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FEDERAL RESERVE BOARD WASHINGTON ADDRESS OFFICIAL CORRESPONDENCE TO THE FEDERAL RESERVE BOARD 3 1 9 January 6, 1933. SUBJECT: Assessment f o r General Expenses of the Federal Reserve Board January 1 t o June 30, 1933. Dear S i r : Confirming t e l e g r a p h i c advice, t h e r e i s enclosed herewith copy of a r e s o l u t i o n adopted by t h e Federal Reserve Board levying an assessment upon t h e s e v e r a l Federal reserve banks of an amount equal t o nine hundred f i f t y - o n e t e n thousandths of one per cent (.000951) of the t o t a l p a i d - i n c a p i t a l stock and surplus of such banks as of the c l o s e of business December 31, 1932, t o defray t h e estimated general expenses of the Board from January 1 t o June 30, 1933, and s p e c i f y i n g how such assessment s h a l l be paid. Very t r u l y yours, J, C. Noell F i s c a l Agent. Enclosure. SENT TO CHAIRMAN OF EACH FEDERAL RESERVE BANK. X-7519-a RESOLUTION LEVYING ASSESSMmT. MEREAS, under S e c t i o n 10 of the act approved December 23, 1913, and known as the Federal Reserve Act, the Federal Reserve Board i s empowered t o l e v y semi-annually upon the Federal reserve banks, i n proport i o n t o t h e i r c a p i t a l stock and surplus, an assessment s u f f i c i e n t t o pay i t s estimated expenses, including the 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 , experts and employees, f o r t h e half year succeeding t h e l e v y ing of such assessment, t o g e t h e r with any d e f i c i t carried forward from the preceding h a l f year; and '7HEREAS, i t appears from estimates submitted t o and considered by the Federal Reserve Board that i t i s necessary t h a t a fund equal t o nine hundred f i f t y - o n e t e n thousandths of one per cent (#000951) of the t o t a l p a i d - i n c a p i t a l stock and surplus of t h e Federal reserve banks be created f o r the purpose hereinbefore described, e x c l u s i v e of the cost of engraving and p r i n t i n g of Federal reserve n o t e s ; NOW, THEREFORE, BE IT RESOLVED BY THE FEDERAL RESERVE BOARD, That: (1) There i s hereby l e v i e d upon the s e v e r a l Federal reserve banks an assessment i n an amount equal t o nine hundred f i f t y - o n e t e n thousandths of one per cent (,000951) of t h e t o t a l p a i d - i n c a p i t a l and surplus of each such bank a t the c l o s e of business on December 31, 1932; (2) Such assessment s h a l l be paid by each Federal r e s e r v e bank in two equal i n s t a l l m e n t s on January 7, 1933, and March 1, 1933, r e s p e c t i v e l y ; by c r e d i t i n g the amount thereof on the books of the Federal r e serve bank i n t h e General Account of the Treasurer of t h e United S t a t e s , f o r c r e d i t t o the Federal Reserve Board i n an account designated and known as "Salaries and Expenses, Federal Reserve Board, Special Fund;" (3) For each such installment of such assessment, each Federal reserve bank s h a l l i s s u e and send t o the Treasurer of the United S t a t e s a c e r t i f i c a t e of deposit evidencing said deposit and the f a c t t h a t i t i s i n payment of the assessment l e v i e d by the Federal Reserve Board f o r i t s general expenses and i s t o be credited t o the Federal Reserve Board in an a c count designated and known as "Salaries and Expenses, Federal Reserve Board, Special 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 , together with a statement showing t h e amount of the c a p i t a l and surplus of t h e Fed^ eral reserve bank at t h e c l o s e of business on December 31, 1932, s h a l l be sent t o the Federal Reserve Board on the date of the payment of each i n s t a l l m e n t .
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