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519 FEDERAL RESERVE BOARD WASHINGTON ADDRESS OFFICIAL CORRESPONDENCE T O T H E FEDERAL RESERVE BOARD July 30, 1934. B-1006. SUBJECT: Audit of Reserve Stock of Incomplete Federal Reserve Notes and Federal Reserve Bank B o t e s . Dear S i r : For your information there i s i n c l o s e d a copy of the r e c a p i t u l a t i o n s of an a u d i t of the stock of incomplete Federal Reserve n o t e s and Federal reserve bank notes h e l d a t the Bureau of Engraving and P r i n t i n g as of c l o s e of "business June 30, 193^» forwarded to the Secretary of the Treasury "by Mr. M. R, Loafman, Chief, D i v i s i o n of P u b l i c Debt Accounts and A u d i t . In h i s l e t t e r forwarding the report of the audit to the Secretary of the Treasury, Mr. Loafman s t a t e d that; "The a u d i t extended from June 28 to J u l y 11, 193^» i n c l u s i v e , and c o n s i s t e d of a p i e c e count of the e n t i r e stock of f a c e s of both c l a s s e s and a package count of the uniform backs a l l o c a t e d to Federal reserve notes. In view of the f a c t that a r e c e n t p i e c e count has been made by t h i s o f f i c e of the e n t i r e stock of each denomination of uniform backs on hand i n the Bureau, a package count and i n s p e c - w 2 — t i o n of the uniform backs a l l o c a t e d to Federal reserve n o t e s was deemed s u f f i c i e n t a t t h i s time. The t o t a l s h e e t s of Federal reserve notes, f a c e s and "backs, were found to be i n excess of the required r e s e r v e of 4,250,000 s h e e t s , as authorized in the l e t t e r of the Governor of the Federal Reserve Board to the Under Secretary of the Treasury dated December 2 , 1939•" Very truly yours, J . R. Van Fossen, A s s i s t a n t Chief, D i v i s i o n of Bank Operations. Inclosures. T ALL FEDERAL RESERVE AGENTS* O
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