Exclusive of Government stock held for depositors, amounting to $266,073,878 in the postal savings banks and to $30,726,117 in the trustee savings banks. 10 Exclusive of savings deposits in chartered banks and special private savings banks. " At the end of 1912 the private savings banks held deposits of $4,271,955. GROWING BUSINESS OF FEDERAL RESERVE BANKS. The following table shows the progress and development of the business of the Federal reserve banks. It will be noted that the combined assets of the banks reached $1,000,000,000 at the end of April, 1917, rose to $2,000,000,000 in the middle of June, and exceeded $3,000,000,000 in the middle of November. Their investments in Únited States securities reached the maximum on November 16, 1917, when they amounted to $241,906,000. The November 16, 1917, returns state the total assets of these banks at $3,012,406,000, consisting of $1,584,328,000 in gold, $52,525,000 in other currency, $681,719,000 bills discounted and bought in the open market, $241,906,000 United States securities, and $1,273,000 municipal warrants. The earning assets of the banks, consisting of bills and securities, totaled $924,898,000, and the calculated average rate of earnings was 3.37 per cent. The liabilities of the banks consist of $66,691,000 paid-in capital, $1,960,747,000 gross deposits, and $980,585,000 notes in circulation. Gold reserve held against net deposits was 62.2 per cent, gold and other lawful money reserve against deposits, 65.7 per cent, and gold reserve against notes in circulation, 65.9 per cent. EARNINGS AND DIVIDENDS. In the year ended December 31, 1916, the earnings of the Federal reserve banks amounted to $4,955,343. Net earnings available for dividends amounted to $2,392,077, from which dividends were paid to the amount of $1,495,843, plus $246,931 approved for payment after January 1, 1917. For the first half of 1917 the reported earnings were $4,141,528, earnings in excess of current expenses $2,762,645, and dividends declared payable as of June 30, 1917, $1,721,245. In addition to the latter amount dividends were paid by two banks between January and May, aggregating $124,144. The net earnings of the banks on the calculated average paid-in capital were 9.8 per cent, ranging from 6.8 per cent for the Dallas bank to 12.4 per cent for the bank at Minneapolis. The indications at the present time are that at least six of the Federal reserve banks by the end of the current calendar year will be able to pay up all accumulated dividends to December 31, 1917, and have a substantial balance to be returned to the Government. The development of the business of the Federal reserve banks as shown by weekly statements from November 20, 1914, to November 30, 1917, is shown in the following table: Comparative statement of the principal items of assets and liabilities of the Federal reserve banks from the date of th› first report, Nov. 20, 1914, to Nov. 30, 1917. |