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FEDERAL RESERVE BOARD
washington
ADDRESS OFFICIAL CORRESPONDENCE TO
THE FEDERAL RESERVE BOARD

X-6431
December 2, 1929.

SUBJECT: Special Order for Federal Reserve Notes.

Dear Sir:
Referring to Governor Young's l e t t e r of
October 25, there i s enclosed herewith for your information, copy of a l e t t e r , together with enclosures,
which i s "being addressed to the Undersecretary of the
Treasury today.
Very truly yours,

3. M. McClelland,
Assistant Secretary.

Enslesures.

T GOVERNORS OF ALL F. R. BAMS.
O




COPY

X-6431-a

December 2, 1929.
Dear Mr. Secretary:
Referring to my l e t t e r to you of October 22 and your
reply of the following day, you are advised that upon taking
the matter up with the Federal reserve banks, the Board ascertained that a l l were willing to participate in the f i l i n g of
a special order for Federal reserve notes during the current
f i s c a l year, ending June 30, 1930, in order that undesirable
developments in the labor situation at the Bureau, due to insufficiency of i t s appropriations for the year, may be avoided.
In accordance with the preference expressed by the
majority of the banks, and subject to the understandings set
out in our l e t t e r s above referred to, the Federal Reserve
Board has accordingly approved the placing of an order for the
deliyery, during the current f i s c a l year, of 2,950,000 additional sheets of completed notes, and an arrangement for the
establishment of a reserve stock of 4,250,000 sheets, approximately a three-months' supply, of notes in process, 2,125,000
sheets to be worked up in the form of backs and 2,125,000 sheets
as backs and faces (in trimmed form).
Die order for 2,950,000 sheets of completed notes has
been placed with the Comptroller of the Currency in the usual
way, and a copy of our l e t t e r to the Comptroller i s attached
f o r your information. This order involves an expenditure by the
Federal reserve banks of $264,025.00 ($89.50 per thousand
sheets),
There i s also attached a schedule, by banks and denominations, covering the proposed reserve stock, which, i t i s
understood from figures furnished by the Director of the Bureau
of Engraving and Printing, will involve an expenditure by the
Federal reserve banks of $241,738.75. I t is understood that
as expenditures are made by the Bureau in connection with the
establishment of t h i s reserve stock, assessments will be levied
against the Federal reserve banks for t h e i r proportionate shares,
and that once established, the reserve stock w i l l be currently
replenished as work i s completed against regular orders placed
by the Federal reserve banks. I t i s also understood that the
reserve stock will be subject to audit on behalf of the Federal
reserve banks at t h e i r pleasure or that of the Board.
Yours very truly,

R. A. Young,
Governor.
Honorable Ogden L. Mills,
Undersecretary of the Treasury,
Washington, D. C.




copy

x-643i-b
RESERVE STOCK OF INCOMPLETE NOTES
2,125,000
2,125,000

Federal Reserve
Bank

sheets to be worked up in form of backs.
sheets to be worked uo in form of backs and faces (in trimmed form).

Fives

Tens

Twenties

Fifties

Hundreds

Total

'Boston

126,000

209,000

76,000

7,000

15,000

433,000

Hew York

244,000

305,000

304,000

51,000

51,000

1,015,000

Philadelphia

123,000

134,000

90,000

54,000

15,000

416,000

Cleveland

100,000

95,000

157,000

39,000

20,000

4l4,000

Richmond

62,000

62,000

75,000

25,000

12,000

236,000

Atlanta

50,000

52,000

54,000

4,000

10,000

170,000

Chicago

210,000

230,000

250,000

63,000

52,000

505,000

St. Louis

32,000

35,000

32,000

5,000

5,000

112,000

Minneapolis

36,000

35,000

35,000

2,000

2,000*

113,000

Kansas City

49,000

30,000

37,000

4,000

5,000

125,000

Dallas

47,000

50,000

39,000

2,000

2,000

140,000

San Francisco

52,000

70,000

109,000

12,000

19,000

265,000

1,137,000

1,313,000

1,261,000

295,000

241,000

4,250,000




Total

X-6431-c

COPY

December 2, 1929.

S i r :
I t is respectfully requested that you place with the
Bureau of Engraving and Printing, orders for printing Federal
reserve notes in the amounts and denominations stated for the
following Federal Reserve Banks;




Denominations

Number of
sheets

Amount

Boston

5
10
20
50
100

87,000
146,000
53,000
5,000
10,000

$ 5,220,000
17,520,000
12,720,000
3,000,000
12,000,000

New York

5
10
20
50
100

169,000
212,000
211,000
56,000
56,000

10,140,000
25,440,000
50,640,000
33,600,000
67,200,000

Philadelphia

5
10
20
50
100

86,000
93,000
62,000
37,000
11,000

5,160,000
11,160,000
14,880,000
22,200,000
13,200,000

Cleveland

5
10
20
50
100

69,000
68,000
110,000
27,000
14,000

4,140,000
8,160,000
26,400,000
16,200,000
16,800,000

Richmond

5
10
20
50
100

43,000
43,000
52,000
17,000
9,000

2,580,000
5,160,000
12,480,000
10,200,000
10,800,000




X-6431-c
Denominations

Number of
sheets

Amount

Atlanta

5
10
20
50
100

35,000
36,000
38,000
3,000
6,000

$ 2,100,000
4,320,000
9,120,000
1,800,000
7,200,000

Chicago

5
10
20
50
100

145,000
160,000
174,000
44,000
36,000

8,700,000
19,200,000
41,760,00$
26,400,000
43,200,000

St. Louis

5
10
20
50
100

22,000
26,000
22,000
4,000
3,000

1,320,000
3,120,000
5,280,000
2,400,000
3,600,000

Minneapolis

5
10
20
50
100 •

25,000
24,000
26,000
1,000
2,000

Kansas City

5
10
20
50
100

34,000
21,000
26,000
3,000
5,000

2,040,000
2,520,000
6,240,000
1,800,000
6,000,000

Dallas

5
10
20
50
100

32,000
35,000
27,000
1,000
2,000

1,920,000
4,200,000
6,480,000
600,000
2,400,000

San Francisco

5
10
20
50
100

41,000
100,000
24,000
8,000
13,000

2,460,000
12,000,000
5, 760,000
4,800,000
•15, 600,000

Total

5
10
20
50
100

788,000
964,000
825,000
206,000
167,000

47,280,000
115,680,000
198,000,000
123,600,000
200,400,000

'

-

1,500,000
2,880,000
6,240,000
600,000
2,400,000

Respectfully,
The Honorable,
The Comptroller of the Currency.

Governor,