The Richmond Virginian. (Richmond, Va.) 1910-1920, 1915-08-08
RICHMOND BANK
LEADS THEM ALL
Makes BY Far Largest Amount Net
81 Amy In the Sys-
tenn.
SECOND IN GROSS EARNINGS
New York Alone shows larger
! Amount OF Earnings In Whole
Country--Source OF Great Gratifsca-
ton Here.

washington, u. c.. Aus the
xs.ssr.I Reserve Bank at Richmond.
renreSenting the member banks OF the
svsfern in the states Of Virginia, MARY
land. West Virginia, North and Sou''
Carolina and the District of Column pa,
led the Federal reserve banks IN tne
size Of its profits from the nrst sever
and a half months operation OF thu
Faderai reserve system. Its earnings
in excess of expenditures were SIS.
Thts is stated in the monthly bulletin
az the Federal reserve board, ~hlch
contains an account Of the receiptS
and expenditures OF the Federal re-
serve banks.
In the amount OF total earnings the
Richmond bank ranked second. with
s1a7zSe The New York reserve bank
took first place in total earnings, with
si7e.4sT, but the heavy expenses OF
the Gotham institution cut down It's
profits 10 s4s.0s4
The Federal reserve board, in max
sng public today the earnings ana ex'
penditureS OF the twelve Federal re-
serve banks. announced that the new
banking system is paving current ex-
penses and carrying a surplus TO It's
organization. equipment and cost-oi-
notes accounts The total earnings II
the system from November ls. 1914,
the BAtS VI It's pfN''Hrf
June 80 last were ssls.kSs and the
current expenses were sse4,llT, leav-
ing a surplus OF s24.4Ti.
Cotton Banks Profitable.
The banks at Richmond, Atlanta
and Dallas. representing the cotton
district were the money makers of the
new institution. The total earnings OF
these three banks were s34b,lT7.
more than one-third of the earnings
Of the entire system. Its prof1ts--that
In, earnings in excess OF current ex-
pensec-totaied sl7s.424. Only two
other banks reported excess earnings.
These were the New York and Chicago
banks. The profits OF the Gotham In
stitution were $43,os4. while Chicago
reported s1s,12s on the right side OF
the ledger The other seven banks
reported current expenses in excess OF
earnings. The St Louis bank showed
the biggest shortage, its expenses ex-
ceeding earnings by s6s,bos. while
Kansas City comes next, with excess
expenses OF Sauna.
The New York banks operating cost
was the largest, being s127.43S; Chi
cago stands next, with s1os,eIs, and
st. Louis third. with ssi,ss3. The OPP
Grating expenses of the Richmond
bank were s5i. 63s. which exceed those
of only two other banks, Atlanta and
Minneapolis.
The big profits OF the Richmond re-
serve bank, ii is stated In Washington
today. will make II easy for Baltimore
to get a branch bank, should the Mary
land city desire to ask for one IL the
Federal reserve board finally turns
down its petition for the main bank
now located at Richmond.
Costs Not Charged Up.
The Federal reserve board In Its
statement. declared that there was not
charged UP against the current ex-
penses OF the reserve banks at this
time the sum of S1,77T, 00o, incurred
In the work of organizing the system
In equipping the banks and in the
cost Of printing the Federal reserve
notes.
~ In speaking of the financial condi-
ton OF the reserve banks, the Federal
reserve board says:
The statement shows average earn
tnxs for what may be roughly termed
the first half-year of operation OF the
Eystem OF ~ per cent on capital,
z against an average percentage of cur
rent expenses to capital of 4.2 per cent,
The Federal reserve bank of Rich
mond reports rs per cent of net
earnings. by which Is meant total
earnings less current expenses. and
the Federal reserve bank of Atlanta
earnings of 81 per cent.
The bulk of the earnings of the
Richmond bank were rediscounts,
these totaling s146,540. The earnings
from investments In warrants were
onh 1892. New York's earnings were
mainly from municipal warrants, the
amount being s1o4. 900.
Exhibit Given In Detail
The earnings and expenditures of
each OF the FQAaFal hat. lS~
from November is. 1914. to June 80.
1915, are as follows:
Current