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- 401 FEDERAL RESERVE BOARD WASHINGTON ADDRESS OFFICIAL CORRESPONDENCE T O T H E FEDERAL RESERVE BOARD June 6, 192U X-U07U STJBJECjTt Payment of Dividends on June 30* 192%. Dear Sir: F i l l you kindly accompany your usual mid-year dividend resolution, which should react the Board not l a t e r than June 27, with the following statements: 1. Unpaid indebtedness of closed "banks to Federal reserve bank, giving names of the banks, indebtedness of each, character of security, i f any, and estimated losses; 2. Indebtedness to Federal reserve bank of member banks which are considered to be in an unsafe condition, giving names of the banks, indebtedness of each, character of security, i f any, and probable l o s s e s , In view of the fact that the earnings of the Federal Reserve System as a whole are now not much in excess of expense and dividjend requirements, the earnings of some of the Federal reserve banks during the current six month period may not be s u f f i c i e n t to cover! current expenses, depreciation in the assets of the bank, probable l o s s e s and dividend requirements, and accordingly such banks w i l l have to modify somewhat the second paragraph of the form of dividend resolution accompanying the Board's l e t t e r St. 5557 of June 12, 1923. Following the custom adopted two years ago, the books of the Federal reserve banks w i l l not be closed on June 30 of t h i s year, nor w i l l argr reserveebe set up a t that time to take care of depreciat i o n i n the a s s e t s of the bank, to cover l o s s e s on paper of suspended banks, or for ether purposes. By order of the federal Reserve Board. v v i r y truly yours, Walter 1. Eddy, Secretary. t o Chairman of each Bank
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