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[ £64 FEDERAL BZ SERVE BOAED For immediate release January 4, 192S St. 5^30. STATELG2HT FOB THE PRESS iross earnings of the twelve Federal reserve tanks f o r 1Q2J amounted to $43,020,000 as compared with $47,600,000 i n 1926, and current expenses to $27,5^0,000 as compared with $27,350,000 i n 1926. Net earnings f o r 1927 amounted to $13,050,000 as against $ l 6 , 6 l 0 , 0 0 0 for I92S. The hanks set aside from their earnings $2,440,000 as r e - serves to cover depreciation charges and reserves for l o s s e s on d i s counted paper, e t c . , and paid dividends to member banks amounting to $7,755,000. The Federal Reserve Banks of Minneapolis and Kansas City paid a t o t a l of $2^9,591*17 into the Treasury of the United States as a franchise tax. All net earnings of the ten other reserve "banks r e - maining a f t e r the payment of dividends were transferred to surplus accounts as required by law, the surplus accounts of their none of these banks at the end of the year being i n excess bf t h e i r subscribed c a p i t a l . The t o t a l subscribed c a p i t a l of the twelve Federal reserve banks on January 1, 192S, amounted to $264,962,000, and t o t a l surplus to ^233,319,000. Fall d e t a i l s as to the disposition of the gross earnings of each Federal reserve bank w i l l appear i n the forthcoming annual r e port of the Federal Reserve Board.
@FedFRASER