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571 FEDERAL RESERVE BOARD WASHINGTON ADDRESS OFFICIALCORRESPONDENCETO THEFEDERALRESERVEBOARD January 2, 1935* B-1 0 U5 Dear Sir: In connection with the Board’s letter of November 27. 193^» B-1037* regarding the cost of operation and earnings of the Havana Agency of the Federal Reserve Bank of Atlanta, there is inclosed^for your information, a statement showing the volume of currency operations of the Agency, and commissions charged thereon, by years, from 1927 to 1933 inclusive* The statement also shows the aggregate amount of currency received by the Agency in exchange for credit at each Federal Reserve bank, the aggre gate amount of currency paid out by the Agency in exchange for payments received at each Federal Reserve bank, and the total earnings of the Agency for each year since the Agency of the Federal Reserve Bard: of Boston was discontinued, prior to which time all commissions charged were received by the Federal Reserve Bank of Boston, Very truly yours Chester Morrill Secretary. Inclosure TO CHAIRMEN OF ALL FEDERAL RESERVE BANKS, CURRENCY OPERATIONS OP THE HAVANA AGENCY OP THE FEDERAL RESERVE B A M OP ATLANTA AND COMMISSIONS CHARGED THEREON PROM 1927 TO 1933 Currency received in exchange for payment by a P. R. bank Amount Commission 19 2 7 1S2S 1929 1930 1931 19 3 2 1933 $4l,886,880 26,449,000 $41,886.88 26,449.00 28,215,000 28,215.00 47,631,000 22,843,000 (a) 1 7 ,869,0 0 0 24,274,387 47,631.00 22,843.00 1 7 ,4 6 9 .0 0 24,274.39 20 9 ,1 6 8 ,2 6 7 208,768.27 Total 1927-1933 Distribution by P. R. districts: Boston New York Philadelphia Atlanta Chicago St. Louis San Francisco 3 0 ,4 7 6 ,5 3 0 1 7 8 ,6 9 1 ,7 3 7 30,476.53 1 7 8 ,2 9 1 .74- Currency paid out in exchange for payment to a P. R. bank Amount | Commission Denominational exchanges Amount (c)| Comaission $22,534,800 1 3 ,73S , 000 21,595,000 27* 13 9 .0 0 0 $22,534.80 13,738.00 8,010,000 8,010.00 3 ,550 ,0 0 0 3.550,00 19,748.44 $3,133,000 3,195,400 4,188,120 7 ,8 19 ,0 0 0 5 ,6 13 ,0 0 0 2 ,2 4 5 ,9 0 0 2 ,7 9 1 ,0 0 0 1 2 2 ,6 1 3 ,4 2 4 . 116,315.24 28,985,420 (b)26,o46,624 7 ,0 74,0 00 1 1 5 ,160^224 2 5,4 0 0 6 ,6 0 0 50,000 4,200 293,0 00 21,595.00 27,139.00 $3 ,0 1 3 .0 0 3 ,1 9 5 .4 0 4 ,1 8 6 .5 0 4,282.00 Total commissions 5 9 5 .9O 1 ,2 2 6 .0 0 $67,434.68 43,382.40 53,996.50 7 9 ,0 52.0 0 33,891.00 21,614.90 45,248.83 19,536.80 3 4 4 ,6 2 0 .3 1 3,038.00 Interest on delayed wire transfers 1929 7,074.00 1930 To tal earnings 108,862.04 25.40 6 .0O 50 .0 0 4.20 2 9 3 .0 0 (a) Includes $400,000 Cuban gold coin on which no commission was charged. (b) Includes $6,300,000 payments against gold coin an d certificates deposited by banks in New York City with the Federal Reserve Bank of New York on which no commission was charged. (c) Includes exchanges on which no commission was charged as follows: 1927* $120,000 gold coin paid out; 1929» $1,620 exhibition sets of new sized currency; 1930, $3,187,000 eeT,ies $100 Federal Reserve notes and $3 5 0 1000 U. S. gold coin received; I9 3 I, $2,575»000 Cuban gold coin received, 1932, $1,650,000 Cuban gold coin paid out; 1933* $1*565,000 Ouban gold coin paid out. 5 7 5 .3 4 160.28 345.355.93
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