The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
F O R M M I S C L - 14. 2 0 M -9 I9 4 F ED ER A L RESERVE BAN K OF D A L L A S d i v i d e n d s * January 1 1 , 1 9 1 6 . Number 3 0 . TO THE MEMBER BANK ADDRESSED* R e la t iv e to th e earnings o£ F ed eral R eserve Banks, S e c tio n 7 o f th e F ederal R eserve Act p ro v id e s that " A f t e r a l l n e cessa ry expenses o f a Federal R eserve Bank have been p a id or p rovid ed f o r , th e sto c k h o ld e rs s h a l l be e n t i t le d to r e c e iv e an annual d ivid en d of s i x per centum on the p a i d -i n cap i t a l s t o c k , which d ivid en d s h a l l be c u m u la tiv e ." W hile the earnings o f t h i s bank f o r the f i r s t year of i t s e x iste n c e have not been s u f f i c i e n t to enable us to pay t h is dividend in f u l l , the Board of D i r e c t o r s » at t h e i r m eeting on l a s t F rid a y , a ft e r c a r e f u lly con s id e r in g our annual re p o rt * d e c la re d a dividend to our sto ck h o ld e rs a t the r a t e o f 6 % p e r annum from th e date of th e f i r s t c a l l fo r c a p it a l sto c k payments on November 2 , 1 9 1 4 , up to and in clu d in g June 3 0 , 1915* The method o f determ ining the amount o f dividends due t o each sto ck h o ld e r i s as f o llo w s : I n t e r e s t a t th e r a t e o f &% per annum has been allow ed on a l l c a p i t a l s to c k payments from the d a tes on which such payments were re c e iv e d by t h i s bank, to June 3 0 , 1 9 1 5 , both d ates i n c l u s i v e , except that in case o f payments made p r io r to the d a tes due, i n t e r e s t has been allow ed only from th o se d a t e s , which were November 2 , 1 9 1 4 , February 2 , 1 9 1 5 , and May 3 , 1915* This i s i n accord w ith a r u lin g of the Federal R eserve Board. The d iv id en d s o f th e bank b ein g cu m u la tiv e, member banks are s t i l l e n t i t l e d t o a d ivid en d at th e r a t e o f 6 % p er annum fo r the l a s t s i x months o f the year 1915^ which w i l l be p aid out o f fu tu r e earnings* The amount p ayab le to your bank, computed i n accordance w ith the fo r e g o in g , has been c r e d ite d t o your accou n t, and the en try is showh on your t r a n s c r ip t o f today* R e s p e c t f u lly , R . I . VAN ZANDT, Governor This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)
@FedFRASER