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F E D E R A L R E S E R V E B O A R D WASHINGTON address official correspondence t o 7899 the federal reserve board May 25, 1934. SUBJECT: Expense, Main Lines, Leased Wire System, April, 1934. Dear Sir: Inclosed herewith you will find two mimeographed statements , X-7899-a and X-7899-b, covering in detail operations of the main lines, Leased Wire System, during the month of A-oril, 1934. Please credit the amount payable by your bank for your share of the expense of the Leased Wire System, to the Federal Reserve Bank of Richmond in your daily statement of credits through the Gold Settlement Fund for the account of the Federal Reserve Board, and advise the Federal Reserve Bank of Richmond by wire the amount and purpose of the credit. You will note on the attached statement X-7899-b that a new column "Retirement Contributions'1 has been added, but that the only item entered thereunder is for Chicago, no other bank having reported any amount therofor. We have been advised by Mr. Rounds, Chairman of the Retirement Committee, that the question of charging to the Leased Wire Expense the banks' contributions to the Retirement System in connection with salaries paid to telegraph operators was discussed at the meeting of the Board of Trustees held recently in Chicago, and that it was informally agreed that these contributions should be charged as part of the leased wire expense. Therefore, it is assumed that your bank will include in your next report to the Board Such payments for the months of March and April, as well as for the current month. Very truly yours, Fiscal Agent. Inclosures. TO GOVERNORS OF ALL F. R. BANKS. X-7899-a REPORT SHOTTING CLASSIFICATION AND NUMBER CF nORDS TRANSMITTED OVER MAI!? LINES OF THE FEDERAL RESERVE LEASED WIRE SYSTEM FOR THE MONTH CF APRIL, 1934. Business reported by banks From Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco 31,93% 161,169 31,757 54,085 54,150 48,187 96,932 65,587 35,929 104,320 57,407 88,609 Total 830,066 F» R. Board "business . Eeimbur sable business Incoming & Outgoing T7ords sent by New York chargeable to other F. R. Banks (l) l,44l - Net Federal reserve bank business 33,375 161,169 1,739 33 > 9 6 1,531 49,718 99,102 67,375 37,441 1,503 1,678 2,170 1,788 1,512 1,537 2,95% 3,499 21,352 55,52s 55,828 105,857 60,361 92,108 851,418 351,759 . . . . Total words transmitted over main lines (*) These percentages used in calculatiig the pro rata share of leased rrire expense as shown on the accompanying statement (X-7899-b). (1) Number of rrords sent by Hew York to other F. R. Banks for their sole benefit charged to hanks indicated in accordance with action taken at Governors' Conference November 2-4, 1925. Per cent of total Bank business (*) 3.92 18.93 3-93 6.53 6.56 5.84 11.64 /•pi 4.40 12.43 7.09 10.82 100.00 1,203,177 850,705 2,053,882 05 O to REPORT OF EXPENSE MAIH LIEES FEDERAL RESERVE LEASED WIRE SYSTEM, APRIL, 193%. Hame of Bank Operators' salaries Retirement Contributions $260.00 $ Boston Few York 1,345.80 Philadelphia 225.00 Cleveland 306.66 190.00 Richmond 27O.OO Atlanta Chicago 4,325.6o(#) 372.24(b) St. Louis 195.00 Minneapolis 221.99 Kansas City 287.00 Dallas 251.00 320.00 San Francisco Federal Reserve Bd Total $8,258.05$372.24 Operators1 overtime Wire rental $5.00 $ - 4.00 230.0c (&) $9.75 Main line rental, Richicond-Wshington Includes salaries of Washington operators Credit Amount reimbursable to Chicago % of operators' salaries for month of March $265.00 1,349.80 225.OO 306.66 420.00 270.00 4,697.84 195.75 • 75 Less Reimbursable Charges: (&) (#) (*) (a) (b) Total expenses 221.99 287.00 251.00 380.00 15,802.29 $16,032.29 15,802.29 $24,672.33 10,219.12 $14,453.21 Pro rata share of total expenses ,$566.57 2,735-99 568.01 943.80 948.13 844.07 1,682.35 1,143.25 635.94 1,796.53 1,024.73 1,563*84 $14,453.21 x-7899-b Credits $265.00 1,349.80 225.00 306.66 420.00 270.00 4,697.84 195.75 221.99 287.00 251.00 380.00 $8,870.04 Payable to Federal Reserve Board $301.57 1,386.19 343.01 637-14 528.13 574.07 3,015.49(*) 947.50 413.95 1,509.53 773.73 1,183.84 $8,598.66 3.015.49(a) $5,583.17 CC o cc
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