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FEDERAL RESERVE BOARD WASHINGTON ADDRESS OFFICIAL CORRESPONDENCE TO THE FEDERAL RESERVE BOARD T — 6 6 7 0 A ~ O O FU August 9, 1930. SUBJECT: (k)8t of Printing Federal fteeerve Notes. Dear S i r : The Federal He serve Board has been advised by the Director of t h e Bureau of fingraving and P r i n t i n g t h a t because of wage i n c r e a s e s which were granted to employees of the Bureau under the Brookhart Salary Act, approved on J u l y 3, 3.930, the cost of p r i n t i h g Federal r e s e r v e n o t e s has been i n crease d $4.25 p e r thousand s h e e t s . This increased c o s t , however, w i l l be o f f s e t in the amount of $1.30 per thousand sheets by a r e d u c t i o n in t h e c o s t of paper under the c o n t r a c t f o r the c u r r e n t f i s c a l y e a r , making a net i n c r e a s e of $2*95 f>er thousand sheets. I t was the i n t e n t i o n of t h e Bureau of Engraving and P r i n t i n g to make t h e new r a t e of $92.45 p e r thousand s h e e t s e f f e c t i v e as of J u l y 1, 1930, but through a misunderstanding a t the Bureau, J u l y d e l i v e r i e s were b i l l e d a t $92.43. The new r a t e w i l l , t h e r e f o r e , be made e f f e c t i v e a s of August 1 , 1930, and a l l d e l i v e r i e s a f t e r t h a t date w i l l be b i l l e d a t the r a t e of $92.45 p e r thousand s h e e t s i n s t e a d of a t the r a t e of $89.50 which was i n e f f e c t up to t h e beginning of t h e current f i s c a l y e a r . Very t r u l y yours, J . C. Noell, Assistant Secretary. To Governors of a l l F. R. Banks.
@FedFRASER