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I r·~t<~· \.....J.;(,...,_Jf,.~ FEDERAL RESERVE BOARD WASHINGTON X-3130 May 28, 192l. Subject: Dividend Accruals. Dear Sir: On comparing the amount of lfDividends accrued during current period" with paid-in capital stock as reported on Forms 34 of the various Federal Reserve Banks1 it has been noted that several different methods of determining the daily amount of dividends to be accrued are apparently now in use. In order that dividends may be aecrued unifor~~ by all Federal Reserve Banks, and that the monthly aCCM 1 will be at the rate of one-half of one per centum per mon\b, as required by the Federal Reserve Act in the case of new members and of ~nks surrendering their stock holdings in the Federal Reserve Bank, it will be appreciated if in determining the amount of dividends to be accru~d daily on Form 34 you will use a monthly and daily basis, i. e- 1 the amount to be accrued daily should be obtained by divtding one-half of one per centum of the capital stock of the, Federal Reserve Bank by the actual number of days in the month. Very truly yours, R. G. Emerson, Assistant to Governor. \ ' TO ALL CHAIRMEN. .' .. 1.·•. '
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