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BOARD OF GOVERNORS
DF' THE
FEDERAL RESERVE SYSTEM
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WASHINGTON
S-526
ACCRE•• DF'F'ICIAL CDAAE ...DNCENCE
TD THE BQARD
July 3, 1942
Dear Sir:
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Reference is made to the Board's lett.;rs of April 17, 19~.2
(R-975) and May 2, 1942 (R-981). There are enclosed copies of Forms
F. H. 577, 577a, and 579, which have been r'=lvised in the light of sugge.stions developed at recent conferences held between members of the
Board 1 s staff and representatives of the 1lar and i~av:r Departments and
the Maritime Commission. A supply of each form is being forward~d under separate cover •
Forms F. R. 277 (Msri time Commission) and F. R. 57?a ( Arrrw- and Naw Departments)
1. Guarantee numbers on Form F. fi.. 577 or 5?7a reports
should be the same as those a.ssi,g-ned to the corresponding
guarantees. Your Bank should assign the guarantee numbers to
guarantees executed on behalf of the War Department and the
M.aritime Conunission. The tJavy Department will assign guarantee numbers when issuing authorizations for guarantees. If
numbers heretofore used on Form F. R. '77 reports do not conform to the above-described procedure, please submit to the
Board in duplicate a separate list for each agency showing the
name of borrower, serial number on Form F. R. 577 o.s submitted,
and the number assigned to the corresponding· guarantee.
The
numbers of the guarantees will then be inserted by us on the
corresponding reports on Form F. R. 577.
2. A report on Form F. R. 577 or 577a should be submitted
for ecwh loan made by your Bank under Section 13b of the Federal
Reserve Act that is guaranteed by the War Departme11t, Navy Department, or the Maritime Commission. Only one report need be
made for each guarantee even though the loan is not to be advanced in full at one time.
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3. Branch of eyervice chiefl'{ S(Oncerned. This item need
be filled in only on rt>ports of loans guaranteed ::,y the VJar Department and should show the branch of the service, such as
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S-526
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Ordnance, Chemical Warfare, etc. for Vihich, either as contractor
or subcontractor, the contractor· has the greatest dollar volume
of contracts. If the Bank has difficulty in obtaining such information, it will be. obtained for the Bank by the ltaison officer •
4. .Amount of loan. The amount of the loan should be re·ported as the maximum amount of credit that under the guarantee
agreement ITh:'lY be outstanding at any one time •
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5. Final maturity of loan. In cas£ the final maturity of
the loan is indefinite because repayments thereof are to be made
out of payments to the borrower on the contract, a statement to
that effect should be substituted for final maturity date •
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6. Commitment fee, if anv. This item on reports of loans
guaranteed by the War Department or Navy Department (Form 577::-..)
should show what commitmsnt fee, if any, is charged the borrower by the financing institution.
Form F. fl.. 579
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l. Separate reports should be submitted for War Department, Navy Department, and Maritime Commission guarantees and
should include loans outstanding at the end of the preceding
month (column 6) even though no amount is outstanding at the
end of the report month (column 7).
2. Column 4. The amount in column 4 should be the amount
of credit in use by borrower on date of report plus any additional amount then available to borrower under the guarantee
agreement.
3. Columns 5 and 8. The amounts to be entered in columns
5 and 8 should be derived by multiplying the amounts in columns
h and 7 by the guarantee percentage (column 3) stated in the
guarantee agreement or by such percentage as modified by action
taken under Section 5 thereof.
Very truly yours,
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Jt"/{-1~_/. t't ..-
1. P. Bethea,
Assistant. Secretary.
Enclosures 3
TO THE PRESIDENTS OF ALL FEDERAL RESERVE BAJ.\IKS
@FedFRASER