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6 R-379 Press Statement BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM For Immediate Release January 5> 1939 Preliminary figures received by the Board of Governors from the Federal Reserve banks indicate that current earnings of the Federal Reserve banks during 1938 amounted to $36,261,000, or $4,972,000 less than in 1937, while current expenses were $28,912,000, or $111,000 more than the previous year# Current net earnings for 1938 were $7,350,000 as compared with $12,433,000 in 1937. Additions to current net earnings amounted to $9,833,000 and consisted chiefly of profits realized on the sale of United States Government securities* Deductions from current net earnings of $7,601,000 include prior service contributions to the Retirement System and special charge-offs and additions to reserves. Making these additions to and deductions from current net earnings leaves net earnings for the year available for dividends, surplus, etc., in the amount of $9,582,000, as compared with $10,801,000 for 1937, The net earnings for 1938 were distributed as follows« Dividends to member banks ~ $8,019,000j payments to Treasury of the United States under provisions of Section 13b of the Federal Reserve Act relating to industrial advances — $120,000; net additions to surplus accounts $1,443,000.
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