The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
15? BOARD OF G O V E R N O R S OF THE FEDERAL RESERVE SYSTEM R-813 WASHINGTON A D D R E S S OFFICIAL C O R R E S P O N D E N C E TO THE BOARD March 28, 19^1 Dear Sirs There is enclosed for your information# a copy of a letter from the Honorable D. if. Bell, Undersecretary of the Treasury, dated March 20, I9I4I, transmitting a copy of a report dated March 6, 19Ul# by the Chief, Division of Public Debt Accounts and Audit# of an audit of the completed stocks of unissued Federal Reserve notes and Federal Reserve bank notes charged to the Federal Reserve vault in the Bureau of Engraving and Printing. In his report, Mr. Loafman states that the amounts of Federal Reserve notes and F e deral Reserve bank notes on hand, $2,813,100,000 of 1928 Series and $2,947,500,000 of I93U Series Federal Reserve notes and $4^0,800,000 of Federal Reserve bank notes, were in agreement with the records of the Federal Reserve Issue and Redemption Division of the Comptroller's Office. Copies of detailed statements "A", "B" and M C" which accompany Mr. Loafman's letter are also enclosed. Very truly yours, (// c J. R. Van Fossen, Assistant Chief, Division of Bank Operations. Enclosures TO ALL 5 FEDERAL RESERVE AGENTS 158 R-813a C O P Y THE UNDER SECRETARY CF THE TREASURY WASHINGTON March 20# 19Ul Mr. Chester Morrill# Secretary# Board of Governors of the Federal Reserve System# Washington# D. C. Dear Mr. Morrill: There is enclosed for your information a copy of a report dated March 6# 19Ul# by the Chief# Division of Public Debt Accounts and Audit# relative to the audit of the completed stocks of unissued Federal Reserve notes and Federal Reserve Bank notes charged to the Federal Reserve Vault in the Bureau of Engraving. Very truly yours, (Signed) D. W. Bell Under Secretary of the Treasury. Enclosure R-813b C O P Y March 6#19Ul The Honorable The Secretary of the Treasury. Sir $ An audit has been made of the completed stocks of unissued Federal Reserve notes and Federal Reserve Bank notes charged to the Federal Reserve Vault in the Bureau of Engraving and Printing# The audit was begun February 17 and completed February 18, 19^4-1# as of the close of business February llj.# 19Ul» The following tabulation reflects the amounts as disclosed by the audit: Under auditor's seal in V a ult No# 1# Treasury Building: Federal Reserve notes (Series 1928) i....... $2#813#100#000 Federal Reserve Bank notes (Series 1929) 1+50#800,000 3,263,900,060 On hand in Federal Reserve Vault, Bureau of Engraving and Printing: Federal Reserve notes (Series 193U) Total 2,9U?#500,000 $6,211,^00,000 The above balance, comprising 87#20U packages, was in agreement with the records of the Federal Reserve Vault and those of the Division of Public Debt Accounts and Audit and with the statement submitted by the Federal Reserve Issue and Redemption Division of the Office of the Comptroller of the Currency# Detailed information with respect to each of the classes of currency is reflected in the attached statements, "A"# "B"# and "C"# respectively. 159 160 -2- R-813b The entire balance of Federal Reserve notes (Series 1928) and Federal Reserve Bank notes (Series 1929) have been under the auditor's seal since 1937 &t which time they were package counted and the seals inspected and no further inspection was made in connection with this audit except to inspect the seal on the compartment in Vault No# 1# The entire stock of Federal Reserve notes (Series 193U) consists of sealed packages bearing the seal of the Bureau of Engraving and Printing and is under the joint custody of representatives of the Secretary of the Treasury and the Bureau of Engraving and Printing# It was, therefore, not considered necessary to break the seals on the packages in making the verification but the brief on o&ch package was examined with respect to the package number, serial numbers of the notes, bank, and denomination# The packages were found in orderly arrangement and grouped in such manner as to permit the auditors to accomplish the verification without delay. Prior to beginning the audit, the Chief of the Secret Service was notified and a representative of his office was present on February YJ and 18, 1941. Appreciation is extended to the officials of the Bureau of Engraving and Printing and the representatives at the Federal Reserve Vault for the cooperation and assistance rendered during the conduct of the audit. Respectfully submitted: (Signed) M. R. Loafman# Chief, Division of Public Debt Accounts and Audit STATEMENT "A" R-813c FEDERAL RESERVE NOTES (SERIES 1928) ON HAND B THE FEDERAL RESERVE VAULT IN THE BUREAU OF ENGRAVING AND PRINTING. * AS DISCLOSED BY AUDIT AS OF FEBRUARY 14, 1941 (IN THOUSANDS OF DOLORS) 5's BANK $ 47,880 10's $ 20's 50's 100's 500*s 1,000's $46,560 $ 50,400 $ 50,400 $ 30,000 $ 30,000 25,200 30,000 87,600 64,800 54,400 5,000* s $ 2,000 10,000*s $«••••• TOTAL $ 257,240 New York ...... 87,560 Philadelphia... 36,780 15,160 50,320 75,000 78,000 42,000 50,400 Cleveland ..... 37,040 19,120 107,440 41,400 28,400 39,300 31,600 6,000 Richmond 22,340 • • • * • # 41,600 27,200 28,500 21,000 9,000 10,000 159,640 36,720 23,200 20,000 19,600 16,400 4,000 9,320 145,520 114,000 88,200 96,800 108,900 135,200 16,000 20,000 644,380 8,480 19,200 24,800 18,400 16,200 34,080 12,000 22,400 13,300 13,000 •••••« 104,160 26,720 22,600 26,000 25,500 23,600 #*#»#» 152,060 22,640 22,600 20,000 24,600 23,400 1,000 2,000 133,240 12,260 13,440 11,800 26,400 21,600 17,200 3,720 9,840 116,260 $358,480 $55,240 $485,600 $438,000 $508,000 $436,500 $432,400 $41,720 $57,160 $2,813,100 6,760 9,520 65,280 St. Louis ..... Minneapolis ... 7,180 Kansas City ... 27,640 7,760 San Francisco . TOTAL 2,200 9,240 ...... 6,000 355,560 347,660 310,300 87,080 *These notes are in Vault No. 1, Main Treasure Building, under auditor*s seal. ^ v4 BANK STATEMENT "3" R-813d FEDERAL RESERVE NOTES (SERIES 1934) ON H M D II! THE FEDERAL RESERVE VAULT II? THE BUREAU OF ENGRAVER AND PRINTING, AS DISCLOSED BY AUDIT AS OF FEBRUARY 14, 1941 (IN THOUSANDS OF DOLLARS) 5*s 10* s 20* s 50's 100's 500*s l,000*s 5,000*s 10,000* s Total $ 25,200 $ 77,640 $ 49,120 $ 16,600 $ 42,400 $ 10,000 $ 10,200 $12,000 $14,000 29,980 192,120 103,040 70,800 199,200 39,600 26,600 11,000 26,000 698,340 27,600 54,840 60,560 38,600 42,800 3,200 1,800 3,000 6,000 238,400 11,000 45,960 80,160 31,000 17,600 1,100 7,200 4,000 8,000 206,020 16,960 9,000 46,160 18,200 21,600 7,700 2,400 5,000 • •••# 127,020 Atlanta 8,260 4,360 16,240 4,000 16,000 5,700 4,600 5,000 4,000 68,160 Chicago 36,660 164,360 206,640 63,200 123,200 16,200 40,400 6,000 6,000 662,660 33,1A) 22,280 29,840 7,600 27,200 4,600 2,800 4,000 2,000 133,460 Llinneapolis ...» 19,600 40,400 48,480 3,000 11,600 2,700 800 Kansas City .... 11,380 27,120 40,880 5,600 22,000 1,900 6,600 6,000 4,000 125,480 4,000 11,720 11,280 800 8,800 6,600 5,200 5,000 4,000 57,400 36,920 39,800 73,600 11,000 34,400 10,500 15,600 11,000 14,000 246,820 $260,700 $689,600 $766,000 $270,400 $566,800 $109,800 $124,200 $72,000 $88,000 $2,947,500 Philadelphia ... Richmond ....... San Francisco .. TOTAL $ 257,160 126,580 * • • • # R-ei3e 3 STATB/BPT "C" FEDERAL RESERVE BANK NOTES (SERIES 1929) ON HAND IN TFE FEDERAL IS SERVE VAULT IN THE BUREAU OF LNOE.' I'" ; * B PRINTING,* AS DISCLOSED BY AUDIT AS~OF~FEBRUARY lU, 1941 ~ (IN THOUSANDS OF DCLLARSj : BANK 5'S Boston New York Philadelphia ..... 20's 50's 100's TOTAL $5,020 5#000 $5*04-0 $«...• $•••»• «?!;?, 060 860 27,320 18,000 6,600 22,800 75,580 It-, 100 Cleveland Richmond IO'S 3,800 13>840 ..... ..... 21,7^0 10,020 10,080 1,520 23,800 23,600 69,020 .............. ..... 10,82tO 21,600 ..... 15,GOO 48,0/40 . 5>0l|0 5,880 15,520 ..... 19,380 23,1)240 24,720 15,000 2,120 5,040 Atlanta Chicago St. Louis 26,kho 10,800 93,340 7,160 Minneapolis ........... ..... 1,880 11,280 o,600 14,2+00 3^4,160 Kansas City ........... 9,020 2,8li0 7,120 12,800 8,2400 ljX)»l80 Dallas ................. ..... ..... 1,680 1,200 1,200 I4,080 11,200 ..... 16,000 $77,200 $96,800 $2450,800 San Francisco TOTAL hi 800 $53,24240 $98,000 $125,360 *These notes are in Vault No. 1, Main Treasury Building, under auditorTs seal.
@FedFRASER