The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
i f f D E B AL R E S E B VE B 0 ABB S A E E T FOP T E PRESS TTMN H X-.4491 For Inmediate Be lease. January 4, 1926* Gross earnings of the Federal reserve banks during 1935 were $41,800,000, or about $3,500,000 more than in the preceding year, while current expenses amounted to $27,500,000 or $900,000 less than in 1924., Net deductions from current net earnings to cover depreciation charges, reserves for losses on paper of f a i l e d banks, e t c . , amounted to $4,800,000 as compared with $6,200,000 the year before, and net earnings to $9,400,000 as against $3,700,000 in 1924. Earnings of the Atlanta and St. Louis banks were not sufficient to fully cover expense and dividend requirements, end these two banks were authorized by the Federal Reserve Board to pay dividends, totaling approximately $55? ,000, out of accumulated surplus. The federal Be serve Banks of Minneapolis and Krnsrs City were the only ones to pay a franchise tax to the United States Treasury. The amount of the t x aggregated $59,300.37, and the balance of the net earnings of these two banks, $6,588.93, was transferred to their surplus accounts in eccordrnce with Section 7 of the Federal Beservo Act. as the subscribed capital of a l l other reserve brriks i s mr.t3riR.lly in excess of accumulated surplus, the balance of their net earnings (ยง3,118,000), remaining after the payment of dividends, was transferred to surplus account. The surplus account of a l l Federal ressrvo banks now Aggregates $220,311,000 or $2,474,000 more than last year. Full details :.s to the disposition of the gross earnings of each Federal resorva b^nk will appear in the forthcoming Annual Report of the Federal Reserve Boi.rd.
@FedFRASER