Full text of Mimeograph Letters and Statements of the Board : Letter From E. L. Smead, Chief, Division of Bank Operations, re Audit of Incomplete Federal Reserve Notes, Number B-1167, Volume 45, Page 387

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387

BOARD OF GOVERNORS
OF THE

a
a
»

FEDERAL RESERVE SYSTEM
WASHINGTON
ADDRESS

X

3S5£''

OFFICIAL C O R R E S P O N D E N C E
TO THE

BOARD

*******

August 1, 1936.
B-II67.
SUBJECT:

Audit of Incomplete Federal Reserve notes.

Dear Sir:
For your information there are inclosed recapitulations of an audit
submitted to the Secretary of the Treasury by Mr, M. R, Loaftnan, Chief of
the Division of Public Debt Accounts and Audit, showing the stock of incomplete Federal Reserve notes, Series of 1928 and Series of 193^» combined and Series of 193^ separately, and of uniform backs allocated to
Federal Reserve notes, on hand at the Bureau of Engraving and Printing
at Washington, as at the close of business June 30* 193&*
In his letter transmitting the report to the Secretary of the Treasury,
Mr. Loafman stated that: "The audit extended from July 1 to 3» 1936, inclusive, and consisted of a piece count of the entire stock of faces and a
packago cotint of the uniform backs allocated to Federal Reserve notes.

In

View of the fact that a recent piece count has been made by this office of
the entire stock of each denomination of uniform backs on hand in the
Bureau, a package count and inspection of the uniform backs allocated to
Federal Reserve notes was deemed sufficient at this time.

The total sheets

of Federal Reserve notes, faces and backs, were found to be in oxcoss of
the required reserve of 4,^0,000 sheets, as authorized in the letter of



B-llGj.
— 2 —

the Governor of the Federal Reserve Board to the Under Secretary of the
Treasury dated December 2, 1$29."
It will be noted that of the total of 3»255>^S7 sheets of faces
covered "by the audit, 2,572*936 sheets are of the Series of 193^»
Very truly yours,

E. L. Smead, Chief,
Division of Bank Operations.

Inclosures.
TO ALL FEDERAL RESERVE ASSETS



RECAPITULATI01I
FEDERAL RESERVE ITOTES. SERIES OF 1928 ASP SERIES OF 191%. AIID UHIFOEH
BACKS ALLOCATED TO FEDERAL RESERVE ITOTES, SHEETS OF 12 SUBJECTS EACH

B-ll6ya

AS AT THE CLOSE OF BUSINESS JUNE 30. 1936
Federal Reserve Bank
Faces:
Boston
Hew York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total Faces

$5
82,602

146,166-2/3
77,733-1/3

123,278
41,405-1/3
23,908-1/3
128,867-2/3
58,442-2/3

26,133-1/3
36,507-1/3
56,101
37,833-1/3

$10

101,795-2/3

153,456-2/3
25,357-1/3

106,266-2/3
33,200

55,033-1/3

63,036
40,806-2/3
42,300
33,066-2/3
52,737-2/3

85,^33-1/3

$20
27,400

$50
22f+35

232,228-2/3 58,800
99,466-2/3 45,772-2/3

133,415-2/3
41,470-2/3
52,933-1/3

4o,io6

25,833-1/3

5,321
5,569

31,188-2/3
8,600
160,125
38,197-2/3
21,866-2/3 7,562-1/3
25,966-2/3
149)0^-2/3

3,780-2/3
9,843

$100

$500 $1,000 $5,000

27,086-1/3 1,576

58,400

11,107-1/3
27,861
20,382
15,189-1/3

47,327

5,627-2/3
11,728-1/3
19,386-1/3

3,727
l3,76lri/3

3,797
479

308
570

600
1,09s
874
445
552
460
600

4o
52

44
30

75
122
124
169
90

50
128
122
49

450
1,176

110
99
i4o

52
94

1,021

710

743
4,545
680
582
544
402
3,202
570
l6S

802

838,979

852,490

998,304-1/3 277,176

261,583-2/3 11,359 13,364

Backs:
Uniform Backs allocated
to the various denominations of Federal Reserve
Notes
568,500

656,500

630,500

120,500

Total Faces and
Backs

1,407,479

1,508,990 -

149,000

1,628,804-1/3 426,176

382,083-2/3 11,359

$10,000j

80

61

TOTAL
263,722
657,476
320,596-1/3
431,942-1/3
169,010-2/3
156,870-1/3
442,144-1/3
135,889
111,929
122,021
145,940-1/3
297.945-2/3
3,255,487

2,125,000
13,864

1,021

710

5,380,487

BOARD OF G0VEB1I0RS
OF THE FEDERAL RESERVE SYSTEM
DIVISION OF BASK OPERATIONS




CO

FACE PRIITTED FEDERAL RESERVE ITOTES. SERIES OF 193%
SHEETS OF 12 SUBJECTS EACH

B-llSjb

AS AT THE CLOSE OF BUSINESS JUIIE 10, 1936

Federal Reserve Bank

$5
13,9^1-1/3
146,166-2/3
77,733-1/3

Boston
Hew York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco

23,908-1/3
128,866-2/3
58,442-2/3

Total

630,926-2/3

46,566-2/3

6,766-2/3

26,133-1/3

8,466-2/3

56,101

37.833-1/3

BOARD OF GOVERNORS
OF SHE FEDERAL RESERVE SYSTEM
DI7ISI0H OF B A M OPERATIONS




$10
101,794-2/3

$20
27,400

153,456-2/3 232,228-2/3
35,357-1/3 99,466-2/3
106,266-2/3
33,200

133,414-2/3
41,47,0-2/3

$50

15,771-1/3
58,800
15,667-1/3
16,080
15,740

55,033-1/3 44,933-1/3 4,857
1,856 ,
63,036
98,266-2/3
40,806-2/3
21,866-2/3
2,i39?i/3
42,300
25,833-1/3
33,066-2/3 25,966-2/3
24,866-2/3
4,820-2/3
791
85,433-1/3 56,333-1/3
921
824,618

812,001-1/3

134,502

$100

$500 $1,000 $5,000 $10,000

4i 450
15,743
58,4oo
3,496 4,200
58O
1,133-1/3 80
278
330
15,555
4oo 320
12,258
4oo 402
9,338
400 2,800
16,667
-1/3 4oo 270
200
100
4oo 700
11,804
4oo 200
726
1,510-1/3 4oo " 950
151,484

6,895 11,302

25
51
— —

25
98
90
90
90

99
90

100

758

TOTAL

20
29

175,186-1/3

25
51
46
90
49
48

318,541

45

449

656,828
280,018

110,304-1/3
139,00s
312,072-1/3
125,709-2/3
102,045-2/3

81,655 ,

88,040-1/3

183,527-1/3
2,572,936