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BOARD OF' GOVERJ..ORS
OF THE
FEDERAL RES'SRVB SYSTEl'
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January 6, 1942
For immedia. te release
Preliminary figures received from the Federal Reserve Banks
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indica. te that during th'9 year 19hl their current ea.rninp; a.:r.~ounted to
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$}·1, '780 ,000, which was $2, lr:;'? ,000 less than in 19Lo.
Current expenses
amounted to ~P>2,96),000, or $), 798,000 :more than in 19'-:0.
Resulting
current net earnings for 19hl were :'.s,L:l7 ,000, a.s COiil.pared with
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~';Jl+, 'i72,000 for 191.:0.
After ta.kint' into consideration a.ddi tions to current net earn-
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incs, consisting principally of profits on sales of United States Government securities, a.nd ded\lotions fror;>
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curr~mt
net ea.rning,s for charge-offs
on bank premises and reserves for losses on industrial advances and commi tments, net •3arnirgs totaled <:9,17,7 ,ooo for the year 19Ll.
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year 1940 net
earnin~:,s
amounted to :7?25,86o,ooo.
Net earnings for 191~1 W3re distributed as follows:
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For the
Dividends
to member banks, ~-8,h7{),000; paym.::mts to the United States Treasury under
provisions of Section l?b of the F'edera.l RGserve Act r·ala.tinr; to industrial a·dva.nces, ?';11.~1,000; not additions to surplus accounts, t;5{>6,ooo.
On December 'il, ~l'i3,000 was tra.nsferr~~d f'f'om surplus to resorves
for conting·::ncil'ls •
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@FedFRASER