Note 1 — Front matter
Reading edition
The average paid in capital for 1920 was $94,234,000 and total net earnings were $151,408,031. This is 160.7% profit and so stated on pages 153 and 154 of Federal Reserve Bulletin of February, 1921. When the net average of the individual banks are footed and averaged the average is 140.9%. This discrepancy is for Federal Reservists—not us—to explain.