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FEDERAL RESERVE BOARD X-7054 WASHINGTON address official correspondence t o the federal reserve board SUBJECT: December 31, 1951, ASSESSMENT FOR GENERAL EXPENSES OF THE FEDERAL RESERVE BOARD JANUARY 1 TO JUNE 30, 1952. Dear S i r : Confirming t e l e g r a p h i c a d v i c e , t h e r e i s e n c l o s e d h e r e w i t h copy of a r e s o l u t i o n adopted by t h e F e d e r a l Reserve Board l e v y i n g an assessment upon t h e s e v e r a l F e d e r a l r e s e r v e "banks of an amount equal to e i g h t hundred twenty-two t e n t h o u s a n d t h s of one per c e n t (,000822) of t h e t o t a l p a i d - i n c a p i t a l stock and s u r p l u s of such banks a t c l o s e of "business December 31, 1951, t o d e f r a y t h e e s t i mated g e n e r a l expenses of t h e Board from January 1 t o June 50* 1952* and s p e c i f y i n g how such assessment s h a l l be p a i d . Very t r u l y y o u r s , W. M. IMLAY F i s c a l Agent. Enclosure; 61? X-7054-a RESOLUTION Lirnrirr ArrEsriTEitT. WHEREAS, u n d e r S e c t i o n 10 of t h e a c t approved December 25, 1915, and known a s t h e F e d e r a l Reserve A c t , the F e d e r a l Reserve Board i s empowered t o l e v y s e m i - a n n u a l l y upon t h e F e d e r a l r e s e r v e "banks, i n p r o p o r t i o n t o t h e i r c a p i t a l s t o c k and s u r p l u s , an a s s e s s m e n t s u f f i c i e n t to pay i t s e s t i m a t e d e x p e n s e s , including t h e s a l a r i e s of i t s members, a s s i s t a n t s , a t t o r n e y s , e x p e r t s and employees, f o r t h e h a l f year succeeding t h e l e v y i n g of such a s s e s s m e n t , t o g e t h e r v / i t h any d e f i c i t c a r r i e d f o r w a r d from t h e p r e c e d i n g h a l f y e a r ; and WHEREAS, i t a p p e a r s from e s t i m a t e s submitted t o and c o n s i d e r e d by t h e f e d e r a l Reserve Board t h a t i t i s n e c e s s a r y t h * t a fund equal t o e i g h t hundred twenty-two t e n t h o u s a n d t h s of one p e r c e n t (.000822) of t h e t o t a l p a i d - i n c a p i t a l stock a n i s u r p l u s of the f e d e r a l r e s e r v e banks be c r e a t e d f o r t h e purpose h e r e i n b e f o r e d e s c r i b e d , e x c l u s i v e of t h e c o s t of e n g r a v i n g and p r i n t i n g of F e d e r a l r e s e r v e n o t e s ; NOW, THEREFORE, BE IT RESOLVED BY THE FEDERAL RESERVE BOARD, T h a t : (1) There i s h e r e b y l e v i e d upon t h e s e v e r a l F e d e r a l r e s e r v e banks an a s s e s s m e n t i n a n amount equal t o e i g h t hundred twenty-two t e n t h o u s a n d t h s of one p e r c e n t ( ,000822) of t h e t o t a l p a i d - i n c a p i t a l and s u r p l u s of each such bank a t t h e c l o s e of b u s i n e s s on December 51, 1931; (2) Such a s s e s s m e n t s h a l l be p a i d by each f e d e r a l r e s e r v e bank i n two equal i n s t a l l m e n t s on J a n u a r y 2, 1932, and March 1 , 1952, r e s p e c t i v e l y ; by c r e d i t i n g t h e amount t h e r e o f on t h e books of t h e F e d e r a l r e s e r v e bank i n t h e General Account of t h e T r e a s u r e r o f t h e U n i t e d S t a t e s , f o r c r e d i t t o t h e f e d e r a l Reserve Board i n an account d e s i g n a t e d an I known a s ' S a l a r i e s and Exp e n s e s , f e d e r a l Reserve Board, S p e c i a l "^und;" (5) For each such i n s t a l l m e n t of such a s s e s s m e n t , each F e d e r a l r e serve bank s h a l l i s s u e and send to t h e T r e a s u r e r or" t h e U n i t e d S t a t e s a c e r t i f i c a t e of d e p o s i t e v i d e n c i n g s a i d d e p o s i t anc. t h e f a c t t h a t i t i s i n payment of the a s s e s s m e n t l e v i e d by t h e F e d e r a l Reserve Board f o r i t s g e n e r a l expenses and i s t o be c r e d i t e d t o t h e F e d e r a l Reserve Board i n an a c c o u n t d e s i g n a t e d and known a s " S a l a r i e s and Expenses, F e d e r a l Reserve Board, S p e c i a l Fund;" and (4) A d u p l i c a t e copy of each such c e r t i f i c a t e of d e p o s i t , t o g e t h e r w i t h a s t a t e m e n t showing t h e amount of the c a p i t a l and s u r p l u s of t h e F e d e r a l r e s e r v e bank a t t h e c l o s e of bus: ness on December 31, 1931, s h a l l be s e n t to t h e F e d e r a l Reserve Board on t h e d a t e of the payment of each i n s t a l l m e n t ,
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