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198 flUtes of actions taken by the Board of Governors of the Reserve SYstem on Friday, November 26, 1948. 'r PRESFNT: Mr. Szymczak, Chairman )/.- 0 tem. Mr. Draper Mr. Evans Mr. Sherman, Assistant Secretary Mr. Morrill, Special Adviser Mr. Thurston, Assistant to the Board Telegrarns to the Federal Reserve Banks of Richmond, Chicago, 1°114, Minneapolis) Dallas, and San Francisco stating that the 7 8 cl a.PPze'ves the e -etve taw,: or stablishment without change by the Federal ReFrancisco on November 230 by the Federal Reserve 411k8 Of Chicago, St. Louis, and Minneapolis on November 24, 1948, ellcil)Y the pede_a_ r I Reserve Banks of Richmond, Minneapolis, and 4144 tocia the rates of discount and purchase in their exist- Approved unanimously. Ilem, ?Noliel —ralldum dated November 24, 1948, from the Division of q44145 AdMinistration submitting memoranda from the heads of the /N. 111111ated below recommending increases in the bcsic ante4r. Ye tiove -tr'll of the following employees in those divisions, effec- 28, 1948: 4 ZZN 1.i, is ;;Ii. 114 R. q 4,., ..„§zATITI ---,L_Z_ Neila n.key , Jr. Desigpation Economist Administrative Asst. Salary Increase To From $6,474.60 $6,714.00 50733.60 50106.60 1982 -2PpoJta il'."<4,011-7AND STATISTICS (Con) 's Chpj Ec1otDesl'alati°n tomist 14 .ct 'litheita. Gilman Econ om-Evans Zi Clerk kn dlehurst Clerk 41'41 Townsend liurphy Clerk 4(ste T. Clerk-Typist Nelson Research Assistant Tre's4 pit*,1,-eEtria Hernminger Secretary Ja riele- Hurley ' Library Assistant V. ilke Truitt Johnson Clerk-Stenographer Clerk-Stenographer 1111, l'rd ADMINISTRATIOE 'Kilgore Personnel Assistant AYers Personnel Technician Salary Increase To From $5,106.60 $5,232.00 4,479.60 4,605.00 4,103.40 4,228.80 3,727.20 3,601.80 2,949.72 2,874.48 2,799.24 2,874.48 3,476.40 3,727.20 3,476.40 3,225.60 2,949.72 2,799.24 2,648.76 2,799.24 2,648.76 2,799.24 5,608.20 4,228.80 5,733.60 4,479.60 Approved unanimously. MeraQranda from Mr. Dethea, Director of the Division of Admini.I're'tilie kw . Services, following appointments in that recommending the ..."04, ''Pozl the effective as of the dates upon which the appointees enter performance of their duties after having passed the usual 1141'elll kite or eXamination: .. I1*'l! 4 /4748. 1/ 1 24/ .....__Nam e _,..... . Jane T. Turner Miss Mary Ellen SPitsber gen IIi 3 Title stenographer Page Sain,7 $2,724.00 2,086.00 Duration of Appointment_ Permanent Permanent Approved unanimously. Letter 41) 0111, PrePared in accordance with the discussion at the meet%er,t 44Der 5 JoN, 1 1948, for Chairman McCabe's signature to Mr. Avery, the p try edsral Reserve Bank of Chicago, reading as follows: .clea 40Zur'ae'le-etter of October 29, 1948, stating that you ePt reappointment as a Class C Director and. as Chairman and Reserve Agent of the Federal 1983 11/2648 tiRee se ' I ve Bank of Chicago after the expiration ofdiscussed your preat the end of this year, was read and nt rete thae. t cent meeting of the Board. The Board concluded a 0,3 mich as it regretted the loss of your services as and Chair an of one of the Federal Reserve Banks, t it loreic" puee st -11-Ld take no action other than to accede to your resuittliarld It has, accordingly, taken steps to select a successor. sent +The Board has asked. unanimously that this letter be contis; ° „ You expressing its appreciation of the outstanding cillri,,l ' uti°n You have made in the relatively short period Rese'; , which you have served as Chairman of the Federal_ nillpe BE,nk of Chicago. You quickly showed an understandthe role of the Chairman of a Federal Reserve Bank, hcloz,nur thoughtful interest in the System and sound tion ' 11c.) at once gained the highest respect and admiralzriusile l* the members of the Board. More than that, your e-rtcl understandirP- of men and consideration for them, deep ex-rfec17.1.ightful -sense of humor, won for you their ctaon. 1 "The -p P-Lace -oard pill find it difficult indeed to fill the I‘N)reev: sc 11 will leave, but it sends to you this sincere f —3°11 of the gratification felt by every Board mem-a'ving had you as Chairman of a Federal Reserve Approved unanimously. 'relegr?'In to mr. Peterson, Vice President of the Federal Reserve . ouis L reading as follows: t104 tos_ ofnovember 22, 1948. Board approves designshe Folger as a special assistant examiner 'leral Reserve Bank of St. Louis." Approved unanimously. ttie rilelegraz to toilovrs: the Presidents of all Federal Reserve Banks read- "LEts4 -'48, sentence of Board's letter of November 24, 44'11biliTI'ding amendments to Regulation J indicates deethei.,IY, of f urnishing copy of amended regulation, toba, .,`11 Copy of statement enclosed with our letter, 4 11 Your ' district. In lieu of this procedure, 1984 11/, e/ ‹Q 48 -4tlyou copy rri oefY `fdsh to furnish to the banks at this time a stateme,nt enclosed with our letter, together th-t text of amendments to Regulation J, with advice lacL„" Copy of the amended regulation will be furnished eas17• PreSWilably you will also send copy of amended liorti" collection circular at later date to member and repreirnber clearing banks in your district. We plan to to ' F egulation J with new amendments and we hope Plea-ve copies available in about a week or ten days. se shitth,vrire number of copies you would like to have tc Your IDrik.” Approved unanimously. Telegram. to Mr. DaMoss, Vice President of the Federal Reserve °I Dallas, reading as follows: trio_ Re ''71.11-"tel November 23 concerning applicability of cre ' ert ic211 W to used car dealers who ostensibly extend used ktor„,,-,',“.' themselves in sale of connection with the to a-rs':-Lles but do refer or take prospective purchasers b thefl4Q • lrl aya ,r1, eing institution where credit is extended Uehan—e'llg institution to the purchaserarrangernent for the maxl (3C value of the automobile. If the ,is s the r.',at the dealer is not in. fact acting as agent for , 1crieclit anti,cillg institution in the extension of such regulation would not apply to the dealer i°111d, e-il teCt to that credit. The facts in the case whether or not the dealer is a ant,tt Approved unanimously.
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