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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. TO GOVERNORS OF ALL F. R. BAMS. 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,
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