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• 131 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM S-573 WASHINGTON ADDRESS Of"f"ICIAL CORRESPONDENCE TO .THE BOARD October 22, 1942. '. Dear Sir: For your information there is enclosed copy of •· a letter written in response to an inquiiJ· from a Federal Reserve Bank with respect to th8 treatment in earnings and expense reports of Federal Hes~:.orve Banks of guarantee fees paid on loans guaranteed pursuant to Executive Order 9112. Very truly yours, \.--...,--~~ ~-,~~.,_,__ -· ~ ---·~· L. P. Bethea, Assistant Secretary. .. Enclosure TO THE PHESIDEN'llS OF ALL FBDERAL HESEHVE BANKS.' 0 132 , S-573-a o·ctober 20, 19~2 ------ Mr. First Vice President, :Federal Reserve Bank of ------ Dea:c lEr. .. .• This is in further reference to your letter of August 18, 1942, inquiring as to whether·guarantee fees paid by Federal Reserve Banks on advances made by them under Section 13b of the Federal Reserve Act and guaranteed by the War Department, Navy Department, or Maritime Commission should be included with expenses or deducted from gross earnings. After further· reviGwing this matter, it seems to us on the whole that iJUch fees should be deducted from gross earnings a11d it will be appreciatea if you will have them so deducted in reports submitted to the Board by your Bank. Very truly yours, E. L. Smead, Chief, Division of Bur.k Operations. I •
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