7/21/2019 19490321_Minutes.pdf http://slidepdf.com/reader/full/19490321minutespdf 1/5 S26 Minutes of actions taken by the Board of Governors of the Pecieral Reserve System on Monday, March 21, 1949. PRESENT: Mr. Eccles, Chairman pro tem. Er. Szymczak Mr. Draper Er. Vardaman Mr. Carpenter, Secretary Mr. Sherman, Assistant Secretary Mr. Morril, Special Adviser Er. Thurston, Assistant to the Board Minutes of actions taken by the Board of Governors of the 4cleral Reserve System on Mnrch 18, 1949, were approved unanimously. Memorandum dated March 16, 1949, from Mr. Leonard, Director Of the Division of Bank Operations, recommending the appointment of *410 Helen P. Hutchinson as a clerk—stenographer in that Division, with basic salary at the rate of $2,724.00 per annum, to be effective 44 Of the date upon which she enters upon the performance of her llt es after having passed the usual physical examination. Approved unanimously. Letter to Mr. Stetzelberger, Vice President of the Federal erve Bank of Cleveland, reading as follows: In accordance with the request contained in your letter of March 16, 19495 the Board approves the appoint— erit of John T. Stewart, Jr. as an assistant examiner for the Federal Reserve Bank of Cleveland. Please advise us cxf the date upon which the appointment is made effective and also as to salary rate. Approved unanimously.
Welcome message from author
This document is posted to help you gain knowledge. Please leave a comment to let me know what you think about it! Share it to your friends and learn new things together.
Transcript
7/21/2019 19490321_Minutes.pdf
http://slidepdf.com/reader/full/19490321minutespdf 1/5
S26
Minutes
of
actions
taken
by
the Board of Governors of the
P e c i e r a l
Reserve
System
on
Monday,
March
21,
1949.
PRESENT:
Mr.
Eccles,
Chairman
pro
tem.
Er.
Szymczak
Mr.
Draper
Er.
Vardaman
Mr.
Carpenter, Secretary
Mr.
Sherman,
Assistant
Secretary
Mr.
Morril,
Special
Adviser
Er.
Thurston,
Assistant
to
the
Board
Minutes
of
actions
taken by the
Board
of
Governors
of
the
4cleral
Reserve
System on
Mnrch
18,
1949,
were
approved
unanimously.
Memorandum dated March
16,
1949,
from
Mr.
Leonard,
Director
Of the
Division
of
Bank
Operations,
recommending
the
appointment
of
*410
Helen
P.
Hutchinson
as
a
clerk—stenographer
in
that
Division,
wi
th
basic
salary
at the
rate
of
$2,724.00
per
annum, to
be
effective
44
Of
the
date
upon
which
she
enters
upon
the
performance
of
her
l l t
es
after
having
passed
the
usual
physical
examination.
Approved
unanimously.
Letter to Mr. Stetzelberger, Vice President
of
the
Federal
erve
Bank
of
Cleveland,
reading
as
follows:
In
accordance
with
the
request
contained
in
your
letter
of
March
16,
19495
the
Board
approves
the
appoint—
e r i t
of
John T.
Stewart,
Jr. as
an
assistant
examiner
for
the
Federal
Reserve Bank
of
Cleveland.
Please
advise
us
c x f
the
date upon
which the
appointment
is
made
effective
and
also
as
to
salary
rate.
Approved
unanimously.
7/21/2019 19490321_Minutes.pdf
http://slidepdf.com/reader/full/19490321minutespdf 2/5
3
21/
49
-
2-
Le
tte
r
to
the
Ho
nor
abl
e
Sco
tt W
.
Lucas,
United
States Senate,
r
ead
ing
as
fol
low
s:
The
att
ach
ed
le
tte
r
of
ar
ch
8
fr
om
Con
lon
-M
oor
e
C
orpo
rat
ion
,
Chi
cag
o,
Il
lin
ois
, was
rec
eiv
ed
w
ith
y
our
m
emo
ran
dum
of
Z
i a r c
h
1
1.
t 1
r
B.
J.
Ha
rk,
P
res
ide
nt
o
f
t
hat
cor
por
ati
on
app
ears
t
o
be
wel
l
pl
eas
ed
wi
th
the
r
e-
cen
t
mod
ifi
cat
ion
of
Reg
ula
tio
n
W
a
s it
app
lie
s
t
o
th
e
in
sta
lme
nt
sa
le o
f hou
seh
old
app
lia
nce
s,
bu
t
r
eco
mme
nds
that
the
regulation
be
further liberalized
to
remove any
re
str
ict
ion
s
o
n
t
he del
ive
ry
of
app
lia
nce
s
for
t
ria
l
an
d
dem
onst
rat
ion
in
an
tic
ipa
tio
n o
f
a
n
ins
tal
men
t sa
le.
Th
e
reg
ula
tio
n
ef
fec
tiv
e
S
ept
emb
er
2
0,
19
48
pr
ovi
ded
,
as
d
id
th
e
ol
d
one
w
hic
h
exp
ired
N
ove
mbe
r
1
19
47,
tha
t
deli
ver
y o
f
a
li
ste
d
ap
pli
ance
for
ap
pro
val,
tr
ial
, or
dem
ons
tra
tion
i
n
ant
ici
pati
on
o
f a
n i
nst
alm
ent
s
ale
cou
ld
b
e
mad
e on
ly
if
a
t
or
b
efo
re
the
t
ime
of
de
liv
ery
a
de
pos
it
wa
s
m
ade
b
y
th
e
p
ros
pect
ive
c
ust
ome
r,
at
lea
st equ
al
to
the
do
wn
pay
men
t.
Af
ter
due
con
sid
era
tio
n
of
the
s
ubj
ect
an
d
in
r
eco
gni
-
tio
n
o
f t
rad
e
pra
cti
ce in
t
he
m
att
er,
th
e
re
gul
atio
n
was
a
mend
ed,
ef
fect
ive
N
ove
mbe
r
1 19
48,
t
o
per
mit
de
liv
ery
o
f
app
lia
nce
s and
ce
rta
in
ot
her
lis
ted
ar
tic
les
u
nde
r
an a
r-
ra
nge
men
t
w
her
e
the
req
uir
ed
down
p
aym
ent
c
oul
d
be
m
ade
a
t
a
ny
ti
me
w
ith
in
t
en
day
s a
fte
r
de
liv
ery
for
app
rov
al,
t
ria
l,
o
r
d
emon
str
ati
on
in
a
nti
cip
ati
on
o
f a
n
i
nst
alm
ent
sal
e.
c
opy
of
t
hat
a
men
dme
nt
i
s
att
ach
ed.
A
s
yo
u
kno
w,
R
egu
lat
ion
V
app
lie
s
t
o
i
nst
alm
ent
sal
es
o
f
app
lia
nce
s
an
d
oth
er
lis
ted
arti
cle
s
i
n
two
ma
jor
re
spe
cts
.
It
pr
escr
ibe
s m
ini
mum
dow
n
pay
men
ts
an
d m
axi
mum
mat
uri
tie
s.
It
i
s
in
support
of
the
down
payment requirement
that
the
Boa
rd
re
gul
ate
s
th
e
c
ond
iti
ons
und
er
whi
ch
app
lia
nce
s
a
nd
ot
her
li
ste
d
art
icl
es
ma
y b
e
d
eli
ver
ed
'
in
an
tic
ipa
tio
n of a
n
in
sta
lme
nt
sal
e'.
Wit
hou
t s
uch
a
p
rovi
sio
n
th
e
d
own
pay
men
t
r
equ
ire
ment
s woul
d
be
wea
ken
ed
con
sid
era
bly
a
nd
wo
uld
not
be
n
ear
ly
so
ef
fec
tiv
e
as a
cr
edi
t
con
tro
l
me
asu
re.
Of
cou
rse
the
Bo
ard
ha
s
con
sid
ere
d
th
e
poi
nts
rai
sed
by
I
r.
Ha
nk
in
tha
t
co
nne
cti
on,
b
ut
c
omp
eti
tio
n d
oes
te
nd
to
m
ake
reg
ist
ran
ts
go
far
the
r
in
t
he
ma
tte
r of a
ppr
ova
l,
tr
ial
,
an
d
dem
onst
rat
ion
del
ive
rie
s
th
an
t
hey
w
oul
d
wil
lin
gly
go.
In
view of
the
above
the
Board
is
of
th
e op
ini
on
t
hat
an
am
end
men
t
to
a
dop
t
Mr
.
H
ank
's
rec
omme
nda
tio
n
wo
uld
ser
iou
sly
imp
air
th
e
eff
ect
ive
ness
of
th
e
re
gul
ati
on.
A
ppr
ove
d
u
nan
imo
usl
y.
7/21/2019 19490321_Minutes.pdf
http://slidepdf.com/reader/full/19490321minutespdf 3/5
52
4
3
/
2
1/
49
Letter
to the
Honorable
Reva
Beck Bosone,
United States
Haase
o
f
Repr
esen
tativ
es,
rea
ding as
follo
ws:
The
e
nclos
ed
lett
er
dated
Fe
bruar
y 21
fro
m
R
.
S.
Gib
son
of
Peck
s, Inc.
,
a
who
lesal
e
phot
o
su
pply
bus
i-
nes
s
of
S
alt
Lake C
ity,
Ut
ah,
w
as
recei
ved
with
your
l
ette
r of
Fe
brua
ry 26
addr
essed
to Ch
airm
an
M
cCabe
.
You
requ
este
d
t
hat w
e gi
ve you
th
e Boa
rd's
p
oint
of
v
iew
wi
th
respe
ct to
those
s
ecti
ons
of
Mr.
Gi
bson'
s
let-
ter
t
hat
r
elate
to
t
he w
ork
of
the Board.
Par
agrap
h
(1)
of
the
let
ter
appea
rs to be
the
Prin
cipal
one
with
which
the
Boar
d
is
di
rect
ly
conce
rned.
Th
e
sug
gesti
on
is
ma
de
th
at
an
anal
ysis
of
t
he
cons
umer
cre
dit
con
trol
, as
re
prese
nted by
Regul
atio
n
W,
be
m
ade
in
the
l
ight
of
u
nits
of goo
ds
ra
ther th
an
dol
lar
volum
e,
since
the
p
resen
t valu
e of
the
d
ollar
is n
ow
abou
t
5
0
cen
ts.'
We
appr
eciat
e th
e
poi
nt th
at
th
e
n
umber
of
un
its
of
g
oods
invol
ved in
co
nsume
r
insta
lmen
t cr
edit
t
rans-
ac
tions
ha
s
n
ot
expan
ded
as
muc
h as
the
dol
lar
vo
lume of
cre
dit. T
his
ha
s
be
en
con
sider
ed
i
n ou
r
studi
es.
I
t
ha
s
seemed to
us,
however, that the
more
important
factor
to
con
sider
in
conn
ectio
n with
t
he
use of
Regul
ation
s
an
a
nti-
infla
tion
restr
aint,
i
n
ac
cord
ance
wit
h
t
he
di-
recti
ve
of
Co
ngres
s,
is
t
he
re
lativ
e
i
ncre
ase
in
the
d
ollar
amou
nts,
inc
ludin
g
the
eff
ect
of
h
igher
pric
es.
Pr
ices
today
a
re
large
ly
the
res
ult
of
th
e
u
pward
pr
essu
res
exe
rted
o
n
t
hem
b
y
th
e
in
flati
onar
y
co
nditi
ons
Wh
ich hav
e
been
with
us in
al
most
conti
nuous
ly in
crea
s-
ing
fo
rce s
ince the
ear
ly d
ays
o
f
the
w
ar.
As
a
re
sult
o
f
hea
vy
war
ex
pendi
tures
wh
ich
sw
elle
d the
m
oney
s
uppl
y,
the
people's buying power
was
increased out
of
all
pro-
porti
on to
the
sup
ply o
f
go
ods avail
able
for
pu
rcha
se by
civi
lians
.
The
lar
ge
money
d
emand
bi
dding
fo
r
t
he
limi
ted
a
appl
y of
goo
ds i
nevit
ably
r
esult
ed
in
str
ongl
y
ris
ing
co
nsume
r
pric
es.
It
was
th
e purp
ose
of
R
egula
tion W
whe
n
rein
state
d
l
ast
fall
to r
estra
in the
growt
h of
con
sumer
in
stal
ment
cre
dit
i
n
o
rder
to le
ssen t
o
som
e ex
tent
the
i
nflat
iona
ry
for
ces
wh
ich had been
pus
hing
p
rice
s
hi
gher
an
d
to
pro-
mote
s
ound
cre
dit
co
nditi
ons
in
th
e
consu
mer
credi
t
a
rea.
Th
e Bo
ard is co
nsta
ntly
st
udyi
ng
cond
itio
ns
in
the
economy generally
a
s well
as
trend
s in
the
production
an
d
mar
keti
ng of
autom
obile
s and
ot
her
co
nsume
rs'
dura
ble
7/21/2019 19490321_Minutes.pdf
http://slidepdf.com/reader/full/19490321minutespdf 4/5
3
/
4 9
52
4
-
4-
go
ods
.
On t
he
basi
s of
th
is st
Idy
a
nd
experience
in
the
admi
nis
tra
tio
n of
the
r
egu
lat
ion
s
inc
e
it
s
rei
nst
ate
-
men
t
l
ast
Se
pte
mbe
r,
th
e
B
oar
d,
on
:la
rch
2,
ann
oun
ced
mod
ifi
cat
ion
of
Re
gul
ati
on
W
e
ffe
cti
ve
I
arch
7,
194
9.
T
he
pr
inc
ipa
l
c
han
ges
r
esu
lti
ng
fro
m
th
e
a
men
dme
nt
ar
e
an
inc
rea
se
in
ma
xim
um
ma
tur
iti
es
to
21
m
ont
hs a
nd
r
edu
cti
on
i
n the
m
ini
mum
do
wnp
aym
ent
s o
n
app
lia
nce
s,
fur
nit
ure
,
et
c.
to
15
per
ce
nt.
A c
opy
o
f
the
Boa
rd'
s
s
tat
eme
nt
for
the
p
res
s
an
nou
nci
ng th
e
mod
ifi
cati
on is
en
clo
sed
.
Paragraph
2)
of
Ir .
Gibson's letter
also
merits
b
rie
f
co
mme
nts
.
Bot
h
du
rin
g a
nd
si
nce t
he w
ar,
t
he
Gov
ern
men
t
h
as
be
en
ser
iou
sly
con
cer
ned
wit
h
s
afe
gua
rdi
ng
the
in
ves
tme
nt
o
f
the
pe
ople
in
G
ove
rnm
ent
bon
ds.
Dur
ing
th
e
wa
r
pe
rio
d,
pr
ice
con
tro
ls
an
d
o
the
r
mea
sur
es
w
ere
ap
pli
ed
to
k
eep
d
own
inf
lat
ion
ary
p
ric
e ri
ses
and
mai
nta
in
the
pu
rch
asi
ng
Po
wer
o
f
the
pe
opl
e's
sa
vin
gs.
D
uri
ng
t
he
p
ost
war
pe
rio
d,
thre
e
maj
or
pol
ici
es
h
ave
b
een
p
urs
ued
fo
r
t
his
p
urp
ose
.
F
irs
t,
a
s
urp
lus
of
Gove
rnm
ent
ca
sh
r
ece
ipts
ov
er
ex
pen
di-
tur
es na
s
been
a
ppl
ied
to
ret
ire
men
t
of
ma
rke
tab
le
pub
lic
de
bt.
Se
con
d, r
ece
ipt
s
fr
om
s
ale
s o
f
a
ddi
tio
nal
sa
vin
gs
bon
ds
in
e
xce
ss
of
red
emp
tio
ns hav
e
b
een
a
ppli
ed
to
re
tir
e-
men
t
o
f such
de
bt.
T
hir
d, th
e
Fe
der
al
R
ese
rve
Sy
ste
m, i
n
co
ope
rat
ion
wit
h
the
Tr
eas
ury
, has
co
ndu
cte
d
i
ts o
pen
mar
ket
op
era
tio
ns
in
Go
ver
nme
nt
s
ecur
iti
es
so
as
to
m
ain
tai
n
at
al
l
tim
es
ord
erl
y a
nd
s
tab
le pr
ice
c
ondi
tio
ns
fo
r
G
ove
rnm
ent
iss
ues
.
Th
is
co
mbi
nat
ion
of
p
oli
cie
s
ha
s
hel
ped
sig
nif
i-
c
ant
ly
to rest
rai
n pos
twar
i
nfl
ati
ona
ry
pre
ssu
res
as
w
ell
a
s
con
tri
but
ing
t
o
in
ves
tor
co
nfi
den
ce
in
t
he
so
und
nes
s of
Go
ver
nme
nt
ob
lig
ati
ons
fo
r
sav
ing
s p
urpo
ses
.
Th
e
co
nti
nui
ng
growth
in
the outstanding volume
of Government
savings bonds
a
ttes
ts
to
g
ene
ral
fe
eli
ng
am
ong
save
rs
th
at
Go
ver
nme
nt
f
ina
nci
al
p
oli
cie
s ha
ve
be
en co
nsi
ste
nt
wi
th
th
eir
inv
est
-
me
nt
int
ere
sts
.
Ap
pro
ved
un
ani
mou
sly
.
L
ett
er to
The
Hon
ora
ble
, Th
e
At
tor
ney
Ge
ner
al,
r
ead
ing
as
fo
l-
En
clo
sed
is
a
cop
y of
a
let
ter
da
ted
Ma
rch
11
,
1949
wh
ich
we
ha
ve
r
ece
ive
d
fro
m
th
e
F
ede
ral
Res
erv
e
B
ank
of Sa
n
Fra
nci
sco
in
qui
rin
g
w
het
her
,
in
c
onn
ect
ion
7/21/2019 19490321_Minutes.pdf
http://slidepdf.com/reader/full/19490321minutespdf 5/5
3
/
2
1/49
-5-
with
the
preparation of
claims
to
be
filed with the
Attorney
General
under
the
Act
of
July
2,
1948
(American
Japanese
evacuation
claims)
the
Federal
Reserve
Bank
may
make
information
contained in
its
files
available to
claimants
under
such
Act.
Under
date
of
March
7,
1942
the
Secretary
of the
Treasury
conferred
certain
powers
upon
the
Federal
Reserve
Bank
of
San
Francisco
as
fiscal
agent of the
United
States
in
connection with the
evacuation
of
the Japanese from
the
West Coast
military areas.
Since
these
files and
records
have
been
accumulated
by
the
Reserve
Bank
in
its
capacity
as
fiscal
agent
of
the
United States,
we
have
asked the
Secretary
of
the
Treasury
for
his views on
the
question
raised
in
the
enclosed letter.
It
will
be
appreciated
if
you
will
advise
us
whether
you
have
any
objection
to
the
Reserve
Bank
divulging
such
information
as
it
may
have to
claimants in
connection
with
the
preparation of
claims
to
be
filed
under the
above
mentioned
Act of Congress.
AP
Proved:
Approved unanimously, together
with
a similar
letter
to
the
Honor-
able,
The
Secretary
of
the
Treasury.
Chairman
pro
tem.