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322 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON R-126 ADDRESS OF"F"ICIAL CORRESPONDENCE TO THE BOARD December 6, 1937. Dear Sir: Replies from the Federal Reserve banks to tho Board's letter of February 2~, 1937 (B-1200) indicate that i t will be impracticable to compile comparable fic;ures of earnings and expenses of tho Federal Reserve banks for th; period 191L-1935 in tho detail shown on Forms 95, 96 and 96a as revised for usc during 1937. Accordingly, it is proposed at this time to prepare only condensed comparative reports of earnings und expenses for tho years prior to 1936. While it may bo necessary to request some additional information from your bank in order to proparo such statomonts, it is not contemplated that you will be asked to submit extensive data ns to earnings nnd oxponsos of prior years. In 'compiling comparative reports of profit and loss for prior years, we should like to have mor0 complete information than is now availnblo with respect to losses sustained by tho FcdGral Reserve banks, and, accordingly, it is requested that you submit tho data called for on tho inclosed forms, which provide for a tabulc.tion of losses by years during the period l91L-1936. The figures for 19291934 should be reconciled with those furnished the Board in reply to its tclogr~ of August 2, 1935 (TPu~TS 2293) before they nrc forwarded to tho Boc.rd. Very truly yours, Chester Morrill, . Socroto.ry. Inclosures ~ 1937 J.NALYSIS OF LOSSES R-126a -~ ..J)o••. .~liD F.R. Bank of RESERVES FOR LOSSES -------------------- (Exclusive of reserv-es and charge-offs on b.unk promises, other real estate origino.lly acquired f~r banking house purposes, and F.D.I.C. stock) 1 Reserves at end of proceding year 2 Additional reserves set aside 3 Recoveries of previous charge-offs credited to reserves 4 5 .lunounts Losses ~.f withdrawn charged orr· from reserves during year i o.nd credited direct to to profit reserves and loss 6 7 Reserves at end of year Losses charged direct to profit and loss 8 Recoveries of previous charge-offs credited to profit and loss 9 Total net losses (4 + 7) .. (3 + 8) ' 1914-1915 1916 1917 1918 1919 1920 1921 1922 1923 1924 1925 1926 1927 1928· 1929 1930 1931 1932 1933 •, 1934 1935 1936 Note: a~. charged to current ~xponses or deducted from gross earnings should not be included in this st~tement, b'!,t~o.. sepn.:rste. statement ~should' b~ submitted classifying by years available information with respec:t to .such lo~•~s~e~s=-·---'--..._.__..' Losses, if DISTRIBUTIOH OF NET LOSSES ( Co1unm. 9 of R-126a) l On___ discounted papor-· __. _ ·---- On On sales bills of Gove:~etj/ socurltles.::; bought-. _¥ _______ On co.-sh On and non-cash industrial items _______..___ advances ----·-- -- 1914-1915 1916 1917 1918 1919 1920 1921 1922 1923 1924 1925 1926 1927 1928 1929 193"0 1931 1932 1933 1934 1935 1936 < ' 1/ Submit sopo.ra.tc schedule of net :profits on so..les of U. S. securities by yours. 2/ Explain runounts in excess of ~;2, 500. F.R. Bunk of All :r.2/ othe -------- I --r----·-·---·---- Totc.l ~- ------
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