View PDF

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

FED ERAL R E SE R V E BANK
OF N E W YORK
r Circular No. 3 7 2 6 "1
June 25, 1951
J

L

SEM IANNUAL DIVIDEND

Revision o f Operating Circular No. 16

To all Member Banks in the
Second Federal Reserve District:

E nclosed is a cop y o f our O perating Circular No. 16, R evised June 25, 1951. The
revision contains the follow in g changes:
(1 ) Paragraph 1 has been amended to give effect to a new procedure fo r the closing o f the
capital stock books o f this Bank during the day on which each dividend is payable, rather than
during the last five business days ending with the day each dividend is payable.
(2 ) Paragraph 2 is new and gives effect to the existing procedure fo r crediting dividends to
the reserve account o f each member bank on the day on which the dividend is payable.

Tlie board o f directors o f this Bank has declared a dividend fo r the six months ending
June 30, 1951 at the rate o f six per centum per annum on the paid-in capital stock o f
the Bank, payable June 29, 1951 to stockholders as shown by the books o f the Bank at
the close o f business on June 28, 1951. P aym ent o f the amount o f the dividend due each
member bank w ill be made by credit to its reserve account on June 29, 1951. A n advice o f
credit w ill be mailed to each member bank on June 28, 1951. Unless a member bank otherĀ­
wise requests, future dividend paym ents w ill be made in the same manner.
In connection w ith reportin g the dividend fo r tax purposes, the amount th ereof which
represents a dividend on stock fo r which paym ent was made to this Bank prior to M arch
28, 1942, and the amount which represents dividend on stock fo r which paym ent was made
to this Bank on or a fter M arch 28, 1942, w ill be shown on the credit advice to be m ailed to
each bank. F o r further inform ation regarding taxation o f dividends on F ederal R eserve
Bank stock, please refer to the enclosed operating circular.
A dditional copies o f the revised operating circular w ill be furnished upon request.




A

llan

S

proul,

P r es id en t.


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102