The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
'~
I
FEDERAL RESERVE BOARD
WASHINGTON
X-3182
August 16~ 1921.
SUBJECT:
!xpense Main Line~· Leased Wire System.
Dear Sir:Under the new form of contract (effective July 1, 1921)
entered into with the American Telephone and Telegraph Company 1
the charge for the main line wires of the Federal Reserve
This means
Leased Wire System will be at the commercial rate.
that the cost of the service has been more than doubled.
The American Telephone and Telegraph Company will continue
to render its monthly bills to the Board and payment thereof
will be made by the Board4
Each Federal Reserve Bank will
reimburse the Board monthly for the total expense of the operation of the Main Lines of the Federal Reserve Leased Wire Sy~
tem, in the proportion that the number of words sent by it ·
bears to the aggregate of words sent by all Federal Reserve
Banks1 exception being made 1 however 1 of messages transmitted
to Washington over the Leased Wires in connection with Treasury
business.
Arrar.gements have been made whereby the Board will
hereafter·bill the Treasury Department direct for all messages
sent to and from Washington over the Leased Wires in connection
with Treasury business.
Each Federal Reserve Bank will continue to send in the
Monthly Report on Form 30C6-A, and deduction will be allowed for
salaries of operators as indicated in the Board's letter of
May 12, 1921, X-1923.
Very truly yours,
Walter L. Eddy 1
Assistant Secretary.
TO CHAIRMEN OF ALL F. R. BANKS.
("\ .~ ~~
V.J.!.. ~~
@FedFRASER