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1184 F E D E R A L R E S E R V E B O A R D WASHINGTON X-2090 December 1 6 , 1920. SUBJECT: ASSESSMENT FOE GENERAL EXPENSES OF THE EBIEBAL RESERVE BOARD, JANUARY 1 TO JUIE 3 0 , 1921. Dear S i r : There i s i n c l o s e d h e r e w i t h f o r your i n f o r m a t i o n and a t t e n t i o n copy of a r e s o l u t i o n a d o p t e d b y t h e F e d e r a l R e s e r v e B o a r d a t a m e e t i n g h e l d on December 1 6 , 1 9 2 0 , l e v y i n g a n a s s e s s m e n t 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 a n amount e q u a l t o t w e l v e h u n d r e d t h s of one p e r c e n t ( . 0 0 1 2 ) of t h e t o t a l p a i d - i n c a p i t a l s t o c k and s u r p l u s o f such b a n k s t o d e f r a y t h e e s t i m a t e d g e n e r a l e x p e n s e s of t h e F e d e r a l R e s e r v e B o a r d f r o m J a n u a r y 1 t o J u n e 3 0 , 1921. T h e r e i s a l s o i n c l o s e d a s t a t e m e n t showing t h e b a s i s u p o n •which the assessment i s . l e v i e d . The a s s e s s m e n t s h o u l d be computed u p o n y o u r p a i d - i n c a p i t a l and s u r p l u s a s of c l o s e of b u s i n e s s December 3 1 , 1 9 2 0 , t h a t i s , u p o n c a p i t a l p a i d - i n a s shown b y y o u r books on t h a t d a t e , and s u r p l u s a f t e r a d j u s t m e n t i n a c c o r d a n c e w i t h c i r c u l a r l e t t e r S t , 1 6 4 1 , d a t e d December 1 1 , 1920. 1 1 have t h e h o n o r t o r e q u e s t t h a t you b r i n g t h i s m a t t e r t o t h e e a r l y a t t e n t i o n of t h e Board of D i r e c t o r s of y o u r b a n k , and d e p o s i t one h a l f of t h e amount of y o u r a s s e s s m e n t i n t h e G e n e r a l A c c o u n t * T r e a s u r e r , U. S . , on y o u r books on J a n u a r y 1 , 1921, a n d o n e - h a l f on March 1 , 1921, i n e a c h i n s t a n c e i s s u i n g a c / D on Forai 1 , N a t i o n a l B a n k s , f o r c r e d i t o f " S a l a r i e s a n d E x p e n s e s , F e d e r a l R e s e r v e B o a r d , S p e c i a l Fund" , a s s e s s m e n t f o r general expenses. K i n d l y s e n d d u p l i c a t e C/D t o F e d e r a l R e s e r v e B o a r d , t o g e t h e r w i t h a s t a t e m e n t o f y o u r c a p i t a l and s u r p l u s u s e d a s a b a s i s f o r t h e assessment. Very t r u l y y o u r s , Inclostures. F i s c a l Agent, X-2090a RESOLUTION LEVYING ASSESSMENT Whereas, tinder S e c t i o n 10 of t h e a c t approved December 23, 1913, and known as the Federal Reserve A c t , the F e d e r a l Reserve Board i s empowered t o levy semi-ann u a l l y upon the Federal Reserve 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 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 , attorneys» e x p e r t s , and employees f o r t h e h a l f year succeeding the levying of such a s s e s s ment , t o g e t h e r with any d e f i c i t g p r r i e d forward from t h e preceding h a l f y e a r ; and Whereas, i t appears from e s t i m a t e s submitted and considered t h a t i t i s necessary t h a t a fund equal t o twelve hundredths of one p e r cent (,0012) of the t o t a l p a i d - i n c a p i t a l s t o c k and surplus of the Federal Reserve Banks be c r e a t e d f o r the 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 cost of engraving and p r i n t i n g of Federal Reserve notes; How, t h e r e f o r e , Be i t r e s o l v e d , That pursuant t o t h e a u t h o r i t y v e s t e d i n i t by law, the Federal Reserve Board hereby l e v i e s an assessment upon the s e v e r a l Federal Reserve Banks of an amount equal t o twelve hundredths of one p e r cent (,0012) of the 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 such banks as of December 31, 1920, and the F i s c a l Agent of the Board i s hereby authorized t o c o l l e c t from s a i d banks such assessment and execute, i n the name of the Board, r e c e i p t s f o r payments made. such assessment w i l l be c o l l e c t e d i n two i n s t a l l m e n t s of one-half each; the f i r s t i n s t a l l m e n t t o be p a i d on January 1, 1921, and the second h a l f on March 1, 1921, 1186 * E 4 X-2090b EST M A M FOB JAMJARY, 1 9 2 1 . ASSESSMENT. Average monthly encumbrance f o r p e r i o d , J u l y 1, 1920, t o December 31, 1920: Personal s e r v i c e s , . . . . ITon-personal s e r v i c e s , . . . . . . . $42,908.56 20,546.60 E s t i m a t e d requirements f o r December, 1920,. Estimated monthly requirements .January to j t m e , 1921: Personal services, $>50f200 Non-personal s e r v i c e s , 15<,000 $55,455 67,696 65,200 Estimated monthly decrease as compared with December, 1920 (Occasioned by completion of v a u l t t e s t s ) , . . . . . . . . . . . . . . . . . 2,496 T o t a l estimated requirements,January to J u l y , 1 9 2 1 , i n c l u s i v e , Estimated unencumbered b a l a n c e , December 31, 7.920, . . . . . 391,200 40,000 Amount t o be r a i s e d by assessment, . . . . . . . . Estimated p a i d - i n c a p i t a l and s u r p l u s of F e d e r a l Reserve Banks, as of January 1, 1921, . . . . An assessment of twelve hundredths of one p e r cent (.0012) w i l l produce, 351,200 $294,000,000 352,800
@FedFRASER