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FEDERAL RESERVE BOARD
WASHINGTON
X-Z925
December 22, 1923.
SUBJECT:
ASSESS1!ENT Wh GENERAL EXt'ENSES OF THE FEDERAL RESERVE
BOARD, JANUARY 1 TO JUNE 30, 1924.
·near Sir:
Confirming telegraphic advice of this date there is
enclosed herewith copy of a resolution adopted by the Federal
Reserve ~ard at a meeting held on December 21, 1923, levying
an assessment upon the several Federal reserve banks of an
amount equal to one hundred nine thousandths of one per cent
{.00109} of the total paid in capital stock and surplus of
such banks to defray the estimated general expenses of the
Federal Reserve Board from January 1 to June ~0, 1924.
There is also enclosed a statement showing the basis
upon which the assessment is levied.
Kindly deposit one-half of the amount of your assessment in the General account, Treasurer, u.s., on your books
January 1, 1924, and one-half March 1, 1924, in each instance
issuing a C/D for credit of "Salaries and Expenses, Federal Reserve Board, Special J:<'undu, assessment for general expenses,
and sending duplicate C/D to the Federal Reserve Board.
also
please furnish a statement of your capital and surplus used as
a basis ibr the assessment.
Very truly yours,
Enclosures.
Fiscal .Agent.
(Sent to Chairman of each Federal Reserve Bank}
~
C· ,, ,
"'-·
X-3925-a
RESOLUTION LEVYING ASSESi::IIv'lENT
','-/hereas, under Section 10 of the act approved
December 23 9 1913, and knovm as the Federal Reserve Act,
the Federal Reserve Board is em~owered to levy semiannually upon the Federal reserve banks in pro~ortion to
their capital stQCk and surplus an assessment sufficient
to ~ay its estimated expenses, including the salaries of
its members, assistants, attorneys, ex~erts and employees
for the half-year succeeding the levying of such assessment, together with any deficit carried forward from the
preceding half-year; and
Whereas, it ap.tJears from estimates submitted
and considered that it is necessary that a fund equal to
one hundred nine thousandths of one ~er cent of the total
paid-in capital stock and surplus of the Federal reserve
banks be created for the ~urpose hereinbefore described,
exclusive of the cost of engraving and printing of Federal reserve notes;
Now, therefore,
Be it resolved, That pursuant to the authority
vested in it by law, , the Federal heserve Board hereby
levies an assessment upon the several Federal reserve
banks of an amount equal to one hundred nine thousandths
of one per cent of the total ~aid-in ca~ital and surplus
of such banks as of December 31, 1923, 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 for payments made.
Such assessments
will be collected in two installments of ene-half each;
the first installment to be paid on January 1, 1924, and
the second half on ]:Larch 1, 1924.
41\ ..
X-3925-b
Average monthly encumbrance for veriod
July 1 , 1923, to December 31 ~ 192 Z:
services, • • • • • • • • $ 47,613.75
Non-personal services, • • • • • • 12.y52.85
~ersonal
~
59,966.60
Encumbrance tor December, 1923:
Personal services, • • • • • • • •
Non-personal services, • • • • • .
47,721.74
13,524.50
61,246.24
monthly requirements,
January to June, 1924:
~st~ted
Personal services, ••
Non-personal services,
.. ....
t
•
•
•
•
..
50,000.00
14,750.00
64,750.00
Estimated monthly increase over December,
3,504.00
Total estimated requirements,
January l tb June ZO, 1924:
To cover above estimate, •••
To provide a contingent tQnd, • • •
388,500.00
10,000,00
Estimated unencumbered balance, December 31, 1923,
Amount to be raised by assessment,
Estimated ~aid-in capital and surplus of Federal
Reserve Banks as of December 31, 1923, • • •
An
398,500,00
35,000 100.
363,500.00
332,700,000.00
assessment of one hundred nine thousandths of one per een·t
{ .00109) will produce, • • • • • • • • • • •
~362,643.00
@FedFRASER