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FEDERAL RESERVE BOARD WASHINGTON ADDRESS OFFICIAL CORRESPONDENCE TO THE FEDERAL RESERVE BOARD June 12, 1925. s t . 4560. SUBJECT: Payment o f D i v i d e n d s on June 3 0 , 1 9 2 5 . Dear S i r : W i l l y o u k i n d l y accompany your r e s o l u t i o n w i t h r e gard t o the payment o f d i v i d e n d s on June 30 w i t h t h e f o l l o w i n g statements: 1, Unpaid i n d e b t e d n e s s o f f a i l e d o r suspended banks t o F e d e r a l r e s e r v e bank, g i v i n g names o f the t a n k s , i n d e b t e d n e s s o f e a c h a t the end o f May, c h a r a c t e r o f s e c u r i t y , i f a n y , and e s t i m a t e d l o s s e s . 2. I n d e b t e d n e s s t o F e d e r a l r e s e r v e bank o f member b a n k s t h a t a r e c o n s i d e r e d t o be i n an u n s a f e c o n d i t i o n , g i v i n g the names of the b a n k s , i n d e b t e d n e s s o f e a c h a t t h e end o f May, c h a r a c t e r o f s e c u r i t y , i f any, and p r o b a b l e l o s s e s . While t h e e a r n i n g s o f some o f t h e F e d e r a l r e s e r v e b a n k s w i l l n o t b e s u f f i c i e n t a t the end o f June t o c o v e r o p e r a t i n g e x p e n s e s , d e p r e c i a t i o n i n the a s s e t s of t h e b a n k , p r o b a b l e l o s s e s , and d i v i d e n d r e q u i r e m e n t s , the Board, w i t h o u t d e c i d i n g a s a m a t t e r o f p r i n c i p l e t h a t unearned d i v i d e n d s s h o u l d r e g u l a r l y be p a i d out o f s u r p l u s , w i l l i n t e r p o s e no o b j e c t i o n t o t h e payment o f t h e u s u a l d i v i d e n d on June 3 0 . Very t r u l y y o u r s , W a l t e r L. Eddy, Secretary. LETTER TO CHAIRMAN OF EACH FEDERAL RESERVE BANK. 515
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