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508
W. P, G. HARDING, GOVIINOR
ALBERT STRAUSS, YICI GOURNO.'
ADOLPH C, IIILLil
CHARLES s, HAll LIN
HENRY A, MOEHLENPAH
Ex OPPICIO Ma:MBIUUI
DAVID F. HOUSTON
SICR&t,yY OP THE TAlAIUIY
-. -IRIIAN
~
FEDERAL RESERVE BOARD
JOHN SKELT!IJI WILLIAMS
COIIPTROLLIR OF THE CURaiNCY
W. T, CHAPMAN, SICRITARY
a. G. EMERSON, AISIITANT SICRITA.T
ADDRESS REPLY TO
FEDERAL RESERVJ; .01-RD
W, Jl, IMLAY, ,IIC.U. AGINT
WASHINGTON
X-1952
June 16, 1920,
SUBJECT:
ASSESSMENT FOR GENERAL EXIENSES OF THE l!:EDERAL RESERVE
BOARD, JULY 1 TO DECEMBER 31, 1920.
Dear Sir:· There is inclosed herewith for your information and attention
cop,y ot a resolution adopted by the Federal Reserve Board at a meeting
held on June 15~ 1920, levying an assess~ent upon the several Federal
Reserve Banks of an amount equal to seven hundredths of one per cent
. (.0007) of the total paid-in capital stock and surplus of such banks to
defray the estimated general expenses of the Federal Reserve Board from
July 1 to December 31, 1920. This assessment does not include the cost
of engraving and printing Federal Reserve note·s.
There is also inclosed a statement showing the basis upon which
the assessment is levied.
~
..
,.
The assessment should be computed.upon your paid-in capital and
surplus as of close of business June 20, 1920, that is, upon capital paidin as shown by books on that date, and surplus after adjustment in- accordance with circular letter ST-1207, dated June 9, 1920.
I have the honor to request that you bring this matter to the
early attention of the Board of Dtrectors of your bank, and deposit onehalf of the amount of your assessment in the General Account, Treas~rer,
U. s., on your books on July 1, 1920, and one-half on September 1, 1920,
·in each tnstance issuing a C/D on Form 1, National Banks, for credit of
"Salaries and Expenses, l!'ederal Reserve Board, Special l!und," assessment
for general expenses.
Kindly send duplicate C/D to the Federal Reserve Board, together
With a statement of your capital and surplus used as a basis for the
assessment.
Very truly yours,
Fiscal Agent.
.
509
X-l952a .
.:.RE_S0=1-UT.:;;.;I:;..;O;.;;;No...=LEV;:;.;..;;Y;.;I::.:.NG;;;....;:A:;;S.;;;SE;;;.;S:;,;;:S!~!
Whereas, under section 10 of the act 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 prcpo1·tion ·~o
their capital stock and surplus an assessment suffici~nt
to ~Y its estimated expenses, including the salarietJ qf
its members, assistants, attorneys, experts, and employees
for the half year succeeding the levying of such assessment, together with any deficit carried forward from the
preceding half year; and
\Jhereas, it appears frOm estimates submitted and
considered that it is necessary that a fUnd equal to seven
hundredths of one per cent (.0007) of the total paid-in
capital stock and surplus of the Fede.ca.l Reserve Banks be
created for the purpose hereinbefore described, exclusive
of the cost of engraving and printing vf Federal Reserve
notes; Now, therefore,
Be it resolved, That pursuant to the authority
vested in it by law, the Federal Reserve Board hexeby
levies an assessment unon the several Federal Reserve
Banks of an amount equal to seven hundredths of one per
cent (.0007) of the total paid-in capital and surplus of
such banks as of June 30, 1920, 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 assessment will be collected in two installments of one-half each; the first installment to be paid on July l, 1920. and the second half on
September l, 1920.
(.
510
X-1952b
ESTIMATE FOR JULY, l§l20, ASSESSMENT.
Average monthly encumbrance for period
January 1, 1920 to June 30, 1920 • • • • • • • • •$.54,047
Estimate for June, 1920 • • • • • • • • • • • • • • • 57,822
Estimated monthly requirements, July to
December, 1920 • • • • • • • • • • • • • • • • • • 68,530
Estimated monthly increase over June, 1920 •• 10,708
Estimated requirements, July t.o
December, 1920, inclusive • • • • • • • • • •
Estimated unencumbered balance, June ~. 1920 •
.411,180
.230,644
Amount to be raised by assessment • • • • • •]80,536
Estimated paid-in capital and surplus of
Federal Reserve Banks, as of June 30, 1920. • .::.59 'ioco .• ooo
An assessment of seven hundredths of
one per cent (.0007) will ~oduce • •
• •• ~181,300
I have the honor to recommend, therefore, that
an assessment of seven hundredths of one
per cent . ( ·.0007} be levied.
w.
11. Imlay
Fiscal Agent.
511
'
X-l952c
STATEMENT OF EXPENDITURES AND COI.1!\1IT11ENTS AS
A B.a.SIS O:b" ESTUiiATE ..
Estimated
monthly requirements,
Monthly average ~stimate
July 1 to Dec.
Jan.l to June ~. :for
31, 1920.
1920
June,l920.
Eersonal services:
41>7.300.00 ~7,500.00
Board and its clerks •••••••••••••••••••• ~6,859.14
Secretary• s 6ffice...... •• • • • • • • • • • .. • • • 5,378.14
5~555.00
5,800.00
Counsel's Office ......................... 2·,675.55
2,745.00
2,850.00
Statistician •••••••••.•••••••••••••••••• 1,770.00
1,770,01
1,800.00
Fiscal Agent ••••••• ~.....................
470.00
470.00
470.00
Division Of Examination ••••••••••••••••• 6,904.72
6,973.33
7,500.00
Division of Reports & Statistics •••••••• 4,620.03
4,834.67
5,300.00
Division of Gold Settlement.............
987.59
1,036.41
1,100.00
Division of Analysis & Research ••••••••• 2,744.01
2,816.05
3,000.00.
Division Of Architecture................
888.89
888.89
900.00
Division of Issue ••••••••••••••••••••••• 5,949.05
5,819.67
6,500.00
Messengers..............................
925.00
948.34
1,000.00
Charwomen...............................
96.00
96.00
100.00
Railway Loan Advisory Conmittee... •• • •• •
220.03
511.67
600.00
Contingent •••••••••••••••••••••••••••••• ____________________________~l~0~0~0~-~0~0~
41,764 .. 04 45,420.00
40,488.15
Non- .Fer sonal :
Transportation & Subsistence •••••••••••• 3,281.84
3,500.00
800.00
Communication Service: {Including Tel753.72
ephone, Telegraph, & lbstage
39 500 ..(")
4,ouo.oo
.Irinting and. binding, etc ••••••••••••••• 4,548~78
50.00
35.CO
Repairs •••••••••••••••••••••••••••••••••
38.93
35.;::0
40~00
Electricity (Light and lOwer) •••••••••••
35.20
20.00
Steam (heat) •••••••••••.•••••.••••••••••
24.60
~16.00
100.00
Miscellaneous- unclassified ••••••••••••
99.15
200.00
Equipment (Rental} ••••••••••••••••••••••
186.80
193.55
Supplies (Including stationery and office)
and periodicals •••••••••••••••••••• 1,062.86
1,050.00 . 1,100.00
Equipment:
Furniture & Office....................
537.28
300.00
600.00
Books ••••••••••••••••••••••• ~·········
93.64
50.00
100.00
Rent....................................
921.66
1,014.56
1,000.00
Vault construction tests •••••••••••••••• 1,968.03
5,904.09 10,500.00
Contingencies •••.••••••••••••••••••••.••.__~v~~----~------~------~1~0~00~·~0~0~
13,559.24
16,058.88 23,110.00
Grand Total •••••••••••••••••••.••••••••• ~54,047.39
+57,822.92 ~68,530.00
Total expenditures and commitments
January 1, to June 30, 1920 ••••••••••••••••••••••••••••••••••• 324 9000.00
Total estimate for next six months ••••••••••••••••••••••••••••••• 411,180.00
@FedFRASER