Show I I BIG BIt GAIN IN PROFITS Uncle Sams Sam's Reserve Banks Show Large Earnings Excess of Income Over R Receipts More Than Three Times Th That t for Corresponding CorrespondIng Corresponding Cor Cor- responding Period In hn 1916 Total earnings of the federal re reserve erve banks for tor the six months ending June I 30 1917 1017 were compared with for tor the corresponding period In 1916 1016 while total current expenses expenses ex ex- for tor the same period were 1 1 compared with 26 In 1916 1910 Uncle Sam Sum reports Current Carrent expenses expenses ex ex- for the period under review are made up of ot expenses of ot operation proper the cost of ot otI federal reserve notes and bank notes Including expressage insurance and expenses incident to the Issue exchange ex cx- change and redemption of notes and of ot depreciation charges on bank premises furniture and equip equip- ment The excess of 01 earnings over expenses expenses ses sea or net earnings were or more than threefold the net earnIngs earnings earnings earn earn- ings for the corresponding period In 1016 Calculated on an un average paid paid- in capital of ot thee net earnings constitute 98 per cent as against 29 per pcr cent reported for the first six months of at the immediately preceding year All AU the banks banks- show annual rates of net earnings In excess of 6 G per cent four banks banks among among them New York- York having earned 10 per cent or over an and five other banks between I 9 0 and 10 per cent While financial results of at operation operation op op- from the very beginning were more favorable than thun for 1016 1916 net earnings earnings earnings earn earn- ings show the largest Increase for May and particularly June chiefly because of ot the large call cull by members upon the credit resources of ot the reserve banks in connection with the tho Liberty loan As a matter of or fact tact the ratio of current current current cur cur- rent expenses to earnings which durIng during dur dur- ing lag the first four tour months of at the present present pres pres- ent eat year works out at per cent declined declIned de de- de- de dIned to per cent in May and per cent In June This ratio for tor the first six months of 1017 1917 equals percent percent per percent cent compared with per cent for tor forthe forthe the first six months In 1916 1016 Of Ot the total expenses of operation for the six months period per cent went as compensation to bank officers and per cent as salaries to the clerical staff sturt of ot the banks these percentages percentages per per- showing but slight changes since 1916 Amounts collected from I the banks for tor the support of the federal fed fed- ted ted-I eral reserve board bourd totaled aa as as against In 1016 1916 constituting I 12 per cent of 01 the tho total operating expenses ex cx- j ex-j ot the banks as against 13 percent per percent percent cent in 1016 IDia Rent constituted 81 Sl 1 percent per percent cent of ot total operating expense as i against 93 03 per cent the year before I Iother other specified expense Items of ot Importance importance Im im- im I in ID the order of ot volume being printing and stationery postage and directors' directors Zee too fees Current Mp pees shown are exclusive siv sive sl of 01 expenses incurred by the banks In ln the flotation of 01 Ute the Liberty loan and at of disbursements on t of ot the tha banks banks' clearing departments The former former for tor- mer are reimbursable by the government government govern govern- ment and the latter are covered largely large large- ly Iy by special service charges |