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143
BOARD OF GOVERNORS
OF" THE
FEDERAL RESERVE SYSTEM
S-579
WASHINGTON
ADDRESS OF"F"ICIAL CORRESPONDENCE
TO THE SOARD
•
Dear Sir:
The 'Board has received from the War Department a
memorandum dated October 31, 1942, sie;ned by I,ieuteno.nt Colonel
•
Paul Cleveland, Chief, Loan Section, Advance Payment and Loan
Branch, regarding the use of Optional Condition (N), in view of
the position taken by the COJaptroller of the Currency in his
letter of October 2i1, l9l.2, a copy of which VIas t:i:·onsmitted to
you with our letter of October 29, 1942 (S-575).
J; copy of the
11\'a.r Department's memorandum is enclosed for y01n· information
•
and
g"~lidance
•
Ve;I"J truly yours,
L. P. Bethea,
Assistant Secretary •
•
Enclosure
TO THE
.
PR~SIDENTS
OF ALL :FEDEHAL RESEH\TE !3.AN1{S
•
144
J
S-579-a
WAR DEPARTNili:NT
SERVICES OF SUPPLY
V:.P.SHINGTON I D. c.
HEJ~.Dr~UA1~'I'EHi:3,
'
October 31, 1942
lJlEMORANDtJM:
SUBJECT:
From the War Department to the Board of Gov·ernors
of the Federal Reserve System
Optional Condition "N"
In view of' the recent decision of the Comptroller
of' the Currency .in reviewing the Genern.l Motors Loan, H
is
recommended tbat in all cases where a limit is place(1 on the
•
use of funds by th13 War Department optional cowH tion "N" be
used.
(signed) Paul Clevc·land
Paul Cleveland
Lt. Colonel, A. U. S.
Chief, Loan Gection
Advance Payment and Loan Branch
•
..
@FedFRASER