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4 e. A meeting of the Board of Governors of the Federal Reserve SMemwas held in Washington on Tuesday, October 31, 1944, at 10:30 a.ra. PRESENT: Mr. Ransom, Vice Chairman Mr. Draper Mr. Evans Mr. Mr. Mr. Mr. Morrill, Secretary Bethea, Assistant Secretary Carpenter, Assistant Secretary Clayton, Assistant to the Chairman The action stated with respect to each of the matters hereinreferred to was taken by the Board: Memorandum dated October 31, 1944, from Mr. Morrill submittille the r esignation of Mrs. Frances Tambini as a charwoman in the Secretary's Office, to become effective as of the close of business 014 October 31, 1944. ommenZ resignation was accepted as recLetter to Mr. Peterson, Vice President of the Federal Reserve ktilt of St. Louis, reading as follows: "In accordance with the request contained in your letter of October 24, 1944, the Board approves the ap%fitment of Charles E. Leach as an examiner for the "ral Reserve Bank of St. Louis. Please advise us of the date upon which the appointment becomes effective." Approved unanimously. Letter to Mr. Day, President of the Federal Reserve Bank of Sari .0_ an 'r cisco, reading as follows: As requested in your letter of October 21, 1944, 1642 10/31/44 -2- "'?he Board aPproves the changes in the personnel classiication plan of the Federal Reserve Bank of San Francisco, 11.1volving the establishment of the new position of Assistant Director of Research with a maximum annual salary of 86,500 and the abolishment of the position of Assistant Chief in the Research Department." Approved unanimously. Memorandum dated October 27, 1944, from Mr. Vest, Assistant Genera] . Attorney, reading as follows: "A copy of an order of the District Commissioners exempting the Board's real property from taxation (in the form attached) was recently received by the Board. It provides that the exemption is 'to begin as of July 1, 1937t It Will be recalled that the assessments against property began as of that date. In this situa1,?.on the question might conceivably be raised as to whether the property is exempt from taxation for the years preceding July 1, 1937. , "As a practical matter, it is believed that there I-slittle likelihood that such a question would ever be raised. In any event, for the reasons stated below, it avvItbelieved inadvisable to take any steps at this time a view to obtaining any change or modification in the rrord record in this matter. . Corporation Counsel Keech, in a letter to Mr. Drei°eIbis dated June 221 1944, stated that: 'You are correct in your statement that the Board of Commissioners will now recognize the Federal Reserve Building as property of the United States Government and not subject to District of Columbia property taxes. In view of this fact, of course. no advertisement for rtionpayment of real estate taxes will be made.' 'Moreover, when I advised Mr. Keech earlier in June that one Federal Reserve Bank had suggested that the discl claimer t should be so worded as to apply expressly to past ' t as well as current and future taxes, Mr. Keech assured me ee and hat no action would be taken with respect to past taxes 0 , l'as quite emphatic in advising against raising the t eetion on because it might reopen the whole matter with He and thus upset the entire arrangement. 10/31/44 —3— "In addition, there is a statute (District of Col— umbia Code, Title 47, Section 712) which provides that if it has been discovered that property has been omitted from assessment in any year or years it shall be at once assessed and the taxes collected, but 'no property which !las escaped and taxation shall be liable under _T:his sectionassessment for a period of more than three years prior 1'0 such assessment, except in the case of property involved in l itigation'. Mille the wording of this statute is not clear as it might be, it would afford strong grounds Ior arguing in this case that assessments for the years ty 1937, may not be made at this late date. l ie°1a'tsoo v. Distiriet of Columbia, 102 F. (2d) 254.ft Z Approved unanimously. Thereupon the meeting adjourned. Thi(— ) ) 0-1114?( ) Secretary.
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