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1158 Minutes of actions taken by the Board of Governors of the Pecieral Reserve System on Thursday, October 14, 1948. PRESENT: Mr. Mr. Mr. Mr. Eccles, Chairman pro tem. Szymczak Draper Evans 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 Federal Reserve System on October 13, 1948, were approved unanimously. Memorandum dated October 13, 1948, from Mr. Leonard, Associate Director of the Division of Bank Operations, recommending that Mrs. Pl°1'ellee K. Weiner be appointed as a clerk-stenographer in that Div1si°11, with salary at the rate of $2,724.00 per annum, effective 4 °I. the date upon which she enters upon the performance of her 611:ties after having passed the usual physical examination. niellic)randum also The stated that Mrs. Weiner would become a member of thePederal Reserve retirement system. Approved unanimously. Letter prepared for Chairman's McCabe's signature to the 1104or aule E. G. Nourse, Chairman, Council of Economic Advisers, Ezec„ "1.11.re Office of the President, Washington, D. C., reading as rollows: with cooperate The Board of Governors will be glad to C Council of Economic Advisers in providing 1159 10/14/48 -2"additional tabulations of data from the 1948 Survey of Consumer Finances as requested in your letter of September 24. "It is my understanding that members of our respective staffs have already discussed the details of the material for which you have need. It now appears that the cost of these tabulations will be somewhat higher .11e-n originally anticipated. Therefore, I should like suggest that an effort be made to restrict the present tabulations to those essential for your immediate needs. there is any information that could be postponed until the t abulations for next year's survey are made, this Would undoubtedly be a more efficient method of obtaining the data. "On I express our appreciation for the behalf of the Board may interest of the Council and its staff in the results of the survey. The excellent use which has been made Of these data by groups such as yours justifies our continued support of this type of basic economic research." Approved unanimously. Letter to Mr. Wallace, Counsel of the Federal Reserve Bank of Richra„,_ 'Jud, reading as follows: an . In your letter of October 7, 1948, you ask whether rityln stalment loan for $2,000 might have a maximum matuunder Regulation W in excess of 15 months where onethe loan was for the purchase of a listed article a -Lf : scribed in subsection (a) of section 4, and the other hair .,:-Lr was unclassified and coverable under subsection (b) od section 4. "The Board agrees with your conclusion that in such , a v'ase the entire instalment loan may be considered as a extension of instalment credit in a principal 8.1.01:1nt e xceeding $1,000, and, therefore, entitled to a W.,111111m maturity of more than 15 months in accordance : ra Itit. siieb t subject to the limitations of, Part 2 of the As you indicated, this view accords with the result that could be obtained by consolidation of sla„tw° Parts of the loan under section 5(a), even though "Parts had been treated initially as independent of ; 070 another under the first sentence of section 6(d). 7 Approved unanimously. Chairman pro tem.
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