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BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM G OHF I D E N T I A L Month January - December 1948 1*8 December of Earnings from — Federal Reserve Bank Discounts and advances Boston Mew York Philadelphia C leve land $234709 162/561 29*809 37,202 Richmond Atlanta Chicago S t , Louis 21,997 18,252 51,295 it,373 Minneapolis Kansas City Dallas San Francisco 8>05b 19,833 TOTAL Dec, Nov_ Dec. Jan, Jan,-Dec, February 3, 1 * 9 BARKINGS AMD EXPENSES OF FEDERAL RESERVE BANKS, DECEMBER, 19^8 L.4.1 Industrial loans and commit" ments 3,^16 -2,83b 176 U15 289 U.S. Govt* securities Other sources $2,130,*8 7,669,575 2,28b,733 3,o66,b6l $6,572 11,221 655 20,Ui9 $2,161,293 2+077,27k 1,603,535 b*562,7bb 1,759,516 2,623 1,974 7,864 4,395 2,102,070 979, * 8 *1 1,490,882 8,901 29,613 68 125,399 b35,b65 23lul57 1*7 1 * 8 4,370,951 1*7 2,i*,5b6 w w * 98 1,449,556 2,911,309 15,553 1,079 4*882 1.692 4,859 8,448 56,484 79,643 31,985,611 30,878,835 77,908 17,926,217 298,903,034 *155,563,861 72,819 98,35k 830,349 817,515 Total 7,843,157 2,318,613 3,120,978 Current expenses $475,9* 1,557,6* 427,773 693,435 455,*9 371,705 1,624,176 k,622,l92 1,778,314 1,080,120 988,043 1,526,336 1,459,536 2,945,902 214,479 336,165 293,163 580,518 32,490,610 31,391,978 18,267,176 304,160^ $18 158,655,565 6,892,031 405,036 6,561,964 6,314, * 7 72,710,188 55,392,975 Current net earnings Current net earnings $1,685,299 $15,235,565 6,285,463 56,755,823 1,890*840 16,914,023 2,427,545 22,507,639 552,893 $679,032 4,141,797 874,343 1,138,865 $11,071,200 39,809,Ob1 12,18b,077 16,153,370 $3,864,274 1,506,lob .2,501,602 392,462 508,237 3,798,351 2,87b,531 1,76b,003 2,688,976 $378,*1 465,488 1,472,491 392,300 10,557,008 10,435,129 21,246,518 168,367 282,795 262,977 555,400 262,776 407,803 460,093 1,116,584 5,081,916 7,743,024 7,589,538 15,306,512 231,450,630 2,992,678 773,564 6,*0,328 25,598,579 24,830,01b 11,953,129 >31,150,630 93,262,590 Interest Unallocated net on F, R, earnings notes to Dec, 31 780,198 322,102 14,769,1* 11,308,707 32,564,214 12,216,272 1,166,373 2,365,384 Accrued dividends 10,855,278 8,260,729 23,621,237 9,014,434 1,646,121 1,252,471 3,542,072 1,373,278 1,190,171 Profit and loss account 93,262,590 292,0m 1,973,002 Includes $13,432,142 earnings on U, S, Government securities not in System Open Market Account, 11,919,809 ll,523,ob6 14,311,089 i,35b,001 5,768,297 8,250,68b 3,131,640 2,648,475 5,378,822 166,690,356 55,833,143 75,223,818 8,488,728