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Circular No. 44 FEDERAL RESERVE BANK Series of 1920 OF D A L L A S December 23, 1920. N O T IC E O F D IV ID E N D TO THE CASHIER, Dear Sir-: We take pleasure in advising you that at the regular meeting of our Board of Directors on December 7th, 1920, a dividend in full at the rate of 6% per annum was declared on your investment in stock of this bank, for the period of July 1st, 1920 to December 31st, 1920. In the case of your bank this dividend will amount to $ which amount will be credited to your reserve account on our books on December 31st, and you are, there fore, authorized to charge your reserve account with this amount on said date, bearing in mind that this portion of your earnings is under the provisions of the Federal Reserve Act, exempt from all taxation, including income and excess profit taxes. Yours very truly, This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)