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Ex-officio Members W. P.'G. HARDING, GOVERNOR PAUL M. WARBURG, VICE GOVERNOR FREDERIC A. DELANO ADOLPH C. MILLER WILLIAM G. McADOO SECRETARY OF THE TREASURY CHAIRMAN CHX^SW*Ji!L JOHN SKELTON WILLIAMS COMPTROLLER OF THE CURRENCY F E D E R A L R E S E R V E B O A R D H. PARKER WILLIS. SECRETARY SHERMAN P. ALLEN. ASST. SECRETARY AND FISCAL AGENT WASHINGTON ADDRESS REPLY TO FEDERAL RESERVE BOARD December 13,. 1917,. Dear Sir! There is inclosed for your information and attention Copy of a resolution adopted by the Federal Reserve Bward at a meeting held on December 12, levying an assessment of one h u n dred and thirty-five thousandths of one per cent (.00135) against Federal reserve banks to defray the estimated general expenses of t)ie Federal Reserve Board from January 1 to June 30, 1918. This assessment does net include the cost of engrav ing and printing Federal reserve notes.. There is also inclosed a statement showing the basis Upon which the assessment is levied. I have the honor tc to the early attention of the and f orward the assessment tc half to be payable January 1, dicated in the resolution. request that you bring this matter Board of Directors of your bank, the Federal Reserve Board, oneand one-half wn March 1, as in Very truly yours. Fiscal Agent. Inclosures.- X~569b WHEREAS, under Section 10 of the Act approved December 23, 1913, and known as the Federal Reserve Act, the Federal Reserve Board is empowered to levy semiannually upon the Fed eral reserve banks in proportion to their capital stock and surplus, an assessment sufficient to pay its estimated ex penses, including the salaries of its members, assistants, attorneys, experts, and employes for the half year succeed ing the levying of such assessment, together with any deficit carried forward from the preceding half year; and WHEREAS, it appears from estimates submitted and con sidered that it is necessary that a fund equal to one hundred and thirty-five thousandths of one per cent (.00135) of the capital stock of the Federal reserve banks be created fotvthe purposes hereinbefore described, exclusive of the cost of en graving and printing of Federal reserve notes; NOW, THEREFORE, EE IT RESOLVED, That pursuant to the authority vested in it by law, the Federal Reserve Board hereby levies an assessment upon the several Federal reserve banks of an amount equal to one hundred and thirty-five thousandths of one per cent (.00135) of the total capital stock of such banks, and the fiscal agent of the Beard is hereby authorised to collect from said banks such assess ment and execute, in the name of this Board, a receipt for payment made. Such assessment will be collected in two instalments of one-half each; the first instalment to be paid on January 1, 1S18, and the second half on March 1, 1918. 12/12/17 X~569d ESTIMATE FOR JANUARY. 1918. ASSESSMENT. Average monthly encumbrance for period July 1, 1917 to December 31, 1917 .................. $21,870.42 Estimated monthly requirements, January to June 1918, inclusive .................... 30.811.24 Estimated monthly increase ......... . $6,940,82 Estimated requirements, January to June 1918, inclusive .......... ......... $184,867.44 Estimated unencumbered balance January 1, 1918 .......... 0.00 Total capitalization of Federal Reserve Eanks, December 7, 1917........................ .......... $138,096,000. . Rate Rate Rate Rate of assessment to produce $184,867.00 ............... 0.001387 of assessment to produce $186,430.00 ........... 00135 of assessment to produce $193,334.00 ...................0014 of assessment to produce $207,144.00 .................. 0015 In view of all conditions I have the honor to recommend that an assessment of one hundred and thirty-five thousandths of one per cent be levied. SHERMAN ALLEN________ Fiscal Agent. Approved for .00135 ; F. A. DELANO C. S. HAMLIN A. C. MILLER_______________________ Committee on Organization, Expenditures, and Staff. 12/12/17 X-OoPg, DETAILED STATEMENT OF EXPENDITURES AND COMMITMENTS AS A BASIS OF ESTIMATE. Estimated July 1 to Estimate for Nov. 30, 1917 ... Dp ep.rnhnr Personal .seirvipes: 37,040.56 Board & its Clerks Secretary’s Office 11,885.00 Counsel’s Office 9,013.33 Div.Audit & Examination 10,149.88 7,083.34 " Rep.rts & Statistics n of Issue 4,203.99 Messengers 2,485.83 Charwomen 327.05 Contingent ............. 82,188.98 Total Non-nersonal Services: Transportation & Subsistence: B.ard & its clerks 774.37 18.00 ‘Secretary’s Office Div.Audit & Examination 3,802.03 40.05 " Reports & Statistics 22.90 Counsel's Office 10.00 Messengers Communication Service: 870.98 Telephone 3,227.70 Telegraph , * , t , Postage Printing, Binding, etc: 10,938.46 35.09 Contract repairs: Electricity(light & power):150.00 30.00 Steam (heat) : 873.23 Other (Non-personal): Supplies: 646.69 Stationary 150.80 Periodicals 260.09 Other Equipment; piie s Furniture & office sup- 3,540.74 142.40 Bo.ks 805.91 Geld Settlement Fund: 555.79 Rent: • • C-ntingencies: Total GRAND TOTAL 109.064.21 Total f or 6 Months M.nthly Average for 6 Months monthly require ments 1/1 to 6/30/18 7,458,33 2,430.82 1,845,66 2,614.96 1,447.66 1,041.64 493.33 66*00 44,498 89 14,315.82 12,764.84 12,764.84 8,531.00 5,245.63 2,979.16 393.05 17,399.40 99,568.38 100.00 •• 700.00 874.37 18.00 4,502.03 40.05 22.90 15 145.73 3.00 750.34 6.68 3.82 2.50 200.00 20.00 1,000.00 10.00 10.00 3.00 1,050,98 4,027.70 20.00 12,438.46 35.09 180.00 45,00 923.23 175.16 671.28 3.33 2,073.08 5.85 30.00 7.50 153.87 250.00 1,000.00 5.00 2,000.00 20.00 30.00 15.00 50.00 796.69 150.80 310.09 132.78 25.13 51.68 150.00 25.00 100.00 150.00 188.93 500.00 3,840.74 142.40 955.91 744.72 500.00 640.13 23.73 159.32 124.12 83.33 500.00 25.00 2w0. sX) 188.93 5.000.00 4.738.93 31.634.16 21.870.42 30.611.24 ,* 5.00 180.00 600.00 20.00 1,500.00 *■ * ' 30.00 15.00 50.00 150.00 # 4 50.00 300.00 , , 22.138.33 131.222.54 7,416.48 2,385.97 1,810.00 2,127.47 1,421.83 874.27 496.53 65.51 7,458.33 2,430.82 1,846,66 2,614.96 1,447.66 1,041.64 493.33 66.00 . 2.609.91 16,598.06 20,009.31
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