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FEDERAL RESERVE BOARD WASHINGTON ADDRESS OFFICIAL CORRESPONDENCE TO THE FEDERAL RESERVE BOARD X-4098 June 23, 1934. SUBJECT: ASSESSMENT FOR GENERAL EXPENSES OF THE FEDERAL RESERVE BOARD, JULY 1 TO DECEMBER 31, 19%. Dear Sir: Confirming telegraphic advice of this date there i s enclosed herewith copy of a r e s o l u t i o n adopted by the Federal Reserve Board at a meeting held on June 21, 1924, levying an assessment upon the several Federal reserve banks of an amount equal to ninety-one thousandths of one per cent (.00091) of the t o t a l paid i n capital stock and surplus of such banks to defray the estimated general expenses of the Federal Reserve Board from July 1 to December 31, 1924, Otoe re i s a l s o enclosed a statement showing the basis upon wnicn the assessment i s l e v i e l . Kindly deposit one-half of the amount of your a s s e s s ment in the General Account, Treasurer, U. S. , on your books J u l y 1, 1924, and one-half September 1, 1924, i n eacn instance i s s u i n g a C/D f o r credit of "Salaries and Expenses, Federal Reserve Board, Special Fund", assessment for general expenses, and sending a duplicate C/D to the Federal Reserve Board. Also p l e a s e furnish a statement of your capital and surplus used as a basis f o r the assessment. Very t r u l y yours, Enclosures. Fiscal Agent. (Sent to Cn&irman of each Federal Reserve Bank) . SSTIMATE FOR JULY 1924 ASSESSMENT 3t-4-098a Average monthly encumbrance for period January 1, 1924, to June 30, 1924: Personal services, Non-personal s e r v i c e s , $ 4?,151.73 13,729. 90 $ 60,881. 63 Encumbrance f o r June 1924: Personal services, . . . . . Non-personal services, $ 47,451.48 13,904.15 61,355.63 Estimated, monthly requirements, July to December, 1924: Personal services, . . . . Non-personal s e r v i c e s , . . $ 47,451.48 14,358.42 61,809. 90 Estimated, monthly increase over June, 1924, . . . 454.27 TotcJ. estimated, requirements , July to December 1924: To cover above estimate, . . To provide a contingent fund, $370,847.40 10,000.00 $380,847.40 Estimated unencumbered balance June 30, 1924, . . Salaries and expenses of examiners in connection with examination of brancnes of Bank of Central and South America, to be reimbursed, 53,000. 00 26,000. 00 79,000.00 Amount to be r a i s e d by assessment, . . 301,847. 40 Estimated paid-in capital and surplus of Federal Reserve Banks as of June 30, 1924, . $332,415,000. 00 An assessment of ninety-one thousandths of one per cent (. 00091) w i l l produce, $302,497. 65 X-4098b RESOLUTION LEVYING ASSESSMENT , .Whereas, under Section 10 of ,tne act approved. Decemoer 23, 1913, ana known as the Federal Reserve ACT, the Federal Reserve Board i s empowered to levy semi-annually upon the Federal Reserve Banks i n proportion to t h e i r capital stock and surplus an assessment s u f f i c i e n t to pay i t s estimated expenses, including tne s a l a r i e s of i t s members, a s s i s t a n t s , attorneys, experts and employees for the half-year succeeding the levying of such assessment, together with any d e f i c i t carried forward from the preceding half-year; and Whereas, i t appears from estimates submitted and considered that i t i s necessary that a fund equal to ninety-one thousandths of one per cent of the t o t a l 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; Now, therefore, Be i t resolved, That pursuant to the authority vested i n i t by law, the Federal Reserve Board hereby l e v i e s an assessment upon the several Federal Reserve Banks of an amount equal to ninety-one thousandths of one per cent of the t o t a l p a i d - i n capital and surplus of such banks as of June 30, 1924, and tne f i s c a l Agent of the Board i s hereby authorized to c o l l e c t from said banks sucn assessment and execute, i n the name of the Board, receipts for payments made. Such assessments w i l l be c o l l e c t e d i n two installments of one-half each; the f i r s t installment to be paid on July 1, 1924, and the second half on September 1, 1924.
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