Show FRS BOARD OF GOVERNORS MAKE NEW RULINGS As af a further in restraining the expansion of installment credit at this time the 0 board of 0 governors of the federal reserve system has adopted amendment no 3 to regulation W effective march 23 1842 the principal changes made by the amendment are as follows the standard maturity Is reduced from 18 13 to 15 months for all credits suba is vt to the retaliation except credits for residential modernization plumbing furnaces water heaters water pumps and pianos all orf af which may still be for 18 months the down payments are increased from 20 to 33 13 1 3 percent on refrigerators washing wash ins machines ironers Iro ners vacuum cleaners cle anens electric dishwashers room roeln unit air condl sewing machines radios and phonographs and musical instruments st the following articles are added to the list with 33 13 12 1 3 2 percent down payment required bicycles lawn mowers silverware and au all photographic equipment the e following are added to the list IK with 20 Tr truent percent cent down payment required decks wn watches aches and aid floor coverings after andl I 1 the credit I 1 value rf a a used automobile instead of belm bein based upon u PO n the price drice Is to be based either upon the purchase price or upon the avera 2 retail value as 23 stated in such automobile appraisal as may be designated by the board which ever is lower |