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I'
FEDERAL RESERVE BOARD
WASHINGTON
ADDRESS OFFICIAL CORRESPONDENCE TO
X-3GOO
. THE FEDERAL RESERVE BOARD
. Dce;e:nber 28, 1922.,
SUBJEC~l':
ASSESoi:l~hT
FOR GE.NERAJ, EZ?.r;J':'S"SS 03i' THE FED::~RAL
J..:ll'JU.,;ili.Y 1 TO ,TD:·•L '30, 1923.
:m::;s:.~VE B\I.P..RD~
Dear Sir:
Confirming telegraphic ~dvice of this date
there is enclosed herewith copy of a r<:Osolution ~dopted
by the Feder~l Reserve Board at a meeting held on December
28. 1922, levying an assessment upon the several Federal
Reserve Banks of an :;.mount equal to one-tenth of one per
cent ( .001) of the total J?.:lid-in co.pik.:.l stock and surplus
of s1.<eh b:mks to defr3.y the estimated generecl expenses of
th~ Feder3.l Reserve Board from J~nu~y l to June 30, 1923.
There is also enclosed a statement shov;ing the
ba3is 1lpon which tho D.ssessment is levied.
Kindly send duplicate C/D to the Federal Reserve Board.
Ver~
truly yours,
Enclosures,
(Sent to Chairman of e3Ch
Fiscal Agent.
Feder~l
Reserve Bank)
X-3600-a
EST!11A.TE FOR J.i:J:IUARY 1923 ASSESSMENT
Average monthly encumbrance for period
July 1, 1922, to December 31, 1922:
Personal services • • • • • • •
Non-personal services •••
45,118.22
. . . . . itl;bl2,454.
78
~
57,573.00
E.stimated monthly requirements,
January to June, 1923:
Personal services • •
Uon-personal services •
.
. .. .. . . . . •
•
50,000.00
14,500,00
64,500.00
..
6,427.00
Total esttmated requirements,
January l, 1923, to June 30, 1923, inclusive
Estimated unencumbered baJ.gnoe, Dec. 31, 1922
387,000.00
62,000.00
Estimated monthly increase • • • • • •
amount to be raised by assessment,
...
325,0{)0.00
Estimated paid-in capital and surplus ot
Federal Reserve Banks as of December Sl, 1922,
325,000,000.00
An assessment ot one-tenth ot one per cent (.001)
will produce , • • , • • • , • • • • • • • •
325,000 .oo
X-3600-b
:RESOLUTION LEVYING ASSESSMENT
Whereas, under Section 10 of the aet approved
December 23, 1913, and known as the Federal Reserve Act, the
Federal Reserve Board is empowered to levy semi-annually upon
the Federal Reserve Banks in proportion to their capital stock
and surplus an assessment sufficient to p~ its estimated ex·
penses. including the salaries of its members, assistants,
attorneys, experts and employees for the hali-year succeeding
the levying of such assessment, together with any deficit
carried forward from the preceding halt-year; and
Whereas, it appears tram estimates submitted and
considered that it is necessary that a fund equal to one~tenth
of one per cent of the total paid-in capital stock and surplus
of the Federal Reserve Banks be created for the purpose hereinbefore described, exclusive of the cost of engraving and
printing of Federal Reserve notes; Uow, thereforet
Be ·it resolved, That pur~uant to the authority
vested in 1t by law, the Federal Reserve Board hereby levies
an assessment upon the several Federal Reserve BankS of an
amount equal to one-tenth of one per cent of the total.paid-in
capital and surplus of such bankS as Of December 31, 1922, and
the Fiscal Agent of the Board is hereby authorized to collect
from said banks such assessment and execute, in the name of
the Board, receipts tor payments made. Such assessments will
be collected in two installments of one-half each; the first
installment to be paid on January l, 1923, and the second half
on March l, 1923.
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FEDERAL RESERVE BOARD
WASHINGTON
December 29, 1922.
SUBJECT~
Addressing Communications to the Federal
Reserve Board.
Dear Sir!
Under date of November 23, 1922, the Board sent
a circular letter (X-3569) to all Chairmen and Governors,
requesting that official communications to the Federal
Reserve Board be addressed to the Federal Reserve Board
and marked, if so desired, for the attention of any particular member or officer.
All Federal n2serve Danks are not complying with
this request, nor is ths :oard 1 s request complied with by
all officers and employees at any Federal Rsserve Bank.
It is, therefore, ~equested that the Board's letter,X-3569,
be aQain brought to the attention of all officers and department heads of your bank.
By order of the Federal Reserve Board.
Very truly yours,
Vlm. 1fJ. Roxton,
Secretaty.
TO THE CHAIRMEN fND GOVERNORS OF
THE FEDERtL RESERVE JANYS.
@FedFRASER