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1281 A meeting of the Board of Governors of the Federal Reserve System was held in Washington on Tuesday, September 10, 1946, at 10:30 a.m. PRESENT: Mr. Ransom, Vice Chairman Mr. Draper Mr. Vardaman Mr. Carpenter, Secretary Mr. Morrill, Special Adviser The action stated with respect to each of the matters hereintter referred to was taken by the Board: Memorandum dated September 5, 1946, from Mr. Leonard, Director q the Division of Examinations, submitting the resignation of Miss 4a1ne L. Quarforth, a typist in that Division, to become effective 48 of the close of business September 11, 1946, and recommending that the payresignation be accepted as of that date, and that appropriate Zerit be made for the accumulated annual leave remaining to her credit 4t that time. The resignation was accepted as recommended. Letter to Mr. Hill, Vice President of the Federal Reserve Bank t Philadelphia, reading as follows: "In accordance with the request contained in your letter of September 5, 1946, the Board approves the designation of the following employees as special assistant examiners for the Federal Reserve Bank of Philadelphia: Thomas F. Maguire Diann R. Abate Frances S. Childs Evelyn R. Donatoni Ann Jereb Evelyn M. Malandra William E. Brown, Jr. William E. Housel Stanley J. Grigalunas Harold F. Still, Jr. Richard W. Havens!" Approved unanimously. 1282 -2Letter to "Citizens Bank of Stuart", Stuart, Florida, reading as follows: "The Board is glad to learn that you have completed all arrangements for the admission of your bank to membership in the Federal Reserve System and takes pleasure In transmitting herewith a formal certificate of your membership. "It will be appreciated if you will acknowledge receipt of this certificate." Approved unanimously. Letter to Mr. Gidney, President of the Federal Reserve Bank Of Cleveland, reading as follows: "This refers to your letter of August 28 which suggests that further consideration be given to the ruling, Published as #8663.3 in the loose-leaf service, that civilian jeeps are not classified as automobiles for purposes of Regulation W. You observe that Willys-Overland Motors, Inc., produced 7,556 jeeps in July, and that it has been conducting an extensive national advertising campaign for these vehicles. "In making this ruling we were influenced not only by the opinion that unregulated credit extended to purchase jeeps would be a comparatively unimportant inflationary influence, but also by the belief that jeeps are more closely related in design and function to motor trucks than to automobiles. The jeep's specifications, such as the four-wheel drive, are in many respects more like those of trucks than of passenger cars. Moreover, we are informed that most jeeps are now being sold for commercial vehicle uses, and that they are classified as motor trucks in official Government production records. "While we appreciate your point of view, we do not believe it advisable to change this ruling on the basis of our present information, chiefly for the reason indicated that jeeps seem more properly defined as trucks than as automobiles." Approved unanimously. 1283 -3on Personnel Letter to Mr. Williams, Chairman of the Committee °f the Conference of Presidents, reading as follows: "As you know, Mr. Leonard has been serving as an ication Associate on the subcommittee on personnel classif Presithe under oning and job evaluation -which is functi er dents' Committee on Personnel. In view of his transf of ment appoint the to the Division of Examinations and Mr. Fred A. Nelson as Director of the Division of Perd sonnel Administration, Mr. Nelson will succeed Mr. Leonar . mittee in the same capacity on the subcom "Copies of this letter are being sent to Mr. Sproul and Mr. Treiber as Chairman and Secretary, respectively, Of the Presidents' Conference, and to Mr. Hilkert, Chairman of the subcommittee on personnel classification and job evaluation." Approved unanimously. ents, Letter to Mr. Sproul, Chairman of the Conference of Presid Nading as follows: "The Board has noted from the minutes of the Conference of Presidents, held in Washington on June 7 and 8, that after discussion the Conference took no action with derespect to the suggestion that the maximum period of e Reserv l Federa the by ferment of credit for cash items This days. ss busine Banks be reduced from three to two matter has been given considerable thought by the Board and since such reduction would be of substantial benefit to a large number of banks and would probably not increase the present float by more than 0.25,000,000 on the average, it is felt that further consideration should be given to this matter at the forthcoming Presidents' Conference. "It will be appreciated, therefore, if you will have the following topic placed on the Conference agenda: 'Should not the present maximum time of three days for deferment of credit for cash items be reduced to two days?" Approved unanimously. Thereupon the meeting adjourned. Secretary. Approved:
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