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- Lanutes of actions taken by the Board of Governors of the 4cieral heserve System on Wednesday, November 27, 1946. PRESajT: Mr. Eccles, Chairman Mr. Ransom, Vice Chairman Mr. Draper Mr. Carpenter, Secretary Mr. Sherman, Assistant Secretary Mr. Thurston, Assistant to the Chairman As stated in the minutes of October 30, 1946, Mr. Vardaman e'D Sent on official business. Memorandum dated November 27, 1946, from Chairman Eccle-,, riir4e4cl1ng that Mr. Lawrence Clayton be ap,-)ointed as Assistant to the (2'llairinall, in the Board .Liembers' Sect o, Aith br.sic salary tthe ""e of 15,000 per annum, effective as of the date upon " itch h.E. - eaters upon the performance of his duties after having P4sed the usual physical examination. th the The memorandum also stated it as contemplated that Mr. Clayton vou1c1 become a member of Fed Keserve retirement system. Approved unanimously. Ilell,orandum dated November 27, 1946, from Chairman Eccles, N(1111"nall "e4IPloyeas the that the follot:ing increases in basic - nual srla-ies in the Board Members' Section be approved, effective begihni ng of the next pay roll period folloldn,„ approval by c 4arie hetiles Norris 411°1 aart TLtle Clerk Messenger Proposed Increase To From C2,619.72'*-2,845.44 2,168.28 2,243.52 Epproved unanimously, effective December 1, 1946. 1701 II/27/46 -4- emorandum dated November 26, 1946, from Mr. Carpenter, l'eccqnpaending that Miss Frances A. Burton be transferred from the Division of Administrative Services to the Secretary's Office es file clerk, with an increase in her basic annual salary from ;888.00 to 41,954-°D) the transfer to be effective November 27, 1946 'Euld the salary increase December 1, 1946. Approved unanimously. Idemerandum dated November 22, 1946, from Mr. Thomas, Director °I' the tivisi on of Research and Statistics, submitting the resiLna11°t Mrs. Mary Smelker, an economist in that Division, and that the resignation be accented, to become effective flce with her re„iuest at the close of business November 19 and that appropriate payment be made for the accumulated 4, 1 le, (ve remaining to her credit at that time. The resignation was accepted, as recommended. MQm°randum dated November 25, 1946, from Mr. Smead, Director Division of Bank Operetions, submitting the resignation of Ilian Wopat, a clerk in that Division, end recommending that. eeetlon be accepted to become effective in accordance with ecilaew t t the close of businese December 13, 1946, and that apPaYment be meCte for the accumulated annual leave remaining e(ilt at that The resignation was accepted as recommended. -3Letter to Mr. Kimball, Vice President of the Federal Reserve Ilarilt eq. ;New York, reading as follows: t, "The Board of Governors approves the changes in "e Personnel classification plan of the Federal Re— serve Bank of New involving the R. F. C. Custody 0?,Partment, as submittedwith your letter of November `-<-): 1946 Approved unanimously. Tt-degram to Lr. ayne, Vice President of the Federal Reserve aichmond, reading as follows: 0, •"Retel November 27. Board apDroves designation at C. Norton of Baltimore Branch as special '8a.starit examiner for Federal Reserve Bank of Rich— Approved unanimously. aezetire B Letter to Ur. Meyer, Assistant Vice President of the Federal ank of Chicago, reading as follows: "The Board of Governors approves the changes in Personnel classification plan of the Federal Re— oir14 Bank of Cnicago involved in the consolidation th.Te operations of the Sales Analysis Division of Ag;IchoriQ Department with the operations of the Issuing hove Division, as submitted with your letter of er 22, 1946." the Approved unanimously. Letter C. to Jr. I,edy, President of the Federal Reserve Bank reading as follov;s: ,"Reference is made to your letter of November I .1.9/4 mew, .fv, requesting the Board's approval of a paythe Retirement System of 0560.73 on behalf employees, Ruth Sander and Harvey Bryant. "The Board approves the payment as requested." Approved unanimous t'03 11/27/46 n -4- Letter to iVr. Leland, Federal Reserve Agent of the Federal 've Bank of Chicago, reading as follows: "In accordance with the request contained in Mr. 76'Yert s letter of liovember 22, 1946, the Board of ernors approves, effective December 1, 1946, the I terit, of salaries to the follov,ing members of the .!Ceral Reserve Agent's Staff at the rates indicated: r Name • arl Schelling Charles J. Scanlon Aueust J. Pettke Eiverett D. Jones Title Annual Salary Asst. Federal Reserve Agent :45,200 Alternate Asst. Federal Reserve Agent 5,500 Federal Reserve Agent's Representative, Detroit Branch 4,900 Federal Reserve Agent's Representative, Detroit Branch 4,400" Approved unanimously. -,Letter to Lir. Bowman, Eanager, Credit Department, Federal Fterli,e 8 ank of New York, readiiig as follous: ttml, rep., refers to your letter of November 15, 1946, —rcling investigations of Household Specialty Co., Wev- York, showing apparent violations of ReguThe letter and the enclosed copies of inreports were sent to the Board in accordance reim .1 us letter S-909, but in view of the fact that this 4iTs r,trEnt P.pparently not be subject to the Regut11 1 s revised, it is not contemplated that any fur'action will be taken in connection with this case. 1"erstand that this is in accord with your views.” Approved unanimously. Letter to Mr. Bowman, anager, Credit Department, Federal of New York, reading as follows: 1 04 11/27/46 -5."This refers to your letter of November 7, 1946, arld previous correspondence relating to examinations °I Shapiro Bros. Co., Inc., Oswego, New York, showing aPParent violations of Regulation V. , "Your letter pointed out that the last examination cwed that the registrant was making a serious effort ? comply with the Regulation. Moreover, the enclosures s!icsvied that the registrant would apparently not be subto Regulation under the proposed revision, which as then being considered here. "In view of these circumstances, it is not conplated that any action will be taken with respect to 1,1, Ails matter, and we understand that this accords Your views." r Approved unanimously. Letter to Mr. T. R. Leonard, Editor, Northwest Used Car Northwest Publishing Co., 90 University Street, Seattle 12 cm, reading as follows: p IRegulation V., as revised effective December 1, 1946, : att etrt 4 of the Supplement includes a provision effective gilt : ' 1 January 1, 1947, with respect to used car appraisal ot This provision is stated on page 15 of the copy the eau revised regulation which is enclosed. You will reat a similar Provision was in effect prior to the " - tishment of used car price ceilings. tio4 The Board is considering reestablishing its designaYour guide or guides for the purpose of Regulation 14 this connection it desires to obtain the information t. ro ,L ruh below, to bring up to date the material already 'tle Board's files. 1. The exact name of the appraisal guide ° : .1 guides published by your organization which 11 Your opinion will reflect, after January 1, 1947, the estimated average retail values of used automobiles in one or more localities, !:Llong with an exact statement of the territory -14 Which, in your opinion, such guide (or each guide if you publish more than one) reflects such values. 11/27/46 -6- "2. An indication of the dates on which issues are planned during the remainder of 1946 and in 1947, and the dates within 7:hich each issue is to be effective. 3. A staement of the circulation of the latest iseue of each such guide, inuicatiiz (1) the number of subscribers in each state and (2) the total number of copies subscribed for in each state. 4. L descrion of the class of ears (reconditioned, as-is,etc.) to which the 'retail' quotations in the guide are intended to apply. 5. A brief description of the method by which your organization arrives at or ple,ns to arrive at the 'retail' quotations. It is not necessary to repeat this infomtion if the method to be used has , dredy been described to us and y(su refer us to the communication in lihIch it was submitted. 6. The model years to be covered by the issues to be distributed in 1947. 7. The method of allo;.ing for such extras as overd-ives, ra.dios, and heaters, including swae indication of the amount of such allowances. In order to be certain that we have the latest issue Of letY tour guide or guides, we would appreciAe it if your c-T is accompanied by a copy. 4b0„, It will be helpful to us if the information outlined reaches the Do rdby MondLy, December 9. 3houl(1. you i4 ',I to submit any information regarding your publichton proV, clitLon to that recuested above, please submit it at LIY in writing. The Board hopes to make designations an:arly date. ve appreciate your cooperation." Approved unaniAl.ously, together Ath similar letters to six other car appraisal guide publishers. the slemorandum dated November 27, 1946, from sion Thomas, Director of Research and Statistics, and Yx. Smead, Director Division of Bank Operations, recommending that the ";:liscellatl°11" "era °f the non-personal budget of the Division of Bank Operations 1706 11/27/4,6 be increased -7500.00 to cover the cost of obtaining the services of Federal Deposit Insurance Corporation and their punch-card tabuletin g machine equipment in connection with the preparation by the 4N1.81,. --n of Research and Statistics of a memorandum covering bank cti1T-ti es in consumer instalment financing. Approved unanimously. Secretary. Chairman.
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