and hereby suspends, with your concurrence,
the
Provisions of the regulation with respect to housing in
tl,ch areas. It is understood that you will not submit to
Poard for consideration each individual area in which
IllaY appear that real estate credit controls should be
su,
''Pended. It is also understood, of course, that the
Ifa's action in this matter may at any time be withdrawn
'" respect to areas which have not then been declared
T
r
Z
*482
"to 1e critical
defense housing areas if in its judgment
conditions make this desirable."
Approved unanimously.
@FedFRASER