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FEDERAL RESERVE BOARD 337, WASHINGTON address official correspondence t o the federal reserve board November 28, 193^ B-IO4O SUBJECT: Net e a r n i n g s under S e c t i o n 13b Dear S i r : R e f e r e n c e i s made to t h e B o a r d ' s l e t t e r s B - 9 9 7 and 3 - 9 9 8 of J u l y l 6 , 1934, r e l a t i n g t o n e t e a r n i n g s on i n d u s t r i a l advances and r e p o r t s t h e r e o f to be s u b m i t t e d t o t h e F e d e r a l Reserve Board. P a r a g r a p h numbered 6 on page 9 of t h e r e g u l a t i o n s i s s u e d by t h e S e c r e t a r y of t h e T r e a s u r y p u r s u a n t to s u b s e c t i o n (e) of S e c t i o n 13b of t h e F e d e r a l Reserve Act, as amended, which were i n c l o s e d w i t h t h e Board 1 s l e t t e r X-8034 of October 3» 193^, r e a d s as f o l l o w s : "The amounts of a l l payments to be made to the U n i t e d S t a t e s by t h e Reserve Bank p u r s u a n t to t h e p r o v i s i o n s of s u b s e c t i o n ( e ) of S e c t i o n 13b of t h e F e d e r a l Reserve Act s h a l l be computed i n t h e manner p r e s c r i b e d by the F e d e r a l Reserve Board i n agreement w i t h t h e S e c r e t a r y , There s h a l l be such an apportionment i n d e t e r m i n i n g t h e net e a r n i n g s of t h e Reserve Bank f o r a c a l e n d a r y e a r d e r i v e d from t h e u s e of t h e sum p a i d by t h e S e c r e t a r y t o t h e Reserve Bank u n d e r S e c t i o n 13b, a s t h e F e d e r a l Reserve Board and t h e S e c r e t a r y s h a l l deem j u s t and f a i r . " You w i l l n o t e f r o m t h e above quoted p a r a g r a p h t h a t t h e amounts of a l l payments to be made t o the U n i t e d S t a t e s under t h e p r o v i s i o n s of s u b s e c t i o n - B-IOI§78 2 X ( e ) of Section 13b a r e to be computed in t h e manner p r e s c r i b e d by the F e d e r a l Reserve Board i n agreement with t h e S e c r e t a r y of t h e T r e a s u r y . < Pending such agreement, i t i s r e q u e s t e d t h a t r e p o r t s of n e t e a r n i n g s on i n d u s t r i a l advances and commitments be f u r n i s h e d the Boprd c u r r e n t l y each month, i n d u p l i c a t e , on Form B-23, one d e l i v e r e d to t h e T r e a s u r y Department. copy of which w i l l be A copy of Forn> 3-23 i s a t t a c h e d , and a supply i s b e i n g mailed you under s e p a r a t e c o v e r . Reports on Forms 3 - 1 8 , 3 - 1 9 end 3-20, i n c l o s e d w i t h t h e B o a r d ' s l e t t e r s of J u l y l 6 , may be d i s c o n t i n u e d . Expenses r e p o r t e d on Form 3-23 should i n c l u d e an e q u i t a b l e p r o p o r t i o n of t h e expenses of t h e p r o v i s i o n of space f u n c t i o n , r e n t a l of f u r n i t u r e end equipment (whether owned by F e d e r a l Reserve bank or r e n t e d from o u t s i d e a g e n c i e s ) , r e t i r e m e n t system c o n t r i b u t i o n s a t t h e f u l l r a t e , and a l l o t h e r expenses i n c u r r e d i n conn e c t i o n Kith the making of i n d u s t r i a l advances and commitments under S e c t i o n 13b, except such expenses as a r e paid by the a p p l i c a n t s f o r l o e n s . I t i s r e q u e s t e d t h a t , i n a d d i t i o n to r e r o r t s on Form B-23, e a r n i n g s on i n d u s t r i a l advances, and on commitments to make such advances, be r e p o r t e d a s s e p a r a t e i t e m s on Form 95 f o l l o w i n g items 2 and 6, r e s p e c t i v e l y , and t h a t a l l expenses i n c u r r e d in c o n n e c t i o n w i t h i n d u s t r i a l advances and commitments under S e c t i o n 13b, o t h e r than t h o s e p a i d by a p p l i c a n t s f o r advances, be i n c l u d e d i n t h e a p p r o p r i a t e expense items on Form 96. V Expenses or p e r diem allowances paid members of t h e I n d u s t r i a l Advisory Committee should be r e p o r t e d f o l l o w i n g i t e m 7 on Form 96. Very t r u l y y o u r s , Inclosure http://fraser.stlouisfed.org/ TO ALL GOVERNORS Federal Reserve Bank of St. Louis Chester Morrill, Secretary.
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