View original document

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

M 1SC L.


2 0 M -1 0 t2 5


Number 55
Series 1917*

Dec* 20th, 1917.
To the Cashier,
Dear S i r :With the approval o f the Federal Reserve Board, the
Board o f D irectors of th is bank have authorized a dividend in f u l l
up to and including June 30, 1917, to a l l stockholders o f record
on that date.
This dividend covers the period of eight months from
November 1, 1916 to June 50, 1917, in clu s iv e , and iepresents an
amount equal to in terest at the rate o f s ix per cent per annum fo r
the period mentioned on the amount you have paid in on your
in this bank, taking into consideration any increases or reductions
in your holdings which may have occurred during that time*
In the case of your bank th is dividend w ill amount to
$ ——
whi ch amount w ill be credited to your reserve account
on our books on December 31, 1917, and you are authorized to charge
your reserve account with the above amount on said date and to take
same in to consideration in computing your earnings fo r the current
year, bearing in mind that th is portion o f your earnings i s , under
the provision s of the Federal Reserve A ct, exempt from a l l taxation ,
including income and excess p r o fit taxes#
Out of our earnings fo r the current s ix months we w i l l ,
in addition to paying the above dividend, charge o f f our entire
Furniture and Equipment Account with the exception o f a portion o f
the cost of our v a u lts, and s t i l l carry forward a substantial amount
in our Undivided P ro fit Account#
The amount remaining in the Undivided P ro fit Account w ill
be more than s u ffic ie n t to pay our dividends in f u l l up to December
31, 1917, but it is deemed to the best in terests of the bank not to
pay the en tire amount out at this time#
Yours very tru ly ,
G overn or:

This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (

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