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FEDERAL RESERVE BOARD WASHINGTON ADDRESS OFFICIAL CORRESPONDENCE T O June 12, 1923. THE FEDERAL R E S E R V E B O A R D St. SUBJECT: 3557. Payment of Dividends on June 30, 1923. Dear S i r : I n accordance w i t h t h e polic-y adopted i n t h e B o a r d ' s l e t t e r X-3U15 of May 24, 1922, i t i s r e q u e s t e d t h a t the "books of t h e F e d e r a l r e s e r v e "banks be n o t c l o s e d on June 30, 1923. In view of t h e f a c t t h a t t h e "books w i l l n o t "be c l o s e d , i t w i l l be n e c e s s a r y to m o d i f y somewhat the form of d i v i d e n d r e s o l u t i o n accompanying the B o a r d ' s l e t t e r X-3136 of June 8 , 1921, and a c c o r d i n g l y we a r e e n c l o s i n g h e r e w i t h a suggested form f o r f u t u r e u s e . Your r e q u e s t f o r a u t h o r i t y t o pay the semi-annual d i v i d e n d should be accompanied by the f o l l o w i n g s t a t e m e n t s : 1. Unpaid i n d e b t e d n e s s of c l o s e d banks to F e d e r a l r e s e r v e bank, g i v i n g t h e names of b a n k s , i n d e b t e d n e s s of e a c h , c h a r a c t e r of s e c u r i t y , i f any, 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 of member banks which a r e c o n s i d e r e d to 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 t h e b a n k s , i n d e b t e d n e s s of e a c h , c h a r a c t e r of s e c u r i t y , i f a n y , and p r o b a b l e l o s s e s , . I t w i l l be a p p r e c i a t e d i f you w i l l p r e s e n t t h i s l e t t e r to your Board of D i r e c t o r s a t any e a r l y d a t e so t h a t t h e i r r e s o l u t i o n c o v e r i n g the payment of d i v i d e n d s on June 30 may r e a c h the Board n o t l a t e r than June 28. . By o r d e r of the F e d e r a l Reserve Board. Very t r u l y y o u r s , Wm. W, Hoxton, Secre t a r y . LETTER TO CHAIRMAN OF EACH FEDERAL RESERVE BANK St. 3557a. DIVIDEND RESOLUTION WHEREAS, I t a p p e a r s from e s t i m a t e s based on t h e b a n k ' s d a i l y b a l a n c e s h e e t , form 3*+ยป f o r t h e day of t h a t t h e amount of a c c r u e d d i v i d e n d s which w i l l be due to s t o c k h o l d e r s on the w i l l amount to approximately $ . day of ; and FIE BE AS, I t i s e s t i m a t e d t h a t the e x c e s s of e a r n i n g s over c u r r e n t e x p e n s e s , d e p r e c i a t i o n i n t h e a s s e t s of t h e bank, and p r o b a b l e l o s s e s w i l l be s u f f i c i e n t on to f u l l y warrant t h e payment of t h e r e g u l a r semi-annual dividend; NO?', THEREFORE, BE IT RESOLVED, That a d i v i d e n d f o r the six-months' p e r i o d ending at the rate of s i x p e r centum p e r annum on the p a i d - i n c a p i t a l s t o c k , p a y a b l e on the day of , be and i s h e r e b y d e c l a r e d to a l l s t o c k h o l d e r s of t h i s bank as shown by the books of the. bank on t h a t d a t e .
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